科沃 (QRVO) 2023 Q4 法說會逐字稿

Greetings, and welcome to the Qorvo, Inc. Q4 2023 Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Douglas DeLieto, VP, Investor Relations. Thank you. You may begin.

您好，歡迎參加 Qorvo, Inc. 2023 年第四季度電話會議。 （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 Douglas DeLieto。謝謝。你可以開始了。

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

非常感謝。大家好，歡迎來到 Qorvo 2023 財年第四季度收益電話會議。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。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 provided 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. During our call, our comments and comparisons to income statement items will be based primarily on non-GAAP results. For 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。我們提供了補充信息，使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。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 財務指標的完整對賬，請參閱我們今天早些時候發布的收益報告，該報告可在我們的投資者關係網站 ir.qorvo.com 的財務發布下獲取。

Joining us today are Bob Bruggeworth, President and CEO; Grant Brown, CFO; Dave Fullwood, Senior Vice President of Sales and Marketing; and other members of Qorvo's management team. And with that, I'll turn the call over to Bob.

今天加入我們的是總裁兼首席執行官 Bob Bruggeworth；格蘭特·布朗，首席財務官；銷售和營銷高級副總裁 Dave Fullwood；和 Qorvo 管理團隊的其他成員。有了這個，我會把電話轉給鮑勃。

Thanks, Doug, and welcome, everyone, to our call. Qorvo's fourth quarter results were consistent with the outlook provided during our February 1 earnings call. Looking at our end markets, the quarter played out largely as expected with lower end market demand in some markets primarily those with consumer exposure and channel inventory consumption with the majority of that being in the Android ecosystem. We made significant progress clearing channel inventories. At the same time, we continue to introduce new products and secure new designs, positioning Qorvo to best support our customers as end markets recover. We are seeing increased strength in customer design activity across our businesses, and we are confident in our ability to grow.

謝謝，Doug，歡迎大家來接聽我們的電話。 Qorvo 的第四季度業績與我們在 2 月 1 日的財報電話會議上提供的展望一致。從我們的終端市場來看，本季度的表現基本符合預期，一些市場的終端市場需求較低，主要是那些有消費者接觸和渠道庫存消耗的市場，其中大部分在 Android 生態系統中。我們在清理渠道庫存方面取得了重大進展。與此同時，我們繼續推出新產品並確保新設計的安全，使 Qorvo 能夠在終端市場復甦時為我們的客戶提供最佳支持。我們看到我們業務中客戶設計活動的實力越來越強，我們對我們的發展能力充滿信心。

In High Performance Analog, we enjoyed relative strength in power devices and defense markets, offset by our management markets with consumer exposure and inventory digestion and infrastructure OEMs. We continue to enjoy broad-based, multiyear design win activity that we see contributing to long-term growth. In our Connectivity and Sensors Group, relative stability in automotive during the quarter was offset by continued inventory drawdowns and weak end market demand for WiFi-enabled products and cellular IoT. Design activity was strong across a variety of applications, including smart home, precision location, indoor navigation, automotive connectivity, automotive smart interiors and enhanced human machine interfaces.

在高性能模擬中，我們在功率器件和國防市場享有相對優勢，但被我們的管理市場與消費者曝光和庫存消化以及基礎設施 OEM 所抵消。我們繼續享受基礎廣泛、多年的設計獲勝活動，我們認為這些活動有助於長期增長。在我們的連接和傳感器事業部，本季度汽車業務的相對穩定被持續的庫存減少以及對支持 WiFi 的產品和蜂窩物聯網的終端市場需求疲軟所抵消。設計活動在各種應用中表現強勁，包括智能家居、精確定位、室內導航、汽車連接、汽車智能內飾和增強型人機界面。

In Advanced Cellular, total Android revenue was up sequentially on the strength of a large customer flagship ramp with record Qorvo content. We believe March was a low point for China-based Android quarterly revenue, and we expect total Android revenue will grow sequentially in June while channel inventories continue to be consumed. Design activity during the quarter continued to be favorable across all leading smartphone OEMs.

在 Advanced Cellular 中，由於 Qorvo 內容的大量客戶旗艦產品的增長，Android 總收入環比增長。我們認為 3 月份是中國 Android 季度收入的低點，我們預計 6 月份 Android 總收入將環比增長，同時渠道庫存將繼續消耗。本季度的設計活動繼續受到所有領先智能手機 OEM 廠商的青睞。

Now let's turn to some quarterly highlights. In High Performance Analog, Qorvo was selected by an industry leader to supply cell-to-satellite solutions that combine a variety of technologies, including multiple RF components and BAW-based multiplexers. These solutions enable low earth orbit-based space-to-terrestrial connectivity, helping to provide cellular coverage in the hardest-to-reach geography. We achieved a milestone with the delivery of our first prototype RF multichip modules to BAE Systems under the SHIP contract with the U.S. Department of Defense.

現在讓我們來看看一些季度亮點。在高性能模擬領域，Qorvo 被一家行業領導者選中，提供結合多種技術的蜂窩到衛星解決方案，包括多種射頻組件和基於 BAW 的多路復用器。這些解決方案支持基於低地球軌道的空對地連接，有助於在最難到達的地理區域提供蜂窩覆蓋。根據與美國國防部簽訂的 SHIP 合同，我們向 BAE Systems 交付了第一個原型 RF 多芯片模塊，這是一個里程碑。

Qorvo is leveraging our state-of-the-art production capabilities in our Richardson, Texas facility to advance heterogeneous packaging integration and enables significant savings in power, size, weight and cost. This early milestone showcases the speed and efficiency of our collaboration with our program partners. It is a critical first step towards the goal of reestablishing U.S. leadership in microelectronics and accelerating the modernization of microelectronic systems for next-generation phased array radars, unmanned vehicles and satellite communication.

Qorvo 正在利用我們位於德克薩斯州理查森工廠的一流生產能力來推進異構封裝集成，並顯著降低功耗、尺寸、重量和成本。這個早期的里程碑展示了我們與項目合作夥伴合作的速度和效率。這是朝著重建美國在微電子領域的領導地位和加速下一代相控陣雷達、無人駕駛車輛和衛星通信微電子系統現代化的目標邁出的關鍵的第一步。

In our power device business, we booked a multimillion dollar follow-on silicon carbide inverter order for residential and industrial solar applications. The Department of Energy forecast solar power will make up more than half of new capacity in the U.S. in 2023, and the market for silicon carbide inverters is expected to achieve double-digit compound annual growth rate through 2026. This win complements our ongoing business in automotive charging applications and data centers.

在我們的功率器件業務中，我們為住宅和工業太陽能應用預訂了價值數百萬美元的後續碳化矽逆變器訂單。能源部預測，到 2023 年，太陽能將占美國新增產能的一半以上，而碳化矽逆變器市場預計到 2026 年將實現兩位數的複合年增長率。這一勝利補充了我們在美國的持續業務汽車充電應用和數據中心。

In our Connectivity and Sensors business, we were selected to supply ultra-wideband solutions across multiple verticals, including a next-generation smartwatch supporting secure car access, WiFi access points enabling indoor navigation and an additional 2024 flagship Android smartphone. Of note, ultra-wideband design activity for in-car applications has ramped up significantly. We are a member of the Car Connectivity Consortium, and we are proud to be a contributor to the Digital Key Plus program for the Android ecosystem recently announced by BMW. With Digital Key Plus, BMW drivers with compatible smartphones can unlock or lock their car and start the engine without having the key and without removing the phone from their pocket.

在我們的連接和傳感器業務中，我們被選中提供跨多個垂直領域的超寬帶解決方案，包括支持安全汽車訪問的下一代智能手錶、支持室內導航的 WiFi 接入點以及額外的 2024 旗艦安卓智能手機。值得注意的是，車載應用的超寬帶設計活動已顯著增加。我們是 Car Connectivity Consortium 的成員，我們很自豪能夠成為 BMW 最近宣布的 Android 生態系統 Digital Key Plus 計劃的貢獻者。借助 Digital Key Plus，擁有兼容智能手機的 BMW 駕駛員無需鑰匙也無需從口袋中取出手機即可解鎖或鎖定汽車並啟動發動機。

In automotive connectivity, we collaborated with automotive OEMs and leading third parties to advance smart antennas and next-generation shark fin architectures. We also expanded design engagements related to 5G network access devices with automotive Tier 1s. In sensors, we secured a design win to supply force-sensing touch sensors in support of a premium true wireless headset for a leading European OEM. The headset will leverage the ultrasensitivity of Qorvo's MEMS-based sensors to enable a new industrial design.

在汽車連接方面，我們與汽車原始設備製造商和領先的第三方合作，推進智能天線和下一代魚翅架構。我們還擴大了與 5G 網絡接入設備與汽車一級供應商相關的設計合作。在傳感器方面，我們獲得了一項設計勝利，為一家領先的歐洲 OEM 提供力感應觸摸傳感器，以支持優質的真無線耳機。該耳機將利用 Qorvo 基於 MEMS 的傳感器的超靈敏性來實現新的工業設計。

In WiFi, we secured our first WiFi 7 BAW filter design wins, and we expanded sampling of our WiFi solutions, enabling full coverage of 2.4, 5 and 6 gigahertz bands for smartphones and consumer and enterprise access points. In Advanced Cellular, we supported the ramp of a Korean-based smartphone OEM's flagship smartphone with multiple Qorvo placements, including low-band, mid/high band and ultrahigh band PADs as well as secondary transmit, tuning and WiFi. We are pleased to support this customer broadly in their flagship tier, and we are seeing expanding opportunity as they migrate their mass market portfolio to integrated 5G solutions.

在 WiFi 領域，我們獲得了第一個 WiFi 7 BAW 濾波器設計的勝利，並且我們擴大了 WiFi 解決方案的樣本，實現了智能手機以及消費者和企業接入點的 2.4、5 和 6 GHz 頻段的全面覆蓋。在 Advanced Cellular 中，我們支持韓國智能手機 OEM 的旗艦智能手機的量產，該智能手機具有多個 Qorvo 佈局，包括低頻段、中/高頻段和超高頻段 PAD 以及二次傳輸、調諧和 WiFi。我們很高興在他們的旗艦級別為該客戶提供廣泛支持，並且隨著他們將大眾市場產品組合遷移到集成 5G 解決方案，我們看到了不斷擴大的機會。

Across the Android ecosystem, Qorvo was awarded broad-based design wins in support of flagship, mid-tier and mass market 5G devices at the top 5 Android smartphone OEMs. To support new designs, we shipped our first samples of our newest mid/high band PAD to an Android OEM, addressing this customer's most challenging performance and size requirements. This is the industry's most highly integrated front-end placement. It combines main path and diversity receive content for the mid and high bands. And as we said previously, this product integrates nearly 2x the BAW filter content in a smaller footprint than existing main path-only mid/high band PAD architectures. It leverages the reduced size and enhanced performance of our newest BAW and SAW filters. We expect the first smartphone featuring this solution to launch in calendar 2024.

在整個 Android 生態系統中，Qorvo 贏得了廣泛的設計勝利，以支持排名前 5 位的 Android 智能手機 OEM 的旗艦、中端和大眾市場 5G 設備。為了支持新設計，我們將我們最新的中/高頻段 PAD 的第一批樣品運送給了 Android OEM，以滿足該客戶最具挑戰性的性能和尺寸要求。這是業界集成度最高的前端佈局。它結合了中高頻段的主路徑和分集接收內容。正如我們之前所說，與現有的僅主路徑中/高頻段 PAD 架構相比，該產品在更小的佔地面積中集成了近 2 倍的 BAW 濾波器內容。它利用了我們最新的 BAW 和 SAW 濾波器的更小尺寸和更高性能。我們預計首款採用該解決方案的智能手機將於 2024 年推出。

Across the business, we're leveraging investments in best-in-class technologies to introduce differentiated products that delight our customers. We have many growth drivers in our portfolio and design activity has been strong. In HPA, design wins secured in the March quarter span a variety of applications in aerospace, battery management, defense radar, electric vehicles and renewable energy systems. In CSG, we secured new business in automotive connectivity, indoor navigation, smart home and wearables. In ACG, we enjoyed broad representation across all leading OEMs, and we are increasing our content in the highest-volume flagship phones. We believe we have room to grow at our largest customer, including BAW-based content, and we are a leading supplier to the Android ecosystem where the transition to 5G supports long-term content gains.

在整個業務範圍內，我們正在利用對一流技術的投資來推出令客戶滿意的差異化產品。我們的產品組合中有許多增長動力，設計活動也很強勁。在 HPA 中，三月季度獲得的設計勝利涵蓋航空航天、電池管理、國防雷達、電動汽車和可再生能源系統等領域的各種應用。在南玻方面，我們獲得了車聯網、室內導航、智能家居和可穿戴設備等新業務。在 ACG 中，我們在所有領先的原始設備製造商中享有廣泛的代表性，並且我們正在增加我們在銷量最高的旗艦手機中的內容。我們相信我們最大的客戶有增長空間，包括基於 BAW 的內容，我們是 Android 生態系統的領先供應商，向 5G 的過渡支持長期的內容收益。

Last year, approximately 40% of the roughly 920 million Android smartphones were 5G, and we see Android 5G smartphone unit growth achieving a double-digit CAGR for several years. Over time, we expect HPA and CSG to outpace the growth rate of ACG, increasing our total growth rate and driving leverage as mix increasingly favors our high-growth investment businesses.

去年，大約 9.2 億部 Android 智能手機中約有 40% 是 5G，我們看到 Android 5G 智能手機的單位增長在幾年內實現了兩位數的複合年增長率。隨著時間的推移，我們預計 HPA 和 CSG 的增長率將超過 ACG，從而提高我們的總增長率並提高槓桿率，因為組合越來越有利於我們的高增長投資業務。

I want to thank the team for continued operational excellence. We are introducing new technologies and launching new products to align with the industry's growth drivers and broaden our market exposure. We are seeing increasing strength in customer design activity across our businesses, and we expect improved financial performance supported by content gains and large customer programs. And with that, I'll hand the call off to Grant.

我要感謝團隊持續的卓越運營。我們正在引進新技術並推出新產品，以配合行業的增長動力並擴大我們的市場曝光率。我們看到我們業務中客戶設計活動的強度越來越大，我們預計在內容收益和大型客戶計劃的支持下財務業績會有所改善。有了這個，我會把電話轉給格蘭特。

Thanks, Bob, and good afternoon, everyone. 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-K, we will provide historical financial information that reflects these operating segments. I'll now turn to our latest quarterly results.

謝謝鮑勃，大家下午好。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-K 中，我們將提供反映這些運營部門的歷史財務信息。我現在將談談我們最新的季度業績。

Revenue for the quarter was $633 million. Non-GAAP gross margin was 41.3%, and non-GAAP EPS was $0.26. Relative to our expectations as provided on our February earnings call, results exceeded the midpoint of guidance despite a weak demand environment and channel inventory reduction efforts. As considered in our fourth quarter guidance, we held factory production at uncharacteristically low volumes, which created underutilization impacts that negatively affected margins. On a non-GAAP basis, gross margin of 41.3% improved sequentially given a modest increase in factory utilization. Charges related to low factory utilization continued to weigh on margins on a year-over-year basis.

本季度收入為 6.33 億美元。非美國通用會計準則毛利率為 41.3%，非美國通用會計準則每股收益為 0.26 美元。相對於我們在 2 月份財報電話會議上提供的預期，儘管需求環境疲軟且渠道庫存減少努力，結果仍超過了指導的中點。正如我們在第四季度的指導意見中所考慮的那樣，我們將工廠生產量保持在異常低的水平，這造成了利用率不足的影響，對利潤率產生了負面影響。在非 GAAP 基礎上，由於工廠利用率適度增加，毛利率環比提高 41.3%。與工廠利用率低相關的費用同比繼續對利潤率構成壓力。

Non-GAAP operating expenses in the quarter were $227 million. Consistent with our expectations, OpEx was up sequentially given the timing of seasonal employee-related expenses, such as payroll taxes, the timing of vacation accruals and other items. In absolute dollar terms by functional area, the sequential increase was principally driven by R&D as we support our customers and invest in future growth opportunities. In total, non-GAAP operating income in the quarter was $34 million or 5% of sales. Breaking out operating margin by each segment, ACG was 14%, HPA was 13% and CSG was negative 51%. During the quarter, Qorvo Biotechnologies reduced CSG operating income by approximately $11 million. As a reminder, we are currently in the process of seeking strategic alternatives for this business. Non-GAAP income was $26 million, representing diluted earnings per share of $0.26.

本季度非美國通用會計準則運營費用為 2.27 億美元。與我們的預期一致，考慮到季節性員工相關支出的時間安排，例如工資稅、假期應計費用和其他項目的時間安排，運營支出環比上升。按職能領域的絕對美元計算，連續增長主要是由研發推動的，因為我們支持我們的客戶並投資於未來的增長機會。總的來說，本季度非 GAAP 營業收入為 3400 萬美元，佔銷售額的 5%。按每個部門細分營業利潤率，ACG 為 14%，HPA 為 13%，CSG 為負 51%。本季度，Qorvo Biotechnologies 將 CSG 營業收入減少了約 1100 萬美元。提醒一下，我們目前正在為這項業務尋找戰略選擇。非美國通用會計準則收入為 2600 萬美元，攤薄後每股收益為 0.26 美元。

Fiscal Q4 GAAP results were impacted by 2 notable noncash balance sheet impairments. These items were recorded during the quarter but address multiyear time horizons and do not reflect the underlying performance during the period. The first impairment is related to Qorvo Biotechnologies. While we are seeking strategic alternatives, it is too early to comment on possible outcomes. We strongly believe in the technology and the team and feel the business will more quickly achieve its highest potential outside of Qorvo. During the quarter, we determined that the investment required to fund future road map would not fit within our business model. Without the internal funding commitment, the forward-looking outlook would not be realized under Qorvo ownership and consequently, the asset failed the test for impairment.

2 項顯著的非現金資產負債表減值影響了第四季度的公認會計原則結果。這些項目是在本季度記錄的，但涉及多年的時間範圍，並不反映該期間的基本業績。第一個損害與 Qorvo Biotechnologies 有關。雖然我們正在尋找戰略替代方案，但對可能的結果發表評論還為時過早。我們堅信技術和團隊，並認為業務將更快地在 Qorvo 之外實現其最大潛力。在本季度，我們確定為未來路線圖提供資金所需的投資不符合我們的商業模式。如果沒有內部資金承諾，Qorvo 所有權下的前瞻性前景將無法實現，因此資產無法通過減值測試。

The second impairment is related to the cash deposit asset on our balance sheet tied to a long-term silicon supply agreement. There is no cash impact during the period as the deposit was remitted to the supplier at the time the agreement was executed and was scheduled to be refunded at the end of the agreement in calendar 2026. We have elected to apply the prepaid cash deposit against portions of monthly purchase commitments in lieu of ordering additional wafers. This will allow us to better align our specific mix of silicon wafer inventory with SKU-level finished goods demand over time. We are comfortable with our current silicon inventory relative to forecasted demand while mindful of the risk in ordering long lead time materials. A reconciliation between GAAP and non-GAAP results can be found in the earnings release, and more information will be available in our upcoming 10-K.

第二項減值與我們資產負債表上與長期矽供應協議相關的現金存款資產有關。在此期間沒有現金影響，因為訂金是在協議簽署時匯給供應商的，併計劃在 2026 日曆年協議結束時退還。我們選擇將預付現金押金用於部分每月購買承諾，而不是訂購額外的晶圓。隨著時間的推移，這將使我們能夠更好地調整我們特定的矽晶圓庫存組合與 SKU 級成品需求。我們對當前相對於預測需求的矽庫存感到滿意，同時注意到訂購長交貨期材料的風險。 GAAP 和非 GAAP 結果之間的對賬可以在收益發布中找到，更多信息將在我們即將發布的 10-K 中提供。

Moving on to the cash flow statement. Capital expenditures were $34 million, resulting in free cash flow of $31 million. During the quarter, we repurchased $150 million worth of shares. The rate and pace of our repurchases is based on our long-term outlook, free cash flow, low leverage, alternative uses of cash and other factors.

轉到現金流量表。資本支出為 3400 萬美元，產生 3100 萬美元的自由現金流。本季度，我們回購了價值 1.5 億美元的股票。我們回購的速度和步伐基於我們的長期前景、自由現金流、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 $810 million of cash and equivalents. Our net inventory balance ending the quarter was down $61 million to $797 million. For the full year, we recorded revenue of $3.6 billion, non-GAAP gross margin of 46.3%, non-GAAP operating margin of 21.1% and non-GAAP earnings per share of $5.99. We had two 10% customers in fiscal '23. Apple accounted for 37% of total sales in fiscal '23 versus 33% in fiscal '22, and Samsung accounted for 12% of total sales in fiscal '23 versus 11% in fiscal '22. Looking forward, we are encouraged by ongoing progress in reducing channel inventories, and we expect to benefit from strong dollar content growth on a large customer seasonal ramp.

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 8.1 億美元的現金及等價物。我們在本季度末的淨庫存餘額下降了 6100 萬美元，降至 7.97 億美元。全年，我們的收入為 36 億美元，非 GAAP 毛利率為 46.3%，非 GAAP 營業利潤率為 21.1%，非 GAAP 每股收益為 5.99 美元。我們在 23 財年有兩個 10% 的客戶。 Apple 佔 23 財年總銷售額的 37%，而 22 財年為 33%；三星占 23 財年總銷售額的 12%，而 22 財年為 11%。展望未來，我們對減少渠道庫存方面的持續進展感到鼓舞，我們預計將受益於大客戶季節性增長帶來的強勁美元含量增長。

Turning to our current quarter outlook. We expect quarterly revenue between $620 million and $660 million, non-GAAP gross margin of approximately 41.5% and non-GAAP diluted earnings per share of approximately $0.15. Our outlook contemplates the current demand environment, further consumption of channel inventory and seasonal factors. Our non-GAAP guidance for fiscal Q1 includes normal operating spend for the biotechnology unit, but excludes any cost related to its divestiture. We project non-GAAP operating expenses in the June quarter will be up approximately $10 million sequentially due to investments in multiyear customer programs, investments in core systems and other productivity initiatives and the return of incentive compensation based on our expectations for improved financial performance.

轉向我們當前的季度展望。我們預計季度收入在 6.2 億美元至 6.6 億美元之間，非 GAAP 毛利率約為 41.5%，非 GAAP 攤薄後每股收益約為 0.15 美元。我們的展望考慮了當前的需求環境、渠道庫存的進一步消耗和季節性因素。我們對第一財季的非 GAAP 指導包括生物技術部門的正常運營支出，但不包括與其資產剝離相關的任何成本。由於對多年客戶計劃的投資、對核心系統和其他生產力計劃的投資以及基於我們對改善財務業績的預期的激勵補償回報，我們預計 6 月季度的非 GAAP 運營費用將增加約 1000 萬美元。

Below the operating income line, nonoperating expense will be approximately $10 million to $12 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. Our non-GAAP tax rate for fiscal '24 is expected to be within a range of 13% to 15%. We expect our inventory balance will increase in the June quarter as we support a seasonal ramp at our largest customer. In terms of channel inventory, inventories of our components in the Android channel were reduced during the March quarter by approximately 25%. This follows a more than 20% reduction in the December quarter. Our expectations for this quarter are for channel inventories to decline again in the double digits. Later this calendar year, we expect Android channel inventories will normalize. Outside of the Android ecosystem, there are smaller pockets of channel inventory elsewhere in our business that may take longer to digest.

在營業收入線以下，非營業費用約為 1000 萬至 1200 萬美元，反映了為我們的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。我們 24 財年的非 GAAP 稅率預計在 13% 至 15% 的範圍內。我們預計我們的庫存餘額將在 6 月季度增加，因為我們支持最大客戶的季節性增長。在渠道庫存方面，我們在 Android 渠道的組件庫存在 3 月份季度減少了約 25%。這是繼 12 月季度減少 20% 以上之後。我們對本季度的預期是渠道庫存將再次以兩位數的速度下降。今年晚些時候，我們預計 Android 渠道庫存將正常化。在 Android 生態系統之外，我們業務中其他地方的渠道庫存量較小，可能需要更長的時間來消化。

For the full year, fiscal '24, we forecast revenue will be above fiscal '23 and expect to benefit from strong dollar content growth at our largest customers. For the full year, fiscal '24 non-GAAP gross margin is expected to be approximately 44% with variability on a quarterly basis, primarily tracking, utilization and mix.

對於全年，即 24 財年，我們預測收入將高於 23 財年，並預計將從我們最大客戶的強勁美元內容增長中受益。對於全年，24 財年非 GAAP 毛利率預計約為 44%，每個季度都有變化，主要是跟踪、利用率和組合。

Looking across the fiscal year, we expect significant sequential improvement in gross margin during fiscal Q2 as we sell new products for our largest customers that are less burdened by higher costs associated with underutilization. We expect sequential declines in gross margin during Q3 and again in Q4 primarily related to utilization and mix. Beyond June, excluding biotechnologies, operating expenses for Q2 through Q4 are expected to be approximately $240 million to $245 million per quarter with variability related to the timing of product development spend, investments in core systems and related productivity initiatives, the return of incentive compensation based on our expectations for improved financial performance as well as other items.

縱觀整個財年，我們預計第二財季毛利率將顯著連續改善，因為我們為最大的客戶銷售新產品，這些客戶因未充分利用相關的高成本而負擔較小。我們預計第三季度和第四季度的毛利率連續下降主要與利用率和組合有關。 6 月以後，不包括生物技術，預計第二季度至第四季度的運營費用約為每季度 2.4 億美元至 2.45 億美元，具體取決於產品開發支出的時間安排、核心系統和相關生產力計劃的投資、基於激勵補償的回報我們對改善財務業績以及其他項目的期望。

Qorvo enjoys many growth drivers across our 3 operating segments. We're leveraging a broad portfolio of technologies and capabilities to grow content this year on large customer programs, and we are uniquely positioned across leading customers and end markets. We are investing to drive outsized growth in diverse businesses to broaden our market exposure and accelerate growth. At this time, please open the line for questions. Thank you.

Qorvo 在我們的 3 個運營部門中享有許多增長動力。今年，我們正在利用廣泛的技術和能力組合來增加大型客戶計劃的內容，並且我們在領先客戶和終端市場中處於獨特的地位。我們正在投資以推動多元化業務的超額增長，以擴大我們的市場曝光率並加速增長。這個時候，請開通提問線。謝謝。

(Operator Instructions) Our first question comes 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。

I guess my first question, hoping you could talk a little bit about full year '24 revenue. Grant, you gave good color on gross margin and OpEx as well. But how are you thinking about the top line in fiscal '24? And if you can kind of provide context around or color around the 3 segments, that would be super helpful. And then I have a follow-up.

我想我的第一個問題，希望你能談談全年 24 年的收入。格蘭特，你對毛利率和運營支出也給予了很好的評價。但你如何看待 24 財年的收入？如果您可以為這 3 個部分提供上下文或顏色，那將非常有幫助。然後我有一個後續行動。

Thanks, Toshiya. Appreciate the question. This is Grant. In terms of the full year fiscal '24 guidance, based on our current view and barring any macroeconomic deterioration, right, we're not forecasting a significant jump in handset unit sell-through. In fact, we actually believe smartphones to be down year-over-year but 5G phones to be up in the 5% to 10% range. So that underpins our overall fiscal '24 view for ACG. We do expect some growth in HPA and CSG as well, especially as the year progresses. But generally speaking, not a terribly aggressive back half of the year. That said, just walking through the quarters. Margin will follow mix, as I pointed out in my prepared remarks. Although there is no change to our view of returning to 50% in the gross margin line, it's unlikely in '24.

謝謝，俊也。感謝這個問題。這是格蘭特。就全年 24 財年指引而言，根據我們目前的觀點，除非宏觀經濟出現任何惡化，否則我們預計手機銷量不會大幅增長。事實上，我們實際上認為智能手機同比下降，但 5G 手機將增長 5% 至 10%。因此，這鞏固了我們對 ACG 的整體財政 '24 觀點。我們確實預計 HPA 和 CSG 也會有所增長，尤其是隨著時間的推移。但總的來說，今年後半年並不是非常激進。也就是說，只是穿過宿舍。正如我在準備好的發言中指出的那樣，保證金將跟隨混合。儘管我們對毛利率恢復到 50% 的看法沒有改變，但在 24 年不太可能。

If I take it quarter-by-quarter beyond the June quarter guidance, our fiscal Q2 in September, we would expect revenue to be up approximately 50% sequentially. Again, this is driven by strong content gains into a large seasonal ramp. Gross margin will also be up in the neighborhood of approximately 400 basis points quarter-on-quarter as mix begins to favor some newer products, which are less burdened by those higher unit costs associated with underutilization. In the December quarter, our fiscal Q3, we expect revenue to be approximately flat and continuing off of September. Gross margin will be down 100 to 150 basis points as utilization begins to ramp down following that large seasonal ramp and mix begins to modestly shift to some of that higher cost inventory.

如果我在 6 月份的季度指導（即我們 9 月份的第二財季）之後按季度進行計算，我們預計收入將連續增長約 50%。同樣，這是由於強勁的內容收益進入了一個大的季節性斜坡。毛利率也將環比上升約 400 個基點，因為組合開始有利於一些較新的產品，這些產品因未充分利用相關的較高單位成本而承受的負擔較小。在 12 月季度，即我們的第三財季，我們預計收入將大致持平並延續到 9 月。毛利率將下降 100 至 150 個基點，因為利用率在季節性大幅上升之後開始下降，並且產品組合開始適度轉向一些成本較高的庫存。

And then finally, in the March quarter, our fiscal Q4, of calendar year 2024, we expect Android to be a higher percent of our mix but decline less than might be historic seasonality due to a clean channel and returning to shipping to end demand. However, gross margin will be down 200 to 300 basis points quarter-on-quarter as mix reflects that higher cost inventory. As I mentioned in the prepared remarks, beyond June, I gave some color around OpEx for the year, which would exclude bio in the $240 million to $245 million per quarter with some of the variability there related to product development spend and other items. Generally speaking, we have a good degree of confidence in content for our September period. And then as we clean the channel in the Android ecosystem in ACG, we feel comfortable of returning to shipping to end market demand. Tax rate is probably in that 13% to 15% range, consistent with the fiscal '23, and we believe share counts will be approximately 100 million shares or less.

最後，在 2024 年第 4 季度的 3 月季度，我們預計 Android 將在我們的產品組合中佔據更高的百分比，但由於渠道暢通並恢復運輸以滿足最終需求，因此降幅低於歷史季節性。然而，毛利率將環比下降 200 至 300 個基點，因為組合反映了較高的庫存成本。正如我在準備好的評論中提到的，在 6 月之後，我給出了今年 OpEx 的一些顏色，這將不包括每季度 2.4 億至 2.45 億美元的生物，其中一些與產品開發支出和其他項目相關的可變性。一般來說，我們對 9 月期間的內容有很大的信心。然後，當我們在 ACG 中清理 Android 生態系統中的渠道時，我們很樂意返回到終端市場需求的發貨。稅率可能在 13% 至 15% 的範圍內，與 23 財年一致，我們認為股票數量將約為 1 億股或更少。

Our next question comes from Gary Mobley with Wells Fargo Securities.

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

Grant, thanks for that very explicit fiscal year '24 revenue guide. It's quite helpful. But I wanted to ask about something one of your competitors is talking about this evening, that is, some subseasonal shipments to their largest customer, I presume Apple, their modem-only customer. I'm wondering if that factors into your guidance or is factored into your guidance what maybe some of the undercurrents going on there, how that may impact you from a competitive standpoint or just from a customer-specific standpoint.

格蘭特，感謝非常明確的 24 財年收入指南。這很有幫助。但我想問一下你們的一位競爭對手今晚正在談論的事情，即向他們最大的客戶（我猜是蘋果公司）的一些非季節性發貨，他們的調製解調器專用客戶。我想知道這是否會影響您的指導，或者是否會影響您的指導，可能是那裡發生的一些暗流，從競爭的角度或僅從客戶特定的角度來看，這將如何影響您。

This is Bob. Gary, thanks for the question. And as you know, we don't normally talk a lot about our largest customer. I think what I can say is ACG will be down quarter-over-quarter, so we are expecting from a smartphone revenue to be down. And historically, it is a lower quarter for our largest customer. So I don't know why -- whoever said whatever you just said. But I think we have a real good handle on the market. We talk a lot about our model and how things work. So we feel good about what we've said for sure, no doubt.

這是鮑勃。加里，謝謝你的提問。如您所知，我們通常不會過多談論我們最大的客戶。我想我能說的是 ACG 將環比下降，因此我們預計智能手機收入會下降。從歷史上看，對於我們最大的客戶來說，這是一個較低的季度。所以我不知道為什麼——無論誰說了你剛才說的。但我認為我們在市場上有很好的把握。我們談論了很多關於我們的模型以及事情是如何運作的。因此，毫無疑問，我們對我們所說的肯定感到滿意。

Okay. Do you mind if I ask a follow-up?

好的。你介意我問一個後續嗎？

Absolutely. Go ahead, Gary.

絕對地。來吧，加里。

All right. So I guess the $64,000 question is what will the new normal look like with your Android customers once they're through draining their excess inventory? What's your best feel based on design win traction? Do you think you can achieve a new revenue high at some point in the future in your Android customer base specifically?

好的。所以我想 64,000 美元的問題是，一旦您的 Android 客戶耗盡了多餘的庫存，他們的新常態會是什麼樣子？基於設計贏得牽引力，您的最佳感覺是什麼？您是否認為您可以在未來某個時間點在您的 Android 客戶群中實現新的收入高點？

Gary, thanks for the question. And as you pointed out, always forecasting the future is quite difficult. Here's what I do know. If we go back and look at where we're gaining share and what we've been talking about, the great work we've done in the Android ecosystem, whether that's Samsung and Google and already what we believe we've started to win in '24 and, as you know, what we've been facing are these headwinds with not shipping up the demand and reducing the inventories that Grant went through, the 20% last quarter -- or 2 quarters ago, 25% last quarter that as that comes and we continue to gain share there, I believe we can get back there or better. No doubt about it.

加里，謝謝你的提問。正如您所指出的，總是預測未來是非常困難的。這是我所知道的。如果我們回頭看看我們在哪裡獲得份額以及我們一直在談論什麼，我們在 Android 生態系統中所做的偉大工作，無論是三星還是谷歌，以及我們認為我們已經開始贏得的東西在 24 年，正如你所知，我們一直面臨的是這些逆風，沒有增加需求和減少格蘭特經歷的庫存，上個季度的 20% - 或者 2 個季度前，上個季度的 25%隨著時間的推移，我們繼續在那裡獲得份額，我相信我們可以回到那里或更好。毫無疑問。

But again, you have to forecast, our largest customer's done quite well in gaining share in some of their markets. So the good news is we're positioned -- and I think this is what's important. We're the only strategic supplier of the top 6 Android manufacturers, and we've got a great business that we're growing with our largest customer. So when we look at it from that perspective, what we're convinced is we can continue to grow.

但同樣，你必須預測，我們最大的客戶在獲得部分市場份額方面做得很好。所以好消息是我們已經定位——我認為這很重要。我們是排名前 6 位的 Android 製造商的唯一戰略供應商，我們的業務非常好，我們正在與我們最大的客戶一起成長。因此，當我們從這個角度來看時，我們確信我們可以繼續增長。

Our next question comes from Vivek Arya from Bank of America.

我們的下一個問題來自美國銀行的 Vivek Arya。

Bob, I'm curious, what do you think is the visibility of kind of retaining this new content over the next several years? Because customers in this market have a habit of making different architecture decisions every year. So as you start ramping this new content, how do you think you're able to sustain it over the next few years.

Bob，我很好奇，您認為在未來幾年內保留這些新內容的可見性如何？因為這個市場的客戶有每年做出不同架構決策的習慣。因此，當你開始增加這些新內容時，你認為你如何在未來幾年維持它。

Yes. I think what's interesting, Vivek, is, I mean, over time, we've done a pretty good job of holding in the areas that we're winning nice share and growing. And as they add content in those areas, we've done well. So as we look out, we feel pretty good about things. And I even commented, and Grant did as well, that we believe we can continue to grow content at our largest customer, whether it be BAW-based or our discrete components that we sell there. So we feel good about the outlook there for multiple years.

是的。我認為有趣的是，Vivek，我的意思是，隨著時間的推移，我們在我們贏得良好份額和增長的領域做得很好。當他們在這些領域添加內容時，我們做得很好。因此，當我們向外看時，我們對事物感覺非常好。我什至評論過，格蘭特也說過，我們相信我們可以繼續為我們最大的客戶增加內容，無論是基於 BAW 還是我們在那裡銷售的分立組件。因此，我們多年來對那裡的前景感到滿意。

And for my follow-up, do you think this was a competitive win? Or do you think this is a new technology that customers are adding in this area? So is this expanding the pie? Or do you think this is kind of a competitive win from something they might have been using from somebody else before?

對於我的後續行動，你認為這是一場競爭性的勝利嗎？或者您認為這是客戶在該領域添加的新技術？那麼這是在做大餅嗎？還是您認為這是他們以前可能從其他人那裡使用過的東西的一種競爭性勝利？

Yes. I think I answered this question last quarter, I believe, on a similar topic, and it was both. We're gaining content through both share gains as well as, to your point, making the pie bigger. Both.

是的。我想我上個季度就類似的主題回答了這個問題，而且兩者都是。我們正在通過份額增長以及按照您的觀點將蛋糕做大來獲得滿足感。兩個都。

Our next question comes from Karl Ackerman with BNP.

我們的下一個問題來自 BNP 的 Karl Ackerman。

I guess based on your comments on channel inventory realignment for Android, why wouldn't channel inventory be aligned with sell-through by the end of the June quarter given the further improvement that you're seeing? And as you address that question, how would you characterize the inventory balances and timing of reaching normalized inventory in your infrastructure and IoT businesses?

我想根據您對 Android 渠道庫存調整的評論，鑑於您看到的進一步改進，為什麼渠道庫存不會在 6 月季度末與銷售率保持一致？當您回答這個問題時，您如何描述您的基礎設施和物聯網業務中的庫存餘額和達到標準化庫存的時間？

Yes. This is Dave. I'll take that question. So in the Android ecosystem, you've got to remember, we ship a lot of products into a lot of different customers. So it all depends on their program ramps, how well their phones sell through relative to their expectations. So in some cases, you're right, we're going to be in pretty good shape by the end of the June quarter. In other cases, it will probably take a little longer depending on the customer and their business. But as Grant said, by the second half of the year, we definitely see the Android ecosystem. We should be clear of all the channel inventory and be back to shipping to the true end customer demand. Base station is going to take a little longer. I think some of those customers built up more inventory during the tight supply conditions of last year. And so it's just going to take some of those customers longer to burn that off. So we see that probably taking through this calendar year and into the early part of next year.

是的。這是戴夫。我會回答這個問題。所以在 Android 生態系統中，你必須記住，我們向許多不同的客戶提供了很多產品。因此，這完全取決於他們的計劃坡度，他們的手機相對於他們的期望的銷售情況。所以在某些情況下，你是對的，我們將在 6 月季度結束時保持良好狀態。在其他情況下，可能需要更長的時間，具體取決於客戶及其業務。但正如 Grant 所說，到今年下半年，我們肯定會看到 Android 生態系統。我們應該清除所有渠道庫存，並返回到真正的終端客戶需求。基站將需要更長的時間。我認為其中一些客戶在去年供應緊張的情況下積累了更多庫存。因此，這些客戶中的一些人需要更長的時間才能把它燒掉。所以我們看到這可能會持續到這個日曆年並進入明年年初。

Karl, this is Grant. Let me jump in there. And maybe if I take it up a level, our view on channel inventories is incorporated in our guide. So our 50% increase in the September quarter is predicated largely on content gains. Sequentially, we would expect the channel to begin clearing and us to begin shipping to more normalized demand later in our fiscal year. Again, it doesn't incorporate anything aggressive in terms of unit growth. This would be simply a return to what could be considered somewhat normal, and that would be incorporated in our guide. So you can make at least the quantification of it based on that.

卡爾，這是格蘭特。讓我跳進去也許如果我把它提升一個層次，我們對渠道庫存的看法就會納入我們的指南。因此，我們 9 月季度 50% 的增長主要取決於內容的增長。因此，我們預計渠道將開始清算，我們將在本財年晚些時候開始向更正常的需求發貨。同樣，它在單位增長方面沒有包含任何激進的內容。這只是回歸到可以被認為有點正常的狀態，這將被納入我們的指南。因此，您至少可以基於此對其進行量化。

Our next question comes from Edward Snyder, Charter Equity.

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

You guys seem very confident about gains in the fall. Bob, you said both share gains and new content. Maybe [to drill] a little bit further down to the share gains aspect. Is this areas that you've not shipped before because you guys tend to focus on specific areas and there have been some kind of back and forth in a couple of slots? Or is it going to be something completely new? And then you mentioned kind of an all-in-one: mid/high band, DRx, et cetera. Watching that -- the channel has been looking at that for some time. [It's been attempted] in the past, but it's too constrained. It sounds like more Android guys are open to that. Question there is, all in one -- it gives you more defensible position because you're one of the few companies that have actually built an all-in-one. But doesn't it also compress the total ASP or the total revenue available versus selling separate modules? Can you give us a feeling on how that tradeoff works? And then I had a follow-up, please.

你們似乎對秋季的收益非常有信心。 Bob，你說的是分享收益和新內容。也許 [鑽取] 進一步深入到股票收益方面。這些區域是不是你們以前沒有發布過的，因為你們傾向於專注於特定領域，並且在幾個時段中有一些來回？或者它會是全新的東西嗎？然後你提到了一種一體機：中/高頻段、DRx 等等。看著那個 - 該頻道已經關注了一段時間。過去[已經嘗試過]，但是太局限了。聽起來更多的 Android 人對此持開放態度。問題是，多合一 - 它為您提供了更具防禦性的地位，因為您是為數不多的真正建立了多合一的公司之一。但與銷售單獨模塊相比，它是否也壓縮了總 ASP 或可用總收入？您能否讓我們了解一下這種權衡是如何進行的？然後我有一個跟進，拜託。

Yes. Thanks, Ed. And as you know, for our largest customer, we won't talk about any future architectures. But I'm sure once you [tear down the phones], you'll see where we want. And as I said, we're very confident in our ability to continue to grow there. And Dave, do you want to take care of the work that we're doing there, the second part of the...

是的。謝謝，埃德。如您所知，對於我們最大的客戶，我們不會談論任何未來的架構。但我敢肯定，一旦你[拆掉電話]，你就會看到我們想要的地方。正如我所說，我們對我們在那裡繼續發展的能力非常有信心。戴夫，你想處理我們在那裡做的工作嗎，第二部分……

Yes. Ed, you referred to it as an all-in-one. And what we talked about on the bullet there was a solution that combines the mid/high band plus the diversity receive. So that diversity receive, that's all new content for us. We don't traditionally service that part of the phone. But in general, we're supporting our customers, I think, with a very high performance, small size is what they're looking for. So that's creating a lot of value as well. So we don't see it as an ASP issue. It's a very high-performance, small-sized solution that's going to drive.

是的。 Ed，您將其稱為一體機。我們在子彈頭上談到的是一種結合了中/高頻段和分集接收的解決方案。因此，多樣性得到了體現，這對我們來說都是新內容。我們傳統上不維修電話的那部分。但總的來說，我認為我們正在支持我們的客戶，他們正在尋找高性能、小尺寸的產品。所以這也創造了很多價值。所以我們不認為這是一個 ASP 問題。這是一個非常高性能的小型解決方案，可以驅動。

Great. And then if I could, you took another charge on the silicon supply agreement. I understand things are slow here. By my calculations, you probably have, what, you've got maybe [$60 million to $70 million] left on that. Any feelings about how that will play out? I mean you used your deposit to offset the cash cost this quarter. Will that continue if you're underpurchasing from that supplier? I'm just trying to get a feel for how that plays out the next several quarter.

偉大的。然後，如果可以的話，你對矽供應協議提出了另一項指控。我知道這裡的事情很慢。根據我的計算，你可能還剩下 [6000 萬到 7000 萬美元]。對這將如何發揮作用有什麼感覺嗎？我的意思是你用你的存款來抵消本季度的現金成本。如果您從該供應商那裡採購不足，這種情況還會繼續嗎？我只是想了解下幾個季度的情況。

Sure, Ed. This is Grant. I'll take the question. Quarter-on-quarter, at a high level, our revenue outlook for fiscal '24 hasn't changed. If anything, it's actually improved. What has changed would be our current forecast of mix over the out-years in that contract, right? As you understand, wafers aren't fungible once they've been fabricated, and our demand profile is complex. The supply agreement covers multiple products, technologies, customers across multiple years. So there's a significant mix impact. Furthermore, we can't order wafers for products that haven't been designed yet. So there's a timing element as well.

當然，埃德。這是格蘭特。我來回答這個問題。在較高水平上，我們對 24 財年的收入前景沒有改變。如果有的話，它實際上有所改善。我們目前對該合同未來幾年的混合預測發生了什麼變化，對嗎？如您所知，晶圓一旦製造出來就不可替代，而且我們的需求情況很複雜。供應協議涵蓋多個產品、技術、跨多年的客戶。所以有一個顯著的混合影響。此外，我們無法為尚未設計的產品訂購晶圓。所以還有一個時間因素。

But since we have to place those POs well in advance, we have to make sure we manage our inventory accordingly, and we're comfortable with our current inventory based on forecasted demand. So we're applying our prepaid deposit, as you mentioned, to the wafers that we don't believe we'd ultimately need. And we know there'll be continued variability in the mix over the remaining life of the agreement. It could be better. It could be worse. But this is something we analyze each quarter, and we're continuing to work with the supplier in that case to stay aligned.

但由於我們必須提前放置這些採購訂單，我們必須確保相應地管理我們的庫存，並且我們對基於預測需求的當前庫存感到滿意。因此，正如您提到的，我們將預付定金用於我們認為我們最終不需要的晶圓。而且我們知道在協議的剩餘期限內，組合將持續變化。它可以更好。這可能會更糟。但這是我們每個季度分析的內容，在這種情況下，我們將繼續與供應商合作以保持一致。

Our next question comes from Matt Ramsay with Cowen & Company.

我們的下一個問題來自 Cowen & Company 的 Matt Ramsay。

Obviously, really appreciative of all the additional fiscal '24 detail and guidance color, and I know there's content things that are happening. But I guess I just want to think about philosophically right now, giving all that additional detail and guidance on a per quarter basis all the way through the fiscal year. I mean we're -- a lot of us are listening to the MediaTek commentary out of Asia. Just got off the Qualcomm call, listening to their comments where, certainly, it seems like a lot more uncertainty in the handset market all the way around at your largest customer in terms of volumes and in terms of the market recovery in China. So I guess the question I have is really just about the choice to give all that granular detail right now through the next 4 quarters and the level of confidence sort of underpinning those estimates just given all that's going on in the macro despite the content gains you have.

顯然，非常感謝所有額外的 24 財年細節和指導顏色，而且我知道正在發生一些令人滿意的事情。但我想我現在只想從哲學上思考，在整個財政年度的每個季度提供所有額外的細節和指導。我的意思是我們 - 我們中的很多人都在聽亞洲以外的聯發科評論。剛剛結束與高通的通話，聽取了他們的評論，當然，就銷量和中國市場復甦而言，你最大的客戶的手機市場似乎一直存在更多不確定性。所以我想我的問題實際上只是關於選擇在接下來的 4 個季度中提供所有詳細信息，以及支持這些估計的信心水平，儘管內容讓您受益，但考慮到宏觀中正在發生的一切有。

Yes. Sure, Matt. This is Grant. Let me take the question. First off, we usually give some color around the forward fiscal year as we start it. So it's something that we do as a matter of practice. I think it's extremely helpful in this case given the volatility in the market. So I hope that it's helpful for you as you're putting your models together. In terms of the quarter-by-quarter guidance, it's so specific to the margin profile given the mix of products and the inventory balances we're carrying that I wanted to make sure that we were upfront and helping people understand the margin is going to follow that mix and, to a degree, the utilization associated with those customer ramps. So it's important to understand it will vary on a quarter-by-quarter basis. So I want to make sure that we gave as much color as we could there.

是的。當然，馬特。這是格蘭特。讓我來回答這個問題。首先，我們通常會在開始時為遠期財政年度添加一些顏色。因此，這是我們作為實踐問題所做的事情。考慮到市場的波動，我認為這在這種情況下非常有幫助。所以我希望它對您在組裝模型時有所幫助。就逐季度指導而言，鑑於產品組合和我們持有的庫存餘額，它對利潤率狀況非常具體，我想確保我們處於領先地位並幫助人們了解利潤率將會遵循這種組合，並在一定程度上遵循與這些客戶增長相關的利用率。因此，重要的是要了解它會按季度變化。所以我想確保我們在那裡提供了盡可能多的顏色。

Underpinning our overall view, again, it's nothing overly aggressive from a recovery or a step function jump in handset unit sales. So I don't want to be overly conservative, but there's nothing aggressive there. As we've said, we're really looking to just clear the channel inventory. We've been working aggressively to do so, and I think we're making a lot of progress there. As we return to normal in the channel later in our fiscal year, we should see some incremental improvement, just simply being able to shift to what would be considered end market demand.

同樣，支持我們整體觀點的是，手機銷量的複蘇或階梯式增長並不過分激進。所以我不想過於保守，但那裡沒有什麼激進的東西。正如我們所說，我們真的只是想清理渠道庫存。我們一直在積極努力，我認為我們在這方面取得了很大進展。當我們在本財年晚些時候渠道恢復正常時，我們應該會看到一些漸進的改善，只是能夠轉移到被認為是終端市場的需求。

As my follow-up, it's great to see the inventory in Android coming down. I think you guys mentioned 20% reduction last quarter and another 25% reduction now. So maybe just could you level set us on an absolute dollar terms or maybe a unit terms of where you see the inventory that needs to still be worked through in the Android community or how much of a drag is it still for another couple of quarters? If there's any kind of quantification there, that would be helpful as we think about maybe modeling beyond the inventory burn over the next couple of quarters.

作為我的後續行動，很高興看到 Android 中的庫存下降。我想你們提到上個季度減少了 20%，現在又減少了 25%。因此，也許您能否以絕對美元條款或單位條款來衡量我們在 Android 社區中仍需要處理的庫存，或者在接下來的幾個季度中仍有多少拖累？如果那裡有任何一種量化，那將是有幫助的，因為我們考慮在接下來的幾個季度中可能會超越庫存消耗進行建模。

Matt, I'll make a couple of comments and then turn it over to Dave. But we really don't want to get into giving dollars and units and all that because it moves around based on future demand. I think what we can say is that we're going to continue to reduce the channel inventory. So we have a ways to go. And what we said was we'll reduce it this quarter and we'll probably continue to reduce some in September. It's probably going to take until December on the overall channel inventories. And I think we were one of the first saying, hey, we were going to do this, to your point. And I can't speak for the others that you're listening to, but we started to throttle back on this a long time ago and others are just seeing it.

馬特，我會發表一些評論，然後將其轉交給戴夫。但我們真的不想提供美元和單位等等，因為它會根據未來的需求而變化。我認為我們可以說的是，我們將繼續減少渠道庫存。所以我們還有一段路要走。我們說的是我們將在本季度減少它，並且我們可能會在 9 月繼續減少一些。整個渠道庫存可能要到 12 月才能完成。而且我認為我們是第一個說，嘿，我們打算這樣做，就你的觀點而言。我不能代表你正在聽的其他人說話，但我們很久以前就開始限制這一點，其他人也只是看到了。

I also think our lead times are much shorter than theirs, which is why we saw this before they did and saw now coming back differently, coming back in the sense not the market's coming back, that we've made significant progress on reducing the inventories in the channel. So the headwinds are subsiding, and slight tailwinds are going to be behind us as we start shipping into the end demand, even though it's significantly lower than what we saw a year ago. So I think I'd couch it that. Dave, if you want to add any color to that, feel free.

我還認為我們的交貨時間比他們的短得多，這就是為什麼我們在他們之前看到了這一點，並且看到現在以不同的方式回來，從某種意義上說回來，而不是市場回來，我們在減少庫存方面取得了重大進展在頻道中。因此，逆風正在消退，隨著我們開始向終端需求發貨，輕微的順風將在我們身後，儘管它比我們一年前看到的要低得多。所以我想我會這麼說。戴夫，如果你想給它添加任何顏色，請隨意。

No, I think they're all good comments, Bob. And we did see that the Android sales, we think that bottomed in December, and our sales into China bottomed in March. And so as Bob said, we've still got some work to do to clear that inventory in the next couple of quarters, but we do see that improving already. Bookings are up. Customer demand is coming back. And so it's only a matter time at this point.

不，我認為他們都是很好的評論，鮑勃。我們確實看到安卓銷量在 12 月觸底，我們在中國的銷量在 3 月觸底。正如 Bob 所說，我們仍然需要做一些工作來在接下來的幾個季度清理庫存，但我們確實看到這種情況已經有所改善。預訂量上去了。客戶需求正在回歸。所以現在只是時間問題。

The next question comes from Ambrish Srivastava with BMO Capital.

下一個問題來自 BMO Capital 的 Ambrish Srivastava。

I actually had -- Matt asked a good question. (inaudible) on those lines. On the gross margin side, Grant, is that largely a factor of utilization? Could you please quantify for us because -- and it's not under your watch, but gross margin performance has been pretty volatile. So just help us understand, is utilization at its lowest ever in the recent past? And so is that the biggest driving factor that gives you the confidence on the gross margin side?

實際上，馬特問了一個很好的問題。 （聽不清）在這些線路上。在毛利率方面，格蘭特，這在很大程度上是利用率的一個因素嗎？你能否為我們量化一下，因為 - 它不在你的監督之下，但毛利率表現一直非常不穩定。所以請幫助我們了解，最近的利用率是否處於歷史最低水平？那麼，這是讓您對毛利率方面充滿信心的最大驅動因素嗎？

Sure, Ambrish. This is Grant. I'll take the question. Yes, by far, in the Pareto, underutilization is the largest item. I think last quarter, we quoted over 900 basis points, and it's -- in this Q4 period just ended, it was approximately 1,000 basis points. So very consistent headwind there from an underutilization standpoint, again, the largest factor. That underutilization plays into higher unit costs that we're carrying for the products that we have in inventory. As those work their way through the P&L via COGS, you're going to see that continued pressure from underutilization going forward for some period of time, which was the comments we made last quarter as we began to talk to fiscal '24 and reinforced by my guidance today. So underutilization, to your point, is by far the largest item. The next item, which I've commented, again, on before, is the headwind associated with inflation. We're seeing in the neighborhood of 80 basis points, maybe 100 basis points there. So a distant second to underutilization.

當然，安布里什。這是格蘭特。我來回答這個問題。是的，到目前為止，在 Pareto 中，未充分利用是最大的項目。我認為上個季度，我們引用了 900 多個基點，而在剛剛結束的第四季度，它大約是 1,000 個基點。從未充分利用的角度來看，非常一致的逆風再次成為最大的因素。這種未充分利用會導致我們為庫存產品承擔更高的單位成本。當這些通過 COGS 通過 P&L 工作時，您將看到未來一段時間內未充分利用的持續壓力，這是我們在上個季度開始討論 24 財年時發表的評論，並得到了加強我今天的指導。因此，就您而言，未充分利用是迄今為止最大的項目。我之前再次評論過的下一項是與通貨膨脹相關的逆風。我們看到在 80 個基點附近，也許是 100 個基點。僅次於未充分利用。

Okay. Super helpful, and we all appreciate the details. Just real quick on the assumptions for the plus 50% Q-o-Q growth. Is that largely inventory normalizing? Because you pointed out that demand continues to be uncertain. Is that largely driven by some sense of normalization on the Android side and then the second factor being the content gains at your large customers? Is that the right way to think about it?

好的。超級有幫助，我們都很欣賞細節。快速實現 50% Q-o-Q 增長的假設。這主要是庫存正常化嗎？因為您指出需求仍然不確定。這在很大程度上是由 Android 方面的某種標準化意識驅動的，然後是第二個因素是您的大客戶的內容收益？這是正確的思考方式嗎？

I would turn that around. Very little expectation of the channel clearing in time for the September quarter, very much dependent on content gains and large seasonal ramp.

我會扭轉局面。對 9 月季度及時清理頻道的期望非常低，這在很大程度上取決於內容收益和較大的季節性增長。

The next question comes from Ruben Roy with Stifel.

下一個問題來自 Stifel 的 Ruben Roy。

Grant, I wanted to just talk a little bit about HPA and CSG in terms of how you're seeing the rest of the year play out. You mentioned that you're not terribly aggressive, but you do think there's going to be some growth progressing through the year. So I wonder if you could talk a little bit about the pricing environment in those markets. There's been a lot of discussion around pricing when things were tight last year, and how you're thinking about that as we flow through this year. And then also if you could just comment on where we are in inventory and when you think that normalizes when we get back to sort of your longer-term kind of growth targets for those 2 businesses, that would be great.

格蘭特，我想就 HPA 和 CSG 談談你對今年餘下時間的看法。你提到你不是非常進取，但你確實認為今年會有一些增長。所以我想知道你是否可以談談這些市場的定價環境。去年形勢緊張時，圍繞定價進行了很多討論，而今年我們又是如何看待這個問題的。然後，如果您可以評論我們的庫存情況，以及當您認為當我們回到您對這兩項業務的長期增長目標排序時正常化，那將是很棒的。

Thanks for the question. I'll take the first part. I'll let Dave comment on pricing. In terms of our HPA and CSG businesses, we would expect to see strength in defense and power devices within our HPA business. It will grow over the course of the year. And then in our CSG business, we'll see growth in WiFi business and then the other connectivity elements, including UWB. So a strong sense and confidence on those businesses given where they're standing today and the growth trajectory over the year. Dave, if you don't mind commenting on pricing?

謝謝你的問題。我先講第一部分。我會讓戴夫評論定價。就我們的 HPA 和 CSG 業務而言，我們希望在我們的 HPA 業務中看到國防和電力設備的實力。它將在一年中增長。然後在我們的 CSG 業務中，我們將看到 WiFi 業務的增長，然後是其他連接元素，包括 UWB。因此，鑑於這些企業今天所處的位置以及過去一年的增長軌跡，我們對這些企業有著強烈的認識和信心。戴夫，如果你不介意評論定價？

Yes, I mean, certainly, the pricing environment that you referred to a year or 2 ago is a little different now, but we don't see anything out of normal from what we see in the market, and we're pretty excited about in 5G entry. I think Bob mentioned that only 40% of Android phones last year had converted to 5G. So we still got a long way to go there. We see that growing at double digits for the next several years. And that's all new content for us because we really haven't participated in the 4G entry space for many years. So as customers start to migrate more and more of their portfolio to 5G, that's all new opportunity for us. So we're pretty excited about that growth opportunity as well.

是的，我的意思是，當然，你在一兩年前提到的定價環境現在有點不同，但我們沒有看到市場上有任何異常，我們非常興奮在5G入門。我想 Bob 提到去年只有 40% 的 Android 手機轉換為 5G。所以我們還有很長的路要走。我們預計未來幾年將以兩位數的速度增長。這對我們來說都是新內容，因為我們確實已經很多年沒有參與 4G 入門領域了。因此，隨著客戶開始將越來越多的產品組合遷移到 5G，這對我們來說都是新的機會。因此，我們也對這個增長機會感到非常興奮。

Ruben, maybe I'll give you just a little bit more color here on the segment revenues in Q4, and then I'll compare it to a year ago just for reference. HPA in Q4 was $133 million in revenue, CSG was $82 million in revenue and ACG was $418 million. If you look back one year at the March quarter in our fiscal '22, HPA was $211 million, CSG was $179 million and ACG was $777 million. So as we get back to those levels of growth, we would expect over time, we should see some forward progress throughout the fiscal '24 year.

魯本，也許我會在這裡給你更多關於第四季度細分收入的顏色，然後我將它與一年前進行比較以供參考。 HPA 在第四季度的收入為 1.33 億美元，CSG 為 8200 萬美元，ACG 為 4.18 億美元。如果回顧我們 22 財年三月季度的一年，HPA 為 2.11 億美元，CSG 為 1.79 億美元，ACG 為 7.77 億美元。因此，當我們回到這些增長水平時，我們預計隨著時間的推移，我們應該會在整個 24 財年看到一些進步。

That's great. Appreciate the breakout for Q4 before the K came out. If I could, just really quickly, Bob, on -- I guess, following up to Ed's question on ASP. With all the content kind of moving up to kind of just the BAW filter content in one of your placements, is $5 to $7 still the right way to think about kind of the ASPs in a typical 5G handset? Or do you think at some point, we'd start to push that higher with the value being added?

那太棒了。在 K 出來之前欣賞 Q4 的突破。如果可以的話，鮑勃，真的很快，我想，跟進埃德關於 ASP 的問題。隨著所有內容都在您的一個展示位置中上升到僅 BAW 濾波器內容，5 到 7 美元是否仍然是考慮典型 5G 手機中的 ASP 類型的正確方法？或者您是否認為在某個時候，我們會開始隨著附加值的增加而將其推高？

Yes. I think your number is probably on the low side. If we look at the average smartphone, it's much higher than that. But we see that pretty stable over time. I mean, of course, there's going to be ASP erosion, but the conversion from 4G to 5G is going to be a big driver to offset that. And there's also new content. WiFi 7 is going to add new content. We talked about our BAW filters there. But also, as you look backwards in time, in a lot of cases, in WiFi 5 and prior, there wasn't even a FEM involved. And so WiFi 6 and now WiFi 7, there's opportunities there for us with our FEMs and our WiFi portfolio. And we're well represented across all the reference designs there. And then even in 5G, there continues to be new capabilities, new requirements coming in 5G advanced. And that's going to increase complexity and increasing the performance requirements. And in a lot of cases, there's new content opportunities there as well. So all that's going to be easily enough to offset any ASP erosion that we see.

是的。我認為你的數字可能偏低。如果我們看一下普通的智能手機，它會比這高得多。但隨著時間的推移，我們看到它非常穩定。我的意思是，當然，ASP 會受到侵蝕，但從 4G 到 5G 的轉換將成為抵消這一影響的重要驅動力。而且還有新內容。 WiFi 7 將添加新內容。我們在那裡討論了我們的 BAW 濾波器。而且，當你回顧過去時，在很多情況下，在 WiFi 5 和更早版本中，甚至沒有涉及 FEM。因此，WiFi 6 和現在的 WiFi 7，我們的 FEM 和 WiFi 產品組合為我們提供了機會。我們在那裡的所有參考設計中都有很好的代表。然後即使在 5G 中，5G Advanced 也會繼續提供新功能和新要求。這將增加複雜性並提高性能要求。在很多情況下，那裡也有新的內容機會。因此，所有這些都將很容易抵消我們看到的任何 ASP 侵蝕。

Our next question comes from Srini Pajjuri with Raymond James.

我們的下一個問題來自 Srini Pajjuri 和 Raymond James。

Bob, just a question on China. I think you're guiding for sequential growth in the second quarter, June quarter. So I'm just curious, it's slightly more optimistic than what we heard from some of your peers. Is this driven by the smartphone side? Or is it more nonsmartphone business that you're seeing a little bit of a pickup there? In general, if you can talk about what you're seeing in China because there's been a lot of expectation. I think we're still kind of not seeing a whole lot of pickup since the reopening. So any comments there, I think, would be helpful.

鮑勃，只是一個關於中國的問題。我認為您正在指導第二季度，即六月季度的連續增長。所以我很好奇，它比我們從您的一些同行那裡聽到的要樂觀一些。這是由智能手機端驅動的嗎？還是您看到的是更多的非智能手機業務？總的來說，如果你能談談你在中國看到的情況，因為人們對此抱有很大的期望。我認為自重新開放以來我們仍然沒有看到大量的皮卡。我認為那裡的任何評論都會有所幫助。

100% agree with your last comment. We're not seeing any pickup either. What we've been making clear now for the second quarter now, we continue to reduce the channel inventories. So as you do that, we've reduced the inventory, customers do need to order some parts. So all we're saying is in our revenue, we're going to see an uptick. That has nothing to do with end demand. It means we're signaling we're heading towards the bottom of cleaning up the channel. I think Dave just mentioned that our bookings were up strong. In fact, we had the largest bookings in China for almost 2 years now.

100% 同意您最後的評論。我們也沒有看到任何皮卡。我們現在已經在第二季度明確表示，我們將繼續減少渠道庫存。因此，當您這樣做時，我們減少了庫存，客戶確實需要訂購一些零件。所以我們所說的只是我們的收入，我們會看到一個增長。這與最終需求無關。這意味著我們發出信號，我們正朝著清理通道的底部前進。我想戴夫剛剛提到我們的預訂量很大。事實上，我們在中國的預訂量是近 2 年來最大的。

So all we're showing is the momentum is changing, not in the end market, not in the end market. We don't disagree with anything that you guys have heard from others. It's we've done a very good job over the last 2 quarters of significantly reducing the channel inventory. So all we're saying is we're starting to see that bottom. And as I mentioned earlier, the headwinds are subsiding and the tailwinds are starting to come. But that's not an end market comment. That's a comment about our revenue.

所以我們所展示的是勢頭正在改變，不是在終端市場，不是在終端市場。我們不反對你們從其他人那裡聽到的任何事情。在過去的兩個季度中，我們在顯著減少渠道庫存方面做得非常好。所以我們要說的是我們開始看到那個底部。正如我之前提到的，逆風正在消退，順風開始到來。但這不是終端市場評論。這是對我們收入的評論。

Got it. And then, Grant, on the gross margin, a lot of questions have been asked about utilization. If I take your, I guess, guidance, it looks like you're going to exit the year in low 40s. So I'm just trying to bridge the gap between that and your long-term model. So is it primarily utilization? Or are there any other factors that are going to, I guess, help you get to that 50% plus levels?

知道了。然後，格蘭特，關於毛利率，很多關於利用率的問題被問到。如果我接受你的指導，我猜，看起來你將在 40 多歲時退出這一年。所以我只是想彌合它與你的長期模型之間的差距。那麼它主要是利用嗎？還是有任何其他因素可以幫助您達到 50% 以上的水平？

Sure. It's really the 2 factors, right? There's both utilization and mix. So as we're selling newer products that didn't run through the factories when they were underutilized, obviously, they carry better unit costs, and you see that in gross margin in the September quarter. In the December and March quarters, you start to see more sell-through of products that we have already on the shelf, and that incorporates higher unit cost due to prior underutilization. So it's a bit of mix and utilization.

當然。這真的是2個因素，對吧？既有利用也有混合。因此，當我們銷售未充分利用時未通過工廠的新產品時，顯然，它們具有更好的單位成本，你可以在 9 月季度的毛利率中看到這一點。在 12 月和 3 月的季度，您開始看到我們已經上架的產品的銷售量增加，並且由於之前未充分利用而包含更高的單位成本。所以有點混用。

Okay. Is there any revenue level, Grant, that you think you need to get to before we see a five handle on the gross margin side?

好的。格蘭特，在我們看到毛利率方面有五個手柄之前，你認為你需要達到什麼收入水平嗎？

I wouldn't [say that it's] a revenue. Again, it goes really back to mix. It depends which products we're selling through and what kind of content are in those products. So it's not an absolute revenue level, but again, really related to mix. I do feel -- sorry, just to follow up on that. I do feel confident in the path back to 50%. As I pointed out earlier, in the Pareto of gross margin, it's dominated by underutilization. So really, in terms of the path back, it's just a question of filling up the factories in order to get there.

我不會[說這是]收入。再一次，它真的回到了混音。這取決於我們銷售的產品以及這些產品中包含的內容類型。所以這不是絕對的收入水平，而是再次與混合相關。我確實覺得 - 抱歉，只是想跟進一下。我確實對回到 50% 的道路充滿信心。正如我之前指出的那樣，在毛利率的帕累託中，未充分利用占主導地位。所以實際上，就返迴路徑而言，這只是一個填滿工廠才能到達那裡的問題。

The next question comes from Atif Malik with Citi.

下一個問題來自花旗的 Atif Malik。

Grant, I have 2 questions. How do we look at kind of the strategic exposure to your largest customer? You said fiscal '23, Apple was 37%; Samsung, 12%. It sounds like based on the content gains this year, you will grow those percentages, both these customers. And historically, Apple, in terms of profitability, has not been kind of the best exposure name. So how are you balancing content growth with profitability?

格蘭特，我有兩個問題。我們如何看待對您最大客戶的戰略曝光？你說 23 財年，Apple 是 37%；三星，12%。這聽起來像是基於今年的內容收益，你會增加這些百分比，包括這些客戶。從歷史上看，就盈利能力而言，蘋果公司並不是曝光率最高的品牌。那麼，您如何平衡內容增長與盈利能力？

Sure. Well, as Bob pointed out, high degree of confidence in our content there. We're fully supporting all of our customers. That one, of course, as well. As we look forward, we've never guided to any particular customer as a percent of revenue. So I'd hesitate to do that now. But as we mentioned, we do feel good about our positioning there. In terms of managing profitability going forward, as I pointed out in my prepared remarks, we are heavily investing in multiyear opportunities at multiple customers. And those R&D dollars are spent today for revenue in the out-years. But we feel like we're positioned to win. We have the technology in place to do so, and we're confident in our development and the investments we're making.

當然。好吧，正如 Bob 指出的那樣，我們對那裡的內容充滿信心。我們全力支持所有客戶。那一個，當然，以及。正如我們所期待的那樣，我們從未將任何特定客戶作為收入的百分比進行指導。所以我現在猶豫要不要這樣做。但正如我們所提到的，我們確實對我們在那裡的定位感到滿意。在管理未來的盈利能力方面，正如我在準備好的發言中指出的那樣，我們正在大量投資於多個客戶的多年機會。這些研發資金今天用於未來幾年的收入。但我們覺得我們有能力取勝。我們擁有這樣做的技術，我們對我們的發展和我們正在進行的投資充滿信心。

I understand. And then on the power devices, silicon carbide, I understand you're growing from a small base and the multiple million-dollar order in the inverter side. How strategic is this business to Qorvo? How are you investing your R&D dollars towards this business? And could this be a 10% type business maybe in a couple of years?

我明白。然後是功率器件，碳化矽，我知道你是從一個小基地和逆變器方面數百萬美元的訂單中成長起來的。這項業務對 Qorvo 的戰略意義如何？您如何將研發資金投入到這項業務中？這可能會在幾年內成為 10% 類型的業務嗎？

Yes. We think it's a very strategic investment for Qorvo, right? It's similar to a lot of the other compound semi work we do. We have a differentiated solution with our JFET technology. We have a lot of customer demand. And in terms of the investment there, I think it's well placed. We do expect to grow significantly. And as you'll see in the 10-K, we will be paying a contingent payment to the shareholders of United Silicon Carbide, which reflects a lot of success in that business that we've seen since we've taken it over.

是的。我們認為這對 Qorvo 來說是一項非常具有戰略意義的投資，對吧？它類似於我們所做的許多其他復合半工作。我們擁有採用 JFET 技術的差異化解決方案。我們有很多客戶需求。就那裡的投資而言，我認為它的位置很好。我們確實預計會顯著增長。正如您將在 10-K 中看到的那樣，我們將向 United Silicon Carbide 的股東支付一筆或有款項，這反映了我們接管該業務以來取得的巨大成功。

The next question comes from Harlan Sur with JPMorgan.

下一個問題來自摩根大通的 Harlan Sur。

You guys are set to ramp into new smartphone models across your customers in the second half of this year. I appreciate the new and higher content gains. How are the pricing trends on a like-for-like components on these new model ramps either versus prior generation or on a year-over-year basis?

你們將在今年下半年為您的客戶推出新的智能手機型號。我很欣賞新的和更高的內容收益。與上一代或同比相比，這些新型號坡道上同類組件的定價趨勢如何？

Yes. I don't think we could comment on a like-for-like. I mean every generation, there's always new challenges to solve. And so we're just excited about the content gains that we have. As Bob mentioned, in some cases, that's new content. In some cases, it's share gain. And that's probably true as you look across the customer base. A similar story plays out.

是的。我不認為我們可以對類似的事情發表評論。我的意思是每一代人，總會有新的挑戰需要解決。因此，我們對我們所擁有的內容收益感到興奮。正如 Bob 提到的，在某些情況下，這是新內容。在某些情況下，這是份額收益。當您查看整個客戶群時，這可能是正確的。類似的故事正在上演。

Okay. Perfect. I believe it's spread across both your HPA and Connectivity segments, but wanted to get your views on the broadband access markets, cable, fiber-to-the-home. On the infrastructure side, where are we in the DOCSIS 3.1 upgrade cycle? Seeing lots of activity on DOCSIS 4.0. On the gateway side, hearing WiFi 7 home gateways may be starting next year. So the team has multiple tailwinds here. What is the team's sense on timing? And then more near term, like what's the state of the access market demand wise? And are you guys also burning through excess inventories here?

好的。完美的。我相信它分佈在您的 HPA 和連接部分，但想了解您對寬帶接入市場、電纜、光纖到戶的看法。在基礎設施方面，我們處於 DOCSIS 3.1 升級週期的哪個階段？在 DOCSIS 4.0 上看到很多活動。在網關方面，聽說 WiFi 7 家庭網關可能會在明年開始。所以團隊在這裡有多個順風。團隊對時機的把握如何？然後更近期，比如訪問市場需求的狀態如何？你們是不是也在這裡燒掉過剩的庫存？

Yes. I think the timing of what you said, I think that's pretty consistent with what we're seeing, and we do see a lot of new design activity in the newer standards and we're very well positioned there with our technology. And to your point, we do see some inventory challenges there as well that we're working through. So we think that's relatively near term, but there will be a little bit of challenge there to get through in that business.

是的。我認為你所說的時機，我認為這與我們所看到的非常一致，我們確實在更新的標準中看到了很多新的設計活動，我們在技術方面處於非常有利的位置。就你的觀點而言，我們確實看到了一些我們正在努力解決的庫存挑戰。所以我們認為這是相對近期的，但要通過這項業務會有一些挑戰。

At this time, I would like to turn the call back over to management for closing comments.

此時，我想將電話轉回給管理層以徵求意見。

We want to thank everyone for joining us today. We appreciate your time. We look forward to meeting with you at upcoming investor conferences. I hope you have a good night. Thank you.

我們要感謝大家今天加入我們。感謝您的寶貴時間。我們期待在即將舉行的投資者會議上與您會面。我希望你有一個美好的夜晚。謝謝。

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

謝謝。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，祝您有美好的一天。