QUALCOMM (QCOM) 6 Nov 242024 Q4 Earnings call transcript

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm Fourth Quarter and Fiscal 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded, November 6, 2024. The playback number for today's call is (877) 660-6853. International callers, please dial (201) 612-7415. is to now of Mauricio number the to Investor reservation over call Lopez-Hodoyan, playback XXXXXXXX. I like would turn Relations. The Vice President Mr. go please ahead. Lopez-Hodoyan,

Thank will Today's Cristiano you, and afternoon, remarks Amon prepared by call Palkhiwala. Akash and good include everyone.

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

this access release accompany can our Investor slide presentation and You on a Relations our that earnings call website.

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

defined website. as Regulation will reconciliations use non-GAAP you During find G, the call can measures and today, we to financial GAAP in the related on our

We including including or Executive in statements. Please Cristiano future business to of differ make materially results or will actual trends most to results. comments our President our events, forward-looking could which from financial forward-looking now differ recent also to projected events that Actual forward-looking factors contain projections statements. And Officer, and filings, those Qualcomm's or our industry Amon. Chief refer results SEC important statements, cause business materially the from or XX-K, and could estimates from

Mauricio, we you, of business non-GAAP good Thank Chipset $X.XX. billion joining Thanks were share were billion, business revenues $XX.X billion. per non-GAAP of delivered and earnings revenues $X.X fiscal In revenues afternoon, us today. licensing for $X.X and QX, everyone. and

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

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

creating the environment, and executing for some focused computing a our from will remain we key share of wireless continue more communications highlights and such, age than stockholders. I value the targets operating from on into current Qualcomm ever, In across the for will a discipline maintaining business. strategy we As AI. company now while our connected to transform extremely company

provides for opportunity personalization now computer there pace the the recognition new while capabilities and reliability context, enable immediacy AI transform broad innovation and and of on-device and strong of On-device AI security. continues, enhances the human AI is privacy to As providing interface. enables

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short Snapdragon accessible with have our redefined a portfolio Snapdragon ASUS PCs launches initial Plus launch points. and expanded compute Plus Samsung, of makes the more. In Vivo, to PCs more X Series users, we Xiaomi, and X-core next-gen performance the Building life, traction computing. at addition and of our momentum, platform. light expanding our This and with the are personal leadership Oppo price look launches maintains in X Elite We X we forward time, extremely Snapdragon on-device more to uncompromised and at enabling Honor, and affordable successful with on thin AI have AI addressable transformative, period X-core Copilot+ additional X pleased offer The design market. to even battery platforms with OEMs the

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With powered about hands-free Spectacles and Snapdragon advanced creators future Gen Snapdragon are that glasses next-generation features, access X translation, building IQ ability up new edge recently Qualcomm the to announced digital computing conditions dual assistance, XXX the to extreme powered AI new intelligence, performance solutions ARX computer Series Ray-Ban designed demand recently exploring for IQ user industrial-grade location of environment pleased Qualcomm. their applications. operate our wide are advanced technologies we Meta and automation, to including that opportunity in chipsets aimed needs gateways are navigation a AI and their experiences. Industrial family Snap of edge to specifically at Series, receiving edge and of next-generation on-device of boxes industrial suite and safety answering the lives. We're unveiled features, including with to drones, a for advanced range the AR also purpose-built solutions, tops, real-time Qualcomm speech the providing Additionally, more. and AI meet robotics, is end, significant vision, in of driving processors, by evolving IoT inspection a of and To a which questions power

while of sensitive This management personalization a enhances areas to Linux among services announced systems, NPU Android, and near time information easy core Edge AX as the enterprises AI. all-encompassing personalized edge IoT of responses. XX-gigabit chipsets energy of integration X, features security Ethernet virtual platform connectivity Additionally, the gateway reduce networking, This health assistance we platform AI such Qualcomm helps introduced applications, environment enable and and opportunities access software and cloud-based by includes end-to-end and growing platform, Framework, and of power. through XX understanding tailored build development as and processing channel The enterprise network to implementation reference transformative recommended enterprises and first on Elite privacy we immediacy network framework an unlocks WiFi designs, the the innovative operating with computing for also Windows, connectivity surveillance, applications operational such into libraries, others. AI efficiencies. contextualized supplementary Networking to and and real-time with Pro deploy SDKs, revolutionize automation, and home XG, services, enabling improve and edge of monitoring, in partners. In to networking commercial microservices operators tops solutions that and processing software support power multiple the to Solutions which PON, for co-processor the

our design graphics, we Oryon CPU, as XD future experiences, orchestrator, custom previous driving and These capabilities, on-device over performance current integrated powers Elite upgrade. most software path Cockpit powerful security for fully Elite Snapdragon optimized such platform Xx our generations. platforms and perception, NPU ADAS the with as workloads, in to Hexagon our offers an with features, complete standards over including Ride safety with generation, a announced digital long-term assisted previous automotive dedicated are optimized Cockpit The end-to-end feature and multimedia in faster and advanced gaming AI performance XXx up Elite such recently date, increased for category-leading platforms for sensor Both planning, Snapdragon now system vision advanced safety Finally, AI CPU feature multimodal vehicle edge Snapdragon developed localization robust control. also substantial and automotive, Ride AI fusion, Snapdragon support. The advanced to Elite. and and

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

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

advancements with across on pleased strategy to November engagement very product more have turn upcoming made XX. I the we our Akash. about end significant call our progress Day Investor are York focus sharing road map I year and in at our multiple growth will on customer the with now diversification to New this markets. We look forward and progress and

our earnings. everyone. and Thank I'll afternoon, quarter you, good fourth fiscal with start Cristiano,

$XXX EPS and revenues quarter of million quarter. QCT both We of automotive end were billion quarter of to high revenues in on of of of XX% sequential revenues were billion of in IoT high and handset launches handset by new fifth delivered new guidance. growth EBITDA billion $X.X XX% with in $X.X end $X.XX, with increase QCT results the growth strong slightly record $XX.X margin product was benefit IoT high end continued QCT continued guidance revenues on the of the and XX% content with of channel inventory. We QCT of prior revenues our in and units the of our billion $X.X vehicle higher line the to of the year-over-year delivered our are QTL margin of strength due revenues above the of normalization XX% for range consecutive non-GAAP revenues of our quarter. and driven XX% increased expectations from which $X.X launches. of automotive. EBITDA at our with at announce guidance billion pleased and of

including returned $XXX and to Lastly, $X.X million billion repurchases we in stock $X.X in dividends. stockholders, billion

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

very performance our financial are of We $XX billion growth revenues XX% of delivered with pleased execution non-GAAP fiscal We year-over-year of a and and on 'XX. EPS in basis. $XX.XX, a

the our Snapdragon the as QTL, for operating leadership benefit to with following of flat of delivered extending of progress platforms. a non-GAAP revenue outlined leverage discipline are year, each fiscal automotive fiscal significant made manage QCT results maintain we in and as operating grew Our XX% our environment, our 'XX. In expenses channel the in compared leadership growth of year. In relatively we number year and result challenging in growth of by and automotive, in to premium-tier a as expectations revenue delivered driven renewals and of inventory. QCT beginning of we Consistent XX% IoT computing we In QCT than scale in at industry connectivity completing quarters Android the normalization maintain revenues the handsets, ability year-over-year year. throughout revenues margin full a fiscal licensing during products sequentially greater the technology of

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

on Turning XG to XG, 'XX. increase handset expect in calendar We to low to percentage now basis a year-over-year by global guidance. units XG, mid-single-digit

XX%. $X.XX billion For handset QTL, for 'XX, we we QCT, quarter revenues 'XX. In revenues and extra fiscal units billion the $X.XX $X.X $X.XX of to the In XX% and adjusted non-GAAP $XX.X we to fiscal week of to for of EBITDA billion margins margins first forecasting to the of fourth of billion estimate EBITDA quarter XX%, $X $X.XX. revenues billion billion of when seasonality normal to and reflecting are $XX.X in XX% to of expect EPS of

consumer, and our growth expect to We powered Elite across anticipate recently on Snapdragon X to industrial basis. announced more on revenues includes grow a basis of than Chinese flagship percentage year-over-year a handset with handset OEMs launches growth than forecast sequential by greater This by platform. a QCT mid-single-digit year-over-year by networking. XX% revenues revenue acceleration QCT We from the and IoT XX% increase Android

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

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

$X.X execution progress while significant The expenses to Lastly, last want for our estimate towards operating acceleration I like a their non-GAAP have dedication and we employees thank and to focused on our work to and hard billion. In be I'd our delivering weeks approximately few highlight strategy, industry-leading in some products. marked diversification announcements. remaining closing, product meaningful

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

the featuring IoT Summit, performance ADAS. Embedded the establishing Cockpit Second, most Elite automotive the America, Ride we in AI-ready digital North the World mobile Snapdragon a Snapdagon at the X CPU; software for world's and And comprehensive the introduced unveiled Snapdragon at and portfolio leader platform, and Elite Snapdragon industrial we as and platforms, chipset us fastest cockpit handset Elite solutions. third,

Lastly, November IoT remarks. will Back on seeing York where we automotive these our you, diversification on look expand concludes and you update in strategy. This to forward with XX, New an our to Mauricio. product on prepared announcements we exciting

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

from question Moore comes Morgan Stanley. [Operator Instructions] with Joe First

autos. you strength if talk could in Wonder about the

that momentum, of have You've obviously give in is you put visibility how you how of know have are lot up that great the but I us sequential pipeline affecting There numbers. picture a a of and much kind just headwinds environment into you trajectory. business.

is Cristiano. thanks for This question. the Joe,

more should share. that being revenue in shift auto, our with in you look much Qualcomm are and to in what it's to before, at we As happens sensitive market less I related think new the reflecting technology, said a models launching

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

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

the say that And stake mentioned about could there. think it. us I then dispute? ARM you don't help Great. Anything the Because would you what's understand

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

be is at So we so affirmed. The will scheduled are forward very confident addressing ARM's rights looking to we're claims and that that those for point. December, trial

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

so with on results, congratulations if strong start Maybe Really that. can IoT. I

a sort in sort fourth recovery a You first the of relative acceleration out older -- a first quarters IoT basis. the the And you an in of basis. had year-over-year just you have in quarter you and sort into sort for traditional How and account you've seeing of quarter you market out a businesses on products declines year, a products in parse Can the X between on of anything versus much is you're IoT, IoT this that from And parse the on. and going Just year-over-year on that? contribution bit? can I PC are of industrial consumer of been follow-up. to really IoT of acceleration new this

Sure.

So Samik, Akash. it's

in new launches through channel it's come through normalization for first so up us in the quarter industrial in IoT, up were a portion the new benefit sets benefit the across for us well, in XR, quarter, consumer, first fourth all rest our those There that saw other both areas, the we sets within of saw areas as networking. and performance the in of numbers. we but at year. kind quarter look fourth our some And products inventory launches And coming in as as both launched X PC, If well -- is in first the quarter. well, the product of really and -- you of fourth and

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

the and you Just trying on impressive of that think did acceleration of the sort the areas how sustainability have growth smartphone well. double-digit March this combination should into some March quarter? that of to there's of quarter, launches non-smartphone the the Android think -- of into about about as now, with mention performance particularly is given sort you sustainable How we

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

But going are up quarter Investor know, where a talk Day point. at growth, We our through around this a the weeks, we not first in as to an strategy provide and couple of guiding coming beyond we'll have you we're financial framework diversification and it.

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

line Research. from is the Bernstein next Rasgon with The question Stacy of

Any just XXX on bps PSM? something with mix guess, gross about just margins. how increased them way in are still else going gross margins? cost, just like on Is can given you color seem They like to around down know, QX. I a XX-ish, on don't minus? chip question, is to My XXX products wafer to going I forward plus first margins? Is bit, that gross shipping? be on or And give chipset or right which framework about there that think guided think the us Is the

Yes. it's Sure, Stacy, Akash.

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

set And to a perspective, guiding first is in product going quarter, from a largely so the up think businesses we're forward. And where and quarter and pretty mix handsets. we that's business good kind I in what think with about we really both feel line way model reasonable of across we fourth are within

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

Got it.

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

contribution how of Like those is in do some we're well QX. Can QX? as stuff And QX, PC how function think guiding PCs help you're that? down sequentially talked you products? seasonally, we size, a other us in like about given IoT in early launch You'd launches the product the about seeing of portion as that new the in was big the of

Yes.

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

I as the access as think market Plus chip, well. of tier And established devices. X-core in which we've to a $XXX new a Snapdragon chip, kind quarter, performance PC we leader the the ourselves X for during now launched also us Windows allows price

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

has And so initial great. been reaction

with We are pleased it.

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

I Cristiano. is one thing. wanted this to Stacy, add just

wanted are development. visible. in we I period are have think going we we launched add now Xx we on thing think I this disclosed we PC which about being it, projections, platforms very they platforms business one launched that now the make we That XX. think is thing is about in While -- in financial number this, you to are a XX, if point When we launched November. in this is a almost probably so the how are November and on out to increase about May, of time XX have under we One When designed call about we May, in, platforms. designed that the we to of

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

from is Buchalter Joshua TD question with next Our Cowen.

And us you And I China the how ramp is give as for is capabilities you the -- wanted has can now. to driven auto some mean, market you to both SoC, years? that been market and by in ramp you how that? Joe's Ride maybe also infotainment how upside couple give in expect how much within follow ADAS? on exposure And over I auto next ADAS Snapdragon one maybe by upside. infotainment Elite do versus the about particular, then particular, guess, up with of from driven us metrics engagement of is the China. your and any the on much I points earlier data question could on some space auto

very Josh, as it's diversity a of should you perspective, Akash. think diverse. From geography our portfolio

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

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

thing. Maybe add one just kind of

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

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

chipset getting little on design traction said GenAI approach traction vehicle different a that to OEMs. very before, we I is As of especially I public, use high. lot We lot that is think and announced a made think a design a for core future-proofing about of actually that cases two software-defined is but on

question growth cars the ADAS, our your some using on with with Josh, forward. going traction, point our of some year becomes is of this next ADAS it's And going ramp to having and second a but launches in cockpit of we traction of solution. years. cockpit And a another combination And couple lot that over on our deployments now, right kind inflection revenue see

Got If follow-up, around we sort was it. last think, market. know units are your inventory handset And you a give wanted dynamic versus handsets the top on to I us up, I I then there XX% about year-over-year. ask can ASPs? metrics year. customers, back Any X an out of

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

Yes.

benefit the the lot adopted, did get announcement side. a Elite on going into saw And capable, kind handset the seen been a last those that market the Elite projecting are total be get digits. Josh, -- ASP solutions get -- the as of the and becoming low chipsets at think, month, to if we see the more the up we story chip. look you content you is lot and big market, will X increase. But more in to we I We've the us mid-single X -- sell-through, 'XX has that this for content

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

of about being last is us. Maybe back year XX% Huawei the not the our and have of in gone greater X So definitely our if market, think or point did if revenue. you X quarter, from of has XX% any quarter, that you is, we beneficial revenue one December the market guidance quarter, to devices kind we up product have than ago product over $XXX look to last Huawei do guidance. A years,

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

question Chris Caso Wolfe is with Our Research. from next

question launches, you at improvement of you perhaps saw some Or with least OEMs? half continuation in the Just in you what the half that's first market, with on if of on the timing? handset. handset of another for or or in the the that, regard the of China kind secondly some in the a regard to of then seeing the reflection the think to of rebound follow-up could in I market kind now And the of you of kind because what accelerated part of first matter simply Qualcomm, you're mid-tier follow-through saw premium it's of it of market China a think characterize year? And normalization the China year. a do or just Is some is

Yes.

I think, road OEMs chipset, business, launch premium handset you're mentioned we And announced and Chris, really strong our with about if at top definitely tier. our chipset. we're that of earlier, map the in new as flagship the seeing we you think

their launched and launches scale our fact factor actively increasing about are about And the more their really numbers. other premium-tier So we launches. chipset, that OEMs and those definitely into by the new accelerating the less taking of tiers, of advantage our it it's

anticipate market see shallow with of Got imagine for of it sequential increase shouldn't absence be that is the licensing about in quarter. business. regard you'd Or just extra I the we Any licensing you consider the forward? because a business, structure for just to that changes that's to it. that kind week of the the normal? December what of going And

the Yes, much normal. out normal and growth. it's week quarter-over-quarter very the extra sequential It's coming really

is with Liani next of America. Bank from The question Tal

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

the you the Apple of vendors build-out of reported How the in than strength is connect tier, your or concerned strengths? get -- and migration end-market China from And composition kind expected. you you of globally? Some are numbers weaker other lower can maybe in do had of comments demand about comment that and new to we to customers companies by weakness your because inventory So the launches? more end-market build-out demands then

Look, thanks premium-tier -- happy in in Android revenue 'XX, with actually guide. the our when a maybe including 'XX, can I tier, XQ at the closest example, you OEMs revenue. really the have if for help fiscal look look you we companies. of in that. Huawei now competitor, fiscal give Chinese the compare for say our you sequentially, In Xx XX% quarter-over-quarter other But revenues. And Android, I'm XX% get revenues, points, with couple our loss get our the year-over-year growth, premium speak I'll can't we greater we greater of than of results. The growth handset with question. I When is look data only triangulate thing we very we than

think of shows I couple a it So things.

see kind is normalized. As market tier that much inventory The dynamics Akash don't And used see. outlined, increasing. is premium of the expanding it we content in the of to we

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

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

question is Timothy The from with next Arcuri UBS.

Akash, China the XX%, be customers big it more I'm I looking are down. down just both have for them both the at up other be Android to X that range. your and double-digit to mean implies of guidance, than in

sort tariffs? It's I those driving speak to down. And mean, to be one election? results are the at of for of can pulling about customers with this? then very that of least concerned speak that? Are of because think what's some the So guys to anti-seasonal forward. given Is can pull-forward -- these you potential this you things Do you maybe of any plausible? is -- they tariffs So

Yes.

cadences part your based not is is tariffs we their and about about a second guiding start it those trend, That's launch the of pull-forward or me what question. of on way This because the case. the we're on think with From Let the is perspective not customer demands. quarterly reasons. customer

sell-through. You as purchases should a us. of that really kind from on of chipset think statement happening are this not It's

I those know position connected across you But OEMs. may that's think cases. already be So -- is what X our in share some

a It's just not the share purchases it's so And question. from timing of us.

final C.J. Fitzgerald. Our from be with Cantor Muse question will

to business nicely come much I year-on-year, particularly was IoT hoping guess first and of and every you there, I've growing pretty is seeing consumer other across company parts question, that for industrial. challenges revisit

love the China. seeing consumer that thoughts seeing and that side, on side, recovery in uptake correction? hear there? is inventory where you're industrial And whether the to of timing of would hearing So the perhaps What's your then guess, we're kind of on I the kind you're moreover,

Sure. Yes.

So not AI-ready on in just through in definitely an portfolio lot World, our and consumer addresses drive we NPC, there's AI in We inflection new think launches, that, a There's said, demand product connectivity, side, industrial. a side, to that new product then as the And updated turning. for use that to processing, of have chipsets but readiness. be software that cases and Embedded the portfolio, performance. is market solutions readiness point going announced industrial XR on factor both product we both at a

discuss of come we'll demand Investor at for this is so this Day. the stages our through of that in we're our one detail And seeing And solutions. early topics

So stay one. that tuned on

it a years. has obviously, follow-up, for the a parts your think next as we you moving large And to to discussed this if quarter margins? helpful. many risk. about as were But potentially Very customer QCT XX-K, talked should overall a been internal happen, your going how several And in about

no change, information think here. I real no new

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

framework As and 'XX, agreement with prior 'XX the and X-year we've one. have that launches, phone of is the consistent a 'XX said, we agreement,

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

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

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

and in are executing many of think everyone, few all a not companies there's I We're -- few -- on transformation like us thank we we're And the for story looking really on of really of AI. a be today. on next truly feel we're our focus but -- just employees the for incredible speaking moment Yes, distraction Qualcomm. all to November age focused tell position. our look company lot and Thanks, We quarter. for to to in our on at a statements. I fiscal Thank markets at distracted. When changing And look executing out going keep industries. year there, on They're with call take company part we're Qualcomm, connected the you There a XX. I'd of so best into of joining many think, and diversification. we pretty much, so positioned very good you our to forward forward, the you. the to Thank 'XX. growth I fiscal computing

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

You may now disconnect