高通 (QCOM) 2013 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 and fiscal 2013 conference call.

歡迎參加高通第四季和 2013 財政年度電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded November 6, 2013.

謹此提醒，本次會議的錄音時間為 2013 年 11 月 6 日。

The playback number for today's call is 855-859-2056.

今天通話的回放號碼是 855-859-2056。

International callers, please dial 404-537-3406.

國際電話請撥 404-537-3406。

The playback reservation number is 87075999.

播放預約號碼為87075999。

I would now like to turn the call over to Warren Kneeshaw, Vice President of Investor Relations.

我現在想將電話轉給投資者關係副總裁 Warren Kneeshaw。

Mr. Kneeshaw, please go ahead.

尼肖先生，請繼續。

Thank you, Brent, and good afternoon, everyone.

謝謝布倫特，大家下午好。

Today's call will include prepared remarks by Dr. Paul Jacobs, Steve Mollenkopf, and George Davis.

今天的電話會議將包括保羅·雅各布斯 (Paul Jacobs) 博士、史蒂夫·莫倫科普夫 (Steve Mollenkopf) 和喬治·戴維斯 (George Davis) 準備好的演講。

In addition, Derek Aberle and Don Rosenberg will join the question-and-answer session.

此外，Derek Aberle 和 Don Rosenberg 也將參加問答環節。

An Internet presentation and audio broadcast accompany this call, and you can access them by visiting our website at www.Qualcomm.com.

本次電話會議附帶網路示範和音訊廣播，您可以透過造訪我們的網站 www.Qualcomm.com 進行存取。

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

在本次電話會議期間，我們將使用法規 G 中定義的非 GAAP 財務指標，您可以在我們的網站上找到與 GAAP 相關的調整表。

I'd also like to 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.

我還想向您介紹我們的 10-K 和收益報告，這些報告已分別於今天向 SEC 提交和提供，並可在我們的網站上取得。

During this conference call, we will make forward-looking statements regarding future events or the future business or results of the Company.

在本次電話會議期間，我們將就公司未來事件或未來業務或業績做出前瞻性陳述。

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

實際事件或結果可能與前瞻性陳述中的預測有重大差異。

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

請參閱我們向 SEC 提交的文件，包括我們最近的 10-K，其中包含可能導致實際結果與前瞻性陳述有重大差異的重要因素。

I'd like to remind our listeners that our New York analyst day will be held on Wednesday, November 20.

我想提醒我們的聽眾，我們的紐約分析師日將於 11 月 20 日星期三舉行。

To attend in person, you must be a financial analyst or institutional investor.

要親自參加，您必須是金融分析師或機構投資者。

The analyst meeting will be webcast for those of you unable to attend in person.

分析師會議將為那些無法親自參加的人進行網路直播。

Consistent with past analyst days, we will be providing guidance disclosures at that time that are in addition to those provided in our earnings release, and on this call.

與過去的分析師日一致，我們屆時將提供除收益發布和本次電話會議中提供的資訊之外的指導披露資訊。

And now, to comments from Qualcomm's Chairman and Chief Executive Officer, Dr. Paul Jacobs.

現在請聽聽高通董事長兼執行長保羅‧雅各布斯 (Paul Jacobs) 博士的評論。

Thank you, Warren, and good afternoon, everyone.

謝謝沃倫，大家下午好。

I'm very pleased with Qualcomm's performance this past fiscal year.

我對高通上一財年的表現非常滿意。

We delivered record revenues of $25 billion, up 30% versus last year.

我們的營收達到創紀錄的 250 億美元，比去年成長 30%。

Earnings, total reported device sales, and MSM chipset shipments also set records, as our technologies continue to underpin the global growth of wireless data, and our semiconductor solutions are used across the industry's flagship smartphones.

由於我們的技術繼續支撐全球無線數據的成長，並且我們的半導體解決方案廣泛應用於業界的旗艦智慧型手機，因此盈利、報告的設備總銷售額和 MSM 晶片組出貨量也創下了記錄。

We increased our dividend for the 11th consecutive year, and returned approximately $6.7 billion to stockholders in the form of buybacks and cash dividends in fiscal year 2013.

我們連續 11 年增加股息，並在 2013 財年以回購和現金股息的形式向股東返還約 67 億美元。

Looking at the fourth fiscal quarter, we also delivered record revenues, which came in near the high end of our guidance, due to strength in both our licensing and semiconductor businesses.

看看第四財季，由於我們的授權和半導體業務的實力，我們也實現了創紀錄的收入，接近我們指導的上限。

Earnings would have been well ahead of guidance, if not for a legal charge we recorded in the fourth quarter.

如果沒有我們在第四季度記錄的法律費用，收益將遠遠超出指導。

We're pursuing post-trial motions in the District Court, and we'll pursue all options on appeal as necessary, and remain confident in our positions.

我們正在地方法院尋求審判後動議，我們將在必要時尋求上訴的所有選擇，並對我們的立場保持信心。

We made excellent strategic and operational progress this year.

今年我們在策略和營運方面取得了出色的進展。

We delivered our industry-leading third-generation 3G-LTE multi-mode modem, grew our share of semiconductor content in a wide array of devices, and expanded our licensing program.

我們提供了業界領先的第三代 3G-LTE 多模調變解調器，增加了我們在各種設備中的半導體含量份額，並擴大了我們的許可計劃。

Further, our strategy to support the LTE-TDD migration path for the wireless operators in India was successfully executed.

此外，我們支援印度無線營運商 LTE-TDD 遷移路徑的策略已成功執行。

We just completed the final step in transferring full ownership of the Indian BWA entity that holds the 4G spectrum we won in the 2010 spectrum auction to Bharti.

我們剛剛完成了將印度 BWA 實體的全部所有權轉讓給 Bharti 的最後一步，該實體擁有我們在 2010 年頻譜拍賣中贏得的 4G 頻譜。

We also announced the planned divestiture of Omnitracs.

我們也宣布計劃剝離 Omnitracs。

As you know, Omnitracs was one of our first businesses and helped fund our investment in CDMA.

如您所知，Omnitracs 是我們最早的業務之一，為我們對 CDMA 的投資提供了資金。

I'd really like to thank all the employees, suppliers, and customers, who helped contribute to the more than 25-year success of the business.

我衷心感謝所有為公司 25 年以上的成功做出貢獻的員工、供應商和客戶。

We really look forward to hearing about your future accomplishments.

我們真誠地期待聽到您未來的成就。

We expect that transaction to be completed during our first fiscal quarter of 2014, but we haven't included the estimated $0.22 to $0.25 per share gain on the sale, in either our first fiscal quarter or annual guidance.

我們預計該交易將在 2014 年第一財季完成，但在我們的第一財季或年度指引中，我們均未將估計的每股 0.22 至 0.25 美元的銷售收益納入其中。

Looking at fiscal 2014, we're expecting solid growth, but at a lower rate than what we delivered in the last few years.

展望 2014 財年，我們預計將穩健成長，但成長速度低於過去幾年的水準。

This is partially due to the exceptionally strong year we just completed, which included share gains and content share gains in QCT.

這部分是由於我們剛剛完成了異常強勁的一年，其中包括 QCT 的份額增長和內容份額增長。

In fiscal 2014, we are facing some mix and demand factors, which we currently expect will moderate our QCT growth.

2014 財年，我們面臨一些混合和需求因素，目前預計這些因素將減緩我們的 QCT 成長。

In light of this, we are taking near-term actions Company-wide to prioritize investments, stay focused on growth, but also control expenses, in order to deliver operating profit growth in excess of revenue growth.

有鑑於此，我們正在全公司範圍內採取近期行動，優先考慮投資，專注於成長，同時控制支出，以實現營業利潤成長超過收入成長。

Fundamentally we believe our long-term growth drivers remain very much intact, and we're aligning our resources to continue to capture those opportunities.

從根本上說，我們相信我們的長期成長動力仍然完好無損，我們正在調整我們的資源以繼續抓住這些機會。

We continue to see smartphone adoption grow at a rapid pace across the globe.

我們繼續看到智慧型手機的採用在全球範圍內快速增長。

According to Gartner, approximately 225 million smartphones were shipped in the second quarter of calendar 2013, representing a 47% year-over-year increase.

根據 Gartner 統計，2013 年第二季智慧型手機出貨量約 2.25 億部，較去年同期成長 47%。

This is especially true in emerging regions, where smartphone demand is being driven in part by the migration from 2G to 3G.

在新興地區尤其如此，從 2G 到 3G 的遷移在一定程度上推動了這些地區智慧型手機的需求。

Looking forward, Gartner's now expecting 1.8 billion smartphones will be shipped in 2017.

展望未來，Gartner 目前預計 2017 年智慧型手機出貨量將達到 18 億支。

In the September quarter, we saw the launch of new devices with expanded capabilities, based on Qualcomm products.

在九月季度，我們看到了基於高通產品的具有擴展功能的新設備的推出。

Some of these new capabilities include the launch ultra HD video, LTE carrier aggregation, and support for additional frequency bands for global roaming.

其中一些新功能包括推出超高清視訊、LTE 載波聚合以及支援全球漫遊的附加頻段。

We will continue to focus on expanding our share of content and devices, and making good progress with our Wi-Fi and RF front-end solutions.

我們將繼續專注於擴大內容和裝置份額，並在 Wi-Fi 和 RF 前端解決方案方面取得良好進展。

We see multi-mode 3G LTE as a catalyst for growth in network enhancements and smartphone demand.

我們認為多模 3G LTE 是網路增強和智慧型手機需求成長的催化劑。

According to GSNA intelligence, approximately 100 million new LTE connections are expected to be added in calendar year 2013, representing a 57% year-over-year increase from 2012.

根據 GSNA 情報，預計 2013 年將新增約 1 億個 LTE 連接，較 2012 年年增 57%。

And it's approximately 22% of total net new connections.

約佔新增淨連線總數的 22%。

China remains an important opportunity for smartphones.

中國仍然是智慧型手機的重要機會。

With the upcoming launch of LTE, we expect increased demand for smartphones across many tiers of devices.

隨著 LTE 即將推出，我們預計各層設備對智慧型手機的需求將會增加。

It's not just about smartphones.

這不僅與智慧型手機有關。

The impact of mobile on other industries cannot be overstated.

行動對其他產業的影響怎麼強調都不為過。

The mobile ecosystem is driving innovations in healthcare, automotive, education, and of course, computing, which is creating new opportunities for Qualcomm, from both a chipset and a licensing perspective.

行動生態系統正在推動醫療保健、汽車、教育，當然還有運算領域的創新，從晶片組和授權的角度來看，這都為高通創造了新的機會。

Smartphone experiences are driving tablets designs, as evidenced by the increased innovation in demand for 7-inch tablets, including Snapdragon-based tablets from Google and Amazon, announced this quarter.

智慧型手機體驗正在推動平板電腦設計，對 7 吋平板電腦（包括Google和亞馬遜本季宣布的基於 Snapdragon 的平板電腦）的創新需求不斷增加就證明了這一點。

In addition, several operators have recently introduced new data plans that could be a positive catalyst for 3G-4G adoption in tablets and other consumer electronics devices.

此外，一些營運商最近推出了新的數據計劃，這可能會成為平板電腦和其他消費性電子設備採用 3G-4G 的積極催化劑。

Now, all these trends are helping to drive data demand globally, and in order to address the growth in data, operators continue to evolve their 3G networks, upgrade to LTE, evaluate new spectrum opportunities, and evolve network topologies to include the introduction of small cells.

現在，所有這些趨勢都有助於推動全球數據需求，為了應對數據成長，營運商繼續發展其 3G 網路、升級到 LTE、評估新的頻譜機會，並發展網路拓撲以包括引入小型網路。細胞。

This past June, we announced our FSM solution, that integrates our 3G and 4G technologies with advanced 802.11 AC and N Wi-Fi, to enable fully-featured low-cost small cells, that are designed to provide superior performance with greater power efficiency.

今年6 月，我們發布了FSM 解決方案，將我們的3G 和4G 技術與先進的802.11 AC 和N Wi-Fi 相集成，以實現功能齊全的低成本小型蜂窩，旨在提供卓越的性能和更高的能效。

We will discuss the many growth opportunities we see ahead, and the strategies and actions we're pursuing to capitalize on them during our upcoming New York analyst event.

我們將在即將舉行的紐約分析師活動中討論我們看到的未來​​成長機會，以及我們為利用這些機會而採取的策略和行動。

I will look forward to seeing many of you there.

我期待在那裡見到你們中的許多人。

So to wrap up, we've completed another outstanding year at Qualcomm.

總而言之，我們在高通又度過了出色的一年。

I'd once again like to thank all of our employees and partners for their commitment, innovation, and leadership.

我要再次感謝我們所有員工和合作夥伴的承諾、創新和領導。

We have tremendous opportunities ahead, and we're positioning the Company to capitalize on these while carefully managing our cost structure.

我們面臨著巨大的機遇，我們正在將公司定位為充分利用這些機遇，同時仔細管理我們的成本結構。

And overall, Qualcomm remains well-positioned for continued growth.

總體而言，高通仍處於持續成長的有利位置。

We've grown revenues at a compound annual rate of more than 30% over the last three years, and building off of this very strong fiscal 2013 base year, going forward for the next five years, we expect that revenues and earnings per share will grow at double-digit compound annual growth rates.

過去三年，我們的營收複合年增長率超過 30%，在 2013 財年這個非常強勁的基準年的基礎上，展望未來五年，我們預計收入和每股收益將以兩位數的年複合增長率增長。

We expect to return significant amounts of capital to stockholders, consistent with this outlook.

我們預計將向股東返還大量資本，這與此前景一致。

I'll now turn the call over to Qualcomm's President and Chief Operating Officer, Steve Mollenkopf.

我現在將把電話轉給高通公司總裁兼營運長史蒂夫‧莫倫科普夫 (Steve Mollenkopf)。

Thanks, Paul, and good afternoon, everyone.

謝謝保羅，大家下午好。

I will provide some comments on both QTL and QCT businesses.

我將對QTL和QCT業務提供一些評論。

In fiscal 2013, QTL delivered record revenues and earnings, up 19% and 18% year-over-year respectively, driven by greater than expected 3G/4G device shipments, and increased ASPs reported by our licensees.

2013 財年，在 3G/4G 設備出貨量高於預期以及我們的授權商報告的平均售價增加的推動下，QTL 的收入和利潤創下了歷史新高，同比分別增長 19% 和 18%。

We now have over 250 royalty-bearing 3G licenses, over 90 single mode OFDM licenses, and we believe our 3G and 4G portfolios are the most widely-licensed in the industry.

我們現在擁有超過 250 個含特許權使用費的 3G 許可證、超過 90 個單模 OFDM 許可證，我們相信我們的 3G 和 4G 產品組合是業內獲得最廣泛許可的。

Through our broad licensing program, we continue to foster innovation, and enable a large and growing ecosystem that benefits wireless consumers worldwide.

透過我們廣泛的授權計劃，我們繼續促進創新，並建立一個龐大且不斷發展的生態系統，使全球無線消費者受益。

QCT also grew significantly in fiscal 2013, delivering record revenues and earnings, up 38% and 39% year-over-year respectively, driven by successful share and content gains.

在成功的份額和內容增長的推動下，QCT 在 2013 財年也實現了顯著增長，收入和利潤創歷史新高，同比分別增長 38% 和 39%。

During the year, we continued to lead in LTE with our integrated modem solution, and delivered significant product enhancements across all key technology vectors, including the modem, processor, graphics, and connectivity, with unmatched world-class integration.

這一年，我們憑藉集成調製解調器解決方案繼續在LTE 領域處於領先地位，並在所有關鍵技術領域（包括調製解調器、處理器、圖形和連接）提供了重大的產品增強功能，並具有無與倫比的世界級集成度。

For 2014, we are forecasting another year of strong growth in QTL.

2014 年，我們預期 QTL 又將強勁成長。

We expect 3G/4G device shipments by our licensees to grow 15% at the midpoint in calendar 2014, and our fiscal 2014 3G/4G device ASPs are estimated to be between $216 and $230, down slightly by $3 or 1% year over year at the midpoint.

我們預計 2014 財年授權商的 3G/4G 設備出貨量將成長 15%，2014 財年 3G/4G 設備平均售價預計在 216 美元至 230 美元之間，年比小幅下降 3 美元或 1%。中點。

Turning to QCT, our outlook for fiscal 2014 builds off the significant successes of fiscal 2013.

談到 QCT，我們對 2014 財年的展望是在 2013 財年取得的重大成功的基礎上進行的。

Our leadership across key technologies required for modems and SoCs for smartphones and mobile computing, continue to position us well across flagship designs and key customers.

我們在智慧型手機和行動運算調變解調器和 SoC 所需的關鍵技術方面處於領先地位，繼續使我們在旗艦設計和主要客戶方面處於有利地位。

We expect fiscal 2014 QCT year-over-year growth to moderate somewhat, compared to recent years, including the very strong growth we delivered in fiscal 2013.

與近幾年相比，包括我們在 2013 財年實現的非常強勁的成長，我們預計 2014 財年 QCT 的年成長將有所放緩。

Our position at the high tier, and with the big OEMs, is strong, driven by modem and application processor leadership, and is expected to remain strong through 2014.

在調變解調器和應用處理器領導地位的推動下，我們在高階市場以及大型 OEM 的地位非常穩固，預計到 2014 年將保持強勁。

The high tier continues to be increasingly concentrated, however, which impacts our product mix, as well as our revenue and related operating margins.

然而，高層繼續日益集中，這影響了我們的產品組合以及我們的收入和相關營業利潤率。

We also expect strong growth in the low and mid-tiers, driven by emerging regions, including the anticipated launch of LTE in China in the second half of the fiscal year.

我們也預計，在新興地區的推動下，中低端市場將出現強勁成長，其中包括預計本財年下半年在中國推出 LTE。

We continue to see growth in China across all smartphone tiers, and what we refer to as our EA or emerging accounts, exceeded $1 billion in revenue in fiscal 2013.

我們繼續看到中國所有智慧型手機市場的成長，以及我們所說的 EA 或新興帳戶，2013 財年的收入超過了 10 億美元。

Our participation in the1500RMB and above smartphone tier is strong, enabled by both Chinese and multinational OEMs.

在中國和跨國 OEM 廠商的推動下，我們在 1500 元及以上智慧型手機領域的參與度很高。

Fiscal 2014 is shaping up to be another favorable year with Chinese OEMs, as we build on our strengths in the high tier, enabling OEMs to drive LTE solutions in the mid-and low tiers during 2014, in China and other emerging regions.

2014 財年將成為中國OEM 廠商又一個有利的一年，因為我們將在高端市場上發揮自己的優勢，使OEM 廠商能夠在2014 年期間在中國和其他新興地區推動中低端市場的LTE 解決方案。

We expect the launch of LTE in China to change the dynamics there, as international OEMs leverage their worldwide LTE leadership to increase their positions, and Chinese domestic OEMs move up-tier and leverage their LTE position in China to export internationally.

我們預計LTE 在中國的推出將改變中國的動態，因為國際OEM 廠商將利用其全球LTE 領導地位來提高其地位，而中國國內OEM 廠商則將向更高層邁進，並利用其在中國的LTE 地位向國際出口。

Both of these expected trends are beneficial to QCT's position, as all of our LTE chipsets include both the FDD and the TDD mode.

這兩個預期趨勢都有利於 QCT 的地位，因為我們所有的 LTE 晶片組都包含 FDD 和 TDD 模式。

We are currently shipping integrated chipsets across multiple tiers to support initial volume expected to start around the Chinese New Year.

我們目前正在跨多個層級發貨整合晶片組，以支援預計在農曆新年前後開始的初始批量。

In light of our near-term outlook moderating following a strong 2013, we are slowing the growth rate of our spending.

鑑於我們的近期前景在 2013 年的強勁表現之後有所緩和，我們正在放慢支出的成長率。

We believe we are now operating the QCT business at scale, and with our expense management initiatives this year, we forecast that we will exit fiscal 2014 at a lower operating expense run rate than we exited fiscal 2013.

我們相信，我們現在正在大規模經營 QCT 業務，並且透過今年的費用管理舉措，我們預計 2014 財年結束時的營運費用運行率將低於 2013 財年結束時的營運費用運行率。

In addition to operating expense initiatives, we have projects underway to improve product costs within QCT, including driving supply chain efficiencies and designing cost optimized solutions for the very price competitive low tier.

除了營運費用計劃外，我們還在 QCT 內開展旨在提高產品成本的項目，包括提高供應鏈效率以及為極具價格競爭力的低端產品設計成本優化的解決方案。

It is important to note that we expect 2014 quarterly QCT operating margins to trend differently this year as compared to previous years, and in particular, we expect them to strengthen in the second half of fiscal 2014.

值得注意的是，我們預計今年 2014 年季度 QCT 營業利潤率的趨勢將與往年不同，特別是我們預計 2014 財年下半年將有所加強。

This reflects the quarterly demand profile and product mix we expect, including the growth of LTE in China, as well as the anticipated customer device launches throughout the year.

這反映了我們預期的季度需求概況和產品組合，包括中國 LTE 的成長，以及全年預期的客戶設備推出。

In addition, the cumulative effect of the product cost and operating expense initiatives we are undertaking improves the margin profile over time.

此外，我們正在採取的產品成本和營運費用措施的累積效應隨著時間的推移改善了利潤狀況。

Accordingly, we expect to exit the fiscal year at a high point, above 20% operating margin, instead of peaking in the first fiscal quarter, as in prior years.

因此，我們預計本財年將達到營運利潤率 20% 以上的高點，而不是像往年那樣在第一財季達到高峰。

Looking ahead, we believe we continue to be well-positioned versus our competition.

展望未來，我們相信我們在競爭中將繼續處於有利地位。

In fiscal year 2013, we delivered our third generation LTE solution, well ahead of the competition.

2013 財年，我們推出了第三代 LTE 解決方案，遠遠領先競爭對手。

It features LTE carrier aggregation with category four, supports all major standards and voice and data mobility scenarios, and is available on a standalone or integrated basis.

它具有四類 LTE 載波聚合功能，支援所有主要標準以及語音和資料移動場景，並且可獨立或整合使用。

Our LTE solutions now span the high-end to the volume tier, and are well-positioned globally across FDD and TDD opportunities.

我們的 LTE 解決方案現已涵蓋高端到量產級別，並在全球 FDD 和 TDD 機會中佔據有利地位。

The LTE feature set required to be successful will continue to evolve at a fast pace, driven by competitive dynamics in the United States and Asia, compounded by the number of RF bands required to deliver high data rates and capacity to the consumers.

在美國和亞洲的競爭動態以及向消費者提供高數據速率和容量所需的射頻頻段數量的推動下，成功所需的 LTE 功能集將繼續快速發展。

We continue to lead in mobile optimized application processors, and this continues to be an area of investment for us, as in the past.

我們繼續在行動優化應用處理器領域處於領先地位，並且一如既往，這仍然是我們的投資領域。

We have successfully grown our tablet design pipeline, including such notable designs as the Amazon Kindle HDX, the Google Nexus 7, LG G Pad, Sony Xperia Z, and multiple tablets with Samsung and Nokia.

我們成功拓展了平板電腦設計管道，包括 Amazon Kindle HDX、Google Nexus 7、LG G Pad、Sony Xperia Z 等著名設計，以及多款與三星和諾基亞合作的平板電腦。

We see strong traction and a broad design pipeline for our RF 360 front end products, which include the envelope tracker, antenna tuner, PA with integrated switch, and RF POP.

我們看到 RF 360 前端產品具有強大的吸引力和廣泛的設計管道，其中包括包絡追蹤器、天線調諧器、帶有整合開關的 PA 和 RF POP。

The envelope tracker has shipped commercially in handsets since September, and the remainder of the solutions are scheduled to launch as expected throughout the fiscal year.

包絡追蹤器自 9 月以來已在手機中投入商業銷售，其餘解決方案計劃按預期在整個財年推出。

We also continued to make great progress with our mobile Wi-Fi and connectivity solutions, building off our successful acquisition of Atheros.

在成功收購 Atheros 的基礎上，我們的行動 Wi-Fi 和連線解決方案也持續取得巨大進展。

Our 802.11 AC product continues to have strong design traction, with over 150 smartphone design wins, including many with top-tier OEMs.

我們的 802.11 AC 產品繼續擁有強大的設計吸引力，已贏得超過 150 款智慧型手機設計，其中許多來自頂級 OEM。

Overall, our Wi-Fi attach rate on a unit basis is over 50%, and we expect it to continue to grow throughout fiscal 2014.

總體而言，我們的 Wi-Fi 單位連線率超過 50%，我們預計該比率將在 2014 財年持續成長。

To conclude, we see significant growth opportunities ahead for our business, and we are managing our resources to maintain our technology leadership, and best position ourselves for the future.

總而言之，我們看到我們的業務面臨著巨大的成長機會，我們正在管理我們的資源以保持我們的技術領先地位，並為未來做好最佳定位。

I look forward to discussing this with many of you at the upcoming analyst day.

我期待著在即將到來的分析師日與你們中的許多人討論這個問題。

And I turn the call now over to George.

我現在把電話轉給喬治。

Thank you, Steve, and good afternoon, everyone.

謝謝史蒂夫，大家下午好。

We are pleased to be reporting strong financial results for both this quarter and the full fiscal year.

我們很高興報告本季和整個財年的強勁財務業績。

Fiscal fourth-quarter revenues were a record, up 33% year over year, and non-GAAP operating income was up 20% year over year.

第四財季營收創歷史新高，年增 33%，非 GAAP 營業收入較去年同期成長 20%。

Non-GAAP earnings per share of $1.05 was up 18% year-over-year.

非 GAAP 每股收益為 1.05 美元，較去年同期成長 18%。

Our non-GAAP results this quarter included a $173 million, or $0.10 per share litigation expense, related to the recent ParkerVision verdict, which was not included in our fiscal fourth quarter guidance.

我們本季的非 GAAP 業績包括 1.73 億美元，即每股 0.10 美元的訴訟費用，與最近的 ParkerVision 判決相關，該費用未包含在我們第四財季的指導中。

Excluding this $0.10 charge, our non-GAAP EPS would have been $1.15 per share, or $0.09 above the midpoint of our prior guidance range, and up 29% year over year.

除去這 0.10 美元的費用，我們的非 GAAP 每股收益將為 1.15 美元，比我們之前指導範圍的中點高出 0.09 美元，同比增長 29%。

In addition to strong operating results, the impact of certain tax items, share repurchases and investment portfolio performance, accounted for approximately $0.06 per share in the quarter.

除了強勁的經營業績外，某些稅收項目、股票回購和投資組合業績的影響為本季每股收益約 0.06 美元。

QTL total reported device sales by our licensees were $60.2 billion, just above the high-end of our guidance range, with the average selling price in line with last quarter, consistent with our expectations.

我們的授權商報告的 QTL 設備銷售總額為 602 億美元，略高於我們指引範圍的高端，平均售價與上季一致，符合我們的預期。

QCT had record revenues and MSMs in the quarter, and implied revenue per MSM was down sequentially, reflecting increased low-tier shipments relative to expectations.

QCT 本季的營收和 MSM 均創歷史新高，且每位 MSM 的隱含收入較上季下降，反映出低端出貨量相對於預期有所增加。

QCT operating margin was 16%, at the low end of our guidance, also reflecting the low tier product mix.

QCT 營業利益率為 16%，處於我們指引的低端，也反映了低端產品組合。

Non-GAAP combined R&D and SG&A expenses grew 6% sequentially, consistent with expectations.

非 GAAP 研發與銷售、一般管理費用合計較上季成長 6%，與預期一致。

During the fourth fiscal quarter, we returned approximately $3.9 billion to stockholders, including approximately $600 million of dividends paid, and $3.3 billion in stock repurchases.

在第四財季，我們向股東返還了約 39 億美元，其中包括約 6 億美元的股利支付和 33 億美元的股票回購。

As of the end of fiscal 2013, we have used $150 million of our new $5 billion stock repurchase program announced in September.

截至 2013 財年末，我們已使用 9 月宣布的 50 億美元新股票回購計畫中的 1.5 億美元。

Cash flow from operations was very strong at 39% of revenues, reflecting solid working capital performance, particularly inventory drawdown.

營運現金流非常強勁，佔營收的 39%，反映出穩健的營運資本績效，尤其是庫存減少。

We ended the quarter with cash and marketable securities of $29.4 billion.

本季結束時，我們的現金和有價證券為 294 億美元。

Our fiscal fourth quarter non-GAAP tax rate was 16%.

我們第四財季的非 GAAP 稅率為 16%。

Turning to our results for fiscal year 2013, revenues were a record, up 30% from last year on strengthening QCT share at the high tier, strong 3G/4G device growth, and increasing ASPs in the QTL business.

談到我們 2013 財年的業績，由於 QCT 在高端市場的份額不斷增強、3G/4G 設備增長強勁以及 QTL 業務的 ASP 不斷提高，我們的收入創下了歷史新高，比去年增長了 30%。

Non-GAAP operating income was a record $8.66 billion, and non-GAAP earnings per share were a record $4.51, both up 22% year-over-year.

非 GAAP 營業收入達到創紀錄的 86.6 億美元，非 GAAP 每股盈餘創紀錄的 4.51 美元，均較去年同期成長 22%。

QTL's 2013 revenues were a record, up 19% year-over-year, with operating margin of 87%, towards the high-end of our prior guidance range.

QTL 2013 年的營收創歷史新高，年增 19%，營業利益率為 87%，接近我們先前指導範圍的高端。

We estimate that the fiscal 2013 3G/4G device average selling price was $226 at the midpoint, up $7 or 3% year over year.

我們估計 2013 財年 3G/4G 設備平均售價中位數為 226 美元，年增 7 美元或 3%。

QCT's fiscal 2013 revenues were also a record, up 38% year over year.

QCT 2013 財年的營收也創歷史新高，較去年同期成長 38%。

Earnings before tax was up 39% year over year, and operating margin was 19% for QCT, in line with our full-year guidance.

QCT 的稅前利潤年增 39%，營業利益率為 19%，與我們的全年指引一致。

Fiscal 2013 cash flow from operations was $8.8 billion, at 35% of revenues.

2013 財年營運現金流為 88 億美元，佔營收的 35%。

We returned approximately $6.7 billion, or 86% of free cash flow to stockholders during fiscal 2013, paying $2.1 billion of cash dividends, and repurchasing $4.6 billion of our shares.

2013 財年，我們向股東返還了大約 67 億美元，自由現金流的 86%，支付了 21 億美元的現金股息，並回購了 46 億美元的股票。

We are increasing our forecast for 3G/4G device shipments in calendar 2013 to between 1.075 billion to 1.125 billion units, up 15% to 20% year-over-year driven by strength in emerging regions, particularly China.

我們將 2013 年 3G/4G 設備出貨量預測上調至 10.75 億至 11.25 億台，在新興地區（尤其是中國）的強勁推動下，年增 15% 至 20%。

Now turning to our guidance for fiscal 2014, we estimate fiscal 2014 revenues to be in the range of approximately $26 billion to $27.5 billion, up 5% to 11% year over year.

現在轉向我們對 2014 財年的指導，我們預計 2014 財年的營收約為 260 億美元至 275 億美元，年增 5% 至 11%。

We expect QTL top and bottom line growth to remain strong, driven by continued strength in 3G/4G device demand, stable replacement rates, and ASPs in developed regions, 2G to 3G migration in emerging regions, as well as LTE deployments in China and elsewhere.

我們預計，受 3G/4G 設備需求持續強勁、已開發地區穩定的替代率和平均售價、新興地區 2G 向 3G 遷移以及中國和其他地區 LTE 部署的推動，QTL 營收和利潤成長將保持強勁。

We're forecasting a modest ASP decline in fiscal 2014, down $3 at the midpoint, or 1% to $223.

我們預計 2014 財年平均售價將小幅下降，中間值下降 3 美元，或 1%，至 223 美元。

We expect QCT to continue to benefit from technology leadership in modems, and our Snapdragon family of products.

我們預計 QCT 將繼續受益於數據機和 Snapdragon 系列產品的技術領先地位。

We expect QCT growth in fiscal 2014 to reflect strong end market demand, somewhat mitigated by the effects of OEM concentration at the high tier.

我們預計 2014 財年 QCT 的成長將反映強勁的終端市場需求，但 OEM 集中於高端市場的影響在一定程度上會有所緩解。

QCT has successfully established strong positions across all of the key top-tier OEMs, and much of the medium-tier smartphone accounts.

QCT 已成功在所有主要頂級 OEM 廠商以及大部分中階智慧型手機客戶中建立了強大的地位。

QCT growth in fiscal 2014 is aligned with the growth trends in these tiers.

2014 財年 QCT 的成長與這些層級的成長趨勢一致。

In addition, we are seeing continued high OEM share concentration, particularly at the high tier, and this impacts our product mix, as well as a revenues and related operating margin.

此外，我們看到 OEM 份額持續高度集中，特別是在高端市場，這影響了我們的產品組合以及收入和相關營業利潤率。

We're also seeing a tiering of products by these large customers that is leading to a higher utilization of previous-generation MSMs in their overall mix of products.

我們也看到這些大客戶對產品進行了分層，從而提高了上一代 MSM 在其整體產品組合中的利用率。

We see this effect mostly limited to QCT's product mix in the first half of fiscal 2014.

我們認為這種影響主要限於 QCT 2014 財年上半年的產品組合。

As Steve mentioned, we forecast improving trends in the second half of our fiscal year versus the first half.

正如史蒂夫所提到的，我們預測本財年下半年的趨勢將比上半年有所改善。

We expect higher device ASPs for QTL, and a better mix of leading parts in QCT, including the impact of LTE in China.

我們預計 QTL 的設備平均售價將更高，QCT 的領先零件將得到更好的組合，包括 LTE 在中國的影響。

We also forecast lower operating expenses and product costs, contributing to a stronger second half.

我們也預測營運費用和產品成本將會下降，這將有助於下半年的強勁成長。

We expect fiscal 2014 non-GAAP earnings per share to be in the range of $4.95 to $5.15, up approximately 12% year over year at the midpoint.

我們預計 2014 財年非 GAAP 每股盈餘將在 4.95 美元至 5.15 美元之間，年比中位數成長約 12%。

As Paul mentioned, we have not included the estimated gain on the sale of Omnitracs in our guidance.

正如 Paul 所提到的，我們並未將 Omnitracs 銷售的預期收益納入我們的指導中。

If this gain was included, our fiscal 2014 non-GAAP earnings-per-share estimate would be up 17% year over year at the midpoint.

如果計入此收益，我們對 2014 財年非 GAAP 每股收益的預測中位數將年增 17%。

For calendar 2014, global 3G/4G based device shipments, we estimate that between 1.22 billion and 1.3 billion devices will be shipped by our licensees, up approximately 11% to 18% year over year, reflecting increased shipments around the world, particularly in emerging regions.

對於2014 年全球3G/4G 設備出貨量，我們估計我們的授權商將出貨12.2 億至13 億台設備，年增約11% 至18%，反映了全球出貨量的增加，特別是在新興市場地區。

We estimate fiscal 2014 QTL operating margins will be 87% to 89%, and QCT operating margins will be 18% to 20%, both stable year over year.

我們預期 2014 財年 QTL 營業利益率為 87% 至 89%，QCT 營業利益率為 18% 至 20%，均較去年同期穩定。

We expect our non-GAAP tax rate to be 17% to 19% for fiscal 2014.

我們預計 2014 財年的非 GAAP 稅率為 17% 至 19%。

As Paul and Steve noted, we are slowing our level of operating expense growth in fiscal 2014.

正如 Paul 和 Steve 指出的那樣，我們正在放緩 2014 財年營運費用的成長水準。

We expect combined non-GAAP R&D and SG&A expense to grow approximately 5% to 7% year over year, in contrast to more than 20% annual growth over the past three years.

我們預計非 GAAP 研發和 SG&A 費用合計將年增約 5% 至 7%，而過去三年的年增長率超過 20%。

We are reducing a number of R&D project expenses in order to operate more efficiently, and focus more fully on growing our investments in key areas, including modem technology, low-cost chip designs, CPU and GPU, RF 360, connectivity in integrated SoCs, as well as longer-term initiatives like displays, small cells, and enterprise products.

我們正在減少一些研發項目費用，以便更有效率地運營，並更充分地專注於增加關鍵領域的投資，包括數據機技術、低成本晶片設計、CPU 和 GPU、RF 360、整合 SoC 中的連接、以及顯示器、小型基地台和企業產品等長期計劃。

This reduced expense growth is well below recent years, and aligns with the expected top line growth, and our requirements to drive the critical elements of our roadmap and new technology initiatives.

費用成長的減少遠低於近年來的水平，並且符合預期的收入成長，以及我們推動路線圖和新技術計畫關鍵要素的要求。

We also expect to continue an accelerated pace of return of capital to our shareholders.

我們也預計將繼續加快向股東返還資本的步伐。

In fiscal 2014, we currently expect to repurchase a minimum of $4 billion of stock, and we have included this repurchase activity in our guidance.

2014 財年，我們目前預計回購至少 40 億美元的股票，並且我們已將此項回購活動納入我們的指導中。

We will provide further details of our capital return metrics at our New York analyst day in two weeks.

我們將在兩週後的紐約分析師日提供有關資本回報指標的更多詳細資訊。

For the first quarter of fiscal 2014, we estimate revenues to be in the range of approximately $6.3 billion to $6.9 billion, up approximately 10% year over year at the midpoint.

我們預計 2014 財年第一季的營收約為 63 億至 69 億美元，中位數年增約 10%。

We estimate non-GAAP earnings per share in our first fiscal quarter to be approximately $1.10 to $1.20 per share, down 9% year over year at the midpoint.

我們預計第一財季的非公認會計準則每股收益約為每股 1.10 美元至 1.20 美元，年比中點下降 9%。

Versus the year-ago quarter, we are expecting increased shipments of thin modems and low and midtier products in QCT, as well as the impact of longer-term pricing initiatives that were not in place in the first quarter of fiscal 2013, and the impact of higher operating expenses.

與去年同期相比，我們預計 QCT 中薄型調變解調器和中低端產品的出貨量將會增加，以及 2013 財年第一季未實施的長期定價措施的影響，以及較高的營運費用。

As you'll recall, our first-quarter results in fiscal 2013 were very strong, with the resolution of our 28-nanometer supply constraints, favorable product cost, and low relative operating expenses.

您可能還記得，我們​​ 2013 財年第一季的業績非常強勁，解決了 28 奈米供應限制、有利的產品成本以及較低的相對營運費用。

We anticipate first-quarter non-GAAP combined R&D and SG&A expenses will be flat sequentially, with modest growth in R&D offset by lower spending in SG&A.

我們預計第一季非 GAAP 合併研發和銷售及管理費用將與上一季持平，研發的溫和成長被銷售和管理費用的下降所抵銷。

In QTL we estimate that total reported device sales of $57.5 billion to $63.5 billion will be reported by our licensees in the December quarter, for shipments they made in the September quarter, of approximately 14% year over year at the midpoint.

在 QTL 中，我們估計我們的被授權者在 12 月季度報告的設備總銷售額將達到 575 億美元至 635 億美元，其中 9 月季度的出貨量中點同比增長約 14%。

We estimate the QTL ASP to be down in our first fiscal quarter versus the prior quarter, consistent with the increased quarterly fluctuations we have seen during the last couple of years, related to regional, OEM, and product mix.

我們估計第一財季的 QTL 平均售價將比上一季下降，這與我們在過去幾年中看到的與區域、OEM 和產品組合相關的季度波動加大一致。

We expect the ASP for our fiscal second quarter to be flat to up quarter over quarter.

我們預計第二財季的平均售價將環比持平或上升。

In QCT, we anticipate MSM shipments of approximately 195 million to 210 million units during the December quarter, up approximately 11% year over year at the midpoint.

在 QCT 中，我們預計 12 月季度的 MSM 出貨量約為 1.95 億至 2.1 億台，中點年增約 11%。

We expect revenue per MSM to be lower quarter over quarter, reflecting a greater mix of lower-priced modems.

我們預計每個 MSM 的收入將環比下降，反映出低價調變解調器的組合增加。

We expect QCT operating margin to be up sequentially, and in the range of 17% to 19%.

我們預計 QCT 營業利潤率將環比上升，範圍為 17% 至 19%。

We see the first fiscal quarter trends being reflective of the first half of fiscal 2014 overall.

我們認為第一財季的趨勢反映了 2014 財年上半年的整體情況。

We expect more favorable top line trends, as well as cost and expense improvements in the second half of the fiscal year.

我們預計本財年下半年將出現更有利的收入趨勢，以及成本和費用的改善。

That concludes my comments.

我的評論到此結束。

I look forward to seeing many of you at our analyst day on the 20th in New York, where we will provide further details and guidance points supporting our financial outlook for fiscal 2014 and beyond.

我期待在 20 日於紐約舉行的分析師日見到你們，屆時我們將提供更多細節和指導要點，以支持我們 2014 財年及以後的財務前景。

I will now turn the call back to Warren.

現在我將把電話轉回給沃倫。

Thank you, George.

謝謝你，喬治。

Operator we're ready for questions.

接線員，我們已準備好回答問題。

(Operator Instructions)

（操作員說明）

Mike Walkley, Canaccord Genuity.

麥克沃克利 (Mike Walkley)，Canaccord Genuity。

Steve, just going into the QCT, I calculate the guidance implies maybe a 5% to 10% drop for the Q1, in terms of revenue per MSM.

史蒂夫，剛進入 QCT，我計算出指導意見意味著第一季每個 MSM 的收入可能會下降 5% 到 10%。

How should we think about that, to both sequentially, and then on a full-year basis?

我們該如何思考這個問題，先是依序考慮，然後是全年？

Would you expect revenue per MSM, given what sounds like a more mix to low end to be down relative to fiscal 2013 levels?

鑑於低端產品聽起來更加混合，您是否預計每個 MSM 的收入相對於 2013 財年的水平會有所下降？

Thank you.

謝謝。

Mike, I don't know if you're going to see a huge difference.

麥克，我不知道你是否會看到巨大的差異。

It doesn't move around all that much, actually.

實際上，它並沒有移動那麼多。

We are seeing a weaker mix.

我們看到了一個較弱的組合。

I would think relative to what you would normally see in the quarter like this, certainly relative to what you would have seen last year.

我認為相對於您通常會在本季度看到的情況，當然相對於您去年會看到的情況。

But it still remains, I think, reasonably strong throughout the year.

但我認為全年仍保持相當強勁的勢頭。

Simona Jankowski, Goldman Sachs.

西蒙娜·揚科斯基，高盛。

I just had a clarification first, which is, does the 16% operating margin in QCT include the litigation charge, and if we back that out, what would be the margin?

我剛剛先澄清一下，QCT 16%的營業利潤是否包括訴訟費用，如果我們取消這一點，利潤是多少？

And then the question I had was, it looks like the implied royalty rate declined to about 3.1% in the quarter.

然後我的問題是，隱含特許權使用費率似乎在本季下降至 3.1% 左右。

Can you just go over some of the reasons for that, and how we should think about that going forward?

您能否回顧一下其中的一些原因，以及我們今後應該如何考慮這一點？

This is George.

這是喬治。

The 16% did not include the litigation expense, which was taken in corporate and other, as was shown on the other line in OpEx.

16% 不包括訴訟費用，該費用計入公司和其他費用，如營運支出中另一行所示。

This is Derek.

這是德里克。

So on the implied royalty rate, as you know, this thing tends to bounce around quarterly, and there is a number of moving parts in here.

因此，就隱含特許權使用費率而言，正如您所知，這件事往往會按季度反彈，並且這裡有許多變化的部分。

Probably, some of the factors that affected the decline from Q3 to Q4 included OEM mix shifts.

影響第三季到第四季下降的一些因素可能包括 OEM 組合的轉變。

Also, we had an increasing TRDS, the market, as well as lower infrastructure royalties.

此外，我們的 TRDS 市場不斷成長，基礎設施使用費也不斷降低。

And so the fixed licensing fees tend to be a bit of a drag on the rate when that happens.

因此，當這種情況發生時，固定的許可費往往會對費率產生一定的拖累。

And we also had, actually, the ASPs in the high tier during this quarter increased, and so those are the types of devices at that point that would be subject to caps.

實際上，本季高階的平均售價也有所增加，因此這些設備類型在那時將受到上限的限制。

And then finally we have a couple of one-time items, including an overpayment claim that came in, in the quarter, and then some timing related to cash-based revenue recognized licensee payments.

最後，我們有幾個一次性項目，包括本季度收到的超額付款索賠，以及與基於現金的收入確認被許可人付款相關的一些時間表。

Brian Modoff, Deutsche Bank.

布萊恩‧莫多夫，德意志銀行。

A couple questions.

有幾個問題。

So Steve, if you were to walk through what you're saying regarding your mix improvement through the fiscal 2014, especially into the back half, what percent of that's coming from your overall savings from mix getting better, perhaps, as you say, with TDD LTE shipments in the back half of the year?

所以史蒂夫，如果你要回顧一下你所說的關於 2014 財年的混合改進，特別是下半年，其中有多少百分比來自混合改善帶來的總體節省，也許，正如你所說，下半年TDD LTE出貨量？

And how much of this is coming from just simply cost savings?

其中有多少僅僅是來自於成本節約？

And then the comment you made earlier about $1 billion in revenue from China in fiscal 2013, can you give us an idea of what that rate of change was from 2012?

然後，您之前關於 2013 財年來自中國的收入為 10 億美元的評論，您能否告訴我們自 2012 年以來的變化率是多少？

Thank you.

謝謝。

Sure.

當然。

George, why don't you start on the first one, and I'll add a little color to it?

喬治，為什麼不從第一個開始，我給它一點顏色呢？

Hey, Brian.

嘿，布萊恩。

I would say that the operating expense improvement certainly helps, but I think it's -- I would put a little bit more weight on the product cost improvement.

我想說，營運費用的改善肯定有幫助，但我認為－我會更重視產品成本的改善。

Certainly China LTE coming in actually helps from a mix standpoint, as well.

當然，從混合的角度來看，中國 LTE 的加入其實也有幫助。

And we also see a little bit less of the N minus one part issue that we're seeing in the first half of the year.

我們也看到，今年上半年的 N 減 1 部分問題減少。

That issue, just for clarity what that essentially means is, you're seeing some customers right now, I would say down-shifting to a lower tier product, although still a high tier product from the perspective of how QTL would see it, but maybe a smaller, a lower product still a low high tier product from the perspective of QCT.

這個問題，只是為了清楚起見，本質上意味著，你現在看到一些客戶，我會說降級到較低層的產品，儘管從 QTL 的角度來看仍然是一個高層產品，但是從QCT 的角度來看，也許較小、較低的產品仍然是低高端產品。

So you're seeing some of that.

所以你看到了其中的一些。

We think that will reverse a bit going into the second half of the year.

我們認為，到今年下半年，這種情況將會逆轉。

With respect to the $1 billion in China, the way to think about that is to take our business in China, really in the new channel.

對於在中國的 10 億美元，思考的方法就是將我們在中國的業務真正納入新的管道。

So remove Huawei and ZTE, the international existing businesses just take the new channel that we have been developing, and take away some of the higher tier premium devices.

因此，除去華為和中興通訊，國際現有業務只是採用我們一直在開發的新管道，並拿走一些更高端的高端設備。

Just take a look at that new kind of QRD channel and what I would call the lower tier channel, we've grown that, really from nothing over the last several years, to now north of $1 billion.

看看這種新型 QRD 管道以及我所說的低層管道，我們已經將其從過去幾年的無到發展，發展到現在超過 10 億美元。

Last year, it's probably doubled I would say over the year.

去年，我想說這一年可能翻了一番。

I'd have to check that, but it's pretty significant growth.

我必須檢查一下，但這是相當顯著的成長。

We are expecting in China the move toward LTE to be a good trend for us, so we think that channel is now working and set up, and hopefully we can move into LTE, which would be better for us even further.

我們預計在中國，向 LTE 的發展對我們來說是一個良好的趨勢，因此我們認為該頻道目前正在運作和建立，希望我們能夠進入 LTE，這對我們來說會更好。

Thanks.

謝謝。

James Faucette, Pacific Crest.

詹姆斯·福塞特，Pacific Crest。

Just a quick couple questions for me.

只是問我幾個問題。

First, looking at your long-term outlook, you've extended your double-digit revenue and earnings growth again this year.

首先，從長期前景來看，今年您的營收和獲利成長再次達到兩位數。

Wondering, Paul, if you can talk a little bit about what you see as the potential long-term drivers on at the longer end of that period, from an end market perspective and how we should think about that?

保羅，想知道您是否可以從終端市場的角度談談您認為在此期間較長時期內潛在的長期驅動因素是什麼，以及我們應該如何考慮這一點？

And just a point of clarification, I didn't understand correctly George that we could expect to exit fiscal 2014 at a lower [spend rate]?

需要澄清一點的是，喬治，我沒有正確理解我們可能會以較低的[支出率]退出 2014 財年？

Let me start.

讓我開始吧。

So obviously we're still spending quite a bit in research and development, so we spent $5 billion in fiscal 2013.

顯然我們仍然在研發方面投入了大量資金，因此我們在 2013 財年花費了 50 億美元。

You have moderated growth of that, but it's still growing and so there's plenty of effort on new technologies, new products.

它的成長已經放緩，但它仍在成長，因此在新技術、新產品上投入了大量精力。

Obviously the basic one of 2G to 3G and 4G migration, especially in emerging markets, that's pretty fundamental for our growth.

顯然，2G 到 3G 和 4G 遷移的基本過程，尤其是在新興市場，這對我們的成長至關重要。

LTE spreading more, particularly China, as we said, we're really looking forward to that towards the end of the year, tablets and other kinds of computing, Steve mentioned the traction we're getting on design wins on the tablet side, we've talked a lot about small cells, and that opportunity going forward.

LTE 的普及，特別是在中國，正如我們所說，我們真的很期待今年年底平板電腦和其他類型的計算，史蒂夫提到了我們在平板電腦方面的設計勝利所獲得的吸引力，我們已經談論了很多關於小型基地台以及未來的機會。

More content going into the devices, talking already about RF front ends, Wi-Fi, but also displays, sensor, integration, other kinds of things.

更多內容涉及設備，已經討論了射頻前端、Wi-Fi，還有顯示器、感測器、整合和其他類型的東西。

Clearly wearables, machine to machine, these are new growth areas for us.

顯然，穿戴式裝置、機器對機器，這些都是我們新的成長領域。

Other growth is just more devices per person, whether it's in computer, or in their car in their home.

其他的成長只是每人擁有更多的設備，無論是電腦，或是家裡的汽車。

Machine to machine.

機器對機器。

So all these kinds of things are very significant growth opportunities for us going forward.

因此，所有這些事情對我們未來來說都是非常重要的成長機會。

So we're investing into those growth opportunities and a few others that we haven't yet talked to you about.

因此，我們正在投資這些成長機會以及我們尚未與您討論的其他一些機會。

And on I think your question, you broke up a little bit, but the question I believe was, will we exit the year fiscal 2014 at a lower run rate on OpEx than we entered it?

我想，關於你的問題，你們有點分手了，但我認為的問題是，我們在 2014 財年結束時的營運支出運行率是否會低於我們進入時的運行率？

And that was a point Steve was making.

這就是史蒂夫想要表達的觀點。

We get through what we've been describing as a bubble of spending in the first half of this year, and we will be exiting the year at a lower run rate than we entered.

我們在今年上半年度過了我們所描述的支出泡沫，今年結束時的運行速度將低於進入時的速度。

Tim Long, BMO Capital Markets.

Tim Long，BMO 資本市場。

Just wanted to get back to the chip margins here.

只是想回到這裡的晶片利潤。

I'm calculating another decline in gross margins on the QCT side, after going up a little bit last quarter.

我正在計算 QCT 方面的毛利率在上個季度略有上升之後再次下降。

Just curious, I know there's probably a mix effect there, but are we start to see more pressure from some of the larger tier one vendors impacting that gross margin?

只是好奇，我知道那裡可能存在混合效應，但是我們是否開始看到來自一些較大的一級供應商的更大壓力影響了毛利率？

And related to it, from an absolute level, we're probably online with MediaTek's gross margins now in that business.

與此相關的是，從絕對水準來看，我們現在在該業務中的毛利率可能與聯發科相當。

Just curious if you think we're bouncing along the bottom of an acceptable gross margin for QCT?

只是好奇您是否認為我們正沿著 QCT 可接受毛利率的底部反彈？

Thank you.

謝謝。

Tim, this is Steve.

提姆，這是史蒂夫。

I think you're seeing a couple effects.

我認為您看到了一些影響。

One is you're seeing a mix shift, which obviously comes at different gross margin.

一是你看到了一種混合轉變，這顯然會帶來不同的毛利率。

You are seeing the effect of concentration in the industry, with clearly people have stronger buying power, the more concentrated the industry is.

你看到了產業集中度的影響，顯然人們的購買力越強，產業就越集中。

Moving forward, although we don't give gross margin guidance, I would say that those things, we expect to be improving over time.

展望未來，儘管我們沒有給出毛利率指導，但我想說，這些事情我們預計會隨著時間的推移而改善。

Moving forward, both from a mix perspective, but also I mentioned some work that we're doing to improve product cost, both at the supplier level as well as the design level.

展望未來，從混合的角度來看，我還提到了我們正在為提高產品成本所做的一些工作，無論是在供應商層面還是在設計層面。

So I think you're probably looking at a relative minimum right now.

所以我認為你現在可能正在考慮相對最低限度。

Rod Hall, JPMorgan.

羅德·霍爾，摩根大通。

I just wanted -- this one is getting into depth but I wanted to come back to the QCT chip margins, and just try to understand, because it feels like the high end shipments here in the end of the calendar year, fiscal Q4, Q1, are probably lower than would have been anticipated.

我只是想——這個問題正在深入，但我想回到 QCT 晶片利潤率，並嘗試理解，因為感覺就像是在日曆年末、第四財季、第一季的高端出貨量，可能低於預期。

And I just wanted to double check, Steve, that is in fact the case and that's part of the reason that the guidance in fiscal Q1 is maybe a little weaker than we would have anticipated?

我只是想仔細檢查一下，史蒂夫，事實確實如此，這就是第一財季的指導可能比我們預期的要弱一些的部分原因？

And I just wonder, the other question I got on this is, shouldn't some of that volume come back to us in the beginning of the year, or do you just think it's lost forever?

我只是想知道，我對此提出的另一個問題是，其中的一些卷不應該在今年年初歸還給我們嗎？還是您認為它永遠丟失了？

Or are we just completely misinterpreting this, and it's not really a mix-related issue at all in those chip margins?

或者我們只是完全誤解了這一點，而在這些晶片利潤率中，這根本不是一個真正與混合相關的問題？

Rod, first of all, we still think that tier is growing.

Rod，首先，我們仍然認為這一層級正在成長。

That's an important point, and we think it's going to continue to grow.

這是很重要的一點，我們認為它會繼續成長。

Relative to what we would have thought a couple of months ago, or even more than a quarter ago, it's probably a little bit softer in some, or with OEMs relative to what we would have thought.

相對於我們幾個月前，甚至一個多季度前的預期，某些廠商或原始設備製造商的情況可能比我們的預期要軟一些。

And that's impacted the mix, and I would say the concentration of more Sym modem, relative to some larger Snapdragon products you're probably seeing in the mix as well.

這影響了組合，我想說的是，相對於您可能在組合中看到的一些更大的 Snapdragon 產品，更多 Sym 調製解調器的集中。

Moving forward, there are a couple of things that we've mentioned but I think one of the more important ones is that we think the move to LTE in China is an important move for us.

展望未來，我們已經提到了幾件事，但我認為最重要的事情之一是，我們認為在中國轉向 LTE 對我們來說是一個重要舉措。

And I would say, if you look at our units guidance for the year, our unit plan, delivering on all of the operating metrics that we talked about, we're not really expecting a massive uptick in terms of unit volume.

我想說，如果你看看我們今年的單位指導、我們的單位計劃，以及我們談到的所有營運指標，我們並不真正期望單位數量大幅上升。

We will continue to have strong units, but I think the plan is pretty balanced there, if I had to comment on it.

我們將繼續擁有強大的單位，但如果我必須對此發表評論的話，我認為該計劃相當平衡。

Stacy Rasgon, Sanford Bernstein.

史黛西·拉斯岡，桑福德·伯恩斯坦。

I wanted to drill into the China LTE for a moment.

我想深入研究中國 LTE。

You've got unit growth up about 15%, which you're right, is not really a huge acceleration versus where we are today.

你的單位增長了大約 15%，你是對的，但與我們今天的水平相比，這並不是一個巨大的加速。

And do you have LTE starting, sometime, second half of next year.

明年下半年的某個時候，你們會推出 LTE 嗎？

How much of this do you foresee as current single mode TDS-CDMA players, who are making the migration from single mode TD to multi-mode TDS-CDMA and LTE?

作為目前正在從單模 TD 遷移到多模 TDS-CDMA 和 LTE 的單模 TDS-CDMA 廠商，您預計其中有多少？

And is that incorporated in your unit guidance, or if it's not, do you expect to see any of that in 2014, is that more of a 2015 horizon or longer?

這是否已納入您的單位指導中，或者如果沒有，您是否希望在 2014 年看到其中的任何內容，是 2015 年或更長時間的範圍嗎？

Stacy, this is Steve.

史黛西，這是史蒂夫。

I think one thing that we do consistent, really, even with prior years, is we tend not to take a very aggressive view on the beginning of launches.

我認為，即使與前幾年一樣，我們所做的一件事實際上是一致的，那就是我們往往不會在發布之初採取非常激進的觀點。

So we have -- we are assuming that we will see really some international OEMs move into the LTE market in China, more consistent with, I would say, a new up tier product.

因此，我們假設我們確實會看到一些國際 OEM 進入中國 LTE 市場，我想說，這與新的高端產品更加一致。

Obviously new for us because we don't really get any volume today out of China Mobile, even though it's the largest in the world.

顯然對我們來說這是新的，因為我們今天並沒有真正從中國移動獲得任何銷量，儘管它是世界上最大的。

And we expect that to transition down into the lower tiers at some point, but really our plan right now is that this will be a probably higher tier product at first, versus a replacement for the tier that I think you asked about.

我們預計會在某個時候過渡到較低級別，但實際上我們現在的計劃是，這首先可能是較高級別的產品，而不是我認為您詢問的級別的替代品。

Now I want to be clear, we are pushing through our chipset offerings, a tiered road map into the markets, so that could happen.

現在我想澄清的是，我們正在推動我們的晶片組產品、進入市場的分層路線圖，以便實現這一目標。

But we've always been a little bit cautious in terms of the front end of any new technology migration.

但對於任何新科技遷移的前端，我們一直都持謹慎態度。

But the real work is happening right now, and you're going to see from us a multi-tiered strategy to push products worldwide in this technology.

但真正的工作現在正在發生，您將從我們這裡看到一個多層次的策略，以在全球推廣該技術的產品。

Alex Gauna, JMP Securities.

亞歷克斯·高納 (Alex Gauna)，JMP 證券。

Steve, I wanted to follow-up with exactly what can you tell us about plans from China Mobile in terms of the readiness of the network?

史蒂夫，我想跟進一下，您能具體告訴我們中國移動在網路準備方面的計劃嗎？

When we'll actually start getting deployments?

我們什麼時候才能真正開始部署？

And then I wanted to clarify, it sounded like in your 2014 forecast, you're basing your view on mid-tier and high tier growth, but you have also mentioned some of the entry-level, the new emerging SKUs being important.

然後我想澄清一下，聽起來您在 2014 年的預測中，您的觀點是基於中高端增長，但您也提到了一些入門級、新興的 SKU 很重要。

Can you reconcile those two statements as to the low-end or penetration to the low-end, upside to your guidance?

您能否將這兩種關於低端或低端滲透率的陳述與您的指導意見相符？

Thank you.

謝謝。

Sure Alex, on the China question, it's difficult for me to talk about the plans of any particular carrier, or in this case, multiple carriers.

當然，亞歷克斯，關於中國問題，我很難談論任何特定運營商的計劃，或者在這種情況下，談論多個運營商的計劃。

I will say that we are engaged actively, as are others, to help the launch occur as quickly as we can, but I think the decision of when really falls outside of our hands.

我想說的是，我們和其他人一樣積極參與，以幫助盡快啟動，但我認為何時決定真正不在我們手中。

We are working with some lead OEMs to support the timing that I mentioned in my script, which essentially is Chinese New Year timing, and that does seem consistent with the quality of the technical work that we see.

我們正在與一些領先的原始設備製造商合作，以支持我在腳本中提到的時間安排，這基本上是中國新年的時間安排，這似乎與我們看到的技術工作的品質一致。

With respect to low-end and high-end, I guess the point we wanted to make is number one, the high-end continues to grow.

關於低端和高端，我想我們想說的第一點是，高端市場持續成長。

We're doing well there, we continue to expect that it will continue to grow, and we will continue to have strong share position there.

我們在那裡做得很好，我們繼續期望它將繼續成長，並且我們將繼續在那裡擁有強大的份額。

Now at the low tier, I think we're growing into that market as well as improving our cost structure into that market.

現在，在低端市場，我認為我們正在向該市場發展，並改善我們進入該市場的成本結構。

However, the number of dollars per device is pretty different than in the first category that I mentioned.

然而，每台設備的美元數量與我提到的第一類有很大不同。

And as those mixes change, it does impact our profitability, and you're probably seeing that or the near-term, that's really what you see.

隨著這些組合的變化，它確實會影響我們的獲利能力，你可能會看到這一點，或者在短期內，這確實是你所看到的。

I think we're pleased to consider ourselves to be strong in both areas.

我認為我們很高興認為自己在這兩個領域都很強大。

In the lower tier, we tend to be lower in units but probably higher in terms of gross margin dollars per unit than our competitor.

在較低層，我們的單位數量往往較低，但單位毛利率可能高於競爭對手。

And I think we're probably a little bit better positioned going into LTE than what we expect to see from other people.

我認為我們在 LTE 領域的定位可能比我們期望從其他人看到的要好一些。

Kulbinder Garcha, Credit Suisse.

Kulbinder Garcha，瑞士信貸。

I just want to clarify one thing, Steve, or a couple of things.

我只想澄清一件事，史蒂夫，或幾件事。

The first thing is just on the high end of the business, I just want to -- is what you're seeing the high end demand in smartphones is, the market's still growing like some people see it, but some of those high-end customers are just buying lower ASP devices as a mix shift within them, so that hurts your QCT level of profitability in the near term, but it doesn't impact licensing.

第一件事是高端業務，我只是想——你所看到的智慧型手機的高端需求是，市場仍在像一些人看到的那樣增長，但其中一些高端客戶只是購買較低ASP 的設備作為其內部的混合轉變，因此這會損害您的QCT 近期盈利水平，但不會影響許可。

Is that the right way of thinking of it?

這是正確的思考方式嗎？

And that's my first clarification.

這是我的第一個澄清。

Then the second thing is that, if there is this increased buying power, in the high end, which is obvious, it's been there now for at least a year, I would argue.

第二件事是，如果高端購買力增加，這是顯而易見的，我認為它已經存在至少一年了。

What is it that's now causing them to exert this pressure on you, and why isn't this a multi-quarter even multi-year issue, because frankly I don't think those high-end vendors are going to lose share anytime soon, and I don't think anybody else thinks that either, so is there a risk that we get to six or nine months time, that maybe China LTE doesn't improve your mix in that segment of the business?

現在是什麼導致他們向你施加這種壓力，為什麼這不是一個跨季度甚至多年的問題，因為坦率地說，我不認為那些高端供應商會很快失去份額，我認為其他人也不會這麼認為，所以我們是否有六到九個月的時間，中國LTE 可能無法改善您在該業務領域的組合的風險？

But you've got this almost consistent pressure on QCT, so to the day that actually QCT shows any leverage keeps getting pushed out?

但 QCT 幾乎始終面臨持續的壓力，所以直到今天，QCT 實際上顯示出任何槓桿作用不斷被推出？

If you could just comment on those two, that would be very helpful.

如果您能對這兩個問題發表評論，那將非常有幫助。

Maybe I'll start with the last one first, which is, our plan and even Paul's comments on the double-digit, actually assume continued concentration in the industry.

也許我會先從最後一個開始，也就是說，我們的計劃，甚至保羅對兩位數的評論，實際上都假設該行業繼續集中。

And one of the reasons why we're comfortable in that, besides growing the content and the device, as Paul mentioned, as well as some of the adjacent markets that we talked about, is that we believe that our investments that we've made over the last several years and we're going to continue to make in key areas, are protecting us in this area.

正如保羅所提到的，除了增加內容和設備以及我們談到的一些鄰近市場之外，我們對此感到滿意的原因之一是，我們相信我們所做的投資在過去的幾年裡，我們將繼續在關鍵領域做出努力，保護我們在這領域的發展。

Now one of the things that happened over the last several years, that has masked this effect a bit, is that we've been growing really into a growing market, and growing share.

過去幾年發生的一件事稍微掩蓋了這種影響，那就是我們一直在真正成長為一個不斷成長的市場，而份額不斷成長。

Now we're at a point where I think the business is very much at scale, we're continuing to grow at the high tier, but now we're moderating, I think the size of our investments to really show leverage in the business, and you'll start to see that I think that more in the second half of the fiscal year as we work through this bubble that George mentioned, in terms of operating expenses.

現在我們正處於這樣一個階段，我認為業務規模非常大，我們正在繼續在高層增長，但現在我們正在放緩，我認為我們的投資規模才能真正顯示出業務的槓桿作用，你會開始看到，我認為在本財年下半年，當我們努力克服喬治提到的泡沫時，在營運費用方面。

Maybe I'll let Derek comment on the impact of licensing, he can probably cover that better than I could.

也許我會讓德里克評論許可的影響，他可能比我更能闡述這一點。

This is Derek.

這是德里克。

So I think, as Steve pointed out, we're continuing to see growth and expect to see growth in the high tier.

因此，我認為，正如史蒂夫指出的那樣，我們將繼續看到成長，並期望看到高層的成長。

The high tier actually has a pretty wide spread of selling prices, and so, as Steve pointed out, there might be a situation where some of our -- not the highest tier but still a high tier part are going into devices that still, from a licensing perspective, we would categorize as high tier.

高層實際上有相當廣泛的銷售價格，因此，正如史蒂夫指出的那樣，可能會出現這樣一種情況，我們的一些——不是最高層，但仍然是高層部件——正在進入仍然從許可的角度來看，我們將其歸類為高層。

And although as the selling prices come down, we have things like caps that may cause a muted effect as some of the ASPs come down.

儘管隨著售價的下降，我們的上限之類的東西可能會隨著一些平均售價的下降而產生輕微的影響。

So there will probably be some impact on licensing, but I would expect it to be less than what's being seen right now in QCT.

因此，這可能會對許可產生一些影響，但我預計影響會小於 QCT 目前所看到的影響。

This is George.

這是喬治。

I wanted to add one other point.

我還想補充一點。

I think you asked about the dependency on China LTE in the second half, and I will just say that our actions on operating expenses, our actions on product cost improvements, both in the supply chain and internally, plus our view of where the part mix goes based on the launches, all those are factors that are not dependent on that, that help us in the second half of the year.

我想你問了下半年對中國LTE的依賴，我只想說我們在營運費用方面的行動，我們在供應鏈和內部的產品成本改進方面的行動，以及我們對零件組合的看法基於發布的情況，所有這些因素都不依賴發布，這對我們下半年有幫助。

Tavis McCourt, Raymond James.

塔維斯·麥考特，雷蒙德·詹姆斯。

A couple of them.

其中有幾個。

First, specifically on the Snapdragon 200, which I think was the first purpose-built designed lower-end Snapdragon.

首先，特別是 Snapdragon 200，我認為這是第一個專門設計的低階 Snapdragon。

Where are you in terms of shipments related to that and is there more coming in terms of low-end designs, or is it that one design that could help the margins at the low-end?

與此相關的出貨量方面，您處於什麼位置？低端設計方面是否有更多的進展，或者是否有一種設計可以幫助提高低端的利潤？

Sure.

當然。

So the 200, I'm sorry, I don't have the actual numbers on them.

抱歉，200 的數字我沒有。

That was a very successful product for us, and continues to do well.

這對我們來說是一個非常成功的產品，並且將繼續表現良好。

I just don't remember what the numbers are.

我只是不記得數字是什麼了。

If you look at our product portfolio looking forward, I think we're pretty pleased, actually, with the design traction in the lower part of the roadmap.

如果你展望一下我們的產品組合，我認為實際上我們對路線圖下部的設計牽引力感到非常滿意。

Today, we have a couple of products, the AX 10 and similar family that I think is doing a fairly good job in terms of design traction, particularly in international OEMs that are now looking at the growth in the China market as a growth area, particularly when they see the same concentration in developed markets and they're going after that, and they tend to go after that with products that we're engaging with them on.

今天，我們有幾種產品，即 AX 10 和類似系列，我認為它們在設計吸引力方面做得相當好，特別是對於現在將中國市場的成長視為成長領域的國際原始設備製造商來說，特別是當他們看到已開發市場同樣集中並且他們會追求這一點時，他們往往會追求我們正在與他們合作的產品。

Additionally, we are coming out with a product that's already sampling, it's actually going to be in devices here soon, which is essentially a lower tier AP, but also an LTE solution as well.

此外，我們即將推出已經提供樣品的產品，實際上很快就會出現在設備中，它本質上是一個較低層的 AP，但也是一個 LTE 解決方案。

And we expect that to also be an important product, not only in China, but also worldwide.

我們預計這也將成為一個重要的產品，不僅在中國，而且在全世界。

So we're continuing to I think put more focus on the low-end versus what we have had historically, and really refreshing that product line.

因此，我認為我們將繼續更多地關注低端產品，而不是我們歷史上的產品，並真正刷新該產品線。

In addition, we are working on an optimized cost-optimized architecture for the low-end, which we think, in addition to providing good design traction, will also improve our cost structure down there, as well.

此外，我們正在致力於為低端市場開發一種優化的成本優化架構，我們認為，除了提供良好的設計牽引力之外，還將改善我們的成本結構。

Mark McKechnie, Evercore.

馬克·麥基奇尼，Evercore。

My question is for Derek, and the implied royalty rate for QTL.

我的問題是問 Derek 的，以及 QTL 的隱含特許權使用費率。

You brought up some of the factors that cause caused that drop there, in September.

您在 9 月提出了導致下降的一些因素。

Could you give us a sense for directionally, how you see that moving throughout fiscal 2014?

您能否為我們介紹一下整個 2014 財年的發展方向？

Thanks.

謝謝。

Mark, I was planning to give more color around that in New York.

馬克，我本來打算在紐約為這件事增添更多色彩。

If you look at last year, for instance, at the beginning of the year, we thought our best guess at the outset was we would come in maybe a little under the $3.38 range or so.

例如，如果你看看去年，在今年年初，我們認為一開始最好的猜測是我們的價格可能會略低於 3.38 美元左右。

But we said at the time, that was based on our current outlook of the market, and as you know, the market grew significantly faster than we expected.

但我們當時表示，這是基於我們當前的市場前景，正如你所知，市場的成長速度明顯快於我們的預期。

And also ASPs went up throughout the year, as you know, and so a couple of things we noted was that if those things came through, it would likely be a bit of a drag on the rate, which is where we ended the year here, about $3.27 taking into account the last quarter.

如您所知，平均售價全年都在上漲，因此我們注意到的一些事情是，如果這些事情得以實現，可能會對利率產生一些拖累，這就是我們在此處結束這一年的情況，考慮到上個季度，約為3.27 美元。

So I'm planning to go through what we see in New York in a couple of weeks, bearing in mind that there's so many factors that impact the rate, that it is pretty hard to forecast that far out.

因此，我計劃在幾週內回顧紐約的情況，同時考慮到影響這一比率的因素有很多，很難預測那麼遠的時間。

Romit Shah, Nomura.

羅米特·沙阿，野村證券。

Steve, MSM units at the midpoint look like they are up about 6% in December, which is below the growth rate we saw in December of last year the year before could you talk a little bit about channel inventories, how your biggest customers are managing supply, and tied into that, how do we think about seasonality for March?

Steve，中點的 MSM 單位看起來 12 月份增長了約 6%，低於我們前年去年 12 月看到的增長率，您能談談渠道庫存嗎？您最大的客戶是如何管理的供應，並與此相關，我們如何看待三月的季節性？

I'll start and maybe some of my colleagues can jump in as well.

我會開始，也許我的一些同事也可以加入。

I think particularly compared to last year.

我認為特別是與去年相比。

Last year I think was an exceptionally strong year, so I think comparing to last year is difficult to do, I think from two perspectives.

去年我認為是異常強勁的一年，所以我認為與去年相比很難做到，我認為從兩個角度來看。

One was, we were coming off of a supply constrained environment, we also had some very strong product launches that also impacted that last year.

一是，我們擺脫了供應緊張的環境，我們也推出了一些非常強大的產品，這也對去年產生了影響。

This year, I think you're seeing a combination of a little bit weaker mix than what we typically see, and people trying to figure out how to deal with the concentration that is existing in the handset industry.

今年，我認為你會看到比我們通常看到的更弱的組合，人們試圖找出如何應對手機行業現有的集中度。

And we're seeing that a little bit in our orders.

我們在訂單中也看到了這一點。

The other thing I would caution too is that our -- these things can change now pretty radically in terms of how the smartphone business works so this is our best estimate right now.

我還要提醒您的另一件事是，就智慧型手機業務的運作方式而言，這些事情現在可能會發生相當大的變化，因此這是我們目前的最佳估計。

We expect to see, I think, good unit growth but these dynamics can change pretty rapidly.

我認為，我們預計會看到良好的單位成長，但這些動態可能很快就會改變。

Tal Liani, Bank of America.

塔爾·利亞尼，美國銀行。

(Operator Instructions)

（操作員說明）

Vijay Rakesh, Sterne Agee.

維傑·拉克什，斯特恩·阿吉。

Just two questions here.

這裡只有兩個問題。

You mentioned the cost side.

您提到了成本方面。

I was wondering, 28-nanometer, do you have any active shrinks going on in your product line as you look at 2014?

我想知道，28 奈米，展望 2014 年，你們的產品線是否有積極的收縮？

The answer is yes.

答案是肯定的。

I would say we're in a constant state of deciding which products go to the next node, and cost optimizing them.

我想說，我們一直處於決定哪些產品進入下一個節點並優化它們成本的狀態。

Also, a lot of work even on -- in particularly the low tier, how do we change the packaging to make it more appropriate for the low tier, which is fairly different than what's in the high tier.

此外，甚至還有很多工作——特別是低層，我們如何改變包裝以使其更適合低層，這與高層的包裝有很大不同。

So it's a constant effort for us to do that.

因此，我們需要不斷努力才能做到這一點。

As you know, we have multiple sources of supply and some of the suppliers are a bit more focused on the lower-cost nodes, versus the high-performance nodes and you'll sometimes see us move supply around, consistent with those goals.

如您所知，我們有多種供應來源，有些供應商更專注於低成本節點，而不是高效能節點，有時您會看到我們根據這些目標調整供應。

Srini Pajjuri, CLSA Securities.

Srini Pajjuri，里昂證券證券。

Steve, question on the mix of Modem versus Snapdragon.

Steve，關於調變解調器與 Snapdragon 混合的問題。

How should we think about it for next year versus last year?

與去年相比，我們該如何看待明年？

Srini, this is George.

斯里尼，這是喬治。

What we're seeing is volumetrically, it's easier to see, we believe we'll be starting out stronger in the first part of the year than we saw last year.

我們看到的是體積上的，更容易看到，我們相信今年上半年我們會比去年看到的更強勁。

How that plays out will really depend on product launches in the second half of the year.

具體效果將取決於下半年的產品發布。

Mark Sue, RBC Capital Markets.

馬克‧蘇（Mark Sue），加拿大皇家銀行資本市場部。

George, we recognize it's easier to control OpEx to protect your profitability.

喬治，我們認識到控制營運支出以保護您的盈利能力更容易。

Are there programs to reduce your cost of goods, particularly at the low-end?

是否有降低商品成本的計劃，特別是低端商品的成本？

And also now at the high tier trying to see how we can quantify improving contribution margins going forward.

現在，高層也在嘗試了解如何量化未來貢獻率的提升。

And maybe where we are in terms of extracting some further value from the supply chain of the programs, that we can do on the gross profit side?

也許我們在從專案供應鏈中提取更多價值方面處於什麼位置，我們可以在毛利方面做到這一點？

And Derek, I usually ask the same question on your comfort level to collect TD-LTE.

Derek，我通常會問同樣的問題，關於您收集 TD-LTE 的舒適度。

Clearly, we see the actions that we're taking, this is obviously managing our costs, we're not just focusing on OpEx.

顯然，我們看到了我們正在採取的行動，這顯然是在管理我們的成本，我們不僅僅關注營運支出。

The supply chain, you can affect it by how you design, and you can also affect it by how you interact with the supply chain, and we're obviously focused on all of those things.

對於供應鏈，你可以透過你的設計方式來影響它，你也可以透過你與供應鏈的互動方式來影響它，我們顯然專注於所有這些事情。

And as we cited, part of the improvement we see in the second half comes from some of the actions that we're taking above the line, not just below the line.

正如我們所引用的，我們在下半年看到的改善部分來自於我們在線上採取的一些行動，而不僅僅是在線下。

So this is Derek.

這就是德里克。

On the LTE TDD question I think, really probably not much changed from last quarter.

關於 LTE TDD 問題，我認為與上季相比確實可能沒有太大變化。

We continue to believe that we'll be able to successfully collect on LTE broadly, including in China.

我們仍然相信，我們將能夠在包括中國在內的廣泛範圍內成功收集 LTE 數據。

We continue to add additional licensees over the course of the quarter on single mode LTE, several of those came from China as well.

本季我們繼續增加單模 LTE 的更多授權商，其中一些也來自中國。

And we've actually seen recently in the last couple of months some positive statements from the operators, as well as some of the government officials in China, that I think are consistent with our prior view.

實際上，在過去的幾個月裡，我們看到了營運商以及中國一些政府官員的一些積極言論，我認為這與我們先前的觀點是一致的。

Blayne Curtis, Barclays.

布萊恩·柯蒂斯，巴克萊銀行。

A lot of focus on ASP.

非常關注 ASP。

I want to go back and make sure I heard you right if you could talk about the adoption, or the attach rate with Wi-Fi, that's a way to add content.

我想回去確保我沒聽錯，如果您能談談 Wi-Fi 的採用率或連接率，這是添加內容的一種方式。

Also circle back on the traction you're seeing with RF 360, I think you said a little shift with the EP shipping now, but the PA will ship this fiscal year.

另外，回顧一下您在 RF 360 上看到的牽引力，我想您說過 EP 發貨現在有一些轉變，但 PA 將在本財年發貨。

Could you talk about the adoption you're seeing with the OEMs, and if you could frame it with any sort of design wins or any color would be great.

您能否談談您在原始設備製造商中看到的採用情況，如果您可以用任何類型的設計勝利或任何顏色來構建它，那就太好了。

Thanks.

謝謝。

This is Steve.

這是史蒂夫。

On the Wi-Fi side, I think I mentioned that unit share, which includes all of our OEMs, including ones, which includes our Modem solutions as well as our MSM solutions.

在Wi-Fi方面，我想我提到了單位份額，其中包括我們所有的OEM，包括我們的數據機解決方案以及我們的MSM解決方案。

We are now roughly 50%, probably a little higher than that and we think that's going to grow into next year.

我們現在大約是 50%，可能比這個高一點，我們認為這個數字會持續到明年。

If you were to back out solutions that are essentially just the ones that are MSM, it's significantly higher than that.

如果您要放棄本質上只是 MSM 的解決方案，那麼它的值會高得多。

So we're very pleased actually with how Wi-Fi has gone, and we've talked for many years that we thought it would go into a similar way that Bluetooth and GPS have gone.

因此，我們實際上對 Wi-Fi 的發展方式感到非常滿意，而且我們已經討論了很多年，我們認為它會以與藍牙和 GPS 類似的方式發展。

It's just something that it's just advantageous to the customer for us to deliver it together.

只是我們一起交付對客戶來說是有利的。

I think that's worked out quite well.

我認為這已經取得了很好的效果。

On RF 360, I think the main point is it's on track.

對於 RF 360，我認為重點是它已步入正軌。

You've already seen the first products come out, and I think they've been pretty well covered, actually, in the blogs, but there's some devices that you're probably well known that have come out, with the first version, which is ET, the ET solution.

您已經看到了第一批產品的問世，而且我認為實際上在博客中已經對它們進行了很好的介紹，但是您可能很熟悉一些設備，其第一個版本已經問世，其中是ET，ET解。

Throughout fiscal year 2014 we will see additional products within that family start to launch, and that's again, as we expected, they're on track and we're pleased with how that goes.

在整個 2014 財年，我們將看到該系列中的其他產品開始推出，正如我們預期的那樣，它們再次步入正軌，我們對進展感到滿意。

We think that's going to be an interesting business for us, not only from the perspective of growing content in the device, but it's also important for us to be able to solve the RF band problem, which we think we're well ahead of the competition on.

我們認為這對我們來說將是一項有趣的業務，不僅從增加設備內容的角度來看，而且對我們能夠解決射頻頻段問題也很重要，我們認為我們在這方面遠遠領先於其他領域。競爭上。

And that will help us, not only in the additional business, but also pull through, I think, our leadership in LTE.

我認為，這不僅有助於我們增加額外業務，而且還能鞏固我們在 LTE 領域的領導地位。

This ends our allotted time for questions and answers.

我們分配的問答時間到此結束。

Dr. Jacobs, do you have any further anything further to add before returning the call?

Jacobs 博士，在回電之前您還有什麼要補充的嗎？

Thanks, everybody for joining us and I just want to say another really strong year, strong quarter.

謝謝大家加入我們，我只想說又一個非常強勁的一年，強勁的季度。

I want to thank our employees thank our partners.

我要感謝我們的員工，感謝我們的合作夥伴。

While I'm thanking people I want to also say thanks to the Omnitracs employees as I said earlier.

正如我之前所說，在我感謝人們的同時，我也想對 Omnitracs 員工表示感謝。

Obviously this coming year the shape's a little bit more heavily weighted toward the end of the year, and we are doing things to manage our expenses, but we spent $5 billion in research and development in fiscal 2013 so there's a lot of new products and technologies coming.

顯然，明年的形狀在年底時會更加重要，我們正在採取措施來管理我們的開支，但我們在 2013 財年的研發上花費了 50 億美元，因此有許多新產品和技術未來。

But I'm also proud that we were able to return $6.7 billion in capital to shareholders.

但我也感到自豪的是，我們能夠向股東返還 67 億美元的資本。

Looking forward, all that growth, we believe it's there.

展望未來，所有這些成長，我們相信它就在那裡。

And we expect, as we said, double-digit CAGRs over the next five years.

正如我們所說，我們預計未來五年的複合年增長率將達到兩位數。

So we're looking forward to a lot of opportunities in the future.

因此，我們期待未來將有許多機會。

We are prepared.

我們已經準備好了。

We love our strategic position.

我們熱愛我們的戰略地位。

We look forward to talking to you more about that, when we see you in New York.

當我們在紐約見到您時，我們期待與您更多地討論這個問題。

So hope to see many of you there.

希望在那裡見到你們中的許多人。

Thanks a lot.

多謝。

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

女士們、先生們，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。