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，感謝你們的支持。歡迎參加高通2023財年第二季財報電話會議。 (操作員指示) 提醒一下，本次會議將於 2023 年 5 月 3 日今天進行錄音。今天通話的播放號碼是 (877) 660-6853。國際電話請撥 (201) 612-7415。播放預約編號為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.

現在我想將電話轉給投資人關係副總裁 Mauricio Lopez-Hodoyan 先生。洛佩茲·霍多揚先生，請繼續。

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

謝謝大家，下午好。今天的電話會議將包括克里斯蒂亞諾·阿蒙和阿卡什·帕爾基瓦拉的準備好的發言。此外，亞歷克斯·羅傑斯（Alex Rogers）也將參加問答環節。您可以在我們的投資者關係網站上存取我們的收益報告和本次電話會議的幻燈片簡報。此外，本次電話會議將在 qualcomm.com 上進行網路直播，重播將於今天晚些時候在我們的網站上提供。

During the call today, we will use non-GAAP financial measures as defined in Regulation G., and you can find the related reconciliations to GAAP on our website. We will also make forward-looking statements including projections and estimates of future events, business or industry trends or business or financial results. 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 G 條例中定義的非 GAAP 財務指標，您可以在我們的網站上找到與 GAAP 相關的對帳。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的前瞻性陳述中的預測有重大差異。請參閱我們向美國證券交易委員會 (SEC) 提交的文件，包括我們最新的 10-K 表，其中包含可能導致實際結果與前瞻性陳述有重大差異的重要因素。

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

現在，我們來聽聽高通總裁兼執行長克里斯蒂亞諾·阿蒙的評論。

Thank you, Mauricio, and good afternoon, everyone. Thanks for joining us today.

謝謝你，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產業普遍低迷的情況下，我們很高興公佈與先前預期一致的第二季財報。我們第二季的財政收入為 93 億美元。非公認會計準則每股收益 2.15 美元，處於我們預期的中間值。我們的晶片組業務實現了 79 億美元的營收，接近我們預期範圍的高端。我們的授權業務實現了 13 億美元的收入，由於手機需求疲軟，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，尤其是手機需求，其惡化程度超過了我們先前的預測。因此，我們假設庫存下降動態至少在接下來的幾個季度內仍將是一個重要因素。此外，雖然預計中國需求將在下半年反彈，但我們尚未看到明顯復甦的跡象，也沒有將改善納入我們的規劃假設中。雖然我們面臨的挑戰正在影響半導體產業，但我們仍然專注於管理我們能夠控制的事情，並將繼續執行我們的多元化策略和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​​，我們正在積極管理營運費用，並將繼續評估更多機會以提高營運效率，同時不會忽視未來的汽車和物聯網成長機會。

Let me now provide key highlights from across our business.

現在讓我介紹一下我們整個業務的重點內容。

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.

在手機領域，我們透過驍龍 X75 5G 調變解調器-射頻系統擴展了我們的 5G 技術和產品領先地位，這是世界上第一個 5G 先進調變解調器-射頻平台，將從 2024 年開始推動全球各個領域、設備類型和網路的下一階段新 5G 功能。 X75 數據機現已成為明年所有旗艦智慧型手機推出的 5G 性能和功能的基準。我們的 Snapdragon 8 Gen 2 行動平台是全球 Android 旗艦設備的標準，已在三星、小米、Vivo、Oppo、OnePlus、Honor、摩托羅拉、華碩和中興等領先的 OEM 廠商推出。

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 Snapdragon 7 系列正在重新定義高階。我們最近推出的 Snapdragon 7+ Gen 2 行動平台超越了其競爭對手的高端解決方案，憑藉其卓越的功能和性能贏得了多項讚譽。我們看到中國原始設備製造商的廣泛採用，從而帶來了市場份額的成長。 OEM 廠商也報告稱，搭載 7+ Gen 2 的產品初期銷售表現強勁。

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，隨著我們 Snapdragon 數位底盤的採用率不斷提高，我們看到全球汽車製造商和一級客戶持續對其產生興趣。我們非常高興能與梅賽德斯-奔馳合作開發下一代 Snapdragon 數位駕駛艙平台。這是我們與雄心勃勃的梅賽德斯-奔馳軟體工廠和工程團隊以及各個合作夥伴長期密切合作的結果，旨在打造業界領先的 [MBOS] 高級駕駛艙體驗。新平台將於 2023 年開始應用於梅賽德斯汽車。

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搭載我們第三代 Snapdragon Cockpit 平台的汽車，包括小鵬 P7i 和 Lotu 的新款 Eletre SUV。值得注意的是，在本季度，我們與全球汽車製造商合作贏得了 12 項基於 Snapdragon Cockpit 和 Snapdragon Connectivity 5G 平台的新設計。我們仍在按計劃實現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.

在消費物聯網領域，我們繼續對 Windows on Snapdragon 的積極勢頭感到鼓舞。戴爾最近推出了搭載 Snapdragon 8cx Gen 2 運算平台的 Inspiron 14 吋筆記型電腦。除了 OEM 之外，我們還在擴展我們的生態系統，涵蓋 [vials]、硬體、軟體、ODM 和通路合作夥伴。我們還推出了 Windows on Snapdragon 開發者門戶，使消費者和企業 ISV 能夠直接在 Qualcomm Silicon 上測試、移植和優化他們的應用程式。我們的下一代 Snapdragon 運算平台配備客製化的 Orion CPU 和業界領先的 AI 加速，計劃於 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、與三星和谷歌的合作夥伴關係以及在中國的廣泛合作。儘管仍處於早期階段，但我們相信實體空間和數位空間的融合將成為高通的重要機會。我們也持續贏得博世、LG 電子、松下、三星和索尼等家喻戶曉的品牌的家用機器人、智慧家電和智慧相機應用的設計。

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.

在邊緣網路物聯網方面，我們非常高興地與大家分享，我們現在正與 Reliance Jio 合作在印度推出 5G FWA，為數百萬居民提供服務。我們最近也發布了 Qualcomm 5G 固定無線存取平台 Gen 3，使營運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，所有產品類別的累積設計超過 175 種。其中接入點設計佔89個，本季發射了16個。

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，幫助開發者和企業輕鬆建立即時智慧和視覺化解決方案。該平台將簡單、安全且可擴展的基於雲端的服務與功率優化和精確的位置追蹤以及廣泛的硬體生態系統相結合，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，我們還領導了藍牙 SIG 工作小組，協助建立了可擴展、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能夠與商店和消費者設備互動的電子標籤來加速商店的數位轉型。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 到 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.

現在，我想就人工智慧領域的顛覆性趨勢以及高通面臨的重大機會提供一個看法。

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.

對產生人工智慧模型的需求正在呈指數級增長。 ChatGPT、Stable Diffusion 和 DALL-E 等生成式人工智慧模型已經在短時間內擴展到數百萬用戶。我們相信，這些模型將會快速發展，繼續受到歡迎，並改變移動、個人運算和汽車領域的使用者體驗。除了改變網路搜尋之外，這種模式還將對娛樂和生產力方面的文字、圖像、音訊和視訊等內容創作產生影響。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.

為了使這些模型充分發揮其潛力和規模，它們需要在邊緣設備上本地運行。在世界行動通訊大會上，我們展示了世界上第一個裝置上的穩定擴散，這是一個超過 10 億個參數的基礎模型，適用於完全在搭載 Snapdragon 的 Android 智慧型手機上運行的文本到圖像應用程式。在接下來的幾個月裡，我們將看到效能的顯著提升，並能夠在設備上本地運行超過 100 億個參數的模型，並且我們將在 2024 年大幅提高我們產品的這一能力。

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.

高通擁有獨特的優勢，能夠推動邊緣設備上人工智慧用例的普及。我們正在推動人工智慧，使感知、推理、行動以及現在的內容創作等核心設備功能無所不在。高通每年出貨數百萬個支援人工智慧的平台，在從智慧型手機到個人電腦、汽車和物聯網等最廣泛的設備類別中提供無與倫比的每瓦人工智慧處理性能，高通牢牢地站在即將到來的變革的前沿。此外，非常大的人工智慧模式對能源密集且昂貴的雲端運算基礎設施提出了巨大的增量需求。因此，利用邊緣加速運算的混合 AI 架構可以透過直接在裝置上運行 AI 推理來卸載或支援雲端處理。

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人工智慧的其他好處還包括改善延遲、安全性、隱私以及滿足資料合規性要求的能力。對於高通來說，這是我們優先投資領域之一的一個全新而令人興奮的機會。

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.

在結束我的準備好的發言之前，我想重申，推動高通長期成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，但我們在技術領導方面的投資、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.

現在我想把電話轉給 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.

儘管經營環境艱難，我們仍實現了 93 億美元的營收，高於預期中位數，非公認會計準則每股收益達到 2.15 美元。 QTL 的營收為 13 億美元，息稅前利潤率為 68%，反映出全球手機銷售低於預期。與去年同期相比，我們估計全球手機銷售量下降了約 14%。 QCT 的營收為 79 億美元，EBT 利潤率為 27%，兩者都接近我們預期的高端。手機營收季增 6%，達到 61 億美元，這得益於搭載我們最新的高階晶片組平台 Snapdragon 8 Gen 2 的裝置發布。 14億美元的物聯網收入反映了宏觀經濟環境對需求和通路庫存減少的影響大於預期。汽車收入為 4.47 億美元，年增 20%，這得益於我們採用 Snapdragon 數位底盤，並且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.

非公認會計準則營運費用為 22 億美元，比我們的預期高出約 8,000 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，我們很高興地宣布季度股息增加 7%，這與我們對股息成長的承諾一致。

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

在介紹我們的第三財季指引之前，我將向您介紹影響半導體產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.

相對於我們最初預期的財政年度，財務阻力已顯著增加。宏觀經濟前景不明朗、通貨膨脹持續存在以及中國經濟復甦放緩等因素持續影響全球需求。我們現在預計，23 年全球 3G、4G、5G 手機出貨量將較 22 年下降至少高個位數百分比，低於我們先前的預期。鑑於手機預測較弱，在需求正常化和知名度提高之前，我們預計客戶將保持謹慎購買並進一步降低通路庫存風險。

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，我們持續看到與手機類似因素的影響。由於仍然很難預測持續復甦的時間，我們假設庫存下降動態至少在接下來的幾個季度內仍將是一個重要因素。為了有效應對這種不確定的情況，我們專注於提高營運效率，同時堅持投資多元化和長期技術領導地位的承諾。我們相信，一旦需求反彈，我們仍能佔據有利位置。我們預計將兌現承諾，將非公認會計準則營運費用相對於 22 財年的退出率降低 5%。這包括進一步減少手機方面的支出，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，以幫助超越我們的營運費用目標。

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。我們預測營收為 81 億美元至 89 億美元，非 GAAP 每股收益為 1.70 美元至 1.90 美元。我們的指引反映了宏觀經濟逆風、全球手機銷售疲軟以及通路庫存減少的影響。在 QTL，我們預計營收為 11.5 億美元至 13.5 億美元，EBT 利潤率為 64% 至 68%。在 QCT，我們預計營收為 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，我們估計連續下降幅度將大於正常水平，這主要是由於僅使用數據機的手機客戶的購買時間所致。

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.

以環比計算，我們預測 Android 手機和汽車收入將基本持平，而物聯網收入將實現中等個位數成長。與我們先前的消息和第二季業績一致，QCT 毛利率反映了從供應限製到通路庫存增加的轉變以及代工成本增加的影響。最後，我們預計非公認會計準則營運費用將與上一季基本持平。

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因素將延續到第四季度，包括僅使用數據機的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，雖然我們無法免受短期不利因素的影響，但我們已做好準備，從宏觀環境的最終復甦中受益。儘管全球手機銷售減少且通路庫存持續下降，但 QCT 手機收入仍受益於每台裝置內容的增加、與 OEM 的合作擴大以及各級產品組合的改善。我們將繼續專注於執行多元化策略，並在最大的成長機會中取得成功，包括汽車、工業和網路物聯網、個人電腦和 XR。鑑於我們強勁的資產負債表和債務評級，我們有信心應對當前的經營環境。

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，我們現在可以回答問題了。

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

（操作員指示）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.

感謝您在準備好的發言中提供的所有細節。我在智慧型手機上有一個，在自動模式下有一個，所以我只能在智慧型手機上啟動它。

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.

我想我知道您今天正在下調 2023 年整體市場前景的預測。但如果我看一下您的 QTL 指南，它確實暗示您正在考慮絕對水平上的銷售量更加穩定。因此，當我查看您在那裡的 QCT 指導率時，它確實表明您看到或預期的大多數阻力都是庫存和購買時間。也許只是想確認一下是不是這樣——我的理解是否正確？那麼，時機和庫存阻力對 QCT 第三財季收入指南的影響可能有多大？我還有一個後續問題。

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，薩米克，你的想法是正確的。將市場預測與 QTL 連結起來是正確的，然後 QCT 確實具有與庫存減少相關的附加因素。我們對庫存減少的看法實際上是宏觀逆風的增加——自本財年開始以來已經顯著增加，因此我們看到對市場的影響正在導致需要更長時間才能消耗現有庫存的情況。我們認為，進入今年以來，該通路的庫存量並沒有發生根本性的變化。這只是根據市場預測的結果，需要多長時間才能完成。

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，您談到了 12 項設計勝利，但您提到它們屬於駕駛艙和連接領域。所以我想檢查一下您是否有關於 ADAS 的最新消息以及客戶在這方面的參與度以及您的產品路線圖？就汽車而言，我認為大家對於你們的管道在華銷量方面存在一些擔憂。您能否大致估計一下您的產品線中有多少依賴中國的電動車銷售？我們應該如何—您如何看待這些生產數字所帶來的風險。

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 種設計是本季推出的。因此，我們在本季度重點強調，我們對數位駕駛艙以及用於遠端資訊處理的 5G 進行了設計。我們確實正在研究一些新的 ADAS 設計，這些設計將持續到今年下半年，但我們目前不會宣布。

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。我認為，我們看到中國汽車市場存在一些疲軟跡象，這與中國整體形勢一致。我認為這與其他市場一致。但我們的中國電動車設計和與當地原始設備製造商的合作非常非常密切。我認為我們的市場份額將繼續增長。

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。我想我會同時詢問他們以使速度更快。

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，你的腳本非常清楚，我認為你——你們比大多數領頭羊公司更早地標記了這一點，但下半年中國經濟的複蘇可能會更加溫和一些。我認為在高峰期，顯然貨物被超額運往中國。我認為我們在中國的年銷量大約是 5 億台，而我認為我們現在的銷售額接近 3 億美元。也許您可以告訴我們，這些數字大致正確嗎？你們看到了怎樣的復甦？也許您今天的出貨量不足多少，當您在下半年恢復出貨量與銷售量持平時，這是否仍能幫助您提高業績？

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

我想我確實有一個後續行動，但也許我會先做這個。

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.

就中國銷售量而言，我認為如果你查看任何評估市場規模的分析師資源，你會看到幾乎相同的數字。所以如果你——這就是你引用的內容，我面前沒有確切的數字，但這就是你引用的內容，它是一致的。

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，我們認為庫存減少是一種短期現象。我們會克服它的。我們的設計獲勝管道實力非常強大，所以如果你 - 如果我們在考慮我們的銷售份額時可以在腦海中衡量它。我們看到這一份額從 22 年到 23 年有所增長，因此這應該可以讓您了解我們明年的狀況。

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

只是——馬特，這是克里斯蒂亞諾。我只想補充一點。

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.

這是常識，我認為整體預期是，隨著重新開放，中國市場將會反彈。我認為，在封鎖期間和疫情期間，這種現象受到了極大的抑制。我認為我們基本上是說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將這種假設納入我們的規劃中，但你會對情況進行監測。但我們現在看到的動態正是 Akash 所概述的。這是庫存減少，這就是我認為 QCT 和 QTL 業務之間的差異的原因。

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.

隨著我的後續關注，我認為，在您提到的物聯網指導中，有 3 個不同的業務部分。如果可以的話——整個物聯網業務的庫存都在調整，我認為我們許多人對該業務的詳細了解程度不如手機業務。因此，如果您能談談六月該業務復甦的動態，那將會很有幫助。

Sure. So it's Akash.

當然。原來是 Akash。

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.

我們最初發現物聯網的弱點是在消費者領域，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扮演著重要角色。所以它是所有三個領域的組合。現在，當我們展望未來時，我們預計本季度的大部分成長實際上將涵蓋所有三個領域的復甦，因此，我並沒有指出哪一個領域是特別突出的。

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.

關於物聯網的最後一點可能是，當你退一步思考更廣泛的數位轉型過程以及我們所處的位置時，我們的技術就會變得越來越重要。克里斯蒂亞諾談到了邊緣人工智慧，這將是另一項在工業、PC、XR 和其他領域極其重要的技術。因此，我們對長期前景仍然非常樂觀，我們將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 Canaccord Genuity 的 Mike Walkley。

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，我只想問您一個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表現如何發表了一些評論。您能否談談您所看到的在高端市場下游的設計取勝牽引力和份額收益？一旦庫存清空，您是否認為股價會開始大幅上漲，或許是在農曆新年或第四季？現在就庫存方面做出判斷是否為時過早？

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.

我會說我們已經不再在一起了，這可能是一種輕描淡寫的說法，對吧？我們不再處於供應受限的環境。因此，隨著供應受限環境得到解決，我們就有能力獲得市場佔有率。我認為，正如 Akash 所概述的那樣，如果您將我們的激活量和銷售量份額與 22 年進行比較，您就會看到我們在中國市場前景非常樂觀。我們在所謂的高端市場的份額一直在不斷增長。 7—新的 7 系列，我們進行了大量投資，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+ 表現優於競爭對手的高端產品，我們喜歡它，因為它設定了底線。然後你會發現 Snapdragon 在 8 系列中佔據著非常獨特的地位。我認為從份額角度來看，我們的份額正在增加。整個市場都進入了我們剛才概述的庫存動態，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。也許對 Akash 來說這是一個快速的跟進。

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，當您進行庫存清理並減少調製解調器出貨量時，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 - 上次收益電話會議上也說過這一點。一旦我們擺脫了供應限制，我們預計毛利率會面臨一些壓力，所以你會看到這種情況的發生。但如果你退一步考慮這個問題，只看設備組合以及它如何以某種方式推動利潤，就沒有什麼重要的事情值得討論。這確實是當前環境正在發生的變化。展望未來，隨著我們在成熟市場中不斷成長，我們將始終嚴格遵守定價規定。

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

我們的下一個問題來自伯恩斯坦研究公司的 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?

對於第一個問題，我想知道您是否可以定義一下「九月季度的季節性減弱」是什麼意思？我認為你通常都醒著。我的意思是，取得兩位數的領先並不罕見。你現在在想什麼？我想您能否談談第四季的不同驅動因素，手機、物聯網、汽車？

Sure, Stacy. It's Akash.

當然，史黛西。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.

如果你看我們從第三季到第四季的典型季節性，你會發現它主要受到新旗艦設備的發布以及該設備的構造所驅動。除此之外，還有一些其他的利弊，但這是成長的主要動力。

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，正如我在準備好的發言中概述的那樣，我們預計這種趨勢會減弱，因為僅使用調變解調器的手機客戶的需求較低，這種趨勢從 6 月延續到了 9 月。原因是我們看到他們在今年早些時候購買了更多的東西，所以這只是平衡了我們購買的晶片。需要明確的是，這不是一個評論——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晶片的時機。

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?

對於我的後續問題，我知道您說過，您預計庫存將推動接下來幾季的成長。但我想，您認為 6 月的下降幅度是比 3 月更好還是更糟，還是差不多？我只是試圖從方向上判斷，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。所以說實話，史黛西，每個 OEM 都有不同的故事。某些 OEM 在降低庫存方面走在了前面，而其他 OEM，包括我們剛才討論過的 OEM，也將在接下來的幾個季度內採取同樣的措施。因此，我沒有具體地從規模上對其進行衡量，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羅斯·西摩。

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，我只是想專注於事物的多樣化方面。我自然而然地知道您在物聯網和汽車領域所做的事情。是否存在無機機會來加速這一進程？或者多元化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，特別是考慮到它們的規模相對於你們的手機業務來說相對較小？

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.

你看，市場上存在著無機機會，我們將繼續關注。我們已經說清楚了。我們一直專注於尋找併購機會，以幫助我們加速多元化。我們一直非常謹慎，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來加速多樣化。我們也對我在準備好的發言中提到的現在擁有的這個難得的機會感到非常興奮。我們在高效能、低功耗和所有邊緣設備上實現人工智慧方面具有非常獨特的優勢，我認為這將加速我們在所有新領域的多元化策略。儘管它可能會創造手機的新升級週期，但它也將與所有其他多樣化領域相關。

I guess one for Akash as my follow-up.

我想為 Akash 提供一個後續行動。

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?

在手機領域，看起來您正在將其控制在較低的水平。我知道您說過 Android 的平淡和僅使用調變解調器的客戶將成為阻力。如果您仍然說宏觀經濟是一個問題、庫存消耗是一個問題等等，那麼 Android 怎麼會表現平平呢？這僅僅是股票上漲的證據嗎？或是那裡發生了什麼事？

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

是的。羅斯，我猜你的問題與 QCT 有關？

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

只是 QCT，這就是你們的稱呼。這不是總體答案。

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，如果您回顧 Android 業務這兩個季度之間的歷史趨勢，您會發現本季我們的表現與此趨勢非常一致。我的意思是，如果你看看去年第二季到第三季度，我們的 Android 業務基本上持平，我們今年的預期也是同樣的。因此，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的情況。

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喬·摩爾。

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，當您看到手機銷量同比下降時，您會將其中的多大一部分歸因於一年前的庫存增加、現在的庫存消耗或同類定價的任何變化？您能將這 3 個因素區分開來嗎？

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，我們還沒有談論它或給出具體的數字。但觀察這個問題的框架之一是將兩年結合起來觀察。第一年有帳單，第二年有出血。如果你綜合考慮這些因素，它就會提供你業務運作率強度的架構。

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.

我想說的另一件事是，在這個框架中需要校準的一件事就是查看市場規模，因為整體市場一直持續下滑。但我認為這至少是開始了解業務運作率的好方法。

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。然後您提到，您總是感覺，當您退出分配模式時，會遇到一點毛利率逆風。是什麼原因造成的？是不是只是──他們的專業知識，你以前就掌握了嗎？現在促銷力道更大嗎？當您擺脫緊張的供應環境時，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，我們能夠運用一些定價槓桿，而這些槓桿在當前庫存過剩的環境下會被抵消，所以這只是透過數位體現出來的。

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.

另外兩個需要牢記的因素是，從 1 月初開始，我們的代工價格有所上漲，而且我們的射頻前端晶圓廠利用率較低，但隨著時間的推移，隨著需求的回升，這些產能將得到補充，因此，這對我們未來的發展來說應該是一個順風。

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布萊恩‧柯蒂斯。

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，如果我看一下這些數字，似乎你的 ASP 仍在上漲。那麼這真的只是成本更高嗎？

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.

我想第二部分是，我認為人們對更激烈的競爭環境以及聯發科向高端邁進感到非常擔憂。那你能回去談談那個環境嗎？我想您說過不再有同類產品，但我的意思是，我認為很多人擔心可能會購買舊產品而不採用第二代和聯發科的升級產品，我只是稍微談一下這些觀點。

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

是的，布萊恩，我先講第一部分，然後克里斯蒂亞諾再講第二部分。

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...

關於毛利率百分比，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成長，這是我們的優勢，它在某種程度上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。但對我來說，這些都是生意的來龍去脈。我們最好退一步，看看更廣泛的長期機會，繼續為我們的晶片添加內容，過去 3 年我們在這方面做得非常成功。我們有機會做到這一點，特別是當我們的新客製化 CPU 課程應用於我們所有的產品線（包括手機）時。然後，克里斯蒂亞諾剛剛概述的人工智慧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，我只是想針對您的特定問題補充幾點評論。

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.

從我們的角度來看，我認為我們做了正確的投資選擇。我們對路線圖感到非常滿意，並且採取了非常有針對性的策略，確保我們的 7 層級優於競爭對手的高階層級。這改變了格局，這意味著正如我所概述的，我們在 8 強中處於非常有利的位置。我們的設計牽引力非常好，尤其是在所有 OEM 中，沒有例外。

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，我們與三星在全球都有合作。我們與他們達成協議，我們將推出剛發布的 G S23，然後我們也將推出 Fold 和 Flip。然後我們有 G S24。三星與 Snapdragon 品牌在全球的合作將會持續數年。雖然市場規模不算大，但我們的地位卻非常穩固。正如我之前所概述的，我們的份額正在增加。

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?

那麼我是否可以只跟進調製解調器？就時間而言，我想你們一直在等待該客戶是否做出離開的決定。我只是好奇，此時您是否會收到通知？或者您認為出貨時間與他們的轉變有關嗎？

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。進一步的轉變，我想我們在幾次財報電話會議之前就說過，我們預計將參與他們在 23 年推出的產品。在24年，我們的規劃假設並沒有改變。

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?

克里斯蒂亞諾，我想問一下 Android 市場的現況。這裡似乎存在某種持續的結構性份額損失。我想，即使回到新冠疫情之前，蘋果的業務自新冠疫情以來一直在增長，而 Android 的份額似乎一直在下降。那麼您認為發生了什麼事？您認為 Android 的結構性下滑有多少是二手 iPhone 市場造成的？然後我不知道您是否可以對此進行評估，您認為二手市場有多大以及它對 Android 有何影響？您認為 Android 價值鏈將採取什麼措施來重啟其業務？

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，並且有很多事情需要解答。

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.

首先，我想稍微回顧一下近代歷史。我認為高端設備有一個可尋址的市場，而且在某種程度上，隨著華為市場份額的下降，高端和高端設備開始上市。事實上，蘋果佔據了其市場份額的很大一部分。我想我們也這麼做了。因此，我認為我們的競爭已經加劇，而市場卻不斷萎縮。我認為這會導致更大的損失——你可以把華為安卓系統看作是安卓系統的淨損失，而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.

市場規模較小，甚至包括二手手機的零件，也已計入我們較小市場的規劃中。我認為這就是我們所處的階段，直到我們進入下一個升級週期、週期性業務。但我們在 Android 領域的地位已經提高，而且我認為，如果你看一下我們在較小的 Android 市場上的發展軌跡，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成長嗎？我的意思是，只是為了了解動態，因為我們已經看到的一些數據表明，這開始對 Android 銷售產生影響。

Yes, Brett, it's Akash.

是的，布雷特，我是阿卡西。

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.

所以我把它分成兩個部分。我認為，在新興市場中，存在著第二個終端市場，它作為一種二手設備已經存在了很長一段時間，所以它顯然仍然存在。翻新手機市場的頂級品牌發生了一些變化，因此，我們目前正密切關注這項變化，並在數據中充分考慮這項變化。

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塔爾·利阿尼 (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，有時您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評論？

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 而言，通常情況下，6 月至 9 月季度之間的市場規模相對穩定。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商。我認為今年發生的事情與去年沒有什麼不同，這取決於市場復甦。

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，我們通常具有季節性成長。我在準備好的發言中說過，我們預計今年的季節性將較為溫和，因為我們在這次電話會議上討論過的所有因素，以及在準備好的發言中也概述過的所有因素。所以這將會是一個計算九月數字的框架。然後顯然，當我們從那裡開始，進入假期季節，這通常對我們來說是一個強勁的季度，我們會在那裡實現收益。

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

知道了。那麼 QCT 第四季的正常季節性是什麼？當您說靜音時，您的基準是什麼？

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，你可能會得出一個正常的數字，我們預計不會接近這個數字。我們會看到很多不同的因素。說實話，我們目前對各季度的情況還沒有那麼清晰的了解，因此無法做出預測。因此，如果您可以等到下一次通話，我們一定會向您通報最新情況。

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?

阿蒙先生，在休會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。非常感謝您收聽我們的電話。以下是摘要。

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，儘管市場條件仍然充滿挑戰，但我們非常有信心達到目前第三季的預期。我們正在採取力所能及的行動來應對短期阻力，但最重要的是，我們將繼續執行我們的策略。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成長和多樣化，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，因此當市場恢復成長時，我們處於有利地位並從中受益。

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人工智慧領域變得非常重要。當你看到新模型出現的速度、新公司投資的速度、新用例的速度以及在本地運行這些事物的能力。我談到了在不影響電池壽命的情況下在手機上運行 100 億個參數模型的能力，並且能夠在今年很快證明這一點，您可以看到這為我們在汽車領域以及進入下一代個人計算領域創造了更大的機會。我們對此感到非常興奮，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.

總而言之，我們非常注重我們的長期成功，並堅定不移地致力於為我們的利害關係人創造最大價值。我要感謝所有員工對高通以及我們的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。您現在可以斷開連線。