高通 (QCOM) 2017 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm first-quarter fiscal 2017 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded January 25, 2017.

女士們、先生們，感謝你們的耐心等待。歡迎參加高通公司2017財年第一季財報電話會議。（操作員說明）提醒：本次會議將於 2017 年 1 月 25 日進行錄音。

The playback number for today's call is 855-859-2056. International callers please dial 404-537-3406. The playback reservation number is 48860663.

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。播放預約號碼為 48860663。

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

現在我將把電話交給投資者關係副總裁約翰辛諾特。辛諾特先生，請繼續。

Thank you and good afternoon, everyone. 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.

謝謝大家，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 a slide 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 our 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幻燈片簡報。本次電話會議也在 qualcomm.com 上進行網路直播，稍後將在我們的網站上提供回放。

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

在本次電話會議中，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相關的調節表。

In addition, we will make forward-looking statements, including projections and estimates of future events, business or industry trends, or our business or financial results. 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.

此外，我們將發表前瞻性聲明，包括對未來事件、業務或行業趨勢，或我們的業務或財務表現的預測和估計。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。

And now the comments from Qualcomm's Chief Executive Officer, Steve Mollenkopf.

現在請聽聽高通執行長史蒂夫·莫倫科夫的評論。

Thank you, John. Good afternoon, everyone. We delivered a strong quarter, with revenue and non-GAAP EPS growth of 4% and 23% year over year, respectively, reflecting strong results of technology leadership and disciplined execution in our core mobile businesses.

謝謝你，約翰。大家下午好。本季業績強勁，營收和非GAAP每股收益分別年增4%和23%，這反映了我們在核心行動業務中憑藉技術領先地位和嚴謹執行力取得的顯著成果。

Before discussing our business activities further, I would like to first comment on the recent legal challenges facing Qualcomm. This is something we take very seriously and will cover in-depth today.

在進一步討論我們的業務活動之前，我想先談談高通公司最近面臨的法律挑戰。我們非常重視此事，今天將深入探討。

But before that, let me say that historically, we have had a strong relationship with Apple and they have been a long-standing and valued customer. We intend to remain a good supplier to Apple even while this dispute continues, and believe there is no better long-term partner for Apple than Qualcomm and our industry-leading technology.

但在此之前，我想說的是，從歷史上看，我們與蘋果一直保持著良好的合作關係，他們一直是我們的重要客戶。即使這場糾紛仍在繼續，我們也打算繼續成為蘋果公司的優秀供應商，並且相信對於蘋果公司而言，沒有比高通及其行業領先的技術更好的長期合作夥伴了。

We believe that our strong and highly differentiated product roadmap will continue to be the foundation for our relationship and covers a broad range of technologies that will be fundamental to new products for years to come.

我們相信，我們強大且高度差異化的產品路線圖將繼續成為我們合作關係的基礎，並涵蓋廣泛的技術，這些技術將在未來幾年對新產品至關重要。

Our preference is always to resolve customer disputes through negotiations instead of litigation, so it is regrettable that Apple has chosen to take this path. We are well prepared and confident in our ability to successfully defend against Apple's claims as well as the related regulatory matters in Korea and with the FTC.

我們始終傾向於透過協商而非訴訟來解決客戶糾紛，因此，蘋果選擇走這條路令人遺憾。我們已做好充分準備，並有信心成功應對蘋果公司的索賠以及在韓國和美國聯邦貿易委員會的相關監管事宜。

Apple's complaint contains a lot of assertions, but in the end, this is a commercial dispute over the price of intellectual property. They want to pay less for the fair value that Qualcomm has established in the marketplace for our technology, even though Apple has generated billions in profits from using that technology.

蘋果的訴狀包含許多斷言，但歸根結底，這是一場關於智慧財產權價格的商業糾紛。他們想為高通在市場上為我們的技術確立的合理價值支付更少的費用，儘管蘋果已經透過使用該技術獲得了數十億美元的利潤。

Qualcomm has always been and remains a systems innovator and R&D engine for the mobile industry. Unlike virtually every major company in our industry, sharing technology broadly with the industry through our licensing program has always been a paramount aspect of our business model, along with enabling competition.

高通公司一直以來都是行動產業的系統創新者和研發引擎，至今依然如此。與業內幾乎所有大型公司不同，透過我們的授權計劃與業界廣泛共享技術，以及促進競爭，一直是我們商業模式中最重要的方面。

Our inventions have fundamentally enabled the mobile industry. And while those contributions began more than three decades ago, we continue to invest heavily and lead the way in 4G LTE technology and mobile computing, and we are now leading the industry to 5G.

我們的發明從根本上推動了行動通訊產業的發展。雖然這些貢獻始於三十多年前，但我們仍在繼續大力投資並引領 4G LTE 技術和行動運算的發展，現在我們正引領業界邁向 5G。

And, although the initial market value of our portfolio was established a long time ago, that value has tangibly and meaningfully increased over time as our technology contributions and our patent portfolio have grown significantly. Yet, we have never raised our royalty rates. This established value that has been reaffirmed time and time again as we have renegotiated existing licenses and entered into new license agreements with numerous licensees over the years, including over 120 new licenses in China within just the last 2 years.

而且，儘管我們投資組合的初始市場價值是很久以前確定的，但隨著我們的技術貢獻和專利組合的顯著增長，這一價值已經隨著時間的推移而切實地、有意義地增長。然而，我們從未提高過版稅率。多年來，我們與眾多被授權人重新談判現有授權協議並簽訂新的授權協議，其中僅在過去兩年中，我們就在中國獲得了 120 多項新許可，這再次證明了我們既定的價值。

As many of you on the call today are aware, we have a long history of successfully defending our licensing practices and business model, which have been tested around the globe, most recently in China. The resilience of our practices reflects both the fundamental and differentiated contributions we make to the core technologies enabling the smartphone platform and the mobile industry as a whole.

正如今天參加電話會議的許多人所知，我們長期以來一直成功地捍衛我們的許可實踐和商業模式，這些實踐和模式已經在全球範圍內經過了檢驗，最近一次是在中國。我們實踐的韌性體現了我們對智慧型手機平台和整個行動產業的核心技術所做出的根本性和差異化貢獻。

We invest heavily to push the technology boundaries for the benefit of our licensees and their customers and the industry as a whole, and their licenses become more valuable and comprehensive over time. We out-innovate and out-interest other players in mobile and have negotiated and signed more than 200 license agreements, which validate and recognize the value of our technology contributions and related portfolio of IP.

我們投入大量資金推動技術進步，造福我們的被授權人及其客戶以及整個產業，隨著時間的推移，他們的許可證也變得更有價值、更全面。我們在行動領域擁有超越其他競爭對手的創新能力和吸引力，並已談判和簽署了 200 多份授權協議，這驗證並認可了我們在技術貢獻和相關智慧財產權組合方面的價值。

At the same time, I believe we have more opportunity ahead of us than at any time in the Company's history. And I assure you that our teams remain focused on executing on those opportunities, which, when realized, will provide the next significant growth period for Qualcomm, with an estimated $138 billion serviceable addressable market in 2020.

同時，我相信我們面前的機會比公司歷史上任何時期都多。我向你們保證，我們的團隊將繼續專注於把握這些機遇，這些機會一旦實現，將為高通帶來下一個重要的增長期，預計到 2020 年，高通的可服務市場規模將達到 1380 億美元。

Our pending acquisition of NXP is reflective of and consistent with these opportunities. This highly complementary combination accelerates our scale and portfolio of products and technologies as well as expands our go-to-market channels in the growth segments of automotive, IoT, security, and networking.

我們即將對恩智浦進行的收購體現了這些機遇，並且與這些機會一致。這種高度互補的組合加速了我們產品和技術的規模和組合的擴展，並擴大了我們在汽車、物聯網、安全和網路等成長領域的市場管道。

We are seeing very strong support for this transaction in our conversations with customers and look forward to realizing the full potential of bringing the two companies together. We are progressing on our regulatory filings for the NXP transaction and integration planning is well underway.

我們在與客戶的交流中看到了對這項交易的強烈支持，並期待兩家公司合併後能夠充分發揮其潛力。我們正在推進NXP交易的監管申報工作，整合計畫也正在順利進行中。

Another important opportunity comes with the formation of our joint venture with TDK. We are concluding 12 months of preparation and expect to close the JV this quarter. I believe this JV will transform our activities in RF front end from a strong niche player to a truly formidable challenger competing with all the necessary technology blocks to build our presence in that space.

我們與TDK成立合資企業，這又帶來了一個重要的機會。經過 12 個月的籌備，我們即將完成合資企業的組建，預計將在本季完成。我相信，這項合資企業將使我們在射頻前端領域的業務從一家實力雄厚的利基企業轉變為真正強大的挑戰者，擁有所有必要的技術模組來建立我們在該領域的地位。

I am also excited about our recently announced program with Microsoft to bring Snapdragon to mobile compute. This allows us to bring the advantages of mobile innovation, leading consumer electronics technologies, and connectivity of the Snapdragon platform to laptop PCs and expand our participation in a serviceable, addressable market opportunity expected to be $6 billion in 2020. As another example of our ability to expand our computing presence, our data center business also continues to execute well, as Derek will explain in more detail in a moment.

我也很興奮我們最近與微軟宣布的合作計劃，該計劃旨在將驍龍處理器引入行動運算領域。這使我們能夠將行動創新、領先的消費電子技術以及驍龍平台的連接性優勢帶到筆記型電腦上，並擴大我們在可服務、可觸及的市場機會中的參與度，預計到 2020 年該市場規模將達到 60 億美元。作為我們拓展計算業務能力的另一個例證，我們的資料中心業務也繼續保持良好的發展勢頭，德里克稍後將對此進行更詳細的解釋。

I would like to thank the Qualcomm team for a strong showing at CES. Our newly announced Snapdragon 835 sets new standards for the next generation of smartphones, computing, VR and AR, and many other applications. And we are leading the semiconductor industry in 10-nanometer technology.

我要感謝高通團隊在CES上的出色表現。我們最新發布的驍龍 835 為下一代智慧型手機、運算、VR 和 AR 以及許多其他應用樹立了新的標準。我們在10奈米半導體技術領域處於行業領先地位。

We also continue to set new bars in modem technology, including our new X16 gigabit LTE and X50 5G modems. Simply stated, the roadmap is as strong today as it has ever been.

我們不斷在數據機技術領域樹立新的標桿，包括我們新推出的 X16 千兆 LTE 數據機和 X50 5G 數據機。簡而言之，目前的路線圖和以往一樣完善有力。

To summarize, we are very excited about the future and the many opportunities directly in front of us. This is a truly transformative time in the Company's history. I am confident we will address and get through the legal challenges underway, as we have done many times in the past. And in the meantime, I am pleased to see our results reflect strong execution in both our major businesses.

總而言之，我們對未來以及擺在我們面前的眾多機會感到非常興奮。這是公司歷史上一個真正具有變革意義的時期。我相信我們能夠應對並克服目前正在進行的法律挑戰，就像我們過去多次做到的那樣。同時，我很高興地看到，我們的業績反映了我們兩大主要業務的強勁執行力。

I would now like to turn the call over to Derek.

現在我想把電話交給德瑞克。

Thank you, Steve, and good afternoon, everyone. First, I'd like to build on Steve's earlier comments regarding Apple's recent legal claims. Not only are Apple's claims without merit, but they attempt to undermine the standards-based agreements that have been the backbone of the mobile revolution, the framework that has facilitated and motivated a small number of companies like Qualcomm to make investments to develop new technology as well as the products and infrastructure to support that technology.

謝謝你，史蒂夫，大家下午好。首先，我想補充史蒂夫之前關於蘋果最近法律訴訟的評論。蘋果的說法不僅毫無根據，而且還試圖破壞以標準為基礎的協議，而這些協議一直是行動革命的支柱，正是這些協議促使和激勵了像高通這樣的少數公司進行投資，以開發新技術以及支持該技術的產品和基礎設施。

The cornerstone of the global mobile technology ecosystem and the success of so many industry participants is based on the notion that companies that are willing to invest the necessary capital and devote engineering talent to invent technologies long before they can ever be implemented be fairly compensated for sharing those inventions through licensing.

全球行動技術生態系統的基石以及眾多產業參與者的成功，都基於這樣一個理念：那些願意投入必要的資金和工程人才去發明技術，而這些技術在很久以後才能被應用的公司，應該透過許可的方式分享這些發明，從而獲得公平的補償。

At Qualcomm, we have spent billions of dollars and have continually focused on inventing the breakthrough technologies that have fueled the mobile revolution and enabled multiple generations of technological innovations in smartphones and other connected devices. Our industry leadership today comes from making these significant, focused investments ahead of the industry over many years to create leading technologies.

在高通公司，我們投入了數十億美元，並持續專注於發明突破性技術，這些技術推動了行動革命，並促成了智慧型手機和其他連網裝置的幾代技術創新。我們今天在行業中的領先地位，源於多年來在行業中領先一步進行的這些重大而有針對性的投資，從而創造了領先技術。

From our inception, Qualcomm has been at the forefront of the industry, imagining, inventing, and commercializing the fundamental technologies at scale that brought high-speed mobile data and computing to a global mass-market reality.

自成立以來，高通一直處於行業前沿，構思、發明並大規模商業化了基礎技術，使高速行動數據和計算成為全球大眾市場的現實。

It is Qualcomm which drove the development of ubiquitous cellular connectivity in mobile computing, including increasingly higher data rates and spectrum efficiency as well as more powerful and efficient mobile computing solutions that enable the key features and functions of smartphones and which are making consumers' lives better, connecting billions of people to the Internet for the first time and enabling countless new businesses and industries.

正是高通推動了行動運算領域無處不在的蜂窩連接的發展，包括不斷提高的數據速率和頻譜效率，以及更強大、更高效的行動運算解決方案，這些解決方案實現了智慧型手機的關鍵特性和功能，改善了消費者的生活，首次將數十億人連接到互聯網，並催生了無數新的企業和行業。

Our technology has enabled the mobile economy and the foundation for business models and applications of companies like Uber, Snapchat, Instagram, messaging apps like WhatsApp and iMessage, streaming services like Spotify, smart assistance like Siri and Google Assistant, and many others across the globe. Our innovations in assisted GPS have also led to location-based services, real-time mapping, and navigation service on which hundreds of millions of people around the world now depend.

我們的技術推動了行動經濟的發展，並為 Uber、Snapchat、Instagram、WhatsApp 和 iMessage 等即時通訊應用程式、Spotify 等串流服務、Siri 和 Google Assistant 等智慧助理以及全球許多其他公司的商業模式和應用奠定了基礎。我們在輔助 GPS 方面的創新也催生了基於位置的服務、即時地圖和導航服務，如今全世界數億人都依賴這些服務。

This mobile application revolution was enabled directly by Qualcomm's business model of inventing and broadly sharing through licensing our key technologies with hundreds of companies in the mobile ecosystem. Without our technology, our investments, and our innovation, the mobile world today would not be nearly as disruptive, efficient, or useful. Qualcomm led the industry in producing innovations that provide or support almost every aspect of our smartphone's capability.

高通的商業模式直接促成了這場行動應用革命，即發明關鍵技術，並透過授權給行動生態系統中的數百家公司廣泛共享這些技術。如果沒有我們的技術、投資和創新，今天的行動世界就不會如此顛覆性、高效性和實用性。高通公司引領產業創新，為智慧型手機的幾乎所有功能提供或支援。

And Apple has been among the largest beneficiaries of our efforts and investments by being able to easily enter the smartphone space with little to no investment in the core technology. Apple has utilized our technology as the foundation for becoming the most profitable smartphone supplier in the world.

蘋果公司是我們努力和投資的最大受益者之一，它幾乎無需在核心技術上進行任何投資，就能輕鬆進入智慧型手機領域。蘋果公司利用我們的技術作為基礎，成為了全球最賺錢的智慧型手機供應商。

Apple's own marketing statements recognize the value Qualcomm technology contributes to its products. For example, Apple recently acknowledged that the rollout of LTE networks in India will be the transition that unleashes the power and capability of the iPhone in India. As the leading innovator in 4G LTE, we agree.

蘋果公司本身的行銷聲明也承認高通技術為其產品帶來的價值。例如，蘋果最近承認，印度 LTE 網路的推出將是釋放 iPhone 在印度的強大功能和效能的關鍵轉折點。作為 4G LTE 領域的領先創新者，我們對此表示贊同。

Touching briefly on Apple's complaints filed in San Diego and China, it claims that Qualcomm should be required to license its cellular standard essential patents, or SEPs, to modem suppliers. That even when licensing those patents at the device level, Qualcomm should only be able to charge royalties on the price of the cellular modem chip inside the device.

簡單提及蘋果公司在聖地牙哥和中國提起的訴訟，該訴訟聲稱，應該要求高通公司將其蜂窩標準必要專利（SEP）授權給調製解調器供應商。即使在設備層級授權這些專利，高通也只能以設備內部蜂巢式調變解調器晶片的價格收取專利費。

These positions, however, are inconsistent with long-standing industry practice, the IPR policies of the relevant standard-setting bodies, the realities of licensing large portfolios of patents, and basic notions of efficiency, fairness in economics.

然而，這些立場與長期以來的行業慣例、相關標準制定機構的智慧財產權政策、大型專利組合授權的現實情況以及經濟學中效率和公平的基本概念不符。

First, Qualcomm and many other major patent holders have long followed the practice of licensing portfolios of SEPs at the device level, including for 3G and LTE. There has been no sudden change in the law to make this practice improper, and it remains the most efficient and fair method of licensing.

首先，高通和許多其他主要專利持有者長期以來一直遵循在設備層面授權標準必要專利組合的做法，包括 3G 和 LTE。法律並未發生任何突然的變化，使得這種做法不合法，它仍然是最有效、最公平的許可方式。

Second, neither Qualcomm's licensing commitments nor patent law requires Qualcomm to license its SEPs at the component level or charge royalties on the modem chip within a smartphone. There was an attempt by Apple and others to modify the IPR policy of ETSI, which governs licensing commitments for cellular SEPs to include these concepts, but that effort failed.

其次，高通的授權承諾和專利法均未要求高通在組件層級授權其標準必要專利，也未要求高通對智慧型手機中的數據機晶片收取專利費。蘋果和其他公司曾試圖修改 ETSI 的智慧財產權政策（該政策規範蜂窩標準必要專利的授權承諾），以納入這些概念，但這項努力失敗了。

Third, Qualcomm has a vast technology patent portfolio that is broadly applicable to the technology and features implemented in smartphones. Focusing on just our cellular SEPs, which is a subset of our overall patent portfolio, only a small percentage of the claims in those patents are implemented entirely within the cellular modem chip.

第三，高通擁有龐大的技術專利組合，這些專利廣泛適用於智慧型手機中實現的技術和功能。僅就我們的蜂窩標準必要專利而言（這只是我們整體專利組合的一個子集），這些專利中只有一小部分權利要求完全在蜂窩調製解調器晶片中實現。

So even if Qualcomm were to license that subset of its cellular SEPs to a modem chip supplier, the device supplier using that chip would still need to take a license to the remainder of our cellular SEPs and other patents.

因此，即使高通公司將其蜂窩標準必要專利的子集授權給調製解調器晶片供應商，使用該晶片的設備供應商仍然需要獲得我們剩餘蜂窩標準必要專利和其他專利的許可。

Engaging in licensing at multiple levels creates significant inefficiencies with no tangible benefits. And the established value for a portfolio of patents, like Qualcomm's, does not change by moving from device-level licensing to multilevel licensing at both the modem chip and device levels.

多層次的許可證制度會造成嚴重的效率低下，卻沒有帶來任何實際好處。對於像高通這樣的專利組合而言，其既定價值並不會因為從設備級許可轉向調製解調器晶片級和設備級的多級許可而改變。

Finally, Apple claims that Qualcomm's licensing terms would require Apple to pay higher royalties whenever they add new features that they claim have nothing to do with Qualcomm's technology or intellectual property. As I just explained, Qualcomm's mobile technology enables the applications and functions that Apple highlights.

最後，蘋果聲稱，高通的授權條款要求蘋果在添加新功能時支付更高的版稅，而這些新功能據稱與高通的技術或智慧財產權無關。正如我剛才解釋的那樣，高通的行動技術實現了蘋果所強調的應用和功能。

In addition, it is well known that Qualcomm has per-unit running royalty caps as part of its licensing program. This effectively results in licensees not paying running royalties as a percentage of the device price above a certain net selling price of any given device. Apple's claim that royalties are uncapped is simply incorrect.

此外，眾所周知，高通在其授權計劃中對每台設備的運行專利費設有上限。這實際上導致被授權者無需以設備價格超過特定淨售價的部分支付持續版稅。蘋果聲稱版稅沒有上限，這完全是錯誤的。

Licensing at device level provides the licensee with the certainty that it has the rights needed to design, manufacture, and sell devices regardless of which components within the phone implement the patents or whether the component supplier has a license for those patents. Charging royalties as a percentage of the device price is fair and consistent with the fact that lower-priced devices tend to use and rely upon less of the licensed technology than the more expensive, fully featured devices.

設備層級的授權使被授權者確信其擁有設計、製造和銷售設備所需的權利，而無需考慮手機中的哪些組件實現了專利，也無需考慮組件供應商是否擁有這些專利的授權。按設備價格的百分比收取版稅是公平合理的，也符合低價設備往往比價格更高、功能更齊全的設備使用和依賴更少的授權技術這一事實。

The recent KFT decision, the US Federal Trade Commission complaint, and the filing of Apple's complaints are not coincidental in terms of content and timing. Apple has been actively driving regulatory attacks on Qualcomm's business in jurisdictions around the world, and misrepresenting facts and withholding information. Apple claims that Qualcomm retaliated because Apple cooperated with government investigations.

韓國金融法庭最近的裁決、美國聯邦貿易委員會的投訴以及蘋果公司提起的投訴，在內容和時間上並非巧合。蘋果一直在世界各地積極推動對高通公司業務的監管攻擊，歪曲事實並隱藏資訊。蘋果聲稱，高通公司進行報復是因為蘋果公司配合政府調查。

To be clear, we did no such thing. We simply objected to Apple making false and misleading statements and withholding information to motivate attacks against Qualcomm. We welcome the opportunity to have Apple's claims heard in court, where we will be entitled to full discovery of Apple's practices and a robust examination of the merits. We will prove that Apple's irresponsible claims of extortion are false.

需要澄清的是，我們並沒有做這樣的事。我們只是反對蘋果公司發表虛假和誤導性聲明，並隱瞞資訊以煽動對高通公司的攻擊。我們歡迎有機會在法庭上審理蘋果公司的訴訟請求，屆時我們將有權全面了解蘋果公司的做法，並對案件的實質內容進行嚴格審查。我們將證明蘋果公司關於敲詐勒索的不負責任的指控是虛假的。

With respect to the KFTC decision, in December, it announced that it intends to issue a corrective order and impose a fine. As we said last month, this is an unprecedented and unsupportable decision, inconsistent with the facts and the law and representing a clear violation of due process rights under the Korea-US Free Trade Agreement.

關於韓國公平交易委員會的決定，該委員會於 12 月宣布，打算發布整改令並處以罰款。正如我們上個月所說，這是一個史無前例且站不住腳的決定，與事實和法律不符，明顯違反了《韓美自由貿易協定》規定的正當程序權利。

We recently received the written decision from the KFTC and will be appealing the decision and seeking a stay in the Seoul High Court, which we expect will rigorously analyze evidence and apply sound antitrust principles.

我們最近收到了韓國公平交易委員會的書面決定，我們將向首爾高等法院提起上訴並尋求暫緩執行，我們預計首爾高等法院將嚴格分析證據並適用合理的反壟斷原則。

It should be noted that the KFTC usually takes some number of months to go from a post-hearing decision to a written final order. Here, the KFTC completed a very lengthy written decision in less than a month's time, which is further evidence the KFTC hurried to judgment without regard to the merits of the case.

需要注意的是，KFTC 通常需要幾個月的時間才能從聽證會後的決定到書面最終命令。韓國公平交易委員會在不到一個月的時間內就完成了一份篇幅很長的書面決定，這進一步證明韓國公平交易委員會不顧案件的實質內容而倉促做出判決。

With respect to the FTC complaint filed last week, as we outlined in our press release, it was a split decision taken in the last days of the Obama administration and is very focused on Apple, which filed its related case just days later. It is based on a flawed legal theory, a lack of economic support, and significant misconceptions about the mobile technology industry. It is also very important to note that FTC Commissioner Maureen Ohlhausen voted against filing the complaint and went so far as to issue a strong dissenting statement.

關於上週提交的聯邦貿易委員會投訴，正如我們在新聞稿中概述的那樣，這是奧巴馬政府最後幾天做出的一個意見分歧的決定，而且非常針對蘋果公司，該公司在幾天后也提交了相關的訴訟。它基於有缺陷的法律理論、缺乏經濟支持以及對行動科技產業的重大誤解。值得注意的是，聯邦貿易委員會委員莫琳·奧爾豪森投票反對提起訴訟，甚至發表了強烈的反對聲明。

We look forward to vigorously defending our business. We have faced legal challenges to our business model over the years, given the powerful commercial interests at play. But there is clear evidence of vibrant competition across the mobile industry, and this environment is enabled by our broad, pro-competitive licensing program.

我們期待著全力捍衛我們的業務。多年來，由於強大的商業利益在起作用，我們的商業模式一直面臨法律挑戰。但有明確證據表明，行動產業競爭十分激烈，而這種環境得益於我們廣泛的、有利於競爭的許可計劃。

We expect and look forward to outcomes that confirm the valuable contributions to innovation and competition that our technologies bring. Apple's attack on Qualcomm's business model is not only an attack on Qualcomm, but also an attack on the smartphone competition that Qualcomm's business model enables.

我們期待並希望最終結果能證實我們的技術對創新和競爭所做的寶貴貢獻。蘋果對高通商業模式的攻擊，不僅是對高通公司的攻擊，也是對高通商業模式所支撐的智慧型手機競爭的攻擊。

Shifting gears, as Steve noted, QTL had a strong first fiscal quarter as we continue to make very good progress signing new license agreements in China, including a complete resolution of our outstanding legal issues with Meizu. QTL revenues were $1.8 billion, up approximately 13% year over year, driven primarily by favorable trends in China, including handset sales growth and licensing and compliance progress in the region as well as strong growth of global sales by Chinese licensees.

轉換話題，正如史蒂夫所指出的，QTL 的第一個財季表現強勁，因為我們在中國簽署新的許可協議方面繼續取得非常好的進展，包括徹底解決我們與魅族之間懸而未決的法律問題。QTL 的營收為 18 億美元，年增約 13%，主要得益於中國市場的有利趨勢，包括手機銷售成長以及該地區的授權和合規進展，以及中國被授權人的全球銷售強勁成長。

Total reported device sales in the fiscal first quarter were $62.9 billion, above the midpoint of our prior guidance. And we estimate that reported 3G-4G device shipments were 330 million units with an ASP of $189 at the midpoints.

財年第一季報告的設備總銷售額為 629 億美元，高於我們先前預期的中位數。據估計，3G-4G 設備出貨量為 3.3 億台，平均售價為 189 美元（中點價）。

After the end of the first quarter, we completed licensing agreements with both Gionee and Meizu, and have now completed agreements with all of the top 10 Chinese OEMs, according to IDC. To date, we have completed agreements with more than 120 manufacturers in China, consistent with the NDRC terms.

第一季結束後，我們與金立和魅族都完成了授權協議，目前已與IDC統計的前10名中國OEM廠商全部完成了協議。截至目前，我們已與中國120多家製造商達成協議，符合國家發展和改革委員會的規定。

We estimate that we are now collecting royalties on approximately 80% of Chinese OEM global 3G-4G device sales. We remain focused on improved compliance and completing additional agreements, which could provide upside to our estimates.

我們估計，目前我們已從中國 OEM 全球 3G-4G 設備銷售額的約 80% 中收取了專利費。我們將繼續專注於提高合規性和完成更多協議，這可能會使我們的預估上調。

Turning to global 3G-4G device shipments, for calendar 2016, we estimate 1.65 billion to 1.7 billion devices were shipped, up 8% year over year at the midpoint and in line with our prior forecast. For calendar 2017, we continue to expect approximately 7% growth year over year, with global 3G-4G device shipments of 1.75 billion to 1.85 billion devices, driven by demand in the emerging regions.

展望全球 3G-4G 設備出貨量，我們估計 2016 年日曆年出貨量為 16.5 億至 17 億台，年增 8%（取中間值），與我們先前的預測一致。2017 年，我們繼續預期全球 3G-4G 設備出貨量將年增約 7%，達到 17.5 億至 18.5 億台，主要受新興地區需求的推動。

We estimate the global handset ASP in fiscal 2016 was approximately $185, down approximately 6% year over year, consistent with our expectations and well below the 12% decline in fiscal 2015.

我們估計 2016 財年全球手機平均售價約為 185 美元，年減約 6%，與我們的預期一致，遠低於 2015 財年 12% 的降幅。

We continue to expect that the annual decline in the global ASP for handsets shipped during fiscal 2017 will further moderate as compared to fiscal 2016, despite FX headwinds. You may recall that a few years ago, we forecast that global handset ASPs would go through a period of accelerated erosion for a couple of years, and then those declines would moderate over time. We are seeing those trends play out as we predicted.

儘管面臨匯率不利因素，我們仍預期 2017 財年全球手機出貨量平均售價的年度降幅將比 2016 財年進一步收窄。您可能還記得，幾年前，我們預測全球手機平均售價將經歷幾年的加速下滑期，然後隨著時間的推移，下滑速度會放緩。我們看到這些趨勢正按照我們預測的那樣發展。

We expect total reported device sales from licensees in the second fiscal quarter to be approximately $74 billion to $82 billion, up approximately 24% sequentially and 11% year over year at the midpoint, driven primarily by the busy holiday/December quarter shipment activity and reflective of increased licensing and compliance progress.

我們預計第二財季授權商報告的設備總銷售額約為 740 億美元至 820 億美元，環比增長約 24%，同比增長約 11%（取中間值），主要受繁忙的假期/12 月季度出貨量的推動，並反映出授權和合規方面取得的進展。

In our data center business, we achieved a key milestone, as we announced the commercial sampling and conducted a live demonstration of the world's first 10-nanometer server processor. And early customer feedback and testing have been encouraging.

在我們的資料中心業務中，我們取得了一個重要的里程碑，我們宣布推出商業樣品，並進行了全球首款 10 奈米伺服器處理器的現場演示。早期客戶回饋和測試結果令人鼓舞。

As the first in the Qualcomm Centriq product family, the Qualcomm Centriq 2400 series has up to 48 cores and is built on the most advanced 10-nanometer FinFET process technology. It features the Qualcomm Falkor CPU, Qualcomm Data Center Technology's custom ARMv8-compliant core, which is highly optimized to deliver both high performance and power efficiency and designed to tackle the most common data center workloads.

作為高通 Centriq 產品系列的首款產品，高通 Centriq 2400 系列擁有多達 48 個內核，並採用最先進的 10 奈米 FinFET 製程技術製造。它採用高通 Falkor CPU，這是高通資料中心技術定制的符合 ARMv8 標準的核心，經過高度優化，可兼顧高效能和高能效，旨在應對最常見的資料中心工作負載。

In China, we also have made great progress with our data center joint venture, which is now busy developing a customized server CPU product based on our technology and designs for the China market.

在中國，我們的資料中心合資企業也取得了巨大進展，目前正忙於根據我們的技術和設計，為中國市場開發客製化的伺服器 CPU 產品。

Although we have several ongoing challenges to our licensing program, we are confident in our positions. And we believe we will come out of these challenges stronger as a company in the end, as we have done many times in the past.

儘管我們的許可項目目前面臨一些挑戰，但我們對自己的立場充滿信心。我們相信，最終我們將像過去多次一樣，從這些挑戰中變得更加強大。

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

我的演講到此結束，接下來我將把電話交給喬治。

Thank you, Derek. And good afternoon, everyone. Fiscal first-quarter results were in line with our outlook, with revenues of $6 billion and non-GAAP earnings per share of $1.19, $0.02 above the midpoint of our guidance range, driven primarily by performance in our licensing business.

謝謝你，德里克。大家下午好。第一財季業績符合我們的預期，營收達 60 億美元，非 GAAP 每股收益為 1.19 美元，比我們預期範圍的中點高出 0.02 美元，這主要得益於我們授權業務的業績。

In QTL, revenues were $1.8 billion and total reported device sales by licensees were $62.9 billion, just above the midpoint of our guidance, driven by stronger ASPs in developed regions. The Q1 results for QTL exclude contributions from the recently signed license agreements with Meizu and Gionee, which expect to start benefiting -- we expect to start benefiting QTL in fiscal Q2.

在QTL，營收為18億美元，授權商報告的設備總銷售額為629億美元，略高於我們預期的中點，這主要得益於已開發地區ASP的強勁成長。QTL 的第一季業績不包括最近與魅族和金立簽署的許可協議帶來的貢獻，這兩家公司預計將在第二財季開始受益——我們預計 QTL 將在第二財季開始受益。

In QCT, MSM chip shipments were $217 million, modestly above the midpoint of our guidance range. Overall performance was in line with expectations, and we had strong contributions from our adjacent areas, including IoT, wireless networking, and auto.

在 QCT，MSM 晶片出貨量為 2.17 億美元，略高於我們指引範圍的中點。整體業績符合預期，我們的鄰近領域，包括物聯網、無線網路和汽車，也做出了強大的貢獻。

QCT's earnings before tax was up 23% versus the first fiscal quarter of 2016, reflecting strong demand for our new products, growth in adjacencies, and an improved cost structure. QCT operating margin was approximately 18% for the quarter, up more than 300 basis points over the same period last year.

QCT 的稅前收益比 2016 年第一財季增長了 23%，這反映出我們新產品的強勁需求、相關業務的成長以及成本結構的改善。QCT 本季營業利潤率約 18%，比去年同期成長超過 300 個基點。

For the Company, non-GAAP combined R&D and SG&A expenses increased by less than 1% sequentially, modestly above our prior guidance. GAAP earnings included the accrual of the KFTC's approximately $868 million fine announced in late December, which is excluded from our non-GAAP results.

對公司而言，非GAAP合併研發及銷售、一般及行政費用較上季成長不到1%，略高於我們先前的預期。GAAP 收益包括韓國公平交易委員會 (KFTC) 於 12 月下旬宣布的約 8.68 億美元罰款的計提，該罰款不計入我們的非 GAAP 業績中。

The accrual impacted fiscal first-quarter GAAP EPS by $0.49 per share and raised our full-year GAAP estimated tax rate by approximately 280 basis points to 22%. We plan to appeal this decision, but we are still required to pay the fine within 60 days of receiving the written order, which was received earlier this week.

該應計項目對第一財季 GAAP 每股收益的影響為 0.49 美元，並將我們全年 GAAP 預計稅率提高了約 280 個基點，達到 22%。我們計劃對該決定提出上訴，但我們仍需在收到書面命令之日起 60 天內繳納罰款，該命令已於本週早些時候收到。

We returned $1.2 billion to stockholders in the quarter in the form of dividends and buybacks. As of the end of the fiscal first quarter, we had approximately $2.5 billion of our stock repurchase authorization remaining.

本季我們以股利和股票回購的形式向股東返還了 12 億美元。截至第一季末，我們還有約 25 億美元的股票回購授權額度。

Turning to our guidance for the second quarter of fiscal 2017, our outlook reflects the seasonally stronger December quarter, 3G-4G device shipments for QTL, and the seasonally lower first-calendar-quarter MSM shipments for QCT, typical for this time of year. We are not forecasting any impact to revenues related to the dispute with Apple, as we are continuing to meet their supply needs in good faith and expect Apple will continue to meet its obligations. We have not reported any benefit to the P&L associated with nonpayment of disputed amounts to date or in our Q2 guidance.

展望 2017 財年第二季度，我們的展望反映了 QTL 的 3G-4G 設備出貨量在季節性上較為強勁的 12 月季度，以及 QCT 的 MSM 出貨量在季節性上較低的第一日曆季度，這在每年的這個時候都很常見。我們預計與蘋果公司的糾紛不會對收入造成任何影響，因為我們將繼續本著誠意滿足他們的供應需求，並期望蘋果公司繼續履行其義務。截至目前，我們尚未報告任何與未支付爭議款項相關的損益收益，我們的第二季業績指引中也未提及。

We estimate revenues to be in the range of approximately $5.5 billion to $6.3 billion and non-GAAP earnings per share to be in the range of approximately $1.15 to $1.25 per share. We anticipate fiscal second-quarter non-GAAP combined R&D and SG&A expenses will be up approximately 6% to 8% or $110 million at the midpoint sequentially, reflecting employee-related costs that typically begin with a new calendar year, increased QTL compliance initiatives, and growing investments in data center and 5G.

我們預計收入將在 55 億美元至 63 億美元之間，非 GAAP 每股收益將在 1.15 美元至 1.25 美元之間。我們預計，第二財季非GAAP合併研發和銷售、管理及行政費用將環比增長約6%至8%，即1.1億美元（取中間值），這反映了通常從新日曆年開始的員工相關成本、增加的QTL合規計劃以及對數據中心和5G不斷增長的投資。

In QTL, we estimate total reported device sales of $74 billion to $82 billion will be reported by our licensee in the March quarter for shipments they made in the December quarter, up approximately 24% sequentially and 11% year over year at the midpoint. Our financial guidance includes an estimate for some catch-up licensing revenue we expect to record in the quarter, including some benefit related to the recently concluded license agreements with Gionee and Meizu.

在 QTL，我們估計我們的被授權者將在 3 月季度報告其在 12 月季度的出貨量，總計報告設備銷售額為 740 億美元至 820 億美元，環比增長約 24%，同比增長約 11%（取中間值）。我們的財務預期包括對預計本季將確認的部分追趕性授權收入的估計，其中包括與最近與金立和魅族達成的授權協議相關的一些收益。

In QCT, we expect MSM shipments of approximately 165 million to 185 million units, lower sequentially, reflecting typical seasonal trends. Year-over-year differences also include lower modem sales, given the second sourcing by a customer.

QCT 預計 MSM 出貨量約為 1.65 億至 1.85 億件，季減，反映出典型的季節性趨勢。與去年同期相比，調變解調器的銷售量也有所下降，這是因為客戶會從其他管道購買。

We expect QCT revenue per MSM to be up modestly on a sequential basis in the second fiscal quarter on stronger product mix. We expect QCT's fiscal second-quarter operating margin to be approximately 10% to 12%, reflecting significant year-over-year improvement, consistent with the product and cost elements that drove our fiscal first-quarter performance, but down sequentially on seasonality.

我們預計，由於產品組合更加強勁，QCT 在第二財季每百萬平方公尺的營收將比去年同期小幅成長。我們預計 QCT 財年第二季的營業利潤率約為 10% 至 12%，年比大幅提高，這與推動我們財年第一季業績的產品和成本因素一致，但受季節性因素影響，環比有所下降。

We expect to close the TDK joint venture later in this quarter, but are not including the expected impact in our guidance. We will update the go-forward implications of closing the joint venture on our next earnings call.

我們預計將在本季稍後完成與TDK的合資企業，但並未將預期影響納入我們的業績指引。我們將在下次財報電話會議上更新合資企業關閉對未來發展的影響。

Turning to our investment income, in anticipation of funding the acquisition of NXP, we will continue liquidating the longer-duration risk assets in our treasury portfolio over the next couple of quarters, which we expect to result in lower yields and total returns, more in line with short-duration, high-credit-quality portfolios. The impact of these changes will primarily be seen in the second half of the fiscal year.

談到我們的投資收益，為了籌集收購 NXP 的資金，我們將在接下來的幾個季度繼續清算我們國庫投資組合中期限較長的風險資產，我們預計這將導致收益率和總回報降低，更符合期限較短、信用品質較高的投資組合的水平。這些變化的影響將主要在下半年的財政年度顯現。

We also plan to execute a meaningful portion of our acquisition-related financing in the second half of fiscal 2017. As a result, we expect a combination of lower net investment income and higher interest expense to impact EPS by approximately $0.15 or approximately $300 million before tax in the second half of 2017 as compared to the levels we saw in the second half of fiscal 2016.

我們也計劃在 2017 財年下半年執行相當一部分與收購相關的融資。因此，我們預計，與 2016 財年下半年相比，2017 年下半年淨投資收益下降和利息支出增加將使每股收益減少約 0.15 美元，稅前減少約 3 億美元。

Despite recent foreign currency headwinds, we continue to estimate mid-single-digit percentage growth of global 3G-4G handset sales in fiscal 2017. We are estimating the FX headwinds of approximately 200 basis points, based on current exchange rates, will be partially offset by a better-than-expected outlook for global 3G-4G handset ASPs on a local currency basis.

儘管近期外匯市場面臨不利因素，我們仍預期 2017 財年全球 3G-4G 手機銷售將實現中等個位數百分比的成長。根據目前的匯率，我們估計約 200 個基點的外匯不利因素將被全球 3G-4G 手機平均售價（以當地貨幣計）優於預期的前景部分抵銷。

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

我的發言到此結束。現在我將把電話轉回給約翰。

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) Mike Walkley, Canaccord Genuity.

（操作說明）Mike Walkley，Canaccord Genuity。

Couple questions just here, one on the business just in terms of seasonality of the business into the March quarter. Could you talk about some of the puts and takes with a major customer and Korea's new product timing ramp, seasonality for Apple, and then what you are seeing in the Chinese market in terms of your sequential MSM shipments?

這裡有幾個問題，一個是關於業務的季節性問題，特別是三月的季度。能否談談您與一位重要客戶的合作進度、韓國新產品上市時間安排、蘋果產品的季節性因素，以及您在中國市場MSM產品連續出貨量方面的情況？

And then just a clarification for Derek and Don. As you look at the global dispute with Apple going on, it's my belief that Apple actually paid you through some of their ODMs such as Foxconn. Could you just walk us through that, and maybe any accounting issues, should these ODMs decide not to pay on Apple's behalf?

最後，也要向德瑞克和唐澄清一點。從目前蘋果公司與全球的糾紛來看，我認為蘋果實際上是透過富士康等一些代工廠商向你支付了款項。您能否為我們詳細解釋一下，如果這些 ODM 廠商決定不代表蘋果付款，可能會出現哪些會計問題？

Maybe I'll start addressing the Q2 seasonality on the chip business. I think Q2 MSM unit movement is largely seasonal. I think we see seasonality tied at two main effects. One, I think you have built on the Chinese customers in anticipation of the Chinese New Year, and I think they basically build and bleed as related to Chinese New Year sales.

或許我應該開始著手解決晶片業務第二季的季節性問題了。我認為第二季MSM單位的變動很大程度是季節性的。我認為季節性主要體現在兩個方面。第一，我認為你們已經在中國新年到來之際，在中國客戶群中建立了穩固的地位，而我認為他們基本上是在中國新年銷售旺季到來之際，既發展壯大又虧損。

We also saw in units in Q2 are dependent on timing on launching on flagship devices within the quarter. And I think we are going to see some of those clearer towards the MCC announcement. So it's going to be more on flagship devices, going to be more of a second half of the year.

我們也發現，第二季的銷售取決於本季旗艦設備的發佈時間。我認為隨著MCC公告的發布，我們將看到其中一些問題更加明朗。所以這項技術將更應用於旗艦機型，而且會在下半年推出。

And I think in terms of your question on China, market position -- we continue to see strong demand for industry-leading products in China. I think we see good traction with the OEMs with our MSM roadmap. So it's mostly a seasonality that we would experience in Q2.

至於你提出的關於中國市場地位的問題——我們繼續看到中國對產業領先產品有強勁的需求。我認為我們的MSM路線圖在OEM廠商中獲得了良好的迴響。所以這主要是第二季會出現的季節性現象。

To answer your question -- so you are right, Apple does not have a direct license with Qualcomm today. And so the royalties on Apple products that get paid to Qualcomm are reported and paid by their contract manufacturers.

回答你的問題——你說得對，蘋果目前沒有與高通直接簽訂授權協議。因此，支付給高通的蘋果產品專利費由其代工廠商上報和支付。

So although we do have a dispute now with Apple and they are challenging some of the offers and some of our licensing terms, the contracts that we have in place with their suppliers remain valid and enforceable. And we would expect that our licensees will continue to comply with the terms of their agreements.

所以，儘管我們現在與蘋果公司有爭議，他們對我們的一些報價和一些授權條款提出質疑，但我們與他們的供應商簽訂的合約仍然有效且可執行。我們希望被授權者繼續遵守協議條款。

And we would also hope and expect that Apple would not interfere with the terms of those agreements. But of course, we can't fully control those actions.

我們也希望並期待蘋果公司不會幹預這些協議的條款。當然，我們不可能完全控制這些行為。

So I guess a little bit of it, we're going to have to take a wait-and-see approach. We have no indication as we sit here today that our licensees will stop paying royalties. In the past when we have had disputes with companies related to the royalties they owed under an existing valid agreement, generally those companies tended to report and pay royalties even when we were in disputes like in arbitration.

所以我想，對於這件事，我們恐怕得採取觀望態度。截至目前，我們沒有任何跡象表明我們的被授權人會停止支付版稅。過去，當我們與公司就其根據現有有效協議應支付的版稅發生糾紛時，通常情況下，即使我們在仲裁等糾紛中，這些公司也傾向於報告和支付版稅。

You might remember that was the case with LG when we had the recent arbitration with them, also the case with Panasonic when we had a previous arbitration with them. So we will have to wait and see what happens, but that's the indication we have today.

你可能還記得，我們​​最近與 LG 進行仲裁時就是這種情況，之前我們與松下進行仲裁時也是這種情況。所以，我們只能拭目以待，看看接下來會發生什麼，但這就是我們目前所掌握的情況。

I guess the final point I will make is we don't believe or expect that we will see an impact in the second quarter or second fiscal quarter from the dispute. And our guidance reflects that.

最後我想說的是，我們認為或預期這場糾紛不會對第二季或第二財季產生影響。我們的指導方針也體現了這一點。

Simona Jankowski, Goldman Sachs.

西蒙娜·揚科斯基，高盛。

Two questions for Derek. Apple claims that your NDRC rectification plan has never been adopted or endorsed by any agency or court. And they are challenging your royalty rate in China and have now taken to court there. So can you clarify if your new license structure in China was, in fact, endorsed or not by the NDRC?

我有兩個問題想問德瑞克。蘋果公司聲稱，你們的國家發改委整改方案從未被任何機構或法院採納或認可。他們對你在中國的版稅率提出質疑，現在已經在中國提起訴訟。那麼，您能否澄清一下，您在中國推行的新許可證制度是否真的得到了國家發展委員會的批准？

And then the second question is, I don't think you addressed Apple's charge that your chipset exclusivity agreement was evidence of abusive monopoly power. So would love to hear your position there as well.

第二個問題是，我認為你沒有回應蘋果公司提出的指控，即你的晶片組獨家協議是濫用壟斷權力的證據。所以也很想聽聽您對此的看法。

In China, basically the way that the NDRC investigation was resolved, Qualcomm -- the NDRC issued an order and Qualcomm submitted what we called a rectification plan. And within the rectification plan, we basically committed to offer a new set of licensing terms for sales for use in China under our Chinese essential patents.

在中國，基本上國家發改委調查的解決方式是，高通公司——國家發改委下達了命令，高通公司提交了我們稱之為整改計劃的東西。在整改計畫中，我們基本上承諾提供一套新的授權條款，允許在中國使用我們的中國必要專利進行銷售。

And as part of that, the NDRC agreed, and this was made public, I believe, in a press release at the time, that Qualcomm's rectification plan and the commitments that we made in that fully addressed the issues that were raised in the NDRC's order. So although I'm not sure I would use the term endorsed, certainly we believe the NDRC agreed that the rectification plan and the licensing terms are very consistent with addressing the concerns in their order.

作為其中的一部分，發改委同意（我相信當時已在新聞稿中公開宣布），高通的整改計劃以及我們所做的承諾完全解決了國家發展委員會命令中提出的問題。因此，雖然我不確定我是否會使用「認可」一詞，但我們肯定相信國家發展委員會同意整改方案和授權條款與解決其命令中提出的問題非常一致。

Of course, since then, we have gone out and negotiated and signed over 120 licensing agreements with terms that are consistent and reflective of the NDRC terms. And that was done under the supervision of the NDRC.

當然，從那以後，我們已經出去談判並簽署了 120 多份許可協議，其條款與國家發展委員會的條款一致，並反映了這些條款。這項工作是在國家發展委員會的監督下完成的。

So we feel very confident that those terms are fair and reasonable, and we think it's a difficult position for Apple to claim that those terms are not FRAND. By the way, we have offered those same terms to Apple, as we did with all of our other licensees, and they have refused to accept them.

因此，我們非常有信心這些條款是公平合理的，我們認為蘋果很難聲稱這些條款不符合 FRAND 原則。順便說一句，我們已經向蘋果提供了相同的條款，就像我們向所有其他被授權者提供的那樣，但他們拒絕接受。

With regard to your question about so-called exclusivity deal, first of all, we -- I think you called this monopoly power or had monopoly power. We don't believe we have monopoly power in the chip market or any other market.

關於您提出的所謂獨家交易的問題，首先，我們——我想您稱之為壟斷權力或擁有壟斷權力。我們不認為我們在晶片市場或任何其他市場擁有壟斷地位。

And nor do we have an exclusivity arrangement. We have never prevented Apple or anybody else from buying from competitive chipmakers. And in the Apple case, it's pretty clear since, as you know, they have been buying from Intel fairly recently.

我們也沒有獨家經銷協議。我們從未阻止過蘋果或其他任何公司從競爭對手的晶片製造商那裡購買晶片。就蘋果公司而言，情況就很明顯了，因為如你所知，他們最近一直在從英特爾採購產品。

So it's a mischaracterization to call it an exclusive dealing arrangement. We have been defending that accusation in Europe for about, I don't know, four years now. And it's not new, although now it's out in the open that Apple is the one who has challenged us on this.

因此，稱其為獨家交易安排是不準確的。我們在歐洲為反駁這項指控已經辯護了大約四年了。這並非什麼新鮮事，儘管現在公開的事實是，蘋果才是在這方面向我們挑戰的那一方。

And we will continue to defend it both in Europe and in this case. But we are quite confident that it doesn't fit the definition of an exclusivity deal here and it doesn't violate any competition laws.

我們將繼續在歐洲和本案中捍衛這一立場。但我們非常有信心，它不符合獨家協議的定義，也沒有違反任何競爭法。

James Faucette, Morgan Stanley.

詹姆斯‧福塞特，摩根士丹利。

Just one clarifying question. I think, Derek, you've mentioned a couple times that Apple's ODMs continue to comply. So should we understand that, according -- per your understanding of the contracts that they are paying their contracted amounts in full?

還有一個問題需要澄清。德里克，我想你已經多次提到過，蘋果的 ODM 廠商會繼續遵守規定。所以，根據您對合約的理解，我們是否可以理解為他們正在全額支付合約約定的金額？

And then for Derek and Don, how should we think about time frames for both for the KFTC and FTC cases, US FTC cases, in terms of how long to go through the process of appeal or the case itself here in the US?

那麼對於 Derek 和 Don 來說，我們應該如何看待 KFTC 和 FTC 案件（美國 FTC 案件）的時間框架，即在美國，上訴程序或案件本身需要多長時間？

And then, Don, you also just mentioned Europe. Where are we on that investigation? And any sense of timing on when you may see further progress or the next steps there?

還有，唐，你剛才也提到了歐洲。這項調查目前進展到什麼階段了？您能否預估一下何時能看到進一步進展或下一步計畫？

So on the ODM contracts, I think the point to keep in mind is that, again, Apple is not a direct licensee. And we have valid and enforceable contracts in place with their contract manufacturers who are our licensees and have been paying royalties to us under those agreements.

所以關於 ODM 合同，我認為需要記住的一點是，蘋果公司並不是直接授權方。我們與他們的合約製造商（即我們的被授權人）簽訂了有效且可執行的合同，他們一直根據這些協議向我們支付特許權使用費。

Again, we would expect and hope that our licensees will continue to comply with their agreements and that Apple will not interfere with those contractual relationships that we have in place. And we have no indication as we sit here today that the ODMs will stop paying or that Apple will interfere. But we obviously can't control their actions down the road. So we will have to see how that develops.

我們再次希望我們的被授權者繼續遵守他們的協議，並且蘋果公司不會幹預我們現有的這些合約關係。就目前來看，沒有任何跡象顯示ODM廠商會停止付款，或是蘋果會介入。但我們顯然無法控制他們未來的行為。所以，我們得看看事態如何發展。

As to our guidance in Q2, we believe at this point that will not be an impact in terms of the revenue for QTL in Q2, which would be sales through the December quarter.

至於我們對第二季的預期，我們認為目前這不會對 QTL 第二季的營收產生影響，而該季的銷售額將持續到 12 月。

So with respect to, I think, I guess, three questions -- one on timing of KFTC, timing of FTC and then the DG Comp status. The KFTC, as Derek indicated earlier, has now issued its order in that case, which means that the order is now effective as opposed to the press release that was issued less than a month ago. And we will now be able to seek an appeal at the Seoul High Court.

所以，關於這三個問題——一個是關於 KFTC 的時間安排，一個是關於 FTC 的時間安排，另一個是關於 DG Comp 的狀態。正如德里克之前所指出的，韓國公平交易委員會現在已經就此案發布了命令，這意味著該命令現在生效，而先前發布的新聞稿尚未生效。現在我們可以向首爾高等法院提起上訴了。

And once we've started the appeal process, we will immediately seek a stay of the remedial release that was ordered by KFTC. And we are obviously going to make pretty strong arguments with respect to their conclusions and hope that that will lead to a stay. And then the appeal process can take quite some time in the Seoul High Court and then, if necessary, subsequent courts.

一旦我們啟動上訴程序，我們將立即尋求中止 KFTC 下令的補救性釋放。我們顯然會針對他們的結論提出強而有力的論據，並希望這能促成暫緩執行。然後，上訴程序在首爾高等法院可能需要相當長的時間，如有必要，可能還需要上訴到後續法院。

The FTC case, which was filed in a district court in the Northern District of California. As you know, we've said very clearly we think that case was lacking in any real coherent theory of competitive harm. And all one needs to do is read the dissenting statement of Commissioner Ohlhausen to get a good sense of how we object to that and how she did. And I commend it to you if you haven't read it.

聯邦貿易委員會的這起案件是在加州北區地方法院提起的。如您所知，我們已經非常明確地表示，我們認為該案缺乏任何真正連貫的競爭損害理論。只要閱讀奧爾豪森委員的反對意見，就能很好地了解我們是如何反對的，以及她是如何反對的。如果你還沒讀過，我強烈建議你讀一讀。

We have two paths to follow. Obviously, once a new Federal Trade Commission is assembled, we will probably go back to the full commission or at least when there's a majority of more than -- at least when, excuse me, there are more than two commissioners in place, and seek a reevaluation of that late decision to file. And hopefully, we might be able to get that withdrawn. If not, we will proceed with, as usual, defenses in the Northern District. And that will take some time, obviously.

我們有兩條路可以選擇。顯然，一旦新的聯邦貿易委員會成立，我們可能會回到全體委員的會議，或者至少在委員人數超過半數的情況下——抱歉，至少在兩名以上的委員到位的情況下，尋求重新評估當初提交申請的遲延決定。希望我們能夠撤回這項請求。否則，我們將照常在北部地區進行辯護。這顯然需要一些時間。

With respect to DG Comp, we have two statement of objections, as you know, that we have been defending there. And I have no new news as to timing there. We are waiting at this point for the next step from DG Comp.

關於DG Comp，正如您所知，我們提出了兩份反對意見聲明，我們一直在為此進行辯護。至於時間安排，我目前還沒有任何新的消息。目前我們正在等待DG Comp的下一步。

Tim Long, BMO Capital Markets.

Tim Long，BMO資本市場。

Two quick ones, if I could, or maybe not quick. George, you mentioned -- I think your language was no benefit to P&L impact from nonpaid amounts. Are you referring to what Apple called the rebates or the payments in their complaint?

如果可以的話，我想快速回答兩個問題，但也許不能很快。喬治，你提到－我認為你的說法對未付款項對損益的影響沒有任何幫助。您指的是蘋果公司在投訴中所說的回扣還是付款？

But either way, if you can just talk about changes in contracts. It sounds like nothing has hit the P&L yet. But where was that impacting? Was that a COGS item in QCT? Was it somehow in the QTL line? It would be helpful for us to understand where that is. And if there's more that's not going out, at what point would that become a benefit to the Qualcomm model.

但無論如何，如果你們能談談合約變更的話。聽起來目前還沒有任何事情影響損益表。但這究竟對哪些方面產生了影響？那項是品質控制測試（QCT）中的銷售成本項目嗎？它是不是跟 QTL 生產線有關？了解它在哪裡對我們很有幫助。如果還有更多未出口的產品，那麼在什麼情況下這對高通模式才有利呢？

And then Derek, you talked a lot about this being about just rates and a commercial agreement. I would just love your perspective on the other major patent holders, the Nokia's and Ericsson's, that I think also license at the device level, but their rates wind up -- you are five our 10 times higher than them.

德瑞克，你之前多次提到，這只是價格和商業協議的問題。我很想聽聽您對其他主要專利持有者（諾基亞和愛立信）的看法，我認為他們也是在設備層面進行許可，但他們的費率最終會比他們高出 5 到 10 倍。

So if you would just talk a little bit about maybe your difference in materiality of your patent pool relative to the other players that might result in higher rates than the others. Would you consider something lower be FRAND?

所以，如果您能稍微談談您的專利池相對於其他參與者的重要性差異，這可能會導致您的稅率高於其他參與者，那就太好了。您認為較低的標準符合 FRAND 要求嗎？

So yes, there has been no P&L benefit from the payments today. They have been held on the balance sheet as current liabilities. As you know, the agreements are now subject to litigation. And so there's a limit to how much we can describe how things might be resolved in the future.

所以，是的，今天的付款並沒有帶來損益。它們已作為流動負債列入資產負債表。如您所知，這些協議目前正處於訴訟程序中。因此，我們能描述的事物未來可能如何解決，也是有限的。

But the amounts will remain on our balance sheet until the dispute is resolved. And then we will account for them in whatever way that the resolution is reached.

但這些款項將保留在我們的資產負債表上，直到爭議解決為止。然後，我們將按照最終達成的決議方式對他們進行解釋。

I'll try to keep this as concise as I can. If you think about the contributions that Qualcomm has made to the technology, first, and all the way back to 2G, but then moving on to 3G and 4G and now onto 5G, all the way along the path, we really have been, from our perspective, the leading contributor to the most valuable portions of the technology that are in those standards. And I think that has borne out through the commercial agreements that we've been able to negotiate through arm's-length and fair negotiations over the years with 250-plus licensees.

我會盡量言簡意賅。想想高通對這項技術所做的貢獻，首先可以追溯到 2G，然後是 3G 和 4G，現在又是 5G，一路走來，從我們的角度來看，我們確實是這些標準中最有價值的技術部分的主要貢獻者。我認為，多年來我們與 250 多家被授權人透過公平公正的談判達成的商業協議，已經證明了這一點。

As Steve mentioned in his remarks, those aren't agreements that are just 20 years old. Many of those have been renegotiated several times with the largest players over the year and continually reaffirm the value of our portfolio. So we believe our contributions, which tend to be more focused on the device side and then the overall system as well, are just frankly more valuable than some of the other contributions that we see across the industry.

正如史蒂夫在演講中提到的，這些協議並非只有 20 年的歷史。在過去一年中，我們與其中許多最大的參與者進行了多次重新談判，並不斷重申我們投資組合的價值。因此，我們認為，我們所做的貢獻（往往更側重於設備方面以及整個系統方面）比我們在業界看到的其他一些貢獻更有價值。

And the second piece is you have to look at the circumstances under which the other companies negotiated their licenses. Obviously, when Nokia negotiated a number of their licenses, they had a significant device business. And they bargained for cross-licenses from other patent holders, which would have been an offset and helped establish the value of their portfolio. The same is true with Ericsson.

第二點是，你必須考慮其他公司在談判許可證時的具體情況。顯然，諾基亞在談判獲得多項授權時，已經擁有相當規模的設備業務。他們還與其他專利持有者談判，爭取交叉許可，這可以起到抵消作用，並有助於確定其專利組合的價值。愛立信的情況也是如此。

So, again, those companies both have made significant contributions. I'm not doing anything to suggest otherwise. But we believe that our contributions have been different in kind. And again, the market has valued those contributions through the agreements we have negotiated over the years.

所以，再次強調，這兩家公司都做出了重大貢獻。我並沒有做任何事來表明情況並非如此。但我們相信，我們的貢獻方式有所不同。再次強調，市場已經透過我們多年來談判達成的協議認可了這些貢獻。

I just want to add one or two points to Derek's. Primarily, as he said, we have enormous contributions. But the point that Derek was making needs to be hammered home, because people get confused. He was talking about cross-licenses in the likes of Samsung and Nokia.

我只想在德里克的觀點基礎上補充一兩點。正如他所說，我們做出了巨大的貢獻。但德瑞克提出的觀點需要一再強調，因為人們很容易感到困惑。他當時談的是三星和諾基亞等公司的交叉授權。

As you know, we are not in the device business. So when we are negotiating, we are not seeking cross-licenses to be able to sell devices, as they are. And so that's a whole different dynamic in the negotiation. And people often get confused about that.

如您所知，我們並非從事設備業務。因此，我們在談判時，並不尋求像他們那樣透過交叉授權來銷售設備。因此，在談判中出現了完全不同的動態。人們常常對此感到困惑。

And the other thing is it would be interesting for people to take a look at, because there's a lot in the record of this, of all the lawsuits that Apple has brought against its competitors, and look at what they've sought in damages for just a couple of patents or less than a handful of patents. So that's an interesting comparison to what they are claiming in terms of the portfolio that we have.

還有一點值得人們關注，因為這方面的記錄很多，看看蘋果公司針對競爭對手提起的所有訴訟，以及他們僅僅因為幾項專利或寥寥幾項專利就尋求的賠償金額。所以，這和他們聲稱的我們所擁有的投資組合形成了有趣的對比。

Rod Hall, JPMorgan.

Rod Hall，摩根大通。

Thanks for taking the questions. I guess I've -- well, I got a bunch. I'll try to blow it down to just a couple. One is, can you clarify whether Apple's deal or Foxconn's deal was set to expire at the end of 2016? We understand it probably was, but could you just clarify whether that is the case and, in fact, this is part of the normal deal expiration and then the negotiations that ensue after that? That's my first question.

謝謝您回答問題。我想我有很多。我盡量把數量減少到只有幾個。第一個問題是，您能否澄清一下，蘋果的交易還是富士康的交易將於 2016 年底到期？我們了解到情況可能確實如此，但您能否澄清一下是否真是如此，以及這是否屬於正常的協議到期以及之後進行的談判的一部分？這是我的第一個問題。

Second question is on materiality of this if they were to stop paying. We've done our own calculations with EPS impacts up around 30%. Others have gotten around 25%. I wonder, could you guys just say whether those calculations are in the ballpark and if not, give us any kind of idea what sort of EPS impact we might expect if they were to stop payment?

第二個問題是，如果他們停止支付，這件事是否會產生實質影響。我們自行計算得出，每股盈餘受影響幅度高達 30% 左右。其他人則獲得了大約 25% 的分數。我想請問一下，你們能否說明一下這些計算結果是否合理？如果不合理，能否大致說明一下，如果他們停止支付，我們可能會對每股盈餘產生什麼樣的影響？

And then my last question for you is whether you have had any direct discussion with Foxconn. And are there comments you are making that they should continue to pay strictly based on legal agreements? Or are they based also on some discussions that you've had with them and that have ensued after these suits were filed?

最後一個問題是，您是否與富士康進行任何直接討論？你是否有任何意見認為他們應該繼續嚴格按照法律協議支付款項？或者，這些決定也是基於你與他們進行的一些討論，而這些討論是在這些訴訟提起之後進行的？

Maybe I will take your first and last question, and then maybe George can jump in on the other one. So we don't have -- the agreements that are the subject of the dispute with Apple are with Apple. We don't have agreements with Foxconn. And I think it's fair to assume that those agreements basically expired at the end of 2016.

也許我會回答你的第一個和最後一個問題，然後喬治可以再回答另一個問題。所以我們沒有——那些與蘋果公司有爭議的協議是與蘋果公司簽訂的。我們與富士康沒有合作協議。我認為可以合理推斷，這些協議基本上已於 2016 年底到期。

As to Foxconn, again, we don't typically get into discussions we have with our licensees. What I can tell you is we have no indication -- and we do have frequent interactions with our licensees. We have no indication at this point that Foxconn or any of our other licensees will not comply with the terms of their agreement. So that's probably the best we can tell you at this point.

至於富士康，我們通常不會透露與授權商之間的討論內容。我可以告訴你的是，我們沒有任何跡象表明——而且我們確實經常與我們的被授權者互動。目前我們沒有任何跡象表明富士康或我們的任何其他被授權人將不遵守其協議條款。所以，目前我們能告訴你的可能就只有這些了。

On the materiality, clearly Apple and Samsung are two very large customers, Apple being one of them. We said the two largest are about 40% of revenue, but that includes both chip and licensing for both.

從實質角度來看，蘋果和三星顯然是兩大客戶，其中蘋果是其中之一。我們說最大的兩項業務約佔收入的 40%，但這包括晶片收入和授權收入。

The way we think about it is, one, we've seen customers actually continue to pay even during disputes, in many cases. And also, our ongoing relevance to customers across their business generally provides additional coverage there.

我們的想法是，第一，我們看到很多情況下，即使在發生糾紛期間，客戶實際上也會繼續付款。此外，我們與客戶業務的持續關聯性通常也能提供額外的覆蓋範圍。

But part of why we have a strong balance sheet is so that when events like this happen, we are able to not only sustain ourselves and the investments that are required, but we are able to fund acquisitions and other key initiatives of the Company. So we feel we are in a very strong position to continue to execute going forward and under almost any circumstance.

但我們擁有強勁的資產負債表的部分原因在於，當此類事件發生時，我們不僅能夠維持自身營運和所需的投資，而且還能夠為公司的收購和其他關鍵舉措提供資金。因此，我們感到我們處於非常有利的地位，能夠在幾乎任何情況下繼續執行未來的計劃。

Timothy Arcuri, Cowen and Company.

Timothy Arcuri，Cowen and Company。

My question, Derek, is really what does Apple want? Because if you look at the effective rate that they are paying, they pay basically on COGS and they pay the contract -- and the contract manufacturer pays you.

德瑞克，我的問題是，蘋果到底想要什麼？因為如果你看他們實際支付的費率，他們基本上是按銷售成本支付，然後支付合約款項——而合約製造商再把錢付給你。

If you do some math, they are in the low- to mid-200 basis points as a percentage of COGS, which doesn't seem to be that much different than what the 4G rate that you signed in China is. So what do they want, other than just getting a better deal? I guess that's my first question.

如果你稍微計算一下，它們佔銷售成本的百分比在 200 個基點左右，這似乎與你在中國簽訂的 4G 資費合約的資費差別不大。除了獲得更優惠的價格之外，他們還想要什麼？我想這是我的第一個問題。

Really, if you peel apart all of the arguments that Apple is making, as we said, we believe firmly that they are all without merit. In the end of the day, they essentially want to pay less for the technology that they are using. And it's pretty simple, and that's really the motivation. And again, they wrap a lot of stuff around that, which really, we think, over time we will be able to clearly show is false.

事實上，正如我們所說，如果你仔細分析蘋果公司提出的所有論點，我們堅信這些論點都是毫無根據的。歸根結底，他們本質上是想為自己使用的技術支付更少的費用。這很簡單，而這正是我的動力所在。而且，他們也圍繞著這一點編造了很多說法，但我們認為，隨著時間的推移，我們將能夠清楚地證明這些都是錯的。

But in the end of the day, they want to get to a lower payment. And we think that's not appropriate, given the value that we have established. We think they should pay a fair value, the fair value that we have established and that our other licensees are paying. And that's unfortunately why we are in dispute.

但歸根究底，他們還是希望降低還款額。鑑於我們已經建立的價值觀，我們認為這樣做是不合適的。我們認為他們應該支付合理的價格，也就是我們已經確定的、我們其他被授權人正在支付的合理價格。不幸的是，這就是我們產生爭議的原因。

Okay. And then I guess just as a quick follow-up, Derek, what is the way to think about the sustained royalty rate? Does this change how we should think about it, this and particularly what is happening with the KFTC as well? Does that change the 290-basis-point sort of longer-term rate that we should think about?

好的。那麼，德瑞克，我想快速追問一下，持續版稅率該如何考慮呢？這是否會改變我們對此事的看法，特別是對韓國公平交易委員會（KFTC）正在發生的事情的看法？這是否會改變我們應該考慮的 290 個基點的長期利率？

I think from our perspective, again, as Don mentioned, we are going to appeal and seek a stay of the decision in Korea. And in the end of the day, if that decision even were to come into effect, it does not invalidate the contracts that we have. It just sets forward a process for having us enter into renegotiations with some number of companies. And then if you can't resolve that, ultimately enter into some kind of dispute resolution.

我認為從我們的角度來看，正如唐所提到的那樣，我們將提起上訴，並尋求暫緩執行韓國的裁決。歸根結底，即使該決定最終生效，也不會使我們現有的合約無效。這只是為我們與一些公司重新談判制定了一個流程。如果還是無法解決這個問題，最終就需要進行某種糾紛解決程序。

But we believe firmly that the contracts that we have in place are compliant with FRAND and consistent with our obligation. So we would expect, even if we have to go through that process,that we would end up in the same place.

但我們堅信，我們現有的合約符合 FRAND 原則，並且符合我們的義務。所以即使我們必須經歷這個過程，我們也會期望最終會到達同一個地方。

So again, as we look at all these and also the FTC, we believe that we will be able to defend against that claim, hopefully more quickly rather than over a longer period of time. And we ultimately believe we will prevail in defeating the arguments that are being brought by Apple.

所以，綜合考慮所有這些因素以及聯邦貿易委員會的情況，我們相信我們能夠駁斥這項指控，希望能夠更快地解決問題，而不是耗費更長的時間。我們最終相信，我們將戰勝蘋果公司提出的論點。

So really, none of this affects our long-term view for the growth of the business or the 2.9%-ish effective rate that we've talked about over -- as a kind of normalized rate over time.

所以實際上，這一切都不會影響我們對業務成長的長期看法，也不會影響我們之前討論過的 2.9% 左右的有效成長率——這是一種隨時間推移而正常化的成長率。

Stacy Rasgon, Bernstein Research.

Stacy Rasgon，伯恩斯坦研究公司。

Thanks for taking my questions. I have one on Apple and then two quick operational ones. Just on Apple, the structure of your business, obviously device-level pricing, you've laid out I think a good case for why it's done this way.

謝謝您回答我的問題。我有一個蘋果應用，還有兩個快速操作應用。就蘋果公司而言，你們的業務結構，顯然是設備級定價，我認為你們很好地解釋了為什麼會這樣做。

Has this model ever actually gone to an actual court in front of a judge and jury? And if so, when and what happened in that case? And if it hasn't, can you please tell us if it's never actually gone into court?

這個模型是否真的在法庭上，曾在法官和陪審團面前進行審判？如果屬實，那麼當時的情況是什麼時候，又發生了什麼事？如果沒有，請問您能否告知我們該案件是否從未真正訴諸法庭？

In terms of operationally, just briefly, can you give us a feeling for how much of the TRDS guidance next quarter is catch-up? And can you give us a feeling for what's going on with your inventories? Why are they so high? Why did they go up so much into a quarter where chipsets are falling a lot?

從營運角度來看，您能否簡要地介紹一下，TRDS 下一季的業績指引中有多少是追趕性調整？能大致介紹一下貴公司的庫存狀況嗎？為什麼價格這麼高？為什麼在晶片組價格大幅下跌的季度裡，它們的漲幅卻如此之大？

Let me take your first question. As we noted in some of the comments, if you look at Apple's complaint, one of the things that they argue is that royalties should be based on just a baseband chip within the phone or what they refer to as the smallest salable unit.

讓我回答你的第一個問題。正如我們在一些評論中提到的，如果你看看蘋果公司的投訴，他們提出的論點之一是，專利費應該只基於手機內的基頻晶片，或者他們所說的最小可銷售單位。

But that is -- there really is no legal precedent to suggest that when you are licensing a portfolio of patents such as a large portfolio of standard essential patents that that legal doctrine has any application. And there are numerous examples of reasonable royalties being set in court cases as a percentage of the end product. So this is a well understood, I think, a well-laid-out concept.

但實際上並沒有法律先例表明，當你許可一系列專利（例如大量的標準必要專利）時，該法律原則有任何適用性。法庭案件中有很多案例表明，合理的版稅是最終產品價格的一定百分比。所以我認為，這是一個很容易理解、條理清晰的概念。

And it's consistent with the way that not only Qualcomm has licensed in our own industry for decades, but also virtually every other patentholder when they are seeking to collect royalties on their intellectual property. I think, as Don mentioned, even when nonstandard essential patents are asserted, royalties have been sought on a per-unit basis far in excess of what Qualcomm charges for a much larger technology contribution in a license.

這與高通公司幾十年來在我們自己的行業中採用的許可方式一致，也與幾乎所有其他專利持有者在尋求收取其智慧財產權的版稅時採用的方式一致。我認為，正如唐所提到的，即使主張的是非標準必要專利，每單位的專利費也遠高於高通在授權協議中對更大技術貢獻所收取的費用。

On the question on TRDS, I think you probably have to -- the impact of the -- was it on Q2?

關於 TRDS 的問題，我認為你可能需要考慮——它的影響——是在第二季嗎？

Yes. If you think about in terms of the impact of catch-up, the overwhelming growth is coming from the seasonal movements. And less than a third of the EPS impact is related to catch-up, which is pure revenue, pure profit.

是的。如果從追趕效應的角度來看，壓倒性的成長來自季節性波動。而每股盈餘 (EPS) 影響中，只有不到三分之一與追趕效應有關，這完全是收入和利潤。

I can address the inventory question. So Stacy, I think inventory -- maybe three topics for you to think about it on the chip side. I think one is, as we said, the Chinese New Year. So I think, given how we feel good about our position in China, it's just providing reassurance of supply and meeting customer demand as some of those products launch.

我可以回答庫存問題。所以，Stacy，我認為庫存方面——也許有三個主題需要你從晶片的角度來思考。我認為其中一個就是我們之前提到的中國新年。所以我覺得，鑑於我們對自己在中國的地位感到滿意，這只是為了確保供應，並在部分產品上市時滿足客戶需求。

The other thing to think about it is we had, early in the year, as normal with any new process node, we had conservative planning on 10-nanometer ramp. We just had a little bit more parts of the predecessor in case some of those things shift into the quarter.

另一點要考慮的是，今年年初，和所有新的製程節點一樣，我們對 10 奈米製程的量產進行了保守的規劃。我們多準備了一些前代產品的零件，以防其中一些產品會轉移到本季。

And the last one, I think you probably know, there's cancellation of orders from a customer for one of its flagship products last year that got canceled. And those things will flow through normal inventory levels throughout the year.

最後一件事，我想你可能也知道，是去年一位顧客取消了他們旗艦產品的訂單。這些商品全年都會保持正常的庫存水準。

Kulbinder Garcha, Credit Suisse.

Kulbinder Garcha，瑞士信貸。

I have a couple of questions. On the Apple situation, maybe for Derek, Apple has put in the lawsuit that they would be withholding payments to their contract OEMs. Now, I know your licensees are saying that they will continue to pay you, whether it's Hon Hai or whoever. But there must be a risk that that gets withheld from you at some point. Are you just saying that you don't see it right now? That's my first question.

我有幾個問題。關於蘋果的情況，或許對德里克來說，蘋果已經在訴訟中提出，他們將扣留向合約 OEM 廠商的款項。我知道你們的被授權者都表示會繼續向你們支付費用，不管是鴻海集團還是其他什麼公司。但你遲早會面臨被剝奪這種權利的風險。你只是說你現在沒看到嗎？這是我的第一個問題。

And my second question is that -- linked to Apple -- is that there was various points in their lawsuit that seemed to imply that they didn't have visibility over which intellectual property they had indirectly licensed. And so my question is, are there vast parts of your portfolio which they have not licensed? And what are you doing about maybe pursuing them? Or is that something you are considering right now?

我的第二個問題是——與蘋果公司有關——他們的訴訟中似乎有幾點暗示他們不清楚自己間接授權了哪些智慧財產權。所以我的問題是，你們的產品組合中是否有大量他們尚未授權的內容？那你打算如何追查他們呢？或者，這是你目前正在考慮的事情嗎？

And my operational question, just on China, is what level of compliance have we got now over the market like with the deal you have recently signed [what rom rallia]?

關於中國市場，我的操作性問題是，我們現在對市場的遵守程度如何，就像你們最近簽署的協議（來自 Rallia）一樣？

So let me take each one of those. On the first question, basically what Apple said in its complaint was that it would withhold payment to its contract manufacturers of an amount equal to what it claims that we owe them.

那麼，讓我逐一講解。關於第一個問題，蘋果公司在其投訴中基本上表示，它將扣留支付給其代工製造商的款項，金額等於蘋果聲稱我們欠他們的款項。

But it didn't go beyond that. In other words, it didn't say that it was going to withhold payment of all royalties going forward. It just talked about the amount that was in dispute. And I think George covered off already how we have already dealt with that in our P&Ls.

但事情也就止步於此了。換句話說，它並沒有說要停止支付今後所有的版稅。它只談到了爭議金額。我認為喬治已經闡述了我們是如何在損益表中處理這個問題的。

But again, on a going-forward basis, these are valid and enforceable contracts with our ODMs. There's no question there. And we would expect to get paid on a going-forward basis, and we would also expect that Apple wouldn't interfere with those contracts.

但再次強調，從長遠來看，這些是我們與 ODM 簽訂的有效且可執行的合約。這點毋庸置疑。我們希望今後能按時收到款項，也希望蘋果公司不會幹預這些合約。

And we have no indication as we sit here that either party will do either of those things, meaning withhold payment or interfere. But again, we are going to have to take somewhat of a wait-and-see approach. This is a fluid situation. Complaint just came late last week, and we are continuing to monitor the situation and we will be updating you all as things progress.

目前我們沒有任何跡象表明任何一方會採取這兩種行動，即扣留付款或進行幹預。但是，我們還是得採取觀望態度。情況瞬息萬變。投訴是上週晚些時候才收到的，我們正在持續關注事態發展，並將隨時向大家通報最新情況。

We have given Apple more than full visibility into the scope of our technology and the scope of our patent portfolio. And they have a tremendous amount of information from us in terms of what we expect them to pay for in terms of our technology position.

我們已經讓蘋果充分了解了我們的技術範圍和專利組合範圍。而他們從我們這裡獲得了大量信息，包括我們希望他們為我們的技術地位支付的費用。

As I said before, the contracts that we have today are with their contract manufacturers. Those agreements do not include licenses to all of our portfolio, but we have both been -- we have been discussing a direct license with Apple as well, which would obviously include a broader portfolio license.

正如我之前所說，我們今天簽訂的合約都是與他們的代工廠商簽訂的。這些協議並不包括我們所有產品組合的許可，但我們一直在與蘋果討論直接許可事宜，這顯然會包括更廣泛的產品組合許可。

So I'm probably not going to comment today on our legal strategy as to what we may or may not do with the patents that are unlicensed to Apple or our contract manufacturers, but there are some patents in our portfolio that are outside those agreements.

因此，我今天可能不會評論我們的法律策略，即我們可能會或不會對未授權給蘋果公司或我們的代工製造商的專利採取什麼行動，但我們的專利組合中確實有一些專利不在這些協議的範圍內。

I mentioned in my remarks that with the further progress in China, we are now in a position of collecting on about 80% of the Chinese OEM global device sales. You may remember back in February at the last analyst day we talked about trying to get to about 75% collection with the key deals. And we are now at 80% and hope to, over time, take that number higher.

我在發言中提到，隨著中國市場的進一步發展，我們現在能夠收取中國OEM全球設備銷售額的約80%的費用。您可能還記得，在二月的上一次分析師日上，我們討論過如何透過關鍵交易實現約 75% 的收款率。目前我們已達到 80%，希望隨著時間的推移，這個數字能夠進一步提高。

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？

Yes, thank you. I just want to thank everyone for joining the call today. We obviously are working through our dispute here. We will get through it like we have in the past. I appreciate everybody's patience here, but we're going to do the right thing for shareholders.

是的，謝謝。我只想感謝今天參加電話會議的各位。我們顯然正在努力解決我們之間的糾紛。我們會像過去一樣渡過難關。感謝大家的耐心，但我們會做對股東有利的事。

I also want to recognize and thank the employee base for really their strong work in not only repositioning the Company, but also delivering the results that we show today. So thank you all and talk to you next quarter.

我還要感謝全體員工，感謝他們為公司重新定位所做的出色工作，以及他們今天所取得的成果。謝謝大家，我們下個季度再見。

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。