科沃 (QRVO) 2020 Q1 法說會逐字稿

Good day, and welcome to the Qorvo Inc.

美好的一天，歡迎來到 Qorvo Inc.

First Quarter 2020 Conference Call.

2020 年第一季電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time, I would like to turn the conference over to Douglas DeLieto, Vice President of Investor Relations.

現在，我想將會議交給投資人關係副總裁 Douglas DeLieto。

Please go ahead, sir.

請繼續，先生。

Thanks very much, Todd.

非常感謝，托德。

Hello, everybody and welcome to Qorvo's Fiscal 2020 First Quarter Earnings Conference Call.

大家好，歡迎參加 Qorvo 2020 財年第一季財報電話會議。

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

本次電話會議將包括涉及風險因素的前瞻性陳述，這些風險因素可能導致我們的實際結果與管理階層目前的預期有重大差異。

We encourage you to review the safe harbor statement contained in the earnings release published today, as well as the risk factors associated with our business and our annual report on Form 10-K filed with the SEC, because these risk factors may affect our operations and financial results.

我們鼓勵您查看今天發布的收益報告中包含的安全港聲明，以及與我們的業務相關的風險因素以及我們向 SEC 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業績。

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

在今天的新聞稿和電話會議中，我們提供了 GAAP 和非 GAAP 財務業績。

We provide this supplemental information to enable investors to perform additional comparisons of operating results and to analyze financial performance without the impact of certain noncash expenses or other items that may obscure trends in our underlying performance.

我們提供這些補充資訊是為了使投資者能夠對經營業績進行額外的比較並分析財務業績，而不會受到某些非現金支出或其他可能掩蓋我們基本業績趨勢的項目的影響。

During our call, our comments and comparisons to income statement items will be based primarily on non-GAAP results.

在我們的電話會議中，我們對損益表項目的評論和比較將主要基於非公認會計原則結果。

For complete reconciliation of GAAP to non-GAAP financial measures, please refer to our earnings release issued earlier today available on our website at qorvo.com under Investors.

如需了解 GAAP 與非 GAAP 財務指標的完整對帳信息，請參閱今天早些時候發布的收益報告，可在我們的網站 qorvo.com 的「投資者」部分查看。

Sitting with me today are Bob Bruggeworth, President and CEO; Mark Murphy, Chief Financial Officer; James Klein, President of Qorvo's Infrastructure and Defense Products Group; Eric Creviston, President of Qorvo's Mobile Products Group; as well as other members of Qorvo's management team.

今天和我坐在一起的是總裁兼執行長 Bob Bruggeworth；馬克‧墨菲，財務長； James Klein，Qorvo 基礎設施與國防產品集團總裁； Eric Creviston，Qorvo 行動產品集團總裁；以及 Qorvo 管理團隊的其他成員。

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

然後，我會將電話轉給鮑伯。

Thanks, Doug, and thank you, everyone, for joining us today.

謝謝道格，也謝謝大家今天加入我們。

Qorvo delivered a strong June quarter with double-digit growth both sequentially and year-over-year in revenue, EPS and free cash flow.

Qorvo 在 6 月季度表現強勁，營收、每股盈餘和自由現金流均達到兩位數的環比和年成長。

Our strong performance was driven by several factors: First, the Qorvo team is operating extremely well which allows us to respond quickly to changing market conditions; second, Qorvo supplies industry leaders with a broad portfolio of premium products featuring award-winning quality; and third, our long-term growth drivers are very much intact, including the ramp of 5G and the proliferation of IoT.

我們的強勁業績得益於以下幾個因素：首先，Qorvo 團隊運作得非常好，這使我們能夠快速回應不斷變化的市場狀況；其次，Qorvo 為產業領導者提供廣泛的優質產品組合，其品質屢獲殊榮；第三，我們的長期成長動力完好無損，包括 5G 的崛起和物聯網的普及。

5G has become a reality for our business.

5G 已成為我們業務的現實。

Over 50 operators have deployed 5G in the last 12 months.

過去 12 個月已有超過 50 家營運商部署了 5G。

We are seeing new frequencies and new placements requiring premium technologies, including high band, ultra-high band and millimeter wave applications.

我們看到新的頻率和新的位置需要優質技術，包括高頻段、超高頻段和毫米波應用。

This not only favors our BAW, GaN and other premium technologies, it rewards Qorvo's proficiency in compound semiconductors and high-performance front ends.

這不僅有利於我們的 BAW、GaN 和其他高端技術，還獎勵了 Qorvo 在化合物半導體和高性能前端方面的熟練程度。

Quite simply, we are in the right place with the right technologies at the right time.

很簡單，我們在正確的時間處於正確的位置，擁有正確的技術。

Turning now to IDP.

現在轉向 IDP。

Qorvo continued to drive the leading edge across targeted growth markets.

Qorvo 繼續在目標成長市場中發揮領先優勢。

In defense, we won expanded orders of BAW-based solutions for U.S. DoD programs including the F-35.

在國防領域，我們為美國國防部項目贏得了基於 BAW 解決方案的更多訂單，其中包括 F-35。

We released our newest GaN amplifiers for Ka-band satcom and X-band phased-array radars and we expanded GaN shipments into S-band and C-band radar programs for multiple defense customers.

我們發布了用於 Ka 波段衛星通訊和 X 波段相控陣雷達的最新 GaN 放大器，並將 GaN 出貨量擴展到面向多個國防客戶的 S 波段和 C 波段雷達專案。

For space-based applications, our wideband GaN amplifiers selected to enable low Earth orbit satellites delivering internet connectivity anywhere in the world.

對於天基應用，我們選擇寬頻 GaN 擴大機來支援低地球軌道衛星在世界任何地方提供網路連線。

In infrastructure, 5G deployments continue with auctions for spectrum licenses proceeding on or ahead of schedule.

在基礎設施方面，5G 部署繼續進行，頻譜許可證拍賣如期或提前進行。

In China, licenses originally expected to be granted this fall were issued in June.

在中國，原定今年秋季發放的許可證已於六月發放。

In the U.S., multiple auctions were completed for millimeter wave frequencies.

在美國，毫米波頻率已完成多次拍賣。

Also recently in Japan, there were auctions for additional sub 6 gigahertz frequencies.

最近在日本也舉行了額外 6 GHz 以下頻率的拍賣。

We are extremely well positioned to serve 5G with a broad portfolio of products between the transceiver and the antenna.

我們處於非常有利的位置，可以透過收發器和天線之間的廣泛產品組合來服務 5G。

In massive MIMO, demand for our transmit and receive components is growing in step with the content increases associated with MIMO architectures and larger arrays, with up to 64 by 64 channels.

在大規模 MIMO 中，隨著 MIMO 架構和更大陣列（多達 64 x 64 通道）相關內容的增加，對我們的發射和接收組件的需求也在同步增長。

In these applications, GaN continues to take share from LDMOS.

在這些應用中，GaN 繼續從 LDMOS 手中奪取份額。

In IoT, we extended the frequency range of our BAW technology up to 5.9 gigahertz and commenced sampling of our newly released 5 gigahertz BAW filters.

在物聯網領域，我們將 BAW 技術的頻率範圍擴展至 5.9 GHz，並開始對新發布的 5 GHz BAW 濾波器進行取樣。

We also secured key design win for our BAW-based iFEM enabling industry-leading range, throughput and signal integrity.

我們也為基於 BAW 的 iFEM 贏得了關鍵設計勝利，實現了業界領先的範圍、吞吐量和訊號完整性。

Finally, we secured multiple automotive design wins for LNAs and BAW coexistence filters.

最後，我們贏得了 LNA 和 BAW 共存濾波器的許多汽車設計勝利。

We are also excited about our new programmable power management business and the integration of Active-Semi is progressing very well.

我們也對新的可程式電源管理業務感到興奮，Active-Semi 的整合進展順利。

We are leveraging our sales channels for these products and we continue to win with our customized IP blocks and programmability, which enable our customers to achieve shorter time to market.

我們正在利用這些產品的銷售管道，並繼續憑藉我們的客製化 IP 區塊和可編程性取勝，這使我們的客戶能夠縮短上市時間。

We expect new trends like the adoption of brushless DC motors to support a broad range of opportunities for controlling and powering next-generation devices, smart appliances, power tools and industrial equipment.

我們預計無刷直流馬達的採用等新趨勢將為下一代設備、智慧電器、電動工具和工業設備的控制和供電提供廣泛的機會。

Now turning to Mobile Products.

現在轉向行動產品。

Qorvo continued to leverage our leadership across product categories, including BAW-based solutions, envelope trackers and tuners.

Qorvo 繼續發揮我們在產品類別中的領先地位，包括基於 BAW 的解決方案、包絡追蹤器和調諧器。

Similar to IDP, we are focusing our portfolio on the highest probability opportunities for growth and profitability.

與 IDP 類似，我們將投資組合重點放在成長和獲利能力最高的機會。

As 5G ramps, we are enjoying increased customer interest in BAW-based solutions, including high band pads, hexaplexers, coexistence filters and antennaplexers.

隨著 5G 的發展，客戶對基於 BAW 的解決方案越來越感興趣，包括高頻段焊盤、六工器、共存濾波器和天線復用器。

5G devices bring additional frequency band challenges and require enhanced 4G performance, including multiplexing and antennaplexing.

5G 設備帶來了額外的頻段挑戰，需要增強的 4G 性能，包括復用和天線復用。

5G devices also place a greater emphasis on 100 megahertz envelope tracking and they require a more complex antenna tuning.

5G 設備也更加重視 100 兆赫包絡跟踪，並且需要更複雜的天線調諧。

All of these requirements favor Qorvo's unique technologies, expanding product portfolio and years of experience in higher frequency applications.

所有這些要求都有利於 Qorvo 的獨特技術、不斷擴大的產品組合以及在高頻應用方面的多年經驗。

During the quarter, we received orders for newly released BAW-based antennaplexers.

本季度，我們收到了新發布的基於 BAW 的天線復用器的訂單。

We also commenced shipments of our BAW-based band 1, 3, 7 hexaplexers to multiple Chinese-based smartphone OEMs, enabling higher orders of carrier aggregation for their export market.

我們也開始向多家中國智慧型手機 OEM 供應基於 BAW 的頻段 1、3、7 六工器，為其出口市場實現更高的載波聚合訂單。

In addition, we also secured the entire main path, combining our low, high and ultrahigh band solutions at leading China-based smartphone OEM for an upcoming 5G smartphone.

此外，我們還確保了整個主要路徑的安全，將我們的低、高和超高頻段解決方案與中國領先的智慧型手機 OEM 結合起來，用於即將推出的 5G 智慧型手機。

Finally, we were awarded our first design win for programmable 5G antenna tuners capable of performing aperture and impedance tuning.

最後，我們因能夠執行孔徑和阻抗調諧的可編程 5G 天線調諧器而獲得了首個設計勝利。

Before I finish, I'd like to make a few comments about Huawei.

在結束之前，我想對華為發表一些評論。

After it was placed on the BIS entity list, I, along with other members of our senior management team met multiple times with government officials and we worked closely with industry leaders and counsel to understand and address the impact on our business.

在該公司被列入 BIS 實體名單後，我和我們高級管理團隊的其他成員多次會見了政府官員，並與行業領導者和顧問密切合作，以了解和解決對我們業務的影響。

Ultimately, we were able to begin shipments of certain products late in the quarter and we have applied for a license to expand the products we can sell.

最終，我們能夠在本季末開始出貨某些產品，並且我們已經申請了許可證以擴大我們可以銷售的產品。

Huawei is one of the world's largest telecommunications companies and an important participant in our industry.

華為是全球最大的電信公司之一，也是我們產業的重要參與者。

We will continue to support them consistent with all applicable legal requirements.

我們將繼續支持他們遵守所有適用的法律要求。

Finally, as our June quarter and September guidance demonstrate, we are effectively navigating a challenging environment and our products and technologies continue to support solid sustainable results.

最後，正如我們六月季度和九月的指導所表明的那樣，我們正在有效地應對充滿挑戰的環境，我們的產品和技術將繼續支持堅實的可持續成果。

We are confident our opportunities will continue to expand as 5G ramps and IoT proliferates.

我們相信，隨著 5G 的發展和物聯網的普及，我們的機會將繼續擴大。

With that, I'll turn the call over to Mark to provide additional color on our June quarter and our outlook for September.

接下來，我將把電話轉給馬克，為我們六月的季度和九月的前景提供更多資訊。

Mark?

標記？

Thanks, Bob, and good afternoon, everyone.

謝謝鮑勃，大家下午好。

Qorvo's revenue for the first quarter was $776 million, $36 million above the midpoint of our May 21 guidance, driven by stronger-than-expected mobile demand.

受強於預期的行動需求推動，Qorvo 第一季營收為 7.76 億美元，比我們 5 月 21 日指引的中位數高出 3,600 萬美元。

Roughly half of the favorable revenue variance in the quarter was from the shipment of select products to Huawei in June which commenced following an extensive legal review.

本季大約一半的有利收入差異來自 6 月向華為發貨的精選產品，該發貨是在廣泛的法律審查之後開始的。

Sales to Huawei were 22% of total revenue in the June quarter compared to approximately 14% during the same period last year and 15% for our full year fiscal 2019.

華為的銷售額佔 6 月季度總營收的 22%，而去年同期約為 14%，2019 財年全年約為 15%。

For the June quarter, mobile revenue of $556 million was driven by double-digit year-over-year growth at several of our top customers.

在 6 月季度，我們的幾個頂級客戶實現了兩位數的同比增長，推動了行動收入 5.56 億美元。

IDP grew year-over-year to over $219 million, due primarily to higher demand for infrastructure products.

IDP 年比成長超過 2.19 億美元，這主要是由於對基礎設施產品的需求增加。

Non-GAAP gross margin in the June quarter was 46.2%, 70 basis points above our guidance due to favorable mix and manufacturing productivity gains.

由於有利的組合和製造業生產力的提高，第二季的非 GAAP 毛利率為 46.2%，比我們的指導高出 70 個基點。

Non-GAAP operating expenses were $168 million, below our guidance on lower personnel costs and effective cost control measures.

非 GAAP 營運費用為 1.68 億美元，低於我們關於降低人員成本和有效成本控制措施的指引。

Non-GAAP net income in the June quarter was $165 million and diluted earnings per share was $1.36, $0.21 over the midpoint of our guidance and up 42% year-over-year.

6 月季度的非 GAAP 淨利潤為 1.65 億美元，攤薄後每股收益為 1.36 美元，比我們指引的中位數高出 0.21 美元，較去年同期成長 42%。

June quarter our cash flow from operations was $257 million on higher income and favorable working capital effects.

由於收入增加和良好的營運資本效應，6 月季度我們的營運現金流為 2.57 億美元。

CapEx was $50 million resulting in free cash flow of $207 million, a record level for the company in the first quarter.

資本支出為 5,000 萬美元，自由現金流為 2.07 億美元，創下該公司第一季的創紀錄水準。

This free cash flow performance reflects our improved operating capabilities and ongoing capital discipline.

這種自由現金流表現反映了我們營運能力的提高和持續的資本紀律。

During the quarter, we completed the purchase of Active-Semi International, adding rapidly growing power management opportunities to our diversified IDP portfolio.

本季度，我們完成了對 Active-Semi International 的收購，為我們多元化的 IDP 產品組合增添了快速成長的電源管理機會。

Both the integration and business plans are on track.

整合和業務計劃均已步入正軌。

We repurchased $100 million of stock in the quarter and we modestly increased net debt.

我們在本季回購了 1 億美元的股票，並小幅增加了淨債務。

Turning to our outlook.

轉向我們的展望。

In the second quarter of fiscal 2020, we expect revenue between $745 million and 600 -- $765 million, or $755 million at the midpoint.

2020 財年第二季度，我們預計營收在 7.45 億美元至 600 美元之間，即 7.65 億美元，中間值為 7.55 億美元。

Non-GAAP gross margin in the range of 46% to 46.5% and non-GAAP diluted earnings per share of $1.30 at the midpoint of our guidance.

非 GAAP 毛利率在 46% 至 46.5% 之間，非 GAAP 攤薄每股收益為我們指引的中位數 1.30 美元。

Our revenue outlook for the September quarter reflects typical seasonal ramps at our largest customer, offset by significantly lower sales to Huawei compared to the June quarter.

我們對 9 月季度的營收前景反映了我們最大客戶的典型季節性成長，但與 6 月季度相比對華為的銷售額大幅下降所抵消。

For the full fiscal year, we currently project our sales to Huawei will fall below 10% of Qorvo's total sales.

對於整個財年，我們目前預計對華為的銷售額將降至 Qorvo 總銷售額的 10% 以下。

Although we have filed for a license and are taking other proactive steps to address our ability to sell products to Huawei, the scope, duration and long-term financial impact of the restrictions remain unclear and difficult to predict.

儘管我們已經申請了許可證，並正在採取其他積極措施來解決我們向華為銷售產品的能力，但限制的範圍、持續時間和長期財務影響仍不清楚且難以預測。

For IDP, we project September quarter sales to decline due to these restrictions, but recover through the year as the infrastructure market picks up with other customers and WiFi and other markets strengthen.

對於 IDP，我們預計 9 月季度的銷售額將因這些限製而下降，但隨著基礎設施市場的其他客戶的回升以及 WiFi 和其他市場的增強，全年將實現復甦。

For mobile, we expect September quarter sales to increase sequentially with higher revenues from seasonal ramps offset in part by significantly lower sales to Huawei.

對於行動設備，我們預計 9 月季度的銷售額將環比成長，季節性成長帶來的收入增加將在一定程度上被華為銷售額的大幅下降所抵消。

For the fiscal year, we project mobile to be down approximately 10% second half compared to first half due to trade effects and seasonality.

對於本財年，由於貿易影響和季節性因素，我們預計下半年移動業務將比上半年下降約 10%。

On gross margin, our September quarter guide of 46% to 46.5% is roughly flat compared to the June quarter.

就毛利率而言，我們 9 月季度的指導值為 46% 至 46.5%，與 6 月季度相比大致持平。

Lower volumes, and hence weaker-than-previously forecasted utilization, are weighing on gross margins.

銷量下降以及利用率低於先前的預測，正在影響毛利率。

Non-GAAP operating expenses are projected to decrease slightly in the September quarter to around $166 million as cost control benefits are offset by investments in growth programs and the full quarter addition of the Programmable Power Management business.

非公認會計準則營運費用預計在 9 月季度略有下降，至 1.66 億美元左右，因為成本控制收益被增長計劃投資和可編程電源管理業務的全季度新增所抵消。

We expect OpEx to remain below $170 million per quarter for the rest of the fiscal year.

我們預計本財年剩餘時間內營運支出將維持在每季 1.7 億美元以下。

We expect the September quarter and fiscal '20 non-GAAP tax rate to be approximately 8.5%.

我們預計 9 月季度和 20 財年非 GAAP 稅率約為 8.5%。

On capital expenditures, we are projecting spend of less than $200 million this fiscal year as we continue to be highly disciplined on adding capacity.

在資本支出方面，我們預計本財年的支出將低於 2 億美元，因為我們將繼續嚴格限制增加產能。

Spend remains weighted towards improving our BAW and GaN capabilities.

支出仍然專注於提高我們的 BAW 和 GaN 能力。

The June quarter was challenging with the abrupt disruption of sales to an important customer and other evolving market conditions.

由於對重要客戶的銷售突然中斷以及其他不斷變化的市場條件，六月季度充滿挑戰。

But Qorvo responded well and delivered a strong quarter of double-digit year-over-year sales growth and record first quarter earnings and free cash flow.

但 Qorvo 反應良好，實現了強勁的季度兩位數同比銷售增長，並創紀錄的第一季盈利和自由現金流。

Certain aspects of our markets remain unclear so we are taking a measured view.

我們市場的某些方面仍不清楚，因此我們正在採取謹慎的態度。

Specifically, as it relates to Huawei, we have reduced our outlook to include only modest sales of Mobile Products.

具體來說，由於與華為相關，我們降低了預期，僅包括行動產品的適度銷售。

On the infrastructure side of the business, we expect a pickup in business from other customers but this will take time and we have a recovery in IDP modeled in the second half of our fiscal year.

在業務的基礎設施方面，我們預計其他客戶的業務將會回升，但這需要時間，而且我們在本財年下半年模擬了 IDP 的復甦。

As we demonstrated this quarter, we have the products, technologies and operating capabilities to help navigate these evolving market conditions.

正如我們本季所展示的，我們擁有幫助應對這些不斷變化的市場狀況的產品、技術和營運能力。

With that, I'll turn the call back over to the operator for questions.

這樣，我會將電話轉回給接線生詢問問題。

(Operator Instructions) We will take our first question from Chris Caso of Raymond James.

（操作員說明）我們將回答 Raymond James 的 Chris Caso 提出的第一個問題。

I guess the first question on Huawei.

我猜第一個問題是關於華為的。

Perhaps you could clarify the types of components that you're permitted to ship, which components you're not, where you're trying to get the licenses?

也許您可以澄清您被允許運輸的組件類型，您不允許運輸哪些組件，您試圖在哪裡獲得許可證？

And then with respect to what you're shipping now, perhaps you could talk about, with what you're shipping in the September quarter, how that compares to what you had been shipping on a dollar basis to Huawei in the beginning of the year so we can sort of calibrate the -- how that's changed.

然後，關於您現在發貨的產品，也許您可以談談您在九月季度發貨的產品，與您年初向華為發貨的產品（以美元計算）相比如何所以我們可以校準它是如何改變的。

I'll take the first part.

我將採取第一部分。

Mark, if you want to take the second part.

馬克，如果你想參加第二部分。

I think in your opening comments, you gave them a little bit about that.

我認為在您的開場白中，您對此做了一些介紹。

Chris, thanks for your question.

克里斯，謝謝你的問題。

Let me start with the export regulations are extremely complex.

首先，出口法規極為複雜。

For companies like ours with global supply chains, where those shipments of particular products are restricted depends on a variety of factors including bills of materials, manufacturing flows for each components, things like that.

對於像我們這樣擁有全球供應鏈的公司來說，特定產品的運輸受到限制取決於多種因素，包括物料清單、每個組件的製造流程等。

It really requires a detailed part-by-part analysis.

這確實需要詳細的逐個部分分析。

And unfortunately, I think it goes beyond the scope of this call to go into a lot more details.

不幸的是，我認為討論更多細節超出了本次通話的範圍。

I will tell you, before clearing any of the parts that we are now able to ship, we do a very detailed analysis as appropriate, consult with outside counsel, get legal advice, even work with government officials for guidance on the export rules.

我會告訴你，在清理我們現在能夠運輸的任何零件之前，我們會酌情進行非常詳細的分析，諮詢外部顧問，獲取法律建議，甚至與政府官員合作以獲得有關出口規則的指導。

And as Mark has said in his opening comments, this is an ongoing process.

正如馬克在開場白中所說，這是一個持續的過程。

So those parts that we don't feel comply as we commented, both Mark and I, we have applied, with the encouragement of the U.S. government officials, applied for a license from the Bureau of Export Enforcement to expand the number of parts we can ship for both mobile and IDP.

因此，對於那些我們認為不符合我們評論的部件，馬克和我，在美國政府官員的鼓勵下，我們已經向出口執法局申請了許可證，以擴大我們可以使用的部件數量。適用於移動和IDP 。

As of now, I don't believe the U.S. government has issued any licenses so far.

截至目前，我認為美國政府尚未頒發任何許可證。

So for us to predict or even estimate when licenses will be granted will be extremely difficult.

因此，對我們來說，預測甚至估計何時授予許可證將是極其困難的。

In the case of the Mobile Products, it's been clear that some of those products we can actually ship in volume.

就行動產品而言，很明顯，其中一些產品我們實際上可以批量發貨。

As it goes for IDP, we've cleared some products but the shipments have been extremely limited in volume and in dollars.

就 IDP 而言，我們已經批准了一些產品，但出貨量和美元數量都極為有限。

So I hope, Chris, that gives you an idea of what we are able to ship.

所以，克里斯，我希望這能讓您了解我們能夠提供什麼。

Yes.

是的。

So Chris, just to -- I think I provided enough detail in my opening comments.

克里斯，我想我在開場白中提供了足夠的細節。

But just to maybe provide it more directly here.

但只是為了在這裡更直接地提供它。

We sold $172 million of product to Huawei in the first quarter.

第一季我們向華為銷售了 1.72 億美元的產品。

The vast majority of that was in -- pre-ban.

其中絕大多數是在禁令之前。

As I said in my opening comments, roughly half or about $18 million of our variance to our guide was Huawei post-ban.

正如我在開場白中所說，我們與指南的差異中大約有一半（即約 1800 萬美元）是禁令後的華為造成的。

We would see levels about that level.

我們會看到與該水平相關的水平。

So certainly less than 5% of our sales is what we have modeled going forward and that would be principally mobile.

因此，我們未來的模型中肯定只有不到 5% 的銷售額，而且主要是行動銷售額。

Okay.

好的。

That's helpful.

這很有幫助。

And I guess with the uncertainty going forward on whether or not you would be able to get licenses, perhaps you could address what you're -- what the risk would be of ultimately being designed out permanently if not just for perhaps Huawei trying to reduce exposure to U.S. vendors or perhaps they would have to?

我想，由於未來是否能夠獲得許可證存在不確定性，也許你可以解決你的問題——最終被永久設計的風險是什麼，如果不僅僅是為了華為試圖減少風險的話。接觸美國供應商還是他們必須這樣做？

And I guess in other words, what are the substitutes for what you can provide to Huawei?

我想換句話說，你們可以提供華為什麼替代品？

Are there substitutes available?

有替代品嗎？

How difficult is this?

這有多難？

And therefore, kind of how sticky is -- are your design wins despite all of the restrictions that are in place?

因此，黏性有多大——儘管存在所有限制，您的設計是否獲勝？

Let me take a shot at that, Chris.

讓我試一下，克里斯。

That's a pretty complicated story to answer.

這是一個非常複雜的故事。

Number 1, as you well know, they're having trouble competing outside of China.

第一，眾所周知，他們在中國境外的競爭中遇到了麻煩。

So those designs actually were picking up in other customers.

所以這些設計其實受到了其他客戶的歡迎。

So I'll make my comments somewhat to the China market.

所以我會對中國市場發表一些評論。

In those design wins that we already had, we are keeping those.

在我們已經獲得的那些設計勝利中，我們將保留這些。

We are also picking up design wins on those parts that we can continue to ship for them.

我們還獲得了這些零件的設計勝利，我們可以繼續為他們發貨。

I think the thing I'd like to point out is we supply premium technologies.

我想我想指出的是我們提供優質技術。

And customers like Huawei and other customers from around the world like our technologies.

像華為這樣的客戶以及來自世界各地的其他客戶都喜歡我們的技術。

So I'm not sure I'm in a position to comment on Huawei's product strategy or their supply chain.

所以我不確定我是否適合對華為的產品策略或供應鏈發表評論。

That's a great question for them, to be quite candid.

坦白說，這對他們來說是一個很好的問題。

As Mark said, we've modeled out for you what we think we can gain and what's in for the fiscal year.

正如馬克所說，我們已經為您模擬了我們認為我們可以獲得的收益以及本財年的收益。

So I don't know how much more I can add.

所以我不知道我還能補充多少。

What I do believe is if we do -- are granted a license, we will be able to continue to expand our design wins and grow our business.

我確實相信，如果我們獲得許可，我們將能夠繼續擴大我們的設計成果並發展我們的業務。

We will take our next question from Bill Peterson of J.P. Morgan.

我們將回答摩根大通的比爾彼得森的下一個問題。

My first question is in mobile.

我的第一個問題是關於行動裝置的。

Certainly I hate to bring up the Qualcomm thing again, it talked about a lot more design wins with the vast majority using their RF.

當然，我不想再提起高通的事情，它談到了更多的設計勝利，其中絕大多數都使用他們的射頻。

On the other hand, you also have discussed winning the RFs in the Chinese customer, which I assume would be Huawei in fact.

另一方面，您也討論過贏得中國客戶的 RF，我認為實際上是華為。

But I guess can you give us an update on your 5G engagements, your design win pipeline for phones?

但我想您能為我們介紹一下您的 5G 合作情況以及您的手機設計獲勝管道的最新情況嗎？

And especially phones that use Qualcomm modems that are going to be launched later this year and into 2020.

特別是使用高通調變解調器的手機將於今年稍晚和 2020 年推出。

I guess where are you seeing the most traction in the new sub-6-GHz?

我想您認為新的 6 GHz 以下的技術最受關注的地方在哪裡？

And I guess they talked about purported advantages of designing around the antenna.

我猜他們談論了圍繞天線進行設計的所謂優勢。

How should we think about them as a competitor as we look out over the next, say, 12 to 18 months?

當我們展望未來（例如 12 到 18 個月）時，我們應該如何將他們視為競爭對手？

Sure, Bill.

當然，比爾。

This is Eric.

這是埃里克。

So we are seeing an acceleration really in 5G activity throughout China, certainly not just Huawei, but all of our leading handset customers in China.

因此，我們看到整個中國的 5G 活動確實在加速，當然不僅僅是華為，還有我們在中國所有領先的手機客戶。

A lot of excitement about the rollout and it's definitely accelerating, as Bob mentioned in his opening comments, both in terms of licenses and infrastructure rollout.

正如鮑勃在開場白中提到的那樣，無論是在許可證還是基礎設施的推出方面，這一推出都令人興奮，而且它肯定正在加速。

But in terms of all the exciting new devices that are coming out.

但就即將推出的所有令人興奮的新設備而言。

So we are seeing broad-based activity across all our customers and across our entire product family.

因此，我們看到所有客戶和整個產品系列都進行了廣泛的活動。

Certainly antenna management, advanced power management and highly integrated modules covering low, mid, high and ultrahigh band frequencies.

當然是天線管理、先進的電源管理和覆蓋低、中、高和超高頻段的高度整合模組。

So it's a very active design cycle.

所以這是一個非常活躍的設計週期。

Now we do see multiple 5G basebands ramping.

現在我們確實看到了多個 5G 基帶的發展。

And of course Qualcomm is doing well there.

當然，高通在這方面做得很好。

We do see large opportunities for content shipping on all the base bands including Qualcomm.

我們確實看到了包括高通在內的所有基帶上內容傳輸的巨大機會。

Okay.

好的。

And I guess based -- this is a question on IDP.

我猜這是一個關於 IDP 的問題。

We saw a sequential decline here in the June quarter and you're calling for that again in September, followed by improvement in the back half.

我們在六月季度看到了連續下降，您在九月再次呼籲這種情況，然後後半段有所改善。

I guess all that in, how should we think about growth for IDP this year?

我想，我們該如何看待今年 IDP 的成長？

And I guess specifically, amongst infrastructure versus WiFi and defense and so forth?

我想具體來說，在基礎設施與 WiFi 和國防等方面？

Bill, let me talk a little bit about current quarter.

比爾，讓我談談本季的情況。

We did have a strong base station quarter in the current quarter and we are well positioned with most of the major OEMs.

本季我們的基地台季度確實表現強勁，我們與大多數主要 OEM 廠商都處於有利地位。

That strength has come because of 5G deployments, a little bit to follow up on Eric, because we are seeing strong demand for massive MIMO products and we do see GaN continuing to take slots particularly in those massive MIMO slots.

這種優勢是由於5G 部署而產生的，Eric 的後續行動是因為我們看到了對大規模MIMO 產品的強勁需求，並且我們確實看到GaN 繼續佔據插槽，特別是在那些大規模MIMO 插槽中。

So base station did have a strong quarter.

所以基地台確實有一個強勁的季度。

As far as projecting out further, we have experienced several weak quarters of our IoT particularly our WiFi part of that business.

就進一步預測而言，我們的物聯網經歷了幾個疲軟的季度，尤其是該業務的 WiFi 部分。

We believe that's still delays associated with the rollout of AX and a little bit to do with trade activities and repositioning of supply chains.

我們認為，這仍然是與 AX 的推出相關的延遲，並且與貿易活動和供應鏈的重新定位有關。

We had a very strong design win quarter in that part of the business.

我們在該業務領域的設計贏得季度表現非常強勁。

So we are starting to see indications that we are coming out of that and that we should have a strong back half.

因此，我們開始看到有跡象表明我們正在走出困境，我們應該擁有一個強大的後半場。

So we are expecting that back half.

所以我們期待後半場。

And we also have talked in the past about our defense business being a bit lumpy.

我們過去也談到我們的國防業務有點不穩定。

But it does look like we are positioned to have a very strong back half in the defense business.

但看起來我們確實在國防業務中擁有非常強大的後備力量。

On top of that, Bill, I think we are starting to see some early indications of the infrastructure business, the supply chain starting to adjust.

最重要的是，比爾，我認為我們開始看到基礎設施業務、供應鏈開始調整的一些早期跡象。

We are -- we do have some of our other customers that will begin ramps soon with massive MIMO products and that will start to fill in a bit.

我們確實有一些其他客戶很快就會開始推出大規模 MIMO 產品，並且會開始填補一些空白。

Predominantly, though, the decline that we've experienced this quarter and next quarter are associated with our lack of ability to ship to Huawei.

不過，我們本季和下季經歷的下滑主要與我們缺乏向華為出貨的能力有關。

Bill, maybe just to help a bit with the profile of IDP.

比爾，也許只是為了幫助了解 IDP 的概況。

Clearly had a sequential decline in the June quarter.

顯然，六月季度出現連續下降。

We expect another sequential decline in the September quarter.

我們預計九月季度將再次出現環比下降。

Expect the business to return to sequential growth in the December quarter.

預計該業務將在 12 月季度恢復環比增長。

As it relates to year-over-year, the business still grew in June despite the issues with Huawei.

與去年同期相比，儘管華為存在問題，但 6 月的業務仍然成長。

However, in the September quarter, we do expect a decline year-over-year for IDP and then IDP returning to growth in the back half year-over-year.

然而，在九月季度，我們確實預計 IDP 將同比下降，然後 IDP 將在下半年恢復成長。

We will take our next question from Raji Gill of Needham & Company.

我們將回答 Needham & Company 的 Raji Gill 提出的下一個問題。

I appreciate it.

我很感激。

I just wanted to get a sense from you in terms of are you seeing any competitive solutions for your HBT solutions and your FinFET from any Asian customers?

我只是想了解您是否從任何亞洲客戶那裡看到了針對您的 HBT 解決方案和 FinFET 的有競爭力的解決方案？

We've seen some commentary out of some [FE] houses that are qualifying and ramping with new Asian customers.

我們看到一些[FE]公司的評論，這些公司正在獲得資格並吸引新的亞洲客戶。

I'm just wondering if that -- if you're seeing any competition for your main products as it relates to the China trade war and any risk of China trying to in-source where possible?

我只是想知道，您的主要產品是否存在與中國貿易戰相關的競爭，以及中國試圖在可能的情況下進行內購的風險？

This is Eric.

這是埃里克。

At least I can speak for the mobile business.

至少我可以代表行動業務發言。

We sell very few discrete power amplifiers or HBT solutions.

我們銷售的分立功率放大器或 HBT 解決方案非常少。

The vast majority of what we are selling is combined modules that include filter and advanced switching capabilities.

我們銷售的絕大多數產品都是組合模組，包括濾波器和高級開關功能。

So at least I haven't seen a competitive element there with the GaAs HBT supply.

因此，至少我還沒有看到 GaAs HBT 供應具有競爭性。

Okay.

好的。

And on the 5G side, there has been 1 competitor who basically indicated that there would be a little bit of a pause with regards to China, the buildout in 5G, after a lot of deployment or a lot of orders of massive MIMO deployments.

在 5G 方面，有 1 家競爭對手基本上表示，在進行了大量部署或大量大規模 MIMO 部署訂單之後，中國的 5G 建設將會稍微暫停。

But that seems to differ from what you're saying in terms of China's ramp.

但這似乎與你所說的中國的成長有所不同。

So just wanted to get a sense, has there been an overbuild perhaps or are there other factors that are contributing?

所以只是想了解一下，是否存在過度建設，或者是否有其他因素在起作用？

This is Bob, I'll go and take that.

這是鮑勃，我去拿那個。

From our conversations with carriers there and what all we can see, I don't think there's been a slowdown in base stations.

從我們與那裡的運營商的對話以及我們所看到的情況來看，我認為基地台的速度並沒有放緩。

In fact, there's another round coming out for an even larger RFQ for additional base stations late this year, I think it's November.

事實上，今年稍後還會有另一輪更大的基地台詢價，我想是 11 月。

So we are not seeing any slowdown in the rollout on the infrastructure side.

因此，我們沒有看到基礎設施方面的推出有任何放緩。

We will take our next question from Carl Curtis (sic) [Blayne Curtis] of Barclays.

我們將接受巴克萊銀行卡爾·柯蒂斯（Carl Curtis）（原文如此）[布萊恩·柯蒂斯]（Blayne Curtis）提出的下一個問題。

Maybe just on the Huawei impact of the $172 million, is there any way to kind of gauge how much of that impacted IDP?

也許僅就華為 1.72 億美元的影響而言，有什麼方法可以衡量這對 IDP 的影響有多大？

I'm just trying to understand these moving pieces.

我只是想理解這些動人的部分。

I know you said that base stations had a good quarter.

我知道你說過基地台的季度表現不錯。

Should I assume that in June even though you stopped shipping to Huawei partial quarter, that business was still up?

我是否應該假設，儘管你們在六月部分季度停止向華為發貨，但該業務仍在成長？

I'm just trying to understand.

我只是想理解。

Eric, you want to...

艾瑞克，你想...

Yes.

是的。

In the June quarter, base stations still had nice growth year-over-year, well, well into the double-digit range.

在六月季度，基地台年增長仍然不錯，遠遠達到兩位數範圍。

And so the other end of the question, as far as amount of revenue by business units split out, we don't split out the...

因此，在問題的另一端，就按業務部門劃分的收入金額而言，我們不會劃分...

We don't provide that.

我們不提供這個。

Details down at that level by business unit.

按業務部門劃分到該級別的詳細資訊。

Got you.

明白你了。

And then maybe I could ask it the other way, you're looking for some slight growth in mobile into September.

然後也許我可以換個方式問，您希望行動業務在 9 月出現小幅成長。

You talked about seasonal ramps.

您談到了季節性坡道。

Can you maybe give us a little color as to where you're getting that growth?

您能否給我們一些關於您在哪裡獲得成長的資訊？

And obviously, a part of Huawei you're offsetting there, so I'm just kind of curious if you can talk geography -- by geography or whatever color you can provide will be helpful.

顯然，你在那裡抵消了華為的一部分，所以我很好奇你是否可以談論地理——透過地理或任何你能提供的顏色都會有幫助。

Sure.

當然。

This is Eric.

這是埃里克。

The growth in mobile in September quarter is driven by normal seasonality of flagship ramps going into the second half across multiple top-tier customers.

九月季度的行動業務成長是由多個頂級客戶進入下半年的旗艦產品正常季節性成長所推動的。

And again, it's muted significantly then by the Huawei sequential effect.

再一次，它被華為的連續效應顯著削弱了。

We will take the next question from Toshiya Hari of Goldman Sachs.

我們將回答高盛 Toshiya Hari 的下一個問題。

I was hoping to better understand your September quarter revenue guide on a year-over-year basis a little bit better.

我希望能夠更了解貴公司九月季度的年收入指南。

I think if we take the midpoint of your guide, your revenue is expected to be down about $130 million.

我認為，如果我們取您指南的中點，您的收入預計將減少約 1.3 億美元。

How much of that is Huawei?

華為佔了多少？

How much of that is your biggest customer in the U.S.?

其中有多少是您在美國的最大客戶？

Active-Semi obviously is up.

Active-Semi 顯然已經上漲了。

I'm assuming non-Huawei IDP is up.

我假設非華為 IDP 已啟動。

If you can kind of walk through some of the pluses and minuses on a year-over-year basis, that will be helpful.

如果您能夠逐年了解一些優點和缺點，那將會有所幫助。

Then I have a follow-up.

然後我有一個後續行動。

This is Bob.

這是鮑伯。

I'll take it at a high level.

我會以高水平來看待它。

I mean, primarily at our largest customer, we are roughly flat year-over-year.

我的意思是，主要是我們最大的客戶，我們的業績年比大致持平。

Huawei is the largest part and we are down a little bit in China.

華為是最大的部分，我們在中國稍微落後一點。

If you remember last year at this time, we talked about the China market was doing extremely well and we were taking a conservative view on it which was accurate.

如果你還記得去年的這個時候，我們談到中國市場表現非常好，我們對此持保守觀點，這是準確的。

So in essence, it's Huawei and China.

所以本質上，是華為和中國。

Yes, over 2/3 of it is Huawei, Toshiya.

是的，超過2/3是華為、Toshiya。

Got it.

知道了。

Thank you.

謝謝。

And then as a follow-up, Mark, in terms of gross margins, you guys are guiding September essentially flat sequentially despite IDP being down sequentially and the seasonal ramp in mobile is typically dilutive to gross margin.

接下來，馬克，就毛利率而言，儘管 IDP 連續下降，而且移動領域的季節性增長通常會稀釋毛利率，但你們預計 9 月份的毛利率基本上持平。

So I guess there must be some operational improvements going on beneath the surface.

所以我想在表面之下一定有一些營運上的改進。

So if you can kind of speak to some of those points.

那麼您是否可以談談其中的一些觀點。

And more importantly, I guess going forward into the back half of the fiscal year, before the Huawei ban, you guys had talked about sequential improvements and hitting 48% for the full year.

更重要的是，我想進入本財年後半段，在華為禁令之前，你們已經談到了連續改進，全年達到 48%。

I'm assuming that's no longer the case.

我假設情況不再是這樣了。

But if you can talk about your expectations going into the second half, that will be helpful.

但如果你能談談你對下半年的期望，那將會很有幫助。

Yes, it's a good question, Toshiya.

是的，這是個好問題，Toshiya。

So we are absolutely undertaking, obviously, all the productivity efforts we can.

因此，顯然，我們絕對會盡一切努力提高生產力。

And we are making great progress.

我們正在取得巨大進展。

I mean, the disappointment here is that we were set up for a very good year on gross margin and this couple hundred million dollars of revenue hit that we've taken versus our May 7 guidance has really reduced the utilization in the factory network.

我的意思是，令人失望的是，我們今年的毛利率非常好，而與 5 月 7 日的指導相比，我們所獲得的這幾億美元的收入確實降低了工廠網絡的利用率。

I addressed gross margin on the May 7 call.

我在 5 月 7 日的電話會議上談到了毛利率。

And as you said, I said we expected the gross margin being about 48% for the full year.

正如你所說，我說過我們預計全年毛利率約為 48%。

Right now, we did beat in the June quarter by 70 basis points.

目前，我們確實比六月季度高了 70 個基點。

As you mentioned, I guided the September to be largely flat.

正如您所提到的，我預計 9 月將基本持平。

That's the negative utilization effects offset by productivity gains and then some positive mix effects.

這是負面的利用率影響被生產力的提高所抵消，然後是一些正面的混合效應。

Now for the full year, our view at the moment is between 46% and 47% gross margin.

就全年而言，我們目前的預期毛利率在 46% 至 47% 之間。

We will take our next question from Edward Snyder of Charter Equity Research.

我們將回答來自 Charter Equity Research 的愛德華·斯奈德 (Edward Snyder) 的下一個問題。

Eric, there's a lot of talk about substitutes for your off-components in China, I'm sure you've gotten tired of the question.

艾瑞克，在中國有很多關於替代品的討論，我相信您已經厭倦了這個問題。

But on our own chip level teardown of Huawei's latest phones, it looks like it's [Full] Filter, Amp, Switch Modules and envelope trackers for you and modules and tuners for Skyworks.

但根據我們對華為最新手機的晶片級拆解，它看起來像是為您提供的[完整]濾波器、放大器、開關模組和包絡跟踪器，以及為 Skyworks 提供的模組和調諧器。

First of all, are any of the advanced phones coming out of China from any of the OEMs moving back to the discrete architecture or are they all kind of moving to this same kind of basic high integrated modules that Apple's been using for years?

首先，來自中國的任何 OEM 製造商生產的先進手機是否會回歸分立架構，或者是否都轉向蘋果多年來一直使用的相同類型的基本高整合模組？

And secondly, when you're moving to 5G, especially with regard to the antenna and some of the interface between these 2, does this become more acute or less acute as you're trying to handle all the new bands?

其次，當您轉向 5G 時，特別是在天線和這兩者之間的一些介面方面，當您嘗試處理所有新頻段時，這種情況會變得更加嚴重還是不那麼嚴重？

And then James, if I could, real quick, it sounds like your defense is on a tear in the second half of the year.

然後詹姆斯，如果可以的話，快點，聽起來你的防守在今年下半年正在撕裂。

Is that primarily gains due to GaN on new slots and is defense now back to being your largest group?

這主要是由於新插槽上的 GaN 帶來的收益嗎？防禦現在是否又回到了你們最大的群體？

Eric, do you want to take the first part?

埃里克，你想參加第一部分嗎？

Sure.

當然。

So regarding the architectures at our leading customers in China, certainly outside of Huawei, the trend is clear.

因此，就我們在中國的主要客戶（當然是華為之外）的架構而言，趨勢很明顯。

The acceleration of 5G is driving even more demand for higher levels of integration, trying to get the LTE Advanced Pro packed in as small as possible.

5G 的加速推動了對更高整合度的需求，試圖將 LTE Advanced Pro 封裝得盡可能小。

We have had several customers that have actually added bands to their 5G platforms as we were late in the development cycle.

由於我們處於開發週期的後期，我們有幾個客戶實際上已經在他們的 5G 平台中添加了頻段。

They're adding even more of the ultrahigh band bands in there to address more carrier requirements and so forth.

他們在那裡添加了更多的超高頻段，以滿足更多的運營商要求等。

So that only drives towards -- to the first part of your question, more integration.

因此，這只會推動您問題的第一部分，更多的整合。

And then to the second part of your question, yes, it's definitely becoming more acute, more difficult to manage the antenna interface with all the new bands being added on top of everything that was in there before.

然後到你問題的第二部分，是的，隨著所有新頻段都添加到之前的所有頻段之上，管理天線介面肯定變得更加尖銳、更加困難。

So we don't see anything other than an acceleration of all the trends we've been talking about for a couple of years now.

因此，除了我們幾年來一直在談論的所有趨勢的加速之外，我們沒有看到任何其他事情。

And if anything, even more confidence in the TAM expansion next year.

如果有什麼不同的話，那就是對明年 TAM 擴張更有信心。

So Ed, as far as defense, yes, the business is, I think, poised to have a really great back half.

所以艾德，就防守而言，是的，我認為，球隊準備擁有一個非常出色的後半場。

It's pretty broad-based growth but I would say GaN is basically playing a much larger role there.

這是一個相當廣泛的增長，但我想說 GaN 基本上在那裡發揮更大的作用。

And so most of the growth I think will come from our GaN-based products.

因此，我認為大部分成長將來自我們的 GaN 基產品。

Really, broad-based both domestic, international platforms and across a broad range of frequencies.

確實，基礎廣泛的國內、國際平台和頻率範圍廣泛。

You saw that we have product wins down in the S and C-band but also up in X and all the way up into millimeter wave frequencies.

您看到我們的產品在 S 和 C 頻段有所下降，但在 X 頻段以及一直到毫米波頻率方面也有所上升。

As far as it being the largest product line, I don't really guide at all that level.

至於它是最大的產品線，我並沒有真正在這個層面上進行指導。

But yes, probably towards the end of the year, it will be at close if not the largest business segment that we've got inside IDP.

但是，是的，可能到今年年底，即使不是我們在 IDP 中擁有的最大業務部門，它也將接近完成。

Great.

偉大的。

And then Mark, if I could, real quick.

然後馬克，如果可以的話，很快。

I know utilization is down obviously because your revenue is down here.

我知道利用率明顯下降，因為您的收入下降了。

We used to talk a year or so ago about BAW.

大約一年前，我們曾經討論過 BAW。

There's a lot of competitors talking about BAW, Skyworks has mentioned it several times.

有很多競爭對手在談論BAW，Skyworks已經多次提過。

Qualcomm's brought investors through last quarter at San Diego, talking up BAW and winning, all that stuff.

高通公司在聖地亞哥帶領投資者度過了上個季度，談論 BAW 並獲勝，等等。

Maybe you can give us an update if you could on just your position in that area with regard to Richardson?

也許您可以向我們介紹一下您在該領域對理查森的立場嗎？

I know your utilization is going to be down here, but are we talking higher than it was earlier in this year?

我知道您的利用率將會下降，但我們談論的利用率是否比今年早些時候更高？

Any kind of profile at all on how much either utilization has come out of Richardson and BAW or what percentage of revenue you expect to be seeing from BAW filters?

關於 Richardson 和 BAW 的使用率有多少，或者您期望從 BAW 濾波器獲得多少百分比的收入，有任何類型的資料嗎？

Yes.

是的。

I think, Ed, what I would say is that we are confident in our operations plan in Texas.

艾德，我想我想說的是，我們對德州的營運計畫充滿信心。

We've done a lot of things there to position that plant, Richardson along with Farmers Branch, to be a tremendous asset for us going forward and we believe it will be.

我們在那裡做了很多事情，將理查森工廠和 Farmers Branch 一起定位為我們未來發展的巨大資產，我們相信它會如此。

Yes, this revenue hit we've had was particularly hard because we were seeing a lot of BAW activity around Phase 6 and there was some other product movement that is going to lower utilization rates in Texas for the next year or so.

是的，我們的收入受到的打擊特別嚴重，因為我們看到第六階段周圍有很多 BAW 活動，而且還有一些其他產品的變動，這將降低德克薩斯州明年左右的利用率。

But we see, yes, the same trends continuing that Eric talked about, increased complexity, the density of the RF modules and more stringent requirements on bands and so forth.

但我們看到，是的，埃里克談到的相同趨勢仍在繼續，即射頻模組的複雜性和密度增加以及對頻段等的更嚴格要求。

So we see, in the product roadmaps we have, a greater use of BAW and we see utilization improving at the levels we'd like to see it beyond this year.

因此，我們在我們的產品路線圖中看到，BAW 得到了更多的使用，我們看到利用率的提高達到了我們希望在今年之後看到的水平。

We will take our next question from Ambrish Srivastava of BMO Capital Markets.

我們將回答 BMO 資本市場的 Ambrish Srivastava 提出的下一個問題。

I had a quick one for you, Mark.

我為你準備了一份快速的，馬克。

Actually, I have 2 for you.

事實上，我有2個給你。

The quick one is was there any Active-Semi in the reported quarter?

快速的一個問題是在報告的季度中是否有 Active-Semi？

You said that IDP was higher on a year-over-year basis.

您說 IDP 同比更高。

But does that include any Active-Semi?

但這包括 Active-Semi 嗎？

And my follow-up is very strong free cash flow in the reported quarter.

我的後續行動是報告季度的自由現金流非常強勁。

It's -- I know it's very uncertain and thanks for trying to give us as much clarity as you guys can, so really appreciate that.

我知道這非常不確定，感謝你們盡可能讓我們清楚，非常感謝。

But would you be able to provide us with a guidance on free cash flow for the full year?

但您能為我們提供全年自由現金流的指導嗎？

Yes.

是的。

On free cash flow for the year, we do believe we will have free cash flow growth for the year.

關於今年的自由現金流，我們確實相信今年的自由現金流將會成長。

Combination of sustaining decent income despite this sales drop relative to our previous view.

儘管銷售額相對於我們先前的觀點有所下降，但仍保持了體面的收入。

We are exhibiting good cost control, good working capital management and good CapEx discipline and expect to see free cash flow growth.

我們表現出良好的成本控制、良好的營運資本管理和良好的資本支出紀律，並期望看到自由現金流成長。

First question...

第一個問題...

Active-Semi.

Active-Semi。

Oh, on Active-Semi.

哦，在 Active-Semi 上。

There was Active-Semi in the IDP business, Ambrish.

IDP 業務領域有 Active-Semi，Ambrish。

It was a small amount.

這是一個很小的金額。

IDP still grew year-over-year, if you exclude that.

如果排除這一點，IDP 仍然逐年成長。

We will take our next question from Ruben Roy of Benchmark.

我們將回答 Benchmark 的 Ruben Roy 提出的下一個問題。

I had a quick follow-up/clarification for Eric.

我對埃里克進行了快速跟進/澄清。

Eric, you mentioned either working with or having design wins with the various baseband manufacturers for 5G.

Eric，您提到與不同的 5G 基帶製造商合作或獲得設計勝利。

I'm wondering if you can clarify if you said you had design wins out there in actual handsets with the group of folks that have 5G modem technology.

我想知道您是否可以澄清一下，您是否說過您在實際手機中與擁有 5G 調製解調器技術的團隊相比，在設計上取得了勝利。

And then also wondering about the qualification process.

然後還想知道資格認證流程。

How does that work?

這是如何運作的？

Is that qualification for your RFs by baseband manufacturer or by end handset OEM or a combination?

基頻製造商或終端手機 OEM 或兩者的組合對您的射頻進行資格認證嗎？

Sure.

當然。

Yes, just to reiterate, we can confirm that we have design wins, and in fact in production with 5G content across multiple basebands in China including Qualcomm.

是的，重申一下，我們可以確認我們已經獲得了設計勝利，並且實際上已經在包括高通在內的中國多個基帶上生產了 5G 內容。

And the process, as it works today, really, we are in the leadership position of defining a lot of the RF content and placements and interfaces and so forth.

事實上，按照今天的流程，我們在定義大量 RF 內容、佈局和介面等方面處於領先地位。

So the integration happens largely between RF's team and our customers directly.

因此，整合主要發生在 RF 團隊和我們的客戶之間直接進行。

We will take our next question from Vivek Arya of Bank of America Merrill Lynch.

我們將接受美國銀行美林證券的 Vivek Arya 提出的下一個問題。

I had 2 actually.

我實際上有2個。

For the first one, I think Bob, you mentioned Huawei was about 22% of sales and that is including the disruption.

對於第一個，我想鮑勃，你提到華為約佔銷售額的 22%，其中包括中斷。

I'm curious how much would it have been without this disruption?

我很好奇，如果沒有這種幹擾，情況會是多少？

Because it just seems a very high number.

因為這看起來是一個非常高的數字。

Did you sense that there was perhaps some kind of pull-forward of sales into June?

您是否感覺到六月的銷售可能會出現某種提前？

Because I realize, I think for September, you're saying it's going to be less than 5%.

因為我意識到，我認為 9 月的成長率將低於 5%。

I'm just trying to understand how it was such a large number for your June quarter?

我只是想了解你們六月季度的數字為何如此之大？

I think, Vivek, if you remember last quarter when I talked about Huawei, they grew their share in the first quarter 50%.

我想，Vivek，如果你還記得上個季度我談到華為時，他們的份額在第一季度增長了 50%。

And if you actually look at a lot that's been published this last quarter, I think they drove their share even more in China from 31% to about 38%.

如果你真的看一下上個季度發布的很多內容，我認為他們在中國的份額從 31% 提高到了 38% 左右。

So they were taking significant share.

所以他們佔據了很大的份額。

I'll also remind you last quarter, we talked about that our business was growing with Huawei.

我還要提醒您，上個季度，我們談到我們的業務與華為一起成長。

We were gaining back share that as you recall we didn't price our ETP mix low and we knew we were going to miss a generation.

我們正在重新奪回市場份額，正如您所記得的那樣，我們並沒有將 ETP 組合定價過低，而且我們知道我們將錯過一代。

We thought it was right, it was right.

我們認為這是對的，那就是對的。

So they were gaining share, we were gaining share.

所以他們正在獲得份額，我們也在獲得份額。

Remember last year, we were 15%.

記得去年，我們是 15%。

So 22% doesn't seem like a big number to me.

所以22%對我來說似乎不是一個大數字。

And to answer your question, yes, it would've been more.

回答你的問題，是的，會更多。

But they're taking share.

但他們正在搶佔份額。

We were taking share.

我們正在分享。

It was a great story.

這是一個很棒的故事。

Got it.

知道了。

Makes sense.

說得通。

And then Bob for my follow-up, how much RF content are you seeing in the 5G phones in China?

Bob 繼續我的提問，您在中國的 5G 手機中看到了多少 RF 內容？

And when you look at the design, is it a winner take all kind of approach or is it that your share in those 5G phones is similar to the share you had in the broad 4G market which was in the 20%, 25% range or so?

當你審視設計時，你會發現它是採取各種方法的贏家，還是你在這些 5G 手機中的份額與你在廣闊的 4G 市場中的份額相似，後者在 20%、25% 或所以？

Just how much is the RF content and the lift you're seeing and how is the share -- your share doing in those designs?

您所看到的 RF 內容和提升到底有多少？您在這些設計中所佔的份額如何？

Vivek, this is Eric.

維維克，這是埃里克。

I'll take that.

我會接受的。

It is, at this point in time, exceeding our expectations.

目前來看，它超出了我們的預期。

As I said, even more bands are being added sooner than we expected.

正如我所說，更多樂團的加入速度比我們預期的還要早。

And so we are confident in what we've been saying of at least $1 billion in TAM expansion next year driven by 5G which includes not only the new 5G bands but also upgrades to the 4G part of the phone to be compatible with that.

因此，我們對我們所說的明年由 5G 驅動的 TAM 擴張至少 10 億美元充滿信心，其中不僅包括新的 5G 頻段，還包括升級到手機的 4G 部分以與之相容。

So all told, we are expecting at least $1 billion for the TAM expansion.

總而言之，我們預計 TAM 擴張至少需要 10 億美元。

When you look at it at the handset level, some of the sort of higher tier within that tier of 5G handsets that are coming out of China can routinely have $10 to $15 worth of RF content.

當你從手機層面來看時，會發現來自中國的 5G 手機中的一些更高級別的手機通常具有價值 10 至 15 美元的 RF 內容。

And we are definitely getting our fair share.

我們肯定會得到公平的份額。

I think there are various models but it does seem that our share of the total RF will be expanding as we add 5G.

我認為有多種模型，但隨著 5G 的加入，我們在總 RF 中所佔的份額似乎將會擴大。

We will take our next question from Christopher Rolland of SIG.

我們將回答 SIG 的 Christopher Rolland 的下一個問題。

Back to the Huawei at 22%, that was some great color on them gaining share there.

回到22%的華為，這對他們在那裡獲得份額來說是一個很好的色彩。

I guess that means that most of that revenue contribution was from handsets and not sort of a large spike in infrastructure there.

我想這意味著大部分收入貢獻來自手機，而不是基礎設施的大幅成長。

Is it kind of your opinion that, that was actually natural demand, not any inventory building on their part?

您是否認為這實際上是自然需求，而不是他們建立的任何庫存？

Yes, Chris, that's a good point.

是的，克里斯，這是一個很好的觀點。

The growth that we saw quarter-over-quarter at Huawei also was for a lot of the IDP massive MIMO which is our GaN plus, our high performance GaAs process.

我們在華為看到的季度環比成長也來自於許多 IDP 大規模 MIMO，即我們的 GaN plus、我們的高性能 GaAs 製程。

So that was a portion of it.

這就是其中的一部分。

I took Vivek's question more on the handset side, so I apologize for that.

我更多地從手機方面考慮了維韋克的問題，所以我對此表示歉意。

But no, we saw very nice growth in that side of the business where in my opening comments I talked about how GaN is taking share from LDMOS and that's a very good example of one of the customers where they're doing that.

但不，我們看到了這方面業務的非常好的成長，在我的開場評論中，我談到了 GaN 如何從 LDMOS 中奪取份額，這是他們正在這樣做的客戶之一的一個很好的例子。

And as James alluded to and Mark in his comments, we are taking some of that same technology now and we've been working with other customers and they're just ramping behind where Huawei was.

正如詹姆斯和馬克在評論中提到的那樣，我們現在正在採用一些相同的技術，我們一直在與其他客戶合作，他們只是落後於華為。

It's not we've moved resources, Huawei was clearly leading.

不是我們轉移了資源，而是華為明顯領先。

We were the leader who's adopting the technology.

我們是採用該技術的領導者。

That did drive a large part of our growth and a larger percentage of Huawei being for the total company.

這確實推動了我們的成長，也推動了華為在整個公司中所佔的更大比例。

Got it.

知道了。

And I guess playing into those infrastructure comments as well.

我想也參與了這些基礎設施評論。

As we look at HPRF and we move from 4G to 5G, there's definitely new players here and new materials as we kind of move away from LDMOS as well.

當我們審視 HPRF 並從 4G 轉向 5G 時，隨著我們逐漸遠離 LDMOS，這裡肯定會出現新的參與者和新材料。

Any idea of who your biggest competitors are in 5G?

您知道 5G 領域最大的競爭對手是誰嗎？

And any early indications on what you think your share of that market is?

您認為您在該市場中的份額有什麼早期跡象？

Well, I mean first of all, we do definitely see MIMO architecture starting to get more and more share away from macro.

嗯，我的意思是，首先，我們確實看到 MIMO 架構開始從巨集中獲得越來越多的份額。

So we talked about that trend last quarter.

所以我們上個季度討論了這個趨勢。

And I think that trend still continues.

我認為這種趨勢仍在持續。

And in fact, a number of MIMO channels will probably eclipse macro channels this year.

事實上，今年一些 MIMO 頻道可能會超過宏頻道。

And then percentage of base stations is certainly trending in awards, a number that is probably 30% or so being macro -- or being massive MIMO base stations.

基地台的百分比肯定是獲獎趨勢中的趨勢，這個數字可能約為 30% 左右是宏基站，或大規模 MIMO 基地台。

As far as competitors, we really compete at all of the major OEMs for the entire RF chain, both receive side and all the way through transmit side.

就競爭對手而言，我們確實在整個射頻鏈上與所有主要 OEM 競爭，包括接收側和發射側。

And so each component is a bit different depending on what individual company's strengths are.

因此，每個組件都略有不同，具體取決於各個公司的優勢。

Among the power amplifier side, it's predominantly been a competition between the LDMOS conventional players and then the few of us that have GaN capability.

在功率放大器方面，主要是 LDMOS 傳統廠商和我們少數擁有 GaN 能力的廠商之間的競爭。

And as Bob talked about, that transition to GaN is going fairly rapidly, moving away from LDMOS and into GaN.

正如 Bob 所說，向 GaN 的轉變進展相當迅速，從 LDMOS 轉向 GaN。

We will take our next question from Craig Hettenbach of Morgan Stanley.

我們將接受摩根士丹利 (Morgan Stanley) 的克雷格·赫滕巴赫 (Craig Hettenbach) 提出的下一個問題。

You've mentioned the traction in the Samsung A series and just curious kind of as you think about kind of the mid-tier portfolio there, kind of where you are today and how that could progress as you go forward?

您提到了三星 A 系列的吸引力，當您想到那裡的中端產品組合時，您感到有些好奇，您今天的處境以及未來將如何發展？

Sure.

當然。

Thank you.

謝謝。

That's -- it's a really exciting story for us and we are really excited with what the team's been able to do there to work closely with that key customer.

這對我們來說是一個非常令人興奮的故事，我們對團隊能夠與該關鍵客戶密切合作所做的事情感到非常興奮。

We had been out of that series really for several generations as we focused more on the flagship tier and they were going with less integrated solutions for the most part in that mass tier in the A series.

我們已經退出該系列好幾代了，因為我們更專注於旗艦層，而他們在 A 系列的大眾層中大部分採用集成度較低的解決方案。

So working with them on architectures and so forth over a couple of years, you're seeing the culmination of that now where they're beginning to look at, just like all the rest of our customers, looking at moving up the integration curve and adopting new technologies and things which align with our portfolio really well.

因此，與他們在架構等方面合作了幾年，你會看到現在他們開始關注的頂峰，就像我們所有其他客戶一樣，著眼於提升集成曲線並採用與我們的產品組合非常契合的新技術和事物。

So this is the first step into it.

所以這是第一步。

We've been present there all along in antenna tuning of course.

當然，我們一直致力於天線調諧。

But this gets us into the main path in some of the meatier or chunkier bits of revenue in that tier.

但這讓我們進入了該層中一些更豐富或更大量收入的主要路徑。

Got it.

知道了。

Thanks.

謝謝。

And then just a follow-up question from Mark on the back of the strong free cash flow.

然後是馬克就強勁的自由現金流提出的後續問題。

How are you thinking about kind of buybacks versus potential tuck-ins like Active-Semi?

您如何看待回購類型與 Active-Semi 等潛在的收購方式？

Yes, we continue to -- nothing's changed.

是的，我們繼續下去——一切都沒有改變。

We've been generating strong free cash flow.

我們一直在產生強勁的自由現金流。

We continue to look for bolt-ons for James's business and technology buys for Eric's business.

我們繼續為詹姆斯的業務尋找補充，並為埃里克的業務尋找技術購買。

As we said, thrilled to have the Active-Semi team in Qorvo and immediately contributing this quarter.

正如我們所說，很高興 Active-Semi 團隊加入 Qorvo，並立即在本季做出貢獻。

And the integration is going well and plans are on track.

整合進展順利，計畫已步入正軌。

To the extent we don't have opportunities, I've been clear about our leverage targets.

在我們沒有機會的情況下，我已經明確了我們的槓桿目標。

We did tick up a bit and we continue to be buyers of the stock at these levels but I'm not going to comment on rate and pace.

我們確實上漲了一點，並且在目前的水平上我們仍然是該股的買家，但我不會對利率和步伐發表評論。

We will take our next question from Shawn Harrison of Longbow Research.

我們將回答長弓研究中心的肖恩哈里森提出的下一個問題。

With the Farmers Branch closure and the other -- or the Farmers Branch I guess coming back online potentially next year versus the weaker mobile demand, does that cost linger further into fiscal '21?

隨著 Farmers Branch 的關閉和其他機構的關閉（或者我猜 Farmers Branch 可能會在明年重新上線，而不是移動需求疲軟），這一成本是否會進一步持續到 21 財年？

And then also does the weaker mobile demand affect kind of the savings coming back as you consolidate facilities?

然後，行動需求的疲軟是否會影響您在整合設施時節省的成本？

The plans are right now still to have the facility contributing operationally in fiscal '21.

目前計劃仍是讓該設施在 21 財年投入營運。

We -- in this sort of slower volume, we've taken the opportunity, I think we've talked about it a couple times before, to look at the plant configuration in a different way.

我們——在這種較慢的產量中，我們抓住了這個機會，我想我們之前已經討論過幾次了，以不同的方式看待工廠配置。

So we are able to do what we thought would be more capital before with a lot less to achieve higher levels of capacity in the future.

因此，我們能夠用更少的資金做我們之前認為需要更多資金的事情，以在未來實現更高水準的產能。

So we feel great about the facilities and capabilities we have in Texas.

因此，我們對德克薩斯州擁有的設施和能力感到非常滿意。

Great team and good leadership down there and we see that utilization improving over the next 1.5 years.

優秀的團隊和良好的領導力，我們看到利用率在未來 1.5 年內有所提高。

And then as a brief follow-up, considering all the 5G phone launches that could come out in calendar '20, how does that affect typical March quarter seasonality in mobile?

然後作為一個簡短的後續行動，考慮到所有可能在 20 世紀推出的 5G 手機，這對行動領域典型的 3 月季度季節性有何影響？

I know it's been all over the place the past few years.

我知道過去幾年這種事到處都是。

But do you see muted March quarter seasonality with new phone launches and 5G coming in?

但隨著新手機的推出和 5G 的到來，您是否認為 3 月季度的季節性因素會減弱？

Yes.

是的。

We are not going to get -- give too much detail on the quarters right now that far out.

目前我們不會提供太多有關季度的細節。

I mean, it's a very difficult year to predict.

我的意思是，這是非常難以預測的一年。

I will take the opportunity to mention that on the May 7 call, we gave a view that we thought revenue would be up 4% year-over-year in fiscal '20.

我想藉此機會提及，在 5 月 7 日的電話會議上，我們認為 20 財年的營收將年增 4%。

A lot has changed since then.

從那以後很多事情改變了。

And there is the Huawei ban, there's other items that have impacted our outlook.

還有華為禁令，還有其他一些因素影響了我們的前景。

So it's -- we're a few hundred million off where we were on that view.

所以，我們的觀點與之前的觀點相差了幾億。

Now it's a tough year to predict.

現在是很難預測的一年。

And if the trade situation improves and handset releases are maybe better than we think, if 5G spurns some demand -- or spurs some demand and WiFi 6 adoption accelerates, we could be better than that.

如果貿易狀況改善且手機發布可能比我們想像的更好，如果 5G 拒絕某些需求，或者刺激某些需求並且 WiFi 6 的採用加速，我們可能會做得更好。

But we are sizing for that more conservative outlook right now.

但我們現在正在考慮更保守的前景。

We will take our next question from Vijay Rakesh of Mizuho.

我們將回答 Mizuho 的 Vijay Rakesh 的下一個問題。

Not sure if you talked about in the second half, if you're seeing any inventory issues in China on the handset side or how the revenue profile in the December quarter looks?

不確定您是否談到下半年，您是否看到中國手機方面有任何庫存問題，或者 12 月季度的收入狀況如何？

This is Bob, I'll go and take that.

這是鮑勃，我去拿那個。

I think the last 2 quarters, we've talked about our own channel and how components are at -- from a days of supply, historically low and they've remained that way.

我認為在過去的兩個季度中，我們已經討論了我們自己的管道以及組件的狀況——從供應日開始，處於歷史低位，並且一直保持這種狀態。

So we think the channel is pretty healthy.

所以我們認為這個管道非常健康。

And most of the phones that are sold in China actually don't go through carriers.

而且在中國銷售的大部分手機實際上並沒有透過營運商銷售。

It's in their own stores actually.

其實是在他們自己的店裡。

So from what we hear from them, it doesn't appear anything is building up.

因此，從我們從他們那裡聽到的情況來看，似乎沒有任何進展。

Got it.

知道了。

And just when you look at the complete landscape, I know with all the trade war and stuff.

當你看完整的情況時，我知道所有的貿易戰和其他事情。

Huawei has probably been building a lot of some of the RF components I believe in-house on the HiSilicon side.

我相信華為可能已經在海思內部製造了許多射頻組件。

Do you think with the continued tensions that [you could continue to] source -- you could source more of that in-house?

您是否認為在持續緊張的情況下，[您可以繼續]採購更多的內部資源？

It looks like some of the sourcing is almost up to 30% on the RF side from the HiSilicon supply base.

看起來 RF 方面的部分採購幾乎有 30% 來自海思供應基地。

I'm just wondering what your thoughts are.

我只是想知道你的想法是什麼。

James, do you want to address the RF for your infrastructure business and HiSilicon?

James，您想解決您的基礎設施業務和海思的射頻問題嗎？

I'm not aware of any.

我不知道有什麼。

But...

但...

Yes, I mean, we don't see inside HiSilicon direct manufacturing.

是的，我的意思是，我們沒有看到海思內部的直接製造。

They're still relying on the very similar supply base to the rest of the OEMs.

他們仍然依賴與其他原始設備製造商非常相似的供應基礎。

Of course, their ability to get U.S. components is significantly different today.

當然，如今他們獲得美國零件的能力已大不相同。

But for the most part, they're relying on a very similar supply chain on the RF side.

但在大多數情況下，他們在射頻方面依賴非常相似的供應鏈。

We will take our next question from Karl Ackerman of Cowen.

我們將回答 Cowen 的 Karl Ackerman 提出的下一個問題。

If I could go back to 5G infrastructure for a moment, you have a great portfolio.

如果我可以暫時回到 5G 基礎設施，您將擁有一個很棒的產品組合。

But you discussed the order progression for your massive MIMO and revenue opportunity that you see in fiscal '20 and fiscal '21.

但您討論了您在 20 財年和 21 財年看到的大規模 MIMO 的訂單進度和收入機會。

If we exclude China-based network operators, I guess is it less than half of your prior view of the $600 million to $700 million for fiscal 2020?

如果我們排除中國的網路營運商，我猜這是否還不到您之前認為的 2020 財年 6 億至 7 億美元的一半？

And I have a follow-up.

我有一個後續行動。

Sure.

當然。

James?

詹姆士？

Well, first, I'm not going to guide by individual companies.

嗯，首先，我不會由個別公司來指導。

I mean we do see early rollouts going on in China.

我的意思是，我們確實看到中國正在早期推出。

And as Bob talked about that earlier, we see that being on pace.

正如鮑勃早些時候談到的那樣，我們看到這正在加快步伐。

There are multiple suppliers in China that will be vying for that business, competing for that business.

中國有多家供應商將爭奪該業務，爭奪該業務。

I think the U.S. will follow with the rollouts and then likely to go into Europe and other places.

我認為美國將緊隨其後推出，然後可能進入歐洲和其他地方。

Most of that commentary was below 6 gigahertz and we also see millimeter wave activity continuing to ramp up in the United States with demos on most of the carriers going on in multiple cities around the country.

大多數評論都低於 6 GHz，我們也看到美國的毫米波活動持續增加，全國多個城市的大多數業者都在進行展示。

Appreciate that.

感謝。

For my follow-up if I may, there have been several M&A announcements where companies have sought to acquire assets tangential to your own portfolio, such as Bluetooth and WiFi.

如果可以的話，我可以跟進一下，已經有幾起併購公告，其中公司尋求收購與您自己的投資組合無關的資產，例如藍牙和 WiFi。

And when we think about your desire to diversify beyond mobile, I'd love to hear your thoughts on capturing adjacent content areas within WiFi and Bluetooth applications.

當我們想到您希望實現行動以外的多元化時，我很想聽聽您對在 WiFi 和藍牙應用程式中捕獲相鄰內容區域的想法。

James, you're already competing with Bluetooth...

詹姆斯，你已經在與藍牙競爭了...

We did the acquisition a couple of years ago and -- of GreenPeak and we've integrated that into our business and we continue to see that business doing well and I've talked about IoT in the past.

幾年前，我們收購了 GreenPeak，並將其整合到我們的業務中，我們繼續看到該業務表現良好，我過去曾談論過物聯網。

I think we see a significant amount of demand.

我認為我們看到了大量的需求。

And we offer a chipset there that really offers our customers the ability to be somewhat agnostic as standards start to try to resolve down to probably a few standards that will compete in that place.

我們在那裡提供的晶片組確實為我們的客戶提供了某種程度的不可知論能力，因為標準開始嘗試解決可能會在該領域競爭的幾個標準。

And that's, continues to be an area that I think we remain interested in adding capability to the company and we'll continue to look for acquisitions in that space.

我認為這仍然是我們仍然有興趣增強公司能力的一個領域，我們將繼續在該領域尋求收購。

We have no further questions in queue.

我們沒有其他問題了。

I'll turn it back to management for closing remarks.

我會將其轉回給管理層以供結束語。

We thank everyone for joining us tonight.

我們感謝大家今晚加入我們。

We hope to see many of you at upcoming investor conferences and we look forward to speaking with you on our second quarter call.

我們希望在即將召開的投資者會議上見到你們，並期待在第二季的電話會議上與你們交談。

Thanks again and have a good night.

再次感謝，祝您有個美好的夜晚。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's conference.

女士們、先生們，今天的會議到此結束。

You may now disconnect.

您現在可以斷開連線。