高通 (QCOM) 2022 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm Second Quarter Fiscal 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded, April 27, 2022. The playback number for today's call is (877) 660-6853. International callers, please dial (201) 612-7415. The playback reservation number is 13728288.

女士們，先生們，謝謝你們的支持。歡迎參加 Qualcomm 2022 財年第二季度收益電話會議。 （操作員說明）提醒一下，本次會議正在錄製，2022 年 4 月 27 日。今天通話的回放號碼是 (877) 660-6853。國際呼叫者請撥打 (201) 612-7415。播放預約號為13728288。

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

我現在想將電話轉給投資者關係副總裁 Mauricio Lopez-Hodoyan。 Lopez-Hodoyan 先生，請繼續。

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

謝謝大家，大家下午好。今天的電話會議將包括 Cristiano Amon 和 Akash Palkhiwala 準備好的講話。此外，Alex Rogers 將參加問答環節。您可以在我們的投資者關係網站上訪問我們的收益發布和本次電話會議隨附的幻燈片演示。此外，本次電話會議正在 qualcomm.com 上進行網絡直播，今天晚些時候將在我們的網站上提供重播。

During the call today, we will use non-GAAP financial measures as defined in Regulation G, and you can find the related reconciliations to GAAP on our website. We will also make forward-looking statements, including projections and estimates of future events, business or industry trends or business or financial results. Actual events or results could differ materially from those projected in our forward-looking statements. Please refer to our SEC filings, including our most recent 10-K, which contain important factors that could cause actual results to differ materially from the forward-looking statements.

在今天的電話會議中，我們將使用法規 G 中定義的非 GAAP 財務指標，您可以在我們的網站上找到與 GAAP 相關的對賬。我們還將做出前瞻性陳述，包括對未來事件、業務或行業趨勢或業務或財務結果的預測和估計。實際事件或結果可能與我們前瞻性陳述中的預測存在重大差異。請參閱我們的 SEC 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大不相同的重要因素。

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

現在聽取高通總裁兼首席執行官克里斯蒂亞諾·阿蒙的評論。

Thank you, Mauricio, and good afternoon, everyone. Thanks for joining us today. As we shared at our Investor Day last November, Qualcomm is at the intersection of transformative trends that are generating demand for our broad technology portfolio across virtually every industry. This is creating strong growth and diversification opportunities beyond handsets.

謝謝毛里西奧，大家下午好。感謝您今天加入我們。正如我們在去年 11 月的投資者日上分享的那樣，高通正處於變革趨勢的交匯點，這些變革趨勢正在為我們幾乎所有行業的廣泛技術組合產生需求。這正在創造超越手機的強勁增長和多元化機會。

These trends, which include the enterprise transformation of the home, conversions of mobile and PC, merging of physical and digital spaces, the digital transformation of industries, connectivity and processing at the edge, the automotive digital chassis and 5G have only continued to accelerate. They are driving our financial outperformance in a greater-than 7x addressable market expansion to approximately $700 billion in the next decade.

這些趨勢，包括家庭的企業轉型、移動和PC的轉換、物理和數字空間的融合、行業的數字化轉型、邊緣的連接和處理、汽車數字底盤和5G，都在不斷加速。他們正在推動我們的財務表現在未來十年內以超過 7 倍的潛在市場擴張達到約 7000 億美元。

As you can see from our results, we delivered record revenues of $11.2 billion and non-GAAP earnings of $3.21 per share, representing year-over-year growth of 41% and 69%, respectively, both exceeding the high end of our guidance.

從我們的業績中可以看出，我們實現了創紀錄的 112 億美元的收入和每股 3.21 美元的非公認會計原則收益，分別同比增長 41% 和 69%，均超過了我們指導的高端。

In QCT, our chipset business and the growth engine of the company, we saw strength across the entire portfolio. Revenues of $9.5 billion were also a record and reflect our continued diversification.

在我們的芯片組業務和公司的增長引擎 QCT 中，我們看到了整個產品組合的實力。 95 億美元的收入也是創紀錄的，反映了我們持續的多元化。

Our automotive design win pipeline is now over $16 billion, up more than $3 billion since fiscal Q1. IoT revenues grew 61% year-over-year with strong growth across all 3 categories of consumer, edge networking and industrial. RF front-end revenues grew 28% year-over-year, and handset revenues grew 56% year-over-year. These results demonstrate that our growth drivers remain unchanged and our strategy is working.

我們的汽車設計贏得渠道現已超過 160 億美元，自第一財季以來增加了超過 30 億美元。物聯網收入同比增長 61%，消費類、邊緣網絡和工業 3 個類別均實現強勁增長。射頻前端收入同比增長 28%，手機收入同比增長 56%。這些結果表明，我們的增長動力保持不變，我們的戰略正在奏效。

Our one technology road map across wireless connectivity, advanced edge processing and power-efficient AI is incomparable across our peer group. In fact, advanced processing and artificial intelligence are the fastest-growing silicon content areas for Qualcomm. As such, we can no longer be defined just as a communications company serving one industry, rather, Qualcomm is a leading connected processor company for the intelligent edge serving multiple new end markets and enabling the growth of the cloud-connected economy.

我們在無線連接、高級邊緣處理和節能 AI 方面的單一技術路線圖在我們的同行中是無與倫比的。事實上，先進處理和人工智能是高通發展最快的矽含量領域。因此，我們不能再僅僅將我們定義為服務於一個行業的通信公司，而是高通公司是領先的智能邊緣連接處理器公司，服務於多個新的終端市場，並支持雲連接經濟的增長。

As we continue to expand, we remain on track to meet our Investor Day financial projections, and I will now provide an update on our progress to date.

隨著我們繼續擴張，我們仍有望實現我們的投資者日財務預測，我現在將提供我們迄今為止的最新進展。

In automotive, our horizontal platform, the Snapdragon digital chassis is a significant driver of our growing design win pipeline and is increasingly becoming a key asset for automakers. Our digital chassis comprises a full suite of open, flexible and scalable platforms for telematics, connectivity, digital cockpit, ADAS and autonomy and cloud services.

在汽車領域，我們的水平平台驍龍數字底盤是我們不斷增長的設計贏得渠道的重要推動力，並且正日益成為汽車製造商的關鍵資產。我們的數字底盤包含一整套開放、靈活和可擴展的平台，用於遠程信息處理、連接、數字駕駛艙、ADAS 以及自主和雲服務。

With leading system solutions expertise and capabilities across multiple domains, Qualcomm is fast becoming the preferred industry partner for the auto industry and is well positioned for continued growth. Since our last earnings call, we significantly expanded our Snapdragon digital chassis capabilities. First, the arrival acquisition enhanced our ability to deliver open, fully integrated and competitive ADAS solutions to automakers and Tier 1 suppliers at scale. As a result of the acquisition, we are incorporating Arriver's computer vision, drive policy and driver assistance assets into Snapdragon Ride.

憑藉跨多個領域的領先系統解決方案專業知識和能力，Qualcomm 正迅速成為汽車行業的首選行業合作夥伴，並為持續增長做好準備。自上次財報電話會議以來，我們顯著擴展了我們的 Snapdragon 數字機箱功能。首先，此次收購增強了我們向汽車製造商和一級供應商大規模提供開放、完全集成和具有競爭力的 ADAS 解決方案的能力。作為收購的結果，我們將 Arriver 的計算機視覺、駕駛策略和駕駛輔助資產整合到 Snapdragon Ride 中。

Second, we recently announced a long-term cooperation with BMW to jointly develop and extend BMW automated drive software to the Snapdragon Ride platform. The co-developed solution is scalable and customizable and can be offered by Qualcomm to other automotive OEMs across all tiers.

其次，我們最近宣布與寶馬建立長期合作，共同開發寶馬自動駕駛軟件並將其擴展到Snapdragon Ride平台。共同開發的解決方案具有可擴展性和可定制性，可以由 Qualcomm 提供給所有級別的其他汽車 OEM。

We also pleased with our multiyear technology collaboration with Stellantis, which will be utilizing our Snapdragon automotive cockpit platforms across the automaker's 14 brands. Upcoming Stellantis vehicles will also be featuring 5G capabilities for telematics systems based on our Snapdragon auto 5G modem RF platforms.

我們還對與 Stellantis 的多年技術合作感到滿意，後者將在該汽車製造商的 14 個品牌中使用我們的 Snapdragon 汽車駕駛艙平台。即將推出的 Stellantis 車輛還將為基於我們的 Snapdragon 汽車 5G 調製解調器射頻平台的遠程信息處理系統提供 5G 功能。

In consumer IoT, Android tablets are becoming collaboration tools and increasingly, demand is shifting from entry-level commodity tablets to premium connected computing devices, a clear validation of the conversions of mobile and PC. We are pleased that Snapdragon 8 Gen 1 inspiring the newest flagship tablets such as the Galaxy Tab S8 series globally.

在消費物聯網中，Android 平板電腦正在成為協作工具，並且越來越多的需求正在從入門級商品平板電腦轉移到高級連接計算設備，這清楚地證明了移動設備和 PC 的轉換。我們很高興 Snapdragon 8 Gen 1 啟發了全球最新的旗艦平板電腦，例如 Galaxy Tab S8 系列。

Additionally, we are growing in premium and high-tier devices with OEMs such as Lenovo, HP and Opel. We're also pleased to see the announcement of the first-ever premium Windows on ARM enterprise focal laptop, the Lenovo ThinkPad X13S powered by the new Snapdragon 8CX Gen 3 compute platform. This new ThinkPad features 5G millimeter wave AI accelerated experiences, advanced camera and audio technology, an ultra-slim, fanless design and up to 28 hours of battery life on a single charge.

此外，我們正在與聯想、惠普和歐寶等 OEM 合作開發高端和高端設備。我們也很高興看到首款基於 ARM 企業焦點筆記本電腦的高級 Windows 的發布，聯想 ThinkPad X13S 由全新的 Snapdragon 8CX Gen 3 計算平台提供支持。這款全新 ThinkPad 具有 5G 毫米波 AI 加速體驗、先進的攝像頭和音頻技術、超薄無風扇設計，一次充電可提供長達 28 小時的電池續航時間。

We're encouraged by the broad interest in our upcoming products, utilizing our industry-leading CPUs designed by our NUVIA team. We continue to drive the inevitable transition to ARM-based computing while redefining the future of mobile productivity.

利用我們的 NUVIA 團隊設計的行業領先的 CPU，我們對即將推出的產品產生了廣泛的興趣，這讓我們感到鼓舞。我們繼續推動向基於 ARM 的計算的必然過渡，同時重新定義移動生產力的未來。

In edge networking, we continue to benefit from the demand for global connectivity required for remote work, school and play, and we provide industry-leading solutions, enabling the migration to WiFi 6 and WiFi 8 mesh technologies. We also recently announced the world's first and fastest WiFi 7 commercial solution, which we believe will further extend our leadership position.

在邊緣網絡方面，我們繼續受益於遠程工作、學校和娛樂所需的全球連接需求，我們提供行業領先的解決方案，支持向 WiFi 6 和 WiFi 8 網狀技術的遷移。我們最近還宣布了世界上第一個也是最快的 WiFi 7 商業解決方案，我們相信這將進一步擴大我們的領導地位。

With multi-gigabit WiFi performance, ultra-low latency and unmatched spectrum versatility, we believe our WiFi 7 solutions will unlock a new era of advanced consumer and industrial applications. Our 5G fixed wireless access solutions also continue to gain traction as a last mile broadband solution. We now have more than 125 fixed wireless access designs announced or in development by more than 40 OEMs.

憑藉數千兆位 WiFi 性能、超低延遲和無與倫比的頻譜多功能性，我們相信我們的 WiFi 7 解決方案將開啟高級消費和工業應用的新時代。作為最後一英里的寬帶解決方案，我們的 5G 固定無線接入解決方案也繼續受到關注。我們現在擁有 40 多家 OEM 宣布或正在開發的 125 多種固定無線接入設計。

We also introduced next-generation features such as stand-alone 5G millimeter wave support in our RF sensing suite to enable operators to extend their 5G service offerings to the home and enterprise.

我們還在我們的射頻傳感套件中引入了下一代功能，例如獨立的 5G 毫米波支持，使運營商能夠將其 5G 服務產品擴展到家庭和企業。

Industrial IoT experienced the fastest year-over-year revenue growth within IoT this quarter driven by continued demand for both connectivity and advanced processing at the edge. Notably, this quarter, we saw accelerated demand for ruggedized handheld devices for warehousing, logistics and health care industries as well as for robotics platforms.

由於對邊緣連接和高級處理的持續需求，工業物聯網本季度在物聯網中經歷了最快的同比收入增長。值得注意的是，本季度我們看到倉儲、物流和醫療保健行業以及機器人平台對耐用型手持設備的需求加速。

Going forward, we're actively building an ecosystem of system integrators and channel partners to support the scale of our industrial IoT platforms as they become critical for the digital transformation of multiple verticals.

展望未來，我們正在積極構建系統集成商和渠道合作夥伴的生態系統，以支持我們工業物聯網平台的規模，因為它們對於多個垂直領域的數字化轉型至關重要。

In handsets, we had record revenues of $6.3 billion driven by continued traction with leading smartphone OEMs such as Samsung, Xiaomi, Oppo, Vivo and Honor, where Snapdragon continues to be the mobile technology platform of choice for premium and high-tier Android. We now have approximately 75% of the premium tier processor volume for Samsung's Galaxy S22 smartphones, up from approximately 40% in the Galaxy S21.

在手機方面，由於與三星、小米、Oppo、Vivo 和 Honor 等領先智能手機 OEM 的持續合作，我們的收入達到了創紀錄的 63 億美元，其中 Snapdragon 繼續成為高端 Android 的首選移動技術平台。我們現在擁有三星 Galaxy S22 智能手機高端處理器數量的約 75%，高於 Galaxy S21 的約 40%。

Samsung's strategy to adopt Qualcomm for the majority of volume is significant and validates our platform leadership as well as consumer preference for the Snapdragon brand. Our Snapdragon mobile solutions continue to define premium smartphone experiences. Let me highlight a few examples from our Snapdragon 8 GEN-1.

三星在大部分產品中採用高通的戰略意義重大，驗證了我們的平台領導地位以及消費者對 Snapdragon 品牌的偏好。我們的 Snapdragon 移動解決方案繼續定義優質的智能手機體驗。讓我重點介紹一下我們的 Snapdragon 8 GEN-1 中的一些示例。

In imaging, devices enabled by this platform achieved the highest DxOMark ever, making it the best smartphone camera in the world. In connectivity, our solution features the world's first 5G AI processor in a modem RF system, enabling AI-based performance enhancements, antenna tuning, network selection and more. In AI, our 7 generation AI engine doubles the computational performance versus the previous generation. Our handset strategy, as outlined at Investor Day, is enabling share gains and enhancing our ability to capture the most significant portion of the revenue opportunity.

在成像方面，該平台支持的設備獲得了有史以來最高的 DxOMark，使其成為世界上最好的智能手機相機。在連接性方面，我們的解決方案在調製解調器射頻系統中採用了世界上第一個 5G AI 處理器，可實現基於 AI 的性能增強、天線調諧、網絡選擇等。在 AI 方面，我們的第 7 代 AI 引擎將計算性能比上一代提高了一倍。正如投資者日所述，我們的手機戰略正在實現份額收益並增強我們抓住最重要部分收入機會的能力。

In RF front end, we continue to drive 5G modem RF leadership. Our fifth generation modem RF system now implements advanced features such as AI integration, millimeter wave and sub-6 dual connectivity in 5G sub-6 care aggregation with FDD and TDD spectrum. Looking forward, in addition to growth in handsets, we're expanding RF front end into automotive and IoT.

在射頻前端，我們繼續推動 5G 調製解調器射頻的領導地位。我們的第五代調製解調器射頻系統現在在具有 FDD 和 TDD 頻譜的 5G sub-6 護理聚合中實現了 AI 集成、毫米波和 sub-6 雙連接等高級功能。展望未來，除了手機的增長外，我們還將射頻前端擴展到汽車和物聯網。

In our licensing business, revenues of $1.6 billion were above the midpoint of our guidance driven by the most valuable patent portfolio in the industry, and we continue to develop and patent new essential innovations for future releases of 5G and beyond. Lastly, demand remains strong across all our technologies and continue to exceed supply. We believe our multi-sourcing and capacity expansion initiatives will continue to provide incremental improvements towards supply throughout the year. With our One Technology road map and demand for our products and solutions across virtually all industries, we are in an incredible position to continue providing high-performance, low-power computing on-device intelligence and everything wireless. Our plan remains on track, and I'm very excited for the future of Qualcomm.

在我們的許可業務中，16 億美元的收入高於我們在行業中最有價值的專利組合推動下的指引中點，我們將繼續為 5G 及以後的版本開發新的基本創新並為其申請專利。最後，我們所有技術的需求仍然強勁，並繼續超過供應。我們相信，我們的多源採購和產能擴張計劃將在全年繼續為供應提供增量改進。憑藉我們的 One Technology 路線圖以及幾乎所有行業對我們的產品和解決方案的需求，我們處於一個令人難以置信的位置，可以繼續提供高性能、低功耗的計算設備智能和一切無線設備。我們的計劃仍在進行中，我對高通的未來感到非常興奮。

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

我現在想把電話轉給 Akash。

Thank you, Cristiano, and good afternoon, everyone. We're extremely pleased to report strong second quarter results. We delivered non-GAAP revenues of $11.2 billion, our third consecutive quarter of record revenues and non-GAAP EPS of $3.21. These results reflect year-over-year increases of 41% and 69%, respectively, driven by strength across all QCT revenue streams.

謝謝克里斯蒂亞諾，大家下午好。我們非常高興地報告強勁的第二季度業績。我們實現了 112 億美元的非 GAAP 收入，這是我們連續第三個季度創紀錄的收入和 3.21 美元的非 GAAP 每股收益。這些結果分別反映了同比增長 41% 和 69%，這得益於所有 QCT 收入流的強勁增長。

QTL revenues of $1.6 billion and EBT margin of 73% were above the midpoint of guidance, reflecting a slight decrease in lower-tier units, offset by a favorable mix. This was another record quarter for QCT with revenues of $9.5 billion and EBT of $3.3 billion, an increase of 52% and 111%, respectively, versus the year ago quarter.

QTL 收入為 16 億美元，EBT 利潤率為 73%，高於指導中點，反映出低層單位略有下降，但被有利的組合所抵消。這是 QCT 另一個創紀錄的季度，收入為 95 億美元，EBT 為 33 億美元，與去年同期相比分別增長 52% 和 111%。

We have now doubled QCT EBT dollars on a year-over-year basis in 6 of the last 7 quarters. Additionally, QCT EBT margin of 35% surpassed the high end of our guidance and increased 10 points year-over-year driven by revenue growth and diversification. Handset revenues of $6.3 billion increased 56% versus a year ago quarter. The upside relative to guidance was driven by increased volume in premium tier and improved supply. We gained share in Samsung's flagship device, the Galaxy S22, demonstrating leadership of our Snapdragon processor technology and our ability to compete with internal chipset initiatives.

現在，在過去 7 個季度中的 6 個季度中，我們的 QCT EBT 美元同比翻了一番。此外，QCT EBT 利潤率為 35%，超過了我們指引的高端，並在收入增長和多元化的推動下同比增長 10 個百分點。手機收入為 63 億美元，與去年同期相比增長了 56%。相對於指引的上行是由優質層的數量增加和供應改善推動的。我們獲得了三星旗艦設備 Galaxy S22 的份額，展示了我們在 Snapdragon 處理器技術上的領先地位以及我們與內部芯片組計劃競爭的能力。

RF front-end revenues of $1.2 billion grew 28% versus the year ago quarter on increased adoption of our products across major OEMs. We saw accelerated growth across IoT and automotive as we align supply to better meet the demand for our products.

RF 前端收入為 12 億美元，與去年同期相比增長了 28%，原因是我們的產品在主要 OEM 中的採用率增加。隨著我們調整供應以更好地滿足對我們產品的需求，我們看到物聯網和汽車領域的增長加速。

IoT revenues were up 61% year-over-year to $1.7 billion primarily on increased demand for our chipsets for connected intelligent edge devices. We saw strong performance across consumer, edge networking and industrial with each of these categories growing by more than 50% compared to the year ago quarter.

物聯網收入同比增長 61% 至 17 億美元，這主要是由於對連接智能邊緣設備的芯片組的需求增加。我們看到消費者、邊緣網絡和工業領域的強勁表現，與去年同期相比，這些類別中的每一個都增長了 50% 以上。

We achieved record automotive revenues of $339 million, a growth of 41% versus the year ago period, driven by launches with our digital cockpit platforms. With the strong adoption of our Snapdragon digital chassis, we have now increased our overall design win pipeline to greater than $16 billion.

在推出數字駕駛艙平台的推動下，我們實現了創紀錄的 3.39 億美元的汽車收入，與去年同期相比增長了 41%。隨著我們 Snapdragon 數字機箱的大力採用，我們現在已將我們的整體設計贏得管道增加到超過 160 億美元。

Lastly, during the quarter, we announced a 10% increase in our dividends and returned $1.7 billion in dividends and stock repurchases. Our strong free cash flow has positioned us to deliver attractive capital returns that are among the highest in the semiconductor industry while maintaining flexibility for strategic investments.

最後，在本季度，我們宣布將股息增加 10%，並返還 17 億美元的股息和股票回購。我們強大的自由現金流使我們能夠提供具有吸引力的資本回報，在半導體行業中名列前茅，同時保持戰略投資的靈活性。

Before turning to guidance, I will provide an update on the Arriver acquisition. On April 1, SSW Partners acquired Veoneer for $4.6 billion with substantially all of it funded by Qualcomm. SSW Partners then transferred Arriver to Qualcomm and now plans to sell the remaining non-Arriver businesses over the next several quarters.

在轉向指導之前，我將提供有關 Arriver 採集的更新。 4 月 1 日，SSW Partners 以 46 億美元收購了 Veoneer，其中大部分資金由高通提供。 SSW Partners 隨後將 Arriver 轉讓給了高通，現在計劃在未來幾個季度出售剩餘的非 Arriver 業務。

We expect that Qualcomm will receive most of the cash proceeds from the sale. We estimate Arriver non-GAAP operating expenses of approximately $50 million per quarter. However, our guidance for the third fiscal quarter does not include this impact since we plan to report Arriver 1 quarter in arrears until the fourth quarter. Further details of the transaction are included in our 10-Q and earnings presentation posted on our Investor Relations website.

我們預計高通將從此次出售中獲得大部分現金收益。我們估計 Arriver 非 GAAP 運營費用約為每季度 5000 萬美元。但是，我們對第三財季的指導不包括這種影響，因為我們計劃在第四季度之前報告拖欠的 Arriver 1 季度。交易的更多細節包含在我們的投資者關係網站上發布的 10-Q 和收益報告中。

Turning to financial guidance for the third fiscal quarter. We are forecasting revenues of $10.5 billion to $11.3 billion and non-GAAP EPS of $2.75 to $2.95. We estimate QTL revenues of $1.4 billion to $1.6 billion and EBT margins of 69% to 73%. Our guidance contemplates global handset units consistent with the exit rate from the second fiscal quarter and assumes the end of COVID-related impact in China by the end of the quarter.

轉向第三財季的財務指導。我們預計收入為 105 億美元至 113 億美元，非公認會計準則每股收益為 2.75 美元至 2.95 美元。我們估計 QTL 收入為 14 億至 16 億美元，EBT 利潤率為 69% 至 73%。我們的指導考慮了與第二財季的退出率一致的全球手機銷量，並假設中國與 COVID 相關的影響在本季度末結束。

In QCT, we estimate revenues of $9.1 billion to $9.6 billion and EBT margins of 31% to 33%. At the midpoint, this implies year-over-year revenue growth of 44% and EBT dollar growth of $1.2 billion. On a sequential basis, we expect mid-single-digit revenue growth in IoT and automotive and a seasonal reduction in handsets and RF front end.

在 QCT，我們估計收入為 91 億至 96 億美元，EBT 利潤率為 31% 至 33%。在中點，這意味著收入同比增長 44%，EBT 美元增長 12 億美元。在連續的基礎上，我們預計物聯網和汽車的收入將出現中個位數增長，而手機和射頻前端的季節性減少。

Our strong forecast for QCT is driven by the same factors which benefited our second quarter, including gains in handset premium tier volume, strong demand in IoT and automotive and supply improvements. We anticipate non-GAAP operating expenses to be up 5% to 7% sequentially, reflecting select investments in product road map.

我們對 QCT 的強勁預測是由使我們第二季度受益的相同因素推動的，包括手機高端銷量的增長、物聯網和汽車的強勁需求以及供應的改善。我們預計非 GAAP 運營費用將環比增長 5% 至 7%，這反映了對產品路線圖的精選投資。

In closing, we are pleased with our financial results and strong execution as we manage to supply constraints in the current macroeconomic environment. Our QCT handset revenues are on track to grow by greater than 50% in fiscal '22. And we are well positioned for fiscal '23 as we continue to benefit from increased processor content and share gains.

最後，我們對我們的財務業績和強大的執行力感到滿意，因為我們設法在當前宏觀經濟環境中供應限制。我們的 QCT 手機收入有望在 22 財年增長 50% 以上。我們為 23 財年做好了準備，因為我們將繼續受益於增加的處理器內容和份額收益。

While we strengthen our mobile leadership, diversification is the top priority for the company as evidenced by increasing design win pipeline in automotive and accelerating revenue growth in IoT.

雖然我們加強了我們在移動領域的領導地位，但多元化是公司的首要任務，汽車領域的設計獲勝渠道增加和物聯網收入增長加快就證明了這一點。

Thank you. Back to you, Mauricio.

謝謝你。回到你身邊，毛里西奧。

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

謝謝你，阿卡什。接線員，我們現在可以提問了。

(Operator Instructions) Our first question comes from Matt Ramsay with Cowen.

（操作員說明）我們的第一個問題來自 Matt Ramsay 和 Cowen。

Congrats, guys, on the strong results. Cristiano, my first question comes on the automotive business. Obviously, there's a lot going on with the Arriver acquisition, the Stellantis deal and you guys talking about a $16 billion pipeline now. I wonder if we could go back and revisit some assumptions from the Analyst Day. I think you guys had talked about getting to $3.5 billion in revenue on sort of a 5-year basis. You're running maybe 1/3 of that now, but the pipeline is expanded dramatically. So maybe you could talk a little bit about the visibility on revenue and how you're thinking about the numbers that you laid out at the Analyst Day for that strong automotive growth.

恭喜，伙計們，取得了不錯的成績。克里斯蒂亞諾，我的第一個問題是關於汽車行業的。顯然，收購 Arriver、收購 Stellantis 以及你們現在談論 160 億美元的管道有很多事情要做。我想知道我們是否可以回過頭來重新審視分析師日的一些假設。我想你們已經談到在 5 年的基礎上實現 35 億美元的收入。您現在可能運行了其中的 1/3，但管道已大大擴展。所以也許你可以談談收入的可見性，以及你如何看待你在分析師日為強勁的汽車增長而列出的數字。

Thanks for the question, Matt. No, look, I think the simple answer to your question, it's looking really good. The way you should think about that is as the cars are really becoming connected computer on wheels, the digital chassis assets of Qualcomm really resonating with carmakers. And we're probably winning ahead even of our original projections. So we feel pretty good about ability to meet what we outlined at Analyst Day.

謝謝你的問題，馬特。不，看，我認為你的問題的簡單答案，看起來真的很好。您應該考慮的方式是，隨著汽車真正成為車輪上的聯網計算機，高通公司的數字底盤資產確實與汽車製造商產生了共鳴。我們甚至可能比我們最初的預測提前獲勝。因此，我們對能夠滿足我們在分析師日概述的內容感到非常滿意。

As a follow-up, just on the handset business, I think it's notable that the significant, I guess, share expansion that you guys are highlighting at Samsung. And if you go back to the Analyst Day, I think you guys talked about growing QCT handset revenue sort of in that 12% range either -- even while Cupertino came out of share in the 2023 phone in a pretty significant way. So I guess there were some questions at that time about the ability to grow through the next 2 or 3 years Android revenue in such a significant way. So Cristiano, are you thinking about the content and share expansion at Samsung as being sustainable? And how is the RF attached on that expansion and share at Samsung trending?

作為後續行動，就手機業務而言，我認為值得注意的是，你們在三星強調的顯著份額擴張。如果你回到分析師日，我認為你們談到 QCT 手機收入的增長也在 12% 的範圍內——即使庫比蒂諾在 2023 年的手機中以相當顯著的方式退出市場。所以我猜當時存在一些問題，即未來 2 或 3 年 Android 收入能否以如此顯著的方式增長。所以克里斯蒂亞諾，你認為三星的內容和份額擴張是可持續的嗎？以及 RF 是如何附加在三星的擴張和份額趨勢上的？

Great question, Matt. Look, I wanted to point it out. It's a pretty good trade actually. Instead of providing a modem, we provide an entire Snapdragon platform with AI, GPUs, CPUs and a lot of silicon content plus RF front end. It's a pretty positive trade, if I can say it that way.

好問題，馬特。看，我想指出這一點。這實際上是一筆不錯的交易。我們沒有提供調製解調器，而是提供了一個完整的 Snapdragon 平台，包括 AI、GPU、CPU 和大量芯片內容以及射頻前端。如果我可以這樣說的話，這是一個非常積極的交易。

This has been consistent with what we said before. You probably saw that in the making as a lot of the new form factor from Samsung, both the fold and the flip was Qualcomm globally. And I think the GS-22 kind of outlined the strategy of a deeper partnership with Qualcomm. And going forward, we expect our relationship with Samsung only to increase.

這與我們之前所說的一致。您可能已經看到，三星正在製作許多新的外形尺寸，折疊和翻轉都是高通公司的全球性產品。而且我認為 GS-22 概述了與高通建立更深層次合作夥伴關係的戰略。展望未來，我們預計我們與三星的關係只會增加。

So we're very pleased. And I think it reflects that the strategy is working. We've been focused on premium and high, and that's the value share of the Android market and technology investments, our differentiation and even Snapdragon brand matters. And I think that's reflected in what happened with GS-22.

所以我們非常高興。我認為這反映了該策略正在發揮作用。我們一直專注於高端和高端，這就是 Android 市場和技術投資的價值份額，我們的差異化甚至 Snapdragon 品牌都很重要。我認為這反映在 GS-22 發生的事情上。

Our next question is coming from Mike Walkley with Canaccord Genuity.

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

Cristiano, building on Matt's question, just on the smartphone market. There's some investor concern or just industry concern about slowing 5G or Android demand. But it sounds like you're still trying to meet demand with your ability to supply. Can you talk about kind of your design wins into the back half of the year? And how you feel about the supply-demand environment for premium to your Android?

克里斯蒂亞諾，以馬特的問題為基礎，就智能手機市場而言。對於 5G 或 Android 需求放緩，有一些投資者或只是行業擔憂。但聽起來你仍在努力用你的供應能力來滿足需求。你能談談你的設計在今年下半年獲勝嗎？您對 Android 高端產品的供需環境有何看法？

Thanks for the question, Mike. There's a lot in there. I think both how we think about the design as well as supply. So in handsets, it is a good story. I think Akash outlined, we're growing year-over-year for fiscal '22 in the order of 50%. We grew 56% in the quarter. And it's a story of share gains with Samsung as well as if you look at fiscal '22 compared to fiscal 2021, share gains in China as well. And it's -- and we continue to see Snapdragon as probably the synonymous with premium and high Android flagship. The design pipeline is very strong. We've been reporting that as we talk about the number of designs. And I'll let Akash talk about the market. Even though the market -- it is a little bit more soft, we're not that exposed to lower-tier units because of our strategy to be really focused on premium and high and in the value share of the market. Maybe Akash, if you can comment?

謝謝你的問題，邁克。裡面有很多。我認為我們如何看待設計和供應。所以在手機中，這是一個好故事。我認為 Akash 概述了，我們在 22 財年同比增長了 50%。我們在本季度增長了 56%。這是一個與三星共享收益的故事，如果您將 22 財年與 2021 財年相比，中國的份額也會增長。它是——我們繼續將 Snapdragon 視為高端和高端 Android 旗艦產品的代名詞。設計流水線非常強大。當我們談論設計的數量時，我們一直在報告這一點。我會讓 Akash 談談市場。儘管市場 - 它有點軟，但我們並沒有那麼暴露於低端單位，因為我們的戰略是真正專注於高端和高端以及市場的價值份額。也許 Akash，如果你能發表評論？

Yes. Mike, from a market perspective, we saw some softness relative to our previous expectations in the March quarter in the lower tier units. But as Cristiano said, a lot of the driver for our revenue growth and our value proposition is very strong at the premium high tier. And you're seeing the benefit of that show up.

是的。邁克，從市場的角度來看，相對於我們之前在 3 月季度的預期，我們看到低端單位出現了一些疲軟。但正如克里斯蒂亞諾所說，我們收入增長和價值主張的很多驅動力在高端高端產品中非常強大。你會看到這種表現的好處。

So the second question, Mike, on supply. The supply situation is going as we planned. I think contemplating our guidance contemplated into our projections that we made back in Analyst Day. Having said that, you're going to hear the same thing that you're probably hearing from us consistently. We still have more demand than supply across all business.

第二個問題，邁克，關於供應。供應情況按我們的計劃進行。我認為考慮我們的指導是我們在分析師日所做的預測。話雖如此，您將聽到與我們經常聽到的相同的內容。在所有業務中，我們的需求仍然大於供應。

Our next question is coming from the line of Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

Congratulations on a great quarter here. I just want to start with Cristiano and Akash, you both mentioned the 50% QCT handset growth for the year. If you can put that in context, we all know the overall market is either flat or down for handsets this year. Just wondering if you can quantify how much of that 50% growth is share versus content growth on apples-to-apples basis. I'm just trying to think about how you would try to sort of capture what -- how much of that growth is sustainable into next year. Then I have a follow-up.

祝賀這裡有一個很棒的季度。我只想從 Cristiano 和 Akash 開始，你們都提到了今年 QCT 手機增長 50%。如果你能把它放在上下文中，我們都知道今年手機的整體市場要么持平，要么下滑。只是想知道你是否可以量化這 50% 的增長中有多少是份額與蘋果對蘋果的內容增長。我只是想想想你將如何嘗試捕捉什麼 - 這種增長中有多少可以持續到明年。然後我有一個跟進。

Samik, it's Akash. So maybe I'll address the question at a higher level in terms of the key drivers there. So first is we talked about Samsung share increase. And so that has helped us at the premium tier. Second is as supply has improved, we've been able to meet more of the demand in China as well. So that's the second key driver. As we've said in the past, as the OEM mix has changed, it has opened up a larger portion of the market for us. And so being able to access that portion of the market is also beneficial.

薩米克，是阿卡什。所以也許我會就那裡的關鍵驅動因素在更高層次上解決這個問題。所以首先是我們談到三星的份額增加。因此，這對我們的優質服務有所幫助。其次，隨著供應的改善，我們也能夠滿足中國更多的需求。所以這是第二個關鍵驅動因素。正如我們過去所說，隨著 OEM 組合的變化，它為我們打開了更大的市場份額。因此，能夠進入這部分市場也是有益的。

And then finally, it's -- just the thing to remember is only 20% of the global handset units come from China, right? So the rest of the market, you're still seeing strong demand at premium high tier. And so we've been able to participate in that.

最後，要記住的是，全球只有 20% 的手機來自中國，對吧？因此，在市場的其餘部分，您仍然會看到高端高端產品的強勁需求。所以我們已經能夠參與其中。

And then finally, from a content perspective, as you know well, when you look at one generation to the next of phones, the amount of computing that consumers are demanding keeps going up. And that provides an opportunity for us, not just from a competitive differentiation perspective but also additional content per phone. And so even if you look at one generation 5G phone to next-generation 5G phone, because of the increase in content on the processor side, you're seeing the benefits show up in our numbers.

最後，從內容的角度來看，正如您所熟知的，當您看到一代又一代的手機時，消費者所要求的計算量不斷增加。這為我們提供了機會，不僅從競爭差異化的角度來看，而且從每部手機的額外內容來看。因此，即使您查看從一代 5G 手機到下一代 5G 手機，由於處理器方面內容的增加，您會看到我們的數據中顯示的好處。

And my follow-up, Akash, maybe how you're thinking or sort of baking in the impact of the China lockdowns here, both in relation to demand and any impact on supply that we should think of?

我的後續行動，阿卡什，也許你是如何思考或烘焙中國封鎖對這裡的影響的，無論是與需求有關，還是對我們應該考慮的對供應的影響？

Yes. So we've looked at it both from a demand and supply perspective. On the demand side, as I mentioned earlier, relative to our expectations, we saw some slight decrease in lower-tier units in China. So we are projecting that forward into the June quarter and where our numbers assume a recovery in COVID-related impact in China by the end of the quarter. But obviously, that's an evolving situation and we're going to continue to closely monitor it. But as I said earlier, China is 20% of the global market. You still have the remaining 80% where we're seeing a lot of positive trends from a consumption perspective with a strong demand for premium high-tier devices.

是的。所以我們從需求和供應的角度來看待它。在需求方面，正如我之前提到的，相對於我們的預期，我們看到中國的低端單位略有下降。因此，我們將其預測到 6 月季度，並且我們的數據假設到本季度末中國與 COVID 相關的影響將恢復。但顯然，這是一個不斷變化的情況，我們將繼續密切關注它。但正如我之前所說，中國占全球市場的 20%。您仍然擁有剩餘的 80%，從消費角度來看，我們看到了許多積極的趨勢，對高端高端設備的需求強勁。

Our next question is coming from Stacy Rasgon with Bernstein Research.

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

I guess, first, in this environment with China and COVID and everything, we've been hearing some players in the market talk about conservatism in their outlook. And I mean this doesn't feel conservatism, but maybe that's wrong. I guess the prior quarters, the original outlook look really strong and then you've been crushing it.

我想，首先，在中國和 COVID 等一切的環境中，我們一直在聽到市場上的一些參與者談論他們的前景中的保守主義。我的意思是這不會讓人感到保守，但也許那是錯誤的。我猜前幾個季度，最初的前景看起來非常強勁，然後你一直在粉碎它。

So I guess can you just give us some feeling for the degree of conviction you have in this outlook. And I know you've given us a little bit, not just into June. You even gave us a little bit on some of the end markets into September as well. It sounds like the drivers are there, but can you just maybe give us a little more color on where your conviction levels are as we're sitting here today?

所以我想你能不能給我們一些感覺，你對這個前景的信念程度。我知道你給了我們一點，不僅僅是到六月。您甚至還向我們介紹了 9 月份的一些終端市場。聽起來司機們在那裡，但你能否給我們更多的色彩，讓我們了解你今天坐在這裡的信念水平？

Sure. Stacy, it's Akash. We obviously take a consistent approach when we guide the quarters going forward. So we've taken the same approach as we have done in the past. Certainly, there is more things that we don't do, given the situation in China and then macroeconomic situation as well. But the demand signals are strong and supply is improving and a lot of the upside that you're seeing is those 2 factors coming together.

當然。斯泰西，是阿卡什。當我們指導季度前進時，我們顯然採取了一致的方法。因此，我們採取了與過去相同的方法。當然，考慮到中國的情況以及宏觀經濟形勢，還有更多的事情是我們不做的。但需求信號強勁，供應正在改善，你看到的很多好處是這兩個因素結合在一起。

Got it. So my follow-up, you gave us some color on handsets. If handsets are up just 50% linked in the second half, that would put them, as you said, down a little bit in June. And you'd probably be up 20% in September sequentially if you just applied 50% year-over-year. So we have a little more color on that in September. Is there any outlook you can give us either qualitative or quantitative for the rest of the business into September?

知道了。所以我的後續行動，你給了我們一些手機上的顏色。如果手機在下半年僅上漲 50%，那麼正如您所說，這將使它們在 6 月份略有下降。如果您僅按年申請 50%，那麼您在 9 月份可能會連續增長 20%。所以我們在九月有更多的顏色。對於 9 月份的其餘業務，您能否給我們提供定性或定量的展望？

Yes. From a September quarter perspective, as you know well, it's kind of the quarter where we start seeing the second inflection point of the year for us, where we have flagship launches late in the August, September time frame going into holiday season. So we still expect that to happen, and that's going to help our performance as we go into those 2 quarters.

是的。如您所知，從 9 月季度的角度來看，這是我們開始看到今年第二個拐點的季度，我們在 8 月下旬推出旗艦產品，9 月的時間框架進入假日季節。所以我們仍然希望這會發生，這將有助於我們進入這兩個季度時的表現。

Also, if you look at the September quarter, we're seeing strong demand across our diversification plan. So that's playing out as or better than we had expected. And so IoT, automotive and RF front end, we also expect strong year-over-year growth in those areas into the September quarter.

此外，如果您查看 9 月季度，我們會看到對我們多元化計劃的強勁需求。因此，這與我們預期的一樣或更好。因此，物聯網、汽車和射頻前端，我們還預計到 9 月季度這些領域將實現強勁的同比增長。

Our next question is coming from Tal Liani with Bank of America.

我們的下一個問題來自美國銀行的 Tal Liani。

I have 2 questions. One is on margins. It's -- last quarter was record margin. This quarter, again, much better than expected. Can you discuss the puts and takes of margins and what we should expect going forward? That's number one.

我有 2 個問題。一是在邊緣。這是 - 上個季度的利潤率是創紀錄的。本季度再次比預期好得多。您能否討論一下利潤的看跌期權以及我們對未來的預期？那是第一名。

And number two, I just want to understand -- just kind of a follow up on China. Entering the quarter, we thought China is going to be weak. We are also hearing, and I want you to correct me if I'm wrong, that Huawei share loss in China is not materializing, meaning Huawei is still selling in the high end and many miles away from China. So I would like to know what are the kind of share dynamics in China and what is the overall demand and if you can just elaborate a bit on the Chinese market.

第二，我只是想了解一下——只是對中國的一種跟進。進入本季度，我們認為中國將會疲軟。我們也在聽到，如果我錯了，我希望你糾正我，華為在中國的份額損失沒有實現，這意味著華為仍在高端銷售，而且離中國很遠。所以我想知道中國的股票動態是什麼樣的，總體需求是什麼，你能否詳細說明一下中國市場。

Sure, Tal. It's Akash. So on the operating margin side, we're obviously very pleased with our margin performance. We guided 32% to 34% and came in at 35%, pretty strong performance. We're guiding 31% to 33% going forward as well. And it's really a combination of the 3 drivers we have discussed before. Revenue forecast with diversification, that's really helping us. Gross margins, as I'm sure you'll see through the numbers. We're doing well there. And then being able to leverage the handset technology into these new markets also make it accretive to diversify.

當然，塔爾。是阿卡什。因此，在營業利潤率方面，我們顯然對我們的利潤率表現非常滿意。我們引導 32% 到 34%，進入 35%，表現相當強勁。我們也在指導 31% 到 33% 的增長。它實際上是我們之前討論過的 3 個驅動因素的組合。多元化的收入預測，這對我們很有幫助。毛利率，我相信你會看穿這些數字。我們在那裡做得很好。然後能夠利用手機技術進入這些新市場也使其多樣化。

So it's the combination of those things and consistent with what we've said before. The story is playing out as we would have expected. From a China perspective, you should think of we are participating in the revenue opportunity across all OEMs in China. And so if there's a particular OEM that's winning, Qualcomm would be participating in that as well.

所以這是這些東西的結合，與我們之前所說的一致。故事正在按我們的預期上演。從中國的角度來看，您應該認為我們正在參與中國所有 OEM 的收入機會。因此，如果有特定的 OEM 獲勝，高通也會參與其中。

So Tal, this is Cristiano. I just want to add a couple of things. So first of all, the strategy for handsets for us, it's different. We're really focused on premium and high tier. We have been very disciplined how we think about pricing. And we're really building on our technology differentiation, preference for Snapdragon brand. And I think that has had a contribution on the gross margin on the handset business.

所以塔爾，這是克里斯蒂亞諾。我只想補充幾件事。所以首先，我們的手機策略是不同的。我們真正專注於高端和高端。我們對定價的看法非常自律。我們真的在建立我們的技術差異化，對 Snapdragon 品牌的偏好。我認為這對手機業務的毛利率有所貢獻。

But also, we pointed out that in China its represented 20% of the market. The premium tier devices, whether Vivo, Oppo, Xiaomi, Honor, Huawei for 4G as well as devices such as Samsung, they're all powered by Qualcomm. And that is why we've been benefiting of growth in a richer mix of premium and high. We're not that much impacted by the low-tier units. And we've been less interested in commodity units in the handset business.

但同時，我們也指出，在中國，它佔據了 20% 的市場份額。高端設備，無論是vivo、OPPO、小米、榮耀、華為4G還是三星等設備，都由高通提供支持。這就是為什麼我們一直受益於更豐富的高端和高端組合的增長。我們受低層單位的影響不大。而且我們對手機業務中的商品單位不太感興趣。

Having said that, regardless of what's happened in the China market, I think the story on IoT is strong. The story on auto is strong and all of the new business are accretive to margins that Akash outlined.

話雖如此，不管中國市場發生了什麼，我認為物聯網的故事很強大。關於汽車的故事很強大，所有新業務都增加了 Akash 概述的利潤率。

Our next question is coming from Rod Hall with Goldman Sachs.

我們的下一個問題來自高盛的 Rod Hall。

I wanted to come back to the 50% growth in handsets. When we calculate what that implies for Q4, it's about $1 billion more than we had anticipated for QCT revenues. And I think we were above Street, so a very strong number there. I guess I want to try to ask the visibility question again, maybe in a different way, which is do you -- how much of that revenue is committed? And I'm assuming this would be mainly high-end Android buyers that would be interested in shipping new units at the end of the year given your prior commentary about Apple exposure and so on.

我想回到手機 50% 的增長。當我們計算這對第四季度的影響時，它比我們對 QCT 收入的預期高出約 10 億美元。而且我認為我們在街上，所以那裡的人數非常多。我想我想再次嘗試提出可見性問題，也許以不同的方式，你是什麼 - 承諾了多少收入？而且我假設這將主要是高端 Android 買家，考慮到您之前對 Apple 曝光等的評論，他們有興趣在年底推出新設備。

But I wonder if you could just confirm that is Android and then talk a little bit about how much of that revenue is in the bag now and how much still needs to be kind of developed in the order book. And then I have a follow-up.

但我想知道你是否可以確認這是 Android，然後談談現在有多少收入在口袋裡，還有多少還需要在訂單簿中開發。然後我有一個跟進。

Rod, it's the driver of the September quarter is typically consistent with what you would have seen in the past, right? So flagship launches that happen, not just in Android but Apple as well. we see the benefit of that show up in our numbers in that quarter and then going into December quarter. So that's a factor.

羅德，它是 9 月季度的驅動因素，通常與您過去看到的一致，對吧？因此，旗艦產品的發布發生了，不僅在 Android 中，在 Apple 中也是如此。我們在該季度的數據中看到了這一點的好處，然後進入了 12 月的季度。所以這是一個因素。

Android demand continues to be strong. We have obviously significant demand and visibility in terms of the information we're getting from all of our customers, even with reconciling their demand signal for the market changes. So we're pretty confident as we look forward.

Android 需求持續強勁。就我們從所有客戶那裡獲得的信息而言，我們顯然有顯著的需求和可見性，即使協調他們對市場變化的需求信號。因此，我們對未來充滿信心。

Okay. Great. And then for my follow-up, I just wanted to -- you haven't touched on Europe at all. You talked about a little bit of weakness in China. We picked up some developing weakness in Europe. But I'm just curious what you're seeing there from a demand point of view. It doesn't sound like anything, but maybe give us a little bit of color on what you see going on in the European market from a demand perspective.

好的。偉大的。然後對於我的後續行動，我只是想 - 你根本沒有觸及歐洲。你談到了中國的一些弱點。我們在歐洲發現了一些發展中的弱點。但我只是好奇你從需求的角度看到了什麼。這聽起來沒什麼，但也許可以讓我們從需求的角度了解您在歐洲市場上看到的情況。

Yes. I think maybe the only -- really thing to highlight that's inconsistent with the way we had seen the market before and the way we had outlined it at Investor Day is the weakness at the lower tier when you kind of step back from that and look at the rest of the market. On a global basis, it's playing out consistent with our expectations.

是的。我認為也許唯一真正要強調的與我們之前看到市場的方式以及我們在投資者日概述它的方式不一致的地方是，當你退後一步，看看下層的弱點市場的其餘部分。在全球範圍內，它的表現符合我們的預期。

Our next question is coming from Ross Seymore with Deutsche Bank.

我們的下一個問題來自德意志銀行的羅斯·西莫爾。

A couple of questions. Congrats on the strong results. I wanted to get back to the handset growth and the sustainability of it. The 50% number in this fiscal year is great, significantly above my estimates, just like what Rod just said about his. But as you think about the moving parts that drove that, how much of, say, the $10 billion SAM opportunity you talked about in China will already have been addressed? And if you've gone from 40% to 75% penetration than the Samsung GS 22, how much more is there? So really, what I'm getting at is how long can you outgrow the handset market by content and market share gains if you're doing so well now?

幾個問題。恭喜取得了不錯的成績。我想回到手機的增長和它的可持續性。本財年 50% 的數字非常好，大大高於我的估計，就像 Rod 剛才所說的那樣。但是，當您考慮推動這一趨勢的因素時，您談到的 100 億美元的 SAM 機會在中國有多少已經得到解決？如果你的滲透率比三星 GS 22 從 40% 提高到 75%，還有多少？所以說真的，如果你現在做得這麼好，你能在內容和市場份額上超越手機市場多久？

Yes. Ross, it's Akash. So when we look forward on the handset side, we still think that there is opportunity to gain share, especially as supply improves. So that would be one driver.

是的。羅斯，是阿卡什。因此，當我們展望手機端時，我們仍然認為有機會獲得份額，尤其是隨著供應的改善。所以這將是一個驅動程序。

Second is 4G to 5G transition. We have some ways to go on that for the rest of the market. So we should see that play out, and that should benefit us as well.

二是4G向5G過渡。對於其他市場，我們有一些方法可以繼續下去。所以我們應該看到這種結果，這也應該使我們受益。

The third driver is what we discussed earlier, where the amount of processing that's needed. And this is whether it's CPU or GPU, AI camera, audio, video security, each of these vectors are being pushed hard in terms of performance and the competitive landscape between the OEMs. It is demanding that all these capabilities get added to the handset. So that is also helping us from a content increase perspective. And then those are the drivers as we look forward.

第三個驅動因素是我們之前討論過的，即所需的處理量。無論是 CPU 還是 GPU、AI 攝像頭、音頻、視頻安全，這些向量中的每一個都在性能和 OEM 之間的競爭格局方面受到大力推動。要求將所有這些功能添加到手機中。因此，從內容增加的角度來看，這也對我們有所幫助。然後這些就是我們期待的驅動力。

I guess the follow-up would be on the margin side of things. You guys have done a great job expanding both the gross and the operating margins, especially on the QCT side of things. But I'm a little curious in the near term with your guidance. The overt guidance on EBT is down a couple of points, both on QCT and QTL. But more precisely, it looks like you're guiding the gross margin down a little bit in QCT.

我想後續行動將處於邊緣地位。你們在擴大毛利率和營業利潤率方面做得很好，尤其是在 QCT 方面。但我對你的指導在短期內有點好奇。在 QCT 和 QTL 上，EBT 的公開指導下降了幾個點。但更準確地說，看起來你正在引導 QCT 的毛利率下降一點。

Given the moving parts within that, is there something unique going on? Because I would have thought kind of the diversifying engines would have actually brought the margins up. But it seems like the gross margin is going down 1.5 points, 2 points, something like that.

考慮到其中的活動部分，是否發生了一些獨特的事情？因為我會認為多樣化的引擎實際上會提高利潤率。但毛利率似乎下降了 1.5 點，2 點，類似的。

Yes. So I think in the quarter that we just reported, we guided gross margin at a certain level, and we came in even stronger than that. And so as we look forward, we're guiding kind of in line with our recent history, more in line with the way we had guided the March quarter as well.

是的。所以我認為在我們剛剛報告的那個季度，我們將毛利率引導到了一定水平，而且我們的表現甚至比這還要強。因此，當我們展望未來時，我們的指導方式與我們最近的歷史保持一致，也更符合我們指導 3 月季度的方式。

So that -- we could have a potential opportunity based on a mix of products. But the insight that we have right now based on the mix, we think that's a good number.

所以——我們可以有一個基於產品組合的潛在機會。但是我們現在基於混合的洞察力，我們認為這是一個很好的數字。

Our next question is coming from Joe Moore with Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬摩爾。

Great. Obviously, you've seen this really healthy environment in the premium to your handset market. But you've also had a shortage. And I wonder, has the shortage contributed to the pricing and margin strength that you've seen in any way as that shortage eases? Do you see more competitive market? And you talked about as your supply gets better, you can take share. Does that imply the more price aggressive? Or are the prices going to be sticky and mix shift is the element to watch?

偉大的。顯然，您已經在手機市場的高端市場中看到了這種非常健康的環境。但你也有短缺。我想知道，隨著短缺的緩解，短缺是否有助於您以任何方式看到的定價和利潤率優勢？您是否看到競爭更加激烈的市場？你談到隨著你的供應變得更好，你可以分享。這是否意味著價格更具侵略性？還是價格會保持粘性並且混合變化是值得關注的元素？

Yes. Thanks for the question, Joe. This is Cristiano. I think what you have to watch is the amount of processing content that is increasing. It's now beyond a 5G story, just on the premium tier for the next generations of Snapdragon coming up. It's a significant increase in GPU, in artificial intelligence and CPU.

是的。謝謝你的問題，喬。這是克里斯蒂亞諾。我認為您必須注意的是正在增加的處理內容的數量。它現在已經超越了 5G 的故事，只是在即將推出的下一代 Snapdragon 的高端產品上。這是 GPU、人工智能和 CPU 的顯著增長。

So content on the processor side has been the biggest driver of higher ASPs and gross margin in handsets. The other thing I want to continue to point it out, which is as we leverage our one technology road map to grow in the other business. And in the quarter, 61% growth in IoT. In automotive, we added $3 billion to the design win pipeline. That's all accretive to margin, highly leveraged from the R&D that we do in mobile.

因此，處理器方面的內容一直是手機平均售價和毛利率上升的最大推動力。我想繼續指出的另一件事是，當我們利用我們的一個技術路線圖在另一個業務中發展時。而在本季度，物聯網增長了 61%。在汽車領域，我們為設計獲勝渠道增加了 30 億美元。這一切都增加了利潤，高度利用了我們在移動領域所做的研發。

Great. And if I could follow up on the royalty side. Nice to see that those numbers are solid in the first half of the year. Can you help us put that in the context of the overall supply chain issues that your customers are dealing with? And does that imply if they have pent-up demand, could that end up being better than seasonal royalty strength and just how should we correlate that with what we're seeing on the supply side?

偉大的。如果我能在版稅方面跟進。很高興看到這些數字在今年上半年很穩定。您能否幫助我們將其置於您的客戶正在處理的整體供應鏈問題的背景下？這是否意味著如果他們有被壓抑的需求，這最終會比季節性特許權使用費強度更好嗎？我們應該如何將其與我們在供應方面看到的情況聯繫起來？

Yes. So the easiest way to think about that already business is really aligning it to the total handset market and then mix within that. So as you'll recall at Investor Day, we had forecasted 2022 calendar units as flat to calendar 2021. And what we're seeing play out is slightly lower units at the low tier but offset by a stronger mix. And that's the combination of factors that's impacting both the actuals for QTL and our guidance for the next quarter.

是的。因此，考慮該業務的最簡單方法是將其真正與整個手機市場保持一致，然後在其中進行混合。因此，正如您在投資者日所記得的那樣，我們曾預測 2022 年日曆單位與 2021 年日曆單位持平。我們看到的結果是低端單位略低，但被更強勁的組合所抵消。這就是影響 QTL 實際值和我們下一季度指導的因素的組合。

Our next question is coming from Chris Caso with Raymond James.

我們的下一個問題來自 Chris Caso 和 Raymond James。

I just want to go back to the Samsung commentary and the share gains that you've had there. And of course, at Samsung, your competition is an internal competition there. Can you speak to your level of conviction that now that you've achieved this new level of share within the Samsung Galaxy series that is sustainable, that what allows you to keep this business as you go forward with Samsung?

我只想回到三星的評論和你在那裡獲得的份額收益。當然，在三星，你的競爭是那裡的內部競爭。您能否談談您的信念程度，即既然您已經在可持續的三星 Galaxy 系列中實現了這一新的份額水平，那是什麼讓您在與三星合作的過程中保持這項業務？

Condition is very high. And I'll point you to something that I would encourage, I think, you all to observe what's happening in the market. In many of those markets that are now new markets to Qualcomm, Samsung is actively advertising Snapdragon as an ingredient brand with the Galaxy S22. And I think that's a very significant data point. And as I said earlier, I think we're very confident that Samsung relationship is going to continue to be an expanding relationship for us.

條件非常高。我會向你們指出一些我會鼓勵的事情，我認為，你們都觀察市場上正在發生的事情。在許多現在對高通來說是新市場的市場中，三星正在積極宣傳 Snapdragon 作為 Galaxy S22 的成分品牌。我認為這是一個非常重要的數據點。正如我之前所說，我認為我們非常有信心與三星的關係將繼續擴大我們的關係。

And as a follow-up, I wanted to revisit the notebook market and your intentions on penetrating that with Qualcomm silicon. It's something you spoke about quite a bit at the Analyst Day. Could you give us an update on that and perhaps when would we be able to hear more on that and start to see some impact on that into the results?

作為後續行動，我想重新審視筆記本電腦市場以及您打算使用高通芯片進行滲透的意圖。這是你在分析師日上談過很多次的事情。你能給我們提供一個更新，也許我們什麼時候能聽到更多關於這方面的信息，並開始看到對結果的一些影響？

No, absolutely. Thanks for the question. We are on track. We have been working with Microsoft for many years. I think Windows 11, as I mentioned before, is for the first time, you'll have full support, including 64-bit emulation on ARM. It's the first time that you actually have a platform, which is ready for commercial and enterprise deployments.

不，絕對。謝謝你的問題。我們走上了正軌。我們與微軟合作多年。正如我之前提到的，我認為 Windows 11 是第一次，您將獲得全面支持，包括 ARM 上的 64 位仿真。這是您第一次真正擁有一個可用於商業和企業部署的平台。

We did -- within the quarter launched with Lenovo, the first enterprise ThinkPad. And we have a number of designs with our 8 CX generation 3. As we think about the next generation, we have been developing our own CPU that's been designed by the NUVIA team. And we are going after the performance tier for focus about high scale in the enterprise. And development is on track, and we expect to have that in late 2023.

我們做到了——在本季度與第一款企業 ThinkPad 聯想一起推出。我們的 8 CX 第 3 代有許多設計。在考慮下一代時，我們一直在開發由 NUVIA 團隊設計的自己的 CPU。我們正在追求性能層，以關注企業的高規模。開發正在走上正軌，我們預計將在 2023 年末實現。

Our next question will come from the line of Blayne Curtis with Barclays.

我們的下一個問題將來自巴克萊銀行的 Blayne Curtis。

I wanted to ask you, if you look at the first half of the year, I think the 50% growth in handsets, it's pretty much all higher revenue per chipset through your filings. So I'm just kind of curious, as you look at the second half, obviously, the compares on kind of the content get harder. Just how are you thinking about that mix between unit growth, which I think Android units probably went positive this quarter but were down as you -- you're starting with supply. But how are you thinking about the second half in terms of the kind of pull there to grow revenue units, i.e., share or more content?

我想問你，如果你看一下今年上半年，我認為手機增長 50%，這幾乎都是通過你的文件提高了每個芯片組的收入。所以我有點好奇，當你看後半部分時，顯然，內容的比較變得更加困難。您如何看待單位增長之間的組合，我認為 Android 單位本季度可能會出現積極的變化，但隨著您的增長而下降 - 您從供應開始。但是你如何看待下半年的增長收入單位的拉動，即分享或更多內容？

Blayne, it's Akash. So as I mentioned earlier, we're seeing growth in content, which is a driver for us. We're also seeing the share that we picked up at Samsung that we've discussed the strength in China and the improving supply. All of these are combinations that help us in the second half of the year. Also to keep in mind that typically, the new Apple phone launch happens in the fall time frame, and that would be a driver as well.

布萊恩，是阿卡什。所以正如我之前提到的，我們看到內容的增長，這是我們的驅動力。我們還看到我們在三星獲得的份額，我們討論了在中國的實力和不斷改善的供應。所有這些都是在下半年幫助我們的組合。還要記住，通常情況下，新的 Apple 手機發布發生在秋季，這也是一個驅動因素。

Got you. And then maybe just as a follow-up, IoT, just curious the mix tailwinds you're seeing there, I mean assuming stuff like WiFi 6 is helping, but any color on the tailwinds within the IoT segment?

得到你。然後也許只是作為後續行動，物聯網，只是好奇你在那裡看到的混合順風，我的意思是假設像 WiFi 6 這樣的東西有幫助，但是物聯網領域的順風有什麼顏色嗎？

Yes. So as we reported, IoT grew -- total revenue grew by 61% year-over-year. So of course, very happy about that. When you kind of unpack it a bit and you look at enterprise, consumer and edge networking, each of those portions of IoT grew by greater than 50% individually. So it's not something that's concentrated in an area. It's very broad growth.

是的。因此，正如我們報導的那樣，物聯網增長了——總收入同比增長了 61%。所以，當然，對此非常高興。當您稍微拆開包裝並查看企業、消費者和邊緣網絡時，物聯網的每個部分都單獨增長了 50% 以上。所以它不是集中在一個區域的東西。這是非常廣泛的增長。

As Cristiano mentioned in his prepared remarks as well, that the strongest growth came from the enterprise channel, which was really good for us. I think that's an area that the SAM is effectively unlimited. There's a lot of digital transformation that needs to happen. And our ability to expand our presence there and participate in it is a tremendous driver for us long term.

正如克里斯蒂亞諾在他準備好的講話中提到的那樣，最強勁的增長來自企業渠道，這對我們來說非常好。我認為這是 SAM 實際上不受限制的領域。有很多數字化轉型需要進行。從長遠來看，我們擴大影響力並參與其中的能力是我們的巨大推動力。

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，在暫停通話之前，您還有什麼要補充的嗎？

Yes. Thank you. Thanks, everyone, for joining us on the call today. I also like to take this opportunity to thank the hardworking, dedicated brilliant Qualcomm employees, thank all of our partners. And I just wanted to say why we love all the questions about handsets and handsets always going to be a very big part of our business. I wanted to point you all that the Qualcomm is changing from a communications company for the mobile industry into really a connected processor company for the intelligent edge.

是的。謝謝你。謝謝大家，今天加入我們的電話會議。我也想藉此機會感謝辛勤工作、敬業奉獻的優秀高通員工，感謝我們所有的合作夥伴。我只是想說為什麼我們喜歡關於手機的所有問題，而手機總是會成為我們業務的重要組成部分。我想向大家指出，高通正在從一家面向移動行業的通信公司轉變為一家真正面向智能邊緣的互聯處理器公司。

Even how we think about handsets no longer about modems. And in the quarter, we're super pleased that IoT alone was $1.7 billion. If you look at the IoT plus auto combined plus our RF business in excess of $3 billion, and we're just busy executing on one of the biggest opportunities in our history. Thank you very much.

甚至我們對手機的看法也不再是調製解調器。在本季度，我們非常高興僅物聯網一項就達到了 17 億美元。如果你看看物聯網和汽車的結合加上我們超過 30 億美元的射頻業務，我們正忙於執行我們歷史上最大的機會之一。非常感謝你。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。您現在可以斷開連接。