Telefonaktiebolaget LM Ericsson (ERIC) 2022 Q4 法說會逐字稿

(technical difficulty)

（技術難度）

And that includes front-runner customers in many markets. We expect operators to continue to sweat the assets in response to the macroeconomic headwinds.

這包括許多市場的領跑者客戶。我們預計運營商將繼續動用資產以應對宏觀經濟逆風。

In addition, we expect the operators to adjust inventory levels as supply situation eases. These trends started to impact networks in Q4 and as we expected, it impacted sales in North America. We expect and plan for these trends to continue during the first half of 2023. And after that, it's -- we believe the inventory adjustment cycle is starting to get through and development normalizes again.

此外，我們預計運營商將隨著供應形勢的緩和調整庫存水平。這些趨勢開始影響第四季度的網絡，正如我們預期的那樣，它影響了北美的銷售。我們預計併計劃在 2023 年上半年繼續這些趨勢。在那之後，我們相信庫存調整週期開始結束，發展再次正常化。

But in addition to this, longer term, growth in data will drive network investments and data growth remains at very high levels, and that will return mobile networks market into more of the flattish development that we're predicting over a number of years.

但除此之外，從長遠來看，數據增長將推動網絡投資，數據增長將保持在非常高的水平，這將使移動網絡市場回到我們多年來預測的更多平穩發展。

Looking ahead, it's important to remember that we're still in the early stages of the 5G rollout and actually, of the cycle of widespread enterprise digitalization. To address the near-term outlook, we're taking several actions. Most notably, we're taking cost savings initiatives that we expect to take full effect by the end of 2023 and with the impact starting to show during Q2 of 2023.

展望未來，重要的是要記住，我們仍處於 5G 推出的早期階段，實際上，還處於廣泛的企業數字化週期的早期階段。為了應對近期前景，我們正在採取幾項行動。最值得注意的是，我們正在採取成本節約舉措，我們預計這些舉措將在 2023 年底之前全面生效，並且其影響將在 2023 年第二季度開始顯現。

In cloud software and services, we're executing on our revised strategy. And of course, there are seasonality in that business, but we expect to see and plan for breakeven of operating profit for full year of 2023 and with gradual improvements in profitability thereafter towards much more attractive levels.

在雲軟件和服務方面，我們正在執行修訂後的戰略。當然，該業務存在季節性，但我們預計會看到併計劃在 2023 年全年實現營業利潤盈虧平衡，此後盈利能力將逐步改善，達到更具吸引力的水平。

We, as a company, are at the epicenter of a very powerful trend, and that's really that anything that can go wireless will go wireless. And we are investing to retain our leadership in 5G, but we're also working to shape the future industry structure and how the industry will expose, monetize and consume advanced network features that 5G networks can provide. And this will allow us to transform into a platform company.

作為一家公司，我們正處於一個非常強大的趨勢的中心，那就是任何可以無線化的東西都會無線化。我們正在投資以保持我們在 5G 領域的領先地位，但我們也在努力塑造未來的行業結構以及該行業將如何展示、貨幣化和消費 5G 網絡可以提供的高級網絡功能。這將使我們能夠轉型為一家平台公司。

Going forward, our enterprise business will be a major driver of our long-term growth and profitability. I would already now would like to thank all my colleagues for their efforts at delivering on our long-term plans and create long-term stakeholder value. Our achievements would not be possible without them.

展望未來，我們的企業業務將成為我們長期增長和盈利的主要驅動力。我現在已經要感謝所有同事為實現我們的長期計劃和創造長期利益相關者價值所做的努力。沒有他們，我們就不可能取得成就。

But let me now go through some highlights for 2022.

但現在讓我回顧一下 2022 年的一些亮點。

With our fourth quarter result and what we have executed on during the quarter, we're on track to deliver on our long-term EBITDA target of 15% to 18% by 2024.

憑藉我們第四季度的業績以及我們在本季度的執行情況，我們有望在 2024 年之前實現 15% 至 18% 的長期 EBITDA 目標。

As we conclude the year, we have established a clear leadership position in mobile networks, and we've taken important steps towards building a high-growth enterprise business. Based on technology leadership, we have increased our market share in RAN from about 33% in '17 to 39%, excluding Mainland China. And we've established a global leadership position in 5G core.

在我們結束這一年時，我們已經在移動網絡領域確立了明確的領導地位，並且我們已經朝著建立高增長企業業務的方向邁出了重要的一步。基於技術領先地位，我們在 RAN 的市場份額從 17 年的約 33% 增加到 39%，不包括中國大陸。我們已經在 5G 核心網領域確立了全球領先地位。

Our strategy is extending our leadership in mobile networks and expand into the Enterprise segment with the objective to maximize value across all stakeholders.

我們的戰略是擴大我們在移動網絡領域的領導地位，並擴展到企業領域，以實現所有利益相關者的價值最大化。

The Vonage acquisition, which we completed during last year, gives us the foundation to transform Ericsson into a platform company and executing on this strategy remains a top priority for us.

我們去年完成的對 Vonage 的收購為我們將愛立信轉變為一家平台公司奠定了基礎，執行這一戰略仍然是我們的首要任務。

In 2022, organic sales grew by 3%, driven by a 4% increase in networks and 16% in enterprise. EBIT margin, excluding restructuring charges, was 10.1%. However, if we exclude Vonage that we -- and the previously announced charges during the year, EBIT margin was 12.9%, reaching our 2022 target of 12% to 14%, as we said and we committed to when we announced the Vonage acquisition.

2022 年，在網絡增長 4% 和企業增長 16% 的推動下，有機銷售額增長了 3%。扣除重組費用後的息稅前利潤率為 10.1%。但是，如果我們排除 Vonage 我們 - 以及之前宣布的年內費用，息稅前利潤率為 12.9%，達到我們 2022 年 12% 至 14% 的目標，正如我們在宣布收購 Vonage 時所說的那樣，我們也承諾這樣做。

We remain fully committed to continue building a culture of accountability and integrity, and we continue to invest heavily in those areas. We recognize that we can only be a true industry leader if we're both technology leader, but also a leader in how we conduct our business.

我們仍然完全致力於繼續建立問責制和誠信的文化，我們將繼續在這些領域進行大量投資。我們認識到，如果我們既是技術領導者，又是我們開展業務方式的領導者，我們才能成為真正的行業領導者。

As you saw during the quarter, we took the decision to extend our monitorship. This is the right decision to take to ensure that the integrity is fully embedded into our culture. I'm convinced that a best-in-class compliance program will give our company a competitive advantage and establish us as a true industry leader.

正如您在本季度看到的那樣，我們決定延長我們的監督範圍。這是確保誠信完全融入我們文化的正確決定。我相信一流的合規計劃將為我們公司帶來競爭優勢，並使我們成為真正的行業領導者。

Let me go through some key events during the quarter.

讓我回顧一下本季度的一些關鍵事件。

In December, we announced the signing of a multiyear IPR agreement. This contract is of strategic importance to our 5G licensing program. This positive outcome positions us well to capture further 5G license agreements. And that's, of course, among previously unlicensed handset manufacturers, but it's also in new areas such as consumer electronics and IoT.

12 月，我們宣布簽署多年期知識產權協議。該合同對我們的 5G 許可計劃具有戰略意義。這一積極成果使我們能夠獲得更多 5G 許可協議。當然，這是在以前未獲得許可的手機製造商中，但在消費電子產品和物聯網等新領域也是如此。

Based on this, we expect significant IPR revenue growth over the coming 18 to 24 months, as we said at our Capital Markets Day. Group organic sales grew by 1% year-over-year, of which IPR revenues contributed by 5 percentage points. And we saw an EBITDA of SEK 9.3 billion, corresponding to a margin of 10.8%.

基於此，正如我們在資本市場日所說，我們預計未來 18 至 24 個月內知識產權收入將顯著增長。集團有機銷售額同比增長1%，其中知識產權收入貢獻了5個百分點。我們看到 EBITDA 為 93 億瑞典克朗，對應的利潤率為 10.8%。

During the quarter, we had a strong focus on breaking the curve on the inventory development, and we executed on that, and we were able to significantly lower our inventory levels. This contributed to cash flow before M&A of SEK 16.9 billion.

在本季度，我們非常注重打破庫存發展曲線，我們執行了這一點，我們能夠顯著降低庫存水平。這促成了 169 億瑞典克朗的併購前現金流。

In the quarter, our Networks business grew in India on the back of significant market share gains. As we said at Q3, as well as our Capital Markets Day, the growth from share gains in several markets could not fully compensate for reduced operator spending and inventory reduction in other markets, including North America.

本季度，我們的網絡業務在印度市場份額大幅增長的推動下實現增長。正如我們在第三季度以及我們的資本市場日所說，幾個市場的份額增長無法完全彌補運營商支出的減少和其他市場（包括北美）的庫存減少。

As is always the case, and we've said in the past, market share gains results in higher service revenues from large rollout or higher share of service revenues as a result of large rollout contracts. These contracts are profit accretive. However, they are initially margin dilutive.

與往常一樣，我們過去也說過，市場份額的增加會導致大規模部署帶來更高的服務收入，或者由於大規模部署合同而導致服務收入份額增加。這些合同可以增加利潤。但是，它們最初會稀釋利潤。

And of course, these contracts are important for us, and we took them consciously because it's strengthening our strategic market position and build the scale to be competitive long term.

當然，這些合同對我們很重要，我們有意識地接受它們，因為它加強了我們的戰略市場地位，並建立了長期競爭力的規模。

Gross margin came in at 44.6%, which is mainly due to the change in business mix. And we expect gross margin to be 40% to 42% in Q1 of this year, due to the change in business mix.

毛利率為 44.6%，主要是由於業務組合的變化。由於業務組合的變化，我們預計今年第一季度的毛利率將達到 40% 至 42%。

In Cloud Software and Services, we saw sales growth in North America, mainly from 5G core contracts. But this was offset or was more than offset by declines in other market areas. The performance in this segment has clearly not been satisfactory historically. And at our Capital Markets Day, we introduced an updated and revised strategy to turn the segment around, which included priorities to limit subscale software development, accelerating automation to lower deployment and maintenance costs and changing focus from market share gains to profitability as well as realizing cost synergies from combining the 2 prior segments.

在雲軟件和服務方面，我們看到北美的銷售增長主要來自 5G 核心合同。但這被其他市場領域的下滑所抵消或抵消。從歷史上看，這一部分的表現顯然不盡如人意。在我們的資本市場日，我們推出了一項更新和修訂的戰略來扭轉該部門的局面，其中包括限制次級軟件開發的優先事項、加速自動化以降低部署和維護成本以及將重點從市場份額收益轉移到盈利能力以及實現合併前兩個部分的成本協同效應。

So in the quarter, we started to execute on this strategy, and that included to exit some subscale businesses. And we're confident that the business is on path to reaching operating profit breakeven for the full year of 2023.

因此，在本季度，我們開始執行這一戰略，其中包括退出一些規模較小的業務。我們相信，該業務有望在 2023 年全年實現營業利潤盈虧平衡。

In parallel, in our core mobile infrastructure business, we're continuing to execute on our enterprise strategy. This is organized around 2 pillars, each leveraging our strength in mobile networks.

與此同時，在我們的核心移動基礎設施業務中，我們將繼續執行我們的企業戰略。這是圍繞 2 個支柱組織的，每個支柱都利用我們在移動網絡方面的優勢。

First, Enterprise Wireless Solutions focused on capturing the multibillion dollar enterprise market opportunity for 5G.

首先，企業無線解決方案專注於抓住價值數十億美元的 5G 企業市場機會。

I need to get some water.

我需要去拿點水。

So first of all, Enterprise wireless solutions focused -- so Enterprise Wireless Solutions, it's focused on capturing the multibillion dollar enterprise market opportunity for 5G optimized networking and security solutions.

因此，首先，企業無線解決方案專注於企業無線解決方案，它專注於為 5G 優化網絡和安全解決方案捕捉數十億美元的企業市場機會。

And the second pillar is the global communication platform business, where we will be able to monetize 5G in new ways by transforming how network features such as speed, latency are globally exposed, consumed and paid for.

第二個支柱是全球通信平台業務，我們將能夠通過改變速度、延遲等網絡特性在全球範圍內公開、消費和支付的方式，以新的方式將 5G 貨幣化。

During Q4, sales in the Enterprise segment represented 8% of total sales. Enterprise is a growth engine for Ericsson, and we continue to fine-tune our portfolio to maximize profitability. And this included an agreement to divest our loss-making IoT business. After this divestiture, our emerging technology area is expected to be profitable.

第四季度，企業部門的銷售額佔總銷售額的 8%。 Enterprise 是愛立信的增長引擎，我們將繼續微調我們的產品組合以最大限度地提高盈利能力。這包括一項剝離我們虧損的物聯網業務的協議。此次剝離後，我們的新興技術領域有望實現盈利。

We are investing in building up a strong go-to-market organization for enterprises, and we're investing to broaden our product offerings as well as bringing network APIs to the market. These investments are a foundation for profitable growth after 2023, but they will weigh clearly on profits in the coming year.

我們正在投資為企業建立一個強大的上市組織，我們正在投資以擴大我們的產品供應以及將網絡 API 推向市場。這些投資是 2023 年後盈利增長的基礎，但它們將明顯影響來年的利潤。

In the quarter, we also announced a SEK 2.3 billion provision related to a potential resolution with the U.S. authorities regarding the previously announced deferred prosecution agreement breaches or breach notices. The provision also includes cost associated with the extension of the compliance monitorship that we announced in December.

在本季度，我們還宣布了一項 23 億瑞典克朗的撥備，涉及與美國當局就先前宣布的延期起訴協議違約或違約通知達成的潛在決議。該準備金還包括與我們在 12 月宣布的延長合規監督相關的費用。

While we're now in a position to make a sufficiently reliable estimate of the financial penalty, we have not yet reached a resolution with the DOJ and discussions are ongoing. Separately and with respect to the past matters described in the company's 2019 Iraq investigation report, we continue to thoroughly investigate the fact in full cooperation with the DOJ and the SEC to determine if there is any merit to the allegations. But it's not appropriate for me to comment further as this is an ongoing investigation at this point in time.

雖然我們現在能夠對罰款做出足夠可靠的估計，但我們尚未與司法部達成解決方案，討論仍在進行中。另外，對於公司 2019 年伊拉克調查報告中描述的過去事項，我們繼續與 DOJ 和 SEC 充分合作，對事實進行徹底調查，以確定這些指控是否有根據。但我不適合進一步評論，因為目前這是一項正在進行的調查。

We continue to focus on building a culture of ethics and integrity throughout our business and our company. And that includes the Board and remains a top priority for Ericsson. I will now share a little more detail about the development in our market areas.

我們繼續專注於在我們的業務和公司中建立道德和誠信文化。這包括董事會，並且仍然是愛立信的首要任務。我現在將分享更多關於我們市場領域發展的細節。

So this high-level summary slide highlights how sales increased significantly market areas, Southeast Asia, Oceania and India.

因此，這張高級摘要幻燈片重點介紹了東南亞、大洋洲和印度等市場區域的銷售額如何顯著增長。

In Europe and Latin America, sales remain stable. We saw a decline in other market areas as operator CapEx were reduced due to macroeconomic pressures, but also from operators slowdown of rollout plans. And in addition, we've seen supply chain easings that enable some operators to optimize their inventories.

在歐洲和拉丁美洲，銷售額保持穩定。由於宏觀經濟壓力以及運營商推出計劃放緩導致運營商資本支出減少，我們看到其他市場領域出現下滑。此外，我們還看到供應鏈的放鬆使一些運營商能夠優化他們的庫存。

Digging a little bit deeper into this, I'd like to highlight a couple of things. As you can see in market areas, Southeast Asia, Oceania and India, sales increased by 21%. Of course, as you are aware, this was primarily driven by 5G market share gains in India, which, of course, we're extremely happy with. We did though experienced a slowdown of investment in certain other countries in Southeast Asia, which negatively impacted sales.

稍微深入一點，我想強調幾件事。正如您在市場區域看到的那樣，東南亞、大洋洲和印度的銷售額增長了 21%。當然，如您所知，這主要是受印度 5G 市場份額增長的推動，當然，我們對此非常滿意。我們確實經歷了對東南亞某些其他國家的投資放緩，這對銷售產生了負面影響。

In market area Northeast Asia, sales declines after the elevated 5G investment levels we've seen for the first 3 quarters of the year. In market area North America, we saw a 7% decline year-over-year. And as stated in our Q3 report, as well as at our Capital Markets Day, we have during the year seen accelerated CapEx investments, but we've also seen customers holding relatively large inventories.

在東北亞市場區域，在我們看到今年前 3 季度 5G 投資水平提高後，銷售額下降。在北美市場，我們看到同比下降 7%。正如我們在第三季度報告以及我們的資本市場日所說，我們在這一年中看到資本支出投資加速，但我們也看到客戶持有相對大量的庫存。

During Q4, our operator customers guided around reducing the CapEx investments. This is further compounded by the need to optimize inventories as supply constraints actually eases. Market area other primarily includes IPR revenues, IPR licensing revenues and a major part of our segment Enterprises. And growth here was mainly driven by the acquisition of Vonage, impacting the quarter by SEK 4.1 billion and the retroactive part of the IPR licensing revenues for unlicensed periods.

在第四季度，我們的運營商客戶指導減少資本支出投資。隨著供應限制的實際緩解，優化庫存的需求進一步加劇了這種情況。其他市場領域主要包括知識產權收入、知識產權許可收入和我們分部企業的主要部分。這裡的增長主要是由收購 Vonage 推動的，該季度影響了 41 億瑞典克朗，以及未許可期間的知識產權許可收入的追溯部分。

With that, I'd like to give the word to Carl, our CFO.

有了這個，我想告訴我們的首席財務官卡爾。

Thank you, Börje. And I'm glad your voice recovered as well. I'll try to do the same here. But so good morning, everyone, and thank you for joining the call. I wanted to start by coming back to some of the one-offs that we have recorded in the quarter.

謝謝你，伯傑。我很高興你的聲音也恢復了。我會在這裡嘗試做同樣的事情。但是，大家早上好，感謝您加入電話會議。我想首先回到我們在本季度記錄的一些一次性事件。

First of all, of course, we landed this major IPR agreement, which meant retroactive revenue from the expiry of that agreement, which was in early January 2022. And all of that revenue was recorded in the fourth quarter, which brought IPR as a total up to SEK 6 billion of revenue in Q4.

首先，當然，我們達成了這項重要的知識產權協議，這意味著該協議於 2022 年 1 月初到期後產生的追溯收入。所有這些收入都記錄在第四季度，這使知識產權總計第四季度的收入高達 60 億瑞典克朗。

Second of all, we agreed with a buyer or acquirer of -- to divest our IoT business. And we took a related charge there of SEK 1 billion in the quarter related to that, and that impacts the Enterprise segment.

其次，我們與買方或收購方達成協議——剝離我們的物聯網業務。我們在與此相關的季度中收取了 10 億瑞典克朗的相關費用，這影響了企業部門。

Then in Cloud Software and Services, we decided also per the strategy that we have in turning around this business. We decided to exit certain subscale businesses. And here, we also recorded a charge in the fourth quarter amounting to SEK 0.8 billion.

然後在雲軟件和服務中，我們還根據我們扭轉這項業務的戰略做出了決定。我們決定退出某些規模較小的業務。在這裡，我們還在第四季度記錄了一筆總計 8 億瑞典克朗的費用。

And then finally, also as Börje mentioned, last week, we announced that we were now in a position to reliably estimate the financial penalty from the DOJ regarding DPA breaches. And hence, we made a provision, then amounting to SEK 2.3 billion in the quarter for that, including the extended monitorship costs.

最後，正如 Börje 提到的那樣，上週，我們宣布我們現在能夠可靠地估計 DOJ 對 DPA 違規行為的經濟處罰。因此，我們為此做了一項準備金，本季度總額為 23 億瑞典克朗，其中包括延長的監督成本。

I also wanted to reiterate around what we see happening in the market and the market shift. So in the Q3 report, the call back then, but also even more at this Capital Markets Day in New York in December, we discussed this mix shift that we expected to start in the fourth quarter, but also continue into the first half of 2023.

我還想重申我們在市場上看到的情況和市場變化。因此，在第三季度報告中，在當時的電話會議上，甚至在 12 月的紐約資本市場日，我們討論了我們預計將在第四季度開始但也將持續到 2023 年上半年的混合轉變.

And we really see, and I'm reiterating a bit what Börje explained, but I think it's valid point here, that some CSPs in, especially front-runner markets, are now taking down their CapEx in some cases from record levels previously and some are also adjusting down their inventory levels.

我們確實看到了，我重申了 Börje 解釋的一些內容，但我認為這裡的觀點是正確的，一些 CSP，尤其是領跑者市場，現在在某些情況下正在從之前的創紀錄水平和一些情況下降低他們的資本支出也在調整他們的庫存水平。

At the same time, of course, we ramp up in other markets where we have gained significant market share, which often comes with a large services share in big rollout projects. And altogether, we expected this to impact both top line, but also gross margin in the networks. And this came through as anticipated in the Q4 numbers.

與此同時，當然，我們在其他市場上取得了顯著的市場份額，這通常伴隨著大型推出項目中的大量服務份額。總而言之，我們預計這將影響收入和網絡的毛利率。這正如第四季度數字中預期的那樣實現了。

But with this overall intro, I'd like to dive into the numbers a bit more than for the quarter to start with and then a bit later into the full year.

但是通過這個整體介紹，我想深入研究這些數字，而不是從本季度開始，然後再深入到全年。

But in Q4, we reached sales of SEK 86 billion, which is actually the highest sales for Ericsson in a single quarter ever. And the organic growth here, as you see, is 1%, supported by catch-up IPR revenue, which drove growth by about 5 percentage points, if you look at the total IPR revenue.

但在第四季度，我們達到了 860 億瑞典克朗的銷售額，這實際上是愛立信有史以來單季度的最高銷售額。正如你所看到的，這裡的有機增長是 1%，如果你看一下知識產權總收入，那麼在追趕性知識產權收入的支持下，這推動了增長約 5 個百分點。

And we saw Southeast Asia, Oceania and India grow, and you saw the market area slide that Börje presented before. This is a result of those market share gains that we talked about. Europe and Latin America flat, and the other 3 market areas declined notably than North America as expected.

我們看到了東南亞、大洋洲和印度的增長，你也看到了 Börje 之前展示的市場區域幻燈片。這是我們談到的那些市場份額增長的結果。歐洲和拉美持平，其他3個市場區域降幅明顯高於北美，符合預期。

Gross income, excluding restructuring charges, grew by SEK 4.6 billion year-over-year to SEK 35.7 billion. Of course, supported also again by the IPR revenue growth of SEK 6 billion from SEK 2.4 billion in Q4 last year, but also the addition of Vonage into the Ericsson family.

不包括重組費用的總收入同比增長 46 億瑞典克朗，達到 357 億瑞典克朗。當然，知識產權收入從去年第四季度的 24 億瑞典克朗增長到 60 億瑞典克朗，以及 Vonage 加入愛立信大家庭再次得到支持。

But the margin and gross margin, of course again excluding restructuring charges, while supported by IPR declined still by 200 basis points then to 41.5% year-over-year, primarily due to the business mix shift that we talk about in the networks, but also related to this previously announced charges for contract portfolio exits in cloud and Cloud Software and Services.

但利潤率和毛利率，當然再次不包括重組費用，雖然在 IPR 的支持下仍同比下降 200 個基點至 41.5%，這主要是由於我們在網絡中談論的業務組合轉變，但也與先前宣布的雲和雲軟件和服務中合同組合退出的費用有關。

R&D increased. You know that investment in technology leadership is absolutely key for Ericsson, increased to SEK 13.2 billion. The FX effect year-over-year is approximately 45% of that increase. So quite big impact from FX. But other than FX, then the increase is really a result of the decision or decisions we make to invest in our 5G portfolio and offering across the company, but also includes investments in Enterprise Wireless Solutions as well to enhance the offering there and bring 5G into that, not least, but also the addition of Vonage, of course.

研發增加。你知道，對技術領先地位的投資對愛立信來說絕對是關鍵，增加到 132 億瑞典克朗。同比外匯效應約為該增長的 45%。 FX 的影響相當大。但除了 FX 之外，增長實際上是我們在整個公司投資於 5G 產品組合和產品的一個或多個決定的結果，還包括對企業無線解決方案的投資以及增強那裡的產品並將 5G 引入不僅如此，當然還有 Vonage 的加入。

Other operating income, just to highlight that was negative SEK 2.8 billion. And there is where you find provisions and charges related to DOJ monitorship and IoT. So all-in-all, EBITA then, again, excluding restructuring charges, declined by 27% to SEK 9.3 billion. That corresponds to a margin of 10.8%. Again, as a result of the charges of around in total SEK 4 billion, but also increased expenses then not at least in the Enterprise side, which in turn comes from bringing Vonage a full quarter into our business. Obviously, they were not part of Ericsson Q4 2021.

其他營業收入，只是為了強調負 28 億瑞典克朗。您可以在其中找到與 DOJ 監控和物聯網相關的條款和費用。因此，總而言之，扣除重組費用後，EBITA 再次下降 27% 至 93 億瑞典克朗。這相當於 10.8% 的利潤率。同樣，由於費用總額約為 40 億瑞典克朗，而且還增加了開支，至少在企業方面，這反過來又來自將 Vonage 帶入我們業務的整個季度。顯然，它們不屬於愛立信 2021 年第四季度。

So from that overall view on the group, let's look at the segments. Here, we can start with Networks, where Q4 organic sales grew by 1%, supported by IPR, of course again. And the double-digits growth that we saw in market areas, Southeast Asia, Oceania and India.

因此，從該集團的整體觀點來看，讓我們來看看這些細分市場。在這裡，我們可以從網絡開始，第四季度的有機銷售額增長了 1%，當然是在 IPR 的支持下。我們在東南亞、大洋洲和印度等市場區域看到了兩位數的增長。

Gross income in Networks, excluding restructuring, increased, primarily driven by retroactive IPR licensing revenue. And the gross margin then a similar pattern as on the group level, of course, decreased to, in this case, 44.6%, caused by again this business mix shift that we talked about and that we had anticipated and mentioned at the CMD, not least.

網絡業務的總收入（不包括重組）有所增長，這主要是受追溯性知識產權許可收入的推動。然後，毛利率與集團層面的模式類似，當然，在這種情況下，下降到 44.6%，這又是由於我們談到的、我們在 CMD 上預期和提到的業務組合轉變，而不是至少。

EBIT came out at SEK 12.5 billion. This is an EBIT margin of 21.4%.

EBIT 為 125 億瑞典克朗。這是 21.4% 的息稅前利潤率。

Then moving over to Cloud Software and Services. Organically, we grew by 2% here. North America grew, as Börje said, while sales in other market areas were down, and that has mainly to do with the timing of project milestones and similar, but also some contract descoping in the managed services part of that business.

然後轉向雲軟件和服務。有機地，我們在這裡增長了 2%。正如 Börje 所說，北美增長，而其他市場區域的銷售額下降，這主要與項目里程碑和類似事件的時間安排有關，但也與該業務的託管服務部分的一些合同有關。

Gross income increased following the higher sales volume. But again, of course, negatively impacted by the charges that we have talked about several times already. EBIT in Cloud Software and Services, SEK 0.7 billion, stable EBIT margin of 3.4%, again impacted by one-off charges.

總收入隨著銷量的增加而增加。但是，當然，我們已經多次討論過的指控再次對我們產生了負面影響。雲軟件和服務的息稅前利潤為 7 億瑞典克朗，息稅前利潤穩定在 3.4%，再次受到一次性費用的影響。

Finally then, Enterprise on the right side here. The total share of total Ericsson sales at Enterprise stands for now is 80% in the quarter. We saw a strong growth here in several parts of this business. Organically, we grew by 15%, of course, reported much more to 65%, but that obviously has to do with the addition of Vonage contributing with SEK 4.1 billion in sales in the quarter.

最後，Enterprise 在右側。本季度愛立信在企業總銷售額中的總份額目前為 80%。我們在該業務的幾個部分看到了強勁的增長。有機地，我們增長了 15%，當然，報告的增長率要高得多，達到 65%，但這顯然與 Vonage 的加入有關，該季度貢獻了 41 億瑞典克朗的銷售額。

Gross income increased by SEK 2.1 billion to SEK 2.9 billion in total, and that's again driven mainly by the Vonage acquisition. That leads to an EBITA level in Enterprise, excluding restructuring of negative SEK 1.7 billion. You can compare that with SEK 0.6 billion the previous year, mainly due to the charges related to the IoT divestment that we talked about, but also growing investments in R&D and SG&A, not least in Enterprise Wireless Solutions.

總收入增加了 21 億瑞典克朗，達到 29 億瑞典克朗，這也是主要受 Vonage 收購的推動。這導致企業的 EBITA 水平不包括負 17 億瑞典克朗的重組。您可以將其與前一年的 6 億瑞典克朗進行比較，這主要是由於與我們談到的物聯網撤資相關的費用，以及對研發和 SG&A 的投資不斷增加，尤其是在企業無線解決方案方面。

That's about the quarter. And now if we zoom out and look at the 2022 full year numbers instead. Sales of SEK 271.5 billion, which is up close to SEK 40 billion year-over-year, if we look at the reported numbers, not considering currency in this case. But if we do adjust for comparable units and the currency growth was 3% year-over-year for the full year.

大約是這個季度。現在，如果我們縮小並查看 2022 年的全年數字。銷售額為 2715 億瑞典克朗，同比接近 400 億瑞典克朗，如果我們查看報告的數字，在這種情況下不考慮貨幣。但如果我們對可比單位進行調整，全年貨幣增長率為 3%。

Gross margin, excluding restructuring, declined to 41.8%, impacted again by the same items. I will not repeat all of those again. And here, you can also see the R&D expense increase is about SEK 5.3 billion in increased R&D, and 1/3 of that is FX movement related.

不包括重組在內的毛利率下降至 41.8%，再次受到相同項目的影響。我不會再重複所有這些。在這裡，您還可以看到研發費用增加約 53 億瑞典克朗，其中 1/3 與外匯變動有關。

In Networks, where we add investment is really in the cloud run area, but also in what we call Ericsson silicon or our ASICs. Also Enterprise saw an increase in R&D. So EBIT margin here, as you can see, you can see the numbers here. But it's excluding the one-offs and the non-organics, so the Vonage acquisition, we came out 12.9% EBIT margin, again within the range for 2022, the target range that we had put up earlier of 12% to 14%.

在網絡中，我們真正增加投資的地方是雲運行領域，但也包括我們所說的愛立信矽或我們的 ASIC。企業也看到了研發的增加。所以這裡的息稅前利潤率，正如你所看到的，你可以在這裡看到數字。但它不包括一次性產品和非有機產品，因此在收購 Vonage 後，我們的息稅前利潤率為 12.9%，再次處於 2022 年的範圍內，即我們之前設定的 12% 至 14% 的目標範圍。

Gross margin is a metric that many follow in our industry, and let's look at that here. You can see the gross margin development from Q1 2020. And we decided to start this graph there. But of course, earlier, we have shown also development from 2016, 2017, when gross margins were at 30%, and we remember that time as well. Now we have surpassed 40% since some time. And now on a rolling 4-quarter basis, gross margin is 41.80%.

毛利率是我們行業中許多人遵循的指標，讓我們在這裡看一下。你可以看到 2020 年第一季度的毛利率發展情況。我們決定從那裡開始製作這張圖。但當然，早些時候，我們也展示了 2016 年、2017 年的發展，當時毛利率為 30%，我們也記得那個時候。現在我們已經超過了 40%。現在連續 4 個季度，毛利率為 41.80%。

So the improvement you can see in the blue line here from 2020 is really driven by the investments in technology leadership and competitiveness. And as you know, this -- the improvement you see there in the blue line is really also accompanied by market share gains over the same period. Now we see a certain decline in gross margin, and it comes as a result of, of course, inflationary pressure and this business mix shift that we talk about in the networks.

因此，從 2020 年開始，您在此處的藍線中看到的改進實際上是由對技術領先地位和競爭力的投資推動的。正如你所知，你在藍線上看到的改善實際上也伴隨著同期市場份額的增加。現在我們看到毛利率出現一定程度的下降，這當然是通脹壓力和我們在網絡中談論的這種業務組合轉變的結果。

And specifically in the fourth quarter, and I mentioned this already, we saw that this shift, as expected, impacted our gross margin. When it comes to inflation, I would say that we have managed well to offset that in the quarter. with commercial initiatives like product substitution. And of course, without inflation, you could say that this, call it, operational leverage coming out of technology leadership as well would have contributed to a stronger gross margin. But in this quarter now, we have managed to offset that inflation.

特別是在第四季度，我已經提到過這一點，我們看到這種轉變正如預期的那樣影響了我們的毛利率。談到通貨膨脹，我想說我們在本季度成功地抵消了這一影響。與產品替代等商業舉措。當然，在沒有通貨膨脹的情況下，你可以說，這種來自技術領先地位的運營槓桿也將有助於提高毛利率。但在本季度，我們已經設法抵消了通貨膨脹。

So aside from those effects that I talked about, of course, we again had these one-off charges that we should not forget when we look at this to better understand the underlying business and the one-off charges here affecting gross margin amounted to 0.6 percentage points on group level.

因此，除了我談到的那些影響，當然，我們再次有這些一次性費用，當我們看這個以更好地了解基礎業務時，我們不應該忘記這些一次性費用，這裡影響毛利率的一次性費用達到 0.6集團層面的百分點。

So from there, let's move into how our earnings have converted into cash flow. And of course, as you know, free cash flow before M&A is a key metric for us. We came out at SEK 16.9 billion in the quarter and SEK 22.2 billion for the full year, which is 8.2% of net sales. As you know, we have a long-term target of 9% to 12% of net sales. So we came in just below that range now for the full year 2022.

因此，從那裡開始，讓我們來看看我們的收入是如何轉化為現金流的。當然，如您所知，併購前的自由現金流是我們的一個關鍵指標。我們本季度的收入為 169 億瑞典克朗，全年為 222 億瑞典克朗，占淨銷售額的 8.2%。如您所知，我們的長期目標是淨銷售額的 9% 至 12%。因此，我們現在在 2022 年全年略低於該範圍。

But there, I think we should remember that this was a year with significant global challenges when it comes to supply chain. And of course, that has impacted our working capital. And I think it's in this context we should see the year-over-year development of free cash flow.

但是，我認為我們應該記住，在供應鏈方面，今年是全球面臨重大挑戰的一年。當然，這影響了我們的營運資金。我認為正是在這種情況下，我們應該看到自由現金流的逐年發展。

2021 was a very strong cash flow quarter for us, where free cash flow before M&A reached even 14% of net sales. So that creates a bit of a tough comparison when we look at '22. But we can also see this over the 2 years. And then in average, we have generated free cash flow of SEK 27 billion between the 2 years on average per year.

2021 年對我們來說是一個非常強勁的現金流季度，併購前的自由現金流甚至達到淨銷售額的 14%。因此，當我們查看 22 年時，這會產生一些艱難的比較。但我們也可以在過去 2 年中看到這一點。然後平均而言，我們在 2 年之間平均每年產生 270 億瑞典克朗的自由現金流。

So what happened in the quarter was that now as the supply chain situation globally is easing up, we were able to reduce the inventory just as we said would happen, exactly that happened as well. So that's good, both in component, but also in project inventory. And so this improvement in inventory, together with very strong cash collection, including the collection from the IPR licensees, where we have the new agreement, delivered a positive contribution from working capital and therefore, generated a strong free cash flow in the quarter.

因此，本季度發生的事情是，現在隨著全球供應鏈形勢的緩和，我們能夠減少庫存，正如我們所說的那樣，這也確實發生了。所以這很好，無論是在組件方面，還是在項目清單方面。因此，庫存的這種改善，加上非常強勁的現金回收，包括我們簽訂新協議的知識產權被許可人的回收，為營運資本做出了積極貢獻，因此在本季度產生了強勁的自由現金流。

I can add also that, of course, there is an impact from currency between quarters and over the years. But if we look at the reported numbers, this cash flow of SEK 16.9 billion is actually the highest that we have delivered at least during the last 7 years in Ericsson's history.

我還可以補充一點，當然，季度之間和多年來的貨幣都會產生影響。但如果我們看一下報告的數字，這筆 169 億瑞典克朗的現金流實際上是我們在愛立信歷史上至少過去 7 年交付的最高金額。

We continue with the focus on working capital, of course. It's a big important drive in our company, and we continue that with full force. I said before, though, the large rollout projects that we are happy to have won tend to build up working capital initially at least, and that's normal and expected as an effect of winning a business of that nature so that we believe will continue. However, the inventory side should still continue down.

當然，我們將繼續關注營運資金。這是我們公司的一個重要驅動力，我們將繼續全力以赴。不過，我之前說過，我們很高興贏得的大型推出項目至少在最初往往會積累營運資金，這是正常的，也是贏得這種性質的業務的預期結果，因此我們相信會繼續下去。不過，庫存方面應該還會繼續下行。

So on the back of the strong cash flow then, we managed to increase the net cash position by SEK 10 billion. Now it's a bit more than SEK 23 billion of net cash. And this is after having paid out, of course, the second dividend installment of SEK 4.2 billion, gross cash now of SEK 56.2 billion.

因此，在當時強勁的現金流的支持下，我們成功地將淨現金頭寸增加了 100 億瑞典克朗。現在它的淨現金略多於 230 億瑞典克朗。當然，這是在支付了 42 億瑞典克朗的第二筆股息之後，現在的現金總額為 562 億瑞典克朗。

And then the proposed dividend from the Board of Directors at SEK 2.70 per share corresponds to a total amount of SEK 9 billion and is proposed to be paid out in 2 installments, just like previous years as well.

然後，董事會提議的股息為每股 2.70 瑞典克朗，相當於總額為 90 億瑞典克朗，與往年一樣，擬分兩期支付。

Now before I hand back to you, Börje, I just wanted to present a couple of the key data points for the future. So my last piece for today here covering the outlook for the first quarter and also the full year 2023, to some extent.

現在，在我交還給你之前，Börje，我只想介紹幾個未來的關鍵數據點。所以我今天在這裡的最後一篇文章在某種程度上涵蓋了第一季度和 2023 年全年的展望。

Well, first, some specific comments regarding first quarter then starting with top line. And we look at average seasonality for Networks and the Cloud Software and Services. For Networks, this is minus 23% on average historical numbers. And for Cloud Software and Services, this is minus 35%. I'm talking now about the delta, the difference between Q4 and Q1.

好吧，首先，關於第一季度的一些具體評論然後從頂線開始。我們著眼於網絡和雲軟件和服務的平均季節性。對於網絡，這是平均歷史數字的負 23%。對於雲軟件和服務，這是負 35%。我現在談論的是三角洲，即 Q4 和 Q1 之間的差異。

And for Networks then, we expect that the seasonal decline Q4 to Q1 will be more pronounced in Q1, even when adjusting then for the retroactive IPR licensing revenue in Q4. And for Cloud Software and Services, we expect a normal seasonality to play out in the first quarter when adjusting for the retroactive IPR again.

然後對於網絡，我們預計第四季度到第一季度的季節性下降將在第一季度更加明顯，即使在調整第四季度的追溯知識產權許可收入時也是如此。對於雲軟件和服務，我們預計在第一季度再次調整追溯性知識產權時會出現正常的季節性。

So next, when it comes to gross margin for Networks, we are specific now in the guidance for the first quarter, where we say that given this change in business mix resulting from market share gains and what we have explained now and earlier, we expect to see a range of gross margin in networks between 40% and 42% in the first quarter.

接下來，當談到網絡的毛利率時，我們現在在第一季度的指導中具體說明，我們說鑑於市場份額增加導致的業務組合變化以及我們現在和之前的解釋，我們預計第一季度網絡的毛利率在 40% 到 42% 之間。

And then when it comes to operating expenses in Q1, there is a typical decrease in our company, if you look at historic averages, by SEK 3.3 billion from Q4 to Q1. I believe this is a good indication also this time. And just so I have said that, of course, there might be large variations between the quarters.

然後說到第一季度的運營費用，如果你看一下歷史平均水平，我們公司從第四季度到第一季度減少了 33 億瑞典克朗。我相信這一次也是一個很好的跡象。正如我剛才所說，當然，各季度之間可能存在很大差異。

Then amortization of intangibles is expected to be around SEK 0.9 billion per quarter for the Ericsson Group in 2023, of which SEK 0.8 billion in the Enterprise segment.

到 2023 年，愛立信集團的無形資產攤銷預計約為每季度 9 億瑞典克朗，其中企業部門為 8 億瑞典克朗。

And lastly, for Q1, we expect EBITA for the group to be somewhat lower than EBITA last year same period, but then with an improvement during the rest of the year as a result of declining margins in Networks that we guide for due to the changing business mix.

最後，對於第一季度，我們預計該集團的 EBITA 將略低於去年同期的 EBITA，但由於變化導致我們指導的網絡利潤率下降，因此在今年餘下時間有所改善業務組合。

So that concludes this part. And I hand back to you, Börje.

這部分到此結束。我還給你，Börje。

Thank you, Carl. So to sum up, we took several important steps during the quarter in achieving our strategic and financial goals during the last quarter. And in a choppy world, I would say we focus on manage what we can manage. And this includes, of course, saving costs of SEK 9 billion that will have full effect by year end of 2023. And we expect to start seeing the reduced cost to come through during the second quarter of '23.

謝謝你，卡爾。總而言之，我們在本季度採取了幾個重要步驟來實現上個季度的戰略和財務目標。在一個動蕩的世界中，我會說我們專注於管理我們可以管理的東西。當然，這包括節省 90 億瑞典克朗的成本，這將在 2023 年年底之前全面生效。我們預計將在 23 年第二季度開始看到成本降低。

We're also executing on the plan for Cloud Software and Services that will allow us to improve profitability and reach breakeven for the full year 2023. We see great traction in our expansion into Enterprise, and we'll continue to invest in broadening our product portfolio and build a strong Enterprise go-to-market organization. These investments will create a strong platform for profitable growth going forward while weighing, of course, on the costs in 2023. And we expect to be able to showcase what we can do with the global communication platform during the coming quarters. So I encourage you to stay tuned for Barcelona this year.

我們還在執行雲軟件和服務計劃，這將使我們能夠提高盈利能力並在 2023 年全年實現盈虧平衡。我們看到我們向企業擴張的巨大吸引力，我們將繼續投資以擴大我們的產品組合併建立強大的企業上市組織。這些投資將為未來的盈利增長創造一個強大的平台，當然還要權衡 2023 年的成本。我們希望能夠在未來幾個季度展示我們可以利用全球通信平台做些什麼。所以我鼓勵你繼續關註今年的巴塞羅那。

Our basic premise for our business is basically that anything that can go wireless will go wireless. I'm truly excited about Ericsson's future as we continue to execute on our strategy. As we go forward, the investments in and growth from our Enterprise business will be a major driver of Ericsson's long-term growth and profitability. And we will remain committed to reaching the lower end of our long-term EBITA target of 15% to 18% by 2024.

我們業務的基本前提基本上是任何可以無線的東西都會無線。隨著我們繼續執行我們的戰略，我對愛立信的未來感到非常興奮。隨著我們的發展，對企業業務的投資和增長將成為愛立信長期增長和盈利能力的主要驅動力。我們將繼續致力於到 2024 年實現 15% 至 18% 的長期 EBITA 目標的下限。

I would like to thank everyone, each and every one of our customers, partners and employees. This has truly been a team effort. Thank you.

我要感謝每一個人，我們的每一位客戶、合作夥伴和員工。這確實是團隊的努力。謝謝你。

Finally, I would like to welcome all of you to our Annual General Meeting at the end of March. And as you have seen and Carl described, the Board is suggesting a dividend of SEK 2.70 per share, split into parts as it was did in the past year.

最後，歡迎大家參加 3 月底舉行的年度股東大會。正如您所見和 Carl 所描述的，董事會建議派發每股 2.70 瑞典克朗的股息，與去年一樣分成幾部分。

And with that, I would like to conclude this part of the presentation and hand back to you, Peter.

至此，我想結束這部分的演示並交還給你，Peter。

Thanks, Börje. As we're a little bit late, I will give you actually 5 minutes extra for Q&A. So we'll have some. So it's now then time for the Q&A session. (Operator Instructions) So let's look here who we have on the first part of the question. I would like to welcome, Andrew Gardiner asked the first question. Hi, Andrew from Citi.

謝謝，Börje。由於我們來晚了一點，實際上我會給你們額外 5 分鐘的問答時間。所以我們要一些。那麼現在是問答環節了。 （操作員說明）所以讓我們看看我們在問題的第一部分有誰。我想歡迎，Andrew Gardiner 問了第一個問題。嗨，來自花旗的安德魯。

So really, my question comes down to the unusual approach you're now taking or at least unusual for you guys in terms of giving near-term guidance, right? So been quite quantified in terms of what you're telling us in 1Q for margins in particular. I think to many of us on the call, that's going to be quite appreciated. It's been a long time decade since Ericsson has done that. And hopefully, it helps us find a floor in terms of our estimate revisions here given the near-term challenges.

所以真的，我的問題歸結為你們現在採取的不尋常的方法，或者至少在提供近期指導方面對你們來說是不尋常的，對吧？因此，就您在第一季度告訴我們的利潤率而言，已經相當量化了。我認為對於我們中的許多人來說，這將非常感激。愛立信這樣做已經有很長時間了。鑑於近期的挑戰，希望它能幫助我們在這裡找到我們估計修正的底線。

But of course, for that to be a floor, the estimates need to be conservative enough. I was just hoping you can give us a better sense as to how much you have risk-adjusted those 1Q targets, sort of worst-case type modeling to give us conviction that this indeed is hopefully the final cut in terms of the estimate. Can you give us some color around how you set those near-term targets?

但當然，要將其作為底線，估計值需要足夠保守。我只是希望你能讓我們更好地了解你對這些 1Q 目標進行了多少風險調整，這是一種最壞情況類型的建模，讓我們相信這確實有望成為估計的最終削減。你能給我們一些關於你如何設定這些近期目標的顏色嗎？

Should I start, Börje? Thanks for the question, Andrew. I would say we wouldn't express it in this way if we weren't -- if we didn't have the confidence about it. And as we provide a range also 40% to 42%, we think that different scenarios can be covered in there.

我應該開始嗎，Börje？謝謝你的問題，安德魯。我會說，如果我們不是——如果我們對此沒有信心，我們就不會以這種方式表達它。由於我們也提供了 40% 到 42% 的範圍，我們認為可以涵蓋不同的場景。

And with the visibility we have now on customer demand, on project rollouts, on our own cost situation, et cetera, in cost of sales, we deem that this is the level where we expect to land in the quarter. So we have confidence there.

鑑於我們現在對客戶需求、項目推出、我們自己的成本狀況等銷售成本的可見性，我們認為這是我們預計在本季度實現的水平。所以我們在那裡有信心。

I think that's -- we recognize, Andrew, the repeated questions about near-term guidance. So we felt this may be the right thing to do. So we took that step. So it was really to help. But we've been, I would say, as Carl described, trying to be providing you with the best estimates we can do. At the same time, there are, of course, always developments, but this is based on an assumption of the inventory adjustments in networks. And I think that's important to remember, we're taking a rather conservative look on that, what we feel is conservative today. So I feel very good about the estimates that we provide you.

我認為這是 - 我們認識到，安德魯，關於近期指導的反復問題。所以我們認為這可能是正確的做法。所以我們邁出了這一步。所以這真的很有幫助。但我想說，正如卡爾所描述的，我們一直在努力為您提供我們能做的最好的估計。同時，當然總是有發展，但這是基於網絡庫存調整的假設。我認為記住這一點很重要，我們對此持相當保守的看法，我們今天認為是保守的。因此，我對我們為您提供的估算感到非常滿意。

Thanks, Börje. Thanks, Andrew.

謝謝，Börje。謝謝，安德魯。

That's helpful. Perhaps just -- I just have a quick specific follow-up. In terms of the first quarter EBITA guidance of it to be quite somewhat below last year, just so that we're getting the reference point correct. I mean you are referring to the SEK 5 billion of EBITA reported in Q1 '22. There's no -- there are sort of one-offs or things that we should be aware of? Or is it just below SEK 5 billion is what you're guiding to?

這很有幫助。也許只是 - 我只是有一個快速的具體跟進。就第一季度的 EBITA 指導而言，它在一定程度上低於去年，只是為了讓我們得到正確的參考點。我的意思是你指的是 22 年第一季度報告的 50 億瑞典克朗的 EBITA。沒有——有某種一次性或我們應該注意的事情嗎？還是您的目標是略低於 50 億瑞典克朗？

Yes, that's correct. Nothing specific around one-offs or anything like that to comment on.

對，那是正確的。沒有關於一次性或類似評論的具體內容。

Thanks, Andrew. That was the first question. So we are ready to go ahead with the second question, and that is from Aleksander Peterc from Societe Generale. Hello, Aleksander?

謝謝，安德魯。這是第一個問題。所以我們準備好繼續第二個問題，這是來自法國興業銀行的亞歷山大·彼得克。你好，亞歷山大？

Yes. I hope you can hear me well.

是的。我希望你能聽清楚我的話。

Yes.

是的。

Great. Yes. So I'd just like to come back a little bit on margins again, following up on like Andrew's question earlier. So can you give us a sense of whether margins will bottom out in the first quarter of the year, that 40% to 42% range, or should we model broadly speaking, a similar range for the second quarter because you said these pressures will persist and then we'll see an improvement. And then just broadly speaking, do you think that networks can longer term return to a 44% to 46% gross margin range, which you saw in previous quarters towards that an artificially high level of gross margins as a result of a particularly favorable business mix, which is not expected to prevail in the longer term just in broad terms?

偉大的。是的。所以我想再次回到邊緣，跟進安德魯之前的問題。那麼，您能否告訴我們利潤率是否會在今年第一季度觸底，即 40% 至 42% 的範圍內，或者我們應該廣泛地模擬第二季度的類似範圍，因為您說這些壓力將持續存在然後我們會看到改進。然後從廣義上講，您認為網絡可以長期恢復到 44% 至 46% 的毛利率範圍，您在前幾個季度看到由於特別有利的業務組合而導致人為的高毛利率水平, 從廣義上講，哪一個預計不會在長期內盛行？

Yes. I can start on that. It's -- we -- as we have said, it's the first half is really where we'll see the sizable inventory adjustments that impacting primarily front-runner markets and there are front-runner markets around the world. So we think that those effects are going to be there for the first 2 quarters.

是的。我可以開始了。這是 - 我們 - 正如我們所說的那樣，上半年我們將真正看到大規模的庫存調整，這些調整主要影響領跑者市場，並且全球都有領跑者市場。所以我們認為這些影響將在前兩個季度出現。

And from there, you'll start to see an improved market environment during the second part. And the reason why we believe the market will improve is actually the underlying traffic growth. So that gives us the comfort. And this is what we've seen, by the way, in previous swings you've had in CapEx.

從那裡開始，您將開始看到第二部分的市場環境有所改善。而我們認為市場將會改善的原因實際上是潛在的流量增長。所以這給了我們安慰。順便說一下，這就是我們在之前的資本支出波動中看到的。

So when you've had those big adjustments, operators can sweat assets for a couple of quarters, but it cannot be done for much more because simply traffic grows fast underneath. So that's why we're -- what we are seeing is a gradual improvement in the second part of the year. So that's the way we try to model it.

因此，當你進行了這些重大調整後，運營商可以在幾個季度內耗盡資產，但不能做更多，因為流量在下面快速增長。所以這就是為什麼我們 - 我們看到的是今年下半年的逐步改善。這就是我們嘗試建模的方式。

And just a quick follow-up. Yes, can I just ask you -- can you give us an annual run rate of IPR and our quarterly run rate now that your main deals have been renegotiated. Could you provide us with an estimate at this stage?

并快速跟進。是的，我能問你嗎——既然你的主要交易已經重新談判，你能給我們一個知識產權的年度運行率和我們的季度運行率嗎？你能在這個階段給我們一個估計嗎？

Yes. So current portfolio is around SEK 9 billion. We -- as you know, we ended up at 10.4% now during 2022. What we have also said, as you know, and we expanded on that at the Capital Markets Day is that we expect IPR to grow significantly. There are more device players in the ecosystem that are currently unlicensed, especially for 5G. So we're targeting those now on the back of the large agreements that we have just signed. But there's also other growth opportunity there.

是的。因此，目前的投資組合約為 90 億瑞典克朗。我們——如您所知，我們在 2022 年的最終增長率為 10.4%。如您所知，我們還說過，我們在資本市場日對此進行了擴展，我們預計 IPR 將大幅增長。生態系統中有更多的設備玩家目前未獲得許可，尤其是 5G。因此，我們現在的目標是那些基於我們剛剛簽署的大型協議的人。但那裡還有其他增長機會。

Consumer electronics, IoT, as we have mentioned before. So we believe that we cannot talk exactly about the timing because this is about negotiations, obviously, with the licensees, but we expect it to grow over time.

正如我們之前提到的，消費電子、物聯網。所以我們認為我們不能確切地談論時間，因為這顯然是與被許可人的談判，但我們預計它會隨著時間的推移而增長。

Thanks, Carl. Thank you, Aleksander. So we are now ready to go further in the Q&A queue. So the next question I have here is from Andreas Joelsson at Danske. Hi, Andreas.

謝謝，卡爾。謝謝你，亞歷山大。所以我們現在準備好進入問答隊列。所以我在這裡的下一個問題來自丹斯克的安德烈亞斯喬爾森。嗨，安德烈亞斯。

A question on Vonage, please. If you could elaborate a little bit how the business model is actually working. Is it a subscription-based model? Is it a license-based models for getting sort of access to the APIs? Or how does that work really?

請就 Vonage 提問。如果你能詳細說明一下商業模式的實際運作方式。它是基於訂閱的模型嗎？它是一種基於許可證的模型，用於獲得對 API 的某種訪問權限嗎？或者它是如何工作的？

Well, if you look at the current model in Vonage, you have both on a subscription-based model, that's the UCaaS, CCaaS solutions, but you also have a transaction model on the CPaaS. Over time, as we launch now the new part call it, the Network APIs, how -- there are still more work to be done on the business model.

好吧，如果你看看 Vonage 中的當前模型，你有兩個基於訂閱的模型，即 UCaaS、CCaaS 解決方案，但你在 CPaaS 上也有一個事務模型。隨著時間的推移，正如我們現在推出的新部分，網絡 API，如何 - 在業務模型上還有更多工作要做。

So right now, the focus is to make sure that we technically solve the issues and that we can actually present those type of network APIs on the CPaaS platform. And that's why I said, you'll see announcements during the year. And hopefully, we can start to display also the business model that we intend to see there. But so far, we need to continue the work we're doing together with our operator partners to be able to launch those APIs and show them to the market. So stay tuned for announcements on that, Andreas.

所以現在，重點是確保我們在技術上解決了問題，並且我們可以實際在 CPaaS 平台上展示這些類型的網絡 API。這就是為什麼我說，你會在這一年看到公告。希望我們也可以開始展示我們打算在那裡看到的商業模式。但到目前為止，我們需要繼續與我們的運營商合作夥伴一起開展的工作，以便能夠推出這些 API 並將它們展示給市場。安德烈亞斯，請繼續關注相關公告。

Thanks, Andreas. Thanks for that question. So we will move further with the next question. And I'll have the next question from Sébastien Sztabowicz from Kepler Cheuvreux. Hello, Sébastien.

謝謝，安德烈亞斯。謝謝你的問題。因此，我們將進一步討論下一個問題。下一個問題來自 Kepler Cheuvreux 的 Sébastien Sztabowicz。你好，塞巴斯蒂安。

Yes. I've got one question on the mix because Deloro and now sees the RAN market in the U.S. declining in the mid-single-digit range in the coming years. So the scale effect will play negatively there. But do you see any room for any capacity of grade cycle building up in some advanced markets and including the U.S.? So how do you see your mix shifting in the coming years with the capacity upgrades and maybe some rollouts in emerging markets?

是的。我有一個關於混合的問題，因為 Deloro 和現在看到美國的 RAN 市場在未來幾年將在中等個位數範圍內下降。因此，規模效應將在那裡發揮負面作用。但您是否看到在一些發達市場（包括美國）建立任何等級循環能力的空間？那麼，隨著產能升級以及新興市場的一些推出，您如何看待未來幾年您的產品組合發生變化？

And the second one is on the RAN market specifically. It is gradually slowing a little bit declining right now. Have you seen a change in the competitive landscape or the pricing conditions in the RAN market today or not so far?

第二個專門針對 RAN 市場。它現在正在逐漸放緩一點點下降。到目前為止，您是否看到 RAN 市場的競爭格局或定價條件發生了變化？

If we start with the overall RAN market. And as we said at the Capital Markets Day, we expect a flattish, call it, mobile network market as well as RAN market over the next few years. That has not changed. And I would say Deloro is now forecasting slight growth outside of China and a slight decline if you include China, then we see this inventory adjustment happening now that I think we have to expect to work its way through the system.

如果我們從整個 RAN 市場開始。正如我們在資本市場日所說，我們預計未來幾年移動網絡市場和 RAN 市場將持平。那沒有改變。而且我想說 Deloro 現在預測中國以外的地區會出現小幅增長，如果包括中國在內，則會出現小幅下降，然後我們看到這種庫存調整正在發生，我認為我們必須期望通過系統發揮作用。

When everyone normalizes inventories, we do the same thing. That's why we also are able to reduce inventory. So you see that this is in the supply chain. I think those will, as we see it now, work its way through the next few quarters, 1, 2 quarters or Q1, Q2.

當每個人都將庫存正常化時，我們也會做同樣的事情。這就是為什麼我們也能夠減少庫存。所以你看到這是在供應鏈中。我認為，正如我們現在看到的那樣，這些將在接下來的幾個季度、1、2 個季度或第一季度、第二季度發揮作用。

Then after that, what will drive the cycle in the U.S., but it applies also to other front-runner markets. It's two things in reality. One is the underlying traffic growth that we're seeing already. That continues at very healthy levels. So we expect to see a, call it, normalization of the RAN market also in front-runner markets, and that's why you reached the overall flattish market.

然後，什麼將推動美國的周期，但它也適用於其他領跑者市場。這是現實中的兩件事。一個是我們已經看到的潛在流量增長。這種情況繼續保持在非常健康的水平。因此，我們希望在領先市場中看到 RAN 市場的正常化，這就是為什麼您會看到整體市場持平的原因。

The other part, which I think is very interesting is new applications. We're starting to see some come through. First use case probably is fixed wireless access and fixed wireless access today may be used in mid-band. But over time, that's probably going to migrate over to millimeter wave and provide also support for the market. So when you look at this shifts that we are seeing, you will see these type of individual years have negative or positive numbers. But over time, we expect this more flattish market. So that will start to help the mix again as you move forward beyond 2023.

我認為非常有趣的另一部分是新應用程序。我們開始看到一些成功。第一個用例可能是固定無線接入，今天的固定無線接入可能用於中頻帶。但隨著時間的推移，這可能會遷移到毫米波並為市場提供支持。因此，當您查看我們所看到的這種變化時，您會看到這些類型的個別年份有負數或正數。但隨著時間的推移，我們預計這個市場會更加平淡。因此，隨著您在 2023 年之後向前邁進，這將再次開始幫助混合。

Pricing environment, we are in a competitive industry. This is why we're focused on leading on technology. And when we lead on technology, we help our customers both improve performance in the network, but also lower the OpEx.

定價環境，我們處於一個競爭激烈的行業。這就是我們專注於技術領先的原因。當我們在技術上處於領先地位時，我們可以幫助我們的客戶提高網絡性能，同時降低運營支出。

And what we see is that we can win those deals at attractive gross margins. And that's why you see us even though we're fairly substantially changing the business mix in the company achieving compared to historic levels, a very attractive gross margin.

我們看到的是，我們可以以有吸引力的毛利率贏得這些交易。這就是為什麼你看到我們，即使我們正在相當大地改變公司的業務組合，與歷史水平相比，毛利率非常有吸引力。

So I feel quite good about our competitive position, and that's ultimately the driver of the gross margin you can realize.

所以我對我們的競爭地位感覺很好，這最終是你可以實現的毛利率的驅動因素。

Thanks, Börje. Thanks, Sebastien. We will then move to the last question of this session today. And the last question I have from Terence Tsui at Morgan Stanley. Hello, Terence.

謝謝，Börje。謝謝，塞巴斯蒂安。然後我們將進入今天本次會議的最後一個問題。最後一個問題來自摩根士丹利的 Terence Tsui。你好，特倫斯。

A question on networks as well, please, and just around the strong growth in India. Can you just give us maybe a flavor of the margin profile in India versus the other regions? And maybe give us an idea of how your profitability should evolve as revenues start to pick up in the region?

還有一個關於網絡的問題，以及關於印度強勁增長的問題。您能否給我們介紹一下印度與其他地區的利潤率情況？也許讓我們了解隨著該地區收入開始回升，您的盈利能力應該如何發展？

And then a real quick follow-up just on a topic that we haven't asked on the call so far, just around the provision you made for the DOJ. Just wondering, are there any updates on the investigations being conducted by the other authorities? And shall we expect maybe a single settlement that covers all of the investigations in the future?

然後就一個我們到目前為止還沒有在電話會議上問過的話題進行真正的快速跟進，就圍繞著你為 DOJ 所做的規定。只是想知道，其他當局正在進行的調查是否有任何最新進展？我們是否應該期望將來有一個涵蓋所有調查的單一解決方案？

If we start with the provision, yes, we set aside the provision for the bridge notices. And that was because we could, as we say, provide a reliable estimate of the financial consequences. Besides that, we have, as you know, not reached any agreement with them or with anybody else. So that's why at this point in time, there are ongoing investigations and discussions. So we cannot update you in any shape and form right now.

如果我們從規定開始，是的，我們擱置了橋樑通知的規定。正如我們所說，那是因為我們可以提供對財務後果的可靠估計。除此之外，如你所知，我們沒有與他們或其他任何人達成任何協議。所以這就是為什麼在這個時間點，正在進行調查和討論。因此，我們現在無法以任何形式向您更新。

India?

印度？

India. We will not comment on individual markets and our margin profiles there. But what I can say is that when you look at the guidance we've given for Q1 on gross margin in Networks, and you can there see that we expect a decline in the U.S. quite substantial as well as a growth in new market share contracts. That is not only India, it's other market share contracts as well. And you still see a longer-term healthy gross margin.

印度。我們不會對個別市場和我們的利潤率概況發表評論。但我可以說的是，當你查看我們為第一季度網絡毛利率提供的指導時，你會發現我們預計美國的毛利率將大幅下降，而新市場份額合同將出現增長.這不僅是印度，還有其他市場份額合同。而且您仍然會看到長期健康的毛利率。

If you compare to what we had 5 years ago, it's still a very healthy gross margin. So we have factored in a lot of those swings. But the most important one here when we talk about mix is actually the -- that when we take a market share gain, the contract by nature has a lot more service content than a normal, continuous business. And when that happens, we have lower margin. They're all positive margins, but it will dilute gross margin, but that's all factored into the 40% to 42% gross margin.

如果與我們 5 年前的相比，它仍然是一個非常健康的毛利率。所以我們已經考慮了很多這些波動。但當我們談論混合時，這裡最重要的一點實際上是——當我們獲得市場份額時，合同本質上比正常的、持續的業務有更多的服務內容。當這種情況發生時，我們的利潤率就會降低。它們都是正利潤率，但會稀釋毛利率，但這都計入了 40% 至 42% 的毛利率。

Thanks, Börje. Thanks, Terence. That was our last question. I see that I still have some questions in the queue. IR is clearly open, you can call in and ask a question to us.

謝謝，Börje。謝謝，特倫斯。這是我們的最後一個問題。我看到隊列中還有一些問題。 IR 顯然是開放的，您可以打電話向我們提問。

Carl Mellander will be in London on Tuesday, meeting some of you, both the sell side and the buy side. So that's another opportunity.

Carl Mellander 將於週二在倫敦與你們中的一些人會面，包括賣方和買方。所以這是另一個機會。

And as Börje said, we have the event in Barcelona coming up, and I know that a lot of you are traveling down there as well to meet with us. So those are opportunities near term to meet the management.

正如 Börje 所說，我們即將在巴塞羅那舉行活動，我知道你們中的很多人也正前往那裡與我們會面。因此，這些是近期與管理層會面的機會。

With that said, I would like to conclude this call. And thank you all for dialing in and asking questions. Thank you.

話雖如此，我想結束這次電話會議。感謝大家撥入電話並提出問題。謝謝你。

Thank you.

謝謝你。

Thank you.

謝謝你。