高通 (QCOM) 2021 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm Third Quarter and Fiscal 2021 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded, July 28, 2021. The playback number for today's call is (877) 660-6853. International callers please dial (201) 612-7415. The playback reservation number is 13720943.

女士們，先生們，謝謝你們的支持。歡迎來到高通公司第三季度和 2021 財年收益電話會議。（操作員說明）提醒一下，本次會議正在錄製，2021 年 7 月 28 日。今天通話的播放號碼是 (877) 660-6853。國際來電者請撥打 (201) 612-7415。播放預約號為13720943。

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

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

Thank you, and good afternoon, everyone. Today's call will include prepared remarks by Cristiano Amon and Akash Palkhiwala. In addition, Alex Rogers and Don Rosenberg 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，大家下午好。今天的電話會議將包括 Cristiano Amon 和 Akash Palkhiwala 準備好的發言。此外，Alex Rogers 和 Don Rosenberg 將參加問答環節。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附帶的幻燈片演示。此外，該電話會議正在 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, 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.

在電話會議期間，我們將使用 G 條例中定義的非 GAAP 財務措施，您可以在我們的網站上找到與 GAAP 相關的調節。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。實際事件或結果可能與我們前瞻性陳述中預測的事件或結果存在重大差異。請參閱我們向美國證券交易委員會提交的文件，包括我們最近的 10-K，其中包含可能導致實際結果與前瞻性陳述存在重大差異的重要因素。

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

現在請聽高通公司總裁兼首席執行官克里斯蒂亞諾阿蒙的評論。

Thank you, Mauricio, and good afternoon, everyone. Thanks for joining us today. This is an amazing time to be part of Qualcomm. The need for our technologies and products has never been more evident. We are seeing demand across virtually every industry because our products and technologies are essential ingredients that enable digital transformation in the cloud economy. We are leading and expect to continue to lead in mobile. In addition, we also expect to lead the evolution of the connected intelligent EDGE by transforming connectivity and processing in cars, the enterprise, the home, smart factories, next-generation PCs and tablets, XR, wearables and many more. This is the foundation of our revenue diversification strategy.

謝謝毛里西奧，大家下午好。感謝您今天加入我們。這是成為高通一員的美妙時刻。對我們的技術和產品的需求從未如此明顯。我們看到幾乎每個行業都有需求，因為我們的產品和技術是在雲經濟中實現數字化轉型的重要組成部分。我們在移動領域處於領先地位，並希望繼續保持領先地位。此外，我們還期望通過改變汽車、企業、家庭、智能工廠、下一代個人電腦和平板電腦、XR、可穿戴設備等領域的連接和處理，引領互聯智能 EDGE 的發展。這是我們收入多元化戰略的基礎。

The strong performance in our business has led to fiscal third quarter revenues and earnings per share that exceeded the high end of our guidance. Most importantly, we are on track to realize approximately $10 billion in combined revenues across IoT, RF front-end and automotive in fiscal year '21, validating the positive financial impact of our revenue diversification strategy.

我們業務的強勁表現導致第三財季的收入和每股收益超過了我們指導的上限。最重要的是，我們有望在 21 財年在物聯網、射頻前端和汽車領域實現約 100 億美元的合併收入，這證實了我們收入多元化戰略的積極財務影響。

Let me provide you now with some additional details. The foundation of our IoT strategy is EDGE connectivity and processing for the growing cloud-based economy. In consumer, we're seeing strong demand driven by a consumer electronics upgrade cycle and growth in emerging product categories such as XR and wearables.

現在讓我向您提供一些額外的細節。我們物聯網戰略的基礎是面向不斷增長的雲經濟的 EDGE 連接和處理。在消費領域，我們看到消費電子產品升級週期和 XR 和可穿戴設備等新興產品類別的增長推動了強勁的需求。

In EDGE networking, we had another great quarter with continued momentum driven by the enterprise transformation of the home and the second wave of enterprise demand driven by return to the workplace. We're also seeing rapid adoption of Wi-Fi 6 and increased demand for both 4G and 5G mobile broadband devices. In industrial, our product offerings are purpose-built for key verticals, such as transportation and logistics, warehousing, video collaboration, smart cameras, retail and more. We are at the forefront of enabling this new ecosystem and also making 5G for industrial applications a reality. We are becoming the connected intelligent EDGE partner of choice.

在 EDGE 網絡中，我們又迎來了一個偉大的季度，在家庭企業轉型和重返工作場所推動的第二波企業需求推動下，我們的勢頭持續強勁。我們還看到 Wi-Fi 6 的快速採用以及對 4G 和 5G 移動寬帶設備的需求增加。在工業領域，我們的產品專為關鍵垂直行業打造，例如運輸和物流、倉儲、視頻協作、智能相機、零售等。我們處於支持這個新生態系統並使 5G 工業應用成為現實的最前沿。我們正在成為首選的互聯智能 EDGE 合作夥伴。

As demand for automotive solutions increase, we're pleased to report that our automotive revenue design win pipeline has reached approximately $10 billion. And based on our third quarter results, our annualized automotive revenue run rate is now over $1 billion. This reflects continued traction across global automakers and Tier 1 customers. Our automotive telematics and connectivity platforms, digital cockpit and C-V2X solutions are at the intersection of key automotive industry trends such as the continued growth of connected vehicles, the transformation of the in-car experience and vehicle electrification. As the digital chassis becomes one of the most important assets of automakers, we remain well positioned for continued growth as a leading technology partner for the industry.

隨著對汽車解決方案的需求增加，我們很高興地報告，我們的汽車收入設計中標渠道已達到約 100 億美元。根據我們第三季度的業績，我們的年化汽車收入運行率現已超過 10 億美元。這反映了全球汽車製造商和一級客戶的持續吸引力。我們的汽車遠程信息處理和連接平台、數字駕駛艙和 C-V2X 解決方案處於主要汽車行業趨勢的交匯點，例如互聯汽車的持續增長、車內體驗的轉變和汽車電氣化。隨著數字底盤成為汽車製造商最重要的資產之一，我們作為行業領先的技術合作夥伴仍然處於持續增長的有利地位。

In RF front-end, we believe we are on track to become the largest smartphone RF front-end supplier by revenue. Looking forward, we expect to have technology leadership across virtually all handset RF front-end components while continue to lead in modem to antenna system performance.

在射頻前端，我們相信我們有望成為收入最大的智能手機射頻前端供應商。展望未來，我們希望在幾乎所有手機射頻前端組件中保持技術領先地位，同時繼續在調製解調器到天線系統性能方面保持領先地位。

Now I will provide an update on 2 key drivers for our handset revenues. First, we continue to be positively impacted by the growth in 5G and changing OEM landscape, resulting in the expansion of our addressable handset opportunity. Our Snapdragon 8 series mobile platforms have shown significant design win momentum. More than half of our 5G smartphone design wins to date are using our 8 series and total design wins for Snapdragon 888 increased more than 20% quarter-over-quarter.

現在我將提供有關我們手機收入的 2 個主要驅動因素的更新。首先，我們繼續受到 5G 的增長和不斷變化的 OEM 格局的積極影響，從而擴大了我們可尋址的手機機會。我們的驍龍 8 系列移動平台顯示出顯著的設計獲胜勢頭。迄今為止，我們贏得的 5G 智能手機設計中有一半以上使用的是我們的 8 系列，驍龍 888 的總設計勝利環比增長超過 20%。

We're also seeing strong traction with our Snapdragon 7 series mobile platforms with nearly 40 new devices shipped or announced during this last quarter alone. Based on our design win traction and performance of our customers, we have increased confidence in growing our handset revenues. Snapdragon premium and high-tier solutions remains synonymous with Android flagship mobile experiences.

我們還看到了我們的驍龍 7 系列移動平台的強大吸引力，僅在上個季度就有近 40 款新設備出貨或發布。基於我們的設計贏得了客戶的青睞和表現，我們對增加手機收入的信心增強了。Snapdragon 優質和高端解決方案仍然是 Android 旗艦移動體驗的代名詞。

Second, we're still on track to materially improve supply by the end of the calendar year. We're securing incremental capacity across both leading and mature nodes and optimizing the allocation of our products across the global supply chain. We're also making progress with our multi-sourcing initiatives. In fiscal Q3, the Snapdragon 778G, the first of several products from our multi-sourcing initiatives was commercialized in record time and is now shipping in volume. Additional products from our multi-sourcing initiatives will be commercialized in the coming months. I would like to thank our employees, our suppliers and our customers for helping us navigate the challenging supply environment.

其次，我們仍有望在日曆年年底前大幅改善供應。我們正在確保領先節點和成熟節點的增量容量，並優化我們的產品在全球供應鏈中的分配。我們的多源採購計劃也在取得進展。在第三財季，Snapdragon 778G 是我們多采購計劃中的第一款產品，它以創紀錄的速度實現了商業化，目前正在批量出貨。來自我們多源採購計劃的其他產品將在未來幾個月內實現商業化。我要感謝我們的員工、供應商和客戶幫助我們應對充滿挑戰的供應環境。

In our licensing business, our third quarter results reflect the strength of our patent portfolio and the stability of our licensing program. We are a global 5G IP leader with more than 150 5G license agreements signed to date, up from more than 130 last quarter. We continue to develop and patent new essential innovations for future releases of 5G and we expect 5G to have a longer life cycle than prior generations due to its broad application across multiple industries.

在我們的許可業務中，我們第三季度的業績反映了我們專利組合的實力和我們許可計劃的穩定性。我們是全球 5G IP 領導者，迄今為止已簽署 150 多項 5G 許可協議，高於上一季度的 130 多項。我們繼續為 5G 的未來版本開發新的基本創新併申請專利，並且由於 5G 在多個行業的廣泛應用，我們預計 5G 的生命週期將比前幾代產品更長。

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

我現在想把電話轉給 Akash。

Thank you, Cristiano, and good afternoon, everyone. We are pleased to report another exceptional quarter in a challenging environment as we continue to execute on our priorities including 5G adoption, revenue diversification and operating leverage. Our third quarter results were above the high end of our guidance with non-GAAP revenues of $8 billion and non-GAAP EPS of $1.92. These results reflect 63% year-over-year increase in non-GAAP revenues and more than doubling of EPS, driven by strength across QCT and QTL including a partial recovery from the impact of COVID in the year ago period.

謝謝你，克里斯蒂亞諾，大家下午好。我們很高興在充滿挑戰的環境中報告另一個出色的季度，因為我們繼續執行我們的優先事項，包括 5G 採用、收入多元化和運營槓桿。我們第三季度的業績高於我們指導的高端，非 GAAP 收入為 80 億美元，非 GAAP 每股收益為 1.92 美元。這些結果反映了非 GAAP 收入同比增長 63%，每股收益增長了一倍以上，這得益於 QCT 和 QTL 的實力，包括從去年同期 COVID 的影響中部分恢復。

QTL revenues of $1.5 billion and EBT margins of 71% were above the midpoint of our guidance. These results reflect the impact of a stronger mix offset by lower-than-expected units in China and India. QCT revenues of $6.5 billion and EBT margins of 28% were above the high end of our guidance. EBT of $1.8 billion nearly tripled versus the year ago period on revenue growth of 70% and 12 points of EBT margin expansion. Handset revenues increased 57% year-over-year to $3.9 billion, driven by the adoption of 5G products in premium and high-tier devices across all major OEMs. Combined, RF front-end, IoT and automotive revenues accounted for approximately 40% of total QCT revenues within the quarter and grew 1.6x faster than handset revenues year-over-year.

15 億美元的 QTL 收入和 71% 的 EBT 利潤率高於我們指導的中點。這些結果反映了中國和印度低於預期的單位抵消了更強大的組合的影響。QCT 的收入為 65 億美元，EBT 利潤率為 28%，高於我們指導的上限。18 億美元的息稅前利潤較上年同期增長近兩倍，收入增長 70%，息稅前利潤增長 12 個百分點。受所有主要原始設備製造商在高端和高端設備中採用 5G 產品的推動，手機收入同比增長 57% 至 39 億美元。RF 前端、物聯網和汽車收入合計約佔本季度 QCT 總收入的 40%，同比增長速度是手機收入的 1.6 倍。

RF front-end revenues of $957 million more than doubled year-over-year on the strength of our broad product portfolio and customer traction. As a reminder, our RF front-end revenues include power amplifiers, trackers, antenna tuners, filters, diversity and millimeter-wave modules and excludes revenue from RF transceivers. IoT revenues grew 83% year-over-year to $1.4 billion, an increase of approximately $100 million versus guidance. The outperformance was driven by demand across consumer EDGE networking and industrial platforms. Automotive revenues of $253 million grew 83% year-over-year on the adoption of connected cars and expansion of digital cockpit revenues. Our increasing design win pipeline now puts us on track to exceed the 2024 revenue target outlined at the last Investor Day.

由於我們廣泛的產品組合和客戶吸引力，RF 前端收入為 9.57 億美元，同比增長了一倍多。提醒一下，我們的射頻前端收入包括功率放大器、跟踪器、天線調諧器、濾波器、分集和毫米波模塊，不包括射頻收發器的收入。物聯網收入同比增長 83% 至 14 億美元，比預期增長約 1 億美元。出色的表現是由消費者 EDGE 網絡和工業平台的需求推動的。由於聯網汽車的採用和數字駕駛艙收入的擴大，汽車收入為 2.53 億美元，同比增長 83%。我們不斷增加的設計獲勝管道現在使我們有望超過上一個投資者日制定的 2024 年收入目標。

Turning to our guidance for handset units and fourth fiscal quarter. For calendar 2021, we're maintaining our forecast for high single-digit growth for global 3G, 4G, 5G handsets, including 450 million to 550 million 5G handsets. Given the strong adoption of 5G in developed regions in China, we have a bias towards the high end of our 5G forecast. In the fourth fiscal quarter, we are forecasting revenues of $8.4 billion to $9.2 billion and non-GAAP EPS of $2.15 to $2.35. In QTL, we expect revenues of $1.45 billion to $1.65 billion and EBT margins of 69% to 73%. In QCT, we expect revenues of $7 billion to $7.5 billion and EBT margins of 29% to 31%. At the midpoint, this implies year-over-year revenue growth of 46% and EBT dollar growth of 114%.

轉向我們對手機部門和第四財季的指導。對於 2021 日曆年，我們維持對全球 3G、4G、5G 手機（包括 4.5 億至 5.5 億部 5G 手機）的高個位數增長的預測。鑑於 5G 在中國發達地區的廣泛採用，我們偏向於 5G 預測的高端。在第四財季，我們預計收入為 84 億美元至 92 億美元，非 GAAP 每股收益為 2.15 美元至 2.35 美元。在 QTL，我們預計收入為 14.5 億美元至 16.5 億美元，EBT 利潤率為 69% 至 73%。在 QCT，我們預計收入為 70 億美元至 75 億美元，EBT 利潤率為 29% 至 31%。從中點來看，這意味著收入同比增長 46%，EBT 美元增長 114%。

The strength of our QCT forecast reflects sequential growth across all revenue streams, including premium and high-tier device launches and operating leverage benefit from extending our mobile technology and investments across IoT and automotive. Lastly, we anticipate non-GAAP combined R&D and SG&A expenses to grow 2% to 3% sequentially.

我們 QCT 預測的優勢反映了所有收入流的連續增長，包括高端和高端設備的發布以及我們在物聯網和汽車領域擴展移動技術和投資所帶來的運營槓桿收益。最後，我們預計非 GAAP 合併研發和 SG&A 費用將連續增長 2% 至 3%。

Based on the midpoints of our fourth quarter guidance, I would like to emphasize some key metrics for fiscal 2021. We expect non-GAAP EPS of $8.24, nearly doubling relative to fiscal 2020. Within QCT, we expect year-over-year revenue growth of $10 billion and operating margin expansion from 17% in fiscal '20 to 28% in fiscal '21. With our continued focus on diversification, we are forecasting RF front-end, IoT and automotive combined revenues to grow from $6 billion in fiscal '20 to $10 billion in fiscal '21. We expect to exit the fiscal year with a strong product road map, expanded design win pipeline and increased customer traction.

根據我們第四季度指引的中點，我想強調 2021 財年的一些關鍵指標。我們預計非 GAAP 每股收益為 8.24 美元，相對於 2020 財年幾乎翻了一番。在 QCT 內部，我們預計收入同比增長 100 億美元，營業利潤率從 20 財年的 17% 擴大到 21 財年的 28%。隨著我們對多元化的持續關注，我們預測射頻前端、物聯網和汽車的總收入將從 20 財年的 60 億美元增長到 21 財年的 100 億美元。我們希望以強大的產品路線圖、擴大的設計獲勝管道和增加的客戶吸引力結束本財年。

Before I finish my prepared remarks, I'd like to highlight a couple items. As part of our ongoing ESG efforts, we recently started purchasing 100% renewable solar energy for our San Diego headquarters, which will significantly reduce our annual greenhouse gas emissions. Lastly, we'll be hosting our Investor Day in New York on November 16, where we will provide an update on our long-term strategy and financial outlook.

在我完成準備好的發言之前，我想強調幾個項目。作為我們正在進行的 ESG 工作的一部分，我們最近開始為我們的聖地亞哥總部採購 100% 可再生太陽能，這將顯著減少我們每年的溫室氣體排放量。最後，我們將於 11 月 16 日在紐約舉辦投資者日，屆時我們將提供有關我們長期戰略和財務前景的最新信息。

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

謝謝，我現在將電話轉回 Mauricio。

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

謝謝你，阿卡什。接線員，我們現在準備好提問了。

(Operator Instructions) Our first question is coming from the line of Mike Walkley with Canaccord Genuity.

（操作員說明）我們的第一個問題來自 Mike Walkley 與 Canaccord Genuity 的合作。

Congratulations on the strong results. I just wanted to focus on the QCT margins. While June is seasonally a softer quarter with Apple back in the model, the margins came in above your guidance and you're guiding to 30% sequentially. Could you, Akash, maybe provide any estimates or supply constraints or expedited shipments? Did that adversely impact guidance at all? And is 28% EBT margins, is that now good to think of as a floor? And if not, what are some puts and takes that might move it lower over time?

祝賀你取得了優異的成績。我只想關注 QCT 利潤率。雖然 6 月是一個季節性疲軟的季度，Apple 重新回歸模型，但利潤率高於您的指導，並且您的指導順序為 30%。Akash，您能否提供任何估算或供應限製或加急發貨？這是否對指導產生了不利影響？28% 的 EBT 利潤率，現在可以將其視為底線嗎？如果不是，那麼隨著時間的推移可能會降低它的一些看跌期權和看跌期權是什麼？

Sure, Mike. Thanks for the question. Really, when you look at our operating leverage performance in the year, we're pretty happy with the way we've seen the operating margin expansion with revenue growth. If you look at what happened in the third quarter, we had a guidance midpoint of 25%. We came in at 28%. And so that's on the strength largely of revenue coming in higher and then strong gross margin performance as well. And then now we are forecasting a midpoint of 30% in the fourth fiscal quarter.

當然，邁克。謝謝你的問題。真的，當你看看我們今年的經營槓桿表現時，我們對我們看到營業利潤率隨著收入增長而擴大的方式感到非常滿意。如果你看看第三季度發生的事情，我們的指導中點為 25%。我們進來了 28%。因此，這主要是由於收入的增加以及毛利率的強勁表現。然後現在我們預測第四財季的中點為 30%。

So really, when you think about it, going forward, we plan our margins around revenue scale and R&D investments. And the trick really for us is to optimize those 2. As we mentioned in our prepared remarks, as we exit the fiscal year, we feel like we're in a very strong position from a design win perspective to continue to grow revenues. And as we optimize investments against it, I think we have an opportunity to continue to expand our operating margins.

所以真的，當你考慮它時，展望未來，我們會圍繞收入規模和研發投資來規劃我們的利潤率。對我們來說真正的訣竅是優化那些 2。正如我們在準備好的評論中提到的那樣，當我們退出本財政年度時，我們覺得從設計獲勝的角度來看我們處於非常有利的地位，可以繼續增加收入。當我們針對它優化投資時，我認為我們有機會繼續擴大我們的營業利潤率。

Great. And just for my follow-up, maybe for Cristiano, just focusing on the IoT business, you have an impressive 83% year-over-year growth. Maybe you're going to save this for the Analyst Day, but how should we think about what's a reasonable CAGR for this business? And how much of the business today is 5G and what could 5G do in terms of growing the IoT business?

偉大的。就我的後續行動而言，也許對於 Cristiano 來說，只關注物聯網業務，你就有了令人印象深刻的 83% 的同比增長。也許您打算將其保存到分析師日，但我們應該如何考慮該業務的合理 CAGR 是多少？今天有多少業務是 5G 以及 5G 在發展物聯網業務方面可以做什麼？

Thanks, Mike. That's a great question. We're very excited about this business for a number of reasons. First, is very diversified. There's a lot of things in our IoT segment. It has consumer, it has networking and it has industrial. And what we see is really secular growth trends, which is all based to an accelerated digital transformation. And we are going to provide a lot more details about how we think about growth rates of this business in our Analyst Day. It is one of the largest SAM expansion opportunity for Qualcomm. It is highly diversified and it has not only higher growth rates than handsets. I think Akash outlined a 1.6x our non-handset growth rate, but also it's accretive to margins and create operating leverage. So stay tuned for more, but we're very happy about what we see with IoT right now.

謝謝，邁克。這是一個很好的問題。出於多種原因，我們對這項業務感到非常興奮。第一，非常多元化。我們的物聯網領域有很多東西。它有消費者，它有網絡，它有工業。我們看到的是真正的長期增長趨勢，這都是基於加速的數字化轉型。我們將在分析師日提供更多關於我們如何看待該業務增長率的細節。這是高通最大的 SAM 擴展機會之一。它高度多樣化，不僅增長率高於手機。我認為 Akash 概述了我們 1.6 倍的非手機增長率，但它也增加了利潤率並創造了經營槓桿。所以請繼續關注更多，但我們對我們現在看到的物聯網感到非常高興。

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

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

I guess for the first question, maybe you could talk about what generated the upside in the quarter as compared to your expectations. Was it a matter of getting more supply? Because I know supply constraints were a big concern coming in. And then if you could talk to us about the status of those supply constraints going into the end of the year. You talked about getting some additional supply. Does that benefit the December quarter? Where does that supply come farther out in time?

我想對於第一個問題，也許你可以談談與你的預期相比，是什麼導致了本季度的上行。這是獲得更多供應的問題嗎？因為我知道供應限制是一個大問題。然後，如果你能和我們談談到年底這些供應限制的狀況。你談到要獲得一些額外的供應。這對 12 月季度有好處嗎？這種供應會及時出現在哪裡？

Chris, it's Akash. So let me try to answer both of your questions, and I'm sure Cristiano can add comments to it. For the third fiscal quarter, as you know, our guidance midpoint was $1.65. We came in at $1.92. And really, most of the upside was driven by QCT. We did come in slightly stronger on QTL, which was really just a trade-off between slightly lower units in India and China, the low tiers, but offset by stronger product mix, especially with 5G in various regions, so that helped us.

克里斯，我是阿卡什。所以讓我試著回答你的兩個問題，我相信 Cristiano 可以添加評論。如您所知，對於第三財季，我們的指導中點為 1.65 美元。我們的價格是 1.92 美元。實際上，大部分上漲是由 QCT 推動的。我們確實在 QTL 上略強一些，這實際上只是印度和中國低端單位之間的權衡，但被更強大的產品組合所抵消，尤其是各個地區的 5G，這對我們有所幫助。

Going over to QCT, what we really liked about the growth that we saw in the quarter is really we saw strength across all the different revenue streams. So it's not just handsets, but also IoT and RF front-end and auto. And within that, we had a stronger mix -- product mix that helped us. And as we just discussed on the IoT side, significant upside, $100 million higher than the revenue guidance we had given. So that helped as well.

轉到 QCT，我們真正喜歡我們在本季度看到的增長確實是我們看到了所有不同收入流的實力。所以它不僅僅是手機，還有物聯網和射頻前端和汽車。其中，我們有一個更強大的組合——對我們有幫助的產品組合。正如我們剛剛在物聯網方面討論的那樣，有顯著的上升空間，比我們給出的收入指導高出 1 億美元。所以這也有幫助。

And then maybe the last thing I'll highlight is the gross margin performance. We're pretty happy with the gross point in performance in the quarter. So those were kind of all the key factors that contributed to it.

然後也許我要強調的最後一件事是毛利率表現。我們對本季度的業績總點感到非常滿意。所以這些都是促成它的所有關鍵因素。

Turning over to supply. As we said in Cristiano's prepared remarks, consistent with what we provided last time, we continue to expect that supply will improve materially by the end of the year. And it's really a combination of 2 drivers. We're seeing multi-sourcing initiatives that we put in place over the last several months. We are seeing the benefit of that as we can use available capacity across the foundries. And then the second is really previously planned capacity builds with some of our suppliers that comes online towards the end of the year as well. So both of those initiatives that we have previously discussed are in play, and that's helping us.

轉向供應。正如我們在克里斯蒂亞諾準備好的發言中所說，與我們上次提供的一致，我們繼續預計到今年年底供應將大幅改善。它實際上是 2 個驅動程序的組合。我們看到了在過去幾個月中實施的多方採購計劃。我們看到了這樣做的好處，因為我們可以使用整個代工廠的可用產能。然後第二個是我們之前計劃的與我們的一些供應商的產能建設，這些供應商也將在今年年底上線。因此，我們之前討論過的這兩項舉措都在發揮作用，這對我們很有幫助。

The first one of our multisourcing product, we recently commercialized and we have a couple more coming up. So that's really -- your seeing some of the benefits of those initiatives in our September quarter guide, and we'll see even more benefit in the December quarter guide.

我們的第一個多源產品，我們最近商業化了，我們還有幾個即將推出。所以這真的是——您在我們的 9 月季度指南中看到了這些舉措的一些好處，我們將在 12 月季度指南中看到更多好處。

Chris, this is Cristiano. And the only thing I would like to add is, in spite of having great results, both revenue and EPS, all exceeding the right end of our guidance, we still have demand outpacing supply. We're -- we have more demand than supply across all of our business. And as you look at our guide in the next quarter, it's consistent with the statement we made that we see material improvement in supply to Qualcomm by the end of the year, and that's great news. And -- but overall, we continue to see strong demand in every single business outpacing supply.

克里斯，這是克里斯蒂亞諾。我唯一想補充的是，儘管收入和每股收益都取得了很好的成績，都超出了我們指導的正確範圍，但我們的需求仍然超過供應。我們 - 我們所有業務的需求都超過供應。當您查看我們下一季度的指南時，它與我們所做的聲明一致，即我們看到到今年年底對高通的供應有實質性改善，這是個好消息。而且——但總的來說，我們繼續看到每一項業務的強勁需求都超過了供應。

That's very helpful. For my follow-up, I wanted to address one of the investor concerns to give you the opportunity to address it, and that's the modem socket at Apple. And of course, Apple has expressed that they're also working on their own modem. So that's a concern of investors. I know that being Apple, it's -- you're limited in what you can say on that. But I guess I wanted to hear what you could say on it. And perhaps if you could talk about perhaps the magnitude of that risk. If Apple were to take that path, what would it mean for Qualcomm?

這很有幫助。對於我的後續行動，我想解決投資者關注的問題之一，讓您有機會解決它，那就是 Apple 的調製解調器插座。當然，Apple 表示他們也在開發自己的調製解調器。所以這是投資者關心的問題。我知道作為 Apple，你在這方面的發言權是有限的。但我想我想听聽你對此有何看法。也許你可以談談這種風險的程度。如果蘋果走那條路，對高通來說意味著什麼？

Thanks for your follow-up question. Two answers for you and not any different than what you would expect from Qualcomm. I think the very first one is, we're very happy with our relationship with Apple. We're just on her first phone. We have other phones to go, and we're very happy with the way things are progressing. At the end of the day, you should always think of Qualcomm, we have always been really focused on cellular technology, the first with every new generation of wireless and as long as modem continue to be relevant, there's always going to be a place for Qualcomm in this business.

感謝您的後續問題。給您的兩個答案與您對高通的期望沒有什麼不同。我認為第一個是，我們對與 Apple 的關係非常滿意。我們只是在接她的第一部電話。我們還有其他手機要用，我們對事情的進展方式感到非常滿意。歸根結底，你應該總是想到高通，我們一直真正專注於蜂窩技術，首先是每一代無線技術，只要調製解調器繼續發揮作用，總會有一席之地高通在這方面的業務。

The second part of the answer, which I think is the most important and an opportunity to address investor concerns is the biggest opportunity for Qualcomm in mobile is the changes that are happening in the mobile landscape right now. As a matter of fact, this quarter, Xiaomi is now the #2 OEM in award and shipments. And we see this shift in OEM market share create an incredible opportunity for us. Snapdragon became synonymous with Android premium and high tier. That is how we're going to go faster than the market and incredible opportunity for revenue and earnings, looking at the whole value of the Snapdragon platform. We're super focused on executing on this opportunity, and it's going to be one of the key drivers of growth in Qualcomm handset strategy going forward.

答案的第二部分，我認為是最重要的，也是解決投資者擔憂的機會，也是高通在移動領域的最大機會，即目前移動領域正在發生的變化。事實上，本季度，小米現在是獎勵和出貨量排名第二的 OEM。我們看到 OEM 市場份額的這種轉變為我們創造了一個難以置信的機會。Snapdragon 成為 Android 高端和高端的代名詞。從驍龍平台的整體價值來看，這就是我們要以比市場更快的速度和難以置信的收入和盈利機會。我們非常專注於抓住這個機會，它將成為高通手機戰略未來增長的關鍵驅動力之一。

Our next question is coming 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。

Congrats on the results. Just -- maybe I wanted to start off here on the RF -- results on the RF side and really great progress there. It does sound like you're on track and targeting to become one of the largest RF suppliers. Just if you can give us more of an update. I know you do it more annually, but update on where you stand in terms of share rate with some of the incumbents there. And what's driving the confidence here, particularly as you go in to heavy period of design wins and launches? What's driving the confidence about getting to that pole position in that market? And then I have a follow-up as well.

祝賀結果。只是 - 也許我想從 RF 開始 - 在 RF 方面取得了成果，並且在那裡取得了非常大的進步。聽起來您確實正在走上正軌並致力於成為最大的 RF 供應商之一。只要你能給我們更多的更新就好了。我知道你每年都這樣做，但要更新你與那裡一些現任者的份額率。是什麼推動了這裡的信心，尤其是當你進入設計獲勝和發布的重要時期時？是什麼推動了在該市場取得領先地位的信心？然後我也有一個後續行動。

Samik, it's Akash. Thanks for the question. Overall, on the RF front-end side, the starting point for us, obviously, always is having the right product portfolio. And so over the last 3 years, we've been investing in the breadth of the portfolio. And we are in a very good place. I think as you look forward, not only are we the leaders in the modem to RF end-to-end system solutions, but also each individual component within the RF front-end, we feel like we're in a very competitive and strong product position.

薩米克，是阿卡什。謝謝你的問題。總的來說，在 RF 前端方面，我們的出發點顯然始終是擁有正確的產品組合。因此，在過去 3 年中，我們一直在投資於投資組合的廣度。我們處在一個非常好的地方。我認為，正如您所期待的，我們不僅是調製解調器到 RF 端到端系統解決方案的領導者，而且 RF 前端中的每個單獨組件，我們覺得我們處於一個非常有競爭力和強大的產品定位。

The second is just the design win pipeline that we have in front of us. We have great relationships with the OEMs in the mobile industry. And so that relationship then extends into providing an end-to-end solution for them. And so as we look forward and based on our conversations, the commitments we have from the OEMs on the designs, we feel very confident that we have an upward trajectory going forward.

第二個就是我們面前的設計獲勝管道。我們與移動行業的原始設備製造商有著良好的關係。因此，這種關係會擴展到為他們提供端到端的解決方案。因此，當我們展望未來並根據我們的對話、原始設備製造商對設計的承諾時，我們非常有信心我們有一個向上的軌跡前進。

And then finally, in terms of scale, really, when we look at the scale within handsets, we already feel like we're maybe the largest player in the industry in RF front-end. And the opportunity for us is, as 5G expands outside, how do we take our position in the handsets, while we continue to grow within handsets, but also take it outside and grow in other areas.

最後，就規模而言，實際上，當我們查看手機的規模時，我們已經覺得我們可能是 RF 前端行業中最大的參與者。而我們的機會是，隨著 5G 向外擴展，我們如何在手機中佔據一席之地，同時我們繼續在手機內部發展，同時也將其帶到外面並在其他領域發展。

On my -- for my follow-up, Akash, you talked about the growth in handsets. Just kind of thinking a bit more longer term into next year, how should we think about what's the primary driver here? Is it still content increase as you get on 5G phones? Or is it really the $10 billion Huawei TAM that you've talked about? And in that context, can you talk about MediaTek's products and competitive landscape there, how that's evolving?

在我的後續行動中，Akash，你談到了手機的增長。只是從更長遠的角度考慮明年，我們應該如何考慮這裡的主要驅動因素是什麼？隨著5G手機的上線，內容還在增加嗎？或者它真的是您所說的 100 億美元的華為 TAM？在這種情況下，你能談談聯發科的產品和競爭格局嗎？它是如何演變的？

Yes. So maybe I'll address the first part and then Cristiano can address the MediaTek competitive landscape. Overall, I think the answer to your question is all of the above, right? We clearly have a long ways to go within 5G. We're at the front end of it, and we're going to see the rest of the tiers transition over as well. And as that happens, we still think the metric that we gave previously of a 1.5x multiplier on our revenue and margin opportunity still holds.

是的。所以也許我會解決第一部分，然後克里斯蒂亞諾可以解決聯發科技的競爭格局。總的來說，我認為你的問題的答案是以上所有，對吧？顯然，我們在 5G 方面還有很長的路要走。我們處於它的前端，我們也將看到其餘層級的過渡。當這種情況發生時，我們仍然認為我們之前給出的關於我們的收入和利潤率機會的 1.5 倍乘數的指標仍然有效。

In addition to that, as you're seeing the changing OEM landscape is benefiting us with our customers winning share. And as that happens, when you combine that with our product portfolio within 5G and design commitments, from our customers, especially in the premium and high tiers that positions us to grow significantly as we move into fiscal '22. Maybe a quick data point to give on Honor. They are in the process of launching 3 phones with us. One is a premium tier Snapdragon 888 phone and then 2 in the high tier. And so it's just an example of how we are expanding our customer base.

除此之外，正如您所看到的，不斷變化的 OEM 格局使我們受益於我們的客戶贏得份額。當這種情況發生時，當您將其與我們的 5G 產品組合和設計承諾結合起來時，我們的客戶，尤其是高端和高端客戶，使我們在進入 22 財年時能夠實現顯著增長。也許可以提供有關 Honor 的快速數據點。他們正在與我們一起推出 3 款手機。一個是高級 Snapdragon 888 手機，然後是 2 個高級手機。因此，這只是我們如何擴大客戶群的一個例子。

Samik, so really simple answer, not to talk about MediaTek, but we think that there's plenty of opportunities for growth for us and other companies in the changing landscape. What is really important for Qualcomm and I'll give a couple of metrics. One, outlined by Akash. Not only we have a strong road map, but we have customer commitments to premium and high-tier designs for Qualcomm. The total design wins for Snapdragon 800 increased 20% quarter-over-quarter, and of our total 5G design wins 1/2 of the design is Snapdragon 8 series.

Samik，答案非常簡單，不是談論聯發科，但我們認為在不斷變化的環境中，我們和其他公司有很多增長機會。對高通來說真正重要的是什麼，我將給出幾個指標。一，由 Akash 概述。我們不僅有強大的路線圖，而且我們對高通的優質和高端設計有客戶承諾。Snapdragon 800 的設計總勝率環比增長 20%，在我們的 5G 設計總勝率中，有 1/2 的設計是 Snapdragon 8 系列。

So that in -- it's a clear indication about Qualcomm opportunity in the premium and high where we can capture the majority of the value of the market. And we look at the growth of handset segment, I know we talked a lot about the growth outside handset, but handsets up $6 billion year-over-year. Q3 '21 handset revenue up 57%. So that's a clear indication that we are in a good position. We see this as one of the largest growth opportunities we have for the handset business, and we'll continue to be executing into this new TAM with premium and high-tier devices.

因此，這清楚地表明了高通在溢價和高價方面的機會，我們可以在其中佔據市場的大部分價值。我們看看手機領域的增長，我知道我們談了很多關於手機以外的增長，但手機同比增長了 60 億美元。21 年第三季度手機收入增長 57%。所以這清楚地表明我們處於有利地位。我們認為這是我們手機業務最大的增長機會之一，我們將繼續通過高端和高端設備進入這個新的 TAM。

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 Ross Seymore。

I guess as my first one, I wanted to ask a question on gross margins to Akash. It's impressive that you guys grew your gross margin 70 basis points sequentially despite the QCT side of the equation dropping in your mix. So I just wanted to get into a little bit about what's driving that upside in gross margin in the quarter?

我想作為我的第一個問題，我想問 Akash 一個關於毛利率的問題。令人印象深刻的是，你們的毛利率連續增長了 70 個基點，儘管等式的 QCT 方面在你們的組合中有所下降。所以我只想談談是什麼推動了本季度毛利率的上升？

And more importantly, structurally going forward, given the new markets you're entering into the position you guys have in the market, is there anything structurally that would keep you from getting a gross margin more aligned to kind of the even the mid-50s range where a lot of your fabless peers currently reside.

更重要的是，在結構上向前發展，考慮到你們正在進入你們在市場上的地位的新市場，在結構上是否有任何東西可以阻止你們獲得更接近 50 年代中期的毛利率許多無晶圓廠同行目前所在的範圍。

Ross, thanks for the question. Yes, as I said earlier, I think, pretty happy with how we did on the gross margins. It's really a combination of a couple of things. One is just having a stronger mix of products. And so as we see more adoption of our solutions at premium and high tier, that helps our percent gross margin profile in addition to dollar margins. The second is really mix of businesses, and that leads into your second point is as we grow into these other areas, automotive and IoT, our margin profile at the gross margin level help is -- that growth helps the gross margin profile. And so that's a key factor for us going forward, as you rightly noted.

羅斯，謝謝你的提問。是的，正如我之前所說，我認為，對我們在毛利率方面的表現非常滿意。這實際上是幾件事的結合。一個是擁有更強大的產品組合。因此，隨著我們看到更多人在高端和高端採用我們的解決方案，這有助於我們的毛利率百分比以及美元利潤率。第二個是真正的業務組合，這導致你的第二點是當我們發展到這些其他領域，汽車和物聯網時，我們在毛利率水平上的利潤率狀況有助於 - 增長有助於毛利率狀況。因此，正如您正確指出的那樣，這是我們前進的關鍵因素。

And yes, I should have clarified the mid-50s gross margin would be for the QCT side, not overall. But I guess, as my follow-up question separately, whether it's Cristiano or Akash, how should we think just pluses and minuses for the calendar fourth quarter. You have a lot of different dynamics, the timing of premium launches, new launches from the Huawei Honor China ecosystem supply coming on board. So just a lot of different puts and takes that could make historical seasonality really be thrown out the window. So any sort of just even directional color there on those puts and takes will be helpful.

是的，我應該澄清 50 年代中期的毛利率是針對 QCT 方面的，而不是整體的。但我想，作為我的後續問題，無論是克里斯蒂亞諾還是阿卡什，我們應該如何考慮日曆第四季度的優缺點。你有很多不同的動態，高級發布的時間，華為榮耀中國生態系統供應的新發布即將到來。因此，只有很多不同的 put 和 take 可以讓歷史季節性真正被拋到窗外。因此，在這些 put 和 take 上使用任何一種均勻的方向性顏色都會有所幫助。

Sure. So as you know well, it's a seasonally strong quarter for the company overall. And let me just maybe quickly hit the 2 businesses. Within QTL, we've said in the past that we expect the holiday quarter to be around $1.7 billion range. So at this point, we're not seeing anything different at this point to give separate data points. On the QCT side, we expect the seasonality to be a favorable thing for all of our businesses, so not just handsets, but RF front-end, IoT and auto. And so we'll see a typical seasonal benefit.

當然。因此，正如您所知，這對公司整體而言是一個季節性強勁的季度。讓我也許可以快速擊中 2 個業務。在 QTL 內部，我們過去曾說過，我們預計假期季度的收入約為 17 億美元。所以在這一點上，我們沒有看到任何不同的地方來提供單獨的數據點。在 QCT 方面，我們預計季節性對我們所有的業務都是有利的，不僅是手機，還有射頻前端、物聯網和汽車。因此，我們將看到典型的季節性收益。

Within handsets, obviously, we're getting the benefit from the launch of new handsets that happened during that time, especially in the premium and high tier and then some supply improvements coming into the picture as well. The one thing to keep in mind, as a reminder, last year, we had a higher-than-normal sequential increase from September to December quarter. And that was obviously because of 2 reasons that we would not have this time. First is Apple coming back as a customer to Qualcomm. And so that exaggerated the seasonality. And then also there was a delay in their phone launch. So those are key factors if you compare to last year that would not be factors that would imply this year.

在手機中，顯然，我們正在從那段時間推出的新手機中獲益，尤其是在高端和高端手機中，然後還有一些供應改善。需要記住的一件事是，提醒一下，去年，我們從 9 月到 12 月的季度出現了高於正常水平的環比增長。這顯然是因為我們這次不會有兩個原因。首先是蘋果重新成為高通的客戶。因此，這誇大了季節性。然後他們的手機發布也有延遲。因此，如果您與去年相比，這些是關鍵因素，而這些因素將不會暗示今年。

Our next question is coming from the line of Blayne Curtis with Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

I appreciate the detail on the IoT business that you released, obviously, a very broad business. So I was wondering is there any way you can dial this in maybe by the 3 subsegments? So where are you seeing the strength? Obviously, the business nearly doubled since you started breaking it out. I know there's a lot of segments in there. I know it's pretty diverse. So I was just curious how you would answer the question as to within these segments, where you've seen the most strength?

我很欣賞您發布的有關物聯網業務的詳細信息，顯然，這是一項非常廣泛的業務。所以我想知道是否有任何方法可以通過 3 個子分段撥入？那麼你從哪裡看到力量呢？顯然，自從你開始突破以來，業務幾乎翻了一番。我知道裡面有很多片段。我知道它非常多樣化。所以我很好奇你會如何回答關於在這些細分市場中你看到最強大的地方的問題？

Yes, Blayne, it's Akash. Let me take a crack at that. If you look at what happened in our IoT business this year, we were somewhere in the $1.1 billion range, revenue range for March. We grew to $1.4 billion. And as I mentioned earlier, we feel like we're in a strong position to continue to grow that revenue stream. So pretty interesting trends for us. When you break down the business, and we broke it down in the slide you are referring to in 3 buckets. We had EDGE networking, consumer and industrial. Neither of those are dominant categories. So you should think of all 3 as contributing very materially to the total amount of revenue.

是的，布萊恩，是阿卡什。讓我試一試。如果你看看今年我們的物聯網業務發生了什麼，我們 3 月份的收入範圍在 11 億美元左右。我們增長到 14 億美元。正如我之前提到的，我們覺得我們在繼續增加收入來源方面處於有利地位。對我們來說非常有趣的趨勢。當您分解業務時，我們在您提到的幻燈片中將其分解為 3 個部分。我們擁有 EDGE 網絡、消費者和工業網絡。這些都不是主導類別。因此，您應該將所有 3 項都視為對收入總額的重大貢獻。

Maybe I'll highlight a couple of things. Within EDGE networking, both the Wi-Fi access point business and the 5G fixed wireless business, they're both very strong for us. And especially when you think about the 5G fixed wireless business, we're really at the very front end of that having a very material impact for us. So we're looking forward to the growth that, that offers to us over the next several years. In the consumer business, clearly, there is a very broad set of products we have. The revenue is split between several products. But then also as you look forward, the opportunity within the next-generation PCs and AR VR are very material things that could be -- material growth drivers going forward.

也許我會強調幾件事。在 EDGE 網絡中，Wi-Fi 接入點業務和 5G 固定無線業務對我們來說都非常強大。特別是當你考慮 5G 固定無線業務時，我們真的處於對我們產生非常重大影響的前端。因此，我們期待著未來幾年為我們提供的增長。顯然，在消費者業務中，我們擁有非常廣泛的產品系列。收入在幾個產品之間分配。但同樣，正如你所期待的那樣，下一代 PC 和 AR VR 中的機會是非常物質的東西——未來的物質增長驅動力。

And then within industrial, that's a very broad field, and we're really not even in the first innings on that market. So a long ways to go for us and we're excited all these markets are looking for technologies from us.

然後在工業領域，這是一個非常廣泛的領域，我們甚至還沒有進入該市場的第一局。我們還有很長的路要走，我們很高興所有這些市場都在尋找我們的技術。

Our next question is coming from Matt Ramsay with Cowen.

我們的下一個問題來自 Matt Ramsay 和 Cowen。

I guess my first question goes back to the TAM that you guys outlined at $10 billion from what Huawei is exiting and your customers are going to go into. We've been all trying to track as Huawei has kind of depleted their own inventory and now yourselves and MediaTek are growing into that business against some supply constraints. So of that $10 billion TAM that's out there for you, just ballpark about how much do you think you can realistically address in the September quarter? And how much of that TAM is still ahead of you guys as you go into fiscal '22?

我想我的第一個問題可以追溯到你們從華為退出和你們的客戶將要進入的領域概述的 100 億美元的 TAM。我們一直在努力追踪，因為華為已經耗盡了他們自己的庫存，現在你們自己和聯發科正在克服一些供應限制進入該業務。那麼，在為您準備的 100 億美元 TAM 中，您認為您可以在 9 月季度實際解決多少問題？當你們進入 22 財年時，有多少 TAM 仍然領先於你們？

Thanks, Matt, for that question. I will stay away from kind of breaking down that TAM. I don't think we have that level of precision in kind of estimating our opportunity going forward. What gives us confidence that we will get a portion of it in the September quarter, but really, this is a big tailwind for us going into fiscal '22, is our conversations with the OEMs, commitments from them on designs and really the supply improvements that we'll get at the end of the year. And so those are the 3 kind of factors that play into our confidence as we go into fiscal '22.

謝謝馬特提出這個問題。我將遠離打破 TAM 的那種方式。我認為我們在估計未來的機會方面沒有那種精確度。是什麼讓我們有信心我們將在 9 月季度獲得一部分，但實際上，這對我們進入 22 財年來說是一個巨大的推動力，是我們與 OEM 的對話、他們對設計的承諾以及真正的供應改進我們將在今年年底得到。因此，當我們進入 22 財年時，這些是影響我們信心的 3 種因素。

Got it. And as my follow-up, I wanted to ask a question, Cristiano, on your automotive business. It seems really well positioned and you guys have talked about the pipeline growing. With 5G connectivity being a fulcrum and then the ability to do Wi-Fi, GPS, Bluetooth, in-dash display, et cetera, on the same integrated platform, I guess, what's the competitive landscape like that across those sockets for Qualcomm right now? And what kind of ASPs are you guys envisioning for that business as you sell it as an integrated solution, including RF?

知道了。作為我的後續行動，克里斯蒂亞諾，我想問一個關於你的汽車業務的問題。它似乎定位得很好，你們已經談到了管道的增長。以 5G 連接為支點，然後能夠在同一個集成平台上進行 Wi-Fi、GPS、藍牙、儀表板顯示等，我想，高通目前在這些插座上的競爭格局是什麼樣的？當你們將其作為集成解決方案（包括 RF）出售時，你們為該業務設想了什麼樣的 ASP？

Thanks, Matt, for the question. Look, we really like our position in this space, especially because the trends of connecting the car to the cloud, it's just the first step what you can do within the telematics or the communications box in the car. You can add to that Wi-Fi, Bluetooth as you outlined, but also Cellular V2X capabilities. A long road map. I think we have a very strong position given our understanding of the market and the ability to provide a very modular solution. I think we're highly differentiated in that space, and it's really showing based on our design wins.

謝謝馬特提出這個問題。看，我們真的很喜歡我們在這個領域的地位，特別是因為將汽車連接到雲的趨勢，這只是您可以在車內遠程信息處理或通信盒內做的第一步。您可以像您概述的那樣添加 Wi-Fi、藍牙，還可以添加蜂窩 V2X 功能。一張漫長的路線圖。鑑於我們對市場的了解以及提供高度模塊化解決方案的能力，我認為我們擁有非常強大的地位。我認為我們在該領域具有高度差異化，並且它確實基於我們的設計勝利而展示。

Also, we're starting to see digital cockpit becoming more material in the revenue, which is really a much richer silicon opportunity for us as we look at the dashboard, the infotainment, rear seat entertainment, heads-up display, smart mirrors, smart side view mirrors and so forth. And there is a complete redesign of the in-car experience. I will argue today, Qualcomm is now winning the absolute majority of premium tier car RFPs. We are engaged with 23 of the 26 brands. Highly differentiated in the space also because we can take a system approach connecting all those different systems together. You should start thinking about our automotive business as there are going to be a digital chassis, then an automotive company will have to build and we are differentiated because we have capabilities across multiple domains, and it's starting to reflect in the magnitude of our contracted pipeline.

此外，我們開始看到數字駕駛艙在收入中變得越來越重要，這對我們來說確實是一個更豐富的矽機會，因為我們看看儀表板、信息娛樂、後座娛樂、平視顯示器、智能鏡子、智能側視鏡等。並且對車內體驗進行了徹底的重新設計。我今天要說的是，高通現在贏得了絕大多數高端汽車 RFP。我們與 26 個品牌中的 23 個有合作。在空間上的高度差異化也是因為我們可以採用系統方法將所有這些不同的系統連接在一起。你應該開始考慮我們的汽車業務，因為將有一個數字底盤，然後一家汽車公司將不得不建造，我們之所以與眾不同，是因為我們擁有跨多個領域的能力，這開始反映在我們承包管道的規模上.

Our next question comes 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 Joe Moore。

Great. I wonder how the end of kind of supply chain tightness and shortages affects your EBIT margin in QCT. And is there kind of an active process of thinking that through of can we trade off some of that 30% EBIT margin to retake some share that maybe we lost? Or is it sort of -- just how are you approaching that? And is there an ambition to achieve a certain EBIT margin or a certain market share? And what's the trade-off between those 2 things?

偉大的。我想知道供應鏈緊張和短缺的結束如何影響您在 QCT 的息稅前利潤率。是否有一種積極的思考過程，通過我們可以權衡 30% 的息稅前利潤率中的一部分來重新奪回我們可能失去的一些份額嗎？或者它有點——你是如何接近它的？是否有實現一定息稅前利潤率或一定市場份額的雄心？這兩件事之間的權衡是什麼？

Joe, it's Akash. Our framework on margins really is unchanged from the way we outlined it at Analyst Day last year. It's really a combination of 2 things. It's optimizing the gross margins. And the way we do that is a combination of the mix between premium high tiers where the gross margins are a lot more attractive in handsets versus the lower tiers. And then second is focusing on diversification outside. And so that adds scale to the margin profile.

喬，是阿卡什。我們的利潤率框架實際上與我們去年在分析師日概述的方式沒有變化。這實際上是兩件事的結合。它正在優化毛利率。我們這樣做的方式是結合高端高端產品的組合，其中手機的毛利率比低端產品更具吸引力。其次是專注於外部多元化。因此，這增加了利潤率的規模。

The next point I'd maybe highlight is a lot of the technology that funds the growth in IoT and auto is coming from mobile. So mobile technology is being reused in these areas in very large scale. And that allows us to really get the operating leverage benefit that we were planning for. And then, of course, we are balancing that with R&D investments and making sure we're investing in the right things that position us to continue to win in these exciting areas in the long term. So it's a combination of those factors.

我可能要強調的下一點是，許多為物聯網和汽車發展提供資金的技術都來自移動設備。因此，移動技術正在這些領域大規模地重複使用。這使我們能夠真正獲得我們計劃的運營槓桿效益。然後，當然，我們正在平衡它與研發投資，並確保我們投資於正確的事情，使我們能夠在這些令人興奮的領域長期繼續取勝。所以這是這些因素的結合。

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 dig into millimeter wave a little bit. Last quarter, you said it was about 20% of RFFE revenues. I wonder if you could tell us what it was this quarter. And then if you might be able to indicate whether you expect that to continue? I mean, assuming it's risen, do you expect to continue to rise? Where does it end the year, the calendar year for you? That's my first question, then I have a follow-up.

我想深入研究一下毫米波。上個季度，您說這大約佔 RFFE 收入的 20%。我想知道你是否可以告訴我們這個季度是什麼。然後你是否可以表明你是否希望這種情況繼續下去？我的意思是，假設它上漲了，你預計會繼續上漲嗎？它在哪裡結束這一年，你的日曆年？這是我的第一個問題，然後我有一個跟進。

Rod, it's Akash. I'll give you the metric on it and then I'll defer to Cristiano to add color on top of it. From a percent of total RFFE revenue, this quarter was not that different than last quarter in pretty similar range. When you think about it very long term going into next year and the following year, as millimeter wave gets deployed, we expect that to be a vector for growth within RF front-end. So it will become a larger percent of the total pie.

羅德，是阿卡什。我會給你它的指標，然後我會聽從克里斯蒂亞諾在它上面添加顏色。從 RFFE 總收入的百分比來看，本季度與上一季度在非常相似的範圍內沒有太大差異。當你考慮到明年和下一年的長期發展時，隨著毫米波的部署，我們預計這將成為 RF 前端增長的一個載體。因此它將成為整個餡餅的更大百分比。

Rod, on the second part of your question, here's how millimeter wave is tracking. Everything in line over expectations, commercial networks, United States, Japan, Italy and Singapore. The upcoming one is South Korea, Germany. There are some countries in Western Europe, Southeast Asia and in Russia as well. And during the MWC Barcelona, the recent trade show, 150 carriers around the world indicated they are investing in millimeter-wave technology. So we're excited about that. And we continue to highlight where we think could be an incredible upside opportunity to the model which is millimeter wave going to China. We'll continue to be engaged in -- for the Winter Olympics in early 2022. And if that becomes a broader deployment in China, you should expect a lot of upsides to our model.

Rod，關於你問題的第二部分，這是毫米波的跟踪方式。一切都超出預期，商業網絡，美國，日本，意大利和新加坡。即將到來的是韓國、德國。西歐、東南亞和俄羅斯也有一些國家。在最近舉行的巴塞羅那世界移動通信大會期間，全球 150 家運營商表示他們正在投資毫米波技術。所以我們對此感到興奮。我們繼續強調我們認為毫米波進入中國的模式可能是一個令人難以置信的上行機會。我們將繼續參與——為 2022 年初的冬季奧運會做準備。如果這成為中國更廣泛的部署，你應該期待我們的模式有很多好處。

Great. Okay. And then I wanted to dig into the China weakness a little bit more. I know that you guys called it out in your comments. There's the Huawei opportunity, I guess. But curious if you could just comment on the wider market there, the weakness that we are seeing in handsets. Do you think this is just consistent with the maturity of that market? Do you think there are macro factors that are coming into play here. Could you just give us a little bit more color on what you think is going on in China? And maybe what the outlook there is the next 6 months or so?

偉大的。好的。然後我想深入挖掘中國的弱點。我知道你們在評論中提到了這一點。我猜這是華為的機會。但是很好奇你是否可以評論更廣泛的市場，我們在手機中看到的弱點。你認為這恰好符合那個市場的成熟度嗎？你認為這裡有宏觀因素在起作用嗎？您能否就您認為中國正在發生的事情多給我們一些顏色？也許未來 6 個月左右的前景如何？

Yes, Rod, it's Akash. I think, as I mentioned in my prepared remarks, we did see some weakness within the quarter relative to our expectations in China and in India. A lot of the weakness we saw was at the low tier. So the phenomena we saw is really kind of weaker low tier, but then mix shift towards the high end in these markets. And so that's a key trend that we're monitoring, which, obviously, net-net, the mix shift is a very positive thing for us. The impact in India that we saw in the June quarter, obviously, was related to the COVID situation there. And so as that improves and has improved materially already, we'd expect that some of those units come back into the September quarter and that's been factored into our guide.

是的，羅德，是阿卡什。我認為，正如我在準備好的發言中提到的那樣，相對於我們在中國和印度的預期，我們確實看到了本季度的一些疲軟。我們看到的很多弱點都在低層。因此，我們看到的現象確實是低端市場較弱，但隨後在這些市場中混合轉向高端。因此，這是我們正在監控的一個關鍵趨勢，顯然，淨網，混合轉變對我們來說是一件非常積極的事情。顯然，我們在 6 月季度看到的對印度的影響與那裡的 COVID 情況有關。因此，隨著這種情況的改善並且已經有了實質性的改善，我們預計其中一些單位會回到 9 月季度，這已被納入我們的指南。

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

我們的下一個問題來自瑞銀集團的蒂莫西·阿庫裡。

This is Pradeep Ramani for Tim Arcuri. I have a couple of questions. Maybe the first one, just given the recent Intel announcement where you're partnering with Intel on IFS, what sort of commitment is this on your part? Is that sort of a volume commitment at this point? I realize it's some ways out, but would it be fair to say that it's going to service the U.S. consumer?

我是蒂姆·阿庫裡的 Pradeep Ramani。我有一些問題。也許是第一個，鑑於最近英特爾宣布您將與英特爾在 IFS 上合作，您的承諾是什麼？在這一點上是那種數量承諾嗎？我意識到它有一些出路，但說它將為美國消費者服務是否公平？

Thanks for the question. Look, it's actually very simple. Qualcomm, we're probably one of the few companies that, given our scale, is able to have multi-sourcing at the leading node. We have 2 strategic partners today, which is TSMC and Samsung. And we're very excited and happy about Intel deciding to become a foundry and investing in leading node technology to become a foundry. I think that's great news for the United States fabless industry. We are engaged. We are evaluating their technology. We don't yet have a specific product plan at this point, but we're pretty excited about Intel entering the space. I think we all determined that semiconductors are important and resilient supply chain is only going to benefit our business.

謝謝你的問題。看，其實很簡單。高通，鑑於我們的規模，我們可能是少數能夠在領先節點進行多源採購的公司之一。我們今天有兩個戰略合作夥伴，一個是台積電，一個是三星。我們對英特爾決定成為代工廠並投資領先的節點技術成為代工廠感到非常興奮和高興。我認為這對美國無晶圓廠行業來說是個好消息。我們訂婚了。我們正在評估他們的技術。目前我們還沒有具體的產品計劃，但我們對英特爾進入該領域感到非常興奮。我認為我們都認為半導體很重要，而有彈性的供應鏈只會使我們的業務受益。

Okay. And for my follow-up, can you provide some more color on how the license -- the 5G-related licensing agreements work for the non-smartphone adjacencies? Is there sort of a price cap? Or is it revenue based? Or can you provide some color on the arrangements?

好的。對於我的後續行動，您能否提供更多有關許可證的顏色 - 5G 相關許可協議適用於非智能手機鄰接？有價格上限嗎？還是以收入為基礎？或者你能在安排上提供一些顏色嗎？

So what you see with QTL right now is -- in the top line numbers that you're seeing, a result of executing on long-term agreements with the major handset OEMs. On the non-handset side, we've had license agreements in place for a long time. Some of those agreements are on a percentage basis. Some of the agreements are on a dollars per unit basis. We don't break out those individual agreements or the collective non-handset revenue. But we are moving forward successfully with 5G in the automotive space and in the IoT space as well. It's just that the overall revenue is a relatively smaller part of -- the overall non-handset revenue is a relatively smaller part of our overall licensing revenue, so we don't break it out.

所以你現在看到的 QTL 是——在你看到的頂行數字中，這是執行與主要手機 OEM 的長期協議的結果。在非手機方面，我們已經制定了很長時間的許可協議。其中一些協議是按百分比計算的。一些協議以每單位美元為基礎。我們不會分解那些單獨的協議或集體非手機收入。但我們正在汽車領域和物聯網領域成功推進 5G。只是總收入相對較小——非手機總收入在我們總許可收入中所佔比例相對較小，因此我們不會將其分解。

Our next question comes from Brett Simpson with Arete Research.

我們的下一個問題來自 Arete Research 的 Brett Simpson。

Cristiano, you made a lot of references to the Snapdragon 888 in your prepared remarks. And I wanted to ask more broadly about the Android flagship opportunity you see ahead. And I guess, historically, Huawei and Samsung has kind of dominated this segment. And that's limited your share to some extent in flagship. But can you share with us just your perspective on how you think this market plays out for Qualcomm? What sort of market share you think you can attain? And what sort of time frame do you think it takes to be able to fully supply this segment of the market?

Cristiano，你在準備好的發言中多次提到了驍龍 888。我想更廣泛地詢問您未來看到的 Android 旗艦機會。我想，從歷史上看，華為和三星在這一領域佔據主導地位。這在某種程度上限制了您在旗艦產品中的份額。但是您能否與我們分享您對這個市場對高通的影響的看法？您認為您可以獲得什麼樣的市場份額？您認為需要什麼樣的時間才能完全供應這部分市場？

Great question. Look, the market right now is a lot more favorable. And I want to take a minute to outline this. It used to be highly concentrated. If you look at the opportunity right now we have, we have a great relationship with Samsung, which is expanding. We have a relationship with Xiaomi, OPPO, Vivo, all in the premium tier. We have a relationship with Honor. In record time, we launched Snapdragon 888 with Honor, the Magic 3 device. So if you look at a much healthier market, you have at least 5 companies at scale that are driving the premium tier and that creates an incredible opportunity for us. And as you know, the Snapdragon premium tier devices, there are a lot more revenues in earnings compared, for example, to just the modem technology alone.

很好的問題。看，現在的市場有利多了。我想花點時間概述一下。它曾經是高度集中的。如果你看看我們現在擁有的機會，我們與正在擴大的三星有著良好的關係。我們與小米、OPPO、Vivo 有合作關係，它們都處於高端水平。我們與榮譽有關係。在創紀錄的時間內，我們推出了榮耀 Magic 3 設備驍龍 888。因此，如果你看看一個更健康的市場，你至少有 5 家規模龐大的公司正在推動高端市場，這為我們創造了一個難以置信的機會。如您所知，與僅調製解調器技術相比，Snapdragon 高端設備的收入要多得多。

And the last comment I want to make into this, we're just at the beginning of this opportunity. We're showing with 5G a much better mix across the devices. The market is moving towards premium and high. We're very well positioned in the space. And over time, with our investments we've been doing in CPU with NUVIA, we expect to take the differentiation to a whole another level. Thank you.

最後我想對此發表評論，我們才剛剛開始這個機會。我們展示了 5G 跨設備的更好組合。市場正在走向高端和高端。我們在空間中處於非常有利的位置。隨著時間的推移，我們一直在 CPU 和 NUVIA 上進行投資，我們希望將差異化提升到一個全新的水平。謝謝。

Maybe just a quick follow-up on automotive because obviously, with the backlog growing to $10 billion, what sort of silicon content do you think Qualcomm can address in autos? I mean you talked about digital cockpit and there's obviously 5G and there's RF. When you add it all up, what sort of total silicon can Qualcomm address by the middle of the decade in typical cars?

也許只是對汽車的快速跟進，因為很明顯，隨著積壓訂單增加到 100 億美元，您認為高通可以在汽車中解決什麼樣的矽內容？我的意思是你談到了數字駕駛艙，顯然有 5G 和射頻。當你把所有這些加起來時，到本世紀中期，高通可以在典型汽車中解決什麼樣的總矽？

It's -- there is a lot of silicon opportunities for Qualcomm. And not to make an ASP disclosure, we will provide a lot more color in our Analyst Day, especially how all of the different elements of the digital chassis is evolving. But you see in the automotive business, an opportunity for a lot more silicon content and much higher ASPs than we see in other business.

這是 - 高通有很多矽機會。並且不進行 ASP 披露，我們將在我們的分析師日提供更多顏色，特別是數字底盤的所有不同元素是如何演變的。但是你在汽車業務中看到了比我們在其他業務中看到的更多矽含量和更高 ASP 的機會。

Our final question is coming from the line of Srini Pajjuri with SMBC.

我們的最後一個問題來自 SMBC 的 Srini Pajjuri。

I have a clarification and a question. First, on the RF business in the quarter that you reported, Akash. Historically, I've seen kind of handset and RF move hand-in-hand, but this quarter, I think RF grew about 5% or 6% and the handsets declined about 4% or 5%. Just trying to understand what explains that discrepancy.

我有一個澄清和一個問題。首先，關於您報告的那個季度的 RF 業務，Akash。從歷史上看，我曾見過手機和 RF 齊頭並進，但本季度，我認為 RF 增長了大約 5% 或 6%，而手機下降了大約 4% 或 5%。只是想了解是什麼解釋了這種差異。

Yes. Srini, there are a couple of reasons. One is you will see some differences in purchase timing for various things within our portfolio. So sometimes RF components are purchased earlier that are not explicitly tied to a specific handset. So sometimes you see a timing difference that impacts these things. And then second is design wins, right? While RF is largely thought of as an attach business for our Qualcomm baseband, we do have business outside of Qualcomm baseband. So we do attach to other devices. And so that also becomes a different factor.

是的。斯里尼，有幾個原因。一是您會看到我們產品組合中各種事物的購買時間有所不同。因此，有時 RF 組件是較早購買的，但並未明確綁定到特定手機。所以有時你會看到影響這些事情的時間差異。其次是設計獲勝，對嗎？雖然射頻在很大程度上被認為是我們高通基帶的附加業務，但我們確實有高通基帶之外的業務。所以我們確實附加到其他設備。因此，這也成為一個不同的因素。

Got it. And then on the QTL side, I think you said for the Q4, the run rate should be about $1.7 billion in the peak quarter. Just trying to understand how we should think about growth in this business, Akash, because obviously, you're guiding for handset units to grow high single digits. And obviously, 5G is potentially doubling or even more than that and some of the adjacencies are adopting 5G.

知道了。然後在 QTL 方面，我想你說的是第四季度，高峰季度的運行率應該在 17 億美元左右。只是想了解我們應該如何考慮這項業務的增長，阿卡什，因為很明顯，你正在引導手機部門實現高個位數增長。顯然，5G 可能會增加一倍甚至更多，並且一些鄰接點正在採用 5G。

So as we look into next year or 2, can you talk about some of the potential growth drivers? I mean whether it's low end or mid-end smartphones adapting 5G or some of the adjacencies. I'm just curious as to why we are not seeing a bit more pronounced growth here.

因此，當我們展望明年或 2 年時，您能談談一些潛在的增長動力嗎？我的意思是無論是低端還是中端智能手機適應 5G 或一些鄰接。我很好奇為什麼我們在這裡沒有看到更明顯的增長。

Yes, Srini, I'll reiterate what we said at Analyst Day a couple of years ago. When you look at our licensing business, we kind of have a base case for the business and we think of it -- other things as upside opportunities. And the way to model our business is really you have our June quarter numbers and then we are forecasting September, and then we gave a data point for December. So those are reasonable data points to project forward to get to an annual number for the licensing business.

是的，Srini，我會重申幾年前我們在分析師日所說的話。當你看我們的許可業務時，我們有點業務的基本案例，我們認為它 - 其他事情作為上行機會。為我們的業務建模的方法實際上是你有我們 6 月份的季度數據，然後我們預測 9 月份，然後我們給出 12 月份的數據點。因此，這些是合理的數據點，可以向前預測以獲得許可業務的年度數字。

There are a few things that could drive upside on top of that. But again, we think of it as upside opportunities. The growth outside handsets is a factor. Second is, as I mentioned earlier in the call, we're seeing a mix shift that's very positive for us. And so as mix shift continues, we'll see the benefit in QCT, but we'll also see the benefit in QTL. And so that would be another upside driver. And especially with 5G penetrating the lower tiers, that will be a factor for QTL as well. And again, it will show up through better ASPs and as a result, better revenues. So hopefully, that helps in framing the forward path for it.

除此之外，還有一些事情可以推動上漲。但同樣，我們將其視為上行機會。手機以外的增長是一個因素。其次，正如我之前在電話會議中提到的，我們看到了一種對我們非常積極的混合轉變。因此，隨著混合轉變的繼續，我們將看到 QCT 的好處，但我們也會看到 QTL 的好處。因此，這將是另一個上行驅動力。特別是隨著 5G 滲透到較低層級，這也將成為 QTL 的一個因素。再一次，它會通過更好的 ASP 表現出來，從而帶來更好的收入。希望這有助於為它制定前進的道路。

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。Amon 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. Once again, I would like to say thank you to our employees who are staying focused and delivering results. I look forward to leading Qualcomm, leading in 5G and building on the success of our diversification strategy.

謝謝大家今天加入我們的電話會議。我想再次感謝我們的員工，他們一直專注並取得成果。我期待著領導高通，在 5G 領域處於領先地位，並在我們多元化戰略的成功基礎上再接再厲。

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

女士們，先生們，今天的電話會議到此結束。您現在可以斷開連接。