科沃 (QRVO) 2026 Q1 法說會逐字稿

Good day, and welcome to the Qorvo, Inc. first quarter 2026 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Douglas DeLieto, Vice President of Investor Relations. Please go ahead.

大家好，歡迎參加 Qorvo, Inc. 2026 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給投資人關係副總裁 Douglas DeLieto。請繼續。

Thanks very much. Hello, everyone, and welcome to Qorvo's Fiscal 2026 First Quarter Earnings Call. This call will include forward-looking statements that involve risk factors that could cause our actual results to differ materially from management's current expectations. We encourage you to review the safe harbor statement contained in the earnings release published today as well as the risk factors associated with our business and our annual report on Form 10-K filed with the SEC because these risk factors may affect our operations and financial results.

非常感謝。大家好，歡迎參加 Qorvo 2026 財年第一季財報電話會議。本次電話會議將包括前瞻性陳述，其中涉及的風險因素可能導致我們的實際結果與管理階層目前的預期有重大差異。我們鼓勵您查看今天發布的收益報告中包含的安全港聲明以及與我們的業務相關的風險因素和我們向美國證券交易委員會提交的 10-K 表年度報告，因為這些風險因素可能會影響我們的營運和財務結果。

In today's release and on today's call, we provide both GAAP and non-GAAP financial results. We provide this supplemental information to enable investors to perform additional comparisons of operating results and to analyze financial performance without the impact of certain noncash expenses or other items that may obscure trends in our underlying performance. During our call, our comments and comparisons to income statement items will be based primarily on non-GAAP results. For a complete reconciliation of GAAP to non-GAAP financial measures, please refer to our earnings release issued earlier today available on our Investor Relations website at ir.qorvo.com under Financial Releases.

在今天的發布會和電話會議上，我們提供了 GAAP 和非 GAAP 財務結果。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，而不受某些非現金支出或其他可能掩蓋我們基本業績趨勢的項目的影響。在電話會議期間，我們對損益表項目的評論和比較將主要基於非 GAAP 結果。如需了解 GAAP 與非 GAAP 財務指標的完整對照，請參閱我們今天早些時候發布的收益報告，該報告可在我們投資者關係網站 ir.qorvo.com 的「財務報告」部分找到。

Joining us today are Bob Bruggeworth, President and CEO; Grant Brown, Chief Financial Officer; Dave Fullwood, Senior Vice President of Sales and Marketing; Philip Chesley, President of High Performance Analog; Eric Creviston, President of our Connectivity and Sensors Group; Frank Stewart, President of our Advanced Cellular Group as well as other members of Qorvo's management team.

今天與我們一起出席的有總裁兼首席執行官 Bob Bruggeworth、首席財務官 Grant Brown、銷售和營銷高級副總裁 Dave Fullwood、高性能模擬總裁 Philip Chesley、連接和傳感器集團總裁 Eric Creviston、高級蜂窩集團總裁 Frank Stewart 以及 Qorvo 管理團隊的其他成員。

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

說完這些，我會把電話轉給鮑伯。

Thanks, Doug. Welcome, everyone, to our call. Qorvo delivered a strong first quarter of fiscal 2026 with notable achievements across our three operating segments. Beginning with ACG, we continue to leverage the breadth and performance advantages of our cellular product portfolio. For our largest customer, we supply four categories of highly differentiated products.

謝謝，道格。歡迎大家參加我們的電話會議。Qorvo 在 2026 財年第一季表現強勁，三個營運部門都取得了顯著成就。從 ACG 開始，我們將繼續利用蜂窩產品組合的廣度和性能優勢。對於我們最大的客戶，我們提供四大類高度差異化的產品。

They are antenna tuners, high-performance filters and switches, integrated modules and envelope tracking power management. Qorvo's envelope tracking PMIC for this customer has been custom developed to pair with our internal baseband and this represents a durable, multiyear content opportunity.

它們是天線調諧器、高性能濾波器和開關、整合模組和包絡追蹤電源管理。Qorvo 為該客戶提供的包絡追蹤 PMIC 是經過客製化開發的，可與我們的內部基頻配對，這代表著一個持久的、多年的內容機會。

In HPA, our growth investments are in Defense and Aerospace and Power Management. Defense and Aerospace is HPA's largest market by revenue, and we expect durable year-over-year growth in D&A supported by increases in US and allied defense spending. In Power Management, we are leveraging our leadership in PMIC and motor control to diversify across markets, including consumer, defense and aerospace, industrial and enterprise and mobile. Growth applications include enterprise and AI data centers, wearables, drones, robotics, smartphones and advanced power management solutions for AESA radars.

在 HPA 領域，我們的成長投資集中在國防、航空航太和電力管理領域。國防和航空航太是 HPA 收入最大的市場，我們預計在美國和盟國國防開支增加的支持下，D&A 將實現持續的同比增長。在電源管理方面，我們利用 PMIC 和電機控制方面的領導地位，實現市場多元化，包括消費、國防和航空航太、工業和企業以及移動。成長應用包括企業和人工智慧資料中心、穿戴式裝置、無人機、機器人、智慧型手機以及 AESA 雷達的先進電源管理解決方案。

In CSG, we supported WiFi access points and flagship smartphones with WiFi 7 front end, while also aligning with market-leading chipset providers to develop next-generation solutions for WiFi 8. CSG is also leveraging our ultra-wideband and Matter portfolio to scale new use cases and diversify revenue. Ultra-wideband is our third largest investment area providing Qorvo a significant long-term opportunity for diversification and growth as applications proliferate. We are engaged broadly across markets and maintain a robust ultra-wideband sales fund with over $2 billion of qualified opportunities.

在 CSG，我們支援具有 WiFi 7 前端的 WiFi 接入點和旗艦智慧型手機，同時也與市場領先的晶片組供應商合作開發 WiFi 8 的下一代解決方案。CSG 還利用我們的超寬頻和 Matter 產品組合來擴展新的用例並實現收入多元化。超寬頻是我們第三大投資領域，隨著應用程式的激增，它為 Qorvo 提供了重要的長期多元化和成長機會。我們廣泛參與各個市場，並擁有強大的超寬頻銷售基金，其中有超過 20 億美元的合格機會。

Now turning to strategic highlights by market. In the automotive market, Qorvo's ultra-wideband technology enables a range of automotive use cases such as secure access using smartphones and smart watches in addition to key fobs as well as precision short-range radar applications, including child presence detection, hands-free lift gate access and intrusion detection. During the quarter, Qorvo was awarded an ultra-wideband design win for a leading automotive OEM based in Japan and secured an ultra-wideband win in support of the world's leading EV manufacturer. For automotive asset tracking, we were selected to supply ultra-wideband tax for an automotive OEM based in South Korea. These tags enable the OEM to enhance operational efficiencies as cars are manufactured and transported.

現在轉向按市場劃分的策略亮點。在汽車市場，Qorvo 的超寬頻技術支援一系列汽車用例，例如使用智慧型手機和智慧手錶以及鑰匙卡進行安全訪問，以及精密短程雷達應用，包括兒童存在檢測、免提升降門訪問和入侵檢測。本季度，Qorvo 贏得了日本一家領先汽車 OEM 的超寬頻設計訂單，並贏得了對全球領先電動車製造商的超寬頻支援。對於汽車資產跟踪，我們被選中為位於韓國的汽車 OEM 提供超寬頻稅。這些標籤使 OEM 能夠在汽車製造和運輸過程中提高營運效率。

In consumer markets, we secured a WiFi 7 design win and augmented reality glasses, this is a growth category, and Qorvo is also supplying WiFi 6 and WiFi 7 FEMs for a leading supplier of AR glasses and VR goggles to a company headquartered in the US.

在消費市場，我們獲得了 WiFi 7 設計和擴增實境眼鏡，這是一個成長類別，Qorvo 還為一家總部位於美國的 AR 眼鏡和 VR 護目鏡領先供應商提供 WiFi 6 和 WiFi 7 FEM。

During the Defense and Aerospace markets, Qorvo's opportunity set continues to expand. Our sales funnel increased approximately $2 billion sequentially to over $7 billion. This growth reflects a sharp increase in both US and international defense spending and Qorvo's expanding position in high priority programs.

在國防和航空航太市場，Qorvo 的機會集不斷擴大。我們的銷售額環比增加了約 20 億美元，達到 70 多億美元。這一增長反映了美國和國際國防開支的急劇增加以及 Qorvo 在高優先級項目中地位的不斷提升。

Recent US budget reconciliation legislation includes approximately $150 billion and additional US defense funding. This is an incremental tailwind to revenue given Qorvo's strategic importance for the DoD and leading defense primes. We are actively engaged across a broad range of advanced programs, including radar, comms, SATCOM and missile defense, and we stand to benefit from initiatives such as the Golden Dome Multilayer Defense System.

最近的美國預算協調立法包括約1500億美元的額外美國國防資金。鑑於 Qorvo 對國防部和領先國防市場的戰略重要性，這對其收入而言是一個增量推動。我們積極參與廣泛的先進項目，包括雷達、通訊、衛星通訊和飛彈防禦，並將從「金頂多層防禦系統」等舉措中受益。

We are also beneficiary in increased EU and allied defense funding in ground, airborne, ship and space-based sensing platforms. Qorvo is uniquely positioned in this market. We offer GaAs, GaN, BAW, SAW and advanced multi-tip packaging, all manufactured onshore in the US. These capabilities, coupled with our silicon beam forming technology are critical enablers for modernizing defense platforms. By integrating these core technologies, Qorvo is able to enhance system-level performance, reduced size and weight and deliver greater value across increasingly complex architectures.

我們也受惠於歐盟和盟國在地面、機載、艦載和天基感測平台方面增加的國防資金。Qorvo 在這個市場中具有獨特的地位。我們提供 GaAs、GaN、BAW、SAW 和先進的多尖封裝，全部在美國本土製造。這些功能與我們的矽波束形成技術結合，是實現國防平台現代化的關鍵推動因素。透過整合這些核心技術，Qorvo 能夠提高系統級效能、縮小尺寸和重量，並在日益複雜的架構中提供更大的價值。

During the quarter, we supported a broad range of mission-critical applications including manned and unmanned airborne radar, space-based radar, SATCOM, Electronic Warfare and Michel Defense. To address increasing requirements for functional density and efficiency, we introduced two highly integrated X-band Switched filter bank modules, leveraging BAW and SOI technologies. Additionally, we expanded our SATCOM portfolio with a new GaN-based, Ku-Band amplifier that delivers superior levels of integration, bandwidth and power efficiency to meet the needs of next-generation LEO constellations.

在本季度，我們支援了廣泛的關鍵任務應用，包括有人和無人機載雷達、天基雷達、衛星通訊、電子戰和米歇爾防禦。為了滿足日益增長的功能密度和效率要求，我們利用 BAW 和 SOI 技術推出了兩個高度整合的 X 波段開關濾波器組模組。此外，我們還擴展了我們的 SATCOM 產品組合，增加了基於 GaN 的新型 Ku 波段放大器，該放大器具有卓越的集成度、頻寬和功率效率，可滿足下一代 LEO 星座的需求。

In industrial and enterprise markets, Qorvo enabled the demonstration of breakthrough new enterprise networking applications with a leading Tier 1 equipment manufacturer. We've engaged with this customer and other Tier 1 equipment manufacturers for a number of years to incorporate Qorvo's ultra-wideband solutions into their network access points. These access points have already begun to shift to end customers as part of their WiFi 7 deployments. This enables a range of ultra precise applications such as indoor navigation, location awareness and asset tracking that deliver superior real-time location accuracy in high-density venues such as factories, warehouses, offices, airports, hospitals, campuses, retail locations and stadiums. In addition to this ultra-wideband engagement, Qorvo supports this customer's enterprise ecosystem with WiFi 7 front ends and filtering solutions.

在工業和企業市場，Qorvo 與領先的一級設備製造商合作展示了突破性的新型企業網路應用。多年來，我們一直與該客戶和其他一級設備製造商合作，將 Qorvo 的超寬頻解決方案納入他們的網路存取點。這些存取點已經開始作為 WiFi 7 部署的一部分轉向最終客戶。這使得一系列超精確應用（如室內導航、位置感知和資產追蹤）能夠在工廠、倉庫、辦公室、機場、醫院、校園、零售店和體育場等高密度場所提供卓越的即時定位精度。除了這種超寬頻參與之外，Qorvo 還透過 WiFi 7 前端和過濾解決方案為該客戶的企業生態系統提供支援。

Turning to infrastructure. There's strong momentum in DOCSIS 4.0 broadband cable access. Qorvo is a market leader, and we are well aligned with industry leaders and the continuing evolution of DOCSIS standards and capabilities. During the June quarter, we released two new GaN-based power doubler amplifiers supporting the industry's transition to more intelligent and adaptive hybrid fiber coax systems. For the base station market, we sampled key customers' new solutions, including high-efficiency pre-driver and high rejection BAW filter. Qorvo's new and small signal solutions offer higher performance and tighter integration for massive MIMO, fixed wireless access and other 5G deployments.

轉向基礎設施。DOCSIS 4.0 寬頻存取發展勢頭強勁。Qorvo 是市場領導者，我們與行業領導者以及 DOCSIS 標準和功能的持續發展保持一致。在六月季度，我們發布了兩款新的基於 GaN 的功率倍增放大器，支援業界向更智慧、自適應的混合光纖同軸系統的過渡。對於基地台市場，我們對主要客戶的新解決方案進行了抽樣，包括高效能預驅動器和高抑制BAW濾波器。Qorvo 的新型小訊號解決方案為大規模 MIMO、固定無線存取和其他 5G 部署提供了更高的效能和更緊密的整合。

In the mobile market, we are investing to increase our content opportunity at our largest customer in future programs over multiple years. We've expanded our portfolio for this customer with ET power management, and we expect to achieve greater than 10% contact growth in this year's fall launch compared to last year's fall launch. At our second largest customer, our solutions span our smartphone portfolio. Content this year includes low-band pads, mid-high band pads and ultra-high-band pads as well as mid-high secondary transmit, antenna tuning, discrete filters and WiFi 7 FEMs. We also supported the ramp of multiple smartphone models by an Android OEM based in North America.

在行動市場，我們正在進行投資，以在未來幾年內為我們最大的客戶增加內容機會。我們為該客戶擴展了 ET 電源管理產品組合，我們預計今年秋季的發表會與去年秋季的發表會相比，聯繫量將成長 10% 以上。對於我們的第二大客戶，我們的解決方案涵蓋了我們的智慧型手機產品組合。今年的內容包括低頻段墊、中高頻段墊和超高頻段墊以及中高二次發射、天線調諧、分立濾波器和 WiFi 7 FEM。我們也支持北美一家 Android OEM 公司推出多款智慧型手機型號。

Qorvo supports this customer with multiple high-value placements across product categories. For Android OEMs based in China, shipments increased sequentially during the quarter as expected and in line with seasonal ramp profile of 5G smartphones. We continue to supply mid-tier design wins awarded prior to our pivot from lower-margin Android 5G. However, 5G product development in ACG now targets the premium and flagship tiers.

Qorvo 透過跨產品類別的多個高價值展示位置為該客戶提供支援。對於位於中國的 Android OEM 廠商而言，本季出貨量按預期環比增長，且與 5G 智慧型手機的季節性增長情況相符。我們繼續提供在從利潤率較低的 Android 5G 轉向之前獲得的中端設計獎項。不過，ACG 的 5G 產品開發目前瞄準的是高階和旗艦級。

During the quarter, we secured multiple WiFi 7 design wins across leading Android smartphone OEMs using MediaTek's, Dimensity chipset. These wins are concentrated in the flagship and premium tiers and we are engaged to support WiFi 8 deployments in the upper tiers of the Android smartphones as early as the second half of calendar '26.

在本季度，我們透過聯發科的 Dimensity 晶片組贏得了許多領先 Android 智慧型手機 OEM 的多項 WiFi 7 設計勝利。這些勝利集中在旗艦和高階領域，我們承諾最早在 2026 年下半年支援 Android 智慧型手機高階產品中的 WiFi 8 部署。

Looking across our operating segments, we're expanding our content opportunity in ACG with our largest customer, while diversifying across markets, customers and product categories in HPA and CSG. We are operating the business with discipline and continue to evaluate opportunities to optimize cost. Where businesses do not meet our financial or strategic objectives, we will continue to act decisively whether through divestiture or exit to focus our resources on core high-performing areas.

縱觀我們的營運部門，我們正在與我們最大的客戶一起擴大我們在 ACG 中的內容機會，同時在 HPA 和 CSG 中的市場、客戶和產品類別之間實現多元化。我們正在嚴格規範地開展業務，並持續評估優化成本的機會。如果業務不符合我們的財務或策略目標，我們將繼續採取果斷行動，無論是透過資產剝離或退出，將我們的資源集中在核心高績效領域。

Since last year, we have exited base station PAMS, divested our silicon carbide business, pivoted from legacy Android programs, ramped higher value product categories, begun a sales process related to our MEMS for sensing business and pursued a broad set of actions to optimize our global factory network. Most recently, we transitioned gas wafer production from our Greensboro, North Carolina fab to our Hillsboro, Oregon fab.

自去年以來，我們退出了基地台 PAMS，剝離了碳化矽業務，放棄了傳統的 Android 程序，增加了更高價值的產品類別，開始了與感測業務 MEMS 相關的銷售流程，並採取了一系列廣泛的行動來優化我們的全球工廠網絡。最近，我們將氣體晶圓生產從北卡羅來納州格林斯伯勒工廠轉移到俄勒岡州希爾斯伯勒工廠。

On last quarter's call, we announced our intent to close our facility in Costa Rica. The closure is on track and will occur in 2026, providing an additional tailwind to margin when complete. To build on this, today, we're announcing the closure of our Greensboro fab and transfer of our SAW filter production to our Richardson, Texas fab. In his remarks, Grant will provide additional information on this, including timing and savings. We want to thank all the employees who are supporting us through this closure to make sure it's a seamless transition for our customers.

在上個季度的電話會議上，我們宣布了關閉位於哥斯達黎加的工廠的意圖。關閉工作正在按計劃進行，預計將於 2026 年完成，完成後將為利潤率帶來額外的推動力。在此基礎上，今天，我們宣布關閉格林斯博羅工廠，並將 SAW 濾波器生產轉移到德克薩斯州理查森工廠。格蘭特將在演講中提供有關此問題的更多信息，包括時間和節省情況。我們要感謝所有在關閉期間支持我們的員工，以確保我們的客戶能夠順利過渡。

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

現在，我將把發言權交給格蘭特。

Thanks, Bob, and good afternoon, everyone. Qorvo's fiscal first quarter revenue of $819 million, non-GAAP gross margin of 44% and non-GAAP diluted earnings of $0.92 per share, all compared favorably to guidance. During the quarter, our largest customer represented approximately 41% of revenue.

謝謝，鮑勃，大家下午好。Qorvo 財年第一季營收為 8.19 億美元，非 GAAP 毛利率為 44%，非 GAAP 稀釋收益為每股 0.92 美元，均高於預期。本季度，我們最大的客戶約占我們收入的 41%。

On the balance sheet, as of quarter end, we held approximately $1.2 billion in cash and equivalents. We currently have approximately $1.5 billion of long-term debt outstanding and no near-term maturities. We ended the quarter with a net inventory balance of $638 million this represents a slight sequential reduction and a decrease of $89 million on a year-over-year basis.

在資產負債表上，截至季末，我們持有約 12 億美元的現金和等價物。我們目前有大約 15 億美元的長期債務未償還，並且沒有短期債務到期。本季末，我們的淨庫存餘額為 6.38 億美元，比上一季略有減少，比去年同期減少了 8,900 萬美元。

During the quarter, we generated operating cash flow of approximately $183 million and incurred $38 million of CapEx, which resulted in free cash flow of $145 million. From an operational perspective, the closure of our Costa Rica site remains on track, and we anticipate a smooth transition. We continue to expect this action will be completed early next calendar year as we move production and complete the sale of the facilities.

本季度，我們產生了約 1.83 億美元的營運現金流，並產生了 3,800 萬美元的資本支出，產生了 1.45 億美元的自由現金流。從營運角度來看，我們哥斯達黎加工廠的關閉工作仍在按計劃進行，我們預計過渡將順利進行。我們繼續預計，隨著我們轉移生產並完成設施的銷售，這項行動將於明年年初完成。

As Bob mentioned, we have also decided to close our manufacturing facility in North Carolina to further consolidate our internal factory footprint. The closure of a wafer fab requires more time than the closure of a packaging assembly and test location, and we currently expect the associated cost efficiencies to benefit non-GAAP gross margin beginning late in fiscal '27. In order to transfer our SAW filter production out of North Carolina, we have begun to bring up a new production line in our Texas location and will be working closely with customers to ensure a seamless transition.

正如鮑伯所提到的，我們還決定關閉位於北卡羅來納州的製造工廠，以進一步鞏固我們的內部工廠足跡。關閉晶圓廠比關閉封裝組裝和測試工廠需要更多時間，我們目前預計相關的成本效率將從 27 財年末開始使非 GAAP 毛利率受益。為了將我們的 SAW 濾波器生產轉移出北卡羅來納州，我們已經開始在德克薩斯州建立新的生產線，並將與客戶密切合作，以確保無縫過渡。

For modeling purposes, shutdown and restructuring activities, such as those related to the closure of our North Carolina and Costa Rica sites are excluded for non-GAAP results. Conversely, the operating expenses associated with bringing up a new line, as is the case with the SAW line in Texas are included in non-GAAP results.

為了建模目的，非公認會計準則結果不包括停工和重組活動，例如與關閉北卡羅來納州和哥斯達黎加工廠有關的活動。相反，與建立新生產線相關的營運費用（例如德克薩斯州的 SAW 生產線）則包含在非 GAAP 結果中。

In fiscal '26, we expect non-GAAP OpEx related to the start-up costs for the Texas SAW line of $10 million to $20 million with minimal expense continuing into fiscal '27. Subject to factory volume and mix, we expect the annual savings in non-GAAP COGS for each year after the new line goes live will exceed the onetime start-up costs incurred in fiscal '26.

在 26 財年，我們預計與德州 SAW 生產線啟動成本相關的非 GAAP 營運支出為 1,000 萬至 2,000 萬美元，而這筆支出將持續到 27 財年。根據工廠產量和產品組合，我們預計新生產線投產後每年非 GAAP 銷售成本的年度節省將超過 26 財年產生的一次性啟動成本。

Regarding our outlook for fiscal Q2, our guidance reflects strong execution and demand across multiple end markets, while factoring in our current views on macroeconomic and geopolitical dynamics. Our expectations for the September quarter are as follows: revenue of $1.025 billion plus or minus $50 million, non-GAAP gross margin between 48% and 50%, and non-GAAP diluted EPS of $2 plus or minus $0.25. The momentum we are seeing in both revenue and bookings is being driven primarily by robust underlying demand and meaningful content expansion. At our largest customer, we continue to benefit from strong unit volumes across the existing platforms and more than 10% year-over-year content growth on the ramping platform.

關於我們對第二財季的展望，我們的指引反映了多個終端市場的強勁執行力和需求，同時也考慮了我們目前對宏觀經濟和地緣政治動態的看法。我們對9月份當季的預期如下：營收10.25億美元，上下浮動5000萬美元；非公認會計準則毛利率在48%至50%之間；非公認會計準則稀釋每股收益2美元，上下浮動0.25美元。我們在營收和預訂量方面看到的強勁勢頭主要得益於強勁的潛在需求和內容的顯著擴展。在我們最大的客戶那裡，我們繼續受益於現有平台的強勁單位銷售以及不斷增長的平台上超過 10% 的同比增長。

Growth in our Defense and Aerospace business is supported by increasing content and rising defense spending, both domestically and internationally. Additionally, our infrastructure business is benefiting from the industry's transition to DOCSIS 4.0, where Qorvo is a leading supplier of broadband amplifiers. These drivers are being partially offset as we continue to shift away from lower-margin mass tier Android 5G business, which is proceeding as planned.

國內外內容的增加和國防開支的增加推動了國防和航空航天業務的成長。此外，我們的基礎設施業務受益於業界向 DOCSIS 4.0 的轉型，其中 Qorvo 是寬頻放大器的領先供應商。隨著我們繼續從利潤率較低的大眾級 Android 5G 業務中轉移，這些驅動因素被部分抵消，該業務正在按計劃進行。

In the June quarter, ACG's Android revenue declined 18% year-over-year to approximately $240 million with China-based Android revenue down 29% year-over-year to just under $100 million. While we've seen limited tariff-related inventory buffering at a few customers, we believe these effects are modest and secondary to the underlying demand drivers and Qorvo-specific content growth reflected in our outlook. Gross margin continues to improve on a year-over-year basis. Q1 non-GAAP gross margin increased approximately 300 basis points versus last fiscal year and Q2 non-GAAP gross margin is expected to increase 200 basis points versus last fiscal year at the midpoint. This improvement is a direct result of multiple initiatives.

在第二季度，ACG 的 Android 營收年減 18% 至約 2.4 億美元，中國地區的 Android 營收年減 29% 至略低於 1 億美元。雖然我們看到一些客戶的關稅相關庫存緩衝有限，但我們認為這些影響是溫和的，並且是次要的，因為我們的展望中反映了潛在的需求驅動因素和 Qorvo 特定的內容增長。毛利率年減。第一季非公認會計準則毛利率較上一財年中期增加約 300 個基點，預計第二季非公認會計準則毛利率較上一財年中期增加 200 個基點。這項改進是多項措施的直接成果。

We have actively managed our product portfolio and pricing strategies to reduce our exposure to mass tier Android 5G. We have positioned the company to benefit from growth in D&A, which is margin accretive given the high mix, low volume nature of the business. We've divested or exited margin-dilutive businesses. And finally, we continue to manage manufacturing costs aggressively while consolidating our factory footprint.

我們積極管理我們的產品組合和定價策略，以減少對大眾級 Android 5G 的依賴。我們已將公司定位為受益於 D&A 的成長，考慮到業務的多品種、低產量特性，這將增加利潤率。我們已經剝離或退出了稀釋利潤的業務。最後，我們在鞏固工廠佈局的同時，繼續積極管理製造成本。

We project non-GAAP operating expenses in the September quarter to be approximately $265 million, plus or minus 3%. The sequential increase in OpEx reflects higher incentive compensation given the expected outperformance during the first half of the fiscal year, FX headwinds related to the weak US dollar and the impact of tariffs. Total OpEx also includes other operating expense of $5 million associated with the start-up of our SAW filter line in Texas, among other items. Below the operating income line, nonoperating expense is expected to be approximately $10 million, reflecting interest paid on our fixed rate debt, offset by interest income earned on our cash balances, FX gains or losses, along with other items.

我們預計 9 月季度的非 GAAP 營運費用約為 2.65 億美元，上下浮動 3%。營運支出的連續成長反映了更高的激勵薪酬，因為預計本財年上半年業績優異，與美元疲軟相關的外匯不利因素以及關稅的影響。總營運支出還包括與在德克薩斯州啟動 SAW 濾波器生產線相關的 500 萬美元其他營運費用等。在營業收入線以下，非營業支出預計約為 1000 萬美元，反映了我們固定利率債務支付的利息，抵消了我們現金餘額賺取的利息收入、外匯收益或損失以及其他項目。

Our non-GAAP tax rate for fiscal '26 is now expected to be approximately 15%. This is down from between 18% to 19% as was previously communicated. We continue to monitor the situation as the specific implementation of the new tax bill in the US as well as changes to international tax policy may evolve over time.

我們預計 26 財年的非 GAAP 稅率約為 15%。這一數字較先前公佈的 18% 至 19% 有所下降。我們將繼續關注相關情況，因為美國新稅法的具體實施以及國際稅收政策的變化可能會隨著時間的推移而發展。

On the corporate development front, we continue to seek strategic alternatives for our MEMS for sensing business, which is incurring approximately $5 million of non-GAAP OpEx per quarter. We remain committed to optimizing our portfolio and regularly evaluating each of our investment areas. We are confident the steps we are taking today across our product portfolio, business segments and manufacturing footprint, position the company to expand profitability. The benefits of these strategic initiatives will continue to become evident as we advance through fiscal '26 and into fiscal '27.

在企業發展方面，我們繼續為感測 MEMS 業務尋求策略性替代方案，該業務每季的非 GAAP 營運支出約為 500 萬美元。我們始終致力於優化我們的投資組合併定期評估我們的每個投資領域。我們相信，我們今天在產品組合、業務部門和製造足跡方面採取的措施將使公司能夠擴大獲利能力。隨著我們進入 26 財年和 27 財年，這些策略舉措的利益將繼續顯現出來。

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

此時，請打開熱線來回答問題。謝謝。

(Operator Instructions) Thomas O'Malley, Barclays.

（操作員指示）巴克萊銀行的托馬斯·奧馬利。

Nice results. So I just want to start off with the seasonality of this year. It looks like things are tracking relatively in line with 2024 in the June quarter. If you look at the remainder of the year, you guys had previously talked about the largest customer being flat to slightly up modestly. But you reiterating this view that there's double-digit growth in content fall launch over fall launch.

效果不錯。所以我只想從今年的季節性開始。從 6 月季度的情況來看，情況與 2024 年基本一致。如果你看今年剩餘的時間，你們之前曾談到過最大的客戶將保持平穩或略有上升。但您重申了這一觀點，即秋季發布的內容數量將逐年實現兩位數增長。

Can you talk about the disconnect there? And is December try to normal seasonal, which gets you to that goal? Just help me understand the seasonality as it compares to last year just given the strong content up year-over-year?

能談談那裡的脫節嗎？12 月是否嘗試正常的季節變化，從而幫助您實現這一目標？能否幫助我了解與去年相比的季節性，因為內容比去年同期有了很大的成長？

Tom, this is Grant. Thank you for the question. Let me start off maybe just with the December question, and then I'll get to the full year. In December, typically, seasonality would show that we ship a little bit earlier into the fall ramp. So we would generally see a September quarter that's slightly higher than December. There's no change this year to what we believe the ramp profile would look like. Again, it really depends on how things play out unit-wise.

湯姆，這是格蘭特。謝謝你的提問。我先從 12 月的問題開始，然後再回答全年的問題。通常情況下，根據季節性因素，12 月我們會提前一點發貨，以迎接秋季的到來。因此，我們通常會看到九月份季度的銷售額略高於十二月季度的銷售額。我們認為今年的坡道輪廓不會改變。再次強調，這其實取決於單位情況如何發展。

But in terms of the full fiscal '26 year, the last time we provided a full year guidance was in January, and that was prior to the increase in any macroeconomic uncertainty around the tariff dynamics. At that time, our January forecast call for '26 revenue to be roughly flat with fiscal '25, excluding the $30 million of revenue from silicon carbide, which we've since divested, it was in fiscal '25.

但就整個 26 財年而言，我們上次提供全年指引是在 1 月份，那是在關稅動態相關的宏觀經濟不確定性增加之前。當時，我們 1 月的預測是，26 年的營收將與 25 財年大致持平，不包括 25 財年碳化矽的 3,000 萬美元收入（我們後來將其剝離）。

At this time, we're not updating our full year at this stage, but I can walk through some puts and takes by business segment beyond just ACG. But in ACG, our outlook is still for a single-digit decline, and that's unchanged. We remain on track to exit the $150 million to $200 million of low-margin business as part of our strategic portfolio shift there in Android 5G. And we currently expect about 2/3 of that year-over-year decline in the Android business will occur in the second half of fiscal '25. So that's yet to come in the second half, which gets to at least partially addressing your December question.

目前，我們還沒有更新全年業績，但我可以介紹一下 ACG 以外的業務部門的一些收益和虧損情況。但在 ACG 方面，我們的預測仍然是一位數的下降，這一點沒有改變。作為我們在 Android 5G 領域策略性投資組合轉移的一部分，我們仍有望退出價值 1.5 億至 2 億美元的低利潤業務。我們目前預計，Android 業務年減的約 2/3 將發生在 25 財年下半年。所以這還有待下半年才能解決，至少可以部分解答您 12 月的問題。

In our largest customer, we remain encouraged by the recent strength, and we're seeing unit volumes there on existing platforms come in to our expectations and strong as well as the content gain that we see of 10% or more on the ramping platform, which is encouraging. In some of the changes we've seen in terms of the top line for fiscal '26 are in CSG, which is trending below our earlier expectations due in part to an automotive customer delaying a program ramp there that included our ultra-wideband SoC. That program is now anticipated to ramp in fiscal '27. So we continue to expect year-over-year growth for CSG, however, it will be in the low single digits versus 10% to 12% as we guided previously.

在我們的最大客戶中，我們仍然對近期的強勁表現感到鼓舞，並且我們看到現有平台上的單位銷量達到了我們的預期並且表現強勁，同時我們看到在升級平台上的內容增長了 10％ 或更多，這是令人鼓舞的。就 2026 財年的營收而言，我們看到的一些變化是在 CSG 方面，其成長趨勢低於我們先前的預期，部分原因是汽車客戶推遲了包括我們的超寬頻 SoC 在內的專案升級。預計該計劃將在 2027 財政年度加速實施。因此，我們繼續預期南方電網的年增率，不過，增幅將維持在低個位數，而不是我們先前預測的 10% 至 12%。

And then lastly, our expectations for HPA remain unchanged and on track for a strong double-digit growth this year. In D&A, rebound in infrastructure tied to the DOCSIS upgrades and some other positive tailwinds we can get into. While we're encouraged by the first half strength that we've seen, we're also mindful of the seasonality in smartphones in the back half as we shift the portfolio away from mass tier Android. But overall, we remain very confident in the strategy, the execution and our strong strategic position.

最後，我們對 HPA 的預期保持不變，今年有望實現強勁的兩位數成長。在 D&A 中，基礎設施的反彈與 DOCSIS 升級以及我們可以獲得的一些其他積極順風相關。雖然我們對上半年的強勁表現感到鼓舞，但我們也注意到下半年智慧型手機的季節性，因為我們將產品組合從大眾級 Android 轉移出去。但總體而言，我們對該戰略、執行情況和強大的戰略地位仍然非常有信心。

Super helpful. And then just to dive down on to the Android point there. So you gave a little extra color this quarter talking about Android in like the $240 million range. That's up 16% sequentially by my numbers, maybe give or take, where people have March set up. But you guys have previously said up slightly.

超有幫助。然後深入探討 Android 要點。所以你在本季對 Android 的銷售額約為 2.4 億美元給了一些額外的資訊。根據我的數字，這比上一季成長了 16%，大概是這個數字，人們在三月就已經設定了這個數字。但你們之前已經稍微說過了。

Is that dynamic something that you think is more of a pull forward? Or do you think that customers coming to you, hey, you're exiting the business, this is the end of the life year? Want to take a couple more products before you're done producing? Just maybe explain the dynamic there and what happened versus your original expectations.

您是否認為這種動態更有推動作用？或者您認為客戶來找您，嘿，您要退出這個行業，這是生命年的結束？在完成生產前還想再拍幾件產品嗎？也許只是解釋一下那裡的動態以及與您最初的預期相比發生了什麼。

This is Dave. I'll take that one. So yes. I mean if you look at the Android ecosystem, we've got customers in China as well as globally. And in the premium tier, remember, we're not exiting that part of the market.

這是戴夫。我要那個。是的。我的意思是，如果你看看 Android 生態系統，我們在中國和全球都有客戶。請記住，在高端市場，我們不會退出該部分市場。

So we talked, I think, last time about some share gains that we have in the second half at our large Korean customer. And we're starting to see the benefit of that as that starts to ramp up. We've also got really good content in a US customer that Bob mentioned in his prepared remarks and that's ramping now as well. So I think that's some of the dynamics you're seeing.

所以我想，我們上次談到了我們在韓國大客戶下半年取得的一些份額成長。隨著這一趨勢的不斷增強，我們開始看到它帶來的好處。鮑伯在準備好的演講中提到，我們從一位美國客戶那裡獲得了非常好的內容，現在他的業務也不斷成長。所以我認為這就是您所看到的一些動態。

We talked about China a little bit earlier, and we do see a little bit of buffering probably there with some of the uncertainty in the trade dynamics. And so there's probably a little bit of that going on in China. But we've still got engagements there in the high tier, but that business is definitely declining as we get into the back half of the year.

我們之前談到了中國，我們確實看到貿易動態中存在一些不確定性，可能會有一些緩衝。因此，在中國，這種情況可能也存在一些。但我們在高端市場仍有業務往來，但隨著進入下半年，業務肯定在下滑。

Harsh Kumar, Piper Sandler.

哈什·庫馬爾，派珀·桑德勒。

I also wanted to echo my congratulations. These are extremely great and awesome results. I had two as well. I think you're moving to the 50% or 48% to 50% gross margin mark a lot faster than I think I had anticipated personally. And I was curious, you've got a bunch of things going on.

我也想表達我的祝賀。這些都是極其偉大和令人驚嘆的成果。我也有兩個。我認為你們實現 50% 或 48% 到 50% 毛利率的速度比我個人預期的要快得多。我很好奇，你有很多事情要做。

You're exiting businesses, you're doing fab rationalization. But if you were to say which of those initiatives have probably the maximum amount of swing factor that's driving our margins up so much higher. Maybe I would be very curious to understand what's making the margins go up so much faster if there's one that's more impactful than the other? And I've got a follow-up.

你正在退出一些業務，正在進行工廠合理化調整。但如果您要說，在這些舉措中，哪一個可能具有最大的波動因素，從而推動我們的利潤率大幅上升。如果其中一個因素比另一個因素影響更大，我可能會非常好奇地想知道是什麼原因導致利潤率上升得如此之快？我還有後續行動。

Sure, Harsh. Thanks for the question. If you look at gross margin, at least in Q1, the driver there sequentially is largely mixed. But on a year-over-year basis, it's up largely due to cost improvements. You'll see that we've taken some significant actions on the factory footprint, some have yet to come, but a number of them in terms of reducing costs you're starting to see in gross margin.

當然，哈什。謝謝你的提問。如果你看一下毛利率，至少在第一季度，其驅動因素環比來看基本上是混合的。但與去年同期相比，這一數字的上升主要是由於成本的改善。您會發現，我們已經在工廠佈局方面採取了一些重大舉措，有些舉措尚未實施，但其中一些舉措是在降低成本方面採取的，您已經開始在毛利率中看到這一點。

There's also an improvement in mix. We've seen growth in the Defense and Aerospace area, which helps from a business mix perspective. And we've also exited the silicon carbide business, which was dragging against our gross margin profile.

混合方面也有所改善。我們看到了國防和航空航太領域的成長，這從業務組合的角度有所幫助。我們也退出了碳化矽業務，該業務拖累了我們的毛利率。

And finally, we've moved our WiFi business from an underloaded North Carolina fab to an Oregon fab this higher volumes, and we're seeing a benefit there. So I would say that the single largest theme in terms of gross margin improvement is both cost reductions and the other actions we've taken.

最後，我們將 WiFi 業務從負荷不足的北卡羅來納州工廠轉移到俄勒岡州的工廠，以提高產量，我們看到了好處。因此，我想說，就毛利率提高而言，最大的主題是降低成本和我們採取的其他行動。

Okay. And I assume that applies to September quarter as well?

好的。我認為這也適用於九月季度？

Yes. That's a continuation of a lot of the same trends.

是的。這是許多相同趨勢的延續。

Got it. And then for my follow-up, you talked a lot about increased content, what you're seeing on the internal modem, but I wanted to ask about the mid-high pad. I believe you are a legit supplier in the Android ecosystem of that pad. And I think from my understanding, you have a window at a large US customer -- am I to assume with the growth that you're talking about in your content that you have a shot at it? Or you won something or maybe there's contribution there? Or is it just the internal modem perforating to the ecosystem of phone models?

知道了。然後，對於我的後續問題，您談了很多關於增加的內容，您在內部調製解調器上看到的內容，但我想問一下中高墊。我相信您是該平板 Android 生態系統中的合法供應商。我認為，從我的理解來看，您有一個接觸美國大客戶的窗口——我是否可以認為，根據您在內容中談到的成長，您有機會實現這一目標？或者你贏得了一些東西或在那裡有貢獻？或者它只是內部調製解調器對手機型號生態系統的影響？

Harsh, this is Bob. I'll take that. So for this fall's launch, the team did a great job of delivering dollar content growth that both Grant and I have talked about over 10%. But as far as next year's phone, which is where I think you're hitting, we do remain confident in our position with our largest customer. But there are 2 factors that we consider when we look at the business there. One is technical, one is commercial.

哈什，我是鮑伯。我會接受的。因此，對於今年秋天的發布，團隊做得非常出色，實現了格蘭特和我都談到的 10% 以上的美元內容成長。但就明年的手機而言，我認為這是你們的目標，我們對我們與最大客戶的地位仍然充滿信心。但是當我們考慮那裡的業務時，我們會考慮兩個因素。一個是技術性的，一個是商業性的。

In terms of technical, the technology that we're delivering and our product development we've done, we're delivering results, and we're laser-focused on in execution. So I like how the team is progressing there. Commercially, with the expiration of a certain long-term supply agreement, that's also helping us. And as we looked and we talked about this before, the expansion of their SKUs where they launched the (inaudible) which to your point, we did have ET PMIC on the internal modem. These all create opportunities for us.

在技術方面，我們提供的技術和我們所做的產品開發正在取得成果，我們專注於執行。所以我很喜歡球隊在那裡的進步。從商業角度來看，隨著某項長期供應協議的到期，這也對我們有幫助。正如我們之前所討論的，他們擴展了他們的 SKU，推出了（聽不清楚），正如你所說，我們的內部調變解調器上確實有 ET PMIC。這些都為我們創造了機會。

So we think we've positioned the business nicely, but we'll see how it all plays out next year.

因此，我們認為我們已經很好地定位了業務，但我們將看看明年一切進展如何。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭 (Christopher Rolland)，薩斯奎漢納。

Thanks for the question and really great results here. So I guess, first of all, just following up on the gross margin progress, it's probably for Grant here. So you guys did mention you could hit high 40s your this year and you're going to do that? It looks like -- but you mentioned you could hit 50% next year. I was wondering if maybe we could add an update there.

感謝您的提問，這裡的結果確實很棒。所以我想，首先，只是跟進毛利率的進展，這可能適合格蘭特。所以你們確實有提到今年你們的成績可以達到 40 多分，你們會這樣做嗎？看起來——但你提到明年你可以達到 50%。我想知道我們是否可以在那裡添加更新。

And as we look forward into next year, perhaps you can walk us give us a gross margin walk what's contributing to what in terms of that improvement?

展望明年，也許您可以向我們介紹毛利率的變化，看看是什麼促成了這種改善？

Sure, Chris this is Grant. Let me take that one. As we look forward beyond fiscal '26, they're largely the initiatives that we've discussed, right, the Costa Rica and North Carolina closures, and we'll be moving into fabs that will be more heavily loaded. So that will be beneficial. We'll be changing the business mix and we'll have growth in D&A above our corporate average.

當然，克里斯，我是格蘭特。讓我來拿那個。展望26財年以後，我們基本上會採取我們已經討論過的舉措，例如關閉哥斯達黎加和北卡羅來納州的工廠，我們將遷入負荷更重的晶圓廠。這將是有益的。我們將改變業務組合，並使折舊及攤銷前利潤的成長高於公司平均水準。

So that will be margin accretive. We're laser-focused on reducing cost. It's an ongoing activity, and we'll be able to benefit from that. But in terms of giving any guidance out into fiscal '27 other than to say we expect gross margin to continue to improve. I won't be providing any incremental guidance today.

因此這將增加利潤。我們專注於降低成本。這是一項持續的活動，我們將從中受益。但對於 27 財年的任何指導，我們除了說我們預計毛利率將繼續提高之外，沒有給出任何指導。我今天不會提供任何增量指導。

In terms of walking the overall fiscal '26 improvement, the vast majority of it, as I mentioned, was really cost related and due to the factory actions that we had taken previously. There is some inventory improvement there, better excess obsolete, better quality and yields other items. But for the most part, the lion's share of the improvement is a direct result of those factory actions and business growth we're seeing in margin accretive areas because of the capital we're allocating to those businesses.

就實現 26 財年整體改善而言，正如我所提到的，其中絕大部分實際上與成本有關，並歸功於我們之前採取的工廠行動。庫存有所改善，過剩庫存有所改善，其他物品的品質和產量有所提高。但在大多數情況下，大部分的改善是利潤成長領域的工廠行動和業務成長的直接結果，因為我們向這些企業分配了資本。

Okay. Thank you for that. Just a clarification and then another question. I apologize but it sounds like it's like $15 million a year, if I got that right from fab rationalization there, which is a little under 1%. If you just confirm that I got that math right.

好的。謝謝你。只需澄清一下，然後提出另一個問題。我很抱歉，但如果我從那裡的工廠合理化計劃中沒記錯的話，這聽起來像是每年 1500 萬美元，略低於 1%。如果你確認一下我的計算是否正確。

And then the second question is actually for Bob. So Bob, you did better than expected for June and September, it seems like here. Any idea on how much particularly at your largest customer was pulled in? And then Qualcomm has talked about an expectation of 30% internal modem at your largest customer. Is that your expectation as well in the September guidance?

第二個問題其實是問鮑伯的。所以鮑勃，看起來你在六月和九月的表現比預期要好。您知道您最大的客戶具體被吸引了多少嗎？然後高通談到了對其最大客戶 30% 內建調變解調器的預期。這也是您對 9 月指引的預期嗎？

Maybe let me start, Chris, with the first part of your question, and then I'll let Dave or Bob respond. The $15 million would be relevant for the North Carolina fab closure. We said it would be between $10 million and $20 million of cost in fiscal '26 in order to bring up the SAW line in our Texas location and that we would benefit at least that much every year thereafter once the line goes live. So I would say that's on the low side and likely related simply to the North Carolina facility.

克里斯，也許讓我先回答你問題的第一部分，然後我會讓戴夫或鮑勃來回答。這 1500 萬美元與北卡羅來納州工廠的關閉有關。我們表示，為了在德州建立 SAW 生產線，26 財年的成本將在 1,000 萬至 2,000 萬美元之間，一旦生產線投入使用，我們每年都將至少獲得這麼多的收益。所以我想說這個數字偏低，可能只與北卡羅來納州的工廠有關。

And Chris, as far as architecture is doing our largest customer, we'll stick with our standard line. We're not going to comment on that. But clearly, is our expectations over time that they will use more of their internal modem and the percentage will only grow.

克里斯，就建築業而言，它是我們最大的客戶，我們將堅持我們的標準路線。我們不會對此發表評論。但顯然，我們期望隨著時間的推移，他們將更多地使用其內部調製解調器，而且這一比例只會增長。

Dave, do you want to take the other part he asked?

戴夫，你想回答他問的另一部分嗎？

Yes, sure. Yes, as far as your question about pulling demand, I mean, the strength we're seeing is primarily driven by the underlying demand fundamentals we mentioned in the prepared remarks. Around unit strength and content gains in smartphones as well as increased spending and expanding content and defense and the broadband infrastructure upgrades. So those are the major drivers. Outside of handsets, we're not seeing any pull-in activity.

是的，當然。是的，就您對拉動需求的問題而言，我的意思是，我們所看到的強勁勢頭主要是由我們在準備好的評論中提到的潛在需求基本面所驅動的。圍繞智慧型手機的單位實力和內容增長以及增加支出和擴大內容和防禦以及寬頻基礎設施升級。這些就是主要的驅動因素。除了手機之外，我們沒有看到任何拉動活動。

The channel inventories are healthy and customer behavior supports normal demand patterns. In fact, in some areas, we're seeing the opposite that we do believe is related to tariffs and especially in our motor control business for power tools and garden equipment, we're starting to see demand put out just because of the uncertainty around the tariffs and trade policy concerns there.

通路庫存健康，客戶行為支援正常的需求模式。事實上，在某些領域，我們看到了相反的情況，我們確實認為這與關稅有關，特別是在電動工具和園林設備的電機控制業務中，我們開始看到需求下降，僅僅是因為關稅的不確定性和貿易政策擔憂。

Enhance that fitting from the season ramp we talked about and further supported by some of the content games not only our largest customer, but I mentioned Samsung as well and others. But we have seen some limited component inventory buffering due to the tariff dynamics, mostly in Android and some of that's associated with factory optimization as our customers try and optimize their factory footprints to the different geographies they're shipping to. So we estimate that to be in the range of about $15 million to $30 million of added buffer that could be out there. And we expect that to be reduced back down to normal throughout the rest of the calendar year.

從我們討論的季節變化中增強這種適應性，並得到一些內容遊戲的進一步支持，不僅是我們最大的客戶，而且我還提到了三星和其他公司。但由於關稅動態，我們看到一些有限的零件庫存緩衝，主要是在 Android 領域，其中一些與工廠優化有關，因為我們的客戶試圖根據他們要發貨到的不同地區優化工廠的佈局。因此，我們估計，可以增加的緩衝資金大約在 1500 萬美元至 3000 萬美元之間。我們預計，今年剩餘時間內這一數字將恢復正常。

Having said that, we're projecting our China Android business will be down sequentially about $30 million to $40 million in this quarter and then down again in our fiscal Q3. So all of that is contemplated in our guidance. And we continue to monitor these dynamics closely and we're going to continue to take a disciplined and conservative approach to the back half of the fiscal year. And I just do want to point out, we haven't changed our internal smartphone unit assumptions that we started the year with. So we're maintaining our position there as well.

話雖如此，我們預計本季中國 Android 業務將環比下降約 3,000 萬至 4,000 萬美元，然後在第三財季再次下降。所以所有這些都在我們的指導中考慮到了。我們將繼續密切關注這些動態，並將繼續對財政年度下半年採取嚴謹和保守的態度。我只是想指出，我們並沒有改變今年年初制定的內部智慧型手機部門假設。因此我們也將保持在那裡的地位。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

I was wondering if you could maybe comment a little bit on the defense business clearly, it seems like it's tracking a little bit better than what you expected. Can you maybe talk about whether the step down was less than you expected in the quarter? How much you expect the defense vertical would be up specifically in September?

我想知道您是否可以對國防業務發表一點評論，顯然，它的進展似乎比您預期的要好一些。您能否談談本季的降幅是否低於您的預期？您預期九月份國防垂直市場的具體漲幅為何？

And then maybe as a separate follow-on, can you maybe address M&A potential specifically in that defense area that you see out there in the market? Do you see more or less opportunities in that vertical? And maybe talk about the price or valuation environment you see for both defense and broader HPA acquisitions.

然後，也許作為單獨的後續問題，您能否具體談談您在市場上看到的國防領域的併購潛力？您認為該垂直領域的機會是更多還是更少？也許可以談談您所看到的國防和更廣泛的 HPA 收購的價格或估值環境。

Sure. Why don't we let Philip, do you want to cover the business and then I can talk to the M&A environment.

當然。我們為什麼不讓菲利普來談談業務，然後我可以談談併購環境。

Sure. So I think the strength that we're seeing is not -- I mean, is not different than what we had forecasted. I think as Bob mentioned, we're seeing really just our design opportunities and our funnel growth significantly. I think Bob mentioned that we had increased it by over $2 billion in a quarter.

當然。所以我認為我們看到的強度與我們的預測沒有什麼不同。我認為正如鮑勃所提到的那樣，我們確實看到了我們的設計機會和管道的顯著增長。我認為鮑勃提到我們在一個季度內將其增加了 20 多億美元。

We are really critical in most comm, radar, satellite, SATCOM systems with the US government. And I think what we're seeing is when the administration first came in, there was a lot of executive orders, and I think it took some time for our customers to digest that and understand what the priorities are.

我們對美國政府的大多數通訊、雷達、衛星、衛星通訊系統都至關重要。我認為我們看到的是，當政府首次上台時，有很多行政命令，我認為我們的客戶需要一些時間來消化這些命令並了解優先事項是什麼。

I think as that is starting to become understood what the priorities are and figuring out where things are going, we're seeing that as a tailwind in the near term as well. So again, I think we -- whether it's a radar platform, whether it's a drone, whether it is a satellite there's just a tremendous amount of opportunity in front of us, and I think we're well positioned to get our unfair share.

我認為，隨著我們開始了解優先事項並弄清楚事情的發展方向，我們也會將其視為短期內的順風。所以，我再說一遍，我認為，無論是雷達平台、無人機還是衛星，我們面前都存在著巨大的機遇，我認為我們已經準備好獲得不公平的份額。

Maybe on the M&A front, the D&A space remains a very attractive area for us. To Philip's point, our strength there with customers and other technologies could lead us to be a better owner of certain businesses. And so we're actively looking in that space. It's generally margin accretive for us and where the valuations make sense and there's a strategic merit for the transaction. We're we are expecting to be active.

也許在併購方面，D&A 領域對我們來說仍然是一個非常有吸引力的領域。正如菲利普所說，我們在客戶和其他技術方面的優勢可以使我們更好地擁有某些業務。因此，我們正在積極尋找該領域。這通常可以增加我們的利潤，而且估值合理，交易具有戰略價值。我們期望能夠積極行動。

Beyond that, it's a typical deployment of our cash to return value to shareholders in a disciplined manner.

除此之外，這是我們以規範的方式部署現金，為股東帶來價值回報的典型做法。

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

Great. In terms of the tariff-related buffering, I guess, why isn't there more of that? I would feel like given the dynamic of shifting tariff potential, it would just be people to have a little bit more inventory, I guess, just what are those conversations like? And is there any pushback on you from your customers saying we need to pass along component savings to mitigate this?

偉大的。就關稅相關的緩衝而言，我想，為什麼沒有更多這樣的緩衝呢？我覺得，考慮到關稅潛力不斷變化的動態，人們只會擁有多一點的庫存，我想，這些對話是什麼樣的呢？您的客戶是否反對我們透過節省零件來緩解這一問題？

Any price pressure or anything you might see from that?

您由此可能看到任何價格壓力或影響嗎？

It's difficult to precisely isolate it, right, especially as you're coming off of a new seasonal pattern and our largest customer. And with the launch of the spring model that included our ET PMIC which was new content, and we're in the early stages of the fall ramp where we've achieved greater than 10% content gains which is new as well. So given the preliminary sell-through data, we're seeing most of the strength that we're seeing aligns with the phones that are being purchased, whether it's third-party data or the carriers themselves. But I don't know.

很難準確地將其隔離，對吧，特別是當你擺脫新的季節性模式和我們最大的客戶時。隨著春季模型的推出，其中包括我們的 ET PMIC（新內容），我們正處於秋季成長的早期階段，我們已實現超過 10% 的內容成長，這也是新的。因此，根據初步的銷售數據，我們看到的大部分強勁勢頭與正在購買的手機相一致，無論是第三方數據還是運營商本身。但我不知道。

The only thing I would say to add to that, the only area we're seeing the tariff impact, as Dave mentioned, it's the battery-operated power tools. That's the one area. Clearly, we've seen it where it's not even buffering. They're just holding off on their production plans to figure out where they're going to make things around the world until they understand what the tariffs are going to be. But as for the other parts of our business, large defense obviously doesn't matter. Brand cover the phones, we're not seeing it in other areas. The only area was in -- primarily is in the battery operating power tools area.

我唯一要補充的是，正如戴夫所提到的，我們看到關稅影響的唯一領域是電池供電的電動工具。那是一個區域。顯然，我們已經看到它甚至沒有緩衝。他們只是推遲了生產計劃，以弄清楚在世界範圍內哪裡生產產品，直到他們了解關稅是多少。但對於我們業務的其他部分來說，大規模的防禦顯然並不重要。品牌覆蓋了手機，我們在其他領域沒有看到它。唯一的區域是——主要是電池操作的電動工具區域。

That's helpful. And then as my follow-up, you mentioned CSG delay and a little bit lower full year. Is there anything we should be aware of there in terms of how to model the rest of the year? Is there discrete fall off? Or is that just something that just ramps a little later than you had thought?

這很有幫助。然後作為我的後續問題，您提到了 CSG 的延遲和全年略低的表現。關於如何模擬今年剩餘的時間，我們該注意什麼？是否存在離散下降？還是這只是比你想像的稍微晚一點發生的事？

It's something that will affect the top line there. In terms of the growth for the year, like I said, it would be in the single digits versus the low double digits as we had communicated in the past. That would have been something that would have happened later in the year. So it's pushing to fiscal '27.

這會影響那裡的營收。就全年的成長而言，正如我所說，它將是一個位數，而不是像我們過去溝通的那樣，是低兩位數。那本來是今年晚些時候會發生的事情。因此，它正在推進至 27 財年。

As you think about that business, it's really the combination of our WiFi business and our SoC business. As Bob pointed out, our SoC business is the third largest investment next to our Mobile business initiatives and our D&A franchise. The SoC business within CSG is generating annual revenues right now of around $60 million. So the pushout is meaningful as you think about that particular business and it's incurring around $100 million of OpEx. So this is a meaningful shift for the CSG segment under the Qorvo consolidated results.

當你想到這項業務時，它實際上是我們的 WiFi 業務和 SoC 業務的結合。正如鮑勃指出的那樣，我們的 SoC 業務是繼行動業務計劃和 D&A 特許經營之後的第三大投資。CSG 旗下的 SoC 業務目前每年創造約 6,000 萬美元的收入。因此，當您考慮這項特定業務並且它產生約 1 億美元的營運支出時，推出這項業務是有意義的。因此，這對於 Qorvo 合併業績下的 CSG 部門來說是一個有意義的轉變。

Krish Sankar, Cowen & Company.

Krish Sankar，Cowen & Company。

I have two of them. First clarification, on the pull-ins, is the pull-ins mainly in June quarter? Or are you also seeing pull-ins in the September quarter? And within that amongst your largest customer, how much of the current generation RF Power products are common or share the 2026 model? And then I had a longer-term question for Bob after that.

我有兩個。首先澄清一下，關於拉入量，拉入量主要發生在六月季度嗎？或者您也看到了 9 月份季度的拉動？在您最大的客戶中，當前一代 RF Power 產品中有多少是通用的或與 2026 型號共享的？之後我向鮑伯提出了一個長期問題。

Sure. So recently, to quantify it, David already said earlier that we were expecting maybe $15 million to $30 million that we would expect to see. And that's all incorporated in our guidance. So the unwinding of that in our September quarter and throughout the rest of the year is all contemplated in what we've been talking about today. If there's anything more to add or you can ask Bob your second question.

當然。所以最近，為了量化這一點，大衛早些時候已經說過，我們預計可能會看到 1500 萬到 3000 萬美元。這些都已納入我們的指導中。因此，我們今天討論的內容已經考慮到了 9 月季度以及今年剩餘時間的情況。如果還有什麼要補充的，或者你可以問鮑伯你的第二個問題。

Yes. And (inaudible) and I answered earlier, that's our component inventory. From everything we can see, what we're shipping is being built and sold through. So that $15 million to $30 million we're talking about is just some buffering that we've seen around our component inventory, mostly in China, but in other areas as well as customers optimize their factories and maybe in response to tariffs or other reasons that they move production from one factory to another.

是的。而且（聽不清楚）我之前回答過，這是我們的零件庫存。從我們所看到的一切來看，我們所運送的貨物正在製造和銷售中。因此，我們所說的 1500 萬到 3000 萬美元只是我們在零件庫存方面看到的一些緩衝，主要在中國，但在其他地區，以及客戶優化他們的工廠，可能是為了應對關稅或其他原因，他們將生產從一個工廠轉移到另一個工廠。

Got it. Got it. And then just like a longer-term question for Bob. Bob, curious your thoughts on edge AI implications for smartphones and RF. It seems like there's -- from an order standpoint, you need more uplink MIMO capability and also mean the tools need to be upgraded to Power Class 2 for Edge AI situation, which could happen as early as 2026 phone launch. So I'm quite curious your view on Edge AI and what it implies for RF punted on a go-forward basis?

知道了。知道了。然後就像鮑伯面臨的一個長期問題。鮑勃，我很好奇你對邊緣 AI 對智慧型手機和 RF 的影響的看法。從訂單的角度來看，似乎需要更多的上行鏈路 MIMO 功能，這也意味著工具需要升級到 Power Class 2 以適應 Edge AI 情況，這可能最早在 2026 年手機發佈時實現。所以我很好奇您對 Edge AI 的看法以及它對 RF 未來發展有何影響？

Thanks for your question. I think you're correct that we are going to need more and better RF. That's something we sell all the time. Frank, I don't -- I think you can handle that question. We've had a lot of discussions about exactly those things.

謝謝你的提問。我認為您說得對，我們需要更多更好的射頻。這是我們一直在銷售的產品。弗蘭克，我不會——我認為你可以回答這個問題。我們就這些事情進行過很多討論。

We're not so much hung up on, is it being driven by AI? It's just always the carriers want to get people on and off the network faster, particularly as you continue to load more and more data. Whether it's being driven by AI or not, that's secondary to us. What we're focused on is how they keep changing the architectures to drive more and better RF. So Frank, do you want to handle that?

我們不太關心它是否由人工智慧驅動？運營商總是希望人們能夠更快地接入和斷開網絡，特別是當你繼續加載越來越多的數據時。無論它是否由人工智慧驅動，對我們來說都是次要的。我們關注的是他們如何不斷改變架構以推動更多更好的射頻。那麼弗蘭克，你想處理這個問題嗎？

Yes. No, it was a great question and simply said, yes, I agree with you. If we take you all the way back to our Analyst Day, we talked about 5G advanced as something that was going to continue to drive RF content, more and better RF in the phone. And a few of the examples we referenced were exactly things that you highlighted. Additional both downlink and uplink RF passing the phone and an increase in power levels in multiple bands; therefore, expanding the Power Class 2 level from just one or two bands to multiple bands in the phone. So I think you hit on exactly what we expect to see over the next few years.

是的。不，這是一個很好的問題，簡單地說，是的，我同意你的看法。如果我們回顧分析師日，我們談到 5G 先進技術將繼續推動 RF 內容的發展，手機中將會出現更多更好的 RF。我們引用的幾個例子正是您所強調的。透過手機的下行鏈路和上行鏈路射頻均有所增加，並且多個頻段的功率水平也有所提高；因此，將 2 級功率等級從手機中的一個或兩個頻段擴展到多個頻段。所以我認為你完全說出了我們期望在未來幾年看到的事情。

Gary Mobley, Loop Capital.

加里·莫布利（Gary Mobley），Loop Capital。

I wanted to respect respectfully push back on some of the guidance you're giving for fiscal year '26. Essentially, you're upsizing fiscal year '26 or at least the first half by about $100 million versus your prior soft user, hard views. And that's the difference between having revenue flat for the year or growing 3% but yet you're saying only $15 million to $30 million of that upside is coming from pull forward. So is this a situation where the year is off to a great start, but it's just too early to upsize your fiscal year '26 outlook or is this really a deep read of concern about tariff pull forwards?

我希望尊重您對 26 財年給予的一些指導。本質上，與之前的軟用戶、硬觀點相比，您將 26 財年或至少上半年的支出增加約 1 億美元。這就是全年收入持平或增長 3% 之間的區別，但您卻說其中只有 1500 萬至 3000 萬美元的增長來自提前收入。那麼，現在的情況是，今年開局不錯，但現在上調 26 財年前景還為時過早，還是這真的是對關稅提前的擔憂？

Gary, this is Grant. Let me try to take a stab at your question. I mean, generally speaking, as we said, there's upside in demand that's broad-based, it's not just smartphones. We're seeing it in our growth in our DNA business. And then for the full year, I talked about some of the puts and takes by business segments.

加里，這是格蘭特。讓我嘗試回答你的問題。我的意思是，一般來說，正如我們所說，需求存在廣泛的上升空間，而不僅僅是智慧型手機。我們在 DNA 業務的成長中看到了這一點。然後，針對全年情況，我談到了各業務部門的一些得失。

So we're seeing a push out of some revenue for CSG into fiscal '27 because of the large automotive program there, which changes the full year. We're seeing a -- about 2/3 of our $150 million to $200 million of our Android business that we expect to decline in fiscal '26 will also hit the second half.

因此，我們看到 CSG 的部分收入被推遲到 27 財年，因為那裡有大型汽車項目，這將改變全年的收入。我們預計，2026 財年 Android 業務（價值 1.5 億至 2 億美元）的銷售額將下降，其中約三分之二的銷售額也將在下半年受到影響。

And then on top of that, we do have the overhang of macroeconomic uncertainty. So the combination of all of these factors are leading to our internal views on the full year and why we're not providing an update to our early comments in January.

除此之外，我們還面臨宏觀經濟不確定性的影響。因此，所有這些因素的結合導致了我們對全年的內部看法，以及為什麼我們沒有對 1 月的早期評論進行更新。

Got it. And just my follow-up. I wanted to ask about the practicality of separating ACG from the RF businesses of HPA and CSG. How much -- how tied is coupling from an R&D or from a manufacturing perspective are all three of those businesses on the RF side?

知道了。這只是我的後續行動。我想問一下將ACG與HPA和CSG的RF業務分開的可行性。從研發或製造角度來看，這三項業務在射頻方面的結合程度如何？

Sure. So I'll take a first pass, and then I'm sure Bob and Philip would want to weigh in as well. The businesses themselves are rather tightly coupled. They share factories that share process engineering. They share product development in certain cases.

當然。因此我會先進行審核，然後我相信鮑伯和菲利普也會參與其中。這些業務本身的聯繫相當緊密。他們共享工廠，共享流程。在某些情況下，他們共享產品開發。

There are BAW filters, for example, that are used in defense applications that are also used in WiFi applications for CSG. There is a significant amount of overhead that's the same across the different businesses. And in fact, there's a lot of learning that happens, whether it's base stations to the smartphones themselves or just customers that are shared, for instance, mobile customers across CSG and ACG, for example.

例如，用於國防應用的 BAW 濾波器也用於 CSG 的 WiFi 應用。不同企業的管理費用有很大一部分是相同的。事實上，有很多事情需要學習，無論是從基地台到智慧型手機本身，還是只是共享的客戶，例如跨 CSG 和 ACG 的行動客戶。

So there is a considerable amount of shared resources amongst all the businesses. It's also true that commercially, our defense businesses, I appreciate our defense customers anyway. I appreciate the scale that we have from the size of our high-volume factories that are serving our mobile customers. And vice versa, our mobile customers appreciate the commitment we have to our production lines and the technology advancements and the diversity of our revenue base and stability they've come along with the D&A business and other areas. So there's a lot of shared resources and shared positive sentiment amongst the customers across the businesses.

因此，所有企業之間共享大量資源。從商業角度來看，我們的國防業務，無論如何，我都很欣賞我們的國防客戶。我很欣賞我們為行動客戶提供服務的大批量工廠的規模。反之，我們的行動客戶欣賞我們對生產線的承諾、技術進步以及收入基礎的多樣性和穩定性，以及 D&A 業務和其他領域帶來的收入。因此，各個企業的客戶之間共享大量資源並分享正面情緒。

The only thing I'll add, Grant, is they all use the same Oregon Hillsboro fab for GaAs, all three business units.

格蘭特，我唯一要補充的是，所有三個業務部門都使用同一個俄勒岡希爾斯伯勒工廠來生產 GaAs。

Chris Caso, Wolfe Research.

克里斯·卡索（Chris Caso），沃爾夫研究公司。

I guess the first question is just a clarification of what the Android business looks like exiting the fiscal year given all you said. And I think what my interpretation is you'd be at China Android of about maybe $20 million to $30 million exiting the year. But I guess, I don't know sure if that's complicated by some of the inventory buffering. If you could clarify where you think China Android is at the end of the year?

我想第一個問題只是想澄清一下，考慮到您所說的一切，Android 業務在本財年結束時的狀況。我認為，我的解讀是，今年年底，中國 Android 的營收可能會達到 2,000 萬到 3,000 萬美元左右。但我想，我不確定這是否會因為一些庫存緩衝而變得複雜。您能否解釋一下您認為今年年底中國 Android 市場將會如何？

I think -- and maybe just a clarification, Chris, on your question. Did you say exiting the year at $20 million to $30 million of Android-based China business?

我認為——也許只是對你的問題做一個澄清，克里斯。您是否說今年 Android 中國業務的銷售額將達到 2,000 萬至 3,000 萬美元？

Yes.

是的。

Okay. I think that's on the low end. There's still a bifurcation of their product portfolio. They have flagship and premium tier devices and we'll still look to participate in those. The customers will make their own cost and performance trade-offs amongst the parts, but they'll still need to remain competitive if they want to field a device that's going to sell well.

好的。我認為這是低端的。他們的產品組合仍有分歧。他們擁有旗艦和高端設備，我們仍希望參與其中。客戶將在各個部件之間權衡成本和性能，但如果他們想推出暢銷的設備，他們仍然需要保持競爭力。

Consequently, we'll be able to sell into the higher end of their portfolios. It won't be in the -- likely in the $20 million to $30 million range. It will probably be higher than that, but the trend is down over time as we continue to execute on our pricing strategies and move forward. As we commented on this last quarter, our China-based Android revenue was just under $100 million, and it will be trending lower over time.

因此，我們將能夠向他們的投資組合的高端出售產品。它不會在——很可能在 2000 萬到 3000 萬美元的範圍內。實際價格可能會更高，但隨著我們繼續執行定價策略並向前發展，這種趨勢會隨著時間的推移而下降。正如我們在上個季度所評論的那樣，我們在中國的 Android 收入略低於 1 億美元，隨著時間的推移，這一數字將呈下降趨勢。

Got it. Okay. That's helpful to calibrate us. A follow-up question was on Samsung. And there's two dynamics there because I think you're also again some of the mid-range there, but you're still focused on the high end.

知道了。好的。這有助於我們進行校準。後續問題是關於三星的。這裡有兩種動態，因為我認為你也再次處於中端，但你仍然專注於高端。

I guess two questions there is, as you look into next year, given the exit of the mid-range, some of the gains in the high end, what do you think happens to the Samsung business there? And then secondly, in the event that Samsung is more successful with their internal chipset, which they're trying again on that, is that a benefit for Qorvo content?

我想有兩個問題，展望明年，考慮到中端市場的退出，以及高端市場的一些成長，您認為三星在那裡的業務會發生什麼？其次，如果三星在其內部晶片組方面取得更大的成功，並且他們正在再次嘗試，這對 Qorvo 的內容是否有好處？

I was glad to take the second part. The answer is yes. I would love for them to be successful with their internal base plan. Yes, or across business units, not just ACG.

我很高興接下第二部分。答案是肯定的。我希望他們的內部基礎計劃能夠成功。是的，或跨業務部門，而不僅僅是 ACG。

Yes. And you're right about exiting the (inaudible) here there as well. It takes longer. The design cycles are longer, sometimes they're using for multiple generations. So you can think of it very similar to how our China business is but further out in time. And so we've got some strong business still remaining there in the last year as well as some of the flagship I talked about. So that will continue on, and it will be about a year probably behind the China business.

是的。您關於退出（聽不清楚）這裡的說法也是對的。需要更長的時間。設計週期較長，有時要使用多代。因此，你可以認為它與我們在中國的業務非常相似，但時間更長。因此，去年我們在那裡仍然保留了一些強勁的業務以及我談到的一些旗艦業務。因此這種情況將會持續下去，並且可能比中國業務落後一年左右。

And as we look forward to the -- we talked a little bit about our success in the second half flagship. As we look forward in the first half flagship next year, we do expect that our content will probably decline there. They're not introducing a new technology from an RF standpoint, and so the opportunity there for more competition to come in goes up. And so you'll probably see some decline in our content on the spring model.

當我們展望未來時，我們稍微談論了下半年旗艦產品的成功。當我們展望明年上半年的旗艦產品時，我們確實預期我們的內容可能會下降。他們並沒有從射頻角度引入新技術，因此更多競爭的機會增加了。因此，您可能會看到我們的春季模型內容有所下降。

Karl Ackerman, BNP Paribas.

法國巴黎銀行的卡爾‧阿克曼。

Yes. With the SAW line, moving with your Richardson facility, which all of the consolidation of your Farmers Branch facility into that business in that fab two years ago. I guess, are you at or near full utilization in the Richardson facility? And then at what point do you need to (inaudible) add capacity here as we think about the free cash flow generation of that business. And I have a follow-up, please.

是的。隨著 SAW 生產線與 Richardson 工廠一起遷移，兩年前，Farmers Branch 工廠已全部併入該工廠的業務中。我想，理查森工廠的利用率是否已經達到或接近最大化了？那麼，當我們考慮到該業務的自由現金流產生時，什麼時候需要（聽不清楚）在這裡增加產能。我還有一個後續問題，請回答。

Sure, Karl this is Grant. No, we have room there in our Richardson facility to expand add the SAW line. We've improved the die size and overall device size of a number of our products over the years meaningfully, and that effectively increases your capacity as you don't have to run as many wafers to produce more die that are smaller. So we've been very successful at the die size reductions, and again, other device reductions in order to accommodate all of the BAW filter production that moved in from Farmers Branch as well as the projected SAW demand that we will move there from our North Carolina facility.

當然，卡爾，我是格蘭特。不，我們在理查森工廠有空間擴建 SAW 生產線。多年來，我們已經顯著改善了許多產品的晶片尺寸和整體設備尺寸，這有效地提高了您的產能，因為您不必運行那麼多晶圓來生產更多更小的晶片。因此，我們在縮小晶片尺寸方面非常成功，並且再次減小了其他設備的尺寸，以適應從法默斯布蘭奇遷來的所有 BAW 濾波器生產以及我們將從北卡羅來納州工廠遷往那裡的預期 SAW 需求。

Got it. Yes, if I could just go back to, I think, Gary's question a bit, given there seems to be no change in your smartphone unit assumption this year, I think you've been pretty consistent about double-digit content gains as largest customer. That doesn't pair any clear signs of tariff pull-ins, and I believe this the Android headwind of roughly $150 million was also consistent.

知道了。是的，如果我可以稍微回到加里的問題，考慮到今年你的智慧型手機部門假設似乎沒有變化，我認為你對作為最大客戶的內容增長兩位數的看法一直相當一致。這並沒有顯示出任何明顯的關稅拉動跡象，而且我相信，Android 約 1.5 億美元的逆風也是一致的。

So I suppose, barring macro uncertainty and maybe some push out of CSG for automotive. Those seem to be the two primary variables that would dictate whether we would move from what was the initial outlook of flat year-over-year growth? Or are there any other mechanics that we should consider when thinking about the growth rate for this year?

所以我認為，除非出現宏觀不確定性，而 CSG 可能會對汽車產業產生一定推動作用。這似乎是決定我們是否會改變最初對同比成長持平的預期的兩個主要變數？或者在考慮今年的成長率時我們還應該考慮其他因素嗎？

No. You're -- I think you're considering everything that we've said. Look, we could be wrong if we're overly conservative. We'll see how the unit volumes play out over the course of the year as well as the mix of those unit volumes as we see over the course of the year, that can meaningfully change our top line, obviously, depending on share shifts amongst the handset providers.

不。你——我想你正在考慮我們所說的一切。瞧，如果我們過於保守，我們可能會犯錯。我們將觀察全年銷售的變化情況以及全年銷售的組合情況，這顯然會顯著改變我們的營收，這取決於手機供應商之間的份額變化。

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

我們的問答環節到此結束。我想將會議交還給管理階層，請他們發表結束語。

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 let's 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交談。再次感謝，祝我們有個美好的夜晚。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。