高通 (QCOM) 2020 Q1 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 First Quarter Fiscal 2020 Earnings Conference Call.

歡迎參加高通 2020 財年第一季度收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded, February 5, 2020.

（操作員說明）提醒一下，本次會議正在錄製中，2020 年 2 月 5 日。

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

今天通話的播放號碼是 (877) 660-6853。

International callers, please dial (201) 612-7415.

國際來電者請撥打 (201) 612-7415。

The playback reservation number is 13697473.

播放預約號為13697473。

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

我現在想把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 準備好的發言。

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

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。

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附帶的幻燈片演示。

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

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.

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。

We will also make forward-looking statements, including projections and estimates of future events, business, industry 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、行業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預測的事件或結果存在重大差異。

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.

謝謝毛里西奧，大家下午好。

We are pleased to report strong results in the first fiscal quarter with non-GAAP earnings of $0.99 per share, above the high end of our guidance range, led by strength in our chip business.

我們很高興地報告第一財季業績強勁，非 GAAP 每股收益為 0.99 美元，高於我們指導範圍的高端，這主要歸功於我們芯片業務的強勁表現。

We're also pleased to see strong year-over-year revenue growth in our licensing business.

我們也很高興看到我們的許可業務收入同比強勁增長。

As you can see from our strong results, our business reached a key inflection point exiting fiscal Q1, demonstrating the positive financial impact of our 5G strategy to grow our addressable dollar content per device with higher-performing core chipsets and new RF front end content.

正如您從我們強勁的業績中看到的那樣，我們的業務在第一財季結束時達到了一個關鍵拐點，證明了我們的 5G 戰略對財務的積極影響，即通過性能更高的核心芯片組和新的 RF 前端內容增加每台設備的可尋址美元內容。

Virtually all of our 5G Snapdragon design wins are using our RF front end solutions for 5G sub-6 and/or millimeter wave, including design wins based on our second-generation solutions.

事實上，我們所有的 5G Snapdragon 設計中標都使用我們的 5G sub-6 和/或毫米波 RF 前端解決方案，包括基於我們第二代解決方案的設計中標。

As we continue to execute on our RF front end strategy, we are pleased to see our RF design win pipeline contribute to the strength of our quarterly results and our outlook.

隨著我們繼續執行我們的 RF 前端戰略，我們很高興看到我們的 RF 設計獲勝管道為我們的季度業績和前景做出了貢獻。

We are in a strong position with leading technology and intellectual property and the best products in the company's history.

我們擁有領先的技術和知識產權以及公司歷史上最好的產品，處於強勢地位。

Our 5G road map extends beyond Release 17, placing us on the cusp of a multi-decade mobile transformation as 5G increasingly becomes the foundation for the digital transformation of industries beyond smartphones.

隨著 5G 日益成為智能手機以外行業數字化轉型的基礎，我們的 5G 路線圖延伸到 Release 17 之後，使我們處於數十年移動轉型的風口浪尖。

Turning to QTL.

轉向QTL。

We have now signed over 80 5G license agreements up from 75 license agreements last November.

我們現在已經簽署了 80 多個 5G 許可協議，高於去年 11 月的 75 個許可協議。

Most recently, we signed extensions with 2 key Chinese OEMs through the end of March as we work to complete long-term 5G license agreements.

最近，我們與 2 家主要中國 OEM 簽署了延期至 3 月底的協議，因為我們正在努力完成長期 5G 許可協議。

Let me now spend some time updating you on 5G traction globally.

現在讓我花一些時間向您介紹全球 5G 的發展情況。

As we start the year, there are over 345 operators in nearly 120 countries investing in 5G, including 45 operators in over 20 countries that have launched commercial 5G services, spanning both the sub-6 and millimeter wave spectrum.

今年年初，近 120 個國家/地區有超過 345 家運營商投資 5G，其中包括 20 多個國家/地區的 45 家運營商已經推出商用 5G 服務，涵蓋 sub-6 和毫米波頻譜。

Looking forward, we continue to expect millimeter wave to be deployed in all regions.

展望未來，我們繼續預計毫米波將在所有地區部署。

Additionally, more than 45 OEMs have launched or announced commercial 5G devices, many of which are using our Snapdragon 5G platforms.

此外，超過 45 家 OEM 已經推出或宣布商用 5G 設備，其中許多正在使用我們的 Snapdragon 5G 平台。

On the product side, we recently introduced our flagship Snapdragon 865 mobile platform that we expect will power many premium tier Android smartphones this year.

在產品方面，我們最近推出了我們的旗艦驍龍 865 移動平台，我們預計該平台將在今年為許多高端 Android 智能手機提供支持。

We also introduced the Snapdragon 765 and 765 Gaming Mobile platforms with an integrated 5G modem.

我們還推出了集成 5G 調製解調器的驍龍 765 和 765 遊戲移動平台。

With over 275 5G devices announced or in development, spanning multiple price tiers, our product offerings will help make 5G more accessible to consumers.

我們已發布或正在開發超過 275 款 5G 設備，涵蓋多個價位，我們的產品將幫助消費者更輕鬆地使用 5G。

We also expanded our 4G lineup with new mobile platforms that enable our partners to offer sophisticated solutions that meet global 4G demand, particularly in emerging economies across multiple tiers and price segments.

我們還通過新的移動平台擴展了我們的 4G 陣容，使我們的合作夥伴能夠提供滿足全球 4G 需求的複雜解決方案，特別是在跨多個層次和價格段的新興經濟體中。

Turning to Korea.

轉向韓國。

Last December, all 3 Korean operators combined reported approximately 4.7 million 5G subscribers and are forecasting continued growth throughout calendar year 2020.

去年 12 月，所有 3 家韓國運營商報告的 5G 用戶總數約為 470 萬，並預測整個 2020 日曆年將持續增長。

We see Korea as a leading indicator for the pace of 5G adoption.

我們將韓國視為 5G 採用速度的領先指標。

Of note, the expected 5G subscriber growth is not just isolated to the sub-6 frequency bands.

值得注意的是，預期的 5G 用戶增長不僅僅局限於 sub-6 頻段。

Carriers are planning millimeter wave service in 2020.

運營商計劃在 2020 年提供毫米波服務。

Turning to China.

轉向中國。

5G device sell-in increased through December.

5G 設備銷量在整個 12 月有所增加。

The China Academy of Telecommunication Research reported sell-in of 13 million 5G handsets in calendar Q4 2019.

中國電信研究院報告稱，2019 年第四季度 5G 手機銷量為 1300 萬部。

Importantly, 5G handset sell-in penetration reached 19% in December 2019.

重要的是，5G 手機的銷售滲透率在 2019 年 12 月達到了 19%。

We are already seeing devices priced as low as RMB 2,000 or approximately USD 285 million.

我們已經看到價格低至 2,000 元人民幣或約 2.85 億美元的設備。

At this point, 5G can address approximately 40% of domestic China smartphone sales.

至此，5G 可以解決中國國內智能手機銷量的約 40%。

In the U.S., the 5G network build-out is progressing well at the top 4 carriers across sub-6 and millimeter wave spectrum.

在美國，5G 網絡建設在 sub-6 和毫米波頻譜的前 4 大運營商中進展順利。

Verizon is leading the deployment of enhanced mobile broadband with millimeter wave service in 31 cities and is expanding their device road map to approximately 20 new 5G products this year.

Verizon 正在 31 個城市率先部署具有毫米波服務的增強型移動寬帶，並將其設備路線圖擴展到今年約 20 種新的 5G 產品。

T-Mobile's 5G network now covers more than 200 million people and more than 1 million square miles across the United States.

T-Mobile 的 5G 網絡現已覆蓋全美 2 億多人和超過 100 萬平方英里的土地。

AT&T expects to have nationwide 5G coverage by calendar Q2.

AT&T 預計到第二季度將在全國范圍內實現 5G 覆蓋。

And Sprint expanded their 5G network coverage to 9 metropolitan areas.

Sprint 將其 5G 網絡覆蓋範圍擴大到 9 個大都市地區。

I would also like to highlight 2 recent developments on spectrum in the United States that will help drive even greater momentum for 5G.

我還想強調美國最近在頻譜方面的兩項發展，這將有助於推動 5G 的發展勢頭更加強勁。

First, the FCC gave final approval for commercial use of the CBRS band, taking advantage of spectrum sharing techniques that we and others in the industry began working on years ago.

首先，FCC 最終批准了 CBRS 頻段的商業使用，利用了我們和業內其他人多年前開始研究的頻譜共享技術。

The CBRS band is well suited for enterprise, smart city and industrial IoT deployments.

CBRS 頻段非常適合企業、智慧城市和工業物聯網部署。

And second, the FCC's latest millimeter wave auction, which includes the largest amount of millimeter wave spectrum ever up for bid in an auction, is ongoing and will bring up to 3.4 gigahertz of additional millimeter wave spectrum to the U.S. market.

其次，FCC 最新的毫米波拍賣正在進行中，其中包括拍賣中最大數量的毫米波頻譜，並將為美國市場帶來高達 3.4 GHz 的額外毫米波頻譜。

Turning to automotive.

轉向汽車。

As a measure of our continued automotive success, our design win pipeline is now over $7 billion, up from $5.5 billion a year ago, which does not include any impact from our recently launched autonomous driving platform, Snapdragon Ride.

作為我們在汽車領域持續取得成功的衡量標準，我們的設計中標渠道現在已超過 70 億美元，高於一年前的 55 億美元，其中不包括我們最近推出的自動駕駛平台 Snapdragon Ride 的任何影響。

We continue to benefit from our systems level expertise, expanding our automotive solutions to include an autonomous driving platform, Snapdragon Ride.

我們繼續受益於我們的系統級專業知識，擴展我們的汽車解決方案以包括自動駕駛平台 Snapdragon Ride。

With a long history of automotive innovation, we now -- we have now become a trusted adviser to many of the world's leading automakers.

憑藉悠久的汽車創新歷史，我們現在 - 我們現在已成為許多世界領先汽車製造商值得信賴的顧問。

Over 125 million vehicles use our broad range of automotive solutions, including telematics, in-car connectivity and infotainment platforms.

超過 1.25 億輛汽車使用我們廣泛的汽車解決方案，包括遠程信息處理、車載連接和信息娛樂平台。

Our Snapdragon Ride ADAS platform represents a significant expansion of our addressable market.

我們的 Snapdragon Ride ADAS 平台代表了我們潛在市場的顯著擴展。

We look forward to seeing our Snapdragon Ride ADAS and autonomous solutions on the road in 2023.

我們期待在 2023 年看到我們的 Snapdragon Ride ADAS 和自動駕駛解決方案上路。

We are very pleased with the FCC's unanimous vote in December to move forward with allocating spectrum in the 5.9 gigahertz band for cellular-vehicle-to-everything technology.

我們很高興 FCC 在 12 月一致投票通過在 5.9 GHz 頻段為蜂窩車輛到一切技術分配頻譜。

Since that vote, we are seeing traction for Cellular V2x in the 5.9 gigahertz band across regions.

自那次投票以來，我們看到了各地區 5.9 GHz 頻段中蜂窩 V2x 的吸引力。

Looking forward, we continue to remain optimistic about our growth opportunities in IoT, always connected PCs and cloud AI.

展望未來，我們繼續對我們在物聯網、始終連接的個人電腦和雲人工智能方面的增長機會保持樂觀。

Lastly, as the coronavirus situation continues to unfold, our thoughts are with the many Qualcomm employees in China, our customers and suppliers, their families, as well as those who are impacted by this unprecedented situation.

最後，隨著冠狀病毒疫情的繼續蔓延，我們與高通在中國的眾多員工、我們的客戶和供應商、他們的家人以及受到這一前所未有的疫情影響的人們同在。

As Akash will share with you, we have considered the impact of the coronavirus in our forward guidance based on the limited information we have at this time.

正如 Akash 將與您分享的那樣，我們根據目前掌握的有限信息，在我們的前瞻性指南中考慮了冠狀病毒的影響。

I would now like to 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。

I will begin with a discussion of first fiscal quarter earnings.

我將從第一財季收益的討論開始。

Our results demonstrated strong execution with revenues of $5.1 billion at the high end of our guidance range and non-GAAP earnings per share of $0.99, $0.14 above the midpoint of our guidance.

我們的業績表明執行力強勁，收入為 51 億美元，處於我們指導範圍的高端，非 GAAP 每股收益為 0.99 美元，比我們指導的中點高出 0.14 美元。

The outperformance in the quarter was driven by strength in QCT across 5G, RF front end and adjacent platforms with revenues of $3.6 billion and EBT margin of 13%, which was above the high end of our guidance range.

本季度的出色表現是由 QCT 在 5G、RF 前端和相鄰平台上的實力推動的，收入為 36 億美元，EBT 利潤率為 13%，高於我們指導範圍的高端。

MSM shipments of 155 million units were consistent with the midpoint of our guidance.

MSM 的出貨量為 1.55 億件，與我們指引的中點一致。

QTL delivered revenues of $1.4 billion, a 38% increase year-over-year, and EBT margins of 72%, reflecting the benefit of a seasonally high quarter.

QTL 實現了 14 億美元的收入，同比增長 38%，EBT 利潤率為 72%，反映了季節性旺季帶來的好處。

We returned approximately $1.5 billion to stockholders during the quarter, consisting of $710 million in dividends and $762 million in stock repurchases..

我們在本季度向股東返還了大約 15 億美元，其中包括 7.1 億美元的股息和 7.62 億美元的股票回購。

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

說到這裡，我想談談我們的全球 3G/4G/5G 設備預測。

We continue to expect approximately 1.75 billion devices for calendar 2019.

我們繼續預計 2019 年的設備數量約為 17.5 億台。

Our forecast for calendar 2020 remains unchanged at 1.75 billion to 1.85 billion devices, including 175 million to 225 million 5G devices.

我們對 2020 日曆年的預測保持不變，為 17.5 億至 18.5 億台設備，其中包括 1.75 億至 2.25 億台 5G 設備。

This forecast continues to reflect flat handsets and low double-digit growth in non-handsets.

這一預測繼續反映了平板手機和非手機的低兩位數增長。

Now let me walk you through our financial guidance.

現在讓我向您介紹我們的財務指南。

For our second fiscal quarter guidance, we are estimating revenues to be in the range of $4.9 billion to $5.7 billion and non-GAAP earnings per share of $0.80 to $0.95.

對於我們的第二財季指引，我們估計收入在 49 億美元至 57 億美元之間，非 GAAP 每股收益在 0.80 美元至 0.95 美元之間。

There is significant uncertainty around the impact from the coronavirus on handset demand and supply chain.

冠狀病毒對手機需求和供應鏈的影響存在很大的不確定性。

Based on the information we have at this time, we are widening and reducing the low end of our guidance range.

根據我們目前掌握的信息，我們正在擴大和降低指導範圍的下限。

We remain in active contact with our employees, customers and suppliers as we continue to monitor the situation.

在我們繼續監控情況的同時，我們與我們的員工、客戶和供應商保持積極聯繫。

In QCT, we expect second fiscal quarter revenues of $3.9 billion to $4.5 billion, an EBT margin of 15% to 17%.

在 QCT，我們預計第二財季收入為 39 億美元至 45 億美元，EBT 利潤率為 15% 至 17%。

The midpoint of our revenue guidance represents approximately 16% growth sequentially.

我們收入指引的中點代表環比增長約 16%。

We estimate MSM shipments of 125 million to 145 million units, a 13% sequential decline at the midpoint.

我們估計 MSM 出貨量為 1.25 億至 1.45 億台，中點環比下降 13%。

This trend is consistent with historical seasonality and reflects the latest demand signals from our customers.

這一趨勢與歷史季節性一致，反映了我們客戶的最新需求信號。

Sequentially, we expect revenue per MSM to be meaningfully higher, reflecting increased content with 5G device launches in addition to normal seasonal mix shift towards higher tier chipsets.

因此，我們預計每個 MSM 的收入將顯著提高，這反映出 5G 設備發布帶來的內容增加，以及正常的季節性組合向更高級別芯片組的轉變。

Our guidance includes a greater than 50% increase in RF front end revenues in the second fiscal quarter on both a year-over-year and sequential basis.

我們的指引包括第二財季射頻前端收入同比和環比增長超過 50%。

For QTL, we estimate second fiscal quarter revenues to be in the range of $1 billion to $1.2 billion with EBT margins of 61% to 65%.

對於 QTL，我們估計第二財季收入在 10 億美元至 12 億美元之間，EBT 利潤率為 61% 至 65%。

We anticipate second fiscal quarter non-GAAP combined R&D and SG&A expenses to be up 5% to 7% sequentially due to normal seasonality.

由於正常的季節性，我們預計第二財季非 GAAP 合併研發和 SG&A 費用將連續增長 5% 至 7%。

Looking forward, we continue to see 2 inflection points in fiscal 2020.

展望未來，我們將在 2020 財年繼續看到兩個拐點。

The strength in the first half of the fiscal year reflects the first inflection point on the acceleration of 5G demand.

本財年上半年的強勢反映了 5G 需求加速的第一個拐點。

We expect our third fiscal quarter performance to be in line with our second fiscal quarter, consistent with historical trends in our QCT business.

我們預計我們第三財季的業績將與第二財季一致，與我們 QCT 業務的歷史趨勢一致。

We expect the next inflection point with the launch of additional 5G flagship handsets to be in the fourth quarter and extend into fiscal 2021.

我們預計隨著更多 5G 旗艦手機的推出，下一個拐點將出現在第四季度，並延續到 2021 財年。

In conclusion, we remain confident in the long-term growth opportunities we outlined at our Analyst Day, including 5G adoption, RF front end content capture and expansion of our technology into adjacent platforms.

總之，我們對我們在分析師日概述的長期增長機會充滿信心，包括 5G 採用、RF 前端內容捕獲以及將我們的技術擴展到相鄰平台。

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

謝謝，我現在將電話轉回 Mauricio。

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 Samik Chatterjee with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Samik Chatterjee。

So if I can just start off on the guidance itself and you mentioned kind of the seasonal decline in some unit shipments.

因此，如果我可以從指導本身開始，你提到了一些單位出貨量的季節性下降。

So just wondering if you can walk us through the kind of sequential move from the 155 million unit shipments you had this quarter to the new range of 125 million to 145 million.

所以只是想知道您是否可以向我們介紹從本季度的 1.55 億單位出貨量到 1.25 億至 1.45 億的新範圍的順序移動。

How much of that is seasonality?

其中有多少是季節性的？

And what are you really factoring in, in terms of the kind of budgeting for the virus impact?

就病毒影響的預算類型而言，您真正考慮的因素是什麼？

And what you're hearing from OEMs in terms of delays that might be impacting that range that you're guiding to?

你從原始設備製造商那裡聽到的延遲可能會影響你所指導的範圍？

Samik, this is Akash.

薩米克，這是阿卡什。

So if you take the midpoint of our guidance range and look at the sequential decline, it's approximately a 13% decline.

因此，如果您採用我們指導範圍的中點並查看環比下降，大約下降 13%。

And if you consider the seasonality in previous years, we've seen a decline of 16% to 22%.

如果你考慮前幾年的季節性，我們看到下降了 16% 到 22%。

So it's largely consistent with the sequential decline we have seen in the past.

因此，這與我們過去看到的連續下降基本一致。

So that's kind of your question on seasonality.

這就是你關於季節性的問題。

This also -- our forecast also reflects the demand that we currently have from our OEM partners.

這也——我們的預測也反映了我們目前對 OEM 合作夥伴的需求。

And so that's -- it's also consistent with the demand we're seeing at this point.

因此，這也與我們目前看到的需求一致。

Okay.

好的。

And then if I can just follow-up on the ASP ramp here.

然後，如果我可以在這裡跟進 ASP 斜坡。

So if you take the guidance that you have, the average ASP seems to ramp up sequentially from $23 on the MSM unit to $31.

因此，如果您接受現有的指導，平均 ASP 似乎會從 MSM 單元的 23 美元連續上升到 31 美元。

I'm just wondering if you -- that's already a 23% sequential increase, if you're doing the math right.

我只是想知道你是否 - 如果你的數學正確的話，這已經連續增加了 23%。

Just wondering if you can share your thoughts about what that ASP ramp looks like because it sounded like you're expecting more RF content to come through later half of the year.

只是想知道您是否可以分享您對 ASP 斜坡的看法，因為聽起來您預計今年下半年會出現更多 RF 內容。

Yes.

是的。

So yes, you're doing the math right, it's consistent with our view.

所以是的，你的計算是正確的，這與我們的觀點一致。

Really, there are 3 drivers to the ASP increase.

實際上，ASP 增長有 3 個驅動因素。

First is our normal sequential increase because of the benefit of the mix improved.

首先是我們正常的連續增長，因為組合的好處有所改善。

What happens is we launched our new premium tier and high tier chip during this time frame, and new devices are launched with it.

發生的事情是我們在這段時間內推出了新的高端和高端芯片，並推出了新設備。

And so you see a mix shift to premium and high tiers, which benefits us.

因此，您會看到向高端和高端的混合轉變，這對我們有利。

So that's the first driver.

所以這是第一個驅動程序。

The second driver is with 5G coming in, the transition from 4G to 5G, it gives us an opportunity to increase the content in the core chipset before RF front end.

第二個驅動因素是 5G 的到來，從 4G 到 5G 的過渡，它讓我們有機會在 RF 前端之前增加核心芯片組的內容。

And so you have incremental monetization from that.

因此，您可以從中獲得增量貨幣化。

And then finally, RF front end also impacting that because we have -- as we've talked about, we have a very strong design win pipeline, not just on the core chipset, but on RF front end as well.

最後，RF 前端也影響了這一點，因為我們有——正如我們所討論的，我們有一個非常強大的設計獲勝管道，不僅在核心芯片組上，而且在 RF 前端上。

And now that is being reflected in our guidance.

現在，我們的指南中也反映了這一點。

I'd also note that in my script, I went through -- I provided a data point on our RF front end revenue growth.

我還注意到，在我的腳本中，我經歷了——我提供了一個關於我們 RF 前端收入增長的數據點。

So we're seeing 50% -- greater than 50% revenue growth in RF front end both on a sequential basis, so first quarter to second quarter, and a year-over-year basis.

因此，我們看到 RF 前端的收入連續增長 50% - 超過 50%，所以第一季度到第二季度，以及同比增長。

So it's our design win pipeline going up and the revenue and the forecast now.

所以這是我們的設計獲勝管道上升以及現在的收入和預測。

Our next question comes from Mike Walkley with Canaccord Genuity.

我們的下一個問題來自 Mike Walkley 和 Canaccord Genuity。

Great.

偉大的。

Yes, just building on some of those questions.

是的，只是基於其中一些問題。

I guess, first, maybe for Cristiano.

我想，首先，可能是為了克里斯蒂亞諾。

Can you update us on the competitive environment for 5G, particularly on the Android side?

您能否向我們介紹 5G 的競爭環境，尤其是在 Android 方面？

How do you see as 5G ramps potential Qualcomm share improving over the course of the year?

隨著 5G 的發展，您如何看待 Qualcomm 份額在這一年中的潛在增長？

And with the x55 coming, how should that also maybe impact share and ASP trends?

隨著 x55 的到來，這應該如何影響份額和 ASP 趨勢？

Mike, thanks for the question.

邁克，謝謝你的提問。

So there's a lot there.

所以那裡有很多。

Let me just talk a little bit about the ramp and the impact on the new chipset.

讓我談談斜坡和對新芯片組的影響。

So we said in our script that the number of designs on 5Gs are now 275.

所以我們在腳本中說，5G 的設計數量現在是 275。

2/3 of that design pipeline now is on our second-generation chipset.

該設計流水線的 2/3 現在在我們的第二代芯片組上。

So we continue to see traction, especially as we go from our first 5G product or second product that is increasing.

因此，我們繼續看到牽引力，尤其是當我們從我們的第一個 5G 產品或第二個正在增加的產品開始時。

And in that traction, we continue to see the trend of high RF front end attached on Snapdragon.

在這種牽引力下，我們繼續看到高 RF 前端附加到 Snapdragon 上的趨勢。

Competition, we expect to have competition since the very beginning.

競爭，我們希望從一開始就有競爭。

This is a very competitive market.

這是一個競爭非常激烈的市場。

However, we're not seeing anything on competition different than what we expected in our planning assumptions.

但是，我們沒有看到任何與我們在規劃假設中預期的不同的競爭。

So we expect QCT share to remain strong.

因此，我們預計 QCT 的份額將保持強勁。

We had made assumptions on -- throughout the year, that it is consistent to what we have seen in the market, and there's nothing new there.

我們做出了假設——全年，它與我們在市場上看到的一致，那裡沒有什麼新東西。

Great.

偉大的。

And just a follow-up for clarification with the ramp laid out in the guidance on Q4, is that also an ASP ramp coming again on better 5G mix?

只是對第四季度指南中提出的斜坡進行澄清的後續行動，這是否也是更好的 5G 組合再次出現的 ASP 斜坡？

Or is it more towards a unit ramp?

還是更傾向於單元坡道？

Obviously, new customer, Apple coming back into the model and just more seasonal trends.

顯然，新客戶、Apple 回歸模型以及更具季節性的趨勢。

Can you help us think about what kind of ramp on those 2 metrics?

你能幫我們想想這兩個指標有什麼樣的提升嗎？

That would be great.

那太好了。

Yes.

是的。

So on the ASP side, the way we think about ASP is a factor of -- a combination of a couple of factors.

因此，在 ASP 方面，我們對 ASP 的看法是一個因素——幾個因素的組合。

One is just as we go from 4G to 5G, we have talked about how we expect the revenue opportunity for us to expand by 1.5x between the core chipset and the RF front end.

一個是當我們從 4G 過渡到 5G 時，我們已經討論了我們如何期望核心芯片組和 RF 前端之間的收入機會增加 1.5 倍。

But then also, as we go across the tiers, down the tiers, starting with the premium and high tier, but then eventually going into mid-tier later in the year as well with 5G, the combination of those factors will inform the average revenue per MSM.

但隨後，當我們跨越層級、下降層級，從高端和高端開始，但最終在今年晚些時候進入中端以及 5G 時，這些因素的組合將影響平均收入每個 MSM。

And then for later flagship launches that happened in the fall time frame, again, it will -- kind of the same 1.5x rule should apply as we go from 4G to 5G, and it's really a question of how the mix plays out across the tiers and the OEMs that drives the weighted average ASP.

然後對於秋季時間框架內發生的後續旗艦產品發布，同樣，當我們從 4G 過渡到 5G 時，應該應用相同的 1.5 倍規則，這實際上是一個混合如何在整個過程中發揮作用的問題層和驅動加權平均 ASP 的 OEM。

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。

Just first question is just a clarification of what you guided to for the third fiscal quarter.

第一個問題只是澄清您對第三財季的指導。

And you said the performance should be in line with the second fiscal quarter.

你說業績應該與第二財季一致。

Just give some more color around that.

只是給它一些更多的顏色。

Is that with regard to QCT, QTL together?

關於QCT，QTL是一起的嗎？

Is that simply referring to revenue?

僅僅是指收入嗎？

Is that a margin assumption as well?

這也是保證金假設嗎？

Yes.

是的。

So I mean, the way we think about the year, Chris, it's kind of playing out largely as we had expected.

所以我的意思是，我們對這一年的看法，克里斯，基本上按照我們的預期進行。

In the last call, we outlined that we saw a couple of inflection points through the year, kind of both in the first half of the year and then in the fourth quarter.

在上次電話會議中，我們概述了我們在這一年中看到了幾個拐點，在今年上半年和第四季度都有。

And our view kind of hasn't changed.

我們的觀點並沒有改變。

We've seen a little bit of an acceleration in 5G deployment, which shows up in our results for the quarter and the guidance.

我們已經看到 5G 部署略有加速，這體現在我們本季度的業績和指引中。

And beyond that, as you go from second quarter to third quarter, it just plays to the normal seasonality of our businesses.

除此之外，從第二季度到第三季度，它只會影響我們業務的正常季節性。

All right.

好的。

And with regard to QCT now.

關於現在的 QCT。

Just a couple of questions there.

那裡只有幾個問題。

With regard to the MSM guidance for the March quarter, of the 135 million midpoint units, how many of those are 5G now?

關於 3 月季度的 MSM 指導，在 1.35 億個中點單元中，現在有多少是 5G？

Can you give us some sense of how, I guess, the 5G penetration into the product line right now?

你能告訴我們一些關於 5G 目前如何滲透到產品線的信息嗎？

And then following from that, with the big jump that you've had in ASPs for all the reasons that you mentioned, is that something we should expect to be sustainable through the year?

然後從那之後，由於您提到的所有原因，您在 ASPs 中有了巨大的飛躍，我們是否應該期望這一年可持續發展？

Perhaps, does it get better as 5G attach rates increase?

也許，隨著 5G 附加率的增加，它會變得更好嗎？

Is there perhaps some natural ASP declines as products mature?

隨著產品的成熟，平均售價是否會自然下降？

Could you give us some sense of how that progresses through the year?

你能告訴我們這一年的進展情況嗎？

Yes.

是的。

So Chris, this is Akash.

克里斯，這是阿卡什。

We're not breaking down our 5G units at this point as a percent of our total MSM units.

我們目前並沒有將我們的 5G 單元分解為我們的 MSM 單元總數的百分比。

But the way to think about that number is really look at new handset launches, that launches that will happen in the quarter and over the next 6 months.

但是考慮這個數字的方法實際上是看新手機的發布，這些發布將在本季度和未來 6 個月內進行。

And those where we expect primarily to be, at the premium and the high tier, mostly be 5G launches.

我們預計主要是高端和高端，主要是 5G 發布。

And so the volume driven by those launches would be 5G.

因此，由這些發布驅動的容量將是 5G。

Chris, this is Cristiano, just to add a data point, maybe it will help to get to the answer.

克里斯，我是克里斯蒂亞諾，只是添加一個數據點，也許它會有助於得到答案。

If you look at markets such as United States, I think the device requirements where they move on some of all the flagships and the high tier products, they are 5G products today.

如果你看看美國等市場，我認為他們對一些旗艦產品和高端產品的設備要求，就是今天的 5G 產品。

But the China one is an interesting one, we said in the script, which is 5G sell-in penetration reached 19% the month of December.

但中國的情況很有趣，我們在腳本中說過，12 月份 5G 銷售滲透率達到 19%。

And some of the price points already can address about 40% of the total China market based on the price points we see in the market.

根據我們在市場上看到的價格點，一些價格點已經可以解決中國市場總量的 40% 左右。

So all of this is good indicator about the 5G transition.

所以所有這些都是關於 5G 過渡的良好指標。

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

我們的下一個問題來自 Stacy Rasgon 與 Bernstein Research 的合作。

I was wondering if -- I want to ask the coronavirus question a little more explicitly.

我想知道是否——我想更明確地問冠狀病毒問題。

What would your QCT MSM guide be for Q2 if you weren't baking in any coronavirus?

如果您不在任何冠狀病毒中烘烤，您 Q2 的 QCT MSM 指南是什麼？

So Stacy, what we are factoring into our guidance is really looking at the demand that we have from the customers and the information we have from them.

所以 Stacy，我們在指導中考慮的是真正關注我們對客戶的需求以及我們從他們那裡獲得的信息。

When you look at -- on the MSM side.

當你看——在 MSM 方面。

When you look at the overall EPS guidance, as you're aware, we typically guide a $0.10 range.

如您所知，當您查看整體 EPS 指導時，我們通常指導 0.10 美元的範圍。

And what we did to include the impact of the virus is to reduce the bottom end of the range by $0.05 to reflect the information we have at this point.

為了將病毒的影響包括在內，我們所做的是將範圍的底端降低 0.05 美元，以反映我們目前掌握的信息。

But it's really something that we're going to continue to monitor as we go forward.

但在我們前進的過程中，這確實是我們將繼續監測的事情。

Got it.

知道了。

For my follow-up, I want to ask about QCT pricing and margins into Q2.

對於我的後續行動，我想詢問 QCT 定價和第二季度的利潤率。

So you're guiding revenue per MSM up 33%, give or take, sequentially, and I get that.

所以你指導每個 MSM 的收入增長 33%，按順序給予或接受，我明白了。

Why are you guiding chipset margins only up a few points, like 3 points?

為什麼你們指導芯片組利潤率只上升幾個點，比如 3 個點？

Like, what are the gross margins of these 5G parts look like?

比如，這些 5G 部件的毛利率是多少？

Is there like a headwind there?

那裡有逆風嗎？

Or is something else that's going on with the remainder of like 4G pricing as that flushes out?

還是隨著 4G 定價的剩餘部分的沖刷而發生其他事情？

I guess I would have expected more margin upside given that share of magnitude of ASP upside.

考慮到 ASP 上行幅度的份額，我想我會期望更多的利潤率上行。

What's going on there?

那裡發生了什麼事？

Yes, Stacy, it's Akash again.

是的，斯泰西，又是阿卡什。

I think the numbers we gave out are actually very consistent with what we had outlined at previous earnings release.

我認為我們給出的數字實際上與我們在之前的財報發布中概述的數字非常一致。

We had indicated a mid-teens growth in revenue and a mid-teens margin profile, and we're guiding 15% to 17%.

我們曾表示收入增長在十幾歲左右，利潤率在十幾歲左右，我們的目標是 15% 到 17%。

I mean as you know well, it's a combination of just total units, the pricing environment and then -- and the profitability around it, and it's very consistent with our expectations.

我的意思是，正如你所知，它只是總單位數、定價環境的組合，然後是圍繞它的盈利能力，這與我們的預期非常一致。

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 wanted to stick on the theme of the revenue per MSM side, but maybe take a slightly different spin to it.

我想堅持每個 MSM 方面的收入主題，但可能會略有不同。

You guys always do a great job of explaining in detail what the revenue per MSM assumptions are and then you tie it together to the EBT margins.

你們總是很好地詳細解釋了每個 MSM 假設的收入，然後將其與 EBT 利潤率聯繫在一起。

But I wanted to see just conceptually going forward, if the AP side or the revenue per MSM is the most powerful driver of the business.

但我只想從概念上看，如果 AP 方面或每個 MSM 的收入是業務最強大的驅動力。

Is that accretive to the gross margin side?

這會增加毛利率嗎？

And I guess somewhat similar to Stacy's question, is there something detrimental to the gross margin side that's capping how much the operating margin would otherwise go up?

我想這與 Stacy 的問題有些相似，是否存在對毛利率方面不利的因素限制了運營利潤率的上升幅度？

Because I would think the ASPs or the content going up that much would be a very accretive outcome for you.

因為我認為 ASP 或內容上升那麼多對你來說是一個非常增值的結果。

Ross, so it's a combination of a couple of things.

羅斯，這是幾件事的結合。

I think as we see more percent of our devices move over to 5G, we're going to see a benefit not just on the revenue per MSM, but also in the operating margin.

我認為，隨著我們看到越來越多的設備轉向 5G，我們不僅會看到每個 MSM 的收入，還會看到營業利潤率方面的好處。

The second is we're going across tiers.

第二個是我們要跨層。

And so as we go across tiers and we have a second inflection point, that will further expand the scale of the 5G opportunity for us.

因此，當我們跨越層級並出現第二個拐點時，這將進一步擴大我們 5G 機會的規模。

As we outlined at the Analyst Day, we definitely expect to realize the operating leverage from the investment in 5G.

正如我們在分析師日概述的那樣，我們絕對希望通過 5G 投資實現運營槓桿。

And so as we go forward, we'll continue to see as we hit -- especially as we hit the second inflection point later in the year, expansion in our operating margins.

因此，在我們前進的過程中，我們將繼續看到我們的目標——尤其是當我們將在今年晚些時候達到第二個拐點時，我們的營業利潤率將擴大。

I guess as my one follow-up, moving over to the QTL side of things.

我想作為我的一個後續行動，轉向事物的 QTL 方面。

I think Steve said earlier that you had 10 new licensees or 85 versus the 75 before.

我想史蒂夫早些時候說過你有 10 個新的被許可人或 85 個，而之前是 75 個。

Does that do anything to change things in the QTL revenue outlook to some sort of above seasonal trends, whether it be in the March quarter or beyond as you're getting more people to pay for you with those -- the new 5G licenses?

這是否有任何改變 QTL 收入前景的事情，以某種高於季節性趨勢，無論是在 3 月季度還是以後，因為你有更多的人為你支付這些 - 新的 5G 許可證？

Yes.

是的。

So the way we think about the -- we planned QTL from a 5G perspective, is we've assumed that the market kind of stays at its current structure, and any 5G benefit that comes either from higher replacement rates and more devices as a result of that.

因此，我們思考的方式——我們從 5G 的角度規劃 QTL，我們假設市場保持當前結構，以及來自更高更換率和更多設備的任何 5G 收益那個。

Or it comes through an improved ASP, especially at the mid and the low tiers.

或者它來自改進的 ASP，尤其是在中低層。

That would be incremental to our forecast.

這將增加我們的預測。

I mean, clearly, as we go and sign the remaining licensees on 5G and go through our entire licensing base to convert to 5G licenses, that's something that's very important to us and critical to us as the transition to 5G happens.

我的意思是，很明顯，當我們在 5G 上簽署剩餘的被許可人並通過我們的整個許可基礎轉換為 5G 許可時，這對我們來說非常重要，並且隨著向 5G 的過渡對我們至關重要。

Our next question comes from Matt Ramsay with Cowen.

我們的下一個問題來自 Matt Ramsay 和 Cowen。

Yes.

是的。

I guess I wanted to ask a little bit about -- I know a caution in the commentary in the guidance, you talked about the normal seasonality from December to March of 13% on units.

我想我想問一點——我知道指南評論中的一個警告，你談到了從 12 月到 3 月的正常季節性，即 13% 的單位。

But if you look back on a year-over-year basis in both of those quarters, the total numbers are down fairly substantially.

但是，如果您回顧這兩個季度的同比情況，就會發現總數大幅下降。

And with 5G ramping, I wonder if the team could give a little bit of update on the 4G business that you have and the market share shifts that may or may not be happening.

隨著 5G 的發展，我想知道團隊是否可以提供一些關於您擁有的 4G 業務的最新信息以及可能發生或可能不會發生的市場份額變化。

Or is this just all a market volume story?

或者這只是一個市場量的故事？

Yes.

是的。

Matt, it's a combination of a couple of things.

馬特，這是幾件事的結合。

In these quarters last year, a year ago, we had a higher volume at Apple since we were in the previous models and still shipping volume to them, which is one reason for the decline.

在去年的這些季度，一年前，我們在 Apple 的銷量更高，因為我們使用的是以前的型號，並且仍然向他們發貨，這是下降的一個原因。

And then second is Huawei.

其次是華為。

While in the scheme of things, they're a small customer for us -- they were a small customer for us, we still had material volume with them.

雖然在事情的計劃中，他們對我們來說是一個小客戶——他們對我們來說是一個小客戶，但我們仍然有大量的材料。

And so when you adjust for those, the delta to what you would expect is extremely small, and it just reflects the general market environment.

因此，當您針對這些進行調整時，與您預期的差異非常小，它只是反映了總體市場環境。

Got it.

知道了。

And as my follow-up, I don't know if this is for Cristiano or Steve.

作為我的後續行動，我不知道這是給克里斯蒂亞諾還是史蒂夫的。

It's sort of an interesting juxtaposition that one of the big drivers of growth at your company is 5G RF content.

5G RF 內容是貴公司增長的主要驅動力之一，這有點有趣。

At the same time, one of the big players in RF is deeming that business as noncore.

與此同時，RF 領域的一家大公司將該業務視為非核心業務。

Maybe you could just share your reactions to that news if you think it's a result of your business or a future opportunity for your business and just how you've seen the customer base react.

如果您認為這是您業務的結果或您業務的未來機會以及您看到客戶群的反應，也許您可以分享您對該消息的反應。

That would be really helpful.

那真的很有幫助。

Sure.

當然。

This is Steve.

這是史蒂夫。

I would say, well, obviously, it's not a surprise to us.

我會說，嗯，很明顯，這對我們來說並不奇怪。

We've been building this for some time and working really to get this opportunity into the business.

我們已經建立了一段時間，並真正致力於將這個機會帶入業務。

The growth of opportunity on the RF side for us due to 5G, I think, is a good story, a good continuing story.

我認為，由於 5G，我們在 RF 方面的機會增長是一個好故事，一個很好的持續故事。

We're happy to see it grow across tiers.

我們很高興看到它跨層級發展。

I think there's still an opportunity for other players.

我認為其他球員仍然有機會。

There's obviously an opportunity on the 4G side.

4G 方面顯然有機會。

In terms of competitive dynamic or what we're seeing from the customers, we're definitely seeing the customers resonate with the system solution.

就競爭動態或我們從客戶那裡看到的情況而言，我們肯定會看到客戶對系統解決方案產生共鳴。

There are some features that we can add, that we've been investing in, that I think people are finding valuable.

我們可以添加一些功能，我們一直在投資，我認為人們發現這些功能很有價值。

But we're happy to see it flow into our business.

但我們很高興看到它流入我們的業務。

We've been talking about it for some time, and it's great to see it actually in the results and in the guide.

我們已經討論了一段時間，很高興在結果和指南中實際看到它。

Matt, this is Cristiano.

馬特，這是克里斯蒂亞諾。

I'll just add one thing real quick.

我很快就會添加一件事。

Look, for us, the way to think about it, this is going to become part of our core business, and that's what you see reflected in the revenue per MSM.

看，對我們來說，考慮它的方式，這將成為我們核心業務的一部分，這就是你在每個 MSM 的收入中看到的反映。

We expect that uplift that we've seen on 5G and RF to continue going forward, especially as we go down the tiers.

我們預計我們在 5G 和 RF 上看到的提升將繼續向前發展，尤其是當我們降低層級時。

Our next question comes from Rod Hall with Goldman Sachs.

我們的下一個問題來自高盛的 Rod Hall。

I wanted to start with channel inventory.

我想從渠道庫存開始。

And kind of -- I know you don't generally like to comment on it.

有點——我知道你一般不喜歡對此發表評論。

But as we exit March, given what's going on with demand in China, do you have an expectation that handset channel inventory there will be higher than normal as we exit March?

但是當我們結束 3 月時，考慮到中國的需求情況，您是否預計在我們結束 3 月時那裡的手機渠道庫存會高於正常水平？

And just kind of what you think the flow of inventory might look like over the course of a couple of quarters here.

就像你認為的幾個季度的庫存流動情況一樣。

And then I also wanted to kind of come back to the competitive environment on 5G and ask you, how important share is to you in that environment?

然後我也想回到 5G 的競爭環境並問你，在那個環境中份額對你有多重要？

And maybe, Steve, you could comment on what you would see as advantages to having higher market share.

也許，史蒂夫，你可以評論一下你認為擁有更高市場份額的優勢是什麼。

Obviously, there are cost advantages and so on, but there are other strategic advantages we might not be thinking about that are important to you.

顯然，有成本優勢等等，但還有其他我們可能沒有考慮的戰略優勢對您來說很重要。

Rod, from a channel inventory perspective, I mean, obviously, given how we are closely following the situation in China, but this is something that we need to continue to monitor.

Rod，從渠道庫存的角度來看，我的意思是，很明顯，考慮到我們如何密切關注中國的情況，但這是我們需要繼續監測的事情。

The key driver for us is 5G and 5G launches.

我們的主要驅動力是 5G 和 5G 發布。

And so in terms of inventory on 5G, we're really at the front end, and we have increasing demand from our OEM base.

因此，就 5G 庫存而言，我們確實處於前端，我們的 OEM 基地的需求不斷增加。

And really, the challenge for us is how do we keep up with the increasing demand because it's an incredible opportunity for us to grow.

實際上，我們面臨的挑戰是如何跟上不斷增長的需求，因為這對我們來說是一個難得的發展機會。

Yes, and on share.

是的，而且是共享的。

I think -- this is Steve.

我想——這是史蒂夫。

I think on share, we're not seeing anything that we didn't anticipate.

我認為在共享方面，我們沒有看到任何我們沒有預料到的東西。

We benefit, I think, a bit from a bit more geographical capability.

我認為，我們受益於更多的地理能力。

We sell into handsets that sell into larger -- more markets.

我們銷售的手機銷售到更大——更多的市場。

They tend to be better units for us, and they give us not only scale kind of from the normal scale perspective, but also, I would say, feature and diversity scale from things.

它們對我們來說往往是更好的單位，它們不僅從正常尺度的角度給我們尺度，而且，我想說，從事物的特徵和多樣性尺度。

If we have an issue, a supply chain issue in the -- or demand issue in China, we tend to have the ability to have other regions to back up -- to back it up.

如果我們遇到問題，供應鏈問題 - 或者中國的需求問題，我們往往有能力讓其他地區支持 - 支持它。

So we tend to look at the business in terms of our planning.

所以我們傾向於根據我們的計劃來看待業務。

We want to make sure that we maintain that strength across different markets, and I think that's going to serve us well.

我們希望確保我們在不同市場保持這種實力，我認為這對我們很有幫助。

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。

Just a follow-up question on the corona, earlier question to Akash, just trying to get this right.

只是關於電暈的後續問題，早前向 Akash 提出的問題，只是想把它弄好。

Have you tempered the midpoint of your guide either on royalties or chipsets?

您是否在版稅或芯片組方面調整了指南的中點？

Or you're just reflecting a wider EPS range?

或者您只是反映了更廣泛的 EPS 範圍？

Yes, C.J., you should think of it as a wider EPS range.

是的，C.J.，您應該將其視為更廣泛的 EPS 範圍。

I mean it's clearly something that we wanted to factor in our guidance.

我的意思是，這顯然是我們想要在我們的指南中考慮的因素。

So what we did is we kind of held our normal guide but moved the lower end by $0.05.

所以我們所做的是我們有點保持我們的正常指導，但將低端移動了 0.05 美元。

Okay.

好的。

Helpful.

有幫助。

As my follow-up, you're guiding revenues up roughly 5%, OpEx up 5% to 7%.

作為我的後續行動，您指導收入增長約 5%，運營支出增長 5% 至 7%。

So I guess can you walk through what's driving the greater spending on the OpEx side?

所以我想你能解釋一下是什麼推動了 OpEx 方面的支出增加嗎？

And how we should think about operating leverage as we proceed through calendar '20 and beyond?

在 20 世紀及以後，我們應該如何考慮經營槓桿？

Yes.

是的。

So maybe 2 points to it.

所以可能有 2 點。

First is on the OpEx side, the increase is being driven by normal calendar year resets for employee expenses, and so it's really -- that's the primary driver.

首先是在 OpEx 方面，增加是由正常的日曆年重置員工費用推動的，所以它真的 - 這是主要驅動因素。

As you think about the full year, we are -- we have given guidance before where we expect it to be -- expect to be at the exit rate for '19 plus some small incremental on top of it, and so we're still sticking with that.

當你考慮全年時，我們 - 我們已經給出了我們預期的指導 - 預計將達到 19 年的退出率加上一些小的增量，所以我們仍然堅持下去。

I think if we execute to that and we have the growth on the revenue side, it will allow us to expand our margins and realize operating leverage.

我認為，如果我們做到這一點並且我們在收入方面實現增長，這將使我們能夠擴大利潤並實現經營槓桿。

Our next question is from Timothy Arcuri with UBS.

我們的下一個問題來自瑞銀的 Timothy Arcuri。

There's a lot of questions on MSM ASPs.

有很多關於 MSM ASP 的問題。

But obviously, RF front end really is the big piece of the story.

但顯然，RF 前端確實是故事的重頭戲。

But I guess we don't really have any benchmarks in terms of what your revenue is there.

但我想我們真的沒有任何關於你的收入的基準。

And I guess in early 2018, I think you said that you thought that fiscal '19 revenue would be roughly $2 billion to $3 billion for RF front end.

我想在 2018 年初，我想你曾說過，你認為 RF 前端的 19 財年收入約為 20 億至 30 億美元。

And it sounds like in prior calls, you sort of hinted that you didn't get there.

聽起來在之前的電話中，你有點暗示你沒有到達那裡。

But I guess just because it's such a big piece of the story, can you sort of anchor it for us?

但我想正因為它是故事的重要組成部分，你能為我們做個主播嗎？

Where are you right now?

你現在在哪？

How much revenue maybe in fiscal '19, did you do for RF front end?

您在 19 財年為 RF 前端做了多少收入？

If you're doing so well, I would think you want to give us some numbers there.

如果你做得很好，我想你想給我們一些數字。

Yes, Tim, this is Akash.

是的，蒂姆，這是阿卡什。

At this point, we're not giving a breakdown of our RF front end revenue base.

在這一點上，我們沒有給出 RF 前端收入基礎的細目分類。

I mean you have data points from a while ago, and kind of the market has changed since then, and we've kind of grown our business through the RF360 transaction and just the incredible opportunity to grow RF front end on top of 5G.

我的意思是你有一段時間前的數據點，從那以後市場發生了變化，我們通過 RF360 交易以及在 5G 之上發展 RF 前端的難得機會發展了我們的業務。

So we're excited about where it takes us, and we'll look for opportunities as we go forward to provide more data to you.

因此，我們對它帶給我們的發展感到興奮，我們將尋找機會為您提供更多數據。

But at this point, we're not providing any additional information.

但此時，我們不提供任何額外信息。

Okay.

好的。

Okay.

好的。

Okay.

好的。

I guess then, I had a question on expenses in QTL, and it looks like they bottomed in the mid $300 million range back in September.

我想，我對 QTL 的開支有疑問，看起來他們在 9 月份觸底了 3 億美元的中間範圍。

But based on the guidance, they're sort of ramping back up by about $40 million per quarter.

但根據指導，他們每季度增加約 4000 萬美元。

Is all of that legal expense related to the appeal?

所有這些法律費用都與上訴有關嗎？

And sort of how do you think about the trajectory of margins in QTL and particularly the OpEx ramp through the year in that business?

您如何看待 QTL 的利潤率軌跡，尤其是該業務全年的運營支出增長趨勢？

Yes.

是的。

So for QTL, if -- the way to think about the OpEx and the business going forward is really look at the first quarter actuals and use that as the basis for the expense going forward.

因此，對於 QTL，如果 - 考慮 OpEx 和未來業務的方式真的是看看第一季度的實際情況，並將其用作未來費用的基礎。

I mean it's -- at this point, we're not necessarily looking to scale expenses and litigate, and we see it as largely steady state.

我的意思是——在這一點上，我們不一定要擴大開支和訴訟，我們認為這在很大程度上是穩定的。

You will see some normal increases and declines, but it's really kind of flat OpEx.

您會看到一些正常的增加和減少，但這實際上是一種持平的 OpEx。

And then based on how the revenue shape changes through the year, that will -- that is how the margin will get impacted.

然後根據收入形態在一年中的變化，這將 - 這就是利潤率將如何受到影響。

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

下一個問題來自 SMBC 日興證券的 Srini Pajjuri。

A couple of questions.

幾個問題。

Akash, on the gross margin, obviously, a lot of questions there.

阿卡什，關於毛利率，顯然，那裡有很多問題。

My question is -- my model, I think I'm getting close to flattish gross margin with almost 40% ASP increase here.

我的問題是——我的模型，我認為我的毛利率接近持平，平均售價增長近 40%。

My question is, I know you're ramping 5G, and I'm suspecting most of the 5G initially is high tier.

我的問題是，我知道你正在提升 5G，我懷疑大多數 5G 最初都是高端的。

As we go through the year and as you ramp more mid and low tier, is there a risk that gross margins could actually decline?

隨著我們度過這一年，隨著您增加更多的中低端產品，毛利率是否有實際下降的風險？

Or are you comfortable saying that gross margins can at least remain at these levels?

或者您是否願意說毛利率至少可以保持在這些水平？

Yes.

是的。

Srini, we're not giving guidance on gross margins.

斯里尼，我們沒有給出毛利率的指導。

But really, from an operating margin perspective, the way we think about leverage is really as we transition from 4G to 5G, we should be able to hold or improve our structure.

但實際上，從營業利潤率的角度來看，我們考慮槓桿的方式實際上是當我們從 4G 過渡到 5G 時，我們應該能夠保持或改善我們的結構。

And then with OpEx guidance that we've previously provided, the combination of those factors should allow us to meet our long-term operating margin guidance.

然後根據我們之前提供的 OpEx 指導，這些因素的結合應該使我們能夠滿足我們的長期營業利潤率指導。

Got it.

知道了。

And then maybe for Cristiano.

然後可能是克里斯蒂亞諾。

Cristiano, on the RF, you said vast majority of the modem design wins are using your RF solutions.

Cristiano，在 RF 方面，您說過絕大多數調製解調器設計的勝利都使用了您的 RF 解決方案。

Any way to give us an idea as to what percent of the mix is using millimeter wave?

有什麼方法可以讓我們了解混音中有多少百分比使用毫米波？

And where do you see that going by the end of the year?

你認為到今年年底會怎樣？

Thanks for the question.

謝謝你的問題。

Right now, we see millimeter wave as a requirement for at least the majority of the United States operators in this year.

目前，我們將毫米波視為今年至少大多數美國運營商的一項要求。

We are working towards the millimeter wave launch of Japan and Korea.

我們正致力於日本和韓國的毫米波發射。

So we expect that to start to be a requirement on devices as well.

所以我們希望這也開始成為對設備的要求。

And we have an optimistic view that by 2021, we're going to start to see that going into other geographies such as China and Europe.

我們樂觀地認為，到 2021 年，我們將開始看到它進入中國和歐洲等其他地區。

So 2020 is a United States, Japan and Korea story.

所以2020年是美日韓三國的故事。

Thank you.

謝謝。

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 turning the call?

Mollenkopf 先生，在接聽電話之前您還有什麼要補充的嗎？

Yes.

是的。

So just number one, thanks to the employees of Qualcomm for driving 5G, as I know you spent a lot going on in the last year.

所以第一，感謝高通的員工推動 5G，我知道你們在去年花了很多時間。

I appreciate all that hard work.

我感謝所有的辛勤工作。

It's great to see the results flow through into the financials.

很高興看到結果流入財務部門。

We look forward to continuing that and talk to everybody next call.

我們期待繼續這樣做，並在下次電話會議上與大家交談。

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。