科沃 (QRVO) 2024 Q2 法說會逐字稿

Welcome to the Qorvo, Inc. Second Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note, today's event is being recorded.

歡迎參加 Qorvo, Inc. 2024 年第二季財報電話會議。 （操作員說明）請注意，今天的活動正在錄製中。

I would now like to turn the conference over to Douglas DeLieto, Vice President of Investor Relations. Please go ahead.

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

Thanks very much. Hello, everybody, and welcome to Qorvo's Fiscal 2024 Second Quarter Earnings 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，歡迎參加 Qorvo 2024 財年第二季財報電話會議。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階層目前的預期有重大差異。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，以及我們向 SEC 提交的 10-K 表格年度報告中與我們業務相關的風險因素，因為這些風險因素可能會影響我們的營運和財務業績。

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

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

今天加入我們的是總裁兼執行長 Bob Bruggeworth；格蘭特布朗，財務長； Dave Fullwood，銷售與行銷資深副總裁；以及 Qorvo 管理團隊的其他成員。

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

然後，我會將電話轉給鮑伯。

Thanks, Doug, and welcome, everyone, to Qorvo's Fiscal 2024 Second Quarter Call.

謝謝 Doug，歡迎大家參加 Qorvo 的 2024 財年第二季電話會議。

Revenue, margin and EPS were all above the high end of the outlook provided during our August earnings call. Customer demand during the September quarter improved versus our August guidance. The primary driver was a large smartphone customer OEM.

營收、利潤率和每股盈餘均高於我們在 8 月財報電話會議上提供的預期上限。與我們 8 月的指導相比，9 月季度的客戶需求有所改善。主要驅動力是大型智慧型手機客戶 OEM。

In addition, channel inventories of Qorvo components across the Android ecosystem continue to be consumed with OEMs indicating inventory levels are approaching historical norms. General inventory digestion is allowing Qorvo to shift more closely to end-market demand even as pockets of channel inventory remain in markets such as base station. We have worked closely with our customers to address inventories while continuing to deliver highly differentiated products. They have rewarded us with new opportunities and new design wins, and this underpins our expectations for growth this year and beyond.

此外，整個 Android 生態系統中 Qorvo 組件的通路庫存繼續被 OEM 消耗，顯示庫存水準正在接近歷史正常水準。整體庫存消化使得 Qorvo 能夠更貼近終端市場需求，即使基地台等市場仍保留少量通路庫存。我們與客戶密切合作以解決庫存問題，同時繼續提供高度差異化的產品。他們為我們帶來了新的機會和新的設計成果，這支撐了我們對今年及以後成長的預期。

Across our 3 operating segments, Qorvo enjoys multiyear technology upgrade cycles supported by global macro trends, including connectivity, sustainability and electrification. New protocols and new technologies are offering improved performance and enhanced functionality and Qorvo is critical in enabling these capabilities.

在我們的 3 個營運部門中，Qorvo 享有受全球宏觀趨勢（包括互聯性、永續性和電氣化）支持的多年技術升級週期。新協定和新技術正在提供改進的性能和增強的功能，而 Qorvo 在實現這些功能方面發揮著至關重要的作用。

This is playing out in aerospace and defense, automotive, base station, broadband, connected home, power devices, power management, smartphones, WiFi and other markets. Where the performance is measured in power out, data throughput, talk time, battery life or distance between charges, customers increasingly require higher levels of power efficiency, integration and functional density. To enable their future architectures and deliver successive improvements in their next-generation products, they rely on Qorvo's best-in-class technologies and solutions.

這正在航空航太和國防、汽車、基地台、寬頻、連網家庭、功率元件、電源管理、智慧型手機、WiFi 和其他市場上演。當效能以功率輸出、數據吞吐量、通話時間、電池壽命或充電間隔距離來衡量時，客戶越來越需要更高水準的功率效率、整合度和功能密度。為了實現未來架構並不斷改進下一代產品，他們依賴 Qorvo 的一流技術和解決方案。

In HPA, we are a strong beneficiary of the trends in our defense and aerospace business towards what we call one to many. Put simply, Qorvo's technologies are supporting higher customer volumes requiring more electronics and higher levels of integration. This applies to unmanned vehicles like drones, upgrades to existing radar systems, low-earth-orbit satellites and other applications.

在 HPA，我們是國防和航空航天業務向一對多發展趨勢的有力受益者。簡而言之，Qorvo 的技術正在支援需要更多電子設備和更高整合度的更高客戶量。這適用於無人機等無人駕駛車輛、現有雷達系統的升級、低地球軌道衛星和其他應用。

Lastly, we are leading the transition to DOCSIS 4.0 in broadband, and we continue to deliver base station customers increasing levels of functional integration for their 5G massive MIMO deployments.

最後，我們正在引領寬頻向 DOCSIS 4.0 的過渡，並繼續為基地台客戶提供更高水準的 5G 大規模 MIMO 部署功能整合。

Looking at our power franchise, we offer a highly differentiated solution with our silicon carbide JFET architecture. Our technology offers the lowest RDS(ON), which translates into faster battery charging, longer battery life and lower current consumption for applications like EVs, solar inverters and data centers. These are relatively new markets for Qorvo that are early in the transition of silicon carbides and offer significant growth.

看看我們的電源系列，我們透過碳化矽 JFET 架構提供高度差異化的解決方案。我們的技術提供最低的 RDS(ON)，這意味著電動車、太陽能逆變器和資料中心等應用的電池充電速度更快、電池壽命更長、電流消耗更低。這些是 Qorvo 相對較新的市場，處於碳化矽轉型的早期，並提供顯著的成長。

We also offer a differentiated portfolio in power management where our initial wins have been in SSDs, power tools and appliances, and we are leveraging our unique IP to expand into defense, infrastructure, smartphones, wearables and other markets.

我們還在電源管理領域提供差異化的產品組合，其中我們最初的勝利是在SSD、電動工具和電器領域，並且我們正在利用我們獨特的IP 擴展到國防、基礎設施、智慧型手機、可穿戴設備和其他市場。

In CSG, new technologies are transforming user experiences in automotive, connected home, enterprise, industrial and other markets. Ultra-wideband is a critical focus area, and we are very excited about recent developments. Ultra-wideband is in the very early innings of adoption, and we are seeing exciting opportunities given expanded smartphone adoption, multiple in-vehicle placements and an array of new capabilities such as ranging and precision location for indoor navigation.

在 CSG，新技術正在改變汽車、連網家庭、企業、工業和其他市場的使用者體驗。超寬頻是一個關鍵的重點領域，我們對最近的發展感到非常興奮。超寬頻正處於採用的早期階段，鑑於智慧型手機採用範圍的擴大、車內的多種放置以及一系列新功能（例如室內導航的測距和精確定位），我們看到了令人興奮的機會。

WiFi is another primary driver and the transition to WiFi 6E and WiFi 7 is very early on. WiFi 7 devices recently launched by Qorvo's customers are offering breakthrough advances in speed, latency and network capacity.

WiFi 是另一個主要驅動力，向 WiFi 6E 和 WiFi 7 的過渡很早就開始了。 Qorvo 客戶最近推出的 WiFi 7 設備在速度、延遲和網路容量方面取得了突破性進展。

Qorvo also offers components and full system solutions that incorporate Bluetooth Low Energy, ZigBee, Thread and now Matter. Matter is a recently launched technology overlay, essentially a common language that improves interoperability across smart home devices regardless of protocol or manufacturer. It is supported by iOS, Android and major smartphone platform providers, and it's widely expected to simplify and accelerate the adoption of smart home devices.

Qorvo 還提供整合藍牙低功耗、ZigBee、Thread 和現在的 Matter 的組件和完整系統解決方案。 Matter 是最近推出的一項技術疊加，本質上是一種通用語言，可提高智慧家庭設備之間的互通性，無論協議或製造商如何。它受到 iOS、Android 和主要智慧型手機平台提供商的支持，人們普遍期望它能夠簡化和加速智慧家居設備的採用。

It's also early days for our force-sensing touch sensors. These are ultrasensitive MEMS-based sensors that enable new use cases and enhanced device functionality. We have broad engagements across automotive smart interiors, track pads, true wireless headsets, smartphones, wearables and other consumer applications, and our opportunities are expanding as customers engage with our technology and develop new use cases.

我們的力感應觸控感應器還處於早期階段。這些是基於 MEMS 的超靈敏感測器，可實現新的用例和增強的設備功能。我們在汽車智慧內飾、觸控板、真實無線耳機、智慧型手機、穿戴式裝置和其他消費應用領域擁有廣泛的業務，隨著客戶使用我們的技術並開發新的用例，我們的機會也在不斷擴大。

Looking at ACG, fewer than half of the Android smartphones this year will be 5G. Android 5G units are expected to grow in the low double digits for several years. That's a big growth opportunity for Qorvo as we move from very little content in 4G phones to significant dollar content in 5G phones.

從ACG來看，今年只有不到一半的Android智慧型手機是5G的。預計 Android 5G 設備數量將在未來幾年內保持低兩位數成長。這對 Qorvo 來說是一個巨大的成長機會，因為我們從 4G 手機中的少量內容轉向 5G 手機中的大量美元內容。

Another driver is 5G advanced, which leverages new releases of the 5G standard. 5G advanced smartphones will include additional transmit and receive -- and satellite bands, favoring Qorvo's product and technology portfolio. 5G will migrate to 5G advanced over time and bridge us to new development efforts and new content required to accommodate 6G frequency spectrum at the end of the decade.

另一個驅動因素是 5G 先進技術，它利用了新版本的 5G 標準。 5G 先進智慧型手機將包括額外的傳輸和接收以及衛星頻段，有利於 Qorvo 的產品和技術組合。隨著時間的推移，5G 將遷移到先進的 5G，並為我們在本世紀末適應 6G 頻譜所需的新開發工作和新內容架起橋樑。

Big picture, Qorvo enjoys a range of opportunities supported by multiyear upgrade cycles. Many of these transitions are very early on, and Qorvo is recognized by customers as a leading technology innovator. We have made great progress developing new technologies and winning customer designs.

整體而言，Qorvo 享有一系列以多年升級週期支援的機會。其中許多轉變都是很早就發生的，Qorvo 被客戶視為領先的技術創新者。我們在開發新技術和贏得客戶設計方面取得了巨大進步。

With that said, we want to make it clear that our end markets have not yet turned, and our outlook does not contemplate a significant change in the macroeconomic environment. The customer demand environment for Qorvo is more a reflection of strong design win activity and the early actions we took to improve channel inventory. When end markets recover, that will represent an additional driver of growth for Qorvo.

話雖如此，我們想明確表示，我們的終端市場尚未轉向，我們的前景並未考慮到宏觀經濟環境發生重大變化。 Qorvo 的客戶需求環境更反映了強大的設計獲勝活動以及我們為改善通路庫存所採取的早期行動。當終端市場復甦時，這將成為 Qorvo 成長的額外動力。

Now let's turn to some quarterly highlights. In Defense and Aerospace, we increased shipments of X-band transmit and receive FEMs and secured first orders for our 50-watt PAs in support of new land-based C-band radar programs. We introduced the world's highest-power Ku-Band satellite communications amplifier, which enables an 80% size reduction and is optimized for multiple applications.

現在讓我們來看看一些季度亮點。在國防和航空航太領域，我們增加了 X 波段發射和接收 FEM 的出貨量，並獲得了 50 瓦 PA 的第一批訂單，以支援新的陸基 C 波段雷達計畫。我們推出了世界上功率最高的 Ku 波段衛星通訊放大器，其尺寸縮小了 80%，並針對多種應用進行了最佳化。

We also received a large production order to recently launched cell-to-satellite solutions. These solutions incorporate advanced technologies from across our aerospace, base stations and mobile portfolios to enable low-earth-orbit satellite connectivity.

我們還收到了最近推出的蜂窩到衛星解決方案的大量生產訂單。這些解決方案融合了我們航空航太、基地台和行動產品組合的先進技術，以實現近地軌道衛星連接。

In infrastructure, we were selected by a Tier 1 base station OEM to supply switched LNA modules for next-generation 5G massive MIMO radios. We also continue to lead DOCSIS 4.0 broadband upgrade cycle with production orders from multiple customers and broad-based design wins.

在基礎設施方面，一家 1 級基地台 OEM 選擇我們為下一代 5G 大規模 MIMO 無線電提供交換 LNA 模組。我們也憑藉著來自多個客戶的生產訂單和廣泛的設計勝利，繼續引領 DOCSIS 4.0 寬頻升級週期。

The power management markets, we released QSPICE, a significant improvement over current industry offerings for analog and mixed-signal circuit design and simulation. QSPICE improves the speed, functionality and reliability of circuit simulation, extending the value Qorvo is providing designers. Since its launch, the tool has surpassed 15,000 unique downloads.

在電源管理市場，我們發布了 QSPICE，它是對當前類比和混合訊號電路設計與模擬產業產品的重大改進。 QSPICE 提高了電路模擬的速度、功能和可靠性，擴展了 Qorvo 為設計人員提供的價值。自推出以來，該工具的獨立下載量已超過 15,000 次。

In automotive applications, we were selected to support a major in-vehicle car access platform by a leading German automotive Tier 1. This multiyear program has a lifetime value of over $250 million, marking a major milestone for our ultra-wideband portfolio. Within this program, Qorvo will supply ultra-wideband solutions for in-vehicle applications for a leading German automotive OEM. We also secured a design win from another leading German automotive Tier 1 to supply V2X solutions for communications platform launching this year.

在汽車應用中，我們被一家領先的德國汽車 Tier 1 選中為主要的車載門禁平台提供支援。這個多年期計劃的生命週期價值超過 2.5 億美元，標誌著我們超寬頻產品組合的一個重要里程碑。在該計劃中，Qorvo 將為一家領先的德國汽車 OEM 提供車載應用超寬頻解決方案。我們還贏得了另一家領先的德國汽車 Tier 1 的設計大獎，為今年推出的通訊平台提供 V2X 解決方案。

Lastly, we were selected to supply forward-sensing touch sensors that enhance smart interior functionality in a recently launched EV from a Korean-based automotive OEM. Complementing the large ultra-wideband win in automotive, Qorvo was selected by the leading Android smartphone OEM to supply ultra-wideband for their spring 2024 flagship launch. It's worth noting that the ultra-wideband wins in automotive and Android markets are significant as these 2 customers represent the largest volume opportunities in their respective markets.

最後，我們被選中提供前向感應觸控感應器，以增強韓國汽車 OEM 最近推出的電動車的智慧內裝功能。為了補充超寬頻在汽車領域的巨大勝利，領先的 Android 智慧型手機 OEM 選擇 Qorvo 為其 2024 年春季旗艦產品發布提供超寬頻。值得注意的是，超寬頻在汽車和 Android 市場的勝利意義重大，因為這兩個客戶代表了各自市場中最大的銷售機會。

To extend our reach, we are sampling ultra-wideband solutions across fleet management, logistics, agriculture and other applications, leveraging our precision location capabilities to advance operational efficiencies. In WiFi, we secured multiyear design wins with Tier 1 network operators in the U.S. and in India. These wins support next-generation wireless infrastructure for retail, enterprise and home applications.

為了擴大我們的覆蓋範圍，我們正在對車隊管理、物流、農業和其他應用領域的超寬頻解決方案進行採樣，利用我們的精確定位能力來提高營運效率。在 WiFi 領域，我們與美國和印度的一級網路營運商取得了多年的設計勝利。這些成果支援零售、企業和家庭應用的下一代無線基礎設施。

Across the Android ecosystem, we increased shipments of our highly integrated modules in support of Android smartphones from the high tier through the mass market. Notably, we extended our strong share position with the leading Android smartphone OEM in their flagship smartphone. In addition to the ultra-wideband win, we're also selected to supply to low-band, mid-high band, ultra-high band, secondary transmit receive, tuning and WiFi.

在整個 Android 生態系統中，我們增加了高度整合模組的出貨量，以支援從高階到大眾市場的 Android 智慧型手機。值得注意的是，我們在領先的 Android 智慧型手機 OEM 的旗艦智慧型手機中擴大了我們的強大市場份額。除了超寬頻的勝利外，我們還被選中提供低頻段、中高頻段、超高頻段、二次發射接收、調諧和 WiFi。

Lastly, we expanded customer sampling of our recently launched mid, high-band PAD. Qorvo's newest integrated architecture leverages next-generation BAW and SAW technologies and advanced packaging the combined main path content with receive paths commonly included in the first receive module. This and other highly integrated Qorvo architectures for the Android ecosystem, free board space and improve efficiency to support future 5G form factors and content like flip and fold architectures and transmit and receive nonterrestrial network connectivity.

最後，我們擴大了最近推出的中、高頻段 PAD 的客戶採樣範圍。 Qorvo 的最新整合架構利用新一代 BAW 和 SAW 技術，並對組合主路徑內容與通常包含在第一個接收模組中的接收路徑進行進階封裝。該架構和其他適用於 Android 生態系統的高度整合的 Qorvo 架構可釋放電路板空間並提高效率，以支援未來 5G 外形尺寸和翻轉和折疊架構等內容以及傳輸和接收非地面網路連接。

I want to thank the Qorvo team for continued operational excellence. We have moved aggressively to reduce channel inventories while securing broad-based customer design wins. In the December quarter, our outlook reflects the seasonal profile of a large smartphone customer ramp as well as healthier channel inventories across most markets. In the March quarter, we expect revenue to be more closely aligned with end market demand. Longer term, we expect revenue growth and margin expansion as product mix favors our higher-growth investment thesis.

我要感謝 Qorvo 團隊持續的卓越運作。我們積極採取行動減少渠道庫存，同時確保贏得廣泛的客戶設計。在 12 月季度，我們的展望反映了智慧型手機客戶數量激增的季節性特徵以及大多數市場更健康的通路庫存。在三月季度，我們預計營收將與終端市場需求更加緊密地結合。從長遠來看，我們預期營收成長和利潤率擴大，因為產品組合有利於我們高成長的投資理念。

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

就這樣，我將把電話轉給格蘭特。

Thanks, Bob, and good afternoon, everyone.

謝謝鮑勃，大家下午好。

Revenue for the quarter was $1.1 billion. Non-GAAP gross margin was 47.6% and non-GAAP diluted EPS was $2.39, all exceeding the high end of our August guidance. Revenue increased approximately 70% sequentially and benefited from significant content gains at our largest customer.

該季度營收為 11 億美元。非 GAAP 毛利率為 47.6%，非 GAAP 攤薄後每股收益為 2.39 美元，均超過我們 8 月指引值的上限。營收季增約 70%，受益於我們最大客戶的內容大幅成長。

Consistent with our guidance, factory production levels improved but remained below historical averages. During the quarter, the impact from underutilization and factory-related variances was approximately 550 basis points versus approximately 800 basis points last quarter.

與我們的指導一致，工廠生產水準有所改善，但仍低於歷史平均水準。本季度，利用率不足和工廠相關差異的影響約為 550 個基點，而上季約為 800 個基點。

The increase in gross margin above the high end of our August guidance range was largely the result of revenue upside and product mix. A larger portion of September revenue was manufactured at external silicon foundries and processed at third-party OSATs. By comparison, our December and March revenue will reflect a larger percentage of higher-cost inventories manufactured internally during periods of lower utilization and a lower percentage of products manufactured at external silicon foundries and OSATs.

毛利率高於我們 8 月指導範圍上限的成長主要是收入成長和產品組合的結果。 9 月收入的很大一部分是在外部矽代工廠生產並在第三方 OSAT 進行加工。相較之下，我們 12 月和 3 月的收入將反映出在利用率較低期間內部製造的較高成本庫存的比例較大，以及外部矽代工廠和 OSAT 製造的產品比例較低。

Beyond this fiscal year, we continue to see a clear path back to 50% plus gross margin initially during specific quarters and then on a full year basis. Non-GAAP operating expenses in the quarter were $246 million, slightly higher than our guidance due to performance-based incentive compensation.

在本財年之後，我們繼續看到毛利率將在特定季度、然後在全年基礎上恢復到 50% 以上的明確路徑。本季非 GAAP 營運費用為 2.46 億美元，由於基於績效的激勵薪酬，略高於我們的指導。

We are investing in new product development and targeting multiyear growth opportunities across all 3 segments. In addition to growth-oriented investments, we're also investing in enterprise-wide productivity initiatives. These multiyear efforts will support future growth and enhance profitability as we upgrade, modernize and standardize around the latest tools and best practices.

我們正在投資新產品開發，並瞄準所有三個細分市場的多年成長機會。除了以成長為導向的投資之外，我們還投資於企業範圍內的生產力計劃。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成長並提高獲利能力。

In total, non-GAAP operating income in the quarter was $279 million or 25% of sales, which increased from 7.2% last quarter. Breaking out operating margin by each segment. ACG was 34%, HPA was 17% and CSG was negative 27%, which includes the impact of the Biotechnology division.

整體而言，本季非 GAAP 營業收入為 2.79 億美元，佔銷售額的 25%，高於上季的 7.2%。依每個部門細分營業利潤率。 ACG 為 34%，HPA 為 17%，CSG 為負 27%，其中包括生技部門的影響。

During the quarter, Qorvo Biotechnologies generated $0.5 million in revenue and reduced operating income by approximately $7 million. Just following quarter end, we successfully closed the sale of the Omnia biotechnology business, and we'll continue to sell BAW filters to support the acquirer. Non-GAAP net income was $236 million, representing diluted earnings per share of $2.39.

本季度，Qorvo Biotechnologies 創造了 50 萬美元的收入，營業收入減少了約 700 萬美元。緊接著季度末，我們成功完成了 Omnia 生物技術業務的出售，我們將繼續銷售 BAW 過濾器來支援收購方。非 GAAP 淨利潤為 2.36 億美元，稀釋後每股收益為 2.39 美元。

Moving on to the cash flow statement. Free cash flow was $64 million and CapEx was $29 million. During the quarter, we repurchased $100 million worth of shares at approximately $103 per share. 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 6,400 萬美元，資本支出為 2,900 萬美元。本季度，我們以每股約 103 美元的價格回購了價值 1 億美元的股票。我們回購的比率和節奏是基於我們的長期前景、自由現金流、低槓桿、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 $707 million of cash and equivalents. Consistent with our expectations and commentary from the prior earnings call, our net inventory balance was reduced in the period and ended the quarter at $840 million, down $78 million sequentially. Looking at days of inventory, this represents a decrease from 210 days to 138 days.

轉向資產負債表。截至季末，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 7.07 億美元的現金和等價物。與我們先前財報電話會議的預期和評論一致，我們的淨庫存餘額在此期間有所減少，本季結束時為 8.4 億美元，比上一季減少 7800 萬美元。從庫存天數來看，這意味著從 210 天減少到 138 天。

Turning to our current quarter outlook. We expect revenue of approximately $1 billion, plus or minus $25 million. Non-GAAP gross margin between 43% and 44%, and non-GAAP diluted EPS of $1.65 at the midpoint of the revenue range. We project non-GAAP operating expenses in the December quarter will be $235 million to $240 million. Below the operating income line, nonoperating expense is expected to be approximately $10 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 decrease again in the December quarter.

轉向我們當前的季度展望。我們預計營收約 10 億美元，上下浮動 2,500 萬美元。非 GAAP 毛利率在 43% 至 44% 之間，非 GAAP 攤薄後每股收益為 1.65 美元，處於收入範圍的中點。我們預計 12 月季度的非 GAAP 營運費用將為 2.35 億美元至 2.4 億美元。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。我們預計我們的庫存餘額將在 12 月季度再次減少。

In terms of channel inventory, the environment continues to improve with Android OEMs indicating inventory levels are approaching historical norms. Outside of the Android ecosystem, there are smaller pockets of channel inventory that will take longer to digest.

在通路庫存方面，環境持續改善，Android OEM 廠商表示庫存水準已接近歷史正常水準。在 Android 生態系統之外，還有一些較小的通路庫存需要更長的時間來消化。

We continue to forecast fiscal '24 revenue above fiscal '23. For the full fiscal year, fiscal '24 non-GAAP gross margin is expected to be 44% or slightly better with variability primarily tracking utilization and mix.

我們持續預測 24 財年的營收高於 23 財年。對於整個財年，24 財年非 GAAP 毛利率預計為 44% 或略高，其變化主要追蹤利用率和組合。

Qorvo enjoys multiyear growth drivers across all 3 of our operating segments. We offer a broad portfolio of technologies and capabilities, and we are uniquely positioned across leading customers and large markets. We expect continued strength on large customer programs,, and we are investing to drive outsized growth in diverse businesses to broaden our market exposure and accelerate growth.

Qorvo 在我們的所有 3 個營運部門中都享有多年的成長動力。我們提供廣泛的技術和能力組合，並且在領先客戶和大型市場中處於獨特的地位。我們預計大型客戶計畫將繼續保持強勁勢頭，並且我們正在投資推動多元化業務的大幅成長，以擴大我們的市場份額並加速成長。

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

此時，請開通提問線路。謝謝。

(Operator Instructions) And our first question comes Timothy Arcuri of UBS.

（操作員說明）我們的第一個問題來自瑞銀集團的提摩西‧阿庫裡。

This is Aman jumping in for Tim. Just looking into fiscal 2025, how should we think about the trajectory of gross margin as utilization starts to come back? Is there like a certain level of revenue we should be thinking about for Qorvo to be back at that 50% range?

這是阿曼來代替提姆。展望 2025 財年，隨著利用率開始回升，我們該如何看待毛利率的軌跡？我們是否應該考慮一定程度的收入才能讓 Qorvo 回到 50% 的範圍？

Sure. I'll take that. This is Grant. Thanks for the question. There are a large number of factors that can influence gross margins such as revenue mix and input costs, including utilization impact. So I wouldn't think of it in terms of an absolute revenue level. Some products carry a higher gross margin than others due to the nature of that business or end market. For instance, looking at our base station product line, which is generally accretive to gross margins. But with base station demand weaker, coupled with the excess channel inventories we've been talking about there, this is currently a headwind to margin versus historical levels.

當然。我會接受的。這是格蘭特。謝謝你的提問。有許多因素會影響毛利率，例如收入結構和投入成本，包括利用率影響。所以我不會從絕對收入水準的角度來考慮它。由於業務或終端市場的性質，某些產品的毛利率高於其他產品。例如，看看我們的基地台產品線，它通常會增加毛利率。但由於基地台需求疲軟，再加上我們一直在談論的通路庫存過剩，目前的利潤率與歷史水準相比存在阻力。

Product mix can also impact gross margin based on where it's manufactured. As I mentioned in my prepared remarks, for instance, last quarter, we shipped a higher portion of products that are manufactured at external silicon foundries and processed at third-party OSATs and those products are not impacted by our internal factory utilization, which, as we've mentioned, is running below historical averages.

產品組合也會根據其製造地點影響毛利率。正如我在準備好的發言中提到的，例如，上個季度，我們運送了更多在外部矽代工廠製造並在第三方OSAT 加工的產品，這些產品不受我們內部工廠利用率的影響，因為我們已經提到過，正在低於歷史平均。

Aside from product mix, unit cost is the other half of the equation. It's a bit more complex given that input costs can affect gross margin on a lagging or leading basis. For example, historical utilization will create higher unit costs in that inventory. And as it's sold in future period, that impact lags. Alternatively, in anticipation of lower future demand, production volumes can be cut and utilization will fall. And in that sense, the impact tends to lead those anticipated changes in demand.

除了產品組合之外，單位成本是等式的另一半。鑑於投入成本可能會落後或領先地影響毛利率，情況就有點複雜了。例如，歷史利用率將在該庫存中產生更高的單位成本。由於它是在未來一段時間內出售的，所以這種影響是滯後的。或者，由於預期未來需求下降，產量可能會減少，利用率也會下降。從這個意義上說，影響往往會導致需求的預期改變。

So there's a number of factors that impact gross margin. I, again, wouldn't think of it in terms of an absolute revenue level but rather a time of us to move through our high-cost inventory, return utilization levels back to normal, run the factories efficiently, and we'll be on a path back to 50% plus.

因此，影響毛利率的因素有很多。再說一次，我不會從絕對收入水平的角度來考慮它，而是從我們清理高成本庫存、使利用率恢復到正常水平、高效運營工廠的時間來看，我們將繼續前進回到50% 以上的道路。

The next question comes from Gary Mobley of Wells Fargo Securities.

下一個問題來自富國銀行證券公司的加里·莫布里。

I wanted to pick up, Grant, with your detailed response to the last question. I know in your prepared remarks, you said gross margin throughout fiscal year '25 will at times be above 50%. So I presume that would be in your seasonally strong periods. And -- but did you say that as well 50% or above is the target for the full year or just the specific few quarters of seasonal [weakness]?

格蘭特，我想接聽您對最後一個問題的詳細答案。我知道您在準備好的發言中說過，整個 25 財年的毛利率有時會超過 50%。所以我認為那會是在季節性旺盛時期。而且 - 但您是否說過 50% 或以上是全年的目標，還是只是季節性 [疲軟] 的特定幾個季度？

Sure. I said that I think it will achieve 50% on a specific quarter before it achieves 50% across the whole year, and that's somewhat macro-dependent. And obviously, the volumes will dictate at what levels we return to utilization where that's positive.

當然。我說我認為在全年達到50%之前，會在某個季度達到50%，這與宏觀有關。顯然，數量將決定我們在積極的情況下恢復利用率的水平。

Okay. And Bob, you mentioned, I think, in describing the fourth quarter of this year, in line with market conditions. And so your full year guidance implies no more than a 10% sequential revenue decline in the fourth quarter. So how would you call the seasonal trends in the fourth quarter? Are we talking about mid-single digit, I think, which is usual or perhaps as much as double-digit purchase and declines?

好的。鮑勃，我認為您在描述今年第四季度時提到了與市場狀況相符的情況。因此，您的全年指引意味著第四季營收季減不超過 10%。那麼該如何看待第四季的季節性趨勢呢？我認為，我們談論的是中個位數，這很常見，或者可能與兩位數的購買和下降一樣多？

Sure, Gary. I'll take at least the high level, just to make sure we're clear on what we typically see in the fourth quarter, which, as we've said all along, typical anymore isn't typical because it seems every time we're faced with something different from losing our second largest customer to COVID hits to various economic factors. What my comments were around is, given the current economic outlook, we're not expecting our markets to rebound.

當然，加里。我至少會採取高水平，只是為了確保我們清楚我們通常在第四季度看到的情況，正如我們一直以來所說的那樣，典型不再是典型的，因為每次我們似乎都會看到這種情況。我們面臨的問題與因新冠疫情和各種經濟因素而失去第二大客戶不同。我的評論是，鑑於當前的經濟前景，我們預計市場不會反彈。

And as we work through all this channel inventory that we talked about, we're going to hit the -- what we think is the end-market demand. Now end-market demand, typically and what we're forecasting now is what we see is our largest customers rent continues to come down in March. We have a seasonal -- usually the weakest quarter for our China Android business in March. And some of that is offset by a ramp at the largest Android customer that we have. So as far as percentages go, I'm not going to call percentages, I'm just telling you that from our view, that's the dynamics that are driving most of our business.

當我們處理我們討論過的所有通路庫存時，我們將達到我們認為的終端市場需求。現在，終端市場需求通常是我們現在預測的，我們最大的客戶租金在三月繼續下降。三月是我們中國 Android 業務最疲軟的季度。其中一部分被我們最大的 Android 客戶的成長所抵消。因此，就百分比而言，我不會稱之為百分比，我只是告訴您，從我們的角度來看，這是推動我們大部分業務的動力。

Grant commented that our ACG business is growing year-over-year. Our CSG business will start growing this quarter and will be up in March. And really, the lagging business for us is our HPA business, and we've talked about what's going on there with primarily what used to be our largest business in the infrastructure side, and we're not seeing that now. So when you integrate all that, we're still comfortable we're going to be up significantly in March year-over-year, and we're comfortable we're going to be up for the fiscal year '24 over '23.

格蘭特評論說，我們的 ACG 業務逐年成長。我們的 CSG 業務將從本季開始成長，並將在 3 月實現成長。事實上，我們的滯後業務是我們的 HPA 業務，我們已經討論了那裡正在發生的事情，主要是我們在基礎設施方面曾經最大的業務，但我們現在沒有看到這一點。因此，當你整合所有這些時，我們仍然對 3 月份的同比大幅增長感到滿意，並且我們對 24 財年的業績將比 23 財年的增長感到滿意。

I don't know, Grant, if you want to add anything to that, but I wanted to give them all the moving pieces.

我不知道，格蘭特，你是否想對此添加任何內容，但我想給他們所有感人的片段。

Sure. No, I think you covered it, Bob. I'd say maybe 10%, but certainly not 15%, right? We're committed to the comments, any macro-related disruptions aside, that we see growth in fiscal '24.

當然。不，我想你已經報道過了，鮑伯。我想說也許是 10%，但肯定不是 15%，對吧？撇開任何與宏觀相關的干擾不談，我們堅持認為 24 財年將出現成長的評論。

The next question comes from Karl Ackerman of BNP Paribas.

下一個問題來自法國巴黎銀行的卡爾‧阿克曼。

I have a clarification and a follow-up. I guess just given the content gains on the largest customer, is it fair to say that customer now exceeds 50% of your revenue in the quarter?

我有一個澄清和後續行動。我想考慮到最大客戶的內容收益，可以說該客戶現在超過了您本季收入的 50% 嗎？

We won't comment on any customers within the quarter, but we'll sum it up on the 10-K. The only thing I'd say about 10% plus customers is that we did have more than 1 in the quarter.

我們不會對本季度內的任何客戶發表評論，但我們會在 10-K 上進行總結。關於 10% 以上的客戶，我唯一想說的是，我們本季確實擁有超過 1 位客戶。

For my follow-up, MediaTek suggested that 5G units should grow double digits next year, certainly above overall smartphone unit expectations of low singles. Most of your exposure to incremental gains in 5G do come from China Android OEMs. I was hoping you could address how you think Huawei does or does not impact your China Android opportunity both near term and longer term.

在我的後續報導中，聯發科建議明年 5G 銷量將達到兩位數成長，肯定高於智慧型手機整體銷售低的預期。 5G 增量收益的大部分確實來自中國 Android OEM 廠商。我希望您能談談您認為華為會如何或不會影響您的中國 Android 機會（無論是短期還是長期）。

I'll take the first part of that, Karl, and I'll let Dave take the second part since he was just recently in China. Actually, a large part of our growth for 5G Android is still the largest Android manufacturer being Samsung. The second point I would like to make is you're right, we do have China exposure in 5G, but most of that is actually in the export market for what they're trying to do to build their brands outside of China. So just keep those 2 facts in mind.

卡爾，我將承擔第一部分，我將讓戴夫承擔第二部分，因為他最近剛到中國。事實上，我們5G Android的成長很大一部分仍然是最大的Android製造商三星。我想說的第二點是，你是對的，我們確實在 5G 領域有中國業務，但其中大部分實際上是在出口市場，因為他們試圖在中國境外建立自己的品牌。因此，請記住這兩個事實。

Dave was just in China just a couple of weeks ago, and I'll let him talk a little bit more about that and what at least we're seeing talking to all of our customers there, along with your comment about Huawei.

戴夫幾週前剛來到中國，我會讓他多談談這一點，以及至少我們看到與那裡的所有客戶交談的內容，以及您對華為的評論。

Yes. Thanks, Bob. And so maybe I'll start with Huawei and kind of size what we're seeing for you. And prior to the ramp of the new phone that they just announced, they were doing about 2 million units a month. And so we've seen a typical premium tier phone ramp where that peaked up.

是的。謝謝，鮑伯。所以也許我會從華為開始，以及我們為您看到的規模。在他們剛剛宣布推出新手機之前，他們每月的銷售量約為 200 萬部。因此，我們看到了典型的高階手機銷售達到頂峰。

Last couple of weeks of data, we're actually seeing that come back down, so that may be on the other side of that ramp. But if you look at the incremental growth that we see over what they were shipping previously, it's -- on an annual basis, it's about 10 million to 20 million units. So that's a pretty good growth for that customer, but it's not that meaningful when you look at total market size of about 1.2 billion smartphones per year.

過去幾週的數據，我們實際上看到數據有所回落，因此可能位於斜坡的另一側。但如果你看看我們看到的增量成長，他們之前的出貨量，每年大約是 1000 萬到 2000 萬台。因此，對於該客戶來說，這是一個相當不錯的成長，但當你考慮每年約 12 億部智慧型手機的市場總規模時，這並沒有多大意義。

Now when it comes to our China customers, as Bob said, a large part of their business and a lot of their growth is coming from overseas business. And so we're very well represented across our China OEM customers and certainly in that overseas business, that's where we see a lot of the higher share and growth opportunities. So it's not just a China domestic situation, you have to look at. You have to look at that overseas business. And many of those customers have pretty significant market share in a lot of those overseas markets.

現在談到我們的中國客戶，正如鮑伯所說，他們的很大一部分業務和很大一部分成長都來自海外業務。因此，我們在中國 OEM 客戶中具有很好的代表性，當然在海外業務中，我們看到了許多更高的份額和成長機會。所以這不僅僅是中國國內的情況，你必須看看。你必須看看海外業務。其中許多客戶在許多海外市場中擁有相當大的市場份額。

The next question comes from Toshiya Hari of Goldman Sachs.

下一個問題來自高盛的 Toshiya Hari。

I just wanted to follow up on the China Android market. I guess, specifically, what kind of trends did you see in the September quarter on a sequential basis? And what's embedded in your guidance for December? And related to that, we've been getting more questions about the competitive landscape in China. You guys have pretty good visibility. And obviously, you've got good relationships with your customers. As you think about models coming out in 2024, any concerns around market share? How should we think about [gen-to-gen] content growth, particularly as it pertains to your OEMs export business?

我只是想跟進中國Android市場。我想，具體來說，您在 9 月的季度中連續看到了什麼樣的趨勢？您對 12 月的指導意見包含哪些內容？與此相關的是，我們收到了更多有關中國競爭格局的問題。你們的能見度相當好。顯然，您與客戶建立了良好的關係。當您考慮 2024 年推出的車型時，您是否擔心市場佔有率？我們應該如何考慮[一代一代]內容成長，特別是當它與您的原始設備製造商出口業務相關時？

Dave, do you want to handle that one?

戴夫，你想處理那個嗎？

Yes, sure, Bob. Let's see where to start. The China customer base in the export market as well as in the domestic market, they've got some pretty compelling products. As Bob said, I was just over there a few weeks ago. I got to meet with all of our customers. Our relationships continue to be very strong. They place a very high value on what we bring. And they all reinforce that Qorvo is their main global strategic supplier for RF.

是的，當然，鮑伯。讓我們看看從哪裡開始。中國在出口市場和國內市場的客戶群都有一些非常引人注目的產品。正如鮑勃所說，幾週前我才剛去過那裡。我必須會見我們所有的客戶。我們的關係仍然非常牢固。他們非常看重我們帶來的東西。他們都強調 Qorvo 是他們主要的 RF 全球策略供應商。

So we have deep discussions with them on roadmaps to align their needs to our product plans, and they're very highly engaged on our new low, mid-, high S-PAD platform that we announced a couple of quarters ago. Additionally, they're looking at expanding their business with us in other areas such as power management, sensors and ultra-wideband.

因此，我們與他們就路線圖進行了深入討論，以使他們的需求與我們的產品計劃保持一致，並且他們非常積極地參與我們幾個季度前宣布的新的低、中、高S-PAD 平台。此外，他們正在考慮與我們擴大在電源管理、感測器和超寬頻等其他領域的業務。

So the overall market, as Bob mentioned, the channel inventories are pretty normal. Many of those customers are getting to pretty healthy levels. So as we've been saying all along, what was the headwind is now becoming a tailwind. So we're starting to see that growth.

因此，正如鮑勃所提到的，整個市場，通路庫存非常正常。其中許多客戶已經達到了相當健康的水平。因此，正如我們一直在說的那樣，以前的逆風現在變成了順風。所以我們開始看到這種成長。

We had our largest bookings quarter in over 2 years. So our customers have now gotten past the concern about inventory and they're looking forward now and starting to place orders more aligned to what their true production plans and unit demand is. So that's certainly improved a lot.

我們迎來了兩年多來最大的預訂季度。因此，我們的客戶現在已經擺脫了對庫存的擔憂，他們現在開始期待並開始下訂單，使其更加符合他們的真實生產計劃和單位需求。所以這肯定改善了很多。

Now having said that, as Bob mentioned also, we're not anticipating any major rebound in the end market. We're just excited about the design wins that we've had and the inventory in the channel being cleared out, and that's driving a lot of our growth as we go forward.

話雖如此，正如鮑勃也提到的那樣，我們預計終端市場不會出現任何重大反彈。我們對我們所獲得的設計勝利以及渠道中的庫存被清除感到興奮，這在我們前進的過程中推動了我們的成長。

Got it. And then as a quick follow-up, outside of mobile, some of your broader analog peers have talked about signs of weakness or clear signs of weakness in industrial and parts of automotive. I think comms infra has been weak for a couple of quarters now. But I guess the question is, outside of mobile, what kind of trends are you seeing? And what sort of trajectory are you assuming as you sort of progress through the December quarter and go into March outside of mobile?

知道了。然後，作為快速跟進，在移動領域之外，一些更廣泛的模擬同行已經談到了工業和汽車零件領域的疲軟跡像或明顯的疲軟跡象。我認為通訊基礎設施已經疲軟了幾個季度。但我想問題是，除了行動領域，您還看到了哪些趨勢？當您在 12 月所在季度取得進展並進入移動領域之外的 3 月時，您預計會採取什麼樣的軌跡？

Sure, Toshi. This is Grant. Let me take that one. We don't explicitly guide by segment, but the views for each of those businesses is factored into our total guidance. I'll try to provide you a little bit of color there and then Dave can jump in and add.

當然，托西。這是格蘭特。讓我拿走那個。我們沒有明確按細分市場提供指導，但每個企業的觀點都已納入我們的整體指導中。我會盡力為您提供一些顏色，然後戴夫可以加入並添加。

We have a pretty diverse collection of businesses that serve a number of end markets, and they're not all in phase. As Bob pointed out last quarter, in fiscal '20 -- or fiscal Q2, ACG returned to the year-over-year growth that we expected, and we'll continue to see that for the rest of the year. And then this quarter, our fiscal Q3, we forecast our CSG segment will return to year-over-year growth. And then finally, in Q4, we expect HPA to return to year-over-year growth.

我們擁有相當多樣化的業務，為許多終端市場提供服務，但它們並非都處於同步狀態。正如鮑勃上個季度指出的那樣，在 20 財年（或第二財季）中，ACG 恢復了我們預期的同比增長，並且我們將在今年剩餘時間內繼續看到這種情況。然後在本季度，也就是我們的第三財季，我們預測我們的 CSG 部門將恢復年成長。最後，我們預計 HPA 將在第四季度恢復年成長。

So the businesses are a bit out of phase, if you want to think of them that way. Just continuing with HPA as an example, directly to your question, if you look inside of HPA, there's various trends within each end market. It probably won't surprise you, but the base station market being weak. As an example, our revenue is down over 50% year-over-year for the last 4 quarters.

因此，如果你想這樣想的話，這些業務有點不合時宜。繼續以 HPA 為例，直接回答你的問題，如果你深入了解 HPA，你會發現每個終端市場都有不同的趨勢。基地台市場疲軟可能不會令您感到驚訝。例如，過去 4 個季度我們的營收年減了 50% 以上。

A few years ago, actually, we hit $200 million in that business before the Huawei ban and the 5G base station rollout slowed. But outside of China, only 25% of that mid-band 5G infrastructure has been built. So there's a lot of opportunity. But that's one area where we continue to see some meaningful headwind and market weakness.

事實上，幾年前，在華為禁令和 5G 基地台推出放緩之前，我們在該業務上的收入就達到了 2 億美元。但在中國以外，中頻 5G 基礎建設只建成了 25%。所以有很多機會。但這是我們繼續看到一些重大阻力和市場疲軟的領域。

Beyond that, though, there's also the broadband area within HPA. We have a very strong position there, high level of share, but the DOCSIS 4.0 upgrade cycle may be a bit slower and there could be some pockets of inventory in the very end products there. So the situation within infrastructure is very different than, say, our defense and aerospace group, where we're benefiting from significant strength and expect to grow in fiscal Q3 and fiscal Q4.

除此之外，HPA 內還有寬頻區域。我們在那裡擁有非常強大的地位，高水準的份額，但 DOCSIS 4.0 升級週期可能會慢一些，最終產品中可能會有一些庫存。因此，基礎設施內部的情況與我們的國防和航空航太集團截然不同，我們受益於強大的實力，並預計在第三財季和第四財季實現成長。

So there's a lot of cross-currents there when you get into the details, but this is why we maintain a diverse set of businesses, a lot of them share the same manufacturing footprint, which creates the operating efficiencies, but also scale and the diversification on the top line.

因此，當你深入細節時，會有很多交叉流，但這就是為什麼我們維持多元化的業務，其中許多業務共享相同的製造足跡，這創造了營運效率，同時也創造了規模和多元化在頂行。

What I'll add to that is in the cellular IoT market, actually, we saw this turn about 2 quarters ago down. So with CSG coming back, as Grant pointed out, growing next quarter, that's -- we're not expecting the IoT -- cellular IoT business to come back. That's been down for us, and we've been working through inventory in that segment as well. So I think that's been some commentary as well.

我要補充的是在蜂窩物聯網市場，實際上，我們在大約兩個季度前就看到了這一轉變。因此，正如格蘭特所指出的那樣，隨著 CSG 的回歸，下個季度的成長，我們並不指望物聯網——蜂窩物聯網業務會回歸。這對我們來說很不利，我們也一直在處理該細分市場的庫存。所以我認為這也是一些評論。

Yes, I think you mentioned automotive as well. And we're growing from a pretty small base there. So Bob talked about a lot of the design wins. So we're pretty excited about the growth opportunity there. So that's all new programs that will be ramping over the next couple of years that will drive that growth for us. But it's coming off of a relatively small base. So we're not exposed there to really maybe see some of the things you're seeing from some of our peers.

是的，我想你也提到了汽車。我們的基礎非常小。所以鮑伯談到了很多設計上的勝利。因此，我們對那裡的成長機會感到非常興奮。因此，這就是未來幾年將推出的所有新計劃，這將推動我們的成長。但它的基礎相對較小。因此，我們並沒有在那裡真正看到你從我們的一些同行那裡看到的一些東西。

The next question comes from Ruben Roy of Stifel.

下一個問題來自 Stifel 的 Ruben Roy。

Bob, I wanted to ask about the ultra-wideband marketplace. I think in the past, you've had a few system wins in the Android ecosystem for ultra-wideband. I don't know if they were characterized as flagship back then. So maybe if you could talk about the broader opportunity in smartphones specifically that you're seeing and then expanding outside of handset?

鮑勃，我想問超寬頻市場。我認為過去，在 Android 生態系統中，您已經在超寬頻方面取得了一些系統勝利。我不知道他們當時是否被定性為旗艦。那麼，也許您可以談論您所看到的智慧型手機領域更廣泛的機會，然後擴展到手機之外？

Again, in the past, I think you've characterized the market as several hundred million dollars of opportunity and you're talking about a $250 million lifetime opportunity in the auto wins. So has anything changed? Are you seeing accelerating development? And if you can give us an update on how you characterize the opportunity, that would be great.

同樣，在過去，我認為您將市場描述為價值數億美元的機會，而您談論的是汽車獲勝中價值 2.5 億美元的終身機會。那麼有什麼改變嗎？您是否看到加速發展？如果您能為我們提供有關您如何描述該機會的最新信息，那就太好了。

Sure. Thanks, Ruben. Extremely excited about what the teams accomplished in some big wins in ultra-wideband. One of the Android phone manufacturers, Google, we've been in for a couple of generations now. So we've talked about that, and that's -- you can get teardowns. I think from our comments, you know who the next one is. What surprised us about ultra-wideband is, again, I think we said this a year ago or more when we first acquired Decawave, that we were on the original platforms in our largest customers' phones with the RF front end for ultra-wideband.

當然。謝謝，魯本。對於團隊在超寬頻方面取得的一些重大勝利感到非常興奮。谷歌是 Android 手機製造商之一，我們已經使用了幾個世代了。我們已經討論過這一點，那就是──你可以得到拆解。我想從我們的評論中，你就知道下一個是誰了。超寬頻讓我們感到驚訝的是，我想我們在一年前或更早的時候第一次收購 Decawave 時就說過了，我們最大的客戶手機的原始平台上配備了超寬頻的 RF 前端。

And what we believed was going to happen is it was going to take off in phones first and automotive second. What's actually happening is we're picking up a lot more on the automotive side and the handset seems to be trailing it at least in the adoption. Now as you know, it takes a little bit longer to get to market in a car. So they're out winning platforms now and building those in.

我們相信它將首先在手機領域流行起來，然後在汽車領域流行起來。實際情況是，我們在汽車方面取得了更多進展，而手機似乎至少在採用方面落後於它。如您所知，汽車進入市場需要更長的時間。因此，他們現在正在推出獲勝平台並建立這些平台。

So our expectation is we're going to lead in design wins in automotive, but phones are going to come up fast. And Dave mentioned earlier in his comments that we're working with many of the other Chinese handset OEMs to introduce ultra-wideband. The thing I want to point out is in the Tier 1 German manufacturer that we won in, the current win is now to support a German Tier 1, but they will take that same platform to other U.S. and other manufacturers around the world, that platform, plus we've been working with others on platforms that will also go into the automotive area.

因此，我們的期望是我們將在汽車設計方面處於領先地位，但手機也會很快出現。 Dave 先前在評論中提到，我們正在與許多其他中國手機 OEM 廠商合作推出超寬頻。我想指出的是，我們贏得了德國一級製造商，目前的勝利是支持德國一級製造商，但他們將把相同的平台帶到其他美國和世界各地的其他製造商，該平台，此外，我們一直在與其他人合作開發也將進入汽車領域的平台。

So we see a lot of opportunity there. And placements in automotive can go from 5 or 6 up to 9 or 10. So they can be big wins depending on how they adapt to use the ultra-wideband in a car, and it's more than just "keyless entry." I think that's what's really exciting about the opportunities there.

所以我們在那裡看到了很多機會。汽車中的位置可以從 5 或 6 個增加到 9 或 10 個。因此，它們可能是巨大的勝利，這取決於它們如何適應在汽車中使用超寬頻，而且它不僅僅是「無鑰匙進入」。我認為這就是那裡的機會真正令人興奮的地方。

So if I look at that and look at handset, also a couple of quarters ago, we talked about ultra-wideband and access points, WiFi access points, for indoor navigation, which is another exciting opportunity. And we're just seeing it now going into other types of products. We're working with various manufacturers, OEMs for other things in your home that need that kind of technology. So we're very excited about the things that are going on there. I really appreciate your question.

因此，如果我看看手機，也是在幾個季度前，我們討論了用於室內導航的超寬頻和接入點、WiFi 接入點，這是另一個令人興奮的機會。我們現在才看到它進入其他類型的產品。我們正在與各種製造商、原始設備製造商合作，開發您家中需要此類技術的其他物品。所以我們對那裡正在發生的事情感到非常興奮。我真的很感激你的問題。

I have a quick follow-up for Grant. Just in terms of inventory, and I see the on balance sheet, inventory coming down ahead of hopefully and potentially a growth year next year. Do you have sort of a target level either in DOI or dollar for inventory? Or how you're thinking about that as you go forward post December quarter?

我對格蘭特進行了快速跟進。就庫存而言，我認為資產負債表上的庫存將在明年預計出現成長之前下降。您是否有 DOI 或庫存美元目標水準？或者您在 12 月季度之後如何考慮這個問題？

Yes. Sure, Ruben. We usually have commented on our target around 4 turns. So high 3s to 4 would be a pretty typical range for us to look to achieve.

是的。當然，魯本。我們通常會在 4 回合左右對目標進行評論。因此，3 到 4 的高值將是我們希望實現的一個非常典型的範圍。

The next question comes from Edward Snyder of 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。

First on housekeeping, can you give us a percentage of revenue for each of the 3 businesses? Sorry, if I missed that. And then Grant, if I take a look at your China revenue over the years, actually, it looks like if you exclude the aero when you were over shipping and the air when you're under shipping, your average is probably close to $250 million to $300 million a quarter. And I know you did about $150 million last quarter. We haven't seen the K for September yet, but doesn't it suggest you're dealing with maybe $100 million, $150 million of inventory burn per quarter? I'm just trying to bracket those numbers.

首先關於內務管理，您能為我們介紹一下這 3 項業務中每項業務的收入百分比嗎？抱歉，如果我錯過了。然後，格蘭特，如果我看一下你們這些年在中國的收入，實際上，如果排除超額運輸時的航空業務和運輸不足時的航空業務，您的平均收入可能接近 2.5 億美元每季度 3 億美元。我知道你們上個季度的營收約為 1.5 億美元。我們還沒有看到 9 月的 K，但這是否表明您正在處理每季可能 1 億美元、1.5 億美元的庫存消耗？我只是想把這些數字括起來。

Yes. Sure, Ed. I can help you with the percent of revenue, but we haven't commented on the China revenue in the quarter. ACG was 77%. HPA was 14% and CSG was the balance, about 9%. And yes, we haven't commented on what a normalized level of Android revenue or China revenue would be outside of the comments we've already made, but I don't know if there's...

是的。當然，艾德。我可以幫助您了解收入的百分比，但我們尚未對本季度的中國收入發表評論。 ACG為77%。 HPA 為 14%，CSG 為餘裕，約 9%。是的，除了我們已經發表的評論之外，我們還沒有評論 Android 收入或中國收入的正常水平是多少，但我不知道是否有…

What I would add is we are still under shipping to end demand best we can tell. But we're coming up near the end of it.

我要補充的是，我們仍在運送我們所能知道的最好的最終需求。但我們已經接近尾聲了。

Right. But when it snaps back to something more normal, you said inventories are normalizing, and I know demand changes year-over-year, but given your kind of in a common position as a preferred vendor for most of those phones being sold. They are...

正確的。但當它恢復到更正常的狀態時，你說庫存正在正常化，而且我知道需求逐年變化，但考慮到你作為大多數正在銷售的手機的首選供應商，處於共同的地位。他們是...

Yes. We've been -- and maybe this will help -- as we bring it down, that means revenues do go up. I mean, it's not -- we haven't been shipping. So we've been up the last 2 quarters.

是的。我們一直在——也許這會有所幫助——當我們降低收入時，這意味著收入確實會增加。我的意思是，我們還沒有發貨。所以我們在過去兩個季度一直在成長。

Yes. And maybe, Ed, I would also make the distinction between channel inventory and our own inventories. So channel inventories, we think, are relatively healthy, maybe even earlier than we had commented on in the past where we thought it would take until December. So that's an improving situation. Our own inventories as we're selling through them requires us to achieve the mix shift that we're going to see in the second half. So we'll start selling through our own high-cost inventories in Q3 and Q4 largely and we do expect growth in Q3 though.

是的。艾德，也許我還會區分通路庫存和我們自己的庫存。因此，我們認為通路庫存相對健康，甚至可能比我們過去評論的時間還要早，我們認為要到 12 月才會出現這種情況。所以情況正在改善。我們透過自己的庫存進行銷售，要求我們實現下半年將看到的組合轉變。因此，我們將在第三季和第四季開始主要透過我們自己的高成本庫存進行銷售，但我們確實預計第三季會出現成長。

When you said you saw the largest bookings in 2 years in the last quarter and normally, those bookings are for what a year out or so, I know it varies, but...

當您說您在上個季度看到兩年來最大的預訂量時，通常情況下，這些預訂是一年左右的時間，我知道情況有所不同，但是...

No, not a year, Ed. Normal lead times for us.

不，不是一年，艾德。我們的正常交貨時間。

The next question comes from Srinivas Pajjuri of Raymond James.

下一個問題來自 Raymond James 的 Srinivas Pajjuri。

Just a clarification on the China business, either Bob or Grant. I think one of the comments is that, yes, the inventories are coming down and businesses from the trough levels, it's growing sequentially. But at the same time, I think, Bob, you said in your comments about the March quarter, you're expecting China to be seasonal. Given that inventories have kind of pretty much normalized, I would have thought China would be better than seasonal in March. So just if you can give some clarification on why it will only be seasonal March?

鮑伯或格蘭特，只澄清中國業務。我認為評論之一是，是的，庫存正在下降，業務也從低谷水平開始連續增長。但與此同時，鮑勃，您在有關三月季度的評論中表示，您預計中國將是季節性的。鑑於庫存已經基本正常化，我原以為中國三月的情況會比季節性好。那麼，您能否解釋為什麼只有季節性的三月？

Because what I meant was from a demand perspective in March, that's typically a seasonally low point for China. That's what I said.

因為我的意思是從三月的需求角度來看，這通常是中國的季節性低點。這就是我所說的。

Okay. But it doesn't mean that your business is going to decline seasonally in March quarter, your China business?

好的。但這並不意味著您的業務將在三月季度出現季節性下滑，您的中國業務？

But what I also said is we've come -- we pretty much cleared out most of the inventory. So we are seeing growth, which is what I just said to Ed, this quarter in our Android business.

但我還想說的是，我們已經來了——我們幾乎清理了大部分庫存。所以我們看到了本季 Android 業務的成長，這就是我剛才對 Ed 所說的。

Yes. Maybe I'll restate what Bob had commented on earlier. Just in terms of next quarter, we do see growth in Android. But March, we do expect to see the typical decline there, which is on the other side of our largest customer's ramp and March is also historically a seasonally low point for handset sales in China.

是的。也許我會重申鮑伯之前的評論。就下個季度而言，我們確實看到了 Android 的成長。但我們確實預期 3 月會出現典型的下滑，這是我們最大客戶銷量成長的另一面，而且 3 月也是中國手機銷量的歷史季節性低點。

So those 2 factors are somewhat offset by the largest Android customer and their timing of phone launches, plus the fact that the channel is healthier. So with all that said, we do think it will be better than typically seasonal. But again, it's anyone's guess as to what seasonality means.

因此，這兩個因素在一定程度上被最大的 Android 客戶及其手機發佈時間以及管道更健康的事實所抵消。綜上所述，我們確實認為這會比通常的季節性更好。但同樣，每個人都在猜測季節性意味著什麼。

Our largest customer has the largest impact on March. So let's see how their sales do.

我們最大的客戶對三月的影響最大。那麼讓我們看看他們的銷售情況如何。

Got it. Got it. Makes sense. And then this year has been in terms of the content expansion for you, Bob, it's been pretty impressive. And I think some of those content gains also came from share gains. So as you look out to the next 6 to 12 months, how are you feeling about -- because I do get this question about sustainability of some of the content gains from this year. So if you could help us maybe to the extent you have visibility, how should we think about your content gains both in premium as well as in the mid-tier?

知道了。知道了。說得通。今年的內容擴充對你來說非常令人印象深刻，鮑伯。我認為其中一些內容收益也來自於份額收益。因此，當您展望未來 6 到 12 個月時，您感覺如何 - 因為我確實收到了關於今年一些內容收益的可持續性的問題。因此，如果您可以在知名度方面為我們提供幫助，那麼我們應該如何考慮您的優質內容和中階內容的收益？

Yes. I can speak to the high-end phones. And I'll start with our largest customer because it's been questioned before. But our growth this year and our largest customer really speaks to the strong position we have there, and we are one of their trusted suppliers as well as the investments we've been making to deliver them these great technologies and products.

是的。我可以和高階手機通話。我將從我們最大的客戶開始，因為它之前曾受到質疑。但我們今年的成長和我們最大的客戶確實證明了我們在那裡的強大地位，我們是他們值得信賴的供應商之一，也是我們為向他們提供這些偉大的技術和產品而進行的投資。

This year, we grew mostly from new content and gained some share in sockets that we held for many years. So we feel good about that. Now remember, they are a performance-driven customer. We're winning where we're bringing strong capabilities and have consistently done well.

今年，我們的成長主要來自新內容，並在我們多年來持有的插座中獲得了一些份額。所以我們對此感覺良好。現在請記住，他們是績效驅動的客戶。我們憑藉強大的能力並始終表現出色，贏得了勝利。

Now if you look at the available TAM there, we remain underrepresented. So clearly, that's a target of growth for us, and we'll continue to invest to be able to win there. So that's also regardless of the baseband they decide to use. We enjoy multiple opportunities to grow our content, not only in the areas where we've been strong in the past, but also in areas that will be new sockets for Qorvo. Again, that's about our largest customer.

現在，如果你看看那裡可用的 TAM，你會發現我們的代表性仍然不足。顯然，這是我們的成長目標，我們將繼續投資以贏得勝利。因此，這也與他們決定使用的基帶無關。我們享有多種發展內容的機會，不僅在我們過去表現強勁的領域，而且在將成為 Qorvo 新插座的領域。再說一遍，這是我們最大的客戶。

In my prepared remarks, I talked about the leading Android smartphone manufacturer and our ability to continue to gain share there, and we talked about ultra-wideband along with all those types of components. Dave also spoke about in China and bring out our new technologies where we've integrated the mid-high band plus the diversity received into that module. That's going to be the ability to grow there as well.

在我準備好的演講中，我談到了領先的 Android 智慧型手機製造商以及我們繼續在那裡獲得份額的能力，我們還談到了超寬頻以及所有這些類型的組件。戴夫也談到了在中國並推出了我們的新技術，我們將中高頻段以及接收到的多樣性整合到這個模組中。這也將是在那裡成長的能力。

Dave also talked about ultra-wideband in some of those handsets, some of our sensors, power management. So I think as we look across the portfolio, we feel pretty good at our ability to continue to grow our dollar content, enhance us whether it's a flagship premium tier or the mass market.

戴夫還談到了其中一些手機、我們的一些感測器、電源管理中的超寬頻。因此，我認為，當我們審視整個投資組合時，我們對繼續增加美元含量、增強我們的能力感到非常滿意，無論是旗艦高端市場還是大眾市場。

The next question comes from Vivek Arya of Bank of America Securities.

下一個問題來自美國銀行證券公司的 Vivek Arya。

For the first one, you were guiding December sales down 9% sequentially or so. I thought the original intention was to kind of stay flattish. The large customer, I imagine should be flattish. And I think one of your competitors mentioned a sharp ramp in terms of their China shipment getting into December. So I'm curious, Bob, what is leading you to kind of guide sales down when some of these big customer trends seem to be growing sequentially? Or is it just conservatism? Or is it noncellular market that's guiding that outlook?

對於第一個目標，您指導 12 月的銷售額比上一季下降 9% 左右。我認為最初的目的是保持扁平化。大客戶，我想應該是平淡的。我認為你們的一位競爭對手提到，進入 12 月，他們的中國發貨量急劇增加。所以我很好奇，鮑勃，當這些大客戶趨勢中的一些似乎連續增長時，是什麼導致你指導銷售下降？或者這只是保守主義？或者是非蜂窩市場主導了這一前景？

Thanks, Vivek. And I know I've said this before, but I'll remind you in the audience, we ship a majority of our parts that are not on the motherboard. So the timing of when we see the ramp is different than maybe you're talking about a baseband customer, I don't know. They're on the motherboard. A lot of what we have goes to the Flex circuits. So they build those ahead of the motherboard. So our timing can be different. So I just want to make sure that.

謝謝，維韋克。我知道我之前已經說過這​​一點，但我會提醒觀眾，我們運送的大部分部件不在主機板上。因此，我不知道我們看到斜坡的時間與您談論基帶客戶的時間不同。它們在主機板上。我們擁有的很多東西都用於柔性電路。所以他們在主機板之前建造了這些。所以我們的時間安排可能會有所不同。所以我只是想確定一下。

That's also -- if it's the baseband customer, if you remember, they had an inventory build that they blamed at that customer. We didn't see that build. So therefore, we've naturally followed the progression of the builds. They may have had a pause. And as you point out, the inventory will go down, then they would see a quick ramp-up. So I can't comment on their business, but I can tell you the timing, we typically lead the ramp because of how much product we have on select circuits, which is different than most of the products that are on the motherboard.

這也是——如果是基帶客戶，如果你還記得的話，他們有一個庫存建設，他們將責任歸咎於該客戶。我們沒有看到那棟建築。因此，我們自然而然地遵循了構建的進展。他們可能停頓了一下。正如您所指出的，庫存將會下降，然後他們會看到快速增加。因此，我無法評論他們的業務，但我可以告訴你時機，我們通常領先，因為我們在選定電路上擁有多少產品，這與主機板上的大多數產品不同。

Maybe, Vivek, I'll just pick up from there. In terms of our prior discussion around the December quarter. The flat comment was relative to $1 billion Q2, and we've just exceeded that by $100 million. So to Bob's point on timing, plus or minus a couple of weeks that our largest customer can make a very big difference. But those 2 quarters combined are still ahead of where we were communicating previously. So on the net, a positive trend in the top line.

也許，Vivek，我會從那裡接。就我們之前圍繞 12 月季度進行的討論而言。平淡的評論是相對於第二季 10 億美元而言的，而我們剛剛超出了 1 億美元。因此，按照鮑伯的觀點，我們最大的客戶在時間上加減幾週就可以產生很大的改變。但這兩個季度的總和仍然高於我們之前溝通的水平。因此，從網路上看，營收呈現正面趨勢。

Got it. Makes sense. And then on gross margin. So December 43.5%, I guess, at midpoint, March, I guess, seem to be implying closer to 41%. And I think the explanation you're giving is that because these 2 quarters, you are using your internal high-cost inventory. So does that impact get over by March as we start conceptually thinking about modeling gross margins from June onwards? What is that starting baseline that we should keep in mind? Is it low 40s? Is it mid-40s? I understand you're not going to give that for next year, but I just don't know how to think about what is normalized gross margins as we start thinking about your next fiscal year.

知道了。說得通。然後是毛利率。因此，我猜 12 月為 43.5%，而 3 月中點，我想似乎意味著接近 41%。我認為您給出的解釋是，因為這兩個季度，您正在使用內部高成本庫存。那麼，當我們從 6 月開始概念性地考慮毛利率建模時，這種影響會在 3 月消失嗎？我們應該牢記的起始基線是什麼？是40多歲嗎？現在是40多歲嗎？我知道您不會給出明年的數據，但當我們開始考慮您的下一個財政年度時，我只是不知道如何考慮正常化毛利率。

Sure. And now some of this depends on the inventory, as you pointed out, that we're carrying the high unit cost inventory that we sell through and the mix of that in the March quarter. Some of this also relates to the utilization within the March period. as we start to look forward to the demand that we see in the coming year. So it's a difficult or complex question to answer prospectively.

當然。現在，正如您所指出的，這在一定程度上取決於庫存，我們銷售的高單位成本庫存以及三月季度的庫存混合在一起。其中一些也與三月期間的使用率有關。當我們開始期待來年的需求。因此，這是一個很難或複雜的問題，需要前瞻性地回答。

But nonetheless, in terms of the gross margin for the March quarter, as I mentioned, our full year guide of 44% and now saying a bit better than that could imply that we have upside to the March to what you've just described. And then in terms of our fiscal '25, it's going to be a gradual continuation from there upwards, I would expect because the June quarter is still seasonally weaker for us as we head into the larger ramp in September from a seasonal perspective.

但儘管如此，就3 月份季度的毛利率而言，正如我所提到的，我們的全年指引值為44%，現在說比這要好一點，這可能意味著我們3 月份的毛利率比您剛才描述的要好。然後就我們的25 財年而言，我預計這將是一個逐步向上的延續，因為從季節性角度來看，當我們在9 月進入更大的增長時，6 月季度對我們來說仍然是季節性疲弱的。

So hopefully, that gives you at least some idea of how we're going to track into fiscal '25. Maybe going back to some of my prepared remarks, I did say that I believe we could achieve 50% gross margin at first on a quarterly basis and then subsequently on an annual basis across the entire year when we get through the inventory as well as return utilization levels to more normalized levels.

希望這至少能讓您了解我們將如何追蹤 25 財年的情況。也許回到我準備好的一些言論，我確實說過，我相信我們首先可以在每個季度實現50% 的毛利率，然後在全年的基礎上，當我們處理完庫存和退貨時，我們可以實現50% 的毛利率利用率水準達到更標準化的水準。

The next question comes from Chris Caso of Wolfe Research.

下一個問題來自沃爾夫研究中心的克里斯·卡索。

The question is on cash flow and on your ability to start ramping the cash flow again once the market comes to a fuller recovery. I suppose that's going to depend a lot on what the CapEx needs are and for how long. And so if you could talk about that, the kind of expectations for cash flow and for how long you can kind of keep the CapEx at lower levels so you can drive some cash in the next cycle?

問題在於現金流，以及一旦市場全面復甦，你是否有能力再次開始增加現金流。我認為這在很大程度上取決於資本支出的需求和持續時間。因此，您是否可以談談對現金流的預期，以及您可以將資本支出保持在較低水平多長時間，以便您可以在下一個週期中獲得一些現金？

Sure. So obviously, we'd expect cash flow to improve materially given the improvement in the P&L. It's a bit of a lagging indicator as we collect receivables. So we should see that. I wouldn't expect anything different in terms of our guidance on CapEx at around 5% of sales or less. Again, that can fluctuate, of course, but I wouldn't expect too much difference there from a free cash flow perspective.

當然。顯然，鑑於損益表的改善，我們預期現金流將大幅改善。當我們收集應收帳款時，這是一個有點落後的指標。所以我們應該看到這一點。我預期我們的資本支出指引不會有任何不同，約為銷售額的 5% 或更低。當然，這可能會波動，但從自由現金流的角度來看，我預計不會有太大差異。

Okay. Just as a follow-up, if you could talk about the competitive environment some and one of the things that was noted with the Huawei phone that came out is there was some Chinese RF there, and it's a very different architecture from the phones that you're supplying to your China customers. But I guess the question is, are you seeing anything different with regard to the capabilities of some of the local Chinese suppliers that would have some effect on the market?

好的。作為後續行動，如果您可以談談競爭環境，那麼華為手機的其中一個值得注意的事情就是那裡有一些中國的射頻，它的架構與您之前的手機非常不同。正在向您的中國客戶供貨。但我想問題是，您是否認為一些中國本土供應商的能力有什麼不同，會對市場產生一些影響？

Yes. I think from a capability standpoint, I mean, we don't see anything out of the norm. I mean there's certainly some key technology areas that they're definitely behind in. And so -- and I think if you look across the phone even outside of the RF, there's probably a lot of areas that the technology is behind and maybe even up to 3 years beyond. So I think from a competitive environment, we don't see any big change just because of that Huawei phone ramp.

是的。我認為從能力的角度來看，我們沒有看到任何不正常的情況。我的意思是，在一些關鍵技術領域，他們肯定落後了。所以，我認為，如果你看看手機，甚至在射頻之外，可能有很多領域的技術落後，甚至可能還領先。至3年後。因此，我認為從競爭環境來看，我們不會因為華為手機的崛起而看到任何重大變化。

The next question comes from Blayne Curtis of Barclays.

下一個問題來自巴克萊銀行的布萊恩‧柯蒂斯。

I apologize if you said this earlier. But in terms of the September quarter, mobile came in a bit better than you were expecting. I believe the expectation was that you weren't going to see much Android growth. Can you just clarify if that upside came from Android to your largest customer? And I don't know if you gave the percentage. I think you said two 10% customers. So are you willing to give those out?

如果你早些時候這麼說，我深表歉意。但就九月季度而言，行動業務的表現比您的預期要好一些。我相信人們的預期是 Android 不會有太大的成長。您能否澄清一下，這種優勢是否來自 Android 對您最大的客戶帶來的影響？我不知道你是否給了百分比。我想你說的是兩個 10% 的客戶。那你願意把這些捐出去嗎？

Yes. Thanks, Blayne. This is Grant. No, we didn't give out those percentages. We'll do that annually, but I just did mention that we had 2. In terms of the quarter, the upside in revenue was largely driven by ACG, and it was predominantly our largest customer, but not entirely so.

是的。謝謝，布萊恩。這是格蘭特。不，我們沒有給出這些百分比。我們每年都會這樣做，但我剛剛提到我們有 2 個。就本季而言，收入的成長主要是由 ACG 推動的，它主要是我們最大的客戶，但並非完全如此。

Got you. And then I wanted to ask just to follow back up on our gross margins. I'm trying to understand, I guess, your mix has shifted dramatically to this largest customer. And I'm just trying to figure out if that -- how much of effect does that have on your gross margins, the and customer mix versus the utilization of your (inaudible). Does that have any impact or not?

明白你了。然後我想詢問一下我們的毛利率狀況。我想，我想了解你們的組合已經發生了巨大的轉變，轉向了這個最大的客戶。我只是想弄清楚這對您的毛利率、客戶組合與您的利用率（聽不清楚）有多大影響。這有沒有影響？

Yes, sure. So maybe if we just look at bridging Q1 to Q2, so there was 470 basis points of improvement there sequentially. Of that, maybe 2.5% was moving from the 800 basis points of underutilization to 550 basis points. So there's 2.5%, and that was largely anticipated in the guidance of $45 million to $46 million for Q2. And then that leaves a little over 200 basis points left. Now that included some quality and other items, but it was primarily the product mix that I mentioned in the prepared remarks, where we are producing that product on silicon's foundries outside of Qorvo's factory network and then processing them at OSAT that are third parties. So that doesn't carry the same burden as the higher cost inventory we'll be selling in the second half.

是的，當然。因此，如果我們只考慮將第一季與第二季連接起來，那麼可能會連續出現 470 個基點的改進。其中，可能有 2.5% 的利用率從 800 個基點的未充分利用水準上升至 550 個基點。所以有 2.5%，這在很大程度上是在第二季 4500 萬至 4600 萬美元的指導中預期的。那麼還剩下200多個基點。現在，這包括一些品質和其他項目，但主要是我在準備好的評論中提到的產品組合，我們在 Qorvo 工廠網路之外的矽代工廠生產該產品，然後在第三方 OSAT 進行加工。因此，這不會帶來與我們下半年銷售的成本較高的庫存相同的負擔。

This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

我們的問答環節到此結束。我想將會議轉交管理層發表閉幕詞。

We want to thank everyone for joining us on today's call. We appreciate your interest in Qorvo, and we look forward to speaking with you at upcoming investor event. Thanks and have a great night.

我們要感謝大家參加今天的電話會議。感謝您對 Qorvo 的興趣，我們期待在即將舉行的投資者活動中與您交談。謝謝，祝您有個愉快的夜晚。

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接了。