Telefonaktiebolaget LM Ericsson (ERIC) 2021 Q2 法說會逐字稿

Hello, everyone, and welcome to this second quarter report 2021, standing here from the studio in Kista. Together with me here in the studio is our President and CEO, Börje Ekholm; and our CFO, Carl Mellander.

大家好，歡迎來到 2021 年第二季度報告，從 Kista 的工作室站在這裡。在演播室和我一起的是我們的總裁兼首席執行官 Börje Ekholm；以及我們的首席財務官 Carl Mellander。

As usual, after the presentation, we will have a Q&A session. And this is important, in order to ask questions, you need to sign up via telephone. So details can be found in today's press release and on our website, ericsson.com.

像往常一樣，演示結束後，我們將進行問答環節。這很重要，為了提出問題，您需要通過電話註冊。因此，可以在今天的新聞稿和我們的網站 ericsson.com 上找到詳細信息。

Today, during today's presentation, we will be making forward-looking statements. These statements are based on our current expectation and certain planning assumptions, which are subject to risks and uncertainties. The actual result may differ materially due to factors mentioned in today's press release and discussed in this conference call. We encourage you to read about these risks and uncertainties in our earnings report as well as in our annual report.

今天，在今天的演講中，我們將做出前瞻性陳述。這些陳述基於我們當前的預期和某些規劃假設，這些假設受到風險和不確定性的影響。由於今天的新聞稿中提到的和本次電話會議中討論的因素，實際結果可能存在重大差異。我們鼓勵您在我們的收益報告和年度報告中閱讀這些風險和不確定性。

With that said, I would like to hand over the word to you, Börje. Please, Börje.

話雖如此，我想把這個詞交給你，Börje。請，Börje。

Great. Thank you, Peter. And good morning, everyone, and thanks for joining us at this video conference for the second quarter. We continue to see good momentum in our business, and it's based on the 5G rollout, but also on market share gains. So we saw organic growth of 8% during the quarter, and we could also strengthen the gross margin for the whole group to 43.4%.

偉大的。謝謝你，彼得。大家早上好，感謝您參加我們第二季度的視頻會議。我們繼續看到我們業務的良好勢頭，它基於 5G 的推出，但也基於市場份額的增長。因此，我們在本季度看到了 8% 的有機增長，我們還可以將整個集團的毛利率提高到 43.4%。

But before I step into the Q2 performance, I really want to highlight the efforts by our people to deliver this result during the second quarter despite the global pandemic that we've been operating with in several of our markets.

但在我談及第二季度的業績之前，我真的想強調我們的員工在第二季度為實現這一結果所做的努力，儘管我們在幾個市場中一直在應對全球大流行。

Today, it's also clear that we are a leader in the 5G area. We have a very competitive portfolio. And today, we power 93 live 5G networks out of a total number of 169 globally. A few years back, we also made a strategic decision to try to de-constrain our supply chain, again, to be able to deliver to our customers. That means that we have invested in making our supply chain more flexible. And during the quarter, we have had no disturbances on our deliveries, and we've been able to keep up with the demand we've seen in the market.

今天，我們在 5G 領域的領先地位也很明顯。我們擁有極具競爭力的產品組合。今天，我們為全球 169 個實時 5G 網絡中的 93 個提供支持。幾年前，我們還做出了一項戰略決策，再次嘗試解除對我們供應鏈的限制，以便能夠交付給我們的客戶。這意味著我們已經投資使我們的供應鏈更加靈活。在本季度，我們的交付沒有受到干擾，我們能夠跟上我們在市場上看到的需求。

I would say the ability to deliver in combination with the significant efforts or investments we've made in the R&D area and combined, of course, with our strong efforts by our people have allowed us to perform well despite a very challenging environment during the second quarter.

我想說的是，交付的能力與我們在研發領域所做的重大努力或投資相結合，當然，再加上我們員工的巨大努力，使我們能夠在第二個非常具有挑戰性的環境中表現良好四分之一。

So let me go through a couple of key highlights on our strategic execution during the second quarter here. We have continued to show great progress in our product portfolio, and it's highlighted by the addition of the 5G mid-band and Massive MIMO support to our Cloud RAN portfolio.

因此，讓我在這裡回顧一下我們第二季度戰略執行的幾個關鍵亮點。我們繼續在我們的產品組合中展示出巨大的進步，並且通過向我們的 Cloud RAN 產品組合添加 5G 中頻和大規模 MIMO 支持來突出這一點。

Cloud RAN is a critical element in our product portfolio as this will enable our customers to evolve their networks towards a cloud-native architecture and open-network architecture, leveraging automation and fully autonomous networks. Ericsson has always been and always will be a strong believer in openness in the mobile networks. And we will work in close partnership with our customers to leverage the benefits of the open architecture. We take the same approach to Open RAN solutions, and we are actively participating in the standard bodies in Open RAN.

Cloud RAN 是我們產品組合中的一個關鍵元素，因為這將使我們的客戶能夠利用自動化和完全自主的網絡，將他們的網絡向雲原生架構和開放網絡架構發展。愛立信一直並將永遠堅信移動網絡的開放性。我們將與客戶密切合作，利用開放式架構的優勢。我們對 Open RAN 解決方案採用相同的方法，並且我們正在積極參與 Open RAN 的標準機構。

We also continue to see great momentum in the U.S., driven by strong demand for our 5G solutions, and we expect to continue as 5G is rolled out across the nation. And this was further highlighted, of course, by the signing we had this morning of a SEK 71 billion, 5-year contract with one of the largest operators in the world, and it's Verizon, of course. And this is the largest contract in the history of Ericsson.

在對我們的 5G 解決方案的強勁需求的推動下，我們也繼續看到美國的強勁勢頭，我們預計隨著 5G 在全國范圍內的推廣，這種勢頭會繼續下去。當然，今天早上我們與世界上最大的運營商之一簽署了一份價值 710 億瑞典克朗的 5 年期合同，這進一步突出了這一點，當然是 Verizon。這是愛立信歷史上最大的合同。

On the IPR side, we continue to see good momentum in signing up new licensors. And we are -- during the quarter, we have signed an agreement with Samsung that we believe is a very attractive agreement for us. And it kind of confirms the value of our portfolio. What we have also seen is that, that momentum continues with signing up additional contracts here during July. But despite the signing of the Samsung contract that also included revenues that's attributable to the first quarter, we saw a decline in total IPR revenues of about SEK 0.5 billion.

在知識產權方面，我們繼續看到簽約新許可方的良好勢頭。而且我們 - 在本季度，我們與三星簽署了一項協議，我們認為這對我們來說是一項非常有吸引力的協議。這在某種程度上證實了我們投資組合的價值。我們還看到，隨著 7 月份在這裡簽訂更多合同，這種勢頭仍在繼續。但是，儘管三星簽訂的合同也包括第一季度的收入，但我們看到知識產權總收入下降了約 5 億瑞典克朗。

We have previously communicated that it is a high risk that we would be allocated lower market share in China due to Sweden's decision to not allow Chinese vendors in the Swedish 5G network. And this can lead to a significantly lower market share going forward compared to what we have today, of course. And when we look at the second quarter, we have seen that our sales in Mainland China has fallen by about SEK 2.5 billion, and that's a 60% reduction compared to Q2 last year.

我們之前曾表示，由於瑞典決定不允許中國供應商參與瑞典 5G 網絡，我們在中國的市場份額將被分配到較低的風險。當然，與我們今天所擁有的相比，這可能會導致未來的市場份額大大降低。當我們看第二季度時，我們發現我們在中國大陸的銷售額下降了約 25 億瑞典克朗，與去年第二季度相比下降了 60%。

We don't really know the definite outcome of the tenders that's ongoing. But we want to say that it's prudent for you to already now plan for a significant reduction in market share, both in Networks as well as Digital Services. And regarding Digital Services, we can see that a material loss in market share in China, in Mainland China, would lead to a delay in reaching the targets in Digital Services.

我們真的不知道正在進行的招標的確切結果。但我們想說，您現在已經計劃大幅減少網絡和數字服務的市場份額，這是明智的。關於數字服務，我們可以看到，中國大陸市場份額的實質性損失將導致數字服務目標延遲實現。

We have, in addition, during this quarter, we have taken a write-off of SEK 300 million related to pre-commercial product development for the Chinese market. And this is basically pushing out the ability of us to reach breakeven that we predicted before. And I would comment on that we already before took a decision to increase our investments in R&D in order to capture the 5G opportunities that we see in front of us. So now we expect a limited loss in 2022, but it will also be a bit back-end heavy, so you will see a stronger development in the second half as the new portfolio start to generate significant revenues.

此外，在本季度，我們還註銷了 3 億瑞典克朗與中國市場的預商用產品開發相關的費用。這基本上是在推動我們達到我們之前預測的收支平衡的能力。我要評論的是，我們之前已經決定增加研發投資，以抓住擺在我們面前的 5G 機遇。因此，現在我們預計 2022 年的虧損有限，但後端也會有點沉重，因此隨著新投資組合開始產生可觀的收入，您將在下半年看到更強勁的發展。

However, we can also see that based on the strong portfolio we have in Digital Services and the strong momentum we have in the marketplace that we are going to, over time, compensate the Chinese volumes with other markets. So we're going to see a path to exceeding the previous targets of 4% to 7% EBIT margin that we said, but it will take a bit longer than we earlier forecasted.

然而，我們也可以看到，基於我們在數字服務方面擁有的強大產品組合以及我們在市場上的強勁勢頭，我們將隨著時間的推移，用其他市場來彌補中國的銷量。因此，我們將看到一條超過我們之前所說的 4% 至 7% EBIT 利潤率目標的途徑，但它需要的時間比我們之前預測的要長一些。

Finally, I want to just highlight the work we do on ethics and compliance. We are sparing no efforts in investing in our procedures, ways of working to make sure that we have processes that are fit for purpose. But most importantly, we're investing in creating a culture in the company where we are making sure that this will not happen again that happened in the past. And this is an area we're strongly committed to as a management team in the company because we believe this is going to be a long-term competitive advantage for us.

最後，我想強調一下我們在道德與合規方面所做的工作。我們不遺餘力地投資於我們的程序和工作方式，以確保我們擁有符合目的的流程。但最重要的是，我們正在投資在公司中營造一種文化，確保過去不會再次發生這種情況。這是我們作為公司管理團隊堅定致力於的領域，因為我們相信這將成為我們的長期競爭優勢。

Let me now move into the market area performance, starting with Middle East and Africa where sales declined by 10%, and this is mainly due to lower 5G investments in the Middle East and to an uncertain macroeconomic situation in Africa. Of course, this is, to a large extent, dependent on the global -- or the pandemic, COVID-19 pandemic. Despite the lower volumes in Mainland China, we saw North East Asia growing by 1%, adjusting for currencies. This was driven mainly by Networks and the continued 5G momentum in other markets in the market area or other countries in the market area.

現在讓我談談市場表現，從銷售額下降 10% 的中東和非洲開始，這主要是由於中東 5G 投資減少以及非洲宏觀經濟形勢不確定。當然，這在很大程度上取決於全球——或大流行病 COVID-19 大流行病。儘管中國大陸的銷量較低，但我們看到東北亞增長了 1%，根據貨幣進行調整。這主要是由網絡和市場區域其他市場或市場區域其他國家/地區的持續 5G 勢頭推動的。

The 5G momentum continued in North America where sales increased by 11%, and this was driven both in Networks as well as Digital Services. In Europe and Latin America, sales increased by 14%. And if we break this down a bit, we can see that Europe grow 12% on the back of market share gains primarily, and we saw Latin America growing 28%. And that is a bit of a recovery compared to a very difficult second quarter last year that was heavily affected by COVID-19 pandemic.

5G 勢頭在北美繼續保持，銷售額增長了 11%，這受到網絡和數字服務的推動。在歐洲和拉丁美洲，銷售額增長了 14%。如果我們稍微分解一下，我們可以看到歐洲主要在市場份額增長的支持下增長了 12%，而拉丁美洲增長了 28%。與去年受 COVID-19 大流行嚴重影響的非常困難的第二季度相比，這是一種複蘇。

And finally, South East Asia, Oceania and India, where sales grew by 14%, that was primarily driven by significant investments in LTE and rollouts in India. So we -- however, I want to also say that we are seeing a bit of concerns relating to COVID-19 in Southeast Asia where many countries are heavily affected now, and we've had a very difficult situation in India that's now gradually improving. But we see other countries affected, so we do believe we can see a risk for a slowdown in the general economies in Southeast Asia.

最後，東南亞、大洋洲和印度的銷售額增長了 14%，這主要是由於對 LTE 的大量投資和在印度的推出。所以我們——但是，我還想說，我們在東南亞看到了一些與 COVID-19 相關的擔憂，那里許多國家現在受到嚴重影響，我們在印度的處境非常困難，現在正在逐漸改善.但我們看到其他國家受到影響，因此我們確實認為我們可以看到東南亞整體經濟放緩的風險。

If we then move on to business segments. Networks grew organically by 11% despite the loss of volume in China and lower IPR revenues. And this reflect our strong product portfolio, and it has allowed significant gains in market share outside of China. And we continue to see good momentum as 5G is increasingly rolled out across the world.

如果我們然後轉到業務部門。儘管中國銷量下降且知識產權收入下降，網絡仍有機增長了 11%。這反映了我們強大的產品組合，並使中國以外的市場份額顯著增加。隨著 5G 在全球範圍內越來越多地推廣，我們繼續看到良好的發展勢頭。

Gross margin increased to 47.9%, and that's compared to 40.5% last year. Of course, that's supported by strong operational leverage. But also, as you may recall, we took a write-down of pre-commercial product inventory and the initial 5G deployment in China in the second quarter of last year.

毛利率增至 47.9%，而去年為 40.5%。當然，這得到了強大的運營槓桿的支持。而且，您可能還記得，我們減記了去年第二季度在中國的商用前產品庫存和最初的 5G 部署。

In Digital Services, we saw double-digit growth in North America and Europe, while we can see that sales declined in the other market areas. For the full segment, sales were stable, and that's despite the reduction in volume in Mainland China as well as lower IPR revenues.

在數字服務方面，我們在北美和歐洲看到了兩位數的增長，而我們可以看到其他市場區域的銷售額有所下降。對於整個細分市場，銷售額保持穩定，儘管中國大陸的銷量有所下降，知識產權收入也有所下降。

Gross margin decreased to 37.9% compared to 43.6% last year. That is, to a large extent, explained by the write-off that we do to pre-commercial inventory in China of SEK 300 million. So that impacted gross margin by almost 4 percentage points. We see overall, otherwise, a good momentum in the business in Digital Services, and we're continuing to execute on the plan. But of course, as I said before, the breakeven and the reaching of 4% to 7% target gets pushed out because of lower volume in China.

毛利率從去年的 43.6% 下降至 37.9%。也就是說，在很大程度上，這可以通過我們對中國 3 億瑞典克朗的商業前庫存進行的註銷來解釋。因此，這對毛利率產生了近 4 個百分點的影響。總體而言，我們看到數字服務業務的良好勢頭，我們將繼續執行該計劃。但當然，正如我之前所說，由於中國銷量下降，盈虧平衡和 4% 至 7% 目標的實現被推遲了。

Our commitment to developing leading products here stands firm. And we're continuing to increase the investments in our R&D despite knowing that it will take a year to 2 years before we start to see those product developments converted into revenues in the P&L. But that will also allow us to grow outside of Mainland China that will, over time, compensate for the Chinese volumes.

我們對在這裡開發領先產品的承諾是堅定的。儘管我們知道需要一年到兩年的時間才能開始看到這些產品開發轉化為損益表中的收入，但我們仍在繼續增加對研發的投資。但這也將使我們能夠在中國大陸以外的地區發展，隨著時間的推移，這將彌補中國的銷量。

Sales in Managed Services decreased by 2% in the quarter, and that was due to lower sales as a result of the merger between 2 operators in North America, but also on planned contract exits in Europe. At the same time, we were able to increase gross margin to 19% from 17.2%. Also in Managed Services, we continue to invest in AI solutions for our customers, and that will further strengthen our competitiveness.

本季度託管服務的銷售額下降了 2%，這是由於北美 2 家運營商合併導致的銷售額下降，以及歐洲計劃中的合同退出。與此同時，我們能夠將毛利率從 17.2% 提高到 19%。同樣在託管服務方面，我們繼續為客戶投資人工智能解決方案，這將進一步增強我們的競爭力。

In Emerging Business and Other, sales grew by 13%, and gross margin continued to strengthen. The most important part here is that we're continuing to deliver and Cradlepoint is continuing to deliver according to our plans, and we performed well. See that we have offerings now that can capture a good growth opportunity in enterprise segment that we forecast to be 20% to 30% over the coming several years. And we're very excited about the opportunities to further grow in that area.

在新興業務和其他方面，銷售額增長了 13%，毛利率繼續走強。這裡最重要的部分是我們繼續交付，Cradlepoint 繼續按照我們的計劃交付，我們表現良好。看到我們現在提供的產品可以抓住企業領域的良好增長機會，我們預測未來幾年的增長率為 20% 到 30%。我們對在該領域進一步發展的機會感到非常興奮。

With that, I give the word over to Carl Mellander, our CFO.

有了這個，我把這個詞交給我們的首席財務官卡爾梅蘭德。

Thank you, Börje, and good morning, everyone, from Stockholm. So we can really see that the strategy execution that Börje talked about is visible in our financials.

謝謝 Börje，來自斯德哥爾摩的各位早上好。所以我們真的可以看到 Börje 談到的戰略執行在我們的財務中是可見的。

So if we look at the P&L here, you see, again, that reported sales up to SEK 54.9 billion, which is an 8% growth organically then with growth in 4 out of 5 market areas, as we saw just now. This growth is mainly driven by the Networks business that grew 11%. So we reached this growth in spite of the decline in China then by SEK 2.5 billion that we mentioned earlier here.

因此，如果我們在這裡查看損益表，您會再次看到，報告的銷售額高達 549 億瑞典克朗，有機增長 8%，然後在 5 個市場區域中的 4 個區域實現增長，正如我們剛才看到的那樣。這一增長主要是由增長 11% 的網絡業務推動的。因此，儘管我們之前提到的中國下降了 25 億瑞典克朗，但我們還是實現了這一增長。

IPR revenues ended up at SEK 2.3 billion. That's part of the top line here. It's a decline of SEK 0.5 billion. But of course, the quarter as such is a bit boosted here by the revenue coming out of the recently concluded Samsung deal where we have revenues both from Q1 and Q2 -- into Q2.

知識產權收入最終達到 23 億瑞典克朗。這是這裡最重要的部分。減少了 5 億瑞典克朗。但是，當然，由於最近完成的三星交易帶來的收入，我們在第一季度和第二季度都有收入——進入第二季度，這對這個季度有所提振。

On a 4-quarter rolling basis, if you look at the graph there on the bottom left, we are around SEK 232 billion in the top line now. We continue on this picture to look at the gross margin, 43.4%, which is actually a 520 basis points improvement with strong improvement, as we saw right now from Börje, in 3 out of 4 segments. That's very encouraging.

在 4 個季度的滾動基礎上，如果您查看左下方的圖表，我們現在的收入約為 2320 億瑞典克朗。我們繼續在這張圖片上查看毛利率，43.4%，這實際上是 520 個基點的改善，並且有很大的改善，正如我們現在從 Börje 看到的那樣，在 4 個細分市場中有 3 個。這是非常令人鼓舞的。

In Networks, this starts to be singled out again, we saw continued operational leverage, contributing to the higher margins with a very high gross margin at 47.9%, up from 40.5%. Digital Services then reported a decrease in gross margin here as a result of the write-down related to Mainland China that Börje mentioned. And excluding that gross margin, would have ended up at 41.7%, a more healthy level in the underlying business. And the underlying gross margin, this starts to be mentioned, 42.4% if you look at the 4-quarter rolling basis, which is really more relevant as individual quarters can vary up and down.

在網絡領域，這又開始被挑出來，我們看到持續的運營槓桿，有助於提高利潤率，毛利率從 40.5% 上升到 47.9%。由於 Börje 提到的與中國大陸相關的減記，Digital Services 隨後報告毛利率下降。不計毛利率，最終將達到 41.7%，這是基礎業務中更健康的水平。基礎毛利率開始被提及，如果您查看 4 季度滾動基礎，則為 42.4%，這確實更相關，因為各個季度可能會上下變化。

OpEx, SEK 17.4 billion in the quarter. And as you see in the table here, R&D and SG&A amounted to SEK 17.5 billion. And then we have a positive impact of SEK 0.1 billion related to, positive, related to impairments of trade receivables. SG&A rather stable, as you can see, helped by currency, of course, but also impacted by the investments we make in compliance and security.

本季度運營支出為 174 億瑞典克朗。正如您在此處的表格中看到的那樣，研發和 SG&A 總計 175 億瑞典克朗。然後我們有 1 億瑞典克朗的積極影響，與貿易應收賬款減值相關，積極。正如您所見，SG&A 相當穩定，當然，受到貨幣的幫助，但也受到我們在合規性和安全性方面的投資的影響。

The R&D side grew by SEK 0.5 billion. It's really coming from the Digital Services investments we do now in our cloud-native 5G portfolio as we have planned and communicated around earlier as well. And then we shouldn't forget that Cradlepoint performing on plan, but of course, adding also to the R&D and SG&A expenses.

研發方面增加了 5 億瑞典克朗。它實際上來自我們現在在我們的雲原生 5G 產品組合中所做的數字服務投資，正如我們之前已經計劃和溝通過的那樣。然後我們不應該忘記 Cradlepoint 按計劃執行，當然，還增加了研發和 SG&A 費用。

So this results then in an EBIT of SEK 5.8 billion, excluding restructuring, up from SEK 4.5 billion a year ago. This represents then a margin of 10.6%, which is then an increase of 240 basis points year-over-year. Again, the gross margin in Networks is the big driver for this improvement on bottom line as well.

因此，這導致 EBIT 為 58 億瑞典克朗，不包括重組，高於一年前的 45 億瑞典克朗。這代表了 10.6% 的利潤率，即同比增長 240 個基點。同樣，網絡的毛利率也是利潤改善的主要推動力。

We have a graph there in the bottom also showing the EBIT margin on a rolling 4-quarter basis. We are at 13.4%, which has done well within the range of the 2022 target, which is between 12% and 14%. And I can add also, which is not on the slide here, that the EBITDA target of 15% to 18% that we have set up for the long term can now be compared with the actual performance in 4 quarters, which is 14%.

我們在底部有一張圖表，還顯示了 4 個季度滾動的息稅前利潤率。我們目前為 13.4%，在 2022 年目標範圍內（12% 至 14%）表現良好。我還可以補充一點，我們為長期設定的 15% 至 18% 的 EBITDA 目標現在可以與 4 個季度的實際業績 14% 進行比較，這不在此處的幻燈片中。

So let's have a look at how these profits then translate into cash flow. And you can see here that cash from -- cash flow from operating activities increased by SEK 0.5 billion, of course, supported by IPR payments coming into Q2 rather than Q1, but also offset by certain tax payments where last quarter benefited from tax refunds to the tune of SEK 0.7 billion.

那麼讓我們來看看這些利潤是如何轉化為現金流的。你可以在這裡看到來自經營活動的現金流增加了 5 億瑞典克朗，當然，受到第二季度而不是第一季度的 IPR 付款的支持，但也被某些稅款抵消，上個季度受益於退稅7 億瑞典克朗的調子。

So here, I think the important thing to talk about is working capital where we really continue to focus on lead times in our company and keeping capital efficiency in our company and specifically the focus on project deliveries. And the whole credit to cash cycle now has really enabled us to become more and more capital efficient while, at the same time, growing top line. And this is, of course, something we will continue to focus on going forward as well.

所以在這裡，我認為要談論的重要事情是營運資金，我們真正繼續關注我們公司的交貨時間並保持我們公司的資本效率，特別是對項目交付的關注。整個信貸到現金周期現在確實使我們能夠變得越來越有資本效率，同時增加收入。當然，這也是我們將繼續關注的事情。

Important also to mention when we talk about working capital is the inventory piece where we continue to monitor, obviously, the component situation and make sure that we have proper resilience so we can deliver on time to our customers, which we have done so far.

當我們談論營運資金時，還需要提及的重要一點是我們繼續監控的庫存部分，顯然，組件情況並確保我們具有適當的彈性，以便我們能夠按時交付給我們的客戶，這是我們迄今為止所做的。

So free cash flow, thereby, before M&A, came out at SEK 4.1 billion. This also is an increase then by SEK 0.8 billion year-over-year. And again, looking at the rolling profile here and comparing with long-term targets, we are now delivering free cash flow before M&A at 9.6% of sales. And as you know, the long-term target that we have discussed is between 9% and 12%, so we are within that range as well.

因此，在併購之前，自由現金流為 41 億瑞典克朗。這也比去年同期增加了 8 億瑞典克朗。再一次，看看這裡的滾動概況並與長期目標進行比較，我們現在在併購前提供自由現金流，佔銷售額的 9.6%。如您所知，我們討論的長期目標在 9% 到 12% 之間，所以我們也在這個範圍內。

When it comes to our cash position then, net cash increased by SEK 0.7 billion quarter-over-quarter, coming out, of course, of this free cash flow generated in the business, but also impacted or netted out by the dividend part 1 that was paid now, SEK 3.3 billion in the first -- for the first half of the dividend paid out. So net cash ended up at SEK 43.7 billion.

當談到我們的現金狀況時，淨現金環比增加了 7 億瑞典克朗，當然，這來自業務中產生的自由現金流，但也受到第 1 部分股息的影響或抵消現在已支付，第一筆為 33 億瑞典克朗——用於支付上半年的股息。因此淨現金最終為 437 億瑞典克朗。

And gross cash, there are a couple of movements there as well. We are now up to SEK 77.1 billion. As you know, we issued a EUR 500 million bond, an 8-year unsecured bond in the market during the quarter. We have also utilized a loan commitment from the European Investment Bank during the quarter, about $300 million as well, which also is there to support our R&D in 5G. So as a result of these events or actions regarding the debt portfolio, we have extended now the average maturity in the debt portfolio to 4 years from 2.2 years a year ago.

總現金也有一些變化。我們現在高達 771 億瑞典克朗。如您所知，本季度我們在市場上發行了 5 億歐元債券，這是一種 8 年期無擔保債券。我們還在本季度利用了歐洲投資銀行的貸款承諾，大約 3 億美元，這也用於支持我們在 5G 方面的研發。因此，由於這些與債務組合有關的事件或行動，我們現在將債務組合的平均期限從一年前的 2.2 年延長至 4 年。

Lastly, on this picture, I'd like to comment on return on capital employed, an important metric for us also, which amounted to 13.5% now compared with 9.9%. This is an increase, obviously, of around 4 -- almost 4 percentage points year-over-year, again, a combination of improved profits and capital discipline.

最後，在這張圖片上，我想評論一下已動用資本回報率，這對我們來說也是一個重要指標，現在從 9.9% 上升到 13.5%。顯然，這是大約 4 的增長 - 同比增長近 4 個百分點，這再次是利潤提高和資本紀律的結合。

I wanted to say a few words about IPR. And this period that we have had has been active when it comes to renewal renegotiations. Of course, we're very pleased with the renewal with Samsung. It's a global multiyear agreement, which confirms again the value of our patent portfolio. In addition to that, we signed up with one additional company for another renewal in July. So that falls out of the Q2 period, but still important to mention here because it will impact the Q3 numbers.

我想就知識產權說幾句話。在續約重新談判方面，我們經歷的這個時期一直很活躍。當然，我們對與三星的續約感到非常高興。這是一項全球多年協議，再次證實了我們專利組合的價值。除此之外，我們還在 7 月與另外一家公司簽約進行了另一次續約。所以這不屬於第二季度，但在這裡仍然很重要，因為它會影響第三季度的數字。

So all in all now, our portfolio of license contracts amount to SEK 7 billion on an annual basis. And this is the starting point that you can see here in this bridge. And then there are a couple of factors that explain the difference, which is a question we often get, to the SEK 10 billion which we had in 2020. And I'll go quickly through them. Of course, we're exposed to FX movements here. That's the first bar here. We are impacted by the relative weakness of the U.S. dollar towards the Swedish krona. The other factor, of course, is the upcoming renewals of expired contracts that we are working on, as mentioned.

所以總而言之，我們的許可合同組合每年達到 70 億瑞典克朗。這是您在這座橋上可以看到的起點。然後有幾個因素可以解釋我們在 2020 年擁有的 100 億瑞典克朗的差異，這是我們經常遇到的一個問題。我將快速介紹一下。當然，我們在這裡受到外匯變動的影響。這是這裡的第一家酒吧。我們受到美元對瑞典克朗相對疲軟的影響。當然，另一個因素是我們正在處理的即將到期的合同續約，如前所述。

And then the third bucket has to do with the fact that not all of the revenue in IPR is recurring. Some is nonrecurring, and this can vary between quarters and from time to time. And then finally, the fourth bucket is lower volumes from one of the licensees affecting the numbers as well. So to conclude on this, we do feel confident that the leading position we have in 5G on the patent side will create a foundation for growing the IPR revenue going forward.

然後第三個桶與並非所有知識產權收入都是經常性的事實有關。有些是非經常性的，這可能會因季度和時間而異。最後，第四個桶是來自其中一個影響數字的被許可人的較低數量。因此，總而言之，我們確實相信，我們在 5G 專利方面的領先地位將為未來知識產權收入的增長奠定基礎。

Now I'm going to round off with a few words on the planning assumptions. First of all, it's encouraging to see now that the Dell'Oro forecast for the market growth has increased dramatically, I would say, from 3% in their January report to 10% now for 2021. And you see here how that breaks down into different regions as well with North America, 12%; Europe, 9%; and China, 11%.

現在，我將就規劃假設做一些總結。首先，令人鼓舞的是，現在 Dell'Oro 對市場增長的預測已經大幅增加，我想說，從他們 1 月份報告中的 3% 到 2021 年現在的 10%。你在這裡看到它是如何分解成不同地區以及北美，12%；歐洲，9%；中國，11%。

Regarding our own top line, I just want to remind you that the normal seasonality is plus 5% from Q2 to Q3. But again, I want to point out that this varies, of course, with big fluctuations between quarters depending on deployment. Then we talk about the risk of losing a significant market share in China, of course. And under the planning assumptions in the report, you can find the quarterly numbers of sales in China.

關於我們自己的收入，我只想提醒你，正常的季節性是從第二季度到第三季度增加 5%。但我想再次指出，這當然會有所不同，根據部署情況，季度之間會有很大的波動。然後我們當然會談到在中國失去大量市場份額的風險。在報告中的計劃假設下，您可以找到在中國的季度銷售數字。

Over to IPR here. I mentioned already that SEK 7 billion is the annual volume of contracts that we have. And then gross margin, again, we're not guiding specifically on that. But just to reiterate that the gross margin can vary quite a lot between the quarters, so look rather at the rolling 4-quarter.

在這裡轉到知識產權。我已經提到 70 億瑞典克朗是我們每年的合同量。然後是毛利率，我們並沒有具體指導這一點。但只是重申一下，各季度的毛利率可能會有很大差異，因此請看一下滾動的第 4 季度。

Last point, Digital Services then. Considering the risk in China and also the fact that, which we've already said earlier, that 2021 is an investment year for Digital Services, we expect now a similar earnings level in Q3 that we just delivered in Q2, while we expect Q4 to become breakeven on an isolated basis for Digital Services.

最後一點，然後是數字服務。考慮到中國的風險以及我們之前已經說過的事實，即 2021 年是數字服務的投資年，我們現在預計第三季度的收益水平與我們剛剛在第二季度交付的收益水平相似，而我們預計第四季度將在數字服務的孤立基礎上實現盈虧平衡。

With that, thank you, and back to you, Börje.

有了這個，謝謝你，然後回到你身邊，Börje。

Great. Thank you, Carl. So Ericsson continues to be well positioned to take advantage of the market momentum we see now as 5G is increasingly deployed around the world.

偉大的。謝謝你，卡爾。因此，隨著 5G 在全球的部署越來越多，愛立信繼續處於有利地位，可以利用我們現在看到的市場勢頭。

We see the North American market moving very fast with a strong demand for 5G, and there will be a key opportunity now as the operators are building out mid-band spectrum that will be lit up at the end of the year. And as you all know, mid-band spectrum and buildout in mid-band is critical to give the end-user experience that you can get from a 5G network. So we are, of course, very excited about our position in the market and continue to work with the leading operators in North America to build out their networks.

我們看到北美市場發展非常迅速，對 5G 的需求強勁，現在將是一個關鍵的機會，因為運營商正在建設中頻頻譜，這些頻譜將在今年年底點亮。眾所周知，中頻頻譜和中頻擴建對於提供可從 5G 網絡獲得的最終用戶體驗至關重要。因此，我們當然對我們在市場中的地位感到非常興奮，並繼續與北美領先的運營商合作以建立他們的網絡。

In Digital Services, we continue to see good momentum in 5G Core, and we have here been gaining footprint over the last few quarters. But we also recognize, to capture the opportunities that are in front of us, we need to invest in R&D. And costs will come before revenues. So we are continuing here, as Carl also highlighted, to ramp up our investments in R&D to capture the market opportunities. And we will see revenue start to be generated from this portfolio, call it, beginning of next year, but then ramping throughout next year.

在數字服務方面，我們繼續看到 5G Core 的良好勢頭，並且在過去幾個季度中我們在這裡的足跡不斷擴大。但我們也認識到，要抓住擺在我們面前的機會，我們需要投資於研發。成本將先於收入。因此，正如卡爾還強調的那樣，我們將繼續在這裡加大對研發的投資，以抓住市場機會。我們將看到從明年年初開始從這個投資組合中產生收入，稱之為收入，然後在整個明年增加。

We also see that with 5G being built out and as 5G is increasingly built out in mid-band, it will be a platform for innovation. And that will especially be -- well, it will be for the consumer space, but it will especially be for enterprise spaces. And we are very excited and we are strong believers that with 5G, wireless communication can, for the first time, be the primary choice of technology -- access technology for enterprises and basically be the backbone of digitalizing enterprises for the future. We think this translates into a very exciting growth path for Ericsson.

我們還看到，隨著 5G 的建設以及 5G 越來越多地在中頻段建設，它將成為一個創新平台。這尤其是——好吧，它將用於消費者空間，但它尤其適用於企業空間。我們非常興奮，我們堅信，有了 5G，無線通信可以首次成為技術的主要選擇——企業的接入技術，並基本上成為未來企業數字化的支柱。我們認為這將轉化為愛立信非常令人興奮的增長路徑。

What we also see is that we are seeing a strong momentum in the business, as we've already said, but also the investments we made in a flexible supply chain allows us to capture the growth opportunities in the market. And it's thanks to the investment in a global supply strategy we've had for a long time that actually have allowed us to respond to customer needs very quickly and capture the extra demand that we see. So when we look ahead, we see that we're well positioned, that we have a strong business momentum, competitive product portfolio, so we feel very comfortable about the targets on group level for 2022.

我們還看到，正如我們已經說過的那樣，我們看到了業務的強勁勢頭，而且我們在靈活供應鏈上的投資使我們能夠抓住市場的增長機會。這要歸功於我們長期以來對全球供應戰略的投資，這實際上使我們能夠非常快速地響應客戶需求並抓住我們看到的額外需求。因此，當我們展望未來時，我們看到我們處於有利地位，我們擁有強勁的業務勢頭和具有競爭力的產品組合，因此我們對 2022 年集團層面的目標感到非常滿意。

So with that, I think before moving over to Q&A, maybe you want to add something, Peter?

因此，我想在進入問答環節之前，也許你想補充一些東西，彼得？

No, I think we're all happy with the presentation so far. And so we'll move into the next phase of this presentation here from the studio. So that will be the Q&A. So with that, I would like to connect with you, Richard, so you can open up the Q&A.

不，我想我們對目前的演示都很滿意。因此，我們將從演播室進入本演示文稿的下一階段。這就是問答環節。因此，理查德，我想與您聯繫，以便您可以打開問答環節。

(Operator Instructions)

（操作員說明）

Thank you, Richard. And we have the first question here. It's from Ed Snyder from Charter Equity.

謝謝你，理查德。我們這裡有第一個問題。它來自 Charter Equity 的 Ed Snyder。

A couple of them, if I could, please. First off, you mentioned O-RAN. But even if we ignore the interoperability and the system integration problems with a multi-vendor solution, which has never occurred before, it seems clear that a workable solution probably won't be ready for a year or 2. It kind of begs the question of what the point of O-RAN is.

如果可以的話，請給我幾個。首先，您提到了 O-RAN。但是，即使我們忽略多供應商解決方案的互操作性和系統集成問題（這在以前從未發生過），似乎很明顯可行的解決方案可能需要一兩年才能準備好。這有點迴避了這個問題O-RAN 的重點是什麼。

If 5G is maturing in China in terms of the buildout and the U.S. is committing now to systems for their deployments, it seems as if most of the big tenders will already be awarded and being built up before O-RAN even sees a practical solution. So would it be a 6G system? Or is there some sort of market dynamic that's going to drive carriers to move from systems they choose now to something that has not been used before and will have to be shook out halfway through 5G? And then I have a follow-up, please.

如果 5G 在中國的建設方面正在成熟，而美國現在正致力於為其部署系統，那麼在 O-RAN 甚至看到切實可行的解決方案之前，似乎大多數大型招標都已經中標並正在建設中。那麼它會是一個6G系統嗎？或者是否有某種市場動態會促使運營商從他們現在選擇的系統轉向以前從未使用過的系統，並且必須在 5G 中途淘汰？然後我有一個後續行動，請。

It's a great question, Ed. The reality is clearly O-RAN is something that will happen, and that's what we are investing for as well. We see, in reality, the first step to be the Cloud RAN portfolio as that will allow our customers to migrate towards an open architecture. And it will take a few years before we have a fully operational O-RAN solution, then we can debate how long it is. But there is a question of here and now of building out 5G coverage, and that's what we also see our customers doing.

這是一個很好的問題，埃德。現實顯然是 O-RAN 會發生，這也是我們正在投資的目標。實際上，我們看到成為 Cloud RAN 產品組合的第一步，因為這將使我們的客戶能夠遷移到開放式架構。我們還需要幾年時間才能擁有完全可操作的 O-RAN 解決方案，然後我們可以討論它需要多長時間。但現在存在一個問題，即建立 5G 覆蓋範圍，這也是我們看到客戶正在做的事情。

But of course, we need to work with our customers here to make sure that they have the best solution. And it can well be that O-RAN can have certain applications earlier where you have less performance demands, for example, could be rural coverage, for example. So there are pockets where we can see that come. But for sure, O-RAN will be a fundamental part of the 6G solutions. That's no question in my mind. But exactly how it's going to pan out, in the meantime, I think it remains to be seen. It depends on how the technology matures, clearly.

但當然，我們需要在這裡與我們的客戶合作，以確保他們擁有最佳解決方案。很可能 O-RAN 可以更早地在您對性能要求較低的地方擁有某些應用程序，例如，可能是農村覆蓋。所以有一些口袋，我們可以看到它的到來。但可以肯定的是，O-RAN 將成為 6G 解決方案的基本組成部分。這在我看來毫無疑問。但與此同時，它究竟會如何發展，我認為還有待觀察。顯然，這取決於技術的成熟程度。

You said you had a follow-up, Ed?

你說你有跟進，艾德？

And that does kind of dovetail my next question. So the U.S. is obviously in ascendancy now in the 5G rollout now that C-band auctions have been completed. But if you look at the different segments, you've got a lot of spectrum to clear. So it's going to be a multiyear process. And at the same time, I don't think the business plan has been proven well enough in China that you're going to see the same level of Massive MIMO mix versus macro.

這確實與我的下一個問題相吻合。因此，既然 C 波段拍賣已經完成，美國現在顯然在 5G 部署中處於優勢地位。但是，如果您查看不同的細分市場，就會發現有很多頻譜需要清理。所以這將是一個多年的過程。同時，我認為商業計劃在中國還沒有得到足夠好的證明，你會看到與宏相同水平的大規模 MIMO 混合。

So 2 pieces, if I could. One, do you see that the rollout in the U.S. will favor more of a macro cell approach initially with MIMO to cover capacity and so you've got a lower mix of the high-density stuff? And two, does this dynamic change? If you look at, say, T-Mobile's Band 41 versus the C-band spectrum, which is higher, do we have a better chance of seeing either MIMO or maybe more macro in a 2.4-gigahertz environment than we do in, say, a C-band?

所以 2 件，如果可以的話。第一，你是否看到在美國推出更多的宏蜂窩方法，最初使用 MIMO 來覆蓋容量，因此你有一個較低的高密度組合？第二，這種動態會改變嗎？如果你看看 T-Mobile 的 Band 41 與 C 波段頻譜，哪個更高，我們是否有更好的機會在 2.4 GHz 環境中看到 MIMO 或更多宏，而不是我們在，比方說， C波段？

Thanks. Well, what we see, we see that, of course, we need to build out a very big coverage and big density of mid-band because ultimately, that is what's going to give the end consumer the user experience of 5G. So today, in many countries, we have been focusing on, call it, low-band buildout. In reality, that gives a 5G coverage. But in order to give the real performance benefits of 5G, you need mid-band and you need carrier aggregation across different frequencies.

謝謝。好吧，我們所看到的，我們看到，當然，我們需要建立一個非常大的覆蓋範圍和高密度的中頻，因為最終，這將為最終消費者提供 5G 的用戶體驗。所以今天，在許多國家，我們一直專注於低頻段建設。實際上，這提供了 5G 覆蓋。但為了提供 5G 的真正性能優勢，您需要中頻帶，並且需要跨不同頻率的載波聚合。

So we see right now that there will be a very big buildout, of course, of the C-band in North America. That is going to drive the market, and we will see that buildout happening. For sure, it's already starting to ramp, but it will continue throughout the year and into the next year. After that, we will start, of course, to see densifications of the network. So that's the next step.

所以我們現在看到，當然，北美的 C 波段將會有一個非常大的擴建。這將推動市場，我們將看到擴建的發生。可以肯定的是，它已經開始上升，但它會持續一整年並持續到明年。在那之後，我們當然會開始看到網絡的緻密化。這就是下一步。

Exactly how this will be, it depends on customer, it depends on their specific situations. So I think that's a question best posed to them rather than I try to interpret their strategies, and I shouldn't really do that. So I do -- but we are very excited about the process we see in North America and the buildout. And we, by the way, we see a similar activity in multiple countries, being Australia, being Japan, being Middle East, for example. So a lot of things are moving in the 5G world.

具體如何，這取決於客戶，取決於他們的具體情況。所以我認為最好向他們提出這個問題，而不是我試圖解釋他們的策略，我真的不應該那樣做。所以我這樣做 - 但我們對我們在北美看到的過程和擴建感到非常興奮。順便說一句，我們在多個國家看到了類似的活動，例如澳大利亞、日本、中東。因此，5G 世界中有很多事情正在發生變化。

Thanks, Ed, for those questions. Thank you. We'll move to Francois Bouvignies at UBS.

埃德，謝謝你提出這些問題。謝謝你。我們將搬到瑞銀的 Francois Bouvignies。

My first question is maybe a clarification on China. So when I look at your comments, you said that you had lower volumes from delayed 5G deployment in China and that you had an impact -- negative impact of SEK 2.5 billion in the quarter. So my question is this SEK 2.5 billion of this delay, is it something that you're going to see as a delay coming back in the second half of the year? Or this negative impact this quarter, is this an evidence of already some market share impact, I mean, negative share impact because of the trade tension? Just wanted to clarify that if that's okay.

我的第一個問題可能是對中國的澄清。因此，當我查看您的評論時，您說由於中國 5G 部署延遲導致銷量下降，並且產生了影響——本季度產生 25 億瑞典克朗的負面影響。所以我的問題是這 25 億瑞典克朗的延遲，你會認為這是今年下半年的延遲嗎？還是本季度的這種負面影響，這是否證明已經存在一些市場份額影響，我的意思是，由於貿易緊張局勢導致的負面份額影響？只是想澄清一下，如果可以的話。

Yes. No, it's not coming back. It depends, of course, on how the ultimate tender will look like and the distribution in tender. But we have said and you see that we think it's prudent to plan for a significant reduction in market share. And if that is the case, it's not coming back. So what is the reality? We -- it's very hard to say. We know the geopolitical tension with Sweden. We know what goes on there. So what we see here is a reduction in the China volumes. And we can speculate and we can have a hypothesis, but the consequence is very clear on our sales volume and don't -- be prudent enough don't to assume it's coming back.

是的。不，它不會回來了。當然，這取決於最終招標的形式以及招標中的分配情況。但我們已經說過，你也看到了，我們認為計劃大幅減少市場份額是明智的。如果是這樣的話，它就不會回來了。那麼現實是怎樣的呢？我們——很難說。我們知道與瑞典的地緣政治緊張局勢。我們知道那裡發生了什麼。所以我們在這裡看到的是中國銷量的減少。我們可以推測，我們可以有一個假設，但結果對我們的銷量來說非常明顯，而且不要——要足夠謹慎，不要假設它會回來。

Okay, Francois?

好的，弗朗索瓦？

Okay, that's very clear.

好的，這很清楚。

Thank you.

謝謝你。

And can I have a follow-up?

我可以跟進嗎？

Yes, sure. Sure.

是的，當然。當然。

Yes. The follow-up is on Open RAN. And specifically, we are seeing a lot of projects in Open RAN, and the readiness is still not there. I mean with, I mean, Rakuten and Dish Network and other initiatives like Vodafone with recently, which I think is one of the big customers of yours. From what we see in the release or public statements, you don't seem to participate yet in this kind of project so far. So I was wondering, what would make you change your mind or what would be the trigger for you to participate more in the Open RAN? And why do you -- don't you participate today with a big project going on with your customers?

是的。後續是Open RAN。具體來說，我們在 Open RAN 中看到了很多項目，但仍未做好準備。我的意思是，Rakuten 和 Dish Network 以及 Vodafone 等最近的其他計劃，我認為這是你們的大客戶之一。從我們在發布或公開聲明中看到的，您目前似乎還沒有參與此類項目。所以我想知道，是什麼讓您改變主意，或者是什麼觸發您更多地參與 Open RAN？為什麼你今天不參與一個與你的客戶一起進行的大項目？

It's a couple of things going on here. First of all, and that's often not thought about, but we are actually the largest contributor to the O-RAN Alliance on standards. So we're already very active in that. But what we are doing now is that we recognize there is a need to build out the 5G networks around the world right now. So it's a here and now question where we do believe the purpose-built networks actually can deliver the performance that's required in 5G today. So we are simply saying, okay, by the time O-RAN is ready, we will also be there with solutions, but we don't feel it's the right time right now and divert focus from actually what goes on in the market.

這裡發生了幾件事。首先，人們通常不會考慮這一點，但我們實際上是 O-RAN 聯盟標準的最大貢獻者。所以我們已經非常積極地參與其中。但我們現在正在做的是，我們認識到現在有必要在全球範圍內建設 5G 網絡。因此，這是一個此時此地的問題，我們相信專用網絡實際上可以提供當今 5G 所需的性能。所以我們只是說，好吧，當 O-RAN 準備就緒時，我們也將提供解決方案，但我們認為現在不是正確的時間，並且將注意力從市場上實際發生的事情上轉移開。

Okay, Francois? Thank you. Let's move to next question from Peter Kurt Nielsen at ABG.

好的，弗朗索瓦？謝謝你。讓我們轉到 ABG 的 Peter Kurt Nielsen 的下一個問題。

A question related to Digital Services, please. It would appear that profitability here is highly dependent on volumes in China. Could you elaborate a bit on that, please, why we seem to be so dependent on China as you sort of update your guidance for Digital Services? And also, it would appear that you are investing or planning to increase your R&D spending more than previously anticipated within -- on the 5G Core side. Why is that? Have you've seen increased competition that are forcing you to this? Anything you can say on elaborating a bit on this, please?

請回答與數字服務相關的問題。看來這裡的盈利能力在很大程度上取決於中國的銷量。請您詳細說明一下，為什麼我們似乎如此依賴中國，因為您更新了您的數字服務指南？而且，在 5G Core 方面，您似乎正在投資或計劃增加比之前預期更多的研發支出。這是為什麼？您是否看到過越來越激烈的競爭迫使您這樣做？請就此詳細說明一下，您有什麼要說的嗎？

And just, if I may, give one follow-up. How has the lower volumes in China impacted the margins in Networks? It seems clearly it's been negative in Digital Services. Has there been a positive impact on margins in Networks because of the lower volumes in China?

並且，如果可以的話，請進行後續跟進。中國銷量下降對網絡業務的利潤率有何影響？很明顯它在數字服務中是負面的。由於中國銷量下降，是否對網絡利潤率產生了積極影響？

Okay. If we start from the end, no, it's not been positively contributing to the Networks margins in the second quarter. But it is fair to say that the second quarter last year, we had a write-off of pre-commercial development, but we have a positive margin on what we ship in China. So we would have had better margins in Networks with China volumes in, to put it that way.

好的。如果我們從頭開始，不，它並沒有為第二季度的網絡利潤率做出積極貢獻。但可以公平地說，去年第二季度，我們註銷了商業前開發，但我們在中國出貨的利潤率是正的。因此，我們本來可以在有中國銷量的網絡中獲得更好的利潤，這樣說。

Digital Services, no, it's not -- it's actually continuing according to the plan we've been operating with. So -- and you know that we have been ramping R&D. And of course, that takes a bit of time before you see it on the cost line. So we have added resources throughout the year, and we are in a way, to a much less extent now, adding resources in addition. But it's all according to the plan to make sure that we can capture the 5G Core opportunities that we actually see and that we are tendering for. So for us, this has been just part of the overall strategic plan for Digital Services.

數字服務，不，不是——它實際上是根據我們一直在執行的計劃繼續進行的。所以——你知道我們一直在加大研發力度。當然，在成本線上看到它需要一些時間。因此，我們全年都在增加資源，而且在某種程度上，我們現在在某種程度上增加了額外的資源。但這一切都按照計劃進行，以確保我們能夠抓住我們實際看到並正在招標的 5G 核心網機會。所以對我們來說，這只是數字服務整體戰略計劃的一部分。

So if you tack on that the China volumes, and you can understand that Digital Services is a business, it's software-like with a very high R&D intensity. So of course, any volume change is very important for our ability to deliver a margin. And it is fair to say the Chinese volumes, if you look overall in telecom, they're probably 50% plus, 60% plus in many parts of the total global volume. So of course, we have a dependency on losing footprint in China that primarily hurts or is more exposed in Digital Services than it is in Networks.

因此，如果你考慮到中國的銷量，你就會明白數字服務是一項業務，它類似於軟件，具有非常高的研發強度。因此，當然，任何數量變化對於我們提供利潤的能力都非常重要。可以公平地說，如果你從電信的整體來看，中國的數量可能超過全球總量的 50%、60% 以上。因此，當然，我們依賴於失去在中國的足跡，這主要傷害或更多地暴露在數字服務中而不是在網絡中。

Okay. Peter Kurt, thank you. We'll move to the next from -- question from Aleksander Peterc at Societe Generale.

好的。彼得·庫爾特，謝謝。我們將轉到下一個問題——法國興業銀行的亞歷山大·彼得克 (Aleksander Peterc) 提出的問題。

I would like to delve a little bit into your IPR, if I may. You provided a very helpful slide here on this. So just to be clear, the SEK 7 billion run rate that you now have, that's for the current year. It's up from SEK 6.6 billion, if I remember right. And so this presumably reflects the deal that you have signed in here in July. Now my question is really on the expired contracts. Do you still expect some of that to come back on in IPR, so we get potentially to somewhere around SEK 8 billion going forward? And then, obviously, FX is here to stay, let's assume, and lower volumes from Huawei is here to stay as well. So we will land somewhere lower, but is there still some catch-up that you would expect?

如果可以的話，我想深入了解一下你們的知識產權。你在這裡提供了一個非常有用的幻燈片。所以要明確一點，你現在擁有的 70 億瑞典克朗運行率是今年的。如果我沒記錯的話，它高於 66 億瑞典克朗。因此，這大概反映了您 7 月份在這裡簽署的協議。現在我的問題是關於過期的合同。您是否仍然期望其中一些會在 IPR 中重新出現，以便我們有可能在未來達到 80 億瑞典克朗左右？然後，很明顯，我們假設 FX 將繼續存在，而來自華為的低銷量也將繼續存在。所以我們會降落在更低的地方，但是否還有一些你期望的追趕？

And one on IPR, if you could give us a feeling on how you think about the Apple negotiation, which is due by the end of this year. Do you have anything to say on that? And then just a second quick follow-up would be on the timing of the Verizon contract. How many years will that be rolled over approximately so we can gauge how much it will contribute.

還有一個關於知識產權的問題，如果你能告訴我們你如何看待將於今年年底到期的 Apple 談判。你對此有什麼要說的嗎？然後第二個快速跟進將是關於 Verizon 合同的時間安排。大約要滾動多少年，以便我們可以衡量它將貢獻多少。

Thanks, Aleksander. I can take that. First of all, the Verizon contract is over 5 years. And as Börje said, it's the largest contract ever in Ericsson's history. So that's a nice thing to announce today.

謝謝，亞歷山大。我可以接受。首先，Verizon 的合同超過 5 年。正如 Börje 所說，這是愛立信歷史上最大的合同。所以今天宣布這是一件好事。

When it comes to IPR, yes, certainly, we are working with the other not yet renewed licensees as well in order to get to agreements. And we signed one then early July. So that is going to help revenues going forward, and there will be a catch-up effect in Q3 from that as well. And we continue, of course, in the team to one by one settle the outstanding deals.

在知識產權方面，是的，當然，我們也在與其他尚未續籤的被許可人合作，以達成協議。然後我們在七月初簽了一個。因此，這將有助於收入的增長，並且在第三季度也會產生追趕效應。當然，我們繼續在團隊中一項一項地解決未完成的交易。

When it comes to Apple, I would say it's far too early to talk about that. It will expire, as you say, at the end of the year. And the parties will, of course, come together to resolve that in the best possible way. But that's too early to comment on any specifics regarding that.

說到蘋果，我會說現在談論它還為時過早。正如你所說，它將在年底到期。當然，各方將齊心協力，以盡可能最好的方式解決這個問題。但現在就此發表評論還為時過早。

Thanks, Alex. We'll move to next question from Sandeep Deshpande at JPMorgan.

謝謝，亞歷克斯。我們將轉到摩根大通的 Sandeep Deshpande 的下一個問題。

My first question is, clearly, I mean when you look at your Networks business outside China, your market share gains are very -- I mean your growth in market share gains are very significant. Is the -- are these share gains, gains that you had made a couple of years ago or in the past? Or is this just new market share gains that are happening starting in the last 6 months associated with the geopolitical tension, et cetera, which is causing the share shifts between China and the rest of the world? And I have a follow-up as well.

我的第一個問題是，很明顯，我的意思是當你看看中國以外的網絡業務時，你的市場份額增長非常 - 我的意思是你的市場份額增長非常顯著。這些份額收益是您幾年前或過去取得的收益嗎？還是這只是最近 6 個月以來與地緣政治緊張局勢等相關的新市場份額增長，這導致了中國與世界其他地區之間的份額轉移？我也有後續行動。

What you see now coming through in the numbers are mostly the wins we had some time back. So it takes some period of time. It depends a bit on the contract, depends on the situation for it to flow through. So, so far, the most recent wins have only very limited impact on the numbers you see. And I know this is a focus on the overall market share situation, if it's geopolitically driven. I would say it's, of course, very hard to separate the 2. But we see that we win market share in markets where also all vendors are allowed as well as we win in markets where only Western vendors are allowed.

你現在在數字中看到的主要是我們一段時間前的勝利。所以需要一定的時間。這有點取決於合同，取決於它流通的情況。所以，到目前為止，最近的勝利對你看到的數字的影響非常有限。我知道這是對整體市場份額情況的關注，如果它是地緣政治驅動的話。我會說，當然，很難將兩者分開。但我們看到，我們在所有供應商都被允許的市場中贏得了市場份額，並且我們在只允許西方供應商的市場中也贏得了市場份額。

So our overall market share gain, sure, part will be contributed to geopolitical situation. But I would also say here, it's the strength of our product portfolio that allows us to be truly competitive against any competitor right now. And you saw, for example, the recent win in Malaysia where we are able to build out the national 5G network. It's a very important contract win for us as well, indicating that we can win market share in many markets.

因此，我們的整體市場份額增加，當然，部分原因將是地緣政治局勢。但我還要在這裡說，正是我們產品組合的實力讓我們現在能夠真正與任何競爭對手競爭。例如，您看到了最近在馬來西亞取得的勝利，我們能夠在那裡建設全國 5G 網絡。這對我們來說也是一個非常重要的合同贏得，表明我們可以在許多市場贏得市場份額。

You had a second question, Sandeep?

你有第二個問題，Sandeep？

Yes. Just a quick follow-up. Now talking about the same geopolitical issues and the Digital Services business, given that you might not be able to have that 4% or 5% share that you currently have in that business from China, are there businesses within Digital Services, are there business units where you can now do reductions, et cetera? Because, I mean, Digital Services has been promised to be profitable for a very long time, and it hasn't delivered as such. And now that there is a structural -- potential structural change in one market, whether there needs to be a further thought process on the cost structure within the Digital Services business.

是的。只是快速跟進。現在談論同樣的地緣政治問題和數字服務業務，考慮到您可能無法從中國獲得目前在該業務中擁有的 4% 或 5% 的份額，數字服務中是否有業務，是否有業務部門你現在可以在哪裡做減法等等？因為，我的意思是，數字服務在很長一段時間內都被承諾會盈利，但它並沒有兌現。現在，一個市場發生了結構性——潛在的結構性變化，是否需要對數字服務業務的成本結構進行進一步的思考。

The -- it's a good question, and it's a good thinking. But I would say, if you look at the product portfolio, it's typically global products in there. So it's just because you lose volume in one market doesn't mean you can restructure in any way. We -- so in reality, it's just a loss of revenues. The R&D remains the same to say pretty much. So for us, we are -- that's why we're saying very clearly that due to the delay in -- or due to the risk of losing China volumes, it's likely that we need to push out reaching the targets because we need to compensate that sales that we lose in Mainland China by growth in other markets around the world. So when you see that, that's why you see the push out now.

這是一個很好的問題，也是一個很好的想法。但我會說，如果你看一下產品組合，它通常是全球產品。因此，僅僅因為你在一個市場上的銷量下降並不意味著你可以以任何方式進行重組。我們 - 所以實際上，這只是收入損失。研發幾乎保持不變。所以對我們來說，我們 - 這就是為什麼我們非常明確地說，由於延遲 - 或者由於失去中國銷量的風險，我們很可能需要推動實現目標，因為我們需要補償我們在中國大陸因全球其他市場的增長而損失的銷售額。所以當你看到這一點時，這就是你現在看到推出的原因。

So I would say, from a strategic execution in Digital Services, we're continuing to deliver on the plan and on the objectives we set out a few quarters ago. But due to the geopolitical situation with -- between Sweden and China, we're saying, that will get pushed out now. And that's an unfortunate consequence, but we need to deal with it and develop the business in the other markets. But I will also say that the good thing is we're seeing good growth in Europe and North America in Digital Services. So we feel that we are going to grow into that loss of volume.

所以我想說，從數字服務的戰略執行來看，我們將繼續實現我們幾個季度前製定的計劃和目標。但由於瑞典和中國之間的地緣政治局勢，我們說，這將被推遲。這是一個不幸的後果，但我們需要處理它並在其他市場發展業務。但我還要說的是，好消息是我們在歐洲和北美看到了數字服務的良好增長。所以我們覺得我們將成長為這種數量的損失。

Okay. Thanks, Sandeep, for those questions. The next question will come from Fredrik Lithell at Danske Bank.

好的。謝謝 Sandeep 提出的這些問題。下一個問題將來自丹麥銀行的 Fredrik Lithell。

I just wanted to ask a little bit on Cradlepoint that you acquired some time back. What is the sort of the status of that unit right now? And how do you expect and see that this should progress going forward? And when should we expect that this unit would be not heavily loss-making anymore, but rather the opposite? And a little bit if you could talk about growth on that unit as well.

我只是想問一下你前段時間獲得的 Cradlepoint。那個單位現在是什麼情況？您如何期望並看到這應該向前發展？我們什麼時候應該期望這個部門不再嚴重虧損，而是相反？如果您也可以談談該部門的增長，還有一點。

Do you want to take it?

你想拿嗎？

Yes, thanks for the question, Fredrik. Cradlepoint is developing well. I must say, it's on track on the plans. And following basically what we said from the start that there will be a 1 percentage point impact on the EBIT margin in '21 and '22. And we -- as you saw perhaps in the report, it contributed now a bit positively from the final PPA calculation there. So now we are, going forward, we are in good shape, I think, to deliver and actually grow that business also outside of the main markets where they have been successfully establishing footprint so far. So I think Cradlepoint is a well-performing asset in our family now, and it's great to have them onboard.

是的，謝謝 Fredrik 的提問。 Cradlepoint 發展良好。我必須說，它正在按計劃進行。基本上遵循我們從一開始就說過的，即 21 年和 22 年的息稅前利潤率將受到 1 個百分點的影響。我們——正如您可能在報告中看到的那樣，它現在從那裡的最終 PPA 計算中做出了一些積極的貢獻。因此，現在我們向前邁進，我認為我們處於良好狀態，可以在迄今為止已成功建立足蹟的主要市場之外提供並實際發展該業務。所以我認為 Cradlepoint 現在在我們家族中是一項表現良好的資產，讓他們加入真是太好了。

Is that going to be sort of a little bit of a hub for further acquisitions that fits into that type of portfolio of products and services? Or how should we -- what should we expect from this unit, I mean, in terms of growth? And when it -- should it move out in the rest of the world in another way than what it did before and so on? So a little bit more, if you could, on the planning for that unit.

這是否會成為適合此類產品和服務組合的進一步收購的中心？或者我們應該如何 - 我的意思是，就增長而言，我們應該對這個部門有什麼期望？什麼時候——它是否應該以不同於以前的方式在世界其他地方移動等等？所以，如果可以的話，再多介紹一下該單元的計劃。

Do you want to take it, Börje?

你想接受它嗎，Börje？

I can start. You're absolutely right, it will be -- what we are seeing is that we can leverage the quality of products. It's been predominantly sold in North America so far with very limited presence outside. We're gradually now expanding globally, and that is a quite exciting opportunity as well. So growth we foresee to be quite good for Cradlepoint. What we're also seeing, and you hit on that, it becomes a bit of a hub for developing new solutions that we can actually go through their network of distributors to the market. So we're very excited about the opportunity we create with the acquisition of Cradlepoint to capture a larger and increasing share of the enterprise market.

我可以開始了。你是絕對正確的，它會是——我們所看到的是我們可以利用產品的質量。到目前為止，它主要在北美銷售，在國外的銷售非常有限。我們現在正在逐步向全球擴張，這也是一個非常令人興奮的機會。因此，我們預計 Cradlepoint 的增長非常好。我們也看到了，你發現了這一點，它成為了開發新解決方案的中心，我們實際上可以通過他們的分銷商網絡將這些解決方案推向市場。因此，我們對收購 Cradlepoint 創造的機會感到非常興奮，以佔領更大且不斷增長的企業市場份額。

But we should also recognize that Cradlepoint is one piece that we need for enterprise. We're also looking at other growth opportunities in enterprise, being a dedicated network for corporations, campus networks, being in our global connectivity platform, IoTA. So there are a couple of additional opportunities. But we believe the market opportunity in enterprise is so large that we need to increase the investments in that area by also looking at the broader acquisitions outside of Cradlepoint.

但我們也應該認識到，Cradlepoint 是我們企業需要的一部分。我們也在尋找企業中的其他增長機會，成為企業專用網絡、校園網絡，在我們的全球連接平台 IoTA 中。所以還有一些額外的機會。但我們相信企業市場機會如此之大，以至於我們需要通過在 Cradlepoint 之外進行更廣泛的收購來增加對該領域的投資。

Yes, thanks, Fredrik. The next question is from Dominik Olszewski from Morgan Stanley.

是的，謝謝，弗雷德里克。下一個問題來自摩根士丹利的 Dominik Olszewski。

Two of them. So from the Q2 revenue run rate that you're indicating, it looks like there's basically SEK 5 billion downside for sales in the second half in China to be sort of pro rata what we've seen in Q2. Could you please maybe talk about the regions and projects which could help to mitigate that downside in the second half, so other areas? Obviously, for example, overnight, you had Dell'Oro raising estimates for the rest of the world, North America, globally.

他們兩個人。因此，從您所指出的第二季度收入運行率來看，下半年中國的銷售額基本上有 50 億瑞典克朗的下行空間，與我們在第二季度看到的情況差不多。您能否談談可能有助於減輕下半年不利因素的地區和項目，以及其他領域？顯然，例如，一夜之間，你讓 Dell'Oro 提高了對世界其他地區、北美和全球的估計。

And then the second question is, in the past, you've talked a lot about labor shortages, particularly in North America for tower crews. And obviously, today, we're in an inflationary backdrop to talk about labor shortages in certain regions. So could you talk about whether that's a constraint on deployment in the second half and into next year?

然後第二個問題是，在過去，你談到了很多關於勞動力短缺的問題，特別是在北美的塔樓工作人員。顯然，今天，我們在通貨膨脹的背景下談論某些地區的勞動力短缺問題。那麼您能否談談這是否會限制下半年和明年的部署？

Maybe I'll take the first one first because, no, actually not labor shortages that we talked about before. It was really about rollout crews, feet on the ground, where that was actually limiting our volumes. We don't see that to be a limiting factor now. I think it's rather the site acquisitions from customers that determines the speed. And as you see, speed is very high at the moment. So we have sorted that problem out.

也許我會先考慮第一個問題，因為，不，實際上不是我們之前談到的勞動力短缺問題。這實際上是關於部署人員，腳踏實地，這實際上限制了我們的數量。我們現在不認為這是一個限制因素。我認為決定速度的是從客戶那裡獲取的站點。如您所見，目前速度非常快。所以我們已經解決了這個問題。

Yes. And if you look at our numbers, you see that we have grown -- if you take Networks, for example, or even the total company, we've had an organic growth of 8% despite losing 60% in the China volumes. So -- and we are growing in many markets for really 2 reasons. One is the build-out of 5G drives demand and that drives increasing demand, but also that we've been able to gain market share. And we started to talk about that already in 2018 or end of 2017. So that is something that we have systematically invested in to make sure that we can gain scale outside of China as well. And we believe that will contribute and help us to continue to grow even if the risk is very high that we will see significant loss of market share in China. So that's probably the best we can look at it now. So if you look at Q2, you'll still see that even excluding China, we have a very healthy development in the business.

是的。如果你看一下我們的數字，你會發現我們已經成長——如果你以網絡為例，甚至整個公司，儘管在中國的銷量下降了 60%，但我們的有機增長達到了 8%。所以——我們在許多市場上的增長實際上有兩個原因。一是 5G 的建設推動了需求，這推動了不斷增長的需求，而且我們已經能夠獲得市場份額。我們已經在 2018 年或 2017 年底開始討論這個問題。因此，這是我們系統地投資的東西，以確保我們也能在中國以外的地方獲得規模。我們相信這將有助於並幫助我們繼續增長，即使我們將看到在中國市場份額大幅下降的風險非常高。所以這可能是我們現在能看到的最好的。所以如果你看看第二季度，你仍然會發現即使不包括中國，我們的業務也有非常健康的發展。

Okay. Dom, thanks for those questions. We'll move to Dominik Olszewski -- no, sorry, that was the previous one. Amit Harchandani from Citigroup.

好的。多姆，謝謝你提出這些問題。我們將請 Dominik Olszewski 發言——不，抱歉，那是上一位。來自花旗集團的 Amit Harchandani。

Amit Harchandani from Citi. Two questions, if I may. My first question is on the topic of Networks margin. You have delivered solid margins in this quarter, last quarter, indeed, across 2020 versus your long term -- or rather 2022 guidance of 16% to 18%. Given what we have seen in China in terms of volumes and maybe potentially profitability profile of the Chinese business, is it fair for us to assume that the Networks margin going forward is more sustainable on average at the levels that we have seen over the past 6 -- 4 to 6 quarters? Or are there any factors which could still take you down to that 16% to 18% range? So your thoughts on that would be appreciated. And then I have a follow-up.

來自花旗的 Amit Harchandani。兩個問題，如果可以的話。我的第一個問題是關於網絡保證金的話題。你在這個季度，上個季度，實際上，在整個 2020 年實現了可觀的利潤率，而不是你的長期 - 或者更確切地說 2022 年的 16% 到 18% 的指導。鑑於我們在中國看到的數量以及中國業務的潛在盈利能力，我們是否可以公平地假設未來的網絡利潤率在我們過去 6 年看到的平均水平上更具可持續性-- 4 到 6 個季度？或者是否有任何因素仍然可以使您下降到 16% 到 18% 的範圍？因此，您對此的想法將不勝感激。然後我有一個後續行動。

Thanks, Amit. Should I start, Börje? Yes. On the Networks margin, I think what we see is the result of work in R&D mainly where we are able to design out cost of the product and make it both, of course, attractive from a feature functionality point of view to -- for the customers, but also manage the cost situation. And you see the fruit of that in the ever-improving gross margin. We don't see any particular reason why that logic would change over time.

謝謝，阿米特。我應該開始嗎，Börje？是的。在網絡邊緣，我認為我們看到的是研發工作的結果，主要是我們能夠設計出產品的成本，當然，從特性功能的角度來看，它既有吸引力，也有吸引力——客戶，還要管理成本情況。你會在不斷提高的毛利率中看到它的成果。我們看不出任何特定的原因可以解釋為什麼這種邏輯會隨著時間的推移而改變。

Then as we always point out, it's, of course, individual quarters can change here and there because of how deployments are made and so on. But basically, I think our aim is to establish a stronger and stronger logic there with the cost side on the one hand and the competitiveness leading to the price side and in Networks to continue on good levels.

然後，正如我們一直指出的那樣，當然，由於部署方式等原因，各個季度可能會在這里和那裡發生變化。但基本上，我認為我們的目標是建立一個越來越強大的邏輯，一方面是成本方面，競爭力導致價格方面，網絡繼續保持良好水平。

And you had a follow-up, Amit, you said or a second question?

你有跟進，阿米特，你說還是第二個問題？

Yes. Yes, I did. My second question is with regards to what you have seen in China when the development is not ideal for you. I'm trying to understand, what are you hearing on the ground in terms of your customers, your partners? Is there -- I mean if you are going to lose share, do you get the impression that it's going more to the domestic competition? Do you get the impression it's foreign competition? Do you get a sense that they might be lobbying on your behalf and there's a way back in into China? How are you -- what is the feedback on the ground that you are getting? And what's the level of confidence that this is -- this might potentially even turn in your favor in the future?

是的。是的，我做到了。我的第二個問題是關於你在中國看到的發展不理想的情況。我試圖了解，您從客戶、合作夥伴的角度聽到了什麼？有沒有 - 我的意思是如果你要失去份額，你是否覺得它更多地用於國內競爭？你覺得這是外國競爭嗎？您是否感覺到他們可能會代表您遊說並且有辦法回到中國？你好嗎——你得到的實地反饋是什麼？這有多大的信心——這甚至可能在未來對你有利？

It's -- there is an ongoing tender process right now in China. So it's a bit hard to speculate where that is going to go. Normally, the way they go, it's hard to know where you end up. But you have also seen there have been indications that would result in us significantly or getting a significantly lower share, and that's a bit what we point to. I think it's easier to comment on these things or more appropriate to comment on these things once we know how the tender process will fall out.

它是 - 目前在中國正在進行招標過程。所以很難推測它會去哪裡。通常情況下，他們走的路，很難知道你最終會去哪裡。但是你也看到有跡象表明會導致我們顯著或獲得顯著降低的份額，這就是我們所指出的。我認為一旦我們知道招標過程將如何失敗，就更容易對這些事情發表評論或更合適地對這些事情發表評論。

But what we know, and it's the same thing across the world, is that if you look at the performance of our products, in-field performance, it is very good. We have a competitive portfolio. We are gaining footprint in other markets. So we quite, in that sense, feel that we have a strong proposition to customers. But let's discuss more about the China situation once we're through with the tender process.

但我們知道，全世界都一樣，如果你看看我們產品的性能，現場性能，它非常好。我們擁有具有競爭力的產品組合。我們正在其他市場獲得足跡。因此，從這個意義上說，我們覺得我們對客戶有很強的主張。但是，一旦我們完成了招標過程，讓我們更多地討論中國的情況。

Okay. Amit, thank you very much for those questions. We'll move to today's last question. It's from Daniel Djurberg at Handelsbanken.

好的。阿米特，非常感謝你提出這些問題。我們將轉到今天的最後一個問題。它來自 Handelsbanken 的 Daniel Djurberg。

Two questions then, if I may. Starting with the Network gross margin was negatively impacted by a write-down of pre-commercial product inventory. My question is, and this was related to Mainland China, if you will see limited or lower volume in the current tender, how significant the inventory write-down risk lies ahead? Or was your write-down in Q2 also related to possibly lower volumes ahead?

那麼有兩個問題，如果可以的話。從網絡開始，毛利率受到商用前產品庫存減記的負面影響。我的問題是，這與中國大陸有關，如果您在當前招標中看到有限或較低的數量，那麼未來的存貨減記風險有多大？或者您在第二季度的減記是否也與未來可能減少的銷量有關？

And also a question, if I may, would be on China again. And that would be, out of the SEK 1.5 billion in revenue you had in the quarter, how much would you say is sort of recurring to existing installments, software, et cetera? And how much is related to previous 5G deployments that will, so to say, disappear when done? It would be great to know.

如果可以的話，還有一個問題是關於中國的。那就是，在您本季度的 15 億瑞典克朗收入中，您認為現有的分期付款、軟件等有多少是重複出現的？有多少與之前的 5G 部署相關，也就是說，完成後會消失？很高興知道。

I guess you mean the write-down you mean on Digital Services, right, not on Networks?

我想你的意思是你指的是數字服務的減記，對吧，不是網絡？

Yes. Yes, on the...

是的。是的，在...

Yes. Okay.

是的。好的。

Exactly. So your second question then, how much is recurring? I mean there is, of course, a portion of support revenue for installed base. So we have to follow what happens with that. It's hard to determine exactly. And as Börje said, let's await the conclusion of this and then we can comment on how it played out, basically.

確切地。那麼你的第二個問題是，有多少是經常性的？我的意思是，當然，安裝基礎有一部分支持收入。所以我們必須關注它會發生什麼。很難準確判斷。正如 Börje 所說，讓我們等待這個結論，然後我們基本上可以評論它是如何發揮作用的。

On the other question, of course, we always scrutinize our balance sheet and make the impairments, if we need to, every quarter. Now in Digital Services, we arrived at the conclusion that this SEK 300 million write-down was the appropriate thing to do given where we are on that pre-commercial inventory. But now, of course, our balance sheet is what it is for the situation we have now, and we would have to consider that going forward. No material write-down risk that we see today in that context.

當然，在另一個問題上，我們總是仔細檢查我們的資產負債表，並在需要時每季度進行一次減值。現在在數字服務中，我們得出的結論是，考慮到我們在商業前庫存中的位置，減記 3 億瑞典克朗是合適的做法。但是現在，當然，我們的資產負債表是我們現在的情況，我們將不得不考慮未來的情況。在這種情況下，我們今天沒有看到重大的減記風險。

And it's worth to say in the rest of the business, we have -- it's global products again, so that kind of helps. It's really only when you have market-specific products, and that's what we have in this case.

值得一提的是，在其他業務中，我們又是全球產品，所以這很有幫助。只有當您擁有特定於市場的產品時，這才是真正的，這就是我們在這種情況下所擁有的。

Exactly.

確切地。

That's perfect. And if I may only, the very, very last question would be on Japan. Obviously, very strong again in this quarter, making up for China weakness quite a lot, I would say. Is it any -- would you then be worried post Olympics or something that has -- or do you expect this strong strength in Japan to continue also second half or in 2022? Or is it something that starts to fade off?

那很完美。如果可以的話，最後一個問題是關於日本的。顯然，本季度再次非常強勁，我想說，在很大程度上彌補了中國的疲軟。有沒有——你會擔心奧運會後或已經發生的事情——或者你是否預計日本的這種強大實力也會在下半年或 2022 年繼續？還是它開始逐漸消失？

Yes, the -- I don't think the Olympics have actually had any impact on this. It's more the need for the operators to get -- first of all, to build out 5G to start to develop applications on top of and for the capacity need they have in the network to cope with the increasing traffic volumes. So I would not -- I mean there are always going to be a little bit swings between quarters in individual markets. But I would not say I would hang it up on the Olympic games.

是的，我認為奧運會實際上對此沒有任何影響。運營商更需要獲得——首先，構建 5G 以開始開發應用程序，並滿足他們在網絡中的容量需求，以應對不斷增長的流量。所以我不會 - 我的意思是個別市場的季度之間總會有一些波動。但我不會說我會把它掛在奧運會上。

Okay. Great. Thanks, Daniel. So before we close today's call or video call, I would like actually to hand over to Börje for any closing remarks.

好的。偉大的。謝謝，丹尼爾。因此，在我們結束今天的電話會議或視頻電話會議之前，我想請 Börje 發表任何結束語。

Thanks, Peter, who is appropriately dressed in a tie today. So anyhow, we're very excited about our market momentum, and it has continued during the second quarter. But what we're more excited about is actually that 5G is gaining momentum around the world with increasing build-outs, and it's a here and now question. And with the investments we made in the product portfolio, making that a competitive offering to our customers as well as a competitive cost position that we've established over the last few years, we feel that we are in a strong position to capitalize on this increasing demand for 5G. And we're very excited about the future, the second part of this year, but also into 2022.

謝謝，彼得，他今天打領帶得體。因此，無論如何，我們對我們的市場勢頭感到非常興奮，並且這種勢頭在第二季度一直持續。但我們更興奮的是，隨著建設的增加，5G 在全球範圍內獲得了發展勢頭，這是一個當下的問題。通過我們對產品組合的投資，為我們的客戶提供具有競爭力的產品以及我們在過去幾年中建立的具有競爭力的成本地位，我們認為我們有能力利用這一點對 5G 的需求增加。我們對未來感到非常興奮，今年下半年，還有 2022 年。

Thank you.

謝謝你。

Thank you.

謝謝你。