科沃 (QRVO) 2026 Q3 法說會逐字稿

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

大家好，歡迎參加 Qorvo 公司 2026 年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給投資人關係副總裁道格拉斯·德利托。請繼續。

Thanks very much. Hello, everyone, and welcome to Qorvo's fiscal 2026 third 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 財年第三季財報電話會議。本次電話會議將包含前瞻性陳述，其中涉及風險因素，這些風險因素可能導致我們的實際業績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獲利報告中的安全港聲明，以及與我們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 表格年度報告，因為這些風險因素可能會影響我們的營運和財務表現。

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

在今天的新聞稿和電話會議上，我們將提供 GAAP 和非 GAAP 財務業績。我們提供這些補充信息，以便投資者能夠對經營業績進行更多比較，並在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影響的情況下分析財務業績。

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。有關 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 的財務報告欄目下找到。

Lastly, for detailed information regarding the Skyworks and Qorvo combination announced on October 28, I encourage you to review the press release, investor presentation, Qorvo merger proxy and related materials available on our Investor Relations website at ir.qorvo.com under Events & Presentations.

最後，有關 10 月 28 日宣布的 Skyworks 和 Qorvo 合併的詳細信息，我建議您查看新聞稿、投資者演示文稿、Qorvo 合併委託書以及相關材料，這些材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。

Today's call will focus on our fiscal third quarter results as well as our outlook for March and we will not be commenting on the proposed business combination. Joining us today are Bob Bruggeworth, President and CEO; Grant Brown, CFO; Dave Fullwood, Senior Vice President of Sales & Marketing; and other members of Qorvo's management team.

今天的電話會議將重點討論我們第三財季的業績以及對三月的展望，我們將不對擬議的業務合併發表評論。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. In our fiscal third quarter, Qorvo delivered solid financial performance with notable strategic achievements across each operating segment. We continue to pursue our long-term growth strategy while executing on restructuring actions to optimize profitability and reduce capital intensity.

謝謝道格，也歡迎大家參加我們的電話會議。在第三財季，Qorvo 實現了穩健的財務業績，並在各個營運部門都取得了顯著的策略成就。我們將繼續推行長期成長策略，同時實施重組措施，以優化獲利能力並降低資本密集度。

In ACG, we are supporting the world's leading smartphone OEMs with best-in-class products for their highest value flagship and premium tier devices. In CSG, we enjoy broad representation in Wi-Fi applications. And we are expanding our reach in automotive, enterprise, industrial and other customer segments with our ultra-wideband technology. In HPA, we are growing across a range of customer applications such as defense and aerospace, satellite communications, power and infrastructure.

在 ACG，我們為世界領先的智慧型手機 OEM 廠商提供一流的產品，以支援他們最有價值的旗艦和高階設備。在CSG，我們在Wi-Fi應用領域擁有廣泛的代表性。我們正在利用超寬頻技術，擴大在汽車、企業、工業和其他客戶領域的業務範圍。在HPA領域，我們的業務正在國防和航空航太、衛星通訊、電力和基礎設施等一系列客戶應用領域不斷發展壯大。

Within our factory network, we closed our Costa Rica facility in December a few months ahead of schedule and have transitioned to external partners. The transfer of SAW filter production to Greensboro, North Carolina to Richardson, Texas remains on track. With these actions, we will be able to operate more efficiently with reduced capital intensity, and we will continue to differentiate our products with onshore manufacturing of GaAs, GaN, BAW, SAW and advanced multichip modules.

在我們的工廠網路中，我們於 12 月提前幾個月關閉了哥斯達黎加工廠，並已過渡到外部合作夥伴。SAW過濾器生產從北卡羅來納州格林斯伯勒轉移到德克薩斯州理查森的計劃仍在按計劃進行。透過這些措施，我們將能夠以更低的資本密集度更有效率地運營，並將繼續透過在國內生產 GaAs、GaN、BAW、SAW 和先進的多晶片模組來使我們的產品脫穎而出。

Turning to quarterly highlights. In ACG, December quarterly revenue declined sequentially in line with the view we provided last quarter consistent with typical seasonality. At our largest customer, content gains on their ramping platform helped to support double-digit revenue growth compared to last December. We supply a diverse portfolio of high-performance discretes, tuners, ET PMICs and integrated modules to our largest customer, not all of which have been awarded on the upcoming platforms. However, at this time for the upcoming fiscal year, we expect revenue from our largest customer to be approximately flat.

接下來是季度亮點回顧。ACG 12 月季度營收季減，與我們上個季度給出的觀點一致，符合典型的季節性規律。在我們最大的客戶中，其成長平台上的內容收益幫助實現了與去年 12 月相比兩位數的收入成長。我們為最大的客戶提供各種高性能分立元件、調諧器、ET PMIC 和整合模組，但並非所有產品都已在新平台上投入使用。然而，就即將到來的財政年度而言，我們預計來自最大客戶的收入將大致持平。

For our ET PMICs, increasing internal modem adoption provides a multi-year structural tailwind as platforms transition away from third-party modems. With regard to integrated modules, on the ultra-high band pad, we received lower share in the upcoming phone models than last year and we expect our ultra-high band pad revenue to decline year over year.

對於我們的 ET PMIC 而言，隨著平台逐漸擺脫第三方數據機，內部數據機的普及將帶來多年的結構性利好。就整合模組而言，在超高頻段晶片方面，我們在即將推出的手機型號中獲得的份額低於去年，我們預計超高頻段晶片的收入將同比下降。

As a placement, we have demonstrated success across multiple generations. We remain confident in our highly differentiated technology and our ability to compete effectively over subsequent generations. In our largest customers' cellular-enabled iPads, we were awarded the high band pad, representing a product and technology milestone and new content for Qorvo on that platform. We are extremely pleased to have secured this placement. The win gives us the opportunity to demonstrate capability and execute at scale on that platform, consistent with our long-term investment strategy.

作為一家安置機構，我們已經證明了其在多個世代中都取得了成功。我們對我們高度差異化的技術以及在未來幾代產品中有效競爭的能力仍然充滿信心。在我們最大的客戶推出的蜂窩網路版 iPad 中，我們獲得了高頻段平板電腦，這代表著產品和技術的一個里程碑，也為 Qorvo 在該平台上帶來了新的內容。我們非常高興能夠獲得這個職位。這次勝利讓我們有機會展示能力，並在該平台上大規模執行，這與我們的長期投資策略一致。

Turning to Android. We remain a leading supplier in premium and flagship smartphones while we continue to reduce our exposure to low-margin mass-tier smartphones. In December, total Android revenue declined sequentially in the low double digits. In March, we expect a greater than seasonal decline in Android revenue. For fiscal 2027, we expect Android revenue to decline by approximately $300 million versus fiscal 2026, driven primarily by our actions to reduce exposure to lower-margin segments and secondarily by the impact of memory pricing and availability on mass-tier Android build plans.

轉投安卓陣營。我們仍然是高階旗艦智慧型手機的領先供應商，同時我們將繼續減少對低利潤大眾智慧型手機的投入。12 月份，Android 總收入較上季下降了兩位數。我們預計3月Android收入將出現比季節性下滑幅度更大的降幅。預計 2027 財年 Android 營收將比 2026 財年減少約 3 億美元，主要原因是我們採取措施減少對低利潤率領域的投資，其次是記憶體定價和供應情況對大眾級 Android 生產計畫的影響。

Qorvo enjoys broad participation across smartphone OEMs, and we are not seeing signs of memory pricing, or memory availability impacting the flagship and premium tiers. With our largest customer is expected to be approximately flat, ACG revenue is expected to decline in fiscal 2027 by the reduction in Android revenue. This is an intentional resizing of our Android business. We are reducing exposure to lower-margin segments while continuing to serve Android's high-value and premium and flagship tiers. We expect the improvement in product mix to support a higher gross margin in ACG.

Qorvo 在智慧型手機 OEM 廠商中享有廣泛的參與度，我們沒有看到記憶體定價或記憶體供應對旗艦和高階機型產生影響的跡象。由於我們最大的客戶預計基本持平，受 Android 收入減少的影響，ACG 收入預計將在 2027 財年下降。這是我們有意調整安卓業務規模。我們正在減少對低利潤細分市場的投資，同時繼續服務安卓系統的高價值、高階和旗艦市場。我們預計產品組合的改善將有助於ACG實現更高的毛利率。

Additionally, with ongoing OpEx reduction efforts, we expect to deliver expanding operating margins in ACG on the healthier revenue mix. In CSG, we're on track with an automotive ultra-wideband program with a leading automotive tier one. Regarding this platform, we are very pleased to announce we did receive our first production orders during the December quarter. This program will span multiple years and support multiple OEMs. We continue to see expansion of our engagements across the automotive customer base.

此外，隨著營運支出持續減少，我們預計在更健康的收入結構下，ACG 的營運利潤率將持續擴大。在 CSG，我們正與一家領先的一級汽車供應商合作，推進汽車超寬頻專案。關於這個平台，我們非常高興地宣布，我們在12月季度收到了第一批生產訂單。該計劃將持續多年，並為多家原始設備製造商提供支援。我們看到我們在汽車客戶群中的業務不斷拓展。

Use cases for Qorvo's automotive ultra-wideband technology include secure access, digital key, child presence detection and short-range radar sensing. We are supplying both our ultra-wideband and Wi-Fi 7 solutions in collaboration with multiple tier-one manufacturers of network access points. We're seeing strong customer demand and initial deployments include hospitals, factories and other enterprises requiring ultra-precision indoor navigation and location awareness.

Qorvo 的汽車超寬頻技術的應用案例包括安全存取、數位鑰匙、兒童存在檢測和短程雷達感測。我們與多家一級網路存取點製造商合作，提供我們的超寬頻和 Wi-Fi 7 解決方案。我們看到客戶需求強勁，初步部署包括醫院、工廠和其他需要超精確室內導航和定位感知的企業。

Our Wi-Fi portfolio is broadly represented in flagship smartphones, fiber gateways, mesh networks, client devices and SATCOM ground terminals. And we continue to expand our Wi-Fi, FEM and filter portfolio to enable higher bandwidth, lower latency interconnected networks. We delivered first Wi-Fi 8 samples during the December quarter and customer engagement in Wi-Fi 8 is increasing.

我們的 Wi-Fi 產品組合廣泛應用於旗艦智慧型手機、光纖網關、網狀網路、用戶端設備和衛星通訊地面終端。我們將繼續擴展我們的 Wi-Fi、FEM 和濾波器產品組合，以實現更高頻寬、更低延遲的互聯網。我們在 12 月季度交付了首批 Wi-Fi 8 樣品，客戶對 Wi-Fi 8 的參與度正在提高。

Regarding the CSG restructuring discussed last quarter, these actions remain on track. During the quarter, we successfully divested our MEMS-based Sensing Solutions business. While this represents a headwind to year-over-year CSG growth, next fiscal year, it is one of multiple initiatives we are undertaking to improve CSG's profitability.

關於上季討論的CSG重組，這些行動仍在按計劃進行。本季度，我們成功剝離了基於 MEMS 的感測解決方案業務。雖然這對下一財年的CSG年增率構成了不利因素，但這是我們為提高CSG獲利能力所採取的多項措施之一。

Turning to HPA, we continue to see multi-year tailwinds in D&A data center power and infrastructure markets. In D&A, the passage of the fiscal '26 NDAA includes top priorities, such as Golden Dome, the F47 fighter and the Navy's next-generation fighters, warships and drones. Qorvo is a beneficiary of new platforms, upgrade cycles, RF content growth and increases in defense spending.

再來看 HPA，我們繼續看到 D&A 資料中心電力和基礎設施市場在未來幾年將持續保持成長勢頭。在國防與行政部門，2026 財年國防授權法案的通過包括了最高優先事項，例如金頂計畫、F47 戰鬥機以及海軍的下一代戰鬥機、軍艦和無人機。Qorvo 受益於新平台、升級週期、射頻內容成長和國防開支增加。

As an example, Golden Dome is a multi-layer defense system that requires significant RF content. For the full fiscal year '27, sales in D&A markets are expected to total approximately $500 million. In power management, our strategic emphasis on PMICs for enterprise-class SSDs has been met with continued data center growth where customer demand has been very strong. During the quarter, we taped out our first chip for our next-generation enterprise SSD platform.

例如，「金穹」是一個多層防禦系統，需要大量的射頻內容。預計 2027 財年 D&A 市場的銷售額將達到約 5 億美元。在電源管理方面，我們對企業級 SSD 的 PMIC 進行了策略性重點發展，這滿足了資料中心持續成長的需求，客戶需求非常強勁。本季度，我們完成了下一代企業級 SSD 平台的首款晶片流片。

Other power opportunities for Qorvo include AESA radars, drones, robotics, wearables and smartphones. There is strong interest globally in Qorvo's AESA solutions combining our FEMs, Beamform AICs power management, and power control. In infrastructure markets, there are increased content requirements in DOCSIS 4.0 systems that align well with our amplifier and control portfolios. Qorvo is a leading supplier of broadband amplifiers for DOCSIS 4.0 and we are well-positioned with all major suppliers. We're also a market leader in small signal receive and transmit components used across the RF chain of 5G radio access networks.

Qorvo 的其他能源應用領域包括 AESA 雷達、無人機、機器人、穿戴式裝置和智慧型手機。全球對 Qorvo 的 AESA 解決方案表現出濃厚的興趣，該方案結合了我們的 FEM、波束成形 AIC、電源管理和電源控制。在基礎設施市場中，DOCSIS 4.0 系統對內容的要求越來越高，這與我們的擴大機和控制產品組合非常契合。Qorvo 是 DOCSIS 4.0 寬頻擴大機的領導供應商，我們與所有主要供應商都保持著良好的合作關係。我們也是 5G 無線接取網路射頻鏈路中使用的小訊號接收和發射組件的市場領導者。

While these products have historically been deployed in terrestrial 5G infrastructure, we are increasingly seeing the same RF building blocks adopted in adjacent applications, such as drones and low Earth orbit satellite communications including direct-to-cell satellite architectures. We are sharply focused on growing our highest-performing businesses and we are divesting or exiting businesses that underperform.

雖然這些產品歷來部署在地面 5G 基礎設施中，但我們越來越常看到相同的射頻建置模組被應用於相鄰的應用領域，例如無人機和低地球軌道衛星通信，包括直接到小區衛星架構。我們正集中精力發展業績最好的業務，並剝離或退出業績不佳的業務。

In fiscal 2027, we forecast a mid-single-digit decline in full-year revenue for the company, as ACG declines and becomes more profitable, CSG is approximately flat and HPA continues its double-digit growth. As we move through fiscal 2027, we expect our defense and aerospace business will be larger than our Android business. That's a meaningful shift in the portfolio that reflects both the strategic resizing of our Android business and continued growth in HPA.

我們預測，在 2027 財年，公司全年營收將出現中等個位數的下降，因為 ACG 下降但獲利能力增強，CSG 基本持平，而 HPA 繼續保持兩位數的成長。隨著我們進入 2027 財年，我們預計我們的國防和航空航天業務規模將超過我們的 Android 業務規模。這是產品組合的重大轉變，既反映了我們對 Android 業務的策略性調整，也反映了 HPA 的持續成長。

This increasingly favorable mix positions us to deliver full-year FY27 gross margins above 50% and EPS approaching $7 per share. These outcomes reflect continued operating expense discipline, a structurally improved portfolio mix and our sustained commitment to innovation and operations excellence.

這種日益有利的組合使我們能夠實現 2027 財年全年毛利率超過 50%，每股收益接近 7 美元。這些成果反映了我們持續的營運費用控制、結構性改善的投資組合組合以及我們對創新和卓越營運的持續承諾。

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

接下來，我將把麥克風交給格蘭特。

Thanks, Bob, and good afternoon, everyone. Qorvo's fiscal third-quarter revenue of $993 million, non-GAAP gross margin of 49.1% and non-GAAP diluted earnings of $2.17 per share, all compared favorably to guidance. During the quarter, our largest customer represented approximately 53% of revenue.

謝謝你，鮑勃，大家下午好。Qorvo 第三財季營收為 9.93 億美元，非 GAAP 毛利率為 49.1%，非 GAAP 稀釋後每股收益為 2.17 美元，均優於預期。本季度，我們最大的客戶貢獻了約 53% 的收入。

On the balance sheet, as of quarter-end, we held approximately $1.3 billion of cash and equivalents and approximately $1.5 billion of long-term debt outstanding with no near-term maturities. We ended the quarter with a net inventory balance of $530 million. This represents a sequential reduction of $75 million and a decrease of $111 million compared to where we ended last fiscal year. During the quarter, we generated operating cash flow of approximately $265 million and incurred $28 million of capital expenditures which resulted in free cash flow of $237 million.

截至季末，資產負債表顯示，我們持有約 13 億美元的現金及等價物，以及約 15 億美元的未償長期債務，近期沒有到期債務。本季末，我們的淨庫存餘額為 5.3 億美元。這比上一財年末減少了 7,500 萬美元，比上一財年末減少了 1.11 億美元。本季度，我們產生了約 2.65 億美元的營運現金流，並產生了 2,800 萬美元的資本支出，產生了 2.37 億美元的自由現金流。

Regarding our outlook for fiscal Q4, guidance reflects continued momentum in HPA, offset by our strategic pivot from lower-margin mass-tier Android and the normal seasonal decline at our largest customer. Our expectations for March are as follows. Revenue of $800 million plus or minus $25 million, non-GAAP gross margin between 48% and 49%, and non-GAAP diluted EPS of $1.20 plus or minus $0.15. Gross margin continues to improve on a year-over-year basis. In Q3, non-GAAP gross margin increased approximately 260 basis points versus last fiscal year, and we expect a similar improvement year-over-year in Q4.

關於我們對第四財季的展望，指導意見反映了 HPA 的持續成長勢頭，但被我們從利潤較低的大眾市場 Android 業務的策略轉型以及我們最大客戶的正常季節性下滑所抵消。我們對三月的預期如下。營收為 8 億美元，上下浮動 2,500 萬美元；非 GAAP 毛利率在 48% 至 49% 之間；非 GAAP 稀釋後每股收益為 1.20 美元，上下浮動 0.15 美元。毛利率持續較去年同期改善。第三季度，非GAAP毛利率較上年同期成長約260個基點，我們預期第四季年比也將出現類似改善。

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 5Gs. We've positioned the company to benefit from growth in D&A, which is margin accretive. We divested or exited margin dilutive businesses and we continue to manage factory costs aggressively as we have consolidated our manufacturing footprint.

這項進步是多項措施共同作用的直接結果。我們積極管理產品組合和定價策略，以減少大眾級安卓 5G 手機的投入。我們已使公司能夠從折舊和攤銷的成長中受益，從而提高利潤率。我們剝離或退出了會稀釋利潤率的業務，隨著我們不斷整合生產佈局，我們將繼續積極控制工廠成本。

We project non-GAAP operating expenses in the March quarter to be between $240 million and $250 million. Below the operating income line, non-operating expense is expected to be between $8 million to $10 million reflecting interest paid on our fixed-rate debt, offset by interest income earned on our cash balances, FX gains or losses along with other items. Our non-GAAP tax rate for fiscal '26 is expected to be approximately 15%. We continue to monitor the situation as changes to tax policy in the US and internationally may evolve over time.

我們預計 3 月季度的非 GAAP 營運費用將在 2.4 億美元至 2.5 億美元之間。在營業收入項下，非營業支出預計在 800 萬美元至 1,000 萬美元之間，反映了我們支付的固定利率債務利息，但被我們現金餘額的利息收入、外匯損益以及其他項目所抵銷。我們預計 2026 財年的非 GAAP 稅率約為 15%。我們將持續關注情勢，因為美國和國際稅收政策的變化可能會隨著時間的推移而演變。

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

現在，請開通提問通道。謝謝。

(Operator Instructions) Thomas O'Malley, Barclays.

（操作說明）托馬斯·奧馬利，巴克萊銀行。

So thanks for the color on the content. I think, Bob, you mentioned the ultra-highband potentially not having as much content there in this generation but you have some of the ET coming back in. If you look at the next several generations of content, it looks like with this dual sourcing, you've seen a lot more swimming in other people's lanes is the way. I think I've heard it talked about in the past where one guy would compete in a couple of sockets and now you've seen that proliferating to some other sockets, which is just kind of increased the competition and you guys have called out a couple of areas where you're seeing that.

感謝您為內容增添色彩。鮑勃，我想你提到過，在這一代超高頻段的內容可能沒有那麼多，但是一些ET的內容又回來了。如果你觀察接下來的幾代內容，你會發現，隨著這種雙重來源的出現，越來越多的人開始涉足他人的領域。我想我以前聽說過這種情況，一個人會在幾個不同的領域競爭，現在這種現像已經蔓延到其他一些領域，這無疑加劇了競爭，你們也指出了幾個出現這種情況的地區。

Maybe talk about the content roadmap on a go-forward basis? Like do you think that there are other sockets, you obviously talked about the highband, the mid-highband on the iPad? Like do you see other sockets where you could have some more traction? Or do you feel like the win is behind you or in front of you in terms of content over the next several generations.

或許可以討論一下未來的內容路線圖？你認為還有其他介面嗎？你剛才提到了 iPad 上的高頻段和中高頻段。你覺得還有哪些插座可以增加摩擦力？或者，你覺得在未來世代的內容方面，勝利已經過去還是即將到來？

Yeah. Thanks a lot. I appreciate the question, Tom. And as you know, we don't like to comment on future generations or even architectures. But I will say that there continues to be opportunity for us to continue to grow our footprint there, no doubt about it. It's been -- as you know, a lot of it was sole source, as you can see, it does appear they're multi-sourcing more or at least dual sourcing, I should say, more sockets in the future. And we're investing in R&D to continue to grow our largest customer.

是的。多謝。湯姆，感謝你的提問。正如您所知，我們不喜歡對未來幾代人甚至建築發表評論。但我必須說，我們仍然有機會繼續擴大我們在那裡的業務規模，這一點毋庸置疑。如你所知，以前很多都是單一來源，但正如你所看到的，他們似乎正在更多地採用多來源採購，或者至少是雙重來源採購，我應該說，未來會有更多插槽。我們正在加大研發投入，以繼續發展我們最大的客戶。

Helpful. And then just a clarification on the second one. I think you mentioned into March, Android will be down more than seasonal. I'm sure there's a million different ways, 5, 10, 15 years, you can look at seasonal. But in terms of what I have here, Android is actually up in the March quarter? I know you've seen some different seasonality. What do you mean by down more than seasonal? What is normal seasonal for March in Android?

很有幫助。然後，我想對第二個問題做個澄清。我認為你提到過，到了三月份，安卓系統的宕機時間會比季節性宕機時間更長。我相信有很多種不同的方法，例如從 5 年、10 年、15 年的角度來看季節性問題。但就我目前掌握的情況來看，Android 實際上在三月的季度中有所成長？我知道你們已經見識過一些不同的季節性變化。你說的「降溫幅度超過季節性降溫幅度」是什麼意思？Android 三月的正常季節性變化是什麼？

Yeah. I appreciate the question, Tom. And you're exactly right. Typically, Android has been up in the March quarter. And as we've been strategically exiting a lot of that lower-margin business and we talked last quarter about even some of the Android ramps and other phones that we're not participating as much, again, due to our strategic emphasis on making sure we're getting paid for the value we bring. And this year, it's going to be down quarter-over-quarter. So that's the big swing. You're correct.

是的。湯姆，感謝你的提問。你說得完全正確。通常情況下，Android 在三月的季度表現良好。而且，由於我們一直在有策略地退出許多低利潤業務，上個季度我們還談到了一些安卓手機和其他我們不再過多參與的手機業務，這同樣是因為我們戰略性地強調要確保我們獲得與我們所創造的價值相匹配的報酬。而且今年，這一數字將環比下降。這就是最大的改變。你說得對。

Peter Peng, JPMorgan.

Peter Peng，摩根大通。

Just for the Android business, I think the prior expectation was you're going to exit about $200 million and now you guys are saying $300 million. So maybe just talk about whether that is just expedite exit? Is it the memory impact? What drove the accelerated pace? And then as we think about longer term, what is the business revenue run rate after you're finishing exiting in all these?

就安卓業務而言，我認為之前的預期是你們會以大約 2 億美元的價格退出，而現在你們卻說是 3 億美元。所以或許可以討論一下，這是否只是加快退出進程？是記憶體佔用問題嗎？是什麼因素推動了這種加速發展？那麼，從長遠來看，在所有這些項目退出之後，企業的收入運作率是多少？

Peter, this is Grant. Let me take that one and then Dave can fill in some more detail. So we had said that it will be a multiyear event as we exit the lower margin or lower tier Android businesses. It could run approximately $150 million to $200 million in our fiscal '26 and then again in our fiscal '27. Last quarter, we had mentioned that we expected the larger portion of that in our fiscal '26 to hit in the second half and especially impacting the March quarter, and that's exactly what we're seeing in results.

彼得，這位是格蘭特。讓我來回答這個問題，然後戴夫可以補充更多細節。所以我們說過，這將是一個多年過程，因為我們將逐步退出利潤率較低或低端的安卓業務。在我們的 2026 財年和 2027 財年，這筆費用可能分別高達 1.5 億至 2 億美元。上個季度，我們曾提到，我們預計 2026 財年的大部分損失將在下半年顯現，尤其會對 3 月的季度造成影響，而這正是我們在結果中看到的。

And then, in fiscal '27, instead of the $150 million to $200 million, we're taking that estimate up to $300 million that we could exit in fiscal '27. And that's both due to our strategic exit from the business as well as some of the memory pricing and availability constraints that are impacting customers build plans.

然後，在 2027 財年，我們將預期目標金額從 1.5 億美元到 2 億美元提高到 3 億美元，我們預計在 2027 財年可以實現這一目標。這既是因為我們策略性地退出了該業務，也是由於一些記憶體定價和供應限制影響了客戶的建置計劃。

Perfect. And then just on the gross margin, you talked about potentially getting to the 50%. Maybe you can kind of lay out on how we should think about that margin profile over the course of the 2027.

完美的。然後，關於毛利率，你提到有可能達到 50%。或許您可以大致闡述我們該如何看待 2027 年的利潤率狀況。

Peter, we're getting a lot of background noise when we're talking. I don't know if it's on your end or not.

彼得，我們說話的時候背景噪音很大。我不知道是不是你那邊的問題。

Sure. So I think your question was around margin profile. So as we look out in fiscal '27?

當然。所以我覺得你的問題是關於利潤率的。那麼，展望2027財年呢？

That is right.

沒錯。

Yeah. So the biggest driver for margin as we look out in fiscal '27 is mix. It's both business mix as HPA becomes a larger percentage of the total, which is margin accretive as well as product mix inside of the segments, especially within ACG, we've talked at length about the exit from the lower tier Android business, which is having a sizable effect. Obviously, our utilizations aren't where we'd like them to be but the biggest gains in gross margin for the moment are coming from that business mix I talked about. So there's still further headroom as we add additional volumes over time.

是的。因此，展望 2027 財年，利潤率的最大驅動因素是產品組合。一方面是業務組合的變化，HPA 在總業務中所佔比例越來越大，這提高了利潤率；另一方面是各細分市場內的產品組合的變化，尤其是在 ACG 領域，我們已經詳細討論過退出低端 Android 業務，這產生了相當大的影響。顯然，我們的產能利用率還沒有達到我們理想的水平，但目前毛利率的最大成長來自我剛才提到的業務組合。因此，隨著我們隨著時間的推移增加容量，還有進一步提升的空間。

I would complement the operations team. They've had done a considerable job of pulling costs out, while maintaining the capacity that we need to strategically target very important pieces of business, all while transferring multiple lines of production, which is not a small feat as Bob commented earlier, both on Costa Rica as well as the North Carolina transition to Texas.

我願為營運團隊提供支援。他們在削減成本方面做得相當出色，同時保持了我們所需的產能，以便有針對性地瞄準非常重要的業務，此外還轉移了多條生產線，正如鮑勃之前評論的那樣，這並非易事，無論是哥斯達黎加還是北卡羅來納州向德克薩斯州的過渡。

Gary Mobley, Loop Capital.

Gary Mobley，Loop Capital。

Thanks for the explicit guidance, Bob, for fiscal year '27 and specifically on Apple, you're calling for revenue to be flat in fiscal year '27 with perhaps some content loss in the upcoming iPhone 18 in aggregate. So is that more or less one part volume growth offset equally by some content decline? Maybe you can just help us out there in terms of like your volume assumption for iPhone units, I guess, that assumption.

鮑勃，感謝你對 2027 財年，特別是對蘋果公司給予的明確指導。你預計 2027 財年蘋果的營收將與去年持平，但即將推出的 iPhone 18 系列產品整體上可能會有所損失。所以，銷售成長是否大致被內容減少部分抵銷了呢？或許您可以幫我們估算 iPhone 的銷量，我想，就是這個估算方面。

Yeah. Thanks, Gary, and we're not going to comment on our largest customers' volumes or expectations we're just giving you an indication of what we think our revenue is going to be given everything we know at this time.

是的。謝謝，Gary。我們不會對我們最大的客戶的銷售或預期發表評論，我們只是根據目前掌握的所有信息，向您說明我們認為我們的收入將會是多少。

Okay. And then looking at your fourth quarter revenue guide, it's down about $70 million roughly on a year-over-year basis. How much of that decrease is a function of business divestments? I believe there might be two significant business divestments within that year-over-year comparison. And I would assume the rest is mostly Android related.

好的。然後，看看你們的第四季營收預期，年減了約 7000 萬美元。其中有多少降幅是因為企業剝離造成的？我認為，在同比數據中可能存在兩項重大業務剝離。我猜其餘部分大多與安卓系統有關。

That's correct. The vast majority of it is Android related. It's relatively small from the divestitures that we've made. And the Android component of that, obviously, we'll see how that exactly plays out. We're seeing both our strategic exit as well as some of the customer forecast driven by some memory pricing concerns, which is just starting to find its way into the customer dialogue.

沒錯。絕大多數內容都與安卓系統有關。從我們已進行的資產剝離來看，這相對較小。至於安卓系統部分，我們很可能會拭目以待。我們看到，我們的策略退出以及一些客戶預測都受到了記憶體定價問題的困擾，而這個問題才剛開始進入客戶的討論範圍。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

So I think previously, you guys were quite optimistic around integrated modules and ramping integrated modules. Obviously, this dual sourcing is a setback, but perhaps if you can talk about your products here, how you feel about them and how you feel about your prospects moving forward, particularly for integrated modules.

所以我覺得之前你們對整合模組和整合模組的產能提升都相當樂觀。顯然，這種雙重採購是一個挫折，但或許您可以在這裡談談您的產品，您對它們的感受，以及您對未來前景的看法，特別是對於整合模組而言。

Gary, just to be clear, the ultra-highband has been a dual sourced part for many, many years, probably five or six years. We've always had content in it. We just have less this year than prior years. And I talked about the highband pad, and that's an area we hadn't been. So the dual sourcing is actually helping us in that case. So that's how I'd actually answer your question.

Gary，需要澄清的是，超高頻段元件多年來一直都是雙供應商供應的，可能已經有五、六年了。我們一直都有內容。今年我們的物資比往年少。我談到了高頻段墊，這是我們之前沒有涉足的領域。所以，在這種情況下，雙源採購其實對我們有幫助。這就是我對你問題的回答。

Okay. Gary, in terms of revenue, maybe there's always a considerable number of variables to consider in addition to content gains and losses, including the timing of certain different awards as well as the volume of specific SKUs, the mix, launch cadence across those models. But at least from a modeling perspective, in terms of our assumptions, I think the key point is that all of our underlying assumptions are fully reflected in the fiscal 2017 outlook that Bob provided earlier.

好的。Gary，就收入而言，除了內容增減之外，可能還有相當多的變數需要考慮，包括某些不同獎項的頒發時間以及特定 SKU 的數量、組合、這些型號的發布節奏。但至少從建模的角度來看，就我們的假設而言，我認為關鍵在於我們所有的基本假設都充分體現在鮑伯之前提供的 2017 財年展望中。

Yeah. And just maybe just following up there. You did have some comments about not being, I think, totally decided for the year, but it sounds like you guys have pretty good visibility here, and we probably shouldn't be expecting any more surprises either positive or negative versus your flat guide year-over-year. Is that fair?

是的。或許我只是想跟進一下。你之前確實說過今年還沒有完全確定，但聽起來你們對今年的情況已經有了比較清晰的了解，我們可能不應該再期待任何驚喜，無論是正面的還是負面的，與你們每年的平穩預期相比。這樣公平嗎？

Yeah, that's fair. There's always certain components, particularly around tutors that are awarded later in the cycle. But yeah, everything is kind of reflected in the guide that Bob gave.

嗯，這很合理。總是會有一些組成部分，特別是關於導師的，會在週期後期授予。是的，鮑伯給的指南裡基本上都提到了這一點。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

This is Robert Mertens online for Krish Sankar. You mentioned that the Android sales are expected to decline roughly $300 million next year, and walk us through how the exiting of the low-end space will impact the business. But could you just walk us through a little bit more about how the current higher memory prices and costs are affecting your mobile business and how you think that might play out next year?

這是羅伯特·默滕斯在線為克里什·桑卡爾代筆。您提到預計明年 Android 的銷售額將下降約 3 億美元，請詳細介紹退出低端市場將如何影響業務。您能否再詳細介紹一下目前較高的記憶體價格和成本是如何影響您的行動業務的，以及您認為明年可能會如何發展？

This is Dave. Yeah. So that decline we're talking about is primarily as a result of the ongoing intentional resizing of the Android business that we've been talking about for almost a year now.

這是戴夫。是的。所以，我們所說的這種下滑主要是由於我們已經討論了近一年的安卓業務持續進行的有意調整所致。

Secondarily, what we're seeing related to the memory pricing and availability as OEMs adjust their build plans to react to that, it definitely pressures the mass tier as customers prioritize the supply that they get towards the higher-end devices. So this has an acceleration effect on our strategy but it really doesn't change the end result. But that's why you're seeing, this is the higher $300 million decline that we called out for FY27 versus what we had called out earlier.

其次，我們看到，隨著 OEM 廠商調整生產計劃以應對記憶體價格和供應情況的變化，這無疑給大眾市場帶來了壓力，因為客戶會優先將獲得的供應用於高端設備。所以這會對我們的策略產生加速作用，但實際上並不會改變最終結果。但這就是為什麼你會看到，我們預測 2027 財年的降幅將達到 3 億美元，高於我們先前預測的水平。

And maybe I'll just add to that a little bit, Dave. As far as the profile of our revenue throughout the year. As you start to think past margin into June, the dynamic that Dave was describing will play out. It's a little too early to put too fine a point on it since we only guide in any detailed way for the next quarter.

戴夫，或許我還要補充一點。至於我們全年的收入情況。當你開始考慮六月的利潤空間時，戴夫所描述的那種動態就會上演。現在就此下定論還為時過早，因為我們只對下一季度的情況進行詳細指導。

But it's worth pointing out that historical seasonality even in June, say, down 5% to 10% sequentially no longer applies for the reasons were mentioned. And the strategic actions around Android are strategically managing down our Android exposure in the mass tier as well as a seasonal downtick in our revenues from our largest customer. Normally, those would offset, and we're not going to see that. We haven't seen it in March, we won't see it in June.

但值得指出的是，即使在 6 月份，歷史上的季節性因素（例如環比下降 5% 至 10%）也不再適用，原因如上所述。而針對 Android 的策略舉措，包括有策略地降低我們在大眾市場的 Android 業務，以及應對我們最大客戶帶來的季節性收入下滑。通常情況下，這些影響會相互抵消，但現在不會發生這種情況了。三月我們沒看到，六月也不會看到。

And then secondarily, as we talked about our D&A business, on a year-over-year basis, we continue to see considerable strength there, but it will be down as we look into June, which is pretty typical coming off of a very strong March. So as D&A has grown to be a larger contributor to our top line, the impact on June seasonality has also grown. So the profile of our business will change because of, to a large degree, the Android exit as we were communicating earlier.

其次，正如我們之前討論的，我們的D&A業務，從同比來看，我們繼續看到其強勁的增長勢頭，但隨著我們展望6月份，這一勢頭將會下降，這在經歷了非常強勁的3月份之後是很正常的。隨著 D&A 對我們營收的貢獻越來越大，對六月季節性的影響也越來越大。因此，正如我們之前所溝通的那樣，由於退出 Android 平台，我們的業務格局將在很大程度上發生變化。

Got it. That's helpful and makes sense for customers to prioritize the higher end. Just real quick in line with that, are you seeing any sort of changes in terms of inventory level at customers? Or is this in line or higher or lower than what you would typically expect at this time of year?

知道了。這有助於客戶優先考慮高端產品，也是合理的。關於這一點，我再簡單問一下，您有沒有觀察到客戶庫存水準方面有任何變化？或者，這個數字與您通常在這個季節的預期數字相比，是正常水平、偏高還是偏低？

Yeah, I wouldn't say we've seen anything abnormal as it relates to inventory. It's just more of a reaction to how they're adjusting their build plans, given the situation that's going on with the memory.

是的，就庫存而言，我認為我們沒有發現任何異常情況。這只是他們對當前記憶體狀況調整生產計劃的一種反應。

Edward Snyder, Charter Equity Research.

Edward Snyder，Charter Equity Research。

Bob, you said you'd have a lower share in the highband. Obviously, the iPad isn't going to be a big driver for unit volume. But the mix should favor your ET, and that's like $1.80 extra content. And apparently, that's going to be a significant shift given what we saw last year versus what we saw this year. So doesn't this imply that you're seeing significant share loss on ultra-highband or are there other parts that we don't know that you have mentioned that you're not going to be on in the new phone.

鮑勃，你說過你在高頻段的份額會比較低。顯然，iPad 不會成為銷量成長的主要驅動力。但這種組合應該有利於你的 ET，這相當於額外花了 1.80 美元。顯然，考慮到去年和今年的情況，這將帶來重大轉變。所以這是否意味著你們在超高頻段的市佔率大幅下降？或者你們是否提到過，在新手機中不會出現其他我們不知道的頻段？

I know Dave talked about that always get added towards the end of it, but plus or minus on that isn't going to be I wouldn't think -- correct me if I'm wrong, I wouldn't think you're in the dollar range of content. So I'm just trying to get my arms around this shift because wind should be at your back in the fall just for ET itself, and it doesn't sound like that's the case at all.

我知道戴夫說過，這總是會在最後添加，但對此進行加減調整應該不會——如果我錯了請糾正我，我認為你不會在美元範圍內討論內容。所以我還在努力適應這種變化，因為秋季的ET（地球觀測站）期間，風應該是順風，但聽起來並非如此。

Yeah, this is Frank Stewart. Maybe just to reiterate the things that we're excited about is the highband pad win that we got. The headwind that we have is the loss of share in UHB. Working very hard to get that back in the following generation. We agree that as the internal modem is used on more SKUs, that is a tailwind for us. When you put it all together, together with all of our estimates of how all that plays out, again, we can only talk to our expectations for revenue. When you play that out over our fiscal year, it comes together with about flat year-over-year.

是的，這位是弗蘭克·斯圖爾特。也許應該再次強調我們感到興奮的事情，那就是我們贏得了高頻段墊片的冠軍。我們面臨的不利因素是 UHB 的市佔率下降。正在努力讓下一代也能擁有這樣的條件。我們一致認為，隨著更多 SKU 使用內建調變解調器，這對我們來說是一個利好因素。綜合所有因素，以及我們對所有結果的預測，我們只能談談我們對收入的預期。如果把這種情況以整個財政年度來看，結果與上年基本持平。

Okay. I just want to be sure we have all the moving parts together. But you're still going to be in the ultra-highband. You guys can see --

好的。我只是想確保我們把所有零件都組裝好。但你仍然會處於超高頻段。你們可以看到--

Yeah, that's right.

是的，沒錯。

And then Grant, underutilization charges, it sounds like, especially be going to be flat, etc. Did you incur any this quarter? Do you expect any coming up? Is that mostly GaAs of this stage because I know you're going to be shipping more BAW because I know you guys called the highband historically it's been called the mid-highband uses a lot of BAW. Does it use a lot of BAW? I mean, you're going into a different product here, so maybe it doesn't actually, maybe you don't have nearly the number of bands you have to do it before.

格蘭特，還有未充分利用費用，聽起來好像會比較穩定等等。你這季度有產生任何此類費用嗎？預計接下來會有什麼嗎？這個階段主要用的是 GaAs 嗎？因為我知道你們會出貨更多 BAW，因為我知道你們以前把高頻段稱為中高頻段，現在用了很多 BAW。它使用大量 BAW 嗎？我的意思是，你現在要進入一個不同的產品領域，所以也許實際上並非如此，也許你不需要像以前那樣使用那麼多樂團了。

So one, underutilization charges? And two, have things improved utilization-wise in BAW? Or do you anticipate they'll improve this year?

所以，第一，未充分利用費用？第二，BAW 的使用率情況是否有改善？還是你預計他們今年會有所改進？

Thanks, Ed. Utilization is obviously not where we'd like it to be. So we still have ample headroom to support some of these strategic areas that we're going after, our largest customer and elsewhere. But there are no specific underutilization charges or period charges in the quarter. And the ops team on our side has done a terrific job of managing costs as we've been shutting down factories or where we've been moving them from North Carolina to Texas and all of the other activities they have going on that we've discussed. It's a considerable effort. And at the same time, pulling out enough costs in order to support the gross margin improvements that we've been showing is a significant effort.

謝謝，埃德。顯然，利用率還沒有達到我們希望的水平。因此，我們仍然有足夠的空間來支持我們正在追求的一些策略領域，包括我們最大的客戶和其他領域。但本季沒有具體的未充分利用費用或期間費用。我們這邊的營運團隊在成本控制方面做得非常出色，因為我們一直在關閉工廠，或者將工廠從北卡羅來納州轉移到德克薩斯州，以及他們正在進行的所有其他我們討論過的活動中。這是一項相當大的工作。同時，為了支持我們所取得的毛利率提升，削減足夠的成本是一項巨大的努力。

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

我們的問答環節到此結束。我想把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 today and hope everyone has a great evening. Thank you.

感謝各位今天蒞臨，祝大家今晚愉快。謝謝。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。