高通 (QCOM) 2017 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們，先生們，謝謝你們的支持。

Welcome to the Qualcomm first-quarter fiscal 2017 earnings conference call.

歡迎參加高通 2017 財年第一季度財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded January 25, 2017.

（操作員說明）提醒一下，本次會議將於 2017 年 1 月 25 日錄製。

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

今天電話的播放號碼是 855-859-2056。

International callers please dial 404-537-3406.

國際來電者請撥打 404-537-3406。

The playback reservation number is 48860663.

播放預約號為48860663。

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

我現在想把電話轉給投資者關係副總裁 John Sinnott。

Mr. Sinnott, please go ahead.

辛諾特先生，請繼續。

Thank you and good afternoon, everyone.

謝謝大家，下午好。

Today's call will include prepared remarks by Steve Mollenkopf, Derek Aberle, and George Davis.

今天的電話會議將包括 Steve Mollenkopf、Derek Aberle 和 George Davis 準備好的發言。

In addition, Cristiano Amon and Don Rosenberg will join the question-and-answer session.

此外，克里斯蒂亞諾阿蒙和唐羅森博格將參加問答環節。

You can access our earnings release and a slide presentation that accompany this call on our investor relations website.

您可以在我們的投資者關係網站上訪問我們的收益發布和本次電話會議附帶的幻燈片演示。

This call is also being webcast on qualcomm.com and a replay will be available on our website later today.

該電話會議還在 qualcomm.com 上進行了網絡直播，今天晚些時候我們的網站將提供重播。

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.

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

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.

此外，我們將做出前瞻性陳述，包括對未來事件、業務或行業趨勢或我們的業務或財務結果的預測和估計。

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

實際事件或結果可能與前瞻性陳述中預測的事件或結果存在重大差異。

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.

請參閱我們向美國證券交易委員會提交的文件，包括我們最近的 10-Q，其中包含可能導致實際結果與前瞻性陳述存在重大差異的重要因素。

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

現在是高通公司首席執行官 Steve Mollenkopf 的評論。

Thank you, John.

謝謝你，約翰。

Good afternoon, everyone.

大家下午好。

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.

我們交付了一個強勁的季度，收入和非 GAAP 每股收益分別同比增長 4% 和 23%，反映了我們核心移動業務的技術領先和嚴格執行的強勁成果。

Before discussing our business activities further, I would like to first comment on the recent legal challenges facing Qualcomm.

在進一步討論我們的業務活動之前，我想先談談高通最近面臨的法律挑戰。

This is something we take very seriously and will cover in-depth today.

這是我們非常重視的事情，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.

但在此之前，讓我說一下，從歷史上看，我們與 Apple 有著牢固的關係，他們一直是我們的長期重要客戶。

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.

即使這場爭端仍在繼續，我們仍打算繼續成為 Apple 的良好供應商，並且相信沒有比高通和我們行業領先的技術更好的 Apple 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關係的基礎，涵蓋廣泛的技術，這些技術將成為未來幾年新產品的基礎。

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.

我們始終傾向於通過談判而不是訴訟來解決客戶糾紛，所以很遺憾蘋果選擇了這條路。

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.

我們已做好充分準備，並相信我們有能力成功抗辯 Apple 的索賠以及韓國和 FTC 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.

蘋果的訴狀包含了很多斷言，但歸根結底，這是一場關於知識產權價格的商業糾紛。

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.

他們希望為高通在市場上為我們的技術建立的公允價值支付更少的費用，儘管蘋果已經從使用該技術中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.

高通始終是移動行業的系統創新者和研發引擎。

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.

與我們行業中幾乎所有的大公司不同，通過我們的許可計劃與行業廣泛共享技術一直是我們商業模式的最重要方面，同時促進競爭。

Our inventions have fundamentally enabled the mobile industry.

我們的發明從根本上推動了移動行業的發展。

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.

雖然這些貢獻始於 30 多年前，但我們繼續大力投資並引領 4G LTE 技術和移動計算，現在我們正在引領行業邁向 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.

而且，儘管我們的投資組合的初始市場價值很久以前就已確定，但隨著我們的技術貢獻和專利組合的顯著增長，該價值隨著時間的推移而有形而有意義地增加。

Yet, we have never raised our royalty rates.

然而，我們從未提高過專利費率。

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.

多年來，隨著我們重新談判現有許可並與眾多被許可人簽訂新的許可協議，包括過去兩年在中國獲得的 120 多個新許可，這一既定價值得到了一次又一次的重申。

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.

正如今天電話會議中的許多人所知，我們在成功捍衛我們的許可實踐和商業模式方面有著悠久的歷史，這些實踐和商業模式已經在全球範圍內進行了測試，最近一次是在中國進行了測試。

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.

我們實踐的彈性反映了我們對支持智能手機平台和整個移動行業的核心技術所做的基礎和差異化貢獻。

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.

為了我們的被許可人及其客戶和整個行業的利益，我們大力投資突破技術界限，隨著時間的推移，他們的許可變得更有價值和更全面。

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.

我們在移動領域的創新和興趣方面超越了其他參與者，並且已經談判並簽署了 200 多項許可協議，這些協議驗證和認可了我們的技術貢獻和相關 IP 組合的價值。

At the same time, I believe we have more opportunity ahead of us than at any time in the Company's history.

同時，我相信我們面前的機會比公司歷史上任何時候都多。

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.

我向您保證，我們的團隊將繼續專注於抓住這些機會，這些機會一旦實現，將為高通帶來下一個重要的增長期，到 2020 年，可服務的潛在市場估計將達到 1380 億美元。

Our pending acquisition of NXP is reflective of and consistent with these opportunities.

我們對恩智浦的未決收購反映並符合這些機會。

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.

這種高度互補的結合加速了我們的產品和技術的規模和組合，並擴大了我們在汽車、物聯網、安全和網絡等增長領域的上市渠道。

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.

我們在與客戶的對話中看到了對此次交易的大力支持，並期待著實現兩家公司合併的全部潛力。

We are progressing on our regulatory filings for the NXP transaction and integration planning is well underway.

我們正在為恩智浦交易提交監管文件，整合計劃也在順利進行中。

Another important opportunity comes with the formation of our joint venture with TDK.

另一個重要的機會來自我們與 TDK 的合資企業。

We are concluding 12 months of preparation and expect to close the JV this quarter.

我們正在結束 12 個月的準備工作，預計將在本季度關閉合資企業。

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.

我相信這家合資企業將把我們在 RF 前端的活動從一個強大的利基市場參與者轉變為一個真正強大的挑戰者，與所有必要的技術塊競爭，以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.

我也很高興我們最近宣布與微軟合作將 Snapdragon 引入移動計算領域。

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.

這使我們能夠將移動創新、領先的消費電子技術和 Snapdragon 平台的連接性的優勢帶到筆記本電腦上，並擴大我們對一個可服務的、可尋址的市場機會的參與，該市場機會預計到 2020 年將達到 60 億美元。

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.

作為我們擴展計算業務能力的另一個例子，我們的數據中心業務也繼續表現良好，Derek 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.

我要感謝高通團隊在 CES 上的出色表現。

Our newly announced Snapdragon 835 sets new standards for the next generation of smartphones, computing, VR and AR, and many other applications.

我們新發布的驍龍 835 為下一代智能手機、計算、VR 和 AR 以及許多其他應用程序樹立了新標準。

And we are leading the semiconductor industry in 10-nanometer technology.

我們在 10 納米技術方面處於半導體行業的領先地位。

We also continue to set new bars in modem technology, including our new X16 gigabit LTE and X50 5G modems.

我們還繼續在調製解調器技術方面設定新的標準，包括我們新的 X16 千兆 LTE 和 X50 5G 調製解調器。

Simply stated, the roadmap is as strong today as it has ever been.

簡而言之，今天的路線圖與以往一樣強大。

To summarize, we are very excited about the future and the many opportunities directly in front of us.

總而言之，我們對未來和擺在我們面前的許多機會感到非常興奮。

This is a truly transformative time in the Company's history.

這是公司歷史上真正的變革時期。

I am confident we will address and get through the legal challenges underway, as we have done many times in the past.

我相信我們將解決並克服正在進行的法律挑戰，就像我們過去多次做過的那樣。

And in the meantime, I am pleased to see our results reflect strong execution in both our major businesses.

與此同時，我很高興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.

我現在想把電話轉給德里克。

Thank you, Steve, and good afternoon, everyone.

謝謝史蒂夫，大家下午好。

First, I'd like to build on Steve's earlier comments regarding Apple's recent legal claims.

首先，我想以史蒂夫早先對蘋果公司最近的法律訴訟的評論為基礎。

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.

蘋果公司的說法不僅毫無根據，而且還試圖破壞作為移動革命支柱的基於標準的協議，該框架促進並激勵了高通等少數公司投資開發新技術，因為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.

全球移動技術生態系統的基石和眾多行業參與者的成功基於這樣一種觀念，即願意投入必要資本並投入工程人才在技術實施之前很久就發明技術的公司會因分享而得到公平的補償這些發明通過許可。

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.

在高通，我們投入了數十億美元，並持續專注於發明突破性技術，這些技術推動了移動革命，並在智能手機和其他互聯設備中實現了多代技術創新。

Our industry leadership today comes from making these significant, focused investments ahead of the industry over many years to create leading technologies.

我們今天的行業領導地位來自多年來領先於行業的這些重大、集中的投資，以創造領先的技術。

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.

從我們成立之初，高通就一直走在行業的前沿，設想、發明並大規模商業化基礎技術，將高速移動數據和計算帶入全球大眾市場。

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.

正是高通推動了移動計算中無處不在的蜂窩連接的發展，包括越來越高的數據速率和頻譜效率，以及更強大、更高效的移動計算解決方案，這些解決方案支持智能手機的關鍵特性和功能，讓消費者的生活更美好，首次將數十億人連接到互聯網，並促成了無數新的業務和行業。

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.

我們的技術推動了移動經濟，並為 Uber、Snapchat、Instagram 等公司的商業模式和應用程序、WhatsApp 和 iMessage 等消息應用程序、Spotify 等流媒體服務、Siri 和 Google Assistant 等智能助手以及全球許多其他公司奠定了基礎.

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.

我們在輔助 GPS 方面的創新還催生了基於位置的服務、實時地圖和導航服務，全世界數億人現在都依賴這些服務。

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.

Qualcomm 的商業模式直接推動了這場移動應用革命，即通過向移動生態系統中的數百家公司授權我們的關鍵技術來發明和廣泛共享。

Without our technology, our investments, and our innovation, the mobile world today would not be nearly as disruptive, efficient, or useful.

如果沒有我們的技術、投資和創新，今天的移動世界將不會如此具有顛覆性、效率或實用性。

Qualcomm led the industry in producing innovations that provide or support almost every aspect of our smartphone's capability.

高通在提供或支持我們智能手機功能的幾乎所有方面的創新方面處於行業領先地位。

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.

蘋果一直是我們努力和投資的最大受益者之一，它能夠輕鬆進入智能手機領域，而無需對核心技術進行投資。

Apple has utilized our technology as the foundation for becoming the most profitable smartphone supplier in the world.

蘋果利用我們的技術作為成為世界上最賺錢的智能手機供應商的基礎。

Apple's own marketing statements recognize the value Qualcomm technology contributes to its products.

Apple 自己的營銷聲明承認高通技術為其產品帶來的價值。

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.

例如，Apple 最近承認，在印度推出 LTE 網絡將是釋放 iPhone 在印度的力量和能力的過渡。

As the leading innovator in 4G LTE, we agree.

作為 4G LTE 的領先創新者，我們同意這一點。

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.

簡要談到蘋果公司在聖地亞哥和中國提起的投訴，它聲稱高通公司應該被要求向調製解調器供應商許可其蜂窩標準必要專利或標準必要專利。

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.

即使在設備層面授權這些專利，高通也只能按照設備內部蜂窩調製解調器芯片的價格收取專利使用費。

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，這些立場不符合長期的行業慣例、相關標準制定機構的知識產權政策、許可大量專利組合的現實以及效率和經濟公平的基本概念。

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.

首先，高通和許多其他主要專利持有人長期以來一直遵循在設備級別（包括 3G 和 LTE）許可標準必要專利組合的做法。

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.

法律沒有突然改變使這種做法不當，它仍然是最有效和最公平的許可方法。

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.

其次，高通的許可承諾和專利法均未要求高通在組件級別許可其標準必要專利或對智能手機中的調製解調器芯片收取使用費。

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.

Apple 和其他人曾嘗試修改 ETSI 的知識產權政策，該政策管理蜂窩標準必要專利的許可承諾以包含這些概念，但該努力失敗了。

Third, Qualcomm has a vast technology patent portfolio that is broadly applicable to the technology and features implemented in smartphones.

第三，高通擁有廣泛的技術專利組合，廣泛適用於智能手機中實現的技術和功能。

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.

僅關注我們的蜂窩標準必要專利，它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芯片中實現。

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，即使高通將其蜂窩 SEP 的子集授權給調製解調器芯片供應商，使用該芯片的設備供應商仍需要獲得我們其餘蜂窩 SEP 和其他專利的許可。

Engaging in licensing at multiple levels creates significant inefficiencies with no tangible benefits.

在多個級別進行許可會造成嚴重的低效率，而且沒有明顯的好處。

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.

像高通這樣的專利組合的既定價值不會因為在調製解調器芯片和設備級別從設備級許可轉變為多級許可而改變。

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.

最後，Apple 聲稱，Qualcomm 的許可條款將要求 Apple 在添加他們聲稱與 Qualcomm 的技術或知識產權無關的新功能時支付更高的專利使用費。

As I just explained, Qualcomm's mobile technology enables the applications and functions that Apple highlights.

正如我剛才解釋的那樣，高通的移動技術支持 Apple 強調的應用程序和功能。

In addition, it is well known that Qualcomm has per-unit running royalty caps as part of its licensing program.

此外，眾所周知，作為其許可計劃的一部分，Qualcomm 有每單位運行許可費上限。

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.

這實際上導致被許可人不支付高於任何給定設備的特定淨銷售價格的設備價格百分比的運行特許權使用費。

Apple's claim that royalties are uncapped is simply incorrect.

Apple 聲稱版稅沒有上限的說法是完全錯誤的。

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.

設備級別的許可使被許可人確信其擁有設計、製造和銷售設備所需的權利，無論手機中的哪些組件實施了專利，也無論組件供應商是否擁有這些專利的許可。

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.

按設備價格的一定百分比收取版稅是公平的，並且符合以下事實：與更昂貴、功能齊全的設備相比，價格較低的設備傾向於使用和依賴較少的許可技術。

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.

近期KFT的決定、美國聯邦貿易委員會的申訴，以及蘋果公司的申訴，無論從內容還是時間上來說，都不是巧合。

Apple has been actively driving regulatory attacks on Qualcomm's business in jurisdictions around the world, and misrepresenting facts and withholding information.

蘋果一直在全球司法管轄區積極推動對高通業務的監管攻擊，並歪曲事實和隱瞞信息。

Apple claims that Qualcomm retaliated because Apple cooperated with government investigations.

蘋果稱，高通之所以進行報復，是因為蘋果配合政府調查。

To be clear, we did no such thing.

需要明確的是，我們沒有做過這樣的事情。

We simply objected to Apple making false and misleading statements and withholding information to motivate attacks against Qualcomm.

我們只是反對 Apple 做出虛假和誤導性陳述並隱瞞信息以激發對高通的攻擊。

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.

我們很高興有機會在法庭上審理 Apple 的索賠，我們將有權全面了解 Apple 的做法並對案情進行有力的審查。

We will prove that Apple's irresponsible claims of extortion are false.

我們將證明蘋果公司不負責任的勒索指控是錯誤的。

With respect to the KFTC decision, in December, it announced that it intends to issue a corrective order and impose a fine.

關於 KFTC 的決定，在 12 月，它宣布打算發布糾正令並處以罰款。

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.

正如我們上個月所說，這是一個史無前例的、無法支持的決定，不符合事實和法律，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貿易委員會的書面決定，並將對該決定提出上訴並尋求在首爾高等法院停留，我們希望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.

應該指出的是，KFTC 通常需要幾個月的時間才能從聽證會後的決定到書面的最終命令。

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.

在此，韓國公平貿易委員會在不到一個月的時間內完成了一份非常冗長的書面決定，這進一步證明了韓國公平貿易委員會不顧案件的是非曲直倉促作出判決。

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.

關於上週提交的 FTC 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分歧決定，並且非常關注蘋果公司，蘋果公司在幾天后提交了相關案件。

It is based on a flawed legal theory, a lack of economic support, and significant misconceptions about the mobile technology industry.

它基於有缺陷的法律理論、缺乏經濟支持以及對移動技術行業的重大誤解。

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.

同樣重要的是要注意，FTC 專員 Maureen Ohlhausen 投票反對提出申訴，甚至發表了強烈反對聲明。

We look forward to vigorously defending our business.

我們期待大力捍衛我們的業務。

We have faced legal challenges to our business model over the years, given the powerful commercial interests at play.

鑑於強大的商業利益，多年來我們的商業模式面臨法律挑戰。

But there is clear evidence of vibrant competition across the mobile industry, and this environment is enabled by our broad, pro-competitive licensing program.

但有明顯證據表明整個移動行業競爭激烈，而我們廣泛的、有利於競爭的許可計劃促成了這種環境。

We expect and look forward to outcomes that confirm the valuable contributions to innovation and competition that our technologies bring.

我們期望並期待能夠證實我們的技術為創新和競爭帶來的寶貴貢獻的成果。

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.

蘋果對高通商業模式的攻擊，不僅僅是對高通的攻擊，也是對高通商業模式所賦能的智能手機競爭的攻擊。

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.

正如史蒂夫指出的那樣，隨著我們在中國簽署新的許可協議繼續取得非常好的進展，包括完全解決我們與魅族的懸而未決的法律問題，QTL 的第一財季表現強勁。

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.

QTL 收入為 18 億美元，同比增長約 13%，主要受中國有利趨勢的推動，包括手機銷售增長和該地區的許可和合規進展，以及中國被許可方全球銷售的強勁增長。

Total reported device sales in the fiscal first quarter were $62.9 billion, above the midpoint of our prior guidance.

第一財季報告的設備總銷售額為 629 億美元，高於我們先前指引的中點。

And we estimate that reported 3G-4G device shipments were 330 million units with an ASP of $189 at the midpoints.

我們估計報告的 3G-4G 設備出貨量為 3.3 億台，中點平均售價為 189 美元。

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.

根據 IDC 的數據，第一季度結束後，我們與金立和魅族均完成了授權協議，目前已與所有中國前 10 大 OEM 完成協議。

To date, we have completed agreements with more than 120 manufacturers in China, consistent with the NDRC terms.

迄今為止，我們已與中國 120 多家製造商完成了符合國家發改委條款的協議。

We estimate that we are now collecting royalties on approximately 80% of Chinese OEM global 3G-4G device sales.

我們估計，我們現在對中國 OEM 全球 3G-4G 設備銷售額的大約 80% 收取專利費。

We remain focused on improved compliance and completing additional agreements, which could provide upside to our estimates.

我們仍然專注於提高合規性和完成額外的協議，這可能會為我們的估計提供上行空間。

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.

談到全球 3G-4G 設備出貨量，我們估計 2016 年的設備出貨量為 16.5 億至 17 億台，中點同比增長 8%，與我們之前的預測一致。

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.

對於 2017 日曆年，我們繼續預計同比增長約 7%，受新興地區需求的推動，全球 3G-4G 設備出貨量為 17.5 億至 18.5 億台設備。

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，同比下降約 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.

我們繼續預計，儘管外匯逆風，但與 2016 財年相比，2017 財年全球手機出貨平均售價的年度下降幅度將進一步放緩。

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.

您可能還記得幾年前，我們預測全球手機平均銷售價格將經歷幾年的加速侵蝕期，然後這些下降會隨著時間的推移而緩和。

We are seeing those trends play out as we predicted.

我們看到這些趨勢正如我們預測的那樣發揮作用。

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.

我們預計第二財季被許可方報告的設備總銷售額約為 740 億美元至 820 億美元，按中點計算環比增長約 24%，同比增長 11%，這主要受繁忙的假期/12 月季度出貨活動和反光的推動增加許可和合規進展。

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.

在我們的數據中心業務中，我們實現了一個重要的里程碑，因為我們宣布了商業樣品並對世界上第一個 10 納米服務器處理器進行了現場演示。

And early customer feedback and testing have been encouraging.

早期的客戶反饋和測試令人鼓舞。

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.

作為高通 Centriq 產品家族的首款產品，高通 Centriq 2400 系列擁有多達 48 個內核，並基於最先進的 10 納米 FinFET 工藝技術打造。

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.

它採用 Qualcomm Falkor CPU，Qualcomm Data Center Technology 的定制 ARMv8 兼容內核，經過高度優化以提供高性能和能效，旨在處理最常見的數據中心工作負載。

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，我們的數據中心合資企業也取得了很大進展，目前正忙於根據我們的技術和設計為中國市場開發定制的服務器 CPU 產品。

Although we have several ongoing challenges to our licensing program, we are confident in our positions.

儘管我們的許可計劃面臨著一些持續的挑戰，但我們對自己的立場充滿信心。

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.

我們相信，我們最終會像一家公司一樣，從這些挑戰中走出來，變得更加強大，就像我們過去多次做過的那樣。

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

我的評論到此結束，我將把電話轉給喬治。

Thank you, Derek.

謝謝你，德里克。

And good afternoon, everyone.

大家下午好。

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.

第一財季業績符合我們的預期，收入為 60 億美元，非 GAAP 每股收益為 1.19 美元，比我們的指導範圍中點高 0.02 美元，這主要受我們許可業務業績的推動。

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.

在 QTL，收入為 18 億美元，被許可人報告的設備總銷售額為 629 億美元，略高於我們指導的中點，這是受發達地區更強勁的 ASP 的推動。

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.

QTL 的第一季度業績不包括最近與魅族和金立簽署的許可協議的貢獻，這些協議預計將開始受益——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.

在 QCT，MSM 芯片出貨量為 2.17 億美元，略高於我們指導範圍的中點。

Overall performance was in line with expectations, and we had strong contributions from our adjacent areas, including IoT, wireless networking, and auto.

整體表現符合預期，我們的鄰近領域做出了巨大貢獻，包括物聯網、無線網絡和汽車。

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.

與 2016 年第一財季相比，QCT 的稅前收益增長了 23%，這反映出對我們新產品的強勁需求、周邊業務的增長以及成本結構的改善。

QCT operating margin was approximately 18% for the quarter, up more than 300 basis points over the same period last year.

QCT 本季度的營業利潤率約為 18%，比去年同期增長超過 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.

對於公司而言，非 GAAP 合併研發和 SG&A 費用環比增長不到 1%，略高於我們之前的指導。

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.

GAAP 收益包括 KFTC 在 12 月下旬宣布的約 8.68 億美元罰款的應計金額，這不包括在我們的非 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%.

應計利潤對第一財季 GAAP 每股收益的影響為 0.49 美元，並將我們全年的 GAAP 預估稅率提高了約 280 個基點至 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.

我們計劃對這一決定提出上訴，但我們仍然需要在收到本週早些時候收到的書面命令後 60 天內支付罰款。

We returned $1.2 billion to stockholders in the quarter in the form of dividends and buybacks.

我們在本季度以股息和回購的形式向股東返還了 12 億美元。

As of the end of the fiscal first quarter, we had approximately $2.5 billion of our stock repurchase authorization remaining.

截至第一財季末，我們的股票回購授權剩餘約 25 億美元。

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.

談到我們對 2017 財年第二季度的指引，我們的前景反映了季節性強勁的 12 月季度、QTL 的 3G-4G 設備出貨量以及 QCT 的季節性較低的第一季度 MSM 出貨量，這是每年這個時候的典型情況。

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.

我們預計與 Apple 的糾紛不會對收入產生任何影響，因為我們將繼續真誠地滿足他們的供應需求，並期望 Apple 將繼續履行其義務。

We have not reported any benefit to the P&L associated with nonpayment of disputed amounts to date or in our Q2 guidance.

迄今為止或在我們的第二季度指南中，我們尚未報告與未支付有爭議的金額相關的損益表的任何好處。

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.

我們估計收入約為 55 億美元至 63 億美元，非 GAAP 每股收益約為每股 1.15 至 1.25 美元。

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.

我們預計第二財季非 GAAP 合併研發和 SG&A 費用將按中點順序增長約 6% 至 8% 或 1.1 億美元，反映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 的投資不斷增加。

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.

在 QTL 中，我們估計我們的被許可方在 3 月季度報告的設備總銷售額將達到 740 億美元至 820 億美元，即他們在 12 月季度的出貨量，環比增長約 24%，中點同比增長 11%。

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.

我們的財務指引包括對我們預計在本季度記錄的一些追趕許可收入的估計，包括與最近與金立和魅族簽訂的許可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.

在 QCT，我們預計 MSM 出貨量約為 1.65 億至 1.85 億件，環比下降，反映了典型的季節性趨勢。

Year-over-year differences also include lower modem sales, given the second sourcing by a customer.

同比差異還包括較低的調製解調器銷售額，因為客戶是第二次採購。

We expect QCT revenue per MSM to be up modestly on a sequential basis in the second fiscal quarter on stronger product mix.

我們預計，由於更強大的產品組合，QCT 每個 MSM 的收入將在第二財季環比小幅增長。

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 QCT 第二財季營業利潤率約為 10% 至 12%，反映同比顯著改善，與推動我們第一財季業績的產品和成本因素一致，但因季節性因素而連續下降。

We expect to close the TDK joint venture later in this quarter, but are not including the expected impact in our guidance.

我們預計將在本季度晚些時候關閉 TDK 合資企業，但未將預期影響包括在我們的指導中。

We will update the go-forward implications of closing the joint venture on our next earnings call.

我們將在下一次財報電話會議上更新關閉合資企業的前瞻性影響。

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.

談到我們的投資收入，預計為收購 NXP 提供資金，我們將在未來幾個季度繼續清算我們資金組合中的長期風險資產，我們預計這將導致較低的收益率和總回報，更多符合短期、高信用質量的投資組合。

The impact of these changes will primarily be seen in the second half of the fiscal year.

這些變化的影響將主要在本財年下半年顯現。

We also plan to execute a meaningful portion of our acquisition-related financing in the second half of fiscal 2017.

我們還計劃在 2017 財年下半年執行大部分與收購相關的融資。

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.

因此，與我們在 2016 財年下半年看到的水平相比，我們預計 2017 年下半年較低的淨投資收入和較高的利息支出將對每股收益產生約 0.15 美元或約 3 億美元的稅前影響。

Despite recent foreign currency headwinds, we continue to estimate mid-single-digit percentage growth of global 3G-4G handset sales in fiscal 2017.

儘管近期外匯逆風，我們仍預計 2017 財年全球 3G-4G 手機銷量將實現中等個位數百分比增長。

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.

根據當前匯率，我們估計約 200 個基點的外匯逆風將部分被以當地貨幣為基礎的全球 3G-4G 手機平均售價好於預期的前景所抵消。

That concludes my comments.

我的評論到此結束。

I will now turn the call back to John.

我現在將電話轉回給約翰。

Thank you, George.

謝謝你，喬治。

Operator, we are ready for questions.

接線員，我們準備好提問了。

(Operator Instructions) Mike Walkley, Canaccord Genuity.

（操作員說明）Mike Walkley，Canaccord Genuity。

Couple questions just here, one on the business just in terms of seasonality of the business into the March quarter.

這裡有幾個問題，一個是關於業務進入 3 月季度的季節性問題。

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?

您能否談談與主要客戶的一些交易和收購以及韓國的新產品時間坡度、Apple 的季節性，以及您在中國市場看到的連續 MSM 出貨量？

And then just a clarification for Derek and Don.

然後是對 Derek 和 Don 的澄清。

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.

當你審視與 Apple 之間的全球糾紛時，我相信 Apple 實際上是通過他們的一些 ODM 向你付款的，比如富士康。

Could you just walk us through that, and maybe any accounting issues, should these ODMs decide not to pay on Apple's behalf?

如果這些 ODM 決定不代表 Apple 付款，您能否向我們介紹一下，也許還有任何會計問題？

Maybe I'll start addressing the Q2 seasonality on the chip business.

也許我會開始解決芯片業務的第二季度季節性問題。

I think Q2 MSM unit movement is largely seasonal.

我認為第二季度 MSM 單位變動主要是季節性的。

I think we see seasonality tied at two main effects.

我認為我們看到季節性與兩個主要影響有關。

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.

第一，我認為你已經在中國客戶的基礎上建立了對中國新年的期待，我認為他們基本上與中國新年銷售有關。

We also saw in units in Q2 are dependent on timing on launching on flagship devices within the quarter.

我們還看到，第二季度的出貨量取決於本季度旗艦設備的發佈時間。

And I think we are going to see some of those clearer towards the MCC announcement.

而且我認為我們將看到其中一些對 MCC 公告更加清晰。

So it's going to be more on flagship devices, going to be more of a second half of the year.

所以它將更多地出現在旗艦設備上，更多的是在今年下半年。

And I think in terms of your question on China, market position -- we continue to see strong demand for industry-leading products in China.

我認為就你關於中國市場地位的問題而言——我們繼續看到中國對行業領先產品的強勁需求。

I think we see good traction with the OEMs with our MSM roadmap.

我認為我們通過 MSM 路線圖看到了 OEM 的良好吸引力。

So it's mostly a seasonality that we would experience in Q2.

所以這主要是我們在第二季度會經歷的季節性。

To answer your question -- so you are right, Apple does not have a direct license with Qualcomm today.

回答你的問題 - 所以你是對的，蘋果今天沒有與高通公司的直接許可。

And so the royalties on Apple products that get paid to Qualcomm are reported and paid by their contract manufacturers.

因此，支付給高通的 Apple 產品的特許權使用費由其合同製造商報告和支付。

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.

因此，儘管我們現在確實與 Apple 存在爭議，他們對我們的一些報價和一些許可條款提出質疑，但我們與他們的供應商簽訂的合同仍然有效且可執行。

And we would expect that our licensees will continue to comply with the terms of their agreements.

我們希望我們的被許可人將繼續遵守他們的協議條款。

And we would also hope and expect that Apple would not interfere with the terms of those agreements.

我們也希望並期望 Apple 不會干涉這些協議的條款。

But of course, we can't fully control those actions.

但當然，我們無法完全控制這些行為。

So I guess a little bit of it, we're going to have to take a wait-and-see approach.

所以我猜有一點，我們將不得不採取觀望的態度。

We have no indication as we sit here today that our licensees will stop paying royalties.

我們今天坐在這裡，沒有跡象表明我們的被許可人將停止支付版稅。

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.

過去，當我們與公司就其在現有有效協議下所欠的特許權使用費發生糾紛時，通常即使我們處於仲裁等爭議中，這些公司也傾向於報告並支付特許權使用費。

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.

您可能還記得我們最近與 LG 進行仲裁時的情況，以及我們之前與他們進行仲裁時鬆下的情況。

So we will have to wait and see what happens, but that's the indication we have today.

所以我們將不得不等待，看看會發生什麼，但這就是我們今天的跡象。

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.

我想我要說的最後一點是，我們不相信也不期望我們會在第二季度或第二財政季度看到這場爭端的影響。

And our guidance reflects that.

我們的指南反映了這一點。

Simona Jankowski, Goldman Sachs.

西蒙娜·揚科夫斯基，高盛。

Two questions for Derek.

有兩個問題要問 Derek。

Apple claims that your NDRC rectification plan has never been adopted or endorsed by any agency or court.

Apple聲稱你們的發改委整改計劃從未被任何機構或法院採納或認可。

And they are challenging your royalty rate in China and have now taken to court there.

他們正在挑戰您在中國的特許權使用費率，現在已經在中國提起訴訟。

So can you clarify if your new license structure in China was, in fact, endorsed or not by the NDRC?

那麼您能否澄清一下您在中國的新許可證結構是否實際上得到了發改委的認可？

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.

然後第二個問題是，我不認為你解決了 Apple 的指控，即你的芯片組獨家協議是濫用壟斷權力的證據。

So would love to hear your position there as well.

所以也很想听聽你在那裡的立場。

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.

在中國，基本上解決發改委調查的方式是，高通——發改委發布命令，高通提交我們所謂的整改計劃。

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.

在整改計劃中，我們基本上承諾提供一套新的許可條款，以根據我們的中國必要專利在中國銷售。

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.

作為其中的一部分，發改委同意了，我相信，在當時的新聞稿中，高通的整改計劃和我們在其中做出的承諾完全解決了發改委命令中提出的問題.

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.

因此，儘管我不確定我是否會使用“認可”一詞，但我們當然相信發改委同意整改計劃和許可條款與解決他們訂單中的問題非常一致。

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.

當然，從那時起，我們已經出去談判並簽署了 120 多項許可協議，其條款與國家發改委的條款一致並反映出來。

And that was done under the supervision of the NDRC.

這是在國家發改委的監督下完成的。

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.

因此，我們非常有信心這些條款是公平合理的，我們認為蘋果公司很難聲稱這些條款不是 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.

順便說一句，我們向 Apple 提供了相同的條款，就像我們對所有其他被許可人所做的一樣，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.

關於你關於所謂的獨家交易的問題，首先，我們 - 我認為你稱之為壟斷力量或擁有壟斷力量。

We don't believe we have monopoly power in the chip market or any other market.

我們不相信我們在芯片市場或任何其他市場上擁有壟斷力量。

And nor do we have an exclusivity arrangement.

我們也沒有排他性安排。

We have never prevented Apple or anybody else from buying from competitive chipmakers.

我們從未阻止 Apple 或其他任何人從競爭芯片製造商那裡購買產品。

And in the Apple case, it's pretty clear since, as you know, they have been buying from Intel fairly recently.

在 Apple 的案例中，很明顯，正如你所知，他們最近一直在從英特爾購買產品。

So it's a mischaracterization to call it an exclusive dealing arrangement.

因此，將其稱為排他性交易安排是錯誤的描述。

We have been defending that accusation in Europe for about, I don't know, four years now.

我們一直在歐洲為這一指控辯護，我不知道，現在已經四年了。

And it's not new, although now it's out in the open that Apple is the one who has challenged us on this.

這並不是什麼新鮮事，儘管現在公開表明 Apple 是在這方面向我們提出挑戰的人。

And we will continue to defend it both in Europe and in this case.

我們將繼續在歐洲和這種情況下捍衛它。

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.

但我們非常有信心，它不符合此處排他性交易的定義，並且不違反任何競爭法。

James Faucette, Morgan Stanley.

James Faucette，摩根士丹利。

Just one clarifying question.

只是一個澄清問題。

I think, Derek, you've mentioned a couple times that Apple's ODMs continue to comply.

我想，Derek，你已經多次提到 Apple 的 ODM 繼續遵守規定。

So should we understand that, according -- per your understanding of the contracts that they are paying their contracted amounts in full?

那麼我們是否應該理解，根據您對合同的理解，他們正在全額支付合同金額？

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?

然後對於 Derek 和 Don，我們應該如何考慮 KFTC 和 FTC 案件、美國 FTC 案件的時間框架，就上訴流程或案件本身在美國需要多長時間而言？

And then, Don, you also just mentioned Europe.

然後，唐，你剛才也提到了歐洲。

Where are we on that investigation?

我們在調查中處於什麼位置？

And any sense of timing on when you may see further progress or the next steps there?

您對什麼時候可以看到進一步的進展或下一步有什麼時間感嗎？

So on the ODM contracts, I think the point to keep in mind is that, again, Apple is not a direct licensee.

所以關於 ODM 合同，我認為要記住的一點是，蘋果不是直接被許可人。

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.

我們與他們的合同製造商簽訂了有效且可執行的合同，這些合同製造商是我們的被許可人，並且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.

同樣，我們期望並希望我們的被許可方將繼續遵守他們的協議，並且 Apple 不會干涉我們現有的合同關係。

And we have no indication as we sit here today that the ODMs will stop paying or that Apple will interfere.

我們今天坐在這裡時，沒有跡象表明 ODM 將停止付款或 Apple 將進行干預。

But we obviously can't control their actions down the road.

但我們顯然無法控制他們今後的行動。

So we will have to see how that develops.

所以我們將不得不看看它是如何發展的。

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.

至於我們在第二季度的指導，我們認為在這一點上，這不會對第二季度 QTL 的收入產生影響，這將是截至 12 月季度的銷售額。

So with respect to, I think, I guess, three questions -- one on timing of KFTC, timing of FTC and then the DG Comp status.

所以關於，我想，我猜，三個問題——一個關於 KFTC 的時間，FTC 的時間，然後是 DG Comp 狀態。

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.

正如 Derek 之前指出的那樣，KFTC 現已針對該案件發布命令，這意味著該命令現已生效，而不是不到一個月前發布的新聞稿。

And we will now be able to seek an appeal at the Seoul High Court.

我們現在可以向首爾高等法院提出上訴。

And once we've started the appeal process, we will immediately seek a stay of the remedial release that was ordered by KFTC.

一旦我們開始上訴程序，我們將立即尋求暫停 KFTC 下令的補救釋放。

And we are obviously going to make pretty strong arguments with respect to their conclusions and hope that that will lead to a stay.

顯然，我們將對他們的結論提出非常有力的論據，並希望這會導致中止。

And then the appeal process can take quite some time in the Seoul High Court and then, if necessary, subsequent courts.

然後，首爾高等法院的上訴程序可能需要相當長的時間，然後，如有必要，後續法院。

The FTC case, which was filed in a district court in the Northern District of California.

FTC 案件在加利福尼亞州北區的地方法院提起。

As you know, we've said very clearly we think that case was lacking in any real coherent theory of competitive harm.

如您所知，我們已經非常清楚地說過，我們認為該案例缺乏任何真正連貫的競爭損害理論。

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.

人們需要做的就是閱讀專員 Ohlhausen 的反對聲明，以很好地了解我們如何反對這一點以及她是如何反對的。

And I commend it to you if you haven't read it.

如果你還沒有讀過，我推薦給你。

We have two paths to follow.

我們有兩條路可走。

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.

顯然，一旦新的聯邦貿易委員會成立，我們可能會回到完整的委員會，或者至少當大多數人超過 - 至少當，對不起，有兩個以上的委員，並尋求重新評估那個遲交的決定。

And hopefully, we might be able to get that withdrawn.

希望我們能夠撤回它。

If not, we will proceed with, as usual, defenses in the Northern District.

如果沒有，我們將像往常一樣在北區進行防禦。

And that will take some time, obviously.

顯然，這需要一些時間。

With respect to DG Comp, we have two statement of objections, as you know, that we have been defending there.

關於 DG Comp，我們有兩個反對聲明，如您所知，我們一直在那裡進行辯護。

And I have no new news as to timing there.

我沒有關於時間安排的新消息。

We are waiting at this point for the next step from DG Comp.

我們此時正在等待 DG Comp 的下一步。

Tim Long, BMO Capital Markets.

BMO 資本市場的 Tim Long。

Two quick ones, if I could, or maybe not quick.

兩個快速的，如果可以的話，或者可能不快。

George, you mentioned -- I think your language was no benefit to P&L impact from nonpaid amounts.

喬治，你提到過——我認為你的語言對未支付金額的損益影響沒有好處。

Are you referring to what Apple called the rebates or the payments in their complaint?

你指的是 Apple 在他們的投訴中所說的回扣或付款嗎？

But either way, if you can just talk about changes in contracts.

但無論哪種方式，如果你能只談論合同的變化。

It sounds like nothing has hit the P&L yet.

聽起來好像還沒有什麼影響損益表。

But where was that impacting?

但這有什麼影響呢？

Was that a COGS item in QCT?

那是 QCT 中的 COGS 項目嗎？

Was it somehow in the QTL line?

它是否以某種方式在 QTL 線中？

It would be helpful for us to understand where that is.

這將有助於我們了解它的位置。

And if there's more that's not going out, at what point would that become a benefit to the Qualcomm model.

如果還有更多的東西不會消失，那麼在什麼時候這會對高通模式有利。

And then Derek, you talked a lot about this being about just rates and a commercial agreement.

然後德里克，你談到了很多這只是關於費率和商業協議。

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.

我只是喜歡你對其他主要專利持有者的看法，諾基亞和愛立信，我認為它們也在設備級別獲得許可，但他們的費率最終 - 你比他們高 5 倍或 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.

因此，如果您只想談談您的專利池相對於其他參與者在重要性上的差異，這可能會導致比其他參與者更高的費率。

Would you consider something lower be FRAND?

你會認為更低的東西是 FRAND 嗎？

So yes, there has been no P&L benefit from the payments today.

所以是的，今天的付款沒有損益收益。

They have been held on the balance sheet as current liabilities.

它們在資產負債表上作為流動負債持有。

As you know, the agreements are now subject to litigation.

如您所知，這些協議現在受到訴訟。

And so there's a limit to how much we can describe how things might be resolved in the future.

因此，我們對未來如何解決問題的描述是有限度的。

But the amounts will remain on our balance sheet until the dispute is resolved.

但在爭議解決之前，這些金額將保留在我們的資產負債表上。

And then we will account for them in whatever way that the resolution is reached.

然後我們將以達成決議的任何方式對它們進行解釋。

I'll try to keep this as concise as I can.

我會盡量保持簡潔。

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.

如果你想一想高通對這項技術所做的貢獻，首先，一直回到 2G，然後轉向 3G 和 4G，現在轉向 5G，一路走來，我們真的是，從我們的觀點是，這些標準中最有價值的技術部分的主要貢獻者。

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.

我認為，多年來我們與 250 多家被許可方通過公平和公平的談判達成的商業協議證明了這一點。

As Steve mentioned in his remarks, those aren't agreements that are just 20 years old.

正如史蒂夫在他的發言中提到的那樣，這些並不是只有 20 年的協議。

Many of those have been renegotiated several times with the largest players over the year and continually reaffirm the value of our portfolio.

在過去的一年中，其中許多已經與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。

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.

因此，我們相信我們的貢獻往往更側重於設備方面，然後是整個系統，坦率地說，比我們在整個行業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.

第二點是你必須看看其他公司是在什麼情況下談判獲得許可的。

Obviously, when Nokia negotiated a number of their licenses, they had a significant device business.

顯然，當諾基亞就他們的一些許可進行談判時，他們擁有重要的設備業務。

And they bargained for cross-licenses from other patent holders, which would have been an offset and helped establish the value of their portfolio.

他們與其他專利持有人討價還價以獲得交叉許可，這本來可以抵消並幫助建立他們的投資組合的價值。

The same is true with Ericsson.

愛立信也是如此。

So, again, those companies both have made significant contributions.

因此，這些公司再次做出了重大貢獻。

I'm not doing anything to suggest otherwise.

我沒有做任何其他建議。

But we believe that our contributions have been different in kind.

但我們相信我們的貢獻是不同的。

And again, the market has valued those contributions through the agreements we have negotiated over the years.

再一次，市場通過我們多年來談判達成的協議對這些貢獻進行了評估。

I just want to add one or two points to Derek's.

我只想為 Derek 的觀點補充一兩點。

Primarily, as he said, we have enormous contributions.

首先，正如他所說，我們有巨大的貢獻。

But the point that Derek was making needs to be hammered home, because people get confused.

但是 Derek 提出的觀點需要被反復強調，因為人們會感到困惑。

He was talking about cross-licenses in the likes of Samsung and Nokia.

他談到了三星和諾基亞等公司的交叉許可。

As you know, we are not in the device business.

如您所知，我們不從事設備業務。

So when we are negotiating, we are not seeking cross-licenses to be able to sell devices, as they are.

因此，當我們進行談判時，我們並不是在尋求交叉許可來銷售設備。

And so that's a whole different dynamic in the negotiation.

因此，這是談判中完全不同的動態。

And people often get confused about that.

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.

另一件事是人們看一看會很有趣，因為在這方面的記錄中有很多，在蘋果公司對其競爭對手提起的所有訴訟中，看看他們要求賠償的是什麼只有幾項專利或少於幾項專利。

So that's an interesting comparison to what they are claiming in terms of the portfolio that we have.

因此，就我們擁有的投資組合而言，這與他們所聲稱的相比是一個有趣的比較。

Rod Hall, JPMorgan.

摩根大通羅德霍爾。

Thanks for taking the questions.

感謝您提出問題。

I guess I've -- well, I got a bunch.

我想我有——好吧，我有一堆。

I'll try to blow it down to just a couple.

我會盡量將其簡化為一對。

One is, can you clarify whether Apple's deal or Foxconn's deal was set to expire at the end of 2016?

一是，你能否澄清蘋果的交易或富士康的交易是否定於 2016 年底到期？

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?

我們知道它可能是，但你能否澄清一下是否是這種情況，事實上，這是正常交易到期的一部分，然後是之後的談判？

That's my first question.

這是我的第一個問題。

Second question is on materiality of this if they were to stop paying.

第二個問題是關於如果他們停止付款的重要性。

We've done our own calculations with EPS impacts up around 30%.

我們已經完成了自己的計算，EPS 影響增加了 30% 左右。

Others have gotten around 25%.

其他人得到了大約 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?

我想知道，你們能不能說一下這些計算是否在大概範圍內，如果沒有，請告訴我們如果他們停止付款，我們可能期望對 EPS 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.

然後我要問你的最後一個問題是你是否與富士康進行過任何直接討論。

And are there comments you are making that they should continue to pay strictly based on legal agreements?

你有沒有評論說他們應該繼續嚴格按照法律協議付款？

Or are they based also on some discussions that you've had with them and that have ensued after these suits were filed?

或者它們是否也基於您與他們進行的以及在提起這些訴訟後發生的一些討論？

Maybe I will take your first and last question, and then maybe George can jump in on the other one.

也許我會回答你的第一個也是最後一個問題，然後也許喬治可以跳到另一個問題上。

So we don't have -- the agreements that are the subject of the dispute with Apple are with Apple.

所以我們沒有 - 作為與 Apple 爭議主題的協議是與 Apple 的。

We don't have agreements with Foxconn.

我們與富士康沒有協議。

And I think it's fair to assume that those agreements basically expired at the end of 2016.

我認為可以公平地假設這些協議基本上在 2016 年底到期。

As to Foxconn, again, we don't typically get into discussions we have with our licensees.

至於富士康，我們通常不會與我們的被許可人進行討論。

What I can tell you is we have no indication -- and we do have frequent interactions with our licensees.

我可以告訴你的是，我們沒有任何跡象——而且我們確實與我們的被許可人進行了頻繁的互動。

We have no indication at this point that Foxconn or any of our other licensees will not comply with the terms of their agreement.

我們目前沒有跡象表明富士康或我們的任何其他被許可人將不遵守他們的協議條款。

So that's probably the best we can tell you at this point.

所以這可能是我們目前能告訴你的最好的。

On the materiality, clearly Apple and Samsung are two very large customers, Apple being one of them.

就重要性而言，顯然蘋果和三星是兩個非常大的客戶，蘋果是其中之一。

We said the two largest are about 40% of revenue, but that includes both chip and licensing for both.

我們說最大的兩家約佔收入的 40%，但這包括兩者的芯片和許可。

The way we think about it is, one, we've seen customers actually continue to pay even during disputes, in many cases.

我們的想法是，第一，在許多情況下，我們已經看到即使在爭議期間，客戶實際上仍在繼續付款。

And also, our ongoing relevance to customers across their business generally provides additional coverage there.

而且，我們與客戶在其業務中的持續相關性通常會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.

但我們擁有強大資產負債表的部分原因是，當發生此類事件時，我們不僅能夠維持自身和所需的投資，而且能夠為公司的收購和其他關鍵舉措提供資金。

So we feel we are in a very strong position to continue to execute going forward and under almost any circumstance.

因此，我們覺得我們處於非常有利的地位，可以在幾乎任何情況下繼續向前推進。

Timothy Arcuri, Cowen and Company.

蒂莫西·阿庫裡 (Timothy Arcuri)、考恩公司 (Cowen and Company)。

My question, Derek, is really what does Apple want?

Derek，我的問題是 Apple 到底想要什麼？

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.

因為如果你看看他們支付的實際利率，他們基本上是按銷貨成本支付，他們支付合同——合同製造商支付你。

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.

如果你做一些計算，它們佔 COGS 的百分比在 200 個基點左右，這似乎與你在中國簽署的 4G 費率沒有太大區別。

So what do they want, other than just getting a better deal?

那麼，除了獲得更好的交易之外，他們還想要什麼？

I guess that's my first question.

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.

真的，如果你把 Apple 提出的所有論點分開，正如我們所說，我們堅信它們都是毫無根據的。

In the end of the day, they essentially want to pay less for the technology that they are using.

歸根結底，他們基本上希望為所使用的技術支付更少的費用。

And it's pretty simple, and that's really the motivation.

這很簡單，這就是真正的動機。

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.

再一次，他們圍繞這一點包裝了很多東西，我們認為，隨著時間的推移，我們將能夠清楚地證明這是錯誤的。

But in the end of the day, they want to get to a lower payment.

但歸根結底，他們希望獲得較低的付款。

And we think that's not appropriate, given the value that we have established.

鑑於我們已經建立的價值，我們認為這是不合適的。

We think they should pay a fair value, the fair value that we have established and that our other licensees are paying.

我們認為他們應該支付公允價值，我們已經確定的公允價值以及我們的其他被許可人正在支付的公允價值。

And that's unfortunately why we are in dispute.

不幸的是，這就是我們存在爭議的原因。

Okay.

好的。

And then I guess just as a quick follow-up, Derek, what is the way to think about the sustained royalty rate?

然後我想作為快速跟進，Derek，考慮持續特許權使用費率的方法是什麼？

Does this change how we should think about it, this and particularly what is happening with the KFTC as well?

這是否會改變我們應該如何看待它，尤其是 KFTC 正在發生的事情？

Does that change the 290-basis-point sort of longer-term rate that we should think about?

這會改變我們應該考慮的 290 個基點的長期利率嗎？

I think from our perspective, again, as Don mentioned, we are going to appeal and seek a stay of the decision in Korea.

我認為從我們的角度來看，正如 Don 提到的，我們將再次上訴並尋求在韓國暫緩執行該決定。

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.

歸根結底，即使該決定生效，也不會使我們的合同無效。

It just sets forward a process for having us enter into renegotiations with some number of companies.

它只是提出了一個讓我們與一些公司重新談判的過程。

And then if you can't resolve that, ultimately enter into some kind of dispute resolution.

然後，如果你不能解決這個問題，最終進入某種爭端解決方案。

But we believe firmly that the contracts that we have in place are compliant with FRAND and consistent with our obligation.

但我們堅信，我們現有的合同符合 FRAND 並符合我們的義務。

So we would expect, even if we have to go through that process,that we would end up in the same place.

所以我們希望，即使我們必須經歷這個過程，我們也會在同一個地方結束。

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.

因此，再一次，當我們審視所有這些以及 FTC 時，我們相信我們將能夠為這種說法辯護，希望更快而不是更長的時間。

And we ultimately believe we will prevail in defeating the arguments that are being brought by Apple.

我們最終相信，我們將戰勝 Apple 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.

所以真的，這一切都不會影響我們對業務增長的長期看法，也不會影響我們已經討論過的 2.9% 左右的有效利率——作為一種隨著時間的推移而標準化的利率。

Stacy Rasgon, Bernstein Research.

Stacy Rasgon，伯恩斯坦研究中心。

Thanks for taking my questions.

感謝您回答我的問題。

I have one on Apple and then two quick operational ones.

我在 Apple 上有一個，然後是兩個快速操作的。

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.

就蘋果而言，你的業務結構，顯然是設備級定價，我認為這是一個很好的例子，說明為什麼要這樣做。

Has this model ever actually gone to an actual court in front of a judge and jury?

這個模型真的在法官和陪審團面前上過法庭嗎？

And if so, when and what happened in that case?

如果是這樣，那是什麼時候發生的？

And if it hasn't, can you please tell us if it's never actually gone into court?

如果沒有，你能告訴我們它是否從未真正上過法庭嗎？

In terms of operationally, just briefly, can you give us a feeling for how much of the TRDS guidance next quarter is catch-up?

在操作方面，您能否簡單地告訴我們下個季度有多少 TRDS 指南正在趕上？

And can you give us a feeling for what's going on with your inventories?

您能否讓我們了解一下您的庫存情況？

Why are they so high?

他們為什麼這麼高？

Why did they go up so much into a quarter where chipsets are falling a lot?

為什麼他們在芯片組大幅下跌的四分之一時漲幅如此之大？

Let me take your first question.

讓我回答你的第一個問題。

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.

正如我們在一些評論中指出的那樣，如果您查看 Apple 的投訴，他們爭論的其中一件事是版稅應該僅基於手機中的基帶芯片或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.

但那是——確實沒有法律先例表明，當您許可專利組合（例如大量標準必要專利組合）時，該法律原則具有任何適用性。

And there are numerous examples of reasonable royalties being set in court cases as a percentage of the end product.

在法庭案件中，有許多例子將合理的特許權使用費設定為最終產品的百分比。

So this is a well understood, I think, a well-laid-out concept.

所以這是一個很好理解的，我認為，一個佈局合理的概念。

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.

這與不僅高通幾十年來在我們自己的行業中獲得許可的方式是一致的，而且幾乎所有其他專利持有人在尋求對其知識產權收取使用費時也是如此。

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.

我認為，正如 Don 所提到的，即使在非標準必要專利被主張的情況下，以單位為基礎收取的特許權使用費也遠遠超過了高通公司在許可中為更大的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，我想你可能必須——它的影響——是對第二季度的影響嗎？

Yes.

是的。

If you think about in terms of the impact of catch-up, the overwhelming growth is coming from the seasonal movements.

如果你考慮追趕的影響，壓倒性的增長來自季節性運動。

And less than a third of the EPS impact is related to catch-up, which is pure revenue, pure profit.

不到三分之一的 EPS 影響與追趕有關，這是純收入，純利潤。

I can address the inventory question.

我可以解決庫存問題。

So Stacy, I think inventory -- maybe three topics for you to think about it on the chip side.

所以 Stacy，我認為庫存 - 也許是三個主題供您在芯片方面考慮。

I think one is, as we said, the Chinese New Year.

我認為一個是，正如我們所說的，中國新年。

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.

所以我認為，鑑於我們對我們在中國的地位感覺良好，它只是在其中一些產品推出時提供供應保證並滿足客戶需求。

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.

另一件要考慮的事情是，在今年年初，與任何新工藝節點一樣，我們在 10 納米斜坡上有保守的計劃。

We just had a little bit more parts of the predecessor in case some of those things shift into the quarter.

我們只是擁有前任的更多部分，以防其中一些事情轉移到本季度。

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.

最後一個，我想你可能知道，去年取消了客戶取消其旗艦產品之一的訂單。

And those things will flow through normal inventory levels throughout the year.

這些東西將在全年正常庫存水平流動。

Kulbinder Garcha, Credit Suisse.

Kulbinder Garcha，瑞士信貸。

I have a couple of questions.

我有一些問題。

On the Apple situation, maybe for Derek, Apple has put in the lawsuit that they would be withholding payments to their contract OEMs.

在 Apple 的情況下，也許對 Derek 來說，Apple 已經提起訴訟，稱他們將拒絕向合同 OEM 付款。

Now, I know your licensees are saying that they will continue to pay you, whether it's Hon Hai or whoever.

現在，我知道你的被許可人說他們會繼續付錢給你，不管是鴻海還是其他人。

But there must be a risk that that gets withheld from you at some point.

但是一定會有在某個時候不讓你知道的風險。

Are you just saying that you don't see it right now?

你是說你現在看不到嗎？

That's my first question.

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.

我的第二個問題是——與蘋果公司有關——他們訴訟中的多個觀點似乎暗示他們不知道他們間接許可了哪些知識產權。

And so my question is, are there vast parts of your portfolio which they have not licensed?

所以我的問題是，你的產品組合中是否有很大一部分是他們沒有獲得許可的？

And what are you doing about maybe pursuing them?

你在做什麼可能追求他們？

Or is that something you are considering right now?

或者這是你現在正在考慮的事情？

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]?

我的運營問題，就中國而言，我們現在在市場上的合規程度如何，就像你們最近簽署的協議 [what rom rallia]？

So let me take each one of those.

所以讓我把每一個都拿走。

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.

關於第一個問題，基本上蘋果在投訴中所說的是，它會扣留給其合同製造商的款項等於它聲稱我們欠他們的金額。

But it didn't go beyond that.

但它並沒有超越這一點。

In other words, it didn't say that it was going to withhold payment of all royalties going forward.

換句話說，它並沒有說它將停止支付未來的所有版稅。

It just talked about the amount that was in dispute.

它只是談到了有爭議的金額。

And I think George covered off already how we have already dealt with that in our P&Ls.

我認為 George 已經在損益表中說明了我們是如何處理這個問題的。

But again, on a going-forward basis, these are valid and enforceable contracts with our ODMs.

但同樣，在未來的基礎上，這些是與我們的 ODM 簽訂的有效且可執行的合同。

There's no question there.

毫無疑問。

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.

我們希望在未來的基礎上獲得報酬，我們也希望蘋果不會干涉這些合同。

And we have no indication as we sit here that either party will do either of those things, meaning withhold payment or interfere.

當我們坐在這裡時，沒有任何跡象表明任何一方都會做這些事情中的任何一件，即拒絕付款或乾涉。

But again, we are going to have to take somewhat of a wait-and-see approach.

但同樣，我們將不得不採取某種觀望態度。

This is a fluid situation.

這是一個不穩定的情況。

Complaint just came late last week, and we are continuing to monitor the situation and we will be updating you all as things progress.

上週晚些時候才收到投訴，我們正在繼續監控情況，隨著事情的進展，我們會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.

我們讓 Apple 對我們的技術範圍和專利組合的範圍有了更全面的了解。

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.

他們從我們這裡獲得了大量信息，了解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.

正如我之前所說，我們今天的合同是與他們的合同製造商簽訂的。

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.

這些協議不包括我們所有產品組合的許可，但我們一直都在——我們也一直在與 Apple 討論直接許可，這顯然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，我今天可能不會就我們的法律策略發表評論，即我們可以或不可以對未授權給 Apple 或我們的合同製造商的專利做什麼，但我們的投資組合中有一些專利不在這些協議範圍內。

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.

我在發言中提到，隨著在中國的進一步發展，我們現在可以收取大約 80% 的中國 OEM 全球設備銷售額。

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.

你可能還記得在 2 月份的最後一個分析師日，我們談到了試圖通過關鍵交易獲得大約 75% 的收款。

And we are now at 80% and hope to, over time, take that number higher.

我們現在是 80%，並希望隨著時間的推移，將這個數字提高。

Thank you.

謝謝你。

This ends our allotted time for questions and answers.

我們分配的問答時間到此結束。

Mr. Mollenkopf, do you have anything further to add before adjourning the call?

Mollenkopf 先生，在暫停通話之前，您還有什麼要補充的嗎？

Yes, thank you.

是的，謝謝。

I just want to thank everyone for joining the call today.

我只想感謝大家今天加入電話會議。

We obviously are working through our dispute here.

我們顯然正在努力解決我們在這裡的爭端。

We will get through it like we have in the past.

我們會像過去一樣度過難關。

I appreciate everybody's patience here, but we're going to do the right thing for shareholders.

我感謝大家的耐心等待，但我們將為股東做正確的事。

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.

我還想表彰並感謝員工群體，他們不僅在重新定位公司方面所做的出色工作，而且還交付了我們今天展示的成果。

So thank you all and talk to you next quarter.

所以謝謝大家，下個季度再談。

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

女士們，先生們，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。