高通 (QCOM) 2017 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm's Second Quarter Fiscal 2017 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded, April 19, 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財年第二季財報電話會議。（操作說明）提醒：本次會議正在錄音，2017 年 4 月 19 日。

The playback number for today's call is (855) 859-2056. International callers, please dial (404) 537-3406. The playback reservation number is 95200877.

今天電話回放號碼是（855）859-2056。國際來電者請撥 (404) 537-3406。播放預約號碼為95200877。

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

謝謝大家，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 the 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 the call today, we will use non-GAAP financial measures, as defined in Regulation G, and you can find the related reconciliations to GAAP on our website. We will also make forward-looking statements, including projections and estimates of future events, business or industry trends or our business or financial results.

在今天的電話會議中，我們將使用 G 條例定義的非 GAAP 財務指標，您可以在我們的網站上找到與 GAAP 相關的調整表。我們也會做出前瞻性聲明，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。

Actual events or results could differ materially from those projected in our forward-looking statements. Please refer to our SEC filings, including our most recent 10-Q, which contain important factors that could cause actual results to differ materially from the forward-looking statements.

實際事件或結果可能與我們的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.

接下來，請聽聽高通執行長史蒂夫·莫倫科夫的評論。

Thank you, John, and good afternoon, everyone. We are pleased to report strong results this quarter. Fiscal second quarter non-GAAP earnings per share were $0.14 above the midpoint of our prior guidance range, reflecting a continued focus on operational performance across the businesses. Our semiconductor business continues to benefit from both a strong product road map, perhaps the strongest in our company's history, as well as industry trends that bode well for our ability to further grow the semiconductor business outside of handsets.

謝謝你，約翰，大家下午好。我們很高興地宣布本季業績表現強勁。財年第二季非GAAP每股盈餘比我們先前預期範圍的中點高出0.14美元，反映出公司持續關注各業務的營運績效。我們的半導體業務繼續受益於強大的產品路線圖（或許是我們公司歷史上最強大的路線圖），以及有利於我們在手機以外的半導體業務進一步發展的行業趨勢。

Automotive, networking and IoT were particularly strong this quarter. Several of these product lines became part of Qualcomm largely through M&A, and will be further strengthened with the upcoming addition of NXP. Our QCT business continues to deliver a broad set of industry-leading products, positioning us well for the opportunities ahead. We delivered strong topline results this quarter and operating margins were ahead of expectations. Our partners are already announcing new premium tier devices based on our new Snapdragon 835 mobile platform, including a Samsung Galaxy S8 and S8+, Sony Xperia XD Premium and the Xiaomi Mi 6.

本季汽車、網路和物聯網領域表現尤為強勁。這些產品線中的幾條主要透過併購成為高通的一部分，而隨著恩智浦即將加入，這些產品線將進一步加強。我們的 QCT 業務持續提供一系列領先業界的產品，使我們為未來的機會做好了充分準備。本季我們實現了強勁的營收成長，營業利潤率也超出了預期。我們的合作夥伴已經開始發布基於我們全新驍龍 835 行動平台的高階新設備，包括三星 Galaxy S8 和 S8+、Sony Xperia XD Premium 和小米 Mi 6。

Additionally, the 835 is extending to new categories beyond smartphones such as the ODR -- or ODG AR smart glasses announced at CES. Our high and mid-tier Snapdragon 600 and 400 platform offerings continue to see high adoption, particularly in China now, with 200-plus devices and design in the 600 tier and 190-plus devices in design in the 400 tier worldwide.

此外，835 晶片的應用範圍正在擴展到智慧型手機以外的新領域，例如在 CES 上發布的 ODR（或 ODG）AR 智慧眼鏡。我們的高階和中階驍龍 600 和 400 平台產品持續廣受認可，尤其是在中國，目前全球已有 200 多款採用 600 平台的設備和設計，以及 190 多款採用 400 平台的設備。

In March, we announced our 205 Mobile Platform designed to bring 4G/LTE connectivity and 4G services for entry-level feature phones, and we expect OEM devices to be announced starting this quarter. The increasing number of gigabit LTE operator launches around the world this year validates our early investment in enabling gigabit speeds across 4G networks and our modem road map continues to be more than a generation ahead of the competition.

今年 3 月，我們發布了 205 行動平台，旨在為入門級功能手機帶來 4G/LTE 連接和 4G 服務，我們預計 OEM 設備將從本季開始發布。今年全球千兆 LTE 營運商數量的不斷增加，驗證了我們早期在 4G 網路中實現千兆速度的投資是正確的，我們的數據機路線圖也繼續領先競爭對手一代以上。

Telstra launched the world's first gigabit LTE network and device earlier this year and all 4 major U.S. carriers have announced plans to launch gigabit LTE in 2017. Our Snapdragon X16 Gigabit LTE modem was featured in February in a live demo of the Sony Experia XD premium. And more recently, versions of the Samsung Galaxy S8, including in North America, China and Japan, also featured gigabit LTE based on the Snapdragon 835.

今年早些時候，Telstra 推出了全球首個千兆 LTE 網路和設備，而美國所有 4 家主要營運商都已宣布計劃在 2017 年推出千兆 LTE。我們驍龍 X16 千兆 LTE 數據機在 2 月的索尼 Xperia XD premium 現場演示中亮相。最近，包括北美、中國和日本在內的多個地區的三星 Galaxy S8 版本也採用了基於驍龍 835 的千兆 LTE 技術。

We continue to lead the industry to 5G through our 3GPP leadership, ongoing prototype efforts, announcements of meaningful 5G new radio trials as well as our industry first X50 5G modem.

我們透過 3GPP 的領導地位、持續的原型研發工作、宣布有意義的 5G 新無線電試驗以及推出業界首款 X50 5G 調變解調器，繼續引領業界邁向 5G。

In February, we demonstrated the first 3GPP-based 5G new radio connection and announced the extension of our Snapdragon X50 family of 5G modems to include support for the global 5G NR standard across the millimeter wave and sub-6 gigahertz frequency bands, along with backwards compatibility for 2G, 3G, 4G, including gigabit LTE. We expect commercial products to be available to support the first large-scale 5G NR trials and commercial network launches starting in 2019.

今年 2 月，我們展示了首個基於 3GPP 的 5G 新無線電連接，並宣布擴展我們的驍龍 X50 系列 5G 調製解調器，使其支援毫米波和 6 吉赫茲以下頻段的全球 5G NR 標準，並向下兼容 2G、3G、4G，包括千兆 LTE。我們預計商用產品將於 2019 年開始上市，以支援首批大規模 5G NR 試驗和商用網路的推出。

Turning to QTL, the licensing business had a strong quarter. Total reported device sales were a record, driven by strong 3G/4G unit shipments and higher-than-expected ASPs. QTL results were in line with expectations as the stronger market and improved licensing in China offset the impact of a new dispute with a licensee.

從QTL來看，授權業務本季表現強勁。報告顯示，設備總銷售量創歷史新高，主要得益於強勁的 3G/4G 設備出貨量和高於預期的平均售價。QTL 的結果符合預期，因為中國市場走強和許可製度改善抵消了與被授權人發生新糾紛的影響。

During the quarter, we returned approximately $1.1 billion to stockholders through dividends and stock repurchases. We also announced a 7.5% increase in our quarterly cash dividend, now $2.28 per share annually, reflecting our confidence in the strength of our ongoing cash flows and future earnings growth.

本季度，我們透過分紅和股票回購向股東返還了約 11 億美元。我們也宣布將季度現金股利提高 7.5%，達到每股 2.28 美元，這反映了我們對持續現金流和未來獲利成長的信心。

During the quarter, we closed on our joint venture with TDK, which is an important strategic milestone to grow our portfolio of RF front-end products and technologies. I am very pleased that we now have all the critical components to build industry-leading RF modules across tiers and to compete in the total RF front-end service available market.

本季度，我們完成了與TDK的合資企業，這是發展我們射頻前端產品和技術組合的一個重要策略里程碑。我非常高興我們現在擁有所有關鍵組件，可以建立跨層級的領先業界的射頻模組，並在整個射頻前端服務市場中競爭。

We also received U.S. regulatory clearance for our pending acquisition of NXP. We remain on track to close the transaction this calendar year and integration planning continues across both companies. Looking ahead, the adoption of mobile technologies and mobile computing is accelerating around the world. Our broad and growing set of technologies and innovations are fundamental to mobile communications and are enabling entirely new business models and ecosystems. This trend will continue for years to come as advanced 4G, 5G and other mobile technologies expand their footprint into new industries.

我們也獲得了美國監管機構對我們即將收購恩智浦半導體的批准。我們仍有望在今年內完成交易，兩家公司的整合計畫也持續進行。展望未來，行動技術和行動運算在全球的普及正在加速。我們廣泛且不斷成長的技術和創新是行動通訊的基礎，並正在催生全新的商業模式和生態系統。隨著先進的 4G、5G 和其他行動技術不斷拓展其在新產業的應用範圍，這一趨勢將在未來幾年持續下去。

Looking across the growing set of new industries, embracing mobile technologies, we have more opportunities ahead of us than at any time in the company's history. Against this backdrop, we have had a series of legal and regulatory challenges that have, unfortunately, overshadowed otherwise strong operating performance at Qualcomm.

放眼不斷湧現的新興產業，以及行動科技的蓬勃發展，我們面臨的機會比公司歷史上任何時期都多。在此背景下，我們遇到了一系列法律和監管方面的挑戰，不幸的是，這些挑戰掩蓋了高通公司原本強勁的營運表現。

We have successfully navigated challenges like this in the past, and we have confidence in the sustainability of our licensing business. But we know these periods can generate added volatility in near-term results and require open and regular dialogue with our investors, which is something we are fully committed to providing. While we work to conclude the right deals that will deliver long-term value to our shareholders.

我們過去曾成功應對類似的挑戰，我們對授權業務的永續發展充滿信心。但我們知道，這些時期可能會為短期業績帶來更大的波動，需要與投資人進行公開和定期的對話，而這正是我們全力致力於提供的。同時，我們將努力達成能夠為股東帶來長期價值的正確交易。

Most importantly, we will remain focused on investing to lead innovation in key mobile and related technologies as that has always been the core of what's placed us in this unique and unmatched leadership position.

最重要的是，我們將繼續專注於投資，引領關鍵移動及相關技術的創新，因為這始終是我們獲得如此獨特且無與倫比的領導地位的核心所在。

While Derek will provide more details on the recent legal challenges, we have taken several specific steps to address the KFTC and FTC matters during the last quarter. And last week, we filed our answer in counterclaims in the Apple litigation here in Southern California. It is important to remember that ultimately, this is about a contract dispute and business negotiation and we will work to reach the right resolution for our shareholders as we have done so often throughout our history.

雖然 Derek 將提供有關近期法律挑戰的更多細節，但我們在上個季度已採取若干具體措施來解決 KFTC 和 FTC 的相關事宜。上週，我們在南加州針對蘋果的訴訟中提交了反訴答辯狀。重要的是要記住，歸根結底，這是一起合約糾紛和商業談判，我們將努力為股東找到正確的解決方案，就像我們過去經常做的那樣。

Further, the company will continue to focus on developing and delivering the best products to our customers including Apple, consistent with our track record to date. We are optimistic about the speed of innovation in the modem and RF areas with technologies such as gigabit LTE, 5G NR, multimode and millimeter-wave becoming increasingly important. Considering the strength of both our product roadmap and R&D investments, we expect to continue to be an important supplier to Apple now and into the future.

此外，公司將繼續專注於為包括蘋果在內的客戶開發和提供最好的產品，與我們迄今為止的業績保持一致。我們對調變解調器和射頻領域的創新速度持樂觀態度，而千兆 LTE、5G NR、多模和毫米波等技術正變得越來越重要。考慮到我們強大的產品路線圖和研發投入，我們預計現在和將來都會繼續成為蘋果的重要供應商。

As we continue towards the closing of our pending acquisition of NXP later this year, I thought it would be good to review some of the larger growth opportunities that will be enabled by our unique collection of technologies, sales channels and scale for the interconnected world.

隨著我們繼續推進對 NXP 的收購，預計將於今年稍後完成，我認為有必要回顧我們獨特的技術組合、銷售管道和規模將為互聯世界帶來的一些更大的成長機會。

First, we will lead in 5G. 5G is the interconnecting fabric for the connected world, and will drive not only an upgrade cycle in mobile, but will also enable new industries to take advantage of the mobile ecosystem. We will continue to work closely with global infrastructure vendors and operators on 5G NR trials to drive the mobile ecosystem toward validation and timely commercialization of 5G NR.

首先，我們將引領5G發展。5G 是互聯世界的互連架構，它不僅將推動行動通訊的升級換代，還將使新興產業能夠利用行動生態系統。我們將繼續與全球基礎設施供應商和營運商密切合作，進行 5G NR 試驗，以推動行動生態系統朝著 5G NR 的驗證和及時商業化方向發展。

To date, we have announced 5G NR trials with SKT and Ericsson in Korea, AT&T and Ericsson in the United States, ZTE and China Mobile in China, Telstra and Ericsson in Australia, and Vodafone and Ericsson in Europe. The interoperability testing and trials are planned to launch in the second half of 2017.

迄今為止，我們已宣布與韓國的 SKT 和愛立信、美國的 AT&T 和愛立信、中國的中興通訊和中國移動、澳大利亞的 Telstra 和愛立信以及歐洲的沃達豐和愛立信開展 5G NR 試驗。互通性測試和試驗計畫於 2017 年下半年啟動。

Second, we will grow over content in the device with our expanding RF front-end capabilities. We have taken a big step forward in closing the RF360 JV to transform this business, and we also have already started delivering our first gallium arsenide PAs. As we move to 5G, the device will become more complex from an RF point of view, as massive MIMO and multielement arrays exist on many devices and our unique ability to provide solutions across the base band and RF will become even more important to our customers.

其次，隨著我們射頻前端能力的不斷擴展，我們將增加設備中的內容。我們在關閉 RF360 合資企業以轉型這項業務方面邁出了重要一步，並且我們已經開始交付我們的第一批砷化鎵功率放大器。隨著我們邁向 5G，從射頻角度來看，設備將變得更加複雜，因為許多設備上都存在大規模 MIMO 和多單元陣列，而我們獨特的跨基頻和射頻提供解決方案的能力對我們的客戶來說將變得更加重要。

Third, automotive will continue to be a source of growth, and we are winning more than just the telematics systems. Our automotive solution, including cellular, WiFi, Bluetooth and infotainment SoCs, have been adopted by every major global automaker. Our Snapdragon automotive infotainment platforms have won new designs at 12 of the top 25 global automaker brands. This strong design pipeline shows the strength of our computing solutions in the automotive market and represents an opportunity to sell multiple Snapdragons per car. With addition of NXP, the opportunity to grow content in the car increases dramatically, and we will be uniquely positioned for ADAS and autonomous driving, a large, multi-decade mega-trend that is just starting. You will be hearing more from us on this important topic in the future.

第三，汽車產業將繼續成為成長的源泉，而且我們贏得的不僅僅是車載資訊系統。我們的汽車解決方案，包括蜂窩網路、WiFi、藍牙和資訊娛樂SoC，已被全球所有主要汽車製造商採用。我們的驍龍車載資訊娛樂平台贏得了全球前 25 大汽車製造商品牌中 12 家的新設計訂單。這個強大的設計流程展現了我們在汽車市場運算解決方案的實力，也代表每輛車銷售多個驍龍處理器的機會。隨著 NXP 的加入，汽車內容的成長機會將大幅增加，我們將在 ADAS 和自動駕駛領域佔據獨特的優勢，這是一個巨大的、持續數十年的超級趨勢，而它才剛剛開始。未來我們將就這項重要議題與您進行更多交流。

Fourth, IoT will drive meaningful growth across a broad range of opportunities. Success in these opportunities will be defined by the ability to combine connectivity, computing and security, along with a broad channel to serve not only industrial verticals, but a long tail of customers to deliver high complexity products and platforms that are easy for our customers to use and integrate. Here again, the acquisition of NXP will uniquely position us with IoT system solutions and channels, and builds on the success we are seeing in the business today.

第四，物聯網將推動各領域實現有意義的成長。能否抓住這些機遇，取決於能否將連接性、運算能力和安全性結合起來，並擁有廣泛的管道，不僅服務於工業垂直行業，還要服務於眾多客戶，從而提供易於使用和集成的高複雜度產品和平台。同樣，收購 NXP 將使我們在物聯網系統解決方案和通路方面擁有獨特的優勢，並鞏固我們目前在業務上的成功。

Fifth, we have an opportunity to disrupt the existing suppliers of the PC and the data center. Our Snapdragon 835 is expanding into mobile PC designs running Windows 10, which are scheduled to launch in the fourth calendar quarter this year. In the data center, we announced the collaboration with Microsoft and demonstrated Windows server running on our 10-nanometer Qualcomm Centriq processors, the first 10-nanometer server processors in the industry.

第五，我們有機會顛覆現有的個人電腦和資料中心供應商。我們的驍龍 835 正在擴展到運行 Windows 10 的行動 PC 設計領域，預計將於今年第四季發布。在資料中心，我們宣布與微軟合作，並展示了在我們 10 奈米高通 Centriq 處理器上運行的 Windows 伺服器，這是業界首款 10 奈米伺服器處理器。

To close, we are very focused on resolving the challenges to our licensing business and business model, and we are confident we will be able to successfully navigate through this environment. At the same time, this is an extremely exciting and transformative time for our company as the technologies and products are well positioned to expand into a growing set of opportunities and will be further enhanced with the completion of our pending acquisition of NXP.

最後，我們正全力解決許可業務和商業模式面臨的挑戰，我們有信心能夠成功應對當前的環境。同時，對於我們公司而言，這是一個極其令人興奮且具有變革意義的時期，因為我們的技術和產品已經做好充分準備，可以擴展到越來越多的機會領域，隨著我們對 NXP 的收購即將完成，這些技術和產品將進一步加強。

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. As Steve noted, QTL had a strong fiscal second quarter with record total reported device sales of approximately $82.6 billion, up approximately 18% year-over-year and just above the high end of our prior guidance range. The record TRDS for the quarter reflects significantly increased year-over-year unit reporting from recent China licensing progress as well as ASP strength particularly in China and typical seasonal strength in North America.

謝謝你，史蒂夫，大家下午好。正如史蒂夫所指出的，QTL 的第二財季表現強勁，報告的設備總銷售額創下約 826 億美元的紀錄，同比增長約 18%，略高於我們之前指導範圍的上限。本季創紀錄的 TRDS 反映了近期中國授權業務進展帶來的年比單位報告大幅成長，以及中國市場 ASP 的強勁表​​現和北美市場典型的季節性強勁表現。

We estimate that reported 3G/4G device shipments were approximately 400 million units with an ASP of approximately $207 at the midpoints. Global 3G/4G handset ASPs are tracking consistent with our prior expectations of low single-digit percentage declines year-over-year. We also continue to see healthy growth in global 3G/4G device shipments. For calendar year 2016, we have increased our estimate of global 3G/4G device shipments to reflect even stronger December quarter shipments than we previously expected, led by stronger sales in China.

據估計，3G/4G 設備出貨量約為 4 億台，平均售價中點約為 207 美元。全球 3G/4G 手機平均售價與我們先前的預期一致，年減幅度為個位數百分比。我們也看到全球 3G/4G 設備出貨量持續健康成長。鑑於中國市場銷售強勁，我們提高了對 2016 年全球 3G/4G 設備出貨量的預估值，以反映 12 月季度出貨量比我們之前預期的還要強勁。

We estimate that approximately 1.7 billion 3G/4G devices were shipped in 2016, up approximately 10% year-over-year. For calendar 2017, we are reaffirming our estimated global 3G/4G device shipments of 1.75 billion to 1.85 billion devices, up approximately 6% year-over-year at the midpoint. We believe that some of the December quarter shipment strength in China resulted in a modest buildup of inventory there, which we expect will be sold through in the first half of calendar 2017.

我們估計，2016 年 3G/4G 設備的出貨量約為 17 億台，年增約 10%。對於 2017 年日曆年，我們重申對全球 3G/4G 設備出貨量的估計，為 17.5 億至 18.5 億台，按中間值計算，同比增長約 6%。我們認為，中國 12 月季度出貨量的成長導致當地庫存略有增加，我們預計這些庫存將在 2017 年上半年售出。

We estimate that this will push some of the expected first-half calendar 2017 shipments into the second half of the calendar year, and thus, into QTL's fiscal 2018 instead of fiscal 2017. The fiscal second quarter revenue and operating profit results for QTL, which were largely in line with our prior guidance, were negatively impacted by a dispute with one of our licensees. This dispute resulted in the licensee underpaying royalties of more than $150 million for sales during the December quarter. We are working to resolve this dispute, but we expect the licensee, which is not one of the suppliers of iPhones to Apple, to continue to underreport its royalties until the dispute is resolved and therefore, have factored that into our guidance for the third quarter of fiscal 2017.

我們估計這將導致部分原定於 2017 年上半年的出貨量推遲到下半年，從而計入 QTL 的 2018 財年，而不是 2017 財年。QTL 的第二財季營收和營業利潤績效基本上符合我們先前的預期，但受到與其中一家被授權人發生糾紛的負面影響。這場糾紛導致被授權人在 12 月季度少付了超過 1.5 億美元的銷售特許權使用費。我們正在努力解決這一糾紛，但我們預計，被授權人（並非蘋果 iPhone 的供應商之一）在糾紛解決之前會繼續少報其版稅，因此，我們已將此因素納入 2017 財年第三季度的業績預期。

Last week, we announced that an arbitration panel awarded BlackBerry an $815 million refund of royalties that have previously paid to Qualcomm for past sales. The dispute related to whether our voluntary per-unit running royalty cap program apply to BlackBerry's nonrefundable prepayments of royalties for a license to sell a specified number of handsets from 2010 through the end of 2015. We strongly disagree with the ruling, but it is binding and not appealable.

上週，我們宣布仲裁小組裁定黑莓公司應向高通退還 8.15 億美元的版稅，這筆版稅是黑莓公司之前因銷售而向高通公司支付的。爭議的焦點在於，我們自願實施的每台手機運行版稅上限計劃是否適用於 BlackBerry 從 2010 年到 2015 年底期間為銷售特定數量的手機而預付的不可退還的版稅。我們強烈反對該裁決，但該裁決具有約束力且不可上訴。

It is worth noting that this was a specific contract provision that was unique to BlackBerry's agreement, so this outcome has no impact in agreements with any other licensee. The contract provision also does not apply to BlackBerry sales after 2015. It is also important to note that even after this refund, BlackBerry paid royalties for all devices it sold during the 2010 to 2015 time period, equal to the per-unit amount specified in our voluntary per-unit running royalty program.

值得注意的是，這是黑莓公司協議中特有的一項具體合約條款，因此該結果對與其他任何被授權人的協議均無影響。該合約條款也不適用於 2015 年後銷售的 BlackBerry 產品。值得注意的是，即使在退款之後，黑莓公司仍為 2010 年至 2015 年期間售出的所有設備支付了版稅，金額與我們自願按單位運行版稅計劃中規定的每單位金額相同。

We continue to actively pursue resolutions and protect the established value of our patented technologies in the regulatory and other legal matters in which we are involved. We have plans for addressing each of these proceedings and are confident that the QTL business will remain a strong cash flow contributor to the company for many years to come.

我們將繼續積極尋求解決方案，並在我們參與的監管和其他法律事務中保護我們專利技術的既定價值。我們有計劃應對每項訴訟，並相信 QTL 業務在未來很多年仍將是公司強勁的現金流來源。

Regarding the KFTC, we have begun the formal legal process for both an appeal and a stay of the decision pending the outcome of the appeal as the ruling is clearly inconsistent with the facts and the law, reflects a flawed process and represents of violation of due process rights owed American companies under the Korea-U. S. free trade agreement. We expect to have a decision on our application for a stay in the coming months.

關於韓國公平交易委員會（KFTC），我們已經啟動了正式的法律程序，要求對該決定提起上訴並暫緩執行，等待上訴結果，因為該裁決明顯與事實和法律不符，反映出程序存在缺陷，並且違反了韓國-美國條約賦予美國公司的正當程序權利。美國自由貿易協定。我們預計將在未來幾個月內收到關於我們暫緩遣返申請的決定。

As to the U.S. FTC investigation, we have filed a motion to dismiss the FTC's complaint consistent with our ongoing view that the complaint, which was filed just days before the change in administration, and over a strong objection by the Commissioner, who is now the acting Chair of the FTC, fails to state a plausible antitrust claim and offers no facts or economic theories supporting the claim of competitive harm.

至於美國聯邦貿易委員會的調查，我們已提交動議，要求駁回聯邦貿易委員會的投訴。我們始終認為，該投訴是在政府換屆前幾天提交的，並且遭到了現任聯邦貿易委員會代理主席（即原委員）的強烈反對。該投訴未能提出合理的反壟斷訴訟請求，也沒有提供任何事實或經濟理論來支持其關於競爭損害的主張。

As to the Taiwan investigation, we are continuing to cooperate with the TFTC as we work towards finding the resolution of this matter. While certain investigations in Europe remain pending, these investigations do not involve Qualcomm's licensing business or practices.

至於台灣方面的調查，我們將繼續與台灣反壟斷委員會合作，努力尋求解決此事的辦法。雖然歐洲的一些調查仍在進行中，但這些調查並不涉及高通公司的授權業務或做法。

Finally, as Steve mentioned, who have now formally responded to the complaint filed by Apple here in Southern California. Apple's complaint includes numerous misstatements and mischaracterizations of our agreements, negotiations and contributions to the industry. I urge you to read our answer, which clearly describes in detail the facts and corrects these misstatements and mischaracterizations as well as details the value of the fundamental technologies we have invented, contributed and shared with industry through our licensing program.

最後，正如史蒂夫所提到的，他們現在已經正式回應了蘋果在南加州提出的投訴。蘋果公司的投訴包含大量關於我們達成的協議、進行的談判以及對產業的貢獻的錯誤陳述和歪曲描述。我懇請您閱讀我們的答复，其中詳細說明了事實，糾正了這些錯誤陳述和歪曲描述，並詳細介紹了我們通過許可計劃發明、貢獻並與業界分享的基礎技術的價值。

We have a strong track record of establishing and defending the value of our technologies that have played an important role in enabling the entire mobile ecosystem, including the incredible smartphone experience. We have freely negotiated and entered into more than 300 license agreements over many years, including with the largest and most sophisticated companies in our industry.

我們在確立和捍衛自身技術的價值方面有著良好的記錄，這些技術在推動整個行動生態系統（包括令人難以置信的智慧型手機體驗）方面發揮了重要作用。多年來，我們自由協商並簽訂了 300 多份授權協議，其中包括與我們行業中規模最大、技術最先進的公司簽訂的協議。

The offers we have made to Apple for a direct license to Qualcomm cellular standard essential patents are consistent with the value of our patent technologies, established by these more than 300 arm's-length license agreements and are fully compliant with Qualcomm's FRAND commitments. It is unfortunate that Apple has rejected these fair and reasonable offers.

我們向蘋果提出的直接授權高通蜂窩標準必要專利的要約，與我們專利技術的價值相符，而這一價值是透過 300 多份公平交易許可協議確立的，並且完全符合高通公司的 FRAND 承諾。蘋果公司拒絕這些公平合理的提議，實在令人遺憾。

Also, our license agreements with Apple suppliers remain valid long-term agreements, many of which were negotiated and entered into before Apple sold the first iPhone. Despite Apple's claims against Qualcomm, Apple suppliers remain contractually obligated to pay royalties to Qualcomm under their license agreements with us, including for sales of iPhones to Apple.

此外，我們與蘋果供應商的授權協議仍然是有效的長期協議，其中許多協議是在蘋果銷售第一款 iPhone 之前談判和簽訂的。儘管蘋果對高通提出了索賠，但根據與高通簽訂的授權協議，蘋果的供應商仍然有義務向高通支付特許權使用費，包括向蘋果銷售 iPhone 的費用。

In our fiscal second quarter, Apple interfered with the license agreements between Qualcomm and the Apple suppliers by actively inducing them to underpay the royalties they owed to Qualcomm for sales during the December quarter. Apple withheld payments to their suppliers for sales in the December quarter in an amount equal to what Apple claims Qualcomm owes to Apple under a separate cooperation agreement between the companies. This was consistent with what Apple said it would do in the complaint it filed in San Diego prior to our last earnings call. Apple suppliers then underpaid royalties to Qualcomm in the same amount. In the aggregate, this amount is approximately $1 billion.

在我們的第二財季，蘋果介入了高通與蘋果供應商之間的授權協議，積極誘使供應商少付他們在 12 月季度銷售時應向高通公司支付的特許權使用費。蘋果扣留了其供應商在 12 月季度應得的銷售款項，金額相當於蘋果聲稱高通公司根據兩家公司之間的另一項合作協議欠蘋果公司的款項。這與蘋果在上次財報電話會議之前在聖地牙哥提交的訴訟文件中所表示的做法一致。蘋果供應商隨後也少付了高通公司相同金額的專利費。總計約10億美元。

Most of Apple's suppliers have already reported the royalties they owe to Qualcomm for sales to Apple during the March quarter and they are obligated to pay the full amount of those royalties to us. While we would expect Apple suppliers to pay the royalties they owe us under their license agreements, it is possible that Apple will continue to interfere with the Apple suppliers' license agreements, leading those suppliers to breach their contracts with Qualcomm by underpaying some or all of what they owe us.

蘋果公司的大多數供應商已經報告了他們在 3 月季度向蘋果公司銷售產品所欠高通公司的專利費，他們有義務向我們支付全部專利費。雖然我們期望蘋果供應商按照許可協議支付他們欠我們的版稅，但蘋果有可能繼續幹預蘋果供應商的許可協議，導致這些供應商違反與高通的合同，少付或少付他們欠我們的部分或全部款項。

We expect to have more visibility into this in the coming weeks. Given this uncertainty, our fiscal third quarter guidance assumes a range of possible payments from Apple -- from the Apple suppliers, but does not reflect a scenario that Apple suppliers pay nothing to us for March quarter sales.

我們預計未來幾週內會對此有更清晰的了解。鑑於這種不確定性，我們對第三財季的業績預期假設蘋果公司（包括蘋果供應商）可能會支付一系列款項，但並不反映蘋果供應商在三月份的銷售中不向我們支付任何款項的情況。

Turning to our data center business. And as Steve mentioned, we recently announced a collaboration with Microsoft to accelerate next-generation cloud services on our 10-nanometer Centriq 2400 platform, which will span multiple future generations of hardware, software and systems. We also showcased our first public demonstration of Windows server on ARM, running on our processors and contributed a Qualcomm Centriq open-compute motherboard to the OCP community.

接下來談談我們的資料中心業務。正如史蒂夫所提到的，我們最近宣布與微軟合作，以加速在我們 10 奈米 Centriq 2400 平台上的下一代雲端服務，該平台將涵蓋未來多代硬體、軟體和系統。我們也首次公開展示了在我們的處理器上運行的 ARM 版 Windows 伺服器，並向 OCP 社群貢獻了一塊高通 Centriq 開源運算主機板。

We remain on track for commercial shipments of our server processors by the end of the calendar year, and we continue to receive good feedback from our customers. That concludes my comments. And I will now turn the call over to George.

我們仍按計劃在年底前完成伺服器處理器的商業出貨，並且我們繼續收到客戶的良好回饋。我的發言到此結束。現在我將把電話交給喬治。

Thank you, Derek, and good afternoon, everyone. Our fiscal second quarter was another solid quarter, with non-GAAP revenues of $6 billion and non-GAAP earnings per share of $1.34, up 13% sequentially. We exceeded the midpoint of our non-GAAP earnings per share by $0.14.

謝謝你，德里克，大家下午好。我們第二財季表現依然穩健，非GAAP營收達60億美元，非GAAP每股收益為1.34美元，季增13%。我們非GAAP每股盈餘超出預期中位數0.14美元。

Better-than-expected performance at QCT accounted for approximately $0.05 of the upside on solid MSM demand and strong performance across auto, networking and IoT. The balance of the outperformance came from better-than-expected investment portfolio gains and a lower estimated annual tax rate. QTL was in line with expectations for the quarter, despite the impact of a licensee dispute, showing the positive effect of licensing progress in China, strong 3G/4G demand and a focus on costs.

QCT 的表現優於預期，在強勁的 MSM 需求以及汽車、網路和物聯網領域的出色表現的推動下，股價上漲了約 0.05 美元。其餘超額收益來自超出預期的投資組合收益和較低的預計年度稅率。儘管受到許可證糾紛的影響，但季度 QTL 仍符合預期，這表明中國許可證發放取得進展、3G/4G 需求強勁以及對成本的關注都產生了積極影響。

In QCT, MSM chip shipments were $179 million, modestly above the midpoint of our prior guidance. QCT revenues were $3.7 billion and implied revenue per MSM was up sequentially on stronger product mix consistent with our expectations. QCT operating margin was 13%, above the high end of our prior expectations, reflecting higher gross margins in mobile and better-than-expected operating results in auto, networking and IoT. As Steve mentioned, we were pleased to close the RF360 joint venture in February. We are consolidating the results of the JV on a 1-month lag basis and it added approximately $75 million in revenue in the quarter on 1 month of activity.

QCT 的 MSM 晶片出貨量為 1.79 億美元，略高於我們先前預期的中位數。QCT 營收為 37 億美元，每百萬標準人次的隱含營收季增，這得益於產品組合的增強，符合我們的預期。QCT 的營業利潤率為 13%，高於我們先前預期的上限，這反映出行動業務的毛利率較高，以及汽車、網路和物聯網業務的經營績效優於預期。正如史蒂夫提到的那樣，我們很高興在二月完成了 RF360 合資企業的收購。我們正在以 1 個月的滯後時間合併合資企業的業績，該合資企業在 1 個月的業務活動後，本季度新增了約 7500 萬美元的收入。

QTL fiscal second quarter revenues were $2.2 billion in line with expectations. Total reported device sales were a record and exceeded our prior guidance range on strong ASPs, offset by an estimated underpayment of more than $150 million, related to a dispute with a licensee.

QTL第二財季營收為22億美元，符合預期。報告顯示，設備總銷售額創下歷史新高，並超過了我們之前在強勁的平均售價方面所作出的預期，但與被許可方的糾紛導致估計少付了超過 1.5 億美元，抵消了部分增長。

As Derek explained, Apple suppliers reported royalties in the fiscal second quarter for sales activity in the December quarter, but withheld approximately $1 billion from their payments. This amount is equal to the amount that Apple claims Qualcomm owes it under a separate cooperation agreement between Qualcomm and Apple. It is worth noting that fiscal second quarter royalty revenues were not impacted by the underpayment because the suppliers reported the full royalties for the term of their agreement, and acknowledged they were due, but underpaid by the same amount that Qualcomm is withholding from Apple under the cooperation agreement. This is consistent with the guidance we provided last quarter.

正如德里克解釋的那樣，蘋果供應商在第二財季報告了12月季度銷售活動的特許權使用費，但卻扣留了約10億美元的付款。該金額與蘋果聲稱高通公司根據其與蘋果之間的另一項合作協議所欠蘋果公司的金額相同。值得注意的是，由於供應商報告了協議期限內的全部特許權使用費，並承認應得款項，因此第二財季的特許權使用費收入並未受到少付金額的影響，但少付的金額與高通根據合作協議從蘋果公司扣留的金額相同。這與我們上季度提供的預期一致。

GAAP results for our fiscal second quarter reflect a $974 million reduction of revenues associated with the BlackBerry arbitration award, including estimated interests and attorney's fees. This reduced fiscal second quarter GAAP EPS by approximately $0.48 per share. Non-GAAP combined R&D and SG&A expenses increased approximately 7% sequentially, including the RF360 JV, which was not in our original guidance. Absent the JV, we would have been at the low end of our prior 6% to 8% guidance range.

根據美國通用會計準則 (GAAP)，我們第二財季的表現反映了與 BlackBerry 仲裁裁決相關的 9.74 億美元收入減少，其中包括估計的利息和律師費。這將使第二財季 GAAP 每股收益減少約 0.48 美元。非GAAP合併研發和銷售、一般及行政費用較上季成長約7%，其中包括RF360合資企業，而這不在我們最初的預期之內。如果沒有合資企業，我們的預期收益率將處於先前 6% 至 8% 的指導區間的下限。

Our non-GAAP tax rate during the fiscal second quarter was 15%. We now estimate that our fiscal 27 (sic) [ 2017 ] non-GAAP tax rate will be approximately 17%, down from our prior estimate of 18% on changes in business mix. We returned approximately $1.1 billion to stockholders in the quarter, including $782 million of dividends paid and $283 million in stock repurchases. We ended the quarter with cash and marketable securities of $29 billion.

我們第二財季的非GAAP稅率為15%。我們現在估計，由於業務組合的變化，我們 2017 財年的非 GAAP 稅率將約為 17%，低於我們先前估計的 18%。本季我們向股東返還了約 11 億美元，其中包括支付的 7.82 億美元股息和 2.83 億美元的股票回購。本季末，我們持有現金及有價證券290億美元。

The balance sheet this quarter merits some additional commentary to explain the impacts of the licensing-related matters as well as the close of the RF360 joint venture. First, there were notable adjustments associated with our joint venture with TDK. As a reminder, we are fully consolidating the results of this joint venture as we have the ability to control the business. As a result, our balance sheet reflects the addition of approximately $3.1 billion of the JV's net assets, including $1.7 billion of intangible assets in goodwill; $800 million in property plant and equipment; $260 million in inventory; and $250 million in accounts receivable.

本季的資產負債表值得進一步評論，以解釋許可相關事項以及 RF360 合資企業關閉的影響。首先，我們與TDK的合資企業進行了一些顯著的調整。再次提醒，由於我們有能力控制該業務，我們將全面整合該合資企業的績效。因此，我們的資產負債表反映了合資企業淨資產約 31 億美元的增加，其中包括 17 億美元的商譽無形資產；8 億美元的固定資產；2.6 億美元的存貨；以及 2.5 億美元的應收帳款。

Our accounts receivable balance at quarter end also reflects the approximately $1 billion due from Apple suppliers, and we continue to carry approximately $1 billion in other current liabilities for the unpaid disputed amounts, with respect to the cooperation agreement with Apple, which expired at the end of calendar 2016. Note that these unpaid disputed amounts have been accrued as a reduction to revenues in our P&L over the past few quarters.

季度末的應收帳款餘額也反映了蘋果供應商欠款約 10 億美元，此外，由於與蘋果的合作協議已於 2016 年底到期，我們仍需承擔約 10 億美元的其他流動負債，用於支付未付的爭議款項。請注意，這些未支付的爭議款項已在過去幾個季度中計入我們的損益表中，作為收入減少項。

Also included in other current liabilities is $974 million related to the recent BlackBerry award, which we expect to pay in the next few months and $921 million related to the KFTC fine, which was paid shortly after the end of the fiscal second quarter.

其他流動負債中還包括與最近獲得的 BlackBerry 獎勵相關的 9.74 億美元，我們預計將在未來幾個月內支付；以及與韓國公平交易委員會 (KFTC) 罰款相關的 9.21 億美元，該罰款已在第二財季結束後不久支付。

I will now turn to our fiscal third quarter. Our guidance range for earnings per share is wider than our typical practice, primarily due to the uncertainty around whether Apple suppliers will withhold some portion of the royalty payments they are obligated to pay on other contracts with us. We have considered a variety of scenarios within the range. However, our guidance range does not include the case where no payments are made by Apple suppliers. We will update our guidance if we subsequently learn of any action that would take us materially outside of the announced guidance range.

接下來，我將談談我們第三財季的情況。我們對每股盈餘的預期範圍比我們通常的做法要寬，主要是因為蘋果供應商是否會扣留他們根據與我們簽訂的其他合約有義務支付的部分特許權使用費存在不確定性。我們已經考慮了該範圍內的各種情況。但是，我們的指導範圍不包括蘋果供應商不支付任何款項的情況。如果後續我們得知任何可能導致我們業績大幅超出已公佈的業績指引範圍的情況，我們將更新我們的業績指引。

We have also assumed in our guidance that the licensee dispute that Derek mentioned, which arose in the fiscal second quarter, remains unresolved in the third quarter and will result in an underpayment relative to what the licensee owes for the third quarter. As a reminder, we are coming off the seasonally strong fiscal second quarter for QTL and our fiscal third quarter typically reflects our low quarter of the year for both revenues and EPS on a normalized basis. We estimate revenues to be in the range of approximately $5.3 billion to $6.1 billion. The year-over-year comparisons for both revenue and EPS are impacted by more than $400 million in catch-up licensing revenues recorded in the third quarter of fiscal 2016.

我們在指導意見中也假設，德瑞克提到的被授權人糾紛（該糾紛發生在第二財季）在第三財季仍未解決，並將導致被授權人第三財季的付款額低於其應收帳款。提醒一下，QTL 剛剛經歷了季節性強勁的第二個財季，而我們的第三財季通常是全年收入和每股盈餘（EPS）的最低季度（按正常水平計算）。我們預計營收將在 53 億美元至 61 億美元之間。2016 財年第三季計入的 4 億美元以上的追趕性授權收入對營收和每股盈餘的年比比較均產生了影響。

We estimate non-GAAP earnings per share in our fiscal third quarter to be in the range of approximately $0.90 to $1.15 per share. We expect fiscal third quarter non-GAAP combined R&D and SG&A expenses will be up approximately 2% to 4% sequentially primarily due to a full quarter impact of the RF360 JV operating expenses and growing spend on litigation matters.

我們預計第三財季的非GAAP每股收益約為每股0.90美元至1.15美元。我們預期第三財季非GAAP綜合研發及銷售、管理及行政費用將較上季成長約2%至4%，主要原因是RF360合資企業的營運費用對整個季度產生影響，以及訴訟事項支出增加。

In QTL, we estimate total reported device sales between $59 billion and $67 billion will be reported by our licensees in the June quarter for shipments they made in the March quarter, down sequentially compared to the seasonally high holiday quarter shipments reflected in fiscal Q2. This includes estimated 3G/4G device sales from Apple's contract manufacturers as well as from the licensee currently in dispute and underpaying.

在 QTL 中，我們估計我們的授權商在 6 月季度報告的設備總銷售額將在 590 億美元至 670 億美元之間，這是他們在 3 月份季度的出貨量，與 2 財年反映的季節性高假日季度出貨量相比有所下降。這包括蘋果代工廠商的 3G/4G 設備銷售額估計，以及目前有爭議且付款不足的被授權人的銷售額估計。

In QCT, we anticipate MSM shipments of approximately 180 million to 200 million units during the June quarter, higher sequentially at the midpoint despite the excess inventory at certain OEMs in China exiting Q2. We expect inventory levels at those OEMs to largely correct within our fiscal third quarter.

QCT預計6月季度MSM出貨量約為1.8億至2億台，儘管中國某些OEM廠商在第二季末庫存過剩，但中點值仍將環比增長。我們預計這些原始設備製造商的庫存水準將在本財年第三季內基本修正。

For the Snapdragon 835 premium tier chipset, we are seeing strong demand exceeding supply. Our growth and operating margin relative to demand in the quarter is being limited by our ability to ramp volumes at 10-nanometer. We expect this to begin to normalize in the fiscal fourth quarter. We expect QCT's fiscal third quarter operating margin to be approximately 13%, plus or minus 100 basis points, reflecting year-over-year improvements as we continue to gain traction in adjacent opportunities particularly auto, IoT and networking.

對於驍龍 835 高階晶片組，我們看到的是強勁的需求超過了供應。本季度，我們相對於需求的成長和營業利潤率受到10奈米製程產能提升能力的限制。我們預計這種情況將在第四財季開始恢復正常。我們預計 QCT 第三財季的營業利潤率約為 13%，上下浮動 100 個基點，這反映了隨著我們在相關領域（特別是汽車、物聯網和網路領域）持續取得進展，公司業績同比有所改善。

Our current expectation is that we will be in the capital markets in the second half of fiscal 2017 to fund the remaining portion of our acquisition-related needs. We continue to sell longer-dated and higher-volatility assets in our treasury investment portfolio in anticipation of funding the close of our pending NXP acquisition later in the calendar year. Based on the current market environment, we expect the total of net investment income and interest expense for fiscal 2017 to be flat to down modestly on a non-GAAP basis versus fiscal 2016. The outlook has improved somewhat on the higher yields on short-term assets.

我們目前的預期是，我們將在 2017 財年下半年進入資本市場，為我們剩餘的收購相關需求提供資金。為了籌集資金以完成今年稍後即將進行的對 NXP 的收購，我們繼續出售國庫投資組合中期限較長、波動性較高的資產。根據目前的市場環境，我們預計 2017 財年的淨投資收益和利息支出總額（以非 GAAP 準則計算）將與 2016 財年持平或略有下降。由於短期資產收益率上升，前景有所改善。

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) Your first question comes from the line of Rod Hall with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Rod Hall。

I just wanted to clarify, George, what you guys are saying about the withholding, and Derek as well. It's -- so our understanding is the rebates, the alleged rebates were withheld for a couple of quarters. And so it sounds like what you're saying is the amount of royalty withheld is catching up for 2 quarters of rebate withholding. So I just want to clarify that, that is, in fact, the case. And then, I also wanted to see if you guys could give us any further color on the guidance range, and are you assuming that the royalty withholdings at the midpoint would be equivalent to these rebates that are allegedly not being paid? And then how is the top and bottom end of that EPS range figure in to what you're assuming on royalties?

喬治，我只是想澄清一下你們和德瑞克所說的關於扣留款項的事情。據我們了解，所謂的退款被扣留了幾個季度。所以聽起來你的意思是，扣留的版稅金額正在彌補兩個季度的退款扣留。所以我想澄清一下，事實的確如此。此外，我還想問問你們能否進一步說明指導範圍，你們是否認為中點處的特許權使用費扣繳額相當於據稱未支付的這些回扣？那麼，每股盈餘範圍的上限和下限是如何影響您對版稅的假設的呢？

Rod, this is Derek. So if you think about Q2, which we had talked about last quarter, and now are reporting, obviously, for this quarter. Basically, what happened is, we have a dispute with Apple as to whether we owe them about $1 billion under a cooperation agreement we have. That spans over several quarters of possible payments. What they said in their complaint, and what they ended up doing as it relates to the second quarter, which are sales through the end of December of 2016, is they effectively withheld payments to their contract manufacturers, who then in turn, withheld payment to us, for royalties that were owed under the contract manufacturers agreements with us in the amount of this disputed cooperation payment, which is about $1 billion. And so that is all reflected in Q2. And as George mentioned, because the amounts were reported to us and acknowledged as due, and then we have the cash that we haven't paid to Apple, effectively, we took the revenue in Q2 for the amount of the full royalties that were paid, net the reserve we had for the payments that are being disputed going back towards Apple. So that's the situation on Q2. On Q3, the guidance, as we mentioned, includes sort of a variety of possible assumptions on what may play out in terms of what gets paid to us by the contract manufacturers for Q3. I would say the high end of the guidance would be reflective of us getting paid in full, but we've got some other scenarios that are reflected in the range. It doesn't -- the agreement itself with Apple, which is -- where we have the dispute over what is owed to them, expired at the end of 2016. So it has, really, no relevance or impact to what the contract manufacturers would owe us for sales during the March quarter, which is the guidance we provided for Q3. One last point on this is, what is not contemplated in the guidance range is for the contract manufacturers to pay us nothing or a very low amount. If that were to happen, then we would update you all.

羅德，我是德里克。所以，如果你回想一下我們上個季度討論過的第二季度，現在顯然是本季的報告。事情的起因是，我們與蘋果公司就我們是否根據合作協議欠他們約 10 億美元存在爭議。這涵蓋了幾個季度的可能付款。他們在投訴中所說的，以及他們最終針對第二季度（截至 2016 年 12 月底的銷售額）所採取的做法是，他們實際上扣留了支付給合約製造商的款項，而這些合約製造商又反過來扣留了支付給我們的款項，這些款項是根據與我們簽訂的合約製造商協議應支付給我們的特許權使用費，金額為 10 億美元，即 10 億美元的特許權使用費。因此，這些都反映在第二季度中。正如喬治所提到的，由於這些款項已向我們報告並被確認為到期款項，再加上我們尚未支付給蘋果公司的現金，實際上，我們在第二季度的收入中扣除了已支付的全部版稅金額，減去我們為那些有爭議的、要退還給蘋果公司的款項預留的準備金。這就是第二季的情況。如前所述，關於第三季的業績指引，其中包含了各種可能的假設，這些假設涉及合約製造商在第三季可能向我們支付的款項。我認為指導意見的上限反映了我們能夠全額獲得報酬的情況，但我們還有一些其他情況也反映在了該範圍內。並沒有──與蘋果的協議本身，也就是我們之間存在著關於蘋果應得款項爭議的協議，已於 2016 年底到期。因此，這實際上與合約製造商在 3 月季度應支付給我們的銷售款項沒有任何關聯或影響，而這正是我們對第三季度提供的指導。最後一點是，指導範圍內沒有考慮到的是，合約製造商不支付我們任何費用或只支付我們極少的費用。如果真發生了這種情況，我們會及時通知大家。

Rod, let me add one thing as well. When you look at Q2, you can look to the balance sheet and see the accounts receivable has had a fairly significant pop. Not only because we brought in RF360, but the receivable is up by the -- $1 billion of that is the amount owed by the CMs, which are not disputing the fact that they have reported and are obligated to pay under the contract for this amount. So it's -- it is shown as a receivable. We are still holding the $1 billion related to the dispute from the prior quarters under current liabilities on our balance sheet.

羅德，我還想補充一點。從第二季的資產負債表可以看出，應收帳款出現了相當大的成長。不僅是因為我們引進了 RF360，而且應收帳款增加了——10億美元，其中是施工經理所欠的金額，他們並不否認他們已經報告了這一金額，並且根據合約有義務支付這筆款項。所以，它被列為應收帳款。我們仍將上個季度與爭議相關的 10 億美元計入資產負債表上的流動負債。

Your next question comes from the line of Kulbinder Garcha with Credit Suisse.

你的下一個問題來自 Kulbinder Garcha 與瑞士信貸的合作計畫。

Along the same subject, I'm afraid. On the -- just a clarification. Your bundling was withheld by the contract manufacturers, but something was paid to you, something else was paid to you above that level, I assume. And isn't that a good lead indicator for being paid going forward? Or am I thinking about it wrong? And then...

恐怕還是老問題。關於——只是想澄清一下。合約製造商扣留了您的捆綁銷售款項，但您收到了一部分款項，而且我推測，您還收到了高於該金額的其他款項。這不就是未來能否獲得報酬的一個良好先行指標嗎？還是我的想法錯了？進而...

No -- yes, go ahead if you -- go ahead and ask for a second question. We'll jump in and...

不——是的，如果你——請繼續問第二個問題。我們將立即行動…

And then the other question was really more strategic about how this Apple and Qualcomm thing plays out. The Foxconn agreement you have, is that due to expire anytime soon? I assume it's not because you haven't told it's about to. I just want to clarify that. And it's very rare, from what I can remember, where you have an agreement with a party and they just stop paying you. Have you had deals expire in the past, then you've had disputes, perhaps. And you have people under report and then you audit. But has there ever there been a scenario where you've had an agreement that lasts a certain period of time, and the vendor in question just stops paying?

而另一個問題則更具策略性，是關於蘋果和高通之間的合作將如何發展。你與富士康簽訂的協議是否即將到期？我猜不是因為你還沒告訴他們即將發生。我只是想澄清一下。據我所知，這種情況非常罕見，你和一方達成協議，然後對方就停止付款了。你過去有過交易到期的情況嗎？如果有，那你可能就遇過糾紛。然後你會發現有人少報情況，然後你進行審計。但有沒有出現過這樣的情況：你和供應商簽訂了一份持續一段時間的協議，但供應商突然停止付款？

So Kulbinder, I'll take the first part of the question, which is what they paid to us was simply the difference between the full amount owed under the contract minus the disputed amount. So there was some incremental payment that came in, but it was net of that $1 billion dollars that we described in the prepared remarks.

庫爾賓德，我先回答問題的第一部分，即他們支付給我們的金額僅僅是合約規定的全部應付金額減去有爭議金額之間的差額。所以確實有一些額外的款項到賬，但這筆款項已經扣除了我們在準備好的發言稿中提到的 10 億美元。

Yes, and just to add to that. This is Derek. The cooperation agreement between Qualcomm and Apple, as I said, expired at the end of 2016. So unlike Q2, there really is no basis on which Steven argue that there should be a payment of something less than the full amount that the contract manufacturers owe to us. In terms of the Foxconn agreement, it's a long-term agreement. It is not set to expire any time soon. Those are, again, long-term agreements that are valid and binding, and include the contractual obligation to pay. The only thing that expired were the direct agreements between Qualcomm and Apple, and those went away at the end of 2016. And to your last point. It's -- yes, it's been very rare. Actually, as I sit here, I can't think of a situation where somebody just simply stopped paying us entirely under their agreement where we didn't have a dispute with them as to what they owed or some other thing going on. So that would be rare.

是的，我還要補充一點。這是德里克。正如我所說，高通和蘋果之間的合作協議已於 2016 年底到期。因此，與 Q2 不同，史蒂文沒有任何理由認為應該支付少於合約製造商欠我們的全部金額。就富士康協議而言，這是一項長期協議。它近期內不會到期。這些都是有效且具有約束力的長期協議，其中包括支付的合約義務。唯一到期的是高通和蘋果之間的直接協議，這些協議在 2016 年底到期。關於你最後一點。是的，這種情況非常罕見。事實上，我坐在這裡，想不出有哪一次，有人會無緣無故地完全停止按照協議向我們付款，而我們之間又沒有關於欠款金額或其他方面的爭議。所以這種情況很少見。

And this is Don. Just to add one or 2 things. So just to be clear, the excuse that the contract manufacturers used was that Apple wasn't paying them and what Apple was saying was that they are holding back payment to them to match payments that they claim we owed them from the other agreement, the BCPA. No connection to the license agreement between us and our contract manufacturers. So it was totally improper for the contract manufacturers to withhold. And we now look at what they're going to do going forward, and we say, well, even the excuse that they use before that is Apple claiming that they were making up for amounts that we didn't pay them, doesn't exist anymore. So there doesn't seem to be even an arguable rational reason for anybody to withhold the payments.

這位是唐。補充一兩點。所以說清楚點，代工廠商的藉口是蘋果公司沒有支付他們款項，而蘋果公司則表示，他們扣留了支付給代工廠商的款項，以彌補他們聲稱我們根據另一項協議（即 BCPA）欠他們的款項。與我們和代工廠商之間的授權協議無關。因此，代工廠商扣留貨款是完全不恰當的。現在我們來看看他們接下來要做什麼，我們會說，好吧，就連他們之前用的藉口——蘋果聲稱他們是為了彌補我們沒有支付給他們的款項——也已經不存在了。因此，似乎沒有任何合理的理由可以阻止任何人支付款項。

Your next question comes from the line of Mike Walkley with Canaccord Genuity.

你的下一個問題來自 Canaccord Genuity 的 Mike Walkley。

Just staying on this topic. Just trying to understand, maybe, the guidance and the accounting ramifications. One, you have a licensee that you're in dispute with and you didn't recognize $150 million in revenue. And I think when you had a dispute with Nokia going back in time, when they materially underpaid during that process, you withheld Nokia revenue from your guidance. So if, say, the contract manufacturers pay some smaller dollar amount that Apple theoretically said they should pay them, do you still recognize a portion of that revenue? Or do you just take Apple out altogether like maybe you've done with some other licensees? Just trying to understand the accounting ramifications, if there's any change from your licensees. And then, my more fundamental question, just on the outlook for QTL. If you can help just walk us on a sequential between seasonality, this -- the Apple range, and then, this licensee disputed. Maybe if you could help us just see the sequential decline, kind of those different puts and takes. That will be helpful.

就繼續討論這個話題吧。我只是想了解相關指導方針及其會計方面的影響。第一，你與被授權者存在爭議，並且你沒有確認 1.5 億美元的收入。我認為，當你們過去與諾基亞發生糾紛，而諾基亞在付款過程中嚴重少付了款項時，你們在業績指引中扣留了諾基亞的收入。假設代工廠商支付的金額比蘋果理論上應該支付的金額少，那麼蘋果公司是否仍會確認這部分收入？或者，你們會像對待其他一些授權商一樣，乾脆把蘋果公司完全排除在外嗎？我只是想了解一下，如果你們的被授權者有任何變動，會對會計方面產生什麼影響。然後，我還有一個更根本的問題，就是關於 QTL 的前景。如果您能幫助我們理清季節性、蘋果產品系列以及被授權方提出的爭議之間的順序，那就太好了。或許您能幫我們看看這種連續下跌的趨勢，以及那些不同的買進和賣出操作。那會很有幫助。

So in terms of taking revenue in the case of a dispute. Typically, if there's a formal dispute, then we would not take revenue until the dispute is resolved. And I'll let Derek or Don comment on what constitutes a formal dispute. But certainly, entry into arbitration or lawsuit is one case in the past. For the customer in the second quarter, the customer reported fully and underpaid and has not filed a formal dispute. And in that case, we take the revenue for the amount paid while we're working on collecting the balance owed from the customer. And then, do you want to add to that at all?

所以，就發生糾紛時如何收取收益而言。通常情況下，如果存在正式爭議，那麼在爭議解決之前，我們不會收取任何收入。至於什麼構成正式爭議，我會讓德瑞克或唐來評論。但當然，進入仲裁或訴訟程序是過去的事了。對於第二季的客戶，客戶報告了全額付款和少付款項，但尚未提出正式爭議。在這種情況下，我們會在努力向客戶收取剩餘款項的同時，將已支付的金額計入收入。那麼，你還想補充什麼嗎？

Yes, I think just the difference, Mike, this is Derek, in the 2 scenarios, the situation where you have the current dispute where we didn't take revenue this quarter, about 150 -- a little more than $150 million. That situation, where we did not get paid. So it's -- typically, if there's a dispute and we're not getting paid, we wouldn't take the portion that's being withheld, which is different than if we are getting paid. On your sequential question. I think, really, you've got to remember that Q2, obviously, is seasonally high quarter for the year. December quarter, obviously, typically high quarter for QTL. So there would normally be a sequential decline going into Q3. I think other factors to consider. I would say, we're assuming, as I mentioned in my remarks, that this dispute will not get resolved with the licensee we mentioned in Q3. So Q2 to Q3, we're both assuming an underpayment, and we have a range of possibilities and the assumptions for what we'll get paid from the contract manufacturers supplying to Apple. If I up level it to the market, the market I think is -- continues to be quite strong. I would say, it played out just a little bit differently in terms of what came in, in Q2 versus Q3. You look at the TRDS range, we were above the high end slightly of the Q2 TRDS range because of the phenomena of just more sales into China with a little inventory build that we expect will get sold through in Q3, which is then, therefore, a bit of a drag on Q3 TRDS. So I think those are sort of the main drivers to keep in mind.

是的，我認為差異就在於，麥克，我是德里克，在這兩種情況下，目前存在爭議，我們本季沒有獲得約 1.5 億美元的收入。那種我們沒有拿到薪水的情況。所以通常情況下，如果發生爭議而我們沒有收到付款，我們就不會接受被扣留的那部分，這和我們收到付款的情況不同。關於你提出的順序問題。我覺得，你真的要記住，第二季顯然是一年中季節性業務高峰期。顯然，12 月季度通常是 QTL 的高季度。因此，通常情況下，進入第三季後會出現環比下降。我認為還有其他因素需要考慮。正如我在發言中提到的，我認為我們假設這場糾紛不會與我們在第三季度提到的被許可方得到解決。因此，從第二季度到第三季度，我們都假設付款不足，並且我們對從向蘋果供貨的代工廠商那裡獲得的付款有一系列可能性和假設。如果我把它提升到市場層面，我認為市場——仍然相當強勁。我認為，第二季和第三季的情況在數據呈現上略有不同。你看 TRDS 系列，我們比第二季度 TRDS 系列的高端產品略高一些，這是因為中國市場的銷量增加，導致庫存略有增加，我們預計這些庫存將在第三季度售出，因此，這在一定程度上拖累了第三季度的 TRDS 產品。所以我覺得這些都是需要考慮的主要因素。

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

你的下一個問題來自 BMO 資本市場的 Tim Long。

Just 2 quick ones, if I could here. First, I just want to clarify in the guidance for next quarter. Are you still booking revenue -- I'm sorry, the operating expenses or COGS hit that you were taking for the payment that was going back to Apple previously under that agreement? So if you can clarify if that's still hurting your EPS and reserving against it on the balance sheet, and when would that change? And then, secondly, on the -- the licensee with the $150 million dispute. Derek, could you talk a little bit about -- I know you can't get into too much of the details. But I just want to understand, is this something that maybe is a byproduct of other licensees seeing some of these special Apple agreements that were mentioned in their dispute? And the BlackBerry arbitration, and if not, are you getting a lot of phone calls from other OEMs that have seen these other deals that may -- they maybe do not have, and understanding they have separate arrangements -- is that potentially causing any renegotiations?

如果可以的話，就問兩個簡短的問題。首先，我想澄清一下下個季度的業績指引。你們是否仍在確認收入──抱歉，我是指你們先前根據協議支付給蘋果公司的款項所計入的營運費用或銷售成本？所以，您能否澄清一下，這種情況是否仍然會影響您的每股盈餘，以及是否需要在資產負債表上提列準備金，以及何時會改變這種情況？其次，關於——涉及 1.5 億美元糾紛的被許可人。德瑞克，你能稍微談談嗎——我知道你不能透露太多細節。但我只是想了解一下，這是否是其他被授權商看到他們在糾紛中提到的某些蘋果特殊協議的副產品？黑莓仲裁案，如果沒有，您是否接到很多其他 OEM 廠商的電話，他們看到了這些其他交易，他們可能——也許沒有，並且了解他們有單獨的安排——這是否可能導致任何重新談判？

Tim, on the -- in terms of the accruals that we've taken, those stopped as the contract expired at the end of the calendar year. The last period that, that would be reported in for us was in fiscal Q2.

提姆，關於我們已經獲得的應計款項，這些款項隨著合約在日曆年末到期而停止。我們上次報告該情況的時期是在第二財季。

And just to be -- just a reminder, we didn't characterize sort of where those were occurring on the P&L and all that. So I don't want to make it sound like we're validating your description of them. On the second point, I think the way to think about that is the licensee, with which we have a dispute now, those discussions with the licensee I would say have been ongoing for some time and predated the filing in of any of the litigation between us and Apple. A lot of times these discussions will go for a period of time before they escalate into a dispute. And so the timing is -- is what it is. But I think it's important to note that the discussions leading up to the dispute predated either the BlackBerry or the Apple litigation. And I don't really see a connection to that. If you think about the BlackBerry decision, it really is an isolated agreement. And as I mentioned in my remarks, even after we make the refund, the amount that BlackBerry paid per unit during that time period, was basically consistent with the caps that we have for premium tier devices. So I don't anticipate really any impact from that decision on what other licensees would claim in terms of what it means to their agreements. The Apple situation, as we mentioned in a lot of detail in our response, the terms under those agreements, I think, were grossly mischaracterized in Apple's submissions. So yes, we've had to have some discussions with licensees to try to clarify what it is and isn't. But I would say, that's sort of normal course discussions we would typically have with companies.

還有一點要提醒的是，我們沒有具體說明這些事件在損益表上發生的具體位置等等。所以我不想讓大家覺得我們在認同你對他們的描述。關於第二點，我認為應該這樣想：我們現在與被授權者存在爭議，與被授權者的討論已經持續了一段時間，早於我們與蘋果公司之間任何訴訟的提起。很多時候，這類討論會持續一段時間，然後才會升級為爭執。所以時機就是這樣。但我認為值得注意的是，導致這場爭端的討論早於黑莓訴訟或蘋果訴訟。我看不出這兩者之間有什麼關聯。如果你仔細想想黑莓案的決定，它其實只是一項孤立的協議。正如我在演講中提到的，即使在我們退款之後，黑莓在那段時間為每台設備支付的金額，也基本上符合我們對高端設備的上限。因此，我預計該決定不會對其他被授權者提出的協議主張產生任何影響。正如我們在回應中詳細提到的，關於蘋果公司的情況，我認為蘋果提交的材料嚴重歪曲了這些協議的條款。所以，是的，我們不得不與被授權者進行一些討論，以試圖澄清它是什麼以及不是什麼。但我認為，這算是我們通常會與公司進行的正常課程討論。

Tim, I would add that as I said in my prepared remarks, that the disputed amounts under the cooperation agreement were accrued as a reduction to revenues in the P&L. So I can -- we can give that level of commentary.

提姆，我想補充一點，正如我在準備好的發言稿中所說，根據合作協議有爭議的金額已計入損益表中的收入減少額。所以，我們可以——我們可以給出那種程度的評論。

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

你的下一個問題來自摩根士丹利的詹姆斯‧福塞特。

Just a couple of questions. First, on the topic of royalties from the contract manufacturers. Have you received any payment since the original lawsuit was filed? And is that part of the reason that you feel comfortable assuming that at least some royalties will be paid in the June quarter? And then, I did want to touch quickly on the NXPI acquisition. Any update on timing of other regulatory body approvals? And do you have -- can you give us a rough outline yet as to what the financing cost for that portion will be or what the interest rates might look like, et cetera, if and as that deal closes?

幾個問題。首先，關於代工製造商的版稅問題。自最初提起訴訟以來，您是否收到任何賠償？而這是否也是您有信心認為至少部分版稅會在六月季度支付的原因之一？然後，我還想簡單談談對恩智浦半導體的收購。其他監理機關的審核時間有更新嗎？您能否大致估算一下這部分資金的融資成本，或者如果交易最終完成，利率大概會是多少等等？

James, this is Derek. On your first question about the contract manufacturers. So yes for Q2, what was reported and owed to us by the contract manufacturers actually exceeded the amount that's in dispute between Qualcomm and Apple under the Cooperation Agreement. So we did receive payments under those licenses for the differences, George mentioned, between what those companies owed and basically the disputed amount that Apple withheld. And for the Q3, basically we've already received royalty reports from most of the contract manufacturers, suppliers, to Apple, and believe there is a clear and binding payment obligation as it relates to those payments. And there is no dispute about other money that is owed from Qualcomm to Apple. So again, if these licensees are operating in accordance with the terms of the agreement, they should pay and they should pay the full amount. But again, we're a little cautious until we actually get the payment in hand. And so that's reflected in the guidance as well as just pointing out that the situation where there's 0 payment is not reflected in our range today.

詹姆斯，這位是德瑞克。關於你提出的第一個問題，也就是代工製造商的問題。所以，是的，第二季度，代工廠商向我們報告的款項以及應支付給我們的款項，實際上超過了高通和蘋果根據合作協議存在爭議的金額。正如喬治所提到的，我們確實收到了這些許可協議下的款項，以彌補這些公司所欠款項與蘋果公司扣留的爭議金額之間的差額。至於第三季度，我們基本上已經收到了大多數蘋果代工廠商和供應商的版稅報告，並且相信與這些款項相關的付款義務是明確且具有約束力的。對於高通欠蘋果的其他款項，雙方並無爭議。所以，如果這些被授權者按照協議條款運營，他們就應該付款，而且應該支付全額款項。但是，在真正收到款項之前，我們還是會比較謹慎。因此，這一點也體現在指導意見中，同時也指出，目前我們的產品範圍不包括 0 付款的情況。

And this is Don. On the NXP question. So yes, we're pretty much moving as expected. As Steve mentioned, we've passed the HSR process in the U.S. We should be filing very shortly in Europe, and that -- and we've filed in China already. That has not yet been docketed by China, but it's there. And we would anticipate filing in the other jurisdictions very quickly after we've completed filing in Europe. So we believe we're still on track and we're moving forward.

這位是唐。關於NXP的問題。是的，我們的進展基本上符合預期。正如史蒂夫所提到的，我們已經通過了美國的HSR審查程序。我們應該很快就會在歐洲提交申請，而且——我們已經在中國提交了申請。雖然中國尚未正式登記，但它確實存在。我們預計在歐洲完成申報後，很快就會在其他司法管轄區提交申報。所以我們相信我們仍然在按計劃進行，並且正在向前邁進。

On the financing front. Again, we expect to be in the market in the second half. We have not put out an estimate yet on the financing costs. No material change in our expected sizing, which was between $10 million and $12 million of acquisition debt. But the form of that debt, the term and the tenor will all have an impact on estimated cost, and we're not locked down on those yet.

在融資方面。我們預計下半年將繼續進入市場。我們尚未給出融資成本的估算。與預期規模相比沒有實質變化，收購債務在 1,000 萬美元至 1,200 萬美元之間。但是，債務的形式、期限和期限都會對預期成本產生影響，而我們目前還沒有最終確定這些。

Your next question comes from the line of Simona Jankowski with Goldman Sachs.

你的下一個問題來自高盛的西蒙娜·揚科夫斯基。

First, I just wanted to clarify if the payments to Apple under the BCPA were previously reported as contra revenues in QCT or in QTL? And then, the question on the new licensee that was underpaying in the quarter. Did they still pay the majority of what they owed you? Or was the $150 million that they underpaid, in fact, the majority of what they owed you? And then, along the same lines, your accounts receivable increased by about $2 billion, of which you commented that $1 billion was due to the Apple withholding, and then, some of that was the TDK joint venture. But in the filing, in the Q, you also say that some of the increase was due to the delayed payments of other licensees. So I was just curious if there are other potential disputes that contributed to that? Or if that's just purely timing.

首先，我想確認一下，根據《商業消費者保護法》(BCPA) 向蘋果支付的款項之前是在 QCT 中作為抵減收入報告，還是在 QTL 中報告？然後，還有一個關於本季少付工資的新許可證持有者的問題。他們是否仍然償還了欠你的大部分款項？或者說，他們少付的 1.5 億美元，實際上是他們欠你的大部分金額？同樣地，您的應收帳款增加了約 20 億美元，您曾表示其中 10 億美元是由於蘋果公司扣留的款項，還有一部分是 TDK 合資企業的收入。但在提交的文件中，在 Q 部分，你也提到部分成長是由於其他被授權者的付款延遲造成的。所以我只是好奇是否還有其他潛在的爭議導致了這種情況？或者只是時機問題。

Simona, this is Derek. Maybe I'll take the first 2 and then George can take the last one. Yes, the amounts that are in dispute between us and Apple, as we mentioned last quarter, have been fully accounted for and run through the P&L in prior quarters. We did not specify sort of where in the P&L the various payments were flowing. And I think at this time, are going to continue on that path. As to the dispute with the licensee, I'm not sure I can characterize majority versus minority. But they did pay a significant amount of royalties to us and didn't withhold -- they withheld only a portion of what they owed, not the entire payment.

西蒙娜，這位是德瑞克。也許我先拿前兩個，然後喬治拿最後一個。是的，正如我們上個季度所提到的，我們與蘋果公司之間的爭議金額，已在前幾個季度的損益表中得到充分核算和結算。我們沒有具體說明各項款項在損益表中的具體流向。我認為目前我們將繼續沿著這條道路走下去。至於與被授權者的糾紛，我不確定能否將其定性為多數派與少數派之爭。但他們確實向我們支付了相當可觀的版稅，而且沒有扣留——他們只扣留了應得款項的一部分，而不是全部款項。

So on the accounts receivable, outside of the Apple-related $1 billion and the RF360 amounts, what you had was growth in receivables related to QCT, which was just a timing issue for a payment relative to when shipments were made. And then on the QTL piece, that is really just the timing of payments that are being made on some of the catch-up payments where they are spread out over a short period of time, just to allow customers to get caught up in addition to fully paying at their new run rate.

因此，在應收帳款方面，除了與蘋果相關的 10 億美元和 RF360 的款項之外，還有與 QCT 相關的應收帳款成長，這只是付款相對於出貨時間的時序問題。至於 QTL 部分，實際上只是指一些補繳款項的支付時間，這些款項會在短時間內分期支付，以便客戶除了按新的運行價格全額支付外，還能補繳欠款。

Your next question comes from the line of Stacy Rasgon with Bernstein.

你的下一個問題來自 Stacy Rasgon 與 Bernstein 的對話。

First, I know you're making the point that the contract manufacturers are under obligation to pay no matter what they're getting from Apple. But let's be honest. They're going to pay you whatever they get from Apple. Given -- presumably. So given what you know at this point of Apple's intentions, how can we assess that risk? Does the fact that you aren't contemplating Apple completely ceasing their payments suggest that you judge their risk of that happening to be low? Or is it just not a scenario that you want to contemplate at this point? And on the revenue recognition, you gave us some good color on kind of what constitutes the deferral versus not. But let's just say, hypothetically, next quarter, the contract manufacturers were to pay you 50% of what you believe they owe you for Q3. Would you able to recognize all that 50%? Or would you have to differ at that point and send an arbitration and call it 0? How do we think about revenue recognition depending on what's coming in?

首先，我知道你的觀點是，無論蘋果給他們多少錢，代工廠商都有義務付款。但說實話吧。他們會把從蘋果公司拿到的錢付給你。鑑於——大概如此。鑑於你目前對蘋果公司意圖的了解，我們該如何評估這種風險？你沒有考慮蘋果公司完全停止支付的可能性，這是否意味著你認為這種情況發生的風險很低？或者，你現在根本不想考慮這種情況？關於收入確認，您為我們詳細解釋了哪些情況屬於遞延，哪些情況不屬於遞延。但假設一下，下個季度，合約製造商將支付您認為他們欠您的第三季款項的 50%。你能認出那50%嗎？或者，您會在這一點上提出異議，發起仲裁並將結果判定為 0？我們如何根據收入情況來考慮收入確認？

Stacy, this is Don. Maybe a couple of us would want to respond to the first question. But yes, to start with, you said, I understand it's a figure of speech, let's be honest. We are being honest, and what is a good thing to think about is I disagree with you that it's a foregone conclusion. As I said earlier, Apple's claim in its case against us is that they withheld a specific amount of money in payments to their contract manufacturers because they said it's an offset against monies that they claim we withheld from them improperly in another contract. While we disagree with that claim, obviously, the rationale for that no longer applies. As Derek said earlier, that BCPA contract is expired. So there are no more monies even arguably due from us to them and therefore, no basis or rationale to continue withholding from the contract manufacturers. And as Derek also said, the contract manufacturers have valid binding contracts with us and our expectation is that they will abide by those obligations and pay us the amount they owe us, which they reported for the quarter.

斯黛西，這位是唐。或許我們當中有幾個人想回答第一個問題。但是，首先，你說過，我知道這是一種比喻，說實話吧。說實話，值得思考的是，我不同意你認為這是板上釘釘的事。正如我之前所說，蘋果公司在對我們的訴訟中聲稱，他們扣留了支付給代工廠商的特定金額，因為他們說這筆錢是為了抵消他們聲稱我們在另一份合約中不當扣留的款項。雖然我們不同意這種說法，但顯然，這種說法的理由已經不再適用。正如德里克之前所說，BCPA 的合約已經到期了。因此，我們不再欠他們任何款項，也沒有任何理由繼續扣留合約製造商的款項。正如德里克所說，合約製造商與我們簽訂了有效的、具有約束力的合同，我們希望他們能夠遵守這些合約義務，並支付他們在本季度報告的欠款。

Stacy, this is Derek. I think on your second question. I think, probably, the best way to think about it is, we'd have to wait and see all of the circumstances under which the revenue got reported and paid to us to sort of make a final judgment on that. But at a high level, I would say, we have binding, valid agreements with them. If they reported half of what they owe and paid that to us. I think the most likely scenario is as long as we're not in litigation with them, that we would recognize that revenue within the quarter that it's paid.

史黛西，這位是德瑞克。我認為關於你的第二個問題。我認為，也許最好的思考方式是，我們必須等待並了解所有關於收入報告和支付給我們的情況，才能對此做出最終判斷。但從宏觀層面來說，我認為我們與他們之間有約束力的有效協議。如果他們申報所欠款項的一半並支付給我們。我認為最有可能的情況是，只要我們沒有和他們發生訴訟，我們就會在付款的季度內確認這筆收入。

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

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

The $150 million or so license payments that have been withheld in the second quarter, was that contemplated in your second quarter guidance? Or was that something that happened after the last report? And then -- so just to be clear on the contract manufacturers payments for your third quarter guidance. The high end of the guidance would presume they pay in full, but there's no presumption of, obviously, the cooperation agreement payments from you towards Apple with that guidance. Is that correct?

第二季扣留的約 1.5 億美元授權費，這是否已納入您第二季的業績預期？還是那是上次報告之後發生的事？然後—為了明確您第三季業績指引中合約製造商的付款情況。該指導意見的最高部分假定他們會全額付款，但顯然，該指導意見並不假定你會根據合作協議向蘋果公司支付款項。是這樣嗎？

Let me start with your first question, which was, we did not contemplate the underpayment in the Q2 guidance. It's one of the reasons why we made the point that actually if you factor that out, it was a strong quarter for QTL. They were able to come in at expectation despite that, and you saw that in the strength of the market and also the strength in ASPs. They also worked hard to manage cost. In the -- in terms of our guidance for Q3, again, we've looked at a variety of scenarios. I'm not going to lay out every one of the scenarios, but the things we thought could happen, we are anticipating in our guidance that we have not resolved the dispute with the 1 customer that made the underpayment in Q2. So that is factored into our guidance. And then, there's a variety.

讓我先回答你的第一個問題，那就是，我們在第二季業績指引中沒有考慮到支付不足的問題。這也是我們指出，如果排除這個因素，QTL 的這個季度業績其實相當強勁的原因之一。儘管如此，他們還是達到了預期，這一點從市場的強勁表現以及平均售價的強勁表現中可見一斑。他們也努力控製成本。至於我們對第三季的業績指引，我們也考慮了各種情況。我不會列出所有可能的情況，但我們認為可能會發生的事情，我們在指導意見中預計，我們還沒有解決與第二季少付貨款的1位客戶的糾紛。所以，這一點已納入我們的指導方針中。此外，還有各種各樣的選擇。

Of scenarios for the Apple contract manufacturers and also just the normal range of uncertainties that we have when we give guidance.

對於蘋果代工廠商而言，各種情況都有可能發生，而且我們在給予指導意見時也會面臨各種正常的不確定性。

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

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？

Well, I just want to thank everyone for joining us today. I also want to thank the employees for delivering a great quarter. In particular, the folks who are delivering on the new businesses. That was really a strong quarter, and I appreciate all the hard work. We'll talk to everybody next quarter. Thank you.

最後，我要感謝今天到場的各位。我還要感謝全體員工，他們出色地完成了本季的工作。尤其是那些正在為新業務做出貢獻的人。這是一個非常出色的季度，感謝大家的辛勤付出。下個季度我們會和所有人談談。謝謝。

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

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線了。