高通 (QCOM) 2023 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Qualcomm's Fourth Quarter and Fiscal Year 2023 Earnings Conference Call. (Operator Instructions). As a reminder, this conference is being recorded November 1, 2023. Playback number for today's call is (877) 660-6853. International callers, please dial (201) 612-7415. The playback reservation number is 13741657.

女士們先生們，謝謝你們的支持。歡迎參加高通第四季和 2023 財政年度收益電話會議。 （操作員說明）。謹此提醒，本次會議錄製時間為 2023 年 11 月 1 日。今天通話的回放號碼為 (877) 660-6853。國際電話請撥 (201) 612-7415。播放預約號碼為13741657。

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

我現在想將電話轉給投資人關係副總裁 Mauricio Lopez-Hodoyan。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.

謝謝大家，大家下午好。今天的電話會議將包括克里斯蒂亞諾·阿蒙 (Cristiano Amon) 和阿卡什·帕爾希瓦拉 (Akash Palkhiwala) 準備好的演講。此外，亞歷克斯·羅傑斯（Alex Rogers）也將參加問答環節。

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. 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.

您可以在我們的投資者關係網站上造訪我們的收益發布和本次電話會議附帶的幻燈片簡報。此外，本次電話會議正在 qualcomm.com 上進行網路直播，今天稍後將在我們的網站上提供重播。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 相關的調整表。

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.

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表現的預測和估計。實際事件或結果可能與我們前瞻性陳述中的預測有重大差異。請參閱我們向 SEC 提交的文件，包括我們最近的 10-K 文件，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.

現在請聽聽高通總裁兼執行長克里斯蒂亞諾·阿蒙 (Cristiano Amon) 的評論。

Thank you, Mauricio, and good afternoon, everyone. Thanks for joining us today. In fiscal Q4, we delivered non-GAAP revenues of $8.7 billion and non-GAAP earnings per share of $2.02, above the high end of our guidance. Revenues from our chipset business of $7.4 billion reflect a more stable Android handset environment. Licensing business revenues were $1.3 billion.

謝謝毛里西奧，大家午安。感謝您今天加入我們。在第四財季，我們實現了 87 億美元的非 GAAP 收入和 2.02 美元的非 GAAP 每股收益，高於我們指導的上限。我們晶片組業務的營收為 74 億美元，反映出更穩定的 Android 手機環境。授權業務收入為 13 億美元。

During the quarter, we also made significant progress on our leading technology and product road maps while improving operational efficiency. We remain fully focused on our future growth and diversification opportunities. Let me now discuss key highlights from the business.

本季度，我們在領先的技術和產品路線圖上也取得了重大進展，同時提高了營運效率。我們仍然完全專注於未來的成長和多元化機會。現在讓我討論一下該業務的主要亮點。

As we enter the age of generative AI, we're seeing an unprecedented pace of innovation. On-device Gen AI is evolving in parallel with Gen AI in the cloud, enabling entirely new use cases. It has the potential to change how we interact with our devices, making the user experience more natural, intuitive, relevant and personal with increased immediacy, privacy and security.

隨著我們進入生成式人工智慧時代，我們看到了前所未有的創新步伐。裝置上的 Gen AI 與雲端中的 Gen AI 並行發展，實現全新的用例。它有可能改變我們與裝置互動的方式，使用戶體驗更加自然、直覺、相關和個人化，並提高即時性、隱私性和安全性。

We have quickly established Qualcomm as a leader in on-device Gen AI for smartphones, next-generation laptops, XR and automotive, and we are well positioned to benefit from this opportunity. We expect high-performance on-device AI to become a requirement over the next few years, driving content, units or both. Our Snapdragon platform is highly differentiated from its competitors. First, we significantly increased the AI processing performance and power efficiency of our best-in-class NPU, CPU and GPU. Second, we are collaborating with multiple partners and ecosystems to enable a host of consumer and productivity-based AI models running natively on our platform. Third, we're enabling multibillion parameter Gen AI models to run continuously and concurrently for multiple use cases, including multimodal.

我們已迅速將高通打造成智慧型手機、下一代筆記型電腦、XR 和汽車設備上的新一代人工智慧領域的領導者，並且我們已做好充分準備從這一機遇中受益。我們預期高效能設備端人工智慧將成為未來幾年的需求，推動內容、單元或兩者兼具。我們的 Snapdragon 平台與其競爭對手具有高度差異化。首先，我們大幅提升了一流的 NPU、CPU 和 GPU 的 AI 處理效能和能源效率。其次，我們正在與多個合作夥伴和生態系統合作，使大量基於消費者和生產力的人工智慧模型能夠在我們的平台上本地運作。第三，我們讓數十億參數的 Gen AI 模型能夠針對多個用例（包括多模式）連續並發運作。

For example, in the latest Snapdragon 8 Gen 3 smartphone platform, state-of-the-art large language models such as Llama and Baichuan. Up to 10 billion parameters are running at up to 20 tokens per second. In large vision models such as stable diffusion can generate images from text in less than 1 second with ultra-low power consumption.

例如，在最新的 Snapdragon 8 Gen 3 智慧型手機平台中，最先進的大語言模型如 Llama 和 Baichuan。多達 100 億個參數以每秒 20 個代幣的速度運行。在大視覺模型中，例如穩定擴散，可以在不到 1 秒的時間內以超低功耗從文字生成圖像。

As always running on-device Gen AI becomes pervasive, we believe it will create one of the most significant changes in user experience similar to the transition from the feature phone to the smartphone and the introduction of the graphical user interface for PCs. Snapdragon will play a significant role in this transformation.

隨著始終在設備上運行的 Gen AI 變得普遍，我們相信它將帶來用戶體驗中最重大的變化之一，類似於從功能手機到智慧型手機的過渡以及 PC 圖形用戶介面的引入。 Snapdragon將在這一轉變中發揮重要作用。

We also reached an important milestone in our expansion into PCs with the announcement of our Snapdragon X Elite platform. It is the result of a relentless pursuit to create the ultimate intelligent computing experience and established Snapdragon as the industry leader in performance and power efficiency. The Snapdragon X Elite includes our first implementation of the custom Oryon CPU, which exceeds the multi-threaded CPU performance of any x86 or ARM competitor in its class. It also matches the single-threaded CPU peak performance of the leading x86 CPU competitors at 70% less power.

隨著 Snapdragon X Elite 平台的發布，我們在 PC 領域的擴張也達到了一個重要的里程碑。它是對創造極致智慧運算體驗不懈追求的結果，並奠定了Snapdragon在效能和功效方面的產業領導者地位。 Snapdragon X Elite 包括我們首次實施的客製化 Oryon CPU，其多執行緒 CPU 效能超過了任何同類 x86 或 ARM 競爭對手。它也與領先的 x86 CPU 競爭對手的單執行緒 CPU 峰值效能相匹配，但功耗降低了 70%。

Additionally, our premium integrated Adreno GPU delivers up to 2x faster performance than the competition at ISO power or matches competitor peak PC performance at 74% less power. Snapdragon X Elite also features our newest Hexagon NPU. With 45 TOPS of performance, the Hexagon NPU is capable of running Gen AI models with over 13 billion parameters on device. In total, AI performance of the Snapdragon X Elite across CPU, GPU and NPU is 75 TOPS, the highest in the industry. Microsoft is redefining the entire Windows experience with the AI Copilot and the Snapdragon X Elite is built from the ground up for this opportunity. We look forward to PCs powered by Snapdragon X Elite from leading OEMs starting mid-2024.

此外，我們的優質整合 Adreno GPU 在 ISO 功率下的效能比競爭對手快 2 倍，或在功耗降低 74% 的情況下與競爭對手的峰值 PC 效能相當。 Snapdragon X Elite 也配備了我們最新的 Hexagon NPU。 Hexagon NPU 具有 45 TOPS 的效能，能夠在裝置上運行具有超過 130 億個參數的 Gen AI 模型。整體而言，Snapdragon X Elite在CPU、GPU和NPU的AI效能為75 TOPS，為業界最高。微軟正在透過 AI Copilot 重新定義整個 Windows 體驗，而 Snapdragon X Elite 就是為了這個機會而重新建構的。我們期待從 2024 年中期開始，領先的 OEM 廠商將推出搭載 Snapdragon X Elite 的 PC。

The emerging of physical and digital spaces remains a significant future opportunity for Qualcomm, and we recently launched the Snapdragon AR1 platform, our first dedicated platform for smart glasses. AR1 Gen 1 was developed in close collaboration with Meta, empowers the new Ray-Ban Meta smart glasses. It features a dual ISP camera system for premium photos and videos as well as powerful on-device AI for image enhancement, virtual assistance, real-time translation, visual search and more.

實體和數位空間的興起仍然是高通未來的重要機遇，我們最近推出了 Snapdragon AR1 平台，這是我們的第一個智慧眼鏡專用平台。 AR1 Gen 1 是與 Meta 密切合作開發的，為新款 Ray-Ban Meta 智慧眼鏡提供支援。它配備雙 ISP 相機系統，可拍攝優質照片和視頻，以及強大的設備端 AI，可實現影像增強、虛擬輔助、即時翻譯、視覺搜尋等。

Together with Meta, we're developing next-generation technologies to create the future of spatial computing. The AR1 Gen 1 along with the previously announced Snapdragon XR Gen 2 are a testament to the strength of this long-standing partnership. Across the industry, Snapdragon remains the platform of choice for all leading VR, MR and AR designs.

我們與 Meta 一起開發下一代技術，以創造空間運算的未來。 AR1 Gen 1 以及先前發布的 Snapdragon XR Gen 2 證明了這項長期合作夥伴關係的實力。在整個產業中，Snapdragon 仍然是所有領先 VR、MR 和 AR 設計的首選平台。

In networking, we continue to be a global WiFi leader across enterprise and home networks as well as broadband gateways. Our WiFi 7 solutions are seeing strong traction with more than 350 design wins across all categories to date. We recently announced several new collaborations including with Charter Communications in the U.S. and EE in the U.K., both of which are preparing to roll out enhanced next-generation WiFi 7 connectivity to the residential and small and medium-sized business customers.

在網路領域，我們繼續成為企業和家庭網路以及寬頻網關領域的全球 WiFi 領導者。迄今為止，我們的 WiFi 7 解決方案已在所有類別中贏得了 350 多場設計勝利，並受到了廣泛關注。我們最近宣布了幾項新的合作，包括與美國的 Charter Communications 和英國的 EE 合作，這兩家公司都準備向住宅和中小型企業客戶推出增強的下一代 WiFi 7 連接。

We're excited about the launch of our Fiber Gateway platform, which adds 10 gigabit Passive Optical Network capabilities to our portfolio. With fiber, in addition to 5G and WiFi 7, we're now positioned to lead in next-generation broadband solutions.

我們對光纖網關平台的推出感到非常興奮，該平台為我們的產品組合增添了 10 Gb 被動光網路功能。除了 5G 和 WiFi 7 之外，借助光纖，我們現在已成為下一代寬頻解決方案的領導者。

Additionally, our unique service-defined WiFi technology, a signature feature introduced with our WiFi platforms offers a unified data flow management architecture from cloud to device. It delivers orchestration, classification, scheduling and insights to enable the end-to-end management of home networks and real-time optimizations across devices.

此外，我們獨特的服務定義 WiFi 技術是我們 WiFi 平台引入的一項標誌性功能，可提供從雲端到裝置的統一資料流管理架構。它提供編排、分類、調度和見解，以實現家庭網路的端到端管理和跨裝置的即時最佳化。

In automotive, the digital transformation of the industry continues to bring new levels of computing, intelligence and cloud connectivity to the vehicle. These trends are driving new user experiences, advancements in driver assistance, autonomy and safety. They also offer the potential for new revenue opportunities as vehicles gain the ability to evolve with over-the-air updates and digital services.

在汽車領域，產業的數位轉型不斷為車輛帶來新的運算、智慧和雲端連接水平。這些趨勢正在推動新的使用者體驗、駕駛輔助、自主性和安全性的進步。隨著車輛獲得透過無線更新和數位服務不斷發展的能力，它們還提供了新的收入機會的潛力。

The vehicle is becoming software defined and the Snapdragon Digital Chassis remain at the center of this transformation. We are pleased that our Digital Chassis solutions will bring advanced capabilities to the upcoming Cadillac Escalade IQ, which is planned for commercial production in 2024. The Cadillac Escalade IQ will be equipped with the Snapdragon Cockpit, Snapdragon Auto Connectivity and Snapdragon Ride platforms. Additionally, we're proud of our partnership with BMW for all vehicles as well as the upcoming Neue Klasse. We're also excited that the Snapdragon digital cockpit and connectivity solutions now power the new Mercedes-Benz user experience starting with the 2024 E-Class sedan.

車輛正在變得軟體定義，而 Snapdragon 數位底盤仍然是這一轉變的中心。我們很高興我們的數位底盤解決方案將為即將推出的凱迪拉克 Escalade IQ 帶來先進功能，該車計劃於 2024 年投入商業生產。凱迪拉克 Escalade IQ 將配備 Snapdragon Cockpit、Snapdragon Auto Connectivity 和 Snapdragon Ride 平台。此外，我們對與 BMW 的所有車輛以及即將推出的 Neue Klasse 的合作夥伴關係感到自豪。我們也很高興看到，從 2024 年 E-Class 轎車開始，Snapdragon 數位駕駛艙和連接解決方案現在為全新梅賽德斯-奔馳用戶體驗提供動力。

We recently expanded our Digital Chassis offering with the launch of 2 new platforms for 2-wheelers and other vehicle classes, such as motorcycles, e-bikes, scooters and all-terrain vehicles. Our new platform design wins and launches with Gogoro, Harley-Davidson and others are receiving positive feedback from the ecosystem on their ability to advance technology development and bring new user experiences to these vehicles.

我們最近擴展了我們的數位底盤產品，推出了 2 個適用於兩輪車和其他車輛類別（例如摩托車、電動自行車、踏板車和全地形車）的新平台。我們的新平台設計贏得了 Gogoro、哈雷戴維森和其他公司的認可並推出，生態系統正在收到積極的反饋，證明他們有能力推進技術開發並為這些車輛帶來新的用戶體驗。

Finally, we announced a new long-term relationship with Amazon Web Services to enable automakers to integrate cloud technologies into their vehicle development life cycle. The offering combines the Qualcomm Cloud AI 100 solution, our Snapdragon Ride platforms as well as AWS breadth of services and capabilities. This will advance the future of software-defined mobility and change how vehicles are designed and developed.

最後，我們宣布與 Amazon Web Services 建立新的長期合作關係，使汽車製造商能夠將雲端技術整合到其車輛開發生命週期中。該產品結合了 Qualcomm Cloud AI 100 解決方案、我們的 Snapdragon Ride 平台以及 AWS 的廣泛服務和功能。這將推動軟體定義移動的未來，並改變車輛的設計和開發方式。

In handsets, we announced our latest premium mobile platform, the Snapdragon 8 Gen 3, which delivers industry-leading performance and extraordinary experiences to consumers for the upcoming Gen AI era. Some key features include intelligent capture with the world's smartest AI-powered camera, console level gaming with ray tracing with global illumination, studio quality audio, the world's first XPAN technology, best-in-class connectivity in the world's fastest on-device AI processing on a smartphone. We look forward to flagship device launches powered by the Snapdragon 8 Gen 3 by global OEMs and smartphone brands, including Xiaomi, Honor, OPPO, Vivo, OnePlus, Sony and more.

在手機領域，我們發布了最新的高階行動平台——Snapdragon 8 Gen 3，它為即將到來的第三代人工智慧時代的消費者提供業界領先的性能和非凡的體驗。一些關鍵功能包括使用世界上最聰明的人工智慧攝影機進行智慧捕捉、透過全域照明進行光線追蹤的控制台級遊戲、工作室品質的音訊、世界上第一個XPAN 技術、世界上最快的設備上人工智慧處理中的最佳連接性在智慧型手機上。我們期待全球 OEM 廠商和智慧型手機品牌（包括小米、榮耀、OPPO、Vivo、OnePlus、Sony等）推出搭載 Snapdragon 8 Gen 3 的旗艦設備。

In addition, we recently entered into an agreement with Apple to supply Snapdragon 5G Modem-RF systems for smartphone launches in 2024, 2025 and 2026. This agreement reinforces our track record of sustained leadership across 5G technologies and products. We are proud of our ongoing relationship with Apple.

此外，我們最近與蘋果簽訂了一項協議，為 2024 年、2025 年和 2026 年推出的智慧型手機提供 Snapdragon 5G 數據機-射頻系統。該協議鞏固了我們在 5G 技術和產品方面持續領先的記錄。我們為與 Apple 的持續合作關係感到自豪。

As we look forward, our technology road map has never been stronger, and the fundamentals of Qualcomm's growth drivers remain unchanged with significant opportunities in the coming years. We continue to focus on stockholder returns and executing on our ongoing diversification opportunities while maintaining operating discipline.

展望未來，我們的技術路線圖從未如此強大，高通成長動力的基本面保持不變，未來幾年將面臨重大機會。我們繼續專注於股東回報並執行我們持續的多元化機會，同時保持經營紀律。

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

我現在想將電話轉給阿卡什。

Thank you, Cristiano, and good afternoon, everyone. I'll start with our fourth fiscal quarter results. We delivered non-GAAP revenues of $8.7 billion and EPS of $2.02, which is above the high end of our guidance. QTL revenues of $1.3 billion and EBT margin of 66% were in line with our expectations. QCT delivered revenues of $7.4 billion, and EBT margin of 26%, which were near the high end of our guidance on strength in handset and automotive revenues.

謝謝你，克里斯蒂亞諾，大家下午好。我將從我們第四財季的業績開始。我們實現了非 GAAP 收入 87 億美元，每股收益 2.02 美元，高於我們指導的上限。 QTL 營收為 13 億美元，EBT 利潤率為 66%，符合我們的預期。 QCT 營收 74 億美元，EBT 利潤率為 26%，接近我們對手機和汽車收入實力指引的上限。

Handset revenues of $5.5 billion increased 4% sequentially and were higher than expectations due to the benefit from the early stages of recovery in Android demand. IoT revenues of $1.4 billion were down 7% quarter-over-quarter, including softness in industrial IoT demand. Automotive revenue grew 23% sequentially to $535 million, making this the 12th consecutive quarter of double-digit percentage growth on a year-over-year basis. Non-GAAP operating expenses decreased 1% sequentially to $2.2 billion.

手機營收為 55 億美元，季增 4%，高於預期，受益於 Android 需求的早期復甦。物聯網營收為 14 億美元，季減 7%，其中工業物聯網需求疲軟。汽車營收季增 23%，達到 5.35 億美元，連續第 12 季實現兩位數年增。非 GAAP 營運費用較上季下降 1%，至 22 億美元。

Before turning to guidance, I'll summarize our fiscal '23 results. We delivered non-GAAP revenues of $36 billion and EPS of $8.43 despite the challenging macro environment. We remain focused on our strategic priorities of extending technology leadership and driving revenue diversification while taking significant steps to improve our operating efficiency.

在轉向指導之前，我將總結我們 23 財年的表現。儘管宏觀環境充滿挑戰，我們仍實現了 360 億美元的非 GAAP 收入和 8.43 美元的每股盈餘。我們仍專注於擴大技術領先地位和推動收入多元化的策略重點，同時採取重大措施提高營運效率。

We continued our strong momentum in automotive and delivered record revenues of $1.9 billion with year-over-year growth of 24%, progressing towards our target of greater than $4 billion in revenue by 2026. We exceeded our fiscal '23 cost action target, reducing non-GAAP operating expenses by 7% relative to the fiscal '22 exit rate, executing on our commitment to manage the cost structure given the current operating environment. Our business continues to generate strong free cash flow with a record of $9.8 billion. Lastly, our balance sheet remains strong with $11.3 billion in cash and marketable securities.

我們繼續在汽車領域保持強勁勢頭，實現創紀錄的 19 億美元收入，同比增長 24%，朝著 2026 年收入超過 40 億美元的目標邁進。我們超出了 23 財年的成本行動目標，減少了相對於22 財年的退出率，非GAAP 營運費用減少了7%，履行了我們在目前營運環境下管理成本結構的承諾。我們的業務持續產生強勁的自由現金流，達到創紀錄的 98 億美元。最後，我們的資產負債表依然強勁，擁有 113 億美元的現金和有價證券。

Now turning to guidance. We are seeing early signs of stabilization in demand for global 3G, 4G, 5G handsets. We now estimate that calendar '23 handsets will be down mid- to high single-digit percentage relative to calendar '22 and improvement from our prior expectations. In the first fiscal quarter of '24, we are forecasting revenues of $9.1 billion to $9.9 billion and non-GAAP EPS of $2.25 to $2.45.

現在轉向指導。我們看到全球 3G、4G、5G 手機需求穩定的早期跡象。我們現在估計，與 22 日曆年相比，23 日曆年手機的銷量將下降中高個位數百分比，並且比我們之前的預期有所改善。在 2024 年第一財季，我們預計營收為 91 億美元至 99 億美元，非 GAAP 每股收益為 2.25 美元至 2.45 美元。

In QTL, we estimate revenues of $1.3 billion to $1.5 billion and EBT margins of 70% to 74% with sequential growth driven by an increase in global handset units for the holiday season. In QCT, we expect revenues of $7.7 billion to $8.3 billion and EBT margins of 26% to 28%.

我們預計 QTL 的營收為 13 億至 15 億美元，息稅前利潤率為 70% 至 74%，環比成長是由假期季節全球手機銷量的成長所推動的。在 QCT 中，我們預計營收為 77 億美元至 83 億美元，EBT 利潤率為 26% 至 28%。

On a sequential basis, we estimate double-digit percentage growth for QCT handset revenues and anticipate both IoT and automotive revenues to decline consistent with last year. QCT handset revenue forecast includes the benefit of normalization of Android channel inventory and higher demand due to the acceleration of flagship launches with our newly announced Snapdragon 8 Gen 3 mobile platform.

以環比計算，我們預計 QCT 手機收入將出現兩位數百分比成長，並預計物聯網和汽車收入將與去年一致下降。 QCT 手機收入預測包括 Android 通路庫存正常化的好處以及由於我們新發布的 Snapdragon 8 Gen 3 行動平台加速推出旗艦產品而帶來的更高需求。

Notably, QCT handset forecast includes sequential revenue growth of greater than 35% from Chinese OEMs. QCT IoT revenue forecast reflects the industry-wide cyclical factors we have previously discussed, including lower demand and elevated channel inventory.

值得注意的是，QCT 手機預測包括中國 OEM 廠商的環比營收成長超過 35%。 QCT物聯網收入預測反映了我們先前討論過的全行業週期性因素，包括需求下降和通路庫存增加。

Lastly, we expect non-GAAP operating expenses to be flat relative to the fourth fiscal quarter. As we enter fiscal '24, we are encouraged by the early signs of demand stabilization in handsets and our strong competitive positioning across revenue streams. Key industry trends such as heterogeneous mobile computing and on-device generative provide a strong foundation for content growth and expansion to new device categories, driving growth opportunities for Qualcomm.

最後，我們預期非公認會計原則營運支出將與第四財季持平。當我們進入 24 財年時，手機需求穩定的早期跡像以及我們在收入流中的強大競爭地位令我們感到鼓舞。異質行動運算和裝置端生成等關鍵產業趨勢為內容成長和擴展到新設備類別奠定了堅實的基礎，為高通帶來了成長機會。

In closing, I want to thank our employees for their hard work and dedication and for remaining focused on execution and continuing to deliver industry-leading products. This concludes our prepared remarks. Back to you, Mauricio.

最後，我要感謝我們的員工的辛勤工作和奉獻精神，感謝他們繼續專注於執行並繼續提供業界領先的產品。我們準備好的演講到此結束。回到你身邊，毛里西奧。

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

謝謝你，阿卡什。接線員，我們現在準備好提問了。

(Operator Instructions) And the first question comes from Samik Chatterjee with JPMorgan.

（操作員說明）第一個問題來自摩根大通的 Samik Chatterjee。

Congrats on the results here. I guess if I can start with, Cristiano, your comments about on-device AI becoming pervasive in a few years. I think investors are largely looking for more sort of evidence and validation that this is going to be a key focus area for a lot of OEMs -- smartphones and other device OEMs.

恭喜這裡的結果。我想我可以從 Cristiano 開始，您對設備上人工智慧的評論將在幾年內變得普遍。我認為投資者主要是在尋找更多類型的證據和驗證，以證明這將成為許多 OEM（智慧型手機和其他設備 OEM）的重點領域。

So as you look over the next sort of 12 to 18 months, what should investors look at in terms of more validation of either wins or revenues that you expect from the monetization of the trend in relation to what investors can really look to as milestones to validate that this is actually going to be sort of playing out over the next 3 to 4 years. And I have a follow-up.

因此，當你展望未來 12 到 18 個月時，投資者應該關注什麼，以更多地驗證你期望從趨勢貨幣化中獲得的勝利或收入，以及投資者真正可以將其視為里程碑的東西。驗證這實際上將在未來3 到4 年內發揮作用。我有一個後續行動。

Thank you so much, Samik, for your question. For those that have not seen, I think I would recommend to see the highlights of our Snapdragon Tech Summit that just happened a couple of weeks ago when we announced the results of our investments in Gen AI.

非常感謝你，薩米克，你的問題。對於那些還沒有看過的人，我想我建議您觀看幾週前剛舉行的 Snapdragon 技術高峰會的亮點，當時我們宣布了對 Gen AI 的投資結果。

I'll tell you, Samik, that on-device Gen AI, as I mentioned in my prepared remarks, are evolving in parallel to the cloud. And it's going to have a significant impact in how you change the user experience. Just think about a simple use case as you're texting, every single text that you write could be an input to a model, and that could bring a prediction of your behavior and bring other applications.

Samik，我會告訴你，正如我在準備好的發言中提到的，設備上的 Gen AI 正在與雲端並行發展。它將對您如何改變用戶體驗產生重大影響。只要考慮一個簡單的用例，當您發送簡訊時，您編寫的每個文字都可以是模型的輸入，這可以帶來對您的行為的預測並帶來其他應用程式。

We demonstrated a number of use cases. They are under development by many other OEMs. There are a number of different models from large language models to large visual models. One, unique position of Qualcomm, we have many of those models running natively on a platform. We're creating a model zoo for Snapdragon.

我們演示了許多用例。許多其他原始設備製造商正在開發它們。從大型語言模型到大型視覺模型，有許多不同的模型。第一，高通的獨特地位，我們有許多這樣的模型在一個平台上本地運行。我們正在為 Snapdragon 創建一個模型動物園。

And you saw announcements from Microsoft, from Meta, from what we're doing on Android, what we're doing with our Chinese partners. And you're going to start to see those signed, especially with flagship devices launching in '24 as you started to see those use cases changing photography, changing messaging, changing scheduling, changing assistance. How you should think about this financially for us? You have the potential to create a new cycle for phones and will have an impact on increased silicon content.

你看到了微軟、Meta、我們在 Android 上所做的事情以及我們與中國合作夥伴所做的事情。您將開始看到這些簽名，特別是在 24 年推出的旗艦設備上，因為您開始看到這些用例改變了攝影、改變了訊息、改變了日程安排、改變了幫助。您應該如何為我們考慮這個財務問題？您有潛力為手機創造一個新的週期，並對矽含量的增加產生影響。

Just to put in perspective, we have significant increase the processing performance of our AI processing in the device or NPU, it's going to have silicon content is going to have an impact on mix and it's going to have an impact on unit of all of it. And it's likely going to start as use cases get developed with flagships launch in '24, but it could be very significant as you look at the next 2 to 3 years.

從長遠來看，我們顯著提高了設備或 NPU 中 AI 處理的處理性能，矽含量將對混合產生影響，並將對所有單元產生影響。隨著用例的開發和 24 年旗艦產品的推出，它可能會開始，但當你展望未來 2 到 3 年時，它可能會非常重要。

Okay. Okay. Got it. And for my follow-up, I guess, you're sounding a lot more positive around the recovery in the Android OEMs [related] to the smartphone market. I think investors at the same time are grappling with the potential sort of puts and takes, particularly when it comes to your primary or large Android customer, Samsung, is using more in-house solutions going forward.

好的。好的。知道了。對於我的後續行動，我想，您對與智慧型手機市場相關的 Android OEM 的復甦聽起來更加積極。我認為投資者同時也在努力應對潛在的投資和選擇，特別是當涉及到您的主要或大型 Android 客戶三星正在使用更多的內部解決方案時。

So when we think about sort of seasonality beyond the December quarter, particularly around the launch periods, how should we think about your market share with Samsung progressing? And what impact does that have on -- relative to your typical seasonality from December to March?

因此，當我們考慮 12 月季度之後的季節性時，特別是在發布期間，我們應該如何考慮您與三星的市場份額的進展？相對於 12 月至 3 月的典型季節性，這有何影響？

Very good question. Let me unpack that question. Let's divide the conversation in 2. I think the first part of the conversation, as we said in the prepared remarks, we're happy that the inventory dynamics that we have seen within the Android business are largely behind us right now. And one data point that we provided in a cautious, I think, remarks is sequentially from Q4 fiscal to our guide, we're seeing a total growth of revenue from Chinese OEMs, both in China and outside China of 35%. And I think that shows that our customers are in a great position, I think, even facing new entrants in the market. And it's also a strength of our road map and the stabilization of the market.

非常好的問題。讓我來解開這個問題。讓我們把談話分成兩部分。我認為談話的第一部分，正如我們在準備好的評論中所說的那樣，我們很高興我們在 Android 業務中看到的庫存動態現在基本上已經過去了。我認為，我們在謹慎的評論中提供的一個數據點是從第四季度財年到我們的指南，我們看到中國 OEM 廠商的總收入增長了 35%，無論是在中國還是在中國以外。我認為這表明我們的客戶處於有利地位，即使面對市場新進者也是如此。這也是我們路線圖和穩定市場的優勢。

The second question is about Samsung. Look, we -- we're happy with our partnership with Samsung. There's the upcoming launch of the G S24. We expect to have the majority share. Our product is really great. I think as -- as I said, we probably have one of the best product road maps in the history of the company, especially in the Gen AI processing capabilities. And the product is getting better.

第二個問題是關於三星的。看，我們對與三星的合作夥伴關係感到滿意。 G S24 即將推出。我們預計將佔多數份額。我們的產品真的很棒。我認為，正如我所說，我們可能擁有公司歷史上最好的產品路線圖之一，特別是在 Gen AI 處理能力方面。而且產品越來越好。

We were happy to talk about what we have done in PC with our new Oryon CPU. That CPU is coming to mobile. especially in '25, and we expect even more, I think, evolution of Gen AI. So the road map gets better over time. Overall, we're positive about our relationship with Samsung.

我們很高興談論我們使用新的 Oryon CPU 在 PC 上所做的事情。該CPU即將進入行動領域。特別是在 25 年，我認為我們對 Gen AI 的發展抱持更大的期望。因此，隨著時間的推移，路線圖會變得更好。總體而言，我們對與三星的關係持正面態度。

Our next question is from Matt Ramsay with Cowen.

我們的下一個問題來自馬特·拉姆齊和考恩。

I guess for my first question, Cristiano, I did pick up on the 35% growth sequentially with China OEMs. But you guys -- the question I've been getting a ton is around Huawei and what they're doing. So you guys called out, I think, last quarter that they were going to be getting some supply on 7-nanometer from SMIC and being able to do some devices themselves, and you called out an impact to your revenue.

Cristiano，我想對於我的第一個問題，我確實注意到中國 OEM 廠商的成長率為 35%。但是你們——我收到的很多問題都是圍繞著華為及其正在做什麼的。因此，我認為，你們在上個季度表示，他們將從中芯國際獲得一些 7 奈米供應，並能夠自己生產一些設備，你們也指出這對你們的收入產生了影響。

But I think longer term into all of next calendar year, there's some expectation that they might get some more supply. Some of it from SMIC on 7, some of it from SMIC on 16, and that might be a unit headwind to some of your other OEM customers. Maybe you can sell into them as well on 4G. So if you could unpack a little bit of what's going on with Huawei and how you see it impacting the market in China, that would be helpful. And I have a follow-up.

但我認為從長遠來看，整個明年，人們預計他們可能會獲得更多供應。其中一些來自中芯國際 7 號，一些來自中芯國際 16 號，這可能對您的其他一些 OEM 客戶來說是一個單位逆風。也許你也可以向他們推銷 4G 業務。因此，如果您能了解華為的一些情況以及您如何看待它對中國市場的影響，那將會有所幫助。我有一個後續行動。

Thank you for the question, Matt. I think maybe separate, and first, as we indicated in the last earnings call, I think we indicated that we don't have any more projection of selling our 4G, I think, SoCs to Huawei. And going forward, we do not expect to have any significance -- it's going to be a very small, I think, contribution from Huawei.

謝謝你的提問，馬特。我認為也許是分開的，首先，正如我們在上次財報電話會議中所指出的那樣，我認為我們表明我們沒有更多的計劃向華為出售我們的 4G SoC。展望未來，我們預計不會有任何意義——我認為華為的貢獻將非常小。

I think the more interesting answer to your question, and that's the reason I provide the 35% data point, is as Huawei launched the device, we -- what we are seeing from our customers is continue, I think, growth from our customers on the Android side. We see a mix improvement of our customers, moving towards flagship and it's kind of reflected in our numbers.

我認為對你的問題更有趣的答案，這就是我提供 35% 數據點的原因，是當華為推出該設備時，我們從客戶那裡看到的是，我認為我們的客戶繼續增長安卓端。我們看到我們的客戶組合有所改善，正在朝著旗艦方向發展，這在我們的數字中得到了體現。

So it does not change, I think, the trajectory that we have with our Android customers in China. And there is a possibility that I think that Huawei is upgrading their existing customer base. There was a data point, there's about 100 million Huawei former customers with a 4- to 5-year-old Huawei phone, and that could have an impact on increasing the TAM.

因此，我認為這不會改變我們與中國 Android 客戶的發展軌跡。我認為華為有可能正在升級他們現有的客戶群。有一個數據表明，大約有1億華為前客戶擁有4到5年的華為手機，這可能會對增加TAM產生影響。

Cristiano. I guess my follow-up, it was very impressive some of the products that you put forward for the PC market at the latest Snapdragon Summit. I think you were right to call out the performance levels, the power levels and the much, much different support from Microsoft.

克里斯蒂亞諾。我想我的後續行動是，您在最新的 Snapdragon 高峰會上為 PC 市場推出的一些產品令人印象深刻。我認為您指出 Microsoft 的效能等級、功率等級以及非常非常不同的支援是正確的。

I guess what I'm trying to understand a little bit more is support for ARM PCs, whether in gaming or in enterprise use cases by other ISVs. So folks that might need to use other end applications that wouldn't be touched directly by Qualcomm or directly by Microsoft.

我想我想要更多地了解的是對 ARM PC 的支持，無論是在遊戲中還是在其他 ISV 的企業用例中。因此，人們可能需要使用高通或微軟不會直接接觸的其他終端應用程式。

Cristiano, could you give us a little bit of an update there? What are you seeing from the ISV ecosystem? And in what parts of the PC market do you see potential momentum for your products?

Cristiano，您可以為我們介紹一下最新情況嗎？您從 ISV 生態系統中看到了什麼？您認為您的產品在個人電腦市場的哪些部分具有潛在的發展動能？

Look, there's a lot to unpack here. I can speak about this for a whole day, but I'm going to try to be succinct.

看，這裡有很多東西需要解壓。我可以談論這個問題一整天，但我會盡量簡潔。

First thing, we're incredibly proud of the accomplishments of our team. I think Snapdragon X Elite took the leadership position in this space for any mobile computing device. We're incredibly happy with performance of the new CPU, both single-threaded and multi-threaded performance. But not only that, I think it's important to highlight the AI processing capabilities because that's key to answer your question.

首先，我們對團隊所取得的成就感到無比自豪。我認為 Snapdragon X Elite 在任何行動運算裝置的這個領​​域都佔據了領導地位。我們對新 CPU 的效能（包括單執行緒和多執行緒效能）感到非常滿意。但不僅如此，我認為強調人工智慧處理能力很重要，因為這是回答你的問題的關鍵。

If you look versus announcements on NPU or some of the other ARM competitors, we had 45 TOPS performance on the NPU, total TOPS performance on X Elite of 75. and that aligns with the transition that Microsoft is making towards Windows AI future, especially the new services with the Copilot and everything we're doing with Microsoft on on-device -- working together on-device AI with the cloud and with the Azure endpoint. We're excited about that.

如果你比較一下NPU 或其他一些ARM 競爭對手的公告，我們的NPU 上的TOPS 性能為45 TOPS，X Elite 上的總TOPS 性能為75。這與Microsoft 向Windows AI 未來所做的過渡是一致的，尤其是Copilot 的新服務以及我們與 Microsoft 在裝置上所做的一切——將裝置上的 AI 與雲端和 Azure 端點協同工作。我們對此感到興奮。

And you should start thinking about the PC business, almost like the auto business. We're focused on next-generation PCs, not existing PCs, and as those -- Windows started to switch to Windows AI and our platform launches, it creates opportunity for us to start gaining scale.

你應該開始考慮個人電腦業務，就像汽車業務一樣。我們專注於下一代 PC，而不是現有 PC，隨著 Windows 開始轉向 Windows AI 以及我們平台的推出，這為我們開始擴大規模創造了機會。

Specifically to your question, Microsoft has been very active together with us of bringing a lot of applications natively to the platform. I think we had a significant progress made across consumer in commercial applications. You continue to see announcements in Windows 11 can also run every x86, 32 and 64 bit through the Microsoft emulation. We also made significant strides in the emulation performance.

具體到你的問題，微軟一直非常積極地與我們合作，將許多應用程式在地化到該平台上。我認為我們在商業應用領域的消費者方面取得了重大進展。您繼續看到 Windows 11 中的公告也可以透過 Microsoft 模擬運行每個 x86、32 和 64 位元。我們在仿真性能方面也取得了重大進展。

So I think Snapdragon X Elite represents the results of this Microsoft-Qualcomm collaboration, and I'll finish the answer by saying, if you look at the announcements of other computing companies talking about having an ARM-based PC processor that is validation that that's our TAM now. It is going to be part of the expansion of TAM for Qualcomm. We're a new player, and we look at this as a growth opportunity. We're excited about it.

因此，我認為 Snapdragon X Elite 代表了微軟與高通合作的成果，我會在回答結束時說，如果您查看其他計算公司關於擁有基於 ARM 的 PC 處理器的公告，可以驗證這一點現在是我們的TAM 。它將成為高通 TAM 擴展的一部分。我們是新玩家，我們將其視為一個成長機會。我們對此感到興奮。

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

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

A quick question for Akash. You got strong cost execution come in ahead of plan for -- exiting the fiscal '23 and flattish into the start to Q1, how should we think about OpEx levels planned for the year? Is there more areas to cut? Or do you think you'll remain kind of flattish for the year from a good start?

問阿卡什一個簡單的問題。您在計劃之前就獲得了強勁的成本執行能力——從 23 財年退出到第一季開始時持平，我們應該如何考慮今年計劃的營運支出水平？還有更多需要削減的地方嗎？或者你認為今年開局良好後會保持平淡嗎？

Yes. Thanks, Mike, for the question. Yes, we're very happy that we set a target for fiscal '23 of a reduction of 5% relative to the '22 exit rate, and we came in at 7%. As we've continued to mention, we have -- we're committing to operating discipline, and we did implement additional actions this quarter proactively. And the way we are managing our portfolio is really while we are reducing cost, we want to ensure that we continue to invest appropriately in technology leadership and diversification and some of the areas that Cristiano just went through.

是的。謝謝邁克提出這個問題。是的，我們很高興我們為 23 財年設定的目標是相對 22 財年的退出率減少 5%，而我們的目標是 7%。正如我們繼續提到的，我們致力於遵守營運紀律，並且本季度我們確實主動實施了其他行動。我們管理投資組合的方式實際上是在降低成本的同時，我們希望確保繼續在技術領先和多元化以及克里斯蒂亞諾剛剛經歷過的一些領域進行適當投資。

So that's the balance we're trying to strike. And as we look at the rest of the year, again, we are committed to maintaining operating discipline as we move forward. I think we're in a very good place from an OpEx perspective, we are investing in the right areas and we'll focus on those -- that scale.

這就是我們試圖達到的平衡。展望今年剩餘時間，我們再次致力於在前進的過程中維持營運紀律。我認為從營運支出的角度來看，我們處於一個非常好的位置，我們正在正確的領域進行投資，我們將專注於這些領域——規模。

Great. And kind of building on that, my follow-up question to you, Cristiano. Just a follow up on the on-device Gen AI opportunity. How should we think about the increased dollar content per device for Qualcomm or increased ASPs relative to your high-end Snapdragon chip today?

偉大的。在此基礎上，我向你提出了後續問題，克里斯蒂亞諾。只是設備上的 Gen AI 機會的後續行動。我們該如何看待高通每台設備的美元含量增加或相對於當今的高端 Snapdragon 晶片增加的 ASP？

Look, let me start and see if Akash wants to add something else to the answer. The way we think about this is rather than provide a specific dollar content is it has a mix improvement and it will drive towards a richer mix of higher and premium tier devices. It has an ASP increase, especially because of the accelerated performance for AI and we're combining that with significant advancements in CPU and GPU as well. And it has the opportunity to drive units, where there's a new upgrade cycle or share gains.

聽著，讓我開始看看 Akash 是否想在答案中添加其他內容。我們對此的思考方式不是提供特定的美元內容，而是它具有組合改進，並將推動更高層和高端設備的更豐富組合。它的 ASP 有所提高，特別是因為 AI 效能的加速，我們也將其與 CPU 和 GPU 的顯著進步結合起來。它有機會推動單位，有一個新的升級週期或份額收益。

Akash, I don't know if you want to add anything?

阿卡什，不知道你還想補充什麼嗎？

Well and maybe just the other thing to keep in mind is outside handsets, as we talk about the PC opportunity, of course, our AI leadership becomes extremely important there. And then also within IoT we think about Gen AI as something that's going to be a key technology going forward. It will expand our addressable market, expand the dollars we make per device in that area as well. So it's a much broader play for us, including automotive with ADAS, IoT and PC.

好吧，也許另一件事要記住的是手機以外的領域，當我們談論個人電腦機會時，當然，我們的人工智慧領導在那裡變得極其重要。然後，在物聯網領域，我們認為 Gen AI 將成為未來的關鍵技術。它將擴大我們的潛在市場，並擴大我們在該領域每個設備的收入。因此，這對我們來說是一個更廣泛的領域，包括具有 ADAS、物聯網和 PC 的汽車。

Our next question comes 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中心的史黛西‧拉斯貢 (Stacy Rasgon)。

My first one, I want to ask the March quarter seasonality question a little more directly. Akash, can you just give us some of the puts and takes on that March quarter seasonality.

我的第一個問題是，我想更直接地詢問三月季度的季節性問題。阿卡什（Akash），您能給我們介紹一下三月季度季節性的一些看跌期權和看跌期權嗎？

I mean you've got a strong Apple quarter presumably in December that rolls off. You've got Samsung that launches, although we can question what the share is. You've got other things going on. Just how do we think about that seasonality in the context of everything that's going on, which we'd be expecting?

我的意思是，蘋果的季度業績大概會在 12 月結束。三星已經推出，儘管我們可以質疑其份額是多少。你還有其他事情要做。我們如何在我們所期待的正在發生的一切的背景下思考季節性？

Sure. So let me maybe try to address the shape of the year as a broader comment. I mean we do expect the first quarter and the fourth quarter to be the strongest quarters within the year. And then third quarter, as you know, is typically the lower quarter because we don't have a flagship phone launch that happens during the quarter.

當然。因此，讓我嘗試將今年的情況作為更廣泛的評論。我的意思是，我們確實預計第一季和第四季將是今年最強勁的季度。如您所知，第三季度通常是較低的季度，因為我們沒有在該季度發布旗艦手機。

But when you step back and kind of look at as we enter fiscal '24, we're very happy with kind of the early signs of stabilization in the global handset market. And so we are cautiously optimistic as we go forward with that stabilizing and the normalization of Android channel inventory. We are on a strong trajectory as we go through the year.

但當你退後一步看看我們進入 24 財年時，我們對全球手機市場穩定的早期跡象感到非常高興。因此，隨著 Android 通路庫存的穩定和正常化，我們持謹慎樂觀的態度。這一年我們正處於強勁的發展軌道上。

That's helpful. For my second question, I want to ask about the new Apple agreement. So you put that out a little while ago, you're modeling 20% share now in the phone that launches in '26. So that will be primarily a fiscal '27 issue.

這很有幫助。第二個問題，我想問蘋果新協議的情況。所以你不久前就提出了這一點，你現在在 26 年推出的手機中建模了 20% 的份額。因此，這將主要是 27 財年的一個問題。

How should we think about the shape of that in '24 and the launches that happen in '24 and '25. Do we assume that you've got close to 100% of the majority of the units there and then it drops down, for modeling purposes, to 20% on the '26 launch? Or like what does that look like?

我們應該如何思考 24 年的形式以及 24 年和 25 年的發布。我們是否假設您已經獲得了接近 100% 的大多數單元，然後出於建模目的，在 26 年發佈時下降到 20%？或者說那看起來像什麼？

Yes. So the way you should think about the new agreement without kind of going into specifics, the framework is very consistent with the previous agreement. It covers 3 launches, so the launch in '24, launch in '25 and launch in '26. And again, the framework is consistent with what we had before.

是的。因此，您應該考慮新協議，而不必考慮具體細節，該框架與先前的協議非常一致。它涵蓋 3 次發布，即 24 年發布、25 年發布和 26 年發布。再說一次，這個框架與我們之前的框架是一致的。

For financial planning purposes, we're taking the same approach as we did with last agreement, and that's the 20% you mentioned, where in the last year, we are planning as if we're going to get 20% share. But to the extent that we get more than that, that would be upside for our plan.

出於財務規劃的目的，我們正在採取與上次協議相同的方法，這就是你提到的 20%，去年，我們計劃好像我們將獲得 20% 的份額。但如果我們得到的不止於此，這對我們的計劃來說將是有利的。

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

我們的下一個問題來自德意志銀行的 Ross Seymore。

I just wanted to dive a little bit into the automotive and IoT sides of things. Just a clarification for your fiscal fourth quarter guide, Akash, I believe you said they'd be somewhat similar to last year. I just wondered what you meant by that.

我只是想深入了解汽車和物聯網方面的內容。只是對您的第四季度財務指南進行澄清，阿卡什，我相信您說過它們會與去年有些相似。我只是想知道你這是什麼意思。

And then a bigger cyclical question. We've heard a number of different companies talk about inventory burn in those 2 markets. You guys highlighted it in IoT. So I wondered where we were there. And are you seeing anything in automotive?

然後是一個更大的周期性問題。我們聽到許多不同的公司談論這兩個市場的庫存消耗。你們在物聯網中強調了這一點。所以我想知道我們在哪裡。您在汽車領域看到了什麼嗎？

Sure. So the financial guidance we gave is that the year-over-year -- the quarter-over-quarter trend from September quarter to the December quarter, in automotive and IoT will be consistent with last year. So if you look at last year, automotive was down, I think, 1% or 2%. And so we're guiding effectively down 1% or 2% or flat for automotive.

當然。因此，我們給出的財務指導是，汽車和物聯網領域從 9 月所在季度到 12 月所在季度的年比趨勢將與去年保持一致。因此，如果你看看去年，我認為汽車產業下降了 1% 或 2%。因此，我們實際上指導汽車行業下降 1% 或 2% 或持平。

We obviously had a very strong quarter in the September quarter. The business traction continues to accelerate for us. The product road map is great. As Cristiano outlined in his prepared remarks, the relationship with the customers is very strong as well. So we continue to be optimistic, and we're well on our way to execute on the financial targets we have given long term.

顯然，我們在九月的季度表現非常強勁。我們的業務牽引力繼續加速。產品路線圖很棒。正如克里斯蒂亞諾在他準備好的演講中所概述的那樣，與客戶的關係也非常牢固。因此，我們繼續保持樂觀態度，並且正在順利執行我們設定的長期財務目標。

From an IoT perspective, again, the same guidance that it's consistent with last year, what the trend we saw between the September and December quarter. And really, when you think about IoT, we're seeing some of the same factors that other players in the industry are seeing, some demand weakness coupled with channel inventory.

從物聯網的角度來看，同樣的指導與去年一致，我們在 9 月和 12 月季度之間看到了趨勢。事實上，當你考慮物聯網時，我們會看到一些與行業其他參與者相同的因素，一些需求疲軟加上通路庫存。

As we look forward, we think our first quarter as the bottom for the year for IoT. We expect to strengthen from that point on. And especially as we get into the second half of the fiscal year, with the environment normalizing, but then also a very increasingly strong traction for our products, we think we'll have a strong second half in IoT.

展望未來，我們認為第一季是物聯網今年的底層。我們期望從那時起加強。特別是當我們進入本財年下半年時，隨著環境正常化，而且我們的產品的吸引力也越來越強，我們認為我們的物聯網下半年將會強勁。

Just wanted to ask a follow-up on the gross margin side of things. Cristiano, you talked about AI at the edge and across a number of different products. whether it's the PC side, the handset side, et cetera. I just wondered, what does that mean to the gross margin within QCT. It seems like it opens up new TAMs on the unit side outside of handsets, probably increases the TAM from a dollar content on the handset side. Does that yield upside to gross margin? About the same? Just what are the puts and takes as we translate all that to the profitability side?

只是想詢問毛利率方面的後續情況。 Cristiano，您談到了邊緣人工智慧和許多不同產品。無論是PC端、手機端等等。我只是想知道，這對 QCT 的毛利率意味著什麼。看起來它在手機外的裝置端開闢了新的 TAM，可能會增加手機端的 TAM 內容。這會為毛利率帶來上升空間嗎？差不多？當我們將所有這些轉化為獲利能力時，看跌期權和看跌期權到底是什麼？

Sure. So from a shorter-term perspective, as you'll see from our guide, we did very well in September quarter, we are guiding in line for December quarter. I think your question is more of a longer-term opportunity of the expansion of our gross margin as we get into these new areas. And we definitely agree that I think as we scale in -- outside handsets, especially in automotive and IoT, we have an opportunity for margin expansion.

當然。因此，從短期角度來看，正如您從我們的指南中看到的那樣，我們在 9 月季度的表現非常好，我們正在為 12 月季度提供指導。我認為你的問題更多的是當我們進入這些新領域時擴大毛利率的長期機會。我們絕對同意，我認為隨著我們擴大外部手機業務，特別是在汽車和物聯網領域，我們有機會擴大利潤率。

Ross, this is Cristiano. Just 2 things I want to add real quick on the first question and then on this.

羅斯，這是克里斯蒂亞諾。我想在第一個問題和這個問題上快速添加兩件事。

As we gain scale in markets, for example, such as auto and in certain segments of the IoT, like PCs, XR. Those things, they also have the opportunity to give us operating margin efficiency, because our R&D is highly leveraged, especially on the computing and the connectivity part. So the more that we get scale, we'll continue to probably be accretive to margins.

隨著我們在汽車等市場以及物聯網的某些領域（如個人電腦、XR）擴大規模。這些東西，它們也有機會為我們帶來營運利潤效率，因為我們的研發槓桿率很高，特別是在計算和連接部分。因此，我們的規模越大，我們的利潤率可能就會繼續增加。

I want to make a quick comment on your IoT. You should look at our IoT dynamics, not all IoT are created equal. I think we have a lot of things within our IoT. So there's existing business that are subject to the -- some of the inventory dynamics, but there are new growth opportunities there. One of -- I'll remind everyone that PC is in there, which is likely going to be material in fiscal '25, if you think about devices with the X Elite are launching towards the second half of '24, you have XR, which we're still in the early phase of that opportunity. It has networking. We have fiber. We didn't have it before. So I think we're positioned now to expand networking with fiber and 5G and WiFi 7 is positive. And it has still an opportunity to move processing to the edge with IoT next.

我想對你們的物聯網做一個簡短的評論。您應該看看我們的物聯網動態，並非所有物聯網都是一樣的。我認為我們的物聯網中有很多東西。因此，現有業務會受到一些庫存動態的影響，但那裡也存在新的成長機會。其中之一——我要提醒大家，PC 就在那裡，這可能會在 25 財年發揮重要作用，如果你考慮到帶有 X Elite 的設備將在 24 年下半年推出，那麼你就有 XR，我們仍處於該機會的早期階段。它有網路。我們有纖維。我們以前沒有。因此，我認為我們現在的定位是透過光纖和 5G 擴展網絡，而 WiFi 7 是積極的。接下來，它仍然有機會透過物聯網將處理轉移到邊緣。

So we're going to be -- those are less subject to some of the cyclical dynamics we're seeing right now for existing business.

因此，我們將會－這些業務較少受到我們目前在現有業務中看到的一些週期性動態的影響。

Our next questions are from the line of Christopher Rolland with Susquehanna.

我們的下一個問題來自克里斯多福羅蘭和薩斯奎哈納的線路。

How are you guys thinking about global handset units over your next fiscal year? And then also, given your new product launches here, how should we think about Qualcomm ASPs as we progress for the next fiscal year as well?

你們如何看待下一財年的全球手機銷售？另外，考慮到你們在這裡推出的新產品，隨著我們下一財年的進展，我們該如何看待高通 ASP？

Chris, it's Akash. So as we mentioned on the call, we've seen kind of early signs of stabilization in the handset market, including in China. And for calendar '23, we now expect mid- to high single digits versus '22, which is an improvement from what we had before.

克里斯，我是阿卡什。正如我們在電話會議中提到的，我們已經看到手機市場（包括中國）穩定的早期跡象。對於日曆 '23，我們現在預計與 '22 相比，中高個位數，這比我們之前的情況有所改善。

As we look at '24, the recent demand stabilization obviously provides a positive setup as we go into the year. So we are cautiously optimistic on how '24 plays out. But specifically on 5G units, which is really our target market, we expect high single-digit to low double-digit growth from '23 into '24. So that's kind of the market that we pursue, and we think there's growth opportunity there going into next year.

展望 24 年，近期的需求穩定顯然為我們進入這一年提供了積極的準備。因此，我們對「24」的結果持謹慎樂觀的態度。但特別是在 5G 設備方面，這確實是我們的目標市場，我們預計從 23 年到 24 年將出現高個位數到低兩位數的成長。這就是我們所追求的市場，我們認為明年會有成長機會。

From an ASP perspective, because of all the factors we discussed earlier in the call with the chips becoming way more capable, especially with Gen AI, we think we are on a good trajectory to continue to expand our ASP consistent with the last 3-year trend. So if you look at our last 3-year trend, we've added approximately 10% increase in any tier of chipset every year. And we think as we look forward, we have the opportunity to do that going forward.

從ASP 角度來看，由於我們之前在電話會議中討論過的所有因素，晶片的功能變得越來越強大，尤其是Gen AI，我們認為我們處於良好的軌道上，可以繼續擴大我們的ASP，與過去3 年保持一致趨勢。因此，如果您看看我們過去 3 年的趨勢，我們每年都會在任何級別的晶片組上增加約 10%。我們認為，展望未來，我們有機會做到這一點。

That's a great update. Another question for you quickly. There was some new language in your 10-K around the European Commission proposing regulations around standard essential patents, potentially devaluing those patents. I wasn't familiar with this. How serious do you think that risk could be? And are there any other meaningful developments in any other geographies? Or are we all kind of status quo?

這是一個很棒的更新。很快再問你一個問題。歐盟委員會的 10-K 中出現了一些新的措辭，提議圍繞標準必要專利進行監管，這可能會降低這些專利的價值。我對此並不熟悉。您認為風險有多嚴重？其他地區還有其他有意義的進展嗎？還是我們都安於現況？

Yes. So thanks for that question. This is Alex. So we've been tracking these developments in the European Union. There's actually a variety of parts to this proposed regulation ranging from wanting more transparency and ownership of SEPs and essentiality of SEPs to other issues relating to kind of pre-legal processes and other sorts of regulations that would affect the licensing and go-to-court process.

是的。謝謝你提出這個問題。這是亞歷克斯。因此，我們一直在追蹤歐盟的這些事態發展。實際上，這項擬議法規有多個部分，從希望提高標準必要專利的透明度和所有權以及標準必要專利的重要性，到與預法律程序和其他會影響許可和訴諸法庭的法規相關的其他問題過程。

The European Union right now is in what they call a trilogue process. It's going to take a while to get through parliament and the member states are going to weigh in. The commission is going to weigh in. The European patent office is actually opposed to parts of the regulation. Ericsson and Nokia, of course, weighing in as well.

歐盟目前正處於他們所謂的「三方對話」進程中。議會需要一段時間才能獲得通過，成員國將發表意見。歐盟委員會也將發表意見。歐洲專利局實際上反對該法規的部分內容。當然，愛立信和諾基亞也參與其中。

So this is going to be a fairly messy, just call it, legislative process that will take some number of years to sort out. It's being followed in other jurisdictions. We're following it here in the U.S. The U.S. Patent Trademark Office has weighed in somewhat negatively, I think, and it's being followed in China as well.

因此，這將是一個相當混亂的立法過程，需要數年時間才能理清。其他司法管轄區也正在效法。我們正在美國關注這一情況。我認為，美國專利商標局對此產生了一定的負面影響，中國也正在關注這種情況。

So this will kind of play out over some years. It's not that unusual to have a variety of different SEP-related policy initiatives underway in different jurisdictions.

因此，這將在幾年內發揮作用。不同司法管轄區進行各種不同的標準必要專利相關政策措施並不罕見。

Our next question is from the line of Chris Caso with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Chris Caso。

The first question is regarding the overall handset demand and understand the comments you made about 5G units going into next year. I guess one part of the question is with the increase that you saw in the China business, how much of that do you believe was associated with just inventory normalization as opposed to actual more end market units?

第一個問題是關於整體手機需求，並了解您對明年 5G 設備的評論。我想問題的一部分是，隨著您在中國業務中看到的成長，您認為其中有多少與庫存正常化有關，而不是與實際更多的終端市場單位有關？

And then what does that mean for QTL, which has also been somewhat depressed because of the lower handset market? What should we expect on that as we go into next year?

那麼，這對 QTL 來說意味著什麼？QTL 也因為手機市場的下滑而受到一定程度的低迷。當我們進入明年時，我們應該對此有何期待？

Yes, Chris, it's Akash. So the way we think about the handset market is we've seen a stabilization in the market, and we're projecting forward, especially into the December quarter and QTL's guide as something that stable market represents. And so we're guiding a midpoint of $1.4 billion, sequential growth of 11%.

是的，克里斯，我是阿卡西。因此，我們對手機市場的看法是，我們已經看到了市場的穩定，我們正在預測未來，尤其是 12 月的季度和 QTL 的指南，作為穩定市場所代表的東西。因此，我們指導的中點為 14 億美元，季增 11%。

From a -- in terms of breaking down the revenue growth in QCT between inventory and market, obviously, it's kind of difficult to do over a quarter. But we do think that inventory is a big part of it, and it's really the market is stabilizing where it's at with inventory really driving a majority of the improvement in addition to our market share position and revenue growth that comes with content increase as new chips get launched.

從庫存和市場之間細分 QCT 的收入成長來看，顯然很難超過四分之一。但我們確實認為庫存是其中的一個重要組成部分，而且市場確實正在穩定，除了我們的市場份額地位和隨著新晶片的內容增加而帶來的收入增長之外，庫存確實推動了大部分的改善。啟動。

Got it. And with regard to QTL and I guess I'd assume with -- to see the QTL numbers to come back closer to where we've seen them in the past, that's going to require some more improvement in end market demand, is that accurate?

知道了。關於 QTL，我想我會假設 – 要看到 QTL 數字更接近我們過去看到的水平，這將需要終端市場需求進一步改善，這是準確的嗎？？

Yes, that's right. I mean QTL revenue forecast is really a function of the scale of the overall handset market. And so as the scale changes, it would improve QTL revenues as well.

恩，那就對了。我的意思是 QTL 收入預測實際上是整個手機市場規模的函數。因此，隨著規模的變化，QTL 收入也會提高。

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

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

My question was really on fiscal '24 Android smartphone outlook. And I guess there's a lot of moving parts here with Huawei building up their own chipset. And we've all seen the volumes they're talking about for next year. And you've also got a fairly high share in flagship segments with Samsung.

我的問題實際上是關於 24 財年 Android 智慧型手機的前景。我猜華為正在建立自己的晶片組，其中有很多移動部件。我們都已經看到了他們談論的明年的銷售。而且三星在旗艦產品領域也獲得了相當高的份額。

So just looking at fiscal '24, can you perhaps just provide us a framework for whether or not Qualcomm can grow Android handset sales in fiscal '24?

那麼，光是看 24 財年，您能否為我們提供一個框架，說明高通是否可以在 24 財年增加 Android 手機銷售？

Brett, we're not guiding the full year at this point. We gave you the guidance for first quarter, and I gave you an outline as well of how we expect the shape of the year to play out for the overall company. And I think those pointers should give you a sense of our view into the year.

布雷特，我們目前不提供全年指導。我們為您提供了第一季的指導，我也為您提供了我們預計今年整個公司將如何發展的概述。我認為這些建議應該能讓您了解我們對這一年的看法。

Okay. And maybe just a follow-up, Akash, in terms of your OpEx plan for fiscal '24, I mean, we've seen your sales in fiscal '23 decline and operating profit down pretty significantly in fiscal '23.

好的。也許只是後續行動，阿卡什，就您 24 財年的營運支出計劃而言，我的意思是，我們看到您 23 財年的銷售額下降，營業利潤在 23 財年大幅下降。

How are you thinking about the OpEx for fiscal '24? And I guess, and specifically, when I look at Qualcomm's headcount, you have over 50,000 people in the business and a lot of your large fabless peers have about half that headcount. How do we think about the sort of spending plan for next year, just given the puts and takes here?

您如何看待 24 財年的營運支出？我想，具體來說，當我查看高通公司的員工人數時，會發現該行業擁有超過 50,000 名員工，而許多大型無晶圓廠同行的員工人數約為這個數字的一半。光是考慮到這裡的看跌期權和收益，我們如何看待明年的支出計畫？

Yes. So Brett, as you are aware, through calendar -- through fiscal '23, we took action on cost reductions a couple of times. And as I also mentioned, this quarter, we've taken additional actions.

是的。因此，Brett，如您所知，透過日曆 - 整個 23 財年，我們多次採取了降低成本的行動。正如我還提到的，本季我們採取了更多行動。

So the idea is how do we maintain operating discipline while continuing to invest in the diversification initiatives that are so important for the company going forward. And what you're seeing in our forecast is a representation of those factors.

因此，我們的想法是，我們如何在繼續投資對公司未來發展至關重要的多元化舉措的同時，保持營運紀律。您在我們的預測中看到的是這些因素的代表。

Our final 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·利亞尼 (Tal Liani)。

I want to ask about market share. Next year, MediaTek is saying that they are doing great and they're gaining share. Huawei published now their target for 100 million units versus 60 million that they had before. And the question is, how do you feel about your market share for handsets sourced within China? What are the areas maybe that you are strong at? What are the areas that you think you'll see more competition?

我想問一下市場佔有率。聯發科表示，明年他們的表現非常好，市場佔有率正在增加。華為現在公佈了 1 億台的目標，而先前的目標是 6,000 萬台。問題是，您對中國手機市佔率有何看法？您可能擅長哪些領域？您認為哪些領域會出現更多競爭？

Akash, I will start and maybe you'll add some quantitative comments. Tal, I think I will say, if you -- just to recap, in fiscal '23 that just ended, we had a share increase both globally and in China of sell-through. And we like, I think, the direction that we have been going, as we said, we'll continue to retain a majority share at Samsung. We feel good about that relationship going forward. And we have seen traction from premium and high tier for Chinese OEMs. This in spite of the launch of and the successful I think, initial sales of a newcomer. And that's kind of also reflected in the sequential 35% growth.

阿卡什，我將開始，也許你會添加一些定量評論。 Tal，我想我會說，如果您回顧一下，在剛結束的 23 財年，我們在全球和中國的銷售份額都有所增加。我認為我們喜歡我們一直走的方向，正如我們所說，我們將繼續保留三星的多數股權。我們對這種關係的發展感覺良好。我們已經看到了中國原始設備製造商的高端和高端市場的吸引力。儘管我認為新產品的推出和首次銷售取得了成功，但還是如此。這也反映在 35% 的環比增長中。

Akash, I don't know if there's anything you'd like to add?

阿卡什，不知道你還有什麼要補充的嗎？

No, I'll just say this competitive environment is no different than what we've had in the past. And really, if you look at our current products and going forward, we think our competitive differentiation is actually accelerating, both with our custom CPUs coming into our handset product line and with Gen AI in addition to other factors that differentiate us.

不，我只是說現在的競爭環境與我們過去沒有什麼不同。事實上，如果你看看我們目前的產品並展望未來，我們認為我們的競爭差異化實際上正在加速，無論是我們的客製化CPU進入我們的手機產品線還是Gen AI以及其他使我們與眾不同的因素。

So we're pretty confident as we go forward, we're in a good place from a competitive positioning perspective and content increase.

因此，我們對前進充滿信心，從競爭定位和內容增加的角度來看，我們處於有利位置。

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

謝謝。今天的問答環節到此結束。阿蒙先生，在休會之前您還有什麼要補充的嗎？

Thank you all for listening to and participating in the call. I just want to say thank you to our employees, our suppliers, our partners. And I think we've been focused on the things we can control and really focus on building incredible, I think, products as we continue to change Qualcomm from a communications company to a connected computer company and go into new markets.

感謝大家收聽並參與此通話。我只想對我們的員工、我們的供應商、我們的合作夥伴表示感謝。我認為，隨著我們不斷將高通從一家通訊公司轉變為互聯電腦公司並進入新市場，我們一直專注於我們可以控制的事情，並真正專注於打造令人難以置信的產品。

Thank you again, and looking forward to talking to you all next quarter.

再次感謝大家，並期待下個季度與大家交談。

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。