高通 (QCOM) 2021 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm First Quarter and Fiscal 2021 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded February 3, 2021. The playback number for today's call is (877) 660-6853. International callers, please dial (201) 612-7415. The playback reservation number is 13714808.

女士們，先生們，謝謝你們的支持。歡迎參加 Qualcomm 第一季度和 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 2 月 3 日錄製。今天通話的播放號碼是 (877) 660-6853。國際呼叫者請撥打 (201) 612-7415。播放預約號為13714808。

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

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

Thank you, and good afternoon, everyone. Today's call will include prepared remarks by Steven Mollenkopf and Akash Palkhiwala. In addition, Cristiano Amon, Alex Rogers and Don Rosenberg will join the question-and-answer session. You can access our earnings release and a slide presentation that accompanies this call on our Investor Relations website.

謝謝大家，大家下午好。今天的電話會議將包括 Steven Mollenkopf 和 Akash Palkhiwala 準備好的講話。此外，克里斯蒂亞諾·阿蒙、亞歷克斯·羅傑斯和唐·羅森伯格將參加問答環節。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。

In addition, this call is being webcast on qualcomm.com, and a replay will be available on our website later today. During the call today, we will use non-GAAP financial measures as defined in Regulation G, and you can find the related reconciliations to GAAP on our website. We will also make forward-looking statements, including projections and estimates of future events, business or industry trends or business or financial results.

此外，本次電話會議正在 qualcomm.com 上進行網絡直播，今天晚些時候將在我們的網站上提供重播。在今天的電話會議中，我們將使用法規 G 中定義的非 GAAP 財務指標，您可以在我們的網站上找到與 GAAP 相關的對賬。我們還將做出前瞻性陳述，包括對未來事件、業務或行業趨勢或業務或財務結果的預測和估計。

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

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

And now to comments from Qualcomm's Chief Executive Officer, Steven Mollenkopf.

現在是高通公司首席執行官史蒂文莫倫科夫的評論。

Thank you, Mauricio, and good afternoon, everyone. Fiscal 2021 is off to a great start with record first quarter non-GAAP revenues of $8.2 billion, up 63% year-over-year and record non-GAAP earnings of $2.17 per share, more than doubling from the prior year. The simultaneous global adoption of 5G, combined with increasingly complex technical requirements and a pace of change that is accelerating drives a significant multiyear industry transition that plays to our strength.

謝謝毛里西奧，大家下午好。 2021 財年開局良好，第一季度非 GAAP 收入達到創紀錄的 82 億美元，同比增長 63%，非 GAAP 每股收益達到創紀錄的 2.17 美元，比上年增長了一倍多。全球同步採用 5G，再加上日益複雜的技術要求和不斷加快的變革步伐，推動了多年的重大行業轉型，這正是我們的優勢所在。

QCT revenues of $6.5 billion were also a record, up 81% year-over-year and 32% sequentially. Notably, our strong performance and outlook would have been even stronger had we not been supply constrained. Within QCT, we saw strength across our portfolio.

QCT 65 億美元的收入也創歷史新高，同比增長 81%，環比增長 32%。值得注意的是，如果我們沒有受到供應限制，我們的強勁表現和前景將會更加強勁。在 QCT 中，我們看到了整個投資組合的實力。

Our RF adjacency demonstrated continued growth with quarterly revenues more than doubling year-over-year and crossing the $1 billion threshold, a significant milestone. We are executing extremely well on our strategy to address many of the technical challenges of delivering a true modem to antenna 5G experience and capture a higher dollar share of content in smartphones.

我們的 RF 鄰接顯示持續增長，季度收入同比增長一倍以上，突破 10 億美元的門檻，這是一個重要的里程碑。我們在戰略上執行得非常好，以解決許多技術挑戰，即提供真正的調製解調器到天線 5G 體驗，並在智能手機中獲得更高的美元內容份額。

We are also well positioned with design wins across the mobile handset ecosystem, a strong pipeline for further growth in smartphones and a road map to bring our RF expertise to adjacent industries.

我們在手機生態系統中的設計勝利、智能手機進一步增長的強大管道以及將我們的射頻專業知識帶入相鄰行業的路線圖也處於有利地位。

Our automotive revenues of $212 million were up 44% year-over-year, and our design win pipeline has grown to $8.3 billion from just $3 billion 3 years ago, placing us on a trajectory to achieve our fiscal year 2024 revenue target of $1.5 billion.

我們的汽車收入為 2.12 億美元，同比增長 44%，我們的設計贏得渠道已從 3 年前的 30 億美元增長到 83 億美元，使我們有望實現 2024 財年 15 億美元的收入目標.

Our IoT adjacency also passed the $1 billion threshold in Q1 and grew 48% year-over-year, driven by the growth of our core technologies for the digitization of consumer, networking and industrial applications. Our team continues to execute extremely well in spite of supply constraints and the continued impact of the pandemic. Our strategy is playing out largely as we expected, positioning us well to capture the rapid deployment of 5G in both the core handset industry as well as creating new opportunities in adjacencies.

在我們的消費、網絡和工業應用數字化核心技術增長的推動下，我們的物聯網鄰接在第一季度也超過了 10 億美元的門檻，同比增長 48%。儘管供應限制和大流行的持續影響，我們的團隊繼續執行得非常好。我們的戰略在很大程度上如我們預期的那樣發揮作用，使我們能夠很好地把握 5G 在核心手機行業的快速部署，並在鄰近地區創造新的機會。

In our licensing business, our broad portfolio of foundational system-level innovations and intellectual properties across 3G, 4G and 5G, along with valuable implementation patents is unmatched and recognized in part by having signed more than 120 5G license agreements, up from 111 license agreements last quarter. Our continued success in-licensing reflects our development of foundational technologies enabling 5G standards coupled with leadership in developing the standards themselves.

在我們的許可業務中，我們廣泛的 3G、4G 和 5G 基礎系統級創新和知識產權組合以及有價值的實施專利是無與倫比的，部分原因是簽署了超過 120 份 5G 許可協議，高於 111 份許可協議上個季度。我們在許可方面的持續成功反映了我們開發支持 5G 標準的基礎技術以及在開發標準本身方面的領導地位。

Leadership in developing the products necessary to implement 5G technology and leadership in enabling the industry to rapidly implement 5G seamlessly worldwide. This process continues through the successive releases of 5G currently under development as our foundational innovations, coupled with our ability to implement 5G in products and coordinated deployment in new verticals continues to drive progress outside the handset industry.

在開發實施 5G 技術所需的產品方面處於領先地位，並在使行業能夠在全球範圍內快速無縫實施 5G 方面處於領先地位。這一過程將繼續通過目前正在開發的 5G 的連續發布，作為我們的基礎創新，再加上我們在產品中實施 5G 和在新垂直領域的協調部署的能力，繼續推動手機行業之外的進步。

We continue to invest in complementary technologies that will enable the adoption of 5G use cases that will benefit consumers and businesses in a variety of industries as well as agriculture and the advanced important social objectives of both urban and rural environments, including improvements in health care and education in a more widely connected future.

我們將繼續投資於互補技術，以支持採用 5G 用例，這些用例將使各行各業的消費者和企業以及農業以及城鄉環境的先進重要社會目標受益，包括改善醫療保健和教育在更廣泛連接的未來。

We have also spent the past decade deep in AI research and development, resulting in the creation of the technology necessary to scale AI across industries and products from smartphones and automotive to the IoT and data centers. To make AI ubiquitous, we focused on making efficient hardware, algorithmic advancements and software tools available to developers and OEMs. We believe AI will transform industries and our technologies will help accelerate the commercialization and scale of AI, making AI ubiquitous around the globe.

在過去的十年裡，我們還深入研究和開發人工智能，創造了必要的技術，將人工智能擴展到從智能手機和汽車到物聯網和數據中心的行業和產品。為了讓 AI 無處不在，我們專注於為開發人員和 OEM 提供高效的硬件、算法進步和軟件工具。我們相信人工智能將改變行業，我們的技術將有助於加速人工智能的商業化和規模化，讓人工智能在全球範圍內無處不在。

Our commitment to our high-performance processor road map was reflected in our recently announced proposed acquisition of NUVIA. We look forward to combining NUVIA's world-class CPU and technology design team with Snapdragon enable our ecosystem of customers to redefine computing performance, drive innovation and deliver a new class of products and experiences for the 5G era.

我們對高性能處理器路線圖的承諾反映在我們最近宣布的收購 NUVIA 的提議中。我們期待將 NUVIA 的世界級 CPU 和技術設計團隊與 Snapdragon 相結合，使我們的客戶生態系統能夠重新定義計算性能、推動創新並為 5G 時代提供全新的產品和體驗。

Just 2 years ago, we first announced our Snapdragon 855 mobile platform, the world's first commercial platform supporting multi-gigabit 5G and demonstrated end-to-end 5G consumer experiences with real demos over live millimeter wave 5G networks and devices. Today, we have an expanding portfolio of differentiated 5G solutions across multiple tiers of our Snapdragon mobile platforms.

就在 2 年前，我們首次發布了我們的 Snapdragon 855 移動平台，這是世界上第一個支持多千兆 5G 的商業平台，並通過實時毫米波 5G 網絡和設備的真實演示展示了端到端的 5G 消費者體驗。今天，我們在驍龍移動平台的多個層級中擁有不斷擴大的差異化 5G 解決方案組合。

With high-performance basebands, advanced RF front end designs and leading-edge process nodes for our flagship solutions, we are well positioned to address growing 5G demand in the handset space and across our adjacencies. In RF, our position today is the result of executing on our strategy to extend the breadth of the products we offer. In just a few years, we have emerged as one of the largest RF suppliers in the smartphone ecosystem with a long-term road map, supporting 4G and 5G sub-6 bands in addition to 5G millimeter bands enabling us to expand our RF leadership into end product applications.

憑藉我們旗艦解決方案的高性能基帶、先進的射頻前端設計和領先的工藝節點，我們能夠很好地滿足手機領域和鄰近地區不斷增長的 5G 需求。在 RF 領域，我們今天的地位是執行我們擴大我們提供的產品範圍的戰略的結果。在短短幾年內，我們已成為智能手機生態系統中最大的射頻供應商之一，並製定了長期路線圖，除了支持 5G 毫米頻段外，還支持 4G 和 5G sub-6 頻段，使我們能夠將射頻領導地位擴大到終端產品應用。

The automotive industry continues to change rapidly, and the car is becoming more connected, more autonomous and more electric. As these trends disrupt the industry, 5G connectivity and new experiences and user demands such as always connected digital cabins for infotainment, real-time navigation and entertainment are becoming the new standard. We are working to meet the increasing demands of safe and premium driving experiences powered by 4G LTE and 5G connected services.

汽車行業繼續快速變化，汽車變得更加互聯、更加自主和更加電動化。隨著這些趨勢擾亂行業，5G 連接以及新體驗和用戶需求（例如用於信息娛樂、實時導航和娛樂的始終連接的數字機艙）正在成為新標準。我們正在努力滿足由 4G LTE 和 5G 連接服務驅動的安全和優質駕駛體驗日益增長的需求。

With integrated cellular V2x, Wifi, Bluetooth and precise positioning technologies, our 4G and 5G platforms are designed to securely connect vehicles to the cloud, each other and the surrounding environment. With over 150 million vehicles on the road today connected with our modems, we are a leader in automotive telematics. We are evolving our strong position in automotive telematics to a strategic industry partner building incumbency with continued innovation as the auto industry undergoes rapid transformation.

通過集成蜂窩 V2x、Wifi、藍牙和精確定位技術，我們的 4G 和 5G 平台旨在將車輛安全地連接到雲端、彼此以及周圍環境。今天有超過 1.5 億輛汽車與我們的調製解調器連接，我們是汽車遠程信息處理領域的領導者。隨著汽車行業的快速轉型，我們正在將我們在汽車遠程信息處理領域的強勢地位轉變為戰略性行業合作夥伴，並通過持續創新來建立現有地位。

Our third-generation automotive cockpit solutions have been selected by 20 of the top 25 automakers and our recently announced fourth generation automotive platform demonstrates our leadership in high-performance computer vision, artificial intelligence and multi-sensor processing.

我們的第三代汽車座艙解決方案已被前 25 家汽車製造商中的 20 家選中，我們最近宣布的第四代汽車平台展示了我們在高性能計算機視覺、人工智能和多傳感器處理方面的領先地位。

Lastly, our recently announced strategic engagements with General Motors and leading Tier 1 suppliers, including LG Electronics, Google, Panasonic and Visteon, are further evidence of our strong alignment with the automotive industry.

最後，我們最近宣布與通用汽車和領先的一級供應商（包括 LG 電子、谷歌、松下和偉世通）達成戰略合作，進一步證明了我們與汽車行業的緊密合作。

Turning to IOT. We continue to drive momentum in compute with the launch of our second-generation Snapdragon HCX, the introduction of our commercial and educational platforms for both Windows and Chrome and continued ecosystem progress. We are also driving industry leadership in XR with over 40 design wins and strong ecosystem momentum with global operator partnerships. We believe XR has the potential to be the next computing platform.

轉向物聯網。隨著我們第二代驍龍 HCX 的推出、面向 Windows 和 Chrome 的商業和教育平台的推出以及生態系統的持續發展，我們繼續推動計算領域的發展。我們還通過 40 多項設計勝利和與全球運營商合作的強大生態系統勢頭推動 XR 行業的領導地位。我們相信 XR 有潛力成為下一個計算平台。

Our networking solutions target the full potential of Wi-Fi 6 with a blend of advanced technologies and protocols, targeting networks deployed in enterprise, venue and prosumer applications. We are also extending our advanced Wi-Fi 6 feature profile into the 6 gigahertz spectrum with second-generation platforms. We are capitalizing on the transformation in private and public networks, enabling millimeter wave indoor and outdoor launches in North America and Japan with our small cell solution, bringing higher reliability and speeds to consumers as well as providing connectivity for 5G enterprise private networks of the future.

我們的網絡解決方案結合了先進技術和協議，充分發揮 Wi-Fi 6 的潛力，針對部署在企業、場地和產消者應用中的網絡。我們還通過第二代平台將我們先進的 Wi-Fi 6 功能配置文件擴展到 6 GHz 頻譜。我們正在利用私有和公共網絡的轉型，通過我們的小基站解決方案在北美和日本實現毫米波室內和室外發射，為消費者帶來更高的可靠性和速度，並為未來的 5G 企業專用網絡提供連接.

Lastly, we are accelerating deployment of our core technologies for digitization of nonmobile industries across retail, utilities, transportation and manufacturing applications. It is exciting to see the strategy we laid out several years ago, playing out largely as expected, and placing Qualcomm in a very strong position for Cristiano to carry the vision forward as he executes on the many opportunities in front of us over many years.

最後，我們正在加速部署我們的核心技術，以實現零售、公用事業、運輸和製造應用程序中的非移動行業的數字化。很高興看到我們幾年前製定的戰略，在很大程度上按預期發揮作用，並使高通處於非常有利的位置，讓克里斯蒂亞諾能夠在多年來執行我們面前的許多機會時推進願景。

Being CEO of Qualcomm for the last 7 years has been a privilege and an honor. The foundation of Qualcomm's leadership is a relentless commitment to innovating with great products, focusing on large industries with technical challenges that are hard to solve. This is what always gave me the confidence we would succeed even when it wasn't obvious, and I have every confidence Cristiano shares this vision.

在過去的 7 年中擔任高通公司的首席執行官是一種榮幸和榮譽。 Qualcomm 領先地位的基礎是對卓越產品創新的不懈承諾，專注於面臨難以解決的技術挑戰的大型行業。這一直給我信心，即使它並不明顯，我們也會成功，我完全有信心克里斯蒂亞諾分享這個願景。

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

我現在想把電話轉給 Akash。

Thank you, Steve, and good afternoon, everyone. We're extremely pleased to report strong results to start our fiscal year. We delivered a record first quarter with non-GAAP revenues of $8.2 billion and non-GAAP EPS of $2.17, which was above the high end of the strong guidance we provided at the beginning of the quarter. These results reflect year-over-year increases of 63% and 119% in revenues and EPS, respectively, driven by strength across QTL and QCT.

謝謝史蒂夫，大家下午好。我們非常高興地報告強勁的業績，以開始我們的財政年度。我們實現了創紀錄的第一季度非 GAAP 收入為 82 億美元，非 GAAP 每股收益為 2.17 美元，高於我們在本季度初提供的強勁指導的高端。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 63% 和 119%。

In QTL, we recorded revenues of $1.66 billion, up 18% year-over-year and EBT margins of 77%. In the December quarter, we saw a year-over-year reduction of 7% in global 3G, 4G, 5G handset shipments compared to our planning assumption of a 5% reduction, reflecting the impact of COVID and softness in the domestic China shipments. In QCT, we delivered record results with revenues of $6.5 billion, up 32% sequentially and 81% year-over-year. These results were driven by strength across handsets, RF front end, automotive and IoT. Our strong revenue growth drove EBT margins of 29%, which was above the high end of our guidance and increased 900 basis points sequentially as we realize the benefit of operating leverage.

在 QTL，我們錄得 16.6 億美元的收入，同比增長 18%，EBT 利潤率為 77%。在 12 月季度，我們看到全球 3G、4G、5G 手機出貨量同比下降 7%，而我們計劃假設下降 5%，這反映了 COVID 和中國國內出貨量疲軟的影響。在 QCT，我們實現了創紀錄的業績，收入為 65 億美元，環比增長 32%，同比增長 81%。這些結果是由手機、射頻前端、汽車和物聯網的實力推動的。我們強勁的收入增長推動 EBT 利潤率達到 29%，高於我們指引的高端，並且隨著我們意識到經營槓桿的好處，環比增長了 900 個基點。

We're also pleased with our continued diversification as we delivered record revenues in RF front-end, automotive and IoT. RF front-end revenues of $1.1 billion more than doubled on a year-over-year basis, reflecting the strength of our broad product portfolio across all frequency bands and customers.

隨著我們在射頻前端、汽車和物聯網領域實現創紀錄的收入，我們也對我們的持續多元化感到高興。射頻前端收入 11 億美元，同比增長一倍以上，這反映了我們在所有頻段和客戶中廣泛的產品組合的實力。

Automotive revenues of $212 million grew 44% year-over-year as our telematics and digital cockpit products continue to benefit from the industry rebound. In IoT, revenues grew 48% year-over-year to $1 billion across consumer, networking and industrial applications, driven by an acceleration in demand for our products and technologies.

隨著我們的遠程信息處理和數字駕駛艙產品繼續受益於行業反彈，汽車收入為 2.12 億美元，同比增長 44%。在物聯網領域，在對我們產品和技術的需求加速增長的推動下，消費、網絡和工業應用的收入同比增長 48% 至 10 億美元。

Our non-GAAP combined R&D and SG&A expenses of $1.78 billion was lower than our previous estimate, primarily due to the timing of certain R&D expenses within the fiscal year.

我們的非美國通用會計準則研發和 SG&A 總費用為 17.8 億美元，低於我們之前的估計，主要是由於本財年某些研發費用的時間安排。

Turning to 5G adoption. We estimate approximately 225 million 5G handsets in calendar 2020 and forecast 450 million to 550 million units in calendar 2021. We're extremely pleased by the adoption of our 5G chipsets across OEM partners with over 800 designs using 5G modem and RF solutions. Our recently announced 5G premium tier mobile platform, the Snapdragon 888 already has over 120 design wins. We now have 5G offerings across several tiers from our premium tier Snapdragon 888 to our recently announced Snapdragon 480, all capable of supporting millimeter wave.

轉向 5G 的採用。我們估計 2020 年大約有 2.25 億部 5G 手機，預計 2021 年將有 4.5 億至 5.5 億部。我們對 OEM 合作夥伴採用我們的 5G 芯片組感到非常高興，他們有 800 多種使用 5G 調製解調器和射頻解決方案的設計。我們最近發布的 5G 高端移動平台驍龍 888 已經贏得了 120 多項設計大獎。我們現在擁有多個級別的 5G 產品，從我們的高端 Snapdragon 888 到我們最近發布的 Snapdragon 480，所有產品都能夠支持毫米波。

For global 3G/4G/5G handsets, we estimate that shipments declined 12% on a year-over-year basis in calendar 2020. In calendar 2021, we expect total handsets to grow in high single digits year-over-year. This assumes an impact from COVID in the first half, consistent with the exit rate of 2020 and a recovery in the second half. In addition, QCT's addressable market will expand to include Huawei's existing share, which is estimated to be approximately 16% of total handsets in 2019.

對於全球 3G/4G/5G 手機，我們估計 2020 年的出貨量同比下降 12%。在 2021 年，我們預計手機總量將以高個位數同比增長。這假設上半年受到 COVID 的影響，與 2020 年的退出率和下半年的複蘇一致。此外，QCT 的潛在市場將擴大到包括華為的現有份額，預計 2019 年該份額約佔手機總數的 16%。

Turning to our second quarter guidance. We are forecasting revenues of $7.2 billion to $8 billion and non-GAAP EPS of $1.55 to $1.75, a year-over-year increase of 46% and 88%, respectively, at the midpoints. In QTL, we estimate revenues of $1.25 billion to $1.45 billion, and EBITDA margins of 66% to 70%. This is in line with normal seasonality following the strong holiday quarter, and reflects the slightly lower handset forecast I previously outlined.

轉向我們的第二季度指導。我們預計收入為 72 億美元至 80 億美元，非公認會計準則每股收益為 1.55 美元至 1.75 美元，中點分別同比增長 46% 和 88%。在 QTL，我們估計收入為 12.5 億美元至 14.5 億美元，EBITDA 利潤率為 66% 至 70%。這與強勁的假日季度之後的正常季節性一致，並反映了我之前概述的略低的手機預測。

In QCT, we expect revenues of $6 billion to $6.5 billion, up 52% year-over-year and EBT margins of 23% to 25%, reflecting EBT dollar growth of 125% versus the year ago quarter. Consistent with historical trends, we estimate non-GAAP combined R&D and SG&A expenses to be up 5% to 6% sequentially due to normal calendar year resets for certain employee-related costs. We estimate that the pending acquisition of NUVIA will increase fiscal '21 non-GAAP combined R&D and SG&A expenses by approximately $100 million, a portion of which is contemplated in our second quarter guidance.

在 QCT，我們預計收入為 60 億美元至 65 億美元，同比增長 52%，EBT 利潤率為 23% 至 25%，反映 EBT 美元與去年同期相比增長 125%。與歷史趨勢一致，由於某些員工相關成本的正常日曆年重置，我們估計非公認會計原則的研發和 SG&A 總費用將環比增長 5% 至 6%。我們估計，對 NUVIA 的未決收購將使 21 財年非公認會計原則的研發和 SG&A 總費用增加約 1 億美元，其中一部分在我們的第二季度指導中進行了考慮。

Looking forward to the third fiscal quarter, we estimate QTL revenues to be in a similar range as our second quarter guidance and expect QCT earnings to double on a year-over-year basis. This forecast contemplates the current seasonality of the QCT business following the strength in the first half of the fiscal year, which was driven by 5G flagship launches, including Apple, the holiday season and Chinese New Year. In addition, we are seeing demand significantly outpacing supply given the constraints affecting the industry.

展望第三財季，我們估計 QTL 收入將與我們的第二季度指引相似，並預計 QCT 收益將同比翻一番。該預測考慮了 QCT 業務在本財年上半年的強勁表現之後的當前季節性，這是由包括蘋果在內的 5G 旗艦產品發布、假期和農曆新年推動的。此外，鑑於影響行業的限制因素，我們看到需求大大超過供應。

Beyond the third quarter, we continue to forecast strong growth across QCT, driven by new device launches, design win traction and strength in our adjacent platforms. Lastly, we launched our latest annual corporate responsibility and ESG report yesterday, which is now available on our website.

在第三季度之後，我們繼續預測整個 QCT 的強勁增長，這得益於新設備的推出、設計贏得牽引力和我們相鄰平台的實力。最後，我們昨天發布了最新的年度企業責任和 ESG 報告，該報告現已在我們的網站上提供。

I'm pleased to share that we have successfully met or exceeded our 2020 goals and have disclosed 2025 targets focused across key areas of diversity and inclusion, purposeful innovation and reducing our carbon footprint. We continue to respond to the expectations of our stakeholders to disclose ESG information in alignment with international standards.

我很高興地分享我們已經成功實現或超過了我們的 2020 年目標，並披露了 2025 年目標，重點關注多樣性和包容性、有目的的創新和減少我們的碳足蹟等關鍵領域。我們繼續響應利益相關者的期望，按照國際標準披露 ESG 信息。

Before I finish my prepared remarks, I want to thank our employees for their continued hard work and focused execution. I'll now turn the call back to Mauricio.

在我完成準備好的發言之前，我要感謝我們的員工持續的辛勤工作和專注的執行。我現在將電話轉回毛里西奧。

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

謝謝你，阿卡什。接線員，我們現在可以提問了。

(Operator Instructions) Our first question comes from Samik Chatterjee with JPMorgan.

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

Before I ask my question, congratulations to both Steve and Cristiano. And so if I can just start off with the seasonality here, I think what you're guiding to for the QCT segment is a mid-single-digit decline in -- seasonally in revenues versus more of a mid-teens pick line in QTL. Can you just help us understand the drivers? What's causing that difference. And I think that's leading to some concerns in investors today that the sell-in of chips is greater than the sell-through piece and leading to some inventory build. So I just want to see if you can address that as well.

在我問我的問題之前，祝賀史蒂夫和克里斯蒂亞諾。因此，如果我可以從這裡的季節性開始，我認為你對 QCT 部分的指導是中個位數的下降——收入的季節性下降，而 QTL 中更多的是青少年選擇線.你能幫助我們了解驅動程序嗎？是什麼導致了這種差異。我認為這導致了今天投資者的一些擔憂，即芯片的銷售量大於銷售量，並導致一些庫存增加。所以我只是想看看你是否也能解決這個問題。

Yes. Samik, this is Akash. We're not seeing any significant inventory build in the channels. So let me just maybe clarify that to start with. If you think about QTL revenues sequentially from December quarter to March quarter, we've talked about seasonality in that business consistently in the past. And so our guidance really reflects that. So it's no different than kind of the shape of the year that you generally see in the handset market and mix of OEMs being reflected in the dollars. So in the past, we talked about $1.7 billion midpoint, going to $1.4 billion from December to March. And what we are guiding is we came in just below the midpoint in the December quarter, and we're guiding similarly just below the $1.4 billion for the March quarter. So that's the message on QTL.

是的。薩米克，這是阿卡什。我們沒有看到渠道中有任何重要的庫存增加。所以讓我先澄清一下。如果您考慮從 12 月季度到 3 月季度的順序 QTL 收入，我們過去一直在討論該業務的季節性。所以我們的指導確實反映了這一點。因此，這與您通常在手機市場中看到的年度形勢以及美元中反映的 OEM 組合沒有什麼不同。所以在過去，我們談到了 17 億美元的中位數，從 12 月到 3 月將達到 14 億美元。我們的指導是我們在 12 月季度的中點以下，我們同樣在 3 月季度的 14 億美元以下指導。這就是關於 QTL 的信息。

On QCT, clearly, with Apple now in our revenue stream, there's a different seasonality than we've had in the past. And so you see kind of that becoming a factor. But when you take -- remove that, our seasonality is actually extremely strong with significant growth from December to March quarter. And really strength across not just mobile platform with the launch of our Snapdragon 888 chipset but also across RFFE, auto and IoT being strong as well. So it's really strength across the board. And what you see in the numbers is the seasonality of the revenue profile showing up.

在 QCT 上，很明顯，隨著蘋果現在進入我們的收入來源，與過去相比，季節性有所不同。所以你看到這成為一個因素。但是當你把它去掉時，我們的季節性實際上非常強勁，從 12 月到 3 月季度顯著增長。隨著我們 Snapdragon 888 芯片組的推出，不僅在移動平台上的實力非常強大，而且在 RFFE、汽車和物聯網方面也很強大。因此，這確實是全面的實力。您在數字中看到的是收入狀況的季節性出現。

Okay. Got it. If I can quickly follow-up. I think historically, pre -- before the U.S. restrictions came into place, you've talked about Huawei not really being material in terms of contribution to earnings, even though you had some shipments there. Do you see a likely change or any material change post the restructuring of that business, where there's a part of the business sold to on our brand? And I think there are also some restructurings going on for the Huawei brand any changes that could lead to?

好的。知道了。如果我能迅速跟進。我認為從歷史上看，在美國實施限制措施之前，您曾談到華為在對收益的貢獻方面並不是真正重要的，即使您在那裡有一些出貨量。您是否看到該業務重組後可能發生的變化或任何重大變化，其中有一部分業務出售給我們的品牌？而且我認為華為品牌也正在進行一些重組，可能會導致任何變化嗎？

Yes. As -- Samik, as I said in my prepared remarks, we see the Huawei market share, Huawei portion of the market really has a significant SAM growth opportunity for us as either the share goes to other OEMs or to Honor or Huawei continues, we have an opportunity to sell into it. So kind of longer-term in the second half of the year, we feel like that's a significant opportunity for us. But at this point in our second quarter guidance there, we don't have material revenue assumed for Huawei or Honor.

是的。正如 - Samik，正如我在準備好的評論中所說，我們看到了華為的市場份額，華為的市場份額對我們來說確實有一個重要的 SAM 增長機會，因為份額要么流向其他 OEM，要么流向榮耀，要么華為繼續，我們有機會賣進去。從下半年的長期來看，我們覺得這對我們來說是一個重要的機會。但在我們第二季度的指導中，我們沒有假設華為或榮耀的實質性收入。

Our next question comes from Mike Walkley with Canaccord Genuity.

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

My best to Steve for navigating some tough times and best wishes to Cristiano also. My question, I guess, just focusing on the margin front, really strong margins on QCT. I know there's some seasonality into Q1 and increased cost. But given the strong margin start to the year, Akash, how should we think about margin trends over time as you leverage and harvest that 5G investment?

我向史蒂夫致敬，感謝他度過了一段艱難的時光，也向克里斯蒂亞諾致以最良好的祝愿。我想我的問題是，只關注利潤率方面，QCT 的利潤率非常高。我知道第一季度有一些季節性因素，成本也會增加。但是，鑑於今年年初的強勁利潤率，Akash，隨著您利用和收穫 5G 投資，我們應該如何考慮隨著時間的推移的利潤率趨勢？

Yes. So thanks, Mike, for that question. We're very happy with the QCT margins in the December quarter. I mean, really at 29% operating margins and gross margins were extremely strong as well and contributing to the strength in the operating margin profile. So very happy to see that. Really, when you look forward, there are a couple of factors driving our margin profile. Overall, from a gross margin perspective, there really isn't a specific trend. As we've said in the past, we feel like we have the ability to hold margins in the -- in the -- in -- consistent with our recent history and potential upside opportunity to grow it. And so we still have the same view. And operating margin will then just become kind of something that falls out based on the revenue profile. But just kind of when you abstract out the seasonality, we're pretty happy that we set a target at Analyst Day last -- about 15 months ago, and we are on our way to meeting and exceeding what we set out.

是的。所以謝謝，邁克，這個問題。我們對 12 月季度的 QCT 利潤率感到非常滿意。我的意思是，實際上 29% 的營業利潤率和毛利率也非常強勁，並有助於提高營業利潤率。很高興看到這一點。確實，當您展望未來時，有幾個因素推動了我們的利潤率狀況。總體而言，從毛利率的角度來看，確實沒有特定的趨勢。正如我們過去所說，我們覺得我們有能力保持利潤率 - 在 - 在 - 與我們最近的歷史和潛在的上行機會相一致。所以我們仍然有相同的看法。然後，營業利潤率將成為一種基於收入狀況的東西。但是當你抽像出季節性時，我們很高興我們在分析師日設定了一個目標 - 大約 15 個月前，我們正在達到並超越我們設定的目標。

Okay. And then just a follow-up on the margins on the QTL side with a lot of the legal things dying down and signing over 120 5G contracts. You see leverage on that side also. Maybe if you can reduce the legal costs? Or is there still high audit costs involved there?

好的。然後只是在 QTL 方面的邊緣跟進，許多法律問題逐漸消失並簽署了 120 多份 5G 合同。你也看到了那方面的槓桿作用。也許如果你能減少法律費用？或者那裡仍然涉及高昂的審計成本？

Yes. Mike, from a QTL perspective, really legal costs have been at a stable lower level for the last several quarters. And so the margin profile that you're seeing kind of reflects stabilization of the legal cost. And really, it's about the top line revenue and focusing on kind of expanding and keeping the licensing business steady going forward.

是的。邁克，從 QTL 的角度來看，過去幾個季度的真正法律成本一直處於穩定的較低水平。因此，您看到的保證金狀況反映了法律成本的穩定。實際上，這與收入有關，並專注於擴大和保持許可業務穩定向前發展。

Our next question comes from Chris Caso with Raymond James.

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

So for my first question, I wish you could address the shortages. And obviously, it's something we've heard from a number of others in the industry this quarter. Can you talk about the extent to -- in your opening remarks, you mentioned that revenue would have been higher if not for the shortages. Could you help us to quantify that some? And then perhaps talk about the next couple of quarters, how that may play out if you recapture some of the business that you weren't able to ship in the December quarter and how that proceeds.

所以對於我的第一個問題，我希望你能解決短缺問題。顯然，這是我們本季度從業內其他許多人那裡聽到的。你能談談在你的開場白中，如果不是因為短缺，收入會更高。你能幫我們量化一下嗎？然後也許談談接下來的幾個季度，如果你重新奪回一些你在 12 月季度無法發貨的業務，這可能會如何發展，以及如何進行。

Chris, this is Cristiano. Yes, happy to address. We have seen, I think, probably shortage across the entire industry. There is a couple of factors driving that. One is the shape recovery, I think, across many of the sectors that were present now. We saw acceleration of digital transformation also consistent with this trend of the enterprise transformation of the home. And especially for Qualcomm and QCT, we have seen an opportunity with the expansion of addressable market. Huawei represent or represented 16% of the market. That becomes available to us across all of our OEMs. So that's driving a situation that demand is outpacing supply. We're happy what we see right now on the premium tier. For example, in high tier, we see share gains in fiscal '21, and we expect the situation to normalize towards the second half of the year.

克里斯，這是克里斯蒂亞諾。是的，很高興解決。我認為，我們已經看到整個行業可能出現短缺。有幾個因素推動了這一點。我認為，其中一個是現在存在的許多行業的形狀恢復。我們看到數字化轉型的加速也與家庭企業轉型的這一趨勢相吻合。尤其是對於高通和 QCT，我們已經看到了擴大目標市場的機會。華為代表或代表了16%的市場。我們所有的原始設備製造商都可以使用它。因此，這導致了需求超過供應的情況。我們很高興我們現在在高級級別上看到的內容。例如，在高層，我們看到 '21 財年的份額增長，我們預計情況將在下半年恢復正常。

Okay. And with that, you made some comments about the fiscal third quarter that perhaps you could clarify. First, on the QTL side. You talked about similar levels on QTL. If you can help us reconcile that with your view of overall handset units, I think you said growing 7% sequentially. And then you gave us something to go on with regard to the QCT side with the profitability doubling. And I guess, with that, should we assume that would -- that profitability doubling would be at similar operating margins to what you're guiding for, for the March quarter?

好的。有了這個，你就第三財季發表了一些評論，也許你可以澄清一下。首先，在 QTL 方面。你談到了 QTL 上的類似水平。如果您可以幫助我們協調您對整體手機單位的看法，我想您說的是連續增長 7%。然後你給了我們一些關於 QCT 方面的東西，盈利能力翻了一番。我想，這樣一來，我們是否應該假設——盈利能力翻倍的營業利潤率與你所指導的三月季度的營業利潤率相似？

Yes, Chris. So this is Akash. I think QTL, as we've said in the past, we kind of see the market consistent between March and June quarters in terms of how the overall market -- mobile market behaves. And so that's what is reflected in the data point we provided for the June quarter. QCT, I think it's a fair way of thinking about it. We're expecting it to be extremely strong, doubling profit year-over-year basis. And margin profile is really going to kind of fall out from the scale of the revenue, as we discussed earlier.

是的，克里斯。這就是阿卡什。我認為 QTL，正如我們過去所說，就整體市場 - 移動市場的表現而言，我們看到 3 月和 6 月季度之間的市場是一致的。這就是我們為 6 月季度提供的數據點所反映的內容。 QCT，我認為這是一種公平的思考方式。我們預計它將非常強勁，利潤同比翻一番。正如我們之前討論的那樣，利潤率狀況確實會從收入規模中下降。

From -- just what is reflected in our third quarter numbers is just the natural seasonality of the business now that we have Apple in our revenue stream and their -- the timing of their purchases within the year is reflected in the data points we are providing.

從——我們第三季度的數據所反映的只是業務的自然季節性，因為我們的收入流中有蘋果，他們——他們在一年內購買的時間反映在我們提供的數據點中.

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。

I wonder if you can give us color on the growth in RF being so impressive when you look at 5G units potentially kind of more than doubling, when you look at millimeter wave really at 1 customer in 1 region. I'm just surprised at how robust December is. And kind of can you talk to the sustainability of those revenue levels and the growth drivers going forward?

我想知道，當您看到 5G 單元可能會翻倍以上時，您是否可以為我們提供關於 RF 增長如此令人印象深刻的信息，當您查看毫米波時，實際上是在 1 個地區的 1 個客戶處。我只是對十二月的強勁表現感到驚訝。你能談談這些收入水平的可持續性和未來的增長動力嗎？

Joe, this is Cristiano. Yes, it's very consistent to what we have been saying since the beginning of 5G. We saw 5G as an entry point for us. We have highly differentiated solution with our modem to antenna platform. And all of those designs, I think we updated the design count now on 5G as in excess of 800 designs. They all contain 5G RF front-end components. Also, we like that it's very diversified our effort and revenues across all customers, also with a lot of sub 6, it's not only millimeter-wave, even though we are very happy with the expansion prospects of millimeter-wave. And that's definitely an accelerator for Qualcomm. So it's a business, which is now one of the fastest-growing business we have. We're happy to achieve the threshold of $1 billion and will continue to grow as we grow 5G.

喬，這是克里斯蒂亞諾。是的，這與我們自 5G 開始以來一直在說的話非常一致。我們將 5G 視為我們的切入點。我們的調製解調器到天線平台具有高度差異化的解決方案。所有這些設計，我認為我們現在更新了 5G 上的設計數量，超過 800 個設計。它們都包含 5G 射頻前端組件。此外，我們喜歡它使我們在所有客戶中的努力和收入非常多樣化，還有很多 sub 6，它不僅僅是毫米波，儘管我們對毫米波的擴展前景非常滿意。這絕對是高通的加速器。所以這是一項業務，現在是我們擁有的增長最快的業務之一。我們很高興達到 10 億美元的門檻，並將隨著 5G 的發展而繼續增長。

Our next question comes from Stacy Rasgon with Bernstein Research.

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

First, I wanted to dig again in the chipset margin guidance. So you're guiding chipset profit dollars down over $400 million sequentially on about $280 million revenue decline. It's like 150% negative incremental margin. But presumably, the mix ought to be getting better as Apple and the handset stuff rolls off of the adjacencies. It sounds like they grow. So like what is going on in there? Like why are the margins coming down that much given the revenue trajectory?

首先，我想再次挖掘芯片組利潤率指導。因此，在收入下降約 2.8 億美元的情況下，您將引導芯片組利潤環比下降超過 4 億美元。這就像 150% 的負增量保證金。但據推測，隨著蘋果和手機產品從鄰近地區推出，這種組合應該會變得更好。聽起來他們長大了。那麼裡面發生了什麼？考慮到收入軌跡，為什麼利潤率會下降這麼多？

Yes. So a couple of factors, Stacy, it's Akash. First is, as I indicated in my prepared remarks, we typically see a kind of a resetting of certain expenses on the OpEx side. So you have OpEx growth that happens between the December and the March quarter. And it's -- this is consistent with history. So if you go back and look at our numbers in the past, you kind of see the same increase. So that impacts the margin a bit.

是的。所以有幾個因素，Stacy，是 Akash。首先，正如我在準備好的評論中指出的那樣，我們通常會看到運營支出方面某些費用的重置。因此，您在 12 月和 3 月季度之間發生了 OpEx 增長。這是 - 這與歷史一致。所以如果你回過頭來看看我們過去的數字，你會看到同樣的增長。所以這會稍微影響利潤率。

Second is we did see some strength in certain pockets in the December quarter in our gross margin profile. So gross margin profile was higher in the December quarter than our recent trend. And what we're guiding forward is something that's consistent with our recent trends. So any upside to that would be something that, of course, we're going to try to execute on, but it'll be upside to our guidance.

其次，在我們的毛利率狀況中，我們確實在 12 月季度的某些領域看到了一些優勢。因此，12 月季度的毛利率高於我們最近的趨勢。我們正在引導的是與我們最近的趨勢一致的東西。因此，當然，我們將嘗試執行此操作的任何好處，但這將有利於我們的指導。

And if I can follow-up on QTL margins. So you're guiding 68% on whatever it is, $1.35 billion at the midpoint. In 2019, you were actually running higher than that. You were at like $1.1 billion to $1.3 billion, so lower revenues. And you've had margins that were in line to higher than what you're guiding now with legal costs that presumably were higher. So like what's going on in the QTL side? Why aren't margins higher on this revenue level?

如果我能跟進 QTL 利潤。所以無論是什麼，你都在指導 68%，中點是 13.5 億美元。在 2019 年，你實際上跑得比這更高。你的收入在 11 億到 13 億美元之間，因此收入較低。而且您的利潤率與您現在所指導的水平一致，而法律成本可能更高。那麼就像 QTL 方面發生了什麼？為什麼這個收入水平的利潤率沒有更高？

Yes, Stacy, there's no something specific going on. I mean, if you go back to Analyst Day, and I don't have the 2019 numbers in front of me. But if you go back to Analyst Day, what we laid out in front of you for the full year for QTL where we thought the margin for the year would be higher than 70% with Huawei resolved. We are very much executing to the target we laid out. We think we're in a good place to execute on it.

是的，史黛西，沒有具體的事情發生。我的意思是，如果你回到分析師日，我面前沒有 2019 年的數字。但是，如果您回到分析師日，我們為 QTL 全年在您面前展示的內容是我們認為華為解決後全年的利潤率將高於 70%。我們非常執行我們制定的目標。我們認為我們處於執行它的好地方。

Our next question comes from Blayne Curtis with Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

Just revisiting on the margin side. Given the shortages you're seeing, I'm just kind of -- if you just comment on your input costs and whether that's kind of rolled in yet or whether that's an impact kind of going forward to QCT margins?

只是在邊緣方面重新審視。鑑於你看到的短缺，我只是——如果你只是評論你的投入成本，以及這是否已經滾入，或者這是否會對 QCT 利潤率產生影響？

Yes. I think, Blayne, as you'd expect, a lot of our conversations with the customers and suppliers around how we address supply. And our agreements on price generally tend to be longer term. So really, that's where we are focused on is kind of being good partners to our customers and focusing on supply. Margin is consistent with our recent history, and that's what's reflected in the guidance.

是的。我想，Blayne，正如你所期望的那樣，我們與客戶和供應商就我們如何解決供應問題進行了很多對話。我們的價格協議通常是長期的。所以真的，這就是我們關注的地方是成為我們客戶的好合作夥伴並專注於供應。保證金與我們最近的歷史一致，這就是指導中所反映的。

And then just for the June quarter, the doubling of QCT profits. I think obviously, the new large customer, you may be seasonally down there. Just on the Android side, that's typically a stronger quarter, particularly if the market is going to double. So just kind of the moving pieces because it looks like QCT would be down sequentially from March to June to get that doubling of profit. So just any perspective on your outlook with Android within that.

然後僅在 6 月季度，QCT 利潤翻了一番。我想很明顯，新的大客戶，你可能是季節性的。就 Android 而言，這通常是一個更強勁的季度，特別是如果市場要翻倍的話。所以只是一種移動部分，因為看起來 QCT 將從 3 月到 6 月連續下降，以獲得翻倍的利潤。因此，您可以從任何角度看待您對 Android 的看法。

Yes. Blayne, there isn't a specific trend that I'd like to point out there. I think our -- the strength of our business remains consistent between the quarters on Android.

是的。 Blayne，沒有我想指出的特定趨勢。我認為我們的 - 我們的業務實力在 Android 的各個季度之間保持一致。

Yes. Maybe -- this is Cristiano. I just want to add a small data point. If you -- there is as a cash out line, seasonality because of 1 large U.S. customer. But if you look of what is happening outside that, actually, we're very happy with what we see in terms of premium and high-tier share gains. I pointed to the addressable market that is becoming available to us from Huawei, and that's going to be a growth story, especially for the QCT premium and high-tier as we go throughout the quarters.

是的。也許——這是克里斯蒂亞諾。我只想添加一個小數據點。如果您 - 由於 1 個美國大客戶，有一個提現線，季節性。但如果你看看在這之外發生了什麼，實際上，我們對我們在溢價和高水平股票收益方面所看到的感到非常滿意。我指出了華為正在為我們提供的潛在市場，這將是一個增長的故事，特別是對於我們整個季度的 QCT 高端和高端市場。

Our next question comes from Tal Liani with Bank of America.

我們的下一個問題來自美國銀行的 Tal Liani。

You guided smartphone to be going up, going from minus 12% last year to go up high single-digit this year. Can you give us like a little bit of color of regions, also kind of types of smartphones, any color on the composition of the growth this year?

您引導智能手機上漲，從去年的負 12% 上升到今年的高個位數。你能給我們一些地區的顏色，還有智能手機的種類，今年的增長構成上的任何顏色嗎？

Yes. Tal, this is Akash. So really, what our guidance, just to reiterate it, we were saying the market was down 12%, '19 to '20, calendar '19 to calendar '20, and would grow in high single digits from '20 to '21. And this reflects kind of continuing COVID impact in the first half and then recover in the second half. Really within that market, what's the critical driver for us is how 5G plays out. And so if you look at our 5G forecast, we're expecting it to go up from $225 million in calendar '20 to a midpoint of $500 million. So very strong growth, and that's kind of the key driver for us in terms of how our revenue expands on the chip side.

是的。塔爾，這是阿卡什。所以說真的，我們的指導是什麼，只是重申一下，我們說市場下跌了 12%，從 19 年到 20 年，從 19 年到 20 年，並且從 20 年到 21 年將以高個位數增長。這反映了上半年持續的 COVID 影響，然後在下半年恢復。真正在那個市場中，對我們來說，關鍵驅動因素是 5G 的發展方式。因此，如果您查看我們的 5G 預測，我們預計它將從 20 年日曆的 2.25 億美元上升到 5 億美元的中點。如此強勁的增長，就我們的收入如何在芯片方面擴大而言，這是我們的關鍵驅動力。

And then maybe last thing I'll point out is to Cristiano's comment earlier, Huawei has been a very large OEM, and it was really from a chip perspective, it was mostly HiSilicon that was satisfying the demand. Now with the change in the market, we have kind of 16% of the market that was not available to us before being available. So as we kind of look further out, we see this as a pretty material expansion of SAM for us.

然後也許我要指出的最後一件事是Cristiano之前的評論，華為一直是一個非常大的OEM，而且從芯片的角度來看，主要是海思滿足了需求。現在隨著市場的變化，我們有 16% 的市場在可用之前是不可用的。因此，當我們看得更遠時，我們認為這對我們來說是 SAM 的一個非常重要的擴展。

So just as a follow-up. If the market is going from declines to growth, what's the impact on QTL at the high level, meaning is this growth going to be in high-end countries where anyway, you're hitting the limit of the ceiling for the price of $400? Or is it going to be mostly in developing markets where the growth in -- the improvement in growth can translate also improvement in the total addressable market, meaning units times price. I'm trying to understand the impact of the ceiling to the price for QTL.

所以只是作為一個後續。如果市場從下降走向增長，對 QTL 高水平的影響是什麼，這意味著這種增長將出現在高端國家，無論如何，你已經達到了 400 美元價格的上限？還是主要在發展中市場增長——增長的改善也可以轉化為總目標市場的改善，這意味著單位乘以價格。我試圖了解上限對 QTL 價格的影響。

Yes. So I think from a QTL perspective, the way we see 5G benefiting the ASP is as 5G goes into lower tiers. Below the ceiling, it kind of mix richer for us as people upgrade devices, they buy more expensive devices, and that would be the opportunity for QTL. But we -- again, we're not planning that into our forecast at this point, and we see it as a potential upside as it materializes.

是的。所以我認為從 QTL 的角度來看，我們看到 5G 使 ASP 受益的方式是 5G 進入較低層次。在天花板之下，隨著人們升級設備，他們購買更昂貴的設備，這對我們來說更加豐富，這將是 QTL 的機會。但是我們 - 同樣，我們目前沒有計劃將其納入我們的預測，我們認為它是實現的潛在上行空間。

Our next question comes from Ross Seymore with Deutsche Bank.

我們的下一個問題來自德意志銀行的羅斯·西莫爾。

A question in -- first of all, congratulations to both Steve and Cristiano. I wanted to go back on the QCT side to the China dynamic and that 16% increase in your SAM. How are you guys handling the potential inventory dynamic where the Honor side might keep the share and you could get design wins there, but all of the aspiring share gainers are also going to build to take share? So the potential for inventory coming back. I realize in a period of shortage, it might not be an issue for you, but how are you managing avoiding that pitfall?

一個問題——首先，祝賀史蒂夫和克里斯蒂亞諾。我想在 QCT 方面回到中國動態以及 SAM 增加 16% 的情況。你們如何處理潛在的庫存動態，榮譽方面可能會保留份額並且您可以在那裡獲得設計勝利，但所有有抱負的份額獲得者也將建立以獲取份額？因此，庫存回歸的潛力。我意識到在短缺時期，這對你來說可能不是問題，但你是如何避免這個陷阱的呢？

Yes. Ross, it's Akash. It's definitely something that we're trying to manage carefully. I mean, we do have very strong demand from various OEMs. But as you rightly pointed out, it really is more of a supply-driven market. And so we have more opportunity to sell and increase our revenue then we can supply at this point. So it's really -- that's the primary focus, and we don't really have any inventory concerns at this point with our customers.

是的。羅斯，是阿卡什。這絕對是我們正在努力謹慎管理的事情。我的意思是，我們確實有來自各種 OEM 的非常強勁的需求。但正如你正確指出的那樣，它實際上更像是一個供應驅動的市場。所以我們有更多的機會來銷售和增加我們的收入，然後我們現在可以供應。所以它真的 - 這是主要關注點，我們目前對我們的客戶沒有任何庫存問題。

If I can...

如果我能...

And as my follow-up...

而作為我的後續...

Ross, this is Cristiano. I just want to add 1 thing. Given the size of those customers, the semiconductor supply chain is probably sized for what the market size is. So that in itself provides some correction on inventory.

羅斯，這是克里斯蒂亞諾。我只想添加 1 件事。鑑於這些客戶的規模，半導體供應鏈的規模可能與市場規模相符。因此，這本身就可以對庫存進行一些修正。

Great. I guess as my follow-up, if I went back to the margin side of things. It seems like you're guiding the implied gross margin down about 3 points sequentially in the March quarter. And I understand QTL goes down and QCT up. So from a mix perspective, that would happen, but it's still a little bit greater than I would have expected. You answered in the prior question, Akash, a little bit about a normalization that you're assuming there. I wanted to dive a little into what was driving the upside in the December quarter? And why would that change going into the March quarter?

偉大的。我想作為我的後續行動，如果我回到事情的邊緣。看起來你正在引導隱含毛利率在 3 月季度連續下降約 3 個百分點。我知道 QTL 下降而 QCT 上升。所以從混合的角度來看，這會發生，但它仍然比我預期的要大一點。您在上一個問題 Akash 中回答了一些關於您在那裡假設的規範化的問題。我想深入了解推動 12 月季度上漲的因素是什麼？為什麼這種變化會進入三月季度？

Yes. So I think, Ross, it was -- the December quarter upside was just driven by mix across businesses, and we have certain customers who made purchases earlier than they would usually purchase. So it's just more operational mix that drove the upside. And so we're not forecasting that at this point going forward.

是的。所以我認為，羅斯，這是 - 12 月季度的上漲只是由跨業務組合推動的，我們有某些客戶比他們通常購買的時間更早購買。因此，推動上漲的只是更多的運營組合。所以我們現在沒有預測到這一點。

Our next question comes from Matt Ramsay with Cowen.

我們的下一個問題來自 Matt Ramsay 和 Cowen。

For my first question, which I think a number of folks have asked about this 16% of the market that was Huawei that's now available to you. And I think you guys all answered about potential inventory build up to this point. But no secret that Huawei had been building finished goods and semiconductor inventories going into this situation. Cristiano, any thoughts as to how long they can remain in the market and win that opportunity to -- for share shift may present itself to you guys from a timing perspective?

對於我的第一個問題，我認為很多人已經問過這 16% 的市場，即華為現在可供您使用。我認為你們都回答了到目前為止潛在的庫存積累。但華為在這種情況下一直在建立成品和半導體庫存，這已經不是什麼秘密了。克里斯蒂亞諾，關於他們可以在市場上停留多久並贏得這個機會的任何想法 - 因為從時間的角度來看，股票轉移可能會呈現給你們？

Matt, thanks for your question. Look, we measure those things based on the design activity. And Huawei can really predict how much inventory they have. Especially on the high and premium tiers, whether you get range through a carrier in the portfolio or you get range in the retailer, the market is already moving. And as I said earlier, we have -- we've seen very strong design activity. We are in a positive position because we're very well hedged. If iOS wins, if Samsung Android wins, if Vivo, Oppo, Xiaomi wins or even if, over time, companies like Owner wins, we're very well positioned there. And we'll see how they play out. But I will say that because of how distributors and the carriers think about it, the portfolio is already switching, and that's reflecting in the design activity we see right now.

馬特，謝謝你的提問。看，我們根據設計活動來衡量這些東西。而且華為真的可以預測他們有多少庫存。尤其是在高端和高端級別，無論您是通過投資組合中的運營商獲得範圍，還是通過零售商獲得範圍，市場已經在發生變化。正如我之前所說，我們已經看到了非常強大的設計活動。我們處於積極的位置，因為我們的對沖非常好。如果 iOS 贏了，如果三星 Android 贏了，如果 Vivo、Oppo、小米贏了，或者即使隨著時間的推移，像 Owner 這樣的公司贏了，我們都處於非常有利的位置。我們將看看他們是如何發揮作用的。但我會說，由於分銷商和運營商的想法，產品組合已經在轉換，這反映在我們現在看到的設計活動中。

Got it. I guess an unrelated follow-up question. I was interested in the acquisition of NUVIA. The team had made some changes on the CPU side a few years ago to be, I think, more dependent on, I guess, licensed cores directly from ARM for the Snapdragon portfolio. And I wonder what the acquisition of NUVIA might signal around your intentions there, number one. And number two, about ambitions into markets that include Chromebooks, Notebooks, 5G connected consumer devices, et cetera. If there's any comments there on the TAM, Akash, that would be helpful.

知道了。我猜是一個不相關的後續問題。我對收購 NUVIA 很感興趣。幾年前，該團隊在 CPU 方面進行了一些更改，我認為，我想，我想更多地依賴於直接從 ARM 授權的內核用於 Snapdragon 產品組合。我想知道收購 NUVIA 可能會圍繞你的意圖發出什麼信號，第一。第二，關於進入 Chromebook、筆記本、5G 連接消費設備等市場的雄心。如果對 TAM 有任何意見，Akash，那會很有幫助。

So Matt, let me just start, and I'll shift to Akash to talk about the TAM. Look, we're very excited about that acquisition. And it's probably very clear. If you look on the announcement we made, one thing that was really incredible is the support we received from the mobile ecosystem. Every single OEM was there with the exception of 2, which -- it doesn't really apply to them. And then you have the entire computing ecosystem there, both across the Windows and Chrome. For us, it basically reflects this view that we had of full conversions between mobile and computing. I think we're in the very beginning of that with our Windows and Snapdragon program. And create opportunities for us to do a step function increase in performance with the power advantage of Qualcomm, both across premium smartphones as well as the computing segment. And that is likely to be a key differentiation for Qualcomm going forward.

那麼，Matt，讓我開始吧，我將轉到 Akash 來談談 TAM。看，我們對這次收購感到非常興奮。這可能非常清楚。如果您查看我們發布的公告，真正令人難以置信的一件事是我們從移動生態系統獲得的支持。除了 2 之外，每個 OEM 都在那裡，這並不真正適用於他們。然後你就有了整個計算生態系統，包括 Windows 和 Chrome。對我們來說，它基本上反映了我們對移動和計算之間完全轉換的看法。我認為我們的 Windows 和 Snapdragon 計劃才剛剛開始。並為我們創造機會，利用高通的功率優勢，在高端智能手機和計算領域，逐步提高性能。這可能是高通未來的一個關鍵差異化。

And really for the -- if you think about the addressable market for the PC and the Chromebooks market, this is over a couple of hundred million of units, right? So it's a very large market. And what's really important for us is to be able to combine CPU -- leading CPU technology, along with the other assets that we have in mobile and address this market in a differentiated fashion. And so we feel pretty good about our ability to do that.

真的是——如果你考慮一下 PC 和 Chromebook 市場的潛在市場，這已經超過了幾億台，對吧？所以這是一個非常大的市場。對我們來說真正重要的是能夠結合 CPU——領先的 CPU 技術，以及我們在移動領域擁有的其他資產，並以差異化的方式應對這個市場。因此，我們對自己的能力感到非常滿意。

I'll also say the CPU has a lot of implications outside mobile phones and PC market along with -- into auto and IoT as well. So it's an asset that's going to be broadly relevant to the end markets we pursue.

我還要說 CPU 在手機和 PC 市場之外還有很多影響——汽車和物聯網也是如此。因此，這是一項與我們追求的終端市場廣泛相關的資產。

Our next question comes from Mitch Steves with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Mitch Steves。

I just had a couple of questions here. Just kind of checking back on the inventory thing, kind of looking at the full year. So maybe first, I mean, how does Qualcomm kind of mitigate the idea that some people are overbuilding on the smartphone side, trying to gain share from Huawei? And we're going to have a back half kind of drop off. And then secondly, maybe a better way to ask this question. I know you guys won't give full year guidance. But if I look at the full year in terms of calendar year basis, what kind of balance do you guys think the revenue is going to look like? Is it going to be more 45% -- 55%? Just how should a calendar year look like now that Apple is kind of a major customer for you guys?

我在這裡有幾個問題。只是回顧一下庫存，看看全年。所以也許首先，我的意思是，高通如何減輕一些人在智能手機方面過度建設的想法，試圖從華為那裡獲得份額？而且我們將有一個後半部分的下降。其次，也許是問這個問題的更好方法。我知道你們不會提供全年指導。但是，如果我從日曆年的基礎上看全年，你們認為收入會是什麼樣的平衡？會不會超過 45% - 55%？既然蘋果是你們的主要客戶，那麼日曆年應該是什麼樣子？

On your second question, if you just look at our profile of customers, right? As we go past the third quarter and go into the fourth quarter, we're going to have flagship devices being launched again, going all the way to the holiday season. So it does become a kind of pretty -- area of strength as we go into September and December quarter relative to June. So we are expecting revenues to grow significantly, not just in mobile, but then RF front-end that goes with it. And then also in IoT and auto, we're continuing to see strength in the design win pipeline. So it's really across the board.

關於第二個問題，如果您只看我們的客戶資料，對嗎？隨著第三季度進入第四季度，我們將再次推出旗艦設備，一直持續到假期。因此，相對於 6 月，當我們進入 9 月和 12 月季度時，它確實成為一種漂亮的力量領域。因此，我們預計收入將顯著增長，不僅是在移動領域，而且是隨之而來的射頻前端。然後在物聯網和汽車領域，我們繼續看到設計贏得管道的力量。所以它真的是全面的。

And maybe to your first question, Mitch, maybe reiterating what we said before. We don't see -- I think we heard a lot in this call about discrepancy between sell-in and sell-out. We don't see that. We actually see demand outpacing supply, and the supply availability is what's really regulating the market. So we're not too concerned about that at this point.

對於你的第一個問題，米奇，也許是重申我們之前所說的話。我們沒有看到 - 我認為我們在這次電話會議中聽到了很多關於賣出和賣出之間差異的信息。我們沒有看到。我們實際上看到需求超過供應，而供應的可用性才是真正調節市場的因素。因此，我們目前並不太擔心這一點。

I guess, maybe if I could sneak this in. So I guess, what do you think is causing that demand surge? Is it just 5G? I'm just curious as to what's giving you guys the confidence that continues for the rest of the year.

我想，如果我可以偷偷溜進去的話。所以我想，你認為是什麼導致了需求激增？只是5G嗎？我只是好奇是什麼讓你們在今年餘下的時間裡充滿信心。

Sorry, Mitch, can you repeat that question?

抱歉，米奇，你能重複一下這個問題嗎？

So you guys are saying you're confident that demand is outstripping supply and the sell-through is fine. So I'm curious as to why you believe the demand is there and it's so significant versus prior cycles.

所以你們說你們有信心需求超過供應並且銷售很好。所以我很好奇為什麼你認為需求存在並且與之前的周期相比如此重要。

Yes. Cristiano. Let me address that again. It's a couple of things, right? We have been saying, and I think that's been the key driver in QCT. We are growing on a market that grows single digit. We're growing fast in the market. It's both, I think, our expansion into 5G as well as the addressable market that is expanding for us, the Huawei, 16% example. That's one. The other one is we have seen good numbers on 5G. We -- for the calendar year, we actually -- the range, we went to the high end of the guide, which is 225 million 5G units. And our guide for in '21, it's -- I think, the upper side of the guide is in the 550 million. So the 5G transition is robust. Device ecosystem has moved on, and we see an expansion of addressable market. That is all giving confidence. And the supply chain situation, I said earlier, has been broad across the industry, is not unique to handset. We also saw the acceleration of digital transformation across the industry and the V-shape recovery, but it should get normalized towards the later part of 2021.

是的。克里斯蒂亞諾。讓我再說一遍。這是幾件事，對吧？我們一直在說，我認為這是 QCT 的關鍵驅動力。我們正在一個個位數增長的市場上成長。我們在市場上快速增長。我認為，這既是我們向 5G 的擴張，也是我們正在擴張的潛在市場，華為 16% 的例子。那是一個。另一個是我們在 5G 上看到了不錯的數字。我們——實際上，在日曆年——範圍，我們達到了指南的高端，即 2.25 億個 5G 單元。我們在 21 年的指南是——我認為，指南的上限是 5.5 億。因此，5G 過渡是穩健的。設備生態系統已經發展，我們看到了潛在市場的擴大。這都是給人信心。而供應鏈的情況，我之前說過，整個行業都很廣泛，並不是手機獨有的。我們還看到了整個行業的數字化轉型加速和 V 型複蘇，但應該會在 2021 年下半年恢復正常。

Our next question comes from the line of Brett Simpson with Arete Research.

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

I just wanted to dig in a bit on the shortages that you flagged. Just specifically, what is the main sort of source here of the shortages? Is it more sort of 5-nanometer yield challenges you're seeing and that's sort of impacting the premium flagship segment that you operate in? Or is it more sort of P mix and what's happening with SMIC? I mean, can you maybe just talk a bit more about some of the challenges you're having here? And specifically, when do you think we come out of this shortage situation? Is it going to be the June quarter? Or do you have to wait for the second half before things get back to normal?

我只是想深入了解一下您指出的短缺問題。具體來說，短缺的主要來源是什麼？您所看到的 5 納米良率挑戰是否會影響到您所經營的高端旗艦市場？或者它更像是一種 P 組合以及中芯國際發生了什麼？我的意思是，你能多談談你在這裡遇到的一些挑戰嗎？具體來說，您認為我們什麼時候才能擺脫這種短缺局面？會是六月季度嗎？還是要等下半場才能恢復正常？

Thank you for the question. Look, the simple answer is the shortage in the semiconductor industry is across the board, not only leading nodes, but also legacy nodes. You should think about that is used -- legacy process is used in a lot of automotive. It's used in all of the networking products and consumer electronics. And also you see that in a lot of the attaches, whether power management chips or RF chips. So the V-shape recovery that we've seen across the industry and all of the accelerated digitization is driving semiconductors, and we've seen that across the board.

感謝你的提問。看，簡單的答案是半導體行業的短缺是全面的，不僅是領先節點，還有遺留節點。您應該考慮使用它 - 很多汽車都使用傳統流程。它用於所有網絡產品和消費電子產品。您還可以在很多附件中看到這一點，無論是電源管理芯片還是射頻芯片。因此，我們在整個行業中看到的 V 型複蘇和所有加速的數字化正在推動半導體行業，我們已經全面看到了這一點。

Specific to a 5 nanometer, I think we're ramping a new process. It's very consistent to our expectations. I would argue that we probably throw a ramp of a new process with our partner. This time, we ship more in the quarter early in the ramp for Snapdragon 800. And we expect to question this to normalize towards the later part of 2021 as capacity is put in place. And we see some of the demand across other sectors of the industry to catch up with supply.

具體到 5 納米，我認為我們正在加速一個新工藝。這非常符合我們的預期。我會爭辯說，我們可能會與我們的合作夥伴一起推出一個新流程。這一次，我們在 Snapdragon 800 斜坡初期的季度出貨量更多。隨著產能到位，我們預計到 2021 年下半年會正常化。我們看到該行業其他部門的一些需求趕上供應。

Okay. And maybe just a follow-up on QTL. So I mean, you spoke a lot about some of the success you're having in QCT regarding autos, and you referenced 20 of the top 25 automakers using the cockpit platform, and you've got an 8.3 billion backlog. How do we think about the QTL opportunity here for -- specifically for autos? I mean, is there something you can share with us in terms of how royalty agreements are going here? And what sort of royalty rates we can expect for 5G, given the use cases are very different in autos going forward?

好的。也許只是 QTL 的後續行動。所以我的意思是，你談到了 QCT 在汽車方面取得的一些成功，你提到了使用駕駛艙平台的前 25 家汽車製造商中的 20 家，你有 83 億的積壓訂單。我們如何看待這裡的 QTL 機會——特別是汽車？我的意思是，關於版稅協議的進展情況，您有什麼可以與我們分享的嗎？鑑於未來汽車的用例非常不同，我們可以期待 5G 的專利費率是多少？

This is Alex. Thanks for the question. We've had a long-term licensing program in automotive telematics for 3G/4G. We're actually having quite good success with our 5G licensing. Of course, not a lot of 5G units have hit the road yet. We haven't released details of the licensing program or the particular royalty structure at this point in time, but maybe some point in the future.

這是亞歷克斯。謝謝你的問題。我們在 3G/4G 的汽車遠程信息處理方面擁有長期許可計劃。實際上，我們在 5G 許可方面取得了相當大的成功。當然，目前還沒有很多 5G 設備上路。我們目前尚未發布許可計劃或特定版稅結構的詳細信息，但可能會在未來某個時候發布。

Our next question comes from C.J. Muse with Evercore.

我們的下一個問題來自於 Evercore 的 C.J. Muse。

I guess, first question. With RF front-end doubling calendar '20 versus calendar '19, curious if there's a framework that you could provide in thinking about the growth trajectory into '21. Obviously, you have 2 quarters now of Apple millimeter wave in there. Would love to hear any thoughts that you could provide in terms of how to think about the growth here in '21 and beyond, if you can.

我猜，第一個問題。使用 RF 前端將日曆 '20 與日曆 '19 翻倍，好奇是否有一個框架可以提供來考慮到 '21 的增長軌跡。顯然，您現在有 2 個季度的 Apple 毫米波。如果可以的話，很想听聽您在如何思考 21 年及以後的增長方面提供的任何想法。

Yes. C.J., it's Akash. At Analyst Day, we laid out kind of the financial targets for the RF front-end business. We said we want to be greater than 20% of an $18 billion market. We're very confident that we are on our way to achieving that in an accelerated fashion versus the time line we've laid out. So we'd said we'd get there in '22, and we feel like we're there -- able to get there in an accelerated fashion. So pretty happy about that.

是的。 C.J.，是阿卡什。在分析師日，我們制定了射頻前端業務的財務目標。我們說過，我們希望在 180 億美元的市場中佔有 20% 以上的份額。我們非常有信心，與我們制定的時間表相比，我們正在以更快的方式實現這一目標。所以我們說我們會在 22 年到達那裡，我們覺得我們在那裡——能夠以加速的方式到達那裡。對此非常高興。

Okay. That's helpful. As my follow-up. You've had a number of questions, I guess, on the supply constraints front and EBT margins for QCT. But I guess I wanted to ask a little bit differently. In terms of higher wafer and OSAT costs, and you talked earlier about how you have longer-term contracts with set pricing. Curious how we should be thinking about perhaps higher costs earlier in the year versus later in the calendar year. And what that might mean for the trajectory of QCT margins over time. And I guess, as part of that, you showed great growth from 14% to 22% in calendar '20, considering your outlook for 5G. Should we be seeing another kind of stair-step higher for margins there?

好的。這很有幫助。作為我的後續。我猜，您對 QCT 的供應限制和 EBT 利潤有很多疑問。但我想我想問一些不同的問題。就更高的晶圓和 OSAT 成本而言，您之前談到瞭如何以固定價格簽訂長期合同。好奇我們應該如何考慮今年早些時候與日曆年晚些時候相比可能更高的成本。這對於 QCT 利潤率隨時間的變化軌跡可能意味著什麼。我想，作為其中的一部分，考慮到您對 5G 的展望，您在 20 年日曆中顯示出從 14% 到 22% 的巨大增長。我們是否應該在那裡看到另一種更高的利潤率？

Yes. C.J., from a wafer cost and fab cost perspective, really kind of not much of a story for us. It's very consistent with what we had expected before, and we feel confident that we can execute to the margin profiles that we've outlined, both kind of from an Analyst Day, long-term perspective and also guidance we are providing. Really, as you look at the second half of the year, we're looking forward to strong revenue growth across all of our businesses. And of course, the margin will benefit from that as well just as we get scale and the operating leverage benefit shows up.

是的。 C.J.，從晶圓成本和晶圓廠成本的角度來看，對我們來說真的沒什麼大不了的。這與我們之前的預期非常一致，我們相信我們可以執行我們概述的利潤率配置，無論是從分析師日、長期角度還是我們提供的指導。確實，當您回顧今年下半年時，我們期待著我們所有業務的收入都實現強勁增長。當然，正如我們獲得規模和運營槓桿效益一樣，利潤率也會從中受益。

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

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

I guess, my first question is just on QCT. So you had guided QCT down, I think, 15% for March last call. And now it's down just a little bit off of the December base. It was about as you guided. So -- and that's even despite some of the constraints that you had talked about. So the story really is that March, on the component side, is even better than what you thought it was 3 months ago, but that's despite sell-through on the licensing side being actually a little bit worse than you thought due to COVID. So I guess, the first question is, why is QCT so much better than what you saw 3 months ago? And this was the fourth quarter where these 2 businesses are sort of going in opposite direction. So I guess, I wanted to better understand why, Cristiano, why you think that's a problem as you get into the back half of the year?

我想，我的第一個問題只是關於 QCT。所以你引導 QCT 在 3 月份的最後一次電話會議中下降了 15%。現在它只比 12 月的基數下降了一點點。就像你指導的那樣。所以——儘管你已經談到了一些限制。所以故事真的是，在組件方面，3 月份甚至比你認為的 3 個月前還要好，但儘管由於 COVID 的原因，許可方面的銷售實際上比你想像的要差一些。所以我想，第一個問題是，為什麼 QCT 比你 3 個月前看到的要好得多？這是第四季度，這兩項業務的發展方向相反。所以我想，我想更好地理解為什麼，克里斯蒂亞諾，為什麼你認為這是一個問題，因為你進入了下半年？

Tim, it's Akash. One of the things we -- one of the key factors that kind of drives the 2 businesses going in different direction in this case is this just timing of purchases by large customers. And so we saw some accelerated purchases in -- going into the March quarter versus June. And so it's just depending on how the inventory strategies play out for different customers. The timing makes an impact as to when we see the improvement in our financial performance. But the underlying trend, there is no kind of specific story. It's just how things play out based on sell-through and timing of when people buy parts.

蒂姆，我是阿卡什。我們的一件事——在這種情況下，推動兩家企業朝著不同方向發展的關鍵因素之一就是這只是大客戶購買的時機。因此，我們看到一些加速購買 - 與 6 月相比，進入 3 月季度。因此，這僅取決於庫存策略如何針對不同的客戶發揮作用。時機會影響我們何時看到財務業績的改善。但潛在的趨勢，並沒有具體的故事。這只是根據銷售情況和人們購買零件的時間來決定事情的發展方式。

Look, if I can add 1 thing, just real quick. Also, maybe it's the beginning of this process. But QCT is showing also other growth drivers, like the automotive growth driver, the IoT growth drivers. So over time, as the business gets more diversified, I think you're going to have probably less correlation between the 2.

看，如果我可以添加 1 件事，真的很快。此外，也許這是這個過程的開始。但 QCT 也展示了其他增長動力，例如汽車增長動力、物聯網增長動力。因此，隨著時間的推移，隨著業務變得更加多元化，我認為這兩者之間的相關性可能會降低。

And I guess, my last question is on millimeter-wave. So I guess, the first 100 megahertz of C-band is going to clear at the end of this year. And it seems like the big U.S. carrier that was kind of driving that is going to maybe shift some of their CapEx over to build out C-band the next 2 years. I know some of the other U.S. carriers are talking about building out a millimeter-wave in 2023 and beyond. Can you just talk about the pace of adoption for millimeter-wave? Obviously, you have a lot of leverage there. Do you think it's going to be lumpy? Or do you just see it growing from here?

我想，我的最後一個問題是關於毫米波的。所以我猜，C波段的前100兆赫茲將在今年年底清除。似乎這家正在推動的美國大型運營商可能會在未來 2 年內將部分資本支出轉移到 C 波段。我知道其他一些美國運營商正在談論在 2023 年及以後建造毫米波。你能談談毫米波的採用速度嗎？顯然，你在那裡有很大的影響力。你認為它會是塊狀的嗎？或者你只是看到它從這裡開始生長？

This is Cristiano. Look, we are very pleased with what we're seeing millimeter-wave. As we restate what we said, I think you need millimeter-wave for the full potential of 5G, and especially as you look at some of the more advanced applications beyond smartphones. Millimeter-wave continue to be a requirement for the premium devices in the United States. We're very pleased to see that one of our large customer had brought millimeter-wave across all price points of their devices. In this quarter, we saw Germany with the auction rules starting for millimeter-wave at 26 gigahertz. And we continue to see activity indicating that China, it's likely to have millimeter-wave for 2022. So we're happy what we see. It's progressing as we plan. And as you said it correctly, millimeter-wave is probably an accelerator of our 1.5 multiplier in QCT.

這是克里斯蒂亞諾。看，我們對所看到的毫米波感到非常滿意。正如我們重申我們所說的那樣，我認為您需要毫米波來充分發揮 5G 的潛力，尤其是當您看到智能手機以外的一些更高級的應用程序時。毫米波仍然是美國高端設備的要求。我們很高興看到我們的一位大客戶在其設備的所有價位上都採用了毫米波技術。在本季度，我們看到德國的拍賣規則從 26 GHz 的毫米波開始。我們繼續看到活動表明中國很可能在 2022 年擁有毫米波。所以我們對我們所看到的感到高興。它正在按照我們的計劃進行。正如你所說的那樣，毫米波可能是我們 QCT 中 1.5 倍頻器的加速器。

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

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

Yes. Thank you. First of all, I want to thank folks who gave the kind words on the call. I know Cristiano feels the same way. This is actually, if I count correctly, my 50th earnings call. So I appreciate the hard work from the Qualcomm team making it a record. I look forward to seeing where the company goes. It's exceedingly well positioned. And thank you all for joining us today. Thank you.

是的。謝謝你。首先，我要感謝那些在電話中說客氣話的人。我知道克里斯蒂亞諾也有同感。如果我計算正確，這實際上是我的第 50 次收益電話會議。因此，我感謝高通團隊的辛勤工作，使其創紀錄。我期待看到公司的發展方向。它的位置非常好。感謝大家今天加入我們。謝謝你。

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

女士們，先生們，今天的電話會議到此結束。您現在可以斷開連接。