高通 (QCOM) 2022 Q3 法說會逐字稿

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • 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,謝謝你們的支持。歡迎參加 Qualcomm 2022 財年第三季度收益電話會議。 (操作員說明)提醒一下,本次會議將於 2022 年 7 月 27 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.

    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。

  • Mauricio Lopez-Hodoyan - Vice President of Investor Relations

    Mauricio Lopez-Hodoyan - Vice President of Investor Relations

  • 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,大家下午好。今天的電話會議將包括 Cristiano Amon 和 Akash Palkhiwala 準備好的講話。此外,Alex Rogers 將參加問答環節。您可以在我們的投資者關係網站上訪問我們的收益發布和本次電話會議隨附的幻燈片演示。此外,本次電話會議正在 qualcomm.com 上進行網絡直播,今天晚些時候將在我們的網站上提供重播。

  • During the call today, we will use non-GAAP financial measures as defined in Regulation G, and you can find the related reconciliations to GAAP on our website. 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. 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。現在聽取高通總裁兼首席執行官克里斯蒂亞諾·阿蒙的評論。

  • Cristiano Renno Amon - President and Chief Executive Officer

    Cristiano Renno Amon - President and Chief Executive Officer

  • 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.

    謝謝毛里西奧,大家下午好。感謝您今天加入我們。我對我們在第三財季的表現以及我們如何繼續執行我們的長期願景感到非常滿意,即打造一個所有人和一切都智能連接的世界。隨著我們繼續在新的行業和應用中擴展我們的單一技術路線圖,我們正在將高通從一家面向移動行業的通信公司轉變為一家面向智能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,我們實現了 109 億美元的收入和每股 2.96 美元的非公認會計原則收益,這得益於我們的芯片組和許可業務的穩健業績。在我們的芯片組業務中,94 億美元的收入同比增長 45%,物聯網和汽車領域的收入創歷史新高,證明了我們多元化戰略的成功。

  • 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.

    在我強調本季度的幾個重要里程碑之前,我想向您介紹我們與三星關係的重要發展。我們很高興地報告,高通和三星已從 2023 年開始簽署一項新的多年期協議,將 Snapdragon 平台的使用範圍擴大到全球未來的高端三星 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.

    這驗證了 Snapdragon 是優質 Android 體驗的首選技術平台。除了 Galaxy 智能手機,該協議還包括個人電腦、平板電腦、擴展現實等。我們還同意將我們與三星的專利許可協議延長 7 年,將許可期限延長至 2030 年底,使用相同的版稅條款。

  • 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.

    該擴展包括 3G、4G 和 5G 技術和設備,還將包括未來的 6G 標準和產品。該許可協議是一個重要的 QTL 里程碑事件。三星是全球最大的智能手機供應商,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.

    與三星的延長許可協議展示了我們專利組合的巨大持續價值、我們的創新以及我們在推動移動路線圖的重要和基礎要素方面的長期領導地位。延長的三星許可協議是長期的重要基準,並顯著增加了 QTL 計劃的穩定性。

  • 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.

    現在讓我分享本季度的一些主要成就。在汽車領域,驍龍數字底盤正迅速成為業界首選平台,並推動向下一代汽車的過渡。我們對全球汽車製造商和一級合作夥伴持續的牽引力和設計勝利感到非常高興。

  • 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.

    我們的汽車設計贏得渠道現已超過 190 億美元,自第二財季以來增加了約 30 億美元。這包括與大眾汽車集團的軟件公司 CARIAD 的設計勝利,為大眾汽車未來的自動駕駛解決方案提供動力。在消費者物聯網中,我們繼續在平板電腦、XR、個人電腦和智能消費設備上把握機會。

  • 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.

    對於個人計算,我們將繼續推動不可避免的向 ARM 的過渡。我們有望在 Snapdragon 計算平台上為由我們的定制 CPU 提供支持的下一代 PC 提供 Windows,同時重新定義移動生產力和設備上的 AI。為支持加速向基於 ARM 的計算過渡,微軟最近發布了 Project Volterra,這是一款由採用 Qualcomm AI 引擎的 Snapdragon 計算平台提供支持的新開發工具包。

  • 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.

    他們還宣布了面向 Windows 應用程序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。在邊緣網絡方面,我們推出了 4 個全新的 Networking Pro 系列 Wi-Fi 7 平台,這是全球最具擴展性的 Wi-Fi 7 產品組合,為企業接入點、Wi-Fi 網狀網絡、運營商開創了每秒 10 Gb Wi-Fi 的新時代網關和高級家庭路由器。

  • 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.

    我們還繼續看到工業物聯網的強勁勢頭,最近宣布推出 2 個新的 5G 聯網機器人平台,它們具有增強的 AI 功能、計算機視覺、5G 連接和全面的可定制 SDK,為下一代機器人和無人機提供動力,包括自主移動機器人、AMR、高度自動化的製造機器人等。

  • 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,除了我們的射頻前端和手機之外,我們有能力在更廣泛的物聯網類別中繼續在汽車領域實現增長。我們的單一技術路線圖是該戰略的基石,在互聯智能邊緣所需的不僅是一種技術,而是多種技術方面具有無與倫比的領導力。

  • 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.

    這包括設備端人工智能、低功耗、高性能計算、計算機視覺、高級連接等。重要的是,隨著我們擴展到新的增長領域,我們正在推動我們的技術滿足每個應用程序的最高性能要求,並作為行業設計點。例如,我們用於 3 級和 4 級自動駕駛的專用汽車 SoC 和加速器可以提供高達每秒 700 萬億次的 AI 處理操作。

  • 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 機器人平台為多達 7 個並發攝像頭和多達 200 個頂部帶來了先進的邊緣 AI 和視頻處理能力支持,我們相信我們即將推出的定制設計 CPU 將重新定義 Windows PC 的計算性能。

  • 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.

    特別值得注意的是我們在人工智能方面的顯著發展勢頭。我們最近推出了 Qualcomm AI Stack,它將我們現有的一流 AI 軟件解決方案整合到一個適用於所有 Qualcomm 平台的軟件包中。 Qualcomm AI Stack 的定位是成為邊緣 AI 的平台。 Qualcomm AI Stack 支持所有 AI 框架,包括 TensorFlow、PyTorch 和 ONNX,以及 TensorFlow Lite、TensorFlow Lite Micro 和 ONNX Runtime 等 AI 運行時。

  • 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.

    我們還提供多種操作系統支持,包括 Android、Windows、Linux、QNX、Ubuntu 等。借助這一新產品,OEM 和開發人員現在可以開發和優化 AI 模型,然後在不同的 Qualcomm 產品和層級之間移動相同的模型,實現真正的“一次開發,隨處部署”模型。

  • 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 產品組合是在擴展高性能、低功耗終端 AI 處理方面邁出的革命性一步。這些解決方案展示了我們的單一技術路線圖如何將高通從一家面向移動行業的無線通信公司轉變為一家面向智能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,隨著我們繼續推進和執行我們的戰略,我們注意到充滿挑戰的經濟環境,我們在推動可持續差異化和股東價值的投資方面保持自律。我們專注於推動穩定長期增長的客戶和行業。

  • 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保持不變,並繼續驗證我們的戰略,為我們的長期定位做好準備。我們仍有望在未來十年將我們的潛在市場擴大 7 倍以上,達到約 7000 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.

    在我將電話轉給 Akash 之前,我想邀請您參加 9 月 22 日在紐約舉行的首次汽車投資者日活動。高通是下一代汽車的領先汽車技術平台供應商。我們將展示 Snapdragon 數字化底盤如何推動汽車轉型,並繼續推動我們的設計獲勝渠道的增長。

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

    我現在想把電話轉給 Akash。

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • 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,大家下午好。儘管受到充滿挑戰的經濟環境的影響,我們很高興在第三財季報告強勁的業績。我們實現了 109 億美元的非 GAAP 收入和 2.96 美元的非 GAAP 每股收益,高於我們指導的高端。

  • 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.

    在技術領先、收入多元化和運營效率的推動下,非 GAAP 收入和每股收益與去年同期相比分別增長了 37% 和 54%。 QTL 收入為 15 億美元,EBT 利潤率為 71%,處於指導值的中點。這些結果反映了中低端手機銷量的下降被有利的組合所抵消。 QCT 錄得 94 億美元的收入和 32% 的 EBT 利潤率,均處於我們指導的中點,反映出與去年同期相比收入增長 45% 和 EBT 美元增長 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.

    61 億美元的手機收入同比增長 59%,這得益於我們強大的 Snapdragon 產品組合,尤其是在高端和高端產品方面。與我們的指導一致,RF 前端收入為 10 億美元,與去年同期相比增長 9%,原因是我們廣泛的產品組合的採用率增加。

  • 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.

    物聯網收入同比增長 31% 至 18 億美元。我們看到邊緣網絡和工業物聯網的強勁表現,總收入增長超過 40%。在推出我們的數字駕駛艙產品的推動下,我們在汽車領域實現了另一個創紀錄的季度,收入達到 3.5 億美元,同比增長 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.

    期待全球3G、4G、5G手機預測。我們現在預計日曆 '22 全球手機將同比下降中個位數百分比,其中包括 6.5 億至 7 億部 5G 手機。我們的指導反映了對退出 6 月季度的手機銷量產生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,全球經濟的不確定性增加以及中國 COVID 措施的影響將促使客戶在 22 年下半年謹慎購買管理。在第四財季,我們預計收入為 110 億美元至 118 億美元,非公認會計準則每股收益為 3 美元至 3.30 美元。由於宏觀經濟逆風和我剛剛概述的全球手機預測的減少,我們指導的中點包括約 0.20 美元的估計影響。

  • 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 收入為 14.5 億美元至 16.5 億美元,EBT 利潤率為 69% 至 73%,反映了正常的連續單位增長。在 QCT,我們預計收入為 95 億至 101 億美元,EBT 利潤率為 32% 至 34%。在中點,這意味著收入同比增長 27%,EBT 美元增長 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.

    在連續的基礎上,我們預計 QCT 手機和汽車收入流的增長。在手機方面,雖然 Snapdragon 高端級別的銷量保持彈性,但我們的指導假設其他級別的需求較低,這反映了更新後的全球手機預測。

  • 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.

    在物聯網中,我們看到工業和企業的優勢,但消費產品的一些弱點抵消了這一點。我們預計非 GAAP 運營費用將環比增長 6% 至 8%,其中大約一半的增長是由於包括了收購 Arriver 的兩個季度的費用。

  • 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,我們的第三季度業績不包括 Arriver,因為我們報告拖欠了 1 個季度,直到第四財季。根據我們第四季度指導的中點,我們預計 22 財年將是一個特殊的一年。

  • 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 GAAP 每股收益為 12.55 美元,相對於 21 財年增長 4 美元。我們預計 QCT 收入將超過 370 億美元,同比增長超過 100 億美元,EBT 利潤率增長約 5 個百分點。受處理器內容的增加和我們目標市場的擴張的推動,QCT 手機收入有望比 21 財年略低於 50%。隨著我們對多元化的持續關注,我們預測 22 財年射頻前端物聯網和汽車的總收入將超過 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項長期延長許可協議,直至 2030 年,許可條款相同。有了這個協議,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,儘管我們關注當前環境,但我們的長期基本面完好無損。我們仍然專注於通過執行將雲連接、數據處理和人工智能帶到邊緣的願景來推動增長。謝謝你,回到你身邊,毛里西奧。

  • Mauricio Lopez-Hodoyan - Vice President of Investor Relations

    Mauricio Lopez-Hodoyan - Vice President of Investor Relations

  • 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

    Operator

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

    (操作員說明)我們的第一個問題來自 Matt Ramsay 和 Cowen。

  • Matthew D. Ramsay - MD & Senior Technology Analyst

    Matthew D. Ramsay - MD & Senior Technology Analyst

  • 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,也許你可以給我們一些關於你現在如何看待手機市場的細分。特別是,我們已經——你們剛剛在準備好的腳本中討論了它,中端 Android 的一些弱點。但我想稍微雙擊一下。如果您可以將您所看到的內容與高端、中端 Android 市場,特別是在中國,然後是全球中端和低端 Android 市場進行對比?如果您在那裡看到的趨勢有任何差異,那將非常有幫助。

  • Cristiano Renno Amon - President and Chief Executive Officer

    Cristiano Renno Amon - President and Chief Executive Officer

  • 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.

    謝謝你的問題,馬特。看,我們對這個市場非常熟悉。多年來,我們一直在這樣做。而這個市場,它隨著經濟的變化而變化。我們將看看 - 宏觀經濟環境和中國封鎖的結合,我們確實看到市場可能比我們最初預測的要小。

  • 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端的戰略被證明是一種有彈性的戰略。因此,我們在中低層和優質層看到的更多弱點仍然具有彈性,不僅體現在我們如何報告第三季度的業績,還體現在我們如何看待第四季度的指南。也許 Akash 可以為它添加更多顏色。

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • 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。因此,除此之外,在第三季度,我們看到的是中低端手機銷量下降。當然,中國也受到了影響,但其餘的影響主要是在世界其他地區,對發達經濟體的影響有限。

  • 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.

    我們對未來的預測實際上是在 '22 日曆的下半年繼續向前發展,我們看到退出第三財季的不利趨勢向前延伸。因此,我們將整體日曆年預測更新為與 21 年相比下降中個位數,並且我們還將 5G 預測更新為今年 6.5 億美元至 7 億美元的範圍。

  • Matthew D. Ramsay - MD & Senior Technology Analyst

    Matthew D. Ramsay - MD & Senior Technology Analyst

  • 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.

    知道了。也許作為後續行動,Akash,你通常很友好地給我們一些關於先前電話和終端市場所有動向的季度觀點,以及你降低整個日曆的預測的事實一年的手機,如果您有任何顏色可以指導我們進入 12 月季度,我們將不勝感激。

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • 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。如您所知,12 月季度對我們來說是季節性強勁的季度,無論是 QCT 手機業務還是 QTL 業務。所以這保持不變。我們仍將看到旗艦設備的推出和假日季節的增加,這將有利於我們的財務業績。

  • 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.

    我們將看到 - 我們預測從第三財季到第四財季的增長,我們將再次看到增長進入第一財季。我們確實預計它將通過我們在第四季度看到影響我們的一些相同因素進行校準,但在我們展望 12 月季度時仍預計會有強勁的增長率。

  • Operator

    Operator

  • 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。

  • Tal Liani - MD, Head of Technology Supersector & Senior Analyst

    Tal Liani - MD, Head of Technology Supersector & Senior Analyst

  • 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。現金和等價物減少了 45 億美元,您能否提供一些數據?其次,我想談談射頻。射頻在連續的基礎上正在放緩。問題是,它基本上是按累計順序下降的,它已經下降了。問題是股票收益的故事是否已經結束,現在它的趨勢是否與市場一致。您能否帶我們了解一下趨勢,當然還有您在 QCT 的 RF 部分看到的 ASP 趨勢?

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • 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,塔爾。是阿卡什。我將從第一個問題開始,然後開始第二個問題,Cristiano 可以在上面添加。如您所知,在現金餘額方面,我們在 3 月季度結束後立即結束了對 Arriver 的收購,因此您看到的變化主要是由為收購 Arriver 支付的 46 億美元現金推動的。

  • 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,我們確實有非常強勁的正現金流,這是被資本回報所抵消的餘額,我們在本季度返還了 14 億美元——13.5 億美元。然後它也被我們在本季度支付的資本支出和納稅的其他相關費用所抵消。所以說真的,這可以歸結為我們為收購 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,在射頻前端。因此,您應該考慮 RF 前端增長的方式是它的增長更符合我們的 5G 市場。正如你所看到的,我們降低了對今年 5G 設備的總體預測。所以這發揮了作用。此外,一般來說,當您從低中層增長到高層時,它的擴展性不會非常顯著,RF 內容仍然相對相似。而在處理器方面,您已經看到了我們手機業務的巨大規模。

  • 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.

    當我們進入高端高端時,平均售價要高得多。內容要高得多,您會看到該優勢顯示在範圍的頂端。

  • Cristiano Renno Amon - President and Chief Executive Officer

    Cristiano Renno Amon - President and Chief Executive Officer

  • 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.

    塔爾,我是克里斯蒂亞諾,我只想補充幾件事。因此,我們一直非常專注於整個產品組合,繼續推動每個組件的領導地位。我們一直非常關注的一件事現在開始將我們的精力投入到汽車物聯網和 Wi-Fi 領域。所以 - 我們開始跟踪它。例如,RF 前端設計目前贏得了流水線,它在汽車領域的銷售額超過 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 的機會。我們還發布了用於射頻前端模塊的下一代 Wi-Fi 和藍牙,以超越芯片。因此,我們預計將專注於推動汽車和物聯網的增長。正如 Akash 所說,這是關於 Snapdragon 的附加故事。它跟踪移動市場,由於處理器內容,我們的增長速度超過了移動前端。

  • Operator

    Operator

  • 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。

  • Samik Chatterjee - Analyst

    Samik Chatterjee - Analyst

  • 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.

    我有一對。也許如果我可以從中國智能手機市場開始。我知道,Akash,你提到假設全球智能手機市場與 6 月份退出時的情況相同。我有點記得,該區域市場數據中的一些政府數據在 6 月份顯示出積極的跡象——我認為是在重新開放之後的 6 月份。鑑於您在這裡看到了許多周期,任何類型的評論,您在如何考慮 - 市場草案何時達到中國智能手機市場?是什麼讓它從那時起達到低谷或反彈,因為我認為至少 6 月份確實顯示出一些積極的跡象。我有一個後續行動。

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • 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。當然,薩米克。你是對的。我們確實在 6 月份看到了一些改善。但是,您應該考慮 OEM 對數據做出反應的方式是,這些不利因素導致這些客戶在管理採購時謹慎行事。

  • 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.

    因此,這真的不僅僅是 6 月份發生的那種獨立的事情,並且會向前推進。這實際上是他們正在應對的整體環境,這就是我們對未來單位預測的依據。

  • Samik Chatterjee - Analyst

    Samik Chatterjee - Analyst

  • 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.

    如果我可以要求您再解開一些內容,那麼只是為了跟進,對於 9 月季度指南。您通常有一個高端北美客戶推出他們的產品,並且您過去因此推動了兩位數的季度環比 QCT 增長。

  • 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?

    您現在指導的更溫和的季節性,主要是那種較弱的中端 Android 中低端 Android?或者,您是否期望北美的主要客戶也能在高端市場上有所鬆動?

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • 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。因此,當您查看我們的第四季度指導時,我們指導的中點為 3.15 美元,而 6 月份的實際值為 2.96 美元。因此,在這種環境下,我們仍在指導季度環比強勁增長。與去年同期相比,這意味著每股收益增長了 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?

    如果您查看我們給出的指導範圍,我們會在不確定性的情況下擴大範圍,並估計我們的指導中點對宏觀經濟的影響約為 0.20 美元。如果您將其分解為直接問題,則高級層數量保持不變,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.

    因此,從整體來看,當然,新的發布也按計劃進行。但我們看到的是,購買高、中、低層的客戶在管理和通過市場環境工作時會小心庫存。因此,您會看到我們在未來的指導中考慮到了這一點。

  • Cristiano Renno Amon - President and Chief Executive Officer

    Cristiano Renno Amon - President and Chief Executive Officer

  • 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.

    也許如果我可以添加一件事。這是克里斯蒂亞諾。因此,從我們的第四季度指南來看,包括我們將每股收益定為 0.20 美元的宏觀經濟環境,我們看到我們同比增長 24%。我將解開的方式是,我們有宏觀,我們有移動市場的縮減。但是,如果您將其分解,除了 Akash 所說的優質層具有彈性,即使我們在中低端的單位較少,我們在汽車方面也有連續增長。我們有創紀錄的汽車 Q3。我們看到 QT 和物聯網的連續增長與整個財報季的對話一致,因為任何消費者疲軟的任何抵消都被工業和企業的實力所抵消。因此,當我們查看這些數字時,24% 的同比增長比我們的一些同行要快得多,因為移動設備,他們的消費者曝光率甚至比我們少。

  • Operator

    Operator

  • 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 Rod Hall。

  • Roderick B. Hall - MD

    Roderick B. Hall - MD

  • 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2個問題要問你們。一個是回到那種高端,不一定是 9 月,不是那個特別的高端,而是今年後端的中國高端製造商,我知道正如供應鏈 Cristiano 所確定的那樣,我認為這些人可能會預購芯片,這可能會影響您的 9 月季度。

  • 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.

    我只是好奇這種情況是否正在發生,你是否看到那些預期的 Android 發布對 9 月季度的一些影響,我猜是 10 月下旬,11 月的時間框架?然後我對此進行了跟進。

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • 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,羅德,是阿卡什。我們沒有看到人們購買的任何前端行為比預期的要早。這影響了我們在手機方面的 9 月季度。在高級層中,需求保持不變。如您所知,我們有牢固的關係,在該層有非常強大的路線圖。因此,我們看到客戶繼續像往常一樣購買,就像我們進入 9 月季度一樣,然後期待 12 月。

  • Roderick B. Hall - MD

    Roderick B. Hall - MD

  • 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,阿卡什,澄清一下,大部分影響可能會出現在 12 月季度。那條評論正確嗎?

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

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

    是的。因此,如果您談論的是 Apple 的手機發布,您會看到一個標準化的...

  • Roderick B. Hall - MD

    Roderick B. Hall - MD

  • High-end Android launches, mainly in China.

    主要在中國推出高端 Android。

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • 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.

    對,就是這樣。因此,我們看到 9 月季度的購買情況正常,但 12 月和 12 月底是他們開始推出手機的時候,既進入假日季節,又進入農曆新年。所以我們希望看到它的季節性好處。

  • Roderick B. Hall - MD

    Roderick B. Hall - MD

  • 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.

    偉大的。好的。然後我還想問你們關於渠道庫存的問題。我們有零星的庫存清倉跡象。 Verizon 表示他們將在高端產品中清理庫存,我認為在我們展望秋季的時候所有級別的智能手機。零售業正在進行大量庫存清倉。我們看到中國也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,您是否認為這些庫存清理中的一些可能會將一些需求提前拉出早期,至少在秋季是這樣?

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • 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。因此,在庫存方面,我的意思是,很明顯,從宏觀和中國的角度來看,終端市場方面都會受到影響,我們看到的是,這會對當時行業的庫存週期產生影響需要在日曆年的下半年完成,包括 9 月和 12 月。

  • 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.

    這就是我們給出的指導中的預測。因此,正如我之前所說,我們希望原始設備製造商在處理庫存餘額時對採購採取謹慎態度。

  • Operator

    Operator

  • 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。

  • Thomas Michael Walkley - MD & Senior Equity Analyst

    Thomas Michael Walkley - MD & Senior Equity Analyst

  • 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?

    祝賀三星將交易延長至 2030 年,其中包括 6G。只是,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東西?它只是2030年的延伸嗎?

  • 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?

    然後也許對於克里斯蒂亞諾來說,如果你能在 Snapdragon 承諾上提供任何顏色?是否有任何保證的共享排他性或您可以為此共享的任何內容?

  • Alexander H. Rogers - President of Qualcomm Technology Licensing (QTL) & Global Affairs

    Alexander H. Rogers - President of Qualcomm Technology Licensing (QTL) & Global Affairs

  • 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.

    邁克爾,這是亞歷克斯。謝謝你的問題。在三星許可協議中,我們的現行協議自 2009 年起生效,原定於 2023 年底到期。相反,我們已同意將其延長 7 年至到 2030 年底以相同的特許權使用費率。就是這樣,它非常簡單,非常簡單。

  • 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.

    我們將其視為 QTL 許可計劃、驗證我們的產品組合、驗證我們的創新領導力的一個非常非常重要的里程碑事件。這也是未來續訂的一個非常重要的基準。它確實對未來 QTL 計劃的穩定性做出了很大貢獻。

  • Cristiano Renno Amon - President and Chief Executive Officer

    Cristiano Renno Amon - President and Chief Executive Officer

  • 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,謝謝你的問題。是的。看,除了汽車和物聯網收入的記錄,三星協議可能是我本季度最喜歡的事情。這就是我描述芯片組業務增長機會的方式。

  • 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,我們將在這種關係的多年中平均獲得大約 40% 的份額,而在簽署該協議之前,他們使用 Galaxy S22 的內部解決方案。我們的份額攀升至約 75%。現在,我們宣布了一項多年協議,為全球三星 Galaxy 智能手機提供動力。

  • 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.

    對此非常興奮。它為我們的移動業務提供了難以置信的穩定性。我想不出比該協議更好的方法來驗證我們專注於高端和高端錢包份額的戰略。

  • 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.

    非常非常令人興奮。我記得——我想記住你這一切,這是一筆非常好的交易。當我考慮 Snapdragon 8 系列的矽含量時,至少等於或優於另一個 OEM 的 5 調製解調器的收入和收益。

  • 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.

    現在,這項多年協議的第二部分是與我們的多元化相關的增長機會。因此,它擴展到 Galaxy 智能手機之外,包括 Galaxy 書籍、Windows PC、Galaxy 平板電腦、未來的擴展現實設備和其他設備。所以這是一個非常重要的協議,非常興奮,而且兩家公司之間的關係更加緊密。

  • Operator

    Operator

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

    我們的下一個問題來自德意志銀行的羅斯·西莫爾(Ross Seymore)。

  • Ross Clark Seymore - MD

    Ross Clark Seymore - MD

  • 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 方面的。非常符合本季度和指南。如果我回想去年,當你為第四財季提供指導時,商業狀況看起來相當強勁。今年,你談論的是不確定性、宏觀逆風等等。

  • 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?

    但是您正在指導相同的 QTL 數量。所以我想我從投資者那裡得到的一個大問題是,高通似乎已經放棄了 QCT 方面,但可能不是 QTL。你能談談我們如何以更謹慎的宏觀觀點折疊 QTL 指導嗎?

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • 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。當然,羅斯。是阿卡什。正如我在準備好的評論中所說,QTL 方面的另一個因素是設備組合更強大,也許其中一部分是通貨膨脹幫助 ASP,但我們也看到人們在購買新設備時升級設備。因此,混合是抵消 QTL 方面的交易量的原因。

  • Ross Clark Seymore - MD

    Ross Clark Seymore - MD

  • 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?

    偉大的。而且我想向前看並稍微換檔。你們顯然會報告、指導和談論你的 EBT 利潤率,但毛利率對公司來說也是一個很大的順風。在最後一個季度,根據我的數學計算,它本應在 6 月季度下降以獲得您的指導,但它下降的幅度比我預期的要多一些。所以 Akash,你能談談 QCT 毛利率內的看跌期權嗎?什麼是順風,逆風,當我們進入這個日曆年的後半段時,我們應該考慮什麼?

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • 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。高興。因此,當您考慮 QCT 毛利率時,對我們而言,關鍵是第一,我們的多元化戰略,因為我們使用我們為手機創造的技術並將其應用於其他市場。這也有助於我們的毛利率概況和運營利潤率概況,以及毛利率概況。

  • 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.

    第二個是,隨著我們銷售更多的高端設備,這對我們來說也是一個有益的趨勢。因此,即使面對代工廠價格上漲的情況,您也已經看到了這樣做的好處,我們在毛利率方面也做得很好。

  • 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.

    當我們經歷這個季度時,我們確實看到了混合變化,最終我們的收入略低於我們在上個季度初的預測。但是,當您展望未來時,我們的組合正在再次上升,這可能是上一季度的平衡,使我們能夠在毛利率方面做出非常強勁的指導。

  • 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.

    如果你期待,真的沒有改變。我認為我們對我們所處的位置非常滿意。我們已經給出了長期的營業利潤率指導,其中考慮了強勁的毛利率,我們對這一指導感到滿意,沒有任何變化。

  • Operator

    Operator

  • 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。

  • Joseph Lawrence Moore - Executive Director

    Joseph Lawrence Moore - Executive Director

  • 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?

    偉大的。同樣,您能否談談您在手機業務部分的定價策略?您在供應緊張的時期看到了毛利率收益。而且我認為有些人擔心隨著那個時期的結束,你會看到更多的價格競爭。你能簡單談談你是如何看待這種動態的嗎?

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • 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。老實說,手機端的定價相對穩定。這顯然是一個非常大的市場。並且有 2 名玩家正在參與該市場,並且有足夠的市場供我們雙方使用。

  • 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.

    這就是我們接近市場的方式,我們也看到它們是一致的。我要說的另一件事是在營業利潤率方面,我們已經 - 我們在投資者日為超過 30% 提供指導的方式,我們考慮到毛利率狀況會有所下降。但實際上,我們關注的是執行,正如我之前所說,我們專注於執行該數字的上行。

  • Joseph Lawrence Moore - Executive Director

    Joseph Lawrence Moore - Executive Director

  • 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?

    偉大的。然後你在終端市場零售的背景下談到了庫存。您能否談談高通零件的組件庫存,我的意思是您直到最近才出現短缺。是不是——這就是為什麼你們在中國沒有像一些 RF 人那樣進行一些相同的庫存調整的原因嗎?

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • 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.

    好吧,從射頻的角度來看,我們已經看到了一些我們的同行看到的類似趨勢。但是,當您查看手機端時,這顯然是我們庫存的主要部分。我們一直在追逐供應以到達一個舒適的地方。正如我們之前所說,我們一直預計需求和供應會在日曆年的下半年達成和解,而且我們真的看到這種情況按計劃進行。

  • Operator

    Operator

  • 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 Blayne Curtis。

  • Blayne Peter Curtis - Director & Senior Research Analyst

    Blayne Peter Curtis - Director & Senior Research Analyst

  • 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。也許我會從我的最後一個開始,剛剛給出了前面的問題。僅就庫存而言,我的意思是,我想,就您 6 月 100 天的庫存而言,這是相當多的。你能評論一下你覺得你終於趕上了嗎?我知道這已經很長時間了,但是在這一點上,它是否仍在獲得您的貨物?

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • 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,Blayne,總的來說,我們覺得我們處於一個相對不錯的地方。當然,現在還有一些節點或部分我們仍在處理短缺問題。但總的來說,我們覺得我們已經和解到了一個合理的地方。

  • 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.

    我會說,當您查看我們的庫存餘額時,我們的收入在過去幾年中翻了一番以上。我們也將進入更強勁的季節性季度,即 9 月和 12 月。因此,您在資產負債表上看到的確實反映了即將發生的事情。

  • Blayne Peter Curtis - Director & Senior Research Analyst

    Blayne Peter Curtis - Director & Senior Research Analyst

  • 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.

    得到你。然後就克里斯蒂亞諾而言,我想跟進有關三星協議的問題,因為你在上個季度說過,你的份額要高得多,即 75%。顯然,他們在內部模式方面遇到了一些困難。我只是想對這個協議的含義再多一點色彩?有沒有圍繞它的手機共享?還是更多關於這些其他設備?我只是想了解協議中真正的妙語。

  • Cristiano Renno Amon - President and Chief Executive Officer

    Cristiano Renno Amon - President and Chief Executive Officer

  • 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。您應該考慮的方式是,Snapdragon 將為他們的 Galaxy 產品線、他們的 Galaxy 旗艦產品提供動力。我現在可以說的是,在達成協議之前,我們在 Galaxy S22 上的使用率為 75%。您應該考慮我們將比 Galaxy S23 及更高版本上的要好得多。這是一個多年的協議。這可能就是我可以告訴你的。您應該考慮我們在全球範圍內為他們的設備供電。

  • Operator

    Operator

  • 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。

  • Brett William Simpson - Senior Analyst

    Brett William Simpson - Senior Analyst

  • 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 Akash 在投資者日制定的蘋果指南。我認為,Akash,您提到 23 年下半年的新 iPhone,您預計這些新 iPhone 的份額約為 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那個時間線,你對那個份額的看法是否發生了變化。如果我們在這個賬戶上看到對高通調製解調器的更多需求,你能確保代工產能嗎?您是否需要協商新的調製解調器長期協議?

  • Cristiano Renno Amon - President and Chief Executive Officer

    Cristiano Renno Amon - President and Chief Executive Officer

  • 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,我們目前不提供任何 Apple 更新。我們對我們的調製解調器路線圖和 5G 感覺非常好。而且我認為您應該期望高通公司將繼續成為領導者,尤其是在調製解調器越來越難以支持智能手機以外的多個終端市場的情況下。

  • Brett William Simpson - Senior Analyst

    Brett William Simpson - Senior Analyst

  • 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。這很清楚。也許只是 Akash 的後續行動。我只是想問一下自由現金流。我猜,你有很多活動部件,看看 22 財年的代工預付款和一些營運資金的增加。但您能否更廣泛地談談高通公司的自由現金流量利潤率目標的能力,該業務真正能夠實現的目標是什麼?我們什麼時候才能開始看到更高水平的業務自由現金流?

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • 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,你是對的。在過去的幾個季度或幾個季度中,我們經歷了一些來龍去脈,其中兩種關鍵是我們已經完成的收購,還有產能預留。除此之外,顯然還有一個非常激進的資本回報計劃。

  • 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.

    所以它實際上是這些因素的組合。當我退後一步回答您的直接問題時,我們在投資者日概述的策略沒有改變。我們非常專注於將大部分自由現金流返還給股東。這是我們在過去幾年中優先考慮的事情。我們對此非常積極,並且我們計劃繼續這樣做。

  • Operator

    Operator

  • 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。

  • Srinivas Reddy Pajjuri - Research Analyst

    Srinivas Reddy Pajjuri - Research Analyst

  • 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,你能談談你在中低端的位置嗎?我知道您一直專注於高端市場。我問這個問題的原因是——如果你看一下 5G,即使你的指導是這裡有一點下降,我認為大多數高端市場都被 5G 完全滲透。當我們考慮未來幾年時,機會似乎主要在中低端。

  • 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?

    所以我只是想了解一下你們今天的市場份額是多少?隨著中低端市場向 5G 過渡,我們應該如何看待您的增長機會?

  • Cristiano Renno Amon - President and Chief Executive Officer

    Cristiano Renno Amon - President and Chief Executive Officer

  • 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.

    謝謝你的問題。其實,一個非常好的問題。也許我會分兩部分回答。看,我們專注於錢包份額,特別是在供應受限的環境中,確保我們保護套接字並為套接字提供供應,這對我們來說非常有效。它們對於這種優質且高價的策略非常重要。

  • 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在中低端提供機會。正如我們對下半年的預測,現在是供應正常化的環境。我們有機會贏得很多中低位的插槽,這絕對是我們模型的優勢。

  • Srinivas Reddy Pajjuri - Research Analyst

    Srinivas Reddy Pajjuri - Research Analyst

  • 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?

    知道了。然後也許是為了阿卡什。 Akash,關於 SoC 增長和 RF 增長之間的差異。我認為你給了我們今年的一個很好的解釋。但是當我們展望未來一兩年時,我們是否應該期望這種差異仍然存在?或者您認為手機增長和射頻增長會有些相似?

  • Akash Palkhiwala - Chief Financial Officer

    Akash Palkhiwala - Chief Financial Officer

  • 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.

    斯里尼,我們將繼續存在差異。我認為,如果您看一下我們這次包含的幾張網絡幻燈片,它會顯示內容在我們的高級層中是如何增加的。顯然,這只是一個示例,適用於所有層級。

  • 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.

    對處理器內容的需求越來越多,無論是 CPU、GPU、攝像頭、人工智能、安全、音頻、視頻,我們都在全面增加內容。因此,我們確實預計,這將推動手機方面更強勁的收入增長。

  • 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射頻前端提到的,當然,我們將從向 5G 的過渡中受益,隨著印度等市場在今年晚些時候開始部署 5G,我們將看到 SAM 擴展的好處,因為 5G 是我們真正的目標在那裡玩。然後還有那裡的汽車和物聯網擴展機會。因此,該領域的增長載體不同。

  • Operator

    Operator

  • 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,在暫停通話之前,您還有什麼要補充的嗎?

  • Cristiano Renno Amon - President and Chief Executive Officer

    Cristiano Renno Amon - President and Chief Executive Officer

  • 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。我只想首先感謝我們的員工和我們的合作夥伴,感謝他們度過了一個非常棒的季度。我想留言的幾件事。我們的增長動力都沒有改變。戰略的所有基礎都已到位。我們真的專注於我們可以控制的事情,但我們的策略正在奏效。

  • 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 Qualcomm 從一家為移動行業提供通信的公司轉變為一家面向智能邊緣的互聯處理器公司。我們對三星協議感到非常興奮。這是思考我們手機業務的穩定性和增長的方式。我們在腳本中提到的一件我們沒有過多談論的事情是我們在人工智能方面取得的令人難以置信的進步,並真正為邊緣構建了一個非常有競爭力的開發平台。這就是我們在其他設備中看到大量增長和矽機會的地方。別忘了收看汽車投資者日。 Auto 對公司來說是一個成功的故事,繼續是,我們將在今年晚些時候的投資者日與您分享一些令人興奮的事情。非常感謝大家的支持,很快就和大家聊聊。

  • Operator

    Operator

  • 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。