科沃 (QRVO) 2024 Q1 法說會逐字稿

Greetings, and welcome to Qorvo Inc. Q1 2024 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, Investor Relations. Thank you, Mr. DeLieto, you may begin.

您好，歡迎參加 Qorvo Inc. 2024 年第一季度電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。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·德利托 (Douglas DeLieto)。謝謝您，德利托先生，您可以開始了。

Thanks very much. Hello, everybody, and welcome to Qorvo's Fiscal 2024 First 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 and 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，歡迎參加 Qorvo 2024 財年第一季度收益電話會議。本次電話會議將包括涉及風險因素的前瞻性陳述，這些風險因素可能導致我們的實際結果與管理層當前的預期存在重大差異。我們鼓勵您查看今天發布的收益報告中包含的安全港聲明以及與我們業務相關的風險因素以及我們向 SEC 提交的 10-K 表格年度報告，因為這些風險因素可能會影響我們的運營和財務業績。

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 other items that may obscure trends in our underlying performance.

在今天的新聞稿和電話會議中，我們提供了 GAAP 和非 GAAP 財務業績。我們提供這些補充信息是為了使投資者能夠對經營業績進行額外的比較並分析財務業績，而不會受到某些非現金支出或其他可能掩蓋我們基本業績趨勢的項目的影響。

During our call, our comments and comparisons to income statement items will be based primarily on non-GAAP results. 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公認會計原則結果。有關 GAAP 與非 GAAP 財務指標的完整對賬，請參閱今天早些時候發布的收益報告，可在我們的投資者關係網站 ir.qorvo.com 的財務報告下查看。

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； Dave Fullwood，銷售和營銷高級副總裁；以及 Qorvo 管理團隊的其他成員。然後，我會將電話轉給鮑勃。

Thanks, Doug, and welcome, everyone, to Qorvo's Fiscal 2024 First Quarter Call. Revenue, margin and EPS were all above the midpoint of the outlook we provided on our May 3 earnings call. End market demand in the June quarter was consistent with our expectations. Within the Android ecosystem, channel inventories continue to be consumed and Qorvo continued to undership to end market demand. We expect continued reduction in channel inventories in the September quarter, and we see entry channel inventories normalizing by calendar year-end. In other markets, relative strength in the areas like defense and aerospace and automotive was offset by inventory consumption across consumer markets and weak demand in 5G infrastructure. In some of these markets, we expect inventory consumption to extend into next year.

謝謝 Doug，歡迎大家參加 Qorvo 的 2024 財年第一季度電話會議。收入、利潤率和每股收益均高於我們在 5 月 3 日財報電話會議上提供的展望的中點。六月季度的終端市場需求與我們的預期一致。在 Android 生態系統內，渠道庫存持續消耗，Qorvo 繼續滿足終端市場需求。我們預計九月季度渠道庫存將繼續減少，並且我們預計進入渠道庫存到年底將恢復正常。在其他市場，國防、航空航天和汽車等領域的相對強勢被消費市場的庫存消耗和 5G 基礎設施需求疲軟所抵消。在其中一些市場，我們預計庫存消耗將延續到明年。

Qorvo has worked diligently since last fall to aggressively drive down channel inventories in multiple markets while at the same time, prioritizing new product development and securing customer design. This has enabled us to drive growth in large customer programs and it positions Qorvo for incremental growth as end markets recover.

自去年秋天以來，Qorvo 一直在努力工作，積極降低多個市場的渠道庫存，同時優先考慮新產品開發和確保客戶設計。這使我們能夠推動大型客戶計劃的增長，並使 Qorvo 在終端市場復甦時實現增量增長。

As we have stated in the past, Qorvo's growth targets by segment are for strong double-digit growth in connectivity and sensors, double-digit growth in high-performance analog, and mid- to high single-digit growth in Advanced Cellular. Design wins during the quarter in HPA were diversified across customers and markets and included large defense programs extending multiple years.

正如我們過去所說，Qorvo 按細分市場的增長目標是連接和傳感器領域實現兩位數的強勁增長、高性能模擬領域的兩位數增長以及高級蜂窩領域的中高個位數增長。本季度 HPA 的設計勝利在客戶和市場上多樣化，包括持續多年的大型國防項目。

In connectivity and sensors, design activity span a variety of applications, including highly integrated IoT connectivity solutions, WiFi 7 RF front end and force-sensing touch sensors. We have a broad range of growth drivers in CSG, and we are pleased with our increasing design activity in new growth areas like sensors and ultra-wideband. Over time, we see HPA and CSG contributing increasingly to growth, diversification and margin expansion.

在連接和傳感器方面，設計活動涵蓋各種應用，包括高度集成的物聯網連接解決方​​案、WiFi 7 RF 前端和力感應觸摸傳感器。我們在 CSG 擁有廣泛的增長動力，我們對傳感器和超寬帶等新增長領域不斷增加的設計活動感到高興。隨著時間的推移，我們看到 HPA 和 CSG 對增長、多元化和利潤率擴張的貢獻越來越大。

In Advanced Cellular, design activity continued to be favorable across all leading smartphone OEMs. We are growing our content in next-generation 5G smartphones at our largest customers and we are capturing new content in the Android ecosystem as 4G units transition to 5G and enter our SAM. In calendar 2023, approximately 45% of Android smartphones will be 5G, and we expect Android 5G smartphone unit growth to post double-digit CAGR for several years.

在高級蜂窩領域，所有領先的智能手機原始設備製造商的設計活動繼續受到青睞。我們正在為最大的客戶開發下一代 5G 智能手機的內容，並且隨著 4G 設備過渡到 5G 並進入我們的 SAM，我們正在 Android 生態系統中捕獲新內容。到 2023 年，大約 45% 的 Android 智能手機將採用 5G，我們預計 Android 5G 智能手機銷量將在未來幾年實現兩位數的複合年增長率。

Now let's turn to some quarterly highlights. In automotive applications, Qorvo was selected by an automotive Tier 1 to supply ultra-wideband connectivity for an upcoming EV launch by a U.S.-based manufacturer. We are pleased with this win and the growing content opportunity in automotive, where the ultra-wideband content inside the car will typically include 5 to 7 placements, plus 1 placement in each keypad. We also secured touch sensor design wins, enabling forced level detection in a range of smart interior applications including center console, door panel, steering wheel and display. These are multiple design wins totaling multiple millions of dollars.

現在讓我們來看看一些季度亮點。在汽車應用中，汽車一級汽車公司選擇 Qorvo 為一家美國製造商即將推出的電動汽車提供超寬帶連接。我們對這一勝利以及汽車領域不斷增長的內容機會感到高興，汽車內的超寬帶內容通常包括 5 到 7 個位置，加上每個鍵盤中的 1 個位置。我們還贏得了觸摸傳感器設計，在一系列智能內飾應用中實現強制水平檢測，包括中控台、門板、方向盤和顯示屏。這些是多項設計勝利，總價值數百萬美元。

In automotive connectivity, we were selected by a leading automotive antenna supplier to provide cellular V2X front-end modules and BAW coexistent filters for use by a major European-based OEM.

在汽車連接領域，一家領先的汽車天線供應商選擇我們提供蜂窩 V2X 前端模塊和 BAW 共存濾波器，供歐洲一家主要 OEM 使用。

Lastly, we expanded our automotive footprint with an automotive radar design win to supply a received amplifier for a major U.S.-based automotive OEM. Qorvo's automotive opportunities include DC to DC converters, onboard chargers, smart interiors, RF front-ends for 5G, WiFi and V2X connectivity, radars and ultrawide band secure car access for keypads and inside cars.

最後，我們通過贏得汽車雷達設計來擴大我們的汽車業務範圍，為美國一家主要汽車 OEM 提供已接收的放大器。 Qorvo 的汽車機會包括 DC-DC 轉換器、車載充電器、智能內飾、5G 射頻前端、WiFi 和 V2X 連接、雷達以及用於鍵盤和車內的超寬帶安全汽車訪問。

In WiFi, we secured several WiFi 7 design wins with access point providers for our WiFi 7 BAW filters, enabling full coverage of 2.4, 5 and 6 gigahertz bands. We also began sampling Tier 1 customers for our next-generation WiFi 7 fins, which pair with multiple chipsets.

在 WiFi 領域，我們的 WiFi 7 BAW 濾波器與接入點提供商取得了多項 WiFi 7 設計勝利，實現了 2.4、5 和 6 GHz 頻段的全面覆蓋。我們還開始為我們的下一代 WiFi 7 鰭片對一級客戶進行抽樣，該鰭片與多個芯片組配對。

In our Connectivity Systems business, we were among the first to achieve matter 1.1 certification for our ConcurrentConnect integrated solutions for gateways and devices. This expands our market opportunity in support of the top smart home ecosystem customers whose installed base exceeds 150 million home networks.

在我們的連接系統業務中，我們的 ConcurrentConnect 網關和設備集成解決方案是首批獲得 Matter 1.1 認證的公司之一。這擴大了我們支持頂級智能家居生態系統客戶的市場機會，這些客戶的家庭網絡安裝量超過 1.5 億。

In silicon carbide, we booked a multimillion dollar customer order for silicon carbide power devices supporting AI servers and other data center applications. The design win funnel for Qorvo's silicon carbide power devices is increasing, and we continue to expand our supply base to support our customers. In addition to the previously announced supply agreement with SK Siltron, we also have agreements in place with Wolfspeed and Coherent. For broadband applications, we extended our leadership in DOCSIS 4.0 with customer sampling of our 1.8 gigahertz hybrid power doubler. This solution delivers more RF power with lower power consumption than competing solid-state solutions.

在碳化矽方面，我們預訂了一份價值數百萬美元的客戶訂單，用於支持人工智能服務器和其他數據中心應用的碳化矽功率器件。 Qorvo 碳化矽功率器件的設計獲勝漏斗正在增加，我們將繼續擴大我們的供應基礎以支持我們的客戶。除了之前宣布的與 SK Siltron 的供應協議外，我們還與 Wolfspeed 和 Coherent 簽訂了協議。對於寬帶應用，我們通過為客戶提供 1.8 GHz 混合功率倍增器樣品，擴大了我們在 DOCSIS 4.0 領域的領先地位。與競爭的固態解決方案相比，該解決方案以更低的功耗提供更多的射頻功率。

In cellular infrastructure, we released the highly integrated 3.4 to 3.8 gigahertz, 8-watt PAM that simplifies 5G massive MIMO system design. We also began sampling the industry's first C-band discrete BAW bandpass filter for 5G small cell radios. For defense communications, we began sampling the industry's first 2 gigahertz to 18 gigahertz transmit receive front-end module, delivering 10 watts of transmit power. This highly integrated wideband solution integrates the PA, switch, Elunate and limiter. It leverages Qorvo's advanced packaging and process technologies to maximize power efficiency in a miniaturized footprint.

在蜂窩基礎設施方面，我們發布了高度集成的 3.4 至 3.8 GHz、8 瓦 PAM，可簡化 5G 大規模 MIMO 系統設計。我們還開始對業界首款用於 5G 小型蜂窩無線電的 C 波段離散 BAW 帶通濾波器進行採樣。對於國防通信，我們開始對業界首款 2 GHz 至 18 GHz 發射接收前端模塊進行採樣，可提供 10 瓦的發射功率。這種高度集成的寬帶解決方案集成了 PA、開關、Elunate 和限制器。它利用 Qorvo 的先進封裝和工藝技術，在小型封裝中最大限度地提高能效。

The form factor and functional density of our solution is especially critical given the trend in our defense and aerospace business of 1 to many. In addition to manned aircraft, there will be many more drones. In addition to large geo satellites, there will be many more LEO satellites. These future communication systems and system upgrades incorporate more electronics requiring greater integration across higher volumes.

考慮到我們的國防和航空航天業務的一對多趨勢，我們解決方案的外形尺寸和功能密度尤其重要。除了有人駕駛飛機之外，還會有更多的無人機。除了大型地球同步衛星之外，還將有更多的低地球軌道衛星。這些未來的通信系統和系統升級包含更多的電子設備，需要更大容量的更大集成度。

For smartphone OEMs, we began sampling Android smartphone customers, Qorvo's newest highly integrated pad, which combines in a single placement, below, mid- and high-band main path functionality that is currently offered in 2 placements. This new architecture reduces surface area by 40% to meaningfully simplify design and decrease time to market for master 5G phones. This follows on the heels of our announcement last quarter that we've begun sampling a mid-high band pad that combines the main path and diversity receive content for the mid and high bands. Both placements leverage a broad range of Qorvo process technologies, including our newest BAW and SAW filters.

對於智能手機 OEM，我們開始對 Android 智能手機客戶進行採樣，Qorvo 最新的高度集成墊在單個放置中結合了當前在 2 個放置中提供的中頻和高頻段主路徑功能。這種新架構將表面積減少了 40%，從而顯著簡化了設計並縮短了主 5G 手機的上市時間。緊接著我們上個季度宣布，我們已經開始對中高頻段墊進行採樣，該頻段結合了中高頻段的主路徑和多樣性接收內容。這兩個佈局都利用了廣泛的 Qorvo 工藝技術，包括我們最新的 BAW 和 SAW 濾波器。

Lastly, we commenced customer sampling of our next-generation antenna tuners, which deliver best-in-class linearity, the industry's smallest solution size and compatible with all major chipsets. I want to thank the Qorvo team for continued operational excellence. We have made significant progress clearing channel inventories while developing new technologies and securing new design wins that enhance our customers' products and expand our addressable market. In the September quarter, our outlook primarily reflects new products ramping at our largest customer. Later in the year, we expect Android revenues to reflect a healthier channel in Qorvo shipments that are more closely aligned with end market demand. We are very encouraged by customer design activity we've seen so far this year. We expect revenue growth and margin expansion as product mix favors our high-growth investment businesses and we are positioned for incremental growth as end markets recover. And with that, I'll hand the call off to Grant.

最後，我們開始為客戶提供下一代天線調諧器樣品，該調諧器提供一流的線性度、業界最小的解決方案尺寸並與所有主要芯片組兼容。我要感謝 Qorvo 團隊持續的卓越運營。我們在清理渠道庫存方面取得了重大進展，同時開發了新技術並確保了新設計的成功，從而增強了客戶的產品並擴大了我們的目標市場。在九月季度，我們的展望主要反映了我們最大客戶的新產品的增加。今年晚些時候，我們預計 Android 收入將反映出 Qorvo 出貨量渠道更加健康，與終端市場需求更加契合。今年迄今為止我們看到的客戶設計活動讓我們深受鼓舞。我們預計收入增長和利潤率將擴大，因為產品組合有利於我們的高增長投資業務，並且隨著終端市場的複蘇，我們將實現增量增長。就這樣，我將把電話轉給格蘭特。

Thanks, Bob, and good afternoon, everyone. Revenue for the quarter was $651 million. Non-GAAP gross margin was 42.9%, and non-GAAP EPS was $0.34. Relative to our expectations as provided on our May earnings call, results exceeded the midpoint of guidance despite the macro environment and channel inventory reduction efforts. Consistent with our guidance, factory production levels improved modestly, but remained below, which created an underutilization impact during the quarter of approximately 800 basis points. The sequential improvement in gross margin and upside to the midpoint of our guidance was due to higher production levels and product mix.

謝謝鮑勃，大家下午好。該季度收入為 6.51 億美元。非 GAAP 毛利率為 42.9%，非 GAAP 每股收益為 0.34 美元。相對於我們在 5 月份財報電話會議上提供的預期，儘管宏觀環境和渠道庫存減少的努力，結果還是超出了指引的中點。與我們的指導一致，工廠生產水平略有改善，但仍低於預期，這對本季度的利用率造成約 800 個基點的影響。毛利率的連續改善和上行至我們指導的中點是由於更高的生產水平和產品組合。

Non-GAAP operating expenses in the quarter were $233 million, approximately in line with our expectations. We continue to invest in new product development that targets multiyear growth opportunities across all 3 segments as well as in the teams that directly support our customers. In total, non-GAAP operating income in the quarter was $47 million or 7% of sales, which increased modestly relative to last quarter. Breaking out operating margin by each segment, ACG was 11%, HPA was 17% and CSG was negative 20%.

本季度非 GAAP 運營費用為 2.33 億美元，大致符合我們的預期。我們繼續投資於新產品開發，以實現所有三個細分市場的多年增長機會以及直接支持客戶的團隊。總體而言，本季度非 GAAP 營業收入為 4700 萬美元，佔銷售額的 7%，較上季度略有增長。按各個部門劃分的營業利潤率，ACG 為 11%，HPA 為 17%，CSG 為負 20%。

During the quarter, Qorvo Biotechnologies reduced CSG operating income by approximately $2 million. As a reminder, we are currently in the process of seeking strategic alternatives for this business. Non-GAAP net income was $34 million, representing diluted earnings per share of $0.34.

本季度，Qorvo Biotechnologies 將 CSG 營業收入減少了約 200 萬美元。提醒一下，我們目前正在為這項業務尋找戰略替代方案。非 GAAP 淨利潤為 3400 萬美元，稀釋後每股收益為 0.34 美元。

Moving on to the cash flow statement. Free cash flow was $5 million and capital expenditures were $39 million. During the quarter, we repurchased $100 million worth of shares at an average price of $96.81. 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.

繼續看現金流量表。自由現金流為 500 萬美元，資本支出為 3900 萬美元。本季度，我們以 96.81 美元的平均價格回購了價值 1 億美元的股票。我們回購的比率和節奏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 $744 million of cash and equivalents. Cash benefited from the sale of our Farmers Branch campus, which was completed during the quarter. Consistent with our expectations and commentary from our prior earnings call, our net inventory balance ended the quarter was up $121 million to $917 million, driven by the seasonal ramp at our largest customer.

轉向資產負債表。截至季度末，我們有約 20 億美元的未償還債務，且沒有近期到期的債務，還有 7.44 億美元的現金和等價物。現金受益於本季度完成的 Farmers Branch 園區的出售。與我們之前財報電話會議的預期和評論一致，由於我們最大客戶的季節性增長，本季度末我們的淨庫存餘額增加了 1.21 億美元，達到 9.17 億美元。

Turning to our current quarter outlook, we expect quarterly revenue of approximately $1 billion plus or minus $15 million. Non-GAAP gross margin between 45% and 46%, and non-GAAP diluted earnings per share of approximately $1.75 at the midpoint of the revenue range. Our outlook contemplates the current demand environment, further consumption of channel inventory and seasonal factors. Our non-GAAP guidance for fiscal Q2 excludes any costs related to the divestiture of the biotech business, but includes ongoing operating expenses until it is divested. We project non-GAAP operating expenses in the September quarter will be approximately $240 million.

談到我們當前的季度展望，我們預計季度收入約為 10 億美元上下 1500 萬美元。非 GAAP 毛利率在 45% 至 46% 之間，非 GAAP 攤薄每股收益約為收入範圍中點的 1.75 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。我們對第二財季的非公認會計準則指導不包括與生物技術業務剝離相關的任何成本，但包括剝離之前的持續運營費用。我們預計第二季度的非 GAAP 運營費用約為 2.4 億美元。

In addition to growth-oriented investments across our product and technology portfolios, we are also targeting enterprise-wide productivity initiatives. We are simplifying and rationalizing processes and upgrading the core systems we use to run the business. We will present these productivity investments as non-GAAP other operating expenses. These multiyear efforts will support future growth and enhance profitability as we upgrade, modernize and standardize around the latest tools and best practices.

除了對我們的產品和技術組合進行以增長為導向的投資之外，我們還瞄準了企業範圍內的生產力計劃。我們正在簡化和合理化流程，併升級我們用於運營業務的核心系統。我們將把這些生產力投資作為非公認會計原則的其他運營支出。隨著我們圍繞最新工具和最佳實踐進行升級、現代化和標準化，這些多年的努力將支持未來的增長並提高盈利能力。

Below the operating income line, nonoperating expense is expected to be approximately $10 million, reflecting the 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 decrease in the September quarter as we support a seasonal ramp at our largest customer.

在營業收入線以下，營業外支出預計約為 1000 萬美元，反映了我們的固定利率債務支付的利息，並被我們的現金餘額、外匯損益以及其他項目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。我們預計九月季度的庫存餘額將減少，因為我們支持最大客戶的季節性增長。

In terms of channel inventory, the environment continues to improve. Inventories of our components in the Android channel will reduce during the June quarter by approximately 20%. This follows greater than 20% reductions in the prior 2 quarters. We anticipate channel inventories will continue to decline this quarter. Later this calendar year, we expect the Android channel inventories will normalize. Outside of the Android ecosystem, there are smaller pockets of channel inventory that will take longer to digest.

渠道庫存方面，環境持續改善。我們在 Android 渠道中的組件庫存將在第二季度減少約 20%。此前兩個季度的降幅超過 20%。我們預計本季度渠道庫存將繼續下降。今年晚些時候，我們預計 Android 渠道庫存將恢復正常。在 Android 生態系統之外，還有一些較小的渠道庫存需要更長的時間來消化。

For the full year, there is no change to the full fiscal '24 commentary provided last quarter. To reiterate, we forecast fiscal '24 revenue will be above fiscal '23 and expect to benefit from strong dollar content growth at our largest customer. 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. During the second half of the fiscal year, we expect sequential declines in gross margin during Q3 and again in Q4, primarily related to utilization and mix.

對於全年而言，上季度提供的完整 24 財年評論沒有變化。重申一下，我們預計 24 財年的收入將高於 23 財年，並預計將從我們最大客戶的美元含量強勁增長中受益。全年，24財年非公認會計原則毛利率預計約為44%，每季度都會有變化，主要跟踪利用率和組合。在本財年下半年，我們預計第三季度和第四季度的毛利率將連續下降，這主要與利用率和組合有關。

Non-GAAP operating expenses for Q3 and 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, incentive compensation based on our expectations for improved financial performance, the timing of the biotechnology business disposition as well as other items.

第三季度和第四季度的非GAAP 運營費用預計約為每季度2.4 億至2.45 億美元，其可變性與產品開發支出的時間、核心系統投資和相關生產力計劃、基於我們對改善財務狀況的預期的激勵薪酬有關。業績、生物技術業務處置的時機以及其他項目。

Qorvo enjoys multiyear growth drivers across our 3 segments. We are 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 in large markets.

Qorvo 在我們的 3 個細分市場享有多年增長動力。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，並且我們在大型市場的領先客戶中處於獨特的地位。

We're 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.

我們正在投資推動多元化業務的大幅增長，以擴大我們的市場份額並加速增長。此時，請開通提問線路。謝謝。

(Operator Instructions) The first question comes from the line of Karl Ackerman with BNP Paribas.

（操作員說明） 第一個問題來自法國巴黎銀行的卡爾·阿克曼 (Karl Ackerman)。

Two questions, if I may, gentlemen. First, could you comment on your ability to secure gallium and germanium substrates for your products? And I guess, what are your thoughts on the ability to pass along higher substrate costs if that were to occur going forward?

先生們，如果可以的話，有兩個問題。首先，您能否評價一下您為產品提供鎵和鍺襯底的能力？我想，如果未來發生這種情況，您對轉嫁更高的基材成本的能力有何看法？

Sure. Thanks for the question, Karl. This is Grant. We currently do not believe the export ban will have a meaningful near-term impact took effect yesterday, as you know, but it was communicated well in advance. And I credit our ops and sales team for acting quickly to access the supply needs and communicate with customers and suppliers and ultimately for increasing our raw material coverage with our direct suppliers wherever needed. But we have not observed any notable changes in our customers' behavior or supplier lead times. We remain in close contact with our suppliers and they have assured us to their ability to support our demand down to individual purchase orders on committed delivery dates. In terms of pricing, we had again, haven't seen anything abnormal there as of today.

當然。謝謝你的提問，卡爾。這是格蘭特。如您所知，我們目前認為昨天生效的出口禁令不會產生有意義的短期影響，但已經提前很好地傳達了。我讚揚我們的運營和銷售團隊迅速採取行動，了解供應需求並與客戶和供應商溝通，並最終在需要時擴大我們與直接供應商的原材料覆蓋範圍。但我們沒有觀察到客戶行為或供應商交貨時間有任何顯著變化。我們與供應商保持密切聯繫，他們向我們保證有能力在承諾的交貨日期滿足我們的需求，具體到單個採購訂單。在定價方面，截至今天我們還沒有看到任何異常情況。

Very helpful. I guess if I could just maybe zoom out for a second. I was hoping you could discuss the timing of the automotive design wins you've mentioned in your prepared remarks across many applications, really silicon carbide, ultra-wideband, force-sensing. My understanding was that automotive represented kind of a mid-single-digit portion of your sales, I could be wrong. But that clearly appears to be expanding. So could you comment on whether maybe your automotive business doubles for you by 2025?

很有幫助。我想我是否可以縮小一秒鐘。我希望您能討論您在準備好的評論中提到的許多應用中的汽車設計勝利的時機，真正的碳化矽、超寬帶、力傳感。我的理解是，汽車銷量佔銷售額的中個位數部分，我可能是錯的。但這種情況顯然正在擴大。那麼您能否評論一下您的汽車業務到 2025 年是否會翻一番？

This is Bob. I appreciate the question. As you well know, the nice thing about automotive is when you win, you get great visibility for multiple years unlike the smartphone industry, where today, we get a little bit of visibility, but you have to then earn at the following models where in automotive, as you pointed out, you got several years, we've got great visibility at this time, we're not sizing it. But I think based on the volume of opportunities that we shared in my prepared remarks plus in the press release, it is our expectations, as you pointed out, as we move out into calendar year '25 and '26, it will become a much more meaningful part of our business. But as you pointed out, we're already participating in some of the automotive applications today. I will comment the electric vehicle manufacturers do seem to move a little bit more -- a little bit faster than the traditional gas engine manufacturers. But we do look forward to continuing to report our progress.

這是鮑勃。我很欣賞這個問題。眾所周知，汽車行業的好處在於，當你獲勝時，你將獲得多年的良好知名度，這與智能手機行業不同，今天，我們獲得了一點知名度，但你必須在以下型號中獲利汽車領域，正如您所指出的，您有幾年的時間，我們目前擁有很高的知名度，但我們沒有確定其規模。但我認為，根據我們在準備好的發言和新聞稿中分享的機會數量，正如您所指出的，我們的期望是，當我們進入日曆年“25”和“26”時，這將成為一個非常重要的機會。我們業務中更有意義的部分。但正如您所指出的，我們今天已經參與了一些汽車應用。我要評論的是，電動汽車製造商似乎確實比傳統燃氣發動機製造商行動得更快一些。但我們確實期待繼續報告我們的進展。

Next question comes from the line of Ruben Roy with Stifel, Nicolaus.

下一個問題來自魯本·羅伊（Ruben Roy）和斯蒂菲爾·尼古拉斯（Nicolaus）的線路。

Bob, if I can follow up, where you left off on auto. Can you talk about or characterize the types of automobiles where you're winning? Is it sort of flagship versions or flagship autos or mid-tier high end or across the board? And at this point, is there a way to think about content per auto in dollars?

鮑勃，如果我可以跟進你在汽車上停下來的地方。您能談談或描述一下您獲勝的汽車類型嗎？是旗艦版本還是旗艦汽車還是中高端還是全面的？此時，有沒有辦法以美元為單位來考慮每輛車的內容？

Sure. I'm going to have Dave get into some of the details on that, Ruben.

當然。魯本，我會讓戴夫了解一些細節。

Yes. And you can imagine some of these products that we're talking about, they're going to start in a higher tier of the auto from ultra-wideband for the sensors that are going into the cockpit. Electric vehicles certainly are focused there, but even some of the higher-end gas-powered vehicles. And over time, we expect that to go down market. On some of the connectivity side there, that can go more broadly across the portfolio and the OEMs because there you're talking about connectivity within the vehicle, connectivity from vehicles outside of the vehicle. So some of those are more driven by the governments, and those requirements are going to be across all vehicles regardless of the tier where that model stands.

是的。您可以想像我們正在談論的其中一些產品，它們將從更高級別的汽車中開始，從進入駕駛艙的傳感器的超寬帶開始。電動汽車當然是重點，但甚至一些高端汽油動力汽車也是如此。隨著時間的推移，我們預計市場將會下降。在某些連接方面，這可以更廣泛地涵蓋產品組合和原始設備製造商，因為您談論的是車輛內部的連接，以及車輛外部車輛的連接。因此，其中一些更多是由政府推動的，這些要求將適用於所有車輛，無論該車型處於哪個級別。

Got it. And as a follow-up, Grant, I caught the operating margin numbers you gave for the segments. I don't know if I missed this, but I don't have it. Can you give us the dollars or kind of the performance for the segments in the June quarter? And then obviously you've got strong content gains at the largest customer driving the September revenue expectation, but if you can give us any granularity on how you're thinking about the other segments as you proceed, any changes to how you're thinking about those segments through the rest of the year.

知道了。作為後續行動，格蘭特，我了解到您為各個部門提供的營業利潤率數字。我不知道我是否錯過了這個，但我沒有。您能否向我們提供六月份季度各部門的具體業績或業績？顯然，您在最大的客戶中獲得了強勁的內容收益，推動了 9 月份的收入預期，但如果您能詳細說明您在進行過程中如何考慮其他細分市場，以及您的想法有何變化關於今年剩餘時間裡的這些部分。

Sure, Ruben. Revenue by segment was $412 million for ACG, $140 million for HPA and $99 million for CSG. In ACG, our fiscal Q1 is the lowest seasonal point for those largest customers. But despite that, the top line for ACG was approximately flat or down about 1% or so. Both HPA and CSG saw sequential growth in the quarter of 5% and 21%, sequentially.

當然，魯本。按部門劃分的收入，ACG 為 4.12 億美元，HPA 為 1.4 億美元，CSG 為 9900 萬美元。在 ACG 中，我們的第一財季是那些最大客戶的最低季節性點。但儘管如此，ACG 的營收大致持平或下降了約 1% 左右。 HPA 和 CSG 在本季度的環比增長率分別為 5% 和 21%。

As I commented in the prepared remarks, operating income was 11% just for ACG, 17% for HPA and then negative 20% for CSG, which was a notable sequential improvement for CSG. We don't guide by segment, but looking out into September, the primary driver is the content gains at our largest customer within ACG. Revenue is not supported by existing inventory. It's built and shipped in line with the seasonal ramp. So it's not burdened with those higher costs of some of the Android inventory, for example. So that benefits gross margin and has been factored into our guidance.

正如我在準備好的發言中評論的那樣，ACG 的營業收入為 11%，HPA 為 17%，CSG 的營業收入為負 20%，這對 CSG 來說是顯著的連續改善。我們不按細分市場進行指導，但展望 9 月份，主要驅動力是我們 ACG 內最大客戶的內容收益。現有庫存不支持收入。它是根據季節性坡道建造和運輸的。因此，它不會承受某些 Android 庫存成本較高的負擔。因此，這有利於毛利率，並已納入我們的指導中。

Our next question comes from the line of Gary Mobley with Wells Fargo.

我們的下一個問題來自富國銀行的加里·莫布里 (Gary Mobley)。

I was observing that your first half of fiscal year '24 appears to be running about 3% above your May commentary and were about $50 million. What's driving that minor variance? And is there anything to call out that may be offsetting that?

我觀察到你們 24 財年上半年的業績似乎比 5 月份的評論高出約 3%，約為 5000 萬美元。是什麼導致瞭如此微小的差異？有什麼值得指出的可以抵消這一點嗎？

Sure. Thanks, Gary. Good to get the question. I think it's fair to say that the quarter played out better than we had forecast when we provided our May guidance. If you look into that revenue, it was strength in the areas that we had talked about. So at our largest customer, and then within having cleared some of the channel inventory, we're still benefiting to a modest degree there. But generally speaking, the quarter played out better.

當然。謝謝，加里。很高興得到這個問題。我認為可以公平地說，本季度的表現比我們提供 5 月份指導時的預測要好。如果你看看這個收入，你會發現它是我們討論過的領域的優勢。因此，在我們最大的客戶處，然後在清理了一些渠道庫存後，我們仍然在一定程度上受益。但總的來說，本季度的表現更好。

In terms of the drivers on maybe the EPS beat to go a little further than just revenue, that was primarily gross margin improvement, which was partially driven by the revenue upside but was also a factor there of lower factory variances, including utilization, better utilization and continuing cost reduction efforts. Those were partially offset by some inventory-related charges and typical price erosion along with inflation. But generally speaking, the quarter was better than we had forecasted in May.

就每股收益的推動因素而言，每股收益的增長可能不僅僅是收入，這主要是毛利率的改善，這部分是由收入增長推動的，但也是工廠差異較低的一個因素，包括利用率、更好的利用率並持續努力降低成本。這些費用被一些庫存相關費用以及典型的價格侵蝕和通貨膨脹所部分抵消。但總體而言，該季度好於我們 5 月份的預測。

Got it. And so you're guiding the September quarter revenue at about $1 billion, which takes us back to a similar level to the June quarter of fiscal year '23 when gross margins were 450 basis points higher. And I presume the difference today is that you just have too much inventory and you just can't fully utilize the manufacturing operations. But under -- my question is under what circumstances can we see a return to that 50% gross margin?

知道了。因此，您將 9 月季度的收入指導為約 10 億美元，這使我們回到了與 23 財年 6 月季度類似的水平，當時毛利率高出 450 個基點。我認為今天的不同之處在於您的庫存太多，而且您無法充分利用製造業務。但我的問題是，在什麼情況下我們可以看到毛利率恢復到 50%？

Sure. We still have visibility to 50%. As I pointed out on the call, we have about 800 basis point headwind from utilization in the prior quarter. And looking forward, we still have those same issues from a utilization perspective, as you pointed out, on inventory. I think as we clear the channel inventory across Android and utilization returns to a level in which we're shipping to end market demand, we should have a clear path back towards the 50% gross margins we've enjoyed in the past. Those are really twofold. There's the inventory we have on hand, which is already burdened with the cost of that underutilization in the past. And then there is the forward-looking utilization within the current quarter as we meet future demand or build product for future demand. Both of those can weigh on the quarter and are in that 800 basis points that I quoted. The underutilization in the current period can -- if it's extreme, can hit as period charges, and we've experienced some of those as well. So it's really as we resynchronize our factories to end market demand, we should have a clear path back.

當然。我們仍有 50% 的可見度。正如我在電話會議上指出的那樣，我們與上一季度的利用率相比存在約 800 個基點的阻力。展望未來，正如您所指出的，從利用率的角度來看，我們在庫存方面仍然存在同樣的問題。我認為，當我們清理 Android 上的渠道庫存並且利用率恢復到我們滿足終端市場需求的水平時，我們應該有一條明確的道路回到我們過去享有的 50% 的毛利率。這些確實是雙重的。我們手頭上的庫存已經承受了過去未充分利用的成本。然後，當我們滿足未來需求或為未來需求構建產品時，就會出現本季度的前瞻性利用率。這兩個因素都會對本季度產生影響，並且都在我引用的 800 個基點之內。當前時期的利用率不足可能——如果極端的話，可能會產生期間費用，我們也經歷過其中的一些情況。因此，當我們根據終端市場需求重新調整工廠時，我們應該有一條清晰的回歸之路。

Next question comes from the line of Srinivas Pajjuri with Raymond James.

下一個問題來自斯里尼瓦斯·帕朱里 (Srinivas Pajjuri) 和雷蒙德·詹姆斯 (Raymond James) 的線路。

Bob, on the Android inventory, you seem pretty optimistic that it's going to normalize by end of the calendar year. So I guess as we look out to the March quarter and next calendar year, what's the, I guess, in the strategy for, I guess, whether you call it refilling the channel or maybe just trying to think about how the seasonality might get impacted once the inventory normalizes?

鮑勃，關於 Android 庫存，您似乎非常樂觀地認為它將在年底前恢復正常。因此，我想，當我們展望三月季度和下一個日曆年時，我想，策略中的內容是什麼，我想，無論你稱之為補充渠道，還是只是試圖思考季節性可能如何受到影響一旦庫存恢復正常？

Thanks, Srinivas for your question. And yes, we are getting pretty comfortable with the progress we're making. And as both Grant and I have commented, the team has done a great job of managing the inventory down, working with our customers, working with some of our distributors to do that. And our expectations are now, we should be able to, by the end of the calendar year, things will normalize. And then obviously, as that happens, we're not expecting end demand to change at all from where we are. In fact, as we sit here today reporting the most recent quarter, and we were a quarter ago, our numbers for units of Android phones, smartphones has not changed. So we think things are stabilizing some. Yes, the market's been down here a little bit up there, but overall.

謝謝斯里尼瓦斯的提問。是的，我們對所取得的進展感到非常滿意。正如格蘭特和我所評論的，該團隊在管理庫存方面做得很好，與我們的客戶合作，與我們的一些分銷商合作來做到這一點。我們現在的期望是，到今年年底，事情將會正常化。顯然，當這種情況發生時，我們預計最終需求不會發生任何變化。事實上，當我們今天坐在這里報告最近一個季度的情況時，我們的 Android 手機、智能手機數量並沒有發生變化。所以我們認為事情正在穩定一些。是的，市場一直在這兒下跌，那兒有點上漲，但總體而言。

So as we look out into '24, calendar '24, fiscal '25 for us, we're not ready to make any calls on what's going to happen with the macro economy and things like that. But clearly, as we've come down to normalized inventories, that headwind turns into a tailwind. So we'll watch how that plays out.

因此，當我們展望“24”、“24”日曆、“25”財年時，我們還沒有準備好對宏觀經濟以及類似的事情將發生什麼做出預測。但顯然，當我們歸結為庫存正常化時，逆風變成了順風。所以我們將看看結果如何。

Yes, that's great. And then maybe 1 for Grant. Grant, you kind of highlighted underutilization as 1 of the issues with the gross margin. But I guess the other issue is the high-cost inventory. So I guess at what point that stops, become a headwind to your gross margin and maybe potentially a tailwind.

是的，那太好了。然後格蘭特可能會得到 1 分。格蘭特，您強調利用率不足是毛利率的問題之一。但我想另一個問題是高成本庫存。因此，我猜測這種情況會在什麼時候停止，成為毛利率的逆風，甚至可能成為順風。

Sure. We haven't commented beyond fiscal '24. So I won't do that here. But in our guidance, with a sequential drop in Q3, you start to see some improvement there. And then in Q4, again, you start to see even more improvement as we sell through some of the channel inventory. Now gross margin will be sequentially down in the sense that we're selling through some of that inventory, but we do expect to resynchronize utilization towards the end of our fiscal year and into fiscal '25. But we haven't commented specifically beyond that.

當然。我們沒有對 24 財年之後的情況發表評論。所以我不會在這裡這樣做。但根據我們的指導，隨著第三季度的連續下降，您開始看到那裡的一些改善。然後在第四季度，當我們通過一些渠道庫存進行銷售時，您會開始看到更多的改善。現在，毛利率將連續下降，因為我們正在銷售部分庫存，但我們確實希望在本財年末和 25 財年重新同步利用率。但除此之外我們還沒有具體發表評論。

Next question comes from the line of Vivek Arya with Bank of America Securities.

下一個問題來自 Vivek Arya 與美國銀行證券公司的關係。

Bob, you are sounding more confident about the top line growth. But since the last time Qorvo reported there has been kind of this pronounced slowdown in China, and even if the Android customer inventory might be getting cleaned up, your large customer still has China as an important end market. So I'm curious that on the last call, you suggested that December sales could be flattish, right, and March would be down just kind of seasonal. Is that still the right way to think about December and March? Or do you think we should be reflecting any macro effects that we are seeing by way of sell-through and just consumer demand?

鮑勃，你聽起來對營收增長更有信心了。但自 Qorvo 上次報告以來，中國市場出現了明顯的放緩，即使 Android 客戶庫存可能得到清理，您的大客戶仍然將中國視為重要的終端市場。所以我很好奇，在上次電話會議上，您建議 12 月份的銷售額可能持平，對吧，而 3 月份的銷售額可能會出現季節性下降。這仍然是思考 12 月和 3 月的正確方式嗎？或者您認為我們應該通過銷量和消費者需求來反映我們所看到的任何宏觀影響？

Thanks, Vivek. This is Grant. Let me take that one. Beyond the specific September quarter guidance that we just provided, there's no change to the fiscal '24 commentary that we provided last quarter. So as Bob pointed out, our expectations for sell-through and in the channel remain the same. Absent any macro-related disruptions, which we're not predicting, we do forecast and continue to think fiscal '24 revenue will be above fiscal '23. As you mentioned, and we're benefiting from some strong dollar content growth at our largest customer. And then later in the year, we'll benefit from the actions we've taken in connection with our customers to clear that channel inventory.

謝謝，維韋克。這是格蘭特。讓我拿走那個。除了我們剛剛提供的具體 9 月季度指導之外，我們上個季度提供的 24 財年評論沒有任何變化。因此，正如鮑勃指出的那樣，我們對銷量和渠道的預期保持不變。如果沒有任何與宏觀相關的干擾（我們沒有預測到這一點），我們確實預測並繼續認為 24​​ 財年的收入將高於 23 財年。正如您所提到的，我們受益於我們最大客戶的美元內容的強勁增長。然後在今年晚些時候，我們將受益於我們與客戶一起採取的清理渠道庫存的行動。

To be clear, we are calling for very modest growth on the year, which is consistent. But in fact, our forecast does not anticipate a significant rebound in Android units. It's the Qorvo-specific situation as we process through the channel inventory and then return to shipping to end market demand. Beyond revenue, just for the year, there's also no change to our fiscal '24 non-GAAP gross margin, still expected to be approximately 24%, plus or minus, with some variability on a quarterly basis, tracking utilization and mix, which I've already talked about.

需要明確的是，我們呼籲今年實現非常溫和的增長，這是一致的。但事實上，我們的預測並沒有預計 Android 設備數量會出現顯著反彈。這是 Qorvo 特有的情況，因為我們處理渠道庫存，然後返回運輸以滿足終端市場需求。除了今年的收入之外，我們的 24 財年非 GAAP 毛利率也沒有變化，預計仍約為 24%（上下），每季度有一些變化，跟踪利用率和組合，我認為已經談過了。

This is important to understand, mix will shift seasonally over fiscal Q3 and even more so in fiscal Q4 towards higher cost inventories and utilization is also important, as I pointed out, because it supports that incremental forward-looking demand, but also because severe underutilization can lead to period cost, as I mentioned earlier. We've been very transparent there and continue to expect those sequential declines in gross margin, and that's backed into our 44% guide.

理解這一點很重要，混合將在第三財季發生季節性變化，在第四財季更是如此，轉向更高成本的庫存，利用率也很重要，正如我所指出的，因為它支持增量的前瞻性需求，但也因為利用率嚴重不足正如我之前提到的，可能會導致期間成本。我們在這方面一直非常透明，並繼續預計毛利率將連續下降，這也反映在我們 44% 的指導中。

I covered OpEx a bit in my prepared remarks, but it's important to note that we are investing for the future. We're investing in large customer programs where we have the technologies to win. We're investing in diversifying businesses like silicon carbide, UWB matter, SoCs and power management. And finally, we're investing in ourselves by upgrading our core systems and numerous productivity initiatives. So on the whole, there's no change to our fiscal '24 guidance and our view of the market remains the same.

我在準備好的發言中談到了運營支出，但值得注意的是，我們正在為未來進行投資。我們正在投資大型客戶計劃，我們擁有能夠贏得勝利的技術。我們正在投資多元化業務，例如碳化矽、UWB 材料、SoC 和電源管理。最後，我們通過升級核心系統和眾多生產力計劃來投資於自己。因此，總體而言，我們的 24 財年指導沒有變化，我們對市場的看法也保持不變。

Very helpful. And then on gross margins, I apologize if you had answered this before. But again, from the last call, I think you mentioned December could be down 100 to 150 basis points and then March would be down another 200 to 300 basis points as you work through some of the higher-priced component inventory. What would make that component inventory costs go down, right? I imagine there's been more inflation over time. So I guess this is just a long-winded way of asking that as we start the next fiscal year, what is the right baseline of gross margins we should think about? Is it that 43%, 44% level as you're exiting March? Is it the average level that you have in this fiscal year? Or what is the right way to just think about the baseline level of gross margin as you enter the next fiscal year?

很有幫助。然後關於毛利率，如果您之前回答過這個問題，我深表歉意。但同樣，從上次電話會議中，我認為您提到12 月可能會下跌100 至150 個基點，然後當您處理一些價格較高的零部件庫存時，3 月將再下跌200 至300 個基點。什麼會使組件庫存成本下降，對吧？我想隨著時間的推移，通貨膨脹會加劇。所以我想這只是一個冗長的問題，當我們開始下一個財政年度時，我們應該考慮的正確毛利率基準是什麼？ 3 月份結束時，是 43%、44% 的水平嗎？這是你們本財年的平均水平嗎？或者，當您進入下一個財政年度時，考慮毛利率基準水平的正確方法是什麼？

Sure. I might think about it 2 different ways. I wouldn't characterize Q1 of fiscal '25 as baseline revenue, but I think it's appropriate to build off of what you are modeling in Q4 of fiscal '24, but we haven't provided explicit guidance today.

當然。我可能會用兩種不同的方式來思考它。我不會將 25 財年第一季度作為基準收入，但我認為以您在 24 財年第四季度中建模的數據為基礎是合適的，但我們今天尚未提供明確的指導。

Next question comes from the line of Tim Arcuri with UBS.

下一個問題來自瑞銀 (UBS) 的蒂姆·阿庫裡 (Tim Arcuri)。

This is Ivan calling in for Tim. Just 1 question for me. I just wanted to ask about the used phone market for iPhone as potentially catered the trajectory of recovery on the Android side. Because I know that the iPhone market -- the used phone market is growing substantially. So I just wanted to try to get a sense for if that sort of a headwind to the recovery on the Android side.

我是伊万打電話給蒂姆。只是問我 1 個問題。我只是想問一下 iPhone 的二手手機市場，因為它可能迎合 Android 方面的複蘇軌跡。因為我知道 iPhone 市場——二手手機市場正在大幅增長。所以我只是想嘗試了解一下這種情況是否會阻礙 Android 方面的複蘇。

The iPhone refurbished market has been around for quite a long time. So at least when we model that, coupled with everything else that we do in our normal research for phone usage, different segments, all those things that we feed into our model. We've taken all that into account for all the comments that we've made this evening, last quarter, the quarter before that and the quarter before that. So it's all in our calculus already.

iPhone翻新市場已經存在相當長一段時間了。因此，至少當我們對此進行建模時，再加上我們在電話使用的正常研究中所做的所有其他事情、不同的細分市場以及我們輸入模型的所有這些內容。我們在今晚、上個季度、前一個季度和前一個季度發表的所有評論中都考慮了所有這些因素。所以這一切都已經在我們的計算中了。

Next question comes from the line of Matt Ramsay with TD Cowen and Company.

下一個問題來自 TD Cowen and Company 的 Matt Ramsay。

There's a couple of calls going on at the same time. So I apologize if I missed a little bit of this. Guys, I heard all the comments going into the back half of the year regarding inventory in the handset market and also your sales potentially getting better with the large customer. I wanted to ask on -- the Qualcomm guys mentioned tonight, not having a license to ship into Huawei for 5G, and there's some pretty well-documented reports about HiSilicon doing a modem with SMIC for some of those phones. And it's uncertain about volumes. But could you guys tell us if you would be allowed to participate in those handset builds and if you have the sort of export license to do so?

有幾個電話同時進行。因此，如果我錯過了這一點，我深表歉意。伙計們，我聽到了今年下半年有關手機市場庫存的所有評論，以及你們的銷售可能會在大客戶那裡變得更好。我想問一下——今晚提到的高通公司的人沒有獲得向華為發貨 5G 的許可證，並且有一些關於海思與中芯國際為其中一些手機生產調製解調器的詳細記錄報告。而且數量也不確定。但是你們能告訴我們你們是否可以參與這些手機的製造以及你們是否擁有這樣的出口許可證嗎？

Matt, thanks for the question. I don't believe there's any company in the U.S. that has a license to ship to Huawei for a 5G phone. They've become a very small customer of ours, so there's no real impact from that perspective. And as you pointed out, we'll see if they're successful or not, won't impact our business at this time.

馬特，謝謝你的提問。我不相信美國有任何公司擁有向華為發貨 5G 手機的許可證。他們已經成為我們的一個非常小的客戶，所以從這個角度來看沒有真正的影響。正如您所指出的，我們將看看它們是否成功，目前不會影響我們的業務。

Got it. No, that was my assumption, but I had a few people ask me to clarify that. I guess as my follow-up, you guys have spent a lot of time talking about diversification of the company outside of the wireless market, and it's not lost on us through the press release and some of your communications that the first bunch of bullets was about things in the auto market and in aerospace and defense and a bunch of markets at silicon carbide, a bunch of things outside of the handset market. But there's also been some pretty dynamic macroeconomic conditions in all of those markets as well, like nothing is really immune from the macro. So maybe you guys could give us a little bit of an update outside of the handset market, how inventory for the company is overall at customers in the channel? Are there any -- and it's well documented what the inventory headwinds are to gross margin and the recovery in your handset business, and we all follow that closely. But are there any things that we should know about outside of the handset market from an inventory perspective? Or do you feel like things are relatively clean there?

知道了。不，這是我的假設，但有幾個人要求我澄清這一點。我想作為我的後續行動，你們花了很多時間談論公司在無線市場之外的多元化，通過新聞稿和你們的一些溝通，我們並沒有忘記第一束子彈是關於汽車市場、航空航天和國防領域的事情，以及碳化矽市場的事情，手機市場之外的事情。但所有這些市場也存在一些相當動態的宏觀經濟狀況，就像沒有什麼能真正免受宏觀經濟的影響。那麼，也許你們可以給我們提供一些手機市場之外的最新情況，該公司在渠道客戶處的總體庫存情況如何？有沒有——庫存阻力對毛利率和手機業務復甦的影響都有詳細記錄，我們都密切關注。但從庫存角度來看，除了手機市場之外，還有哪些事情是我們應該了解的呢？或者你覺得那裡比較乾淨？

Sure. This is Grant. Let me take maybe the 2-part question, and then I'll ask Dave to step in if I missed anything. The question about the growth drivers. If you look at or think about the phases of growth that we're looking at right now, you could -- as we've commented on return to shipping to end market demand is relatively near term. Beyond that, we're continuing to work with our customers and believe that we'll benefit as the volume levels return. So beyond just shipping to end market demand, we should see some growth and return to normalcy over the coming years. And then maybe beyond that, even into the longer term, we should see the benefits from the investments we're making, that would be sort of beyond 5G, and you're looking into the migration to DOCSIS 4.0 within HPA, the one-to-many phenomenon bought commented on in defense and aerospace will continue within CSG, there's the move to WiFi 7 and among many other things that we're investing in and expect to see growth there.

當然。這是格蘭特。讓我回答一下由兩部分組成的問題，然後如果我遺漏了什麼，我會請戴夫介入。關於增長動力的問題。如果你看看或思考我們現在正在考慮的增長階段，你就可以——正如我們所評論的那樣，運輸終端市場需求的恢復相對較近期。除此之外，我們將繼續與客戶合作，並相信隨著銷量水平的恢復，我們將受益。因此，除了滿足終端市場需求之外，我們還應該在未來幾年看到一些增長並恢復正常。也許除此之外，甚至從長遠來看，我們應該看到我們正在進行的投資帶來的好處，這將超出 5G，並且您正在考慮在 HPA 內遷移到 DOCSIS 4.0，即在國防和航空航天領域所評論的許多現象將在CSG 內繼續存在，其中包括向WiFi 7 的轉變以及我們正在投資並預計會看到增長的許多其他事物。

In the near term, inventory to that piece of the question, we are seeing pockets, which we've talked about before in base station and partially in WiFi in some consumer areas, which will take longer for us to work through versus Android. And Dave, I don't know if you have anything further.

在短期內，針對這個問題的庫存，我們看到了口袋，我們之前在基站和部分消費領域的 WiFi 中討論過這一點，與 Android 相比，我們需要更長的時間來解決這個問題。戴夫，我不知道你還有什麼要說的嗎？

Yes, nothing to hit it right, Grant. And the inventories in the channel for most of the components outside of Android, we'll probably be on a similar cadence, maybe into early next year other than base station. We don't have as good a visibility into our customers' end markets and how much inventory may be there that they need to work for. So that's probably a little bit of uncertainty for us.

是的，沒什麼好說的，格蘭特。對於 Android 之外的大多數組件的渠道庫存，我們可能會以類似的節奏進行，可能會到明年初（基站除外）。我們對客戶的終端市場以及他們需要處理的庫存量沒有很好的了解。所以這對我們來說可能有一點不確定性。

Next question comes from the line of Christopher Rolland with Susquehanna.

下一個問題來自克里斯托弗·羅蘭與薩斯奎哈納的關係。

Congrats on the great guidance. And sorry if these were answered. But December, did you still expect that to be flat revenues flattish from September? Any other thoughts on seasonality moving forward? And then Grant, I know you expect revenue to grow fiscal year-on-year. Any chance that EPS could grow as well? Or is that a little too far of a long shot?

恭喜您的偉大指導。如果這些問題得到解答，我們深表歉意。但是 12 月，您是否仍然預計收入將與 9 月持平？關於未來的季節性還有其他想法嗎？然後格蘭特，我知道您預計收入將同比增長。 EPS 也有可能增長嗎？或者這個目標有點太遠了？

Sure. Thanks, Chris. And I'm glad you asked the question actually on December. So when we made the comment to a flattish December, it was on our previously anchored to our last quarter guidance. So I would expect that right now, given that we're not anticipating significant growth in fiscal '24 that I would couch that with the comments we made last quarter, it could end up being slightly down to flattish. And then, of course, some seasonal decline in March, potentially less than normal as we clear the channel. So that question hasn't been asked. I'm glad you went there. In terms of EPS, I've given a majority of the P&L, but I haven't commented specifically on annual EPS relative to fiscal '23.

當然。謝謝，克里斯。我很高興你在 12 月就提出了這個問題。因此，當我們對 12 月份持平的情況發表評論時，我們是基於之前基於上季度指導的情況做出的評論。因此，鑑於我們預計 24 財年不會出現顯著增長，因此我預計，根據我們上季度發表的評論，最終可能會略微下降至持平。當然，三月份會出現一些季節性下降，隨著我們清理通道，可能會低於正常水平。所以這個問題還沒有被問到。我很高興你去了那裡。就每股收益而言，我已經給出了大部分損益表，但我沒有具體評論相對於 23 財年的年度每股收益。

And then I thought it was interesting you mentioned silicon carbide. I believe it was for AI servers, if I got that right. And is that like DC to DC or into power supplies or any other detail there would be great if I got that right.

然後我覺得你提到碳化矽很有趣。如果我沒猜錯的話，我相信它是針對人工智能服務器的。就像直流到直流或電源或任何其他細節一樣，如果我做對了那就太好了。

Yes, you got that right. It's for power supply into servers. And of course, AI and any type of application like that is going to drive demand there, so that's good for us. That's a strong market for us as we grow our silicon carbide business.

是的，你說得對。它用於為服務器供電。當然，人工智能和任何類型的應用程序都將推動那裡的需求，所以這對我們有好處。隨著我們發展碳化矽業務，這對我們來說是一個強大的市場。

Next question comes from the line of Edward Snyder with Charter Equity Research.

下一個問題來自特許股票研究公司的愛德華·斯奈德 (Edward Snyder)。

Based on everything you said here and you're a bit stronger-than-expected guidance in September. Everything you said about Android, you're not expecting a rebound, et cetera. That suggests that the extra strength is coming from your content gains your largest customer? And doesn't that imply given your share and all that, that you're going to see, well, year-over-year in content, it's going to have to be up much more significantly than 40% overall. Have I got that math right?

根據您在這裡所說的一切，您 9 月份的指導要強於預期。你所說的關於 Android 的一切，你都沒有期待反彈，等等。這表明額外的力量來自於你的內容贏得了你最大的客戶？這是否意味著考慮到您所佔的份額以及所有這些，您將看到的內容逐年增長，其總體增幅將遠遠超過 40%。我的數學算對了嗎？

Thanks, Ed. I think you're consistent with what we've been saying. We're going to have significant content gain at our largest customer. And as I've said in other public forums, that's primarily in products that we already participated in, where we've been able to grow our share as well as they're adding content.

謝謝，艾德。我認為你與我們所說的一致。我們將在我們最大的客戶那裡獲得顯著的內容收益。正如我在其他公共論壇中所說，這主要是在我們已經參與的產品中，我們已經能夠擴大我們的份額，並且他們正在添加內容。

Right. So that was my second question because you [haven't been clear] that the content gains are kind of a mix of both share gains and new content. Does that mean that we'll see you in sections of the (inaudible) that we haven't seen in the past when you talk about new content? Or is it just additions to areas you've been very strong in previously? And how sticky do you feel those share gains will be over the next year or so, especially the ones that you're taking from other folks, just curious.

正確的。這是我的第二個問題，因為你[還沒有明確]內容收益是份額收益和新內容的混合體。這是否意味著當您談論新內容時，我們會在（聽不清）我們過去未曾見過的部分中見到您？或者這只是對你之前非常擅長的領域的補充？您覺得這些份額收益在未來一年左右的時間裡會有多大的粘性，尤其是您從其他人那裡獲得的收益，只是好奇。

Yes. Thanks, Ed. Again, what I've said publicly is -- which I know it's hard for many of you to find in the antenna tuner space but almost some of the other small components that are in there that quite honestly, a lot of you missed. They're not on the motherboard. They're in various other flex circuits and things like that. It's gaining there in the ultra-high-band we've talked, it's a PA and BAW filter, and we've been in for about 3 years. So that's the area. So it's really in those 2 areas primarily.

是的。謝謝，艾德。再說一次，我公開說過的是——我知道你們中的許多人很難在天線調諧器空間中找到它，但老實說，你們中的很多人都錯過了幾乎其中的一些其他小組件。它們不在主板上。它們用於各種其他柔性電路和類似的東西中。它在我們談到的超高頻段中取得了進展，它是 PA 和 BAW 濾波器，我們已經使用了大約 3 年。這就是該區域。所以它實際上主要是在這兩個領域。

With areas that you guys actually been quite strong and they're expanding given all the new connectivity going on here makes sense. And we rallied every tenant tuners. I think you're up like [12 to 15] in the last model plus a couple of impedance tuners too. So that's generally what we're talking about most of the gains.

你們實際上相當強大的領域，並且考慮到這裡發生的所有新連接都是有意義的，他們正在擴展。我們召集了所有租戶調音師。我認為你在最後一個模型中的值大約是[12到15]，再加上幾個阻抗調諧器。這通常就是我們談論的大部分收益。

Your number is not mine. I'm not going to comment on the units -- number of units per phone. I will say you're in the right area and I'd also point out, we publicly said the last couple of quarterly calls as well that we still believe there's lots of opportunity for us to grow with that customer as we look forward in the coming years.

你的號碼不是我的。我不會評論單位——每部手機的單位數量。我想說你是在正確的領域，我還要指出，我們也公開表示，在過去的幾個季度電話會議中，我們仍然相信我們有很多機會與該客戶一起成長，因為我們期待著未來幾年。

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

謝謝。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。

Well, thank you everyone for joining us on today's call. We appreciate your time and look forward to speaking with you at upcoming investor events. Thank you, and hope you have a good night.

好的，謝謝大家參加今天的電話會議。感謝您抽出寶貴的時間，並期待在即將舉行的投資者活動中與您交談。謝謝您，希望您度過一個美好的夜晚。

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

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。