高通 (QCOM) 2020 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm Third Quarter Fiscal 2020 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded July 29, 2020. The playback number for today's call is (877) 660-6853. International callers please dial (201) 612-7415. The playback reservation number is 13706353.

女士們、先生們，感謝你們的耐心等待。歡迎參加高通公司2020財年第三季財報電話會議。（操作員說明）提醒：本次會議將於 2020 年 7 月 29 日進行錄製。今天電話回放號碼是 (877) 660-6853。國際來電者請撥打 (201) 612-7415。播放預約編號為 13706353。

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

現在我將把電話交給投資者關係副總裁毛里西奧·洛佩茲-霍多揚。洛佩茲-霍多揚先生，請繼續。

Thank you, and good afternoon, everyone. Today's call will include prepared remarks by Steve Mollenkopf and Akash Palkhiwala. In addition, Cristiano Amon, Al Rogers and Don Rosenberg will join the question-and-answer session.

謝謝大家，大家下午好。今天的電話會議將包括史蒂夫·莫倫科夫和阿卡什·帕爾基瓦拉的準備好的演講。此外，克里斯蒂亞諾·阿蒙、阿爾·羅傑斯和唐·羅森伯格也將參加問答環節。

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 the replay will be available on our website later today.

您可以造訪我們的投資者關係網站，查看我們的獲利報告和本次電話會議的幻燈片簡報。此外，本次電話會議正在 qualcomm.com 上進行網路直播，稍後將在我們的網站上提供重播。

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

在今天的電話會議中，我們將使用 G 條例定義的非 GAAP 財務指標，您可以在我們的網站上找到與 GAAP 相關的調整表。我們也會做出前瞻性聲明，包括對未來事件、業務或進入趨勢或業務或財務表現的預測和估計。

Actual events or results could differ materially from those projected in our forward-looking statements. Please refer to our SEC filings, including our most recent 10-K, which contain important factors that could cause actual results to differ materially from the forward-looking statements.

實際事件或結果可能與我們的前瞻性聲明中預測的內容有重大差異。請參閱我們向美國證券交易委員會提交的文件，包括我們最新的 10-K 表格，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 Chief Executive Officer, Steve Mollenkopf.

接下來請高通執行長史蒂夫·莫倫科夫發表演說。

Thank you, Mauricio, and good afternoon, everyone. Our fiscal third quarter non-GAAP earnings of $0.86 per share was above the high end of guidance, driven by strong licensing revenue and solid performance in our chipset division. We recently signed a new long-term global patent license agreement with Huawei, including a cross license granting back rights to certain of Huawei's patents. We also entered into an agreement settling amounts due under the prior license agreement. We are pleased to have successfully reached resolution with Huawei.

謝謝你，毛里西奧，大家下午好。我們第三財季的非GAAP每股收益為0.86美元，高於預期上限，這主要得益於強勁的授權收入和晶片組部門的穩健表現。我們最近與華為簽署了一項新的長期全球專利許可協議，其中包括一項交叉許可，將華為某些專利的權利授予我們。我們還達成了一項協議，結算了根據先前許可協議應付的款項。我們很高興與華為成功達成解決方案。

As Akash will explain later, royalty revenue from Huawei begins in fiscal Q4 and is not included in our fiscal Q3 results. Alex and the QTL team have done an outstanding job in executing over 100 agreements covering 5G and building, by a wide margin, the most extensive licensing program in mobile. This is a tribute to our track record of driving important and fundamental innovation. With the signing of the Huawei agreement, we are now entering a period in which we have multiyear license agreements with every major handset OEM.

正如 Akash 稍後將解釋的那樣，來自華為的特許權使用費收入從第四財季開始，並未計入我們第三財季的業績中。Alex 和 QTL 團隊在執行 100 多項涵蓋 5G 的協議方面做得非常出色，並且建立了行動領域最廣泛的授權計劃，遙遙領先於其他公司。這是對我們過去在推動重要和根本性創新方面所取得成就的肯定。隨著與華為協議的簽署，我們現在進入了與所有主要手機OEM廠商都簽訂多年授權協議的時期。

Our entire company has executed very well despite the ongoing impact of COVID-19, while maintaining the safety of our employees as our highest priority. We continue to advance our product and technology road maps, support our customers and meet a very complex set of R&D and supply chain requirements. And the current environment has not impeded the pace of our innovation. In the last 4 months of work from home, invention disclosures are up over 30%, with 5G-related invention disclosures up even more.

儘管受到新冠肺炎疫情的持續影響，我們公司仍然表現出色，並將員工安全放在首位。我們不斷推進產品和技術路線圖，為客戶提供支持，並滿足一系列非常複雜的研發和供應鏈要求。目前的環境並沒有阻礙我們的創新步伐。在過去 4 個月的居家辦公期間，發明揭露數量增加了 30% 以上，其中與 5G 相關的發明揭露數量增幅更大。

Turning to the handset market. Fiscal Q3 was better than the expectations we shared with you last quarter. In China, just midway through the calendar year, and despite the impact of COVID-19, 5G now represents the majority of domestic mobile phone shipments. According to the China Academy of Telecommunication Research, June domestic 5G smartphone shipments represented 63% of total smartphone shipments, more than double the penetration in the month of March.

轉向手機市場。第三財季業績優於我們上個季度與您分享的預期。在中國，雖然才過了年中，儘管受到新冠肺炎疫情的影響，5G手機目前已佔國內手機出貨量的絕大部分。根據中國電信科學研究院的數據，6月國內5G智慧型手機出貨量佔智慧型手機總出貨量的63%，是3月滲透率的兩倍多。

Given the strength of June 5G handset data in China, along with flagship 5G device launches in the second half of the calendar year, our calendar year 2020 5G forecast of 175 million to 225 million handsets remains unchanged with our bias now towards the upper end of that range.

鑑於中國 6 月份 5G 手機數據的強勁表現，以及下半年旗艦 5G 設備的發布，我們對 2020 年全年 5G 手機銷量的預測（1.75 億至 2.25 億部）保持不變，但我們現在更傾向於該範圍的上限。

As Akash will explain shortly, we are anticipating the next inflection point in our 5G ramp to start in fiscal Q4, with strong year-over-year growth in revenue and earnings per share, leaving us well positioned for continued growth in fiscal year '21.

正如 Akash 稍後將解釋的那樣，我們預計 5G 業務成長的下一個轉折點將從第四財季開始，屆時營收和每股盈餘將實現強勁的同比成長，這將使我們為 2021 財年的持續成長奠定良好的基礎。

Turning to QCT. Design win momentum remains strong. There are now over 660 designs announced or in development based on our broad portfolio of 5G solutions using Snapdragon 8, 7 and 6 Series platforms or using our X55 modem, with a strong pipeline headed into next year. In the premium tier, we now have over 165 designs announced or in development from our Snapdragon 865 5G mobile platform. We recently announced our 6 Series Snapdragon 5G mobile platform, which has the potential to make 5G accessible to more than 2 billion smartphone users around the world.

轉向QCT。設計方案中標勢頭依然強勁。目前，基於我們廣泛的 5G 解決方案組合，已有超過 660 個設計方案公佈或正在開發中，這些方案採用驍龍 8、7 和 6 系列平台或我們的 X55 調製解調器，並且明年還有大量產品即將推出。在高端市場，我們目前已發布或正在開發基於驍龍 865 5G 行動平台的 165 多個設計。我們最近發布了驍龍 6 系列 5G 行動平台，預計讓全球超過 20 億智慧型手機用戶享受到 5G 服務。

Our systems approach to 5G RF front end has been extremely well received. Virtually all of our 5G design wins continue to be powered by our RF front-end solutions, whether they support 5G in sub-6, millimeter wave or both. And as a consequence of our RF front-end strategy, we expect to emerge in fiscal '21 as one of the largest global RF front-end vendors by revenue.

我們針對 5G 射頻前端的系統方法受到了非常正面的評估。我們幾乎所有的 5G 設計得標項目都繼續由我們的射頻前端解決方案提供支持，無論它們支援 6GHz 以下頻段的 5G、毫米波頻段還是兩者兼而有之。由於我們的射頻前端策略，我們預計在 2021 財年將成為全球收入最高的射頻前端供應商之一。

We remain focused on executing on the significant growth opportunities that we have in place today in the handset space. As you would expect, we are also working in parallel to position Qualcomm for similar success as 5G moves beyond smartphones. We see a significant market transition occurring as the cloud converges with 5G and AI, positioning 5G as the next evolution of the Internet. This new architecture at the edge plays directly to our strengths in low power, high-performance computing and connectivity, where Qualcomm's wireless innovation leadership can drive new opportunities for growth as we have in 5G-enabled smartphones.

我們將繼續專注於掌握目前在手機領域所擁有的巨大成長機會。正如您所預料的那樣，我們也在同步努力，使高通公司在 5G 技術從智慧型手機擴展到其他領域時也能取得類似的成功。隨著雲端運算與 5G 和人工智慧的融合，我們看到市場正在發生重大轉變，5G 也因此成為網路的下一個發展階段。這種新的邊緣架構直接發揮了我們在低功耗、高效能運算和連接方面的優勢，高通的無線創新領導地位可以像我們在 5G 智慧型手機領域一樣，推動新的成長機會。

Qualcomm's leadership in global standards bodies is an early indicator of how we are working with the mobile ecosystem to meet the high technical requirements to drive adoption of 5G to new industries. Just this month, 3GPP completed 5G new radio Release 16, the second 5G standard that will greatly expand the reach of 5G to new services, spectrum and deployments. It delivers key technologies spearheaded by Qualcomm, for transforming industry, such as enhanced, ultra reliable, low latency, advanced power saving and high precision positioning needed for mission-critical applications like industrial IoT.

高通在全球標準組織中的領導地位，是我們如何與行動生態系統合作以滿足高技術要求，從而推動 5G 在新產業普及的早期跡象。就在本月，3GPP 完成了 5G 新無線電版本 16，這是第二個 5G 標準，將大大擴展 5G 的應用範圍，涵蓋新服務、頻譜和部署。它提供由高通公司牽頭的關鍵技術，以變革產業，例如增強型、超可靠、低延遲、先進的節能和高精度定位，這些都是工業物聯網等關鍵任務應用所必需的。

While Release 16 is now complete, our work driving 5G technology evolution to fully realize the potential of this latest release continues. In addition, we are already working with the mobile ecosystem on Release 17 projects and are researching advanced technologies for Release 18 and beyond. We are very excited about our 5G future and our ability to commercialize the breakthrough technologies that will drive differentiation for Qualcomm over many years.

雖然 Release 16 已經完成，但我們仍在繼續推動 5G 技術發展，以充分發揮最新版本的潛力。此外，我們已經在 Release 17 專案上與行動生態系統展開合作，並且正在研究 Release 18 及更高版本的高級技術。我們對 5G 的未來以及將突破性技術商業化的能力感到非常興奮，這些技術將在未來多年推動高通的差異化。

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

現在我想把電話交給阿卡什。

Thank you, Steve, and good afternoon, everyone. We're extremely pleased to report strong third fiscal quarter results, demonstrating the resilience of our business in a challenging economic environment. We delivered total revenues of $4.9 billion and non-GAAP earnings per share of $0.86, which was above the high end of our guidance range, primarily driven by stronger results in QTL.

謝謝你，史蒂夫，大家下午好。我們非常高興地宣布第三財季業績強勁，證明了我們在充滿挑戰的經濟環境下的業務韌性。我們實現了 49 億美元的總收入和 0.86 美元的非 GAAP 每股收益，高於我們預期範圍的上限，這主要得益於 QTL 的強勁業績。

In the third quarter, we saw an approximately 20% year-over-year reduction in 3G, 4G, 5G handset shipments due to the impact of COVID-19 relative to our prior planning assumption of a 30% reduction. In addition, we saw a stronger mix with higher shipments in China and developed regions, offset by weakness in emerging regions.

第三季度，受 COVID-19 疫情影響，3G、4G、5G 手機出貨量年減約 20%，而我們先前的計畫假設下降幅度為 30%。此外，我們看到市場結構更加多元化，中國和已開發地區的出貨量增加，但新興地區的出貨量疲軟抵消了部分成長。

In QTL, we delivered revenues of $1 billion and EBT margin of 62%, both above the high end of our guidance range due to higher units and stronger regional mix. Please note, our third quarter QTL results do not include any revenues from Huawei settlement or global patent license agreement.

在 QTL 業務中，我們實現了 10 億美元的收入和 62% 的 EBT 利潤率，這兩項指標均高於我們預期範圍的上限，這得益於更高的銷量和更強的區域組合。請注意，我們第三季的QTL業績不包括華為和解協議或全球專利授權協議的任何收入。

In QCT, we delivered MSM shipments of 130 million units, revenues of $3.8 billion and EBT margin of 16%, which was at the high end of our guidance range. The impact of COVID-19 on emerging regions resulted in fewer low-tier MSM units offset by improved gross margin as a result of favorable mix. QCT revenues and EBT increased 7% and 20%, respectively, on a year-over-year basis. This performance reflects 5G design traction, RF front-end growth and strength in certain adjacent platforms that benefited from the work-from-home environment.

在 QCT，我們交付了 1.3 億件 MSM 產品，營收達 38 億美元，EBT 利潤率為 16%，處於我們預期範圍的高端。COVID-19 對新興地區的影響導致低端中小微型企業數量減少，但由於產品組合有利，毛利率提高，從而抵消了這種影響。QCT 的營收和 EBT 分別較去年同期成長 7% 和 20%。這一表現反映了 5G 設計的發展勢頭、射頻前端的增長以及某些受益於居家辦公環境的相鄰平台的實力。

Our non-GAAP combined R&D and SG&A expenses of $1.68 billion were slightly below our guidance. During the third quarter, we paid $733 million in dividends, refinanced $2 billion in debt and temporarily suspended stock buybacks.

我們的非GAAP綜合研發及銷售、管理及行政費用為16.8億美元，略低於我們的預期。第三季度，我們支付了 7.33 億美元的股息，對 20 億美元的債務進行了再融資，並暫時停止了股票回購。

I will now provide a financial overview of the resolution with Huawei. We expect to record approximately $1.8 billion of revenue in our fourth fiscal quarter for amounts due under the settlement agreement relating to the prior license period and the new license agreement for the first half of calendar 2020. This amount will be excluded from our non-GAAP results. Please note that this amount is consistent with the framework of our licensing program and incremental to the partial payments received from Huawei under the interim agreement in prior years. In addition, our fourth quarter non-GAAP financial guidance includes estimated QTL revenue from Huawei sales in the September quarter.

接下來我將提供一份關於與華為達成和解的財務概況。我們預計在第四財季將錄得約 18 億美元的收入，這筆收入是根據與先前許可期和 2020 年上半年新許可協議相關的和解協議應付的款項。該金額將從我們的非GAAP績效中剔除。請注意，該金額符合我們的許可計劃框架，並且是在前幾年根據臨時協議從華為收到的部分款項之外的額外金額。此外，我們第四季的非GAAP財務預期包括來自華為9月份季度銷售的預期QTL營收。

With the completion of this agreement, we have now licensed all significant handset OEMs worldwide.

隨著這項協議的完成，我們現在已經向全球所有重要的手機OEM廠商授予了授權。

Turning to the global 3G, 4G, 5G, device forecast. Given the ongoing uncertainty around the timing of economic recovery, our fourth fiscal quarter forecast is based on a planning assumption of approximately 15% year-over-year reduction in handset shipments. This planning assumption reflects a gradual recovery in September quarter based on the regional trends we saw in the June quarter.

接下來我們來看看全球 3G、4G、5G 設備預測。鑑於經濟復甦時間仍存在不確定性，我們第四財季的預測是基於手機出貨量年減約 15% 的規劃假設。這項規劃假設反映了根據我們在6月季度看到的區域趨勢，9月季度將逐步復甦。

Consistent with our prior expectations, our forecast for the first 3 quarters of 2020 implies a year-over-year reduction of approximately 10% to the calendar year total device forecast. However, total units in the fourth quarter will depend on the speed of the economic recovery. Lastly, we're maintaining our forecast of 175 million to 225 million units for calendar 2020 5G devices.

與我們先前的預期一致，我們對 2020 年前三個季度的預測意味著，與去年同期相比，全年設備總預測量將減少約 10%。然而，第四季的總銷量將取決於經濟復甦的速度。最後，我們維持 2020 年 5G 設備銷量 1.75 億至 2.25 億台的預測。

In the June quarter, we estimate that the sell-in of 5G devices increased to greater than 50 million units. This data point is a strong leading indicator of our confidence in the 5G handset forecast for the year and our bias towards the high end of this range.

據估計，6 月季度 5G 設備的銷量已增至 5,000 萬台以上。這項數據點有力地表明了我們對今年 5G 手機市場預測的信心，以及我們傾向於預測該市場範圍高端的傾向。

Turning to our fourth fiscal quarter financial guidance. We estimate fourth quarter GAAP revenues to be in the range of $7.3 billion to $8.1 billion and GAAP EPS of $2.12 to $2.32, which includes the revenue related to the settlement with Huawei. We expect fourth quarter non-GAAP revenues of $5.5 billion to $6.3 billion and EPS of $1.05 to $1.25. This guidance includes an impact of greater than $0.25 due to the reduction in handset shipments due to COVID-19, including a partial impact from the delay of a 5G flagship phone launch.

接下來，我們來看看第四財季的財務預期。我們預計第四季度 GAAP 收入將在 73 億美元至 81 億美元之間，GAAP 每股收益將在 2.12 美元至 2.32 美元之間，其中包括與華為達成和解相關的收入。我們預計第四季非GAAP營收為55億美元至63億美元，每股收益為1.05美元至1.25美元。該指導意見包含因 COVID-19 導致手機出貨量減少而造成的超過 0.25 美元的影響，其中包括 5G 旗艦手機發布延遲造成的部分影響。

In QTL, we estimate fourth quarter revenues of $1.2 billion to $1.4 billion and EBT margins of 67% to 71%. At the midpoint, this guidance implies year-over-year revenue growth of 12%, driven by the addition of royalty revenues from Huawei, partially offset by our planning assumption of a 15% reduction in handset shipments. In QCT, we expect MSM shipments of 145 million to 165 million units, revenues of $4.3 billion to $4.9 billion and EBT margins of 17% to 19%. These guidance midpoints imply year-over-year growth of 27% in revenue and 66% in EBT, reflecting the strong execution of our strategy in a challenging economic environment.

在 QTL，我們預計第四季營收為 12 億美元至 14 億美元，EBT 利潤率為 67% 至 71%。根據該指引的中位數，這意味著營收年增 12%，主要得益於華為的特許權使用費收入的增加，但部分被我們先前預測的手機出貨量下降 15% 所抵消。在 QCT，我們預計 MSM 出貨量為 1.45 億至 1.65 億件，營收為 43 億美元至 49 億美元，EBT 利潤率為 17% 至 19%。這些績效指引的中位數意味著營收年增 27%，稅前利潤年增 66%，反映出我們在充滿挑戰的經濟環境下，策略得到了強有力的執行。

As we have previously outlined, RF front end is one of the key drivers of our revenue growth. Our fourth quarter forecast includes revenues of approximately $750 million for 4G, 5G sub-6 and 5G millimeter wave content. We anticipate fourth quarter non-GAAP combined R&D and SG&A expenses to be up approximately 5% sequentially, reflecting normal seasonality and 5G investments.

正如我們之前概述的那樣，射頻前端是我們收入成長的關鍵驅動因素之一。我們第四季的預測包括 4G、5G sub-6 和 5G 毫米波內容約 7.5 億美元的收入。我們預期第四季非GAAP綜合研發及銷售、一般及行政費用將較上季成長約5%，反映正常的季節性因素及5G投資。

In closing, I want to thank our employees, customers and suppliers for their commitment and partnership during these extraordinary circumstances. Looking forward, we are excited to have a strong foundation of growth across our product and licensing businesses. Thank you, and I'll now turn the call back to Mauricio.

最後，我要感謝我們的員工、客戶和供應商在這些特殊情況下所展現的承諾和合作。展望未來，我們很高興在產品和授權業務方面擁有強大的成長基礎。謝謝，我現在把電話轉回給毛里西奧。

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

謝謝你，阿卡什。接線員，我們已準備好回答您的問題。

(Operator Instructions) Our first question comes from the line of Mike Walkley with Canaccord Genuity.

（操作說明）我們的第一個問題來自 Canaccord Genuity 的 Mike Walkley。

Congrats on the strong results in a tough environment and the Huawei settlement. My question is just helping us understand your revenue per MSM trends going forward. You highlighted, in '21 you expect to be the revenue leader in RF, obviously, that could take up the revenue per MSM. And then you should have a much greater mix of 5G phones over time. So as we look out in the future quarters, how should we think about the pluses and minuses of revenue per MSM calculation?

恭喜你們在艱難的環境下取得如此優異的成績，並成功與華為達成和解。我的問題只是為了幫助我們了解您未來每位MSM的收入趨勢。您強調，在 2021 年，您預計在射頻領域成為收入領先者，顯然，這可能會影響每 MSM 的收入。隨著時間的推移，5G手機的比例會越來越多樣化。展望未來幾個季度，我們該如何看待每 MSM 收入計算的優缺點呢？

Mike, this is Akash. If you look at our trend over the last couple of quarters, on a revenue per MSM perspective, we were just over $31 in the second fiscal quarter, and then we reported a little over $28 in the June quarter, and we're guiding a similar number, over $29, in the upcoming September quarter. The premise behind the growth in the revenue per MSM is still consistent with what we had said before, which is as we transition from 4G to 5G, we expect our revenue opportunity to grow by 1.5x. And so as we look forward, we still think that's a kind of a reasonable way of thinking about the trend on revenue per MSM long term. And I think these quarters where we have delivered the results with higher numbers, kind of, bear out the math behind it.

麥克，我是阿卡什。從過去幾季的趨勢來看，從每位MSM的營收來看，我們在第二財季略高於31美元，然後在6月的季度略高於28美元，我們預計即將到來的9月季度將達到類似的數字，超過29美元。每 MSM 收入成長的前提仍然與我們之前所說的一致，即隨著我們從 4G 過渡到 5G，我們預計我們的收入機會將成長 1.5 倍。因此，展望未來，我們仍然認為這是思考每 MSM 長期收入趨勢的合理方式。我認為，在這些我們取得更高業績的季度裡，某種程度上也印證了背後的數學原理。

Great. And maybe just a quick follow-up, is there any seasonality to those type numbers based on mix of premier smartphones that we should think about in modeling kind of those trend lines?

偉大的。或許可以再補充一點，基於頂級智慧型手機組合的這些類型數據是否存在季節性，我們在建立這類趨勢線模型時是否應該考慮這一點？

Yes, sure. There'll be a little bit of a seasonality based on when our premium tier chipset launches and which is typically we go heavy on volume on the premium tier in the March quarter. So there will always be some seasonality. But I think, overall, the trend that the last few quarters suggest is a reasonable way of thinking about it.

當然可以。銷量會受到一些季節性因素的影響，這取決於我們高階晶片組的發佈時間，通常情況下，我們在三月的季度會大力推廣高階晶片組。所以總是會存在一些季節性因素。但我認為，整體而言，過去幾季所呈現的趨勢是一種合理的思考方式。

Mike, this is Cristiano. I just want to add one thing, maybe to help you understand it. We may have seen over the short period of time as we look at where the market is, given the pandemic, we feel good about our 5G units. But when you think about trends, thinking about the 1.5 metric, the more the 5G penetrates into the handset base, I think more that helps our trend of increasing the revenue per MSM. And I think we still have a lot of 4G units out there. We like that accelerated transition to 5G.

麥克，這位是克里斯蒂亞諾。我只想補充一點，或許能幫助你理解。從短期來看，考慮到疫情的影響，我們對 5G 設備充滿信心。但從趨勢來看，從 1.5 這個指標來看，5G 在手機用戶群中的滲透率越高，我認為這就越有助於我們提高每百萬用戶收入的趨勢。我認為目前市面上仍然有很多 4G 設備。我們樂見這種加速向5G過渡的趨勢。

Our next question comes from Samik Chatterjee with JPMorgan.

下一個問題來自摩根大通的薩米克·查特吉。

I was just -- maybe first off, if I can try and understand the MSM unit guidance here and the improvement. It would help if you can kind of unpack it for me a bit in terms of what's the normal kind of market recovery in terms of the sequential improvement that you're thinking of. And then what's -- I know you mentioned the delay in the product launch, but what are you assuming in terms of the product launch in that sequential improvement that you have of roughly kind of 15 million at the low end and 35 million at the high end. So how much of that is the market recovery and how much of that is the product launch?

我只是——也許首先，如果我能嘗試理解這裡的 MSM 單位指導和改進措施。如果你能幫我解釋一下，你所說的市場復甦的正常模式是什麼，以及你所說的連續改善是什麼，那就太好了。然後——我知道你提到了產品發布延遲，但是就產品發布而言，你假設的逐步改進方案是什麼，即低端大約 1500 萬，高端大約 3500 萬。那麼，其中有多少是市場復甦帶來的，又有多少是產品上市帶來的呢？

Sure, Samik, this is Akash. So the midpoint that we're guiding is 145 -- 155 million units relative to June quarter actuals of 130 million. So I'll try to address it around the midpoint. There are really 2 drivers for the increase. The first one is we saw some weakness in the low-tier units in the June quarter because of the impact of COVID on emerging markets. So we're seeing that come back in as we look at the forward demand that we're seeing from our customers. So that drives growth on a quarter-over-quarter basis.

當然，薩米克，這是阿卡西。因此，我們給出的中間值是 1.45 億至 1.55 億輛，而 6 月季度的實際值為 1.3 億輛。所以我打算在中間部分談談這個問題。成長的真正驅動因素有兩個。首先，由於新冠疫情對新興市場的影響，我們在6月份季度中看到低端業務出現了一些疲軟。因此，當我們觀察客戶的未來需求時，我們看到這種情況正在回歸。因此，這推動了季度環比增長。

And then second, we talked about a partial impact from a delay of a 5G flagship phone launch. If you think about a large flagship phone launch, typically, for a QCT perspective, our customers end up buying chipsets that facilitate the launch in the couple of months before the launch. So what we're really seeing here is because of the delay, a portion of those purchases are happening in the September quarter, and they're factored into our guidance. And another portion would get pushed out to the December quarter. So it's a combination of those things. And so going back to answering your direct question, the increase from $130 million to $155 million is really 2 drivers: increase in units, especially at the low-tier; and then benefit from the new launch.

其次，我們討論了 5G 旗艦手機發布延遲帶來的部分影響。如果你考慮一下大型旗艦手機的發布，通常情況下，從 QCT 的角度來看，我們的客戶最終會在發布前幾個月購買有助於該手機發布的晶片組。因此，我們實際看到的是，由於延遲，部分採購發生在 9 月的季度，而這些採購已計入我們的業績指引中。另一部分則會延後到12月季度完成。所以這是這些因素綜合作用的結果。所以回到你直接提出的問題，從 1.3 億美元到 1.55 億美元的成長實際上是兩個驅動因素：銷量增加，尤其是在低端市場；以及受益於新產品的推出。

Okay. Got it. And then if I can just follow-up on the restrictions in place here to Huawei right now, is there an impact on the MSM unit guidance from that? And then with the licensing agreement that you now have, does this potentially open up an opportunity to even kind of ramp up your chip shipments to them in the future if -- in the absence of HiSilicon being able to kind of provide them the chipsets that are required for their 5G handsets?

好的。知道了。那麼，如果我能進一步了解目前針對華為的限制措施，這對 MSM 部門的指導方針會有什麼影響呢？那麼，根據你們現在達成的許可協議，如果海思半導體無法為​​他們提供 5G 手機所需的晶片組，這是否有可能在未來為你們增加向他們出貨的晶片數量創造機會呢？

So Samik, I'll address the first part of the question. At this point, we really don't have any material business with Huawei. So when you think about our MSM unit guidance, there really isn't Huawei volume around it. It's really the other OEMs that we'd be shipping to.

薩米克，我先回答問題的第一部分。目前，我們與華為之間沒有任何實質的業務往來。所以，當你考慮我們對 MSM 單位的指導意見時，華為的銷售量其實並沒有影響到我們。我們真正要出貨的對像是其他OEM廠商。

Yes, this is Steve. On the second part of the question, I think the way to think about it is we're working hard to figure out how to sell to every OEM, including Huawei, but really nothing to report as of yet.

是的，這是史蒂夫。關於問題的第二部分，我認為應該這樣理解：我們正在努力弄清楚如何向包括華為在內的所有 OEM 廠商銷售產品，但目前還沒有什麼可以公佈的。

Our next question comes from Chris Caso with Raymond James.

下一個問題來自 Raymond James 公司的 Chris Caso。

First question is on QTL, and there's a lot of moving parts as we go into September with Huawei coming in, the global handset decline and the timing of the flagship. In the past, you've given us some metrics about what the normalized QTL revenue run rate would be. Is that something you could provide us now? If I normalize for all of those exceptional events that are happening now, once I put Huawei in and maybe you can give us some indication because of those changes this quarter, how much Huawei contributes to QTL in the September quarter.

第一個問題是關於QTL的，隨著華為進入9月份，全球手機銷量下滑以及旗艦機型的發佈時間等因素都會影響QTL的走勢。過去，您曾向我們提供一些關於標準化 QTL 收入運行率的指標。您現在能提供給我們嗎？如果我把現在發生的所有這些特殊事件都納入考慮，一旦我把華為也考慮進去，也許你可以給我們一些指示，由於本季度的這些變化，華為在9月份季度對QTL的貢獻有多大。

Yes. Chris, this is Akash. Let me try to give you a few data points that I think will help with your triangulation. Historically, as we've guided, our revenue range for QTL, we've said, for the first 3 calendar quarters, a number of $1.1 billion is a reasonable range. And then for the December quarter, somewhere in the $1.4 billion range. That's kind of our run rate before 2 key factors. First factor is really the impact of COVID on our guidance. So in the June quarter, we came in a little over $1 billion in revenue in QTL. With a market that was 20% lower on the handset side from a year-over-year perspective. So 20% reduction year-over-year. And we came in a little over $1 billion against a normalized run rate of $1.1 billion.

是的。克里斯，這位是阿卡什。讓我提供一些我認為有助於你進行三角測量的數據點。根據我們以往的預測，QTL 的收入範圍，我們曾表示，前三個日曆季度的合理範圍是 11 億美元。然後，12 月季度，預計在 14 億美元左右。這是在考慮兩個關鍵因素之前我們的運行速度。首先，新冠疫情對我們的指導工作確實產生了影響。因此，在六月的季度中，QTL 的營收略高於 10 億美元。從年比來看，手機市場下滑了 20%。因此，比去年同期減少了20%。我們最終收入略高於 10 億美元，而正常年收入為 11 億美元。

When you look forward, what we're guiding is a midpoint of $1.3 billion, and really, there are 2 factors, right? Huawei coming in and increasing that number and a little bit of a decline based on a 15% market weakness that we're assuming. So I think between those numbers, you should be able to triangulate what a normalized run rate is. The key thing for us is just not having insight into COVID going forward and how the recovery happens. So for now, we're guiding the September quarter, but as we proceed, we'll look to give guidance into the normalized run rate.

展望未來，我們預計的中點是 13 億美元，實際上，有兩個因素，對吧？華為的加入增加了這個數字，而我們假設的 15% 的市場疲軟導致這一數字略有下降。所以我覺得，根據這些數字，你應該可以推算出標準化運行率是多少。對我們來說，最關鍵的是無法洞察新冠疫情的未來發展趨勢以及疫情後的復甦情況。所以目前，我們給出的是9月季度的業績指引，但隨著工作的推進，我們將給出正常化運行率的指引。

That's very helpful. As a follow-up to that, with regard to QTL margins, you've given guidance for this quarter also. What should we expect going forward on that? I'm assuming that the new Huawei revenue is all incremental. There's no cost associated with that. So is this a reasonable margin run rate, at least for the first 3 quarters of the year, I suppose it would go higher as you went to the seasonally stronger December quarter?

那很有幫助。作為後續，關於 QTL 利潤率，您也對本季給出了指導意見。接下來我們應該對此抱持怎樣的預期？我假設華為新增的收入都是增量收入。這樣做沒有任何費用。那麼，至少對於今年前三個季度來說，這是一個合理的利潤率嗎？我想隨著季節性因素的顯現，到了12月這個季度，利潤率應該會更高吧？

Yes. Chris, you're correct on the revenue really falling down to the bottom line from a Huawei perspective. So that's an accurate assumption. I think at the Analyst Day last year, we provided our view on kind of longer-term sustainable margins for QTL, where we set a midpoint of 70% and with Huawei, it would be slightly higher than that. So I don't believe there's any change to that point of view. I think we still think those are good reasonable numbers to use to model our business going forward.

是的。克里斯，你說得對，從華為的角度來看，營收下降確實會影響利潤。所以這個假設是準確的。我認為在去年的分析師日上，我們提出了我們對 QTL 長期可持續利潤率的看法，我們設定了 70% 的中點，而對於華為來說，利潤率會略高於這個數字。所以我認為這種觀點沒有任何改變。我認為我們仍然認為這些數字是合理且有效的，可以用來為我們未來的業務發展建立模型。

Our next question comes from Ross Seymore with Deutsche Bank.

下一個問題來自德意志銀行的羅斯·西摩。

Congrats on the Huawei settlement. Akash, you mentioned earlier in the call about the gross margin within QCT performing well. Can you go in a little bit deeper into that? And really, what I want to get into is it doesn't seem like there's a great correlation between the revenue per MSM and the gross margin and the QCT side of things. And given that that revenue per MSM line could be moving all over the place in the next couple of quarters given some of these flagship launches, I want to understand the relationship between those 2 dynamics better.

恭喜華為事件達成和解。Akash，你之前在電話會議中提到QCT的毛利率表現良好。能再深入探討一下嗎？實際上，我想探討的是，每百萬商家收入與毛利率和品質控制指標之間似乎沒有很強的相關性。鑑於未來幾季中，隨著一些旗艦產品的發布，每條 MSM 產品線的收入可能會大幅波動，我想更了解這兩種動態之間的關係。

Sure, Ross. So let me kind of maybe quickly talk through what happened in the June quarter. What we saw was versus our guidance of midpoint of 135 million units for the MSM, we saw some weakness at the low tier. And what I referred to in my script was because of the fewer low-tier units that was driven by COVID impact on emerging markets, we saw higher revenue per MSM and a higher gross margin as a result of it. So they both moved in concert at the same time in the same direction.

當然可以，羅斯。那麼，讓我快速地概括一下六月發生的事情。我們看到，與我們先前對中端市場1.35億輛的預期相比，低端市場出現了一些疲軟。我在腳本中提到的是，由於新冠疫情對新興市場的影響，低端單位數量減少，因此我們看到每百萬標準分鐘收入更高，毛利率也更高。所以他們兩個同時朝著同一個方向移動。

As we look forward to the September quarter, what we are implying in terms of guidance for our gross margin is more in line with what we had guided for the June quarter because we expect the lower end units to come back into our mix. And really, from a margin perspective, it's very consistent with what we've outlined, pretty strong margin profile going forward.

展望九月的季度，我們對毛利率的預期與六月季度的預期更為一致，因為我們預計低階產品將重新回到我們的產品組合中。從利潤率的角度來看，這與我們之前概述的非常一致，未來利潤率前景相當強勁。

Yes. And Ross, I think it's -- this question. Consistent with, I think, the conversation we had before about revenue per MSM. As some of those low 4G units start to get replaced by 5G units and we go into the future quarters continue to see accelerated 5G penetration, that's going to be also a good driver for gross margin improvement in QCT.

是的。羅斯，我認為是──這個問題。我認為這與我們之前討論的每 MSM 收入是一致的。隨著一些低階 4G 設備開始被 5G 設備取代，並且在未來幾季中，我們將繼續看到 5G 的普及加速，這也將成為 QCT 毛利率改善的良好驅動力。

Our next question comes from Matt Ramsay with Cowen.

下一個問題來自 Cowen 公司的 Matt Ramsay。

Congrats on the Huawei deal from myself as well. A couple of questions, Akash. The first one is on OpEx. You talked about it being up with 5G investments and other things. Maybe you could give us a little bit of context as to whether the September quarter number is a realistic run rate going forward as I know OpEx and cost controls have been top of mind given COVID and given some of the QTL things that have happened in the last few years. So that's one. And then the second one is on the back payments from the settlement. There's a big sort of cash payment coming into you guys from Huawei, any thoughts of use of that cash?

我也要祝賀你們與華為達成合作協議。阿卡什，我有幾個問題。第一個是關於營運支出的。你談到了 5G 投資和其他方面。或許您可以給我們一些背景信息，說明9月份季度的數字是否能夠反映未來的實際運行水平，因為我知道，鑑於新冠疫情以及過去幾年發生的一些重大事件，運營支出和成本控制一直是大家最關心的問題。這是其中之一。第二點是關於和解協議中拖欠的款項。華為會給你們一大筆現金，你們有沒有考慮過如何使用這筆錢？

Yes, Matt. So on your first question, really, what we're guiding is a 5% increase in OpEx quarter-over-quarter. If you look at our historical trend, what we've seen between these 2 quarters, as an example, last year, we saw an increase of 4% when you adjust the June quarter for the variable compensation related to the Apple deal. So what we're guiding is really consistent with our historical trend. There's a little bit of an increase, an extra 1% increase just because of timing of 5G investments.

是的，馬特。所以關於你的第一個問題，實際上，我們預計營運支出將較上季增加 5%。如果你看我們的歷史趨勢，例如這兩個季度之間的情況，去年，如果你將 6 月份的季度與蘋果交易相關的可變薪酬進行調整，我們看到增長了 4%。所以，我們所採取的策略與我們的歷史趨勢是完全一致的。由於 5G 投資的時機，出現了小幅增長，額外增長了 1%。

When you pull back and kind of look at the whole year, we will end up total OpEx of $6.8 billion, very consistent with what we told you at the Analyst Day and our forecast for the year. So we really think of OpEx as consistent with our previous commitments, and it's super important for us to continue to manage OpEx well and deliver operating leverage as we grow revenues.

如果把時間拉長，縱觀全年，我們的營運支出總額將達到 68 億美元，這與我們在分析師日上告訴大家的以及我們對全年的預測非常一致。因此，我們認為營運支出與我們先前的承諾是一致的，而且對於我們來說，在收入成長的同時繼續有效管理營運支出並實現營運槓桿至關重要。

And then on the second question, on the $1.8 billion, what we have is Huawei is going to pay us $1.8 billion for historical periods. And it's a combination of 2 things, really. It's the settlement agreement, which goes through the end of 2019, and add to it the first 6 months of 2020 through June, the combined total of that is $1.8 billion. And so that's an amount that they're going to pay over a 1-year period with the first payment due in the September quarter.

至於第二個問題，關於18億美元，華為將為我們支付18億美元，用於支付歷史時期的費用。其實這是兩件事的結合。這是和解協議，有效期至 2019 年底，再加上 2020 年上半年（截至 6 月），總額為 18 億美元。因此，他們將在一年內分期支付這筆款項，第一筆款項將於九月季度支付。

Got it. Just a quick follow-up for Cristiano or I guess for Steve as well. You guys talked about being the view of 2020 5G units now being maybe at the upper end of the range, and if you put that against a major global launch that might be pushed slightly. Was all of that maybe incremental confidence in upside in 5G units in China? Or are there other markets that we should be thinking about that are now ramping 5G units with some visibility?

知道了。我只想快速地問一下克里斯蒂亞諾，或者我想對史蒂夫也一樣。你們之前討論過，2020 年的 5G 設備現在可能處於價格區間的高端，如果考慮到全球範圍內的大規模發布，發佈時間可能會稍微推遲一些。這一切是否反映了人們對中國 5G 設備市場成長潛力的逐步信心？或者，還有哪些市場正在大力推廣 5G 設備，並且已經取得了一定的進展，我們應該考慮一下？

Matt, this is Cristiano. Look, there is an overall, I think, confidence in 5G. If you look at the comment made by Akash in the quarter, I think we saw a better mix than we originally expected, which is offsetting weakness in the emerging markets and mostly 4G low-tier units. What we saw is better units on developed markets, which is just a result of 5G. Traction 5G continues to be high. We now have over 80 commercial networks in 35 countries. We have a large number of operators, now 380, 120 of which work in a millimeter wave. And our design to traction jumped to 660 designs now on 5G. So 5G momentum has not slowed down, and it's giving us confidence on the estimate we made for the year.

馬特，這位是克里斯蒂亞諾。我認為，總體而言，人們對 5G 充滿信心。如果你看看 Akash 在本季度發表的評論，我認為我們看到了比我們最初預期的更好的產品組合，這抵消了新興市場和主要是 4G 低端設備的疲軟。我們看到的是已開發市場的產品性能更好，這完全是 5G 帶來的結果。5G 的用戶成長動能依然強勁。我們目前在35個國家擁有80多個商業網路。我們現在有大量操作員，共有 380 名，其中 120 名從事毫米波工作。我們面向 5G 的設計方案數量已躍升至 660 個。因此，5G的發展勢頭並未放緩，這讓我們對今年的預測更有信心。

Our next question comes from Tal Liani with Bank of America.

下一個問題來自美國銀行的塔爾·利亞尼。

Great. It's actually a follow-up on the previous answer. When you look at the U.S. and Europe and other places, can you give us a sense of how much of the launches are planned to be with millimeter wave? And then when it -- do you have an estimate of your market share within millimeter wave kind of if you look at the global -- at the globe, how much do you think you're capturing of this market initially?

偉大的。這實際上是對前一個回答的後續。從美國、歐洲和其他地方來看，您能否大致介紹一下計劃中的發射活動有多少是使用毫米波進行的？那麼，當…您能否估算一下您在毫米波領域的市佔率？如果您放眼全球，您認為您最初能佔據多少市場份額？

Tal, this is Cristiano. Thanks for the question. So let me just start talking about millimeter wave. I know that's a big component of the question. So it's a traction of millimeter wave technology is moving kind of as we expected. I think the current scorecard, I can give it to you. United States continue to ramp. Japan recently launched. We still forecast Korea to launch within the year. Europe, in Russia, targeting commercial launches before the end of the year, with millimeter wave and then spectrum auctions had occurred in Hong Kong, Taiwan, Thailand, Singapore and Finland for commercialization in 2021.

塔爾，這位是克里斯蒂亞諾。謝謝你的提問。那麼，我就先來談談毫米波吧。我知道這是問題的重要組成部分。所以毫米波技術的發展動能基本上符合我們的預期。我認為目前的評分錶可以給你。美國繼續加大力度。日本最近推出了。我們仍然預測韓國將在年內推出。歐洲和俄羅斯的目標是在年底前實現毫米波的商業化，而香港、台灣、泰國、新加坡和芬蘭已經舉行了頻譜拍賣，計劃在 2021 年商業化。

I think worth noting is there's still expectation that China will have also millimeter wave by 2021. There's a total 120 operators. So it's really continue to gain traction. We don't disclose specific share, but we do have significant technology leadership in millimeter wave and has been showing into some of the expansion of our designs. And I think specifically within the United States, which is the largest millimeter wave market, we have now, for example, Verizon with 35 cities now live with ultra wide band. AT&T continue to expand as well as T-Mobile and remains a requirement for all of the flagship devices across the 3 operators.

我認為值得注意的是，人們仍然預期中國將在 2021 年之前擁有毫米波技術。總共有120名業者。所以它確實在持續獲得關注。我們不透露具體份額，但我們在毫米波領域擁有顯著的技術領先優勢，並且已經體現在我們一些擴展的設計中。我認為尤其是在美國，作為最大的毫米波市場，現在例如 Verizon 已經在 35 個城市開通了超寬頻服務。AT&T 和 T-Mobile 都在持續擴張，並且仍然是這三家營運商所有旗艦設備的必要條件。

Got it. That means that all devices in the U.S. will have millimeter wave? All devices that are being launched in the U.S. will have millimeter wave to support it?

知道了。這意味著美國的所有設備都將支援毫米波嗎？所有在美國上市的設備都將支援毫米波嗎？

No. You have a combination of millimeter wave in sub-6. And I think as you get some of the reform spectrum with DSS, you're going to have the combination of both. Millimeter wave today is a requirement for all flagship devices, and we expect that technology to penetrate down to lower tiers as well over time.

不。你擁有毫米波和低於 6 波段的組合。我認為，隨著社會保障改革的推進，兩者將會結合。毫米波技術如今已成為所有旗艦設備的必備配置，我們預計隨著時間的推移，這項技術也將滲透到更低端的機型中。

Our next question comes from the line of Stacy Rasgon with Bernstein Research.

我們的下一個問題來自伯恩斯坦研究公司的史黛西·拉斯貢。

So the first one, I wanted to see if you could give us some feeling for how that $1.8 billion splits up. I know you gave a little bit of color on kind of 2019 and before and then the first half of 2020. But do we think about that $1.8 billion broadly applying to like every phone over that period that Huawei didn't pay you for, I mean since Q3 '17 on top of the $450 million that they paid you already?

所以第一個問題是，我想看看您能否為我們介紹一下這 18 億美元是如何分配的。我知道你對 2019 年及之前以及 2020 年上半年的情況做了一些描述。但是，我們是否應該考慮這 18 億美元是否廣泛適用於華為在那段時間裡沒有向你支付款項的每一部手機，我的意思是，從 2017 年第三季度開始，再加上他們已經支付給你的 4.5 億美元？

And I guess for my follow-up, you've talked about revenue per MSM, obviously, up 50%. If I look where that revenue per MSM number ran, especially when you had Apple in the mix back in the day, it was about $20. So 1.5 on that would be 30. Is that kind of like the new sort of normal once everything kind of gets into play, that's where we should be thinking about revenue per MSM?

我想就後續問題問一下，您已經談到了每位主流媒體用戶的收入，顯然成長了 50%。如果我看一下當時每 MSM 的收入情況，特別是考慮到當時蘋果也參與其中，那大約是 20 美元。所以，1.5 乘以 1.5 就是 30。當一切步入正軌後，這是否會成為一種新的常態？在這種情況下，我們應該考慮每位主流媒體用戶的收入嗎？

Stacy, it's Akash. Yes. So on the $1.8 billion, again, there are 2 components to that amount. One is the settlement of our previous agreement, and it really captures the period since the entire dispute period that we had with them. And second component is the first 6 months of calendar 2020. So that total adds up to the $1.8 billion. It is additive to the 2 previous shorter-term agreement that we had with them. The total amount of those agreements was approximately $1.2 billion. So it's really $1.2 billion and $1.8 billion as the total additive number for the historical. And then going forward, we'll -- you'll see it in our forecast for the September quarter.

史黛西，我是阿卡什。是的。所以，這 18 億美元又由兩個部分組成。其中一項是對我們先前協議的解決，它真正涵蓋了我們與他們發生整個爭議以來的這段時期。第二個組成部分是 2020 年的前 6 個月。所以總金額加起來是18億美元。這是對我們先前與他們簽訂的兩項短期協議的補充。這些協議的總金額約為12億美元。所以，歷史總和實際上是 12 億美元和 18 億美元。接下來，您將在我們九月的季度預測中看到這一點。

And really, as I said in my prepared remarks, we -- these terms are very consistent with the overall framework of our licensing program. So it's what you would expect given other OEMs and overall licensing program terms. And then revenue per MSM, I think your math is a reasonable way of thinking about it. It's really the 1.5x, which is what you're using is the framework we use to think about it as well. The one thing I'll maybe caveat is your calculation assumes 100% 5G. So obviously, it's going to take some time to get there. And so there will be a curve into it.

正如我在準備好的演講稿中所說，這些條款與我們的授權計畫的整體框架非常一致。考慮到其他原始設備製造商和整體許可計劃條款，這也在意料之中。至於每 MSM 的收入，我認為你的計算方法很合理。實際上，1.5倍的倍數，也就是你現在使用的倍數，也是我們思考這個問題時所使用的框架。我唯一要補充的是，你的計算假設 5G 網路覆蓋率為 100%。很顯然，要達到那個目標還需要一些時間。所以它會有一個曲線。

The next question comes from the line of Rod Hall with Goldman Sachs.

下一個問題來自高盛的 Rod Hall。

This is Ashwin on behalf of Rod. Akash, maybe this is for you. You mentioned about 5G flagship phone delay and its impact on your QCT, but I was wondering if you could help us understand how you thought about it back on QTL. And in the past, like when Samsung got delayed, it had an impact, not just on Samsung but overall handset market. So just wondering if you could give us some color there.

這是阿什溫代表羅德發來的。阿卡什，或許這是給你的。您提到了 5G 旗艦手機的延遲及其對 QCT 的影響，但我很想知道您能否幫助我們了解一下您在 QTL 上是如何看待這個問題的。過去，例如三星手機發布延遲，不僅對三星自身，而且對整個手機市場都產生了影響。所以，我想問您能否為我們補充一些細節資訊。

And sort of related -- well, not exactly related, but my second question is on the June quarter. Units were better and QTL units were better and you self-tied that to the improvement in China. But I was wondering if you could talk about trends outside China and where you potentially saw some strength in the overall market.

還有一點相關——好吧，也不完全相關，我的第二個問題是關於六月的季度。單元品質有所提高，QTL 單元品質也有所提高，而你卻把這與中國的改進聯繫起來。但我很想知道您能否談談中國以外的趨勢，以及您認為整體市場哪些方面可能存在一些優勢。

Yes. So I'll maybe start with your second question. In the June quarter, what we saw is strength across China and developed markets. So it was kind of broad-based across the developed market landscape in addition to China. China, obviously, as I'm sure you're aware, extremely strong numbers. And what -- it was offset by weakness in certain emerging markets. So that's kind of the trade-off that we saw between the various markets. On your first question on 5G flagship phone launch delay and how that impacts QTL, the specific scenario that we're talking about, the launch is typically pretty late in the quarter. So it's a much smaller factor for QTL within the September quarter guidance. And we think of it as captured in our total market weakness guidance as a part of COVID. But again, I think it's a much bigger factor for QCT than it does for QTL because the chipset purchases typically happen in large quantities in advance of a launch.

是的。那我就先回答你的第二個問題吧。在六月的季度中，我們看到中國和已開發市場都表現強勁。所以，除了中國之外，它也廣泛影響了已開發市場。顯然，如你所知，中國的數據非常強勁。而且——部分新興市場的疲軟抵消了這一影響。所以這就是我們在各個市場之間看到的權衡取捨。關於您提出的第一個問題，即 5G 旗艦手機發布延遲以及這對季度業績 (QTL) 的影響，我們所討論的具體情況是，發布通常會在季度末進行。因此，這對 QTL 在 9 月季度業績指引中的影響要小得多。我們認為，這已經體現在我們對整體市場疲軟的預期中，而這正是新冠疫情的一部分。但我認為，對於 QCT 來說，這是一個比對於 QTL 更大的因素，因為晶片組的採購通常是在產品發布前大量進行的。

Our next question comes from the line of Timothy Arcuri with UBS.

我們的下一個問題來自瑞銀集團的 Timothy Arcuri。

This is Pradeep Ramani standing in for Tim. I guess my first question was around your -- the QCT adjacencies, autos, IoT and so on. Did they do better than last quarter? And are they sort of approaching now roughly $1 billion in the quarterly run rate? Can you provide some color on that? And then I have a follow-up.

這是普拉迪普·拉馬尼，他代替蒂姆出場。我的第一個問題是關於你們的──QCT鄰接關係、汽車、物聯網等等。他們比上個季度做得更好嗎？他們目前的季度營收是否已經接近 10 億美元左右？能詳細說說嗎？然後我還有一個後續問題。

Yes. So overall, the way our adjacencies have been performing, we've been pretty happy with it, actually. There are certain markets that we are in that definitely benefit from COVID and the work-from-home environment. We have the mobile broadband market, the 5G and 4G CPE and dongles market, all of those have done extremely well. WiFi, we're a very large player in WiFi and, clearly, with demand for improved connectivity within the home as people work from home. That has been a pretty strong spot for us as well.

是的。總的來說，就我們鄰近區域的表現而言，我們其實相當滿意。我們所處的某些市場確實受益於新冠疫情和居家辦公環境。我們有行動寬頻市場、5G 和 4G CPE 及加密狗市場，所有這些市場都發展得非常好。WiFi領域，我們是WiFi領域的巨頭，而且很明顯，隨著人們在家辦公，對家庭內部連接性的需求也在不斷提高。那也是我們實力很強的一點。

And then overall, IoT is also continuing to see strong traction. So when you look at all those markets, which make up kind of the broader IoT category for us, a lot of strength across the board. Auto obviously got impacted as a part of just what the industry is going through. But really, within auto, a lot of our products are forward-leaning, which is focusing on new launches and the demand for connectivity and infotainment really hasn't changed fundamentally. So while we're seeing an impact, it's probably a smaller impact than a lot of other peers are seeing in the industry as well. So those -- that's kind of the landscape of our adjacencies.

整體而言，物聯網也持續保持強勁的發展動能。所以，當你審視所有這些市場時，它們構成了我們更廣泛的物聯網類別，你會發現它們在各個方面都展現了強大的實力。汽車產業顯然也受到了影響，這是整個產業正在經歷的困境的一部分。但實際上，在汽車領域，我們的許多產品都是面向未來的，專注於新產品的發布，而對互聯和資訊娛樂的需求並沒有發生根本性的變化。所以雖然我們看到了一些影響，但這種影響可能比業內許多其他同行所看到的影響還要小。所以，這就是我們鄰近區域的大致情況。

Okay. And as my follow-up, when we think about your 5G opportunity, especially on the RF front, are you sort of gaining share? Is your share gain largely driven by millimeter wave? Or are you sort of gaining share across the board? And can you maybe sort of speak to just your broad 5G share versus 4G share? I mean beyond just the 50% increase in ASP.

好的。我的後續問題是，當我們考慮你們的 5G 機遇，尤其是在射頻方面，你們是否正在獲得一定的市場份額？您的市佔率成長主要由毫米波技術驅動嗎？或者說，你們的市佔率正在全面提升？您能否大致談談貴公司 5G 市佔率與 4G 市佔率的對比情況？我的意思是，除了平均售價上漲 50% 之外。

This is Cristiano Amon. Yes. So we -- on the RF front end, especially, this is a growth market for us as a new entrant, we are seeing share gains. And we have been very clear, our strategy to really scale in RF front end. We'll be using 5G as the entry point. And as we continue to gain traction for 5G. We're getting designs across sub-6, across millimeter wave and started to get some traction within 4G RF front-end content as well. And we expect that to continue to be a positive trend attached to our baseband because of our modem to antenna differentiation at the system level.

這是克里斯蒂亞諾·阿蒙。是的。因此，尤其是在射頻前端領域，作為新進入者，這是一個成長型市場，我們正在獲得市場份額。我們一直非常明確地表示，我們的策略是真正擴大射頻前端的規模。我們將以 5G 作為切入點。隨著 5G 的持續發展，我們越來越受到關注。我們正在開發 6GHz 以下頻段和毫米波頻段的設計，在 4G 射頻前端內容方面也開始取得一些進展。我們預計，由於我們在系統層面實現了調製解調器與天線的差異化，這一積極趨勢將繼續伴隨我們的基頻產品。

And this is Akash. Just to add a couple of quick points. As I said in my prepared remarks, for the September quarter, we are expecting RF front end revenue of approximately $750 million. So very happy about getting to that milestone. And really, as we outlined previously, our target is to grow to approximately 20% share of the RF front end market. And so between that data point and really the forward traction that Cristiano talked about, we feel very comfortable in being able to hit that target.

這是阿卡什。再補充幾點。正如我在準備好的演講稿中所說，我們預計 9 月季度的射頻前端收入約為 7.5 億美元。非常高興能達到這個里程碑。正如我們之前概述的那樣，我們的目標是佔據射頻前端市場約 20% 的份額。因此，結合這個數據點以及克里斯蒂亞諾所說的前進動力，我們很有信心能夠實現這個目標。

Our next question comes from Brett Simpson with Arete Research.

我們的下一個問題來自 Arete Research 的 Brett Simpson。

I have 2 questions. Maybe just first on Huawei, the settlement. Can you talk about how much of the $1.8 billion is going to be cash in the September quarter? And then if I look at the licensing with Huawei before the dispute, I think it was a set licensee, maybe you can confirm that. And I'm just wondering, with the settlement, are they still a SEP licensee? Or are they taking a full platform license? And what sort of licensing PD is the agreement going to cover?

我有兩個問題。或許首先要解決的是華為的問題，也就是和解。能否透露一下9月份季度18億美元中有多少是現金？然後，如果我查看糾紛發生前與華為的授權協議，我認為當時是指定了被授權方，也許您可以確認一下。我想知道，達成和解後，他們是否仍然是 SEP 授權持有者？還是他們購買的是完整平台授權？該協議將涵蓋哪些類型的授權專業發展內容？

And then second question, maybe for Cristiano, on automotive. I think it was a year ago when you last spoke about your backlog at about $5.5 billion. Can you give us an update on the backlog for QCT and how we should think about the ramp-up here with 5G? And what sort of content per car is QCT now able to address? And maybe also for QTL, how do we think about automotive? Clearly, there's going to be a big push for V2X and 5G is going give a big licensing opportunity for Qualcomm. We haven't seen any license deals from automakers on 5G specifically. So how should we think about that going forward?

第二個問題，或許可以問克里斯蒂亞諾，關於汽車方面的。我記得你上次提到積壓訂單大約有 55 億美元，好像是一年前。能否向我們介紹 QCT 的積壓訂單狀況，以及我們應該如何考慮 5G 帶來的產能提升？QCT目前能夠為每輛車提供哪些類型的內容？或許對 QTL 來說，我們該如何看待汽車產業？顯然，V2X 技術將會大力推廣，而 5G 將為高通帶來巨大的授權機會。我們還沒有看到汽車製造商專門針對 5G 達成任何授權協議。那麼，我們接下來該如何看待這個問題呢？

So this is Alex. In terms of the Huawei deal, obviously, the terms are confidential. And Akash has already talked about the financials to the extent that we can. As we've mentioned in the disclosures, we have an agreed-upon payment schedule with respect to amounts that relate to the prior license period. It's a long-term deal, a broad agreement with the license back to certain Huawei patents. And so we're very happy with the deal.

這位是亞歷克斯。至於華為的交易，很顯然，具體條款屬於保密資訊。阿卡什已經盡可能地談到了財務方面的問題。正如我們在揭露文件中所提到的，對於與先前許可期相關的款項，我們已經達成了付款計劃。這是一項長期協議，一項涵蓋華為某些專利授權的廣泛協議。因此，我們對這筆交易非常滿意。

Your question on automotive, we've actually had quite a long-standing automotive licensing business in the 3G, 4G space for a decade or so. And so we're transitioning into licensing for 5G. But essentially, we've been licensing in automotive for quite some time. And so that's also reflected in our revenue.

關於您提出的汽車領域問題，實際上我們在 3G、4G 領域已經開展了相當長期的汽車授權業務十多年了。因此，我們正在過渡到 5G 許可階段。但實際上，我們在汽車領域進行授權已經有一段時間了。因此，這也反映在我們的收入上。

So Brett, this is Cristiano. Let me answer your question on our automotive business. So why we're not providing an update right now on the backlog of design wins, I will talk about some of those trends. I think we continue to see that increasing for us, especially, as the automotive industry, it's impacted by the current pandemic. I think more and more, we're trying to see even higher interest in moving the programs of bringing more electronics and the digital cockpit transformation within the car. So we continue to gain traction, continue to get incremental design awards, and we're very happy about how the automotive business is growing for us.

布雷特，這位是克里斯蒂亞諾。讓我來回答您關於我們汽車業務的問題。那麼，為什麼我們現在無法提供設計專案進度更新資訊呢？接下來，我將談談其中的一些趨勢。我認為我們將繼續看到這種情況增加，尤其是對於汽車行業而言，它受到了當前疫情的影響。我認為，我們越來越希望看到人們對推進汽車電子設備普及和數位化座艙改造計畫表現出更高的興趣。因此，我們不斷取得進展，不斷獲得新的設計獎項，我們對汽車業務的成長非常滿意。

So with -- in regards to the content, we have been now really focused on the telematics unit for the connected car. The digital cockpit transformation that includes content for the infotainment, the rear seat entertainment, dashboard and smart mirrors and the connectivity across WiFi and Bluetooth. We're just in the beginning of ECU for ADAS, but most of the silicon content is really within the digital cockpit transformation.

所以，就內容而言，我們現在真正專注於連網汽車的遠端資訊處理單元。數位座艙轉型包括資訊娛樂內容、後座娛樂、儀錶板和智慧後視鏡，以及透過 WiFi 和藍牙進行連接。我們才剛開始使用用於高級駕駛輔助系統的電子控制單元 (ECU)，但大部分矽晶片的應用實際上都集中在數位座艙的轉型上。

And Brett, on your question on the design win pipeline, we're not providing an update at this point, but the last number we've disclosed is a greater than $7 billion design win pipeline.

Brett，關於你提出的設計中標項目數量的問題，我們目前不提供更新信息，但我們上次披露的數字是超過 70 億美元的設計中標項目數量。

Our next question comes from the line of Srini Pajjuri with SMBC Nikko Securities.

下一個問題來自SMBC日興證券的Srini Pajjuri。

I have a couple of questions, first on the ASP. Obviously, a nice improvement last few quarters. I'm just curious, Akash, as we go into the next couple of quarters, obviously, you're modem mix will increase. I'm just trying to understand how that might impact your ASPs as well as margins. And then I have a follow-up.

我有幾個問題，首先是關於ASP的。顯然，近幾個季度有了顯著改善。阿卡什，我只是好奇，隨著接下來幾季的到來，很明顯，你的數據機組​​合將會增加。我只是想了解這可能會對您的平均售價和利潤率產生怎樣的影響。然後我還有一個後續問題。

Yes. So I mean at this point, we're not really kind of guiding specific ASPs and margins, fund, specific products. So I think it's probably best to go back to the broader framework and broader discussion we had on the ASP trend. I think that still holds true even with your question. And then -- and I think margin trends also, the same applies. So I think it's -- rather than talk about a specific socket, the broader trend is still accurate, and that's probably the best way of thinking about it.

是的。所以我的意思是，目前我們並沒有真正指導具體的平均售價和利潤率、資金或具體產品。所以我認為最好還是回到我們之前對平均售價趨勢進行的更廣泛的討論和框架上來。我認為即使對於你的問題，這個結論仍然成立。然後——我認為利潤率趨勢也是如此——同樣適用。所以我認為——與其談論某個具體的插座，不如關注更廣泛的趨勢，這或許是最好的思考方式。

Okay. Fair enough. And then maybe for Cristiano, just trying to get a better handle on the competitive landscape, Cristiano. So obviously, with the situation with HiSilicon, I'm guessing, you have 1 less competitor going forward. Just curious if you could look -- if you could kind of talk about the modem competition between you and Mediatek and others, kind of compare that in contrast with at this stage in 4G cycle, what are some of the similarities and differences you're seeing, and what do you expect going forward?

好的。很公平。或許對克里斯蒂亞諾來說，他只是想更了解競爭格局。所以很明顯，鑑於海思半導體的情況，我猜想，你們未來會少一個競爭對手。我只是好奇您能否談談您與聯發科和其他廠商之間的調變解調器競爭，並將其與 4G 週期的現階段進行比較，您看到了哪些相似之處和不同之處，以及您對未來有何預期？

And then that also relates to my margin question longer term. This is a business you're running at like close to $5 billion run rate. And I'm not aware of any other semi company at this scale, running at below 20% margins. So I'm just trying to understand what the potential margin, longer-term margin potential for these businesses and how the competitive landscape is shaping up in 5G.

而這也與我長期的利潤率問題有關。你經營的這家企業年營業額接近50億美元。據我所知，沒有其他半導體公司能達到如此規模，利潤率卻低於 20%。所以，我只是想了解這些企業的潛在利潤率、長期利潤率潛力，以及 5G 領域的競爭格局正在如何改變。

This is Cristiano. Thank you for your question. All right. Let me just start with the competitive landscape. We always said in the smartphone mobile space, a lot of competition. It's been probably one of the most competitive segments within semi. And we feel very good right now, especially given the complexity on 5G, given the opportunity for us to move faster to different releases of this technology as it go beyond smartphones into other industrial use cases and the ability to have RF front-end differentiation. And I think it's showing now when we think about our design traction.

這是克里斯蒂亞諾。謝謝你的提問。好的。我先從競爭格局說起。我們一直都說，智慧型手機領域的競爭非常激烈。這可能是半導體產業競爭最激烈的領域之一。我們現在感覺非常好，尤其考慮到 5G 的複雜性，以及我們有機會更快地推出這項技術的不同版本，因為它超越了智慧型手機，擴展到其他工業應用場景，並且能夠實現射頻前端的差異化。我認為，當我們審視我們的設計成果時，這一點就體現出來了。

We started being first to market with 5G. Of our 660 designs right now, 570 of those designs are based on our second generation. And then our third generation, I think, premium-tier product, we kind of indicated over 165 designs. So we've seen our leadership propagate from 1 design to the other, including with the attach of RF front end. So we're very happy about that. We expect that more -- as many of our customers especially in China, companies like Vivo, OPPO and Xiaomi, continue to grow outside China, I think more demand for a global solution like Qualcomm will increase our differentiation abilities. And that's also true as 5G goes to other industries. So we feel much better about the differentiation of our 5G solution compared to 4G. And as far as margins, I think we have been consistent, 5G provides significant growth for us and expansion of earnings. And we are approaching our long-term operating margin target for QCT, and we're on track to get that.

我們率先將5G技術推向市場。我們目前共有 660 個設計，其中 570 個設計是基於我們的第二代產品。然後，我認為，我們的第三代高端產品，我們設計了超過 165 種款式。因此，我們看到我們的領導地位從一個設計傳播到另一個設計，包括射頻前端的連接。我們對此感到非常高興。我們預計，隨著我們許多客戶（尤其是在中國的客戶，如 Vivo、OPPO 和小米等公司）在中國以外地區持續發展，對高通等全球解決方案的需求將增加，從而提升我們的差異化能力。隨著 5G 技術擴展到其他行業，情況也是如此。因此，我們對我們的 5G 解決方案與 4G 相比的差異化優勢更有信心。至於利潤率，我認為我們一直保持穩定，5G 為我們帶來了顯著的成長和獲利的擴張。我們正朝著QCT的長期營業利潤率目標邁進，並且有望實現這一目標。

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

今天的問答環節到此結束。莫倫科夫先生，在休會之前，您還有什麼要補充的嗎？

Yes. Just thank you for the -- to the employees for their hard work. And obviously, it's been unusual circumstances. And so I appreciate very much the hard work that's been happening. It's great to see the strategy we laid out result in such positive traction for the business. Thank you to all of them who worked on the Huawei deal. It's great to get that behind us and look forward to giving an update in a quarter. Thank you, everybody.

是的。非常感謝員工們的辛勤工作。顯然，目前的情況非常特殊。因此，我非常感謝大家付出的辛勤努力。很高興看到我們制定的策略為公司帶來如此積極的業務進展。感謝所有參與華為交易的人員。很高興這件事終於過去了，期待在一個季度後向大家報告最新進展。謝謝大家。

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

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線了。