高通 (QCOM) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm Third Quarter Fiscal 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded July 27, 2022. The playback number for today's call is (877) 660-6853. International callers, please dial (201) 612-7415. The playback reservation number is 13731134.

女士們，先生們，感謝您的聆聽。歡迎參加高通2022財年第三季財報電話會議。 （接線生指示）溫馨提示：本次電話會議將於2022年7月27日錄製。今日電話會議的回放號碼為(877) 660-6853。國際電話請撥(201) 612-7415。回放預約號碼為13731134。

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

現在我想把電話轉給投資人關係副總裁 Mauricio Lopez-Hodoyan。 Lopez-Hodoyan 先生，請繼續。

Thank you, and good afternoon, everyone. Today's call will include prepared remarks by Cristiano Amon and Akash Palkhiwala. In addition, Alex Rogers will join the question-and-answer session. You can access our earnings release and a slide presentation that accompany this call on our Investor Relations website. In addition, this call is being webcast on qualcomm.com, and a replay will be available on our website later today.

謝謝大家，下午好。今天的電話會議將包括克里斯蒂亞諾·阿蒙和阿卡什·帕爾基瓦拉的演講。此外，亞歷克斯·羅傑斯也將參加問答環節。您可以在我們的投資者關係網站上查看本次電話會議的財報和投影片簡報。此外，本次電話會議將在 qualcomm.com 上進行網路直播，重播將於今天晚些時候在我們的網站上提供。

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.

在今天的電話會議中，我們將使用G條例定義的非公認會計準則 (Non-GAAP) 財務指標，您可以在我們的網站上找到與公認會計準則 (GAAP) 相關的對帳表。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、業務或財務表現的預測和估計。

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

實際事件或結果可能與我們的前瞻性陳述中的預測有重大差異。請參閱我們向美國證券交易委員會 (SEC) 提交的文件，包括我們最新的 10-K 報表，其中包含可能導致實際結果與前瞻性陳述有重大差異的重要因素。現在來看看 Qualcomm 總裁兼執行長克里斯蒂亞諾·阿蒙的評論。

Thank you, Mauricio, and good afternoon, everyone. Thanks for joining us today. I'm very pleased with our performance in fiscal Q3 and how we continue to execute on our long-term vision of enabling a world where everyone and everything is intelligently connected. As we continue to scale our one technology road map across new industries and applications, we are transforming Qualcomm from a communications company for the mobile industry into a connected processor company for the intelligent edge.

謝謝你，毛里西奧，大家下午好。感謝大家今天加入我們。我對我們第三財季的業績感到非常滿意，也對我們持續推進「人人萬物智能互聯」的長期願景感到欣慰。隨著我們持續在新產業和新應用領域擴展我們的「一體化」技術路線圖，我們正在將高通從一家面向行動產業的通訊公司轉型為一家面向智慧邊緣的互聯處理器公司。

This quarter, we delivered revenues of $10.9 billion and non-GAAP earnings of $2.96 per share, driven by solid results in both our chipset and licensing businesses. In our chipset business, revenues of $9.4 billion were up 45% year-over-year with record revenues in IoT and automotive, demonstrating the success of our diversification strategy.

本季度，我們營收達109億美元，非公認會計準則每股收益2.96美元，這得益於晶片組業務和授權許可業務的強勁表現。晶片組業務營收達94億美元，年增45%，其中物聯網和汽車業務營收創歷史新高，彰顯了我們多元化策略的成功。

Before I highlight a few notable milestones this quarter, I would like to update you on an important development in our relationship with Samsung. We're very pleased to report that Qualcomm and Samsung have entered a new multiyear agreement starting in 2023, expanding the use of Snapdragon platforms for future premiums Samsung Galaxy products globally.

在重點介紹本季幾個值得關注的里程碑之前，我想先介紹一下我們與三星合作關係中的一個重要進展。我們非常高興地宣布，高通與三星已達成一項新的多年期協議，該協議將於2023年生效，將驍龍平台的部署擴展到全球未來的高階三星Galaxy產品。

This validates that Snapdragon is the technology platform of choice for premium Android experiences. In addition to Galaxy smartphones, the agreement includes PCs, tablets, extended reality and more. We have also agreed to a 7-year extension of our patent license agreement with Samsung, taking the license through the end of 2030 with the same royalty terms.

這證明了驍龍是打造高階 Android 體驗的首選科技平台。除了 Galaxy 智慧型手機之外，該協定還涵蓋 PC、平板電腦、擴充實境等眾多領域。我們也同意將與三星的專利授權協議延長 7 年，有效期至 2030 年底，授權條款維持不變。

The extension encompasses 3G, 4G and 5G technologies and devices and will also include future 6G standards and products. This license agreement is a significant QTL milestone event. Samsung is the world's largest smartphone supplier by unit volume with a well-developed portfolio of patents.

此次擴展涵蓋3G、4G和5G技術和設備，並將涵蓋未來的6G標準和產品。這份授權協議是QTL的一個重要里程碑事件。三星是全球最大的智慧型手機供應商（以單位產量計算），擁有完善的專利組合。

The extended license agreement with Samsung demonstrates the tremendous ongoing value of our patent portfolio, our innovation and our long-standing leadership in driving the important and foundational elements of the mobile road map. The extended Samsung license agreement is an important benchmark for the long term and adds significantly to the stability of the QTL program going forward.

與三星延長的授權協議彰顯了我們專利組合、創新以及在推動行動發展路線圖重要基礎要素方面長期領先地位的巨大持續價值。延長的三星授權協議是長期發展的重要基準，並將顯著增強QTL專案未來的穩定性。

Let me now share some of the key achievements from the quarter. In automotive, the Snapdragon Digital Chassis is fast becoming the industry's platform of choice and is enabling the transition to next-generation vehicles. We are very pleased with the continued traction and design wins across global automakers and Tier 1 partners.

現在，我想分享本季取得的一些重要成就。在汽車領域，驍龍數位底盤正迅速成為業界的首選平台，並協助向下一代汽車的轉型。我們非常高興看到驍龍數位底盤在全球汽車製造商和一級合作夥伴中持續獲得青睞並贏得設計大獎。

Our automotive design win pipeline is now over $19 billion, up approximately $3 billion since fiscal Q2. This includes the design win with the Volkswagen Group's software company, CARIAD, to power Volkswagen's future automated driving solutions. In consumer IoT, we continue to execute on our opportunities across tablets, XR, PCs and smart consumer devices.

我們的汽車設計訂單總額已超過 190 億美元，較第二財季增加約 30 億美元。其中包括與大眾汽車集團旗下軟體公司 CARIAD 達成的設計訂單，將為大眾汽車未來的自動駕駛解決方案提供支援。在消費物聯網領域，我們將持續掌握平板電腦、擴充實境 (XR)、個人電腦 (PC) 和智慧消費設備等領域的機會。

For personal computing, we are continuing to drive the inevitable transition to ARM. We are on track to deliver Windows on Snapdragon compute platforms for next-generation PCs powered by our custom CPUs while redefining mobile productivity and on-device AI. To support the accelerating transition to ARM-based computing, Microsoft recently announced Project Volterra, a new developer kit powered by the Snapdragon compute platform featuring the Qualcomm AI engine.

在個人運算領域，我們正持續推動 ARM 架構的轉型，這已是必然趨勢。我們正按計畫為搭載我們客製化 CPU 的新一代 PC 提供搭載驍龍運算平台的 Windows，同時重新定義行動生產力和裝置端 AI。為了支持加速向基於 ARM 的運算架構的轉型，微軟近期宣布推出 Volterra 項目，這是一款全新的開發者套件，由搭載 Qualcomm AI 引擎的驍龍運算平台提供支援。

They also announced a comprehensive end-to-end ARM native tool chain for Windows application developers including Visual Studio, Visual C++, [Darknet] and more. In edge networking, we launched 4 new Networking Pro Series Wi-Fi 7 platforms, the world's most scalable Wi-Fi 7 portfolio, initiating a new era of 10 gigabits per second Wi-Fi for enterprise access points, Wi-Fi mesh, carrier gateways and premium home routers.

他們還宣布了 Windows 應用程式開發人員的全面的端到端 ARM 原生工具鏈，包括 Visual Studio、Visual C++、[Darknet] 等。在邊緣網路領域，我們推出了 4 款全新的 Networking Pro 系列 Wi-Fi 7 平台，這是全球最具可擴展性的 Wi-Fi 7 產品組合，為企業接入點、Wi-Fi 網狀網絡、運營商網關和高端家用路由器開啟了 10 千兆/秒 Wi-Fi 的新時代。

We also continue to see strong momentum in industrial IoT and recently announced 2 new 5G connected robotics platforms with enhanced AI capabilities, computer vision, 5G connectivity and a comprehensive customizable SDK to power next-generation robotics and drones, including autonomous mobile robots, AMRs, highly automated manufacturing robots and more.

我們也繼續看到工業物聯網的強勁發展勢頭，最近宣布了 2 個新的 5G 連接機器人平台，這些平台具有增強的 AI 功能、電腦視覺、5G 連接和全面可自訂的 SDK，為下一代機器人和無人機提供支援，包括自主移動機器人、AMR、高度自動化製造機器人等。

These achievements demonstrate our ability to continue to grow across automotive in the broader IoT categories in addition to our RF front-end and handsets. Our one technology road map is the cornerstone of the strategy with unparalleled leadership across not one, but multiple technologies required for the connected intelligent edge.

這些成就表明，除了射頻前端和手機之外，我們還有能力在更廣泛的物聯網領域，以及汽車領域繼續成長。我們的「一體化技術路線圖」是該策略的基石，在互聯智慧邊緣所需的多種技術方面擁有無與倫比的領先地位，而非單一技術。

This includes on-device AI, low-power, high-performance compute, computer vision, advanced connectivity and more. Importantly, as we expand into new growth areas, we're driving our technologies to meet the highest performance requirement for each application and serve as the industry design point. For example, our dedicated automotive SoCs and accelerators for Level 3 and Level 4 autonomous driving can deliver up to 700 trillion operations per second tops of AI processing.

這包括設備上的人工智慧、低功耗、高效能運算、電腦視覺、進階連接等等。重要的是，隨著我們拓展新的成長領域，我們正在推動我們的技術滿足每個應用的最高性能要求，並成為行業設計點。例如，我們專為 3 級和 4 級自動駕駛打造的汽車 SoC 和加速器，最高可提供每秒 700 兆次運算的人工智慧處理能力。

Our RB6 robotics platform brings advanced edge AI and video processing capabilities support for up to 7 concurrent cameras and up to 200 tops, and we believe our upcoming custom-designed CPUs will redefine computing performance for Windows PCs.

我們的 RB6 機器人平台帶來了先進的邊緣 AI 和視訊處理功能，支援多達 7 個並發攝影機和最多 200 個頂部，我們相信我們即將推出的客製化設計的 CPU 將重新定義 Windows PC 的運算效能。

Of particular note is our significant momentum in AI. We recently launched the Qualcomm AI Stack, which unifies our existing best-in-class AI software solutions into a single package that works across all Qualcomm platforms. The Qualcomm AI Stack is positioned to become the platform for AI at the edge. The Qualcomm AI Stack supports all AI frameworks, including TensorFlow, PyTorch and ONNX as well as AI runtimes such as TensorFlow Lite, TensorFlow Lite Micro and ONNX Runtime.

尤其值得注意的是我們在人工智慧領域的強勁發展勢頭。我們近期推出了 Qualcomm AI Stack，它將我們現有的一流人工智慧軟體解決方案整合到一個可跨所有 Qualcomm 平台運行的單一軟體包中。 Qualcomm AI Stack 的定位是成為邊緣人工智慧的平台。 Qualcomm AI Stack 支援所有人工智慧框架，包括 TensorFlow、PyTorch 和 ONNX，以及 TensorFlow Lite、TensorFlow Lite Micro 和 ONNX Runtime 等人工智慧執行時間。

We also have a rich variety of OS support, including Android, Windows, Linux, QNX, Ubuntu and others. With this new offering, OEMs and developers can now develop and optimize AI models once then move the same model across different Qualcomm products and tiers for true "develop once, deploy anywhere" model.

我們也支援豐富的作業系統，包括 Android、Windows、Linux、QNX、Ubuntu 等。借助這項全新服務，OEM 廠商和開發者現在可以一次開發和優化 AI 模型，然後將同一模型遷移到不同的 Qualcomm 產品和層級，實現真正的「一次開發，隨處部署」。

We believe the Qualcomm AI Stack portfolio is a revolutionary step in scaling high-performance, low-power on-device AI processing. These solutions demonstrate how our one technology road map is transforming Qualcomm from a wireless communications company for the mobile industry to a connected processor company for the intelligent edge.

我們相信，Qualcomm AI Stack 產品組合是擴展高效能、低功耗終端側 AI 處理的革命性一步。這些解決方案展現了我們透過一體化技術路線圖，如何將 Qualcomm 從一家面向行動產業的無線通訊公司轉型為一家面向智慧邊緣的互聯處理器公司。

Lastly, as we continue to move forward and execute on our strategy, we're mindful of the challenging economic environment, and we remain disciplined on investments that drive sustainable differentiation and stockholder value. We are focused on customers and industries that drive stable long-term growth.

最後，在我們繼續推動和執行策略的同時，我們時刻銘記充滿挑戰的經濟環境，並將繼續嚴格控制投資，以推動永續差異化和股東價值。我們專注於能夠推動長期穩定成長的客戶和產業。

We believe the industry trends that are driving demand for our technologies remain unchanged and continue to validate our strategy, positioning us well for the long term. We're still on track to expand our addressable market by more than 7x to approximately $700 billion in the next decade.

我們相信，推動我們技術需求的行業趨勢不會改變，並將繼續驗證我們的策略，為我們長期發展奠定良好基礎。我們仍有望在未來十年內將潛在市場規模擴大7倍以上，達到約7,000億美元。

Before I turn the call over to Akash, I would like to invite you to join us in New York on September 22 at our first-ever Automotive Investor Day event. Qualcomm is the leading automotive technology platform provider for next-generation vehicles. We will demonstrate how the Snapdragon Digital Chassis is enabling the transformation of the automobile and continuing to drive growth in our design win pipeline.

在將電話轉給 Akash 之前，我想邀請您於 9 月 22 日在紐約參加我們第一屆汽車投資者日活動。高通是領先的下一代汽車技術平台提供者。我們將展示驍龍數位底盤如何賦能汽車轉型，並持續推動我們設計訂單的成長。

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

現在我想把電話轉給 Akash。

Thank you, Cristiano, and good afternoon, everyone. We are pleased to report strong results in our third fiscal quarter despite the impact of the challenging economic environment. We delivered non-GAAP revenues of $10.9 billion and non-GAAP EPS of $2.96, which was above the high end of our guidance.

謝謝克里斯蒂亞諾，大家午安。儘管面臨嚴峻的經濟環境，我們仍然欣喜地報告第三財季的強勁業績。我們實現了非公認會計準則營收109億美元，非公認會計準則每股收益2.96美元，高於我們預期的上限。

Non-GAAP revenues and EPS grew by 37% and 54%, respectively, versus the year ago quarter, driven by technology leadership, revenue diversification and operating efficiency. QTL revenues of $1.5 billion and EBT margin of 71% were at the midpoint of guidance. These results reflect a decrease in handset volume in mid- and low tiers offset by favorable mix. QCT recorded revenues of $9.4 billion and EBT margin of 32%, both at the midpoint of our guidance and reflecting revenue growth of 45% and EBT dollar growth of 67% versus the year ago quarter.

非公認會計準則 (Non-GAAP) 收入和每股盈餘分別較去年同期成長 37% 和 54%，這得益於技術領先地位、收入多元化和營運效率的提升。 QTL 營收 15 億美元，息稅前利潤率 71%，均處於預期中位數。這些業績反映了中低階手機銷量的下降，但被良好的產品組合所抵消。 QCT 營收 94 億美元，息稅前利潤率 32%，均處於預期中位數，且與去年同期相比，營收成長 45%，息稅前利潤率成長 67%。

Handset revenues of $6.1 billion increased 59% year-over-year driven by the strength of our Snapdragon product portfolio, especially in the premium and high tiers. Consistent with our guidance, RF front-end revenues of $1 billion, grew 9% versus the year ago quarter on increased adoption of our broad product portfolio.

得益於驍龍產品組合的強勁表現，尤其是在高階和高階市場，手機業務營收年增59%，達到61億美元。由於我們廣泛的產品組合的普及，射頻前端收入年增9%，達到10億美元，與我們的預期一致。

IoT revenues were up 31% year-over-year to $1.8 billion. We saw strong performance across Edge networking and industrial IoT with combined revenue growth of more than 40%. We delivered another record quarter in automotive with revenues of $350 million with year-over-year growth of 38% driven by launches with our digital cockpit products.

物聯網營收年增31%，達18億美元。我們在邊緣網路和工業物聯網領域表現強勁，總收入成長超過40%。得益於數位座艙產品的推出，汽車業務本季再創紀錄，營收達3.5億美元，年增38%。

Looking forward to global 3G, 4G, 5G handset forecast. We now expect calendar '22 global handsets to decrease by mid-single-digit percentage on a year-over-year basis, including 650 million to 700 million 5G handsets. Our guidance reflects the continuation of the trends that adversely impacted handset volumes exiting the June quarter.

展望全球3G、4G和5G手機銷售預測。我們目前預計2022年全球手機銷量將年減中等個位數百分比，其中5G手機銷量將下降6.5億至7億部。我們的預期反映了對6月季度末手機銷量造成不利影響的趨勢的延續。

We expect the elevated uncertainty in the global economy and the impact of COVID measures in China will cause customers to act with caution in managing their purchases in the second half of calendar '22. In the fourth fiscal quarter, we are forecasting revenues of $11 billion to $11.8 billion and non-GAAP EPS of $3 to $3.30. The midpoint of our guidance includes an estimated impact of approximately $0.20 due to the macroeconomic headwinds and the reduction in the global handset forecast I just outlined.

我們預計，全球經濟不確定性加劇以及中國新冠疫情防治措施的影響，將促使消費者在2022年下半年謹慎購買。我們預測第四財季營收將在110億美元至118億美元之間，非公認會計準則每股收益將介於3美元至3.30美元之間。我們預期的中間值包含了約0.20美元的預估影響，這主要源自於宏觀經濟逆風以及我剛才提到的全球手機銷售預測下調。

We are forecasting QTL revenues of $1.45 billion to $1.65 billion and EBT margins of 69% to 73%, reflecting normal sequential unit growth. In QCT, we expect revenues of $9.5 billion to $10.1 billion and EBT margins of 32% to 34%. At the midpoint, this implies year-over-year revenue growth of 27% and EBT dollar growth of 31%.

我們預測QTL營收為14.5億美元至16.5億美元，息稅前利潤率（EBT）為69%至73%，反映正常的環比成長。我們預計QCT營收為95億美元至101億美元，息稅前利潤率（EBT）為32%至34%。以中間值計算，這意味著營收年增27%，息稅前利潤（EBT）較去年同期成長31%。

On a sequential basis, we expect growth across QCT handset and automotive revenue streams. In handsets, while Snapdragon premium tier volume remains resilient, our guidance assumes lower demand in other tiers, reflecting the updated global handset forecast.

我們預計 QCT 手機和汽車業務的收入將環比成長。在手機領域，儘管驍龍高階產品線的銷售量保持強勁，但我們的預期是其他產品線的需求將有所下降，這反映了最新的全球手機市場預測。

In IoT, we are seeing strength across industrial and enterprise, which is offset by pockets of weakness in consumer products. We anticipate non-GAAP operating expenses to be up 6% to 8% sequentially, with approximately half of the growth due to the inclusion of 2 quarters of expenses for the Arriver acquisition.

在物聯網領域，我們看到工業和企業業務的強勁成長，但消費性產品領域的一些疲軟表現抵消了這一成長。我們預計非公認會計準則營運費用將季增6%至8%，其中約一半的成長是由於計入了兩個季度收購Arriver的費用。

As a reminder, our third quarter results did not include Arriver since we are reporting 1 quarter in arrears until the fourth fiscal quarter. Based on the midpoint of our fourth quarter guidance, we're expecting fiscal '22 to be an exceptional year.

提醒一下，由於我們拖欠了一個季度的財報，直到第四財季才公佈，因此我們的第三季業績不包括Arriver。根據我們第四季業績指引的中位數，我們預計22財年將是卓越的一年。

We expect non-GAAP EPS of $12.55, a growth of $4 relative to fiscal '21. We are forecasting QCT revenues of greater than $37 billion, a year-over-year growth of greater than $10 billion and EBT margin expansion of approximately 5 points. QCT handset revenues are on track to grow slightly below 50% relative to fiscal '21, driven by increased processor content and expansion of our addressable market. With our continued focus on diversification, we are forecasting RF front-end IoT and automotive combined revenues of greater than $12 billion in fiscal '22.

我們預計非公認會計準則每股收益為 12.55 美元，較 21 財年增加 4 美元。我們預測 QCT 營收將超過 370 億美元，年增超過 100 億美元，息稅前利潤率將成長約 5 個百分點。受處理器容量增加和目標市場擴張的推動，QCT 手機營收預計將較 21 財年略微成長 50%。我們持續專注於業務多元化，預測 22 財年射頻前端、物聯網和汽車業務的合併營收將超過 120 億美元。

Lastly, we are pleased to announce we signed a long-term extension of our license agreement with Samsung through 2030 at the same royalty terms. With this agreement, the QTL forecast that we provided at Investor Day remains unchanged.

最後，我們很高興地宣布，我們與三星簽署了一份長期許可協議，協議有效期延長至2030年，專利費條款保持不變。根據該協議，我們在投資者日提供的QTL預測保持不變。

In closing, while we are mindful of the current environment, our long-term fundamentals are intact. We remain focused on driving growth by executing on our vision to bring cloud connectivity, data processing and artificial intelligence to the edge. Thank you, and back to you, Mauricio.

最後，雖然我們關注當前環境，但我們的長期基本面依然完好。我們將繼續專注於推動成長，並致力於實現將雲端連接、數據處理和人工智慧推向邊緣的願景。謝謝，回到你這裡，Mauricio。

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

謝謝，Akash。接線員，我們現在可以回答問題了。

(Operator Instructions) Our first question comes from Matt Ramsay with Cowen.

（操作員指示）我們的第一個問題來自 Cowen 的 Matt Ramsay。

Cristiano, maybe you could give us a little bit of a breakdown in how you're seeing the handset market right now. And particularly, we've -- and you guys just discussed it in your prepared script, some weakness in mid-tier Android. But I'd like to sort of double-click on that a little bit. If you could contrast what you're seeing maybe with premium, with the mid-tier Android market, specifically in China and then the mid-tier and low-tier Android market globally? And if there's any differences in the trends that you're seeing there, that would be really helpful.

克里斯蒂亞諾，您能否稍微分析一下您對目前手機市場的看法。特別是，正如你們剛才在準備好的講稿中討論的那樣，中端安卓市場存在一些疲軟。我想再詳細談談這個問題。能否將高階安卓市場與中階安卓市場（尤其是在中國）以及全球中低階安卓市場進行比較？如果您發現這些市場的趨勢有任何差異，那將會非常有幫助。

Thank you for your question, Matt. Look, we're very familiar with this market. We've been doing this for years. And this market, it changes with the economy. We'll look at -- the combination of the macroeconomic environment and the China lockdowns, we did see the market is likely to be smaller than we originally forecasted.

謝謝你的提問，馬特。你看，我們對這個市場非常熟悉。我們已經做這個行業很多年了。這個市場會隨著經濟情勢的變化而改變。我們會綜合考慮宏觀經濟環境和中國疫情封鎖的影響，我們確實看到市場規模可能會比我們最初的預測還要小。

But on the positive side, I think our strategy of being focused on the premium and high tier is proven to be a resilient one. So the weakness we saw more in the mid- to low tiers, premium tier remain resilient and not only in how we report the results in Q3, but how we think about our guide in Q4. And maybe Akash can add a little bit more color to it.

但從積極的一面來看，我認為我們專注於高端和高階市場的策略已被證明具有韌性。因此，我們在中低階市場和高端市場看到的疲軟態勢依然具有韌性，這不僅體現在我們第三季的業績報告上，也體現在我們制定第四季業績指引的方式上。或許 Akash 可以為此增添一些亮點。

Yes, Matt. So to add to that, in the third quarter, what we saw was lower handset units in the mid, low tiers. And of course, there was an impact in China, but the rest of the impact was largely in rest of the world with some limited impact in the developed economies.

是的，馬特。此外，第三季度，我們看到中低階手機銷量下降。當然，中國市場受到了一定影響，但其他影響主要集中在世界其他地區，已開發經濟體受到的影響有限。

And what we are forecasting going forward is really that to continue forward in second half of calendar '22, the adverse trend that we saw exiting the third fiscal quarter extending forward. So we are updating the overall calendar year forecast to down mid-single digits versus '21, and we're also updating the 5G forecast to be in the $650 million to $700 million range for the year.

我們對未來的預測是，2022年下半年的不利趨勢將持續下去，我們在第三財季結束時看到的不利趨勢將持續下去。因此，我們將全年整體預測更新為較2021年下降中個位數，同時我們也將5G業務的全年預測更新為6.5億至7億美元。

Got it. Maybe as a follow-up there, Akash, you've been ordinarily kind enough to give us some out quarter views on prior calls and with all the movement in the end market and the fact that you're lowering the forecast for the full calendar year on handsets, if you have any color that you could give us directionally into the December quarter, we'd be really grateful.

明白了。 Akash，或許作為後續，您之前在電話會議上一直很友好地向我們提供了一些季度展望。考慮到終端市場的所有動態，以及您下調了全年手機銷量預測的事實，如果您能提供一些關於12月季度的展望，我們將不勝感激。

Sure, Matt. As you know, December quarter is seasonally a strong quarter for us, both up for the QCT handset business and the QTL business. So that remains unchanged. We're still going to see flagship device launches and holiday season increases that will benefit our financial performance.

當然，馬特。如你所知，12月季度對我們來說是一個季節性強勁的季度，QCT手機業務和QTL業務均實現了成長。所以這一點保持不變。我們仍將看到旗艦設備的發布和假期季節的成長，這將有利於我們的財務表現。

And we'll see -- we are forecasting growth from third fiscal to fourth fiscal quarter, and we'll see growth again going into the first fiscal quarter. We do expect it to be calibrated by some of the same factors that we saw impacting us in fourth quarter, but still expect strong growth rates as we look out to the December quarter.

我們拭目以待－我們預測第三財季到第四財季將實現成長，第一財季也將再次成長。我們確實預期成長會受到第四季度一些影響因素的影響，但展望12月季度，我們仍然預期成長強勁。

Our next question is coming from Tal Liani with Bank of America.

我們的下一個問題來自美國銀行的 Tal Liani。

First question is on balance sheet. Cash and equivalents went down by $4.5 billion, if you can give us some data there? And second, I want to talk about RF. RF on a sequential basis is slowing down. And the question is, it's basically down on a cumulative sequential basis, it's down already. And the question is whether the share gain story is over and now it's going to trend in line with the market. Can you take us through kind of the trends, but also the ASP trends that you're seeing in the RF segment of QCT, of course?

第一個問題是關於資產負債表的。現金及等價物減少了45億美元，您能提供一些數據嗎？其次，我想談談射頻（RF）。射頻業務的環比成長正在放緩。問題是，它基本上是累積環比下降的，而且已經下降了。問題是，市佔率成長的故事是否已經結束，現在是否將與市場同步發展。您能否向我們介紹這些趨勢，當然還有您在QCT的射頻業務中看到的平均售價趨勢？

Sure, Tal. It's Akash. I'll start with the first question and also start the second one and Cristiano can add on top. On the cash balance, as you know, we closed the Arriver acquisition right after the March quarter ended, and so the change you are seeing is primarily driven by $4.6 billion paid in cash for the Arriver acquisition.

當然，Tal。我是Akash。我先回答第一個問題，然後開始第二個問題，Cristiano可以補充一下。關於現金餘額，如您所知，我們在3月份季度結束後就完成了對Arriver的收購，因此您看到的變化主要是由於為收購Arriver支付了46億美元現金。

Of course, we did have very strong positive cash flow, and it was a balance of that being offset by capital return, which we returned $1.4 billion -- $1.35 billion in the quarter. And then it was also offset by other related expenses on CapEx and tax payments that we made in the quarter. So really, it kind of comes down to the payment we made for the Arriver acquisition.

當然，我們的正現金流確實非常強勁，但其中一部分被資本回報抵消了，本季我們返還了14億到13.5億美元的資本回報。此外，這部分正現金流也被我們本季支付的其他相關資本支出和稅金抵銷了。所以，實際上，這部分正現金流的抵銷部分歸結於我們為收購Arriver支付的款項。

On second one, on the RF front-end. So the way you should think about the RF front-end growth is it is something that grows more in line with the 5G market for us. And as you saw, we kind of brought down the overall forecast for the 5G units for the year. And so that has played a role. Also, generally, it is something that does not scale very significantly when you grow from a low mid-tier to high tier of RF content remains relatively similar. Whereas on the processor side, you've seen just tremendous scale on our handset business.

第二個問題是關於射頻前端。所以，你應該這樣看待射頻前端的成長：它對我們來說，應該與5G市場的成長更加一致。正如你所看到的，我們下調了今年5G設備的整體預測。這確實起了一定作用。而且，一般來說，從中低端到高端的射頻內容成長不會有太大的規模，因為規模相對相似。而在處理器方面，你已經看到我們手機業務實現了巨大的規模成長。

As we go to premium high tiers, the ASPs are much higher. The content is much higher and you're seeing that benefit show up at the top end of the range.

隨著我們進入高端市場，平均售價會更高。內容也更豐富，而且你會看到，這種優勢在高端市場中反映出來。

So Tal, this is Cristiano, I'll just going to add a couple of things. So we have been very focused on the entire portfolio continue to drive leadership across every single component. And one thing that we have been very focused now started to bring our effort into auto IoT and Wi-Fi. So -- and we're starting to track that. As an example, the RF front-end design win pipeline right now, it's in the excess of $900 million in automotive.

Tal，我是Cristiano，我只想補充幾點。我們一直非常關注整個產品組合，並持續提升每個組件的領先地位。現在，我們非常關注的一件事是開始將我們的精力投入到汽車物聯網和Wi-Fi領域。我們正在開始追蹤這些領域。例如，目前汽車領域的射頻前端設計訂單已超過9億美元。

We also see opportunity with Wi-Fi. We announced our next-generation Wi-Fi and Bluetooth for RF front-end modules to go over chips as well. So we expect to be focusing on driving growth in auto and IoT. And as Akash said, it's an attached story on the Snapdragon. It tracks the mobile market, and we grow faster than front-end in mobile because of processor content.

我們也看到了Wi-Fi領域的機會。我們發布了下一代Wi-Fi和藍牙射頻前端模組，這些模組也將覆蓋晶片領域。因此，我們預計將專注於推動汽車和物聯網領域的成長。正如Akash所說，這是驍龍的附加業務。驍龍緊跟著行動市場，由於處理器的豐富，我們的成長速度比行動前端更快。

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

我們的下一個問題來自摩根大通的 Samik Chatterjee。

I had a couple. Maybe if I can start with the China smartphone market. I know, Akash, you referred to assuming that the global smartphone market sort of remains the same way as it is with exiting June. I sort of remember that some of the government data in that regional market data show positive signs in the June month -- the month of June, I think, after the reopening. Any sort of comments given you're sort of seeing many cycles here, what are you thinking in terms of how to -- when does the market draft rate up to the China smartphone market? What gets it to sort of reach a trough or rebound from then on because at least, I think, the month of June did show some positive signs. And I have a follow-up.

我有幾個問題。或許我可以先從中國智慧型手機市場說起。阿卡什，我知道，你提到假設全球智慧型手機市場與6月基本上保持一致。我記得一些政府發布的區域市場數據顯示，6月（我想是重啟經濟後的6月）市場呈現正面跡象。鑑於你看到市場經歷了多個週期，你有什麼看法？你認為市場何時才能趕上中國智慧型手機市場？是什麼促使市場觸底或反彈？至少我認為6月份確實出現了一些正面跡象。我還有一個後續問題。

Yes. Sure, Samik. You're right. We did see some improvement in the month of June. But the way you should think about the OEMs reacting to the data is these headwinds cause these customers to act with caution in how they manage their purchases.

是的，薩米克，你說得對。 6月份我們確實看到了一些改善。但你應該這樣看待原始設備製造商對數據的反應：這些不利因素導致這些客戶在採購管理方面更加謹慎。

And so it's really not just kind of stand-alone what happened in the month of June and projecting that forward. It's really the overall environment that they are reacting to and that's what informs our forecast for units going forward.

所以，這其實不只是對6月發生的事情進行獨立預測，而是他們對整體環境的反應，這才是我們對未來單位產量預測的基礎。

And just for a follow-up, for the September quarter guide, if I can ask you to unpack that a bit more. You typically have a high-end North American customer launching their product, and you've driven sort of double-digit quarter-on-quarter QCT growth in the past on account of that.

再問個後續問題，關於9月份季度指南，請您再詳細解釋。通常情況下，你們會有一個高端的北美客戶推出他們的產品，過去你們也因此推動了季度銷售額（QCT）環比兩位數的成長。

The more modest seasonality that you're guiding to now, is that primarily then sort of weaker mid-tier Android mid- and low-tier Android? Or are you expecting some softness on the high end as well with your primary North American customer there?

您現在預測的較為溫和的季節性因素，主要是指中低階安卓手機銷量疲軟嗎？還是說，您預計高端市場也會有所疲軟，因為您主要的北美客戶群是那裡？

Sure. So when you look at our fourth quarter guidance, we're guiding midpoint of $3.15 versus June actuals of $2.96. So we're still guiding strong growth on a quarter-over-quarter basis in this environment. And on a year-over-year basis, that implies a 24% growth on the EPS side.

當然。所以，當你看到我們第四季的業績指引時，我們給出的中點是3.15美元，而6月份的實際業績是2.96美元。所以，在這種環境下，我們仍然預期季度將比去年同期成長強勁。與去年同期相比，這意味著每股收益將成長24%。

If you look at the guidance range we gave, we widened the range given the uncertainty and also estimated that our guidance midpoint had an impact of about $0.20 related to the macroeconomic. If you break that down on your direct question, premium tier volume is holding, right?

如果您看一下我們給出的指導範圍，我們會發現考慮到不確定性，我們擴大了範圍，並且估計我們的指導中點對宏觀經濟的影響約為0.20美元。如果您直接根據您剛才的問題進行分析，高端產品的銷售量應該保持不變，對嗎？

So just from overall Snapdragon and of course, the new launch happens as planned as well. But what we are seeing is the customers buying high, mid, low tiers being careful with inventory as they manage and kind of work through the market environment. And so you're seeing that factored into our guidance going forward.

所以從整體來看，驍龍和新機的發布都按計畫進行。但我們看到，購買高、中、低端產品的客戶在管理庫存時非常謹慎，並根據市場環境進行調整。所以，你會看到這一點已經納入了我們未來的預期。

Maybe if I can just add one thing. This is Cristiano. So the way to look at our Q4 guide, including the macroeconomic environment that we size at $0.20 of EPS, we see us growing 24% year-over-year. The way I will unpack that is, we have the macro, we have the reduction in the mobile market. But if you break that down, in addition to what Akash said about the premium tier being resilient even as we have less units in mid and low, we have sequential growth in auto. We had record auto Q3. We see sequential growth in QT and in the IoT have been consistent with what has been the conversation throughout this earnings season as any offset in any consumer weakness has been offset by strength in industrial and enterprise. And so when we look at those numbers, a 24% year-over-year growth exactly faster than some of our peers, they have even less consumer exposure than we do because of mobile.

我可以補充一點。我是克里斯蒂亞諾。從我們第四季的業績指引來看，包括我們以每股收益 0.20 美元計算的宏觀經濟環境來看，我們預計公司將年增 24%。我是這樣解釋的：我們面臨宏觀經濟環境，行動市場下滑。但如果細分來看，除了阿卡什所說的高端市場保持韌性，即使中低端市場銷量減少，我們的汽車業務也實現了環比增長。我們的汽車業務在第三季創下了歷史新高。我們看到，量子運算和物聯網業務的環比成長與整個財報季的討論一致，因為消費者業務的疲軟將被工業和企業業務的強勁成長所抵消。因此，當我們查看這些數據時，24% 的同比增長速度確實快於我們的一些同行，但由於行動業務的緣故，他們的消費者業務曝光度甚至比我們還要低。

Our next question is coming from the line of Rod Hall with Goldman Sachs.

我們的下一個問題來自高盛的羅德·霍爾。

I've got 2 questions for you guys. One is going back to kind of the high end and not necessarily September, not that particular high end, but the Chinese high-end makers in the back end of the year, I know that as the supply chain Cristiano has been kind of sure, I think there was some original thinking those guys might preorder chips, and that might affect your September quarter.

我有兩個問題想問你們。一個是關於高端市場，不一定是9月份，也不是特定的高端市場，而是年底中國高端製造商的晶片。我知道，作為供應鏈，克里斯蒂亞諾一直比較確定，我認為最初有人認為那些製造商可能會預訂晶片，這可能會影響你們9月份的季度業績。

And I'm just curious if that is happening, are you seeing some impact on the September quarter from those anticipated Android launches in, I guess, the late October, November time frame? And then I have a follow-up on that.

我很好奇，如果這種情況真的發生，您是否認為預計在 10 月底或 11 月份發布的 Android 系統會對 9 月份的季度業績產生一些影響？然後我會繼續跟進。

Yes, Rod, it's Akash. We're not seeing any front-end behavior of people buying sooner than expected. That's impacting our September quarter on the handset side. In the premium tier, the demand is holding. As you know that we have strong relationships, a very strong road map in that tier. And so we are seeing customers continuing to buy as normally they would as we go into the September quarter and then looking forward to December.

是的，Rod，我是Akash。我們沒有看到任何比預期更早的購買行為。這影響了我們9月季度的手機業務。在高端市場，需求保持穩定。如你所知，我們在這個領域擁有強大的客戶關係和非常完善的路線圖。因此，我們看到客戶在進入9月份季度後繼續像往常一樣購買，並期待12月份的到來。

So then, Akash, just to clarify, most of that impact would probably come in the December quarter. Is that correct on that comment?

那麼，Akash，需要澄清的是，大部分影響可能會在12月季度顯現。您說的對嗎？

Yes. So if you're talking about Apple's phone launch, you would see a normalized...

是的。所以如果你談論的是蘋果的手機發布，你會看到一個正常化的…

High-end Android launches, mainly in China.

高階 Android 系統推出，主要在中國。

Yes, exactly. So we see purchases that happened through the September quarter on a normal basis, but December, end of December is when they start launching phones, both going into holiday season and then going into Chinese New Year. So we expect to see the seasonal benefit of that.

是的，沒錯。所以，我們看到9月季度的購買情況正常，但12月，也就是12月底，是他們開始發布新手機的時候，這既是假期季，也是農曆新年。所以我們預計會看到季節性的利多。

Great. Okay. And then I also wanted to just ask you guys on channel inventory. We've had spotty indications of inventory clearance. Verizon is saying they're going to clear inventory in high end, I think all levels of smartphones as we look into the fall. And there's a lot of inventory clearance going on in retail. We see some abnormal high-end promotions in China occurring as well.

好的。好的。然後我還想問你們關於渠道庫存的問題。我們有一些庫存清倉的跡象。 Verizon 表示，他們將在秋季清倉高階智慧型手機的庫存，我想所有等級的智慧型手機都會清倉。零售店也有很多庫存清倉活動。我們也看到中國出現了一些異常的高端促銷活動。

So I'm just curious what you think the status of inventory is out there and whether you think some of this inventory clearance might pull some demand forward out of the early part, at least of the fall season?

所以我只是好奇您認為庫存狀況如何，以及您是否認為部分庫存清理可能會將一些需求從早期（至少是秋季）拉出來？

Yes. So on the inventory side, I mean, clearly, with the kind of the end market side being impacted both from a macro and a China perspective, what we're seeing is that, that has an impact on the inventory cycle that the industry then needs to work through in the second half of the calendar year, both through September and December.

是的。所以在庫存方面，我的意思是，顯然，從宏觀和中國的角度來看，終端市場都受到了影響，我們看到的是，這對庫存週期產生了影響，而該行業需要在下半年（9月和12月）解決庫存週期問題。

And that's what's kind of forecasted within the guidance that we gave. And as a result, as I said before, we expect OEMs to act with some caution with their purchases as they work through the inventory balance.

這就是我們在指導中所預測的。因此，正如我之前所說，我們預計原始設備製造商在處理庫存平衡時會謹慎採購。

Our next question is coming from the line of Michael Walkley with Canaccord Genuity.

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

Congrats on the Samsung deal extension through 2030 that includes 6G. Just, Akash, for this deal, are there any up-front payments or anything that might impact the cash flow or the model? Is it more just an extension of 2030?

恭喜三星將包括 6G 在內的協議延長至 2030 年。 Akash，對於這筆交易，是否有任何預付款或任何可能影響現金流或模型的因素？這只是 2030 年的延長嗎？

And then maybe for Cristiano, if you could provide any color just on the Snapdragon commitment? Is there any guaranteed share exclusivity or anything you can share on that end?

那麼，對於克里斯蒂亞諾，您能否就驍龍承諾提供一些細節？是否有任何保證的獨家股權或其他資訊可以分享？

Michael, this is Alex. Thanks for the question. On the Samsung licensing deal, the way this works is we have a current agreement that's been in place since 2009, was set to expire at the end of 2023. Instead, what will happen is we've agreed to extend that for 7 years through to the end of 2030 at the same royalty rate. So that's it, it's pretty simple, pretty straightforward.

麥可，我是亞歷克斯。謝謝你的提問。關於三星的授權協議，目前的協議是，我們目前的協議自2009年起生效，原定於2023年底到期。現在的情況是，我們同意以相同的專利費率將協議延長7年，直至2030年底。就是這樣，非常簡單，非常直接。

We see it as a very, very significant milestone event for the QTL licensing program, validation of our portfolio, validation of our innovation leadership. And it's a very important benchmark for future renewals as well. It really contributes a lot to the stability of the QTL program going forward.

我們認為這是QTL授權專案一個非常重要的里程碑事件，它驗證了我們的產品組合，也驗證了我們的創新領導力。這也是未來續約的一個非常重要的基準。它確實對QTL專案未來的穩定性做出了巨大貢獻。

Michael, thank you for the question. Yes. Look, it's -- besides the record in auto and IoT revenues, the Samsung agreement is probably my favorite thing in the quarter. And here's the way I would describe the growth opportunity for the chipset business.

邁克爾，謝謝你的提問。是的。你看，除了汽車和物聯網收入創紀錄之外，與三星的協議可能是我本季最喜歡的事情。以下是我描述晶片組業務成長機會的方式。

We would average over the many years of this relationship, if you remember, about 40% share versus their in-house solution with the Galaxy S22, which was prior to signing this agreement. Our share climb up to about 75%. And now we're announcing a multiyear agreement to power the Samsung Galaxy smartphones globally.

如果您還記得的話，在多年的合作中，我們的平均市佔率約為40%，而在簽署此協議之前，三星Galaxy S22的市佔率是他們自己的解決方案。我們的市佔率攀升至約75%。現在，我們宣布了一項為期多年的協議，將為全球的三星Galaxy智慧型手機提供支援。

So very excited about that. It provides incredible stability for our mobile business. I cannot think of anything better to validate our strategy to be focused on share of wallet in premium and high tier than this agreement.

我對此非常興奮。它為我們的行動業務提供了令人難以置信的穩定性。我認為沒有什麼比這份協議更能證明我們專注於高階和高階使用者群體的策略。

So very, very exciting. I remember -- I would like to remember you all that, that's a very good trade. When I think about the silicon content of a Snapdragon 8 Series, at least equal or better than revenue and earnings of 5 modem for another OEM.

真的非常非常令人興奮。我想告訴大家，這是一筆非常划算的交易。考慮到驍龍 8 系列的晶片容量，它的收入和利潤至少相當於甚至超過其他 OEM 廠商的 5 系列調變解調器的收入和利潤。

Now the second part of this multiyear agreement is the opportunity for growth tied up with our diversification. So it expands beyond Galaxy smartphones to include Galaxy books, Windows PCs, Galaxy tablets, future extended reality devices and other devices. So a very significant agreement, very excited and really the companies are much closer together.

這項多年協議的第二部分是與多元化發展緊密相關的成長機會。它不僅涵蓋 Galaxy 智慧型手機，還涵蓋 Galaxy 電子書、Windows PC、Galaxy 平板電腦、未來的擴充現實裝置以及其他裝置。這是一項意義非凡的協議，令人興奮，兩家公司之間的連結也因此更加緊密。

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

我們的下一個問題來自德意志銀行的羅斯·西摩。

My first question is on the QTL side of things. Remarkably in line for the quarter and guide. And if I think about last year, when you guided for your fiscal fourth quarter, business conditions appeared pretty strong. This year, you're talking about uncertainties, macro headwinds, et cetera.

我的第一個問題是關於QTL（量化指標）方面的。與本季和預期非常一致。回想去年，當您預測第四財季業績時，商業狀況看起來相當強勁。而今年，您談到了不確定性、宏觀經濟逆風等等。

But you're guiding to the same QTL amount. So I guess the big picture question I'm getting from investors is it seems like Qualcomm has derisked the QCT side, but maybe not the QTL. Can you talk about how we fold the QTL guidance in with the more cautious macro view?

但您給的QTL數量指導值是一樣的。所以，我想投資人提出的一個主要問題是，高通似乎降低了QCT方面的風險，但QTL方面的風險可能沒有降低。您能談談我們如何將QTL指導值與更謹慎的宏觀視角結合嗎？

Yes. Sure, Ross. It's Akash. As I said in my prepared remarks, the other factor on the QTL side is device mix being stronger and maybe a portion of it is inflation helping the ASPs, but also we've seen kind of people upgrade devices as they buy new ones. And so the mix is what is offsetting the volume on the QTL side.

是的，羅斯，我是阿卡西。正如我在準備好的演講中所說，QTL 方面的另一個因素是設備組合更加強勁，其中一部分可能是通貨膨脹推動了平均售價的上漲，但我們也看到人們在購買新設備時會升級設備。因此，設備組合抵消了 QTL 方面的銷售量。

Great. And I guess looking forward and shifting gears a little bit. You guys obviously report and guide and talk about your EBT margins a bunch, but gross margins have been a big tailwind for the company as well. In this last quarter, by my math, it was supposed to drop for your guidance in the June quarter, but it dropped a little bit more than I was expecting. So Akash, could you just talk about the puts and takes within the QCT gross margins? What would be generally tailwinds, headwinds, what we should think about as we head into the back half of this calendar year?

太好了。我想，我先展望未來，稍微換個話題。你們顯然經常報告、指導和談論你們的息稅折舊攤提前利潤率，但毛利率也一直是公司的一大利好。根據我的計算，在上個季度，毛利率本來應該低於你們6月份季度的指引值，但實際降幅比我預期的要大一些。那麼，Akash，您能否談談QCT毛利率的利弊？整體來說，順風和逆風有哪些？在進入今年下半年之際，我們該考慮哪些因素？

Sure. Happy to. So when you think about QCT gross margins, the key things for us is, one, our diversification strategy as we use the technology we have created for handsets and apply it to other markets. That helps our gross margin profile and op margin profile as well, but also gross margin profile.

當然，很樂意。所以，說到QCT的毛利率，對我們來說，關鍵在於：第一，我們的多元化策略。我們將自己為手機開發的技術運用到其他市場。這有助於改善我們的毛利率、營運利潤率，以及毛利率狀況。

The second is, as we sell more premium tier devices, that is also a helpful trend for us. And so you've seen the benefit of that even in the face of increasing pricing from foundries, we've been able to do pretty well on the gross margin side.

第二，隨著我們銷售更多高階設備，這對我們也是一個有益的趨勢。所以，即使面對代工廠的漲價，我們也看到了它帶來的好處，我們的毛利率仍然相當不錯。

We did see a mix change as we went through the quarter where we ended up slightly lower than we had forecasted at the beginning of last quarter. But when you look forward, our mix is shifting up again, and it's maybe a balance of the previous quarter that allows us to guide very strong on the gross margin side.

本季度，我們的產品組合確實發生了變化，最終略低於上季初的預測。但展望未來，我們的產品組合正在再次上調，這或許是上一季業績的平衡，使我們能夠在毛利率方面取得非常強勁的預期。

If you look forward, really no change. I think we're very comfortable with where we are at. We've given a long-term operating margin guidance, which contemplates a strong gross margin profile, and we're comfortable with that guidance, no change there.

展望未來，確實沒有變化。我認為我們對目前的狀況非常滿意。我們給出了長期營業利潤率指引，其中考慮了強勁的毛利率狀況，我們對該指引感到滿意，沒有變化。

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

我們的下一個問題來自摩根士丹利的喬·摩爾。

Great. On a similar note, can you talk a little bit about your pricing strategy in the handset part of the business? You saw the gross margin benefit during a period of tight supply. And I think some people have worried that as that period comes to an end, you'll see more price competition. Can you just generally talk about how you see that dynamic?

太好了。同樣地，您能談談手機業務的定價策略嗎？在供給緊張的時期，您的毛利率有所提升。我認為有些人擔心，隨著供應緊張時期的結束，價格競爭會更加激烈。您能大致談談您如何看待這種動態嗎？

Yes. So honestly, the pricing has been relatively stable on the handset side. It's obviously a very large market. And there are 2 players who are participating in that market, and there is sufficient market for both of us.

是的。說實話，手機市場的定價一直相對穩定。這顯然是一個非常大的市場。目前有兩家公司參與其中，市場規模足夠我們兩家公司共同發展。

So that's how we're approaching the market, and we have seen them be consistent as well. The other thing I'll say is on the operating margin side, we've -- the way we gave guidance for the greater than 30% at Investor Day, we contemplated some decline in the gross margin profile. But really, what we're focused on is executing and as I've said this before, we are focused on executing on the upsides to that number.

這就是我們應對市場的方式，我們也看到它們保持了一致。另外我想說的是，在營業利益率方面，我們在投資人日給出的超過30%的指引，是考慮到毛利率會下降。但實際上，我們專注於執行，正如我之前所說，我們專注於實現這一數字的提升。

Great. And then you talked about inventory in the context of the sort of end market retail. Can you talk about component inventory of Qualcomm parts, I mean the fact that you had a shortage until relatively recently. Does that -- is that the reason why you haven't had some of the same inventory correction in China that maybe some of the RF guys have?

太好了。然後您談到了終端市場零售的庫存問題。能談談高通零件的庫存嗎？我的意思是，直到最近，你們的庫存一直短缺。這是否就是為什麼你們在中國沒有像一些射頻公司那樣進行庫存調整的原因？

Well, from an RF perspective, we've seen some of the similar trends that our peers have seen. But when you look at the handset side, which is obviously the majority of our inventory profile. We've been chasing supply to get to a comfortable place. And so as we've said before, we always expect that demand and supply to reconcile in the second half of calendar year, and we're really seeing that play out as planned.

嗯，從射頻（RF）的角度來看，我們看到了一些與同業類似的趨勢。但從手機方面來看，這顯然是我們庫存的主要部分。我們一直在努力提高供應量，以達到一個舒適的狀態。正如我們之前所說，我們一直預計下半年供需將趨於平衡，而我們也確實看到這種情況按計劃進行。

Our next question is coming from Blayne Curtis with Barclays.

我們的下一個問題來自巴克萊銀行的布萊恩‧柯蒂斯。

I have two. Maybe I'll start with my last one, just given the prior question. Just on inventory, I mean, I guess, it is quite a bunch in terms of your inventory in June, 100 days. Can you just comment on do you feel like you finally caught up? I know it's been a long time coming, but at this point, if is it still gaining your shipments?

我有兩個問題。考慮到之前的問題，我先從最後一個問題開始。關於庫存，我的意思是，就你們6月份的庫存（100天）而言，數量相當可觀。您能否評論一下，您是否覺得終於趕上進度了？我知道這已經持續了很長時間，但目前，它是否仍在增加你們的出貨量？

Yes, Blayne, generally, we feel like we're in a relatively good place. Now of course, there are pockets of nodes or parts that we're still dealing with shortage on. But overall, we feel like we've reconciled to a reasonable place.

是的，布萊恩，總的來說，我們感覺目前處於一個相對良好的狀態。當然，現在還有一些節點或零件仍然面臨短缺問題。但總的來說，我們感覺已經恢復到了一個合理的水平。

I'll say just when you look at our inventory balance, just we've more than doubled our revenue over the last couple of years. And we're also heading into a stronger seasonal quarters for us, September and December. And so what you're seeing on the balance sheet is really a reflection of what's coming up.

我想說的是，只要看看我們的庫存餘額，就會發現過去幾年我們的收入增加了一倍以上。而我們即將迎來業績更強勁的季節性季度，也就是9月和12月。所以，你在資產負債表上看到的，其實反映了未來的情況。

Got you. And then just for Cristiano, I wanted to follow up on the question on the Samsung agreement because you said last quarter, your share was much higher, that 75%. Obviously, they had some struggles with their internal mode. I'm just trying to maybe a little bit more color as to what this agreement means? Is there any kind of handset share that's wrapped around it? Or is it more about these other devices? I'm just trying to understand the real punchline on the agreement.

明白了。然後，我想問一下克里斯蒂亞諾，關於三星協議的問題，因為你上個季度說你們的份額要高得多，達到75%。顯然，他們在內部模式上遇到了一些困難。我只是想更詳細地解釋一下這項協議的含義？它是否涉及某種手機份額？還是更多涉及其他設備？我只是想了解這項協議的真正意義。

Yes. The way you should think about it is Snapdragon will power their Galaxy product line, their Galaxy flagship products. And what I can say at this point is we were 75% on Galaxy S22 before the agreement. You should be thinking about we're going to be much better than that on Galaxy S23 and beyond. It's a multiyear agreement. And it's -- that's probably what I can tell you. You should think about us powering their devices globally.

是的。你應該這樣想：驍龍將為他們的 Galaxy 產品線、他們的 Galaxy 旗艦產品提供支援。我現在可以說的是，在協議簽署之前，我們在 Galaxy S22 上的份額已經達到 75%。你應該想想，在 Galaxy S23 及以後的產品上，我們的份額會比這高得多。這是一份多年期協議。而且——我大概可以告訴你的是。你應該考慮我們在全球範圍內為他們的設備提供支援。

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

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

Yes. Cristiano, I wanted to ask about the Apple guidance that was laid out by Akash at the Investor Day. I think, Akash, you mentioned that new iPhones in the second half '23, you would expect about 20% share of those new iPhones.

是的。克里斯蒂亞諾，我想問一下阿卡什在投資者日上發布的蘋果業績指引。阿卡什，你曾提到2023年下半年新款iPhone的銷量，你預期這些新iPhone的市佔率約為20%。

Now that we're getting closer to that time line, has your view changed at all about that share. And if we were to see more demand for Qualcomm modems at this account, can you secure the foundry capacity? And would you need to negotiate a new long-term agreement for modems?

現在我們越來越接近這個時間線了，您對這個份額的看法有什麼改變嗎？如果我們看到高通調變解調器的需求增加，您能保證代工產能嗎？您是否需要就調變解調器談判一份新的長期協議？

Brett, we're not providing any Apple updates at this time. And we feel pretty good about our modem road map and 5G. And I think you should expect that Qualcomm will continue to be a leader and especially as modems becoming more difficult as supporting more than one end market beyond smartphones.

布雷特，我們目前沒有提供任何 Apple 的更新資訊。我們對我們的數據機路線圖和 5G 感到非常滿意。我認為你應該期待高通繼續保持領先地位，尤其是在調製解調器越來越難以支援智慧型手機以外的多個終端市場的情況下。

Okay. That's clear. And maybe just a follow-up for Akash. I just wanted to ask about free cash flow. You've had a lot of moving parts, I guess, looking at fiscal '22 with prepayments for foundry and some of the working capital increases. But can you talk more broadly about the ability of Qualcomm's free cash flow margin targets, what's the business really capable of achieving? And when might we start to see higher levels of free cash flow from the business?

好的。很清楚。也許這只是Akash的後續問題。我只是想問一下自由現金流。我想，你們在22財年有很多變動，包括代工預付款和一些營運資本的增加。但您能否更廣泛地談談高通自由現金流利潤率目標的能力，這項業務真正能夠實現什麼？什麼時候我們才能開始看到更高水準的業務自由現金流？

Yes, Brett, you're right. Over the last couple of quarters or several quarters, we've had a few ins and outs, two kind of key ones being acquisitions that we have done, but then also capacity reservations. And then in addition to that, obviously, a pretty aggressive capital return program.

是的，布雷特，你說得對。在過去幾個季度，我們經歷了一些調整，其中兩個關鍵的調整是收購，以及產能預留。除此之外，顯然還有一個相當積極的資本回報計畫。

So it's really a combination of those factors. When I step back and to your direct question, no change to our strategy that we outlined at Investor Day. We are very focused on returning most of our free cash flow to the shareholders. That's something that we have prioritized over the last several years. We've been very aggressive with it, and we are planning to continue to do that.

所以這其實是這些因素的綜合作用。回到你直接提出的問題，我們在投資者日概述的策略沒有改變。我們非常注重將大部分自由現金流回饋給股東。這是我們過去幾年一直優先考慮的事情。我們一直非常積極地推進這項工作，並計劃繼續這樣做。

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

我們的最後一個問題來自 SMBC 的 Srini Pajjuri。

Cristiano, can you talk about your position in the mid- to low end? I know you've been focused on the premium segment. And the reason I'm asking this question is that -- if you look at 5G, even with your guidance for a little bit of a decline here, I think most of the premium market is fully penetrated with 5G. And as we think about the next couple of years, the opportunity seems like it's mostly in the mid and low end.

克里斯蒂亞諾，您能談談您在中低端市場的地位嗎？我知道您一直專注於高端市場。我之所以問這個問題，是因為——如果您看一下5G，即使您預測5G會略有下滑，但我認為大多數高端市場已經完全滲透了5G。展望未來幾年，機會似乎主要在中低階市場。

So I just want to get my hands around what's your market share today? And how should we think about the growth opportunity for you as the market transitions to 5G in mid-end and low end?

我想了解一下，你們目前的市佔率是多少？隨著中低端市場轉型，我們該如何看待你們的成長機會？

Thank you for your question. Actually, a very good question. Maybe I'll answer breaking down in 2 parts. Look, it worked very well for us to be focused on share of wallet and especially in the supply-constrained environment to make sure we secure the sockets and had supply for the sockets. They're really important for this strategy, which is premium and high.

謝謝你的提問。其實，這是一個非常好的問題。也許我可以分成兩個部分來回答。你看，我們專注於錢包份額，尤其是在供應受限的環境下，確保插座供應充足，這對我們來說非常有效。這對我們這個高端高端策略來說非常重要。

It does not mean that we're not going to be serving opportunities in the mid and low. And it's now an environment as supply gets normalized as we predicted for the second half. We have an opportunity to win a lot of the sockets in the mid, low, and that's definitely an upside to our model.

這並不意味著我們不會抓住中低端市場的機會。正如我們預測的下半年供應正在恢復正常，現在的情況是這樣的。我們有機會贏得中低端市場的大量訂單，這無疑對我們的模式有利。

Got it. And then maybe for Akash. Akash, on the discrepancy between SoC growth and RF growth. I think you gave us a pretty good explanation for this year. But as we look out to the next year or 2, should we expect the discrepancy to kind of remain? Or do you think the handset growth and the RF growth will be somewhat similar?

明白了。接下來是 Akash 的問題。 Akash，關於 SoC 成長和 RF 成長之間的差異，我認為您對今年的情況已經給出了很好的解釋。但是展望未來一兩年，我們是否應該預期這種差異會持續下去？或者您認為手機成長和 RF 成長會比較相似？

Srini, we're going to continue to have a discrepancy. I think if you look at a couple of web slides that we included this time around, it shows how the content is increasing at the premium tier for us. And that's just an example, obviously, that applies to really all tiers.

Srini，我們也會繼續存在差異。我想，如果你看一下我們這次發布的幾張網頁幻燈片，你會發現我們高端服務的內容不斷增加。這只是一個例子，顯然，這適用於所有服務層級。

There's a lot more demand for processor content, whether it's CPU, GPU, camera, AI, security, audio, video, we are increasing content across the board. And so we do expect that, that will drive stronger revenue growth on the handset side.

無論是CPU、GPU、相機、AI、安全、音訊還是視頻，對處理器內容的需求都在不斷增長。我們正在全面增加內容。因此，我們預計這將推動手機業務收入實現更強勁的成長。

As Cristiano mentioned on RF front-end, of course, we'll benefit from the transition to 5G, which as markets like India start deploying 5G later this year, we'll see the benefit of expansion of SAM since 5G is where we really play there. And then also for auto and IoT expansion opportunities there. So different vectors for growth in that area.

正如克里斯蒂亞諾在談到射頻前端時所提到的，我們當然會受益於向5G的過渡。隨著印度等市場在今年稍後開始部署5G，我們將看到SAM擴展帶來的好處，因為5G是我們真正在印度市場佈局的領域。此外，汽車和物聯網也有機會在那裡擴展。因此，這些領域的成長方向各不相同。

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。阿蒙先生，在結束會議之前，您還有什麼要補充的嗎？

Yes. I just want to start by thank you to our employees and our partners for really a great quarter. A couple of things that I'd like to message. None of our growth driver has changed. All the fundamentals of strategy are in place. We're really focused on things we can control, but our strategy is working.

是的。首先，我要感謝我們的員工和合作夥伴，感謝他們帶來如此出色的季度業績。我想說幾件事：我們的成長動力沒有改變。所有戰略基礎都維持不變。我們專注於我們能夠掌控的事情，但我們的策略正在發揮作用。

We are transforming Qualcomm in a company that was communication for the mobile industry into a connected processor company for the intelligent edge. We're very excited about the Samsung agreement. It is the way to think about stability and growth in our handset business. And one of the things we mentioned in the script that we didn't talk much about it is the incredible progress we're making in AI and really building a very competitive development platform for the edge. That's where we see a lot of the growth, silicon opportunities in the other devices. And don't forget to tune in for Auto Investor Day. Auto is a success story for the company, continues to be, and we're going to have some exciting things to share with you in our Investor Day later in the year. Thank you very much for your support, and talk to you all soon.

我們正在將高通從一家行動產業通訊公司轉型為一家面向智慧邊緣的互聯處理器公司。我們對與三星的協議感到非常興奮。這是我們思考手機業務穩定和成長的方式。我們在演講稿中提到過，但很少提及的一點是，我們在人工智慧領域取得了令人難以置信的進步，並且正在為邊緣運算建立一個極具競爭力的開發平台。我們看到了其他設備中大量的成長和晶片機會。別忘了關注汽車投資者日。汽車是公司的一個成功故事，並將繼續如此，我們將在今年稍後的投資者日上與大家分享一些令人興奮的消息。非常感謝大家的支持，我們很快就會再見。

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。您可以掛斷電話了。