高通 (QCOM) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm First Quarter fiscal 2023 Earnings Conference Call.

女士們，先生們，謝謝你們的支持。歡迎參加高通 2023 財年第一季度收益電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded, February 2, 2023. The playback number for today's call is (877) 660-6853. International callers, please dial (201) 612-7415. The playback reservation number is 13735295. I would now like to turn the call over to Mauricio Lopez-Hodoyan, Vice President of Investor Relations. Mr. Lopez-Hodoyan, please go ahead.

提醒一下，這次會議正在錄製，2023 年 2 月 2 日。今天電話的回放號碼是 (877) 660-6853。國際來電者請撥打 (201) 612-7415。回放預約號碼是 13735295。我現在想把電話轉給投資者關係副總裁 Mauricio Lopez-Hodoyan。 Lopez-Hodoyan 先生，請繼續。

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

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

During the call 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 條例中定義的非 GAAP 財務措施，您可以在我們的網站上找到與 GAAP 的相關調節。我們還將做出前瞻性陳述，包括對未來事件、業務或行業趨勢或業務或財務結果的預測和估計。

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

實際事件或結果可能與我們前瞻性陳述中預測的事件或結果存在重大差異。請參閱我們向美國證券交易委員會提交的文件，包括我們最近的 10-K，其中包含可能導致實際結果與前瞻性陳述存在重大差異的重要因素。

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

現在請聽高通公司總裁兼首席執行官克里斯蒂亞諾阿蒙的評論。

Thank you, Mauricio, and good afternoon, everyone. Thanks for joining us today. In fiscal Q1, despite the ongoing macroeconomic headwinds and short-term challenges impacting the semiconductor industry, we deliver revenues of $9.5 billion and non-GAAP earnings of $2.37 per share, including year-over-year growth in QCT Automotive in IoT. QCT revenues of $7.9 billion were down 11% year-over-year as a result of weaker handset demand and inventory drawdown. In the current quarter, combined auto and IoT revenues represent 27% of total QCT revenues reflecting continued progress on revenue diversification.

謝謝毛里西奧，大家下午好。感謝您今天加入我們。在第一財季，儘管宏觀經濟逆風和影響半導體行業的短期挑戰持續存在，但我們實現了 95 億美元的收入和每股 2.37 美元的非 GAAP 收益，其中包括 QCT Automotive 在物聯網領域的同比增長。由於手機需求疲軟和庫存減少，QCT 的收入為 79 億美元，同比下降 11%。在本季度，汽車和物聯網的總收入佔 QCT 總收入的 27%，反映出收入多元化的持續進展。

QTL delivered $1.5 billion in revenues within Q1. As the handset industry continues to experience reduced demand, we are now expecting elevated channel inventory levels to persist at least through the first half of calendar '23. In addition, multiple end industries within IoT are also experiencing weaker-than-expected demand and elevated inventory levels.

QTL 在第一季度實現了 15 億美元的收入。隨著手機行業的需求持續下降，我們現在預計渠道庫存水平的上升至少會持續到 23 年上半年。此外，物聯網中的多個終端行業也面臨著需求弱於預期和庫存水平上升的問題。

Given the current macroeconomic and demand environment, we're implementing further spending reductions and streamlining operations without losing sight of the significant growth and diversification opportunities ahead. This is consistent with our commitment to actively manage operating expenses as indicated during our last earnings call. Combined with the actions we have already taken in the quarter, we expect to reduce non-GAAP operating expenses by approximately 5% relative to a run rate exiting fiscal '22.

鑑於當前的宏觀經濟和需求環境，我們正在實施進一步的支出削減和精簡運營，同時不忽視未來的顯著增長和多元化機會。這與我們在上次財報電話會議上表示的積極管理運營費用的承諾是一致的。結合我們在本季度已經採取的行動，我們預計相對於退出 22 財年的運行率，將非 GAAP 運營費用減少約 5%。

Despite near-term headwinds, our long-term growth opportunities remain unchanged. Our leading technologies, such as advanced wireless connectivity and high-performance, low-power compute and on-device intelligence are enabling the ongoing trends of digital transformation across industries. From a product and technology perspective, we believe we are in the strongest position in our history. Our strategy is working, and we remain focused on expanding our addressable market to approximately $700 billion in the next decade firmly establishing Qualcomm as the connected processor company for the intelligent edge.

儘管近期存在逆風，但我們的長期增長機會保持不變。我們的領先技術，例如高級無線連接和高性能、低功耗計算以及設備上的智能，正在推動跨行業數字化轉型的持續趨勢。從產品和技術的角度來看，我們相信我們處於歷史上最強大的地位。我們的戰略正在奏效，我們將繼續專注於在未來十年內將我們的潛在市場擴大到約 7000 億美元，堅定地確立高通作為智能邊緣連接處理器公司的地位。

I will now provide key highlights from across our business. In automotive, the industry continues to evolve at an unprecedented rate, driven by the adoption of digital technologies. The software-defined vehicle is at the core of this transformation offering automakers a significant opportunity to deliver enhanced connectivity, improved safety and security features, increased levels of autonomy as well as new business models and revenue streams. We believe the Snapdragon Digital Chassis is the industry's preferred purpose-built platform to help drive this innovation for the next generation of vehicles. At CES, we announced Snapdragon Ride Flex, which enables digital cockpit, advanced driver assistance systems and automated driving functions to coexist on a single SoC a first for the automotive industry. Automakers and Tier 1s can now scale a unified center compute and software-defined vehicle architecture across their portfolio.

我現在將提供我們整個業務的主要亮點。在汽車行業，在採用數字技術的推動下，該行業繼續以前所未有的速度發展。軟件定義的汽車是這一轉型的核心，為汽車製造商提供了一個重要的機會來提供增強的連接性、改進的安全性和安全性功能、更高的自主性以及新的商業模式和收入流。我們相信 Snapdragon 數字底盤是業界首選的專用平台，有助於推動下一代汽車的創新。在 CES 上，我們發布了 Snapdragon Ride Flex，它使數字駕駛艙、高級駕駛員輔助系統和自動駕駛功能能夠在單個 SoC 上共存，這在汽車行業尚屬首次。汽車製造商和一級供應商現在可以在其產品組合中擴展統一的中心計算和軟件定義的車輛架構。

We also demonstrated our expansion into 2-wheelers with the latest infotainment and cloud connected digital services to enhance safety and deliver a more personal experience for riders. Our solutions also enable OEMs and fleet providers to deliver over-the-air updates, subscription services, remote diagnostics, geofencing, test protection and more. We are very proud of the progress we have made in automotive, and we believe that we are the best positioned technology partner to help drive this industry into the future.

我們還展示了我們通過最新的信息娛樂和雲連接數字服務擴展到 2 輪車，以提高安全性並為騎手提供更個性化的體驗。我們的解決方案還使原始設備製造商和車隊供應商能夠提供無線更新、訂閱服務、遠程診斷、地理圍欄、測試保護等。我們為我們在汽車領域取得的進步感到非常自豪，我們相信我們是幫助推動該行業走向未來的最佳技術合作夥伴。

In handsets, our recently announced Snapdragon 8 Gen 2 mobile platform begins a new era of AI accelerated experiences for smartphones. The Snapdragon 8 Gen 2 includes our first ever AI-powered camera processor that enables real-time semantic segmentation for photos and videos. A dedicated 5G AI processor that can enhance 5G data speeds, coverage, latency and battery life and an updated general purpose AI engine with a larger Tensor Accelerator for increased performance. We are also pleased to enable the world’s first satellite-based two-way capable messaging solution for Android smartphones. Snapdragon Satellite will provide global connectivity for messaging, utilizing Iridium's weather-resilient L-band spectrum and will initially be available on next-generation premium smartphones using Snapdragon 8 Gen 2 within the second half of 2023.

在手機方面，我們最近發布的驍龍 8 Gen 2 移動平台開啟了智能手機 AI 加速體驗的新時代。 Snapdragon 8 Gen 2 包括我們首款支持 AI 的攝像頭處理器，可對照片和視頻進行實時語義分割。一個專用的 5G AI 處理器可以提高 5G 數據速度、覆蓋範圍、延遲和電池壽命，以及一個更新的通用 AI 引擎和一個更大的張量加速器以提高性能。我們也很高興為 Android 智能手機啟用世界上第一個基於衛星的雙向消息傳遞解決方案。 Snapdragon Satellite 將利用 Iridium 的耐候性 L 波段頻譜為消息傳遞提供全球連接，並將於 2023 年下半年首先在使用 Snapdragon 8 Gen 2 的下一代高端智能手機上提供。

Yesterday, I was pleased to join Samsung's Unpacked event, where they launched the Galaxy S23 family of smartphones, powered by the Snapdragon 8 Gen 2 mobile platform for Galaxy globally. This premium platform features accelerated performance and unique customizations made possible by our expanded strategic partnership with Samsung.

昨天，我很高興參加了三星的 Unpacked 活動，他們在會上推出了 Galaxy S23 系列智能手機，該系列智能手機搭載了適用於全球 Galaxy 的驍龍 8 Gen 2 移動平台。這個高級平台具有加速的性能和獨特的定制功能，這得益於我們與三星擴大的戰略合作夥伴關係。

The Galaxy S23 represents the first smartphone announced from this partnership. In IoT, which is poised to become our largest addressable market, our revenue stream spans across 3 categories: consumer, edge networking and industrial. In consumer IoT our next-generation PC platform with integrated custom Oryon CPUs and upgraded AI engine, has sampled on time and is exceeding our internal KPIs, delivering disruptive CPU performance per watt across tiers.

Galaxy S23 是此次合作發布的首款智能手機。在有望成為我們最大的潛在市場的物聯網中，我們的收入流跨越 3 個類別：消費者、邊緣網絡和工業。在消費物聯網中，我們的下一代 PC 平台集成了定制的 Oryon CPU 和升級的 AI 引擎，已經按時採樣並超過了我們的內部 KPI，跨層提供了顛覆性的每瓦 CPU 性能。

In addition, Snapdragon's AI capabilities and leading battery life opens unique new possibilities for differentiated user experiences for the modern workforce. Key examples are Windows Studio Effects, including portrait blur, eye framing and noise cancellation with voice focus. Together with Microsoft, we're broadly engaged with the app ecosystem and are pleased that native applications have been launched for Windows on Snapdragon by market-leading ISVs such as Zoom, Amazon Prime Video, VMware Carbon Black, Cisco AnyConnect and CrowdStrike. Additionally, as Adobe announced at our Tech Summit, its creativity suite of apps, including Adobe Photoshop, Lightroom, Fresco and Acrobat will run natively on Snapdragon.

此外，Snapdragon 的 AI 功能和領先的電池續航時間為現代員工的差異化用戶體驗開啟了獨特的新可能性。主要示例是 Windows Studio 效果，包括人像模糊、眼睛框架和語音聚焦的噪音消除。我們與 Microsoft 一起廣泛參與應用程序生態系統，並且很高興市場領先的 ISV（例如 Zoom、Amazon Prime Video、VMware Carbon Black、Cisco AnyConnect 和 CrowdStrike）在 Snapdragon 上推出了適用於 Windows 的原生應用程序。此外，正如 Adobe 在我們的技術峰會上宣布的那樣，其創意應用程序套件（包括 Adobe Photoshop、Lightroom、Fresco 和 Acrobat）將在驍龍處理器上本地運行。

We're now engaged with major PC OEMs with multiple platform design wins across their product road maps for consumer and commercial. In edge networking IoT our WiFi infrastructure and networking products continue to gain share, led by strength in enterprise WiFi access points and carrier gateways. We see several trends that are favorable to our WiFi solutions. WiFi mesh networking continues to grow in popularity worldwide, increasing the number of WiFi chipsets installed per home. The hybrid work trend appears to have had lasting impacts on enterprise networking with workers relying on real-time collaboration tools regardless of whether they are in the office or remote.

我們現在與主要的 PC OEM 合作，在他們的消費者和商業產品路線圖中贏得了多平台設計。在邊緣網絡物聯網中，我們的 WiFi 基礎設施和網絡產品在企業 WiFi 接入點和運營商網關方面的實力引領下繼續獲得份額。我們看到了幾種有利於我們的 WiFi 解決方案的趨勢。 WiFi 網狀網絡在全球範圍內越來越受歡迎，增加了每個家庭安裝的 WiFi 芯片組的數量。混合工作趨勢似乎對企業網絡產生了持久影響，員工無論是在辦公室還是在遠程，都依賴實時協作工具。

Broadband Internet service providers are turning increasingly to a modular software development model, creating new opportunities for Qualcomm in next-generation home gateway routers. And the transition from WiFi 6 and 6E to WiFi 7, which we're currently leading across home, enterprise and carrier segments. In 5G, fixed wireless access, we're encouraged by the significant momentum in India following the recent 5G auctions. Operators have publicly stated their ambition to provide broadband services to 100 million homes using 5G FWA. Qualcomm is well positioned to enable the 5G FWA ecosystem in India with our leading product portfolio on 5G millimeter wave-based high-power CPE complemented by small cell and compact macro cell infrastructure Modem-RF platforms.

寬帶互聯網服務提供商越來越多地轉向模塊化軟件開發模式，為高通在下一代家庭網關路由器領域創造了新機遇。以及從 WiFi 6 和 6E 到 WiFi 7 的過渡，我們目前在家庭、企業和運營商領域處於領先地位。在 5G 和固定無線接入方面，我們對最近 5G 拍賣後印度的巨大發展勢頭感到鼓舞。運營商已公開表示他們的雄心是為使用 5G FWA 的 1 億家庭提供寬帶服務。憑藉我們領先的基於 5G 毫米波的高功率 CPE 產品組合，輔之以小型蜂窩和緊湊型宏蜂窩基礎設施調製解調器-射頻平台，高通已做好準備在印度實現 5G FWA 生態系統。

We are currently working with CPE and infrastructure OEMs on the commercial rollout in India spanning both millimeter wave and sub-6 spectrum. In industrial IoT Digital transformation is still in the early phases in the scale of the opportunity for Qualcomm in the long term across many verticals is significant. In the tracking and logistics space, we believe we have established one of the largest ecosystems of manufacturing partners. Last month, we announced a new IoT optimized modem, the QCX216 for applications such as smart utility meters, trackers, e-mobility, parking meters, home automation and security and other location-based solutions.

我們目前正在與 CPE 和基礎設施 OEM 合作，在印度進行商業推廣，涵蓋毫米波和 sub-6 頻譜。在工業物聯網中，數字化轉型仍處於早期階段，從長遠來看，高通在許多垂直領域的機會規模是巨大的。在跟踪和物流領域，我們相信我們已經建立了最大的製造合作夥伴生態系統之一。上個月，我們發布了一款新的物聯網優化調製解調器 QCX216，適用於智能公用事業儀表、跟踪器、電動汽車、停車計時器、家庭自動化和安全以及其他基於位置的解決方案等應用。

The QCX216 reduces power consumption by up to 80% versus the previous generation solution while also enabling customers to design modules with an up to 40% lower cost structure. In retail, our point-of-sale solutions continue to drive the transition from traditional terminals to full-feature android-based terminals. We have shipped over 70 million Snapdragon devices since 2016 into handheld and desktops point-of-sale terminals worldwide. In enterprise video collaboration, we're leading this rapidly growing segment, powering many of the key OEMs such as Poly, Logitech, [NEC], Cisco, Bose, AVer and Alibaba.

與上一代解決方案相比，QCX216 可將功耗降低多達 80%，同時還使客戶能夠設計成本結構降低多達 40% 的模塊。在零售領域，我們的銷售點解決方案繼續推動從傳統終端向基於安卓的全功能終端的轉變。自 2016 年以來，我們已將超過 7000 萬台 Snapdragon 設備交付給全球手持和台式銷售點終端。在企業視頻協作領域，我們引領著這個快速增長的領域，為許多主要 OEM 提供支持，例如 Poly、Logitech、[NEC]、Cisco、Bose、AVer 和阿里巴巴。

These are just a few examples of our traction within industrial, and we remain excited about the growth prospects as digital transformation accelerates. In summary, the overall long-term growth opportunity for Qualcomm remains unchanged as demand for technology extends to virtually every device at the edge. Our track record of innovation provides a unique perspective and capability to be at the forefront of the digital transformation across new and diverse end markets.

這些只是我們在工業領域的牽引力的幾個例子，隨著數字化轉型的加速，我們仍然對增長前景感到興奮。總之，隨著對技術的需求擴展到幾乎所有邊緣設備，高通的整體長期增長機會保持不變。我們的創新記錄提供了獨特的視角和能力，使我們能夠站在新的和多樣化的終端市場數字化轉型的最前沿。

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

我現在想把電話轉給 Akash。

Thank you, Cristiano, and good afternoon, everyone, and thank you for joining our call during a busy earnings week. I'll start with our first fiscal quarter results. Consistent with our prior guidance, we delivered revenues of $9.5 billion and non-GAAP EPS of $2.37. QTL recorded revenues of $1.52 billion and EBT margin of 73% and reflecting slightly lower global handset units. QCT revenues were $7.9 billion, and EBT margin was at the high end of our guidance range at 28%. Handset revenues of $5.8 billion reflected the impact of industry-wide headwinds we had previously communicated.

謝謝克里斯蒂亞諾，大家下午好，感謝您在繁忙的財報週加入我們的電話會議。我將從我們的第一財季業績開始。與我們之前的指導一致，我們實現了 95 億美元的收入和 2.37 美元的非 GAAP 每股收益。 QTL 錄得 15.2 億美元的收入和 73% 的 EBT 利潤率，反映出全球手機出貨量略有下降。 QCT 收入為 79 億美元，EBT 利潤率處於我們指導範圍的高端 28%。 58 億美元的手機收入反映了我們之前傳達的全行業逆風的影響。

IoT revenues were up 7% year-over-year to $1.7 billion, mainly driven by growth from our Edge networking products. Automotive continued its momentum with year-over-year revenue growth of 58% to $456 million, driven by the adoption of our Snapdragon Digital Chassis. Non-GAAP operating expenses were lower than our guidance, decreasing 6% sequentially, which includes the benefit of certain cost actions we outlined last quarter.

物聯網收入同比增長 7% 至 17 億美元，主要受邊緣網絡產品增長的推動。在採用我們的 Snapdragon 數字機箱的推動下，汽車繼續保持增長勢頭，收入同比增長 58% 至 4.56 億美元。非 GAAP 運營費用低於我們的指導，連續下降 6%，其中包括我們上季度概述的某些成本行動的好處。

Our balance sheet remains strong with $8.2 billion in cash and marketable securities at the end of the first fiscal quarter. In addition, we expect to receive a majority of the transaction price of $1.5 billion on the completion of the sale of Veoneer's active safety business to Magna, by SSW Partners. We expect the transaction to close by the end of the fiscal year.

我們的資產負債表依然強勁，在第一財季末擁有 82 億美元的現金和有價證券。此外，我們預計在 SSW Partners 完成將 Veoneer 的主動安全業務出售給 Magna 後，將獲得 15 億美元交易價格的大部分。我們預計該交易將在本財年末完成。

We returned $2.1 billion to stockholders, including $1.3 billion in stock repurchases and $842 million in dividends in line with our capital return program. Lastly, our GAAP EPS results included a $0.10 benefit from the U.S. tax requirement to capitalize and amortize R&D expenses. This benefit is excluded from our non-GAAP results.

根據我們的資本回報計劃，我們向股東返還了 21 億美元，包括 13 億美元的股票回購和 8.42 億美元的股息。最後，我們的 GAAP 每股收益結果包括從美國稅收要求中獲得的 0.10 美元收益，用於資本化和攤銷研發費用。我們的非 GAAP 結果不包括此收益。

Before turning to second fiscal quarter guidance, I'll provide an update on short-term cyclical headwinds facing the semiconductor industry. The environment continues to be dynamic with challenging macroeconomic conditions and COVID headwinds in China, driving industry-wide demand weakness. Given this uncertainty, we are incorporating a negative bias for 3G, 4G, 5G handset volumes for calendar '23 relative to calendar '22. The impact of broadening demand weakness across handsets and IoT products and the easing of supply constraints has contributed to elevated channel inventory. Based on our current assessment, we expect QCT customers to continue to draw down on inventory, at least through the second and third fiscal quarters. At this point, we're optimistic that the demand and channel inventory may normalize during the second half of the calendar year, and we remain in a strong position to take advantage of the opportunity when it occurs.

在轉向第二財季指引之前，我將提供有關半導體行業面臨的短期週期性不利因素的最新信息。隨著宏觀經濟條件的挑戰和中國 COVID 的逆風，環境繼續充滿活力，推動了整個行業的需求疲軟。鑑於這種不確定性，我們對 23 年日曆相對於 22 年日曆的 3G、4G、5G 手機數量進行了負偏差。手機和物聯網產品的需求疲軟擴大以及供應限制的緩解導致渠道庫存增加。根據我們目前的評估，我們預計 QCT 客戶將繼續減少庫存，至少在第二和第三財季是這樣。在這一點上，我們樂觀地認為需求和渠道庫存可能會在日曆年下半年正常化，我們仍然處於有利地位，可以在機會出現時利用它。

While our business is not immune to the macro environment, we are confident in our ability to navigate this landscape. As Cristiano summarized, we have continued to expand our actions to reduce operating expenses beyond the initiatives we previously outlined. While we are reducing spending on handsets and SG&A, we continue to fund our diversification investments in IoT and automotive, which is consistent with our long-term strategy for the business. The initial benefit of these actions reflected in our fiscal first quarter results and second quarter guidance. Overall, we are targeting a combined 5% reduction in non-GAAP operating expenses relative to our fiscal '22 exit rate.

雖然我們的業務不能免受宏觀環境的影響，但我們對我們駕馭這種環境的能力充滿信心。正如克里斯蒂亞諾總結的那樣，我們繼續擴大我們的行動以減少我們之前概述的舉措之外的運營費用。在我們減少手機和 SG&A 支出的同時，我們繼續為我們在物聯網和汽車領域的多元化投資提供資金，這符合我們的長期業務戰略。這些行動的初步好處反映在我們的第一財季業績和第二季度業績指引中。總體而言，我們的目標是將非 GAAP 運營費用相對於我們的 22 財年退出率減少 5%。

Turning to guidance for the second fiscal quarter. We are forecasting revenues of $8.7 billion to $9.5 billion and non-GAAP EPS of $2.05 to $2.25. The midpoint of our guidance includes an assumption of lower end market demand and the continued drawdown of channel inventory. We are forecasting QTL revenues of $1.25 billion to $1.45 billion and EBT margins of 66% to 70%, reflecting a sequential seasonal decline in handset units. In QCT, we estimate revenues of $7.4 billion to $8 billion and EBT margins of 25% to 27%. We expect handsets and automotive revenue to be flat sequentially, offset by a reduction in IoT revenues due to the factors I just outlined. We estimate non-GAAP operating expenses of approximately $2.25 billion. This reflects the typical calendar year increases for certain employee-related costs, offset by the savings from our cost reduction actions.

轉向第二財季的指引。我們預計收入為 87 億美元至 95 億美元，非 GAAP 每股收益為 2.05 美元至 2.25 美元。我們指引的中點包括對低端市場需求和渠道庫存持續減少的假設。我們預測 QTL 收入為 12.5 億美元至 14.5 億美元，EBT 利潤率為 66% 至 70%，反映出手機銷量連續季節性下降。在 QCT，我們估計收入為 74 億至 80 億美元，息稅前利潤率為 25% 至 27%。我們預計手機和汽車收入將環比持平，但會被物聯網收入因我剛才概述的因素而減少所抵消。我們估計非 GAAP 運營費用約為 22.5 億美元。這反映了某些員工相關成本的典型日曆年增長，但被我們的成本削減行動所節省的成本所抵消。

In closing, with the uncertainty of the macro environment, we will remain focused on operating discipline and managing the factors we control. Our diversification strategy is on track, as evidenced by our design win pipeline across IoT and automotive customers. In addition, our long-term secular growth opportunity remains unchanged. We are focused on executing on our strategy, enabled by our leading technology road map and best-in-class product portfolio.

最後，鑑於宏觀環境的不確定性，我們將繼續專注於經營紀律和管理我們控制的因素。我們的多元化戰略正在走上正軌，我們在物聯網和汽車客戶中贏得的設計管道證明了這一點。此外，我們的長期長期增長機會保持不變。我們專注於執行我們的戰略，這得益於我們領先的技術路線圖和一流的產品組合。

Thank you. Back to you, Mauricio.

謝謝。回到你身邊，毛里西奧。

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

謝謝你，阿卡什。接線員，我們現在準備好提問了。

(Operator Instructions)

（操作員說明）

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

第一個問題來自摩根大通的 Samik Chatterjee。

I have a couple. Maybe for the first one, I hear you on the inventory digestion. But maybe one of the other concerns that investors have had for this year on the handset side is sort of delay, if any, in terms of launch plans from the Android OEMs about the sort of relative to their new handsets or any changes in their pricing strategy and sort of the chips that they intend to then sort of prioritize or sort of the high-end versus mid-end chips that they want to prioritize to achieve those pricing strategies in the market. Maybe if you can give us some color in terms of what you're seeing from the OEMs on that front outside of the inventory digestion? And I have a follow-up.

我有一對。也許對於第一個，我聽到你在消化庫存。但也許投資者今年在手機方面的其他擔憂之一是，如果有的話，Android 原始設備製造商的發布計劃與他們的新手機或定價的任何變化有關他們打算對芯片進行排序，然後對他們想要優先排序的高端芯片和中端芯片進行排序，以在市場上實現這些定價策略。也許您可以根據您在庫存消化之外從原始設備製造商那裡看到的情況給我們一些顏色？我有一個後續行動。

Sure. Samik, it's Akash. Really from a handset launch perspective, especially in the tiers that Qualcomm is very strong at, we're continuing to see our customers launch on time. So you're -- we obviously saw the Samsung launch happen yesterday. Our Chinese OEMs are also planning to launch their devices on schedule. So no change from our perspective on launch timing in the key tiers for us.

當然。薩米克，是阿卡什。真的從手機發布的角度來看，尤其是在高通公司非常擅長的領域，我們繼續看到我們的客戶按時發布。所以你 - 我們顯然看到三星昨天發布了。我們的中國 OEM 廠商也計劃按時推出他們的設備。因此，我們對關鍵層的發佈時間的看法沒有改變。

Okay. Okay. And maybe just a final follow-up. On the IoT side, you mentioned the weakness that you're seeing in that broader market. But maybe if you can delve into that a bit more. Are you seeing sort of more weakness just sort of being higher on consumer IoT? Or is that more worsening across industrial IoT and edge networking as well? And if you can quantify what -- how to think about the edge networking opportunity relative to India in 2023?

好的。好的。也許只是最後的跟進。在物聯網方面，您提到了您在更廣闊的市場中看到的弱點。但也許如果你能深入研究一下。您是否看到更多的弱點只是在消費者物聯網方面表現更好？還是工業物聯網和邊緣網絡的情況也在惡化？如果你能量化什麼——如何看待 2023 年與印度相關的邊緣網絡機會？

Sure. So from an IoT perspective, it's very similar impact to other parts of the industry. It's really the short-term cyclical headwinds that the entire industry is seeing, we're seeing a factor of that as well. And so it's 2 parts. It's demand weakness and then OEM inventory drawdown, both of those factors similar to handsets. And within our product line, we're seeing -- we obviously started seeing impact in consumer IoT that we've talked about previously, and we've seen expand a bit into industrial and edge networking. But as we look at this, the -- we see these are short-term factors that are clearly kind of driven by the cyclicality in the industry that's going on. But when you step back and look at our design win pipeline, it still reflects the opportunity in front of us.

當然。因此，從物聯網的角度來看，它對行業其他部分的影響非常相似。這確實是整個行業所看到的短期週期性逆風，我們也看到了其中的一個因素。所以它分為兩部分。這是需求疲軟，然後是 OEM 庫存下降，這兩個因素都與手機相似。在我們的產品線中，我們看到 - 我們顯然開始看到我們之前談到的消費者物聯網的影響，並且我們已經看到一些擴展到工業和邊緣網絡。但當我們看到這一點時，我們看到這些是短期因素，顯然是由正在發生的行業周期性驅動的。但是當你退一步看看我們的設計獲勝管道時，它仍然反映了我們面前的機會。

This is Cristiano. Just to add one thing ask about India. Yes. We we said in our prepared remarks, we're excited about that opportunity. It's probably likely it's going to be one of the largest opportunity for 5G as fixed wireless access. And as we mentioned, the opportunity will be across all the operators to connect in the order of 100 million homes. So that could be very significant. What we like about it is that millimeter wave has been utilized as well for fixed wireless access. So that's a great opportunity for us.

這是克里斯蒂亞諾。只是添加一件事詢問印度。是的。我們在準備好的發言中說過，我們對這個機會感到興奮。它可能會成為 5G 作為固定無線接入的最大機會之一。正如我們所提到的，所有運營商都有機會連接大約 1 億個家庭。所以這可能非常重要。我們喜歡的是毫米波也被用於固定無線接入。所以這對我們來說是一個很好的機會。

Our next question is from Matt Ramsay with Cowen.

我們的下一個問題來自 Matt Ramsay 和 Cowen。

Akash, I wanted to ask a little bit of question -- a couple of questions about margins. You talked pretty explicitly about OpEx, but we're seeing no surprise maybe with the dynamics in the macro and the inventory correction that the QCT operating margins have come down some. And maybe you could just walk us through the puts and takes on margins from here. Is March the bottom? And how should we model sort of gross margin in QCT as we go forward given the mix of the segments might be a bit different during this inventory correction?

Akash，我想問一點問題——幾個關於利潤率的問題。你非常明確地談到了運營支出，但我們認為宏觀動態和庫存調整可能並不令人驚訝，因為 QCT 營業利潤率有所下降。也許你可以引導我們完成看跌期權並從這裡獲取利潤。三月是底部嗎？考慮到在此庫存修正期間各細分市場的組合可能會有所不同，我們應該如何在 QCT 中對毛利率進行建模？

Sure, Matt. So let me address it in 2 parts. First, from a gross margin perspective, we did slightly better than our expectations and the results that we announced for the first fiscal quarter. And then we're going to similar margins into the second quarter. So from a gross margin perspective, we are holding well. And even in the challenging environment we're in, we are doing a relatively good job. As we've said in the past, we always expected that once we get to supply constraints, there'll be some gross margin pressure, and that was factored into our long-term target. So really nothing new that we haven't told you before on gross margin side.

當然，馬特。所以讓我分兩部分來解決這個問題。首先，從毛利率的角度來看，我們的表現略好於我們的預期和我們公佈的第一財季業績。然後我們將在第二季度實現類似的利潤率。因此，從毛利率的角度來看，我們表現良好。即使在我們所處的充滿挑戰的環境中，我們也做得相對不錯。正如我們過去所說，我們一直預計，一旦我們受到供應限制，就會出現一些毛利率壓力，這已被納入我們的長期目標。所以在毛利率方面，我們之前沒有告訴過你真的沒有什麼新鮮事。

On operating leverage, which is really the second driver here is the impact that we're seeing from the inventory drawdown reduces the operating leverage in the business temporarily in the short term. And so you're seeing the operating margins being impacted by that. But kind of once you step back and abstract out of that change, you should see the operating margin more in line with your expectations.

關於運營槓桿，這實際上是這裡的第二個驅動因素，我們從庫存縮減中看到的影響在短期內暫時降低了企業的運營槓桿。因此，您會看到營業利潤率受到了影響。但是，一旦你退後一步並從這種變化中抽像出來，你應該會看到營業利潤率更符合你的預期。

The next question is from Mike Walkley with Canaccord Genuity.

下一個問題來自 Mike Walkley 和 Canaccord Genuity。

Cristiano, well, Qualcomm has done really well in premium to your Android. With supply easing, what's the appetite to maybe go down tier into the mid- to high-tier Android, and if so, what would be time lines to maybe take share if you have interest in that market?

克里斯蒂亞諾，好吧，高通在你的 Android 溢價方面做得非常好。隨著供應的放鬆，進入中高端 Android 的胃口是什麼？如果是這樣，如果您對該市場感興趣，那麼什麼時候可以搶占市場份額？

Thank you, Mike, for your question. Actually, it's a great question. What we have seen in this current demand environment as well as the inventory drawdown, actually, the premium tier had done a little bit better than what the mass-tier has been impacted, I think, consistent with our expectations. I think you saw that in some of our customers' earnings call as well. However, we expect that as you get to the second half of the calendar year, we hope that the inventory drawdown situation improves as well as China reopens. And we will see an opportunity for the mid in the low tier to come back and our design traction is good in those tiers with the OEMs, and we'll see what happens. We're not factoring that better second half yet in our planning assumptions. I think we're waiting. But I think there's optimism just because of the inventory drawdown as well as China reopening.

邁克，謝謝你的問題。實際上，這是一個很好的問題。我們在當前的需求環境中看到的情況以及庫存減少，實際上，高端產品的表現比大眾產品受到的影響要好一些，我認為這與我們的預期一致。我想你在我們的一些客戶的財報電話會議上也看到了這一點。但是，我們預計，隨著日曆年下半年的到來，我們希望庫存減少情況會有所改善，並且中國會重新開放。我們將看到低端中端產品回歸的機會，我們的設計牽引力在 OEM 的這些層級中很好，我們將看看會發生什麼。在我們的計劃假設中，我們還沒有考慮下半年更好的表現。我想我們在等但我認為，僅僅因為庫存減少以及中國重新開放，人們就感到樂觀。

Our next question is from Stacy Rasgon with Bernstein Research.

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

I have 2. For the first one, of course, you're talking about the inventory correction, I mean, March as well as in June. You're guiding handsets kind of flattish in March. I was wondering if there's any sort of like preliminary color you could give us on the June quarter trajectory? Like do you guys think March quarter in general is the bottom? And then I have a follow-up.

我有 2 個。對於第一個，當然，你說的是庫存修正，我的意思是，3 月和 6 月。你在 3 月份引導手機有點平淡。我想知道您是否可以在 6 月季度的軌跡上給我們提供任何類似的初步顏色？就像你們認為一般的三月季度是底部嗎？然後我有一個後續行動。

Yes. So the way, Stacy, we are thinking about kind of how things play out is the short-term headwinds, cyclical headwinds that we're seeing that uncertainty remains, and we're seeing that in handsets and IoT, so both from a demand perspective and inventory drawdown. So we expect our QCT customers to be cautious. And until there is more visibility, they're going to be careful with additional purchases and drawdown inventory. So that's what's factored in our updated guidance.

是的。所以，Stacy，我們正在考慮事情如何發展的方式是短期逆風，我們看到不確定性仍然存在的周期性逆風，我們在手機和物聯網中看到了這一點，所以兩者都來自需求前景和庫存減少。因此，我們希望我們的 QCT 客戶保持謹慎。在有更多的可見性之前，他們將謹慎對待額外的採購和減少庫存。這就是我們更新後的指南中考慮的因素。

When we look at the second half of the year, as Cristiano said, we're pretty optimistic that demand and channel inventory normalizes. And that allows us to take advantage of the growth from that point on, given our strong position when the dynamic occurs. In terms of bottom, the way I think about it is we're going to see impact for the March and June quarters, and I think there's an opportunity from that point on as we grow in the second half of the year.

當我們展望下半年時，正如克里斯蒂亞諾所說，我們對需求和渠道庫存恢復正常持樂觀態度。鑑於我們在動態發生時的強勢地位，這使我們能夠從那時起利用增長。就底部而言，我的想法是我們將看到對 3 月和 6 月季度的影響，我認為隨著我們在下半年的增長，從那時起就有機會。

Got it. If I could ask a quick follow-up. In your Q, you talked about you had a $344 million tailwind from higher average selling price year-over-year in the quarter, and that was for the overall chip segment. But you used to give that number strictly for handsets. Can you give us some feeling for how pricing has been trending in the handset business relative to that overall benefit you see in QCT?

知道了。如果我可以問一個快速跟進。在您的問題中，您談到本季度平均售價同比上漲 3.44 億美元，這是針對整個芯片領域的。但是您過去常常只為手機提供該號碼。相對於您在 QCT 中看到的整體優勢，您能否給我們一些關於手機業務定價趨勢的感受？

Yes. So if you think about pricing in the handset business, it's usually a function of 2 things. First is within a given year more capabilities being added to the device, especially on the application processor side. And so you've seen us benefit significantly from that over the last 3 years. And as we look forward, we are continuing to see demand for additional functionality. So that's kind of a tier for tier improvement opportunity for us and for the overall industry.

是的。所以如果你考慮手機業務的定價，它通常是兩件事的函數。首先是在給定的一年內向設備添加更多功能，尤其是在應用處理器方面。因此，您已經看到我們在過去 3 年中從中受益匪淺。展望未來，我們將繼續看到對附加功能的需求。因此，對於我們和整個行業來說，這都是一層一層的改進機會。

And then the second factor is mix within tiers and that, of course, changes across quarters. And so that goes up and down based on what sells through in that quarter and which customer it is. But that's more timing versus kind of a fundamental trend of revenue growth.

然後第二個因素是層級內的混合，當然，這會跨季度發生變化。因此，它會根據該季度的銷售情況以及它是哪個客戶而上下波動。但與收入增長的基本趨勢相比，這是更多的時機。

Next question is from Ross Seymore with Deutsche Bank.

下一個問題來自德意志銀行的 Ross Seymore。

I want to focus on the handset guidance for the next quarter fiscal 2Q being flat sequentially. Can you just talk about the puts and takes that are getting you to flat? And Akash, last quarter, you gave a framework about, I think, $2 billion of inventory burn headwind. I just wonder if you were indeed successful in getting halfway through that? Or is the issue now pervasive because just demand has dropped? So just the puts and takes on that would be helpful.

我想重點關注下一季度財政年度第二季度的手機指南，該指南連續持平。你能談談讓你持平的看跌期權和看跌期權嗎？阿卡什，上個季度，你給出了一個框架，我認為，20 億美元的庫存逆風燃燒。我只是想知道你是否真的成功地完成了一半？或者這個問題現在普遍存在只是因為需求下降了？因此，只是 puts 和 takes 會有所幫助。

Yes, Ross. So from a handset perspective, what we've assumed in the March quarter is a standard seasonal decline, and I said this in my prepared remarks from December into March. So it's what you would expect seasonally happens once you go between the quarters. And so that's what we've assumed, and that informs our QTL forecast for the quarter as well.

是的，羅斯。因此，從手機的角度來看，我們在 3 月季度假設的是標準的季節性下降，我在 12 月到 3 月的準備好的評論中說過這一點。所以這就是你在兩個季度之間所期望的季節性變化。這就是我們的假設，這也為我們對本季度的 QTL 預測提供了信息。

But you guided flat sequentially. So I'm just trying to -- from December to March, are you saying it would be down, except for now it's going to be flat because you're burning less inventory?

但是您按順序引導平坦。所以我只是想 - 從 12 月到 3 月，你是說它會下降，除了現在它會持平因為你消耗的庫存減少了？

Okay. So I understand the confusion. So the -- what I talked about was the total handset market, which we are expecting to be down quarter-over-quarter, consistent with seasonal trend. What we said was flat was QCT handset revenue, we expect to be flat. And of course, that's a function of mix of chips and also inventory drawdown differences.

好的。所以我理解這種困惑。所以 - 我談到的是整個手機市場，我們預計該市場將環比下降，與季節性趨勢一致。我們所說的持平是 QCT 手機收入，我們預計持平。當然，這是芯片組合和庫存縮減差異的函數。

The next question comes from Joe Moore with Morgan Stanley.

下一個問題來自摩根士丹利的喬摩爾。

Going back to how much inventory you're reducing in handsets. What's your visibility into that? And I mean, are you -- are there certain customers where they sort of didn't take anything in December and so you know that they're coming back? Just can you give us a sense of are you sure this is all inventory reduction and not end demand?

回到你減少了多少手機庫存。你對此有何看法？我的意思是，你是否 - 是否有某些客戶在 12 月沒有拿走任何東西，所以你知道他們會回來嗎？您能否給我們一種感覺，您確定這是所有庫存減少而不是最終需求嗎？

Yes, Joe, will we have a sense of kind of what sell-through the OEMs had because of our QTL business. And then we have the ability to compare that with what's happening in QCT. So we do have a pretty good sense of what is happening in the industry, and we're confident that a large portion of it was inventory drawdown.

是的，喬，我們是否會因為我們的 QTL 業務而對原始設備製造商的銷售情況有所了解。然後我們有能力將其與 QCT 中發生的事情進行比較。因此，我們確實非常了解該行業正在發生的事情，並且我們相信其中很大一部分是庫存縮減。

Okay. Great. And then specific to the China region, I think you mentioned some new launches in the March quarter, but it sounds like the situation there is pretty challenging in terms of visibility. Like is China different than the rest of the world for you right now?

好的。偉大的。然後具體到中國地區，我想你提到了 3 月季度的一些新發布，但聽起來那裡的情況在可見度方面相當具有挑戰性。對您來說，中國現在與世界其他地方有何不同？

Yes. The uncertainty in China definitely reflects in our customers' purchases, and that's what we talked about that we expect until there is more visibility, we expect customers to be careful with additional purchases and drawdown on inventory. But in terms of handset launches, we are still seeing the OEMs being extremely active and planning handset launches on the regular cadence and driving functionality within the market.

是的。中國的不確定性肯定會反映在我們客戶的購買中，這就是我們所說的，我們希望在有更多可見性之前，我們希望客戶在額外購買和減少庫存時保持謹慎。但就手機發布而言，我們仍然看到原始設備製造商非常活躍，併計劃以常規節奏發布手機並在市場上推動功能。

This is Cristiano. Let me just add one thing. If you look at the China handset market, the majority of sales they have a big online component, the majority of sales is offline market. So as we have saw, with the lockdowns in the COVID situation, there was a big impact in the handset market in China. Common sense, and that's how some of our OEMs are also thinking is as the COVID gets behind China, you should expect the markets to open up. And what we have visibility right now is a lot of the new device launches preparing for that and some of it, which is going to be announced at Mobile World Congress. It's too early to draw a conclusion. So let's go back to that conversation that there is optimism that second half could be better.

這是克里斯蒂亞諾。讓我補充一件事。如果你看看中國手機市場，大部分的銷售都有很大的在線部分，大部分銷售是線下市場。因此，正如我們所看到的，隨著 COVID 情況下的封鎖，對中國的手機市場產生了重大影響。常識，我們的一些原始設備製造商也是這麼想的，隨著 COVID 落後於中國，你應該期待市場開放。我們現在看到的是許多新設備的發布正在為此做準備，其中一些將在世界移動通信大會上宣布。現在下結論還為時過早。因此，讓我們回到那個對話，樂觀地認為下半年可能會更好。

Our next question is from Blayne Curtis with Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

I guess kind of a combination of the 2. I'm curious, inventories are up on your balance sheet of cash. Just kind of curious whether you need to work those down as well? And then I guess for Cristiano, just going back to a prior question, on the mid range. I'm curious about the pricing environment. I mean, MediaTek is having a tough first half as well. Can you just comment on what that environment is? And then your kind of just thoughts in general about pricing and moving for share within the modem business? You did a good job navigating at the high end during the shortages, but just kind of curious, favoring profitability versus share? What are your thoughts?

我猜是兩者的結合。我很好奇，你的現金資產負債表上有庫存。只是有點好奇你是否也需要把這些工作下來？然後我想對於克里斯蒂亞諾來說，回到之前的中距離問題。我很好奇定價環境。我的意思是，聯發科的上半年也很艱難。你能評論一下那個環境是什麼嗎？然後，您對調製解調器業務中的定價和份額轉移有什麼一般性的想法？在短缺期間，你在高端導航方面做得很好，但只是有點好奇，有利於盈利而不是份額？你的想法是什麼？

Sure. Blayne, it's Akash. I'll take the first one, and then I think Cristiano will take the second one. From an inventory perspective on our balance sheet, you're seeing something similar to what you're seeing on our peers and customers as well, the same set of drivers. As you know well, for leading-edge nodes, which is where we operate, the lead time is 5 to 6 months now for the foundry and chip production. And so we were clearly starting wafers based on a different market expectation and before the inventory drawdown.

當然。布萊恩，是阿卡什。我會拿第一個，然後我認為克里斯蒂亞諾會拿第二個。從我們資產負債表的庫存角度來看，您會看到與您在我們的同行和客戶身上看到的類似的東西，同樣的驅動因素。如您所知，對於我們運營的前沿節點，晶圓代工和芯片生產的交貨時間現在為 5 到 6 個月。因此，我們顯然是根據不同的市場預期和在庫存減少之前開始生產晶圓的。

So we've calibrated that down. We are working with our suppliers and over time, we'll get to a reasonable place. It is important to also remember that when you look at 3 years ago, where just today, we've grown tremendously in terms of revenue and scale across our businesses, and then also supply has up to demand. So those 2 factors would naturally increase inventory anyways. But the remaining will be working through, as I mentioned.

所以我們已經對其進行了校準。我們正在與我們的供應商合作，隨著時間的推移，我們會到達一個合理的位置。同樣重要的是要記住，當你回顧 3 年前，也就是今天，我們在收入和業務規模方面取得了巨大的增長，而且供需也已滿足。所以這兩個因素自然會增加庫存。但正如我所提到的，其餘的將得到解決。

Blayne, Cristiano, I'm going to take your second question. Look, as is probably clear, both us and the other chip supplier enhancement market, dealing with the same challenges, which is the demand weakness and inventory drawdown. We -- in the areas that we have more competition, which is mid- to low tier, we also saw that's the one that is most impacted by the demand weakness. So as we think about the market open up, our view is we're very well positioned from a competitive perspective. We have visibility into the design pipeline, and we will remain disciplined on pricing, which is consistent to how we have behaved over the past few years.

Blayne，Cristiano，我來回答你的第二個問題。看起來，我們和其他芯片供應商增強市場都面臨著同樣的挑戰，即需求疲軟和庫存減少。我們 - 在我們有更多競爭的領域，即中低層，我們也看到這是受需求疲軟影響最大的領域。因此，當我們考慮市場開放時，我們的觀點是，從競爭的角度來看，我們處於非常有利的位置。我們對設計管道有可見性，我們將在定價方面保持紀律，這與我們過去幾年的行為方式一致。

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

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

I wanted to ask about fixed wireless access and I think you talked about in the prepared remarks that you saw a big opportunity in India playing out over the next couple of years with fixed wireless access. But can you maybe just talk a bit about the ASPs that Qualcomm get from a typical device in fixed wireless access? And how do you see the business evolving in the next couple of years as you start to attack that [India] opportunity and you can see some of the success you've had in the U.S. so far here and maybe other markets? Just maybe help us understand how this really plays out for Qualcomm?

我想問一下固定無線接入，我想你在準備好的發言中談到，你看到未來幾年印度在固定無線接入方面存在巨大機遇。但是您能否談談高通從固定無線接入的典型設備中獲得的 ASP？當您開始攻擊 [印度] 機會時，您如何看待未來幾年業務的發展，您可以看到到目前為止您在美國以及其他市場取得的一些成功？也許可以幫助我們了解這對高通的真正影響？

So I will start by saying that we really like that market, and we think the market is a long-term market. I think the -- it's clear to see now that home broadband for the first time, you have a wireless solution that can augment fiber. And it's really about fiber and 5G. You don't find cable everywhere outside the United States. So we think that's an opportunity for both developed and developing economies. And of course, if you look at the size of India, that's why we're very excited about it.

所以我首先要說我們真的很喜歡那個市場，我們認為這個市場是一個長期市場。我認為 - 很明顯現在第一次看到家庭寬帶，你有一個可以增強光纖的無線解決方案。這真的是關於光纖和 5G。在美國以外的任何地方都找不到電纜。因此，我們認為這對發達經濟體和發展中經濟體都是一個機會。當然，如果你看看印度的幅員，這就是我們對此感到非常興奮的原因。

We saw the auctions, the investments are being put into place by the operators and infrastructure. When we sell into that market, I think why I can't really talk about the ASP. I tell you, it's accretive in margins to our handset business, especially because we have a lot of content in many cases, we also have the ability to do on WiFi access point in addition of the 5G modem and we are very well positioned with millimeter wave technology.

我們看到了拍賣，運營商和基礎設施正在進行投資。當我們向那個市場銷售時，我想為什麼我不能真正談論 ASP。我告訴你，它增加了我們手機業務的利潤率，特別是因為我們在很多情況下都有很多內容，除了 5G 調製解調器之外，我們還有能力在 WiFi 接入點上做，我們在毫米波方面處於非常有利的位置波技術。

Okay. Did you say -- sorry, Cristiano, did you say you booked that in mobile systems? Or is that IoT -- an IoT business?

好的。你說——抱歉，克里斯蒂亞諾，你說你是在移動系統上預訂的嗎？還是物聯網——物聯網業務？

It's within the IoT revenue stream.

它屬於物聯網收入流。

Okay. Okay. Fantastic.

好的。好的。極好的。

Yes. What I mentioned is it's compared to our handset business, the ASPs that we have for fixed wireless is really accretive to margins.

是的。我提到的是與我們的手機業務相比，我們擁有的固定無線平均售價確實增加了利潤率。

That's a...

那是一個...

But it's in the IoT business.

但這是在物聯網業務中。

Okay. Let be just a follow-up. I wanted to ask about the recent U.S. restrictions around Huawei. Are you seeing any impact in this at all? I mean it looks like while we've been shipping quite a lot of 4G devices recently. Have you been shipping components to Huawei? And if so, can you just help with the impact of the latest restrictions on the business?

好的。讓我們只是一個跟進。我想問一下最近美國對華為的限制。你看到這有什麼影響嗎？我的意思是看起來我們最近出貨了很多 4G 設備。您是否一直在向華為運送組件？如果是這樣，您能否幫助解決最新限制對業務的影響？

Yes. So this is Alex. I'll start, and then maybe Akash can fill in if he has anything further. So I don't think it's fair to characterize it as the latest restrictions on Huawei. What we've seen are news reports to the effect that commerce is considering not issuing new licenses to Huawei. And we haven't heard anything from commerce itself. Qualcomm has a set of licenses that we've had for a while that basically allow us to ship 4G and other chipsets, including WiFi to Huawei. Those licenses where she becomes commerce reached the determination that they don't affect national security issues. Those will continue for some number of years. And so within the scope of those licenses, we don't see an impact. Akash, anything else?

是的。所以這是亞歷克斯。我先開始，如果 Akash 有進一步的事情，也許他可以補充。所以我認為將其定性為對華為的最新限制是不公平的。我們看到的是新聞報導，大意是商務部正在考慮不給華為發放新的許可證。我們還沒有從商業本身聽到任何消息。高通有一套許可證，我們已經有一段時間了，基本上允許我們向華為運送 4G 和其他芯片組，包括 WiFi。她成為商業的那些許可證確定它們不會影響國家安全問題。這些將持續數年。因此，在這些許可範圍內，我們看不到任何影響。阿卡什，還有什麼事嗎？

Nothing to add.

沒什麼可補充的。

The next question is from the line of Tal Liani with Bank of America.

下一個問題來自美國銀行的 Tal Liani。

Two questions. Inventory days doubled and it has been going up every quarter in the last 4 quarters, 5 quarters. Can you talk about inventory days? And what is it composed of if there is any anything special we to discuss just because of the high value? And second, more qualitatively, I want to understand what is the lag or what should be the lag on sales in China from inventory levels versus demand recovery as China reopens? Meaning from the time that China reopens and there is demand for handsets, how should we think about the lag from that to being translated into demand from you?

兩個問題。庫存天數翻了一番，並且在過去 4 個季度、5 個季度中每個季度都在增加。你能談談庫存天數嗎？如果只是因為顏值高，有什麼特別值得討論的，它是由什麼組成的呢？其次，更定性地，我想了解隨著中國重新開放，庫存水平與需求復蘇對中國銷售的滯後是什麼，或者應該是什麼？意思是從中國重新開放和對手機的需求開始，我們應該如何考慮從那到轉化為您的需求的滯後？

Yes. So Tal, it's Akash. From our perspective, the way we're about our inventory, and it's really not necessarily inventory, it's really wafer starts. What we would like to do is, given the lead time of 5 to 6 months, start wafers, 5 to 6 months in advance, plus some room on top for mix changes that might happen during the period. So that's the framework under which we operate. You're right that our current inventory balance is higher than where we'd like it to be. And earlier in the call, I went through the rationale as to how we ended up there. So we're working with our suppliers, and we'll kind of normalize it over time, and we feel confident we can do that.

是的。塔爾，是阿卡什。從我們的角度來看，我們處理庫存的方式，實際上不一定是庫存，而是真正的晶圓啟動。我們想要做的是，考慮到 5 到 6 個月的交貨時間，提前 5 到 6 個月開始晶圓，再加上一些在此期間可能發生的混合變化的空間。這就是我們運作的框架。你是對的，我們目前的庫存餘額高於我們希望的水平。在電話的早些時候，我就我們如何結束那裡進行了解釋。因此，我們正在與我們的供應商合作，隨著時間的推移我們會對其進行規範化，我們相信我們可以做到這一點。

On your second question on the lag, I think that's already embedded in the way we provided our view into the future, which is as we expect inventory drawdowns to happen through the March quarter then going into the June quarter. But as we go into the second half of the calendar year, as demand comes back and normalizes, we have the ability to benefit from it.

關於你關於滯後的第二個問題，我認為這已經嵌入到我們提供未來觀點的方式中，這是因為我們預計庫存減少將在 3 月季度發生，然後進入 6 月季度。但隨著我們進入日曆年的下半年，隨著需求恢復正常，我們有能力從中受益。

Last question. I'm getting a repeated question on your licensing part. I saw today the -- what you said about Nokia and Ericsson. Can you discuss licensing portion in terms of any forthcoming discussions, negotiations or anything that we need to be aware of? Or is it as stable as it was the previous year?

最後一個問題。我在您的許可部分收到了重複的問題。我今天看到了——你所說的關於諾基亞和愛立信的內容。您能否就任何即將進行的討論、談判或我們需要注意的任何事情來討論許可部分？還是和去年一樣穩定？

So this is Alex. It really is just as stable as we've described previously. All the major OEMs are signed up long term. No other new renewals are coming up until fiscal year '25. The Nokia license basically split into a couple of parts, infrastructure to Nokia handset to Microsoft. Those licenses as they evolved we're not -- no longer material to the QTL business. So that's pretty much where things stand.

所以這是亞歷克斯。它真的和我們之前描述的一樣穩定。所有主要的原始設備製造商都簽署了長期協議。在 25 財年之前不會有其他新的續約。諾基亞許可證基本上分為幾個部分，基礎設施到諾基亞手機再到微軟。這些許可隨著它們的發展而不再是——對 QTL 業務不再重要。所以這幾乎就是目前的情況。

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

我們的下一個問題來自 C.J. Muse 和 Evercore ISI。

Two, if I may. The first one, if you look back 3 months ago, you talked about kind of a 2-quarter correction. Now it's at least 3. And so just curious to level set kind of how things have transpired over the last 3 months? How much of the change statement here is just end demand declining versus your customers working down Qualcomm semiconductor inventory?

兩個，如果可以的話。第一個，如果你回顧 3 個月前，你談到了一種 2 個季度的修正。現在至少是 3。所以只是想知道過去 3 個月發生了什麼事？這裡的變化聲明中有多少只是終端需求下降，而您的客戶正在減少高通半導體庫存？

And then the second question, you kind of spoke to it earlier around building inventory. And would love to hear your thoughts around kind of wafer start volume commitments. How to think about the impact to QCT margins in calendar '23? And is there any risk of a onetime catch-up payment on reduced volumes?

然後是第二個問題，你早些時候談到了建立庫存。並且很想听聽您對晶圓啟動量承諾的看法。如何考慮日曆 '23 中對 QCT 利潤率的影響？是否存在因數量減少而一次性補繳的風險？

So on your first question, C.J., from an inventory perspective, there are a couple of drivers to it. So First is the weaker market. Second is inventory drawdown and both are significant factors. And then the third, I'd say, is we've also seen IoT having the same sum of the characteristics. And so you're seeing a combination of those factors impacting the time period for which the drawdown lasts. Again, as we look at it, this is a shorter-term thing that when you step back, it doesn't necessarily -- the drawdown doesn't impact the strength of the business. And so as the recovery happens, we'll be in a position to benefit from it. Can you repeat your second question? I'm not sure I understood it well.

所以關於你的第一個問題，C.J.，從庫存的角度來看，有幾個驅動因素。所以首先是疲軟的市場。其次是庫存減少，兩者都是重要因素。然後第三個，我想說的是，我們也看到物聯網具有相同的特徵總和。因此，您會看到影響縮編持續時間的這些因素的組合。同樣，正如我們所看到的，這是一個短期的事情，當你退後一步時，它並不一定——縮編不會影響業務的實力。因此，隨著復甦的發生，我們將能夠從中受益。你能重複你的第二個問題嗎？我不確定我是否理解得很好。

Yes, sure. As it relates to your wafer commitment, particularly with TSMC, if you're taking down the volume purchases, any risk to pricing and/or catch-up payments?

是的，當然。由於它涉及到您的晶圓承諾，特別是與台積電的承諾，如果您正在減少批量採購，定價和/或追加付款有任何風險嗎？

Yes. So a lot of our commitments were more in the form of prepayments rather than volume commitments. So that just means you get the prepayment back over a longer period of time. But we're navigating through those and nothing to report at this point.

是的。因此，我們的很多承諾更多是以預付款的形式出現，而不是數量承諾。因此，這僅意味著您可以在更長的時間內收回預付款。但我們正在瀏覽這些內容，目前沒有什麼可報告的。

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

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

Yes. Maybe just to summarize, I think how we see the earnings call. I think beyond 2023 for Qualcomm, we see many of our growth initiatives, increasing scale, including Auto, PCs, XR and 5G FWA, will talk about it in industrial. When we look at the current environment, we remain very confident in our ability to navigate the economic downturn and the short-term challenges, given our strong balance sheet and consistent history of strong free cash flow generation.

是的。也許只是總結一下，我認為我們如何看待財報電話會議。我認為對於高通來說，到 2023 年以後，我們會看到我們的許多增長計劃、規模不斷擴大，包括汽車、個人電腦、XR 和 5G FWA，將在工業領域進行討論。當我們審視當前環境時，鑑於我們強大的資產負債表和強勁的自由現金流產生的一貫歷史，我們對我們應對經濟衰退和短期挑戰的能力充滿信心。

As you can see, we're taking action where we can control, and we believe we'll emerge even stronger as we continue to execute on our strategy. We're focused on Qualcomm's long-term success, and we'll work digitally to continue to drive growth, especially auto IoT, diversify the company and deliver value for stockholders. I'd like to thank all the employees for the dedication and contributions to Qualcomm as well as our many partners and suppliers, and thank you all for attending the call. I know it was a popular earnings day today. Thank you.

如您所見，我們正在採取我們可以控制的行動，並且我們相信，隨著我們繼續執行我們的戰略，我們會變得更加強大。我們專注於高通的長期成功，我們將通過數字化方式繼續推動增長，尤其是汽車物聯網，實現公司多元化並為股東創造價值。我要感謝所有員工對高通以及我們眾多合作夥伴和供應商的奉獻和貢獻，並感謝大家參加電話會議。我知道今天是一個受歡迎的收益日。謝謝。

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。