科沃 (QRVO) 2026 Q2 法說會逐字稿

Good day, and welcome to the Qorvo, Inc second quarter 2026 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.

各位來賓，歡迎參加Qorvo公司2026年第二季財報電話會議。 （操作說明）請注意，本次會議正在錄音。

I would now like to turn the conference over to Doug DeLieto, Vice President, Investor Relations. Thank you, and over to you.

現在我將會議交給投資人關係副總裁道格‧德列托先生。謝謝，請您發言。

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

非常感謝。大家好，歡迎參加Qorvo 2026財年第二季財報電話會議。本次電話會議將包含前瞻性陳述，其中涉及風險因素，可能導致我們的實際績效與管理階層目前的預期有重大差異。我們建議您仔細閱讀今天發布的財報中的「安全港聲明」以及我們向美國證券交易委員會（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表現。

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.

在今天的新聞稿和電話會議上，我們將提供GAAP和非GAAP財務表現。我們提供這些補充信息，旨在幫助投資者對經營業績進行更全面的比較，並在排除某些非現金支出或其他可能掩蓋公司基本業績趨勢的項目影響後，分析財務表現。

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.

在本次電話會議中，我們的評論和與損益表項目的比較將主要基於非GAAP財務報表。如需了解GAAP與非GAAP財務指標的完整調節表，請參閱我們今天早些時候發布的盈利報告，該報告可在我們投資者關係網站ir.qorvo.com的「財務報告」欄位下查閱。

Lastly, for detailed information regarding the Skyworks and Qorvo combination announced on October 28, I encourage you to review the press release, investor presentation and related materials available on our Investor Relations website at ir.qorvo.com under Events and Presentations. Today's call, however, will focus on our fiscal second quarter results as well as our outlook for the December quarter.

最後，關於10月28日宣布的Skyworks和Qorvo合併的詳細信息，我建議您查閱新聞稿、投資者演示文稿以及相關資料，這些資料可在我們投資者關係網站ir.qorvo.com的“活動與演示”欄目下找到。不過，今天的電話會議將重點放在我們第二財季的業績以及對12月季度的展望。

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.

今天與我們一同出席的有：總裁兼執行長 Bob Bruggeworth；財務長 Grant Brown；銷售與行銷資深副總裁 Dave Fullwood；以及 Qorvo 管理團隊的其他成員。

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

那麼，我就把電話交給鮑伯了。

Thanks, Doug, and welcome, everyone, to our call. Qorvo delivered solid operating performance during our fiscal second quarter. I will cover the business strategy driving these results as well as restructuring actions we are taking to enhance profitability and quarterly strategic achievements. After that, Grant will discuss the financials.

謝謝Doug，也歡迎各位參加本次電話會議。 Qorvo在第二財季取得了穩健的營運表現。我將介紹推動這些業績的商業策略，以及我們為提升獲利能力和季度策略目標所採取的重組措施。之後，Grant將討論財務數據。

Qorvo is sharply focused on our highest performing businesses and we regularly evaluate each of our investment areas. We have divested or exited businesses that do not meet our financial or strategic objectives, and we continue to do so. We are restructuring CSG to increase our focus on our top opportunities and improve profitability.

Qorvo始終專注於績效最佳的業務，並定期評估各項投資領域。我們已剝離或退出不符合財務或策略目標的業務，並將繼續推動此類舉措。我們正在重組CSG，以更加專注於最有價值的投資機會並提升獲利能力。

We are narrowing our focus in ultra-wideband opportunities to automotive, industrial and enterprise markets where customer pull for our technologies is increasing and we are reducing our spend related to mobile and consumer applications, which are more fragmented today.

我們將超寬頻機會的焦點縮小到汽車、工業和企業市場，這些市場對我們技術的需求正在不斷增長；同時，我們正在減少與行動和消費應用相關的支出，因為這些應用目前更加分散。

We have consolidated our CSG organizational structure to reflect this increased focus. These actions coupled with associated cuts and corporate support functions are expected to reduce operating expenses by approximately $70 million per year in fiscal 2027.

為體現這項新的策略重點，我們已整合了CSG的組織架構。這些舉措，加上相關的成本削減和公司支援職能的調整，預計將在2027財年每年減少約7,000萬美元的營運支出。

In ACG, we're driving a richer mix toward premium and flagship smartphone tiers as we reduce exposure to lower-margin mass tier Android. Our pricing and portfolio actions are ahead of expectations and now we anticipate lower margin Android revenue to decline by roughly $200 million this fiscal year and by more than $200 million next year.

在ACG部門，我們正努力將產品組合向高階和旗艦智慧型手機領域傾斜，同時減少對低利潤率大眾安卓手機的投入。我們的定價和產品組合調整措施超出預期，目前我們預計本財年低利潤率安卓手機的營收將下降約2億美元，明年將下降超過2億美元。

This disciplined approach is improving ACG's profitability as we concentrate on higher-value 5G RF content for premium and flagship smartphones that demand more advanced RF performance. Within our factory network, we are also executing on cost and productivity initiatives to reduce capital intensity and structurally enhance gross margin.

這種嚴謹的策略正在提升ACG的獲利能力，因為我們專注於為高階旗艦智慧型手機提供更高價值的5G射頻組件，以滿足其對更先進射頻性能的需求。同時，我們也在工廠內部推行成本和生產力提升計劃，以降低資本密集度並從根本上提高毛利率。

Our manufacturing strategy is to internally produce the most differentiated elements of our products, geographically aligned production with customers and suppliers and leverage the scale, capabilities and cost effectiveness of our outsourced partners.

我們的製造策略是內部生產產品中最具差異化的零件，在地理位置上與客戶和供應商保持一致的生產，並利用外包合作夥伴的規模、能力和成本效益。

Over two-third of Qorvo's production costs are external. This includes procured raw materials, wafers purchased from external foundries as well as packaging, assembly and test operations. Prior actions to optimize our global operations include the sale of our factories in Beijing and Dezhou, China. And the transition of our GaAs wafer production from North Carolina to Oregon.

Qorvo超過三分之二的生產成本來自外部。這包括採購的原料、從外部代工廠購買的晶圓以及封裝、組裝和測試等工序。先前為優化全球運營，我們已出售位於中國北京和德州的工廠，並將GaAs晶圓生產線從北卡羅來納州轉移至俄勒岡州。

We are on track to close our facility in Costa Rica and transition to external partners. We have begun the process of transferring SAW filter production to our Richardson, Texas, and we are on track to shut down the North Carolina facility once the transfer is complete. This positions our factory footprint strategically to manufacture GaAs, GaN, BAW, SAW and advanced multi-chip modules, all onshore in the United States. This is critical to D&A customers and increasingly a strategic differentiator to customers in other markets.

我們正按計劃關閉位於哥斯達黎加的工廠，並將生產轉移給外部合作夥伴。我們已開始將聲表面波（SAW）濾波器生產線轉移至位於德克薩斯州理查森的工廠，一旦轉移完成，我們將關閉位於北卡羅來納州的工廠。這將使我們的工廠佈局更具戰略意義，能夠在美國本土生產砷化鎵（GaAs）、氮化鎵（GaN）、體聲波（BAW）、聲表面波（SAW）以及先進的多晶片模組。這對D&A的客戶至關重要，並且日益成為我們與其他市場客戶之間的策略差異化優勢。

Turning to our quarterly highlights. In ACG, we supported a seasonal ramp during the quarter at our largest customer. We are benefiting from strong unit volumes across existing platforms and greater than 10% year-over-year content growth on the ramping platform. We grew across each of our four primary product categories we supply to our largest customer. They include antenna tuners, high-performance filters and switches, integrated modules and envelope tracking power management.

接下來是本季的亮點。在ACG業務方面，我們在本季為最大客戶提供了季節性產能提升支援。現有平台銷售強勁成長，而產能提昇平台的年成長率超過10%，這些都讓我們受益匪淺。我們為最大客戶提供的四個主要產品類別均實現了成長，包括天線調諧器、高性能濾波器和開關、整合模組以及包絡追蹤電源管理。

Within the Android ecosystem, revenue declined sequentially as expected. At our largest Android customer, we supported their second half flagship launch with a broad set of solutions. In China, ACG sales to China-based Android OEMs were approximately $65 million versus just under $100 million in the prior quarter.

在安卓生態系中，營收如預期般較上季下降。我們最大的安卓客戶透過一系列解決方案，為其下半年旗艦產品的發布提供了支援。在中國，ACG面向中國安卓OEM廠商的銷售額約6,500萬美元，而上一季略低於1億美元。

In HPA, we supported a broad range of mission-critical D&A applications, including land, sea, air and space radar systems, drones, electronic warfare, missile defense and military and commercial satellite communications. Our leading-edge beam forming technology is helping to modernize defense platforms and satellite terminals and we are leveraging our advanced capabilities and scale in filtering and RF power to counter evolving enemy jamming capabilities.

在HPA，我們為廣泛的關鍵任務型國防與分析應用提供支持，包括陸地、海洋、空中和太空雷達系統、無人機、電子戰、飛彈防禦以及軍用和商用衛星通訊。我們領先的波束成形技術正在協助國防平台和衛星終端的現代化，同時，我們也在利用自身在濾波和射頻功率方面的先進能力和規模優勢，應對不斷演變的敵方幹擾能力。

We expect double-digit year-over-year growth in defense and aerospace markets driven by new platforms, upgrade cycles, RF content and increases in US and allied defense spending. Qorvo is a strategic supplier to the US government and to US primes, and we enjoy broad exposure to RF content growth opportunities and critical programs such as the proposed Golden Dome multilayer defense system. Outside the US, Qorvo is also a beneficiary of increased EU and allied defense spending.

我們預計，在新型平台、升級週期、射頻技術應用以及美國及其盟國國防開支增加的推動下，國防和航空航天市場將實現兩位數的同比增長。 Qorvo是美國政府和美國主要承包商的策略供應商，我們廣泛參與射頻技術成長機會和關鍵項目，例如擬建的「金色穹頂」多層防禦系統。在美國以外，Qorvo也受惠於歐盟及其盟國國防開支的增加。

In power management, we supported the launch of a popular smartwatch that earned media coverage for its broad set of features, including superior fast charging capabilities. We are also a market leader in PMICs for the solid-state drive market and see increasing tailwinds in the data center portion of our business.

在電源管理領域，我們支援了一款廣受歡迎的智慧手錶的上市，該手錶憑藉其豐富的功能（包括卓越的快速充電能力）贏得了媒體的廣泛關注。我們也是固態硬碟電源管理積體電路 (PMIC) 領域的市場領導者，我們看到資料中心業務領域正迎來日益強勁的成長勢頭。

We are leveraging the performance advantages of our PMIC and motor control portfolio to expand content in AESA radars, drones, enterprise and AI data centers, smartphones and wearables. In infrastructure markets, Qorvo is benefiting with the industry's transition to DOCSIS 4.0 where Qorvo is a leading supplier of broadband amplifiers. There also continues to be solid demand for our base station small signal devices.

我們正充分利用自身在電源管理積體電路（PMIC）和馬達控制產品組合的效能優勢，拓展在主動相控陣雷達（AESA）、無人機、企業和人工智慧資料中心、智慧型手機和穿戴式裝置等領域的應用。在基礎設施市場，隨著產業向DOCSIS 4.0的轉型，Qorvo也從中受益，成為寬頻放大器領域的領先供應商。此外，市場對我們的基地台小訊號器件的需求依然強勁。

In CSG, we're collaborating with a large automotive Tier 1 to scale ultra-wideband use cases, and our lead program is on track to ramp early next year. We are also supplying ultra-wideband solutions to Tier 1 equipment manufacturers for WiFi 7 network access points with ultra-wideband integrated into network access points, high-density venues can achieve ultra-precision location awareness. Locations include factories, warehouses, corporate campuses, hospitals, stadiums and transportation centers.

在CSG，我們正與一家大型一級汽車供應商合作，擴大超寬頻應用場景，我們的主導專案預計將於明年初按計畫啟動。此外，我們也為一級設備製造商提供超寬頻解決方案，用於整合超寬頻功能的WiFi 7網路存取點，使高密度場所（例如工廠、倉庫、企業園區、醫院、體育場館和交通樞紐）能夠實現超高精度的定位感知。

Key applications include indoor navigation, occupancy sensing, asset tracking and touchless fare transactions. In addition to ultra-wideband, the content opportunity for Qorvo and these access points also includes WiFi front-end and filtering solutions. WiFi 7 is being adopted broadly given its performance advantages in throughput, latency, efficiency and network capacity and Qorvo is supporting broad adoption across routers, mesh networks and client devices. We are also collaborating with market-leading chipset providers to support the development of WiFi 8 and delivered first samples in the September quarter.

關鍵應用包括室內導航、佔用感知、資產追蹤和非接觸式票務交易。除了超寬頻之外，Qorvo及其存取點還為WiFi前端和過濾解決方案提供了更多應用機會。鑑於WiFi 7在吞吐量、延遲、效率和網路容量方面的效能優勢，它正被廣泛採用，而Qorvo正支援其在路由器、網狀網路和客戶端設備上的廣泛應用。我們也與市場領先的晶片組供應商合作，支援WiFi 8的開發，並已於9月交付了首批樣品。

Looking across our operating segments. In ACG, we're investing to expand our content opportunity with our largest customer, while continuing to serve Android's premium and flagship tiers.

縱觀我們各個營運部門。在ACG業務方面，我們正在加大投資，以拓展與我們最大客戶的內容合作機會，同時繼續服務Android的高端和旗艦用戶。

In HPA, we're investing to grow our satellite communications defense and aerospace and power management businesses and maintain leadership in infrastructure markets. In CSG, we are targeting growth in network access points and diversification in markets including automotive, enterprise and industrial.

在HPA領域，我們正加大投資，以發展衛星通訊、國防、航空航太和電源管理業務，並保持在基礎設施市場的領先地位。在CSG領域，我們的目標是發展網路存取點業務，並實現包括汽車、企業和工業在內的市場多元化。

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

接下來，我將把麥克風交給格蘭特。

Thank you, Bob, and good afternoon, everyone. Qorvo's fiscal second quarter revenue of $1.059 billion, non-GAAP gross margin of 49.7% and non-GAAP diluted earnings of $2.22 per share, all compared favorably to guidance.

謝謝鮑勃，大家下午好。 Qorvo第二財季營收為10.59億美元，非GAAP毛利率為49.7%，非GAAP攤薄後每股收益為2.22美元，皆優於預期。

During the quarter, our largest customer represented approximately 55% of revenue. On the balance sheet, as of quarter end, we held approximately $1.1 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 $605 million. This represents a sequential reduction of $33 million and a decrease of $89 million on a year-over-year basis.

本季度，我們最大的客戶貢獻了約 55% 的收入。截至季末，我們的資產負債表顯示，我們持有約 11 億美元的現金及現金等價物。目前，我們約有 15 億美元的長期債務未償付，近期無到期債務。本季末，我們的淨存貨餘額為 6.05 億美元，季減 3,300 萬美元，年減 8,900 萬美元。

During the quarter, we generated operating cash flow of approximately $84 million and incurred $42 million of capital expenditures, which resulted in free cash flow of $42 million. Regarding our outlook for fiscal Q3, our guidance reflects strong execution and demand across multiple end markets. We are seeing continued momentum in HPA, offset by our exit from lower-margin entry-tier Android and the normal seasonal decline at our largest customer heading into December.

本季度，我們實現了約 8,400 萬美元的營運現金流，並投入了 4,200 萬美元的資本支出，由此產生了 4,200 萬美元的自由現金流。關於第三財季的展望，我們的業績指引反映了多個終端市場強勁的執行力和需求。 HPA 業務持續保持成長勢頭，但部分被我們退出低利潤率的入門級安卓市場以及我們最大客戶在 12 月的正常季節性下滑所抵消。

Our expectations for the December quarter are as follows: revenue of $985 million plus or minus $50 million, non-GAAP gross margin between 47% and 49% and non-GAAP diluted EPS of $1.85, plus or minus $0.20. Gross margin continues to improve on a year-over-year basis. Q2 non-GAAP gross margin increased approximately 270 basis points versus last fiscal year and Q3 non-GAAP gross margin is expected to increase 150 basis points versus last quarter at the midpoint.

我們對12月季度的預期如下：營收為9.85億美元，上下浮動5000萬美元；非GAAP毛利率為47%至49%；非GAAP攤薄後每股收益為1.85美元，上下浮動0.20美元。毛利率持續改善。第二季非GAAP毛利率較上年同期成長約270個基點，預計第三季非GAAP毛利率（取中間值）較上季成長150個基點。

This improvement is a direct result of multiple initiatives. We've actively managed our product portfolio and pricing strategies to reduce 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 have divested or exited margin-dilutive businesses. And we continue to manage factory costs aggressively while consolidating our manufacturing footprint. We project non-GAAP operating expenses in the December quarter to be between $255 million and $260 million.

這項改善是多項措施的直接成果。我們積極管理產品組合和定價策略，以降低大眾市場Android 5G產品的風險敞口。我們已做好充分準備，使公司能夠從折舊和攤銷（D&A）的成長中獲益，鑑於該業務的高產品組合、低銷量特性，D&A的成長能夠提升利潤率。我們已剝離或退出了會稀釋利潤率的業務。同時，我們持續積極控制工廠成本，並整合生產佈局。我們預計12月季度的非GAAP營運費用將在2.55億美元至2.6億美元之間。

The sequential decrease in OpEx reflects lower incentive-based compensation, continued OpEx discipline and our restructuring efforts within CSG and associated corporate support functions. These actions are included in our December quarter OpEx guidance. Below the operating income line, non-operating 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.

營運支出環比下降反映了激勵性薪酬的減少、持續的營運支出控制以及我們在CSG及相關公司支援職能部門內部的重組工作。這些措施已納入我們12月季度的營運支出預期。在營業收入項下，非經營性支出預計約為1,000萬美元，主要包括固定利率債務的利息支出，部分被現金餘額的利息收入、匯兌損益等項目抵銷。

Our non-GAAP tax rate for fiscal '26 is expected to be approximately 15%. We continue to monitor the situation as a specific implementation of the new tax bill in the US, as well as changes to international tax policy may evolve over time. We are confident the steps we are taking today across our product portfolio, business segments, manufacturing footprint positions 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.

我們預計2026財年的非GAAP稅率約為15%。我們將持續關注美國新稅法的具體實施情況以及國際稅收政策的變化。我們相信，目前在產品組合、業務板塊和生產佈局方面採取的各項措施，將使公司具備提升獲利能力的實力。隨著2026財年和2027財年的推進，這些策略措施的益處將逐步顯現。

Before we open the call for questions, I'd like to reiterate that the purpose of today's call is to discuss our quarterly results and outlook and we appreciate you keeping your questions focused on these topics.

在正式開始提問環節之前，我想重申一下，今天電話會議的目的是討論我們的季度業績和展望，感謝各位將問題集中在這些主題上。

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

現在請開通提問通道。謝謝。

(Operator Instructions)

（操作說明）

Karl Ackerman, BNB Paribas.

卡爾‧阿克曼，法國巴黎銀行。

Yes, thank you. It seems like you're now assuming a $200 million headwind from exiting the low end of the China Android market. I think that's a bit more than you previously envisioned of $150 million to $200 million. Could you address why that is the case for this year and next year? And if there's anything else that's happening with respect to the mid-tier market or if it's just something else? Thank you.

是的，謝謝。看來您現在預計退出中國低階安卓市場將造成2億美元的損失。我認為這比您之前預估的1.5億至2億美元要高一些。您能否解釋一下為什麼今年和明年會出現這種情況？中端市場方面是否還有其他變化，或者只是其他原因？謝謝。

Hey Karl, this is Dave. I can answer that one. Yes. So the $200 million decline that Bob mentioned is going to be more weighted towards the back half of the year and even more so in March for a couple of reasons.

嗨，卡爾，我是戴夫。我可以回答這個問題。是的。鮑伯提到的2億美元下滑幅度將更集中在下半年，尤其是在3月份，原因有二。

So if you recall, last time, we said we gained content in our largest Android customer in their second half flagship. So we'll be on the other side of that when we get into March. And we also mentioned that we would have lower content this year on their first half flagship ramp next year.

所以，如果你還記得的話，上次我們說過，我們最大的安卓客戶在下半年旗艦機型的發布中獲得了更多內容。到了三月份，我們將迎來下半年的發售高峰。我們也提到過，明年上半年旗艦機型的發布量會比去年減少。

So those two are factors, but the bigger factor is really just the timing of those mass tier models that we continue to support as we made this pivot in our Android business. Those are now ramping down, and we're not obviously replacing them with new designs heading into next year. So that's probably the bigger impact that you're seeing is driving now.

所以，這兩個因素固然重要，但更重要的因素其實在於我們持續支持的那些大眾市場機型的停產時機，因為我們正在進行安卓業務的轉型。這些機型現在正在逐步停產，而且我們顯然不會在明年推出新款來取代它們。所以，這或許才是目前影響最大的因素。

Got it. for my follow-up, how would you rank order the December quarter outlook across HPA, CSG and ACG? I appreciate some of the initial commentary you gave with respect to the decline of Android and seasonal decline of Apple, but I guess as we look out into HPA from December quarter and into next year, just click on that and see if that, in fact, will be the best performing segment for December of next year thank you.

明白了。我的後續問題是，您會如何對HPA、CSG和ACG這三個業務部門在12月季度的業績展望進行排序？我感謝您之前對Android業務下滑和蘋果業務季節性下滑的一些評論，但我想，如果我們從12月季度開始展望HPA業務，並展望明年，只需點擊查看它是否真的會成為明年12月表現最佳的業務板塊即可。謝謝。

Sure, Karl. Let me take a stab at it and then Philip can jump in. Over the course of the year, we do expect our D&A business to continue to increase quarter-over-quarter just given the seasonal nature of customer order patterns there, and we're still expecting that to be the case.

當然，卡爾。我先試著說說，然後菲利普再補充。考慮到客戶訂單模式的季節性特點，我們預計今年以來，我們的D&A業務將繼續環比成長，我們仍然預期情況會如此。

We had some very strong growth in that business. On a year-over-year basis, it was over 25%. HPA was up 25% on a year-over-year basis in the last quarter. And we feel very strongly that that's a very high-performing area from a growth perspective.

該業務成長非常強勁，較去年同期成長超過25%。上個季度，HPA年增25%。我們堅信，從成長角度來看，這是一個表現非常出色的領域。

Yeah, I would add. So outside of D&A, we're also seeing quite a bit of strength in our infrastructure business. In our broadband business, as we've talked about, DOCSIS 4.0 continues to roll out really, really strong ramp. We see continuing throughout this year and into next year as well.

是的，我還要補充一點。除了數據與分析業務之外，我們的基礎設施業務也表現強勁。正如我們之前提到的，寬頻業務方面，DOCSIS 4.0 的部署速度非常快，而且預計今年甚至明年都會保持強勁勢頭。

And then on our base station business, kind of our core base station business that goes into kind of the radio stuff, that's doing well. But we're really seeing a proliferation of those products into some new markets that we're excited about. The first is drones both two-way and one-way drones are using both 4G and 5G products as one of their communication path. So we're seeing strength this year. This quarter, next quarter and into next year for that.

然後是我們的基地台業務，也就是我們核心的基地台業務，主要涉及無線電相關領域，這部分業務發展良好。但更令人興奮的是，我們看到這些產品正在向一些新市場迅速擴張。首先是無人機，無論是雙向無人機還是單向無人機，它們都在使用4G和5G產品作為通訊方式之一。因此，我們預計今年、本季、下季以及明年，這部分業務都將保持強勁成長動能。

And then also, if you think about it, as you look at these direct to cell satellites, really, they're base stations in the sky. And so we're seeing the same products that we use going here, terrestrial going up into space into these applications. So we expect that to continue, and that's why we're pretty optimistic about double-digit growth going into next year as well.

而且，仔細想想，這些直接面向蜂巢網路的衛星其實就是天空中的基地台。因此，我們看到我們在地面上使用的產品也應用到了太空領域。我們預計這種趨勢會持續下去，這也是為什麼我們對明年兩位數的成長充滿信心的原因。

Chris Caso, Wolfe Research.

克里斯‧卡索，沃爾夫研究公司。

Yes, thanks. Good evening. I guess the first question is in light of some of what you're saying about some of the Android decline weighted towards the March quarter. What should we think with regard to March quarter seasonality? What do you consider normal seasonality to be? And what are the factors that we should consider when comparing to normal seasonality this year?

是的，謝謝。晚安.我想問的第一個問題是，鑑於您剛才提到安卓用戶在三月的下滑趨勢，我們應該如何看待三月的季節性波動？您認為正常的季節性波動是什麼樣的？與今年的正常季節性波動相比，我們應該考慮哪些因素？

Sure. Chris, this is Grant. Let me take that one. We're not guiding Q4 or the full year at this time. But we're encouraged by the strength that we saw in the first half, but we're mindful of the typical seasonality as you mentioned, in the back half where we see our largest customer ramping down typically in the March and June periods and then as we pivot away from some of the lower-margin Android business as Dave pointed out earlier, to be especially impactful in fiscal Q4.

當然。克里斯，我是格蘭特。讓我來回答這個問題。我們目前不提供第四季或全年業績指引。但我們對上半年的強勁表現感到鼓舞，不過正如你所提到的，我們也注意到下半年的季節性因素，我們最大的客戶通常會在三月和六月期間逐步減少訂單，而且正如戴夫之前指出的，隨著我們逐步減少一些利潤率較低的安卓業務，這些因素對第四財季的影響可能會尤為顯著。

Now that said, we are executing on our strategy to focus on driving meaningful productivity improvements. And so from our standpoint, we're executing that strategy. We're focusing on a premium flagship tiers and this is something you're starting to see in our gross margin profile.

綜上所述，我們正在執行旨在顯著提升生產力的策略。因此，就我們而言，我們正在貫徹執行該戰略。我們專注於高端旗艦產品系列，這一點您已經開始從我們的毛利率表現中看到。

I mean, we committed to hitting high 40s and we're doing just that and we're getting very close to 50 points of gross margin in a seasonally strong quarter. So we are hard at work executing on profitability and executing to our strategy to pivot away from Android -- low-tier Android, excuse me.

我的意思是，我們承諾毛利率要達到40%以上，而我們正在實現這個目標，而且在這樣一個季節性強季度，我們的毛利率已經非常接近50%。所以我們正在努力提高獲利能力，並執行我們的策略，逐步擺脫對安卓——抱歉，是低端安卓——的依賴。

Great. Well, you mentioned gross margins and that was going to be my follow-up. And there's a lot of moving parts as we go into next year. There's still some things you're doing with the factories in order to drive efficiency, but you just said that -- I would imagine the mix gets better as you exit some of the low-tier Android.

好的。你剛才提到了毛利率，那正是我要問的。明年有很多變數。你們還在工廠方面做一些工作來提高效率，但你剛才也說了——我想隨著你們退出一些低階安卓產品線，產品組合會變得更好。

So how does that result in gross margins? What are the puts and takes we should think about gross margins next year?

那麼，這會如何影響毛利率呢？明年我們應該對毛利率有哪些預期和擔憂？

Sorry, you're breaking up. Can you repeat the end of your question?

抱歉，你的語音斷斷續續的。你能再說一次你問題的結尾嗎？

Just what -- in terms of what we should expect, the puts and takes on gross margins for next year?

那麼，就我們該對明年的毛利率抱持怎樣的預期呢？

Sure. So the business mix is one of them. It will be meaningfully helpful for us as we see HPA and defense and aerospace and other areas grow as a percentage of our total top line. That's very impactful. And then product mix within the segments, especially ACG, where we have already communicated our exit from the low-tier Android area.

當然。業務組合是其中之一。隨著HPA、國防、航空航太和其他領域在我們總收入中所佔比例的成長，這將對我們大有裨益。這影響非常大。此外，各細分市場的產品組合也很重要，尤其是ACG（航空、通訊、集團），我們已經宣布退出低階安卓市場。

So the premium and flagship products there. In terms of that portfolio will be helping from a mix standpoint. And then the factory actions that we're executing on bringing more volume to our other locations also helps significantly. We've talked through Costa Rica and the closure there is on track.

所以，高端和旗艦產品方面，從產品組合的角度來看，這將有所幫助。此外，我們正在實施的工廠改造措施，旨在提高其他工廠的產量，這也起到了顯著作用。我們已經討論過哥斯達黎加工廠的關閉事宜，目前一切進展順利。

Transfer of our SAW capacity from Greensboro to Texas is also on track, and we'd expect that to be beyond fiscal '27 and I think all the other cost reduction efforts that we're doing, the standard blocking and tackling, yield improvements, cost downs and all the other things are more standard activity are all on target.

我們將 SAW 產能從格林斯伯勒轉移到德克薩斯州的計劃也正在按計劃進行，我們預計這將在 2027 財年之後完成。我認為我們正在進行的所有其他成本削減工作，包括標準的施工、提高產量、降低成本以及所有其他更常規的活動，都已按計劃進行。

Harsh Kumar, Piper Sandler.

哈什·庫馬爾，派珀·桑德勒。

Yeah, hey guys, It's first of all, really good results. Maybe, Grant, one for you. In your guidance, I'm looking at your margins versus what you just delivered for the September quarter.

嘿，夥計們，首先，業績真的非常棒。格蘭特，也許有一點需要你注意。在你的業績指引中，我主要關注的是你的利潤率與九月季度實際業績的對比。

And I would have thought that your margins wouldn't be down quite the way they're guiding to. So I guess I'm curious if it's just revenues that are driving this? Or is there other factors in play?

我原以為你們的利潤率不會像他們預測的那樣下降那麼多。所以我很好奇，這只是營收下降造成的嗎？還是還有其他因素在作用？

Because you've got a lot of positives going on in the margin structure as well that fundamentally that you're driving to. So I just want to understand the factors driving the margin for the December quarter guidance.

因為利潤率結構中有很多正面因素，而這些因素從根本上推動了利潤率的成長。所以我只是想了解影響12月季度利潤率指引的因素。

Sure. It's generally the case that as we're ramping down and as we start to see that happen in the December quarter as we are heading into the March, it tends to -- the utilization tends to lead the revenue there. So we're seeing some of that. It's not atypical. I would say that the margin performance is still substantially improved on a year-over-year basis.

當然。通常情況下，隨著產能逐步下降，尤其是在12月季度進入3月季度時，產能利用率往往會帶動營收下降。所以我們目前也看到了這種情況，這並不罕見。我認為，與去年同期相比，利潤率表現仍顯著提升。

And so even on the revenue bases that we've been guiding to, you can see that impact. So my view is it's strong improvement and we'd expect that to continue as we move through fiscal '26 and into '27. I wouldn't read anything too meaningful into any of the subtle variations from a quarter-to-quarter basis other than generally the mix.

因此，即使在我們一直預期的收入基礎上，也能看到這種影響。所以我認為這是一個顯著的改善，我們預計這種改善趨勢將在2026財年和2027財年持續下去。除了整體產品組合的變化之外，我不認為季度間的細微波動有什麼特別的意義。

Okay. And then maybe one for Bob. Bob, on aerospace and defense, you've got some pretty good -- pretty large goals, but you're also doing really well. We know the market is healthy. So maybe help us understand two things.

好的。接下來或許可以問鮑伯一個問題。鮑勃，在航空航太和國防領域，你設定了一些非常好的目標——相當宏大的目標，你做得也非常好。我們知道市場很健康。所以，或許你可以幫我們理解兩件事。

One, what is the scale right now? Like how big is this business right now? You mentioned it's up 25% year-on-year, but just in absolute dollars, if you can. And then specifically, right now, what kind of technologies or end applications are working for Qorvo to drive that revenue growth?

首先，目前的規模如何？這家公司現在的規模有多大？您提到年比成長了25%，但能否具體說明一下絕對金額？其次，目前Qorvo主要依賴哪些技術或終端應用來推動營收成長？

Thanks, Harsh. It's hard for me to contain Philip when it comes to this. So I'm just going to let him go ahead and talk and add a little color but I appreciate the question on the Defense business. As you said, it's doing fantastic, and producing great products and really doing an extremely good job. Philip?

謝謝，哈什。菲利普在這個問題上很難控制自己。所以我就讓他繼續說下去，補充一些細節吧。不過，我很感謝你問到國防業務的問題。正如你所說，國防業務發展得非常出色，產品也很棒，做得非常好。菲利普？

Yes. So Harsh, I would say that we've sized it publicly before. So I would say kind of mid-$400 million and growing. I think we had commented in our last call that we have funnel and it is continuing to grow. It actually grew another $2 billion in the funnel over this quarter alone.

是的。所以，Harsh，我想說我們之前已經公開估算過規模了。大概在4億美元左右，而且還在成長。我想我們在上次電話會議上提到過，我們的潛在客戶管道正在持續成長。事實上，光是本季度，潛在客戶管道就成長了20億美元。

Really, where we're seeing the applications, they're pretty broad-based. And so it's maybe a long answer to your question, but I'll try to kind of hit some of the highlights. So one of the areas that we're really seeing it is the US is looking at how do you build new capabilities both in drones which require a lot of different kind of technologies both radar and comms. So there's a whole lot of more and better RF that's needed to scale that up.

實際上，我們看到這些應用領域非常廣泛。所以，回答你的問題可能需要一些時間，但我會盡量概括一些要點。其中一個重點領域是美國正在研究如何建造無人機的新功能，這需要雷達和通訊等多種技術。因此，要擴大規模，需要更多更先進的射頻技術。

The other area is in electronic warfare, where we're looking to come up with new ways to drive spectrum dominance in that area. And in electronic warfare, one area that is really growing rapidly is the use of solid-state PAs to be able to do more direct energy type defensive and offensive applications. That is a sweet spot for our technology. And so just a tremendous amount of opportunity there.

另一個領域是電子戰，我們正在探索新的方法來提升我們在該領域的頻譜優勢。在電子戰領域，固態功率放大器（PA）的應用發展迅猛，能夠實現更多直接能量型的防禦和進攻應用。這正是我們科技的優勢所在，蘊藏著巨大的機會。

But in addition to that, I would say in our core markets, whether -- and I would say, core markets in defense and aerospace is really the radar-based platform. Whether that's land, sea, air, we are seeing a whole new set of capability needs that are what the US government calls an urgent need and it really fits into the sweet spot of what we do.

但除此之外，我想說的是，在我們核心市場——國防和航空航天領域的核心市場實際上是基於雷達的平台——無論是陸地、海洋還是空中，我們都看到了一系列全新的能力需求，這些需求被美國政府稱為迫切需求，而這恰恰是我們業務的優勢所在。

And then you layer on top of that, the -- if you look at Golden Dome and what they're trying to do in any kind of missile defense system, you're going to need land-based assets, you're going to need air-based assets, you're going to need space-based assets. All of those platforms that they're looking at, we are in those platforms. And so that will be a tailwind for us as well. So it's really broad-based. I can't just pick one that is driving it.

然後，在此基礎上，如果你看看金穹頂計畫以及他們試圖在任何飛彈防禦系統中實現的目標，你會發現你需要陸基資產、空基資產和天基資產。他們正在研究的所有平台，我們都有涉及。因此，這對我們來說也是一個有利因素。所以，這是一個非常廣泛的因素。我無法只指出哪一個因素在推動它。

But we're seeing a lot of tailwinds and especially because I think I would add as the administration has really laying -- starting to become very clear on what their priorities are. And those priorities really do fit with what we're doing. And I mean that doesn't even include what's happening on the NATO side in Europe as they increase their defense budgets up to 3.5% of GDP. So again, a lot of positive things that are happening.

但我們看到很多利多因素，尤其是我認為，隨著本屆政府開始真正明確其優先事項，情況就更加有利了。而這些優先事項與我們正在做的事情確實不謀而合。我的意思是，這還不包括北約方面在歐洲發生的事情，他們將國防預算提高到GDP的3.5%。所以，再次強調，有很多正面的事情正在發生。

Thank you so much.

太感謝了。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Hi, thanks so much for the question. I guess as we think about '27, are we still thinking about like mid-single digit? Are we thinking about growth overall for ACG. And then additionally, you have talked increasingly about integrated modules. Would love an update there on your capabilities, your differentiation and the likelihood you think you get some new sockets here, that would be great.

您好，非常感謝您的提問。我想，展望2027年，我們是否仍預期成長率會維持在個位數中段？我們是否在考慮ACG的整體成長？此外，您最近多次提到整合模組。非常希望您能更新這方面的能力、差異化優勢，以及您認為能否藉此獲得一些新的市場份額，這將非常有用。

Yeah, sure, Chris. Let me take the first part, and then Frank can jump in. Obviously, really excited about our technology, but it's too early to comment on fiscal '27 at this point. So we won't be making any commentary there at this point in the game, but we'll have more to talk about probably as the year advances. I'll let Frank comment on integrated modules.

好的，克里斯。我先說第一部分，然後弗蘭克可以接著說。顯然，我們對我們的技術感到非常興奮，但現在評論2027財年還為時過早。所以目前我們不會就此發表任何評論，但隨著時間的推移，我們可能會有更多內容可以討論。關於整合模組，就讓弗蘭克來談談吧。

Yeah, hey Chris, similar feedback with respect to things at our largest customer. Too early to say at this time. We're working very hard on product development, not just for next year, but for the next three years. I do want to say I'm really proud of the ACG team and all the work they do.

是的，克里斯，我們最大的客戶那邊也收到了類似的回饋。現在下結論還為時過早。我們正在全力以赴地進行產品研發，不僅著眼於明年，更著眼於未來三年。我真心為ACG團隊和他們所做的一切感到驕傲。

Great. And then as we talk about the merger, are there still any opportunities? Would you consider any merger opportunities, even tuck-ins, any acquisition from that standpoint, any divestitures, any buybacks, any OpEx changes or any like footprint consolidation beyond what you've already announced? Or should we just kind of think steady state Qorvo until all the approvals and the merger is done.

好的。那麼，說到合併，還有其他機會嗎？您會考慮任何合併機會嗎？包括補充收購、剝離、回購、營運支出調整，或您已宣布的計劃之外的任何類似的業務整合？還是我們應該等到所有審核通過、合併完成後再考慮維持Qorvo的穩定營運？

I appreciate the question. And I think what's most important is we also have to keep in mind that we are going to be running separate and independent companies. So there is latitude in our agreements for us to make changes and do things that we want to be able to do, but you got to remember, we're running these as separate companies.

感謝您的提問。我認為最重要的是，我們必須牢記，我們將經營的是兩家獨立經營的公司。因此，我們的協議允許我們做出一些調整，做一些我們想做的事情，但您必須記住，我們是作為兩家獨立的公司來運作的。

Yeah, okay. I think that answers it. Thanks, Bob.

好的，我想這下明白了。謝謝你，鮑伯。

Krish Sankar, Cowen and Company.

Krish Sankar，Cowen and Company。

Yeah, thanks for taking my question. I have two of them on mobile. First one, Bob, can you give an update on your progress with your biggest customer on the mid- to high band side. It seems like that's a big opportunity. Is there any way to figure out how that's progressing and when we should start seeing some results or any time line for that? I have a follow-up.

是的，謝謝您回答我的問題。我手機上有兩個問題。第一個問題，Bob，您能更新一下您與中高端客戶合作的最新進展嗎？這似乎是一個很大的機會。有什麼方法可以了解進展情況，以及我們什麼時候能看到一些成果，或是有沒有什麼時間表？我還有一個後續問題。

I appreciate the question. And you can imagine that's a topic that we just can't cover and comment about where we're at. And I think Frank has already said how proud he is on the team and how well they're executing. But time will tell and patience, please.

感謝您的提問。您也知道，目前我們無法就此主題展開討論或發表評論。我想弗蘭克已經表達了他對球隊的自豪之情，以及他們出色的執行力。但最終結果如何，時間會給出答案，請大家耐心等待。

Fair enough. Fair enough. All right. And then a follow-up, post exiting the lower tier Android, how should we think about your Android and China exposure? Are you still chasing 15% to 20% of the Android market today? How to think about how it splits between China and your big non-China Android customer. And I think you kind of commented a little bit on March quarter. I'm just wondering, besides the lower tier Android in March and seasonality are there any idiosyncratic things you had to worry about in March quarter? Thank you.

好吧，好吧，好的。那麼，在退出低端安卓市場之後，我們該如何看待你們在安卓和中國市場的佈局？你們現在還在追求15%到20%的安卓市佔率嗎？你們如何看待中國市場和你們在海外的大客戶群之間的市佔率分配？我想你們之前也稍微提到過三月的季度業績。我想問的是，除了三月低端安卓市場和季節性因素之外，你們在三月的季度還有哪些特別需要注意的地方？謝謝。

We still feel very strongly about our strategy to pursue the premium and flagship tiers of Android, right? They're going to have a product portfolio and they're going to compete against other devices in that segment, they're going to need to use premium performing parts and that's where the majority of the TAM and SAM is for us in the ACG side.

我們仍然堅定地認為，我們應該專注於Android的高端和旗艦市場，對吧？它們將擁有豐富的產品組合，並將與該細分市場的其他設備競爭，它們需要使用高性能的零件，而這正是我們在ACG方面的主要市場規模（TAM和SAM）所在。

We feel very well positioned. We're going to continue to support our Android customers. And we've been very successful at exiting some of the less attractive areas there, as Bob commented on in his prepared remarks. A little bit difficult to comment on share specific to one quarter given the ramp timing of all the different models in the Android ecosystem.

我們感覺自身處於非常有利的地位。我們將繼續為安卓用戶提供支援。正如鮑伯在事先準備好的演講稿中所提到的，我們已經成功地退出了一些不太有吸引力的領域。考慮到安卓生態系中不同機型的上市時間各不相同，很難對某一季度的具體份額做出評論。

Jim Schneider, Goldman Sachs.

吉姆‧施耐德，高盛集團。

Good evening. Thanks for taking my question on the HPA business, I'm wondering if you're seeing any kind of cyclical effects outside of the normal kind of secular growth you're -- in those product lines? And what are your customers telling you in terms of inventory levels, willingness to restock or anything else from a sort of a supply chain or cyclical point of view?

晚安.感謝您解答我關於HPA業務的問題。我想了解一下，除了您目前產品線的正常長期成長之外，您是否觀察到任何週期性波動？您的客戶在庫存水準、補貨意願或其他供應鏈或週期性波動方面有什麼回饋？

This is Philip. I would say channel inventory is healthy. We're not seeing any kind of unusual order patterns I would say it's more on the -- we're starting to get requests for hey, we need delivery sooner rather than.

我是菲利普。我認為渠道庫存狀況良好。我們沒有看到任何異常的訂單模式。我的看法是——我們開始收到一些請求，例如“嘿，我們需要盡快發貨”，而不是…

Ladies and gentlemen, there seems to be a challenge with the management line. Please stay connected as we reconnect the management.

各位，管理層線似乎出現了一些問題。請繼續保持聯繫，我們將盡快恢復管理層線路。

All right, we're back. Thank you. So the question, I think, was around HPA and channel inventory. What I was saying was we don't see any kind of excess of channel inventory. In fact, we see more kind of expedite ask than we do channel or pushouts or anything like that. So I'd say the channel is healthy.

好了，我們回來了。謝謝。所以，我想剛才的問題是關於HPA和渠道庫存的。我的意思是，我們沒有看到任何渠道庫存過剩的情況。事實上，我們看到的加急訂單比通路訂單或推播訂單之類的要多得多。所以我認為通路狀況良好。

One area I would also maybe highlight is we are seeing really strong bookings and backlog in our power management business surrounded around the data center side for solid state drives. So that would be one area we're also -- don't see any inventory challenges, but we're seeing expedite requests.

我還想重點提一下，我們在資料中心固態硬碟電源管理業務方面，訂單量和積壓訂單都非常強勁。所以，在這個領域，我們沒有遇到任何庫存挑戰，但確實收到了一些加急訂單。

That's helpful. And maybe as a quick follow-up. As a housekeeping question, maybe color on your guidance by segment expectations heading into the December quarter?

這很有幫助。另外，還有一個後續問題，能否詳細說明您對12月季度各業務板塊的預期？

Yeah, thanks for the question. We don't guide by segment.

是的，謝謝你的提問。我們不按細分市場做指導。

Edward Snyder, Charter Equity Research.

Edward Snyder，Charter Equity Research。

Thanks a lot. Hey guys, just a couple of housekeeping questions. Was there any underutilization charges, especially in regard to Oregon and what's your feeling on those for -- obviously, you could be seasonally down in the next couple of quarters because your largest customers, you're probably going to be burdened more. So just as a starting point, can we get color on that?

非常感謝。各位，我有幾個內部事務方面的問題。有沒有因為使用率不足而產生的費用，特別是關於俄勒岡州的？你們對此有什麼看法？ ——顯然，未來幾季你們的業務可能會因為季節性因素而有所下滑，因為你們最大的客戶可能會承擔更多費用。所以，首先，能否請你們就此提供一些資訊？

Yeah, Ed, this is Grant. So no period related charges associated with underutilization. It's just the normal loadings are generating factory variances within the normal bands and that applies to product costing but nothing from a period charge perspective that would create an abnormal utilization charge.

是的，艾德，我是格蘭特。所以，沒有與產能利用率不足相關的期間費用。只是正常的生產負荷會在正常範圍內產生工廠差異，這會影響產品成本核算，但從期間費用的角度來看，不會產生任何異常的產能利用率費用。

Okay. And then I'm just try to feel for how much capacity you have, both in GaAs in Oregon and then BAW in Texas. I know you haven't been notified yet on anything that would occur next week, your largest -- next week, next year, it's your largest customer.

好的。然後我只是想了解你們的產能，包括俄勒岡州的GaAs和德克薩斯州的BAW。我知道你們還沒有收到任何關於下週，也就是明年，你們最大的客戶——也就是你們最大的客戶——的通知。

But -- and I know it depends on share if you do win, et cetera, but I'm just trying to get a feel for what kind of CapEx you might be facing if any, especially with regard to GaAs because both of your product wins aren't really GaAs intensive. You got a lot of tuners, you got less SOI, et cetera. So I'm just trying to get a feel for where you sit in capacity in GaAs and BAW.

但是——我知道這取決於你們是否中標以及市場份額等等，但我只是想了解一下你們可能面臨的資本支出情況，尤其是在GaAs方面，因為你們的這兩個產品中標都不是GaAs密集型的。你們有很多調諧器，SOI產品較少等等。所以我只是想了解你們在GaAs和BAW方面的產能狀況。

Yeah, Thanks for the question, Ed. I think first, I want to say the team has done a fantastic job in both GaAs, as well as in the filters, BAW filters, in particular, in shrinking sizes. So as we ramp new technologies typically, we're reducing the size, so we don't have to add a lot of capacity to meet the same demand. So team's done a fantastic job there.

是的，謝謝你的提問，Ed。首先，我想說團隊在GaAs和濾波器（特別是BAW濾波器）方面都做得非常出色，尤其是在縮小尺寸方面。隨著新技術的推廣應用，我們通常會縮小裝置尺寸，這樣就無需大幅增加產能來滿足相同的需求。所以團隊在這方面做得非常棒。

And I think as we look at the outlook for next year, we do expect -- we'll spend money for expanding capacities and bringing in new technologies. But I think it's going to be less than what we spent this year. But again, I think people underestimate the tremendous work the team has done in reducing die sizes as we release new process technologies. So I think we're in good shape to support a lot of business.

展望明年，我們確實需要投入資金來擴大產能和引進新技術。但我認為明年的支出會低於今年。不過，我認為大家低估了團隊在縮小晶片尺寸方面所做的巨大努力，尤其是在我們推出新製程技術之後。所以我認為我們有能力支持大量的業務發展。

Maybe, Ed, I would just further to -- just further Bob's comments. Obviously, you know -- I mean, in order to compete for business, you have to have an ample amount of capacity in place in advance. So we wouldn't be targeting business, we don't think we could support with our existing capacity.

或許，艾德，我只想補充鮑伯的觀點。顯然，你知道——我的意思是，為了贏得業務，你必須提前準備好充足的產能。所以我們不會瞄準那些我們認為現有產能無法滿足的業務。

And then we also have the ramp down of the Android business as well, which frees up capacity. So we're in a pretty good place.

此外，我們也正在逐步縮減安卓業務，這釋放了產能。所以我們目前的處境相當不錯。

Very good. That's what I was looking for. Thanks guys.

太好了，正是我想要的。謝謝各位。

Peter Peng, JP Morgan.

Peter Peng，摩根大通。

Hey guys, thanks for taking my question just on the content growth of about 10% plus for the last for the most recent generation, you mentioned that all of your four major products grew on a content wise year-over-year. Maybe if you can just give us a sense of contribution from these product groups?

大家好，感謝你們回答我的問題。關於最近一代產品的內容成長率超過10%的問題，你們提到四大主要產品的內容都實現了年成長。能否請你們具體介紹一下各產品組的貢獻？

Hey Peter, thanks for the question. We haven't actually commented, I mean each of the four different categories of revenue at our largest customer and which was contributing to the growth other than to say that we're seeing growth in all categories.

嗨，彼得，謝謝你的提問。我們還沒有具體說明我們最大客戶的四類收入中哪一類對成長做出了貢獻，只是說所有類別的收入都在成長。

Got it. Okay. And then for my follow-up, I think last quarter, you guys talked about the CSG being able to grow low single digits. Just give us some of the restructuring initiatives. What's the current expectation for this business group?

明白了。好的。接下來我想問的是，上個季度你們提到CSG有望實現個位數低成長。請介紹一下具體的重組舉措。目前對這個業務部門的預期是什麼？

Sure. So CSG, as we commented last quarter, had experienced a pushout of a large award in our ultra-wideband business and that is still the case. There's no change there. In terms of growth, there would be some impact, but relatively marginal due to the restructuring activities. So you could see a roughly flat, perhaps year for CSG plus or minus.

當然。正如我們上個季度提到的，CSG在超寬頻業務方面遭遇了一項大額訂單延期的情況，目前依然如此。這一點沒有改變。就成長而言，會受到一些影響，但由於重組活動，影響相對較小。因此，CSG全年業績可能大致持平，上下浮動。

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

問答環節到此結束。現在我將會議交還給管理階層，請他們作總結發言。

I want to thank everyone for joining us tonight and hope everyone has a great evening. Thank you.

感謝各位今晚的到來，祝大家有個愉快的夜晚。謝謝。

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

謝謝。本次會議到此結束。感謝您參加今天的報告會。您可以斷開連線了。