高通 (QCOM) 2001 Q4 法說會逐字稿

Ladies and gentlemen, please continue to stand by. Your conference will begin shortly. Once again, please continue to stand by.

女士們先生們，請繼續支持。您的會議即將開始。再次請大家繼續堅守。

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm 4th Quarter and Fiscal Year-end conference call. At this time, all participants are in a listen only mode. Later we will have a question and answer session. If you have a question, you will need to press the one followed by the 4 on your push button phone. As a reminder, this conference is being recorded, November 6th, 2001. The playback number for today's call is 1-800-633-8284, and the reservation number is 11 -- excuse me, 197-66 843. International callers, dial 858, 812, 6440 and use reservation number 197 66 843. I would now like to turn the call over to Julie Cunningham, Senior Vice President of Investor Relations. Julie, please go ahead.

女士們先生們，謝謝你們的支持。歡迎參加高通第四季和財政年度結束電話會議。此時，所有參與者都處於只聽模式。稍後我們將進行問答環節。如果您有疑問，您需要在按鍵式電話上按 1，然後按 4。提醒一下，本次會議錄音時間為 2001 年 11 月 6 日。 858、812、6440 並使用預訂號碼197 66 843。朱莉，請繼續。

Thank you, and good afternoon, everyone. I'm joined by Dr. Irwin Jacobs, Chairman and C.E.O. Tony Thornley, Chief Operating Officer and Chief Financial Officer, Dr. Paul Jacobs, Group President of Wireless and Internet Group, and Don Strock, Group President of the CDMA Technologies Group. The conference call is being simulcast on our website at WWW.QUALCOMM.COM, and the audio replay will remain on the web for approximately two weeks. During today's call, we may make forward-looking statements under the Safe Harbor Act of 1995. These statements could differ materially from Qualcomm's actual results. We encourage you to look at our FCC filings for a detailed presentation. I will now introduce Dr. Irwin Jacobs, Chairman and C.E.O. of Qualcomm.

謝謝大家，大家下午好。董事長兼執行長 Irwin Jacobs 博士也出席了會議。營運長兼財務長 Tony Thornley、無線和互聯網集團總裁 Paul Jacobs 博士以及 CDMA 技術集團總裁 Don Strock。電話會議將在我們的網站 WWW.QUALCOMM.COM 上同步直播，音訊重播將在網路上保留約兩週。在今天的電話會議中，我們可能會根據 1995 年《安全港法案》做出前瞻性聲明。我們鼓勵您查看我們的 FCC 文件以獲取詳細介紹。現在我將介紹董事長兼執行長 Irwin Jacobs 博士。高通公司。

Thank you, Julie, and good afternoon, everyone. We have reported proforma earnings two cents below our July projection. The operating unit did achieve the financial results that we had earlier projected. As Tony will discuss, the shortfall is due entirely to our not accruing expected interest in the quarter on loans to Picaso, a Mexican wireless operator currently engaged in strategic discussions with a third party for a potential sale merger. Despite the shortfall in interest and the current challenging world economic climate, we completed Fiscal 2001 with many positive achievements. From a financial perspective, we achieved record revenues and earnings in our technology-licensing business. We generated positive operating cash flow of $1.2 billion in Fiscal 2001 and maintained a strong balance sheet with $2.4 billion in cash and no debt. From a technology perspective, it's interesting to note that despite a general slow down in sales of mobile phones, CDMA phones performed well compared to phones based on older technologies. The world's first 3G CDMA networks were launched in South Korea with many more soon to launch in the Americas, Japan and other regions around the world. We supported the development and deployment of new CDMA markets in China and soon in India. This fiscal year we announced 16 new CDMA license agreements, including seven in China and 24 extensions to existing CDMA licenses to cover W-CDMA and TDS-CDMA. Our position location technology was successfully deployed and it is currently in use by two carriers in Japan and will soon be launched in North America to provide enhanced E-911 service. The technology will allow police to locate wireless callers with a high degree of precision, both outdoors and indoors. We've integrated this technology into our chip sets, both for CDMA and other air interfaces. From a product perspective, we introduced several new production CDMA chip-sets this year to enable multimedia, position location and 1-x and 1 X-EVDO capable phones and locations. We also began sampling our single mode W-CDMA chip-set in the fourth quarter of Fiscal 2001. We announced the MSM6000 family of multi-mode chips based on our new radio one direct conversion technology and we introduce the Brew application development platform and signed MOU agreements for Brew for 13 wireless carriers and 17 manufacturers. These achievements laid the ground work for the coming year and beyond. All of our efforts are aimed at improving the economic for wireless carriers and improving the wireless experience for the consumer and the enterprise. Our continuing focus is to grow CDMA market share that will, in turn, help us to grow our company and improve our profitability. We continue to invest heavily in R & D because we believe the new wireless technologies we're developing, particularly supports the higher data rates and Brew applications will fuel user interest. From a competitive standpoint, we intend to maintain our league by integrating new capabilities and efficiencies in our chips and stimulating demand for new, more capable devices with exciting and useful applications based on our Brew platform. The new applications and devices will enable our technology licensing business to grow for the virtual cycle we described in the past is still an appropriate way to think about our strategy today and into the future. We're generating very strong positive cash flow from operations and that has been driven by a success as a result of investments in R & D. Our commitment to helping CDMA operators succeed with support and appropriate investments remains strong. We're putting a great deal of effort into working closely with carriers and have strengthened our global business development organization this year to support those efforts. We expect the restructuring of the Vesper Companies in Brazil to be completed in the December quarter. We are in process of finalizing our commitment to invest up to $266 million, in Vesper's the restructuring, subject to certain contingencies. With a fully installed CDMA network and a footprint covering over 70% of Brazil, including three larger cities in the country, we believe that Vesper represents an important strategic asset for CDMA. We will continue to make strategic investments where they will produce a good financial return, as well as drive the growth of CDMA business throughout the world. While we were disappointed by Cingular's announcements to deploy GSM-GPRS and Edge, we firmly believe that non-CDMA carriers are at an extreme disadvantage for user experience, cost, capacity, the maximum usable achieveable data rates, data throughput, position location, E-911 and the range of applications. Both Sprint, Verizon and other CDMA carriers are well positioned to take customers from non-CDMA competitors, because 3G is here now with lower cost of voice and high speed data. And those without CDMA will be left behind. We're also working very closely with China Unicom to support the launch and planned next phase expansion of its CDMA network. With KDDI in Japan to support it's 1-X and Brew deployments, with KT FreeTel to support it's Brew trial and launch - We expect China Unicom to launch IS-95 in late January and KDDI to launch its 1-X network in the spring. Before I turn the call over to Don Strock to discuss our chip business, I would like to briefly recap our recent aviation safety demonstration using the GlobalStar system. As many of you know, we have long believed that high speed data applications for the aviation industry, using the GlobalStar system, seemed like a natural fit. We have been working on these capabilities for two years now. Since the tragic events of September 11th, it became apparent that the critical need was for a solution to enhance aviation security, safety and passenger care. Last week, in San Diego, we demonstrated that the technology, equipment and infrastructure are available today. And that it is possible to develop a wide range of applications, from remote diagnostics for medical usage, to on-demand streaming video of cockpit and cabin activity. We will be holding a second demonstration in Washington, D.C. for government and airline industry representatives and we're hopeful that the groups will recognize the great value of the GlobalStar system for early deployment for safety, security and passenger use. Now let me introduce Don Shrock.

謝謝朱莉，大家下午好。我們報告的預估收益比 7 月的預測低了 2 美分。該營運部門確實實現了我們先前預計的財務業績。正如托尼將討論的那樣，短缺完全是由於我們在本季度向墨西哥無線運營商 Picaso 提供的貸款沒有產生預期利息，該公司目前正在與第三方就潛在的銷售合併進行戰略討論。儘管存在興趣不足和當前充滿挑戰的世界經濟環境，我們還是在 2001 財政年度取得了許多積極的成就。從財務角度來看，我們的技術授權業務實現了創紀錄的收入和利潤。 2001 財年，我們產生了 12 億美元的正經營現金流，並維持了強勁的資產負債表，擁有 24 億美元現金且沒有債務。從技術角度來看，值得注意的是，儘管手機銷量普遍放緩，但 CDMA 手機與基於舊技術的手機相比表現良好。全球首個 3G CDMA 網路在韓國推出，更多的網路即將在美洲、日本和世界其他地區推出。我們支援中國以及印度新 CDMA 市場的開發和部署。本財年，我們宣布了 16 項新的 CDMA 授權協議，其中 7 項在中國，並對現有 CDMA 授權進行了 24 項延期，以涵蓋 W-CDMA 和 TDS-CDMA。我們的定位技術已成功部署，目前已被日本兩家營運商使用，並將很快在北美推出，以提供增強的 E-911 服務。該技術將使警察能夠在室外和室內高精度地定位無線呼叫者。我們已將該技術整合到我們的晶片組中，包括 CDMA 和其他空中介面。從產品角度來看，我們今年推出了幾款新生產的 CDMA 晶片組，以支援多媒體、位置定位以及支援 1-x 和 1 X-EVDO 的電話和定位。我們也於2001 財年第四季開始對我們的單模W-CDMA 晶片組進行取樣。與13 家無線營運商和 17 家製造商簽署了 Brew 諒解備忘錄。這些成就為來年及以後的工作奠定了基礎。我們所有的努力都是為了提高無線營運商的經濟效益，改善消費者和企業的無線體驗。我們持續關注的是增加 CDMA 市場份額，這反過來又有助於我們發展公司並提高獲利能力。我們繼續大力投資研發，因為我們相信我們正在開發的新無線技術，特別是支援更高的數據速率和 Brew 應用程式將激發用戶的興趣。從競爭的角度來看，我們打算透過在我們的晶片中整合新的功能和效率，並透過基於我們的Brew 平台的令人興奮和有用的應用程式刺激對新的、功能更強大的設備的需求來維持我們的聯盟。新的應用程式和設備將使我們的技術授權業務能夠在我們過去描述的虛擬週期中成長，這仍然是思考我們今天和未來策略的適當方式。我們正在從營運中產生非常強勁的正現金流，這是由研發投資的成功所推動的。我們投入了大量精力與營運商密切合作，並於今年加強了我們的全球業務發展組織來支持這些努力。我們預計巴西 Vesper 公司的重組將於 12 月季度完成。我們正在最終確定投資最多 2.66 億美元用於 Vesper 重組的承諾，但會受到某些意外情況的影響。憑藉完全安裝的 CDMA 網路以及覆蓋巴西 70% 以上的地區（包括該國三個較大城市）的覆蓋範圍，我們相信 Vesper 是 CDMA 的重要戰略資產。我們將繼續進行能夠產生良好財務回報的策略性投資，並推動全球CDMA業務的成長。雖然我們對 Cingular 宣布部署 GSM-GPRS 和 Edge 感到失望，但我們堅信非 CDMA 運營商在用戶體驗、成本、容量、最大可用數據速率、數據吞吐量、位置定位、E -911及其應用範圍。 Sprint、Verizon 和其他 CDMA 營運商都處於有利地位，可以從非 CDMA 競爭對手那裡奪取客戶，因為 3G 現已到來，語音和高速數據的成本更低。而那些沒有 CDMA 的人將會被拋在後面。我們也很努力與中國聯通密切合作，支援其 CDMA 網路的啟動和計劃的下一階段擴展。日本的 KDDI 將支援其 1-X 和 Brew 部署，KT FreeTel 將支援其 Brew 試用和推出 - 我們預計中國聯通將在 1 月底推出 IS-95，而 KDDI 將在春季推出其 1-X 網路。在我將電話轉給 Don Strock 討論我們的晶片業務之前，我想簡要回顧一下我們最近使用 GlobalStar 系統進行的航空安全演示。正如你們許多人所知，我們長期以來一直相信，使用 GlobalStar 系統為航空業提供高速數據應用似乎是天作之合。兩年來我們一直致力於這些功能。自 9 月 11 日的悲劇發生以來，顯然迫切需要找到一種解決方案來加強航空安保、安全和乘客護理。上週，在聖地牙哥，我們展示了當今可用的技術、設備和基礎設施。並且可以開發廣泛的應用，從醫療用途的遠端診斷到駕駛艙和機艙活動的點播串流視訊。我們將在華盛頓特區為政府和航空業代表舉行第二次演示，我們希望這些團體能夠認識到 GlobalStar 系統對於早期部署對安全、保全和乘客使用的巨大價值。現在讓我介紹唐‧施洛克。

Thank you, Irwin. Looking at 1, Qualcomm Technologies remained very focused on driving our CDMA market and technology leadership through on-time new product introduction and volume commercial shipments of solutions that work in all CDMA markets worldwide. I'm going to begin with highlights from the fourth quarter in Fiscal 2001. In the September quarter, we shipped our 500 millionth CDMA chip and already passed the 525 million mark in total CDMA shipments. QCT revenues grew 10% in Fiscal 2001 to 1.37 billion. We were one of the few, if any, major wireless companies who actually grew yearly revenues in this difficult global economic climate. During the fourth quarter, we shipped approximately 13 million MSM phone chips, up from approximately 11 million MSM chips in the year ago quarter. As expected, fourth quarter shipments were down by 14 million from last quarter, but have seen demand increase and expect the December quarter to be in the range of 15 to 16 million MSM chips. It's important to note that 1-x chip shipments are becoming a greater part of the mix. And that's positive because the average selling price is of these chips is higher. During the fourth quarter, we met our expectation and shipped 4 million 1x chips for a total of 6 million for the full fiscal year. We expect it to increase to more than 6 million 1x chips in the December quarter. We also shipped a record number of CSM infrastructure chips with approximately 9 million equivalent voice channels during Fiscal 2001, compared to approximately 2 million last year. CSM shipments are expected to be lower in the first quarter of Fiscal year 2002 compared to the fourth quarter of 2001. We should see growth later in our CSM shipments later in the year with major network builds taking place in China and other parts of the world. During this year, our GPS-1 assisted position location solution consisting of our snap track pd server software and MSM 3100, 5100 was introduced in Japan and has been selected by Sprint, Verizon and other carriers to meet the FCC's E-911 requirements. This system is also undergoing field trials in the career marketplace. During last quarter we've received significant purchase orders for our Snap-trac PD solution solution with KDDI in Japan and Sprint roll-out for the GPS-1 service. We started shipping production versions of 1x MSM chip sets, supporting multimedia, position location and Blue Tooth, for a wide variety of entry, mid and high-tier handsets. Last quarter, we commenced on time sample delivery of the new CDMA 2000 1x-EV CSM 5500 for infrastructure, MSM 5500 for handsets and system software. This this was the world's first [In dan?] for cost effective data rates up to 2.4 megabits per second wirelessly. This quarter we began shipping production quantities of both chips to support Korea's 1x-EB launch of high-speed data services for next year's World Cup. This quarter we started sampling our W-CDMA chip set. We're the only company in the world that demonstrated the capability to do 1x, 1x-EV and W-CDMA chipsets and system software solutions. Our goal is simple and clear, to the best in all three modes of 3-d chip sets. Our strategy is to continue to work closely with carriers and manufacturers worldwide to define winning feature sets and integrate those feature sets into high quality chip sets and system software solutions as rapidly as possible, using a common architecture, a common wireless internet launch pad feature set and our strong CDMA systems knowledge. A major part of the strategy for the future is the MSM 6000 family of segmented multi-mode chip sets using our revolutionary radio one direct conversion technology. I'm pleased to report that the family development is tracking on schedule with a first products to be sampled in early 2002 as planned. We began shipping production versions -- I'm sorry, now it's my pleasure to introduce Dr. Paul Jacobs, Group President of the Wireless Internet Group.

謝謝你，歐文。回顧 1，Qualcomm Technologies 仍然非常專注於透過準時推出新產品和批量商業出貨適用於全球所有 CDMA 市場的解決方案來推動我們的 CDMA 市場和技術領先地位。我將首先介紹 2001 財年第四季的要點。 2001 財年QCT 營收成長了10%，達到13.7 億美元。在當前困難的全球經濟環境下，我們是少數（如果有的話）年收入真正成長的大型無線公司之一。第四季度，我們出貨了約 1,300 萬個 MSM 手機晶片，高於去年同期的約 1,100 萬個 MSM 晶片。正如預期的那樣，第四季出貨量較上一季減少了 1,400 萬顆，但需求增加，預計 12 月季度的 MSM 晶片數量將在 1,500 至 1,600 萬顆之間。值得注意的是，1-x 晶片出貨量正在成為此組合的重要組成部分。這是積極的，因為這些晶片的平均售價更高。第四季度，我們達到了預期，1x 晶片出貨量為 400 萬顆，整個財年的出貨量總計為 600 萬顆。我們預計 12 月季度將增加到超過 600 萬個 1x 晶片。 2001 財年，我們也交付了創紀錄數量的 CSM 基礎設施晶片，具有約 900 萬個等效語音通道，而去年約為 200 萬個。預計 2002 財年第一季的 CSM 出貨量將低於 2001 年第四季。 。今年，我們的GPS-1 輔助定位解決方案由我們的snap track pd 伺服器軟體和MSM 3100、5100 組成，在日本推出，並已被Sprint、Verizon 和其他營運商選用，以滿足FCC 的E-911 要求。該系統也在職業市場進行現場試驗。上個季度，我們收到了日本 KDDI 的 Snap-trac PD 解決方案的大量採購訂單，以及 Sprint 推出的 GPS-1 服務。我們開始交付 1x MSM 晶片組的量產版本，支援多媒體、位置定位和藍牙，適用於各種入門級、中階和高階手機。上季度，我們開始按時交付用於基礎設施的新型 CDMA 2000 1x-EV CSM 5500、用於手機和系統軟體的 MSM 5500 樣品。這是世界上第一個 [In dan？ ] 具有成本效益的無線資料傳輸速率高達每秒 2.4 兆位元。本季度，我們開始大量生產這兩款晶片，以支援韓國為明年世界盃推出的 1x-EB 高速數據服務。本季我們開始對 W-CDMA 晶片組進行採樣。我們是世界上唯一一家展示 1x、1x-EV 和 W-CDMA 晶片組和系統軟體解決方案能力的公司。我們的目標簡單而明確，在 3D 晶片組的所有三種模式中做到最好。我們的策略是繼續與全球營運商和製造商密切合作，定義獲勝的功能集，並使用通用架構、通用無線互聯網啟動板功能集盡快將這些功能集整合到高品質晶片組和系統軟體解決方案中和我們的堅強CDMA 系統知識。未來策略的一個主要部分是採用我們革命性的無線電一直接轉換技術的 MSM 6000 系列分段多模式晶片組。我很高興地報告，該系列的開發正在按計劃進行，首批產品將按計劃於 2002 年初提供樣品。我們開始發布生產版本——抱歉，現在我很高興向您介紹無線網路集團總裁 Paul Jacobs 博士。

Thank you, Don. I will cover our wireless and Internet group, which encompasses the technology licensing, internet services, wireless business solutions and digital media division. Irwin mentioned earlier that the concept of the virtual cycle an appropriate way to think about our company's strategy. Within the group, we have our own version of the virtuous cycle. We see practical wireless data applications based on our brew platform, creating demand so that carriers buy phones with richer feature sets, such as color screens and more memory, that stimulates replacement rates. The manufacturers respond with devices to support these feature sets at higher asps, resulting in higher royalties and increased demand for Qualcomm's chip sets to support the higher-end features. So, the core business drivers are the size of the market, the number of replacement sales and the average selling price of phones along with the application revenues generated by the Brew business. Brew gives people a reason to use wireless data and it gives developers flexibility and access to a large and growing market, one in which they have not previously participated in. I'd like to review the Fiscal 2001 highlights from each of our businesses beginning with technology licensing. As Irwin said, QTL posted record revenues and earnings this fiscal year with 16 new licensees and 24 extensions to cover W-CDMA and PDS-CDMA. We have licensed nearly all the major manufacturers worldwide for 3G, including Nokia, which was signed in the fourth quarter of Fiscal 2001. We are also talking to those manufacturers who are not yet licensed. We launched our Internet Services Division this fiscal year and have already conducted the first public trial of Brew with KT FreeTel in South Korea, starting in September. KT FreeTel trial has 5,000 users with 1 x caller handsets from Samsung and LG and over 160 applications, including games, chat, instant messaging, navigation, stock quotes. The trial was very successful and led to the definitive agreement with KT FreeTel Wednesday look forward to the next step, which will be the commercial launch of Brew in South Korea and the United States before the end of this calendar year. As a could be create example of the asp improvement that Brew can drive, Verizon can is purchasing a color screen handset for the first time for their launch of Brew. This handset is manufactured by Sharp. We're working to build a third party developer committee around Brew. We have programs to provide training, support and marketing assistance, we held developers conferences, one in San Diego and one in Seoul, Korea, and implemented a multi-tier Brew an carolinas program. Yesterday we announced that while this knowledge purchased Microsoft's interest and became a subsidiary of Qualcomm. We view the move positively because of the synergies between 3G CDMA, Brew and wireless knowledge. Wireless knowledge will continue to develop a full be range of mobility solutions ranging from packaged applications to professional services for enterprised customers that want to take advantage of today's existing networks and prepare for the launch of 3G CDMA networks. Turning to our wireless business solutions division, which reports within the QWF segment, we shipped 13,000 Omnitracs in the fourth quarter of 2001 and a total of 43,000 for the full fiscal year. We achieved a cumulative total of over 400,000 units last month. Total Omnitracs units for Fiscal year 2001 were 24% lower than Fiscal 2000 due to the economic slow down in the United States. Last week we announced a price reduction for Omnitracs hardware to attract customers facing serious economic challenges. We hope that this pricing change will help stimulate demand and we continue to expect that this business will improve as the economy recovers. Also launched nibtives within wireless business solution tees expand within new markets of heavy equipment and private fleets. In addition, we announced a Brew-based extension to Omnitracs, allowing independent operators using a mobile phone to communicate with the systems of a larger trucking companies for whom they provide services. In our digital media business, we're working with the movie studios and exhibitors, developing the technology and preparing the end to end system in deployment and working various industry standard issues. During Fiscal 2001, we completed our digital cinema chip development. The new chip is an efficient, single-chip design that provides audio and video encryption and decompression. We delivered a precommercial digital product to tech no color digital cinema. Next steps include sending the precommercial product to customer test bed facilities and movie studios for evaluation. I will now turn the call over to Tony Thornley to go over Fiscal 2001 financial results.

謝謝你，唐。我將介紹我們的無線和互聯網部門，其中包括技術許可、互聯網服務、無線業務解決方案和數位媒體部門。歐文先前提到，虛擬循環的概念是思考我們公司策略的適當方式。在集團內部，我們有自己的良性循環版本。我們看到基於我們的brew平台的實用無線數據應用程序，創造了需求，以便運營商購買具有更豐富功能集的手機，例如彩屏和更多內存，從而刺激更換率。製造商以更高的售價提供支援這些功能集的設備來做出回應，從而導致更高的特許權使用費以及對高通晶片組支援更高端功能的需求增加。因此，核心業務驅動因素是市場規模、換機銷售數量、手機平均售價以及 Brew 業務產生的應用程式收入。 Brew 為人們提供了使用無線數據的理由，並為開發人員提供了靈活性，讓他們能夠進入一個龐大且不斷增長的市場，這是一個他們以前從未參與過的市場。個業務在2001 財年的亮點：技術授權。正如 Irwin 所說，QTL 本財年的營收和收益創下歷史新高，擁有 16 個新的授權商和 24 個涵蓋 W-CDMA 和 PDS-CDMA 的擴展。我們已經向全球幾乎所有主要製造商授予了3G許可，其中包括2001財年第四季簽署的諾基亞。我們在本財年推出了網路服務部門，並已於 9 月開始與 KT FreeTel 在韓國進行了 Brew 的首次公開試驗。 KT FreeTel 試用版擁有 5,000 名用戶，他們使用 1 部來自三星和 LG 的呼叫手機以及超過 160 個應用程序，包括遊戲、聊天、即時訊息、導航、股票報價。這項試驗非常成功，並於週三與 KT FreeTel 達成了最終協議，期待下一步，即今年年底前在韓國和美國推出 Brew 的商業推出。作為 Brew 可以推動的 asp 改進的一個例子，Verizon 首次購買了一款彩色螢幕手機來推出 Brew。這款手機由夏普製造。我們正在努力圍繞 Brew 建立一個第三方開發者委員會。我們制定了提供培訓、支援和行銷援助的計劃，我們舉辦了開發者會議，一次在聖地亞哥，一次在韓國首爾，並在卡羅萊納州實施了多層 Brew 計劃。昨天我們宣布，雖然該知識購買了微軟的股權並成為高通的子公司。由於 3G CDMA、Brew 和無線知識之間的協同作用，我們對此舉持正面態度。 Wireless Knowledge 將繼續為希望利用當今現有網路並為 3G CDMA 網路的推出做好準備的企業客戶開發從套裝應用到專業服務的全方位行動解決方案。談到我們的無線業務解決方案部門（該部門隸屬於 QWF 部門），我們在 2001 年第四季度售出了 13,000 台 Omnitrac，整個財政年度總共售出了 43,000 台。上個月我們累計銷售量超過40萬台。由於美國經濟放緩，2001 財年的 Omnitracs 總數量比 2000 財年減少了 24%。上週，我們宣布降低 Omnitracs 硬體的價格，以吸引面臨嚴峻經濟挑戰的客戶。我們希望這項定價變化將有助於刺激需求，並且我們繼續預期這項業務將隨著經濟復甦而改善。也推出了無線業務解決方案 T 卹，拓展了重型設備和私人車隊的新市場。此外，我們還宣布了基於 Brew 的 Omnitracs 擴展，允許獨立操作員使用行動電話與他們為其提供服務的大型貨運公司的系統進行通訊。在我們的數位媒體業務中，我們正在與電影製片廠和放映商合作，開發技術並準備部署端到端系統，並處理各種行業標準問題。 2001財年，我們完成了數位電影晶片的開發。新晶片採用高效的單晶片設計，可提供音訊和視訊加密和解壓縮功能。我們為無技術彩色數位劇院提供了預商用數位產品。接下來的步驟包括將預商用產品送到客戶測試台設施和電影工作室進行評估。我現在將轉接電話請東尼索恩利回顧 2001 財年的財務表現。

Thanks, Paul. Most of my comments following the proforma results and rejections. Our fourth quarter was in line with the forecast as we mentioned, relative to our forecast of the July conference call, although Investment Inc. was lower by $23 million. We suspended the gas effective July 1, 2001. We took this action because on October 31st, a targeted date to complete the strategic transaction was missed and they need to either complete the transaction or raise additional funds in order for us to be assured that the interest will be paid. We're actively working both with Picaso and the third party to complete the transaction or alternatively to raise additional capital for Picaso. We've engaged advisors to work with us on these tasks and advise the enterprise on the basis of recent comparable transactions, also on the basis of discounted cash flow model from Picaso's business plan and on the business of the basis of the proposal from the third party. We are confident that the value of the carrier, of Picaso is significantly higher than the debt outstanding. And we currently own all the debt in Picaso. We're optimistic that the strategic transaction will be completed and that Picaso will be successful. But for accounting services, we took the conservative position. It is a complicated quarter with the adoption of SAB 101 having a direct effect on revenue recognition of up front license fees and certain Omnitrack unit sales. When we reported third quarter results in July, we had not expected the impact of SAB 101 to be negligible, but as more information became available regarding the terms of SAB 101, we completed the appropriate terms under the new rules would, in fact, change our accounting for the two items. And wares qird to adopt sab 101 in the fourth quarter and for reported earnings we've restated prior quarters, or restated prior quarters and recorded a charge to retain terngs for the impact of the changes applying to -- prior to Fiscal of 2001. The reason for the change in the two cases is different. The first relates to Omnitracks, because certain communications units can only be used on a proprietary network, the new pronouncement requires those expenses to be amortizationed over the shorter, expected life of the hardware or expected service period. On average average for Omnitracks, this is five years. This result made a charge to retain earnings to $5 million and increased earnings before taxes of $2 million for Q4 and $13 million for the full year. Second area of change is up front license fees. When the SAB was first introduced, we did not expect any change as they relate to accounting agreements with no obligation for certain delivery. Since it progressed since the introduction, we determined many of the agreements include agreement to future patents when and if developed, we have to amortize the license fees over future periods. It is substantially related to existing patents at the time of signing the licenses. It is not certain at that time that any new patents will be filed and approved. But under a straight terms of SAB 101, the revenue that's has to be spread. This has the advantage of smoot hing revenue recognition and making earnings more predictable. The change in up front licensing recognition resulted in a charge to retain earnings for October 1, 2000 of $57 million and before taxes of $34 million for the fourth quarter and $64 million for the full year. The total unearned income for both the items was $296 million, on September 30, 2001. This will be amortized to our earnings in future periods. The license fees will be amortized over a period of seven years. The impact on Fiscal 2002 will be additional earnings of approximately $101 million from amortization of the unearned income. However, it will be offset by deferral of new license fees and profits from sale of new Omnitracks units. We expect the net effect to be negligible in 2002. Having dealt with the accounting and non-operating items, now the operating of the business. Revenues were up 6% in total for the fourth quarter, compared with a year ago, although down slightly subsequently. Before the accounting adjustments, revenues would have increased by 7% from q3. Earnings before taxes from a percent of sales was 38%, still a very high return on sales. MSM shipments were in line with the forecast at $13 million, slightly down from the $14 million in Q3. Overall financial news Fiscal 2001 was good on a very difficult economic circumstances. GlobalStar, unfortunately, experienced significant financial problems, which result made losses of 7 cents per share in Fiscal 2001, compared with 9 cents of earnings per share in Fiscal 2000. As a result, revenues and earnings were down slightly year over year. The CDMA market grew quite well and we expect the calendar year to be around $75 million for 2001, compared with $60 million in calendar 2000. The average selling price on phones have declined by slightly less than 10% over the past 12 months. While the asps on phone chips have flattened out as a result of the sale of the 6 million third generation chips in Fiscal 2001. The cash generated by operations was $1.2 billion in Fiscal 2001. Looking further at Q4 performance, chip revenues were slightly up subsequently and slightly higher asps declined in unit shipments. Operating margins and qct were 20%, down marginally from Q3, as our investment in new products continued to grow while revenues were flat. Royalties and license fees were up 5% subsequently, while operating margins and qtl were at 97%. This exceptionally high profit margin was partly result of $11 million of income from the partial transfer of our FCC voucher to a third party, who used it to pay for Spectrum. Now I will talk a little bit about the outlook for that in the outlook section. Quarterly revenues declined $17 million subsequently to $94 million as revenues from GlobalStar declined to a very low level. The operating margin in the segment was a small loss, largely as a result of interest on carrier loans, particularly on Picaso. And losses from the GlobalStar business, and from Omnitracks and related products. Cash generated by operations in the quarter was $279 million, of which $63 million was vested in capital expenditures and strategic investments. Turning to the outlook for 2002, we see a relatively strong market for devices, we have forecasted a range of the potential market from 85 million to 95 million in calendars 2002. We expect introduction of 1x and brew to drive a strong form replacement market in Korea, Japan and North America. We expect growth in China and India as well as other developing markets. Latin America may be relatively flat in 2002 due to the economic situation, but the introduction of low cost 1-X phones, sub $100, will expand the demand for CDMA in markets like Latin America, where lost cost voice, this is very important. We are projecting a decline in asps for CDMA's next year of 10%. Two factors will drive saps. Introduction of 1-x phones with color screens and considerable memory, driving prices higher. Samsung reported that their phones were 50% higher than second generation phones. 1 x phone sales grew substantially in the Korean domestic market in the third quarter with subscribers reaching 1.5 million. Color screen phones were growing rapidly during the period. Growth of lost cost growth markets like Latin America and India will lower asp. We expect overall chip asps to remain relatively flat again with the growth of 1 x chips going over the curve of the chip. Brew will be launch made Fiscal 2002 by a number of carriers. Revenues from the business will begin to grow. We expect the contribution of earnings to be minimal in 2002. Operating expenses will grow moderately in 2002, even though we are focused on continuing to operate in the most efficient manner. The addition of GlobalStar engineering resources to our other businesses in fiscal fourth quarter, 2001, added to the run rate of expenses as engineering resources moved from charging costs of sales to R & D. And this, of course, will be there for the full year of 2002. We're hiring for critical skill sets, but expect our overall head count to remain relatively constant during Fiscal 2002. We do expect investment income to be lower in 2002, with lower interest rates on cash and marketable securities as well as lower interest on carrier loans. Gains on equity investments, net of equity losses are approximately $25 million in Fiscal 2001. We expect similar levels in Fiscal 2002. Other income relating to the FCC voucher of, of which $115 million remains unused, would be an upsight to Fiscal 2002 in the year. Focusing on the first quarter of Fiscal '02, we expect shipments to increase to the 15 to 16 million range. QTC revenues will therefore increase. The increase will be moderated by lower shipments and lower chip software revenues that were relatively high in Q4, 2001. Relatives and license fees should increase subsequently, while other businesses in total will remain flat subsequently. Investment income is expected to be slightly lowered in the followed quarter due to lower interest rates on cash and securities. Interest income on carrier loans will be somewhat lower while the completion of the strategic transaction, and refinancing of Picaso, may allow us to have a new interest on the loans to Picaso. The income tax rate is expected remain the same in 2002 of 35%. We expect to generate cash from operations in excess of $1.4 billion in fiscal 2002. In our comments a little about on Vasper. We're close to the completion of restructuring, that's the investment companies in Brazil. As the transaction is closed, we would invest in equity of a new company to own the Vesper companies and Qualcomm would own an interest in the companies. This would be on a direct and indirect investment. We believe that the Vesper companies are an asset to the CDMA in Brazil. It covers 70% of the people in Brazil, including the three largest cities. We believe after the restructuring, the companies will be in a strong position to capture a significant part of the market in which they compete and to become a financial success. In its early history, Vesper struggled under a severe debt burden with growth as the top priority, rather than profitability. In April, Lewis Kofman was hired as the new C.E.O. He's had a new of successes. He's hired a strong team of experienced telecommunications people and changed the business plan of the companies considerably, focusing on early profitability, taking advantage of the excellent network made up of more than 1,000 base station that's have already been built. Recently, a major break through was made when they were committed to use mobile phones instead of fixed wireless phones. This will make a big difference to the business model. It is our intent to work with potential strategic partners for Vesper on closing the restructuring, continuing the profit to spin-off the investment to Qualcomm shareholders. We did the same thing with the operator investments in 1998, when wireless was formed. We believe that this is a good way to create shareholder value in assets and not part of Qualcomm's core business. But in synergy with the growth of the CDMA market. We look forward, in fact, to another very exciting year of growth. And that concludes my remarks. Operator, we're ready for questions.

謝謝，保羅。我的大部分評論都是在形式結果和拒絕之後發表的。正如我們所提到的，相對於 7 月份電話會議的預測，我們的第四季度與預測一致，儘管 Investment Inc. 的業績下降了 2,300 萬美元。我們從 2001 年 7 月 1 日起暫停了天然氣供應。我們正在積極與 Picaso 和第三方合作，以完成交易或為 Picaso 籌集額外資金。我們聘請了顧問與我們一起完成這些任務，並根據最近的可比交易、畢卡索商業計劃中的貼現現金流模型以及第三次提案的業務為企業提供建議派對。我們相信，畢卡索的承運人價值明顯高於未償債務。目前我們擁有畢卡索的所有債務。我們對策略交易的完成和畢卡索的成功持樂觀態度。但對於會計服務，我們採取保守立場。這是一個複雜的季度，SAB 101 的採用對預付許可費和某些 Omnitrack 單位銷售的收入確認產生了直接影響。當我們在7 月報告第三季業績時，我們並沒有預期SAB 101 的影響可以忽略不計，但隨著有關SAB 101 條款的更多資訊的出現，我們完成了新規則下的適當條款，事實上，這將改變我們對這兩項的會計處理。並在第四季度採用sab 101，對於報告的收益，我們重述了前幾季度，或者重述了前幾季度，並記錄了保留terng 的費用，以了解適用於2001 財年之前的變化的影響。第一個與 Omnitracks 相關，因為某些通訊單元只能在專有網路上使用，新聲明要求這些費用在較短的硬體預期壽命或預期服務期間內攤銷。 Omnitracks 的平均時間是五年。這一結果使得保留收益達到 500 萬美元，第四季度稅前收益增加 200 萬美元，全年稅前收益增加 1,300 萬美元。第二個變更領域是預付許可費。當 SAB 首次引入時，我們預計不會發生任何變化，因為它們與沒有特定交付義務的會計協議相關。由於它自推出以來取得了進展，我們確定許多協議都包括對未來專利的協議，如果開發出來，我們必須在未來期間攤提許可費。它與簽署許可證時的現有專利有很大關係。目前尚不確定是否會申請並批准任何新專利。但根據 SAB 101 的直接條款，收入必須分攤。這樣做的優點是可以平滑收入確認並使收益更加可預測。預先許可確認的變化導致保留 2000 年 10 月 1 日收益的費用為 5,700 萬美元，第四季度稅前收益為 3,400 萬美元，全年收益為 6,400 萬美元。截至 2001 年 9 月 30 日，這兩項項目的非勞動收入總額為 2.96 億美元。許可證費用將在七年內攤提。對 2002 財年的影響將是來自非勞動收入攤銷的約 1.01 億美元的額外收入。然而，這將被新許可費的延期和銷售新 Omnitracks 設備的利潤所抵消。我們預計 2002 年的淨影響可以忽略不計。第四季總營收較去年同期成長 6%，但隨後略有下降。在會計調整之前，營收將比第三季成長 7%。稅前利潤佔銷售額的百分比為38%，仍是很高的銷售報酬率。 MSM 出貨量符合預期，為 1,300 萬美元，略低於第三季的 1,400 萬美元。整體財務消息 2001 財年在經濟狀況非常困難的情況下表現良好。不幸的是，GlobalStar 遇到了嚴重的財務問題，導致 2001 財年每股虧損 7 美分，而 2000 財年每股收益為 9 美分。CDMA 市場成長得相當好，我們預計 2001 年的銷售額約為 7,500 萬美元，而 2000 年為 6,000 萬美元。雖然由於2001 財年銷售了600 萬個第三代晶片，電話晶片的平均售價已趨於平穩。有上昇平均售價略有上升，單位出貨量下降。營業利潤率和 QCT 為 20%，較第三季略有下降，因為我們對新產品的投資持續成長，而收入持平。隨後，特許權使用費和許可費上漲了 5%，而營業利潤率和季度交貨量則達到 97%。這種異常高的利潤率部分是由於我們將 FCC 代金券的部分轉讓給第三方而獲得的 1100 萬美元收入，第三方用它來支付 Spectrum 的費用。現在我將在展望部分談談對此的展望。由於 GlobalStar 的營收下降至非常低的水平，季度營收隨後下降 1,700 萬美元至 9,400 萬美元。該部門的營業利潤率出現小幅虧損，主要是由於承運商貸款（尤其是畢卡索貸款）的利息造成的。 GlobalStar 業務以及 Omnitracks 和相關產品帶來的損失。本季營運產生的現金為 2.79 億美元，其中 6,300 萬美元用於資本支出和戰略投資。談到2002年的展望，我們看到設備市場相對強勁，我們預測2002年的潛在市場範圍為8500萬到9500萬。和北美。我們預計中國和印度以及其他發展中市場將出現成長。拉丁美洲由於經濟情勢的原因，2002年可能比較平淡，但是低成本1-X手機（低於100美元）的推出，將擴大像拉丁美洲這樣失去語音成本的市場對CDMA的需求，這一點非常重要。我們預計明年 CDMA 的平均售價將下降 10%。有兩個因素會導致悶棍。推出帶有彩色螢幕和大內存的 1-x 手機，導致價格上漲。三星報告稱，他們的手機比第二代手機高出 50%。第三季1 x手機銷量在韓國國內市場大幅成長，用戶達150萬。彩屏手機在此期間迅速成長。拉丁美洲和印度等成本損失成長市場的成長將降低平均售價。我們預計，隨著 1 x 晶片的成長超過晶片曲線，整體晶片平均售價將再次保持相對穩定。多家業者將於 2002 財年推出 Brew。業務收入將開始成長。我們預計 2002 年的獲利貢獻將很小。2001 財年第四季度，我們將 GlobalStar 工程資源添加到我們的其他業務中，隨著工程資源從收取銷售成本轉為收取研發費用，增加了費用的運作率。 2002 年。我們正在招募關鍵技能人員，但預計2002 財年我們的總人數將保持相對穩定。低。 2001 財年的股權投資收益（扣除股權損失）約為2,500 萬美元。我們預期2002 財年的水準與此類似。一個好消息。重點關注 02 財年第一季度，我們預計出貨量將增加至 1,500 至 1,600 萬部。 QTC 收入將因此增加。 2001 年第四季相對較高的出貨量和晶片軟體收入的下降將緩和這一增長。由於現金和證券利率下降，預計下季投資收益將略有下降。營運商貸款的利息收入將有所下降，而策略交易的完成以及畢卡索的再融資可能會讓我們對畢卡索的貸款產生新的利息。預計所得稅稅率仍與2002年一樣為35%。我們預計 2002 財年的營運現金將超過 14 億美元。我們即將完成重組，那就是巴西的投資公司。交易完成後，我們將投資新公司的股權，以擁有 Vesper 公司，而高通將擁有這些公司的權益。這將是直接和間接投資。我們相信 Vesper 公司是巴西 CDMA 的一筆資產。它覆蓋了巴西70%的人口，包括三個最大的城市。我們相信，重組後，這些公司將處於有利地位，能夠佔領其競爭的市場的重要部分，並取得財務上的成功。在其早期歷史中，Vesper 在嚴重的債務負擔下苦苦掙扎，成長是首要任務，而不是獲利能力。 4 月，劉易斯·科夫曼 (Lewis Kofman) 被聘為新任執行長。他取得了新的成功。他聘請了一支由經驗豐富的電信人員組成的強大團隊，並大幅改變了公司的業務計劃，重點關注早期盈利能力，利用已建成的由 1000 多個基站組成的優秀網絡。最近，當他們致力於使用行動電話代替固定無線電話時，取得了重大突破。這將對商業模式產生重大影響。我們打算與 Vesper 的潛在策略夥伴合作完成重組，繼續將利潤分拆給高通股東。 1998 年無線成立時，我們對營運商投資也做了同樣的事情。我們認為，這是創造股東資產價值的好方法，而不是高通核心業務的一部分。但與CDMA市場的成長具有協同作用。事實上，我們期待著另一個非常令人興奮的增長年。我的發言到此結束。接線員，我們準備好回答問題了。

Thank you, ladies and gentlemen, we will now begin the question and answer session. To queue a question, press 1, 4, to retract a question, press 1, 3. If your on a speaker phone, pick up your handset before pressing the numbers. T.C. Robillard with Salomon Smith Barney, go ahead.

謝謝各位，女士們、先生們，我們現在開始問答環節。若要對問題進行排隊，請按 1、4，若要撤回問題，請按 1、3。 T.C.羅比拉德和所羅門美邦，繼續吧。

Great, thank you. First question is for either Tony or for Don. Just kind of taking a look at -- kind of overall average chip pricing seems to have been improving subsequently over the last couple of quarters. We've seen the 1x volume starting to increase and that should continue to go forward which should benefit. Why do we continue to see margin pressure in the QTC division when the outlook for pricing and volumes continues to kind of improve going forward, and then, Tony, if you could just give an explanation as to what the $10.8 million, kind of proforma other expense was on the P & L that, would be great. -um, other income, right.

太好了謝謝。第一個問題是問東尼還是唐的。只是看看——在過去的幾個季度中，整體平均晶片定價似乎一直在改善。我們已經看到 1 倍交易量開始增加，並且應該會繼續前進，這應該會受益。當定價和銷售的前景繼續有所改善時，為什麼我們會繼續看到 QTC 部門的利潤率壓力，然後，托尼，你能否解釋一下 1080 萬美元的形式是什麼？太好了。 -嗯，其他收入，對吧。

The simple explanation on the QTC operating margin is that revenues have been relatively flat, while investments in R & D and new products have been increasing. The gross margin has in fact been improving slightly as a result of the fact that you mentioned. So that the selling -- the average selling prices remaining flat are even improving slightly, has been improving gross margins. On the second question, the $10.8 million of other income relates to the FCC voucher that we obtained some time ago as a result of, in fact, going back into the mid '90's, when we applied for Pioneer's Preference. And finally, to cut the story short, we received from the fcc a voucher to bid in future options of $125 million. In the quarter, we utilized $10.8 million of that voucher by virtue of selling it to a third party for use in buying Spectrum. So, we realize the $10.8 million value.

QTC營業利潤率的簡單解釋是，收入一直相對持平，而研發和新產品的投資一直在增加。事實上，由於您提到的事實，毛利率略有改善。因此，銷售——平均銷售價格保持平穩，甚至略有改善，毛利率一直在提高。關於第二個問題，這1,080萬美元的其他收入與我們不久前獲得的FCC優惠券有關，事實上，這可以追溯到90年代中期，當時我們申請了Pioneer's Preference。最後，簡而言之，我們從 FCC 收到了一張優惠券，可用於競標 1.25 億美元的未來選擇權。本季度，我們利用該優惠券中的 1,080 萬美元將其出售給第三方以用於購買 Spectrum。因此，我們實現了 1080 萬美元的價值。

Okay, and in terms of on the QTC margin, too, can we expect that to get back above 20% and start to increase as we go forward or is kind of that 20% level, 19, 20% level what we should be expecting for the next couple of quarters?

好的，就 QTC 利潤率而言，我們是否可以預期會回到 20% 以上，並隨著我們的前進而開始增加，或者是我們應該預期的 20%、19%、20% 的水平接下來的幾季？

Well, it very much depends on the volume. So, with increasing volume in this coming quarter, we should expect to see some marginal improvement in the operating margin and as revenues increase through the year, we would expect to see that operating margin improve with it. Clearly operating expenses are going to continue to grow because we continue to invest very heavily in new products, but we think that the revenue growth will outpace the investments and gross margins will stay at least the same if not improve.

嗯，這很大程度上取決於音量。因此，隨著下一季銷售量的增加，我們預期營業利潤率將出現一些邊際改善，並且隨著全年收入的增加，我們預期營業利潤率也會隨之改善。顯然，由於我們繼續大力投資新產品，營運費用將繼續成長，但我們認為收入成長將超過投資，毛利率即使不改善，也至少會保持不變。

Okay, great, thank you.

好的，太好了，謝謝。

Bill Troy with Merrill Lynch, go ahead with your question.

美林銀行的比爾·特洛伊，繼續你的問題。

Okay, thank you. You talked about ASP declines of 10% in the future, that's lower than what you typically use, down 15%. I'm just curious if you can expand on what kind of ASP declines that you've seen, you said it was less than 10% in the most recent quarter. And then looking out, you did mention $100 -- sub-$100 phones, when do you expect to ramp on those, if you can be more specific on the timing and I have a follow-up.

好的謝謝。您談到未來 ASP 下降 10%，低於您通常使用的下降 15%。我只是好奇您能否詳細說明您所看到的 ASP 下降情況，您說最近一個季度的 ASP 下降幅度不到 10%。然後看看，你確實提到了 100 美元——100 美元以下的手機，你預計什麼時候推出這些手機，如果你能更具體地說明時間，我有後續行動。

Right, yes, so the ASP that we've seen in the past 12 months, the decline has been somewhat less than 10%. And as I mentioned, how it goes in the future is dependent on the mix between the high-end markets which we would generally classify as the U.S., Korea and Japan, and the developing markets, which -- Latin America, India and to some extent, China, but China is kind of a mixture of both. And, so, it's hard to predict exactly, but I think our 10% estimate for 2002, we kneel on the conservative side because we really expect to see -- really big impact of 1x in 2002. And the growth in those I think with the ramp-up starting in early calendar 2002, so we will have nine months of operation, you know, remains to be seen how successful Unicom is at ramping up quickly. In terms of other markets, we expect the U.S. market to grow in excess of 30 million units this year, we expect to see Korea remaining in the same order of magnitude that it is this year, around the 12 to $13 million range, Latin America somewhere around $15 million. And then the rest of the world would be the balance.

是的，是的，所以我們在過去 12 個月中看到的 ASP 下降幅度略低於 10%。正如我所提到的，未來的發展取決於高端市場（我們通常將其歸類為美國、韓國和日本）與發展中市場（拉丁美洲、印度等）之間的組合。中國，但中國是兩者的混合體。因此，很難準確預測，但我認為我們對 2002 年 10% 的估計，我們偏向保守派，因為我們確實希望在 2002 年看到 1 倍的巨大影響。我認為，從 2002 年初開始，我們將有九個月的營運時間，你知道，聯通在快速成長方面是否成功還有待觀察。就其他市場而言，我們預計美國市場今年的成長將超過 3,000 萬台，我們預計韓國市場將維持與今年相同的數量級，約 1,200 至 1,300 萬美元，拉丁美洲市場約1,500萬美元。然後世界其他地方就會達到平衡。

Mark McKechnie of Banc of America securities? Mark McKechnie your line is now open.

美國銀行證券公司的馬克‧麥基尼（Mark McKechnie）？馬克麥基尼 (Mark McKechnie) 您的路線現已開通。

Yes, this is Mark. I want to ask about the March quarter. You've guided for September, but I think you're leading on that March should be up subsequently. Is that -- do you still think March will be up subsequently for chip sets revenues and earnings?

是的，這是馬克。我想問一下三月季度的情況。您已經為 9 月份提供了指導，但我認為您在 3 月份的指導中應該隨後上漲。您仍然認為 3 月份的晶片組收入和收益會隨之上升嗎？

Well, we have not specifically addressed the March quarter here, Mark, but certainly, just taking our overall annual guidance and look relative to the first year, we're clearly expecting growth through the year. I think we would expect to see a bulk of that late in the second half of the year, so, second quarter would be, I would certainly hope, will be up from Q1, but not as much as we would think Q3 and Q4 will be up.

好吧，馬克，我們在這裡沒有具體討論三月份的季度，但當然，僅考慮我們的總體年度指導並相對於第一年來看，我們顯然預計全年都會增長。我認為我們預計將在今年下半年看到大部分，因此，我當然希望第二季度將比第一季度有所增長，但不會像我們想像的第三季度和第四季度那樣多起來吧。

Gotcha. And what's the biggest drivers for the March quarter?

明白了。三月季度的最大推動因素是什麼？

well, I mean the March quarter.

好吧，我的意思是三月季度。

Do you expect insurance to kick in and 1x and the like?

您是否希望保險能夠發揮作用並獲得 1x 之類的費用？

Right, exactly.

對，完全正確。

Okay, great. And one other quick question, maybe for Don, the 15 to 16 million chip sets here for the December quarter, I guess you're pretty, what, a month into it now, I'd can you comment on the visibility on those numbers and some of the variables?

好的，太好了。還有一個簡單的問題，也許是對Don 來說，12 月份季度的15 到1600 萬個晶片組，我猜你很漂亮，什麼，現在一個月了，我可以你對這些數字的可見性發表評論嗎？

Yeah, it's -- I think our visibility into that range is pretty good and most of that is booked at this time, a little less, but most of it is booked.

是的，我認為我們對這個範圍的了解非常好，大部分都在這個時候被預訂了，稍微少一點，但大部分都被預訂了。

And visibility building into March?

三月的知名度如何？

A little tougher, as Tony said. You know, forecasts are continuing to look okay at this point, but, you know, clearly visibility is still a little short there.

正如托尼所說，要強硬一些。您知道，目前的預測看起來仍然不錯，但是，您知道，顯然那裡的能見度仍然有點短。

Which is typical.

這是典型的。

Exactly.

確切地。

I mean we don't really, we wouldn't expect to get visiblity for a month or so.

我的意思是，我們真的不希望在一個月左右的時間內獲得曝光。

Correct. There is some focus that the CSM market will begin to grow in certainly the March quarter. Unicom has been talking about substantial reorder of 1x infrastructure and we, if all goes well, would expect to be seeing India building up as well.

正確的。人們普遍認為，CSM 市場肯定會在三月季度開始成長。聯通一直在討論 1x 基礎設施的大規模重新訂購，如果一切順利，我們預計印度也會有所建設。

Gotcha. Okay. And one more quickie on inventory, Don, do you feel that, during this quarter, the 13 million chips that you did involved some burning of inventory by your customers and how do you think the inventory stands right now, going into the December quarter?

明白了。好的。關於庫存，Don，您是否覺得在本季度中，您生產的 1300 萬個晶片涉及到客戶對庫存的一些消耗？

I think the last time we talked we expected this was going to be the bottom quarter, the September quarter. And that's exactly what happens, or happened as we saw, the inventory burned off and the demand coming back, strongly as Tony mentioned primarily in the United States, Korea markets and so we think the inventory is in good shape from what we can tell.

我想我們上次談話時預計這將是底部季度，即九月份的季度。這正是所發生的情況，或者正如我們所看到的那樣，庫存消耗殆盡，需求又回來了，正如托尼主要在美國和韓國市場提到的那樣，因此我們認為庫存狀況良好，據我們所知。

Great. Okay, thank you.

偉大的。好的謝謝。

Your next question is from Tim Luke with Lehman Brothers. Please go ahead.

您的下一個問題來自雷曼兄弟的蒂姆·盧克。請繼續。

Thank you, I have a couple of clarifications, Tony, I think that with the SAB 101 what you're suggesting is that your earnings would have been 3 cents higher if you hadn't made the change for the quarter, that's correct, right?

謝謝，我有一些澄清，托尼，我認為對於 SAB 101，您的建議是，如果您沒有在本季度進行更改，您的收入將會增加 3 美分，這是正確的，對的？

Yes, that's correct.

對，那是正確的。

Okay, thanks. And then just with respect to the loans on the Picaso side, are there outstanding loans we should be aware of that are contributing or how do you see that picture?

好的謝謝。然後，就畢卡索方面的貸款而言，我們是否應該意識到有哪些未償還貸款正在發揮作用，或者您如何看待這種情況？

They intend to drop interest, thank you.

他們打算降低利息，謝謝。

Yes, perhaps you can give us a sense of what they are, what the magnitude might be?

是的，也許你可以讓我們了解它們是什麼，其大小可能有多大？

Yes, the Picaso is far and away our biggest loan balance. Leap, while it would be a, you know, much, much smaller, but that would be the next, you know, investors is restructured, Vesper and Leap were in the same order of magnitude of debt balances. Those are the major thank you balances we have outstanding.

是的，畢卡索無疑是我們最大的貸款餘額。 Leap，雖然它的規模要小得多，但那將是下一個，你知道，投資者進行了重組，Vesper 和 Leap 的債務餘額處於同一數量級。這些是我們尚未結清的主要感謝餘額。

And the Vesper spend to shareholders, when might one expect that?

而 Vesper 向股東的支出，人們什麼時候才能預料到呢？

Well, we're certainly planning on that within the next 12 months.

嗯，我們確實計劃在未來 12 個月內實現這一目標。

Great. And then, um, oh, and if you could perhaps give us some sense, you mentioned India, that seems like an interesting opportunity, how does that pan out in terms of your view of the timeline and the scope of the opportunity?

偉大的。然後，嗯，哦，如果你能給我們一些啟發性的話，你提到印度，這似乎是一個有趣的機會，從你對時間表和機會範圍的看法來看，它的結果如何？

Our plans of moving ahead quite well in India. There is always the issue there of something unexpected happening. But right now it appears that there's good possibilities of substantial nationwide infrastructure build-out by more than one carrier. Through the spring. So, it could begin to see some buildup in subscribers by late spring.

我們在印度的計劃進展順利。總是會有一些意想不到的事情發生的問題。但目前看來，由多家業者大規模建設全國性基礎設施的可能性似乎很高。穿過春天。因此，到春末，訂閱者數量可能會開始增加。

Spring of '02?

02年春天？

'02.

'02。

That in some of your forecasts, Tony, or is that potentially upside?

東尼，在你的一些預測中，這是否有潛在的好處？

Certainly in the 85 million number, we're looking at 2 million from year end.

當然，在 8,500 萬的數字中，我們預計年底後將有 200 萬。

And one last thing from Paul, joust the color screens that you're seeing the development of that market, can you tell us what that's doing to the impact on Peru, potentially?

保羅的最後一件事是，透過彩色螢幕，您看到了該市場的發展，您能告訴我們這對秘魯可能產生什麼影響嗎？

Well a, number of the developers are building applications that make use of not just the color screens, but also the wireless internet launch pad multi-immediate yap features. And up until now, consumers haven't bought their phones for features. As soon as there's a lot of these applications, primarily, I think entertainment application that's make good use of the features that, will drive people to do that. That's why we saw the launch in Korea of color screen phones in the KT FreeTel trial and Verizon is actually going for the first time to buy a color screen phone for the Brew launch.

嗯，許多開發人員正在建立的應用程式不僅利用彩色螢幕，還利用無線網路發射台的多種即時 yap 功能。到目前為止，消費者購買手機還不是為了功能。一旦有很多這樣的應用程序，主要是，我認為充分利用這些功能的娛樂應用程式將驅使人們這樣做。這就是為什麼我們在 KT FreeTel 試驗中看到在韓國推出彩色螢幕手機，而 Verizon 實際上將首次為 Brew 的發布購買彩色螢幕手機。

What's the pricing like there for the color screen?

彩屏的價格是多少？

They haven't announced the pricing for Verizon yet, and I think the pricing in Korea was--.

他們還沒有宣布 Verizon 的定價，我認為韓國的定價是——。

It certainly varied a lot, not because of the taller, but because of the availabilities and -- they've got the high-end video phones pretty high selling price, but I think the basic color phone isn't -- you know, the premium isn't that high.

它當然有很大的不同，不是因為更高，而是因為可用性，而且——他們的高端視訊電話售價相當高，但我認為基本的彩色電話不是——你知道，保費沒有那麼高。

And for quite a while, I'm not sure if it changed yet, there's been a shortage of the appropriate color screens. And that's been holding down the availability of the color models. I suspect it would have sold even greater in quantities.

很長一段時間以來，我不確定情況是否有所改變，因為缺乏合適的彩色螢幕。這一直限制了顏色模型的可用性。我懷疑它的銷售量會更大。

Great. Thank you very much.

偉大的。非常感謝。

Wojtek Uzdelewicz with Bear Stearns, go ahead.

貝爾斯登的 Wojtek Uzdelewicz，繼續吧。

Thank you. A couple questions. One, in terms of your assumptions when you give a guidance for the whole year, where do you expect your market share for the -- for the chip sets MSM, ch ips as compared? My -- would be understanding now that is pretty much Motorola going forward with 1x using you, the only company that doesn't use it is Nokia and curious of what your expectation is, as to how -- how that market share will shape up, in order for you to hit the -- provided by you today guidance? -Well, assuming it's going to go up.

謝謝。有幾個問題。第一，就您在給出全年指導時的假設而言，您預計 MSM 晶片組、晶片組的市場份額是多少？我現在可以理解，摩托羅拉將繼續使用 1x，唯一不使用它的公司是諾基亞，並且很好奇您的期望是什麼，以及市場份額將如何形成，為了讓您達到您今天提供的指導？ -好吧，假設它會上漲。

I think that's the main factor. We don't know what it's going to be, but should increase.

我認為這是主要因素。我們不知道它會是什麼，但應該會增加。

okay, and you are currently supplying also Nokia in Korea with the chip sets, do you expect to expand it into the U.S. as well?

好的，目前你們也向韓國的諾基亞供應晶片組，你們是否也希望將其擴展到美國？

Um, we're hopeful. We will see how it progresses.

嗯，我們充滿希望。我們將看看它的進展如何。

Okay. And in terms of W-CDMA, you mentioned you're sampling chip sets, when will we start seeing, what would be the time frame for to us see how you're progressing if you're winning any business, when should we see any wins or announcements in that space?

好的。就W-CDMA而言，您提到您正在對晶片組進行採樣，我們什麼時候開始看到，我們需要什麼時間框架才能看到您的進展情況，如果您贏得了任何業務，我們應該什麼時候看到該領域有任何勝利或公告嗎？

We've already shipped to, you know, at least two announced customers, we shipped to three customers unannounced and we've actually held that number down ourselves as we focused on the development and so, over the next couple of quarters you will see additional wins.

你知道，我們已經向至少兩個已宣布的客戶發貨，我們向三個未經宣布的客戶發貨，實際上，我們在專注於開發時自己控制了這個數字，因此，在接下來的幾個季度中，您將看到額外的勝利。

Okay. And following the decision by Cingular to go with GPRS and talk about how the rest of Latin America might serve any indication of what direction they deal in with current if we have the change at all on how the final outcome might be in the next quarters as they pick up the next upgrade cycle?

好的。在 Cingular 決定與 GPRS 合作之後，如果我們對未來幾季的最終結果有任何改變，拉丁美洲其他地區可能會如何提供他們當前處理方向的任何指示：他們會選擇下一個升級週期嗎？

Well, part of that depends on the phone pricing. I think right now Latin America is probably going fairly slowly because of the economic situation. And I view that as positive. There are several carriers with substantial interest there who have more experience with GSM than CDMA, they're currently beginning to get the cdma, experience they're beginning to now put in place in 1x infrastructure and be able to test that. So, we continue to work with them to show them that by far, the best economics are with CDMA. And I think that's going to become clearer and clearer as we go ahead through this next year.

嗯，部分取決於手機的定價。我認為，由於經濟形勢，目前拉丁美洲的發展可能相當緩慢。我認為這是積極的。有幾家營運商對 GSM 比 CDMA 更感興趣，他們目前正在開始獲得 cdma，他們現在開始在 1x 基礎設施中部署經驗，並能夠對其進行測試。因此，我們繼續與他們合作，向他們表明，到目前為止，CDMA 的經濟效益最好。我認為隨著我們明年的進展，這一點將會變得越來越清晰。

And one announced today or yesterday that it awarded Lucent a contract to convert the network from CDMA to W-CDMA in Venezuala.

其中一家公司今天或昨天宣布授予朗訊一份合同，將委內瑞拉的網路從 CDMA 轉換為 W-CDMA。

Okay, great. Thank you.

好的，太好了。謝謝。

Lewis Gareharty with Morgan Stanley, please go ahead.

摩根士丹利的 Lewis Gareharty，請繼續。

Good afternoon. With regards to the Picaso debt; it possible then,the official first quarter, with resolution to the financing developments we could have a catch-up in terms of amortization there?

午安.關於畢卡索的債務；那麼，在官方第一季度，隨著融資發展的解決，我們有可能在攤銷方面迎頭趕上嗎？

That is definitely a possibility, Lewis, we hope so.

這絕對是一種可能性，路易斯，我們希望如此。

So, that would be 2 cents for the fourth quarter and perhaps another 2 cents for the first quarter?

那麼，第四季是 2 美分，第一季可能是另外 2 美分？

Um, if the debt was structured the same way that, wouldn't necessarily the case, though, if we completed a strategic transaction, the nature of the bridge would most likely change. I think the catch-up of the two cents would be what you can carry down, but the balance may be different.

嗯，如果債務的結構與此相同，則情況不一定如此，但如果我們完成一項戰略交易，橋樑的性質很可能會改變。我認為兩美分的追趕是可以帶下來的，但平衡可能會有所不同。

Okay. And then looking at QTL, now that the up-front license fee will be a little bit smoother, can you give us a sense of perhaps a range of what percent of QTL you think that could be going forward, understanding that it is contingent upon the royalties for handsets?

好的。然後看看 QTL，現在預付許可費會更順利一些，您能否讓我們了解一下您認為未來可能會發生的 QTL 百分比範圍，了解它取決於手機的專利費？

Well, yeah, I mentioned that the amortization of the license fees would be about $60 million next year. So, you know, it will certainly be less than 10% of the total and the QTL segment is running just short on average of $200 million a quarter. So...

嗯，是的，我提到明年許可費的攤銷約為 6000 萬美元。所以，你知道，它肯定會不到總數的 10%，而且 QTL 細分市場平均每季只運行 2 億美元。所以...

Okay. Great.

好的。偉大的。

That will be license fees.

這將是許可費。

Okay, that's clear. And then a question for Don, did you can you give us a sense of what your backlog is like for the MSM5100 relative to the 5105, are we weighted to the 5100 now and can you give us a sense of the percent premium you charge for the 5100?

好的，很清楚了。然後問 Don 一個問題，您能否讓我們了解一下您的 MSM5100 相對於 5105 的積壓情況，我們現在是否以 5100 為權重？

We're eager to see the backlog build on the 5100, particularly for Japan and think the 5100 for the United States market will be a very, very strong market as 1x rollout for next year. So, through the year we clearly expect the 5100 to be the flagship of the both the U.S. market as well as Japan. But 5105 also will be heavily used as a more middle-end or to low-end handset not only in the U.S., but in Korea and China. So, I think we will see both of those being very strong sellers.

我們渴望看到 5100 的積壓，特別是在日本，並認為美國市場的 5100 將是一個非常非常強勁的市場，因為明年將推出 1 倍。因此，今年我們明確地預期 5100 將成為美國市場和日本市場的旗艦產品。但 5105 也將被大量用作中階或低階手機，不僅在美國，而且在韓國和中國。因此，我認為我們將看到這兩者都是非常強大的賣家。

Could you give me a sense of what the premium is for the 5100 versus the 5105?

您能否告訴我 5100 與 5105 相比的溢價是多少？

Oh, it depends, but in general, it's maybe a 10% up.

哦，這要看情況，但一般來說，可能會上漲 10%。

Okay. Thank you.

好的。謝謝。

Scott Searle with SG Cowen, go ahead.

Scott Searle 和 SG Cowen，繼續。

Good afternoon, first question for Tony or Don, related to the mix in QCT, relatives for MSM, the break down for revenues and also looking at the ramp up of MSM going forward, what would you expect operating margins within QCT to exit the year and a couple of follow-ups?

下午好，托尼或唐的第一個問題涉及 QCT 的組合、MSM 的親屬、收入細目以及未來 MSM 的增長，您預計 QCT 年內的營業利潤率是多少以及一些後續行動？

Well, the CSM, revenues, are a small portion of the total. The margin on the CSMS is a little higher because of the fact, the volume is lower and the volume costs are relatively high, but it varies, this last quarter, fourth quarter was high. The contribution from them was high. It will be fairly low in the coming quarter. But, you know, as a rule of thumb, 10% of the revenues coming from CSMS.

嗯，CSM（收入）只佔總數的一小部分。 CSMS的利潤率較高，因為銷售量較低，批量成本相對較高，但情況有所不同，上個季度、第四季度較高。他們的貢獻很高。下個季度該數字將相當低。但是，您知道，根據經驗，10% 的收入來自 CSMS。

And, you know, looking forward to the end of fiscal '02, what sort of fiscal operating level do you expect for the group to exit the year?

而且，您知道，展望 02 財年末，您預計集團今年退出時的財務營運水準如何？

I'm sure Don's expecting somewhere in the order of 50%.

我確信 Don 的預期是 50% 左右。

But I would be more conservative! And again, I think the -- you know, you start from the base of 20% and you look at a ramp-up in revenues, we've achieved upward of 30% in prior years and certainly that's our target to get back there. I don't think we will achieve that, though, in Fiscal 2002.

但我會比較保守！再說一次，我認為——你知道，你從 20% 的基礎開始，你會看到收入的增長，我們在前幾年已經實現了 30% 以上，當然這是我們回到那裡的目標。不過，我認為我們不會在 2002 財年實現這一目標。

And during the quarter, is there an estimate for the total number of CDMA handsets that were sold so we have an idea of what the existing chip share market looks like going forward?

在本季度，是否有對 CDMA 手機銷售總數的估計，以便我們了解現有晶片份額市場的未來情況？

No, we do not. We don't even ourselves have a roll of the royalties reports in yet to tell us what happened in the September quarter, exactly. But we certainly have seen both Nokia and Motorola doing quite well in the market. So, I think our share of the market would probably be down a little bit. But again, as we look forward, the 1x from Motorola would ship that back again.

不我們沒有。我們甚至還沒有一卷特許權使用費報告來告訴我們九月季度到底發生了什麼。但我們確實看到諾基亞和摩托羅拉在市場上都表現得相當不錯。因此，我認為我們的市場份額可能會略有下降。但同樣，正如我們所期望的那樣，摩托羅拉的 1x 將再次將其運回。

The final two questions, 450 megahertz, what the expectation is there, Dr. Jacobs, in terms of opportunity and when we expect to see equipment coming to market and what to expect in terms of numbers in calendar '02. To follow up on vortex on TDA conversions in Latin America, can you talk TDA operators running trials and when we expect more resolutions or potential conversions to 1x. Thank you.

最後兩個問題，450 兆赫茲，Jacobs 博士，就機會而言，我們期望什麼時候看到設備進入市場，以及對 02 年日曆中的數字有何期望。為了跟進拉丁美洲 TDA 轉換的漩渦，您能否談談正在運行試驗的 TDA 運營商以及我們何時期望更多分辨率或潛在的 1 倍轉換。謝謝。

On the 450, first country in which 450 will come up with, 1x is Romania. We expect that to happen before the end of this year. Infrastructure is largely in place, testing has moved ahead well, things are performing well. Handsets are beginning to arrive. Testing yet to be done on the data capabilities on the handsets. Although the initial results are looking very positive. And so that will be the first one kicked off. There's a lot of activity around Europe, I think you may begin to see some, I guess I would call it a backlash, I'm not sure others would call it that, but the question of how one uses 450 could differ in different countries. It's been used in some cases for dispatch mode and so each of the countries, there's some activity to work with regulators, work to see if that spectrum could be available and could be used and we think in some cases that will be successful and that they're certainly a good potential. In some cases it may can used for data only and in some cases for more dispatched orientations. But there is certainly in some countries some resistance to allowing it to be used for cdma. As far as the number of operators in Latin America that are on TDMA and are debating this, I don't have the number to give you off the top of my head, there are several. And as I mentioned earlier, my guess is that that there will be a delay in moving away from TDMA until the economy picks up a bit. But while that's happening, some of the areas will be equipped with 1x to begin experience with that.

在 450 上，第一個出現 450 的國家，1x 是羅馬尼亞。我們預計這將在今年年底之前發生。基礎設施已基本到位，測試進展順利，一切進展順利。手機開始上市。手機上的數據功能尚未完成測試。儘管初步結果看起來非常正面。這將是第一個開始的。歐洲各地有很多活動，我想你可能會開始看到一些，我想我會稱之為反彈，我不確定其他人會這麼稱呼它，但如何使用 450 的問題在不同國家可能會有所不同。它在某些情況下被用於調度模式，因此每個國家都在與監管機構合作開展一些活動，看看該頻譜是否可用並可以使用，我們認為在某些情況下這將會成功，並且他們肯定是一個很好的潛力。在某些情況下，它可能僅用於數據，而在某些情況下，它可用於更多調度方向。但在某些國家，肯定會存在一些阻力，不允許其用於 cdma。至於拉丁美洲使用 TDMA 並對此進行爭論的運營商數量，我無法提供具體數字，但有好幾個。正如我之前提到的，我的猜測是，在經濟稍微好轉之前，放棄 TDMA 將會有所延遲。但當這一切發生時，有些區域將配備 1x 來開始體驗。

And just one final, related to the royalty debate between the Korean operators looking for most favored nation status relative to China, do you have a quick update there? Thank you.

最後還有一個決賽，與尋求相對於中國的最惠國地位的韓國運營商之間的特許權使用費辯論有關，您有快速更新嗎？謝謝。

Steve, you want to comment on that?

史蒂夫，你想對此發表評論嗎？

Well, you know, we continually see newspaper reports out of Korea, we're in discussions with our licensees, but, you know, we believe that we have fully complied with their obligations and we've offered what they're entitled to under the agreement and things are moving along fine from our perspective.

嗯，你知道，我們不斷地看到韓國的報紙報道，我們正在與我們的被許可人進行討論，但是，你知道，我們相信我們已經完全遵守了他們的義務，並且我們已經提供了他們根據從我們的角度來看，協議和事情進展順利。

I think you're never going to, you know, never going to see any particularly licensee, you know, just tremendously happy with paying Qualcomm royalties, but we've negotiated reasonable agreements with over 100 different companies. We will comply with them and expect them to comply with them as well.

我認為你永遠不會，你知道，永遠不會看到任何特別的被許可人，你知道，只是對支付高通專利費感到非常滿意，但我們已經與100 多家不同的公司談判了合理的協議。我們將遵守這些規定，並期望他們也遵守這些規定。

Thank you.

謝謝。

Mark Roberts with Wachovia Securities, please go ahead.

美聯證券 (Wachovia Securities) 的馬克羅伯茨 (Mark Roberts)，請繼續。

Thank you. I have a couple of questions, as well. Tony, the license fees that you received from Nokia, were those recognized in the September quarter and how much of that was capitalized and will be amoritized in five to seven years?

謝謝。我也有幾個問題。東尼，您從諾基亞收到的許可費是在九月份季度確認的嗎？

Well, we're amoritizing it all over seven years. So. The amount that hit Q4 was very small from the Nokia deal.

好吧，我們將在七年內攤銷它。所以。第四季來自諾基亞交易的金額非常小。

Okay, and when you're forecasting handset demand for next year, in your forecast, what are you anticipating end of the year '01 CDMA subs to be worldwide and what are you expecting them to be at the end of '02?

好的，當您預測明年的手機需求時，在您的預測中，您對 01 年底全球 CDMA 用戶的預期是多少，以及您對 02 年底的預期是多少？

Well, we're expectation the replacement market in 2002 to just cross over and exceed the new subscriber market. So, with the 85 million level, you can see roughly an additional 40 million subscribers would be approximately what we'd be seeing and we'd expect there to be something in excess of 110 million, maybe 115 million by the end of this year.

嗯，我們預計 2002 年的替換市場將跨越並超越新用戶市場。因此，在 8500 萬的水平上，您可以看到大約會增加 4000 萬訂閱者，這大約是我們所看到的，我們預計到今年年底訂閱人數將超過 1.1 億，也許是 1.15 億。

Okay. And last question, as your capitalizing these license agreements, particularly with regard to CDMA 2000 and WCDMA, are there any ongoing contingent obligations that you have that could be a source of disagreement or debate or you know, where your licensees could come back at you and say you weren't fulfilling obligations or is it for of accounting?

好的。最後一個問題，當您利用這些授權協議時，特別是關於CDMA 2000 和WCDMA 的授權協議，您是否存在任何持續的或有義務，這些義務可能會成為分歧或辯論的根源，或者您知道，您的被授權人可能會向您提出申訴並說你沒有履行義務或是為了會計？

Steve can comment on the agreements. I can comment on the accounting.

史蒂夫可以對協議發表評論。我可以對會計發表評論。

We have no obligations going forward, you know that, already people aren't aware of. You know, we license our patents. They get rights to new patents into the future and they pay us royalties when they use our patents. So, it's not much more complicated than that.

我們沒有任何義務繼續前進，你知道，人們已經沒有意識到這一點。你知道，我們許可我們的專利。他們獲得未來新專利的權利，並在使用我們的專利時向我們支付版稅。所以，事情並沒有比這複雜多少。

Right.

正確的。

So, Mark as I tried to explain and I know it is extremely difficult, the reason that we're amortizing oons is because of the future patents and the strength terms of SAB 101 obliges you to spread the revenues, even though we believe that the substantial value of the contract,fact, relates to the patents earnings at the time the signed agreement, it's only really a concession in terms of allowing for future patents, it just makes the agreement work a lot better, but there is no obligation whatsoever to create new patents, of course, we're doing that all the time, but there is no obligation to do so.

因此，馬克，正如我試圖解釋的那樣，我知道這非常困難，我們攤銷的原因是因為未來的專利和 SAB 101 的強度條款迫使您分攤收入，即使我們相信合約的實質價值，事實上，與簽署協議時的專利收入有關，這只是在允許未來專利方面的真正讓步，它只是使協議運作得更好，但沒有任何義務創造新專利，當然，我們一直在這樣做，但沒有義務這樣做。

Okay, thank you.

好的謝謝。

Just... could you tell us just how much...approximately how many SUBS and POPS Vesper represents?

只是...您能告訴我們 Vesper 代表了多少...大約是多少 SUBS 和 POPS 嗎？

Yes, the subscribers is something over 300,000 currently and the POPS that it represents is about 90 million. That's covered by the licenses. And much of that is built out, but not all of it.

是的，目前訂戶數量超過 30 萬，其代表的 POPS 約為 9,000 萬。許可證涵蓋了這一點。其中大部分是建造出來的，但不是全部。

Okay. That's good enough for me. Thank you.

好的。這對我來說已經夠好了。謝謝。

Steefsh Markman with AB and Amro, go ahead.

Steefsh Markman 與 AB 和 Amro，繼續。

Thank you very much. I had a couple of quick questions. If your sense is 85 to 90 million 1x-rt units next year, what percent of those would you estimate would be 1 xrtt?

非常感謝。我有幾個簡單的問題。如果您預計明年會有 85 到 9000 萬個 1x-rt 單位，您估計其中 1xrtt 的百分比是多少？

I think it's going to be again similar to the replacement markets, same kind of arithmitic. We think 1x is going to be growing very rapidly and will replace 95aduring the year. A 50/50 split wouldn't be a bad rough guide.

我認為這將再次類似於替換市場，同樣的算術。我們認為 1x 將成長非常迅速，並將在年內取代 95。 50/50 的劃分是一個不錯的粗略指導。

In other words, a magnitude of 40-plus million.

也就是說，數量級有四十多萬。

Yeah.

是的。

When you think about the beginning of shipments at would when you occurred this year in terms of the chip sets, who do you think your primary competition in world chip sets will be going forward?

當您考慮今年晶片組的出貨量時，您認為未來世界晶片組的主要競爭對手將是誰？

Clearly you have a form of world shipping in Japan, i.e. The Docomo form, they're very focused on the ship set point of view. If you look at the broader market, the UMTS market, it is a lot more wide open. And that's where we are focused, on that market, whether it be Europe, China, et cetera and we think we're in pretty good position there you have other companies that will do their own and other competitors in the general chip market. We're pretty well positioned. In general, we've seen and heard of much more slips in the chip set schedules by our competitors than in terms of any one meeting schedule or pulling in. And so far we've been able to meet our schedules.

顯然，日本有一種世界航運形式，即 Docomo 形式，他們非常關注船舶設定的觀點。如果你看看更廣闊的市場，即 UMTS 市場，你會發現它要開放得多。這就是我們關注的市場，無論是歐洲、中國或其他市場，我們認為我們處於非常有利的位置，其他公司將做自己的事情，而在一般晶片市場上還有其他競爭對手。我們處於非常有利的位置。總的來說，我們看到和聽到的競爭對手在晶片組時間表上的失誤比任何一次會議時間表或拉入方面的失誤都要多得多。時間表。

Okay. The final question I have is if you think about Vesper going forward, what type of capital equipments does Vesper involve over the ensuing FY 02 and other carriers from capital equipments, whether it with the 450 carrier or otherwise? I'm trying to get a sense of outflows to carriers?

好的。我的最後一個問題是，如果您考慮 Vesper 的未來發展，那麼 Vesper 相對於隨後的 02 財年和其他資本設備涉及什麼類型的資本設備，無論是 450 航母還是其他？我想了解營運商的資金流出？

I would mention 266 million relating to Vesper's, which should, with just a small amount of additional external debt financing, get them to cash flow break even. Certainly in the future, I think for growth and we certainly expect to see Vesper make significant strides that, additional capital bills will require more cap-x, but by that time, we expect to be out of that business so we don't expect significant additional equipments over and above the 1266. For the 4250, we committed $200 million of equity financing into that venture and we're working very closely with enron to raise additional money from strategic investors and so, again, at this stage, anyway, we don't see any additional commitment, roughly 100 of that is already committed between the Fomania build and the other activities that they have going to secure new licenses.

我要提到的是與 Vesper 相關的 2.66 億美元，只需少量額外的外債融資，就可以讓他們達到現金流收支平衡。當然，在未來，我認為為了成長，我們當然希望看到 Vesper 取得重大進展，額外的資本支出將需要更多的資本支出，但到那時，我們預計將退出該業務，因此我們不期望除了1266之外還有重要的附加設備。在現階段，我們沒有看到任何額外的承諾，其中大約 100 已經在 Fomania 構建和他們將要獲得新許可證的其他活動之間做出了承諾。

Okay, Tony. So if I simplfy that, that's potentially $266 million, $270 million in Vesper and maybe 100 more for the lips.

好吧，托尼。因此，如果我簡化一下，這可能是 2.66 億美元，其中 Vesper 為 2.7 億美元，嘴唇可能還需要 100 美元。

Yes, and maybe I should add the real possibility of other markets where we would invest and possibilities certainly in India, other markets, I mean we're looking at Taiwan and -- and possibly Singapore, where we think that CDMA 800 book renters, particularly strategic.

是的，也許我應該補充我們投資的其他市場的真正可能性，當然還有印度和其他市場的可能性，我的意思是我們正在關注台灣和——可能還有新加坡，我們認為CDMA 800 的預訂者在那裡，特別具有戰略意義。

Got it. But just for clarification, if the money to Vesper would be monies to be released from this point on, the 266 hasn't been funded to date, has it?

知道了。但澄清一下，如果給 Vesper 的資金是從現在開始發放的資金，那麼 266 迄今為止還沒有得到資助，不是嗎？

No, we have not closed on the restructuring yet.

不，我們還沒有完成重組。

Great. Thanks very much.

偉大的。非常感謝。

Our last question is from Brian Modoff with Deutsche Bank.

我們的最後一個問題來自德意志銀行的布萊恩‧莫多夫。

A point of clarification, you said you had 86% ownership now?

澄清一點，你說你現在擁有86%的所有權？

That's dependent on the closing.

這取決於收盤。

In terms of India, I need more clarification on that. What's the status of the licensing in India and what operators are indicating they're going to KPLENS the build-out of additional networks and are these the wireless local loop networks that are already in place, expanding those?

就印度而言，我需要更多澄清。印度的許可狀況如何？ 哪些業者表示他們將向 KPLENS 擴建更多網路？

Yes, the mobile networks are GSM in India by requirement. But the wireless local loop networks have now been allowed to move to limited mobility so they can use portable handsets, which makes quite a financial difference. The government has networks and those are already, I think they've already let Drookts expand those with CDMA and there are private operators, I think there are -- well, private operators are also beginning to expand. I think you will be seeing some announcements coming along in the fairly near future.

是的，根據要求，印度的行動網路是 GSM。但無線本地環路網路現在已被允許移動性有限，因此它們可以使用便攜式手機，這帶來了相當大的財務差異。政府擁有網絡，而且已經有了，我認為他們已經讓 Drookts 擴展了 CDMA 網絡，而且還有私人運營商，我認為 - 嗯，私人運營商也開始擴展。我想您會在不久的將來看到一些公告。

From the operators in terms of expansion plans?

從運營商方面來說有擴張計劃嗎？

Both expansion and basically new operator enterent.

既有擴張，也有新的運營商進入。

With the $20 million licensing, where's that at now with the government?

有了2000萬美元的許可，政府現在在哪裡？

The...some of the operators now have licenses, Reliance has a fairly extensive license across most of the circles in India, just a couple of trouble spots where they don't have licenses and others have a paint spectrum.

一些運營商現在擁有許可證，Reliance 在印度大部分地區擁有相當廣泛的許可證，只有幾個麻煩點他們沒有許可證，而其他運營商則擁有油漆範圍。

And Tantra has a significant number of regions, also and also commitments to purchase quite a lot of equipment.

而且Tantra擁有相當多的地區，也承諾購買相當多的設備。

Thank you. Um, in terms of the chip shipments, Q1 from Q4, can you quantify where you see, what kind of impact do you expect from the other areas, like China, can you quantify that to, you know, more than offset the normally seasonal Q1 from Q4?

謝謝。嗯，就晶片出貨量而言，從第一季度到第四季度，您能量化您所看到的情況嗎？一點，以抵消正常季節性的影響？

Clearly we're starting to see some of China as they start to build up the phones for the early launch. So, we're seeing some impact up there, but we're still seeing, as we know, very strong Korea with 1x and a very strong United States marketplace.

顯然，我們開始看到一些中國國家開始為早期發布生產手機。因此，我們看到了一些影響，但正如我們所知，我們仍然看到非常強大的韓國（1x）和非常強大的美國市場。

Do you expect this to actually...you'd expect operators to buy more 1x phones versus, even though subscriber growth may be down subsequently?

您是否認為這實際上...您希望運營商購買更多 1x 手機，儘管用戶增長隨後可能會下降？

I think we're going to see -- our estimate is by the second quarter of the calendar year we will see 1x surpass the old technology, in terms of chip shipment. I expect fairly quickly that basically all phones will probably switch over to 1x, the 6,000 series will provide the full range of phones and those are also with the 1x.

我認為我們將會看到——我們的估計是，到今年第二季度，我們將看到晶片出貨量將超過舊技術 1 倍。我預計很快所有手機都可能會切換到 1x，6,000 系列將提供全系列手機，而且這些手機也都帶有 1x。

So you expect to drive unit volume subsequently in Q1 to Q4?

那麼您預計第一季到第四季隨後會推動單位銷售？

Yes. In China, by the way, the initial build-out that will be largely completed early this coming year, is covers roughly, or will support up to 15 million subscribers, they're now making announcements about adding infrastructure for a greater number, perhaps 20 million subscribers and beyond that into the next year. So, they'll end up with quite a large capacity. The issue there is going to be how smoothly they launch, how well they market, initially they're starting out with 95-15. We expect that the next build-outs will be with 1x and the 95a will be converted to 1x. There will be a period of learning and adjusting of the usual shape, but I would think before the end of the calendar year, there should be very substantial sales.

是的。順便說一句，在中國，初步建設將於今年年初基本完成，大致覆蓋或將支援多達 1500 萬用戶，他們現在正在宣佈為更多用戶增加基礎設施，也許2000 萬訂戶，明年還會繼續增加。因此，它們最終將擁有相當大的容量。問題在於他們的發布有多順利，他們的行銷有多好，最初他們的表現是 95-15。我們預計下一次擴建將採用 1x，而 95a 將轉換為 1x。會有一段時間的學習和調整，但我想在年底之前，應該會有非常可觀的銷售量。

And to the calendar year '02? What would you expect, you're talking about a subsequently up Q4 in terms of QTL division, what would you expect royalties to be as a result of shipments and do you expect it to be stronger in the current quarter relative to license fees in the previous or can you quantify where you expect those to be as a percent of revenues. And Don, Zif architecture chips?

那麼到 02 日曆年呢？您期望什麼，您談論的是 QTL 部門隨後第四季度的增長，您預計出貨量帶來的特許權使用費是多少，您預計本季度相對於許可費而言會更強嗎？量化您期望這些佔收入的百分比嗎？還有 Don、Zif 架構晶片嗎？

Well, Brian, the license fees, the beauty of SAB 101 is that our license fees are going to be very constant, so the 15 million amortization will be, you know, reasonably constant Q4 to Q1, it is the royalties we expect to grow in the bigger market. And that's reflected in the MSM shipments going up, we certainly expect to see a very good Christmas quarter that isn't just seasonal, but is related to the 1x launches and the various markets.

好吧，Brian，許可費，SAB 101 的優點在於我們的許可費將非常穩定，因此 1500 萬美元的攤銷將在第四季度到第一季相當穩定，這是我們期望增長的特許權使用費在更大的市場。這反映在 MSM 出貨量的上升中，我們當然期望看到一個非常好的聖誕節季度，這不僅僅是季節性的，而且與 1x 的發布和各個市場有關。

And that will have no impact on your method of accounting royalty recognition?

這不會對您的特許權使用費確認會計方法產生影響嗎？

No change in that.

沒有改變。

And last question on Zif?

關於 Zif 的最後一個問題？

I mentioned the MSM6000 family development is so far on schedule and including the Zif architecture, we hope to sample them by the end of the first quarter calendar year and probably in the third quarter sometime you will see the phones hit the market.

我提到MSM6000 系列的開發到目前為止正在按計劃進行，包括Zif 架構，我們希望在日曆年第一季末之前對它們進行採樣，並且可能在第三季度的某個時候您會看到這些手機上市。

Great. Thanks, guys.

偉大的。多謝你們。

Dr. Jacobs, do you have anything further to add?

雅各布斯博士，您還有什麼要補充的嗎？

Well, thank you all for your attention, for your as usual good and detailed questions. As noted we anticipate a uniquely exciting year for cdma with the launch of the several 3G networks and with very highly capable handsets with brew applications, now appearing and, of course, with the new markets. Thank you. We look forward to seeing you at our analyst meeting on Thursday.

好的，感謝大家的關注，感謝大家像往常一樣提出的好而詳細的問題。如前所述，隨著多個3G 網路的推出，以及現在出現的帶有Brew 應用程式的功能非常強大的手機，當然還有新市場的推出，我們預計cdma 將迎來獨特而激動人心的一年。謝謝。我們期待在周四的分析師會議上見到您。