高通 (QCOM) 2018 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們，先生們，謝謝你們的支持。

Welcome to the Qualcomm First Quarter Fiscal 2018 Earnings Conference Call.

歡迎參加 Qualcomm 2018 財年第一季度收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded January 31, 2018.

（操作員說明）提醒一下，本次會議將於 2018 年 1 月 31 日錄製。

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

今天電話的播放號碼是（855）859-2056。

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

國際呼叫者，請撥打 (404) 537-3406。

The playback reservation number is 39466104.

播放預約號為39466104。

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

我現在想將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，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 準備好的講話。

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·羅森伯格將參加問答環節。

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隨附的幻燈片演示。

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

此外，本次電話會議正在 qualcomm.com 上進行網絡直播，今天晚些時候將在我們的網站上提供重播。

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，我們將使用法規 G 中定義的非 GAAP 財務指標，您可以在我們的網站上找到與 GAAP 相關的對賬。

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的預測存在重大差異。

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.

請參閱我們的 SEC 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大不相同的重要因素。

We have also recently provided a presentation detailing how we are creating substantial near- and long-term value for our shareholders, including our fiscal 2019 financial forecast.

我們最近還提供了一份演示文稿，詳細介紹了我們如何為股東創造可觀的近期和長期價值，包括我們的 2019 財年財務預測。

That presentation as well as additional materials, including videos from our management team, are available at qcomvalue.com.

該演示文稿以及其他材料，包括我們管理團隊的視頻，可在 qcomvalue.com 上獲得。

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

現在是高通公司首席執行官史蒂夫莫倫科夫的評論。

Thank you, John, and good afternoon, everyone.

謝謝你，約翰，大家下午好。

We are pleased to report a strong set of results in our first fiscal quarter, with non-GAAP earnings per share above the high end of our prior guidance range, driven by better-than-expected ASPs and units reported by our Chinese licensees and stronger-than-expected demand for MSMs.

我們很高興在第一財季公佈一系列強勁的業績，非公認會計準則每股收益高於我們先前指導範圍的高端，這得益於我們的中國被許可方報告的平均售價和單位數好於預期，而且更強勁對 MSM 的需求超出預期。

Our strong results reflect the actions we have taken to drive our strategic objectives and improve profitability.

我們強勁的業績反映了我們為推動戰略目標和提高盈利能力而採取的行動。

We are benefiting from our technology and product leadership in mobile and leveraging that leadership into a growing set of opportunities across RF front end, auto, IoT, mobile compute and networking.

我們正在受益於我們在移動領域的技術和產品領先地位，並將這種領先地位轉化為射頻前端、汽車、物聯網、移動計算和網絡領域不斷增長的機會。

Our fiscal second quarter guidance reflects some higher-than-normal seasonality due to near-term inventory build in the handset market, consistent with what others are reporting as well as the ongoing impact of our nonpaying licensees.

我們的第二財季指引反映了由於手機市場近期庫存增加而導致的一些高於正常的季節性，這與其他人報告的情況以及我們未付費被許可人的持續影響一致。

In QCT, we expect the strong year-over-year performance to continue in our fiscal second quarter, driven by favorable mix and product cost actions.

在 QCT，我們預計在有利的組合和產品成本行動的推動下，我們的第二財季將繼續保持強勁的同比業績。

Longer term, our outlook for our business remains unchanged as we continue to see positive trends with higher-than-expected global smartphone ASPs in QTL and stronger share in product trends in QCT across multiple growth areas.

從長遠來看，我們的業務前景保持不變，因為我們繼續看到積極的趨勢，QTL 的全球智能手機 ASP 高於預期，並且 QCT 在多個增長領域的產品趨勢中的份額更大。

We made 2 very important announcements today that expand and strengthen our overall relationship with Samsung.

我們今天發布了 2 個非常重要的公告，擴大並加強了我們與三星的整體關係。

In our licensing business, we announced that we have amended and expanded our long-term licensing agreement.

在我們的許可業務中，我們宣布我們已經修改和擴展了我們的長期許可協議。

The license remains at the device level and continues through 2023.

許可證保持在設備級別並持續到 2023 年。

It is important to note that the amended agreement reached with Samsung is fully consistent with FRAND licensing practices and is consistent with our long-term model.

需要注意的是，與三星達成的修訂協議完全符合 FRAND 許可做法，也符合我們的長期模式。

More importantly, it provides the foundation for a long-term, stable licensing relationship with Samsung, following the KFTC investigation.

更重要的是，它為在 KFTC 調查之後與三星建立長期、穩定的授權關係奠定了基礎。

And importantly, as part of the agreement, Samsung is withdrawing its opposition to our appeal of the KFTC's order.

重要的是，作為協議的一部分，三星正在撤回反對我們對 KFTC 的命令的上訴。

We look forward to continuing our long and mutually beneficial relationship with Samsung for many years ahead.

我們期待在未來很多年繼續與三星保持長期互利的關係。

In our product business, we also announced the multiyear strategic agreement with Samsung in various technology areas and across a range of mobile devices.

在我們的產品業務中，我們還宣布了與三星在多個技術領域和一系列移動設備上的多年戰略協議。

This agreement expands the company's long-standing relationship as technology and business partners into 2018 and beyond as we transition to 5G.

隨著我們向 5G 過渡，該協議將公司作為技術和業務合作夥伴的長期合作關係擴展到 2018 年及以後。

QCT had another very successful Consumer Electronics Show earlier this month with important product and partner announcements across RF front end, auto, networking, mobile compute and IoT.

QCT 在本月早些時候舉辦了另一場非常成功的消費電子展，在射頻前端、汽車、網絡、移動計算和物聯網方面發布了重要的產品和合作夥伴公告。

QCT and its partners were awarded 52 Best of CES awards this year, up from 17 last year, clearly indicating execution in adjacent opportunities and the strength of our design pipeline.

QCT 及其合作夥伴今年獲得了 52 個 Best of CES 獎項，高於去年的 17 個，這清楚地表明了我們在相鄰機會中的執行以及我們設計管道的實力。

In automotive, we now have more than $3 billion of order backlog, including more than $1 billion of order backlog in infotainment alone.

在汽車領域，我們現在有超過 30 億美元的訂單積壓，其中僅信息娛樂領域就有超過 10 億美元的積壓訂單。

At CES, we announced new auto designs with Honda, Jaguar Land Rover and BYD in China as well as a collaboration with Ford on Cellular-V2X.

在 CES 上，我們宣布了與本田、捷豹路虎和比亞迪在中國的新汽車設計，以及與福特在 Cellular-V2X 方面的合作。

We also announced new flagship RF front-end design wins with Google, HTC, LG, Motorola, Samsung and Sony as we expand our share position, including filter-rich modules and newly designed GaAs power amplifiers.

隨著我們擴大我們的份額，我們還宣布與穀歌、HTC、LG、摩托羅拉、三星和索尼贏得新的旗艦射頻前端設計，包括豐富的濾波器模塊和新設計的砷化鎵功率放大器。

We also introduced our unique 5G tunable front-end solution, which utilizes modem intelligence at a system level to dynamically tune multimode RF performance and power efficiency when sharing radio frequencies and components across 3G, 4G and 5G.

我們還推出了我們獨特的 5G 可調諧前端解決方案，該解決方案利用系統級別的調製解調器智能，在跨 3G、4G 和 5G 共享無線電頻率和組件時動態調整多模射頻性能和功率效率。

We believe this disruptive technology will transition RF front-end design leadership from dedicated component suppliers back to the system solution provider in 5G, consistent with what happened with prior wireless generation transitions.

我們相信，這種顛覆性技術將把射頻前端設計的領導地位從專門的組件供應商轉移回 5G 的系統解決方案供應商，這與之前的無線代過渡所發生的情況一致。

In networking, we announced solutions with expanded WiFi mesh capabilities as well as a new and upgraded mesh networking platform.

在網絡方面，我們發布了具有擴展 WiFi 網狀網絡功能的解決方案以及全新升級的網狀網絡平台。

We are the #1 provider of retail and enterprise WiFi, and we are reshaping the carrier segment with our mesh solutions while gaining share from key incumbents.

我們是零售和企業 WiFi 的第一大供應商，我們正在通過我們的網狀網絡解決方案重塑運營商細分市場，同時從主要現有企業那裡獲得份額。

Our success in networking is a result of a deliberate investment several years ago to position our WiFi business for the structural changes we anticipated in the market.

我們在網絡方面的成功是幾年前有意投資的結果，旨在將我們的 WiFi 業務定位於我們預期的市場結構變化。

Last week, we also made some significant announcements at our China Technology Summit in Beijing, further demonstrating our strong ecosystem partnerships and product leadership in China.

上週，我們還在北京舉行的中國技術峰會上發布了一些重要公告，進一步展示了我們在中國強大的生態系統合作夥伴關係和產品領先地位。

Lenovo, Oppo, Vivo and Xiaomi joined us at the summit to announce that each had signed nonbinding MoUs for the multiyear purchase of our RF front-end solutions totaling at least $2 billion, which would represent a substantial increase in our RF front-end share at these accounts.

聯想、OPPO、vivo 和小米與我們一起在峰會上宣布，各自簽署了不具約束力的諒解備忘錄，用於多年購買我們的射頻前端解決方案，總金額至少為 20 億美元，這意味著我們的射頻前端份額將大幅增加在這些賬戶上。

The scope of our broad RF front-end platform includes GaAs Power Amplifiers (PA), Envelope Trackers, LNAs, Multi-Mode PA and modules, RF switches, discrete filters and filter-rich modules and antenna tuners across cellular and connectivity technologies.

我們廣泛的 RF 前端平台的範圍包括 GaAs 功率放大器 (PA)、包絡跟踪器、LNA、多模 PA 和模塊、RF 開關、分立濾波器和富含濾波器的模塊以及跨蜂窩和連接技術的天線調諧器。

We also announced collaboration agreements in China called the "5G Pioneer Initiative" with Lenovo, Oppo, Vivo, Xiaomi, ZTE and Wingtech for the development of advanced 5G mobile devices targeting the 2019 time frame.

我們還宣布了與聯想、Oppo、Vivo、小米、中興通訊和聞泰科技在中國的合作協議，稱為“5G 先鋒計劃”，以開發針對 2019 年時間框架的先進 5G 移動設備。

5G represents a market discontinuity in the mobile ecosystem, and it coincides with China-based OEMs' plans to expand globally in the premium tier.

5G 代表了移動生態系統中的市場不連續性，這與中國 OEM 計劃在高端市場向全球擴張的計劃不謀而合。

In our dispute with Apple, we continue to move closer toward a number of key legal milestones later this year and early next year.

在與 Apple 的爭執中，我們繼續朝著今年晚些時候和明年初的一些關鍵法律里程碑邁進。

In various jurisdictions around the world, in cases concerning Apple's infringement of Qualcomm's patents, there will be hearings and determinations on whether Qualcomm should be entitled to injunctive relief and exclusion orders.

在全球各個司法管轄區，在涉及蘋果侵犯高通專利的案件中，將就高通是否有權獲得禁令救濟和排除令舉行聽證會和裁決。

Also, Qualcomm's case against Apple's contract manufacturers for breach of their license agreements continues to move toward resolution in the same time frame, as does Qualcomm's case against Apple for improperly interfering with those license agreements.

此外，高通針對蘋果合同製造商違反許可協議的案件繼續在同一時間範圍內解決，高通針對蘋果不當乾涉這些許可協議的案件也是如此。

We value Apple as a customer and would like to continue that relationship into the future, but it is in our stockholders' best interest that we ensure that Apple pay a fair and reasonable royalty and operate on a level playing field with the other OEMs.

我們重視 Apple 作為客戶，並希望在未來繼續這種關係，但我們確保 Apple 支付公平合理的特許權使用費並在與其他 OEM 的公平競爭環境中運營符合我們股東的最佳利益。

While the litigation with Apple is necessary to protect our IP assets and our contract rights, we remain open to finding a path to resolution and collaboration with Apple as a partner.

雖然與 Apple 提起訴訟對於保護我們的知識產權資產和我們的合同權利是必要的，但我們仍然願意尋找解決途徑並與 Apple 作為合作夥伴進行合作。

Turning to demand trends for 3G, 4G devices around the world.

轉向全球 3G、4G 設備的需求趨勢。

Consistent with what others have been reporting, we are forecasting some short-term end-market softness, driven by larger-than-typical sequential correction in orders from a thin modem customer and near-term smartphone trends in China.

與其他人的報導一致，我們預測短期終端市場將出現疲軟，這是由於來自薄型調製解調器客戶的訂單出現大於典型的連續修正以及中國近期的智能手機趨勢。

George will provide more details on our updated forecast, but we continue to see favorable long-term trends, including flagship handset launches later this year and the ramp of 5G device shipments beginning in early calendar 2019.

George 將提供有關我們更新預測的更多細節，但我們繼續看到有利的長期趨勢，包括今年晚些時候推出旗艦手機以及從 2019 年初開始的 5G 設備出貨量增加。

Turning to our pending acquisition of NXP.

談到我們對恩智浦的未決收購。

With recent approvals in both Europe and Korea, only Chinese regulatory approval remains, and we hope to receive that soon.

最近在歐洲和韓國都獲得了批准，只剩下中國監管部門的批准，我們希望能盡快獲得批准。

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 and provides us with greater scale in auto, IoT, security and networking with their highly complementary products and world-class sales channel.

我們繼續認為這對我們的股東和恩智浦的股東來說是一筆有吸引力的交易，每股 110 美元，因為該組合匯集了一套全面的能力來解決下一代汽車和物聯網設備，並為我們提供更大的汽車、物聯網、高度互補的產品和世界級的銷售渠道。

On January 16, we released an investor presentation that outlined a near-term and long-term value opportunity for our stockholders and our plan to deliver $6.75 to $7.50 in non-GAAP earnings per share in fiscal 2019.

1 月 16 日，我們發布了一份投資者報告，概述了為我們的股東提供的近期和長期價值機會，以及我們計劃在 2019 財年實現 6.75 至 7.50 美元的非公認會計原則每股收益。

We believe this appropriately frames the core earnings power of Qualcomm and the multiple levers we have within our control to achieve this, along with the significant value for our shareholders as we work through our outstanding licensing disputes.

我們認為，這恰當地體現了高通的核心盈利能力以及我們為實現這一目標而擁有的多種槓桿，以及在我們解決懸而未決的許可糾紛時為我們的股東帶來的重大價值。

We took a conservative approach to modeling our fiscal year '19 earnings target, and our management team is very committed to driving this result for our shareholders.

我們採取了保守的方法來模擬我們的 19 財年盈利目標，我們的管理團隊非常致力於為我們的股東推動這一結果。

We outlined a huge opportunity for growth and diversification through our expansion into new complementary adjacent opportunities.

我們通過拓展新的互補性相鄰機會，勾勒出一個巨大的增長和多元化機會。

This growth is underpinned by the expansion of our service addressable market from $23 billion in 2015 to approximately $150 billion in 2020 or more than 6x the size of Qualcomm's 2015 SAM.

這一增長得益於我們的服務目標市場從 2015 年的 230 億美元擴大到 2020 年的約 1500 億美元，或者是高通 2015 年 SAM 規模的 6 倍以上。

Another important area of value creation is 5G, and Qualcomm is leading the industry.

另一個重要的價值創造領域是 5G，高通在行業中處於領先地位。

Whether you are a phone maker, an infrastructural company or a network operator, Qualcomm is already identified as the key partner for accelerating your road map to 5G commercialization around the world.

無論您是手機製造商、基礎設施公司還是網絡運營商，Qualcomm 都已被確定為加速全球 5G 商業化路線圖的關鍵合作夥伴。

We are partnering with leaders across the globe as we work to bring 5G to market, including Verizon, AT&T, Nokia, Ericsson, China Mobile, SK Telecom, Telstra, Vodafone, Orange, NTT DOCOMO, T-Mobile, Sprint and now, Samsung.

我們正在與全球領導者合作，努力將 5G 推向市場，包括 Verizon、AT&T、諾基亞、愛立信、中國移動、SK Telecom、Telstra、沃達丰、Orange、NTT DOCOMO、T-Mobile、Sprint 以及現在的三星.

Our announced 5G Pioneer Initiative further builds on this strong global momentum.

我們宣布的 5G 先鋒計劃進一步鞏固了這一強勁的全球勢頭。

In closing, we reported a very strong set of results this quarter, and our products and technologies are leading in their respective categories and are set to lead as we enter the 5G generation.

最後，我們在本季度報告了一系列非常強勁的業績，我們的產品和技術在各自的類別中處於領先地位，並且隨著我們進入 5G 一代而處於領先地位。

These generation changes have always provided us with the opportunity to benefit from our significant technology lead, and this will be true again to an even greater degree in 5G.

這些世代更迭始終為我們提供了從我們顯著的技術領先地位中受益的機會，而這在 5G 中將再次發揮更大的作用。

Our technologies will expand into many industries as we enter the age of IoT, autonomous vehicles, always-on mobile computing and ubiquitous networking.

隨著我們進入物聯網、自動駕駛汽車、永遠在線的移動計算和無處不在的網絡時代，我們的技術將擴展到許多行業。

I will now turn the call over to George.

我現在將把電話轉給喬治。

Thank you, Steve, and good afternoon, everyone.

謝謝史蒂夫，大家下午好。

Fiscal first quarter non-GAAP results were very strong.

第一財季非公認會計原則業績非常強勁。

Non-GAAP revenues were $6 billion, just above the midpoint of our prior guidance range, and non-GAAP earnings per share were $0.98, $0.08 above the midpoint of our guidance range, reflecting strong performance in both QCT and QTL.

非 GAAP 收入為 60 億美元，略高於我們之前指導範圍的中點，非 GAAP 每股收益為 0.98 美元，高於我們指導範圍的中點 0.08 美元，反映了 QCT 和 QTL 的強勁表現。

In QCT, MSM chip shipments were 237 million, towards the high end of our guidance range.

在 QCT，MSM 芯片出貨量為 2.37 億顆，接近我們指導範圍的高端。

Overall performance in QCT was above expectations, driven primarily by the higher unit volume on a build ahead for a customer's flagship launch.

QCT 的整體表現高於預期，這主要是由於客戶旗艦產品推出前的產品銷量增加。

QCT's earnings before tax in the first fiscal quarter was up 32% year-over-year, the seventh consecutive quarter of year-over-year growth, reflecting the strong MSM demand, improved product mix and product cost initiatives.

QCT 在第一財季的稅前利潤同比增長 32%，這是連續第七個季度同比增長，反映了強勁的 MSM 需求、改進的產品組合和產品成本計劃。

QCT EBT margin was 21% for the quarter, above our prior guidance on the higher MSM volume and up more than 280 basis points over the same period last year.

本季度 QCT EBT 利潤率為 21%，高於我們之前對更高 MSM 交易量的預期，並且比去年同期增長了 280 多個基點。

In QTL, revenues were $1.3 billion, at the high end of our prior guidance range, driven primarily by stronger-than-expected 3G/4G device ASPs and units reported by OEMs in China for the September quarter.

在 QTL，收入為 13 億美元，處於我們先前指導範圍的高端，主要受中國 OEM 報告的 9 月季度 3G/4G 設備 ASP 和單位報告強於預期的推動。

Recall that this excludes royalty revenues from Apple's products and the other licensee in dispute.

回想一下，這不包括來自 Apple 產品和其他有爭議的被許可人的特許權使用費收入。

QTL EBT margin was 68%, at the low end of our prior guidance.

QTL EBT 利潤率為 68%，處於我們之前指導的低端。

EBT margin would have been 72% or at the higher end of prior guidance if not for bad debt expense recorded in the quarter related to a licensee that is facing significant financial difficulties.

如果不是本季度記錄的與面臨重大財務困難的被許可人相關的壞賬費用，EBT 利潤率將達到 72% 或先前指導的較高端。

This charge also accounted for the modestly higher-than-forecasted OpEx expense in the quarter.

這筆費用也解釋了本季度略高於預期的運營支出費用。

The GAAP loss this quarter reflected the impact of a $6 billion charge related to the enactment of U.S. tax reform legislation and the accrual of the European Commission's $1.2 billion fine announced last week.

本季度的 GAAP 虧損反映了與頒布美國稅改立法相關的 60 億美元費用以及歐盟委員會上周宣布的 12 億美元罰款的應計影響。

These 2 charges impacted fiscal first quarter GAAP EPS by $4.79 per share and were excluded from non-GAAP results.

這兩項費用對第一財季 GAAP 每股收益產生了 4.79 美元的影響，並且被排除在非 GAAP 業績之外。

The $6 billion book charge largely relates to the onetime repatriation tax on our offshore deemed repatriated earnings and profits.

60 億美元的賬面費用主要與我們的離岸認定匯回收入和利潤的一次性匯回稅有關。

After application of applicable tax credits, we expect to pay $3.3 billion in cash taxes, back-end-loaded over 8 years beginning in January 2019.

應用適用的稅收抵免後，我們預計將支付 33 億美元的現金稅，從 2019 年 1 月開始，在 8 年內分攤。

In general, we expect U.S. tax reform in the longer term to result in a modest positive improvement in our effective tax rate as the increase in tax on offshore earnings is more than offset by the benefit to onshore earnings.

總體而言，我們預計美國稅制改革在長期內將導致我們的有效稅率出現適度的積極改善，因為離岸收入的稅收增加被在岸收入的收益所抵消。

The European Commission fine relates to a decision on its investigation of a modem chip agreement that was in effect from 2011 through 2016.

歐盟委員會的罰款與其對 2011 年至 2016 年生效的調製解調器芯片協議的調查有關。

While we disagree with the decision and will immediately appeal it to the General Court of the European Union, it is important to note that the decision does not relate to our licensing business and has no impact on ongoing operations.

雖然我們不同意該決定並將立即向歐盟普通法院提出上訴，但重要的是要注意該決定與我們的許可業務無關，並且對正在進行的運營沒有影響。

We will post the bond in lieu of paying the fine during the appeal period.

在上訴期間，我們將張貼保證金以代替支付罰款。

Turning to return of capital.

轉向資本回報。

We returned $1.1 billion to stockholders in the quarter in the form of dividends and buybacks.

我們在本季度以股息和回購的形式向股東返還了 11 億美元。

Turning to our financial guidance for the fiscal second quarter.

轉向我們對第二財季的財務指導。

We estimate revenues to be in the range of approximately $4.8 billion to $5.6 billion and non-GAAP earnings per share to be in the range of approximately $0.65 to $0.75 per share.

我們估計收入約為 48 億美元至 56 億美元，非公認會計準則每股收益約為每股 0.65 美元至 0.75 美元。

These expectations are reflecting weaker-than-forecasted smartphone demand in the December quarter.

這些預期反映了 12 月季度的智能手機需求弱於預期。

As a reminder, the fiscal second quarter is normally the seasonally high quarter for QTL revenues, absent the 2 disputes, and the seasonally low quarter for QCT.

提醒一下，第二財季通常是 QTL 收入的季節性高季度，沒有兩個爭議，QCT 的季節性低季度。

In QTL, we estimate revenues of $1.15 billion to $1.35 billion in the fiscal second quarter, down approximately 4% sequentially at the midpoint.

在 QTL，我們估計第二財季的收入為 11.5 億美元至 13.5 億美元，中點環比下降約 4%。

We expect QTL EBT margin to be approximately 64% to 68%, down sequentially at the midpoint on lower revenues and increased litigation expenses.

我們預計 QTL EBT 利潤率約為 64% 至 68%，由於收入下降和訴訟費用增加，環比下降至中點。

It is important to note, the impact of Apple nonpayment is more pronounced in the fiscal second quarter as it is typically an outsized quarter for royalties related to Apple products relative to other licensees, given the timing of their product launch cycle.

值得注意的是，蘋果未付款的影響在第二財季更為明顯，因為與其他被許可人相比，蘋果產品相關的專利使用費通常是一個超大的季度，因為它們的產品發布週期的時間安排。

Our QTL revenue forecast for our second quarter is also being impacted by software sell-through as demand in China in the December quarter was down on a year-over-year basis.

我們對第二季度的 QTL 收入預測也受到軟件銷售的影響，因為 12 月季度中國的需求同比下降。

We will be closely watching Chinese New Year device sell-through results to assess the time period necessary for the supply and demand dynamics to rebalance.

我們將密切關注農曆新年設備的銷售結果，以評估供需動態重新平衡所需的時間段。

Turning to the chip business.

轉向芯片業務。

We expect MSM shipments of approximately 170 million to 190 million units.

我們預計 MSM 出貨量約為 1.7 億至 1.9 億台。

This outlook includes the normal seasonal effects of lower demand in the calendar first quarter, a larger-than-normal reduction in orders sequentially from a large modem customer as well as near-term, lower-than-expected orders from customers, particularly in China on inventory concerns from the demand dynamics.

這一前景包括第一季度需求下降的正常季節性影響、大型現代客戶的訂單連續下降幅度大於正常水平，以及客戶的近期訂單低於預期，尤其是在中國來自需求動態的庫存擔憂。

This forecast is consistent with continued strong chip share in the quarter.

這一預測與本季度持續強勁的芯片份額一致。

We expect QCT revenue per MSM to be up on a sequential basis in the fiscal second quarter, driven by seasonal factors and favorable product mix.

我們預計，在季節性因素和有利的產品組合的推動下，第二財季每 MSM 的 QCT 收入將環比增長。

We expect QCT's fiscal second quarter EBT margin to be approximately 13% to 15%, down sequentially on lower MSM volumes, offset by benefits from product cost initiatives but up 100 basis points year-over-year at the midpoint.

我們預計 QCT 的第二財季 EBT 利潤率約為 13% 至 15%，因 MSM 銷量下降而環比下降，被產品成本計劃帶來的好處所抵消，但在中點同比增長 100 個基點。

We anticipate fiscal second quarter non-GAAP combined R&D and SG&A expenses will be flat to down approximately 2% sequentially as increased litigation expenses and the reset of employee benefit taxes are more than offset by the absence of the prior bad debt charge.

我們預計，由於訴訟費用的增加和員工福利稅的重設被先前的壞賬費用的缺失所抵消，第二財季非公認會計原則的合併研發和 SG&A 費用將持平至環比下降約 2%。

We will be implementing the cost reduction initiatives in the quarter and are in the process of determining the expected charges for severance and other related costs.

我們將在本季度實施降低成本的舉措，並正在確定遣散費和其他相關成本的預期費用。

We will provide that information once that estimate is finalized.

一旦估算完成，我們將提供該信息。

Non-GAAP interest expense, net of investment income in the fiscal second quarter, is expected to be roughly flat sequentially at approximately $60 million.

扣除第二財季投資收入後的非公認會計原則利息費用預計環比大致持平，約為 6000 萬美元。

Given the market dynamics we have described, we are updating our unit outlook for calendar year global 3G/4G devices for both 2017 and 2018.

鑑於我們所描述的市場動態，我們正在更新 2017 年和 2018 年日曆年全球 3G/4G 設備的單位展望。

For calendar year 2017, we have adjusted the midpoint lower and narrowed our range.

對於 2017 日曆年，我們已將中點調低並縮小範圍。

We now expect 3G/4G device shipments of approximately 1.75 billion to 1.8 billion units, up approximately 4% at the midpoint year-over-year.

我們現在預計 3G/4G 設備出貨量約為 17.5 億至 18 億台，中點同比增長約 4%。

For calendar year 2018, we are bringing down our estimate modestly to reflect the lower 2017 base.

對於 2018 日曆年，我們將適度下調我們的估計以反映 2017 年基數較低。

We now estimate a range of 1.85 billion to 1.95 billion 3G/4G device shipments for calendar 2018 or up approximately 7% from the midpoint of our expectations for calendar 2017.

我們現在估計 2018 年的 3G/4G 設備出貨量範圍為 18.5 億至 19.5 億部，或比我們對 2017 年預期的中點增長約 7%。

With respect to fiscal 2018 global 3G/4G device sales, we now expect global device ASPs will increase year-over-year based on strength at the mid and premium tiers as opposed to our previous expectation of a low-single-digit percentage decline.

關於 2018 財年全球 3G/4G 設備銷售，我們現在預計全球設備 ASP 將基於中高端設備的實力同比增長，而不是我們之前預期的低個位數百分比下降。

We are not revising our estimate for fiscal 2018 device sales until we get a clear picture of whether the ASP pickup will more than offset the sell-through issues discussed earlier.

在我們清楚地了解 ASP 回升是否足以抵消前面討論的銷售問題之前，我們不會修改對 2018 財年設備銷售的估計。

Turning to 2019.

轉眼到2019年。

We continue to be highly confident in our outlook for fiscal 2019 as recently disclosed in our investor presentation, with base non-GAAP EPS of $5.25 growing to between $6.75 and $7.50 per share upon resolution of the licensing disputes.

正如我們最近在投資者報告中披露的那樣，我們繼續對 2019 財年的前景充滿信心，在許可糾紛解決後，基礎非公認會計原則每股收益 5.25 美元增長至每股 6.75 美元至 7.50 美元之間。

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) Our first question is from the line of Tim long with BMO Capital Markets.

（操作員說明）我們的第一個問題來自於 BMO Capital Markets 的 Tim long。

Just wanted a little more color on the Samsung arrangements here.

只是想在這裡的三星安排上多一點色彩。

It sounds like you extended with FRAND terms, but just talk to us a little bit.

聽起來您使用 FRAND 條款進行了擴展，但請與我們稍微談談。

I know the prior deal had an upfront payment.

我知道之前的交易有預付款。

It had some technology, IPR transfers as well.

它有一些技術，也有知識產權轉讓。

So could you just talk a little bit about how those 2 and the new collaborations factor into the FRAND rate discussion for Samsung?

那麼你能談談這兩個和新的合作是如何影響三星的 FRAND 費率討論的嗎？

And then I have a follow-up after that.

然後我有一個後續行動。

Tim, this is Alex.

蒂姆，這是亞歷克斯。

So the amended and expanded agreement basically takes the prior deal and just adds some changes to it.

所以修改和擴大的協議基本上是採用了之前的協議，只是增加了一些變化。

So a lot of what was in the prior deal remains in place, so, for example, the upfront payment that you talked about.

因此，之前交易中的很多內容仍然存在，例如，您談到的預付款。

The key things to keep in mind about this, Samsung amended license agreement, is that it's consistent with our FRAND licensing practices.

三星修訂許可協議這一點需要牢記的關鍵是它與我們的 FRAND 許可慣例一致。

It remains a license at the handset level.

它仍然是手機級別的許可證。

This is not a chipset level royalty-bearing license.

這不是芯片組級別的特許權使用許可。

And so it also -- 1 key element also is an expansion of rights back to Qualcomm, to Samsung's patent portfolio.

所以它也是 - 一個關鍵要素也是將權利擴展到高通，三星的專利組合。

And one of the key factors to keep in mind is that as part of this amendment and this new arrangement with Samsung, Samsung is going to be withdrawing from its intervention of the KFTC appeal adverse to Qualcomm.

需要牢記的關鍵因素之一是，作為該修正案和與三星的新安排的一部分，三星將退出對 KFTC 對高通不利的上訴的干預。

So they'll no longer participate in that matter adverse to Qualcomm.

因此，他們將不再參與對高通不利的事情。

And from a financial perspective, it supports the numbers that we put out for 2019 fiscal year and beyond and provides a strong foundation for Qualcomm and its relationship with Samsung through 2023.

從財務角度來看，它支持我們公佈的 2019 財年及以後的數據，並為高通及其與三星的關係提供了堅實的基礎，直至 2023 年。

Okay.

好的。

And just if I could just follow up on the China business.

如果我能跟進中國業務就好了。

It sounds like a lot of moving parts there.

聽起來那裡有很多活動部件。

September was really strong for the device manufacturers, then weakening.

9 月對設備製造商來說確實很強勁，然後又減弱了。

Could you just talk a little bit about what you think is going on with the reason for the change in demand there?

你能談談你認為那裡需求變化的原因嗎？

And second, could you talk -- it's been a pretty good market share gain region for you.

其次，你能談談嗎——這對你來說是一個很好的市場份額增長區域。

Can you talk about it, if you still think you're taking share in the Chinese end market?

如果您仍然認為自己在中國終端市場上佔有一席之地，您能談談嗎？

Tim, this is Cristiano.

蒂姆，這是克里斯蒂亞諾。

I think we talked about a near-term weakness in the domestic China market based on the sell-through data in the December quarter, and that was contemplated in our guidance.

我認為根據 12 月季度的銷售數據，我們談到了中國國內市場的近期疲軟，這在我們的指導中有所考慮。

I think you need to think about -- there's -- there was a super -- expect a super cycle, and I think -- well, for one of the flagships, and you think to the Chinese OEMs, they don't want to go ahead, and most of the new products are going to launch into Chinese New Year.

我認為你需要考慮 - 有 - 有一個超級 - 期待一個超級週期，我認為 - 嗯，對於其中一個旗艦，你認為中國原始設備製造商，他們不想去吧，大部分新品都將在春節期間推出。

So that's one thing on the demand sell-through in the December quarter.

因此，這是 12 月季度需求銷售量的一回事。

I think we will monitor the Chinese New Year data.

我想我們會監控中國新年的數據。

And whatever could be inventory into the quarter, we should rebalance in the first half of the year.

無論本季度可能有多少庫存，我們都應該在今年上半年重新平衡。

We also see that the forecast is consistent with 2 things happening for QCT, I think, both a strong chip share with those OEMs as well as mixed improvements.

我們還看到，該預測與 QCT 發生的兩件事一致，我認為，既是與這些 OEM 的強大芯片份額，也是混合改進。

So we were not -- we can't really talk about the second half of the year, but the Chinese New Year launches is just ahead of us.

所以我們不是——我們真的不能談論下半年，但中國新年的發布就在我們前面。

Our next question is from the line of Mike Walkley with Canaccord Genuity.

我們的下一個問題來自於 Canaccord Genuity 的 Mike Walkley。

Cristiano, just talking about 5G, Qualcomm historically gains share with new wireless technologies.

克里斯蒂亞諾，剛剛談到 5G，高通在歷史上憑藉新的無線技術獲得了份額。

Can you just update us on how you see 5G ramping and why Qualcomm is ahead of the competition, maybe what technology areas you see the competitors might lack?

您能否向我們介紹一下您如何看待 5G 的發展以及為什麼高通公司在競爭中處於領先地位，也許您認為競爭對手可能缺乏哪些技術領域？

And also just on the China side also, a follow-up question, just can you talk about some of these RF agreements and how you see your RF business ramping over the next 2 years?

還有一個關於中國方面的後續問題，您能否談談其中一些射頻協議以及您如何看待您的射頻業務在未來 2 年的增長？

Yes, Mike.

是的，邁克。

So let me start with 5G.

所以讓我從 5G 開始。

We have been pretty consistent talking about a 5G acceleration in the industry, and we now probably have line of sight of a number of deployments.

我們一直在談論行業中的 5G 加速，現在我們可能已經看到了一些部署。

They're going to happen off the network with the 3GPP global 5-generator standard in the later part of this year.

它們將在今年晚些時候按照 3GPP 全球 5 代標准在網絡外發生。

And we are working with a number of OEMs to have smartphone launches in the first half of 2019.

我們正在與多家 OEM 合作，以在 2019 年上半年推出智能手機。

And part of that, I think we also announced in China last week a 5G Pioneer, I think, program of a number of OEMs of the China market.

其中一部分，我認為我們上週還在中國宣布了一項 5G Pioneer 計劃，我認為是中國市場的一些 OEM 的計劃。

They see 5G as a discontinuity to basically enable their expansion plans to become global players, leveraging their 5G transition.

他們將 5G 視為一個不連續性，基本上使他們的擴張計劃成為全球參與者，利用他們的 5G 過渡。

So I think the motivation to have early launches in the first half of '19 is high and are marching towards that date.

所以我認為在 19 年上半年提前發布的動機很高，並且正在朝著那個日期前進。

So your second question is about competitiveness of 5G.

所以你的第二個問題是關於5G的競爭力。

5G brings a number of complex technologies.

5G帶來了許多複雜的技術。

One is, you have the foundation, which is Gigabit LTE, which we've been investing and 4G continues to evolve.

一是，你有基礎，這是我們一直在投資的千兆 LTE，4G 還在繼續發展。

There are 17 smartphones in the market today with that capabilities using a Qualcomm modem.

目前市場上有 17 款使用高通調製解調器的智能手機。

We also have the addition of 2 other frequencies, sub-6 and millimeter-wave.

我們還增加了 2 個其他頻率，亞 6 和毫米波。

And we continue to see complexities in the RF.

我們繼續看到射頻的複雜性。

So we're looking at our position as being a company that have been in a good position for the 4G, which continues to evolve, and being supporting multiple global activities with 5G.

因此，我們將自身定位為一家在不斷發展的 4G 方面處於有利地位的公司，並通過 5G 支持多項全球活動。

We have announced probably trials and, over there, I think, tests with all of the infrastructure vendors across all of the operators' launch.

我們可能已經宣布了試驗，我認為，在所有運營商的發布中，我們都會與所有基礎設施供應商進行測試。

So I think scale is going to be an advantage for us, and we're optimistic about the prospect.

所以我認為規模對我們來說將是一個優勢，我們對前景持樂觀態度。

Your last question is RF front end.

您的最後一個問題是射頻前端。

We announced a total of $2 billion in RF front-end purchase across 4 OEMs.

我們宣布向 4 家 OEM 採購總計 20 億美元的射頻前端。

We're starting to ramp designs.

我們開始增加設計。

I think it's probably a second set of announcements.

我認為這可能是第二組公告。

The first one was CES when we announced a number of OEMs, and then Chinese OEMs was in the second wave.

第一個是CES，我們宣布了一些OEM，然後中國的OEM進入了第二波。

We also feel good about the 5G story in front end.

我們也對前端的 5G 故事感到滿意。

When 5G technology gets launched, I believe the baseband and the system platform, the reference design plays a stronger role in defining the RF front-end configuration.

當 5G 技術推出時，我相信基帶和系統平台，參考設計在定義射頻前端配置方面發揮著更大的作用。

As part of the same discussion, we saw support in China for our tunable front-end solution.

作為同一討論的一部分，我們看到了中國對我們的可調前端解決方案的支持。

Thank you.

謝謝你。

Our next question is from the line of Amit Daryanani with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Amit Daryanani。

A couple for me as well.

對我來說也是一對。

Maybe start with -- could you maybe just help us understand how much impact are you seeing on your revenue line from the China inventories that you guys talked about?

也許開始 - 你能不能幫助我們了解你們談到的中國庫存對你的收入線有多大影響？

And do you think this is something that gets worked out through the March quarter?

你認為這是在三月季度解決的問題嗎？

Or could it persist through the June quarter as well?

或者它也能持續到六月季度嗎？

Yes.

是的。

Clearly, I think 2 major factors when we think about Q2 is -- one is the China weakness really impacted customers that felt they were going to have a stronger sell-though at the end of December.

顯然，當我們考慮第二季度時，我認為有兩個主要因素是——一個是中國的疲軟確實影響了客戶，他們認為他們將在 12 月底實現更強勁的銷售。

And so as Cristiano said, we're going to be watching very closely the Chinese New Year sales to see how much of that gets absorbed in the second quarter.

正如克里斯蒂亞諾所說，我們將密切關注農曆新年的銷售情況，看看其中有多少會在第二季度被吸收。

So we don't know yet.

所以我們還不知道。

There may be some activity that carries on beyond that.

可能會有一些活動超出此範圍。

But for our revenue overall in the second quarter, there are some other factors that are also at play.

但是對於我們第二季度的整體收入，還有一些其他因素也在起作用。

One, in the licensing business, normally, obviously, this is a very strong quarter for licensing, but it also happens to have a -- usually a very heavy-weighting of Apple because their flagship launch tends to take place, as you know, in the fourth calendar quarter, which is the second fiscal quarter for our licensing business.

一，在許可業務中，通常，顯然，這是一個非常強勁的許可季度，但它也恰好有一個 - 通常是蘋果的權重非常大，因為他們的旗艦發布往往會發生，如你所知，在第四個日曆季度，這是我們許可業務的第二個財政季度。

The absence of that, we're not seeing as much of a seasonal pickup as we would normally see there, plus the licensing estimates reflect the lower sell-through that we ended up seeing in December that really didn't impact the chip business.

如果沒有這一點，我們沒有看到像通常在那裡看到的那樣多的季節性回升，而且許可估計反映了我們最終在 12 月看到的較低的銷售量，這實際上並沒有影響芯片業務。

That's really helpful.

這真的很有幫助。

And, I guess, a quick follow-up.

而且，我猜是快速跟進。

The OpEx guide that you guys have for March quarter, if my math is working correctly, the implication is OpEx as a personal sales will be something north of 35%.

你們擁有的 3 月季度的運營支出指南，如果我的數學計算正確，這意味著作為個人銷售額的運營支出將超過 35%。

And I realize there's some onetime variables there, but could you maybe talk about what are these onetime variables?

我意識到那裡有一些一次性變量，但你能談談這些一次性變量是什麼嗎？

What's the right way to think about OpEx as a percent of revenues?

將 OpEx 視為收入百分比的正確方法是什麼？

And when do you get to realize all the billion dollar cost take-out benefits you've talked about?

你什麼時候才能實現你所說的所有數十億美元的成本外賣收益？

Yes.

是的。

I think the OpEx as a percent of revenue, you certainly had a little bit of a bounce, but that was more in Q1 relative to the bad debt charge.

我認為運營支出佔收入的百分比，你肯定有一點反彈，但相對於壞賬費用而言，第一季度的反彈幅度更大。

When I think about OpEx for the company, I think you've seen, really, since the strategic realignment plan, the major drivers of any pickup have either been our investment in pre-commercial 5G or the increase that you've seen in SG&A to support the higher litigation and model defense spending that we have.

當我考慮公司的運營支出時，我認為您已經看到，實際上，自戰略調整計劃以來，任何回升的主要驅動力要么是我們對預商用 5G 的投資，要么是您在 SG&A 中看到的增長支持我們擁有的更高的訴訟和示范國防開支。

We think under the $1 billion plan, we can absorb the 5G costs that you've seen.

我們認為，在 10 億美元的計劃下，我們可以吸收您所看到的 5G 成本。

We think as we move our focus further into these new sort of available markets we've talked about, we're going to be able to reprioritize our investment portfolio and taking additional costs out.

我們認為，隨著我們將重點進一步轉移到我們已經討論過的這些新型可用市場，我們將能夠重新確定我們的投資組合的優先級並降低額外成本。

But really, the biggest savings are going to come out of SG&A, which has been a big driver of our growth in OpEx over the last 4, 5 years, in particular, in the licensing area and in this model defense.

但實際上，最大的節省將來自 SG&A，這是過去 4、5 年中我們運營支出增長的一大推動力，特別是在許可領域和這種模型防禦方面。

And we think we have a clear path to -- by '19 to getting some of those costs taken back out.

我們認為我們有一條明確的道路——到 19 年收回部分成本。

Of course, we'll have a real focus on overhead costs as well as part of the SG&A.

當然，我們將真正關注間接成本以及 SG&A 的一部分。

Our next question is from the line of Stacy Rasgon with Bernstein Research.

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

I had a question on the 2019 guidance.

我對 2019 年的指南有疑問。

So you're talking a lot about 5G ramping and everything else, which sounds great, but as soon as I take a look at that guide, $5.25 without fixing licensing, $3.75 without the $1 billion -- or without (inaudible) or the buyback, if I take out the $1 billion cost cut that isn't really your numbers right now, it's more like $3.15, which seems to be quite a bit worse than where The Street is and, I would say, inconsistent with some of your commentary on some of the good things coming down the pipe.

所以你談論了很多關於 5G 加速和其他一切的事情，這聽起來很棒，但是當我看一下那個指南時，5.25 美元沒有固定許可，3.75 美元沒有 10 億美元——或者沒有（聽不清）或回購，如果我拿出 10 億美元的成本削減，這不是你現在真正的數字，它更像是 3.15 美元，這似乎比 The Street 的情況差很多，而且，我會說，與你的一些評論不一致關於管道中的一些好事。

So, I guess, can we talk a little bit more about what's actually in that guide?

所以，我想，我們可以多談談該指南中的實際內容嗎？

What are you assuming is getting worse between now and then?

你認為從現在到那時會變得更糟嗎？

You mentioned Samsung's new royalty payments in line with your numbers.

你提到了三星根據你的數字支付的新版稅。

Are those getting worse versus where they are now?

與現在相比，這些情況是否變得更糟？

What are you assuming for Apple share?

你對蘋果股票的假設是什麼？

Any color you can give us on that would be helpful.

你能給我們的任何顏色都會有幫助。

And then I have a follow-on.

然後我有一個後續。

Sure, Stacy.

當然，斯泰西。

This is George.

這是喬治。

The -- I think your math is generally good, but what we've -- I think what's missing is, we've said we're going to put some conservative assumptions into the numbers that, quite frankly, if you did the math based on our run rate today, you would say would be a lower run rate than we're experiencing today, and that is by taking out Apple -- all Apple revenue related to new products, including both the modem and the front end and saying, "If, for whatever reason, we're still litigating or pursuing an agreement with Apple and haven't reached it and they decide to take the decision to carve us out completely, what does that look like?" So again, the purpose of that estimate was really to provide stockholders with a high confidence-based number before resolution of the licensing.

- 我認為你的數學通常很好，但是我們 - 我認為缺少的是，我們已經說過我們將對數字進行一些保守的假設，坦率地說，如果你做了數學根據我們今天的運行率，你會說會比我們今天所經歷的運行率更低，那就是剔除蘋果——所有與新產品相關的蘋果收入，包括調製解調器和前端，然後說, “如果，無論出於何種原因，我們仍在與 Apple 提起訴訟或尋求達成協議，但尚未達成協議，而他們決定做出完全剝離我們的決定，那會是什麼樣子？”同樣，該估計的目的實際上是在解決許可之前為股東提供基於置信度的高數字。

So as they consider alternatives, that they can understand what does the kind of core earnings look like on a conservative basis.

因此，當他們考慮替代方案時，他們可以理解保守的核心收益是什麼樣的。

But you're right, it would be below the run rate today, and it was purposely conservative.

但你是對的，它會低於今天的運行速度，而且是故意保守的。

We also have some tax impact in the $5.25 number.

我們對 5.25 美元的數字也有一些稅收影響。

Tax reform, for us, is a little higher tax on offshore earnings, lower tax on onshore.

對我們來說，稅制改革是對離岸收入徵收更高的稅，對在岸徵收更低的稅。

Net-net, it's slightly positive, but when you break it out the way we did in that analysis, it's negative in the $5.25 and it's positive on a resolution basis.

Net-net，它略微正面，但是當您按照我們在該分析中所做的方式分解它時，它在 5.25 美元是負面的，並且在分辨率的基礎上是正面的。

Got it.

知道了。

That's helpful.

這很有幫助。

For my follow-up, you mentioned a lot of the $1 billion coming out of SG&A, and obviously, you have a lot of accelerated litigation and other targets there.

在我的後續行動中，你提到了 SG&A 帶來的 10 億美元中的很多，顯然，你有很多加速訴訟和其他目標。

Is it imperative that you actually do sell out licensing in time for 2019 in order to realize that full $1 billion?

您是否必須在 2019 年及時售出許可才能實現全部 10 億美元？

We think there's some contribution, but that's not the primary driver.

我們認為有一些貢獻，但這不是主要驅動力。

We'll be -- again, we've grown SG&A within the licensing business beyond that as part of the process of addressing the many other challenges leading up to this.

我們將 - 再次，我們已經在許可業務中發展了 SG&A，作為解決導致此問題的許多其他挑戰的過程的一部分。

We think we have some opportunities there.

我們認為我們在那裡有一些機會。

We certainly believe that as we look at our -- the road map that we had to reduce overhead-related SG&A over time, that we'll take the steps necessary to accelerate that.

我們當然相信，當我們查看我們必須隨著時間的推移減少與間接費用相關的 SG&A 的路線圖時，我們將採取必要的步驟來加速這一進程。

So we're not highly dependent solely on a piece dividend to get this number.

因此，我們並不僅僅高度依賴分紅來獲得這個數字。

We think we'll be able to deliver the number.

我們認為我們將能夠提供該號碼。

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

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

I had 2. George, just on the tax rate, it's -- there's a lot there.

我有 2 個。喬治，就稅率而言，它是 - 那裡有很多。

Could you just tell us, within the fiscal '19 EPS guide, what's the tax rate that you're assuming?

您能否在 '19 財年 EPS 指南中告訴我們，您假設的稅率是多少？

And then the other question I had was just on NXPI.

然後我遇到的另一個問題是關於恩智浦的。

It would seem that closing this deal in a timely manner would be important -- would be an important part of your value creation story.

似乎及時完成這筆交易很重要——這將是你價值創造故事的重要組成部分。

And so assuming you close or you get regulatory approval from China, could you give us a feel for what the time line would look like from there to the actual closure of the deal?

因此，假設您完成交易或獲得中國監管部門的批准，您能否讓我們了解從那裡到實際完成交易的時間線？

So on tax, we've guided the tax rate this year for non-GAAP at 8%.

因此，在稅收方面，我們今年將非公認會計原則的稅率指導為 8%。

Obviously, with the impact of tax reform and the fine which is not tax deductible, the GAAP number doesn't really hold a lot of information.

顯然，由於稅制改革的影響和不可抵扣的罰款，GAAP 數字並沒有真正包含很多信息。

For '19, we would -- as I said, long term, we expect the tax rate to be somewhat accretive relative to our history.

對於 19 年，我們會 - 正如我所說，從長遠來看，我們預計稅率相對於我們的歷史會有所增加。

Now we have not guided, but we're in the midteens before in our tax rate.

現在我們還沒有指導，但我們的稅率在十幾歲之前。

And I would be closer to that number than I would to the guide for '18.

我會比 18 年的指南更接近這個數字。

And then on NXP, not a lot we can say at this time, other than we're very focused on working with MOFCOM to secure the final approval.

然後關於恩智浦，目前我們不能說太多，除了我們非常專注於與商務部合作以確保最終批准。

Shortly after regulatory approval, the tender process will begin.

監管部門批准後不久，招標程序將開始。

And then within -- depending on, there's 2 tender processes anticipated.

然後在 - 取決於，預計有 2 個招標過程。

Depending on how that process goes, then you could close within, say, 3 weeks of the approval of regulatory.

根據該流程的進展情況，您可以在監管部門批准後的 3 週內關閉。

Our next question is from the line of Srini Pajjuri with Macquarie Securities.

我們的下一個問題來自麥格理證券的 Srini Pajjuri。

Cristiano, just a question on the RF strategy.

克里斯蒂亞諾，只是一個關於射頻策略的問題。

It looks like you're winning a lot of designs out there.

看起來你贏得了很多設計。

If I look at the landscape out there, the margin profile in that business is quite strong, at least at the operating margin level.

如果我看看那裡的情況，該業務的利潤率狀況非常強勁，至少在營業利潤率水平上是這樣。

As you expand your footprint, how should we think about QCT margins?

當您擴大業務範圍時，我們應該如何考慮 QCT 利潤率？

Do you see an expansion potential here?

您認為這裡有擴張潛力嗎？

Or are you being a little bit aggressive on the pricing side given that you're starting very early?

或者考慮到你很早就開始了，你是否在定價方面有點激進？

Thank you for the question.

感謝你的提問。

Look, we talk about in our 2019 projections, I think this could contribute $2 billion to $3 billion in revenue.

看，我們在 2019 年的預測中談到，我認為這可能會貢獻 20 億至 30 億美元的收入。

And I think we're starting to, now as we have the complete portfolio and, particularly, the ones that have higher value such as the PA and the high filter content modules, we see as an opportunity for us to grow faster than the market because we attach an existing MSM and an expansion of margin contribution in the device.

而且我認為我們現在已經開始了，因為我們擁有完整的產品組合，特別是那些具有更高價值的產品，例如 PA 和高過濾內容模塊，我們認為這是我們比市場增長更快的機會因為我們在設備中附加了一個現有的 MSM 和一個擴展的邊際貢獻。

And I think that's consistent with the strategy we have pursued of diversifying and growing in other areas leveraging our existing channel.

我認為這與我們利用現有渠道在其他領域實現多元化和增長的戰略是一致的。

Our next question is from the line of James Faucette with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 James Faucette。

I had a couple of quick follow-up questions.

我有幾個快速跟進的問題。

I guess, the first one for Cristiano, you talked about bringing to market a mobile device, 5G in 2019.

我想，克里斯蒂亞諾的第一個，你談到了在 2019 年將移動設備 5G 推向市場。

At the same time, we've heard a range of comments from carriers on their own outlooks for 5G.

與此同時，我們聽到了運營商對他們自己對 5G 的看法的一系列評論。

So maybe you can help us understand kind of the circumstances in the geographies where 5G starts to make sense first and then where we would see it develop from there.

因此，也許您可以幫助我們了解 5G 首先開始有意義的地理環境，然後我們會看到它從那裡發展。

And then, I guess, my second follow-up question is, just on the cost containment or reduction program, what are the things that would allow you to expand that further and further reduce expenses versus what are the competing elements that may limit it to that roughly $1 billion target?

然後，我想，我的第二個後續問題是，就成本控製或降低計劃而言，哪些因素可以讓您進一步擴展，進一步降低支出，而哪些競爭因素可能會將其限制在大約 10 億美元的目標？

Thank you, James, for the question.

謝謝你，詹姆斯，這個問題。

I will take the first one, and I'll ask George to answer the second question.

我會回答第一個問題，我會請喬治回答第二個問題。

So on 5G, I think 5G, as it becomes a significant contributor of volumes, we're really looking at the fiscal 2020, but early launches in '19 are very important.

所以在 5G 上，我認為 5G 成為銷量的重要貢獻者，我們真的在關注 2020 財年，但 19 年的早期發布非常重要。

In particular, for our position in the chipset, I think early launches and an ability to cover that globally define your competitive position and the ability to have a mature product so you can ramp volumes in premium devices towards fiscal '20.

特別是，對於我們在芯片組中的地位，我認為早期發布和覆蓋全球的能力定義了您的競爭地位以及擁有成熟產品的能力，因此您可以將高端設備的銷量推向 20 財年。

As you think about the launches in geographies, we see activity across all the developed markets.

當您考慮在各個地區推出的產品時，我們會看到所有發達市場的活動。

We see activity in the United States with at least 2 of the 4 carriers that is consistent with the time line of starting to have the devices launching in the first half of '19.

我們看到美國 4 家運營商中至少有 2 家的活動與 19 年上半年開始推出設備的時間線一致。

We see in Europe at least 3 operators.

我們在歐洲看到至少有 3 家運營商。

You should expect in markets such as the U.K., in markets such as Germany, you're going to see high-degree activity.

您應該期望在英國等市場，在德國等市場，您會看到高度活躍的市場。

Many of those operators, we had announced trial activities, and the time line is the same as the first half of 2019.

其中很多運營商，我們已經公佈了試點活動，時間線和2019年上半年一樣。

Of course, you have Korea with all of the operators driving to the time frame.

當然，你有韓國，所有的運營商都在趕時間。

You do have a technology race there.

那裡確實有一場技術競賽。

You have Australia in the same time frame.

您在同一時間範圍內擁有澳大利亞。

And you have Japan towards the second half of '19, beginning of 2020.

到 19 年下半年，也就是 2020 年伊始，日本就有了。

The most significant data point is the one that I'm providing last, which is China Mobile.

最重要的數據點是我最後提供的數據點，即中國移動。

In an event that we had in China last week, I think, the executive management of China Mobile made a presentation, together with Qualcomm, talking about a very large-scale activity in the second half of '19.

在上週我們在中國舉行的一次活動中，我認為中國移動的執行管理層與高通一起做了一個演講，談到了 19 年下半年的一次非常大規模的活動。

The reason China is important because China is a very technology-focused and hardware-focused market.

中國之所以重要，是因為中國是一個非常注重技術和硬件的市場。

And as you look at the position that the Chinese OEMs have in the market, that enables an acceleration of the scale for the smartphone market.

從中國 OEM 在市場上的地位來看，這可以加速智能手機市場的規模。

So China is likely going to be a significant development in the second half of '19.

因此，中國很可能會在 19 年下半年取得重大進展。

Thank you.

謝謝你。

Again, on OpEx, I think the -- if you think about our R&D, we're always going to be focused on making the level of R&D investment that is necessary to keep us ahead in things like generation transistors, where you're seeing today.

同樣，在運營支出方面，我認為 - 如果您考慮我們的研發，我們將始終專注於研發投資水平，這對於保持我們在諸如生成晶體管等領域的領先地位是必要的，您所看到的今天。

So the ramp -- one of the ramps, the key biggest part of the ramp in spending over the last couple of years has really been tied to 5G.

因此，坡道——其中一個坡道，過去幾年支出中最大的關鍵部分，確實與 5G 相關。

It's absolutely critical, not only to the ability of the chip business to come out very strongly and then leadership position in the early phase of the generation.

這絕對是至關重要的，不僅對芯片業務能夠非常強勢地脫穎而出，然後在一代人的早期階段處於領先地位。

But it's also why the value of our licensing program remains strong throughout the ecosystem.

但這也是我們許可計劃的價值在整個生態系統中保持強勁的原因。

So you're going to see us take actions that are consistent with maintaining a strong level of R&D to preserve that position over time.

因此，您將看到我們採取與保持強大研發水平相一致的行動，以隨著時間的推移保持這一地位。

We do think that SG&A has been inflated by a number of the challenges that we've seen over time.

我們確實認為，隨著時間的推移，我們看到的許多挑戰使 SG&A 被誇大了。

We think we have the opportunity to take that down, something in the order of 200 to 300 basis points on a stabilized basis.

我們認為我們有機會將其降低，在穩定的基礎上降低 200 至 300 個基點。

And we will look very strong within the industry with SG&A at that level.

我們將在這個級別的 SG&A 的行業內看起來非常強大。

It'll look like a very appropriate cost structure.

它看起來像一個非常合適的成本結構。

But we'll always have a little more focus on R&D because, quite frankly, we have the channels to get a return on that R&D, not only from the chip business and the licensing business, but we're now seeing an even greater return on R&D as we expand in the automotive, IoT, networking, mobile compute.

但我們將始終更加關注研發，因為坦率地說，我們有渠道從研發中獲得回報，不僅來自芯片業務和許可業務，而且我們現在看到了更大的回報隨著我們在汽車、物聯網、網絡、移動計算領域的擴張，我們在研發方面的努力。

All of these markets are looking to the technologies that we lead in, in mobile as part of their next road map.

所有這些市場都在尋找我們在移動領域領先的技術，作為他們下一個路線圖的一部分。

And so we think that's ahead of us, we think that's part of the growth and we think anything we do on this $1 billion OpEx action will be consistent with that outlook.

所以我們認為這在我們前面，我們認為這是增長的一部分，我們認為我們在這 10 億美元的運營支出行動中所做的任何事情都將與這一前景保持一致。

Our next question is from the line of Brett Simpson with Arete.

我們的下一個問題來自 Brett Simpson 和 Arete 的問題。

I just had a question about the margin structure in QCT long term.

我剛剛對 QCT 長期的保證金結構有疑問。

I guess, when you look at leadership franchises in semiconductor, you've seen margins structure rise over the last few years.

我想，當您查看半導體領域的領導力特許經營權時，您會看到過去幾年的利潤率結構有所上升。

Typically, leadership franchises are returning 40% or so operating margins.

通常，領導特許經營權的營業利潤率為 40% 左右。

And if I look at your QCT PBT margins, (inaudible) disappointing in the 4G era.

如果我看看你們的 QCT PBT 利潤率，（聽不清）在 4G 時代令人失望。

So just wondering, when you look to 5G and you believe you have a competitive advantage, a structural competitive advantage in this market and you're going to be selling more platform as RF and base band, and RF has been a much higher returns business than QCT over the years, is it a path where you see the QCT margins starting to inflect and you can reflect the returns of a leadership franchise long term?

所以只是想知道，當你看到 5G 並且你相信你在這個市場上擁有競爭優勢、結構性競爭優勢並且你將銷售更多的平台作為射頻和基帶時，射頻一直是一個更高回報的業務與多年來的 QCT 相比，這是一條您看到 QCT 利潤率開始變化的路徑，並且您可以長期反映領導特許經營權的回報嗎？

And I've got a follow-up.

我有後續行動。

Sure, Brett.

當然，布雷特。

This is George.

這是喬治。

Yes, we -- as we said, we expect QCT margins to continue to improve over time and rise above the 20% level.

是的，我們 - 正如我們所說，我們預計 QCT 利潤率將隨著時間的推移繼續提高並超過 20% 的水平。

But one of the things I would point out, we've said that the growth in adjacencies has been a positive in that respect, and it's certainly growing.

但我要指出的一件事是，我們已經說過鄰接的增長在這方面是積極的，而且肯定在增長。

It is accretive to the margin profile and I think is getting us into markets where the structure -- the margin structure is more attractive over time.

它增加了利潤率，我認為這讓我們進入了結構——利潤率結構隨著時間的推移更具吸引力的市場。

And so we'll continue to push hard on margin expansion.

因此，我們將繼續努力擴大利潤率。

And I should point out, as -- the 2019 performance that we've put out for the company doesn't include the margin benefit that we would expect to see as we enter the 5G era, where we get both improvements in share and improvements in ASPs in the new devices.

我應該指出，我們為公司公佈的 2019 年業績不包括我們在進入 5G 時代時預期會看到的利潤收益，在這個時代，我們在份額和改進方面都得到了提升在新設備中的 ASP 中。

And that's part of even in the core business where we're going to see expansion of margin.

這甚至是我們將看到利潤率擴大的核心業務的一部分。

Okay.

好的。

And maybe just a follow-up on the Samsung arrangement that you announced.

也許只是您宣布的三星安排的後續行動。

Does it have any bearing on how you think about foundry relationships long term?

這對您如何看待長期代工關係有任何影響嗎？

I think in the last couple of years, you've been exclusively using Samsung LSI at 14 nanometer, and I'm wondering whether that's something you think will continue as you move to 7 or -- particularly with this recent agreement with Samsung, or will you be multi-sourcing at leading edge going forward?

我認為在過去幾年中，您一直在專門使用 14 納米的三星 LSI，我想知道隨著您向 7 邁進，這是否會繼續下去，或者 - 特別是最近與三星達成的這項協議，或者未來你會在前沿進行多源採購嗎？

Brett, it's Steve.

布雷特，是史蒂夫。

In terms of sourcing agreements, I would say we make them on an individual basis, depending on what node and the details of the node.

在採購協議方面，我會說我們根據什麼節點和節點的詳細信息單獨制定它們。

So it really just depends on the generation in terms of where we go.

所以這真的取決於我們去哪裡的一代。

Now that being said, I think it is advantageous for us to have a broader set of assets in the company to be able to resolve issues with companies.

話雖如此，我認為在公司擁有更廣泛的資產以便能夠解決與公司的問題對我們來說是有利的。

And so we view our wafer volume and the fact that we have wafer volume from RF to the leading node as being a strategic asset for us.

因此，我們將我們的晶圓量以及從射頻到領先節點的晶圓量視為我們的戰略資產。

It's actually proven to be that way over the last several years.

在過去的幾年裡，事實證明是這樣的。

So I won't talk about where we're going, but I do think it is something that helps us strategically.

所以我不會談論我們要去哪裡，但我確實認為這在戰略上對我們有幫助。

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

我們的下一個問題來自德意志銀行的羅斯·西莫爾（Ross Seymore）。

So let me ask a question.

所以讓我問一個問題。

2 quick questions here.

這裡有 2 個快速問題。

First, on the QTL side, when you put your fiscal '19 earnings targets out there, it looks like you have a high level of confidence that the licensing issues will be resolved.

首先，在 QTL 方面，當您將 19 財年的收益目標放在那裡時，您似乎對許可問題將得到解決充滿信心。

So my first question is, what gives you that confidence?

所以我的第一個問題是，是什麼讓你有這種信心？

And then the second question that's somewhat related is, I wondered if we could get an update, if any, on the unnamed dispute that's going on.

第二個有點相關的問題是，我想知道我們是否可以獲得關於正在進行的未命名爭議的更新（如果有的話）。

And I assume, given the arrangements today and agreements, that, that second dispute is not with Samsung.

而且我認為，鑑於今天的安排和協議，第二個爭議與三星無關。

So those are the 2 questions.

所以這是2個問題。

Ross, maybe I'll start and I'll kick it to Don to provide some detail here.

羅斯，也許我會開始，我會把它踢給唐，在這裡提供一些細節。

But on the disputes, a couple of things.

但在爭議上，有幾件事。

I think there are a number of legal milestones that occurred this year that are helpful.

我認為今年發生了許多有益的法律里程碑。

Typically, in a licensing dispute, legal milestones provide an opportunity and a forcing function for the parties to sit down and to finally work things out.

通常，在許可糾紛中，法律里程碑為各方提供了坐下來最終解決問題的機會和強制功能。

We've seen that in the case of our past history both recently and over the last decade, which I think is helpful.

我們已經在最近和過去十年的歷史中看到了這一點，我認為這很有幫助。

Don can -- with any follow-up, can answer that pretty well.

唐可以 - 任何後續行動都可以很好地回答這個問題。

I'm sorry, you had another question toward the end.

對不起，你最後還有一個問題。

So on the unnamed other licensee, our practice is -- has been that while we still believe there is -- it's productive to continue with negotiations, that we don't name the licensee in the dispute.

因此，對於未透露姓名的其他被許可人，我們的做法是——儘管我們仍然相信存在——繼續談判是有成效的，我們不會在爭議中說出被許可人的名字。

It's only when we get to the point where we feel like we've exhausted all practical activities there, and so you should take that as we're still negotiating to see if we can resolve the dispute.

只有當我們覺得我們已經用盡了那裡的所有實際活動時，你才應該接受這一點，因為我們仍在談判，看看我們是否能解決爭端。

And I would say, also, this is Steve again, I think that the significance of the agreements that we announced today with Samsung, I think, are -- I think they're pretty evident.

我還要說，這又是史蒂夫，我認為我們今天宣布與三星達成的協議的重要性——我認為它們非常明顯。

But we're quite pleased with those agreements.

但我們對這些協議非常滿意。

They're consistent with what we have done in the past in our forward-looking plan.

它們與我們過去在前瞻性計劃中所做的一致。

I think they also provide a good benchmark or reference point for our general licensing program moving forward as well.

我認為它們也為我們向前推進的一般許可計劃提供了一個很好的基准或參考點。

So I think those things, to us, provide good indicators, and I think we're headed in the right direction as a business.

所以我認為這些東西，對我們來說，提供了很好的指標，我認為作為一家企業，我們正朝著正確的方向前進。

Our next question is from the line of John Pitzer with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 John Pitzer。

I guess, my first question is for Cristiano.

我想，我的第一個問題是問克里斯蒂亞諾的。

Cristiano, I just want to make sure I understand the RF market opportunity.

克里斯蒂亞諾，我只是想確保我了解射頻市場的機會。

To what extent can you guys drive revenue on the 4G node versus the 5G node?

與 5G 節點相比，你們可以在多大程度上推動 4G 節點的收入？

And, I guess, as you think about 5G, it sounds like your value proposition goes up significantly at 5G.

而且，我想，當你想到 5G 時，聽起來你的價值主張在 5G 上顯著上升。

How are you guys thinking about sort of the dollar capture potential per phone of the incremental dollar capture?

你們如何看待每部手機增加美元捕獲的美元捕獲潛力？

John, thank you for the question.

約翰，謝謝你的問題。

In 4G, we have been in the process to complete our product portfolio.

在 4G 方面，我們一直在完善我們的產品組合。

We have been players within the antenna tuner and the envelope tracker.

我們一直是天線調諧器和包絡跟踪器的參與者。

And I think now we add into the portfolio, starting to have designs and get rid of chip volume with our GaAs PAs and filters and actually going after the higher value segment, which is the multimode PA and the payment modules.

而且我認為現在我們添加到產品組合中，開始設計並通過我們的 GaAs PA 和濾波器擺脫芯片體積，並真正追求更高價值的部分，即多模 PA 和支付模塊。

And I think you're going to start -- that traction starting to happen within the second half of the year.

而且我認為你將開始 - 這種牽引力在今年下半年開始發生。

That's the reason we talk about China in the China announcement with our OEMs.

這就是我們在與我們的原始設備製造商的中國公告中談論中國的原因。

I think the China nature of the market, they look more of a system solution.

我認為中國市場的性質，他們看起來更多的是一個系統的解決方案。

I think as we establish our business there, we see a power off our MSM platform and be able to actually have complete platform.

我認為，當我們在那裡建立業務時，我們會看到我們的 MSM 平台關閉，並且能夠真正擁有完整的平台。

And so it's natural that you see that reaction coming from the China OEMs, and that's how we're going to start the build the business in 4G.

因此，您很自然會看到來自中國 OEM 的反應，這就是我們將如何開始建立 4G 業務的方式。

As you said, 5G changed the landscape significantly because [a change is] giving a little bit more voice to the system solution provider and the baseband provider.

正如您所說，5G 顯著改變了格局，因為 [一個變化] 為系統解決方案提供商和基帶提供商提供了更多發言權。

But what -- in terms of technology and the RF design that goes in the technology launch configuration as well as the opportunity for innovation with a tunable front end.

但是，就技術啟動配置中的技術和射頻設計以及可調諧前端的創新機會而言，這又是什麼呢？

And as we said earlier, I think we expect that to be an expansion of margins for QCT and allow us to grow faster than the market.

正如我們之前所說，我認為我們預計這將擴大 QCT 的利潤率，並使我們的增長速度超過市場。

That's helpful.

這很有幫助。

And then, George, maybe as my follow-up.

然後，喬治，也許是我的後續行動。

In your comments around the chipset guidance being below seasonal for March, you called out those thin modems in China.

在您對 3 月份芯片組指南低於季節性的評論中，您提到了中國的那些瘦調製解調器。

I'm just kind of curious, of the 2, which one is sort of the bigger driver of the below seasonal for the March quarter on the chipset business?

我只是有點好奇，在這 2 個中，哪一個是芯片組業務 3 月季度以下季節性因素的更大推動力？

Yes, the -- I would say from a below seasonal, the China certainly is a factor because the drop-off at the end of December was more significant than expected.

是的——我想說的是，從低於季節性的角度來看，中國肯定是一個因素，因為 12 月底的下降幅度比預期的要大。

I would say, sequentially, clearly, the big pullback by the modem customer is an important factor as I look sequentially for the chip business.

我會說，很明顯，調製解調器客戶的大幅回落是一個重要因素，因為我依次關注芯片業務。

That concludes today's question-and-answer 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。

Yes.

是的。

I just wanted to thank the employees for their hard work and for the good quarter, for the hard work in terms of not only delivering across the expectations but also for the number of announcements that have gone out here over the last quarter or so.

我只是想感謝員工的辛勤工作和良好的季度，感謝他們的辛勤工作，不僅在實現預期目標方面，而且在上個季度左右發布的公告數量方面。

So keep up the good work.

所以繼續做好工作。

I really appreciate it.

對此，我真的非常感激。

Thank you.

謝謝你。

We'll see you all next time.

我們下期再見。

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。