高通 (QCOM) 2020 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們，先生們，謝謝你們的支持。

Welcome to the Qualcomm Third Quarter Fiscal 2020 Earnings Conference Call.

歡迎參加 Qualcomm 2020 財年第三季度收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded July 29, 2020.

（操作員說明）提醒一下，本次會議將於 2020 年 7 月 29 日錄製。

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

今天電話的播放號碼是（877）660-6853。

International callers please dial (201) 612-7415.

國際呼叫者請撥打 (201) 612-7415。

The playback reservation number is 13706353.

播放預約號為13706353。

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

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

Mr. Lopez-Hodoyan, please go ahead.

Lopez-Hodoyan 先生，請繼續。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

Today's call will include prepared remarks by Steve Mollenkopf and Akash Palkhiwala.

今天的電話會議將包括 Steve Mollenkopf 和 Akash Palkhiwala 準備好的講話。

In addition, Cristiano Amon, Al Rogers and Don Rosenberg will join the question-and-answer session.

此外，Cristiano Amon、Al Rogers 和 Don Rosenberg 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.

您可以在我們的投資者關係網站上訪問我們的收益發布和本次電話會議隨附的幻燈片演示。

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

此外，本次電話會議正在 qualcomm.com 上進行網絡直播，今天晚些時候將在我們的網站上提供重播。

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

在今天的電話會議中，我們將使用法規 G 中定義的非 GAAP 財務指標，您可以在我們的網站上找到與 GAAP 相關的對賬。

We will also make forward-looking statements, including projections and estimates of future events, business or entry trends or business or financial results.

我們還將做出前瞻性陳述，包括對未來事件、業務或進入趨勢或業務或財務結果的預測和估計。

Actual events or results could differ materially from those projected in our forward-looking statements.

實際事件或結果可能與我們前瞻性陳述中的預測存在重大差異。

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

請參閱我們的 SEC 文件，包括我們最近的 10-K，其中包含可能導致實際結果與前瞻性陳述大不相同的重要因素。

And now to comments from Qualcomm's Chief Executive Officer, Steve Mollenkopf.

現在是高通公司首席執行官史蒂夫莫倫科夫的評論。

Thank you, Mauricio, and good afternoon, everyone.

謝謝毛里西奧，大家下午好。

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.

我們的第三財季非公認會計原則每股收益為 0.86 美元，高於指引的高端，這得益於強勁的許可收入和我們芯片組部門的穩健表現。

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.

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，授予華為某些專利的權利。

We also entered into an agreement settling amounts due under the prior license agreement.

我們還簽訂了一項協議，根據先前的許可協議結算應付款項。

We are pleased to have successfully reached resolution with Huawei.

我們很高興與華為成功達成和解。

As Akash will explain later, royalty revenue from Huawei begins in fiscal Q4 and is not included in our fiscal Q3 results.

正如 Akash 稍後將解釋的那樣，華為的特許權使用費收入從第四財季開始，不包括在我們的第三財季業績中。

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.

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，並在很大程度上建立了移動領域最廣泛的許可計劃。

This is a tribute to our track record of driving important and fundamental innovation.

這是對我們推動重要和根本性創新的記錄的致敬。

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.

隨著華為協議的簽署，我們現在進入了一個與各大手機 OEM 簽訂多年許可協議的時期。

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.

儘管 COVID-19 的持續影響，我們整個公司的執行情況都非常好，同時保持員工的安全是我們的首要任務。

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.

我們繼續推進我們的產品和技術路線圖，支持我們的客戶並滿足一系列非常複雜的研發和供應鏈要求。

And the current environment has not impeded the pace of our innovation.

而當前的環境並沒有阻礙我們創新的步伐。

In the last 4 months of work from home, invention disclosures are up over 30%, with 5G-related invention disclosures up even more.

在過去 4 個月的在家工作中，發明披露增加了 30% 以上，與 5G 相關的發明披露增加得更多。

Turning to the handset market.

轉向手機市場。

Fiscal Q3 was better than the expectations we shared with you last quarter.

第三財季好於我們上個季度與您分享的預期。

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.

在中國，就在日曆年的中期，儘管受到 COVID-19 的影響，5G 現在仍佔國內手機出貨量的大部分。

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.

根據中國電信研究院的數據，6 月份國內 5G 智能手機出貨量佔智能手機總出貨量的 63%，是 3 月份滲透率的兩倍多。

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 5G 手機數據的強勁勢頭，以及下半年推出的旗艦 5G 設備，我們對 2020 年 5G 手機的預測保持不變，即 1.75 億至 2.25 億部手機，我們現在偏向於那個範圍。

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 不久將解釋的那樣，我們預計 5G 斜坡的下一個拐點將在第四財季開始，收入和每股收益同比強勁增長，使我們為 21 財年的持續增長做好準備.

Turning to QCT.

轉向 QCT。

Design win momentum remains strong.

設計製胜勢頭依然強勁。

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.

現在，基於我們使用 Snapdragon 8、7 和 6 系列平台或使用我們的 X55 調製解調器的廣泛 5G 解決方案組合，已宣布或正在開發 660 多種設計，明年將有強大的管道。

In the premium tier, we now have over 165 designs announced or in development from our Snapdragon 865 5G mobile platform.

在高端產品中，我們現在有超過 165 款來自我們的 Snapdragon 865 5G 移動平台的設計已宣布或正在開發中。

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.

我們最近發布了我們的 6 系列 Snapdragon 5G 移動平台，該平台有可能讓全球超過 20 億智能手機用戶使用 5G。

Our systems approach to 5G RF front end has been extremely well received.

我們針對 5G 射頻前端的系統方法已廣受好評。

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.

幾乎我們所有的 5G 設計勝利都繼續由我們的射頻前端解決方案提供支持，無論它們支持 6 次以下、毫米波或兩者的 5G。

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.

由於我們的射頻前端戰略，我們預計將在 21 財年成為按收入計算的全球最大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.

我們仍然專注於執行我們今天在手機領域擁有的重大增長機會。

As you would expect, we are also working in parallel to position Qualcomm for similar success as 5G moves beyond smartphones.

正如您所期望的那樣，隨著 5G 超越智能手機，我們也在同時努力讓高通獲得類似的成功。

We see a significant market transition occurring as the cloud converges with 5G and AI, positioning 5G as the next evolution of the Internet.

隨著雲與 5G 和 AI 的融合，我們看到市場正在發生重大轉變，將 5G 定位為互聯網的下一個演進。

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.

這種位於邊緣的新架構直接發揮了我們在低功耗、高性能計算和連接方面的優勢，高通的無線創新領導地位可以推動新的增長機會，就像我們在支持 5G 的智能手機中所擁有的一樣。

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.

高通在全球標準機構中的領先地位是我們如何與移動生態系統合作以滿足高技術要求以推動 5G 應用於新行業的早期指標。

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.

就在本月，3GPP 完成了 5G 新無線電第 16 版，這是第二個 5G 標準，它將極大地將 5G 的覆蓋範圍擴展到新的服務、頻譜和部署。

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.

它提供了由 Qualcomm 率先推動的關鍵技術，用於改變行業，例如工業物聯網等關鍵任務應用所需的增強型、超可靠、低延遲、高級節能和高精度定位。

While Release 16 is now complete, our work driving 5G technology evolution to fully realize the potential of this latest release continues.

雖然第 16 版現已完成，但我們推動 5G 技術演進以充分發揮最新版本潛力的工作仍在繼續。

In addition, we are already working with the mobile ecosystem on Release 17 projects and are researching advanced technologies for Release 18 and beyond.

此外，我們已經在 Release 17 項目上與移動生態系統合作，並正在研究 Release 18 及更高版本的先進技術。

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.

我們對我們的 5G 未來以及我們將突破性技術商業化的能力感到非常興奮，這些突破性技術將推動高通多年來的差異化。

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

我現在想把電話轉給 Akash。

Thank you, Steve, and good afternoon, everyone.

謝謝史蒂夫，大家下午好。

We're extremely pleased to report strong third fiscal quarter results, demonstrating the resilience of our business in a challenging economic environment.

我們非常高興地報告強勁的第三財季業績，展示了我們業務在充滿挑戰的經濟環境中的韌性。

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.

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，這高於我們指導範圍的高端，主要受 QTL 強勁業績的推動。

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.

在第三季度，由於 COVID-19 的影響，我們看到 3G、4G、5G 手機出貨量同比減少約 20%，而我們之前的計劃假設是減少 30%。

In addition, we saw a stronger mix with higher shipments in China and developed regions, offset by weakness in emerging regions.

此外，我們看到中國和發達地區的出貨量增加，但被新興地區的疲軟抵消了。

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.

在 QTL，我們實現了 10 億美元的收入和 62% 的 EBT 利潤率，由於更高的單位和更強大的區域組合，均高於我們指導範圍的高端。

Please note, our third quarter QTL results do not include any revenues from Huawei settlement or global patent license agreement.

請注意，我們第三季度的 QTL 結果不包括來自華為和解或全球專利許可協議的任何收入。

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.

在 QCT，我們交付了 1.3 億台 MSM 出貨量，收入為 38 億美元，EBT 利潤率為 16%，處於我們指導範圍的高端。

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.

COVID-19 對新興地區的影響導致低層 MSM 單位減少，但由於有利的組合，毛利率有所提高。

QCT revenues and EBT increased 7% and 20%, respectively, on a year-over-year basis.

QCT 收入和 EBT 分別同比增長 7% 和 20%。

This performance reflects 5G design traction, RF front-end growth and strength in certain adjacent platforms that benefited from the work-from-home environment.

這一表現反映了受益於在家工作環境的某些相鄰平台的 5G 設計吸引力、RF 前端增長和實力。

Our non-GAAP combined R&D and SG&A expenses of $1.68 billion were slightly below our guidance.

我們的非 GAAP 合併研發和 SG&A 費用為 16.8 億美元，略低於我們的指導。

During the third quarter, we paid $733 million in dividends, refinanced $2 billion in debt and temporarily suspended stock buybacks.

在第三季度，我們支付了 7.33 億美元的股息，為 20 億美元的債務進行了再融資，並暫停了股票回購。

I will now provide a financial overview of the resolution with Huawei.

我現在將提供與華為的決議的財務概覽。

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.

我們預計第四財季將錄得約 18 億美元的收入，用於根據與先前許可期相關的和解協議以及 2020 年上半年的新許可協議到期的金額。

This amount will be excluded from our non-GAAP results.

該金額將不包括在我們的非公認會計原則結果中。

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.

請注意，該金額與我們的許可計劃框架一致，是前幾年根據臨時協議從華為收到的部分付款的增量。

In addition, our fourth quarter non-GAAP financial guidance includes estimated QTL revenue from Huawei sales in the September quarter.

此外，我們的第四季度非公認會計原則財務指導包括華為在 9 月季度的銷售估計 QTL 收入。

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

隨著該協議的完成，我們現在已獲得全球所有重要手機 OEM 的許可。

Turning to the global 3G, 4G, 5G, device forecast.

轉向全球3G、4G、5G、設備預測。

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.

鑑於圍繞經濟復甦時間的持續不確定性，我們的第四財季預測基於手機出貨量同比減少約 15% 的計劃假設。

This planning assumption reflects a gradual recovery in September quarter based on the regional trends we saw in the June quarter.

根據我們在 6 月季度看到的區域趨勢，這一計劃假設反映了 9 月季度的逐步復甦。

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.

與我們之前的預期一致，我們對 2020 年前三個季度的預測意味著日曆年總設備預測同比下降約 10%。

However, total units in the fourth quarter will depend on the speed of the economic recovery.

然而，第四季度的總單位將取決於經濟復甦的速度。

Lastly, we're maintaining our forecast of 175 million to 225 million units for calendar 2020 5G devices.

最後，我們維持對 2020 年日曆 5G 設備 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.

在 6 月季度，我們估計 5G 設備的銷售量增加到超過 5000 萬台。

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.

該數據點是我們對今年 5G 手機預測的信心以及我們對這一範圍高端的偏見的一個強有力的領先指標。

Turning to our fourth fiscal quarter financial guidance.

轉向我們的第四財季財務指導。

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.

我們估計第四季度 GAAP 收入將在 73 億美元至 81 億美元之間，GAAP 每股收益為 2.12 美元至 2.32 美元，其中包括與華為和解相關的收入。

We expect fourth quarter non-GAAP revenues of $5.5 billion to $6.3 billion and EPS of $1.05 to $1.25.

我們預計第四季度非 GAAP 收入為 55 億美元至 63 億美元，每股收益為 1.05 美元至 1.25 美元。

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.

該指南包括因 COVID-19 導致手機出貨量減少而產生的超過 0.25 美元的影響，包括 5G 旗艦手機延遲發布的部分影響。

In QTL, we estimate fourth quarter revenues of $1.2 billion to $1.4 billion and EBT margins of 67% to 71%.

在 QTL，我們估計第四季度收入為 12 億至 14 億美元，EBT 利潤率為 67% 至 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.

在中點，該指引意味著收入同比增長 12%，這主要是受華為特許權使用費收入的推動，部分被我們計劃假設的手機出貨量減少 15% 所抵消。

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%.

在 QCT，我們預計 MSM 出貨量為 1.45 億至 1.65 億部，收入為 43 億至 49 億美元，EBT 利潤率為 17% 至 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.

這些指導中點意味著收入同比增長 27%，EBT 同比增長 66%，反映了我們在充滿挑戰的經濟環境中強有力的戰略執行。

As we have previously outlined, RF front end is one of the key drivers of our revenue growth.

正如我們之前所概述的，射頻前端是我們收入增長的主要驅動力之一。

Our fourth quarter forecast includes revenues of approximately $750 million for 4G, 5G sub-6 and 5G millimeter wave content.

我們第四季度的預測包括約 7.5 億美元的 4G、5G sub-6 和 5G 毫米波內容的收入。

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.

我們預計第四季度非 GAAP 合併研發和 SG&A 費用將環比增長約 5%，反映正常的季節性和 5G 投資。

In closing, I want to thank our employees, customers and suppliers for their commitment and partnership during these extraordinary circumstances.

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的承諾和合作。

Looking forward, we are excited to have a strong foundation of growth across our product and licensing businesses.

展望未來，我們很高興在我們的產品和許可業務中擁有堅實的增長基礎。

Thank you, and I'll now turn the call back to Mauricio.

謝謝，我現在將電話轉回毛里西奧。

Thank you, Akash.

謝謝你，阿卡什。

Operator, we are ready for questions.

接線員，我們準備好提問了。

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

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

Congrats on the strong results in a tough environment and the Huawei settlement.

恭喜在艱難的環境中取得優異成績和華為和解。

My question is just helping us understand your revenue per MSM trends going forward.

我的問題只是幫助我們了解您未來每個 MSM 趨勢的收入。

You highlighted, in '21 you expect to be the revenue leader in RF, obviously, that could take up the revenue per MSM.

您強調，在 21 年，您希望成為 RF 的收入領導者，顯然，這可能會佔用每個 MSM 的收入。

And then you should have a much greater mix of 5G phones over time.

然後隨著時間的推移，你應該擁有更多的 5G 手機組合。

So as we look out in the future quarters, how should we think about the pluses and minuses of revenue per MSM calculation?

因此，當我們展望未來幾個季度時，我們應該如何考慮每個 MSM 計算的收入的優缺點？

Mike, this is Akash.

邁克，這是阿卡什。

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.

如果你看看我們過去幾個季度的趨勢，從每個 MSM 的收入角度來看，我們在第二財季剛剛超過 31 美元，然後我們在 6 月季度報告了略高於 28 美元，我們正在指導在即將到來的 9 月季度，類似的數字超過 29 美元。

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.

每個 MSM 收入增長背後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增長 1.5 倍。

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.

因此，在我們展望未來的時候，我們仍然認為這是一種合理的方式來思考每 MSM 長期收入的趨勢。

And I think these quarters where we have delivered the results with higher numbers, kind of, bear out the math behind it.

我認為這些季度我們以更高的數字提供了結果，有點證明了它背後的數學。

Great.

偉大的。

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?

也許只是一個快速的跟進，這些基於頂級智能手機組合的類型數字是否有任何季節性，我們應該在建模這些趨勢線時考慮這些數字？

Yes, sure.

是的，當然。

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.

根據我們的高級芯片組何時推出，會有一點季節性，通常是我們在 3 月季度對高級芯片組進行大量投放。

So there will always be some seasonality.

所以總會有一些季節性。

But I think, overall, the trend that the last few quarters suggest is a reasonable way of thinking about it.

但我認為，總的來說，過去幾個季度所暗示的趨勢是一種合理的思考方式。

Mike, this is Cristiano.

邁克，這是克里斯蒂亞諾。

I just want to add one thing, maybe to help you understand it.

我只想補充一件事，也許是為了幫助你理解它。

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.

鑑於大流行，我們可能在短時間內看到市場在哪裡，我們對我們的 5G 設備感覺良好。

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.

但是當你考慮趨勢時，考慮到 1.5 指標，5G 滲透到手機群中的越多，我認為這對我們增加每 MSM 收入的趨勢更有幫助。

And I think we still have a lot of 4G units out there.

而且我認為我們仍然有很多 4G 設備。

We like that accelerated transition to 5G.

我們喜歡這種向 5G 的加速過渡。

Our next question comes from Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

I was just -- maybe first off, if I can try and understand the MSM unit guidance here and the improvement.

我只是 - 也許首先，如果我可以嘗試理解此處的 MSM 單元指南和改進。

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.

如果您可以根據您正在考慮的連續改善的正常市場復甦方式為我解開它，這將有所幫助。

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.

然後是什麼——我知道你提到了產品發布的延遲，但是你假設在產品發布方面你有大約 1500 萬的低端和 3500 萬的連續改進結尾。

So how much of that is the market recovery and how much of that is the product launch?

那麼其中有多少是市場復甦，又有多少是產品推出？

Sure, Samik, this is Akash.

當然，薩米克，這是阿卡什。

So the midpoint that we're guiding is 145 -- 155 million units relative to June quarter actuals of 130 million.

因此，我們指導的中點是 145 - 1.55 億個單位，相對於 6 月季度的實際值 1.3 億個。

So I'll try to address it around the midpoint.

所以我會嘗試在中點附近解決它。

There are really 2 drivers for the increase.

確實有兩個推動因素。

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.

第一個是由於 COVID 對新興市場的影響，我們在 6 月季度看到了低端單位的一些疲軟。

So we're seeing that come back in as we look at the forward demand that we're seeing from our customers.

因此，當我們看到我們從客戶那裡看到的前瞻性需求時，我們看到了這種情況。

So that drives growth on a quarter-over-quarter basis.

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.

其次，我們談到了延遲推出 5G 旗艦手機的部分影響。

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.

如果您考慮推出大型旗艦手機，通常從 QCT 的角度來看，我們的客戶最終會購買有助於在推出前幾個月推出的芯片組。

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.

因此，我們在這裡真正看到的是由於延遲，其中一部分購買發生在 9 月季度，它們被納入我們的指導。

And another portion would get pushed out to the December quarter.

另一部分將被推遲到 12 月季度。

So it's a combination of those things.

所以它是這些東西的組合。

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.

回到回答你的直接問題，從 1.3 億美元增加到 1.55 億美元實際上是兩個驅動因素：單位增加，尤其是低端；然後從新推出的產品中受益。

Okay.

好的。

Got it.

知道了。

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?

然後，如果我現在可以跟進對華為的限制，是否會對 MSM 部門的指導產生影響？

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?

然後根據您現在擁有的許可協議，這是否可能會打開一個機會，甚至可以在未來增加您的芯片出貨量，如果 - 在海思無法為他們提供芯片組的情況下他們的 5G 手機需要嗎？

So Samik, I'll address the first part of the question.

Samik，我將解決問題的第一部分。

At this point, we really don't have any material business with Huawei.

在這一點上，我們和華為真的沒有任何實質性的業務。

So when you think about our MSM unit guidance, there really isn't Huawei volume around it.

因此，當您考慮我們的 MSM 單位指南時，確實沒有華為的音量。

It's really the other OEMs that we'd be shipping to.

這實際上是我們要運送到的其他原始設備製造商。

Yes, this is Steve.

是的，這是史蒂夫。

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.

關於問題的第二部分，我認為思考的方式是我們正在努力弄清楚如何向包括華為在內的每個 OEM 銷售產品，但目前還沒有什麼可報告的。

Our next question comes from Chris Caso with Raymond James.

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

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.

第一個問題是關於 QTL 的，隨著我們進入 9 月份，隨著華為的到來、全球手機的下滑和旗艦的時機，有很多變化的部分。

In the past, you've given us some metrics about what the normalized QTL revenue run rate would be.

過去，您向我們提供了一些關於標準化 QTL 收入運行率的指標。

Is that something you could provide us now?

你現在可以提供給我們嗎？

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.

如果我對現在正在發生的所有這些異常事件進行正常化，一旦我將華為納入其中，也許你可以給我們一些指示，因為本季度的這些變化，華為在 9 月季度對 QTL 的貢獻有多少。

Yes.

是的。

Chris, this is Akash.

克里斯，這是阿卡什。

Let me try to give you a few data points that I think will help with your triangulation.

讓我試著給你一些我認為有助於三角測量的數據點。

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.

從歷史上看，正如我們所指導的那樣，我們 QTL 的收入範圍，我們已經說過，在前 3 個日曆季度，11 億美元是一個合理的範圍。

And then for the December quarter, somewhere in the $1.4 billion range.

然後是 12 月季度，在 14 億美元的範圍內。

That's kind of our run rate before 2 key factors.

這是我們在 2 個關鍵因素之前的運行速度。

First factor is really the impact of COVID on our guidance.

第一個因素實際上是 COVID 對我們指導的影響。

So in the June quarter, we came in a little over $1 billion in revenue in QTL.

因此，在 6 月季度，我們在 QTL 的收入略高於 10 億美元。

With a market that was 20% lower on the handset side from a year-over-year perspective.

從同比的角度來看，手機方面的市場下降了 20%。

So 20% reduction year-over-year.

因此，同比減少 20%。

And we came in a little over $1 billion against a normalized run rate of $1.1 billion.

我們的收入略高於 10 億美元，而正常運行率為 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?

當你向前看時，我們的指導是 13 億美元的中點，實際上，有兩個因素，對吧？

Huawei coming in and increasing that number and a little bit of a decline based on a 15% market weakness that we're assuming.

華為進來並增加了這個數字，並且基於我們假設的 15% 的市場疲軟而略有下降。

So I think between those numbers, you should be able to triangulate what a normalized run rate is.

所以我認為在這些數字之間，你應該能夠對標準化運行速率進行三角測量。

The key thing for us is just not having insight into COVID going forward and how the recovery happens.

對我們來說，關鍵是沒有深入了解 COVID 的未來以及復蘇是如何發生的。

So for now, we're guiding the September quarter, but as we proceed, we'll look to give guidance into the normalized run rate.

因此，目前，我們正在指導 9 月季度，但隨著我們的進行，我們將尋求對標準化運行率提供指導。

That's very helpful.

這很有幫助。

As a follow-up to that, with regard to QTL margins, you've given guidance for this quarter also.

作為對此的跟進，關於 QTL 利潤率，您也為本季度提供了指導。

What should we expect going forward on that?

在這方面我們應該期待什麼？

I'm assuming that the new Huawei revenue is all incremental.

我假設新的華為收入都是增量的。

There's no cost associated with that.

沒有與此相關的成本。

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?

那麼這是一個合理的保證金運行率嗎，至少在今年的前三個季度，我想當你進入季節性更強的 12 月季度時它會更高？

Yes.

是的。

Chris, you're correct on the revenue really falling down to the bottom line from a Huawei perspective.

克里斯，你說得對，從華為的角度來看，收入真的下降到了底線。

So that's an accurate assumption.

所以這是一個準確的假設。

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.

我認為在去年的分析師日上，我們對 QTL 的長期可持續利潤率提出了看法，我們設定了 70% 的中點，而與華為一起，它會略高於此。

So I don't believe there's any change to that point of view.

所以我認為這種觀點不會有任何改變。

I think we still think those are good reasonable numbers to use to model our business going forward.

我認為我們仍然認為這些是很好的合理數字，可以用來模擬我們未來的業務。

Our next question comes from Ross Seymore with Deutsche Bank.

我們的下一個問題來自德意志銀行的羅斯·西莫爾。

Congrats on the Huawei settlement.

恭喜華為和解。

Akash, you mentioned earlier in the call about the gross margin within QCT performing well.

Akash，您之前在電話會議中提到 QCT 的毛利率表現良好。

Can you go in a little bit deeper into that?

你能深入一點嗎？

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.

實際上，我想要了解的是，每個 MSM 的收入與毛利率和 QCT 方面似乎沒有很大的相關性。

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.

鑑於其中一些旗艦產品的發布，在接下來的幾個季度中，每條 MSM 產品線的收入可能會在各地發生變化，我想更好地了解這兩種動態之間的關係。

Sure, Ross.

當然，羅斯。

So let me kind of maybe quickly talk through what happened in the June quarter.

因此，讓我快速談談六月季度發生的事情。

What we saw was versus our guidance of midpoint of 135 million units for the MSM, we saw some weakness at the low tier.

我們看到的是與我們對 MSM 的中點 1.35 億單位的指導相比，我們看到了低層的一些弱點。

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.

我在腳本中提到的是，由於 COVID 對新興市場的影響導致低端單位減少，我們看到每個 MSM 的收入更高，因此毛利率也更高。

So they both moved in concert at the same time in the same direction.

所以他們倆同時朝著同一個方向齊心協力。

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.

當我們期待 9 月季度時，我們在毛利率指導方面所暗示的內容更符合我們對 6 月季度的指導，因為我們預計低端單位將重新進入我們的組合。

And really, from a margin perspective, it's very consistent with what we've outlined, pretty strong margin profile going forward.

實際上，從利潤率的角度來看，這與我們所概述的非常一致，未來的利潤率狀況非常強勁。

Yes.

是的。

And Ross, I think it's -- this question.

羅斯，我認為是——這個問題。

Consistent with, I think, the conversation we had before about revenue per MSM.

我認為，這與我們之前關於每 MSM 收入的對話一致。

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.

隨著一些低端 4G 設備開始被 5G 設備取代，我們進入未來幾個季度繼續看到 5G 滲透率加速，這也將成為 QCT 毛利率改善的良好推動力。

Our next question comes from Matt Ramsay with Cowen.

我們的下一個問題來自 Matt Ramsay 和 Cowen。

Congrats on the Huawei deal from myself as well.

我也祝賀華為的交易。

A couple of questions, Akash.

幾個問題，阿卡什。

The first one is on OpEx.

第一個是在運營支出上。

You talked about it being up with 5G investments and other things.

你談到它與 5G 投資和其他事情有關。

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.

也許您可以給我們一些背景信息，說明 9 月的季度數字是否是未來的現實運行率，因為我知道運營支出和成本控制一直是考慮到 COVID 和考慮到在最近幾年。

So that's one.

所以這是一個。

And then the second one is on the back payments from the settlement.

然後第二個是結算的欠款。

There's a big sort of cash payment coming into you guys from Huawei, any thoughts of use of that cash?

華為向你們支付了一大筆現金，有什麼想法可以使用這些現金嗎？

Yes, Matt.

是的，馬特。

So on your first question, really, what we're guiding is a 5% increase in OpEx quarter-over-quarter.

所以關於你的第一個問題，實際上，我們指導的是 OpEx 季度環比增長 5%。

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.

如果你看看我們的歷史趨勢，我們在這兩個季度之間看到的情況，例如，去年，當你調整與蘋果交易相關的可變薪酬時，我們看到了 4% 的增長。

So what we're guiding is really consistent with our historical trend.

所以我們所引導的確實是符合我們的歷史趨勢的。

There's a little bit of an increase, an extra 1% increase just because of timing of 5G investments.

由於 5G 投資的時機，增加了一點點，額外增加了 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.

當你回顧一下全年時，我們最終的運營支出總額將達到 68 億美元，這與我們在分析師日告訴你的內容和我們對今年的預測非常一致。

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.

因此，我們真的認為 OpEx 與我們之前的承諾是一致的，對於我們來說，繼續良好地管理 OpEx 並在我們增加收入時提供運營槓桿是非常重要的。

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.

然後關於第二個問題，關於 18 億美元，我們所擁有的是華為將在歷史時期向我們支付 18 億美元。

And it's a combination of 2 things, really.

這是兩件事的結合，真的。

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.

這份和解協議將持續到 2019 年底，再加上 2020 年前 6 個月到 6 月，總和為 18 億美元。

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.

因此，這是他們將在 1 年內支付的金額，第一筆付款將於 9 月季度到期。

Got it.

知道了。

Just a quick follow-up for Cristiano or I guess for Steve as well.

只是對克里斯蒂亞諾的快速跟進，或者我猜對史蒂夫也是如此。

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.

你們談到了 2020 年 5G 設備現在可能處於該範圍的高端的觀點，如果你將其與可能會略微推動的全球重大發布相提並論。

Was all of that maybe incremental confidence in upside in 5G units in China?

所有這些可能是對中國 5G 設備上行的信心增加嗎？

Or are there other markets that we should be thinking about that are now ramping 5G units with some visibility?

還是我們應該考慮的其他市場現在正在增加具有一定知名度的 5G 設備？

Matt, this is Cristiano.

馬特，這是克里斯蒂亞諾。

Look, there is an overall, I think, confidence in 5G.

看，我認為總體上對 5G 充滿信心。

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.

如果您查看 Akash 在本季度的評論，我認為我們看到的組合比我們最初預期的要好，這抵消了新興市場和主要是 4G 低端設備的疲軟。

What we saw is better units on developed markets, which is just a result of 5G.

我們看到的是發達市場上更好的單位，這只是 5G 的結果。

Traction 5G continues to be high.

牽引力 5G 繼續保持高位。

We now have over 80 commercial networks in 35 countries.

我們現在在 35 個國家/地區擁有 80 多個商業網絡。

We have a large number of operators, now 380, 120 of which work in a millimeter wave.

我們有大量的操作員，現在有 380 人，其中 120 人在毫米波工作。

And our design to traction jumped to 660 designs now on 5G.

現在，我們在 5G 上的牽引力設計躍升至 660 種。

So 5G momentum has not slowed down, and it's giving us confidence on the estimate we made for the year.

所以 5G 的勢頭並沒有放緩，這讓我們對今年的估計充滿信心。

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

我們的下一個問題來自美國銀行的 Tal Liani。

Great.

偉大的。

It's actually a follow-up on the previous answer.

這實際上是對上一個答案的跟進。

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?

當你看看美國和歐洲等地時，你能告訴我們有多少發射計劃使用毫米波嗎？

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?

然後當它 - 如果你看看全球 - 你是否估計你在毫米波內的市場份額 - 在全球範圍內，你認為你最初在這個市場上佔據了多少？

Tal, this is Cristiano.

塔爾，這是克里斯蒂亞諾。

Thanks for the question.

謝謝你的問題。

So let me just start talking about millimeter wave.

所以讓我開始談談毫米波。

I know that's a big component of the question.

我知道這是問題的重要組成部分。

So it's a traction of millimeter wave technology is moving kind of as we expected.

因此，毫米波技術的牽引力正在像我們預期的那樣發展。

I think the current scorecard, I can give it to you.

我想目前的記分卡，我可以給你。

United States continue to ramp.

美國繼續加碼。

Japan recently launched.

日本最近推出。

We still forecast Korea to launch within the year.

我們仍然預測韓國將在年內推出。

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.

歐洲，在俄羅斯，目標是在年底前進行商業發射，然後在香港、台灣、泰國、新加坡和芬蘭進行毫米波拍賣，然後在 2021 年進行商業化。

I think worth noting is there's still expectation that China will have also millimeter wave by 2021.

我認為值得注意的是，仍然預計到 2021 年中國也將擁有毫米波。

There's a total 120 operators.

共有120名操作員。

So it's really continue to gain traction.

所以它真的繼續獲得牽引力。

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.

我們沒有透露具體份額，但我們確實在毫米波領域擁有顯著的技術領先地位，並且一直在我們的設計擴展中有所體現。

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.

我認為特別是在美國，這是最大的毫米波市場，我們現在擁有，例如，Verizon 擁有 35 個城市，現在擁有超寬帶。

AT&T continue to expand as well as T-Mobile and remains a requirement for all of the flagship devices across the 3 operators.

AT&T 和 T-Mobile 繼續擴張，並且仍然是 3 家運營商的所有旗艦設備的要求。

Got it.

知道了。

That means that all devices in the U.S. will have millimeter wave?

這意味著美國的所有設備都將具有毫米波？

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

在美國推出的所有設備都會支持毫米波嗎？

No.

不。

You have a combination of millimeter wave in sub-6.

您在 sub-6 中有毫米波的組合。

And I think as you get some of the reform spectrum with DSS, you're going to have the combination of both.

而且我認為，當您通過 DSS 獲得一些改革範圍時，您將擁有兩者的結合。

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.

今天的毫米波是所有旗艦設備的要求，我們預計隨著時間的推移，該技術也會滲透到較低層。

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

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

So the first one, I wanted to see if you could give us some feeling for how that $1.8 billion splits up.

所以第一個，我想看看你能否讓我們了解一下這 18 億美元是如何分配的。

I know you gave a little bit of color on kind of 2019 and before and then the first half of 2020.

我知道你在 2019 年以及 2020 年上半年之前和之前給出了一些顏色。

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?

但是，我們是否考慮過 18 億美元在華為沒有支付給你的那段時間裡廣泛應用於每部手機，我的意思是自 17 年第三季度以來，除了他們已經支付給你的 4.5 億美元之外？

And I guess for my follow-up, you've talked about revenue per MSM, obviously, up 50%.

我想在我的後續行動中，你談到了每個 MSM 的收入，顯然增長了 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.

如果我看看每個 MSM 號碼的收入在哪裡，尤其是當你在當天有蘋果公司時，它大約是 20 美元。

So 1.5 on that would be 30.

所以 1.5 就是 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?

一旦一切都開始發揮作用，這是否有點像新常態，這就是我們應該考慮每個 MSM 收入的地方？

Stacy, it's Akash.

斯泰西，是阿卡什。

Yes.

是的。

So on the $1.8 billion, again, there are 2 components to that amount.

因此，在 18 億美元中，該金額又包含兩個組成部分。

One is the settlement of our previous agreement, and it really captures the period since the entire dispute period that we had with them.

一個是我們之前協議的解決，它確實記錄了我們與他們的整個爭議期以來的時期。

And second component is the first 6 months of calendar 2020.

第二個組成部分是 2020 年日曆的前 6 個月。

So that total adds up to the $1.8 billion.

所以這個總數加起來是18億美元。

It is additive to the 2 previous shorter-term agreement that we had with them.

它是我們與他們之前簽訂的 2 個短期協議的補充。

The total amount of those agreements was approximately $1.2 billion.

這些協議的總金額約為 12 億美元。

So it's really $1.2 billion and $1.8 billion as the total additive number for the historical.

所以這真的是 12 億美元和 18 億美元作為歷史的總加數。

And then going forward, we'll -- you'll see it in our forecast for the September quarter.

然後展望未來，我們將 - 您將在我們對 9 月季度的預測中看到它。

And really, as I said in my prepared remarks, we -- these terms are very consistent with the overall framework of our licensing program.

實際上，正如我在準備好的評論中所說，我們 - 這些條款與我們許可計劃的整體框架非常一致。

So it's what you would expect given other OEMs and overall licensing program terms.

因此，考慮到其他 OEM 和整體許可計劃條款，這就是您所期望的。

And then revenue per MSM, I think your math is a reasonable way of thinking about it.

然後是每個 MSM 的收入，我認為你的數學是一種合理的思考方式。

It's really the 1.5x, which is what you're using is the framework we use to think about it as well.

它實際上是 1.5 倍，您使用的也是我們用來考慮它的框架。

The one thing I'll maybe caveat is your calculation assumes 100% 5G.

我可能要警告的一件事是您的計算假設 100% 5G。

So obviously, it's going to take some time to get there.

所以很明顯，到達那裡需要一些時間。

And so there will be a curve into it.

所以會有一條曲線進入它。

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

下一個問題來自高盛集團的 Rod Hall。

This is Ashwin on behalf of Rod.

這是代表羅德的阿什溫。

Akash, maybe this is for you.

阿卡什，也許這是給你的。

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.

您提到了 5G 旗艦手機延遲及其對 QCT 的影響，但我想知道您是否可以幫助我們了解您在 QTL 上的想法。

And in the past, like when Samsung got delayed, it had an impact, not just on Samsung but overall handset market.

而在過去，就像三星被推遲一樣，它不僅對三星，而且對整個手機市場都有影響。

So just wondering if you could give us some color there.

所以只是想知道你是否可以在那裡給我們一些顏色。

And sort of related -- well, not exactly related, but my second question is on the June quarter.

有點相關——嗯，不完全相關，但我的第二個問題是在六月季度。

Units were better and QTL units were better and you self-tied that to the improvement in China.

單位更好，QTL 單位更好，你把這與中國的進步聯繫在一起。

But I was wondering if you could talk about trends outside China and where you potentially saw some strength in the overall market.

但我想知道您是否可以談論中國以外的趨勢，以及您可能在哪裡看到整體市場的一些優勢。

Yes.

是的。

So I'll maybe start with your second question.

所以我可能會從你的第二個問題開始。

In the June quarter, what we saw is strength across China and developed markets.

在六月季度，我們看到的是中國和發達市場的實力。

So it was kind of broad-based across the developed market landscape in addition to China.

因此，它在除中國之外的發達市場環境中具有廣泛的基礎。

China, obviously, as I'm sure you're aware, extremely strong numbers.

顯然，正如我相信你知道的那樣，中國的數字非常強勁。

And what -- it was offset by weakness in certain emerging markets.

還有什麼 - 它被某些新興市場的疲軟所抵消。

So that's kind of the trade-off that we saw between the various markets.

這就是我們在各個市場之間看到的一種權衡。

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.

關於 5G 旗艦手機發布延遲以及這如何影響 QTL 的第一個問題，我們正在談論的具體情況，發布通常在本季度很晚。

So it's a much smaller factor for QTL within the September quarter guidance.

因此，在 9 月季度的指導中，QTL 的因素要小得多。

And we think of it as captured in our total market weakness guidance as a part of COVID.

我們認為它作為 COVID 的一部分包含在我們的總體市場疲軟指導中。

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.

但同樣，我認為 QCT 比 QTL 更重要，因為芯片組購買通常在發布前大量發生。

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

我們的下一個問題來自瑞銀的蒂莫西·阿庫裡（Timothy Arcuri）。

This is Pradeep Ramani standing in for Tim.

這是 Pradeep Ramani 代表 Tim。

I guess my first question was around your -- the QCT adjacencies, autos, IoT and so on.

我想我的第一個問題是圍繞你的——QCT 鄰接、汽車、物聯網等等。

Did they do better than last quarter?

他們的表現是否比上個季度好？

And are they sort of approaching now roughly $1 billion in the quarterly run rate?

他們現在的季度運行率是否接近 10 億美元？

Can you provide some color on that?

你能提供一些顏色嗎？

And then I have a follow-up.

然後我有一個跟進。

Yes.

是的。

So overall, the way our adjacencies have been performing, we've been pretty happy with it, actually.

所以總的來說，我們的鄰接的表現方式，實際上我們非常滿意。

There are certain markets that we are in that definitely benefit from COVID and the work-from-home environment.

我們所處的某些市場肯定會從 COVID 和在家工作的環境中受益。

We have the mobile broadband market, the 5G and 4G CPE and dongles market, all of those have done extremely well.

我們有移動寬帶市場、5G 和 4G CPE 和加密狗市場，所有這些都做得非常好。

WiFi, we're a very large player in WiFi and, clearly, with demand for improved connectivity within the home as people work from home.

WiFi，我們是 WiFi 的一個非常大的參與者，很明顯，隨著人們在家工作，我們需要改善家庭內部的連接性。

That has been a pretty strong spot for us as well.

這對我們來說也是一個非常強大的地方。

And then overall, IoT is also continuing to see strong traction.

總體而言，物聯網也繼續受到強大的牽引力。

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.

因此，當您查看所有這些市場時，這些市場對我們來說構成了更廣泛的物聯網類別，全面強大。

Auto obviously got impacted as a part of just what the industry is going through.

汽車顯然受到了影響，這正是該行業正在經歷的事情的一部分。

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.

但實際上，在汽車領域，我們的許多產品都具有前瞻性，即專注於新產品發布，對連接性和信息娛樂的需求並沒有發生根本性的變化。

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.

因此，雖然我們看到了影響，但它的影響可能比業內許多其他同行看到的要小。

So those -- that's kind of the landscape of our adjacencies.

所以那些 - 這就是我們鄰接的景觀。

Okay.

好的。

And as my follow-up, when we think about your 5G opportunity, especially on the RF front, are you sort of gaining share?

作為我的後續行動，當我們考慮您的 5G 機會時，尤其是在射頻方面，您是否正在獲得份額？

Is your share gain largely driven by millimeter wave?

您的份額增長主要是由毫米波驅動的嗎？

Or are you sort of gaining share across the board?

或者你正在全面獲得份額？

And can you maybe sort of speak to just your broad 5G share versus 4G share?

您能否僅談談您廣泛的 5G 份額與 4G 份額？

I mean beyond just the 50% increase in ASP.

我的意思是超過 50% 的 ASP 增長。

This is Cristiano Amon.

這是克里斯蒂亞諾·阿蒙。

Yes.

是的。

So we -- on the RF front end, especially, this is a growth market for us as a new entrant, we are seeing share gains.

所以我們 - 在射頻前端，特別是對於我們作為新進入者來說，這是一個增長的市場，我們看到了份額增長。

And we have been very clear, our strategy to really scale in RF front end.

而且我們非常清楚，我們在射頻前端真正擴展的戰略。

We'll be using 5G as the entry point.

我們將使用 5G 作為切入點。

And as we continue to gain traction for 5G.

隨著我們繼續獲得 5G 的吸引力。

We're getting designs across sub-6, across millimeter wave and started to get some traction within 4G RF front-end content as well.

我們正在通過 sub-6、毫米波進行設計，並開始在 4G RF 前端內容中獲得一些牽引力。

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.

我們預計這將繼續成為我們基帶的積極趨勢，因為我們的調製解調器在系統級別上與天線的差異化。

And this is Akash.

這就是阿卡什。

Just to add a couple of quick points.

只是添加幾個快速點。

As I said in my prepared remarks, for the September quarter, we are expecting RF front end revenue of approximately $750 million.

正如我在準備好的發言中所說，對於 9 月季度，我們預計射頻前端收入約為 7.5 億美元。

So very happy about getting to that milestone.

很高興能達到那個里程碑。

And really, as we outlined previously, our target is to grow to approximately 20% share of the RF front end market.

實際上，正如我們之前所概述的，我們的目標是增長到射頻前端市場約 20% 的份額。

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.

所以在那個數據點和克里斯蒂亞諾談到的真正的前向牽引力之間，我們對能夠達到這個目標感到非常自在。

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.

我有 2 個問題。

Maybe just first on Huawei, the settlement.

也許只是首先在華為，解決。

Can you talk about how much of the $1.8 billion is going to be cash in the September quarter?

您能談談 18 億美元中有多少將在 9 月季度成為現金嗎？

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.

然後，如果我在爭議之前查看與華為的許可，我認為這是一個固定的被許可人，也許你可以確認這一點。

And I'm just wondering, with the settlement, are they still a SEP licensee?

我只是想知道，通過和解，他們仍然是 SEP 被許可人嗎？

Or are they taking a full platform license?

還是他們正在獲得完整的平台許可證？

And what sort of licensing PD is the agreement going to cover?

協議將涵蓋什麼樣的許可 PD？

And then second question, maybe for Cristiano, on automotive.

然後是關於汽車的第二個問題，也許是克里斯蒂亞諾。

I think it was a year ago when you last spoke about your backlog at about $5.5 billion.

我想是一年前你上次談到你的積壓約 55 億美元。

Can you give us an update on the backlog for QCT and how we should think about the ramp-up here with 5G?

您能否向我們介紹 QCT 的積壓工作以及我們應該如何看待 5G 的升級？

And what sort of content per car is QCT now able to address?

QCT 現在能夠處理每輛車的哪些內容？

And maybe also for QTL, how do we think about automotive?

也許對於 QTL，我們如何看待汽車？

Clearly, there's going to be a big push for V2X and 5G is going give a big licensing opportunity for Qualcomm.

很明顯，V2X 將得到大力推動，而 5G 將為高通提供巨大的許可機會。

We haven't seen any license deals from automakers on 5G specifically.

我們還沒有看到汽車製造商專門就 5G 達成任何許可協議。

So how should we think about that going forward?

那麼我們應該如何看待未來呢？

So this is Alex.

這就是亞歷克斯。

In terms of the Huawei deal, obviously, the terms are confidential.

顯然，就華為的交易而言，條款是保密的。

And Akash has already talked about the financials to the extent that we can.

Akash 已經盡我們所能談論了財務狀況。

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.

正如我們在披露中提到的，我們有一個商定的付款時間表，涉及與先前許可期限相關的金額。

It's a long-term deal, a broad agreement with the license back to certain Huawei patents.

這是一項長期協議，是與華為某些專利的許可協議的廣泛協議。

And so we're very happy with the deal.

所以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.

關於汽車的問題，我們實際上在 3G、4G 領域擁有相當長的汽車許可業務已有十年左右的時間。

And so we're transitioning into licensing for 5G.

因此，我們正在過渡到 5G 許可。

But essentially, we've been licensing in automotive for quite some time.

但本質上，我們在汽車領域獲得許可已經有一段時間了。

And so that's also reflected in our revenue.

所以這也反映在我們的收入中。

So Brett, this is Cristiano.

所以布雷特，這是克里斯蒂亞諾。

Let me answer your question on our automotive business.

讓我回答你關於我們汽車業務的問題。

So why we're not providing an update right now on the backlog of design wins, I will talk about some of those trends.

那麼為什麼我們現在不提供關於設計獲勝積壓的更新，我將討論其中的一些趨勢。

I think we continue to see that increasing for us, especially, as the automotive industry, it's impacted by the current pandemic.

我認為我們繼續看到這種情況在增加，特別是作為汽車行業，它受到當前大流行的影響。

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.

我認為越來越多，我們正試圖看到人們對推動在車內引入更多電子設備和數字駕駛艙改造的計劃產生更大的興趣。

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.

因此，我們繼續獲得牽引力，繼續獲得增量設計獎項，我們對汽車業務如何為我們發展感到非常高興。

So with -- in regards to the content, we have been now really focused on the telematics unit for the connected car.

因此，就內容而言，我們現在真正專注於聯網汽車的遠程信息處理單元。

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.

數字駕駛艙轉型，包括信息娛樂、後座娛樂、儀表板和智能後視鏡以及 WiFi 和藍牙連接的內容。

We're just in the beginning of ECU for ADAS, but most of the silicon content is really within the digital cockpit transformation.

我們剛剛開始開髮用於 ADAS 的 ECU，但大部分芯片內容實際上都在數字駕駛艙改造中。

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.

布雷特，關於你關於設計中標管道的問題，我們目前沒有提供更新，但我們披露的最後一個數字是超過 70 億美元的設計中標管道。

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

我們的下一個問題來自 SMBC Nikko Securities 的 Srini Pajjuri。

I have a couple of questions, first on the ASP.

我有幾個問題，首先是關於 ASP。

Obviously, a nice improvement last few quarters.

顯然，過去幾個季度取得了不錯的進步。

I'm just curious, Akash, as we go into the next couple of quarters, obviously, you're modem mix will increase.

我只是好奇，Akash，隨著我們進入接下來的幾個季度，很明顯，你的調製解調器組合將會增加。

I'm just trying to understand how that might impact your ASPs as well as margins.

我只是想了解這可能會如何影響您的 ASP 和利潤。

And then I have a follow-up.

然後我有一個跟進。

Yes.

是的。

So I mean at this point, we're not really kind of guiding specific ASPs and margins, fund, specific products.

所以我的意思是，在這一點上，我們並沒有真正指導特定的 ASP 和利潤率、基金、特定產品。

So I think it's probably best to go back to the broader framework and broader discussion we had on the ASP trend.

所以我認為最好回到我們對 ASP 趨勢進行的更廣泛的框架和更廣泛的討論。

I think that still holds true even with your question.

我認為即使您提出問題，這仍然適用。

And then -- and I think margin trends also, the same applies.

然後 - 我認為利潤率趨勢也同樣適用。

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.

所以我認為它是——而不是談論一個特定的插座，更廣泛的趨勢仍然是準確的，這可能是最好的思考方式。

Okay.

好的。

Fair enough.

很公平。

And then maybe for Cristiano, just trying to get a better handle on the competitive landscape, Cristiano.

然後也許對於克里斯蒂亞諾來說，只是想更好地處理競爭格局，克里斯蒂亞諾。

So obviously, with the situation with HiSilicon, I'm guessing, you have 1 less competitor going forward.

所以很明顯，在海思的情況下，我猜，你的競爭對手少了 1 個。

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?

只是好奇你能不能看看——如果你能談談你和聯發科和其他人之間的調製解調器競爭，比較一下，與 4G 週期的這個階段相比，你有什麼相似之處和不同之處看到了，你對未來有什麼期待？

And then that also relates to my margin question longer term.

然後這也與我的長期保證金問題有關。

This is a business you're running at like close to $5 billion run rate.

這是您以接近 50 億美元的運行速度運營的業務。

And I'm not aware of any other semi company at this scale, running at below 20% margins.

而且我不知道有任何其他這種規模的半導體公司，利潤率低於 20%。

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.

因此，我只是想了解這些業務的潛在利潤、長期利潤潛力，以及 5G 的競爭格局是如何形成的。

This is Cristiano.

這是克里斯蒂亞諾。

Thank you for your question.

謝謝你的問題。

All right.

好的。

Let me just start with the competitive landscape.

讓我從競爭格局開始。

We always said in the smartphone mobile space, a lot of competition.

我們總是說在智能手機移動領域，競爭非常激烈。

It's been probably one of the most competitive segments within semi.

它可能是半成品中最具競爭力的細分市場之一。

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.

我們現在感覺非常好，特別是考慮到 5G 的複雜性，讓我們有機會更快地轉向這項技術的不同版本，因為它超越了智能手機，進入了其他工業用例，並且能夠實現射頻前端的差異化。

And I think it's showing now when we think about our design traction.

當我們考慮我們的設計牽引力時，我認為它現在正在顯示。

We started being first to market with 5G.

我們開始率先推出 5G。

Of our 660 designs right now, 570 of those designs are based on our second generation.

在我們目前的 660 種設計中，其中 570 種設計基於我們的第二代。

And then our third generation, I think, premium-tier product, we kind of indicated over 165 designs.

然後是我們的第三代，我認為是高端產品，我們提供了超過 165 種設計。

So we've seen our leadership propagate from 1 design to the other, including with the attach of RF front end.

因此，我們已經看到我們的領導地位從一種設計傳播到另一種設計，包括射頻前端的附加。

So we're very happy about that.

所以我們對此感到非常高興。

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.

我們期待更多——隨著我們的許多客戶，尤其是在中國的客戶，如 Vivo、OPPO 和小米等公司，繼續在中國以外發展，我認為對高通等全球解決方案的更多需求將提高我們的差異化能力。

And that's also true as 5G goes to other industries.

當 5G 進入其他行業時也是如此。

So we feel much better about the differentiation of our 5G solution compared to 4G.

因此，與 4G 相比，我們對 5G 解決方案的差異化感覺要好得多。

And as far as margins, I think we have been consistent, 5G provides significant growth for us and expansion of earnings.

就利潤率而言，我認為我們一直保持一致，5G 為我們提供了顯著的增長並擴大了收益。

And we are approaching our long-term operating margin target for QCT, and we're on track to get that.

我們正在接近 QCT 的長期營業利潤率目標，我們有望實現這一目標。

That concludes today's question-and-answer session.

今天的問答環節到此結束。

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

Mollenkopf 先生，在暫停通話之前，您還有什麼要補充的嗎？

Yes.

是的。

Just thank you for the -- to the employees for their hard work.

只是感謝您--感謝員工的辛勤工作。

And obviously, it's been unusual circumstances.

顯然，這是不尋常的情況。

And so I appreciate very much the hard work that's been happening.

因此，我非常感謝正在發生的辛勤工作。

It's great to see the strategy we laid out result in such positive traction for the business.

很高興看到我們制定的戰略對業務產生瞭如此積極的影響。

Thank you to all of them who worked on the Huawei deal.

感謝所有參與華為交易的人。

It's great to get that behind us and look forward to giving an update in a quarter.

很高興能把它拋在腦後，並期待在一個季度內提供更新。

Thank you, everybody.

謝謝大家。

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

女士們，先生們，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。