高通 (QCOM) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

Welcome to the Qualcomm fourth quarter and fiscal 2024 earnings conference call.

歡迎參加高通第四季和 2024 財年財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded, November 6, 2024.

（操作員說明）謹此提醒，本次會議將於 2024 年 11 月 6 日進行錄音。

The playback number for today's call is 877-660-6853.

今天通話的回放號碼是 877-660-6853。

International callers, please dial 201-612-7415.

國際電話請撥 201-612-7415。

The playback reservation number is 13749366.

播放預約號碼為13749366。

I would now like on the call over to Mauricio Lopez-Hodoyan, Vice President of Investor Relations.

我現在想致電投資者關係副總裁 Mauricio Lopez-Hodoyan。

Mr. Lopez-Hodoyan, please go ahead.

洛佩茲-霍多揚先生，請繼續。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

Today's call will include prepared remarks by Cristiano Renno Amon and Akash Palkhiwala.

今天的電話會議將包括克里斯蒂亞諾·倫諾·阿蒙 (Cristiano Renno Amon) 和阿卡什·帕爾希瓦拉 (Akash Palkhiwala) 準備好的演講。

In addition, Alex Rogers will join the question-and-answer session.

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 slide presentation that accompany this call on our Investor Relations website.

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。

In addition, this call is being webcast on qualcomm.com, and a replay will be available on our website later today.

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.

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.

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 forward-looking statements.

實際事件或結果可能與前瞻性陳述中的預測有重大差異。

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.

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, the comments from Qualcomm's President and Chief Executive Officer, Cristiano Renno Amon.

現在，高通總裁兼執行長克里斯蒂亞諾·倫諾·阿蒙 (Cristiano Renno Amon) 發表了評論。

Thank you, Mauricio, and good afternoon, everyone.

謝謝毛里西奧，大家午安。

Thanks for joining us today.

感謝您今天加入我們。

In fiscal Q4, we delivered non-GAAP revenues of $10.2 billion and non-GAAP earnings per share of $2.69. Chipset business revenues were $8.7 billion, and licensing business revenues were $1.5 billion.

在第四財季，我們實現了 102 億美元的非 GAAP 收入和 2.69 美元的非 GAAP 每股盈餘。晶片組業務收入為 87 億美元，授權業務收入為 15 億美元。

During Q4 in fiscal '24, we continue to make progress on our growth and diversification strategy, addressing new end markets for Qualcomm's technology.

在 24 財年第四季度，我們持續在成長和多元化策略方面取得進展，為高通技術開拓新的終端市場。

Our differentiated technology and product roadmaps lead in every industry in which we now participate, and we are very optimistic about the edge AI momentum across our business.

我們的差異化技術和產品路線圖在我們現在參與的每個行業中都處於領先地位，我們對整個業務的邊緣人工智慧勢頭非常樂觀。

As such, we will continue to transform Qualcomm from a wireless communications company into a connected computing company for the age of AI.

因此，我們將繼續將高通從一家無線通訊公司轉型為人工智慧時代的互聯運算公司。

In the current environment, more than ever, we remain extremely focused on executing our strategy and targets while maintaining operating discipline and creating value for our stockholders.

在當前環境下，我們比以往任何時候都更加專注於執行我們的策略和目標，同時保持營運紀律並為股東創造價值。

I will now share some key highlights from across the business.

現在我將分享整個行業的一些關鍵亮點。

As the strong pace of AI innovation continues, there is now broad recognition of the opportunity for on-device AI to enable new capabilities and transform the human computer interface.

隨著人工智慧創新持續強勁步伐，人們現在廣泛認識到設備上的人工智慧有機會實現新功能並改變人機介面。

On-device AI provides context, enhances immediacy and reliability, and enables personalization while providing privacy and security.

設備上的人工智慧提供上下文，增強即時性和可靠性，並在提供隱私和安全性的同時實現個人化。

Additionally, GenAI-enabled devices and applications are evolving to understand natural language, images, sound, and the world around us, driving a new generation of AI-first experiences.

此外，支援 GenAI 的裝置和應用程式正在不斷發展，以理解自然語言、圖像、聲音和我們周圍的世界，推動新一代人工智慧優先的體驗。

This has the potential to create a new cycle of semiconductor innovation and content, and Qualcomm is well positioned to capitalize on this opportunity across devices at the edge.

這有可能創造半導體創新和內容的新周期，而高通公司處於有利地位，可以在邊緣設備上利用這一機會。

We shared this vision at the recent Snapdragon Summit with the support of key industry leaders, including Microsoft, Meta, Amazon, OpenAI, Mister AI, IBM, and others.

在微軟、Meta、亞馬遜、OpenAI、Mister AI、IBM 等主要產業領導者的支持下，我們在最近的 Snapdragon 高峰會上分享了這個願景。

Together with our ecosystem partners, we're driving this transition to AI-enable edge computing to empower consumers and enterprises by enhancing productivity, entertainment, creativity, convenience, and more.

我們與生態系統合作夥伴一起推動向人工智慧邊緣運算的轉變，透過提高生產力、娛樂性、創造力、便利性等來增強消費者和企業的能力。

Notably, we're partnering with Meta to support Llama 3.2, including their multimodal 11 billion, 3 billion, and 1 billion-parameter models on Snapdragon-powered devices.

值得注意的是，我們正在與 Meta 合作支援 Llama 3.2，包括他們在 Snapdragon 驅動的裝置上的多模 110 億、30 億和 10 億參數模型。

We're also working with Amazon to create a cloud-to-edge solution that allows developers to customize their models on SageMaker and deploy them to Qualcomm and Snapdragon platforms via the AI Hub.

我們還與 Amazon 合作創建雲端到邊緣的解決方案，讓開發人員在 SageMaker 上自訂模型，並透過 AI Hub 部署到 Qualcomm 和 Snapdragon 平台。

Model availability on the AI Hub has grown by more than 50% since last quarter, with both open source and proprietary models.

自上季以來，AI Hub 上的模型可用性成長了 50% 以上，包括開源模型和專有模型。

In handsets, we recently unveiled the Snapdragon 8 Elite, our latest flagship mobile platform, which features our second-generation custom Oryon CPU.

在手機領域，我們最近推出了最新的旗艦行動平台 Snapdragon 8 Elite，它配備了我們的第二代客製化 Oryon CPU。

This CPU delivers up to 30% faster performance with 57% less power, a significant leap over the first generation in less than a year.

這款 CPU 的效能提高了 30%，功耗降低了 57%，在不到一年的時間內比第一代有了顯著飛躍。

Snapdragon 8 Elite is the world's fastest mobile processor, restoring performance leadership to the Android ecosystem.

Snapdragon 8 Elite 是全球最快的行動處理器，恢復了 Android 生態系統的效能領先地位。

In addition, Snapdragon 8 Elite introduces a newly architected Hexagon NPU, delivering a 45% improvement in both performance and power efficiency over Snapdragon 8 Gen 3.

此外，驍龍8 Elite也引進了全新架構的Hexagon NPU，與驍龍8 Gen 3相比，效能和能源效率提升了45%。

Combined with the improved CPU and GPU, Snapdragon 8 Elite can dynamically manage AI workloads and handle the complexities of multimodal GenAI in real time.

結合改進的CPU和GPU，Snapdragon 8 Elite可以動態管理AI工作負載並即時處理多模態GenAI的複雜性。

We are extremely pleased with the Snapdragon 8 Elite design traction with successful launches at Xiaomi, Honor, Oppo, and Vivo; and we look forward to additional launches at Samsung, ASUS, and more.

我們對 Snapdragon 8 Elite 的設計吸引力感到非常滿意，並在小米、榮耀、Oppo 和 Vivo 上成功推出；我們期待三星、華碩等公司推出更多產品。

In a short period of time, our Snapdragon X Series platforms have redefined personal computing.

在很短的時間內，我們的Snapdragon X系列平台重新定義了個人運算。

Building on the initial launch momentum, we have expanded our portfolio with the addition of the Snapdragon X Plus 8-core compute platform.

在最初發布勢頭的基礎上，我們透過添加 Snapdragon X Plus 8 核計算平台來擴展我們的產品組合。

The X Plus 8-core maintains leadership in performance and battery life, enabling OEMs to offer thin and light Copilot+ PCs with transformative, uncompromised on-device AI in more affordable price points.

X Plus 8 核心在性能和電池壽命方面保持領先地位，使 OEM 能夠以更實惠的價格提供具有變革性、不妥協的設備端 AI 的輕薄 Copilot+ PC。

This makes next-gen AI PCs accessible to even more users, expanding our addressable market.

這使得下一代人工智慧電腦可供更多用戶使用，從而擴大了我們的潛在市場。

We are very pleased that leading OEMs, including Dell, HP, Lenovo, Samsung, Acer, and ASUS will all have devices powered by our X Plus 8-core platform.

我們非常高興包括戴爾、惠普、聯想、三星、宏碁和華碩在內的領先 OEM 廠商都將擁有由我們的 X Plus 8 核平台提供支援的設備。

We now have a total of 58 platforms launched or in development across the X Series portfolio.

目前，我們的 X 系列產品組合中共有 58 個已推出或正在開發的平台。

Snapdragon X Series power laptops will also be the first to get the new Copilot+ PC features announced on October 1, including Recall, Click To Do, improved search, super resolution in photos, generative fill, and erase in Paint.

Snapdragon X 系列筆記型電腦也將率先獲得 10 月 1 日宣布的新 Copilot+ PC 功能，包括召回、點擊待辦、改進的搜尋、照片超解析度、產生填充和畫圖擦除。

In XR, together with Meta, we continue to enable the future of spatial computing.

在 XR 中，我們與 Meta 一起繼續推動空間運算的未來。

The recently announced Quest 3S powered by Snapdragon XR2 Gen 2 delivers a more affordable headset targeted for users new to mix reality and immersive experiences.

最近發布的採用 Snapdragon XR2 Gen 2 的 Quest 3S 提供了更實惠的耳機，針對剛接觸現實和沈浸式體驗的用戶。

This is an important milestone in increasing the scale of this opportunity.

這是擴大這一機會規模的一個重要里程碑。

Additionally, the Snapdragon AR1 Gen 1 powered Ray-Ban Meta glasses are receiving new AI features, including location and navigation assistance, real-time speech translation, answering questions about their environment, and hands-free access to user digital lives.

此外，搭載 Snapdragon AR1 Gen 1 的 Ray-Ban Meta 眼鏡還配備了新的人工智慧功能，包括定位和導航輔助、即時語音翻譯、回答有關環境的問題以及免提訪問用戶數位生活。

We're also pleased that Snap recently unveiled their next-generation Spectacles powered by dual Snapdragon processors, which are aimed at creators exploring advanced AR experiences.

我們也很高興 Snap 最近推出了搭載雙 Snapdragon 處理器的下一代 Spectacles，旨在為探索先進 AR 體驗的創作者提供支援。

Industrial IoT is evolving with advanced edge computing and intelligence, driving demand for our technologies and providing a significant future opportunity for Qualcomm.

工業物聯網隨著先進的邊緣運算和智慧不斷發展，推動了對我們技術的需求，並為高通提供了重要的未來機會。

To that end, we recently announced the Qualcomm IQ Series, a new family of industrial-grade solutions specifically designed to meet the needs of next-generation, industrial edge applications.

為此，我們最近推出了 Qualcomm IQ 系列，這是一個新的工業級解決方案系列，專為滿足下一代工業邊緣應用的需求而設計。

With on-device AI performance of up to 100 tops, the ability to operate in extreme conditions, and a suite of building safety features, the Qualcomm IQ Series of chipsets are purpose-built to power a wide range of solutions, including inspection and automation, robotics, drones, advanced computer vision, edge AI boxes and gateways, and more.

Qualcomm IQ 系列晶片組具有高達 100 Tops 的設備端 AI 性能、在極端條件下運行的能力以及一套建築安全功能，專為支持包括檢測和自動化在內的各種解決方案而設計、機器人、無人機、先進的電腦視覺、邊緣人工智慧盒和網關等等。

Additionally, we introduced the Qualcomm IoT Solutions Framework, which helps enterprises build solutions that enable easy development of end-to-end applications, reduce time to implementation, and improve operational efficiencies.

此外，我們還推出了高通物聯網解決方案框架，可協助企業建立解決方案，從而輕鬆開發端到端應用程式、縮短實施時間並提高營運效率。

This all-encompassing framework features recommended chipsets and core software; support for multiple operating systems, such as Android, Linux, and Windows; tailored reference designs; software libraries; SDKs; supplementary cloud-based services; microservices; and access to a growing network of channel partners.

這個包羅萬象的框架具有推薦的晶片組和核心軟體；支援Android、Linux、Windows等多種作業系統；量身訂製的參考設計；軟體庫；軟體開發工具包；基於雲端的補充服務；微服務；並獲得不斷成長的通路合作夥伴網路。

In edge networking, we announced the Networking Pro A7 Elite platform, the first commercial platform to revolutionize enterprise and home networking connectivity with edge AI.

在邊緣網路方面，我們推出了 Networking Pro A7 Elite 平台，這是第一個利用邊緣 AI 徹底改變企業和家庭網路連結的商業平台。

This platform includes Wi-Fi 7, 5G, 10-gigabit PON, Ethernet, and an AI co-processor with 40 tops of NPU processing power.

該平台包括Wi-Fi 7、5G、10G PON、乙太網路以及具有40頂級NPU處理能力的AI協處理器。

The transformative integration of connectivity and computing power into the network unlocks opportunities for operators and enterprises to deploy innovative applications and services in areas such as security and surveillance, energy management and automation, personalized virtual assistance, and health monitoring, among others.

連接性和運算能力與網路的變革性集成為營運商和企業提供了在安全和監控、能源管理和自動化、個人化虛擬協助和健康監測等領域部署創新應用和服務的機會。

Edge AI also enhances privacy by processing sensitive information on the gateway while enabling personalization through contextualized understanding of the environment and immediacy to near real-time responses.

邊緣人工智慧也透過處理網關上的敏感資訊來增強隱私，同時透過對環境的上下文理解和近實時響應的即時性來實現個人化。

Finally, in automotive, we recently announced our most powerful platforms to date, the Snapdragon Cockpit Elite and Snapdragon Ride Elite.

最後，在汽車領域，我們最近發布了迄今為止最強大的平台：Snapdragon Cockpit Elite 和 Snapdragon Ride Elite。

Both feature our category-leading custom Oryon CPU, now optimized for automotive safety standards and design for three times faster CPU performance over previous generations.

兩者均採用我們領先的客製化 Oryon CPU，現已針對汽車安全標準進行了最佳化，其 CPU 性能比前幾代快了三倍。

These platforms are also developed for current and future multimodal AI in assisted driving workloads, feature our dedicated Hexagon NPU with up to 12 times increased AI performance over previous generation, a substantial upgrade.

這些平台還專為當前和未來輔助駕駛工作負載中的多模式人工智慧而開發，採用我們專用的 Hexagon NPU，其人工智慧性能比上一代提高了 12 倍，這是一個重大升級。

The Snapdragon Cockpit Elite powers advanced digital experiences, including robust multimedia capabilities, such as gaming and advanced 3D graphics, on-device AI with fully integrated edge orchestrator, optimized safety and security, and long-term software support.

Snapdragon Cockpit Elite 為先進的數位體驗提供支持，包括強大的多媒體功能（例如遊戲和先進的 3D 圖形）、具有完全整合邊緣編排器的設備上人工智慧、優化的安全性和長期軟體支援。

The Snapdragon Ride Elite platform offers an end-to-end ADAS system with advanced features, such as vision perception, sensor fusion, path planning, localization, and complete vehicle control.

Snapdragon Ride Elite平台提供端到端ADAS系統，具備視覺感知、感測器融合、路徑規劃、定位和完整車輛控制等先進功能。

Additionally, these platforms are built on a unique, flexible architecture that gives automakers the option to combine both digital cockpit and automated driving functionalities on the same SoC.

此外，這些平台建立在獨特、靈活的架構之上，使汽車製造商可以選擇在同一個 SoC 上結合數位駕駛艙和自動駕駛功能。

We are pleased that leading core manufacturers are adopting Snapdragon Elite automotive platforms for their future software-defined vehicles, including Li Auto and Mercedes-Benz.

我們很高興領先的核心製造商正在為其未來的軟體定義汽車採用Snapdragon Elite汽車平台，其中包括理想汽車和梅賽德斯-奔馳。

We are very pleased with the progress we have made this year with significant advancements on our product roadmap and customer engagement across multiple end markets.

我們對今年的進展感到非常高興，我們的產品路線圖和跨多個終端市場的客戶參與度取得了重大進展。

I look forward to sharing more about our strategy and progress at our upcoming growth and diversification focused Investor Day in New York on November 19.

我期待在 11 月 19 日於紐約舉行的以成長和多元化為重點的投資者日上分享更多有關我們的策略和進展的資訊。

I will now turn the call to Akash.

我現在將電話轉給阿卡什。

Thank you, Cristiano, and good afternoon, everyone.

謝謝你，克里斯蒂亞諾，大家下午好。

I'll start with our fourth fiscal quarter earnings.

我將從我們第四財季的收益開始。

We are pleased to announce strong non-GAAP results, with revenues of $10.2 billion and EPS of $2.69, which was above the high end of our guidance.

我們很高興地宣布強勁的非 GAAP 業績，收入為 102 億美元，每股收益為 2.69 美元，高於我們指導的上限。

QTL revenues of $1.5 billion and EBT margin of 74% were at the high end of our guidance, driven by slightly higher handset units in the quarter.

在本季手機銷量略有增加的推動下，QTL 營收為 15 億美元，EBT 利潤率為 74%，處於我們指引的高端。

QCT delivered revenues of $8.7 billion and EBT margin of 28%, with revenues at the high end of our guidance range on strength in both IoT and automotive.

QCT 實現收入 87 億美元，息稅前利潤率為 28%，由於物聯網和汽車領域的實力，收入處於我們指導範圍的高端。

QCT handset revenues of $6.1 billion were in line with our expectations for the quarter.

QCT 手機營收為 61 億美元，符合我們對本季的預期。

QCT IoT revenues of $1.7 billion increased 24% from the prior quarter due to the benefit of new product launches and continued normalization of channel inventory.

由於新產品的推出和通路庫存的持續正常化，QCT IoT 營收為 17 億美元，季增 24%。

We delivered our fifth consecutive quarter of record QCT automotive revenues of $899 million with sequential growth of 11% and year-over-year growth of 68% on continued content increase in new vehicle launches.

由於新車發佈內容的持續增加，我們連續第五個季度實現了創紀錄的 QCT 汽車收入 8.99 億美元，環比增長 11%，同比增長 68%。

Lastly, we returned $2.2 billion to stockholders, including $1.3 billion in stock repurchases and $947 million in dividends.

最後，我們向股東返還了 22 億美元，其中包括 13 億美元的股票回購和 9.47 億美元的股息。

Before turning to guidance, I'll summarize our fiscal '24 results.

在轉向指導之前，我將總結我們 24 財年的表現。

We are very pleased with our execution and financial performance in fiscal '24.

我們對 24 財年的執行和財務表現感到非常滿意。

We delivered revenues of $39 billion and non-GAAP EPS of $10.22, a growth of 21% on a year-over-year basis.

我們營收 390 億美元，非 GAAP 每股收益 10.22 美元，較去年同期成長 21%。

Our results reflect the benefit of operating leverage as we maintain fiscal discipline and manage non-GAAP operating expenses relatively flat as compared to fiscal '23.

我們的業績反映了營運槓桿的好處，因為我們維持了財政紀律，並管理著與 23 財年相比相對平穩的非 GAAP 營運費用。

In QTL, we made significant progress in our ability to maintain revenue and margin scale as a result of completing a number of licensing renewals during the year.

在QTL，由於年內完成了多項授權續簽，我們在維持收入和利潤規模的能力方面取得了重大進展。

In QCT handsets, we delivered greater than 20% year-over-year growth in Android revenues driven by technology leadership of our premium-tier Snapdragon products and normalization of channel inventory.

在 QCT 手機領域，在我們高階 Snapdragon 產品的技術領先地位和通路庫存標準化的推動下，我們的 Android 營收年增超過 20%。

Consistent with expectations outlined at the beginning of the fiscal year, QCT IoT revenues grew sequentially in each of the following quarters throughout the year.

與本財年年初概述的預期一致，QCT 物聯網營收在全年接下來的每季都連續成長。

In a challenging industry environment, we delivered full year revenue growth of 55% in QCT automotive, extending our leadership in automotive computing and connectivity platforms.

在充滿挑戰的行業環境中，我們在 QCT 汽車領域實現了 55% 的全年收入成長，擴大了我們在汽車運算和連接平台方面的領先地位。

Lastly, our business generated record free cash flow of $11.2 billion, and our balance sheet remains strong with $13.3 billion in cash and marketable securities.

最後，我們的業務創造了創紀錄的 112 億美元自由現金流，我們的資產負債表仍然強勁，擁有 133 億美元的現金和有價證券。

Turning to guidance.

轉向指導。

We now expect global 3G, 4G, 5G handset units to increase by low to mid-single-digit percentage on a year-over-year basis in calendar '24.

我們現在預計 24 世紀全球 3G、4G、5G 手機銷量將年增至中個位數百分比。

For the first quarter of fiscal '25, we are forecasting revenues of $10.5 billion to $11.3 billion and non-GAAP EPS of $2.85 to $3.05.

對於 25 財年第一季，我們預計營收為 105 億美元至 113 億美元，非 GAAP 每股收益為 2.85 美元至 3.05 美元。

In QTL, we estimate revenues of $1.45 billion to $1.65 billion and EBT margins of 73% to 77%, reflecting normal seasonality for handset units when adjusted for the extra week in the fourth quarter of fiscal '24.

我們預計 QTL 的營收為 14.5 億美元至 16.5 億美元，息稅前利潤率為 73% 至 77%，這反映了在對 2024 財年第四季額外一周進行調整後手機銷量的正常季節性。

In QCT, we expect revenues of $9 billion to $9.6 billion and EBT margins of 29% to 31%.

在 QCT 中，我們預期營收為 90 億至 96 億美元，EBT 利潤率為 29% 至 31%。

We expect QCT handset revenues to grow by a mid-single-digit percentage on a year-over-year basis.

我們預計 QCT 手機收入將年增中個位數百分比。

This forecast includes greater than 40% sequential revenue growth from Chinese OEMs and the acceleration of flagship Android handset launches powered by our recently announced Snapdragon 8 Elite platform.

這項預測包括中國 OEM 廠商的收入環比增長超過 40%，以及由我們最近發布的 Snapdragon 8 Elite 平台提供支援的旗艦 Android 手機的加速推出。

We anticipate QCT IoT revenues to increase by more than 20% on a year-over-year basis with growth across consumer, industrial, and networking.

我們預計，隨著消費、工業和網路領域的成長，QCT 物聯網收入將年增 20% 以上。

Following our outperformance in the fourth quarter, this forecast reflects a seasonal sequential decline consistent with the last two fiscal years.

繼第四季表現出色之後，這項預測反映了與過去兩個財年一致的季節性連續下降。

We expect QCT automotive revenues to grow by 50% relative to last year and be approximately flat on a sequential basis.

我們預計 QCT 汽車收入將比去年增長 50%，環比基本持平。

Lastly, we estimate non-GAAP operating expenses to be approximately $2.2 billion.

最後，我們估計非 GAAP 營運費用約為 22 億美元。

In closing, I want to thank our employees for their hard work and dedication and remaining focused on execution while delivering industry-leading products.

最後，我要感謝我們的員工的辛勤工作和奉獻精神，並在提供行業領先的產品的同時始終專注於執行。

The last few weeks have marked a meaningful acceleration in our progress towards our diversification strategy, and I'd like to highlight some significant product announcements.

過去幾週標誌著我們在多元化策略方面取得了有意義的加速，我想強調一些重要的產品公告。

First, we announced our Snapdragon X Plus platform at IFA Conference, which extends our performance leadership to the $700 price tier for personal computers.

首先，我們在 IFA 大會上宣布了我們的 Snapdragon X Plus 平台，該平台將我們的性能領先地位擴展到個人電腦 700 美元的價格層。

Second, at the Embedded World North America, we introduced the most comprehensive chipset and software portfolio for AI-ready industrial IoT solutions.

其次，在北美嵌入式世界博覽會上，我們推出了最全面的晶片組和軟體組合，用於人工智慧就緒的工業物聯網解決方案。

And third, at the Snapdragon Summit, we unveiled the Snapdragon 8 Elite handset platform, featuring the world's fastest mobile CPU; and the Snapdragon Cockpit Elite and Snapdragon Ride Elite automotive platforms, establishing us as a performance leader in digital cockpit and ADAS.

第三，在Snapdragon高峰會上，我們推出了Snapdragon 8 Elite手機平台，配備了全球最快的行動CPU；以及 Snapdragon Cockpit Elite 和 Snapdragon Ride Elite 汽車平台，使我們成為數位駕駛艙和 ADAS 領域的性能領導者。

Lastly, we look forward to seeing you in New York on November 19, where we will expand on these exciting product announcements with an update on our IoT and automotive diversification strategy.

最後，我們期待 11 月 19 日在紐約見到您，屆時我們將透過更新我們的物聯網和汽車多元化策略來擴展這些令人興奮的產品發布。

This concludes our prepared remarks.

我們準備好的演講到此結束。

Back to you, Mauricio.

回到你身邊，毛里西奧。

Thank you, Akash.

謝謝你，阿卡什。

Operator, we are now ready for questions.

接線員，我們現在準備好提問了。

(Operator Instructions) Joe Moore, Morgan Stanley.

（操作員指示）喬·摩爾，摩根士丹利。

Great.

偉大的。

Thank you.

謝謝。

I wonder if you could talk about the strength in autos.

我想知道您能否談談汽車方面的優勢。

You've obviously put up great sequential numbers.

顯然你已經提供了很好的連續數字。

There are headwinds in that business.

該行業存在一些阻力。

I know you have a lot of pipeline momentum, but just kind of give us a picture of how the environment is affecting you and how much visibility you have into that trajectory.

我知道你們有很大的管道動力，但請讓我們了解一下環境如何影響你們以及你們對該軌跡有多少可見性。

Hey, Joe. Thanks for the question.

嘿，喬。謝謝你的提問。

This is Cristiano.

這是克里斯蒂亞諾。

As we said before, I think you should look at our revenue in auto, less sensitive to what happens in the market much more related to new models that are being launched with Qualcomm technology.

正如我們之前所說，我認為您應該專注於我們在汽車領域的收入，對市場上發生的事情不太敏感，而與採用高通技術推出的新車型更相關。

And it's reflecting a shift in share.

這反映出份額的變化。

So as we gain share and new models get launched, you'll start to see that show up in our financials.

因此，當我們獲得份額並推出新型號時，您將開始看到它出現在我們的財務數據中。

So that's the reason we continue to have growth both sequentially and year-over-year.

這就是我們繼續實現環比和同比增長的原因。

Great.

偉大的。

Thank you.

謝謝。

And then I don't think you mentioned it.

然後我認為你沒有提到它。

Anything you could say about the ARM dispute?

關於ARM之爭你有什麼想說的話嗎？

Because that would help us understand what's the stake there.

因為這將有助於我們了解其中的利害關係。

Yeah.

是的。

Joe. On the ARM side, from our perspective, we have a very broad, well-established license rights that cover our custom designed CPUs.

喬.在 ARM 方面，從我們的角度來看，我們擁有非常廣泛、完善的授權權利，涵蓋我們客製化設計的 CPU。

So we are very confident that those rights will be affirmed.

因此，我們非常有信心這些權利將會得到確認。

The trial is scheduled for December, and so we're looking forward to addressing ARM's claims at that point.

審判定於 12 月進行，因此我們期待屆時解決 ARM 的主張。

Okay, thank you.

好的，謝謝。

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

Hey.

嘿。

Thank you for taking my questions.

感謝您回答我的問題。

Really strong results, so congratulations on that.

非常強勁的結果，所以恭喜你。

Maybe if I can start with IoT.

也許我可以從物聯網開始。

You -- for the first three quarters of the year, you had declines on a year-over-year basis.

今年前三個季度，年比有所下降。

And you're seeing this acceleration in IoT in the fourth quarter and going into first quarter on a year-over-year basis.

您會看到物聯網在第四季和第一季同比加速成長。

Can you just sort of parse that out a bit?

能稍微解析一下嗎？

How much of this is a recovery in the traditional IoT businesses you are in relative to contribution from the PC market and really an acceleration on account of that?

相對於個人電腦市場的貢獻，您所在的傳統物聯網業務的復甦有多少是真正的加速？

Just anything you can parse out between industrial IoT, consumer IoT, and new products versus older products you've been on.

您可以在工業物聯網、消費性物聯網以及新產品與您使用過的舊產品之間解析出任何內容。

And I have a follow-up.

我有一個後續行動。

Sure.

當然。

So Samik, it's Akash.

Samik，就是阿卡什。

If you look at our performance both in first -- fourth quarter and first quarter in IoT, we saw benefit across all the three areas, so consumer, industrial, and networking.

如果你看看我們在物聯網領域第一、第四季和第一季的表現，我們會看到所有三個領域都受益，即消費者、工業和網路。

And within fourth quarter, as some new products were launched in PC, in XR, in other areas as well, we saw the benefit of those launches come through in our numbers.

在第四季度，隨著一些新產品在 PC、XR 以及其他領域的推出，我們看到了這些發布帶來的好處。

There is a portion of channel inventory normalization as well, but it's really the new product launches coming through for us both in the fourth and the first quarter.

還有一部分通路庫存正常化，但這實際上是我們在第四季和第一季推出的新產品。

And that sets up -- sets us up well for the rest of the year.

這讓我們在今年剩下的時間裡做好了準備。

Okay, okay.

好吧，好吧。

Got it.

知道了。

And I mean, it's -- obviously, as you mentioned, it's been a tough backdrop in terms of the macro, and you're guiding to about a 10% revenue growth in the first quarter.

我的意思是，很明顯，正如您所提到的，從宏觀角度來看，這是一個艱難的背景，您預計第一季的營收成長約為 10%。

Just trying to think about sustainability of that into the March quarter, particularly given that you did mention there's some acceleration of Android launches as well.

只是想考慮三月季度的可持續性，特別是考慮到您確實提到 Android 的發布也有所加速。

How should we think about -- with the combination of smartphone and the impressive performance you have on the non-smartphone areas now, how sustainable is this double-digit growth into the March quarter?

我們該如何思考——結合智慧型手機和非智慧型手機領域令人印象深刻的表現，這兩位數的成長到三月季度的可持續性如何？

Yeah.

是的。

Samik, so we're pretty happy with the trajectory of the business, both in terms of our fourth quarter results and first quarter guidance.

Samik，所以我們對業務的發展軌跡非常滿意，無論是第四季度的業績還是第一季的指導。

We are not guiding beyond the first quarter at this point.

目前我們不會對第一季之後的情況進行指導。

But as you know, we have an Investor Day coming up in a couple of weeks, where we're going to talk through our diversification strategy and growth; and we'll provide a financial framework around it.

但如您所知，幾週後我們將舉行投資者日，我們將在會議上討論我們的多元化策略和成長；我們將圍繞它提供一個財務框架。

So we'll address some of these topics at that point.

因此，我們屆時將討論其中一些主題。

Okay.

好的。

I'll pass it on.

我會把它傳遞下去。

Thank you.

謝謝。

Stacy Rasgon, Bernstein Research.

史黛西‧拉斯貢，伯恩斯坦研究中心。

Hi. guys.

你好。夥計們。

Thanks for taking my questions.

感謝您回答我的問題。

My first question, just on chipset gross margins.

我的第一個問題是關於晶片組的毛利率。

They seem to be guided down a bit, I don't know, 100 or 150 bps in Q1.

我不知道，第一季它們似乎被引導下降了 100 或 150 個基點。

Is that just like increased wafer cost, TSM?

這就像晶圓成本增加一樣嗎，TSM？

Is there something else going on with mix just given which products are shipping?

考慮到哪些產品正在出貨，混合中是否還有其他問題？

Any color you can give us on gross margins?

您能給我們提供有關毛利率的任何顏色嗎？

And I guess, like, is the framework on how to think about them going forward around 48-ish, plus or minus?

我想，關於如何思考它們未來的框架是大約 48 左右，加還是減？

Is that still the right way to think about chip gross margins?

這仍然是考慮晶片毛利率的正確方法嗎？

Yeah.

是的。

Sure, Stacy.

當然，史黛西。

It's Akash.

是阿卡什。

So in fourth quarter, we actually guided lower, and we came in slightly better because of stronger mix.

因此，在第四季度，我們實際上指導較低，並且由於更強大的組合，我們的表現稍好一些。

And so what we're guiding in first quarter is really largely in line with fourth quarter, and we think that's a reasonable way to model the business going forward.

因此，我們在第一季的指導實際上與第四季度基本一致，我們認為這是對未來業務進行建模的合理方法。

And I think from a product mix perspective, we feel pretty good about where we are set up both across businesses and within handsets.

我認為從產品組合的角度來看，我們對跨業務和手機領域的設定感到非常滿意。

So that will obviously continue to play a factor as we look forward.

因此，在我們展望未來時，這顯然將繼續發揮作用。

Got it.

知道了。

Thank you.

謝謝。

For my follow-up, I just wanted to ask a little more about on PCs.

對於我的後續行動，我只是想多問一些關於 PC 的問題。

You'd talked about new product launches in Q4.

您談到了第四季度的新產品發布。

Can you help us size, like how big was the PC portion in Q4?

你能幫助我們確定一下規模嗎？

And given you're guiding IoT down seasonally, sequentially in Q1, is PCs as well as some of the other stuff a function of that?

鑑於您在第一季按季節引導物聯網下降，個人電腦以及其他一些東西是否會受到影響？

Like how do we think about the contribution that we're seeing early in the launch of those products?

就像我們如何看待在這些產品推出初期所看到的貢獻？

Yeah.

是的。

So Stacy, as you know, we're pretty excited about the PC roadmap.

Stacy，如你所知，我們對 PC 路線圖感到非常興奮。

I think we've established ourselves as a performance leader in Windows devices.

我認為我們已經成為 Windows 裝置的效能領導者。

And during the quarter, we also launched a new chip, Snapdragon X Plus 8-core chip, which allows us now to access the $700 price tier for the PC market as well.

在本季度，我們還推出了一款新晶片 Snapdragon X Plus 8 核心晶片，這使我們現在也能進入 PC 市場的 700 美元價格層。

So now we have performance leadership really without compromising on NPU performance across tiers in the PC market.

因此，現在我們在 PC 市場的各個層級中確實擁有效能領先地位，且不影響 NPU 效能。

And so initial reaction has been great.

所以最初的反應非常好。

We are pleased with it.

我們對此感到滿意。

We will talk about this in a lot more detail at Investor Day both from traction across OEMs and then targets for the longer term.

我們將在投資者日更詳細地討論這個問題，包括原始設備製造商的吸引力和長期目標。

Stacy, this is Cristiano.

史黛西，這是克里斯蒂亞諾。

I just wanted to add one thing.

我只是想補充一件事。

While I think we are going to make probably financial projections, how we think about the PC business in November 19, I wanted to point out one thing which is very visible.

雖然我認為我們可能會在 11 月 19 日做出財務預測，以及我們如何看待 PC 業務，但我想指出一件非常明顯的事情。

When we launched this -- we launched this in May.

當我們推出這個產品時——我們是在五月推出的。

We are -- so a period of time if you think about it, we are now in November.

如果你仔細想想，我們現在是 11 月。

When we launched in May, we had about 20 platforms.

當我們在 5 月推出時，我們有大約 20 個平台。

One thing we disclosed on this call is now, the platforms that we have designed in, they add to about 58.

我們在這次電話會議上透露的一件事是，我們設計的平台現在增加到了大約 58 個。

That is almost a 3x increase on the number of platforms that are being designed and under development.

正在設計和開發的平台數量幾乎增加了 3 倍。

I think that is giving us a lot of confidence that our platform to resonate with the market and we're getting traction with the OEMs.

我認為這給了我們很大的信心，我們的平台能夠與市場產生共鳴，並且我們正在受到原始設備製造商的關注。

Thank you.

謝謝。

Joshua Buchalter, TD Cowen.

約書亞‧布查爾特 (Joshua Buchalter)，TD 考恩 (TD Cowen)。

Hey. guys.

嘿。夥計們。

Thank you for taking my question.

感謝您回答我的問題。

I wanted to follow up on Joe's question from earlier about the auto upside.

我想跟進喬之前提出的有關汽車行業優勢的問題。

I mean, in particular, the auto space upside has been driven by China.

我的意思是，汽車領域的上漲尤其是由中國推動的。

I guess, maybe you could give us some data points on how much your exposure within the auto market is driven by the China market now.

我想，也許你可以給我們一些數據，說明你現在在汽車市場上的投資有多少是由中國市場驅動的。

And then also maybe some -- any metrics you can give us on how much is infotainment versus ADAS?

然後也許還有一些 - 您可以給我們一些關於資訊娛樂與 ADAS 相比的指標嗎？

And in particular, as you ramp Snapdragon Ride Elite with capabilities of both infotainment and ADAS and one SoC, how is engagement for that?

特別是，當您提升 Snapdragon Ride Elite 的資訊娛樂和 ADAS 功能以及一個 SoC 的能力時，參與度如何？

And how do you expect that to ramp over the next couple of years?

您預計未來幾年這數字將如何成長？

Thank you.

謝謝。

Hi, Josh.

嗨，喬許。

It's Akash.

是阿卡什。

From a geography diversity perspective, you should think of our portfolio as very diverse.

從地理多元化的角度來看，您應該認為我們的投資組合非常多元化。

We have a very strong set of design wins globally across OEMs.

我們在全球 OEM 廠商中贏得了一系列非常強大的設計勝利。

And so you should not think of this as reliant on a specific geography, and we are planning to give some disclosures on that topic as we go forward.

因此，您不應認為這依賴於特定的地理位置，我們計劃在今後的工作中就該主題進行一些披露。

Maybe just to add one thing.

也許只是添加一件事。

I think in addition of in design with virtually every single OEM in every region, one of the things we're very excited about it is what we did on both the Snapdragon Ride Elite and Cockpit Elite.

我認為除了與每個地區幾乎每個 OEM 的設計之外，我們非常興奮的一件事是我們在 Snapdragon Ride Elite 和 Cockpit Elite 上所做的事情。

One of the things I want to point out is it's one of the biggest upgrade setting to date in order of magnitude about 12x on AI.

我想指出的一件事是，它是迄今為止最大的升級設定之一，其數量級約為 AI 的 12 倍。

As we said before, I think GenAI use cases on a core and especially a little different approach is about future-proofing that design for software-defined vehicle.

正如我們之前所說，我認為 GenAI 的核心用例，特別是稍微不同的方法，是為了軟體定義車輛的設計面向未來。

It's getting a lot of traction to a lot of OEMs.

它對許多原始設備製造商具有很大的吸引力。

We announced two that made public, but I think design traction on that chipset is actually very high.

我們宣布了兩款已公開的產品，但我認為該晶片組的設計吸引力實際上非常高。

And Josh, on your second question on a combination of cockpit and ADAS, a lot of our traction this year is with launches with cars using our cockpit solution.

Josh，關於駕駛艙和 ADAS 組合的第二個問題，我們今年的大部分重點是推出使用我們駕駛艙解決方案的汽車。

And we see ADAS having some traction, some deployments right now, but it's going to ramp over the next couple of years.

我們看到 ADAS 具有一定的吸引力，目前已經進行了一些部署，但它將在未來幾年內持續發展。

And that becomes another inflection point in our revenue growth going forward.

這將成為我們未來營收成長的另一個轉捩點。

Got it.

知道了。

Thank you for all the color.

謝謝你所有的顏色。

And then a follow-up, I wanted to ask about the handset market.

接下來，我想問一下手機市場的狀況。

If we sort of back out your top two customers, handsets are up, I think, around 50% year over year.

如果我們排除掉你的前兩名客戶，我認為手機銷量比去年同期成長了 50% 左右。

Any metrics you can give us on units versus ASPs?

您能為我們提供有關單位與 ASP 的任何指標嗎？

I know there was an inventory dynamic last year.

我知道去年有庫存動態。

So as we think about the sustainability of that growth vector into 2025, in particular, for the China market, would be curious if there's any incremental metrics you can give us outside your top two customers.

因此，當我們考慮到 2025 年這個成長向量的可持續性時，特別是對於中國市場，我們會很好奇除了兩大客戶之外，您是否可以向我們提供任何增量指標。

Thank you.

謝謝。

Yeah.

是的。

I think, Josh, the -- if you look at the total handset market, and this is sell-through, we are projecting in '24 that the market will be up low to mid-single digits.

喬什，我想，如果你看看整個手機市場，這是銷售情況，我們預計 24 年市場將成長到中個位數。

But the big story for us has been content increase.

但對我們來說最重要的是內容的增加。

We've seen the chipsets becoming a lot more capable.

我們已經看到晶片組的功能變得更強大。

And you saw the X Elite -- 8 Elite announcement that we did last month, a lot more content going into the chip.

您看到了我們上個月發布的 X Elite - 8 Elite 公告，晶片中包含了更多內容。

And as those get -- solutions get adopted, we get to see the benefit on the ASP side.

隨著這些解決方案被採用，我們將看到 ASP 方面的好處。

The second factor is the mix across tiers.

第二個因素是跨層級的混合。

We're seeing the mix across tiers continue to improve in the handset market as well.

我們看到手機市場的跨層級組合也持續改善。

So if you look back over the last three or four years, devices greater than $400 has gone up from being 21% of the market to 30% of the market, and that is definitely beneficial to us.

因此，如果你回顧過去三、四年，400 美元以上的設備已經從市場的 21% 上升到了 30%，這對我們來說絕對是有利的。

Maybe one last point is, if you think about our guidance quarter, December quarter, we do not have any Huawei product revenue in our guidance.

也許最後一點是，如果你考慮我們的指導季度，即 12 月季度，我們的指導中沒有任何華為產品收入。

A year ago quarter, we did have Huawei product revenue.

一年前的季度，我們確實有華為產品的收入。

So it's actually something that we've overcome, and then we have growth on top of it.

所以這實際上是我們已經克服的事情，然後我們在此基礎上實現了成長。

Thank you.

謝謝。

Chris Caso, Wolfe Research.

克里斯‧卡索，沃爾夫研究中心。

Yeah, thank you.

是的，謝謝。

Just another follow-up question with regard to handset.

這是關於手機的另一個後續問題。

And if you could characterize because I think for Qualcomm, you saw a rebound or normalization in the premium part of the handset market in the first half of the year.

如果你能描述一下的話，因為我認為對於高通來說，今年上半年手機市場的高端部分出現了反彈或正常化。

Is what you're seeing now some follow-through on the mid-tier or it's just continuation of what you saw in the first half of the year?

現在您看到的是中層市場的一些後續情況，還是只是您上半年看到的情況的延續？

And then secondly on that, with regard to some of the accelerated China launches, do you think that's a reflection of the market, of some perhaps improvement in the market in China or at least the China OEMs?

其次，關於一些加速在中國推出的產品，您認為這是否反映了市場，或者中國市場或至少是中國原始設備製造商市場的某些改善？

Or is it simply a matter of timing?

或者這只是一個時間問題？

Yeah.

是的。

I think, Chris, if you think about our handset business, we're definitely really strong at the top of the roadmap in premium tier.

我認為，克里斯，如果你考慮我們的手機業務，我們在高端路線圖的頂部絕對是非常強大的。

And as we mentioned earlier, we announced our new flagship chipset, and you're seeing OEMs launch with that chipset.

正如我們之前提到的，我們發布了新的旗艦晶片組，您會看到 OEM 推出該晶片組。

So those definitely factor into our numbers.

所以這些肯定會影響我們的數字。

And it's less about other tiers, more about the fact that we launched our new premium-tier chipset.

與其他等級無關，更多的是我們推出了新的高階晶片組。

And the OEMs are actively taking advantage of it by accelerating their launches and really increasing the scale of their launches.

而整車廠也積極利用這一點，加速上市，真正擴大上市規模。

Got it.

知道了。

And just with regard to the licensing business, you see a shallow sequential increase in the December quarter.

僅就授權業務而言，您將看到 12 月季度的環比小幅增長。

I imagine that's because of the absence of the extra week for that licensing business.

我想這是因為許可業務沒有額外的一週時間。

Any changes for just the structure of that market that we shouldn't anticipate going forward?

市場結構是否會發生我們不應預期的變化？

Or is it about what you'd consider to be normal?

還是關於你認為正常的事情？

Yeah, it's very much normal.

是的，這很正常。

It's really the extra week coming out and the normal sequential quarter-over-quarter growth.

這實際上是額外的一周的到來和正常的環比連續增長。

Tal Liani, Bank of America.

塔爾·利亞尼，美國銀行。

Hey, guys.

嘿，夥計們。

Other companies reported opposite trends of what you're talking about.

其他公司報告的趨勢與您所說的相反。

Some of the companies reported weakness in China, migration to lower tier, and then Apple had weaker numbers than expected.

一些公司報告在中國市場表現疲軟，並開始向低端市場遷移，而蘋果的業績則低於預期。

How do you connect the comments we get from other vendors to your strengths?

您如何將我們從其他供應商那裡得到的評論與您的優勢聯繫起來？

And are you concerned that maybe the strength is more inventory build-out or build-out by customers because of your new launches?

您是否擔心，由於新產品的推出，優勢可能是庫存增加或客戶增加？

So can you comment about end-market demand and the composition of end-market demands in -- globally?

那麼您能否評論一下全球的終端市場需求和終端市場需求的組成？

Thanks.

謝謝。

Look, thanks for the question.

聽著，謝謝你的提問。

I can't really speak of other companies.

我真的不能談論其他公司。

The only thing I can say is I'm actually very happy with our results.

我唯一能說的是我對我們的結果非常滿意。

But I'll give you a couple of data points, maybe help you triangulate that.

但我會給你一些數據點，也許可以幫助你進行三角測量。

When we look sequentially, we have now, quarter over quarter, greater than 40% handset revenue growth with Chinese OEMs in -- look in the 1Q fiscal '25, if you look at the guide.

當我們按順序查看時，我們現在發現，如果您查看指南，您會發現，中國 OEM 廠商的手機收入在 25 年第一季的季度環比增長超過 40%。

In fiscal '24, our Android revenues, we get 20% year-over-year growth, including the loss of Huawei revenues.

在 24 財年，我們的 Android 營收年增 20%，其中包括華為營收的損失。

And when we compare with our closest competitor, for example, in Android, our premium tier, we get greater than 5x premium-tier revenue.

當我們與我們最接近的競爭對手進行比較時，例如，在我們的高階產品 Android 領域，我們獲得的收入是高階產品的 5 倍以上。

So I think it shows a couple of things.

所以我認為這表明了一些事情。

As Akash outlined, content is increasing.

正如阿卡什所概述的那樣，內容正在增加。

The premium tier is expanding in the market that it normalized.

高端品牌正在其標準化的市場中擴張。

And we don't see much of the inventory dynamics we used to see.

我們沒有看到以前看到的太多庫存動態。

So I think it speaks a little bit to the strength of our product roadmap.

所以我認為這在一定程度上說明了我們產品路線圖的優勢。

I think the launch of new products from customers in China, but more important is this trend that the mix are really improving.

我認為中國客戶推出了新產品，但更重要的是這種組合正在真正改善的趨勢。

Got it.

知道了。

Thank you.

謝謝。

Timothy Arcuri, UBS.

提摩西‧阿庫裡，瑞銀集團。

Thanks a lot.

多謝。

Akash, I'm just looking at the guidance.

阿卡什，我只是在看指導。

And for China Android to be up more than 40%, it implies that your two other big customers are both down in the double-digit range.

而中國 Android 的漲幅超過 40%，這意味著你的另外兩個大客戶的跌幅都在兩位數範圍內。

I mean both of them have to be down.

我的意思是他們兩個都必須下來。

So can you speak to that as very sort of anti-seasonal for at least one of those guys to be down?

那麼你能說這對於至少其中一個人的倒下來說是一種非常反季節的現象嗎？

And then can you speak to what's driving this?

那麼您能談談是什麼推動了這一趨勢嗎？

Do you think -- I mean, is any of this pull-forward because of tariffs?

你認為──我的意思是，這些提前是因為關稅嗎？

Are these customers concerned about potential tariffs with -- given the results of the election?

鑑於選舉結果，這些客戶是否擔心潛在的關稅？

So maybe they are pulling some things forward.

所以也許他們正在推動一些事情向前發展。

Is that plausible?

這樣合理嗎？

Thanks.

謝謝。

Yeah.

是的。

Let me start with the second part of your question.

讓我從你問題的第二部分開始。

That's not the case.

事實並非如此。

This is not about tariffs or pull-forward because of those reasons.

由於這些原因，這與關稅或提前推進無關。

From a customer perspective on the quarterly trend, the way we think about it is what we're guiding is based on customer launch cadences and their demands.

從客戶對季度趨勢的角度來看，我們的思考方式是我們所指導的基於客戶的發布節奏及其需求。

You should not think of this as a statement on sell-through.

您不應將此視為有關銷售的聲明。

It's really chipset purchases that are happening from us.

這實際上是我們購買的晶片組。

So I think that those two may be connected in some cases.

所以我認為這兩者在某些情況下可能是有關聯的。

But you already know what our share position is across OEMs, and so it's not a share question.

但您已經知道我們在原始設備製造商中的份額狀況，因此這不是份額問題。

It's just the timing of purchases from us.

這只是從我們這裡購買的時間。

Okay.

好的。

Thank you.

謝謝。

C.J. Muse, Cantor Fitzgerald.

C.J.繆斯，坎托·費茲傑拉。

Yeah.

是的。

Good afternoon.

午安.

Thank you for taking my questions.

感謝您回答我的問題。

I guess first question, I was hoping to revisit IoT business growing nicely for you year-on-year.

我想第一個問題是，我希望重新審視物聯網業務，為您帶來同比良好的成長。

And pretty much every other company that I've come across is seeing challenges there, particularly parts of consumer and industrial.

我遇到的幾乎所有其他公司都面臨挑戰，特別是消費和工業領域。

So would love to hear, perhaps on the consumer side, whether you're seeing kind of the uptake that we're hearing in China.

所以很想聽聽，也許是在消費者方面，您是否看到了我們在中國聽到的那種接受情況。

And then moreover, I guess, on the industrial side, is that where you're seeing inventory correction?

此外，我想，在工業方面，您會看到庫存調整嗎？

What's the timing of recovery and your thoughts there?

恢復的時間是什麼？

Yeah, sure.

是的，當然。

So on the consumer side, as we said, new product launches, both in XR and NPC, definitely a factor in our performance.

因此，在消費者方面，正如我們所說，XR 和 NPC 方面的新產品發布絕對是影響我們績效的因素。

And then on the industrial side, at Embedded World, we announced a new product portfolio, updated product portfolio, that addresses both not just chipsets but software readiness to drive through AI-ready use cases in industrial.

然後在工業方面，在 Embedded World 上，我們宣布了一個新的產品組合，更新的產品組合，不僅解決晶片組問題，還解決軟體準備情況，以推動工業中的人工智慧用例。

We think that that market is turning.

我們認為市場正在轉變。

There's an inflection point and there's going to be a lot of demand for solutions that have processing, connectivity, AI readiness.

現在有一個拐點，對具有處理、連接、人工智慧準備的解決方案會有大量需求。

And so we're seeing this early stages of demand come through for our solutions.

因此，我們看到對我們的解決方案的需求處於早期階段。

And this is one of the topics that we'll discuss in detail at our Investor Day, so stay tuned on that one.

這是我們將在投資者日詳細討論的主題之一，所以請繼續關注這個主題。

Very helpful.

非常有幫助。

And as a follow-up, in your 10-K, you talked about a large customer potentially going internal as a next several quarter risk.

作為後續行動，在您的 10-K 中，您談到了大客戶可能會作為未來幾季的風險進入內部。

And obviously, this has been discussed for many years.

顯然，這個問題已經討論了很多年了。

But if it were to happen, how should we think about the moving parts to your overall QCT margins?

但如果發生這種情況，我們應該如何考慮影響 QCT 整體利潤率的因素？

I think no real change, no new information here.

我認為這裡沒有真正的變化，也沒有新的資訊。

I think you -- there's enough data out there for you to be able to size the risk that we've always outlined.

我想你——有足夠的數據讓你能夠評估我們一直概述的風險。

As we've said, we have a three-year agreement, '24, '25, and '26 phone launches; and the framework of that agreement is consistent with the prior one.

正如我們所說，我們簽訂了一份為期三年的協議，「24」、「25」和「26」手機發布；該協議的框架與先前的協議一致。

Our planning assumption has been that the share will ramp down to 20% for the '26 launch, and the agreement ends after that.

我們的計劃假設是，26 年推出時，份額將下降至 20%，協議在此後終止。

So no change really to anything we've said in the past, and I think that's how our planning assumption is.

因此，我們過去所說的一切都沒有改變，我認為這就是我們的計劃假設。

Anything better would be upside.

任何更好的事情都會有好處。

Thank you.

謝謝。

That concludes our question-and-answer session.

我們的問答環節到此結束。

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

阿蒙先生，在休會之前您還有什麼要補充的嗎？

Yeah, just a few statements.

是的，只是幾句話。

Thank you.

謝謝。

Thanks, everyone, for joining us on the call today.

感謝大家今天加入我們的電話會議。

When we look at Qualcomm, I think we feel pretty good at our position.

當我們審視高通時，我認為我們對自己的定位感到非常滿意。

There are very few companies positioned in so many markets in the transformation of many industries.

在眾多產業轉型中，定位如此多市場的企業很少。

We -- there's a lot of distraction out there, but we're not distracted.

我們——外面有很多幹擾，但我們不會分心。

We're really focused on executing on our growth and diversification.

我們真正專注於執行我們的成長和多元化。

And we're really looking forward, I think, to tell our story on November 19.

我想，我們真的很期待 11 月 19 日能講述我們的故事。

I'd like to take a moment to thank all of our employees for incredible fiscal year -- fiscal '24.

我想花點時間感謝我們所有的員工，感謝他們在 24 財年的出色表現。

They're truly the best part of Qualcomm.

它們確實是高通最好的部分。

And we're going to be -- keep executing and focus on changing the company into a connected computing company for the age of AI.

我們將繼續執行並專注於將公司轉變為人工智慧時代的互聯計算公司。

Thank you so much, and I look forward to speaking with you all next quarter.

非常感謝，我期待下個季度與大家交談。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。