高通 (QCOM) 2016 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm third-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財年第三季財報電話會議。

(Operator Instructions)

（操作說明）

As a reminder, this conference is being recorded, July 20, 2016. The playback number for today's call is 855-859-2056. International callers, please dial 404-537-3406. The playback reservation number is 44801007.

提醒各位，本次會議正在錄影，2016年7月20日。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。播放預約編號為 44801007。

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

現在我將把電話交給投資人關係副總裁華倫‧尼肖。尼肖先生，請繼續。

Thank you, and good afternoon.

謝謝，下午好。

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. You can access our earnings release, and an executive presentation that accompanying 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.

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。您可以造訪我們的投資者關係網站，查看我們的獲利報告以及與本次電話會議相關的管理層簡報。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.

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、公司未來業務或業績發表前瞻性聲明。

Actual results 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.

實際結果或績效可能與前瞻性聲明中預測的結果有重大差異。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。

And now to comments from Qualcomm's Chief Executive officer, Steve Mollenkopf.

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.

謝謝你，沃倫，大家下午好。

We delivered strong results this quarter with revenues at the high end of our guidance range, and earnings per share well above the high end of our guidance range on strong operating performance and progress in licensing. Our strong fiscal third-quarter results reflect good execution across our businesses, as we position the Company for a return to growth. We are investing to expand our technology road map and lead in 5G, are pursuing opportunities in fast-growing areas that build on our core technologies, and are committed to operational excellence.

本季我們取得了強勁的業績，營收達到預期範圍的高端，每股盈餘也遠高於預期範圍的高端，這得益於強勁的營運業績和許可方面的進展。我們強勁的第三財季業績反映了我們各項業務的良好執行，使公司為恢復成長做好了準備。我們正在投資拓展我們的技術路線圖，並在 5G 領域保持領先地位；我們正在尋求在基於我們核心技術的快速成長領域中的機會；並致力於卓越營運。

In QTL, we are pleased to report that we made good progress on the outstanding license negotiations this quarter, and received reports for a significant amount of prior period sales. This is a good indication of the progress we are making, and we expect that momentum to continue into our fourth fiscal quarter. We now have more than 110 companies that have signed licenses, consistent with the terms of the NDRC resolution.

在季度銷售方面，我們很高興地報告，本季度我們在未決的許可談判方面取得了良好進展，並收到了大量前期銷售的報告。這很好地表明了我們正在取得的進展，我們預計這種勢頭將延續到第四財季。目前已有超過 110 家公司簽署了許可證，符合國家發展委員會決議的條款。

In QCT, the favorable demand trends for our new chipsets across the mid- and high-end smartphone tiers, especially with the top 10 vendors in China are helping to deliver improved financial performance. We are also seeing incremental demand for our lower tier chipsets in China versus our prior expectations, driven in part by our differentiated All Mode and modem leadership.

在 QCT，我們新晶片組在中高階智慧型手機市場，尤其是中國前 10 大廠商的良好需求趨勢，有助於提升財務表現。我們也看到，與我們先前的預期相比，中國市場對我們低端晶片組的需求有所增長，部分原因是我們在全模式和調製解調器領域擁有差異化的領先地位。

In the premium tier, our Snapdragon 820 now has more than 150 premium smartphone and tablet designs, and we have just announced the Snapdragon 821, which offers further performance enhancements, and will help set a new bar for flagship smartphones, increasingly popular mobile VR head-mounted displays and other new devices. Our updated Snapdragon 600 and 400 product families are becoming the preferred choice for OEMs, driving growth in the high- and mid-tiers, as users seek more performance and features in these segments.

在高階市場，我們的驍龍 820 目前已應用於 150 多款高階智慧型手機和平板電腦設計，而我們剛剛發布了驍龍 821，它提供了進一步的效能提升，並將有助於為旗艦智慧型手機、日益流行的行動 VR 頭戴式顯示器和其他新裝置樹立新的標竿。我們更新的驍龍 600 和 400 產品系列正成為 OEM 廠商的首選，推動了高端和中端市場的成長，因為用戶在這些細分市場中尋求更高的性能和更多的功能。

We continued to expand our presence in adjacent opportunities, including automotive, networking, mobile compute and IoT. These industries are rapidly adopting smartphone technologies. Our leadership across 3G, 4G, 5G, Wi-Fi, multimedia, graphics, processor and RF front-end technologies positions us well for these new growth areas. Collectively, the addressable opportunity for these adjacent areas is expected to grow at a CAGR of 18% over the next five years from $12 billion to $29 billion according to a combination of third-party and internal estimates.

我們持續拓展在相關領域的業務，包括汽車、網路、行動運算和物聯網。這些產業正在迅速採用智慧型手機技術。我們在 3G、4G、5G、Wi-Fi、多媒體、圖形、處理器和射頻前端技術領域的領先地位，使我們在這些新的成長領域中佔據了有利地位。根據第三方和內部估計，未來五年內，這些相鄰領域的潛在市場規模預計將以 18% 的複合年增長率從 120 億美元增長到 290 億美元。

In automotive, the pace of innovation is accelerating, and we are seeing a strong alignment between the industry needs and Qualcomm's technologies. We continued to build momentum and strengthen our position through significant design wins at global automakers. This includes telematics where our modem leadership is well-recognized, infotainment with our Snapdragon automobile processors, and in connectivity with our Wi-Fi, Bluetooth and location products. Our momentum in IoT continues, as customers turn to our broad offering of IoT development platforms to accelerate their product innovation.

在汽車領域，創新步伐正在加快，我們看到產業需求與高通的技術之間有著強烈的契合度。我們透過在全球汽車製造商中贏得重要的設計訂單，不斷累積勢頭並鞏固我們的地位。這包括車載資訊服務（我們的數據機領先地位廣為人知）、車載資訊娛樂（我們的驍龍汽車處理器）以及連接（我們的 Wi-Fi、藍牙和定位產品）。我們在物聯網領域的成長勢頭持續強勁，客戶紛紛轉向我們廣泛的物聯網開發平台，以加速其產品創新。

At Computex, we introduced the Qualcomm Snapdragon Wear 1100 processor for the fast-growing targeted purpose wearable segments such as watches, fitness trackers, smart headsets and wearable accessories. Our Snapdragon Flight platform has helped OEMs quickly commercialize new smaller, lighter drones, leveraging Qualcomm's integrated SOC, connectivity, GPS and drone software solutions. We're also expanding our proven leadership in modem solutions into the Internet of Things, with over 100 designs from more than 60 manufacturers using our low-power LTE IoT modems.

在台北國際電腦展上，我們推出了高通驍龍 Wear 1100 處理器，該處理器面向快速成長的定向穿戴裝置領域，例如手錶、健身追蹤器、智慧耳機和穿戴式配件。我們的驍龍飛行平台利用高通整合的 SoC、連接、GPS 和無人機軟體解決方案，幫助 OEM 廠商快速實現更小、更輕的新型無人機的商業化。我們也將在調變解調器解決方案領域久經考驗的領先地位擴展到物聯網領域，超過 60 家製造商的 100 多種設計都採用了我們的低功耗 LTE 物聯網調變解調器。

In networking, we continue to drive the transition to the new Wave 2 11ac standard for Wi-Fi networks, and now have over 350 home and enterprise products, either in production or design across the mainstream and premium segments. We are on track to close our TDK JV by early calendar 2017, and to deliver our next-generation gallium arsenide and CMOS PAs in 2017. This will enable us to provide a comprehensive set of technologies and module capability for the RF front-end, positioning us well for key industry trends, complexity increases within smart phones, the proliferation of radio bands in 4G and 5G, and the growth of cellular in IoT.

在網路領域，我們持續推動向新的 Wi-Fi 網路 Wave 2 11ac 標準的過渡，目前已有超過 350 款家用和企業產品正在生產或設計中，涵蓋主流和高端市場。我們正按計劃推進，將於 2017 年初完成與 TDK 的合資，並於 2017 年交付我們的下一代砷化鎵和 CMOS 功率放大器。這將使我們能夠為射頻前端提供一套全面的技術和模組功能，使我們能夠更好地應對關鍵的行業趨勢、智慧型手機複雜性的增加、4G 和 5G 中無線電頻段的激增以及物聯網中蜂窩技術的增長。

We are on track to deliver operating margins of 16% or better in QCT in the fourth fiscal quarter, and it is important to note that our planning assumptions incorporate second sourcing at our large modem customer. Looking forward, our global scale technology leadership and differentiated chipset roadmap across multiple tiers and regions, and dozens of spectrum bands continues to position us well for the future.

我們預計在第四財季實現 QCT 16% 或更高的營業利潤率，值得注意的是，我們的計劃假設包含了我們大型數據機客戶的第二供應商。展望未來，我們在全球規模的技術領先地位和跨多個層級、跨地區以及數十個頻譜頻段的差異化晶片組路線圖，將繼續使我們在未來佔據有利地位。

Our modem expertise continues to lead the industry, and as we did in both 3G and 4G, we are leading the world to 5G. 5G will make wireless broadband indistinguishable from wireline, requiring devices with ultra-high speed, ultra-low latency and ultra-reliable connectivity. The technology roadmap required for 5G will drive significant advancements in modem and front-end features, the technologies in which Qualcomm excels.

我們在調變解調器方面的專業技術繼續引領業界，正如我們在 3G 和 4G 時代所做的那樣，我們正在引領世界邁向 5G。5G 將使無線寬頻與有線寬頻無異，這需要具有超高速、超低延遲和超可靠連接的設備。5G 所需的技術路線圖將推動調變解調器和前端功能的重大進步，而這些正是高通的強項。

Let me take a moment to review a few of our core strengths that will underscore our continued wireless broadband leadership. Our gigabit LTE leadership with the Snapdragon X16 modem will pave the way to 5G. Many of the technologies enabling gigabit LTE will be common to 5G: use of more antennas, use of multiple types of spectrum simultaneously, more sophisticated signal processing, et cetera. And the mastery of these features in 4G will be essential to leadership in 5G. Many of these features are already being trialed or commercially deployed in phones using our Snapdragon 820 processor with X12 LTE.

請容許我花一點時間回顧我們的一些核心優勢，這些優勢將鞏固我們在無線寬頻領域的持續領先地位。我們憑藉驍龍 X16 數據機在千兆 LTE 領域的領先地位，將為 5G 的發展鋪平道路。許多實現千兆 LTE 的技術也將是 5G 的通用技術：使用更多天線、同時使用多種類型的頻譜、更複雜的訊號處理等等。而對 4G 中這些特質的掌握，對於在 5G 時代維持領先地位至關重要。這些功能中的許多功能已經在採用我們驍龍 820 處理器和 X12 LTE 的手機中進行試驗或商業部署。

Qualcomm also pioneered 11 -- 802.11ad operating at 60 gigahertz, which is shipping into access points and computing devices today. The design and commercialization of this technology into smartphones is enabling the Company to build leadership and expertise in the high bands known as millimeter-wave, to be deployed broadly in 5G.

高通公司也率先推出了 802.11ad，其運行頻率為 60 吉赫茲，目前已應用於接入點和計算設備。這項技術在智慧型手機中的設計和商業化，使公司能夠在被稱為毫米波的高頻段建立領導地位和專業知識，該頻段將在 5G 中廣泛部署。

We're also designing a new OFDM-based 5G air interface, that will not only enhance mobile broadband services, but also enable connectivity and management for the Internet of Things, and new types of mission-critical services. Our 5G design is intended to get the most out of the wide array of spectrum available across regulatory paradigms and bands, from low bands below 1 gigahertz, to mid bands from 1 gigahertz to 6 gigahertz, to millimeter-wave.

我們也正在設計一種基於 OFDM 的新型 5G 空中接口，它不僅可以增強行動寬頻服務，還可以實現物聯網的連接和管理，以及新型的關鍵任務服務。我們的 5G 設計旨在充分利用各種監管模式和頻段中可用的頻譜，從 1 吉赫茲以下的低頻段，到 1 吉赫茲到 6 吉赫茲的中頻段，再到毫米波。

5G devices will bring the next level of convergence, with the ability to work on licensed and shared spectrum concurrently. We are very pleased that regulators around the world are beginning to allocate spectrum for 5G, consistent with our 5G design and development efforts. Recent spectrum regulatory decisions and movement in the US and Europe, combined with progress on the spectrum regulatory front in China, Japan, and Korea, are good indications that the world is preparing for 5G.

5G 設備將帶來更高層次的融合，能夠同時在授權頻譜和共享頻譜上工作。我們非常高興看到世界各地的監管機構開始為 5G 分配頻譜，這與我們的 5G 設計和開發工作一致。美國和歐洲最近的頻譜監管決策和舉措，加上中國、日本和韓國在頻譜監管方面取得的進展，都表明世界正在為 5G 做好準備。

We recently announced our new 5G prototype system and trial platform, operating in spectrum bands below 6 gigahertz, and showcasing multi-gigabit throughput at low latency. We demonstrated the prototype system at Mobile World Congress Shanghai in collaboration with China Mobile. The new prototype adds to our existing 5G millimeter-wave prototype system, operating at the 28 gigahertz millimeter wave band, and is capable of robust mobile broadband communications in non line-of-sight environments. We are utilizing these prototype systems to test and demonstrate our innovative 5G designs to drive 3GPP 5G New Radio standardization, and enable timely 5G NR trials in anticipation of future commercial network launches.

我們最近發布了新的 5G 原型系統和試驗平台，該系統在 6 吉赫茲以下的頻譜頻段運行，並展示了低延遲下的多千兆位元吞吐量。我們與中國移動合作，在上海世界行動通訊大會上展示了原型系統。新的原型機是我們現有的 5G 毫米波原型系統的補充，該系統工作在 28 吉赫茲毫米波頻段，能夠在非視距環境下實現強大的移動寬頻通訊。我們正在利用這些原型系統來測試和展示我們創新的 5G 設計，以推動 3GPP 5G 新空口標準化，並實現及時的 5G NR 試驗，為未來的商用網路推出做好準備。

To summarize, FY16 has been a transition year for Qualcomm, which has played out largely as expected. Our strong results this quarter reflect the good progress we have made, positioning the Company for improved financial performance and continued technology leadership, in mobile and the many exciting new industries and products enabled by our smartphone technologies. We are continuing to make progress in our licensing business and expect that momentum to continue, positioning us well for the future.

總而言之，2016 財年是高通的轉型之年，而轉型過程也大致符合預期。本季強勁的業績反映了我們取得的良好進展，使公司在行動領域以及智慧型手機技術所催生的眾多令人興奮的新興產業和產品領域，能夠取得更好的財務業績並繼續保持技術領先地位。我們在授權業務方面持續取得進展，並預計這一勢頭將持續下去，這將使我們為未來做好充分準備。

I will now turn the call over to Derek Aberle.

現在我將把電話交給德里克·阿伯勒。

Thank you, Steve, and good afternoon, everyone.

謝謝你，史蒂夫，大家下午好。

As Steve noted, we made significant progress in the licensing business this quarter, both in terms of new agreements signed and catch-up amounts reported. As a result, QTL had a very strong fiscal third-quarter with total reported device sales of approximately $62.6 billion and revenues of $2 billion, driven primarily by the catch-up reporting of certain prior period sales and revenue, as well as stronger than expected 3G/4G device ASPs.

正如史蒂夫所指出的，本季度我們在許可業務方面取得了重大進展，無論是在新簽署的協議數量方面，還是在報告的追趕金額方面。因此，QTL 第三財季業績非常強勁，報告設備總銷售額約為 626 億美元，收入為 20 億美元，這主要得益於補報了之前某些時期的銷售額和收入，以及 3G/4G 設備平均售價高於預期。

As a reminder, as a result of the resolution of our dispute with LG in April, in the fiscal third quarter we recognized over $200 million in revenue for sales reported during the prior two fiscal quarters, and resumed recognizing quarterly LG revenues for sales reported in the third quarter, consistent with our prior guidance. We continue to make steady progress in China, executing new license agreements. In addition, we are still actively negotiating with a small number of the key remaining Chinese OEMs, and making progress in those discussions.

再次提醒大家，由於我們在 4 月份解決了與 LG 的糾紛，在第三財季，我們確認了超過 2 億美元的收入，這些收入是前兩個財季報告的銷售額，並且恢復了確認第三季度報告的 LG 季度銷售額收入，這與我們之前的指導一致。我們在中國持續穩定發展，不斷簽署新的授權協議。此外，我們仍在積極與少數幾家主要的中國汽車製造商進行談判，並在這些談判中取得了進展。

Based on the progress we are making, those licensees agreed to report and pay a portion of the sales and royalties they have been withholding, while we continue to negotiate their new agreements. These amounts, plus additional catch-up payments we received from other licensees during the quarter, resulted in more than $200 million in revenues in QTL for the third fiscal quarter related to prior period activity. QTL revenue for the quarter therefore, included a total of more than $400 million in revenue related to prior period activity, as a result of the LG resolution and these catch-up payments.

根據我們所取得的進展，這些被授權者同意報告並支付他們一直扣留的部分銷售和版稅，同時我們將繼續與他們協商新的協議。這些款項，加上我們本季從其他被授權人收到的額外補繳款項，使得 QTL 在第三財季與前期活動相關的收入超過 2 億美元。因此，由於 LG 解決方案和這些補繳款項，QTL 本季的收入包括與前期活動相關的 4 億美元以上的收入。

As we have said in the past, we are prepared to take action against OEMs that are not negotiating in good faith to conclude license agreements, or underreporting the royalties they owe us. Consistent with that approach, in June, we filed complaints against Meizu in the Intellectual Property courts in both Beijing and Shanghai, China. Regrettably, we've had to turn to litigation against Meizu in order to protect our rights, and importantly to maintain fairness and a level playing field for the companies that are respectful of intellectual property rights, and have entered into license agreements in accordance with the resolution reached by Qualcomm and the NDRC.

正如我們過去所說，我們準備對那些沒有真誠談判以達成許可協議，或少報欠我們版稅的原始設備製造商採取行動。秉持著這個理念，我們在6月分別向中國北京和上海的智慧財產權法院對魅族提起了訴訟。遺憾的是，我們不得不訴諸法律手段來保護我們的權利，更重要的是，為了維護公平公正，為那些尊重知識產權並按照高通和國家發改委達成的決議簽訂許可協議的公司創造公平的競爭環境。

We are also continue to work hard on a number of fronts to improve compliance. We are actively implementing our compliance plans, and expect them to deliver meaningful improvements over time. Looking ahead, we continue to estimate calendar 2016 global 3G/4G device shipments of 1.625 billion to 1.725 billion devices, with year-over-year unit growth of approximately 8% at the midpoint. We continue to see a strong 4G ramp in China, as each of the operators pursues aggressive subscriber growth targets with their 4G-plus service offerings, and design momentum continues to move rapidly towards all mode devices across China.

我們也在多個方面繼續努力，以提高合規性。我們正在積極實施合規計劃，並期望隨著時間的推移，這些計劃能夠帶來顯著的改進。展望未來，我們繼續預期 2016 年全球 3G/4G 設備出貨量為 16.25 億至 17.25 億台，其中數值約為 8% 的年成長率。我們看到中國 4G 市場持續強勁成長，各業者都在積極推動 4G+ 服務，以實現用戶成長目標，而中國各地的設備設計趨勢也快速朝向全模設備發展。

Other emerging regions continue to be negatively impacted by macroeconomic headwinds. Outside of handsets, growth in automotive telematics is offsetting weaker tablet volumes. We continue to expect low single-digit growth in global 3G/4G device sales in FY15 consistent with our prior guidance, reflecting strong unit growth partially offset by ASP declines that are consistent with our prior expectations. We continue to expect that the rate at which handset ASPs will decline during FY16 will be about 50% of the rate of decline experienced in FY15.

其他新興地區繼續受到宏觀經濟逆風的負面影響。除了手機之外，汽車遠端資訊處理業務的成長抵消了平板電腦銷量下滑的影響。我們繼續預期 2015 財年全球 3G/4G 設備銷售量將維持個位數低成長，與我們先前的預期一致，這反映了強勁的銷售成長，但平均售價下降部分抵銷了這一成長，這也與我們先前的預期一致。我們仍然預計，2016 財年手機平均售價的下降速度將約為 2015 財年下降速度的 50%。

In terms of the outlook for QTL for the fiscal year, we now expect revenues to be between $7.4 billion and $7.8 billion. We have narrowed the range to align with our current view of expected progress in China for the remainder of the fiscal year, including increased confidence that we will conclude additional agreements with some of the remaining key OEMs within the fiscal year. Although we expect to continue to see quarterly fluctuations in the externally implied royalty rate, for the reasons have previously explained, we expect the rate for FY16 to be in the range of 2.9%.

就 QTL 本財年的前景而言，我們現在預計營收將在 74 億美元至 78 億美元之間。我們縮小了預期範圍，以符合我們目前對本財年剩餘時間內在中國取得的預期進展的看法，包括更有信心在本財年內與一些剩餘的主要OEM廠商達成更多協議。儘管我們預計外部隱含特許權使用費率仍將出現季度波動，但正如先前解釋的那樣，我們預計 2016 財年的費率將在 2.9% 的範圍內。

With respect to the Korean Fair Trade Commission investigation of our licensing practices, we have now submitted an extensive response to the case teams report, and have entered the hearing phase with the Commissioners. During this phase, the Commission will conduct a series of hearings over the next few months, during which we expect to have the opportunity to further present our response. The first hearing was held earlier today in Korea, and contrary to the recent press reports, the Commission has not yet reached a decision in our case.

關於韓國公平交易委員會對我們許可做法的調查，我們已向案件小組提交了詳細的回應，並已進入與委員們的聽證階段。在此階段，委員會將在接下來的幾個月裡舉行一系列聽證會，屆時我們希望有機會進一步陳述我們的回應。今天早些時候在韓國舉行了第一次聽證會，與最近的媒體報道相反，委員會尚未就我們的案件作出決定。

In conclusion, we continue to make good progress in China. We are keenly focused on concluding agreements with the remaining OEMs, as well as improving compliance, and are working towards continued progress in the fourth fiscal quarter.

總之，我們在中國持續取得良好進展。我們正全力以赴與剩餘的OEM廠商達成協議，並努力提高合規性，爭取在第四財季取得持續進展。

That concludes my comments, and I will turn the call over to George

我的發言到此結束，現在我將把電話交給喬治。

Thank you, Derek, and good afternoon, everyone.

謝謝你，德里克，大家下午好。

We're pleased to report a very strong fiscal third quarter. Revenues were $6 billion, up 4% year-over-year, and non-GAAP earnings per share were $1.16, up 17% year-over-year. We ended the quarter with cash and marketable securities of $31 billion, reflecting strong operating cash flow of approximately 30% of revenue in the quarter, and the acceleration of our share repurchase activity into the first half of the year.

我們很高興地宣布，第三財季業績表現非常強勁。營收達 60 億美元，年增 4%；非 GAAP 每股收益為 1.16 美元，較去年同期成長 17%。本季末，我們持有現金及有價證券310億美元，反映出本季強勁的營運現金流（約佔營收的30%），以及上半年股票回購活動的加速推進。

Through our fiscal third quarter, we have returned approximately 120% of free cash flow, or more than $5.9 billion to stockholders this fiscal year, including the completion of the remainder of our $10 billion stock repurchase commitment. And we are on track to achieve our targeted 75% return of free cash flow in FY16.

截至本財年第三季末，我們已將約 120% 的自由現金流（即超過 59 億美元）返還給股東，其中包括完成剩餘的 100 億美元股票回購承諾。我們預計在 2016 財年實現 75% 的自由現金流回報率目標。

Our third quarter results reflect both our commitment to operational efficiency, and the strong performance of our operating businesses. Performance above the high end of our guidance range primarily came from continued progress in our licensing business in China.

第三季業績既反映了我們對營運效率的承諾，也反映了我們營運業務的強勁表現。業績超出預期範圍上限主要得益於我們在中國的授權業務持續取得進展。

In QCT, MSM shipments were 201 million, approximately 9% above the midpoint of our prior guidance range, reflecting greater than expected demand in the low-tier particularly in China. QCT operating margin at 9.5% was in line with our prior expectations on higher volume and cost reductions, with increased low-tier demand impacting our product mix and revenue per MSM versus expectations.

在QCT，MSM出貨量為2.01億，比我們先前指導範圍的中點高出約9%，反映出低端市場（尤其是中國市場）的需求超出預期。QCT 的營業利潤率為 9.5%，符合我們先前對銷售成長和成本降低的預期，但低端市場需求的增加影響了我們的產品組合和每百萬平方公尺收入，與預期不符。

Non-GAAP combined R&D and SG&A expenses overall were lower than forecast, decreasing 2% sequentially, reflecting continued cost initiatives. Our non-GAAP tax rate during the quarter was 19%, up modestly against expectations as a result of a higher mix of licensing revenues in the quarter. We continue to expect our non-GAAP tax rate to be approximately 18% for FY16.

非GAAP合併研發及銷售、一般及行政費用整體低於預期，較上季下降2%，反映了持續的成本控制措施。本季我們的非GAAP稅率為19%，略高於預期，這是由於本季授權收入佔比較高所致。我們仍預期 2016 財年的非 GAAP 稅率約為 18%。

Turning to our fiscal fourth quarter, we estimate revenues to be in the range of approximately $5.4 billion to $6.2 billion, up approximately 6% year-over-year at the midpoint. We estimate non-GAAP earnings per share in our fiscal fourth quarter to be approximately $1.05 to $1.15 per share, up approximately 21% year-over-year at the midpoint. We expect fiscal fourth quarter non-GAAP combined R&D and SG&A expenses will be down approximately 2% to 4% sequentially, reflecting further strategic realignment planned cost actions, particularly in QCT.

展望第四財季，我們預計營收將在 54 億美元至 62 億美元之間，以中間值計算，年增約 6%。我們預計本財年第四季非GAAP每股收益約為1.05美元至1.15美元，以中位數計算，年增約21%。我們預計第四財季非GAAP綜合研發和銷售、一般及行政費用將環比下降約2%至4%，反映出進一步的策略調整和計劃的成本行動，尤其是在品質控制技術方面。

In QTL, as Derek mentioned, our fiscal year revenue outlook is $7.4 billion to $7.8 billion, and we believe our recent licensing progress will continue throughout the remainder of the year. Aligned with that view, our revenue guidance for the fourth quarter fiscal quarter assumes some additional progress in China. However, our fourth quarter guidance does not include the full potential benefit from the completion of all license agreements under negotiation, and is consistent with the low end of the QTL range for the full fiscal year.

正如 Derek 所提到的，QTL 的本財年收入預期為 74 億美元至 78 億美元，我們相信我們最近的許可進展將在今年剩餘的時間裡繼續保持。基於此觀點，我們對第四財季的營收預期假設中國市場將取得一些額外進展。然而，我們第四季度的業績指引並未包含所有正在談判中的授權協議完成後的全部潛在收益，並且與全年 QTL 範圍的下限一致。

For the fiscal fourth quarter, we estimate total reported device sales of between $57 billion and $65 billion. Our TRDS forecast reflects our estimate that global device sales will be lower year-over-year, reflecting a decline in the premium tier at a large OEM, partially offset by the impact of closing new licensing agreements, and resulting catch-up we expect to receive. Like revenue guidance, this forecast includes the impact of closing some, but not all, of the remaining agreements in China.

我們預計第四財季設備總銷售額將在 570 億美元至 650 億美元之間。我們的 TRDS 預測反映了我們對全球設備銷售同比下降的估計，這反映了一家大型 OEM 廠商高端產品的下滑，部分被達成新的許可協議的影響以及我們預期由此產生的追趕效應所抵消。與營收預期一樣，該預測包含了在中國完成部分（但不是全部）剩餘協議的影響。

In QCT, we anticipate MSM shipments of approximately 195 million to 215 million units, and operating margin to improve sequentially to 16% or better, consistent with our prior operating margin target. Our QCT operating margin forecast reflects the strength of our new product cycle, our cost actions throughout the year, as well as strong demand for mid- and high-tier devices.

在 QCT，我們預計 MSM 出貨量約為 1.95 億至 2.15 億件，營業利潤率將環比提高至 16% 或更高，與我們先前的營業利潤率目標一致。我們的 QCT 營運利潤率預測反映了我們新產品週期的強勁勢頭、全年的成本控制措施，以及對中高階設備的強勁需求。

Now turning to FY16, we remain on track to meet the $1.4 billion reduction in spending under our strategic realignment plan, and we continue to expect more than $700 million of savings in FY16, relative to the SRP baseline, ahead of our original $600 million target. A summary of the savings program is included in the investor presentation for this call on our website.

現在展望 2016 財年，我們仍有望實現戰略調整計畫下 14 億美元的支出削減目標，並且我們繼續預計 2016 財年將比 SRP 基準節省 7 億美元以上，高於我們最初設定的 6 億美元目標。本次電話會議的投資者簡報中包含了儲蓄計畫的摘要，該簡報可在我們的網站上找到。

We continue to expect FY16 non-GAAP combined R&D and SG&A expenses to be down approximately 2% to 4% year-over-year, which includes the full-year impact of acquisition-related increases of approximately 5%. Adjusting for M&A, estimated spending in these areas would be down 7% to 9% year-over-year. We are committed to maintaining a strong discipline of cost management, while remaining extremely focused on the important role Qualcomm will play as the leading innovator in mobile technology solutions.

我們繼續預期 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%，其中包括與收購相關的全年增長約 5%。剔除併購因素後，這些領域的預期支出將年減 7% 至 9%。我們致力於維持嚴格的成本管理，同時高度重視高通作為行動技術解決方案領先創新者所扮演的重要角色。

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。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Simona Jankowski, Goldman Sachs.

西蒙娜·揚科斯基，高盛。

Hi, thank you for breaking out the benefit to QTL from the China catch-up royalties. Would you be able to also break out the contribution to units, and the level of ASPs for that catch-up? And then, is there much left, in terms of the already signed agreement that is yet to be recognized?

您好，感謝您詳細分析了 QTL 從中國追趕性版稅中獲得的收益。您能否也分別列出各單位的貢獻值以及追趕目標的平均售價水準？那麼，就已簽署但尚未承認的協議而言，還有多少內容需要落實？

Simona, hey, it's Derek. Yes, I think we're not in a position today to breakout the split of TRDS kind of units and ASP that came in through the catch-up payments in Q3.

西蒙娜，嗨，我是德瑞克。是的，我認為我們目前還無法將第三季透過補發款項實現的 TRDS 單位和 ASP 細分。

I think if you look at it -- you sort of look at it for the year, you will be able to see, that we're making progress and closing the gap. And if we continue to make progress and close these key remaining agreements -- we talked at the Analyst Day of being in a position to capture about 75% of the global sales from the Chinese OEMs. I think we will actually, sort of an exit rate basis, if we can close these remaining deals, we'll be better than that. So I think it's just a continued story of progress, and you're starting to see the results roll through this quarter.

我認為，如果你縱觀這一年，你會發現我們正在取得進步，縮小差距。如果我們繼續取得進展並完成這些關鍵的剩餘協議——我們在分析師日上談到，我們有能力從中國汽車製造商那裡獲得約 75% 的全球銷售額。我認為，從某種意義上的退出率來看，如果我們能夠完成這些剩餘的交易，我們的結果會比現在更好。所以我認為這只是一個持續進步的故事，而且你已經開始在本季看到成果了。

And Simona, in terms of the upside to guidance, as we indicated, our Q4 guidance is really set at the low end of the full year range for QTL. So the upside would be the agreements in addition to the ones that we expect to sign that we put into the guidance, there's still $400 million of revenue upside that is possible for the quarter, and not in our guidance.

至於業績指引的上行空間，正如我們所指出的，我們第四季的業績指引實際上設定在全年業績指引範圍的下限。因此，除了我們預期簽署並已納入業績指引的協議之外，還有可能達成其他協議，本季仍有 4 億美元的營收成長空間，而這並未包含在我們的業績指引中。

Mike Walkley, Canaccord Genuity.

Mike Walkley，Canaccord Genuity。

Thank you. Derek, just another question on QTL.

謝謝。Derek，關於QTL還有一個問題。

With the progress in China, certainly encouraging, and as you continue to make progress with a few of these other large Chinese OEMs, how should we maybe think about the exit rate basis, in terms of maybe units you believe are being underreported entering FY17? Do think it's still more than maybe 10% of the market underreporting, are you getting close to those levels?

鑑於中國的進展，這當然令人鼓舞，而且隨著您繼續與其他一些大型中國OEM廠商取得進展，我們應該如何看待退出率基礎，例如您認為進入2017財年時可能被低估的銷量？你認為目前市場少報的比例可能超過 10% 嗎？你覺得接近這個水平了嗎？

And then, just overall high level, how is this progress as you exit the year relative to your expectations, towards your longer-term $10 billion in QTL revenue by 2020? Thank you.

那麼，從整體來看，截至今年年底，您目前的進展與預期相比如何？您能否達成 2020 年 QTL 營收達到 100 億美元的長期目標？謝謝。

Yes, Mike, this is Derek. So I think the way to think about it is sort of, if I bridge back to the answer I was just giving to Simona's question.

是的，麥克，我是德瑞克。所以我覺得思考這個問題的方式是，如果我回到我剛才對西蒙娜問題的回答。

We continue to believe that if we can close these remaining agreements, that the exit rate actually on the China portion of the global sales, Chinese OEM portion will now be north of 75%. And I think if you look at that also, in terms of then the global sales, it would be less than 10% on a run rate basis going forward. And what we've seen actually is some of these key Chinese OEMs have actually been gaining share. And as so, we'll get even larger benefit on a run rate basis, if we can close out the remaining couple of agreements we have here.

我們仍然相信，如果我們能夠完成這些剩餘的協議，那麼全球銷售額中中國部分的退出率，即中國OEM部分的退出率，將超過75%。而且我認為，從全球銷售額的角度來看，未來以年增長率計算，增幅將不到 10%。而我們實際上看到的是，其中一些主要的中國汽車製造商的市場份額確實在不斷增長。因此，如果我們能夠完成目前剩下的幾項協議，我們將獲得更大的收益。

Second question?

第二個問題？

Oh yes, and I would say, basically we're -- I think the progress we're making in China, and the view on the market we see is consistent with what we talked about in terms of the $10 billion target.

哦，是的，我想說，基本上我們——我認為我們在中國取得的進展，以及我們對市場的看法，與我們之前討論的100億美元目標一致。

Tim Long, BMO Capital Markets.

Tim Long，BMO資本市場。

Thank you. Just sticking on the same topic, sorry to beat it too much. It looks like, Derek, the [March] units were only down about 4% sequential.

謝謝。還是老生常談，不好意思又重複了一遍。德瑞克，看起來（3月）的銷量較上季只下降了約4%。

So I'm assuming that's some prior period catch-up. So if you were to normalize the full year 8% growth, would that be lower because of those aren't in there? And maybe if you could just give us a sense -- I don't know if that's breaking out those numbers too much?

所以我推測這是之前一段時間的補錄。如果將全年 8% 的成長率標準化，由於這些因素沒有包含在內，成長率是否會降低？或許您可以簡單介紹一下—我不知道這樣透露數字會不會太籠統了？

And then, just on the chip side, I think I just wanted to hit on gross margin. I guess, was it mix that caused it to be down, even though ASPs were up in the quarter? And what's kind of the outlook for the next few quarters on the gross margin line for QCT? Thank you.

然後，就晶片方面而言，我想我只是想提高毛利率。我猜想，即使本季平均售價有所上漲，但由於產品組合的差異，導致股價下跌嗎？那麼，QCT未來幾季的毛利率前景如何？謝謝。

Hey, Tim, this is Derek. So on the first question, yes, the units in Q3 would have included some amount of catch-up, which rolled into the catch-up number that we talked about.

嘿，提姆，我是德里克。所以對於第一個問題，是的，第三季的銷量肯定包含一定量的追趕性銷量，這部分銷量就計入了我們之前討論的追趕性銷量數字中。

If we look back, you'll see we've effectively held our unit call for calendar 2016, which is about -- like you said about an 8% year-over-year growth. Obviously, that has quarterly fluctuations given seasonality and other variability. I would say largely, from a market standpoint, things are tracking in line with what we would've expected last quarter.

回顧過去，你會發現我們有效地實現了 2016 年的業績預期，正如你所說，同比增長約 8%。顯然，由於季節性和其他因素的影響，這種情況會有季度波動。從市場角度來看，整體而言，情況與上個季度的預期基本一致。

We talked about China being stronger, some softness in the premium tier, and a little bit of weakness in some of the emerging markets. But the net-net, still giving us confidence that the 8% forecast was good. You may have seen China reported numbers out recently, probably stronger than most people had expected, and largely in line with what we thought would happen there.

我們討論了中國市場表現強勁、高端市場略顯疲軟以及一些新興市場略顯疲軟的情況。但總而言之，這仍然讓我們相信 8% 的預測是準確的。你可能已經看到中國最近公佈的數據，可能比大多數人預期的要好，而且基本上符合我們認為會發生的情況。

Hey, Tim, it's George. I think, we don't break out the gross margin, but I think your point is on revenue from MSM, and yes it was a little softer in the quarter than we had expected on mix. Obviously, the unit story was quite good, and in particular, we saw a lot of strength in the low tier.

嘿，提姆，我是喬治。我認為，我們沒有單獨列出毛利率，但我認為你指的是MSM的收入，是的，由於產品組合的原因，本季度的收入比我們預期的要低一些。顯然，單位的故事線相當不錯，尤其是低級單位展現了強大的實力。

Gross margin is going to be a good story for us, as you look into the end of the year. You're going to see the impact of, not only a very strong set of new products, starting to get the lift in the marketplace in Q4, but the adjacent business continues to do well. Our adjacent businesses are continuing to do well.

展望年底，毛利率將是我們公司的一個好消息。您將會看到，不僅一系列非常強大的新產品將在第四季度開始在市場上獲得成功，而且相關業務也繼續表現良好。我們鄰近的企業也持續發展良好。

And, of course, we reiterated the 16% Op margin for QCT, and that being said, it will also benefit from the OpEx actions that we're taking in the quarter as well. So a good story overall for QCT.

當然，我們也重申了 QCT 16% 的營運利潤率，也就是說，它也將受益於我們本季採取的營運支出措施。總的來說，這對QCT來說是個好故事。

James Faucette, Morgan Stanley.

詹姆斯‧福塞特，摩根士丹利。

Thanks. I just wanted to ask a follow up question, as it relates to the collections that you guys are doing, or the payments, et cetera?

謝謝。我只是想問一個後續問題，這個問題跟你們的收款工作、付款等有關？

Derek, maybe you can just talk a little bit about, how we should think about both timing, but also what maybe the long-term implications are? I guess, just a little more color on anything that you could say, as to why the negotiations went off, and the outstanding licensees are still there? And at what point, do you feel like you end up having to do something along the lines of filing suit with Meizu? Thank you.

德瑞克，或許你可以稍微談談我們該如何考慮時機，以及可能的長期影響？我想，您能否再詳細解釋一下談判破裂的原因，以及那些尚未結案的被授權者仍然存在的原因？那麼，在什麼情況下，你會覺得最後不得不採取類似起訴魅族這樣的行動呢？謝謝。

Yes, James, this is Derek. I think the way to look at it is, we had this small group of licensees that were withholding their reports and payments, while they continued to negotiate. And that was inconsistent with what a lot of the other companies did.

是的，詹姆斯，這是德瑞克。我認為應該這樣理解：有一小群持牌人，他們在繼續談判的同時，拒絕提交報告和付款。這與許多其他公司的做法不一致。

And I think the way to look at that is, given the progress that we've made within the last quarter with those companies towards closing agreements -- which aren't yet closed, but we are making progress towards that -- it sort of put them in a position to feel the right thing to do, was to go ahead and report a portion of the prior period sales, which is what rolled through in the quarter.

我認為看待這個問題的方式是，鑑於我們上個季度與這些公司在達成協議方面取得的進展——雖然尚未最終達成協議，但我們正在朝著這個方向努力——這使得他們覺得正確的做法是繼續報告上一季的部分銷售額，也就是本季度累計的銷售額。

Taking that up a level if, as I said for the year, at the Analyst Day, we talked about if we could close these key deals, we would basically be sort of on a run rate basis, collecting on about 75% of the total sales by the Chinese OEMs. And then, there would be additional compliance work, we would need to do to kind of close the gap on the remainder.

如果像我在今年的分析師日上所說的那樣，我們討論過，如果我們能夠達成這些關鍵交易，那麼我們基本上就能按一定的周期收取中國OEM廠商總銷售額的75%左右。然後，我們還需要做一些額外的合規工作，以彌補剩餘的差距。

I would say now, as we look at that picture, if we accomplish the same goal this year, meaning that closing new agreements, the exit rate will actually be north of that 75%. And then, of course, we're already actively moving on a number of fronts to improve the compliance in the other areas. So I think that's largely tracking in line with our plans.

現在，當我們審視這幅圖景時，我認為，如果我們今年能夠實現同樣的目標，即達成新的協議，那麼退出率實際上會超過 75%。當然，我們也已經在多個方面積極採取措施，以提高其他領域的合規性。所以我認為這基本上符合我們的計劃。

And as you can see, if there are companies that we believe we're not making progress with, and we won't conclude agreements with, because they're not negotiating in good faith, we will take action against them. And that's what we did against Meizu. We don't feel like at the moment we're there with other companies, but of course, that could change in the future. Our current view though is, we are making progress, and we have higher confidence now than maybe we did a quarter ago, that we'll be able to close those deals within the year.

正如你所看到的，如果我們認為與某些公司合作沒有取得進展，並且由於他們沒有真誠談判，我們不會與他們達成協議，我們將對他們採取行動。我們就是用這招對付魅族的。我們目前感覺自己還沒有達到其他公司的水平，但當然，未來這種情況可能會改變。不過，我們目前的看法是，我們正在取得進展，而且與一個季度前相比，我們現在更有信心能夠在年內完成這些交易。

Kulbinder Garcha, Credit Suisse.

Kulbinder Garcha，瑞士信貸。

Thanks. Just a couple of quick ones. Derek, for you, just a clarification on the licensing side.

謝謝。就簡單問幾個問題。德瑞克，關於授權方面，我需要向你澄清一下。

So it sounds like it was $400 million worth catch-up payments from Samsung and from the Chinese OEMs. There's going to be some catch-up payments already included in your Q4 guidance, [in terms of] QTL I assume. And eventually those catch-up payments tail off to zero, because [you get] ongoing run rate. [I just] want to clarify if that the way it works?

聽起來像是三星和中國OEM廠商支付了價值4億美元的追償款項。我假設，你們的第四季業績指引中已經包含了部分補發款項，[就QTL而言]。最終，這些補繳款項會逐漸減少到零，因為[你會得到]持續的運行率。我只是想確認一下，是不是就是這樣？

And the second part of the QTL part, is that this move from 75% compliance, to move towards say 100%, is it -- as you exit this year, is that more about getting your existing licensees that are reporting to you to 100% comply, and report all of their new units? Or is it signing up still further new major vendors? Thanks.

QTL 部分的第二部分，是從 75% 的合規率向 100% 的合規率過渡，是不是——隨著今年的結束，這更多的是要讓向你匯報的現有許可證持有者 100% 合規，並報告他們所有的新單元？還是說它還在招攬更多新的主要供應商？謝謝。

Kulbinder, this is Derek. Yes, on the -- we basically said, the combined catch-up amounts across -- it's actually LG not Samsung -- LG and the companies that then reported some prior period activity, was in the quarter north of $400 million.

庫爾賓德，我是德瑞克。是的，我們基本上說過，LG 和其他一些公司（包括 LG 和三星）的追趕金額加起來超過了 4 億美元。

If you think about Q4, as George mentioned, the way we've looked at that, kind of throughout the year, we've had a little bit of a difference in the way we treated guidance. Meaning the QTL full-year revenue guidance has always included revenues associated with closing new deals. But that, when we were just guiding one quarter out, we have been cautious, and not including the benefit of what would be required to close those deals within the quarter.

如果你想想第四季度，正如喬治提到的那樣，我們看待這個問題的方式，以及我們全年對業績指引的處理方式，都略有不同。這意味著 QTL 的全年營收預期一直包含與達成新交易相關的營收。但是，當我們只是預測未來一個季度的業績時，我們一直很謹慎，沒有考慮在本季度內完成這些交易所需的收益。

Now as we get towards the end of the year, with just Q4 remaining, and we look at the progress we're making, we've effectively narrowed the range, brought up the low end of the range. And as George said, what -- we've included some amount of benefit from closing new deals, but not the full benefit.

現在，隨著年底臨近，只剩下第四季度，我們回顧所取得的進展，已經有效地縮小了範圍，並提高了範圍的下限。正如喬治所說，我們已經計入了達成新交易的部分收益，但並非全部收益。

So what's rolling through our Q4 guidance is really consistent with the low end of the full-year QTL revenue guidance. And then, there is incremental revenue that would come from closing additional deals in the quarter, which we believe is possible. Which is why we've continued to have a higher range for the full-year on QTL.

因此，我們第四季的業績指引與全年QTL營收指引的下限基本一致。此外，我們認為本季達成更多交易還會帶來額外的收入，這很有可能。這就是為什麼我們全年對 QTL 的定價區間都保持在較高水準的原因。

Going forward, I think the way to think about the run rate is, again if we get that done, we will be north of probably 75% of the Chinese OEM sales on a run rate basis, which would mean sort of the underreporting percentage of total global sales would be less than 10%. And then, really to close the gap on that, is going to be combination of, I would say, signing up some of the smaller players, as well as obviously have the dispute with Meizu. And then driving higher compliance from some of the companies that are already licensed, and just not reporting their full sales. So it will be kind of a combination of a few different elements there.

展望未來，我認為思考運行率的方式是，如果我們能夠實現這一點，我們的運行率將達到中國 OEM 銷售額的 75% 以上，這意味著全球總銷售額的低估比例將低於 10%。然後，要真正縮小差距，我認為需要採取多種措施，例如簽下一些規模較小的廠商，以及解決與魅族的糾紛。然後促使一些已經獲得許可但未如實申報全部銷售額的公司提高合規性。所以它會是幾種不同元素的結合。

Rod Hall, JPMorgan.

Rod Hall，摩根大通。

Yes, hi, thanks for taking the question. I just wanted to come back to QTL, and the midpoint. Your midpoint guidance on the QTL is down $0.5 billion. And so, I get all the commentary around the puts and takes.

是的，您好，謝謝您回答這個問題。我只是想回到 QTL 和中點。您對 QTL 的中位數預期下調了 5 億美元。因此，我能看到所有關於買入和賣出的評論。

I'm just trying to understand what caused that shift down in the midpoint? Is it demand, is it ASPs, is it that the catch-up payments aren't quite as much as you thought? Can you help me understand what's going on there? And then, I have one follow-up on that as well.

我只是想弄清楚是什麼原因導致了中點的下移？是需求問題，是平均售價問題，還是追繳款項沒有你想像的那麼多？你能幫我了解那裡發生了什麼事嗎？然後，我還有一個後續問題。

Yes, hi, Rod, it's George. So yes, the midpoint, if you do the $7.3 billion to $8 billion, versus $7.4 to $8 billion, yes, it's down $500 million. I really wouldn't read anything into it. There is a number of agreements that were put within that space. We've tried to every quarter, give an update on where we think the range is going.

是的，你好，羅德，我是喬治。所以，是的，如果以 73 億至 80 億美元為中間值，而不是 74 億至 80 億美元，那麼是的，它下降了 5 億美元。我覺得沒必要過度解讀。該區域內制定了多項協議。我們每季都會嘗試更新我們對價格走勢的看法。

And even last quarter we said, it looks because of the market and some other issues, the range has probably had little more downside, but we held the low end of the range based on progress. So we're constantly adjusting, to make sure that we reflect what's possible.

即使在上個季度，我們也表示，由於市場和其他一些問題，價格區間可能沒有太大的下跌空間，但我們根據目前的進展維持了價格區間的下限。因此，我們不斷調整，以確保我們能夠反映出各種可能性。

You've also seen us take some litigation action, which actually puts things outside the -- potentially outside the window for the year. But there's a number of factors that went into the range. And so, I wouldn't over read a [$50 million] change. And again, we are guiding to the low end of the range, which means we have significant upside to that, if we're able to sign with agreements.

您也看到我們採取了一些訴訟行動，這實際上使事情超出了——可能超出了今年的時間範圍。但影響價格範圍的因素很多。所以，我不會過度解讀5000萬美元的變動。再次強調，我們目前的預期是區間的下限，這意味著如果我們能夠達成協議，那麼我們的預期還有很大的上漲空間。

Okay. And then, I just also wanted to ask you, the 16% exit rate, you had said that's now -- it's sounds like a minimum -- and I just wonder how conservative is that margin exit rate, now that you know more about market share changes, et cetera in the back end of this year?

好的。另外，我還想問一下，您之前說過16%的退出率——聽起來像是最低標準——我想知道，現在您對今年下半年的市場份額變化等情況有了更多了解，這個利潤率退出率是否仍然保守？

Can you just comment a little bit about, do you feel like that's a very conservative number now? Or is as conservative as when you started out with that 16% exit rate, just give us an idea there?

您能否簡單談談您的看法，您覺得這個數字現在看來是否非常保守？或者，你們的退出率仍然像當初那樣保守，只有 16%？給我們透露一下大概狀況吧？

We're pleased with what we've seen in the marketplace. As you know, the year probably overall has been a little softer in the premium tier than we would have thought, so. But we've also made good progress on both market share, and on the -- our cost efforts relative to expectations going in. So I think overall, we feel comfortable reiterating, but I really don't want to characterize it beyond that.

我們對市場上的情況感到滿意。如您所知，今年高端市場的整體表現可能比我們預想的要疲軟。但我們在市場佔有率和成本控制方面也取得了良好進展，與預期相比，我們的成本控制工作進展順利。所以總的來說，我覺得我們可以繼續重申，但我真的不想再做更多描述了。

Timothy Arcuri, Cowen and Company.

Timothy Arcuri，Cowen and Company。

Thank you. I had two questions. I guess, the first one, Derek, I'm still trying to maybe get at what some people are asking about the pro forma royalty rate.

謝謝。我有兩個問題。我想，第一個問題，德瑞克，我還在努力弄清楚有些人問的關於預估版稅率的問題。

So maybe, can you pro forma out for us with the royalty rate was, net of all the catch-up payments in June? And then, maybe what the pro forma royalty rate will be for September as well?

所以，您能否幫我們估算一下，扣除六月所有補繳款項後的版稅率是多少？那麼，9月的預估版稅率又會是多少呢？

Yes, Tim, this is Derek. I think the way to think about is, we, in my script we included a statement for the full fiscal year, that we believe for the full year will be around the 2.9% level. I think if you try to kind of normalize Q3 to adjust for the prior period activity, things like the LG resolution which pushed the rate up, I think it would be in that range as well for the quarter.

是的，提姆，我是德瑞克。我認為應該這樣想：在我的方案中，我們加入了整個財政年度的預測，我們認為全年成長率將在 2.9% 左右。我認為，如果你嘗試對第三季進行某種程度的調整，以消除前一時期活動的影響，例如LG事件的解決推高了利率，那麼我認為該季度的利率也會在這個範圍內。

Q4, we believe will be down sequentially. But it's really hard to give you a forecast on that, just because it will be fairly dependent on how many of the deals we get resolved within the quarter, and how much catch-up comes in.

我們認為第四季業績將環比下滑。但要對此做出預測真的很難，因為這很大程度上取決於我們在本季能完成多少交易，以及有多少追趕的進度能夠趕上。

As you might remember, some of the guys that we're still negotiating with were larger -- historically larger 3 mode players, and the rate on 3 mode devices is lower than other devices. And so, that could have -- within the quarter, when that catch-up comes in, could have a dilutive effect. But we're still comfortable with the longer-term view on the rate that we talked about in February, and also for the year that I mentioned today.

你可能還記得，我們​​仍在與之談判的一些公司規模更大——歷史上規模更大的三模式玩家，而三模式設備的費率低於其他設備。因此，在本季度內，當追趕的步伐到來時，可能會產生稀釋效應。但我們仍然對二月份討論過的長期利率前景以及我今天提到的年度利率前景感到滿意。

Got it, thanks. And then, I guess, just my follow-up is really for Steve and the team.

明白了，謝謝。然後，我想，我的後續跟進主要是為了史蒂夫和他的團隊。

Can you talk a little more about 5G, and you guys are talking more about this every call? So I guess, the question is really about timing and your position in the standards? And sort of when they'll be finalized, and what's your IP position will be for 5G, relative to what it's been for 3G/4G? Thanks.

你們能再多談談5G嗎？感覺你們每次通話都在談論這個話題？所以我想，問題其實在於時機以及你在標準中的位置？還有，這些標準大概什麼時候才能最終確定？相對於 3G/4G 而言，你們在 5G 方面的 IP 定位是什麼？謝謝。

Sure. So Tim, it's Steve.

當然。提姆，我是史蒂夫。

The -- in general, we're obviously trying to drive 5G as quickly as we can. It's an area which we think, to be a strong player in 5G, you have to be a strong player in 4G, 3G and Wi-Fi. And consequentially, we think that we will maintain a very strong IP position moving forward. The standards bodies are working on that right now. So I think we have a lot of visibility into the strength of our submissions, as well as to how the industry is unfolding.

總的來說，我們顯然正在盡最大努力盡快推進 5G 的發展。我們認為，要想在 5G 領域成為強大的參與者，就必須在 4G、3G 和 Wi-Fi 領域成為強大的參與者。因此，我們認為我們將繼續保持非常強大的智慧財產權地位。相關標準制定機構目前正在研究這個問題。所以我覺得我們對提交作品的實力以及產業的發展趨勢都有了更清晰的了解。

I think in general, if you were to ask me that question a year ago, I would have said that it would have happened closer to 2020. The -- certainly over the last year, and accelerating here over the last quarter, there's been a real pull to push that in -- or pull that in closer to the 2018, 2019 time frame, depending what the deployment is. And, of course, we're going to support that with our products, and with our standards submissions, and all the R&D that we're doing.

總的來說，如果你一年前問我這個問題，我會說這件事會在 2020 年左右發生。當然，在過去一年裡，尤其是在最近一個季度，確實出現了一種推動這項計畫實施的趨勢——或者說，根據部署情況，將這項計畫推遲到更接近 2018 年、2019 年的時間框架內。當然，我們將透過我們的產品、我們的標準提交以及我們正在進行的所有研發工作來支持這一點。

And as you would expect, we're accelerating, as well as protecting that R&D, as we're repositioning the Company for growth. And I think it will be a good story for Qualcomm here over the next decade.

正如你所預料的那樣，我們正在加速研發，同時也在保護研發成果，因為我們正在重新定位公司以實現成長。我認為未來十年，這對高通來說將是一個好故事。

Blayne Curtis, Barclays.

布萊恩·柯蒂斯，巴克萊銀行。

Hey, guys. Thanks for taking my question. Just a couple on QCT.

嘿，夥計們。謝謝您回答我的問題。QCT上只有幾個。

If you can -- you talked about upside from the China market. There's been a lot of concerns about maybe some overbuilds. You have the best perspective, knowing what you shipped in, versus what's selling through. Just some -- your perspective on China, maybe seasonality as you get into December?

如果可以的話——你談到了中國市場的上漲潛力。很多人擔心可能會出現過度建設的情況。你最了解狀況，知道哪些產品已經出貨，哪些產品正在販售。就一些問題—您對中國的看法，以及進入12月後的季節性變化？

And then, you said you factored in some second sourcing at a marquee phone. Do you think that share that you will have ultimately on this generation is sustainable?

然後，你說你考慮了一款旗艦手機的一些第二供應商。你認為你最終在這一代人身上所擁有的份額是可持續的嗎？

Okay, this is Cristiano. Thank you for your question.

好的，這位是克里斯蒂亞諾。謝謝你的提問。

First, maybe addressing China, I think as we said, in addition to seeing strong demand for high- and mid- and even low-tier units, and it also gives us a higher unit in the quarter, I think we are seeing significant traction within our new product families. Not only the Snapdragon 800, but more important, the 600 and 400 tiers.

首先，或許可以談談中國市場。正如我們所說，除了對高端、中端甚至低端產品有強勁的需求外，這也使我們本季的銷量有所成長。我認為，我們的新產品系列也取得了顯著的成效。不僅是驍龍 800，更重要的是 600 和 400 系列處理器。

And we see that the market in China is moving up. We spoke earlier in other calls about things, such as all mode and carrier aggregation. We see that is materializing, all mode is becoming the preferred configuration, which is a multi-mode solution across all the carriers in China. And I think here, China is actually moving faster to higher speeds. So we see that as [actually] a positive trend for Qualcomm, in particular as the market in China moving up.

我們看到中國市場正在上漲。我們之前在其他通話中討論過一些事情，例如全模式和載波聚合。我們看到這種情況正在成為現實，全模正在成為首選配置，這是一種適用於中國所有營運商的多模解決方案。我認為，中國在這方面實際上正在以更快的速度邁向更高的目標。所以我們認為這對高通來說其實是一個正面的趨勢，尤其是在中國市場向上發展的情況下。

We, with regards to how we view about second sourcing and one large customer, I think we said very, very clearly, that's our planning assumption, and we're still -- we stayed -- driving towards to meet our commitments in 2016. And I think that has no impact on our 16% projection of operating margin for QCT.

關於我們如何看待第二供應商和一個大客戶，我認為我們已經非常非常明確地表示，這是我們的計劃假設，我們仍然——我們一直——努力實現我們在 2016 年的承諾。我認為這不會影響我們對 QCT 16% 營業利潤率的預測。

Stacy Rasgon, Bernstein Research.

Stacy Rasgon，伯恩斯坦研究公司。

Hi, guys. Thanks for taking my questions.

嗨，大家好。謝謝您回答我的問題。

First, I was wondering if you could give us an indication of where you saw a revenue [for MSM] trending in Q4? And secondly, I wanted to get your thoughts on operating margins as we go into next year? Do you think 16% in Q4 will be the trough for operating margins, as we go through 2017, they should never drop below that?

首先，我想請您介紹一下您認為第四季MSM的營收趨勢如何？其次，我想了解您對明年營業利益率的看法？你認為第四季的16%會是營業利益率的谷底嗎？隨著2017年的推進，營業利潤率應該不會再低於這個數字了？

Hey, Stacy, it's George. Again, we would expect to see strong revenue for MSM again in the fourth quarter. So we're not giving a specific guide, but if you look at the product mix, and you look at where we're seeing an uptake, and our -- the positioning of our new products, it's all consistent with improved revenue for MSM. Also, of course, the adjacent businesses contribute to that, as well as they did in the third quarter.

嘿，史黛西，我是喬治。我們預計 MSM 在第四季將再次實現強勁的營收。所以我們不會給出具體的指導，但是如果你看看產品組合，看看我們看到哪些產品正在被接受，以及我們新產品的定位，這一切都與 MSM 收入的提高是一致的。當然，鄰近業務也對此有所貢獻，就像它們在第三季所做的那樣。

We're not going to guide 2017 at this time, and but we're pleased with the progress that we're making on the cost program, and we think that will certainly carry into 2017. But we're not going to forecast margins at this time.

我們目前不會對 2017 年的情況做出預測，但我們對成本控制計畫的進展感到滿意，我們認為這肯定會延續到 2017 年。但我們目前不會對利潤率進行預測。

Romit Shah, Nomura.

Romit Shah，野村證券。

Yes, thank you. Just on the second sourcing, with the key customer. I was just wondering if you guys can give us some feel for, whether you're able to retain the majority share?

是的，謝謝。僅與第二批供應商接洽，與主要客戶合作。我只是想問你們能否大致說明一下，你們是否有能力維持多數股權？

And looking into next year, you talked a little bit about gigabit LTE that you're going to have with the X16 Snapdragon. Is that an important factor, as you all think about your design wins in 2017? I think the feedback from some of the competition is, that while it's ahead, 1 gigabit download speeds will be fairly rare in practice, and not really a variable when it comes to design wins.

展望明年，您也談到了驍龍 X16 將具備的千兆 LTE 技術。當你們回顧2017年的設計獲獎情況時，這是否是一個重要的考慮因素？我認為一些競爭對手的回饋是，雖然 1 Gbps 的下載速度目前領先，但在實際應用中會相當罕見，而且在設計方案的最終決定中，它並不是一個真正的變數。

Hi, Romit. Thanks for the question. This is Cristiano.

你好，羅米特。謝謝你的提問。這是克里斯蒂亞諾。

So I'll try to address -- in fact, it's very difficult for us to comment specifically about our customer plans, with regards to volume and share. I think, what I can say is, we always had second sourcing in our business in QCT throughout the years. And I think we always rely on the strength of our product roadmap and technology transitions to drive value and volume from our solutions.

所以我會盡量回答——事實上，就我們的客戶計畫而言，尤其是在數量和份額方面，我們很難具體發表評論。我想說的是，多年來，我們在 QCT 的業務中一直都有第二供應商。我認為我們始終依靠強大的產品路線圖和技術轉型來推動解決方案的價值和銷售。

That, I think that leads into your second question. I believe the gigabit LTE transition, it is going to get a lot of traction across all the developed markets.

我認為這引出了你的第二個問題。我認為千兆LTE的普及將會在所有已開發市場獲得廣泛認可。

But in -- also you're going to see that as pre-deployment ahead of 5G. I think the ability to drive gigabit LTE technology with 4G, using advanced RF techniques is going to be key to drive a transition to 5G. And I think in addition to that, we see both the Wi-Fi and the LTE evolving at the same time across licensed and unlicensed spectrum.

但是，你也會看到這是 5G 部署之前的預先部署。我認為，利用先進的射頻技術，在 4G 網路上驅動千兆 LTE 技術，將是推動 5G 過渡的關鍵。而且我認為，除此之外，我們還可以看到 Wi-Fi 和 LTE 在授權頻譜和非授權頻譜上同時發展。

As unlicensed spectrum with 3GPP is standard, it's called [LAA]. Unlicensed spectrum becomes available, that's going to give many operators worldwide the ability to get gigabit speeds. And we're very confident about the ability to do that with our roadmap.

由於 3GPP 的免許可頻譜是標準，因此它被稱為 [LAA]。免許可頻譜開放後，全球許多業者將能夠獲得千兆速度的網路服務。我們對透過我們的路線圖實現這一目標的能力非常有信心。

And this is Steve. The only thing I would add, I think, betting against feature leadership at the modem level has never been a good way to build a sustainable business. We think it continues to be a defensible franchise.

這位是史蒂夫。我唯一要補充的是，我認為，在調製解調器層面押注於功能領先地位從來都不是建立永續發展業務的好方法。我們認為它仍然是一個可以防守的特許經營權。

And in fact, if you look at the strength that we are seeing in the business today in China, I think it's good proof that you do not want to be on the wrong side of a modem feature leadership. And we think that becomes -- continues to be important, and becomes even more important as the industry transitions to 5G. So we feel like we are in a good spot to maintain a strong position on the modem franchise.

事實上，如果你看看我們今天在中國看到的業務實力，我認為這很好地證明了你絕對不想在現代功能領先地位上處於劣勢。我們認為這一點會變得越來越重要，隨著產業向 5G 過渡，這一點會變得更加重要。因此，我們感覺我們處於有利地位，能夠在調製解調器領域保持強勢地位。

Tal Liani, Bank of America.

塔爾·利亞尼，美國銀行。

Hi, guys. Is there any impact, any impact on pricing on the competition with Intel?

嗨，大家好。對與英特爾的競爭，價格方面會有影響嗎？

And second about QCT, when should we see the bulk of the 820 ramp hitting the numbers? I'm trying to model this properly, since the ASP is so much higher than the average. And I don't know if you expect -- you expect it to hit at a certain time, or more moderate growth kind of across many quarters? Thanks.

其次是關於QCT，我們什麼時候才能看到820計畫的大部分產能達到預期水準？由於平均售價遠高於平均水平，我正在嘗試對其進行正確的建模。我不知道你預期——你預期它會在某個特定時間達到峰值，還是預期它會在多個季度內保持較為溫和的增長？謝謝。

Tal, obviously, we can't specifically talk about any one customer's pricing, But I can tell you, and I'll reiterate what I said about going Q3 to Q4.

塔爾，很顯然，我們不能具體談論任何一位客戶的定價，但我可以告訴你，我會重申我之前說過的話，那就是從第三季到第四季。

Part of how we're going to be getting the operating margin to 16%, is strength at both the gross margin level, and across our product suite. So I think we feel very good about the positioning of our products, and the ASP implications of that.

我們實現營業利潤率達到 16% 的部分原因在於，我們需要在毛利率層面以及整個產品組合上保持強勁勢頭。所以我覺得我們對產品的定位以及由此帶來的平均售價影響都非常滿意。

I think, Tal, a comment on the 820 ramp. I think we will continue to see 820 launches throughout the year. I think you have the normal seasonality of the holiday season, but also you have now different seasonalities in China as well. So I think we'll continue to see 820 launches throughout the year; and when we get into 2017, you're going to start to see launches with our next generation platform.

塔爾，我想對 820 號坡道發表一些評論。我認為今年我們將繼續看到 820 次發射。我認為你們那裡有正常的節日季節性，但中國現在也有了不同的季節性。所以我認為我們今年將繼續看到 820 的發布；而到了 2017 年，你們將會開始看到我們下一代平台的發布。

C.J. Muse, Evercore ISI.

C.J. Muse，Evercore ISI。

Yes, good afternoon. Thank you for taking my questions. I guess, two quick ones.

是的，下午好。謝謝您回答我的問題。我想，應該是兩個簡短的。

First one, can you share what the dollar value of catch-up payments is embedded in your September Q revenue guide?

首先，能否分享一下您9月季度營收指南中體現的補發款項的美元價值是多少？

And then secondly, if I look at your EPS guide and your QCT operating margin guide, it seems to suggest a PVT margin for QTL closer to 74% versus 86% last Q. Curious, if you could walk through what's driving that downtick? Thank you

其次，如果我看一下你們的每股盈餘預期和季度營業利潤率預期，似乎QTL的PVT利潤率預計會從上一季的86%降至74%左右。請問，您能否解釋一下導致利潤率下降的原因？謝謝

Yes, on the -- so for QTL, we would expect obviously, we're coming down quarter-over-quarter relative to the -- because of the amount of out-of-period items that were in Q3. Spending staying flat will impact operating margin, not as much as certainly, what you're forecasting. We haven't guided the amount of licensing that we anticipate assigning, but it's not a material amount, but there is some included in our guidance forecast.

是的，就 QTL 而言，我們顯然預計，由於第三季度存在大量非當期項目，因此我們將環比下降。支出保持不變會對營業利潤率產生影響，但肯定不會像你預測的那麼大。我們沒有給出預計授予的許可數量的具體指導，但數量不大，不過我們的指導預測中已經包含了一部分。

Tavis McCourt, Raymond James.

Tavis McCourt，Raymond James。

Hey, guys. Thanks for taking my question.

嘿，夥計們。謝謝您回答我的問題。

Derek, I wonder if -- you gave us the catch-up payments for the fiscal third quarter embedded in the $7.4 billion to $7.8 billion guidance for QTL, can you give us the full-year estimates, or if it's a range of catch-up payments?

德瑞克，我想知道－你之前在QTL的74億至78億美元的業績指引中已經包含了第三財季的補繳款項，你能給我們提供全年的預估數據嗎？或者說，補繳款項的金額是一個範圍？

And then secondly, Steve, on the gigabit LTE, I missed it before. Was that in the roadmap for next year's modem, have you said that specifically? And if so, what level of carrier aggregation would be needed for that? Thanks

其次，史蒂夫，關於千兆 LTE，我之前錯過了。明年調變解調器的路線圖有這個內容嗎？您具體說過嗎？如果真是如此，需要多高的載子聚合水平？謝謝

Tavis, this is Derek. So we're not going to break out specifically what's in the -- how much catch-up is in sort of in the range.

塔維斯，這位是德瑞克。所以我們不會具體指出其中的內容——在這個範圍內有多少追趕的空間。

The way to think about it though is, the sort of the two of the larger companies that we've been negotiating with and have been withholding payments, this quarter reported, and we recognized more than $200 million of catch-up payments related to them. That's not the entirety of the catch-up amount, but it's obviously a significant portion.

但我們應該這樣想：我們一直在與之談判並扣留款項的兩家大公司，本季報告顯示，我們確認了與它們相關的超過 2 億美元的追繳款項。這並非全部的追繳金額，但顯然是很大一部分。

And then, as you think about what catch-up means, there's obviously some 2015 activity, but now we're halfway -- essentially halfway through 2016. So there will be additional catch-up.

然後，當你思考追趕意味著什麼時，顯然 2015 年有一些活動，但現在我們已經過了一半——基本上已經過了 2016 年的一半。所以還需要追趕進度。

So you will have in-quarter activity, plus catch-up payments related to those agreements when they get signed. And if that happens in the fourth quarter, they would roll through there. But it's pretty hard for us to give more color than that, just given the timing uncertainty of when they will get done, and how much will roll through in the quarter.

因此，您將有季度內活動，以及與這些協議簽署後相關的補繳款項。如果這種情況發生在第四節，他們就能輕鬆取勝。但考慮到完成時間的不確定性以及本季將有多少項目落地，我們很難提供更多資訊。

Hey, Tavis, this is Cristiano. To your question on gigabit LTE, gigabit LTE, I think we already sampled some of the first products of gigabit LTE. You're gong to see this in products throughout next calendar year, maybe some of the early products could come as early as this calendar year. And you need three or four carrier aggregation to be able to do this.

嘿，塔維斯，這是克里斯蒂亞諾。關於您提出的千兆 LTE 問題，我認為我們已經體驗過一些首批千兆 LTE 產品了。明年全年你都會在各種產品中看到這項技術，也許今年年初就會有一些早期產品面世。而要做到這一點，需要三到四個載波聚合。

One important thing is, you have a lot of carriers today doing three carrier aggregations today. I think that, plus four carrier aggregation, you can get to gigabit speeds.

重要的一點是，如今有很多運營商都在進行三運營商聚合。我認為，再加上四載波聚合，就可以達到千兆速度。

Brett Simpson, Arete.

Brett Simpson，Arete。

Yes, thanks very much. First question for Derek on QTL.

是的，非常感謝。關於數量性狀基因座（QTL），我首先要問Derek一個問題。

So just looking at the China license agreement you're signing of late, my understanding is they don't include implementation patents anymore. And you have an outlook for $10 billion of QTL revenue by 2020. Can you talk about how you might monetize your non standard essential patents, your implementation patents in the future? Should we expect Qualcomm to consider separating implementation patents, as a separate license agreement with your customers as you move towards, let's say 5G?

所以，就我最近看到的你簽署的中國授權協議來看，我的理解是它們不再包含實施專利了。預計到 2020 年，QTL 的營收將達到 100 億美元。您能否談談未來如何將您的非標準必要專利和實施專利貨幣化？我們是否可以期待高通在轉型為 5G 等技術時，考慮將實施專利與客戶單獨簽訂授權協議？

Hey, Brett, this is Derek. Yes, you're correct as it relates to China.

嘿，布雷特，我是德瑞克。是的，就中國而言，你的說法是正確的。

So as part of the NDRC resolution, we committed to offer licenses to -- actually not even the entirety of our essential patent portfolio, but the 3G/4G standard essential patents in China. And so, in a sense, that has resulted in us doing something different in China than we've done historically, which is a disaggregation of the portfolio.

因此，作為國家發展委員會決議的一部分，我們承諾提供許可——實際上甚至不是我們全部的必要專利組合，而是中國的 3G/4G 標準必要專利。因此，從某種意義上說，這導致我們在中國採取了與以往不同的做法，即對投資組合進行拆分。

And as I've said in the past, we do believe there's opportunity to monetize the remainder of the portfolio. Our focus has been really sort of a sequenced approach, meaning try to get through the -- all of the key deals covering the 3G/4G portfolio, and I think we're getting towards the finish line on that. And then once we do that, I think there's a number of different opportunities and ways that we're thinking through, monetizing the remainder of the portfolio.

正如我之前所說，我們相信有機會將剩餘的投資組合變現。我們的重點一直是一種循序漸進的方法，也就是說，要努力完成所有涵蓋 3G/4G 產品組合的關鍵交易，我認為我們正接近完成這項任務。然後，一旦我們完成了那一步，我認為有很多不同的機會和方法，我們正在考慮如何將剩餘的投資組合變現。

And as you may recall that, we mentioned that wasn't built in even to the $10 billion number that we had talked about in February. So we do think there's an opportunity there over time.

您可能還記得，我們​​曾提到，這甚至沒有計入我們在二月討論過的 100 億美元的數字中。所以我們認為，隨著時間的推移，這其中存在著機會。

Ed Snyder, Charter Equity Research.

Ed Snyder，Charter Equity Research。

Thanks a lot. Steve. You mentioned that to be strong in 5G, you really have to be strong in 4G, given the legacy standard. Isn't that also the case to some extent with 4G, that you had to be fairly strong in 3G?

多謝。史蒂夫。你提到，鑑於傳統的4G標準，要想在5G領域取得成功，就必須在4G領域取得成功。4G網路在某種程度上也是這樣嗎？也就是說，你必須在3G網路下有相當強的訊號才能使用4G網路？

And how has that impacted the second sourcing in some your larger customers? Is this one of the things that's keeping you in the majority share, and do you think it's going to play out that way for the rest of the 4G, and then into 5G too?

這對您一些大客戶的第二供應商採購有何影響？這是你們維持市佔率領先的因素之一嗎？你認為這種情況會持續到 4G 時代結束，並延續到 5G 時代嗎？

It's been the case -- a lot of folks that in the modem business with great plans, and almost all of them have fallen away. And it seems to be, most of it is done because they don't have legacy software to do all the hand-offs on the corner cases that Qualcomm does. So just trying to figure out how that applies to some of marquee phones that are playing out now.

事實的確如此——許多從事調變解調器行業的人都懷抱著宏偉的計劃，但幾乎所有人都失敗了。而且似乎大部分都是因為他們沒有像高通那樣的舊版軟體來處理各種特殊情況下的交接工作。所以，我只是想弄清楚這如何應用於目前正在熱銷的一些旗艦手機。

And then, into 5G, do you see that being a big factor? Or do we got to go so far off the reservation, like IoT and all that, that legacy stuff [isn't] going to be as big of a deal? Thanks

那麼，展望 5G 時代，您認為這會是一個重要因素嗎？還是說我們必須徹底顛覆傳統觀念，例如物聯網等等，以至於傳統科技不再那麼重要了？謝謝

Ed, I actually agree with the way that you characterized it. It's been very difficult to build, I would say, a high quality modem business without having the ability to handle all the modes that come up. This becomes increasingly important, when you're looking to get into SKUs that are sold, let's say worldwide, because essentially you get the entire world feature set, come into your product.

艾德，我其實同意你對它的描述。我認為，如果沒有能力處理所有出現的新模式，就很難建立一個高品質的數據機業務。當你想推出銷往全球的 SKU 時，這一點就變得越來越重要了，因為從本質上講，你可以將整個全球功能集融入你的產品中。

And so, what you tend to see, is that people might split their products, and go with one region with a particular solution. But it's difficult to get the lion's share, and certainly difficult, I think over time to protect that -- those designs wins. And we've seen that over a number of generations. And I would say one of the reasons that we were successful in 4G, besides just being ahead on 4G, was the ability to make it very easy for multi-mode to occur at the chipset.

因此，你往往會看到，人們可能會拆分他們的產品，針對某個地區提供特定的解決方案。但要獲得最大的份額很難，而且我認為隨著時間的推移，要保護這些設計成果也肯定很難。我們已經見證了好幾代的情況。我認為我們在 4G 領域取得成功的原因之一，除了在 4G 技術上領先之外，就是能夠讓晶片組非常容易地實現多模傳輸。

Really, all the multi-mode work tends to be abstracted to the user by the chipset. That continues to be important, and I would add in Wi-Fi and many different bands when you go to 5G. So we think that's going to continue to be an important component of our business moving forward, and one of the reasons why we think it's important to invest, not only in the modem, but in the RF, and all of the technologies that make that very easy to occur.

實際上，所有多模式工作往往都是由晶片組抽象化給使用者的。這一點仍然很重要，而且我認為，發展到 5G 時，還需要 Wi-Fi 和許多不同的頻段。因此，我們認為這將繼續成為我們業務發展的重要組成部分，這也是我們認為不僅要投資調製解調器，還要投資射頻以及所有使之變得非常容易的技術的原因之一。

With IoT, it even becomes more important in my opinion, because the SKU that goes into these industrial applications, you're really trying to make it easy for someone to go and access cellular, without having to learn about all the complications that cellular provides. So we think that's not only a defensible strategy for cellular products, but also for the Internet of Things and the franchise moving forward

在我看來，有了物聯網，這一點就變得更加重要了，因為對於這些工業應用來說，你實際上是在努力讓人們能夠輕鬆地使用蜂窩網絡，而無需了解蜂窩網絡帶來的所有複雜性。因此，我們認為這不僅是行動產品的可行策略，也是物聯網和特許經營權未來發展的可行策略。

David Wong, Wells Fargo.

David Wong，富國銀行。

Thanks very much. I had a question, and a follow-up.

非常感謝。我有一個問題，還有一個後續問題。

The first one is that, if you look at your royalty business, what is your -- your license business in China, what's your attitude to capturing all of the license business? Will you, in every case, you can't come to agreement, seek a legal remedy? Or will there be many cases, in which it's not worth the cost?

首先，如果你檢視一下你的版權費業務，你在中國開展的授權業務是什麼，你對拿下所有授權業務持什麼態度？如果你們在任何情況下都無法達成協議，你們都會尋求法律途徑解決嗎？或者說，在很多情況下，這樣做得不償失嗎？

The business in China obviously, is pretty diverse. And I think we've approached it in the right way which is, we have kind of a staged plan. The first is to get the key agreements done.

中國的商業領域顯然非常多元化。我認為我們採取的方法是正確的，那就是我們制定了一個分階段的計劃。首先要完成關鍵協議的簽署。

I think we're making good progress, as you've seen on that front. There's a number of in-country in-China compliance initiatives we have ongoing with existing licensees, including active audit, and other efforts to make sure we really have a clear understanding of the market landscape, and who's doing what.

我認為我們在這方面取得了良好的進展，正如你所看到的。我們正在與現有被授權者開展多項針對中國境內的合規舉措，包括積極審計和其他措施，以確保我們真正清楚地了解市場格局以及各方在做什麼。

There will be, I think a piece of the market that is sort of the long-tail piece, that tends to be lower ASP, low-cost, lower feature devices. That might be a little bit harder to get after, than some of the other pieces. But we're seeing consolidation across the OEMs, both in terms of share, and also even some early M&A activity. So the number of players, we believe will reduce overtime. Beyond that -- so obviously, legal proceedings will be an element of our compliance efforts, and you've seen that with Meizu.

我認為，市場中會有一部分屬於長尾市場，這部分市場往往是平均售價較低、成本較低、功能較少的設備。相較於其他一些作品，這件作品可能更難獲得。但我們看到，無論是市場份額方面，還是在早期併購活動方面，整個汽車製造商產業都在進行整合。因此，我們認為球員人數的增加將減少加時賽的次數。除此之外——很顯然，法律訴訟將是我們合規工作的一個組成部分，你們在魅族的案例中已經看到了這一點。

But there are many, many other things we're doing as well, both in China. And I talked about some of the some length at our Analyst Day in February. But there's a lot of activity we're also doing outside of China, in a lot of the other regions in the world, that we think have the ability to impact and change behavior for some of the players that have been less compliant in the past.

但是，我們在中國也做了很多其他事情。我在二月的分析師日也談到了一些篇幅較長的問題。但是，我們在中國以外的許多地區，在世界其他許多地區也開展了許多活動，我們認為這些活動有能力影響和改變一些過去不太遵守規定的參與者的行為。

So litigation will be one tool, but it's not going to be the only tool. And there's other things that are less costly, that we think we can do to drive higher compliance over time, and a big area of focus obviously for the business right now.

因此，訴訟將是一種手段，但不會是唯一手段。還有一些成本較低的方法，我們認為可以隨著時間的推移提高合規性，這顯然是公司目前關注的重要領域。

Okay, great. And for leading edge chip manufacturing technology in the future, do you plan to use a single foundry for any given [advanced] mode, or might you split your business between foundries? Or when do you expect to tapeout 10 nanometers and have the sampling?

好的，太好了。對於未來的尖端晶片製造技術，您是否計劃在任何給定的[先進]模式下都使用單一的代工廠，還是可能會將業務分散到不同的代工廠？或者，你們預計何時能夠完成 10 奈米的流片並進行取樣？

Well, I think in general, we tend to have a multi-sourcing strategy, and that includes the leading node. We have already taped out 10 nanometer, and sampled it to customers. So our focus tends to be on the leading node, even beyond 10 nanometers.

嗯，我認為總的來說，我們傾向於採用多源採購策略，其中也包括領先節點。我們已經生產出 10 奈米製程的產品，並向客戶提供了樣品。因此，我們的重點往往放在領先節點上，甚至超過 10 奈米。

And because our business is so diverse, we tend to use everything from the leading node, all the way down to analog processes. So it's -- multi-sourcing tends to be one of the tenets of how we operate the business so.

由於我們的業務非常多元化，我們傾向於使用從前端節點到模擬流程的所有技術。所以，多源採購往往是我們經營業務的原則之一。

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

謝謝。我們的問答環節時間到此結束。莫倫科夫先生，在休會之前，您還有什麼要補充的嗎？

Thank you. I just want to thank everyone for attending the call today.

謝謝。我只想感謝今天參加電話會議的各位。

We had a stronger than expected quarter, and are executing well on our plans to position the Company for the next phase of profitable growth. We continue to make good progress on the licensing business in China, and have favorable new product momentum in QCT.

本季業績好於預期，我們正在順利執行各項計劃，為公司下一階段的獲利成長做好準備。我們在中國的授權業務方面持續取得良好進展，QCT 的新產品發展勢頭良好。

Lastly, I want to thank all the Qualcomm employees for their hard work, for the strong quarter, and we look forward to the many exciting opportunities ahead. Thank you.

最後，我要感謝高通全體員工的辛勤工作，感謝他們為本季取得的優異成績，我們期待未來眾多令人興奮的機會。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。