高通 (QCOM) 2017 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm Third Quarter Fiscal 2017 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded, July 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財年第三季財報電話會議。（操作員說明）提醒：本次會議正在錄音，2017 年 7 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 38395118.

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 38395118。

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

現在我將把電話交給投資者關係副總裁約翰辛諾特。辛諾特先生，請繼續。

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

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

You can access our earnings release and a slide presentation that accompany this call on our Investor Relations website. This call is also being webcast on qualcomm.com, and a replay will be available on our website later today.

您可以造訪我們的投資者關係網站，查看我們的獲利報告和本次電話會議的幻燈片簡報。本次電話會議也在 qualcomm.com 上進行網路直播，稍後將在我們的網站上提供回放。

During 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.

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。

We will also make forward-looking statements, including projections and estimates of future events, business or industry trends or business or financial results. 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.

我們也會做出前瞻性聲明，包括對未來事件、業務或行業趨勢或業務或財務表現的預測和估計。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 to comments from Qualcomm's Chief Executive Officer, Steve Mollenkopf.

接下來請高通執行長史蒂夫·莫倫科夫發表演說。

Thank you, John, and good afternoon, everyone. I want to, first, take a few minutes to discuss the performance of the company, both in the quarter and against our longer-term goals, before providing my perspective on the legal and regulatory matters impacting the company. I am very pleased that in a time of these external challenges, our employees are executing well on our expansion into new opportunities, and at the same time, improving the competitive strength and profitability of our industry-leading products.

謝謝你，約翰，大家下午好。首先，我想花幾分鐘時間討論一下公司本季的業績以及與長期目標的對比情況，然後再就影響公司的法律和監管問題發表我的看法。我很高興看到，在面臨這些外部挑戰之際，我們的員工在拓展新機會方面表現出色，同時提高了我們行業領先產品的競爭力和盈利能力。

We reported fiscal third quarter non-GAAP earnings per share and revenues consistent with our revised guidance and above the guidance range midpoint, driven by better-than-expected product mix in our semiconductor business.

我們公佈的第三財季非GAAP每股收益和收入與我們修訂後的預期一致，並且高於預期範圍的中點，這主要得益於我們半導體業務的產品組合好於預期。

Our QCT business is executing very well with profitability up both sequentially and year-over-year. QCT has now delivered improved year-over-year quarterly profitability for 5 consecutive quarters on strong execution as we have continued to refresh our product road map, delivered improved product cost and grow EBT margins despite the impact of second sourcing at Apple over the same time period.

我們的QCT業務營運狀況良好，獲利能力較去年同期成長均有所提升。QCT憑藉著強勁的執行力，連續五個季度實現了同比季度盈利能力的提升。我們不斷更新產品路線圖，降低了產品成本，並提高了稅前利潤率，儘管同期蘋果採用了第二供應商策略。

In mobile, QCT continues to see strength in the highly competitive China region and is executing well across all price tiers. Our gigabit LTE and 5G leadership, combined with our Snapdragon 835 and new Snapdragon 600 products, are well ahead of our competitors' solutions. We continue to see good traction in our QCT adjacent opportunities of automotive, networking, mobile compute and IoT, where our efforts to deliver our technologies are gaining momentum. We saw strong revenue growth in those adjacent businesses in fiscal 2016 and forecast growth of more than 25% in fiscal 2017. As reflected in our fourth quarter MSM guidance, we expect QCT's strong performance to continue.

在行動領域，QCT 在競爭激烈的中國市場持續保持強勁勢頭，並在所有價格區間都表現出色。我們在千兆 LTE 和 5G 領域的領先地位，加上我們的驍龍 835 和新款驍龍 600 產品，遠遠領先於競爭對手的解決方案。我們在 QCT 相關的汽車、網路、行動運算和物聯網領域持續取得良好進展，我們在這些領域交付技術的努力也正在加速發展。我們在 2016 財年看到了這些相鄰業務的強勁收入成長，並預測 2017 財年將成長超過 25%。正如我們在第四季度 MSM 業績指引中所反映的那樣，我們預計 QCT 的強勁表​​現將繼續保持。

We are ramping investments necessary to extend our leadership position in 5G as operators and customers seek to accelerate their launch date. We now believe that both millimeter-wave and sub-6 gigahertz capability will be table stakes for 2019 5G launches. The modem technology and complexity is increasing, and we believe we can continue to outperform our competitors with our level of 5G innovation. It is clear that our technology position and product road map are as strong as they have ever been.

我們正在加強投資力度，以鞏固我們在 5G 領域的領先地位，因為營運商和客戶都在尋求加快 5G 的推出速度。我們現在認為，毫米波和 6 吉赫茲以下頻段的能力將是 2019 年 5G 推出的基本要求。調製解調器技術和複雜性都在不斷提高，我們相信憑藉我們在 5G 創新方面的水平，我們能夠繼續超越競爭對手。很顯然，我們的技術地位和產品路線圖一如既往地強大。

In addition, we believe the pending NXP acquisition will provide us with greater scale in automotive, IoT, security and networking with their highly complementary products and world-class sales channel, serving a long tail of customers that are driving growth. The combined company will be a technology and semiconductor leader with future annual revenues projected to be more than $30 billion. The NXP transaction remains on track to close by the end of calendar 2017. We have regulatory clearance in 4 jurisdictions, including here in the U.S. and Taiwan, and we continue to make progress in our work with regulators in 5 remaining regions.

此外，我們相信即將完成的 NXP 收購將憑藉其高度互補的產品和世界一流的銷售管道，為我們在汽車、物聯網、安全和網路領域帶來更大的規模，從而服務眾多推動成長的客戶。合併後的公司將成為科技和半導體產業的領導者，預計未來年收入將超過 300 億美元。NXP 的交易仍按計劃進行，預計將於 2017 年底完成。我們已在包括美國和台灣在內的 4 個司法管轄區獲得監管部門的批准，並且我們正在與其餘 5 個地區的監管機構繼續合作，以取得進展。

In QTL, third quarter results and fourth fiscal quarter guidance reflect the impact of our dispute with Apple and a licensee dispute that we disclosed last quarter. Despite the near-term financial impact to our business by the actions of a small number of powerful industry players, the long-term outlook for our licensing business continues to remain strong with more than 300 freely negotiated global license agreements and a technology portfolio that is fundamental to the performance of wireless and mobile computing devices today. And for many years to come, the licensing business will continue to be a significant revenue and profitability generator for the company longer term. Moreover, it is important to remember that 3G/4G device trends, which are a key driver of QTL financial performance, remain very healthy. We are forecasting 3G/4G device shipments to grow by approximately 6% in calendar 2017. The long-term growth outlook for units, combined with moderating ASP decline, are consistent with our prior expectation for longer-term global 3G/4G device sales growth.

在 QTL 方面，第三季業績和第四財季預期反映了我們與蘋果之間的糾紛以及我們在上個季度披露的被授權人糾紛的影響。儘管少數實力雄厚的行業參與者的行為對我們的業務造成了短期財務影響，但我們授權業務的長期前景依然強勁，我們擁有 300 多項自由協商的全球許可協議，以及對當今無線和移動計算設備的性能至關重要的技術組合。在未來很多年裡，授權業務將繼續為公司帶來重要的收入和利潤。此外，值得注意的是，作為 QTL 財務表現關鍵驅動因素的 3G/4G 設備趨勢仍然非常健康。我們預測 2017 年 3G/4G 設備出貨量將成長約 6%。長期銷售成長前景，加上平均售價下降幅度放緩，與我們先前對全球 3G/4G 設備長期銷售成長的預期一致。

Turning to the current legal matters. We believe we hold the high ground with regard to the dispute with Apple. We will take the actions that are needed and appropriate to defend the tremendous value that our innovations bring to this industry, innovations which enable a competitive ecosystem to thrive. You have now seen some of the steps we have taken in our dispute with Apple, including the filing of patent actions in the U.S. ITC and in U.S. and German courts, to address the use of our unlicensed IP in their devices. We do not take these challenges lightly, and we are focused on achieving the right long-term result for the licensing business, which also is in the best interest of our stockholders. We know that, fundamentally, these issues are driven by commercial interests and contract negotiations, and we will continue to work to reach resolutions as we have done in the past.

接下來談談當前的法律問題。我們相信，在與蘋果公司的爭端中，我們佔據了道德高地。我們將採取必要和適當的行動，捍衛我們的創新為該行業帶來的巨大價值，這些創新使競爭激烈的生態系統得以蓬勃發展。您現在已經了解了我們在與蘋果公司的糾紛中採取的一些措施，包括在美國國際貿易委員會以及美國和德國法院提起專利訴訟，以解決蘋果公司在其設備中使用我們未經許可的智慧財產權的問題。我們不會輕視這些挑戰，我們專注於為授權業務取得正確的長期成果，這也符合我們股東的最大利益。我們知道，從根本上講，這些問題是由商業利益和合約談判驅動的，我們將繼續努力尋求解決方案，就像我們過去所做的那樣。

As you know, we had a strong relationship with Apple for many years, and they have been a long-standing and valued customer. We intend to continue to provide them with our industry-leading products and technologies, as we always have, and do our best to remain a good supplier to Apple even while this dispute continues.

如您所知，我們與蘋果公司多年來一直保持著良好的合作關係，他們一直是我們的重要客戶。我們將一如既往地繼續為他們提供業界領先的產品和技術，並盡最大努力在此次糾紛持續期間繼續成為蘋果的優秀供應商。

Derek will provide further detail on the actions we have taken in connection with our dispute with Apple as well as the specific steps we have taken in the other matters to defend the value of our innovations and our business model.

Derek 將進一步詳細說明我們針對與蘋果公司的糾紛所採取的行動，以及我們為捍衛我們的創新價值和商業模式而在其他事項中採取的具體措施。

Looking ahead, our innovations, driven by decades of R&D investment, are at the forefront of multiple new industries and product categories. Our intellectual property has never been more valuable and relevant, and the opportunities ahead for Qualcomm have never been greater. Our breadth of technologies and products continues to benefit from our ongoing strategy to invest ahead of the industry. And combined with our global scale and partnership, we are extremely well positioned to grow into an expanding set of new opportunities. Further, with the pending NXP acquisition, we will further accelerate our move into these new exciting industries.

展望未來，在數十年的研發投入推動下，我們的創新正處於多個新興產業和產品類別的前沿。我們的智慧財產權從未像現在這樣有價值、如此重要，高通公司未來的機會也從未如此巨大。我們廣泛的技術和產品持續受益於我們領先於產業的持續投資策略。憑藉我們的全球規模和合作夥伴關係，我們擁有非常有利的地位，能夠抓住不斷湧現的新機會。此外，隨著對 NXP 的收購即將完成，我們將進一步加快進入這些令人興奮的新產業的步伐。

I will now turn the call over to Derek.

現在我會把通話轉給德瑞克。

Thank you, Steve, and good afternoon, everyone. QTL fiscal third quarter revenues were $1.2 billion with earnings before tax of $854 million. As Steve mentioned, QTL fiscal third quarter results reflect nonpayment of royalties on Apple products by Apple's contract manufacturers as well as the nonpayment of royalties by the licensee with which we have a dispute that was disclosed last quarter. During the fiscal second quarter, the licensee reported and paid only a portion of the royalties it owed under its license agreement. And at that time, we expected the licensee to continue to report and pay some, but not all of the royalties they owe for the fiscal third quarter. Although we remain in discussions with this licensee in an effort to resolve the dispute, the licensee did not report or pay any royalties during the fiscal third quarter. This is a dispute as to the terms of the licensee's existing agreement that is similar to a number of the ones we have resolved in the past, and we expect to be able to do that again here.

謝謝你，史蒂夫，大家下午好。QTL 第三財季營收為 12 億美元，稅前利潤為 8.54 億美元。正如史蒂夫所提到的，QTL 財年第三季業績反映了蘋果代工廠商未支付蘋果產品版稅，以及我們上個季度披露的與我們存在爭議的被許可方未支付版稅。在第二財季，被授權人僅申報並支付了其根據許可協議應支付的部分特許權使用費。當時，我們預計被授權者將繼續報告並支付其應支付的第三財季部分（但不是全部）版稅。儘管我們仍在與該被授權者進行討論以努力解決爭議，但該被授權者在第三財季沒有報告或支付任何版稅。這是一起關於被授權人現有協議條款的爭議，與我們過去解決的許多爭議類似，我們希望能夠再次解決這個問題。

With Apple's contract manufacturers refusing to fully report their total reported device sales for Apple products and the licensee with which we have a dispute also withholding reporting, we are not providing quarterly actuals or guidance for total reported device sales and related unit shipments and ASPs by our licensees because a significant portion of quarterly activity is not available and would not be included in those metrics, making them incomplete and of limited value.

由於蘋果的代工廠商拒絕全面報告其蘋果產品的總報告設備銷量，而與我們存在爭議的被授權商也拒絕報告，因此我們不提供被授權商的總報告設備銷量、相關出貨量和平均售價的季度實際數據或指導數據，因為季度活動的大部分數據無法獲得，也不會包含在這些指標中，這使得這些指標不完整且價值有限。

We are, however, providing quarterly QTL revenue guidance to help our investors model our expectations for the licensing business going forward. Despite the near-term impact of these items, which we believe we will be able to resolve over time to QTL financial performance, it is important to note that 3G/4G global sales and device trends remain very positive. For fiscal 2017, global 3G/4G handset ASPs continue to track consistent with our prior expectations of low single-digit percentage declines year-over-year. Global ASP trends continue to be strong this year with ASPs continuing to increase in China and for devices sold by Chinese OEMs globally. We also continue to see healthy growth in global device sales for the fiscal year, consistent with our longer-term growth expectations of mid single-digit annual percentage increases. For calendar 2017, 3G/4G device shipments, we continue to estimate shipments of 1.75 to 1.85 billion devices globally, up approximately 6% year-over-year at the midpoint.

不過，我們會提供季度 QTL 收入指引，以幫助投資人了解我們對未來授權業務的預期。儘管這些事項會對 QTL 的財務表現產生短期影響（我們相信隨著時間的推移，我們將能夠解決這些問題），但值得注意的是，3G/4G 全球銷售和設備趨勢仍然非常積極。2017 財年，全球 3G/4G 手機平均售價持續維持與我們先前預期一致的低個位數百分比年減趨勢。今年全球平均售價趨勢依然強勁，中國市場以及中國OEM廠商在全球銷售的設備的平均售價持續上漲。本財年全球設備銷售額也持續保持健康成長，這與我們長期以來對年均個位數百分比成長的預期相符。對於 2017 年日曆年，我們繼續估計全球 3G/4G 設備出貨量為 17.5 億至 18.5 億台，以中間值計算，年成長約 6%。

Our licensing and compliance initiatives remain on track and continue to bear fruit. Excluding the effect of the underreporting caused by the disputes with Apple and its contract manufacturers as well as the licensee I just described, which we do not view as compliance issues, we estimate that the level of compliance by our licensees for sales during the March quarter was in line with sales by our licensees during the December quarter.

我們的許可和合規措施進展順利，並持續取得成效。撇開與蘋果公司及其代工廠商以及我剛才描述的被許可方之間的糾紛所造成的少報影響（我們認為這並非合規問題），我們估計，我們的被許可方在 3 月份季度的銷售合規水平與 12 月份季度的銷售合規水平一致。

As you have seen from our recent announcement, we continue to actively pursue resolutions of the challenges to our licensing business that have been orchestrated by a few of the most profitable and powerful companies in the world and to defend the well-established value of our patented technologies in the regulatory and other legal matters in which we are involved.

正如您從我們最近的公告中看到的那樣，我們將繼續積極尋求解決一些世界上最有盈利能力和最強大的公司對我們許可業務發起的挑戰，並在我們參與的監管和其他法律事務中捍衛我們專利技術的既定價值。

In our appeal of the Korean FTC decision, hearings were held last week in the Seoul High Court on our motion to stay the remedial portions of the KFTC's order while we proceed with the appeal. We expect to get a decision on the request for a stay in the coming months.

針對韓國公平交易委員會的決定，我們上週在首爾高等法院提起上訴，要求在繼續上訴期間暫緩執行韓國公平交易委員會命令中的補救部分。我們預計將在未來幾個月內得到關於暫緩執行申請的決定。

The U.S. FTC lawsuit is on track to be tried at the beginning of 2019. We look forward to demonstrating that many of the facts alleged in the complaint are wrong, and the FTC's legal theories are without merit.

美國聯邦貿易委員會提起的訴訟預計將於 2019 年初開庭審理。我們期待證明投訴中指控的許多事實是錯誤的，聯邦貿易委員會的法律理論毫無根據。

As to the Taiwan FTC investigation, we continue to work to find a resolution and are continuing to cooperate with the TFTC. We also continue to work through additional investigations in Europe. However, those investigations do not target Qualcomm's licensing business or practices.

至於台灣公平交易委員會的調查，我們仍在努力尋求解決方案，並繼續與台灣公平交易委員會合作。我們也在繼續進行歐洲的其他調查。然而，這些調查並未針對高通公司的授權業務或做法。

Finally, as Steve mentioned, we have now filed patent infringement complaints against Apple with both the International Trade Commission and in federal court in the U.S. The 6 patents asserted in those actions enable high performance in a variety of areas of the smartphone while extending battery life. Each of the patents does so in a different way, for different popular smartphone features. While the technologies covered by the patents are central for the performance of the iPhone, including antenna performance, graphics, higher data rates and network capacity, flashless boot and power management, the asserted patents are not essential to practice any standards in a mobile device or subject to a commitment to offer to license those patents. We expect that the ITC investigation will commence in August and that the case will be tried next year. We expect the federal court case to trail the ITC action or be stayed pending the conclusion of the ITC action.

最後，正如史蒂夫所提到的，我們現在已經向國際貿易委員會和美國聯邦法院對蘋果公司提起了專利侵權訴訟。這些訴訟中聲稱的 6 項專利能夠在智慧型手機的各個方面實現高性能，同時延長電池續航力。每項專利都以不同的方式針對不同的熱門智慧型手機功能進行開發。雖然這些專利涵蓋的技術對於 iPhone 的性能至關重要，包括天線性能、圖形、更高的數據速率和網路容量、無快閃啟動和電源管理，但所聲稱的專利對於在行動裝置中實施任何標準並非必不可少，也不構成提供這些專利許可的承諾。我們預計美國國際貿易委員會的調查將於8月開始，案件將於明年開庭審理。我們預計聯邦法院的案件將落後於美國國際貿易委員會的訴訟，或在國際貿易委員會的訴訟結束後中止審理。

This week, we also filed 2 patent infringement lawsuits in Germany against Apple seeking damages and injunctive relief for iPhones imported into or sold in Germany. The patents we are asserting in these cases represent 2 technologies important to iPhone function. But again, they are not standard essential patents and are not subject to any commitments to license those patents. Similar to the ITC process here in the U.S, we expect this litigation in Germany will move on a fairly fast time line with an outcome likely in approximately 12 months.

本週，我們也在德國對蘋果公司提起了兩起專利侵權訴訟，要求蘋果賠償損失併申請禁令，以懲罰進口到德國或在德國銷售的 iPhone 產品。我們在這些案件中主張的專利代表了對 iPhone 功能至關重要的兩項技術。但再次強調，它們並非標準必要專利，也不受任何授權這些專利的承諾約束。與美國國際貿易委員會的程序類似，我們預計德國的這場訴訟將以相當快的速度進行，結果可能在大約 12 個月內得出。

In addition, we have filed a motion asking the federal court in San Diego to require Apple's contract manufacturers to comply with the terms of their license agreements with respect to Apple products while the various cases are heard. Before it instructed its contract manufacturers to stop paying royalties to Qualcomm, Apple had been indirectly paying royalties on its products based on the contract manufacturer agreement for 10 years. Nothing has changed. Apple continues to generate substantial profit by using our technology, and the contract manufacturer agreement remain valid. There will be a hearing on that motion in mid-August.

此外，我們已向聖地牙哥聯邦法院提交動議，要求蘋果公司的代工製造商在審理相關案件期間遵守其與蘋果產品相關的授權協議條款。在蘋果指示其代工製造商停止向高通支付專利費之前，蘋果已經根據代工製造商協議間接向其產品支付了 10 年的專利費。一切都沒有改變。蘋果公司繼續利用我們的技術獲得巨額利潤，代工協議仍然有效。該動議將於八月中旬舉行聽證會。

Yesterday, Apple's contract manufacturers responded to our claims against them and the motion I just described. In addition, Apple sought to oppose our motion in the contract manufacturer cases as well as to consolidate the contract manufacturer cases with the Apple cases. These filings by Apple and its contract manufacturers prove what we have been saying all along. Apple has interfered with our license agreement with its contract manufacturers by instructing them not to pay the royalties they owe for sales of Apple products and then agreed to indemnify and protect the contract manufacturers against any damages and payments they will owe to Qualcomm as a result of Apple instructing them to breach their license agreement. It is clear that Apple is controlling all of the contract manufacturers' statement and actions in the litigation. If Apple hadn't interfered with the licenses and instructed the contract manufacturers to take these actions, the contract manufacturers would not be contesting the licenses now. It is important to remember that in most cases, our license agreements were negotiated and entered into with the contract manufacturers before Apple ever entered the smartphone market. And then Apple decided to rely on them for a decade before now trying to disrupt them.

昨天，蘋果公司的代工廠商對我們針對他們的指控和我剛才描述的動議作出了回應。此外，蘋果公司也試圖反對我們在代工製造商案件中的動議，以及將代工製造商案件與蘋果公司案件合併審理。蘋果及其代工廠商提交的這些文件證實了我們一直以來所說的話。蘋果幹預了我們與代工製造商之間的許可協議，指示他們不要支付銷售蘋果產品所應支付的版稅，然後又同意賠償並保護代工製造商免受因蘋果公司指示他們違反許可協議而導致他們欠高通公司的任何損害和款項。很明顯，蘋果公司控制著所有代工廠商在訴訟中的聲明和行動。如果蘋果公司沒有乾預授權事宜並指示代工廠商採取這些行動，那麼代工廠商現在就不會對授權提出異議了。需要注意的是，在大多數情況下，我們的授權協議是在蘋果進入智慧型手機市場之前與代工廠商談判並簽訂的。然後，蘋果決定在長達十年的時間裡依賴他們，直到現在才試圖顛覆他們。

One of Apple's claims has been that this is just a dispute about how much they should pay for using our valuable intellectual property, and that they have stopped paying because they don't know how much to pay us. This is quite obviously wrong. As I just explained, the long-standing and valid contract manufacturer licenses clearly specify the royalties that are due and payable on Apple products, yet Apple is interfering with those contracts. Further, we have made several offers to Apple to have an independent third party resolve the parties' disagreement over the value of Qualcomm's technology and set the royalty terms of a direct license between Qualcomm and Apple once and for all. Apple has refused those offers each time, which shows they are more interested in pursuing a strategy of delay, rather than good-faith resolution. We will continue to vigorously defend the value of our innovation and our pro-competitive business model.

蘋果公司聲稱，這只是關於他們應該為使用我們寶貴的智慧財產權支付多少費用的爭議，他們停止支付是因為他們不知道應該支付給我們多少錢。這顯然是錯誤的。正如我剛才解釋的那樣，長期有效的代工製造商授權協議明確規定了蘋果產品應支付的版稅，但蘋果卻幹預了這些合約。此外，我們已多次向蘋果公司提出，希望由獨立的第三方來解決雙方在高通技術價值上的分歧，並一勞永逸地確定高通和蘋果公司之間直接許可的版稅條款。蘋果每次都拒絕了這些提議，這表明他們更傾向於採取拖延戰術，而不是真誠地解決問題。我們將繼續大力捍衛我們的創新價值和促進競爭的商業模式。

Turning to our data center business. We remain on track for commercial shipments of the Qualcomm Centriq 2400 processor family by the end of the calendar year, and we have already shipped more than 1,000 evaluation platforms to leading customers and partners. We continue to be very encouraged by the engagement with and feedback from a variety of our growing list of customers and partners as to the performance of our products.

接下來談談我們的資料中心業務。我們仍按計劃在年底前實現高通 Centriq 2400 處理器系列的商業出貨，並且我們已經向主要客戶和合作夥伴交付了 1000 多個評估平台。我們不斷收到越來越多的客戶和合作夥伴的回饋，他們對我們的產品表現給予了正面評價，這讓我們倍感鼓舞。

In parallel, we are working hard to continue to build the data center ecosystem for Centriq-based servers. This quarter, we announced the collaboration with Packet, a leading bare metal cloud provider, to deliver a consumable cloud platform based on the Qualcomm Centriq 2400 processor for access by the software development community. We demonstrated with Canonical, a highly scalable open stack NFV infrastructure running on a Qualcomm Centriq 2400 platform, and we announced the collaboration with MariaDB to implement MariaDB's enterprise-grade, data-based architecture on the Qualcomm Centriq 2400 processor to drive performance and compute at scale.

同時，我們正在努力繼續建立基於 Centriq 伺服器的資料中心生態系統。本季度，我們宣布與領先的裸金屬雲端供應商 Packet 合作，為軟體開發社群提供一個基於高通 Centriq 2400 處理器的可消費雲端平台。我們與 Canonical 合作，展示了在 Qualcomm Centriq 2400 平台上運行的高度可擴展的 OpenStack NFV 基礎設施，並宣布與 MariaDB 合作，在 Qualcomm Centriq 2400 處理器上實現 MariaDB 的企業級資料架構，以大規模提升效能和運算能力。

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

我的發言到此結束，現在我將把電話交給喬治。

Thank you, Derek, and good afternoon, everyone. We are pleased to report a solid fiscal third quarter consistent with our revised expectations. Revenues were $5.4 billion, and non-GAAP earnings per share were $0.83. Our results were above the midpoint of guidance, driven by better-than-expected QCT results on higher revenue and stronger margins. QCT EBT margin was 14.2% for the quarter at the high end of expectations, driven by favorable mobile product mix. We're continuing to see strong traction in QCT adjacent opportunities with quarterly revenues from these areas in total, up approximately 30% year-over-year. As a reminder, our adjacent opportunities include our chip sales into automotive, IoT, networking and compute.

謝謝你，德里克，大家下午好。我們很高興地報告，第三財季業績穩健，符合我們修訂後的預期。營收為 54 億美元，非 GAAP 每股收益為 0.83 美元。我們的業績高於預期中位數，這主要得益於QCT業績優於預期，以及更高的收入和更強的利潤率。受有利的行動產品組合推動，QCT 本季 EBT 利潤率為 14.2%，達到預期上限。我們繼續看到 QCT 相關領域的機會呈現強勁勢頭，這些領域的季度總收入年增約 30%。再次提醒大家，我們相關的業務機會包括向汽車、物聯網、網路和運算領域銷售晶片。

In QCT, MSM shipments were 187 million, up 4% sequentially and modestly below the midpoint of our expectations on softness in mid- and low-tier devices. In QTL, revenues were $1.2 billion, largely in line with expectation. Consistent with our revised guidance, the quarter was negatively impacted by our dispute with Apple as they instructed their contract manufacturers to not fully report and to not pay royalties due on sales of Apple products. In addition, we did not record QTL revenues from the ongoing dispute with a licensee that we disclosed last quarter as that entity did not report or pay royalties this quarter.

QCT 數據顯示，MSM 出貨量為 1.87 億台，季增 4%，略低於我們對中低階設備疲軟的預期中位數。QTL的收入為12億美元，基本上符合預期。與修訂後的預期一致，本季業績受到我們與蘋果公司糾紛的負面影響，因為蘋果公司指示其代工製造商不要完整報告蘋果產品銷售情況，也不要支付應得的版稅。此外，由於上個季度揭露的與被授權者的持續糾紛中產生的 QTL 收入，我們沒有記錄該糾紛產生的收入，因為該實體本季度沒有報告或支付特許權使用費。

Non-GAAP combined R&D and SG&A expenses overall this quarter were up 6% sequentially, which was above our prior guidance of up 3% at the midpoint. Our prior guidance reflected the impact of a full quarter of the RF360 joint venture spending being included in our result. The increase in spend relative to our original expectation was driven by higher-than-expected litigation expenses as actions related to our dispute with Apple escalated and from accelerating investment related to pending 5G trials and related technology development. We believe these priorities are critical for value creation and preservation, but are contributing to higher-than-modeled spending in the near term, which we will address as we get through this period.

本季非GAAP綜合研發及銷售、管理及行政費用較上季成長6%，高於我們先前3%的預期中位數。我們先前的預期反映了 RF360 合資企業支出整整一個季​​度計入我們業績的影響。與最初的預期相比，支出增加的原因是與蘋果相關的訴訟費用高於預期，以及與即將進行的 5G 試驗和相關技術開發相關的投資加速增加。我們認為這些優先事項對於價值創造和保值至關重要，但會導致短期內支出高於預期，我們將在度過這段時期後解決這個問題。

Our non-GAAP tax rate for the quarter was 5%, reflecting the prior period impact of our revised April guidance of a full year non-GAAP tax rate of approximately 14%. As a reminder, our effective tax rate is influenced by the mix of onshore and offshore earnings. The result of a lower mix of licensing revenues, which are onshore and taxed at a full U.S. rate, is a reduction to our overall blended tax rate.

本季非GAAP稅率為5%，反映了我們4月份修訂的全年非GAAP稅率約為14%的預期對前期業績的影響。再次提醒，我們的實際稅率會受到境內外所得組合的影響。由於許可收入佔比降低（這些收入在境內，並按美國全額稅率徵稅），導致我們的整體綜合稅率降低。

Turning to our balance sheet. In May, we issued $11 billion of debt in the capital markets. The funds from this offering will be used to finance a portion of our proposed acquisition of NXP and for general corporate purposes. With this financing, we have now completed our prefunding for the NXP transaction.

接下來來看看我們的資產負債表。5月份，我們在資本市場發行了110億美元的債券。本次發行所得將用於為我們擬議收購 NXP 的部分交易提供資金，以及用於一般公司用途。有了這筆融資，我們現在已經完成了恩智浦交易的預融資。

We ended the quarter with cash and marketable securities of $38 billion and total debt outstanding of $22 billion. Our non-GAAP operating cash flow in the fiscal third quarter, which excludes the impact of the KFTC fine and the BlackBerry arbitration, was approximately $2 billion or 39% of non-GAAP revenue. As a reminder, while the charge related to the KFTC fine was recorded on our income statement in our fiscal first quarter and the charge related to the BlackBerry arbitration was recorded in our fiscal second quarter, the related cash payments for both were made in our fiscal third quarter.

本季末，我們持有現金及有價證券380億美元，未償債務總額為220億美元。我們第三財季的非GAAP經營現金流（不包括韓國公平交易委員會罰款和黑莓仲裁的影響）約為20億美元，佔非GAAP收入的39%。需要提醒的是，雖然與韓國公平交易委員會罰款相關的費用已在我們的第一財季損益表中記錄，與黑莓仲裁相關的費用已在我們的第二財季記錄，但兩項相關的現金支付均在我們的第三財季支付。

Through our fiscal third quarter, we have returned approximately $3.4 billion to stockholders this fiscal year, including $2.4 billion in dividends paid and $1 billion in share repurchases. This is consistent with our continued commitment to the dividend program and dividend growth and our intent to repurchase shares to offset dilution.

截至本財年第三季度，我們已向股東返還了約 34 億美元，其中包括支付的 24 億美元股利和 10 億美元的股票回購。這符合我們對分紅計畫和分紅成長的持續承諾，以及我們回購股票以抵銷稀釋的意圖。

Turning to our fiscal fourth quarter guidance. We estimate revenues to be in the range of approximately $5.4 billion to $6.2 billion, down approximately 6% year-over-year at the midpoint. Our revenue and EPS estimates exclude QTL revenues for Apple-related products and for the other licensee in dispute. We estimate non-GAAP earnings per share in our fiscal fourth quarter to be approximately $0.75 to $0.85 per share. We expect fiscal fourth quarter non-GAAP combined R&D and SG&A expenses will be up approximately 1% to 3% sequentially, driven primarily by increased litigation-related expenses and 5G investment. As Derek explained, we are providing guidance for QTL segment revenues for the fiscal fourth quarter, which we expect to be in the range of $1.0 billion to $1.3 billion. We expect QTL's EBT margin percentage to decrease sequentially and be between 64% and 68%, reflecting lower revenues at the midpoint and increased litigation-related expenses as we continue to defend our business model in various forms.

接下來談談我們第四財季的業績預期。我們預計營收將在 54 億美元至 62 億美元之間，以中間值計算，年減約 6%。我們的營收和每股盈餘預測不包括蘋果相關產品和另一個有爭議的被授權者的 QTL 收入。我們預計第四財季非GAAP每股收益約為0.75至0.85美元。我們預計，受訴訟相關費用和 5G 投資增加的推動，第四財季非 GAAP 合併研發和銷售、管理及行政費用將環比增長約 1% 至 3%。正如 Derek 所解釋的那樣，我們對第四財季的 QTL 部門收入給出了指導，預計收入將在 10 億美元至 13 億美元之間。我們預計 QTL 的 EBT 利潤率將環比下降，介於 64% 至 68% 之間，這反映出中間值的收入下降以及隨著我們繼續以各種形式捍衛我們的商業模式而增加的訴訟相關費用。

Turning to QCT. We anticipate MSM shipments in the fiscal fourth quarter of approximately 205 million to 225 million units, up 15% sequentially at the midpoint, driven by OEM product launches and continued traction with OEMs in China. We expect QCT EBT margin to be approximately 17% to 19% in the fiscal fourth quarter, increasing from 16.7% in the fourth quarter of fiscal 2016, favorable mobile product mix and growth in adjacent opportunities year-over-year.

轉向QCT。我們預期第四財季MSM出貨量約為2.05億至2.25億台，中位數較上季成長15%，主要得益於OEM產品發表以及在中國OEM市場的持續成長。我們預計 QCT 第四財季的 EBT 利潤率將達到 17% 至 19%，高於 2016 財年第四季的 16.7%，這得益於有利的行動產品組合以及相鄰業務機會的同比增長。

For our Snapdragon 835 premium-tier chipset, we expect supply of 10 nanometer to largely meet demand in the fiscal fourth quarter, consistent with our prior expectations. We expect that interest expense will be up sequentially in the fiscal fourth quarter, reflecting a full quarter's impact related to the $11 billion of debt issued in late May.

對於我們的驍龍 835 高階晶片組，我們預計 10 奈米製程的供應量將在第四財季基本滿足需求，這與我們先前的預期一致。我們預計，由於 5 月下旬發行的 110 億美元債務對第四財季的整個季度產生了影響，利息支出將環比上升。

For fiscal 2017 overall, we now expect the combination of investment in other income and interest expense to be roughly flat versus fiscal 2016. Lower interest income year-over-year has been supplemented with gains on the sale of higher-risk assets in our portfolio as we move into highly liquid, short-term investments in preparation for funding the NXP acquisition.

就 2017 財年整體而言，我們現在預計其他收入和利息支出的投資總額將與 2016 財年大致持平。為收購 NXP 提供資金，我們轉向流動性強、短期投資，這彌補了我們投資組合中高風險資產出售所得的收益，同時也為利息收入的逐年下降提供了補充。

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

我的發言到此結束。現在我將把電話轉回給約翰。

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

謝謝你，喬治。接線員，我們已準備好回答您的問題。

(Operator Instructions) Mike Walkley with Canaccord Genuity.

（操作說明）Mike Walkley，Canaccord Genuity。

Just really trying to get a clarification. So for the licensing dispute outside of Apple, can you just walk us through what, from that licensee, maybe was included in your Q3 results and what's excluded for Q4 guidance? Maybe can help us on a sequential basis just on that licensee, maybe in ballpark the delta between Q3 and Q4?

我只是想弄清楚。那麼，對於蘋果公司以外的授權糾紛，您能否詳細說明一下，從該被授權方獲得的哪些內容可能包含在您的第三季度業績中，以及哪些內容不包含在第四季度業績指引中？或許可以依序幫助我們估算該被授權者的業績，例如第三季和第四季之間的差額？

Mike, this is Derek. Yes. So I think when we reported last quarter, we had some amount of revenue from that licensee in Q2, but it was an underpayment. They didn't pay the full amount. And we, at the time, had expected Q3 to include an underpayment but include some payment. And basically, the way things turned out, they did not report or pay anything for Q3 and that's consistent with the way that we have guided for Q4. So basically, both of the quarters exclude any revenue from the licensee that's in dispute.

麥克，我是德里克。是的。所以我覺得，當我們上個季度報告時，我們在第二季度從該被授權人獲得了一些收入，但那是一筆少付的款項。他們沒有支付全額款項。當時我們預計第三季會有一些少付的款項，但也會有一些款項支付。基本上，事情的最終結果是，他們沒有報告或支付任何第三季的費用，這與我們對第四季的預期一致。所以基本上，這兩個季度都不包括來自有爭議的被許可人的任何收入。

Mike, it's George. Let me just add to that. I think one of the things that we've seen people struggle with is the -- there is no constant since this is an individual OEM. So Q2 going to Q3 is typically a step down in the level of revenues, then you have a seasonal uptick picking up for Q3 and Q4. So I think it's going to be hard to model a flat level of impact. And so it's one of the reasons why in the guidance for this quarter, we guided QTL revenue overall because we understand using the old method of trying to get there from TRDS is just can be too difficult.

麥克，我是喬治。我再補充一點。我認為我們看到人們遇到的一個難題是——由於這是各個 OEM 廠商各自的產品，所以沒有統一的標準。因此，第二季到第三季通常是收入水準的下降，然後第三季和第四季會出現季節性回升。所以我認為很難模擬出影響程度平穩的情況。因此，這也是我們在本季業績指引中將整體營收預期設定為 QTL 的原因之一，因為我們理解，使用舊方法從 TRDS 來衡量營收可能太困難了。

Our next question is from Rod Hall with JPMorgan.

下一個問題來自摩根大通的羅德霍爾。

I guess I had one clarification, one question. So I wanted to -- on that last question with regards to this licensee, it looks like -- I mean, that [QTL], your guide is deviating another $100 million from what we were forecasting. And even though I get that you guys don't want us forecasting or it's hard to forecast using the old methodologies, most of our models still run that way. So I'm just wondering, can you give us any idea whether the full withholding of payments from that licensee is in the ballpark of, say, $250 million or something like that, just so we can think about what the deviation from our model looking forward might be? And then this -- the real question I've got is on the European review of NXPI. That's moved to a full review. Can -- Derek, could you just give us any color on what is happening there? Why reportedly, anyway, you guys have not -- decided not to go along with remedies that have been suggested? And now we're into a more detailed review, was that always the expectation in Europe? Or has something changed in regards to your discussions with the regulators there? So could you just give us a little bit more color on what's happening there?

我還有一個疑問，想請教一下。所以我想——關於這個被授權者的最後一個問題，看起來——我的意思是，[QTL]，你們的指導價與我們預測的又相差了 1 億美元。雖然我知道你們不希望我們進行預測，或者使用舊方法進行預測很困難，但我們的大多數模型仍然以這種方式運行。所以我想知道，您能否大致估算一下，從該被授權人扣留的全部款項是否在 2.5 億美元左右，這樣我們就可以考慮未來與我們模型的偏差會有多大？然後，我真正的問題是關於歐洲對 NXPI 的評價。已移交全面審查。德瑞克，你能給我們透露那裡的情況嗎？據說，你們為什麼還沒有決定不採納已經提出的補救措施呢？現在我們要進行更詳細的評測了，這是否一直是歐洲的預期？或者，您與當地監管機構的討論是否有任何變化？那麼，您能否再詳細介紹一下那裡的情況呢？

Sure. Rod, let me comment. I think one of the things I would remind people as they look at, particularly the year-over-year comparisons for the licensing business, both in Q3 and Q4 comparatively. We saw good market, underlying market in both of those, so the -- there's no -- the -- any shortfall in your estimates are not really related to the market. What we've saw is there was catch-up from the settlement of Chinese agreements in Q3 and Q4 of '16 that are impacting year-over-year comparisons. And so one of the things that the models would need to show is a lower catch-up in Q1 -- or excuse me, Q4 of '17 relative to '16. And then the rest is really just Apple and the other licensee and the impact of the specific dollars related to those OEMs. But those are really the only factors impacting the underlying estimates.

當然。羅德，讓我說幾句。我認為，當人們查看授權業務的年比數據時，尤其是在第三季和第四季的比較中，有一點需要提醒大家。我們看到這兩個市場都呈現出良好的市場基礎，所以——沒有——你們的預測中的任何不足都與市場無關。我們看到的是，2016 年第三季和第四季中國達成的協議造成了追趕效應，這影響了同比數據。因此，模型需要顯示的一點是，2017 年第一季（或抱歉，是 2017 年第四季）的追趕幅度要低於 2016 年。剩下的就只有蘋果和其他被授權方，以及與這些原始設備製造商相關的具體資金的影響了。但這些確實是影響基本估算的唯一因素。

Rod, this is Derek. Let me just add that our practice historically has been not to disclose the identity of licensees when we're trying to resolve a dispute, and it hasn't has yet gone to litigation. So I think we're going to go ahead and stick to that practice, and so we're not going to give specific color on the amount of underpayment coming from any particular licensee. I think one of the things just to think about in terms of modeling, we have had catch-up payments kind of flowing through QTL from prior period, sort of quarter-to-quarter. We said that's going to be lumpy and be hard to predict and come in over time. And there were some of those amounts, meaningful amounts, in Q3. But I would say the midpoint of our guide for QTL revenue in Q4 doesn't really include a significant amount of that, so that may be another kind of deviation when you look at your model.

羅德，我是德里克。我還要補充一點，我們歷來的做法是在試圖解決糾紛時不透露被授權人的身份，而且目前還沒有訴諸法律。所以我認為我們將繼續堅持這種做法，因此我們不會透露任何特定持牌人少付的具體金額。我認為在建模方面需要考慮的一點是，我們已經有來自前一時期的補繳款項透過 QTL 逐季度發放。我們說過，這將會是波動不定、難以預測的，而且會隨著時間的推移而逐漸顯現。第三季確實出現了一些數量可觀的金額。但我認為，我們對第四季度 QTL 收入的預期中位數並沒有真正包含其中很大一部分，所以當你查看你的模型時，這可能是另一種偏差。

And, Rod, this is Don. I'll take your question about NXP in Europe. There's not a lot to say about that at all. The Phase 1 process, as you know, is fairly short. We're dealing with a significant acquisition here in both -- with both a U.S.-based company and a major European-based company. So it's not surprising that we moved into Phase 2. We're engaged in Phase 2. We will listen to any concerns that may be expressed, and we'll respond to them, we think, within the time period that should be the normal run of a Phase 2 process. Obviously, you can't predict, but we're very optimistic about our ability to continue to demonstrate the complementary nature of this acquisition. And with 4 regulatory approvals already, we think we're on a pretty good track there.

羅德，這位是唐。我來回答你關於恩智浦在歐洲的問題。關於這一點，其實沒什麼好說的。如您所知，第一階段流程相當短。我們正在處理一項意義重大的收購，涉及兩方面——一家是美國公司，另一家是歐洲大型公司。因此，我們進入第二階段並不令人意外。我們正在進行第二階段的工作。我們將認真聽取任何可能表達的意見和建議，並會在我們認為第二階段流程正常運作的時間範圍內做出回應。顯然，你無法預測，但我們對繼續證明這項收購的互補性非常樂觀。目前我們已經獲得了 4 項監管批准，我們認為我們正朝著相當不錯的方向前進。

Our next question is from Kulbinder Garcha with Crédit Suisse.

我們的下一個問題來自瑞士信貸的庫爾賓德·加爾查。

My questions are for Derek as well. Just on the -- on this dispute with the licensee, this is not -- just to be clear, it's not like a regular audit type dispute; it's a fundamental disagreement on both parties in terms of how these licensing agreements, how these are being interpreted. So this may come -- last for some time. Is that the right way of thinking about it? And the second question is, in the -- in a world in which the smartphone market in revenue terms is really not growing very much, let's say, 2% or 3%. If Apple do gain meaningful market share in the next 2 years, is it reasonable to assume that even this licensing run rate would contract? Are there other drivers that we should think about? I'm just thinking there's obviously a super-cycle coming up of things of theirs and Apple is getting a lot of share (inaudible) at best your (inaudible) resolved. Is that the right way of thinking about it?

我的問題也想問德里克。就與被授權人的這場糾紛而言，需要明確的是，這並非普通的審計糾紛；而是雙方在如何解釋這些授權協議方面存在根本分歧。所以這種情況可能會持續一段時間。這種思考方式正確嗎？第二個問題是，在智慧型手機市場收入成長並不顯著（比如說只有 2% 或 3%）的世界。如果蘋果在未來兩年內獲得顯著的市場份額，那麼即使是目前的授權授權成長率是否也會下降？還有其他需要考慮的驅動因素嗎？我只是覺得他們的東西顯然會迎來一個超級週期，蘋果正在獲得大量的市場份額（聽不清楚），最好的情況是你的（聽不清楚）問題解決了。這種思考方式正確嗎？

Kulbinder, this is Derek. I think on the first one, I would characterize it this way. I mean, we have -- the dispute we have with this licensee is a dispute over the terms of their agreement, not too dissimilar to ones that we've had in the past. They've resolved themselves in a variety of different ways historically. Some of them -- most of them, frankly, we've been able to resolve through some period of negotiation. We're still in that phase with this licensee. And then you might recall back, even just most recently with LG, that did escalate to an arbitration, but then we were able to resolve it fairly quickly even after the arbitration is -- was resolved. So I don't think we can predict with any certainty the exact timing. But I don't think it's a foregone conclusion that this will be something that takes a long time to resolve, either. I think it's highly dependent on the circumstances. I think you might have some -- let me try to reframe kind of the second question. Our view, and I'll give you some data points to support this, is that the license of business has the ability to continue to grow with the end market. We see end market growth continuing going forward once we have these disputes resolved. And I think even if you look at this quarter, we would have seen year-over-year growth in the licensing business if you adjusted for kind of all the anomalies of the dispute and some of the onetime payments. But if you step back and look longer term at the end market, the units continue to grow in line with our projections. Last year, unit growth was about 10%. In our current forecasts which we're holding in calendar '17, it's about 6% unit growth. And you combine that with the moderating declines in ASPs, and we still believe the TRDS, independent of any particular OEM, so even if Apple were to gain share, is something that will grow in the mid-single digits. And I think the thing that's been very positive for us this year is that ASPs probably are moderating. Even the ASP declines are moderating even more than we expected, meaning the declines are less than we would have expected going into the year. And that's largely being driven by strength in China as well as increasing ASPs by many of the Chinese OEMs as they build their businesses outside of China, which are a couple of the important trends that we highlighted starting 2 or 3 years ago of why we believe we would see long-term growth in the market. So again, if you wrap that all up, end market will continue to grow. We think it can continue to grow meaningfully. And we think once we get through these disputes, we can continue to grow the licensing business in line with that.

庫爾賓德，我是德瑞克。我認為對於第一個問題，我會這樣描述它。我的意思是，我們與這家被授權者之間的爭議是關於其協議條款的爭議，這與我們過去遇到的爭議並沒有太大不同。歷史上，他們曾以各種不同的方式解決問題。坦白說，其中一些問題——或者說大多數問題——我們已經透過一段時間的談判解決了。我們與這家被授權者的合作仍處於這個階段。你可能還記得，就拿最近的 LG 事件來說，那件事最終升級到了仲裁，但即便仲裁結果出來後，我們也能夠很快地解決問題。所以我覺得我們無法準確預測具體時間。但我認為，這件事也未必需要很長時間才能解決。我認為這很大程度上取決於具體情況。我想你可能有一些——讓我試著重新表達第二個問題。我們的觀點是（我可以提供一些數據來支持這一觀點），營業執照能夠隨著終端市場的發展而持續成長。我們預計，一旦這些爭端得到解決，終端市場將繼續成長。我認為，即使只看本季度，如果考慮到糾紛和一些一次性付款等各種異常情況，授權業務也會實現同比增長。但如果你退後一步，從更長遠的角度來看終端市場，銷售量將繼續按照我們的預測成長。去年，單位成長率約為 10%。根據我們目前對 2017 年的預測，銷售成長率約為 6%。再加上平均售價下降幅度放緩，我們仍然相信，無論哪個特定 OEM 廠商，TRDS 都將保持穩定成長，即使蘋果公司獲得市場份額，其成長率也只會達到個位數中段。我認為今年對我們來說非常積極的一點是，平均售價可能正在趨於緩和。即使是平均售價的下降幅度也比我們預期的還要緩和，這意味著下降幅度比我們年初預期的要小。這主要得益於中國市場的強勁表現，以及許多中國汽車製造商在海外拓展業務時不斷提高平均售價。這些是我們兩三年前開始強調的幾個重要趨勢，也是我們認為市場將實現長期成長的原因。綜上所述，終端市場將持續成長。我們認為它能夠繼續實現顯著成長。我們認為，一旦解決這些糾紛，我們就可以繼續按照既定方向發展授權業務。

Our next question is from Simona Jankowski with Goldman Sachs.

下一個問題來自高盛的西蒙娜·揚科夫斯基。

This is Doug Clark on behalf of Simona. One follow-up question to kind of the historical context of disputes with some licensees. Putting all of those together, is there any generalization or kind of rule that you've come to notice as a result of the resolution of these disputes that they've either resulted in kind of deflationary to the royalty rate, or if, in certain cases, you've been able to hold those royalty rate constants? I'm wondering if there's kind of any conclusions that you've drawn from those.

我是道格·克拉克，代表西蒙娜。還有一個後續問題，想了解與某些被授權者發生糾紛的歷史背景。綜合以上所有因素，在解決這些爭議的過程中，您是否注意到任何普遍規律或規則，例如，這些爭議的解決是否導致了版稅率的下降，或者在某些情況下，您是否能夠保持版稅率不變？我想知道你從中是否得出什麼結論。

Doug, this is Derek. It's pretty hard to answer in kind of a high level. I think each individual deal is different. I would say through any of the negotiations and dispute resolutions, we -- I think, we've been successful historically in obtaining what we believe is a fair value for the portfolio. Some of those deals have taken different forms and different structures over the years. But I think, by and large, that's sort of the principle that we operate by. It's the same principle that we operated by as we resolved the remaining agreements we negotiated in China over the last couple of years, and it's really the same principle that we'll be applying to our dispute with Apple as we look for trying to achieve the right long-term agreement for the company and consistent with the value of our intellectual property.

道格，我是德瑞克。這個問題很難從宏觀層面回答。我認為每筆交易的具體情況都不一樣。我認為，透過所有談判和爭議解決，我們——我認為，從歷史上看，我們已經成功地為該投資組合獲得了我們認為的公平價值。多年來，其中一些交易採取了不同的形式和結構。但我認為，總的來說，這就是我們奉行的原則。這是我們過去幾年在中國談判達成的剩餘協議的解決過程中所遵循的原則，也是我們將應用於與蘋果公司爭端中的相同原則，我們將努力為公司達成一項合適的長期協議，並使其符合我們知識產權的價值。

Okay, got it. And then my follow-up question is as we move to kind of the key marquee product launches, particularly the upcoming iPhone. Have any of the disputes, in your opinion, had any impact on how share will shake out from a chipset standpoint?

好的，明白了。接下來我的問題是，當我們轉向一些關鍵的旗艦產品發表會時，特別是即將推出的 iPhone。您認為這些爭議是否對晶片組市場的份額格局產生了任何影響？

Doug, this is Cristiano. Look, I think we have said, I think, things go back in time that we have plans for multi sourcing. And I think at this point, I think what we see -- was continue to be engaged with them on the product side. We feel very confident about, I think, the capabilities of our product. I would argue that, generation to generation, our differentiation exactly increasing. And right now, we see -- continue to -- we see orders from the [CMs]. So I don't think we can, at this point, identify anything different than what we have been expecting.

道格，這位是克里斯蒂亞諾。你看，我想我們已經說過，我想，事情可以追溯到很久以前，我們有多源採購的計劃。我認為在這一點上，我們看到的是——繼續在產品方面與他們保持合作。我認為，我們對我們產品的功能非常有信心。我認為，一代又一代，我們的差異只會越來越大。現在，我們看到——繼續——我們看到來自[CM]的訂單。所以我覺得，目前我們無法發現任何與我們預期不同的情況。

Our next question is from James Faucette from Morgan Stanley.

下一個問題來自摩根士丹利的詹姆斯·福塞特。

Great. Quickly, John, I know you touched on sort of (inaudible) regulatory bodies that you still need (inaudible) when we should expect to get feedback from (inaudible)? And maybe a question for you. (inaudible) how since the NXPI acquisition was announced or the intention to acquire NXPI, how your conversation with kind of these opportunity with customers and opportunities outside (inaudible) have been evolving and partnered with (inaudible)?

偉大的。約翰，快點，我知道你剛才提到了一些（聽不清楚）監管機構，我們仍然需要（聽不清楚）這些機構的回饋，請問我們應該何時收到（聽不清楚）的回饋？也許我有個問題想問你。（聽不清楚）自從宣布收購 NXPI 或有意收購 NXPI 以來，您與客戶和外部合作夥伴的對話是如何發展的？ （聽不清楚）

This is Don. So on your NXP question, to remind you, there were 9 jurisdictions originally that had to approve. We, as I said, had 4 approved, the U.S, Mexico, Russia and Taiwan. Those that are left are the EU, China, Japan, South Korea and the Philippines. We are proceeding in each case by engaging with the regulatory bodies in each jurisdiction. We are, we think, on track in terms of following their processes. And as we've indicated, as Steve indicated earlier, we expect that the time line as we've outlined, it will continue, and we're shooting for the end of '17. And I don't think there's really much to say about those other regulatory bodies other than that. As I said, we're cooperating with them and haven't seen any issues at the moment.

這是唐。關於你提到的 NXP 問題，提醒你一下，最初需要 9 個司法管轄區批准。正如我所說，我們有 4 個國家獲得了批准，分別是美國、墨西哥、俄羅斯和台灣。剩下的國家包括歐盟、中國、日本、韓國和菲律賓。我們正在逐案推進，與各司法管轄區的監管機構進行溝通。我們認為，我們在遵循他們的流程方面是按計劃進行的。正如我們之前所指出的，正如史蒂夫之前所指出的，我們預計按照我們概述的時間表，這項工作將繼續進行，我們的目標是在 2017 年底完成。除此之外，我覺得關於其他監管機構也沒什麼好說的了。正如我所說，我們正在與他們合作，目前還沒有發現任何問題。

James, this is Steve. I would say the discussions with the customers have been good. I mean, obviously we have limitations to the degree to which we can have discussions given that we are pre-close. But I've been pretty pleased with what we're hearing with respect to kind of the industrial logic behind the deal. So some of the -- I think the bringing together of the Qualcomm IP road map and technology road map to the channel of -- and the broader portfolio of products in auto has been, I think, positively received by the customers as far as my discussions. And I think, also, the importance of increasing the scale and the channel in the IoT space is definitely being validated in terms of our view of the market. And I think, also, if you look at the last 2 quarters of the product business here for us, it really seems to be headed in the same -- or headed in a way that is consistent with the industrial logic behind the acquisition, which is that as things get connected, you're going to start to see more overlap in terms of the required technology to cross these businesses. So I think that's actually good for the end markets, and we've been hearing comments consistent with that from the customer. So we're planning for the -- actively planning for the integration and working through the regulatory issues and moving quickly towards closing at the end of the year or before the end of the year.

詹姆斯，這位是史蒂夫。我認為與客戶的溝通進展順利。我的意思是，很顯然，由於我們還沒有完成交易，所以我們能進行的討論程度是有限制的。但我對我們目前聽到的有關這筆交易背後產業邏輯的消息感到非常滿意。因此，我認為高通的 IP 路線圖和技術路線圖與通路相結合，以及更廣泛的汽車產品組合，據我所知，受到了客戶的積極歡迎。而且我認為，從我們對市場的看法來看，增加物聯網領域的規模和管道的重要性也得到了充分的驗證。而且我認為，如果你看看我們產品業務的過去兩個季度，它的發展方向似乎確實相同——或者說，它的發展方向與收購背後的產業邏輯一致，那就是隨著各個環節的互聯互通，你會開始看到這些業務在所需技術方面出現更多重疊。所以我認為這對終端市場來說其實是件好事，我們也一直聽到客戶對此表示贊同。因此，我們正在積極規劃整合事宜，並努力解決監管問題，爭取在年底或年底前快速完成交易。

Our next question is from the line of Tim Long with BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Tim Long。

If we could maybe switch over to the chip business. George mentioned in the guidance for MSM's next quarter some product launches and China strength. It's a little bit more stronger than normal seasonal. So could you talk a little bit about where -- was inventory a little low heading in? China has been a pretty tough end market so far this year, so do you think there's going to be a turnaround in the business there? Or is this market share? Is it more exports? So maybe talk a little bit about that strength and maybe sustainability. And then related to that, I would assume that we might be up for a little bit weaker of ASP calculated in that division in the September quarter.

如果我們能轉型做晶片生意就好了。喬治在 MSM 下一季的業績展望中提到了一些產品發布以及中國市場的優勢。比一般的季節性啤酒味道濃一點。那麼，您能否談談庫存情況——當時庫存是不是有點低？今年以來，中國終端市場一直相當艱難，你認為那裡的業務會出現好轉嗎？或者，這是市場佔有率？出口量增加了嗎？所以或許可以稍微談談這種優勢以及永續性。與此相關的是，我估計該部門在9月季度的平均售價可能會略有下降。

Tim, this is Cristiano. Look, I think it's probably important to understand the trends in China market. China has been a growth and a strong story for us, and I think we see that continuing. So first, to your point about what we saw about the product mix. I think we see the market moving up, and we see that consistently. We saw that as the market matures, the tiers on the devices, we see higher growth rates in the higher tiers than in the lower tiers. And I think Snapdragon 600 and Snapdragon 800 are doing very well. In particular, the Snapdragon 600 has been a very good story for us. When you ask about the going forward, I'll maybe remind you, we said in the past about things like all mode and care aggregation. Now 70% of every single device in China is all mode. 4G+ is now well understood by consumer as a care aggregation. And we see things moving towards higher speeds, both on our integrated WiFi, as well as cellular, leading to gigabit LTE. And I think 5G is likely going to be one of the largest market as China will not want to be behind all the other economy, so I think the story in China is very good. And your last point about growth. We saw the top 10 Chinese OEMs, which I think that we are very well positioned growing aggressively outside China, and I think that is enabling our China business to grow faster than the market. Thank you.

提姆，這位是克里斯蒂亞諾。我認為了解中國市場的趨勢非常重要。中國市場一直是我們成長的重要引擎，也是我們業績表現強勁的領域，我認為這種趨勢將會持續下去。首先，針對您提到的產品組合問題。我認為我們看到市場正在上漲，而且這種趨勢一直在持續。我們看到，隨著市場成熟，設備層級也隨之變化，高層設備的成長率高於低層設備。我認為驍龍 600 和驍龍 800 的表現都非常出色。尤其是驍龍 600，對我們來說是一個非常不錯的表現。當你問及未來的發展方向時，我或許可以提醒你，我們過去曾談到諸如所有模式和護理聚合之類的事情。現在中國70%的設備都是全模式的。消費者現在普遍認為 4G+ 是一種綜合護理服務。我們看到，無論是整合 WiFi 還是蜂窩網絡，速度都在不斷提高，最終將達到千兆 LTE。我認為 5G 很可能成為最大的市場之一，因為中國不想落後於其他經濟體，所以我認為中國 5G 的發展前景非常好。還有你最後一點關於成長的觀點。我們考察了中國排名前 10 的 OEM 廠商，我認為我們在中國以外地區積極拓展業務方面佔據了非常有利的地位，我認為這將使我們在中國的業務增長速度超過市場平均水平。謝謝。

Our next question is from the line of Ross Seymore from Deutsche Bank.

我們的下一個問題來自德意志銀行的羅斯·西摩。

I have 2 questions. The first one on the OpEx side of the equation. George, obviously the litigation coming in makes sense as to why the spending would be a bit higher in the quarter in the guide. But the other side of the equation, the 5G acceleration, can you talk a little bit about the sustainability of that? Is it going to last for a couple of quarters and then fall off, generally the strategy behind that? And then the second question I had was on the NXP deal. The regulatory environment, a lot of people have asked about that road map. But I'm receiving a lot of questions with people debating that the price that you paid, given the move in the semiconductor market, may appear to be low. So I was wondering if we could just get your thoughts on the price that you guys have agreed upon with NXP.

我有兩個問題。首先是營運支出方面的問題。喬治，很顯然，訴訟的出現可以解釋為什麼指南中該季度的支出會略高一些。但另一方面，關於 5G 加速發展，您能否談談其永續性？這種策略通常會持續幾個季度然後下滑嗎？然後我的第二個問題是關於NXP的交易。關於監管環境，很多人都詢問過相關的路線圖。但我收到很多問題，人們都在討論，考慮到半導體市場的趨勢，你支付的價格可能看起來很低。所以我想問你們對你們與恩智浦達成的價格有何看法。

Ross, let me start with the OpEx question. Clearly, as you said, we're escalating the activity with respect to litigation and so that you'll continue to see growth in the spend there. But on the 5G side, and I may have Cristiano add some thoughts on this as well, we're seeing a pull-in of activity by customers and the number of trials increasing, and we feel it's very important to be seen and continue to be seen as leading those activities. Of course and on top of that, that just means that the road map for 5G is getting pulled in more rapidly. So it's not clear to me that, that -- this is a 1 or 2 quarter type event. I think we're going to see some elevated spending here over the next year to 2 as we get through these 5G trials and the beginning of commercial 5G launches. I'll stop there for a minute. And Cristiano, if you wanted to add something.

羅斯，我先從營運支出（OpEx）的問題開始。正如您所說，我們正在加大訴訟力度，因此您會看到這方面的支出繼續增長。但在 5G 方面，我可能也會讓 Cristiano 補充一些看法，我們看到客戶的參與度正在提高，試用次數也在增加，我們認為，在這些活動中保持領先地位非常重要，而且要繼續保持領先地位。當然，除此之外，這也意味著 5G 的發展路線圖正在加快推進。所以，我不太清楚這是否是一場持續一到兩季的事件。我認為，隨著 5G 試驗的進行和 5G 商業化推出的開始，未來一到兩年內，我們將看到這方面的支出增加。我先停一下。如果你想補充什麼的話，還有克里斯蒂亞諾。

No. I was just going to say that I think more and more, we see '19 as a reality for 5G commercialization.

不。我正想說，我認為我們越來越覺得 2019 年將是 5G 商業化的現實。

Great. And then on the NXP deal, I'll just reemphasize. Our focus is really on the regulatory matters in getting those closed out, along with the integration planning. And we're confident we're going to go ahead and close this on the terms that we've agreed to by year-end.

偉大的。關於NXP的交易，我再強調一下。我們的重點其實是監管事務的解決，以及整合計畫。我們有信心在年底前按照我們商定的條款完成這項交易。

Our next question is from the line of Tal Liani with Bank of America Merrill Lynch.

我們的下一個問題來自美國銀行美林證券的 Tal Liani。

Two questions. First, puts and takes. If you can discuss puts and takes of gross margin of QTL next quarter? And is there anything outside of lower revenue level in the litigation expense? That's number one. And then the second question is, now you lost the QCT business with your largest customer, Apple. You lost -- or there are some disputes with one of your largest customers on licensing. And the question is does it make more sense now to break up the company into 2 pieces or you're in the same position as before? I want to understand if you think there is any correlation between your ability to maximize the value of each segment separately in light of these disputes and these arguments with customers.

兩個問題。首先是投入和拿取。能否討論一下QTL下季的毛利率走勢？除了收入水準下降之外，訴訟費用還有其他原因嗎？這是第一點。那麼第二個問題是，現在你失去了與最大客戶蘋果公司的 QCT 業務。你輸了——或者你和你最大的客戶之一在授權許可方面存在一些糾紛。問題是，現在將公司分拆成兩部分是否更有意義，還是你仍然處於與以前相同的情況？我想了解您是否認為，鑑於這些爭議和與客戶的爭論，您能否分別最大限度地提高每個細分市場的價值，與此之間是否存在任何關聯。

Tal, it's George. What you're seeing in the gross margin effect or really the margin effect that we guided for QTL is really revenue and revenue coming down based on these disputes that we've discussed. Actually, the market is quite healthy. So all the other dynamics are very attractive. And then the fact that we're ramping spending into that lower revenue for litigation matters. So it's a combination of the 2 just pulled the margin down. It's not like a product business where you have a variable cost as revenue comes down where your costs come down. So this is one where, until we get through this period of higher litigation spending and the dispute period, you'll see lower than historic, but the fundamentals behind the business outside of these disputes are quite attractive.

塔爾，我是喬治。你們看到的毛利率影響，或者說我們之前針對 QTL 預測的利潤率影響，實際上是收入下降，而收入下降正是由於我們討論過的這些爭議造成的。實際上，市場狀況相當健康。因此，其他所有因素都非常有吸引力。此外，我們也正在增加對較低收入的訴訟支出。所以正是這兩者的共同作用拉低了利潤率。這不像產品型企業那樣，收入下降時成本也會下降，導致成本變動。因此，在度過訴訟支出較高和爭議解決期之前，你會看到股價低於歷史水平，但撇開這些爭議不談，該業務的基本面相當有吸引力。

Tal, this is Steve. With respect to the business structure, I think we've looked at it pretty heavily in the past. And it's still an area that we look at as the environment changes and make sure that we're -- we're making sure that we're putting the business in the right place to maximize value. But at this point, I think we feel like we have the right structure to resolve this dispute as well as to position the business for the future in terms of the transition into 5G as well as the growth into driving the cellular road map into new technology areas or new end opportunities. So again, we look at this from time to time, continue to look at it as a way to maximize value, but I think we feel like we have the right business structure to resolve this.

塔爾，我是史蒂夫。關於業務結構，我認為我們過去已經對此進行了相當深入的研究。隨著環境的變化，我們仍然會關注這個領域，並確保我們將業務放在正確的位置，以最大限度地提高價值。但就目前而言，我認為我們已經擁有了解決這場爭端的正確架構，同時也為公司未來的發展奠定了基礎，包括向 5G 過渡，以及推動蜂窩網絡發展路線圖進入新的技術領域或新的終端機遇。所以，我們會不時地審視這個問題，繼續審視這個問題，以此來最大化價值，但我認為我們感覺我們已經擁有了解決此問題的正確業務結構。

Our next question is from Stacy Rasgon with Bernstein Research.

下一個問題來自伯恩斯坦研究公司的史黛西·拉斯貢。

Here are my questions. First, regarding this other licensee dispute, is it safe to say that this other dispute is not with a Chinese OEM given that you've already settled with the large Chinese OEMs? Or is that not a leap of logic that it would be appropriate for me to make? Secondly, given the escalation here and given everything else that's been going on, how do we gain conviction that we don't see further contagion, further spreading of this to other customers, given this seems to be bleeding out across the rest of your business?

我的問題如下。首先，關於另一起被授權人糾紛，鑑於您已經與大型中國 OEM 廠商達成和解，是否可以肯定地說，這起糾紛並非與中國 OEM 廠商有關？或者，這不是我應該做出的合理邏輯推論嗎？其次，鑑於事態升級以及其他種種情況，我們如何確信不會進一步蔓延，不會進一步擴散到其他客戶？畢竟，這種情況似乎正在貴公司的其他部門蔓延開來。

Stacy, this is Derek. As I said in response to an earlier question, we are not going to, at this point, disclose the identity of the licensee that we have the dispute with, so not going to comment on that one further. I think on the question of contagion, if you think about it, we're working very hard across a number of fronts to really stabilize the regulatory environment, and that remains a priority for us. Historically, we've had disputes with licensees, large and small, going back all the way to even with Nokia where they had 40% to 50% of the market and were not paying us for a period of time. And that did not translate into our other licensees stopping payment. That's just one data point. But we -- as we sit here, we're focused on resolving the issues we have, the current dispute with this licensee beyond. Apple is focused on their agreement, the contract dispute under their agreement. And we're going to focus on getting those things resolved. And I don't think, as we sit here, we have any indication that this is somehow going to result in a bunch of other licensees deciding not to report and pay royalties.

史黛西，這位是德瑞克。正如我在回答先前的問題時所說，目前我們不會透露與我們有爭議的被授權人的身份，因此不會對此作進一步評論。我認為關於傳染問題，仔細想想，我們正在多個方面努力穩定監管環境，這仍然是我們的首要任務。從歷史上看，我們與各種規模的被授權者都發生過糾紛，甚至可以追溯到諾基亞時期，當時諾基亞佔據了 40% 到 50% 的市場份額，並且有一段時間沒有向我們支付費用。但這並沒有導致我們的其他被授權人停止付款。那隻是一個數據點。但是，我們現在坐在這裡，專注於解決我們面臨的問題，以及與這家被授權人的當前糾紛。蘋果目前專注於履行與蘋果的協議，以及該協議項下的合約糾紛。我們將集中精力解決這些問題。而且我認為，就目前的情況來看，沒有任何跡象表明這會導致其他許多被授權人決定不申報和不支付版稅。

But you never have any indication, do you?

但你從來沒有得到任何指示，對嗎？

You never know what you never know. But I'm saying historically, the -- if you look at it historically, we haven't had that problem. As we've had disputes, we've been able to work through and resolve them without other licensees necessarily just deciding they're not going to comply with their agreement. So I think that's the best we can tell you at this point.

你永遠不知道你不知道的事。但我的意思是，從歷史角度來看，我們並沒有遇到這個問題。雖然我們之間有過糾紛，但我們能夠透過協商解決，而其他被授權者並不一定就決定不遵守協議。所以我想，目前我們只能告訴你這些了。

But that's exactly what's happening right now, isn't it?

但現在的情況不正是如此嗎？

No. That's not what's happening. We have a dispute with Apple and their contract manufacturers, and we have a dispute with one other licensee.

不。事實並非如此。我們與蘋果及其代工廠商之間存在糾紛，我們也與另一家被授權人存在糾紛。

Our next question is from the line of Vijay Rakesh with Mizuho.

我們的下一個問題來自 Vijay Rakesh 與瑞穗銀行的合作計畫。

Just going back on that other licensee. Am I to understand that eventual partial nonpayment or full nonpayment for the next quarter, is that already assumed in the guide? And on the Apple side, the new litigation that you announced, which is non-FRAND IP, can you give us some time lines on that? Or does that stand?

再去聯絡另一個被授權人。我是否可以理解為，指南中已經假定了下一季度可能出現部分或全部欠款的情況？至於蘋果方面，您宣布的新訴訟（非FRAND智慧財產權訴訟）能否給我們一些時間表？或者，這個結論仍然有效？

Yes. This is George. I'll take the first question. The -- our guide in Q3 assumed a partial payment, which we did not receive. And we assumed no payment or report in Q4 guidance.

是的。這是喬治。我來回答第一個問題。我們在第三季的導遊預付了部分費用，但我們並沒有收到這筆費用。我們假設第四季度業績指引中不會有任何付款或報告。

And this is Don. On the -- I think you're referring to the 2 cases -- or 3 -- 2 in the U.S. that we brought and 1 recently in Germany. As we've said before, the ITC case in the U.S. generally takes about 18 months. So we're hoping it will stay along that time line. The cases in Germany could go as quickly as 1 year. But obviously, every case is somewhat different, but that's a good estimate, I would say.

這位是唐。關於——我想你指的是那 2 起案件——或者 3 起——2 起發生在美國，1 起發生在德國。正如我們之前所說，美國國際貿易委員會的案件通常需要大約 18 個月的時間。所以我們希望它能按計劃進行。德國的病例可能最快一年就能結束。但顯然，每個案例都略有不同，但我認為這算是一個不錯的估計。

Our next question is from the line of Romit Shah with Nomura Instinet.

我們的下一個問題來自 Romit Shah 與 Nomura Instinet 的對話。

George, I just want to follow up on Ross' question regarding the NXPI deal. With semiconductor stocks just sort of broadly up 30% to 40% since you announced your intention to buy the company, there has been uncertainty more recently on just whether or not you'll get the 80% approval. And I know you're confident, but I'm just curious like what's the -- how does the process work if you were to reevaluate your offer price? Would you only do so after the shareholders have voted? Or does it work differently?

喬治，我只是想就羅斯提出的關於 NXPI 交易的問題做個後續說明。自從你宣布打算收購該公司以來，半導體股票普遍上漲了 30% 到 40%，但最近人們對你是否能獲得 80% 的批准存在不確定性。我知道你很有信心，但我只是好奇，如果你要重新評估你的報價，流程會是怎麼樣的？你只會在股東投票表決之後才會這樣做嗎？或者它有不同的運作方式？

Romit, I'll just repeat. Really, our focus is on getting through regulatory and getting prepared for the close at the end of the year. I think everything else here is just speculation, and I'm not going to comment further.

羅米特，我再重複一次。實際上，我們的重點是完成監管審批，並為年底的交易完成做好準備。我認為其他一切都只是猜測，我不會再做評論。

Our next question is from the line of Tavis McCourt with Raymond James.

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

I have a couple. First, wanted to make sure that the closing of the TDK joint venture, did the June quarter have a full quarter of revenues and costs from that? Or was that just partial? And then, Derek, I think you've mentioned in the answer to a previous question that there was some catch-up payments in the Q3 QTL revenues. Can you dimensionalize that or give us an indication that if you backed those out, it would be pretty similar to the Q4 guide? And then a question, I guess, for Steve. I think there was a lawsuit threat by Intel during the quarter related to Windows 10 and x86 emulation. And I'm just wondering, has it moved beyond the threat? And does it change your opinion on that end market opportunity for you?

我有一對。首先，我想確認一下，TDK合資企業的關閉是否導致6月份季度的收入和成本全部計入？或者那隻是部分情況？德里克，我想你在先前問題的回答中提到過，第三季的 QTL 收入中有一些補發款項。能具體說明一下嗎？或給我們一些提示，如果去掉這些因素，結果會不會和第四季的指導方針非常相似？然後，我想問史蒂夫一個問題。我認為英特爾在本季曾威脅要就 Windows 10 和 x86 模擬問題提起訴訟。我只是想知道，它是否已經脫離了威脅階段？這是否會改變您對終端市場機會的看法？

On the -- for the third quarter, we had a full quarter of the TDK joint venture.

第三季度，我們完成了TDK合資企業一整季的工作。

Tavis, this is Derek. On the catch-up payments, they were -- for Q3, I don't think we gave a specific number. They were meaningful. And I think the way to think about the guide on Q4 is that the midpoint for the QTL revenue guidance doesn't have significant amount of catch-ups. So if you kind of look at it, quarter-over-quarter, Q3 to Q4, relatively flat based on our guide, but you're coming off to Q3 that had some meaningful catch-up in it.

塔維斯，這位是德瑞克。關於補繳款項，第三季的情況是──我想我們沒有給出具體的數字。它們很有意義。我認為對第四季業績指引的理解是，QTL 收入指引的中點並沒有大量的追趕空間。所以，如果你看一下季度環比，從第三季度到第四季度，根據我們的指導，相對平穩，但第三季度已經出現了一些實質性的追趕。

And with respect to the lawsuit, and I think it was actually just a press report that I had heard. And I think if anything, if I remember correctly, wasn't directed toward us. It was probably directed toward the customers and the ecosystem involved in the PC (inaudible). We haven't heard anything about that since then. I will say that we are actively engaged with customers who are interested in that opportunity, and that opportunity is coming here per the schedule that we gave in the past. So it's -- I think it's building some excitement, and we're pretty excited about what we're seeing there.

至於那場訴訟，我認為那隻是我從新聞報道中聽到的。而且我覺得，如果沒記錯的話，那句話並不是針對我們的。它可能針對的是個人電腦的使用者和相關生態系統（聽不清楚）。從那以後，我們就再也沒有聽到任何關於這件事的消息了。我想說的是，我們正在積極與對此機會感興趣的客戶接洽，而這個機會正按照我們之前給出的時間表到來。所以——我認為這正在激發人們的興奮情緒，我們對目前所看到的情況感到非常興奮。

This ends our allotted time for questions and answers.

我們的問答環節時間到此結束。

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

莫倫科夫先生，在休會之前，您還有什麼要補充的嗎？

Yes, thank you. First of all, I just want to thank all the employees for their hard work, and maybe I'll finish up with 4 final thoughts. The first one is given the environment that we're in, just want to recognize and thank everybody for the strong results on the product side. It's really an indication of the strategy playing forward, and we're pleased to see the results here in the business.

是的，謝謝。首先，我要感謝所有員工的辛勤工作，最後我可能還有 4 點想法。首先，鑑於我們所處的環境，我想對大家在產品方面取得的優異成績表示認可和感謝。這確實表明了該策略的正確實施，我們很高興看到它在業務上的成果。

Second one is the timing of NXP is on track and I think building momentum and looking forward to that happening.

第二點是，NXP 的發展時機正按計畫進行，我認為它正在積蓄力量，我期待它能成功。

We mentioned that -- on the third point, that we're -- we believe we have the high ground on Apple in terms of our legal dispute. We obviously ask for some patience in terms of us getting through that, but we do feel good about our positioning there, and we hope to be able to report people or be able to provide status as we move forward.

我們提到過——關於第三點，我們認為——就我們與蘋果的法律糾紛而言，我們佔據了製高點。我們當然希望大家能耐心等待我們解決這個問題，但我們對目前的狀況感到滿意，並希望能夠隨著工作的推進，向大家報告情況或提供最新進展。

And finally, I just want to acknowledge the team for putting together a great road map, and this is showing up, not only in the results, but also in some of the 5G excitement.

最後，我要感謝團隊制定了出色的路線圖，這不僅體現在結果上，也體現在人們對 5G 的熱情上。

And with that, I'll just close and look forward to talking with you all next quarter. Thank you.

那麼，我就先說到這裡，期待下季再和大家交流。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。