高通 (QCOM) 2022 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm First Quarter Fiscal 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded, February 2, 2022. The playback number for today's call is (877) 660-6853. International callers, please dial (201) 612-7415. The playback reservation number is 13726028.

女士們，先生們，謝謝你們的支持。歡迎參加 Qualcomm 2022 財年第一季度收益電話會議。 （操作員說明）提醒一下，本次會議正在錄製，2022 年 2 月 2 日。今天通話的回放號碼是 (877) 660-6853。國際呼叫者請撥打 (201) 612-7415。播放預約號為13726028。

I would now like to turn the call over to Mauricio Lopez-Hodoyan, Vice President of Investor Relations. Mr. Lopez-Hodoyan, please go ahead.

我現在想將電話轉給投資者關係副總裁 Mauricio Lopez-Hodoyan。 Lopez-Hodoyan 先生，請繼續。

Thank you, and good afternoon, everyone. Today's call will include prepared remarks by Cristiano Amon and Akash Palkhiwala. In addition, Alex Rogers will join the question-and-answer session.

謝謝大家，大家下午好。今天的電話會議將包括 Cristiano Amon 和 Akash Palkhiwala 準備好的講話。此外，Alex Rogers 將參加問答環節。

You can access our earnings release and a slide presentation that accompany this call on our Investor Relations website. In addition, this call is being webcast on qualcomm.com, and a replay will be available on our website later today.

您可以在我們的投資者關係網站上訪問我們的收益發布和本次電話會議隨附的幻燈片演示。此外，本次電話會議正在 qualcomm.com 上進行網絡直播，今天晚些時候將在我們的網站上提供重播。

During the call today, we will use non-GAAP financial measures as defined in Regulation G, and you can find the related reconciliations to GAAP on our website. We will also make forward-looking statements, including projections and estimates of future events, business or industry trends or business or financial results.

在今天的電話會議中，我們將使用法規 G 中定義的非 GAAP 財務指標，您可以在我們的網站上找到與 GAAP 相關的對賬。我們還將做出前瞻性陳述，包括對未來事件、業務或行業趨勢或業務或財務結果的預測和估計。

Actual events or results could differ materially from those projected in our forward-looking statements. Please refer to our SEC filings, including our most recent 10-K, which contain important factors that could cause actual results to differ materially from the forward-looking statements.

實際事件或結果可能與我們前瞻性陳述中的預測存在重大差異。請參閱我們的 SEC 文件，包括我們最近的 10-K，其中包含可能導致實際結果與前瞻性陳述大不相同的重要因素。

And now to comments from Qualcomm's President and Chief Executive Officer, Cristiano Amon.

現在聽取高通總裁兼首席執行官克里斯蒂亞諾·阿蒙的評論。

Thank you, Mauricio, and good afternoon, everyone. Thanks for joining us today. Based on our performance over the past several quarters and the strong fiscal second quarter guidance, it is clear that our strategy is working. Demand for our products and solutions continues to accelerate as our one technology road map is driving the growth of premium Android smartphones as well as enabling the connected intelligent edge, which is driving digital transformation for the cloud-connected economy.

謝謝毛里西奧，大家下午好。感謝您今天加入我們。根據我們過去幾個季度的表現和強勁的第二財季指引，我們的戰略顯然正在奏效。由於我們的單一技術路線圖正在推動高端 Android 智能手機的增長以及實現互聯智能邊緣，從而推動雲互聯經濟的數字化轉型，對我們產品和解決方案的需求繼續加速。

As you can see from our results today, strong performance in our chipset and licensing business led to record fiscal first quarter revenues of $10.7 billion and record non-GAAP earnings per share of $3.23. Our chipset business had its second consecutive quarter of record performance with revenues of $8.8 billion, EBT of $3.1 billion and EBT margin of 35%. Notably, QCT revenues exceeded those of any fabless semiconductor company. These results demonstrate the continued success of our diversification strategy.

從我們今天的業績中可以看出，我們的芯片組和許可業務的強勁表現導致第一財季收入達到創紀錄的 107 億美元，非 GAAP 每股收益達到創紀錄的 3.23 美元。我們的芯片組業務連續第二個季度實現創紀錄的業績，收入為 88 億美元，EBT 為 31 億美元，EBT 利潤率為 35%。值得注意的是，QCT 的收入超過了任何無晶圓半導體公司。這些結果證明了我們多元化戰略的持續成功。

In IoT, we continue to see strong momentum with revenue growth of 41% year-over-year in the first quarter across consumer, edge networking and industrial. In consumer IoT, our early investments, collaboration with Microsoft and the recent acquisition of NUVIA uniquely positions us to drive the PC industry transition to ARM-based computing for next-generation connected laptops.

在物聯網方面，我們繼續看到強勁的勢頭，第一季度在消費者、邊緣網絡和工業領域的收入同比增長 41%。在消費者物聯網方面，我們的早期投資、與微軟的合作以及最近對 NUVIA 的收購使我們能夠推動 PC 行業向基於 ARM 的計算過渡到下一代聯網筆記本電腦。

We recently introduced 2 new platforms, the 8cx Gen 3 and 7c+ Gen 3. And at CES, we highlighted broad support from ecosystem partners, including Acer, ASUS, HP, Lenovo and Microsoft as well as 200 enterprise customers currently testing or deploying Windows on Snapdragon laptops in 2-in-1 devices. We're also seeing strong growth in premium and high-tier Android tablets, further highlighting the convergence of mobile and PC. Notably, we have already doubled the total number of premium tier and/or tablet design wins launch or in the pipeline versus all of fiscal '21.

我們最近推出了 2 個新平台，即 8cx Gen 3 和 7c+ Gen 3。在 CES 上，我們強調了生態系統合作夥伴的廣泛支持，包括宏碁、華碩、惠普、聯想和微軟，以及目前正在測試或部署 Windows 的 200 家企業客戶。二合一設備中的 Snapdragon 筆記本電腦。我們還看到高端和高端 Android 平板電腦的強勁增長，進一步凸顯了移動和 PC 的融合。值得注意的是，與 21 財年的全部相比，我們已經將優質層級和/或平板電腦設計贏得發布或正在籌備中的總數翻了一番。

Additionally, as the metaverse opportunity materializes, we continue to build on our industry leadership position in VR and AR devices with key ecosystem players, including Meta and Microsoft. At CES, we announced a collaboration with Microsoft to expand and accelerate the adoption of augmented reality in both the consumer and enterprise sectors. This partnership includes custom AR chips to enable a new wave of power-efficient, lightweight AR glasses to deliver rich and immersive experiences as well as plans to integrate our Snapdragon Spaces XR developer platform into Microsoft mesh.

此外，隨著元界機會的實現，我們將繼續與包括 Meta 和 Microsoft 在內的主要生態系統參與者一起鞏固我們在 VR 和 AR 設備方面的行業領先地位。在 CES 上，我們宣布與微軟合作，以擴大和加速增強現實在消費者和企業領域的採用。該合作夥伴關係包括定制 AR 芯片，以支持新一波節能、輕量級的 AR 眼鏡，以提供豐富和身臨其境的體驗，併計劃將我們的 Snapdragon Spaces XR 開發人員平台集成到 Microsoft Mesh 中。

We're also very pleased that Time Magazine named our Snapdragon XR2 platform as one of the best inventions of 2021. And we're seeing strong support for our VR and AR platforms from virtually all ecosystem providers, OEMs and content creators.

我們也很高興《時代》雜誌將我們的 Snapdragon XR2 平台評為 2021 年最佳發明之一。我們看到幾乎所有生態系統提供商、OEM 和內容創建者對我們的 VR 和 AR 平台的大力支持。

In edge networking, we continue to lead in current and next-generation high-performance Wi-Fi 6 and Wi-Fi 6E solutions, which now make up more than 80% of our WiFi access point revenues. Recently, we launched the world's first quad-band Wi-Fi 6E mesh system with NETGEAR, which was rated the best-in-class match platform by PC Magazine.

在邊緣網絡方面，我們繼續在當前和下一代高性能 Wi-Fi 6 和 Wi-Fi 6E 解決方案方面處於領先地位，這些解決方案現在占我們 WiFi 接入點收入的 80% 以上。近日，我們與NETGEAR合作推出了全球首款四頻Wi-Fi 6E網狀系統，被PC Magazine評為同類最佳匹配平台。

Additionally, our Wi-Fi 6 immersive home platforms continue to gain momentum across regions, with significant growth now expanding into China, one of the fastest-growing markets for Wi-Fi 6 for both retail and carrier deployments.

此外，我們的 Wi-Fi 6 沉浸式家庭平台在各地區繼續保持增長勢頭，目前顯著增長擴展到中國，這是 Wi-Fi 6 零售和運營商部署增長最快的市場之一。

5G as wireless fiber continues to gain scale and expand globally. In addition to our extended range millimeter wave platforms, we recently expanded our portfolio to include 5G fixed wireless access solutions with extended range sub-6, and we're seeing strong traction.

5G 作為無線光纖繼續在全球範圍內擴大規模和擴展。除了我們的擴展範圍毫米波平台之外，我們最近還擴展了我們的產品組合，包括具有擴展範圍 sub-6 的 5G 固定無線接入解決方案，我們看到了強大的吸引力。

In industrial, we're still in the early phases of digital transformation across many industries. And demand for our solutions continues to accelerate. As an example, combined smart utility meter, tracking robotics and retail revenues more than double over the last year.

在工業領域，我們仍處於許多行業數字化轉型的早期階段。對我們的解決方案的需求繼續加速。例如，智能電錶、跟踪機器人和零售收入比去年增加了一倍多。

In robotics, specifically, we expect total fiscal '22 product launches using our platforms to increase by over 50% year-over-year, spanning applications from warehouse automation to public safety, delivery services and in-home assistance.

具體而言，在機器人技術方面，我們預計使用我們平台的 22 財年產品發布總量將同比增長 50% 以上，涵蓋從倉庫自動化到公共安全、送貨服務和家庭援助的應用。

The diversity of vertical segments and applications reflects our ability to provide a common platform that integrates advanced computer vision, on-device AI high performance in low-power computing and industry-leading connectivity technologies.

垂直領域和應用程序的多樣性反映了我們提供一個通用平台的能力，該平台集成了先進的計算機視覺、低功耗計算中的設備端人工智能高性能和行業領先的連接技術。

In RF front end, we successfully launched our latest 5G modules, which now include our ultraBAW technology. Our modem-to-antenna strategy is working, enhancing power and performance with average generation of Snapdragon. Notably, virtually all our Snapdragon 8 Gen 1 design wins now include Qualcomm ultraBAW filter technology.

在射頻前端，我們成功推出了最新的 5G 模塊，其中包括我們的 ultraBAW 技術。我們的調製解調器到天線戰略正在發揮作用，通過平均一代的 Snapdragon 增強功率和性能。值得注意的是，我們現在贏得的幾乎所有 Snapdragon 8 Gen 1 設計都包括 Qualcomm ultraBAW 濾波器技術。

Building on our success in handsets, we're seeing traction with our modem-to-antenna solution across automotive and IoT. As examples, we're well positioned to address up to $30 of 5G RF content per vehicle, and we're also intersecting our RF front end road map with Wi-Fi 7.

基於我們在手機領域的成功，我們看到了我們的調製解調器到天線解決方案在汽車和物聯網領域的吸引力。例如，我們可以很好地處理每輛車高達 30 美元的 5G 射頻內容，並且我們還將射頻前端路線圖與 Wi-Fi 7 相交叉。

In automotive, Qualcomm is becoming the technology partner of choice for the industry, and we're enabling the transition of the automobile to a digital cloud-connected platform. Our innovative Snapdragon digital chassis is an open and scalable cloud-enabled platform for telematics, connectivity, digital cockpit and ADAS, and uniquely position us as the leading system solution provider for silicon, software, systems and services across multiple domains.

在汽車領域，高通正在成為行業首選的技術合作夥伴，我們正在推動汽車向數字云連接平台的過渡。我們創新的 Snapdragon 數字機箱是一個開放且可擴展的支持雲的平台，用於遠程信息處理、連接、數字駕駛艙和 ADAS，並使我們獨特地定位為跨多個領域的芯片、軟件、系統和服務的領先系統解決方案提供商。

As a reminder, General Motors, BMW and now Renault Group are cornerstone customers for our platform, including ADAS. At CES, we announced an addition to our ADAS and autonomy platform, the Snapdragon Ride Vision System, a new modular computer vision solution that combines our Snapdragon Ride SoCs with the next-generation vision perception software from Arriver.

提醒一下，通用汽車、寶馬和現在的雷諾集團是我們平台的基石客戶，包括 ADAS。在 CES 上，我們宣布了對我們的 ADAS 和自主平台的補充，即 Snapdragon Ride Vision System，這是一種新的模塊化計算機視覺解決方案，將我們的 Snapdragon Ride SoC 與 Arriver 的下一代視覺感知軟件相結合。

It supports the various compute functions needed for enhanced perception around the vehicle, and it scales across applications from entry tier in-cap front camera to comprehensive front and surround view camera for enhanced autonomy. We expect the Snapdragon Ride Vision System to be available in production in 2024.

它支持增強車輛周圍感知所需的各種計算功能，並且可以跨應用程序擴展，從入門級內置前置攝像頭到全面的前視和環視攝像頭，以增強自主性。我們預計 Snapdragon Ride Vision System 將於 2024 年投入生產。

In handsets, we recently announced our most advanced 5G mobile platform for flagship smartphones, the Snapdragon 8 Gen 1 at our annual Snapdragon Tech Summit. The announcement was viewed by more than 50 million people worldwide. The news Snapdragon 800 Gen 1 leads the way to a new era of premium mobile technology with category-defining enhancements across modem RF, camera, AI, gaming, security and more.

在手機方面，我們最近在我們的年度 Snapdragon 技術峰會上宣布了我們最先進的旗艦智能手機 5G 移動平台 Snapdragon 8 Gen 1。全球有超過 5000 萬人觀看了該公告。消息稱 Snapdragon 800 Gen 1 引領高端移動技術的新時代，在調製解調器射頻、攝像頭、人工智能、遊戲、安全等方面進行了類別定義的增強。

Snapdragon 800 Gen 1 is the world's first 5G modem RF solution to reach 10 gigabit download speeds. It's the first to include commercial 18-bit mobile image sensor and the world's first platform compliant with the Android-ready Secure Element Alliance. We also announced new mobile platforms in every Snapdragon series to address global customer demand across every smartphone tier.

Snapdragon 800 Gen 1 是世界上第一個達到 10 Gb 下載速度的 5G 調製解調器射頻解決方案。它是第一個包含商用 18 位移動圖像傳感器和世界上第一個符合 Android-ready Secure Element Alliance 的平台。我們還在每個 Snapdragon 系列中宣布了新的移動平台，以滿足每個智能手機層級的全球客戶需求。

In our licensing business, first quarter results reflect a favorable mix in the strength of smartphone shipments. With over 150 5G license agreements, QTL is well positioned for the future, and we continue to expect 5G to have a longer life cycle than prior generations due to its broad application across multiple industries.

在我們的授權業務中，第一季度的業績反映了智能手機出貨量的有利組合。憑藉超過 150 份 5G 許可協議，QTL 為未來做好了充分準備，由於其在多個行業中的廣泛應用，我們繼續預計 5G 的生命週期將比前幾代產品更長。

Lastly, demand remains strong across all of our technologies and continues to exceed supply. Despite ongoing challenges across the global supply chain, our multisourcing and capacity expansion initiatives will provide incremental improvements to our supply throughout the year.

最後，我們所有技術的需求仍然強勁，並繼續超過供應。儘管全球供應鏈面臨持續挑戰，但我們的多源採購和產能擴張計劃將在全年為我們的供應提供增量改進。

I would now like to turn the call over to Akash.

我現在想把電話轉給 Akash。

Thank you, Cristiano, and good afternoon, everyone. We are extremely pleased to report strong results to start our fiscal year. We delivered our second consecutive quarter of record non-GAAP earnings, with revenues of $10.7 billion and non-GAAP EPS of $3.23. These results reflect year-over-year increases of 30% and 49%, respectively, driven by strength across both QCT and QTL.

謝謝克里斯蒂亞諾，大家下午好。我們非常高興地報告強勁的業績，以開始我們的財政年度。我們連續第二個季度實現了創紀錄的非 GAAP 收益，收入為 107 億美元，非 GAAP 每股收益為 3.23 美元。這些結果分別反映了 30% 和 49% 的同比增長，這得益於 QCT 和 QTL 的實力。

For QCT, this was another record quarter with revenues of $8.8 billion and EBT of $3.1 billion, up 35% and 62%, respectively, versus the year ago quarter. QCT EBT margins of 35% surpassed the high end of our guidance range and increased 6 points versus the year ago quarter driven by revenue scale and operating leverage.

對於 QCT 而言，這是另一個創紀錄的季度，收入為 88 億美元，EBT 為 31 億美元，與去年同期相比分別增長 35% 和 62%。在收入規模和運營槓桿的推動下，QCT EBT 利潤率 35% 超過了我們指導範圍的高端，與去年同期相比增加了 6 個百分點。

Handset revenues of $6 billion increased 42% year-over-year due to greater than 60% growth in revenues from Snapdragon chipsets for Android devices.

由於用於 Android 設備的 Snapdragon 芯片組的收入增長超過 60%，60 億美元的手機收入同比增長 42%。

RF front-end revenues of $1.1 billion grew 7% versus the year ago quarter, reflecting the previously mentioned pull-in of demand into the fourth fiscal quarter. Our RF front-end revenues for Android devices grew by greater than 25% versus the year ago quarter as we continued to see strong traction across all major OEMs.

射頻前端收入為 11 億美元，與去年同期相比增長 7%，這反映了前面提到的需求拉動到第四財季。由於我們繼續看到所有主要 OEM 的強勁牽引力，我們的 Android 設備射頻前端收入與去年同期相比增長了 25% 以上。

IoT revenues were up 41% year-over-year to $1.5 billion on continued demand for our cloud connected intelligent edge devices. Each of the consumer, edge networking and industrial categories grew by at least 30% compared to the year ago quarter.

由於對我們的雲連接智能邊緣設備的持續需求，物聯網收入同比增長 41% 至 15 億美元。與去年同期相比，消費者、邊緣網絡和工業類別中的每一個都至少增長了 30%。

Automotive revenues of $256 million grew 21% year-over-year on the strength of our design wins across our Snapdragon digital chassis. We recorded QTL revenues of $1.8 billion, an increase of 10% year-over-year, and EBT margins of 77%, which was above the midpoint of the guidance. These results reflect a favorable mix and slightly higher handset shipments.

得益於我們在 Snapdragon 數字底盤上的設計優勢，汽車收入為 2.56 億美元，同比增長 21%。我們錄得 18 億美元的 QTL 收入，同比增長 10%，EBT 利潤率為 77%，高於指引的中點。這些結果反映了有利的組合和略高的手機出貨量。

Turning to global handsets and our guidance for the second fiscal quarter. For calendar 2021, consistent with the previous guidance, we estimate global 3G, 4G, 5G handsets grew 7% year-over-year, including approximately 535 million 5G handsets. For calendar 2022, there is no change to the forecast provided at our Investor Day with greater than 750 million 5G handsets.

轉向全球手機和我們對第二財季的指導。對於 2021 年日曆，與之前的指引一致，我們估計全球 3G、4G、5G 手機同比增長 7%，其中包括約 5.35 億部 5G 手機。對於 2022 年日曆，我們在投資者日提供的預測沒有變化，超過 7.5 億部 5G 手機。

For the second fiscal quarter, we are forecasting revenues of $10.2 billion to $11 billion and non-GAAP EPS of $2.80 to $3. In QCT, we expect revenues of $8.7 billion to $9.3 billion and EBT margins of 32% to 34%.

對於第二財季，我們預計收入為 102 億美元至 110 億美元，非公認會計準則每股收益為 2.80 美元至 3 美元。在 QCT，我們預計收入為 87 億至 93 億美元，EBT 利潤率為 32% 至 34%。

At the midpoint, this implies year-over-year revenue growth of 43% and EBT dollar growth of $1.4 billion. For handsets and RF front end, we expect revenues to be in line sequentially as seasonal decline in Apple revenues is offset by continued growth in revenues from Android devices.

在中點，這意味著收入同比增長 43%，EBT 美元增長 14 億美元。對於手機和射頻前端，我們預計蘋果收入的季節性下降被安卓設備收入的持續增長所抵消，因此收入將連續增長。

Within handsets, the increase in Android revenue is driven by the launch of our new Snapdragon premium chipset and additional shipments across high and mid-tiers due to our second sourcing efforts. Additionally, we expect strong year-over-year and sequential growth in our IoT and automotive revenue streams.

在手機中，Android 收入的增長是由我們推出新的 Snapdragon 高級芯片組以及由於我們的第二次採購工作而在高中端增加出貨量推動的。此外，我們預計我們的物聯網和汽車收入流將實現強勁的同比和連續增長。

We estimate QTL revenues of $1.45 billion to $1.65 billion and EBT margins of 70% to 74%. This reflects the normal pre-COVID trends following the strong holiday quarter.

我們估計 QTL 收入為 14.5 億美元至 16.5 億美元，EBT 利潤率為 70% 至 74%。這反映了強勁的假日季度之後的正常的疫情前趨勢。

We anticipate non-GAAP operating expenses to be up 7% to 9% sequentially on normal seasonality, including calendar year resets for certain employee-related costs. The remaining increase reflects select investments in long-term growth initiatives that we outlined at our Investor Day.

我們預計非 GAAP 運營費用將按正常季節性增長 7% 至 9%，包括某些員工相關成本的日曆年重置。剩餘的增長反映了我們在投資者日概述的對長期增長計劃的精選投資。

Looking forward to the third fiscal quarter, we are forecasting year-over-year non-GAAP EPS growth of greater than 30%. For QCT, this reflect the seasonality following Chinese New Year purchases and the launch of our new Snapdragon premium chipset in the second quarter. We expect the next inflection point in QCT to be in the second half of the calendar year, with launch of new 5G handsets across several major OEMs.

展望第三財季，我們預計非 GAAP 每股收益將同比增長 30% 以上。對於 QCT 而言，這反映了中國新年購買後的季節性以及我們在第二季度推出新的 Snapdragon 高級芯片組。我們預計 QCT 的下一個拐點將在日曆年的下半年，隨著幾家主要 OEM 推出新的 5G 手機。

Lastly, we published our annual corporate responsibility and ESG report yesterday, which outlines progress against our company-wide targets, including environmental sustainability, diversity and inclusion, and power efficiency of our Snapdragon products.

最後，我們昨天發布了年度企業責任和 ESG 報告，其中概述了我們公司範圍內目標的進展，包括環境可持續性、多樣性和包容性，以及我們 Snapdragon 產品的能效。

We are pleased to have been recognized by several organizations, including making the Dow Jones Sustainability Index and Newsweek's most responsible company list for the third consecutive year.

我們很高興獲得多個組織的認可，包括連續第三年入選道瓊斯可持續發展指數和新聞周刊最負責任的公司名單。

Thank you. Back to you, Mauricio.

謝謝你。回到你身邊，毛里西奧。

Thank you, Akash. Operator, we are now ready for questions.

謝謝你，阿卡什。接線員，我們現在可以提問了。

(Operator Instructions) Our first question is from the line of Samik Chatterjee with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Samik Chatterjee。

Congrats on the results. I guess if I can start with -- you talked about the strong launch with Android customers that you've had in both phones and tablets. And I think you mentioned doubling the pace of launches with Android.

祝賀結果。我想如果我可以開始 - 你談到了你在手機和平板電腦中擁有的 Android 客戶的強勁發布。而且我認為您提到將 Android 的發布速度提高一倍。

As we look to the -- beyond the first half, that is your fiscal first half December and March, how should we think about how much of the Android share gains for you or launches for you is already in the run rate?

當我們展望 - 上半年之後，即您的上半財年 12 月和 3 月，我們應該如何考慮 Android 份額為您帶來的收益或為您推出的產品有多少已經在運行中？

And how much of that is like weighted for the remainder of the year beyond sort of this first half of the year? If you can share some color on how to think about share gains continuing for the remainder of the year with Android. And then I have a follow-up, please.

在今年上半年之後的剩餘時間裡，其中有多少是加權的？如果您可以分享一些關於如何考慮在今年剩餘時間內使用 Android 繼續獲得份額的看法。然後我有一個跟進，請。

Samik, this is Cristiano. Look, Android is a success story for us. This quarter continues to validate what we said before. OEM shared in shifts in China is benefiting Qualcomm, and we saw significant growth of Qualcomm share within the market as we have this new 10 opportunity. And we've seen that reflected in the growth -- we've seen in premium and high tiers.

薩米克，這是克里斯蒂亞諾。看，Android 對我們來說是一個成功的故事。本季度繼續驗證我們之前所說的話。 OEM 在中國分擔輪班讓高通受益，我們看到高通在市場中的份額顯著增長，因為我們擁有這 10 個新機會。我們已經在增長中看到了這一點——我們已經看到了高端和高端。

So it continues to be a story. It was the highlight of what happened in the handsets within the quarter. Akash outlined 60% year-over-year growth on Android. And I'll shift over to Akash to talk about seasonality.

所以它仍然是一個故事。這是本季度手機中發生的事情的亮點。 Akash 概述了 Android 的同比增長 60%。我將轉到 Akash 來談談季節性。

Yes. Samik, I think this is something that'll sustain for us going forward. We're in a very strong position as you see in the numbers. Our product portfolio is very strong as well. So as we keep -- go forward, we continue to expect to see this benefit in our financials.

是的。 Samik，我認為這是我們前進的動力。正如您在數字中看到的那樣，我們處於非常有利的位置。我們的產品組合也非常強大。因此，隨著我們繼續前進，我們繼續期望在我們的財務中看到這種好處。

Yes. Got it. And just for my follow-up, I know you talked about the second source helping in terms of, obviously, in terms of realizing better revenues. But if you can talk about what you're seeing in terms of the cadence of the improvement there. Do you get to where you want to be with supply during the year? Or does it take longer? If you can just give us an update on how you're thinking about supply here.

是的。知道了。就我的後續行動而言，我知道你談到了第二個來源，顯然是在實現更好的收入方面。但是，如果您可以根據那裡改進的節奏來談論您所看到的。在這一年中，您是否到達了您想要的供應地點？還是需要更長的時間？如果您可以在這裡向我們提供有關您如何考慮供應的最新信息。

Sure. So overall, the demand, as Cristiano mentioned in his prepared remarks, extremely strong across the board. And so we are continuing to see demand outpacing supply. As you rightly mentioned, we had put plans in place very early in the process, anticipating some of these challenges.

當然。因此，總體而言，正如克里斯蒂亞諾在準備好的講話中提到的那樣，需求全面強勁。因此，我們繼續看到需求超過供應。正如您正確提到的，我們在流程的早期就制定了計劃，預測了其中的一些挑戰。

And you're seeing the benefit of that, right? We have 3 second sourcing parts, especially in the mid high tiers that are shipping at scale now, and that shows up in our financial performance. And we have additional parts coming up as well. So that's definitely something that's helping us.

你看到了這樣做的好處，對吧？我們有 3 秒的採購時間，特別是在現在大規模發貨的中高端產品中，這在我們的財務業績中有所體現。我們還有其他部分即將推出。所以這絕對是幫助我們的事情。

The second is we're seeing capacity builds from some of our suppliers, and that's playing a role as well.As you look forward, we expect supply to continue to improve gradually through the year in addition to where we are at now. And this entire picture, obviously, as you'd expect, is factored into our guidance.

第二個是我們看到一些供應商的產能建設，這也發揮了作用。正如您所期待的那樣，除了我們現在的情況外，我們預計全年供應將繼續逐步改善。顯然，正如您所期望的那樣，整個情況都已納入我們的指導中。

Look, it's Cristiano. Nothing more to add other than in simple terms, we see supply improvements. Our forward guide, it contemplates the visibility we have in supply. And we still have more demand than supply. We'll ship more if we could.

看，是克里斯蒂亞諾。除了簡單來說，沒有什麼可以補充的了，我們看到了供應的改善。我們的前瞻性指南，它考慮了我們在供應方面的可見性。而且我們的需求仍然大於供應。如果可以的話，我們會運送更多。

Our next question is coming from Chris Caso with Raymond James.

我們的下一個問題來自 Chris Caso 和 Raymond James。

I wanted to ask about the commentary about the June quarter and the second half of the calendar year, your commentary there. Can you give a little more color on that? It's not typical for you to provide color 2 quarters in advance. So I imagine it's purposeful of why you're doing that.

我想問一下關於六月季度和日曆年下半年的評論，你的評論在那裡。你能多給點顏色嗎？提前提供 2 個季度的顏色並不常見。所以我想你為什麼這樣做是有目的的。

And maybe talk a little bit about the second half of the calendar year. Is that really a function of more supply coming on, allowing you to perhaps balance supply and demand as you get to the second half of the calendar year?

也許談談日曆年的下半年。這真的是更多供應的功能，讓您在日曆年下半年平衡供需嗎？

Sure, Chris. Thanks for the question. So overall, when you look at our fiscal year, we are tracking well ahead of plan. We're very, very happy with how the year is playing out for us. And that obviously puts us in a very strong position to meet and exceed our long-term Investor Day targets.

當然，克里斯。謝謝你的問題。因此，總體而言，當您查看我們的財政年度時，我們正在提前計劃進行跟踪。我們對這一年的表現非常非常滿意。這顯然使我們處於非常有利的位置，可以實現並超過我們的長期投資者日目標。

If you look at the first half outperformance, beyond that, as we go into the third fiscal quarter, we are projecting EPS growth of at least 30%, an opportunity beyond that. And then as you get into the September quarter, as you know well, that's kind of the next inflection point for us with launches -- additional phone launches in -- across several major OEMs. So we're going to -- we're expecting very strong year-over-year growth in the September quarter as well.

如果你看一下上半年的優異表現，除此之外，隨著我們進入第三財季，我們預計每股收益增長至少 30%，這是一個超越的機會。然後，當您進入 9 月季度時，正如您所知，這對我們來說是下一個轉折點，在幾家主要 OEM 中推出更多手機。因此，我們將 - 我們預計 9 月季度的同比增長也將非常強勁。

Also, when you look beyond handsets and we look at second half of fiscal '22, RF front end, IoT and automotive all are poised to continue to show very strong year-over-year growth as we go through the year. So generally, when you step back, we had a very strong second half fiscal '21. Fiscal '22 is shaping up just like that, very strong year-over-year growth rates.

此外，當您超越手機，我們看看 22 財年的下半年時，RF 前端、物聯網和汽車都有望在今年繼續呈現非常強勁的同比增長。所以一般來說，當你退後一步時，我們的 21 財年下半年表現非常強勁。 '22 財年就是這樣形成的，同比增長非常強勁。

That's very helpful. In addition to the longer-term goals you presented at the Analyst Day, you also talked about fiscal '22 guidance for at least 20% EPS growth. Based on what you're saying for June, again, it seems like you're well ahead of that as well. Any commentary update on that fiscal '22 guidance?

這很有幫助。除了您在分析師日提出的長期目標外，您還談到了 22 財年每股收益增長至少 20% 的指導。根據你對六月所說的話，你似乎也遙遙領先。關於 '22 財年指南的任何評論更新？

Yes. Chris, that's the right conclusion. We're tracking well ahead of it. We're not updating that number yet. But I think based on the guidance that you have for second fiscal quarter and third fiscal quarter and the comments I gave on the fourth, what you're drawing is a very reasonable conclusion.

是的。克里斯，這是正確的結論。我們正在跟踪它。我們尚未更新該號碼。但我認為根據你對第二財季和第三財季的指導以及我對第四財季的評論，你得出的結論是非常合理的。

Our next question is coming from Rod Hall with Goldman Sachs.

我們的下一個問題來自高盛的 Rod Hall。

Appreciate the question. I was just taking a look, and we've been looking at this for a while, the quarter-on-quarter marginal contribution. So the QCT marginal contribution, if I look at the change in EBT and the change in revenue, I'm calculating 58% there in this quarter.

欣賞這個問題。我只是看了一下，我們已經研究了一段時間，即季度環比邊際貢獻。所以 QCT 邊際貢獻，如果我看看 EBT 的變化和收入的變化，我計算出本季度的 58%。

And I know some of that is scaling, but I wonder if there's any way you could maybe at least give us some color on how much of that is the new marginal sales in QCT being higher margin and how much of it is just scaling effect on the revenue. And then I have a follow-up.

而且我知道其中一些正在擴展，但我想知道您是否有任何方法可以至少給我們一些顏色，說明 QCT 的新邊際銷售有多少是更高的利潤率，有多少只是規模效應收入。然後我有一個跟進。

Rod, just to confirm -- and this is Akash. Just to confirm, your question was about the actuals for the December quarter?

羅德，只是為了確認一下——這是阿卡什。只是為了確認一下，您的問題是關於 12 月季度的實際情況？

Yes. So Akash, what all I've done is taken the EBT of the December quarter less the EBT of the September quarter and put it over the revenue difference.

是的。因此，Akash，我所做的就是將 12 月季度的 EBT 減去 9 月季度的 EBT，然後將其放在收入差異上。

Correct. Correct. Great. So I think it's a great story. You're seeing a combination of all 3 drivers, right? You have revenue scale benefiting us. Gross margin strength quarter-over-quarter also benefiting us. And then operating leverage of the business. So it's a combination of all 3.

正確的。正確的。偉大的。所以我認為這是一個很棒的故事。您看到的是所有 3 個驅動程序的組合，對嗎？您的收入規模使我們受益。毛利率環比增長也使我們受益。然後是企業的經營槓桿。所以它是所有3的組合。

And we're pretty excited that not just gross margin performance was great. When you look at operating margins as well, 35% is really a great benchmark for us. It's the highest margin in a long time for us. So pretty excited about where we are at and where we're going with it.

我們很高興不僅毛利率表現出色。當您還查看營業利潤率時，35% 對我們來說確實是一個很好的基準。對我們來說，這是很長一段時間以來的最高利潤率。對我們所處的位置以及我們將要去的地方感到非常興奮。

Great. And then on my follow-up, I wanted to ask you, Cristiano, if you could maybe comment on the -- there's been a lot of noise in the high-end Android chip market about upcoming competition and so on. And I just wonder maybe could you comment on the competitive environment a little bit there, what you're seeing -- what you anticipate seeing in the next 6 or 9 months?

偉大的。然後在我的後續行動中，我想問你，克里斯蒂亞諾，你是否可以評論一下——高端安卓芯片市場上關於即將到來的競爭等等的噪音很大。我只是想知道你能否評論一下那裡的競爭環境，你所看到的 - 你預計在接下來的 6 或 9 個月內會看到什麼？

Happy to do it. Before I answer that question, I just want to add one thing to the prior question that Akash answered. Look, we've been talking about our one technology road map that really scales.

很高興這樣做。在回答這個問題之前，我只想在 Akash 回答的前一個問題上添加一件事。看，我們一直在談論我們的一個真正可擴展的技術路線圖。

And this is exactly what you see as our diversification strategy unfolds and more or more of the revenue coming towards QCT from non-handset business, it gives us scale to the business, is all accretive to margins, and I think that's reflected in the numbers. And I think that will continue to be the story as we are able to leverage the road map.

這正是您所看到的，因為我們的多元化戰略展開，更多或更多來自非手機業務的收入來自 QCT，它使我們擴大了業務規模，都增加了利潤率，我認為這反映在數字中.我認為這將繼續成為故事，因為我們能夠利用路線圖。

Now back to your question on competition, we're very happy where we are. Look, I provided a metric that we not usually do that in my prepared remarks. When we launched the new Snapdragon 8 series, we had 50 million views in -- of the launch event. And we have done that simultaneously both in the United States as well in 2 different locations in China. Snapdragon is becoming the preferred brand for premium tier Android. Not a single one of our customers think about flagship without thinking of Snapdragon 8 series. It's a very strong position to be in.

現在回到你關於競爭的問題，我們很高興我們所處的位置。看，我提供了一個我們通常不會在我準備好的評論中這樣做的指標。當我們推出新的驍龍 8 系列時，我們在發布會上獲得了 5000 萬次觀看。我們在美國和中國的兩個不同地點同時做到了這一點。 Snapdragon 正在成為高端 Android 的首選品牌。我們沒有一個客戶會想到旗艦產品而不考慮 Snapdragon 8 系列。這是一個非常強大的位置。

As our customers move to the premium tier, we're seeing that turn into gains of share of the market for Qualcomm. That's why Android is the story of our handset business right now.

隨著我們的客戶轉向高端，我們看到這轉變為高通的市場份額增長。這就是為什麼Android現在是我們手機業務的故事。

And the reality is as we look at the OEM share shifts that happened in China, there's plenty of opportunity for us to grow and our competitors to grow. And I expect that we'll continue to have good results, and more and more our customers will be betting on the Snapdragon brand.

現實情況是，當我們審視在中國發生的 OEM 份額變化時，我們有很多機會成長，我們的競爭對手也有成長的機會。我預計我們將繼續取得好成績，越來越多的客戶將押注於驍龍品牌。

Our next question is coming from the line of Mike Walkley with Canaccord Genuity.

我們的下一個問題來自於 Canaccord Genuity 的 Mike Walkley。

Congratulations on the results also. I guess question for me on the $10 billion SAM opportunity within Android that you've previously highlighted, how do you think much of that benefiting this first half of the year guidance? And how much further you think you have to go in penetrating that SAM?

也祝賀結果。我想我想問一下你之前強調的 Android 中 100 億美元的 SAM 機會，你認為這對今年上半年的指導有多大好處？你認為你還需要多遠才能穿透那個 SAM？

Yes. Mike, this is Akash. What's really happening with the $10 billion SAM opportunity is with the OEM mix change in China, all of our customers, Xiaomi, OPPO, Vivo, Honor, they're all picking up share. And as they pick up share and also go up tier, going into the high and the premium tier, as Cristiano just outlined, it gives us a tremendous opportunity to tap into it.

是的。邁克，這是阿卡什。 100 億美元的 SAM 機會真正發生的是中國 OEM 組合的變化，我們所有的客戶，小米、OPPO、Vivo、Honor，他們都在增加份額。正如克里斯蒂亞諾剛剛概述的那樣，隨著他們獲得份額並上升，進入高端和高端，這為我們提供了一個巨大的機會來利用它。

So we've done a lot of it through, obviously, our products being great, but also working on the second sources that we mentioned in our prepared remarks. We still think that there is an opportunity to continue to expand into that SAM going forward.

因此，很明顯，我們的產品非常棒，而且我們在準備好的評論中提到的第二個來源，我們已經完成了很多工作。我們仍然認為未來有機會繼續擴展到該 SAM。

Right. And just my follow-up question. I think you previously highlighted to start the first half of the year, you've kind of prioritized the strong Android premium tier handsets. And you talked about demand outstripping supply. Is it get to maybe a softer handset quarter in the June quarter? Should we see maybe automotive and IoT start to close that supply-demand balance and those businesses maybe accelerate in terms of a sequential growth trend?

對。只是我的後續問題。我認為您之前強調要在今年上半年開始，您已經優先考慮了強大的 Android 高端手機。你談到了供不應求。六月季度的手機季度是否會變得更加疲軟？我們是否應該看到汽車和物聯網開始關閉供需平衡，並且這些業務可能會在連續增長趨勢方面加速？

Yes, Mike. We're definitely -- that's a decision that we definitely make where if we can bias the supply in certain directions based on the market demands, we take advantage of that. And so it's something that we'll definitely do as we get to the June quarter.

是的，邁克。我們絕對 - 這是我們絕對做出的決定，如果我們可以根據市場需求將供應偏向某些方向，我們就會利用這一點。因此，當我們進入六月季度時，我們肯定會這樣做。

Look, this is Cristiano. Let me just add one thing. I want to -- hopefully, this will explain. We're seeing demand for all of our product lines. We're seeing more demand than supply right now. I think demand continues to be up, but I think we're a very fortunate position to be in.

看，這是克里斯蒂亞諾。讓我只補充一件事。我想——希望這能解釋清楚。我們看到對我們所有產品線的需求。我們現在看到的需求多於供應。我認為需求繼續上升，但我認為我們處於一個非常幸運的位置。

When you think about the handset business, and you did see this very high growth rate on Android, 60% growth of Android within the quarter, we prioritize supply, as we said in the prior quarters, for the Chinese New Year launches. We will still have more demand than supply in all the growth business.

當您考慮手機業務時，您確實看到 Android 的增長率非常高，本季度 Android 增長率為 60%，正如我們在前幾個季度所說的那樣，我們優先考慮春節發布的供應。在所有增長業務中，我們的需求仍將大於供應。

As we go through the next quarter, you're going to see the growth business, and a lot of the non-handset business could -- growing, and then the next inflection point for handsets is the holiday season, which is our September quarter.

隨著我們進入下個季度，您將看到增長的業務，許多非手機業務可能會增長，然後手機的下一個拐點是假日季節，也就是我們的 9 月季度.

And as we expect supply improvements throughout the year, I think we'll be able to continue to drive growth in all business. We're very happy with how the year is unfolding. And as I said, our supply picture is reflected in our forward guide. Having said that, demand continued to go up, and it's a good thing.

由於我們預計全年供應會有所改善，我認為我們將能夠繼續推動所有業務的增長。我們對這一年的進展感到非常高興。正如我所說，我們的供應情況反映在我們的前瞻性指南中。話雖如此，需求繼續上升，這是一件好事。

Our next question is coming from Stacy Rasgon with Bernstein Research.

我們的下一個問題來自 Bernstein Research 的 Stacy Rasgon。

First, I wanted to ask about chipset gross margins in the quarter. I know you don't report them. But if I sort of stare at it, I think they probably were up a couple of hundred basis points. And I find that interesting just given the relative strength of handsets versus the adjacencies, which I think do have higher margins.

首先，我想問一下本季度的芯片組毛利率。我知道你不舉報他們。但如果我盯著它看，我認為它們可能上漲了幾百個基點。考慮到手機與相鄰設備的相對強度，我發現這很有趣，我認為它們確實有更高的利潤率。

Was that just the Android strength that you talked about that drove that margin in the quarter? And then how should we think about that into March as sort of the mix reverses? But you should have some of the higher margins of the adjacencies actually growing sequentially into March. I mean is there room for more margin expansion as we go into the next quarter?

這僅僅是你所說的推動本季度利潤率的 Android 優勢嗎？然後我們應該如何考慮到三月份的情況，因為這種情況會發生逆轉？但是你應該有一些更高的鄰接利潤實際上在三月份連續增長。我的意思是，隨著我們進入下一季度，是否還有進一步擴大利潤率的空間？

Yes. Stacy, it's Akash. So it's a combination of, obviously, the adjacent outside non-handsets businesses helping the gross margin. Within handsets, you're seeing the benefit come through, especially as premium and high-tier devices at the high end of Android are being consumed, and we're selling into that market. And as you'll see in the guidance that we gave, we are still continuing to be optimistic with the gross margin picture.

是的。斯泰西，是阿卡什。因此，很明顯，這是幫助毛利率提高的相鄰外部非手機業務的組合。在手機中，您會看到收益正在顯現，特別是隨著 Android 高端的高端和高端設備正在被消費，我們正在向該市場銷售。正如您將在我們提供的指導中看到的那樣，我們仍然對毛利率情況保持樂觀。

Got it. That's helpful. For my follow-up, I wanted to ask about the buyback. You bought back quite a bit of stock, I believe, in the quarter. And I think at the Analyst Day, you talked about buybacks is only really being anti-dilutive, but it looks like we are seeing share counts come down.

知道了。這很有幫助。對於我的後續行動，我想詢問有關回購的問題。我相信，你在本季度回購了相當多的股票。我認為在分析師日，你談到回購只是真正的反稀釋，但看起來我們看到股票數量下降了。

I guess how should we be thinking about the buyback going forward given the cash generation? And I noticed this quarter, you didn't guide the share count on a more structural level. It does look like it's down a little lower. Should we be thinking about share count continue to go down through the year given the capital return that we're seeing?

我想鑑於現金產生，我們應該如何考慮未來的回購？而且我注意到本季度，您沒有在更結構的層面上指導股票數量。它看起來確實低了一點。鑑於我們看到的資本回報，我們是否應該考慮全年股票數量繼續下降？

Stacy, no change on the framework that we've given on buybacks before. We're continuing to focus on prioritized anti-dilutive buybacks and opportunistically look for, on top of that, if we can do additional buybacks. And so what you're seeing in the quarter is a portion of that showing up. But fundamentally, our framework doesn't change.

Stacy，我們之前給出的回購框架沒有改變。我們將繼續專注於優先的反稀釋性回購，並在此之上尋找機會進行額外的回購。因此，您在本季度看到的是其中的一部分。但從根本上說，我們的框架並沒有改變。

Our next question is coming from the line of Tal Liani with Bank of America.

我們的下一個問題來自美國銀行的 Tal Liani。

I have 2 questions. The first one is other suppliers of Apple noted that orders for March in -- were strong, but then at least one of them said that the guidance for June is very weak because there's going to be a reversion to the mean. And the question I have is, is there any concentration of QCT handsets this that gives you some concerns over any big customer that might be reducing orders -- that there is any abnormal behavior this quarter might be reducing orders later on? That's my first question.

我有 2 個問題。第一個是蘋果的其他供應商指出，3 月份的訂單很強勁，但隨後至少有一個供應商表示，6 月份的指導非常弱，因為將會回歸均值。我的問題是，QCT 手機是否集中，這讓你擔心任何可能減少訂單的大客戶——本季度有任何異常行為可能會在以後減少訂單？這是我的第一個問題。

Sure. Yes. Tal, nothing to look there. I mean there isn't a story. We're going -- Apple is going to have their buying pattern across the quarters. And so that will flow through. But really, our focus is on the Android market, and there isn't a specific story that we're worried about there. Our position is good, and design traction going forward looks great.

當然。是的。塔爾，那裡沒什麼可看的。我的意思是沒有故事。我們要去——蘋果將在整個季度都有他們的購買模式。這樣就會流過。但實際上，我們的重點是 Android 市場，並沒有我們擔心的具體故事。我們的地位很好，未來的設計牽引力看起來很棒。

Okay. The second question, and I don't know how to look at it, but when I look at handset revenues, we are well above the consensus estimates. But RF, auto and IoT, you reported below -- slightly below consensus estimates for the quarter. And I'm just wondering, is there any -- first of all, can you discuss the quarter for these non-handset markets or maybe RF as part of handsets? And then can you discuss seasonality? What -- these are new markets, relatively speaking. What should we think about seasonality here?

好的。第二個問題，我不知道怎麼看，但是當我看手機收入時，我們遠高於普遍預期。但是您在下面報告的射頻、汽車和物聯網——略低於本季度的普遍預期。我只是想知道，有沒有——首先，你能討論一下這些非手機市場的季度，或者射頻作為手機的一部分嗎？然後你能討論季節性嗎？什麼 - 相對而言，這些是新市場。我們應該如何看待這裡的季節性？

Yes. Sure. So Tal, as we had said at previous earnings call, December being a strong quarter for the handset business, we definitely prioritize the handset business over some of the other new opportunities. Still great demand in those areas. And as we go forward, you'll see that growth rates ramp in each of those businesses. It's reflected in our guidance.

是的。當然。所以 Tal，正如我們在之前的財報電話會議上所說，12 月是手機業務強勁的季度，我們肯定會優先考慮手機業務，而不是其他一些新機會。這些領域的需求仍然很大。隨著我們向前發展，您會看到這些業務的增長率都在上升。這反映在我們的指導中。

As I said in my prepared remarks, we expect auto and IoT to see strong sequential growth in the second quarter and also a strong year-over-year growth. As you look at the second half of the year, you're going to see the same trend, strong year-over-year growth across the board.

正如我在準備好的講話中所說，我們預計汽車和物聯網將在第二季度實現強勁的連續增長，並且同比也將出現強勁的增長。當您查看今年下半年時，您將看到相同的趨勢，即全面強勁的同比增長。

Our next question is coming from the line of Ross Seymore with Deutsche Bank.

我們的下一個問題來自德意志銀行的羅斯·西莫爾（Ross Seymore）。

Whether it's Cristiano or Akash, I'm not sure who this is better aligned to, but I wanted to see what your strategy is on the pricing side of the equation. Costs are increasing. Everybody is trying to get more supply. Are you passing along those costs? Is it margin accretive? And how are you using price on the revenue side of things as a tailwind? Should we be assuming that some of the goodness that we're seeing year-over-year is coming from the price side of the equation or not?

無論是克里斯蒂亞諾還是阿卡什，我不確定這更適合誰，但我想看看你在定價方面的策略是什麼。成本在增加。每個人都在努力獲得更多的供應。你是否轉嫁了這些成本？是利潤增長嗎？您如何利用價格作為收入方面的順風車？我們是否應該假設我們每年看到的一些好處來自等式的價格方面？

Thanks, Ross. This is Cristiano. Thanks for the question. Here's how you should think about it. One thing that probably separate us, we've been very focused in premium and high-tier devices, high-value devices, a lot of new technology. And therefore, it's -- we're kind of less impacted by semiconductor cost increases. It's more about the value of the platform we offer.

謝謝，羅斯。這是克里斯蒂亞諾。謝謝你的問題。這是您應該考慮的方式。可能讓我們分開的一件事是，我們一直非常專注於高端和高端設備、高價值設備以及許多新技術。因此，我們受半導體成本上漲的影響較小。這更多的是關於我們提供的平台的價值。

The second part of the answer is what we said, I think, earlier. Our one technology road map really scales. And as we use the technology in our R&D to serve more markets, we gained scale with our application processor in premium Android, and Android becomes the key story of mobile, not the modem. It's really the application processor. And the Snapdragon 800 is the key story.

我認為，答案的第二部分是我們之前所說的。我們的一個技術路線圖確實可以擴展。隨著我們在研發中使用這項技術來服務更多市場，我們在高端 Android 中使用我們的應用處理器擴大了規模，Android 成為移動設備的關鍵故事，而不是調製解調器。它實際上是應用程序處理器。 Snapdragon 800 是關鍵。

Plus, we have the processing and connectivity into automotive and IoT. It is accretive to margins. The business gains scale, and those are highly profitable, I think, product offerings. So those 2 things have a factor, and it's reflected in the QCT 35% operating margin.

此外，我們擁有汽車和物聯網的處理和連接能力。它增加了利潤。業務規模擴大，我認為這些都是高利潤的產品。所以這兩件事有一個因素，它反映在 QCT 35% 的營業利潤率中。

I guess as my follow-up, one probably for Akash, on the OpEx side of things. It looks like the March quarter is doing what it typically does in your guidance, up seasonally. Any sort of puts and takes for the rest of the year that would be different than your traditional seasonality in that line?

我想作為我的後續行動，可能是為了 Akash，在運營支出方面。看起來 3 月季度的表現與您在指導中通常所做的一樣，是季節性的。在今年餘下的時間裡，任何形式的看跌期權與您在該行中的傳統季節性不同？

Not really. It'll be consistent with our historical seasonality. The one thing to keep in mind is as we closed the Veoneer transaction, they'll become a factor in our OpEx trend going forward. But overall, there's -- you should expect the trend to be consistent with historical.

並不真地。這將與我們的歷史季節性一致。要記住的一件事是，當我們完成 Veoneer 交易時，它們將成為我們未來 OpEx 趨勢的一個因素。但總的來說，您應該期望趨勢與歷史一致。

Our next question is coming from Matt Ramsay with Cowen.

我們的下一個問題來自 Matt Ramsay 和 Cowen。

Cristiano, I wanted to -- a lot of the conversation here has been focused on supply versus demand for your products and the wafers and et cetera that takes to make your products. But a lot of the calls we all do in semis, we're hearing about match set issues and kitting issues for your end customers making devices.

克里斯蒂亞諾，我想 - 這裡的很多談話都集中在你的產品的供需和製造你的產品所需的晶圓等方面。但是我們在半決賽中打的很多電話，我們都聽到了您的最終客戶製造設備的匹配設置問題和配套問題。

And what I've heard more about in the last 6 months and I expect to going forward is maybe a push by Qualcomm to use your scale to help your OEM customers get the remainder of the kit to make phones, pushing people more closely to be strictly aligned around the reference design where you can control more of the components in those reference designs.

在過去的 6 個月裡，我聽到的更多消息以及我預計未來可能會是高通公司推動使用您的規模來幫助您的 OEM 客戶獲得剩餘的套件來製造手機，從而更緊密地推動人們成為圍繞參考設計嚴格對齊，您可以控制這些參考設計中的更多組件。

I wonder if you're finding your scale to be an advantage, one.And number two, does that have implications on attach rates of RF and other types of components that might generate revenue for Qualcomm in those designs?

我想知道您是否發現您的規模是一種優勢，第一。第二，這是否對可能在這些設計中為高通帶來收入的 RF 和其他類型組件的附加率產生影響？

Thanks for the question. Here is -- it's a complicated thing here. I'll try to provide a simple answer. Look, when we talk, for example -- and I was just going to pick this product an example. We talked about Snapdragon 8 Series Generation 1, and it's a leading node SoC, but it has a lot of attach. Yes. Yes. The transceiver has entire front-end attach. It has power management IC.

謝謝你的問題。這是 - 這是一個複雜的事情。我將嘗試提供一個簡單的答案。看，例如，當我們交談時——我只是要選擇這個產品作為例子。我們談到了驍龍 8 系列第一代，它是領先的節點 SoC，但它有很多附加功能。是的。是的。收發器具有整個前端連接。它有電源管理IC。

And at the end of the day, when we provide a chipset solution to our customers, we need capacity across a number of different nodes. So when we think about multisourcing our products and put capacity expansion plans in place, so we have supply to support both our handsets in the growth business, we have been building capacity across all those different technologies.

歸根結底，當我們為客戶提供芯片組解決方案時，我們需要跨多個不同節點的容量。因此，當我們考慮對我們的產品進行多源採購併制定產能擴張計劃時，我們有供應來支持我們在增長業務中的兩款手機，我們一直在針對所有這些不同的技術進行產能建設。

And as an example, when you think of things like a power management IC or even transceiver, we work with 4 or 5 foundries. So in the semiconductor supply chain shortage, it is across everything.

例如，當您想到電源管理 IC 甚至收發器之類的東西時，我們與 4 或 5 家代工廠合作。所以在半導體供應鏈短缺的情況下，它遍及一切。

Now having said that, the second part of the answer is scale has been very helpful. Two things have been very helpful for Qualcomm. One is the high predictability we have on our demand. We can bet on ourselves, and therefore, we have the ability to make long-term capacity planning and get long-term capacity commitments from our vendors. And also, the scale that we have to be able to utilize multisourcing, that has put us in a good position to navigate through this.

話雖如此，答案的第二部分是規模非常有幫助。有兩件事對高通非常有幫助。一是我們對需求的高度可預測性。我們可以賭自己，因此，我們有能力進行長期的容量規劃，並從我們的供應商那裡獲得長期的容量承諾。而且，我們必須能夠利用多源的規模，這使我們處於一個很好的位置來解決這個問題。

Now having said that, so I'll repeat what I said before, we still have more demand than supply, even though we're very happy with the growth rates and how good was the quarter, the guide how we've been managing, I think the seasonality between handsets and the growth business. But -- and as we said, supply is going to get better as we get to the second half of 2022.

現在說了這麼多，所以我要重複我之前說過的話，我們的需求仍然比供應多，儘管我們對增長率和本季度的表現非常滿意，指導我們的管理方式，我認為手機與增長業務之間存在季節性。但是——正如我們所說，隨著我們到 2022 年下半年，供應將會變得更好。

Very helpful. Just as a follow-up. On the auto business, you guys presented a very compelling story around ADAS at the Investor Day, but I was a bit surprised at the Ultra Cruise announcement so quickly. Congrats on that. Maybe if you could give a little bit more details behind that relationship with GM and if you have other irons in the fire of similar profile.

很有幫助。只是作為一個後續。在汽車業務方面，你們在投資者日展示了一個非常引人入勝的關於 ADAS 的故事，但我對 Ultra Cruise 這麼快宣布的消息感到有些驚訝。對此表示祝賀。也許你能提供更多關於與通用汽車關係背後的細節，以及你是否還有其他類似的鐵桿。

Thanks for the question. Automotive is really an incredible opportunity for Qualcomm. We're super excited about everything that's happening in automotive has happened in a very short period of time.

謝謝你的問題。對於高通來說，汽車行業確實是一個難得的機會。我們對汽車領域發生的一切都在很短的時間內發生感到非常興奮。

And I think we have something that is very unique. It's separate us from everybody else. It's not about having a component. It's about creating a digital chassis with capabilities in all domains, from connecting the car to the cloud telematics, the entire immersive digital cockpit experience and, of course, ADAS and autonomy, plus a service platform.

我認為我們有一些非常獨特的東西。它把我們和其他人分開。這與擁有一個組件無關。它是關於創建一個具有所有領域功能的數字底盤，從連接汽車到雲遠程信息處理、整個沉浸式數字駕駛艙體驗，當然還有 ADAS 和自主性，以及一個服務平台。

GM is, as we said, a cornerstone customer that is not only looking into the capability of ADAS, and we're super proud of the work with them, both of Super Cruise and Ultra Cruise, but also the ability to look at the entire chassis. BMW was another one, which we announced towards our Analyst Day. At CES, we announced Renault as in addition to the digital chassis.

正如我們所說，通用汽車是一個基石客戶，他們不僅關注 ADAS 的能力，而且我們為與他們的合作感到非常自豪，無論是 Super Cruise 和 Ultra Cruise，而且還能夠看到整個機殼。寶馬是另一個，我們在分析師日宣布。在 CES 上，我們宣布雷諾作為數字底盤的補充。

We -- you should expect that we have a lot of other irons in the fire. And overall, automotive is a good story for Qualcomm. It's something that we can actually take a platform approach and take some of the things we have done in mobile, it's take the technology to scale up and down to every tier of automobile. And I think we're just in the beginning of having more ADAS design wins and having the chassis be recognized as a key platform going forward.

我們——你應該預料到我們還有很多其他的熨斗。總的來說，汽車行業對高通來說是個好故事。這是我們實際上可以採用平台方法並採用我們在移動設備中所做的一些事情的東西，它需要技術來擴大和縮小到汽車的每一層。而且我認為我們剛剛開始獲得更多的 ADAS 設計勝利，並且底盤被認為是未來的關鍵平台。

Your next question is coming from Joe Moore with Morgan Stanley.

您的下一個問題來自摩根士丹利的喬摩爾。

I wonder if you could talk about RF for the year, the RF business' ability to keep pace with handsets overall. And kind of what are the metrics we should look at as millimeter wave roll out kind of more broadly an important factor? Or is it content growth in the sort of next 200 million 5G handsets, just how are you thinking about overall RF for the year?

我想知道您是否可以談論今年的射頻，射頻業務與整體手機保持同步的能力。隨著毫米波的推出更廣泛地成為一個重要因素，我們應該關注哪些指標？或者是未來 2 億部 5G 手機的內容增長，您如何看待今年的整體射頻？

Sure. Joe, it's Akash. If you go back to what we said at Analyst Day and the target that we set for the RF business, really, no change there. We -- '22 is playing out as we expected. It's on track to position us to achieve the target that we laid out. You should also think of RF as not just handsets.

當然。喬，是阿卡什。如果你回到我們在分析師日所說的話和我們為射頻業務設定的目標，真的，那裡沒有改變。我們 - '22 正在如我們預期的那樣發揮作用。它正在為我們定位以實現我們制定的目標。您還應該將 RF 視為不僅僅是手機。

And today, most of the business is handsets, but we're going to have RF opportunities with 5G and automotive, with 5G and IoT and then WiFi RF as well. So tremendous growth opportunities outside of handsets that's in front of us.

今天，大部分業務是手機，但我們將在 5G 和汽車、5G 和物聯網以及 WiFi 射頻方面獲得射頻機會。手機之外的巨大增長機會就擺在我們面前。

On millimeter wave, the guidance that we gave at Analyst Day did not have any heroic assumptions of growth of millimeter wave globally. We think of that as an upside opportunity.

在毫米波方面，我們在分析師日給出的指導並沒有對全球毫米波的增長做出任何英勇的假設。我們認為這是一個上行機會。

Our final question is coming from the line of Brett Simpson with Arete Research.

我們的最後一個問題來自 Brett Simpson 與 Arete Research 的對話。

I have a question for Cristiano. You talked a lot about Android strength this year. But I guess on China smartphones, we've seen some volatility in sort of sell-in versus sell-through last quarter. Is this sort of typical kind of buildup ahead of Chinese New Year that we should expect?

我有一個問題要問克里斯蒂亞諾。你今年談了很多關於 Android 的實力。但我猜在中國智能手機上，我們已經看到上個季度的賣出與賣出之間出現了一些波動。這種典型的農曆新年之前的積累是我們應該期待的嗎？

And I guess when you look at new product launches in China, last year, we didn't get any new premium Android launches in the June quarter. Nothing meaningful from Chinese customers. So I'm just keen to get your perspective around demand from Chinese customers in the March and June quarters as things look a little bit more volatile than we'd expect.

而且我猜當您查看去年在中國推出的新產品時，我們在 6 月季度沒有推出任何新的高端 Android 產品。中國客戶沒有任何意義。因此，我只是想了解您對 3 月和 6 月季度中國客戶需求的看法，因為情況看起來比我們預期的要波動一些。

No, it's a great question. And I think as we've been trying to talk about on this call, when you think about the handset Android revenue for us and the growth for having in Android, you see a lot of growth right now. You saw that 60% year-over-year growth of Android, and we also have sequential growth. That's because of the Chinese New Year. And we're more skewed towards premium and high tier.

不，這是一個很好的問題。而且我認為，正如我們在這次電話會議上一直試圖談論的那樣，當您考慮我們的手機 Android 收入以及 Android 的增長時，您現在看到了很多增長。你看到 Android 同比增長 60%，我們也有連續增長。那是因為中國新年。而且我們更傾向於高端和高端。

And then we have -- the next inflection point will be the holiday season. And I think this is all contemplated in our guide. And the market -- we continue to see demand high. And because I think we're more concentrated in the premium and high tiers, we have been a little bit less impacted by some of the puts and takes that you see towards in the mid and the low tier of handsets.

然後我們有 - 下一個拐點將是假期。我認為這一切都在我們的指南中得到了考慮。而市場——我們繼續看到需求很高。而且因為我認為我們更專注於高端和高端，我們受到的一些看跌期權的影響較小，你在中低端手機中看到了這些。

Great. And maybe just a follow-up on Windows and ARM. I mean this is something you guys have led over the last, I don't know, 3 or 4 years, but can you talk a bit about your share ambitions? I mean what do you think that an ARM platform and Windows ecosystem can command on a sort of 2- or 3-year view with -- especially with the NUVIA asset you've got now and the MAKENA project? Any sort of market share ambitions you can share with us, just to give us some perspective on how you see this opportunity playing out.

偉大的。也許只是對 Windows 和 ARM 的跟進。我的意思是這是你們過去領導的事情，我不知道，3 或 4 年，但你能談談你的分享野心嗎？我的意思是你認為 ARM 平台和 Windows 生態系統可以在 2 年或 3 年的視圖中發揮什麼作用——尤其是你現在擁有的 NUVIA 資產和 MAKENA 項目？您可以與我們分享任何形式的市場份額野心，只是為了讓我們對您如何看待這個機會有所了解。

Great question. Look, let's talk about short term, and then let's talk about midterm. The way we look at this -- and we have been very clear and very consistent with our vision. At the end of the day, for Qualcomm, it's inevitable that you're going to have a big portion of the PC market moving towards the connected ARM platform.

好問題。看，讓我們談談短期，然後讓我們談談中期。我們看待這個問題的方式——我們一直非常清楚，並且與我們的願景非常一致。歸根結底，對於高通來說，你將不可避免地有很大一部分 PC 市場轉向連接的 ARM 平台。

I think you saw that happening already with Apple when you think about the Apple devices. And then when you think about the use cases of PC, PCs are changing at least for the workhorse of a laptop. It's about cameras. It's about connectivities. It's about multimedia. It's about streaming with 5G, including streaming of gaming, et cetera.

我想當您想到 Apple 設備時，您已經看到 Apple 已經發生了這種情況。然後，當您考慮 PC 的用例時，至少對於筆記本電腦的主力而言，PC 正在發生變化。這是關於相機的。這是關於連接性的。這是關於多媒體的。這是關於 5G 的流媒體，包括遊戲流媒體等。

So our view is very clear. There's going to be a big portion of the market is going to transition to an ARM architecture. And when you think of everybody else in the industry, we are the best positioned company to do that for the Windows ecosystem. I think that's reflected not only in the developments and the partnership we have with Microsoft for the years, but also the acquisition of NUVIA.

所以我們的觀點很明確。將有很大一部分市場將過渡到 ARM 架構。當你想到業內的其他人時，我們是為 Windows 生態系統做這件事的最佳定位公司。我認為這不僅反映在我們與微軟多年來的發展和合作夥伴關係上，還反映在對 NUVIA 的收購上。

Short term, as we prepare for Windows 11, Windows 11 is really the time that you have the ARM ecosystem able to support 32-bit, 64-bit. You have things like the Android apps coming to Windows, our new partner we just announced, the 8cx Gen 3.

短期來看，當我們為 Windows 11 做準備時，Windows 11 確實是讓 ARM 生態系統能夠支持 32 位、64 位的時候了。我們剛剛宣布的新合作夥伴 8cx Gen 3 即將在 Windows 上推出 Android 應用程序。

We talk about CES about having now the device being tested in 200 large enterprises. And it's a step function. We'll continue to work with our partners on that transition. But I think every OEM that you're going to talk to, especially on the PC Windows side, they believe there's going to be a room for ARM-based laptop, and that's what Qualcomm is doing.

我們談到 CES 時，該設備正在 200 家大型企業中進行測試。這是一個階梯函數。我們將繼續與我們的合作夥伴合作完成這一過渡。但我認為你要與之交談的每個 OEM，尤其是在 PC Windows 方面，他們相信基於 ARM 的筆記本電腦將會有空間，這就是高通正在做的事情。

Thank you. That concludes today's question-and-answer session. Mr. Amon, do you have anything further to add before adjourning the call?

謝謝你。今天的問答環節到此結束。阿蒙先生，在暫停通話之前，您還有什麼要補充的嗎？

Yes. First of all, I would like to thank everyone for joining on the call today. I'm really excited for what 2022 will bring. Demand for technology is accelerating across virtually every sector, and we remain at the beginning of one of the largest opportunities in our history.

是的。首先，我要感謝大家參加今天的電話會議。我對 2022 年將帶來的一切感到非常興奮。幾乎所有行業對技術的需求都在加速增長，而我們仍處於歷史上最大機遇之一的開端。

Our one technology road map with incomparable capabilities in wireless communications, low-power advanced computing and on-device AI extends from mobile to automotive and IoT, expanding our addressable market by more than 7x to approximately $700 billion in the next decade.

我們的技術路線圖在無線通信、低功耗高級計算和設備端人工智能方面具有無與倫比的能力，從移動設備擴展到汽車和物聯網，在未來十年將我們的潛在市場擴大 7 倍以上，達到約 7000 億美元。

In closing, we have the vision and the execution capabilities that will ensure we are at the forefront of innovation. As the world transforms, we will continue to move early and quickly to address these new opportunities and deliver technologies that enable industries and communities to advance.

最後，我們擁有確保我們處於創新前沿的遠見和執行能力。隨著世界的轉變，我們將繼續及早迅速採取行動，以應對這些新機遇，並提供使行業和社區得以發展的技術。

Most important, I would like to thank our 45,000 employees worldwide. I'm incredibly proud of the significant achievements we made. Thank you.

最重要的是，我要感謝我們在全球的 45,000 名員工。我為我們取得的重大成就感到無比自豪。謝謝你。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。您現在可以斷開連接。