高通 (QCOM) 2018 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們，先生們，謝謝你們的支持。

Welcome to the Qualcomm Fourth Quarter and Fiscal 2018 Earnings Conference Call.

歡迎參加高通公司 2018 財年第四季度收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded, November 7, 2018.

（操作員說明）提醒一下，本次會議正在錄製，2018 年 11 月 7 日。

The playback number for today's call is (877) 660-6853.

今天通話的播放號碼是 (877) 660-6853。

International callers, please dial (201) 612-7415.

國際來電者請撥打 (201) 612-7415。

The playback reservation number is 13684055.

播放預約號為13684055。

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

我現在想把電話轉給投資者關係副總裁 John Sinnott。

Mr. Sinnott, please go ahead.

辛諾特先生，請繼續。

Thank you, and good afternoon, everyone.

謝謝，大家下午好。

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

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

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

此外，Cristiano Amon、Alex Rogers 和 Don Rosenberg 將參加問答環節。

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

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

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

此外，該電話會議正在 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 G 條例中定義的非 GAAP 財務措施，您可以在我們的網站上找到與 GAAP 的相關調節。

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

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

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

實際事件或結果可能與我們前瞻性陳述中預測的事件或結果存在重大差異。

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

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

And now to comments from Qualcomm's Chief Executive Officer, Steve Mollenkopf, who's speaking from our offices in China.

現在請聽高通公司首席執行官 Steve Mollenkopf 的評論，他正在我們中國的辦公室發表講話。

Thank you, John, and good afternoon, everyone.

謝謝約翰，大家下午好。

We are pleased to report a strong set of results this quarter as we continue to execute on our strategic priorities to drive technology and product leadership, particularly in 5G; manage our operating expenses and return capital to our stockholders.

我們很高興在本季度報告一系列強勁的業績，因為我們將繼續執行我們的戰略重點，以推動技術和產品的領先地位，尤其是在 5G 領域；管理我們的運營費用並將資本返還給我們的股東。

Fiscal 2018 was an extraordinary year in the history of Qualcomm.

2018 財年是高通歷史上不平凡的一年。

We successfully navigated through many challenges, yet remained focused on execution and on significant opportunities in front of us.

我們成功地克服了許多挑戰，但仍然專注於執行和我們面前的重大機遇。

I believe we enter fiscal 2019 a stronger company and extremely well positioned for the future.

我相信我們進入 2019 財年是一家更強大的公司，並且為未來做好了充分準備。

Our physical fourth quarter results reflect continued strong performance with non-GAAP earnings of $0.90 per share, $0.05 above the high end of our guidance range, reflecting better-than-expected QCT performance and lower operating expenses.

我們的第四季度實際業績反映出持續強勁的業績，非 GAAP 每股收益為 0.90 美元，比我們的指導範圍的高端高出 0.05 美元，反映出好於預期的 QCT 業績和較低的運營費用。

The growth of our leading customers in China was a positive for the company in the fiscal fourth quarter, both on volume and improving mix of devices.

我們在中國的主要客戶的增長在第四財季對公司產生了積極影響，無論是在數量上還是在設備組合的改善上。

We expect further growth from our China business in fiscal 2019, particularly, in the second half of the fiscal year.

我們預計 2019 財年中國業務將進一步增長，尤其是在下半財年。

The combined impact of Apple instructing their contract manufacturers to stop paying their contracted royalty payments and Apple's decision to use a competitor's modem for their latest device has had a significant impact to our financial performance.

Apple 指示其合同製造商停止支付合同使用費以及 Apple 決定為其最新設備使用競爭對手的調製解調器的綜合影響對我們的財務業績產生了重大影響。

Notably, over 50% of the expected fiscal 2019 headwind related to Apple is reflected in our first fiscal quarter guidance and impacts our QCT business.

值得注意的是，與 Apple 相關的 2019 財年預期逆風中有超過 50% 反映在我們的第一財季指引中，並影響了我們的 QCT 業務。

As we progress through the year, this will become less impactful to our quarterly results.

隨著我們今年的進步，這對我們的季度業績的影響將越來越小。

Despite this, as you can see from our results, we are continuing to execute well with our customers.

儘管如此，正如您從我們的結果中看到的那樣，我們繼續與客戶保持良好的關係。

Importantly, we've laid a strong foundation for growth as we differentiate through our industry-leading innovation ahead of some very big opportunities, including the launch of [5G] (corrected by company after the call), the ramp of our RF front-end business as well as industry transitions in Wi-Fi and the connected car.

重要的是，我們為增長奠定了堅實的基礎，因為我們通過行業領先的創新在一些非常大的機會之前脫穎而出，包括 [5G] 的推出（由公司在電話會議後更正），我們的 RF 前端的斜坡 -結束業務以及 Wi-Fi 和互聯汽車的行業轉型。

Looking ahead to fiscal 2019, the entire company remains focused around these 3 key priorities.

展望 2019 財年，整個公司仍將重點放在這 3 個關鍵優先事項上。

Priority #1 is to drive the transition to 5G.

第一要務是推動向 5G 的過渡。

When the world is introduced to 5G early next year, we believe we will be the technology partner in nearly all the commercial launches around the world.

當明年初全世界引入 5G 時，我們相信我們將成為全球幾乎所有商業發布的技術合作夥伴。

This position is no small accomplishment.

這個職位是不小的成就。

Transitions in wireless like 3G/4G and 5G are unforgiving to companies and competitors that are late to these transitions, especially in the initial ramp years.

3G/4G 和 5G 等無線技術的過渡對於遲到這些過渡的公司和競爭對手來說是無情的，尤其是在最初的上升期。

Our focus and investment priorities over the last couple of years have enabled us to successfully establish a strong technology position and lead the 5G industry transition, which will represent a significant opportunity for Qualcomm to expand revenue and earnings as we exit fiscal 2019.

我們在過去幾年的重點和投資重點使我們能夠成功建立強大的技術地位並引領 5G 行業轉型，這將是高通在我們退出 2019 財年時擴大收入和收益的重要機會。

Just as 5G launch dates were accelerated by 1-year from the original timeline, we also expect the pace of 5G adoption to meet or exceed that of 4G.

正如 5G 發布日期比最初的時間表提前 1 年一樣，我們也預計 5G 的採用速度將達到或超過 4G。

The first mobile 5G network launches will begin in the second calendar quarter next year, and there will be commercial launches occurring simultaneously across North America, Europe, China, Japan, South Korea and Australia.

首批移動 5G 網絡將於明年第二季度啟動，北美、歐洲、中國、日本、韓國和澳大利亞將同時進行商業發布。

In total, we are working with more than 18 OEMs who have committed to launch 5G handsets in 2019 based on our 5G NR X50 modems.

我們總共與超過 18 家 OEM 合作，他們承諾在 2019 年推出基於我們的 5G NR X50 調製解調器的 5G 手機。

We believe that Qualcomm is the leader in 5G, with the ability to launch sub-6 gigahertz, millimeter-wave standalone and non-standalone 5G.

我們認為高通是5G的領導者，有能力推出sub-6GHz、毫米波獨立和非獨立5G。

Furthermore, 5G brings us an order of magnitude -- brings an order of magnitude increase in complexity over 4G across spectrum, network architecture, RF front-end, device form factors, especially the millimeter-wave frequencies; power consumption and application and AI processes.

此外，5G 給我們帶來了一個數量級——在頻譜、網絡架構、RF 前端、設備外形因素（尤其是毫米波頻率）方面比 4G 帶來了一個數量級的複雜性增加；功耗和應用程序以及AI進程。

This complexity plays directly to Qualcomm's strengths as an innovator and systems provider.

這種複雜性直接體現了高通作為創新者和系統提供商的優勢。

Priority #2 is resolving our dispute with Apple.

優先事項 #2 是解決我們與 Apple 的爭端。

Regarding Apple, our view on the timeline to resolve our licensing dispute has not changed.

關於蘋果，我們對解決許可糾紛的時間表的看法沒有改變。

We have previously highlighted key litigation milestones in fiscal 2019 that we believe could help drive a resolution.

我們之前強調了 2019 財年的關鍵訴訟里程碑，我們認為這些里程碑可能有助於推動解決。

Those litigation milestones have not changed, including the potential for multiple patent infringement rulings in China and Germany before the end of this calendar year.

這些訴訟里程碑沒有改變，包括在本日曆年年底之前在中國和德國可能會做出多項專利侵權裁決。

Aside from infringement of unlicensed intellectual property and other claims, including the recent product-related claims, there are billions of dollars in damages in the breach of contract claims with -- against Apple's manufacturers.

除了侵犯未經許可的知識產權和其他索賠（包括最近與產品相關的索賠）之外，還有數十億美元的損失是針對蘋果製造商的違約索賠。

We expect a trial date to be set for that matter in San Diego during the early part of next year.

我們預計明年年初將在聖地亞哥為此事確定審判日期。

We have continued to have discussions with Apple to try and reach a resolution, and we remain focused on driving the appropriate value for our stockholders, either through settlement or litigation.

我們繼續與 Apple 進行討論，試圖達成解決方案，我們仍然專注於通過和解或訴訟為我們的股東創造適當的價值。

Resolution of the outstanding licensing disputes represent significant value to our shareholders, and provides the foundation for very strong earnings growth separate and apart from the 5G opportunities we've described.

解決未決許可糾紛對我們的股東來說具有重大價值，並為我們所描述的 5G 機會之外的非常強勁的收益增長奠定了基礎。

Priority #3 is to execute well across our core product businesses.

第三要務是在我們的核心產品業務中表現良好。

The strategic decisions we made to diversify our revenue in our mobile channel, while expanding into adjacent opportunities is working.

我們為在移動渠道中實現收入多元化而做出的戰略決策正在發揮作用，同時擴展到相鄰的機會。

Our engagement with customers across multiple industries continues to expand, and our QCT business outside of Apple continues to grow.

我們與多個行業客戶的接觸不斷擴大，我們在 Apple 之外的 QCT 業務也在不斷增長。

Our Snapdragon 800 solutions continue to define the premium tier benchmarks and we expanded our leadership to the high tiers with Snapdragon 700.

我們的 Snapdragon 800 解決方案繼續定義高端基準，我們通過 Snapdragon 700 將我們的領導地位擴展到高端。

Consistent with our expectations, the product mix is improving in the China region and key Qualcomm China-based customers are gaining share globally, most recently in India and Europe.

與我們的預期一致，中國地區的產品組合正在改善，高通中國的主要客戶正在全球範圍內獲得份額，最近在印度和歐洲。

In fiscal 2018, our non-Apple RF front-end revenue nearly doubled year-over-year, reflecting the full year impact of the TDK acquisition and revenue growth across all key OEMs, leveraging one of the broadest portfolios of RF front-end products in the industry.

在 2018 財年，我們的非 Apple RF 前端收入同比增長近一倍，反映了 TDK 收購的全年影響以及所有主要 OEM 的收入增長，利用了最廣泛的 RF 前端產品組合之一在行業中。

Given our strong design win pipeline, we expect to grow RF front-end revenues by double-digit percentage in fiscal 2019.

鑑於我們強大的設計獲勝管道，我們預計 2019 財年 RF 前端收入將以兩位數的百分比增長。

In 4G, our RF front-end traction includes 80 module design wins across key OEMs, such as Samsung, Google, Sony, LG, OPPO, Vivo, Xiaomi and One Plus.

在 4G 領域，我們的 RF 前端牽引力包括 80 個模塊設計贏得主要 OEM，例如三星、谷歌、索尼、LG、OPPO、Vivo、小米和 One Plus。

Importantly, current commercial devices, such as the Pixel 3, Pixel 3 XL, Samsung Galaxy Book2 and Sony ZX3 all have our complete RF front-end modem to antenna solution.

重要的是，當前的商用設備，例如 Pixel 3、Pixel 3 XL、三星 Galaxy Book2 和索尼 ZX3，都擁有我們完整的射頻前端調製解調器到天線解決方案。

We are pleased to have established RF front-end design wins at major accounts in a mature 4G technology cycle, going against more than 4 RF front-end suppliers.

我們很高興在成熟的 4G 技術週期中贏得主要客戶的射頻前端設計，與超過 4 家射頻前端供應商競爭。

This validates the competitiveness of our components across PAs, filters, switches, tuners and modules.

這證實了我們的組件在功率放大器、濾波器、開關、調諧器和模塊方面的競爭力。

In 5G, we are well-positioned with design wins at all our key Snapdragon 800 customers.

在 5G 領域，我們在所有主要的驍龍 800 客戶中贏得了設計勝利。

The added complexity of 5G is also driving additional RF content per device, including combinations of sub-6 gigahertz and millimeter-wave.

5G 增加的複雜性也推動了每台設備的更多 RF 內容，包括低於 6 GHz 和毫米波的組合。

As an example, a large number of 5G smartphones in the United States will require millimeter-wave capabilities at launch.

例如，美國的大量 5G 智能手機在發佈時將需要毫米波功能。

Across our adjacent opportunities, we are continuing to see exciting traction for our technologies and products in these new growth industries.

在我們相鄰的機會中，我們繼續看到我們的技術和產品在這些新增長行業中令人興奮的吸引力。

In auto, our integrated platforms are driving leadership and growth across telematics, infotainment and in-car connectivity, with an order pipeline of more than $5 billion, up from $3 billion earlier this year.

在汽車領域，我們的集成平台正在推動遠程信息處理、信息娛樂和車內連接方面的領導地位和增長，訂單渠道超過 50 億美元，高於今年早些時候的 30 億美元。

We are leading 5G innovation in cars and have secured the world's first major 5G design win with a leading automaker, and we are working with numerous other automakers and tier 1 suppliers to bring 5G to vehicles.

我們正在引領汽車領域的 5G 創新，並與一家領先的汽車製造商一起贏得了世界上第一個重要的 5G 設計，我們正在與眾多其他汽車製造商和一級供應商合作，將 5G 引入汽車。

Infotainment is a particularly strong story for us given our very strong long-term order pipeline with a broad set of key global customers.

鑑於我們擁有廣泛的全球主要客戶的非常強大的長期訂單渠道，信息娛樂對我們來說是一個特別重要的故事。

In networking, we remain the #1 share leader in retail and enterprise channels and continue to gain share.

在網絡方面，我們仍然是零售和企業渠道中排名第一的份額領導者，並繼續獲得份額。

We are also #1 in mesh Wi-Fi, which accounted for 50% of all U.S. retail Wi-Fi network equipment sales during the first half of 2018.

我們還在網狀 Wi-Fi 領域排名第一，佔 2018 年上半年美國所有零售 Wi-Fi 網絡設備銷售額的 50%。

In fiscal 2018, leveraging our success with Wi-Fi mesh, we have expanded into the carrier segment and have significant design traction headed into fiscal 2019.

在 2018 財年，憑藉我們在 Wi-Fi mesh 方面的成功，我們已經擴展到運營商領域，並在進入 2019 財年時擁有重要的設計牽引力。

Historically, we have benefited from technology transitions, and we are now driving industry adoption of 802.11ax now called Wi-Fi 6, with more than 50 design wins in the pipeline.

從歷史上看，我們從技術轉型中受益，現在我們正在推動行業採用現在稱為 Wi-Fi 6 的 802.11ax，並有 50 多項設計中標。

Looking ahead to 60 gigahertz Wi-Fi, we just announced the industry's first 11ay chipset recently announced 11ad devices from Netgear and ASUS, and are working with Facebook on the Terragraph project.

展望 60 GHz Wi-Fi，我們剛剛發布了業界首款 11ay 芯片組，最近發布了來自 Netgear 和 ASUS 的 11ad 設備，並且正在與 Facebook 合作開展 Terragraph 項目。

Turning to QTL.

轉向QTL。

Fiscal 2018 results were impacted by the disputes with Apple and its contract manufacturers as well as the other licensee.

2018 財年業績受到與 Apple 及其合同製造商以及其他被許可方的糾紛的影響。

However, global 3G/4G device trends were favorable, driven by strong trends in average selling prices.

然而，受平均售價強勁趨勢的推動，全球 3G/4G 設備趨勢良好。

Our number of 5G licensing agreements is growing, with more than 20 agreements signed to date based on our previously announced 5G licensing framework, including Meizu and Motorola, Lenovo, and we have significantly more manufacturers in discussions for 5G agreements and amendments positioning QTL for stability as the 5G transition gains momentum.

我們的 5G 許可協議的數量在增長，基於我們之前公佈的 5G 許可框架，迄今為止已經簽署了 20 多個協議，包括魅族和摩托羅拉、聯想，並且我們有更多的製造商在討論 5G 協議和修改定位 QTL 以確保穩定性隨著 5G 過渡的勢頭增強。

On regulatory matters, we are pleased to announce in August that we reached a court-approved settlement with the Taiwan FTC.

在監管問題上，我們在 8 月很高興地宣布，我們與台灣聯邦貿易委員會達成了經法院批准的和解協議。

As a result, the underlying decision was revoked and replaced by the terms of the resolution.

因此，基礎決定被撤銷並由決議條款取代。

Regarding the U.S. FTC, we continue our discussions to work toward a resolution outside of the current litigation.

關於美國聯邦貿易委員會，我們將繼續討論以在當前訴訟之外尋求解決方案。

Yesterday, the court issued a ruling in the case regarding licensing practices of certain standards of organizations.

昨日，法院就某些標準組織的許可行為一案作出裁決。

This is a partial summary judgment ruling on one of the issues and a full trial is still to come next year.

這是對其中一個問題的部分簡易判決裁決，明年仍將進行全面審判。

In our view, the ruling is incorrect.

我們認為，該裁決是不正確的。

In addition to the product and technology actions I have discussed, we are driving operating leverage into our business by delivering on our operating expense commitments.

除了我已經討論過的產品和技術行動之外，我們還通過履行我們的運營費用承諾來推動我們業務的運營槓桿。

With the potential resolution of our dispute with Apple in front of us, we believe there is a very substantial opportunity to grow value for our stockholders that is incremental to the strength of the current business.

隨著我們與 Apple 之間糾紛的潛在解決方案擺在我們面前，我們相信有很大的機會為我們的股東增加價值，這會增加當前業務的實力。

The combination of these elements leaves us well positioned to drive stockholder value throughout fiscal 2019 and beyond.

這些要素的結合使我們處於有利地位，可以在整個 2019 財年及以後推動股東價值。

Finally, I want to thank our employees for their hard work and focused execution throughout the past year.

最後，我要感謝我們的員工在過去一年的辛勤工作和專注執行。

Our team has made great progress on our important strategic objectives, and we are extremely well positioned for the upcoming transition to 5G and to grow into the many exciting new industries that are adding our leading edge technologies to their products in fiscal 2019 and beyond.

我們的團隊在我們的重要戰略目標上取得了長足的進步，我們為即將到來的 5G 過渡做好了充分準備，並在 2019 財年及以後發展到許多令人興奮的新行業，這些行業將我們的領先技術添加到他們的產品中。

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

我現在想把電話轉給喬治。

Thank you, Steve, and good afternoon, everyone.

謝謝史蒂夫，大家下午好。

I'll begin with comments on our fiscal fourth quarter and 2018 results, followed by our fiscal first quarter of 2019 guidance, and some additional perspective on 2019 overall.

我將首先評論我們第四財季和 2018 年的業績，然後是我們對 2019 財年第一季度的指導，以及對 2019 年整體的一些額外看法。

In our fiscal fourth quarter, results were strong with revenues of $5.8 billion above the midpoint of our guidance range and non-GAAP EPS of $0.90, above the high end of our prior guidance range.

在我們的第四財季，業績強勁，收入 58 億美元，高於我們指導範圍的中點，非 GAAP 每股收益 0.90 美元，高於我們先前指導範圍的高端。

Revenues benefited primarily from stronger-than-expected demand for chips from Chinese customers.

收入主要受益於中國客戶對芯片的需求強於預期。

Non-GAAP EPS results exceeded the midpoint of our guidance by $0.10.

非 GAAP 每股收益結果超出我們指引的中點 0.10 美元。

$0.06 of that impact was driven by operating performance in QCT and QTL, and from lower operating expenses.

其中 0.06 美元的影響是由 QCT 和 QTL 的運營績效以及較低的運營費用推動的。

The remaining $0.04 was driven by favorable tax impacts and lower share count from our repurchase activity.

剩餘的 0.04 美元是由於有利的稅收影響和回購活動中的股票數量減少。

QCT delivered revenues of $4.6 billion and an EBT margin of 17%, driven by strength in MSM chip shipments of $232 million, above the high end of our guidance range on stronger-than-expected demand from Chinese OEMs.

QCT 實現了 46 億美元的收入和 17% 的 EBT 利潤率，這得益於 2.32 億美元的 MSM 芯片出貨量強勁，高於我們指導範圍的高端，因為中國 OEM 的需求強於預期。

In QTL, revenues were $1.14 billion, in line with the midpoint of our guidance range and EBT margin was 65%, better than expected, reflecting lower operating expenses largely from litigation spending.

在 QTL，收入為 11.4 億美元，符合我們指導範圍的中點，EBT 利潤率為 65%，好於預期，反映出主要來自訴訟支出的運營支出減少。

We also recognized $100 million of revenue from the other licensee in dispute under the interim agreements.

根據臨時協議，我們還確認了來自其他有爭議的被許可人的 1 億美元收入。

In our fiscal fourth quarter, non-GAAP combined R&D and SG&A expenses were down 1% sequentially on cost-reduction actions and lower-than-expected excess litigation expense, more than offsetting the impact of an extra week of operations in the fiscal fourth quarter.

在我們的第四財季，由於成本削減措施和低於預期的超額訴訟費用，非 GAAP 合併研發和 SG&A 費用連續下降 1%，足以抵消第四財季運營額外一周的影響.

Our non-GAAP tax rate was a 1% benefit in the quarter, lower than our prior expectations, reflecting a modest benefit related to tax restructuring completed in the quarter.

我們的非 GAAP 稅率在本季度帶來 1% 的收益，低於我們之前的預期，反映出與本季度完成的稅收重組相關的適度收益。

Now turning to fiscal 2018.

現在轉向 2018 財年。

Non-GAAP revenues for the year were $22.7 billion.

全年非美國通用會計準則收入為 227 億美元。

And non-GAAP earnings per share were $3.69.

非 GAAP 每股收益為 3.69 美元。

We returned $26 billion to stockholders in fiscal 2018, including approximately $3.5 billion of cash dividends paid, an increase of 7% year-over-year, and $22.6 billion in share repurchases, largely via our accelerated programs, including a $5.1 billion Dutch option, and a $16 billion ASR.

我們在 2018 財年向股東返還了 260 億美元，其中包括約 35 億美元的現金股息，同比增長 7%，以及 226 億美元的股票回購，主要通過我們的加速計劃，包括 51 億美元的荷蘭式期權，和 160 億美元的 ASR。

In terms of average price realized under the ASR, that will be based on ratable pricing over the term of the ASRs, which will run through August 2019.

就 ASR 下實現的平均價格而言，這將基於 ASR 期限內的可估價定價，該期限將持續到 2019 年 8 月。

Turning to 3G/4G devices.

轉向 3G/4G 設備。

For calendar year 2018, we continue to forecast approximately 1.8 billion to 1.9 billion 3G/4G device shipments, growth of approximately 5% year-over-year at the midpoint.

對於 2018 日曆年，我們繼續預測約 18 億至 19 億台 3G/4G 設備出貨量，中點同比增長約 5%。

Our forecast for handset unit shipment growth in the year is approximately 100 million units lower than our forecast at the outset of the year on lower demand in both developed and emerging regions, particularly in China.

我們對今年手機出貨量增長的預測比年初的預測低約 1 億部，原因是發達地區和新興地區（尤其是中國）的需求下降。

Global device sales have been less impacted as global handset ASPs have been better than expected, growing more than 10% year-over-year in fiscal 2018.

由於全球手機平均銷售價格好於預期，2018 財年同比增長超過 10%，因此全球設備銷售受到的影響較小。

In QCT, we saw strong performance in fiscal 2018 with 8% year-over-year growth in earnings before tax dollars and EBT margin at 17%, with strong demand trends in China, particularly in the mid and high tiers, offsetting the impact of lower share at Apple.

在 QCT，我們看到 2018 財年的強勁表現，稅前利潤同比增長 8%，EBT 利潤率為 17%，中國需求趨勢強勁，尤其是中高端，抵消了在蘋果的份額較低。

In QTL, results in fiscal 2018 were significantly impacted by the disputes with Apple and the other licensee, and by the related litigation costs.

在 QTL，2018 財年的業績受到與 Apple 和其他被許可方的糾紛以及相關訴訟費用的重大影響。

These dynamics mass the strong global device sales growth in fiscal 2018 as higher handset ASPs across multiple price tiers made up for the modest handset unit growth.

這些動態體現了 2018 財年全球設備銷售的強勁增長，因為多個價格層級的手機均價上漲彌補了手機銷量的適度增長。

Within handsets in the fiscal year, we estimate that global sales grew 13%, driven by 1% unit growth and 11% ASP growth.

在本財年的手機中，我們估計全球銷售額增長了 13%，這主要得益於 1% 的出貨量增長和 11% 的平均售價增長。

Let's now turn to our financial outlook for the first fiscal quarter of 2019.

現在讓我們來看看我們對 2019 年第一財季的財務展望。

We estimate fiscal first quarter revenues to be in the range of approximately $4.5 billion to $5.3 billion.

我們估計第一財季收入在大約 45 億美元至 53 億美元之間。

We estimate non-GAAP earnings per share to be approximately $1.05 to $1.15 per share.

我們估計非 GAAP 每股收益約為每股 1.05 美元至 1.15 美元。

Our first quarter estimate assumes continuing nonpayment of royalties by Apple and the other licensee.

我們第一季度的估計假設 Apple 和其他被許可方繼續不支付專利使用費。

As we have noted on previous calls, the impact of these nonpayment of royalties has largely eliminated the seasonal effects we would normally see in QTL.

正如我們在之前的電話會議中所指出的，這些未支付版稅的影響在很大程度上消除了我們通常在 QTL 中看到的季節性影響。

Our fiscal first quarter outlook also reflects the change in our share in Apple from approximately 50% modem share in our fiscal first quarter 2018, to 0 share in the flagship launches in our first fiscal quarter 2019.

我們的第一財季展望還反映了我們在 Apple 中的份額從 2018 財年第一季度的約 50% 調製解調器份額到 2019 年第一財季旗艦產品的零份額的變化。

We have also seen our RF front-end share at Apple drop in the current launch.

我們還看到我們在 Apple 的 RF 前端份額在當前的發布中有所下降。

I will discuss the impacts here in more detail shortly.

稍後我將更詳細地討論這裡的影響。

More than offsetting the demand and share impacts in the quarter is a one-time estimated benefit of approximately $0.45 of deferred tax asset impacts resulting from tax selections made in the first quarter of fiscal 2019 as part of our previously announced tax restructuring.

作為我們先前宣布的稅收重組的一部分，我們在 2019 財年第一季度做出的稅收選擇導致遞延稅資產影響的一次性估計收益約 0.45 美元，這不僅抵消了本季度的需求和份額影響。

We anticipate fiscal first quarter non-GAAP combined R&D and SG&A expenses to be down approximately 5% to 7% sequentially, primarily reflecting one less week of operations.

我們預計第一財季非 GAAP 合併研發和 SG&A 費用將環比下降約 5% 至 7%，主要反映運營減少一周。

Our cost management efforts will be somewhat muted in the quarter due to timing of certain divestitures expected to be completed later in the fiscal year.

由於預計將在本財年晚些時候完成的某些資產剝離的時間安排，我們本季度的成本管理工作將有所減弱。

In QTL, we expect revenues of $1 billion to $1.1 billion in the fiscal first quarter.

在 QTL，我們預計第一財季的收入為 10 億至 11 億美元。

As a reminder, we are adopting revenue accounting standards 606 in the first quarter, which results in us moving from reporting QTL revenue in arrears to estimating revenues in the period our licensees sell their products.

提醒一下，我們在第一季度採用了收入會計準則 606，這導致我們從報告拖欠的 QTL 收入轉變為估算我們的被許可人銷售其產品期間的收入。

ASC 606 requires us to report revenue in a manner that will include an estimate of our QTL royalty revenues before all information is received from our licensees.

ASC 606 要求我們報告收入的方式包括在從我們的被許可方收到所有信息之前估計我們的 QTL 特許權使用費收入。

This will lead to quarterly true-ups against reported numbers.

這將導致每季度對報告的數字進行調整。

Despite the change in revenue recognition method, we continue to expect revenues to range between $1 billion and $1.1 billion quarterly in the near term, as we see more muted seasonality on the absence of Apple licensing revenues.

儘管收入確認方法發生了變化，但我們繼續預計短期內每季度的收入將在 10 億美元至 11 億美元之間，因為我們認為由於沒有 Apple 許可收入，季節性因素更加溫和。

This range also excludes any payments from the other licensee in dispute under the $700 million interim agreement signed in fiscal 2018.

該範圍還不包括根據 2018 財年簽署的 7 億美元臨時協議，有爭議的其他被許可人支付的任何款項。

As a reminder, the final $100 million payment received under that interim agreement is being taken to retained earnings and not reported in the P&L as a result of the transition to ASC 606.

提醒一下，由於過渡到 ASC 606，根據該臨時協議收到的最後 1 億美元付款將計入留存收益，而不會在損益表中報告。

We expect fiscal first quarter QTL EBT margin to be approximately 53% to 57%, lower sequentially reflecting the absence of the $100 million interim payment and a change in R&D cost allocations, which I will discuss shortly.

我們預計第一財季 QTL EBT 利潤率約為 53% 至 57%，環比較低，反映出沒有 1 億美元的中期付款和研發成本分配的變化，我將在稍後討論。

In QCT, we expect approximately 175 million to 195 million MSM chip shipments for the fiscal first quarter, down 20% sequentially at the midpoint, which is a result of one less week in the quarter, lower Apple legacy shipments, and lower demand from China on weaker sell-through following very strong demand in fiscal Q4.

在 QCT，我們預計第一財季 MSM 芯片出貨量約為 1.75 億至 1.95 億，中點環比下降 20%，這是本季度減少一周、Apple 遺留出貨量下降以及中國需求下降的結果由於第四財季需求非常強勁，銷售疲軟。

Year-over-year, in the fiscal -- first fiscal quarter, we see a large decrease in units, which is fully explained from both a unit and EBT basis by the loss of share and the new Apple devices.

與去年同期相比，在本財年第一財季，我們看到單位數量大幅下降，這從單位和 EBT 的基礎上完全可以通過份額的損失和新的 Apple 設備來解釋。

We expect the Apple share reduction to be most impactful in our fiscal first quarter.

我們預計 Apple 股票的減少對我們第一財季的影響最大。

In fiscal 2018, Q1 units represented approximately 50% of the full year MSM orders from Apple.

在 2018 財年，第一季度的單位約佔 Apple 全年 MSM 訂單的 50%。

Compared to the same quarter last year, Apple volumes are expected to be down 50 million to 55 million units.

與去年同期相比，蘋果銷量預計將下降 5000 萬至 5500 萬台。

We expect QCT EBT margin to be between 13% to 15% in the quarter, reflecting the lower MSM volumes and the impact from a lower mix of modem sales.

我們預計本季度 QCT EBT 利潤率將在 13% 至 15% 之間，反映出較低的 MSM 銷量和較低的調製解調器銷售組合的影響。

We expect a recover to high-teens percentage in the second half of the fiscal year on improved product mix, the initial 5G launches, growth in adjacencies, and the impact of cost actions.

我們預計，由於產品組合的改善、最初的 5G 發布、鄰接業務的增長以及成本行動的影響，我們預計本財年下半年將恢復至十幾歲的高百分比。

We expect QCT's demand profile and EBT in the fiscal second quarter to reflect more muted seasonality as the normal pullback in Q2 versus Q1 was historically heavily driven by Apple.

我們預計 QCT 的需求狀況和第二財季的 EBT 將反映出更為溫和的季節性，因為第二季度相對於第一季度的正常回落歷來主要受到蘋果的推動。

Non-GAAP interest expense, net of investment and other income in the fiscal first quarter, is expected to be approximately $100 million, which is a reasonable estimate for each of the remaining quarters in fiscal 2019.

第一財季的非美國通用會計準則利息支出（扣除投資和其他收入）預計約為 1 億美元，這是對 2019 財年剩餘每個季度的合理估計。

We forecast diluted weighted average shares for the first fiscal quarter to be approximately 1.23 billion.

我們預測第一財季的攤薄加權平均股數約為 12.3 億股。

Turning to 2019.

轉眼2019年。

As Steve mentions, resolving our 2 licensing disputes is a key driver for fiscal 2019 performance.

正如史蒂夫提到的那樣，解決我們的 2 起許可糾紛是 2019 財年業績的關鍵驅動力。

Upon resolution, we continue to forecast significant positive revenue and EPS impacts.

決議通過後，我們繼續預測對收入和每股收益的顯著積極影響。

For calendar year 2019 3G/4G, 5G device shipments, we are estimating approximately 1.9 billion to 2 billion units, up approximately 5% at the midpoint, reflecting low single-digit handset growth driven primarily by migrations to 3G and 4G in emerging regions and strong double-digit growth for non-handsets.

對於 2019 日曆年的 3G/4G、5G 設備出貨量，我們估計約為 19 億至 20 億部，中點增長約 5%，反映了主要受新興地區向 3G 和 4G 遷移推動的低個位數手機增長和非手機業務實現兩位數的強勁增長。

We currently see limited macroeconomic risk to our outlook from the trade dispute between China and the U.S. as there are currently tariff-related impacts on only a limited number of our revenue drivers.

目前，我們認為中美貿易爭端對我們的前景造成的宏觀經濟風險有限，因為目前關稅相關的影響僅對我們有限數量的收入驅動因素產生。

For Chinese imports to the U.S., some networking products will be subject to U.S. tariffs, potentially impacting end-market demand if the incremental cost is passed to consumers.

對於從中國進口到美國的產品，一些網絡產品將被徵收美國關稅，如果增量成本轉嫁給消費者，則可能會影響終端市場需求。

Cellular phones at present are not currently subject to U.S. tariffs.

手機目前不受美國關稅的約束。

And for U.S. imports to China, ICs are not currently on the China tariff list.

而對於美國對中國的進口，集成電路目前不在中國的關稅清單上。

In fiscal 2019, we expect relatively flat global handset average selling prices and low- to mid-single-digit percentage handset sales growth year-over-year, with strength coming from the emerging regions, providing solid end market trends for QTL once the licensing disputes are resolved.

在 2019 財年，我們預計全球手機平均售價將相對持平，手機銷量同比增長率將保持在中低個位數百分比，新興地區將表現強勁，一旦獲得許可，將為 QTL 提供穩固的終端市場趨勢爭端得到解決。

We are making some changes with respect to our allocation of certain technology items, predominantly in our corporate R&D spending.

我們正在對某些技術項目的分配做出一些改變，主要是在我們的企業研發支出中。

With the commercialization of 5G devices in 2019, the spend for device developments will be reflected in QCT consistent with past practice, and the technology development currently in corporate will largely be reflected in QTL.

2019年隨著5G終端的商用，終端開發支出將體現在QCT上，與以往的做法一致，企業目前的技術開發將主要體現在QTL上。

Also moving in to QTL, is a minority share of some IP technology items previously shown in QCT, but which are related to future technology.

同樣進入QTL的，是之前在QCT中展示的一些IP技術項目的小份額，但這些項目與未來技術有關。

The net effect of these changes will be decreased spend in our corporate expenses by approximately $500 million and an increase in QTL expenses of approximately the same amount.

這些變化的淨影響將使我們的公司支出減少約 5 億美元，QTL 支出增加約相同數額。

The increases and decreases in these R&D changes are solely related to location of recording in the segments and are not related to the cost reduction program.

這些研髮變更的增減僅與記錄在細分市場中的位置有關，與成本削減計劃無關。

The cost program remains on track to deliver $1 billion in savings from our $7.4 billion baseline spend.

成本計劃仍有望從我們 74 億美元的基準支出中節省 10 億美元。

At present, we are trending somewhat above the $6.4 billion run rate as excess litigation expenses have increased relative to the baseline.

目前，由於超額訴訟費用相對於基線有所增加，我們的運行率略高於 64 億美元。

However, we are on track to deliver the $1 billion in operating savings and expect additional savings post licensing resolution as litigations -- litigation cost will come down significantly.

然而，我們有望實現 10 億美元的運營節省，並預計在通過訴訟解決許可問題後可以節省更多費用——訴訟成本將大幅下降。

We expect the net effects of the cost reduction in corporate and other, plus the change in corporate R&D expense allocation, and increased interest expense, to result in savings of approximately $300 million in our other segment outside of our core businesses in fiscal 2019.

我們預計，企業和其他成本降低的淨效應，加上企業研發費用分配的變化，以及利息支出的增加，將使我們在 2019 財年核心業務以外的其他部門節省約 3 億美元。

Our forecast for our non-GAAP tax rate in fiscal 2019 is approximately 3% to 4%, and reflects both the run rate tax impacts of tax reform and the fiscal first quarter impacts of our tax restructuring.

我們對 2019 財年非 GAAP 稅率的預測約為 3% 至 4%，反映了稅收改革對運行率稅收的影響和我們稅收重組對第一財季的影響。

Excluding the impact of the deferred tax asset item, we expect the non-GAAP tax rate to be approximately 15% for the year.

剔除遞延所得稅資產項目的影響，我們預計全年的非美國通用會計準則稅率約為 15%。

We expect fiscal 2019 weighted average diluted shares to be approximately 1.19 billion to 1.2 billion, lower year-over-year by approximately 280 million shares or 19% of shares outstanding on the full impact of our ASR, the Dutch tender, and open market repurchases.

我們預計 2019 財年加權平均攤薄股數約為 11.9 億至 12 億股，同比減少約 2.8 億股，佔已發行股票的 19%，因為我們的 ASR、荷蘭招標和公開市場回購的全部影響.

In summary, we expect fiscal 2019 earnings to be heavily weighted toward the back half of the year as the impacts of a number of factors increase over the next several quarters.

總而言之，我們預計 2019 財年的收益將在下半年佔很大比重，因為在接下來的幾個季度中，許多因素的影響會增加。

We expect QCT to return to year-over-year earnings growth in the second half on growing China OEMs share, initial 5G shipments, growth in adjacencies and margin expansion.

我們預計 QCT 將在下半年恢復同比盈利增長，原因是中國 OEM 份額的增長、最初的 5G 出貨量、鄰接業務的增長和利潤率的擴張。

Our additional cost actions and share repurchases over the year will further lever our second half performance.

我們全年的額外成本行動和股票回購將進一步提升我們下半年的業績。

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 Romit Shah with Nomura.

（操作員說明）我們的第一個問題來自 Romit Shah 與 Nomura 的合作。

I was hoping you could talk about the dispute with Apple.

我希望你能談談與蘋果的糾紛。

We noticed during the quarter that there were judgments in your favor.

我們在本季度注意到有對您有利的判斷。

ITC, for example.

以國貿中心為例。

But those judgments are coming without any injunctive relief.

但這些判決是在沒有任何禁令救濟的情況下作出的。

And I'm just curious why this hasn't changed your timeline on resolution.

我很好奇為什麼這沒有改變您的解決時間表。

It would seem like this dynamic would allow Apple to kick the can down the road, for as long as they can.

看起來這種動態會讓蘋果盡可能長時間地把罐頭踢下去。

Remit, this is Don.

收下，這是唐。

I think you got a little off.

我覺得你有點過分了。

So the ITC ruling that you're referring to was the recommendation of the Administrative Law Judge.

所以你提到的 ITC 裁決是行政法法官的建議。

We've previously given the dates.

我們之前已經給出了日期。

So that was the initial determination.

所以這是最初的決定。

That now goes to a final determination before the commission.

現在該委員會將做出最終決定。

It's true that he found infringement, which we are very pleased with, but he also decided that, from his perspective, there shouldn't be an exclusion order issued.

他確實發現了侵權，我們對此感到非常高興，但他也認為，從他的角度來看，不應該發布排除令。

We, obviously, disagree with that, and we have the opportunity, before the commission, to convince them otherwise.

顯然，我們不同意這一點，我們有機會在委員會面前說服他們不這樣認為。

And in China, do you -- what do you -- what do you expect?

在中國，你 - 你 - 你有什麼期望？

Do you think it's going to play out like it has in the U.S.?

你認為它會像在美國那樣發揮作用嗎？

Or do you think there could be more punitive actions, for example?

或者你認為可能會有更多的懲罰措施，例如？

Yes.

是的。

Sorry, you kind of -- your first part of your question, I think, was in China.

抱歉，我想你的問題的第一部分是在中國。

You're asking about the -- our actions in China?

你問的是——我們在中國的行動？

Well, just process in China, and how that might compare to what we've seen so far here in the U.S.

好吧，只是在中國進行的過程，這與我們迄今為止在美國看到的情況相比如何

Sure.

當然。

So we -- I think I've said in the past we've got over 20 patent infringement cases in multiple jurisdictions in China, where the IP courts have shown to be very good at protecting intellectual property rights and issuing, in many cases, injunctions.

所以我們——我想我過去說過，我們在中國的多個司法管轄區處理了 20 多起專利侵權案件，知識產權法院在保護知識產權方面表現得非常好，在許多情況下，禁令。

And so we continue to press those cases.

因此，我們繼續推動這些案件。

And we remain optimistic about the results of those.

我們對這些結果保持樂觀。

We've also, I should say, gone through multiple reviews of the validity of our patents that are issuing those cases.

我應該說，我們還對發布這些案例的專利的有效性進行了多次審查。

And we have one -- all but one, I believe.

我們有一個 - 除了一個，我相信。

So there are many validity findings already through the SIPO, the Chinese Intellectual Property Office.

因此，中國知識產權局 SIPO 已經得出了許多有效性結論。

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

我們的下一個問題來自 Mike Walkley 與 Canaccord Genuity 的合作。

George, just wonder if you could walk us through some of the changes in your guidance.

George，只是想知道您是否可以向我們介紹您指南中的一些變化。

Earlier in the year, when Broadcom was trying to buy you, you shared some financial targets for fiscal '19.

今年早些時候，當 Broadcom 試圖收購你時，你分享了 19 財年的一些財務目標。

Now you've given us some start-up guidance for the year that's going to be lower than those targets.

現在，您已經為我們提供了一些低於這些目標的年度啟動指導。

Can you just maybe walk us through some of the things that might have changed whether it's higher legal costs, weaker smartphone market, maybe less of a buyback given the timing of NXP?

你能不能給我們介紹一些可能已經改變的事情，無論是更高的法律成本、疲軟的智能手機市場，還是考慮到恩智浦的時機，回購可能更少？

Can you help us kind of reconcile your guidance relative to the one earlier in the year?

你能幫助我們調整你的指導與今年早些時候的指導嗎？

Yes.

是的。

Mike, and -- let me generally characterize it for you.

邁克，讓我為您大致描述一下。

And as we've discussed previously, the extension of the NXP contract, first from April, and then to July, and then, of course, the termination last quarter, and then the implementation of our capital and return.

正如我們之前討論的那樣，恩智浦合同的延期，首先是從 4 月，然後到 7 月，然後當然是上個季度的終止，然後是我們的資本和回報的實施。

Capital return program in August accounts for a material part of the difference as accretion is still the biggest single difference in the share repurchase case versus NXP, which accumulate accretion on Day 1. And under the share repurchases, we've said, it's -- the combination of the licensing resolution and the share repurchase can actually bring higher accretion than we would have seen with NXP.

8 月份的資本回報計劃是差異的重要組成部分，因為增值仍然是股票回購案例與恩智浦的最大單一差異，恩智浦在第一天就積累了增值。在股票回購下，我們已經說過，它是 -許可決議和股票回購的結合實際上可以帶來比我們在恩智浦看到的更高的增長。

I think in terms of just looking back to what we see now versus the beginning of last year, clearly, we see a weaker handset market in both '18 and '19 than we saw at the beginning of the year.

我認為，僅回顧我們現在看到的與去年初相比的情況，很明顯，我們看到 18 年和 19 年的手機市場都比我們年初看到的要疲軟。

And I think those -- that's one of the major factors.

我認為那些 - 這是主要因素之一。

I think there's other minor factors like interest rates being higher.

我認為還有其他次要因素，例如利率較高。

You've got some other factors like operating expenses related to what we were referring to as excess litigation being higher.

你還有其他一些因素，比如與我們所說的過度訴訟相關的運營費用更高。

But the key point is the same elements that drove our earnings performance at 5 25, and actually, the higher range, which is really how we have discussed our performance post dispute resolution.

但關鍵是推動我們的盈利表現達到 5 25 的相同因素，實際上是更高的範圍，這實際上是我們討論爭議解決後業績的方式。

Those things are all still in front of us even with a weaker handset market overall.

即使手機市場整體疲軟，這些事情仍然擺在我們面前。

So key thing is going to be resolution with Apple.

所以關鍵是要與 Apple 達成解決方案。

And then, of course, obviously, the various implications of that resolution, whether it includes possible reengagement on products, and then, of course, the ultimate accretion that comes with that.

然後，當然，很明顯，該決議的各種影響，它是否包括可能重新參與產品，當然還有隨之而來的最終增長。

We also see, quite frankly, 5G, which ramps in '20 and '21 as providing further underpinning to that strong earnings potential.

坦率地說，我們還看到 5G 在 20 世紀和 21 年的發展為這種強勁的盈利潛力提供了進一步的支撐。

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

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

Yes.

是的。

If I could just go back to Don.

如果我能回到唐身邊就好了。

You mentioned it in -- or maybe Steve mentioned it in the initial remarks about the FTC complaint, and not -- the initial decision and not agreeing with it.

你在 - 或者史蒂夫在關於 FTC 投訴的最初評論中提到了它，而不是 - 最初的決定而不是同意它。

Could you just talk a little bit, just a few of the questions I had.

你能不能談談我的一些問題。

One, I thought Qualcomm had previously been licensing to modem suppliers since they're shipping in the market.

第一，我認為高通之前一直在向調製解調器供應商授權，因為他們正在市場上發貨。

And then, second, is this potentially risking the whole license -- royalty rate based on system, rather than chip.

然後，其次，這是否有可能危及整個許可——基於系統而非芯片的特許權使用費率。

And then, third, if you can just maybe talk about how the FTC may impact or may not impact some of the other Apple or ODM cases that are out there, that'd be helpful.

然後，第三，如果你能談談 FTC 可能會如何影響或可能不會影響其他一些蘋果或 ODM 案件，那會很有幫助。

Yes.

是的。

Sure.

當然。

So the first -- let me go back to the order.

所以首先 - 讓我回到訂單。

The first question was with respect to -- no, the modem was the third question, wasn't it?

第一個問題是關於——不，調製解調器是第三個問題，不是嗎？

Yes, with respect to the ITC.

是的，關於 ITC。

No.

不。

I think it was the FTC.

我認為是聯邦貿易委員會。

FTC.

聯邦貿易委員會。

Yes.

是的。

Could you just repeat your question so we can make sure we get the proper answer.

您能否重複您的問題，以便我們確保得到正確的答案。

Yes.

是的。

Where you previously licensing to modem suppliers since they are selling in the market.

您之前授權給調製解調器供應商的地方，因為他們在市場上銷售。

What's the impact of a potential decision on chip level versus device level?

對芯片級與設備級的潛在決策有何影響？

And then, what's the relationship with this case potentially and anything with Apple or the other ODMs?

然後，這個案例與 Apple 或其他 ODM 有什麼潛在的關係？

Yes.

是的。

Sorry.

對不起。

Sir, I have it now.

先生，我現在有了。

So on modem licensing, your assumption was right that is to say that competitive chip makers have been free to sell their chips to device makers.

因此，在調製解調器許可方面，您的假設是正確的，即競爭性芯片製造商可以自由地將其芯片出售給設備製造商。

That's -- our practice has been, because we license to device makers.

那是——我們的做法是，因為我們授權給設備製造商。

That competitive chip suppliers can sell to licensed device makers and not have to pay us a license fee.

有競爭力的芯片供應商可以向獲得許可的設備製造商銷售產品，而不必向我們支付許可費。

And that's been the case for many, many years.

多年來，情況一直如此。

There was a time long ago when we provided some non-exhaustive licenses to some chip makers, but that was in the past.

很久以前，我們向一些芯片製造商提供了一些非詳盡的許可，但那是過去了。

So your point is well taken because there was no need for a license -- there is no need for a license on a component level, as long as the device makers are licensed, which the industry has practiced since the very beginning of industry practice here.

所以你的觀點很好，因為不需要許可證 - 只要設備製造商獲得許可，就不需要組件級別的許可證，這是行業從這裡的行業實踐開始就實踐的.

The primary standards bodies have constantly reiterated a device level licensing as the norm.

主要標準機構不斷重申設備級許可作為規範。

And every player in the industry has followed that process.

該行業的每個參與者都遵循了該過程。

So that's why I'd say, I think, the judge respectfully got it wrong here.

所以這就是為什麼我要說，我認為，法官在這裡恭敬地弄錯了。

And we're looking forward to an opportunity for the full trial later in January.

我們期待著在 1 月晚些時候有機會進行全面試驗。

I think I've kind of answered your second question as well.

我想我也已經回答了你的第二個問題。

So I'll pass that one.

所以我會通過那個。

And in terms of the impact, there really is, on ODMs and other Apple situations, there's no immediate impact here.

就影響而言，ODM 和其他 Apple 情況確實存在，這裡沒有直接影響。

We have licenses, as you know, which remain valid.

如您所知，我們有許可證，這些許可證仍然有效。

This is a partial summary judgment, which the judge decided a particular issue.

這是一個部分簡易判決，法官決定了一個特定的問題。

In this case, it's not a final judgment.

在這種情況下，這不是最終判決。

And so we will just continue advocating our position in court, and continue to have multiple licenses around the world as you know.

因此，我們將繼續在法庭上捍衛我們的立場，並繼續在世界範圍內擁有多個許可證，如您所知。

Tim, this is Alex.

蒂姆，這是亞歷克斯。

I'm calling in remotely.

我正在遠程呼叫。

Let me just jump in very quickly.

讓我很快地跳進去。

On the royalty rate issue, one of the things I think is important to remember, is that our licensing program, with respect to essential patents and cellular, is really properly valued at the system-level and the device level.

關於特許權使用費率問題，我認為需要記住的重要一件事是，我們的許可計劃，就基本專利和手機而言，在系統級和設備級確實得到了適當的估值。

And so the value of this intellectual property is realized at that level and that doesn't change by virtue of this particular partial summary judgment ruling.

因此，該知識產權的價值在該級別實現，並且不會因該特定的部分簡易判決而改變。

The other thing I think is important to keep in mind is that we dealt with similar issues like this before.

我認為需要記住的另一件事是，我們之前處理過類似的問題。

For example, in the FTC manner, and we found a way to resolve it there in the way that's not disruptive to the licensing business and satisfactory to the TFTC, obviously.

例如，以 FTC 的方式，我們找到了一種解決問題的方法，其方式顯然不會對許可業務造成破壞，並且令 TFTC 滿意。

So I just wanted to add a couple of those additional points.

所以我只想補充其中的幾點。

Yes.

是的。

This is Steve.

這是史蒂夫。

Also, I would just add, in all of the, I would say, the legal detail, I want to make sure the point is not lost.

另外，我想補充一點，在我想說的所有法律細節中，我想確保這一點不會丟失。

And really, our focus here in the near term, is really how do we settle the FTC case that's been public that we've had some discussions in that regard.

實際上，我們近期的重點是我們如何解決我們已經在這方面進行過一些討論的公開的 FTC 案件。

And that's really where the focus is right now.

這就是現在的重點所在。

And there's nothing, really, in that order that we think complicates that or keeps us from doing that.

實際上，在我們認為的順序中沒有任何東西會使事情複雜化或阻止我們這樣做。

And in the meantime, we're really not compelled to do anything differently with the business.

與此同時，我們真的沒有被迫對業務做任何不同的事情。

But that's really where the focus is.

但這確實是重點所在。

Hopefully, that isn't lost in the discussion as well.

希望這也不會在討論中丟失。

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

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

I have 2 as well.

我也有2個。

I guess, first off, to get towards the high-teens operating margin target for QCT, what sort of MSM unit expectations do you have in the back of this year?

我想，首先，為了實現 QCT 的高營業利潤率目標，您對今年年底的 MSM 單位有什麼樣的期望？

I'm just trying to understand, to go from low-teens to high-teens, how much of this is going to be volume driven versus some of the cost take out benefits that you guys are already implementing?

我只是想了解，從十幾歲到十幾歲，其中有多少是數量驅動的，而你們已經實施的一些成本會帶來好處？

That will be helpful.

那會很有幫助。

And then, the second question, I think, ahead of the FTC -- ahead of the judge giving you this preliminary judgment, I think Qualcomm and FTC had asked for a 30-day deferral to reach some sort of settlement.

然後，第二個問題，我想，在聯邦貿易委員會之前——在法官給你這個初步判決之前，我認為高通和聯邦貿易委員會已經要求推遲 30 天以達成某種和解。

Does the ruling by the judge inhibit or preventing us from getting to some sort of settlement with the FTC away from the courts?

法官的裁決是否會阻止或阻止我們在法庭之外與 FTC 達成某種和解？

And is that a likely option over the next 6 to 9 months for you guys?

在接下來的 6 到 9 個月內，這對你們來說是一個可能的選擇嗎？

Amit, this is George.

阿米特，這是喬治。

I'll cover the MSM.

我將介紹 MSM。

We're seeing both benefits more from mix in our MSM outlook in the second half versus the first half, not so much a volume question, although it's good.

與上半年相比，我們在下半年的 MSM 展望中看到了混合帶來的更多好處，雖然這很好，但與其說是數量問題。

But we're seeing -- we're continuing to see a trend that we've seen before, which is a very strong volume move from low and mid, up into the high and premium tiers, and that continues.

但我們看到 - 我們繼續看到我們之前看到的趨勢，這是從低端和中端到高端和高端的非常強勁的成交量，而且這種趨勢還在繼續。

And that also relates to kind of the timing of launches in China, which Cristiano is probably better to comment on.

這也與在中國推出的時間有關，克里斯蒂亞諾可能更適合對此發表評論。

Of course, we still expect to see some additional benefit from the cost program as well.

當然，我們仍然希望從成本計劃中看到一些額外的好處。

Maybe just make a small comment and hand over to, I think, Don, on the FTC question.

也許就 FTC 問題發表一點小意見，然後交給 Don。

So Amit, also at the very tail end of fiscal '19, that's when we're going to start to see the ramp or some of the 5G devices.

所以阿米特，也是在 19 財年的尾聲，那時我們將開始看到斜坡或一些 5G 設備。

And it's a meaningful volume in fiscal '20, but the initial launches will also happen at the very end of 2019 fiscal for us.

這在 20 財年是一個有意義的數量，但對我們來說，最初的發布也將在 2019 財年末進行。

Thank you.

謝謝。

I think your question was, does the partial summary judgment ruling affect our continuing settlement discussions?

我想你的問題是，部分簡易判決裁定會影響我們繼續進行的和解討論嗎？

And I think as Steve just indicated, we have ongoing settlement discussions with the FTC, and we will continue those discussions with the FTC.

我認為正如史蒂夫剛才所說，我們正在與 FTC 進行和解討論，我們將繼續與 FTC 進行這些討論。

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

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

I'd like to know why you're including a discrete tax benefit in your Q1 non-GAAP earnings.

我想知道您為什麼要在第一季度非 GAAP 收益中包括一項離散的稅收優惠。

Did you know it was there when you gave the guidance for 2019 last year?

當你去年給出 2019 年的指導時，你知道它在那裡嗎？

And does that benefit, $0.45, go toward the $5.25 EPS target that your compensation is based on?

0.45 美元的收益是否會達到您的薪酬所依據的 5.25 美元每股收益目標？

And if so, why is that fair?

如果是這樣，那為什麼公平？

Stacy, the timing of the tax adjustment item relates to the timing of the tax restructuring that we've taken.

Stacy，稅收調整項目的時間與我們採取的稅收重組的時間有關。

And that was -- that's been a process that has been continually under review over the last several months.

那是——這是一個在過去幾個月裡一直在不斷審查的過程。

And so -- but it really relates and reflects the timing of the actions.

所以 - 但它確實與行動的時間相關並反映出來。

In terms of our -- in terms of the compensation, we still are very focused on delivering the numbers that we have talked about.

就我們的薪酬而言，我們仍然非常專注於提供我們所討論的數字。

And that the board has based the compensation plan for management.

並且董事會已經制定了管理層的薪酬計劃。

And I think the one-time items are not the driving factor in delivering that business -- or that -- those business results.

而且我認為一次性項目並不是交付該業務或那些業務成果的驅動因素。

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

我們的下一個問題來自 Arete Research 的 Brett Simpson。

A question for George.

喬治的問題。

I think earlier this year, during the sort of Broadcom situation, you guided on adjacency in revenue for fiscal '19 at $7 billion to $8 billion from QCT.

我認為今年早些時候，在 Broadcom 的情況下，你指導 QCT 在 19 財年的相鄰收入為 70 億至 80 億美元。

Can you give us an update on this?

你能給我們介紹一下這方面的最新情況嗎？

I mean, just give us some sense as to what the December-quarter looks like for adjacencies, and how you see fiscal '19 now playing out.

我的意思是，讓我們了解 12 月季度的鄰接情況，以及您如何看待 19 財年的結果。

And maybe, George, can you give us some insights in terms of QCT sales overall for fiscal '19?

也許，喬治，你能給我們一些關於 19 財年 QCT 整體銷售的見解嗎？

Just keen, now you've given some guidance for December-quarter.

只是敏銳，現在您已經為 12 月季度提供了一些指導。

You know why we can't get a revenue guide overall for fiscal '19 for QCT.

你知道為什麼我們無法獲得 QCT 19 財年的總體收入指南。

So adjacencies, when we look at the previous forecast, probably the biggest differences we've seen slower adjacent growth in '18 than we had forecasted.

因此，當我們查看之前的預測時，相鄰可能是我們在 18 年看到的相鄰增長比我們預測的要慢的最大差異。

We start to see recovery in -- to that growth rate in '19.

我們開始看到復蘇——達到 19 年的增長率。

We also have seen our RF front-end business, which had an Apple component, which was in that forecast, has -- all that business has moved away from our front end group.

我們還看到我們的 RF 前端業務，它有一個 Apple 組件，在那個預測中，已經 - 所有這些業務都已經從我們的前端團隊轉移了。

Despite that, absent that, there's been strong growth outside of Apple.

儘管如此，除此之外，蘋果以外的業務增長強勁。

In terms of the mix though, as we've seen, some of the favorable business trends that Steve talked about, not only in the wind area, but in the IoT and in auto, we're actually seeing far less margin EBT impact from the slower growth than what we had forecasted as opposed to what we saw in '18.

但就組合而言，正如我們所見，史蒂夫談到的一些有利的商業趨勢，不僅在風能領域，而且在物聯網和汽車領域，我們實際上看到的利潤率 EBT 影響要小得多與我們在 18 年看到的情況相比，增長速度低於我們的預測。

With respect to guidance on revenue, our practice, consistent with really what the rest of the industry does, is to give it quarter out.

關於收入指導，我們的做法與其他行業的實際做法一致，即給出四分之一。

And maybe just to confirm, can you give us any sense as to -- you said $7 billion or $8 billion earlier this year.

也許只是為了確認，你能給我們任何意義嗎 - 你今年早些時候說的是 70 億美元或 80 億美元。

Can you give us a range or any sort of insights on adjacency for fiscal '19?

您能否就 19 財年的相鄰性給我們一個範圍或任何類型的見解？

Now I understand it's slower growth.

現在我明白它的增長速度較慢。

Maybe just a separate question for Cristiano.

也許只是 Cristiano 的一個單獨問題。

On 5G, when you talk about Snapdragon 800 wins and the RF opportunity as well, can you maybe just frame, what is the revenue opportunity per 5G phone, when you're selling a Snapdragon 800 and the RF, the complete RF front end for 5G?

在 5G 上，當你談論 Snapdragon 800 的勝利和 RF 機會時，你能不能只是框架，當你銷售 Snapdragon 800 和 RF 時，每部 5G 手機的收入機會是多少，完整的 RF 前端5G？

Again, we're not providing an updated guide against the $7 billion to $8 billion.

同樣，我們沒有提供針對 70 億至 80 億美元的最新指南。

The biggest difference between the range and what we see today is really a slower growth in IoT and the impact of the Apple change in our front end business.

該範圍與我們今天看到的最大區別實際上是物聯網增長放緩以及 Apple 改變對我們前端業務的影響。

And -- but from a -- as again, from a -- when I look at the EBT impact relative to our expectation to get to the earnings potential that we talked about, it's a very minor impact overall.

而且 - 但從 - 再次，從 - 當我看 EBT 影響相對於我們對達到我們談到的盈利潛力的預期時，它總體上是一個非常小的影響。

Brett, this is Cristiano.

布雷特，這是克里斯蒂亞諾。

On 5G, the -- we expect 5G to be a significant expansion, even on the existing units, both revenue and earnings for QCT, but also likely to be an expansion of share.

在 5G 方面，我們預計 5G 將是一個顯著的擴張，即使在 QCT 的現有單位、收入和收益上，也可能是份額的擴張。

And we see 2 drivers.

我們看到 2 個驅動程序。

One, is we have a lot more content in the device.

第一，我們的設備中有更多內容。

Besides the performance of a premium tier application processor in the 5G modem, we also have high traction on the RF front end design, including the incremental value you get from millimeter wave modules, which is going to be very important.

除了 5G 調製解調器中高端應用處理器的性能外，我們在 RF 前端設計方面也有很高的吸引力，包括您從毫米波模塊中獲得的增量價值，這將非常重要。

Certain markets, for example, the United States, will require a millimeter wave.

某些市場，例如美國，將需要毫米波。

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

我們的下一個問題來自美國銀行的 Tal Liani。

You gave guidance before for expense cut of $1 billion.

你之前給出了削減 10 億美元開支的指導。

Can you discuss the linearity?

你能討論一下線性度嗎？

Should we expect a drop in expenses early in the year?

我們是否應該期待今年年初的開支下降？

Or is it going to be an even 12-year?

還是會持續 12 年？

That's for modeling purposes?

那是為了建模目的？

Second, your guidance for next quarter for MSM shipments was lower than expectation, I believe, in line with The Street.

其次，您對下個季度 MSM 出貨量的指導低於預期，我相信這與華爾街一致。

Can you discuss the areas of strength and the areas of weakness as you see it next quarter?

您能否討論下個季度的強項和弱項？

And how do you refer to the reports about global weakness in the month for smartphones?

您如何看待本月有關智能手機全球疲軟的報告？

Great.

偉大的。

So on the operating expense linearity, we expect to continue to see operating expenses coming down over the year and more in the back half than we would normally see in a cost reduction program just because the timing of some of the divestitures that are a part of it, but not a key in driving part of it.

因此，在運營費用線性方面，我們預計今年的運營費用將繼續下降，並且在下半年比我們通常在成本削減計劃中看到的更多，因為一些資產剝離的時機是它，但不是驅動它的一部分的關鍵。

The other part is just the timing of some road map items and when it made sense to take certain actions.

另一部分只是一些路線圖項目的時間安排，以及何時採取某些行動是有意義的。

So overall, we're very confident that we're on track for that.

所以總的來說，我們非常有信心我們正在朝著這個方向前進。

In terms of the MSM share, maybe I'll just comment on the big deltas.

就 MSM 份額而言，也許我只會評論大三角洲。

I think the year-over-year is more, in some ways, most instructive because that's where you really see the Apple effect.

我認為，在某些方面，年復一年更有啟發性，因為這是你真正看到蘋果效應的地方。

And we're down, in the first quarter, 55 million units versus where we were last year in the same quarter with Apple and that's really the effect of 0 share.

我們在第一季度下降了 5500 萬台，與去年同一季度與 Apple 的銷量相比，這確實是 0 份額的影響。

One of the things that I think has made that -- the impact of that harder to see is that, in '18, we saw very strong demand increase in China.

我認為造成這種情況的其中一件事 - 更難看到的影響是，在 18 年，我們看到中國的需求增長非常強勁。

And at the same time, the mix of that demand improve in the high and premium tier.

與此同時，高端和高端的需求組合有所改善。

And so the impact of going from 100% to 50% share last year was really addressed by the growth of the non-Apple business.

因此，非 Apple 業務的增長真正解決了去年從 100% 到 50% 份額的影響。

Obviously, it -- this quarter, we don't have that same benefit.

顯然，它 - 這個季度，我們沒有同樣的好處。

So you're seeing a front-loaded, which is how Apple ordered last year so comparatively, a front-loaded Apple environment that we're not participating in.

所以你看到了一個前置的，這就是 Apple 去年訂購的方式，相對而言，一個我們沒有參與的前置 Apple 環境。

Maybe I'm just going to add one thing.

也許我只是想補充一件事。

This is Cristiano, Tal.

這是克里斯蒂亞諾，塔爾。

So if you remove the Apple effect, the seasonality we see in '19 is very similar to what we saw in '18.

因此，如果你去除蘋果效應，我們在 19 年看到的季節性與 18 年看到的非常相似。

And I think, as George outlined, when you look at the -- on the MSM shipments versus Street, if you look at the -- because as George said, Apple front-loaded 50 million to 55 million units.

我認為，正如 George 所概述的那樣，當您查看 - MSM 出貨量與 Street 的對比時，如果您查看 - 因為正如 George 所說，Apple 預先加載了 5000 萬至 5500 萬台。

You see the strength for the MSM is still with the growth on the non-Apple business, and that's why we're going to continue to see that as we go to the second half when we don't have that Apple impact anymore.

你會看到 MSM 的優勢仍然在於非 Apple 業務的增長，這就是為什麼我們將在下半年不再受到 Apple 影響時繼續看到這一點。

Our next question is from the line of Timothy Arcuri with UBS.

我們的下一個問題來自瑞銀集團的蒂莫西·阿庫裡 (Timothy Arcuri)。

I had 2. George, so just going back to the guidance for fiscal 2019.

我有 2. George，所以回到 2019 財年的指導。

So is the apples-to-apples number now $4.80 versus the original $5.25 baseline.

現在的 apples-to-apples 數字也是 4.80 美元，而最初的基準是 5.25 美元。

Is that right?

是對的嗎？

So Tim, we're not re-guiding '19 against the numbers.

所以蒂姆，我們不會根據數字重新指導 19 年。

Again, the largest delta, as I look at where we are versus -- and again, it depends on whether you're looking at a $5.25 case that had NXP coming in on Day 1 or how do we get to the higher range that we talked about back in January of '18.

同樣，最大的三角洲，正如我所看到的我們所處的位置 - 再一次，這取決於您是否在看一個 5.25 美元的案例，該案例有 NXP 在第 1 天進入，或者我們如何達到我們的更高範圍早在 18 年 1 月就談到過。

It comes down to, again, the largest part of that being the timing effect of when the share repurchase activity started, and also the impact of getting the accretion that comes with the resolution, which then, I think, we're in a much stronger position.

這再次歸結為，其中最大的部分是股票回購活動開始的時間效應，以及獲得決議帶來的增長的影響，然後，我認為，我們處於一個很大的更強的地位。

Otherwise, the biggest difference is really the market is a little bit weaker than we had expected before.

否則，最大的不同是市場確實比我們之前預期的要弱一些。

And the balance being things like, such as I said, the slower growth in adjacents.

平衡就像我說的那樣，相鄰地區的增長放緩。

Actually, a little bit higher interest rates having an impact and slightly higher tax rates having an impact.

實際上，稍微高一點的利率會產生影響，稍微高一點的稅率也會產生影響。

And then, there's a lot of moving parts, obviously, with Apple.

然後，顯然，Apple 有很多活動部件。

But it seems like every call, we hear more about a potential for an injunction in China.

但似乎每次來電，我們都會聽到更多關於在中國實施禁令的可能性。

Maybe that's why they don't want to talk about units anymore.

也許這就是為什麼他們不想再談論單位了。

But I'm wondering, what is the catalyst for you to get an injunction?

但我想知道，您獲得禁令的催化劑是什麼？

Is it a single one of these infringement cases going your way, which sounds like it might happen this quarter?

這是這些侵權案件中的一個嗎，聽起來可能會在本季度發生？

So I guess, the question is, could you get an injunction before the end of this year?

所以我想，問題是，你能在今年年底之前獲得禁令嗎？

This is Don.

這是唐。

Yes.

是的。

So the -- as I mentioned, there are over 20 cases that we've filed in various jurisdictions within China.

所以——正如我提到的，我們在中國的不同司法管轄區提交了 20 多起案件。

And yes, the vehicle for an injunction is we request an injunction as part of the case.

是的，禁令的工具是我們請求禁令作為案件的一部分。

China, unlike some other countries, actually will issue even preliminary injunctions and not wait through a full trial for permanent injunction.

與其他一些國家不同，中國實際上會發出初步禁令，而不是等到全面審判後才會發出永久禁令。

But as I said earlier too, they also have a parallel process where the patent office reviews patents for invalidity, and we've been very successful so far there.

但正如我之前所說，他們也有一個平行的流程，專利局審查專利的無效性，到目前為止我們在這方面非常成功。

So as soon as we get an infringement judgment in our favor, there's a real chance of injunctive release there.

因此，一旦我們獲得對我們有利的侵權判決，就有可能在那裡發布禁令。

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

下一個問題來自德意志銀行的 Ross Seymore。

I had 2. First on the MSM side dropping 20%, George, you said there a number of things Apple, extra week, et cetera.

我有 2 個。首先是 MSM 方面下降了 20%，喬治，你說蘋果有很多事情，額外的一周，等等。

Can you just talk about, even if I took the Apple out on a year-over-year basis, it looks like the MSMs are flat to very slightly up.

你能不能談談，即使我把 Apple 排除在年復一年的基礎上，看起來 MSM 持平到非常小幅上升。

Given the dynamic that's taking share in China, I'm surprised that is not a little bit better than that.

考慮到在中國取得份額的動態，令我感到驚訝的是，情況並沒有比這好一點。

So any color on that.

所以任何顏色都可以。

And the second unrelated question is on your tax commentary, not for the quarter, but you indicated it'd be 15% for the -- I think, for the rest of the fiscal year after fiscal 1Q.

第二個不相關的問題是關於你的稅收評論，不是關於本季度的，但你表示它是 15%——我認為，對於第一季度財政年度之後的剩餘財政年度。

Is that correct?

那是對的嗎？

And how this does that tax rate of 15% change after you resolve the 2 outstanding disputes?

在您解決兩個未決糾紛後，15% 的稅率如何變化？

So let me -- maybe I'll start with the tax rate first.

所以讓我 - 也許我會先從稅率開始。

You're correct, it's 15% on the remaining quarters, which gets you at roughly 3% to 4% for the full year, given the tax benefit in the first quarter.

你是對的，考慮到第一季度的稅收優惠，剩餘季度的稅率為 15%，全年的稅率約為 3% 至 4%。

The -- effectively, the tax restructuring is bringing our offshore revenue on shore, and most of that revenue is going to be subject to the FDI rate, the foreign derived income rate, which is 13% as opposed to the statutory rate of 21%.

實際上，稅收重組正在將我們的離岸收入轉移到岸上，其中大部分收入將受外國直接投資稅率、外國衍生收入稅率的影響，該稅率為 13%，而法定稅率為 21% .

And so I think -- as we said, I think the mid-teens is still a good number to think about in terms of modeling because of that.

因此，我認為——正如我們所說，我認為十幾歲仍然是一個值得考慮的建模方面的好數字。

We -- the 15%, you get pulled up a little bit because not everything falls into that bucket.

我們——那 15%，你會被拉高一點，因為並不是所有的東西都落在那個桶裡。

And so you get pulled up a little on rate from the FDI rate.

因此，您會從 FDI 利率中略微上調。

In terms of the MSMs, I want to make sure I understand, are you talking about sequential?

就 MSM 而言，我想確保我理解，你是在談論順序嗎？

Or year-over-year?

還是年復一年？

Because it's a very different story as we look at sequential versus year-over-year.

因為當我們看順序與同比時，這是一個非常不同的故事。

Well, I was -- and year-over-year, you're guiding to 185 million units at the midpoint.

好吧，我是——年復一年，你在中點指導 1.85 億個單位。

And if my model's right, I think you did 237 in the same quarter a year ago.

如果我的模型是正確的，我想你在一年前的同一季度做了 237 次。

So if I just did the math of taking the 50 million to 55 million units that you set from Apple out of the equation, it seems like you're still only talking kind of 180 million, 182 million units.

因此，如果我只是計算一下你從 Apple 設定的 5000 萬到 5500 萬個單位，那麼你似乎仍然只是在談論 1.8 億、1.82 億個單位。

Yes.

是的。

Now I got your question.

現在我知道你的問題了。

So the difference -- one of the differences, we're seeing some lower demand in China.

所以差異——差異之一，我們看到中國的需求有所下降。

As we said, Q4, part of our outperformance in Q4 was high and premium tier devices in China.

正如我們所說，第四季度，我們在第四季度表現出色的部分原因是中國的高端設備。

And so we're seeing that come down a little bit as sell-through for some of our customers was below expectations.

因此，由於我們的一些客戶的銷售量低於預期，我們看到這種情況有所下降。

So there's a little bit of a digestion period.

所以有一點消化期。

And I think that's part of why it looks like we're not getting as much pick up year-over-year potentially from the growth in China.

我認為這就是為什麼看起來我們沒有從中國的增長中獲得同比增長的部分原因。

And it was -- by the way, Q1 last year was not a bad quarter for China units either.

順便說一下，去年第一季度對中國單位來說也不是一個糟糕的季度。

This ends our allotted time for questions and answers.

我們分配的問答時間到此結束。

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

Mollenkopf 先生，在暫停通話之前，您還有什麼要補充的嗎？

Thanks.

謝謝。

I just wanted to thank everybody for joining us on the call today.

我只是想感謝大家今天加入我們的電話會議。

This is -- we're on the cusp of, I think, some very big industry transitions that we're well positioned for, 5G, the ramp of our RF front-end business, and of course, the ramp of the design in pipeline, particularly in auto.

這是——我認為，我們正處於一些非常大的行業轉型的風口浪尖，我們已經做好了準備，5G，我們射頻前端業務的增長，當然還有設計的增長管道，尤其是汽車。

I just want to thank the teams for their hard work.

我只想感謝團隊的辛勤工作。

They never took their eye off the ball this year, and I think we're really well positioned as a result going into 5G.

他們今年從未將目光從球上移開，我認為我們在進入 5G 領域時處於非常有利的位置。

Thank you, everyone.

謝謝大家。

We'll talk to you next quarter.

我們將在下個季度與您交談。

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。