科沃 (QRVO) 2024 Q3 法說會逐字稿

Hello, and welcome to the Third Quarter 2024 Earnings Conference Call for Qorvo. (Operator Instructions)

您好，歡迎參加 Qorvo 2024 年第三季財報電話會議。 （操作員說明）

I would now like to hand the call over to Douglas DeLieto, Vice President, Investor Relations. Please go ahead.

我現在想將電話轉交給投資者關係副總裁道格拉斯·德利托 (Douglas DeLieto)。請繼續。

Hello, everybody, and welcome to Qorvo's Fiscal 2024 Third Quarter Earnings Conference Call.

大家好，歡迎參加 Qorvo 2024 財年第三季財報電話會議。

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

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

在今天的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。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，該報告可在我們的投資者關係網站 ir.qorvo.com 的財務報告下找到。

Joining us today are Bob Bruggeworth, President and CEO; Grant Brown, CFO; David 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； David Fullwood，銷售與行銷資深副總裁；以及 Qorvo 管理團隊的其他成員。

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

因此，我會將電話轉給鮑伯。

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

謝謝 Doug，歡迎大家參加 Qorvo 的 2024 財年第三季電話會議。

I would like to start by complementing the team for delivering another solid quarter. The demand environment in the December quarter improved versus our November outlook, and this is reflected in our strong performance.

首先，我想補充團隊，以實現另一個穩定的季度。與我們 11 月的展望相比，12 月季度的需求環境有所改善，這反映在我們的強勁業績中。

Looking at our business from a high level, Qorvo is capitalizing on secular trends, including connectivity, sustainability and electrification. These trends are playing out over many years, and they are fueling the transition to new technologies and new standards like 5G Advanced, WiFi 7, Matter, DOCSIS 4.0 and others. As a result, customers across our businesses are increasingly seeking higher levels of efficiency and performance where performance is measured in power out, talk time or time between charges. Qorvo is central to these transitions, and we are critical to enabling these capabilities.

從高層次審視我們的業務，Qorvo 正在利用長期趨勢，包括互聯性、永續性和電氣化。這些趨勢多年來一直在顯現，它們正在推動向 5G Advanced、WiFi 7、Matter、DOCSIS 4.0 等新技術和新標準的過渡。因此，我們各業務部門的客戶越來越多地尋求更高水準的效率和效能，其中效能以功率輸出、通話時間或充電間隔時間來衡量。 Qorvo 是這些轉變的核心，我們對於實現這些功能至關重要。

We leverage unique competitive strengths to supply our customers best-in-class solutions that enhance efficiency, increase throughput and reduce form factor. We are a preferred supplier with leading products and a robust technology road map, and we are positioned favorably for broad-based growth across our 3 operating segments.

我們利用獨特的競爭優勢為客戶提供一流的解決方案，以提高效率、提高吞吐量並縮小外形尺寸。我們是首選供應商，擁有領先的產品和強大的技術路線圖，我們處於有利地位，可以在 3 個營運部門實現廣泛的成長。

Now let's turn to our strategic highlights, beginning with HPA. Customer demand in end markets, excluding base station, is improving and supports our view for a return to year-over-year growth in HPA in the March quarter.

現在讓我們來談談我們的策略亮點，首先是 HPA。終端市場（不包括基地台）的客戶需求正在改善，並支持我們對第三季 HPA 恢復同比增長的看法。

In defense and aerospace, we won an X-band radar design with a major DoD contractor, and we received new standard product orders in support of several large domestic and international ground-based radar systems. We also enjoyed increasing demand for our solid-state PA products and for our switch filter bank products across multiple customers and programs.

在國防和航空航天領域，我們贏得了國防部主要承包商的 X 波段雷達設計，並收到了新的標準產品訂單，以支援多個大型國內和國際地面雷達系統。我們也享受到多個客戶和專案對我們的固態 PA 產品和開關濾波器組產品不斷增長的需求。

There are multiyear secular trends driving our D&A business, including the trend of one to many and the transition of mechanical systems to active electronic scanning systems, both of which increased requirements for more advanced systems level RF solutions.

多年來的長期趨勢推動著我們的 D&A 業務，包括一對多的趨勢以及機械系統向主動電子掃描系統的過渡，這兩者都增加了對更先進的系統級射頻解決方案的需求。

Earlier today, we announced the signing of a definitive agreement to acquire Boston-based Anokiwave. Anokiwave is a leading supplier of high-performance integrated silicon ICs for intelligent active array antennas. We are excited to have the Anokiwave team join Qorvo and expand our offerings for defense and aerospace, SATCOM and 5G applications.

今天早些時候，我們宣布簽署最終協議，收購總部位於波士頓的 Anokiwave。 Anokiwave 是智慧主動陣列天線高性能整合矽 IC 的領先供應商。我們很高興 Anokiwave 團隊加入 Qorvo，並擴展我們在國防和航空航太、衛星通訊和 5G 應用方面的產品。

In power management, we are extending our reach in markets where Qorvo enjoys a strong presence such as wearables and other consumer products. Our most recent award is a PMIC chipset with multiple placements for a wearable and charger at a leading Android OEM. Complementing this, we've begun to see a rebound in SSPs for PC and enterprise markets. We are continuing to expand upon our strong position with an additional power management win in support of a leading manufacturer of laptops. Lastly, our recently launched QSPICE circuit simulation software was honored as the Design Tool and Development Software Product of the Year at the 2023 Elektra awards.

在電源管理方面，我們正在擴大 Qorvo 擁有強大影響力的市場，例如穿戴式裝置和其他消費性產品。我們最近獲得的獎項是一款 PMIC 晶片組，該晶片組在一家領先的 Android OEM 中用於穿戴式裝置和充電器的多個位置。與此相輔相成的是，我們開始看到 PC 和企業市場的 SSP 出現反彈。我們正在繼續擴大我們的強勢地位，透過額外的電源管理勝利來支持領先的筆記型電腦製造商。最後，我們最近推出的 QSPICE 電路模擬軟體在 2023 年 Elektra 獎中榮獲年度設計工具和開發軟體產品獎。

In power devices, we are shipping into power supplies for blockchain applications, and design activity in data center continues to be strong. We are also seeing increased activity in circuit protection where our JFET technology brings unique advantages.

在電源設備方面，我們正在為區塊鏈應用提供電源，並且資料中心的設計活動持續強勁。我們也看到電路保護領域的活動不斷增加，我們的 JFET 技術帶來了獨特的優勢。

In automotive, design activity remains strong not only for onboard chargers but also for other emerging applications and electric vehicles.

在汽車領域，不僅車用充電器的設計活動依然強勁，其他新興應用和電動車的設計活動也依然強勁。

In infrastructure, Qorvo is leading the DOCSIS 4.0 upgrade cycle. We commenced volume shipments of our newest DOCSIS 4.0 hybrid power doubler in support of multiple cable OEMs.

在基礎架構方面，Qorvo 引領 DOCSIS 4.0 升級週期。我們開始批量發貨最新的 DOCSIS 4.0 混合功率倍增器，以支援多個電纜 OEM。

In the cellular base station market, inventories continue to be consumed, and we expect demand conditions to remain soft through calendar year '24.

在蜂窩基地台市場，庫存持續消耗，我們預計到 2024 年需求狀況將保持疲軟。

Turning to CSG. Customer activity for ultra-wideband is increasing in secure access automotive applications. We are also seeing new applications for ultra-wideband in automotive, including presence detection and other radar-based sensors. This momentum builds upon our recent wins in ultra-wideband, including an in-vehicle car access platform and a flagship Android smartphone launch.

轉向南玻集團。在安全存取汽車應用中，超寬頻的客戶活動正在增加。我們也看到超寬頻在汽車領域的新應用，包括存在偵測和其他基於雷達的感測器。這一勢頭建立在我們最近在超寬頻領域取得的勝利的基礎上，包括車載訪問平台和旗艦 Android 智慧型手機的發布。

As we demonstrated at CES we are actively involved in a wide array of enterprise and connected home solutions leveraging Matter and ultra-wideband for applications such as door locks, smart lighting and indoor navigation.

正如我們在 CES 上展示的那樣，我們積極參與各種企業和連網家庭解決方案，利用 Matter 和超寬頻應用於門鎖、智慧照明和室內導航等應用。

In force-sensing touch sensors, we received first production orders for an automotive supplier in support of a leading Korea-based automotive OEM. We are seeing increasing traction across a growing set of customers and markets, including automotive, laptop track pads, wearables and smart health.

在力感應觸控感應器方面，我們收到了一家汽車供應商的第一批生產訂單，為一家領先的韓國汽車 OEM 提供支援。我們看到越來越多的客戶和市場受到越來越多的關注，包括汽車、筆記型電腦觸控板、穿戴式裝置和智慧健康。

In WiFi, design activity and collaboration remains strong across reference designs, customers and operators. Within the Android ecosystem, the demand environment for mobile WiFi is improving with the normalization of Android channel inventories. In access points, WiFi 6 volumes continue to grow with certain providers' rollouts in India. In WiFi 7, Qorvo secured design wins across operator, retail, enterprise and mobile segments.

在 WiFi 領域，參考設計、客戶和營運商之間的設計活動和協作依然強勁。在Android生態系內，隨著Android通路庫存的常態化，行動WiFi的需求環境正在改善。在接入點方面，隨著某些供應商在印度的推出，WiFi 6 的銷售量持續成長。在 WiFi 7 中，Qorvo 贏得了營運商、零售、企業和行動領域的設計勝利。

In ACG, we commenced shipments in support of the spring 2024 flagship smartphone launch by the leading Android smartphone OEM. On our last earnings call, we highlighted our content gains in the flagship tier. In addition to the ultra-wideband, Qorvo content this year includes the low-band, mid/high band, ultra-high band, secondary transmit and receive, tuning and WiFi. We are ramping up now and building upon our momentum with a broad set of design wins in this customer's high-volume mass market portfolio.

在 ACG 領域，我們開始出貨，以支援領先的 Android 智慧型手機 OEM 於 2024 年春季推出的旗艦智慧型手機。在我們上次的財報電話會議上，我們強調了我們在旗艦層的內容收益。除了超寬頻之外，Qorvo 今年的內容還包括低頻段、中/高頻段、超高頻段、二次發射和接收、調諧和 WiFi。我們現在正在加速發展，並在該客戶的大批量大眾市場產品組合中贏得了一系列廣泛的設計勝利，以鞏固我們的勢頭。

Android mass-market smartphones are set to transition to 5G through the decade. In our collaboration with Android customers on their long-term product road maps positions Qorvo to be a primary beneficiary as these new 5G units enter our SAM. To that end, Qorvo was recognized by the top 4 China-based Android 5G OEMs with 2023 awards for innovation, quality, supply, technology and strategic partnership.

Android 大眾市場智慧型手機將在十年內過渡到 5G。在我們與 Android 客戶就其長期產品路線圖進行合作的過程中，隨著這些新的 5G 裝置進入我們的 SAM，Qorvo 成為主要受益者。為此，Qorvo 獲得了中國四大 Android 5G OEM 廠商的認可，榮獲 2023 年創新、品質、供應、技術和策略合作夥伴獎。

To simplify 5G adoption and sustain our position as the leading global strategic supplier to Android OEMs, we continue to launch new architectures and new products that enhance performance and reduce form factors. During the quarter, we expanded customer sampling of our newly launched main path LMH PAD. This highly integrated solution is optimized for mass-market smartphones. It combines in a single placement the low, mid- and high-band main path content traditionally offered in 2 placements. This reduces surface area by 40%, simplifies design and accelerates time to market.

為了簡化 5G 採用並維持我們作為 Android OEM 全球領先策略供應商的地位，我們不斷推出新架構和新產品，以提高效能並縮小外形尺寸。本季度，我們擴大了新推出的主路徑 LMH PAD 的客戶抽樣範圍。這種高度整合的解決方案針對大眾市場智慧型手機進行了最佳化。它將傳統上在 2 個位置提供的低、中和高頻段主路徑內容結合在一個位置中。這將表面積減少了 40%，簡化了設計並加快了上市時間。

In addition to developing highly integrated solutions with increasing levels of functional density, we are also advancing technology in our high-performance discrete portfolio, including our BAW filters. During the quarter, we received purchase orders for discrete BAW filters using our recently released next-generation BAW technology.

除了開發功能密度不斷提高的高度整合解決方案外，我們還在高性能分立產品組合中推進技術，包括 BAW 濾波器。本季度，我們收到了使用我們最近發布的下一代 BAW 技術的分立 BAW 濾波器的採購訂單。

During the quarter, we continued to bring channel inventories down, and our shipments are more closely aligned with end market demand. We are also seeing incremental improvement in end market demand in the Android ecosystem. For calendar '24, we expect total smartphone units to grow in low single digits, with 5G units growing over 10%. The competing wins, we collaborate with customers on their 3-year product road maps, and we supply the industry-leading solutions. We enjoy a position as the preferred strategic RF supplier for all the customers we serve in the Android space and we are very well positioned to benefit as their portfolios continue to transition to 5G.

本季，我們持續降低通路庫存，我們的出貨量更加貼近終端市場需求。我們也看到 Android 生態系統終端市場需求的逐步改善。對於 24 年日曆，我們預計智慧型手機總銷量將以低個位數成長，其中 5G 銷量將成長超過 10%。為了贏得競爭，我們與客戶合作制定 3 年產品路線圖，並提供業界領先的解決方案。對於我們在 Android 領域所服務的所有客戶來說，我們享有作為首選策略性射頻供應商的地位，並且隨著他們的產品組合繼續向 5G 過渡，我們處於有利地位。

In summary, demand for Qorvo's products has improved primarily due to our proactive efforts to align channel inventories with end market demand and content gains on key customer programs. We are delivering customers industry-leading products and technologies and design activity remains robust. This positions Qorvo favorably for continued strong content and durable long-term growth.

總而言之，對 Qorvo 產品的需求有所改善，主要是由於我們積極努力使通路庫存與終端市場需求和關鍵客戶計畫的內容收益保持一致。我們為客戶提供業界領先的產品和技術，設計活動依然強勁。這使 Qorvo 在持續強大的內容和持久的長期成長方面處於有利地位。

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

接下來，我會將電話轉給格蘭特。

Thanks, Bob, and good afternoon, everyone.

謝謝鮑勃，大家下午好。

Revenue for the quarter was $1.74 billion, non-GAAP gross margin was 43.8% and non-GAAP diluted EPS was $2.10, all exceeding the midpoint of our guidance range.

該季度營收為 17.4 億美元，非 GAAP 毛利率為 43.8%，非 GAAP 攤薄後每股收益為 2.10 美元，均超過我們指引範圍的中點。

Revenue increased approximately 44% year-over-year and continued to benefit from significant content gains at our largest customer. As communicated last quarter, ACG achieved year-over-year growth in September, CSG achieved year-over-year growth during the September quarter and we expect HPA to achieve strong year-over-year growth in the March quarter.

營收年增約 44%，並持續受益於我們最大客戶的內容大幅成長。正如上季所傳達的，ACG 在 9 月實現了同比增長，CSG 在 9 月季度實現了同比增長，我們預計 HPA 在 3 月季度實現了強勁的同比增長。

Regarding gross margin, a larger portion of December revenue was manufactured internally during periods of lower utilization, which led to higher unit costs compared to the September quarter. Factory utilization is improving and the impact from underutilization and factory-related variances continues to moderate.

就毛利率而言，12 月份收入的很大一部分是在利用率較低期間內部製造的，這導致單位成本比 9 月季度更高。工廠利用率正在提高，利用率不足和工廠相關差異的影響持續減弱。

Non-GAAP operating expenses in the quarter were $234 million. We continue to invest in new product development as it is a critical catalyst for driving multiyear growth across all 3 business segments. Alongside these growth-oriented investments, we continue to launch productivity initiatives across the enterprise. These initiatives, also spanning multiple years, are designed to support future growth, augment productivity and enhance profitability.

本季非 GAAP 營運費用為 2.34 億美元。我們繼續投資新產品開發，因為它是推動所有 3 個業務領域多年成長的關鍵催化劑。除了這些以成長為導向的投資之外，我們還繼續在整個企業範圍內推出生產力計劃。這些措施也跨越多年，旨在支持未來成長、提高生產力和提高獲利能力。

In total, non-GAAP operating income in the quarter was $237 million or 22% of sales. Non-GAAP net income was $206 million, representing diluted earnings per share of $2.10.

整體而言，本季非 GAAP 營業收入為 2.37 億美元，佔銷售額的 22%。非 GAAP 淨利潤為 2.06 億美元，稀釋後每股收益為 2.10 美元。

Turning to the cash flow statement. We're pleased to report that during the December quarter, we generated free cash flow of $467 million, setting a new quarterly record for Qorvo. Our capital expenditures for the period were $26 million, and we repurchased approximately $100 million of stock at $94 per share. The rate and pace of our share repurchases considers several factors, including our long-term financial outlook, free cash flow, debt maturities, alternative uses of cash and other relevant strategic considerations. This approach ensures that our capital allocation strategy balances future growth with the return of capital and aligns with our underlying goal of delivering long-term shareholder value.

轉向現金流量表。我們很高興地報告，在 12 月季度，我們產生了 4.67 億美元的自由現金流，創下了 Qorvo 的新季度記錄。我們這段期間的資本支出為 2,600 萬美元，並以每股 94 美元的價格回購了約 1 億美元的股票。我們股票回購的速度和步伐考慮了幾個因素，包括我們的長期財務前景、自由現金流、債務到期日、現金的替代用途和其他相關策略考量。這種方法確保我們的資本配置策略能夠平衡未來成長與資本回報，並與我們提供長期股東價值的根本目標一致。

On the balance sheet, as of quarter end, we had approximately $1.6 billion of long-term debt outstanding and over $1 billion of cash and equivalents.

在資產負債表上，截至季末，我們有約 16 億美元的未償長期債務和超過 10 億美元的現金及等價物。

Regarding balance sheet presentation, the 2024 notes have been reclassified as current and will mature in December. Subject to changes in the interest rate environment and other factors, we currently expect to retire these notes later this year.

關於資產負債表列報，2024 年票據已重新分類為流動票據，並將於 12 月到期。根據利率環境和其他因素的變化，我們目前預計將在今年稍後停用這些票據。

In line with the expectations shared during our previous earnings call, we successfully reduced our net inventory balance over the period. We ended the quarter with a net inventory balance of $727 million, a sequential decrease of $113 million. In terms of days of inventory, this represents a decrease from 138 days in the September quarter to 118 days in the December quarter. This reduction reflects our commitment to efficient inventory management and we expect continued improvement in the March quarter.

根據我們在上次財報電話會議上分享的預期，我們成功減少了期內的淨庫存餘額。本季結束時，我們的淨庫存餘額為 7.27 億美元，季減 1.13 億美元。就庫存天數而言，這意味著從 9 月季度的 138 天減少到 12 月季度的 118 天。這一減少反映了我們對高效庫存管理的承諾，我們預計三月季度將繼續改善。

Turning to the current quarter outlook. We expect revenue of approximately $925 million, plus or minus $25 million, non-GAAP gross margin of approximately 42% and non-GAAP diluted EPS of $1.20 at the midpoint of the revenue range.

轉向當前季度的展望。我們預計收入約為 9.25 億美元，上下浮動 2500 萬美元，非 GAAP 毛利率約為 42%，非 GAAP 攤薄後每股收益為 1.20 美元（按收入範圍的中點計算）。

Relative to December, we expect March revenue to reflect a larger percentage of higher cost inventories previously manufactured internally during periods of lower utilization. As these higher-cost, previously manufactured inventories sell through, it paves the way for future gross margins that reflect increasing levels of utilization. We currently expect to have sold through most of these higher-cost inventories and associated costs by the second half of this calendar year.

相對於 12 月，我們預計 3 月的收入將反映更大比例的先前在利用率較低期間內部製造的成本較高的庫存。隨著這些成本較高、先前製造的庫存售完，它為反映利用率不斷提高的未來毛利率鋪平了道路。目前，我們預計今年下半年即可售罄大部分成本較高的庫存和相關成本。

We project non-GAAP operating expenses in the March quarter will be approximately $245 million with variability related to labor-related expenses and the timing of program development spend. 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.

我們預計 3 月季度的非公認會計準則營運費用約為 2.45 億美元，其中與勞動力相關的費用和專案開發支出的時間表有關。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。

Our non-GAAP tax rate for fiscal '24 is expected to be within a range of 11% to 13%. In December, we announced a new partnership with Luxshare related to the divestiture of our Beijing and Dezhou assembly and test facilities. Upon the closing of this transaction, Luxshare will acquire each facility's operations and assets, which includes the property, plant and equipment as well as the existing workforce, to enable the seamless continuity of operations.

我們 24 財年的非 GAAP 稅率預計在 11% 至 13% 的範圍內。 12 月，我們宣布與立訊精密建立新的合作夥伴關係，涉及剝離我們的北京和德州組裝和測試設施。本次交易完成後，立訊精密將收購每個工廠的營運和資產，包括房產、廠房和設備以及現有員工，以實現營運的無縫連續性。

Qorvo will continue to maintain our sales, product and test engineering and customer support employees in China. We believe that adding Luxshare as a strategic partner will strengthen our position to serve our customers globally. As it relates to our manufacturing strategy, this is a further step in our ongoing efforts to reduce capital intensity. This move aligns with previous actions, including the closure of our Florida manufacturing operations and the recent sale of our Farmers Branch facility in Texas.

Qorvo 將繼續保留我們在中國的銷售、產品和測試工程以及客戶支援員工。我們相信，立訊精密成為策略夥伴將加強我們為全球客戶提供服務的地位。由於它與我們的製造策略有關，這是我們持續努力降低資本密集度的又一步。此舉與先前的行動一致，包括關閉佛羅裡達州的製造業務以及最近出售德克薩斯州 Farmers Branch 工廠。

We are efficiently managing a complex supply chain, including our internal factories, which support all 3 operating segments, and will remain an ongoing focus. We will leverage internal manufacturing where it uniquely differentiates our products and outsource production where we maintain a strong network of foundry and OSAT partners. Qorvo is well positioned to capitalize on multiple growth drivers within each of our 3 operating segments. We are confident that our investments in our technology portfolio, product development and advanced manufacturing will broaden our addressable market, diversify revenue, expand margins and accelerate growth.

我們正在有效地管理複雜的供應鏈，包括支援所有 3 個營運部門的內部工廠，並將繼續成為我們的重點。我們將利用內部製造，使我們的產品與眾不同，並利用外包生產，維持強大的代工廠和 OSAT 合作夥伴網路。 Qorvo 處於有利地位，可以充分利用我們 3 個營運部門中的多個成長動力。我們相信，我們對技術組合、產品開發和先進製造的投資將擴大我們的目標市場、實現收入多元化、擴大利潤並加速成長。

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

此時，請開通提問線路。謝謝。

(Operator Instructions) Today's first question comes from Toshiya Hari with Goldman Sachs.

（操作員指令） 今天的第一個問題來自高盛的 Toshiya Hari。

I had two questions. The first one on content growth for this year. Bob, obviously, you guys did a really good job last year in gaining content not only at your largest customer but across the board. I know it's a little bit early but curious how you're thinking about your potential to grow content this year, again, at the largest customer as well as on the Android side. You gave great color on your Korea-based customer but curious how you're thinking about the year across the board.

我有兩個問題。第一個關於今年內容成長的問題。鮑勃，顯然，你們去年在獲取內容方面做得非常好，不僅是在最大的客戶中，而且是全面的。我知道現在有點早，但我很好奇你們如何看待今年在最大的客戶以及 Android 方面增加內容的潛力。您對韓國客戶的描述非常精彩，但我很好奇您對這一年的整體看法。

Toshiya, thanks for your question. And it does seem that some reports last night have created some confusion about our business, so I think it's best I go ahead and address it now that you gave me the opportunity with your first question.

俊哉，謝謝你的提問。昨晚的一些報告似乎確實對我們的業務造成了一些混亂，所以我認為既然你給了我一個第一個問題的機會，我最好繼續解決這個問題。

Based on our known design wins and engagements with our largest customer, one of our competitors, I think it's been named, Qualcomm, we don't believe they're competing on any of the sockets we're engaged in. They did not win any sockets that we've been in nor do we see them challenging our share in any of the sockets we're competing for or investing in at our largest customer. In fact, you can ask them, we're quite confident they would tell you the same thing.

根據我們已知的設計勝利以及與我們最大的客戶（我們的競爭對手之一）的合作，我認為它被命名為高通，我們不相信他們在我們參與的任何插座上進行競爭。他們沒有獲勝我們沒有看到他們挑戰我們在我們最大客戶處競爭或投資的任何插座中的份額。事實上，你可以問他們，我們很有信心他們會告訴你同樣的事情。

Now specifically to ultra-high band, we made it clear on past calls, it was a multisource socket, and we were the only company that consistently won over the last 3 years. We've never had 100% share of the ultra-high band. In fact, you can look at Teradyne on the latest iPhone and see Qorvo won the ultra-high band in the Pro and Pro Max models.

現在特別是超高頻段，我們在過去的通話中明確表示，這是一個多源套接字，我們是過去三年中唯一一家持續獲勝的公司。我們從未擁有過 100% 的超高頻段份額。事實上，你可以在最新 iPhone 上查看 Teradyne，看到 Qorvo 在 Pro 和 Pro Max 型號中贏得了超高頻段。

I know I've said and many of our teams said consistently that this is a performance-driven customer, and we're winning based on multiyear engagements, our technology investments and clearly, our product performance. And we expect to grow with our largest customer in FY '25 and grow even more in FY '26. I wish I could give you more specifics, but I think that answers your question, Toshiya.

我知道我已經說過，而且我們的許多團隊都一致表示，這是一個以績效為導向的客戶，我們的勝利是基於多年的合作、我們的技術投資以及我們的產品性能。我們預計在 25 財年與我們最大的客戶一起成長，並在 26 財年實現更大的成長。我希望我能給你更多細節，但我想這回答了你的問題，Toshiya。

Yes. I appreciate the color. And then as my follow-up, one for Grant on the gross margin side. I think 3 months ago, you had shared the underutilization charge of, I think, 550 basis points for the September quarter. Curious what the headwind was in December, what's embedded in your March quarter guidance. And more importantly, as you progress through the year, how should we think about the trajectory of gross margins? And sorry, one last one. The Luxshare deal, how should we think about that potentially benefiting gross margins medium to long term?

是的。我很欣賞它的顏色。然後作為我的後續行動，格蘭特在毛利率方面。我認為 3 個月前，您已分擔了 9 月季度 550 個基點的未充分利用費用。很好奇 12 月的逆風是什麼，您的 3 月季度指導中包含了什麼內容。更重要的是，隨著這一年的進展，我們該如何考慮毛利率的軌跡？抱歉，最後一件事。立訊精密交易，我們該如何看待中長期潛在的毛利率受益？

Sure, Toshiya. Let me try and take all of those in order. So the first one in terms of the impact from the underutilization charges, it's about half, maybe a little less than half, of what we had previously reported. And as I pointed out, we'll be working through those higher-cost inventories over the balance of this year and should clear them in the second half. So that should give you a sense of the timing there.

當然，東也。讓我嘗試將所有這些按順序排列。因此，第一個就未充分利用費用的影響而言，大約是我們先前報告的一半，可能略低於一半。正如我所指出的，我們將在今年剩餘時間內處理這些成本較高的庫存，並應在下半年清除它們。所以這應該能讓你了解那裡的時機。

There's a lot of moving factors that influence gross margin in addition to underutilization, so the timing of where something was built, when it was built and then in any given period when it's sold. In the September quarter, for example, we had a relatively high percentage of product mix that was manufactured at external silicon foundries and then processed at third-party OSATs versus a higher percentage in the December and what we anticipate in March to be manufactured internally during prior periods of lower utilization. So there's this lag effect I described last quarter. The underutilization in past periods, obviously, converting the products sold in future periods.

除了利用率不足之外，還有很多影響毛利率的因素，例如建造地點、建造時間以及出售的任何特定時期的時間。例如，在9 月份的季度，我們的產品組合中有相當高的比例是在外部矽代工廠製造，然後在第三方OSAT 進行加工，而12 月份的比例較高，我們預計3 月份的產品將在2017 年內部製造。前期利用率較低。這就是我上個季度描述的滯後效應。顯然，過去時期的使用率不足，會轉換未來時期銷售的產品。

But beyond March, no change to our guidance of returning to 50% plus gross margin over time. We have line of sight to get there once we sell through the higher-cost inventories, as I mentioned, it's encouraging on the utilization front as it's improving, and we'll continue to execute on further productivity opportunities as well. I commented in my prepared remarks that we expect to have worked through all of that, as I mentioned, in the second half, and that will clear the path for margins that reflect higher levels of factory utilization going forward.

但在 3 月之後，我們的指導方針並沒有改變，即隨著時間的推移，毛利率將恢復到 50% 以上。正如我所提到的，一旦我們銷售完成本較高的庫存，我們就有機會實現這一目標，隨著利用率的提高，利用率方面令人鼓舞，我們也將繼續抓住進一步的生產力機會。我在準備好的發言中評論道，正如我所提到的，我們預計將在下半年完成所有這些工作，這將為反映未來工廠利用率更高水平的利潤率掃清道路。

The next question comes from Ruben Roy with Stifel.

下一個問題來自魯本·羅伊和斯蒂菲爾。

Bob, first of all, on the unit assumptions that you have for the year, low single digits, I think you said, for the total market; and then 5G, 10% or so. How are you thinking about sort of non-China Android and China Android as you think about your mix going forward? It would seem like you're doing quite well, obviously, in Korea and elsewhere. Just wondering kind of where you think things shake out with China Android as you kind of progress through calendar '24.

鮑勃，首先，關於今年的單位假設，我想你說過，對於整個市場來說，單位數是低個位數；然後是5G，10%左右。當您考慮未來的組合時，您如何看待非中國 Android 和中國 Android？顯然，你在韓國和其他地方做得很好。只是想知道，隨著日曆「24」的進展，您認為中國 Android 的情況會發生什麼變化。

Thanks for the question. This is Dave. I'll take that one. So as Bob mentioned and as we said before, we enjoy a really strong position as the preferred strategic supplier for all our Android customers. We engage with them on multiple years out on their product road maps. And it's really a special seat at the table that we have as the leading global supplier. They care deeply about our products, our technology, but also the quality and the supply assurance that we deliver. And we've been that trusted supplier for all of our Android customers for many, many years. And the one thing we've learned is you have to be there for them over the long term. You can't just come in and out of the market and expect to gain any meaningful share.

謝謝你的提問。這是戴夫。我會接受那個。因此，正如 Bob 所提到的以及我們之前所說的，作為所有 Android 客戶的首選策略供應商，我們享有非常強大的地位。我們多年來一直與他們合作制定他們的產品路線圖。作為全球領先的供應商，這確實是我們在談判桌上的一個特殊席位。他們非常關心我們的產品、技術，以及我們提供的品質和供應保證。多年來，我們一直是所有 Android 客戶值得信賴的供應商。我們學到的一件事是，你必須長期支持他們。你不能只是進出市場就期望獲得任何有意義的份額。

So at our China customers, as Bob mentioned, we received top supplier awards for innovation, quality, supply, strategic partnership for 2023, and that includes awards from Honor, OPPO, Xiaomi and Vivo. And we're also proud of our position in Android outside of China as well. Bob highlighted the great content in the new Samsung Galaxy S24. For multiple years now, we provide a full lineup of ultra-high band, mid/high band, secondary transmit path, low-band, tuning and WiFi. And this year, we added ultra-wideband.

因此，正如 Bob 所提到的，在我們的中國客戶中，我們獲得了 2023 年創新、品質、供應、策略合作夥伴關係方面的頂級供應商獎項，其中包括來自 Honor、OPPO、小米和 Vivo 的獎項。我們也對我們在中國以外的 Android 領域的地位感到自豪。 Bob 重點介紹了新款三星 Galaxy S24 中的精彩內容。多年來，我們提供全系列的超高頻段、中/高頻段、輔助傳輸路徑、低頻段、調諧和 WiFi。今年，我們增加了超寬頻。

We're also excited to have received initial purchase orders for our next-generation mid/high band with integrated diversity receive. We announced that product a few quarters ago, and we had our first purchase orders for a U.S.-based Android customer. And this part brings a new level of integration for size and performance, leveraging our latest filter technology for BAW and SAW. And we've also got a lot of other great content on that phone that we're excited to tell you about in the future as well.

我們也很高興收到具有集成分集接收功能的下一代中/高頻段的初始採購訂單。我們在幾個季度前發布了該產品，並且收到了美國 Android 客戶的第一批採購訂單。該部件利用我們最新的 BAW 和 SAW 濾波器技術，將尺寸和性能的整合提升到了新的水平。我們也在這款手機上提供了許多其他精彩內容，我們也很高興在未來向您介紹這些內容。

We believe we're best positioned to grow with our Android customers as their products continue to transition to 5G over the coming years. And we've got a lot of great new opportunities and content we can address with ultra-wideband touch sensors and power management, so we feel really good about our position really across the entire Android ecosystem.

我們相信，隨著 Android 客戶的產品在未來幾年繼續向 5G 過渡，我們最有能力與他們一起成長。我們有很多很好的新機會和內容，可以透過超寬頻觸控感應器和電源管理來解決，所以我們對我們在整個 Android 生態系統中的地位感到非常滿意。

That's great. A quick follow-up for Grant on the Luxshare commentary. How are you thinking, Grant, about sort of longer-term CapEx? Clearly, this is part of sort of the longer-term strategy around CapEx. But if you could speak to that, I know the deal is going to close first half of '24, so maybe a little bit early. But has anything changed, I guess, with the strategy around CapEx and cash flow assumptions that you have as you think about sort of the next 12 to 18 months?

那太棒了。格蘭特對立訊精密評論的快速跟進。格蘭特，您對長期資本支出有何看法？顯然，這是圍繞資本支出的長期策略的一部分。但如果你能談談這一點，我知道這筆交易將於 24 年上半年完成，所以可能有點早。但我想，當您考慮未來 12 到 18 個月時，圍繞資本支出和現金流假設的策略是否發生了變化？

Sure. The cash flow question, I think as we look forward, as I've always said, we'll follow the P&L. So largely, that will be dictated by the growth that Bob mentioned in fiscal '25 and '26. In terms of our CapEx, as a percentage of the top line, we do expect it to continue in that 5% or less category. If there are capacity additions made, it will be in response to demand and the capacity required to serve it.

當然。關於現金流問題，我認為，正如我一直所說的那樣，我們將遵循損益表。在很大程度上，這將取決於鮑伯在 25 財年和 26 財年中提到的成長。就我們的資本支出而言，作為營收的百分比，我們確實預計將繼續保持在 5% 或更低的水平。如果增加容量，這將是為了回應需求和服務所需的容量。

As it relates to the sale of Beijing and Dezhou, we're really excited to partner with Luxshare as we transition those sites. The agreement is over multiple years. And there is obviously some benefits there for Qorvo as the volume increases, and we found a great partner to help reduce our capital intensity, and we're confident in their ability to provide the cost improvements that we'd expect over time in a rather similar relationship to what we incurred today cost-wise at those locations.

由於涉及北京和德州的出售，我們非常高興在過渡這些地點時與立訊精密合作。該協議為期多年。隨著產量的增加，Qorvo 顯然會帶來一些好處，我們找到了一個很好的合作夥伴來幫助降低我們的資本密集度，我們對他們有能力提供我們期望的成本改進的能力充滿信心與我們今天在這些地點發生的成本方面的關係類似。

The next question comes from 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。

A couple of things. Bob, thank you very much for clearing that up right off the bat. I really appreciate that. That clears a lot of confusion. Maybe we can shift gears then a little bit on the Android market. I know you're doing very well in China and the whole inventory digestion, and that's all, I think, fairly clear now. But when you get back to the normal run rate here, the content gain seems to be shifted a little bit. The Chinese suppliers have picked up a little bit, but they don't seem to be threatening you in modules. And now you're talking about these very high integrated modules, which separates you from any other competitors. I don't think Skyworks even has that part yet.

有幾件事。鮑勃，非常感謝你立即解決了這個問題。我真的很感激。這消除了很多混亂。也許我們可以在 Android 市場上稍微改變一下方向。我知道你們在中國以及整個庫存消化方面做得很好，我認為現在這一切都相當清楚了。但是當你回到這裡的正常運行速率時，內容增益似乎發生了一些變化。中國供應商有所回升，但他們似乎並沒有在模組方面對你構成威脅。現在您正在談論這些整合度非常高的模組，這使您與其他競爭對手區分開來。我認為 Skyworks 還沒有這個部分。

So one, content-wise, by combining all that into a single module, it must be the sum of the parts isn't quite equal to the individual pieces. Is it a content decline just on average? Or are you pulling in content that they may not have had before or they're paying for a premium? So I'm just trying to get an idea of how that shakes out when China finally gets back to a normal run rate. And then I had a follow-up, please.

因此，就內容而言，透過將所有這些組合到一個模組中，各部分的總和一定不完全等於各個部分。這只是平均內容的下降嗎？或者您正在引入他們以前可能沒有過的內容或他們正在支付溢價？因此，我只是想了解當中國最終恢復正常運行速度時，情況會發生怎樣的變化。然後我有一個後續行動，請。

Yes, this is Dave. It kind of depends. So Bob mentioned our low, mid/high. And so that's a combination of what used to be the mid/high band, which we generally enjoyed a pretty high share of that. And the low-band, which we had good share, but we shared a lot of that with some other competitors. But when we integrate the low, mid/high altogether, obviously, we can pick up some content there overall as we support customers with that platform.

是的，這是戴夫。這取決於。所以鮑伯提到了我們的低、中/高。因此，這是過去中/高頻段的組合，我們通常在其中佔據相當高的份額。在低頻段，我們有很好的份額，但我們與其他一些競爭對手共享了很多。但是，當我們將低、中/高整合在一起時，顯然，我們可以在透過該平台為客戶提供支援時從整體上獲取一些內容。

You also have to look at the different SKU strategies that our customers have. So depending on what markets they serve, there may be more or less filter content. So we work with them, as Bob mentioned and I mentioned as well, on their long-term road maps to help architect, to support their solutions across those different tiers. So whether they're doing a global SKU or they're doing regional SKUs, we can tier the product along with that to fit the needs that they have there.

您還必須查看我們的客戶擁有的不同 SKU 策略。因此，根據他們所服務的市場，可能會有更多或更少的過濾內容。因此，正如鮑伯所提到的，我也提到的，我們與他們合作制定他們的長期路線圖，以幫助架構師，並支持他們跨越不同層級的解決方案。因此，無論他們是做全球 SKU 還是做區域 SKU，我們都可以對產品進行分層，以滿足他們的需求。

Great. And then if I could, you historically haven't sold discrete filters in quite a long time, if I can remember. I know you're doing it now. Well, first of all, maybe you can give us some idea of where those are going. Is that mostly into WiFi? I mean, who, where, what? And is it driven mostly by the fact that you have capacity in Texas that could support that, whereas you're not seeing maybe as much bond in some of the modules that you did it before? Yes, let's just deal with that one.

偉大的。如果可以的話，如果我記得的話，你們已經很長一段時間沒有銷售過分立濾波器了。我知道你現在正在做。好吧，首先，也許你可以讓我們來了解這些內容的去向。主要是 WiFi 嗎？我的意思是，誰、哪裡、什麼？這主要是因為您在德克薩斯州擁有可以支持這一點的能力，而您在某些模組中可能沒有看到像以前那樣多的聯繫嗎？是的，我們就來處理這個問題吧。

Yes. It's an interesting one. So we've been in the discrete filter market. It's just not been a huge business for us because we focus more on the modules, as you said. But it's a very good performing module. It is for 5G, not for WiFi. And I'd like to use an example, customers, even in that tier of the market, are paying for performance, right? They want the latest and greatest technology from us. And even on a very base product like a discrete filter, they're still looking for performance. So we're pretty excited about those products.

是的。這是一件有趣的事。所以我們已經進入了分立濾波器市場。正如您所說，這對我們來說並不是一項巨大的業務，因為我們更關注模組。但這是一個性能非常好的模組。它適用於 5G，而不適用於 WiFi。我想舉個例子，客戶，即使是在這一層市場，也會為效能付費，對嗎？他們希望從我們這裡獲得最新、最好的技術。即使在像分立濾波器這樣的非常基礎的產品上，他們仍在尋求性能。所以我們對這些產品非常興奮。

The next question is from Karl Ackerman with BNP Paribas.

下一個問題來自法國巴黎銀行的卡爾‧阿克曼。

Two, if I may. A question first for Grant. With shutdowns in your Florida facility, which I believe was historically SAW, and the sale of Farmers Branch but also expansion of your Richardson facility, I guess why wouldn't gross margins exceed 50% on a lower revenue base than the prior peak as 5G unit volumes continue to grow from here?

如果可以的話，兩個。首先問格蘭特一個問題。隨著你們佛羅裡達州工廠的關閉（我認為歷史上是 SAW）、Farmers Branch 的出售以及理查森工廠的擴建，我想為什麼在比 5G 之前的峰值更低的收入基礎上毛利率不會超過 50%單位銷量從這裡持續成長？

Sure. So those are all productivity enhancements. And then as we've talked about, it's largely a function of utilization. So in addition to just shuttering some of those facilities that you mentioned, we're also producing significantly smaller die. And so we have effective capacity that has grown regardless of the number of wafers. So you can get more die out of a given wafer. So there's productivity there. And I would say there's a lot of productivity opportunities for us looking forward as we work into that across the board. So there's productivity initiatives that we still have to do. And in terms of why we haven't achieved 50%, it's again largely a utilization issue.

當然。所以這些都是生產力的提升。正如我們所討論的，它很大程度上是利用率的函數。因此，除了關閉您提到的一些設施之外，我們還生產更小的晶片。因此，無論晶圓數量有多少，我們的有效產能都在成長。因此，您可以從給定的晶圓上獲得更多的晶片。所以那裡有生產力。我想說，當我們全面致力於這一點時，我們期待著許多提高生產力的機會。因此，我們仍然需要採取一些提高生產力的措施。至於為什麼我們沒有達到 50%，這在很大程度上又是一個利用率問題。

Sure. I guess, Bob, you also mentioned that 5G units would grow over 10% this calendar year. I'm curious if that is done predominantly in midrange across maybe the China Android OEMs or is that only from Korean and U.S. OEMs? If you could give us some color on the constitution of the 5G unit growth in calendar '24, that would be very helpful.

當然。 Bob，我想您也提到今年 5G 設備數量將增加 10% 以上。我很好奇這是否主要是由中國 Android OEM 廠商在中階市場完成的，還是僅來自韓國和美國 OEM 廠商？如果您能給我們一些有關 24 年 5G 單位增長構成的信息，那將非常有幫助。

Yes. Thanks for the question, Karl. It's primarily the Android ecosystem, so it would include all the Android manufacturers. Because we're seeing in China, the manufacturers that are not [HBOX] are also moving into 5G. So it's a broad comment across the Android ecosystem is what we see driving most of that growth.

是的。謝謝你的提問，卡爾。它主要是 Android 生態系統，因此它將包括所有 Android 製造商。因為我們在中國看到，除 [HBOX] 之外的製造商也在轉向 5G。因此，我們認為，整個 Android 生態系統的廣泛評論是推動這一成長的主要因素。

The next question is from Srini Pajjuri with Raymond James.

下一個問題是斯里尼·帕朱里 (Srini Pajjuri) 和雷蒙德·詹姆斯 (Raymond James) 提出的。

I guess on your March quarter outlook, pretty solid guide, by the way. Bob, just trying to understand the puts and takes by different segments. I think you said HPA is going to grow nicely in March quarter, which seems to imply that the smartphone business is probably seasonal. But based on what you said, it looks like Android is coming back a bit and your content is increasing. So I'm just curious as to why it's not better than seasonal as we look into the March quarter?

順便說一句，我想你的三月季度展望是相當可靠的指南。鮑勃，只是想了解不同部分的投入和獲取。我認為您說過 HPA 將在 3 月季度實現良好成長，這似乎意味著智慧型手機業務可能是季節性的。但根據你所說的，Android 似乎正在回歸，你的內容也在增加。所以我只是好奇為什麼當我們研究三月季度時它不比季節性更好？

Sure. Hey, Srini, this is Grant. I'll take that question. We don't guide specifically by segment, but our views are incorporated in the total guidance. I'll give a bit of color on each.

當然。嘿，斯里尼，這是格蘭特。我來回答這個問題。我們不會專門按細分領域進行指導，但我們的觀點會納入整體指導中。我會給每個顏色一點顏色。

In ACG, we expect substantial year-on-year growth despite the typical sequential decline associated with our largest customer's fall ramp. Partially offsetting that seasonal decline is healthier channel inventories and improving smartphone unit demand in China as well as the flagship launch by our largest Android customer.

在 ACG 領域，儘管我們最大客戶的下滑導致了典型的環比下降，但我們預計仍將實現大幅同比增長。更健康的通路庫存、中國智慧型手機需求的改善以及我們最大的 Android 客戶推出的旗艦產品部分抵消了季節性下降。

In HPA, we also expect year-over-year growth across all the businesses, except base station. From a mix perspective, the more capital-intensive end markets we serve, such as base station and some others, including infrastructure, faced headwinds due to the interest rate sensitivity of those customers and some of those larger build-outs. Consequently, defense and aerospace now represents over half of the HPA top line, making that segment a bit more sensitive to the timing of some of those defense programs quarter-to-quarter.

在HPA方面，我們也預期除基地台外的所有業務將年增。從混合角度來看，我們服務的資本密集終端市場（例如基地台和其他一些市場，包括基礎設施）由於這些客戶的利率敏感度和一些規模較大的擴張而面臨阻力。因此，國防和航空航太現在佔 HPA 收入的一半以上，使得該細分市場對某些國防項目的季度時間表更加敏感。

In CSG, we also expect year-over-year growth in the March quarter supported by our WiFi revenues, which we've talked about. It will be up meaningfully from Q4 last fiscal year. And then slower-than-expected ramps in IoT-related areas are expected in March, probably persisting through the first half of '24. Although the auto market appears to be weakening, in general, our secular opportunities there lie in the automotive connectivity areas, which are supported by the growing adoption of 5G WiFi, VDX and ultra-wideband, I think, Dave commented on earlier. We've already announced some significant design wins there in CSG for automotive and smartphone, and we're targeting additional areas, including industrial, enterprise and smartphone.

在 CSG，我們也預計 3 月季度的同比增長將受到我們已經討論過的 WiFi 收入的支持。與上財年第四季相比，這一數字將大幅上升。預計 3 月物聯網相關領域的成長將慢於預期，並可能持續到 2024 年上半年。 「雖然汽車市場似乎正在走弱，但總的來說，我們的長期機會在於汽車連接領域，我認為這些機會得到了 5G WiFi、VDX 和超寬頻日益普及的支持，」Dave 早些時候評論道。我們已經宣佈在 CSG 的汽車和智慧型手機領域取得了一些重大設計成果，並且我們正在瞄準其他領域，包括工業、企業和智慧型手機。

That's great color, Grant, I appreciate that. And then, Grant, cash flow, very, very strong here. Obviously, you had a little bit of a headwind in the first half with working capital. Now I think that has become a tailwind, but quite impressive nevertheless. So can you talk about how you're thinking about cash flow going forward? I think you mentioned CapEx is going to be fairly relatively small. And you also kind of suggested that inventory might come down again. So just want to hear your thoughts on cash flow generation going forward. And then what are the uses for the cash going forward? I guess, it looks like you made an acquisition and obviously, you've been buying back shares. So if you can talk about that, that would be helpful.

這顏色太棒了，格蘭特，我很欣賞。然後，格蘭特，這裡的現金流非常非常強勁。顯然，上半年你們在營運資金方面遇到了一些阻力。現在我認為這已成為一種順風，但仍然令人印象深刻。那麼您能談談您對未來現金流的看法嗎？我認為您提到資本支出將相當相對較小。您還暗示庫存可能會再次下降。所以只想聽聽您對未來現金流產生的想法。那麼接下來這些現金有什麼用途呢？我想，看起來您進行了一項收購，而且顯然您一直在回購股票。因此，如果您能談論這一點，那將會很有幫助。

Sure. In terms of cash flow next quarter, as you point out, there's a few puts and takes. I would expect CapEx to be up. That's going to follow the level of support for the top line and our capacity additions there for our customers' demand. So I would expect that to be up in the March quarter but remain on the year under our limit of around 5%, well under. The monetization of our receivables is something that I expect will continue. That's been a significant tailwind last quarter, along with the reduction in inventory balances. So now you're starting to see that come down as we're able to sell through inventories rather than purchase as much new material. So that helps cash flow.

當然。正如您所指出的，就下個季度的現金流而言，有一些看跌和看跌。我預期資本支出會上升。這將遵循對營收的支援程度以及我們為滿足客戶需求而增加的產能。因此，我預計該數字將在 3 月季度有所上升，但全年仍低於我們設定的 5% 左右的限制，遠低於這一水平。我預計我們的應收帳款貨幣化將會持續下去。隨著庫存餘額的減少，這是上個季度的一個重要推動因素。因此，現在您開始看到這種情況有所下降，因為我們能夠透過庫存進行銷售，而不是購買盡可能多的新材料。這有助於現金流。

Looking forward, as I pointed out, rate and pace of our buyback will fluctuate. It's dependent this year on our maturing 2024 notes, which we'll look to take out by December. And then obviously, we'll be continuing to grow throughout the throughout the calendar year and into fiscal '25. So overall, we should see some improvement. But on a quarter-to-quarter basis in March, there are some additional items there.

展望未來，正如我所指出的，我們回購的速度和步伐將會波動。今年這取決於我們即將到期的 2024 年票據，我們希望在 12 月之前取出這些票據。顯然，我們將在整個日曆年和 25 財年繼續成長。所以總的來說，我們應該會看到一些改進。但從三月的季度來看，還有一些額外的項目。

The next question comes from Matt Ramsay with TD Cowen.

下一個問題來自 TD Cowen 的 Matt Ramsay。

I guess my question is trying to dovetail some expectations the market is increasingly having about AI adoption in clients or handset devices, particularly flagship ones, and dovetail that, Bob, with your commentary about visibility to maybe accelerating content gains for you with your large customer. What I'm trying to understand a bit more is, as AI, I guess, proliferates over the long term in the handset market, do you view that, in and of itself, as a driver of TAM or RF content for your company? Or is it more that the resources in the phone are going to get jacked up a lot in terms of compute and memory, et cetera, and that puts additional constraints on RF where your company can distinguish itself through R&D and taking out things like cost in board space and power, et cetera? I'm just trying to figure out what you see driving the visibility of content as AI presumably comes into these devices.

我想我的問題是試圖符合市場對客戶端或手機設備（尤其是旗艦設備）中人工智慧採用越來越多的一些期望，並且與鮑勃關於可見性的評論相吻合，這可能會加速您與大客戶的內容收益。我想進一步了解的是，我想，隨著人工智慧在手機市場的長期發展，您是否認為它本身就是貴公司 TAM 或 RF 內容的驅動力？或者更多的是，手機中的資源在計算和內存等方面會被大量佔用，這對射頻施加了額外的限制，而您的公司可以通過研發和消除成本等因素來區分自己。電路板空間和電源等等？我只是想弄清楚，隨著人工智慧可能進入這些設備，您認為是什麼推動了內容的可見性。

Yes. This is Dave. It's early days, as you know, with AI, but it's pretty exciting. I think you hit on a lot of the key points already. I mean, definitely, it could be a catalyst that can help improve the replacement rate as people want to upgrade to take advantage of the new AI capabilities that show up in phones. It should drive more data over the network and that, of course, means more and better RF. And then as you pointed out, it's going to be more compute and processing power in the device, which is going to put more pressure on the rest of the phone. And so that, to us, translates into performance. And it could be in the RF and we can deliver better and better RF and lower power consumption to help solve those problems, but also we can deliver power management. And there's a lot of areas in the phone to address with power management that we can use our IP there to help, again, reduce current consumption, improve battery life and make more room to run the AI on the phone. But it's early, and so we have to see how this plays out. But definitely, we're looking forward to how AI can help drive the smartphone market further.

是的。這是戴夫。如您所知，人工智慧還處於早期階段，但它非常令人興奮。我認為您已經抓住了很多關鍵點。我的意思是，它肯定會成為一種催化劑，有助於提高更換率，因為人們希望升級以利用手機中出現的新人工智慧功能。它應該透過網路驅動更多的數據，當然，這意味著更多更好的射頻。然後，正如您所指出的，設備中的運算和處理能力將會更強，這會對手機的其他部分造成更大的壓力。因此，對我們來說，這轉化為績效。它可以在射頻領域，我們可以提供越來越好的射頻和更低的功耗來幫助解決這些問題，而且我們還可以提供電源管理。手機中有很多區域需要透過電源管理來解決，我們可以使用我們的 IP 來幫助減少電流消耗、延長電池壽命並為手機上運行 AI 騰出更多空間。但現在還為時過早，所以我們必須看看結果如何。但毫無疑問，我們期待人工智慧如何幫助進一步推動智慧型手機市場。

That's helpful. I guess, as my follow-up, and it's just a quick one, I know you guys didn't discuss financial terms or whatnot, but you did announce an acquisition today. If you could give us a little context around the technologies that you're bringing in, the people that you're bringing in, just any color there would be helpful.

這很有幫助。我想，作為我的後續行動，這只是一個快速的後續行動，我知道你們沒有討論財務條款或其他什麼，但你們今天確實宣布了一項收購。如果你能給我們一些關於你所引進的技術、你所引進的人員的背景信息，任何顏色都會有幫助。

Thanks for the question, Matt. This is Grant. I'll take that one. We're really excited to bring the Anokiwave team onboard here at Qorvo. They bring a highly experienced talent in RF silicon antenna and phased array systems to our D&A group. The technology will complement our existing product portfolio of beamforming capabilities especially where we can leverage those with our advanced packaging capabilities.

謝謝你的提問，馬特。這是格蘭特。我會接受那個。我們非常高興能夠將 Anokiwave 團隊引入 Qorvo。他們為我們的 D&A 團隊帶來了射頻矽天線和相控陣系統方面經驗豐富的人才。此技術將補充我們現有的波束成形功能產品組合，特別是在我們可以利用具有先進封裝功能的產品組合中。

In terms of the deal, we didn't announce the terms, as you mentioned, but we do expect to close this quarter, and the impact is factored into our guidance. Initially, it will add revenue in the low single digits per quarter and be slightly dilutive to EPS but accretive to gross margin, and all that's factored into our guide.

就交易而言，正如您所提到的那樣，我們沒有宣布條款，但我們預計將在本季度完成，其影響已納入我們的指導中。最初，它將每季增加低個位數的收入，並略微稀釋每股收益，但會增加毛利率，所有這些都已納入我們的指南中。

The next question is from Chris Caso with Wolfe Research.

下一個問題來自 Wolfe Research 的 Chris Caso。

I wonder if you could speak to seasonality for the rest of the year. And recognize that you only want to guide for one quarter, but I guess some of the inventory correction, certainly in the mobile business, looking like it's behind us is the expectation to kind of return to normal seasonal patterns. And then how does that apply to the nonmobile businesses, which I guess are still going through some degree of correction?

我想知道您是否可以談談今年剩餘時間的季節性。並且認識到你只想指導一個季度，但我想一些庫存調整，尤其是在移動業務中，看起來它已經過去了，是對恢復正常季節性模式的期望。那麼，這如何適用於非行動業務，我認為這些業務仍在經歷某種程度的調整？

It's a little early to comment with any specificity on what would be our fiscal '25 or the balance of this calendar year largely. But absent any macro-related disruptions, as I pointed out, we do expect to grow and improve our gross margins year-on-year. It's worth pointing out that given the content gains and success we're having in our largest customer and the success in our defense and aerospace areas, our revenue seasonality will be more closely aligned to those customer programs and ramp profiles. So as we anticipate that quarterly profile or the shape of revenue across '25, we expect it to look very similar to '24. Beyond '25, we're proactively investing, focusing on diversifying our business, pursuing substantial customer platforms where we have the technology to win and the customer engagement to justify that product development.

現在對我們的 25 財年或本日曆年的餘額進行具體評論還為時過早。但正如我所指出的，如果沒有任何宏觀相關的干擾，我們確實預計我們的毛利率將同比增長和提高。值得指出的是，考慮到我們在最大客戶中獲得的內容收益和成功，以及我們在國防和航空航天領域的成功，我們的收入季節性將與這些客戶計劃和成長情況更加一致。因此，當我們預計 25 年的季度概況或收入形狀時，我們預計它看起來與 24 年非常相似。 25 年後，我們積極投資，專注於業務多元化，尋求大量客戶平台，在這些平台上我們擁有贏得勝利的技術和客戶參與來證明產品開發的合理性。

That's helpful. As a follow-up to that, if you could speak to the CSG and HPA businesses. And could you give us perhaps an update on what you think are longer-term growth rates for those businesses? There's a lot of different moving parts in there. And I know through this correction, perhaps some of the expectations may have changed in that. What's your kind of outlook for those businesses as we look over the next 2 years or so?

這很有幫助。作為後續行動，您能否與 CSG 和 HPA 業務部門交談。您能否向我們介紹一下您認為這些企業的長期成長率的最新情況？裡面有很多不同的活動部件。我知道，透過這次修正，也許一些期望可能會改變。展望未來兩年左右，您對這些業務的前景有何看法？

This is Grant. I'll take that one, too. I would think of Qorvo as having a portfolio of diversified businesses that contribute to the revenue line. No change to our long-term growth metrics that we've commented on in the past. But if you decompose the business, about 2/3 of it is ACG, and this is primarily the smartphones and other cellular devices, including tablets and wearables that we've largely commented on already. The other 1/3 of our revenue is composed of our HPA and CSG businesses.

這是格蘭特。我也拿那個吧我認為 Qorvo 擁有多元化的業務組合，有助於增加收入。我們過去評論過的長期成長指標沒有改變。但如果你分解業務，大約有 2/3 是 ACG，這主要是智慧型手機和其他行動設備，包括我們已經評論過的平板電腦和穿戴式裝置。我們另外 1/3 的營收來自 HPA 和 CSG 業務。

And HPA, over half of that business, is now defense and aerospace. And then CSG, over half that business is WiFi currently. It hasn't always been the case. An HPA base station used to be significantly larger. Those have better than corporate gross margins typically. And so that's an area where we still have a lot of opportunity, but it's underrepresented in HPA at the time. Between HPA and CSG, there's smaller portfolio of businesses that range from $25 million to $75 million annually or so, and they address market opportunities in the $1 billion. So there's a lot of room to grow there, substantiating our comments on the strong double-digit growth rates.

HPA 業務的一半以上現在屬於國防和航空航太領域。然後是CSG，目前超過一半的業務是WiFi。但情況並非總是如此。 HPA 基地台過去要大得多。這些公司的毛利率通常高於企業。因此，在這個領域我們仍然有很多機會，但當時在 HPA 中代表性不足。 HPA 和 CSG 之間的業務組合規模較小，每年價值 2,500 萬美元到 7,500 萬美元左右，但它們解決了 10 億美元的市場機會。因此，那裡有很大的成長空間，證實了我們對強勁的兩位數成長率的評論。

Our largest investments are aimed at very large customer programs, as I pointed out, in ACG for fiscal '25 and beyond. We're looking to scale our defense and power franchises within HPA, and we're building our UWB and Matter business in CSG. And all combined, this collection of businesses brings diversification and some financial resiliency. So it's rarely, if ever, all in phase.

正如我所指出的，我們最大的投資針對的是 25 財年及以後的 ACG 中的大型客戶計畫。我們正在尋求擴大 HPA 內的國防和電力特許經營權，並且正在 CSG 內建立 UWB 和 Matter 業務。總而言之，這一系列業務帶來了多元化和一定的財務彈性。因此，它很少（如果有的話）全部同相。

It's also interesting to note that in each of our operating segments, the largest businesses all benefit from our shared internal manufacturing capabilities. Our more nascent businesses rely on external capital. And over time, we expect to grow the less capital intensive simply because of the relative growth rates in those small businesses.

有趣的是，在我們的每個營運部門中，最大的企業都受益於我們共享的內部製造能力。我們的新興業務依賴外部資本。隨著時間的推移，我們預計資本密集度較低的企業將繼續發展，因為這些小企業的相對成長率較高。

The next question is from Thomas O'Malley with Barclays.

下一個問題來自巴克萊銀行的托馬斯·奧馬利。

I wanted to ask kind of a broader 30,000-foot view question on Huawei's entry into the Android market. Can you just talk about what your internal estimates are for the Huawei smartphone penetration in calendar year '24 and just how that impacts your outlook for Android, particularly as you get into the back half of the calendar year in '24?

我想就華為進入 Android 市場提出一個更廣泛的 30,000 英尺視角問題。您能否談談您對 24 日曆年華為智慧型手機滲透率的內部估計，以及這對您對 Android 的前景有何影響，特別是在您進入 24 日曆年下半年的時候？

Dave, we also had revenue, what we currently do.

戴夫，我們目前所做的也有收入。

Yes, revenue is very low, near 0 or at 0 at this point with Huawei. But that's a good question. I think the performance of the phones that are out there, the newer ones, I think, is pretty widely known. People have done performance evaluations, and there's definitely some performance challenges on those phones. So we don't think that they could export them to other markets. They probably have a very difficult time getting carrier approval. So we think they're limited to China. And so if you look at their performance to date since the Mate 60 ramp, we think they did about $30 million in calendar year '23. If you take the last 4 months of data and you start to project that forward, you can see an incremental 10 million to 20 million units added in CY '24. So that's kind of how we're sizing it right now, and that's all built into our models.

是的，華為的收入非常低，接近0或為0。但這是一個好問題。我認為現有手機的性能，我認為較新的手機，已經廣為人知。人們已經進行了性能評估，這些手機肯定存在一些性能挑戰。所以我們認為他們不能將它們出口到其他市場。他們可能很難獲得運營商的批准。所以我們認為它們僅限於中國。因此，如果你看看他們自 Mate 60 上市以來迄今為止的表現，我們認為他們在 23 日曆年的收入約為 3000 萬美元。如果您取得過去 4 個月的數據並開始向前預測，您可以看到 24 財年增加了 1,000 萬到 2,000 萬個單位。這就是我們現在調整規模的方式，而這一切都內建在我們的模型中。

There was probably some pent-up demand from Huawei users. We'll have to see how that plays out and how sustainable that is. But in any case, any of those number of units is really not that significant when you think about a 1.2 billion unit smartphone market. So it's not that meaningful to us on a grand scale of things. And when we think about our China customers, the ones I mentioned earlier, they have pretty meaningful market shares also outside of China. And that's where a lot of the growth is coming from that Bob talked about as the market converts to 5G because most of China has already moved to 5G. So for us, we look at that as a great opportunity to work with those customers to continue to grow and as 5G comes into our market because we're really not present today in the 4G portion of the market.

華為使用者可能有一些被壓抑的需求。我們必須看看結果如何以及其可持續性如何。但無論如何，當你考慮到 12 億部智慧型手機市場時，這些數量其實並沒有那麼重要。因此，從大範圍來看，這對我們來說沒有太大意義。當我們想到我們的中國客戶時，我之前提到的那些客戶，他們在中國以外也擁有相當大的市場份額。 Bob 談到，隨著市場轉向 5G，大部分成長都來自於此，因為中國大部分地區已經轉向 5G。因此，對我們來說，隨著 5G 進入我們的市場，我們認為這是與這些客戶合作繼續發展的絕佳機會，因為我們今天確實沒有涉足 4G 市場部分。

Helpful. And since that one was in your favor, I can give you a bit of a layup now. But just if you look at the competitive environment in Android at the high end, your competitor is talking about having a bit more capacity and maybe going after that market. Can you remind us of your competitive positioning there, particularly in BAW filters and why existing customers go with you? And if they were to enter the market, why do you think that you'd keep the share profile that you have today?

有幫助。既然那個對你有利，我現在可以幫你上籃了。但只要你看看 Android 高階市場的競爭環境，你的競爭對手就會談論擁有更多的容量，並可能爭奪該市場。您能否提醒我們您在那裡的競爭地位，特別是在 BAW 濾波器方面，以及為什麼現有客戶會選擇您？如果他們要進入市場，您認為為什麼會保持今天的股票配置？

You're referring to the Android market?

你指的是Android市場嗎？

The Android market, yes.

安卓市場，是的。

Yes. And I think I commented on this earlier. I mean we've been working with these customers for a very, very long time. In fact, I was just in China last quarter, sat with all of these customers talking about our long-term road maps. And we mentioned the awards we got. I mean there's a lot of trust and relationship that's been built up over the years. So we're very confident that we'll continue to enjoy our leadership position there. And other competitors, I mean, they may come and go, but we feel confident we'll maintain our leadership position there.

是的。我想我之前對此發表過評論。我的意思是我們已經與這些客戶合作了非常非常長的時間。事實上，上個季度我剛剛在中國，與所有這些客戶坐在一起談論我們的長期路線圖。我們提到了我們獲得的獎項。我的意思是，多年來建立了許多信任和關係。因此，我們非常有信心我們將繼續保持在那裡的領導地位。我的意思是，其他競爭對手可能會來來去去，但我們有信心保持我們的領導地位。

This does conclude our question-and-answer session. I would like to turn the call back over to management for closing remarks.

我們的問答環節到此結束。我想將電話轉回管理層以供結束語。

We want to thank everyone for joining us on the call tonight. We appreciate your interest, and we look forward to speaking with many of you at upcoming investor events. Thanks again, and have a great evening.

我們要感謝大家今晚加入我們的電話會議。我們感謝您的關注，並期待在即將舉行的投資者活動中與您中的許多人交談。再次感謝，祝您有個愉快的夜晚。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路。