諾基亞 (NOK) 2022 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to Nokia's First Quarter 202 Results Call. I'm David Mulholland, Head of Nokia Investor Relations, and today with me is Pekka Lundmark, our President and CEO; along with Marco Wiren, our CFO.

早上好，女士們，先生們。歡迎參加諾基亞 202 年第一季度業績電話會議。我是諾基亞投資者關係主管 David Mulholland，今天和我在一起的是我們的總裁兼首席執行官 Pekka Lundmark；與我們的首席財務官 Marco Wiren 一起。

Before we get started, a quick disclaimer. During this call, we will be making forward-looking statements regarding our future business and financial performance, and these statements are predictions that involve risks and uncertainties. Actual results may therefore differ materially from the results we currently expect.

在我們開始之前，快速免責聲明。在本次電話會議中，我們將對我們未來的業務和財務業績做出前瞻性陳述，這些陳述是涉及風險和不確定性的預測。因此，實際結果可能與我們目前預期的結果大相徑庭。

Factors that could cause such differences can be both external, as well as internal operating factors. We have identified such risks in the Risk Factors section of our annual report on Form 20-F, which is available on our Investor Relations website. Within today's presentation, references to growth rates will mostly be on a constant currency basis and margins will be based on our comparable reporting.

可能導致這種差異的因素既可以是外部因素，也可以是內部操作因素。我們已在我們的 20-F 表格年度報告的風險因素部分確定了此類風險，該表格可在我們的投資者關係網站上找到。在今天的演示中，對增長率的參考將主要基於固定貨幣，利潤率將基於我們的可比報告。

Please note that our Q1 report and this presentation are published on our website on both reported and comparable results and reconciliation between the 2 are included. In terms of the agenda for today, Pekka will give a quick overview of our financial and strategic progress in the quarter; and Marco will then go into a bit more detail of some of the key factors impacting our financial performance along with our outlook for 2022.

請注意，我們的第一季度報告和本演示文稿都發佈在我們的網站上，其中包括報告的和可比較的結果以及兩者之間的對賬。就今天的議程而言，Pekka 將簡要介紹我們本季度的財務和戰略進展；然後，Marco 將更詳細地介紹影響我們財務業績的一些關鍵因素以及我們對 2022 年的展望。

With that, let me hand over to Pekka.

有了這個，讓我交給Pekka。

Thank you, David, and hello, everyone, and thank you very much for joining the call today. Before we start on the actual Q1 performance, let me say a few words about the events that have shocked us all in Q1, namely the Russian invasion of Ukraine. Nokia has strongly condemned the innovation from the start. Our priority has been and continues to be the safety and well-being of our employees.

謝謝你，大衛，大家好，非常感謝你今天加入電話會議。在我們開始實際的第一季度表現之前，讓我先談談第一季度震驚我們所有人的事件，即俄羅斯入侵烏克蘭。諾基亞從一開始就強烈譴責這項創新。我們的首要任務一直是並將繼續是我們員工的安全和福祉。

We are supporting our colleagues in Ukraine and providing all available help depending on people's individual needs and circumstances, and I'm proud and impressed by how our team members have continued efforts in Ukraine to maintain our customers' networks in the country. It has been clear for us since the early days of the invasion that continuing our presence in Russia would not be possible.

我們正在支持我們在烏克蘭的同事，並根據人們的個人需求和情況提供所有可用的幫助，我對我們的團隊成員如何在烏克蘭繼續努力維護我們在該國的客戶網絡感到自豪和印象深刻。自從入侵初期以來，我們就很清楚，我們不可能繼續在俄羅斯存在。

We announced on April 12 that we will exit the Russian market. We will do this in a responsible way, and aim to provide the necessary support to maintain our customers' networks as we exit. Western governments have highlighted the humanitarian implications for ordinary Russian [sea] food, medicine and critical infrastructure providers like us simply walk away. We will work closely with our customers on a smooth and orderly transition hence to complete the exit as quickly as possible, but also responsibly.

我們於 4 月 12 日宣布將退出俄羅斯市場。我們將以負責任的方式做到這一點，並旨在提供必要的支持，以在我們退出時維護我們客戶的網絡。西方政府強調了對普通俄羅斯 [海洋] 食品、藥品和像我們這樣的關鍵基礎設施提供者的人道主義影響，乾脆走開。我們將與我們的客戶密切合作，以平穩有序的過渡，從而盡快完成退出，但也要負責任。

So with that, let's move on now to our Q1 results. First of all, I'm really pleased with Q1. It was a strong start to the year. Looking at the screen here, we had 1% top line growth in constant currency. This was 5% in reported currencies. We could actually have grown faster because we have a very strong order backlog. Supply chain continued to constrain our growth, notably in mobile networks and then within network infrastructure business inside the optical networks business.

因此，讓我們現在繼續討論我們的第一季度業績。首先，我對 Q1 感到非常滿意。這是一個強勁的開端。看看這裡的屏幕，按固定匯率計算，我們的收入增長了 1%。這是報告貨幣的 5%。我們實際上本可以增長得更快，因為我們有非常強大的訂單積壓。供應鏈繼續限制我們的增長，尤其是在移動網絡以及光網絡業務中的網絡基礎設施業務。

What was particularly pleasing in this quarter was the strong gross margin, 40.7%, which is 250 basis points up, and this was particularly driven by mobile networks and cloud and network services. So this is really demonstrating that we continue to benefit from our improved product and cost competitiveness that we have achieved through the added R&D investment.

本季度特別令人欣喜的是強勁的毛利率，達到 40.7%，增長了 250 個基點，這尤其受到移動網絡以及雲和網絡服務的推動。因此，這確實表明我們將繼續受益於我們通過增加研發投資實現的改進的產品和成本競爭力。

The operating margin in the quarter was 10.9%. It was stable. Improvements in gross margin were offset by increased investment in R&D which we are continuing. But then in addition to that, when you compare this quarter to the corresponding quarter a year ago, we had a little bit lower other operating income because there were positive one-offs last year.

本季度的營業利潤率為 10.9%。它很穩定。毛利率的改善被我們繼續增加的研發投資所抵消。但除此之外，當您將本季度與一年前的相應季度進行比較時，我們的其他營業收入略低，因為去年有一次性的正數。

And then there were timing effects in the Technologies business, which we will zoom deeper later on this call. So then with the help of this chart, I will kind of comment both the top line and margin development. The gray bars that you see here indicate in each quarter, the year-on-year growth in comparable currencies.

然後在技術業務中存在時間效應，我們將在本次電話會議後進一步放大。因此，在此圖表的幫助下，我將對頂線和利潤率發展進行評論。您在此處看到的灰色條表示每個季度的可比貨幣的同比增長。

And after the pretty challenging Q4, as you remember, it is now very good that we have returned to growth. And then obviously, the margin development has been strong. The blue line here indicates the rolling 12-month comparable operating margin. We are now on the same level as at the end of last year, 12.5%. And obviously, here, you see the significant improvement that we've been able to deliver since 2020.

正如您所記得的，在相當具有挑戰性的第四季度之後，我們現在恢復增長非常好。然後很明顯，利潤率發展一直很強勁。這裡的藍線表示滾動的 12 個月可比營業利潤率。我們現在處於與去年年底相同的水平，即 12.5%。顯然，在這裡，您可以看到自 2020 年以來我們已經能夠實現的重大改進。

So now I will say a few words on each business group, and I will start with mobile networks. As already highlighted, we had a top line issue in this business. We have strong order backlog but because of continued supply chain challenges, we had 4% decline in the top line in comparable currencies. On the semiconductor side, the situation continues tight.

所以現在我就每個業務組說幾句話，我先從移動網絡說起。正如已經強調的那樣，我們在這項業務中遇到了一個頂線問題。我們有大量的訂單積壓，但由於持續的供應鏈挑戰，我們的可比貨幣收入下降了 4%。在半導體方面，形勢繼續緊張。

There are some areas of improvement here and there, but in the big picture, the situation continues tight. In addition to that, in the short term, we are now facing some supplier-specific challenges. And then obviously, there is the situation in Shanghai region at the moment in China, which is COVID-related that Marco will comment a little bit more. So these were some of the things affecting the top line despite the fact that we have really, really strong order book, and we expect to return to growth in this business this year.

這里和那裡都有一些改進的領域，但從大局來看，情況仍然很緊張。除此之外，在短期內，我們現在面臨一些供應商特定的挑戰。然後很明顯，目前中國上海地區的情況與 COVID 相關，Marco 將發表更多評論。因此，儘管我們有非常非常強大的訂單，但這些都是影響收入的一些因素，我們預計今年該業務將恢復增長。

Profitability development. Given the somewhat challenged top line, the profitability development was really, really pleasing. 7.5% operating margin, great expansion in gross margin, 410 basis points improvement in comparable operating margin over last year. And what is behind this? It is really, first of all, the R&D investment that we have made. Here, you see on a 12-month rolling basis, the R&D investment in mobile networks.

盈利發展。鑑於有些挑戰的頂線，盈利能力的發展真的非常令人愉快。營業利潤率7.5%，毛利率大幅增長，可比營業利潤率比去年提高410個基點。這背後是什麼？首先是我們所做的研發投資。在這裡，您可以看到以 12 個月滾動為基礎的移動網絡研發投資。

If I go back here to the third quarter 2020, we were around EUR 1.8 billion. Now we are at EUR 2.1 billion, so we have added about EUR 300 million annual R&D investment into this business, which is about 16%. So this is significant, and we have done exactly what we said in 2020 that we will invest whatever it takes to repeat the success that we have had in 4G also in 5G.

如果我回到 2020 年第三季度，我們大約是 18 億歐元。現在我們是21億歐元，所以我們每年在這個業務上增加了大約3億歐元的研發投入，大約是16%。所以這很重要，我們已經完全按照我們在 2020 年所說的那樣進行了投資，我們將不惜一切代價重複我們在 4G 和 5G 方面取得的成功。

So this R&D investment has helped us to deliver this, which is the gross margin trend. We are now -- this is also 12-month rolling. We are now at 39% 12-month rolling at the end of the first quarter. And very clearly, the R&D investment and this gross margin development, they go hand in hand. But there is another thing also behind the gross margin, and it is the mix development that we have been driving inside the services part of the mobile networks business.

因此，這項研發投資幫助我們實現了這一目標，這就是毛利率趨勢。我們現在 - 這也是 12 個月的滾動。在第一季度末，我們現在的 12 個月滾動率為 39%。很明顯，研發投資和毛利率發展是齊頭並進的。但毛利率背後還有另一件事，那就是我們一直在移動網絡業務的服務部分推動的混合發展。

We are transitioning from low-margin deploy services towards a higher share of higher margin technical support and maintenance services. This is a strategic shift that we are driving in the service part of the mobile networks business. And that is the other reason in addition to the product competitiveness itself and the R&D investment that we have made that is driving the gross margin.

我們正在從低利潤的部署服務轉向更高份額的高利潤技術支持和維護服務。這是我們在移動網絡業務的服務部分推動的戰略轉變。除了產品競爭力本身和我們所做的研發投資之外，這是推動毛利率的另一個原因。

Then over to the next business, which is network infrastructure. I would say, again, fantastic quarter from a top line point of view, 9% growth in constant currency. But zooming into this business a little bit more, 29% growth in fixed networks on top of the already over 30% growth last year. And then submarine networks, also very strong growth, 25%. There was one business inside NI with weak top line, and that was the optical business and that was exactly the business that was hit by some specific supply chain challenges.

然後轉到下一個業務，即網絡基礎設施。我要再說一次，從收入的角度來看，這是一個很棒的季度，按固定匯率計算，增長了 9%。但進一步放大這一業務，固定網絡在去年已經超過 30% 的增長之上增長了 29%。然後是海底網絡，增長也非常強勁，25%。 NI 內部有一項業務收入較弱，那就是光學業務，而這正是受到某些特定供應鏈挑戰打擊的業務。

Also there, we have good product competitiveness, strong order book. So we expect to recover also in this business later in the year. The overall operating margin for the NI business was 9.9%. It fell 90 basis points year-over-year largely due to the absence of positive other operating income in the prior year and also to some extent, increased R&D investments.

此外，我們有良好的產品競爭力，強大的訂單。因此，我們預計今年晚些時候該業務也將恢復。 NI 業務的整體營業利潤率為 9.9%。同比下降 90 個基點，主要是由於上一年其他營業收入沒有正數，而且在一定程度上增加了研發投資。

Talking very briefly about the technology development and you remember that we launched the FP5 new generation of routing silicon last year, it's really promising. We are now in the first customer trials. We are seeing strong interest in the 800 gigabit ethernet support, full backward compatibility and support for current features and services.

簡單說一下技術發展，你記得我們去年推出了 FP5 新一代路由芯片，它真的很有前途。我們現在正在進行第一次客戶試驗。我們看到了對 800 Gb 以太網支持、完全向後兼容性以及對當前功能和服務的支持的濃厚興趣。

One very important detail, while we initially committed to 4.8 terabits per second throughput in the chip, what we are now seeing in the field trials is that the chip is actually performing even better and we are reaching up to 6 terabits per second throughput, which is 25% more than we had initially estimated, and this is continuing to increase the value proposition to our customers of the FP5 chipset.

一個非常重要的細節，雖然我們最初承諾在芯片中實現每秒 4.8 TB 的吞吐量，但我們現在在現場試驗中看到的是，該芯片實際上表現得更好，我們正在達到每秒 6 TB 的吞吐量，這比我們最初估計的高出 25%，這將繼續增加對 FP5 芯片組客戶的價值主張。

Our other silicon platforms, in addition to FP5, what you see here, equivalent for the fixed networks and PSC 5 for optical networking also continue to give a strong differentiation helping us to gain share. And just as 1 practical example of the strength of the portfolio, the Microsoft deal that we announced in April, it chose the strength of our data center switching solutions, and it is a good step in entering relationships with webscalers.

除了您在此處看到的 FP5 之外，我們的其他矽平台，相當於固定網絡和用於光網絡的 PSC 5 也繼續提供強大的差異化優勢，幫助我們獲得份額。作為產品組合實力的一個實際例子，我們在 4 月宣布的與 Microsoft 的交易，它選擇了我們數據中心交換解決方案的實力，這是與 webscaler 建立關係的良好一步。

Then on to Cloud and Network Services. Also here, a strong quarter 5% top line growth. We are rebalancing our investments towards higher growth areas, and that is clearly showing results. We are now seeing it in the top line development. We had strong growth in one of the focus areas of CNS, which is core networks. CSPs are now transitioning towards 5G core, and that is really driving the CNS business in Nokia. Another driver is private wireless and the campus wireless deployments that we are in at the moment.

然後是雲和網絡服務。同樣在這裡，強勁的季度收入增長了 5%。我們正在重新平衡我們對更高增長領域的投資，這顯然正在顯示結果。我們現在在頂級開發中看到了它。我們在 CNS 的重點領域之一，即核心網絡方面實現了強勁增長。 CSP 現在正在向 5G 核心過渡，這確實推動了諾基亞的 CNS 業務。另一個驅動因素是我們目前所處的私有無線和校園無線部署。

Also here, we had strong gross margin expansion, 520 basis points benefiting from both top line growth and the operational improvements we continue to make. And all this then resulted in a pretty good 570 basis points expansion on the operating margin. On this chart, you see a 12-month rolling operating margin for Cloud and Network Services. And while there was weakness in late '20, early '21, partly because of some provisions that we took related to certain projects, even excluding those effects, you can see that how much the rebalancing is starting to benefit our profitability.

同樣在這裡，我們有強勁的毛利率擴張，520 個基點受益於收入增長和我們繼續進行的運營改進。所有這一切都導致營業利潤率大幅增長 570 個基點。在此圖表中，您可以看到雲和網絡服務的 12 個月滾動營業利潤率。雖然在 20 年末、21 年初存在疲軟，部分原因是我們採取了與某些項目相關的一些規定，即使不包括這些影響，但你可以看到，再平衡開始有多少有利於我們的盈利能力。

And as I said, we are also investing in this business, we are investing a lot. And one of the key investment areas is campus wireless, where we are adding R&D investment, which is one of the reasons why I want to caution you now that and repeat what we have said earlier, that our assumption for the profitability of this business for this -- for the full year 2022 is comparable operating margin between 4% and 7%.

正如我所說，我們也在投資這項業務，我們投入了大量資金。關鍵投資領域之一是校園無線，我們正在增加研發投資，這也是我現在想提醒您並重複我們之前所說的原因之一，我們對該業務盈利能力的假設這 - 2022 年全年的可比營業利潤率在 4% 到 7% 之間。

And then the fourth of our businesses which is Nokia Technologies, here you see the quarterly top line in Nokia Technologies. And yes, there was a 17% decline year-over-year in Q1. This was primarily a timing issue. We had 2 contracts that expired last year that are currently in litigation, and in renewal discussions obviously with these customers. So that affected the top line in the quarter.

然後是我們的第四項業務，即諾基亞技術，在這裡您可以看到諾基亞技術的季度收入。是的，第一季度同比下降了 17%。這主要是一個時間問題。我們有 2 份去年到期的合同目前正在訴訟中，並且顯然正在與這些客戶進行續簽討論。所以這影響了本季度的收入。

Another factor was that there is another customer whose license has expired, but they have exited the smartphone market. So obviously, that will not continue. But we continue to be confident in the strength of our portfolio. We still expect to be able to deliver to stable operating profit year-over-year in this business, assuming that these 2 negotiations that I mentioned are concluded.

另一個因素是另一個客戶的許可證已過期，但他們已經退出了智能手機市場。很明顯，這種情況不會繼續下去。但我們仍然對我們投資組合的實力充滿信心。假設我提到的這兩次談判已經結束，我們仍然希望能夠在這項業務中實現穩定的營業利潤。

And I also want to be very clear on one thing in terms of our approach in this business. Our priority since we do believe in the competitiveness of our portfolio, that it means that our priority will remain protecting the value of our portfolio instead of achieving resolution by a specific deadline.

我還想就我們在這項業務中的方法而言非常清楚一件事。我們的首要任務，因為我們確實相信我們的投資組合的競爭力，這意味著我們的首要任務將是保護我們的投資組合的價值，而不是在特定期限內實現解決方案。

So let's now move on to Enterprise next, but before I do that, I want to take a step back and explain the breadth of what we are doing in Enterprise. As you remember, Enterprise for us is not a business group. Whatever we sell to this customer segment, we report in the respective business group, depending on the solution that we are talking about. But we do have a dedicated sales organization for Enterprise, and that sales organization is organized along 4 major opportunities.

因此，現在讓我們接下來繼續討論 Enterprise，但在此之前，我想退後一步，解釋一下我們在 Enterprise 中所做工作的廣度。如您所知，Enterprise 對我們來說不是一個業務集團。無論我們向該客戶群銷售什麼，我們都會根據我們正在討論的解決方案在相應的業務組中進行報告。但我們確實有一個專門的企業銷售組織，該銷售組織圍繞 4 個主要機會進行組織。

And the first one is webscalers. Primarily our IP routing and optical products for large webscale companies, and of course, the Microsoft data center switching deal is a good example of this. Then the second segment we are focusing on is various verticals delivered by our Network Infrastructure business. Typically, IP networks, optical networks, broadband, fixed broadband connectivity to enterprise sites.

第一個是網絡縮放器。主要是我們為大型網絡公司提供的 IP 路由和光學產品，當然，微軟數據中心交換交易就是一個很好的例子。然後我們關注的第二個部分是我們的網絡基礎設施業務提供的各種垂直領域。通常，IP 網絡、光網絡、寬帶、固定寬帶連接到企業站點。

In addition to that, this vertical is focusing on government as a customer group. We actually expect that government spending and government agency spending is going to increase going forward, and that opens up interesting opportunities for this vertical. And then the other side of all of this is then the private wireless networks that we have talked a lot about.

除此之外，這個垂直領域將政府作為一個客戶群體。我們實際上預計政府支出和政府機構支出將在未來增加，這為這個垂直領域開闢了有趣的機會。所有這一切的另一面就是我們經常討論的私有無線網絡。

And there it's important to see that there are 2 fundamentally different cases. One is wide area networks, which typically are networks for public safety, transport and utility applications. The logic in this business, how you build, sell and build these networks, is quite similar to how we are selling mobile networks today. But the difference is, of course, that then the customer is not a service provider.

重要的是要看到有兩種根本不同的情況。一種是廣域網，通常是用於公共安全、交通和公用事業應用的網絡。這項業務的邏輯，即您如何構建、銷售和構建這些網絡，與我們今天銷售移動網絡的方式非常相似。但不同的是，當然，客戶不是服務提供商。

It is something else. It could be a utility or it could be a safety authority. But then there is from wide area networks, a very different case. And this is one of our most important strategic growth opportunities, and that is the millions and millions of industrial campuses that there are in this world who are all seeking ways to improve their productivity through digitalization.

這是另外一回事。它可以是公用事業公司，也可以是安全機構。但是還有來自廣域網的，一個非常不同的情況。這是我們最重要的戰略增長機會之一，那就是世界上數以百萬計的工業園區都在尋求通過數字化提高生產力的方法。

And that's where our campus wireless strategy, including edge computing platforms for campus wireless 5G wireless access through our NDAC solution, et cetera, et cetera, comes in. So I just wanted to -- because enterprise, it's a very wide concept, I want to highlight that these are the 4 innovative opportunities that we are focusing on in this business.

這就是我們的校園無線戰略的用武之地，包括通過我們的 NDAC 解決方案等實現校園無線 5G 無線接入的邊緣計算平台。所以我只是想——因為企業，這是一個非常廣泛的概念，我想要強調這是我們在這項業務中關注的 4 個創新機會。

It is fair to say that our top line did not meet expectations in Q1, 7% drop in Q1 was affected by supply chain challenges and some other conversion delays. The positive side of this is that as we already said at the end of last year after Q4, we have a great order intake and a great order backlog. And the good thing is that the strong order intake continued in Q1. We continue to grow double digit in orders.

公平地說，我們的收入在第一季度沒有達到預期，第一季度下降 7% 是受到供應鏈挑戰和其他一些轉換延遲的影響。積極的一面是，正如我們在去年第四季度之後所說的那樣，我們有大量的訂單和大量的訂單積壓。好消息是第一季度繼續保持強勁的訂單量。我們的訂單繼續以兩位數增長。

So what we're actually doing now is we are growing an order backlog. And then the next challenge and the goal, obviously, that we then have for the remaining quarters for this year is to make sure that we start converting that order backlog at a faster pace, and that is definitely our goal. We continue to grow our customer base and build what we believe will be a sustainably growing business in the midterm.

所以我們現在實際上正在做的是我們正在增加訂單積壓。然後下一個挑戰和目標，顯然，我們今年剩餘季度的目標是確保我們開始以更快的速度轉換積壓的訂單，這絕對是我們的目標。我們將繼續擴大我們的客戶群，並建立我們認為在中期可持續增長的業務。

And if you recall the previous slide on the campus wireless opportunity I was talking about here is -- and not only campus, but also private wireless in general, including wide area also, we continued our good pace of growth in those segments. We increased with 30 new customers from 420 to 450 during the quarter.

如果您還記得我在這裡談論的關於校園無線機會的上一張幻燈片 - 不僅是校園，還有一般的私人無線，包括廣域網，我們在這些領域繼續保持良好的增長速度。我們在本季度增加了 30 個新客戶，從 420 個增加到 450 個。

So we continue to focus in the Enterprise segment. Our goal continues to be that in the coming years, the relative share of enterprise of our all sales will grow, meaning that it will grow faster than the service provider side of the business.

因此，我們繼續專注於企業領域。我們的目標仍然是在未來幾年內，企業在我們所有銷售額中的相對份額將增長，這意味著它將比業務的服務提供商方面增長得更快。

So ladies and gentlemen, with that, I would like to hand over to Marco.

所以女士們，先生們，我想把這個交給馬可。

Thank you, Pekka, and hello from my side as well. I will give a little bit more flavor on the financials. And starting with the top line development, as Pekka mentioned, we had 1% growth on constant currency basis. And if you look at the different geographies, what has happened, starting with Asia Pacific, you can see the 15% growth there, and this was growth in all business groups. While North America, that was driven by network infrastructure.

謝謝你，Pekka，我這邊也你好。我將在財務方面提供更多的風味。正如 Pekka 提到的，從頂線發展開始，我們在固定貨幣基礎上增長了 1%。如果你看看不同的地區，發生了什麼，從亞太地區開始，你可以看到那裡 15% 的增長，這是所有業務部門的增長。而在北美，這是由網絡基礎設施推動的。

And if you look at the Europe growth, 2%, we actually had a very good growth in mobile networks. But also in Europe, we actually record the revenues from technologies. And as you saw, Pekka showed as well that we have a decline of 17%, and this is actually offsetting the good growth that we had in mobile networks, but also optical and IP had some decline in Europe.

如果你看一下歐洲 2% 的增長，我們實際上在移動網絡方面的增長非常好。但同樣在歐洲，我們實際上記錄了技術收入。正如你所看到的，Pekka 也表明我們下降了 17%，這實際上抵消了我們在移動網絡方面的良好增長，但光學和 IP 在歐洲也有所下降。

Then if we look at the red ones, starting with Latin America. And actually, in Latin America, all business groups, but also the business division within network infrastructure, optical, IP and FN, fixed networks, they all grew in Latin America. The only one that didn't was submarine, submarine business that is more project-based business and they do certain projects going from region to region, and that's where we saw the decline in Latin America.

然後，如果我們看看紅色的，從拉丁美洲開始。實際上，在拉丁美洲，所有業務部門，以及網絡基礎設施、光纖、IP 和 FN、固定網絡中的業務部門，都在拉丁美洲增長。唯一沒有的是潛艇業務，潛艇業務更多是基於項目的業務，他們做某些項目從一個地區到另一個地區，這就是我們看到拉丁美洲下降的地方。

And then lastly, I just want to highlight, India as you see, minus 24%. And the reason here is more timing issue. As you all know, the rollout of 5G will happen later this year.

最後，我只想強調一下，如您所見，印度為負 24%。這裡的原因是更多的時間問題。眾所周知，5G 將在今年晚些時候推出。

And then going over to operating margin development. And I would say that we had a good development in Q1. I'm very pleased to see the mobile networks operating margin expansion of 410 basis points. We had a very strong gross margin development, while we also invested in R&D at the same time.

然後轉到營業利潤率發展。我會說我們在第一季度取得了良好的發展。我很高興看到移動網絡運營利潤率擴大了 410 個基點。我們的毛利率發展非常強勁，同時我們也投資於研發。

The next area, network infrastructure with a small operating profit growth, while operating margin had a decline of 90 basis points, just like Pekka mentioned, and this is where we invest in R&D as well, but also the absence of the one-off in other operating income last year. CNS 570 basis point expansion in the operating margin is a great achievement. And it's good to see that also here, we had a very good year improvement, and this was expansion on gross margins.

下一個領域，網絡基礎設施，營業利潤增長很小，而營業利潤率下降了 90 個基點，就像 Pekka 提到的那樣，這也是我們投資研發的地方，但也沒有一次性去年其他營業收入。 CNS 570 個基點的營業利潤率擴張是一項了不起的成就。很高興在這裡看到，我們的年度改進非常好，這是毛利率的擴大。

Then we have 2 areas where we saw the offset of these good developments, and technologies is one of those. And of course, there is more delays in the revenues and because of those litigations and negotiations that we had with 2 customers. And the other one is the group common. Last year, we had in our venture funds, EUR 90 million income. And this year, in quarter 1, we have EUR 40 million. So this is the big impact here.

然後我們在兩個領域看到了這些良好發展的抵消，技術就是其中之一。當然，由於我們與 2 位客戶的訴訟和談判，收入方面存在更多延遲。另一個是普通組。去年，我們的風險基金獲得了 9000 萬歐元的收入。今年，在第一季度，我們有 4000 萬歐元。所以這是這裡的重大影響。

And then if you look at our cash performance, we had a good performance in quarter 1, we generated EUR 326 million free cash flow, and this is mainly coming from a strong adjusted profits. But also, you can see a positive impact from our net working capital. And here, of course, in quarter 4 when we have a higher sales, part of that is collected in Q1 so that's why the trade receivables had declined in Q1 and gave a positive impact of EUR 350 million.

然後如果你看看我們的現金表現，我們在第一季度的表現很好，我們產生了 3.26 億歐元的自由現金流，這主要來自於強勁的調整後利潤。而且，您也可以看到我們的淨營運資金帶來的積極影響。當然，在第 4 季度，當我們的銷售額較高時，其中一部分是在第一季度收集的，這就是為什麼貿易應收賬款在第一季度下降並產生了 3.5 億歐元的積極影響。

Offsetting that was that we actually increased our inventories about EUR 200 million. And this is just like we mentioned earlier, we want to build some buffers considering the supply chain constrained situation where we are. And also in Q1, we initiated the share buyback program and so far in Q1, we actually purchased about 10.5 million shares, and that's about 50 million impact in Q1.

抵消這一點的是，我們實際上增加了大約 2 億歐元的庫存。這就像我們之前提到的，考慮到我們所處的供應鏈受限情況，我們想建立一些緩衝。同樣在第一季度，我們啟動了股票回購計劃，到目前為止，我們實際上在第一季度購買了大約 1050 萬股，這在第一季度產生了大約 5000 萬股影響。

Just looking forward when it comes to Q2, keep in mind that in Q2, cash flow will be impacted by the outflows related to employee variable pay. And that's why the quarter 2 cash flow will be different. Then if we go to market outlook and how the market has been changed, we've done 2 main changes here, and this is affecting that the market is now growing about 4% instead of 3 and the 2 adjustments that we've made here is actually in the first, we see a better market in North America, especially in mobile networks area.

只是展望第二季度，請記住，在第二季度，現金流將受到與員工可變薪酬相關的流出的影響。這就是為什麼第二季度的現金流會有所不同。然後，如果我們去看看市場前景和市場是如何變化的，我們在這裡做了 2 個主要的變化，這影響到市場現在增長了大約 4%，而不是我們在這裡所做的 3 個和 2 個調整實際上是在第一個，我們看到北美有更好的市場，尤其是在移動網絡領域。

And this is slightly offset by other adjustment we made, and that's the situation in Russia, Ukraine. And the outcome of these 2 adjustment is that mobile networks market is now expected to increase by 4% instead of 3, while the CNS market is expected to grow 4% instead of 5%. And here, you can see in the CNS area that the Russia-Ukraine is impacting slightly. But our ambition remains to grow faster than the market.

這被我們所做的其他調整略微抵消了，這就是俄羅斯、烏克蘭的情況。而這2次調整的結果是移動網絡市場現在預計增長4%而不是3%，而CNS市場預計增長4%而不是5%。在這裡，您可以在中樞神經系統領域看到俄羅斯-烏克蘭受到輕微影響。但我們的雄心仍然是增長快於市場。

And then just looking to outlook and our guidance a little bit more detail, first of all, I want to emphasize that demand environment continues to be very strong, while the supply chain and inflation challenges remain as well we are confident that we can deliver our chosen turning outlook. So like Pekka also referred to COVID situation in China, that could pose some short-term challenges, considering the lockdowns we've seen there, but we do not expect that to impact out full year.

然後只是看一下前景和我們的指導更詳細一點，首先，我想強調需求環境仍然非常強勁，而供應鍊和通貨膨脹挑戰仍然存在，我們有信心我們可以交付我們的選擇轉向前景。因此，就像 Pekka 也提到了中國的 COVID 情況，考慮到我們在那裡看到的封鎖，這可能會帶來一些短期挑戰，但我們預計這不會影響全年。

Overall, our outlook is unchanged. And the only change that we've done is adjusting the top line guidance because of the FX movements during the quarter. So it's a EUR 300 million adjustment. So now the top line is expected to be between EUR 22.9 billion to EUR 24.1 billion while the operating margin and cash flow are the same.

總體而言，我們的展望沒有改變。我們所做的唯一改變是調整頂線指引，因為本季度的外匯變動。所以這是一個 3 億歐元的調整。因此，現在預計收入將在 229 億歐元至 241 億歐元之間，而營業利潤率和現金流量是相同的。

And then just to give you a reminder of our guidance and how we have built it up, if we start from 2021 operating margin which ended up at 12.5%, and we had about 150 basis points of one-offs in that. So the comparable starting point is actually 11%. But we expect that the sales growth and the operational improvements that we are working on will actually offset the inflation and supply chain challenges that we see and also our investments in R&D.

然後只是提醒您我們的指導以及我們如何建立它，如果我們從 2021 年的營業利潤率開始，最終達到 12.5%，我們有大約 150 個基點的一次性。因此，可比較的起點實際上是 11%。但我們預計，我們正在努力實現的銷售增長和運營改進實際上將抵消我們看到的通貨膨脹和供應鏈挑戰以及我們在研發方面的投資。

So with that, I thank you for my part, and turn you back to David.

因此，我感謝你的貢獻，並讓你回到大衛。

Thank you, Marco, and thank you, Pekka, as well for the presentations. Before we move to the Q&A session, I just wanted to give you all another date for your dairies. I'm pleased to announce that on the 16th of June, we'll be holding our next progress update presentation, this time focusing on our cloud and network services business. Details of that will be sent out shortly.

謝謝你，Marco，謝謝你，Pekka，也謝謝你的演講。在我們進入問答環節之前，我只是想再給你們一個奶製品的日期。我很高興地宣布，我們將在 6 月 16 日舉行下一次進度更新演示，這次將重點介紹我們的雲和網絡服務業務。詳細信息將很快發出。

With that, let's move to the Q&A. (Operator Instructions). With that, Rachel, could you please give the instructions for the Q&A?

有了這個，讓我們進入問答環節。 （操作員說明）。有了這個，瑞秋，你能給出問答的說明嗎？

(Operator Instructions) I'll now hand over to Mr. David Mulholland.

（操作員說明）我現在將移交給 David Mulholland 先生。

Thank you, Rachel. We'll take our first question from Alex Duval from Goldman Sachs.

謝謝你，雷切爾。我們將向高盛的亞歷克斯·杜瓦爾提出第一個問題。

Congratulations on the strong results. Firstly, just on gross margins in mobile, you saw very robust profitability there on the gross margin level, allowing you to deliver strong profits despite some of the suppliers you referenced I wondered if you could talk a little bit more about the key drivers of the strength there. To what degree are we thinking about things like product quality advances or cost structure? And can you contextualize a bit how important the restock story is in mobile as part of that?

祝賀你取得了不錯的成績。首先，僅就移動業務的毛利率而言，您在毛利率水平上看到了非常強勁的盈利能力，儘管您提到了一些供應商，但您仍能提供可觀的利潤我想知道您是否可以多談談那裡的力量。我們在多大程度上考慮產品質量提升或成本結構等問題？作為其中的一部分，您能否具體說明補貨故事在移動設備中的重要性？

Well, absolutely, as we have said many times, the ReefShark story is absolutely essential in this. Now the share was 82% in Q1, and we are on track towards 100% by the end of this year. But I would like to highlight is actually during the presentation as well. In addition to that, the other side of the story is the structural development we have inside the services part of the Mobile Networks business where we are transitioning from lower-margin deployed services towards higher-margin care and maintenance services using maximally the new technologies, artificial intelligence, automatic fault detection, automated network optimization and so on. This is the other part of the -- also, I would call a technology story in addition to ReefShark.

好吧，當然，正如我們多次說過的那樣，ReefShark 的故事在這方面絕對是必不可少的。現在第一季度的份額為 82%，我們有望在今年年底前達到 100%。但我想強調的實際上也是在演示期間。除此之外，故事的另一面是我們在移動網絡業務的服務部分內部的結構性發展，我們正在從利潤率較低的部署服務過渡到最大限度地使用新技術的利潤率較高的護理和維護服務，人工智能、自動故障檢測、自動網絡優化等。這是除 ReefShark 之外的另一部分 - 另外，我將其稱為技術故事。

Just very briefly, you obviously had a strong beat on EBIT in the quarter. But if I look at the sort of full year uplift in terms of what you're implying on a sort of fiscal year basis, you implicitly haven't sort of raised the other quarters. I just wondered if you could give any sort of context around that. Obviously, you realize you're early in the year, but any thoughts there would be helpful.

簡而言之，您顯然在本季度的息稅前利潤上表現強勁。但是，如果我根據您在某種財政年度的基礎上所暗示的內容來看待全年的增長，那麼您隱含地並沒有提高其他季度。我只是想知道您是否可以就此提供任何背景信息。顯然，你意識到你在年初，但任何想法都會有所幫助。

We don't really have any new thoughts on that. Of course, we never guided for an individual quarter. So we are looking at full year guidance, which we are keeping unchanged. This was a good start to the year, but as I said, the supply chain tightness continues and so on. We have to also be careful and understand that the work needs to continue. We have not changed our full year outlook.

我們對此並沒有任何新的想法。當然，我們從來沒有為單個季度提供指導。因此，我們正在關注全年指導，我們將保持不變。這是今年的一個良好開端，但正如我所說，供應鏈緊張仍在繼續，等等。我們還必須小心並理解工作需要繼續。我們沒有改變我們的全年展望。

Thank you, Alex. We'll take our next question from Francois Bouvignies from UBS.

謝謝你，亞歷克斯。我們將向瑞銀的弗朗索瓦·布維尼 (Francois Bouvignies) 提出下一個問題。

2 quick ones. The first one maybe is to zoom on the mobile network. So when you look at the performance in Q1, the revenue was down 4% at constant currency. And you actually increased your TAM market to 4% for the full year, if I'm not mistaken. So my question is it would imply a significant acceleration going forward from the level of Q1.

2個快速的。第一個可能是放大移動網絡。因此，當您查看第一季度的業績時，按固定匯率計算，收入下降了 4%。如果我沒記錯的話，你實際上將你的 TAM 市場全年增加到 4%。所以我的問題是，這將意味著從第一季度的水平開始顯著加速。

So can you help us understand the visibility that you have on this acceleration? And maybe as Q1 was particularly impacted by supply, how confident are you, you will get the supply to catch up with the TAM growth for the full year, if that makes sense? And then I will have a quick follow-up.

那麼您能幫助我們了解您對這種加速的了解嗎？也許由於第一季度特別受到供應的影響，你有多大信心，你會讓供應趕上全年 TAM 的增長，如果這有意義的話？然後我將進行快速跟進。

Yes, thank you. And if I start when it comes to the mobile networks growth for this year, we are quite confident that we will have a growth this year for the mobile networks. Of course, there's always timing issues and phasing issues in different customers and geographies as well. But we see a very robust and good market that is supporting us and also, we believe that the competitiveness that we have been working on quite heavily in the past 18 months is supporting us in this. And since 2020 negotiations, we actually haven't lost any more footprint. We actually have gained. And just like I showed that in Europe, we had a very good growth, and this is thanks to those gains that we have had in Europe also when suppliers had been chasing their vendor base.

是的，謝謝。如果我從今年的移動網絡增長開始，我們非常有信心今年移動網絡將實現增長。當然，在不同的客戶和地區也總是存在時間問題和階段問題。但是我們看到一個非常強大和良好的市場正在支持我們，而且我們相信，我們在過去 18 個月中一直在大力發展的競爭力正在支持我們。自 2020 年談判以來，我們實際上並沒有失去任何足跡。我們實際上已經有所收穫。就像我在歐洲展示的那樣，我們的增長非常好，這要歸功於我們在歐洲獲得的收益，同時供應商也一直在追逐他們的供應商基礎。

Yes, I mean it's just the capacity side. I mean you have a good visibility on your capacity for -- because there's been a constraint. So is that improved to support the growth going forward?

是的，我的意思是這只是容量方面。我的意思是你對你的能力有很好的了解——因為有一個限制。那麼，這是否有所改善以支持未來的增長？

Yes, I would say that we have capacity and factory capacity, if you mean that. Our sub-suppliers, they are not constrained in the capacity itself, so there, we have much more flexibility than compared to, for example, semiconductor supply situation.

是的，如果你是這個意思，我會說我們有能力和工廠能力。我們的次級供應商，他們不受產能本身的限制，因此與半導體供應情況相比，我們擁有更大的靈活性。

Thank you, Francois. And we'll take our next question from Simon Leopold from Raymond James.

謝謝你，弗朗索瓦。我們將向雷蒙德詹姆斯的西蒙利奧波德提出下一個問題。

Last quarter, you identified some hurdles limiting your ability to raise prices. I'd like to see if we could revisit this topic to gain maybe a better understanding of where you might see pockets of opportunities, maybe digging into some of the particular segments like routing as an example. And if you're not able to raise prices, but you are maintaining this operating margin outlook, I'd like to better understand what you're doing to offset the inflation for input costs if it's not about price increases?

上個季度，您發現了一些限制您提價能力的障礙。我想看看我們是否可以重新討論這個主題，以更好地了解您可能會在哪裡看到大量機會，也許可以深入研究一些特定的細分市場，例如路由。如果你不能提高價格，但你保持這種營業利潤率前景，我想更好地了解你在做什麼來抵消投入成本的通脹，如果不是關於價格上漲？

Well, obviously, in that full year outlook, we have taken into account everything we know and understand and assume on both the input cost development and then the actual technology competitiveness and product cost development. And it's always kind of a product of this to the product technology development continues, and every new technology generation that we bring to the market structurally lowers the cost of the network.

好吧，顯然，在全年展望中，我們已經考慮了我們所知道、理解和假設的一切，包括投入成本的發展以及實際的技術競爭力和產品成本的發展。它總是這種產品技術發展的產物，我們向市場推出的每一代新技術都會在結構上降低網絡成本。

So that is 1 thing. But then, of course, as we all know, there is strong inflationary pressure in the world at the moment, and we are seeing increases in input costs. And of course, in new deals that we are pricing, in every single new deal, we embed all the information that we have on the technology competitiveness, input cost, and then in that particular customer situation, our relative competitiveness vis-a-vis competition.

所以這是一件事。但是，當然，眾所周知，目前世界上存在強大的通脹壓力，我們看到投入成本在增加。當然，在我們定價的新交易中，在每筆新交易中，我們都會嵌入我們擁有的關於技術競爭力、投入成本的所有信息，然後在特定的客戶情況下，我們的相對競爭力競賽。

And it's -- all this needs to be factored in into pricing in our business because this is, in most segments, especially mobile networks business, which does not have a very well established, in a way, global market price. Every single deal is usually separately price negotiated. And I can assure you that in all new deals that we are making, we are putting in all the input cost increases that we have seen.

這是 - 所有這些都需要考慮到我們業務的定價中，因為在大多數細分市場，尤其是移動網絡業務中，這在某種程度上沒有非常成熟的全球市場價格。每筆交易通常單獨協商價格。我可以向你保證，在我們正在進行的所有新交易中，我們都會投入我們所看到的所有投入成本增加。

And of course, this goes, I believe, the whole industry that everybody has an interest and an intention to pass on as much of the input cost increases on to customer prices as possible. And again, in this 11% to 13.5% comparable margin forecast that we have for this year, we have taken into account everything we know about this.

當然，我相信，每個人都感興趣並打算將盡可能多的投入成本增加轉嫁給客戶價格的整個行業都是如此。同樣，在我們對今年 11% 至 13.5% 的可比利潤率預測中，我們已經考慮了我們所知道的一切。

And in markets like routing where you are the dominant player, essentially my impression is you're matching the price offers or the price increases that others in a sector like fixed access where you are a dominant player in many markets. Essentially, what you have said, and I want to confirm this, if you set price on new deals based on the higher input costs, but you're not retroactively raising price on existing contracts. That's the key point. I just want to confirm.

在像路由這樣的市場中，您是主導者，基本上我的印像是，您正在與固定接入等行業中的其他人匹配價格報價或價格上漲，您在許多市場中是主導者。從本質上講，你所說的，我想確認這一點，如果你根據更高的投入成本為新交易設定價格，但你不會追溯提高現有合同的價格。這是關鍵點。我只是想確認一下。

Typically, it's -- and I guess this is easy to understand that it's much easier to raise prices in new contracts than in existing contracts. Of course, we have an interest in all our customer discussions to make sure that we defend our margins. And it's actually quite straightforward. The stronger your technology competitiveness is, the stronger pricing power you have and we have seen strong technology competitiveness.

通常，這是 - 我想這很容易理解，在新合同中提高價格比在現有合同中容易得多。當然，我們對所有客戶討論都感興趣，以確保我們捍衛我們的利潤。它實際上非常簡單。您的技術競爭力越強，您的定價能力就越強，我們已經看到了強大的技術競爭力。

In routing, obviously, it's now further strengthened through FP5 and also in fixed access, especially on the optical line terminal side, first in PON, then GPON and now quickly transitioning to 10 gigabit symmetrical XGS PON and even gradually to 25G PON that is a segment where we have pretty strong competitive -- technology competitiveness, market position and hence, also pricing power.

在路由方面，很明顯，現在通過FP5進一步加強，在固定接入方面，特別是在光線路終端側，先是PON，然後是GPON，現在迅速過渡到10G對稱XGS PON，甚至逐漸過渡到25G PON，這是一個我們擁有相當強大競爭力的細分市場——技術競爭力、市場地位以及定價能力。

On we'll take our next question from Alexander Peterc from Societe Generale.

我們將向法國興業銀行的 Alexander Peterc 提出下一個問題。

Could you perhaps give us a bit of a quantification of the headwinds that you experienced in Q1? What was the euro amount of sales you missed as a result of constraints? And do you expect to catch up in future periods for the sales or are they simply lost? And also the shortages affect mobile networks as well as network infrastructure divisions in equal proportions?

您能否對您在第一季度遇到的不利因素進行一些量化？由於限制，您錯過了多少歐元的銷售額？您是否希望在未來一段時間內趕上銷售，或者他們只是失去了？並且短缺是否同樣影響移動網絡以及網絡基礎設施部門？

We are not quantifying that impact. We did highlight that it was meaningful. And we can confirm that the 1% top line growth would have been higher without this constraint. But again, on a full year basis, we are confident that we are able to deliver, including the semiconductor situation, which continues tight at the moment but there are signs that at least give us reason to hope that the situation would improve in the second half of the year.

我們沒有量化這種影響。我們確實強調了它是有意義的。我們可以確認，如果沒有這個限制，1% 的收入增長會更高。但同樣，在全年的基礎上，我們有信心能夠交付，包括半導體形勢，目前仍然緊張，但有跡象表明，至少讓我們有理由希望情況會在第二年有所改善半年。

But then again, as Marco highlighted, right now or actually since the end of March, there have been lock-downs in the Shanghai region. We do have contract manufacturing there. Now they are receiving gradually permissions to start opening up again. I mean these are some of the short-term risk factors. But again, we do not expect this to affect our full year performance.

但話又說回來，正如 Marco 強調的那樣，現在或實際上自 3 月底以來，上海地區一直處於封鎖狀態。我們在那裡有合同製造。現在他們正在逐漸獲得重新開始開放的許可。我的意思是這些是一些短期風險因素。但同樣，我們預計這不會影響我們的全年業績。

Just a quick follow-up. Interested on the mobile network services, where you noted the shift to more high-value added contracts and technologies ordered with less network rollout. Is this a structural shift there? And we should expect this positive development going forward? Or is it just a Q1 event?

只是快速跟進。對移動網絡服務感興趣，您注意到在網絡部署較少的情況下訂購了更多高附加值的合同和技術。這是那裡的結構性轉變嗎？我們應該期待這種積極的發展嗎？還是只是 Q1 活動？

It's not a Q1 event only. This is a structural shift that we are actually actively driving.

這不僅僅是第一季度的活動。這是我們實際上正在積極推動的結構性轉變。

Thank you, Alex. And we'll take our next question from Andrew Gardiner from Citi.

謝謝你，亞歷克斯。我們將向花旗的 Andrew Gardiner 提出下一個問題。

If I could start with a follow-up actually to the point you were just making with Alex there. On the services side, at a time when the industry is deploying 5G, how are you able to move away from deployment services without actually negatively impacting your Networks business? Or I suppose, put another way, is it a case of just layering on additional higher-margin services on top of the existing deployment business, and therefore, the mix is changing in that way.

如果我可以從你剛剛與亞歷克斯那裡進行的後續跟進開始。在服務方面，當行業正在部署 5G 時，您如何能夠擺脫部署服務而不會對您的網絡業務產生實際負面影響？或者我想，換一種說法，是否只是在現有部署業務的基礎上增加額外的高利潤服務，因此，這種組合正在以這種方式發生變化。

I would say that we are -- it's actually both. But when we are driving this shift, obviously, it is then seen in how we tactically approach deals and how we price the different parts of the contracts. And of course, we have an interest to optimize the margin structures of our contracts, and we are just simply seeing that in some cases having less appetite in the deal-making for deployed services, especially if the margins are extremely low is a good decision.

我會說我們是——實際上兩者都是。但是，當我們推動這種轉變時，很明顯，我們如何從戰術上處理交易以及我們如何為合同的不同部分定價。當然，我們有興趣優化合同的保證金結構，我們只是看到在某些情況下，對部署服務的交易興趣不大，尤其是在保證金極低的情況下是一個不錯的決定.

But again, every customer situation is different and there are differences in as to how connected in the deal, the deploy services, future care services and then the physical network itself, how tightly connected, those different elements of the deal are and that then, of course, affects the pricing tactics of each deal.

但同樣，每個客戶的情況都是不同的，交易中的連接方式、部署服務、未來護理服務以及物理網絡本身、連接的緊密程度、交易的不同元素以及然後，當然，會影響每筆交易的定價策略。

So if I could ask my final question now is on the technology side, I'm just interested in sort of what's changed in the last 2.5 months or so since you gave us the initial guidance where you didn't really reference any of the license expiries or negotiations or litigation. I presume that at that stage of the year, you obviously already knew about what was happening.

所以如果我現在可以問我的最後一個問題是在技術方面，我只是對過去 2.5 個月左右發生的變化感興趣，因為你給了我們最初的指導，你沒有真正參考任何許可證到期或談判或訴訟。我想在這一年的那個階段，你顯然已經知道發生了什麼。

So why the change in language around the outlook at this point? And I suppose also, oftentimes, when we get these negotiations, I think you in the past and other companies have decided to just exclude that piece of IPR from your guidance. Are you not compromising your negotiating position by sort of having an inherent assumption in that moment?

那麼，為什麼此時圍繞前景的語言發生了變化？而且我想，通常，當我們進行這些談判時，我認為您過去和其他公司已決定將知識產權排除在您的指導之外。你不是因為在那一刻有一種固有的假設而損害了你的談判立場嗎？

And I believe that we mentioned also in the fall that we had a litigation with OPPO, and we have publicly talked about that. So that's been in the cart all the time. And it's always difficult to know exactly what is the timing of these negotiations and when we come to a conclusion and signing of the deal. But all of this has been in our guidance build up as well.

而且我相信我們在秋天也提到了我們與 OPPO 的訴訟，我們已經公開談論過這一點。所以它一直在購物車裡。而且總是很難確切地知道這些談判的時間安排以及我們何時達成和簽署協議。但所有這些也都在我們的指導中建立起來。

And of course, we believe that we can sign those agreements during this year. But I have to be very clear here that we are not in any way, risking our quality of the deals by getting some specific timeline here. But we believe that our portfolio is very robust and our technologies are very good. So we have a high belief in those.

當然，我們相信我們可以在今年簽署這些協議。但我必須在這裡非常清楚，我們絕不會通過在此處獲取一些特定的時間表來冒險我們的交易質量。但我們相信我們的產品組合非常強大，我們的技術非常好。所以我們對這些有很高的信心。

And actually, nothing else has changed here. It's just that the timing, it takes longer time. And this is quite normal business for technologies. This is what they are doing actually continuously. We have different deals coming to end, and we always renew those. And negotiations take different timeframes.

實際上，這裡沒有其他任何變化。只是時機，需要更長的時間。這對於技術來說是很正常的事情。這就是他們實際上一直在做的事情。我們有不同的交易即將結束，我們總是更新這些交易。談判需要不同的時間框架。

And again, maybe just to confirm what we said earlier since you used the word guidance, so we have not changed our full year outlook in terms of the group profitability. So it remains the same despite the situation in tech having had a weaker Q1.

再說一次，也許只是為了確認我們之前所說的，因為你使用了指導這個詞，所以我們沒有改變我們對集團盈利能力的全年展望。因此，儘管第一季度科技股表現疲軟，但它仍然保持不變。

And it's better to defend the value of the portfolio that we have instead of trying to get a signature as fast as possible.

最好捍衛我們擁有的投資組合的價值，而不是試圖盡快獲得簽名。

Thank you, Andrew. We'll take the next question from Ben Harwood from New Street Research.

謝謝你，安德魯。我們將回答來自 New Street Research 的 Ben Harwood 的下一個問題。

Just on the enterprise market and what you called out today is private wireless. So we just want to know how competitive dynamics is shaping up in the market going forward. You've obviously got a strong position today, but you have IT companies like Cisco and Dell and also hyperscalers or anything in the market. So how do you see that evolving? And how do you think you can compete with a go-to-market strategy there?

就在企業市場上，您今天所說的是私有無線。因此，我們只想知道未來市場的競爭動態是如何形成的。你今天顯然擁有強大的地位，但你有思科和戴爾這樣的 IT 公司，還有超大規模公司或市場上的任何東西。那麼您如何看待這種演變？您認為如何與那裡的市場進入戰略競爭？

That's a highly relevant and topical question because there has been a lot of announcements on the private wireless side at the moment. We believe we are the market leader, and this has been confirmed by third-party research houses as well. So that is the starting position. We are increasing our investment, both on the R&D side and on the go-to-market side.

這是一個高度相關和熱門的問題，因為目前在私人無線方面有很多公告。我們相信我們是市場領導者，這也得到了第三方研究機構的證實。所以這是起始位置。我們正在增加研發方面和上市方面的投資。

And unlike in mobile networks or in wide area private networks for utilities, for example, this is a segment where distribution channels and various types of partnerships are really the name of the game. And in addition to us selling directly to end users, we often partner. Sometimes we partner with service providers, we can partner with an IT distribution company, or we could even partner through selling technology platforms to some of the other players in the industry.

例如，與移動網絡或公用事業的廣域專用網絡不同，這是一個分銷渠道和各種類型的合作夥伴關係真正成為遊戲名稱的細分市場。除了我們直接向最終用戶銷售外，我們還經常合作。有時我們與服務提供商合作，我們可以與 IT 分銷公司合作，或者我們甚至可以通過向業內其他一些參與者銷售技術平台來合作。

And we are really deploying multiple different business models and different channels to this. And I do not want to mention any or highlight specifically any of the names that you mentioned, but we should assume that in some of these announcements that have been out there of companies that are typically not mobile network players when they announce a wireless, campus wireless or private wireless, they often assume that they will have technology partnerships in their final delivery.

我們確實為此部署了多種不同的商業模式和不同的渠道。我不想提及或特別強調您提到的任何名稱，但我們應該假設，在這些公告中，有些公司在宣布無線、校園網時通常不是移動網絡參與者無線或私有無線，他們通常認為他們將在最終交付中建立技術合作夥伴關係。

Thanks, Ben. We'll take the next question from Sami Sarkamies from Danske Bank.

謝謝，本。我們將回答來自 Danske Bank 的 Sami Sarkamies 的下一個問題。

You mentioned that there is another IP licensing agreement in addition to OPPO that has expired at the end of last year. Are you expecting a return to the earlier 1.4, 1.5 billion run rate, if you're able to renew those agreements at previous rates, or does that require improved rates or new licensing customers?

你提到，除了去年年底到期的OPPO之外，還有一個IP授權協議。如果您能夠以以前的費率續簽這些協議，您是否期望恢復到之前的 1.4、15 億運行率，或者這是否需要提高費率或新的許可客戶？

We believe that we are returning back to 1.4, 1.5 run rate, and this is in our guidance as well. Remember that we also had 1 customer that exited the device side, but we've been quite successful in automotive. Also, if you look at consumer electronics side and also we are working on IoT side to get new customers, to see what opportunities we have going forward. And we have guided on the technology side that, that would be stable year-on-year. And we believe that, that's going to be the case this year as well.

我們相信我們正在恢復到 1.4、1.5 的運行率，這也在我們的指導中。請記住，我們也有 1 個客戶退出了設備端，但我們在汽車領域非常成功。此外，如果你看看消費電子方面，我們也在物聯網方面努力吸引新客戶，看看我們有什麼機會前進。我們已經在技術方面指導，這將與去年同期相比保持穩定。我們相信，今年也將如此。

Any color on how those discussions are progressing? I guess there is litigation with OPPO, but what about the other party.

這些討論進展如何？我猜想和OPPO有訴訟，但對方呢。

Yes, unfortunately, I don't want to go into the ongoing negotiations and exactly how they're proceeding. And we are negotiating with these bodies. And whenever we have new information, we will give that to you and keep you updated on these issues as well.

是的，不幸的是，我不想深入討論正在進行的談判以及他們究竟是如何進行的。我們正在與這些機構進行談判。每當我們有新信息時，我們都會將其提供給您，並讓您及時了解這些問題。

Thank you, Sam. And we will take our next question from Sandeep Deshpande from JPMorgan.

謝謝你，山姆。我們將向摩根大通的 Sandeep Deshpande 提出下一個問題。

My question is -- 2 quick questions. Firstly, on the enterprise market. I mean, you just mentioned in the earlier question that you've got -- you are market leader, you're announcing a lot of deals, but your enterprise revenues are still down year-on-year. Maybe we can have a further understanding into that enterprise revenues.

我的問題是—— 2 個快速問題。首先，在企業市場上。我的意思是，你剛剛在前面的問題中提到過——你是市場領導者，你宣布了很多交易，但你的企業收入仍然同比下降。或許我們可以對企業收入有更進一步的了解。

The second question is on the gross margin in mobile networks, clearly incredibly strong. You're already at 82% restock. So is there further upside in that gross margin given how far you've now gone in terms of changing the product within the -- changing the chips within the -- within the base stations? So I'm trying to understand further flex on the gross margin.

第二個問題是關於移動網絡的毛利率，顯然非常強勁。你已經有 82% 的補貨了。那麼考慮到您現在在改變基站內的產品 - 改變基站內的芯片方面已經走了多遠，那麼毛利率是否還有進一步的上升空間？所以我試圖了解毛利率的進一步變化。

Okay. Thank you, Sandeep. Enterprise first, I mean, now I'm repeating myself. But of course, minus 7% top line in the quarter does not even close meet our targets. But again, this is more an order backlog conversion issue. We do have the orders, we have a very strong order book. And also in Q1, orders continued to grow double digit. Of course, private wireless is only 1 part, as I explained, and we have the NI verticals and including governments, and then we have webscalers as well.

好的。謝謝你，桑迪普。企業第一，我的意思是，現在我在重複自己。但當然，本季度負 7% 的收入甚至無法接近我們的目標。但同樣，這更多的是訂單積壓轉換問題。我們確實有訂單，我們有一個非常強大的訂單。同樣在第一季度，訂單繼續以兩位數增長。當然，正如我所解釋的，私有無線只是其中的一部分，我們有 NI 垂直領域，包括政府，然後我們也有網絡縮放器。

And there is always some lumpiness in some of these deals. But the overall development in terms of orders and market position continues to look promising. So we are not giving up a bit on our target that we would make the enterprise segment grow faster than the service provider segment. Then the mobile network gross margin, obviously, ReefShark is one key driver there.

其中一些交易中總是存在一些混亂。但就訂單和市場地位而言，整體發展仍然看好。因此，我們並沒有放棄我們的目標，即我們將使企業部門的增長速度快於服務提供商部門。然後是移動網絡毛利率，顯然，ReefShark 是其中的一個關鍵驅動因素。

There is still works to do there. But of course, now once we -- I mean this ReefShark percentage will very soon lose its relevance. And once it loses its relevance, we will also, of course, stop reporting it. Then the development will continue, there will be new generations of silicon that are in the pipeline, continuously new generations of software. And of course, our goal is to continue to develop our technology positions so as to maximize the gross margin. This is one of the drivers of the gross margin, of course. Then the other one is which we already discussed is the service part of the business where we are driving the business towards higher share of higher-margin services.

那裡還有工作要做。但是，當然，現在一旦我們 - 我的意思是這個 ReefShark 百分比將很快失去它的相關性。一旦它失去相關性，我們當然也將停止報告它。然後開發將繼續，將會有新一代的芯片在流水線中，不斷有新一代的軟件。當然，我們的目標是繼續發展我們的技術地位，以最大限度地提高毛利率。當然，這是毛利率的驅動因素之一。然後另一個是我們已經討論過的業務的服務部分，我們正在推動業務朝著更高利潤服務的更高份額發展。

And then, of course, one thing which is also important the gross margin is volume because of the leverage that you are getting on your fixed production overhead. So the more volume we are able to get, that also then supports gross margin going forward.

然後，當然，毛利率也很重要的一件事是數量，因為您在固定生產開銷上獲得了槓桿作用。因此，我們能夠獲得的銷量越多，這也將支持未來的毛利率。

Thank you, Sandeep. We'll take our next question from Paul Silverstein from Cowen.

謝謝你，桑迪普。我們將向 Cowen 的 Paul Silverstein 提出下一個問題。

I want to ask you about network infrastructure. And while it sure doesn't sound like there's any reason for concern, understandably, there are a lot of investors who appear to be concerned about macro deterioration translating into softer IT spend, which in turn translates into lower comp service provider CapEx. Are you seeing any signs of softening whatsoever?

我想問你關於網絡基礎設施的問題。雖然聽起來確實沒有任何擔憂的理由，但可以理解的是，有很多投資者似乎擔心宏觀惡化會轉化為 IT 支出疲軟，進而轉化為較低的補償服務提供商資本支出。你有沒有看到任何軟化的跡象？

I missed the first part of the question, but did I understand correctly that it was about the general -- the development of the general economy and how that would potentially affect our markets? Was that the question?

我錯過了問題的第一部分，但我是否正確理解它是關於一般的——一般經濟的發展以及這將如何潛在地影響我們的市場？是這個問題嗎？

That is the question, whether you're seeing any signs...

這就是問題，你是否看到任何跡象......

Yes. I mean, what we are seeing today continues to be strong. Strong orders also in Q1, a strong funnel of new opportunities. There are, of course, 2 sides into this. There is the general technology cycle, and there are reasons to believe that, that continues to be a strong cycle in terms of digitalization, mobile broadband, fixed broadband et cetera, et cetera.

是的。我的意思是，我們今天看到的情況仍然很強勁。第一季度的訂單也很強勁，這是一個強大的新機會漏斗。當然，這有兩個方面。存在一般技術週期，有理由相信，在數字化、移動寬帶、固定寬帶等方面，這將繼續是一個強勁的周期。

But then, of course, the other side is the general economy and the macroeconomic development. And okay, you don't have a crystal ball, we don't have a crystal ball like Marco. Marco has one, but I certainly don't. And we all know that should there be any significant hit to the overall economy.

但是，當然，另一方面是總體經濟和宏觀經濟發展。好吧，你沒有水晶球，我們沒有像 Marco 這樣的水晶球。 Marco 有一個，但我當然沒有。我們都知道，如果整體經濟受到任何重大打擊。

That could affect service providers, investment plans, and that could have a negative effect on us. But it's impossible to speculate on something that you do not know. All we are seeing today continues to be strong. Anything you would like to...

這可能會影響服務提供商、投資計劃，並可能對我們產生負面影響。但是不可能推測你不知道的東西。我們今天所看到的一切繼續強勁。任何你想...

No, I think you covered it well.

不，我認為你覆蓋得很好。

I trust you're limited on what you can say about the Microsoft announcement from last week, but it will be great to get any additional color. If not, specific to Microsoft, you've made it clear that webscale is a big push, cloud in general. You showed the logos, Apple, Google, Microsoft. Any color you can give in terms of where you are penetrating that opportunity more broadly and deeply?

我相信你對上周微軟公告的看法有限，但如果能得到任何額外的顏色，那就太好了。如果不是，具體到 Microsoft，您已經明確表示 webscale 是一個巨大的推動力，一般來說是雲計算。你展示了蘋果、谷歌、微軟的標誌。就你在哪裡更廣泛、更深入地滲透這個機會而言，你可以給出什麼顏色？

Obviously, the webscalers are a very large market, and the Microsoft deal is one important deal. We are also working with other webscalers. These are often deals that take a long time to conclude. And you often need to engage in very detailed technical R&D level discussions that do take time.

顯然，網絡縮放器是一個非常大的市場，與微軟的交易是一項重要交易。我們還與其他網絡縮放器合作。這些通常是需要很長時間才能完成的交易。而且您經常需要進行非常詳細的技術研發級別討論，這確實需要時間。

So we do not want to get ahead of ourselves on this. But this deal with Microsoft is a strong testimony to the competitiveness of our portfolio. But again, these deals at the moment, they are lumpy and they do take time. But this is definitely a segment that we want to build more traction on going forward.

因此，我們不想在這方面超越自己。但與微軟的這筆交易有力地證明了我們產品組合的競爭力。但同樣，這些交易目前是不穩定的，而且確實需要時間。但這絕對是我們希望在未來建立更多牽引力的細分市場。

Thank you, Paul. We'll take our next question from Sebastian Sztabowicz from Kepler Cheuvreux.

謝謝你，保羅。我們將向 Kepler Cheuvreux 的 Sebastian Sztabowicz 提出下一個問題。

On the cycle, we are now almost 4 years into this 5G cycle. How do you see the investment building up from 2023? Do you see there's some room to see further expansion into investment next year or we are reaching close to the peak of the cycle? And a follow-up would be on the enterprise business. Could you provide a little bit more color on the split of business between the 4 big blocks that you mentioned, webscaler, NI verticals, private wireless and company wireless and so on? And where do you see the strongest growth opportunity within these 4 blocks for the coming years?

在這個週期上，我們現在已經進入這個 5G 週期將近 4 年。您如何看待 2023 年以來的投資增長？您是否認為明年有進一步擴大投資的空間，或者我們正接近週期的頂峰？後續將針對企業業務。您能否就您提到的 4 大塊（webscaler、NI 垂直、私人無線和公司無線等）之間的業務劃分提供更多色彩？您認為這 4 個區塊中未來幾年最強勁的增長機會在哪裡？

I mean we've been talking a lot about campus wireless. So strategically, that is an extremely important segment. And the -- in a way, I guess, it is a good thing about that segment is that it will consist of a large number of smaller deals. So it will be easier to forecast and plan for -- from both from a financial forecasting and supply chain point of view.

我的意思是我們一直在談論校園無線。所以從戰略上講，這是一個極其重要的部分。而且 - 在某種程度上，我想，該細分市場的一件好事是它將由大量較小的交易組成。因此，從財務預測和供應鏈的角度來看，預測和計劃將更容易。

This is quite different from the lumpiness of large webscale deals where the Microsoft deal is 1 example. Currently still, campus wireless is quite a small business, but it is growing extremely fast. Wide area networks is an established business. There is -- continues to be growth opportunities. But the NI verticals that we called it, that is a meaningful part of the overall 7% of the group last year, enterprise business.

這與以微軟交易為例的大型網絡規模交易的混亂程度完全不同。目前，校園無線仍然是一個很小的業務，但它的增長速度非常快。廣域網是一項成熟的業務。有 - 繼續有增長機會。但我們稱之為 NI 垂直領域，這是去年集團 7% 的企業業務的重要組成部分。

So that continues to generate opportunities as well. But if you want me personally to highlight in relative terms where the strongest growth opportunity is, I would still mention campus wireless. Then the 5G cycle question, well, you asked about '23. We continue to be of the opinion that in the absence of something in the macro environment that would take everyone with a big surprise.

因此，這也將繼續產生機會。但是，如果你想讓我個人強調最強勁的增長機會在哪裡，我仍然會提到校園無線。然後是 5G 週期問題，嗯，你問的是 23 年。我們仍然認為，在宏觀環境中沒有讓每個人大吃一驚的東西的情況下。

We continue to have a strong view on the market. We have seen what most service providers have said about their 2023 CapEx plans, and they do look pretty strong in different parts of the world. Of course, the U.S. operators are a little bit more ahead in that cycle compared to some other markets. Japan, Korea and U.S. started first and now Europe, Southeast Asia.

我們繼續對市場有強烈的看法。我們已經看到大多數服務提供商對其 2023 年資本支出計劃的看法，而且它們在世界不同地區看起來確實很強大。當然，與其他一些市場相比，美國運營商在這個週期中要領先一些。日本、韓國和美國最先開始，現在是歐洲、東南亞。

Now India is starting and then Latin America are following. So we continue to have an optimistic view on the 5G cycle. And then, of course, on top of everything comes the enterprise and the campus wireless opportunity, which is small today, but is expected to grow fast.

現在印度開始了，然後拉丁美洲緊隨其後。所以我們繼續看好5G週期。然後，當然，最重要的是企業和校園無線機會，今天這些機會很小，但預計會快速增長。

We'll take our next question from Didier Scemama from Bank of America.

我們將向美國銀行的 Didier Scemama 提出下一個問題。

Most of my questions have been asked. I just want to maybe have a second go at the Microsoft question earlier. Can you just give us a sense, because I mean switching is not your strength, historically, it's more routing, optical, et cetera. And also switching at a hyperscaler is all the more impressive. But I wanted to understand, are you selling a chassis with the chipset on board and your operating system? Can you just give us a sense of the wins. Just trying to understand how significant that is.

我的大部分問題都被問到了。我只是想在較早的 Microsoft 問題上再試一次。你能給我們一個感覺嗎，因為我的意思是切換不是你的強項，從歷史上看，它更多的是路由、光學等。而且在超大規模上切換也更加令人印象深刻。但我想了解，您是否在銷售帶有板載芯片組和操作系統的機箱？你能給我們一個勝利的感覺嗎？只是想了解這有多重要。

Yes. So the -- if I start from the operating system, it's based on the open source sonic initiative that we've been working on with together with Microsoft. It is chassis based. It is supporting the move towards high-density 400-gigabit Ethernet applications in Microsoft's Tier 2 network. This switch product, it's not FP5 based. It's based on merchant silicon. And it is going to deliver multiple applications.

是的。所以——如果我從操作系統開始，它是基於我們一直在與微軟合作的開源 sonic 計劃。它是基於底盤的。它支持 Microsoft 的第 2 層網絡中向高密度 400 Gb 以太網應用的發展。這個交換機產品，它不是基於 FP5 的。它基於商用芯片。它將提供多種應用程序。

In addition to the 400-gigabit interconnectivity in the Tier 2 network architecture, it will deliver some fixed form factor applications for data centers, top of rack, leaf-spine and super-spine applications and so on and so on that will evolve over time. So we see this as a strategic breakthrough.

除了第 2 層網絡架構中的 400 Gb 互連之外，它將為數據中心、架頂式、葉脊和超級脊應用等提供一些固定形式的應用程序，這些應用程序將隨著時間的推移而發展.所以我們認為這是一個戰略突破。

But as I already said earlier, we also need to be careful that we don't get ahead of ourselves because switching with webscalers is a new segment for us, and we all know who we are up against there, and it is a highly competitive market.

但正如我之前已經說過的，我們還需要小心，不要超越自己，因為使用網絡擴縮器對我們來說是一個新的細分市場，我們都知道我們的對手是誰，而且競爭非常激烈市場。

Thank you, Didier. We'll take our last question from Peter Kurt Nielsen from ABG.

謝謝你，迪迪埃。我們將向 ABG 的 Peter Kurt Nielsen 提出最後一個問題。

Thanks very much, David. Just turning to mobile network space. North America is -- sales declining in North America this quarter, which I guess is a bit weaker than anticipated 3 months ago. Could you elaborate a little bit please on what is driving the lower sales in North America, while we haven't had the full reset by the end of last year and how you view the north -- or how we should view the North American market going for the remainder of the year and the coming quarters, please, given that the market is growing quite strongly.

非常感謝，大衛。只是轉向移動網絡空間。北美——本季度北美的銷售額下降，我想這比三個月前的預期要弱一些。您能否詳細說明一下是什麼導致了北美銷量下降，而我們到去年年底還沒有完全重置，以及您如何看待北方——或者我們應該如何看待北美市場鑑於市場增長非常強勁，請繼續今年剩餘時間和未來幾個季度。

And then can I just, David, my follow-up, please? Am I to understand you correctly that you still expect to grow in line with the mobile networks addressable market for this year despite the sort of flattish Q1?

然後我可以，大衛，我的後續行動，好嗎？我是否正確理解您，儘管第一季度表現平平，您仍希望今年與移動網絡目標市場保持一致？

Yes, when it comes to North America market in general, we definitely see that the market is supporting. There might be some phasing issues depending which customer is investing in which time, and that affects a little bit our sales development there as well. And we believe that, as I said earlier, that North American market is very supportive, so there's big CapEx plans. And with our competitive position as well, we believe that we see growth opportunities in North America.

是的，總體而言，就北美市場而言，我們肯定看到市場正在支持。可能會出現一些階段性問題，具體取決於哪個客戶在哪個時間投資，這也會影響我們在那裡的銷售發展。我們相信，正如我之前所說，北美市場非常支持，所以有很大的資本支出計劃。憑藉我們的競爭地位，我們相信我們在北美看到了增長機會。

Thank you, Peter. Thank you, both Marco and Pekka. And ladies and gentlemen, this concludes today's call.

謝謝你，彼得。謝謝你，馬可和佩卡。女士們，先生們，今天的電話會議到此結束。

I would like to remind you that during the call today, we have made a number of forward-looking statements that involve risks and uncertainties. Actual results may, therefore, differ materially from the results currently expected. Factors that could cause such differences can be both external, as well as internal operating factors. We have identified such risks in the Risk Factors section of our annual report on Form 20-F, which is available on our Investor Relations website.

我想提醒您，在今天的電話會議中，我們做出了一些涉及風險和不確定性的前瞻性陳述。因此，實際結果可能與當前預期的結果存在重大差異。可能導致這種差異的因素既可以是外部因素，也可以是內部操作因素。我們已在我們的 20-F 表格年度報告的風險因素部分確定了此類風險，該表格可在我們的投資者關係網站上找到。

With that, thank you all for joining us.

有了這個，感謝大家加入我們。