科沃 (QRVO) 2025 Q3 法說會逐字稿

Good day and welcome to the Qorvo third-quarter 2025 earnings conference call.

美好的一天，歡迎參加 Qorvo 2025 年第三季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（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 in Investor Relations.

現在我想將會議交給投資者關係副總裁 Douglas Delieto 先生主持。

Please go ahead, sir.

請繼續，先生。

Thanks very much.

非常感謝。

Hello everyone and welcome to Qorvo's fiscal 2025 third-quarter earnings call.

大家好，歡迎參加 Qorvo 2025 財年第三季財報電話會議。

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

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 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結果。

In today's release and on today's call, we provide both GAAP and non-GAAP financial results.

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。

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 non cash expenses or other items that may obscure trends in our underlying performance.

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.

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。

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.

有關 GAAP 與非 GAAP 財務指標的完整對賬，請參閱今天早些時候發布的收益報告，可在我們的投資者關係網站 ir.qorvo.com 的財務報告下查看。

Joining us today are Bob Bruggeworth, President and CEO; Grant Brown, CFO; Dave Fullwood, Senior Vice President of Sales and Marketing and other members of Qorvo's management team.

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

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

然後，我會將電話轉給鮑伯。

Thanks Doug and welcome everyone to our call.

感謝道格並歡迎大家撥打我們的電話。

Qorvo serves six primary end markets.

Qorvo 服務於六個主要終端市場。

They are automotive, consumer, defense and aerospace, industrial and enterprise, infrastructure and mobile.

它們是汽車、消費品、國防和航空航天、工業和企業、基礎設施和移動。

Each is underpinned by global mega trends including electrification, connectivity, mobility, sustainability, datafication and AI.

每一個都受到全球大趨勢的支撐，包括電氣化、互聯性、移動性、可持續性、數據化和人工智慧。

These trends are driving new functionality and new user experiences that are made possible by the customers we serve and the products our technologies enable.

這些趨勢正在推動新功能和新用戶體驗，而這些新功能和新用戶體驗是由我們服務的客戶和我們的技術支援的產品實現的。

Looking at our business by operating segment, in HPA, we continue to grow our defense and aerospace business while expanding our business and power management.

按營運部門劃分的業務來看，在 HPA 中，我們繼續發展國防和航空航天業務，同時擴大業務和電力管理。

In CSG, we are building upon our strong position in RF solutions across markets while investing in diverse growth businesses including an expanding portfolio of automotive solutions and SoCs for ultra-wideband, BLE, thread and matter.

在 CSG，我們正在鞏固我們在跨市場 RF 解決方案方面的強大地位，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組合以及用於超寬頻、BLE、線程和物質的 SoC。

In ACG, we are focused primarily on delivering 5G advanced products for our largest customer and for the flagship and premium tiers of Android.

在 ACG 領域，我們主要致力於為我們最大的客戶以及 Android 的旗艦級和高階級提供 5G 先進產品。

Our largest growth opportunity in ACG is with our largest customer and we are investing today to continue increasing our share with them in subsequent programs over multiple years.

我們在 ACG 領域最大的成長機會來自我們最大的客戶，我們今天進行投資，以在未來多年的後續計劃中繼續增加我們與他們的份額。

As we said on last quarter's call, the opportunity in mass tier Android 5G declined at a faster rate than anticipated during our Investor Day, Android build plans change to reflect higher consumer demand for entry tier 5G devices.

正如我們在上季度的電話會議上所說，大眾級 Android 5G 的機會下降速度比投資者日期間的預期更快，Android 建置計劃發生變化，以反映消費者對入門級 5G 裝置的更高需求。

In response, during the December quarter, we implemented changes across the organization and how we support Android 5G.

作為回應，我們在 12 月季度對整個組織以及支援 Android 5G 的方式進行了更改。

This included a reduction in force in ACG and other company functions.

這包括減少 ACG 和其他公司職能部門的人員。

We narrowed our focus to the premium and flagship tiers to increase profitability and reduce variability.

我們將重點縮小到高端和旗艦級別，以提高盈利能力並減少可變性。

Our 5G product development spend is now focused solely on premium and flagship tiers.

我們的 5G 產品開發支出現在僅專注於高階和旗艦產品。

While we continue to serve mass tier programs previously awarded, we expect these lower margin programs to go end of life in fiscal '26 and into fiscal '27.

雖然我們繼續為先前授予的大規模計劃提供服務，但我們預計這些利潤率較低的計劃將在 26 財年和 27 財年結束。

Besides the impact for fiscal '25 total Android 5G revenue in ACG is expected to be approximately $875 million.

除了對 25 財年 ACG 的 Android 5G 總營收的影響之外，預計約為 8.75 億美元。

Of this, we expect Android 5G to decline gradually by approximately $150 million to $200 million annually in fiscal '26 and again in fiscal '27.

其中，我們預計 Android 5G 將在 26 財年每年逐漸下降約 1.5 億至 2 億美元，並在 27 財年再次下降。

The majority of the decline will be China based with the balance being mid-tier at Samsung.

下降的大部分將來自中國，其餘則來自三星的中階產品。

In fiscal '26, we expect a single digit decline in ACG revenue and growth of approximately 10% to 12% in CSG and HPA (inaudible) the Silicon Card by business.

在 26 財年，我們預計 ACG 營收將出現個位數下降，而 CSG 和 HPA（聽不清楚）矽卡業務的營收將成長約 10% 至 12%。

Beginning in FY27, we expect ACG to return to growth where updated long term revenue target is for mid-single digit growth.

從 2027 財年開始，我們預計 ACG 將恢復成長，更新後的長期收入目標為​​中個位數成長。

In HPA and CSG, our long term revenue targets haven't changed, and we expect double digit growth in fiscal '25 and double-digit growth again next fiscal year in HPA and CSG.

在 HPA 和 CSG 方面，我們的長期營收目標沒有改變，我們預計 HPA 和 CSG 在 25 財年將實現兩位數成長，在下一財年將再次實現兩位數成長。

We believe the actions we are taking will have a positive impact on our gross margin.

我們相信我們正在採取的行動將對我們的毛利率產生積極影響。

For reference, gross margin the December quarter included a headwind of approximately 300 basis points attributed to the divested Silicon carbide business and the mass tier Android 5G revenue, we are in the process of exiting.

作為參考，12 月季度的毛利率包括約 300 個基點的逆風，歸因於剝離的碳化矽業務和大規模 Android 5G 收入，我們正在退出。

As we look into fiscal '26 we expect gross margin to expand by approximately 150 basis points on roughly flat revenue.

展望 26 財年，我們預期毛利率將在營收大致持平的情況下成長約 150 個基點。

In a moment, Grant will expand on the actions we're taking to improve gross margin and reduce OpEx.

稍後，格蘭特將詳細介紹我們為提高毛利率和降低營運支出而採取的行動。

Now let's look at our performance and opportunities by market.

現在讓我們按市場來看看我們的表現和機會。

We saw sequential strength during the quarter in Defense and Aerospace, industrial and enterprise and infrastructure.

我們看到本季國防和航空航太、工業和企業以及基礎設施領域的連續強勁勢頭。

In D&A, revenue was up sequentially in the December quarter driven by multiyear tailwinds.

在 D&A 方面，在多年利好推動下，12 月季度的營收季增。

These include upgrades to non-terrestrial networks and the transition from mechanical radar systems to active electronic scanning radar systems.

其中包括非地面網路的升級以及從機械雷達系統向主動電子掃描雷達系統的過渡。

Tailwinds also include onshoring, the trend of one to many and system level functionality requiring advanced art packaging.

順風還包括外包、一對多的趨勢以及需要先進藝術包裝的系統級功能。

Design wins in December were diversified across radar, comms, space and Electronic Warfare.

12 月的設計勝利涉及雷達、通訊、太空和電子戰領域。

In Electronic Warfare, Qorvo offers an industry leading wide band solid state [GaN] technology.

在電子戰領域，Qorvo 提供業界領先的寬頻固態 [GaN] 技術。

Qorvo is unique and that we can service the opportunity onshore in the US from a mimic up to a full system solution through our advanced manufacturing facility in Texas.

Qorvo 是獨一無二的，我們可以透過我們位於德克薩斯州的先進製造工廠為美國境內的機會提供從模擬到完整系統解決方案的服務。

December was a record revenue quarter for our D&A business, and we expect continued strength to support full year, year over year growth this fiscal year and next fiscal year.

12 月是我們 D&A 業務創紀錄的收入季度，我們預計持續強勁的勢頭將支持本財年和下一財年的全年同比增長。

In industrial and enterprise, revenue was up sequentially.

工業和企業收入季增。

During the quarter, we achieved critical performance milestones related to ultra wideband in Wi-Fi enterprise access points.

本季度，我們實現了與 Wi-Fi 企業存取點超寬頻相關的關鍵效能里程碑。

We're engaged with two leading tier one equipment manufacturers with ultra-wide band and Wi-Fi 7 (inaudible) and we expect commercial production to begin this calendar year.

我們正在與兩家領先的一級設備製造商合作提供超寬頻和 Wi-Fi 7（聽不清楚），我們預計商業生產將於今年開始。

We see this as a significant milestone and ultra-wideband adoption, creating the essential infrastructure for new ultra-wideband driven services enabled by indoor navigation, asset management and real time location services.

我們認為這是一個重要的里程碑和超寬頻的採用，為室內導航、資產管理和即時定位服務支援的新型超寬頻驅動服務創建了必要的基礎設施。

We increased shipments of high frequency bar filters in support of enterprise Wi-Fi deployments across geographies and we expanded power management engagements with new and existing customers in enterprise SSDs.

我們增加了高頻條形濾波器的出貨量，以支援跨地區的企業 Wi-Fi 部署，並擴大了與企業 SSD 新舊客戶的電源管理合作。

Turning to infrastructure, we believe we are past the bottom and are now seeing stabilization in our broadband and cellular base station businesses.

談到基礎設施，我們相信我們已經度過了谷底，現在我們的寬頻和蜂窩基地台業務正在趨於穩定。

December revenue increased significantly year over year in both markets.

12 月兩個市場的營收年增均大幅成長。

In the broadband market, we are supporting DOCSIS 4.0 deployments at multiple operators in North America.

在寬頻市場，我們支援北美多家業者部署 DOCSIS 4.0。

We are early in these deployments with significant share, and we are positioned for growth in our broadband business this coming fiscal year.

我們處於這些部署的早期階段，並佔據了很大的份額，並且我們準備在下一個財年實現寬頻業務的成長。

Our base station business, we have weathered an industrywide inventory correction and see opportunities for a small signal portfolio in markets like India.

我們的基地台業務經歷了全行業的庫存調整，並在印度等市場看到了小訊號組合的機會。

In automotive, revenue for the quarter declined sequentially as end market softness continues.

在汽車領域，由於終端市場持續疲軟，本季營收季減。

During the quarter, automotive OEMs and tier ones continue to show strong interest in our growing portfolio of automotive grade ultra-wideband products.

本季度，汽車原始設備製造商和一級製造商繼續對我們不斷增長的汽車級超寬頻產品組合表現出濃厚的興趣。

This includes a design win for an Asia based EV OEM to supply our ultra-wideband solutions in an upcoming vehicle launch.

這包括贏得亞洲電動車原始設備製造商的設計，在即將推出的車輛中提供我們的超寬頻解決方案。

Our sales funnel of automotive ultra-wideband opportunities continues to grow as we bring a broad set of new content and capabilities.

隨著我們帶來一系列廣泛的新內容和功能，我們的汽車超寬頻機會銷售管道持續成長。

The ultra wideband opportunity in automotive includes multiple anchors and up to $20 per car, addressing secure access, child presence detection, kick sensors and other precision short range radar applications.

汽車領域的超寬頻機會包括多個錨點，每輛車高達 20 美元，可解決安全存取、兒童存在偵測、踢感測器和其他精密短距離雷達應用的問題。

This is new content presenting the type of complex RF challenge Qorvo is uniquely positioned to solve.

這是新內容，介紹了 Qorvo 獨特的定位來解決複雜射頻挑戰的類型。

In consumer markets, December, quarterly revenue declined sequentially reflecting market headwinds.

在消費市場，12 月季度營收季減，反映市場不利因素。

For Qorvo, customer demand continued to build across consumer applications for our matter as we see.

如我們所見，對於 Qorvo 而言，客戶對我們的消費者應用程式的需求持續成長。

We are ramping matter SOCs alongside our Wi-Fi 7 FEMs for a leading provider of Wi-Fi ecosystems based in the US.

我們正在為美國領先的 Wi-Fi 生態系統供應商提升 Matter SOC 以及 Wi-Fi 7 FEM。

This customer is an early adopter of matter technology in home networking applications enabling seamless connectivity across lighting, thermostats, window sensors and other consumer applications.

該客戶是家庭網路應用中物質技術的早期採用者，可實現照明、恆溫器、窗戶感測器和其他消費應用的無縫連接。

We supported a US based network operator in our migration to Wi-Fi 7 with multiple Qorvo Wi-Fi 7 FEMs and we secured a design win to support an upcoming Wi-Fi 7 ramp with a network operator in Japan.

我們使用多個 Qorvo Wi-Fi 7 FEM 支援一家美國網路營運商遷移到 Wi-Fi 7，並贏得了設計勝利，以支援日本網路營運商即將推出的 Wi-Fi 7 坡道。

Lastly, we expanded shipments of our high frequency BAW filters for service providers in the US and in Europe.

最後，我們擴大了對美國和歐洲服務供應商的高頻 BAW 濾波器的出貨量。

In the mobile market, revenue declined sequentially.

在行動市場，收入環比下降。

During the quarter, we successfully supported the flagship launch at our largest customer.

本季度，我們成功支援了我們最大客戶的旗艦產品發布。

Shipment store in the quarter included discrete placements such as tuners as well as integrated placements like ultra-high band pads.

本季度的發貨商店包括調諧器等離散放置以及超高頻段墊等整合放置。

This customer represented just over 50% of the total revenue in the December quarter.

該客戶佔 12 月所在季度總收入的 50% 多一點。

In the current quarter, we expect sales to this customer to decline sequentially though less than the last couple of years.

在本季度，我們預計對該客戶的銷售額將環比下降，但幅度低於過去幾年。

As we have said previously, we have secured sufficient wins to date to give us confidence in year over year content growth in this year's fall launch.

正如我們之前所說，迄今為止，我們已經取得了足夠的勝利，這讓我們對今年秋季發布的內容同比增長充滿信心。

Qorvo revenue is more heavily weighted towards the pro and pro max models versus lower content consumer models.

與低內容消費者型號相比，Qorvo 收入更偏重於 pro 和 pro max 型號。

Volumes in mix across models and model years can change our weighted average content in any given year.

不同型號和型號年份的混合銷售量可能會改變任何給定年份的加權平均內容。

Given these variables for FY26, we're currently forecasting revenue at our largest customer to be flat to up modestly.

考慮到 2026 財年的這些變量，我們目前預測我們最大客戶的收入將持平或小幅成長。

At our largest customer, we've been invited to compete and are engaged on more product programs than ever before.

我們最大的客戶邀請我們參與競爭，並參與比以往更多的產品計劃。

And our second largest customer, Qorvo design wins this year with this career based Android OEM span our product portfolio.

我們的第二大客戶 Qorvo design 今年贏得了勝利，這個基於職業的 Android OEM 涵蓋了我們的產品組合。

We will be broadly represented this year in the flagship launch ramping now as well as in their high volume mid-tier, premium tier and flagship tier smartphone programs launching throughout the year.

今年，我們將廣泛參與旗艦產品的發布以及全年推出的大批量中階、高階和旗艦級智慧型手機計畫。

Qorvo content in 2025 will include low band, mid high band and ultra high band pads as well as mid high secondary transmit antenna tuning, discrete filters and Wi-Fi 7 FEMs.

2025 年的 Qorvo 內容將包括低頻段、中高頻段和超高頻段墊以及中高二次發射天線調諧、分立濾波器和 Wi-Fi 7 FEM。

Qorvo is executing on a broad set of strategic initiatives to expand margin, generate strong free cash flow and increase shareholder value.

Qorvo 正在執行一系列廣泛的策略性舉措，以擴大利潤、產生強勁的自由現金流並增加股東價值。

We remain very focused on driving growth and diversification while finding opportunities to improve operating efficiency and enhance our cost structure.

我們仍然非常專注於推動成長和多元化，同時尋找提高營運效率和改善成本結構的機會。

The actions we are taking have already resulted in gross margin improvements and a meaningful reduction in our forward OpEx in the current quarter and for fiscal '26.

我們正在採取的行動已經帶來了毛利率的提高，並大幅降低了本季和 26 財年的遠期營運支出。

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.

謝謝鮑勃，大家下午好。

Our December quarter results were favorable relative to our guidance with revenue of $916 million and non-GAAP diluted EPS of $1.61 per share.

相對於我們的指導，我們 12 月季度的業績良好，收入為 9.16 億美元，非 GAAP 攤薄後每股收益為 1.61 美元。

Our non-GAAP gross margin of 46.5% and non-GAAP operating expenses of $248 million were also favorable to our guidance which reflects continued cost discipline across COGS and OpEx as well as recent restructuring actions.

我們的非 GAAP 毛利率為 46.5%，非 GAAP 營運費用為 2.48 億美元，這也有利於我們的指導，這反映了 COGS 和營運支出的持續成本控制以及最近的重組行動。

On the balance sheet as of quarter end, we held approximately [$770 million] in cash and equivalents.

截至季末的資產負債表上，我們持有約[7.7億美元]現金及等價物。

Our cash balance at quarter end reflects the retirement of $412 million of our 2024 notes.

我們季末的現金餘額反映了我們 2024 年票據的 4.12 億美元的報廢。

Following the repayment of these notes, we now have approximately $1.5 billion of long term debt remaining and no near term maturities.

在償還這些票據後，我們現在仍有約 15 億美元的長期債務，且沒有短期到期債務。

We ended the quarter with a net inventory balance of $656 million.

本季結束時，我們的淨庫存餘額為 6.56 億美元。

This represents a decrease of $38 million sequentially and a decrease of $70 million a year over year basis.

這意味著比上一季減少了 3,800 萬美元，比去年同期減少了 7,000 萬美元。

Turning to the cash flow statement, we generated operating cash flow of $214 million in capital expenditures of $38 million which resulted in free cash flow of $176 million.

就現金流量表而言，我們的營運現金流為 2.14 億美元，資本支出為 3,800 萬美元，自由現金流為 1.76 億美元。

As a reminder, our CapEx spend will vary quarter to quarter and reflect the timing of cash disbursements.

提醒一下，我們的資本支出將按季度變化，並反映現金支付的時間。

Consequently, CapEx as a percentage of sales in any given quarter may be above or below our target of approximately 5% of sales.

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 $100 million of stock at an average price of $73 per share in the quarter.

本季我們以每股 73 美元的平均價格回購了約 1 億美元的股票。

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.

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。

This approach is designed to ensure 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.

這種方法旨在確保我們的資本配置策略平衡未來成長與資本回報，並符合我們提供長期股東價值的根本目標。

Turning to our current quarter outlook, we expect revenue of approximately $850 million plus or minus $25 million. Non-GAAP

談到我們當前的季度前景，我們預計收入約為 8.5 億美元將上下 2500 萬美元。非公認會計原則

gross margin between 43% and 44% and non-GAAP diluted EPS between $0.90 and $1.10.

毛利率在 43% 到 44% 之間，非 GAAP 攤薄後每股收益在 0.90 美元到 1.10 美元之間。

The sale of our silicon carbide business earlier this month is reflected in our guidance.

本月稍早出售我們的碳化矽業務反映在我們的指導中。

We will record a negligible amount of silicon carbide revenue in Q4 versus approximately $9 million in the December quarter and approximately $30 million in fiscal '25.

我們第四季的碳化矽收入將微不足道，而 12 月季度的碳化矽收入約為 900 萬美元，25 財年約為 3,000 萬美元。

We project non-GAAP operating expenses in the March quarter to be approximately $250 million.

我們預計 3 月季度的非 GAAP 營運費用約為 2.5 億美元。

This includes other operating expense of $1 million to $2 million associated with the remaining portion of our digital transformation project.

這包括與我們數位轉型專案剩餘部分相關的 100 萬至 200 萬美元的其他營運費用。

We expect other operating expense related to this project to remain at this quarterly level throughout fiscal '26.

我們預計與該項目相關的其他營運費用將在整個 26 財年保持在本季水準。

Below the operating income line, non-operating expense is expected to be between $13 million to $15 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，非營業費用預計在 1300 萬美元至 1500 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。

This aligns with our prior comments that non-operating expense would increase following the retirement of our 1.75% 2024 notes.

這與我們先前的評論一致，即我們的 1.75% 2024 年票據退役後，營業外支出將會增加。

Our non-GAAP tax rate for fiscal '25 is expected to be approximately 11%.

我們 25 財年的非 GAAP 稅率預計約為 11%。

We expect our non-GAAP tax rate could increase to between 18% and 19% in fiscal '26 as new regulations take effect.

我們預計，隨著新法規的生效，我們的非 GAAP 稅率可能會在 26 財年增加至 18% 至 19%。

However, the impact of global minimum tax legislation for US based companies under the new administration, as well as changes to international tax policy remain highly uncertain.

然而，新政府領導下的全球最低稅收立法對美國公司的影響以及國際稅收政策的變化仍然高度不確定。

For modeling purposes, in fiscal '26 we expect gross margin to expand by approximately 150 basis points on roughly flat revenue.

出於建模目的，我們預計 26 財年毛利率將在營收大致持平的情況下成長約 150 個基點。

This reflects a single digit decline in ACG revenue and growth of approximately 10% to 12% in CSG and HPA excluding Silicon Carbide.

這反映出 ACG 收入出現個位數下降，而 CSG 和 HPA（不包括碳化矽）收入成長約 10% 至 12%。

In ACG, we expect Android 5G to decline by $150 million to $200 million from approximately $875 million in fiscal '25.

在 ACG 領域，我們預計 Android 5G 將從 25 財年的約 8.75 億美元下降 1.5 億至 2 億美元。

At our largest customer for fiscal '26 we expect revenue to be flat to up modestly.

對於我們最大的客戶，我們預計 26 財年的營收將持平或小幅成長。

Beginning the fiscal year, our June quarter has multiple seasonal items to consider.

從本財年開始，我們的六月季度有多個季節性項目需要考慮。

June is the lowest seasonal quarter for our largest customer.

對我們最大的客戶來說，六月是季節性最低的季度。

We're on the other side of the galaxy ramp at Samsung.

我們在三星銀河坡道的另一邊。

And like prior years, our D&A business will be down meaningfully in June on a sequential basis due to program timing while expected to grow double digits for the full year.

與往年一樣，由於計劃時間安排，我們的 D&A 業務將在 6 月環比大幅下降，但預計全年將實現兩位數成長。

Regarding our actions to improve gross margin, each business segment brings distinct drivers.

關於我們提高毛利率的行動，每個業務部門都有不同的驅動因素。

Beginning with ACG, we expect to enhance margins and reduce variability as our portfolio management efforts and pricing strategies reduce our exposure to legacy mass tier Android 5G.

從 ACG 開始，我們預計將提高利潤率並減少波動性，因為我們的投資組合管理工作和定價策略會減少我們對傳統大眾 Android 5G 的依賴。

In HPA, the divestiture of our silicon carbide business is margin accretive.

在 HPA，剝離我們的碳化矽業務可以增加利潤。

In addition, our strategic investments supporting continued growth in D&A will also be a creative.

此外，我們支持D&A持續成長的策略投資也將是一種創造性。

In CSG, gross margin will increase with the relocation of gas production from our underutilized North Carolina facility to our high-volume Oregon site.

在CSG，隨著天然氣生產從我們未充分利用的北卡羅來納州工廠轉移到我們的高產量俄勒岡州工廠，毛利率將會增加。

We continuously evaluate further opportunities to reduce our capital intensity and product costs including process technology advancements and (inaudible) size reductions.

我們不斷評估進一步降低資本密集度和產品成本的機會，包括製程技術進步和（聽不清楚）尺寸縮小。

The complexity of our solutions coupled with the global RF compliance requirements faced by our customers result in multiyear design cycles.

我們解決方案的複雜性加上客戶面臨的全球射頻合規性要求導致了多年的設計週期。

We're working closely with our customers as we align our factory footprint to address only the most differentiated elements of our product and increasingly leverage the scale, capabilities and cost effectiveness of our outsourced partners.

我們正在與客戶密切合作，調整工廠佈局，僅解決產品中最具差異化的元素，並越來越多地利用外包合作夥伴的規模、能力和成本效益。

All of these factors in aggregate are expected to support high 40% gross margin in seasonally strong quarters during fiscal '26 and up to 50% gross margin a seasonally strong quarter during fiscal '27.

所有這些因素合計預計將支持 26 財年季節性強勁季度毛利率高達 40%，並在 27 財年季節性強勁季度毛利率高達 50%。

On operating expenses, we implemented a significant workforce reduction primarily targeting our mass market Android business as well as supporting areas to enhance our cost structure.

在營運費用方面，我們大幅裁員，主要針對我們的大眾市場 Android 業務以及支援領域，以增強我們的成本結構。

In parallel, we streamline our digital transformation efforts canceling numerous elements of the project to ensure the scope aligns with the anticipated economic benefits.

同時，我們簡化了數位轉型工作，取消了專案的許多要素，以確保範圍與預期的經濟效益保持一致。

And finally, the sale of our silicon carbide business is accretive to both gross and operating margins.

最後，出售我們的碳化矽業務可以增加毛利率和營業利潤。

These actions are reflected in our Q4 guidance and will extend into fiscal 2026.

這些行動反映在我們的第四季指引中，並將延續到 2026 財年。

Overall, we anticipate achieving over $100 million in gross annualized savings across COGS and OpEx.

總體而言，我們預計 COGS 和營運支出的年化總節省將超過 1 億美元。

A portion of these savings will be reinvested in the key growth areas such as D&A, Power Management, ultra-wideband and programs for our largest customer, as well as to offset inflationary pressures.

這些節省的一部分將重新投資於關鍵成長領域，例如 D&A、電源管理、超寬頻和我們最大客戶的項目，以及抵消通膨壓力。

On a net basis, we expect non-GAAP operating expenses to average approximately $250 million per quarter in fiscal '26 subject to typical quarterly variability.

以淨額計算，我們預計 26 財年每季非 GAAP 營運費用平均約為 2.5 億美元，具體取決於典型的季度變化。

We're confident that the steps we're taking today across our product portfolio and manufacturing footprint are positioning us for success.

我們相信，我們今天在產品組合和製造足跡上採取的步驟將為我們的成功做好準備。

We're reducing capital intensity and focusing our internal production only where it differentiates our products.

我們正在降低資本密集度，並將內部生產重點放在能夠使我們的產品與眾不同的地方。

The benefits of these strategic initiatives will become increasingly evident as we advance through fiscal '26 and into fiscal '27.

隨著我們進入 26 財年和 27 財年，這些策略措施的好處將變得越來越明顯。

Before we open up the call for questions, we want to briefly address the filing that was recently made by [starboard] value.

在我們開始提問之前，我們想先簡單介紹一下 [starboard] value 最近提交的文件。

We welcome engagement with all our shareholders and value their input on ways to create shareholder value.

我們歡迎所有股東參與，並重視他們對創造股東價值的投入。

With that said, the purpose of today's call is to discuss our third quarter results and outlook.

話雖如此，今天電話會議的目的是討論我們第三季的業績和前景。

We appreciate you keeping your questions focused on those topics.

我們感謝您將問題集中在這些主題上。

At this time, please open the line for questions.

此時，請開通提問線路。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Gary Mobley, Loop Capital.

加里·莫布里，Loop Capital。

Hi guys.

嗨，大家好。

Thanks for taking my question.

感謝您提出我的問題。

I wanted to verify some of the numbers that you guys had in your prepared remarks.

我想核實一下你們在準備好的發言中提到的一些數字。

If I heard correctly, you will have in fiscal year '25 about $875 million of revenue from Android customers, and that might whittle down to something less than $500 million over the next 5 years.

如果我沒聽錯的話，在 25 財年，您將從 Android 客戶那裡獲得約 8.75 億美元的收入，而在未來 5 年內，這筆收入可能會減少到不到 5 億美元。

I presume the remainder will be primarily Samsung and maybe some high-end customers over in China?

我想剩下的將主要是三星，也許還有中國的一些高階客戶？

Am I running through all that math correctly?

我正確地完成了所有數學運算嗎？

Gary, this is Bob.

加里，這是鮑伯。

Thanks.

謝謝。

You're correct on the $875 million.

你對 8.75 億美元的看法是正確的。

And you're correct, on, it's going to be going down about $150 million to $200 million this year, probably the same.

你是對的，今年將減少約 1.5 億至 2 億美元，大概是一樣的。

Most of that will be in China, to your point, but it does include some of the Samsung business and includes more than [HBOX] because we do have other customers in China on that, so in the US.

就你而言，其中大部分將在中國，但它確實包括三星的一些業務，並且包括的不僅僅是 [HBOX]，因為我們在中國確實有其他客戶，所以在美國。

The remainder of that that's still remaining will be in that premium and flagship tier.

剩下的部分將屬於高端和旗艦等級。

Got it.

知道了。

Okay.

好的。

So Bob, I know you were clear on the assumption that HPA would grow double-digit percent in fiscal year '26.

所以鮑勃，我知道您很清楚 HPA 將在 26 財年實現兩位數的成長。

But I wanted to ask a question about the repeatability of the HPA strength that you just showed in the third quarter.

但我想問一個關於您剛剛在第三季度展示的 HPA 強度的可重複性的問題。

If I'm not mistaken, there might have been maybe a Department of Defense contract, maybe something a little bit atypical in the quarter.

如果我沒記錯的話，可能有一份國防部合同，也許本季有點不典型。

Maybe, if you can just give us a sense of the details of that to the extent you can and the repeatability of it?

也許，如果你能讓我們了解它的細節以及它的可重複性？

Sure.

當然。

Thanks, Gary.

謝謝，加里。

We did see nice growth in December.

12 月我們確實看到了良好的成長。

We're also going to see the better growth in March.

我們還將看到三月更好的成長。

And it really gets to the timing of the defense contractors and when they flow their money to us.

這確實關係到國防承包商的時機以及何時將資金流給我們。

Some were tied a little bit more.

有些綁得更緊一些。

They give us orders right before the end of the government's fiscal year, which, as you know, is at the end of roughly our third quarter and then obviously, at the end of their own calendar year.

他們在政府財政年度結束之前向我們發出訂單，正如你所知，大約是在我們的第三季末，然後顯然是在他們自己的日曆年結束時。

So we actually see a back half typically much stronger than the first half in our defense business.

因此，我們實際上看到，在我們的國防業務中，後半段通常比前半段強得多。

So yes, we saw good growth in December quarter.

所以，是的，我們在 12 月季度看到了良好的成長。

We're also going to see even better growth in the March quarter.

我們還將在三月季度看到更好的成長。

And then as Grant mentioned, it's going to drop off in the June quarter.

然後正如格蘭特所提到的，它將在六月季度下降。

But for the year, we expect defense business to grow actually faster than all of HPA.

但就今年而言，我們預計國防業務的成長速度實際上將快於所有 HPA。

Great, thank you guys.

太好了，謝謝你們。

A good point, Bob.

說得好，鮑伯。

Maybe Gary I will just expand on that just for a minute.

也許加里我會對此進行擴展一分鐘。

To put it into perspective, our DNA business is now approximately a $400 million business.

從長遠來看，我們的 DNA 業務目前價值約為 4 億美元。

And again, as Bob mentioned, rather seasonal.

再次，正如鮑勃所提到的，相當季節性。

The customer orders and then the program timing, as you mentioned, will be up significantly in March and then again, it will fall back down in June.

正如您所提到的，客戶訂單和規劃時間將在 3 月大幅上升，然後在 6 月又會回落。

It could be as much as $75 million coming down in June before growing for the entire year, largely faster than our HPA business than the [10% to 12%] range.

6 月可能會減少 7,500 萬美元，然後全年才會成長，這比我們的 HPA 業務要快 [10% 到 12%] 範圍。

Harsh Kumar, Piper Sandler.

嚴厲的庫馬爾，派珀桑德勒。

Yeah.

是的。

Hey guys, congratulations on solidly beating the earnings estimate.

嘿夥計們，恭喜您的盈利大幅超出了預期。

I guess my first question, Bob, there was a lot in the common section, but if I heard it correctly, I think you're saying that you're expecting better than normal seasonality for your cellular business.

我想我的第一個問題是，鮑勃，公共部分有很多內容，但如果我沒聽錯的話，我想你是說你對行動業務的預期比正常的季節性要好。

And I'm assuming that's with your largest customer.

我假設這是你們最大的客戶。

Could you maybe talk about what that means?

您能談談這意味著什麼嗎？

What we should be thinking and expecting?

我們該思考和期待什麼？

If you can just paint a picture for us, that would be helpful, then I do have a follow-up.

如果你能為我們畫一幅圖畫，那會很有幫助，那麼我確實有後續行動。

Yes.

是的。

Thanks, Harsh.

謝謝，嚴酷。

On the last quarter's call, we mentioned that we'd probably be down 5% to 10%.

在上個季度的電話會議上，我們提到我們可能會下降 5% 到 10%。

You can see our guidance is roughly within that range.

您可以看到我們的指導大致在該範圍內。

And what I said in our prepared remarks is, we'll be down at our largest customer, but not as much as we've been in prior years.

我在準備好的演講中所說的是，我們將下調我們最大的客戶，但不會像前幾年那麼嚴重。

And that's all the color that I'm able to add at this time, Harsh.

這就是我現在能添加的所有顏色，哈什。

Okay.

好的。

That's fair.

這很公平。

And then, Grant you talked about a lot of things on the gross margin side.

然後，格蘭特，您談到了毛利率方面的許多事情。

If I had to say what would be the one or two biggest things that you think Bob or Grant, that are needle movers for the gross margin.

如果我必須說出你認為鮑伯或格蘭特最重要的一兩件事是什麼，那就是毛利率的推動因素。

You talked about high 40s and then ultimately even potentially hitting 50s.

你談到了 40 多歲，甚至最終可能達到 50 多歲。

What would be two of the biggest things that will be happening to make the margin go up in your opinion?

您認為，導致利潤率上升的最重要的兩件事是什麼？

Thanks, Harsh.

謝謝，嚴酷。

Appreciate the question.

感謝這個問題。

We're working on a lot of fronts as it relates to gross margin.

我們正在與毛利率相關的許多方面開展工作。

Probably two of the larger ones would be as we exit some of the Android business that Bob mentioned, it will have an accretive impact on our gross margin just as it relates to revenue mix.

其中兩個較大的問題可能是，當我們退出鮑伯提到的一些 Android 業務時，它將對我們的毛利率產生增值影響，就像它與收入組合相關一樣。

Beyond exiting some of that Android business, we're also looking at factory costs and factory footprint and ways we can leverage our outsourced suppliers.

除了退出部分 Android 業務之外，我們還在考慮工廠成本和工廠佔地面積以及利用外包供應商的方式。

We had a sizable workforce reduction and cost reduction that we handled in the December quarter, and that's going to help us as we look forward.

我們在 12 月季度進行了大規模的裁員和成本削減，這將對我們的未來有所幫助。

And then, of course, there's also the process improvement, [di] reductions and other sort of blocking and tackling types of things that we're doing in our factories and product design that help drive our cost over.

當然，還有流程改善、減少和其他類型的阻礙和解決我們在工廠和產品設計中所做的事情，這些都有助於提高我們的成本。

Thank you, sir.

謝謝您，先生。

Tom O'Malley, Barclays.

湯姆·奧馬利，巴克萊銀行。

Hey guys, thanks for taking my question.

嘿夥計們，謝謝你提出我的問題。

My first one was just in relation to March guidance.

我的第一個只是與三月的指導有關。

So you gave us $875 million for the year in Android, you could set that pretty easily.

所以你在 Android 領域給了我們 8.75 億美元，你可以輕鬆地設定這個數字。

And then you talked about less than seasonal declines in your largest customer.

然後您談到了您最大客戶的季節性下降幅度較小。

So do you have a piece in proxy from where ACG is?

那麼你有來自ACG的代理作品嗎？

The other two businesses, to kind of get to your guidance.

另外兩家企業，希望得到您的指導。

You talked about mid-teens growth on the full year.

您談到了全年的青少年成長。

Both of those look to be tracking a little bit ahead just given where guidance is.

只要給出指導，這兩者看起來都會稍微領先一些。

So is there any weakness that you would call out amongst those two businesses in many pockets, other than the silicon carbide stuff or -- just trying to square away the math here.

那麼，除了碳化矽之外，這兩家企業在許多方面還有什麼弱點，或者只是想在這裡消除數學上的差異。

If I said Apple down a little better than seasonal, and Android to your number, you're getting a little bit above guidance.

如果我說蘋果的降幅比季節性好一點，而安卓的降幅比你的數字好一點，那麼你的數據就比指導值高了一點。

Any help with March to start?

三月開始有幫助嗎？

Sure.

當然。

Let me take the question.

讓我來回答這個問題。

So you're right, the silicon carbide revenue is an important factor as we look into the March quarter, there will be a negligible amount of revenue in March versus the December quarter of approximately $9 million.

所以你是對的，當我們研究 3 月份季度時，碳化矽收入是一個重要因素，與 12 月份季度約 900 萬美元相比，3 月份的收入可以忽略不計。

So that's one of the changes.

這就是其中的變化之一。

For modeling purposes, approximately $30 million for the entire fiscal '25.

出於建模目的，25 年整個財年大約需要 3000 萬美元。

Outside of that, as you mentioned, the typical seasonal dynamics with the ramp down our largest customer.

除此之外，正如您所提到的，典型的季節性動態隨著我們最大客戶的減少而減少。

Android is expected to be up sequentially given flagship platform launches.

隨著旗艦平台的推出，Android 預計將連續上漲。

And then there's a material increase in our D&A business, as we've commented on in both December and then again in March.

然後我們的 D&A 業務出現了實質成長，正如我們在 12 月和 3 月所評論的那樣。

So in terms of the CSG business on the other side of some large WiFi ramps, that we benefited from in Q2.

因此，就一些大型 WiFi 坡道另一側的 CSG 業務而言，我們在第二季度受益。

And overall, year-over-year, both those businesses will be up double digits.

總體而言，這兩項業務將年增兩位數。

And then as we look forward, we'll continue the momentum into fiscal '26.

展望未來，我們將在 26 財年繼續保持這一勢頭。

Got you.

明白你了。

And then you gave a decent amount of color in the prepared remarks on June, you highlighted that, that's normally bottom seasonal for the largest customer.

然後您在 6 月準備好的評論中給出了相當多的顏色，您強調說，對於最大的客戶來說，這通常是底部季節。

And then you talked about defense being down as well.

然後你談到防守也下降了。

Just given that you went out of your way to highlight that in the prepared remarks, could you give us any color from a total company perspective, what you're expecting there?

鑑於您在準備好的發言中特意強調了這一點，您能否從整個公司的角度給我們一些顏色，您對此有何期望？

We didn't provide any guidance necessarily at a total company level.

我們沒有在整個公司層級提供任何指導。

But if you're modeling it roughly, you're in that -- down 10% to 15% range for the full company heading into the June quarter.

但如果你粗略地進行建模，你會發現整個公司在進入 6 月季度時下降了 10% 到 15%。

Again, the seasonal dynamics there are a very strong defense business, which has grown in terms of percent of our total top line.

同樣，國防業務的季節性動態非常強勁，占我們總收入的百分比有所增長。

So we've benefited from the growth, but the seasonality and order patterns that our customers create a dynamic heading into June that's larger than typical.

因此，我們從成長中受益，但我們的客戶的季節性和訂單模式創造了進入 6 月的動態，比平常的情況要大。

And then be Android ramp at a large customer for their flagship will also be ramping down in the same period that our largest customer ramps down.

然後，大客戶的 Android 旗艦產品的成長也將在我們最大客戶下降的同一時期下降。

So quite a number of seasonal factors.

所以季節性因素相當多。

Although for the year, as Bob pointed out, we do expect to be approximately flat in revenue.

儘管正如鮑勃指出的那樣，我們預計今年的收入將大致持平。

So there will be growth in the outside quarters.

因此，外部季度將會出現成長。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

Yes.

是的。

Thank you, gentlemen.

謝謝你們，先生們。

Given your comments on the Android ecosystem.

鑑於您對 Android 生態系統的評論。

I was hoping you could address the outlook for RF content for the industry over the next couple of years if the baseband modem of your largest customer remains at your largest -- remains to your competitor.

如果您最大客戶的基頻調變解調器仍然是您的最大客戶（仍然是您的競爭對手），我希望您能夠解決未來幾年該行業射頻內容的前景。

I asked because some investors have been concerned that reuse could remain if the baseband share remains status quo.

我問這個問題是因為一些投資者擔心，如果基帶份額維持現狀，重複使用可能會繼續存在。

But I was hoping to get your clarification on that.

但我希望得到你的澄清。

Sorry, Karl, could you clarify?

抱歉，卡爾，你能澄清一下嗎？

Did you say it our largest customer or the industry, I wasn't sure what you were talking about with the baseband.

你說的是我們最大的客戶還是產業，我不知道你說的基帶是什麼。

I'm referring to your -- within the iOS ecosystem, whether if there is a change or no change in the baseband modem, whether you think there's a growing risk of reuse or you do think there is innovation and continued content gains in that area of the market?

我指的是 - 在 iOS 生態系統中，無論基頻調變解調器是否發生變化，無論您是否認為重用的風險越來越大，或者您確實認為該領域存在創新和持續的內容增益市場的？

I want to make sure I understand the question.

我想確保我理解這個問題。

You're asking if they stay with the Qualcomm baseband, and there's been a lot of discussion about them coming out with their own base band.

你問他們是否會繼續使用高通基帶，並且有很多關於他們推出自己的基帶的討論。

If they stay with the Qualcomm baseband, what happens to the RF section?

如果他們繼續使用高通基帶，射頻部分會發生什麼？

I just want to make sure I understand.

我只是想確保我理解。

That is correct.

這是正確的。

That is correct.

這是正確的。

Yes.

是的。

How do we think about the content opportunity for that?

我們如何看待這方面的內容機會？

That is correct.

這是正確的。

All depends on their future architectures, which I know we don't comment on, but history has been every successive model.

一切都取決於他們未來的架構，我知道我們不會對此發表評論，但歷史是每一個連續的模型。

There's more and better RF required.

需要更多更好的射頻。

So -- and that includes our tuners.

所以——這包括我們的調音師。

All the other parts that we make for them, better filters to better integrated modules, et cetera.

我們為他們製造的所有其他部件，更好的過濾器，更好的整合模組，等等。

So we don't see it change.

所以我們看不到它改變。

The only thing that we've said and we continue to reiterate is that the ETIC that we would be able to provide to the internal platform, we wouldn't provide on the Qualcomm platform.

我們已經說過並且繼續重申的唯一一件事是，我們能夠向內部平台提供 ETIC，但我們不會在高通平台上提供。

So that would be the major difference that you would see for us.

所以這將是您看到的我們的主要區別。

Got it very helpful.

得到它非常有幫助。

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券公司。

Thanks for taking my question.

感謝您提出我的問題。

I wanted to kind of come back to this long-term growth opportunity for your or mobile business.

我想回到您或行動業務的長期成長機會。

You mentioned that it could be flattish, I think, you said for fiscal '26 if I got it right, but then starts to regrow.

我想，你提到如果我做對的話，26 財年的情況可能會持平，但隨後會開始重新成長。

And my question is what helps to regrow if it is flattish in a year, when you are gaining content right among some of the high-end SKUs?

我的問題是，當你在一些高端 SKU 中獲得內容時，如果一年內表現平平，什麼有助於重新成長？

And when cellular units are expected to grow, then how does it start to regrow until, I don't know, 60 takes off?

當細胞單位預計會增長時，那麼它如何開始重新增長，直到，我不知道，60 起飛？

I guess my real question is how much are you baking in for the continued headwinds from all the China in-sourcing and Qualcomm competition?

我想我真正的問題是，您對來自中國內購和高通競爭的持續阻力有多大的反應？

Is it possible ACG business sort of stays flattish for the next several years?

ACG 業務是否有可能在未來幾年保持穩定？

Yes.

是的。

Thanks for the question, Vivek.

謝謝你的提問，維維克。

In my prepared remarks, we did talk about us actually being down in ACG for FY '26 to be clear.

在我準備好的發言中，我們確實談到了我們實際上在 26 財年的 ACG 中表現不佳。

So we said that, and we said that HPA and CSG would grow double digits.

所以我們這麼說，我們說 HPA 和 CSG 將實現兩位數成長。

So that gets you to the company flat.

這樣你就可以到達公司公寓了。

And we said that we're expecting in our Android business, the category that we talked about last quarter that we'll be exiting, be down $150 million to $200 million.

我們表示，我們預計 Android 業務（我們上季度談到的我們將退出的類別）將減少 1.5 億至 2 億美元。

So you're right, it's going to be a challenge.

所以你是對的，這將是一個挑戰。

Therefore, we've got to continue to grow at our largest customer that we've talked about as well as maintain our share in the flagship and high-tier phones in the Android ecosystem.

因此，我們必須繼續擴大我們所說的最大客戶，並保持我們在 Android 生態系統中旗艦和高階手機中的份額。

So that's our current plan.

這就是我們目前的計劃。

But in '26, we were pretty clear it's going to be down.

但在 26 年，我們非常清楚它會下降。

Okay.

好的。

And then maybe a follow-up for Grant on gross margins and OpEx.

然後也許是格蘭特關於毛利率和營運支出的後續行動。

I think you gave us the gross margin sense for the seasonal quarters.

我認為您讓我們了解了季節性季度的毛利率。

And any sense of how the gross margin progresses prior to that?

在此之前毛利率的進展有何意義？

And then I think OpEx, you mentioned $250 million.

然後我想您提到了 2.5 億美元的營運支出。

How does that kind of progress through the year?

這一年的進展如何？

Sure.

當然。

Thanks, Vivek.

謝謝，維韋克。

For modeling purposes, you could assume that gross margin will follow the same, or roughly approximately, the same seasonal pattern that we've seen in the past with June below September and December.

出於建模目的，您可以假設毛利率將遵循與我們過去看到的相同或大致相同的季節性模式，即 6 月低於 9 月和 12 月。

And I would expect that to continue into fiscal '26.

我預計這種情況將持續到 26 財年。

We're continuing to support the existing commitments that we've made to our Android customers on running platforms.

我們將繼續支持我們在運行平台上向 Android 客戶做出的現有承諾。

And to a degree in periods where we have higher Android as a percentage of sales, it has a seasonal impact on the gross margin.

在某種程度上，當我們的 Android 裝置佔銷售額的百分比較高時，它會對毛利率產生季節性影響。

So as we work our way through fiscal '26 and that $150 million to $200 million of revenue related to Android comes out will become less seasonal and expect to be less volatile on our gross margin in addition to increasing as we look into fiscal '26 into fiscal '27.

因此，隨著我們在26 財年的努力，與Android 相關的1.5 億至2 億美元的收入將變得不那麼季節性，並且預計我們的毛利率除了隨著我們對26 財年的調查而增加外，毛利率的波動也將減少。

In terms of OpEx, there are some normal seasonal patterns in terms of payroll-related items that we'll see in March.

就營運支出而言，我們將在三月看到與工資相關的項目存在一些正常的季節性模式。

Typically, June could be in that same neighborhood based on program development spend.

通常，根據專案開發支出，六月可能會在同一社區。

And I would expect to model approximately that level throughout the year, plus or minus, probably approximately $5 million per quarter depending on any of those seasonal impacts.

我預計全年的模型大約為該水平，加上或減去，可能每季度約 500 萬美元，具體取決於任何季節性影響。

Thank you.

謝謝。

Toshiya Hari, Goldman Sachs.

Toshiya Hari，高盛。

Hi.

你好。

Thank you so much for taking the question.

非常感謝您提出這個問題。

You guys talked quite a bit about some of the restructuring initiatives in motion today or things that you've executed on.

你們談論了很多今天正在進行的一些重組舉措或你們已經執行的事情。

You talked about head count reduction.

您談到了裁員。

Obviously, you sold your SIC business and the gas business shifting some production from North Carolina to Oregon.

顯然，您出售了 SIC 業務，並將天然氣業務的部分生產從北卡羅來納州轉移到俄勒岡州。

Looking ahead, I don't expect you to share anything that you haven't made public, but would you say you're kind of in the early innings of this journey and sort of rightsizing your company or optimizing your company or are you in the middle innings, late innings?

展望未來，我不希望您分享任何未公開的內容，但您是否會說您正處於這一旅程的早期階段，並且正在調整您的公司規模或優化您的公司，或者您是否處於這一階段？中局、後局？

Any commentary on how to think about restructuring over the medium term, that would be helpful.

任何有關如何考慮中期重組的評論都會有所幫助。

Thanks, Toshiya.

謝謝，俊也。

This is Grant.

這是格蘭特。

Let me start with the question, and then we can get to your follow-up if one.

讓我從這個問題開始，然後我們可以討論您的後續問題（如果有）。

We're constantly considering ways to optimize our factory footprint.

我們不斷考慮優化工廠佔地面積的方法。

In fact, it's a topic that we regularly consider.

事實上，這是我們經常考慮的話題。

And it shifts with revenue mix and the demand that we're choosing to support over time.

隨著時間的推移，它會隨著收入結構和我們選擇支援的需求而變化。

The best way to think about it is, as we described it at our Investor Day, we'll manufacture internally where it differentiates our product or where our foundry market doesn't exist.

最好的思考方式是，正如我們在投資者日所描述的那樣，我們將在使我們的產品與眾不同或我們的代工市場不存在的地方進行內部製造。

Today, filters is a great example where we make those in Richardson and there's not a commercial or merchant market available for those.

如今，過濾器就是一個很好的例子，我們在理查森生產過濾器，但沒有可供這些產品使用的商業或商業市場。

And then we will outsource to some of our trusted partners where we can mutually benefit from their scale and their technology development.

然後我們將外包給一些值得信賴的合作夥伴，我們可以從他們的規模和技術開發中互惠互利。

So we can pick and choose the technologies from our outsourced partners that are best suited to our products, both from a performance and cost perspective, without having to support each of those individual manufacturing technologies in-house.

因此，我們可以從性能和成本角度從外包合作夥伴那裡挑選最適合我們產品的技術，而無需在內部支援每項單獨的製造技術。

That's great.

那太棒了。

And then as a quick follow-up, just on customer concentration.

然後作為快速跟進，重點關注客戶。

With Apple, I guess, flat or growing nicely and your Android business coming down, revenue concentration is growing.

我想，隨著蘋果公司的成長持平或成長良好，而你的 Android 業務卻在下降，營收集中度會越來越高。

All else equal, I think investors typically prefer a diverse revenue stream.

在其他條件相同的情況下，我認為投資者通常更喜歡多元化的收入來源。

I know you guys talked about HPA and CSG outgrowing ACG over the medium to long run.

我知道你們談到了從中長期來看 HPA 和 CSG 的成長超過了 ACG。

And so organically, that concentration should come down over time.

因此，從有機角度來看，這種濃度應該會隨著時間的推移而下降。

But is there a willingness on your part to kind of lean in on M&A to accelerate that diversification process or not so much, you prefer to go at it organically?

但您是否願意依靠併購來加速多元化進程，或是不願意，您寧願有機地進行？

I'll take this on.

我會接手這件事。

In the past, as you know, a lot of our acquisitions have been more technology-based and complement product offerings that we already have.

如您所知，過去我們的許多收購都更加基於技術，並補充了我們已有的產品。

We would absolutely be open if we felt we were a better owner.

如果我們覺得我們是一個更好的老闆，我們絕對會開放。

And we could significantly increase shareholder value by making a transaction like that.

透過進行這樣的交易，我們可以大幅增加股東價值。

I mean, obviously, we did a good job when we merged the two companies of RFMD and TriQuint.

我的意思是，顯然，我們在合併 RFMD 和 TriQuint 兩家公司時做得很好。

And if we saw another opportunity to do that, we would certainly be active on that.

如果我們看到另一個機會這樣做，我們肯定會積極參與。

Thank you.

謝謝。

Chris Caso, Wolfe Research.

克里斯‧卡索，沃爾夫研究中心。

Yes, thank you.

是的，謝謝。

Just a question with regard to some of your comments regarding your largest customer on short term and long term.

只是一個關於您對您最大客戶的短期和長期評論的問題。

And I know typically, there's not much you could say, but you did indicate that you expected your content to grow this year.

我知道，通常情況下，你沒什麼好說的，但你確實表明你預計今年的內容會成長。

But then you talked about a flat to modestly up increase.

但後來你談到了持平和小幅上漲。

I guess I'd interpret that as probably a modest content increase this year.

我想我會把這解釋為今年內容可能會適度增加。

So if you could clarify that.

所以如果你能澄清這一點。

And then longer term, you're going to need growth of that largest customer to grow the ACG business, given what you're doing in Android.

從長遠來看，考慮到您在 Android 領域所做的事情，您將需要最大客戶的成長來發展 ACG 業務。

Maybe if you could give us a sense of where the opportunity is for you?

也許您能讓我們了解您的機會在哪裡？

Is that just additional content that fits into your traditional strong areas?

這只是適合您傳統優勢領域的附加內容嗎？

Or is that going after some market share from some others?

還是為了從其他人那裡爭奪一些市場份額？

Thanks, Chris.

謝謝，克里斯。

This is Grant.

這是格蘭特。

Let me take the first part of your question, and then maybe Dave or Bob could comment on the future opportunity set.

讓我回答你問題的第一部分，然後戴夫或鮑勃可能可以對未​​來的機會集發表評論。

But at our largest customer, there's no changes to the comments that Bob made and I made in December.

但在我們最大的客戶那裡，鮑伯和我在 12 月發表的評論沒有改變。

We're confident in the awards that we have to date in the upcoming fall platform.

我們對即將到來的秋季平台所獲得的獎項充滿信心。

And for the year, we expect to be flat to up modestly there.

今年，我們預計該數字將持平或小幅上升。

Volume and mix are always uncertain.

數量和組合總是不確定的。

And if you want to split it into our fiscal year halves, the first half of our fiscal year versus the second half, at our largest customer will likely to be down in the first half of fiscal '26.

如果你想把它分成我們的財政年度的一半，我們財政年度的上半年與下半年相比，我們最大的客戶可能會在 26 財年的上半年出現下降。

And relative to fiscal '25 and up in the second half of fiscal '26 relative to the second half of '25.

相較於 25 財年以上，26 財年下半年相對於 25 財年下半年而言。

So our content is more weighted to the Pro models versus the consumer model.

因此，與消費者模式相比，我們的內容更注重專業模式。

So as we pointed out last quarter, the model mix does have an impact on our revenue.

因此，正如我們上季度指出的那樣，模型組合確實對我們的收入產生了影響。

But we'll continue to deliver on our strategy of gaining content.

但我們將繼續實施獲取內容的策略。

And as the volume pulls through revenue, I think we're well positioned there.

隨著銷量拉動收入，我認為我們在這方面處於有利地位。

I'll take the second part on what we're working on to grow our share of wallet at our largest customer.

我將在第二部分介紹我們正在努力增加我們最大客戶的錢包份額。

In the areas we currently support, there's opportunities to gain share.

在我們目前支援的領域，有機會獲得份額。

Obviously, we've talked pretty clearly with the group that if they come out with their own modem, their baseband, we believe we'll be able to pick up

顯然，我們已經與該團隊非常清楚地交談過，如果他們推出自己的調製解調器、基帶，我們相信我們將能夠接手

(inaudible).

（聽不清楚）。

So that's actually gain in RF content for us.

所以這實際上對我們來說是射頻內容的增益。

That is taking share from an incumbent.

這就是從現任者手中奪取份額。

And then clearly, there's other highly integrated modules that we've been invited to participate in and work towards winning.

顯然，我們也受邀參與其他高度整合的模組並努力獲勝。

So that's the playbook that we're laying out for our team.

這就是我們為我們的團隊所製定的劇本。

Got it.

知道了。

It's helpful.

這很有幫助。

I guess the other question was on the tax rate.

我想另一個問題是關於稅率。

And I think what you said is it the tax rate could go to an 18% to 19%.

我認為你所說的是稅率可能會達到 18% 到 19%。

That's a pretty big jump.

這是一個相當大的跳躍。

If you could clarify that.

如果你能澄清這一點。

And if it could go that high, what are the dependencies and kind of what's the baseline expectation for the taxes in fiscal '26?

如果它可以達到那麼高，那麼 26 財年稅收的依賴性和基本預期是什麼？

Sure.

當然。

So right now, we are approximately 11% and it could go as high as 18% to 19% as we're modeling today.

所以現在，我們大約是 11%，根據我們今天的建模，這個比例可能會高達 18% 到 19%。

There's opportunities for us to improve, and there's a lot of changes that could happen either internationally or here domestically.

我們有改進的機會，國際上或國內都可能發生許多變化。

So it remains, again, highly uncertain.

因此，這仍然是高度不確定的。

But to be conservative, right now, we're expecting it to grow to approximately 18% to 19%.

但保守地說，目前我們預計該數字將成長至約 18% 至 19%。

Krish Sankar, TD Cowan.

克里斯·桑卡爾，TD·考恩。

I'm turning to a lot of the color you gave both Bob and Grant.

我正在轉向你給鮑勃和格蘭特的許多色彩。

I'm just curious when you look into the first half, your largest customers expecting to release a low-end smartphone and Samsung is expected to come out with the Galaxy S25.

我只是好奇，當你回顧上半年時，你最大的客戶期望發布一款低階智慧型手機，而三星預計將推出 Galaxy S25。

Kind of the how to think about your content opportunity in those?

如何看待這些內容的機會？

Is it increasing, decreasing, anything you can qualify it would be helpful.

是增加還是減少，任何你能限定的東西都會有幫助。

And then I had a follow-up.

然後我進行了跟進。

Sorry, we can't talk about Galaxy 25 because that's not been released.

抱歉，我們不能談論 Galaxy 25，因為它尚未發布。

Anything to do with our largest customer that hasn't been released, we're not going to make any comments.

任何與我們最大客戶有關的尚未公佈的事情，我們不會發表任何評論。

But Dave, if you want to take that?

但是戴夫，你想接受嗎？

Yeah.

是的。

And when you look at the Galaxy S25 compared to last year, it's very similar.

當你對比去年的 Galaxy S25 時，你會發現它非常相似。

A lot of the highly integrated modules, very similar content we had last year in terms of low-band, mid-high band and Wi-Fi.

許多高度整合的模組，與我們去年在低頻段、中高頻段和 Wi-Fi 方面的內容非常相似。

I think we've talked about this before with their late change in the modem that did impact us just from a time and readiness standpoint on software that we were not able to keep the ultra Y-band socket that we had there and some of the tuners.

我想我們之前已經討論過這一點，他們對調製解調器的最新更改確實從時間和軟體準備情況的角度來看對我們產生了影響，我們無法保留我們在那裡的超 Y 波段插座和一些調音器。

But in general, it's similar content but slightly reduced year-over-year because of those factors.

但總的來說，內容相似，但由於這些因素，比去年同期略有減少。

The only thing I could add, at least at our largest customer, we commented that in my opening comments that our content is skewed towards the Pro and Pro Max, not the standard phone that they offer.

我唯一可以補充的是，至少在我們最大的客戶中，我們在開場白中評論說，我們的內容偏向 Pro 和 Pro Max，而不是他們提供的標準手機。

There's obviously more RF content in those funds, but we have a larger share there.

這些基金中顯然有更多的 RF 內容，但我們在那裡佔有更大的份額。

Got it.

知道了。

Very helpful.

非常有幫助。

And then, Bob, just curious, I know you don't participate in the low end tier.

然後，鮑勃，只是好奇，我知道你不參與低端級別。

But when you look at China smartphones, are your China OEM customers gravitating more towards the premium model now?

但是，當您審視中國智慧型手機時，您的中國 OEM 客戶現在是否更傾向於高階型號？

And if so, how do you think about the opportunity in China with the premium tier Android?

如果是這樣，您如何看待高階 Android 在中國的機會？

Yes.

是的。

In China, I mean, all of our customers, they have global portfolio.

我的意思是，在中國，我們所有的客戶都擁有全球投資組合。

They support domestic and overseas markets, and they support from the low end into the high end.

他們支持國內和海外市場，他們支持從低端到高端。

And they certainly all have targets to grow in the premium tier as much as they can, and we're supporting them there with our portfolio.

他們當然都有盡可能在高端市場成長的目標，我們正在透過我們的產品組合為他們提供支援。

T

時間

he challenge that we've had in that market that we've talked about and the reason we gave the guidance we did on the annual basis is really that mid-tier collapsing into the entry tier.

我們在這個市場中遇到的挑戰，我們已經討論過，我們每年給出指導的原因實際上是中端市場正在向入門市場崩潰。

And that's the part where we're no longer going to participate in, but we'll continue supporting those customers in those premium and flagship tiers.

這就是我們不再參與的部分，但我們將繼續為那些高端和旗艦級別的客戶提供支援。

Thank you very much.

非常感謝。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Hey guys, thanks for the question.

嘿夥計們，謝謝你的提問。

The revenue at your largest customer flat to up, if I understand that correctly, that assumption would include opportunities in the PMIC or envelope tracker but does not include any integrated modules that sound like they have not been awarded yet?

如果我理解正確的話，您最大客戶的收入將持平，該假設將包括 PMIC 或包絡追蹤器中的機會，但不包括任何聽起來像是尚未獲得的整合模組？

Is that how we should think about that?

我們該這樣思考嗎？

No.

不。

Our awards to date give us confidence as we talked about as a kind of apples-to-apples basis in the fall models, we feel very confident that we're delivering on our Investor Day promise of gaining content and share there in areas where not only we have strength in the past but also in areas that we've shared content before and have continued to gain share.

到目前為止，我們所獲得的獎項給了我們信心，因為我們在秋季模型中談到了一種同類基礎，我們非常有信心我們正在兌現投資者日的承諾，即在沒有獲得內容的領域中獲得內容並進行分享只有我們過去有實力，而且在我們之前分享過內容並繼續獲得份額的領域也有實力。

So our comments are primarily related to the entire portfolio of products we sell into that customer.

因此，我們的評論主要與我們向該客戶銷售的整個產品組合有關。

I did give some color on the first half versus the second half and how fiscal '26 compares to fiscal '25, which should give you some indication of how -- or the timing related to it.

我確實對上半年與下半年的情況以及 26 財年與 25 財年的比較進行了一些說明，這應該可以讓您了解與此相關的方式或時間安排。

But other than that, we can't get into any of the details related to our largest customer and things that haven't yet been released.

但除此之外，我們無法了解與我們最大客戶相關的任何細節以及尚未發布的內容。

Understood.

明白了。

And in terms of capital, perhaps you can talk about your capital needs looking forward just given you're consolidating some of this footprint.

在資本方面，也許您可以談論您未來的資本需求，因為您正在鞏固其中的一些足跡。

And then in terms of uses of cash moving forward, what your priorities are overall?

那麼就未來的現金使用而言，您的整體優先事項是什麼？

Sure.

當然。

Thanks, Chris.

謝謝，克里斯。

So in terms of our uses of cash and the way we think about capital allocation, there's no change.

因此，就我們對現金的使用以及我們對資本配置的思考方式而言，沒有變化。

We meet with our Board very regularly to review every quarter.

我們每季定期與董事會會面進行審查。

We go through the different needs from working capital to CapEx, to organic, inorganic opportunities to invest for growth and retiring debt was one of those that we had been discussing for quite some time.

我們經歷了從營運資本到資本支出，再到為成長而投資的有機和無機機會的不同需求，而償還債務是我們已經討論了一段時間的問題之一。

And then, of course, we're committed to return value to shareholders in the form of our share repurchase.

當然，我們致力於以股票回購的形式向股東回報價值。

So the waterfall that we look at and review with the Board regularly, no change there.

因此，我們定期與董事會一起查看和審查瀑布，沒有任何變化。

In terms of capital intensity over time, one of the primary rationales for our strategy there is, again, to manufacture in-house where it differentiates our products, and we'll retain that.

就隨著時間的推移的資本密集度而言，我們策略的主要理由之一是內部製造，使我們的產品與眾不同，我們將保留這一點。

It's largely the capacity we need we have in place, and so we're looking at maintenance CapEx and/or any improvements to that process to maintain our differentiation.

這很大程度上是我們需要的能力，因此我們正在考慮維護資本支出和/或對該流程的任何改進，以保持我們的差異化。

And then we will use outside partners in order to leverage their scale and prevent us from having to invest more in our factory network from a CapEx perspective.

然後，我們將利用外部合作夥伴，以利用他們的規模，並防止我們從資本支出的角度對工廠網路進行更多投資。

Thanks so much Grant.

非常感謝格蘭特。

Ruben Roy, Stifel.

魯本·羅伊，斯蒂菲爾。

Yeah, thank you.

是的，謝謝。

I guess this question is for Dave.

我想這個問題是問戴夫的。

You guys talked a lot about the D&A momentum here.

你們在這裡談論了很多關於 D&A 的勢頭。

I was wondering if you could maybe spend a few minutes on some of the other segments, industrial, enterprise, infrastructure.

我想知道您是否可以花幾分鐘討論其他一些領域，例如工業、企業、基礎設施。

It's nice to hear the stabilization in areas like broadband.

很高興聽到寬頻等領域的穩定性。

What's the visibility like that we've seen a lot and heard a lot of mixed data points for these end markets?

我們看到和聽到的這些終端市場的許多混合數據點的可見度如何？

I'm just wondering if you could talk about the design activity environment and your visibility.

我只是想知道您是否可以談談設計活動環境和您的知名度。

We appreciate the sort of longer-term guidance by segment, but I would love to hear a little more about visibility into, I guess, sustainability and how you're thinking about growth trajectories as you flow through fiscal '26 in those areas.

我們讚賞按細分市場提供的長期指導，但我想更多地了解永續性的可見性，以及您在 26 財年這些領域的成長軌跡時如何考慮。

Yes, definitely, in some of those markets near term, we see the weakness in the demand of existing running programs like in automotive and industrial.

是的，當然，在近期的一些市場中，我們看到汽車和工業等現有跑步項目的需求疲軟。

And so -- but we're still growing from a relatively small base in a lot of the businesses that we're engaged there, and it's a lot of new content that we're addressing.

所以，但我們仍在從相對較小的基礎上發展，我們在那裡從事的許多業務都是如此，而且我們正在解決很多新內容。

So from a forward-looking standpoint, we're pretty excited about the opportunities that we have there.

因此，從前瞻性的角度來看，我們對在那裡擁有的機會感到非常興奮。

The growth in our funnel of opportunities and the engagements that we have in customers.

我們的機會管道的成長以及我們與客戶的互動。

So we've talked about in enterprise, the upgrade of WiFi to WiFi 7 and the opportunities that we have in adding ultra-wideband for indoor navigation and real-time location services.

所以我們在企業中討論了WiFi到WiFi 7的升級以及我們為室內導航和即時定位服務添加超寬頻的機會。

So that's all going well.

所以一切都很順利。

Bob mentioned some of the ramps we have going on this year.

鮑伯提到了我們今年正在進行的一些坡道。

And then in Power Management, we've got some good engagements there as we move in -- from our solid-state drive business more into the enterprise segment.

然後在電源管理方面，隨著我們的進入，我們已經有了一些良好的合作——從我們的固態硬碟業務更多地進入企業領域。

We've got good content growth opportunities moving forward there.

我們在那裡擁有良好的內容成長機會。

In automotive, we've definitely seen ultra-wideband adoption really starting to take off across all end customers and all the Tier ones.

在汽車領域，我們確實看到超寬頻的採用真正開始在所有最終客戶和所有一級客戶中起飛。

So the engagement there has been really strong, and we expect to see ultra-wideband adoption happening over the next 3 to 5 years.

因此，那裡的參與度非常高，我們預計超寬頻的採用將在未來 3 到 5 年內發生。

And we expect to be one of the leaders in that market.

我們希望成為該市場的領導者之一。

So that's a great opportunity for us.

所以這對我們來說是一個很好的機會。

And one part we didn't talk about in defense is in the SATCOM business.

我們在國防中沒有談論的一部分是衛星通訊業務。

That's been a bright spot as well.

這也是一個亮點。

And so when you look at the satellites that are going up in a LEO satellite, we could have thousands of dollars of content every time one of those gets deployed in the space.

因此，當您查看低地球軌道衛星上的衛星時，每次在太空中部署其中一顆衛星時，我們可能會獲得數千美元的內容。

And when you look at the direct to sell, that's more like a base station in space.

當你看到直銷時，它更像是太空中的基地台。

So we could have tens of thousands of dollars per content -- of content per satellite.

因此，我們可以為每個內容（每顆衛星的內容）帶來數萬美元的收入。

So those are great growth opportunities for us in our defense market even outside of the traditional defense business.

因此，即使在傳統國防業務之外，這些對我們的國防市場來說也是巨大的成長機會。

Thanks, Steve.

謝謝，史蒂夫。

If I could ask, hopefully, a quick follow-up for Grant.

希望我能要求格蘭特快速跟進。

Just thinking through maybe a little bit longer-term investment into OpEx and you talked about repurposing some of the savings into some areas like you just talked about.

只要考慮一下對營運支出的長期投資，您就談到將一些節省的資金重新用於您剛才談到的某些領域。

But I'm wondering, as you think about sort of focusing on your large customer, in ACG, should we expect any meaningful change of mix in OpEx, ACG versus the other two segments?

但我想知道，當您考慮關注 ACG 領域的大客戶時，我們是否應該期待 OpEx、ACG 與其他兩個細分市場的組合發生任何有意義的變化？

Or do you think it will be kind of steady state longer term?

還是你認為長遠來看這會是一種穩定的狀態？

We're looking at OpEx improvement across the company, not necessarily within any given operating segment.

我們正在關注整個公司的營運支出改善，而不一定是在任何特定的營運部門內。

There's a lot of shared resources across the company that are allocated based on the size of the business and how much effort is put in by the sport functions.

整個公司有許多共享資源，這些資源是根據業務規模以及體育職能部門投入的精力來分配的。

So when we think about OpEx, it's across the entire company.

因此，當我們考慮營運支出時，它涉及整個公司。

The most recent workforce reduction.

最近的勞動力減少。

That was, in certain cases, specific to Android as we think about our product road map and as we look forward, which products we're going to develop and support.

在某些情況下，當我們思考我們的產品路線圖並展望我們將開發和支援哪些產品時，這是特定於 Android 的產品。

And we took appropriate action to reflect the revenue change in fiscal '26 and '27 that we discussed today.

我們採取了適當的行動來反映我們今天討論的 26 和 27 財年的收入變化。

Thank you.

謝謝。

Edward Snyder, Charter Equity Research.

愛德華·斯奈德，特許股票研究。

I just want to dig down a little bit more on the guidance for the fall of your largest customer and what your assumptions are there.

我只是想進一步深入了解您最大客戶的倒閉的指導以及您的假設。

If we assume units are flat, and the Pro, Pro max split is the same as it was last year.

如果我們假設單位是持平的，而 Pro、Pro max 的劃分與去年相同。

I just want to be clear that you're guiding for content gains.

我只是想澄清一下，您正在指導內容增益。

And if those content gains, how much does that include, let's say, leasing two different SKUs with two different modems because I know it seems based on your comments, Bob, that you're pretty confident your content is going to go up on an internally developed model just for the ETP mix alone.

如果這些內容有所增加，那麼這包括多少，比方說，租賃兩個不同的SKU 和兩個不同的調製解調器，因為我知道這似乎是基於你的評論，鮑勃，你非常有信心你的內容會在內部開發的模型僅適用於 ETP 組合。

I just want to make sure those assumptions are correct to start off with.

我只是想確保這些假設一開始就是正確的。

Thanks, Ed. As far as if there's an internal modem, yes, we're very confident our ETP will be in there.

謝謝，艾德。至於是否有內建調變解調器，是的，我們非常有信心我們的 ETP 會在那裡。

As far as the content we've already been awarded, I think we pretty much said already, we believe in that.

就我們已經獲得的內容而言，我想我們已經說過了，我們相信這一點。

We did not comment on how many modems they're going to use or anything for their year, but I'm very confident in our belief that we're going to gain content this year based on what we've already been awarded.

我們沒有評論他們將使用多少調製解調器或今年的任何內容，但我非常有信心我們相信今年我們將根據我們已經獲得的獎項獲得內容。

Okay.

好的。

So the awards -- if everything else was held constant, you'll see a content increase is space on awards itself, right?

所以獎項——如果其他一切保持不變，你會發現內容的增加就是獎項本身的空間，對嗎？

Yes.

是的。

Okay.

好的。

Great.

偉大的。

And then if I could, on the defense side of the business, it sounds like these are going very well, and it's been our kind of the -- probably the best business you've had consistently overall.

然後，如果可以的話，在業務的防禦方面，聽起來這些進展非常順利，而且這是我們的業務——可能是你們一直以來擁有的最好的業務。

Do you anticipate much change?

您預計會有很大變化嗎？

I know you mentioned LEOs, and that's to defense too.

我知道你提到了近地軌道，這也是為了辯護。

But do you anticipate much change coming up from some of the spending that we're talking about for all the fallout from the European war they're talking about, but more importantly, to talk about a lot of the stuff, the drones.

但是，您是否預計我們正在談論的一些支出會因他們正在談論的歐洲戰爭的所有影響而發生很大變化，但更重要的是，談論很多東西，無人機。

I'm not sure exactly how Qorvo plays into that in terms of the radar systems for, maybe you can provide a little bit of color just to get an idea because I know they're long-term plans, but I was just trying to get a feel for how that impacts you, or if it does?

我不確定 Qorvo 在雷達系統方面到底如何發揮作用，也許您可以提供一點顏色只是為了獲得一個想法，因為我知道它們是長期計劃，但我只是想感受一下這對你有何影響，或者是否有影響？

Yes.

是的。

And it's largely driven by the upgrade of those radar systems from mechanical to the AESA radars like you mentioned.

正如您所提到的，這很大程度上是由這些雷達系統從機械雷達升級到 AESA 雷達所推動的。

And so yes, that's a fantastic content opportunity, and we're closely engaged with all the primes and leaders in the market there.

是的，這是一個絕佳的內容機會，我們與市場上的所有主要產品和領導者密切合作。

So yes, we see for any airborne radar going on planes that we have hundreds of thousands of dollars of opportunities and for a ground-based system up to $1 million of content per system.

所以，是的，我們看到，對於任何安裝在飛機上的機載雷達，我們都有數十萬美元的機會，而對於地面系統，每個系統的內容高達 100 萬美元。

So it's definitely a growth area for us and something we're very, very focused on.

所以這對我們來說絕對是一個成長領域，也是我們非常非常關注的領域。

It's still a gain content right?

這仍然是一個增益內容吧？

Absolutely.

絕對地。

Yes, it does, Ed. So I would say if it's radar in the plane, out in sea or in land, we're already in it.

是的，確實如此，艾德。所以我想說，無論是飛機上、海上或陸地上的雷達，我們都已經採用了。

And if it grows, we'll grow nicely.

如果它成長，我們就會成長得很好。

Vijay Rakesh, Mizuho.

維傑·拉克什，瑞穗。

Just on the China side, I mean, there's a move for the China handset OEMs to move to mid and low end because of the subsidies that the China government are giving.

就中國而言，我的意思是，由於中國政府提供的補貼，中國手機原始設備製造商正在轉向中低階市場。

Once you exit the low-end Android, how much exposure would you have to the China market?

一旦退出低階Android，您對中國市場的曝光度有多大？

Sure, Vijay.

當然，維傑。

So we had said on a run rate from a China Android perspective, we are right around that $100 million per quarter mark, and we would expect to track down to the $50 million level, plus or minus.

因此，我們曾說過，從中國 Android 的角度來看，我們的運行率大約是每季 1 億美元，我們預計會下降到 5,000 萬美元的水平（上下）。

Got it.

知道了。

And then as you move your mix more to just the top two customers, is that a risk view on -- mix more of Sandbox and you start to compete?

然後，當您將組合更多地轉移到前兩名客戶時，這是否是一種風險觀點——混合更多的沙盒，然後您就開始競爭？

I'm sure that your peers have kind of pretty similar strategy.

我確信您的同行也有類似的策略。

Does that make that Sandbox fairly very competitive and constructive again?

這是否使沙盒再次變得非常具有競爭力和建設性？

I would say today, they're both very competitive.

今天我想說，他們都很有競爭力。

Nothing has really changed there.

那裡什麼都沒有真正改變。

Our largest customer as well as our second largest customer.

我們最大的客戶，也是我們的第二大客戶。

I mean that's what we've been dealing with for the last 10 years at Qorvo.

我的意思是，這就是我們 Qorvo 過去 10 年一直在處理的問題。

So we're not seeing much change there in that sense.

因此，從這個意義上來說，我們沒有看到太多變化。

The real change has been, as we've been talking about in China, that mid-tier, which was a great place where we made a lot of money over the years has really downshifted as consumers looking for more entry-level phones.

正如我們在中國一直在談論的那樣，真正的變化是，隨著消費者尋求更多的入門級手機，中階手機確實已經降級，多年來，中階手機是我們賺了很多錢的好地方。

That's been the big change.

這就是巨大的變化。

Got it.

知道了。

Thank you.

謝謝。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to management for any closing remarks.

我想將會議轉交管理層發表閉幕詞。

Please go ahead.

請繼續。

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

我們要感謝大家參加今晚的電話會議。

We appreciate your interest, and we look forward to speaking with many of you at upcoming investor events.

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。

Thanks again.

再次感謝。

Hope you have a great evening.

希望您有個美好的夜晚。

The conference is now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。