高通 (QCOM) 2021 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm Second Quarter and Fiscal 2021 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded, April 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 13718356.

女士們，先生們，謝謝你們的支持。歡迎參加高通第二季度和 2021 財年收益電話會議。 （操作員說明）提醒一下，本次會議將於 2021 年 4 月 28 日進行錄製。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13718356。

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 Steve Mollenkopf, 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 the 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 Steve Mollenkopf、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隨附的幻燈片演示。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 Chief Executive Officer, Steve Mollenkopf.

現在請聽高通公司首席執行官史蒂夫莫倫科普夫的評論。

Thank you, Mauricio, and good afternoon, everyone. Thanks for joining us today. When we reported Q2 just 1 year ago, we were in the early stages of the pandemic. Much has happened since then, including many things that will define our future well beyond this past year.

謝謝毛里西奧，大家下午好。感謝您今天加入我們。當我們在一年前報告第二季度時，我們正處於大流行的早期階段。從那以後發生了很多事情，包括許多將決定我們在過去一年之後的未來的事情。

One of the undeniable things we have experienced and at an accelerated pace is the importance and reliance global citizens have on robust connectivity and the need for low-power, high-performance devices. This has reinforced and amplified our mission. Sitting here in San Diego today, we are optimistic about what we see on the horizon. Yet while the pandemic impacted nearly everyone at the same time last year, the experience today is very different depending on where you are in the world. In particular, I want to acknowledge our employees, customers and partners in India. You and your families are in our thoughts, and we are here to support you through this very challenging time.

我們經歷過且加速發展的不可否認的事情之一是全球公民對強大連接的重要性和依賴性以及對低功耗、高性能設備的需求。這加強並擴大了我們的使命。今天坐在聖地亞哥這裡，我們對我們在地平線上看到的一切感到樂觀。然而，雖然去年同一時間大流行影響了幾乎所有人，但今天的體驗卻因你身處世界的不同而大不相同。我要特別感謝我們在印度的員工、客戶和合作夥伴。您和您的家人在我們心中，我們在這裡支持您度過這個充滿挑戰的時刻。

Of the many things that have impressed me during my 26-year career at Qualcomm, at the top of the list is how our company mobilized in the past year, leading to strong results like we reported today. Our fiscal second quarter non-GAAP earnings of $1.90 per share exceeded the high end of our guidance driven by higher licensing revenues and solid performance in our chipset business, representing non-GAAP revenue and EPS year-over-year growth of 52% and 116%, respectively. Despite the backdrop of a challenging environment, these results and our guidance reflect the strength of the company and the importance of our technologies, not only to the mobile industry, but across many industries.

在高通 26 年的職業生涯中，給我留下深刻印象的許多事情中，排在首位的是我們公司在過去一年中的動員方式，並取得了今天所報告的強勁業績。我們的第二財季非 GAAP 每股收益為 1.90 美元，超過了我們指導的高端，這得益於更高的許可收入和我們芯片組業務的穩健表現，代表非 GAAP 收入和每股收益同比增長 52% 和 116% ％， 分別。儘管環境充滿挑戰，但這些結果和我們的指導反映了公司的實力和我們技術的重要性，不僅對移動行業，而且對許多行業。

Several years ago, we put in place a strategy to lead in 5G, which today is delivering results beyond our expectations. Even this fiscal year with all the unusual challenges, we are on track to deliver results better than what we expected when we started the fiscal year. As exciting as our current performance is, I cannot underestimate the long-term opportunity for Qualcomm and how well positioned the company is, where we have a unique opportunity to exceed our success in handsets as industries adopt the wireless road map.

幾年前，我們制定了一項引領 5G 的戰略，如今它的成果超出了我們的預期。即使本財年面臨所有不尋常的挑戰，我們仍有望交付比本財年開始時預期更好的結果。儘管我們目前的表現令人興奮，但我不能低估高通的長期機遇以及公司的定位，隨著行業採用無線路線圖，我們有獨特的機會超越我們在手機領域的成功。

This enviable position is what I find most rewarding when looking back over the past 7 years. Undeniably, over my tenure as CEO, I dealt with and overcame unprecedented challenges, which I always put in perspective. Our mission and singular focus of inventing breakthrough technologies transforming how the world connects, computes and communicates is important and hard to do. Our challenges tightened our focus on this mission, and at the core, innovation was always the solution. As a result, Qualcomm enters the 5G era with our whole company stronger and more resilient. Most importantly, we never lost focus on the impact and opportunity digitization will bring to our customers, partners, governments and consumers worldwide as a result of our collective efforts.

這個令人羨慕的職位是我回顧過去 7 年的最大收穫。不可否認，在我擔任 CEO 期間，我處理並克服了前所未有的挑戰，我始終以正確的眼光看待這些挑戰。我們的使命和目標是發明突破性技術，改變世界的連接、計算和通信方式，這一點很重要，但也很難做到。我們的挑戰加強了我們對這一使命的關注，而在核心，創新始終是解決方案。因此，高通以我們整個公司更強大、更有彈性的方式進入了 5G 時代。最重要的是，由於我們的共同努力，我們從未忘記數字化將給全球客戶、合作夥伴、政府和消費者帶來的影響和機會。

Speaking as a soon to be former CEO, I believe there is virtually no limit on where Cristiano can lead Qualcomm, the industries he can enter and the role the company can play in the global ecosystem. I am very excited to watch this play out. To all our employees, I thank you for your tireless devotion and commitment to our strong culture and core values. I know it is very exciting for everyone at Qualcomm to witness how our inventions change the lives of billions of people around the world as we know they will.

作為即將成為前首席執行官的人，我相信 Cristiano 可以領導高通的領域、他可以進入的行業以及公司在全球生態系統中可以扮演的角色幾乎沒有限制。我很高興看到這場比賽結束。對於我們所有的員工，我感謝你們對我們強大的文化和核心價值觀的不懈奉獻和承諾。我知道高通的每個人都非常興奮地見證我們的發明如何改變全世界數十億人的生活，正如我們所知道的那樣。

Thank you. I will now turn the call over to Cristiano.

謝謝。我現在將把電話轉給克里斯蒂亞諾。

Thank you, Steve, and good afternoon, everyone. Thanks for joining us today. The quarter-end guide reflect the great execution across the company in a very challenging environment and reinforces the significance of our technologies. Our Snapdragon premium and high-tier products, along with our modem-to-antenna RF front end, are the foundation of our 5G handset strategy now and into the future. The expansion of our addressable market in this smartphone tiers has positioned the Snapdragon 800 tier as synonymous with Android flagship mobile experiences.

謝謝史蒂夫，大家下午好。感謝您今天加入我們。季末指南反映了整個公司在極具挑戰性的環境中的出色執行力，並強化了我們技術的重要性。我們的 Snapdragon 高端和高端產品，以及我們的調製解調器到天線射頻前端，是我們現在和未來 5G 手機戰略的基礎。我們在該智能手機層級中的目標市場的擴展已將 Snapdragon 800 層級定位為 Android 旗艦移動體驗的代名詞。

We continue to be the mobile technology platform of choice for these tiers, and this is reflected both in our product performance as well as our traction with leading smartphone OEMs, such as Samsung, Xiaomi, OPPO, Vivo and now, Honor. Our latest generation Snapdragon 888 5G mobile platform has now more than 40 device shipped or announced globally, and we expect to see more than double this number come to market in the coming months from future product announcements. Our highly differentiated position in premium and high tiers, our modem-to-antenna leadership and the continued transition of Huawei volume to OEMs using our solutions have positioned us to grow faster in smartphones while being able to capture the most significant portion of the revenue opportunity.

我們繼續成為這些層級的首選移動技術平台，這既反映在我們的產品性能上，也反映在我們對領先智能手機 OEM 廠商的吸引力上，例如三星、小米、OPPO、Vivo 和現在的榮耀。我們最新一代 Snapdragon 888 5G 移動平台現已在全球出貨或發布超過 40 台設備，我們預計在未來幾個月的產品發布中，這一數字將增加一倍以上。我們在高端和高端市場的高度差異化地位、我們在調製解調器到天線領域的領先地位以及華為使用我們的解決方案不斷向 OEM 轉移量，使我們能夠在智能手機領域實現更快的增長，同時能夠抓住最重要的收入機會.

In RF front end, we continue to see broad and growing adoption of our solutions. 5G leading performance at the component and system level, ease of design and global reach continue to be key differentiators of our modem-to-antenna solutions. As a reminder, virtually all of our 5G design wins continue to be powered by our RF front-end solutions whether they support 4G, 5G sub-6 or 5G millimeter wave.

在 RF 前端，我們繼續看到我們的解決方案得到廣泛且不斷增長的採用。 5G 在組件和系統級別的領先性能、易於設計和全球覆蓋仍然是我們從調製解調器到天線解決方案的關鍵差異化因素。提醒一下，無論是支持 4G、5G sub-6 還是 5G 毫米波，幾乎所有我們贏得的 5G 設計都繼續由我們的 RF 前端解決方案提供支持。

Beyond smartphones, we're extending our RF front-end solutions in automotive, PCs, mobile hotspots, fixed wireless access in the broad IoT category. Of note, given our design win pipeline and revenue run rates, we are on track to exceed our Analyst Day RF front-end revenue target of $3.6 billion by fiscal year '22 with 5G sub-6 and 4G representing the majority of our RF front-end revenues. Additionally, as 5G millimeter wave technology expands into other geographies, we expect significant expansion of our opportunity due to increased silicon content and value.

除了智能手機，我們還在廣泛的物聯網類別中將我們的 RF 前端解決方案擴展到汽車、個人電腦、移動熱點和固定無線接入。值得注意的是，鑑於我們的設計中標渠道和收入運行率，我們有望在 22 財年超過分析師日 RF 前端收入目標 36 億美元，其中 5G sub-6 和 4G 占我們 RF 前端的大部分- 最終收入。此外，隨著 5G 毫米波技術擴展到其他地區，我們預計由於矽含量和價值的增加，我們的機會將顯著增加。

At Mobile World Congress Shanghai in China and in collaboration with China Unicom, ZTE and the GSMA, we worked with 39 Chinese industry-leading companies to showcase the high performance and rich applications on a live 5G millimeter wave network. This level of collaboration underscores the significant attention to millimeter wave in China and the opportunity ahead beginning in 2022.

在中國舉行的世界移動大會-上海，我們與中國聯通、中興通訊和 GSMA 合作，與 39 家中國行業領先公司合作，展示了 5G 毫米波網絡的高性能和豐富應用。這種合作水平凸顯了中國對毫米波的高度重視以及 2022 年開始的機遇。

In automotive, we're growing across telematics, C-V2X, digital cockpit, ADAS and autonomy, and we're also well positioned for upcoming general computing in car-to-cloud platforms. We expect to lead in these segments as cloud-connected business models evolve and electrification of the car accelerates. As the digital chassis become one of the most important assets of automakers, we are becoming a leading technology partner for the automotive industry with capabilities across all these domains. Our automotive design win pipeline is up over $1 billion since the end of fiscal '20 to approximately $9 billion today.

在汽車領域，我們在遠程信息處理、C-V2X、數字駕駛艙、ADAS 和自主領域不斷發展，我們也為即將到來的汽車到雲平台的通用計算做好了準備。隨著雲連接商業模式的發展和汽車電氣化的加速，我們希望在這些領域處於領先地位。隨著數字底盤成為汽車製造商最重要的資產之一，我們正在成為汽車行業領先的技術合作夥伴，具備所有這些領域的能力。自 20 財年結束以來，我們的汽車設計中標管道增加了超過 10 億美元，如今已達到約 90 億美元。

Along with auto, IoT is becoming a significant growth engine with better-than-anticipated performance across all categories, namely, consumer, networking and industrial. We achieved our second consecutive quarter of over $1 billion in revenue. Trends such as the enterprise transformation of the home, expansion of broadband, the conversions of personal computing with mobile, the intersection of physical and virtual spaces and the ongoing digital transformation across many verticals are driving growth in one of the largest SAM expansion opportunities for us.

與汽車一起，物聯網正在成為一個重要的增長引擎，在所有類別（即消費者、網絡和工業）中的表現都好於預期。我們連續第二個季度實現了超過 10 億美元的收入。家庭的企業轉型、寬帶的擴展、個人計算與移動的轉換、物理空間和虛擬空間的交叉以及許多垂直領域正在進行的數字轉型等趨勢正在推動我們最大的 SAM 擴展機會之一的增長.

In consumer, as the industry redefines personal computing, we're confident about our growth in Android, Chrome OS and Windows on Snapdragon where we expect new products with leading NUVIA CPUs by the end of the next calendar year. We're also seeing our early investments in XR platforms reaching scale. And in the growing category of wearables, we believe Snapdragon Sound and Snapdragon Wear will become the leading technology solutions within the Android ecosystem.

在消費者領域，隨著行業重新定義個人計算，我們對基於 Snapdragon 的 Android、Chrome OS 和 Windows 的增長充滿信心，我們預計到下個日曆年年底將推出採用領先 NUVIA CPU 的新產品。我們還看到我們對 XR 平台的早期投資達到了規模。在不斷增長的可穿戴設備類別中，我們相信 Snapdragon Sound 和 Snapdragon Wear 將成為 Android 生態系統中領先的技術解決方案。

In networking, we are a leader in WiFi access points in 5G broadband. We're benefiting from the global connectivity required for remote work, school and play and the migration to WiFi 6 and mesh technologies. Our 5G fixed wireless access solutions are seeing broad adoption globally. Going forward, we also have an opportunity to expand into upcoming private 5G networks and public open RAN.

在網絡方面，我們是 5G 寬帶 WiFi 接入點的領導者。我們受益於遠程工作、學校和娛樂所需的全球連接以及向 WiFi 6 和網狀網絡技術的遷移。我們的 5G 固定無線接入解決方案在全球得到廣泛採用。展望未來，我們還有機會擴展到即將到來的私有 5G 網絡和公共開放 RAN。

In industrial, we have seen continued adoption of our technologies across the broad industry segments. Key growth areas to name a few include smart energy, tracking, metering, industrial handhelds, retail, automation and autonomous drones. As connected IoT edge devices get scale and provide access to the data and contextual information that is fueling the exponential growth projections of cloud ecosystems, we're increasingly confident in the long-term growth opportunity for our IoT business.

在工業領域，我們已經看到我們的技術在廣泛的行業領域中得到持續採用。僅舉幾例的主要增長領域包括智能能源、跟踪、計量、工業手持設備、零售、自動化和自主無人機。隨著連接的物聯網邊緣設備規模擴大並提供對數據和上下文信息的訪問，這些數據和上下文信息正在推動雲生態系統的指數增長預測，我們對物聯網業務的長期增長機會越來越有信心。

Turning to our licensing business. Our second quarter results reflect the strength of our unmatched patent portfolio value. We are the global 5G IP leader with more than 130 5G license agreements signed to date, up from over 120 last quarter with all major handset manufacturers around the globe licensed. We continue to develop and patent new essential innovations for future releases of 5G, which we expect to have a longer life cycle than prior generations due to its impact on multiple industries.

轉向我們的許可業務。我們第二季度的業績反映了我們無與倫比的專利組合價值的實力。我們是全球 5G IP 領導者，迄今為止已簽署 130 多項 5G 許可協議，高於上一季度的 120 多項，全球所有主要手機製造商均已獲得許可。我們繼續為 5G 的未來版本開發新的基本創新併申請專利，由於它對多個行業的影響，我們預計其生命週期將比前幾代產品更長。

We believe that our model of early research and development, consistent standards leadership, flexible licensing and global implementation support will continue to add value to our partners and stockholders for years to come. Overall, we continue to see unprecedented demand across all of our technologies and businesses as the current environment is accelerating the scale of connectivity and processing at the edge. Despite the industry-wide semiconductor supply shortage, we're utilizing our scale and working across our entire global supply chain to maximize our ability to capture this opportunity. We expect material improvements by the end of the calendar year due to planned capacity builds and multi-sourcing initiatives.

我們相信，我們的早期研發模式、一致的標準領導地位、靈活的許可和全球實施支持將在未來幾年繼續為我們的合作夥伴和股東增加價值。總體而言，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和業務的前所未有的需求。儘管整個行業的半導體供應短缺，但我們正在利用我們的規模並在我們的整個全球供應鏈中開展工作，以最大限度地發揮我們抓住這一機會的能力。由於計劃中的能力建設和多方採購計劃，我們預計到日曆年年底會有材料改進。

As one of the leading drivers of advanced semiconductor technology platforms, we're also excited to see more foundry investment in the United States consistent with the United States government's strategic priorities. Finally, we're extremely proud of our collaboration with NASA's Jet Propulsion Laboratory on Ingenuity, the Mars helicopter powered by Snapdragon. Snapdragon made it to Mars and helped power the first-ever autonomous flight on another planet. This is yet another example of our ingenuity.

作為先進半導體技術平台的主要推動者之一，我們也很高興看到在美國有更多符合美國政府戰略重點的代工投資。最後，我們對與 NASA 噴氣推進實驗室在 Ingenuity 上的合作感到非常自豪，Ingenuity 是由 Snapdragon 提供動力的火星直升機。 Snapdragon 登上了火星，並為在另一個星球上進行的首次自主飛行提供了動力。這是我們獨創性的又一例證。

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 strong second quarter results with non-GAAP revenues of $7.9 billion and non-GAAP EPS of $1.90, which was $0.15 above the high end of our guidance range. These results reflect year-over-year increases of 52% and 116% in revenue and EPS, respectively, driven by strength across QTL and QCT.

謝謝你，克里斯蒂亞諾，大家下午好。我們很高興地報告第二季度業績強勁，非 GAAP 收入為 79 億美元，非 GAAP 每股收益為 1.90 美元，比我們指導範圍的上限高出 0.15 美元。這些結果反映了在 QTL 和 QCT 實力的推動下，收入和每股收益分別同比增長 52% 和 116%。

In QTL, we recorded revenues of $1.6 billion and EBT margins of 74%, both above the high end of our guidance range. The outperformance was primarily driven by stronger handset shipments especially in China. In addition, our results include a benefit of approximately $80 million from adjustments to prior quarter royalty estimates.

在 QTL，我們錄得 16 億美元的收入和 74% 的 EBT 利潤率，均高於我們指導範圍的高端。跑贏大盤的主要原因是手機出貨量增加，尤其是在中國。此外，我們的業績包括約 8000 萬美元的收益，這些收益來自對上一季度特許權使用費估算的調整。

In QCT, we delivered revenues of $6.3 billion and EBT of $1.6 billion. On a year-over-year basis, revenues were up 53% while EBT grew 137%, delivering on our commitment to increase operating leverage. We achieved the high end of our guidance range with EBT margins of 25%. This reflects our strong operating performance driven by favorable product mix and gross margins, which more than offset a reduction in the orders within the quarter by a global handset OEM.

在 QCT，我們實現了 63 億美元的收入和 16 億美元的 EBT。與去年同期相比，收入增長了 53%，EBT 增長了 137%，兌現了我們提高經營槓桿的承諾。我們以 25% 的 EBT 利潤率實現了指導範圍的高端。這反映了我們在有利的產品組合和毛利率的推動下強勁的經營業績，這大大抵消了全球手機 OEM 本季度訂單的減少。

RF front-end revenues increased 39% year-over-year to approximately $900 million on the strength of our product portfolio across 4G, 5G sub-6 and 5G millimeter wave. 5G millimeter wave products accounted for less than 20% of our second quarter RF front-end revenues. We expect millimeter wave deployments in other regions, such as China, to be a tailwind for long-term revenue growth. Automotive revenues of $240 million grew 40%, and IoT revenues of $1.1 billion grew 71% on a year-over-year basis as we continue to see strong momentum for our differentiated product portfolio.

得益於我們在 4G、5G sub-6 和 5G 毫米波方面的產品組合實力，RF 前端收入同比增長 39% 至約 9 億美元。 5G 毫米波產品占我們第二季度射頻前端收入的不到 20%。我們預計中國等其他地區的毫米波部署將成為長期收入增長的推動力。汽車收入 2.4 億美元增長 40%，物聯網收入 11 億美元同比增長 71%，因為我們繼續看到差異化產品組合的強勁勢頭。

During the quarter, we completed the acquisition of NUVIA for a purchase price of $1.4 billion before working capital and other adjustments. This acquisition provides us with a strong CPU team with industry-leading expertise in high-performance processors and SoCs. Lastly, we returned approximately $2.3 billion to stockholders during the quarter, consisting of $734 million in dividends and $1.5 billion in stock repurchases.

本季度，我們完成了對 NUVIA 的收購，收購價格為 14 億美元，未計營運資金和其他調整。此次收購為我們提供了一支強大的 CPU 團隊，在高性能處理器和 SoC 方面擁有行業領先的專業知識。最後，本季度我們向股東返還了約 23 億美元，其中包括 7.34 億美元的股息和 15 億美元的股票回購。

Turning to our global 3G, 4G, 5G handset forecast for calendar 2021. Based on the strength in the first quarter, we have an upward bias relative to our prior estimate of high single-digit year-over-year growth. Our calendar 2021 forecast continues to include an estimate of 450 million to 550 million 5G handsets.

轉向我們對 2021 日曆年全球 3G、4G、5G 手機的預測。基於第一季度的實力，相對於我們之前對高個位數同比增長的估計，我們有向上的偏見。我們對 2021 年日曆的預測繼續包括 4.5 億至 5.5 億部 5G 手機的估計。

Next, I'll summarize our guidance for third fiscal quarter. We now expect a stronger outlook in both QTL and QCT relative to our prior expectations, which we shared last quarter due to several positive tailwinds. We are forecasting revenues of $7.1 billion to $7.9 billion and non-GAAP EPS of $1.55 to $1.75 with year-over-year growth of 53% and 92%, respectively, at the midpoints.

接下來，我將總結我們對第三財季的指導。我們現在預計 QTL 和 QCT 相對於我們之前的預期會有更強的前景，由於幾個積極的順風，我們在上個季度分享了這一預期。我們預計收入為 71 億美元至 79 億美元，非 GAAP 每股收益為 1.55 美元至 1.75 美元，中值分別同比增長 53% 和 92%。

In QTL, we expect revenues of $1.35 billion to $1.55 billion, up 39% year-over-year at the midpoint, with EBT margins of 68% to 72%. Our revenue guidance midpoint is $100 million higher than our previous estimate, reflecting the positive bias in total handset shipments.

在 QTL，我們預計收入為 13.5 億美元至 15.5 億美元，按中點計算同比增長 39%，EBT 利潤率為 68% 至 72%。我們的收入指引中點比我們之前的估計高出 1 億美元，反映出手機總出貨量的積極偏差。

In QCT, we estimate revenues of $5.8 billion to $6.3 billion and EBT margins of 24% to 26%. At the midpoint, this represents year-over-year revenue growth of 59% and EBT dollar growth of 151%. Our stronger forecast for QCT reflects upside in IoT, design traction in handsets and RF front end and improved product mix.

在 QCT，我們估計收入為 58 億美元至 63 億美元，息稅前利潤率為 24% 至 26%。在中點，這代表收入同比增長 59%，EBT 美元增長 151%。我們對 QCT 的更強勁預測反映了物聯網的上行空間、手機和射頻前端的設計牽引力以及改進的產品組合。

We are pleased with the success of our diversification strategy as we continue to extend the adoption of smartphone technologies in automotive and IoT. In the third quarter, we expect IoT revenues to increase to $1.3 billion. We anticipate non-GAAP combined R&D and SG&A expenses to grow 3% to 4% sequentially, which includes a full quarter impact of expenses from the NUVIA acquisition and investments to enable additional sourcing for supply.

隨著我們繼續擴大智能手機技術在汽車和物聯網中的採用，我們對多元化戰略的成功感到高興。第三季度，我們預計物聯網收入將增至 13 億美元。我們預計非 GAAP 合併研發和 SG&A 費用將連續增長 3% 至 4%，其中包括 NUVIA 收購和投資的整個季度影響，以實現額外的供應採購。

Beyond third quarter, we expect growth to be driven by 5G flagship launches for the holiday season by major OEMs and strong demand across IoT and automotive. In addition, with the continued transition of Huawei handset volume to other OEMs, we estimate QCT's annual addressable handset and RF front-end revenue opportunity to increase by up to $10 billion. Given our strong product portfolio, we are positioned to benefit from this opportunity starting in fiscal '22.

在第三季度之後，我們預計增長將受到主要原始設備製造商在假日季推出 5G 旗艦產品以及物聯網和汽車領域的強勁需求的推動。此外，隨著華為手機量繼續向其他 OEM 轉移，我們估計 QCT 的年度可尋址手機和 RF 前端收入機會增加高達 100 億美元。鑑於我們強大的產品組合，我們有能力從 22 財年開始的這個機會中受益。

Before I finish my prepared remarks, on behalf of all Qualcomm employees, I want to thank Steve for his contributions over the past 26 years and wish him the best for a well-deserved retirement as CEO. During his successful tenure as CEO, he navigated significant challenges to put the company in a strong financial and strategic position. I look forward to working with Cristiano and the rest of the Qualcomm team to build on his vision and capitalize on the opportunities in front of us.

在我準備好的發言結束之前，我要代表所有高通員工，感謝史蒂夫在過去 26 年中所做的貢獻，並祝愿他在當之無愧的 CEO 退休生活中一切順利。在他成功擔任首席執行官期間，他克服了重大挑戰，使公司處於強大的財務和戰略地位。我期待著與克里斯蒂亞諾和高通團隊的其他成員一起工作，以實現他的願景並利用我們面前的機會。

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 from Mike Walkley with Canaccord Genuity.

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

Great. Congratulations on the strong results. And Steve, my best wishes for whatever is next, including some hopeful, fruitful fishing trips for you. My question for the group is with June a seasonally softer quarter for QCT but the guidance quite strong, can you just update us if there's any supply constraints that are still adversely impacting the guidance for the June quarter? And then just a follow-on, with the Huawei SAM opportunity you highlighted at the end, Akash, maybe you guys could just touch on your view for the second half of calendar 2021 in terms of potential share gains for you into the Android installed base?

偉大的。祝賀你取得了優異的成績。史蒂夫，我對接下來的一切致以最良好的祝愿，包括為您帶來一些充滿希望、富有成果的釣魚之旅。我對該小組的問題是 6 月是 QCT 季節性疲軟的季度，但指導相當強勁，如果有任何供應限制仍然對 6 月季度的指導產生不利影響，您能否更新我們？然後只是後續行動，你在最後強調了華為 SAM 的機會，Akash，也許你們可以談談你對 2021 年下半年的看法，即你在 Android 安裝基礎中的潛在份額收益？

Yes. Mike, it's Akash. I'll take the first one. From a third quarter perspective, we're really seeing a lot of benefits on the QCT side both in terms of kind of improved product mix, which is helping our performance. What we're seeing there is really since we saw supply constraints and which we continue to see across a broad set of businesses, we were able to take action to optimize our product mix both across tiers. And then also, when we had reductions in orders by a large OEM -- handset OEM, we were able to redirect that capacity to integrate at Snapdragon products with strong margin profile. So it's really a combination of those things. So while we remain in supply constrained, we've been taking actions to manage to optimize the mix within the constraints we have. Your second question was...

是的。邁克，是阿卡什。我要第一個。從第三季度的角度來看，我們確實在改進產品組合方面看到了 QCT 方面的很多好處，這有助於我們的業績。我們在那裡看到的是，自從我們看到供應限制並且我們在廣泛的業務中繼續看到這種限制後，我們就能夠採取行動來優化我們跨層級的產品組合。然後，當我們減少大型 OEM（手機 OEM）的訂單時，我們能夠將這種能力重新定向到具有強大利潤率的 Snapdragon 產品中。所以它真的是這些東西的組合。因此，雖然我們仍然受到供應限制，但我們一直在採取行動來設法在我們所擁有的限制範圍內優化組合。你的第二個問題是...

Just on the...

就在...

Yes, I can take that. This is Cristiano. Look, it's -- we're extremely happy at the opportunity in terms of SAM expansion. If you look at a market such as mobile, which is mature, you don't see that very often an expansion of SAM at about $10 billion. And Qualcomm is very well positioned for that. So as far as second half '21, we're very happy with the traction we have in our premium and high tiers across our customer base with new customers as well as Honor, and that's a great opportunity. It's going to be one of the largest growth drivers for our mobile business alongside RF front end, the ability to have Snapdragon 800 equal premium to Android.

是的，我可以接受。這是克里斯蒂亞諾。看，這是——我們對 SAM 擴展方面的機會感到非常高興。如果你看一下成熟的移動市場，你不會經常看到 SAM 以大約 100 億美元的規模擴張。高通在這方面處於非常有利的地位。因此，就 21 年下半年而言，我們對我們在新客戶和榮譽客戶群中的高端和高端客戶群的吸引力感到非常滿意，這是一個很好的機會。它將與 RF 前端一起成為我們移動業務的最大增長動力之一，能夠讓 Snapdragon 800 與 Android 同等溢價。

Our next question is from Chris Caso with Raymond James.

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

And Steve, congratulations. All the best. The first question is related to supply, and you talked about in your prepared remarks supply coming at the end of the year and being able to attack that Huawei replacement market in fiscal '22. Can you give us some sense of how much incremental supply comes in before then? Do we have to wait until the December quarter in order to get that volume? And as a follow-on to that, how does that align with your customer product introductions? Again, a lot of product introductions typically happen towards the beginning of the year in the Android space.

史蒂夫，祝賀你。一切順利。第一個問題與供應有關，您在準備好的評論中談到了年底的供應，並能夠在 22 財年攻擊華為替代市場。您能告訴我們在此之前有多少增量供應嗎？我們是否必須等到 12 月季度才能獲得該數量？作為後續行動，這如何與您的客戶產品介紹保持一致？同樣，在 Android 領域，很多產品的推出通常發生在年初。

Chris, this is Cristiano. Look, there's a lot in there. Let me just start with the supply. The overall supply constraint in semiconductors, for us, is really across all product lines. It's not unique to one thing or the other. It's not only smartphone. Frankly, it's a good position to be in that we actually have more demand to supply across all of our business. And that's a good sign, give us confidence about the growth position.

克里斯，這是克里斯蒂亞諾。看，裡面有很多。讓我先從供應說起。對我們來說，半導體的整體供應限制實際上遍及所有產品線。它不是一件事或另一件事所獨有的。不僅僅是智能手機。坦率地說，這是一個很好的位置，因為我們實際上有更多的需求來供應我們所有的業務。這是一個好兆頭，讓我們對增長狀況充滿信心。

We are utilizing our scale. And with that, we have the ability to be supporting our suppliers' capacity planning. We can provide stability of demand and in turn, get stability of capacity. We're one of the few companies that have the ability to do multi-sourcing at the leading node, and we have done a lot of that with our road map. All of that combined, it give us material improvement in supply by the end of '21, positioned us very well for 2022 and the full extent, I think as Akash outlined, the $10 billion SAM expansion on Huawei.

我們正在利用我們的規模。這樣，我們就有能力支持供應商的產能規劃。我們可以提供需求的穩定性，進而獲得容量的穩定性。我們是為數不多的有能力在領先節點進行多源採購的公司之一，我們已經在我們的路線圖上做了很多。所有這些結合起來，到 21 年底，它使我們的供應有了實質性的改善，使我們在 2022 年處於非常有利的地位，並且我認為正如阿卡什所概述的那樣，在華為的 100 億美元 SAM 擴張中。

Now I want to go back to your question about how we think about our customers and customer product introductions. As I said before, we're very happy with the progress we're making in premium and high tier. That's a -- it's a great opportunity for Qualcomm, and it's reflecting in the product mix. As we still have right now -- even as we show growth, we still have more demand to supply, give us an opportunity also to have the ability to focus on the products to give us more value to us and to our customers both on the premium side with RF front end attach, and that's really shown in the numbers with a much improved product mix.

現在我想回到你關於我們如何看待我們的客戶和客戶產品介紹的問題。正如我之前所說，我們對我們在優質和高端領域取得的進展感到非常高興。這對高通來說是一個很好的機會，它反映在產品組合中。正如我們現在仍然擁有的那樣——即使我們表現出增長，我們仍然有更多的供應需求，這給了我們一個機會，也讓我們有能力專注於產品，為我們和我們的客戶提供更多價值帶有 RF 前端連接的優質側，這在數字中得到了顯著改善的產品組合。

And then -- and Chris, it's Akash. Just to add quickly to Cristiano's comments. As you know, towards the end of the year, a lot of the flagship phones get launched both for the holiday season going into Chinese New Year. And so we do feel that with supply constraints opening up a bit, that allows us to take advantage of those launches and really expand into the Huawei SAM.

然後-- 克里斯，是阿卡什。只是為了快速補充 Cristiano 的評論。如您所知，臨近年底，許多旗艦手機都在農曆新年的假期推出。因此，我們確實認為隨著供應限制的開放，我們可以利用這些發布並真正擴展到華為 SAM。

That's great. That's good color. Next question is on QTL. And based on your guidance, it would seem that the revenue that you're suggesting for the third quarter is back on what you previously expressed as the normalized QTL revenue. Is that what we should expect now going forward that -- is that a reflection of the handset market is now normalized and therefore, the QTL revenue is normalized against the plan that you've talked about in the past?

那太棒了。這個顏色好下一個問題是關於QTL。根據您的指導，您建議的第三季度收入似乎回到了您之前表示的標準化 QTL 收入。這是我們現在應該期待的嗎 - 手機市場的反映現在已經正常化，因此，QTL 收入是否根據您過去談到的計劃正常化？

Yes. That's definitely a reasonable conclusion. We did see upside -- significant upside in the March quarter and -- which is reflected in our results. But as we go from March to June, what we are forecasting is really a normalized market within the handset market consistent with the historical framework we've set up, and that's a reasonable way to model the business going forward.

是的。這絕對是一個合理的結論。我們確實看到了上行空間——三月份季度的顯著上行空間——這反映在我們的業績中。但從 3 月到 6 月，我們預測的是手機市場的正常化市場，與我們建立的歷史框架一致，這是對未來業務建模的合理方式。

Our next question comes from Joe Moore with Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬摩爾。

Great. Wonder if you could give us more color on the reduction in orders you talked about from one vendor. How does that play out when you're in kind of an allocated environment? And then in terms of the supply constraints, maybe if you could just talk about if I'm placing a new order now that's not in backlog, like how long am I waiting? How tight is the situation?

偉大的。想知道您是否可以給我們更多關於您談到的來自一家供應商的訂單減少的顏色。當您處於分配的環境中時，這會如何發揮作用？然後就供應限製而言，也許你可以談談我現在是否正在下一個沒有積壓的新訂單，比如我要等多久？情況有多緊張？

Yes, Joe, it's Akash. Really, as you would expect given the kind of broad breadth of demand we have across not just mobile but all of our adjacent markets including IoT and auto, we take benefit of any reductions on orders from an OEM to really redirect the supply towards the highest-margin products that we have in working with our customers. So that's really the action we took. It's obviously a good thing for us to be able to optimize the available supply across our customer base, and that's what's reflected as one of the benefits in our June quarter guidance.

是的，喬，是阿卡什。確實，正如您所期望的那樣，考慮到我們不僅在移動領域而且在包括物聯網和汽車在內的所有相鄰市場都有廣泛的需求，我們利用 OEM 訂單的任何減少來真正將供應轉向最高-我們與客戶合作的保證金產品。這就是我們採取的行動。能夠優化整個客戶群的可用供應對我們來說顯然是一件好事，這也反映在我們 6 月季度指南中的好處之一。

Maybe if I can address here, Joe, your second question. As far as supply constraints, look, not much more than it's going to get better at the end of the year. So we -- some of the orders that we still cannot fulfill, even though we're seeing growth and is reflected in the results and the guide, we expect to see towards the end of the year and in 2022 a much more favorable supply environment.

也許如果我可以在這裡解決，喬，你的第二個問題。就供應限製而言，看，今年年底情況不會好轉多少。因此，我們 - 一些我們仍然無法完成的訂單，儘管我們看到了增長並反映在結果和指南中，但我們預計到今年年底和 2022 年會看到一個更加有利的供應環境.

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

我們的下一個問題來自 Stacy Rasgon 與 Bernstein Research 的合作。

I wanted to ask about, first, about the sequential guide across the businesses. You're guiding [QTL] down 10%. It looks like chip revenue is guided down about 4%. I know you talked about normalization of the market. But is that just a timing thing given the nature of the constraints and what you're making? Is it indicative of mix of like the interplay within handset versus non-handset? What can you tell us about the drivers behind the difference of those 2 segment guides?

首先，我想問一下跨業務的順序指南。你正在引導 [QTL] 下降 10%。看起來芯片收入下降了約 4%。我知道你談到了市場正常化。但考慮到約束的性質和你正在做的事情，這只是一個時間問題嗎？它是否表示手機與非手機之間的相互作用混合？關於這 2 個細分指南之間的差異背後的驅動因素，您能告訴我們什麼？

Sure, Stacy. It's Akash. So let me start with QTL. As I mentioned in my prepared remarks, the 2 key drivers for QTL in the March quarter were significantly higher-than-expected units primarily driven by China for the total handset markets. That was the main driver. And then we also did see a benefit of approximately $80 million due to adjustments to prior quarter royalty estimates that benefited our second quarter performance. So as we go from Q2 to Q3, on the QTL side, we obviously don't have that royalty estimates adjustment benefit in Q3. And then the second factor is really what we're assuming is a more normalized handset market going into Q3. We saw some weakness in the December quarter strength in the March quarter. But when you kind of abstract that from the quarter-to-quarter variances, we think it's prudent to forecast going forward on a normalized market. So that's really what's driving QTL.

當然，斯泰西。是阿卡什。所以讓我從QTL開始。正如我在準備好的發言中提到的，QTL 在 3 月季度的兩個主要驅動因素是顯著高於預期的出貨量，主要由中國推動整個手機市場。那是主要的驅動力。然後我們也確實看到了大約 8000 萬美元的收益，這是由於對上一季度特許權使用費估計的調整有利於我們第二季度的業績。因此，當我們從第二季度到第三季度時，在 QTL 方面，我們顯然在第三季度沒有特許權使用費估計調整收益。然後第二個因素實際上是我們假設的是進入第三季度的更加正常化的手機市場。我們在 3 月季度的 12 月季度實力中看到了一些疲軟。但是當你從季度到季度的差異中抽像出來時，我們認為預測正常市場的未來是謹慎的。所以這才是驅動 QTL 的真正原因。

From a QCT perspective, you're right. We are assuming a 4% quarter-over-quarter decline. If you -- as you would recall, our new premium tier product launches in the March quarter. So when we go typically from March to June, there's a little bit of seasonality. Part of that is offset by really the supply framework. And so that kind of calibrates a little bit on what happens between the quarters anyways. So that's really kind of the key drivers there. The one thing I'll highlight is, and I mentioned this in my prepared remarks, for IoT, we have very strong demand going into the June quarter. We have a forecast of $1.3 billion, increasing from $1.1 billion in March. So very happy to see the diversification across the businesses.

從 QCT 的角度來看，你是對的。我們假設環比下降 4%。如果你 - 正如你所記得的那樣，我們的新高端產品將在三月季度推出。所以當我們通常從三月到六月去時，會有一點季節性。其中一部分實際上被供應框架所抵消。因此，無論如何，這種方式都會對兩節之間發生的事情進行一些校準。所以這真的是那裡的關鍵驅動因素。我要強調的一件事是，我在準備好的發言中提到了這一點，對於物聯網，進入 6 月季度我們有非常強勁的需求。我們預測為 13 億美元，高於 3 月份的 11 億美元。很高興看到業務多元化。

Got it. That's helpful. If I could ask a brief follow-up. I know you called out Honor specifically several times as both a customer and a potential growth driver. Can you talk a little bit more about them? Do you have any thoughts on where -- I guess your share is low today. But any thoughts on where that can go, what your average ASP or tier that you're attacking with Honor is going to be? And does the Huawei license that you signed last year, does that license directly transfer over to Honor? Did you have to sign a new license with them? And if that's the case, have you signed one with them?

知道了。這很有幫助。如果我可以問一個簡短的跟進。我知道您曾多次特別提到 Honor，既是客戶又是潛在的增長動力。你能多談談他們嗎？你對在哪裡有什麼想法嗎？我想你今天的份額很低。但是有沒有想過它可以去哪裡，你用榮譽攻擊的平均 ASP 或等級會是多少？還有你去年籤的華為授權，是不是直接轉讓給榮耀？您必須與他們簽署新的許可證嗎？如果是這樣的話，你和他們簽過嗎？

Stacy, this is Alex. Let me just answer that question really quickly. We have separate agreements now with Huawei and with Honor. So all of that is covered under separate licenses.

斯泰西，這是亞歷克斯。讓我很快地回答這個問題。我們現在與華為和榮耀有單獨的協議。所以所有這些都在單獨的許可下。

Stacy, it's Cristiano. We had traction with Honor across the product portfolio. But as you would expect, a lot of our focus, and that's where we actually have a very unique position in the market, is really high and premium tier. And that has also been kind of -- as I said earlier, it's really reflected how our product mix is changing as we see a lot more demand for premium and high.

斯泰西，我是克里斯蒂亞諾。我們對 Honor 的整個產品組合都有吸引力。但正如您所期望的那樣，我們的很多重點，也就是我們在市場上真正擁有非常獨特地位的地方，都是非常高端的。這也有點——正如我之前所說，它確實反映了我們的產品組合正在發生變化，因為我們看到對高端和高端產品的需求越來越大。

And then, Stacy, I'd just add -- it's Akash. I'd just add that we do expect Honor to be a significant customer going forward with our traction with them.

然後，Stacy，我想補充一點——是 Akash。我只想補充一點，我們確實希望 Honor 成為我們對他們的牽引力的重要客戶。

The next question comes from Blayne Curtis with Barclays.

下一個問題來自巴克萊銀行的 Blayne Curtis。

I want to ask on millimeter wave. You talked about, I think, China in fiscal '22. I was just curious if you saw any additional geographies rolling out millimeter wave this fiscal year or this calendar year really.

我想問毫米波。我認為你談到了 22 財年的中國。我很好奇你是否真的在本財年或本日曆年看到任何其他地區推出毫米波。

Blayne, this is Cristiano. Millimeter wave is commercial today in the United States and Japan. We also see a lot of investment in Korea as the next market. There are a few things you see as the initial signs in Europe. It's -- auctions have completed in some states. We're excited about China just given the scale of the China market. Right now, we have a lot of activity leading into the Winter Olympics as China Unicom and companies like ZTE are working to have a lot of millimeter wave activity in coverage and services around the Winter Olympics, and we think that's the beginning of starting to get more traction in China. The reason we talk about China is because the scale of China will significantly change the dynamics of millimeter wave, getting it faster to more markets due to the economies of scale of China.

布萊恩，這是克里斯蒂亞諾。毫米波今天在美國和日本已經商業化。我們還看到在韓國作為下一個市場的大量投資。有幾件事是您在歐洲看到的最初跡象。它是 - 一些州的拍賣已經完成。鑑於中國市場的規模，我們對中國感到興奮。目前，我們在冬奧會前開展了大量活動，因為中國聯通和中興通訊等公司正致力於圍繞冬奧會在覆蓋和服務方面開展大量毫米波活動，我們認為這是開始取得進展的開始在中國更有吸引力。我們之所以談論中國，是因為中國的規模將顯著改變毫米波的動態，由於中國的規模經濟，它會更快地進入更多市場。

And then if I could just ask you on -- you highlighted NUVIA. You've been in the kind of ARM PC market with Snapdragon before. Just curious, there's a lot more focus on both client as well as data center for ARM processors. Maybe just elaborate your plans in the next couple of years and where you see the best opportunities to lever that NUVIA asset.

然後，如果我可以問你 - 你強調了 NUVIA。您之前曾使用 Snapdragon 進入過 ARM PC 市場。只是好奇，ARM 處理器對客戶端和數據中心的關注度更高。也許只是詳細說明您在未來幾年的計劃，以及您在哪裡看到利用 NUVIA 資產的最佳機會。

The NUVIA asset give us a lot of flexibility. You should think about it as having a scalable leading CPU asset to get together with the other Qualcomm assets. Our focus right now is outlined in what we've been saying, and what's -- what we said in the earnings call is we have an incredible opportunity now with compute and of course, premium tier phones and automotive and some of the segments we are right now.

NUVIA 資產為我們提供了很大的靈活性。您應該將其視為具有可擴展的領先 CPU 資產，以與其他高通資產結合在一起。我們現在的重點是我們一直在說的話，我們在財報電話會議上說的是，我們現在有一個令人難以置信的機會，包括計算，當然還有高端手機和汽車以及我們的一些細分市場現在。

We are very happy how computing has been redefined. #1 use case on a PC right now is a communicator device. I'm sure you relate to this. And some of the transition across the board to ARM architecture really create a big expansion opportunity for Qualcomm, and we're very focused to make that happen with a leading position leveraging the NUVIA CPU. Having said that, I think this asset gives us a lot of flexibility to continue to be expanding into all the different business vectors we're building in the company.

我們很高興如何重新定義計算。目前 PC 上的 #1 用例是通信設備。我確定你與此有關。全面向 ARM 架構的一些過渡確實為高通創造了巨大的擴張機會，我們非常專注於利用 NUVIA CPU 的領先地位來實現這一目標。話雖如此，我認為這項資產為我們提供了很大的靈活性，可以繼續擴展到我們在公司中構建的所有不同業務領域。

Our next question comes 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。

Steve, congratulations on your retirement. I guess, Akash, one for you is in the last couple of quarters, you've given us a heads up one quarter beyond guide just when there was something unique happening in the market. I guess in this instance given the fact that you're talking about share gains in the Huawei ecosystem, the seasonality has had different implications over the last couple of years with some of your bigger customers, is there any sort of color that you're able to give in the back half of this calendar year, puts and takes versus what you would deem to be normal? Any sort of guidance along those metrics?

史蒂夫，祝賀你退休。我想，Akash，一個給你的是在過去幾個季度，當市場上發生一些獨特的事情時，你給了我們一個超出指導的四分之一。我想在這種情況下，考慮到你在談論華為生態系統中的份額增長，在過去幾年中，季節性對你的一些大客戶產生了不同的影響，你有什麼看法嗎？能夠在這個日曆年的後半段給出，看跌期權與您認為正常的情況相比？關於這些指標的任何指導？

Yes, sure, Ross. So while we're not guiding fourth quarter at this point really, let me highlight a couple of things that maybe is a framework to think about the rest of the year. First is just when you think about the demand profile, handsets, RFFE, IoT, automotive, really extremely strong. We're gaining share pretty much in all markets and very, very strong position in each of them. So you should think of each of those as a growth vector for us and extending into kind of Q4 and then going into next year. Second is flagship phone launches. As I mentioned earlier in the call, they usually start in the August, September time frame going through December. And so as those launches happen, that's a favorable trend for us not just for handsets, but for RF front end as well with or without millimeter wave.

是的，當然，羅斯。因此，雖然我們目前並沒有真正指導第四季度，但讓我強調一些可能是考慮今年剩餘時間的框架的事情。首先是當你考慮需求概況時，手機、射頻前端、物聯網、汽車，真的非常強勁。我們在所有市場中都獲得了相當多的份額，並且在每個市場中都處於非常非常穩固的地位。所以你應該把每一個都看作是我們的增長載體，並延伸到第四季度，然後進入明年。其次是旗艦手機發布。正如我之前在電話會議中提到的，它們通常從 8 月、9 月的時間框架開始，一直持續到 12 月。因此，隨著這些發布的發生，這對我們來說是一個有利的趨勢，不僅適用於手機，也適用於 RF 前端以及有或沒有毫米波。

And then the third is really supply improvement. As Cristiano mentioned, we've been working very hard on kind of partnership with our suppliers to improve the supply profile going forward. And as he said, towards the end of the year, we expect a material improvement in supply. So that will be another vector that will drive us forward. And so those maybe are 3 things that can be used to frame the QCT profile. And then from a QTL perspective, it's really consistent with our model the way we've portrayed it. As seasonality in the handset market changes, that changes the revenue opportunity for QTL as well.

然後第三個是真正的供應改善。正如 Cristiano 提到的，我們一直在努力與供應商建立合作夥伴關係，以改善未來的供應狀況。正如他所說，到今年年底，我們預計供應會出現實質性改善。因此，這將是推動我們前進的另一個方向。因此，這些可能是可用於構建 QCT 配置文件的 3 件事。然後從 QTL 的角度來看，它確實與我們描繪它的方式一致。隨著手機市場的季節性變化，這也改變了 QTL 的收入機會。

Got it. I guess as my quick follow-up, Akash, another one for you on the gross margin side of things. We know the perturbations that happen with mix between QCT and QTL, but the QCT side has been very, very strong. I just wanted to see what are you envisioning as the sustainable drivers of that. Are the gross margins today at all over elevated or inflated due to your ability to prioritize in a limited supply environment? Or are there attributions of the -- or aspects of the mix between handsets, RF, auto, IoT, et cetera, that gives you the belief that the gross margin improvement that you've delivered in QCT thus far is truly sustainable and can continue?

知道了。我想作為我的快速跟進，Akash，另一個關於毛利率方面的問題。我們知道 QCT 和 QTL 之間的混合會發生擾動，但 QCT 方面一直非常非常強大。我只是想看看你認為什麼是可持續的驅動力。由於您在有限的供應環境中確定優先級的能力，今天的毛利率是否全面升高或膨脹？或者是否存在手機、射頻、汽車、物聯網等之間組合的歸因或方面，讓您相信您迄今為止在 QCT 中實現的毛利率改善是真正可持續的並且可以繼續？

Yes. Ross, we feel like we have tailwinds on the gross margin side really across each -- across the mix of products, across the markets we have, but also within each market. And it's really Cristiano's point earlier in the call where we're focusing on the industry-leading performance across premium and high-tier products that allows us to really have that price premium that results in expansion of margins. Also, as we kind of take the products that we have for mobile and the technologies we have for mobile and we leverage it in auto and IoT, that's a tremendously scalable way for us to expand in those markets. And as we do that, we're also able to expand not just gross margins but also operating margins.

是的。羅斯，我們覺得我們在毛利率方面確實有順風——跨越產品組合，跨越我們擁有的市場，但也在每個市場內。這確實是 Cristiano 在電話會議早些時候的觀點，我們專注於高端和高端產品的行業領先性能，這使我們能夠真正擁有導致利潤率擴大的價格溢價。此外，當我們將我們擁有的移動產品和我們擁有的技術用於汽車和物聯網時，這是我們在這些市場擴張的一種極具可擴展性的方式。當我們這樣做時，我們不僅可以擴大毛利率，還可以擴大營業利潤率。

Our next question comes from Matt Ramsay with Cowen.

我們的下一個問題來自 Matt Ramsay 和 Cowen。

Akash, my first question is on QCT EBIT or operating margins. I mean I think I went back and looked and were pre-2010, I mean, pre-4G since you had a non-holiday quarter, that was 25% margin. So well done there. Maybe you could talk a little bit about the sustainability of margin expansion in QCT. And given the June quarter is likely the revenue trough quarter for the year, is that 25% margin how we should think about the floor in margins going forward?

Akash，我的第一個問題是關於 QCT EBIT 或營業利潤率。我的意思是我想我回頭看了看，是 2010 年之前的，我的意思是，4G 之前，因為你有一個非假期季度，這是 25% 的利潤率。那裡做得很好。也許你可以談談 QCT 利潤率擴張的可持續性。鑑於 6 月季度可能是今年收入最低的季度，25% 的利潤率是我們應該如何考慮未來利潤率的底線？

Yes, Matt, thanks for the question. We're really happy with how the margin profile has played out. I mean it's a plan that we set in place and outlined at Analyst Day about 18 months ago, and we're pretty happy to be able to execute to it. Your observation is right. I mean, typically, the June quarter is a trough from a margin perspective. And really, as you look forward from here, for us, the most important thing is the revenue scale. And hence, the things we highlighted in my prepared remarks both from an IoT growth perspective just gives us scale that allows us to expand operating margins.

是的，馬特，謝謝你的提問。我們對利潤率的表現非常滿意。我的意思是，這是我們在大約 18 個月前的分析師日制定並概述的計劃，我們很高興能夠執行它。你的觀察是對的。我的意思是，通常情況下，從利潤率的角度來看，6 月季度是一個低谷。真的，正如你從這裡期待的那樣，對我們來說，最重要的是收入規模。因此，從物聯網增長的角度來看，我們在準備好的發言中強調的事情只是給了我們規模，使我們能夠擴大營業利潤率。

And then finally, the Huawei SAM, as we start approaching that SAM and really leveraging the existing products and road map both across handsets and RF front end and growing into that SAM, we already have the product portfolio to go there. So as we grow there as well, it will be accretive to operating margins. So pretty happy with where we are at and looking forward to improving it going forward.

最後，華為 SAM，當我們開始接近 SAM 並真正利用手機和 RF 前端的現有產品和路線圖並發展到 SAM 時，我們已經擁有了產品組合。因此，隨著我們在那裡的發展，它將增加營業利潤率。對我們所處的位置非常滿意，並期待著在未來改進它。

Got it. As my follow-up, for Cristiano, you guys were kind enough to share a slide tonight that highlighted the diversity of the RF footprint across, I think, I don't know, a dozen or so premium Android devices both from global OEMs and in China. The question that I still get from investors is your confidence and ability to sustain or maybe expand that footprint as we go into next-generation devices maybe as some of the RF competitors have a bit more mature 5G stances in their portfolio. So do you have any visibility as to how the -- with those OEMs, the footprint might continue as you go forward and be sustainable in the RF franchise? That would be really helpful.

知道了。作為我的後續行動，對於克里斯蒂亞諾，你們今晚非常友好地分享了一張幻燈片，強調了 RF 足蹟的多樣性，我認為，我不知道，來自全球 OEM 和在中國。我仍然從投資者那裡得到的問題是，隨著我們進入下一代設備，可能因為一些 RF 競爭對手在他們的產品組合中擁有更成熟的 5G 立場，你有信心和能力維持或可能擴大這一足跡。那麼，對於這些 OEM，您是否知道隨著您的前進並在 RF 特許經營中可持續發展，足跡可能會如何繼續？那真的很有幫助。

Look, Matt, thanks for the question. It's a great question. And I want to start by maybe providing some data points and make -- emphasize some of the data we provide in the earnings script. We've heard a lot in the past that our RF front end business, a lot of people for the most of it was because of our leadership position in millimeter wave, which we do have a leadership position in millimeter wave. But the reality is millimeter wave represent less than 20% of the revenues that we're showing in RF front end. The absolute majority of it is sub-6 and 4G actually, which actually shows that we're winning not only at the system level, we're winning at the component level. Otherwise, we will not come in as the fifth supplier and be winning 4G sockets.

聽著，馬特，謝謝你的提問。這是一個很好的問題。我想首先提供一些數據點並製作 - 強調我們在收益腳本中提供的一些數據。我們過去經常聽到我們的 RF 前端業務，很多人大部分是因為我們在毫米波方面的領先地位，我們在毫米波方面確實處於領先地位。但現實情況是，毫米波僅占我們在 RF 前端展示的收入的不到 20%。實際上，其中絕大部分是 sub-6 和 4G，這實際上表明我們不僅在系統級別取勝，而且在組件級別取勝。否則，我們不會成為第五家供應商並贏得 4G 插座。

And that is kind of really highlighting what we said. At the end of the day, you're going to have every single spectrum, whether it's existing spectrum through DSS that goes to 5G, plus the new mid-bands and the millimeter wave bands. We feel pretty good about our road map of RF front end. The fact we're winning designs across the board, it's a testimony that our strategy is working. And to your specific question about is this going to go away, we're now probably -- if you look at the beginning when we launched 5G in 2019, in early 2019, we're now multiple product generations and we continue to win RF front end. So we're very confident about this business. It is a great growth story for Qualcomm. And the beauty of this, we're actually winning on technology.

這確實突出了我們所說的內容。在一天結束時，你將擁有每一個頻譜，無論是通過 DSS 的現有頻譜進入 5G，還是新的中頻段和毫米波頻段。我們對 RF 前端的路線圖感覺非常好。事實上，我們正在全面贏得設計，這證明我們的戰略正在奏效。對於你關於這是否會消失的具體問題，我們現在可能 - 如果你看看我們在 2019 年推出 5G 的開始，在 2019 年初，我們現在是多代產品，我們繼續贏得 RF前端。所以我們對這項業務非常有信心。對於高通來說，這是一個偉大的成長故事。而這一點的美妙之處在於，我們實際上是在技術上取勝。

Our next question comes from Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

This is Joe Cardoso on for Samik. My first question is on competitors. One of them commented pretty bullishly about targeting flagship millimeter wave SoC opportunities next year. So just curious to hear (inaudible) on competitive landscape and market share dynamics going forward and whether you expect a return of more aggressive pricing in the industry?

這是 Samik 的 Joe Cardoso。我的第一個問題是關於競爭對手的。其中一位非常樂觀地評論了明年瞄准旗艦毫米波 SoC 的機會。因此，很想听聽（聽不清）關於未來競爭格局和市場份額動態的消息，以及您是否期望行業中出現更激進的定價？

Look, there's a lot of good things in this data point. I think this data point, when our competitors are targeting millimeter wave in China, it just validates that China is going to have millimeter wave. And that's how we read it. That's a great data point, consistent to what we've been saying. It's going to add a lot of scale to millimeter wave. Look, Qualcomm has been very focused in our strong position in premium and high tier. There's an incredible opportunity with the expansion of SAM. It's -- everyone is benefiting. I think it's an opportunity for everyone to be successful and generate growth. And we really become -- we become equal to premium Android flagship opportunity, and that's going to continue to be a key part of our mobile strategy going forward.

看，這個數據點有很多好東西。我認為這個數據點，當我們的競爭對手在中國瞄準毫米波時，它只是驗證了中國要有毫米波。這就是我們閱讀它的方式。這是一個很好的數據點，與我們一直在說的一致。它將為毫米波增加很多規模。看，高通一直非常專注於我們在高端和高端領域的強勢地位。 SAM 的擴展帶來了難得的機會。這是——每個人都從中受益。我認為這是每個人獲得成功和成長的機會。我們真的成為 - 我們變得平等，擁有優質的 Android 旗艦機會，這將繼續成為我們未來移動戰略的關鍵部分。

Got it. Appreciate the color. And then my second one is on the automotive revenue opportunity. Appreciate the color on the RF revenue target. But was just curious, relative to the automotive revenue target you provided during the Analyst Day with the pipeline now at $9 billion, is the revenue now -- target now completely accounted for? Or are we even north of that? Or is there more room to make on the pipeline there?

知道了。欣賞顏色。然後我的第二個是關於汽車收入機會。欣賞 RF 收入目標上的顏色。但只是好奇，相對於您在分析師日期間提供的汽車收入目標，現在的管道為 90 億美元，現在的收入 - 目標現在是否已完全計算在內？或者我們甚至在那個北方？還是那裡的管道有更多的空間？

Yes. So just on the automotive side, really since Analyst Day, we feel like our position has really strengthened. And then this is not just kind of in telematics and infotainment or digital cockpit. We're seeing an expansion of our product portfolio within the market. So while we are not updating the guidance at this point, we feel very comfortable with our position, and we see it as expanding versus where we were 18 months ago.

是的。因此，就汽車方面而言，自分析師日以來，我們覺得我們的地位確實得到了加強。然後這不僅僅是遠程信息處理和信息娛樂或數字駕駛艙。我們看到我們的產品組合在市場上不斷擴大。因此，雖然我們此時沒有更新指南，但我們對自己的立場感到非常滿意，我們認為它與 18 個月前相比正在擴大。

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 China. I know that last quarter things were weak, and then we observed that Chinese demand on mobile phones is improving this quarter and that's obviously been part of the QTL story here. I'm just curious. I know that you guys were thinking that China was moving into more of a mature market phase where we would see elongating replacement cycles and so on. I wonder if the result here changes your mind on that at all.

我想回到中國。我知道上個季度情況不佳，然後我們觀察到本季度中國對手機的需求正在改善，這顯然是 QTL 故事的一部分。我只是好奇。我知道你們當時認為中國正在進入更加成熟的市場階段，我們會看到更換週期延長等等。我想知道這裡的結果是否會完全改變您的想法。

And then I also wanted to come back and talk a little bit about RFFE and whether you think you have a chance to see content increasing, particularly in high-end phones as we move through the back end of the year. Or do you think that on a per phone basis, your content looks roughly similar? So just wonder if you could comment a little bit on how content in -- I'm sorry, I meant millimeter wave, not just RFFE, but kind of how that progresses through the back end of the year.

然後我還想回過頭來談談 RFFE，以及你是否認為你有機會看到內容增加，尤其是在我們年底前移動的高端手機中。或者您是否認為在每部手機的基礎上，您的內容看起來大致相似？所以只是想知道你是否可以評論一下內容 - 對不起，我的意思是毫米波，而不僅僅是 RFFE，而是如何在今年年底取得進展。

Rod, it's Akash. So on the China data point, really, the market in December was slightly smaller than we'd expected, and the March quarter was slightly bigger than we had expected. I think you made a note of it in your report as well. But really, when you normalize for it, which is how we think about the forecast going forward, it's reflected in the market guidance we gave. So we think of high single digits as still a reasonable metric for 2021, but we do have upward bias given what has played out, and we'll see how the rest of the year rolls out.

羅德，是阿卡什。因此，就中國數據點而言，實際上，12 月份的市場略低於我們的預期，而 3 月份的季度略高於我們的預期。我想你在報告中也注意到了這一點。但實際上，當你對其進行標準化時，這就是我們對未來預測的看法，它反映在我們給出的市場指導中。因此，我們認為高個位數仍然是 2021 年的合理指標，但考慮到已經發生的情況，我們確實有向上的偏見，我們將看看今年餘下時間的情況。

And on millimeter wave, Rod, you're right. If millimeter wave become a component of the RF front end, we highlighted that today is less than 20% of the RF front-end revenues, the silicon and content and value increases substantially. When you do millimeter wave, you're talking about multiple modules into a device, and you have antenna arrays. And it is a key accelerator, RF front end, once millimeter wave becomes deployed more broadly across the 5G footprint.

在毫米波上，Rod，你是對的。如果毫米波成為射頻前端的一個組成部分，我們強調今天不到射頻前端收入的 20%，矽和內容和價值將大幅增加。當你做毫米波時，你談論的是將多個模塊集成到一個設備中，並且你有天線陣列。一旦毫米波在 5G 足跡中得到更廣泛的部署，它就是一個關鍵的加速器、射頻前端。

Our next question comes 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。

I guess I wanted to ask about the auto pipeline. It's now up to $9 billion. I assume that most of this is probably parked out into the middle of the decade, something like that. But can you sort of help us maybe size the average age of that pipeline and maybe how you think that, that revenue rolls out? It's a big number, but it's a lot different if it's over 5 years versus over, say, 9 years. So can you help us on that?

我想我想問一下自動管道。現在高達90億美元。我認為其中大部分可能會停在本世紀中期，諸如此類。但是你能不能幫助我們確定管道的平均年齡，也許你是怎麼想的，收入會增加嗎？這是一個很大的數字，但如果超過 5 年與超過 9 年，則有很大不同。那你能幫我們嗎？

Tim, it's Akash. So one of the reasons why we gave a revenue target at the Analyst Day was really to put a framework around the scale of -- annual scale of the business. And so as you'll recall, we said we'd be greater than $1.5 billion in 2024. And so that's still a reasonable way of thinking about that business. And as I said earlier, we feel like our traction in the market has accelerated. And so we're well positioned to kind of execute at that scale and continue to grow really in the -- even in the 5-, 10-year time frame. So it's pretty attractive long-term growth, and we like the fact that it's predictable and it adds a slightly different mix than the rest of our business.

蒂姆，我是阿卡什。因此，我們在分析師日給出收入目標的原因之一實際上是圍繞業務規模建立一個框架。所以你會記得，我們說到 2024 年我們的收入將超過 15 億美元。所以這仍然是考慮該業務的合理方式。正如我之前所說，我們覺得我們在市場上的吸引力已經加速。因此，我們完全有能力以這種規模執行並在 - 甚至在 5 年、10 年的時間框架內繼續真正增長。因此，這是非常有吸引力的長期增長，我們喜歡它是可預測的，它增加了與我們其他業務略有不同的組合。

Look, if -- I'll try to give you a little bit more color when you think about the time lines. The development life cycle within the automotive industry [is well known], and the way we think about it is when a decision is made and a contract is awarded, usually is you get the technology contract award for the upcoming models. And that's what's exactly building on our pipeline. So everything you see in our pipeline is basically contract awards, and they start to show up in revenue when those models get to SOP and they launch. And it continues to increase as we're basically expanding throughout multiple brands as the car companies try to really be focused on electrification in the digital chassis component of their assets.

看，如果 - 當你考慮時間線時，我會嘗試給你更多的顏色。汽車行業的開發生命週期[眾所周知]，我們的思考方式是在做出決定並授予合同時，通常是您獲得即將推出的車型的技術合同獎。這正是我們管道的基礎。所以你在我們的管道中看到的一切基本上都是合同授予，當這些模型到達 SOP 並啟動時，它們開始出現在收入中。隨著汽車公司試圖真正專注於其資產的數字底盤組件的電氣化，我們基本上在多個品牌中擴張，而且它還在繼續增長。

I guess just as a second question. So Akash, have you sort of handicapped where you think the tax rate could go with these changes? I mean, obviously, if it goes through at face value and the statutory rate goes to 28% and if the global intangible low-taxed income rate goes to 21%, what -- if you just take that at face value, what does that do to your tax rate?

我想只是作為第二個問題。所以阿卡什，你認為稅率會隨著這些變化而改變嗎？我的意思是，很明顯，如果它按面值計算，法定稅率達到 28%，如果全球無形低稅收入率達到 21%，那麼——如果你只按面值計算，那是什麼對你的稅率有何影響？

Well, so I mean, honestly, it's kind of early to see how it plays out, right? We're obviously talking to looking at the various proposals that have been made. So you kind of have one extreme proposal that I think you outlined. There's other proposals that are a lot more favorable. The -- what we're really doing at this point is really working with folks in D.C. and educating them, and the most important thing for us is really to make sure U.S. remains competitive. And there's really strong reason for U.S. companies to continue to invest in R&D, especially companies like Qualcomm who have a very high bias towards domestic R&D investments. So that's been our focus. There is missing details in the proposals that allows us -- doesn't really allow us to give you a right answer to this question just yet, but we're hopeful we'll get some more clarity soon.

嗯，所以我的意思是，老實說，現在看結果還為時過早，對吧？很明顯，我們正在討論並查看已提出的各種提案。所以你有一個我認為你概述的極端提議。還有其他更有利的提議。我們目前真正在做的是與華盛頓特區的人們合作並教育他們，對我們來說最重要的事情確實是確保美國保持競爭力。美國公司有很強的理由繼續投資於研發，尤其是像高通這樣非常傾向於國內研發投資的公司。所以這是我們的重點。提案中缺少允許我們——目前還不能真正讓您正確回答這個問題的細節，但我們希望我們能盡快弄清楚一些細節。

Our next question is coming from the line of C.J. Muse with Evercore.

我們的下一個問題來自 C.J. Muse with Evercore。

I guess first question, can you give us a sense of what the revenue headwind for QCT is as a result of supply constraints? And be curious if that's concentrated primarily in handsets, or are you also seeing it on the adjacency front?

我想第一個問題，你能告訴我們由於供應限制導致 QCT 的收入逆風是什麼嗎？並且很好奇這是否主要集中在手機中，或者您是否也在鄰接前沿看到它？

Yes. C.J., so we have not sized the revenue headwinds really within QCT. We have not shared that data point, but it is something that is impacting all of our vectors. So this is not just handsets, but also stretching into RF front end, IoT and automotive. And it's a very significant number, right? So we could -- in a perfect supply situation, we would have been much better off versus the results we are offering. And as we look forward, we think of that as a tailwind. As we resolve these supply issues and things are much better for us towards the end of the year, we'll be able to grow into the opportunity in front of us.

是的。 C.J.，所以我們還沒有真正評估 QCT 內部的收入逆風。我們尚未共享該數據點，但它正在影響我們所有的向量。因此，這不僅僅是手機，還延伸到射頻前端、物聯網和汽車領域。這是一個非常重要的數字，對吧？所以我們可以 - 在完美的供應情況下，我們會比我們提供的結果好得多。當我們展望未來時，我們將其視為順風。隨著我們解決這些供應問題，到年底情況對我們來說要好得多，我們將能夠抓住擺在我們面前的機會。

That's helpful. As my follow-up, I guess, two-part question on the adjacency side of your QCT business. Near term into June, do you think that IoT and auto can offset the seasonal decline in RF front end such that, that business could be flat excluding handsets? And then bigger picture for fiscal '21, given what you've put together in the first half of the year, it looks like the business combined is growing 50%, 60% year-on-year. Is that the right kind of framework we should be thinking about?

這很有幫助。作為我的後續行動，我想，關於您 QCT 業務鄰接方面的兩部分問題。近期進入 6 月，您是否認為物聯網和汽車可以抵消 RF 前端的季節性下滑，從而使不包括手機在內的業務可能持平？然後是 21 財年的大局，考慮到今年上半年的匯總情況，看起來業務合併後同比增長 50%、60%。這是我們應該考慮的正確框架嗎？

Yes. So C.J., we gave a pretty direct number on the IoT forecast for fiscal third quarter. We said it'd be in the $1.3 billion range. So that's a pretty good indication of how that business just continues to grow. We just reported a quarter with $1.1 billion and then sequential growth from $1.1 billion to $1.3 billion. Similar trends in auto as well. So this is really a business portfolio that has strong growth vectors across the board. And as we look forward, we continue to see a similar trend.

是的。所以 C.J.，我們對第三財季的物聯網預測給出了一個非常直接的數字。我們說它會在 13 億美元的範圍內。所以這很好地表明了該業務如何繼續增長。我們剛剛報告了一個季度的收入為 11 億美元，然後從 11 億美元連續增長到 13 億美元。汽車也有類似的趨勢。因此，這確實是一個全面具有強勁增長向量的業務組合。展望未來，我們將繼續看到類似的趨勢。

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

我們的最後一個問題來自 Arete Research 的 Brett Simpson。

I wanted to ask a little bit about QCT and the second half seasonality that you see, second half calendar year seasonality, and just factoring in the supply challenges particularly in the first half of the year, maybe the weaker flagship Android market in the first half of the year, and then you look into the second half and you're talking about getting much more supply particularly in the December quarter. Should we be looking at -- can you just maybe share with us that sort of first half to second half dynamic that you see today? And could it be similar to what we saw in calendar '20?

我想問一些關於 QCT 和你看到的下半年季節性，下半年日曆年的季節性，以及考慮到供應挑戰，尤其是上半年，也許上半年的旗艦 Android 市場較弱今年，然後你看看下半年，你正在談論獲得更多的供應，特別是在 12 月季度。我們是否應該看看 - 您能否與我們分享您今天看到的那種上半場到下半場的動態？它會不會與我們在日曆 '20 中看到的相似？

Yes. So from a second half perspective, clearly, kind of as one of the key drivers I outlined earlier was flagship launches that happen starting in the September time frame. And so we do expect to see seasonality as those launches happen. And it'd be across the board across all OEMs, across Snapdragon 800 as well. So looking forward to those launches materializing. And especially, as Cristiano said, as supply gets addressed to a large extent into that quarter, it will allow us to benefit from those launches.

是的。因此，從下半年的角度來看，很明顯，我之前概述的關鍵驅動因素之一是從 9 月開始的旗艦產品發布。因此，我們確實希望在這些發布發生時看到季節性。而且它會遍及所有 OEM，也遍及 Snapdragon 800。所以期待這些發布的實現。特別是，正如克里斯蒂亞諾所說，隨著該季度供應在很大程度上得到解決，這將使我們能夠從這些發布中受益。

Okay. And maybe just a follow-up, Akash, can you maybe just comment on smartphone ASPs? I know it's not something that you specifically comment on as you used to. But [would like to get] your perspective, particularly with COVID at the moment and 5G adoption sort of like rising at the moment, what sort of -- how do you see smartphone ASPs? And how do you see the outlook as we go through this year into next year?

好的。也許只是後續行動，Akash，你能不能對智能手機 ASP 發表評論？我知道你不像以前那樣專門評論這件事。但是 [想了解] 你的觀點，特別是目前的 COVID 和 5G 的採用率正在上升，你如何看待智能手機的 ASP？您如何看待今年到明年的前景？

Well, as we said, while we don't disclose the specifics, I mean, if you look at some of our customers and them reporting their results, you would see that at least at the premium high tier, there is some upward bias on those smartphone ASPs. So that's really is the tier in which 5G is penetrating first, and you're seeing some of the benefits rolled through our customers' results.

好吧，正如我們所說，雖然我們沒有透露具體細節，但我的意思是，如果你看看我們的一些客戶和他們報告的結果，你會發現至少在高端產品中，存在一些向上的偏差那些智能手機 ASP。所以這真的是 5G 首先滲透的層級，你會看到我們客戶的結果帶來的一些好處。

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

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？

As this was Steve's last earnings call, I would like to take this opportunity to thank him for his leadership and tenure. It has been a privilege to work alongside him for more than 15 years through the good times and the hard times as we've grown and diversify the company. I look forward to building on his legacy, and I'm humbled by the opportunity ahead. This is an amazing time to be part of Qualcomm.

由於這是史蒂夫的最後一次財報電話會議，我想藉此機會感謝他的領導能力和任期。很榮幸能與他一起工作超過 15 年，在公司發展壯大和實現多元化的過程中，他經歷了順境和逆境。我期待在他的遺產的基礎上再接再厲，我對未來的機會感到謙卑。這是成為高通一員的美妙時刻。

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

謝謝。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。