高通 (QCOM) 2017 Q4 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 Fourth Quarter and Fiscal 2017 Earnings Conference Call.

歡迎參加 Qualcomm 2017 財年第四季度收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded, November 1, 2017.

（操作員說明）作為提醒，本次會議正在錄製，2017 年 11 月 1 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 39466043.

播放預約號為39466043。

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 and George Davis.

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

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

此外，克里斯蒂亞諾·阿蒙、亞歷克斯·羅傑斯和唐·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。

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

此外，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 and 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 財務指標，您可以在我們的網站上找到與 GAAP 相關的對賬。

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-K, 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-K，其中包含可能導致實際結果與前瞻性陳述存在重大差異的重要因素。

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

現在是高通公司首席執行官 Steve Mollenkopf 的評論。

Thank you, John, and good afternoon, everyone.

謝謝約翰，大家下午好。

We are pleased to report better-than-expected results in our fourth fiscal quarter, completing a year where we saw strong performance across our chip businesses, healthy global demand growth for 3G/4G devices, and we expanded on Qualcomm's fundamental leadership in 5G technologies.

我們很高興地報告第四財季好於預期的業績，在過去的一年中我們看到了我們芯片業務的強勁表現、全球對 3G/4G 設備的健康需求增長，並且我們擴大了高通在 5G 技術方面的基本領先地位.

I am particularly pleased with the actions our teams have taken this year to advance the strategic objectives we set for the company.

我對我們的團隊今年為推進我們為公司設定的戰略目標所採取的行動感到特別高興。

Almost 2 years ago, we set an ambitious target to significantly grow our serviceable available market by 2020.

大約 2 年前，我們設定了一個雄心勃勃的目標，即到 2020 年顯著擴大我們的可用服務市場。

This past year saw substantial progress in the most critical new opportunities for the company.

在過去的一年裡，公司在最關鍵的新機遇方面取得了實質性進展。

First, the announced acquisition of NXP provides important capabilities to grow our footprint in automotive, IoT and security.

首先，已宣布的對恩智浦的收購為擴大我們在汽車、物聯網和安全領域的足跡提供了重要的能力。

Second, we closed the RF Front End joint venture, providing us with the remaining products and capabilities to fully compete in this growing area.

其次，我們關閉了 RF Front End 合資企業，為我們提供了剩餘的產品和能力，以便在這個不斷增長的領域充分競爭。

Third, we announced the partnership with Microsoft to bring the advantages of low-power, high-performance computing to the mobile PC market.

第三，我們宣布與微軟建立合作夥伴關係，將低功耗、高性能計算的優勢帶入移動 PC 市場。

In QCT, product demand and mix trends continue to be favorable, and profitability improved again this quarter, now 6 quarters in a row of year-over-year growth in EBT and EBT margin expansion.

在 QCT，產品需求和組合趨勢繼續有利，本季度盈利能力再次改善，EBT 和 EBT 利潤率擴張連續 6 個季度同比增長。

For fiscal 2017, QCT EBT dollars grew more than 50% year-over-year, driven by our strong product portfolio, favorable product mix and growth in China and adjacent areas.

2017 財年，QCT EBT 美元同比增長超過 50%，這得益於我們強大的產品組合、有利的產品組合以及在中國和鄰近地區的增長。

QCT revenues outside smartphones in adjacent areas were more than $3 billion in fiscal 2017, up more than 25% year-over-year, driven by better-than-expected growth in auto, networking and IoT as we continue to successfully execute on our strategy to extend our mobile technologies into these new growth areas.

2017 財年，QCT 在鄰近領域的智能手機以外的收入超過 30 億美元，同比增長超過 25%，這是由於我們繼續成功執行我們的戰略，汽車、網絡和物聯網的增長好於預期將我們的移動技術擴展到這些新的增長領域。

We continue to see good trends in our business in China.

我們繼續看到我們在中國業務的良好趨勢。

We increased our share in fiscal 2017 with approximately 25% year-over-year growth in both QCT revenues and MSM chip shipments to Chinese OEMs.

我們在 2017 財年增加了我們的份額，QCT 收入和對中國 OEM 的 MSM 芯片出貨量同比增長約 25%。

And looking ahead, we are pleased to see 5G momentum there, including our 5G NR trial with China Mobile.

展望未來，我們很高興看到那裡的 5G 發展勢頭，包括我們與中國移動的 5G NR 試驗。

In QTL, the second half of fiscal 2017 results were impacted by disputes with Apple and its contract manufacturers as well as one other licensee, and we remain focused on defending our business and the value of our patented inventions for the long term.

在 QTL，2017 財年下半年的業績受到與 Apple 及其合同製造商以及另一家被許可方的糾紛的影響，我們仍然專注於長期捍衛我們的業務和專利發明的價值。

3G/4G trends around the world are very positive.

全球 3G/4G 趨勢非常積極。

We are pleased to see that global shipments of 3G/4G devices remain strong, and we continue to forecast calendar 2017 device shipments to grow 6% year-over-year at the midpoint.

我們很高興看到 3G/4G 設備的全球出貨量依然強勁，我們繼續預測 2017 年日曆設備出貨量將在中點同比增長 6%。

Looking ahead to calendar 2018, we forecast stronger growth with 3G/4G device shipments expected to grow approximately 8% year-over-year at the midpoint, reflecting continued handset shipment growth as well as stronger year-over-year growth in nonhandsets.

展望 2018 年，我們預測 3G/4G 設備出貨量將在中點同比增長約 8%，反映出手機出貨量持續增長以及非手機出貨量同比增長更為強勁。

In addition, estimated global 3G/4G device ASPs are trending better than expected with ASPs in fiscal 2017 flat versus fiscal 2016.

此外，預計全球 3G/4G 設備平均售價趨勢好於預期，2017 財年的平均售價與 2016 財年持平。

The favorable end market trends for 3G/4G, the accelerating commercial timing for 5G as well as the adoption of wireless technologies into new industries continues to be very positive for us, and our global scale combined with our technology and product road map are leading the industry.

3G/4G 有利的終端市場趨勢、5G 商用時間的加速以及無線技術在新行業中的應用繼續對我們非常有利，我們的全球規模與我們的技術和產品路線圖相結合正在引領行業。

We are very excited about the increased momentum in 5G around the world.

我們對全球 5G 的增長勢頭感到非常興奮。

We are leading the industry and are accelerating the commercial launch of 5G across millimeter-wave and sub-6 gigahertz in early 2019.

我們處於行業領先地位，正在加速 2019 年初跨毫米波和 sub-6 GHz 的 5G 商用推出。

We recently announced the world's first 5G data connection achieved on a Snapdragon X50 modem chipset and our leading 5G 3GPP standards development, ongoing prototype efforts and are supporting global 5G new radio trials.

我們最近宣佈在 Snapdragon X50 調製解調器芯片組上實現了世界上第一個 5G 數據連接和我們領先的 5G 3GPP 標准開發，正在進行的原型工作，並正在支持全球 5G 新無線電試驗。

In September, we announced our 5G new radio millimeter-wave prototype that will be used for interoperability testing with our infrastructure vendor partners, along with our previously announced sub-6 gigahertz prototype.

9 月，我們宣布了我們的 5G 新無線電毫米波原型，以及我們之前宣布的低於 6 GHz 的原型，該原型將用於與我們的基礎設施供應商合作夥伴進行互操作性測試。

With 5G commercial devices shipping in 2019, we expect to further expand our product and technology leadership position in modems.

隨著 2019 年 5G 商用設備的出貨，我們預計將進一步擴大我們在調製解調器領域的產品和技術領先地位。

Gigabit LTE is the first step in network operator's transition to 5G, and there are now 41 operators in 24 countries supporting Gigabit LTE.

千兆LTE是網絡運營商向5G過渡的第一步，目前已有24個國家的41家運營商支持千兆LTE。

We have demonstrated download speeds of greater than 1 gigabit using our X20 LTE modem in the U.S. with both Ericsson and Verizon as well as Nokia and T-Mobile.

我們已經在美國使用我們的 X20 LTE 調製解調器與愛立信和 Verizon 以及諾基亞和 T-Mobile 一起展示了超過 1 GB 的下載速度。

Most leading device makers are rapidly adopting Gigabit LTE into their device portfolios.

大多數領先的設備製造商都在迅速將千兆 LTE 納入其設備組合。

In the premium tier, our Gigabit-enabled Snapdragon 835 now has more than 120 designs launched and in development, including recent flagship devices like the Samsung Galaxy Note 8, Pixel 2 and Pixel 2 XL, LG V30 and the Xiaomi Mi MIX 2. We have also introduced new high-tier and mid-tier Snapdragon products to further expand our competitive position in China across all tiers.

在高端產品中，我們支持千兆位的驍龍 835 現在已經推出和開發了 120 多種設計，包括最近的旗艦設備，如三星 Galaxy Note 8、Pixel 2 和 Pixel 2 XL、LG V30 和小米 Mi MIX 2。我們還推出了新的高端和中端 Snapdragon 產品，以進一步擴大我們在中國各層級的競爭地位。

Turning to our pending acquisition of NXP.

轉向我們對 NXP 的懸而未決的收購。

We remain focused on the last few regulatory approvals.

我們仍然關注最近的幾項監管批准。

We believe this 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.

我們相信，此次收購將為我們在汽車、物聯網、安全和網絡領域提供更大的規模，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。

Of the 9 jurisdictions reviewing, we have approvals from 5, including here in the U.S. and Taiwan with China and the EU the largest remaining.

在審查的 9 個司法管轄區中，我們獲得了 5 個的批准，其中包括美國和台灣，中國大陸和歐盟的批准數量最多。

We are constructively working with each remaining regulator, and while the clock has stopped in Europe, there is nothing unexpected or surprising in that process for an acquisition of this size.

我們正在與每個剩餘的監管機構建設性地合作，雖然時鐘在歐洲已經停止，但在這個過程中對於這種規模的收購沒有什麼意外或令人驚訝的。

Significant effort was expended throughout the year on integration planning with NXP.

全年在與恩智浦的整合規劃上花費了大量精力。

Along with NXP, we continue to see this as an attractive deal for both our stockholders and NXP's stockholders at $110 per share as the combination brings together a comprehensive set of capabilities to address next-generation auto and IoT devices.

與 NXP 一起，我們繼續認為這是對我們的股東和 NXP 的股東都有吸引力的交易，每股 110 美元，因為合併匯集了一套全面的能力來解決下一代汽車和物聯網設備的問題。

We continue to focus on closing the acquisition by the end of calendar 2017 with a potential for the close to slip into 2018 based on the current status of approvals.

我們繼續專注於在 2017 年年底前完成收購，根據目前的審批狀態，有可能在 2018 年完成收購。

On the regulatory matters, we are pursuing appeals and resolutions and are confident in the pro-competitive nature of our business.

在監管問題上，我們正在尋求上訴和解決方案，並對我們業務的競爭性質充滿信心。

We will continue to appeal the KFTC ruling and look forward to presenting our case in the U.S. FTC matter in early 2019.

我們將繼續對 KFTC 的裁決提出上訴，並期待在 2019 年初就美國 FTC 事務提出我們的案例。

In Taiwan, we strongly disagree with the recently announced decision and have significant objections concerning the lack of due process that led to the decision.

在台灣，我們強烈反對最近宣布的決定，並對導致該決定的缺乏正當程序表示強烈反對。

We will appeal and seek to stay the decision.

我們將上訴並尋求保留決定。

TFTC ruling was not by consensus.

TFTC 的裁決並未達成共識。

We understand there was descent among the commissioners resulting in a split decision.

我們了解到，委員們之間的分歧導致了分歧的決定。

We were also pleased to see the Taiwanese Ministry of Economic Affairs publicly question the TFTC process and decision.

我們也很高興看到台灣經濟部公開質疑 TFTC 的程序和決定。

Finally, I would like to thank our employees for their hard work and focused execution throughout this past year.

最後，我要感謝我們的員工在過去一年的辛勤工作和專注執行。

The team reported strong results in the product business, validating both our strategy and the strength of our product portfolio.

該團隊報告了產品業務的強勁業績，驗證了我們的戰略和產品組合的實力。

We will maintain our strong commitment to and focus on technology and product leadership as we drive innovation into new opportunities and toward the path of 5G.

在我們推動創新進入新機遇並邁向 5G 之路的過程中，我們將繼續堅定地致力於並專注於技術和產品領先地位。

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

我現在想把電話轉給喬治。

Thank you, Steve, and good afternoon, everyone.

謝謝史蒂夫，大家下午好。

I will begin with comments on our fiscal fourth quarter and 2017 results followed by our fiscal first quarter of 2018 guidance and some additional perspective on 2018 overall.

我將首先對我們的第四財季和 2017 財年業績發表評論，然後是我們對 2018 財年第一季度的指導以及對 2018 年整體的一些其他觀點。

In our fiscal fourth quarter, we delivered non-GAAP revenues of $6 billion and non-GAAP earnings per share of $0.92.

在第四財季，我們實現了 60 億美元的非 GAAP 收入和 0.92 美元的非 GAAP 每股收益。

Performance was strong in our operating businesses relative to expectations, particularly in QCT.

相對於預期，我們的經營業務表現強勁，尤其是在 QCT 方面。

Non-GAAP EPS result exceeded the high end of our prior guidance range by $0.07 with the majority of that outperformance coming from QCT, with the balance from QTL and better-than-expected performance in our investment portfolio.

非 GAAP 每股收益結果超出我們先前指導範圍的上限 0.07 美元，其中大部分錶現優於 QCT，QTL 的平衡和我們投資組合的表現好於預期。

QCT delivered strong results with revenues of $4.7 billion, reflecting MSM shipments above the midpoint of expectations.

QCT 取得了 47 億美元的強勁業績，反映出 MSM 出貨量高於預期的中點。

QCT EBT margin was 21%, above the high end of expectations on the higher unit volume, improved product mix and product cost initiatives.

QCT EBT 利潤率為 21%，高於更高單位產量、改進的產品組合和產品成本計劃的預期上限。

QCT earnings before tax was up 42% year-over-year in the quarter.

QCT 本季度的稅前收益同比增長 42%。

In QTL, revenues were $1.2 billion and EBT margin was 68%, both above the midpoint of expectations, driven primarily by better-than-expected 3G/4G device ASPs due to a favorable mix of premium tier devices as well as strong ASPs from Chinese OEMs in the quarter.

在 QTL，收入為 12 億美元，EBT 利潤率為 68%，均高於預期的中點，這主要是由於高端設備的有利組合以及來自中國的強勁平均售價導致 3G/4G 設備平均售價好於預期本季度的原始設備製造商。

Non-GAAP combined R&D and SG&A expenses were up 3% sequentially, at the high end of expectations on increased 5G investment and litigation expenses as we continue to defend our business model on several fronts.

非 GAAP 合併研發和 SG&A 費用連續增長 3%，處於對 5G 投資和訴訟費用增加預期的高端，因為我們繼續在多個方面捍衛我們的商業模式。

Investment income in the quarter came in ahead of expectations due to market favorability as we nearly completed the liquidation of our risk portfolio in advance of the NXP deal close.

由於市場青睞，本季度的投資收入超出預期，因為我們在恩智浦交易完成之前幾乎完成了風險投資組合的清算。

Our non-GAAP tax rate was 18% in the quarter, and our GAAP rate at 61% reflected the impact of the non-deductible TFTC fine.

本季度我們的非公認會計原則稅率為 18%，我們的公認會計原則稅率為 61%，反映了不可扣除的 TFTC 罰款的影響。

Now turning to fiscal 2017.

現在轉向 2017 財年。

Non-GAAP revenues for the year were $23.2 billion, and non-GAAP earnings per share were $4.28.

全年非 GAAP 收入為 232 億美元，非 GAAP 每股收益為 4.28 美元。

Non-GAAP gross margin at 60% of revenues was a good story for the company in 2017 as strong gross margin performance in QCT nearly offset the impact of the licensing disputes.

2017 年，非 GAAP 毛利率佔收入的 60% 對公司來說是一個好故事，因為 QCT 強勁的毛利率表現幾乎抵消了許可糾紛的影響。

Non-GAAP free cash flow was approximately $6.1 billion, down 15% year-over-year.

非 GAAP 自由現金流約為 61 億美元，同比下降 15%。

We returned $4.6 billion to shareholders in fiscal 2017, including approximately $3.3 billion of cash dividends paid, an increase of 9% year-over-year, and $1.3 billion in share repurchases.

我們在 2017 財年向股東返還了 46 億美元，其中包括約 33 億美元的現金股息，同比增長 9%，以及 13 億美元的股票回購。

Turning to 3G/4G devices.

轉向 3G/4G 設備。

The trends were strong in fiscal 2017 with estimated global 3G/4G device sales growing at a mid-single-digit percentage year-over-year, consistent with prior expectations.

2017 財年趨勢強勁，預計全球 3G/4G 設備銷售額同比增長中個位數百分比，與之前的預期一致。

Underpinning this growth was a flat ASP for global 3G/4G devices versus fiscal 2016 despite some FX headwinds.

支持這一增長的是全球 3G/4G 設備的平均售價與 2016 財年持平，儘管存在一些外匯逆風。

For calendar year 2017, we continue to forecast approximately 1.75 billion to 1.85 billion 3G/4G device shipments, which projects growth of approximately 6% year-over-year at the midpoint consistent with our prior estimates.

對於 2017 日曆年，我們繼續預測 3G/4G 設備出貨量約為 17.5 億至 18.5 億，與我們之前的估計一致，預計同比增長約 6%。

In QCT, we saw strong performance in fiscal 2017 with 52% year-over-year growth in earnings before tax dollars and EBT margin expansion of approximately 500 basis points to 17%.

在 QCT，我們看到 2017 財年的強勁表現，稅前利潤同比增長 52%，EBT 利潤率擴大約 500 個基點至 17%。

The business delivered these strong results despite the full year impact of a second source decision at Apple.

儘管 Apple 的第二來源決策對全年產生了影響，但該業務仍取得了這些強勁的業績。

Three elements were the key drivers of the strength in QCT.

三個要素是 QCT 實力的主要驅動力。

First, we had a strong year-over-year growth in MSM chip shipments to OEMs based in China.

首先，我們對中國 OEM 的 MSM 芯片出貨量同比增長強勁。

Second, QCT revenues from adjacent areas, which includes auto, IoT, networking and mobile compute, grew more than 25% year-over-year and now provide revenues of just over $3 billion.

其次，QCT 來自鄰近領域的收入，包括汽車、物聯網、網絡和移動計算，同比增長超過 25%，目前提供的收入剛剛超過 30 億美元。

Finally, QCT results also benefited from 7 months of our RF360 joint venture, which closed in February, a very strong year overall for QCT.

最後，QCT 的業績也受益於我們 RF360 合資企業的 7 個月，該合資企業於 2 月關閉，這是 QCT 整體非常強勁的一年。

In QTL, results in fiscal 2017 were impacted by the disputes with Apple and another licensee, primarily in the second half of the year as well as by the increased cost of litigation and spending on brand defense.

在 QTL，2017 財年的業績受到與蘋果和另一家被許可方的糾紛的影響，主要是在下半年，以及訴訟成本和品牌防禦支出的增加。

Absent these disputes, we believe revenue would have shown healthy year-over-year growth in line with the strength of the underlying markets.

如果沒有這些爭議，我們相信收入會根據基礎市場的實力呈現健康的同比增長。

Let's now turn to our financial outlook for the first fiscal quarter of 2018.

現在讓我們來看看我們對 2018 年第一財季的財務展望。

We estimate fiscal first quarter revenues to be in the range of approximately $5.5 billion to $6.3 billion, roughly flat sequentially at the midpoint.

我們估計第一財季收入在大約 55 億美元至 63 億美元之間，大致持平於中點。

We estimate non-GAAP earnings per share to be approximately $0.85 to $0.95 per share, down 2% sequentially at the midpoint.

我們估計非 GAAP 每股收益約為每股 0.85 美元至 0.95 美元，較中點連續下降 2%。

We anticipate first quarter non-GAAP combined R&D and SG&A expenses to be down approximately 1% to 3% sequentially on both seasonal and operating cost savings.

我們預計第一季度非 GAAP 合併研發和 SG&A 費用將因季節性和運營成本節省而連續下降約 1% 至 3%。

In QTL, we expect revenues of $1.1 billion to $1.3 billion in the fiscal first quarter, approximately flat sequentially at the midpoint.

在 QTL，我們預計第一財季的收入為 11 億美元至 13 億美元，與中點大致持平。

We expect fiscal first quarter QTL EBT margin to be approximately 68% to 72%, flat to slightly up sequentially.

我們預計第一財季 QTL EBT 利潤率約為 68% 至 72%，環比持平或略有上升。

In QCT, we expect approximately 220 million to 240 million MSM chip shipments for the fiscal first quarter, up 5% sequentially at the midpoint, reflecting typical seasonality trends and strength in our product portfolio.

在 QCT，我們預計第一財季的 MSM 芯片出貨量約為 2.2 億至 2.4 億，中點環比增長 5%，反映了典型的季節性趨勢和我們產品組合的優勢。

There's potential upside to these estimates on indications of a possible build ahead on a customer's flagship launch.

這些估計有潛在的上行空間，因為有跡象表明可能會提前推出客戶的旗艦產品。

We expect QCT's fiscal first quarter EBT margin to be approximately 18% to 20%, down slightly sequentially on product mix.

我們預計 QCT 第一財季的 EBT 利潤率約為 18% 至 20%，因產品組合而略有下降。

As a reminder, the fiscal first quarter is the seasonally strong fourth quarter for QCT, and we expect the fiscal second quarter to reflect normal seasonal trends with lower demand for units impacting margins.

提醒一下，第一財季是 QCT 季節性強勁的第四季度，我們預計第二財季將反映正常的季節性趨勢，對單位的需求下降會影響利潤率。

We estimate our non-GAAP fiscal first quarter 2018 tax rate to be approximately 7%, reflecting the lower mix of licensing revenues in our business at this time.

我們估計我們 2018 財年第一季度的非 GAAP 稅率約為 7%，反映出目前我們業務中較低的許可收入組合。

Net interest expense is expected to be approximately $60 million to $75 million in the fiscal first quarter.

第一財季的淨利息支出預計約為 6000 萬至 7500 萬美元。

Net expense is up nearly $175 million on the effects of lower realized gains on sales of marketable securities and lower investment return now that we have substantially completed the liquidation of our longer-term investment portfolio and our holding assets in short-term liquid investments.

淨支出增加了近 1.75 億美元，這是由於有價證券銷售的已實現收益減少和投資回報減少的影響，因為我們已經基本完成了長期投資組合和短期流動投資中持有資產的清算。

Turning to 2018.

轉眼到2018年。

Consistent with last year, we're providing selective guidance points for the year.

與去年一致，我們為這一年提供了選擇性指導點。

For calendar year 2018 3G/4G device shipments, we are estimating approximately 1.9 billion to 2 billion units, up approximately 8% at the midpoint, reflecting strong growth of 3G/4G handsets in India and other emerging regions as well as above-average growth in 3G/4G nonhandsets, primarily in IoT.

對於 2018 日曆年的 3G/4G 設備出貨量，我們估計約為 19 億至 20 億台，中點增長約 8%，反映出印度和其他新興地區 3G/4G 手機的強勁增長以及高於平均水平的增長在 3G/4G 非手機中，主要是在物聯網中。

In fiscal 2018, we expect mid-single-digit percentage growth in global 3G/4G device sales year-over-year, an estimate that the global 3G/4G device ASP will decline at a low single-digit percentage year-over-year, primarily from strong unit growth in the non-handset category at lower ASPs.

在 2018 財年，我們預計全球 3G/4G 設備銷售額同比將實現中等個位數百分比增長，預計全球 3G/4G 設備平均售價將以較低的個位數百分比同比下降，主要是由於平均售價較低的非手機類別的強勁單位增長。

This includes our estimate that global 3G/4G handset ASPs will be roughly flat year-over-year with continued ASP growth for Chinese OEMs and premium tier handsets, offset by increasing shipments into lower ASP emerging regions.

這包括我們估計全球 3G/4G 手機平均售價將與去年同期大致持平，中國 OEM 和高端手機的平均售價持續增長，但被較低平均售價新興地區的出貨量增加所抵消。

We estimate our full year non-GAAP tax rate to be approximately 7%, lower versus fiscal 2016, reflecting a full year assumed impact of lower licensing revenues resulting from the licensing disputes with Apple and the other licensee.

我們估計我們的全年非 GAAP 稅率約為 7%，低於 2016 財年，反映了與 Apple 和其他被許可人的許可糾紛導致的許可收入減少對全年的假設影響。

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) Tal Liani from Bank of America.

（操作員說明）來自美國銀行的 Tal Liani。

And Mike Walkley with Canaccord Genuity.

還有 Mike Walkley 和 Canaccord Genuity。

This is Matt Ramsay on for the team and Mike.

這是團隊和邁克的馬特·拉姆齊 (Matt Ramsay)。

Steve, you might have seen there's been some sort of questions about the position of your chipset business with premium tier OEMs going forward, and it occurred to us that with 5G trials coming online and lots of work being done both with carriers and with those premium OEMs as the industry moves toward 5G, you guys might be well positioned to retain and maybe even expand some of those positions.

史蒂夫，你可能已經看到了一些關於你的芯片組業務在高端 OEM 中的地位的問題，我們想到，隨著 5G 試驗的上線，以及與運營商和這些高端廠商的大量工作隨著行業向 5G 發展，OEM 們可能會很好地保留甚至擴大其中的一些職位。

So maybe you could talk a little bit about the competitive position of your QCT business for 5G and the engagements that you have on the OEM and with the carriers as we move forward in those trial.

所以也許你可以談談你的 QCT 業務在 5G 方面的競爭地位，以及你在 OEM 和運營商方面的參與，因為我們在這些試驗中取得了進展。

Mike, it's Steve.

邁克，是史蒂夫。

I didn't hear the front part of that, but I -- and I also -- it's kind of hard for me to talk about rumors or any particular, let's say, media report.

我沒有聽到前面的部分，但我——我也是——我很難談論謠言或任何特定的，比方說，媒體報導。

I will say that our road map and the positioning of our -- in particular, our modem road map, we feel very good about.

我會說我們的路線圖和我們的定位 - 特別是我們的調製解調器路線圖，我們感覺非常好。

Not only the ones that are already launched, but if you look at the upgrades that are going to occur to LTE upstream of 5G and then when you get to 5G, I think we're going to be -- we feel very good about that positioning.

不僅是那些已經推出的，而且如果你看看 5G 上游 LTE 將要發生的升級，然後當你到達 5G 時，我認為我們將會 - 我們對此感覺非常好定位。

We can go to that in some detail, but I would say, the overall sense of the competitive dynamic, we feel quite good about.

我們可以詳細討論一下，但我想說，競爭動態的整體感覺，我們感覺很好。

James Faucette from Morgan Stanley.

摩根士丹利的 James Faucette。

Wanted to ask quickly on the NXPI process.

想快速詢問 NXPI 流程。

You, I think, Steve, indicated that you're making good progress with the regulators, even though that deal may slip into next year.

你，我認為，史蒂夫，表明你在監管機構方面取得了良好的進展，即使該交易可能會拖延到明年。

How are you feeling about your part of the process, et cetera, and whether -- if there -- if you feel like you're on the same page with regulators as to the things they may need to ask for?

您如何看待您在流程中的那一部分，等等，以及您是否（如果有）是否覺得您與監管機構就他們可能需要要求的事情達成一致？

And then my second question is, in the past, you've talked about a non-Apple licensee that there were some collection issues with.

然後我的第二個問題是，在過去，你談到了一個非 Apple 被許可人存在一些收集問題。

Can you give us an update on any progress there?

你能給我們介紹一下那裡的任何進展嗎？

James, this is Don Rosenberg.

詹姆斯，這是唐·羅森博格。

I'll take the first part of that.

我先講第一部分。

On the regulators, we are, as we've said before, working with the rest of the regulators that haven't yet cleared.

在監管機構方面，正如我們之前所說，我們正在與尚未批准的其他監管機構合作。

As you recall, we have 5 regulators who have cleared already.

您還記得，我們有 5 家監管機構已經批准。

We are deeply engaged with the others, and we are making progress.

我們與其他人深入合作，我們正在取得進展。

It's a little slower than we'd like to make, but that's more the process than anything else.

它比我們想要的要慢一點，但這比其他任何事情都更重要。

And we are feeling good about our engagement and that we were going to get to the end as quickly as we can with them.

我們對我們的參與感覺很好，我們將盡快與他們一起結束。

James, this is Alex.

詹姆斯，這是亞歷克斯。

On the other part of your question regarding the non-Apple licensee, the short answer is we're still in negotiations with that licensee.

關於你關於非 Apple 被許可人的問題的另一部分，簡短的回答是我們仍在與該被許可人進行談判。

Other than that, there's really no other news.

除此之外，真的沒有別的消息了。

Stacy Rasgon with Bernstein Research.

Bernstein Research 的 Stacy Rasgon。

For my first question, I wanted to ask about the licensing results and the guidance.

對於我的第一個問題，我想詢問許可結果和指南。

I know last quarter, there had been some, I think, you've characterized it as substantial catch-up in the quarter, and that was the reason for the flat guide on revenues into Q4.

我知道上個季度，有一些，我認為，你將其描述為本季度的大幅追趕，這就是第四季度收入持平指南的原因。

Was there any catch-up or anything unusual or otherwise onetime that impacted either the Q4 licensing results or the Q1 guidance?

是否有任何追趕或任何異常或曾經影響第四季度許可結果或第一季度指南的情況？

And if so, what was it?

如果是這樣，那是什麼？

Yes.

是的。

Stacy, this is George.

斯泰西，這是喬治。

The Q4 results had very small amount of what I would call out-of-period or catch-up dollars in it.

第 4 季度的結果中我稱之為期外或追趕美元的數量非常少。

It's -- so no, no material effect.

它 - 所以不，沒有實質性影響。

Really, the improvement was driven by the strength of the market relative to our expectations and the guide.

實際上，改善是由市場相對於我們的預期和指南的力量推動的。

It -- if you look at our Q1 guide, I would say we probably would be up a little bit more if we had out-of-period amounts similar to what we had in Q4.

它 - 如果你看一下我們的第一季度指南，我會說如果我們的期外金額與第四季度相似，我們可能會多一點。

So it's having a little bit of impact Q4 to Q1, but we're still showing a strong guide.

所以它對第四季度到第一季度有一點影響，但我們仍然展示了一個強有力的指導。

Got it.

知道了。

For my second question, I wanted to ask a little bit about the linkages or lack thereof between the various disputes.

關於第二個問題，我想稍微問一下各種爭議之間是否存在聯繫。

I know, again, on the last earnings call, I think Derek had made some statements that have sort of essentially dismissed any linkage or contagion worries.

我再次知道，在上次財報電話會議上，我認為 Derek 發表了一些聲明，這些聲明基本上消除了任何联系或蔓延的擔憂。

Your attorney's in court told Judge Curiel the opposite, and I think the injunction was denied partially on the basis of that discrepancy.

你的律師在法庭上告訴 Curiel 法官相反的情況，我認為禁令部分被拒絕是基於這種差異。

Can you give us a little more color?

你能給我們多一點顏色嗎？

Like, which one of those statements is more valid in terms of the linkage between Apple and then maybe the other disagreements that seem to be developing at this point?

比如，就 Apple 與此時似乎正在形成的其他分歧之間的聯繫而言，這些陳述中哪一個更有效？

And then how can investors kind of get a little more comfort that going forward the disputes that exist as they are today don't continue to give rise to more?

那麼，投資者如何才能更放心，因為今天存在的爭端不會繼續引發更多爭端？

Stacy, I'll take the first part of it.

史黛西，我來做第一部分。

It's Don.

是唐。

First of all, there is really no contradiction to be cleared between our arguments in court and statements that, as you indicated, Derek and others made.

首先，我們在法庭上的論點與正如你所指出的德里克和其他人所做的陳述之間確實沒有矛盾需要澄清。

And I think we'll get into the second part of your question in a minute.

我想我們會在一分鐘內進入你問題的第二部分。

What we argued in court, under the court standard, which as we've said is a very strict standard, which is very hard to meet in the context of a contract case, we thought we had a pretty strong argument, and unfortunately, the judge didn't ultimately agree with that.

我們在法庭上爭論的，根據法庭標準，正如我們所說的，這是一個非常嚴格的標準，在合同案件的背景下很難滿足，我們認為我們有一個非常有力的論據，不幸的是，法官最終沒有同意這一點。

But the court arguments were not inconsistent with what we've said.

但法庭論據與我們所說的並不矛盾。

If you're thinking about the notion of irreparable harm versus, as you describe it, kind of leakage of -- to others, it's a different concept.

如果你考慮的是無法挽回的傷害的概念，而不是像你描述的那樣向他人洩露的概念，這是一個不同的概念。

And I think we were pretty clear in how we argued that position.

我認為我們很清楚我們是如何爭論這個立場的。

Tim Long with BMO Capital Markets.

BMO 資本市場的 Tim Long。

Maybe just 2 if I could as well.

如果我也可以的話，也許只有 2 個。

I guess, it seems like you didn't give out the standard.

我猜，好像你沒有給出標準。

You gave the industry view of units in ASP.

您給出了 ASP 單位的行業觀點。

I'm just curious if we can get any color on kind of what was paying it and what was paying units ASPs, implied royalty rate in the quarter.

我只是很好奇我們是否可以了解支付的種類以及支付單位 ASP 的任何顏色，以及本季度的隱含特許權使用費率。

And is that, going forward, going to not be given?

那是不是，向前看，不會被給予？

Or is that just because of the disputes?

還是只是因為爭執？

And then separately, be interested to hear on the chip business.

然後分別有興趣聽聽芯片業務。

Obviously, doing great with the Chinese OEMs and the adjacencies.

顯然，與中國原始設備製造商和周邊地區做得很好。

Just any color you can give us on what those businesses, the mix of those businesses would mean to the margin profile of that business?

您可以就這些業務提供任何顏色，這些業務的組合對該業務的利潤率意味著什麼？

Margins seem to be going up with them.

利潤率似乎也隨之上升。

So is that a trend that we should expect to continue?

那麼我們應該期望這種趨勢會持續下去嗎？

Tim, it's George.

蒂姆，是喬治。

On the TRDS, we took a look at whether or not, once we had the 2 disputes, whether the TRDS number that we used to give out really had any information in it.

在TRDS上，我們看一下，一旦我們產生了2次爭議，我們過去給出的TRDS號碼是否真的有任何信息。

And we felt it was actually just confusing, and we find ourselves reconciling a bunch of numbers.

我們覺得這實際上只是令人困惑，我們發現自己在協調一堆數字。

So we went straight from Point A to Point B and just guided revenue, which we think gives a lot of visibility into what we think is happening in the business.

所以我們直接從 A 點到 B 點，只是指導收入，我們認為這可以讓我們深入了解我們認為業務中正在發生的事情。

We do think the underlying trends are actually quite strong, and you're seeing the benefit of that both in growth of the licensable market, even if we're not fully participating in it.

我們確實認為潛在趨勢實際上非常強勁，即使我們沒有完全參與其中，您也會在可許可市場的增長中看到這兩個方面的好處。

We've seen good growth in device sales globally, and it's being driven by strong ASPs, which is also having a positive impact in the mix and the performance of the company, where we're very well positioned in the markets, where we're seeing the largest impact and in particular, China.

我們已經看到全球設備銷售的良好增長，並且受到強勁的平均售價的推動，這也對公司的組合和業績產生了積極影響，我們在市場上處於非常有利的地位，我們'看到最大的影響，尤其是中國。

So I think we're sensitive to your concern, and we'll -- if we can find a way to get out more information that is actually helpful and gives insight into the business on TRDS, we will.

因此，我認為我們對您的擔憂很敏感，而且我們會——如果我們能找到一種方法來獲取更多實際有用的信息並深入了解 TRDS 上的業務，我們會的。

But in the meantime, we feel like guiding revenue is perhaps the best alternative.

但與此同時，我們覺得引導收入也許是最好的選擇。

Maybe Cristiano wants to start off on the adjacents, and I can jump in if you want.

也許克里斯蒂亞諾想從鄰近的地方開始，如果你願意，我可以加入。

Tim, this is Cristiano.

蒂姆，這是克里斯蒂亞諾。

You had a question on China and the kind of adjacencies.

你有一個關於中國和那種鄰接關係的問題。

China's been a good story for us.

中國對我們來說是一個好故事。

I think China is the world's most competitive market, and our product road map has done well for us in China.

我認為中國是世界上競爭最激烈的市場，我們的產品路線圖在中國做得很好。

We remain confident in maintaining our position there as a market leader, and the trends have been very good.

我們仍然有信心保持我們作為市場領導者的地位，而且趨勢非常好。

We saw -- in China, when we looked at fiscal '17, we saw 25% year-over-year growth in our China business.

我們看到——在中國，當我們查看 17 財年時，我們看到中國業務同比增長 25%。

When we think about that market going forward, we saw good transitions on modem technologies to 4G+ and I think a lot of the activity towards an early 5G in China as well as positive for us.

當我們考慮未來的市場時，我們看到調製解調器技術向 4G+ 的良好過渡，我認為中國早期 5G 的許多活動對我們來說都是積極的。

The -- one other comment to note just a commentary on China, one of the data points in '17 was consistent with the trends we have talked over the year.

另一條評論只是對中國的評論，'17 中的一個數據點與我們在這一年中討論的趨勢一致。

We started to see an increase in exports of the Chinese OEMs as they become a larger percent of the global market.

我們開始看到中國原始設備製造商的出口量增加，因為它們在全球市場中所佔的比例越來越大。

And the adjacent business, so we saw growth in -- across multiple segments, automotive, IoT, networking.

以及相鄰的業務，所以我們看到了跨多個領域的增長，汽車、物聯網、網絡。

And we can leverage mobile technology, so they have been providing a good margin story for QCT.

我們可以利用移動技術，因此他們一直為 QCT 提供良好的利潤率。

Ross Seymore from Deutsche Bank.

德意志銀行的羅斯西摩。

The first one is on the Apple litigation.

第一個是關於蘋果的訴訟。

It seems like, whether it's in press reports mainly or otherwise, that it's escalating, not actually getting closer to resolution.

似乎，無論主要是在新聞報導中還是其他方面，它都在升級，但實際上並沒有接近解決方案。

So maybe, Don, if you could provide us a time line in the upcoming court cases if we're going to come to the conclusion that this probably will be decided in the courts or at least have to get a lot closer to those court cases before any resolution comes to pass.

所以也許，Don，如果我們要得出結論，這可能會在法庭上決定，或者至少必須更接近那些法庭案件，那麼你能否在即將到來的法庭案件中為我們提供一個時間表在任何決議通過之前。

Yes.

是的。

Well, I -- it's Don.

嗯，我——是唐。

It's important to keep in mind that litigation of this size and magnitude takes a while, and you can't focus on any particular event in the short term.

重要的是要記住，這種規模和規模的訴訟需要一段時間，而且您不能在短期內專注於任何特定事件。

As you know, there are multiple cases that have been brought by Apple and multiple cases that have been brought by us, and we're going through a process.

如您所知，Apple 提起了多起案件，我們也提起了多起案件，我們正在經歷一個過程。

There'll be some motion practice.

會有一些動作練習。

There'll be some discovery disputes.

會有一些發現爭議。

But that process is going to proceed under the court's schedule.

但該過程將按照法院的時間表進行。

I would say that, as you know, we brought a couple of patent cases against Apple in the ITC and district court here in the United States, in Germany and in China, and those tend to move a little faster in the ITC, Germany and China than litigation generally.

我想說的是，如你所知，我們在美國、德國和中國的 ITC 和地方法院對蘋果公司提起了幾起專利訴訟，這些案件在 ITC、德國和中國的訴訟速度往往更快一些。中國比訴訟普遍。

And so I would say that those will be on a somewhat faster track, including potentially Germany by sometime mid- to end of '18.

因此，我想說那些將走上更快的軌道，包括可能在 18 年中後期的某個時候的德國。

And China, too, we expect to be on a fairly fast track.

中國也一樣，我們預計會走在相當快的軌道上。

And as you know, the ITC action will move forward rather quickly.

如您所知，ITC 的行動將很快推進。

So -- but until then, I don't think you're going to see much that's going to be of any particular consequence in terms of the ultimate outcome, and it'll play out the way a lot of this kind of complex litigation plays out generally.

所以——但在那之前，我認為你不會看到太多對最終結果有任何特殊影響的事情，而且它會像很多這種複雜的訴訟一樣發揮作用一般播放。

I think just a quick follow-up staying on that litigation side of things.

我認為只是在訴訟方面進行快速跟進。

The unnamed dispute that you have, seems like that's been going on for -- coming up on a year's time.

你們之間的無名爭議似乎已經持續了一年的時間。

I know you're still in negotiations.

我知道你們還在談判。

You're not really going to comment on the name of the party, et cetera.

你真的不會對派對的名稱等發表評論。

But is that duration typical for 1 year?

但這個持續時間通常為 1 年嗎？

And what's the trigger point that changes it from an informal to a formal dispute, where we can get more information?

將其從非正式爭議轉變為正式爭議的觸發點是什麼，我們可以從哪裡獲得更多信息？

So this is Alex.

所以這是亞歷克斯。

So it's a fairly lengthy discussion, but I don't think that, that's atypical.

所以這是一個相當冗長的討論，但我不認為那是非典型的。

There are a lot of issues involved to work the way through.

整個過程涉及很多問題。

I think when it changes over to some formal litigation, obviously, that's when we'll go ahead and disclose that.

我認為當它轉變為一些正式訴訟時，顯然，那是我們繼續進行披露的時候。

David Wong from Wells Fargo.

來自富國銀行的 David Wong。

Following up on the earlier question.

跟進之前的問題。

We can see what's happening between you and Apple publicly in terms of the filings and the counter filings.

我們可以在文件和反文件方面公開看到你和 Apple 之間發生的事情。

So can you give us any feel as to whether there's direct data between you and Apple outside what we can see publicly?

那麼，除了我們可以公開看到的內容之外，您能否告訴我們您與 Apple 之間是否存在直接數據？

This is Steve.

這是史蒂夫。

I would say I would echo what Don said earlier.

我會說我會回應 Don 之前所說的話。

It's very difficult to look at any one particular data point, whether it's true or not, and kind of come to a conclusion.

很難查看任何一個特定的數據點，無論它是否真實，並得出結論。

I think it's also important for investors to understand.

我認為投資者理解這一點也很重要。

We really try to compartmentalize our engagement with Apple.

我們真的試圖將我們與 Apple 的合作區分開來。

We have a product engagement, and we have a dispute over, really, the price of IP.

我們有產品參與，我們實際上對 IP 的價格有爭議。

And I think if you net that all together, we do have a lot of engagement with the company, and we do speak and are engaged on a daily basis with them across multiple areas that I mentioned.

而且我認為，如果您將所有這些放在一起，我們確實與公司有很多接觸，我們確實每天都在我提到的多個領域與他們交談和接觸。

But we try to compartmentalize those 2 discussions.

但我們試圖將這兩個討論區分開來。

And as I've said many times before, I think there are a lot of levers between the company to figure out things.

正如我之前多次說過的，我認為公司之間有很多槓桿來解決問題。

I just think we're not at a point where we're announcing anything different, and I think we want to be upfront that this could take some time to resolve.

我只是認為我們現在還沒有宣布任何不同的事情，我想我們想提前說明這可能需要一些時間來解決。

But we're working very hard on the product side to make sure that we continue to be a good supplier and a good showcase for our innovation products.

但我們在產品方面非常努力，以確保我們繼續成為優秀的供應商和我們創新產品的良好展示。

Vijay Rakesh from Mizuho.

來自瑞穗的 Vijay Rakesh。

Just one thing on NXPI.

NXPI 上只有一件事。

Do you still expect it to close in the year, (inaudible) ['17]?

您是否仍然希望它在今年關閉，（聽不清）['17]？

Yes.

是的。

We've said that we're still working towards closing in the year, but clearly, we have some activities going on at regulators that are taking a bit longer than we thought.

我們已經說過，我們仍在努力爭取在今年完成交易，但很明顯，監管機構正在進行的一些活動比我們想像的要長一些。

So we could see it slip into early '18, but we're confident it's on track to close and are still working to close it in the year.

所以我們可以看到它會進入 18 年初，但我們相信它會按計劃關閉，並且仍在努力在今年關閉它。

Got it.

知道了。

And on the second IP litigation, I know you guys (inaudible) a lot further.

在第二次知識產權訴訟中，我對你們（聽不清）了解得更多。

But do you expect it to get resolved at the same time as the Apple IP?

但你希望它能與 Apple IP 同時得到解決嗎？

Or do you think that's more of a mutual discussion that you're having outside court and so that should see a faster resolution there?

還是您認為這更像是您在法庭外進行的相互討論，因此應該在那裡看到更快的解決方案？

Yes.

是的。

The second licensee, the facts and circumstances around that actually started before the other dispute and have issues that are unique to that licensee, and we'll take -- that will go play at its own pace and will be unrelated to -- unless it's coincidentally resolved at the same time as the Apple dispute.

第二個被許可人，事實和情況實際上是在另一個爭議之前開始的，並且有該被許可人獨有的問題，我們將採取 - 這將按照自己的節奏進行並且與 - 無關 - 除非它是恰好與蘋果糾紛同時解決。

Chris Danely with Citigroup.

花旗集團的 Chris Danely。

I guess, another question on NXP, why not?

我想，關於恩智浦的另一個問題，為什麼不呢？

So if we get through all the approvals but the tender doesn't go through or as projected, can you talk about what would cause you to walk away versus just raise the price?

因此，如果我們通過了所有批准，但招標沒有通過或沒有按預期進行，你能談談什麼會導致你離開而不是僅僅提高價格嗎？

What would be the circumstances there?

那裡會是什麼情況？

Yes.

是的。

We're -- right now we're really just focused on the regulatory close.

我們——現在我們真的只關注監管關閉。

We think $110 is a very full price, and I think, as you saw on NXP's earnings release, the management team there is also reinforcing that $110 is an attractive price for their stockholders as well.

我們認為 110 美元是一個非常完整的價格，而且我認為，正如您在 NXP 的收益發布中看到的那樣，那裡的管理團隊也強調 110 美元對他們的股東來說也是一個有吸引力的價格。

So right now we're -- we'll stay focused on just getting this thing to the finish line.

所以現在我們 - 我們將繼續專注於讓這件事達到終點。

Romit Shah from Nomura Instinet.

來自 Nomura Instinet 的 Romit Shah。

This is Krysten Sciacca in for Romit.

這是 Romit 的 Krysten Sciacca。

I apologize if this was asked earlier in the call.

如果在通話中早些時候有人問過這個問題，我深表歉意。

I'm juggling 2 concurrent calls right now.

我現在正在處理 2 個並發呼叫。

But for -- going to QCT operating margins, I know you did very well in this quarter on that.

但是對於 - QCT 營業利潤率，我知道你在這個季度做得很好。

Can you give any directional, I guess, guidance as for the trajectory for fiscal '18 for operating margins in QCT?

我想，您能否就 QCT 營業利潤率的 18 財年軌跡提供任何方向性指導？

We're not putting out full year guidance, but we did give an indication of Q1, which, again, continues the strength in margins in QCT.

我們沒有發布全年指導，但我們確實給出了第一季度的指示，這再次延續了 QCT 的利潤率優勢。

'17 was a very, very strong year.

17 年是非常非常強勁的一年。

You saw EBT up over 50% and 6 straight quarters of margin expansion.

你看到 EBT 增長了 50% 以上，利潤率連續 6 個季度擴張。

So we think that the fundamentals of strong markets, strong products, growth in the adjacencies are all factors that will continue into '18 and help margins.

因此，我們認為強勁市場的基本面、強勁的產品、鄰近地區的增長都是將持續到 18 年並有助於提高利潤率的因素。

Brett Simpson with Arete Research.

Arete Research 的布雷特·辛普森 (Brett Simpson)。

Just a question on the business structure at Qualcomm.

只是關於高通公司業務結構的問題。

I mean, when you consider the antitrust that's underway with regulators and the litigation with Apple now that's impacting your chip market share and the issues with your other licensee, can you perhaps talk about the benefits that QTL being combined with QCT, particularly after you close NXP to become much more diversified chip business, what's the real benefit, do you think, of having the combined businesses there together?

我的意思是，當你考慮監管機構正在進行的反托拉斯和蘋果的訴訟現在正在影響你的芯片市場份額以及你與其他被許可人的問題時，你能否談談 QTL 與 QCT 結合的好處，特別是在你關閉之後NXP 將成為更加多元化的芯片業務，您認為合併後的業務真正的好處是什麼？

And is there scope for a fresh review into a potential split between QTL and the enlarged QTC?

QTL 和擴大後的 QTC 之間的潛在分裂是否有重新審查的餘地？

Brett, it's Steve.

布雷特，是史蒂夫。

I would say it's something that we look at all the time.

我會說這是我們一直關注的事情。

We have, as you know, over the course of the company's history, looked at this in, I think, a formal way a number of times, but it's something that we always look at.

正如你所知，在公司的歷史進程中，我認為，我們曾多次以正式的方式看待這個問題，但這是我們一直在關注的事情。

And however, I think I would just remind folks that we're now sitting here.

但是，我想我只想提醒大家，我們現在坐在這裡。

If you look at what most people are working out in the company, we're trying to drive 5G, and we're very excited about that.

如果你看看大多數人在公司的工作，我們正在努力推動 5G，我們對此感到非常興奮。

I think that's good for both businesses, and it's something that we think is going to have long-term payoff for the company.

我認為這對兩家公司都有好處，而且我們認為這會給公司帶來長期回報。

And I think, as you could tell from what -- our actions, we really view the ability to drive both innovation ahead of the market and have a channel to move that into the market is very important.

而且我認為，正如您從我們的行動中可以看出的那樣，我們確實認為能夠在市場之前推動創新並擁有將其推向市場的渠道非常重要。

So that continues to be something we think contributes to long-term growth, but it's also an area or it's a topic that we look at all the time to make sure that we are driving shareholder value as best we can.

因此，這仍然是我們認為有助於長期增長的事情，但這也是我們一直關注的一個領域或一個話題，以確保我們盡最大努力推動股東價值。

But nothing really to talk about here other than, I would say, the primary focus on driving 5G and what that means really to our business structure is very important at the moment for us.

但我想說的是，除了主要關注推動 5G 以及這對我們的業務結構真正意味著什麼，目前對我們來說非常重要，這裡沒有什麼可談的。

And maybe just a quick follow-up for George.

也許只是對喬治的快速跟進。

In the QTL business, you booked $95 million of additional revenue in non-GAAP for QTL for licensing that wasn't in GAAP sales.

在 QTL 業務中，您在非 GAAP 中為 QTL 登記了 9500 萬美元的額外收入，用於不在 GAAP 銷售中的許可。

Can you perhaps just talk about that and give us a sense for why QCT margins are falling sequentially to 18% midpoint for December quarter?

您能否談談這一點，並讓我們了解為什麼 QCT 利潤率在 12 月季度連續下降至 18% 的中點？

Yes.

是的。

The -- we had a dispute settlement, and because the dispute settlement was with a customer, it has to be taken as contra revenue.

- 我們進行了爭端解決，並且由於爭端解決是與客戶進行的，因此必須將其視為對沖收入。

So that was the difference between the GAAP and the non-GAAP revenue.

這就是 GAAP 和非 GAAP 收入之間的差異。

John Pitzer from Crédit Suisse.

瑞士信貸銀行的約翰·皮策 (John Pitzer)。

Steve, just on the 5G front, you've been perhaps a little bit more aggressive than some others in the ecosystem talking about time line.

史蒂夫，就 5G 而言，你可能比生態系統中談論時間線的其他人更具侵略性。

And clearly, trials are coming up, and you guys will have to be an integral part of those trials.

顯然，試驗即將來臨，你們必須成為這些試驗中不可或缺的一部分。

I'm just kind of curious, how do you think about the time line for 5G to be meaningful volume to the chipset business?

我只是有點好奇，您如何看待 5G 對芯片組業務有意義的時間線？

And I guess, equally importantly, to the extent that, that might be 2020 or beyond, what can you do around the feature set and/or cost in 4G to kind of keep or maintain or even widen touch sort of your dominant lead there?

而且我想，同樣重要的是，在某種程度上，可能是 2020 年或以後，您可以圍繞 4G 的功能集和/或成本做些什麼來保持或維持甚至擴大您在那裡的主導地位？

Okay.

好的。

I'll give you my perspective on it, which I think is we're already in the position in the industry where the impact of 5G coming in 2019 is impacting the feature set even in 4G.

我會給你我的觀點，我認為我們已經處於行業中的位置，即 2019 年 5G 的影響正在影響甚至 4G 中的功能集。

So if you look at 4G, the push to Gigabit LTE -- and actually, there's even another update before we get to 5G that you'll see roll out into the networks.

因此，如果你看看 4G，向千兆 LTE 的推動——實際上，在我們進入 5G 之前，你會看到在網絡中推出的另一個更新。

So I would say we're already in the early stages, where it's very important to have that road map not only to deliver products into 2019 but I think to be meaningful in the networks that lead up to that 2019 transition.

所以我想說我們已經處於早期階段，擁有該路線圖非常重要，不僅要將產品交付到 2019 年，而且我認為這對導致 2019 年過渡的網絡有意義。

And so if you're getting the sense that we are more aggressively pushing 5G and the higher-tier feature set of 4G, I think that will be an accurate read.

因此，如果您感覺到我們正在更積極地推動 5G 和 4G 的更高層功能集，我認為這將是一個準確的解讀。

I would also say that it's not just us.

我還要說的不僅僅是我們。

Our OEM customers, and in particular, I would say leading tier, high-tier Android OEMs are taking that modem feature set aggressively as well.

我們的 OEM 客戶，尤其是領先的高端 Android OEM 也正在積極採用該調製解調器功能集。

So we think that's a good strategic position to be in.

所以我們認為這是一個很好的戰略位置。

We're driving it hard.

我們正在努力。

And I think we're all going to be pleased with the initial ramps and the speed by which people are going to go to 5G, and we're certainly going to try to make that happen.

而且我認為我們都會對最初的坡道和人們轉向 5G 的速度感到滿意，我們當然會努力實現這一目標。

That concludes today's answer-and-question session.

今天的問答環節到此結束。

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？

Thank you.

謝謝你。

I just wanted to again thank the Qualcomm employees for a very strong year of execution and in particular, I would say, the broad-based delivery of products and earnings growth in QCT.

我只想再次感謝 Qualcomm 員工這一年的出色執行，尤其是 QCT 廣泛的產品交付和盈利增長。

Thanks a lot, folks.

非常感謝，伙計們。

Appreciate it very much.

非常感謝。

Looking forward to driving 5G and a strong 2018.

期待推動 5G 和強勁的 2018 年。

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。