高通 (QCOM) 2006 Q4 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 fourth-quarter conference call. (OPERATOR INSTRUCTIONS).

歡迎參加高通第四季電話會議。 （操作員說明）。

As a reminder, this conference is being recorded November 2, 2006.

謹此提醒，本次會議的錄音時間為 2006 年 11 月 2 日。

The playback number for today's call is 1-800-642-1687.

今天通話的回放號碼是 1-800-642-1687。

International callers, please dial 1-706-645-9291.

國際電話請撥 1-706-645-9291。

The playback reservation number is 744-0137.

播放預約號碼為744-0137。

I would now like to turn the call over to Bill Davidson, Vice President of Global Marketing and Investor Relations.

我現在想將電話轉給全球行銷和投資者關係副總裁比爾戴維森 (Bill Davidson)。

Bill, please go ahead, sir.

比爾，請繼續，先生。

Thank you and good afternoon.

謝謝你，下午好。

Today's call will include prepared remarks by Dr. Paul Jacobs, Steve Altman, Dr. Sanjay Jha and Bill Keitel.

今天的電話會議將包括保羅·雅各布斯(Paul Jacobs) 博士、史蒂夫·奧爾特曼(Steve Altman)、桑傑·賈(Sanjay Jha) 博士和比爾·凱特爾(Bill Keitel) 準備好的發言。

An Internet presentation and audio broadcast accompanies this call, and you can access it by visiting www.QUALCOMM.com.

此通話附帶網路示範和音訊廣播，您可以透過造訪 www.QUALCOMM.com 進行存取。

During this conference call, if we use any non-GAAP financial measures as defined by the SEC and Regulation G, you can find the required reconciliations to GAAP on our website.

在本次電話會議期間，如果我們使用 SEC 和 G 條例定義的任何非 GAAP 財務指標，您可以在我們的網站上找到所需的 GAAP 調整表。

I would also direct you to our 10-K and earnings release which were filed and furnished respectively with the SEC today and are available on our website.

我也會向您介紹我們今天分別向 SEC 提交和提供的 10-K 和收益報告，並可在我們的網站上取得。

We may make forward-looking statements relating to our expectations and other future events that may differ materially from QUALCOMM's actual results.

我們可能會就我們的預期和其他未來事件做出前瞻性陳述，這些陳述可能與高通的實際結果有重大差異。

Please review our SEC filings for a detailed presentation of each of our businesses and associated risks and other important factors that may cause our actual results to differ from these forward-looking statements.

請查看我們向 SEC 提交的文件，詳細介紹我們的每項業務、相關風險以及可能導致我們的實際結果與這些前瞻性陳述不同的其他重要因素。

Pro forma revenues were $2 billion in the fourth fiscal quarter, up 28% year-over-year and 2% sequentially.

第四財季預估營收為 20 億美元，年增 28%，季增 2%。

Fourth fiscal quarter pro forma net income was $705 million, up 30% year-over-year and down 3% sequentially.

第四財季預估淨利為 7.05 億美元，年增 30%，季減 3%。

Pro forma diluted earnings per share were $0.42, up 31% year-over-year and even sequentially.

預計攤薄每股收益為 0.42 美元，年增 31%，季增 31%。

Fourth fiscal quarter pro forma free cash flow defined as net cash from operating activities less capital expenditures, was $907 million, up 8% year-over-year and was 45% of revenue.

第四財季預計自由現金流（定義為經營活動淨現金減去資本支出）為 9.07 億美元，年增 8%，佔營收的 45%。

Before I turn the call over to Dr. Paul Jacobs, I would like to mention that we are hosting an analyst meeting on November 13 in London.

在將電話轉給 Paul Jacobs 博士之前，我想提一下，我們將在 11 月 13 日在倫敦舉辦分析師會議。

The meeting will be simulcast on our website with audio and slide presentations.

會議將在我們的網站上同步直播，並提供音訊和幻燈片演示。

Questions from our webcast participants can be submitted prior to the meeting by going to QUALCOMM's Investor Relations website at www.QUALCOMM.com and following the links to our London webcast.

我們的網路廣播參與者可以在會議之前透過造訪高通投資者關係網站 www.QUALCOMM.com 並點擊我們的倫敦網路廣播連結來提交問題。

Now it is my pleasure to introduce QUALCOMM's CEO, Dr. Paul Jacobs.

現在我很高興向您介紹高通公司執行長保羅‧雅各布斯博士。

Thank you, Bill, and good afternoon, everyone.

謝謝比爾，大家下午好。

Let me begin by thanking the employees of QUALCOMM for delivering another spectacular year.

首先，我要感謝高通的員工，他們又創造了輝煌的一年。

Despite the numerous challenges by a few companies to our business model this year, as an organization we have remained focused by continuing to both innovate and execute, and I am delighted to report that this effort has resulted in some excellent financial and operational results.

儘管今年一些公司對我們的業務模式提出了許多挑戰，但作為一個組織，我們仍然透過繼續創新和執行來保持專注，我很高興地報告，這項努力已經取得了一些出色的財務和營運成果。

Let me first comment on our financial results.

讓我先評論一下我們的財務表現。

Our pro forma earnings per share were up 41% year-over-year to $1.64.

我們的預估每股收益將年增 41% 至 1.64 美元。

We were able to significantly outperform our original FY '06 guidance of $1.43 to $1.47 because we with our partners and licensees enabled stronger than predicted growth in handset shipments across all forms of 3G CDMA and because average selling prices of phones stabilized due to customer adoption of higher end features and a more rapid transition of 2G subscribers to 3G.

我們能夠顯著超越 06 財年最初的 1.43 美元至 1.47 美元的指導，因為我們與合作夥伴和被許可方一起實現了所有形式 3G CDMA 手機出貨量的強勁增長，而且由於客戶採用更高端的功能以及2G 用戶向3G 的更快過渡。

These trends drove record pro forma fiscal year revenue, generating $7.53 billion, up 33% year-over-year, and pro forma net income of $2.8 billion in FY 2006, up 42% year-over-year.

這些趨勢推動 2006 財年預計財政年度收入達到創紀錄的 75.3 億美元，年增 33%，預期淨利達 28 億美元，年增 42%。

Now let me spend a few minutes going through some of the key achievements for our business in fiscal 2006.

現在讓我花幾分鐘時間回顧一下 2006 財年我們業務所取得的一些主要成就。

In QCT each quarter of fiscal 2006 represented a new record for shipments that obviously resulted in a record for the entire year.

在 QCT 中，2006 財年每季的出貨量都創下了新紀錄，這顯然導致了全年的新紀錄。

This outstanding performance included a total of 207 million chips shipped this year as compared to 151 million in fiscal 2005 and 137 million in fiscal 2004.

這項出色的業績包括今年晶片出貨總量為 2.07 億顆，而 2005 財年為 1.51 億顆，2004 財年為 1.37 億顆。

QCT continues to demonstrate the benefits of our fabless business model and its ability to scale to our increasing volumes.

QCT 繼續展示我們無晶圓廠業務模式的優勢及其根據不斷增長的產量進行擴展的能力。

Our growth also continued in QTL where we signed 22 new 3G CDMA licenses.

我們在 QTL 方面也持續成長，簽署了 22 張新的 3G CDMA 許可證。

Other significant licensing milestones included granting our first-ever licenses for single mode OFDM, OFDMA, a license for a manufacturer in India and one for a third-party FLO chipset manufacturer.

其他重要的許可里程碑包括授予我們首個單模 OFDM、OFDMA 許可證、向印度製造商頒發的許可證以及向第三方 FLO 晶片組製造商頒發的許可證。

In QIS we now have 69 BREW operator partners in 31 countries with BREW developer payments surpassing a cumulative $700 million. '02's launch of uiOne on the Pantech Ice handset in September highlights our successful acquisition of Trigenix, and other European operators are in the process of deploying BREW uiOne.

在 QIS 中，我們現在在 31 個國家擁有 69 個 BREW 營運商合作夥伴，BREW 開發人員支付的金額累積超過 7 億美元。 '02 9月在Pantech Ice手機上推出uiOne凸顯了我們對Trigenix的成功收購，其他歐洲營運商正在部署BREW uiOne。

In addition to also deploying uiOne, Sprint extended our relationship on QChat and announced that they will be deploying it as their solution for Push-To-Talk as they begin migrating their iDEN subscriber base to CDMA DO Revision A.

除了部署 uiOne 之外，Sprint 還擴展了我們在 QChat 上的關係，並宣布他們將在開始將 iDEN 用戶群遷移到 CDMA DO 修訂版 A 時將其部署為 Push-To-Talk 解決方案。

In QSI we announced Verizon as our launch partner for media flow and are looking forward to deploying this revolutionary technology early next year.

在 QSI 中，我們宣布 Verizon 成為我們的媒體串流啟動合作夥伴，並期待明年初部署這項革命性技術。

In addition, the FLO Air Interface standard was ratified by TIA, dispelling the misinformation that FLO is a closed technology.

此外，FLO空中介面標準獲得了TIA的批准，消除了FLO是封閉技術的錯誤訊息。

We were very pleased with the unanimous FCC ruling released in response to a petition for a declaratory ruling filed by QUALCOMM in January of 2005.

我們對 FCC 針對高通公司 2005 年 1 月提交的宣告性裁決請願書作出的一致裁決感到非常高興。

This ruling greatly expands the number of markets in which MediaFLO USA can operate prior to the digital TV transition date of February 17, 2009.

這項裁決大大擴大了 MediaFLO USA 在 2009 年 2 月 17 日數位電視過渡日期之前可以運作的市場數量。

I would once again like to express our appreciation to Chairman Martin, the other commissioners and the FCC staff for their support for the new services that MediaFLO will enable.

我想再次向 Martin 主席、其他委員和 FCC 工作人員表示感謝，感謝他們對 MediaFLO 將啟用的新服務的支持。

As I look forward to fiscal 2007, our challenge is clear.

當我展望 2007 財年時，我們面臨的挑戰是顯而易見的。

It is critically important that we help our customers grow their marketshare, and we continue to enable the operators' data businesses to be successful.

至關重要的是，我們幫助客戶擴大市場份額，並繼續幫助營運商的數據業務取得成功。

Our R&D spending in fiscal 2007 is tracking to a long-term plan.

我們 2007 財年的研發支出符合長期計畫。

Our R&D investments are targeted at both near and long-term projects, and the amount dedicated to longer-term projects is greater than it has been at any other point in our history.

我們的研發投資針對近期和長期項目，專門用於長期項目的金額比我們歷史上的任何其他時期都要多。

The industry move from commodity voice services to differentiated data services provides us with many opportunities to create new technologies in future revenue streams.

產業從商品語音服務轉向差異化數據服務為我們提供了許多在未來收入流中創造新技術的機會。

The competitive advantages in cost, size, power and performance of QCT chipsets are clearly being leveraged in CDMA2000.

QCT晶片組在成本、尺寸、功耗和性能方面的競爭優勢在CDMA2000中得到了明顯的發揮。

There are 85 EV-DO deployments in more than 50 countries worldwide, and Sprint Nextel recently announced that they were the first operator to deploy EV-DO Revision A. San Diego is the first of 21 markets where Sprint will roll out EV-DO Revision A this year with coverage expected to reach more than 40 million people by year-end.

全球50 多個國家/地區已部署85 個EV-DO，Sprint Nextel 最近宣布，他們是第一家部署EV-DO Revision A 的營運商。聖地牙哥是Sprint 將推出EV-DO Revision A 的21 個市場中的第一個今年預計到年底覆蓋人數將超過 4000 萬人。

Additionally other forward-looking CDMA2000 operators such as Verizon, KDDI, Leap Wireless and Telecom New Zealand and LG Telecom already have aggressive plans for their evolution to EV-DO Rev A.

此外，其他具有前瞻性的 CDMA2000 營運商（例如 Verizon、KDDI、Leap Wireless 和紐西蘭電信以及 LG 電信）已經制定了向 EV-DO Rev A 演進的積極計劃。

For the WCDMA market, HSDPA is in its initial rollout stage.

對於WCDMA市場，HSDPA正處於初期推廣階段。

CDMA has been primarily a voice market to date since the data capability within the initial WCDMA specification was not a significant improvement over Edge or GPRS.

迄今為止，CDMA 主要是一個語音市場，因為初始 WCDMA 規範中的資料功能相對於 Edge 或 GPRS 並沒有顯著改善。

Up until now in Europe specifically, there has been minimal distinction between 2G and 3G handsets, and consumers have continued to purchase largely based on form factor and known brands as opposed to functionality.

到目前為止，特別是在歐洲，2G 和 3G 手機之間的差異很小，消費者繼續主要根據外形尺寸和知名品牌而非功能進行購買。

But similar to the way the CDMA market matured over time, we have seen the number of manufactures increase in the WCDMA market.

但與 CDMA 市場隨著時間的推移而成熟的方式類似，我們看到 WCDMA 市場的製造商數量不斷增加。

QCT alone has more than 30 customers with 267 designs available or coming to market.

光是 QCT 就擁有 30 多家客戶，擁有 267 種可用或即將推出的設計。

And QCT will work to increase its share of the WCDMA chipset by assisting their existing partners or gaining new ones.

QCT 將透過協助現有合作夥伴或獲得新合作夥伴來努力增加其在 WCDMA 晶片組中的份額。

In an example which highlights the power of the QUALCOMM business model to foster competition and support wireless operators' initiatives, Huawei and Vodafone recently announced the commercial availability of the first Vodafone branded handset, the V710 manufactured by Huawei.

華為和沃達豐最近宣布首款沃達豐品牌手機——華為製造的V710投入商用，這凸顯了高通商業模式在促進競爭和支持無線運營商舉措方面的力量。

In February the two companies entered into a strategic relationship in which Huawei will supply exclusive Vodafone branded handsets in 21 countries over the next five years.

今年 2 月，兩家公司建立了戰略合作關係，華為將在未來 5 年內在 21 個國家獨家供應沃達豐品牌手機。

As a result of the increased competition, prices have come down dramatically for WCDMA handsets, while volumes have increased.

由於競爭加劇，WCDMA 手機的價格大幅下降，而銷售量卻增加。

Using Yankee Group estimates for total market shipments and our own royalty reports for WCDMA unit shipments, WCDMA handset sales represented 41% of total sales in Western Europe, up from 30% in the March quarter and 25% in the December quarter of 2005.

根據Yankee Group 對市場總出貨量的估計以及我們自己的WCDMA 單位出貨量專利費報告，WCDMA 手機銷售佔西歐總銷量的41%，高於2005 年3 月季度的30% 和2005 年12 月季度的25%。

Competition is a far more important piece in driving down price in the handset market than any other single factor.

在降低手機市場價格方面，競爭是比其他單一因素重要得多的因素。

I would also like to comment on recent speculation concerning the health of the CDMA2000 market based on a small number of emerging market operators considering GSM overlays to their CDMA2000 network.

我還想對最近關於 CDMA2000 市場健康狀況的猜測發表評論，這些猜測基於少數新興市場營運商考慮將 GSM 覆蓋到其 CDMA2000 網路。

CDMA2000 continues to pace the migration from 2G to 3G and strengthens its market position.

CDMA2000繼續加快從2G向3G的遷移並鞏固其市場地位。

Close to 80% of the entire 3G subscriber base uses CDMA2000 devices and services.

整個 3G 用戶群中近 80% 使用 CDMA2000 設備和服務。

According to the CDMA development group, nearly 200 CDMA2000 networks are in operation worldwide as compared to 127 at this point last year.

據 CDMA 開發小組稱，全球有近 200 個 CDMA2000 網路正在運營，而去年此時只有 127 個。

Now turning to WCDMA, according to the Global Mobile Suppliers Association, the GSA, more than 120 operators around the world have deployed WCDMA as of October 10, 2006.

現在轉向 WCDMA，根據全球行動供應商協會 (GSA) 的統計，截至 2006 年 10 月 10 日，全球已有 120 多家營運商部署了 WCDMA。

The vast majority of these deployments have been as overlays to GSM networks.

這些部署中的絕大多數都是作為 GSM 網路的覆蓋。

Gartner Dataquest forecasted 54% of all spending this year as going to CDMA2000 and WCDMA infrastructure.

Gartner Dataquest 預測今年所有支出的 54% 將用於 CDMA2000 和 WCDMA 基礎架構。

By 2007 the firm expects spending to jump to 61% for 3G infrastructure as spending on 2G technologies like GSM continues to decline.

該公司預計，到 2007 年，隨著 GSM 等 2G 技術的支出持續下降，3G 基礎設施的支出將躍升至 61%。

Strategy analytics also predicts that more than half of the global spending for 3G wireless infrastructure will go to CDMA2000 and WCDMA during 2006 and that 2G technology investments will continue to decline.

Strategy Analytics也預測，2006年全球3G無線基礎設施支出的一半以上將流向CDMA2000和WCDMA，而2G技術投資將持續下降。

The continued deployment of HSDPA and ultimately HSUPA will be an important component of this infrastructure spending.

HSDPA 的持續部署以及最終的 HSUPA 將成為基礎設施支出的重要組成部分。

HSDPA was introduced in November 2005 and is now commercial with 65 operators in 33 countries with 21 others in deployment.

HSDPA 於 2005 年 11 月推出，現已在 33 個國家的 65 家營運商中投入商用，另外還有 21 家營運商正在部署。

There are 51 commercial devices on the market from 16 suppliers that support HSDPA.

市場上有來自 16 家供應商的 51 款商用設備支援 HSDPA。

The next evolution of this wireless broadband technology, HSUPA, is expected to be available in 2007 and will offer higher data throughput speeds in the uplink and other enhancements to improve the economics and performance of the 3G network.

這種無線寬頻技術的下一代技術 HSUPA 預計將於 2007 年推出，並將在上行鏈路中提供更高的資料吞吐速度以及其他增強功能，以提高 3G 網路的經濟性和效能。

QCT was first to market with a HSDPA chipset solution, and we are pleased that our chipset customers have been the first device manufacturers to support HSDPA launches.

QCT 率先向市場推出 HSDPA 晶片組解決方案，我們很高興我們的晶片組客戶成為第一批支援 HSDPA 發布的設備製造商。

QCT was also first to market with an HSUPA chipset, and we have design wins with 10 manufactures for that device.

QCT 也是第一個將 HSUPA 晶片組推向市場的公司，我們已經贏得了 10 家該設備製造商的設計。

We are now working to make the broadband capabilities of HSDPA technology accessible to broader audiences.

我們現在正在努力讓更廣泛的受眾能夠使用 HSDPA 技術的寬頻功能。

We sampled our MSM 6260 chipset ahead of schedule, which leverages the cost efficiencies of 65 nanometer process technology to accelerate the availability of HSDPA handsets to the mass-market.

我們提前對 MSM 6260 晶片組進行了採樣，該晶片組利用 65 奈米製程技術的成本效率來加速 HSDPA 手機推向大眾市場的速度。

Our leadership in HSDPA and in 1xEV-DO and DO Rev A has created the opportunity for us to build close relationships with laptop manufacturers.

我們在 HSDPA 以及 1xEV-DO 和 DO Rev A 方面的領先地位為我們創造了與筆記型電腦製造商建立密切關係的機會。

As a result, our HSDPA and DO chipsets are now being used in 73 commercial notebooks from nine manufacturers on 11 wireless operators' networks.

因此，我們的 HSDPA 和 DO 晶片組現已應用於 11 個無線營運商網路上 9 個製造商的 73 款商用筆記型電腦中。

And as this industry evolves, you can be sure that QUALCOMM will design and deploy the highest performance air links for a broad array of applications.

隨著這個行業的發展，您可以確信高通將為廣泛的應用設計和部署最高性能的空中鏈路。

And beyond that, we will work with our partners to turn these into services that consumers and enterprises will demand.

除此之外，我們將與合作夥伴一起將這些轉化為消費者和企業所需的服務。

In closing, I am exceedingly proud of our accomplishments this year and remain steadfast in my belief that our business model has and will continue to be a positive force in the industry.

最後，我對我們今年的成就感到非常自豪，並堅信我們的商業模式已經並將繼續成為行業的積極力量。

Our philosophy is simple -- manufacturers should be able to compete in an open market, not a closed market control by a limited number of manufacturers using their intellectual property to stifle competition.

我們的理念很簡單——製造商應該能夠在開放的市場中競爭，而不是由有限數量的製造商利用其智慧財產權來扼殺競爭的封閉市場。

By QUALCOMM acting as an aggregator of R&D for the industry, all participants in the value chain get the benefit of equal access to technology, enabling the best products to win in the market.

透過高通作為產業研發的聚合者，價值鏈中的所有參與者都可以平等地獲得技術，從而使最好的產品贏得市場。

I'm excited about the future for QUALCOMM.

我對高通的未來感到興奮。

Our vision and execution in R&D programs, as well as the development of products and services by our partners, puts us in an enviable position to take advantage of the many opportunities ahead.

我們在研發計畫方面的願景和執行力，以及合作夥伴的產品和服務開發，使我們處於令人羨慕的地位，能夠充分利用未來的眾多機會。

I would now like to turn the call over to Steve Altman.

我現在想把電話轉給史蒂夫·奧爾特曼。

Thanks, Paul, and good afternoon, everyone.

謝謝保羅，大家下午好。

I would like to first update you on the status of some of the legal proceedings that we are involved in.

我想先向您介紹我們所涉及的一些法律訴訟的最新情況。

Let me start first with the complaints that were filed in Europe by six companies that have been referred to as Project Stockholm.

首先讓我從六家被稱為「斯德哥爾摩計畫」的公司在歐洲提出的投訴開始。

There have recently been some confusing media reports issued about the expected next step in the process, and so I would like to clear up the confusion.

最近有一些關於該過程的預期下一步的令人困惑的媒體報道，因此我想澄清這些困惑。

The next step in the process is for the EC to decide whether or not to continue its informal investigation.

該過程的下一步是歐盟委員會決定是否繼續其非正式調查。

Although we expect that the EC will shortly make a decision to continue its informal investigation, such a decision means only that the EC will continue to do what it has been doing.

儘管我們預計歐盟委員會很快就會做出繼續其非正式調查的決定，但這樣的決定僅意味著歐盟委員會將繼續做它一直在做的事情。

That is gathering and evaluating information in order to fully understand the complaints.

即收集和評估資訊以充分了解投訴。

Such a decision would not single that the investigation has become formal or intensified as some media reports have mistakenly suggested.

這樣的決定並不像一些媒體報道錯誤地暗示的那樣，表明調查已經正式或加強。

The decision to continue the informal investigation is not the equivalent of a statement of objections which would signal a more formal phase, nor does it indicate one way or the other whether a statement of objections will ultimately be issued.

繼續非正式調查的決定並不等同於發出反對聲明，這標誌著更正式的階段，也不表明最終是否會發布反對聲明。

We have been advised that in complex cases it can sometimes take years, in some cases as long as five to six years, for the commission to reach the next milestone, namely a determination whether to either reject the complaints or initiate formal proceedings and issue a statement of objections or negotiate proposals to close the case.

我們被告知，在複雜的案件中，委員會有時可能需要數年時間，在某些情況下長達五到六年，才能達到下一個里程碑，即決定是否駁回投訴或啟動正式程序並發布反對聲明或談判建議以結束案件。

Because we feel that our agreements and actions have been lawful, we remain optimistic that the commission will ultimately decide not to issue a statement of objection.

因為我們認為我們的協議和行動都是合法的，所以我們對委員會最終決定不發表反對聲明保持樂觀。

We have seen several positive developments in our litigation with Broadcom in the past few months.

過去幾個月，我們與博通的訴訟取得了一些積極的進展。

Broadcom's antitrust complaint against QUALCOMM was dismissed in federal court on September 1.

博通針對高通的反壟斷訴訟於 9 月 1 日在聯邦法院被駁回。

Essentially the judge determined that even if she accepted as true everything that Broadcom alleged in its complaint, QUALCOMM has not violated any US antitrust laws.

從本質上講，法官認定，即使她接受博通在投訴中指控的所有內容均為真實，高通也沒有違反任何美國反壟斷法。

This was a very significant and favorable ruling for us, and although it is certainly not binding upon the determination of similar issues that have been raised by the Project Stockholm group in the EC, we believe that it will be carefully reviewed and considered by the European Commission.

這對我們來說是一項非常重要且有利的裁決，儘管它對歐洲委員會斯德哥爾摩項目小組提出的類似問題的確定不具有約束力，但我們相信歐洲委員會將仔細審查和考慮該裁決。委員會。

Broadcom has appealed the ruling, and the appeals process will likely take a year and a half or more to conclude.

博通已對該裁決提出上訴，上訴程序可能需要一年半或更長時間才能結束。

In the Broadcom International Trade Commission matter, on October 10 a judge determined that QUALCOMM did not infringe two of the three patents asserted by Broadcom.

在博通國際貿易委員會案件中，10 月 10 日，法官裁定高通並未侵犯博通主張的三項專利中的兩項。

Although the judge determined there was infringement of certain claims of the third patent, he recommended that no downstream remedies, including no injunctions be implemented against the wireless handsets of third parties that incorporate QUALCOMM chips and software.

儘管法官認定第三項專利的某些權利要求受到侵犯，但他建議不要採取下游補救措施，包括不對採用高通晶片和軟體的第三方無線手機實施禁令。

We maintain that this third patent, which does not apply to CDMA technology but rather deals with transitioning the handset to a power saving mode when out of a service area, is invalid and not infringed, and we will ask the full commission to reject the judge's recommendations on these issues.

我們認為，這第三項專利不適用於 CDMA 技術，而是涉及在離開服務區域時將手機轉換為省電模式，該專利無效且沒有侵權，我們將要求全體委員會駁回法官的裁決。就這些問題提出建議。

In any case, we are exploring designs to replace the features accused of infringement with superior functionality.

無論如何，我們正在探索設計，以卓越的功能取代被指控侵權的功能。

During the course of our litigation with Broadcom, we discovered that Broadcom had engaged in a successful multiyear effort to improperly acquire thousands of pages of our confidential business and technical information, including source code related to our WCDMA chip development.

在我們與 Broadcom 的訴訟過程中，我們發現 Broadcom 多年來一直在成功地不當獲取我們數千頁的機密業務和技術信息，包括與我們的 WCDMA 晶片開發相關的源代碼。

We also recently announced that the federal court in San Diego has enjoined Broadcom from any further solicitation, use or dissemination of QUALCOMM's WCDMA trade secrets, including source code.

我們最近也宣布，聖地牙哥聯邦法院已禁止博通進一步徵求、使用或傳播高通的 WCDMA 商業機密，包括原始碼。

A copy of the injunction order is available for your review on our website.

您可以在我們的網站上查看禁制令的副本。

If we are later able to demonstrate that Broadcom is using any of our misappropriated trade secret information, Broadcom will be in violation of the injunction which could result in a finding of contempt.

如果我們後來能夠證明博通正在使用我們盜用的任何商業機密訊息，博通將違反該禁令，這可能會導致藐視法庭的判決。

In April we identified Nokia as a company whose CDMA agreement needs to be extended.

4 月份，我們認定諾基亞是一家需要延長 CDMA 協定的公司。

In the event that after April 9, 2007 the existing agreement is not extended or a new agreement is not signed, Nokia's rights to sell handsets under most of our patents and, therefore, Nokia's obligation to pay royalties to us will both cease under the terms of the current agreement, and our rights to sell integrated circuits under Nokia's patents will likewise cease under the terms of the current agreement.

如果 2007 年 4 月 9 日之後現有協議未延期或未簽署新協議，諾基亞根據我們的大部分專利銷售手機的權利以及因此諾基亞向我們支付特許權使用費的義務都將根據條款終止。根據當前協議的條款，我們根據諾基亞專利銷售積體電路的權利也將同樣終止。

Although we regularly meet with Nokia to discuss the terms of such an extension, given among other things Nokia's recent public statements and the little progress we have made to date, our negotiating team is not optimistic that we will conclude the extension by April 2007.

儘管我們定期與諾基亞會面討論延期的條款，但考慮到諾基亞最近的公開聲明以及我們迄今為止取得的進展甚微，我們的談判團隊對於我們能否在 2007 年 4 月之前完成延期並不樂觀。

Changing topics, we see continued signs of strong 3G growth in virtually every market around the globe.

話題不斷變化，我們在全球幾乎每個市場都看到了 3G 強勁成長的持續跡象。

In Japan, as of the end of September, approximately 62% of Japan's nearly 94 million cellular users now subscribe to 3G services.

在日本，截至 9 月底，日本近 9,400 萬蜂窩用戶中約有 62% 訂閱了 3G 服務。

In anticipation of local number portability, DoCoMo, KDDI and SoftBank all introduced a wide variety of nude handsets to the Japanese market, which we expect will continue to help grow that market.

考慮到本地號碼可攜性，DoCoMo、KDDI 和軟銀都向日本市場推出了各種裸機，我們預計這將繼續幫助該市場成長。

The US market continues to experience rapid growth in the use of data.

美國市場的數據使用持續快速成長。

Verizon recently noted that their customers exchanged 232 million picture and video messages and completed 55 million downloads of games, ring tones and other content in the September quarter.

Verizon 最近指出，他們的客戶在 9 月所在季度交換了 2.32 億張圖片和視訊訊息，並完成了 5500 萬次遊戲、鈴聲和其他內容的下載。

Verizon V CAST music service now has a 1.3 million song library, and the September quarter represented the first quarter when data revenue exceeded $1 billion, up 84% year over year.

Verizon V CAST 音樂服務目前擁有 130 萬首歌曲庫，9 月季度的數據收入超過 10 億美元，年增 84%。

Sprint noted that its data service revenue is up 74% year-over-year, driven by increased usage of its 1xEV-DO PowerVision Network.

Sprint 指出，由於 1xEV-DO PowerVision 網路使用量增加，其數據服務收入較去年同期成長 74%。

Interestingly, Sprint noted that the monthly average data ARPU for CDMA subscribers is $10, twice that of the average for their iDEN subscribers.

有趣的是，Sprint 指出 CDMA 用戶的每月平均數據 ARPU 為 10 美元，是 iDEN 用戶平均數據的兩倍。

In developing markets, CDMA 450 is gaining significant traction around the world.

在發展中市場，CDMA 450 在全球範圍內獲得了巨大的關注。

CDMA 450 provides an extremely efficient wireless telecommunications solution by offering wide coverage and the ability to provide superior voice quality and high-speed data services and, therefore, has great potential for future growth.

CDMA 450 透過提供廣泛的覆蓋範圍以及提供卓越語音品質和高速數據服務的能力，提供了極其高效的無線電信解決方案，因此具有巨大的未來成長潛力。

According to the CDMA development group, CDMA 450 networks are now deployed in 35 countries around the world, including China, Pakistan, Russia, Romania, Indonesia, Cambodia and Vietnam.

據CDMA開發小組稱，CDMA 450網路現已部署在全球35個國家，包括中國、巴基斯坦、俄羅斯、羅馬尼亞、印尼、柬埔寨和越南。

In China we have seen the continued expansion of CDMA2000.

在中國，我們看到了CDMA2000的持續擴張。

In the first nine months of calendar 2006, China Unicom introduced more than 60 devices and sold more than 5 million units.

2006年前9個月，中國聯通推出了60多款設備，銷售量超過500萬台。

We continue to be very excited about the prospects in China, especially when the 3G licenses are issued.

我們仍然對中國的前景感到非常興奮，尤其是在 3G 牌照發放後。

However, given the highly speculative nature of when the 3G licenses will actually be issued, we have not included the potential growth from 3G licenses in our '07 forecast.

然而，考慮到 3G 牌照實際發放時間的高度推測性，我們並未將 3G 牌照的潛在增長納入 07 年的預測中。

Turning to India, the CDMA market experienced strong growth with average monthly net additions of more than 1.7 million subscribers in the third quarter of 2006.

至於印度，CDMA市場成長強勁，2006年第三季平均每月淨增用戶超過170萬人。

India now has a cumulative base of over 38 million subscribers with Reliance and Ta Da! surpassing 23 million and 12 million subscribers respectively.

印度目前 Reliance 和 Ta Da! 的累積訂戶數量已超過 3,800 萬人。訂戶數量分別超過2300萬和1200萬。

This quarter the Telecom Regulatory Authority of India has permitted CDMA operators to bid for 3G mobile phone services in 00 megahertz spectrum which they already use for their current services.

本季度，印度電信監管局允許 CDMA 營運商競標 00 兆赫頻譜的 3G 行動電話服務，該頻譜已用於他們目前的服務。

We are pleased with this outcome as it enables easy expansion to existing networks and lays the foundation for the potential deployment of EV-DO in India.

我們對這一結果感到高興，因為它可以輕鬆擴展到現有網絡，並為 EV-DO 在印度的潛在部署奠定基礎。

In Western Europe we continue to see increasing 3G adoption across the region as next generation devices continue to decrease in cost and improve in form factor and battery life.

在西歐，隨著下一代設備的成本不斷降低、外形尺寸和電池壽命不斷提高，我們繼續看到該地區 3G 的採用率不斷增加。

The deployment of HSPA and the proliferation of new devices are becoming catalysts for operators 3G focus.

HSPA 的部署和新設備的激增正在成為營運商關注 3G 的催化劑。

The number of 3G capable handsets has accelerated rapidly in the past 12 months with over 60 new WCDMA handsets launched in the first half of 2006.

在過去 12 個月裡，支援 3G 的手機數量迅速增加，2006 年上半年推出了 60 多款新 WCDMA 手機。

As we look towards next year and beyond, we see a global market that will continue growing very rapidly due to a variety of factors, including a wide range of attractive and affordable devices combined with the improved network performance and the introduction of compelling new applications and services.

展望明年及以後，我們看到，由於多種因素，全球市場將繼續快速增長，包括各種有吸引力且價格實惠的設備，加上網絡性能的改進以及引人注目的新應用程序和技術的引入。服務。

We take pride in knowing that our broad licensing program, our engineering expertise and our continued investments in R&D are an important contributor to the industry's growth.

我們感到自豪的是，我們廣泛的許可計劃、我們的工程專業知識以及我們對研發的持續投資是該行業成長的重要貢獻者。

Although our success and the success of our partners has resulted in challenges to our business model by some of our competitors, we remain confident that we will overcome these challenges.

儘管我們和合作夥伴的成功導致一些競爭對手對我們的業務模式提出了挑戰，但我們仍然有信心克服這些挑戰。

We feel very strongly that we have well-established the fair and reasonable value of our patent portfolio through bilateral arms-length negotiations with over 130 companies, and we will make our decisions considering the long-term best interests of QUALCOMM and its shareholders.

我們強烈地感覺到，透過與 130 多家公司的雙邊公平談判，我們已經確定了我們的專利組合的公平合理的價值，並且我們將在做出決定時考慮高通及其股東的長期最佳利益。

I would now like to turn the call over to Sanjay Jha.

我現在想將電話轉給 Sanjay Jha。

Thank you, Steve.

謝謝你，史蒂夫。

Good afternoon.

午安.

I would like to review some key highlights for QCT.

我想回顧一下 QCT 的一些關鍵亮點。

In the fourth quarter of fiscal 2006, QCT continued to set new milestones for financial performance.

2006財年第四季度，QCT的財務表現持續創下新的里程碑。

We set records for MSM chipset shipments, for revenue and for CSM channels.

我們創下了 MSM 晶片組出貨量、收入和 CSM 通路的記錄。

By shipping approximately 56 million MSMs, QCT established a record for the fifth straight quarter.

QCT 的 MSM 出貨量約為 5,600 萬個，連續第五個季度創造了記錄。

This compares to approximately 55 million MSMs shipped in the third quarter of fiscal 2006 and 40 million in the fourth quarter of fiscal 2005.

相較之下，2006 財年第三季 MSM 的出貨量約為 5,500 萬個，2005 財年第四季為 4,000 萬個。

Year-over-year this represents a 40% increase.

較去年同期成長 40%。

For the full 2006 fiscal year, QCT shipped approximately 2007 million MSMs compared to approximately 151 million in fiscal 2005 for a 37% annual increase.

在整個 2006 財年，QCT 的 MSM 出貨量約為 2,007 百萬台，而 2005 財年的出貨量約為 1.51 億台，年增長率為 37%。

For the fourth quarter of fiscal 2006, QCT achieved record revenues of over $1.1 billion.

2006 財年第四季度，QCT 實現了超過 11 億美元的創紀錄收入。

This amount is marginally higher than the third quarter but represents a 26% increase year-over-year.

這一數字略高於第三季度，但年增 26%。

Our fiscal 2006 annual revenue of over $4.3 billion is a 32% increase over fiscal 2005.

我們 2006 財年的年營收超過 43 億美元，比 2005 財年成長了 32%。

This represents a compound annual growth rate over the last four years of 28%.

這意味著過去四年的複合年增長率為 28%。

While QCT's annual operating profit of 26% in fiscal 2006 remains consistent with 2005, our operating profit increased 33% to greater than $1.1 billion for this fiscal year.

雖然 QCT 2006 財年的年度營業利潤為 26%，與 2005 年持平，但本財年的營業利潤成長了 33%，超過 11 億美元。

As chip shipments and revenues accelerate, we are seeing the results of our technology innovation in the form of wireless devices launching throughout the world.

隨著晶片出貨量和收入的加速，我們看到我們的技術創新成果以無線設備的形式在世界各地推出。

QCT tripled our shipment of EV-DO chipsets in fiscal 2006, a fact that can be partially attributed to strong market acceptance of mobile broadband services.

2006 財年，QCT 的 EV-DO 晶片組出貨量增加了兩倍，部分原因在於市場對行動寬頻服務的強烈接受度。

Both PC cards and mobile handsets supporting the next evolution of EV-DO networks, EV-DO Revision A, will be commercially launched before the end of the year.

支援 EV-DO 網路新一代演進（EV-DO 修訂版 A）的 PC 卡和行動手機將於今年底前投入商業市場。

We remain committed to emerging markets, and this past quarter introduced that QSC 1100 single chip solution that will enable CDMA2000 handsets to break new price barriers.

我們仍然致力於新興市場，上個季度推出了 QSC 1100 單晶片解決方案，該解決方案將使 CDMA2000 手機突破新的價格障礙。

In addition to bringing wireless communication to new users in emerging marketplaces, the QSC 1100 is also designed to doubletalk time compared to CDMA2000 handsets on the market today and improve network capacity by up to 100%.

除了為新興市場的新用戶帶來無線通訊之外，QSC 1100 的設計還使目前市場上的 CDMA2000 手機的通話時間加倍，並將網路容量提高了 100%。

Even as we continue to build our technology leadership in CDMA2000, we are continuing to increase our technology leadership in UMTS.

即使我們繼續在 CDMA2000 領域建立技術領先地位，我們也在繼續增強我們在 UMTS 領域的技術領先地位。

This past quarter QCT completed successful test calls delivering 2 Mbps on the uplink with HSUPA and performed HSUPA interop testing with multiple leading infrastructure vendors.

上個季度，QCT 成功完成了在 HSUPA 上行鏈路上提供 2 Mbps 傳輸速度的測試呼叫，並與多家領先的基礎設施供應商進行了 HSUPA 互通測試。

HSUPA is the next evolution of wideband CDMA technology that together with HSDPA delivers wireless broadband capability on the uplink, as well as the downlink.

HSUPA 是寬頻 CDMA 技術的下一代演進，它與 HSDPA 一起在上行鏈路和下行鏈路上提供無線寬頻功能。

Our HSDPA and wideband CDMA chipsets continue to gain traction, and we're enabling hundreds of models with our wideband CDMA chipset.

我們的 HSDPA 和寬頻 CDMA 晶片組繼續受到關注，我們正在使用我們的寬頻 CDMA 晶片組支援數百種型號。

We continue to invest into future technology and this past quarter acquired Qualphone, a San Diego-based provider of IP-based multimedia subsystems or IMS embedded client software solutions.

我們繼續投資未來技術，上個季度收購了 Qualphone，這是一家位於聖地牙哥的 IP 多媒體子系統或 IMS 嵌入式用戶端軟體解決方案供應商。

Qualphone's IMS product and interoperability testing resources will enable QCT to accelerate our delivery of more feature-rich devices to global marketplaces as HSDPA and HSUPA, as well as DO Revision A get deployed.

隨著 HSDPA 和 HSUPA 以及 DO Revision A 的部署，Qualphone 的 IMS 產品和互通性測試資源將使 QCT 能夠加速向全球市場交付功能更豐富的設備。

Our GPS1 assisted GPS technology has reached a new milestone with 200 million GPS1-enabled handsets now shipped around the world.

我們的 GPS1 輔助 GPS 技術達到了一個新的里程碑，全球已售出 2 億支支援 GPS1 的手機。

GPS1 powers the majority of location services that are currently available at over 50 networks around the world.

GPS1 為目前全球 50 多個網路提供的大多數定位服務提供支援。

These applications bring enhanced functionality to consumer, business and personal safety markets at significantly lower costs and oftentimes with better capability than stand-alone GPS devices.

這些應用程式以顯著降低的成本為消費者、企業和個人安全市場帶來增強的功能，並且通常比獨立的 GPS 設備具有更好的功能。

In order to keep pace with growing demand for QCT products, we have announced a strategic agreement with Semiconductor Manufacturing International Corporation in China.

為了跟上對 QCT 產品不斷增長的需求，我們宣布與中國中芯國際簽署戰略協議。

As part of our ongoing commitment to China industry, our agreement with SMIC will help us streamline our operation, accelerate time to market and focus on our core technology strengths.

作為我們對中國工業持續承諾的一部分，我們與中芯國際的協議將幫助我們簡化營運、加快上市時間並專注於我們的核心技術優勢。

I will now turn this call over to Bill Keitel for an overview of our financial results.

我現在將把這個電話轉給比爾凱特爾，以概述我們的財務表現。

Thank you, Sanjay, and good afternoon, everyone.

謝謝桑傑，大家下午好。

We are very pleased to report another year of record revenues, earnings per share and operating cash flow.

我們非常高興地報告收入、每股盈餘和營運現金流又創下新紀錄的一年。

GAAP earnings for fiscal 2006 were a record $1.44 per fully diluted share.

2006 財年的 GAAP 完全稀釋每股收益達到創紀錄的 1.44 美元。

Share-based compensation was an estimated $0.19 per share.

基於股份的薪酬預計為每股 0.19 美元。

QSI was a $0.02 loss per share, net tax benefits related to prior years were $0.02 per share, and acquired in-process R&D expense was $0.01 per share.

QSI 每股虧損 0.02 美元，與往年相關的淨稅收優惠為每股 0.02 美元，收購過程中的研發費用為每股 0.01 美元。

Excluding these items, our pro forma earnings for fiscal 2006 were a record $1.64 per fully diluted share.

排除這些項目，我們 2006 財年的預期每股完全攤薄收益達到創紀錄的 1.64 美元。

Pro forma revenues increased 33% year-over-year to $7.53 billion, and pro forma net income increased 42% to $2.8 billion.

預計營收年增 33%，達到 75.3 億美元，預估淨利成長 42%，達到 28 億美元。

Our businesses continued to generate strong cash flows.

我們的業務持續產生強勁的現金流。

Operating cash flow for fiscal 2006 was $3.25 billion, up 21% year-over-year and was a healthy 43% of revenue.

2006 財年的營運現金流為 32.5 億美元，年增 21%，佔營收的 43%。

During the year, we returned approximately $2.2 billion in capital to our shareholders through a combination of stock repurchases and our growing dividend program.

這一年裡，我們透過股票回購和不斷增長的股息計劃，向股東返還了約 22 億美元的資本。

This includes cash dividends paid of $698 million or $0.42 per share and 34 million shares repurchased for $1.5 billion.

其中包括支付 6.98 億美元或每股 0.42 美元的現金股息，以及以 15 億美元回購 3,400 萬股股票。

Although our share repurchases were reduced in the fourth fiscal quarter as compared to the third fiscal quarter, we continue to believe that our stock is undervalued.

儘管與第三財季相比，我們第四財季的股票回購有所減少，但我們仍然認為我們的股票被低估。

From time to time, however, we make judgments that due to the tendency of potentially significant events, for example, earnings announcements, litigations, major contracts or acquisitions, that it would be inappropriate for us to be in the market for our stock until such events had been concluded and then subsequently disclosed.

然而，我們有時會判斷，由於潛在重大事件的趨勢，例如盈利公告、訴訟、重大合約或收購，在這些事件發生之前，我們不適合進入我們的股票市場。事件已經結束，隨後被披露。

Fortunately we have a lot of exciting things happening at QUALCOMM.

幸運的是，高通發生了很多令人興奮的事情。

Unfortunately from time to time that impedes our ability to execute on the stock buyback program at the pace we would otherwise choose.

不幸的是，這有時會阻礙我們以我們原本選擇的速度執行股票回購計畫的能力。

QCT shipped a record 207 million MSMs in fiscal 2006.

2006 財年，QCT 的 MSM 出貨量達到創紀錄的 2.07 億個。

QCT's operating margin ended the fiscal year at 26% as volume ramped, driven by increased shipments of EV-DO, WCDMA and low tier MSMs.

隨著 EV-DO、WCDMA 和低階 MSM 出貨量增加的推動，QCT 的營業利潤率在本財年結束時達到 26%。

QTL continues to be positively impacted by the growing adoption of CDMA around the world.

QTL 繼續受到全球 CDMA 日益普及的正面影響。

WCDMA royalties from handsets shipped during the June quarter grew to approximately 49% of third-party royalties reported by licensees in the fourth fiscal quarter.

六月季度出貨的手機的 WCDMA 特許權使用費成長到第四財季被授權人報告的第三方特許權使用費的約 49%。

Of 705 million in QTL revenues for the fourth quarter, $44 million represented intercompany royalties, $13 million were license fees and $648 million were royalties from third-party licensees.

在第四季 7.05 億美元的 QTL 收入中，4,400 萬美元為公司間特許權使用費，1,300 萬美元為授權費，6.48 億美元為來自第三方被授權人的特許權使用費。

QTL's operating margin was 91% for fiscal 2006 and 90% for the fiscal fourth quarter.

QTL 2006 財年的營業利益率為 91%，第四財季為 90%。

In our last quarter conference call, we advised of a larger than normal channel inventory build for China and India.

在上一季的電話會議中，我們建議中國和印度的通路庫存建設規模高於正常水平。

We had adjusted our guidance accordingly, and we forecasted a correction in the channel to occur by the end of the calendar year.

我們相應地調整了我們的指引，並預測該通道將在年底前出現修正。

I'm pleased to report that we see the correction has occurred largely as we anticipated.

我很高興地報告，我們看到調整基本上如我們預期的那樣發生。

We believe channel inventory levels are now comfortably within a normal 15 to 20 week band and will increase during the current quarter to a seasonally normal upper end of the band.

我們認為，通路庫存水準目前處於正常的 15 至 20 週範圍內，並將在本季度增加到季節性正常範圍的上限。

R&D investment remained a strategic priority this year as we continued to invest in our WCDMA chip development, multimedia functionality and enhancements to the CDMA2000 technology roadmap.

研發投資仍是今年的策略重點，我們持續投資於 WCDMA 晶片開發、多媒體功能和 CDMA2000 技術路線圖的增強。

We also continue to increase our investment in longer-term business opportunities and technology innovations, including MediaFLO, OFDMA and display technologies.

我們也持續增加對長期商業機會和技術創新的投資，包括 MediaFLO、OFDMA 和顯示器技術。

Pro forma R&D increased 28% year-over-year, and we expect this will maintain our leadership position with exciting and innovative products and services and their associated intellectual property.

預計研發年增 28%，我們預計這將透過令人興奮的創新產品和服務及其相關智慧財產權來維持我們的領先地位。

Based on royalty reports from licensees, worldwide CDMA-based handsets shipped in the June quarter were approximately 70 million units, up from 66 million units shipped in the March quarter, driven primarily by sequential growth in shipments of WCDMA handsets in Europe.

根據授權商的專利費報告，全球 CDMA 手機出貨量在 6 月季度約為 7,000 萬部，高於 3 月季度的 6,600 萬部，這主要是由於歐洲 WCDMA 手機出貨量連續增長所致。

The average selling price of CDMA-based handsets was approximately $223 for the June quarter and $215 for the fiscal year.

6 月季度 CDMA 手機的平均售價約為 223 美元，本財年為 215 美元。

I will now highlight our forward guidance.

我現在將強調我們的前瞻性指導。

For the calendar 2006 CDMA market, we now expect approximately 290 to 298 million CDMA-based handsets to be shipped, including approximately 98 million WCDMA handsets.

對於 2006 年 CDMA 市場，我們目前預計 CDMA 手機的出貨量約為 290 至 2.98 億部，其中包括約 9,800 萬支 WCDMA 手機。

Based on the 294 million midpoint of our estimate, worldwide CDMA handset shipments for calendar 2006 are anticipated to grow approximately 40% year-over-year.

根據我們估計的 2.94 億部中位數，2006 年全球 CDMA 手機出貨量預計將年增約 40%。

We estimate the calendar 2007 CDMA phone market will increase approximately 25 to 32% over 2006 with shipments of approximately 368 to 388 million units.

我們預計 2007 年 CDMA 手機市場將比 2006 年成長約 25% 至 32%，出貨量約為 368 至 3.88 億部。

Last year we refrained from estimating when the Chinese authorities would issue 3G licensees.

去年，我們沒有預測中國當局何時發放 3G 牌照。

We are including such estimates in our financial guidance, and we're continuing that practice this year.

我們將此類估計納入我們的財務指導中，並且今年我們將繼續這種做法。

Based on the 378 million midpoint of our 2007 estimate, we anticipate shipments of approximately 203 million CDMA2000 units and approximately 175 million WCDMA units as 2G to 3G migration accelerates in many regions around the world.

根據我們2007 年預測的3.78 億台中點，隨著全球許多地區2G 向3G 遷移的加速，我們預計CDMA2000 設備的出貨量將達到約2.03 億台，WCDMA 設備的出貨量將達到約1.75 億台。

Based on the current business outlook, we anticipate fiscal 2000 revenues to be in the range of approximately $8.1 to $8.6 billion, an increase of 8 to 14% over fiscal 2006.

根據目前的業務前景，我們預計 2000 財年的營收約為 8.1 至 86 億美元，比 2006 財年成長 8% 至 14%。

We anticipate pro forma diluted earnings per share to be in the range of $1.76 to $1.81, an increase of 7 to 10% year over year.

我們預計預計攤薄後每股收益將在 1.76 美元至 1.81 美元之間，年增 7% 至 10%。

We estimate average selling prices for CDMA2000 and WCDMA phones combined to decrease approximately 5% in fiscal 2007 to approximately $205, and this, of course, compares to $215 in fiscal 2006.

我們估計 2007 財年 CDMA2000 和 WCDMA 手機的平均銷售價格合計將下降約 5%，降至約 205 美元，當然，與 2006 財年的 215 美元相比。

We anticipate pro forma R&D and SG&A expenses combined to increase approximately 16% for fiscal 2007.

我們預計 2007 財年的預計研發與銷售、一般行政費用合計將增加約 16%。

This increase is driven primarily by the full-year effect in fiscal 2007 of the growth in our employee base during fiscal 2006, as well as we are planning for further increases in our legal expenses.

這一增長主要是由於 2006 財年員工數量增長對 2007 財年全年的影響，以及我們計劃進一步增加法律費用。

QCT continues to invest meaningfully to grow our WCDMA chip share, and at this point, our guidance reflects a modest growth in share for fiscal 2007 over fiscal 2006.

QCT 繼續進行有意義的投資，以增加我們的 WCDMA 晶片份額，目前，我們的指導反映了 2007 財年的份額比 2006 財年略有增長。

We anticipate our pro forma tax rate in fiscal 2007 to be approximately 26% unchanged versus fiscal 2006.

我們預計 2007 財年的預估稅率與 2006 財年相比將維持約 26% 不變。

We estimate our GAAP diluted earnings per share will be approximately $1.45 to $1.50 for fiscal 2007.

我們估計 2007 財年 GAAP 攤薄每股收益約為 1.45 至 1.50 美元。

This estimate includes an estimated loss of approximately $0.11 per share attributable to QSI, as well as approximately $0.20 per share attributable to estimated share-based compensation.

這一估計包括 QSI 造成的每股約 0.11 美元的損失，以及股份補償造成的每股約 0.20 美元的損失。

Turning to the first quarter of fiscal 2007, we estimate revenues will be in the range of approximately $1.98 to $2.08 billion, an increase of 14 to 19% year-over-year.

談到2007財年第一季，我們預期營收將在約1.98至20.8億美元之間，年增14至19%。

We estimate first-quarter pro forma diluted earnings per share to be in the range of approximately $0.42 to $0.44, an increase of 8 to 13% year-over-year.

我們預計第一季預計攤薄每股收益約為 0.42 美元至 0.44 美元，年增 8% 至 13%。

This estimate assumes shipments of approximately 55 to 58 million MSM phone chips during the December quarter and an estimate of approximately 74 to 76 million CDMA-based handsets shipped in the September quarter at an average selling price of approximately $209.

這項估計假設 12 月季度的 MSM 電話晶片出貨量約為 55 至 5,800 萬部，9 月季度的 CDMA 手機出貨量約為 7,400 至 7,600 萬部，平均售價約為 209 美元。

We expect QCT operating margins to be lower sequentially and total Company pro forma R&D and SG&A expenses combined to increase approximately 5 to 8%.

我們預計 QCT 營業利潤率將季減，公司預計研發和銷售、一般行政費用總額將增加約 5% 至 8%。

Our full-year fiscal '07 earnings estimate assumed the renewal of Nokia's license agreement prior to April 2007.

我們的 07 財年全年獲利預測假設諾基亞的授權協議在 2007 年 4 月之前續約。

If we're unable to resolve licensing issues with Nokia and Nokia refuses to pay for its use of our patents, we estimate a possible impact to our earnings of $0.04 to $0.06 per share -- diluted share in fiscal 2007.

如果我們無法解決與諾基亞的授權問題，而諾基亞拒絕支付其使用我們專利的費用，我們估計每股盈餘可能會受到 0.04 至 0.06 美元的影響（2007 財年稀釋後的份額）。

This estimate is based on our current expectations for June 2007 quarter handset shipments, average selling prices and market share.

這項估計是基於我們目前對 2007 年 6 月季度手機出貨量、平均售價和市佔率的預期。

And, of course, those numbers will be recorded in our fiscal fourth quarter.

當然，這些數字將會記錄在我們的第四財季。

At this time, we expect a seasonal decline in MSM shipments in the second fiscal quarter of 2007 as channel inventories are reduced post the Christmas season.

目前，我們預計 2007 年第二財季 MSM 出貨量將出現季節性下降，因為聖誕節後通路庫存減少。

Our second fiscal quarter royalty revenues will reflect licensee shipments from the typically seasonally strong December quarter, and our operating expenses also tend to increase in the second fiscal quarter for seasonal reasons.

我們的第二財季特許權使用費收入將反映通常季節性強勁的 12 月季度的被許可人出貨量，並且由於季節性原因，我們的營運費用在第二財季也往往會增加。

In combination, we expect pro forma second fiscal quarter earnings to be in the range of our first-quarter guidance.

綜合而言，我們預計第二財季預計獲利將在第一季指引範圍內。

The QUALCOMM Investor Relations website includes an extensive slide presentation on the many data points included in this conference call.

高通投資者關係網站包含有關本次電話會議中許多數據點的大量幻燈片演示。

I look forward to sharing with you additional data points regarding our fiscal 2007 guidance, including regional handset shipment estimates at our London analyst meeting on November 13.

我期待在 11 月 13 日的倫敦分析師會議上與您分享有關我們 2007 財年指導的更多數據點，包括地區手機出貨量估計。

This meeting will be webcast for those of you not able to attend.

這次會議將為那些無法參加的人進行網路直播。

That concludes our remarks, and I will now hand the call back over to Bill Davidson.

我們的演講到此結束，現在我將把電話轉回給比爾戴維森。

Thank you.

謝謝。

Before we go into our question and answer session, I would like to remind our participants that our goal is to address as many questions as possible before we run out of time.

在我們進入問答環節之前，我想提醒我們的參與者，我們的目標是在時間耗盡之前解決盡可能多的問題。

Therefore, I would like to ask you to limit your questions to one per caller.

因此，我想請您將問題限制為每個來電者只提出一個問題。

Operator, we are ready to accept questions.

接線員，我們準備好接受提問。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Paul Sagawa, Bernstein.

保羅佐川，伯恩斯坦。

So if I'm looking ahead into 2007 and in the next quarter, I think a lot of folks in the market have been a little bit spooked by comments from Nokia and Texas Instruments about WCDMA demand in the near-term, particularly out of European carriers.

因此，如果我展望 2007 年和下個季度，我認為市場上的許多人對諾基亞和德州儀器有關近期 WCDMA 需求的評論感到有點驚慌，尤其是歐洲以外的需求。載體。

Your guidance for 2007, $175 million, upbeat, and I must say I agree with it, but it is a little bit counter to some of that sort of more cautious commentary.

你們對 2007 年的指導是 1.75 億美元，樂觀，我必須說我同意它，但這與某些更謹慎的評論有點相反。

Can you talk a little bit about what you're seeing with regard to demand for WCDMA handsets in Europe that leads to a more optimistic view?

您能談談您對歐洲 WCDMA 手機需求的看法嗎？您對此持更樂觀的看法嗎？

Also, is this some indication that you believe that your chipset customers may be taking market share in the near-term in WCDMA?

另外，這是否表明您相信您的晶片組客戶可能會在短期內佔領 WCDMA 市場份額？

It's Bill Keitel.

我是比爾·凱特爾。

With regard to our WCDMA estimates for next year, we are expecting very substantial growth for the European market.

關於我們對明年 WCDMA 的預測，我們預計歐洲市場將出現非常大幅的成長。

We will get into the details of that in London.

我們將在倫敦詳細介紹此事。

But I have heard some concerns by some of the parties you have mentioned more focused on the near-term, and I have heard that a bit in Europe, a reference to Europe.

但我聽到你提到的一些政黨更關注近期的一些擔憂，我在歐洲也聽到了一些擔憂，指的是歐洲。

I would say that we are expecting based on our information and forecasts that a lot of our licensees have shared with us, we expect an increased number shipments into the European market in the September quarter relative to the June quarter, and I expect the same continuing into the December quarter.

我想說的是，根據我們的許多被授權者與我們分享的資訊和預測，我們預計9 月季度相對於6 月季度向歐洲市場的出貨量將有所增加，並且我預計同樣的情況將持續存在進入十二月季度。

Where I have seen some statements that sync with ours, I would note that in the Japan market as strong as things are there, I think people have stocked up on inventory in anticipation of local number portability, and we have a modest decline estimated for our shipments of product in Japan in the September quarter, although picking back up in the December quarter.

我看到一些與我們的說法一致的地方，我會注意到，在日本市場，儘管情況如此強勁，我認為人們已經儲備了庫存，以期實現本地號碼可攜性，並且我們預計我們的電話號碼將略有下降。儘管在 12 月季度有所回升，但 9 月季度日本的產品出貨量有所回升。

So I think that did sync with a number of other comments from other people.

所以我認為這確實與其他人的許多其他評論同步。

But overall for WCDMA in Europe, I would say that we see HSDPA being deployed at an increasing rate, and I think that data ARPU is going to be the compelling point there.

但總體而言，對於歐洲的 WCDMA，我想說我們看到 HSDPA 的部署速度不斷加快，而且我認為資料 ARPU 將成為那裡引人注目的點。

As well as the ASPs I think we will continue to improve and make it even more enticing for operators to be pushing WCDMA.

除了 ASP 之外，我認為我們還將繼續改進，並使其對營運商推動 WCDMA 更具吸引力。

We are also heartened by the price competition that is happening, and in particular this Huawei phone that I talked about earlier is coming in at a significantly lower price that allows WCDMA phones to enter a different peer in the pricing.

我們也對正在發生的價格競爭感到鼓舞，特別是我之前提到的這款華為手機的價格明顯更低，這使得 WCDMA 手機在定價上能夠進入不同的同行。

So we hope to see that as a significant driver of volume as well.

因此，我們希望看到這也成為銷售的重要推動因素。

You had a question about how I see our wideband CDMA chipset demand going forward.

您問我如何看待我們未來的寬頻 CDMA 晶片組需求。

We have seen a fairly substantial increase in demand for wideband CDMA chipsets for the December quarter over September quarter, so I have to say September quarter was for wideband CDMA not as strong for us as we had initially hoped.

我們看到 12 月季度對寬頻 CDMA 晶片組的需求比 9 月季度有相當大的成長，所以我不得不說 9 月季度的寬頻 CDMA 對我們來說並不像我們最初希望的那樣強勁。

But there's a fairly substantial uptick in demand in the December quarter, and consistent with what Bill and Paul said, we see significant strengths in the wideband CDMA marketplace and our guidance to that reflects that.

但 12 月季度的需求出現相當大的成長，與 Bill 和 Paul 所說的一致，我們看到寬頻 CDMA 市場的顯著優勢，我們對此的指導也反映了這一點。

I should make one additional point.

我還應該補充一點。

One of our competitors who indicated the Japan market is weak for them has a particularly large exposure I think to DoCoMo's high-end OMAP kind of marketplace.

我們的一位競爭對手錶示日本市場對他們來說疲軟，但我認為他們在 DoCoMo 的高端 OMAP 市場上擁有特別大的曝光。

And as you have seen with number portability, both Soft ank and KDDI appear to be doing rather well.

正如您所看到的，在號碼可攜性方面，Soft ank 和 KDDI 似乎都做得相當不錯。

I could certainly see that that could be the case.

我當然可以看到情況可能是如此。

John Bucher, BMO Capital Markets.

約翰‧布赫 (John Bucher)，BMO 資本市場部。

A question on your fiscal 2007 outlook.

關於 2007 財年展望的問題。

Bill, I guess this would be for you.

比爾，我想這適合你。

You indicated R&D and SG&A would be up 16%, so that would explain why pro forma EPS will grow at a slower rate than the revenue outlook.

您表示研發和銷售、一般管理費用將成長 16%，這可以解釋為什麼每股收益的成長速度預期將低於收入前景的成長速度。

I'm wondering how much of what your factoring in there and then the employee-based stuff I understand is probably -- you probably have a pretty good idea on that -- but how much variable expense might be there just all depending on a variety of the legal contingencies and how they play out?

我想知道你在那裡考慮的因素以及我所理解的基於員工的東西可能有多少——你可能對此有一個很好的想法——但是可變費用可能有多少，這完全取決於各種因素法律意外事件及其後果如何？

And could there be perhaps a range that the R&D and SG&A would be up rather than that's 16% perhaps being a midpoint?

R&D 和 SG&A 是否會上漲一個範圍，而不是 16% 的中點？

What is the sort of standard deviation if things go well perhaps on the legal front?

如果法律方面進展順利的話，標準差是多少？

Sure, John.

當然，約翰。

Yes, a couple of points?

是的，有幾點？

On that 16% year-over-year estimate, of course, it is not a midpoint.

當然，以 16% 的年比預測來看，這並不是一個中點。

First, I would say that the majority of that is what I call carryover from fiscal 2006.

首先，我想說其中大部分是我所說的 2006 財年的結轉。

We have ramped our employee base, particularly our engineering base significantly in fiscal 2006.

2006 財年，我們大幅擴大了員工的基礎，特別是我們的工程基礎。

Now we will see a full-year effect of that in fiscal 2007.

現在我們將看到 2007 財年的全年影響。

We do expect to reduce quite substantially the rate of new hiring into fiscal 2007 relative to the past three or four years.

與過去三、四年相比，我們確實預計 2007 財年的新招募率將大幅降低。

So the majority of that increase I think is the carryover from a full-year effect of the hiring we put in place this year, number one.

因此，我認為成長的大部分是我們今年實施的招募的全年影響的結轉，第一。

Number two, I did also mention it is also legal fees.

第二，我也提到這也是法律費用。

The numbers are quite substantial, and we're planning at this time in our estimates to increase our spending on legal for fiscal 2007.

這個數字相當可觀，我們目前正計劃增加 2007 財年的法律支出。

We will have to see how that proceeds, but if you put a bander on that 16%, I would say it is a plus, minus 4% or so for like a 12 to 20% kind of band.

我們將不得不看看這是如何進行的，但如果你在 16% 上設置一個頻帶，我會說對於 12% 到 20% 的頻帶來說，它是一個正負 4% 左右。

Mike Ounjian, Credit Suisse.

麥克‧奧恩吉安 (Mike Ounjian)，瑞士信貸。

Also, looking at the '07 guidance but for the handset shipments, particularly on the CDMA side, as you mentioned, there has been a lot of focus on a few operators in the developing regions who are looking at GSM.

另外，看看 07 年的指導，但對於手機出貨量，特別是 CDMA 方面，正如您所提到的，人們非常關注發展中地區的一些正在關注 GSM 的運營商。

Could you talk about some of the factors that are driving the overall number to be up and in particular what regions you really see growth coming from next year?

您能否談談推動總數上升的一些因素，特別是您真正認為明年會出現成長的哪些地區？

I will take a stab at that.

我會嘗試一下。

So for CDMA2000 the calendar '07 versus calendar '06 guidance that we just shared with you, I think it's about a 4% year-over-year increase for CDMA2000.

因此，對於 CDMA2000，我們剛剛與您分享的日曆 '07 與日曆 '06 指南相比，我認為 CDMA2000 的同比增長約為 4%。

We will give a regional breakdown consistent with how we define our regions today and breakdown our global estimates.

我們將按照我們今天定義區域的方式提供區域細分，並細分我們的全球估計。

But I'm pretty confident when you see that, we will show you a growth in all markets.

但我非常有信心，當您看到這一點時，我們將向您展示所有市場的成長。

Our expectation is good growth in all markets with the exception of Latin America.

我們的預期是除拉丁美洲以外的所有市場都將實現良好成長。

Take Latin America out of our CDMA2000 estimates and I think our forecast for CDMA2000 growth is closer to about 9%.

將拉丁美洲排除在我們的 CDMA2000 預測之外，我認為我們對 CDMA2000 成長的預測更接近 9% 左右。

So we think there's a good market ahead for CDMA2000 in most all regions around the world.

因此，我們認為 CDMA2000 在全球大多數地區都有良好的市場前景。

Tim Luke, Lehman Brothers.

提姆·盧克，雷曼兄弟。

This is [Steve O'Poole].

這是[史蒂夫·奧普爾]。

With respect to the framework you outlined for Nokia and the pending issues there, you said there was little progress to date, so you would expect it to go beyond the April timeline.

關於您為諾基亞概述的框架以及那裡懸而未決的問題，您說迄今為止進展甚微，因此您預計它會超出四月份的時間表。

You mentioned that you would be looking to pursue or entertain injunctions.

您提到您將尋求尋求或考慮禁令。

When you think about that as a sort of framework, should we be thinking that that is a dispute that you would anticipate going through several quarters perhaps then of the fiscal '07, fiscal '08 -- well, not fiscal '07 but fiscal '08 -- given the way you see the level now, and while I am sure Bill may be reluctant to share some of the assumptions behind $0.04 to $0.06, that is quite a precise range that you're suggesting would be the impact from Nokia in September.

當您將其視為一種框架時，我們是否應該認為這是一場爭議，您預計可能會經歷07 財年、08 財年的幾個季度——好吧，不是07 財年，而是08財年。08 - 考慮到你現在看到的水平，雖然我確信比爾可能不願意分享 0.04 美元到 0.06 美元背後的一些假設，但這是一個相當精確的範圍，你建議這將是諾基亞在九月。

Perhaps you might be able to give some framework for how you think that might develop going forward, or should we going forward just use that as a reasonably steady-state rate?

也許您可以給出一些框架來說明您認為未來可能如何發展，或者我們應該繼續使用它作為合理的穩態利率嗎？

And lastly, maybe just directionally in terms of the regions, while you're going to give detail at the Analyst Day, should we think about Brazil and India being -- India given the issues that have been growing next year, or how should we just think about that?

最後，也許只是在地區方面有方向性，雖然您將在分析師日提供詳細信息，但我們是否應該考慮巴西和印度——考慮到明年不斷增長的問題，印度，或者我們應該如何想想看？

It is Steve.

這是史蒂夫。

Let me just real quickly respond to your question regarding Nokia.

讓我快速回答一下您關於諾基亞的問題。

I think it is very difficult to forecast how long or short these negotiations will go.

我認為很難預測這些談判會持續多久。

It is certainly very possible that it could go for several quarters or even beyond as the courts systems are used and so forth.

當然，隨著法院系統的使用等，它很可能會持續幾個季度甚至更長。

So it is a possibility, and like we said, we will continue -- we have discussions with them regularly.

所以這是一種可能性，就像我們所說的，我們將繼續——我們定期與他們進行討論。

We will continue to have those discussions, and if progress is made, we will let you know.

我們將繼續進行這些討論，如果您取得進展，我們將通知您。

But you in terms of expectations look for a fairly lengthy and drawn out process?

但您期望的是一個相當漫長且漫長的過程？

Let's say it this way that we plan accordingly to that, but we are hopeful that it does not go as long as it could.

我們可以這樣說，我們據此制定計劃，但我們希望它不會持續太久。

On the $0.04 to $0.06 estimate for Nokia, yes, I have been through that a few different times in the last few months or more.

關於諾基亞 0.04 至 0.06 美元的預估，是的，在過去幾個月或更長時間裡我已經經歷過幾次不同的情況。

You know, it has been a stable forecast.

你知道，這是一個穩定的預測。

It is a good forecast.

這是一個很好的預測。

At this point I would say I would be surprised if it fell outside that band.

在這一點上，我想說，如果它落在該範圍之外，我會感到驚訝。

And then on India, again, we will share the regional guidance in London, but we are looking for a healthy growth year-over-year for CDMA2000 in India, albeit it is a low-end market.

關於印度，我們將在倫敦分享區域指導，但我們希望 CDMA2000 在印度實現同比健康成長，儘管它是一個低端市場。

And so as I have said in the past, it is an important market for us, but in terms of bottom-line contribution, it is more of a business development than anything else.

正如我過去所說，這對我們來說是一個重要的市場，但就利潤貢獻而言，它更多的是業務發展。

Ehud Gelblum, JPMorgan.

埃胡德·格爾布魯姆，摩根大通。

First, a quick clarification and then a question.

首先，快速澄清，然後提出問題。

The clarification, did you mention I may have missed it in ASP on the 3G phones that you had in prior quarters?

澄清一下，您是否提到我可能錯過了您前幾季的 3G 手機上的 ASP？

If not, if you can give us some sense as to what it looked like and how it has trended over the last couple of quarters would be great.

如果沒有，如果您能讓我們了解它的樣子以及過去幾個季度的趨勢，那就太好了。

And then a question, as you look forward to the EPS guidance ranges that you gave for the first quarter and for the fiscal year '07, they seem to be a little lighter than the optimism on the topline, and the $175 million WCDMA handsets for '07 would suggest, which I think are both very strong numbers, when -- two things you said, obviously the OpEx and related to headcount and the legal.

然後是一個問題，當您期待第一季和 07 財年的 EPS 指導範圍時，它們似乎比營收的樂觀情緒要淡一些，以及 1.75 億美元的 WCDMA 手機'07 會建議，我認為這都是非常強勁的數字，當- 你提到的兩件事，顯然是運營支出以及與員工人數和法律相關的事情。

Is there any anything in your assumptions for both fiscal '07 -- Q1 in fiscal '07 that takes into account a shift perhaps in the vendors that are selling the WCDMA phones, particularly towards one that did well this past quarter that may have a different royalty rate than the rest?

您對07 財年- 07 財年第一季的假設是否考慮到了銷售WCDMA 手機的供應商可能發生的轉變，特別是對上一季度表現良好但可能有不同表現的手機的供應商的轉變。特許權使用費比其他的高嗎？

Is that somehow tying into the thought process?

這是否與思考過程有某種關聯？

I will take a stab at your answers here.

我將在這裡嘗試一下你的答案。

On the ASP the trend here has been we just reported for the quarter -- we just reported average ASP was 223, was 213 in the prior quarter, 208 the quarter before that.

就 ASP 而言，這裡的趨勢是我們剛剛報告的本季——我們剛剛報告的平均 ASP 為 223，上一季為 213，上一季為 208。

We averaged 215 for the fiscal year.

本財年我們的平均得分為 215。

We have not disclosed the WCDMA versus CDMA2000 breakout of that here this quarter.

我們尚未透露本季 WCDMA 與 CDMA2000 的突破情況。

But suffice it to say, WCDMA remains at a fairly significant premium, although the range of handset prices available in WCDMA is very broaden.

但可以說的是，儘管 WCDMA 手機的價格範圍非常廣泛，但 WCDMA 仍然具有相當大的溢價。

In terms of your point on a mix of royalty payments, I would say it is more that you get variability in terms of the mix of handset royalties, the infrastructure royalties.

就您對特許權使用費組合的觀點而言，我想說的是，您在手機特許權使用費和基礎設施特許權使用費的組合方面獲得的變化更大。

Of course, there is a lot of changes by OEM to OEM and what they are selling quarter to quarter and then region by region.

當然，OEM 之間以及他們每季、每個地區銷售的產品都有很多變化。

But other than that, no, I don't think there's anything really of note that I would point out.

但除此之外，不，我認為沒有什麼值得我指出的。

We will get into a little more detail in London on margins and profitability, etc.

我們將在倫敦更詳細地介紹利潤率和獲利能力等。

Mike Walkley, Piper Jaffray.

麥克沃克利，派珀賈弗雷。

Just another question on the fiscal '07 guidance.

這是關於 07 財年指導的另一個問題。

I think on your QCT division, you have mentioned kind of 25 to 32% rate with the big ramp in R&D again this year.

我想在你們的 QCT 部門，你們提到了 25% 到 32% 的成長率，今年研發再次大幅成長。

Would it fall below that rate maybe in '07 and go back to that range into '08?

它會在 07 年跌破該比率並在 08 年回到該範圍嗎？

And then also just a question.

然後也只是一個問題。

With the price of GSM phones continuing to fall, I think Nokia said in their conference call north of 40% of their volume was below EUR50, maybe you can talk about the single chip solution and how that is progressing, and how you are closing big gap on pricing between CDMA and GSM on the entry markets?

隨著GSM 手機價格持續下降，我認為諾基亞在電話會議中表示，其40% 的銷量低於50 歐元，也許您可以談論單晶片解決方案以及該解決方案的進展情況，以及您如何實現大目標CDMA 和 GSM 在入門市場的定價有何差距？

I will take that.

我會接受的。

Yes, you're right.

你是對的。

I have guided you to 25 to 32% of the range that we would drive the business to.

我已引導您達到我們推動業務發展的範圍的 25% 至 32%。

This year we were at 26% as we were last year.

今年與去年一樣，這一比例為 26%。

My expectation is that we will come in below 25% for overall operating profit for QCT for '07.

我的預期是，07 年 QCT 的整體營業利潤將低於 25%。

But obviously we see this right now as a kind of investment that we need to make while there is ongoing consolidation in UMTS industry, and we see our ability to invest as a core competitive advantage, and it is a conscious decision that we are taking to continue to make that investment, not only in reducing cost of our chipsets but also investing in the next generation of HSPA, sometimes often called HSPA+ to further improve the capabilities of HSPA technology.

但顯然，我們現在認為這是我們在 UMTS 行業持續整合時需要進行的一種投資，我們將投資能力視為核心競爭優勢，這是我們有意識的決定我們將繼續進行這種投資，不僅是為了降低晶片組的成本，也投資於下一代HSPA（有時通常稱為HSPA+），以進一步提高HSPA 技術的功能。

So I think that we have made a conscious decision, and yes, for the first time, we are falling outside the long-term range that we have guided you to.

所以我認為我們做出了一個有意識的決定，是的，這是第一次，我們超出了我們指導你們的長期範圍。

Secondly, on single chip solutions, I expect that there will be launch of handsets based on our single chip solution this year in various parts of the world.

其次，在單晶片解決方案方面，我預計今年全球各地都會推出基於我們單晶片解決方案的手機。

And, of course, you recognize that [Ron Garrison] in his earnings analyst call said that he will deliver.

當然，你知道[羅恩·加里森]在他的獲利分析師電話會議上表示他會兌現承諾。

I expect that there is a chance that one other handset manufacturer might deliver a handset based on single chip solutions this year, and there is a possibility that they may not, and they cannot do it in January/February.

我預計今年其他手機製造商可能會推出基於單晶片解決方案的手機，但也有可能不會，而且他們在一月/二月也無法做到這一點。

But there are 18 handsets being designed based on single chip solutions, so I think that we will see healthy competition in the low-end, and we really think that we will drive the price of low-end handsets to be very, very competitive with GSM.

但有 18 款手機是基於單晶片解決方案設計的，所以我認為我們將在低階手機中看到良性競爭，我們真的認為我們將推動低階手機的價格與其他手機非常非常有競爭力。 GSM。

Again, I'm cautious in saying that we will be exactly the same price, but we will get closer and closer.

再次強調，我謹慎地說，我們的價格將完全相同，但我們會越來越接近。

We have shown that combined with very cost-effective low-end handsets that capacity increases that we are offering makes this quite compelling for our carriers.

我們已經證明，與極具成本效益的低階手機相結合，我們提供的容量增加對我們的營運商來說非常有吸引力。

I think that those were the two parts of your question.

我認為這是你問題的兩個部分。

Inderbir Singh, Prudential Equity Group.

Inderbir Singh，保德信股票集團。

I wanted to just come back to the comments that you made in the press release about in the event that the Nokia agreement is not signed in time, obviously you have indicated there would be some legal options you might pursue.

我想回到您在新聞稿中關於如果諾基亞協議未及時簽署的評論，顯然您已經表示您可能會尋求一些法律選擇。

In the past, Paul or Steve, I think you've also addressed the possibility of business actions you might take, business restructuring perhaps.

過去，保羅或史蒂夫，我認為你們也談到了你們可能採取的業務行動的可能性，也許是業務重組。

Could you maybe bring us up-to-date on where you are on your thought process on that?

您能否向我們介紹一下您對此的最新想法？

I guess all I would say is that we are keeping our options open and looking at what the best thing to do is to enhance or maintain shareholder value.

我想我想說的是，我們保留選擇餘地，並考慮最好的做法是提高或維持股東價值。

I would not say that I have any specific new initiatives to announce along those lines.

我不會說我有任何具體的新措施要宣布。

Just to say that it is a possible response to these negotiations.

只是說這是對這些談判的可能回應。

Brian Modoff, Deutsche Bank.

布萊恩‧莫多夫，德意志銀行。

On page six of the press release, you talk about your inability to or use Nokia's integrator, self-integrator circuits under Nokia's patents.

在新聞稿的第六頁上，您談到您無法或無法使用諾基亞的積分器、根據諾基亞專利的自積分器電路。

Do you see any issues getting around those patents, or do you see them having potentially leverage on your chipsets from that?

您是否發現圍繞這些專利存在任何問題，或者您認為它們可能對您的晶片組產生影響？

And then also talk about low-cost CDMA.

然後還要談談低成本的CDMA。

Are you working on a single chip WCDMA type product, and could we see something like that for next year?

你們正在開發單晶片 WCDMA 型產品嗎？明年我們能看到類似的產品嗎？

And then what are the carriers you're seeing in Europe saying to you around their promotion plans for WCDMA?

那麼您在歐洲看到的營運商對 WCDMA 的推廣計畫有何看法？

Christmas clearly Vodafone was 77% of their phones.

聖誕節期間，他們 77% 的手機顯然是沃達豐。

WCDMA has some plans that we are also hearing Orange has similar plans around that.

WCDMA 有一些計劃，我們也聽說 Orange 也有類似的計劃。

Can you kind of comment on that, please?

您能對此發表評論嗎？

I will take the latter two questions.

我將回答後兩個問題。

First, on single chip solution, Brian, clearly after having established the technology for CDMA, we have the ability to go deliver that in wideband CDMA, and we look forward to announcing that at the appropriate stage in the near future.

首先，關於單晶片解決方案，Brian，顯然在建立了 CDMA 技術之後，我們有能力在寬頻 CDMA 中提供該技術，我們期待在不久的將來在適當的階段宣布這一點。

On the second part of the question about the carriers' plans, we actually see fairly aggressive plans from the carriers.

關於運營商計劃問題的第二部分，我們實際上看到運營商的計劃相當激進。

If you look at the Vodafone UMTS lineup, it is actually a really compelling lineup.

如果你看看沃達豐的 UMTS 產品陣容，你會發現它實際上是一個非常引人注目的產品陣容。

We think that looking from a broader wideband CDMA perspective Nokia has some good devices.

我們認為，從更廣泛的寬頻 CDMA 角度來看，諾基亞擁有一些不錯的設備。

Motorola has some good devices, and there are lots of devices based on our solution on Vodafone's lineup, which I think will be very compelling for consumers.

摩托羅拉有一些不錯的設備，沃達豐的產品線中有很多基於我們解決方案的設備，我認為這對消費者來說非常有吸引力。

As you say, Orange is also becoming more aggressive.

正如你所說，Orange也變得更加激進。

We see Cingular in the US with their rollout of HSDPA and UMTS becoming more aggressive.

我們看到 Cingular 在美國推出 HSDPA 和 UMTS 變得更加積極。

And the M&P competition that is now raging in Japan, also driving more sales of both CDMA and UMTS devices in Japan.

日本目前激烈的 M&P 競爭也推動了 CDMA 和 UMTS 設備在日本的銷售成長。

So I think that it is fair to say that we are cautiously bullish on what happens in the December quarter.

因此，我認為可以公平地說，我們對 12 月季度發生的情況持謹慎樂觀態度。

Brian, it is Lou Lupin, General Counsel.

布萊恩，我是總法律顧問盧平 (Lou Lupin)。

I will answer the first part of your question.

我將回答你問題的第一部分。

We have never believed that Nokia's patents are applicable to our products.

我們從來不相信諾基亞的專利適用於我們的產品。

As you probably know, our current rates for Nokia are royalty free.

您可能知道，我們目前的諾基亞費率是免版稅的。

So there has been never any tacit acknowledgment of their applicability to our products.

因此，從來沒有默認它們適用於我們的產品。

Having said that, we believe that if we are unable to resolve the current impasse in the negotiations before April that there is likely to be litigation going both ways.

話雖如此，我們認為，如果我們無法在四月之前解決目前的談判僵局，那麼很可能會出現雙向訴訟。

I'm sure Nokia is going to take a different position, and that question, if not resolved through some kind of amicable arrangement, will get sorted out in the courts and various other bodies that have responsibility for deciding patent matters.

我確信諾基亞將採取不同的立場，這個問題如果不能透過某種友好安排得到解決，將在法院和負責決定專利事務的其他各種機構中得到解決。

Hasan Imam, Thomas Weisel Partners.

哈桑‧伊瑪目，湯瑪斯‧韋塞爾合夥人。

My question has to do with actually the December quarter guidance.

我的問題實際上與 12 月季度指導有關。

Last year's seasonality and WCDMA ramp had contributed to produce strong sequential growth, and this year it appears to be more flatlining, despite your positive comments on the WCDMA handset segment and the India inventory overhang clearing up.

去年的季節性和 ​​WCDMA 成長推動了強勁的環比成長，而今年的成長似乎更加平穩，儘管您對 WCDMA 手機市場給予了積極評價，而且印度庫存積壓已得到清理。

So I am just wondering why we don't see more of an acceleration?

所以我只是想知道為什麼我們沒有看到更多的加速？

Is that primarily the trade-out between unit growth and ASP declines?

這主要是銷售成長和平均售價下降之間的權衡嗎？

Thank you.

謝謝。

In terms of unit growth, I think that as I said we always expected to channel inventory excesses we were concerned about for China and India to work itself out by the end of the calendar year, and we see that happening.

就銷售成長而言，我認為正如我所說，我們一直希望能夠解決我們擔心的庫存過剩問題，讓中國和印度在年底前解決問題，我們看到這種情況正在發生。

So we're very encouraged by that.

所以我們對此感到非常鼓舞。

It is consistent with our prior estimates, but that we do think is happening as we speak, and part of that in this current December quarter.

這與我們先前的估計一致，但我們確實認為就在我們講話時正在發生這種情況，並且其中一部分發生在當前的 12 月季度。

So that would be part of the effect, number one.

所以這將是影響的一部分，第一。

Number two, you have quite a ramp I think that occurred in Japan in anticipation of a L&P, so I think that was also a factor that adjusted a bit what you might otherwise have seen in a quarterly profile.

第二，我認為日本在 L&P 預期中出現了相當大的成長，所以我認為這也是對季度概況中可能看到的內容進行了一些調整的一個因素。

In terms of ASPs, I think our forecasts in the past have been pretty accurate on ASPs.

就平均售價而言，我認為我們過去對平均售價的預測相當準確。

I hope they will be again.

我希望他們會再一次。

We certainly have put the same effort into them.

我們當然也為他們付出了同樣的努力。

So we are expecting a modest decline in the ASPs, but other than that, I think it is pretty much business as usual.

因此，我們預計平均售價將小幅下降，但除此之外，我認為一切照常進行。

And then just a follow-up to that, if we continue to see the WCDMA ramp in December quarter, does that kind of indicate because of your revenue recognition a stronger first-half '07?

接下來，如果我們繼續看到 WCDMA 在 12 月季度的成長，這是否表明由於您的收入確認， 07 年上半年會更加強勁？

As phones ramped in the December quarter, that will positively affect our royalty revenues in the March quarter.

隨著手機在 12 月季度的成長，這將對我們在 3 月季度的版稅收入產生積極影響。

So to the extent our forecast of units is correct for the December quarter, I have tried to size that in my March estimates, and I gave you some indications of guidance for the second fiscal quarter.

因此，就我們對 12 月季度的單位預測是否正確而言，我已嘗試在 3 月份的估計中確定其規模，並且我向您提供了第二財季的一些指導指示。

Daryl Armstrong, Citigroup.

達裡爾·阿姆斯特朗，花旗集團。

I have a question for Lou.

我有個問題想問盧。

You talked about the litigation that will likely extend from QUALCOMM to Nokia and Nokia back to QUALCOMM post the April deadline.

您談到訴訟可能會在四月的截止日期後從高通延伸到諾基亞，然後諾基亞又回到高通。

Do you think that litigation exposure also extends to your chipset customers if they accept your chips after that deadline?

您認為如果您的晶片組客戶在截止日期之後接受您的晶片，訴訟風險是否也會延伸到您的晶片組客戶？

Do you anticipate that QUALCOMM would indemnify those customers if there is some exposure there?

如果存在一些風險，您預期高通會賠償這些客戶嗎？

The litigation could in theory extend to those customers who don't independently have rights from Nokia.

理論上，該訴訟可能會延伸到那些不獨立擁有諾基亞權利的客戶。

Having said that, I think it is unlikely that Nokia wants to involve most of our customers in this because they are going to again get a similar reaction from the customers.

話雖如此，我認為諾基亞不太可能讓我們的大多數客戶參與其中，因為他們將再次得到客戶的類似反應。

That is the customers will assert patents back against Nokia, as well as the patents that we would be asserting.

也就是說，客戶將針對諾基亞主張專利，以及我們將主張的專利。

So I think it is unlikely that they would want to draw in our customers.

所以我認為他們不太可能想吸引我們的客戶。

I don't really want to comment on the terms and conditions of our supply agreements between us and our customers.

我真的不想評論我們和客戶之間的供應協議的條款和條件。

So I think I will leave it at that.

所以我想我就這樣吧。

Tal Liani, Merrill Lynch.

塔爾·利亞尼，美林證券。

I had just one clarification on the prior question or prior answer and then one question.

我對之前的問題或之前的答案只有一個澄清，然後是一個問題。

Can you -- Nokia on their conference call discussed specifically about pass-through rights and said that they are not getting pass-through rights.

諾基亞在電話會議上專門討論了傳遞權，並表示他們沒有獲得傳遞權。

Probably you're not going to answer on a specific question on Nokia, but would you mind to clarify the issue of pass-through rights, how does it work?

您可能不會回答有關諾基亞的具體問題，但您介意澄清一下傳遞權問題嗎？它是如何運作的？

What kind of rights do you have in general that you pass through your customers?

您透過客戶一般享有哪些權利？

And my question is something very specific on Japan.

我的問題是關於日本的非常具體的問題。

Can you discuss on any potential inventories at NTT for WCDMA phones?

您能否討論一下 NTT 的 WCDMA 手機潛在庫存狀況？

This is Steve.

這是史蒂夫。

On the pass-through rights, it probably would take longer than we should give it here on this conference call.

關於傳遞權，可能需要比我們在本次電話會議上給予的時間更長的時間。

But let me just say at the analyst conference in London, I will go into more detail on pass-through rights, how they work and so forth.

但我只想說，在倫敦的分析師會議上，我將更詳細地介紹傳遞權、它們如何運作等等。

If you can bear with us until then, I think you will get a better understanding.

如果您能耐心等待，我想您會得到更好的理解。

About inventories at NTT since TI made a comment about some inventories in Japan?

自從 TI 對日本的一些庫存發表評論以來，NTT 的庫存情況如何？

Well, we do have some handsets at NTT DoCoMo, but I think we don't have enough visibility at the dynamic for the entity DoCoMo to comment in detail.

嗯，NTT DoCoMo 確實有一些手機，但我認為我們對 DoCoMo 實體的動態沒有足夠的了解，無法詳細評論。

Except to say, as Bill said, there was some buildup of inventory in anticipation of mobile number portability.

除此之外，正如比爾所說，由於預計手機號碼可攜帶性，庫存增加。

And so far, we see SoftBank and KDDI being disproportionate winners out of that transition.

到目前為止，我們認為軟銀和 KDDI 是這一轉型中的不成比例的贏家。

So I think beyond those data points, I could not point to anything else.

所以我認為除了這些數據點之外，我無法指出其他任何內容。

Tim Long, Banc of America.

提姆朗，美國銀行。

Bill, if I could just ask you a question on the September quarter QTL line.

Bill，我可以問你一個關於九月季度 QTL 線的問題嗎？

I was a little surprised to see it up only 3% sequentially.

我有點驚訝地看到它比上一季只上漲了 3%。

If you could just explain if there was anything funny in the quarter there?

您能否解釋一下該季度是否有什麼有趣的事情？

If you look back at the June numbers, you had a pretty good spike in ASP, up 4 or 5%, and unit shipments looked like they were up about 6%.

如果你回顧 6 月的數據，你會發現 ASP 大幅上漲，上漲了 4% 或 5%，單位出貨量看起來上漲了約 6%。

So I am just curious as to why the royalty line with the quarter lag, it seems like the license revenues were about stable, why we didn't see a bigger sequential jump in that line?

所以我只是好奇為什麼特許權使用費線有季度滯後，似乎許可收入基本上穩定，為什麼我們沒有看到該線有更大的連續跳躍？

Has there been any change in overall rate or anything else in the quarter?

本季整體利率或其他方面是否有任何變化？

No change in rates for licensees.

被授權人的費率沒有變化。

Those rates stay constant.

這些比率保持不變。

So again, it comes back to a different mix of infrastructural royalties versus test equipment royalties versus phone royalties.

再次，這又回到了基礎設施使用費、測試設備使用費和電話使用費的不同組合。

And then there are small mounts of special credits at sometime folded into the QTL segment.

有時也會有少量特殊積分納入 QTL 部分。

I think we had a modest amount of those in the September quarter.

我認為我們在九月季度的此類數量不多。

Okay.

好的。

Well, Bill, should I think of it as the prior quarter was helped out on the high side or the June quarter or the September quarter was hurt on the low side?

好吧，比爾，我應該將其視為上一季度在高位方面受到幫助，還是六月季度或九月季度在低位方面受到損害？

Which was a more normal number would you say?

您認為哪個數字比較正常？

Well, I think I will go into a little more specifics for 2007.

嗯，我想我會更詳細地討論 2007 年的情況。

I think that is the key is 2007, and we will go into a bit more specifics in London.

我認為關鍵是 2007 年，我們將在倫敦討論更多細節。

Let me just clarify.

讓我澄清一下。

When we talk about credits or so forth, what we're really talking about is there are -- time to time with special programs with carriers, we will provide incentives to carriers to sell more product or focus more on certain applications and so forth.

當我們談論積分等時，我們真正談論的是——時不時地與運營商一起實施特殊計劃，我們將激勵運營商銷售更多產品或更多地關注某些應用程序等等。

And those types of expenses get allocated to QTL in terms of growing the overall CDMA business.

就發展整體 CDMA 業務而言，這些類型的費用會分配給 QTL。

So that impacts the amount.

所以這會影響金額。

Matt Hoffman, Cowen & Co.

馬特霍夫曼，考恩公司

Another question on the term changes in the negotiations with Nokia.

另一個問題是與諾基亞談判中的條款變更。

Steve, Nokia discussed a four-part test for an injunction post April 9 and thought QUALCOMM would not be able to meet the standards for that test.

史蒂夫，諾基亞在 4 月 9 日後討論了一項由四部分組成的禁令測試，並認為高通將無法滿足該測試的標準。

Something you could discuss, both the test and QUALCOMM's ability to prove the company is entitled to an injunction if Nokia -- if no agreement with Nokia is reached.

您可以討論測試以及高通證明該公司有權在諾基亞未與諾基亞達成協議的情況下獲得禁令的能力。

I will take that one.

我會接受那個。

We think we will have utterly no problem meeting the four-part test.

我們認為通過四部分測試完全沒有問題。

You're talking about a situation of a company that had a license that has been paying royalties acknowledges the applicability of our patents in the most sincere way by paying large amounts of money for them and then declines to renew and deliberately infringes.

你說的是這樣一種情況，一家擁有許可證的公司一直在支付特許權使用費，通過支付大量費用以最真誠的方式承認我們的專利的適用性，然後拒絕更新並故意侵權。

I think under those circumstances we are going to have very little difficulty in getting an injunction in meeting the test.

我認為在這種情況下，我們在獲得滿足測試的禁令方面不會有什麼困難。

I would be happy to expand upon the legal specifics of that test at a later time.

我很樂意稍後詳細介紹該測試的法律細節。

I think it would take more time than we have now.

我認為這需要比現在更多的時間。

I'm planning on being in London as well.

我也計劃去倫敦。

So either Steve or I would be happy to address that there.

所以無論是史蒂夫還是我都會很樂意在那裡解決這個問題。

Dr. Jacobs, do you have any closing remarks?

雅各布斯博士，您有什麼結束語嗎？

I would just like to say that for the first full year of our new management team, I'm extremely pleased by the results that we were able to deliver.

我只想說，在我們新管理團隊的第一個完整年裡，我對我們能夠交付的成果感到非常高興。

You know, there were obviously a few companies that decided to attack us and certainly have attempted to flood the market with a lot of misinformation.

你知道，顯然有一些公司決定攻擊我們，並且肯定試圖用大量錯誤訊息充斥市場。

I guess I had hoped that we would have built a stronger working relationship with some of those companies, and I still remain hopeful that that will happen in the future.

我想我曾希望我們能夠與其中一些公司建立更牢固的工作關係，並且我仍然希望這在未來會發生。

But I definitely want to highlight the fact that we are working extremely well with a large number of partners, and we are creating many new partnerships both inside and outside of the wireless industry.

但我確實想強調這樣一個事實，即我們與大量合作夥伴合作得非常好，並且我們正在無線行業內外建立許多新的合作夥伴關係。

So despite these contacts, we really have remained extremely focused on innovation, execution and partnerships, and I think that you will see that we have many new products, new technologies and news services that we will bring to market in the next fiscal year.

因此，儘管有這些接觸，我們仍然非常注重創新、執行和合作夥伴關係，我認為您會看到我們將在下一財年將許多新產品、新技術和新聞服務推向市場。

So thanks, everybody, for joining us.

謝謝大家加入我們。

We will look forward to seeing some of you in London.

我們期待在倫敦見到你們中的一些人。

This concludes the QUALCOMM fourth-quarter conference call.

高通第四季電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。