科沃 (QRVO) 2025 Q1 法說會逐字稿

Good day, and welcome to the Qorvo, Inc. first-quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 Qorvo, Inc. 2025 年第一季財報電話會議。 （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 of Investor Relations. Please go ahead.

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

Thanks very much. Hello, everyone, and welcome to Qorvo's fiscal 2025 first-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.

非常感謝。大家好，歡迎參加 Qorvo 2025 財年第一季財報電話會議。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。

We encourage you to review the Safe Harbor statement contained in the earnings release published today as well as the Risk Factors associated with our business and our annual report on Form 10-K filed with the SEC, because these risk factors may affect our operations and financial results.

我們鼓勵您查看今天發布的收益報告中包含的安全港聲明以及與我們業務相關的風險因素以及我們向 SEC 提交的 10-K 表格年度報告，因為這些風險因素可能會影響我們的營運和財務結果。

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 we analyze financial performance without the impact of certain non-cash expenses or other items that may obscure trends in our underlying performance.

在今天的新聞稿和電話會議中，我們提供了 GAAP 和非 GAAP 財務業績。我們提供這些補充資訊是為了使投資者能夠對經營業績進行額外的比較，並且我們分析財務業績時不會受到某些非現金費用或其他可能掩蓋我們基本業績趨勢的項目的影響。

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

在我們的電話會議中，我們對損益表項目的評論和比較將主要基於非公認會計原則結果。如需了解 GAAP 與非 GAAP 財務指標的完整對帳信息，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”下查看。

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

今天加入我們的是總裁兼執行長 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 our call. I'd like to begin by thanking everyone who attended our Investor Day, both in person and online. We appreciated the opportunity to share with you our strategic positioning and our enthusiasm for the future. The investor slides and a replay of the webcast are available on our IR website under Events and Presentations. Some of the investor feedback we've received is that it would be helpful to discuss our business by end market.

謝謝道格，歡迎大家撥打我們的電話。首先，我要感謝所有在現場和線上參加投資者日活動的人。我們很高興有機會與您分享我們的策略定位和對未來的熱情。投資者幻燈片和網路廣播的重播可在我們的投資者關係網站上的「活動和簡報」下找到。我們收到的一些投資者回饋是，透過終端市場討論我們的業務將會有所幫助。

We highlighted our end markets in our Investor Day presentation and our formal remarks today will also highlight our opportunities and achievements by end market.

我們在投資者日演講中強調了我們的終端市場，今天的正式演講也將強調我們在終端市場的機會和成就。

Qorvo's six primary end markets are automotive, consumer, defense and aerospace, industrial and enterprise, infrastructure, and mobile. They are underpinned by global mega trends, including electrification, connectivity, mobility, sustainability, verification and AI. These trends support new applications and new user experiences were made accessible to end users by customers we serve and the products we enable.

Qorvo 的六個主要終端市場是汽車、消費者、國防和航空航太、工業和企業、基礎設施和移動。它們受到全球大趨勢的支撐，包括電氣化、互聯性、移動性、永續性、驗證和人工智慧。這些趨勢支援新的應用程式和新的用戶體驗，我們服務的客戶和我們支援的產品為最終用戶提供了存取體驗。

Our markets are characterized by multiyear upgrade cycles, including 5G advanced, non-touristic networks, Wi-Fi 6 and 7, DOCSIS 4.0, Matter, ultra-wideband, and others. They are also undergoing technology upgrades, such as AESA radars advanced power management, RF MEMS, and highly integrated system-level solutions. And they are seeing upgrades in the user experience like indoor navigation and force sensing touch sensors. There are also continuous drivers that are common across markets. These include the continuously increasing requirements for bandwidth, speed and latency, a sharp focus on power efficiency and power management and the need for system-level solutions and greater functional entity.

我們的市場具有多年升級週期的特點，包括先進的 5G、非旅遊網路、Wi-Fi 6 和 7、DOCSIS 4.0、Matter、超寬頻等。它們也在進行技術升級，例如AESA雷達先進電源管理、RF MEMS和高度整合的系統級解決方案。他們看到了使用者體驗的升級，例如室內導航和力感應觸控感應器。市場上還存在一些常見的持續驅動因素。其中包括對頻寬、速度和延遲的不斷增長的要求，對電源效率和電源管理的高度關注以及對系統級解決方案和更大功能實體的需求。

Customers' demand improvements and performance, whether it can measure in power out, current consume, top time, or battery life. They require higher levels of performance with greater efficiency and a reduced form factor to create the differentiation that drives their position in the markets they serve. Qorvo is critical in enabling these capabilities.

客戶需要改進和性能，無論是電力輸出、電流消耗、最高工作時間或電池壽命。他們需要更高水準的性能、更高的效率和更小的外形尺寸，以創造差異化，從而推動他們在所服務的市場中的地位。 Qorvo 對於實現這些功能至關重要。

Now turning to quarterly highlights. In the automotive market, we were selected to supply VDX trends for a leading China-based automotive VDX reference chipset platform set to ramp at multiple automotive OEMs in calendar '25.

現在轉向季度亮點。在汽車市場，我們被選中為中國領先的汽車 VDX 參考晶片組平台提供 VDX 趨勢，該平台將於 25 年在多家汽車 OEM 廠商中推廣。

To expand automotive engagements, we are leveraging our ultra-wideband portfolio across range of applications, including secure access, digital key, kick sensors, child presence detection and detection of intrusion. We are also expanding our opportunities in EVs to include solid-state circuit breakers. Given the small size, enhanced reliability, and better thermals of our silicon carbide solutions, we enable solid-state circuit breakers that can disconnect electrical overloads in case of failure to maintain safe and efficient power distribution.

為了擴大汽車業務，我們在一系列應用中利用我們的超寬頻產品組合，包括安全存取、數位鑰匙、踢感測器、兒童存在檢測和入侵檢測。我們也擴大了電動車領域的機會，將固態斷路器納入其中。鑑於我們的碳化矽解決方案尺寸小、可靠性增強和散熱效果更好，我們推出的固態斷路器可以在無法維持安全高效配電的情況下斷開電氣過載。

For consumer markets, we secured a new engagement to supply a switch mode DC to DC charger for a wearable accessory for an Android OEM. We continue to expand our power management portfolio, and we are engaged to supply our newest battery management solution for power tools, scooters, e-bikes and other consumer products.

對於消費市場，我們獲得了一項新合作，為 Android OEM 的可穿戴配件提供開關模式直流對直流充電器。我們不斷擴展我們的電源管理產品組合，並致力於為電動工具、踏板車、電動自行車和其他消費性產品提供最新的電池管理解決方案。

We are also supporting a range of applicants with our matter and ultra-wideband technologies, including door locks, smart lighting, and indoor navigation. We are combining matter with ultra-wideband to support the emerging Alero standard for controlling digital access to smart homes and offices.

我們還利用我們的物質和超寬頻技術為一系列申請人提供支持，包括門鎖、智慧照明和室內導航。我們將物質與超寬頻結合，以支援新興的 Alero 標準，用於控制智慧家庭和辦公室的數位存取。

To support global broadband deployments, Qorvo's Wi-Fi solutions enable cellular, cable and satellite backhaul applications and developed and emerging markets. Of note, we recently passed 75 million Wi-Fi 6 FEMs shift into the India Wi-Fi market. We continue to expand our Wi-Fi portfolio, and we are seeing increasing customer interest in our 2, 5, and 6 gigahertz BAW filters for Wi-Fi CPE applications.

為了支援全球寬頻部署，Qorvo 的 Wi-Fi 解決方案支援蜂窩、有線和衛星回程應用以及已開發市場和新興市場。值得注意的是，我們最近已將 7,500 萬個 Wi-Fi 6 FEM 轉移到印度 Wi-Fi 市場。我們不斷擴展我們的 Wi-Fi 產品組合，我們發現客戶對我們用於 Wi-Fi CPE 應用的 2、5 和 6 GHz BAW 濾波器越來越感興趣。

In other consumer applications, we are expanding our customer engagements with four sensing touch sensors primarily for laptop track pads as well as other consumer applications.

在其他消費應用中，我們正在透過主要用於筆記型電腦觸控板以及其他消費應用的四個感測觸控感測器擴大客戶參與度。

Turning to defense and aerospace. We secured design wins across segments, including AESA radars, large defense programs, and satcom deployments where Qorvo participates in both the low earth orbit satellite and the ground-based consumer terminal.

轉向國防和航空航天。我們在各個領域贏得了設計勝利，包括 AESA 雷達、大型國防項目和衛星通訊部署，其中 Qorvo 參與了近地軌道衛星和地面消費終端。

In D&A markets, Qorvo is the beneficiary of underlying drivers, including the trend of one to many, the transition of mechanical systems to active electronic scanning systems, increasing system-level functionality and size constraints requiring advanced multi-chip packaging.

在 D&A 市場中，Qorvo 是底層驅動因素的受益者，包括一對多的趨勢、機械系統向有源電子掃描系統的過渡、不斷增加的系統級功能以及需要先進多晶片封裝的尺寸限制。

During the quarter, fully integrated the Anokiwave team into Qorvo. Our added capabilities in silicon beam-forming ICs and IF to RF conversion are complementary to our transmit and receive RF front ends as well as our power management IC portfolio. We are developing more highly integrated placements that combine our capabilities to bring greater value add to our customers.

本季度，將 Anokiwave 團隊完全整合到 Qorvo 中。我們在矽波束形成 IC 和 IF 到 RF 轉換方面的新增功能是對我們的發射和接收 RF 前端以及電源管理 IC 產品組合的補充。我們正在開發更高度整合的佈局，結合我們的能力，為客戶帶來更大的附加價值。

New product launches during the quarter included three new highly integrated RF multichip modules for X-band, S-band, and L-band advanced radar applications. The new modules integrate filters, switches, and amplifiers to simplify design and enable a superior performance, low noise, reduced power consumption, and smaller form factor required for phased array and multifunction radar systems.

本季度推出的新產品包括用於 X 波段、S 波段和 L 波段高級雷達應用的三款新型高度整合式射頻多晶片模組。新模組整合了濾波器、開關和放大器，可簡化設計並實現相控陣和多功能雷達系統所需的卓越性能、低雜訊、降低功耗和更小的外形尺寸。

For infrastructure markets, we launched a single-chip inverse cable equalizer that is programmable in the field and electronically simulates signal loss at various cable lengths. For operators, this eliminates the additional parts and tech time required to accommodate short runs during DOCSIS 4.0 field installations. Our single-chip solution also features a switch bypass mode that allows operators to utilize our solution in every line amplifier and field extender regardless of distance.

針對基礎設施市場，我們推出了一款單晶片反向電纜均衡器，可在現場進行編程，並以電子方式模擬各種電纜長度下的訊號損失。對於營運商而言，這消除了 DOCSIS 4.0 在現場安裝期間適應小批量生產所需的額外零件和技術時間。我們的單晶片解決方案還具有開關旁路模式，允許操作員在每個線路放大器和現場擴展器中使用我們的解決方案，無論距離如何。

For massive MIMO 5G base stations, we introduced a best-in-class transmit pre-driver. It is engineered specifically for 32 node massive MIMO systems and is scalable up to 64 notes. For industrial and enterprise markets, we are seeing continued demand for new orders for AC to DC high-density server power supplies.

對於大規模 MIMO 5G 基地台，我們推出了一流的傳輸預驅動器。它專為 32 節點大規模 MIMO 系統而設計，可擴展至 64 個節點。對於工業和企業市場，我們看到對交流轉直流高密度伺服器電源新訂單的持續需求。

During the quarter, we began sampling the industry's first for milliams silicon carbide fit. It's already on performance of for milliams as best-in-class on resistance among 650- to 750-volt power devices. This is especially important for applications such as circuit protection that are migrating from traditional switch mode static switches that are on for longer durations.

在本季度，我們開始對業界首個毫微米碳化矽配合進行取樣。它的毫安培級性能已成為 650 至 750 伏特功率裝置中同類最佳的導通電阻。這對於諸如電路保護之類的應用尤其重要，這些應用從傳統的開關模式靜態開關（持續時間較長）遷移而來。

This is a significant milestone for solid-state circuit breakers, and it highlights the trend we are seeing from mechanical to semiconductor-based electrical systems, residential, commercial, and industrial applications.

這是固態斷路器的一個重要里程碑，它凸顯了我們所看到的從機械到基於半導體的電氣系統、住宅、商業和工業應用的趨勢。

For Wi-Fi enterprise access points, we are engaged to supply ultra-wideband to enable indoor navigation in office buildings, shopping malls, and factories. By adding ultra-wideband to Wi-Fi access points, the access points become the anchor our reference point, enabling precision navigation for ultra-wideband-enabled devices. As an added benefit, ultra-wideband can reduce costs by identifying the optimal location for access point placement during Wi-Fi installation. Lastly, we're leveraging our fourth sensing touch sensor technology in new industrial markets, including handheld medical devices that measure oxygen levels.

對於Wi-Fi企業接入點，我們致力於提供超寬頻，以實現辦公大樓、購物中心和工廠的室內導航。透過在 Wi-Fi 存取點新增超寬頻，存取點成為我們的參考點，從而為支援超寬頻的裝置提供精確導航。作為一個額外的好處，超寬頻可以透過在 Wi-Fi 安裝期間確定存取點放置的最佳位置來降低成本。最後，我們正在新的工業市場中利用我們的第四種感測觸控感測器技術，包括測量氧氣水平的手持式醫療設備。

Turning to mobile, which is primarily smartphones and tablets, our largest opportunity remains at our largest customer. We are investing in multiple multiyear programs to increase our content and continue to grow revenue with this customer. R&D investments for future programs include products we currently supply this customer as well as new products we are not currently supplying.

轉向行動裝置（主要是智慧型手機和平板電腦），我們最大的機會仍然是我們最大的客戶。我們正在投資多個多年期計劃，以增加我們的內容並繼續增加與該客戶的收入。未來專案的研發投資包括我們目前提供給該客戶的產品以及我們目前未提供的新產品。

Within the Android ecosystem, Qorvo remains the primary RF supplier. We collaborate with Android OEMs on their product road maps over multiple years, and we are positioned to drive growth as 4G devices move to 5G at advance. In calendar '24, we expect Android 5G unit volumes to grow greater than 10%.

在 Android 生態系統中，Qorvo 仍然是主要的 RF 供應商。多年來，我們與 Android OEM 廠商就他們的產品路線圖進行了合作，並且隨著 4G 裝置提前轉向 5G，我們將推動成長。在 2024 年，我們預計 Android 5G 銷量將成長 10% 以上。

We are also positioned to grow with 5G advance, which occurs with new releases of the 5G standard. Content drivers in 5G events include an additional transmit path, nonterrestrial network connectivity and requirements for power Class 2 amplifiers to increase output power, improve data throughput, and extend sell-side coverage.

我們也準備好隨著 5G 的進步而成長，這隨著 5G 標準的新發布而發生。 5G 活動中的內容驅動因素包括額外的傳輸路徑、非地面網路連接以及對 2 類放大器供電的要求，以增加輸出功率、提高數據吞吐量並擴大賣方覆蓋範圍。

During the quarter, we ramped multiple new products, leveraging our newest BAW and LRT SAW processes. For an Android OEM, we commenced shipments of the most functionally dense, mid-high band pad in the market. This new MHB pad integrates the diversity receive content that was historically offered in a separate SAW-based module.

本季度，我們利用最新的 BAW 和 LRT SAW 製程推出了多種新產品。對於 Android OEM，我們開始出貨市場上功能最密集的中高頻段墊。這種新的 MHB 墊整合了先前在單獨的基於 SAW 的模組中提供的分集接收內容。

It is a highly complex multi-chip module that features Qorvo's internal BAW, LRT SAW, and GaAs HBT, as well as CMOS and silicon on insulator that we source from our foundry network. It improves efficiency and reduces power consumption while shrinking border space requirements by approximately 35%.

它是一款高度複雜的多晶片模組，採用 Qorvo 的內部 BAW、LRT SAW 和 GaAs HBT，以及我們從代工網路採購的 CMOS 和絕緣體上矽。它提高了效率並降低了功耗，同時將邊界空間需求減少了約 35%。

Within mass-market smartphones, we secured multiple design wins with our recently launched portfolio of low, mid, high band pad. Each LMH pad integrates the low-, mid- and high-band main path content that previously required two placements. This saves approximately 40% in board space, simplifies design, and helps customers accelerate their time to market.

在大眾市場智慧型手機中，我們透過最近推出的低、中、高頻段墊產品組合贏得了許多設計勝利。每個 LMH 焊盤都整合了先前需要兩次放置的低、中和高頻段主路徑內容。這可節省約 40% 的電路板空間、簡化設計並幫助客戶加快產品上市時間。

In mobile Wi-Fi, MediaTek selected Qorvo as the exclusive supplier of Wi-Fi 7 FEMs for customers of their DX4 Wi-Fi chipset. MediaTek's DX4 chipset and Qorvo's Wi-Fi 7 FEMs are optimized to deliver superior performance for flagship and mass market smartphones. We also expanded our Ultra-wideband wins in the Android ecosystem to include an additional handset customer. Motorola's Moto X50 Ultra, which launched in the June quarter, features Qorvo's Ultra-wideband SoC. This is our first win in a mid-tier smartphone and is an early indicator of ultra-widebands proliferating across mass market smartphone portfolios.

在行動 Wi-Fi 領域，聯發科技選擇 Qorvo 作為為其 DX4 Wi-Fi 晶片組客戶提供 Wi-Fi 7 FEM 的獨家供應商。 MediaTek 的 DX4 晶片組和 Qorvo 的 Wi-Fi 7 FEM 經過最佳化，可為旗艦和大眾市場智慧型手機提供卓越的性能。我們也擴大了在 Android 生態系統中的超寬頻優勢，以納入更多的手機客戶。摩托羅拉 Moto X50 Ultra 於第二季推出，採用 Qorvo 超寬頻 SoC。這是我們在中階智慧型手機領域的首次勝利，也是超寬頻在大眾市場智慧型手機產品組合中激增的早期指標。

At a high level, the Qorvo team continues to deliver operational excellence. We are investing in core strengths to differentiate our products while executing on cost initiatives and productivity improvements to reduce our capital intensity to structurally enhance our gross margin.

在高水準上，Qorvo 團隊繼續提供卓越的營運。我們正在投資核心優勢，以使我們的產品脫穎而出，同時執行成本計劃和生產力改進，以降低我們的資本密集度，從而從結構上提高我們的毛利率。

As we committed to during our Investor Day in June, we are migrating to larger wafer diameters. During the June quarter, we successfully completed our migration to 8-inch BAW and our ball lines are now exclusively.

正如我們在六月投資者日期間承諾的那樣，我們正在轉向更大的晶圓直徑。在六月季度，我們成功完成了向 8 英寸 BAW 的遷移，我們的球線現在是獨家的。

We're also committed to a model of long-term growth in each operating segment, with R&D investments focused on large opportunities. In ACG, our investments are focused on growing and our largest customer. In HPA, our investments are focused on defense and aerospace, along with power management. In CSG, our investments are focused on automotive connectivity, advanced Wi-Fi RF solutions, and Ultra BSCs.

我們也致力於在每個營運部門建立長期成長模式，將研發投資集中在巨大的機會上。在 ACG，我們的投資重​​點是不斷成長的最大客戶。在 HPA 中，我們的投資主要集中在國防和航空航天以及電源管理方面。在 CSG，我們的投資重​​點是汽車連接、先進的 Wi-Fi RF 解決方案和 Ultra BSC。

Qorvo's technologies are critical in solving our customers' most complex RF and power challenges related to efficiency, performance, and size, and we are confident in our long-term growth and diversification.

Qorvo 的技術對於解決客戶在效率、性能和尺寸方面最複雜的射頻和功率挑戰至關重要，我們對我們的長期成長和多元化充滿信心。

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

接下來，我會將電話轉給格蘭特。

Thanks, Bob, and good afternoon, everyone. Revenue for the quarter was $887 million, representing a decrease of 6% sequentially and an increase of approximately 36% year over year. Non-GAAP gross margin of 40.9% in the June quarter came in at the high end of our guidance range of 40% to 41%, benefiting from product mix on higher revenue.

謝謝鮑勃，大家下午好。該季度營收為 8.87 億美元，季減 6%，年增約 36%。 6 月季度的非 GAAP 毛利率為 40.9%，處於我們指導範圍 40% 至 41% 的高端，受益於更高收入的產品組合。

Non-GAAP operating expenses in the quarter were $265 million, which included $4 million of spend associated with our digital transformation. As we progress through this multiyear effort, the spend will be included in the other operating expense line on our non-GAAP P&L. And we will provide expense guidance related to this initiative on a quarterly basis.

本季非 GAAP 營運支出為 2.65 億美元，其中包括與數位轉型相關的 400 萬美元支出。隨著我們多年努力的進展，這筆支出將包含在我們的非公認會計原則損益表的其他營運費用項目中。我們將每季提供與該計劃相關的費用指導。

Non-GAAP diluted EPS was $0.87, which was also above the high end of our guidance range due to higher revenue and gross margin, offset by slightly higher operating expense. On the balance sheet, as of quarter end, we had $1.1 billion of cash and equivalents and approximately $1.5 billion of long-term debt outstanding.

非 GAAP 攤薄後每股收益為 0.87 美元，這也高於我們指導範圍的上限，因為收入和毛利率較高，但被營業費用略有增加所抵消。截至季末，我們的資產負債表上有 11 億美元的現金和等價物，以及約 15 億美元的未償長期債務。

During the quarter, we retired $27 million of our 2024 notes and have approximately $412 million remaining. These notes are classified as current and will mature in mid-December. Subject to changes in the interest rate environment and other factors, we currently expect to retire these short-term notes later this year.

本季度，我們註銷了 2,700 萬美元的 2024 年票據，剩餘約 4.12 億美元。這些票據被歸類為流動票據，並將於 12 月中旬到期。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。

We ended the quarter with a net inventory balance of $727 million, representing a sequential increase of $16 million, composed primarily of WIP and raw material as we support the seasonal ramp at our largest customer.

本季結束時，我們的淨庫存餘額為 7.27 億美元，環比增加了 1,600 萬美元，主要由 WIP 和原材料組成，因為我們支持最大客戶的季節性成長。

Turning to the cash flow statement. In fiscal Q1, we generated operating cash flow of $81 million and capital expenditures of $38 million, leading to free cash flow of $43 million. As a reminder, our CapEx spend will vary quarter-to-quarter and reflects the timing of cash disbursements for capital purchase. Consequently, CapEx as a percentage of sales in any given quarter may be above or below our annual target of approximately 5% of sales.

轉向現金流量表。在第一財季，我們產生了 8,100 萬美元的營運現金流和 3,800 萬美元的資本支出，產生了 4,300 萬美元的自由現金流。提醒一下，我們的資本支出將隨季度而變化，並反映資本購買的現金支付時間。因此，任何特定季度的資本支出佔銷售額的百分比可能高於或低於我們約佔銷售額 5% 的年度目標。

We repurchased [$120] of stock at $101 per share in the quarter. The rate and pace of our share repurchase 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 return of capital and aligns our underlying goal of diluted long-term shareholder value.

本季我們以每股 101 美元的價格回購了 [120 美元] 的股票。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、現金的替代用途以及其他相關策略考量。這種方法確保我們的資本配置策略平衡未來成長與資本回報，並與我們稀釋長期股東價值的根本目標一致。

Turning to our current quarter outlook. We expect revenue of approximately $1.025 billion plus or minus $25 million. Non-GAAP gross margin between 46% and 47%, and non-GAAP diluted EPS between $1.75 and $1.95. As communicated at our Investor Day in June, gross margin is expected to improve as we execute on key objectives. Progress will be driven by business and product mix, internal factory utilization and productivity initiatives, volume of production outsourced to external partners, and other factors.

轉向我們當前的季度展望。我們預計營收約 10.25 億美元上下 2,500 萬美元。非 GAAP 毛利率在 46% 至 47% 之間，非 GAAP 攤薄後每股收益在 1.75 美元至 1.95 美元之間。正如我們在 6 月的投資者日所傳達的那樣，隨著我們執行關鍵目標，毛利率預計將有所改善。業務和產品組合、內部工廠利用率和生產力計劃、外包給外部合作夥伴的生產量以及其他因素將推動進度。

Throughout the fiscal year, gross margin will vary on a quarterly basis due to these factors. Given anticipated product mix and production schedules, we currently believe fiscal Q1 will mark the low point of gross margin in fiscal '25.

在整個財年中，由於這些因素，毛利率將按季度變化。鑑於預期的產品組合和生產計劃，我們目前認為第一個財季將標誌著 25 財年毛利率的低點。

We project non-GAAP operating expenses in the September quarter will be approximately $275 million, with variability related to the timing of product development spend and other factors. The sequential increase is comprised primarily of other operating expense driven by our digital transformation, which is expected to be approximately $10 million this quarter.

我們預計第二季的非 GAAP 營運費用約為 2.75 億美元，其變化與產品開發支出的時間表和其他因素有關。環比成長主要由我們的數位轉型驅動的其他營運費用組成，預計本季約為 1000 萬美元。

During fiscal '25, we continue to expect approximately $40 million of expense related to this project with quarterly variability related to the achievement of progress-based milestones. Below the operating income line, our non-GAAP expense is expected to be between $8 million to $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 25 財年，我們繼續預計與該專案相關的費用約為 4000 萬美元，並且與基於進度的里程碑的實現相關的季度變化。在營業收入線以下，我們的非公認會計原則費用預計在800 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。

Presuming we retire our 2024 notes in mid-December, we expect nonoperating expense to increase in the March quarter by $3 million to $4 million over the current run rate. This is due to the differential in the interest rate we pay on the 1.75% 2024 notes versus the interest rate that we currently earn on our cash balances of approximately 5%.

假設我們在 12 月中旬收回 2024 年票據，我們預計 3 月季度的非營業費用將比目前運行率增加 300 萬至 400 萬美元。這是由於我們為 1.75% 2024 年票據支付的利率與我們目前現金餘額約 5% 的利率有差異。

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。

Looking at operations, the Qorvo team continues to execute exceptionally well. As Bob mentioned, we completed the transition of our bottom line exclusively 8-inch and we are seamlessly running product through the Beijing and Dojo facilities now owned by Luxshare. We are leveraging internal factories and advanced packaging facilities that are critical differentiators for each of our operating segments, while outsourcing to our robust foundry and OSAT partners where we benefit from their scale and R&D investments.

從營運角度來看，Qorvo 團隊的執行力仍然非常出色。正如 Bob 所提到的，我們完成了純 8 英寸底線的過渡，並且我們正在透過現在由立訊精密擁有的北京和 Dojo 工廠無縫運行產品。我們正在利用內部工廠和先進的封裝設施，這些設施是我們每個營運部門的關鍵差異化因素，同時外包給我們強大的代工廠和 OSAT 合作夥伴，我們從他們的規模和研發投資中受益。

Our three operating segments serve a broad set of markets that are underpinned by multiyear growth drivers. We are critical to solving our customers' most complex challenges related to RF and power. And we are confident in our ability to deliver long-term revenue growth, increasing diversification, and improved profitability.

我們的三個營運部門服務於由多年成長動力支撐的廣泛市場。我們對於解決客戶最複雜的射頻和功率挑戰至關重要。我們對實現長期收入成長、增加多元化和提高獲利能力的能力充滿信心。

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

此時，請開通提問線路。謝謝。

(Operator Instructions)

（操作員說明）

Quinn Bolton, Needham & Co.

奎因·博爾頓，李約瑟公司

Hey, guys. Congratulations on the nice results and outlook. I just wanted to start with kind of a big picture question. Your largest customer, I think, got the market pretty excited about the possibility of AI smartphones. I'm just wondering if you've started to see any impact, any increase in demand driven by the AI smartphone trend, whether it's your largest customer or within the Android channel. And then I've got a follow-up for Grant.

大家好。恭喜您取得了良好的成果和前景。我只是想從一個大局問題開始。我認為，你們最大的客戶讓市場對人工智慧智慧型手機的可能性感到非常興奮。我只是想知道您是否已經開始看到人工智慧智慧型手機趨勢帶來的任何影響和需求成長，無論是您最大的客戶還是 Android 頻道內的客戶。然後我還有格蘭特的後續報道。

Great. Quinn, thanks again for your comments. And as far as AI goes, I think we're taking more of a conservative approach. I mean, clearly, we saw that in what Samsung released in the S24. And just to remind the group, we've got excellent dollar content in that and they had a pretty nice ramp.

偉大的。奎因，再次感謝您的評論。就人工智慧而言，我認為我們採取了更保守的方法。我的意思是，很明顯，我們在三星發布的 S24 中看到了這一點。只是為了提醒大家，我們在這方面有出色的美元內容，而且他們有一個相當不錯的斜坡。

It wasn't tremendous above what expectations were, but they did a good job this year with the S24. Whether it was due to AI or not, clearly sure. And as far as our largest customer goes, since they haven't released their next-generation phones, we're not going to comment. But I think as an industry, it would be wonderful if that AI came out, it was very useful for users and reduce replacement cycle time so that we would see an uplift. That would be fantastic. But that's not what we're modeling at this time.

這並沒有超出預期，但他們今年的 S24 做得很好。無論是否是人工智慧造成的，這一點是明確的。就我們最大的客戶而言，由於他們尚未發布下一代手機，我們不會發表評論。但我認為作為一個行業，如果人工智慧出現那就太好了，它對用戶非常有用，並減少更換週期時間，這樣我們就會看到提升。那太棒了。但這不是我們目前正在建模的。

Got it. And then for Grant, just wonder if you could give us an update on your thoughts sort of as you move into the back half of the calendar year, thoughts on utilization rates? And any update on the flush of the high-cost Android inventory? Is that now mostly out of the model as we move into the September quarter. Thank you.

知道了。然後格蘭特，想知道您是否可以在進入日曆年下半年時向我們介紹一下您的最新想法，即對利用率的想法？關於高成本 Android 庫存的沖刷有什麼更新嗎？當我們進入九月季度時，現在這基本上已經超出了模型的範圍嗎？謝謝。

Thanks, Quinn. In the September guide, we expect a substantial sequential increase in gross margin, and that's primarily related to mix, the September quarter and to a lesser degree, December quarter will benefit from higher mix of customized solutions for flagship tier phones.

謝謝，奎因。在9 月指南中，我們預計毛利率將大幅環比增長，這主要與9 月季度和12 月季度的組合有關，在較小程度上，12 月季度將受益於旗艦手機定制解決方案的更高組合。

That product mix generally includes a higher amount of externally sourced silicon and SOI content. It's not impacted by internal utilization levels. So that's one dynamic that's occurring. And that compares to our prior two quarters where revenue was comprised of a larger mix of high-cost standard products that were burdened by prior periods of underutilization.

此產品組合通常包含大量外部採購的矽和 SOI 含量。它不受內部利用率水準的影響。這就是正在發生的一種動態。相較之下，我們前兩個季度的收入由更多高成本標準產品組成，而這些產品因先前的利用率不足而受到影響。

In the quarter just concluded, we saw approximately 200 basis points of headwind associated with underutilization. And in the quarter, the September quarter, we should see it falling to around or slightly less than 100 basis points and then negligible for the back half of the year.

在剛結束的季度，我們看到了與利用率不足相關的大約 200 個基點的逆風。在本季度，也就是 9 月的季度，我們應該會看到它下降到 100 個基點左右或略低於 100 個基點，然後在今年下半年可以忽略不計。

Perfect. Thank you.

完美的。謝謝。

Tim Arcuri, UBS.

提姆‧阿庫裡，瑞銀集團。

This is Aman on for Tim. I just wanted to get some feel for your China mobile market. Sell-through data has been getting a little bit better recently. But just trying to get a sense for what you might be seeing there and how that might be progressing as we move forward throughout the calendar year?

這是阿曼為蒂姆服務的。我只是想了解中國移動市場。銷售數據最近有所好轉。但只是想了解一下您可能會在那裡看到什麼，以及隨著我們在整個日曆年中前進，這可能會取得怎樣的進展？

Hi, Aman, this is Dave. Yes. I think it's -- we're seeing the same data you're seeing it's a little bit better year over year. I mean, right now, based on the numbers we're tracking, we expect it to be up low single-digit percent, kind of similar to the overall smartphone market.

嗨，阿曼，我是戴夫。是的。我認為，我們看到的數據與您看到的數據相同，但一年比一年好一點。我的意思是，現在，根據我們追蹤的數字，我們預計它會出現低個位數的百分比成長，類似於整個智慧型手機市場。

I know we're calling that. So the 6/18 holiday was a little better year over year. But if you look at the cumulative smartphone sales to date, it's pretty flat to up slightly from what we see.

我知道我們這麼稱呼。所以6/18假期比去年好一點。但如果你看看迄今為止的智慧型手機累積銷量，你會發現與我們所看到的相比，銷量相當持平甚至略有上升。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Hey, guys, thanks for the question. I guess, maybe getting back to the September quarter. Just a question I keep getting asked from investors is around revenue still being down year over year. And I think the assumption is you have content growth at your largest customer.

嘿，夥計們，謝謝你的提問。我想，也許回到九月季度。投資者不斷問我的一個問題是收入仍然逐年下降。我認為假設是你最大的客戶的內容有所成長。

And perhaps we have an AI refresh cycle. I know you're conservative there. I appreciate that conservatism. But still, why not growth or at least flat year over year, particularly in mobile? Thank you.

也許我們有一個人工智慧更新周期。我知道你那裡很保守。我很欣賞這種保守主義。但是，為什麼同比增長不增長或至少持平，特別是在移動領域？謝謝。

Thanks for the question, Chris. At least in terms of the September guide year over year, the slight decline is principally related to smartphone revenues. We've talked in the past about significant gains at our largest customers, and maybe Dave can follow up from me and comment there.

謝謝你的提問，克里斯。至少從 9 月的年比指引來看，略有下降主要與智慧型手機收入有關。我們過去曾討論過我們最大客戶的顯著收益，也許戴夫可以跟進我並在那裡發表評論。

But those sums in the guide contemplate total smartphone market: SKUs, unit volumes, timing, mix, and all of that may prove conservative or vice versa. But we'll have to see how things play out. But overall, we feel very, very, very comfortable with our assumptions. Dave, I don't know if you want to add on that answer.

但指南中的這些數字考慮了整個智慧型手機市場：SKU、單位數量、時間、組合，所有這些都可能被證明是保守的，反之亦然。但我們必須看看事情會如何發展。但總的來說，我們對我們的假設感到非常非常滿意。戴夫，我不知道你是否想補充這個答案。

And you guys know, we've talked about some of these more key models that ramped in the first half and our content there. So the S24, we had over $5 of content and we're on the other side of that ramp now. The pixel, we had about $15 a content. So we're also on the other side of that ramp as well. So we had some strong ramps in the first half that we're now on the other side of.

你們知道，我們已經討論了上半年成長的一些更關鍵的模型以及我們在那裡的內容。因此，在 S24 上，我們擁有超過 5 美元的內容，而我們現在正處於成長的另一邊。對於像素，我們每個內容大約 15 美元。所以我們也在坡道的另一邊。因此，我們在上半場經歷了一些強勁的成長，現在我們處於另一邊。

And then Bob mentioned our low, mid-high, and some design wins we have there. We actually have purchase orders on the books now, and that will just start to ramp at the very end of this quarter. So that will ramp up as we go through the balance of this year and into next year. So we're -- it's kind of a timing situation happening there in the Android ecosystem. And so that's probably a little bit of a pocket there that you're seeing in September.

然後鮑勃提到了我們的低端、中高端以及我們在那裡取得的一些設計勝利。實際上，我們現在已經有採購訂單，並且在本季結束時才會開始增加。因此，隨著今年餘下時間和明年的到來，這一數字將會增加。所以我們——這是 Android 生態系統中發生的一種時機狀況。所以這可能是你在 9 月看到的一點點口袋。

That's very helpful. Just a quick follow-up. Bob, sometimes you give us some new products to look out for like that low, mid, high. You've talked about that before. Is there something else on the horizon, some new cool products that might be needle moving for you that we should be on the lookout for?

這非常有幫助。只是快速跟進。鮑勃，有時你會給我們一些新產品，像是低、中、高的產品。你之前已經談過這一點。是否還有其他東西即將出現，一些新的很酷的產品可能會讓您感到興奮，我們應該留意？

Yes. The low mid-high is actually an interesting one because we're actually tiering it for the different product segments in the Android ecosystem. So for the mass tier and typically in the entry area, we're coming out with a lower cost that's not -- excuse me, a lower cost LMH, that we're starting to release to the market. So we're actually expecting that to begin to ramp all of our low, mid, high, starting a little bit this quarter, bigger, obviously, in December and then carrying on in a much bigger way in the March quarter. So I think that's a little bit different.

是的。低中高實際上是一個有趣的選擇，因為我們實際上針對 Android 生態系統中的不同產品細分進行了分層。因此，對於大眾市場，尤其是入門級市場，我們推出了更低的成本——對不起，我們開始向市場推出更低成本的LMH。因此，我們實際上預計我們的低、中、高都會開始增加，從本季開始一點點，顯然在 12 月會更大，然後在 3 月季度以更大的方式繼續下去。所以我認為這有點不同。

A lot of times, people think when we talk little bit high, it's all the same product. It's not we're tiering it for the different various entry tier mass tier to the high tier. So I think that's pretty exciting.

很多時候，人們認為當我們說得有點高調時，都是同一種產品。我們並不是將其分層為不同的入門層大眾層到高層。所以我認為這非常令人興奮。

And of course, we're working on some others and don't necessarily need to telegraph those at this time. But also that mid, high band pad, where we integrated in the diversity receive functions is doing extremely well. And we saw a really great ramp at one of our larger Android customers there as well.

當然，我們正在研究其他一些項目，目前不一定需要電報這些​​項目。而且我們集成分集接收功能的中、高頻段墊也表現得非常好。我們在那裡的一個較大的 Android 客戶也看到了非常大的成長。

Yes. I would just add to that, Bob. I mean I appreciate the question, but these products just ramped. And our customers and ourselves, we like to get some scale off these products. So they generally run for a couple of years.

是的。我想補充一點，鮑伯。我的意思是我很欣賞這個問題，但這些產品剛剛興起。我們的客戶和我們自己都希望擴大這些產品的規模。所以他們通常會運行幾年。

The product Bob has mentioned, we'll have that same content next year. So the $15 or so of content we had this past year, we'll get that again next year. And the low, mid, high, our customers are really excited about that. Very strong engagements across all of our customers in China. And they plan to use that for several generations across their product portfolio.

鮑伯提到的產品，我們明年會有相同的內容。因此，去年我們獲得的 15 美元左右的內容，明年我們將再次獲得。低、中、高，我們的客戶對此感到非常興奮。我們與中國所有客戶的互動非常緊密。他們計劃在其產品組合中使用該技術幾代人。

So we're certainly in those discussions for the longer term with all of our customers. We gauge in this road map discussion several years out. But nothing to report yet, give us a little time to get some volume under our belt on these current products.

因此，我們肯定會與所有客戶進行長期討論。我們在幾年後的路線圖討論中進行了評估。但還沒有什麼可報告的，請給我們一點時間來了解這些當前產品的一些資訊。

Nothing indeed for plenty --

確實沒有什麼足夠的——

For other markets, yes.

對於其他市場來說，是的。

(Operator Instructions)

（操作員說明）

Karl Ackerman, PNB Paribas.

卡爾·阿克曼，PNB Paribas。

Yes, thank you. You spoke about the transition to 8-inch BAW wafers for internal manufacturing, which is great. But you've also discussed today and in the past that you have worked with third-party foundries for external silicon. I guess how do you think about the optimal trade-off between internal production versus using external foundries over time that might help support margin expansion?

是的，謝謝。您談到了內部製造向 8 英寸 BAW 晶圓的過渡，這非常棒。但您今天和過去也討論過您與第三方代工廠合作生產外部晶片。我想隨著時間的推移，您如何看待內部生產與使用外部代工廠之間的最佳權衡，這可能有助於支持利潤率擴張？

Sure. So thanks for the question, Karl. Generally, it's technology dependent. So things like silicon or SOI, we have not done in-house and wouldn't consider doing in-house more efficiently than our partners can. Other areas where we can differentiate ourselves, especially like BAW, where there's not a foundry network available, we'll continue to produce those products that contain that internally as it differentiates us.

當然。謝謝你的提問，卡爾。一般來說，它依賴於技術。因此，像矽或 SOI 這樣的事情，我們還沒有在內部完成，也不會考慮比我們的合作夥伴更有效地在內部完成。在我們可以使自己脫穎而出的其他領域，特別是像 BAW 這樣沒有可用的代工網絡的領域，我們將繼續生產那些內部包含該網絡的產品，因為它使我們與眾不同。

And then from an OSAT perspective, in terms of assembly and test and other services, we can go out to a large partner network and benefit from their scale and their continued R&D investments.

然後從 OSAT 的角度來看，在組裝和測試以及其他服務方面，我們可以走向大型合作夥伴網絡，並從他們的規模和持續的研發投資中受益。

Maybe like in the defense market, we see that assembly capability as something that differentiates us. So that's something that we do internally.

也許就像在國防市場一樣，我們認為組裝能力是我們的獨特之處。這就是我們內部所做的事情。

Got it. Got it. Maybe one more, if I may. Just how to think about content growth, just more broadly, I guess you spoke about at your Analyst Day how 5G enhanced will create more placements for antenna tuning and perhaps another placement for ultra-high-band pad. Could you talk I suppose, generally, in terms of how to think about the adoption for 5G and premium to your handsets over the next year or two?

知道了。知道了。如果可以的話，也許還有一個。只是如何更廣泛地考慮內容增長，我想您在分析師日談到了 5G 增強將如何為天線調諧創造更多的位置，或許還有另一個超高頻段墊的位置。我想您能談談如何考慮未來一兩年內 5G 的採用和手機的溢價嗎？

Sure. Yes. And I think for those of you that were at the Investor Day, I think Frank did a good job of laying out all the opportunities that we see coming in 5G advance and unlicensed spectrum in foldable phones and different form factors that are driving lots of challenges for our customers. And so that's all coming. I mean, those trends, those discussions are ongoing with all of our customers in terms of the new products that we're developing and how they plan to integrate those into their phones.

當然。是的。我認為對於那些參加投資者日的人來說，我認為 Frank 很好地闡述了我們在 5G 進步和可折疊手機中的非授權頻譜以及帶來許多挑戰的不同外形因素中看到的所有機會。為我們的客戶。這一切即將到來。我的意思是，我們正在與所有客戶就我們正在開發的新產品以及他們計劃如何將這些產品整合到他們的手機中進行討論。

And then you've got trends like AI, right? That's going to drive higher data rates, lower latency. And that's all going to hopefully accelerate those trends that we talked about for 5G Advance and some of those other features and increased power levels.

然後還有像人工智慧這樣的趨勢，對嗎？這將推動更高的數據速率、更低的延遲。這一切都有望加速我們討論的 5G Advance 以及其他一些功能和更高功率等級的趨勢。

And so as Bob mentioned earlier, it's still in very early innings for AI. But as that accelerates, it should drive the RF content faster and it will just accelerate the adoption of 5G Advanced.

正如鮑勃之前提到的，人工智慧仍處於早期階段。但隨著這一速度的加快，它應該會更快地推動 RF 內容的發展，並且只會加速 5G Advanced 的採用。

Edward Snyder, Charter Equity Research.

愛德華·斯奈德，特許股票研究。

Thanks for taking the question. This is Jack Egan on for Ed Snyder. So you've mentioned your content should grow pretty strongly in the second half of this calendar year. And I know you haven't guided to it, but I was hoping you could just give us kind of a general ballpark idea of your expected content growth or at least how it compares to prior years. And then I just had a quick follow-up.

感謝您提出問題。這是艾德·史奈德的傑克·伊根。所以你提到你的內容應該會在今年下半年成長得相當強勁。我知道您還沒有對此進行指導，但我希望您能給我們一個關於您的預期內容增長的總體大概想法，或者至少與前幾年相比如何。然後我就進行了快速跟進。

Sorry, Jack. When you said content, I don't know what market you're talking about, customers, which one of our business units, I need a little more color to help answer your question.

對不起，傑克。當你說內容的時候，我不知道你說的是哪個市場，客戶，我們哪個業務部門，我需要多一點色彩來幫助回答你的問題。

Sure. Sorry about that. I was talking about mobile content at your large customer.

當然。對於那個很抱歉。我正在談論您的大客戶的行動內容。

Okay. What I can say is what I've said probably the last couple of quarters is I'm confident in our ability to grow in our largest customer, gain share this year, as well as I think we're in a great position to be able to gain share again next year at our largest customer.

好的。我能說的是，我在過去幾個季度中可能已經說過，我對我們最大客戶的成長能力、今年獲得份額的能力充滿信心，而且我認為我們處於有利地位明年能夠在我們最大的客戶中再次獲得份額。

Got it. Okay. And then so I guess on the nonmobile side, we've seen quite a few reports in the analog space so far, call out some particular strength in China in the second quarter. And of course, it's a very different market from cellular, but so far that demand has -- it seems pretty broad-based and strength.

知道了。好的。然後，我想在非移動方面，到目前為止，我們已經在模擬領域看到了相當多的報告，指出了第二季度中國的一些特殊優勢。當然，這是一個與蜂窩市場截然不同的市場，但到目前為止，這種需求似乎基礎廣泛且實力強勁。

And so have you seen the same rebound in China maybe in the HPA or CSG or in the cellular business as well? And were there any areas of specific strength to call out?

那麼，您是否在中國的 HPA、CSG 或蜂窩業務中看到了相同的反彈？有沒有值得特別強調的領域？

Yes. I wouldn't necessarily maybe focus on China specifically. I mean when we look at the markets that we serve, it's pretty broad based across HPA and CSG. I mean if you look in China for automotive, for example, I mean, definitely, the ultra-wideband adoption that we have been seeing is starting to pick up there and accelerate for things like presence detection and kick sensors and other advanced radar features.

是的。我不一定會特別關注中國。我的意思是，當我們審視我們所服務的市場時，會發現 HPA 和 CSG 的市場基礎相當廣泛。我的意思是，例如，如果你在中國尋找汽車領域，我的意思是，我們所看到的超寬頻應用正在開始加速，並加速存在偵測、踢感測器和其他先進雷達功能等。

On the power side, certainly, when it comes to AI and data center, we're seeing increasing requirements for improved efficiency and the power supply. So that's driving the adoption of silicon carbide. So that's been a great trend for us.

當然，在電源方面，當涉及人工智慧和資料中心時，我們看到對提高效率和電源的要求不斷增加。這推動了碳化矽的採用。所以這對我們來說是一個很好的趨勢。

Another new area of growth for us, both inside the car and outside the car, as Bob mentioned is circuit protection. And so that's a really interesting opportunity for us because circuit protection today is pretty much exclusively done with electromechanical solutions.

正如鮑伯所提到的，我們的另一個新成長領域，無論是車內還是車外，都是電路保護。因此，這對我們來說是一個非常有趣的機會，因為當今的電路保護幾乎完全是透過機電解決方案來完成的。

And so that's all new sand entering into our markets that will be a solid state and silicon carbide to leading technology, especially silicon carbide have to tap to that. So there's a lot of there's great new growth trends. And those things have just accelerated really since we talked about on our Investor Day.

因此，進入我們市場的所有新沙子都將是固態的，碳化矽將達到領先技術，特別是碳化矽必須利用這一點。因此，有許多很棒的新成長趨勢。自從我們在投資者日討論以來，這些事情確實加速了。

Thing I'd like to add to that, Dave, is the VDX that I talked about in my prepared remarks, in China is actually -- China's leading all the regions as far as adopting VDX. And that's pretty exciting for us. Again, that's going to be ramping next calendar year. But it's good to see that there, and then we'll expect it, obviously, to flow into Europe and then obviously the US.

Dave，我想補充的是，我在準備好的演講中談到的 VDX，在中國實際上 - 中國在採用 VDX 方面領先於所有地區。這對我們來說非常令人興奮。同樣，明年這一數字將會增加。但很高興看到這一點，然後我們顯然會預期它會流入歐洲，然後顯然會流入美國。

Got it. Thanks. That's helpful.

知道了。謝謝。這很有幫助。

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

我們的問答環節到此結束。我想將會議轉交管理層發表閉幕詞。

We want to thank everyone for joining us on tonight's call. 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.

我們要感謝大家參加今晚的電話會議。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。再次感謝並祝您有個美好的夜晚。

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。