高通 (QCOM) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm Fourth Quarter and Fiscal 2021 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded November 3, 2021. The playback number for today's call is (877) 660-6853. International callers, please dial (201) 612-7415. The playback reservation number is 13723721.

女士們、先生們，感謝你們的耐心等待。歡迎參加高通公司2021財年第四季及業績電話會議。（操作員說明）提醒：本次會議將於 2021 年 11 月 3 日錄製。今天電話回放號碼是 (877) 660-6853。國際來電者請撥打 (201) 612-7415。播放預約號碼為 13723721。

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

現在我將把電話交給投資者關係副總裁毛里西奧·洛佩茲-霍多揚。洛佩茲-霍多揚先生，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. 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.

謝謝大家，大家下午好。今天的電話會議將包括克里斯蒂亞諾·阿蒙和阿卡什·帕爾基瓦拉的準備好的發言。此外，Alex Rogers 將參加問答環節。您可以造訪我們的投資者關係網站，查看我們的獲利報告和本次電話會議的幻燈片簡報。此外，本次電話會議正在 qualcomm.com 上進行網路直播，稍後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. 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.

在今天的電話會議中，我們將使用 G 條例定義的非 GAAP 財務指標，您可以在我們的網站上找到與 GAAP 相關的調整表。我們也會做出前瞻性聲明，包括對未來事件、業務或行業趨勢或業務或財務表現的預測和估計。實際事件或結果可能與我們的前瞻性聲明中預測的內容有重大差異。請參閱我們向美國證券交易委員會提交的文件，包括我們最新的 10-K 表格，其中包含可能導致實際結果與前瞻性陳述有重大差異的重要因素。

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

接下來是高通總裁兼執行長克里斯蒂亞諾·阿蒙的評論。

Thank you, Mauricio, and good afternoon, everyone. Thanks for joining us today. As the pace of digital transformation of industries accelerates and as devices become connected and more intelligent, our broad portfolio of technologies and solutions is creating a significant long-term growth opportunity for us.

謝謝你，毛里西奧，大家下午好。感謝您今天收看我們的節目。隨著各行業數位轉型步伐加快，設備變得越來越互聯和智慧化，我們廣泛的技術和解決方案組合正在為我們創造重要的長期成長機會。

As you can see from our results, the performance in our chipset business led to record fiscal fourth quarter non-GAAP revenues of $9.3 billion and record non-GAAP earnings per share of $2.55. Notably, this is our fifth consecutive quarter of greater than 100% year-over-year EBT growth in our chipset business.

從我們的業績可以看出，晶片組業務的出色表現使我們第四財季的非GAAP收入創下93億美元的紀錄，非GAAP每股收益也創下2.55美元的紀錄。值得注意的是，這是我們晶片組業務連續第五個季度實現超過 100% 的同比增長。

We also demonstrated revenue diversification with combined RF front-end, automotive and IoT fiscal '21 revenues exceeding $10 billion, an increase of 69% year-over-year. Going forward, our chipset business represents the largest growth engine for us as virtually all devices at the edge adopt mobile technologies. We have the relevant technologies required to continue to lead in mobile and the connected intelligent edge. And as the edge gains scale in connectivity and adopts own device artificial intelligence, we're well positioned to become a leader in AI processing.

我們也展示了營收多元化，2021 財年射頻前端、汽車和物聯網業務的總收入超過 100 億美元，年增 69%。展望未來，隨著幾乎所有邊緣設備都採用行動技術，我們的晶片組業務將成為我們最大的成長引擎。我們擁有在行動和互聯智慧邊緣領域繼續保持領先地位所需的必要技術。隨著邊緣運算在連接性方面不斷擴大規模並採用自有設備人工智慧，我們有望成為人工智慧處理領域的領導者。

Let me now briefly highlight the strong momentum we continue to see in IoT across consumer, edge networking and industrial. In consumer, we're pleased that our XR platforms are powering over 50 commercial devices and gaining scale with the leading VR and AR ecosystems. Our early investments have established Snapdragon XR as a device platform of choice for connecting physical and digital spaces. And recent market developments position us as one of the key enablers of the metaverse opportunity.

現在讓我簡要地重點介紹一下我們在物聯網領域（包括消費、邊緣網路和工業領域）持續看到的強勁發展勢頭。在消費領域，我們很高興看到我們的 XR 平台為 50 多款商用設備提供支持，並隨著領先的 VR 和 AR 生態系統的發展而不斷擴大規模。我們早期的投資已將驍龍 XR 確立為連接實體空間和數位空間的首選設備平台。而近期的市場發展使我們成為元宇宙機會的關鍵推動者之一。

Additionally, the ongoing conversions of mobile and compute continues to drive demand for Snapdragon-powered premium tablets, 2-in-1s and laptops. We are pleased with the strong market validation of ARM-based personal computing in the industry transition to a new SoC architecture. We're more confident than ever in the connected computing opportunity, our upcoming solutions powered by our NUVIA CPUs and our collaboration with Microsoft.

此外，行動裝置和運算裝置的持續轉型也持續推動了對搭載驍龍處理器的高階平板電腦、二合一電腦和筆記型電腦的需求。我們很高興看到基於 ARM 的個人運算技術在業界向新的 SoC 架構過渡的過程中獲得了強有力的市場認可。我們比以往任何時候都更相信連網運算的機會、我們即將推出的NUVIA CPU驅動的解決方案以及我們與微軟的合作。

We're also seeing increased traction in consumer electronics. Our advanced technologies are powering category-leading devices such as the Peloton Bike+ in tread as well as the Astro, Amazon's recently announced household robot.

我們也看到消費性電子產品領域的成長動能日益強勁。我們的先進技術為 Peloton Bike+ 等跑步機以及亞馬遜最近發布的家用機器人 Astro 等業界領先的設備提供動力。

In edge networking, we are a leader in current and next-generation high-performance Wi-Fi 6 and Wi-Fi 6E access point solutions. And we continue to see high demand for our products driven by home and enterprise upgrade cycles. We expect this trend to continue as productivity increasingly requires video collaboration as well as cloud processing and storage.

在邊緣網路領域，我們是目前和新一代高效能 Wi-Fi 6 和 Wi-Fi 6E 存取點解決方案的領導者。我們持續看到，受家庭和企業升級週期的推動，市場對我們產品的需求依然強勁。我們預計這一趨勢將會持續下去，因為生產力越來越需要視訊協作以及雲端處理和儲存。

5G as wireless fiber is now a reality in gaining scale. In the United States, Verizon recently announced 5G home Internet service availability in 57 markets, including more than 2 million households covered on millimeter wave. In addition, T-Mobile is leveraging their 5G network to target 7 million to 8 million home broadband customers over the next 5 years. We're seeing demand increase globally, making 5G as wireless fiber one of the fastest-growing last-mile broadband technologies.

5G作為無線光纖，如今已在規模化應用方面成為現實。在美國，Verizon 近日宣佈在 57 個市場推出 5G 家庭網路服務，其中包括超過 200 萬個使用毫米波技術的家庭。此外，T-Mobile 正在利用其 5G 網絡，在未來 5 年內瞄準 700 萬至 800 萬家庭寬頻用戶。我們看到全球需求不斷成長，使得 5G 作為無線光纖成為成長最快的最後一公里寬頻技術之一。

In industrial, we have expanded our Qualcomm IoT services suite to more than 30 verticals. As an example, in retail, our solutions are powering digital signage, payment and self-checkout devices from companies like Square and Clover as well as solutions from Honeywell, Panasonic, Zebra and others to enable new customer experiences, help empower store associates and improve operational efficiencies.

在工業領域，我們已將高通物聯網服務套件擴展到 30 多個垂直產業。例如，在零售業，我們的解決方案為 Square 和 Clover 等公司的數位看板、支付和自助結帳設備以及 Honeywell、Panasonic、Zebra 等公司的解決方案提供支持，從而實現新的客戶體驗，幫助增強門市員工的能力並提高營運效率。

We also continue to lead the way on product innovation with new launches like the Qualcomm Flight RB5, the world's first 5G AI drone platform. In RF front-end, we expanded our product portfolio with our recently announced ultraBAW RF filter technology that support frequencies from 2.7 gigahertz to 7.2 gigahertz. This is the new industry benchmark for performance in this range. ultraBAW technology also supports Wi-Fi bands, including 5 gigahertz, the newly adopted 6 gigahertz band for Wi-Fi 6E and future Wi-Fi standards. This creates a new growth vector for RF front-end as we attach RF solutions to Wi-Fi.

我們在產品創新方面也持續保持領先地位，推出了高通Flight RB5等新產品，這是世界上第一個5G AI無人機平台。在射頻前端，我們擴展了產品組合，推出了最近發布的 ultraBAW 射頻濾波器技術，支援 2.7 吉赫茲至 7.2 吉赫茲的頻率。這是該價位段性能的新產業標竿。ultraBAW 技術還支援 Wi-Fi 頻段，包括 5 吉赫茲頻段、Wi-Fi 6E 和未來 Wi-Fi 標準新採用的 6 吉赫茲頻段。我們將射頻解決方案與 Wi-Fi 結合，為射頻前端創造了一個新的成長點。

Our RF front-end portfolio, combining ultraSAW and ultraBAW technologies, is now best-in-class from 600 megahertz to 7 gigahertz. And with the addition of millimeter wave, we are the only RF front-end provider with a comprehensive solution for all bands. As cellular expands beyond handsets, we're focused on extending our modem-to-antenna platform to automotive and IoT.

我們的射頻前端產品組合結合了超表面聲波 (ultraSAW) 和超體聲波 (ultraBAW) 技術，目前在 600 兆赫茲到 7 吉赫茲範圍內處於一流水平。隨著毫米波的加入，我們成為唯一一家能夠為所有頻段提供全面解決方案的射頻前端供應商。隨著蜂窩網路的應用範圍從手機擴展到其他領域，我們正致力於將我們的數據機到天線平台擴展到汽車和物聯網領域。

In automotive, we're creating a leading horizontal and open platform with our Snapdragon digital chassis, which includes our telematics, digital cockpit, Car-to-Cloud service, ADAS and autonomy solutions. Taking the same approach we used to make smartphone, the world's largest computing and developer platform, we're currently working with automakers and Tier 1s to create a joint road map to build multi-tier, multi-generation, scalable and upgradable platforms for long-term sustainable business.

在汽車領域，我們正在利用驍龍數位底盤打造一個領先的橫向開放平台，其中包括我們的車載資訊系統、數位座艙、車聯網服務、ADAS 和自動駕駛解決方案。我們採用與打造智慧型手機（全球最大的運算和開發者平台）相同的方法，目前正與汽車製造商和一級供應商合作，制定聯合路線圖，建立多層、多代、可擴展和可升級的平台，以實現長期可持續的業務發展。

The strength of our digital chassis strategy is reflected in both our results as well as a strong design pipeline and is creating a platform for innovation for auto. We are also very excited about Arriver. Upon closing, Snapdragon Ride ADAS solutions will be complemented with Arriver's computer vision, drive policy and driver assistant assets, enhancing our ability to deliver on an open and competitive ADAS platform for automakers and Tier 1s at scale.

我們的數位化底盤策略的優勢體現在我們的業績和強大的設計流程中，並為汽車創新創造了平台。我們也對Arriver感到非常興奮。交易完成後，Snapdragon Ride ADAS 解決方案將與 Arriver 的電腦視覺、駕駛策略和駕駛輔助資產相結合，從而增強我們為汽車製造商和一級供應商大規模提供開放且具有競爭力的 ADAS 平台的能力。

In handsets, we're successfully executing on our strategy. Our premium tier Snapdragon solutions continue to gain traction with OEMs. In fiscal Q4, devices announced or shipped with our Snapdragon premium tier products increased by 21% year-over-year. Notably, all leading 5G Android smartphones OEMs by volume continue to power their flagship devices with Snapdragon.

在手機領域，我們的策略正在成功實施。我們的高階驍龍解決方案持續受到OEM廠商的青睞。在第四財季，搭載驍龍高階處理器的發布或出貨設備數量年增 21%。值得注意的是，所有銷售領先的 5G 安卓智慧型手機 OEM 廠商都繼續在其旗艦設備中使用驍龍處理器。

Snapdragon continues to be the preferred choice for premium and high-tier Android smartphones in all regions. As a result, we're benefiting from the changing OEM landscape in Android SAM expansion.

驍龍處理器仍然是所有地區高階安卓智慧型手機的首選。因此，我們受益於 Android SAM 擴展領域 OEM 格局的變化。

Lastly, our licensing business achieved fiscal '21 revenues in excess of $6.3 billion. QTL remains the most successful licensing business in the industry, reflecting the strength of our innovation in cellular technology, the value of our extensive patent portfolio and our execution in securing long-term agreements with key OEMs as well as over 150 5G agreements to date.

最後，我們的授權業務在 2021 財年實現了超過 63 億美元的收入。QTL 仍然是業內最成功的授權業務，這反映了我們在蜂窩技術創新方面的實力、我們廣泛的專利組合的價值以及我們在與主要 OEM 達成長期協議方面的執行力，以及迄今為止達成的 150 多項 5G 協議。

As we have noted throughout the year, we continue to see incredibly strong demand across all our technologies as the current environment is accelerating the scale of connectivity and processing at the edge. We still expect material improvements to our supply by the end of the calendar year, and our second sourcing initiatives remain on track.

正如我們今年以來一直觀察到的那樣，隨著當前環境加速邊緣連接和處理規模的擴大，我們所有技術的需求都持續強勁成長。我們仍然預計到今年年底，我們的供應情況將得到實質改善，我們的第二項採購計畫也仍在按計畫進行。

Before I turn the call over to Akash, I would like to highlight that we recently announced a goal to achieve net-zero global emissions for Scopes 1, 2 and 3 by 2040. We also look forward to enabling a more sustainable future with 5G through its impact on greenhouse gas emissions reduction, energy and water use optimization, green jobs creation and more.

在將電話交給 Akash 之前，我想強調一下，我們最近宣布了一個目標，即在 2040 年實現範圍 1、2 和 3 的全球淨零排放。我們也期待 5G 能透過減少溫室氣體排放、優化能源和水資源利用、創造綠色就業機會等方式，協助建構更永續的未來。

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

現在我想把電話交給阿卡什。

Thank you, Cristiano, and good afternoon, everyone.

謝謝你，克里斯蒂亞諾，大家下午好。

We are pleased to announce record fourth fiscal quarter results with non-GAAP revenues of $9.3 billion and non-GAAP EPS of $2.55, reflecting year-over-year growth of 43% and 76%, respectively. For QCT, this was another record quarter with revenues of $7.7 billion and EBT margin of 32%, both above the high end of our guidance. QCT EBT of $2.5 billion grew by 143% versus the year ago quarter on revenue growth of 56% and 12 points of EBT margin expansion.

我們很高興地宣布第四財季業績創歷史新高，非GAAP營收達93億美元，非GAAP每股收益為2.55美元，分別較去年同期成長43%和76%。對 QCT 而言，這又是一個創紀錄的季度，營收達到 77 億美元，EBT 利潤率為 32%，都高於我們預期的上限。QCT 的 EBT 為 25 億美元，較去年同期成長 143%，營收成長 56%，EBT 利潤率成長 12 個百分點。

We also delivered record revenues in each of QCT revenue streams: handsets, RF front-end, IoT and automotive. Handset revenues of $4.7 billion increased 56% year-over-year on strong demand across all major OEMs. RF front-end revenues of $1.2 billion grew 45% year-over-year and included the benefit of pull-in of demand in advance of certain holiday launches. IoT revenues were up 66% year-over-year to $1.5 billion as digital transformation continues to drive higher demand across our diversified customer base. Automotive revenues of $270 million grew 44% year-over-year on the ramp of digital cockpit launches and continued strength in telematics.

我們在 QCT 的各個收入來源（手機、射頻前端、物聯網和汽車）也都實現了創紀錄的收入。受各大OEM廠商強勁需求的推動，手機營收達47億美元，年增56%。RF 前端營收達 12 億美元，年增 45%，其中包括某些假日產品上市前提前拉動需求帶來的收益。物聯網營收年增 66%，達到 15 億美元，數位轉型持續推動我們多元化客戶群的更高需求。汽車業務收入達 2.7 億美元，年增 44%，這得益於數位座艙的推出和遠端資訊處理業務的持續強勁成長。

QTL revenues of $1.6 billion and EBT margins of 72% were in line with guidance. These results reflect slightly lower-than-expected units, offset by favorable mix.

QTL 營收達 16 億美元，EBT 利潤率為 72%，符合預期。這些結果反映出銷售量略低於預期，但有利的產品組合彌補了這一不足。

Lastly, we delivered GAAP EPS of $2.45, $0.47 above the high end of our guidance, driven by record non-GAAP earnings and approximately $500 million of gains in our QSI investment portfolio.

最後，我們實現了 GAAP 每股收益 2.45 美元，比我們預期的上限高出 0.47 美元，這主要得益於非 GAAP 收益創紀錄以及 QSI 投資組合約 5 億美元的收益。

Now I would like to highlight some key achievements in fiscal '21. We are exceeding all targets we set at our 2019 Analyst Day, which is a year earlier than forecasted. We delivered year-over-year revenue growth of 26% in QTL and 64% in QCT, and more than doubled non-GAAP EPS to $8.54.

現在我想重點介紹2021財年的一些主要成就。我們超額完成了 2019 年分析師日上設定的所有目標，比預期提早了一年。我們在 QTL 實現了 26% 的同比增長，在 QCT 實現了 64% 的同比增長，並且非 GAAP 每股收益翻了一番多，達到 8.54 美元。

In QCT, we had greater than 50% year-over-year growth in each of our revenue streams, and EBT margins expanded from 17% in fiscal '20 to 29% in fiscal '21. Within handsets, our Android revenues for our Snapdragon chipsets were approximately 40% higher than our primary competitor. With our focus on diversification, RF front-end, automotive and IoT accounted for 38% of total QCT revenues.

在 QCT，我們的各項收入來源年增超過 50%，EBT 利潤率從 2020 財年的 17% 成長到 2021 財年的 29%。在手機領域，我們驍龍晶片組的安卓收入比主要競爭對手高出約 40%。由於我們專注於多元化發展，射頻前端、汽車和物聯網業務佔 QCT 總收入的 38%。

Lastly, we returned 74% of our free cash flow to stockholders, including $3 billion in dividends and $3.4 billion in stock repurchases.

最後，我們將 74% 的自由現金流返還給了股東，其中包括 30 億美元的股息和 34 億美元的股票回購。

Turning to our guidance for handset units in the first fiscal quarter. For calendar 2021, we are narrowing the range for 5G handsets to 500 million to 550 million units. We are now forecasting mid- to high-single-digit growth in global 3G/4G/5G handsets relative to calendar 2020.

接下來談談我們對第一財季手機銷售的預期。2021 年，我們將 5G 手機的供應量縮小到 5 億至 5.5 億支。我們現在預測，與 2020 年相比，全球 3G/4G/5G 手機銷售將實現中高個位數成長。

For the first fiscal quarter, we are forecasting revenues of $10 billion to $10.8 billion and non-GAAP EPS of $2.90 to $3.10. In QCT, we expect revenues of $8.4 billion to $8.9 billion and EBT margins of 32% to 34%. At the midpoint, this implies year-over-year revenue growth of 32% and EBT dollar growth of 49%. The sequential revenue growth is driven by handsets due to higher demand, primarily for our Snapdragon chipsets in Android devices.

我們預計第一財季的營收為 100 億美元至 108 億美元，非 GAAP 每股收益為 2.90 美元至 3.10 美元。在 QCT，我們預計營收為 84 億美元至 89 億美元，EBT 利潤率為 32% 至 34%。中間值表明，這意味著年收入同比增長 32%，稅前利潤同比增長 49%。營收環比成長主要得益於手機業務的需求增加，尤其是安卓設備中對我們驍龍晶片組的需求。

Following the record performance in the fourth quarter, we expect nonhandset revenues to remain in line sequentially. Consistent with our previous guidance, we expect QTL revenues of $1.6 billion to $1.8 billion and EBT margins of 74% to 78%. This forecast assumes sequential unit growth in line with historical trends.

繼第四季度創紀錄的業績之後，我們預計非手機業務收入將環比保持穩定。與我們先前的預期一致，我們預期 QTL 的營收為 16 億美元至 18 億美元，EBT 利潤率為 74% 至 78%。此預測假設單位數量將按照歷史趨勢逐週增加。

Lastly, we anticipate non-GAAP combined R&D and SG&A expenses to decrease 2% to 3% sequentially. As a reminder, operating expenses are typically higher in the second fiscal quarter as it includes calendar year resets for certain employee-related costs.

最後，我們預期非GAAP合併研發及銷售、管理及行政費用將較上季下降2%至3%。需要提醒的是，第二財季的營運費用通常較高，因為其中包含某些與員工相關的成本的日曆年重置。

Looking forward, fiscal '22 will be another exciting year for Qualcomm with year-over-year EPS growth expected to exceed 20%, driven by strength across all QCT revenue streams. In handsets, we are positioned to benefit from the $10 billion SAM expansion due to the changing OEM landscape. A portion of this benefit is reflected in our first quarter guidance, and we also expect it to contribute to the rest of fiscal '22.

展望未來，2022 財年對高通來說將是另一個令人興奮的一年，預計在 QCT 所有收入來源強勁增長的推動下，每股收益同比增長將超過 20%。在手機領域，由於 OEM 格局的變化，我們有望從 100 億美元的 SAM 擴張中受益。部分收益已反映在我們的第一季業績預期中，我們也預計它將有助於 2022 財年剩餘時間的業績。

Before I finish my prepared remarks, I would like to thank our employees for their leadership and contributions in making 2021 successful. Finally, we look forward to seeing you at our Investor Day on November 16 where we will provide additional detail about our growth strategy.

在我結束準備好的發言之前，我想感謝我們的員工，感謝他們的領導和貢獻，使 2021 年取得了成功。最後，我們期待在11月16日的投資者日上與您見面，屆時我們將提供有關我們成長策略的更多細節。

Thank you, and I'll now turn the call back to Mauricio.

謝謝，我現在把電話轉回給毛里西奧。

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

謝謝你，阿卡什。操作員，我們現在可以接受提問了。

(Operator Instructions) Our first question comes from Chris Caso with Raymond James.

（操作說明）我們的第一個問題來自 Raymond James 的 Chris Caso。

For my first question, perhaps you could help us out with what was different from your expectations heading into this quarter. I know that you were struggling with supply constraints like everyone else in the industry. Was it that supply came on better than you expected? Was it the demand? Was it a combination of both?

我的第一個問題是，您能否幫我們說說，本季與您先前的預期有哪些不同之處？我知道你和其他業內人士一樣，都面臨著供應短缺的問題。是不是供貨情況比你預期的好？是需求造成的嗎？是兩者兼具嗎？

Yes. Chris, this is Akash. It was really a combination of both. We were -- we had lots of strength in QCT really across all of our revenue streams with handsets, IoT and RF front-end. Those are the 3 areas that did really well relative to our expectations. And we were able to work through the supply constraints to address the demand that came up. So it was really a combination of both.

是的。克里斯，這位是阿卡什。實際上，這兩種情況兼而有之。我們在QCT方面實力雄厚，涵蓋了我們所有的收入來源，包括手機、物聯網和射頻前端。這三個領域的表現都超出了我們的預期。我們克服了供應限制，滿足了出現的需求。所以其實是兩者的結合。

Great. And maybe you could expand on your comments. You spoke about, and I think I have this right, EPS growth is expected to exceed 20% as you go into next year. Can you give us some details? I'm sure that's something that you're planning on hitting as you're going through the Analyst Day.

偉大的。或許您可以進一步闡述您的觀點。您剛才提到，而且我想我理解得沒錯，預計明年每股收益成長將超過 20%。您能提供一些詳細資訊嗎？我相信這是你在分析師日期間計劃重點關注的內容之一。

Yes. Absolutely. I mean it's -- just to clarify, what we guided is non-GAAP EPS growth of greater than 20%. And the key driver for that is really across all QCT revenue streams. So you're seeing the strength exiting the year, and that's the strength that's kind of playing out both in our first quarter guidance and also the full year.

是的。絕對地。我的意思是──為了澄清一下，我們給出的預期是非GAAP每股盈餘成長超過20%。而這背後的關鍵驅動因素實際上涵蓋了 QCT 的所有收入來源。所以，您可以看到年底的強勁勢頭，這種勢頭也反映在我們的第一季業績預期和全年業績預期中。

The one thing I would highlight is within handsets, we're really in a strong position to benefit from the $10 billion SAM expansion we have previously discussed from the changing OEM landscape. And a portion of this benefit is reflected in our first quarter guidance, and that's also contemplated in the greater than 20% EPS growth we are suggesting. Given that we expect handsets to grow faster than nonhandsets in fiscal '22, but really across the board, we'll have very strong growth rates and really set up to do well in the year and beyond.

我想強調的一點是，在手機領域，我們確實處於有利地位，可以從之前討論過的 OEM 格局變化帶來的 100 億美元 SAM 擴張中受益。部分收益已反映在我們的第一季業績指引中，這也反映在我們預期的每股盈餘成長超過 20% 的預期中。鑑於我們預計 2022 財年手機業務的成長速度將超過非手機業務，但實際上所有業務都將實現非常強勁的成長，我們將為今年及以後取得良好業績做好準備。

Our next question is coming from the line of Matt Ramsay with Cowen.

我們的下一個問題來自 Matt Ramsay 和 Cowen 的連線。

Congrats on the results. Cristiano, I wanted to dig a little bit with you into the guidance for the December quarter in QCT. I think you guys mentioned in the script that, that was primarily going to be driven by your Android business and increased supply. So I just wanted to make sure that I got that right. Obviously, that's a seasonally strong quarter for Cupertino, but I just wanted to dig a little bit more into the dynamics that are driving the fourth quarter in Android.

恭喜取得好成績。克里斯蒂亞諾，我想和你深入探討 QCT 對 12 月季度的業績指引。我認為你們在腳本中提到過，這主要將由你們的安卓業務和不斷增加的供應量來驅動。所以我只是想確保我理解正確。顯然，對於庫比蒂諾來說，這是一個季節性強勁的季度，但我只是想更深入地探討推動 Android 第四季發展的因素。

No, thanks, Matt, for the question. Look, I think what you're starting to see exactly the correlation is going to different directions. You're correct, it's a seasonally strong quarter for our modem-only shipments. But the sequential revenue growth is primarily driven by Android handsets. And demand for Snapdragon mobile platforms, both across premium and high tier, and consistent with what we said, we see an incredible opportunity to grow way faster than the market. And Android is the primary growth driver in our handset business right now.

不，謝謝你的提問，馬特。你看，我認為你現在開始看到的正是這種相關性，而這種相關性正朝著不同的方向發展。沒錯，這是我們調變解調器單機出貨量季節性成長的季度。但營收環比成長主要由安卓手機推動。市場對驍龍行動平台的需求，無論是高端還是高端市場，都與我們之前所說的一致，我們看到了一個遠超市場成長速度的巨大機會。目前，Android 是我們手機業務的主要成長動力。

Very clear. Akash, as my follow-up, 33% QCT op margins in the December quarter. Obviously, there was a settlement with Apple and some things changed there. But that number, I think, was 13% 2 years ago. So I guess, a pretty remarkable progress. I wonder if you might talk a little bit more, and maybe this is something for a couple of weeks from now at the Analyst Day, but the puts and takes and drivers of the QCT op margin going forward. And where are we -- is this a seasonal peak? Or is this a new trend?

非常清楚。Akash，作為我的後續報道，12 月季度的 QCT 營運利潤率為 33%。顯然，蘋果公司與蘋果公司達成了和解，有些事情也因此改變了。但我認為，兩年前這個數字是 13%。所以我覺得，這算是相當顯著的進步。我想請您再多談談，也許可以在幾週後的分析師日上討論一下，關於 QCT 未來營運利潤率的看漲期權、看跌期權和驅動因素。我們現在處於什麼階段——這是季節性高峰嗎？或者這是一種新的趨勢？

Matt, thanks for the question. Yes, we are very pleased by the operating margin performance as well. So maybe I'll point to a couple of drivers, but really, we are planning to address this in a lot more detail in a couple of weeks. So I'll ask you to hold until then.

馬特，謝謝你的提問。是的，我們對營業利益率的表現也非常滿意。所以，我可能會指出幾個主要原因，但實際上，我們計劃在幾週內更詳細地討論這個問題。所以，請你稍等片刻。

If you see our gross margin performance in the September quarter that we just reported, very strong gross margins, and we are forecasting in similar range going into the December quarter.

如果您查看我們剛剛公佈的 9 月份季度的毛利率表現，您會發現毛利率非常強勁，我們預計 12 月份季度的毛利率也將保持在類似的水平。

And then year-over-year, if you look at the full year, so abstract back from the seasonality, we went from 17% in fiscal '20 to 29% in fiscal '21. And so we feel obviously very comfortable with that number. And in a couple of weeks, we'll talk about how the combination of revenue growth and gross margin percentage and R&D leverage will take us going forward.

然後，如果從全年來看，撇開季節性因素，我們從 2020 財年的 17% 增加到 2021 財年的 29%。因此，我們對這個數字感到非常滿意。幾週後，我們將討論營收成長、毛利率和研發槓桿的結合將如何推動我們未來的發展。

Our next question comes from the line of Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

I guess, Cristiano, Akash, both of you are sounding great on Android adoption of your premium chipsets going into the December quarter. I just wanted to kind of see if I can get some more color about how you're thinking about adoption of millimeter wave with the Android customers. I know there has been some investor conversation or disappointment around the primary customer not deploying or more widely rolling out millimeter wave this year. So just wanted to get kind of what you're seeing in the pipeline relative to millimeter wave? And how are Android customers sounding about that? And I have a follow-up.

我想，克里斯蒂亞諾、阿卡什，你們兩位對你們的高階晶片組在安卓系統上的應用前景都非常看好，尤其是在進入 12 月季度的時候。我只是想了解一下您是如何看待安卓用戶採用毫米波技術的。我知道一些投資者對主要客戶今年沒有部署或更廣泛地推出毫米波技術感到失望或不滿。所以，我只是想了解一下您目前在毫米波技術方面看到的最新進展？那麼安卓用戶對此有何看法呢？我還有一個後續問題。

Samik, thanks for asking the question. Our position on millimeter wave remains unchanged and will remain unchanged. There are 2, I think, answers to your question. The first one is continue to track exactly as we expected. We have millimeter wave in the United States. It's now commercially available in Japan across all carriers, Docomo, SoftBank, KDDI, even the new carrier Rakuten. And we continue to be optimistic about the opportunity of millimeter wave becoming commercial over time in China.

薩米克，謝謝你提問。我們對毫米波的立場保持不變，並將繼續保持不變。我認為你的問題有兩個答案。第一點是繼續按照我們預期的方向發展。美國有毫米波。目前，日本所有營運商，包括 Docomo、SoftBank、KDDI，甚至新營運商 Rakuten，都已開始提供該服務。我們仍然對毫米波技術在中國實現商業化前景持樂觀態度。

The first milestone is the millimeter wave for the Winter Olympics early 2022. Japan is moving for millimeter wave, and nothing has changed to carriers' plans to continue to build this technology. And there are a number of commercial millimeter wave smartphones in Japan that includes the Galaxy Note the GS21 and Galaxy Fold and Sony. And from our perspective, just knowing what we know of wireless and how the growth of data is going in the spectrum efficiency, millimeter wave is inevitable. It's just a matter of time. And it's just different markets will deploy at different speeds, but that's how we get more spectrum, and our position in millimeter wave remains unchanged.

第一個里程碑是2022年初冬季奧運的毫米波比賽。日本正在向毫米波技術邁進，營運商繼續發展這項技術的計畫也沒有任何改變。日本目前市面上有許多毫米波智慧型手機，包括三星 Galaxy Note、GS21、Galaxy Fold 和索尼的手機。從我們的角度來看，考慮到我們對無線通訊的了解以及資料在頻譜效率方面的成長趨勢，毫米波是不可避免的。這只是時間問題。不同的市場部署速度會有所不同，但這就是我們獲得更多頻譜的方式，我們在毫米波領域的地位保持不變。

For my follow-up, if I can ask you on Arriver. We've got some investors asking about how to think about the opportunity with Arriver and how should we think about OEM customers that are looking for a full stack solution versus OEMs that look for more of like just the hardware piece of that stack and leveraging Qualcomm from that aspect.

我的後續問題是，我能否在 Arriver 上向您提問？有些投資人詢問我們如何看待 Arriver 帶來的機遇，以及我們應該如何看待尋求全端解決方案的 OEM 客戶與那些更傾向於尋求該堆疊中硬體部分並利用高通公司這方面優勢的 OEM 客戶。

And then if you can provide any updates, I think you've updated us on the purchase price along with SSA partners. But what -- any more details around the closing as well as the price for Qualcomm stand-alone for the Arriver asset?

如果您能提供任何最新進展，我想您已經和 SSA 合作夥伴一起向我們更新了收購價格。但是，關於此次交易的完成以及高通公司收購 Arriver 資產的獨立價格，還有什麼更多細節嗎？

Yes. We're very excited about the Veoneer acquisition and Arriver technology. As we said before, we're the natural owners of that assets. We were -- believe we're on track to get the ability to get all the approvals and close on this transaction. And more importantly, as we had a business corporation in place with Veoneer prior to the acquisition, that remains unchanged and allow us to continue to progress towards our ADAS platform.

是的。我們對收購 Veoneer 和 Arriver 技術感到非常興奮。正如我們之前所說，我們是這些資產的天然所有者。我們相信我們正按計劃推進，能夠獲得所有批准並完成這筆交易。更重要的是，由於我們在收購 Veoneer 之前就已經與 Veoneer 建立了商業合作關係，因此這種合作關係保持不變，使我們能夠繼續朝著我們的 ADAS 平台邁進。

We're getting incredibly positive feedback from the market from the ability to provide a truly open, horizontal platform for ADAS. And I highly encourage you to be at our New York Analyst Day. We have a lot more details to provide about what we're doing in ADAS and autonomy.

我們能夠為ADAS提供一個真正開放的、橫向的平台，並因此獲得了市場非常正面的回饋。我強烈建議您參加我們的紐約分析師日活動。關於我們在ADAS和自動駕駛領域所做的工作，我們還有很多細節要詳細說明。

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

下一個問題來自伯恩斯坦研究公司的史黛西·拉斯貢。

For my first one, I was curious, just given the current state of the handset market, what kind of handset growth you have embedded in your more than 20% EPS forecast for 2022? Are you looking for recovery? Or is it all around content? Like how are we thinking about unit growth in the market to drive that?

我的第一個問題是，鑑於目前手機市場的狀況，您在 2022 年超過 20% 的每股盈餘預測中，包含了什麼樣的手機成長？您是否正在尋求復健治療？或者說，一切都圍繞著內容展開？例如，我們如何考慮透過市場單位成長來推動這一目標？

Yes. Stacy, for the guidance that we gave, there are no heroic assumptions on market growth. We're assuming similar scale to this year. And within that, we feel comfortable that we have the opportunities in front of us to grow.

是的。Stacy，根據我們提供的指導，我們對市場成長沒有任何不切實際的假設。我們預計規模與今年類似。在此基礎上，我們感到欣慰的是，我們面前有許多發展的機會。

Got it. So still like mid- to high single digit?

知道了。所以還是像個位數中高段位那樣？

That's right.

這是正確的。

Got it. For my follow-up, I know you've had supply issues. I know they're resolving by the end of the calendar year. Are you still under-shipping what you could ship if you had supply? And as that supply eases up, does that have any impact on how we might think about typical seasonality in the March quarter?

知道了。我接下來想問的是，我知道您遇到了供貨問題。我知道他們會在年底前解決這個問題。如果庫存充足，你們的出貨量是否仍低於實際出貨量？隨著供應減少，這是否會對我們如何看待三月季度的典型季節性產生任何影響？

Yes. Stacy, it's Akash. So we do have constraints really across the board, and you have to figure out how the demand would have played out if there was supply across the industry. But we feel pretty comfortable that the overall supply picture is playing out exactly as we had planned. We saw this coming early, and we've been talking about it for the last couple of quarters, and we've put in place plans both for dual-sourcing for certain parts. We've now announced 3 parts that are dual-sourced that are available. And then also, capacity expansions with our suppliers that were previously being planned anyways come in towards the end of the year, so that's definitely something that we are very excited about.

是的。史黛西，我是阿卡什。所以，我們確實在各個方面都存在限制，你必須弄清楚，如果整個產業的供應充足，需求會如何改變。但我們相當有信心，整體供應情況正按照我們的計劃進行。我們很早就預見到這種情況，並且在過去幾個季度一直在討論這個問題，我們已經制定了某些零件的雙重採購計劃。我們現已公佈了 3 款採用雙來源原料的零件。此外，我們先前計劃與供應商擴大產能，這些計劃也將在年底前實現，這絕對是我們非常興奮的事情。

On your question on the second quarter, we're obviously not guiding the quarter at this point. But it's a reasonable assumption to think that as we launch our new Android premium tier chip in the first quarter of the calendar year, that will offset some of the decline you would see in the handset market naturally within QCT. And then, of course, we also expect nonhandset to grow from first quarter to second quarter.

關於您提出的第二季業績問題，我們目前顯然不會對該季度業績做出預測。但可以合理推測，隨著我們在今年第一季推出新的 Android 高階晶片，這將抵消 QCT 手機市場自然出現的下滑。當然，我們也預期非手機業務從第一季到第二季也會成長。

Our next question comes 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, so I'll just ask them together. What is -- what are the trends in China? Meaning the handset market is weakening, and we heard it throughout the quarter. And on the other hand, there is Huawei share loss and your share gains. So I'm wondering if you can share with us kind of the trends within China and your outlook for the market.

我有兩個問題，就一起問吧。中國的趨勢是什麼？這意味著手機市場正在疲軟，我們整個季度都聽到了這種說法。另一方面，華為的市佔率有所下降，而你的市佔率則有所上升。所以我想請您和我們分享中國目前的趨勢以及您對市場的展望。

And the second question is not related, but it's the second question I'm getting from investors, which is you always say that the -- when Apple starts using their modems, the surface area at Apple is big, and there are other opportunities. Can you elaborate what are the other opportunities? What are the -- maybe give us scenarios, what are the scenarios that you can still manage the transition of Apple using their own modem?

第二個問題與第一個問題無關，但卻是我從投資者那裡得到的第二個問題，那就是你總是說——當蘋果開始使用他們的調製解調器時，蘋果的市場規模很大，而且還有其他機會。能詳細說明一下還有哪些機會嗎？有哪些情況——或許可以舉幾個例子，在哪些情況下，你們仍然可以管理蘋果公司使用其自有調變解調器的過渡？

Yes, Tal, it's Akash. I'll take the first one, and Cristiano will address the second one. So what we saw in the September quarter in the market was weakness in units in China and emerging markets, but developed markets volume remained very resilient. So that's really the jumping-off point for the December quarter. We are forecasting normal seasonality on top of what we saw in September.

是的，塔爾，是阿卡什。我來回答第一個問題，第二個問題由克里斯蒂亞諾來解答。因此，我們在9月的季度市場中看到的是中國和新興市場的銷售疲軟，但已開發市場的銷售量仍然非常堅挺。所以，這確實是12月季的出發點。我們預測，除了9月出現的情況外，今年還會出現正常的季節性波動。

I'll say that a portion of the weakness was driven by supply imbalances at certain OEMs. And so that did impact the demand to a certain extent, but that's one of the key factors we saw happening.

我認為，部分疲軟是某些汽車製造商的供應失衡所造成的。因此，這在一定程度上影響了需求，但這是我們觀察到的關鍵因素之一。

Within the market, though, 5G continues to be very strong. So we're seeing 2 trends in China. First is the transition to 5G, kind of there's a variance month-to-month, but very, very strong, in the high 70s percent has already transitioned to 5G. And so we are raising the guidance, the midpoint of the guidance for 5G to now 525 million units.

不過，在市場層面，5G 仍然表現非常強勁。所以我們看到中國出現了兩種趨勢。首先是向 5G 的過渡，雖然每個月都有一些波動，但進展非常非常強勁，70% 以上的用戶已經過渡到 5G。因此，我們將 5G 的產量預期中位數上調至 5.25 億台。

And then within that, we're also seeing higher tier of devices. So Oppo, Vivo, Xiaomi, Honor, all of our customers are moving up tier. And as they move up tier, that creates an incremental opportunity for us. So it's a pretty positive market trends for us.

此外，我們還看到了更高階的設備。所以，Oppo、Vivo、小米、榮耀，我們所有的客戶都在升級換代。隨著他們級別提升，這為我們創造了更多機會。所以這對我們來說是一個相當正面的市場趨勢。

Okay. So I'm just going to answer the second question. So Tal, the second question, we're very focused right now on our contract with Apple, which is focused on providing modem for their products. We're very happy with the relationship. But anything beyond our contract with them is an upside to our model. And as I continue to say what I said before, we have a lot of technologies. They have a large number of devices. And if there are opportunities, we'll be very happy to engage with them in supply. We just don't want to speculate at this point. And we've been very clear that our assumptions in our model is just focused on our contract. Everything else is upside.

好的。所以我只回答第二個問題。塔爾，第二個問題，我們現在非常專注於與蘋果公司的合同，該合約旨在為他們的產品提供調製解調器。我們對這段關係非常滿意。但超出我們與他們簽訂的合約範圍的任何事項，都是我們模式的優勢。正如我之前所說，我們擁有很多技術。他們擁有大量設備。如果有機會，我們非常樂意與他們進行供應方面的合作。我們現在不想妄加猜測。我們已經非常明確地表明，我們模型中的假設只針對我們的合約。其他方面都是好的。

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

下一個問題來自德意志銀行的羅斯·西摩。

Congrats on the strong results and guide. Akash or Cristiano, I just wanted to talk a little bit about the pairing of the handset and the RF side of things. I know you said that there was a little bit of a pull-in into your fiscal fourth quarter on the RF side of things. But with the Android market share gains that you're talking about heading into the December quarter, why is the RF side not coming along for that ride? And is that pairing something that it's just a transition period, and as we look further out, those are going to be more linked together?

祝賀你們取得優異成績並取得佳績。無論是 Akash 還是 Cristiano，我只是想稍微談談手機和射頻的配對問題。我知道您說過，在射頻方面，您的第四財季出現了一些資金緊張的情況。但你提到安卓市佔率在進入 12 月季度後有所成長，為什麼射頻方面沒有隨之成長？這種配對是否只是一個過渡時期，隨著我們放眼未來，它們之間的連結會更加緊密嗎？

Ross, it's Akash. It's exactly the right question. The -- we expect the 2 to move together in concert. As I mentioned in my prepared remarks, and that's why we highlighted it, we did see some pull-in from December quarter to September quarter within RF front-end. And it was really where supply was available, our customers chose to take it sooner than receiving the chipset. And if you normalize for it, the 2 would have moved together. So we definitely see the growth in the Android opportunity as a tremendous growth vector for us with the RF front-end as well.

羅斯，我是阿卡什。這真是個好問題。我們期望這兩者能夠步調一致地行動。正如我在準備好的發言稿中提到的那樣，這也是我們重點強調的原因，我們確實看到射頻前端從 12 月季度到 9 月季度出現了一些增長。而且，在供應充足的情況下，我們的客戶選擇提前接收晶片組，而不是直接收到晶片組。如果進行標準化處理，這兩個變數就會一起移動。因此，我們絕對認為 Android 的成長機會對我們來說是一個巨大的成長動力，對 RF 前端也是如此。

No, just to be crystal clear, all of this growth opportunity that we're seeing in Android, especially the premium and high, is coming with RF. I want to make that statement clear.

不，說清楚點，我們在 Android 領域看到的所有成長機會，尤其是高階和優質領域，都是由射頻技術帶來的。我想把這個說法說清楚。

Perfect, Cristiano. I guess, as my follow-up, if I talk about QCT ex handsets and ex RF front-ends, it sounds like, Akash, you said those would be relatively flat in December, but then you thought it would actually grow again in March. What's going on in those markets?

完美，克里斯蒂亞諾。我想，作為我的後續問題，如果我談到 QCT 的手機和射頻前端，聽起來，Akash，你說過這些產品在 12 月會相對平穩，但後來你認為它們實際上會在 3 月再次增長。這些市場發生了什麼事？

And then, I guess, the higher-level question is, given the supply constraints, there's a big debate going on in broad-based semis between investors worried about increased selectivity from customers, change in behaviors. Are you seeing some digestion period here? Why is it slowing? And then why is it reaccelerating?

然後，我想，更高層次的問題是，鑑於供應限制，廣泛的半導體投資者之間正在進行一場激烈的辯論，他們擔心客戶的選擇性增強，行為發生改變。你看到這裡有消化期嗎？為什麼速度變慢了？那麼，為什麼它又開始加速了呢？

Yes. So as you saw, we had tremendously strong results, both in auto and IoT and record results in both in the fourth fiscal quarter. You're right, going into the first quarter, we are forecasting in line sequentially. And one of the key factors there is still we are supply-constrained, and we are making certain decisions given the strong handset market in that quarter to allocate supply a little differently based on profitability. But really, when you think about the draw demand from the customer continues to be very strong, and so we're confident that when you look at second fiscal quarter or look at fiscal '21 going to fiscal '22, both those businesses will grow in a very strong fashion.

是的。正如你所看到的，我們在汽車和物聯網領域都取得了非常強勁的業績，並且在第四財季這兩個領域都創下了歷史新高。你說得對，進入第一季度，我們的預測與上一季持平。其中一個關鍵因素是我們仍然面臨供應限制，鑑於該季度手機市場的強勁表現，我們正在做出一些決定，根據盈利能力對供應進行一些不同的分配。但實際上，當你仔細考慮客戶的需求時，你會發現客戶的需求依然非常強勁，因此我們有信心，當你展望第二財季或從 2021 財年到 2022 財年時，這兩項業務都將以非常強勁的方式增長。

Our next question is coming from the line of Joe Moore with Morgan Stanley.

下一個問題來自摩根士丹利的喬·摩爾。

I wonder if you could just talk about the overall supply chain in smartphone. And are you seeing bottlenecks at some of your customers where they're unable to procure parts that aren't from Qualcomm that might lead to inventory buildup of Qualcomm parts? And it seems like overall, the handset sell-through numbers are a little weaker because of those constraints, but it doesn't seem like the supply chain has changed at all. Can you just describe that dynamic?

我想請您談談智慧型手機的整體供應鏈。您是否發現部分客戶在採購非高通公司生產的零件方面存在瓶頸，導致高通公司零件庫存積壓？總體而言，由於這些限制，手機的銷售量似乎略有下降，但供應鏈似乎根本沒有改變。你能描述一下這種動態嗎？

Sure, Joe. So we're definitely seeing some mismatch of parts in the short term at some of our customers, but you should think of those as really timing issues. The other thing to keep in mind is, as Cristiano outlined earlier in the call, that we are focusing really on the premium and high-tier units. And so when our customers have supply mismatch, they actually end up supplying the premium and high-tier devices. So our chips and our devices are still being used, and it's not something that's a big factor for us in the short term.

當然可以，喬。因此，我們確實看到一些客戶在短期內出現零件不匹配的情況，但你應該把這些看作是時間上的問題。另一點需要記住的是，正如克里斯蒂亞諾在電話會議早些時候概述的那樣，我們真正關注的是高端和頂級車型。因此，當我們的客戶出現供需不匹配的情況時，他們最終實際上會供應高端設備。所以我們的晶片和設備仍在繼續使用，短期內這對我們來說並不是一個大問題。

Our next question comes from Rod Hall with Goldman Sachs.

下一個問題來自高盛的羅德·霍爾。

I wanted to come back to this idea of supply versus demand in the Q1 quarter. I had heard earlier, I guess, someone mentioned that they were assuming that, that supply would be meeting demand. But it seems to -- well, I just want to check that with you. Is that a good assumption? Or do you think that we see supply continuing to rise to meet demand on into the fiscal Q2? And then I have a follow-up.

我想再次探討第一季供需關係的問題。我之前好像聽到有人提到，他們認為供應會滿足需求。但似乎——嗯，我只是想跟你確認一下。這個假設合理嗎？或者您認為在第二財季，供應量會繼續增加以滿足需求嗎？然後我還有一個後續問題。

Rod, this is Cristiano. Look, if I remember, we had said, if I believe, 2 earnings calls ago, that we had put -- we act early, we put a lot of things in place, multi-sourcing capacity expansions. And we said that we expect to see material improvement in our supply towards the end of the calendar year. That's reflected in the Q1 guide, our ability to have supply.

羅德，這位是克里斯蒂亞諾。聽著，如果我沒記錯的話，我們在兩次財報電話會議上說過，我們已經——我們行動迅速，我們採取了很多措施，包括多渠道產能擴張。我們表示，預計到年底，我們的供應情況將得到實質改善。這一點已反映在第一季業績指引中，也就是我們的供應能力。

We continue to have pockets of areas that we would ship more if we had more, but we see a lot of improvements. We see at least 3 announced products of multi-sourcing being shipped. And we've been executing on that increased supply. And different companies are going to have different outlooks. We look at the first half of 2022. We still have some shortage. But as we get to the second part of the year, I think, in general, supply and demand are going to be aligned.

我們仍然有一些地區如果產能充足會提高出貨量，但我們看到了許多改進。我們看到至少有 3 款已宣布的多源產品正在出貨。我們一直在落實增加的供應量。不同的公司會有不同的看法。我們展望2022年上半年。我們仍然有一些短缺。但到了下半年，我認為整體而言，供需將會趨於一致。

Yes. Just, I guess, my question was just aimed at the idea that this seems like it could continue to be a little bit of a tailwind for you as you move into the beginning of next year, and it's not just magically resolved here at the end of this year.

是的。我想，我的問題只是想表達這樣一個觀點：這似乎會繼續對你有幫助，直到明年年初，而不是在今年年底就神奇地解決。

My follow-up is regarding the Android opportunity. I wonder if you guys could comment on content there versus the other big high-end handset maker you supply. We calculate a substantial increase in concept, but I'm just curious, do you agree with that? If you sell a high-end Android phone in January, is that phone going to have materially more content for you than another type of phone might?

我的後續問題是關於安卓平台的機會。我想請你們評論一下這家公司的產品內容，並與你們供貨的另一家大型高階手機製造商的產品進行比較。我們計算出概念數量將大幅增加，但我只是好奇，您是否同意這一點？如果你在一月賣出一部高階安卓手機，這支手機能為你提供的內容會比其他類型的手機多很多嗎？

Absolutely. Look, we are very pleased with the strength of our Snapdragon 800 series. The Snapdragon 800 series became synonymous with premium Android flagship smartphones. There's a lot more silicon content besides the RF front-end that's attached to modem. There's GPU, there's CPU, there's all the multimedia. And it's a lot more richer platform than just selling a modem and its multiple times in terms of revenue and earnings contribution. And when we look of the SAM available to us, when we look at the consolidation of Snapdragon 800 being the chipset for every flagship, that's no surprise that we actually grow faster in the Android segment.

絕對地。你看，我們對驍龍 800 系列的性能非常滿意。驍龍 800 系列處理器已成為高階安卓旗艦智慧型手機的代名詞。除了連接到調變解調器的射頻前端之外，還有很多矽元件。有GPU，有CPU，還有所有多媒體元件。而且，它比僅僅銷售調製解調器要豐富得多，在收入和利潤貢獻方面也是調製解調器的數倍。當我們審視我們可用的軟體資產組合 (SAM)，當我們審視驍龍 800 作為每款旗艦晶片組的整合情況，那麼我們在 Android 領域增長更快也就不足為奇了。

Our next question is coming from the line of Harsh Kumar with Piper Sandler.

我們的下一個問題來自 Harsh Kumar 和 Piper Sandler 那一欄。

First of all, congratulations on tremendous execution and diversification. I had a question. Cristiano, you talked a lot about Android and how positive you are on that. I know you were supposed to get additional supply in the December quarter. You seem to be benefiting from units. Are you benefiting from units primarily? Or are you also going back and taking share that you were expecting to take from your competitors?

首先，祝賀你們在執行和多元化方面取得了巨大的成功。我有個問題。克里斯蒂亞諾，你談了很多關於安卓系統的事情，而且你對它非常看好。我知道你們原本應該在十二月季度獲得額外的供應。你似乎從單位中獲益了。您主要受益於單位數量嗎？或者，你是否也要重新奪回原本打算從競爭對手那裡奪取的市場份額？

Look, there's plenty of opportunity with the changing landscape for growth between us and our competitors. I think what's important to highlight is that Qualcomm has been concentrated into premium and high. There's very high demand for premium and high Snapdragon mobile platforms, both the 700 and 800. And it is a share gain of Snapdragon in Android premium. And we're very happy with the opportunity to capture actually the higher value share of the market.

你看，隨著市場格局的變化，我們和競爭對手之間有很多成長機會。我認為需要強調的是，高通已經專注於高端和優質產品。高階驍龍行動平台（包括驍龍700和800）的需求量非常高。這是驍龍處理器在安卓高階市場佔有率的成長。我們非常高興有機會佔據更高價值的市場份額。

And then maybe, Harsh, to add to that, I'll just draw your attention to product announcements that we had a couple of weeks ago where we announced a whole new set of 5G products across tiers.

然後，Harsh，或許我還要補充一點，我只想提請你注意一下我們幾週前發布的產品公告，我們在公告中發布了一系列全新的 5G 產品，涵蓋各個層級。

Great. And for my follow-up, I wanted to follow up on a question that was asked about the March quarter. You talked about some benefit coming from your premium chips that you'll be launching in the March time frame, which is seasonally weak. Now Apple, for one, talked about leaving I think it was $6 billion-plus worth of revenues behind on the table. Do you think you might get a benefit from all the handset OEMs that are leaving revenue behind on the table along with your premium? Or do you think it's just again your own chipsets that are getting benefit from launch of new chipsets?

偉大的。最後，我想就三月季度的相關問題做個後續提問。您提到您將在三月推出的高階晶片會帶來一些好處，而三月通常是淡季。蘋果公司就曾表示，他們放棄了價值超過 60 億美元的收入。你認為你能從所有放棄利潤的手機廠商（OEM）獲得好處嗎？這些廠商不僅放棄了你的溢價，還放棄了其他收入來源？或者你認為只是你自己的晶片組再次從新晶片組的發布中受益？

Well, what I said about the March quarter was really you have a seasonal decline in the handset market. But given the launch of our new chipset and really all the other chipset launches we have done over the last month, we feel like we will be in a very strong position to expand our units within the Android market.

我之前說的關於三月季度的情況，實際上是手機市場出現了季節性下滑。但鑑於我們新晶片組的發布，以及過去一個月我們推出的所有其他晶片組，我們感覺我們將處於非常有利的地位，可以擴大我們在安卓市場的產品線。

And then the second thing I said is nonhandset growth. We expect nonhandsets, all 3 to grow within the quarter as well.

然後我說的第二點是非手機成長。我們預計非手機類產品，這三類產品在本季也將成長。

Our final question is coming from the line of Timothy Arcuri with UBS.

我們最後一個問題來自瑞銀集團的 Timothy Arcuri。

I had 2 questions. The first, Akash, was on the RF business. I think you said at the Analyst Day that you were targeting more than 20% share of an $18 billion TAM next year. But you're now annualizing to almost $5 billion. So either that market is a lot bigger or your share is a lot higher. So can you just comment on that?

我有兩個問題。第一個人叫阿卡什，從事射頻業務。我認為您在分析師日上說過，您明年的目標是在 180 億美元的 TAM 市場中佔據 20% 以上的份額。但現在你們的年收入已經接近 50 億美元了。所以要嘛這個市場規模更大，要嘛你的市佔率更高。您能就此發表一下看法嗎？

And then secondly, I had a question on the contract with the big customer. Can you just level set us? Cristiano, you just alluded to it. So can you level set us? I think it goes through 2024. But can you just help us on the timing of that?

其次，我還有一個關於與大客戶簽訂的合約的問題。你能幫我們理清一下思路嗎？克里斯蒂亞諾，你剛才已經暗示過了。那麼，你能幫我們理清思緒嗎？我認為會持續到2024年。您能幫我們確定一下具體時間嗎？

So Tim, on the -- on your first question on the math, $3.6 billion is right, and we reported results at $4.1 billion, I think. So we've definitely exceeded the target we've set. And as Cristiano said earlier in the conversation, we are very confident that we have several more vectors of growth left in the RF business, not just within handsets but also as 5G expands into telematics and IoT and then also within Wi-Fi. So yes, there's some ways to go, and we'll definitely plan to address that at Analyst Day in a couple of weeks.

所以提姆，關於你的第一個數學問題，36億美元是正確的，而我們公佈的結果應該是41億美元。所以，我們絕對超額完成了設定的目標。正如克里斯蒂亞諾在之前的談話中所說，我們非常有信心，射頻業務還有幾個成長方向，不僅在手機領域，而且隨著 5G 擴展到車載資訊服務和物聯網領域，以及 Wi-Fi 領域。是的，我們還有很長的路要走，我們肯定會在幾週後的分析師日解決這個問題。

Tim, it's Cristiano. The only thing we can disclose is what we disclosed before. It is a long-term agreement, and it's a multiyear agreement. We unfortunately cannot say anything more than that.

提姆，我是克里斯蒂亞諾。我們唯一能透露的資訊就是之前透露過的資訊。這是一項長期協議，也是一項多年期協議。很遺憾，我們不能透露更多資訊。

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。今天的問答環節到此結束。阿蒙先生，在休會前您還有什麼要補充的嗎？

Thanks, everyone, for joining us on the call today. We are at the intersection of key trends that are accelerating edge connectivity, efficient processing and own device artificial intelligence. This is driving demand for industry-leading road map of relevant technologies creating a significant opportunity for growth and continued diversification. In addition to driving the mobile industry to 5G, we will power the connected intelligent edge.

感謝各位今天參加我們的電話會議。我們正處於加速邊緣連接、高效處理和自有設備人工智慧發展的關鍵趨勢的交匯點。這推動了對行業領先的相關技術路線圖的需求，為成長和持續多元化創造了重大機會。除了推動行動產業邁向 5G 之外，我們還將為互聯智慧邊緣提供動力。

I look forward to outlining our strategy and vision for the future at Investor Day on November 16 and sharing our next-generation Snapdragon platforms at our Annual Tech Summit in December.

我期待在 11 月 16 日的投資者日上闡述我們的策略和未來願景，並在 12 月的年度科技高峰會上分享我們的下一代驍龍平台。

I also want to take a moment to thank our employees for an incredible fiscal year. They are truly the best of Qualcomm, and there is no better time to be part of this great company.

我還要藉此機會感謝我們的員工，感謝他們為我們帶來了一個令人難以置信的財政年度。他們是高通公司最優秀的人才，現在正是加入這家偉大公司的最佳時機。

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。您現在可以斷開連線了。