高通 (QCOM) 2023 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Qualcomm's Second Quarter Fiscal Year 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded today, May 3, 2023. Playback number for today's call is (877) 660-6853. International callers, please dial (201) 612-7415. The playback reservation number is 13737-571.

女士們，先生們，謝謝你們的支持。歡迎參加高通 2023 財年第二季度收益電話會議。 （操作員說明）提醒一下，本次會議將於今天 2023 年 5 月 3 日進行錄製。今天電話的回放號碼是 (877) 660-6853。國際來電者請撥打 (201) 612-7415。播放預約號碼為13737-571。

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

我現在想把電話轉給投資者關係副總裁 Mauricio Lopez-Hodoyan 先生。 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 將加入問答環節。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. Actual events or results could differ materially from those projected in our forward-looking statements. Please refer to our SEC filings including our most recent 10-K, which contain important factors that could cause actual results to differ materially from the forward-looking statements.

在今天的電話會議中，我們將使用條例 G. 中定義的非 GAAP 財務措施，您可以在我們的網站上找到與 GAAP 相關的調節。我們還將做出前瞻性陳述，包括對未來事件、業務或行業趨勢或業務或財務結果的預測和估計。實際事件或結果可能與我們前瞻性陳述中預測的事件或結果存在重大差異。請參閱我們向美國證券交易委員會提交的文件，包括我們最近的 10-K，其中包含可能導致實際結果與前瞻性陳述存在重大差異的重要因素。

And now, to comments from Qualcomm's 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.

謝謝毛里西奧，大家下午好。感謝您今天加入我們。

In a challenging macroeconomic environment and broad downturn across the semiconductor sector, we're pleased to deliver fiscal Q2 results consistent with our prior guidance. We delivered fiscal Q2 revenues of $9.3 billion. Non-GAAP earnings of $2.15 per share were at the midpoint of our guidance. Our chipset business delivered revenues of $7.9 billion, near the high end of our guidance range. Our licensing business delivered revenues of $1.3 billion, at the low end of the guidance range on weaker demand for handsets.

在充滿挑戰的宏觀經濟環境和整個半導體行業普遍低迷的情況下，我們很高興提供與我們之前的指導一致的第二季度財報。我們在第二季度實現了 93 億美元的收入。每股 2.15 美元的非 GAAP 收益處於我們指引的中點。我們的芯片組業務實現了 79 億美元的收入，接近我們指導範圍的高端。由於手機需求疲軟，我們的許可業務實現了 13 億美元的收入，處於指導範圍的低端。

The evolving macroeconomic backdrop has resulted in further demand deterioration, particularly in handsets, at a magnitude greater than we previously forecasted. As a result, we're operating under the assumption that inventory drawdown dynamics remain a significant factor for at least the next couple of quarters. Additionally, while expectations are for a rebound in China demand in the second half of the calendar year, we have not seen evidence of meaningful recovery and are not incorporating improvements into our planning assumptions. While the challenges we are facing are impacting the semiconductor industry, we remain focused on managing what is within our control and will continue to execute on our diversification strategy and leading technology and product roadmap.

不斷變化的宏觀經濟背景導致需求進一步惡化，特別是在手機方面，其幅度超過了我們之前的預測。因此，我們假設庫存減少動態至少在接下來的幾個季度仍然是一個重要因素。此外，雖然預計中國需求會在下半年出現反彈，但我們尚未看到明顯復甦的證據，也沒有將改善納入我們的規劃假設。雖然我們面臨的挑戰正在影響半導體行業，但我們仍然專注於管理我們控制範圍內的事物，並將繼續執行我們的多元化戰略以及領先的技術和產品路線圖。

As market visibility remains limited, we're actively managing operating expenses and will continue to evaluate additional opportunities to drive greater operating efficiencies without losing sight of the automotive and IoT growth opportunities ahead.

由於市場知名度仍然有限，我們正在積極管理運營費用，並將繼續評估其他機會以提高運營效率，同時不會忽視未來的汽車和物聯網增長機會。

Let me now provide key highlights from across our business.

現在讓我提供我們整個業務的主要亮點。

In handsets, we extended our 5G technology and product leadership with the Snapdragon X75 5G Modem-RF system, the world's first 5G advance-ready Modem-RF platform that will drive the next phase of new 5G capabilities globally starting in 2024 across segments, device types and networks. The X75 modem is now the benchmark for 5G performance and features for all flagship smartphone launches next year. Our Snapdragon 8 Gen 2 mobile platforms is the standard for Android flagship devices globally, with launches across leading OEMs, including Samsung, Xiaomi, Vivo, Oppo, OnePlus, Honor, Motorola, ASUS and ZTE.

在手機方面，我們通過 Snapdragon X75 5G 調製解調器-射頻系統擴大了我們在 5G 技術和產品方面的領先地位，該系統是世界上第一個 5G 高級就緒調製解調器-射頻平台，將從 2024 年開始在全球範圍內推動下一階段的新 5G 功能，跨細分市場、設備類型和網絡。 X75 調製解調器現在是明年推出的所有旗艦智能手機的 5G 性能和功能的基準。我們的 Snapdragon 8 Gen 2 移動平台是全球 Android 旗艦設備的標準，已在三星、小米、Vivo、Oppo、OnePlus、榮耀、摩托羅拉、華碩和中興等領先的 OEM 中推出。

Additionally, our Snapdragon 7 Series is redefining the high tier. Our recently-launched Snapdragon 7+ Gen 2 mobile platform outperform its competitors' premium-tier solutions, winning multiple accolades for its superior power and performance. We are seeing excellent adoption across Chinese OEMs, resulting in share gains. OEMs are also reporting strong initial sales for products powered by the 7+ Gen 2.

此外，我們的驍龍 7 系列正在重新定義高端。我們最近推出的 Snapdragon 7+ Gen 2 移動平台優於其競爭對手的高端解決方案，以其卓越的功率和性能贏得了多項讚譽。我們看到中國 OEM 的採用率很高，從而增加了份額。原始設備製造商還報告了由 7+ Gen 2 驅動的產品的強勁初始銷售。

In automotive, we see continued traction across global automakers and Tier 1 customers, driven by the increased adoption of our Snapdragon digital chassis. We are very pleased to be partnering with Mercedes-Benz on our next-generation Snapdragon Digital Cockpit platforms. This is a result of our long and close collaboration with the ambition Mercedes-Benz software factory and engineering teams and various partners to create an industry-leading [MBOS] premium cockpit experience. The new platforms will be featured in Mercedes vehicles beginning in 2023.

在汽車領域，我們看到全球汽車製造商和一級客戶的持續牽引力，這得益於我們的 Snapdragon 數字底盤的採用增加。我們很高興能與梅賽德斯-奔馳合作開發我們的下一代驍龍數字座艙平台。這是我們與雄心勃勃的梅賽德斯-奔馳軟件工廠和工程團隊以及各種合作夥伴長期密切合作的結果，旨在創造行業領先的 [MBOS] 優質駕駛艙體驗。從 2023 年開始，新平台將搭載在梅賽德斯汽車上。

Additionally, our OEM partners recently launched vehicles with our third-generation Snapdragon Cockpit platform, including the Xpeng P7i and Lotu's new Eletre SUV. Notably, during the quarter, we won 12 new designs across our Snapdragon Cockpit and Snapdragon Connectivity 5G platforms with automakers across the globe. We remain on track to execute on the milestones outlined during Automotive Investor Day.

此外，我們的 OEM 合作夥伴最近推出了採用我們第三代 Snapdragon Cockpit 平台的車輛，包括 Xpeng P7i 和 Lotu 的新款 Eletre SUV。值得注意的是，在本季度，我們在 Snapdragon Cockpit 和 Snapdragon Connectivity 5G 平台上贏得了全球汽車製造商的 12 項新設計。我們將繼續按計劃執行在汽車投資者日期間概述的里程碑。

In consumer IoT, we continue to be encouraged by the positive momentum with Windows on Snapdragon. Dell recently launched the Inspiron 14-inch laptop powered by the Snapdragon 8cx Gen 2 Compute platform. In addition to OEMs, we're expanding our ecosystem across [vials], hardware, software, ODM and channel partners. We're also launching the Windows on Snapdragon developer portal to enable consumer and enterprise ISVs to test, port and optimize their applications directly on Qualcomm Silicon. Our next-generation Snapdragon Compute platform, with custom Orion CPUs and industry-leading AI acceleration, is on schedule to enable commercial device launches in 2024.

在消費者物聯網領域，Windows on Snapdragon 的積極勢頭繼續鼓舞著我們。戴爾最近推出了搭載驍龍 8cx Gen 2 計算平台的 Inspiron 14 英寸筆記本電腦。除了 OEM 之外，我們還在 [藥瓶]、硬件、軟件、ODM 和渠道合作夥伴之間擴展我們的生態系統。我們還推出了 Windows on Snapdragon 開發者門戶，讓消費者和企業 ISV 能夠直接在 Qualcomm Silicon 上測試、移植和優化他們的應用程序。我們的下一代 Snapdragon Compute 平台配備定制 Orion CPU 和行業領先的 AI 加速，按計劃將於 2024 年推出商用設備。

As a reminder, we remain the platform of choice for all significant ecosystem players for XR, notably Meta, the joint partnership with Samsung and Google and broadly in China. While still in its early phases, we believe the merger of physical and digital spaces will become a significant opportunity for Qualcomm. We also continue to win designs for home robotics, smart appliances and smart camera applications with household names such as Bosch, LG Electronics, Panasonic, Samsung and Sony.

提醒一下，我們仍然是 XR 所有重要生態系統參與者的首選平台，尤其是 Meta，與三星和谷歌的聯合合作夥伴關係以及廣泛的中國合作夥伴關係。雖然仍處於早期階段，但我們相信物理空間和數字空間的合併將成為高通的重要機遇。我們還繼續贏得博世、LG 電子、松下、三星和索尼等家喻戶曉的家用機器人、智能電器和智能相機應用的設計。

In Edge Networking IoT, we're very pleased to share that we're now collaborating with Reliance Jio on rolling out 5G FWA across India, servicing millions of residents. We also recently announced the Qualcomm 5G Fixed Wireless Access Platform Gen 3, offering operators the ability to expand their service coverage to new areas while lowering cost and enabling faster deployment. Additionally, we continue to lead the transition to Wi-Fi 7 with more than 175 cumulative designs across all product categories. Access points account for 89 of these designs, with 16 launches in the quarter.

在邊緣網絡物聯網中，我們很高興地宣布，我們現在正與 Reliance Jio 合作，在印度各地推出 5G FWA，為數百萬居民提供服務。我們最近還發布了 Qualcomm 5G 固定無線接入平台 Gen 3，使運營商能夠將其服務覆蓋範圍擴展到新的區域，同時降低成本並實現更快的部署。此外，我們繼續引領向 Wi-Fi 7 的過渡，在所有產品類別中累計設計超過 175 種。接入點佔這些設計的 89 種，本季度推出 16 種。

In Industrial IoT, we announced the Qualcomm Aware platform to empower developers and enterprises to easily build real-time intelligence and visibility solutions. The platform combines simple, secure and scalable cloud-based services with power optimized and precise location tracking and an extensive hardware ecosystem to deliver tailored edge solutions across many industries.

在工業物聯網領域，我們發布了 Qualcomm Aware 平台，使開發者和企業能夠輕鬆構建實時智能和可視化解決方案。該平台將簡單、安全和可擴展的基於雲的服務與功率優化和精確的位置跟踪以及廣泛的硬件生態系統相結合，為許多行業提供量身定制的邊緣解決方案。

Additionally, we led the Bluetooth SIG working group to help establish a new standard for electronic shelf labels that are scalable, ultra-low power and highly secure. This will help enable large retailers to accelerate the digital transformation of the store with electronic labels that can interact with both store and consumer devices. Our OEM partner, SES-imagotag, recently announced an agreement with Walmart to deploy electronic shelf labels across 500 stores over the next 12 to 18 months.

此外，我們領導藍牙 SIG 工作組幫助建立可擴展、超低功耗和高度安全的電子貨架標籤新標準。這將有助於大型零售商利用可與商店和消費者設備交互的電子標籤加速商店的數字化轉型。我們的 OEM 合作夥伴 SES-imagotag 最近宣布與沃爾瑪達成協議，將在未來 12 至 18 個月內在 500 家商店部署電子貨架標籤。

I would now like to provide a perspective on the disruptive trends in the artificial intelligence space and the significant opportunity for Qualcomm.

我現在想就人工智能領域的顛覆性趨勢和高通的重大機遇提供一個視角。

Demand for generative artificial intelligence models is growing at an exponential rate. Generative AI models such as ChatGPT, Stable Diffusion and DALL-E have already scaled to millions of users in a short period of time. We believe that this models will evolve quickly, continue to grow in popularity and change user experiences across mobile, personal computing and automotive. Beyond changing Internet search, this model will have an impact on content creation such as text, images, audio and video for both entertainment and productivity. It will also transform many industries.

對生成式人工智能模型的需求正以指數級速度增長。 ChatGPT、Stable Diffusion 和 DALL-E 等生成式 AI 模型已經在短時間內擴展到數百萬用戶。我們相信這種模式將快速發展，繼續流行並改變移動、個人計算和汽車領域的用戶體驗。除了改變互聯網搜索之外，這種模式還將對內容創作產生影響，例如用於娛樂和生產力的文本、圖像、音頻和視頻。它還將改變許多行業。

For these models to realize their full potential and scale, they will need to run locally on devices at the edge. At Mobile World Congress, we demonstrated the world's first on-device Stable Diffusion, a greater than 1 billion parameter foundational model for text-to-image applications running completely on a Snapdragon-powered Android smartphone. In the coming months, we will see significantly improve performance and be able to run models in excess of 10 billion parameters locally on the device, and we will increase this capability substantially for our products in 2024.

為了讓這些模型充分發揮潛力和規模，它們需要在邊緣設備上本地運行。在世界移動通信大會上，我們展示了世界上第一個設備上的穩定擴散，這是一個超過 10 億參數的基礎模型，適用於完全在 Snapdragon 驅動的 Android 智能手機上運行的文本到圖像應用程序。在接下來的幾個月裡，我們將看到性能的顯著提升，並能夠在設備上本地運行超過 100 億個參數的模型，我們將在 2024 年為我們的產品大幅提高這一能力。

Qualcomm is uniquely positioned to enable the proliferation of AI use cases on edge devices. We're advancing AI to make core on-device capabilities ubiquitous such as perception, reasoning, action and now, content creation. With millions of AI-enabled platform shipments per year, unparalleled AI processing performance per watts in the broadest range of device categories from smartphones to PCs, automotive and IoT, Qualcomm is firmly at the forefront of this upcoming transformation. Further, very large AI models are placing significant incremental demands on energy-intensive and expensive cloud computing infrastructure. As such, a hybrid AI architecture leveraging accelerating computing at the edge can offload or support cloud processing by running AI inferencing directly on the device.

高通公司具有獨特的優勢，可以在邊緣設備上實現人工智能用例的激增。我們正在推動 AI 的發展，使核心設備功能無處不在，例如感知、推理、行動以及現在的內容創建。憑藉每年數百萬個支持人工智能的平台出貨量，以及在從智能手機到個人電腦、汽車和物聯網等最廣泛的設備類別中無與倫比的每瓦人工智能處理性能，高通穩居這一即將到來的轉型的前沿。此外，非常大的人工智能模型對能源密集型和昂貴的雲計算基礎設施提出了顯著的增量需求。因此，利用邊緣加速計算的混合人工智能架構可以通過直接在設備上運行人工智能推理來卸載或支持雲處理。

Beyond cost optimization, additional benefits of running generative AI on device include improved latency, security, privacy and the ability to meet data compliance requirements. This is a new and exciting opportunity for Qualcomm in one of our priority investment areas.

除了成本優化之外，在設備上運行生成式 AI 的其他好處包括改進延遲、安全性、隱私以及滿足數據合規性要求的能力。對於高通來說，這是我們優先投資領域之一的令人興奮的新機會。

As I close my prepared remarks, I would like to reiterate that the secular technology trends driving the long-term growth opportunities for Qualcomm remain unchanged. Despite the disappointing macroeconomic environment, our investments in technology leadership, our best product roadmap and history and strategic customer relationships across multiple industries position us well to execute on our strategy and expand across new and diverse end markets.

在結束準備好的發言時，我想重申，推動高通長期增長機會的長期技術趨勢保持不變。儘管宏觀經濟環境令人失望，但我們對技術領先地位的投資、我們最好的產品路線圖和歷史以及跨多個行業的戰略客戶關係使我們能夠很好地執行我們的戰略並擴展到新的和多樣化的終端市場。

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. I'll start with our second fiscal quarter results.

謝謝你，克里斯蒂亞諾，大家下午好。我將從我們的第二財季業績開始。

Despite a difficult operating environment, we delivered revenues of $9.3 billion, which was above the midpoint of our guidance, and non-GAAP EPS of $2.15. QTL recorded revenues of $1.3 billion and EBT margin of 68%, reflecting lower-than-expected global handset units. On a year-over-year basis, we estimate global handset sell-in units declined by approximately 14%. QCT revenues of $7.9 billion and EBT margin of 27% were both near the high end of our guidance. Handset revenues increased 6% sequentially to $6.1 billion, benefiting from device launches with Snapdragon 8 Gen 2, our latest premium-tier chipset platform. IoT revenues of $1.4 billion reflected a larger-than-expected impact of macroeconomic environment on demand and channel inventory drawdown. Automotive revenues of $447 million grew 20% year-over-year, driven by the adoption of our Snapdragon digital chassis and are aligned with our long-term revenue target.

儘管經營環境困難重重，我們仍實現了 93 億美元的收入，高於我們指引的中點，非 GAAP 每股收益為 2.15 美元。 QTL 的收入為 13 億美元，EBT 利潤率為 68%，反映出全球手機銷量低於預期。與去年同期相比，我們估計全球手機銷量下降了約 14%。 QCT 的收入為 79 億美元，EBT 利潤率為 27%，均接近我們指導的高端。手機收入環比增長 6% 至 61 億美元，這得益於採用我們最新的高端芯片組平台 Snapdragon 8 Gen 2 的設備發布。 14 億美元的物聯網收入反映出宏觀經濟環境對需求和渠道庫存縮減的影響大於預期。汽車業務收入為 4.47 億美元，同比增長 20%，這得益於採用我們的 Snapdragon 數字機箱，這與我們的長期收入目標保持一致。

Non-GAAP operating expenses of $2.2 billion were favorable relative to our guidance by approximately $80 million. We returned $1.7 billion to stockholders, including $903 million in stock repurchases and $834 million in dividends. Additionally, we are pleased to have announced a 7% increase in our quarterly dividend, consistent with our commitment to dividend growth.

非 GAAP 運營費用為 22 億美元，比我們的指導高出約 8000 萬美元。我們向股東返還了 17 億美元，其中包括 9.03 億美元的股票回購和 8.34 億美元的股息。此外，我們很高興宣布季度股息增加 7%，這與我們對股息增長的承諾一致。

Before turning to our third fiscal quarter guidance, I'll give you an update on cyclical challenges impacting the semiconductor industry.

在轉向我們的第三財季指南之前，我將向您介紹影響半導體行業的周期性挑戰的最新情況。

Financial headwinds have increased meaningfully relative to our initial expectations going into the fiscal year. With a combination of an uncertain macroeconomic outlook, persistent inflation and a slower recovery in China, which continued to impact demand globally. We now expect global 3G, 4G, 5G handset units in calendar '23 to be down at least a high single-digit percentage relative to calendar '22, which is lower than our prior expectation. Given the weaker handset forecast, until demand normalizes and visibility improves, we anticipate that customers will remain cautious with purchases and reduce channel inventory risk further.

相對於我們進入本財年的最初預期，財務逆風顯著增加。由於不確定的宏觀經濟前景、持續的通貨膨脹和中國復甦放緩，繼續影響全球需求。我們現在預計 23 年的全球 3G、4G、5G 手機出貨量將比 22 年至少下降一個高個位數百分比，這低於我們之前的預期。鑑於較弱的手機預測，在需求正常化和能見度改善之前，我們預計客戶將對購買保持謹慎並進一步降低渠道庫存風險。

Within IoT, we continue to see the impact of similar factors as Handsets. Since it remains difficult to predict the timing of a sustained recovery, we are operating under the assumption that the inventory drawdown dynamics will remain a significant factor for at least the next couple of quarters. To effectively navigate this uncertain landscape, we are focused on driving operating efficiencies while maintaining our commitment to invest in diversification and long-term technology leadership. We believe we remain well positioned to capture a rebound in demand once it occurs. We are on track to meet our commitment of a 5% reduction in non-GAAP operating expenses relative to our fiscal '22 exit rate. This includes a further reduction of spending in handsets to fund diversification investments in Automotive and IoT. As the environment continues to evolve, we will evaluate and execute additional cost-reduction opportunities to help exceed our operating expense target.

在物聯網中，我們繼續看到與手機類似的因素的影響。由於仍然難以預測持續復甦的時間，我們假設庫存減少動態至少在未來幾個季度仍將是一個重要因素。為了有效應對這種不確定的形勢，我們專注於提高運營效率，同時保持我們對多元化投資和長期技術領先地位的承諾。我們相信，一旦出現需求反彈，我們仍處於有利地位。我們有望實現我們的承諾，即相對於我們的 22 財年退出率，非 GAAP 運營費用減少 5%。這包括進一步減少手機支出，以資助汽車和物聯網的多元化投資。隨著環境的不斷發展，我們將評估並執行額外的成本削減機會，以幫助超越我們的運營費用目標。

Turning to guidance for third fiscal quarter. We are forecasting revenues of $8.1 billion to $8.9 billion and non-GAAP EPS of $1.70 to $1.90. Our guidance reflects the impact of macroeconomic headwinds, weaker global handset units and channel inventory drawdown. In QTL, we estimate revenues of $1.15 billion to $1.35 billion and EBT margins of 64% to 68%. In QCT, we expect revenues of $6.9 billion to $7.5 billion and EBT margin of 23% to 25%. Based on the midpoint of QCT revenue guidance, we estimate a larger-than-normal sequential decline primarily due to the timing of purchases by a modem-only handset customer.

轉向第三財季的指導。我們預計收入為 81 億美元至 89 億美元，非 GAAP 每股收益為 1.70 至 1.90 美元。我們的指引反映了宏觀經濟逆風、全球手機銷量疲軟和渠道庫存下降的影響。在 QTL，我們估計收入為 11.5 億美元至 13.5 億美元，EBT 利潤率為 64% 至 68%。在 QCT，我們預計收入為 69 億美元至 75 億美元，EBT 利潤率為 23% 至 25%。根據 QCT 收入指引的中點，我們估計環比下降幅度大於正常水平，這主要是由於僅調製解調器手機客戶的購買時間。

On a sequential basis, we are forecasting Android handsets and Automotive revenues to be roughly flat, with mid-single-digit growth in IoT. Consistent with our previous messaging and second quarter results, QCT gross margins reflect the impact of the transition from supply constraints to elevated channel inventory in addition to foundry cost increases. Lastly, we expect non-GAAP operating expenses to be approximately flat sequentially.

從環比來看，我們預測 Android 手機和汽車收入大致持平，而物聯網收入將實現中等個位數增長。與我們之前的消息和第二季度業績一致，QCT 毛利率反映了從供應限製到渠道庫存增加以及代工成本增加的影響。最後，我們預計非 GAAP 運營費用將大致持平。

As we look ahead, we expect the dynamics impacting the third fiscal quarter to extend to the fourth quarter, including the timing of purchases by a modem-only handset customer resulting in muted seasonality in QCT revenues.

展望未來，我們預計影響第三財季的動態將延續到第四季度，包括僅調製解調器手機客戶的購買時間導致 QCT 收入的季節性減弱。

In closing, while we are not immune to near-term headwinds, we are well-positioned to benefit from an eventual recovery in the macro environment. Despite a reduction in global handset units and the continued drawdown of elevated channel inventory, QCT handset revenues has benefited from increased content per device, expanded traction with OEMs and improved mix across tiers. We remain focused on executing our diversification strategy and positioned ourselves for success in our largest growth opportunities, including Automotive, Industrial and Networking IoT, personal computers and XR. We're confident in our ability to navigate the current operating environment, given our strong balance sheet and debt rating.

最後，雖然我們不能倖免於近期的不利因素，但我們有能力從宏觀環境的最終復甦中受益。儘管全球手機出貨量減少且渠道庫存持續減少，但 QCT 手機收入受益於每台設備內容的增加、對 OEM 的吸引力擴大以及跨層組合的改善。我們仍然專注於執行我們的多元化戰略，並為在我們最大的增長機會中取得成功做好準備，包括汽車、工業和網絡物聯網、個人電腦和 XR。鑑於我們強大的資產負債表和債務評級，我們對我們應對當前運營環境的能力充滿信心。

Thank you. Back to you, Mauricio.

謝謝。回到你身邊，毛里西奧。

Thank you, Akash. .

謝謝你，阿卡什。 .

Operator, we are now ready for questions.

接線員，我們現在準備好提問了。

(Operator Instructions) First question is from Samik Chatterjee with JPMorgan.

（操作員說明）第一個問題來自摩根大通的 Samik Chatterjee。

Thanks for all the details in the prepared remarks. I had one on smartphone and one on auto, so if I can just start on the smartphone one.

感謝準備好的評論中的所有細節。我有一個在智能手機上，一個在汽車上，所以如果我能從智能手機上開始的話。

I think I know you're sort of taking down your guidance for the overall market outlook today for 2023. But if I look at your QTL guide, it does sort of imply that you're looking at more of a stabilization in the sell-through at an absolute level. So when I look at your QCT guide rate there, it does suggest that most of the headwinds you're seeing or expecting there are inventory and timing of the purchases. Maybe just sort of confirm if that's the way sort of -- if I'm interpreting that right? And what's the maybe magnitude of the timing and the inventory headwinds to the QCT revenue guide for fiscal third quarter? And I have a follow-up.

我想我知道你今天有點取消了對 2023 年整體市場前景的指導。但如果我看看你的 QTL 指南，它確實暗示你正在尋找更多的銷售穩定-通過絕對水平。因此，當我在那裡查看您的 QCT 指導率時，它確實表明您看到或預期的大部分逆風都存在庫存和購買時間。也許只是確認這是否是那種方式——如果我的解釋是正確的？第三財季 QCT 收入指南的時間和庫存逆風可能有多大？我有一個後續行動。

Yes, Samik, you're thinking about it the right way. It's the right thing to connect the market forecast to QTL, and then QCT really has this additional factor that is related to the inventory drawdown. Our view of inventory drawdown is really the macro headwinds increase -- have increased meaningfully since the beginning of the fiscal year, and so what we've seen is the impact on market is driving a scenario where it takes longer to run through the existing inventory. We don't have a fundamental change in how much inventory we think the channel had going into the year that was accessed. It's just how long it takes to run through it as a result of the market forecast.

是的，Samik，你的思考方式是對的。將市場預測與QTL聯繫起來是正確的，然後QCT確實有這個與庫存下降相關的額外因素。我們對庫存減少的看法實際上是宏觀逆風增加——自本財年開始以來顯著增加，因此我們所看到的是對市場的影響正在推動一種情況，即需要更長的時間來處理現有庫存.我們認為該渠道進入被訪問年份的庫存量沒有根本變化。只是市場預測的結果，需要多長時間才能跑完。

Yes. Okay. Good.

是的。好的。好的。

And on the auto side, Cristiano, you talked about the 12 design wins, but you mentioned them being in Cockpit and Connectivity. So I wanted to check if you have an update on ADAS and the engagement from your customers on that front and your product road map? And related to auto, I think there's been some concern about exposure to China volumes in terms of your pipeline. If you can sort of maybe just some ballpark estimate about how much of your pipeline is reliant on China electric vehicle volumes? And how should we -- how are you thinking about sort of the risk around those production numbers.

在汽車方面，克里斯蒂亞諾，你談到了 12 項設計勝利，但你提到它們是在 Cockpit 和 Connectivity 中。所以我想檢查一下您是否有關於 ADAS 的更新以及您的客戶在這方面的參與和您的產品路線圖？與汽車相關，我認為就您的管道而言，人們對中國的銷量存在一些擔憂。如果你能大概估計一下你的管道有多少依賴於中國的電動汽車銷量？我們應該如何 - 你如何考慮這些生產數字的風險。

Very good. The 12 designs is what happened in the quarter. So we just highlight in the quarter, we had designs on the digital cockpit as well as 5G for telematics. We do -- we are working on some new designs on ADAS that is going to take us throughout the second half of the year, but we're not announcing at that time -- at this time.

非常好。這 12 種設計是本季度發生的事情。所以我們只是在本季度強調，我們設計了數字駕駛艙以及用於遠程信息處理的 5G。我們這樣做——我們正在研究 ADAS 的一些新設計，這些設計將在今年下半年完成，但我們當時沒有宣布——此時。

The second comment is on China market. We have seen, I think, consistent with the overall theme of China, some weakness in China auto. I think consistent with the rest of the market. But our design and presence with the China EV, with the local OEMs is very, very high. And I think we continue to gain share.

第二個評論是關於中國市場的。我認為，我們已經看到，與中國的整體主題一致，中國汽車出現了一些弱點。我認為與其他市場一致。但是我們在中國電動汽車和本地原始設備製造商方面的設計和影響力非常非常高。我認為我們繼續獲得份額。

The next question is from the line of Matt Ramsay of TD Cowen.

下一個問題來自 TD Cowen 的 Matt Ramsay。

I have 2 questions. I guess I'll just ask them at the same time to make this quicker.

我有兩個問題。我想我會同時要求他們加快速度。

The first one, Cristiano, in China, you were pretty clear in your script and I think you were -- you guys were earlier than most bellwether companies in flagging this, but the recovery in China in the second half of the year might be a bit more muted. And I think during the peak, obviously, things were being overshipped into China during the peak. I think we were 500 million units, give or take, on an annualized basis in China, and I think we're running closer to $300 million now on a sell-through basis. Maybe you could update us, are those numbers roughly right? And what are you guys seeing in terms of a recovery? And maybe how much are you undershipping that today that could still help your numbers in the back half of the year as you come back to shipping with parity of sell-through?

第一個，克里斯蒂亞諾，在中國，你的劇本很清楚，我想你是——你們比大多數領頭羊公司更早發出警告，但今年下半年中國的複蘇可能是一個更靜音。而且我認為在高峰期，很明顯，在高峰期，東西被過量運送到中國。我認為我們在中國的年銷量為 5 億台，或多或少，而且我認為我們現在的銷售額接近 3 億美元。也許你可以更新我們，這些數字大致正確嗎？你們在復蘇方面看到了什麼？也許你今天的出貨量有多少仍然可以幫助你在今年下半年的數字，因為你回到出貨量與銷售率持平？

And I guess I do have a follow-up, but maybe I'll just do that one first.

我想我確實有後續行動，但也許我會先做那個。

Matt, it's Akash.

馬特，我是阿卡什。

In terms of China sell-through, I think if you're looking at any of the analyst resources that's sizing the scale of the market, we're seeing pretty much the same number. So if you're -- that's what you're quoting, I don't have the exact numbers in front of me, but that's what you're quoting, it'd be consistent.

就中國的銷售率而言，我認為如果你查看任何衡量市場規模的分析師資源，我們看到的數字幾乎相同。因此，如果您是 - 這就是您所引用的內容，我面前沒有確切的數字，但這就是您所引用的內容，它會是一致的。

The way we are thinking about the inventory drawdown is, of course, it's a near-term phenomenon. We're going to get past it. The strength of our design win pipeline is very strong, so if you -- if one way to measure it in our minds as we look at our share of sell-through. And we've seen that share grow from '22 to '23, so that should give you a sense of our position going into the next year.

當然，我們考慮庫存減少的方式是一種近期現象。我們要克服它。我們的設計贏得管道的力量非常強大，所以如果你 - 如果我們在查看我們的銷售份額時在我們的腦海中衡量它的一種方法。我們已經看到該份額從 22 歲增長到 23 歲，所以這應該讓您了解我們進入明年的位置。

Just -- Matt, this is Cristiano. I just want to add one thing.

只是——馬特，這是克里斯蒂亞諾。我只想補充一件事。

Common sense, and I think the overall expectation is following the reopening, the China market was going to bounce back. It has been very suppressed, I think, during the lockdown and during the pandemic. I think what we're basically saying is we have not seen those signs yet, so therefore, we thought that prudent not to put in our planning assumptions, but you're going to be monitoring the situation. But the dynamic we see right now is exactly what Akash outlined. It's an inventory drawdown, and that's why I think the difference between the QCT and the QTL business.

常識，我認為總體預期是重新開放後，中國市場將反彈。我認為，在封鎖期間和大流行期間，它受到了很大的壓制。我想我們基本上要說的是我們還沒有看到這些跡象，因此，我們認為謹慎的做法是不要放入我們的計劃假設，但你會監控情況。但我們現在看到的動態正是阿卡什所概述的。這是庫存縮減，這就是為什麼我認為 QCT 和 QTL 業務之間的區別。

As my follow-up, mid-single digits up, I think, in the guidance you mentioned for IoT, there are sort of 3 different segments of the business there. If you could -- that there's been an inventory correction across the IoT business, and I think many of us have less visibility on a granular basis there than in your handset business. So if you could just talk through the dynamics of that business recovering a bit in June, that'd be helpful.

作為我的後續行動，我認為，在你提到的物聯網指南中，有 3 個不同的業務部分。如果可以的話——整個物聯網業務都進行了庫存調整，我認為我們中的許多人在細粒度基礎上的能見度低於您的手機業務。因此，如果您能談談該業務在 6 月份有所恢復的動態，那將很有幫助。

Sure. So it's Akash.

當然。所以是阿卡什。

When -- the initial weakness that we saw in IoT was in consumer, and then we've kind of seen that expanded into industrial and edge networking, and specifically China playing a significant role in that weakness. So it's a combination of all 3 areas. Now as we look forward, a lot of the growth that we're expecting within the quarter is actually going to be across -- recovery across all 3, so there isn't one that stands out that I would point to.

當——我們在物聯網中看到的最初弱點是消費者，然後我們看到它擴展到工業和邊緣網絡，特別是中國在這一弱點中發揮了重要作用。所以它是所有 3 個領域的組合。現在，當我們展望未來時，我們預期本季度內的許多增長實際上將是全面的——所有 3 個方面的複蘇，所以我不會指出一個突出的增長。

And then maybe the last point on IoT is really when you step back and think about the broader digital transformation process and where we are at, our technologies continue to become more relevant. Cristiano talked about Edge AI, and that's going to be another technology that's going to be extremely important in Industrial, PC, XR and other areas. So still very optimistic about how things look longer term, and we'll kind of work through everything in the short term.

然後也許物聯網的最後一點真的是當你退後一步思考更廣泛的數字化轉型過程以及我們所處的位置時，我們的技術將繼續變得更加相關。 Cristiano 談到了 Edge AI，這將是另一項在工業、PC、XR 和其他領域極其重要的技術。所以對事情的長期前景仍然非常樂觀，我們會在短期內解決所有問題。

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

我們的下一個問題來自 Mike Walkley 與 Canaccord Genuity 的合作。

Cristiano, just a follow-on question for you just on the market dynamics. You made some comments about how well the Snapdragon 7 is performing relative to premium tier from your competitor. Can you talk about design win traction and share gains that you're seeing maybe further downstream from the premium tier? And once inventory clears, do you think that you start to see some sharper share gains coming back maybe in the Chinese New Year into calendar Q4? Is that too early to call on the inventory side?

克里斯蒂亞諾，只是關於市場動態的後續問題。您對 Snapdragon 7 相對於競爭對手的高端產品的性能發表了一些評論。你能談談設計贏得牽引力並分享你所看到的可能在高端下游更遠的收益嗎？一旦庫存清理乾淨，您是否認為您會開始看到一些更大幅度的股票收益可能會在農曆新年進入日曆第四季度？現在打電話給庫存方面還為時過早嗎？

Mike.

麥克風。

I will say we are no longer in and that's probably an understatement, right? We're no longer into a supply-constrained environment. So as the supply-constrained environment got resolved, we have the ability to gain share. And I think as Akash outlined, if you look at our share of activations and sell-through compared to '22, you see a very positive picture for us in China. We've been gaining share on what we call the high tier. The 7 -- the new 7 Series, we made a lot of investment including leveraging the Snapdragon brand and the position of the 7, very well received in the market. Our 7+ outperform, I think, the competition premium tier, and we like because it sets the floor. And then you have Snapdragon very uniquely positioned in the 8 series. And I think as outlined from a share perspective, we're gaining share. Just the whole market to go into the dynamic that we just outlined on inventory, but we like our position in the marketplace.

我會說我們已經不在了，這可能是輕描淡寫，對吧？我們不再處於供應受限的環境中。因此，隨著供應受限的環境得到解決，我們有能力獲得份額。我認為正如 Akash 所概述的那樣，如果你看看我們與 22 年相比的激活和銷售份額，你會發現我們在中國的前景非常樂觀。我們一直在獲得所謂的高層份額。 7——新的7系列，我們做了很多投資，包括利用Snapdragon品牌和7的地位，在市場上非常受歡迎。我認為，我們的 7+ 表現優於競爭高端級別，我們喜歡它，因為它設定了底線。然後你有 Snapdragon 在 8 系列中非常獨特的定位。而且我認為，從份額的角度來看，我們正在獲得份額。只是整個市場進入我們剛剛概述的庫存動態，但我們喜歡我們在市場中的地位。

Great. And maybe a quick follow-up for Akash.

偉大的。也許是 Akash 的快速跟進。

Just on QCT margins, just given the inventory work there, is there any mix or anything else we should think about on QCT margins as you go through this inventory clearing and less modem-only shipments over the next couple of quarters?

僅就 QCT 利潤率而言，考慮到那裡的庫存工作，在接下來的幾個季度中，當您進行庫存清算和減少僅調製解調器的出貨量時，我們是否應該考慮 QCT 利潤率的任何組合或其他任何事情？

Yes. So from a gross margin perspective, as we've consistently said, and I said this in the last call -- last earnings call as well. Once we get past supply constraint, we expected some pressure on gross margins, so you're seeing that come through. But if you step back from that and just look at mix of devices and how that drives margin 1 way or the other, there isn't anything that's significant enough to discuss. It's really the current environment playing through. And then as we look forward, us remaining disciplined with pricing as we grow in a mature market.

是的。因此，從毛利率的角度來看，正如我們一直所說的那樣，我在上次電話會議中也說過——也是上一次財報電話會議。一旦我們克服了供應限制，我們預計毛利率會受到一些壓力，所以你會看到這一點。但是，如果你退後一步，只看設備的組合以及它如何以一種或另一種方式推動利潤率，那麼就沒有什麼重要的東西可以討論了。這確實是當前的環境。然後，當我們展望未來時，隨著我們在成熟市場中的成長，我們將在定價方面保持自律。

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

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

For the first one, I was wondering if you could define what you mean by muted seasonality for September quarter? I think you're usually up. I mean, it's not uncommon for you to be up double digits. What are you thinking now? And I guess maybe if you could talk a little bit about the different drivers, Handset, IoT, Auto into Q4?

對於第一個，我想知道您是否可以定義 9 月季度的淡季季節性是什麼意思？我想你通常是起來的。我的意思是，你達到兩位數並不罕見。你在想什麼？我想也許你能在第四季度談談不同的驅動程序、手機、物聯網、汽車嗎？

Sure, Stacy. It's Akash.

當然，斯泰西。是阿卡什。

If you look at our typical seasonality from third quarter to fourth quarter, it's really driven primarily by the launch of a new flagship device and the build that happens for that device. Outside of that, there are some other puts and takes, but that's the primary driver of the growth.

如果你看看我們從第三季度到第四季度的典型季節性，它實際上主要是由新旗艦設備的發布和為該設備進行的構建所驅動的。除此之外，還有一些其他的投入和投入，但這是增長的主要驅動力。

What we're suggesting is, as I outlined in the prepared remarks, we expect that to be muted because the lower demand from the modem-only handset customer extends from June into the September quarter as well. And the reason for this is we saw them buy a little more earlier in the year, and so this is just kind of balancing purchases of chips from us. To be clear, this is not a comment -- to be clear, this is not a comment on their sell-through and it's not a comment on our share within the OEM either. This was just the timing of purchases from chips from us.

我們的建議是，正如我在準備好的評論中所概述的那樣，我們預計這種情況會減弱，因為僅調製解調器手機客戶的需求下降也會從 6 月延續到 9 月季度。這樣做的原因是我們看到他們在今年早些時候購買了更多，所以這只是一種平衡從我們這裡購買芯片。需要明確的是，這不是評論——需要明確的是，這不是對他們的銷售量的評論，也不是對我們在 OEM 中的份額的評論。這只是從我們這裡購買芯片的時間。

For my follow-up, like, I know you said you expect the inventory driving the last next couple of quarters. But I guess, in the June, do you think the magnitude of the drawdown is better or worse or about the same as what you saw in March? I'm just trying to gauge directionally, is it getting at least better or worse even though we know it's still there?

對於我的後續行動，比如，我知道你說過你預計庫存將推動接下來的最後幾個季度。但我想，在 6 月份，您認為回撤的幅度是好是壞，還是與您在 3 月份看到的情況大致相同？我只是想方向性地衡量，即使我們知道它仍然存在，它是否至少變得更好或更糟？

Yes. So honestly, Stacy, there's a different story with every OEM. There are certain OEMs who are much further ahead in reducing the inventory profile and there are others, including the ones we just discussed, happening over the next couple of quarters. So I haven't specifically sized it in terms of scale, but I would say each of the quarters has an impact from that phenomenon.

是的。老實說，Stacy，每個 OEM 都有不同的故事。某些原始設備製造商在降低庫存狀況方面遙遙領先，還有其他一些原始設備製造商，包括我們剛剛討論的那些，將在未來幾個季度發生。所以我沒有具體確定規模，但我想說每個季度都會受到這種現象的影響。

Next question is from the line of Ross Seymore with Deutsche Bank.

下一個問題來自德意志銀行的 Ross Seymore。

Cristiano, I just wanted to focus on the diversification side of things. I know organically what you're doing in IoT and Automotive. Are there inorganic opportunities to accelerate that? Or is the diversification effort going to just simply take time because Automotive and IoT are great markets, but they take a reasonable amount of time to penetrate, especially given their relatively smaller size versus your Handset-oriented businesses?

克里斯蒂亞諾，我只是想關注事情的多元化方面。我很了解你在物聯網和汽車領域的工作。是否有無機機會來加速它？或者，多元化的努力是否只是需要時間，因為汽車和物聯網是巨大的市場，但它們需要相當長的時間才能滲透，尤其是考慮到它們的規模相對於您的手機導向型業務而言相對較小？

Ross.

羅斯。

Look, there are inorganic opportunities that we continue to look into the market. We've been clear. We have been focused in identifying M&A opportunity to help us to accelerate diversification. We've been very careful just because in the current environment, we wanted to do something that is actionable and we'll continue down this process of identifying, but we are looking at inorganic options as well to accelerate diversification. And we're also very excited about what -- I mentioned into the prepared remarks, I think this incredible opportunity that we now have. We're very uniquely positioned to do AI in a very high performance and low power and all the devices at the edge, and I think that's going to accelerate our diversification strategy across all the new segments. Even though it could create a new upgrade cycle in phones, but it's going to be relevant to all of the other segments of diversification as well.

看，我們繼續研究市場的無機機會。我們已經很清楚了。我們一直專注於確定併購機會，以幫助我們加速多元化。我們一直非常小心，因為在當前環境下，我們想做一些可行的事情，我們將繼續這個識別過程，但我們也在尋找無機選擇，以加速多元化。我們也對我在準備好的發言中提到的內容感到非常興奮，我認為我們現在擁有這個難得的機會。我們非常獨特地定位於以非常高的性能和低功耗以及邊緣的所有設備來做人工智能，我認為這將加速我們在所有新領域的多元化戰略。儘管它可以在手機中創造一個新的升級週期，但它也將與多元化的所有其他部分相關。

I guess one for Akash as my follow-up.

我猜是 Akash 作為我的後續行動。

On the Handset segment, it looks like you're guiding that down kind of low teens sequentially. I know you said Android's flat and the modem-only customer would be the headwind. How is Android flat if you still are saying macro is a problem, inventory burn's a problem, et cetera? Is that just evidence of the share gain? Or what's going on there?

在手機部分，您似乎正在按順序引導低端青少年。我知道你說過 Android 的扁平化和只使用調製解調器的客戶將是不利因素。如果你仍然說宏是個問題，庫存消耗是個問題等等，Android 怎麼會變得平淡無奇？這只是股票收益的證據嗎？或者那裡發生了什麼？

Yes. I assume your question, Ross, was related to QCT?

是的。羅斯，我想你的問題與 QCT 有關？

Just QCT, that's what you guys call it. That's not aggregate answer.

只是 QCT，這就是你們所說的。那不是匯總答案。

Yes. So if you think about our historical kind of trend between these 2 quarters in the Android business, we're staying very consistent with that -- this quarter. I mean, if you look at last year, second quarter to third quarter, our Android business was roughly flat, and we're guiding the same this year. So it's just following the same trend and the factors, the market and inventory drawdown exist in both quarters.

是的。因此，如果您考慮一下我們在這兩個季度之間 Android 業務的歷史趨勢，我們將與本季度保持非常一致。我的意思是，如果你看看去年，第二季度到第三季度，我們的 Android 業務大致持平，今年我們的指導也是如此。所以它只是遵循相同的趨勢和因素，兩個季度都存在市場和庫存下降。

Next question is from the line of Joe Moore with Morgan Stanley.

下一個問題來自摩根士丹利的 Joe Moore。

I guess as you look at the year-on-year decline in handsets, how much of that would you attribute to inventory build in a year ago, inventory depletion now or any kind of change in kind of like-for-like pricing? Can you just kind of separate out those 3 factors?

我想當您查看手機的同比下降時，您會將其中多少歸因於一年前的庫存增加、現在的庫存消耗或類似價格的任何變化？你能把這三個因素分開嗎？

Yes. Joe, we haven't talked about it or given specific numbers on it. But one of the frameworks to look at it would be to look at the 2 years combined. One year had the bill, the second year has the bleed. And if you look at that combined, it will give you a framework of what the run rate strength of the business is.

是的。喬，我們還沒有討論過它，也沒有給出具體數字。但是要查看它的框架之一是查看 2 年的總和。一年有帳單，第二年有流血。而且，如果您綜合考慮，它將為您提供一個框架，說明企業的運行率強度是多少。

The other thing I would say is just the one thing to calibrate in that framework is also to look at the market size as the overall market has continued to come down. But that's, I think, a good way to at least start figuring out the run rate of the business.

我要說的另一件事是，在該框架中要校準的一件事就是在整體市場持續下滑的情況下觀察市場規模。但我認為，這是至少開始計算業務運行率的好方法。

Okay. And then you mentioned you always sort of felt like as you came out of an allocation mode that there be a little bit of a gross margin headwind. What causes that? Is it just that -- are their expertise, you were getting before? Is it more promotional now? And has there been any change in kind of like-for-like pricing as you've kind of moved out of the tight supply environment?

好的。然後你提到你總是覺得當你從分配模式中走出來時，毛利率會有一點逆風。是什麼原因造成的？只是 - 他們的專業知識，你以前得到過嗎？現在是不是更促銷了？隨著您擺脫緊張的供應環境，同類定價是否有任何變化？

Yes. So it's a combination of them. I mean given supply constraints, we were able to exercise some pricing leverage that gets neutralized in the current excess inventory environment, and so that's just playing out through the numbers.

是的。所以這是它們的組合。我的意思是考慮到供應限制，我們能夠行使一些定價槓桿，這些槓桿在當前的庫存過剩環境中被抵消，所以這只是通過數字發揮作用。

The other 2 factors to keep in mind is we had a price increase from foundry that ran through starting first of January as well and some underutilization in our RF front-end fabs that over time will get filled back in as demand comes back, and so that should be a tailwind for us going forward.

要記住的其他 2 個因素是我們從 1 月 1 日開始的代工廠價格上漲，以及我們的 RF 前端工廠的一些未充分利用，隨著時間的推移，隨著需求的恢復，這些工廠將得到填補，等等這應該是我們前進的順風。

Our next question is from the line of Blayne Curtis of Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

But maybe just following up on that last one on gross margin. I mean I guess if I'm looking at the numbers, it seems like your ASP is still going up. So is it really just the higher cost?

但也許只是跟進最後一個關於毛利率的問題。我的意思是，我想如果我查看這些數字，您的 ASP 似乎仍在上升。那麼它真的只是更高的成本嗎？

And I guess second part of it is, I think there's a lot of concern about more competitive environment, MediaTek moving up to the high end. So just can you go back and just talk about that environment? I think you said there's no more like-for-like, but I mean, I think there's a lot of concern about maybe people buying older products and not taking Gen 2 and MediaTek moving up, Just kind of touch on those points.

我想它的第二部分是，我認為人們對競爭更加激烈的環境有很多擔憂，聯發科正在向高端發展。那麼你能回去談談那個環境嗎？我想你說過沒有更多的同類產品，但我的意思是，我認為人們很擔心人們可能會購買舊產品而不是將第 2 代和聯發科升級，只是對這些點有所了解。

Yes, Blayne, so I'll address the first part and then Cristiano will address the second part.

是的，Blayne，所以我將介紹第一部分，然後 Cristiano 將介紹第二部分。

On gross margin percentage, I think it's a reasonable way of thinking about it. Our gross margin dollars per device continues to grow, and that's the strength and it kind of adds scale and profitability to the business, but we have seen gross margin percent get impacted by the couple of factors I just outlined. But again, those are, to me, kind of ins and outs of the business. It's better to kind of step back and look at the broader longer-term opportunity for us to continue to add content to our chips, which we have done very successfully over the last 3 years. And we have an opportunity to do that, especially with our new custom CPU course coming into play into all of our product lines, including Handsets. And then with the AI that Cristiano just outlined, that will create an opportunity for us as well...

關於毛利率，我認為這是一種合理的思考方式。我們每台設備的毛利率持續增長，這就是實力，它增加了業務的規模和盈利能力，但我們已經看到毛利率受到我剛才概述的幾個因素的影響。但同樣，對我來說，這些都是業務的來龍去脈。最好退後一步，看看更廣泛的長期機會，讓我們繼續向我們的芯片添加內容，我們在過去 3 年中做得非常成功。我們有機會做到這一點，特別是我們新的定制 CPU 課程將在我們所有的產品線中發揮作用，包括手機。然後使用 Cristiano 剛剛概述的 AI，這也將為我們創造機會......

Go ahead.

前進。

No, I'm sorry, I'm just going to add a couple of comments to your specific questions.

不，很抱歉，我只是要針對您的具體問題添加一些評論。

Look, the way we see this, we have done, I think, the right choices of investment. We feel pretty good about the road map and we took this very, very focused strategy and make sure that our 7 tier outperforms the competition premium tier. And that changes the landscape, which means we are very well positioned above that in the 8, as I outlined. Our design traction is very good especially within all of the OEMs, no exception.

看，從我們的角度來看，我認為我們已經做出了正確的投資選擇。我們對路線圖感覺非常好，我們採取了這個非常非常集中的策略，並確保我們的 7 層優於競爭溢價層。這改變了格局，這意味著我們在 8 中處於非常有利的位置，正如我概述的那樣。我們的設計牽引力非常好，尤其是在所有原始設備製造商中，也不例外。

I remind you that we are globally with Samsung. Our agreement with them, we have the launch of G S23, that just happened, then we have the Fold and Flip. And then we have the G S24. It's going to be a number of years of association of Samsung with Snapdragon brand globally. And the size of the market is not good, but our position is very strong. And as I outlined before, we're gaining share.

我提醒您，我們在全球範圍內與三星合作。我們與他們達成協議，我們推出了 G S23，這剛剛發生，然後我們推出了 Fold 和 Flip。然後我們有 G S24。這將是三星在全球範圍內與 Snapdragon 品牌的多年聯繫。市場規模不好，但我們的地位很強。正如我之前概述的那樣，我們正在獲得份額。

Got you.

明白了

And then if I could just follow up with the modem-only? In terms of the timing, there's -- I guess you guys have been waiting if there's any decision of that customer to move away. I'm just curious if that timing you would be notified at this point? Or if you thought that the timing of shipments had anything to do with their transition?

然後我是否可以僅跟進調製解調器？就時間而言，如果該客戶決定搬走，我想你們一直在等待。我只是想知道此時您是否會收到通知？或者，如果您認為發貨時間與他們的過渡有什麼關係？

No, it has nothing to do with the transition. Further transition, I think we said a number of earnings calls ago that we're expecting to be in the product that they launched in '23. And in '24, we have no change to our planning assumptions.

不，這與過渡無關。進一步的過渡，我想我們在之前的多次財報電話會議上說過，我們預計會出現在他們在 23 年推出的產品中。在 24 年，我們的規劃假設沒有變化。

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

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

Cristiano, I wanted to ask about the state of the Android market. There seems to be a sort of consistent structural share loss here. And I guess, even going back pre-COVID, Apple has been growing their business since COVID and Android just seems to keep losing share. So what do you think is going on? And how much of the structural decline in Android, do you think, is the secondhand iPhone market? And then I don't know whether you can size this, how big do you think the secondhand market is and how it's affecting Android? And what do you think the Android value chain is going to do to reboot their business?

Cristiano，我想問一下 Android 市場的狀況。這裡似乎存在一種持續的結構性份額損失。而且我想，即使回到 COVID 之前，Apple 也一直在發展他們的業務，因為 COVID 和 Android 似乎一直在失去份額。那麼你認為這是怎麼回事？您認為二手 iPhone 市場在 Android 的結構性下滑中佔多大比例？然後我不知道你是否可以衡量這個，你認為二手市場有多大，它對 Android 有何影響？您認為 Android 價值鏈將如何重啟他們的業務？

Yes. No, it's a great question, and there are a number of things to unpack.

是的。不，這是一個很好的問題，有很多東西需要解壓。

So first, I just want to go back a little bit in recent history. I think there was an addressable market for premium devices, and to some extent, premium and high-tier devices that became available as Huawei declined in share. And the reality, Apple pick a significant amount of their share. We did as well, I think. So our competition, I think everyone had grew, as the expense of the market. And I think that is resulting to a much larger -- you look at that Huawei Android as a net loss of Android, and that's for the areas that Apple gained share.

所以首先，我只想回顧一下最近的歷史。我認為高端設備有一個可尋址的市場，在某種程度上，隨著華為份額的下降，高端和高端設備也出現了。而現實是，蘋果選擇了他們的很大一部分份額。我認為我們也這樣做了。所以我們的競爭，我認為每個人都在成長，以市場為代價。而且我認為這會導致更大的影響——你把華為 Android 看成是 Android 的淨損失，這是蘋果獲得份額的領域。

The market is smaller and those -- even the component of hand-me-down phones, it's accounted in our planning of a smaller market. I think that's a -- that's where we are until we go to the next upgrade cycle, cyclical business. But our position in Android has improved, and I think if you look of our trajectory actually on the smaller Android market, we've been gaining share and focus on the value share of the market with concentration in the high and the middle tier.

市場較小，而那些——即使是二手手機的組成部分，也在我們對較小市場的規劃中考慮在內。我認為這是一個 - 在我們進入下一個升級週期，週期性業務之前，我們就是這樣。但是我們在 Android 中的地位已經提高，我認為如果你看看我們在較小的 Android 市場上的軌跡，我們一直在獲得份額並專注於市場的價值份額，集中在高端和中端。

Do you think the secondhand market is growing structurally? I mean, just to understand the dynamics because some of the data we've seen, it would suggest that this is starting to have an impact on the Android volumes.

您認為二手市場正在結構性增長嗎？我的意思是，只是為了了解動態，因為我們看到的一些數據表明這開始對 Android 的銷量產生影響。

Yes, Brett, it's Akash.

是的，布雷特，是阿卡什。

So I divide this into 2 parts. I think there's a second end market that has been around for a long period of time in emerging markets as a hand-me-down device, and so that obviously still exists. There has been a little bit of a change at the top with the refurbished phone market, and so that's something that we're definitely closely watching and definitely contemplated in our numbers at this point.

所以我把它分成兩部分。我認為第二個終端市場在新興市場已經存在了很長一段時間，作為一種傳下來的設備，所以它顯然仍然存在。翻新手機市場的頂部發生了一些變化，因此我們肯定會密切關注這一點，並且在這一點上肯定會考慮我們的數字。

Our last question is from the line of Tal Liani with Bank of America.

我們的最後一個問題來自美國銀行的 Tal Liani。

Akash, sometimes you give us more indications of future quarters and I wanted to ask about QTL, QCT for the September quarter. Can you provide us some comments on your expectations?

Akash，有時你會給我們更多關於未來季度的指示，我想問一下 9 月季度的 QTL、QCT。您能否就您的期望向我們提供一些意見？

Sure, Tal.

當然，塔爾。

For QTL, typically, the market size is relatively flat between the June and the September quarter. There is a slight change in the market and our revenue is relatively flat as well, so you should think of that as a proxy based on historical trend. There isn't something specific going on this year that I'd say is different than last year, pending a recovery in the market.

對於 QTL，通常情況下，市場規模在 6 月和 9 月季度之間相對平穩。市場略有變化，我們的收入也相對持平，因此您應該將其視為基於歷史趨勢的代理。在市場復甦之前，我想說今年與去年沒有什麼不同。

From a QCT perspective, on the fourth quarter, we typically have seasonality -- seasonal growth. And what I said in my prepared remarks is that we expect muted seasonality this year because of all the factors that we've been discussing on this call and have been outlined in the prepared remarks as well. So that would be a framework to come up with number for September. And then obviously, as we go from there, you go into holiday season, that's typically a strong quarter for us and we would realize benefits as we go there.

從 QCT 的角度來看，在第四季度，我們通常有季節性——季節性增長。我在準備好的發言中所說的是，由於我們一直在本次電話會議上討論並在準備好的發言中概述的所有因素，我們預計今年的季節性會減弱。因此，這將是得出 9 月份數字的框架。然後很明顯，當我們從那裡開始時，你進入了假期，這對我們來說通常是一個強勁的季度，我們會在去那裡時實現收益。

Got it. And what's normal seasonality for Q4 for QCT? When you say muted, what's your benchmark?

知道了。 QCT Q4 的正常季節性是什麼？當你說靜音時，你的基準是什麼？

Well, I would say if you look at last year, you would probably come with a number that would be normal, and we don't expect to be close to that. We'll see a lot of different factors. We don't have, to be honest, that clear insight into quarters at this point to give a forecast. So if you can wait for the next call, we'll definitely be updating you on that.

好吧，我想說如果你看看去年，你可能會得到一個正常的數字，我們預計不會接近那個數字。我們會看到很多不同的因素。老實說，我們目前還沒有對季度的清晰洞察力來做出預測。因此，如果您可以等待下一個電話，我們肯定會及時通知您。

That concludes today's question-and-answer session.

今天的問答環節到此結束。

Mr. Amon, do you have anything further to add before adjourning the call?

Amon 先生，在暫停通話之前，您還有什麼要補充的嗎？

Yes. Thank you so much for listening to our call. Here's the summary.

是的。非常感謝您聆聽我們的電話。這是摘要。

Like from our perspective, while the market conditions remain challenging, we're very confident to reach our Q3 estimates at this point. We're taking action where we can control as we navigate the near-term headwinds, but it's -- most important, we'll continue to execute on our strategy. We like our strategy. I think we're investing in the right technologies for growth and diversification, especially in the IoT and Auto. I feel we have a very competitive road map, so we're well positioned to benefit when the market returns to growth.

從我們的角度來看，雖然市場狀況仍然充滿挑戰，但我們非常有信心在這一點上達到我們對第三季度的估計。在應對近期逆風時，我們正在採取我們可以控制的行動，但最重要的是，我們將繼續執行我們的戰略。我們喜歡我們的策略。我認為我們正在投資正確的技術以實現增長和多樣化，尤其是在物聯網和汽車領域。我覺得我們有一個非常有競爭力的路線圖，所以我們有能力在市場恢復增長時受益。

And I think the last comment is we are going to become very relevant in AI. As you look at the speed of new models appearing, new companies investing, new use cases, the ability to run those things locally. I talk about having ability to run 10 billion parameter models on the phone without compromising battery life and be able to demonstrate that very shortly in this year, and you can see how that creates an even larger opportunity for us in Automotive as well the entering of next-generation personal computing. So excited about that, we'll continue to invest in this area.

我認為最後一條評論是我們將在 AI 中變得非常重要。當您查看新模型出現的速度、新公司投資、新用例以及在本地運行這些東西的能力時。我談到能夠在不影響電池壽命的情況下在手機上運行 100 億個參數模型，並且能夠在今年很快證明這一點，你可以看到這如何為我們在汽車領域創造更大的機會以及進入下一代個人計算。對此感到非常興奮，我們將繼續在這一領域進行投資。

In summary, we're very focused on our long-term success and we're steadfast in our commitment to drive maximum value for our stakeholders. And I want to thank all the employees for their dedication and contributions to Qualcomm and also our many partners and suppliers. Thank you.

總之，我們非常關注我們的長期成功，我們堅定不移地致力於為我們的利益相關者創造最大價值。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。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。