高通 (QCOM) 2018 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm Third Quarter Fiscal 2018 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded, July 25, 2018. The playback number for today's call is (855) 859-2056. International callers, please dial (404) 537-3406. The playback reservation number is 39466129.

女士們先生們，謝謝你們的支持。歡迎參加高通 2018 年第三季財報電話會議。（操作員說明）謹此提醒，本次會議錄音時間為 2018 年 7 月 25 日。今天通話的回放號碼是 (855) 859-2056。國際電話請撥 (404) 537-3406。播放預約號碼為39466129。

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

我現在想將電話轉給投資者關係副總裁約翰辛諾特 (John Sinnott)。辛諾特先生，請繼續。

Thank you, and good afternoon, everyone. Today's call will include prepared remarks by Steve Mollenkopf and George Davis. In addition, Cristiano Amon, Alex Rogers and Don Rosenberg will join the question-and-answer session. You can access our earnings release and a slide presentation that accompany this call on our Investor Relations website. In addition, this call is being webcast on qualcomm.com, and a replay will be available on our website later today.

謝謝大家，大家下午好。今天的電話會議將包括史蒂夫·莫倫科普夫和喬治·戴維斯準備好的演講。此外，克里斯蒂亞諾·阿蒙、亞歷克斯·羅傑斯和唐·羅森伯格也將參加問答環節。您可以在我們的投資者關係網站上造訪我們的收益發布和本次電話會議附帶的幻燈片簡報。此外，本次電話會議正在 qualcomm.com 上進行網路直播，今天稍後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 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 相關的調整表。

We will also make forward-looking statements, including projections and estimates of future events, business or industry trends or business or financial results. Actual events or results could differ materially from those projected in our forward-looking statements. Please refer to our SEC filings, including our most recent 10-Q, which contain important factors that could cause actual results to differ materially from the forward-looking statements.

我們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表現的預測和估計。實際事件或結果可能與我們前瞻性陳述中的預測有重大差異。請參閱我們向 SEC 提交的文件，包括我們最近的 10-Q，其中包含可能導致實際結果與前瞻性陳述有重大差異的重要因素。

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

現在請聽聽高通執行長史蒂夫·莫倫科普夫 (Steve Mollenkopf) 的評論。

Thank you, John, and good afternoon, everyone. We reported very strong results this quarter, which I will comment on shortly. But first, I want to update you on the status of the NXP transaction.

謝謝約翰，大家下午好。我們本季報告了非常強勁的業績，我將很快對此發表評論。但首先，我想向您通報恩智浦交易的最新進展。

As you've seen from our press release, pending any new material developments, we intend to terminate our agreement to acquire NXP at the end of the day. The decision for us to move forward without NXP was a difficult one. Continued uncertainty overhanging such a large acquisition introduces heightened risk. We weighed that risk against the likelihood of a change in the current geopolitical environment, which we didn't believe was a high probability outcome in the near future. In the end, we determined this was the best path forward for our customers, partners, employees and stockholders. To say the least, the 21 months since we announced the NXP acquisition have been volatile. In spite of all the potential distractions, the Qualcomm and NXP leadership remained focused on laying the foundation for the successful integration of our 2 companies. I want to personally thank Rick Clemmer and his management team for being tremendous partners and compliment them on the excellent company they have built at NXP.

正如您從我們的新聞稿中看到的，在任何新材料開發之前，我們打算最終終止收購恩智浦的協議。對我們來說，在沒有恩智浦的情況下繼續前進是一個艱難的決定。如此大規模的收購持續存在的不確定性帶來了更高的風險。我們權衡了這種風險與當前地緣政治環境變化的可能性，我們認為在不久的將來發生這種情況的可能性不大。最終，我們認為這對我們的客戶、合作夥伴、員工和股東來說是最佳的前進道路。至少可以說，自從我們宣布收購恩智浦以來的 21 個月一直在波動。儘管存在各種潛在的干擾，高通和恩智浦的領導層仍然專注於為我們兩家公司的成功整合奠定基礎。我想親自感謝 Rick Clemmer 和他的管理團隊，感謝他們成為出色的合作夥伴，並對他們在恩智浦創建的優秀公司表示讚揚。

Consistent with our prior commitment to return capital that was previously earmarked for the NXP acquisition, our Board has approved a new $30 billion stock repurchase authorization. We intend to execute on a large majority of the authorization by the end of fiscal 2019.

根據我們先前承諾返還先前指定用於收購恩智浦的資本，我們的董事會已批准一項新的 300 億美元股票回購授權。我們打算在 2019 財年底前執行大部分授權。

The rationale for the NXP acquisition was to accelerate our strategy of growing into adjacent opportunities where mobile compute was becoming ubiquitous. This strategy remains unchanged. Over the past 2 years, we continue to leverage the powerful industry dynamics of mobile everywhere. The results of these efforts are strongly evidenced in the growth of our adjacencies and RF front-end opportunities, which we estimate will contribute to our fiscal year ending this September approximately $5 billion in revenue, up more than 70% in the last 2 years.

收購恩智浦的理由是加快我們的策略，抓住行動運算變得無所不在的鄰近機會。這一策略保持不變。在過去的兩年裡，我們繼續利用行動無所不在的強大產業動力。這些努力的成果在我們的周邊和射頻前端機會的成長中得到了強有力的證明，我們估計這將為我們截至今年9 月的財政年度帶來約50 億美元的收入，在過去2 年中成長了70% 以上。

In key industries, like auto, our pipeline of awarded design wins has expanded dramatically this year to $5 billion, up $2 billion from January as automakers and Tier 1 suppliers leverage the strength of our road map and begin gearing up for our -- for 5G-enabled cars in 2021.

在汽車等關鍵產業，隨著汽車製造商和一級供應商利用我們路線圖的優勢並開始為我們的5G 做好準備，我們今年獲獎的設計獲獎管道已大幅擴大至50 億美元，比1 月份增加了20 億美元。

Our infotainment solutions account for more than half of the $5 billion pipeline, just 4 years after we announced our entry into this category. We've continued to gain share in WiFi and have now achieved leading positions in several WiFi segments. Our Snapdragon franchise has moved well beyond mobile devices, becoming the leading platform in areas like AR and VR and is positioned to be a critical enabler in AI and machine learning at the edge.

我們的資訊娛樂解決方案佔 50 億美元管道的一半以上，距離我們宣布進入這一類別僅 4 年。我們持續擴大 WiFi 領域的份額，現已在多個 WiFi 領域取得領先地位。我們的 Snapdragon 系列產品已遠遠超出了行動裝置的範圍，成為 AR 和 VR 等領域的領先平台，並定位為邊緣人工智慧和機器學習的關鍵推動者。

We are also transforming the notebook segment to a true smartphone experience and are growing our ecosystem of partners, including recently adding Samsung. Our industrial IoT product revenues are also growing rapidly and are on track to double this fiscal year versus 2 years ago. We anticipate our addressable opportunity in the industrial IoT space to grow at approximately 20% CAGR over the next few years, and we expect to exceed that growth for our industrial IoT revenues.

我們也正在將筆記型電腦領域轉變為真正的智慧型手機體驗，並正在發展我們的合作夥伴生態系統，包括最近添加了三星。我們的工業物聯網產品收入也在快速成長，本財年預計將比兩年前翻倍。我們預計未來幾年我們在工業物聯網領域的潛在機會將以約 20% 的複合年增長率增長，並且我們預計工業物聯網收入的增長將超過這一增長。

In the past 2 years, we brought forward 5G R&D spending to ensure Qualcomm's sustained leadership in the next generation of mobile technologies. Today, with every passing week, carriers around the world are announcing an expansion their 5G rollouts, and we are a partner to nearly all of them.

過去兩年，我們提前了5G研發支出，以確保高通在下一代行動技術的持續領先地位。如今，每一周，世界各地的營運商都宣布擴大其 5G 部署，而我們幾乎是所有營運商的合作夥伴。

Our significant investment in 5G leadership will become even more tangible with the early rollouts and device launches in 2019, along with larger deployments in 2020 and beyond. As a complement to our 5G modem leadership, our RF front-end technology will continue to be differentiated in the market as we bring a systems approach to solve many of the technical challenges of delivering a 5G experience. This transition presents a win-win for us and our customers, enabling us the opportunity to grow our dollar share of content in mobile devices while lowering the total cost for handset OEMs. With continued execution on our growth strategy, combined with systematic cost discipline and capital return, we are very well positioned to drive shareholder return in fiscal 2019 and beyond.

隨著 2019 年的早期部署和設備發布，以及 2020 年及以後的更大規模部署，我們對 5G 領導地位的大量投資將變得更加切實。作為我們 5G 數據機領導地位的補充，我們的射頻前端技術將繼續在市場上脫穎而出，因為我們將推出系統方法來解決提供 5G 體驗的許多技術挑戰。這項轉變對我們和我們的客戶來說是雙贏的，使我們有機會增加行動裝置內容的美元份額，同時降低手機 OEM 的總成本。透過持續執行我們的成長策略，結合系統性的成本控制和資本回報，我們完全有能力在 2019 財年及以後推動股東回報。

As you can see from our quarterly results, our business continues to perform well, and the time lines we have previously highlighted to resolve our licensing disputes remains unchanged.

正如您從我們的季度業績中看到的那樣，我們的業務繼續表現良好，並且我們之前強調的解決許可糾紛的時間表保持不變。

Our fiscal third quarter results were very strong, with non-GAAP earnings per share of $0.31 above the midpoint of our prior guidance range. Our results reflect continued strong execution across our businesses and continued focus on expense management.

我們第三財季的業績非常強勁，非 GAAP 每股收益比我們之前指導範圍的中點高出 0.31 美元。我們的業績反映了我們整個業務持續強勁的執行力以及對費用管理的持續關注。

In QTL, our third quarter results reflect a $500 million payment from the other licensee that is in dispute with us. This is a partial payment made while the negotiations continue for past royalties due going back to the third quarter of fiscal 2017. The payment does not reflect the full amount of royalties due under their existing licensing agreement, but we believe it is a positive step as we continue the negotiations in an effort to reach a resolution.

在 QTL 中，我們第三季的業績反映了與我們有爭議的另一家被授權人支付的 5 億美元款項。這是在繼續就 2017 財年第三季到期的特許權使用費進行談判的同時支付的部分款項。該付款並不反映根據現有許可協議應支付的全部特許權使用費，但我們認為這是積極的一步，因為我們將繼續進行談判以達成解決方案。

Also within QTL, we continue to make progress on signing agreements under our new 5G licensing framework. Recently, we have concluded more than 10 multiyear 5G multimode handset license agreements, including agreements with Xiaomi and Sharp, and we are in active negotiations with many more OEMs.

同樣在 QTL 內部，我們在新的 5G 授權框​​架下簽署協議方面繼續取得進展。最近，我們已經簽訂了十多項多年期5G多模手機授權協議，其中包括與小米和夏普的協議，並且我們正在與更多OEM廠商積極談判。

In QCT, we shipped 199 million MSMs in our third fiscal quarter, above the midpoint of our guidance range, reflecting stronger-than-expected demand in China due to the strength of our road map, particularly our 700 and 800 series Snapdragon solutions.

在QCT方面，我們第三財季的MSM出貨量為1.99億個，高於我們指導範圍的中點，反映出由於我們路線圖的優勢，特別是我們的700和800系列Snapdragon解決方案，中國的需求強於預期。

Looking ahead, our fiscal fourth quarter guidance reflects continued favorable trends in our businesses. We estimate calendar 2018 global 3G/4G device shipments to be approximately 1.8 billion to 1.9 billion units, consistent with our prior forecast and continue to see handset selling prices trending stronger than expected.

展望未來，我們的第四財季指引反映了我們業務持續有利的趨勢。我們預計 2018 年全球 3G/4G 設備出貨量約為 18 億至 19 億台，與我們先前的預測一致，且手機銷售價格趨勢將持續強於預期。

In QCT, demand for our Snapdragon 845 continues to grow, and we now have more than 130 Snapdragon 845 device designs in development. Consistent with our prior statements, we continue to see our key Chinese OEM partners leveraging our Snapdragon road map to improve their products in the domestic Chinese region and grow share in new regions, including Europe.

在QCT中，對我們的Snapdragon 845的需求持續成長，我們現在有超過130個Snapdragon 845裝置設計正在開發中。與我們先前的聲明一致，我們繼續看到我們的主要中國 OEM 合作夥伴利用我們的 Snapdragon 路線圖來改善其在中國國內地區的產品，並增加在包括歐洲在內的新地區的份額。

We have also seen very favorable third-party test results with our Snapdragon 845 and X16, X20 modems, significantly outperforming other merchant modem solutions in premium tier devices. We are also seeing further momentum supporting our RF front-end growth strategy and product differentiation with 4 design wins of our complete modem to antenna solutions. Our gallium arsenide, MMPA and module solutions have launched in customer premium tier devices, with more key Tier 1 launches coming this calendar year.

我們還看到我們的 Snapdragon 845 和 X16、X20 數據機獲得了非常良好的第三方測試結果，在高階設備中的效能明顯優於其他商用調變解調器解決方案。我們還看到，透過我們完整的數據機到天線解決方案的 4 項設計勝利，我們的射頻前端成長策略和產品差異化得到了進一步的支持。我們的砷化鎵、MMPA 和模組解決方案已在客戶的高階設備中推出，更多關鍵的 1 級設備將於今年推出。

We have also made 2 RF product announcements earlier this week, which are extremely important Qualcomm innovations to help solve the challenging, complex antenna requirements for 5G devices. We announced commercial shipment of the world's first commercial 5G New Radio millimeter wave RF solution and also announced a fully integrated sub-6 gigahertz RF solution. These announcements further expand our industry-leading 5G product and technology position, and there are 18 network operators and 20 manufacturers who have selected our X50 5G modem for trials and 5G devices.

本週早些時候，我們還發布了兩項射頻產品，這是高通極其重要的創新，有助於解決 5G 設備具有挑戰性的複雜天線要求。我們宣布全球首個商用5G New Radio毫米波射頻解決方案實現商業出貨，並宣布推出全整合的sub-6GHz射頻解決方案。這些公告進一步擴大了我們領先業界的5G產品和技術地位，已有18家網路營運商和20家製造商選擇了我們的X50 5G數據機進行試驗和5G設備。

We are leading the industry to 5G commercialization next year and are pleased to see our OEM partners finalizing their 2019 5G smartphone launch plans. Qualcomm's chipsets are now the leading 5G development platform of choice for operators, infrastructure suppliers and smartphone OEMs.

我們將在明年引領業界實現 5G 商業化，並很高興看到我們的 OEM 合作夥伴最終確定了 2019 年 5G 智慧型手機發布計劃。高通晶片組現已成為營運商、基礎設施供應商和智慧型手機原始設備製造商首選的領先 5G 開發平台。

In closing, we are pleased to report very strong results this quarter and look forward to continuing to update you on our progress across the key strategic areas we have outlined for shareholders. This is a very exciting time for Qualcomm. With 5G approaching, our core technologies of advanced computing, connectivity and security are continuing to drive growth in disruption in mobile, automotive, IoT and networking.

最後，我們很高興能報告本季非常強勁的業績，並期待繼續向您通報我們在為股東概述的關鍵策略領域取得的進展。對於高通來說，這是一個非常令人興奮的時刻。隨著 5G 的臨近，我們的先進運算、連接和安全核心技術將繼續推動行動、汽車、物聯網和網路領域的顛覆性成長。

I will now turn the call over to George.

我現在會把電話轉給喬治。

Thank you, Steve, and good afternoon, everyone. Before I discuss our quarterly results, I would like to join Steve and thank the NXP team for their partnership and collaboration over the past 21 months.

謝謝史蒂夫，大家下午好。在討論我們的季度業績之前，我想和史蒂夫一起感謝恩智浦團隊在過去 21 個月中的合作與協作。

Now turning to the quarter. We are pleased to report very strong fiscal third quarter results with revenue of $5.6 billion and non-GAAP EPS of $1.01. As Steve mentioned, these results reflect $500 million of revenue in QTL related to an interim payment with the other licensee in dispute. This is a partial payment made while the negotiations continue for past royalties due going back to the third quarter of fiscal 2017 and does not reflect the full amount of royalties due from the underlying license agreement or our expectations of royalties that will be due once the dispute is settled. The interim agreement provides for an additional $200 million, with $100 million paid in each of the next 2 quarters.

現在轉向季度。我們很高興地報告非常強勁的第三財季業績，收入為 56 億美元，非 GAAP 每股收益為 1.01 美元。正如史蒂夫所提到的，這些結果反映了 QTL 的 5 億美元收入，該收入與與其他有爭議的被許可人的臨時付款有關。這是在2017 財年第三季起應支付的過去特許權使用費進行談判時所支付的部分款項，並不反映基礎授權協議中應支付的全部特許權使用費金額，也不反映我們對爭議發生後應支付的特許權使用費的預期。臨時協議規定額外支付 2 億美元，未來 2 季每季支付 1 億美元。

Non-GAAP EPS of $1.01 was $0.31 above the $0.70 midpoint of our guidance range. The partial payment accounted for $0.26, with the remaining $0.05 above the midpoint driven by favorable interest expense tax rate in QTL OEM mix during the quarter.

非 GAAP 每股收益為 1.01 美元，比我們指導範圍 0.70 美元的中點高出 0.31 美元。部分付款佔 0.26 美元，其餘 0.05 美元高於中點，這是由於本季度 QTL OEM 組合中有利的利息費用稅率所致。

QCT earnings before tax was up 6% year-over-year, representing the ninth consecutive quarter of year-over-year growth in EBT.

QCT 稅前利潤年增 6%，代表 EBT 連續第九個季度年增。

EBT margin was 15%, at the high end of our guidance range on higher volume and favorable product cost initiatives.

EBT 利潤率為 15%，處於我們基於更高產量和有利的產品成本計劃的指導範圍的高端。

In QCT, MSM shipments were 199 million, above our 195 million guidance midpoint on stronger-than-anticipated demand from Chinese OEMs. QCT revenue for the quarter was $4.1 billion, flat on a year-over-year basis, reflecting strong demand from Chinese OEMs, offset by lower demand from Apple.

在 QCT 中，MSM 出貨量為 1.99 億台，高於我們 1.95 億台的指引中位數，因為中國 OEM 廠商的需求強於預期。本季 QCT 營收為 41 億美元，與去年同期持平，反映出中國 OEM 廠商的強勁需求，但被蘋果需求下降所抵銷。

In QTL, excluding the $500 million payment from the other licensee in dispute, revenue was modestly above the midpoint of our prior guidance range on mix. QTL EBT margin was 72%, including the partial payment. Excluding the partial payment, EBT margin was 57%, coming in above our prior guidance range of 50% to 54% on OEM mix as well as lower-than-expected litigation expenses.

在 QTL 中，不包括其他有爭議的被授權人支付的 5 億美元款項，其收入略高於我們先前混合指引範圍的中點。QTL EBT 利潤率為 72%，包括部分付款。不包括部分付款，EBT 利潤率為 57%，高於我們先前關於 OEM 組合的指導範圍 50% 至 54%，且訴訟費用低於預期。

In our fiscal third quarter, non-GAAP combined R&D and SG&A was up approximately 1% sequentially, in line with the midpoint of our guidance range.

在我們的第三財季，非 GAAP 合併研發和銷售、一般管理費用較上季成長約 1%，與我們指引範圍的中點一致。

In the fiscal third quarter, excess litigation expenses were approximately $140 million, and we expect litigation expenses to be similar next quarter as the cases against Apple continue, including hearings in several of our patent infringement cases in the U.S., Germany and China.

在第三財季，超額訴訟費用約為1.4 億美元，隨著針對蘋果的案件繼續進行，包括我們在美國、德國和中國的幾起專利侵權案件的聽證會，我們預計下季度的訴訟費用將與此類似。

We continue to execute on our $1 billion cost plan, and as a result, incurred approximately $110 million in restructuring costs, primarily related to severance and asset impairments. These items were excluded from our non-GAAP results. For fiscal 2019, we remain on track to reduce total operating expenses by $1 billion from our prior baseline of $7.4 billion.

我們繼續執行 10 億美元的成本計劃，因此產生了約 1.1 億美元的重組成本，主要與遣散費和資產減損相關。這些項目被排除在我們的非 GAAP 業績之外。2019 財年，我們仍有望將總營運支出從先前 74 億美元的基準減少 10 億美元。

Our non-GAAP effective tax rate for the quarter was a 6% benefit, lower than our prior expectations, reflecting the change in our estimates of U.S. earnings principally due to the interim payment in QTL.

我們本季的非 GAAP 有效稅率為 6%，低於我們先前的預期，反映出我們對美國獲利預期的變化主要是由於 QTL 的中期付款所致。

We returned approximately $1.9 billion to stockholders during the quarter, including approximately $900 million in dividends paid and $1 billion in stock repurchases.

本季我們向股東返還了約 19 億美元，其中包括約 9 億美元的股息支付和 10 億美元的股票回購。

Our Q3 cash and marketable securities balance was $36 billion, which excluded $2 billion held to collateralize letters of credit for the NXP acquisition and $2.8 billion restricted for our recent redemption of acquisition-related debt. We ended the quarter with total debt outstanding of $22.5 billion.

我們第三季的現金和有價證券餘額為 360 億美元，其中不包括為恩智浦收購抵押信用證而持有的 20 億美元，以及我們最近贖回收購相關債務而受到限制的 28 億美元。本季末，我們的未償債務總額為 225 億美元。

Turning to our fourth -- excuse me, our fiscal fourth quarter guidance. We estimate revenue to be in the range of approximately $5.1 billion to $5.9 billion. We estimate non-GAAP earnings per share to be approximately $0.75 to $0.85 per share. We expect non-GAAP combined R&D and SG&A expenses will be flat sequentially, including the impact of an extra week in our fiscal fourth quarter. Excluding the extra week of operations, we estimate that non-GAAP combined R&D and SG&A expenses would be down mid-single digits percentage sequentially, in line with the timing of our cost program despite the ramp in 5G development activities. We expect QTL revenues for the fiscal fourth quarter to be in the range of $1 billion to $1.2 billion. This revenue guidance includes the expected $100 million payment from the other licensee in dispute while negotiations are ongoing. We expect QTL's EBT margin to be between 58% and 62%.

轉向我們的第四個——對不起，我們的第四季度財政指導。我們預計營收約為 51 億至 59 億美元。我們預計非 GAAP 每股收益約為每股 0.75 至 0.85 美元。我們預計非 GAAP 合併研發和銷售、一般管理費用將較上季持平，包括第四財季額外一週的影響。排除額外一周的運營，儘管 5G 開發活動有所增加，但我們預計非 GAAP 綜合研發和銷售及行政管理費用將環比下降中個位數百分比，這與我們成本計劃的時間表一致。我們預計第四財季 QTL 營收將在 10 億美元至 12 億美元之間。該收入指引包括在談判正在進行期間，其他有爭議的被許可人預計支付的 1 億美元。我們預計 QTL 的 EBT 利潤率將在 58% 至 62% 之間。

It is worth noting that beginning in our fiscal first quarter of 2019, we will implement the new ASC 606 revenue recognition guidance. This requires that we estimate QTL royalty revenues each quarter rather than recognizing them 1 quarter in arrears and then make revenue adjustments in the following quarters once actual amounts are reported by our licensees.

值得注意的是，從 2019 財年第一季開始，我們將實施新的 ASC 606 收入確認指南。這要求我們每季估算 QTL 特許權使用費收入，而不是確認 1 個季度的欠款，然後在我們的被許可人報告實際金額後在接下來的幾個季度進行收入調整。

Accordingly, the September quarter results for our licensing business will not be reported in our fiscal Q1 results but will be recorded on the balance sheet into retained earnings with offsetting entries in accounts receivable. And our first fiscal quarter will now reflect estimated December royalty revenues for our licensing business, consistent with the absence of a 1 quarter lag. This change will alter QTL typical seasonality as the busy holiday quarter for our licensees will now be recognized in our fiscal first quarter rather than our fiscal second quarter each year. Of course, the impact of our 2 disputes, in particular, Apple, has also impacted seasonality over the past year given the absence of the usual impact of the flagship launches of these large OEMs.

因此，我們的授權業務 9 月季度的業績將不會在第一財季業績中報告，但將記錄在資產負債表上的留存收益中，並在應收帳款中抵銷條目。現在，我們的第一個財季將反映我們授權業務的 12 月估計特許權使用費收入，與沒有季度滯後的情況一致。這項變更將改變 QTL 的典型季節性，因為我們的被授權人的繁忙假期季度現在將在我們的第一財季而不是每年的第二財季得到認可。當然，由於這些大型原始設備製造商的旗艦產品發布並沒有帶來通常的影響，因此我們的兩個糾紛（尤其是蘋果）的影響也影響了過去一年的季節性。

Turning to QCT. We anticipate MSM shipments in the fiscal fourth quarter to be in the range of 205 million to 225 million units, up approximately 8% sequentially at the midpoint on seasonality and strength of our road map with Chinese OEMs. We expect QCT EBT margin to be approximately 16% to 18%, up 200 basis points at the midpoint sequentially on a favorable mix towards Snapdragon 700 and 800 tiers, partially offset by lower shipments to Apple. We believe Apple intends to solely use our competitor's modems rather than our modems in its next iPhone release. We will continue to provide modems for Apple legacy devices.

轉向 QCT。我們預計第四財季的 MSM 出貨量將在 2.05 億至 2.25 億台之間，根據季節性和我們與中國 OEM 廠商路線圖的實力，環比增長約 8%。我們預計 QCT EBT 利潤率約為 16% 至 18%，在 Snapdragon 700 和 800 系列的有利組合下，環比中點上升 200 個基點，部分被蘋果出貨量下降所抵消。我們相信 Apple 打算在其下一個 iPhone 版本中僅使用我們競爭對手的數據機，而不是我們的數據機。我們將繼續為 Apple 舊裝置提供調變解調器。

We expect that non-GAAP interest expense, net of investment income, will be approximately flat sequentially. We expect our non-GAAP tax rate for the fiscal fourth quarter and the full year to be approximately 2% expense.

我們預計，扣除投資收入後的非公認會計準則利息支出將與上一季大致持平。我們預計第四財季和全年的非公認會計準則稅率約為 2%。

As Steve mentioned, we expect to terminate the NXP transaction after today's end date, subject only to receipt of evidence of a material change in circumstances related to the deal. Termination will trigger payment of the $2 billion termination fee.

正如史蒂夫所提到的，我們預計在今天的結束日期後終止恩智浦交易，前提是收到與交易相關的情況發生重大變化的證據。終止將觸發支付 20 億美元的終止費用。

Consistent with our previously announced Plan B alternative, following the termination of the agreement, our Board has authorized the purchase of up to $30 billion of stock, replacing the existing $10 billion authorization. We intend to execute on a large majority of the authorization by the end of fiscal 2019. Our repurchases will be funded almost entirely from balance sheet cash, and we will update you on the specific plans as we come to market.

與我們先前宣布的 B 計畫替代方案一致，協議終止後，我們的董事會已授權購買最多 300 億美元的股票，取代現有的 100 億美元授權。我們打算在 2019 財年底前執行大部分授權。我們的回購幾乎完全由資產負債表現金提供資金，我們將在上市時向您通報具體計畫。

Our fourth quarter guidance does not include any impact of this new stock repurchase program or the impact of the $2 billion termination fee. The termination fee is expected to have approximately a $1.35 impact on GAAP earnings when recorded.

我們的第四季指引不包括這項新股票回購計畫的任何影響或 20 億美元終止費的影響。終止費用預計將對記錄時的 GAAP 收益產生約 1.35 美元的影響。

We remain committed to a strong balance sheet, maintaining a strong investment-grade rating and to ongoing growth in our dividend over time.

我們仍然致力於維持強勁的資產負債表，保持強勁的投資等級評級，並隨著時間的推移實現股息的持續成長。

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

我的評論到此結束。我現在將把電話轉回給約翰。

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

謝謝你，喬治。接線員，我們準備好回答問題了。

(Operator Instructions) Amit Daryanani from RBC Capital Market.

（操作員指示）來自 RBC 資本市場的 Amit Daryanani。

I guess, just a question on the NXP dynamic. I guess, Steve, how do you think about M&A to achieve what you really wanted to get out of NXP going forward? And is your sense that Qualcomm can't really do any deals until the global macro territories has improved? Or do you think NXP was perhaps something unique that you couldn't do and you could still go do other deals? Just wanted to understand, how do you go about the diversity that you talked about with NXP? And then on buybacks, how do we think about the pace? And how do you execute such a large buyback in a short time frame?

我想，這只是一個關於恩智浦動態的問題。我想，史蒂夫，您如何看待併購以實現您真正希望從恩智浦獲得的未來？您是否認為，在全球宏觀領域有所改善之前，高通無法真正進行任何交易？或者您認為恩智浦可能是您無法完成的獨特交易，但您仍然可以進行其他交易？只是想了解，您如何處理與恩智浦談論的多樣性？然後在回購方面，我們又如何看待回購的步伐？如何在短時間內執行如此大規模的回購？

Amit, this is Steve. I'll take the first one. George, why don't you take the second half of that? So I'm not sure if there's anything particular about this transaction or engagement around the transaction. I think it's probably more a statement of the overall macro environment that everyone is offering in right now. For us, I don't know if it signals any difference in terms of our ability to do things in the future. We are obviously, from a capital allocation point of view, obviously moving very rapidly into a stock buyback, which is where the focus is right now. But I don't know if I see anything closed down outside of the fact that it's just an unusual window, I think, for everybody involved in the industry right now.

阿米特，這是史蒂夫。我就拿第一個。喬治，為什麼不聽後半段呢？所以我不確定這筆交易或圍繞交易的參與是否有什麼特別之處。我認為這可能更多是對每個人現在所提供的整體宏觀環境的陳述。對我們來說，我不知道這是否意味著我們未來做事的能力有任何差異。從資本配置的角度來看，我們顯然正在非常迅速地進行股票回購，這也是目前的焦點。但我不知道我是否看到任何東西被關閉，除了我認為這對於目前參與該行業的每個人來說只是一個不尋常的窗口這一事實之外。

Yes, on the pacing of the buybacks, we'll come out with some information on that soon. But obviously, if we're going to get a large majority done within 2019, it'll have to be some form of accelerated buyback as a part of that plan.

是的，關於回購的節奏，我們很快就會發布一些資訊。但顯然，如果我們要在 2019 年完成大部分工作，就必須以某種形式的加速回購作為該計畫的一部分。

Mike Walkley from Canaccord Genuity.

來自 Canaccord Genuity 的 Mike Walkley。

George, just following up on the buyback and your guidance. Is there any change as to the $5.25 in 2019 that you expect to generate, assuming that the 2 licensing agreements are not settled? Can you maybe just walk us through the puts and takes towards -- getting towards that number if that's still the case?

喬治，只是跟進回購和您的指導。假設 2 份授權協議尚未達成，您預計 2019 年產生的 5.25 美元收入是否有任何變動？如果情況仍然如此，您能否向我們介紹看跌期權和看跌期權，以實現該數字？

Yes, so let me just give you an update. So first up, we have not changed our FY '19 guidance. And as a reminder, resolution of our licensing disputes will be critical to our $6.75 to $7.50 objective. And if you think about the legal milestones that we talked about in the past in support of driving these disputes towards resolution, we believe those milestones are on track and fundamentally unchanged. In terms of the timing and impact of the share repurchase accretion relative to NXP, obviously, the share repurchase will depend on the timing of when the shares come in. It will also depend on the timing of the licensing resolution. You can get to actually a higher number than the NXP accretion that we talked about for 2019 of $1.50 with share repurchase. But of course, that requires the licensing disputes to be completed. So right now, no change in our outlook of $6.75 to $7.50. And on the $5.25, we'll have to look at really what the timing is on the share repurchase and the implications of that.

是的，所以讓我向您通報最新情況。首先，我們沒有改變 19 財年的指導方針。提醒一下，解決我們的許可糾紛對於我們實現 6.75 至 7.50 美元的目標至關重要。如果你考慮我們過去談到的支持推動這些爭議解決的法律里程碑，我們相信這些里程碑正在步入正軌並且從根本上沒有改變。就股票回購相對於恩智浦而言的時間和影響而言，顯然，股票回購將取決於股票回購的時間。它還將取決於許可決議的時間。實際上，您可以透過股票回購獲得比我們談到的 2019 年 NXP 增值 1.50 美元更高的數字。當然，這需要解決許可糾紛。因此，目前我們對 6.75 美元至 7.50 美元的展望沒有改變。對於 5.25 美元，我們必須真正了解股票回購的時機及其影響。

Tim Long from BMO Capital.

來自 BMO 資本的 Tim Long。

Just 2, if I could. First, a lot of talk about 5G. Could you just update us on what you think that will mean to the Qualcomm model for both the chip and royalty businesses as far as ASP increases or market share gains you think that would result in? And then, secondly, on the chip business, sounds like with thin modems going down and a pretty favorable mix, I'm assuming you're expecting a pretty good ASP and probably gross margin move the next few quarters. If you could discuss that a little bit.

如果可以的話，就2個。首先，大量談論5G。您能否向我們介紹一下您認為這對晶片和專利權業務的高通模式意味著什麼，以及您認為這會導致平均售價增加或市場份額增加的情況？其次，在晶片業務方面，聽起來隨著薄型調變解調器的下降和相當有利的組合，我假設您預計未來幾季的平均售價會相當不錯，而且毛利率可能會出現變化。如果你能稍微討論一下的話。

Tim, this is Cristiano. So I'll start with the 5G chip, and I will shift to Alex for the license, and then we can come back and talk about the modem. We're very happy what we've seen in 5G right now. The 5G is accelerating. I think we said there are a large number of operators, and I can say that all of our Snapdragon 800 OEMs today are claiming to launch a 5G device smartphone in 2019. I think that position us well. It's early ramp of a technology, but we have seen revenue generations. I think we are in a good leadership position as the market moves. It could be a significant event in later part of '19 and '20. And as you'd expect, we see an opportunity for both revenue and margin expansion on the chip business.

提姆，這是克里斯蒂亞諾。所以我將從 5G 晶片開始，然後我將轉向 Alex 獲取許可證，然後我們可以回來討論調製解調器。我們對現在在 5G 中看到的一切感到非常高興。5G正在加速發展。我想我們說過有大量的運營商，我可以說我們今天所有的 Snapdragon 800 OEM 都聲稱將在 2019 年推出 5G 設備智慧型手機。我認為這對我們來說是有利的。這是一項技術的早期發展，但我們已經看到了創造收入。我認為隨著市場的變化，我們處於良好的領導地位。這可能是 19 世紀後期和 20 世紀的重大事件。正如您所期望的那樣，我們看到了晶片業務收入和利潤成長的機會。

So this is Alex. On the QTL side, the 5G transition is very good for the QTL business. We have a strong IP leadership position, including within the standards arena and standard essential patents. We're very well positioned with the licensing framework that we rolled out as evidenced by the -- over 10 license agreements that we've just recently signed. And so we think that we're in a very good position for long-term stability through the 5G transition.

這就是亞歷克斯。在QTL方面，5G轉型對於QTL業務非常有利。我們擁有強大的智慧財產權領導地位，包括在標準領域和標準必要專利方面。我們在推出的授權框架方面處於非常有利的位置，我們最近簽署的 10 多項授權協議就證明了這一點。因此，我們認為我們在 5G 過渡過程中處於非常有利的長期穩定性位置。

Tim, on the gross margin, as you think about Q4, probably the biggest single impact pulling margin down is the absence of the other licensee payment, which came in. Now what we're seeing is despite lower Apple business, both quarter-over-quarter and year-over-year, you're seeing strength in the 700 and 800 tiers in China in the chip business, and that's actually really moderated what otherwise would have been difficult margin story.

提姆，就毛利率而言，當你想到第四季時，拉低利潤率的最大單一影響可能是缺乏其他被授權人付款。現在我們看到的是，儘管蘋果業務環比和同比下降，但你會看到中國 700 和 800 級晶片業務的實力，這實際上確實緩和了其他方面的影響。

Chris Caso from Raymond James.

雷蒙德詹姆斯的克里斯卡索。

Just a question on the 606 adoption and how that affects fiscal '19 guidance. Was that already incorporated in the fiscal '19 guidance that you have provided previously? Because I guess, my understanding as I'm thinking it through is there would be a benefit to the fiscal first quarter against prior assumptions because that would capture the strong season. Am I thinking about that correctly?

只是關於 606 的採用及其如何影響 19 財年指導的問題。這是否已納入您先前提供的 19 財年指導中？因為我想，我的理解是，與先前的假設相比，第一個財季將會有好處，因為這將抓住旺季的機會。我的想法正確嗎？

It was always in -- 606 was always in our estimates for '19. And really, if you think about it, it just affects the shape of the year, not the size of the year. You get all 4 seasonal quarters in.

它總是在 - 606 總是在我們對 19 年的估計中。事實上，如果你仔細想想，它只會影響年份的形狀，而不是年份的大小。您將獲得所有 4 個季節性季度的數據。

Stacy Rasgon from Bernstein Research.

伯恩斯坦研究中心的史黛西‧拉斯貢 (Stacy Rasgon)。

I have 2. First, on the timing of the buyback. If the buyback was supposed to give $1.50 for the full year, but it's going to take you through the full year to actually execute on it, how does it give you the full $1.50 in 2019? So my second question, the $100 million in revenue you have built into your guidance for next quarter and the quarter after, is that $100 million representative at all of your expectations for the run rate following settlement? And effectively, did you sort of take down your QTL revenue guidance? We're using $1 billion to $1.1 billion. Now it's $1 billion to $1.2 billion, but it includes an additional $100 million. So it looks like the -- ex that $100 million, the core business was taken down. Is that the case? Was that just some sort of seasonal or other issues that are going on?

我有兩個問題。如果回購應該為全年帶來 1.50 美元，但它需要你全年才能實際執行，那麼它如何在 2019 年為你帶來 1.50 美元的全額？所以我的第二個問題，您在下個季度和下個季度的指導中納入的 1 億美元收入，這 1 億美元是否代表了您對結算後運行率的所有預期？實際上，您是否取消了 QTL 收入指引？我們使用了 10 億至 11 億美元。現在是10億到12億美元，但還包括額外的1億美元。所以看起來——前1億美元的核心業務被取消了。是這樣嗎？這只是某種季節性問題還是其他正在發生的問題？

Yes, let me start -- let me maybe just start on the back end of it, on the numbers with respect to the $100 million. And maybe, Alex, after I'm finished with the answer, you can jump in. But the $100 million really does not represent a change or the $1.1 billion -- or the $1 billion to $1.2 billion guide is really not a change. We said that depending on seasonal factors, we expect to be roughly between $1 billion and $1.1 billion each quarter. And as you know, we're seeing the more seasonally weak quarter. Although quite frankly, a lot of the seasonality has come out as we look at the year because we're missing some of those flagship launches. So the absolute market is generally pretty flat relative to that period. So I think, overall, you're actually seeing a little better mix from QTL along with the $100 million. In terms of the buyback, really, you're going to need the -- you would be below $1.50 absent any resolution. And it could be well above $1.50 with resolution, which is the dynamic between a -- the accretion that would come from a full year of NXP with the synergies in place and the share repurchase program. No real change in the map.

是的，讓我開始——也許讓我從它的後端開始，關於 1 億美元的數字。亞歷克斯，也許在我回答完之後，你可以加入。但 1 億美元實際上並不代表變化，或者 11 億美元——或者 10 億美元到 12 億美元的指導實際上也不代表變化。我們表示，根據季節性因素，我們預計每季的營收大約在 10 億到 11 億美元之間。如您所知，我們看到的是季節性疲軟的季度。儘管坦白說，當我們回顧這一年時，許多季節性因素已經出現，因為我們錯過了一些旗艦產品的發布。因此，相對於那個時期，絕對市場總體上相當平坦。所以我認為，總的來說，你實際上看到了 QTL 與 1 億美元的更好組合。就回購而言，實際上，如果沒有任何決議，您的股價將低於 1.50 美元。如果有決議的話，它可能會遠高於 1.50 美元，這是恩智浦全年的成長與股票回購計劃之間的動態關係，協同效應到位。地圖上沒有真正的變化。

So this is Alex. Really quickly, the $100 million in the quarter does not set an expectation for the licensing revenue should there be a resolution to the negotiation process. That is just a partial payment, but it does not reflect what's sold under the agreement. And as we've said before, we're in active negotiations, and this is just a partial payment, and the negotiations are ongoing. As long as we think the negotiations are heading in a positive direction, we'll keep driving them, and we think this payment is a good faith indication that they are heading in a positive direction.

這就是亞歷克斯。很快，如果談判過程得到解決，本季的 1 億美元並沒有設定授權收入的預期。這只是部分付款，但並不反映根據協議出售的商品。正如我們之前所說，我們正在積極談判，這只是部分付款，而且談判正在進行中。只要我們認為談判正在朝著積極的方向發展，我們就會繼續推動談判，我們認為這筆付款是一個善意的跡象，表明談判正在朝著積極的方向發展。

James Faucette with Morgan Stanley.

摩根士丹利的詹姆斯·福賽特。

Steve, I wanted to ask you kind of a big picture question back on kind of the decision-making process, and hopefully, we can help interpolate a little bit into how you're thinking about the future. But wonder if you could give a little more color as to where you saw the opportunity cost of continuing to wait for China to go through its process, and as you described it, that political window to change maybe back more favorably. What -- how are you thinking about the opportunity cost of continuing to wait? And why make the decision to move on now? And how should we be thinking about that? And how you're thinking about the future opportunities for Qualcomm, particularly in some of these new areas that you're pursuing?

史蒂夫，我想問你一個關於決策過程的宏觀問題，希望我們可以幫助你了解你對未來的看法。但想知道您是否可以進一步說明您在哪裡看到了繼續等待中國完成其進程的機會成本，正如您所描述的，改變的政治窗口可能會更有利地回歸。你如何看待繼續等待的機會成本？為什麼現在決定繼續前進？我們該如何思考這個問題？您如何看待高通未來的機遇，特別是在您正在追求的一些新領域？

Sure, James. So I think the situation -- a quick reminder, we signed the agreement about 21 months ago. We also had already extended the agreement once. And I think very good discussions, by the way, with the regulators worldwide and in particular in China. It was very clear to us that the macro environment was a very difficult macro environment to get something of this size through. And it was not clear that, that was going to change in the future dramatically, particularly in the time window that we saw -- that we had to really move. And I'd say move toward 2 things. One is, I think, the company needs to focus on the opportunities that are ahead. I think that's important. The other aspect is we just need to provide certainty, not only to our partners and shareholders, but also to the employees as to where we're going. And we look at that altogether in a big mix and basically decide that the right thing to do was to move on. We obviously have some time left on the clock here today to be exact. But hopefully, that helps you understand where we're headed. I think you should also view it as a statement of what we feel very good about the business, where we're headed and the forward aspects. And we want to move on and really deliver that to shareholders as we said we would.

當然，詹姆斯。所以我認為情況是——快速提醒一下，我們大約 21 個月前簽署了協議。我們也已經延長過一次協議。順便說一句，我認為與世界各地的監管機構，特別是中國的監管機構進行了非常好的討論。我們非常清楚，宏觀環境是一個非常難以獲得如此規模的東西的宏觀環境。目前尚不清楚，這種情況在未來是否會發生巨大變化，特別是在我們看到的時間窗口內——我們必須真正採取行動。我想說的是朝著兩件事邁進。我認為，一是公司需要關注未來的機會。我認為這很重要。另一方面，我們只需要向我們的合作夥伴和股東以及員工提供我們前進方向的確定性。我們從一個大的角度綜合考慮這一點，並基本上決定正確的做法是繼續前進。確切地說，我們今天顯然還剩下一些時間。但希望這可以幫助您了解我們的發展方向。我認為您還應該將其視為我們對業務的良好感覺、我們的發展方向和未來方面的陳述。我們希望繼續前進，並真正按照我們所說的將其交付給股東。

Romit Shah from Nomura Equity (sic) [Nomura Securities].

野村證券 (Nomura Equity)（原文如此）[野村證券] 的 Romit Shah。

George, going from 14 weeks in September to 13 weeks in the calendar fourth quarter, do you anticipate any impact to MSM shipments? Is that something we should contemplate? And then can I just ask you about Apple and your thin modem share? Are you -- do you guys believe that you're locked out of that account indefinitely? What will it take for Qualcomm to win back that business?

George，從 9 月的 14 週增加到第四季的 13 週，您預計 MSM 的出貨量會受到什麼影響嗎？這是我們該思考的事情嗎？那麼我可以問一下有關 Apple 和您的瘦調變解調器份額的情況嗎？你們相信你們會無限期地被鎖定在該帳戶之外嗎？高通需要採取什麼措施才能贏回這項業務？

Really, what we see with an extra week is more the purchasing dynamics and decisions tend to be more indifferent to whether there's an additional week in the quarter or not. It's really around timing of launches. So it's really the -- we're seeing the major effect on the cost side of the extra week really at the run rate.

實際上，我們看到的額外一周更多的是購買動態，決策往往對本季度是否有額外一周更加漠不關心。這實際上與發佈時間有關。因此，我們確實看到了額外一周的成本對運行率的主要影響。

This is Cristiano. Talking about your question on Apple, look, this is a very dynamic industry. I think we've been very clear, and we don't expect to be in the next product launch. We will continue to support them with the legacy. And I think those are decisions that are made as the industry move and designed by design. I think we continue to be focused on technology. We feel pretty good about our modem leadership. I think we disclosed there are some very interesting, I think, third-party customer reports to show our performance. And we'll continue to be investing on the modem. And if the opportunity present itself, I think we will be a supplier of Apple.

這是克里斯蒂亞諾。談到你對蘋果的問題，你看，這是一個非常有活力的產業。我認為我們已經非常明確了，我們預計不會在下一次產品發布中出現。我們將繼續用遺產支持他們。我認為這些決定是隨著產業的發展而做出的，而且是經過精心設計的。我認為我們將繼續專注於技術。我們對我們的現代領導地位感到非常滿意。我認為我們披露了一些非常有趣的第三方客戶報告來展示我們的業績。我們將繼續投資調製解調器。如果機會出現，我認為我們將成為蘋果的供應商。

Matt Ramsay from Cowen.

來自考恩的馬特·拉姆齊。

Steve, I wanted to ask a little bit about the adjacencies. I mean, one of the big thesis points of during the NXP transaction was to give you guys or sort of jump start the scale, particularly in automotive and the microcontroller IoT businesses. And now that the deal seems to be off the table, maybe you can talk a little bit about the scale that you currently have in the adjacent businesses that you're ramping and how you think about that competitively without getting NXP done.

史蒂夫，我想問一些關於鄰接的問題。我的意思是，恩智浦交易期間的重要論點之一是為你們提供或某種程度的啟動規模，特別是在汽車和微控制器物聯網業務中。既然這筆交易似乎已經脫離談判桌，也許你可以談談你目前正在擴大的相鄰業務的規模，以及你如何看待在不完成恩智浦的情況下的競爭性。

Matt, I think maybe I'll differentiate, the answer depends on which market you're in. So I think in the automobile segment, we already feel that we're a pretty large player. We've benefited from the fact that we are strong in the technologies that are defining many of the new use cases, in particular telematics and the connected car through telematics as a product line but also in our infotainment business. So we feel, today, we already have significant scale. Obviously, we have a much stronger scale with NXP, and we like the transaction as a result. But our auto business is already a significant business, as I mentioned, the $5 billion backlog and growing. So we're pleased with that. And I think we're well positioned in the technologies that will define the key excitement and the future as well. In IoT, again, I think we're in the right place with the core technologies and the technologies that the industry is working toward. We do not have as strong and organic channel as would be brought to us by the NXP transaction. It's growing, and it contributes to the business today, but we're going to have to augment that a bit here in the future. We hope to also move forward on that but also deliver on the stock buyback in the interim as well. So it's sort of a two-pronged capital allocation perspective, I think, from a company. But we feel lucky and pleased to have the -- a strong position in the technologies, which we think are the key technologies to winning in those markets long term.

馬特，我想也許我會有所區別，答案取決於你所在的市場。所以我認為在汽車領域，我們已經覺得我們是一個相當大的參與者。我們受益於這樣一個事實，即我們在定義許多新用例的技術方面實力雄厚，特別是遠端資訊處理和透過遠端資訊處理作為產品線的聯網汽車，而且在我們的資訊娛樂業務中也是如此。所以我們覺得，今天我們已經有了很大的規模。顯然，我們與恩智浦的規模更大，因此我們喜歡這筆交易。但正如我所提到的，我們的汽車業務已經是一項重要業務，積壓了 50 億美元，而且還在持續成長中。所以我們對此感到滿意。我認為我們在技術方面處於有利地位，這些技術也將定義關鍵的興奮點和未來。在物聯網領域，我認為我們在核心技術和產業正在努力開發的技術方面處於正確的位置。我們沒有恩智浦交易帶給我們的強大而有機的管道。它正在成長，並且對今天的業務做出了貢獻，但我們將來必須在此方面進行一些擴展。我們也希望在這方面取得進展，但同時也能實現股票回購。因此，我認為，這是一家公司的雙管齊下的資本配置觀點。但我們感到幸運和高興，因為我們在技術領域擁有強大的地位，我們認為這是在這些市場長期獲勝的關鍵技術。

Ross Seymore from Deutsche Bank.

德意志銀行的羅斯·西莫爾。

Steve, just a follow-on to that as the first part of my question, is how do you reconcile the billion dollars of cost cutting, where there's a number of press reports saying that the adjacencies are exactly where the trimming is occurring with your goal to diversify? And then my second question, which is somewhat unrelated, is, George, it looks like you're MSM guidance is at least seasonal, if not above seasonal, at up 8%. Considering what you said about Apple, is there something else going on there? Does the extra week benefit the revenue outlook for QCT? Any color on that would be helpful.

史蒂夫，我的問題的第一部分是您如何協調數十億美元的成本削減，有許多媒體報道稱，相鄰區域正是與您的目標進行削減的地方多元化？然後我的第二個問題，有點不相關，是，喬治，看起來你的 MSM 指導至少是季節性的，如果不是高於季節性的話，上漲 8%。考慮到你所說的蘋果公司，還有其他事情發生嗎？額外一週的時間是否有利於 QCT 的收入前景？任何顏色都會有幫助。

Ross, let me -- this is Steve. Let me answer that first question about where the focus is. Our focus on the cost cutting is really more about focusing the company's resources on these areas as opposed to taking R&D or resources away. As you know the history of the company, we've had a number of other bets that I think are a little bit further outside of the core competency of the company, and we're trying to focus on our R&D in the areas where we think there are growth. Industrial, IoT, automotive, networking are clearly above the line there for us, which we are excited about. We are moving some focused R&D toward those businesses versus away from them in total. We are also looking at how we can spend money to execute on the licensing business with less spend. We hope to move into a more of a peacetime situation with the licensing business. But rest assured, we are very focused on focusing the company toward the areas that we've mentioned.

羅斯，讓我——這是史蒂夫。讓我回答第一個問題，即焦點在哪裡。我們對成本削減的關注更多的是把公司的資源集中在這些領域，而不是拿走研發或資源。如你所知，我們公司已經進行了許多其他賭注，我認為這些賭注超出了公司的核心競爭力，並且我們正在努力專注於我們所在領域的研發。工業、物聯網、汽車、網路顯然超出了我們的範圍，我們對此感到興奮。我們正在將一些重點研發轉移到這些業務上，而不是完全遠離它們。我們也正在研究如何以更少的支出來執行授權業務。我們希望授權業務能夠進入更和平的狀態。但請放心，我們非常專注於讓公司專注於我們所提到的領域。

Ross, on the MSM, I think there are a number of things that we see in our business, and I think that's reflected in the guide. I think, number one, is we see an expansion of our key China customer going towards the premium tier. We mentioned, I think we saw high demand on Snapdragon 700 and 800 as they expanded to the segment. We also see large-scale Chinese OEM international expansion. That's increasing the MSM sales for us. As an example, some of our key customers now have products in the U.K., Germany, Spain, Italy, Portugal and France, which it is a new geographical region for them. And we expect that to continue as China will bring large-scale 5G deployment in the later part of '19.

Ross，關於 MSM，我認為我們在業務中看到了很多事情，我認為這在指南中得到了反映。我認為，第一，我們看到我們的主要中國客戶正在向高端客戶擴展。我們提到，我認為隨著 Snapdragon 700 和 800 擴展到該細分市場，我們看到了對它們的高需求。我們也看到中國 OEM 大規模的國際擴張。這增加了我們的 MSM 銷量。例如，我們的一些主要客戶現在在英國、德國、西班牙、義大利、葡萄牙和法國擁有產品，這對他們來說是一個新的地理區域。我們預計這種情況將持續下去，因為中國將在 19 年下半年大規模部署 5G。

Timothy Arcuri from UBS.

瑞銀集團的提摩西·阿庫裡。

I had 2. First of all, on the payments and QTL, George, with the $100 million that you're going to get in September and the $100 million that you'll get in December, does that fully catch you up by the end of December? That's the first question. And then the second question is on the potential to get an injunction in China against Apple. I think there's a practical process around you to validate your IP. So my question is, what is the process? And whether you check all the boxes so that if you did want to pursue that, you could?

我有 2. 首先，關於付款和 QTL，喬治，你將在 9 月獲得 1 億美元，在 12 月獲得 1 億美元，這是否能在年底完全趕上你十二月？這是第一個問題。第二個問題是關於在中國獲得針對蘋果公司的禁令的可能性。我認為您周圍有一個實用的流程來驗證您的智慧財產權。所以我的問題是，流程是什麼？你是否勾選了所有的方框，以便如果你確實想追求這個目標，你就可以實現？

Tim, in terms of the payments, no, the $700 million in total is a portion but does not represent the full amount that we would expect to receive. In fact I would say it's a fraction of the full amount that we expect to receive under the agreement. It's not meant to be a catch-up. It's meant to be a good faith payment while negotiations are going on.

提姆，就付款而言，不，總共 7 億美元只是一部分，但並不代表我們期望收到的全部金額。事實上，我想說這只是我們預期根據協議收到的全部金額的一小部分。這並不意味著要追趕。這應該是談判進行期間的善意付款。

Tim, this is Don. So your question was about China and our patent litigation there against Apple. And the answer is, yes, we are seeking injunctive relief there. In some cases, in China, you're not only entitled to permanent injunctions, but you're entitled to preliminary injunctions on occasion. But China is definitely a jurisdiction which is willing to enjoin infringers or patent infringement.

提姆，這是唐。所以你的問題是關於中國以及我們在中國針對蘋果的專利訴訟。答案是，是的，我們正在那裡尋求禁制令救濟。在某些情況下，在中國，您不僅有權獲得永久禁令，有時也有權獲得初步禁令。但中國絕對是一個願意禁止侵權者或專利侵權的司法管轄區。

Chris Danely from Citigroup.

花旗集團的克里斯丹尼利。

Just a couple of quick ones. On the dispute with the $700 million in catch-up payments, I think before you've commented that you expect that to end or to close before the end of the year, do you still expect that? And would you expect the royalty rate to decline there? And then could other customers get one of that and have their rates go lower? And any update on when you think the Apple resolution will be settled?

只是幾個快速的。關於7億美元追繳款項的爭議，我想在您表示預計該爭議將在年底前結束或結束之前，您是否仍然希望如此？您預計那裡的特許權使用費會下降嗎？然後其他客戶能否獲得其中之一併降低費率？您認為蘋果決議何時能解決，有什麼最新消息嗎？

Yes. So this is Alex. Again, I would not characterize this $700 million as catch-up payments. Because as we've said, what these payments are, are partial payment during the context of a negotiation, which we feel has been moving along somewhat slowly but in a positive direction. And the partial payments are kind of an empirical data point that we're making progress in the negotiation. So it's not final by any means. It doesn't represent what is at issue in the agreement and what the values are initially in the agreement and what the end result might be. And so this is not a data point for other licensees to take and say, well, somebody else is getting a different sort of deal. These negotiations are ongoing. We think they're positive. If they don't result in an amendment or resolution, then as we've said in the past, there's an opportunity for dispute resolution. So again, I would just think about this as a good faith partial payment, not indicative of the value of the overall agreement. What was the question again on that?

是的。這就是亞歷克斯。再次強調，我不會將這 7 億美元視為追加付款。因為正如我們所說，這些付款是談判期間的部分付款，我們認為談判進展緩慢，但朝著積極的方向發展。部分付款是我們在談判中取得進展的經驗數據點。所以無論如何這都不是最終的。它並不代表協議中存在爭議的內容、協議中最初的價值觀以及最終結果可能是什麼。因此，這不是其他被授權人可以拿來說「好吧，其他人正在獲得不同類型的交易」的數據點。這些談判正在進行中。我們認為他們是積極的。如果沒有產生修正案或決議，那麼正如我們過去所說，就有機會解決爭議。再說一遍，我只是將其視為善意的部分付款，並不代表整個協議的價值。對此又提出了什麼問題？

What's the timing -- was there any timing?

時間是什麼－有時間嗎？

Okay. So with respect to Apple, the way you just think about it, it's -- we're on the same schedule we've laid out over the last several quarters. We continue to talk. We also have a number of legal data -- or legal strategies that are in flight. They're further in flight than they were the last time we spoke. And we hope that through the combination of either those pass, we could get to a resolution, and we're confident that we will. No change in the time line from what we've said previously.

好的。因此，就蘋果而言，你想一想，我們的時間表與過去幾個季度製定的時間表相同。我們繼續交談。我們還有許多法律數據或正在實施的法律策略。他們比我們上次談話時飛得更遠了。我們希望透過將這些通過的任何一個結合起來，我們能夠達成一個解決方案，並且我們有信心我們會做到。時間線與我們之前所說的沒有變化。

Srini Pajjuri from Macquarie.

來自麥格理的 Srini Pajjuri。

I have a clarification and a question. George, on the ASC 606, I think you said the September quarter revenue for the devices that are shipped in the September quarter, you said that's going to go on the balance sheet. I think it's going to be more than $1 billion going onto the balance sheet. Just curious, when do you expect to recognize that? When will that flow through to the income statement? And then my question is on the OpEx. The $1 billion savings, could you give us an update in terms of where you are in terms of achieving that $1 billion? And once we get to that level, what do you expect the OpEx, on a non-GAAP basis excluding legal, range to be?

我有一個澄清和一個問題。喬治，關於 ASC 606，我想您說過 9 月季度發貨的設備的 9 月季度收入，您說過這將記入資產負債表。我認為資產負債表上的金額將超過 10 億美元。只是好奇，你預期什麼時候能認清這一點？何時會流入損益表？我的問題是關於營運支出的。節省了 10 億美元，您能否向我們介紹一下您在實現這 10 億美元方面的進展？一旦我們達到這個水平，您預計在非公認會計原則（不包括合法的）基礎上的營運支出範圍會是多少？

So the -- under 606, the quarter that goes on to the balance sheet goes to basically directly to retained earnings. It never flows through the income statement. So we just -- we shipped ahead 1 quarter, which is where we talked about on the call, the change in the seasonality. So our old Q2 is now Q1. And then the Q4 the following year would be the old Q1 of the year after that. So you're going to get all 4 quarters in a year under 606, but you basically lose 1 quarter onto the balance sheet. Obviously, we get all the cash flow and other elements associated with it. And we'll just report the December quarter instead of the September quarter. On the -- we continue to make progress on the timing of the cost program. We've said the baseline was $7.4 billion for OpEx, and that we believe we'll be able to take out $1 billion in '19, which we'd put it at $6.4 billion. We'd be down about 5% quarter-over-quarter in Q4 or mid-single-digits, as we said, 5%-plus quarter-over-quarter, absent the extra week. So that gives you an indication directionally. And we would expect another step down in the quarter following that as we make progress into the year. We believe we're on track, and we're still confident we'll take $1 billion out in -- relative to the baseline.

因此，在 606 下，資產負債表上的季度基本上直接計入留存收益。它永遠不會流經損益表。所以我們只是——我們提前一個季度發貨，這就是我們在電話會議上討論的季節性變化的地方。所以我們原來的 Q2 現在是 Q1。然後第二年的第四季將是之後一年的舊第一季。因此，一年中 4 個季度的收入將全部低於 606，但資產負債表上基本上會損失 1 個季度。顯然，我們獲得了所有現金流量以及與之相關的其他要素。我們將只報告 12 月季度而不是 9 月季度。關於——我們繼續在成本計劃的時間安排上取得進展。我們說過營運支出的基準是 74 億美元，我們相信我們將能夠在 19 年拿出 10 億美元，我們的預測是 64 億美元。正如我們所說，如果沒有額外的一周，我們第四季度的季度環比下降約 5% 或中等個位數，環比下降 5% 以上。這給了你一個方向指示。隨著我們在今年取得進展，我們預計接下來的季度將再次下調。我們相信我們正在步入正軌，而且我們仍然有信心相對於基準線將投入 10 億美元。

Brett Simpson from Arete.

來自阿雷特的布雷特·辛普森。

Can you perhaps just talk us through the timing of the core cases you have with Apple? So the timing of the cases, but more importantly, the timing of the judgments and when you expect these to be finalized for Germany, for China, for ITC, for FTC. That'd be very helpful, and I've got a follow-up.

您能否向我們介紹一下您與蘋果公司的核心案例的時間安排？因此，案件的時間安排，但更重要的是，判決的時間安排，以及德國、中國、國際貿易委員會和聯邦貿易委員會預計這些判決何時最終確定。這會很有幫助，我有後續行動。

This is Don. So that's a tall order. I don't think I can give you all the precise dates. But we've got, as you said, in the ITC, for example, our first case has already had hearings. We're expecting what's called an initial determination in September and a final determination there in January. We've got another ITC case that we'll be going to hearing some time very early in the year, I think in January as well. In China, we have multiple patent cases running in at least 3 jurisdictions there. Each of those is on a different schedule, but they are moving along quite quickly. And so we would expect something either by the end of this year in terms of hearings and trials or early next year. In Germany, we've got a number of patent cases filed there as well in both Munich and Mannheim, and those are moving toward same type of -- later this year, early next year in terms of trial dates.

這是唐。所以這是一個艱鉅的任務。我想我無法給你所有準確的日期。但正如您所說，例如，在國際貿易委員會，我們的第一個案件已經舉行了聽證會。我們預計九月會做出初步決定，一月會做出最終決定。我們還有另一個 ITC 案件，我們將在今年早些時候審理，我想也是在一月。在中國，我們有多個專利案件在至少 3 個司法管轄區審理。每個專案都有不同的時間表，但進展得很快。因此，我們預計在今年年底或明年初舉行聽證會和審判。在德國，我們在慕尼黑和曼海姆也提交了許多專利案件，這些案件正朝著相同類型的方向發展——就審判日期而言，今年晚些時候、明年初。

Okay. That's great, Don. And then just maybe for Cristiano on the RF business. You're talking a bit of design wins for the first time on 5G RF. Can you maybe just talk about what type of attach rates you're getting with 5G RF with your 5G modem wins? Could you talk about addressing system solution modem to antenna? And where do you think Qualcomm is really differentiating in 5G RF specifically? And I just wanted to circle back to the revenue targets for fiscal '19 for RF. You talked about $2 billion to $3 billion, I think, of RF revenue in fiscal '19. What's the revenue opportunity that 5G might give you on top of this over time?

好的。太棒了，唐。然後也許是克里斯蒂亞諾的射頻業務。您談論的是首次在 5G RF 上取得的一些設計勝利。您能否談談 5G 數據機透過 5G RF 獲得的連接速率類型？您能談談解決調變解調器到天線的系統解決方案嗎？您認為高通在 5G RF 方面真正的差異化具體在哪裡？我只想回到 RF 19 財年的營收目標。我認為，您談到 19 財年的 RF 收入為 20 億至 30 億美元。隨著時間的推移，5G 可能會為您帶來哪些收入機會？

Thank you for the question. So I think maybe I'll start by saying we are expanding RF today. We have a number of designs that we have been reporting throughout the year. I think those designs, some are getting to market, some will get into market soon. We're able to see the tier downs, and we're happy that not only we're getting the complete end-to-end solutions in the low band but also the mid and the high band, including the pyramids and the filters, and we expect that will continue. With 5G, the reason we're optimistic about the opportunity of increasing attach rates is when you think of millimeter wave, you'll have to design the front end in the antenna, in the transceiver, integrated into a package. And also, you have to optimize performance of a new technology and a new environment, where we have a time to market leadership. Those things are great trends for us to expand the RF business, which we're actually pleased with the results we're starting to get right now.

感謝你的提問。所以我想也許我會先說我們今天正在擴展 RF。我們全年都在報告許多設計。我認為這些設計，有些正在上市，有些很快就會上市。我們能夠看到層級的下降，我們很高興不僅在低頻段獲得了完整的端到端解決方案，而且在中頻段和高頻段，包括金字塔和濾波器，我們預計這種情況將會持續下去。對於 5G，我們對提高連接速率的機會感到樂觀的原因是，當您想到毫米波時，您必須設計天線、收發器中的前端，並將其整合到封裝中。此外，您還必須優化新技術和新環境的效能，這樣我們才能在上市時間上處於領先地位。這些都是我們擴展射頻業務的大趨勢，我們對現在開始獲得的結果感到非常滿意。

This is Don again. Just wanted to correct something. I believe I said the ITC second case is going to hearing in January. In fact, it's going to hearing in September.

這又是唐。只是想糾正一些事情。我記得我說過 ITC 第二起案件將於一月舉行聽證會。事實上，它將在九月舉行聽證會。

Edward Snyder from Charter Equity.

來自 Charter Equity 的愛德華·斯奈德。

I'd like to hit if I could the QCT results, especially regard to the 700 series. I'm sure you guys are seeing the uptick in wins for MediaTek P60. They've seemed to abandon the high end to you, which is obviously very good (inaudible) series. I know you got -- the 700 series has been kind of positioned to fight back on that platform. But [Checkview] said that it's gotten quite a few dozens of wins on that. Can you just help us out with the dynamic between your 700 series and their P60 series, especially in the mid-tier 4G market? And then if I could also, China's lagged in 4G overall. They've got basic 4G. And I know they've put a flag in the ground about commercial 5G deployments by next year. That would suggest they're going to have to cover a lot of ground between LTE Advanced and LTE Pro between now and then to make that target. Do you think there are some risks to their deploying 5G? Or maybe it will be delayed beyond where they've -- where you've targeted while they're trying to catch up? And what impact does LTE Pro or LTE Advanced increasing mix in China is going to have on your modem business especially?

如果我能得到 QCT 結果，我想打一下，特別是關於 700 系列的。我確信你們已經看到聯發科技 P60 的獲勝率不斷上升。他們似乎放棄了你的高端，這顯然是非常好的（聽不清楚）系列。我知道您已經明白了——700 系列已經做好了在該平台上反擊的準備。但 [Checkview] 表示，它已經在這方面取得了數十場勝利。您能否幫我們了解一下您的 700 系列和 P60 系列之間的動態，特別是在中階 4G 市場？如果可以的話，中國在 4G 方面總體上落後了。他們有基本的4G。我知道他們已經在明年之前就商用 5G 部署豎起了一面旗幟。這意味著他們必須在 LTE Advanced 和 LTE Pro 之間進行大量工作才能實現這一目標。您認為他們部署5G有風險嗎？或者也許它會被推遲到超出他們已經達到的水平——當他們試圖趕上時你所瞄準的水平？LTE Pro 或 LTE Advanced 在中國不斷增加的組合將對您的數據機業務產生什麼影響？

Thank you, Ed. So let me just start with the 700. The dynamic we saw in the China market with our tier OEMs, and I'm being consistent what we're having said probably for the past 2 years as the market is moving up. And I'll answer 2 of your questions with the 700 series. The 700 series, it basically -- it was an opportunity as a lot of -- some of the mid-tier devices, OEMs are more interested in bringing that to more premium feature set. And one of the features that also drove a lot of the 700 is the advanced modem performance on LTE. In some other markets, especially outside China, you see some markets advertising that even as a 4.5G technology. So there, for example, in Latin America, there was a -- the 700 series got labeled in terms of performance. So this is a good sign. But also, the 800 series, we saw a pickup as some of the key customers enter the market. So our view is the market continues to move into the right direction for us, and that bodes well with the expansion of our customers into other markets. Just not to single any one out in particular, but just looking at Xiaomi as an example. They're now in 70 countries, and they are the #4 smartphone in Europe within 1 year. That's a good thing, and look at the global feature set of LTE as the design point for our customers in China, not only China domestic. Going to 5G, that's where things become more interesting. The scale of the user-friendly trial of the largest operator in China, China Mobile, which everyone on the infrastructure side and the OEM side is working towards the second half, is very large. And that gives us an indication that the transition could be as meaningful as we saw with 4G. So that creates an opportunity for basically jump in feature set in China towards the 5G with 5G New Radio stand-alone. And we're excited about that as well.

謝謝你，艾德。那麼就讓我從 700 開始吧。我們在中國市場上看到了我們的一級原始設備製造商的動態，隨著市場的發展，我在過去兩年中一直保持著我們所說的一致。我將回答您關於 700 系列的 2 個問題。700 系列，基本上 - 這是一個機會 - 一些中階設備，原始設備製造商 (OEM) 更有興趣將其引入更高級的功能集。700 的一大特色是先進的 LTE 數據機效能。在其他一些市場，尤其是中國以外的市場，您會看到一些市場甚至將其作為 4.5G 技術進行廣告宣傳。例如，在拉丁美洲，700 系列以性能為標籤。所以這是一個好兆頭。而且，隨著一些主要客戶進入市場，800 系列的銷量有所回升。因此，我們認為市場繼續朝著對我們來說正確的方向發展，這對我們的客戶擴展到其他市場來說是個好兆頭。只是不想具體挑出哪一個，只是以小米為例。它們現已遍布 70 個國家/地區，並在 1 年內成為歐洲排名第四的智慧型手機。這是一件好事，並將 LTE 的全球功能集視為我們中國客戶（而不僅僅是中國國內客戶）的設計點。到了5G，事情變得更有趣了。下半年基礎設施端和OEM端大家都在努力的中國最大的運營商中國移動的用戶友好試驗規模非常大。這向我們表明，這種轉變可能會像我們在 4G 中看到的那樣有意義。因此，這為中國的功能集透過獨立的 5G New Radio 向 5G 邁進創造了機會。我們也對此感到興奮。

That concludes today's question-and-answer session. Mr. Mollenkopf, do you have anything further to add before adjourning the call?

今天的問答環節到此結束。莫倫科普夫先生，在休會之前您還有什麼要補充的嗎？

Yes, thank you. Just an observation that obviously, the company has been through a lot in the last year and -- but I also want to recognize that we've accomplished a lot as well, not only the strong quarter and outlook that we've put in, but also just the breadth and the depth of the product delivery that's occurred, the 845, the products Cristiano mentioned, as well as the leadership position in 5G. I think it's a testament to the tenacity and the dedication and the competitive spirit that Qualcomm has been known for, and I just want to thank the employees and our partners and our customers for supporting us through this period and look forward to delivering for them in the future. Thank you, everyone.

是的，謝謝。顯然，公司在去年經歷了很多事情，但我也想認識到我們也取得了很多成就，不僅僅是我們所投入的強勁季度和前景， Cristiano 提到的產品還包括產品交付的廣度和深度，即845，以及5G 領域的領導地位。我認為這證明了高通聞名的堅韌、奉獻和競爭精神，我只想感謝員工、合作夥伴和客戶在這段時期對我們的支持，並期待在未來。謝謝大家。

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

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。