高通 (QCOM) 2020 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm Second Quarter Fiscal 2020 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded April 29, 2020. (Operator Instructions) I would now like to turn the call over to Mauricio Lopez-Hodoyan, Vice President of Investor Relations. Mr. Lopez-Hodoyan, please go ahead.

女士們，先生們，謝謝你們的支持。歡迎參加高通 2020 財年第二季度收益電話會議。 （操作員說明）提醒一下，本次會議將於 2020 年 4 月 29 日錄製。（操作員說明）我現在想把電話轉給投資者關係副總裁 Mauricio Lopez-Hodoyan。 Lopez-Hodoyan 先生，請繼續。

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

謝謝，大家下午好。今天的電話會議將包括 Steve Mollenkopf 和 Akash Palkhiwala 準備好的發言。此外，克里斯蒂亞諾·阿蒙、亞歷克斯·羅傑斯和唐·羅森博格將參加問答環節。您可以在我們的投資者關係網站上訪問我們的收益發布和本次電話會議附帶的幻燈片演示。此外，該電話會議正在 qualcomm.com 上進行網絡直播，今天晚些時候將在我們的網站上提供重播。

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

在今天的電話會議中，我們將使用 G 條例中定義的非 GAAP 財務措施，您可以在我們的網站上找到與 GAAP 的相關調節。我們還將做出前瞻性陳述，包括對未來事件、業務、行業趨勢或業務或財務結果的預測和估計。實際事件或結果可能與我們前瞻性陳述中預測的事件或結果存在重大差異。請參閱我們向美國證券交易委員會提交的文件，包括我們最近的 10-K，其中包含可能導致實際結果與前瞻性陳述存在重大差異的重要因素。

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

現在請聽高通公司首席執行官史蒂夫莫倫科普夫的評論。

Thank you, Mauricio, and good afternoon, everyone. This sudden and dramatic change in how we are living today has impacted nearly every citizen on the planet. On behalf of the 37,000 people in the Qualcomm family, I would like to extend our best wishes around the world as we collectively manage through this unprecedented time.

謝謝毛里西奧，大家下午好。我們今天的生活方式發生了這種突然而巨大的變化，幾乎影響了地球上的每一位公民。我謹代表高通大家庭的 37,000 名員工，向全世界致以最美好的祝愿，因為我們共同度過了這個前所未有的時期。

The global stay-at-home orders highlight the critical role that broadband has played in facilitating remote workforce, distance learning, entertainment, telemedicine, communications and many other things. With billions of people around the world using Qualcomm technology, our mission to invent and commercialize breakthrough wireless technologies, like 5G, has been reinforced and amplified.

全球居家令凸顯了寬帶在促進遠程工作、遠程學習、娛樂、遠程醫療、通信和許多其他方面發揮的關鍵作用。隨著全球數十億人使用 Qualcomm 技術，我們發明和商業化突破性無線技術（如 5G）的使命得到了加強和放大。

Over the last 3 months, I have seen countless examples of our resilient and strong culture working together to solve the daily challenges we face. Our response to the pandemic has been evident in the exceptional execution of our team on all fronts. In Q2, we transitioned to a totally different working environment with the safety of our employees as our highest priority. As a result of the many operational changes we have made over the last several years, we were able to respond quickly when the work-from-home orders began in mid-March with minimal disruption to our operations. Importantly, we were able to limit our on-site essential workforce to a very small number and remain on schedule with our product commitments.

在過去的 3 個月裡，我看到了無數例子，說明我們富有彈性和強大的文化共同努力解決我們面臨的日常挑戰。我們對大流行病的反應在我們團隊在各個方面的出色執行中顯而易見。在第二季度，我們過渡到一個完全不同的工作環境，將員工的安全放在首位。由於我們在過去幾年中進行了許多運營更改，因此當 3 月中旬開始在家工作訂單時，我們能夠迅速做出響應，而對我們的運營造成的干擾最小。重要的是，我們能夠將現場必要勞動力限制在極少數，並按時完成我們的產品承諾。

From an engineering and operations perspective, we have maintained very high levels of productivity. We continue to advance the 5G road map and support customers while meeting a very complex set of R&D and supply chain requirements. We have also implemented remote access to labs, transition to cloud-based collaboration, and enabled remote device testing without the need for physical access. We were also able to mitigate the COVID-19 impact to our global supply chain.

從工程和運營的角度來看，我們一直保持著非常高的生產力水平。我們繼續推進 5G 路線圖並為客戶提供支持，同時滿足一系列非常複雜的研發和供應鏈要求。我們還實現了對實驗室的遠程訪問，過渡到基於雲的協作，並啟用了無需物理訪問的遠程設備測試。我們還能夠減輕 COVID-19 對我們全球供應鏈的影響。

Despite the challenging environment, where in Q2, we estimate the overall handset market was down approximately 21%, our Q2 non-GAAP earnings of $0.88 per share was at the midpoint of our guidance range we gave in early February, in the early stages of the pandemic. Our QCT growth drivers of 5G design wins, along with higher share of dollar content, are very much intact, as you can see in our revenue per MSM, and as virtually all our 5G design wins continue to be powered by our RF front end solutions.

儘管環境充滿挑戰，但在第二季度，我們估計整體手機市場下降了約 21%，我們的第二季度非 GAAP 每股收益為 0.88 美元，處於我們在 2 月初給出的指導範圍的中點，處於早期階段大流行。我們的 5G 設計勝利的 QCT 增長驅動力，以及更高的美元含量份額，都非常完好，正如您在我們的每 MSM 收入中看到的那樣，而且我們幾乎所有的 5G 設計勝利都繼續由我們的 RF 前端解決方案提供支持.

In our licensing business, we have now signed more than 85 5G license agreements, up from 80 license agreements last quarter. As expected, we recently entered into new long-term global patent license agreements with 2 leading Chinese handset suppliers, OPPO and Vivo, to cover 5G multi-mode mobile devices.

在我們的許可業務中，我們現在已經簽署了超過 85 份 5G 許可協議，高於上一季度的 80 份許可協議。正如預期的那樣，我們最近與兩家領先的中國手機供應商 OPPO 和 Vivo 簽訂了新的長期全球專利許可協議，涵蓋 5G 多模移動設備。

Turning to the handset market. Fiscal Q2 China demand saw a sharp decrease, coinciding with COVID-19 restrictions followed by month-over-month growth as restrictions subsided. This provides a basis to model rest of world handset demand trends. As I mentioned earlier, the overall handset market was down approximately 21% in the March quarter, principally, from the China impact. In the June quarter, we estimate the overall handset market to be down approximately 30%, driven by the impact of shutdowns in the rest of the world, while benefiting from the rebound we are seeing in China. Total demand will depend on the speed of the economic recovery. However, we see no change in our calendar year 2020 5G smartphone forecast.

轉向手機市場。第二財季中國需求急劇下降，恰逢 COVID-19 限制，隨後隨著限制消退而出現環比增長。這為模擬世界其他地區的手機需求趨勢提供了基礎。正如我之前提到的，整體手機市場在 3 月季度下降了約 21%，主要是受到中國的影響。在第二季度，我們估計整體手機市場將下降約 30%，受世界其他地區停產的影響，同時受益於我們在中國看到的反彈。總需求將取決於經濟復甦的速度。但是，我們認為 2020 日曆年的 5G 智能手機預測沒有變化。

As we look to the second half of calendar 2020, while there are a few regions with minor delays in 5G network deployments. Overall, 5G is progressing as planned, and we continue to be well positioned to drive the rapid adoption of 5G globally.

展望 2020 年下半年，一些地區的 5G 網絡部署略有延遲。總體而言，5G 正在按計劃推進，我們將繼續處於有利地位，以推動 5G 在全球範圍內的快速普及。

In closing, Qualcomm is in a strong position and on track with our industry-leading product road map. We continue to add people in key areas, and we are executing well with a strong balance sheet.

最後，高通在我們行業領先的產品路線圖方面處於強勢地位併步入正軌。我們繼續在關鍵領域增加人員，我們的資產負債表表現良好。

I would like to turn the call over to Akash, where he will provide more detail in his prepared remarks.

我想將電話轉給 Akash，他將在準備好的發言中提供更多細節。

Thank you, Steve, and good afternoon, everyone.

謝謝史蒂夫，大家下午好。

Prior to addressing our second fiscal quarter results, I want to echo Steve's thoughts and thank our employees, customers and suppliers for their commitment and partnership during these extraordinary circumstances.

在介紹我們的第二財季業績之前，我想重複史蒂夫的想法，並感謝我們的員工、客戶和供應商在這些特殊情況下的承諾和合作夥伴關係。

Our second fiscal quarter results demonstrated strong performance in both QCT and QTL despite the challenging economic environment. We delivered total revenues of $5.2 billion and non-GAAP earnings per share of $0.88 which was at the midpoint of the guidance range we provided in February. QTL delivered revenues of $1.1 billion and EBT margin of 63%, both consistent with the midpoint of our guidance.

儘管經濟環境充滿挑戰，但我們第二財季的業績表明 QCT 和 QTL 均表現強勁。我們實現了 52 億美元的總收入和 0.88 美元的非 GAAP 每股收益，處於我們 2 月份提供的指導範圍的中點。 QTL 實現了 11 億美元的收入和 63% 的 EBT 利潤率，均符合我們指導的中點。

We have now entered into new long-term global patent license agreements with OPPO and Vivo. Our ability to finalize these 5G multimode agreements in a challenging environment reiterates the strength of our IP portfolio and the relationship with these customers.

我們現在已經與 OPPO 和 Vivo 簽訂了新的長期全球專利許可協議。我們在充滿挑戰的環境中完成這些 5G 多模協議的能力重申了我們 IP 組合的實力以及與這些客戶的關係。

In the second fiscal quarter, due to the spread of COVID-19, we saw a reduction in 3G, 4G, 5G handset shipments of approximately 21% compared to our prior expectations and on a year-over-year basis. This decline was based on 2 factors: first, pronounced weakness in China in late January and February, followed by a substantial recovery exiting the quarter. And second, a decline in demand in many other regions globally, starting in March. This negative impact on QTL was partially offset by a benefit related to updates to previous royalty estimates and favorable mix.

在第二財季，由於 COVID-19 的蔓延，我們發現 3G、4G、5G 手機出貨量與我們之前的預期相比同比下降了約 21%。這種下降基於兩個因素：首先，中國在 1 月下旬和 2 月明顯疲軟，隨後該季度出現大幅復甦。其次，全球許多其他地區的需求從 3 月份開始下降。這種對 QTL 的負面影響被與更新之前的特許權使用費估計和有利組合相關的好處部分抵消了。

In QCT, we delivered revenues of $4.1 billion, MSM shipments of 129 million units and EBT margin of 16%, which was at the midpoint of our guidance. QCT revenues and EBT increased by 13% and 39% sequentially. This reflects the benefit of the first wave of 5G flagship launches, increased content from our RF front end chipset solutions and improved gross margins. In addition, we saw strength in our IoT and networking products due to increased demand for connectivity in this work-from-home environment.

在 QCT，我們實現了 41 億美元的收入、1.29 億台 MSM 出貨量和 16% 的 EBT 利潤率，處於我們指導的中點。 QCT 收入和 EBT 分別增長了 13% 和 39%。這反映了第一波 5G 旗艦發布的好處、我們 RF 前端芯片組解決方案的內容增加以及毛利率的提高。此外，由於在家工作環境中對連接的需求增加，我們看到了物聯網和網絡產品的優勢。

Consistent with our expectations, our results included a greater than 50% increase in RF front end revenues on both a sequential and a year-over-year basis. Our total non-GAAP combined R&D and SG&A expenses of $1.7 billion was below the low end of our guidance range, including savings in marketing and travel expenses.

與我們的預期一致，我們的業績包括 RF 前端收入環比和同比增長超過 50%。我們的非 GAAP 總研發和 SG&A 費用為 17 億美元，低於我們指導範圍的下限，包括營銷和差旅費用的節省。

With that, I'd like to turn to Global 3G, 4G, 5G device forecast.

有了這個，我想轉向全球 3G、4G、5G 設備預測。

Given the continued uncertainty around the timing and the pace of the resolution of COVID-19, our third fiscal quarter forecast is based on a planning assumption of approximately 30% reduction in handset shipments relative to our prior expectations. This planning assumption is based on 2 drivers: First, China sales for the quarter gradually improves from the exit rate of the March quarter; and second, other regions see a recovery starting in June, which is modeled based on the trends we are seeing in China. Our forecast for the first half of 2020 implies a reduction of approximately 10% to the calendar 2020 total device forecast. However, total devices in the second half of 2020 will depend on the speed of the economic recovery.

鑑於圍繞解決 COVID-19 的時間和步伐的持續不確定性，我們第三財季的預測是基於手機出貨量比我們之前的預期減少約 30% 的計劃假設。該計劃假設基於兩個驅動因素：首先，該季度的中國銷售額從 3 月季度的退出率逐漸提高；其次，其他地區從 6 月開始復蘇，這是根據我們在中國看到的趨勢建模的。我們對 2020 年上半年的預測意味著 2020 年總設備預測將減少約 10%。不過，2020年下半年的總出貨量將取決於經濟復甦的速度。

Turning to 5G device forecast. Launches across all regions remain on track. While we expect some minor changes to the launch timing and sell-through of certain devices, our calendar 2020 estimates remain unchanged at 175 million to 225 million units.

轉向 5G 設備預測。所有地區的發布都在按計劃進行。雖然我們預計某些設備的發佈時間和銷售量會發生一些細微變化，但我們對 2020 年日曆的估計仍保持在 1.75 億至 2.25 億台不變。

Now let me walk you through our third fiscal quarter financial guidance. We currently estimate revenues of $4.4 billion to $5.2 billion and non-GAAP earnings per share of $0.60 to $0.80. This guidance includes a greater than $0.30 adverse impact attributable to the reduction in handset shipments due to COVID-19. Given the uncertainty around the time and the scale of the economic recovery, we are providing a wider-than-normal EPS range for the quarter. In QTL, we estimate third fiscal quarter revenues of $750 million to $950 million and EBT margin of 50% to 56%. this guidance reflects a normalized run rate of $1 billion to $1.2 billion adjusted for the impact of lower handset shipments due to COVID-19. As a reminder, our third fiscal quarter forecast for QTL does not include revenues from Huawei.

現在讓我向您介紹我們的第三財季財務指南。我們目前估計收入為 44 億美元至 52 億美元，非 GAAP 每股收益為 0.60 至 0.80 美元。該指南包括因 COVID-19 導致手機出貨量減少而產生的大於 0.30 美元的不利影響。鑑於時間的不確定性和經濟復甦的規模，我們提供了一個比正常更寬的季度每股收益範圍。在 QTL，我們估計第三財季收入為 7.5 億至 9.5 億美元，EBT 利潤率為 50% 至 56%。該指南反映了 10 億至 12 億美元的標準化運行率，該運行率根據 COVID-19 導致的手機出貨量下降的影響進行了調整。提醒一下，我們對 QTL 的第三財季預測不包括來自華為的收入。

In QCT, we estimate revenues of $3.6 billion to $4.2 billion, MSM shipments of 125 million to 145 million units and EBT margins of 14% to 16%. Our guidance reflects the latest demand signals from our customers as they contemplate the global impact on device sales and reconcile their supply chains to the lower sell-through. We expect revenue per MSM to decrease sequentially, reflecting the normal seasonal mix shift following the 5G flagship handset launches in our second fiscal quarter.

在 QCT，我們估計收入為 36 億至 42 億美元，MSM 出貨量為 1.25 億至 1.45 億台，EBT 利潤率為 14% 至 16%。我們的指南反映了客戶的最新需求信號，因為他們考慮了全球對設備銷售的影響，並將他們的供應鏈與較低的銷售率相協調。我們預計每個 MSM 的收入將連續下降，反映出我們第二財季推出 5G 旗艦手機後正常的季節性組合轉變。

We anticipate third fiscal quarter non-GAAP combined R&D and SG&A expenses to be approximately flat on a sequential basis. We returned approximately $2.3 billion to stockholders during the second fiscal quarter, including $705 million in dividends and $1.6 billion in stock repurchases. Additionally, we announced a 5% increase to our quarterly dividend to $0.65 per share.

我們預計第三財季非 GAAP 合併研發和 SG&A 支出將大致持平。我們在第二財季向股東返還了約 23 億美元，其中包括 7.05 億美元的股息和 16 億美元的股票回購。此外，我們宣布將季度股息提高 5% 至每股 0.65 美元。

Given the current economic landscape, we have performed scenario planning with a focus on liquidity, and we will continue to evaluate our cash flow and capital policy as the situation evolves. In these challenging times, we are glad to have a strong balance sheet, liquidity position and debt rating.

鑑於當前的經濟形勢，我們已經進行了以流動性為重點的情景規劃，我們將隨著形勢的發展繼續評估我們的現金流和資本政策。在這個充滿挑戰的時代，我們很高興擁有強勁的資產負債表、流動性狀況和債務評級。

Looking forward, our top priority is the health and safety of our employees and the communities in which we operate. Our business strategy remains unchanged. We remain confident in the long-term growth opportunities, including 5G adoption, RF front end content capture and the expansion of our technologies and adjacent platforms.

展望未來，我們的首要任務是我們員工和我們經營所在社區的健康和安全。我們的業務策略保持不變。我們對長期增長機會充滿信心，包括 5G 的採用、RF 前端內容捕獲以及我們的技術和相鄰平台的擴展。

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

謝謝。我現在將電話轉回 Mauricio。

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

謝謝你，阿卡什。接線員，我們準備好提問了。

(Operator Instructions) Our first question comes from Mike Walkley with Canaccord.

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

Great. Congratulations on the strong results in a tough environment. Question's more just big picture. Back in February, before COVID-19 was seen as expanding more around the globe, management indicated they expected 2 inflection points based on timing of 5G launches. Just given your ongoing discussions with customers, do you still see a second inflection point for 5G later this year? Or is it more pushed maybe exiting the year and into calendar '21?

偉大的。祝賀你在艱難的環境中取得了優異的成績。問題更像是大局。早在 2 月，在 COVID-19 被視為在全球範圍內進一步擴大之前，管理層表示他們預計將根據 5G 發布的時間出現 2 個拐點。鑑於您與客戶的持續討論，您是否仍認為今年晚些時候 5G 會出現第二個拐點？還是更有可能退出今年並進入 21 年日曆？

Mike, it's Steve, and thank you. The -- in terms of overall timing of handset launches, I would say, in general, we're seeing people keep the same slots that they've talked about. Been a lot of intensity to maintain those schedules. My guess is you'll see things move around a little bit because of just people dealing with the environment they're dealing with. But in general, I don't think you're going to see big changes in that. Certainly, for us to reiterate our 5G unit call for the year. I think, hopefully, that helps you get a sense for how we feel about the second inflection point.

邁克，我是史蒂夫，謝謝你。就手機發布的總體時間而言，我想說的是，總的來說，我們看到人們保留了他們談論過的相同時段。維持這些時間表的強度很大。我的猜測是你會看到事情發生了一點變化，因為只是人們在處理他們正在處理的環境。但總的來說，我認為你不會看到這方面的重大變化。當然，我們要重申今年的 5G 單位需求。我認為，希望這能幫助您了解我們對第二個拐點的看法。

Great. Just for my follow-on question then. With your Q2 guidance certainly appears, based on your 30% cut on the macro, that you're gaining share in terms of MSM shipments, strong in terms of that base. Are you seeing maybe what the strength of your portfolio and execution opportunity, to gain share as the year plays out?

偉大的。只是為了我的後續問題。根據你 30% 的宏觀削減，你的第二季度指導肯定會出現，你將在 MSM 出貨量方面獲得份額，在該基礎上很強。您是否看到了您的投資組合和執行機會的實力，以在今年結束時獲得份額？

Yes. I think there's a couple of things. I think share picture is pretty good. Assuming -- if you use the market assumption that we have, my guess is you'll probably come to -- you'll probably be surprised on the upside in terms of how we look in terms of the financials. One key component. I think gross margins continues to be a good story and would be sequentially as well for us. So I think in general, with the exception of a big dip in the market, we still like those factors that we're looking at.

是的。我認為有幾件事。我覺得share picture挺好的。假設——如果你使用我們的市場假設，我猜你可能會發現——你可能會對我們在財務方面的表現感到驚訝。一個關鍵部件。我認為毛利率仍然是一個好故事，對我們來說也是如此。所以我認為，總的來說，除了市場大幅下跌外，我們仍然喜歡我們正在關注的那些因素。

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

我們的下一個問題來自摩根大通的 Samik Chatterjee。

So it's good to see you reiterating the 5G volume outlook. Just wondering, with the weaker macro that everyone's expecting, are you -- what are you seeing in terms of pricing for handsets from the OEMs themselves, particularly in China, as that market is recovering. If you focus on 5G handsets, are you seeing them become more aggressive in terms of pricing? And what implications can that have on the supply chain?

所以很高興看到您重申 5G 容量前景。只是想知道，隨著每個人都期待的疲軟宏觀經濟，你是 - 你在 OEM 本身的手機定價方面看到了什麼，特別是在中國，因為該市場正在復蘇。如果您專注於 5G 手機，您是否看到它們在定價方面變得更加激進？這對供應鏈有什麼影響？

Samik, it's Akash. Yes, it's clearly true. The OEMs are being very aggressive. We had a set of launches planned before COVID and the OEMs were able to execute on all those launches in this environment. And if you look at some key metrics that came out of China, in the month of March, 30% of the devices that were sold into the channel were 5G devices. So that's really much stronger than even we had expected. And so we're seeing tremendous traction across tiers, across OEMs and looking forward to it.

薩米克，是阿卡什。是的，這顯然是真的。原始設備製造商非常積極。我們在 COVID 之前計劃了一系列發布，並且 OEM 能夠在此環境中執行所有這些發布。如果你看一下來自中國的一些關鍵指標，在 3 月份，渠道銷售的設備中有 30% 是 5G 設備。所以這真的比我們預期的要強大得多。因此，我們看到了跨層級、跨 OEM 的巨大吸引力，並對此充滿期待。

Samik, this is Cristiano. I just want to -- also, there's another data point, which is worth reiterating. 71% of all models mounted in China is 5G. That shows that the market is really preparing for 5G broad penetration across all tiers.

薩米克，這是克里斯蒂亞諾。我只想——還有另一個數據點，值得重申。在中國安裝的所有型號中，71% 是 5G。這表明市場確實在為 5G 在所有層級的廣泛滲透做準備。

Got it. And if I can just follow-up on the MSM shipment outlook that you have, which is roughly flat quarter-on-quarter. Just wanted to understand, that would generally imply that you're seeing order trends remain fairly stable, start to improve as you will exit -- enter into 2Q. So just wanted to understand if that's fair, just given that even with the kind of drop-off in volumes in terms of sell-through, you're kind of guiding to flat quarter-on-quarter shipment volumes?

知道了。如果我能跟進你的 MSM 出貨量前景，這與上一季度大致持平。只是想了解，這通常意味著您看到訂單趨勢保持相當穩定，隨著您退出而開始改善——進入第二季度。所以只是想了解這是否公平，只是考慮到即使在銷售量方面出現這種下降，你還是在指導季度出貨量持平？

That's right. We -- there's a little bit of a seasonality. We typically see a slight bump between the quarters. So we're seeing that as well. But even in this environment, we continue to see the strong order pipeline is very good for us, too.

這是正確的。我們 - 有一點季節性。我們通常會在季度之間看到輕微的顛簸。所以我們也看到了這一點。但即使在這種環境下，我們仍然看到強大的訂單管道對我們也非常有利。

Our next question comes from the line of Chris Caso with Raymond James.

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

I guess the first question is about how your view has changed versus 90 days ago. You mentioned in your prepared remarks, the 30% reduction. Could you walk us through that bit of about how you got to that assumption? It sounds like there's a different assumption between China and the rest of the world. And as we go into the second half, do you -- are you -- to the extent you have forecast right now, expecting some improvement on that as economies start to open up?

我想第一個問題是關於您的觀點與 90 天前相比有何變化。你在準備好的發言中提到了 30% 的減少。你能告訴我們你是如何得出這個假設的嗎？聽起來中國和世界其他地區之間存在不同的假設。當我們進入下半年時，您是否 - 您 - 達到您現在預測的程度，並期望隨著經濟開始開放而有所改善？

Yes. Chris, it's Akash. So the way we looked at the third fiscal quarter for us is we kind of focused on the -- what we saw in the second fiscal quarter, which was we saw weakness in China earlier in the quarter, really starting from late January all the way through February, but a strong recovery exiting the quarter. And then outside China, we saw weakness exiting the quarter. And so we use that as the starting point. And our framework for how to model the June quarter was to use the exit rates and apply the China recovery model to the rest of the world. So as you think about the June quarter, the 30% decline that we're expecting in handsets, it's a combination of China being not as weak given that they've already gone through a substantial recovery, and then the rest of the world seeing more weakness.

是的。克里斯，我是阿卡什。因此，我們看待第三財季的方式是我們有點關注——我們在第二財季看到的，我們在本季度早些時候看到了中國的疲軟，實際上是從 1 月下旬開始一直到現在。到 2 月，但該季度出現強勁復甦。然後在中國以外，我們看到本季度疲軟。所以我們以此為起點。我們為 6 月季度建模的框架是使用退出率並將中國復甦模型應用於世界其他地區。因此，當你想到 6 月季度時，我們預計手機銷量將下降 30%，這是由於中國已經經歷了大幅復甦，因此並不那麼疲軟，而世界其他地區則看到了更多的弱點。

As you look beyond the third fiscal quarter, it's really kind of -- it's uncertain at this point as to how and when the recovery happens. But if you look at the 5G number, which is a leading indicator for our business, feel very comfortable with the full year guidance. And so we are reiterating the guidance of 175 to 225 and 225 million units for the calendar year.

當你展望第三財季之後時，它真的有點 - 目前還不確定復甦如何以及何時發生。但是，如果您查看作為我們業務領先指標的 5G 數量，就會對全年指導感到非常滿意。因此，我們重申了日曆年 175 至 225 和 2.25 億台的指導方針。

Okay. Understood. Second question is on revenue per MSM. And it seemed like that was consistent with what you said previously that, seasonally, the mix comes down as you go into the June quarter. What about as you go into the second half of the year? You've got some new flagship ramps as you go to the second half of the year, and I'd imagine that 5G penetrates some new price points there. What do you expect the trend to be in revenue for MSM as you go to the second half of the calendar year?

好的。明白了。第二個問題是關於每個 MSM 的收入。這似乎與您之前所說的一致，季節性地，當您進入 6 月季度時，混合會下降。當你進入下半年時呢？進入下半年時，您已經有了一些新的旗艦產品，我想 5G 會在那裡滲透一些新的價格點。當您進入日曆年下半年時，您預計 MSM 的收入趨勢如何？

Yes. So fundamentally, nothing has changed versus the guidance we have previously given you. As we go from 4G to 5G, we feel like there's an opportunity for us on the core chipset ASP side, which you've now seen the evidence of. And then on top of that, also on the RF front end attach, which adds to the ASP. In addition to that, what we've now seen in the March quarter results and in our June quarter guidance as well, has implied a very strong gross margin performance. So combined, the ASP increase with the gross margin strength really kind of delivers for us on the bottom line. And so from a framework perspective, as we look at the rest of the year and the other OEMs, that framework should still hold.

是的。所以從根本上說，與我們之前給你的指導相比，沒有任何改變。當我們從 4G 轉向 5G 時，我們覺得我們在核心芯片組 ASP 方面有機會，您現在已經看到了證據。然後最重要的是，還在 RF 前端附加上，它添加到 ASP。除此之外，我們現在在 3 月季度業績和 6 月季度指引中看到的情況表明，毛利率表現非常強勁。因此，結合起來，ASP 的增長和毛利率的增長確實為我們帶來了利潤。因此，從框架的角度來看，當我們回顧今年剩餘時間和其他 OEM 時，該框架應該仍然有效。

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

我們的下一個問題來自 Blayne Curtis with Barclays。

Maybe I'm confused here. I'm just curious, you're taking a 30% haircut. And I thought when you're explaining QTL, you said the market would be down 30%. So if you could just clarify that, that would be helpful.

也許我在這裡很困惑。我只是好奇，你要剪掉 30% 的頭髮。我想當你解釋 QTL 時，你說市場會下跌 30%。所以如果你能澄清一下，那會很有幫助。

And then I guess the second part of the question, you signed these 2 new agreements. I think you noted -- in your filing, you've seen a headwind with the royalty rates in terms of customers just taking the essential patents. I'm just curious if that's what these deals are. And if you can just comment on the body of your patent portfolio, the ones that are just taking essential patents versus all your patents?

然後我猜想問題的第二部分是您簽署了這兩項新協議。我想你注意到了——在你的申請中，你看到了客戶只獲得必要專利的專利費率的逆風。我只是好奇這些交易是不是就是這樣。如果你只能評論你的專利組合的主體，那些只獲得必要專利的專利與你所有的專利？

From a forecast perspective, the way we forecasted QTL for the June quarter is with the market reduction of 30%, we -- if you think about a normal run rate for the QTL business, it would be in the $1 billion to $1.2 billion range, midpoint of $1.1 billion. We applied the handset market reduction of 30% to that to get to a range of -- range with the midpoint of $850 million for QTL. So it's pretty straightforward methodology, really reflecting the weakness in market on the revenue guidance.

從預測的角度來看，我們預測 6 月季度 QTL 的方式是市場減少 30%，我們 - 如果您考慮 QTL 業務的正常運行率，它將在 10 億美元至 12 億美元之間, 中點為 11 億美元。我們將手機市場減少 30% 應用到 QTL 的中點範圍為 8.5 億美元。所以這是非常簡單的方法，真正反映了市場對收入指導的疲軟。

And Blayne, this is Alex. Look, QTL is in a really good position. We expected to get the OPPO and the Vivo license agreements negotiated and signed, and we did. So those are long-term worldwide SEP agreements covering multimode products. Those agreements are consistent with the $1 billion to $1.2 billion run rate, absent COVID-19. And so we basically got all of the top OEMS, but Huawei. Any major OEM is fully signed up. And so for the next number of years, we don't have any renewals that -- so it's a ways out. So I don't see the SEP agreements that we've signed as being subject to headwinds. I actually kind of see it the opposite way around. We launched the 5G licensing program back in 2017, and we have executed really well on it. And come to a position where we're really in a good position, with one negotiation with Huawei still ongoing.

布萊恩，這是亞歷克斯。看，QTL 的位置非常好。我們希望能夠談判並簽署 OPPO 和 Vivo 許可協議，我們做到了。因此，這些是涵蓋多模產品的長期全球 SEP 協議。在沒有 COVID-19 的情況下，這些協議與 10 億至 12 億美元的運行率一致。因此，我們基本上獲得了所有頂級 OEM，但華為除外。任何主要的原始設備製造商都已完全註冊。因此，在接下來的幾年裡，我們沒有任何續約——所以這是一條出路。因此，我認為我們簽署的 SEP 協議不會受到不利影響。實際上，我的看法恰恰相反。我們早在 2017 年就啟動了 5G 許可計劃，我們在這方面執行得非常好。來到一個我們真正處於有利位置的位置，與華為的一項談判仍在進行中。

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

我們的下一個問題來自美國銀行的 Tal Liani。

I have 2 questions. Now the first one is pricing -- MSM pricing, it was $23 2 quarters ago. Then went up to $32. And now you're guiding implied for $29. So the question is what's the -- what are the puts and takes here? What are the factors that are driving it up so much from only 2 quarters ago?

我有兩個問題。現在第一個是定價——MSM 定價，兩個季度前是 23 美元。然後漲到32美元。現在您的指導價為 29 美元。所以問題是這裡的 puts 和 takes 是什麼？是什麼因素推動它從兩個季度前飆升如此之多？

And then the second question is just if you can give some color on your assumptions next quarter. You said that unit -- for QTL, you said that unit shipments, you're assuming it's 30% below your previous guidance. What does it mean? What kind of assumptions do you have for the environment next quarter?

然後第二個問題是你是否可以在下個季度對你的假設給出一些顏色。你說那個單位——對於 QTL，你說單位出貨量，你假設它比你之前的指導低 30%。這是什麼意思？您對下個季度的環境有什麼樣的假設？

On the revenue per MSM trend, going from our fiscal first quarter, the December quarter to fiscal second quarter, as we had outlined previously, the key drivers there were 3 factors. First is the transition from 4G to 5G, helping us on the chipset pricing side, the core chipset. Second is RF front end design traction on top of that, along with the 5G launches. And then third is a typical seasonal mix shift that works in our favor when you go from the December to the March quarter, because that's when our new premium and high-tier chips come out and several of our OEMs launch their new phones. When you go from -- so we outlined these assumptions and we delivered on those results. I'm extremely happy that we were able to do that along with expanding our gross margin percentage.

從我們之前概述的第一財季、十二月季度到第二財季，從每個 MSM 趨勢的收入來看，關鍵驅動因素有 3 個。首先是從 4G 到 5G 的過渡，幫助我們在芯片組定價方面，即核心芯片組。其次是 RF 前端設計的吸引力，以及 5G 的推出。然後第三個是典型的季節性組合轉變，當您從 12 月到 3 月季度時，這對我們有利，因為那是我們新的高端和高端芯片問世的時候，我們的幾家原始設備製造商推出了他們的新手機。當你離開時——所以我們概述了這些假設，並交付了這些結果。我非常高興我們能夠在擴大毛利率的同時做到這一點。

When you look forward to the June quarter, 1 of those 3 factors that I outlined for the March quarter changes, which is the mix shift towards premium and high-tier devices. So you kind of have a change in that, which reduces your revenue per MSM a bit, but it's more a function of which chips are being sold in that quarter rather than a fundamental change in the business. We're still continuing to see extremely high revenue per MSM, given our historical trends and strong gross margins on top of it.

當您期待 6 月季度時，我為 3 月季度概述的 3 個因素中的 1 個發生了變化，即向高端和高端設備的組合轉變。所以你在這方面有點變化，這會稍微降低你的每 MSM 收入，但這更多是該季度銷售哪些芯片的功能，而不是業務的根本變化。鑑於我們的歷史趨勢和強勁的毛利率，我們仍然繼續看到每個男男性接觸者的收入極高。

And is this 29 -- is the high 20s the new environment we need to get used to going forward, going from kind of low-20s to high-20s?

這是 29 歲嗎——20 多歲是我們需要適應的新環境，從 20 多歲到 20 多歲嗎？

So we're not really kind of guiding this number going forward. But if you go back to the framework that we've given, which is we expect with 5G to see an increase of 1.5x from where we've been in the past, that would lead to a framework very similar to yours.

所以我們並沒有真正指導這個數字向前發展。但如果你回到我們給出的框架，我們預計 5G 會比過去增加 1.5 倍，這將導致一個與你的框架非常相似的框架。

And then on your second question on QTL, the forecast really is -- we're looking at the midpoint of our normal revenue guidance range of $1.1 billion, and the 30% is what we're seeing in terms of reduction of handsets. And so we're applying that to the overall forecast that we had prior to it, which kind of reflected or was reflected in the annual guidance of 1.8 billion units that we'd given. So -- which was roughly flat for the calendar year. So you should think of it as that's reflective of a market that was similar to last year, and we're taking a reduction off of that.

然後關於 QTL 的第二個問題，預測確實是——我們正在研究 11 億美元的正常收入指導範圍的中點，而 30% 是我們在手機減少方面看到的。因此，我們將其應用於我們之前的總體預測，這反映或反映在我們給出的 18 億單位的年度指導中。所以 - 這在日曆年中大致持平。所以你應該認為它反映了與去年相似的市場，我們正在減少它。

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 Ross Seymore。

I want to start out on the QCT side. Akash, you did a great job in QTL of kind of saying what the moving parts were in the quarter for June guidance, especially relative to the 30% reduction in units. If I take that $0.30 hit to EPS that you guys said, COVID impact, is that just on the QTL side? Or are there some puts and takes you could walk us through on the QCT side as far as the general market weakness might be applying to Qualcomm as well?

我想從 QCT 方面開始。 Akash，你在 QTL 方面做得很好，說明了本季度 6 月指導的活動部分，尤其是相對於單位減少 30% 的情況。如果我把你們所說的每股收益受到 0.30 美元的打擊，COVID 的影響，那隻是在 QTL 方面嗎？或者，就一般市場疲軟也可能適用於高通而言，您是否可以在 QCT 方面向我們介紹一些看跌期權？

Sure, sure. So Ross, we outlined an impact of greater than $0.30, and it's a combination of QCT and QTL. So I think you've got the math on QTL. It's really taking the $1.1 billion midpoint and comparing it to our guidance midpoint of $850 million. The delta of $250 million is a part of that $0.30 calculation.

一定一定。所以羅斯，我們概述了大於 0.30 美元的影響，它是 QCT 和 QTL 的組合。所以我認為你已經掌握了 QTL 的數學知識。它實際上是將 11 億美元的中點與我們 8.5 億美元的指導中點進行比較。 2.5 億美元的增量是 0.30 美元計算的一部分。

On the QCT side, we looked at a couple of data points. One is kind of how have the signal has changed, bottoms-up, from the OEMs that we've been receiving over the last 3 or 4 weeks, which kind of reflects the weakness they're seeing in the sell-through. We also looked at our OEMs and what their sell-through has been in certain regions where we have higher share. And it's a combination of those factors that we use to estimate the impact on QCT.

在 QCT 方面，我們查看了幾個數據點。一種是我們在過去 3 或 4 週內收到的原始設備製造商發出的自下而上的信號發生了怎樣的變化，這反映了他們在銷售中看到的疲軟。我們還研究了我們的原始設備製造商以及他們在我們擁有更高份額的某些地區的銷售情況。它是我們用來估計對 QCT 影響的那些因素的組合。

Got you. And I guess as my follow-up, just going to the QTL side, 1 housekeeping item and then a kind of a bigger picture question on this. How is it relatively in line with your $1 billion to $1.2 billion estimate if the market was 20% weaker in the March quarter? And then any sort of updates on the Huawei negotiations now that you successfully got the OPPO and Vivo side done? And then finally, anything on the FTC.

明白了我想作為我的後續行動，只是轉到 QTL 方面，1 個內務管理項目，然後是一個更大的問題。如果市場在 3 月季度下跌 20%，那麼它與您 10 億至 12 億美元的估計是否相對一致？既然你成功地完成了 OPPO 和 Vivo 方面的談判，那麼關於華為談判的任何更新？最後，關於 FTC 的任何內容。

Yes. So on the QTL side for the March quarter, there are a couple of things that went in our favor. First is the weakness that we saw, the 20 -- 21% on the handsets. If we look at the mix of the regions on that weakness, it was more -- much more so in China and less in other regions. The impact in other regions came later in the quarter. And so in terms of how that translates into a mix impact from a dollar perspective is a combination of which tier devices got impacted and then which with OEMs. So that's kind of one key factor.

是的。因此，在 3 月季度的 QTL 方面，有幾件事情對我們有利。首先是我們看到的弱點，即手機上的 20-21%。如果我們看一下該弱點的地區組合，它在中國更多，而在其他地區則更少。其他地區的影響在本季度晚些時候出現。因此，從美元的角度來看，這如何轉化為混合影響是哪些層設備受到影響，然後是 OEM 受到影響的組合。所以這是一個關鍵因素。

The second factor, as I said in my prepared remarks, was we also had some updates to previous royalty estimates, which kind of is part of our normal licensing program. You see some changes based on updated reporting we received from OEMs. So we had a little bit of that in the quarter that helped as well.

第二個因素，正如我在準備好的發言中所說，我們還對之前的版稅估算進行了一些更新，這是我們正常許可計劃的一部分。根據我們從 OEM 收到的更新報告，您會看到一些變化。因此，我們在本季度也有一些幫助。

So this is Alex. Let me handle the last 2 parts of the question. So the Huawei discussions are ongoing, and we're still working on trying to negotiate a deal. And as we've discussed previously, both parties have the right to seek a binding arbitration to set new terms for a new deal going forward, but neither party has decided to do that yet. We're still engaged in the negotiation process.

所以這是亞歷克斯。讓我處理問題的最後兩部分。因此，與華為的討論正在進行中，我們仍在努力談判達成協議。正如我們之前所討論的，雙方都有權尋求具有約束力的仲裁來為未來的新交易設定新條款，但雙方尚未決定這樣做。我們仍在參與談判過程。

With respect to the FTC, look, I think the first thing is we have a lot of confidence in the merits of the appeal. But I think it's also important to go back to a basic touch point, and that is the district court decision did not invalidate existing agreements. And so before, during and after, we signed up essentially every major OEM and many, many other OEMs in this context. And these agreements are not going to -- the notion that these agreements are going away actually is not a factor because it never was an issue with this court opinion the way that came out. And the licensees continue to honor their agreements. So again, I think, however the FTC matter turns out, that aspect of the decision is not going to change.

關於聯邦貿易委員會，看，我認為首先是我們對上訴的是非曲直很有信心。但我認為回到一個基本的接觸點也很重要，那就是地區法院的判決並未使現有協議無效。因此，在此之前、期間和之後，我們基本上與每個主要的原始設備製造商和許多其他原始設備製造商簽約。這些協議不會——這些協議將要消失的想法實際上不是一個因素，因為它從來不是法院意見的問題。被許可人繼續履行他們的協議。因此，我再次認為，無論聯邦貿易委員會的事情結果如何，決定的這一方面都不會改變。

Our next question comes from Matt Ramsay with Cowen.

我們的下一個問題來自 Matt Ramsay 和 Cowen。

Cristiano, I want to follow up on, I think a couple of data points you mentioned earlier, just to make sure I got them right. You said 30% of units in China, 5G at this point, and something like 70% of device launches. And if I have those right, maybe you could talk a little bit about the 5G carrier subsidies and promotional environment and how aggressive the carriers may be in China? And how you think about that kind of aggressive 5G promotion sort of cascading through the rest of the world markets as the rest of the world turns on 5G?

克里斯蒂亞諾，我想跟進，我想你之前提到的幾個數據點，只是為了確保我做對了。你說中國 30% 的單位，此時 5G，大約 70% 的設備發布。如果我說得對，也許你可以談談 5G 運營商補貼和促銷環境，以及運營商在中國的積極性如何？您如何看待隨著世界其他地區開啟 5G，這種積極的 5G 推廣會在世界其他地區市場層出不窮？

Thank you, Matt, for your question. So let me address the first one. So the data point is, what we saw is 5G sell-in penetration reached 30% in the month of March. That is up from 19% in demand for December. So you can see that the market continued to transition the devices towards 5G. And the other data point, which is in the month of March, of all the phone models launched in China, 71% was 5G, which shows actually 5G getting to all the different price points. So if you remember last quarter, we saw that with some of our platform, which is Snapdragon 700, we saw price points at $285 for 5G devices. And I think that further validate the total 5G units for the year, and I think China is going to be driving a lot of the volume. And our position with China remains very strong.

謝謝你，馬特，你的問題。因此，讓我解決第一個問題。所以數據點是，我們看到的是 5G 銷售滲透率在 3 月份達到了 30%。這高於 12 月份的 19% 的需求。所以你可以看到市場繼續將設備轉向 5G。另一個數據點是 3 月份，在中國推出的所有手機型號中，有 71% 是 5G，這表明 5G 實際上覆蓋了所有不同的價位。所以如果你還記得上個季度，我們看到我們的一些平台，即 Snapdragon 700，我們看到 5G 設備的價格為 285 美元。而且我認為這進一步驗證了今年的 5G 單位總數，我認為中國將推動大量增長。我們在中國的立場仍然非常堅定。

Now to your other questions about the 5G rollout. What we -- it's an interesting question. I think while we've seen some delays in places, for example, like Europe where auctions have not yet been completed in all the countries. What we have seen is acceleration in some other places. For example, in the United States, some carriers are actually ahead of scheduling the build-out, taking advantage of probably less traffic. And important to note that Japan had launched both 5G sub-6 and millimeter wave within the quarter and Korea Telecom announced millimeter wave in Korea before the end of 2020. So you may have some puts and takes. But in general, I think the 5G story remain intact. And if anything, this current environment probably underscored the importance of connectivity in telecom.

現在回答有關 5G 推出的其他問題。我們——這是一個有趣的問題。我認為雖然我們在某些地方看到了一些延誤，例如歐洲，但所有國家/地區的拍賣尚未完成。我們看到的是其他一些地方的加速。例如，在美國，一些運營商實際上提前安排了擴建，利用可能較少的流量。需要注意的是，日本在本季度內同時推出了 5G sub-6 和毫米波，韓國電信宣佈在 2020 年底之前在韓國推出毫米波。所以你可能會有一些投入和收穫。但總的來說，我認為 5G 的故事仍然完好無損。如果有的話，當前的環境可能強調了電信連接的重要性。

Our next question comes from Stacy Rasgon with Bernstein Research.

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

I wanted to revisit QTL in the quarter. So I know you mentioned it was -- you had some mix benefits as well as catch-ups. But I mean, if units for the market were down 21% year-over-year. I know China units were down relative to, I don't know, 35% year-over-year give or take, 50% sequential. I mean, your Q2 revenues were only down $50 million year-over-year. It was like 4%. I mean, the catch-up or adjustment must have been very sizable. Can you give us an idea of how much that adjustment or catch-up payment-wise, and what was the driver of it? Was any of it coming from OPPO and Vivo? Like, what would the QTL have been in the quarter without that catch-up?

我想在本季度重新訪問 QTL。所以我知道你提到過——你有一些混合收益和追趕。但我的意思是，如果市場單位同比下降 21%。我知道中國單位相對於我不知道，同比下降 35%，環比下降 50%。我的意思是，你們第二季度的收入同比僅下降了 5000 萬美元。大約是 4%。我的意思是，追趕或調整一定非常可觀。您能否告訴我們這種調整或追加付款有多少，其驅動因素是什麼？有沒有來自 OPPO 和 Vivo 的？就像，如果沒有這種追趕，QTL 在本季度會是什麼？

Stacy, it's Akash. So maybe just to kind of quickly address the catch-up comments. The way the QTL model works, and I think you're very familiar with this. We -- as we get reports from licensees in the past, sometimes, we get updates from them in the future as they kind of finish up their accounting of the units and the ASPs. So that usually results in a catch-up. The second is that if there are audit settlements that would give us catch-ups as well. And then, really, if we end up finalizing licenses, that would be a factor also. So there are several factors that cause it. And as you know, we've had a couple of these in our history consistently. Usually, the number is smaller. So we don't specifically talk about it. And there is a run rate in each quarter of these factors. Clearly, we had a larger impact this time. But we'll...

史黛西，我是阿卡什。所以也許只是為了快速解決追趕意見。 QTL 模型的工作方式，我想你對此非常熟悉。我們 - 當我們過去從被許可人那裡獲得報告時，有時，我們會在未來從他們那裡獲得更新，因為他們完成了對單位和 ASP 的核算。所以這通常會導致追趕。第二個是，如果有審計和解，我們也會趕上進度。然後，真的，如果我們最終確定許可證，那也將是一個因素。所以有幾個因素導致它。如您所知，我們在歷史上一直有一些這樣的事情。通常，數字較小。所以我們不具體講。這些因素的每個季度都有一個運行率。顯然，這次我們產生了更大的影響。但是我們會...

How was…

怎麼樣……

We are not disclosing the specific number at this point, but it is a significant impact, and that's why we clearly highlighted it and outlined it.

我們目前不透露具體數字，但這是一個重大影響，這就是為什麼我們明確強調並概述了它。

The other factor that I think I mentioned clearly was the fact that they were China units, and there were -- significant portion of it was at the lower end, had an impact as well. Also, this is a handset decline. If you look at non-handsets, we saw -- we estimate somewhere in the 5% to 7% range on impact of total units. So the weighted average impact across the market was smaller than the 21%.

我想我清楚提到的另一個因素是它們是中國單位，而且有很大一部分是在低端，也有影響。此外，這是手機的下降。如果你看看非手機，我們看到 - 我們估計對總單位的影響在 5% 到 7% 的範圍內。因此，整個市場的加權平均影響小於 21%。

Got it. And I guess, does that reverse next quarter then? Because you're guiding the market 30% below your expectations, but you're only guiding your QTL revenues like 23% below normal expectations. So is that what's driving that boost? Is it the 5G mix? Is it because -- like, what's going on there that's actually helping the revenues relative to the unit shortfall in Q3. Is that it?

知道了。我想，下個季度會發生逆轉嗎？因為你引導市場比你的預期低 30%，但你只引導你的 QTL 收入比正常預期低 23%。那麼這就是推動這種增長的原因嗎？是5G組合嗎？是因為 - 就像，那裡發生的事情實際上幫助了第三季度相對於單位短缺的收入。是嗎？

Yes, that's right, Stacy. So there is a factor of that, that is the impact to non-handset devices versus handset devices that's benefiting, and that's why it's not down the full 30% in the third fiscal quarter.

是的，沒錯，斯泰西。所以有一個因素，那就是非手機設備與受益的手機設備的影響，這就是為什麼它在第三財季沒有下降整整 30%。

It's not one -- any one-timers or anything?

這不是一個 - 任何一次性或任何東西？

We are not expecting that. I mean, as we kind of finish the quarter, we might see some benefits, but that really happens as we get updated reporting from licensees and not something we forecast.

我們並不期待那樣。我的意思是，當我們在本季度結束時，我們可能會看到一些好處，但當我們從被許可人那裡獲得更新的報告而不是我們預測的時候，這種情況確實會發生。

Our next question comes from Mitch Steves with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Mitch Steves。

I'm going to combine 2 into 1 because they're kind of related. So it's good to hear that China's coming back online. I just had a couple of questions related to that. So number one is how do we know that China is not really trying to stockpile a little bit of inventories ahead of a potential additional U.S.-China relationship getting worse? And then secondly, just any sort of like eyeball or any sort of rough metric to think about '21? I think the majority of investors are kind of looking out to next year in terms of what the impact is going to be. I mean, is there any sort of granularity you can give in terms of what you guys think the recovery is going to look like even if it's not quantitative.

我要將 2 合併為 1，因為它們有點相關。所以很高興聽到中國重新上線。我只是有幾個與此相關的問題。所以第一是我們怎麼知道中國不是真的在美中關係進一步惡化之前試圖囤積一點庫存？然後其次，只是任何一種像眼球或任何一種粗略的衡量標準來考慮'21？我認為大多數投資者都在關註明年的影響。我的意思是，即使不是定量的，你們是否可以根據你們認為複甦的樣子給出任何粒度。

Well, I mean, we obviously spend a lot of time looking at the sell-in of chipsets versus the device sales and kind of matching them and getting a sense of how the inventory profile is shaping out in China. Typically, you would see a decline in inventory following Chinese New Year in the March quarter. And we've actually seen it play out consistent with our expectations, and there's been a slight decline in inventory through the process.

好吧，我的意思是，我們顯然花了很多時間來研究芯片組的銷售與設備的銷售，並將它們進行匹配，並了解中國的庫存狀況是如何形成的。通常情況下，您會在 3 月季度的農曆新年過後看到庫存下降。我們實際上已經看到它的結果與我們的預期一致，並且在此過程中庫存略有下降。

And Mitch, this is Steve. With respect to FY '21, I would say the general view within the company is that we need to be prepared for the opportunity that we think lays ahead. I mean, if you look at fiscal '21, we think we're in a much better position in terms of the economic situation. And then the other thing that we've -- we're definitely getting from the market is just this desire to launch 5G and connectivity. I mean, the -- I think there'll be some desire to increase infrastructure and some of the telemedicine, tele -- the educate from home, work from home, will be served through 5G here in the near term, and we need to be prepared for it. That's really how we're thinking about '21 at this point.

米奇，這是史蒂夫。關於 21 財年，我想說公司內部的普遍觀點是我們需要為我們認為未來的機會做好準備。我的意思是，如果你看看 21 財年，我們認為我們在經濟形勢方面處於更好的位置。然後我們擁有的另一件事——我們肯定從市場上得到的就是推出 5G 和連接的願望。我的意思是 - 我認為會有一些人希望增加基礎設施和一些遠程醫療，遠程 - 在家教育，在家工作，將在短期內通過 5G 在這裡提供服務，我們需要做好準備。在這一點上，這確實是我們對 21 年的看法。

So no comment just in terms of it being like more of a U shape or any sort of like shape of recovery for the smartphone side?

因此，就智能手機方面更像是 U 形或任何類似形狀的恢復而言，沒有評論嗎？

Yes. We haven't been trying to give a shape other than what we've talked about in terms of our market at this point. And as we've talked about internally in terms of the company, we're really trying to make sure that we are prepared to take advantage of any shape recovery that appears. And so that's really how we're positioning the company and then trying to communicate the best we can in terms of how the market looks at least over the next quarter.

是的。除了我們在這一點上談到的市場之外，我們還沒有試圖給出一個形狀。正如我們在公司內部討論的那樣，我們真的在努力確保我們準備好利用出現的任何形狀恢復。因此，這就是我們對公司進行定位的方式，然後至少在下一季度的市場前景方面盡我們所能進行溝通。

Our next question comes from C.J. Muse with Evercore.

我們的下一個問題來自 Evercore 的 C.J. Muse。

I guess, first question, I was hoping you could perhaps speak to what you're hearing from your customers in China as they recover. What they're seeing, what customers' preference are in terms of mix, price points, and perhaps, I guess, what signals you're taking there. And then bringing to the rest of the world, that kind of underpins your overall kind of recovery view?

我想，第一個問題，我希望你能談談你從中國客戶那裡聽到的情況，因為他們正在康復。他們看到的是什麼，客戶在混合、價格點方面的偏好是什麼，我想也許還有你在那裡接受的信號。然後帶到世界其他地方，這會支撐你的整體復甦觀點嗎？

Thanks, C.J., for your question. This is Cristiano. Look, we have had a lot of engagement, I think, very frequent, I think with our customers right now, not only China, across the globe. But what we're seeing, it's phones are continuing to launch. And as Akash outlined, we've kind of be tracking not only sell-in but sell-out in the market, and we see the market started to recover. That's why we believe China, it can be a very good model of what we expect to see in other markets since their shift in time.

謝謝，C.J.，你的問題。這是克里斯蒂亞諾。看，我們有很多接觸，我想，非常頻繁，我想現在與我們的客戶，不僅是中國，在全球範圍內。但我們所看到的是，它的手機仍在繼續推出。正如 Akash 概述的那樣，我們不僅在跟踪市場上的賣出情況，而且在跟踪市場上的賣出情況，我們看到市場開始復蘇。這就是為什麼我們相信中國，它可以成為我們期望在其他市場及時轉變後看到的一個很好的模型。

Okay. That's helpful. And then based on the attach rate on the front end side and what you do know in terms of flagship launch coming in the back half of the year. Does that 1.5x content in the move to 5G include what you're seeing both 5G and RF front end? Or is there upside there based on what you're seeing on the attach rate side?

好的。這很有幫助。然後根據前端的附加率以及你對下半年旗艦發布的了解。向 5G 遷移過程中的 1.5 倍內容是否包括您看到的 5G 和 RF 前端？或者根據您在附加率方面看到的情況，那裡有優勢嗎？

Okay. So a couple of updates. We have been tracking a total number of 5G designs. In the quarter that now went up, we have now 375 5G devices announcing. And we repeat, continue to repeat for the absolute majority of those, virtually all of them, continue to have our modem to antenna solution with RF front end attach. And I think it got reflected in this quarter that this business is starting to have an inflection for QCT. It started to be meaningful. We're very happy with the results so far in the front end, and we expect that to continue.

好的。所以有幾個更新。我們一直在跟踪 5G 設計的總數。在現在上升的那個季度，我們現在有 375 台 5G 設備發布。我們重複，繼續為絕大多數人重複，幾乎所有這些人，繼續使用我們的調製解調器到帶有射頻前端連接的天線解決方案。我認為這在本季度得到反映，該業務開始對 QCT 產生影響。它開始變得有意義了。到目前為止，我們對前端的結果感到非常滿意，我們希望這種情況能夠繼續下去。

To your question about the 1.5 metric, that holds remain true for us. And that -- even as the market scale down from flagship to the lower tiers, like-for-like in the 700 tier or 600 tier or even 400 tiers, we'll see that metric of 1.5.

對於您關於 1.5 指標的問題，這對我們仍然適用。而且——即使市場規模從旗艦級縮小到較低級，在 700 級或 600 級甚至 400 級中，我們也會看到 1.5 的指標。

Our next question comes from Timothy Arcuri with UBS.

我們的下一個問題來自瑞銀的 Timothy Arcuri。

I guess I had 2. First on Huawei. They're really kind of an outlier now because we have OPPO, Vivo and Apple have all signed. And I guess, at the same time, obviously, the U.S. is sort of turning up the heat on Huawei. So why would they sign now if you're sort of one of the more obvious leverage points that China has in all of this. So the question there is, how long do you let this go on with them? And sort of when do you decide to just arbitrate with them?

我想我有 2 個。首先是華為。他們現在真的有點異類，因為我們有 OPPO、Vivo 和 Apple 都簽約了。我想，與此同時，很明顯，美國正在對華為施加壓力。那麼，如果你是中國在所有這一切中擁有的更明顯的槓桿點之一，他們為什麼現在就簽署。所以問題是，你會讓他們繼續這種情況多久？你什麼時候決定只與他們仲裁？

So this is Alex. Look, there are a number of environmental factors, some that are -- maybe you can view as in one direction. Others can view in another direction. For example, the Phase 1 outcome is good -- a good environment for moving toward a negotiated resolution here. Look, we're still in this negotiation. And so we still are looking at this as something that we want to drive to a conclusion. The question of whether or not we have to trigger arbitration is still some months out. And so we're going to keep moving with this and see if we can get this thing resolved. So I don't have an answer for you other than that.

所以這是亞歷克斯。看，有很多環境因素，有些是——也許你可以從一個方向來看。其他人可以從另一個方向觀看。例如，第 1 階段的結果是好的——這裡是朝著談判解決方案邁進的良好環境。看，我們還在談判中。因此，我們仍然將此視為我們想要得出結論的事情。我們是否必須啟動仲裁的問題還有幾個月的時間。因此，我們將繼續推進此事，看看能否解決這個問題。所以除此之外，我沒有其他答案給你。

Okay. I guess -- and then the second question is on OPPO and Vivo. I know there was a prior question on this, but my question is around June. Because in the footnotes, it sounds like there are some catch-up payments in June from these 2 licensees. Can you just help us quantify, Akash, what the catch-ups are in June, specifically? The footnote says near term. So I assume that all of the true-up for those 2 licensees will be in June.

好的。我猜——然後第二個問題是關於 OPPO 和 Vivo 的。我知道在此之前有一個問題，但我的問題是在六月左右。因為在腳註中，聽起來這 2 個被許可方在 6 月份有一些追補付款。阿卡什，你能幫我們具體量化一下 6 月份的追趕情況嗎？腳註說的是近期。所以我假設這 2 個被許可人的所有調整都將在 6 月進行。

Yes. So this is really the accounts receivables that's outstanding that they're going to pay going forward. And so as a part of our license agreement, there's an alignment with them on kind of remaining payments that are outstanding and a very near-term schedule for them to finish those payments.

是的。所以這實際上是他們將要支付的未清應收賬款。因此，作為我們許可協議的一部分，與他們就未償還的剩餘付款以及他們完成這些付款的近期時間表達成一致。

Our next question comes from Christopher Rolland with Susquehanna.

我們的下一個問題來自 Christopher Rolland 和 Susquehanna。

Tying into perhaps a earlier question. Can you talk about your adjacencies business? How big it is now and perhaps changes we've seen in the size of that business since the TDK acquisition and then growth in 2019 and any expectation for 2020 in that adjacency business as well?

可能是一個較早的問題。你能談談你的鄰接業務嗎？自收購 TDK 以來，我們在該業務的規模上看到了現在有多大，然後在 2019 年增長，以及對該相鄰業務的 2020 年的任何預期？

Chris. So at our Analyst Day, we had kind of sized the total scale of those businesses when -- for the fiscal year 2019. And then we gave an assumption forecast on how fast the market is going to grow approximately 8% and with our target of matching or beating the market growth. And so that's the framework for forecasting those businesses, and we're still kind of on track along those lines.

克里斯。因此，在我們的分析師日，我們對 2019 財年這些業務的總規模進行了估算。然後我們假設預測市場將以多快的速度增長約 8%，我們的目標是匹配或超過市場增長。這就是預測這些業務的框架，我們仍然沿著這些路線走上正軌。

In this environment, one of the things we have seen is several of our businesses, including IoT and networking, they benefit from the work-from-home environment, and we've seen a lot of strength in those areas.

在這種環境下，我們看到的一件事是我們的幾項業務，包括物聯網和網絡，它們受益於在家工作的環境，我們在這些領域看到了很多優勢。

Excellent. And then just tying into the RF more specifically. Are there any conditions? Or is it even technically possible for a situation which you would break up the various parts within your antenna module and sell them individually? For example, could you sell just the transceiver? Or is this an all or nothing deal for you guys for millimeter wave or even sub-6? How are you thinking about that?

出色的。然後更具體地連接到 RF。有什麼條件嗎？或者在技術上什至可以分解天線模塊中的各個部分並單獨出售的情況？例如，你能只賣收發器嗎？或者這對你們來說對於毫米波甚至 sub-6 來說是全有還是全無的交易？你怎麼想的？

Chris, it's Cristiano. Thanks for the question. Look, we have been very clear about the technical advantages of the modem to antenna. But having said that, we have seen opportunities that we're starting to sell silicon in some of our competitors' baseband as well. And there is a number of different open interfaces. So I think you will see flexibility from Qualcomm, but we still feel strongly that you'll probably get the best performance when you actually have an integrated modem to antenna solution.

克里斯，是克里斯蒂亞諾。謝謝你的問題。看，調製解調器對天線的技術優勢我們已經很清楚了。但話雖如此，我們也看到了開始在一些競爭對手的基帶中銷售矽的機會。並且有許多不同的開放接口。所以我認為你會看到高通的靈活性，但我們仍然強烈認為，當你真正擁有一個集成調製解調器到天線的解決方案時，你可能會獲得最佳性能。

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。

A question for Akash. Can you maybe just help us with the split in the MSMs in the March quarter between 5G and 4G? And then just looking into June, which you've guided 125 million to 145 million MSMs, again, how would that look between 5G and 4G, particularly now that the 765G starts to ramp up?

阿卡什的問題。您能否幫助我們解決 3 月季度 MSM 在 5G 和 4G 之間的分歧？然後看看 6 月，你已經引導了 1.25 億到 1.45 億 MSM，再次，5G 和 4G 之間的情況如何，特別是現在 765G 開始增加？

Yes. So we've so far not disclosed a breakdown of our MSM units. I mean, it's clearly an important metric for us in terms of 5G penetration. The way you should think about it is if you look at kind of the key launches in the premium and the high tier, we pretty much -- premium tier, every launch that has happened has used our premium tier chip outside of Huawei. And so it's really a mix of premium tier launches and volume in different regions, and that could be one way to kind of back into a number for us for 5G versus 4G. We will keep -- as we go forward, we'll look at how we can get additional disclosures so that it gives us a sense -- it gives you guys a sense of the traction we have in 5G. Overall, very strong design win pipeline across all customers. And we're seeing demand not just at premium tier, but across high and mid-tiers as well for our 5G solutions.

是的。所以到目前為止，我們還沒有披露我們的男男性接觸者單位的細目分類。我的意思是，就 5G 普及率而言，這顯然是我們的一個重要指標。你應該思考它的方式是，如果你看一下高端和高端的關鍵發布，我們幾乎 - 高端，發生的每一次發布都使用了我們在華為之外的高端芯片。因此，這實際上是不同地區推出的高端產品和銷量的混合體，這可能是我們將 5G 與 4G 的數量重新統計的一種方式。我們將繼續——在我們前進的過程中，我們將研究如何獲得額外的披露，以便它給我們一種感覺——它讓你們感覺到我們在 5G 中的吸引力。總體而言，非常強大的設計贏得了所有客戶的青睞。我們不僅看到了高端市場的需求，還看到了高端和中端市場對我們 5G 解決方案的需求。

Okay. And maybe my follow-up for Cristiano. On millimeter wave, I just wanted to get your perspective, given all the changes in the market in the last 90 days. I think in the past, you talked about there's a mandatory -- millimeter wave is a mandatory feature for flagship smartphones in the U.S. for many U.S. operators. And we would see a Japanese and a Korean launch for millimeter wave. Is that still on track? And then how should we think about millimeter wave in the grand scheme of your overall 5G volumes this year?

好的。也許我對克里斯蒂亞諾的後續行動。關於毫米波，考慮到過去 90 天市場的所有變化，我只是想听聽您的看法。我想過去，你談到有一個強制性的——對於許多美國運營商來說，毫米波是美國旗艦智能手機的強制性功能。我們會看到日本和韓國發射毫米波。這還在軌道上嗎？那麼在你們今年整體5G量的宏偉計劃中，我們應該如何看待毫米波？

Brett, thanks for the question. Yes, it remains a reality. And as we have probably mentioned earlier, in some cases, the current environment had accelerated the build-out of the new millimeter wave market. So it continues to be a requirement for flagships in the United States market. We expect to see millimeter wave coming down to the high-tier as we're bringing the capability across our chipsets. We saw that [IGA] launch in Japan, as expected. Korea announced that they will provide millimeter wave service -- Korea Telecom announced, within the calendar year. And we expect that to continue 2021, you'll start seeing this going to other markets as well.

布雷特，謝謝你的提問。是的，這仍然是現實。正如我們之前可能提到的，在某些情況下，當前環境加速了新毫米波市場的建立。因此，它仍然是美國市場旗艦店的要求。我們希望看到毫米波下降到高端，因為我們正在為我們的芯片組帶來這種能力。正如預期的那樣，我們看到 [IGA] 在日本推出。韓國宣布他們將在日曆年內提供毫米波服務——韓國電信宣布。我們預計這種情況會持續到 2021 年，你也會開始看到它也進入其他市場。

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

謝謝。今天的問答環節到此結束。 Mollenkopf 先生，在暫停通話之前，您還有什麼要補充的嗎？

Yes. Thank you. First of all, I just wanted to say thank you to the employees of Qualcomm. We obviously had a very unusual quarter with respect to the work environment. And even with that, a very strong execution, and I want to thank everyone for their hard work. I also want to remind everyone that I think the technologies we're all working on have probably never been more important than they are today.

是的。謝謝。首先，我只想對高通的員工說聲謝謝。在工作環境方面，我們顯然有一個非常不尋常的季度。即使如此，執行力也非常強，我要感謝大家的辛勤工作。我還想提醒大家，我認為我們正在研究的技術可能從未像今天這樣重要。

So thank you very much for your hard work, and we look forward to taking advantage of everything that we're putting together. So thank you, everybody. See you next quarter.

非常感謝你們的辛勤工作，我們期待著利用我們正在整合的一切。所以謝謝大家。下個季度見。

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

女士們，先生們，今天的電話會議到此結束。您現在可以斷開連接。