高通 (QCOM) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們，先生們，謝謝你們的支持。

Welcome to the Qualcomm Fourth Quarter and Fiscal 2021 Earnings Conference Call.

歡迎參加 Qualcomm 第四季度和 2021 財年收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded November 3, 2021.

（操作員說明）提醒一下，本次會議將於 2021 年 11 月 3 日錄製。

The playback number for today's call is (877) 660-6853.

今天電話的播放號碼是（877）660-6853。

International callers, please dial (201) 612-7415.

國際呼叫者請撥打 (201) 612-7415。

The playback reservation number is 13723721.

播放預約號為13723721。

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

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

Mr. Lopez-Hodoyan, please go ahead.

Lopez-Hodoyan 先生，請繼續。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

Today's call will include prepared remarks by Cristiano Amon and Akash Palkhiwala.

今天的電話會議將包括 Cristiano Amon 和 Akash Palkhiwala 準備好的講話。

In addition, Alex Rogers will join the question-and-answer session.

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.

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。

In addition, this call is being webcast on qualcomm.com, and a replay will be available on our website later today.

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.

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。

We will also make forward-looking statements, including projections and estimates of future events, business or industry trends or business or financial results.

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.

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。

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.

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

現在是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.

謝謝毛里西奧，大家下午好。

Thanks for joining us today.

感謝您今天加入我們。

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.

隨著行業數字化轉型步伐的加快以及設備變得更加互聯和更加智能，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增長機會。

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.

從我們的業績中可以看出，我們芯片組業務的表現導致第四財季非 GAAP 收入創紀錄的 93 億美元，非 GAAP 每股收益創紀錄的 2.55 美元。

Notably, this is our fifth consecutive quarter of greater than 100% year-over-year EBT growth in our chipset business.

值得注意的是，這是我們連續第五個季度在我們的芯片組業務中實現超過 100% 的 EBT 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.

我們還展示了收入多元化，RF 前端、汽車和物聯網 21 財年的總收入超過 100 億美元，同比增長 69%。

Going forward, our chipset business represents the largest growth engine for us as virtually all devices at the edge adopt mobile technologies.

展望未來，我們的芯片組業務是我們最大的增長引擎，因為幾乎所有邊緣設備都採用移動技術。

We have the relevant technologies required to continue to lead in mobile and the connected intelligent edge.

我們擁有繼續引領移動和互聯智能邊緣所需的相關技術。

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.

隨著邊緣在連接性方面的規模擴大並採用自己的設備人工智能，我們完全有能力成為人工智能處理領域的領導者。

Let me now briefly highlight the strong momentum we continue to see in IoT across consumer, edge networking and industrial.

現在讓我簡要強調一下我們在物聯網中繼續看到的跨越消費者、邊緣網絡和工業的強勁勢頭。

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.

在消費者方面，我們很高興我們的 XR 平台正在為 50 多種商業設備提供動力，並隨著領先的 VR 和 AR 生態系統而擴大規模。

Our early investments have established Snapdragon XR as a device platform of choice for connecting physical and digital spaces.

我們的早期投資已將 Snapdragon XR 打造為連接物理和數字空間的首選設備平台。

And recent market developments position us as one of the key enablers of the metaverse opportunity.

最近的市場發展將我們定位為元界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.

此外，移動和計算的持續轉換繼續推動對 Snapdragon 驅動的高級平板電腦、二合一電腦和筆記本電腦的需求。

We are pleased with the strong market validation of ARM-based personal computing in the industry transition to a new SoC architecture.

我們很高興基於 ARM 的個人計算在行業向新的 SoC 架構過渡中得到了強大的市場驗證。

We're more confident than ever in the connected computing opportunity, our upcoming solutions powered by our NUVIA CPUs and our collaboration with Microsoft.

我們比以往任何時候都對互聯計算機會、即將推出的由 NUVIA CPU 提供支持的解決方案以及與微軟的合作更有信心。

We're also seeing increased traction in consumer electronics.

我們還看到消費電子產品的吸引力越來越大。

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.

我們的先進技術正在為領先的設備提供動力，例如胎面 Peloton Bike+ 以及亞馬遜最近宣布的家用機器人 Astro。

In edge networking, we are a leader in current and next-generation high-performance Wi-Fi 6 and Wi-Fi 6E access point solutions.

在邊緣網絡方面，我們是當前和下一代高性能 Wi-Fi 6 和 Wi-Fi 6E 接入點解決方案的領導者。

And we continue to see high demand for our products driven by home and enterprise upgrade cycles.

在家庭和企業升級週期的推動下，我們繼續看到對我們產品的高需求。

We expect this trend to continue as productivity increasingly requires video collaboration as well as cloud processing and storage.

隨著生產力越來越需要視頻協作以及雲處理和存儲，我們預計這一趨勢將繼續下去。

5G as wireless fiber is now a reality in gaining scale.

5G 作為無線光纖現在正在擴大規模。

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.

在美國，Verizon 最近宣佈在 57 個市場推出 5G 家庭互聯網服務，其中包括超過 200 萬戶家庭使用毫米波。

In addition, T-Mobile is leveraging their 5G network to target 7 million to 8 million home broadband customers over the next 5 years.

此外，T-Mobile 正在利用其 5G 網絡在未來 5 年內瞄準 700 萬至 800 萬家庭寬帶客戶。

We're seeing demand increase globally, making 5G as wireless fiber one of the fastest-growing last-mile broadband technologies.

我們看到全球需求在增長，這使得 5G 作為無線光纖成為增長最快的最後一英里寬帶技術之一。

In industrial, we have expanded our Qualcomm IoT services suite to more than 30 verticals.

在工業領域，我們已將 Qualcomm 物聯網服務套件擴展到 30 多個垂直領域。

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.

例如，在零售業，我們的解決方案為 Square 和 Clover 等公司的數字標牌、支付和自助結賬設備以及 Honeywell、Panasonic、Zebra 和其他公司的解決方案提供支持，以實現新的客戶體驗，幫助增強商店員工的能力並改善運營效率。

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.

我們還繼續引領產品創新，推出全球首個 5G AI 無人機平台 Qualcomm Flight RB5。

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.

在射頻前端，我們利用最近宣布的支持 2.7 GHz 至 7.2 GHz 頻率的 UltraBAW 射頻濾波器技術擴展了我們的產品組合。

This is the new industry benchmark for performance in this range.

這是該範圍內性能的新行業基準。

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.

ultraBAW 技術還支持 Wi-Fi 頻段，包括 5 GHz、新採用的用於 Wi-Fi 6E 的 6 GHz 頻段以及未來的 Wi-Fi 標準。

This creates a new growth vector for RF front-end as we attach RF solutions to Wi-Fi.

隨著我們將 RF 解決方案附加到 Wi-Fi，這為 RF 前端創造了一個新的增長載體。

Our RF front-end portfolio, combining ultraSAW and ultraBAW technologies, is now best-in-class from 600 megahertz to 7 gigahertz.

我們的射頻前端產品組合結合了ultraSAW 和ultraBAW 技術，現在在600 兆赫到7 兆赫之間是同類產品中的佼佼者。

And with the addition of millimeter wave, we are the only RF front-end provider with a comprehensive solution for all bands.

並且隨著毫米波的加入，我們是唯一一家為所有頻段提供全面解決方案的射頻前端供應商。

As cellular expands beyond handsets, we're focused on extending our modem-to-antenna platform to automotive and IoT.

隨著蜂窩網絡擴展到手機之外，我們專注於將我們的調製解調器到天線平台擴展到汽車和物聯網。

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.

在汽車領域，我們正在使用我們的 Snapdragon 數字底盤創建領先的水平和開放平台，其中包括我們的遠程信息處理、數字駕駛艙、車到雲服務、ADAS 和自動駕駛解決方案。

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.

我們採用與製造全球最大的計算和開發平台智能手機相同的方法，目前正在與汽車製造商和一級供應商合作，制定聯合路線圖，以長期構建多層、多代、可擴展和可升級的平台長期可持續的業務。

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.

我們的數字底盤戰略的優勢體現在我們的成果和強大的設計流程中，並正在為汽車創新創造一個平台。

We are also very excited about Arriver.

我們也對 Arriver 感到非常興奮。

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.

完成後，Snapdragon Ride ADAS 解決方案將與 Arriver 的計算機視覺、駕駛策略和駕駛員輔助資產相輔相成，從而增強我們為汽車製造商和一級供應商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.

在手機領域，我們成功地執行了我們的戰略。

Our premium tier Snapdragon solutions continue to gain traction with OEMs.

我們的優質 Snapdragon 解決方案繼續受到 OEM 的青睞。

In fiscal Q4, devices announced or shipped with our Snapdragon premium tier products increased by 21% year-over-year.

在第四財季，發布或搭載我們的 Snapdragon 高端產品的設備同比增長 21%。

Notably, all leading 5G Android smartphones OEMs by volume continue to power their flagship devices with Snapdragon.

值得注意的是，按數量計算，所有領先的 5G Android 智能手機 OEM 都繼續使用 Snapdragon 為其旗艦設備提供動力。

Snapdragon continues to be the preferred choice for premium and high-tier Android smartphones in all regions.

Snapdragon 繼續成為所有地區高端 Android 智能手機的首選。

As a result, we're benefiting from the changing OEM landscape in Android SAM expansion.

因此，我們受益於 Android SAM 擴展中不斷變化的 OEM 格局。

Lastly, our licensing business achieved fiscal '21 revenues in excess of $6.3 billion.

最後，我們的許可業務在 21 財年實現了超過 63 億美元的收入。

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.

QTL 仍然是業內最成功的許可業務，這反映了我們在蜂窩技術方面的創新實力、我們廣泛的專利組合的價值以及我們在與主要 OEM 達成長期協議以及迄今為止超過 150 個 5G 協議方面的執行力。

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.

正如我們全年所指出的那樣，隨著當前環境正在加速邊緣連接和處理的規模，我們繼續看到對我們所有技術的強勁需求。

We still expect material improvements to our supply by the end of the calendar year, and our second sourcing initiatives remain on track.

我們仍然預計到日曆年年底我們的供應將得到實質性改善，我們的第二次採購計劃仍在進行中。

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.

在我將電話轉給 Akash 之前，我想強調一下，我們最近宣布了到 2040 年實現範圍 1、2 和 3 的全球淨零排放的目標。

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.

我們還期待通過 5G 對溫室氣體減排、能源和水資源利用優化、創造綠色就業機會等方面的影響，實現更可持續的未來。

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.

謝謝克里斯蒂亞諾，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.

我們很高興地宣布創紀錄的第四財季業績，非 GAAP 收入為 93 億美元，非 GAAP 每股收益為 2.55 美元，同比分別增長 43% 和 76%。

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.

對於 QCT 而言，這是另一個創紀錄的季度，收入為 77 億美元，EBT 利潤率為 32%，均高於我們指導的高端。

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.

QCT EBT 為 25 億美元，與去年同期相比增長 143%，收入增長 56%，EBT 利潤率增長 12 個百分點。

We also delivered record revenues in each of QCT revenue streams: handsets, RF front-end, IoT and automotive.

我們還在每個 QCT 收入流中創造了創紀錄的收入：手機、射頻前端、物聯網和汽車。

Handset revenues of $4.7 billion increased 56% year-over-year on strong demand across all major OEMs.

由於所有主要原始設備製造商的強勁需求，手機收入為 47 億美元，同比增長 56%。

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.

射頻前端收入為 12 億美元，同比增長 45%，其中包括在某些假期發布之前拉動需求的好處。

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.

隨著數字化轉型繼續推動我們多元化客戶群的更高需求，物聯網收入同比增長 66% 至 15 億美元。

Automotive revenues of $270 million grew 44% year-over-year on the ramp of digital cockpit launches and continued strength in telematics.

隨著數字駕駛艙的推出和遠程信息處理的持續發展，汽車收入為 2.7 億美元，同比增長 44%。

QTL revenues of $1.6 billion and EBT margins of 72% were in line with guidance.

QTL 收入為 16 億美元，EBT 利潤率為 72%，符合預期。

These results reflect slightly lower-than-expected units, offset by favorable mix.

這些結果反映了略低於預期的單位，但被有利的組合所抵消。

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，我們的 GAAP 每股收益為 2.45 美元，比我們指引的高端高 0.47 美元，這得益於創紀錄的非 GAAP 收益和我們 QSI 投資組合中約 5 億美元的收益。

Now I would like to highlight some key achievements in fiscal '21.

現在我想強調一下 21 財年的一些關鍵成就。

We are exceeding all targets we set at our 2019 Analyst Day, which is a year earlier than forecasted.

我們正在超越我們在 2019 年分析師日設定的所有目標，這比預測提前了一年。

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.

我們在 QTL 和 QCT 中實現了 26% 的同比收入增長，在 QCT 中實現了 64% 的收入增長，並且非 GAAP 每股收益增加了一倍以上，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.

在 QCT，我們每個收入流的同比增長超過 50%，EBT 利潤率從 20 財年的 17% 增長到 21 財年的 29%。

Within handsets, our Android revenues for our Snapdragon chipsets were approximately 40% higher than our primary competitor.

在手機方面，我們的 Snapdragon 芯片組的 Android 收入比我們的主要競爭對手高出約 40%。

With our focus on diversification, RF front-end, automotive and IoT accounted for 38% of total QCT revenues.

由於我們專注於多元化，射頻前端、汽車和物聯網佔 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.

轉向我們對第一財季手機單位的指導。

For calendar 2021, we are narrowing the range for 5G handsets to 500 million to 550 million units.

對於 2021 年日曆，我們將 5G 手機的範圍縮小到 5 億到 5.5 億部。

We are now forecasting mid- to high-single-digit growth in global 3G/4G/5G handsets relative to calendar 2020.

我們現在預測，相對於 2020 年，全球 3G/4G/5G 手機將出現中高個位數增長。

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.

對於第一財季，我們預計收入為 100 億美元至 108 億美元，非公認會計準則每股收益為 2.90 美元至 3.10 美元。

In QCT, we expect revenues of $8.4 billion to $8.9 billion and EBT margins of 32% to 34%.

在 QCT，我們預計收入為 84 億至 89 億美元，EBT 利潤率為 32% 至 34%。

At the midpoint, this implies year-over-year revenue growth of 32% and EBT dollar growth of 49%.

在中點，這意味著收入同比增長 32%，EBT 美元增長 49%。

The sequential revenue growth is driven by handsets due to higher demand, primarily for our Snapdragon chipsets in Android devices.

由於需求增加，主要是針對我們在 Android 設備中的 Snapdragon 芯片組，手機推動了連續收入增長。

Following the record performance in the fourth quarter, we expect nonhandset revenues to remain in line sequentially.

繼第四季度創紀錄的業績之後，我們預計非手機收入將連續保持一致。

Consistent with our previous guidance, we expect QTL revenues of $1.6 billion to $1.8 billion and EBT margins of 74% to 78%.

與我們之前的指導一致，我們預計 QTL 收入為 16 億至 18 億美元，EBT 利潤率為 74% 至 78%。

This forecast assumes sequential unit growth in line with historical trends.

該預測假設連續單位增長與歷史趨勢一致。

Lastly, we anticipate non-GAAP combined R&D and SG&A expenses to decrease 2% to 3% sequentially.

最後，我們預計非美國通用會計準則的研發和 SG&A 費用將環比下降 2% 至 3%。

As a reminder, operating expenses are typically higher in the second fiscal quarter as it includes calendar year resets for certain employee-related costs.

提醒一下，第二財季的運營費用通常會更高，因為它包括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.

展望未來，22 財年對高通來說將是又一個激動人心的一年，在所有 QCT 收入流的強勁推動下，每股收益同比增長預計將超過 20%。

In handsets, we are positioned to benefit from the $10 billion SAM expansion due to the changing OEM landscape.

在手機方面，由於 OEM 格局的變化，我們將受益於 100 億美元的 SAM 擴張。

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.

這種好處的一部分反映在我們的第一季度指導中，我們還預計它將為 22 財年的剩餘時間做出貢獻。

Before I finish my prepared remarks, I would like to thank our employees for their leadership and contributions in making 2021 successful.

在我完成準備好的發言之前，我要感謝我們的員工為 2021 年的成功所做的領導和貢獻。

Finally, we look forward to seeing you at our Investor Day on November 16 where we will provide additional detail about our growth strategy.

最後，我們期待在 11 月 16 日的投資者日與您見面，屆時我們將提供有關我們增長戰略的更多細節。

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

謝謝，我現在將電話轉回毛里西奧。

Thank you, Akash.

謝謝你，阿卡什。

Operator, we are now ready for questions.

接線員，我們現在可以提問了。

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

（操作員說明）我們的第一個問題來自 Chris Caso 和 Raymond James。

For my first question, perhaps you could help us out with what was different from your expectations heading into this quarter.

對於我的第一個問題，也許您可以幫助我們解決與您在本季度的預期不同的問題。

I know that you were struggling with supply constraints like everyone else in the industry.

我知道您和業內其他所有人一樣都在為供應限製而苦苦掙扎。

Was it that supply came on better than you expected?

供應是否比您預期的要好？

Was it the demand?

是需求嗎？

Was it a combination of both?

是兩者的結合嗎？

Yes.

是的。

Chris, this is Akash.

克里斯，這是阿卡什。

It was really a combination of both.

這真的是兩者的結合。

We were -- we had lots of strength in QCT really across all of our revenue streams with handsets, IoT and RF front-end.

我們在 QCT 方面擁有強大的實力，我們在手機、物聯網和射頻前端的所有收入流中都擁有強大的實力。

Those are the 3 areas that did really well relative to our expectations.

相對於我們的預期，這 3 個領域做得非常好。

And we were able to work through the supply constraints to address the demand that came up.

我們能夠克服供應限制來解決出現的需求。

So it was really a combination of both.

所以這真的是兩者的結合。

Great.

偉大的。

And maybe you could expand on your comments.

也許您可以擴展您的評論。

You spoke about, and I think I have this right, EPS growth is expected to exceed 20% as you go into next year.

你談到了，我認為我有這個權利，隨著你進入明年，每股收益增長預計將超過 20%。

Can you give us some details?

你能給我們一些細節嗎？

I'm sure that's something that you're planning on hitting as you're going through the Analyst Day.

我敢肯定，這是您計劃在分析師日期間實現的目標。

Yes.

是的。

Absolutely.

絕對地。

I mean it's -- just to clarify, what we guided is non-GAAP EPS growth of greater than 20%.

我的意思是——澄清一下，我們指導的是非公認會計原則每股收益增長超過 20%。

And the key driver for that is really across all QCT revenue streams.

其關鍵驅動因素實際上是所有 QCT 收入流。

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.

因此，您會看到今年的實力，這就是在我們的第一季度指導和全年中都在發揮作用的實力。

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.

我要強調的一件事是在手機領域，我們確實處於有利地位，可以從我們之前討論過的 100 億美元的 SAM 擴張中受益於不斷變化的 OEM 格局。

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.

這種好處的一部分反映在我們的第一季度指導中，我們建議的每股收益增長超過 20% 也考慮到了這一點。

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.

鑑於我們預計手機在 22 財年的增長速度將快於非手機，但實際上是全面的，我們將擁有非常強勁的增長率，並真正準備好在今年及以後表現出色。

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 的對話。

Congrats on the results.

祝賀結果。

Cristiano, I wanted to dig a little bit with you into the guidance for the December quarter in QCT.

克里斯蒂亞諾，我想和你一起深入了解 QCT 12 月季度的指導。

I think you guys mentioned in the script that, that was primarily going to be driven by your Android business and increased supply.

我認為你們在腳本中提到，這主要是由你們的 Android 業務和增加的供應推動的。

So I just wanted to make sure that I got that right.

所以我只是想確保我做對了。

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.

顯然，對於 Cupertino 來說，這是一個季節性強勁的季度，但我只是想更深入地了解推動 Android 第四季度的動態。

No, thanks, Matt, for the question.

不，謝謝，馬特的問題。

Look, I think what you're starting to see exactly the correlation is going to different directions.

看，我認為你開始看到的確切相關性正在走向不同的方向。

You're correct, it's a seasonally strong quarter for our modem-only shipments.

你是對的，對於我們僅使用調製解調器的出貨量來說，這是一個季節性強勁的季度。

But the sequential revenue growth is primarily driven by Android handsets.

但連續收入增長主要是由安卓手機推動的。

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.

以及對高端和高端 Snapdragon 移動平台的需求，與我們所說的一致，我們看到了一個難以置信的機會，可以比市場增長得更快。

And Android is the primary growth driver in our handset business right now.

Android 是目前我們手機業務的主要增長動力。

Very clear.

非常清楚。

Akash, as my follow-up, 33% QCT op margins in the December quarter.

Akash，作為我的後續行動，QCT 在 12 月季度的營業利潤率為 33%。

Obviously, there was a settlement with Apple and some things changed there.

顯然，與蘋果達成了和解，一些事情在那裡發生了變化。

But that number, I think, was 13% 2 years ago.

但我認為，這個數字在 2 年前是 13%。

So I guess, a pretty remarkable progress.

所以我想，這是一個非常顯著的進步。

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.

我想知道您是否可以多說一點，也許這是從現在開始的分析師日幾週內的事情，但是看跌期權和未來 QCT 運營利潤率的驅動因素。

And where are we -- is this a seasonal peak?

我們在哪裡——這是一個季節性的高峰嗎？

Or is this a new trend?

或者這是一種新趨勢？

Matt, thanks for the question.

馬特，謝謝你的問題。

Yes, we are very pleased by the operating margin performance as well.

是的，我們也對營業利潤率表現感到非常滿意。

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.

所以也許我會指出幾個驅動程序，但實際上，我們計劃在幾週內更詳細地解決這個問題。

So I'll ask you to hold until then.

所以我會要求你堅持到那時。

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.

如果您看到我們剛剛報告的 9 月季度的毛利率表現，毛利率非常強勁，我們預測到 12 月季度的毛利率範圍類似。

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.

然後與去年同期相比，如果你看一下全年，從季節性中抽像出來，我們從 20 財年的 17% 上升到 21 財年的 29%。

And so we feel obviously very comfortable with that number.

因此，我們顯然對這個數字感到非常滿意。

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.

幾週後，我們將討論收入增長、毛利率和研發槓桿的結合將如何推動我們前進。

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.

我想，克里斯蒂亞諾和阿卡什，你們倆在進入 12 月季度的高端芯片組採用 Android 時聽起來都很棒。

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.

我只是想看看我能否獲得更多關於您如何考慮在 Android 客戶中採用毫米波的信息。

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.

我知道有一些投資者對今年未部署或更廣泛地推出毫米波的主要客戶感到失望或失望。

So just wanted to get kind of what you're seeing in the pipeline relative to millimeter wave?

所以只是想了解一下您在管道中看到的與毫米波相關的內容嗎？

And how are Android customers sounding about that?

Android 客戶對此有何看法？

And I have a follow-up.

我有一個後續行動。

Samik, thanks for asking the question.

Samik，感謝您提出這個問題。

Our position on millimeter wave remains unchanged and will remain unchanged.

我們對毫米波的立場保持不變，並將保持不變。

There are 2, I think, answers to your question.

我認為有2個答案可以回答您的問題。

The first one is continue to track exactly as we expected.

第一個是繼續完全按照我們的預期進行跟踪。

We have millimeter wave in the United States.

我們在美國有毫米波。

It's now commercially available in Japan across all carriers, Docomo, SoftBank, KDDI, even the new carrier Rakuten.

它現在在日本的所有運營商、Docomo、SoftBank、KDDI 甚至新運營商樂天都可以買到。

And we continue to be optimistic about the opportunity of millimeter wave becoming commercial over time in China.

我們繼續看好毫米波隨著時間的推移在中國商業化的機會。

The first milestone is the millimeter wave for the Winter Olympics early 2022.

第一個里程碑是 2022 年初冬季奧運會的毫米波。

Japan is moving for millimeter wave, and nothing has changed to carriers' plans to continue to build this technology.

日本正在轉向毫米波，而運營商繼續構建這項技術的計劃沒有任何改變。

And there are a number of commercial millimeter wave smartphones in Japan that includes the Galaxy Note the GS21 and Galaxy Fold and Sony.

日本有許多商用毫米波智能手機，包括 Galaxy Note、GS21、Galaxy Fold 和索尼。

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.

從我們的角度來看，只要知道我們對無線的了解以及數據在頻譜效率方面的增長情況，毫米波是不可避免的。

It's just a matter of time.

這只是時間問題。

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.

只是不同的市場將以不同的速度部署，但這就是我們獲得更多頻譜的方式，我們在毫米波中的地位保持不變。

For my follow-up, if I can ask you on Arriver.

對於我的後續行動，如果我可以在 Arriver 上問你。

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.

我們有一些投資者詢問如何考慮 Arriver 的機會，以及我們應該如何考慮正在尋找完整堆棧解決方案的 OEM 客戶與尋求更像該堆棧的硬件部分並利用 Qualcomm 的 OEM從那個方面。

And then if you can provide any updates, I think you've updated us on the purchase price along with SSA partners.

然後，如果您可以提供任何更新，我認為您已經與 SSA 合作夥伴一起更新了我們的購買價格。

But what -- any more details around the closing as well as the price for Qualcomm stand-alone for the Arriver asset?

但是，關於收盤的更多細節以及高通獨立的 Arriver 資產的價格是什麼？

Yes.

是的。

We're very excited about the Veoneer acquisition and Arriver technology.

我們對 Veoneer 的收購和 Arriver 技術感到非常興奮。

As we said before, we're the natural owners of that assets.

正如我們之前所說，我們是這些資產的自然所有者。

We were -- believe we're on track to get the ability to get all the approvals and close on this transaction.

我們 - 相信我們有望獲得所有批准並完成這筆交易。

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.

更重要的是，由於我們在收購前與 Veoneer 建立了商業公司，這保持不變，使我們能夠繼續向我們的 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.

由於能夠為 ADAS 提供真正開放的橫向平台，我們從市場獲得了令人難以置信的積極反饋。

And I highly encourage you to be at our New York Analyst Day.

我強烈建議您參加我們的紐約分析師日。

We have a lot more details to provide about what we're doing in ADAS and autonomy.

關於我們在 ADAS 和自主性方面所做的工作，我們有更多詳細信息可以提供。

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

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

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?

對於我的第一個問題，我很好奇，鑑於手機市場的現狀，您在 2022 年超過 20% 的每股收益預測中嵌入了什麼樣的手機增長？

Are you looking for recovery?

你在尋找康復嗎？

Or is it all around content?

還是圍繞內容？

Like how are we thinking about unit growth in the market to drive that?

比如我們如何考慮市場的單位增長來推動這一點？

Yes.

是的。

Stacy, for the guidance that we gave, there are no heroic assumptions on market growth.

斯泰西，對於我們給出的指導，市場增長沒有英雄的假設。

We're assuming similar scale to this year.

我們假設與今年的規模相似。

And within that, we feel comfortable that we have the opportunities in front of us to grow.

在這之中，我們感到很自在，我們面前有機會成長。

Got it.

知道了。

So still like mid- to high single digit?

所以還是喜歡中高個位數？

That's right.

這是正確的。

Got it.

知道了。

For my follow-up, I know you've had supply issues.

對於我的後續行動，我知道您遇到了供應問題。

I know they're resolving by the end of the calendar year.

我知道他們將在日曆年年底前解決。

Are you still under-shipping what you could ship if you had supply?

如果您有貨源，您是否仍然無法發貨？

And as that supply eases up, does that have any impact on how we might think about typical seasonality in the March quarter?

隨著供應量的減少，這對我們如何看待三月季度的典型季節性有什麼影響嗎？

Yes.

是的。

Stacy, it's Akash.

斯泰西，是阿卡什。

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.

所以我們確實有全面的限制，你必須弄清楚如果整個行業都有供應，需求會如何發揮作用。

But we feel pretty comfortable that the overall supply picture is playing out exactly as we had planned.

但我們對整體供應情況完全按照我們的計劃展開感到非常滿意。

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.

我們很早就看到了這一點，過去幾個季度我們一直在談論它，我們已經制定了某些零件的雙重採購計劃。

We've now announced 3 parts that are dual-sourced that are available.

我們現在宣布了 3 個可用的雙源部件。

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.

此外，我們之前計劃的與供應商的產能擴張將在年底前進行，所以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.

關於你關於第二季度的問題，我們顯然沒有在這一點上指導這個季度。

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.

但有理由認為，隨著我們在日曆年第一季度推出新的 Android 高端芯片，這將抵消 QCT 內手機市場自然會出現的一些下滑。

And then, of course, we also expect nonhandset to grow from first quarter to second quarter.

然後，當然，我們還預計非手機將從第一季度增長到第二季度。

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.

我有2個問題，所以我就一起問。

What is -- what are the trends in China?

什麼是——中國的趨勢是什麼？

Meaning the handset market is weakening, and we heard it throughout the quarter.

這意味著手機市場正在走弱，我們在整個季度都聽到了這一消息。

And on the other hand, there is Huawei share loss and your share gains.

另一方面，有華為的份額損失和你的份額收益。

So I'm wondering if you can share with us kind of the trends within China and your outlook for the market.

所以我想知道您能否與我們分享一下中國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.

第二個問題不相關，但這是我從投資者那裡得到的第二個問題，你總是說 - 當蘋果開始使用他們的調製解調器時，蘋果的表面積很大，還有其他機會。

Can you elaborate what are the other opportunities?

您能否詳細說明其他機會是什麼？

What are the -- maybe give us scenarios, what are the scenarios that you can still manage the transition of Apple using their own modem?

有哪些——也許會給我們一些場景，有哪些場景你仍然可以使用他們自己的調製解調器來管理 Apple 的過渡？

Yes, Tal, it's Akash.

是的，塔爾，是阿卡什。

I'll take the first one, and Cristiano will address the second one.

我會拿第一個，克里斯蒂亞諾會講第二個。

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.

因此，我們在 9 月季度看到的市場是中國和新興市場的單位疲軟，但發達市場的銷量仍然非常有彈性。

So that's really the jumping-off point for the December quarter.

所以這確實是 12 月季度的起點。

We are forecasting normal seasonality on top of what we saw in September.

我們在 9 月份所見的基礎上預測正常的季節性。

I'll say that a portion of the weakness was driven by supply imbalances at certain OEMs.

我會說部分疲軟是由某些原始設備製造商的供應失衡造成的。

And so that did impact the demand to a certain extent, but that's one of the key factors we saw happening.

所以這確實在一定程度上影響了需求，但這是我們看到的關鍵因素之一。

Within the market, though, 5G continues to be very strong.

不過，在市場上，5G 仍然非常強勁。

So we're seeing 2 trends in China.

所以我們在中國看到了兩種趨勢。

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.

首先是向 5G 的過渡，每個月都有差異，但非常非常強，在 70% 的高位已經過渡到 5G。

And so we are raising the guidance, the midpoint of the guidance for 5G to now 525 million units.

因此，我們將 5G 指導的中點提高到現在的 5.25 億台。

And then within that, we're also seeing higher tier of devices.

然後在其中，我們還看到了更高級別的設備。

So Oppo, Vivo, Xiaomi, Honor, all of our customers are moving up tier.

所以OPPO、vivo、小米、榮耀，我們所有的客戶都在升級。

And as they move up tier, that creates an incremental opportunity for us.

隨著他們向上移動，這為我們創造了增量機會。

So it's a pretty positive market trends for us.

所以這對我們來說是一個非常積極的市場趨勢。

Okay.

好的。

So I'm just going to answer the second question.

所以我只回答第二個問題。

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.

所以 Tal，第二個問題，我們現在非常關注與 Apple 的合同，該合同專注於為他們的產品提供調製解調器。

We're very happy with the relationship.

我們對這種關係非常滿意。

But anything beyond our contract with them is an upside to our model.

但是，除了我們與他們的合同之外的任何事情都是我們模型的優勢。

And as I continue to say what I said before, we have a lot of technologies.

正如我之前所說的，我們有很多技術。

They have a large number of devices.

他們有大量的設備。

And if there are opportunities, we'll be very happy to engage with them in supply.

如果有機會，我們將非常樂意與他們合作進行供應。

We just don't want to speculate at this point.

我們只是不想在這一點上推測。

And we've been very clear that our assumptions in our model is just focused on our contract.

而且我們非常清楚，我們在模型中的假設只關注我們的合同。

Everything else is upside.

其他一切都是有利的。

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）。

Congrats on the strong results and guide.

恭喜您取得了出色的成績和指導。

Akash or Cristiano, I just wanted to talk a little bit about the pairing of the handset and the RF side of things.

Akash 或 Cristiano，我只是想談談手機配對和 RF 方面的事情。

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.

我知道您說過，您的第四財季在 RF 方面有一些影響。

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?

但是隨著你所說的進入 12 月季度的 Android 市場份額增長，為什麼 RF 方面沒有出現呢？

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?

這種配對是否只是一個過渡時期，當我們進一步觀察時，它們會更加緊密地聯繫在一起嗎？

Ross, it's Akash.

羅斯，是阿卡什。

It's exactly the right question.

這完全是正確的問題。

The -- we expect the 2 to move together in concert.

- 我們希望這兩者能夠一起行動。

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.

正如我在準備好的評論中提到的，這就是我們強調它的原因，我們確實在 RF 前端看到了從 12 月季度到 9 月季度的一些拉動。

And it was really where supply was available, our customers chose to take it sooner than receiving the chipset.

而且它確實是可用的，我們的客戶選擇在收到芯片組之前先接受它。

And if you normalize for it, the 2 would have moved together.

如果您對其進行標準化，則 2 會一起移動。

So we definitely see the growth in the Android opportunity as a tremendous growth vector for us with the RF front-end as well.

因此，我們肯定將 Android 機會的增長視為我們在 RF 前端方面的巨大增長載體。

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.

不，只是明確地說，我們在 Android 中看到的所有這些增長機會，尤其是高端和高端，都來自 RF。

I want to make that statement clear.

我想把這個聲明說清楚。

Perfect, Cristiano.

完美，克里斯蒂亞諾。

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.

我想，作為我的後續，如果我談論 QCT 前手機和前 RF 前端，聽起來，Akash，你說這些在 12 月會相對持平，但後來你認為它實際上會在 3 月再次增長.

What's going on in those markets?

這些市場發生了什麼？

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.

然後，我想，更高層次的問題是，鑑於供應限制，投資者之間在基礎廣泛的半成品中正在進行一場大辯論，他們擔心客戶選擇性增加，行為改變。

Are you seeing some digestion period here?

你在這裡看到一些消化期嗎？

Why is it slowing?

為什麼會變慢？

And then why is it reaccelerating?

那麼為什麼它會重新加速？

Yes.

是的。

So as you saw, we had tremendously strong results, both in auto and IoT and record results in both in the fourth fiscal quarter.

如您所見，我們在汽車和物聯網方面都取得了非常強勁的業績，並且在第四財季都創下了記錄。

You're right, going into the first quarter, we are forecasting in line sequentially.

你是對的，進入第一季度，我們按順序進行預測。

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.

關鍵因素之一是我們仍然受到供應限制，鑑於該季度強勁的手機市場，我們正在做出某些決定，根據盈利能力分配供應略有不同。

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.

但實際上，當您考慮到客戶的抽籤需求仍然非常強勁時，因此我們相信，當您查看第二財季或從 21 財年到 22 財年時，這兩項業務都會增長以非常強烈的方式。

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

我們的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.

我想知道你是否可以談談智能手機的整體供應鏈。

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?

您是否看到某些客戶的瓶頸，他們無法採購非高通公司的零件，這可能導致高通零件的庫存增加？

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.

總體而言，由於這些限制，手機的銷售量略有下降，但供應鏈似乎根本沒有改變。

Can you just describe that dynamic?

你能描述一下這種動態嗎？

Sure, Joe.

當然，喬。

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.

因此，我們肯定會在短期內看到一些客戶的零件不匹配，但您應該將這些視為真正的時間問題。

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.

另一件要記住的事情是，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高端單位。

And so when our customers have supply mismatch, they actually end up supplying the premium and high-tier devices.

因此，當我們的客戶出現供應不匹配時，他們實際上最終會提供優質和高端設備。

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.

所以我們的芯片和我們的設備仍在使用中，短期內這對我們來說不是一個重要因素。

Our next question comes from Rod Hall with Goldman Sachs.

我們的下一個問題來自高盛的 Rod Hall。

I wanted to come back to this idea of supply versus demand in the Q1 quarter.

我想回到第一季度的供需關係。

I had heard earlier, I guess, someone mentioned that they were assuming that, that supply would be meeting demand.

我猜我之前聽說有人提到他們假設供應將滿足需求。

But it seems to -- well, I just want to check that with you.

但它似乎 - 好吧，我只是想和你核實一下。

Is that a good assumption?

這是一個很好的假設嗎？

Or do you think that we see supply continuing to rise to meet demand on into the fiscal Q2?

或者您是否認為我們看到供應繼續增加以滿足進入第二財季的需求？

And then I have a follow-up.

然後我有一個跟進。

Rod, this is Cristiano.

羅德，這是克里斯蒂亞諾。

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.

聽著，如果我記得的話，如果我相信的話，我們在兩次財報電話會議前說過，我們已經採取了行動——我們提前採取了行動，我們做了很多事情，多采購產能擴張。

And we said that we expect to see material improvement in our supply towards the end of the calendar year.

我們說，我們預計到今年年底我們的供應會出現實質性改善。

That's reflected in the Q1 guide, our ability to have supply.

這反映在第一季度指南中，即我們的供應能力。

We continue to have pockets of areas that we would ship more if we had more, but we see a lot of improvements.

如果我們有更多，我們將繼續擁有一些我們會運送更多的區域，但我們看到了很多改進。

We see at least 3 announced products of multi-sourcing being shipped.

我們看到至少有 3 種宣布的多源產品正在發貨。

And we've been executing on that increased supply.

我們一直在執行增加的供應。

And different companies are going to have different outlooks.

不同的公司會有不同的前景。

We look at the first half of 2022.

我們著眼於 2022 年上半年。

We still have some shortage.

我們還有一些短缺。

But as we get to the second part of the year, I think, in general, supply and demand are going to be aligned.

但隨著我們進入今年下半年，我認為總體而言，供需將保持一致。

Yes.

是的。

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.

只是，我想，我的問題只是針對這樣的想法，當你進入明年年初時，這似乎對你來說可能會繼續有點順風，而且它不僅僅是在最後神奇地解決了今年的。

My follow-up is regarding the Android opportunity.

我的後續行動是關於 Android 的機會。

I wonder if you guys could comment on content there versus the other big high-end handset maker you supply.

我想知道你們是否可以評論那裡的內容，而不是你們提供的其他大型高端手機製造商。

We calculate a substantial increase in concept, but I'm just curious, do you agree with that?

我們計算概念大幅增加，但我只是好奇，你同意嗎？

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?

如果您在一月份銷售一款高端 Android 手機，那麼這款手機會比其他類型的手機為您提供更多的內容嗎？

Absolutely.

絕對地。

Look, we are very pleased with the strength of our Snapdragon 800 series.

看，我們對驍龍 800 系列的實力感到非常滿意。

The Snapdragon 800 series became synonymous with premium Android flagship smartphones.

Snapdragon 800 系列成為高端 Android 旗艦智能手機的代名詞。

There's a lot more silicon content besides the RF front-end that's attached to modem.

除了連接到調製解調器的射頻前端之外，還有更多的矽元素。

There's GPU, there's CPU, there's all the multimedia.

有 GPU，有 CPU，還有所有的多媒體。

And it's a lot more richer platform than just selling a modem and its multiple times in terms of revenue and earnings contribution.

它比僅僅銷售調製解調器及其在收入和收益貢獻方面的多次銷售要豐富得多。

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.

當我們看到可用的 SAM 時，當我們看到將 Snapdragon 800 整合為每個旗艦的芯片組時，我們實際上在 Android 領域增長得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與 Piper Sandler 的 Harsh Kumar。

First of all, congratulations on tremendous execution and diversification.

首先，祝賀巨大的執行力和多樣化。

I had a question.

我有一個問題。

Cristiano, you talked a lot about Android and how positive you are on that.

克里斯蒂亞諾，你談了很多關於 Android 的話題，以及你對此的積極態度。

I know you were supposed to get additional supply in the December quarter.

我知道你應該在 12 月季度獲得額外的供應。

You seem to be benefiting from units.

你似乎從單位中受益。

Are you benefiting from units primarily?

您主要從單位中受益嗎？

Or are you also going back and taking share that you were expecting to take from your competitors?

或者您是否也返回並獲取您期望從競爭對手那裡獲得的份額？

Look, there's plenty of opportunity with the changing landscape for growth between us and our competitors.

看，隨著我們與競爭對手之間不斷變化的增長格局，有很多機會。

I think what's important to highlight is that Qualcomm has been concentrated into premium and high.

我認為需要強調的是，高通一直專注於高端和高端。

There's very high demand for premium and high Snapdragon mobile platforms, both the 700 and 800.

對 700 和 800 的優質和高 Snapdragon 移動平台的需求非常高。

And it is a share gain of Snapdragon in Android premium.

這是Snapdragon在Android溢價中的份額增長。

And we're very happy with the opportunity to capture actually the higher value share of the market.

我們很高興有機會獲得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，也許，Harsh，補充一點，我只是提請您注意我們幾週前發布的產品公告，我們宣布了一套全新的跨層 5G 產品。

Great.

偉大的。

And for my follow-up, I wanted to follow up on a question that was asked about the March quarter.

對於我的後續行動，我想跟進一個關於 3 月季度的問題。

You talked about some benefit coming from your premium chips that you'll be launching in the March time frame, which is seasonally weak.

您談到了您將在 3 月份推出的高級籌碼帶來的一些好處，該時段是季節性疲軟的。

Now Apple, for one, talked about leaving I think it was $6 billion-plus worth of revenues behind on the table.

現在，蘋果公司，其中之一，談到將我認為價值超過 60 億美元的收入擱置一旁。

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?

您認為您可能會從所有將收入和溢價都拋在腦後的手機 OEM 中受益嗎？

Or do you think it's just again your own chipsets that are getting benefit from launch of new chipsets?

還是您認為只是您自己的芯片組再次從新芯片組的推出中受益？

Well, what I said about the March quarter was really you have a seasonal decline in the handset market.

好吧，我所說的關於 3 月季度的內容實際上是手機市場出現了季節性下滑。

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.

但鑑於我們新芯片組的推出以及我們在上個月推出的所有其他芯片組的推出，我們認為我們將處於非常有利的地位，可以在 Android 市場上擴展我們的產品。

And then the second thing I said is nonhandset growth.

然後我說的第二件事是非手機增長。

We expect nonhandsets, all 3 to grow within the quarter as well.

我們預計非手機，這三者也將在本季度增長。

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

我們的最後一個問題來自瑞銀的蒂莫西·阿庫裡（Timothy Arcuri）。

I had 2 questions.

我有 2 個問題。

The first, Akash, was on the RF business.

第一個是 Akash，從事射頻業務。

I think you said at the Analyst Day that you were targeting more than 20% share of an $18 billion TAM next year.

我想你在分析師日上說過，你的目標是明年在 180 億美元的 TAM 中佔據 20% 以上的份額。

But you're now annualizing to almost $5 billion.

但你現在的年化收益接近 50 億美元。

So either that market is a lot bigger or your share is a lot higher.

所以要么這個市場更大，要么你的份額更高。

So can you just comment on that?

那你能評論一下嗎？

And then secondly, I had a question on the contract with the big customer.

其次，我對與大客戶的合同有疑問。

Can you just level set us?

你能設置我們的水平嗎？

Cristiano, you just alluded to it.

克里斯蒂亞諾，你剛才提到了。

So can you level set us?

所以你能設置我們的水平嗎？

I think it goes through 2024.

我認為它會持續到 2024 年。

But can you just help us on the timing of that?

但是你能幫我們確定時間嗎？

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.

所以蒂姆，關於你關於數學的第一個問題，36 億美元是正確的，我認為我們報告的結果是 41 億美元。

So we've definitely exceeded the target we've set.

所以我們肯定超過了我們設定的目標。

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.

正如克里斯蒂亞諾早些時候在談話中所說，我們非常有信心在射頻業務中還有更多的增長空間，不僅在手機領域，而且隨著 5G 擴展到遠程信息處理和物聯網，然後也在 Wi-Fi 領域。

So yes, there's some ways to go, and we'll definitely plan to address that at Analyst Day in a couple of weeks.

所以是的，還有一些路要走，我們肯定會計劃在幾週後的分析師日上解決這個問題。

Tim, it's Cristiano.

蒂姆，是克里斯蒂亞諾。

The only thing we can disclose is what we disclosed before.

我們唯一能透露的就是我們之前透露的。

It is a long-term agreement, and it's a multiyear agreement.

這是一份長期協議，也是一份多年協議。

We unfortunately cannot say anything more than that.

不幸的是，我們不能說更多。

Thank you.

謝謝你。

That concludes today's question-and-answer session.

今天的問答環節到此結束。

Mr. Amon, do you have anything further to add before adjourning the call?

阿蒙先生，在暫停通話之前，您還有什麼要補充的嗎？

Thanks, everyone, for joining us on the call today.

謝謝大家，今天加入我們的電話會議。

We are at the intersection of key trends that are accelerating edge connectivity, efficient processing and own device artificial intelligence.

我們正處於加速邊緣連接、高效處理和自有設備人工智能的關鍵趨勢的交匯點。

This is driving demand for industry-leading road map of relevant technologies creating a significant opportunity for growth and continued diversification.

這推動了對行業領先的相關技術路線圖的需求，為增長和持續多樣化創造了重要機會。

In addition to driving the mobile industry to 5G, we will power the connected intelligent edge.

除了推動移動行業向 5G 邁進，我們還將為互聯智能邊緣提供動力。

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 日的投資者日概述我們的戰略和未來願景，並在 12 月的年度技術峰會上分享我們的下一代 Snapdragon 平台。

I also want to take a moment to thank our employees for an incredible fiscal year.

我還想花一點時間感謝我們的員工度過了一個令人難以置信的財政年度。

They are truly the best of Qualcomm, and there is no better time to be part of this great company.

他們確實是高通公司的佼佼者，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.

女士們，先生們，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。