高通 (QCOM) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm First Quarter Fiscal Year 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded, January 31, 2024. Playback number for today's call is (877) 660-6853. International callers, please dial (201) 612-7415. The playback reservation number is 13743224.

女士們先生們，謝謝你們的支持。歡迎參加高通 2024 財年第一季財報電話會議。 （操作員說明）謹此提醒，本次會議錄製時間為 2024 年 1 月 31 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13743224。

I would now like to turn the call over to Mauricio Lopez-Hodoyan, Vice President of Investor Relations. Mauricio 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。毛里西奧·洛佩斯-霍多揚，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 slide presentation that accompany this call on our Investor Relations website. In addition, this call is being webcast on qualcomm.com, and a replay will be available on our website later today.

謝謝大家，大家下午好。今天的電話會議將包括克里斯蒂亞諾·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。您可以在我們的投資者關係網站上存取本次電話會議隨附的收益發布和幻燈片簡報。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。

During the call today, we will use non-GAAP financial measures as defined in Regulation G, and you can find the related reconciliations to GAAP on our website. We will also make forward-looking statements, including projections and estimates of future events, business or industry trends or business or financial results.

在今天的電話會議中，我們將使用 G 條例中定義的非 GAAP 財務指標，您可以在我們的網站上找到與 GAAP 相關的調整表。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。

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 cause actual results to differ materially from the forward-looking statements.

實際事件或結果可能與我們前瞻性陳述中的預測有重大差異。請參閱我們向 SEC 提交的文件，包括我們最近的 10-K，其中包含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 Q1, we delivered non-GAAP revenues of $9.9 billion and non-GAAP earnings per share of $2.75 above the high end of our guidance. Revenues from our chipset business of $8.4 billion reflect healthy Android demand and continued strong momentum in automotive. Licensing business revenues were $1.5 billion. We're pleased with these results, and I will now share some key highlights from the business.

謝謝毛里西奧，大家午安。感謝您今天加入我們。在第一財季，我們實現了 99 億美元的非 GAAP 收入和 2.75 美元的非 GAAP 每股收益，比我們的指導上限高出 2.75 美元。我們晶片組業務的營收為 84 億美元，反映了 Android 的健康需求和汽車領域持續強勁的勢頭。授權業務收入為 15 億美元。我們對這些結果感到滿意，現在我將分享該業務的一些關鍵亮點。

In handsets, the Snapdragon 8 Gen 3 mobile platform is setting a new standard for on-device gen AI experiences for premium smartphones and powers all through flagship Android devices launched and launching this fiscal year. Notably, the Snapdragon 8 Gen 3 mobile platform for Galaxy is featured in the recently announced Samsung Galaxy S24 Ultra globally, in addition to the Galaxy S24 and S24 Plus in multiple regions. The Galaxy S24 series includes on-device AI features such as live translate interpreter, chat assist, nitography and more. This marks the beginning of how gen AI will evolve the overall smartphone experience and highlights the significant opportunity for Snapdragon platforms.

在手機領域，Snapdragon 8 Gen 3 行動平台為高階智慧型手機的裝置上一代 AI 體驗樹立了新標準，並為本財年推出的所有旗艦 Android 裝置提供支援。值得注意的是，除了多個地區的 Galaxy S24 和 S24 Plus 之外，最近在全球發布的三星 Galaxy S24 Ultra 也採用了適用於 Galaxy 的 Snapdragon 8 Gen 3 行動平台。 Galaxy S24 系列包括裝置上的 AI 功能，例如即時翻譯、聊天輔助、光刻等。這標誌著新一代人工智慧將如何發展整體智慧型手機體驗的開始，並凸顯了 Snapdragon 平台的重大機會。

We're also announcing that we extended a multiyear agreement with Samsung relating to Snapdragon platforms for flagship Galaxy smartphone launches starting in 2024. The extended agreement demonstrates the value of Snapdragon 8, our technology leadership and our successful long-term strategic partnership with Samsung. In the quarter, we also announced the Snapdragon 7 Gen 3 mobile platform, which brings leading gen AI capabilities to high-tier Android smartphones and is a category leader in both experiences and performance.

我們也宣布延長與三星的一項多年協議，涉及從2024 年開始推出的旗艦Galaxy 智慧型手機的Snapdragon 平台。延長的協議展示了Snapdragon 8 的價值、我們的技術領先地位以及我們與三星成功的長期策略合作夥伴關係。本季度，我們也發表了驍龍 7 Gen 3 行動平台，為高階 Android 智慧型手機帶來了領先的新一代 AI 功能，在體驗和效能方面均處於業界領先地位。

In our QTL business, we're pleased to share that we recently extended several key license agreements. First, Apple exercised its unilateral option to extend its global patent license agreement for an additional 2 years, taking the existing agreement through to March 2027; second, we have renewed long-term agreements with 2 significant Chinese smartphone OEMs. In addition, we continue to negotiate new agreements or renewals with other key licensees and OEMs, including some whose current agreements are set to expire in early fiscal 2025.

在我們的 QTL 業務中，我們很高興地告訴大家，我們最近延長了幾項關鍵授權協議。首先，蘋果行使其單方面選擇權，將其全球專利授權協議再延長 2 年，將現有協議延長至 2027 年 3 月；其次，我們與兩家重要的中國智慧型手機原始設備製造商續簽了長期協議。此外，我們繼續與其他主要被授權人和原始設備製造商談判新協議或續約協議，其中包括一些當前協議將於 2025 財年初到期的協議。

Automotive continues to be an important pillar of our growth and diversification strategy. Notably, 75 new models launched commercially in 2023 were for technologies, highlighting Qualcomm's growing scale in automotive and execution of our design wins. Earlier this month at CES, we announced our collaboration with Bosch to have our Snapdragon Ride Flex SoC power their new central vehicle computer. As a reminder, Snapdragon Ride Flex enables the fusion of infotainment in ADAS functionalities on a single SoC, enabling automakers to realize a unified central compute and software-defined vehicle architecture that scales across tiers.

汽車仍然是我們成長和多元化策略的重要支柱。值得注意的是，2023 年推出的 75 款商用新車型都是為了技術，凸顯了高通在汽車領域不斷擴大的規模以及我們設計成果的執行力。本月早些時候，在 CES 上，我們宣布與博世合作，讓我們的 Snapdragon Ride Flex SoC 為他們的新型中央車載電腦提供支援。需要提醒的是，Snapdragon Ride Flex 能夠在單一 SoC 上融合 ADAS 功能中的資訊娛樂功能，使汽車製造商能夠實現跨層擴展的統一中央運算和軟體定義車輛架構。

Additionally, we demonstrated digital cockpits connected services and advanced driver assistance enabled by gen AI models running locally on the Snapdragon platform. This new capabilities can be enabled on a number of existing designs via a software upgrade. This represents significant new opportunities for Qualcomm and our partners.

此外，我們還展示了由 Snapdragon 平台上本地運行的 gen AI 模型支援的數位駕駛艙互聯服務和高級駕駛員輔助功能。透過軟體升級，可以在許多現有設計上啟用此新功能。這對高通和我們的合作夥伴來說意味著重大的新機會。

In PCs, we're driving towards the launch of Snapdragon X Elite in mid-2024 and are pleased that our design win traction continues to increase since the platform was announced last October. We expect Snapdragon X Elite to set the industry benchmark for on-device gen AI and copilot experiences in addition to leading performance and battery life for next-generation Windows PCs.

在 PC 領域，我們正努力在 2024 年中期推出 Snapdragon X Elite，並且很高興自去年 10 月宣布該平台以來，我們的設計吸引力持續增強。我們預計 Snapdragon X Elite 除了為下一代 Windows PC 提供領先的性能和電池續航時間外，還將為設備上的新一代人工智慧和副駕駛體驗樹立行業基準。

We recently expanded our mixed reality solutions with the announcement of the Snapdragon XR2+ Gen 2. Our new platform supports 4.3K per eye resolution and 90 frames per second in 12 or more concurrent cameras to deliver crisp, immersive, mixed reality and virtual reality experiences. We are proud to partner with Samsung and Google to provide leading XR experiences to Galaxy users by utilizing Snapdragon XR2+ Gen 2.

最近，我們發布了Snapdragon XR2+ Gen 2，擴展了我們的混合實境解決方案。我們的新平台在12 個或更多並發相機中支援每眼4.3K 解析度和每秒90 幀，以提供清晰、身臨其境的混合實境和虛擬實境體驗。我們很榮幸能夠與三星和谷歌合作，利用 Snapdragon XR2+ Gen 2 為 Galaxy 用戶提供領先的 XR 體驗。

In edge networking, we announced the Snapdragon X35 5G modern RF system, the world's first commercial Release 17 5G Red Cap solution. The Snapdragon X35 brings a new class of purpose-built 5G for Internet of Things devices. Devices powered by Snapdragon X35 are expected to launch by the first half of 2024.

在邊緣網路方面，我們發布了 Snapdragon X35 5G 現代射頻系統，這是世界上第一個商用 Release 17 5G Red Cap 解決方案。 Snapdragon X35 為物聯網設備帶來了全新的專用 5G。搭載 Snapdragon X35 的裝置預計將於 2024 年上半年推出。

We continue to believe that industrial edge devices with connectivity, high-performance computing and on-device AI will become one of our largest addressable opportunities fueled by the secular trends of digital transformation. As such, we're accelerating our investments in solutions, ecosystem and broad channel enablement to position ourselves for growth while we navigate the industry-wide inventory draw down.

我們仍然相信，在數位轉型的長期趨勢的推動下，具有連接性、高效能運算和設備上人工智慧的工業邊緣設備將成為我們最大的可利用機會之一。因此，我們正在加快對解決方案、生態系統和廣泛管道支援的投資，以便在應對全行業庫存下降的同時實現成長。

One key area of focus is to enable our customers to unlock the potential of gen AI at the enterprise using our chipset solutions. As an example, Zebra Technologies and Toshiba recently demonstrated on-device gen AI capabilities for enterprise workflows and inventory management at retail self-checkout, respectively. Additionally, Honeywell showcased a qualcomm-powered Edge AI box for warehouse applications.

重點關注的一個領域是讓我們的客戶能夠使用我們的晶片組解決方案釋放企業中新一代人工智慧的潛力。例如，斑馬技術和東芝最近分別展示了用於企業工作流程和零售自助結帳庫存管理的設備上一代人工智慧功能。此外，Honeywell還展示了一款適用於倉庫應用、採用高通技術的 Edge AI 盒子。

As we complete the first quarter of fiscal '24 ahead of our expectations, I'm very optimistic about Qualcomm's trajectory and the opportunities ahead. The fundamentals of our growth drivers remain unchanged, our diversification strategy is working, and we're making significant progress across mobile, automotive, computing, XR, edge networking, industrial IoT and more.

隨著我們提前完成 24 財年第一季的預期，我對高通的發展軌跡和未來的機會非常樂觀。我們的成長動力基本面保持不變，我們的多元化策略正在發揮作用，我們在行動、汽車、運算、XR、邊緣網路、工業物聯網等領域取得了重大進展。

At the upcoming Mobile World Congress in Barcelona, we will provide an update on our [seller] modem and connectivity leadership as well as on our overall scale of Snapdragon gen AI.

在即將舉行的巴塞隆納世界行動大會上，我們將提供有關我們的[賣家]調製解調器和連接領導力以及我們的 Snapdragon gen AI 整體規模的最新資訊。

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 first fiscal quarter earnings. We are pleased to announce strong non-GAAP results above the high end of guidance with revenues of $9.9 billion and EPS of $2.75. QTL revenues of $1.5 billion and EBT margin of 74% were at the high end of guidance, deflecting slightly higher handset units.

謝謝你，克里斯蒂亞諾，大家下午好。我將從我們的第一個財季收益開始。我們很高興地宣布，非 GAAP 業績強勁，高於指導上限，收入為 99 億美元，每股收益為 2.75 美元。 QTL 收入為 15 億美元，EBT 利潤率為 74%，處於指導值的高端，抵消了手機銷量略高的影響。

QCT delivered revenues of $8.4 billion and EBT margin of 31%, both above the high end of guidance, reflecting strength in handsets and automotive revenues. QCT EBT margin includes the benefit of revenue scale, stronger product mix and operating discipline. Handset revenues of $6.7 billion were higher than our prior expectations primarily due to the increased demand driven by the acceleration of Android flagship launches with our Snapdragon 8 Gen 3 mobile platform.

QCT 營收 84 億美元，EBT 利潤率為 31%，均高於指導上限，反映了手機和汽車收入的強勁勢頭。 QCT EBT 利潤率包括收入規模、更強大的產品組合和營運紀律的好處。手機收入為 67 億美元，高於我們先前的預期，主要是由於我們的 Snapdragon 8 Gen 3 行動平台加速推出 Android 旗艦產品，帶動了需求的增加。

Notably, our Android handset revenues from Chinese OEMs exceeded our expectations of greater than 35% sequential growth. IoT revenues of $1.1 billion reflect the industry-wide challenges we've previously outlined.

值得注意的是，我們來自中國 OEM 廠商的 Android 手機收入超出了我們預期的 35% 以上的環比增長。 11 億美元的物聯網收入反映了我們之前概述的全產業挑戰。

We achieved record automotive revenues of $598 million which grew by 12% sequentially, reflecting the increased content in new vehicle launches with our Snapdragon digital chassis platform. Non-GAAP operating expenses decreased 5% sequentially to $2.1 billion and included the benefit of accelerated implementation of cost actions that we had previously outlined for the first half of fiscal '24.

我們的汽車收入達到創紀錄的 5.98 億美元，環比增長 12%，反映出我們的 Snapdragon 數位底盤平台推出的新車內容有所增加。非 GAAP 營運費用環比下降 5%，至 21 億美元，其中包括我們先前為 24 財年上半年概述的加速實施成本行動的好處。

Lastly, we returned $1.7 billion to stockholders during the quarter, including $784 million in stock repurchases and $895 million in dividends.

最後，我們在本季向股東返還了 17 億美元，其中包括 7.84 億美元的股票回購和 8.95 億美元的股息。

Before turning to second fiscal quarter guidance, I'll update you on global 3G, 4G, 5G handset units. We estimate that global units declined by mid-single-digit percentage in calendar '23 relative to calendar '22, an improvement from our prior expectations due to the recent stabilization in demand. For calendar '24, we estimate that global handset units will be flat to slightly up on a year-over-year basis. This estimate includes expected growth of high single digit to low double-digit percentage in 5G handsets.

在討論第二財季指引之前，我將向您介紹全球 3G、4G、5G 手機銷售的最新情況。我們估計，相較於 22 日曆年，23 日曆年全球銷量下降了中個位數百分比，由於近期需求穩定，這比我們先前的預期有所改善。對於 24 年，我們預計全球手機銷售將與去年同期持平或略有上升。這項估計包括 5G 手機的高個位數百分比到低兩位數百分比的預期成長。

Turning to guidance for the second fiscal quarter. We are forecasting revenues of $8.9 billion to $9.7 billion and non-GAAP EPS of $2.20 to $2.40. The sequential decline in revenues and non-GAAP EPS relative to the first fiscal quarter will be driven by seasonality for a modem only handset customer in both QTL and QCT.

轉向第二財季的指導。我們預計營收為 89 億美元至 97 億美元，非 GAAP 每股收益為 2.20 美元至 2.40 美元。相對於第一財季，營收和非公認會計準則每股盈餘的連續下降將受到 QTL 和 QCT 中僅數據機手機客戶的季節性影響。

In QTL, we estimate revenues of $1.2 billion to $1.4 billion and EBT margins of 69% to 73%. In QCT, we expect revenues of $7.6 billion to $8.2 billion and EBT margins of 27% to 29%. For QCT handset revenues coming off strong performance in the first fiscal quarter, we anticipate Android revenues will be approximately flat quarter-over-quarter. On a sequential basis, we expect QCT IoT revenues to grow by mid- to high single-digit percentage with QCT automotive revenues slightly down, consistent with the trend in the prior year. Lastly, we expect non-GAAP operating expenses of approximately $2.2 billion. This reflects typical calendar year resets for certain employee-related costs. In closing, very pleased to start our fiscal year with strong execution and financial performance.

我們預計 QTL 的營收為 12 億至 14 億美元，EBT 利潤率為 69% 至 73%。在 QCT 中，我們預計營收為 76 億美元至 82 億美元，EBT 利潤率為 27% 至 29%。由於 QCT 手機營收在第一財季表現強勁，我們預期 Android 營收將較上季持平。環比來看，我們預計 QCT 物聯網收入將以中高個位數百分比成長，而 QCT 汽車收入則略有下降，與前一年的趨勢一致。最後，我們預計非 GAAP 營運費用約為 22 億美元。這反映了某些與員工相關的成本的典型日曆年重置。最後，我們很高興以強勁的執行力和財務業績開始我們的財年。

In QTL, as Cristiano outlined, we are pleased to have extended several key license agreements. We do not expect any material change in QTL licensing revenue run rate as a result of these extensions. In QCT, our technology differentiation will accelerate with our on-device gen AI leadership and introduction of our custom Qualcomm Oryon CPU. We also remain well positioned to execute on our diversification strategy by extending our technology portfolio to deliver industry-leading products across automotive and IoT. This concludes our prepared remarks.

正如 Cristiano 所概述的，在 QTL 中，我們很高興延長了幾項關鍵授權協議。我們預計 QTL 授權收入運行率不會因這些延期而發生任何重大變化。在 QCT 中，我們的技術差異化將隨著我們在設備上的 gen AI 領先地位以及定制 Qualcomm Oryon CPU 的推出而加速。我們還能夠透過擴展我們的技術組合來執行我們的多元化策略，以在汽車和物聯網領域提供領先業界的產品。我們準備好的演講到此結束。

Back to you, Mauricio.

回到你身上，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) The first question is from Samik Chatterjee with JPMorgan.

（操作員說明）第一個問題來自摩根大通的 Samik Chatterjee。

Congrats on the results here. Maybe if I can start with AI and particularly the launch of the Samsung S24. Now you have some incremental sort of experience in terms of devices launching in the market and the performance and consumer reception you're seeing to that.

恭喜這裡的結果。也許我可以從人工智慧開始，特別是三星 S24 的發布。現在，您在市場上推出的設備以及您所看到的性能和消費者接受度方面有了一些增量經驗。

So I know you outlined adoption of 3G, 4G, but any way of giving us some flavor of what you're thinking in terms of adoption of these AI devices or AI on edge in terms of the smartphone market? How similar or different will that curve look like relative to 5G adoption? And any insights from the sort of pipeline you're working on will be helpful for us. And I have a follow-up.

所以我知道您概述了 3G、4G 的採用，但是有什麼方法可以讓我們了解一下您在智慧型手機市場採用這些人工智慧設備或邊緣人工智慧方面的想法嗎？相對於 5G 的採用，該曲線看起來有何相似或不同？從您正在開發的管道類型中獲得的任何見解都將對我們有所幫助。我有一個後續行動。

Thanks for the question. This is Cristiano. Look, it's early, but I think it's -- we're definitely excited about what we see in the beginning. It's not only unique to the Galaxy S24 that has a number of now use cases running gen AI on the device. I mentioned a few of in my prepared remarks, like translation. And you have a much more effective assistance in a number of different applications. We're going to see productivity coming. But we'll also see that happening with some of our other customers from China launching a number of models.

謝謝你的提問。這是克里斯蒂亞諾。聽著，現在還很早，但我認為——我們對一開始看到的東西絕對感到興奮。它不僅是 Galaxy S24 獨有的，目前有許多用例在該裝置上運行 gen AI。我在準備好的發言中提到了一些內容，例如翻譯。您在許多不同的應用程式中都可以獲得更有效的幫助。我們將看到生產力的提高。但我們也會看到我們的一些其他中國客戶推出了多種型號。

So I think we have a large number now of models being ported into our hardware for gen AI. I think we're starting to see the beginning of new use cases. Reviews have been positive, and we are happy with we've seen the results following the launch. I think we need to monitor the situation. But eventually, at a minimum, is going to have a favorable impact on mix, which is a trend that we continue to see premium and high tier with more computing power. It is the fastest-growing segment in the handset market.

所以我認為我們現在有大量的模型被移植到我們的硬體中以用於新一代人工智慧。我認為我們開始看到新用例的開始。評論是正面的，我們對發布後所看到的結果感到高興。我認為我們需要監控情況。但最終，至少，這將對混合產生有利的影響，這是我們繼續看到具有更多運算能力的高端和高端的趨勢。它是手機市場中成長最快的部分。

Yes. Okay. Got it. And maybe just as a follow-up, the -- and the Android OBX customers or the Chinese OEMs you work with, they exceeded your expectation in the fiscal first quarter. But as you're looking to the second quarter, you're guiding to a more flattish trajectory here. I know the industry has sort of been looking at inventory refill from those customers as well, driving some of the momentum.

是的。好的。知道了。也許作為後續，以及 Android OBX 客戶或與您合作的中國 OEM，他們在第一財季超出了您的預期。但當你展望第二季時，你會發現這裡的軌跡更加平坦。我知道該行業也在考慮這些客戶的庫存補充，從而推動了一些勢頭。

So just wondering if you can give us an update in terms of what you're seeing from those customers. And if at all, Huawei and their reemerges in the market is starting to have an impact in terms of volume or market share for these customers as well in the context of your flat guide for them for quarter-over-quarter.

所以想知道您是否可以向我們提供您從這些客戶那裡看到的最新情況。如果有的話，華為及其在市場上的重新出現正開始對這些客戶的銷售或市場份額以及季度環比的扁平指南產生影響。

Sure. Samik, it's Akash. As we have said previously, as we entered fiscal '24, our view was that Android channel inventory had largely normalized. And so as we go through the year, we typically see normal bill bleed cycle around handset launches. So that's kind of the phase we are in from our perspective.

當然。薩米克，我是阿卡西。正如我們之前所說，當我們進入 24 財年時，我們認為 Android 通路庫存已基本正常化。因此，當我們回顧這一年時，我們通常會看到圍繞手機發布的正常帳單流失週期。從我們的角度來看，這就是我們所處的階段。

In the first quarter, what we saw was higher demand due to the acceleration of Android flagship launches with our new chip, Snapdragon 8 Gen 3. And we saw very strong demand across all the major Android OEMs. And so happy, of course, with that traction and that momentum carries over to the second quarter as well. And that's what you're seeing both in our results and our going forward.

在第一季度，由於採用我們的新晶片 Snapdragon 8 Gen 3 的 Android 旗艦產品的加速發布，我們看到了更高的需求。而且我們看到所有主要 Android OEM 的需求都非常強勁。當然，我們很高興這種牽引力和勢頭也延續到了第二季。這就是您在我們的成果和未來的發展中所看到的。

In terms of your comment on Huawei, really what we've seen since Huawei 5G launch is that the premium tier TAM in China has expanded. And so we're continuing to see strong demand from our customers post that launch.

就您對華為的評論而言，自華為5G推出以來，我們真正看到的是中國的高端TAM已經擴大。因此，我們在發布後繼續看到客戶的強勁需求。

Our next question is from the line of Matt Ramsay with Cowen.

我們的下一個問題來自馬特拉姆齊 (Matt Ramsay) 和考恩 (Cowen) 的對話。

I guess for my first question, Cristiano, it was good to hear, I guess, the formal announcement of an extension with your partnership with Samsung. And you mentioned, I think, in your prepared script that it started with 2024 devices, but I assume it's longer than that.

我想對於我的第一個問題，克里斯蒂亞諾，很高興聽到正式宣布延長與三星的合作關係。我認為您在準備好的腳本中提到它從 2024 年設備開始，但我認為它比這更長。

So maybe you could give us a little context as to the links and any details you can share on the new agreement. You guys obviously have your new custom CPUs coming into the Snapdragon road map and some expanded MPU product as well. So we see kind of what the split is of share in the flagship at Samsung currently, but I'm just trying to understand a bit more about what this means for on a go-forward basis.

因此，也許您可以向我們提供一些有關新協議的連結和任何細節的背景資訊。顯然，你們的新客製化 CPU 已經進入 Snapdragon 路線圖，還有一些擴充的 MPU 產品。因此，我們了解了目前三星旗艦產品的份額劃分情況，但我只是想更多地了解這對未來意味著什麼。

Thanks for the question, Matt. The agreement that we announced at this earnings call, it is a multiyear agreement. We're not disclosing the duration, but there are several years into that agreement. And I think your observation is correct. I think it starts in 2024. I think as you look at the launch of Galaxy S24 is a good proxy on how we should think about the agreement between us and Samsung.

謝謝你的提問，馬特。我們在本次財報電話會議上宣布的協議是一項多年期協議。我們沒有透露期限，但協議已經簽訂了幾年。我認為你的觀察是正確的。我認為它從 2024 年開始。我認為，當你看到 Galaxy S24 的發佈時，它很好地體現了我們應該如何思考我們與三星之間的協議。

But most important is the thing that you outlined. Our road map is getting stronger over time, especially with our custom CPU coming to mobile, and we're aiming to have the leadership position in the mobile performance on CPU. And our NPU continue to expand as we -- as I mentioned before, we're just at the beginning of the gen AI transition. I think in summary, we're very pleased with our relationship with Samsung, and it's a very long-term relationship with this customer.

但最重要的是你概述的事情。隨著時間的推移，我們的路線圖變得越來越強大，特別是隨著我們的客製化 CPU 進入行動領域，我們的目標是在 CPU 的行動效能方面佔據領先地位。正如我之前提到的，我們的 NPU 持續擴展，我們正處於新一代人工智慧轉型的開始。我認為總而言之，我們對與三星的關係非常滿意，並且與該客戶建立了非常長期的關係。

Got it. I guess my follow-up question is one for Akash. First of all, Akash, congratulations on the new COO hat. Well done. But my question is around margins. And I noticed that even with the IoT business down dramatically, there was some improvement in sequential gross margin in the quarter and back above 30% in QCT operating margins.

知道了。我想我的後續問題是針對阿卡什的。首先，Akash，恭喜您獲得新的 COO 帽子。做得好。但我的問題是關於利潤率的。我注意到，即使物聯網業務大幅下滑，本季的環比毛利率仍有一些改善，QCT 營業利潤率回到了 30% 以上。

So maybe you could discuss some of the moving parts with margins in the business because it was a -- I'm -- pleasantly a bit better than I had modeled, and I kind of want to see what might be sustainable or what actions you took on a go-forward basis on both the gross and the operating side.

因此，也許您可以討論業務中一些具有利潤率的活動部分，因為它比我建模的要好一點，而且我有點想看看什麼可能是可持續的，或者您可以採取什麼行動在總量和營運方面都取得了進步。

Thank you, Matt, and thanks for the well wishes. I'm looking forward in this new role to working with Cristiano and the executive team to kind of deliver on our long-term priorities. And of course, I'll continue to remain committed to my CFO role, working closely with the team here and maintaining consistency and transparency and looking forward to seeing a lot of you at upcoming events.

謝謝你，馬特，也謝謝你的祝福。我期待在這個新角色中與克里斯蒂亞諾和執行團隊合作，以實現我們的長期優先事項。當然，我將繼續致力於我的財務長角色，與這裡的團隊密切合作，保持一致性和透明度，並期待在即將舉行的活動中見到你們。

On the margin side, what you saw in the first quarter is really the fact that our gross margins were stronger because the mix was richer. We had a higher set of premium tier launches coming through and that impacted our volume, and we benefited from that mix -- richer mix.

在利潤方面，您在第一季看到的事實是，我們的毛利率更高，因為產品組合更豐富。我們推出了更多的高端產品，這影響了我們的銷量，我們從這種組合中受益——更豐富的組合。

And if you look at our second quarter guide, we are guiding largely in line with how our first quarter came in. So that was obviously great to see. From an operating margin perspective, it's -- in addition to the strength in the gross margins, obviously, the revenue scale and the actions we took on the OpEx also benefited. And so we were happy to -- extremely happy to deliver 31% operating margin in QCT and really focused on delivering to the long-term target we've outlined to the investors.

如果你看一下我們的第二季度指南，我們的指導很大程度上與第一季的情況一致。所以這顯然是很高興看到的。從營業利潤率的角度來看，除了毛利率的強勁之外，顯然，收入規模和我們在營運支出上採取的行動也受益。因此，我們非常高興能夠在 QCT 中實現 31% 的營業利潤率，並真正專注於實現我們向投資者概述的長期目標。

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。

Congrats on extending some of the licensing deals. I guess, just want to jump a little bit into the IoT business, the 3 segments. I assume, consumer is still weaker. But can you update us kind of how the inventory bleed is trending for the 3 business within IoT? And then within that question, too, just on the recovery of IoT, can you share with us the X Elite ramp and how material this might become for IoT, say, in the next 1 to 2 years?

恭喜您延長了一些授權協議。我想，只是想稍微涉足物聯網業務，這三個領域。我認為，消費者仍然較弱。但您能否向我們介紹一下物聯網第三個業務的庫存流失趨勢？然後，在這個問題中，關於物聯網的復甦，您能否與我們分享一下 X Elite 的升級以及這對物聯網（比如說，在未來 1 到 2 年內）可能會產生怎樣的影響？

Maybe I'll address the first part and then Cristiano can talk through the X Elite question. From an IoT inventory perspective, what we have seen is stabilization really on the consumer side. As you know, we were one of the first to call out the weakness in IoT, and now we're seeing it go through both on the industrial and the edge networking side. And consistent with our previous comments, we think the first quarter was the bottom for our IoT revenue stream. We're guiding second quarter up mid- to high single digits. Second half of the year -- fiscal year, as we see the inventory channel kind of normalizing and end markets kind of benefiting from that, we're excited about what our product portfolio can bring. And overall, lots of opportunities for us there. So over -- in my mind, there's significant uncertainty, but we are cautiously optimistic, and I think we have a great product portfolio as we look forward.

也許我會解決第一部分，然後克里斯蒂亞諾可以討論 X Elite 的問題。從物聯網庫存的角度來看，我們看到消費者方面確實穩定了。如您所知，我們是最早指出物聯網弱點的人之一，現在我們看到它在工業和邊緣網路方面都存在問題。與我們先前的評論一致，我們認為第一季是我們物聯網收入流的底部。我們預計第二季將實現中高個位數成長。今年下半年—本財年，當我們看到庫存管道趨於正常化和終端市場從中受益時，我們對我們的產品組合能帶來什麼感到興奮。總的來說，我們在那裡有很多機會。總而言之，在我看來，存在著很大的不確定性，但我們持謹慎樂觀的態度，我認為我們在未來擁有出色的產品組合。

Look, your question about X Elite in PC. It's too early. We're tracking to the launch of products with this chipset tied with the next version of Microsoft Windows that has a lot of the Windows AI capabilities. We're still maintaining the same date, which is driven by Windows, which is mid-2024, getting ready for back-to-school. What we're excited about it is since we announced that at Tech Summit showing the performance of the product and the AI capabilities, design traction continue to increase. So we had increased the number of designs since last quarter. and we continue to march forward towards the launch. We like that everybody is now talking about on-device AI on PC. That's where we started this journey with X Elite. And I think that proved to be a tailwind to the opportunity for us in PCs.

聽著，你關於 PC 版 X Elite 的問題。太早了。我們正在追蹤採用該晶片組的產品的發布，該晶片組與下一版本的 Microsoft Windows 相關，該版本具有大量 Windows AI 功能。我們仍然保持由 Windows 驅動的相同日期，即 2024 年中期，為返校做好準備。令我們感到興奮的是，自從我們宣佈在技術高峰會上展示產品性能和人工智慧功能以來，設計吸引力不斷增強。因此，自上個季度以來我們增加了設計數量。我們將繼續向發射邁進。我們喜歡現在每個人都在談論 PC 上的裝置端人工智慧。這就是我們與 X Elite 開始這段旅程的地方。我認為這被證明是我們在個人電腦領域的機會的順風車。

Great. And maybe, Cristiano, just a quick follow-on question. Just on the auto business, how should we think about the ramp of that business over the next 1 to 2 years? You've talked about a lot of design win activity and digital chassis ramping this year. But with ADAS coming into the model, how might that business ramp towards your target in 2026?

偉大的。也許，克里斯蒂亞諾，只是一個快速的後續問題。就汽車業務而言，我們該如何看待未來一兩年該業務的成長？您談到了今年的許多設計獲勝活動和數位底盤提升。但隨著 ADAS 進入該模型，該業務將如何實現您 2026 年的目標？

No, absolutely. Thank you for your question. Look, let me step back a little bit and say we're extremely pleased with our performance in auto, especially when you look at the overall market. Right now, you look at Qualcomm results with record revenues and very strong, I think, year-over-year growth. In 2023, in this year that just closed, we launched 75 models with our silicon with a significant improvement in silicon content as it relates to those immersive cockpit and in many cases, processing for safety. So we're very happy with the business. And I think the answer to your question is we are on track to meet our targets that we set on the Auto Investor Day of $4 billion and $9 billion, respectively, I think for '26 at the end of the decade. So we're on track for that. And the next quarter, we're going to give you an update on the design win pipeline that continues to grow.

不，絕對是。謝謝你的問題。聽著，讓我退一步說，我們對我們在汽車領域的表現非常滿意，特別是當你看看整個市場時。現在，你會看到高通的業績，收入創紀錄，而且我認為同比增長非常強勁。 2023 年，即剛結束的一年，我們推出了 75 款採用我們矽晶片的模型，矽含量顯著提高，因為它與沉浸式駕駛艙以及在許多情況下與安全處理相關。所以我們對這項業務非常滿意。我認為你問題的答案是，我們有望實現我們在汽車投資者日設定的 40 億美元和 90 億美元的目標，我認為在本世紀末的 26 年。所以我們正在朝著這個目標邁進。下個季度，我們將為您提供持續成長的設計獲勝管道的最新資訊。

Our next question comes from 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）。

So given that you've got Android, Android was pretty strong in December, and it's flat into March. How are you thinking about June seasonality given all these trends and moving pieces? I know it's usually down a bit for March, but I guess in the current environment, how are you thinking about June seasonality?

因此，考慮到 Android 系統，Android 在 12 月表現相當強勁，而到了 3 月則持平。考慮到所有這些趨勢和變化，您如何看待六月的季節性？我知道三月通常會下降，但我想在當前環境下，您如何看待六月的季節性？

Stacy, it's Akash. No change to the shape of the year comments that we made last time. Following second quarter, we do expect third quarter to be the lowest quarter. It's one of the quarters where we do not have any significant flagship launches. And as a result, you kind of see a decline in third quarter then growth back into the fourth quarter. And it's -- when you look at second to third quarter, we expect a trend consistent with the last 2 years.

史黛西，我是阿卡什。我們上次發表的年度評論的形式並沒有改變。繼第二季之後，我們預計第三季將是最低的季度。這是我們沒有發布任何重要旗艦產品的季度之一。因此，你會看到第三季出現下降，然後第四季又恢復成長。當你觀察第二季到第三季時，我們預期趨勢與過去兩年一致。

First half, obviously benefited from this acceleration of launches for Android and pretty happy with that. And I think it sets us up as we look forward in terms of both content growth with our strong road map and just positioning overall in the handset market.

上半年，顯然受益於 Android 的加速發布，我們對此感到非常滿意。我認為這讓我們在內容成長、強大的路線圖以及手機市場的整體定位方面都充滿期待。

Got it. And so my follow-up. I just want to ask about Huawei. Was Huawei still completely out of the model in December? And is it out of the model in the March guide?

知道了。所以我的後續行動。我只是想問一下華為的情況。 12月份華為還徹底退出模式嗎？它是否超出了三月指南中的模型？

Yes. So as we've said in the past, Stacy, we do have a 4G license to ship to Huawei. And so we've continued to ship based on customer demand. But as you're aware, they have launched a 5G device with their own chip, and that's, I think, their priority going forward.

是的。正如我們過去所說，史黛西，我們確實擁有向華為發貨的 4G 許可證。因此，我們繼續根據客戶需求出貨。但如你所知，他們已經推出了一款帶有自己晶片的 5G 設備，我認為這是他們未來的首要任務。

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。

I guess just a question on QTL, and coming from your comments about the global handset market, it sounds like you're a little more optimistic on the 5G market on the year. QTL revenue has been kind of stuck in this range because of where handset units have been. Do you -- is -- I guess what's the outlook for QTL going forward in the context of what you're expecting for the handset market overall?

我想這只是一個關於QTL的問題，從您對全球手機市場的評論來看，聽起來您對今年的5G市場更加樂觀。由於手機部門的現狀，QTL 收入一直停留在這個範圍內。您——是——我想，根據您對整個手機市場的預期，QTL 的前景如何？

Yes. So as we outlined for our handset market, when you look at calendar '24, overall market, we expect it to be flat to slightly up. But within that, 5G, obviously, is our target market, especially for the chip business. We expect that to be high single digit to low double digit up on a year-over-year basis. Within QTL, I will stick with the guidance we have given before. We think there's a scale to the business that's aligned with the handset market and the 2 will move in line.

是的。因此，正如我們對手機市場的概述一樣，當您查看 24 日曆年的整體市場時，我們預計將持平或略有上升。但其中，5G 顯然是我們的目標市場，尤其是晶片業務。我們預計同比增幅將為高個位數到低兩位數。在 QTL 中，我將堅持我們先前給予的指導。我們認為該業務的規模與手機市場一致，兩者將保持一致。

And then on the extensions of the license, I just wanted to make sure that I said this in my prepared remarks, but just to confirm. As a result of the extension, we do not expect any material change in our QCT licensing revenue run rate. So it's consistent with the program. In the QTL licensing revenue run rate, it's consistent with the program.

然後關於許可證的延期，我只是想確保我在準備好的發言中說了這一點，但只是為了確認。由於延期，我們預計 QCT 授權收入運行率不會發生任何重大變化。所以和程序是一致的。在QTL授權收入運行率上，與方案一致。

Great. That's helpful. As a follow-up. Cristiano, I wonder if you could speak to sort of the decision to reengage in custom cores with Oryon. And what outcome you expect to that? I mean, it sounds like that's been one of the reasons or one of the things behind the renewal of the Samsung agreement. What sort of change in the market, because Qualcomm did custom cores in the past? And what do you expect to get out of that in terms of market share and content and such?

偉大的。這很有幫助。作為後續。 Cristiano，我想知道您是否可以談談與 Oryon 重新參與定制核心的決定。您期望得到什麼結果？我的意思是，聽起來這就是續簽三星協議的原因之一或原因之一。由於高通過去曾做過客製化核心，市場發生了什麼樣的變化？您期望從市場佔有率和內容等方面獲得什麼？

Thank you, Chris, for your question. Look, it's consistent, I think, with the strategy we outlined, I think, following the acquisition of NUVIA. In the past, Qualcomm has been designing now its own custom cores. And I think the first instantiation of that was for PCs.

謝謝克里斯的提問。看，我認為這與我們在收購 NUVIA 後概述的策略是一致的。過去，高通現在一直在設計自己的客製化內核。我認為它的第一個實例是針對個人電腦的。

Actually, if you remember, in the past, that was the key motivation as we embark on this journey to create a leading SoC for laptops for the Windows ecosystem. We needed to have the performance leadership and we needed to design our own CPU to deliver the results that we did with X Elite. Now we're taking that across the entire road map. Your observation is correct.

事實上，如果您還記得的話，在過去，這是我們踏上為 Windows 生態系統打造領先筆記型電腦 SoC 之旅的關鍵動機。我們需要保持效能領先地位，並且需要設計自己的 CPU 來提供與 X Elite 相同的結果。現在我們正在將其貫穿整個路線圖。你的觀察是正確的。

As we take that into mobile next, we're seeing significant interest from our partners as it truly becomes a leadership position in the marketplace now across all cores, not only graphics and AI but also CPU. And we're not stopping there. Following smartphone, it's going to go into our automotive business, and we're excited about what the team has accomplished to date. Oryon is really well positioned to be the leading CPU core in the industry.

當我們下一步將其引入行動領域時，我們看到合作夥伴表現出了極大的興趣，因為它真正成為了所有核心市場的領導地位，不僅包括圖形和人工智慧，還包括 CPU。我們不會就此止步。繼智慧型手機之後，它將進入我們的汽車業務，我們對團隊迄今為止所取得的成就感到興奮。 Oryon 確實有能力成為業界領先的 CPU 核心。

Next question comes from the line of Timothy Arcuri with UBS.

下一個問題來自瑞銀集團的 Timothy Arcuri。

Can you talk about restocking in China? It looks like the China Android, obviously, was up a ton and it's being guided flat. Your peer was a bit cautious on this. Can you talk -- do you think you're shipping that to consumption? And do you think you're going to ship to consumption through the rest of the year? And then I had another question.

能談談在中國補貨的情況嗎？顯然，中國的安卓系統已經上漲了很多，但現在卻持平。你的同行對此有點謹慎。你能談談嗎——你認為你正在將其運送到消費領域嗎？您認為今年剩下的時間您會運送到消費嗎？然後我還有另一個問題。

Yes. Tim, consistent with what I said earlier in the call. I think we were kind of at -- largely at normalized inventory for Android entering the fiscal year. What you saw in the December quarter, at least for us, to a large extent, was a build for the various premium tier launches that happened during the period. And so we do expect normal bill bleed cycles through the year as devices launch. But that's kind of the framework with which we are operating going forward.

是的。提姆，與我之前在電話中所說的一致。我認為我們在很大程度上處於進入本財年的 Android 庫存標準化狀態。您在 12 月季度看到的，至少對我們來說，在很大程度上是在此期間發生的各種高級產品發布的構建。因此，我們確實預計，隨著設備的推出，一年中會出現正常的帳單流失週期。但這就是我們未來運作的框架。

Got it. And then now that you have the modem for longer for this one flagship customer, one can envision a scenario where maybe you can leverage that into some new RF content that you have not had in the past. Is this a scenario? I mean, it seems like it could add $1 billion maybe. I mean you were sort of running to $4 billion a year in your RFFE business prior to stopping to tell us what that is. So it seems like that is something you could potentially leverage the reliance on your modem business.

知道了。現在，您為這個旗艦客戶擁有調製解調器的時間更長了，我們可以設想一種場景，也許您可以將其利用到一些您過去沒有的新射頻內容中。這是一個場景嗎？我的意思是，看起來它可能會增加 10 億美元。我的意思是，在停下來告訴我們這是什麼之前，您的 RFFE 業務每年的收入已經達到 40 億美元。因此，您似乎可以利用對調製解調器業務的依賴。

Yes. Tim, I'd say that's a conversation, obviously, that we will talk to the customer about. It's a part of our portfolio, and we'll make it available if they're interested.

是的。提姆，我想說，顯然，這是我們將與客戶討論的對話。這是我們產品組合的一部分，如果他們感興趣，我們將提供它。

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。

A couple of questions and, Akash, congrats on the COO role. The first one is on the OpEx side of things. You guys did a great job in the calendar fourth quarter and you gave the guidance for the fiscal first -- or fiscal second quarter. How should we think about that for the remainder of the year, given your commentary on kind of doubling down on some of the opportunistic investments to diversify the company, new cores, et cetera?

有幾個問題，Akash，恭喜您擔任營運長。第一個是營運支出方面。你們在第四季度做得很好，並且為第一財季或第二財季提供了指導。考慮到您對加倍進行一些機會主義投資以實現公司多元化、新核心等的評論，我們應該如何看待今年剩下的時間？

Yes, Ross, thank you very much. From an OpEx perspective, really, the way we think about it is any hiring that we do we'll be very selective and focused on really acquiring new skills that are required for diversification. But other than that, we've gone through a reduction recently. We think we're at scale to a large extent, and we're committed to operating discipline.

是的，羅斯，非常感謝你。從營運支出的角度來看，實際上，我們的想法是，我們所做的任何招募都會非常有選擇性，並專注於真正獲得多元化所需的新技能。但除此之外，我們最近也進行了削減。我們認為我們在很大程度上已經達到了規模，並且我們致力於遵守營運紀律。

Great. And I guess for my follow-up. I noticed in the 10-Q, you had a new 10% customer, I think it was a 14% customer. I don't expect you to name who that is. But is that a reflection of the strong China demand that you talked about in the continuation of good future growth opportunities? Or was there any onetime aspect of that customer, whoever it may be, popping up in the quarter?

偉大的。我想我的後續行動。我注意到在 10-Q 中，您有一個新的 10% 客戶，我認為這是一個 14% 的客戶。我不指望你說出那人是誰。但這是否反映了您談到的中國強勁需求，以及未來良好成長機會的延續？或者該客戶（無論是誰）是否在本季突然出現？

I think the way you framed it in your first theory is a reasonable way of thinking about it.

我認為你在第一個理論中建構它的方式是一種合理的思考方式。

Our next question is coming from the line of Tom O'Malley with Barclays.

我們的下一個問題來自巴克萊銀行的湯姆·奧馬利。

Just passing on my congratulations to Akash as well. I just wanted to ask on the ASP side for Android. You're obviously kind of characterizing a market that's flattish into March, kind of the bottom in June and then improving from there. But you benefited from some good mix in the beginning of the fiscal year here. Could you talk about what you would expect from a mix perspective as you go to the back half? Would you see the same kind of strength on the ASP side that you've kind of seen over the past year? That would be really helpful to understand.

我也向阿卡什轉達我的祝賀。只是想問一下Android 的ASP 方面。顯然，您所描述的市場在 3 月持平，在 6 月觸底，然後從那裡開始改善。但您從本財年年初的一些良好組合中受益。您能談談當您進入後半場時，從混合的角度您會期待什麼嗎？您是否會在 ASP 方面看到與去年相同的優勢？這對理解真的很有幫助。

Yes. So if you think about premium flagship launches for our OEMs, a lot of the launches happen in the holiday time frame just before the holidays, going into Chinese New Year as well. And so you've seen a lot of those happen. We do have some significant launches through the middle of the year, but obviously, the next big launch goes into the holiday season, starting with Apple and then going into the Android launches. So that's the typical cadence.

是的。因此，如果您考慮我們的原始設備製造商的高端旗艦產品發布，許多發布都發生在假期前的假期時間範圍內，也進入農曆新年。所以你已經看到很多這樣的事情發生了。我們確實在年中推出了一些重大產品，但顯然，下一次重大產品發布將在假期期間進行，首先是蘋果產品，然後是 Android 產品。這就是典型的節奏。

Now when -- just to confirm, that's just the premium tier we are talking about. Of course, there are other tiers and including the high tier, where we have very significant presence and that does drive a significant portion of our -- the launches that happened through the year and also our revenue base.

現在，只是為了確認一下，這只是我們正在討論的高級等級。當然，還有其他層次，包括高層，我們在這些層次上擁有非常重要的影響力，這確實推動了我們全年的發布以及我們的收入基礎的很大一部分。

Helpful. And then just on the auto business. You've clearly seen some weaker data points just out of the ecosystem. Can you explain why your auto business may not be levered to some of like the ADAS areas where you've seen a particular weakness of late? And like when do those ADAS and wins start layering on? Is that more of like a '25 story for you guys or '26? Just can you talk about the pipeline and when you see those more advanced wins kind of layering into the revenue stream?

有幫助。然後就是汽車業務。您已經清楚地看到生態系統中的一些較弱的數據點。您能否解釋為什麼您的汽車業務可能無法利用 ADAS 等領域（您最近發現這些領域特別薄弱）？這些 ADAS 和勝利何時開始分層？這對你們來說更像是25年的故事還是26年的故事？您能否談談管道以及當您看到那些更先進的勝利是否會分層到收入流中？

This is Cristiano. Look, the automotive story of Qualcomm is primarily driven by share gains as models with our silicon, part of our pipeline started to materialize into revenue. And the way you should think about it, historically, a lot of the revenue was telematics. Now you see the largest component being a lot of the fully immersive digital cockpits on the car.

這是克里斯蒂亞諾。看，高通的汽車故事主要是由我們的晶片模型的份額收益推動的，我們的產品線的一部分開始轉化為收入。你應該這樣想，從歷史上看，很多收入來自遠端資訊處理。現在你看到最大的組件是汽車上的許多完全沉浸式數位駕駛艙。

And we already have some revenue from ADAS processing. You see a lot of cars, for example, in China with both ADAS and autonomy with our processor. You see some of our customers in the United States with our processor. And I think that continues to grow. As we get towards our 2026 revenue target, you're probably going to see very healthy components of all of those elements.

我們已經從 ADAS 處理中獲得了一些收入。例如，在中國，您會看到很多汽車都配備了 ADAS 和具有我們處理器的自動駕駛功能。您會看到我們在美國的一些客戶使用我們的處理器。我認為這一數字還在持續增長。當我們實現 2026 年的收入目標時，您可能會看到所有這些元素都非常健康。

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 have 2 follow-ups on answers or questions you had before. The first one is Samsung. On one hand, there is a new contract. On the other hand, Samsung is going to use their own more in '24 versus '23. So net-net, are you expecting revenues of Samsung to go up or down in '24 versus '23? What are your expectations of share losses within -- can you frame it for us?

我對您先前的答案或問題進行了 2 次跟進。第一個是三星。一方面，有一份新合約。另一方面，與 23 年相比，三星將在 24 年更多地使用自己的產品。那麼，您預計三星 24 年的營收與 23 年相比會上升還是下降？您對內部股票損失的預期是什麼－您能為我們描述一下嗎？

And the second question is on the auto business. You had a phenomenal quarter. It's very different from the other auto companies. Most other auto Companies had weakness. What is the strength related to? Meaning is it share gain with certain customers? Is it new product? Or can you just put some color on the strength, the relative strength, versus the others?

第二個問題是關於汽車業務。你度過了一個非凡的季度。這與其他汽車公司有很大不同。大多數其他汽車公司都有弱點。強度與什麼有關？意思是與某些客戶分享收益嗎？是新產品嗎？或者你可以對強度、相對強度與其他強度做一些區分嗎？

Yes, Tal, it's Akash. So on this -- on Samsung and this is a conversation about the premium tier, I assume. In G S23, we did have global share. In the G S24 that just launched and consistent with what we said on the last quarter, we expect to have a majority share based on the model split between us and Exynos. As Cristiano indicated in his prepared remarks, one of the benefits of the agreement that we did with them is it gives us predictability on our position within the premium tier going forward. And then from a content perspective, there's clearly content expansion happening. And this is really when you look at our premium tier road map, not just with gen AI coming in, our custom CPU cores coming in as well, but then also across other technologies. As consumers demand more capability, we see our content and our ASP both continue to grow.

是的，塔爾，我是阿卡什。因此，關於三星，我認為這是一場關於高端產品的對話。在G S23中，我們確實擁有全球份額。在剛推出的 G S24 中，與我們上季度所說的一致，根據我們和 Exynos 之間的型號劃分，我們預計將擁有多數份額。正如克里斯蒂亞諾在他準備好的演講中指出的那樣，我們與他們達成的協議的好處之一是它使我們能夠預測我們未來在高端聯賽中的地位。然後從內容的角度來看，顯然正在發生內容擴展。當你查看我們的高級路線圖時，這確實是事實，不僅是一代 AI 的出現，我們的客製化 CPU 核心也出現了，而且還涉及其他技術。隨著消費者需要更多的功能，我們看到我們的內容和 ASP 都在持續成長。

Switching over to your second question on automotive. You should really think -- the way to think about our automotive business is we're tied to the launch of new cars. Clearly, the industry is going through a transformation, digitization of cars, and we are right at the intersection of that transformation. We are benefiting as cars put in more infotainment content for experience within the car. More ADAS content comes into the car as well.

轉到關於汽車的第二個問題。你真的應該思考一下——思考我們的汽車業務的方式是我們與新車的推出息息相關。顯然，這個產業正在經歷一場汽車數位轉型，而我們正處於這場轉型的十字路口。隨著汽車加入更多資訊娛樂內容以提供車內體驗，我們受益匪淺。更多 ADAS 內容也融入汽車。

And really, we get to benefit from all those intersection points in the car, and we're increasing the content as new cars launch. So that's the maybe a disconnect between some of our peers, what they're seeing and what we're seeing. Stepping back, I mean, clearly, this is an industry that's going through some shorter-term dynamics, so we'll be closely monitoring it. But when you step back, our technology, our position, our products look really good, and we're excited about where we're going.

事實上，我們可以從汽車中的所有這些交叉點中受益，隨著新車的推出，我們正在增加內容。所以這可能是我們的一些同行、他們所看到的和我們所看到的之間的脫節。退一步來說，我的意思是，顯然，這是一個正在經歷一些短期動態的行業，因此我們將密切關注它。但當你退後一步時，我們的技術、我們的地位、我們的產品看起來非常好，我們對我們的發展方向感到興奮。

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

今天的問答環節到此結束。阿蒙先生，在休會之前您還有什麼要補充的嗎？

Yes. Just in closing, I'd just like to remind everyone, look, we're -- as I said, we're happy with the quarter. We see the android market stabilizing after we've been to '23. That was a year of correction. We like the transition of user experience with gen AI. That could create an opportunity in mobile. This is one of those times for Qualcomm. They are both our Apple and Samsung revenue on the chip side or under contract. We're very happy about that.

是的。最後，我想提醒大家，正如我所說，我們對本季感到滿意。進入 23 年後，我們看到 Android 市場趨於穩定。那是修正的一年。我們喜歡 gen AI 帶來的使用者體驗轉變。這可能會在行動領域創造機會。對高通來說，這是其中之一。它們都是我們蘋果和三星在晶片方面或合約方面的收入。我們對此感到非常高興。

We continue to move towards stability of the QTL revenue stream with those new agreements. As you look at the growth opportunity, I think the auto results speak for itself. We're now in the IoT segment, really focus on the launch of X Elite. In the PC, we announced a new product for XR. And if you believe that, that market is finally going to get very large scale, we're well positioned with our partnership with Meta as well as Samsung and Google. And as IoT, especially industrial goes to the correction, we expect that to resume growth.

透過這些新協議，我們將繼續努力實現 QTL 收入流的穩定。當你審視成長機會時，我認為汽車表現不言而喻。我們現在處於物聯網領域，並真正專注於 X Elite 的推出。在 PC 方面，我們發布了 XR 的新產品。如果您相信，該市場最終將變得非常大規模，那麼我們與 Meta、三星和谷歌的合作關係就處於有利地位。隨著物聯網（尤其是工業物聯網）出現調整，我們預期物聯網將恢復成長。

So we're focused on what we can control, busy at work with the growth and diversification of the company. And I want to say a big thank you for all of our partners and employees that helped us get to this quarter. Thank you very much, and I'll talk to you all next quarter.

因此，我們專注於我們可以控制的事情，並忙於公司的成長和多元化。我想對所有幫助我們完成本季的合作夥伴和員工表示衷心的感謝。非常感謝大家，我會在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。