科沃 (QRVO) 2025 Q2 法說會逐字稿

Good day, and welcome to the Qorvo, Inc., second 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 年第二季財報電話會議。 （操作員說明）請注意此事件正在被記錄。

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

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

Thanks very much. Hello, everyone, and welcome to Qorvo's fiscal 2025, second quarter earnings call. This call will include forward-looking statements that involve risk factors that could cause our actual results to differ materially from management's current expectations.

非常感謝。大家好，歡迎參加 Qorvo 2025 財年第二季財報電話會議。本次電話會議將包括涉及風險因素的前瞻性陳述，這些風險因素可能導致我們的實際結果與管理階層目前的預期有重大差異。

We encourage you to review the safe harbor statement contained in our 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.

我們鼓勵您查看我們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 have obscure trends in our underlying performance.

在今天的新聞稿和電話會議中，我們提供了 GAAP 和非 GAAP 財務業績。我們提供這些補充資訊是為了使投資者能夠對經營業績進行額外的比較並分析財務業績，而不會受到某些非現金支出或其他可能對我們的基本業績趨勢產生模糊影響的項目的影響。

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

在我們的電話會議中，我們對損益表項目的評論和比較將主要基於非公認會計原則結果。有關 GAAP 與非 GAAP 財務指標的完整對帳信息，請參閱今天早些時候發布的收益報告，可在我們的投資者關係網站 ir.qorvo.com 的財務報告下查看。

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

今天加入我們的是總裁兼執行長 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. Similar to our first quarter earnings call, our prepared remarks tonight will focus on achievements and opportunities by end market. Qorvo's six end markets are automotive, consumer, defense and aerospace, industrial and enterprise, infrastructure and mobile.

謝謝道格，歡迎大家撥打我們的電話。與我們第一季的財報電話會議類似，我們今晚準備的演講將重點放在終端市場的成就和機會。 Qorvo 的六個終端市場是汽車、消費者、國防和航空航太、工業和企業、基礎設施和移動。

Our markets are underpinned by global mega trends such as electrification, connectivity, mobility, sustainability, dedification and AI. These trends make possible new functionality and new user experiences that are made available to end users by the customers we serve and the products we enable.

我們的市場受到電氣化、互聯性、移動性、永續性、神化和人工智慧等全球大趨勢的支持。這些趨勢使得新功能和新用戶體驗成為可能，這些功能和新用戶體驗可以透過我們服務的客戶和我們支援的產品向最終用戶提供。

Consistent with our comments at our Investor Day, in HPA, we continue to expand our defense and aerospace business during the quarter while building a broad-based business in power management. For the full fiscal year, we expect HPA will grow in the mid-teens.

與我們在投資者日上的評論一致，在 HPA，我們在本季繼續擴大我們的國防和航空航太業務，同時在電源管理領域建立廣泛的業務。對於整個財年，我們預計 HPA 將在十幾歲左右增長。

In the markets served by CSG, we maintained our WiFi leadership during the quarter while investing in diverse growth businesses, including an expanding portfolio of automotive solutions and SoCs, (inaudible) matter. We expect CSG will also grow in the mid-teens this fiscal year.

在 CSG 服務的市場中，我們在本季度保持了 WiFi 領先地位，同時投資於多元化的成長業務，包括不斷擴大的汽車解決方案和 SoC 組合（聽不清楚）。我們預計南玻集團本財年也將實現十幾歲左右的成長。

In the mobile market, ACG supported a seasonal ramp during the quarter at our largest customer. As we said during our Investor Day, our largest opportunity in ACG is with this customer. They represent over half of the smartphone RF TAM and we are investing today to grow our share with them next year and in subsequent programs over multiple years.

在行動市場，ACG 在本季為我們最大的客戶提供了季節性成長。正如我們在投資者日所說，我們在 ACG 領域最大的機會就是這個客戶。他們佔智慧型手機 RF TAM 的一半以上，我們今天正在投資，以在明年以及多年的後續計劃中增加我們與他們的份額。

Within the Android ecosystem, Qorvo is a leading supplier to the flagship, premium and mid-tier 5G smartphones, while the flagship and premium tiers are holding up well, the mix in the mid and entry tiers has shifted towards entry tier 5G at the expense of mid-tier 5G. In our current view, we don't expect this mix shift in Android 5G for the mid-tier to the entry tier will reverse.

在Android生態系統中，Qorvo是旗艦、高階和中階5G智慧型手機的領先供應商，雖然旗艦和高階智慧型手機表現良好，但中階和入門級的組合已轉向入門級5G，但代價是中端5G。在我們目前看來，我們預期 Android 5G 從中階到入門級的混合轉變不會逆轉。

While challenging in the near term, this dynamic reinforces ACG's primary strategy of investing to grow our business at our largest customer. ACG's product road map is focused primarily on 5G advanced products for our largest customer and the flagship and premium tiers of our Android customers.

雖然短期內充滿挑戰，但這種動態強化了 ACG 的主要策略，即透過投資來發展我們最大客戶的業務。 ACG 的產品路線圖主要著重於為我們最大的客戶以及我們的 Android 客戶的旗艦級和高階級提供 5G 先進產品。

Our growth opportunity and the flagship remains strong. By contrast, the mid-tier used to be approximately half of the total Android 5G volumes and has declined over the last few quarters to less than 1/3. In each of the markets we serve, our customers continue to require higher performance, greater efficiency and smaller form factor to increase functional density, enhance the user experience and extend their competitive position.

我們的成長機會和旗艦產品仍然強勁。相比之下，中階裝置曾經約佔 Android 5G 總量的一半，但在過去幾季中已下降至不到 1/3。在我們服務的每個市場中，我們的客戶不斷要求更高的效能、更高的效率和更小的外形尺寸，以提高功能密度、增強用戶體驗並擴大他們的競爭地位。

Turning to quarterly highlights. In the automotive market, we secured a V2X design win with a US-based automotive Tier 1 in support of an automotive OEM based in Germany. Production volumes for this first win are expected to ship in the current quarter. We were also selected to supply a full suite of V2X and network access device, RF products in support of an automotive OEM with production volumes also expected to ramp this quarter.

轉向季度亮點。在汽車市場，我們贏得了美國汽車 Tier 1 的 V2X 設計支持，為德國汽車 OEM 提供支援。預計第一場勝利的產量將在本季度發貨。我們也被選中提供全套 V2X 和網路存取設備、無線射頻產品，以支援汽車 OEM，預計本季產量也會增加。

In other automotive applications, Qorvo's force-sensing touch sensors are enabling digital cockpit, climate control and the best-selling SUV of an additional automotive OEM based in Germany. For an EV OEM based in North America, Qorvo was selected to supply force-sensing touch sensors for our 2026, model launch.

在其他汽車應用中，Qorvo 的力感應觸控感應器正在支援數位駕駛艙、氣候控制以及德國另一家汽車 OEM 的最暢銷 SUV。對於一家位於北美的電動車 OEM，Qorvo 被選中為我們 2026 年推出的車型提供力感觸摸感測器。

We have content in this customer's current generation model and the number of placements increased in this new award. Our technology's solid surface architecture demonstrates measurable advantages over traditional buttons, both inside and outside the cabin.

我們在該客戶的當前世代模型中提供了內容，並且在這個新獎項中增加了展示位置的數量。我們的技術的實體表面架構在機艙內外都展現了比傳統按鈕顯著的優勢。

In consumer markets, we increased shipments of force-sensing touch sensors in support of high-end audio headphones and expanded our touch sensor engagements in laptop track pads. We also continue to ramp our first generation battery management system for outdoor power tools and other applications. We will sample our second-generation solution later this fiscal year and target applications, including power tools and e-mobility applications, including scooters and e-bikes.

在消費市場，我們增加了支援高階音訊耳機的力感應觸控感應器的出貨量，並擴大了我們在筆記型電腦觸控板中的觸控感應器的參與度。我們也持續提升用於戶外電動工具和其他應用的第一代電池管理系統。我們將在本財年稍後對第二代解決方案進行採樣，並確定目標應用，包括電動工具和電動車應用，包括踏板車和電動自行車。

In WiFi, we offer a full portfolio of FEMs, iFEMs and filters. Our WiFi 6 shipments to consumer markets continue to grow in applications, including sound bars. Shipments of WiFi 7 also grew. The RF content opportunity is significantly higher in WiFi 7 than in previous generations, and the industry analysts expect WiFi 7 volumes to overtake WiFi 6 as soon as 2027.

在 WiFi 領域，我們提供完整的 FEM、iFEM 和濾波器產品組合。我們對消費市場的 WiFi 6 出貨量在應用領域持續成長，包括長條音箱。 WiFi 7 的出貨量也有所成長。 WiFi 7 中的 RF 內容機會明顯高於前幾代產品，產業分析師預計 WiFi 7 的銷售量最快將在 2027 年超過 WiFi 6。

In Connectivity Systems, demand for Ultra-wideband, BLE and Matter over thread was broad-based across consumer applications, including smart home, location tags, speakers and other consumer electronics. We received our first production order for our newest BLE matter, SoC from a large retailer of home furnishing products based in Europe, opening up a new addressable market for Qorvo.

在連接系統中，消費者應用對超寬頻、BLE 和 Matter over thread 的需求非常廣泛，包括智慧家庭、位置標籤、揚聲器和其他消費性電子產品。我們收到了來自歐洲一家大型家居用品零售商的最新 BLE Matter SoC 的第一份生產訂單，為 Qorvo 開闢了一個新的潛在市場。

By leveraging concurrent Connect technology, our SoC enables BLE, Matter and ZigBee to operate simultaneously. This ensures backward and forward compatibility given ZigBee's large installed base and the growing adoption of matter over threat, including within Smart Home and Smartphone ecosystems. Matter of a threat is a low latency, point-to-point and mesh technology that significantly upgrades the user experience versus legacy systems.

透過利用並發 Connect 技術，我們的 SoC 使 BLE、Matter 和 ZigBee 能夠同時運作。鑑於 ZigBee 龐大的安裝基礎以及「物質勝於威脅」的日益普及（包括在智慧家庭和智慧型手機生態系統中），這確保了向後和向前兼容性。威脅問題是一種低延遲、點對點和網狀技術，與傳統系統相比，它可以顯著提升用戶體驗。

In Defense and Aerospace markets, multiyear tailwinds continue to drive our business. They include the upgrade cycle to non-terrestrial networks and for mechanical radar systems to active electronic scanning radar systems as well as continuous drivers like onshoring, the trend of one to many and system-level functionality requiring advanced RF packaging.

在國防和航空航太市場，多年來的順風繼續推動我們的業務。它們包括非地面網路的升級週期、機械雷達系統到主動電子掃描雷達系統的升級週期，以及岸電等連續驅動因素、一對多的趨勢以及需要先進射頻封裝的系統級功能。

Design activity and D&A during the quarter was a quarterly record and diversified across markets, including terrestrial, airborne and shipborne radars, comms, space and electronic warfare. Design wins included new and existing product categories as well as new platforms and new customers.

本季的設計活動和 D&A 創下季度記錄，並在各個市場上實現多元化，包括地面、機載和艦載雷達、通訊、太空和電子戰。設計勝利包括新的和現有的產品類別以及新平台和新客戶。

In SATCOM, we continue to see strength in commercial communications. Qorvo has content in both the LEO satellites and the customer ground terminals with the leading satellite broadband network providers. We also have content on commercial and private jets and are helping to bring improved connectivity to air travel.

在衛星通訊方面，我們繼續看到商業通訊領域的優勢。 Qorvo 在 LEO 衛星和客戶地面終端中均擁有領先衛星寬頻網路供應商的內容。我們還提供有關商用和私人飛機的內容，並正在幫助改善航空旅行的連接性。

During the quarter, we were awarded a key development contract for an electronic warfare application, leveraging our station solid-state PA products. Solid-state PAs have the advantages in size, weight and power (inaudible). They are also more reliable with a lower total cost of ownership.

本季度，我們獲得了一份電子戰應用的關鍵開發合同，利用我們的站固態 PA 產品。固態 PA 在尺寸、重量和功率（聽不清楚）方面具有優勢。它們也更可靠，總擁有成本更低。

In Industrial and Enterprise, we continue to ramp power management solutions for enterprise SSDs to more broadly serve AI and data center applications and expand on our strong position and client SSDs for laptops.

在工業和企業領域，我們繼續推出企業級 SSD 的電源管理解決方案，以更廣泛地服務於人工智慧和資料中心應用，並擴大我們的優勢地位和筆記型電腦用戶端 SSD。

We also expanded our engagements to supply ultra-wideband solutions and (inaudible) access points. With the inclusion of Qorvo's ultra-wideband technology, enterprise access points, service anchors, and enabling indoor navigation and other applications that leverage precision location awareness.

我們也擴大了業務範圍，提供超寬頻解決方案和（聽不清楚）存取點。透過納入 Qorvo 的超寬頻技術、企業存取點、服務錨點，並支援室內導航和其他利用精確位置感知的應用。

For smart home meter, we are developing a proprietary sub-1 gigahertz spend to support a leading smart energy ecosystem provider. In other low-power IoT applications, CAT-M and CAT-1, interest and design activity continues to build in consumer, industrial and enterprise markets.

對於智慧家庭電錶，我們正在開發專有的低於 1 GHz 的支出，以支援領先的智慧能源生態系統供應商。在其他低功耗物聯網應用（CAT-M 和 CAT-1）中，消費者、工業和企業市場的興趣和設計活動不斷增加。

For infrastructure markets, we introduced the industry's first 24-volt power doubler for DOCSIS 4.0 broadband and cable TV applications. This multichip module delivers more than 30% size reduction versus hybrid solutions and features adjustable DC current to optimize DC power consumption versus RF output.

對於基礎設施市場，我們推出了業界首款用於 DOCSIS 4.0 寬頻和有線電視應用的 24 伏特功率倍增器。與混合解決方案相比，此多晶片模組的尺寸縮小了 30% 以上，並具有可調式直流電流，以優化直流功耗與射頻輸出。

We recently showcased our broadband portfolio at the SCTE Tech Expo in Atlanta, and we expect our newest solutions to build upon our leadership in DOCSIS 4.0. In the mobile market, we secured new wins at the leading Android smartphone OEM across this customer's smartphone portfolio. In the Spring 2025, flagship smartphone, we secured WiFi content and multiple 5G front-end placements in the main and secondary transmode pass.

我們最近在亞特蘭大 SCTE 技術博覽會上展示了我們的寬頻產品組合，我們希望我們的最新解決方案能夠鞏固我們在 DOCSIS 4.0 領域的領導地位。在行動市場，我們在領先的 Android 智慧型手機 OEM 客戶的智慧型手機產品組合中取得了新的勝利。在 2025 年春季的旗艦智慧型手機中，我們在主要和次要的轉模通道中確保了 WiFi 內容和多個 5G 前端佈局。

At other Android customers, we secured additional design wins for our recently launched low, mid and high-band pad. Each LMH pad delivers a 40% savings in surface area versus prior architectures. This enables customers to leverage the space savings for other functionality, such as processing or memory.

在其他 Android 客戶中，我們為最近推出的低、中和高頻段墊贏得了更多設計勝利。與先前的架構相比，每個 LMH 焊盤的表面積可節省 40%。這使客戶能夠將節省的空間用於其他功能，例如處理或記憶體。

Shipments of our [L&H] packs are expected to grow sequentially this quarter and again in March. Across Android OEMs, the adoption of ultra-wideband in smartphones represents a significant opportunity for Qorvo. During September, we built upon the design win mentioned last quarter in the Moto X 50 Ultra by securing additional ultra-wideband design wins and upcoming smartphones and types. These wins are an early indication of the trend we expect of ultra-wideband proliferating across high-volume smartphones and accessories.

我們的 [L&H] 包裝的出貨量預計將在本季連續成長，並在 3 月再次成長。在 Android OEM 廠商中，智慧型手機中超寬頻的採用對 Qorvo 來說是一個重大機會。 9 月份，我們在上個季度提到的 Moto X 50 Ultra 設計勝利的基礎上，獲得了額外的超寬頻設計勝利以及即將推出的智慧型手機和類型。這些勝利是我們預期超寬​​頻在大容量智慧型手機和配件中普及的趨勢的早期跡象。

Furthermore, we expanded WiFi 7 shipments across Android OEMs in support of MediaTek's Dimensity 9400 chipset, Qorvo's WiFi 7 FEMs are optimized with the Domensity-9400 to deliver flagship Android smartphones superior performance. Looking further out, we are expanding our PMIC portfolio for the mobile market beyond RF to deliver new innovations that reduce current consumption and significantly extend battery life.

此外，我們擴大了 Android OEM 廠商的 WiFi 7 出貨量，以支援聯發科的 Dimensity 9400 晶片組，Qorvo 的 WiFi 7 FEM 透過 Domensity-9400 進行最佳化，為旗艦 Android 智慧型手機提供卓越的效能。展望未來，我們正在將我們的 PMIC 產品組合擴展到 RF 以外的行動市場，以提供可降低電流消耗並顯著延長電池壽命的新創新。

We are a pioneer and leader in envelope tracking and average power tracking RF power management for smartphones, and we have been awarded a contract by a top-tier Android OEM to develop our first DC to DC PMIC for mobile phones. Our proprietary power management solutions deliver superior efficiency, and we are excited to bring our technology to flagship smartphones.

我們是智慧型手機包絡追蹤和平均功率追蹤 RF 電源管理領域的先驅和領導者，我們已獲得頂級 Android OEM 的合同，為手機開發首款 DC 至 DC PMIC。我們專有的電源管理解決方案可提供卓越的效率，我們很高興將我們的技術引入旗艦智慧型手機。

At a high level, Qorvo is investing in core strengths to drive growth with differentiated products and technologies in diverse markets. We are also executing on cost and productivity initiatives to reduce capital intensity and structurally enhance gross margin.

從高層面來看，Qorvo 正在投資核心優勢，以在不同市場中透過差異化產品和技術推動成長。我們還執行成本和生產力計劃，以降低資本密集度並從結構上提高毛利率。

In ACG, we're investing to grow in our largest customer. In HPA, we're investing to grow in defense and aerospace and power management. In CSG, our growth investments are focused on automotive, next-gen WiFi and Matter and ultra-wideband SoCs.

在 ACG，我們正在投資以擴大我們最大的客戶。在 HPA 中，我們正在投資以促進國防、航空航太和電源管理領域的發展。在 CSG，我們的成長投資主要集中在汽車、下一代 WiFi 以及 Matter 和超寬頻 SoC。

Qorvo solves our customers' most complex RF and power challenges related to efficiency, performance and size, and we are confident in our ability to drive long-term growth and diversification.

Qorvo 解決了客戶在效率、性能和尺寸方面最複雜的射頻和功率挑戰，我們對推動長期成長和多元化的能力充滿信心。

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 $1,047 million, representing an increase of 18% sequentially. Revenue exceeded the midpoint of our guidance range, driven by double-digit sequential growth in all three operating segments. Non-GAAP gross margin of 47% matched the high end of our guidance range. Non-GAAP operating expenses in the quarter were $280 million, which included approximately $7 million of spend associated with our digital transformation.

謝謝鮑勃，大家下午好。該季度營收為 10.47 億美元，比上一季成長 18%。在所有三個營運部門均實現兩位數連續成長的推動下，收入超過了我們指導範圍的中點。 47% 的非 GAAP 毛利率符合我們指導範圍的上限。本季非 GAAP 營運費用為 2.8 億美元，其中包括與數位轉型相關的約 700 萬美元支出。

Non-GAAP diluted EPS of $1.88 came in above the midpoint of our guidance range. On the balance sheet, as of quarter end, we had over $1 billion of cash and equivalents and approximately $1.5 billion of long-term debt. There is approximately $412 million of our 2024, notes that remain outstanding, which we currently expect to retire this December.

非 GAAP 稀釋後每股收益為 1.88 美元，高於我們指導範圍的中點。在資產負債表上，截至季末，我們擁有超過 10 億美元的現金和等價物以及約 15 億美元的長期債務。我們的 2024 年票據中約有 4.12 億美元尚未償還，目前我們預計將於今年 12 月停用。

We ended the quarter with a net inventory balance of $694 million, the lowest balance in three years, reflecting our ongoing inventory reduction efforts. This represents a decrease of $32 million sequentially and over $145 million on a year-over-year basis.

本季結束時，我們的庫存淨餘額為 6.94 億美元，這是三年來的最低餘額，這反映出我們正在進行的庫存削減工作。這意味著比上一季減少 3,200 萬美元，比去年同期減少超過 1.45 億美元。

Turning to the cash flow statement. We generated operating cash flow of $128 million and capital expenditures of $33 million, resulting in free cash flow of $95 million. As a reminder, our CapEx spend will vary quarter-to-quarter and reflects the timing of cash disbursements. Consequently, CapEx as a percentage of sales in any given quarter may be above or below our target of approximately 5% of sales.

轉向現金流量表。我們產生了 1.28 億美元的營運現金流和 3,300 萬美元的資本支出，產生了 9,500 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，並反映現金支付的時間。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% 的目標。

We repurchased approximately $81 million of stock at an average price of $110 per share in the quarter. 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 110 美元的平均價格回購了約 8,100 萬美元的股票。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。

Turning to our current quarter outlook, we expect revenue of approximately $900 million, plus or minus $25 million. Non-GAAP gross margin of approximately 45% and non-GAAP diluted EPS between $1.10 and $1.30. In our updated outlook, we anticipate fiscal 2025 revenue to be slightly down compared to fiscal 2024, primarily due to two factors affecting our smartphone business. In the near term, while the flagship and premium tier are holding up well, content and ramp profiles vary by model, and we are experiencing an unfavorable mix.

談到我們目前的季度前景，我們預計收入約為 9 億美元，上下浮動 2500 萬美元。非 GAAP 毛利率約為 45%，非 GAAP 攤薄後每股收益在 1.10 美元至 1.30 美元之間。在我們更新的展望中，我們預計 2025 財年的收入將比 2024 財年略有下降，這主要是由於影響我們智慧型手機業務的兩個因素。短期內，雖然旗艦級和高端級表現良好，但內容和斜坡配置文件因型號而異，我們正在經歷不利的組合。

Additionally, in the mass market segment of Android smartphones, the mix has shifted to entry tier 5G devices at the expense of mid-tier 5G. These factors are expected to impact our revenue and margins in the second half of fiscal 2025, and into early fiscal 2026.

此外，在 Android 智慧型手機的大眾市場中，產品結構已轉向入門級 5G 設備，而中階 5G 設備則有所下降。這些因素預計將影響我們 2025 財年下半年和 2026 財年年初的營收和利潤率。

In our current view, we do not expect the shift in Android mass market from mid-tier 5G to entry tier 5G smartphones to reverse. As a result, we are taking appropriate actions, including reductions in manufacturing and operating expenses as we focus on opportunities that align with our long-term profitability objectives.

在我們目前看來，我們預期 Android 大眾市場從中階 5G 智慧型手機轉向入門級 5G 智慧型手機的轉變不會逆轉。因此，我們正在採取適當的行動，包括減少製造和營運費用，因為我們專注於符合我們長期獲利目標的機會。

We project non-GAAP operating expenses in the December quarter will be approximately $265 million, with variability related to the timing of program development spend, operating expense reductions and other factors.

我們預計 12 月季度的非 GAAP 營運費用約為 2.65 億美元，其變化與項目開發支出的時間表、營運費用削減和其他因素有關。

According to our current schedule, spend associated with our digital transformation is expected to be approximately $15 million this quarter. We continue to expect approximately $40 million of related expense in fiscal '25 with quarterly variability related to the achievement of progress-based milestones and variability in the rate, pace and scope of the project.

根據我們目前的計劃，本季與數位轉型相關的支出預計約為 1500 萬美元。我們仍然預計 25 財年的相關費用約為 4000 萬美元，季度變化與基於進度的里程碑的實現以及項目的速度、速度和範圍的變化有關。

Below the operating income line, non-operating expense is expected to be between $8 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，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。

We currently earn a higher rate of interest on our cash deposits than we pay on our 1.75% 2024, notes. Should we retire our 2024, notes in mid-December as expected, non-operating expense will increase in the March quarter by $3 million to $4 million over the current run rate due to this interest rate differential.

我們目前的現金存款利率高於 2024 年 1.75% 的利率。如果我們按預期在 12 月中旬終止 2024 年，由於這種利率差異，3 月份季度的非營運費用將比目前運行率增加 300 萬至 400 萬美元。

Our non-GAAP tax rate for fiscal year 2025, is expected to be within a range of 10% to 12%. We project this will increase over time, primarily due to changes in tax legislation. With regards to operations, the Qorvo team continues to execute extremely well.

我們 2025 財年的非 GAAP 稅率預計在 10% 至 12% 的範圍內。我們預計這一數字將隨著時間的推移而增加，這主要是由於稅收立法的變化。在營運方面，Qorvo 團隊持續執行得非常出色。

On previous calls, we have highlighted multiple initiatives to drive continuous improvement in product development, semiconductor device design, process engineering, factory planning and manufacturing efficiency. The transition to 8-inch BAW is a noteworthy example that unlocked effective capacity within the same factory footprint.

在先前的電話會議中，我們強調了推動產品開發、半導體裝置設計、製程工程、工廠規劃和製造效率持續改進的多項措施。向 8 英寸 BAW 的過渡是一個值得注意的例子，它在相同的工廠佔地面積內釋放了有效產能。

Furthermore, we have reduced capital intensity through the divestment or consolidation of multiple production facilities, including our Beijing and Dezhou test and assembly locations and our Fabs and Farmers Branch, Texas and Apopka, Florida.

此外，我們透過撤資或整合多個生產設施來降低資本密集度，包括北京和德州的測試和組裝地點以及德克薩斯州和佛羅裡達州阿波普卡的工廠和農民分公司。

To further optimize our internal factory footprint, we are transferring all gallium arsenide or gas production from our North Carolina fab to our Oregon fab. Currently, our North Carolina fab is a dual-use facility that manufactures wafers for both gas amplifiers and SAW filters.

為了進一步優化我們的內部工廠佔地面積，我們正在將所有砷化鎵或天然氣生產從北卡羅來納州工廠轉移到俄勒岡州工廠。目前，我們的北卡羅來納州工廠是一家兩用工廠，生產用於氣體放大器和 SAW 濾波器的晶圓。

As we transfer gas production to Oregon, we are working closely with customers to manage end-of-life gas products built in North Carolina. Our North Carolina fab will continue to manufacture soft filter wafers, including our latest LRT SAW technology.

當我們將天然氣生產轉移到俄勒岡州時，我們正在與客戶密切合作，管理在北卡羅來納州生產的報廢天然氣產品。我們的北卡羅來納州工廠將繼續生產軟濾波器晶圓，包括我們最新的 LRT SAW 技術。

The transfer of our gas production Oregon will make room for anticipated soft filter growth in North Carolina. This is a further example of the proactive steps we are taking and continue to evaluate in order to streamline operations and improve gross margin.

我們俄勒岡州天然氣生產的轉移將為北卡羅來納州預期的軟過濾器增長騰出空間。這是我們正在採取並繼續評估的積極措施的另一個例子，以簡化營運並提高毛利率。

During the quarter, we made the decision to evaluate strategic alternatives for our silicon carbide business. Our highly experienced team has made considerable strides in advancing the JFETs silicon carbide technology. We believe an owner who is strategically focused on this business and can leverage pre-existing sales and support overhead will be able to create more value with the asset.

在本季度，我們決定評估碳化矽業務的策略替代方案。我們經驗豐富的團隊在推動 JFET 碳化矽技術方面取得了長足的進步。我們相信，策略上專注於該業務並能夠利用現有銷售和支援費用的所有者將能夠利用該資產創造更多價值。

For Qorvo, exiting the silicon carbide market will allow us to reduce operating expenses and avoid the capital expenditures necessary to remain engaged. The business remains and will continue to remain included in our financial non-GAAP guidance until a definitive course of action has been determined.

對於 Qorvo 來說，退出碳化矽市場將使我們能夠減少營運費用並避免維持業務所需的資本支出。該業務仍然並將繼續包含在我們的非公認會計原則財務指南中，直到確定明確的行動方案為止。

As we communicated at our Investor Day in June, Qorvo has multiple drivers of growth diversification and profitability. In terms of growth, we expect HPA and CSG to grow in the mid-teens this fiscal year. Beyond this fiscal year, we expect HPA and CSG will continue to benefit from the intersection of multiyear secular growth opportunities with our technology capabilities and product portfolios. By segment, our growth targets are strong double-digit growth for CSG, double-digit growth for HPA and mid- to high single-digit growth for ACG.

正如我們在 6 月的投資者日所傳達的那樣，Qorvo 擁有多元化成長和獲利能力的多種驅動因素​​。在成長方面，我們預計 HPA 和 CSG 本財年將實現十幾歲左右的成長。在本財年之後，我們預計 HPA 和 CSG 將繼續受益於多年長期成長機會與我們的技術能力和產品組合的交叉。按細分市場劃分，我們的成長目標是 CSG 實現兩位數強勁成長、HPA 實現兩位數成長、ACG 實現中高個位數成長。

In terms of diversification, our long-term objective is to generate 50% or more of total revenue from HPA plus CSG. In the September quarter, HPA plus CSG represented approximately 28% of total revenue. This was up sequentially and up from 23% in the same quarter last year.

在多元化方面，我們的長期目標是HPA+CSG產生總收入的50%或更多。在 9 月季度，HPA 加上 CSG 約佔總營收的 28%。這一數字比去年同期的 23% 有所上升。

In terms of profitability, we continue to execute on the structural actions referenced earlier to improve gross margin in fiscal '26 and beyond. In the near term, quarterly variability in gross margin reflects headwinds in the Android ecosystem as mix has shifted from the mid-tier to the entry tier.

在獲利能力方面，我們繼續執行前面提到的結構性行動，以提高 26 財年及以後的毛利率。短期內，毛利率的季度變化反映了 Android 生態系統中的逆風，因為組合已從中端轉向入門級。

We remain actively engaged with our Android customers for highly integrated modules where they deliver the most value and differentiation. However, the shift from the mid-tier to the entry tier models where price sensitivity is higher given competition from discrete solutions is reducing the total addressable market and our revenue opportunity as we maintain price discipline in that subsegment.

我們仍然積極與 Android 客戶合作，開發高度整合的模組，讓他們能夠提供最大的價值和差異化。然而，由於來自分立解決方案的競爭，從中端模型到入門級模型的轉變，價格敏感度更高，正在減少總的潛在市場和我們的收入機會，因為我們在該細分市場中維持價格紀律。

Although the underlying market for mass market 5G and Android is trending towards the more competitive entry tier, it is worth noting that flagship and premium tier smartphones represent the largest portion of our sand.

儘管大眾市場 5G 和 Android 的基礎市場正趨向於競爭更具競爭力的入門級，但值得注意的是，旗艦和高階智慧型手機佔據了我們市場的最大份額。

For Qorvo, we expect this will pressure revenue, factory volumes and utilization into next fiscal year. Partially offsetting this, we expect to see margin accretive drivers such as strength and highly customized placements for flagship smartphones as well as DNA and other highly differentiated product areas that enhance our business mix.

對於 Qorvo 來說，我們預計這將對下一財年的收入、工廠產量和利用率帶來壓力。我們預計將看到利潤成長的驅動因素，例如旗艦智慧型手機的實力和高度客製化的佈局以及DNA和其他高度差異化的產品領域，從而增強我們的業務組合，從而部分抵消這一影響。

Lastly, we are executing well on structural adjustments to our manufacturing operations and taking actions to reduce operating expenses.

最後，我們在製造業務的結構調整和減少營運費用方面執行得很好。

In summary, we serve an expanding set of customers and in markets with highly differentiated solutions. We're actively deploying capital to drive growth, diversification and increasing profitability as we are confident in our ability to deliver on the goals we laid out during our Investor Day.

總之，我們透過高度差異化的解決方案為不斷擴大的客戶群和市場提供服務。我們正在積極部署資本來推動成長、多元化和提高獲利能力，因為我們對實現投資者日制定的目標充滿信心。

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

此時，請開通提問線路。謝謝。

(Operator Instructions) Tom O'Malley, Barclays.

（操作員指示）Tom O'Malley，巴克萊銀行。

So I just wanted to dig into the commentary in the press release on the content and ramp profiles varying by model. You had some comments on Android later. So obviously, maybe more associated with the large North American customer.

所以我只是想深入了解新聞稿中關於不同型號的內容和斜坡配置文件的評論。您稍後對 Android 發表了一些評論。顯然，可能與北美大客戶有更多聯繫。

Can you just kind of parse that out. Obviously, headed into the year, you had talked about a good content outlook, but does mix mean a shift in units more towards the low end. Does that mean RFFE that's lower. When I look at like the first three quarters of your fiscal year, it seems like you're trending down year-over-year pretty substantially. So just maybe help me walk through what's actually going on there?

能簡單解析一下嗎？顯然，進入今年，您談到了良好的內容前景，但混合是否意味著單位更多地向低端轉變。這是否意味著 RFFE 較低？當我看一下你們財年的前三個季度時，你們似乎呈現逐年大幅下降的趨勢。那麼也許可以幫助我了解那裡到底發生了什麼事？

Sure. Thanks, Tom. This is Grant. Let me take that one. If we look at the year on the whole, as I said in our formal remarks, we expect fiscal '25 to be down slightly compared to fiscal '24, call it, maybe a few percentage points or so, very low single digits.

當然。謝謝，湯姆。這是格蘭特。讓我拿走那個。如果我們從整體上看這一年，正如我在正式演講中所說，我們預計 25 財年將比 24 財年略有下降，可能是幾個百分點左右，非常低的個位數。

And that reflects the shift in Android 5G that we mentioned in the mass market area and the transition to some of the entry tier levels. Outside of that mass market, the flagship and premium tiers, as I said, are holding up well, and there are some unfavorable trends there in some of the variables like unit volumes, content by model, ramp profiles and other variables. And that's really any customer, we're not being specific, but it's across all of our customers in that tier.

這反映了我們在大眾市場領域中提到的 Android 5G 的轉變以及向一些入門級市場的過渡。正如我所說，在大眾市場之外，旗艦級和高端市場表現良好，但在一些變數（如單位銷售、型號內容、坡道概況和其他變數）中存在一些不利的趨勢。這實際上是任何客戶，我們並不具體，但它涵蓋了該層的所有客戶。

In the -- at least at our largest Android customer, our revenue in their highest volume fall models is less than it was last year and less than the design wins that we're actually looking at in the spring launch. So feel comfortable and confident there about that particular handset.

至少在我們最大的 Android 客戶中，我們在其銷量最高的秋季機型中獲得的收入低於去年，也低於我們在春季發佈時實際看到的設計成果。因此，您對這款特定的手機感到舒適和自信。

At our largest customer, there's little that we can say. However, we do expect a low single-digit decline in revenue there for that confluence of variables that I mentioned earlier. But as we look into next year, we continue to be enthusiastic about the breadth of our opportunities at our largest customer, and we're engaged on more programs today than ever in investing to increase our content. So we're competing for products that we've supplied before and some placements that are new for us.

對於我們最大的客戶，我們無話可說。然而，我們確實預計，由於我之前提到的變數的匯合，收入將出現低個位數的下降。但當我們展望明年時，我們仍然對我們最大客戶的機會的廣度充滿熱情，並且我們今天參與的專案比以往任何時候都多，以投資來增加我們的內容。因此，我們正在爭奪我們之前提供的產品和一些對我們來說是新的展示位置。

Appreciate the color there. And then the second is just on the gross margin profile. So if you look at your December guidance, you just gave some OpEx in the commentary, so it implies kind of 44% and change on the gross margin side.

欣賞那裡的顏色。第二個是毛利率。因此，如果您查看 12 月的指導，您只是在評論中給出了一些營運支出，因此這意味著 44% 以及毛利率方面的變化。

You're talking about some manufacturing changes as well to help optimize the business given the lower volumes that you're seeing in the mix shift of the Android. But could you maybe talk about the structural long-term path to kind of get back to the mid-40s or to the high 40s.

鑑於您在 Android 的混合轉變中看到銷量下降，您還談到了一些製造方面的變化，以幫助優化業務。但您能否談談回到 40 多歲或 40 多歲的結構性長期路徑。

How long is that going to take? Or do you think that structurally kind of for the foreseeable future, the 44% gross margin level is the right way to think about things? Or does it get worse given their manufacturing decisions?

這需要多長時間？或者您認為在可預見的未來，44% 的毛利率水準在結構上是正確的思考方式嗎？或者考慮到他們的製造決策，情況會變得更糟嗎？

In terms of our long-term view, no change to our guidance at the Investor Day around 50% plus long-term gross margins. So no change there. On gross margin in the December and March quarters and into early '26 -- fiscal '26, we do expect to see the headwind associated with that mix shift and the entry tier for those Android devices, it will cause the utilization and gross margin to come down a bit versus our prior comments.

就我們的長期觀點而言，我們在投資者日的指導不變，即 50% 左右的長期毛利率。所以那裡沒有變化。就 12 月和 3 月季度以及 26 年初至 26 財年的毛利率而言，我們確實預計會看到與混合轉變和這些 Android 設備的入門級相關的逆風，這將導致利用率和毛利率下降與我們之前的評論相比有所下降。

But we still expect fiscal Q1 to mark the low point in fiscal '25, and we will report a full year for fiscal '25 with margins in the mid-40s as you pointed out, somewhat comparable to last fiscal year, plus or minus. But I do maybe just quickly note that in the December quarter, year-over-year, our gross margin will be up on lower revenue. So it really substantiates the hard work we're doing to pull costs out.

但我們仍然預計第一財季將標誌著25 財年的低點，我們將報告25 財年的全年利潤率，正如您所指出的，利潤率在40 多歲左右，與上一財年（上下）相當。但我可能很快就注意到，在 12 月的季度，與去年同期相比，我們的毛利率將因收入下降而上升。因此，這確實證實了我們為降低成本所做的努力。

Tim Arcuri, UBS.

提姆‧阿庫裡，瑞銀集團。

This is Aman jumping in for Tim. I just wanted to double-click on the December guide and your comments for revenue being down year-over-year. I mean is that always like the mix shift inside of Android? Or is something happening at your largest customer in the last couple of weeks or potentially to cut units?

這是阿曼來代替提姆。我只是想雙擊 12 月指南，您對收入同比下降的評論。我的意思是，這總是像 Android 內部的混合轉變嗎？或者您最大的客戶在過去幾週內發生了什麼事情或可能會削減數量？

Sure. No comments on customer specifics. But generally speaking, as we said, we expected the premium flagship tiers to be holding up well. The Android dynamic is having an impact on us as we intentionally pivot away from the entry tier areas that are more margin compressed and focus ourselves on the higher tiers and the areas of the mid-tiers where we see the most value for us and our customers. So at least in terms of overall volumes, I wouldn't read it directional to any one particular customer.

當然。對客戶的具體情況沒有評論。但總的來說，正如我們所說，我們預計高端旗艦產品將保持良好勢頭。 Android 的動態正在對我們產生影響，因為我們有意將業務重心從利潤壓縮較多的入門級領域轉向對我們和我們的客戶而言最有價值的較高層和中層領域。因此，至少就總量而言，我不會針對任何一位特定客戶來閱讀它。

This is Bob. I'll add to that, that CSG is also going to be down quarter-over-quarter. There's a few reasons for that. We can go into that later. I think that's also important to keep in mind. And historically, if you look at the last three years, we have been down in December just because of the profile of our largest customer.

這是鮑伯。我還要補充一點，南玻集團的業績也將季減。這有幾個原因。我們可以稍後再討論。我認為記住這一點也很重要。從歷史上看，如果你看看過去三年，我們在 12 月的業績下滑只是因為我們最大客戶的情況。

Got it. And then in terms of the mix inside of Android, I mean does that change your longer-term growth targets for mobile moving forward relative to what you provided at your Analyst Day?

知道了。然後就 Android 內部的組合而言，我的意思是，相對於您在分析師日提供的內容，這是否會改變您行動裝置的長期成長目標？

As far as ACG goes, we're still sticking with our strong single-digit growth rate there. Grant had in his prepared remarks. So we don't see that affecting us long term by any means. And in fact, we gained confidence every day, it seems that we're going to be able to grow that business while Android's declining, just to be clear.

就 ACG 而言，我們仍然保持強勁的個位數成長率。格蘭特在他準備好的演講中說。因此，我們認為這不會以任何方式長期影響我們。事實上，我們每天都在增強信心，需要明確的是，在 Android 下滑的情況下，我們似乎能夠發展這項業務。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

So I know it might be a bit early to talk about March, but seasonality, you guys have traditionally been down, I think, 10% or 11%, something like that. I'm a little conflicted here how to think about this. It seems like in one way, you're more reliant on your primary customer. So as we look out, how might this outlook compared to traditional seasonality as you view it today?

所以我知道現在談論 3 月份可能有點早，但季節性，我認為你們傳統上會下降 10% 或 11% 之類的。我在這裡有點矛盾如何思考這個問題。從某種意義上來說，您似乎更依賴您的主要客戶。因此，當我們觀察時，與您今天所看到的傳統季節性相比，這種前景如何？

Sure. Thanks for the question, Chris. The big seasonal drivers, as you point out, are pretty well known. But usually, the impact of the seasonality can vary year-to-year. So we don't provide formal guidance out that far in advance. But for modeling purposes, you could assume that we'd be down in the, call it, 5% to 10% range sequentially, which would fit in with our total company commentary around being down very modestly for the full fiscal year.

當然。謝謝你的提問，克里斯。正如您所指出的，主要的季節性驅動因素是眾所周知的。但通常情況下，季節性的影響每年都會有所不同。因此，我們不會提前那麼久提供正式指導。但出於建模目的，您可以假設我們會連續下降 5% 到 10% 的範圍，這與我們對整個財年的總體下滑的公司評論一致。

Directionally, we would expect ACG to be down more than that just given the seasonal dynamics there. But we should expect both HPA and CSG to be growing in the March quarter. In fact, HPA substantially. So we have -- as Bob pointed out, some record design activity there. And in fact, we actually had record billings activity as well. So feeling comfortable about our HPA business heading into the end of the fiscal year.

從方向來看，考慮到季節性動態，我們預計 ACG 的下降幅度會更大。但我們應該預期 HPA 和 CSG 在三月季度都會成長。事實上，HPA 顯著增加。正如鮑勃指出的那樣，我們在那裡記錄了一些設計活動。事實上，我們的帳單活動也創下了紀錄。因此，我們對進入本財年末的 HPA 業務感到放心。

Thank you for squaring that circle for me. And then if I heard it correctly with your footprint change, I believe I heard that you were anticipating growth in SAW. I was wondering if you could flesh that out a little bit? And then how do we think about the dynamics for you guys SAW versus BAW opportunities moving forward?

謝謝你為我解決了這個問題。然後，如果我沒聽錯您的足跡變化，我相信我聽說您正在預期 SAW 的增長。我想知道你是否可以充實一點？那我們又該如何看待你們 SAW 與 BAW 機會的未來動態呢？

This is Bob, Grant. I'll go ahead and take that. From a SAW perspective, as we talked about a couple of quarters ago that we released our next-generation SAW. And there are certain bands that are in the mid-band spectrum, if you will, where SAW performs quite well.

這是鮑伯·格蘭特。我會繼續接受它。從 SAW 的角度來看，正如我們在幾個季度前談論的那樣，我們發布了下一代 SAW。如果您願意的話，在中頻段頻譜中的某些頻段，SAW 的表現相當出色。

That's our LRT SAW that is not a standard SAW or (inaudible). So we see plenty of opportunities in that, whether it's in the transmit path or on the TX DSM as an example on the secondary transmit. And for some opportunities, as we're seeing more and more people want Power Class 2 in some of the lower frequencies, it's another good technology there.

這是我們的 LRT SAW，不是標準 SAW 或（聽不清楚）。因此，我們看到了許多機會，無論是在傳輸路徑中還是在 TX DSM 上（以輔助傳輸為例）。對於某些機會，隨著我們看到越來越多的人希望在某些較低頻率下使用 Power Class 2，這是另一個很好的技術。

So we just see many different sockets. Traditionally, when people think SAW, they think just a low band, we're seeing it now in the mid-band, high-band opportunities, again, as you mix some of that mid frequency band. We see a couple of bands where it's absolutely the right technology.

所以我們只看到許多不同的套接字。傳統上，當人們想到 SAW 時，他們想到的只是低頻段，現在我們在中頻段、高頻段機會中再次看到它，因為您混合了一些中頻段。我們看到一些樂團都採用了絕對正確的技術。

Okay. So this sounds like it SAW primarily for Android. Is that right, Bob?

好的。所以這聽起來像是主要針對 Android 的 SAW。是這樣嗎，鮑伯？

It's available to any of our customers. Like I said, it's frequency dependent.

我們的任何客戶都可以使用它。就像我說的，它取決於頻率。

Edward Snyder, Charter Equity Research.

愛德華·斯奈德，特許股票研究。

So you mentioned we shouldn't read anything into the -- in volumes in your guidance for December -- unit volumes in phones anyway. So it seems to imply there's a content shift that maybe was unexpected. Can you elaborate on that?

所以你提到我們不應該在 12 月的指導下對手機的單位銷售進行任何解讀。所以這似乎意味著內容的轉變可能是出乎意料的。能詳細說明一下嗎？

Is that a fair conclusion, first of all? Or is -- content is solid as you thought it was at the beginning of the year when you guided you thought you'd grow year-over-year in content and then something else going on, maybe you can help us with that?

首先，這是一個公平的結論嗎？或者是——內容是可靠的，就像你在今年年初所認為的那樣，當時你指導你認為你的內容會逐年增長，然後發生了其他事情，也許你可以幫助我們？

Thanks for the question, Ed. I think the comment was a couple of quarters ago when we said we expected to grow slightly for the year. What's actually happened is primarily the Android is what's off from our expectations. That's what's off.

謝謝你的提問，艾德。我認為這個評論是幾個季度前的，當時我們說我們預計今年會略有成長。實際發生的情況主要是 Android 與我們的預期有所不同。這就是問題所在。

Grant commented already a little bit about our largest Android customer for their spring launch, we did not do as well. It's what we had expected as in prior years, but we already know we're going to regain that back next year. So I feel good about that, but that definitely was a share loss that we weren't planning on.

格蘭特已經對我們最大的 Android 客戶在春季發佈時發表了一些評論，但我們沒有這樣做。這是我們與往年一樣的預期，但我們已經知道明年我們將重新獲得這一點。所以我對此感覺很好，但這絕對是我們沒有計劃的股票損失。

But also that whole dynamic that we've talked about, the mid-tier moving down and the pricing discipline that we're putting in intensely saying, we're not going to chase this bad business. So that's been the shift over the last six months or so, and it's really been accelerated over the last probably four months.

而且我們已經討論過的整個動態，中間層的下降以及我們強烈要求的定價紀律，我們不會追逐這個糟糕的業務。這是過去六個月左右的轉變，而且在過去可能四個月裡確實加速了。

Just to clarify, Bob, in our largest Android customers -- the second half models where our content is lower.(inaudible) gain that back in the first half of next year.

鮑勃，我想澄清一下，在我們最大的 Android 客戶中，我們的下半年模型的內容較低。

Right. Okay. So if we sit back, Bob, (inaudible) you strategically, when you were there during the GSM, the Wideband CDMA days in the early 2000s where it was kind of a zero-sum game because there just wasn't much content being added to phones.

正確的。好的。所以，如果我們坐下來，鮑勃，（聽不清楚）你有策略地，當你在 2000 年代初期的 GSM、寬頻 CDMA 時代，那是一種零和遊戲，因為沒有添加太多內容到電話。

That all changed with 4G, and as we kind of expected when you first look at 5G, we're kind of turning to that model here (inaudible) share shift. You're already seeing it just as you guys announced the day, and we've seen it for some time that the Chinese are moving in that direction where they're taking value out of a lot of the phones. Samsung is clearly cut content in their flagships versus what they used to do two or three years ago. And so it sounds like competition and your largest customer has heated up significantly over the last couple of years.

這一切都隨著 4G 的到來而改變，正如我們在第一次看到 5G 時所預期的那樣，我們在這裡轉向了該模型（聽不清楚）份額轉移。就像你們宣布這一天一樣，你們已經看到了這一點，而且我們已經看到中國人正在朝著這個方向前進，他們正在從許多手機中獲取價值。與兩、三年前相比，三星顯然削減了旗艦產品的內容。因此，聽起來競爭和您最大的客戶在過去幾年中明顯加劇。

So Bob, strategically, I mean, there's only so much you can do with the market that's kind of flattening out and modest growth here and there. What do you think you've got some great assets, especially in the defense side of the business is another area you start engaging in or maybe for more OpEx and R&D and to try to make up for kind of just, I would say, kind of a flagging handset business, which looks like it's going to for some time?

所以，鮑勃，我的意思是，從策略上講，你能對這個趨於平緩、到處都有適度成長的市場做很多事情。您認為您擁有哪些重要資產，特別是在業務的防禦方面，這是您開始涉足的另一個領域，或者可能是為了更多的營運支出和研發，並試圖彌補某種程度的損失，我想說的是，手機業務萎靡不振，看起來還會持續一段時間？

Or -- I'm sorry, to make this a paragraph on question, or are we looking at -- well, I mean it's clear from talking to the handset OEMs that in the next couple of years, once your largest customer gets our own modem involved, we're going to start moving into AI enabled phones, which doesn't directly affect you, but it does kind of ancillary effect too in terms of the content is going to go up and the size is going to go down. Is that something that we can look forward to in driving more of your core business?

或者——我很抱歉，讓這成為一個有問題的段落，或者我們正在考慮——好吧，我的意思是，透過與手機原始設備製造商的交談可以清楚地看出，在未來幾年中，一旦您最大的客戶獲得我們自己的手機涉及調製解調器，我們將開始轉向支援人工智慧的手機，這不會直接影響你，但它也會產生某種輔助效應，內容會增加，尺寸會減小。這是我們可以期待的推動您更多核心業務的事情嗎？

Thanks for the question. A lot to unpack there, but let me start at the highest level. As far as more competitors, our largest customer, I guess that's thanks to us, as Grant said in his prepared remarks, we're now working on sockets that we had not worked on before that are now, we believe, available us to win.

謝謝你的提問。有很多東西需要解開，但讓我從最高等級開始。至於更多的競爭對手，我們最大的客戶，我想這要歸功於我們，正如格蘭特在他準備好的講話中所說，我們現在正在開發以前沒有開發過的套接字，我們相信，現在可以讓我們獲勝。

So -- we're not seeing any new competitors there. I think it's the same people. I think as you've commented, we've shifted R&D dollars already ahead of, again, what we thought was going to be the ramp down in some of our Android business. It just is accelerating the decline faster than what we expected. So I wouldn't say there's new competitors that are largest customer. We feel good about that.

所以——我們在那裡沒有看到任何新的競爭對手。我認為這是同一群人。我認為正如您所評論的，我們已經在我們認為某些 Android 業務將出現下滑之前轉移了研發資金。它只是加速衰退的速度比我們預期的還要快。所以我不會說新的競爭對手是最大的客戶。我們對此感覺很好。

As far as the flagship phones, we still believe we bring the technologies that's needed to be able to make a good margin there, which is why we said we'd stay focused on flagship and premium. And yes, maybe from an RF content, there may not be more being added in some, but there's still other areas that are being added in the RF section, we talked about terrestrial.

就旗艦手機而言，我們仍然相信我們帶來了能夠在那裡獲得良好利潤所需的技術，這就是為什麼我們說我們將繼續專注於旗艦手機和高階手機。是的，也許從射頻內容來看，某些內容可能不會添加更多內容，但射頻部分中仍然添加了其他領域，我們談到了地面。

But I think people are losing sight of. We still need more and better RF. I commented about Power Class 2. That can't be done with a traditional SAW filter. And we're seeing more and more Power Class 2. You've heard us talk about that over the years. So we still think there's a place for us to play with our technology so we can win.

但我認為人們正在忽視這一點。我們仍然需要更多更好的射頻。我評論了 2 級功率。我們看到越來越多的 Power Class 2。因此，我們仍然認為我們有發揮技術的空間，這樣我們就能獲勝。

Now your comment about being able to invest in other areas, yes, we have shifted dollars. I'll remind the group that we've shipped the dollars into D&A as well as in the power management and HPA. We exited the infrastructure market with -- where we were focused on our GaN for the PAs.

現在你關於能夠投資其他領域的評論，是的，我們已經轉移了美元。我會提醒大家，我們已經將資金投入 D&A 以及電源管理和 HPA 。我們退出了基礎設施市場，專注於功率放大器的 GaN。

As you know, that market has gone to roughly 4.5 customers that were available to us to 2.5 that being Ericsson, Nokia and a little bit of Samsung. So we've already shifted those R&D dollars. And we're -- we talked about our D&A business growing.

如您所知，該市場已經擁有約 4.5 個客戶，而我們可以使用的客戶有 2.5 個，其中包括愛立信、諾基亞和少量三星。所以我們已經轉移了這些研發經費。我們談論了我們的 D&A 業務的成長。

And quite honestly, for the group to hear, our D&A business is now bigger than our China Android-based cellular business. So we're doing some of the things you've mentioned, and why -- I've got to stand right now. In CSG, we're looking for that along with HPA to both grow double digits this year. And in CSG, as you know, we've been investing in ultra-wideband matter, along with the automotive area and again, maintaining our share in WiFi.

老實說，對於大家來說，我們的 D&A 業務現在比我們中國基於 Android 的蜂窩業務還要大。所以我們正在做你提到的一些事情，為什麼——我現在必須站起來。在 CSG，我們希望今年它和 HPA 都能達到兩位數成長。如您所知，在 CSG，我們一直在投資超寬頻領域以及汽車領域，並再次保持我們在 WiFi 領域的份額。

So feel good about how we're shifting the dollars, but as you know, growth first comes from our largest customer, then it will come from our DNA and Power business. And then lastly, in our CSG business. So thanks for the question, Ed.

因此，對我們如何轉移資金感到滿意，但如您所知，成長首先來自我們最大的客戶，然後來自我們的 DNA 和電力業務。最後是我們的 CSG 業務。謝謝你的提問，艾德。

Nicolas Doyle, Needham.

尼古拉·道爾，李約瑟。

Just, I guess, a clarification on the entry segment of Android, are you guys walking away entirely? Or I mean I'm thinking if Android is mixing down, you guys have talked about the LMH pad gain. So just wondering when that can start to offset. And also, how long will the mix shift to entry phones be an overhang? Does it go away, does the overhang go away entirely? Or do you expect some stabilization at some point in calendar '25?

只是，我想，對 Android 的入門部分進行澄清，你們會完全離開嗎？或者我的意思是，我在想如果 Android 正在混音，你們已經討論過 LMH pad 增益了。所以只是想知道什麼時候可以開始抵銷。此外，向入門級手機的轉變還會持續多久？它會消失嗎？或者您預計 25 年曆中的某個時間點會穩定？

Thanks, Nick. This is Grant. Let me take the second part of your question, and then I'll pass it over to Dave. At least in terms of the TAM, which I think you were hinting at, I believe it will be more like a reset and then we'll grow from there.

謝謝，尼克。這是格蘭特。讓我回答你問題的第二部分，然後我將其轉交給戴夫。至少就 TAM 而言，我認為您已經暗示了這一點，我相信這將更像是重置，然後我們將從那裡開始成長。

And as we communicated at Investor Day in that single-digit range, but call it a reset of maybe $1 billion approximately in the TAM, and we're seeing that in our fiscal Q3, Q4 and probably into Q1 of fiscal '26. And then from there, I think we'll have readjusted -- rather intentionally via our pricing discipline, our position in the markets in some of the mid-tier.

正如我們在投資者日所傳達的那樣，這個個位數的範圍，但稱之為TAM 中大約10 億美元的重置，我們在我們的第三財季、第四財季，甚至可能到26財年的第一季都看到了這一點。然後從那裡開始，我認為我們將透過我們的定價規則有意地重新調整我們在一些中端市場的地位。

And as you pointed out, the LMH, which I'm sure Dave can talk more about, but it's very much an intentional move in order to prioritize profitability and focus on the customers where we're adding value, and they recognize that they're willing to pay for those integrated modules to differentiate their phones. Dave?

正如您所指出的，LMH，我相信戴夫可以更多地談論這一點，但這在很大程度上是一個有意的舉動，以便優先考慮盈利能力並專注於我們正在增加價值的客戶，他們認識到他們'我們願意花錢購買這些整合模組來使他們的手機脫穎而出。戴夫？

Yeah. So as far as that shift, as Grant mentioned, it's largely driven by the macro weakness and especially in China, but other markets as well where the consumer behavior has shifted. And so we're responding to that. And as it relates to the low mid high, we mentioned last quarter that we're just starting to ramp that.

是的。正如格蘭特所提到的，就這種轉變而言，這主要是由宏觀經濟疲軟推動的，尤其是在中國，但消費者行為也發生了變化的其他市場也是如此。所以我們正在對此做出回應。由於它與低中高相關，我們在上個季度提到我們才剛開始提高這一點。

We now have design wins and POs with the top four OEMs in China. But our expectations now for that product family is that we will not participate in that -- especially in that entry tier, as Grant mentioned, with our pricing discipline. It's not a market that we plan to participate in.

我們現在已與中國四大 OEM 廠商簽訂了設計合約並簽訂了採購訂單。但我們現在對該產品系列的期望是，我們不會參與其中——尤其是在入門級，正如格蘭特所提到的，我們的定價紀律。這不是我們計劃參與的市場。

So we're going through a bit of a pocket, that pocket may be a little bit bigger as we transition from the old architecture to the new (inaudible) high architecture, but also as we come out of the other side of it, our expectations now for that family of products is certainly lower than what it was due to the TAM reduction that Grant mentioned.

因此，我們正在經歷一些口袋，當我們從舊架構過渡到新的（聽不清楚）高層架構時，這個口袋可能會更大一些，而且當我們走出它的另一邊時，我們的現在對該系列產品的期望肯定低於格蘭特提到的TAM 減少所帶來的期望。

And then my second question is on the OpEx. Could you just expand a little bit on the reductions? I know you mentioned a couple of things in the prepared remarks. But I guess how does that impact the line item near term, I guess, down $15 million or so, so next quarter? And does that continue trending lower?

我的第二個問題是關於營運支出的。能稍微詳細說明一下削減的情況嗎？我知道您在準備好的發言中提到了幾件事。但我猜這對近期的訂單項目有何影響，我猜，下個季度會減少約 1500 萬美元？那會繼續走低嗎？

Sure. On OpEx, our guide incorporates the reductions that reflect that change in the Android business. Resource allocation, as Bob was pointing out earlier, is an ongoing process, right? It allows us to focus on and shift dollars to the best investment areas that we have. And I think that will continue as we look forward in time and continue to develop the plans and target areas for our OpEx dollars going forward.

當然。在營運支出方面，我們的指南納入了反映 Android 業務變化的削減措施。正如鮑勃之前指出的那樣，資源分配是一個持續的過程，對吧？它使我們能夠專注於並將資金轉移到我們擁有的最佳投資領域。我認為，隨著我們及時展望並繼續制定未來營運支出的計劃和目標領域，這種情況將繼續下去。

I won't guide OpEx any further than the current quarter, but it is definitely an area that we're going to use to realign ourselves with the highest and best use of our resources.

我不會比本季度進一步指導營運支出，但這絕對是我們將用來重新調整自己以最高和最好地利用我們的資源的一個領域。

Krish Sankar, TD Cowen.

克里斯·桑卡爾，TD·考恩。

I actually had a short-term and the long-term question. First, on Bob, on the short term, over the next 2 quarters, when I look at your guidance relative to consensus, it's like about $300 million below. How to think about it in buckets? How much of it is kind of related to the unfavorable mix of the content versus how much of it is related to weak volume ramp from your largest customer?

我實際上有一個短期和長期的問題。首先，關於鮑勃，從短期來看，在接下來的兩個季度，當我看到你的指導相對於共識時，大約低了 3 億美元。桶子裡怎麼想？其中有多少與內容的不利組合有關，有多少與最大客戶的銷售成長疲軟有關？

Sure. This is Grant. Let me take that one. So we haven't bucketized it, but a considerable amount is related to the underutilization charges. They were approximately [$170 million] -- 170 basis points in the quarter, and we'll probably grow by 100 basis points or so into Q3 and Q4.

當然。這是格蘭特。讓我拿走那個。所以我們沒有將其分類，但相當一部分與未充分利用費用有關。它們大約是[1.7億美元]——本季成長了170個基點，我們可能會在第三季和第四季成長100個基點左右。

So we can add that back and you get quite a ways towards our 50% target. Beyond that, some of the other structural changes that we're making, if you have to find their way into the cost of goods sold line, we talked about moving to 8-inch BAW. We've talked about migrating our capacity for gas to Oregon, those will begin to help as well.

因此，我們可以將其添加回去，這樣您就可以實現 50% 的目標。除此之外，我們正在做的其他一些結構性改變，如果你必須找到進入銷售商品成本的方法，我們談到了轉向 8 英寸 BAW。我們已經討論過將天然氣產能遷移到俄勒岡州，這些也將開始有所幫助。

And then as our product portfolio pivots, we'll have a higher percentage of revenue coming from HPA and CSG, where we expect some margin accretion there just from a business mix. So quite a number of factors happening at various stages sequentially. And so those should all factor into the long-term achievability of our 50% gross margin target.

然後，隨著我們的產品組合轉向，我們將有更高比例的收入來自 HPA 和 CSG，我們預計僅透過業務組合就能增加一些利潤。因此，相當多的因素依序發生在各個階段。因此，這些都應該成為我們 50% 毛利率目標的長期可實現性的因素。

Just by means of reference, if we do look at some of that business that we're talking about in the Android space, right now, China-based Android is under $100 million and expected to trend lower over the course of fiscal '26.

僅供參考，如果我們確實看看我們在 Android 領域談論的一些業務，目前，中國的 Android 銷售額不到 1 億美元，預計在 26 財年期間將呈下降趨勢。

So our exposure to that has grown smaller. It is -- if you look at our China-based Android revenue down over 75% from the peak, and Android revenue in general is down 50% from the peak. So significant reduction in exposure there already. And as we move forward, we'll be adding in or looking to add in more margin-accretive revenue going forward.

因此，我們的風險敞口已經變小。事實是——如果你看看我們在中國的 Android 收入比高峰下降了 75% 以上，而 Android 收入總體比高峰下降了 50%。那裡的暴露已經顯著減少了。隨著我們的前進，我們將增加或尋求增加更多的利潤成長收入。

Got it. I think you kind of answered my next question because the long term, which is kind of like about a 50% gross margin because it looks like some of the headwinds you are facing at (inaudible) some cyclical content-related stuff. There's also some structural changes.

知道了。我認為你回答了我的下一個問題，因為從長遠來看，毛利率約為 50%，因為它看起來像是你面臨的一些逆風（聽不清楚）一些與週期性內容相關的東西。還有一些結構性變化。

So with the TAM reduction, et cetera, is it fair to assume restructuring plus focus on profitable opportunities is kind of what gets you to 50% or do you think there are other levers that you could pull?

因此，隨著 TAM 的減少等等，假設重組加上專注於獲利機會是讓你達到 50% 的原因是否公平，或者你認為還有其他槓桿可以使用嗎？

It's a fair mix of both. I'd say it's the business mix exposure to HPA and then improving profitability in CSG and as well as a focus on profitability within the Android ecosystem, especially as we target some of the premium flagship and the upper end of the mid-tier where highly integrated devices and our gross margin is better.

這是兩者的完美結合。我想說的是，這是對HPA 的業務組合的接觸，然後是CSG 盈利能力的提高，以及對Android 生態系統內盈利能力的關注，特別是當我們的目標是一些高端旗艦產品和中端高端產品時，這些產品的市場佔有率很高。

Peter Peng, JPMorgan.

彭彼得，摩根大通。

If I look at where consensus expectations versus the guidance for the ACG segment. It seems like it's about $400 million for a shortfall. Maybe if you can just bucket into the bucket that you described. How much of that is just a shift to the lower tier? How much of that is just different content and (inaudible)?

如果我看看共識預期與 ACG 細分市場的指導。看起來缺口大約是4億美元。也許你可以直接把桶子裝進你所描述的桶子裡。其中有多少只是向較低層的轉變？其中有多少只是不同的內容和（聽不清楚）？

Thanks for the question, Peter. It's hard for us to bucket anything against analyst consensus because we don't model analyst consensus. So I don't have a good baseline to compare it to. As we look at it, a healthy portion of it is simply related to the models, mixes and associated volumes there as they impact Qorvo specifically, a large portion of it is related to our pricing discipline.

謝謝你的提問，彼得。我們很難將任何事情與分析師的共識進行比較，因為我們不會為分析師的共識建模。所以我沒有一個好的基準可以比較。正如我們所看到的，其中很大一部分與模型、組合和相關數量相關，因為它們對 Qorvo 特別有影響，其中很大一部分與我們的定價規則相關。

And as we look into the second half, the trend toward the entry tier Android 5G, which has a, as I mentioned, $1 billion impact on TAM, and we have a meaningful market share there, call it, in the 20% to 30%-plus percent market share. So it has a very meaningful impact on Qorvo specifically.

當我們展望下半年時，入門級 Android 5G 的趨勢，正如我所提到的，對 TAM 產生了 10 億美元的影響，我們在那裡擁有有意義的市場份額，可以稱之為 20% 到 30% %以上的市場佔有率。因此，它對 Qorvo 產生了非常有意義的影響。

Got it. Okay. And then a follow-up is on your largest customer, does your content vary across the different SKUs? Or do you have a certain index over indexed exposure to certain SKUs?

知道了。好的。然後跟進您最大的客戶，您的內容在不同的 SKU 中是否有所不同？或者您對某些 SKU 擁有超過索引曝光的特定索引？

This is Bob. I'm going to take that one. It's obviously public if you've done teardowns. We have various content depending on the models and the SKUs and where they go, and that's continued through the year. So mix and models within the current year, the prior year, the year before that, that all gets into the mix and models that Grant was talking about. So yeah, our content varies. It's not the same in every phone they make.

這是鮑伯。我要拿那個。如果你已經拆解過了，它顯然是公開的。我們根據型號和 SKU 以及它們的去向提供不同的內容，並且這種情況會持續一整年。因此，今年、前一年、前一年的混合和模型，所有這些都進入了格蘭特正在談論的混合和模型。所以是的，我們的內容有所不同。他們生產的每支手機都不盡相同。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

I have a clarification question and a follow-on, I'll just ask at the same time if I may. What is the right way to think about the mix you have of mid-tier Android of that $100 million per quarter you're running at today?

我有一個澄清問題和一個後續問題，如果可以的話，我會同時問。對於目前每季 1 億美元的中階 Android 組合，正確的思考方式是什麼？

And the reason why I ask is I guess how much of the change in your outlook on China Android is driven by competitive dynamics from Chinese or fee vendors versus market demand dynamics shifting to different smartphone OEMs that you may not have exposure with today?

我之所以問這個問題，是因為我猜您對中國Android 的看法有多少變化是由中國或收費供應商的競爭動態以及市場需求動態轉向您今天可能沒有接觸過的不同智慧型手機原始設備製造商所驅動的？

Yes. This is Dave. Historically, we've been more concentrated in the high tiers and down to the mid-tier. And with the shift into the entry tier, that's obviously a headwind for us. So -- what was the second part of your question?

是的。這是戴夫。從歷史上看，我們更集中在高層和中層。隨著向入門級的轉變，這對我們來說顯然是一個阻力。那麼──你問題的第二部分是什麼？

One of the questions I think he was asking is a competitor where we don't play, maybe he is hitting at Huawei, I mean that's playing out as we expected, but...

我認為他問的問題之一是我們不參加比賽的競爭對手，也許他正在攻擊華為，我的意思是，這正如我們預期的那樣，但是...

Yeah. I mean, Huawei is definitely playing out as expected. I mean they're on track for what we had projected earlier in the year to do about 45 million units. So I don't think that's meaningfully different than what we thought. The big change is with this shift into the entry tier and the competitive dynamics there as you go down in the tier -- the discrete solutions become more prevalent. And the pricing environment, as Grant mentioned, is tougher there. So we don't tend to compete there.

是的。我的意思是，華為的表現絕對符合預期。我的意思是，他們正朝著我們今年早些時候預測的約 4500 萬台的目標邁進。所以我認為這與我們的想法沒有什麼不同。最大的變化是進入入門級以及隨著等級下降而競爭的動態——分立解決方案變得更加普遍。正如格蘭特所提到的，那裡的定價環境更加艱難。所以我們不傾向於在那裡競爭。

The other dynamic is our customers tend to outsource the lower-end phones to the OEM channel, which we don't traditionally participate in. Historically, that's been mostly 4G. We're seeing more and more of that is 5G entry tier phones as well. And so as they outsource those loans, that directly comes out of our available market.

另一個動態是我們的客戶傾向於將低階手機外包給 OEM 管道，而我們傳統上不參與該管道。我們看到越來越多的 5G 入門手機也出現了。因此，當他們外包這些貸款時，這些貸款直接來自我們的可用市場。

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

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。請繼續。

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，祝您有個愉快的夜晚。

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

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。