科沃 (QRVO) 2022 Q4 法說會逐字稿

Good day, everyone, and welcome to the Qorvo, Inc. Fourth Quarter 2022 Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Douglas DeLieto, Vice President of Investor Relations. Please go ahead, sir.

大家好，歡迎參加 Qorvo, Inc. 2022 年第四季度電話會議。今天的會議正在錄製中。在這個時候，我想把會議交給投資者關係副總裁 Douglas DeLieto。請繼續，先生。

Thanks very much, Sarah. Hello, everybody, and welcome to Qorvo's Fiscal 2022 Fourth Quarter Earnings Conference Call.

非常感謝，莎拉。大家好，歡迎參加 Qorvo 的 2022 財年第四季度收益電話會議。

This call will include forward-looking statements that involve risk factors that could cause our actual results to differ materially from management's current expectations. We encourage you to review the safe harbor statements 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.

本次電話會議將包括涉及風險因素的前瞻性陳述，這些風險因素可能導致我們的實際結果與管理層目前的預期存在重大差異。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，以及我們向 SEC 提交的 10-K 表格年度報告中與我們業務相關的風險因素，因為這些風險因素可能會影響我們的運營和財務業績.

In today's release and on today's call, we provide both GAAP and non-GAAP financial results. We provide this supplemental information to enable investors to perform additional comparisons of operating results and to analyze financial performance without the impact of certain noncash expenses or other items that may 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 website at qorvo.com under Investors.

在今天的發布和今天的電話會議中，我們提供了 GAAP 和非 GAAP 財務結果。我們提供此補充信息，以使投資者能夠對經營業績進行額外比較並分析財務業績，而不受某些非現金費用或其他可能掩蓋我們基本業績趨勢的項目的影響。在我們的電話會議期間，我們對損益表項目的評論和比較將主要基於非公認會計原則的結果。如需 GAAP 與非 GAAP 財務指標的完全對賬，請參閱我們今天早些時候發布的收益報告，該報告可在我們的網站 qorvo.com 的“投資者”欄目中找到。

Joining us today are Bob Bruggeworth, President and CEO; Grant Brown, Interim CFO; Eric Creviston, President of Qorvo's Mobile Products Group; Philip Chesley, President of Qorvo's Infrastructure and Defense Products Group; as well as other members of Qorvo's management team. And with that, I'll turn the call over to Bob.

今天加入我們的是總裁兼首席執行官 Bob Bruggeworth； Grant Brown，臨時首席財務官； Qorvo 移動產品集團總裁 Eric Creviston； Qorvo 基礎設施和國防產品集團總裁 Philip Chesley；以及 Qorvo 管理團隊的其他成員。有了這個，我會把電話轉給鮑勃。

Thanks, Doug, and welcome, everyone, to our call. Qorvo delivered fiscal fourth quarter results above the midpoint of our outlook we provided on February 2 earnings call. Demand drivers were broad-based across end markets, including 5G, IoT connectivity, defense and power. Both Mobile Products and IDP grew year-over-year and sequentially. In Mobile Products, revenue was diversified across customers and supported by content and integration trends. Of note, Qorvo more than doubled revenue year-over-year at Samsung with growth across multiple product categories. We also expect content gains as the year progresses across on our smartphone portfolio with opportunities spanning multiple products and technologies.

謝謝，Doug，歡迎大家來電。 Qorvo 公佈的第四財季業績高於我們在 2 月 2 日財報電話會議上提供的展望中點。需求驅動因素廣泛存在於終端市場，包括 5G、物聯網連接、國防和電力。移動產品和 IDP 均按年和環比增長。在移動產品方面，收入在客戶之間實現多元化，並受到內容和集成趨勢的支持。值得注意的是，隨著多個產品類別的增長，Qorvo 在三星的收入同比增長了一倍多。我們還預計，隨著今年智能手機產品組合的進展，內容會有所增長，機會涵蓋多種產品和技術。

In IDP, revenue was broad-based across markets and included our newly added high-voltage silicon carbide solutions. We were pleased to see IDP return to year-over-year growth driven by infrastructure, power management and other markets. IDP enjoys an increasing number of long-term drivers in growth markets, including automotive connectivity and electrification, defense radar and comms, power management, comms infrastructure and others.

在 IDP 中，收入廣泛分佈於各個市場，包括我們新添加的高壓碳化矽解決方案。我們很高興看到 IDP 在基礎設施、電源管理和其他市場的推動下恢復了同比增長。 IDP 在增長市場中享有越來越多的長期驅動力，包括汽車連接和電氣化、國防雷達和通信、電源管理、通信基礎設施等。

Now let's look at some of the quarterly highlights. In Mobile Products, we increased shipments to Samsung for mass-tier and flagship 5G smartphone programs. Qorvo products included RF Fusion, Wi-Fi 6E FEMs, antenna control solutions and RF power management ICs. We were recognized by Honor as their only core strategic supplier in the RF category, and we received the first production orders for our next-generation RF Fusion solutions.

現在讓我們看看一些季度亮點。在移動產品方面，我們增加了對三星的大眾級和旗艦 5G 智能手機計劃的出貨量。 Qorvo 產品包括 RF Fusion、Wi-Fi 6E FEM、天線控制解決方案和 RF 電源管理 IC。我們被 Honor 認可為他們在 RF 類別中唯一的核心戰略供應商，並且我們收到了我們下一代 RF Fusion 解決方案的第一批生產訂單。

At multiple China-based smartphone OEMs, we secured design wins covering a range of products, including complete main path and secondary transmit solutions supporting multiple basebands. In ultra-wideband, we were selected by an existing ultra-wideband customer to supply our first system in a package, or SIP, for multiple upcoming smartphone models. Our ultra-wideband SIP strengthens our product portfolio and offers customers a complete solution that integrates our SoC, RF front end and software. Qorvo's ultra-wideband offerings received a higher percentage of FCC certifications last year than competing solutions, and design activity this year has been robust.

在多家中國智能手機 OEM 中，我們獲得了涵蓋一系列產品的設計方案，包括支持多個基帶的完整主路徑和輔助傳輸解決方案。在超寬帶方面，我們被一個現有的超寬帶客戶選中，為即將推出的多種智能手機型號提供我們的第一個封裝系統或 SIP。我們的超寬帶 SIP 增強了我們的產品組合，並為客戶提供集成了我們的 SoC、RF 前端和軟件的完整解決方案。 Qorvo 的超寬帶產品去年獲得 FCC 認證的比例高於競爭解決方案，今年的設計活動也很活躍。

In automotive sensors, we received a design win to supply MEMS-based touch sensor solutions for smart interiors at one of the largest U.S.-based automotive OEMs.

在汽車傳感器方面，我們獲得了一項設計勝利，為美國最大的汽車 OEM 之一提供用於智能內飾的基於 MEMS 的觸摸傳感器解決方案。

Moving to IDP. In power devices, we continue to see strong design in activity as silicon carbide technology expands across multiple markets. During the quarter, we received a multimillion dollar order for a new silicon carbide power device solution for circuit protection and EV charging stations. In power management ICs, we achieved another quarter of sequential and year-over-year revenue growth, driven by solid state drives and motor control solutions for power tools.

搬到國內流離失所者。在功率器件方面，隨著碳化矽技術擴展到多個市場，我們繼續看到強大的設計活動。在本季度，我們收到了價值數百萬美元的新碳化矽功率器件解決方案訂單，用於電路保護和電動汽車充電站。在電源管理 IC 方面，在固態驅動器和電動工具電機控制解決方案的推動下，我們實現了另一個季度的連續和同比收入增長。

In automotive connectivity, we received our first design win for a highly integrated V2X FEM, enhancing performance and extending range in a shark fin application for a leading European-based automotive OEM.

在汽車連接方面，我們獲得了第一個高度集成的 V2X FEM 設計方案，為歐洲領先的汽車 OEM 提高了性能並擴大了鯊魚鰭應用的範圍。

In infrastructure, the business returned to year-over-year growth, and we secured design wins from multiple leading OEMs for massive MIMO small signal applications supporting C-band deployments in the U.S.

在基礎設施方面，該業務恢復了同比增長，我們從多家領先的 OEM 處獲得了支持美國 C 波段部署的大規模 MIMO 小信號應用的設計勝利。

In Wi-Fi, we sampled our first BAW-based Wi-Fi 6E filter, reducing form factors for CPE tri-band mesh networks. We also began ramping the industry's first wideband FEM covering both Wi-Fi 6 and 6E for enterprise CPE customers. This new FEM enables configurability and RF chain management, increasing capacity and maximizing throughput.

在 Wi-Fi 中，我們對我們的第一個基於 BAW 的 Wi-Fi 6E 濾波器進行了採樣，降低了 CPE 三頻網狀網絡的外形尺寸。我們還開始為企業 CPE 客戶推出業界首個涵蓋 Wi-Fi 6 和 6E 的寬帶 FEM。這種新的 FEM 可實現可配置性和射頻鏈管理，從而增加容量並最大限度地提高吞吐量。

In low-power connectivity markets, we secured design wins for a multiprotocol, low-power wireless SoC integrating BLE, Zigbee and Thread. These wins enable remote control applications for our leading Korea-based TV OEM and leading U.S.-based MSO.

在低功耗連接市場，我們獲得了集成 BLE、Zigbee 和 Thread 的多協議、低功耗無線 SoC 的設計勝利。這些勝利為我們領先的韓國電視 OEM 和領先的美國 MSO 提供遠程控制應用。

In support of the Matter connectivity protocol, we expanded customer engagements with retail and service providers to integrate Matter into Wi-Fi gateways. Matter is an open and universal smart home protocol expected to simplify and accelerate the adoption of seamless and reliable wireless connectivity.

為了支持 Matter 連接協議，我們擴大了與零售和服務提供商的客戶合作，將 Matter 集成到 Wi-Fi 網關中。 Matter 是一種開放且通用的智能家居協議，旨在簡化和加速無縫可靠無線連接的採用。

In both mobile and IDP, Qorvo's markets are supported by multiple long-term secular trends related to connectivity, electrification, sustainability and our increasingly digital lives.

在移動和 IDP 方面，Qorvo 的市場受到與連接性、電氣化、可持續性和我們日益數字化的生活相關的多種長期趨勢的支持。

The Qorvo team continues to do a fantastic job supporting customers while adjusting the challenges related to the war in Ukraine, supply constraints and COVID lockdowns in China. While challenges persist, they are temporary in nature and not structural. Qorvo remains laser-focused on the opportunities ahead, introducing new technologies, launching best-in-class products, entering new markets and expanding our customer engagements. As an example, take Samsung, where we had previously been underrepresented and where we -- where the combined opportunity extends for years. Of note, our customer diversification in mobile is unmatched and affords Qorvo an expanding set of opportunities as 5G continues to grow.

Qorvo 團隊繼續出色地支持客戶，同時調整與烏克蘭戰爭、供應限制和中國 COVID 封鎖相關的挑戰。儘管挑戰依然存在，但它們是暫時的，而不是結構性的。 Qorvo 始終專注於未來的機遇，引進新技術，推出一流的產品，進入新市場並擴大我們的客戶參與度。以三星為例，我們以前在該領域的代表人數不足，而我們的合併機會已延續多年。值得注意的是，隨著 5G 的不斷發展，我們在移動領域的客戶多樣化是無與倫比的，並為 Qorvo 提供了一系列不斷擴大的機會。

Adding to that, an increasing percentage of Qorvo's revenue exposure is to higher growth end markets. These include IoT connectivity, power management, power conversion and defense, all of which are forecast to grow long term in the double digits. So while we navigate these challenges, our current views suggest June is the bottom with sequential growth in revenue resuming in September. I'm proud of how the team is staying focused, advancing technology and supporting our growth.

此外，Qorvo 的收入敞口中越來越大的比例來自於高增長終端市場。其中包括物聯網連接、電源管理、電源轉換和防禦，預計所有這些都將以兩位數的速度長期增長。因此，在我們應對這些挑戰的同時，我們目前的觀點表明，6 月份是谷底，收入在 9 月份恢復連續增長。我為團隊如何保持專注、推進技術和支持我們的發展而感到自豪。

With that, I'll now turn it over to Grant Brown, who I'm pleased has accepted the role of Interim CFO. Grant has been with Qorvo for many years, most recently as Treasurer. Before that, Grant led our tax and FP&A departments as well as other management roles. He has been a key contributor to Qorvo's growth, and he has extensive knowledge of our business. I am confident, Grant, the Finance and IT teams will continue to execute on Qorvo's ongoing financial and strategic priorities.

有了這個，我現在將把它交給格蘭特布朗，我很高興他接受了臨時首席財務官的角色。 Grant 已在 Qorvo 工作多年，最近擔任財務主管。在此之前，Grant 領導我們的稅務和 FP&A 部門以及其他管理職位。他一直是 Qorvo 發展的關鍵貢獻者，他對我們的業務有著廣泛的了解。我相信，Grant、財務和 IT 團隊將繼續執行 Qorvo 持續的財務和戰略重點。

And with that, I'm glad to hand it over to Grant.

有了這個，我很高興把它交給格蘭特。

Thanks, Bob, and good afternoon, everyone. I'd like to start by thanking Mark Murphy for his leadership and many contributions to Qorvo. Working alongside Mark and Bob for many years, together with the strength and experience of our finance team, has enabled a smooth transition.

謝謝，鮑勃，大家下午好。首先，我要感謝 Mark Murphy 的領導和對 Qorvo 的許多貢獻。多年來與 Mark 和 Bob 一起工作，加上我們財務團隊的實力和經驗，促成了平穩過渡。

Turning to the quarter. Qorvo's revenue for the fourth quarter fiscal 2022 was $1.166 billion, $16 million above the midpoint of our guidance. Mobile Products revenue of $865 million was up both year-over-year and sequentially on 5G content gains and higher flagship volumes. Infrastructure and Defense Products revenue of $301 million was up double digits both year-over-year and sequentially, driven by broad-based strength across the product portfolio and customer base.

轉向季度。 Qorvo 2022 財年第四季度的收入為 11.66 億美元，比我們指導的中點高出 1600 萬美元。移動產品收入為 8.65 億美元，同比和環比均增長，原因是 5G 內容收益和旗艦銷量增加。基礎設施和國防產品收入為 3.01 億美元，同比和環比均增長兩位數，這得益於產品組合和客戶群的廣泛實力。

Non-GAAP gross margin in the March quarter was 52%, in line with our guidance. Non-GAAP operating expenses in the fourth quarter were $229 million, up $15 million sequentially due to seasonal payroll effects and increased spend related to technology infrastructure. Year-over-year operating expenses were up $21 million, primarily related to recently acquired company OpEx, new product investments and technology infrastructure, partially offset by lower incentive compensation.

3 月季度的非美國通用會計準則毛利率為 52%，符合我們的預期。由於季節性工資影響和與技術基礎設施相關的支出增加，第四季度非美國通用會計準則運營費用為 2.29 億美元，比上一季度增加 1500 萬美元。運營費用同比增長 2100 萬美元，主要與最近收購的公司運營支出、新產品投資和技術基礎設施有關，部分被較低的激勵薪酬所抵消。

Non-GAAP operating income in the March quarter was $377 million or 32.3% of sales. Non-GAAP net income in the fourth quarter was $340 million. And diluted earnings per share of $3.12 was $0.18 above the midpoint of our guidance.

3 月季度的非 GAAP 營業收入為 3.77 億美元，佔銷售額的 32.3%。第四季度非美國通用會計準則淨收入為 3.4 億美元。每股攤薄收益 3.12 美元，比我們指導的中點高 0.18 美元。

Cash flow from operations in the fourth quarter was $346 million. Capital expenditures in the quarter were $51 million and remain concentrated in core areas such as BAW and GaAs, where we see continued demand for solutions that include these differentiated process technology. Free cash flow was $295 million, and we repurchased 327 million of shares during the quarter. We continue to repurchase shares based on our long-term outlook, low leverage and other factors.

第四季度的運營現金流為 3.46 億美元。本季度的資本支出為 5100 萬美元，仍集中在 BAW 和 GaAs 等核心領域，我們看到對包括這些差異化工藝技術的解決方案的持續需求。自由現金流為 2.95 億美元，我們在本季度回購了 3.27 億股股票。我們繼續基於我們的長期前景、低杠桿率和其他因素回購股票。

Turning to the balance sheet. As of the March fiscal year-end, we had approximately $2 billion of debt outstanding and $973 million of cash and equivalents. In our GAAP financials as part of our annual assessment, we recognized a $48 million impairment of acquired goodwill.

轉向資產負債表。截至 3 月財政年度末，我們有大約 20 億美元的未償債務和 9.73 億美元的現金及等價物。作為我們年度評估的一部分，在我們的 GAAP 財務中，我們確認了 4800 萬美元的收購商譽減值。

Regarding inventory, we ended the quarter at $756 million, which is near the higher end of our historical range. The inventory balance will be reduced over time, but while supply and demand and macro factors persist, our inventory is expected to remain elevated.

關於庫存，我們在本季度結束時為 7.56 億美元，接近我們歷史範圍的上限。庫存餘額將隨著時間的推移而減少，但在供需和宏觀因素持續存在的情況下，我們的庫存預計將保持高位。

Looking at the full year, Qorvo reported strong results, having achieved record revenue and earnings per share. During fiscal 2022, we reported revenue of $4.6 billion, up 15.7%; gross margin of 52.4%, up 30 basis points; operating margin of 33.4%, up 120 basis points; and earnings per share of $12.35, up 26.8% from the prior year.

縱觀全年，Qorvo 報告了強勁的業績，實現了創紀錄的收入和每股收益。在 2022 財年，我們報告的收入為 46 億美元，增長 15.7%；毛利率52.4%，上升30個基點；營業利潤率33.4%，上升120個基點；每股收益為 12.35 美元，比上年增長 26.8%。

Qorvo's full year fiscal '22 performance demonstrates our ability to provide differentiated solutions for our customers' most challenging technology and product needs. As connectivity and electrification trends accelerate and product performance requirements increase, we're expanding our growth opportunities through technology leadership, portfolio management, sustained productivity, reduced capital intensity and broadening market and customer exposure.

Qorvo 的 22 財年全年業績表明我們有能力為客戶最具挑戰性的技術和產品需求提供差異化解決方案。隨著連通性和電氣化趨勢的加速以及產品性能要求的提高，我們正在通過技術領先、投資組合管理、持續生產力、降低資本密集度以及擴大市場和客戶敞口來擴大我們的增長機會。

Now turning to our current quarter outlook. We expect revenue between $1 billion and $1.50 billion, non-GAAP gross margin of approximately 50%, non-GAAP diluted earnings per share in the range of $2 to $2.25. Forecasted revenue of $1.25 billion at the midpoint incorporates our current view of the COVID lockdowns in China, the war in Ukraine and existing industry supply chain constraints. We estimate IDP revenues of approximately $300 million, reflecting strong year-over-year growth and in line with our commentary last quarter. Since the COVID lockdowns occurred at the end of March, we are revising our forecast of 5G handsets in 2022 to between $650 million and $675 million, which represents a reduction of 50 million to 75 million units.

現在轉向我們當前的季度展望。我們預計收入在 10 億美元至 15 億美元之間，非美國通用會計準則毛利率約為 50%，非美國通用會計準則攤薄後每股收益在 2 美元至 2.25 美元之間。中點的預測收入為 12.5 億美元，這包括我們目前對中國 COVID 封鎖、烏克蘭戰爭和現有行業供應鏈限制的看法。我們估計 IDP 收入約為 3 億美元，反映了強勁的同比增長，與我們上一季度的評論一致。由於 COVID 鎖定發生在 3 月底，我們將 2022 年 5G 手機的預測修正為 6.5 億美元至 6.75 億美元之間，這意味著減少了 5000 萬至 7500 萬部。

Given our share in average content, we expect the impact to Qorvo to be approximately $250 million. This revenue impact is expected to occur over this quarter and next as we adjust to demand and responsibly manage inventories. We project non-GAAP operating expenses in the June quarter to be approximately $245 million due to the impact of acquired company OpEx, higher employee-related expenditures and investments in product development, including high-performance BAW-based integrated products.

鑑於我們在平均內容中的份額，我們預計對 Qorvo 的影響約為 2.5 億美元。隨著我們根據需求進行調整併負責任地管理庫存，這種收入影響預計將在本季度和下一季度發生。由於被收購公司運營支出、員工相關支出增加和產品開發投資（包括基於高性能 BAW 的集成產品）的影響，我們預計 6 月季度的非 GAAP 運營費用約為 2.45 億美元。

Below the operating line, other expense will be approximately $17 million, and our non-GAAP tax rate in the current quarter is expected to increase to approximately 9.5%, up from 7.7% in fiscal year '22. Capital expenditures are projected to be approximately flat on a sequential basis as we continue our discipline around capital intensity while expanding BAW and GaAs capacity in support of long-term supply agreements with multiple customers.

在運營線以下，其他費用將約為 1700 萬美元，我們本季度的非公認會計原則稅率預計將從 22 財年的 7.7% 增加到約 9.5%。隨著我們繼續圍繞資本密集度開展紀律，同時擴大 BAW 和 GaAs 產能以支持與多個客戶的長期供應協議，預計資本支出將環比持平。

As we have discussed on past earnings calls, looking at our business by end market helps to highlight our long-term growth drivers. As a leading supplier of advanced cellular solutions for smartphones, we're positioned for years of content expansion as advancing technology standards drive RF complexity and integration trends. In broader connectivity solutions, we anticipate strong double-digit growth as connected devices increase and use cases proliferate. We have broad exposure across high-growth IoT markets, including industrial automation, connected home, wearables and automotive, where our product portfolio features a unique combination of technologies.

正如我們在過去的財報電話會議上所討論的那樣，從終端市場來看我們的業務有助於突出我們的長期增長動力。作為智能手機先進蜂窩解決方案的領先供應商，隨著先進技術標準推動射頻複雜性和集成趨勢，我們多年來一直致力於內容擴展。在更廣泛的連接解決方案中，隨著連接設備的增加和用例的激增，我們預計將實現兩位數的強勁增長。我們在高增長的物聯網市場擁有廣泛的業務，包括工業自動化、互聯家居、可穿戴設備和汽車，我們的產品組合具有獨特的技術組合。

Finally, we anticipate double-digit growth in infrastructure, defense, power management and power conversion as 5G deployments increase outside of China, defense budget mix to higher performance electronics and requirements increase for power semis, supporting renewable energy and electrification trends.

最後，我們預計隨著 5G 部署在中國以外地區的增加，國防預算與更高性能電子產品的組合以及對功率半導體的需求增加，支持可再生能源和電氣化趨勢，基礎設施、國防、電源管理和電源轉換將實現兩位數的增長。

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

此時，請打開線路提問。謝謝你。

(Operator Instructions) Our first question will come from Harlan Sur with JPMorgan.

（操作員說明）我們的第一個問題將來自摩根大通的 Harlan Sur。

On the last call, the team was pretty confident given your pipeline of new customers and content gains in mobile, combined with the sustained strength in IDP that you guys would get back to year-over-year growth in September. And I know the COVID situation in Eastern European complex are new dynamics. You guys talked about sequential growth in September with a lower 5G TAM outlook. So taking all of this into account, do you guys expect to get back to year-over-year growth in the September or December quarters?

在最後一次電話會議上，團隊非常有信心，因為你們的新客戶渠道和移動內容的增長，再加上 IDP 的持續實力，你們將在 9 月份恢復同比增長。而且我知道東歐地區的新冠疫情形勢是新的動態。你們談到了 9 月份的連續增長，5G TAM 前景較低。因此，考慮到所有這些因素，你們是否希望在 9 月或 12 月季度恢復同比增長？

This is Grant. I'll take that one. Yes. Thanks for the question. Given the temporary issues you mentioned and as we already discussed, we're -- limiting visibility across the industry prevent a precise view of timing. And so given the inventories and the situation in China related to the COVID lockdowns, we're not providing any longer-term guidance until the continuing uncertainty around the world [clears]. Thank you.

這是格蘭特。我會拿那個。是的。謝謝你的問題。鑑於您提到的臨時問題以及我們已經討論過的問題，我們正在限制整個行業的可見性，從而阻止了對時間的準確了解。因此，鑑於與 COVID 封鎖相關的庫存和中國的情況，在全球持續的不確定性 [清除] 之前，我們不會提供任何長期指導。謝謝你。

Okay. I appreciate that. I guess, along those same lines, I know the forward outlook is a bit cloudy, but you do have some visibility on customer ramps, design wins? And like I said, IDP is sustaining pretty strong strength there. And I think you're anticipating double-digit growth for IDP this year. But do you guys anticipate with the pickup in the second half? Are these driving back the 52% gross margins?

好的。我很感激。我想，按照同樣的思路，我知道前景有點陰暗，但你確實對客戶坡道有一定的了解，設計獲勝？就像我說的那樣，IDP 在那裡保持著相當強大的實力。而且我認為您預計今年 IDP 將實現兩位數的增長。但是你們期待下半場的回升嗎？這些是否會降低 52% 的毛利率？

Eric, do you want to talk about at least -- and you guys talk about the business and...

埃里克，你至少想談談 - 你們談論業務和......

Then I'll do the gross margin.

然後我會做毛利率。

Yes, yes. This is Eric. I'll start. Yes, I think we're very confident and pleased with the content gains that we're seeing, and we're broadly diversified across all customers adopting our fully integrated portfolio of RF solutions and more and more Wi-Fi content coming in and advanced tuners. So the portfolio we've put together over the past several years is really maturing nicely. And so when we look at the second half of the calendar year, there's no content gain issues at all. There's content. It's really come down to how many units end up getting sold through, especially at 5G where, of course, the RF content is greater on just resolving all the issues today with getting materials and also getting consumers, especially in China, back to buying phones right now. So lockdowns are really affecting end market demand. So -- and of course, that's as we said, pretty hazy and hard to predict the second half. But content-wise, we're very pleased with the design wins we have now.

是的是的。這是埃里克。我會開始的。是的，我認為我們對我們所看到的內容收益非常有信心和滿意，並且我們在採用我們完全集成的射頻解決方案組合的所有客戶中廣泛多樣化，並且越來越多的 Wi-Fi 內容進入和先進調諧器。因此，我們在過去幾年中整合的投資組合非常成熟。因此，當我們查看日曆年的下半年時，根本沒有內容增益問題。有內容。真正歸結為最終銷售了多少單元，尤其是在 5G 中，當然，RF 內容更多地解決了當今獲取材料和讓消費者（尤其是中國消費者）重新購買手機的所有問題現在。因此，封鎖確實影響了終端市場的需求。所以 - 當然，正如我們所說，下半場非常模糊且難以預測。但在內容方面，我們對我們現在獲得的設計勝利感到非常滿意。

This is Philip. On the IDP side. IDP is well positioned in multiple market segments that are growing double digits. And so if you look at our power management business, which I'll break into kind of 2 pieces, our programmable power business, we continue to see strong design in and win and revenue growth for that business. We have a unique digital power architecture that allows us to really add a lot of value in the motor control space, and we see that really driving our business going forward.

這是菲利普。在 IDP 方面。 IDP 在多個以兩位數增長的細分市場中處於有利地位。因此，如果你看看我們的電源管理業務，我將把它分成兩部分，我們的可編程電源業務，我們將繼續看到強大的設計，並為該業務贏得和收入增長。我們擁有獨特的數字電源架構，使我們能夠在電機控制領域真正增加很多價值，我們看到這真正推動了我們的業務向前發展。

And then on the United Silicon Carbide and the silicon carbide technology, we continue to see really strong design-in funnel as well as revenue opportunities in that space. So that's one.

然後在聯合碳化矽和碳化矽技術方面，我們繼續看到真正強大的設計漏斗以及該領域的收入機會。所以這是一個。

On the defense side, we see that business not only with kind of short-term tailwinds, we see that with long-term tailwinds as well. And if you look at the continued penetration of phased-array radar systems in that segment, when you use phased-array radar, you tend to use GaN. That's where we're positioned. So we see growth there. We have our ship program, which is really bringing packaging back to the United States, specifically for RF and defense programs. That's the growth driver for us. So we're positioned well there.

在國防方面，我們看到該業務不僅有短期的順風，我們也看到了長期的順風。如果你看看相控陣雷達系統在該領域的持續滲透，當你使用相控陣雷達時，你傾向於使用 GaN。這就是我們所處的位置。所以我們看到了那裡的增長。我們有我們的船舶計劃，它真正將包裝帶回美國，特別是用於射頻和國防計劃。這就是我們的增長動力。所以我們在那裡的位置很好。

And automotive, again, I don't think I have to kind of outline the growth that we see there. So we like where we're at, and we foresee really strong future for the business.

再說一次汽車，我認為我不必概述我們在那裡看到的增長。因此，我們喜歡我們所處的位置，並且我們預見到該業務的未來非常強勁。

That's great. So let me tackle the gross margin piece of the question. We ended the year on a pretty strong note having achieved a 52% gross margin in Q4. Sequentially, June is typically our low point. So the decrease there is very much anticipated as we see a shift to some lower margin mix within mobile. But beyond June, I certainly expect that mix to improve throughout the year, but be tempered somewhat by lower utilization as we balance that customer demand and manage our inventory. Factory utilization will respond accordingly and likely leave some fixed costs unabsorbed. But once the near-term issues aside, there is no change to the long-term dynamics around margins. Certainly, our products are highly differentiated, and our customers value the performance advantages we help them achieve.

那太棒了。因此，讓我來解決問題的毛利率部分。我們在今年第四季度實現了 52% 的毛利率，表現非常強勁。因此，六月通常是我們的低點。因此，隨著我們看到移動領域向一些較低利潤率組合的轉變，我們非常期待這種下降。但在 6 月之後，我當然希望這種組合會在全年有所改善，但在我們平衡客戶需求和管理庫存時，利用率會有所降低。工廠利用率將做出相應反應，並可能留下一些未吸收的固定成本。但是，一旦撇開近期問題不談，圍繞利潤率的長期動態就沒有變化。當然，我們的產品高度差異化，我們的客戶重視我們幫助他們實現的性能優勢。

From a cost perspective, the multiyear productivity gains that we've achieved still remain, and those benefits will be increasingly evident as volumes return.

從成本的角度來看，我們已經實現的多年生產力提升仍然存在，並且隨著產量的恢復，這些好處將越來越明顯。

Our next question will come from Toshiya Hari with Goldman Sachs.

我們的下一個問題將來自高盛的 Toshiya Hari。

Great. I had 2 as well. My first one is on your business in China. I think based on your filings, China was about 1/4 of revenue in the December quarter. Curious how big or how small that region was in the March quarter and what you're assuming for June? And I guess, most importantly, what your thoughts are into the back half as your customer base kind of recovers from these lows. And you've talked about some of the wins at Honor, so if you can kind of speak to that as well, that would be great.

偉大的。我也有2個。我的第一個是關於你在中國的業務。我認為根據您的文件，中國在 12 月季度的收入中約佔收入的 1/4。好奇該區域在 3 月季度有多大或多小，以及您對 6 月的假設？而且我想，最重要的是，隨著您的客戶群從這些低點中恢復過來，您對後半部分的想法是什麼。你已經談到了榮譽的一些勝利，所以如果你也能談到這一點，那就太好了。

I'll take the first part first. Toshiya, the business in China was down slightly as a percent of sales quarter-over-quarter. So just give you that. I'm not going to quantify it that much. One thing I will tell you is, though is, Samsung is getting about as big as China right now at the levels we're at. And as far as things go forward, I mean we're planning on it staying pretty much at historical lows. The last 2 quarters have been the lowest for us is China as a percent of sales since we formed Qorvo, to be quite candid about the math. So looking forward, we're not expecting a significant bounce back anytime soon.

我先講第一部分。 Toshiya，中國業務佔銷售額的百分比環比略有下降。所以就給你那個。我不會量化那麼多。不過，我要告訴你的一件事是，三星現在的規模與我們所處的水平相當。就事情的發展而言，我的意思是我們計劃將其保持在歷史低點。自我們成立 Qorvo 以來，過去 2 個季度對我們來說是最低的，中國占銷售額的百分比是相當坦率的。因此，展望未來，我們預計不會很快出現大幅反彈。

Grant mentioned already, we've got to work through some channel inventories and things like that. Their business has really slowed down, and you know what happens when they're expecting more business, and things like the shutdowns and consumer confidence in China's way down. Their export market has also been impacted. Europe is not exactly firing on all cylinders right now as well. So we've got to work through that. So as we look forward, we're expecting it to stay low and possibly even lower than what it is now. But as far as the excitement that we have on the growth opportunities at some of those customers, I'll let Eric speak to that. It's just units, not content.

格蘭特已經提到過，我們必須處理一些渠道清單和類似的事情。他們的業務確實放緩了，你知道當他們期待更多業務時會發生什麼，以及諸如停工和消費者對中國下降的信心之類的事情。他們的出口市場也受到了影響。歐洲現在也不是全力以赴。所以我們必須解決這個問題。因此，正如我們展望的那樣，我們預計它會保持在低位，甚至可能低於現在的水平。但就我們對其中一些客戶的增長機會感到興奮而言，我會讓 Eric 談談這一點。它只是單位，而不是內容。

Yes, similar to what I said previously. Great relationships and very long-term road maps together, they're helping to drive our road map. We're responding to that. And as Bob mentioned earlier as well, great to see Honor coming back as well. They've kind of worked through the inventory that they inherited from Huawei beginning to now move to best-in-class integrated solutions. And we've got great relationships there. We've known those guys for years since they were in Huawei. So really pleased to be bringing them back their business in the second half of the year. And notably, they'll be the launch customer for our latest version of RF Fusion. So they're starting with the best and latest and greatest technology from Qorvo. And so that will definitely be a tailwind in the second half for China.

是的，和我之前說的一樣。良好的關係和非常長期的路線圖在一起，它們正在幫助推動我們的路線圖。我們正在對此作出回應。正如鮑勃之前提到的，很高興看到榮耀也回來了。他們已經從從華為繼承的庫存開始到現在轉向一流的集成解決方案。我們在那裡建立了良好的關係。自從他們在華為以來，我們就認識他們很多年了。非常高興能夠在下半年讓他們恢復業務。值得注意的是，他們將成為我們最新版本 RF Fusion 的啟動客戶。因此，他們從 Qorvo 的最佳、最新和最偉大的技術開始。因此，這對中國來說肯定是下半年的順風車。

Great. That's helpful. And then quickly, as my follow-up, on the inventory side of things, as you guys noted, inventory was up on your balance sheet on a sequential basis. I think you guys talked about inventory potentially staying elevated for the next couple of quarters. But if you can kind of confirm how we should be thinking about the cadence of any inventory drawdown on your balance sheet going forward, that would be helpful. And then if you can kind of also speak to how you would characterize customer inventory, both smartphone inventory and component inventory that would be helpful.

偉大的。這很有幫助。然後很快，作為我的後續行動，在庫存方面，正如你們所指出的，庫存在你的資產負債表上是連續上升的。我認為你們談到了未來幾個季度庫存可能會保持高位。但是，如果您可以確認我們應該如何考慮未來資產負債表上任何庫存縮減的節奏，那將很有幫助。然後，如果您還可以談論如何描述客戶庫存，智能手機庫存和組件庫存都會有所幫助。

Sure. Let me take that one. As you pointed out, we ended the quarter with about 118 days' worth of inventory, which is near the high end of our range. Around 81 to 125 days historically. So as we look to work down the balance, we'll do so over time. But as you pointed out, while the supply and demand challenges persist, our inventory is expected to remain elevated. It is important to consider, however, that we understand why it's up and we have visibility into the demand that will consume it.

當然。讓我拿那個。正如您所指出的，我們在本季度末的庫存價值約為 118 天，接近我們範圍的高端。歷史上大約 81 到 125 天。因此，當我們尋求平衡時，我們會隨著時間的推移這樣做。但正如您所指出的，雖然供需挑戰持續存在，但我們的庫存預計仍將保持高位。然而，重要的是要考慮，我們了解它為什麼會上漲，並且我們可以了解消耗它的需求。

In terms of your question specifically, I might try to answer it by comparing raw material and WIP. As you'll see when we file our K, those will be up, but they're based on our firm orders and supported our largest customers' demand. Certainly beyond that, you'll see increases in our inventory related to supporting our new acquisitions in some growth areas such as power and defense, so healthy growth on the inventory side there.

具體就您的問題而言，我可能會嘗試通過比較原材料和WIP來回答。正如您在我們提交 K 文件時所看到的那樣，這些將會增加，但它們是基於我們的確定訂單並支持我們最大客戶的需求。當然，除此之外，您會看到與支持我們在電力和國防等一些增長領域的新收購相關的庫存增加，因此庫存方面的健康增長。

I think Bob touched on already the channel inventories in China, so I won't.

我認為 Bob 已經談到了中國的渠道庫存，所以我不會。

Yes, I can add a little more color around China channel. Of course, we've got a mix in China of direct customers and channel customers as well. And we're working hard to maintain that channel and healthy levels of inventory as part of why we guide the way we do. But at this point, there's still -- the component inventory is still a bit elevated over historical best-in-class time frame. Again, we're managing it with the customers and working hard to make sure everything gets consumed and that we don't overbuild of course, supply more into it. And I think handset channel inventory itself in terms of the finished good handset is relatively healthy. It's a little hard to say with these significant near-term changes, of course, and disruptions in the supply chain, but that's really just a China local situation.

是的，我可以在中國頻道周圍添加更多顏色。當然，我們在中國也有直接客戶和渠道客戶。我們正在努力保持該渠道和健康的庫存水平，這是我們指導我們工作方式的一部分。但在這一點上，仍然存在 - 組件庫存仍然比歷史上同類最佳時間框架略高。同樣，我們正在與客戶一起管理它，並努力確保一切都被消耗掉，當然我們不會過度建設，提供更多的東西。而且我認為手機渠道庫存本身就成品手機而言是相對健康的。當然，在這些重大的近期變化以及供應鏈中斷的情況下，很難說，但這實際上只是中國當地的情況。

Our next question will come from Blayne Curtis from Barclays.

我們的下一個問題將來自巴克萊的 Blayne Curtis。

Maybe just on IDP, I think obviously, you saw a nice recovery in March. Just curious on the flat outlook, I think you had previously kind of talked about it kind of continuing to improve. So just a kind of tease through the different segments or any kind of color as to the flat guide in June.

也許只是在 IDP 上，我認為很明顯，你在 3 月份看到了不錯的複蘇。只是對平坦的前景感到好奇，我認為您之前曾談到過它會繼續改善。因此，對於 6 月的平面指南，只是對不同部分或任何顏色的一種挑逗。

Yes. So Blayne, this is Philip. So I think -- when you look at the flat guidance, I wouldn't take that directionally in terms of the rest of the year. We continue to see strong demand. I think that we still do have some supply challenges in IDP. And some of that is really kind of regulating what we can ship in the Q1 time frame. So I think that's probably the biggest story in terms of kind of that number and that flat quarter-over-quarter guidance.

是的。所以布萊恩，這是菲利普。所以我認為 - 當你查看平面指導時，我不會在今年剩下的時間裡採取這種方向。我們繼續看到強勁的需求。我認為我們在 IDP 方面仍然面臨一些供應挑戰。其中一些實際上是在規範我們可以在第一季度的時間框架內發布的內容。所以我認為這可能是最大的故事，就該數字和季度環比指引而言。

And then I just wanted to revisit the gross margin, the 200 basis points. Is that more of that maybe some premium products are down and the mix is negative? Or are you seeing in terms of new ramps, lower margin on those? And I guess just -- can you just help us a little bit with the recovery through the year? Is it something that will come back to the 52 range fairly quickly? Or is this something that's going to have to work throughout the fiscal year?

然後我只想重新審視毛利率，即 200 個基點。更多的可能是一些優質產品下降並且組合是負面的嗎？或者您是否看到新的坡道，這些坡道的利潤率較低？我想只是 - 你能幫助我們在今年的複蘇中有所幫助嗎？它會很快回到 52 範圍嗎？或者這是必須在整個財政年度發揮作用的事情？

Yes. So on gross margin throughout the year, we expect it to increase and improve as the mix improves over the balance of the year. Yields have been very good and -- across the year. And as we look forward, we will have some utilization that will leave some fixed costs unabsorbed in the factories, and so that will weigh against the mix improvement over the course of the year. But certainly, we expect it to trend up.

是的。因此，就全年毛利率而言，我們預計隨著全年餘額的組合改善，毛利率會增加和改善。全年的產量都非常好。正如我們所期待的那樣，我們將有一些利用率，這將使工廠無法吸收一些固定成本，因此這將影響一年中的組合改善。但可以肯定的是，我們預計它會呈上升趨勢。

Our next question will come from Joe Moore with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的喬摩爾。

I wanted to ask in terms of the thinking about the full year for mobile products, and again, I know you're not guiding beyond June, but just to sort of understand the dynamics. Understanding that 5G handsets are lower than you thought, they're still up well north of 100 million units since last year. You've talked about good content gains. Like I would think you would get pretty good growth out of mobile products with that dynamic, assuming handsets are only down slightly. Is there something I'm missing in that in terms of connecting inventory from last year, inventory from this year, as this is very back-end loaded? Just again, I'm not looking for guidance. I'm just trying to understand what the drivers are of the full year and making sure I understand them.

我想問一下對移動產品全年的思考，我知道你不是在 6 月以後指導，只是為了了解動態。了解到 5G 手機比您想像的要低，自去年以來它們仍然遠遠超過 1 億部。您談到了良好的內容收益。就像我認為你會從具有這種動態的移動產品中獲得相當不錯的增長，假設手機只是略有下降。在連接去年的庫存和今年的庫存方面，我是否缺少一些東西，因為這是非常後端加載的？再說一遍，我不是在尋求指導。我只是想了解全年的車手是什麼，並確保我理解他們。

Yes, I think you're really right on the money. We've got all the right underlying business factors, right, great content, growing content, 5G will be growing year-over-year to your point, it really does just come down to managing the inventory levels. So we've said it's a bit elevated right now. So that's what we have to work down. But otherwise, no other particular headwinds.

是的，我認為你在錢上是對的。我們擁有所有正確的潛在業務因素，正確的，精彩的內容，不斷增長的內容，5G 將逐年增長到你的觀點，它真的只是歸結為管理庫存水平。所以我們說它現在有點高。所以這就是我們必須解決的問題。但除此之外，沒有其他特別的不利因素。

Our next question will come from Edward Snyder with Charter Equity Research.

我們的下一個問題將來自特許股票研究公司的 Edward Snyder。

Eric, it sounds like most of your problems in China primarily, if not exclusively, demand-driven, right, versus lack of supply? And if not, how would you split those up between the 2? And Philip, was defense your largest segment again this period? And then I have a follow-up.

埃里克，聽起來你在中國的大部分問題主要是（如果不是完全）需求驅動的，對吧，而不是供應不足？如果不是，您將如何在兩者之間分配它們？菲利普，這段時間防守又是你最大的部分嗎？然後我有一個跟進。

Yes. So starting out in China, first of all, I agree all of our issues are in China. And in China, it's -- right now, it's hard to separate demand from supply, right? Frankly, because our internal supply is in pretty good shape and set customers have other supply issues here and there. But with the lockdown, their ability to produce just getting people to their factories, getting supply chain moved throughout the country as various cities are going in and out of lockdown, many people have printed this. I mean it's a challenging environment and getting the supply chain to work smoothly is really challenging right now. So that becomes a demand problem for us only because our customers can't keep their factory running in some case.

是的。所以從中國開始，首先，我同意我們所有的問題都在中國。而在中國，現在很難將供需分開，對吧？坦率地說，因為我們的內部供應狀況非常好，而且客戶有時也會遇到其他供應問題。但是隨著封鎖，他們的生產能力只是讓人們去他們的工廠，隨著各個城市進出封鎖，讓供應鏈在全國范圍內轉移，很多人都打印了這個。我的意思是這是一個充滿挑戰的環境，讓供應鏈順利運作現在確實具有挑戰性。所以這對我們來說是一個需求問題，只是因為我們的客戶在某些情況下無法保持他們的工廠運轉。

But then on the other end of that is they do produce phones. A lot of consumers are being very, very cautious right now in China. I mean it's a challenging environment for folks as large cities are being completely shut down for weeks at a time. And it's not an environment where consumers are feeling frothy by any means and buying the latest and greatest 5G handsets. So it's a period in time that we're in right now as we set us on a structural change. It's a period in time and we have to get through it and get to the other side.

但另一方面，他們確實生產手機。很多消費者現在在中國都非常非常謹慎。我的意思是這對人們來說是一個充滿挑戰的環境，因為大城市一次會完全關閉數週。這不是一個消費者無論如何都會感到泡沫併購買最新最好的 5G 手機的環境。所以這是我們現在所處的一個時期，因為我們開始進行結構性變革。這是一個時期，我們必須克服它並到達另一邊。

Ed, this is Philip. So we don't disclose individual segments, but I will say that defense came in very, very strong, healthy and it has a very healthy backlog to it. But it's not the only business. We see a strong backlog, as I mentioned in our power management business. We see strong backlog in our Wi-Fi business, automotive. It's pretty much most segments, we see strong growth. And so I think as we look forward, it will be a fun battle between which ends up being the biggest segment over this coming year.

埃德，這是菲利普。所以我們不會透露個別部分，但我會說防守非常非常強大，健康並且它有非常健康的積壓。但這不是唯一的業務。正如我在我們的電源管理業務中提到的，我們看到了大量的積壓。我們看到我們的 Wi-Fi 業務（汽車）有大量積壓。這幾乎是大多數細分市場，我們看到了強勁的增長。所以我認為，在我們期待的過程中，這將是一場有趣的戰鬥，最終成為來年最大的細分市場。

Great. And as a follow-up, if I could, Eric, to you. Samsung is growing nicely. It sounds like it's all playing out their reorganization of the handset business and then move to modules. Can you provide us any kind of color on what they were as a percentage of revenue? And is most of the gain that you're seeing now going to be in the -- from the flagship line? Or can we expect that the mass-tier is now really kicking in or getting a much bigger contribution from that?

偉大的。作為後續行動，如果可以的話，埃里克，給你。三星發展良好。聽起來這一切都在進行手機業務的重組，然後轉向模塊。你能告訴我們它們佔收入的百分比嗎？您現在看到的大部分收益是否將來自旗艦產品線？或者我們可以期待大眾層現在真的開始發揮作用或從中獲得更大的貢獻嗎？

And then Grant, nice talk to you again, bud. A couple of questions. It sounds like there is problem on utilization. Doesn't this ICE Farmers Branch for now? I mean if you're going to be dealing with utilization through the rest of the year, what are your plans for Farmers Branch regard to bringing that on for BAW. I imagine mostly it's a BAW still factory. So if you can provide some color on that. I appreciate it.

然後格蘭特，再次和你好好談談，伙計。幾個問題。聽起來好像在使用上有問題。這不是ICE Farmers Branch嗎？我的意思是，如果您要在今年餘下的時間里處理利用率問題，那麼您對 Farmers Branch 的計劃是如何為 BAW 啟用它。我想主要是它是一個 BAW 靜止工廠。因此，如果您可以提供一些顏色。我很感激。

Well, Ed, 3 questions, I think if I understood them all, but I think Eric will go first.

好吧，Ed，3 個問題，我想如果我都理解了，但我認為 Eric 會先回答。

Yes, you laid it out well in your question, Ed. Samsung is going very well for us. And part of it is their realignment of their product portfolio and their technology strategy lining beautifully with our road map. We've had, as you know, very good long-term relationships there. So the pump was primed, and we're really excited to ramp across our full integrated module portfolio as well as power management, tuners, and so forth.

是的，你在你的問題中闡述得很好，Ed。三星對我們來說進展順利。其中一部分原因是他們重新調整了產品組合，並且他們的技術戰略與我們的路線圖完美契合。如您所知，我們在那裡建立了非常良好的長期關係。因此，泵已準備就緒，我們真的很高興能夠在我們的完整集成模塊組合以及電源管理、調諧器等方面進行升級。

So -- but it's not just in the flagship tier. In fact, I mentioned last quarter that we're beginning more in the mass-tier, and then we'll be adding throughout the year, new models will be ramping in. So just the beginning. It's a very strong first couple of quarters here of the new business ramp with Samsung, but it's all coming in line with what we had hoped it would for the year.

所以 - 但它不僅僅是在旗艦層。事實上，我在上個季度提到我們正在開始更多地在大眾層，然後我們將在全年增加，新模型將逐漸增加。所以只是開始。這是三星新業務增長的前幾個季度非常強勁，但這一切都符合我們今年的預期。

Ed, in your question on size of Samsung, we did have 2 10% customers. You also read indicate that we had 2 for the year, and I think you'll see who it was. I think you've got a good feel for our business, Ed. So I'll let Grant talk to you about Farmers Branch.

Ed，在你關於三星規模的問題中，我們確實有 2 個 10% 的客戶。你還讀到表明我們今年有 2 個，我想你會看到它是誰。我想你對我們的生意感覺很好，埃德。所以我會讓格蘭特和你談談農民分會的事。

Sure. Thanks. And on Farmers Branch, we don't have any or anticipate bringing Farmers Branch on line, but it really depends on a number of those global issues we already discussed and how those play out. It's a multifaceted decision, as I'm sure you understand, and not entirely volume-based, right? It's a function of die shrinks, yields and efficiently using [Richardson].

當然。謝謝。在 Farmers Branch 上，我們沒有任何或預計將 Farmers Branch 上線，但這實際上取決於我們已經討論過的一些全球性問題以及這些問題如何發揮作用。這是一個多方面的決定，我相信你明白，而不是完全基於數量，對吧？它是使用 [Richardson] 時模具收縮、良率和高效的函數。

Our next question will come from Timothy Arcuri with UBS.

我們的下一個問題將來自瑞銀的 Timothy Arcuri。

You just spoke to what's going to be in the K customer-wise, I wonder if you can give us for the fiscal year, what's your largest customer was as a portion of revenue.

您剛剛談到了 K 客戶方面的情況，我想知道您是否可以在本財年給我們，您最大的客戶是收入的一部分。

Yes, it will be in the K. It will be in the K.

是的，它將在 K 中。它將在 K 中。

Okay. Okay. And then I guess I wanted to go back to a question about September. I know you don't have a lot of visibility. But would you agree that sort of normal seasonal for mobile products is up about 20%? And I guess within that, maybe can you talk about what the puts and takes are around that if things do open back up in China? I mean I would think that, that would be a tailwind to a normal seasonal 20% just given how depressed tune is. Can you just kind of talk about that relative to what the normal seasonal is?

好的。好的。然後我想我想回到關於九月的問題。我知道你的知名度不高。但是您是否同意移動產品的正常季節性增長約 20%？而且我想在這之中，也許你能談談如果事情在中國重新開放的話，圍繞著它的賣價和買價是什麼？我的意思是我會認為，考慮到曲調是多麼沮喪，這對正常的季節性 20% 來說是順風。你能談談相對於正常季節的情況嗎？

Yes. I don't -- frankly, I'm not sure there is such a thing as normal seasonality anymore, honestly. I mean, we don't have the kind of repeatable sort of ramp patterns that we used to have. And we have so many -- such a diversified customer base and seeing people move in integrated modules, but timing of large product ramps who can -- impact it significantly. We have some products that are built in subassemblies that they can go on to main boards, which affects timing ahead of the ramp. There's just too many variables. So I can't really comment on what normal seasonality in September means anymore.

是的。我不 - 坦率地說，老實說，我不確定是否存在正常的季節性。我的意思是，我們沒有以前那種可重複的斜坡模式。我們擁有如此多的客戶群——如此多元化的客戶群，並且看到人們在集成模塊中移動，但大型產品斜坡的時間能夠——對其產生重大影響。我們有一些內置在子組件中的產品，它們可以繼續安裝到主板上，這會影響斜坡前的時間。變數太多了。因此，我無法真正評論 9 月的正常季節性意味著什麼。

And we'll now take a question from Matt Ramsay with Cowen.

現在，我們將回答 Matt Ramsay 和 Cowen 的問題。

I had a kind of a follow-up question on Samsung. It sounds like the Galaxy 22 going forward, there may be a fairly significant shift from the in-house baseband toward San Diego. And I wonder -- it was interesting to juxtapose that against the commentary that you guys made. My understanding, at least from the San Diego crew is that they're pulling a decent amount of RF attached with that new share that they're getting. Maybe you could address your relative position in content on the internal baseband platform and the one at Qualcomm going forward in the Galaxy S22 given the change there?

我有一個關於三星的後續問題。聽起來 Galaxy 22 正在向前發展，從內部基帶到聖地亞哥可能會有相當大的轉變。我想知道——將它與你們所做的評論並列起來很有趣。我的理解，至少從聖地亞哥的工作人員那裡得到的是，他們正在拉動相當數量的射頻，並附帶他們獲得的新份額。也許您可以解決您在內部基帶平台和高通公司在 Galaxy S22 中的內容中的相對位置，因為那裡發生了變化？

Yes. We can't comment on Samsung's strategy for basebands, obviously. I can comment on our content, and we have content across all tiers and all basebands that ship into Samsung. So of course, it varies a lot on the model. But with such a broad portfolio we have from power management through antenna tuning and all the RF bands of coverage, there's content on every single baseband platform that they [share].

是的。顯然，我們無法評論三星的基帶戰略。我可以對我們的內容髮表評論，我們的內容涵蓋所有層級和所有發送到三星的基帶。所以當然，它在模型上變化很大。但是，我們擁有如此廣泛的產品組合，從電源管理到天線調諧和所有射頻覆蓋頻段，它們[共享]的每個基帶平台上都有內容。

Got it. No. I appreciate the sensitivity there. As my follow-up, I was interested to hear, I guess, more expanded commentary in the script about some of the different IoT protocols around Zigbee, Thread, Matter. And I wonder, like -- could you give us a little bit of flavor -- I mean, we all follow what's going on in 5G because of the big numbers per unit, but what the sort of RF content and the connectivity content trends are in that IoT market just from a content per unit. It's a very diverse space, but just trying to understand the TAM growth there and the content per unit growth at some of these new protocols roll out.

知道了。不，我很欣賞那裡的敏感性。作為我的後續行動，我想在腳本中聽到更多關於 Zigbee、Thread、Matter 的不同物聯網協議的擴展評論。我想知道，比如 - 你能給我們一點味道 - 我的意思是，我們都關注 5G 中發生的事情，因為每個單元的數量很大，但是 RF 內容的種類和連接內容的趨勢是什麼在那個物聯網市場中，僅從每單位的內容來看。這是一個非常多樣化的空間，但只是試圖了解那裡的 TAM 增長以及其中一些新協議推出的每單位內容增長。

Maybe Eric and I -- this is Philip -- will may be attacking this a little bit. But we think matter is important. We think that this is kind of the standard that's going to help kind of drive interoperability across different IoT segments in the home. We see that content and the connectivity piece of that growing nicely for us. We see both -- we see that both on the Wi-Fi side, but also on the Bluetooth, the Zigbee and the Thread side. And we're seeing actually more and more where you need kind of both in each of these applications. So we're pretty bullish on that segment over time. We think that's going to grow nicely. And so I don't know if that answers your question, but maybe Eric, you want to add?

也許埃里克和我——這是菲利普——可能會對此進行一點攻擊。但我們認為物質很重要。我們認為這是一種標準，將有助於推動家庭中不同物聯網領域的互操作性。我們看到內容和其中的連接部分對我們來說發展得很好。我們兩者都看到了——我們在 Wi-Fi 端、藍牙、Zigbee 和 Thread 端都看到了。而且我們實際上越來越多地看到在每個應用程序中都需要兩者。因此，隨著時間的推移，我們非常看好該細分市場。我們認為這會發展得很好。所以我不知道這是否回答了你的問題，但也許 Eric，你想補充一下？

Yes. Yes. Looking at it from our perspective with ultra-wideband coming in as well, it's a key enabler to a lot of these IoT ecosystems. And when you look at it, they are actually getting quite meaningful. Several of these verticals, whether it's access points either in the enterprise or in the home as wearable -- as well as kind of wearable applications, which affect your interface with the IoT wearables for the audio and then also just all the compute platforms, and each of these can be hundreds of millions of units. So when you put them together, you're looking at a market that's quickly approaching mobile in terms of scale.

是的。是的。從我們的角度來看，隨著超寬帶的出現，它也是許多物聯網生態系統的關鍵推動力。當你看到它時，它們實際上變得非常有意義。其中幾個垂直領域，無論是企業中的接入點還是家庭中的可穿戴接入點——以及可穿戴應用程序，都會影響您與物聯網可穿戴設備的音頻接口，然後影響所有計算平台，以及每一個都可以是數億個單位。因此，當您將它們放在一起時，您會看到一個在規模上迅速接近移動市場的市場。

And we think ultra-wideband is going to be a key enabler for various reasons. I mean the precise location will add all kinds of feature sets to a lot of these ecosystems and the way they interact with each other. But also, it's a very low-latency, high data rate connection, and that's got a lot of applications in smart home. You want to reduce latency for gaming applications, for example, or audio applications. So I think across all of Qorvo, we've got a lot of pieces of the puzzle coming together in what is emerging as a very large market.

我們認為，出於各種原因，超寬帶將成為關鍵推動力。我的意思是，精確的位置將為許多這些生態系統以及它們相互交互的方式添加各種功能集。而且，它是一種非常低延遲、高數據速率的連接，在智能家居中有很多應用。您希望減少游戲應用程序或音頻應用程序的延遲。因此，我認為在整個 Qorvo 中，我們已經將許多拼圖拼湊在一起，形成了一個非常大的市場。

And we will take our next question from Christopher Rolland with Susquehanna.

我們將接受克里斯托弗·羅蘭和薩斯奎漢納的下一個問題。

Some of our contacts in Asia have talked about Chinese handsets, maybe de-spec-ing their 5G phones kind of eliminating some of the sub-6 RF, making them a little bit more simpler, almost like 4G plus. I was wondering if you guys had seen this in any segments, this change in any segments, maybe even mid and low and in China and whether there are any effects for you guys?

我們在亞洲的一些聯繫人談到了中國手機，可能會取消他們的 5G 手機規格以消除一些低於 6 的射頻，使它們更簡單一點，就像 4G plus 一樣。我想知道你們是否在任何細分市場中看到了這種變化，這種變化在任何細分市場，甚至可能是中低端和中國，是否對你們有任何影響？

Yes. I don't think that, that's a trend. To the extent something like that has happened, it would have been a reaction probably to the shortages that we were experiencing in supply last year. I mean we were -- as we've talked about last year, we were having a hard time to keep up with demand. And so we had some of our customers go to kind of fall back to skinny-down architectures, discrete architectures and things because that's what they could get. I don't think that's a trend by any means.

是的。我不這麼認為，這是一種趨勢。如果發生了類似的事情，這可能是對我們去年供應短缺的反應。我的意思是我們 - 正如我們去年談到的那樣，我們很難跟上需求。因此，我們讓一些客戶退回到精簡架構、離散架構和其他東西，因為這是他們可以獲得的。我不認為這是一種趨勢。

Great. And then also, you guys had great free cash flow in the quarter. I was just wondering how you guys are seeing M&A right now with kind of the market sell-off here? Are there any kind of fat pitches here, so to speak? Or conversely, just remind us on kind of your cash return strategy?

偉大的。然後，你們在本季度有很好的自由現金流。我只是想知道你們現在如何看待這裡的市場拋售的併購？可以這麼說，這裡有什麼肥場嗎？或者相反，只是提醒我們您的現金回報策略？

From an M&A perspective, I think we pointed this out before and demonstrated it. In IDP, we look for tuck-in acquisitions. And the latest one we did was United Silicon Carbide where we thought we were better owner, help them scale and grow that business. And we'll continue to look at opportunities like that, that are out there.

從併購的角度來看，我認為我們之前已經指出並證明了這一點。在 IDP 中，我們尋找折中收購。我們最近做的一個是聯合碳化矽，我們認為我們是更好的所有者，幫助他們擴大和發展業務。我們將繼續尋找這樣的機會，就在那裡。

And in mobile, for the most part, we've acquired technologies, whether it was the RF MEMS in Cavendish or you look at what we're doing with ultra-wideband. It's a great new technology that we thought we were a better owner could scale that. So from an M&A perspective, I don't see any changes on the horizon. And when we see good opportunities that we think we're a better owner and we can drive good cash flows off of the assets that we acquire, that's what we're going to look to do. I'll let Grant talk a little bit about other uses of cash.

在移動領域，大部分情況下，我們已經獲得了技術，無論是卡文迪什的射頻 MEMS，還是你看看我們正在用超寬帶做什麼。這是一項偉大的新技術，我們認為我們是一個更好的所有者，可以擴展它。因此，從併購的角度來看，我看不到任何變化。當我們看到我們認為我們是一個更好的所有者的好機會並且我們可以從我們獲得的資產中獲得良好的現金流時，這就是我們要做的事情。我會讓格蘭特談談現金的其他用途。

Yes. Thanks, Bob. So generally, the approach to capital allocation is something of an ongoing exercise and balancing the needs of the business, i.e., working capital, et cetera. And then we looked at internal growth, so CapEx, R&D, then external growth, M&A, as Bob touched on, and then finally, some return of capital, which we do in the form of repurchase. So acquisitions are a bit opportunistic exercise and have to be evaluated case by case, but generally looking for a good fit, strategy and culture.

是的。謝謝，鮑勃。因此，一般來說，資本分配的方法是一種持續的練習，並平衡業務需求，即營運資金等。然後我們關注內部增長，如資本支出、研發，然後是外部增長、併購，正如 Bob 提到的，最後是一些資本回報，我們以回購的形式進行。因此，收購有點投機取巧，必須逐案評估，但通常會尋找合適的策略和文化。

Our next question will come from Atif Malik with Citi.

我們的下一個問題將來自 Atif Malik 和 Citi。

Welcome, Grant. Grant, I have 2 questions for you. You talked about $250 million revenue impact from lower 5G smartphone units from COVID lockdowns spreading over June and September quarter. And I was curious if you could further elaborate how much of that impact is in June versus September. And the reason I asked that question is because your peer yesterday was baking in most of the impact only in the June quarter. And then I have a follow-up.

歡迎，格蘭特。格蘭特，我有兩個問題要問你。您談到了在 6 月和 9 月季度蔓延的 COVID 鎖定導致 5G 智能手機數量減少對收入的 2.5 億美元影響。我很好奇您能否進一步詳細說明 6 月和 9 月的影響有多大。我問這個問題的原因是因為你的同行昨天只在六月季度受到了大部分影響。然後我有一個跟進。

Yes, sure. So I think Eric touched on the fact we can't separate supply and demand impacts. But as you pointed out, in aggregate, we're looking at $250 million. And I'd also point out that's after the COVID-related lockdown, so you're right to cite it in June and September. It's probably heavier in September than in June and primarily affecting our China-based OEMs.

是的，當然。因此，我認為 Eric 談到了我們無法將供需影響分開的事實。但正如你所指出的，總的來說，我們正在尋找 2.5 億美元。我還要指出，那是在與 COVID 相關的封鎖之後，所以你在 6 月和 9 月引用它是對的。 9 月份的情況可能比 6 月份更嚴重，主要影響我們在中國的 OEM。

Great. And then as a follow-up, it sounds like you and Mark were very much aligned on key initiatives like gross margin expansion at Qorvo. Are there other areas that you think Qorvo can improve upon?

偉大的。然後作為後續行動，聽起來您和 Mark 在 Qorvo 的毛利率擴張等關鍵舉措上非常一致。您認為 Qorvo 是否還有其他可以改進的地方？

Yes. I'd say Mark and I are very much aligned on gross margin. I would say in terms of what drives the business, ultimately, it will be free cash flow. So looking at our capital intensity, continuing to drive that. I'd say productivity enhancements, whether it's in COGS or OpEx, is another area where we see very much eye to eye. And certainly, the predictability and control of our internal finance operation and forecasting going forward are areas where, in addition to many others, but at least those are top of mind.

是的。我想說馬克和我在毛利率上非常一致。我會說，就推動業務發展的因素而言，最終將是自由現金流。因此，看看我們的資本密集度，繼續推動這一點。我想說提高生產力，無論是在 COGS 還是 OpEx 方面，都是我們意見一致的另一個領域。當然，我們內部財務運營和未來預測的可預測性和控制性是除許多其他領域外，但至少這些領域是首要考慮的領域。

Our next question will come from Raj Gill with Needham & Company.

我們的下一個問題將來自 Needham & Company 的 Raj Gill。

Just a follow-up from Atif's question on the $250 million impact over those 2 quarters. So even despite that reduction in revenue related to the decrease in 5G smartphones, you still are expecting kind of sequential improvement off that trough base in June. Is that correct?

只是 Atif 關於這兩個季度 2.5 億美元影響的問題的後續。因此，儘管收入減少與 5G 智能手機的減少有關，但您仍然預計 6 月份的低谷基數會出現連續改善。那是對的嗎？

Yes. Our current view is that we expect to return to growth in September over June, but we're not providing anything beyond the detail I already talked about in the 5G.

是的。我們目前的觀點是，我們預計 9 月將在 6 月恢復增長，但除了我在 5G 中已經談到的細節之外，我們沒有提供任何內容。

Right. Right. What's driving the sequential improvement if you're seeing kind of a fairly big drop-off in terms of your mobile revenue related to the reduction in 5G because that's where a lot of your RF content exists?

對。對。如果您看到與 5G 減少相關的移動收入出現相當大的下降，那麼推動連續改進的因素是什麼，因為您的大量射頻內容存在於 5G 中？

I think it comes down to -- we talk to all of our customers. We get a combined view from our customers what products they're planning to ramp and of course, when we're looking at our total revenue, we're looking across all of our customers, not just our China customer base and looking at timing of handset ramps and where we expect the impacts to be and how we expect them to kind of deteriorate and be less meaningful in certain ramps than others. I mean we put that together and that's the outlook. So...

我認為這歸結為 - 我們與所有客戶交談。我們從客戶那裡獲得他們計劃推出哪些產品的綜合視圖，當然，當我們查看總收入時，我們會查看所有客戶，而不僅僅是我們的中國客戶群和時間手機坡道的數量以及我們預計影響的位置以及我們預計它們會如何惡化並且在某些坡道中的意義不如其他坡道。我的意思是我們把它放在一起，這就是前景。所以...

Got it. I appreciate it. And just one quick follow-up on IDP. You mentioned that you're seeing some growth in the infrastructure business. So I was wondering if you could kind of elaborate there in terms of development interaction on the GaN base stations.

知道了。我很感激。並且只是對 IDP 的快速跟進。您提到您看到基礎設施業務有所增長。所以我想知道您是否可以在 GaN 基站的開發互動方面進行詳細說明。

Yes. So we continue to see the C-band deployments in the U.S. and in Europe, really most places outside of China. I think China is still a bit of a wildcard. They continue to be really more focused on the macro side right now. But with the infrastructure spending that we expect to happen in China this year, we'll see what happens in that market.

是的。因此，我們繼續在美國和歐洲（實際上是中國以外的大多數地方）看到 C 波段部署。我認為中國仍然是一個通配符。他們現在仍然更加關注宏觀方面。但隨著我們預計今年在中國發生的基礎設施支出，我們將看到該市場會發生什麼。

For us, we have a strong footprint really in the small signal and a growing footprint in our GaN PA business. But I think really what's exciting about that business for us is that when you combine those 2 and you add the module capability that we have in our mobile business, that we can move into the base station market where we can integrate all this technology into kind of a small form factor, higher performance solution, that's really the end game of where we're going with this business. So we like where we are today. And obviously, a lot of work to do. We can't really control the C-band deployment piece of it, but we're working hard with our customers to deliver the innovative solutions to them.

對我們來說，我們在小信號領域擁有強大的足跡，並且在我們的 GaN PA 業務中的足跡也在不斷增長。但我認為這項業務對我們來說真正令人興奮的是，當您將這兩者結合起來並添加我們在移動業務中擁有的模塊功能時，我們可以進入基站市場，在那裡我們可以將所有這些技術整合到實物中外形小巧、性能更高的解決方案，這確實是我們開展這項業務的最終目標。所以我們喜歡我們今天所處的位置。顯然，還有很多工作要做。我們無法真正控制其中的 C 波段部署部分，但我們正在與客戶一起努力為他們提供創新的解決方案。

Our next question will come from Vijay Rakesh with Mizuho.

我們的下一個問題將來自瑞穗的 Vijay Rakesh。

Just -- a lot of the questions have been answered, but just a last couple here. Are you seeing any elongating replacement cycles on 5G in China? And also, as you look at this inventory kind of picking up in the March quarter, and I think I'm not sure if it stays flat into June or it goes up, but any risk of a write-off on the inventory side at all? And that's it.

只是 - 很多問題都已得到解答，但這裡只是最後幾個問題。您是否看到中國的 5G 更換週期延長？而且，當你看到這種庫存在 3 月季度有所回升時，我想我不確定它是保持平穩到 6 月還是會上升，但庫存方面的任何沖銷風險全部？就是這樣。

Starting with the China replacement cycle, it's a little hard to say. I'm not sure if you're referring to 5G over 5G or... 5G replaced with 4G.

從中國更換週期開始，有點難說。我不確定您是指 5G 而非 5G 還是...... 5G 被 4G 取代。

Yes, 5G handsets.

是的，5G 手機。

5G -- so replacing a 5G with a -- yes. So like somebody buying their second 5G and if that's longer than it would have been in 4G? Or is that what you're referring to?

5G——所以用——是的。所以就像有人購買他們的第二個 5G，如果這比 4G 更長？或者這就是你所指的？

Yes. Yes.

是的。是的。

Yes. I think that's really hard to sort out at this time. There's no reason to believe the cycle will be any different. If anything, pace of innovation, new applications need for faster data rates and better coverage and so forth and new ID factors and all that. If anything, I would expect that it would be at least is short or shorter. But I think it's too soon, especially with all these other disruptions we've talked about to try to nail that down.

是的。我認為這在這個時候真的很難解決。沒有理由相信週期會有所不同。如果有的話，創新步伐、新應用需要更快的數據速率和更好的覆蓋範圍等等，以及新的 ID 因素等等。如果有的話，我希望它至少會很短或更短。但我認為現在還為時過早，尤其是在我們已經討論過的所有其他中斷的情況下，試圖確定這一點。

Yes. And I'll take the inventory one. If there was any excess or obsolete inventory at quarter end, we would have written it off during our standard quarterly review. We monitor it closely and follow a very robust process. So currently, our view of forecasted demand supports the consumption of existing inventory.

是的。我會拿一份清單。如果在季度末有任何多餘或過時的庫存，我們會在標準季度審查期間將其註銷。我們密切監控它並遵循非常穩健的流程。因此，目前，我們對預測需求的看法支持現有庫存的消耗。

Our final question will come from Edward Snyder with Charter Equity Research.

我們的最後一個問題將來自特許股票研究公司的 Edward Snyder。

Sorry for the follow-up real quick, though. Eric, I just want to drill down a little bit more on Samsung because that's your big growth engine this year sounds like overall. And I know there was a bunch of questions the last one, so I'll try to keep it to one. In terms of growth, are you seeing most of your gains this quarter, next quarter and maybe through the rest of this year, in the flagship, as it moves to module -- I'm sorry, in the mass-tier as it moves to modules? Or is it equally distributed between flagship and the mass-tier?

不過，很抱歉很快就跟進了。埃里克，我只是想進一步深入了解三星，因為這是你今年最大的增長引擎，總體而言。我知道最後一個問題有很多問題，所以我會盡量保留一個。就增長而言，您是否在本季度、下個季度以及今年剩餘時間裡看到了大部分收益，在旗艦產品中，隨著它轉向模塊——我很抱歉，在大眾層中，隨著它的移動到模塊？還是在旗艦級和大眾級之間平均分配？

Yes. So I personally don't look at that split, so I can't answer it analytically. It's -- we've got a portfolio of products selling into a portfolio of phones. I think just based on the numbers and the scale of it, I would have to say mass-tier is probably driving the growth. But of course, the opportunities in flagship are very attractive as well. Just obviously, the volume numbers are lower in that tier. But I think across all those tiers, we have everything we mentioned, we've got power management, we had advanced tuning coming in as well as band coverage and highly integrated modules across every band. So I think -- well, Wi-Fi, too. I should have mentioned Wi-Fi. It's another great growth area for us now across all of their Wi-Fi baseband suppliers. So it really is broad-based.

是的。所以我個人不看那個分裂，所以我無法分析性地回答它。它是——我們的產品組合銷售到手機組合中。我認為僅基於它的數量和規模，我不得不說大眾層可能正在推動增長。當然，旗艦的機會也很有吸引力。很明顯，該層的數量較低。但我認為，在所有這些層級中，我們都有我們提到的一切，我們有電源管理，我們有先進的調整以及頻段覆蓋和每個頻段的高度集成模塊。所以我認為——嗯，Wi-Fi 也是如此。我應該提到Wi-Fi。這是我們現在跨越所有 Wi-Fi 基帶供應商的另一個巨大增長領域。所以它確實是廣泛的。

I mean based on that answer then, it sounds like for the first time in memory, they're using the same -- generally the same components for both mass-tier and flagship where previously the flagship is all custom. Is that a fair assessment?

我的意思是，基於那個答案，這聽起來像是在記憶中的第一次，他們使用相同的組件——大眾層和旗艦產品通常使用相同的組件，而以前的旗艦產品都是定制的。這是一個公平的評價嗎？

In some cases, sure, yes. I think that yes, the difference between a flagship and a mass-tier will be less than it has been in the past. That's true.

在某些情況下，當然，是的。我認為是的，旗艦級和大眾級之間的差異將比過去小。確實如此。

And that does conclude today's question-and-answer session. I'd like to turn things back over to management for any additional or closing remarks.

這確實結束了今天的問答環節。我想把事情交還給管理層，以獲得任何額外的或結束的評論。

We thank you for joining us today. We appreciate your interest, and we look forward to seeing you at our upcoming investor events. Thank you, and have a good night.

我們感謝您今天加入我們。感謝您的關注，我們期待在即將舉行的投資者活動中見到您。謝謝你，祝你晚安。

And that does conclude today's conference call. Once again, thanks, everyone, for your participation. You may now disconnect.

這確實結束了今天的電話會議。再次感謝大家的參與。您現在可以斷開連接。