高通 (QCOM) 2017 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們，先生們，謝謝你們的支持。

Welcome to the Qualcomm Third Quarter Fiscal 2017 Earnings Conference Call.

歡迎參加高通 2017 財年第三季度收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded, July 19, 2017.

（操作員說明）作為提醒，本次會議正在錄製，2017 年 7 月 19 日。

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

今天電話的播放號碼是 (855) 859-2056。

International callers, please dial (404) 537-3406.

國際來電者請撥打 (404) 537-3406。

The playback reservation number is 38395118.

播放預約號為38395118。

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

我現在想把電話轉給投資者關係副總裁 John Sinnott。

Mr. Sinnott, please go ahead.

辛諾特先生，請繼續。

Thank you, and good afternoon, everyone.

謝謝，大家下午好。

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

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

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

此外，克里斯蒂亞諾阿蒙和唐羅森博格將參加問答環節。

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

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

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

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

During 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 條例中定義的非 GAAP 財務措施，您可以在我們的網站上找到與 GAAP 的相關調節。

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

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

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

實際事件或結果可能與我們前瞻性陳述中預測的事件或結果存在重大差異。

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

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

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

現在請聽高通公司首席執行官史蒂夫莫倫科普夫的評論。

Thank you, John, and good afternoon, everyone.

謝謝約翰，大家下午好。

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.

首先，我想花幾分鐘時間討論公司在本季度和長期目標方面的表現，然後再提供我對影響公司的法律和監管問題的看法。

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.

我很高興在面臨這些外部挑戰的時候，我們的員工在拓展新機遇方面表現出色，同時提高了我們行業領先產品的競爭實力和盈利能力。

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.

我們報告的第三財季非 GAAP 每股收益和收入與我們修訂後的指引一致，並且高於指引範圍的中點，這是由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.

我們的 QCT 業務執行得非常好，盈利能力環比和同比都有所增長。

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.

儘管同時受到 Apple 二次採購的影響，QCT 現在已經連續 5 個季度實現了同比改善的季度盈利能力，因為我們繼續更新我們的產品路線圖，改善了產品成本並提高了 EBT 利潤率時期。

In mobile, QCT continues to see strength in the highly competitive China region and is executing well across all price tiers.

在移動領域，QCT 繼續在競爭激烈的中國地區看到優勢，並且在所有價格段都表現良好。

Our gigabit LTE and 5G leadership, combined with our Snapdragon 835 and new Snapdragon 600 products, are well ahead of our competitors' solutions.

我們在千兆 LTE 和 5G 方面的領先地位，結合我們的驍龍 835 和新的驍龍 600 產品，遠遠領先於我們競爭對手的解決方案。

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.

我們繼續在汽車、網絡、移動計算和物聯網的 QCT 相鄰機會中看到良好的牽引力，我們在這些領域提供技術的努力正在獲得動力。

We saw strong revenue growth in those adjacent businesses in fiscal 2016 and forecast growth of more than 25% in fiscal 2017.

我們在 2016 財年看到了這些相鄰業務的強勁收入增長，並預測 2017 財年的增長將超過 25%。

As reflected in our fourth quarter MSM guidance, we expect QCT's strong performance to continue.

正如我們第四季度的 MSM 指引所反映的那樣，我們預計 QCT 的強勁表現將繼續下去。

We are ramping investments necessary to extend our leadership position in 5G as operators and customers seek to accelerate their launch date.

隨著運營商和客戶尋求加快其發布日期，我們正在加大必要的投資以擴大我們在 5G 領域的領導地位。

We now believe that both millimeter-wave and sub-6 gigahertz capability will be table stakes for 2019 5G launches.

我們現在相信，毫米波和低於 6 GHz 的能力都將成為 2019 年 5G 發布的籌碼。

The modem technology and complexity is increasing, and we believe we can continue to outperform our competitors with our level of 5G innovation.

調製解調器技術和復雜性正在增加，我們相信我們可以繼續以我們的 5G 創新水平超越我們的競爭對手。

It is clear that our technology position and product road map are as strong as they have ever been.

很明顯，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.

此外，我們相信即將進行的恩智浦收購將為我們提供更大規模的汽車、物聯網、安全和網絡，以及他們高度互補的產品和世界級的銷售渠道，為推動增長的長尾客戶提供服務。

The combined company will be a technology and semiconductor leader with future annual revenues projected to be more than $30 billion.

合併後的公司將成為技術和半導體的領導者，未來年收入預計將超過 300 億美元。

The NXP transaction remains on track to close by the end of calendar 2017.

恩智浦交易有望在 2017 年年底前完成。

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.

我們在 4 個司法管轄區獲得了監管許可，包括美國和台灣，我們在與其餘 5 個地區的監管機構的合作中繼續取得進展。

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.

在 QTL 中，第三季度業績和第四財季業績指引反映了我們與 Apple 糾紛以及我們上個季度披露的被許可方糾紛的影響。

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.

儘管少數強大的行業參與者的行動對我們的業務產生了短期財務影響，但我們的許可業務的長期前景繼續保持強勁，擁有 300 多項自由談判的全球許可協議和技術組合當今無線和移動計算設備性能的基礎。

And for many years to come, the licensing business will continue to be a significant revenue and profitability generator for the company longer term.

在未來的許多年裡，許可業務將繼續成為公司長期的重要收入和盈利來源。

Moreover, it is important to remember that 3G/4G device trends, which are a key driver of QTL financial performance, remain very healthy.

此外，重要的是要記住，作為 QTL 財務業績的關鍵驅動力的 3G/4G 設備趨勢仍然非常健康。

We are forecasting 3G/4G device shipments to grow by approximately 6% in calendar 2017.

我們預測 2017 年 3G/4G 設備出貨量將增長約 6%。

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.

出貨量的長期增長前景，加上平均售價下降放緩，符合我們之前對全球 3G/4G 設備銷售長期增長的預期。

Turning to the current legal matters.

轉向當前的法律事務。

We believe we hold the high ground with regard to the dispute with Apple.

我們相信我們在與 Apple 的糾紛中佔據了製高點。

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.

我們將採取必要和適當的行動來捍衛我們的創新為這個行業帶來的巨大價值，這些創新使競爭生態系統能夠蓬勃發展。

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.

您現在已經看到我們在與 Apple 的糾紛中採取的一些步驟，包括在美國 ITC 以及美國和德國法院提起專利訴訟，以解決在他們的設備中使用我們未經許可的 IP 的問題。

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.

我們不會掉以輕心地應對這些挑戰，我們專注於為許可業務實現正確的長期結果，這也符合我們股東的最佳利益。

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.

我們知道，從根本上說，這些問題是由商業利益和合同談判驅動的，我們將一如既往地繼續努力達成解決方案。

As you know, we had a strong relationship with Apple for many years, and they have been a long-standing and valued customer.

如您所知，多年來我們與 Apple 建立了牢固的關係，他們一直是我們的長期重要客戶。

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.

我們打算一如既往地繼續為他們提供我們行業領先的產品和技術，並儘最大努力繼續成為 Apple 的良好供應商，即使這場糾紛仍在繼續。

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 將提供更多細節，說明我們就我們與 Apple 的糾紛採取的行動，以及我們在其他事項上採取的具體步驟，以捍衛我們的創新價值和我們的商業模式。

Looking ahead, our innovations, driven by decades of R&D investment, are at the forefront of multiple new industries and product categories.

展望未來，我們的創新在數十年的研發投資驅動下，處於多個新行業和新產品類別的前沿。

Our intellectual property has never been more valuable and relevant, and the opportunities ahead for Qualcomm have never been greater.

我們的知識產權從未如此有價值和相關，高通面臨的機遇也從未如此巨大。

Our breadth of technologies and products continues to benefit from our ongoing strategy to invest ahead of the industry.

我們廣泛的技術和產品繼續受益於我們領先於行業的持續投資戰略。

And combined with our global scale and partnership, we are extremely well positioned to grow into an expanding set of new opportunities.

結合我們的全球規模和合作夥伴關係，我們完全有能力成長為不斷擴大的新機遇。

Further, with the pending NXP acquisition, we will further accelerate our move into these new exciting industries.

此外，通過即將進行的恩智浦收購，我們將進一步加速進入這些令人興奮的新興行業。

I will now turn the call over to Derek.

我現在將把電話轉給德里克。

Thank you, Steve, and good afternoon, everyone.

謝謝史蒂夫，大家下午好。

QTL fiscal third quarter revenues were $1.2 billion with earnings before tax of $854 million.

QTL 第三財季收入為 12 億美元，稅前利潤為 8.54 億美元。

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.

正如史蒂夫所提到的，QTL 第三財季業績反映了 Apple 的合同製造商未支付 Apple 產品的特許權使用費，以及上季度披露的與我們有爭議的被許可方未支付特許權使用費。

During the fiscal second quarter, the licensee reported and paid only a portion of the royalties it owed under its license agreement.

在第二財季，被許可方僅報告並支付了其根據許可協議所欠的部分特許權使用費。

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.

那時，我們預計被許可人將繼續報告並支付他們在第三財季所欠的部分而非全部特許權使用費。

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.

儘管我們仍在與該被許可人進行討論以努力解決爭議，但被許可人在第三財季沒有報告或支付任何特許權使用費。

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.

這是關於被許可人現有協議條款的爭議，類似於我們過去解決的一些爭議，我們希望能夠在這裡再次這樣做。

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 Apple 的合同製造商拒絕完整報告他們報告的 Apple 產品設備銷售總額，而與我們有爭議的被許可方也拒絕報告，我們不會提供報告的設備銷售總額和相關單位出貨量以及 ASP 的季度實際數據或指導。被許可人，因為很大一部分季度活動不可用並且不會包含在這些指標中，從而使它們不完整且價值有限。

We are, however, providing quarterly QTL revenue guidance to help our investors model our expectations for the licensing business going forward.

然而，我們提供季度 QTL 收入指導，以幫助我們的投資者模擬我們對未來許可業務的預期。

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.

儘管這些項目的近期影響，我們相信我們將能夠隨著時間的推移解決 QTL 財務業績，但重要的是要注意 3G/4G 全球銷售和設備趨勢仍然非常積極。

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.

對於 2017 財年，全球 3G/4G 手機平均銷售價格繼續與我們先前預期的同比低個位數百分比下降保持一致。

Global ASP trends continue to be strong this year with ASPs continuing to increase in China and for devices sold by Chinese OEMs globally.

今年全球平均售價趨勢繼續強勁，中國和中國 OEM 在全球銷售的設備的平均售價繼續增長。

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.

我們還繼續看到本財年全球設備銷售額的健康增長，這與我們對中等個位數年度百分比增長的長期增長預期一致。

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.

對於 2017 日曆年的 3G/4G 設備出貨量，我們繼續估計全球出貨量為 1.75 至 18.5 億台，中點同比增長約 6%。

Our licensing and compliance initiatives remain on track and continue to bear fruit.

我們的許可和合規計劃仍在進行中，並繼續取得成果。

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.

排除與 Apple 及其合同製造商以及我剛才描述的被許可人的糾紛造成的少報影響，我們不認為這是合規問題，我們估計我們的被許可人在 3 月季度的銷售合規水平與我們的被許可人在 12 月季度的銷售額一致。

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，我們繼續積極尋求解決方案，以解決我們的許可業務面臨的挑戰，這些挑戰是由世界上一些最賺錢和最強大的公司精心策劃的，並捍衛我們專利技術的既定價值我們參與的監管和其他法律事務中的技術。

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.

在我們對韓國 FTC 決定的上訴中，上週在首爾高等法院舉行了聽證會，聽證會提出我們在繼續上訴期間暫停 KFTC 命令的補救部分的動議。

We expect to get a decision on the request for a stay in the coming months.

我們希望在未來幾個月內就停留請求做出決定。

The U.S. FTC lawsuit is on track to be tried at the beginning of 2019.

美國聯邦貿易委員會的訴訟有望在 2019 年初開庭審理。

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.

我們期待著證明投訴中指控的許多事實是錯誤的，FTC 的法律理論是站不住腳的。

As to the Taiwan FTC investigation, we continue to work to find a resolution and are continuing to cooperate with the TFTC.

關於台灣聯邦貿易委員會的調查，我們繼續努力尋找解決方案，並繼續與台灣貿易委員會合作。

We also continue to work through additional investigations in Europe.

我們還將繼續在歐洲開展更多調查。

However, those investigations do not target Qualcomm's licensing business or practices.

然而，這些調查並不針對高通的許可業務或做法。

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.

最後，正如 Steve 提到的，我們現在已經向國際貿易委員會和美國聯邦法院提起了針對 Apple 的專利侵權訴訟。這些訴訟中主張的 6 項專利使智能手機的各個領域都具有高性能，同時延長了電池壽命.

Each of the patents does so in a different way, for different popular smartphone features.

針對不同的流行智能手機功能，每項專利都以不同的方式實現。

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.

雖然專利涵蓋的技術是 iPhone 性能的核心，包括天線性能、圖形、更高的數據速率和網絡容量、無閃存啟動和電源管理，但所聲稱的專利對於在移動設備或設備中實施任何標準都不是必不可少的。以承諾提供許可這些專利為前提。

We expect that the ITC investigation will commence in August and that the case will be tried next year.

我們預計 ITC 調查將於 8 月開始，案件將於明年審理。

We expect the federal court case to trail the ITC action or be stayed pending the conclusion of the ITC action.

我們預計聯邦法院的案件將拖延 ITC 的訴訟，或者在 ITC 的訴訟結束之前擱置。

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.

本週，我們還在德國對 Apple 提起了 2 項專利侵權訴訟，要求對進口到德國或在德國銷售的 iPhone 進行損害賠償和禁令救濟。

The patents we are asserting in these cases represent 2 technologies important to iPhone function.

我們在這些案件中主張的專利代表了 2 項對 iPhone 功能很重要的技術。

But again, they are not standard essential patents and are not subject to any commitments to license those patents.

但同樣，它們不是標準必要專利，並且不受任何許可這些專利的承諾的約束。

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.

與美國的 ITC 程序類似，我們預計德國的訴訟將在相當快的時間內進行，結果可能會在大約 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.

此外，我們已提交動議，要求聖地亞哥聯邦法院要求 Apple 的合同製造商在審理各種案件時遵守其與 Apple 產品相關的許可協議條款。

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.

在指示其代工商停止向高通支付專利使用費之前，蘋果公司已經根據代工製造商協議間接為其產品支付了 10 年的專利使用費。

Nothing has changed.

什麼也沒有變。

Apple continues to generate substantial profit by using our technology, and the contract manufacturer agreement remain valid.

Apple 通過使用我們的技術繼續產生可觀的利潤，合同製造商協議仍然有效。

There will be a hearing on that motion in mid-August.

8 月中旬將就該動議舉行聽證會。

Yesterday, Apple's contract manufacturers responded to our claims against them and the motion I just described.

昨天，Apple 的合約製造商回應了我們對他們的索賠以及我剛才描述的動議。

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.

此外，Apple 還試圖反對我們在合同製造商案件中提出的動議，並將合同製造商案件與 Apple 案件合併。

These filings by Apple and its contract manufacturers prove what we have been saying all along.

Apple 及其合同製造商提交的這些文件證明了我們一直在說的話。

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.

Apple 干擾了我們與其合同製造商的許可協議，指示他們不支付他們因銷售 Apple 產品而欠的版稅，然後同意賠償和保護合同製造商免受任何損害和他們因以下原因而欠 Qualcomm 的付款Apple 指示他們違反許可協議。

It is clear that Apple is controlling all of the contract manufacturers' statement and actions in the litigation.

很明顯，Apple 在訴訟中控制著所有合同製造商的聲明和行動。

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.

如果 Apple 沒有乾預許可並指示代工製造商採取這些行動，代工製造商現在就不會競爭這些許可。

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.

重要的是要記住，在大多數情況下，我們的許可協議是在 Apple 進入智能手機市場之前與合同製造商協商並簽訂的。

And then Apple decided to rely on them for a decade before now trying to disrupt them.

然後 Apple 決定依賴它們十年，然後現在試圖破壞它們。

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.

Apple 的其中一項主張是，這只是關於他們應該為使用我們寶貴的知識產權支付多少費用的爭議，他們已經停止支付，因為他們不知道要支付給我們多少。

This is quite obviously wrong.

這顯然是錯誤的。

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.

正如我剛才解釋的那樣，長期有效的合同製造商許可證明確規定了 Apple 產品到期應付的版稅，但 Apple 正在干涉這些合同。

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.

此外，我們已向 Apple 提出多項建議，要求由獨立的第三方解決雙方對高通技術價值的分歧，並一勞永逸地設定高通和 Apple 之間直接許可的版稅條款。

Apple has refused those offers each time, which shows they are more interested in pursuing a strategy of delay, rather than good-faith resolution.

Apple 每次都拒絕了這些提議，這表明他們更有興趣追求延遲策略，而不是善意的解決方案。

We will continue to vigorously defend the value of our innovation and our pro-competitive business model.

我們將繼續大力捍衛我們創新的價值和我們有利於競爭的商業模式。

Turning to our data center business.

轉向我們的數據中心業務。

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.

到日曆年年底，我們仍有望實現 Qualcomm 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出貨了 1,000 多個評估平台。

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.

越來越多的客戶和合作夥伴就我們產品的性能進行交流並從中得到反饋，這讓我們感到非常鼓舞。

In parallel, we are working hard to continue to build the data center ecosystem for Centriq-based servers.

與此同時，我們正在努力繼續為基於 Centriq 的服務器構建數據中心生態系統。

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.

本季度，我們宣布與領先的裸機雲提供商 Packet 合作，提供基於 Qualcomm Centriq 2400 處理器的可消費云平台，供軟件開發社區訪問。

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.

我們展示了 Canonical，這是一個在 Qualcomm Centriq 2400 平台上運行的高度可擴展的開放式堆棧 NFV 基礎設施，我們宣布與 MariaDB 合作，在 Qualcomm Centriq 2400 處理器上實施 MariaDB 的企業級、基於數據的架構，以推動性能和計算規模。

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

我的評論到此結束，我現在將把電話轉給喬治。

Thank you, Derek, and good afternoon, everyone.

謝謝你，德里克，大家下午好。

We are pleased to report a solid fiscal third quarter consistent with our revised expectations.

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。

Revenues were $5.4 billion, and non-GAAP earnings per share were $0.83.

收入為 54 億美元，非 GAAP 每股收益為 0.83 美元。

Our results were above the midpoint of guidance, driven by better-than-expected QCT results on higher revenue and stronger margins.

我們的結果高於指導的中點，這是由於 QCT 的結果好於預期，帶來更高的收入和更高的利潤率。

QCT EBT margin was 14.2% for the quarter at the high end of expectations, driven by favorable mobile product mix.

在有利的移動產品組合的推動下，QCT 本季度 EBT 利潤率為 14.2%，處於預期的高端。

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.

我們繼續看到 QCT 相鄰機會的強大牽引力，這些領域的季度收入總計同比增長約 30%。

As a reminder, our adjacent opportunities include our chip sales into automotive, IoT, networking and compute.

提醒一下，我們的相鄰機會包括我們在汽車、物聯網、網絡和計算領域的芯片銷售。

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.

在 QCT，MSM 出貨量為 1.87 億部，環比增長 4%，略低於我們對中低端設備疲軟預期的中點。

In QTL, revenues were $1.2 billion, largely in line with expectation.

QTL 的收入為 12 億美元，基本符合預期。

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.

與我們修訂後的指引一致，本季度受到我們與 Apple 的糾紛的負面影響，因為他們指示其合同製造商不完全報告並且不支付 Apple 產品銷售應付的特許權使用費。

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.

此外，由於該實體本季度未報告或支付特許權使用費，我們沒有記錄我們上個季度披露的與被許可人持續糾紛的 QTL 收入。

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.

本季度非 GAAP 綜合研發和 SG&A 費用環比增長 6%，高於我們之前的增長 3% 的中點指引。

Our prior guidance reflected the impact of a full quarter of the RF360 joint venture spending being included in our result.

我們之前的指引反映了 RF360 合資企業支出的四分之一都包含在我們的結果中的影響。

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.

支出相對於我們原先預期的增加是由於我們與 Apple 的糾紛相關訴訟升級導致訴訟費用高於預期，以及加速與未決 5G 試驗和相關技術開發相關的投資。

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.

我們認為這些優先事項對於價值創造和保存至關重要，但會在短期內促成高於模型的支出，我們將在這段時期內解決這些問題。

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%.

我們本季度的非 GAAP 稅率為 5%，反映了我們修訂後的 4 月份全年非 GAAP 稅率約為 14% 的指引對前期的影響。

As a reminder, our effective tax rate is influenced by the mix of onshore and offshore earnings.

提醒一下，我們的有效稅率受在岸和離岸收入組合的影響。

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.

在岸並按美國全額稅率徵稅的許可收入組合較低的結果是我們的整體混合稅率降低。

Turning to our balance sheet.

轉向我們的資產負債表。

In May, we issued $11 billion of debt in the capital markets.

5 月，我們在資本市場發行了 110 億美元的債券。

The funds from this offering will be used to finance a portion of our proposed acquisition of NXP and for general corporate purposes.

此次發行的資金將用於資助我們擬議收購恩智浦的部分資金，並用於一般公司用途。

With this financing, we have now completed our prefunding for the NXP transaction.

通過這筆融資，我們現在已經完成了恩智浦交易的預籌資金。

We ended the quarter with cash and marketable securities of $38 billion and total debt outstanding of $22 billion.

本季度結束時，我們的現金和有價證券為 380 億美元，未償債務總額為 220 億美元。

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.

我們在第三財季的非 GAAP 運營現金流（不包括 KFTC 罰款和黑莓仲裁的影響）約為 20 億美元，佔非 GAAP 收入的 39%。

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.

提醒一下，雖然與 KFTC 罰款相關的費用記錄在我們第一財季的損益表中，與黑莓仲裁相關的費用記錄在我們第二財季，但兩者的相關現金支付都是在我們的財年中進行的第三季度。

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.

通過我們的第三財季，我們在本財年向股東返還了大約 34 億美元，其中包括 24 億美元的股息支付和 10 億美元的股票回購。

This is consistent with our continued commitment to the dividend program and dividend growth and our intent to repurchase shares to offset dilution.

這符合我們對股息計劃和股息增長的持續承諾，以及我們回購股票以抵消稀釋的意圖。

Turning to our fiscal fourth quarter guidance.

轉向我們的第四財季指引。

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.

我們估計收入在約 54 億美元至 62 億美元之間，按中點計算同比下降約 6%。

Our revenue and EPS estimates exclude QTL revenues for Apple-related products and for the other licensee in dispute.

我們的收入和 EPS 估計不包括 Apple 相關產品和其他有爭議的被許可人的 QTL 收入。

We estimate non-GAAP earnings per share in our fiscal fourth quarter to be approximately $0.75 to $0.85 per share.

我們估計第四財季的非 GAAP 每股收益約為每股 0.75 美元至 0.85 美元。

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.

我們預計第四財季非 GAAP 合併研發和 SG&A 費用將環比增長約 1% 至 3%，這主要是受訴訟相關費用和 5G 投資增加的推動。

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.

正如 Derek 解釋的那樣，我們正在為第四財季的 QTL 部門收入提供指導，我們預計該收入將在 10 億美元至 13 億美元之間。

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.

我們預計 QTL 的 EBT 利潤率將連續下降，介於 64% 和 68% 之間，反映出隨著我們繼續以各種形式捍衛我們的商業模式，中點收入下降和訴訟相關費用增加。

Turning to QCT.

轉向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.

我們預計第四財季 MSM 出貨量約為 2.05 億至 2.25 億台，中點環比增長 15%，這主要受 OEM 產品發布和中國 OEM 的持續推動。

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.

我們預計 QCT EBT 利潤率在第四財季約為 17% 至 19%，高於 2016 財年第四季度的 16.7%，有利的移動產品組合和相鄰機會同比增長。

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.

對於我們的 Snapdragon 835 高端芯片組，我們預計 10 納米的供應將在第四財季基本滿足需求，這與我們之前的預期一致。

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.

我們預計利息支出將在第四財季連續上升，反映出與 5 月底發行的 110 億美元債務相關的整個季度的影響。

For fiscal 2017 overall, we now expect the combination of investment in other income and interest expense to be roughly flat versus fiscal 2016.

對於整個 2017 財年，我們現在預計其他收入投資和利息支出的組合與 2016 財年大致持平。

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.

隨著我們轉向高流動性的短期投資以準備為收購恩智浦提供資金，我們出售投資組合中高風險資產的收益補充了同比較低的利息收入。

That concludes my comments.

我的評論到此結束。

I will now turn the call back to John.

我現在將電話轉回給約翰。

Thank you, George.

謝謝你，喬治。

Operator, we are ready for questions.

接線員，我們準備好提問了。

(Operator Instructions) Mike Walkley with Canaccord Genuity.

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

Just really trying to get a clarification.

只是真的想得到一個澄清。

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?

因此，對於 Apple 以外的許可糾紛，您能否向我們介紹一下，從那個被許可人那裡，您的第三季度結果中可能包含了什麼，以及第四季度指南中排除了什麼？

Maybe can help us on a sequential basis just on that licensee, maybe in ballpark the delta between Q3 and Q4?

也許可以在那個被許可人的基礎上按順序幫助我們，也許在第三季度和第四季度之間的增量？

Mike, this is Derek.

邁克，這是德里克。

Yes.

是的。

So I think when we reported last quarter, we had some amount of revenue from that licensee in Q2, but it was an underpayment.

所以我認為當我們上個季度報告時，我們在第二季度從該被許可方那裡獲得了一定數量的收入，但這是少付的。

They didn't pay the full amount.

他們沒有付全款。

And we, at the time, had expected Q3 to include an underpayment but include some payment.

我們當時預計第三季度會少付一些款項。

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.

基本上，事情的結果是，他們沒有為第三季度報告或支付任何費用，這與我們為第四季度指導的方式一致。

So basically, both of the quarters exclude any revenue from the licensee that's in dispute.

所以基本上，這兩個季度都排除了有爭議的被許可方的任何收入。

Mike, it's George.

邁克，是喬治。

Let me just add to that.

讓我補充一下。

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.

我認為我們已經看到人們苦苦掙扎的一件事是——沒有常數，因為這是一個單獨的原始設備製造商。

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.

因此，從第二季度到第三季度通常是收入水平下降，然後第三季度和第四季度出現季節性回升。

So I think it's going to be hard to model a flat level of impact.

所以我認為很難模擬一個平坦的影響水平。

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.

因此，這就是為什麼在本季度的指導中，我們整體指導 QTL 收入的原因之一，因為我們知道使用試圖從 TRDS 獲得那裡的舊方法可能太困難了。

Our next question is from Rod Hall with JPMorgan.

我們的下一個問題來自摩根大通的 Rod Hall。

I guess I had one clarification, one question.

我想我有一個澄清，一個問題。

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.

所以我想——關於這個被許可人的最後一個問題，看起來——我的意思是，[QTL]，你的指南與我們的預測又偏離了 1 億美元。

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.

即使我知道你們不希望我們進行預測，或者很難使用舊方法進行預測，但我們的大多數模型仍然以這種方式運行。

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?

所以我只是想知道，你能告訴我們從那個被許可人那裡完全扣繳的款項是否在大約 2.5 億美元或類似的範圍內，這樣我們就可以考慮與我們的模型看起來有什麼偏差前進可能是？

And then this -- the real question I've got is on the European review of NXPI.

然後這個——我真正的問題是關於歐洲對 NXPI 的審查。

That's moved to a full review.

這已轉移到全面審查。

Can -- Derek, could you just give us any color on what is happening there?

可以 - 德里克，你能告訴我們那裡發生的事情嗎？

Why reportedly, anyway, you guys have not -- decided not to go along with remedies that have been suggested?

據報導，無論如何，為什麼你們還沒有 - 決定不接受建議的補救措施？

And now we're into a more detailed review, was that always the expectation in Europe?

現在我們要進行更詳細的審查，這是否一直是歐洲的期望？

Or has something changed in regards to your discussions with the regulators there?

還是您與那裡的監管機構的討論發生了變化？

So could you just give us a little bit more color on what's happening there?

那麼你能不能給我們更多關於那裡發生的事情的顏色？

Sure.

當然。

Rod, let me comment.

羅德，讓我發表評論。

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.

我認為我會提醒人們注意的一件事，特別是第三季度和第四季度許可業務的同比比較。

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.

我們在這兩個市場都看到了良好的市場和基礎市場，所以 - 沒有 - 你的估計中的任何不足都與市場無關。

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.

我們所看到的是，16 年第三季度和第四季度中國協議的結算出現了追趕，這影響了同比比較。

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.

因此，模型需要展示的一件事是第一季度的追趕程度較低——或者對不起，17 年第四季度相對於 16 年的追趕。

And then the rest is really just Apple and the other licensee and the impact of the specific dollars related to those OEMs.

然後剩下的只是蘋果和其他被許可人以及與這些 OEM 相關的特定美元的影響。

But those are really the only factors impacting the underlying estimates.

但這些確實是影響基本估計的唯一因素。

Rod, this is Derek.

羅德，這是德里克。

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.

讓我補充一點，我們過去的做法是在我們試圖解決爭議時不披露被許可人的身份，而且還沒有進入訴訟程序。

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.

所以我認為我們將繼續堅持這種做法，因此我們不會對來自任何特定被許可人的少付金額給出具體顏色。

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.

我認為在建模方面要考慮的一件事是，我們已經從前期開始通過 QTL 進行追趕付款，有點按季度進行。

We said that's going to be lumpy and be hard to predict and come in over time.

我們說這將是塊狀的，並且隨著時間的推移很難預測和出現。

And there were some of those amounts, meaningful amounts, in Q3.

第三季度有一些這樣的數額，有意義的數額。

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.

但我想說我們第四季度 QTL 收入指南的中點並沒有真正包括大量的收入，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.

羅德，這是唐。

I'll take your question about NXP in Europe.

我會回答你關於歐洲 NXP 的問題。

There's not a lot to say about that at all.

對此根本沒有太多可說的。

The Phase 1 process, as you know, is fairly short.

如您所知，第一階段流程相當短。

We're dealing with a significant acquisition here in both -- with both a U.S.-based company and a major European-based company.

我們正在與一家美國公司和一家大型歐洲公司進行重大收購。

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.

所以我們進入第二階段也就不足為奇了。我們正在參與第二階段。我們會聽取可能表達的任何擔憂，我們會在我們認為應該是正常的時間段內對他們做出回應運行第 2 階段過程。

Obviously, you can't predict, but we're very optimistic about our ability to continue to demonstrate the complementary nature of this acquisition.

顯然，你無法預測，但我們對繼續展示此次收購的互補性的能力非常樂觀。

And with 4 regulatory approvals already, we think we're on a pretty good track there.

並且已經獲得了 4 項監管批准，我們認為我們在這方面進展順利。

Our next question is from Kulbinder Garcha with Crédit Suisse.

我們的下一個問題來自 Crédit Suisse 的 Kulbinder Garcha。

My questions are for Derek as well.

我的問題也是針對 Derek 的。

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.

就與被許可人的這場糾紛而言，這不是——澄清一下，這不像是常規的審計類型的糾紛；就這些許可協議的方式以及如何解釋這些協議而言，雙方存在根本分歧。

So this may come -- last for some time.

所以這可能會持續一段時間。

Is that the right way of thinking about it?

這是正確的思考方式嗎？

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%.

第二個問題是，在一個智能手機市場收入增長不多的世界裡，比方說，2% 或 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?

如果 Apple 在未來 2 年內獲得有意義的市場份額，是否可以合理地假設即使是這種許可運行率也會收縮？

Are there other drivers that we should think about?

還有其他我們應該考慮的驅動因素嗎？

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.

我只是在想，他們的事情顯然會出現一個超級週期，而 Apple 最多只能獲得很多份額（聽不清），你的（聽不清）已解決。

Is that the right way of thinking about it?

這是正確的思考方式嗎？

Kulbinder, this is Derek.

庫爾賓德，這是德里克。

I think on the first one, I would characterize it this way.

我想在第一個上，我會這樣描述它。

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.

我的意思是，我們 - 我們與該被許可方的爭議是關於他們協議條款的爭議，與我們過去的爭議並無太大不同。

They've resolved themselves in a variety of different ways historically.

他們在歷史上以各種不同的方式解決了自己。

Some of them -- most of them, frankly, we've been able to resolve through some period of negotiation.

其中一些 - 坦率地說，其中大多數，我們已經能夠通過一段時間的談判來解決。

We're still in that phase with this licensee.

我們仍處於與該被許可方的那個階段。

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.

然後你可能會回想起，甚至就在最近與 LG 的關係中，這確實升級為仲裁，但即使在仲裁得到解決之後，我們也能夠相當快地解決它。

So I don't think we can predict with any certainty the exact timing.

所以我認為我們無法確定地預測確切的時間。

But I don't think it's a foregone conclusion that this will be something that takes a long time to resolve, either.

但我也不認為這將是一個需要很長時間才能解決的問題。

I think it's highly dependent on the circumstances.

我認為這在很大程度上取決於具體情況。

I think you might have some -- let me try to reframe kind of the second question.

我想你可能有一些 - 讓我嘗試重新構建第二個問題。

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.

我們的觀點是，我會給你一些數據點來支持這一點，即業務許可有能力隨著終端市場的發展而繼續增長。

We see end market growth continuing going forward once we have these disputes resolved.

一旦我們解決了這些爭端，我們就會看到終端市場繼續增長。

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.

而且我認為，即使您查看本季度，如果您針對爭議的所有異常情況和一些一次性付款進行調整，我們也會看到許可業務同比增長。

But if you step back and look longer term at the end market, the units continue to grow in line with our projections.

但如果你退後一步，從長遠來看終端市場，這些單位將繼續按照我們的預測增長。

Last year, unit growth was about 10%.

去年，單位增長率約為 10%。

In our current forecasts which we're holding in calendar '17, it's about 6% unit growth.

在我們目前持有的 17 年日曆預測中，單位增長率約為 6%。

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.

將其與 ASP 的緩和下降結合起來，我們仍然相信 TRDS，獨立於任何特定的 OEM，因此即使 Apple 獲得份額，也將以中個位數增長。

And I think the thing that's been very positive for us this year is that ASPs probably are moderating.

我認為今年對我們來說非常積極的事情是 ASP 可能正在緩和。

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.

甚至 ASP 的降幅也比我們預期的要緩和，這意味著降幅小於我們今年的預期。

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.

這在很大程度上是由中國的實力以及許多中國原始設備製造商在中國境外開展業務時提高平均售價所推動的，這是我們從 2 或 3 年前開始強調的幾個重要趨勢，也是我們相信的原因我們將看到市場的長期增長。

So again, if you wrap that all up, end market will continue to grow.

所以，如果你把這一切都總結起來，終端市場將繼續增長。

We think it can continue to grow meaningfully.

我們認為它可以繼續有意義地增長。

And we think once we get through these disputes, we can continue to grow the licensing business in line with that.

我們認為，一旦我們解決了這些糾紛，我們就可以繼續發展與之相符的許可業務。

Our next question is from Simona Jankowski with Goldman Sachs.

我們的下一個問題來自高盛的 Simona Jankowski。

This is Doug Clark on behalf of Simona.

我是代表西蒙娜的道格·克拉克。

One follow-up question to kind of the historical context of disputes with some licensees.

一個跟進問題，涉及與一些被許可人發生糾紛的歷史背景。

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?

將所有這些放在一起，由於這些爭端的解決，您是否注意到任何概括或某種規則，它們要么導致了特許權使用費率的通貨緊縮，要么，如果，在某些情況下情況下，您是否能夠保持這些特許權使用費率常數？

I'm wondering if there's kind of any conclusions that you've drawn from those.

我想知道您是否從中得出了任何結論。

Doug, this is Derek.

道格，這是德里克。

It's pretty hard to answer in kind of a high level.

很難以高水平回答。

I think each individual deal is different.

我認為每筆交易都是不同的。

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.

我想說的是，通過任何談判和爭端解決方案，我們——我認為，我們在歷史上一直成功地獲得了我們認為是投資組合的公允價值。

Some of those deals have taken different forms and different structures over the years.

多年來，其中一些交易採取了不同的形式和不同的結構。

But I think, by and large, that's sort of the principle that we operate by.

但我認為，總的來說，這就是我們運作的原則。

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.

這與我們在解決過去幾年在中國談判達成的剩餘協議時所遵循的原則相同，而且在我們尋求實現為公司和符合我們知識產權價值的長期協議。

Okay, got it.

好，知道了。

And then my follow-up question is as we move to kind of the key marquee product launches, particularly the upcoming iPhone.

然後我的後續問題是當我們轉向某種關鍵的選框產品發佈時，特別是即將推出的 iPhone。

Have any of the disputes, in your opinion, had any impact on how share will shake out from a chipset standpoint?

您認為，從芯片組的角度來看，這些爭議是否對份額將如何擺脫產生了任何影響？

Doug, this is Cristiano.

道格，這是克里斯蒂亞諾。

Look, I think we have said, I think, things go back in time that we have plans for multi sourcing.

看，我想我們已經說過，我認為，事情可以追溯到我們有多個採購計劃的時間。

And I think at this point, I think what we see -- was continue to be engaged with them on the product side.

而且我認為在這一點上，我認為我們看到的是 - 繼續在產品方面與他們接觸。

We feel very confident about, I think, the capabilities of our product.

我認為，我們對我們產品的功能非常有信心。

I would argue that, generation to generation, our differentiation exactly increasing.

我會爭辯說，一代又一代，我們的分化確實在增加。

And right now, we see -- continue to -- we see orders from the [CMs].

現在，我們看到 - 繼續 - 我們看到來自 [CM] 的訂單。

So I don't think we can, at this point, identify anything different than what we have been expecting.

因此，我認為目前我們無法確定與我們一直期待的有什麼不同。

Our next question is from James Faucette from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 James Faucette。

Great.

偉大的。

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)?

很快，約翰，我知道你談到了某種（聽不清）監管機構，當我們應該期望從（聽不清）那裡得到反饋時，你仍然需要（聽不清）？

And maybe a question for you.

也許有一個問題要問你。

(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)?

（聽不清）自從宣布收購 NXPI 或打算收購 NXPI 以來，您與客戶和外部（聽不清）的這些機會的對話如何發展並與之合作（聽不清）？

This is Don.

這是唐。

So on your NXP question, to remind you, there were 9 jurisdictions originally that had to approve.

所以關於你的 NXP 問題，提醒你，最初有 9 個司法管轄區必須批准。

We, as I said, had 4 approved, the U.S, Mexico, Russia and Taiwan.

正如我所說，我們有 4 個獲得批准，分別是美國、墨西哥、俄羅斯和台灣。

Those that are left are the EU, China, Japan, South Korea and the Philippines.

剩下的是歐盟、中國、日本、韓國和菲律賓。

We are proceeding in each case by engaging with the regulatory bodies in each jurisdiction.

我們正在通過與每個司法管轄區的監管機構接觸來處理每個案例。

We are, we think, on track in terms of following their processes.

我們認為，就遵循他們的流程而言，我們正在走上正軌。

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.

正如我們已經指出的那樣，正如史蒂夫之前指出的那樣，我們希望我們概述的時間線將繼續下去，我們正在為 17 年底拍攝。

And I don't think there's really much to say about those other regulatory bodies other than that.

而且我認為除此之外，關於其他監管機構真的沒什麼好說的。

As I said, we're cooperating with them and haven't seen any issues at the moment.

正如我所說，我們正在與他們合作，目前沒有發現任何問題。

James, this is Steve.

詹姆斯，這是史蒂夫。

I would say the discussions with the customers have been good.

我想說與客戶的討論一直很好。

I mean, obviously we have limitations to the degree to which we can have discussions given that we are pre-close.

我的意思是，很明顯，鑑於我們已經接近尾聲，我們對討論的程度有限制。

But I've been pretty pleased with what we're hearing with respect to kind of the industrial logic behind the deal.

但我對我們所聽到的關於交易背後的工業邏輯的消息感到非常滿意。

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.

所以一些——我認為將高通 IP 路線圖和技術路線圖結合到渠道——以及更廣泛的汽車產品組合，我認為，就我而言，客戶已經積極接受了討論。

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.

而且我認為，根據我們對市場的看法，增加物聯網空間規模和渠道的重要性肯定得到了驗證。

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.

而且我認為，如果你看看我們這裡的產品業務的最後兩個季度，它似乎真的在朝著同樣的方向發展——或者以與收購背後的工業邏輯一致的方式前進，這是隨著事物的連接，你會開始看到在跨越這些業務所需的技術方面有更多的重疊。

So I think that's actually good for the end markets, and we've been hearing comments consistent with that from the customer.

所以我認為這實際上對終端市場有利，而且我們一直聽到與客戶一致的評論。

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.

因此，我們正在計劃 - 積極規劃整合併解決監管問題，並迅速朝著年底或年底前結束的方向邁進。

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

我們的下一個問題來自 BMO Capital Markets 的 Tim Long。

If we could maybe switch over to the chip business.

如果我們可以轉向芯片業務。

George mentioned in the guidance for MSM's next quarter some product launches and China strength.

喬治在 MSM 下一季度的一些產品發布和中國實力的指導中提到了這一點。

It's a little bit more stronger than normal seasonal.

它比正常的季節性強一點。

So could you talk a little bit about where -- was inventory a little low heading in?

那麼，您能否談一談庫存在何處偏低？

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?

今年到目前為止，中國是一個相當艱難的終端市場，所以您認為那裡的業務會出現好轉嗎？

Or is this market share?

或者這是市場份額？

Is it more exports?

出口多嗎？

So maybe talk a little bit about that strength and maybe sustainability.

所以也許可以談談這種力量和可持續性。

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.

然後與此相關，我認為我們可能會在 9 月季度在該部門計算的 ASP 中略微下降。

Tim, this is Cristiano.

蒂姆，這是克里斯蒂亞諾。

Look, I think it's probably important to understand the trends in China market.

聽著，我認為了解中國市場的趨勢可能很重要。

China has been a growth and a strong story for us, and I think we see that continuing.

中國對我們來說是一個成長和強大的故事，我認為我們會看到這種情況繼續下去。

So first, to your point about what we saw about the product mix.

所以首先，關於我們對產品組合的看法。

I think we see the market moving up, and we see that consistently.

我認為我們看到市場在上漲，而且我們一直看到這一點。

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.

我們看到，隨著市場的成熟，設備的層級，我們看到較高層級的增長率高於較低層級。

And I think Snapdragon 600 and Snapdragon 800 are doing very well.

而且我認為驍龍 600 和驍龍 800 做得很好。

In particular, the Snapdragon 600 has been a very good story for us.

特別是 Snapdragon 600 對我們來說是一個非常好的故事。

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.

當你問及未來的發展時，我可能會提醒你，我們過去曾說過諸如全模式和護理聚合之類的事情。

Now 70% of every single device in China is all mode.

現在中國70%的每台設備都是全模式的。

4G+ is now well understood by consumer as a care aggregation.

4G+現在被消費者很好地理解為一種護理聚合。

And we see things moving towards higher speeds, both on our integrated WiFi, as well as cellular, leading to gigabit LTE.

我們看到事情正在朝著更高的速度發展，無論是在我們的集成 WiFi 上，還是在蜂窩網絡上，這都會導致千兆 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.

而且我認為 5G 可能會成為最大的市場之一，因為中國不想落後於所有其他經濟體，所以我認為中國的故事非常好。

And your last point about growth.

關於增長的最後一點。

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.

我們看到了中國 10 大原始設備製造商，我認為我們在中國以外的積極增長處於非常有利的地位，我認為這使我們的中國業務增長速度超過市場。

Thank you.

謝謝你。

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 Ross Seymore。

I have 2 questions.

我有兩個問題。

The first one on the OpEx side of the equation.

第一個在等式的運營支出方面。

George, obviously the litigation coming in makes sense as to why the spending would be a bit higher in the quarter in the guide.

喬治，很明顯，關於指南中本季度支出略高的原因，訴訟是有道理的。

But the other side of the equation, the 5G acceleration, can you talk a little bit about the sustainability of that?

但等式的另一面，5G 加速，你能談談它的可持續性嗎？

Is it going to last for a couple of quarters and then fall off, generally the strategy behind that?

它會持續幾個季度然後下降，通常是背後的策略嗎？

And then the second question I had was on the NXP deal.

然後我的第二個問題是關於恩智浦的交易。

The regulatory environment, a lot of people have asked about that road map.

監管環境，很多人都問過那個路線圖。

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.

但我收到了很多關於人們爭論的問題，考慮到半導體市場的變化，你支付的價格可能看起來很低。

So I was wondering if we could just get your thoughts on the price that you guys have agreed upon with NXP.

所以我想知道我們是否可以就你們與恩智浦商定的價格了解你們的想法。

Ross, let me start with the OpEx question.

羅斯，讓我從運營支出問題開始。

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.

顯然，正如您所說，我們正在升級有關訴訟的活動，以便您將繼續看到那裡的支出增長。

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.

但在 5G 方面，我可能會讓 Cristiano 對此也添加一些想法，我們看到客戶的活動正在拉動，試驗的數量也在增加，我們認為被看到並繼續被視為領導這些活動。

Of course and on top of that, that just means that the road map for 5G is getting pulled in more rapidly.

當然，最重要的是，這僅意味著 5G 的路線圖正在更快地實施。

So it's not clear to me that, that -- this is a 1 or 2 quarter type event.

所以我不清楚，這是一個 1 或 2 季度類型的事件。

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.

我認為隨著我們完成這些 5G 試驗和商業 5G 發布的開始，我們將在明年看到一些支出增加到 2。

I'll stop there for a minute.

我會在那裡停一下。

And Cristiano, if you wanted to add something.

還有克里斯蒂亞諾，如果你想補充一些東西。

No.

不。

I was just going to say that I think more and more, we see '19 as a reality for 5G commercialization.

我只是想說，我越來越認為，我們將 19 年視為 5G 商業化的現實。

Great.

偉大的。

And then on the NXP deal, I'll just reemphasize.

然後在 NXP 交易上，我將再次強調。

Our focus is really on the regulatory matters in getting those closed out, along with the integration planning.

我們的重點實際上是關閉那些關閉的監管問題，以及整合計劃。

And we're confident we're going to go ahead and close this on the terms that we've agreed to by year-end.

我們有信心我們將繼續前進，並在年底前按照我們同意的條款完成這項工作。

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銀行的 Tal Liani。

Two questions.

兩個問題。

First, puts and takes.

首先，投入和投入。

If you can discuss puts and takes of gross margin of QTL next quarter?

能否討論下季度QTL毛利率的puts and takes？

And is there anything outside of lower revenue level in the litigation expense?

除了較低的訴訟費用收入水平之外，還有什麼嗎？

That's number one.

這是第一。

And then the second question is, now you lost the QCT business with your largest customer, Apple.

然後第二個問題是，現在您失去了與最大客戶 Apple 的 QCT 業務。

You lost -- or there are some disputes with one of your largest customers on licensing.

你輸了——或者與你最大的客戶之一在許可方面存在一些爭議。

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?

問題是，現在將公司拆分成兩部分是否更有意義，或者您的處境與以前相同？

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.

我想了解您是否認為根據這些爭議和與客戶的這些爭論，您分別最大化每個細分市場價值的能力之間存在任何關聯。

Tal, it's George.

塔爾，是喬治。

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.

你在毛利率效應或我們為 QTL 指導的利潤率效應中看到的實際上是收入和收入根據我們討論過的這些爭議而下降。

Actually, the market is quite healthy.

事實上，市場是相當健康的。

So all the other dynamics are very attractive.

所以所有其他動態都非常有吸引力。

And then the fact that we're ramping spending into that lower revenue for litigation matters.

然後，我們正在將支出增加到訴訟事務的較低收入這一事實。

So it's a combination of the 2 just pulled the margin down.

所以這是兩者的結合，只是拉低了利潤率。

It's not like a product business where you have a variable cost as revenue comes down where your costs come down.

這不像產品業務，隨著收入下降，成本下降，可變成本就會下降。

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.

所以這是一個地方，直到我們度過這段更高的訴訟支出和爭議時期，你會看到低於歷史水平，但這些爭議之外的業務背後的基本面非常有吸引力。

Tal, this is Steve.

塔爾，這是史蒂夫。

With respect to the business structure, I think we've looked at it pretty heavily in the past.

關於業務結構，我認為我們過去已經非常認真地研究過它。

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.

隨著環境的變化，它仍然是我們關注的一個領域，並確保我們——我們確保我們將業務置於正確的位置以實現價值最大化。

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.

但在這一點上，我認為我們覺得我們擁有解決這一爭議的正確結構，並根據向 5G 的過渡以及推動蜂窩路線圖向新技術發展的未來定位業務領域或新的結束機會。

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.

所以，我們不時地審視這個問題，繼續將其視為實現價值最大化的一種方式，但我認為我們覺得我們有正確的業務結構來解決這個問題。

Our next question is from Stacy Rasgon with Bernstein Research.

我們的下一個問題來自 Bernstein Research 的 Stacy Rasgon。

Here are my questions.

這是我的問題。

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?

首先，關於其他被許可人糾紛，鑑於你們已經與大型中國原始設備製造商達成和解，是否可以肯定地說這其他糾紛不是與中國原始設備製造商有關？

Or is that not a leap of logic that it would be appropriate for me to make?

或者這不是我應該做的邏輯上的飛躍嗎？

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?

其次，考慮到這裡的升級以及正在發生的所有其他事情，我們如何確信我們沒有看到進一步的傳染，進一步傳播給其他客戶，因為這似乎正在您的其他業務中流血？

Stacy, this is Derek.

斯泰西，這是德里克。

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.

正如我在回答之前的一個問題時所說的那樣，我們目前不會透露與我們有爭議的被許可人的身份，因此不會對此進一步發表評論。

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.

我認為關於傳染的問題，如果你考慮一下，我們正在許多方面非常努力地工作以真正穩定監管環境，這仍然是我們的首要任務。

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.

從歷史上看，我們曾與大大小小的被許可人發生過糾紛，甚至可以追溯到諾基亞，他們擁有 40% 到 50% 的市場份額，並且有一段時間沒有向我們付款。

And that did not translate into our other licensees stopping payment.

這並沒有轉化為我們的其他被許可人停止付款。

That's just one data point.

這只是一個數據點。

But we -- as we sit here, we're focused on resolving the issues we have, the current dispute with this licensee beyond.

但是我們——當我們坐在這裡時，我們專注於解決我們所面臨的問題，即當前與該被許可人的糾紛。

Apple is focused on their agreement, the contract dispute under their agreement.

蘋果的焦點是他們的協議，他們協議下的合同糾紛。

And we're going to focus on getting those things resolved.

我們將專注於解決這些問題。

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.

我不認為，當我們坐在這裡時，我們沒有任何跡象表明這會以某種方式導致許多其他被許可人決定不報告和支付版稅。

But you never have any indication, do you?

但你從來沒有任何跡象，是嗎？

You never know what you never know.

你永遠不知道你永遠不知道的事。

But I'm saying historically, the -- if you look at it historically, we haven't had that problem.

但我說的是歷史，如果你從歷史上看，我們沒有遇到過這個問題。

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.

由於我們有過糾紛，我們已經能夠在沒有其他被許可人確定他們不打算遵守他們的協議的情況下解決這些糾紛。

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

所以我認為這是我們目前能告訴你的最好的。

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

但這正是現在正在發生的事情，不是嗎？

No.

不。

That's not what's happening.

事實並非如此。

We have a dispute with Apple and their contract manufacturers, and we have a dispute with one other licensee.

我們與 Apple 及其合約製造商有爭議，我們與另一家被許可人也有爭議。

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

我們的下一個問題來自瑞穗的 Vijay Rakesh。

Just going back on that other licensee.

只是回到那個其他被許可人。

Am I to understand that eventual partial nonpayment or full nonpayment for the next quarter, is that already assumed in the guide?

我是否理解指南中已經假設下一季度最終部分未付款或全部未付款？

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?

在蘋果方面，你宣布的新訴訟是非 FRAND 知識產權，你能給我們一些時間嗎？

Or does that stand?

或者這站得住腳嗎？

Yes.

是的。

This is George.

這是喬治。

I'll take the first question.

我先回答第一個問題。

The -- our guide in Q3 assumed a partial payment, which we did not receive.

-- 我們在第三季度的指南假設我們沒有收到部分付款。

And we assumed no payment or report in Q4 guidance.

我們假設在第四季度指南中沒有付款或報告。

And this is Don.

這是唐。

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.

關於——我想你指的是我們在美國帶來的 2 個案例——或 3 個案例——2 個和最近在德國帶來的 1 個案例。

As we've said before, the ITC case in the U.S. generally takes about 18 months.

我們之前說過，美國的ITC案件一般需要18個月左右。

So we're hoping it will stay along that time line.

所以我們希望它能保持在那個時間線上。

The cases in Germany could go as quickly as 1 year.

德國的案件最快可以審理 1 年。

But obviously, every case is somewhat different, but that's a good estimate, I would say.

但很明顯，每個案例都有些不同，但我會說這是一個很好的估計。

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

我們的下一個問題來自 Nomura Instinet 的 Romit Shah。

George, I just want to follow up on Ross' question regarding the NXPI deal.

喬治，我只想跟進羅斯關於 NXPI 交易的問題。

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.

自從您宣布打算收購該公司以來，半導體股票僅上漲了 30% 至 40%，最近您是否會獲得 80% 的批准存在不確定性。

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?

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，這個過程是如何進行的？

Would you only do so after the shareholders have voted?

你會在股東投票後才這樣做嗎？

Or does it work differently?

或者它的工作方式不同？

Romit, I'll just repeat.

羅密特，我再重複一遍。

Really, our focus is on getting through regulatory and getting prepared for the close at the end of the year.

實際上，我們的重點是通過監管並為年底的收盤做準備。

I think everything else here is just speculation, and I'm not going to comment further.

我認為這裡的其他一切都只是猜測，我不打算進一步評論。

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 和 Raymond James。

I have a couple.

我有一對。

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?

首先，要確保 TDK 合資企業的關閉，6 月季度是否有整個季度的收入和成本？

Or was that just partial?

或者那隻是部分的？

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.

然後，Derek，我想你在上一個問題的答案中提到了 Q3 QTL 收入中有一些追趕付款。

Can you dimensionalize that or give us an indication that if you backed those out, it would be pretty similar to the Q4 guide?

你能否對其進行維度化或給我們一個指示，如果你支持這些，它會與 Q4 指南非常相似？

And then a question, I guess, for Steve.

然後是一個問題，我想，是給史蒂夫的。

I think there was a lawsuit threat by Intel during the quarter related to Windows 10 and x86 emulation.

我認為英特爾在本季度存在與 Windows 10 和 x86 仿真相關的訴訟威脅。

And I'm just wondering, has it moved beyond the threat?

我只是想知道，它是否超越了威脅？

And does it change your opinion on that end market opportunity for you?

它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.

在 - 第三季度，我們擁有 TDK 合資企業的整個季度。

Tavis, this is Derek.

塔維斯，這是德里克。

On the catch-up payments, they were -- for Q3, I don't think we gave a specific number.

關於追補付款，他們是 - 對於第三季度，我認為我們沒有給出具體數字。

They were meaningful.

他們很有意義。

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.

我認為考慮第四季度指南的方式是 QTL 收入指南的中點沒有大量的追趕。

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.

因此，如果你看一下，根據我們的指南，第三季度到第四季度的季度比較持平，但你即將進入第三季度，其中有一些有意義的追趕。

And with respect to the lawsuit, and I think it was actually just a press report that I had heard.

關於訴訟，我認為這實際上只是我聽到的新聞報導。

And I think if anything, if I remember correctly, wasn't directed toward us.

我想，如果我沒記錯的話，有什麼不是針對我們的。

It was probably directed toward the customers and the ecosystem involved in the PC (inaudible).

它可能針對 PC 中涉及的客戶和生態系統（聽不清）。

We haven't heard anything about that since then.

從那以後我們就再也沒有聽說過這件事。

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.

我要說的是，我們正在積極與對這個機會感興趣的客戶接觸，這個機會是按照我們過去給出的時間表來到這裡的。

So it's -- I think it's building some excitement, and we're pretty excited about what we're seeing there.

所以它 - 我認為它正在引起一些興奮，我們對我們在那裡看到的東西感到非常興奮。

This ends our allotted time for questions and answers.

我們分配的問答時間到此結束。

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

Mollenkopf 先生，在暫停通話之前，您還有什麼要補充的嗎？

Yes, thank you.

是的，謝謝。

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.

首先，我只想感謝所有員工的辛勤工作，也許我會以 4 個最後的想法結束。

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.

第一個是給定我們所處的環境，只是想承認並感謝大家在產品方面取得的強勁成果。

It's really an indication of the strategy playing forward, and we're pleased to see the results here in the business.

這確實表明了該戰略正在發揮作用，我們很高興看到業務中的結果。

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

第二個是恩智浦的時機正在走上正軌，我認為正在建立勢頭並期待著這一切的發生。

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.

我們提到 - 關於第三點，我們 - 我們相信我們在我們的法律糾紛方面擁有對蘋果公司的製高點。

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.

我們顯然需要一些耐心來解決這個問題，但我們確實對我們在那裡的定位感到滿意，我們希望能夠在我們前進的過程中報告人員或能夠提供狀態。

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，我只想感謝團隊制定了一個偉大的路線圖，這不僅體現在結果中，還體現在 5G 的一些興奮中。

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

就這樣，我將結束並期待下個季度與大家交談。

Thank you.

謝謝你。

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

女士們，先生們，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。