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，感謝您的聆聽。歡迎參加高通2022財年第二季財報電話會議。 （接線生指示）溫馨提示：本次電話會議將於2022年4月27日進行錄音。今日電話會議的回放號碼為(877) 660-6853。國際電話請撥(201) 612-7415。回放預約號碼為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.

現在我想把電話轉給投資人關係副總裁 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，下午好。今天的電話會議將包括克里斯蒂亞諾·阿蒙和阿卡什·帕爾基瓦拉的演講。此外，亞歷克斯·羅傑斯也將參加問答環節。您可以在我們的投資者關係網站上查看本次電話會議的財報和投影片簡報。此外，本次電話會議將在 qualcomm.com 上進行網路直播，重播將於今天晚些時候在我們的網站上提供。

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

在今天的電話會議中，我們將使用G條例中定義的非公認會計準則 (Non-GAAP) 財務指標，您可以在我們的網站上找到與公認會計準則 (GAAP) 相關的對帳表。我們還將做出前瞻性陳述，包括對未來事件、業務或行業趨勢、業務或財務結果的預測和估計。實際事件或結果可能與我們的前瞻性陳述中的預測有重大差異。請參閱我們向美國證券交易委員會 (SEC) 提交的文件，包括我們最新的 10-K 報表，其中包含可能導致實際結果與前瞻性陳述有重大差異的重要因素。

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

現在來聽聽高通公司總裁兼執行長克里斯蒂亞諾·阿蒙的評論。

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

謝謝你，毛里西奧，大家下午好。感謝大家今天加入我們。正如我們去年11月投資者日分享的那樣，高通正處於變革趨勢的交匯點，這些趨勢正在催生幾乎所有行業對我們廣泛的技術組合的需求。這正在創造手機領域以外的強勁成長和多元化機會。

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.

這些趨勢包括家庭企業轉型、行動裝置和PC的轉換、實體空間和數位空間的整合、產業的數位轉型、邊緣的連接和處理、汽車數位底盤以及5G，這些趨勢仍在持續加速發展。這些趨勢正推動我們在未來十年內實現超過7倍的潛在市場擴張，達到約7,000億美元的財務表現。

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.

從我們的業績可以看出，我們實現了創紀錄的 112 億美元營收和非公認會計準則每股收益 3.21 美元，分別同比增長 41% 和 69%，均超過了我們預期的高端。

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.

我們的晶片組業務－QCT，也是該公司的成長引擎，其整體產品組合表現強勁。 95億美元的營收也創下了歷史新高，體現了我們持續的多元化發展。

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.

我們的汽車設計訂單總額現已超過160億美元，較第一財季增加逾30億美元。物聯網營收年增61%，消費性電子、邊緣網路和工業三大類別均實現強勁成長。射頻前端營收年增28%，手機營收年增56%。這些績效表明，我們的成長動力保持不變，我們的策略正在奏效。

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.

我們橫跨無線連接、先進邊緣處理和低功耗人工智慧的單一技術路線圖在同行中無可比擬。事實上，先進處理和人工智慧是高通成長最快的晶片領域。因此，我們不再僅僅被定義為一家服務於單一行業的通訊公司，而是服務於智慧邊緣的領先互聯處理器公司，服務於多個新興終端市場，並賦能雲端互聯經濟的成長。

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.

隨著我們不斷擴張，我們仍有望實現投資者日的財務預測，現在我將提供迄今為止的進展。

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，我們的橫向平台—驍龍數位底盤，是我們不斷成長的設計訂單的重要驅動力，並日益成為汽車製造商的關鍵資產。我們的數位底盤包含一整套開放、靈活且可擴展的平台，涵蓋遠端資訊處理、車聯網、數位座艙、ADAS、自動駕駛和雲端服務。

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.

憑藉在多個領域領先的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合作夥伴，並已為持續成長做好了充分準備。自上次財報電話會議以來，我們大幅擴展了驍龍數位底盤功能。首先，收購 Arriver 增強了我們向汽車製造商和一級供應商大規模提供開放、完全整合且具競爭力的 ADAS 解決方案的能力。收購完成後，我們將把 Arriver 的電腦視覺、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BMW達成長期合作，共同開發BMW自動駕駛軟體，並將其擴展至Snapdragon Ride平台。此共同開發的解決方案具有可擴展性和可自訂性，可由高通提供給其他各級汽車OEM廠商。

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.

我們也很高興與 Stellantis 進行多年的技術合作，Stellantis 將在其 14 個品牌中採用我們的驍龍汽車座艙平台。即將推出的 Stellantis 車型也將搭載基於我們驍龍汽車 5G 數據機射頻平台的 5G 遠端資訊處理系統。

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.

在消費性物聯網領域，安卓平板電腦正逐漸成為協作工具，而市場需求也正從入門級商用平板電腦轉向高階互聯運算設備，這清楚地印證了行動設備與PC之間的轉換。我們很高興驍龍8 Gen 1能夠協助Galaxy Tab S8系列等全球最新旗艦平板電腦的研發。

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，我們與聯想、惠普和歐寶等 OEM 廠商合作，在高階和高階設備領域也取得了成長。我們也很高興看到首款搭載 ARM 處理器的高階 Windows 企業級筆記型電腦——聯想 ThinkPad X13S 的發布，該筆記型電腦搭載全新驍龍 8CX Gen 3 運算平台。這款全新 ThinkPad 擁有 5G 毫米波 AI 加速體驗、先進的攝影機和音訊技術、超薄無風扇設計，單次充電續航時間長達 28 小時。

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.

我們即將推出的產品廣受好評，這些產品採用了我們 NUVIA 團隊設計的業界領先 CPU，這讓我們備受鼓舞。我們將繼續推動 ARM 運算的必然過渡，同時重新定義行動生產力的未來。

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.

在邊緣網路領域，我們持續受益於遠距工作、學習和娛樂所需的全球連線需求，並提供業界領先的解決方案，協助向 WiFi 6 和 WiFi 8 Mesh 技術遷移。我們最近也宣布了全球首個也是速度最快的 WiFi 7 商用解決方案，我們相信這將進一步鞏固我們的領先地位。

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.

憑藉數千兆位元 WiFi 性能、超低延遲和無與倫比的頻譜靈活性，我們相信我們的 WiFi 7 解決方案將開啟先進消費和工業應用的新時代。我們的 5G 固定無線存取解決方案作為最後一哩寬頻解決方案也持續受到青睞。目前，已有超過 40 家原始設備製造商 (OEM) 宣布或正在開發超過 125 種固定無線存取設計。

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.

我們還在射頻感測套件中引入了獨立 5G 毫米波支援等下一代功能，使營運商能夠將其 5G 服務擴展到家庭和企業。

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.

本季度，工業物聯網營收年增最快，這得益於對連接和邊緣高級處理能力的持續需求。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堅固耐用的手持設備的需求加速成長。

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，我們正在積極建構系統整合商和通路合作夥伴的生態系統，以支援我們的工業物聯網平台的規模，因為它們對於多個垂直行業的數位轉型至關重要。

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.

在手機領域，我們實現了創紀錄的63億美元營收，這得益於我們與三星、小米、Oppo、Vivo和榮耀等領先智慧型手機OEM廠商的持續合作。驍龍仍然是這些廠商高階和高階安卓系統的首選行動技術平台。目前，我們佔了三星Galaxy S22智慧型手機高階處理器出貨量的約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.

三星選擇高通作為主要出貨量的策略意義重大，這不僅體現了我們平台的領先地位，也體現了消費者對驍龍品牌的青睞。我們的驍龍行動解決方案持續定義高階智慧型手機體驗。以下是一些驍龍8代處理器的案例。

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，搭載該平台的設備斬獲了DxOMark有史以來的最高評分，成為全球最佳的智慧型手機相機。在連接方面，我們的解決方案搭載了全球首款整合於數據機射頻系統中的5G AI處理器，實現了基於AI的性能提升、天線調諧、網路選擇等功能。在AI方面，我們的第七代AI引擎的運算效能較上一代提升了一倍。正如投資者日所概述的，我們的手機策略旨在提升市場份額，並增強我們抓住最大收益機會的能力。

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.

在射頻前端領域，我們持續推進5G調變解調器射頻領域的領先地位。我們的第五代調變解調器射頻系統現已實現AI整合、毫米波以及5G Sub-6頻段雙連接等先進功能，並支援FDD和TDD頻譜的Sub-6頻段聚合。展望未來，除了手機市場的成長，我們也將把射頻前端業務拓展到汽車和物聯網領域。

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.

在我們的授權業務方面，由於業界最有價值的專利組合，16億美元的營收高於我們預期的中位數。我們將繼續為5G及未來版本開發並申請新的必要創新專利。最後，我們所有技術的需求依然強勁，並且持續超過供應。我們相信，我們的多源採購和產能擴張計畫將在今年繼續逐步改善供應。憑藉我們的「一體化技術」路線圖以及幾乎所有行業對我們產品和解決方案的需求，我們處於有利地位，能夠繼續提供高效能、低功耗的運算、終端側智慧以及一切無線技術。我們的計劃仍在按計劃進行，我對高通的未來充滿期待。

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

現在我想把電話轉給 Akash。

Thank you, Cristiano, and good afternoon, everyone. 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，大家午安。我們非常高興地宣布第二季業績強勁。在非公認會計準則下，我們的營收達到112億美元，這是我們連續第三個季度創下營收紀錄；非公認會計準則下每股收益達到3.21美元。得益於QCT所有營收來源的強勁成長，這些業績分別較去年同期成長41%和69%。

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 營收 16 億美元，息稅前利潤率 73%，均高於預期中位數，這反映了低端業務部門的輕微下滑，但被良好的產品組合所抵消。 QCT 本季再創佳績，營收 95 億美元，息稅前利潤 33 億美元，分別較去年同期成長 52% 及 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.

在過去七個季度中，我們有六個季度的QCT息稅前利潤（EBT）比去年同期成長了一倍。此外，受營收成長和業務多元化的推動，QCT息稅前利潤率達到35%，超過了我們預期的上限，並同比增長10個百分點。手機營收達63億美元，較去年同期成長56%。高於預期的增幅得益於高端產品銷售的成長和供應的改善。我們在三星旗艦機型Galaxy S22中的市佔率有所提升，這展現了我們驍龍處理器技術的領先優勢以及我們與內部晶片組專案競爭的能力。

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.

射頻前端營收達12億美元，較去年同期成長28%，這得益於我們產品在各大OEM廠商的採用率不斷提升。隨著我們調整供應以更好地滿足產品需求，物聯網和汽車領域的業務也實現了加速成長。

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.

物聯網營收年增61%，達到17億美元，這主要得益於我們用於連網智慧邊緣設備的晶片組需求成長。我們在消費、邊緣網路和工業領域均表現強勁，與去年同期相比，這些類別均成長了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.

由於我們數位座艙平台的發布，我們的汽車業務收入達到創紀錄的3.39億美元，年增41%。隨著驍龍數位底盤的廣泛採用，我們的整體設計訂單量現已超過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，本季度，我們宣布股利增加10%，並透過股利和股票回購返還了17億美元。強勁的自由現金流使我們能夠實現半導體產業最高水準的可觀資本回報率，同時保持策略性投資的靈活性。

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.

在發布業績指引之前，我將先介紹Arriver收購案的最新進展。 4月1日，SSW Partners以46億美元收購了Veoneer，這筆資金幾乎全部來自高通。 SSW Partners隨後將Arriver轉讓給高通，目前計劃在未來幾季出售剩餘的非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.

我們預計高通將獲得此次出售的大部分現金收益。我們估計Arriver的非公認會計準則營運費用約為每季5,000萬美元。然而，由於我們計劃將Arriver的業績報告推遲一個季度，直至第四季度，因此我們對第三財季的預期並未包含此影響。有關此交易的更多詳情，請參閱我們投資者關係網站上發布的10-Q和收益報告。

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.

談到第三財季的財務指引。我們預測營收為 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。我們預計 QTL 營收為 14 億美元至 16 億美元，息稅前利潤率 (EBT) 為 69% 至 73%。我們的指引是基於與第二財季退出率一致的全球手機出貨量，並假設中國新冠疫情相關影響在本季末結束。

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.

我們預計 QCT 的營收將在 91 億美元至 96 億美元之間，息稅前利潤率將在 31% 至 33% 之間。以中間值計算，這意味著營收年增 44%，息稅前利潤成長 12 億美元。以環比計算，我們預計物聯網和汽車業務的營收將實現中等個位數成長，而手機和射頻前端業務的營收將出現季節性下滑。

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 的強勁預測源自於第二季業績的許多好因素，包括高階手機銷售的成長、物聯網和汽車市場的強勁需求以及供應改善。我們預計非公認會計準則下的營運支出將環比增長 5% 至 7%，這反映了對產品路線圖的部分投資。

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，我們對財務表現和強勁的執行力感到滿意，因為我們在當前宏觀經濟環境下設法克服了供應限制。我們的QCT手機營收預計在22財年成長50%以上。隨著處理器內容的增加和市佔率的提升，我們為23財年做好了充分的準備。

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.

在我們加強行動領域領導地位的同時，多元化是公司的首要任務，這一點從汽車領域設計勝利管道的增加和物聯網領域收入成長的加速中可見一斑。

Thank you. Back to you, Mauricio.

謝謝。回到你這裡，毛里西奧。

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

謝謝，Akash。接線員，我們現在可以回答問題了。

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

（操作員指示）我們的第一個問題來自 Cowen 的 Matt Ramsay。

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.

恭喜各位取得的強勁業績。克里斯蒂亞諾，我的第一個問題是關於汽車業務的。顯然，收購Arriver、Stellantis以及你們現在談論的160億美元產品線都有很多進展。我想我們能否回顧一下分析師日的一些假設。我記得你們談過，五年內要實現35億美元的營收。現在你們的營收可能只有這個數字的三分之一，但產品線正在大幅擴張。所以，或許您可以談談營收的可見性，以及您如何看待分析師日上公佈的強勁汽車業務成長數據。

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.

謝謝你的提問，馬特。不，我想，對你的問題，簡單的回答就是，情況看起來非常好。你應該這樣想：隨著汽車真正成為車輪上的連網電腦，高通的數位底盤資產確實與汽車製造商產生了共鳴。我們的業績甚至可能超出了最初的預期。因此，我們對能夠實現分析師日上提出的目標感到非常有信心。

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?

再問一下手機業務，我認為你們強調三星市佔率的顯著擴張是值得注意的。回顧分析師日，你們也提到了QCT手機營收的成長在12%左右——儘管庫比蒂諾在2023年手機市場的份額大幅下滑。所以當時有人質疑未來兩三年Android收入能否實現如此顯著的成長。克里斯蒂亞諾，您認為三星的內容和市佔率擴張是可持續的嗎？三星內容和市佔率擴張相關的射頻（RF）趨勢如何？

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.

馬特，這個問題問得好。你看，我想指出這一點。這實際上是一筆相當不錯的交易。我們不是提供調變解調器，而是提供一整組驍龍平台，包括AI、GPU、CPU以及大量的晶片和射頻前端。如果我可以這麼說的話，這是一筆相當積極的交易。

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。您可能已經注意到，三星的許多新機型，包括可折疊和翻蓋手機，在全球範圍內都由高通代工。我認為 GS-22 草案概述了與高通建立更深層合作關係的策略。展望未來，我們預期與三星的合作關係只會更加緊密。

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。我認為這反映出我們的策略正在奏效。我們一直專注於高端和高端市場，這關係到Android市場的價值份額、技術投資、我們的差異化，甚至驍龍品牌。我認為GS-22的進展也反映了這一點。

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，繼續馬特的問題，關於智慧型手機市場。投資者或整個產業都對5G或Android需求放緩感到擔憂。但聽起來你們仍在努力透過供應能力來滿足需求。可以談談今年下半年你們的設計成果嗎？您對高階Android手機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?

謝謝你的提問，Mike。這裡面有很多內容。我認為，這既包括我們對設計和供應的考量。所以在手機領域，這是一個好故事。我記得 Akash 概述過，我們在 22 財年的年成長率約為 50%。本季我們的成長了 56%。這是一個三星市佔率成長的故事，如果你將 22 財年與 2021 財年進行比較，你會發現中國市場的份額也在成長。而且，我們仍然認為驍龍可能是高階和高階安卓旗艦的代名詞。我們的設計產品線非常強大。我們在談到設計數量時也提到了這一點。接下來，Akash 會談談市場狀況。儘管市場略顯疲軟，但由於我們的策略是真正專注於高端和高價值市場，所以我們對低端產品的風險敞口較小。 Akash，你能評論一下嗎？

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。麥克，從市場角度來看，我們發現3月份季度低階產品線的表現略遜於我們先前的預期。但正如克里斯蒂亞諾所說，我們收入成長和價值主張的很大一部分驅動力都來自高端產品線。您也看到了這種優勢的顯現。

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，麥克，關於供應。供應情況正如我們計劃的那樣。我認為，考慮到我們在分析師日所做的預測，我們的預期已經有所體現。話雖如此，您仍然會聽到我們一直在說的話。我們所有業務的需求仍大於供應。

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.

恭喜你們取得了一個出色的季度業績。首先我想先從克里斯蒂亞諾和阿卡什開始，你們都提到了今年50%的QCT手機銷售成長。如果你們能結合實際情況來看，我們都知道今年手機市場整體要嘛持平，要嘛下滑。我想知道，你們能否量化一下，這50%的成長中，有多少是份額成長，有多少是內容成長，並進行公平比較。我想問一下，你們會如何衡量，有多少成長能夠持續到明年。然後我還有一個後續問題。

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.

Samik，我是 Akash。或許我應該從更高層次來回答這個問題，談談其中的關鍵驅動因素。首先，我們談到了三星市場佔有率的成長。這對我們在高端市場的發展起到了幫助。其次，隨著供應的改善，我們也能夠滿足中國市場的更多需求。這是第二個關鍵驅動因素。正如我們過去所說，隨著 OEM 結構的變化，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利的。

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？所以，在其餘市場，高端產品的需求仍然強勁。因此，我們能夠參與其中。

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，如你所知，從一代手機到下一代手機，消費者對運算能力的要求不斷提升。這為我們提供了機會，不僅從競爭差異化的角度，也從每支手機的額外內容角度來看。因此，即使從上一代5G手機到下一代5G手機，由於處理器方面內容的增加，你也會看到我們數據中體現出的優勢。

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?

我的後續問題是，阿卡什，也許您認為中國封鎖對需求有何影響，或應該如何考慮對供應的影響？

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。我們從需求和供應兩個角度進行了研究。在需求方面，正如我之前提到的，相對於我們的預期，我們看到中國低階手機的銷量略有下降。因此，我們預測這種情況會持續到第二季​​度，我們的數據假設中國受新冠疫情影響的影響在本季末會有所緩解。但顯然，這是一個不斷變化的情況，我們將繼續密切關注。正如我之前所說，中國佔全球市場的20%。剩下的80%市場，從消費角度來看，我們看到了許多正面的趨勢，對高階高階設備的需求強勁。

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

我們的下一個問題來自伯恩斯坦研究公司的 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，在當前中國疫情等各種環境下，我們聽到一些市場參與者談論他們的前景走向保守。我的意思是，這聽起來不像保守，但或許是錯的。我想，前幾個季度，最初的前景看起來非常強勁，但之後卻一路下滑。

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?

所以我想您能否簡單談談您對這前景的信心程度？我知道您已經透露了一些信息，不僅僅是關於6月份的情況。您甚至還透露了一些關於9月份一些終端市場的情況。聽起來驅動因素已經存在，但您能否再多透露一下，就我們目前的情況來看，您的信心水平如何？

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。 Stacy，我是 Akash。我們在指導未來季度時顯然會採取一致的方法。所以我們採取的方法和過去一樣。當然，考慮到中國的情況以及宏觀經濟情勢，我們還有很多事情沒有做。但需求訊號強勁，供應正在改善，您看到的許多好處都是這兩個因素共同作用的結果。

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?

明白了。接下來，您提到了手機業務的一些情況。如果下半年手機業務較上季成長50%，那麼正如您所說，6月份手機業務會略有下降。若以年比50%計算，9月份手機業務較上季成長可能為20%。所以，9月我們對手機業務的前景有了更清楚的了解。您能否對9月剩餘業務的前景進行一些定性或定量的展望？

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。從九月季度來看，如你所知，這個季度是我們今年第二個拐點的開始，我們將在八月底、九月假期期間推出旗艦產品。所以我們仍然預計這種情況會發生，這將有助於我們進入這兩個季度的業績。

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，如果你看一下9月份季度，你會發現我們多元化計畫的需求強勁。所以，這與我們預期的一樣，甚至更好。至於物聯網、汽車和射頻前端，我們預計這些領域在9月季度將實現強勁的年成長。

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.

我有兩個問題。一個是關於利潤率的。上個季度的利潤率創歷史新高。本季度，利潤率再次遠超預期。您能否談談利潤率的利弊以及我們對未來的預期？這是第一個問題。

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，我想了解一下──關於中國市場的情況。進入本季度，我們以為中國市場會比較疲軟。我們也聽說，如果我說錯了，請您糾正我，華為在中國的市場份額損失並沒有實現，這意味著華為仍在高端市場銷售，而且距離中國市場還有很長的路要走。所以我想知道華為在中國的市佔率動態如何，整體需求如何，能否詳細說明中國市場的情況？

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，Tal。我是 Akash。所以在營業利益率方面，我們顯然對我們的利潤率表現非常滿意。我們預期的利潤率為 32% 到 34%，實際達到了 35%，表現相當強勁。我們預期的未來利潤率也將達到 31% 到 33%。這實際上是我們之前討論過的三個驅動因素的結合。收入預測和業務多元化對我們非常有幫助。毛利率方面，我相信你們會從數據中看到這一點。我們在這方面做得很好。此外，能夠將手機技術運用到這些新市場也有利於實現業務多元化。

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，這些因素綜合作用的結果與我們之前所說的一致。事情的發展正如我們所預期的。從中國市場的角度來看，我們應該參與中國所有OEM廠商的獲利機會。因此，如果有某家OEM廠商取得了成功，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.

塔爾，我是克里斯蒂亞諾。我想補充幾點。首先，我們的手機策略與眾不同。我們專注於高端和高階產品。我們對定價非常嚴謹。我們致力於打造技術差異化，尤其青睞驍龍品牌。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.

但我們也指出，在中國，高通佔了20%的市佔率。高階設備，無論是Vivo、Oppo、小米、榮耀、4G版華為，或是三星等品牌的設備，都搭載了高通的晶片。正因如此，我們才能受益於更豐富的高端和高端產品組合所帶來的成長。我們受低端產品的影響並不大。而且，我們對手機業務中的普通產品也不太感興趣。

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，無論中國市場發生什麼，我認為物聯網領域的故事仍然精彩。汽車領域的故事也同樣精彩，而且所有新業務都如Akash所概述的那樣，能夠提升利潤率。

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

我們的下一個問題來自高盛的羅德·霍爾。

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.

我想回到手機業務50%的成長問題。當我們計算這對第四季意味著什麼時，我們發現QCT的營收比我們預期的要高出約10億美元。而且我認為我們的預期高於華爾街的預期，所以這是一個非常強烈的數字。我想再次嘗試以不同的方式提出一個可見性問題，即您——這筆收入中有多少是承諾收入？鑑於您之前關於蘋果曝光度等的評論，我假設這主要來自高端安卓買家，他們會對年底新機的出貨感興趣。

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.

但我想知道您是否可以確認一下是Android，然後稍微談談目前有多少收入已經到賬，以及還有多少訂單需要開發。然後我還有一個後續問題。

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，9月份季度的驅動因素通常與你過去看到的一致，對吧？旗艦產品的發布不僅發生在安卓系統，也發生在蘋果系統。我們看到這種變化帶來的好處體現在9月季度的數據中，並持續到12月份季度。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。從我們從所有客戶獲得的資訊來看，我們的需求量和可見度都十分顯著，即使考慮到市場變化，他們的需求訊號也依然清晰可見。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。太好了。接下來我想問一下——您完全沒有提到歐洲。您提到了中國市場的一些疲軟。我們發現歐洲市場也出現了一些疲軟跡象。但我只是好奇您從需求角度看到了什麼。聽起來似乎沒什麼特別，但能否從需求角度稍微介紹一下您對歐洲市場的看法？

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，唯一真正需要強調的是，與我們之前對市場的看法以及我們在投資者日的描述不一致的是，如果你退一步看看其他市場，就會發現低端市場表現疲軟。從全球來看，情況符合我們的預期。

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·西摩。

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。祝賀你們取得如此強勁的業績。我想回到手機業務的成長及其可持續性。本財年50%的成長非常出色，遠高於我的預期，就像Rod剛才提到的。但想想推動這一成長的因素，例如你提到的中國100億美元的SAM機會，有多少已經被抓住了？如果你們的滲透率從40%上升到75%，超過三星GS 22，那還有多大的成長空間？所以，我真正想問的是，如果你們現在做得這麼好，你們在內容和市場份額方面的成長還能領先手機市場多久？

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，我是阿卡什。展望手機市場，我們仍認為有機會提升市場份額，尤其是在供應改善的情況下。所以這將是一個驅動因素。

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.

第二是4G向5G的過渡。我們還有一些工作要做，以推動剩餘市場的發展。我們應該看到這一進程的進展，這也會對我們有利。

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，也就是所需的處理量。無論是CPU或GPU，AI攝影機、音訊、視訊安全，這些向量中的每一個都在性能和OEM廠商之間的競爭格局方面受到大力推動。要求所有這些功能都添加到手機中。因此，從內容成長的角度來看，這也對我們有幫助。這些就是我們期待的驅動因素。

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.

我想後續會關注利潤率方面。你們在提升毛利率和營業利益率方面做得非常出色，尤其是在QCT方面。但我對你們近期的業績指引有點好奇。 QCT和QTL的息稅折舊攤提前利潤（EBT）的公開指引都下降了幾個點。但更準確地說，你們似乎在略微下調QCT的毛利率。

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.

考慮到其中的變動因素，有什麼獨特之處嗎？我原本以為多元化的引擎其實會提高利潤率。但看起來毛利率下降了1.5個百分點、2個百分點左右。

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，在我們剛剛公佈的季度報告中，我們設定的毛利率目標在一定水平，而實際業績甚至比這個水平還要強勁。展望未來，我們的目標與近期業績基本一致，也更接近我們3月季度的預期。

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——我們可能擁有基於產品組合的潛在機會。但就我們目前基於產品組合的洞察而言，我們認為這是一個不錯的數字。

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?

太好了。顯然，你們在高階手機市場看到了非常健康的環境。但你們也遇到了缺貨問題。我想知道，隨著缺貨情況的緩解，缺貨是否對你們所看到的定價和利潤率有所貢獻？你們認為市場競爭是否更加激烈？你之前提到，隨著供應的改善，你們可以搶佔市場份額。這是否意味著你們會採取更具競爭力的價格策略？還是說價格會保持穩定，產品組合的變化是需要關注的因素？

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。謝謝你的提問，喬。我是克里斯蒂亞諾。我認為你需要關注的是處理內容的數量正在增加。現在它已經超越了5G的範疇，只是即將推出的下一代驍龍的高端版本。 GPU、人工智慧和CPU的效能都有了顯著的提升。

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驅動力。我想繼續指出的另一點是，我們利用一個技術路線圖來推動另一個業務的成長。本季，物聯網業務成長了61%。在汽車領域，我們增加了30億美元的設計訂單。所有這些都增加了利潤率，這在很大程度上得益於我們在行動領域的研發投入。

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?

太好了。請問一下特許權使用費方面的情況。很高興看到上半年的數據表現穩健。您能否結合客戶目前面臨的整體供應鏈問題，談談這個問題？這是否意味著，如果他們有被壓抑的需求，最終的特許權使用費會比季節性強勢更好？我們應該如何將其與供應方面的情況連結起來？

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。所以，思考這項業務最簡單的方法就是將其與整個手機市場聯繫起來，然後在其中進行組合。正如大家在投資者日上記得的那樣，我們曾預測2022年的出貨量與2021年持平。而我們看到的情況是，低階手機的出貨量略有下降，但被更強勁的產品組合所抵消。這些因素共同影響著QTL的實際銷售量和我們對下一季的預期。

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

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

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?

我想回到關於三星的評論以及你們在那裡取得的份額增長。當然，在三星，你們的競爭是內部競爭。能否談談你們的信心，既然你們在三星Galaxy系列中已經達到了可持續的新份額水平，那麼是什麼讓你們能夠在未來繼續保持這一業務呢？

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.

情況非常好。我想鼓勵大家關註一下市場動態。在許多對高通來說屬於新市場的市場中，三星正積極推廣驍龍，並將其作為 Galaxy S22 的組成部分。我認為這是一個非常重要的數據點。正如我之前所說，我們非常有信心，我們與三星的合作關係將繼續拓展。

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?

接下來，我想再次討論筆記型電腦市場，以及您利用高通晶片進軍該市場的計劃。您在分析師日上多次談到了這一點。您能否向我們介紹一下這方面的最新進展？我們什麼時候可以聽到更多相關訊息，並開始看到其對業績的影響？

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，當然。謝謝你的提問。我們正在按計劃進行。我們已經與微軟合作多年了。我認為，正如我之前提到的，Windows 11 是首次獲得全面支持，包括在 ARM 上進行 64 位元模擬。這是第一次真正擁有一個可以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.

我們確實做到了——在本季度，我們與聯想合作推出了首款企業級 ThinkPad。我們的第三代 8 CX 也有很多設計。在考慮下一代產品時，我們一直在開發由 NUVIA 團隊設計的自主 CPU。我們正致力於高效能層級，專注於企業級的大規模應用。開發工作正在按計劃進行，預計將於 2023 年底完成。

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

我們的下一個問題來自巴克萊銀行的布萊恩‧柯蒂斯。

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?

我想問您，如果您看一下上半年，我認為手機銷量增長了50%，這幾乎完全歸功於您提交的財報中每晶片組收入的增長。所以我有點好奇，當您看一下下半年時，顯然內容方面的比較會變得更加困難。您是如何看待銷量成長的這種組合的？我認為Android銷量本季可能出現了正成長，但隨著您從供應量開始下降，您是如何看待下半年銷售成長的？您是如何看待下半年推動銷售成長的因素的？例如市場佔有率或更多內容？

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，我是阿卡什。正如我之前提到的，我們看到內容的成長，這對我們來說是一個驅動力。我們也看到了三星市場份額的提升，我們之前討論過，中國市場的強勁表現以及供應的改善。所有這些因素都對我們下半年的業務發展有所幫助。另外，要記住的是，新款蘋果手機通常在秋季發布，這也會是一個驅動力。

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?

明白了。然後，也許作為後續問題，關於物聯網，我只是好奇您在那裡看到的混合順風，我的意思是假設像 WiFi 6 這樣的技術有幫助，但是物聯網領域的順風有什麼特點嗎？

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。正如我們之前報導的那樣，物聯網業務實現了成長——總收入同比增長了61%。當然，我們對此感到非常高興。如果你仔細分析一下，看看企業、消費者和邊緣網絡，你會發現物聯網的每個部分都分別成長了50%以上。所以，物聯網的成長並不集中在某個領域，而是非常廣泛的領域。

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的準備好的發言中提到的，最強勁的成長來自企業管道，這對我們非常有利。我認為這是一個SAM實際上無限發展的領域。我們需要進行大量的數位轉型。我們能夠擴大在該領域的影響力並參與其中，這對我們長期發展來說是一個巨大的驅動力。

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，在結束會議之前，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。感謝大家今天參加我們的電話會議。我也想藉此機會感謝辛勤工作、敬業奉獻、才華橫溢的高通員工，感謝我們所有的合作夥伴。我想說一下，為什麼我們喜歡所有關於手機的問題，而手機永遠是我們業務的重要組成部分。我想指出的是，高通正在從一家行動產業的通訊公司轉型為真正的智慧邊緣互聯處理器公司。

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.

甚至我們對手機的理解也不再侷限於調變解調器。本季度，我們非常高興地看到，光是物聯網業務就達到了17億美元的銷售額。物聯網加上汽車業務，再加上我們的射頻業務，銷售額超過30億美元。我們正忙於抓住歷史上最大的機會之一。非常感謝。

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

女士們，先生們，今天的電話會議到此結束。您可以掛斷電話了。