科沃 (QRVO) 2024 Q4 法說會逐字稿

Good day, and welcome to Qorvo, Inc. Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎來到 Qorvo, Inc. 收益電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Douglas DeLieto, Vice President, 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, everyone, and welcome to Qorvo's Fiscal 2024 Fourth 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 財年第四季財報電話會議。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. 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，請參閱我們今天早些時候發布的收益報告，該報告可在我們的投資者關係網站 ir.qorvo.com 的財務報告下找到。

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

今天加入我們的是總裁兼執行長 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。然後，我會將電話轉給鮑伯。

Thanks, Doug, and welcome, everyone, to Qorvo's Fiscal 2024 Fourth Quarter Call. I'd like to begin by reminding our audience that we issued a press release last week, announcing the date of our upcoming Qorvo 2024 Investor Day. The event will be held June 11. It will be webcast for all audiences, and it will begin at 8:30 a.m. Eastern. Our last Investor Day was in 2018, and we're very excited to discuss in detail our expanded opportunities and our enthusiasm for the future.

感謝 Doug，歡迎大家參加 Qorvo 的 2024 財年第四季電話會議。首先，我想提醒觀眾，我們上週發布了一份新聞稿，宣布了即將舉行的 Qorvo 2024 投資者日的日期。該活動將於 6 月 11 日舉行。我們的最後一次投資者日是在 2018 年，我們非常高興能詳細討論我們擴大的機會以及我們對未來的熱情。

Across our businesses, Qorvo is at the forefront of global secular macro trends, including mobility, connectivity, electrification and datafication. These macro trends are enabling new applications and new user experiences, many of which are made accessible to you by the company's Qorvo supplies and the devices we enable.

在我們的業務中，Qorvo 處於全球長期宏觀趨勢的前沿，包括行動性、互聯性、電氣化和資料化。這些宏觀趨勢正在催生新的應用程式和新的用戶體驗，其中許多都可以透過公司的 Qorvo 耗材和我們支援的設備來實現。

Our customers continually seek to improve key performance parameters such as power out, current consumed, talk time, battery life and time between charges. This is happening across our markets in aerospace and defense, automotive, consumer, infrastructure, industrial and enterprise. It is increasing customer focus on power efficiency, throughput, functional density, form factor, and other areas where Qorvo delivers a significant competitive advantage.

我們的客戶不斷尋求改進關鍵效能參數，例如電力輸出、電流消耗、通話時間、電池壽命和充電間隔時間。這種情況正在我們的航空航太和國防、汽車、消費者、基礎設施、工業和企業市場中發生。客戶越來越關注電源效率、吞吐量、功能密度、外形尺寸以及 Qorvo 提供顯著競爭優勢的其他領域。

Complementing this, legacy technologies are transitioning to more advanced technologies like active electronic standing systems, advanced power management, force sensing touch centers, RF MEMS, and a range of system on a chip and system in package solutions to improve performance and enhance functionality.

作為補充，傳統技術正在向更先進的技術過渡，例如主動電子站立系統、先進電源管理、力感測觸控中心、RF MEMS 以及一系列系統單晶片和封裝系統解決方案，以提高性能和增強功能。

Also, new connectivity protocols are being adopted across our businesses, including 5G Advanced, DOCSIS 4.0, WiFi 6, 6E and 7, Matter and ultra-wideband. Qorvo is driving innovation to enable these trends while expanding our capabilities and product offerings to target a growing set of opportunities.

此外，我們的業務正在採用新的連線協議，包括 5G Advanced、DOCSIS 4.0、WiFi 6、6E 和 7、Matter 和超寬頻。 Qorvo 正在推動創新以實現這些趨勢，同時擴展我們的能力和產品供應，以瞄準越來越多的機會。

Now let's turn to the strategic highlights, beginning with HPA. HPA returned to year-over-year growth in the March quarter, supported by strong sequential growth in defense and aerospace and continued improvement in end markets other than base stations.

現在讓我們來看看戰略亮點，首先是 HPA。在國防和航空航太領域強勁的連續成長以及基地台以外的終端市場持續改善的支持下，HPA 在三月季度恢復了同比增長。

In defense and aerospace, we're very pleased to have completed the acquisition of Anokiwave in the March quarter. The Anokiwave team brings robust capabilities and high-performance integrated silicon ICs for intelligent active array antennas. Their commercially proven portfolio includes silicon beamforming ICs, and IF to RF conversion solutions, which are complementary to our transmit-and-receive RF front end for SATCOM, D&A, 5G and other beamforming applications.

在國防和航空航太領域，我們很高興在三月季度完成了對 Anokiwave 的收購。 Anokiwave 團隊為智慧主動陣列天線帶來了強大的功能和高性能整合矽 IC。他們經過商業驗證的產品組合包括矽波束成形 IC 和 IF 到 RF 轉換解決方案，這些解決方案與我們用於 SATCOM、D&A、5G 和其他波束成形應用的發射和接收 RF 前端相輔相成。

Record annual and March quarterly revenue in D&A was driven by large Defense programs and SATCOM growth. The D&A content opportunity for Qorvo is especially strong in Phase 2 race where our solutions can enable transmit receive elements. Phase 3 radars can contain hundreds up to tens of thousands of transmit-and-receive elements per system, underscoring the multiplier effect for Qorvo. Adding to this, we are developing more highly integrated placements that combine Anokiwave solutions with our existing RF and power management IC portfolios. Design wins for the quarter spanned airborne and shipborne radars, SATCOM applications and solid state PA products.

D&A 創紀錄的年度和三月季度收入是由大型國防項目和衛星通訊成長所推動的。 Qorvo 的 D&A 內容機會在第二階段比賽中尤其強勁，我們的解決方案可以啟用傳輸接收元件。階段 3 雷達的每個系統可包含數百個甚至數萬個發射和接收元件，凸顯了 Qorvo 的乘數效應。除此之外，我們正在開發更高整合度的佈局，將 Anokiwave 解決方案與我們現有的射頻和電源管理 IC 產品組合結合。四分之一跨機載和船上雷達、衛星通訊應用和固態 PA 產品的設計獲勝。

We secured our first design win for BAW-based filter bank solution that enables new architectures for large defense customers. In Low Earth Orbit SATCOM applications, we are engaged to supply multiple Qorvo products, including LNAs, switches, mixers and BAW multiplexers to support ubiquitous nonterrestrial connectivity.

我們贏得了基於 BAW 的濾波器組解決方案的首個設計勝利，該解決方案為大型國防客戶提供了新的架構。在近地軌道衛星通訊應用中，我們致力於提供多種 Qorvo 產品，包括 LNA、交換器、混頻器和 BAW 多路復用器，以支援無處不在的非地面連接。

Turning to power management, we are investing to expand our reach in markets where Qorvo enjoys long-standing customer relationships such as consumer, D&A and mobile, while also targeting more fragmented and more diverse industrial markets. During the March quarter, we secured a motor control design win and a power tool platform with a leading manufacturer of residential and commercial lawn and garden products. We also secured new PMIC designs at new and existing solid-state drive customers.

在電源管理方面，我們正在投資擴大我們在 Qorvo 擁有長期客戶關係的市場（例如消費者、D&A 和行動）的影響力，同時也瞄準了更分散和更加多樣化的工業市場。在三月季度，我們與一家領先的住宅和商業草坪和花園產品製造商贏得了電機控制設計和電動工具平台的勝利。我們也為新的和現有的固態硬碟客戶提供了新的 PMIC 設計。

Looking more closely at power management opportunities in mobile, there are increasing requirements for compute and processing power in the device that are creating new growth vectors for Qorvo PMICs. The opportunity is significant in both volume and content, and we are able to leverage our exceptional customer and ecosystem relationships.

更仔細地觀察行動裝置中的電源管理機會，設備中對運算和處理能力的要求不斷增加，這為 Qorvo PMIC 創造了新的成長向量。這個機會在數量和內容上都很重要，我們能夠利用我們卓越的客戶和生態系統關係。

Qorvo is a recognized leader delivering RF solutions, addressing customer challenges related to efficiency, functional density and power consumption. Our RF power management portfolio includes envelope tracking, average power tracking. Beyond RF power management, there are incremental power management opportunities in the phone where Qorvo is leveraging our expertise to reduce current consumption, improve battery life and better accommodate more data-intensive use cases. We have very strong power management IP that can be extended across markets, making our PMIC portfolio an engine for diversification, growth and profitability.

Qorvo 是公認的射頻解決方案領導者，致力於解決客戶在效率、功能密度和功耗方面面臨的挑戰。我們的射頻功率管理產品組合包括包絡追蹤、平均功率追蹤。除了 RF 電源管理之外，手機中還存在增量電源管理機會，Qorvo 正在利用我們的專業知識來降低電流消耗、延長電池壽命並更好地適應更多資料密集型用例。我們擁有非常強大的電源管理 IP，可以跨市場擴展，使我們的 PMIC 產品組合成為多元化、成長和有利可圖的引擎。

We are also extending our reach in broad markets by building out more ways to engage with existing and new customers such as our recently launched QSPICE analog and mixed signal circuit design and simulation tool. QSPICE has gained quick traction with engineers by providing them measurable improvements in speed, functionality and reliability of circuit simulation. Since its launch, QSPICE has surpassed 20,000 unique downloads.

我們也透過建立更多與現有和新客戶互動的方式來擴大我們在廣大市場的影響力，例如我們最近推出的 QSPICE 類比和混合式訊號電路設計和模擬工具。 QSPICE 透過在電路模擬的速度、功能和可靠性方面提供可衡量的改進，迅速贏得了工程師的青睞。自推出以來，QSPICE 的獨立下載量已超過 20,000 次。

In power devices, customers continue to transition from silicon to silicon carbide, and the design activity for Qorvo remains strong in our target markets. We continue to secure design wins for high-density server power supplies and added a second Tier 1 North American server OEM during the quarter.

在功率元件領域，客戶不斷從矽過渡到碳化矽，Qorvo 的設計活動在我們的目標市場中仍然強勁。我們繼續確保高密度伺服器電源的設計勝利，並在本季度增加了第二家北美​​一級伺服器 OEM。

In infrastructure markets, Qorvo is leading the transition from DOCSIS 3.1 to DOCSIS 4.0 with a broad portfolio of products. DOCSIS 4.0 will increase the efficiency of existing infrastructure and significantly enhance the user experience. DOCSIS 4.0 will support download speeds of up to 10 gigabits per second and increase upload speeds by 4x compared to DOCSIS 3.1 to 6 gigabits per second.

在基礎設施市場，Qorvo 憑藉廣泛的產品組合引領 DOCSIS 3.1 到 DOCSIS 4.0 的過渡。 DOCSIS 4.0將提高現有基礎架構的效率並顯著增強使用者體驗。與 DOCSIS 3.1 相比，DOCSIS 4.0 將支援高達每秒 10 吉比特的下載速度，並將上傳速度提高 4 倍至每秒 6 吉比特。

In our base station business, customers continue to award Qorvo design wins, however, we expect the demand environment to remain weak. Longer term, we are very pleased to have been selected by a European-based OEM to support their 6G development efforts.

在我們的基地台業務中，客戶繼續授予 Qorvo 設計勝利，但我們預計需求環境仍將疲軟。從長遠來看，我們很高興被一家歐洲 OEM 選中來支援他們的 6G 開發工作。

Turning to CSG, we are supporting an increasing number of applications requiring the security and precision location awareness of our ultra-wideband solutions across mobile, consumer, automotive and other markets. In mobile, our ultra-wideband placements or among many Qorvo's solutions supplied to Samsung in support of their Galaxy S24 flagship brand.

就 CSG 而言，我們正在支援越來越多的應用程序，這些應用程式需要我們跨移動、消費、汽車和其他市場的超寬頻解決方案的安全性和精確位置感知。在行動領域，我們的超寬頻佈局或向三星提供的眾多 Qorvo 解決方案，以支援其 Galaxy S24 旗艦品牌。

In consumer markets, recent wins include a robotic lawnmower that leverages Qorvo's ultra-wideband to provide the precision location accuracy required to enable this application.

在消費市場，最近的勝利包括一款機器人割草機，它利用 Qorvo 的超寬頻提供實現該應用所需的精確定位精度。

In automotive, customer engagements are expanding to enable a range of applications that leverage Qorvo's ultra-wideband radar capabilities. Automotive applications for our ultra-wideband technology include secure access and digital key as well as kick sensors and the reliable detection of both intrusion and occupancy. During the quarter, customer activity included an ultra-wideband design win, enabling secure access for an EV manufacturer in North America.

在汽車領域，客戶參與度正在不斷擴大，以實現利用 Qorvo 超寬頻雷達功能的一系列應用。我們的超寬頻技術的汽車應用包括安全存取和數位鑰匙以及踢感測器以及入侵和占用的可靠檢測。本季度，客戶活動包括贏得超寬頻設計，為北美的電動車製造商提供安全存取。

In other automotive applications, we were selected to supply automotive WiFi 6E solutions in support of a different North American EV OEM. We were also selected to supply our V2X solution for an automotive OEM in Europe on a platform ramping in calendar '25.

在其他汽車應用中，我們被選中提供汽車 WiFi 6E 解決方案，以支援不同的北美電動車 OEM。我們也被選中為歐洲一家汽車原始設備製造商提供我們的 V2X 解決方案，該解決方案的平台將於 25 年逐步擴大。

For an EV OEM in Asia, Qorvo was selected to enable their 5G network access device with 6 solutions, each of which contain our low-band, mid-high band, ultra-high band, diversity [receiver], average power tracker and high-performance BAW filtering. Production for this program begins this year and the win is noteworthy as this 5G reference design will be marketed to additional automotive OEMs and Tier 1s.

對於亞洲的電動車OEM，選擇Qorvo 為其5G 網路存取設備提供6 種解決方案，每種解決方案均包含我們的低頻段、中高頻段、超高頻段、多樣性[接收器]、平均功率追蹤器和高頻段-高性能 BAW 濾波。該項目的生產將於今年開始，此次勝利值得關注，因為該 5G 參考設計將向其他汽車 OEM 和一級供應商銷售。

For WiFi markets, we continue to roll out new technologies and solutions. We are migrating our newest and most advanced cloud technology across our WiFi portfolio. We launched 6 gigahertz WiFi 7 filters using our next-generation BAW, and we will soon launch WiFi 7 iFEMs that combine our next-generation BAW with our PA, switch and LNA content in a single placement. We also ramped our newest WiFi 7 long nonlinear FEMs for a Tier 1 network operator in the U.S. and we sampled next-generation high-efficiency WiFi 7 FEMS aligning with a leading mobile WiFi chipset.

針對WiFi市場，我們持續推出新技術和解決方案。我們正在將最新、最先進的雲端技術遷移到我們的 WiFi 產品組合中。我們使用下一代 BAW 推出了 6 GHz WiFi 7 濾波器，我們很快就會推出 WiFi 7 iFEM，將下一代 BAW 與 PA、交換器和 LNA 內容結合在一個位置。我們還為美國一級網路營運商升級了最新的 WiFi 7 長非線性 FEM，並採樣了與領先的行動 WiFi 晶片組相匹配的下一代高效 WiFi 7 FEMS。

Connected home applications, we began sampling our next-generation matter at SoC, and we secured a design win with a leading network operator in the U.S. to supply our BLE ZigBee SoC to remote controls for home gateways. And for sensing touch sensors, we expanded our engagements in track pads and other consumer applications.

在互聯家庭應用中，我們開始在 SoC 上對下一代產品進行採樣，並贏得了美國一家領先網路營運商的設計勝利，為家庭網關的遠端控制提供我們的 BLE ZigBee SoC。對於感測觸控感應器，我們擴大了在觸控板和其他消費應用領域的業務。

In ACG, Qorvo is unique in our opportunity to drive growth across major smartphone OEMs. Our largest opportunity remains dollar content gains at our largest customer. We have clearly invested to grow this account to represent a larger percentage of Qorvo's revenue and our continuing investments to date reflect our confidence in our multiyear growth opportunity.

在 ACG 領域，Qorvo 擁有獨特的機會來推動主要智慧型手機 OEM 的成長。我們最大的機會仍然是我們最大客戶的美元內容收益。我們顯然已進行投資，以擴大該帳戶，使其佔 Qorvo 收入的更大比例，而我們迄今為止的持續投資反映了我們對多年成長機會的信心。

Within the Android ecosystem, mass-market smartphones are set to transition to 5G through the decade. We are the primary RF supplier to the Android ecosystem, and our strong road map and multiyear collaboration positions us to benefit as the Android ecosystem continues to transition to 5G.

在 Android 生態系統中，大眾市場智慧型手機將在十年內過渡到 5G。我們是 Android 生態系統的主要 RF 供應商，我們強大的路線圖和多年合作使我們能夠隨著 Android 生態系統繼續向 5G 過渡而受益。

During the quarter, Qorvo supported the Galaxy S24 launch with our low-band, mid-high band, ultra-high band, secondary transmit and receive, tuning, WiFi and ultra-wideband solutions. This highlights the strength of our portfolio and the breadth of our opportunity at Samsung, and we are pleased to support them across their flagship and mass market 5G smartphones.

本季度，Qorvo 透過我們的低頻段、中高頻段、超高頻段、二次傳輸和接收、調諧、WiFi 和超寬頻解決方案支援 Galaxy S24 的發布。這突顯了我們產品組合的實力以及三星提供的廣泛機會，我們很高興為他們的旗艦和大眾市場 5G 智慧型手機提供支援。

For mass market and/or 5G smartphones, we see strong pull for our recently launched low, mid, high band pad. Qorvo's LMH solution reduces surface area by 40% by combining in 1 placement, the low, mid and high band main path content traditionally offered in 2 placements. We have expanded customer engagements to include the top 4 China-based 5G Android OEMs and volume shipments are set to commence this calendar year.

對於大眾市場和/或 5G 智慧型手機，我們看到我們最近推出的低、中、高頻段墊具有強大的吸引力。 Qorvo 的 LMH 解決方案透過在 1 個佈局中組合傳統上在 2 個佈局中提供的低、中和高頻段主路徑內容，將表面積減少了 40%。我們已經擴大了客戶合作範圍，將中國四大 5G Android OEM 納入其中，並且將於今年開始大量出貨。

To broadly support all customers with best-in-class portfolios, we continue to advance new technologies across our products. We are proliferating our next-generation BAW technology across high-performance discrete and integrated solutions. We also recently released a next-generation LRT SAW process to complement our advanced BAW and SAW processes in select bands. The first module, combining our LRT SAW and BAW filters will support a flagship launch later this summer.

為了以一流的產品組合為所有客戶提供廣泛支持，我們不斷在產品中推進新技術。我們正在透過高效能分立和整合解決方案推廣下一代 BAW 技術。我們最近也發布了下一代 LRT SAW 工藝，以補充我們在特定頻段的先進 BAW 和 SAW 工藝。第一個模組結合了我們的 LRT SAW 和 BAW 濾波器，將支援今年夏天稍後推出的旗艦產品。

In summary, increasing emphasis on throughput, efficiency and size in Qorvo's markets is growing the content opportunity and demand for better performing, smaller, more highly integrated RF and power solutions. For customers in automotive, consumer, defense and aerospace, industrial and enterprise and broad markets, we are leveraging core strengths, including our manufacturing scale, system-level expertise and advanced packaging capabilities to expand our RF and power product portfolios and deliver outsized growth.

總之，Qorvo 市場對吞吐量、效率和規模的日益重視正在增加內容機會以及對性能更好、更小、整合度更高的射頻和電源解決方案的需求。對於汽車、消費品、國防和航空航太、工業和企業以及廣大市場的客戶，我們正在利用核心優勢，包括我們的製造規模、系統級專業知識和先進的封裝能力，來擴展我們的射頻和電源產品組合並實現大幅成長。

For customers in the mobile market, we are addressing new product categories and expanding our SAM across tiers, from the flagship tier to the mass market 5G tier to capture a growing percentage of the total opportunity.

對於行動市場的客戶，我們正在開發新的產品類別，並將我們的 SAM 擴展到各個層級，從旗艦級到大眾市場 5G 級，以抓住越來越多的總機會。

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

接下來，我會將其交給格蘭特。

Thanks, Bob, and good afternoon, everyone. Revenue for the quarter was $941 million. Non-GAAP gross margin was 42.5% and non-GAAP diluted EPS was $1.39, all exceeding the midpoint of our guidance range. Revenue for fiscal Q4 increased approximately 49% year-over-year. As communicated last quarter, improving customer demand in HPA supported a return to year-over-year growth. HPA revenue grew 24% year-over-year in the March quarter, driven by a stronger-than-anticipated performance in our defense business.

謝謝鮑勃，大家下午好。該季度營收為 9.41 億美元。非 GAAP 毛利率為 42.5%，非 GAAP 攤薄後每股收益為 1.39 美元，均超過我們指引的中點。第四財季營收年增約 49%。正如上季所傳達的那樣，HPA 客戶需求的改善支持了同比增長的恢復。在國防業務強於預期的業績推動下，第三季 HPA 營收年增 24%。

In ACG, revenue grew 56% year-over-year in the March quarter, supported by strong content on multiple large customer platforms. In CSG, we delivered 50% year-over-year growth, and our fourth consecutive quarter of sequential growth due to strength in WiFi, automotive and other areas.

在 ACG 領域，在多個大客戶平台上的強大內容的支持下，第三季營收年增 56%。在 CSG，我們實現了 50% 的同比增長，並且由於 WiFi、汽車和其他領域的實力而連續第四個季度實現環比增長。

Consistent with our prior comments, non-GAAP gross margin of 42.5% for the March quarter reflected a higher percentage of Android 5G mass market product, which was manufactured during periods of lower factory utilization. Non-GAAP operating expenses in the quarter were $253 million. We continue to invest in new product development to drive multiyear growth across our businesses. Alongside our growth-oriented investments, we're investing to upgrade the core systems and processes we use to run our business. This multiyear initiative is intended to extend our competitive advantage and enable us to scale growth in diverse dynamic markets.

與我們先前的評論一致，3 月季度的非 GAAP 毛利率為 42.5%，反映出 Android 5G 大眾市場產品的比例較高，該產品是在工廠利用率較低期間生產的。本季非 GAAP 營運費用為 2.53 億美元。我們繼續投資於新產品開發，以推動我們業務的多年成長。除了以成長為導向的投資外，我們還投資升級用於營運業務的核心系統和流程。這項多年計畫旨在擴大我們的競爭優勢，並使我們能夠在多樣化的動態市場中擴大成長。

Our goal is to increase operational efficiency, unlock the internal data to leverage new software capabilities including AI and support our broad-based growth objectives. We expect this initiative will span approximately 3 years, and we will present the spend in other operating expense on our non-GAAP P&L. As we progress through the project, we will provide related expense guidance on a quarterly basis.

我們的目標是提高營運效率，解鎖內部數據以利用包括人工智慧在內的新軟體功能，並支援我們廣泛的成長目標。我們預計這項措施將持續約 3 年，我們將在我們的非 GAAP 損益表中列出其他營運費用的支出。隨著專案的進展，我們將按季度提供相關費用指引。

Turning to the cash flow statement. In fiscal Q4, we generated operating cash flow of $202 million and capital expenditures for the period were $33 million. Notable cash flow items that occurred during the quarter included the closing of the Anokiwave transaction recorded in investing cash flows and payment of the termination fee associated with a long-term silicon supply agreement recorded in operating cash flows.

轉向現金流量表。在第四財季，我們產生了 2.02 億美元的營運現金流，該期間的資本支出為 3,300 萬美元。本季發生的值得注意的現金流項目包括記錄在投資現金流中的 Anokiwave 交易的結束以及記錄在營運現金流中的與長期矽供應協議相關的終止費的支付。

We repurchased approximately $100 million of stock at $112 per share in the quarter, which brought our total for fiscal '24 to $400 million at an average price of $101 per share. The rate and pace of our share repurchases considers several key 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.

本季我們以每股 112 美元的價格回購了約 1 億美元的股票，這使得我們 24 財年的股票總額達到了 4 億美元（平均價格為每股 101 美元）。我們股票回購的速度和步伐考慮了幾個關鍵因素，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 $1.5 billion of long-term debt and over $1 billion of cash and equivalents. Regarding balance sheet presentation, the 2024 notes are classified as current and will mature in December. Subject to changes in the interest rate environment and other factors, we currently expect to retire these short-term notes later this year.

截至季末，我們的資產負債表上約有 15 億美元的長期債務和超過 10 億美元的現金及等價物。關於資產負債表列報，2024 年票據被歸類為流動票據，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短期票據。

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 $711 million, a sequential decrease of $16 million.

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 7.11 億美元，季減 1,600 萬美元。

For the full year, revenue was $3.8 billion. Non-GAAP gross margin was 44.5% and non-GAAP EPS was $6.21. In fiscal '24, we had two 10% customers. Our largest customer represented 46% of revenue, up from 37% in fiscal '23, and our second largest customer was consistent year-over-year at 12% of revenue.

全年收入為 38 億美元。非 GAAP 毛利率為 44.5%，非 GAAP 每股盈餘為 6.21 美元。在 24 財年，我們有兩位 10% 的客戶。我們最大的客戶佔營收的 46%，高於 23 財年的 37%，我們的第二大客戶較去年同期保持穩定，佔營收的 12%。

Turning to our current quarter outlook. We expect revenue of approximately $850 million, plus or minus $25 million, non-GAAP gross margin between 40% and 41%, and non-GAAP diluted EPS between $0.60 and $0.80.

轉向我們當前的季度展望。我們預計收入約為 8.5 億美元，上下浮動 2500 萬美元，非 GAAP 毛利率在 40% 至 41% 之間，非 GAAP 攤薄後每股收益在 0.60 美元至 0.80 美元之間。

Relative to March, we expect June gross margins to reflect a higher percentage of Android 5G mass market product that was manufactured during periods of lower utilization. As these higher cost inventory sell-through, it paves the way for future gross margins that reflect increasing levels of utilization. We expect gross margin in the June quarter to be the low point for the year and improved substantially in the September quarter. We continue to expect full year gross margin to improve modestly year-on-year.

相較於 3 月份，我們預期 6 月份的毛利率將反映出在利用率較低期間生產的 Android 5G 大眾市場產品的比例較高。隨著這些成本較高的庫存售完，它為反映利用率不斷提高的未來毛利率鋪平了道路。我們預計六月季度的毛利率將是年內的最低點，九月季度的毛利率將大幅改善。我們繼續預計全年毛利率將年比小幅改善。

We project non-GAAP operating expenses in the June quarter will be approximately $260 million with variability related to the timing of program development spend and other factors.

我們預計第二季的非公認會計準則營運費用約為 2.6 億美元，具體情況與專案開發支出的時間表和其他因素有關。

Our OpEx guidance for this quarter includes approximately $5 million of other operating expense related to modernizing our core systems and business processes. During fiscal '25, we expect to record approximately $40 million of expense related to this project with quarterly variability related to the achievement of progress-based milestones.

我們本季的營運支出指引包括約 500 萬美元的與核心系統和業務流程現代化相關的其他營運支出。在 25 財年，我們預計將記錄與該專案相關的約 4000 萬美元的費用，並且與基於進度的里程碑的實現相關的季度變化。

Below the operating income line, nonoperating expense is expected to be between $6 million and $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.

在營業收入線以下，營業外支出預計在600 萬美元至1000 萬美元之間，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 '25 is expected to be within a range of 10% to 12%. We project this will increase over time due to changes in tax legislation such as the global minimum tax and other factors.

我們 25 財年的非 GAAP 稅率預計在 10% 至 12% 的範圍內。我們預計，由於全球最低稅等稅收立法的變化和其他因素，這一數字將隨著時間的推移而增加。

Regarding the divestiture of our Beijing and Dezhou assembly and test facilities, we've made significant progress towards achieving operational readiness and completing other work required to close the transaction. This is a further step in our ongoing efforts to reduce capital intensity, and we continue to expect the transaction to close this quarter.

關於剝離北京和德州組裝和測試設施，我們在實現營運準備和完成完成交易所需的其他工作方面取得了重大進展。這是我們持續努力降低資本密集度的又一步，我們繼續預計交易將於本季完成。

We are efficiently managing a complex supply chain, including internal factories that are critical differentiators for each of our operating segments, and this will remain an ongoing focus. We'll leverage internal manufacturing where it uniquely differentiates our products and outsource production where we maintain a strong network of foundry and OSAT partners.

我們正在有效地管理複雜的供應鏈，包括內部工廠，這些工廠是我們每個營運部門的關鍵差異化因素，這將仍然是我們持續關注的焦點。我們將利用內部製造來使我們的產品與眾不同，並利用外包生產來維持強大的代工廠和 OSAT 合作夥伴網路。

Qorvo is well positioned to capitalize on multiple long-term growth drivers within each of our 3 operating segments. We're excited to share more during our upcoming Investor Day in June, and we look forward to your participation.

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長期成長動力。我們很高興在即將到來的六月投資者日分享更多信息，並期待您的參與。

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

此時，請開通提問線路。謝謝。

(Operator Instructions) Your first question comes from Ruben Roy with Stifel.

（操作員說明）您的第一個問題來自 Stifel 的 Ruben Roy。

Grant, I wanted to see if you can -- you had some commentary in the press release on sort of the guidance and how to think about the guidance for June. But I was wondering if you could provide a little bit more detail on kind of what's going on with ACG and the defense after the strong quarter you saw in March. And if you could maybe just walk us through the moving parts in the 3 segments as we think about the guidance for the June quarter?

格蘭特，我想看看您是否可以——您在新聞稿中對某種指導意見以及如何考慮 6 月份的指導意見發表了一些評論。但我想知道在三月強勁的季度之後，您是否可以提供更多有關 ACG 和防守情況的詳細資訊。當我們思考 6 月季度的指導時，您是否可以向我們介紹這 3 個細分市場中的動態部分？

Thanks for the question, Ruben. I'll start off with the June quarter guide overall, and then we can get into the segments. The sequential decline in the June quarter revenue guidance primarily reflects the ramp patterns that our 2 largest customers in ACG. And then within HPA, the seasonal timing of large defense programs and a slower rollout of DOCSIS 4.0, as we've talked about previously. ACG is expected to decline -- just to break it down, ACG is expected to decline in the high single digits in June. HPA will decline in the low double digits. And CSG is expected to be approximately flat.

謝謝你的提問，魯本。我將從六月季度的總體指南開始，然後我們可以進入各個部分。 6 月季度營收指引的環比下降主要反映了我們 ACG 領域最大的 2 個客戶的成長模式。然後，在 HPA 中，大型防禦計劃的季節性時機和 DOCSIS 4.0 的推出速度較慢，正如我們之前討論過的。 ACG預計將下滑－單單細分來看，6月ACG預計將出現高個位數下滑。 HPA 將以低兩位數下降。而南玻預計將大致持平。

Looking back at ACG, we don't break out customer percentages by quarter, but I mentioned in my prepared remarks that our largest customer represented approximately 46% of total fiscal '24 revenue, which was up from 37% in '23 and 33% in fiscal '22. So it follows that -- those increases there increase our revenue exposure to the seasonal ramp patterns we have with our largest customers, and that's impacting the June quarter.

回顧 ACG，我們沒有按季度細分客戶百分比，但我在準備好的發言中提到，我們最大的客戶約佔 24 財年總收入的 46%，高於 23 年的 37% 和 33%在22財年。因此，這些成長增加了我們與最大客戶的季節性成長模式的收入敞口，這對六月季度產生了影響。

Looking at HPA, it's a similar seasonal dynamic. We have successfully grown our revenue base in defense and aerospace, and this represents the largest percentage of HPA revenue and actually set a record in fiscal Q4. And while we expect our D&A business to grow year-on-year in fiscal '25, program timing and seasonality is having an outsized impact on the sequential performance in the June quarter, just given the relative size within HPA.

從 HPA 來看，也存在類似的季節性動態。我們已經成功擴大了國防和航空航太領域的收入基礎，這佔 HPA 收入的最大比例，實際上在第四財季創下了記錄。雖然我們預計我們的 D&A 業務將在 25 財年同比增長，但考慮到 HPA 內的相對規模，計劃時機和季節性對 6 月季度的連續業績產生了巨大影響。

Looking at gross margin, we expect a substantial improvement in September as we sell through all the high-cost inventory or the vast majority of it, I should say, in June, and we continue to expect full year fiscal '25 gross margin will improve modestly over '24.

就毛利率而言，我們預計 9 月將大幅改善，因為我們將在 6 月銷售掉所有高成本庫存或其中的絕大多數，並且我們繼續預計 25 財年全年毛利率將會改善謙虛地超過'24。

And I guess as a follow-up. In the press release also, you talked about your view about modest growth in -- expecting modest growth '25 over '24. And just wondering, I know you don't provide longer-term guidance in any meaningful detail. But 90 days into the -- from -- into the new year, has anything changed with the way you're thinking about it? Because I think you said you were expecting it would be reasonable to expect growth in fiscal '25 over 24 last quarter. So just wondering if there's been any changes in how you're viewing the growth or inventory levels or sell-through demand would be helpful.

我想作為後續行動。在新聞稿中，您也談到了您對 25 年至 24 年溫和成長的看法。只是想知道，我知道您沒有提供任何有意義的細節的長期指導。但是新年已經過去 90 天了，您的想法有什麼改變嗎？因為我認為您說過，您預計上個季度 25 財年的成長將超過 24 財年的成長，這是合理的。因此，只要想知道您對成長、庫存水準或銷售需求的看法是否有任何變化，就會有所幫助。

Sure. No change to our view on inventory, channel inventory, especially within the Android area looks relatively clear. I think June will be the last quarter we'll really be talking about the high-cost inventory and the energization impact associated with that. So that's maybe one change that we haven't spoken to in the past as far as timing goes.

當然。我們對庫存的看法沒有變化，通路庫存，特別是在 Android 領域，看起來相對清晰。我認為六月將是我們真正討論高成本庫存以及與之相關的能源影響的最後一個季度。因此，就時間安排而言，這可能是我們過去沒有談過的變化。

In terms of fiscal '25 in general, it's a little early to provide any detailed quarterly guidance. But absent any macro-related disruptions, we do expect to grow both revenue and gross margin modestly in fiscal '25 on a year-over-year full fiscal year basis. It's worth pointing out that given the timing of the content gains at our largest customer and the success of the defense market, as I mentioned earlier, our revenue seasonality will be more closely aligned with those annual ramp profiles. So that's clear in our Q1 guidance, but will also be included in our full fiscal year.

總體而言，就 25 財年而言，提供任何詳細的季度指引還為時過早。但如果沒有任何宏觀相關的干擾，我們確實預期 25 財年的營收和毛利率將在整個財年的基礎上小幅成長。值得指出的是，正如我之前提到的，鑑於我們最大客戶的內容成長時機以及國防市場的成功，我們的營收季節性將與這些年度成長情況更加緊密地一致。因此，這在我們的第一季指導中很明確，但也將包含在我們的整個財年中。

In terms of the shape of revenue across fiscal '25, we do expect strong sequential growth in September, some modest sequential growth in December, and then that revenue profile will reflect the sequential growth in defense. That begins in September and even stronger in December. So we -- maybe slightly, unlike fiscal '24, we'll have a bigger December than September is our current expectation because of the strength there in defense.

就整個 25 財年的收入狀況而言，我們確實預計 9 月將出現強勁的環比增長，12 月將出現一些溫和的環比增長，然後該收入狀況將反映國防領域的環比增長。這種情況從 9 月開始，到 12 月甚至更強烈。因此，與 24 財年不同的是，我們目前的預期是，由於國防實力強勁，12 月的表現可能會比 9 月更大。

On gross margins, we expect substantial improvement in September. As I mentioned, roughly flattish in December and then down slightly in March. So again, a similar seasonal profile. Overall, for the year, probably implied a full fiscal year gross margin for fiscal '25 in the mid-40s.

毛利率方面，我們預計 9 月將大幅改善。正如我所提到的，12 月大致持平，然後 3 月略有下降。再次，類似的季節性特徵。總體而言，25 財年的全年毛利率可能在 1940 年代中期。

Our next question comes from Karl Ackerman with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的卡爾·阿克曼。

I want to follow up to the gross margin question that you just spoke about. I guess is the lower gross margin guide driven by seasonally stronger Android sales in June? And then while gross margins increased in September, does that suggest Android is weaker in the second half? I asked because while your peer this evening said that China Android rose 40% year-over-year in the first half, there have been some conflicting data points on Android demand in the second half. So if you could clarify that, that would be helpful.

我想跟進一下你剛才提到的毛利率問題。我猜毛利率指引是否較低是因為 6 月 Android 銷售季節性強勁所致？儘管 9 月毛利率有所上升，但這是否表明 Android 下半年表現較弱？我問這個問題是因為，雖然你的同行今晚說上半年中國 Android 同比增長了 40%，但下半年 Android 需求的數據點卻存在一些相互矛盾的情況。因此，如果您能澄清這一點，那將會很有幫助。

Yes, sure. So in terms of gross margin, I think in any given quarter, it's heavily dependent on mix, as you're pointing out, right, there's variability by end market and product category. But as I look at the manufacturing costs associated with what we're selling, any underutilization impact is going to be impacted by when the products are manufactured and where they're manufactured. So for Qorvo, when matters because the utilization rate at the time it's produced, and the where matters because of where the products that contain higher content from external foundries or OSATs are less impacted by our internal loadings.

是的，當然。因此，就毛利率而言，我認為在任何特定季度，它都嚴重依賴組合，正如您所指出的那樣，終端市場和產品類別存在差異。但當我審視與我們銷售的產品相關的製造成本時，任何未充分利用的影響都將受到產品製造時間和製造地點的影響。因此，對於 Qorvo 來說，何時很重要，因為生產時的利用率；而何時很重要，因為來自外部代工廠或 OSAT 的含量較高的產品受我們內部負載的影響較小。

So for June, our gross margin guidance really reflects, I guess, primarily 3 things. First, we're actively selling through the higher cost inventories burdened by underutilization. And this is somewhat of an artifact of past underutilization. The second is that we see, the typical seasonal decline in our largest customer, as I mentioned, and those products contain higher levels of external content. And then third, we expect a seasonal decline in the defense programs. Like most of our high mix, lower volume businesses, these are accretive to gross margin. So it's heavily mix dependent.

因此，我認為，對於 6 月份，我們的毛利率指引實際上主要反映了三件事。首先，我們正在積極銷售因利用率不足而造成的成本較高的庫存。這在某種程度上是過去未被充分利用的產物。第二個是我們看到，正如我所提到的，我們最大客戶的典型季節性下降，而這些產品包含更高水準的外部內容。第三，我們預期國防計畫將出現季節性下降。與我們大多數高組合、小批量的業務一樣，這些業務可以增加毛利率。所以它嚴重依賴混合。

I pointed out, June will mark the low point as we actively sell through that, that remaining high-cost inventory. And again, that really reflects the inefficiencies caused by those underutilized fabs that were whipsawed by a massive inventory correction. We believe we're well past the worst of those utilization levels and as we sell through the material, it will pave the way for higher gross margins I commented on for the full fiscal year -- color I talked about earlier.

我指出，六月將標誌著低點，因為我們積極出售剩餘的高成本庫存。再說一次，這確實反映了那些因大規模庫存調整而遭受重創的未充分利用的晶圓廠所造成的效率低下。我們相信，我們已經度過了最糟糕的利用率水平，當我們銷售這些材料時，這將為我評論的整個財年的更高毛利率鋪平道路——我之前談到的顏色。

For September, if we pivot to that, we expect gross margin to improve substantially as 3 headwinds reverse. The seasonal ramp will reflect more external content. The defense revenue is expected to grow sequentially and the underutilization impact should fall to less than or around 100 basis points versus the, call it, 300 basis points that we experienced last quarter.

對於 9 月份，如果我們轉向這一點，我們預計隨著 3 個不利因素的逆轉，毛利率將大幅改善。季節性斜坡將反映更多外部內容。國防收入預計將持續成長，而利用率不足的影響應降至 100 個基點以下或左右，而上個季度我們經歷了 300 個基點。

Very clear. If I may just sneak a quick one in, you mentioned about a recovery in defense. I was curious your thoughts on silicon carbide, I did not hear that, any comments in your prepared script. I know that the industrial market is going through a downturn. But any thoughts on the recovery of the silicon carbide business or whether the macro has influenced your own success in silicon carbide, whether it's industrial and/or defense?

非常清楚。請容許我快速介紹一下，您提到了防守的恢復。我很好奇你對碳化矽的想法，我沒有聽到你準備的腳本中的任何評論。我知道工業市場正在經歷低迷。但是，您對碳化矽業務的復甦有什麼想法，或者宏觀經濟是否影響了您自己在碳化矽方面的成功，無論是工業和/還是國防領域？

Karl, this is Dave. I can take that one. So Bob, you can comment on some of this, but we've had some good success there in data centers and that part of the market actually looks quite good. We've talked in the past, too, about some of our success we've had in areas like solar, that's been heavily impacted by the interest rate environment. And so that market is extremely soft right now. So it's kind of a mixed bag when you look at our silicon carbide business. It's still quite a small business, so we're growing into new markets. And so there's lots of opportunities there. The sales funnel is growing and strong, but the end markets are really dependent on some of the interest rate environment that we're experiencing.

卡爾，這是戴夫。我可以接受那個。所以鮑勃，你可以對此發表評論，但我們在資料中心方面取得了一些良好的成功，而且這部分市場實際上看起來相當不錯。我們過去也談到我們在太陽能等領域取得的一些成功，這些領域受到利率環境的嚴重影響。因此，該市場目前極度疲軟。所以當你看看我們的碳化矽業務時，你會發現這是一個魚龍混雜的情況。它仍然是一家規模很小的企業，因此我們正在開拓新市場。所以那裡有很多機會。銷售管道不斷成長且強勁，但終端市場實際上取決於我們正在經歷的一些利率環境。

Your next question comes from Edward Snyder with Charter Equity Research.

您的下一個問題來自 Charter Equity Research 的愛德華·斯奈德 (Edward Snyder)。

A couple of questions, if I could. Last quarter, we had the discussions about content growth and strength in the second half. I know you haven't guided that to this quarter at all. I just want to get an update if possible. Now that you've had a chance, most of those wins have been awarded and you're probably working on qualifying it. Any alteration at all in terms of how strong you think it will be in the second half in terms of content or revenue growth without guiding? I'm just trying to get a feel for it, if anything has changed.

如果可以的話，有幾個問題。上個季度，我們討論了下半年的內容成長和實力。我知道您根本沒有在本季進行指導。我只是想獲得更新（如果可能的話）。現在您已經有機會了，大多數勝利都已授予，您可能正在努力獲得資格。在沒有指導的情況下，您認為下半年內容或收入成長的強勁程度是否會發生任何變化？我只是想感受一下是否有什麼改變。

Ed, it's Bob. Thanks for the question. And we're very confident in our outlook with our largest customer. We're confident, as I said last time, in gaining share this year and still very confident in our outlook for -- in FY '25, gaining share FY '26, gaining share and growing revenue. Still feel real good about both of those.

艾德，是鮑伯。謝謝你的提問。我們對我們最大客戶的前景非常有信心。正如我上次所說，我們對今年獲得份額充滿信心，並且對我們的前景充滿信心 - 在 25 財年，在 26 財年獲得份額，獲得份額並增加收入。仍然對這兩件事感覺很好。

Good. And then you closed the Anokiwave deal. And there -- most folks, if you look at their product line, it's pretty much a carbon copy there, anything you need for a millimeter wave to a mobile platform. And there's been some news recently that there seem to be a win with that. Is that -- my impression was when that was first announced, that it was going to be an infrastructure play. Does it have a mobile play to it? And how confident you are that it's going to gain any traction given how we [normalized it] has been in the mobile business for a while?

好的。然後你完成了 Anokiwave 交易。對於大多數人來說，如果你看看他們的產品線，你會發現它幾乎是一個複製品，是毫米波到移動平台所需的任何東西。最近有消息稱，這似乎取得了勝利。那是——我的印像是，當它第一次宣佈時，這將是一個基礎設施項目。有手機版可以玩嗎？考慮到我們在行動業務中的[標準化]一段時間了，您對它會獲得吸引力有多大信心？

Good opportunity to clear that up. When we made the acquisition, our focus was actually on defense. The infrastructure market is pretty volatile, but we still think there's a play there, but it's primarily on the defense side. We don't have any plans at this time to bring it into the mobile phone -- mobile part of our business.

澄清這一點的好機會。當我們進行收購時，我們的重點實際上是防禦。基礎設施市場相當不穩定，但我們仍然認為那裡有發揮作用，但主要是在防禦方面。我們目前沒有任何計劃將其引入手機——我們業務的移動部分。

Your next question comes from Srini Pajjuri with Raymond James. Pardon me. Your next question comes from Chris Caso with Wolfe Research.

您的下一個問題來自 Srini Pajjuri 和 Raymond James。對不起。您的下一個問題來自沃爾夫研究公司的克里斯·卡索。

The first question, I just wanted to clarify a comment that you made. You talked about revenue and gross margin up in fiscal '25, but you said modestly. And I just wanted to make sure that, was that a modest comment meant for revenue and gross margin up modestly or just gross margin?

第一個問題，我只是想澄清一下你的評論。您談到了 25 財年的收入和毛利率上升，但您的說法很謙虛。我只是想確定一下，這是一個溫和的評論意味著收入和毛利率的適度增長還是僅僅意味著毛利率？

Thanks for the question, Chris. It was for both.

謝謝你的提問，克里斯。這是為了兩個人。

Okay. So both revenue and so -- okay, so that's clear. As a follow-up on that, I wanted to talk about the changes to capital intensity that you were taking. Can you give a little more color on that and kind of where the targets might sit when you're done with that program and kind of what you're doing to achieve that?

好的。所以收入等等——好吧，這很清楚。作為後續行動，我想談談你們正在採取的資本密集度的變化。您能否就此提供更多信息，以及當您完成該計劃時目標可能位於何處以及您正在採取哪些措施來實現該目標？

So from a capital intensity perspective, I still think that we'll be spending CapEx in and around that 5% target level as we look out over time. It could vary based on capacity required to support customer demand, but that's our current target.

因此，從資本密集度的角度來看，我仍然認為隨著時間的推移，我們的資本支出將在 5% 的目標水準左右。它可能會根據支援客戶需求所需的容量而有所不同，但這是我們目前的目標。

Your next question comes from Srini Pajjuri with Raymond James.

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

Bob, in your guidance for fiscal year revenue to be up modestly. Obviously, you said previously that you expect your largest customer to grow year-on-year this year. So the rest of the business, I'm just curious, given -- I mean we've been weak in broad market -- not broad market, non, I guess, smartphone segments for a while. They seem to be lumpy, but some of them are coming back.

鮑勃，您對本財年收入的指導是適度增長。顯然，您之前說過，您預計今年最大的客戶將年增。因此，我只是好奇，考慮到我們在廣大市場上一直表現疲軟，而不是廣大市場，我想，智慧型手機領域已經有一段時間了，我只是很好奇。它們看起來是凹凸不平的，但其中一些又回來了。

So I'm just curious as to what's the outlook for the -- outside of your largest customer, what's causing you to be a bit more cautious here? It seems like you're kind of -- you're sounding a bit more cautious than last quarter. So I'm just trying to understand what's giving you that pause?

所以我只是好奇，除了你們最大的客戶之外，是什麼讓你們變得更謹慎？聽起來你比上個季度更加謹慎了。所以我只是想了解是什麼讓你停頓下來？

Let me take that one and then Bob can fill in kind of the latter part of your question. I think for fiscal '25, generally, we're optimistic. We do expect to grow. We're going to expand gross margin as we currently see it. I think we're having success at our largest customers, and that's creating more seasonality, which you're seeing in June, but on the whole, the year will be up. It also creates an opportunity for us to grow in our defense business, where we're seeing some recent congressional budget approvals as well as some of the [foreign aid] packages, which is driving our order activity there. So we're seeing a strong tailwind on the defense business in the fiscal second half. So that was for us beginning in the December quarter and follow through into March again. Those are some of the drivers we see.

讓我來回答這個問題，然後鮑勃可以填寫您問題的後一部分。我認為，總體而言，我們對 25 財年持樂觀態度。我們確實期望成長。我們將擴大目前的毛利率。我認為我們在最大的客戶身上取得了成功，這創造了更多的季節性，正如你在六月看到的那樣，但總的來說，這一年將會結束。它也為我們發展國防業務創造了機會，我們看到最近國會批准了一些預算以及一些[外國援助]計劃，這推動了我們在那裡的訂單活動。因此，我們看到下半財年國防業務的強勁推動力。這對我們來說是從 12 月季度開始，一直持續到 3 月。這些是我們看到的一些驅動程式。

And I don't know, Bob -- I think we missed the last part of your question. I think was it around confidence at our largest customer?

我不知道，鮑伯——我想我們錯過了你問題的最後一部分。我認為這是對我們最大客戶的信心嗎？

I was just wondering, I guess, last quarter, you definitely sounded a bit more confident about the next year and 2, as your largest customer looks like that hasn't changed. And given your view on your largest customer, I would've thought, the fiscal year guidance would be up more than just modestly. So I'm just trying to understand what's kind of leaving you that pause outside of your largest customer?

我只是想知道，我猜，上個季度，您聽起來對明年和第二年肯定更有信心了，因為您最大的客戶看起來沒有改變。考慮到您對最大客戶的看法，我認為財政年度指導將不僅僅是小幅上升。所以我只是想了解是什麼讓您在最大客戶之外猶豫不決？

We still believe we're going to grow in the Android ecosystem to be clear. So again, we didn't comment on the full year last time. The only comment I made was I wanted to correct some noise that was in the market about we had lost the socket potentially at our largest customer, and I want to make that clear. So I'm sure that came across clear. However, when we look out over the year, I mean, there's a lot of things to judge for the year. I think it's great that we're able to provide you some color, at least how we think of things today. But I'd say, if anything, we're being somewhat conservative just given what's going on.

明確的是，我們仍然相信我們將在 Android 生態系統中成長。再說一遍，我們上次沒有對全年業績發表評論。我發表的唯一評論是，我想糾正市場上關於我們可能失去了最大客戶的插座的一些噪音，我想澄清這一點。所以我確信這一點已經很清楚了。然而，當我們展望這一年時，我的意思是，這一年有很多事情需要判斷。我認為我們能夠為您提供一些顏色，至少是我們今天對事物的看法，這真是太好了。但我想說，如果有什麼不同的話，那就是考慮到正在發生的事情，我們有點保守。

As you know, our Android market in China, quite honestly, it's going to be flat quarter-over-quarter to slightly up. But we're very cautious on China and the economy turning around there, where they're actually doing well within some of the export markets.

如您所知，老實說，我們在中國的 Android 市場將環比持平或略有上升。但我們對中國和那裡的經濟復甦非常謹慎，他們實際上在一些出口市場表現良好。

So just given everything that we see going on globally, interest rates, you see what's going on with the Fed in our own country and going around the world, I think it's prudent to take a conservative view when we give our outlook, whether it's the number of units at our largest customer, what's going to happen to end demand with consumers. We're just being cautious, but we're confident we can grow. And I think that's how I'd leave that.

因此，考慮到我們在全球範圍內看到的一切，利率，你看到美聯儲在我們自己的國家和世界各地發生的情況，我認為在我們給出前景時採取保守的觀點是謹慎的，無論是我們最大客戶的單位數量，消費者的最終需求將會發生什麼。我們只是保持謹慎，但我們有信心能夠成長。我想這就是我離開的方式。

If I may have a follow-up on gross margins. Grant, obviously, you're talking about improving gross margin in the second half of the fiscal year. I guess how do we go from -- I think you're exiting the fiscal year maybe in the high 40s, mid- to high 40s. How do you go from mid- to high 40s to the previous, I guess, peak levels of 50% to 53%. And what's the plan to -- I mean, is it a function of revenue? Or are there any other initiatives that are in place to get us back to that gross margin level?

我可以跟進一下毛利率嗎？格蘭特，顯然，您正在談論提高本財年下半年的毛利率。我想我們該如何走——我想你可能會在 40 多歲、40 多歲中到高的時候結束本財年。我想，你是如何從 40 多歲的中高水平達到之前 50% 到 53% 的峰值水平的呢？計劃是什麼——我的意思是，它是收入的函數嗎？或者是否有其他舉措可以讓我們回到毛利率水準？

Thanks for the question. So utilization is obviously critical and it's improving. And we've spoken quite a bit about it. But maybe just to put that into context, the utilization across our U.S. fabs is actually currently up 20 percentage points versus Q1 a year ago. So looking at just a simple average across our wafer fabs, the percent utilization went from the 40s to now the 60s, and all that hasn't flowed into the P&L yet. So we still have meaningful opportunity to improve and reach more optimal levels, call it, in the 80s or higher across the board.

謝謝你的提問。因此，利用率顯然至關重要，而且利用率正在不斷提高。我們已經就此談了很多。但也許只是將這一點放在上下文中，我們美國晶圓廠的利用率目前實際上比一年前第一季提高了 20 個百分點。因此，只要看一下我們晶圓廠的簡單平均值，利用率就從 40 多歲變成了現在的 60 多歲，而所有這些都還沒有流入損益表。因此，我們仍然有有意義的機會來全面改進並達到更好的水平，稱之為 80 年代或更高水平。

We've talked a bit, as a specific example, to our WiFi business in CSG, which is facing the underutilization here in our North Carolina [gas line], each of those products is coupled to the fab that was designed and qualified. And so we can't move production overnight. But over time, we can optimize this. So load balancing across the factory networks always being evaluated, and it's a potential for opportunity there. But beyond just utilization, we are taking active steps to improve gross margin. If you look at it maybe by business or maybe from a manufacturing perspective, in ACG, specifically, we're managing our portfolio to better match cost with the product tiering. So to align Android's entry tier, our new low, mid, high integrated products are a great example. This is not a single product, but actually a family of products that are better optimized for that segment of the market.

作為一個具體的例子，我們已經談到了我們在 CSG 的 WiFi 業務，該業務在我們的北卡羅來納州[天然氣生產線]面臨著利用不足的問題，每一種產品都與經過設計和合格的工廠耦合。所以我們不能在一夜之間轉移生產。但隨著時間的推移，我們可以對此進行最佳化。因此，工廠網路之間的負載平衡始終受到評估，並且這是一個潛在的機會。但除了利用率之外，我們還採取積極措施來提高毛利率。如果你從業務角度或從製造角度來看，特別是在 ACG 領域，我們正在管理我們的產品組合，以更好地將成本與產品分層相匹配。因此，為了適應 Android 的入門級，我們新的低、中、高整合產品就是一個很好的例子。這不是單一產品，而是實際上針對該細分市場進行了更好優化的一系列產品。

In HPA, we expect our high mix, lower volume businesses generally carry higher gross margins to be among our fastest-growing opportunities. Defense is a good example, I've spoken to that, where we expect a strong fiscal second half and for growth to continue well beyond this fiscal year given the budget approvals and the order activity we're seeing.

在 HPA 領域，我們預期我們的高組合、小批量業務通常會帶來更高的毛利率，成為我們成長最快的機會之一。國防就是一個很好的例子，我已經談到過，鑑於預算批准和我們看到的訂單活動，我們預計下半年財政將強勁，並且增長將在本財政年度之後持續下去。

CSG, I just mentioned the WiFi business, but it's our highest growth opportunities there are in products that run in high-volume external silicon partners. So overall business mix will play a role in margin expansion over time. Those product lines will grow faster and they'll become a bigger portion of our revenue mix, less susceptible to underutilization, of course, because they're externally sourced.

CSG，我剛剛提到了 WiFi 業務，但這是我們在大批量外部晶片合作夥伴中運行的產品中最大的成長機會。因此，隨著時間的推移，整體業務組合將在利潤率擴張中發揮作用。這些產品線將會成長得更快，並且將成為我們收入組合中更大的一部分，當然，也不太容易受到未充分利用的影響，因為它們是外部採購的。

From an overall manufacturing perspective, we expect to benefit from continued [die-size] reductions, wafer size increases, and we can continue reducing our capital intensity. We're continuously looking at factory footprints for opportunities to optimize and consolidate our operations, and you've already seen us take steps there such as divesting our (inaudible) branch facilities as well as our Beijing and Dezhou facilities. So we have a lot of opportunity to get there. It's not simply utilization, but obviously, that's a big part of it.

從整體製造的角度來看，我們預計將受益於[晶片尺寸]的持續減小、晶圓尺寸的增加，並且我們可以繼續降低資本密集度。我們不斷尋找工廠足跡，尋找優化和鞏固我們營運的機會，您已經看到我們採取了一些措施，例如剝離我們的（聽不清楚）分公司設施以及北京和德州設施。所以我們有很多機會到達那裡。這不僅僅是利用率，但顯然，這是其中的重要組成部分。

Your next question comes from Thomas O'Malley with Barclays.

您的下一個問題來自巴克萊銀行的托馬斯·奧馬利。

So on the last call you kind of talked about the shape of the year being very similar year-over-year if you look at fiscal year '24 and fiscal year '25. With June coming in a bit lighter, could you just update us on how you're seeing the shape of the year? Does that peak a bit higher in the September, December period just because Q1 was a bit weaker? Any color on what you're kind of seeing in terms of the shape of the year being similar? Or does that change at all with what we're looking at in June?

因此，在上次電話會議上，您談到瞭如果您查看“24 財年”和“25 財年”，那麼今年的情況與去年同期非常相似。隨著六月天氣逐漸明朗，您能否向我們介紹一下您對今年天氣狀況的最新看法？ 9 月、12 月期間的高峰是否會因為第一季稍弱而更高？就年份形狀相似而言，您認為有什麼顏色嗎？或者說，這種情況會隨著我們六月的情況而改變嗎？

Sure. It's similar to fiscal '24. As I mentioned, we do expect, unlike fiscal '24, that we'll have a larger December than September and then down seasonally in March. So in that regard, it's slightly different than what we saw in fiscal '24. But generally speaking, the September, December quarters will be our largest within the fiscal year.

當然。這與 24 財年類似。正如我所提到的，我們確實預計，與 24 財年不同，12 月的數據將比 9 月的數據更大，然後在 3 月出現季節性下降。因此，在這方面，它與我們在 24 財年看到的情況略有不同。但一般來說，9 月、12 月季度將是我們本財年中規模最大的季度。

That's super helpful. And then just to put a nail in the coffin here, but just on the Android business into the June quarter. So you're talking about better China, but also you don't have a flagship launch in the June quarter from another large customer. When you net that out, do you see the ability to grow kind of sequentially into the June quarter? It's just hard to know the various growth rates. I know you have some idea of size, but any color you could give there on the Android business, just June specifically?

這非常有幫助。然後只是在棺材上釘上一根釘子，但只是將 Android 業務納入六月季度。所以你談論的是更好的中國，但你也沒有在六月季度從另一個大客戶那裡推出旗艦產品。當您將其計算在內時，您是否認為有能力在六月季度連續成長？只是很難知道各種成長率。我知道您對規模有一定的了解，但是您可以為 Android 業務提供任何顏色嗎？

This is Bob. June most likely is going to be flat off with the Android ecosystem. As you pointed out, we're coming off a big flagship ramp and our second largest customer with tremendous content, we're offsetting that with growth outside of them.

這是鮑伯。六月 Android 生態系統很可能會表現平平。正如您所指出的，我們正在擺脫大型旗艦產品的成長，我們的第二大客戶擁有大量內容，我們正在透過他們之外的成長來抵消這一點。

Your next question comes from Christopher Rolland with Susquehanna.

您的下一個問題來自薩斯奎哈納的克里斯多福羅蘭。

Yes, just working through that gross margin thing, we're talking about like 500 or 600 basis points for September. Is that roughly the magnitude to get to that gross margin expansion we need?

是的，就毛利率而言，我們談論的是 9 月的毛利率大約是 500 或 600 個基點。這大致是達到我們所需要的毛利率擴張的幅度嗎？

I think you're in the right ballpark, Chris. I gave a rough estimate for the year. So I believe you backed into it properly.

我認為你的想法是對的，克里斯。我對這一年做了一個粗略的估計。所以我相信你正確地支持了它。

Your next question comes from Peter Peng with JPMorgan.

您的下一個問題來自摩根大通的 Peter Peng。

Just want to go back to that modest revenue growth. Are you expecting growth across all segments? Or are you expecting some decline in certain segments?

只是想回到那種溫和的營收成長狀態。您預計所有細分市場都會成長嗎？或者您預期某些細分市場會下滑？

For the full year, we are expecting growth across all segments.

對於全年，我們預計所有細分市場都會實現成長。

And then I think last quarter you talked about smartphone shipments, low single digits and 5Gs kind of in that 10%-plus range. Has that view changed? And is that -- I guess, the full year guidance, is there just more conservatism there? So maybe if you can add?

然後我想上個季度您談到了智慧型手機出貨量、低個位數和 5G 的出貨量在 10% 以上的範圍內。這種看法有改變嗎？我想，全年指引是否更加保守？那麼也許您可以添加？

Yes. No change in the outlook. We're still thinking low single digits for the overall market. And like you said, 5G growing greater than 10%.

是的。前景沒有變化。我們仍然認為整個市場的個位數較低。正如您所說，5G 增長超過 10%。

Your next question comes from Tim Arcuri with UBS.

您的下一個問題來自瑞銀集團的提姆·阿庫裡。

This is Aman jumping in for Tim. We're hearing from some of your peers some inventory built at your largest customer in March. Are you seeing a similar trend? And then how should we think about growth in largest customer as we progress through this year? And do you have visibility in terms of content growth as we look into next calendar year?

這是阿曼來代替提姆。我們從你們的一些同行那裡得知，你們最大的客戶在三月建立了一些庫存。您是否看到類似的趨勢？那麼，隨著今年的進展，我們該如何看待最大客戶的成長呢？當我們展望下一個日曆年時，您是否了解內容成長方面的情況？

This is Bob. And what I can tell you is that we don't see any channel inventory between us and our largest customer. And the reason is pretty straightforward. We ship directly to their manufacturers. So this has come up maybe a year or so ago and now come up now, and we don't see anything like that.

這是鮑伯。我可以告訴你的是，我們和我們最大的客戶之間沒有看到任何渠道庫存。原因很簡單。我們直接運送給他們的製造商。所以這個問題可能在一年前就出現過，現在又出現了，但我們沒有看到類似的情況。

That 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 tonight. We appreciate your interest in Qorvo, and we look forward to speaking with you during our Investor Day on June 11 and at upcoming investor events. Thank you, and I hope you have a great evening.

我們要感謝大家今晚加入我們。感謝您對 Qorvo 的興趣，我們期待在 6 月 11 日的投資者日以及即將舉行的投資者活動中與您交談。謝謝您，希望您有個愉快的夜晚。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。