高通 (QCOM) 2016 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm first-quarter FY16 earnings conference call.

女士們、先生們，感謝你們的耐心等待。歡迎參加高通公司2016財年第一季財報電話會議。

(Operator Instructions)

（操作說明）

As a reminder, this conference is being recorded January 27, 2016. The playback number for today's call is 855-859-2056. International callers, please dial 404-537-3406. The playback reservation number is 240-998-43. I would now like to turn the call over to Warren Kneeshaw, Vice President of Investor Relations. Mr. Kneeshaw, please go ahead.

提醒各位，本次會議將於2016年1月27日進行錄製。今天電話會議的回放號碼是 855-859-2056。國際來電者請撥 404-537-3406。播放預約號碼是 240-998-43。現在我將把電話交給投資人關係副總裁華倫‧尼肖。克尼肖先生，請繼續。

Thank you and good afternoon. Today's call will include prepared remarks by Steve Mollenkopf, Derek Aberle, and George Davis. In addition, Cristiano Amon and Don Rosenberg will join the question-and-answer session.

謝謝，下午好。今天的電話會議將包括史蒂夫·莫倫科普夫、德里克·阿伯勒和喬治·戴維斯的準備好的演講。此外，克里斯蒂亞諾·阿蒙和唐·羅森伯格也將參加問答環節。

You can access our earnings release and an executive presentation that accompany this call on our investor relations website. This call is also being webcast on Qualcomm.com, and a replay will be available on the website later today.

您可以造訪我們的投資者關係網站，查看我們的獲利報告和本次電話會議的簡報。本次電話會議也在 Qualcomm.com 上進行網路直播，稍後將在網站上提供重播。

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. As well, we will make forward-looking statements regarding future events or the future business or results of the Company. Actual events or results could differ materially from those projected in the forward-looking statements. Please refer to our SEC filings, including our most recent 10-Q, which contain important factors that could cause actual results to differ materially from the forward-looking statements.

在本次電話會議中，我們將使用 G 條例定義的非 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。此外，我們也會就未來事件或公司的未來業務或業績發表前瞻性聲明。實際事件或結果可能與前瞻性聲明中預測的內容有重大差異。請查閱我們向美國證券交易委員會提交的文件，包括我們最新的 10-Q 表格，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 also like to remind you that our Analyst Day will be held on Thursday, February 11th at our headquarters in San Diego. To attend in person, you must be a financial analyst or institutional investor. The analyst meeting will be webcast for those of you unable to attend in person. And now to comments from Qualcomm's Chief Executive Officer, Steve Mollenkopf.

我還想提醒各位，我們的分析師日將於2月11日（星期四）在聖地牙哥總部舉行。要親自參加，您必須是金融分析師或機構投資者。分析師會議將進行網路直播，方便無法親臨現場的各位參加。接下來請高通執行長史蒂夫·莫倫科夫發表演說。

Thank you, Warren, and good afternoon, everyone. We delivered a stronger than expected quarter, with earnings per share coming in above the high end of our initial guidance, driven by strong 3G/4G device sales, and lower operating expenses in QCT.

謝謝你，沃倫，大家下午好。本季業績超出預期，每股盈餘高於我們最初預期的上限，這主要得益於強勁的 3G/4G 設備銷售以及 QCT 營運費用的降低。

QCT chipset shipments were near the high end of expectations, with low tier strength across OEMs. Particularly in China, offsetting some weakness in thin modem sales at a key customer. QTL revenues were higher than expectations on strong 3G/4G device volumes and ASPs, and we continue to make progress in signing up Chinese licensees, although there is still more work to be done on that front.

QCT晶片組出貨量接近預期上限，低階OEM廠商表現強勁。尤其是在中國，抵消了主要客戶薄型調變解調器銷售的一些疲軟。由於 3G/4G 設備銷售和平均售價強勁，QTL 收入高於預期，我們在簽約中國授權商方面繼續取得進展，儘管這方面還有更多工作要做。

During the quarter, we also returned approximately $2.8 billion to stockholders through dividends and stock repurchases, which included the completion of the incremental $10 billion in stock repurchases we announced last March. This $10 billion is over and above our commitment to return a minimum of 75% of free cash flow to our stockholders.

本季度，我們也透過股利和股票回購向股東返還了約 28 億美元，其中包括完成了我們去年 3 月宣布的額外 100 億美元股票回購計畫。這100億美元是在我們承諾將至少75%的自由現金流返還給股東之外的額外款項。

We are also very pleased to have announced an agreement to form a joint venture with TDK to enable the delivery of RF front-end modules and RF filters into fully integrated systems for mobile devices and other IoT applications. Once closed, we will add TDK's capabilities in micro-acoustic RF filtering, packing, and module integration technologies to our RF 360 portfolio to offer leading-edge RF solutions in fully integrated systems that we believe will provide significant advantages in performance and time to launch across our Snapdragon product tiers.

我們也非常高興地宣布與 TDK 達成協議，成立一家合資企業，以便將射頻前端模組和射頻濾波器交付到行動裝置和其他物聯網應用的完全整合系統中。交易完成後，我們將把TDK在微聲射頻濾波、封裝和模組整合技術方面的能力添加到我們的RF 360產品組合中，以提供領先的射頻解決方案，這些解決方案將完全整合到我們的驍龍產品線中，並在性能和上市時間方面帶來顯著優勢。

The deal is expected to close in early 2017, and is forecasted to be accretive to non-GAAP earnings in its first year. We have a strong pipeline of new RF front-end products, including new generations of our envelope tracker, antenna tuner, switches, and CMOS and gallium arsenide PAs. Our gas PAs are anticipated to enter production in 2017.

該交易預計將於 2017 年初完成，預計第一年將增加非 GAAP 收益。我們擁有強大的新型射頻前端產品研發管線，包括新一代包絡追蹤器、天線調諧器、開關以及CMOS和砷化鎵功率放大器。我們的天然氣生產應用預計將於 2017 年投入生產。

In addition, we continue to deepen our level of cooperation with an investment in China. We just announced a cooperation agreement with the province of Guizhou, including the formation of a joint venture that will design, develop, and sell advanced server chipset technology in China. This builds on the announcement we made in October, detailing the availability of our server development platform, which is now sampling to tier-one cloud customers, and the strategic partnerships we have established with Xilinx and Mellanox. We continue to make good progress on the elements of our strategic realignment plan and are on track to achieve our cost-savings targets.

此外，我們將繼續深化與中國的投資合作。我們剛剛宣布與貴州省達成合作協議，其中包括成立一家合資企業，該合資企業將在中國設計、開發和銷售先進的伺服器晶片組技術。這是繼我們在 10 月發布的公告之後推出的，該公告詳細介紹了我們的伺服器開發平台的可用性，該平台目前正在向一級雲端客戶提供樣品，以及我們與 Xilinx 和 Mellanox 建立的策略合作夥伴關係。我們的策略調整計畫各項要素持續取得良好進展，並有望實現成本節約目標。

I would also like to welcome Jeff Henderson to the Board. Jeff brings extensive financial and operational management experience to his position as an Independent Director, including 10 years as CFO of Cardinal Health and past automotive industry experience. Following our annual meeting in March, assuming our slate of directors are elected, our Board size will be reduced to 12 members, and the average tenure will be reduced to approximately five years.

我還要歡迎傑夫·亨德森加入董事會。Jeff 擔任獨立董事一職，擁有豐富的財務和營運管理經驗，包括擔任 Cardinal Health 財務長 10 年以及過去的汽車行業經驗。假設我們提名的董事候選人當選，那麼在三月的年度會議之後，董事會規模將減少到 12 名成員，平均任期將縮短到大約五年。

I would also like to congratulate Cristiano Amon on his promotion to President of QCT. He provided exceptional leadership over his 18 years at Qualcomm, and will play a critical role in expanding QCT's road map, enhancing our customer relationships, structuring our efforts for success in our adjacent opportunities, and positioning the business for long-term success.

我還要祝賀 Cristiano Amon 晉升為 QCT 總裁。他在高通公司任職的 18 年間展現了卓越的領導才能，將在拓展 QCT 的發展路線圖、加強客戶關係、建立我們在相關領域取得成功的努力以及為公司的長期成功奠定基礎方面發揮關鍵作用。

On that note, we continue to be pleased with the performance and design traction of our Snapdragon 820 processor. The first product announcement based on the 820 occurred at CES, and we expect a number of exciting launches in the first half of this calendar year, including many at Mobile World Congress. We now have more than 100 design wins based on the 820, and the product is entering mass production using 14 nanometer LPP technology.

就此而言，我們對驍龍 820 處理器的效能和設計吸引力依然感到滿意。基於 820 的首款產品發表會在 CES 上進行，我們預計今年上半年將推出一系列令人興奮的產品，其中許多產品將在世界行動通訊大會上亮相。目前，我們已基於 820 贏得了 100 多個設計項目，該產品正採用 14 奈米 LPP 技術進入量產階段。

At the Consumer Electronics Show earlier this month, it was clear that many industries are looking to leverage mobile technology into their products, and businesses are looking to the leaders in communications and computer systems, such as Qualcomm, to make the world more connected and smarter. Our many announcements at the show reflect our progress extending Qualcomm technology into adjacent and new areas, including automotive, IoT, and networking.

在本月初的消費電子展上，很明顯，許多行業都在尋求將行動技術融入他們的產品中，企業也在尋求像高通這樣的通訊和電腦系統領導者，以使世界更加互聯互通、更加智慧。我們在展會上發布的眾多公告反映了我們在將高通技術擴展到汽車、物聯網和網路等相鄰和新興領域方面取得的進展。

In auto, we announced that Qualcomm Snapdragon 602A processors will be commercially available in 2017 Audi vehicles. We also introduced our next-generation Snapdragon 820 automotive processor, as well as several other products, including our wireless charging technology. For IoT, we announced a smart home-reference platform using the Snapdragon 212 processor, the new Qualcomm aptX HD solution for high-resolution audio over Bluetooth, a new Bluetooth smart SOC, the first commercial drone based on the Qualcomm Snapdragon Flight platform, and the Snapdragon X5 9X07 LTE modem, which broadens our family of modem solutions for IoT.

在汽車領域，我們宣布高通驍龍 602A 處理器將於 2017 年在奧迪汽車上正式上市。我們也推出了下一代驍龍 820 汽車處理器，以及其他幾款產品，包括我們的無線充電技術。在物聯網領域，我們發布了採用驍龍 212 處理器的智慧家庭參考平台、用於透過藍牙傳輸高解析度音訊的全新高通 aptX HD 解決方案、一款全新的藍牙智慧 SoC、首款基於高通驍龍飛行平台的商用無人機，以及驍龍 X5 9X07 LTE 調變解連網器，以擴展為我們調變方案為單位。

In networking, we launched Qualcomm Wi-Fi SON, which is a self-organizing network solution, to simplify Wi-Fi networking and optimize user experience. And we showed significant traction in multiband Wi-Fi 802.11 AC and 11 AD, enabling products across multiple segments.

在網路領域，我們推出了高通Wi-Fi SON，這是一個自組織網路解決方案，旨在簡化Wi-Fi聯網並優化使用者體驗。我們在多頻段 Wi-Fi 802.11 AC 和 11 AD 方面取得了顯著進展，使多個領域的產品得以應用。

As we did in both 3G and 4G, we are leading the industry in the development of a unified, more capable 5G platform that will take on a much larger role than previous generations and deliver new levels of efficiency. The foundation of this platform is an OFDM-based unified air interface, that will not only enhance mobile broadband services, but also enable connectivity for the Internet of Things and new types of mission-critical services that require lower latency, higher reliability, and robust security.

正如我們在 3G 和 4G 時代所做的那樣，我們正在引領業界開發統一、更強大的 5G 平台，該平台將比以往任何一代都發揮更大的作用，並帶來新的效率水平。該平台的基礎是基於 OFDM 的統一空中接口，它不僅可以增強行動寬頻服務，還可以為物聯網和需要更低延遲、更高可靠性和強大安全性的新型關鍵任務服務提供連接。

5G will also include native support for advanced technologies, such as the use of unlicensed spectrum, multicast, and device-to-device capabilities. We are pioneering these technologies today with our leadership in LTE Advanced and LTE Advanced Pro. These new technologies are paving the way for 5G and accelerating our path to a truly connected future.

5G 也將原生支援先進技術，例如使用免授權頻譜、多重播放和設備到設備的功能。我們憑藉在 LTE Advanced 和 LTE Advanced Pro 領域的領先地位，引領這些技術的革新。這些新技術正在為 5G 鋪平道路，並加速我們邁向真正互聯的未來。

Overall, we are pleased with our progress on key initiatives: execution of the strategic realignment plan, design traction for the Snapdragon 820, refreshing the QCT road map across tiers, broadening our presence in adjacent opportunities, progress on new licensing agreements in China, execution of our data center strategy, and advancements that will extend our technology leadership position. I want to reiterate that we remain focused on execution to improve our financial trajectory, exiting the fiscal year.

總體而言，我們對關鍵舉措的進展感到滿意：戰略調整計劃的執行、驍龍 820 的設計進展、各級 QCT 路線圖的更新、在相鄰領域拓展業務、在中國的新許可協議方面取得進展、數據中心戰略的執行以及將擴大我們技術領先地位的進步。我想重申，在結束本財年之際，我們將繼續專注於執行，以改善我們的財務狀況。

Our industry and Company are undergoing rapid changes, and we are enthusiastic about the opportunities ahead. We are extending our leadership in mobile, and are driving our mobile technologies and core competencies in communication systems and high-performance low-power computing into significant new areas. We have taken action to enable us to seize these opportunities, while delivering improved performance.

我們的行業和公司正在經歷快速變化，我們對未來的機會充滿熱情。我們正在擴大在行動領域的領先地位，並將我們的行動技術以及在通訊系統和高效能低功耗運算方面的核心競爭力拓展到重要的全新領域。我們已採取行動，使我們能夠抓住這些機遇，同時提高業績。

I am optimistic about the future, and have great confidence in our employees to execute on our strategies and drive growth. I look forward to seeing many of you at our upcoming Analyst Day, and would now like to turn the call over to Derek Aberle.

我對未來充滿信心，並對我們的員工執行我們的策略和推動成長充滿信心。我期待在即將舉行的分析師日上見到各位，現在我想把電話交給 Derek Aberle。

Thank you, Steve, and good afternoon, everyone. QTL had a strong fiscal first quarter, with total reported device sales of $60.6 billion, which was above expectations on both higher ASPs and reported units, as well as some catch-up reporting from recently concluded license agreements in China. QTL revenues in the quarter were higher than expectations, and would have been even higher if not for a contract dispute with LG that resulted in us deferring revenue of more than $100 million for the quarter.

謝謝你，史蒂夫，大家下午好。QTL 的第一財季表現強勁，報告的設備總銷售額為 606 億美元，高於預期，這得益於更高的平均售價和報告的銷量，以及最近在中國達成的許可協議帶來的一些追趕性報告。QTL 本季的收入高於預期，如果不是因為與 LG 的合約糾紛導致我們本季推遲了超過 1 億美元的收入，收入還會更高。

Although LG continues to report and pay, we are not recognizing revenue while the arbitration regarding the dispute proceeds. We believe LG's claims are without merit. The deferral of this revenue has the effect of depressing the implied royalty rate as you would calculate it, as their shipments are included in total reported device sales without the corresponding revenue. Assuming we conclude this matter successfully, as we have done with others in the past, we would expect to recognize the deferred revenues at that time.

儘管 LG 繼續進行報告和付款，但在爭議仲裁進行期間，我們不會確認收入。我們認為LG的說法毫無根據。由於這部分收入的遞延會降低您計算出的隱含版稅率，因為它們的出貨量已計入報告的設備總銷售額中，但沒有相應的收入。假設我們能夠像過去處理其他案件一樣成功解決此事，我們預計屆時將確認遞延收入。

Looking ahead, the outlook for global 3G/4G device shipments continues to be strong. With respect to smartphones in particular, there continues to be a significant opportunity for Qualcomm. LTE penetration is only 14% of cellular connections globally, and smartphone unit shipments are forecast to be more than 8.5 billion from 2015 through 2019, according to GSM Intelligence and Gartner.

展望未來，全球 3G/4G 設備出貨量前景依然強勁。尤其就智慧型手機領域而言，高通仍擁有巨大的發展機會。根據 GSM Intelligence 和 Gartner 預測，2015 年至 2019 年，LTE 在全球蜂巢連線的滲透率僅為 14%，智慧型手機出貨量預計將超過 85 億支。

Calendar 2015 global 3G/4G device shipments are largely in line with our prior expectations, driven primarily by migrations to 4G in China, partially offset by some recent weakness in developed regions. We continue to estimate that calendar 2016 global 3G/4G device shipments will grow approximately 10% at the midpoint, driven primarily by the migration to 3G/4G devices in emerging regions, with particular strength in India.

2015 年全球 3G/4G 設備出貨量基本上符合我們先前的預期，主要得益於中國向 4G 的遷移，但部分被發達地區近期的一些疲軟所抵消。我們持續估計，2016 年全球 3G/4G 設備出貨量將成長約 10%（中位數），主要受新興地區遷移到 3G/4G 設備的推動，其中印度市場表現特別強勁。

Our estimate for premium tier shipments is down slightly versus our prior view, driven by slower-than-expected sell-through at a large OEM. But that is offset by a slightly stronger outlook for emerging region shipments.

由於某家大型 OEM 廠商的銷售速度低於預期，我們對高階產品出貨量的估計略低於先前的預期。但新興地區出貨量前景略為走強，抵銷了上述不利影響。

We continue to expect low single-digit growth in global 3G/4G device sales in FY16, as unit growth more than offsets ASP declines. We will provide further color on our long-term outlook for the 3G/4G device opportunity at our upcoming Analyst Day.

我們繼續預期 2016 財年全球 3G/4G 設備銷售量將維持低個位數成長，因為銷售成長足以抵銷平均售價下降。我們將在即將舉行的分析師日上，進一步闡述我們對 3G/4G 設備市場長期前景的展望。

Now let me provide an update on our progress with licensing in China. We are continuing to aggressively seek to conclude new license agreements on the NDRC terms with the remaining Chinese OEMs and improve compliance. We are making progress with these negotiations, and recently concluded new agreements with Xiaomi, Haier, QiKu, and Tianyu. These agreements include royalty-bearing licenses for three-mode devices, and contain terms that are consistent with the terms of the rectification plan submitted to the NDRC. Having said that, we still need to conclude agreements with a handful of key Chinese OEMs, and those negotiations continue.

現在讓我向大家報告我們在中國的授權許可方面取得的進展。我們將繼續積極尋求與剩餘的中國整車製造商依照國家發展委員會的條款達成新的授權協議，並提高合規性。我們在這些談判中取得了進展，最近與小米、海爾、奇酷和天宇達成了新的協議。這些協議包括三模設備的特許權使用費許可，並且包含與提交給國家發展委員會的整改方案條款一致的條款。儘管如此，我們仍需與少數幾家重要的中國汽車製造商達成協議，這些談判仍在進行中。

Our progress and our ongoing interactions with the NDRC and other parts of the Chinese government continue to give us confidence that we will be able to conclude agreements with the remaining key OEMs. While we are working to conclude new license agreements and improve compliance through commercial negotiations and audits, we are prepared to enforce our agreements and take other actions against certain OEMs that are not negotiating in good faith, underreporting royalties, or refusing to conclude agreements in the near term.

我們取得的進展以及與國家發展委員會和中國政府其他部門的持續互動，使我們有信心與剩餘的主要整車製造商達成協議。在我們努力透過商業談判和審計達成新的許可協議並提高合規性的同時，我們也準備強制執行我們的協議，並對某些不真誠談判、少報特許權使用費或拒絕在近期達成協議的原始設備製造商採取其他行動。

Turning to our outlook for FY16, we continue to expect QTL's revenues to be in the range of $7.3 billion to $8 billion. Although additional risk has been introduced as a result of the new LG dispute, given that it could be resolved outside of FY16.

展望 2016 財年，我們仍預期 QTL 的營收將在 73 億至 80 億美元之間。儘管由於新的 LG 糾紛引入了額外的風險，但考慮到該糾紛可能會在 2016 財年之外得到解決。

In conclusion, although we are seeing some near-term softness in the premium tier, the sales of smartphones remain healthy and should continue to grow. We remain confident that we will be able to resolve the dispute with LG, conclude new agreements with the remaining key Chinese OEMs, and improve compliance over time.

總之，儘管我們看到高端市場短期內出現一些疲軟跡象，但智慧型手機的銷售依然健康，並應繼續成長。我們仍然有信心能夠解決與 LG 的糾紛，與其餘主要的中國 OEM 廠商達成新的協議，並隨著時間的推移提高合規性。

That concludes my comments, and I look forward to seeing many of you at our upcoming Analyst Day. I will now turn the call over to George.

我的發言到此結束，期待在即將舉行的分析師日上見到各位。現在我將把通話轉給喬治。

Thank you, Derek, and good afternoon, everyone. Our first-quarter results reflect a strong quarter relative to November guidance, and are consistent with our update a few weeks ago. Fiscal first-quarter revenues were $5.8 billion and non-GAAP earnings per share were $0.97, $0.12 above the midpoint of our original guidance. The outperformance primarily reflected stronger revenues in our licensing business and accelerated cost reductions in QCT.

謝謝你，德里克，大家下午好。我們第一季的業績與11月份的預期相比表現強勁，與我們幾週前發布的最新消息一致。財年第一季營收為 58 億美元，非 GAAP 每股收益為 0.97 美元，比我們最初預期的中點高出 0.12 美元。業績優異主要反映了我們授權業務收入的強勁成長以及 QCT 成本的加速降低。

We also benefited at the end of the quarter from the permanent reinstatement of the R&D tax credit, impacting non-GAAP earnings per share by approximately $0.01 to $0.02. In QTL, higher-than-expected ASPs and shipments led to stronger revenues at $1.6 billion, and more than offset the dispute impact in the quarter.

本季末，研發稅收抵免政策的永久恢復也使我們受益，非GAAP每股收益增加了約0.01至0.02美元。在 QTL 中，高於預期的平均售價和出貨量帶來了更強勁的收入，達到 16 億美元，足以抵消該季度的爭議影響。

Total reported device sales include some reported devices without the corresponding revenue from the LG dispute that Derek described, as well as some deferred three-mode revenues. QCT shipped 242 million MSMs, with revenues of $4.1 billion and operating margin of 14%, reflecting stronger-than-expected demand in the low tier, particularly in China, partially offset by lower-than- expected shipments of thin modems.

報告的設備總銷售額包括德里克所描述的 LG 糾紛中未計入相應收入的部分報告設備，以及一些遞延的三模收入。QCT 出貨了 2.42 億台 MSM，營收達 41 億美元，營業利潤率為 14%，反映出低端市場（尤其是中國市場）的需求強於預期，但部分被薄型調變解調器出貨量低於預期所抵銷。

For the Company, non-GAAP combined R&D and SG&A expenses were lower than our expectations, decreasing approximately 2% sequentially, reflecting an acceleration of some of our SRP cost initiatives, originally forecasted to be taken later in the fiscal year. Operating cash flow was strong at $2.7 billion, or 47% of revenue for the quarter, and we returned $2.8 billion to stockholders in the form of dividends and buybacks.

對於公司而言，非GAAP合併研發和銷售、一般及行政費用低於預期，環比下降約2%，反映出我們的一些SRP成本計劃加速實施，這些計劃最初預計在本財年晚些時候實施。本季經營現金流強勁，達到 27 億美元，佔營收的 47%；我們以股息和股票回購的形式向股東返還了 28 億美元。

As of the end of the fiscal first quarter, we had approximately $4.9 billion of our stock repurchase authorization remaining. Our non-GAAP tax rate was 17% in the fiscal first quarter, and we now estimate that our FY16 non-GAAP tax rate will be approximately 18%, including the impact of the permanently reinstated R&D tax credit, down from our previous estimate of 19% to 20%.

截至第一季末，我們還有約 49 億美元的股票回購授權額度剩餘。我們第一財季的非GAAP稅率為17%，我們現在估計，2016財年的非GAAP稅率約為18%，其中包括永久恢復的研發稅收抵免的影響，低於我們先前估計的19%至20%。

Now turning to FY16. For QTL, we are not modifying the prior $7.3 billion to $8 billion revenue range for the year. However, that range did not anticipate deferral of revenues related to the LG dispute. While we are working hard to resolve this dispute and believe their claims are without merit, it is possible that the resolution will not occur in FY16. In this case, the deferral of the LG revenue outside of the fiscal year could impact the range by several hundred million dollars.

現在來看2016財年。對於 QTL，我們不會修改先前預測的 73 億美元至 80 億美元的年度營收範圍。然而，該範圍並未預料到與 LG 糾紛相關的收入會遞延。雖然我們正在努力解決這場糾紛，並認為他們的說法毫無根據，但該糾紛有可能在 2016 財年內無法解決。在這種情況下，LG 的收入在財政年度之外遞延可能會對範圍產生數億美元的影響。

In QCT, we continue to expect improving trends in the second half of the fiscal year on new product traction. We also continued to expect to achieve a QCT operating margin of 16% or better in the fiscal fourth quarter.

在QCT，我們持續預期本財年下半年新產品的市場表現將呈現改善趨勢。我們也繼續預期在第四財季實現 16% 或更高的 QCT 營業利潤率。

We remain on track to meet the spending reduction objectives under the strategic realignment plan, and now expect at least $700 million of savings in FY16, and to exit the year at a savings run rate of $1.1 billion. We expect FY16 non-GAAP combined R&D and SG&A expenses will be down approximately 2% to 4% year over year, down an additional 1% at the midpoint on earlier capture of cost savings relative to previous estimates.

我們仍按計畫實現策略調整計畫下的支出削減目標，預計 2016 財年至少可節省 7 億美元，到年底將實現 11 億美元的累積節省額。我們預計 2016 財年非 GAAP 合併研發及銷售、管理及行政費用將年減約 2% 至 4%，由於較早實現成本節約，預計中位數將比先前的估計再下降 1%。

Turning to our guidance for the second quarter of FY16, our outlook reflects a seasonally strong December quarter for 3G/4G device shipments for QTL, and the seasonally lower first calendar quarter MSM shipments for QCT. Consistent with last quarter, our guidance does not include a forecast of potential revenue from signing new license agreements in China, and we have excluded estimated revenue from LG as a result of the dispute.

展望 2016 財年第二季度，我們的展望反映了 QTL 的 3G/4G 設備出貨量在 12 月的季節性強勁增長，以及 QCT 的 MSM 出貨量在第一日曆季度的季節性下降。與上一季一致，我們的業績指引不包括對在中國簽署新許可協議的潛在收入的預測，並且我們已經排除了因與 LG 的糾紛而預計產生的收入。

We estimate revenues to be in the range of approximately $4.9 billion to $5.7 billion, and non-GAAP earnings per share to be in the range of approximately $0.90 to $1 per share. We anticipate fiscal second-quarter non-GAAP combined R&D and SG&A expenses will be down approximately 2% to 4% sequentially, reflecting continued progress on our SRP initiatives.

我們預計收入將在 49 億美元至 57 億美元之間，非 GAAP 每股收益將在 0.90 美元至 1 美元之間。我們預計，第二財季非GAAP綜合研發銷售、一般及行政費用將較上季下降約2%至4%，反映出我們在SRP計畫方面持續取得進展。

In QTL, we estimate total reported device sales of $65 billion to $73 billion will be reported by our licensees in the March quarter for shipments they made in the December quarter, up approximately 14% sequentially at the midpoint, reflecting the seasonal strength of the holiday quarter. If the dispute-related units continue to be reported and the matter is not resolved during the quarter, then we could again see units included in PRDS for which revenue would not be recognized.

在 QTL 中，我們估計我們的授權商在 3 月季度報告的設備總銷售額將達到 650 億美元至 730 億美元，這是他們在 12 月季度完成的出貨量，環比增長約 14%（以中間值為準），反映了假日季度的季節性強勁增長。如果與爭議相關的單位繼續被報告，並且該問題在本季度內沒有得到解決，那麼我們可能會再次看到 PRDS 中包含一些單位，但這些單位的收入將無法確認。

Also in QTL, we're expecting a one-time benefit of approximately $250 million in revenue in the fiscal second quarter, based on termination of an infrastructure license agreement that resulted from one of our licensees acquiring another one of our licensees. This was partially offset by the end of a multi-year amortization of approximately $100 million in quarterly license fees. These events were expected and contemplated in our prior guidance.

此外，QTL 業務預計在第二財季將獲得約 2.5 億美元的一次性收入收益，這是由於我們的一家被授權人收購了另一家被授權方，從而終止了一項基礎設施授權協議。部分損失被多年攤提約 1 億美元的季度許可費所抵銷。這些事件都在我們先前的指導方針中有所預料和考慮。

In QCT, we expect MSM shipments of approximately 175 million to 195 million units, lower sequentially, reflecting seasonal trends, somewhat exaggerated by an above seasonal decline in demand for thin modem products. We also see some modest negative impact from mix shift across OEMs and devices in China.

在季度中期，我們預計 MSM 出貨量約為 1.75 億至 1.95 億台，環比下降，反映了季節性趨勢，但由於對超薄調製解調器產品的需求高於季節性下降，這一趨勢有所加劇。我們也看到，中國OEM廠商和設備組合的變化帶來了一些輕微的負面影響。

We expect revenue per MSM to be higher quarter over quarter, reflecting stronger mix, including a lower mix of thin modem shipments. And consistent with our prior guidance, we expect QCT's fiscal second-quarter operating margin percentage to be in the low to mid-single digits.

我們預計每 MSM 的營收將比上一季成長，這反映了產品組合的增強，包括薄型數據機出貨量佔比的下降。與我們先前的預期一致，我們預期 QCT 第二財季的營業利潤率將在個位數低至中等水準。

That concludes my comments. I will now turn the call back to Warren.

我的發言到此結束。現在我將把電話轉回給沃倫。

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

謝謝你，喬治。接線員，我們已準備好回答您的問題。

(Operator Instructions)

（操作說明）

Your first question comes from the line of Mike Walkley with Canaccord Genuity. Please go ahead.

你的第一個問題來自 Canaccord Genuity 的 Mike Walkley。請繼續。

Great, thank you very much. George, just following up on the QTL guidance. Is that $250 million from the merger of your infrastructure customers, is that included in the guidance? I just wanted to clarify that. And then overall, longer term, as you look at QTL with the royalty rate and more three-mode devices coming in, Derek, can you just help us think about maybe the implied royalty rate going forward? That would be very helpful.

太好了，非常感謝。喬治，我只是想跟進一下 QTL 指導意見。那2.5億美元是來自你們基礎設施客戶的合併款項嗎？這筆款項包含在業績指引中嗎？我只是想澄清一下。從長遠來看，考慮到 QTL 的版稅率以及更多三模設備的出現，Derek，你能幫我們思考一下未來的隱含版稅率嗎？那將非常有幫助。

Sure, hi, Mike. This is George. Yes, the $250 million is included in the guidance. And remember, it is netted against the expiration of about $100 million a quarter from a previous multi-year agreement. Mike, this is Derek. On the implied royalty rate question, I think there are so many moving pieces on this, but let me give you a high-level view. I think there's going to be some lumpiness as we go forward just in terms of catch-up units coming in, and some of those will be three-mode units for prior periods, as well as then as licensees start reporting more three-mode, that will have some -- that will put some pressure on the rate. Although, actually what we are seeing in the market in China is more of a shift to five- and six-mode devices and away from three-mode devices. And so a lot of the design traction has moved, And I think as you go into the second half of 2016, we will probably start seeing, as a percentage of units in China, a reduction in the amount of three-mode on a go-forward basis.

當然，你好，麥克。這是喬治。是的，這 2.5 億美元已包含在指導方針中。請記住，這筆款項是用來抵消先前多年協議中每季約 1 億美元的到期款項的。麥克，我是德里克。關於隱含版稅率的問題，我認為這涉及很多方面，但讓我給你一個概括性的看法。我認為，隨著我們不斷推進，由於一些追趕性單元的加入，價格可能會出現一些波動，其中一些是之前時期的三模式單元，此外，隨著持牌人開始報告更多的三模式單元，這將對價格造成一些壓力。不過，實際上我們在中國市場上看到的趨勢是，市場正在從三模設備轉向五模和六模設備。因此，許多設計趨勢已經改變了。我認為，隨著進入 2016 年下半年，我們可能會開始看到，在中國，三模手機的銷售佔比將會下降。

Your next question comes from the line of Tim Long with BMO Capital Markets. Please go ahead.

你的下一個問題來自 BMO 資本市場的 Tim Long。請繼續。

Thank you. Just sticking on the royalty rate and the QTL business, Derek. First, I just wanted to make sure I understand. I guess there's the moving parts, but if the LG is a little more than $100 million, and that number still seems like the calculated number would be 10 or 15 basis points under 3. So is that -- do we have a new reset to rate there, or is there something else that dragged the number in the quarter down? And then, the unit numbers, the paid units were pretty good above what we've seen as normal seasonality. Can you break down for us how much of that was catch-up? Or maybe how much of that was contribution from some of these new deals that have been signed recently? Thank you.

謝謝。德瑞克，我還是堅持討論版稅率和QTL業務吧。首先，我只是想確認我理解了。我想這裡面有很多變數，但如果LG略高於1億美元，而這個數字似乎仍然比計算出的數字低10到15個基點，那麼——我們是否需要對利率進行新的重置，還是有其他因素拉低了本季度的數字？而且，付費單元的數量也相當不錯，遠高於我們所看到的正常季節性水平。你能詳細說說其中有多少是需要追趕的進度嗎？或者，其中有多少是近期簽署的一些新協議帶來的貢獻？謝謝。

Tim, this Derek. On the rate, there's a few things affecting it in the quarter. We gave $100 million, we said more than $100 million, and so we're not being entirely precise on that number. So I think you need to be a little bit careful about just taking it to the $100 million. But we also had some catch-up units come through in the quarter, for which we didn't have revenue in the quarter, given the structure of the deal in terms of when it's going to get paid out. That revenue we expect will come in in future quarters, so that's also having a drag. So you have got the disputed TRDS, as well as this three-mode element that is collectively putting some pressure on the rate. There are catch-up units in the quarter. I would say that they are not a huge contributor, but they are probably less than about 20 million units for the quarter.

提姆，我是德里克。本季有幾個因素會影響利率。我們捐了 1 億美元，我們說捐了超過 1 億美元，所以我們在這個數字上並不完全精確。所以我認為，在決定投資金額達到 1 億美元之前，你需要謹慎一點。但我們本季也有一些補交訂單，由於交易結構中付款時間的限制，我們本季沒有收到這些訂單的收入。我們預計這部分收入將在未來幾季到賬，因此這也造成了一定的拖累。所以，現在有爭議的 TRDS，以及這三種模式的因素，它們共同對費率施加了一些壓力。本季有補習單元。我認為它們貢獻不大，但本季它們的銷量可能不到 2000 萬輛。

Your next question comes from the line of Kulbinder Garcha with Credit Suisse, please go ahead.

您的下一個問題來自瑞士信貸的 Kulbinder Garcha，請繼續。

Thank you. Can you just maybe talk through the drivers of the QCT modern decline into the next quarter? It seems like quite a severe drop. I know there's seasonality, but we haven't observed it to be that volatile in the past. That's the first question on QCT. And on QTL, Derek, maybe thinking about it another way, it looks like now, if my math is right, you've signed with vendors all -- with the new terms that account for almost 50%, 60% of the Chinese smartphone market. And I would've thought at some point, the increasing compliance in China will drive an uptick to the QTL revenue profile. It doesn't seem to be doing that, even if I take out the impact of LG this year. So how should we think about the future compliance of more vendors you want to sign up? Should that QTL revenue (inaudible) reflecting that or are there other factors at work that we should think about this year? Thanks.

謝謝。您能否談談導致QCT在下一季下滑的根本原因？跌幅似乎相當大。我知道存在季節性因素，但我們過去並沒有觀察到這種波動。這是QCT的第一個問題。關於 QTL，Derek，或許換個角度想，如果我的計算沒錯的話，現在看來，你已經和所有供應商簽署了新條款，這些供應商佔據了中國智慧型手機市場近 50% 到 60% 的份額。我原本以為，隨著中國合規性的提高，QTL 的收入水準遲早會上升。即使排除 LG 今年的影響，情況似乎也沒有好轉。那麼，我們該如何考慮未來新增供應商的合規性問題呢？QTL 收入（聽不清楚）是否反映了這一點，還是今年還有其他因素需要考慮？謝謝。

Kulbinder, hi, it's George. So on the margin decline quarter over quarter, and again as a reminder, we actually guided this at last quarter's call as well. As you see, the big seasonal pull back in volumes and the mix change that we see, that has both an absorption of OpEx issue and a gross margin reduction element to it. And the combination of those at this level of revenue pulls it down to our forecast. I will say, as we've talked about, we see those dynamics actually reversing themselves, and actually providing momentum into the back half of the year in terms of margin improvement. And we still see getting to 16% in Q4 in QCT.

庫爾賓德，你好，我是喬治。因此，利潤率是季減，再次提醒大家，我們在上個季度的電話會議上也曾經提到過這一點。正如你所看到的，銷售量的大幅季節性回落和產品組合的變化，既造成了營運成本的吸收問題，也導致了毛利率的下降。而這些因素加在一起，使得目前的營收水準與我們的預測相符。正如我們之前討論過的，我們看到這些動態實際上正在逆轉，並且實際上為下半年的利潤率提升提供了動力。我們仍然預計第四季度 QCT 將達到 16%。

Kulbinder, this is Derek. Again, I think you got to break down the TRDS picture in China. There's really three elements. One is the underreporting, which I think is largely referred to as the compliance issue. Then there is three-mode volume that is unlicensed, and we're working actively to get companies signed up so that they start paying on three-mode. And then the third thing that we talked about last quarter were actually a small number of companies, but actually meaningful in size that had actually started withholding reports and payment of licensed non-three-mode units. And so as we conclude new agreements with those companies, you'll see a meaningful improvement in the run rate collection. Because there also tend to be some of the larger three-mode players in China. So you will capture the three-mode, plus you'll get them back reporting on the non-three-mode, which will leave you really with this compliance question, which will still be something we need to work through. But those two, I think it's really a relatively small number of companies that need to get signed, and you'll see a pretty material improvement in the run rate in QTL.

庫爾賓德，我是德瑞克。我覺得你還是應該好好分析中國的TRDS狀況。其實包含三個要素。一是瞞報，我認為這在很大程度上被稱為合規問題。此外，還有無需授權的三模式流量，我們正在積極努力讓公司註冊，以便他們開始為三模式流量付費。然後，我們上個季度討論的第三件事實際上是少數幾家公司，但這些公司規模相當可觀，它們實際上已經開始扣留已獲許可的非三模式設備的報告和付款。因此，隨著我們與這些公司達成新的協議，您將會看到收款率的顯著提高。因為中國也往往有一些規模較大的三模式業者。這樣，你不僅能捕捉到三模式數據，還能收到他們關於非三模式數據的報告，這實際上會給你留下一個合規性問題，而這仍然是我們需要解決的問題。但我認為這兩家公司實際上只需要簽約相對較少的公司，你就會看到 QTL 的運作率有相當大的改善。

Your next question comes from the line of James Faucette with Morgan Stanley. Please go ahead.

你的下一個問題來自摩根士丹利的詹姆斯‧福塞特。請繼續。

Great, thanks. I just had a couple of questions related to royalty collections. First, in the contract dispute with LG, can you give a little color there as to is this at all connected to the KFTC process within Korea? Or is resolution somehow of one dependent on the other? And then along those same lines, maybe if you could give any update on your engagement and progress with the different governments that are looking at Qualcomm's practices in Korea, Taiwan, and the EU? Thank you very much.

太好了，謝謝。我有一些關於版稅收取的問題。首先，關於與LG的合約糾紛，您能否簡要說明一下，這是否與韓國公平交易委員會（KFTC）的流程有關？或者說，其中一個的分辨率是否在某種程度上依賴另一個？同樣地，您能否介紹一下您與正在調查高通在韓國、台灣和歐盟做法的各國政府的溝通和進展？非常感謝。

James, this is Derek. I will take the first part of that. Really the dispute we have with LG is really unrelated to the issues that are before KFTC. We've had this throughout the history of the licensing program. It is just part of the business that will from time to time have disputes with our licensees. This is really a contract dispute under their agreement similar to a number of the ones we've had in the past, which we have resolved successfully for the Company. And we feel very firmly that we're going to be able to do that again here. And so there will be a question of timing. We decided for now not to adjust the QTL revenue guidance for the year, because we still have three quarters left to resolve it. And we think there is a chance that that can happen. If it goes all the way through the arbitration process, that will likely push it outside the fiscal year. But we feel very good in our position, and again, we've been through a number of these in the past, and they have worked out well.

詹姆斯，這位是德瑞克。我將負責第一部分。實際上，我們與LG的糾紛與韓國公平交易委員會正在處理的問題完全無關。在整個許可證制度的歷史上，我們一直都有這種情況。與被授權者發生糾紛是業務運作中不可避免的一部分。這實際上是雙方協議下的合約糾紛，類似於我們過去遇到的許多類似糾紛，我們都已成功地為公司解決了這些問題。我們非常有信心，我們在這裡也能再次做到這一點。因此，時機問題就出現了。我們決定暫時不調整 QTL 今年的營收預期，因為我們還有三個季度的時間來解決這個問題。我們認為這種情況有可能發生。如果案件一直走仲裁程序，很可能會超出財政年度。但我們對目前的處境感到非常滿意，而且，我們過去也經歷過很多次這樣的情況，結果都很好。

James, this is Don. In terms of the more color on some of the regulatory issues that we are dealing with, not much more color we can add other than to say our licensing model, as you know, has been in effect for quite a few decades. It's been modeled after others. Everybody in the industry follows the device-level licensing, for example. And we're very confident in the chances of trying to convince regulators that this model has not only been effective, but has enhanced competition. We have through our licensing model of sharing our intellectual property, I think we have broadened the field and our immense investment in research and development, and the core technologies which we patent and then share I think has contributed to the growth of this industry. And hopefully, we will be able to demonstrate that as we go through these regulatory matters.

詹姆斯，這位是唐。至於我們正在處理的一些監管問題，我們能補充的細節不多，只能說，正如您所知，我們的授權模式已經實施了幾十年。它是仿照其他產品設計的。例如，業內所有人都遵循設備級許可協議。我們非常有信心說服監管機構，這種模式不僅有效，而且增強了競爭。我認為，透過我們共享智慧財產權的授權模式，我們拓寬了領域，我們對研發的大量投入，以及我們申請專利並共享的核心技術，都促進了該產業的成長。希望我們能夠在處理這些監管事務的過程中證明這一點。

Your next question comes from the line of Rod Hall with JPMorgan. Please go ahead.

你的下一個問題來自摩根大通的 Rod Hall。請繼續。

Hi guys, thanks for taking my question. I got a couple. First one I wanted to ask you, you talked about -- you said less than 20 million catch-up units in the quarter. I wonder if you could talk a little bit about the potential timing of catch-up in China and what the outstanding unit number looks like. We have our estimates, but it would be nice to get some indication from you guys. And then I also wanted to talk a little bit about QTC margins again. Two questions within that. One is, can you give us some idea of what the fixed cost level there is? And should we be looking at fiscal Q1, fiscal Q2 and that margin move as some indication of where that number is? The second question I had is those margins are pretty strong in Q1, and just wondered if you could talk a little bit about what is going on underlying that since the mix was shifted toward the low end. I would've thought that would drag margins down, but they were actually quite strong. So could you just comment on that? Thanks.

大家好，感謝你們回答我的問題。我買了幾個。首先我想問你的是，你提到過——你說本季追趕性銷量不到 2000 萬輛。我想請您談談中國市場追趕的可能時間以及目前未售出的單位數量。我們已經有一些估算，但還是希望能得到你們的一些意見。然後我還想再談談 QTC 利潤率。這其中包含兩個問題。首先，您能否大致介紹一下那裡的固定成本水準？我們是否應該將第一財季、第二財季以及利潤率的變化作為判斷該數字走向的某種指標？我的第二個問題是，第一季的利潤率相當高，我想知道您能否談談這背後的原因，因為產品組合已經轉移到低端市場。我原以為這會拉低利潤率，但實際上利潤率相當高。您能否就此發表一下看法？謝謝。

Rod, this is Derek. On the catch-up units and compliance, we've -- we gave some color on that in-- for the full-year FY15. And if you looked at the delta between what we gave as the global device sales and the reported device sales, it was about 9%, or $25 billion. So that was the range for 2015. For 2016, it's really going to be dependent, I think, highly on the timing of getting these additional agreements signed. The underlying underreporting by licensees that have agreements, I would say has largely been in line over the last couple of quarters. It's not materially improving or worsening; it's really been more the dynamic of the people that have withheld payment and reporting, which will get resolved upon signing the agreements. So I think the rough-sizing that we gave for 2015 with that color hopefully will get you there.

羅德，我是德里克。關於追趕單位和合規性，我們已經——我們在——2015 財年全年對此進行了一些說明。如果你看我們給出的全球設備銷售額與報告的設備銷售額之間的差額，大約是 9%，也就是 250 億美元。這就是2015年的價格區間。我認為，2016 年的情況很大程度上取決於這些額外協議的簽署時間。我認為，在過去幾個季度裡，有許可證的持牌人瞞報的現象基本上沒有改變。情況並沒有實質的改善或惡化；實際上更多的是那些拒付款項和拒報款項的人的動態變化，而這些變化將在簽署協議後得到解決。所以我認為我們2015年給的那種顏色的大致尺寸應該可以幫助你。

Rod, hi, it's George. On Q1, I think one of the things that you saw was better performance by QCT, particularly on OpEx pulling in some of the cost savings earlier into the year, which actually helped that margin and improved that margin relative to our expectations going into the quarter. I would say that some of that has narrowed. In terms of the OpEx improvement quarter over quarter, you're not getting quite the move. So on lower revenue, OpEx as a percent of revenue is obviously going to weigh on the margin. And then of course, you just have the natural gross margin impact when you see a big seasonal adjustment in units, and that's really what we're seeing. So nothing more than that. And again, those things tend to reverse themselves, as I said earlier, in the second half of the year.

羅德，你好，我是喬治。在第一季度，我認為你們看到的一點是 QCT 的表現有所改善，尤其是在營運支出方面，年初就實現了部分成本節約，這實際上提高了利潤率，並使其高於我們本季度初的預期。我認為其中一些差距已經縮小了。從季度環比營運支出改善的角度來看，你們還沒有取得令人滿意的進展。因此，在收入較低的情況下，營運支出佔收入的百分比顯然會對利潤率造成壓力。當然，當銷售量出現較大的季節性調整時，自然也會對毛利率產生影響，而這正是我們目前所看到的。僅此而已。正如我之前所說，這些事情往往會在下半年逆轉。

Your next question comes from the line of Simona Jankowski with Goldman Sachs, please go ahead.

您的下一個問題來自高盛的西蒙娜·揚科夫斯基，請繼續。

Hi, thank you. Another question on the royalty rate. I just wanted to clarify again of the 2.65% implied rate in the quarter, if you took out the one-off impacts like the catch-up of the China licensees as well as the LG, what would that number have been? And then once we get past the March quarter and that one-time $250 million benefit from the infrastructure merger, did I understand you correctly that there is going to be a $100-million impact on the royalty rate collection on a go-forward basis past that? So effectively about a 15-basis-point hit to the implied rate? And then I have a follow-up.

您好，謝謝。關於版稅率的另一個問題。我想再次澄清本季隱含利率為 2.65% 的情況，如果剔除中國授權商的追趕以及 LG 等一次性影響因素，這個數字會是多少？然後，一旦我們度過了三月份的季度以及基礎設施合併帶來的一次性 2.5 億美元收益，我理解你的意思是，此後特許權使用費的收取將受到 1 億美元的影響嗎？所以，這實際上會使隱含利率下降約 15 個基點？然後我還有一個後續問題。

Hey Simone, this is Derek. So I think last quarter, basically what we said about the implied royalty rate for the year, we said, listen it's going to be highly dependent on the timing of signing up some of the new agreements in China and moving people over to the CPLA rates. But on balance, we expected it to be down modestly for the year. So I would say if you adjusted for the impact of the disputed revenue and the reported sales in the quarter that didn't have revenue coming along with it because of the catch-up units, we would be broadly in line with that. You are correct, that once this amortization of the $100 million expires that will come out. We've talked about the fact that we have license fees and those are amortized over a period of time. So once those go way, that will become a drag. But that was anticipated. And so when we gave the color of what we expected the rate to do for the year with all of the moving pieces in mind, that was factored in.

嗨，西蒙妮，我是德瑞克。所以我覺得上個季度，我們基本上是這麼說的關於今年的隱含特許權使用費率的，我們說，聽著，這將很大程度上取決於在中國簽署一些新協議的時間，以及將人們轉移到CPLA費率的時間。但整體而言，我們預計全年降幅會比較小。所以，如果考慮到有爭議的收入以及由於補報銷量而導致當季沒有相應收入的已報告銷售額的影響，那麼我們的結果大致與此一致。你說得對，一旦這1億美元的攤銷期結束，問題就會迎刃而解。我們已經討論過，我們需要支付許可費，這些費用會在一段時間內攤提。所以一旦這些都消失了，就會成為一個阻礙。但這在預料之中。因此，當我們考慮到所有不確定因素，給出我們預期該利率在一年內的走勢時，這些因素都被考慮在內了。

Okay, so the clean rate for the quarter was something close to 3%. And then looking out a couple of quarters, like for like, it would come down to something like 2.8% once you remove the infrastructure amortization.

好的，所以本季的清潔率接近 3%。然後，再往後看幾個季度，同樣地，扣除基​​礎設施攤銷後，利率就會降到 2.8% 左右。

Yes, that is generally correct. I would say that the second part of your question, it would imply no other changes. But we do think that there is some other things that could potentially play out throughout the year that would be a positive bias on the rate. So I think that's maybe the piece you're missing. But otherwise, I think that's generally right.

是的，這基本上正確。我認為，對於你問題的第二部分，它並不意味著會有其他變化。但我們認為，今年還可能出現其他一些對利率有正面影響的因素。所以我覺得這或許就是你所缺少的關鍵一點。但除此之外，我認為總體上是正確的。

Okay, understood. Then just a quick separate question was on the comment about your server chips sampling with the tier-one hyperscale customers. When would you expect to see production volumes? And when would you expect that to be something that can move the needle for QCT?

好的，明白了。然後，還有一個單獨的問題，是關於您向一級超大規模客戶提供伺服器晶片樣品的評論。預計何時能夠實現量產？你認為什麼時候這件事才能對QCT產生影響？

When we first started talking about this, we were pretty clear that we're going to be in investment mode for a period of time here before this becomes a meaningful contributor. We're very positive on the signs we're seeing, both in North America with the large cloud players, as well as in China. And so you'll start seeing some shipments within probably the next year or so. But really, when you think about it as a contributor, it's going to be out a few years.

我們最初開始討論這件事的時候，就非常清楚，在它成為有意義的貢獻者之前，我們需要經歷一段時間的投資階段。我們對目前看到的跡象非常樂觀，無論是在北美的大型雲端服務商，還是在中國。因此，大概在未來一年左右的時間裡，你會看到一些貨物開始出貨。但實際上，當你作為貢獻者思考這個問題時，你會發現它還需要幾年時間才能面世。

Okay, thank you.

好的，謝謝。

Your next question comes from the line of Timothy Arcuri with Cowen and Company, please go ahead.

您的下一個問題來自 Cowen and Company 的 Timothy Arcuri，請繼續。

Thanks a lot. I had two. The first one is on M&A. Obviously, you have a lot of offshore cash, and I just wanted to get your opinion. I think that the TDK deal was great, but I wanted to get your opinion on maybe something bigger, some sort of transformational deal that maybe you could do in QCt. So just wanted to get your general thoughts there.

多謝。我有兩個。第一篇是關於併購的。顯然，你有很多海外資金，我只是想聽聽你的意見。我認為TDK的交易很棒，但我想聽聽你對一些更大的、具有變革意義的交易的看法，也許你可以在QCt完成這些交易。所以，我只是想聽聽你們的整體看法。

Sure Timothy, it's Steve Mollenkopf. The way we think about it is we obviously have the ability to execute on something like that. We don't feel like there's really a gun to our had to be able to have to do it. We feel we have a good growth path. But we're pleased to be able to return the cash that we have, and will continue to do and have options to do that. As the industry consolidates, I think we're going to consider ourselves to be getting in a stronger position versus a weaker position to be able to take advantage of that trends that I spoke about it my script. So, we feel like we're in a good spot, but we don't feel like we have to do something in order to grow.

當然，提摩西，我是史蒂夫‧莫倫科夫。我們認為，我們顯然有能力執行這樣的事情。我們不覺得我們真的有槍可以讓我們去做這件事。我們認為我們擁有良好的發展前景。但我們很高興能夠返還我們擁有的現金，並將繼續這樣做，而且我們也有多種方法可以做到這一點。隨著產業的整合，我認為我們將處於更有利的地位，而不是更不利的地位，從而能夠利用我在演講稿中提到的那些趨勢。所以，我們覺得自己處境不錯，但我們不覺得為了發展壯大，我們必須做些什麼。

Okay, thanks. And then a question for George. On the 185 million MSMs in March, can you give maybe a sense in terms of how many of the new design wins for 820 are included in that number? Or is that more of a June event? Thanks.

好的，謝謝。然後我問喬治一個問題。3 月的 1.85 億 MSM 中，您能否大致說明一下，820 的新設計訂單中有多少包含在這個數字中？或者說，那更像是六月的活動？謝謝。

Yes, I can't give you the specifics too much on that. But what I can tell you is that we really see the 820 as more of a second half. We certainly see that we'll be shipping some devices in the latter part of this quarter, but it's really going to be more evident in the second half of the year. And maybe Cristiano, I'll let you jump in on that. It's -- we're seeing more -- it's more -- I would say Q2 is more of a strong season effect with an exaggerated effect, as I said in my prepared remarks, on thin modem.

是的，我不能透露太多細節。但我可以告訴你的是，我們真的把 820 看作是下半季的產品。我們預計本季後半段將會出貨一些設備，但這種情況要到下半年才會更加明顯。或許克里斯蒂亞諾，我會讓你也參與其中。我們看到——而且——我認為第二季度更多的是強烈的季節性效應，正如我在準備好的發言稿中所說，這種效應被誇大了，尤其是在薄型調變解調器方面。

Just one comment. I think it's very optimistic about the 820 design traction. Right now, we are supporting key flagship designs through care recertification, then volume ramp will happen the second half of FY16.

僅作一點評論。我認為他對 820 設計前景的樂觀程度非常高。目前，我們正在透過護理再認證來支援關鍵的旗艦設計，然後產量將在 2016 財年下半年逐步增加。

Your next question comes from the line of Tal Liani with Bank of America Merrill Lynch, please go ahead.

您的下一個問題來自美國銀行美林證券的 Tal Liani，請繼續。

Hi guys, hopefully you can hear me okay. Just one clarification before my question. You said in response to what Simona asked you, you said that there are positives on the rate that could come through the rest of the year. Outside of LG coming back, is there any other positive on the royalty rate that could -- any other positive that could impact the royalty rate? So that's question number one. Question number two is about the implications of 820 in the second half of the year. Can you discuss the implications on margins and the implications on ASPs? I think the ASPs are quite straightforward. But the question is, when you start ramping 820, does it have positive implications on margins right from the beginning? Or to the contrary, it has negative implications at first until you ramp to a certain level or you expense certain expenses, and only then it goes up? Thank you.

大家好，希望你們能聽清楚我說話。在我的問題之前，我想先澄清一點。你在回答西蒙娜的問題時說，今年剩餘時間裡，利率可能會出現一些正面變化。除了LG回歸之外，還有其他可能影響版稅率的利多因素嗎？這是第一個問題。第二個問題是關於 820 在下半年的影響。您能否討論一下這對利潤率和平均售價的影響？我認為應用服務提供者（ASP）非常簡單明了。但問題是，當開始逐步提高 820 的產量時，它是否會從一開始就對利潤率產生正面影響？或者恰恰相反，它起初會產生負面影響，直到你達到某個水平或將某些費用計入支出，然後才會上升？謝謝。

Tal, this is Derek. On your first question, there are couple of things. Really the primary positive driver would be OEM mix. So share gain by companies that are paying a higher running royalty rate than others, and we think there is some potential for that as the year progresses.

塔爾，我是德里克。關於你的第一個問題，有幾點需要說明。實際上，主要的正面因素應該是OEM廠商組合。因此，支付更高特許權使用費率的公司將獲得市場份額成長，我們認為隨著時間的推移，這方面存在一定的潛力。

This is Cristiano. On the 820, I think as we said is the volume ramp is going to be in the second half of the year, that's where we go into mass production. But I think we feel pretty good about the 820 and the overall economics. I also think we are on, as we said, on a 14 LPP process node. Another thing to think about QCT in the second half is, we're seeing increased design traction across all tiers, not only the 820, in particular in China because of the acceleration of LTE Advanced, which is 4G plus and the all mode that was mentioned by Derek earlier.

這是克里斯蒂亞諾。關於 820，我認為正如我們所說，產量提升將在今年下半年，屆時我們將進入大規模生產階段。但我認為我們對 820 以及整體經濟效益都相當滿意。我認為，正如我們所說，我們正在使用 14 個 LPP 處理節點。關於 QCT 下半年的發展，還有一點值得思考，那就是我們看到所有級別的產品設計都得到了加強，不僅僅是 820，尤其是在中國，因為 LTE Advanced（即 4G+ 和 Derek 之前提到的全模式）的加速發展。

Your next question comes from the line of Stacy Rasgon with Bernstein Research. Please go ahead.

你的下一個問題來自伯恩斯坦研究公司的史黛西·拉斯貢。請繼續。

Hi guys, thanks for taking my questions. I have two, first on the chipset guide, I know you're pointing to a seasonal effect, obviously driven by -- exasperated by thin modems. At the same time, it's a 24% quarter-over-quarter decline, 57 million units. I think this is your biggest sequential chipset decline ever. Can you give us or at least help us parse out the impact of the seasonal effect? Is there any inventory flushing going on? Do you think this is a normal run rate exiting the quarter? How should we be thinking about those other seasonal drivers impacting that guide? And for my second question, you have this $100 million license amortization rolling off. Do you have any other licensees with amortization that's rolling off, say within the next three years?

大家好，感謝你們回答我的問題。我有兩個問題，首先是關於晶片組指南的，我知道你指的是季節性影響，顯然是由——被薄型調製解調器所加劇的。同時，季減 24%，銷量為 5,700 萬輛。我認為這是你晶片組有史以來最大的連續跌幅。您能否提供給我們，或至少幫助我們分析季節性因素的影響？是否有庫存清理工作正在進行中？你認為這是季度末的正常運行速度嗎？我們應該如何看待那些影響該指南的其他季節性因素？我的第二個問題是，你們有一筆1億美元的許可證攤銷款項即將到期。你們還有其他被授權人的攤銷期將在未來三年內結束嗎？

Stacy, hi, it's George. Let me just respond to the chipset guide question. So I would say it -- we're certainly seeing above normal seasonality in this quarter, in particular on the thin modem side. We have also seen some OEM mix in China having an effect. But I would say that is a deep third effect to what is a seasonal first, above seasonal in modem, and then some modest OEM mix where customers of ours are ceding some share to customers that use other devices.

史黛西，你好，我是喬治。我只回答一下關於晶片組指南的問題。所以我想說的是——我們本季確實看到了高於正常水平的季節性波動，尤其是在薄型調變解調器方面。我們也看到中國的一些OEM廠商組合產生了影響。但我認為這是繼季節性因素之後更深層的第三種影響，其次是調變解調器的季節性因素，然後是 OEM 組合的適度變化，我們的客戶正在將部分市場份額讓給使用其他設備的客戶。

Stacy, this is Derek. On the amortization question, we have over the years done different kinds of deals, some of which have license fees that are amortized over a period of time. And so there are things that come into the amortization and go out. That's just an ongoing basis, but beyond that, you saw an acceleration of $250 million of license fees that would've been amortized over a longer period of time that will come in next quarter. And those are really the two that we're highlighting at this time.

史黛西，這位是德瑞克。關於攤銷問題，多年來我們做過各種類型的交易，其中一些交易的許可費是在一段時間內攤銷的。因此，有些東西會進入攤銷期，有些東西會退出攤銷期。這只是持續進行的情況，除此之外，還有 2.5 億美元的許可費提前到賬，這些費用原本會在較長的時間內攤銷，將在下個季度到賬。目前，我們重點關注的就是這兩點。

Your next question comes from the line of Tavis McCourt with Raymond James. Please go ahead.

你的下一個問題來自 Tavis McCourt 與 Raymond James 的合作系列。請繼續。

Hey guys, thanks for taking my question. George, just to make sure I have -- the $250 million coming in, that is coming in through QTL, correct? And then, I think you mentioned in the prepared comments outside of the thin modem customer, I forget if the verbiage was you're seeing some strength, or least stability in emerging markets in your chipset business. That is not completely obvious to me why that should be typically in a strong dollar environment, handset sales can really get hurt in emerging market. So I'm wondering if you're just not seeing that yet? Or is there some channel inventory issues going on? Or perhaps some market share gains as we exited last year and enter this year. And then a final one for you, Steve, on the TDK joint venture. You mentioned gas TAs and wasn't sure if you were referring to having them sampling in FY17? Or we should see those in commercial products in FY17? Thank you.

各位好，感謝你們回答我的問題。喬治，我確認一下──那2.5億美元的資金，是透過QTL公司投入的，對嗎？然後，我想您在準備好的評論中提到了瘦調變解調器客戶之外的情況，我忘了您當時的措辭是說您在晶片組業務的新興市場看到了一些強勁勢頭，或者至少保持了穩定。我不太明白為什麼在美元走強的環境下，新興市場的手機銷售通常會受到嚴重打擊。所以我想知道你是不是還沒意識到這一點？或是否有通路庫存問題？或許我們在去年結束、今年開始之際，獲得了一些市佔率的成長。最後，史蒂夫，我想問你一個關於TDK合資企業的問題。您提到了天然氣TA，我不確定您指的是2017財年進行採樣嗎？或者我們應該在 2017 財政年度看到這些產品出現在商業產品中？謝謝。

So on the $250 million, that will be reported in QTL. In terms of what we're seeing in the channel, I would say we're not seeing an unusual inventory build like we saw a couple of quarters ago, with the exception, like I said, we're probably seeing a stronger-than-normal seasonal pullback in thin modems. But that's really what I would say is more of the outlier for our quarter.

因此，這 2.5 億美元將在 QTL 中報告。就我們目前在通路中看到的情況而言，我認為我們沒有看到像幾個季度前那樣異常的庫存增加，但正如我所說，我們可能會看到超薄調製解調器出現比正常情況更強烈的季節性回落。但我認為這才是我們這個季度真正意義上的異常值。

This is Cristiano. Just to add a comment, I think when you look at the Q2 $185 million midpoint of the guidance, I think what we said is the China was a very minor impact. It's not any unexpected design change. What it is is the mix of OEMs in the marketplace. We saw a slight increase of volume for an OEM that is not used in QCT as a vertical OEM in China, but I think it's very minor. The main thing really is seasonality and the thin modem demand adjustment.

這是克里斯蒂亞諾。我補充一點，我認為，當你看到第二季業績指引的中點值 1.85 億美元時，我們之前已經說過，中國市場的影響非常小。這並非意料之外的設計變更。它指的是市場上各原始設備製造商 (OEM) 的組合。我們看到，對於一家在中國沒有作為垂直整合 OEM 廠商使用，但 QCT 並未採用其 OEM 產品的 OEM 廠商來說，其銷量略有增長，但我認為這只是很小的增幅。最主要的因素是季節性和薄型調變解調器的需求調整。

This is Steve, just one other additional thing. Really what's driving worldwide unit demand for the products is just the transition to 4G. So you're still only seeing what something like 14% of the market is using 4G now, and that continues to be a positive trend for us across tiers. With respect to TDK, the TDK commentary and the gallium arsenide PAs, we will be in production in 2017 and I think comfortably so. So we expect to see products in the market using those PAs in that timeframe.

這是史蒂夫，還有一件事要補充。實際上，推動全球對這些產品的需求成長的因素只是向 4G 的過渡。所以目前只有大約 14% 的市佔率在使用 4G，但這對我們來說仍然是各個層級的正面趨勢。關於 TDK、TDK 評論和砷化鎵 PA，我們將在 2017 年投產，我認為會很順利。因此，我們預期在那個時間段內，市場上將會出現使用這些PA的產品。

Your next question comes from the line of Srini Pajjuri with CLSA Securities, please go ahead.

您的下一個問題來自里昂證券的Srini Pajjuri，請繼續。

Thank you. A couple of questions. First a clarification, George, on the annual guidance for licensing, I'm just curious if LG is impacting only $100 million, or is it $100 million per quarter? And then a follow-up to Steve's question or answer on the gas PA and TDK deal. Steve, obviously RF market in general has been growing very nicely over the past few years, and some would argue that actually that market is slowing down now. It grew very nicely last two years, and it is beginning to slow down now. I'm just curious as to why the deal now? What do you see out there that gives you that this is the right time to invest more aggressive in this market?

謝謝。幾個問題。喬治，首先我想澄清一下，關於年度授權收入指導，我只是好奇LG的影響是1億美元，還是每季1億美元？然後，針對史蒂夫關於賓州天然氣公司和TDK公司交易的問題或回答，提出後續問題。史蒂夫，顯然，射頻市場在過去幾年整體成長勢頭良好，有些人甚至認為，實際上該市場現在正在放緩。過去兩年它生長得非常好，現在開始放緩了。我只是好奇為什麼現在才達成這筆交易？你認為現在是時候加大對這個市場的投資力道了？

Srini, hi, it's George. So the LG impact that we talked about of over $100 million is a quarterly number, so the annual impact, of course, is going to be dependent on what their royalty obligation would be for the year, relative to the guidance range. It was not anticipated or included in the $7.3 billion to $8 billion range. So it would be an adjustment to that, and it really will be a function of when it is resolved as to what the potential impact would be until then.

Srini，你好，我是George。因此，我們提到的 LG 超過 1 億美元的影響是一個季度數字，所以年度影響當然將取決於他們當年的特許權使用費義務相對於指導範圍是多少。這筆款項並未被預料到，也沒有被納入73億至80億美元的預算範圍內。所以這需要做出一些調整，至於在此之前可能產生什麼影響，取決於何時解決這個問題。

This is Steve. On the RF front-end business, I think it continues to be a very large TAM that for us, we haven't been participating in outside really largely by our envelope tracking business. And like all of our RF businesses or analog businesses, they are actually, that's a good, profitable business. So our ability to grow that, even within that TAM is, I think a good story for us. Our view of the market is that you're going to need to have all the pieces: filter, module, PA, base fans, switches to really be meaningful as a long-term player. And that that capability will continue to be important, not only in the handset market, but also across all of the connectivity markets that open up as everything becomes connected, and certainly in 5G. So we think that's a good set of assets. We will be able to grow that moving forward. We've got some execution to do to prove that. But we feel like we're getting the right pieces and we're going to make it happen.

這是史蒂夫。就射頻前端業務而言，我認為它仍然是一個很大的市場規模，而我們除了信封追蹤業務之外，並沒有真正參與其中。就像我們所有的射頻業務或類比業務一樣，它們實際上都是利潤豐厚的好生意。因此，即使在TAM範圍內，我們也能實現成長，我認為這對我們來說是一個很好的故事。我們認為，要想在市場上長期立足，你需要擁有所有必要的組件：濾波器、模組、PA、基礎風扇、開關等等。而且這種能力不僅在手機市場，而且在隨著萬物互聯而開放的所有連接市場（當然也包括 5G）中，都將繼續發揮重要作用。所以我們認為這是一組不錯的資產。未來我們將能夠實現這一目標。我們需要採取一些實際行動來證明這一點。但我們感覺我們已經找到了合適的資源，我們一定能成功。

Your final question comes from the line of Edward Snyder with Charter Equity. Please go ahead.

你的最後一個問題來自Charter Equity的Edward Snyder。請繼續。

Thank you very much. On the same theme on the RF, I think you launched RF 360 in early 2013, and now you've got the [TDK] relationship which expands upon that. Should we expect revenue from RF material to consolidate results in FY17? Or is that something more of a 2018 event? And then with respect to the RF products you're selling now, do you anticipate that you'll be selling these RF modules into solutions that don't use your base -- obviously your solutions that do use base [benefits], you would be a natural home for those. But do you think you are intending to reach beyond where you are as your baseband [sockets wins] move out to general markets? And then a follow-up if I could on makeshift in QCT

非常感謝。關於射頻技術，我認為你們在 2013 年初推出了 RF 360，現在你們與 [TDK] 建立了合作關係，進一步擴展了 RF 360 的功能。我們是否應該預期射頻材料的收入將在 2017 財年合併業績？或者說，那是2018年才會發生的事？那麼，關於您目前銷售的射頻產品，您是否預計會將這些射頻模組銷售到不使用您基地台的解決方案中——顯然，對於那些使用基地台的解決方案，您自然是它們的理想歸宿。但您是否認為隨著您的基頻（插座）技術走向大眾市場，您的目標會超越您目前的水平？然後，如果可以的話，我想就 QCT 中的臨時措施做一個後續跟進。

So, this is George. We will consolidate as soon as we close the transaction, because we will have 51% and effective control from a reporting standpoint. In terms of supporting other devices and other customers, we would anticipate continuing to do that just as TDK does today.

這位是喬治。交易完成後，我們將立即進行合併，因為我們將擁有 51% 的股份，並且從報告角度來看，我們將擁有有效的控制權。在支援其他設備和其他客戶方面，我們預計將繼續像TDK現在所做的那樣這樣做。

Would this show up in one of the existing segments once the consolidated (inaudible) are you considering breaking out its own group?

一旦合併（聽不清楚）後，這是否會出現在現有板塊之一中？您是否考慮將其單獨劃分出來？

It will be reported in QCT.

將在QCT中報告。

Okay. And finally, was the mix shift away from thin modems in the December period, was that a major component in this sequential increase in QCT margins? Or was it not really material?

好的。最後，12 月產品組合從薄型調變解調器轉向其他產品，這是否是 QCT 利潤率持續成長的主要因素？或者它根本就不是物質性的？

This is Cristiano. I think George answered that earlier. I think one of the things where we're ahead of the plan of delivering some of the cost savings that we had a part of our strategic realignment plan. I think that has been a key contributor of our stronger margin in Q1.

這是克里斯蒂亞諾。我覺得喬治之前已經回答過這個問題了。我認為我們在實現策略調整計畫中的一些成本節約目標方面已經超前了。我認為這是我們第一季利潤率走高的關鍵因素。

This is our allotted time for questions and answers. Mr. Mollenkopf, do you have any further to add before adjourning the call?

這是我們預留的問答時間。莫倫科夫先生，在休會之前，您還有什麼要補充的嗎？

Sure, I just want to thank everyone for attending the call today. We are executing on the plan to get the Company growing again. We're focused on improving licensing in China. I look forward to the second half of the year as our new products ramp. I also want to remind everyone that we will hold our Analyst Day in San Diego in two weeks, where we will go into more detail on our strategy and priorities. I will close by thanking all of the Qualcomm employees on their hard work, and for delivering a stronger-than-expected Q1. Thank you.

當然，我只想感謝今天所有參加電話會議的人。我們正在執行計劃，以使公司再次成長。我們致力於改善中國的許可證發放流程。我期待下半年，因為我們的新產品將陸續上市。我也想提醒大家，我們將在兩週後於聖地牙哥舉行分析師日活動，屆時我們將更詳細地介紹我們的策略和優先事項。最後，我要感謝高通公司全體員工的辛勤工作，感謝他們取得了超乎預期的第一季業績。謝謝。

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

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線了。