高通 (QCOM) 2019 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們，先生們，謝謝你們的支持。

Welcome to the Qualcomm First Quarter Fiscal 2019 Earnings Conference Call.

歡迎參加高通 2019 財年第一季度收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded, January 30, 2019.

（操作員說明）提醒一下，本次會議正在錄製，2019 年 1 月 30 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 13686071.

播放預約號為13686071。

I would now like to turn the call over to Mauricio Lopez-Hodoyan, Vice President of Investor Relations.

我現在想把電話轉給投資者關係副總裁 Mauricio Lopez-Hodoyan。

Mr. Lopez-Hodoyan, please go ahead.

Lopez-Hodoyan 先生，請繼續。

Thank you, and good afternoon, everyone.

謝謝，大家下午好。

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

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

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

此外，克里斯蒂亞諾·阿蒙、亞歷克斯·羅傑斯和唐·羅森博格將參加問答環節。

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

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

In addition, this call is 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, we will use non-GAAP financial measures as defined in Regulation G, and you can find the related reconciliations to GAAP on our website.

在電話會議期間，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 相關的調節。

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

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

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

實際事件或結果可能與我們前瞻性陳述中預測的事件或結果存在重大差異。

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

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

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

現在請聽高通公司首席執行官史蒂夫莫倫科普夫的評論。

Thank you, Mauricio, and good afternoon, everyone.

謝謝毛里西奧，大家下午好。

We are pleased to report a strong quarter, especially in light of the challenging headwinds impacting the entire industry.

我們很高興地報告一個強勁的季度，特別是考慮到影響整個行業的具有挑戰性的逆風。

Our fiscal first quarter results reflect continued execution by our team on the things within our control and influence.

我們的第一財季業績反映了我們的團隊對我們控制和影響範圍內的事情的持續執行。

Our Q1 non-GAAP earnings of $1.20 per share were $0.10 above the midpoint of our guidance range.

我們第一季度的非 GAAP 每股收益為 1.20 美元，比我們的指導範圍中點高出 0.10 美元。

Revenue of $4.8 billion was in line with our guidance.

48 億美元的收入符合我們的指引。

Several positive trends enabled us to absorb the impact of general market weakness.

幾個積極的趨勢使我們能夠吸收一般市場疲軟的影響。

Notably, number one, QCT's strong road map and financial performance in the high end.

值得注意的是，第一，QCT 在高端的強大路線圖和財務業績。

Number two, QTL's second interim agreement with Huawei.

第二，QTL與華為的第二份臨時協議。

And number three, lower-than-expected operating expenses, which includes the impact of our cost reduction initiatives.

第三，運營費用低於預期，其中包括我們降低成本計劃的影響。

Our business prospects remain very healthy as 5G begins to ramp through the balance of this year and beyond.

隨著 5G 在今年及以後的餘額中開始加速發展，我們的業務前景仍然非常健康。

Our Snapdragon platform continues to outperform industry benchmarks and is well positioned to successfully enable the low latency, high reliability and security requirements of 5G.

我們的 Snapdragon 平台繼續超越行業基準，並有能力成功實現 5G 的低延遲、高可靠性和安全性要求。

We continue to extend this expertise with handset OEMs and adjacent industries of compute, IoT and auto.

我們繼續將這種專業知識擴展到手機原始設備製造商以及計算、物聯網和汽車等鄰近行業。

Our WiFi business continues to gain share against longstanding incumbents in enterprise.

我們的 WiFi 業務繼續在企業中長期佔據市場份額。

Reliable, intelligent and secure WiFi will be an important part of future 5G networks, and we've introduced innovative and differentiated solutions as the market transitions to WiFi 6.

可靠、智能和安全的 WiFi 將成為未來 5G 網絡的重要組成部分，隨著市場向 WiFi 6 的過渡，我們推出了創新和差異化的解決方案。

In parallel, we remain focused on resolving our Apple and regulatory disputes.

與此同時，我們仍然專注於解決我們與 Apple 和監管方面的糾紛。

Before I turn the call over to George to cover our results in more detail, I want to provide an update on some important legal milestones and our ongoing efforts to defend the value of our intellectual property and drive shareholder value.

在我把電話轉給喬治更詳細地介紹我們的結果之前，我想提供一些重要的法律里程碑的最新情況，以及我們為捍衛知識產權價值和推動股東價值所做的持續努力。

As most of you know, we are one of the main architects of the wireless ecosystem and our leading investments in R&D have positioned the company at the forefront of 2G, 3G/4G and now, 5G leadership.

正如你們大多數人所知，我們是無線生態系統的主要架構師之一，我們在研發方面的領先投資使公司處於 2G、3G/4G 和現在的 5G 領先地位。

We have one of the largest patent portfolios in the industry with more than 130,000 patents and pending patent applications worldwide.

我們擁有業內最大的專利組合之一，在全球擁有超過 130,000 項專利和正在申請的專利。

And it is critical that we protect our IP and ensure that we are appropriately compensated for our inventions and investments.

保護我們的知識產權並確保我們的發明和投資得到適當的補償是至關重要的。

Through these various legal cases, we are working to ensure this happens.

通過這些不同的法律案件，我們正在努力確保這一點發生。

Courts in China and Germany have found Apple to be infringing our patents consistent with our prior messaging for the potential of multiple patent infringement rulings before the end of 2018.

中國和德國的法院裁定 Apple 侵犯了我們的專利，這與我們之前就可能在 2018 年底之前做出多項專利侵權裁決的消息一致。

We are pursuing enforcement of the injunctions awarded by these courts and believe the decisions will be upheld on appeal.

我們正在執行這些法院頒發的禁令，並相信這些決定將在上訴中得到維持。

These favorable rulings demonstrate Apple's infringement across a broad range of our patented technologies that are unrelated to modem chips but are widely used in smartphones.

這些有利的裁決表明 Apple 侵犯了我們廣泛的與調製解調器芯片無關但廣泛用於智能手機的專利技術。

We expect additional favorable patent infringement decisions in the coming months in the United States, China and Germany as more of our cases go to trial.

隨著我們的更多案件進入審判階段，我們預計未來幾個月美國、中國和德國將做出更多有利的專利侵權判決。

In addition to our patent litigation, there are more legal milestones ahead, including the trial involving Apple and its contract manufacturers starting in San Diego in April.

除了我們的專利訴訟之外，還有更多的法律里程碑，包括 4 月份在聖地亞哥開始的涉及 Apple 及其合同製造商的審判。

And a separate case in California State Court, we filed to stop Apple's misuse and misappropriation of Qualcomm's trade secrets.

在加利福尼亞州法院的另一起案件中，我們提起訴訟以阻止 Apple 濫用和盜用高通的商業機密。

We continue to believe that over the course of 2019, we will reach a resolution on the key outstanding issues in our disputes with Apple through settlement or litigation, and we are prepared for both outcomes.

我們仍然相信，在 2019 年的過程中，我們將通過和解或訴訟就我們與 Apple 糾紛中的關鍵懸而未決問題達成解決方案，我們為這兩種結果做好了準備。

Yesterday, we concluded our arguments in the case with the FTC in the Northern District of California.

昨天，我們結束了與加利福尼亞州北區聯邦貿易委員會的案件辯論。

As stated before, we believe that the FTC's case is based on a flawed antitrust theory and that it failed to meet its burden of proof for its claims.

如前所述，我們認為 FTC 的案件基於有缺陷的反壟斷理論，未能履行其索賠的舉證責任。

You can access a transcript of our closing arguments and the related slide presentation on our website at qualcomm.com/news.

您可以在我們的網站 qualcomm.com/news 上訪問我們的結案陳詞和相關幻燈片演示文稿的副本。

Over the course of the trial, we made a strong showing that our licensing practices are consistent with industry norms, have not harmed competition, and in fact, the industry is thriving.

在審判過程中，我們有力地表明我們的許可做法符合行業規範，沒有損害競爭，事實上，該行業正在蓬勃發展。

We have earned or maintained our leadership in the mobile wireless industry with superior foresight, investment and execution, driving superior technology solutions compared with our competitors.

與我們的競爭對手相比，我們憑藉卓越的遠見、投資和執行力贏得或保持了我們在移動無線行業的領先地位，推動了卓越的技術解決方案。

And we have never interrupted commercial shipments of modem chips to any customer in order to obtain unfair licensing rates.

我們從未中斷過向任何客戶提供調製解調器芯片的商業運輸，以獲得不公平的許可費率。

Moreover, the evidence presented at trial proved that our agreements with Apple, which expired over 2 years ago, were run-of-the-mill incentive agreements that were actually demanded by Apple in order to win its business.

此外，庭審中出示的證據證明，我們與 Apple 簽訂的兩年多前到期的協議是普通的激勵協議，是 Apple 為贏得業務而實際要求的。

The trial reinforced the important role we play in the mobile industry.

該試驗強化了我們在移動行業中發揮的重要作用。

This is especially critical now as we enter the early innings of 5G, the first mobile generation that is truly shaping industrial policy.

當我們進入 5G 的早期階段時，這一點尤其重要，這是真正影響產業政策的第一代移動設備。

In summary, we are hopeful that the law and fact-based analysis will prevail in our FTC proceedings.

總之，我們希望法律和基於事實的分析將在我們的 FTC 程序中佔上風。

In parallel, we continue to look for an opportunity to reach a negotiated settlement with the FTC.

與此同時，我們繼續尋找機會與 FTC 達成協商解決方案。

Let me now spend some time providing you an update on how we are driving the transition to 5G.

現在讓我花一些時間向您介紹我們如何推動向 5G 過渡的最新情況。

We are extremely pleased with the growing 5G momentum around the world.

我們對全球不斷增長的 5G 勢頭感到非常高興。

In December, we hosted our annual Snapdragon Tech Summit, and were joined by leading 5G ecosystem partners, infrastructure vendors as well as device manufacturers.

12 月，我們舉辦了年度 Snapdragon 技術峰會，領先的 5G 生態系統合作夥伴、基礎設施供應商和設備製造商都參加了此次峰會。

This level of representation from the mobile ecosystem is a testament to our broad industry commitment to 5G, our solutions and our leadership position.

這種來自移動生態系統的代表證明了我們對 5G、我們的解決方案和我們的領導地位的廣泛行業承諾。

At this summit, we announced our new Snapdragon 855 mobile platform, the world's first commercial platform supporting multi-gigabit 5G and demonstrated end-to-end 5G consumer experiences with real demos over live millimeter wave 5G networks and devices.

在本次峰會上，我們發布了全新的驍龍 855 移動平台，這是全球首個支持數千兆位 5G 的商用平台，並通過實時毫米波 5G 網絡和設備的真實演示展示了端到端的 5G 消費者體驗。

We also announced that the Snapdragon 855 is gaining significant momentum, with over 100 design wins in development.

我們還宣布，Snapdragon 855 的發展勢頭強勁，有超過 100 項設計正在開發中。

Since the summit, 5G service has begun to roll out in Korea and the United States.

自峰會以來，5G服務已開始在韓國和美國推出。

And as 2019 progresses, we anticipate continued 5G network launches in the United States, Europe, Japan, Australia and China.

隨著 2019 年的推進，我們預計美國、歐洲、日本、澳大利亞和中國將繼續推出 5G 網絡。

We are working with more than 20 operators toward commercial rollout starting this year, and we expect to be the 5G modem supplier of choice for the majority of the first wave of 5G devices.

我們正在與 20 多家運營商合作，從今年開始進行商業部署，我們預計將成為第一波 5G 設備中的大多數首選 5G 調製解調器供應商。

In addition to commercial 5G service, device manufacturers are also ramping production of consumer 5G devices.

除了商業 5G 服務外，設備製造商也在增加消費類 5G 設備的生產。

At CES, we announced 30 plus commercial 5G mobile design wins based on our 5G chipsets.

在 CES 上，我們宣布了 30 多項基於我們的 5G 芯片組的商用 5G 移動設計。

The majority of these designs are smartphones from global OEMs featuring the Snapdragon 855 mobile platform and the Snapdragon X50 5G modem family, which are expected to launch in the first half of 2019.

這些設計大部分是來自全球 OEM 的智能手機，採用驍龍 855 移動平台和驍龍 X50 5G 調製解調器系列，預計將於 2019 年上半年推出。

Notably, nearly all of the devices related to these 5G design wins use our RF front end solutions, and we expect these design wins to have a meaningful positive impact to our RF front end product line.

值得注意的是，幾乎所有與這些 5G 設計中標相關的設備都使用我們的 RF 前端解決方案，我們預計這些設計中標將對我們的 RF 前端產品線產生有意義的積極影響。

Consistent with the past 3G and 4G transitions, as 5G launches in 2019 across multiple geographies, we expect the carriers to play an active role in driving the transition to 5G devices.

與過去的 3G 和 4G 過渡一致，隨著 5G 於 2019 年在多個地區推出，我們預計運營商將在推動向 5G 設備過渡方面發揮積極作用。

Turning to our adjacent opportunities.

轉向我們相鄰的機會。

In automotive, we announced our third generation Snapdragon automotive cockpit platforms, which provide a multitier scalable architecture across tiers to expand the addressable market for our infotainment solutions.

在汽車領域，我們發布了第三代 Snapdragon 汽車座艙平台，該平台提供跨層的多層可擴展架構，以擴大我們信息娛樂解決方案的潛在市場。

Importantly, to an automotive manufacturer, a scalable architecture delivers a consistent experience across budget to mid-tier to premium car lines.

重要的是，對於汽車製造商而言，可擴展的架構可在預算範圍內為中端到高端汽車系列提供一致的體驗。

We also launched the custom-built Snapdragon 8 CX compute platform, which represents the largest generational performance increase ever for a Snapdragon product.

我們還推出了定制的驍龍 8 CX 計算平台，這是驍龍產品有史以來最大的一代性能提升。

We look forward to growing this category with Microsoft and expect more announcements throughout the year.

我們期待與 Microsoft 一起發展這一類別，並期待全年發布更多公告。

In summary, in a challenging market, QCT is continuing to execute consistent with our expectations at the beginning of the year, and we are looking forward to our upcoming product launches.

總而言之，在充滿挑戰的市場中，QCT 繼續按照我們年初的預期執行，我們期待即將推出的產品。

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

最後，我要感謝我們的員工的辛勤工作和專注的執行力。

We continue to make great progress on our important strategic objectives.

我們繼續在我們的重要戰略目標上取得重大進展。

We are driving the transition to 5G, and we are leveraging our core technologies to expand our reach into many exciting new industries.

我們正在推動向 5G 的過渡，我們正在利用我們的核心技術將我們的影響力擴展到許多令人興奮的新行業。

I would like to now 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。

We are pleased to report solid results in our fiscal first quarter.

我們很高興地報告第一財季的穩健業績。

Our revenues were $4.8 billion in the first quarter, in line with our prior guidance and non-GAAP EPS of $1.20 was $0.05 above the high end of our guidance range.

我們第一季度的收入為 48 億美元，符合我們之前的指導，非 GAAP 每股收益 1.20 美元，比我們指導範圍的上限高出 0.05 美元。

Importantly, our Q1 results include a new interim agreement with Huawei, which contributed $150 million of revenue in the quarter.

重要的是，我們第一季度的業績包括與華為達成的一項新的臨時協議，該協議在本季度貢獻了 1.5 億美元的收入。

As discussed last quarter, our Q1 guidance had not included any contribution from Huawei because the final payment under the previous interim agreement was recognized in retained earnings pursuant to our adoption of ASC 606 in Q1.

正如上個季度所討論的那樣，我們的第一季度指引沒有包括華為的任何貢獻，因為根據我們在第一季度採用的 ASC 606，根據之前的臨時協議的最終付款被確認為留存收益。

QCT delivered revenues of $3.7 billion and an EBT margin of 16% for the quarter, above our prior guidance range of 13% to 15%.

QCT 在本季度實現了 37 億美元的收入和 16% 的 EBT 利潤率，高於我們之前 13% 至 15% 的指導範圍。

The operating margin reflects improvements in gross margins and lower operating expenses, driven by our continued focus on driving operating efficiencies.

在我們持續關注提高運營效率的推動下，營業利潤率反映了毛利率的提高和運營費用的降低。

MSM chip shipments of 186 million units came in modestly above the midpoint of our guidance range.

MSM 芯片出貨量為 1.86 億片，略高於我們指導範圍的中點。

QTL generated revenues of $1 billion in the quarter, including $150 million from the successful negotiation of the Huawei interim agreement.

QTL 在本季度創造了 10 億美元的收入，其中 1.5 億美元來自與華為臨時協議的成功談判。

This new agreement was signed in our first fiscal quarter and runs through the third fiscal quarter of 2019.

這份新協議於我們的第一個財政季度簽署，並貫穿 2019 年第三財政季度。

Under the agreement, we will receive $150 million for each of those 3 quarters.

根據協議，我們將為這 3 個季度中的每個季度獲得 1.5 億美元。

Relative to our previous expectations, which had excluded any revenue from the interim agreement, licensing revenues were lower by $150 million to $200 million in the quarter.

相對於我們之前的預期（已排除臨時協議的任何收入），本季度的許可收入減少了 1.5 億美元至 2 億美元。

Given the headwinds facing the market broadly, we have reduced our global 3G/4G device forecast for the calendar year '18 to the low end of our previous guidance range consistent with lower royalty units in the December quarter.

鑑於市場普遍面臨的不利因素，我們已將 18 日曆年的全球 3G/4G 設備預測下調至我們先前指導範圍的低端，這與 12 月季度較低的特許權使用費單位一致。

Emerging regions in China were responsible for the largest shortfall in units relative to expectations, although the lower levels of demand appear to be fairly widespread.

中國的新興地區是銷量低於預期的最大缺口，儘管較低水平的需求似乎相當普遍。

The weaker global unit market accounted for the majority of the revenue impact in the quarter along with some mix effects.

疲軟的全球單位市場佔本季度收入影響的大部分以及一些混合效應。

Against this backdrop, we continue to demonstrate disciplined execution on our cost-reduction plan.

在此背景下，我們繼續嚴格執行我們的成本削減計劃。

Non-GAAP combined R&D and SG&A expenses were $1.56 billion, down 15% sequentially and well below the low end of the guidance range.

非 GAAP 合併研發和 SG&A 費用為 15.6 億美元，環比下降 15%，遠低於指導範圍的低端。

Maintaining our focus on OpEx efficiency remains a top priority, and we are on track to deliver against our $1 billion cost-reduction plan excluding excess litigation.

保持對運營支出效率的關注仍然是重中之重，我們有望實現 10 億美元的成本削減計劃，不包括過多的訴訟。

Expenses in the first quarter also benefited from lower-than-expected litigation spend due to timing and the effects of a weaker stock market on revaluation of deferred compensation obligation.

第一季度的支出還受益於低於預期的訴訟支出，原因是時間安排以及股市疲軟對遞延補償義務重估的影響。

As a reminder, there is a corresponding offset on the deferred compensation liabilities in our investment income so there is no net EPS benefit.

提醒一下，我們的投資收益中的遞延補償負債有相應的抵消，因此沒有淨每股收益收益。

Our non-GAAP tax rate for the quarter was a benefit of 40%.

我們本季度的非 GAAP 稅率為 40%。

This is in line with the benefit we included in our guidance for the quarter.

這與我們在本季度的指導中包含的收益一致。

To date, we have executed on $22.2 billion in share repurchases of the $30 billion authorization we announced last July.

迄今為止，我們已經執行了我們去年 7 月宣布的 300 億美元授權的 222 億美元股票回購。

This includes $5.1 billion through a Dutch auction and $16 billion under our ongoing ASR programs executed in the fall of last year.

這包括通過荷蘭式拍賣獲得的 51 億美元和我們在去年秋季執行的正在進行的 ASR 計劃下的 160 億美元。

As of today, January 30, the ASRs are approaching 40% completion and the average repurchase price to date is approximately $61.

截至今天，即 1 月 30 日，ASR 已接近完成 40%，迄今為止的平均回購價格約為 61 美元。

As a reminder, the ASR settled at the average trading price less a discount over the life of the agreements.

提醒一下，ASR 在協議有效期內以平均交易價格減去折扣結算。

The ASR agreements are scheduled to end in early September 2019.

ASR 協議計劃於 2019 年 9 月上旬結束。

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

現在讓我們來看看我們對 2019 年第二財季的財務展望。

We estimate fiscal second quarter revenues to be in the range of $4.4 billion to $5.2 billion and non-GAAP earnings per share to be approximately $0.65 to $0.75.

我們估計第二財季收入在 44 億美元至 52 億美元之間，非 GAAP 每股收益約為 0.65 美元至 0.75 美元。

We expect QTL revenues to be in the range of $1 billion to $1.1 billion, including the $150 million under the interim agreement.

我們預計 QTL 的收入將在 10 億至 11 億美元之間，包括臨時協議項下的 1.5 億美元。

We expect the market factors that we saw in Q1 to persist with continued softness in the handset market and weaker overall mix of devices.

我們預計我們在第一季度看到的市場因素會隨著手機市場的持續疲軟和整體設備組合的疲軟而持續下去。

We expect fiscal second quarter QTL EBT margin to be approximately 54% to 58%.

我們預計第二財季 QTL EBT 利潤率約為 54% 至 58%。

In QCT, we estimate approximately $150 million to $170 million MSM chip shipments for the fiscal second quarter, down sequentially as a result of typical volume seasonality; market weakness, particularly in the low and mid-tiers; timing of OEM product launches and overall competitive dynamics.

在 QCT，我們估計第二財季的 MSM 芯片出貨量約為 1.5 億美元至 1.7 億美元，由於典型的銷量季節性而連續下降；市場疲軟，尤其是中低端市場； OEM 產品發布的時機和整體競爭動態。

Lower MSM units at mid and low-tiers is offset by favorable product mix due to seasonality and broader adoption of our newly launched Snapdragon 800 chipset.

由於季節性和我們新推出的 Snapdragon 800 芯片組的廣泛採用，中低端較低的 MSM 單位被有利的產品組合所抵消。

We expect this mix shift to drive significantly higher revenue per MSM in the fiscal second quarter.

我們預計這種組合轉變將在第二財季推動每個 MSM 的收入顯著增加。

We expect QCT EBT margins to be between 13% and 15%.

我們預計 QCT EBT 利潤率將在 13% 至 15% 之間。

We anticipate the fiscal second quarter non-GAAP combined R&D and SG&A expenses to increase by 6% to 8% sequentially due to higher litigation spend and the impact of the calendar reset of normal employee tax costs.

由於訴訟支出增加以及正常員工稅收成本日曆重置的影響，我們預計第二財季非 GAAP 合併研發和 SG&A 費用將連續增長 6% 至 8%。

Non-GAAP combined R&D and SG&A sequential growth is also being impacted by the expected absence of the revaluation adjustment for our deferred compensation liabilities, which benefited OpEx in Q1.

非 GAAP 聯合研發和 SG&A 連續增長也受到預期沒有對我們的遞延補償負債進行重估調整的影響，這有利於第一季度的運營支出。

We remain on track to deliver $1 billion in cost savings from our $7.4 billion baseline.

我們仍然有望在 74 億美元的基準基礎上節省 10 億美元的成本。

At present, we have achieved approximately $850 million of savings toward our $1 billion target.

目前，我們已經實現了 10 億美元的目標，節省了大約 8.5 億美元。

However, due to excess litigation, we are tracking somewhat above the $6.4 billion run rate.

但是，由於過多的訴訟，我們跟踪的運行率略高於 64 億美元。

Nevertheless, we are on track to deliver the $1 billion in operating savings and expect additional savings post licensing resolution as litigation costs come down.

儘管如此，我們有望實現 10 億美元的運營節省，並預計隨著訴訟成本的下降，在許可解決方案後還會節省更多費用。

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

第二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，這符合我們之前的指引，並且是對 2019 財年剩餘每個季度的合理估計。

Turning to fiscal 2019.

轉向 2019 財年。

We expect our non-GAAP annual effective tax rate in fiscal 2019 to be approximately 0% and reflects both the run rate impacts of tax reform and the fiscal first quarter impacts of our tax restructuring.

我們預計 2019 財年的非 GAAP 年度有效稅率約為 0%，反映了稅制改革對運行率的影響和我們稅收重組對第一財季的影響。

Excluding the first quarter benefit, we estimate a non-GAAP tax rate of approximately 12% for the rest of fiscal '19.

不包括第一季度的收益，我們估計 19 財年剩餘時間的非 GAAP 稅率約為 12%。

We now expect calendar year 2018 3G/4G device estimates to be at the low end of our prior guidance range.

我們現在預計 2018 日曆年的 3G/4G 設備估計將處於我們先前指導範圍的低端。

For calendar year 2019, we were revising the device forecast to be in the range of 1.85 billion to 1.95 billion units, which at the midpoint is a reduction of 50 million units from our prior forecast.

對於 2019 日曆年，我們將設備預測修改為 18.5 億至 19.5 億台，中點比我們之前的預測減少了 5000 萬台。

This reduction is entirely attributable to handset market softness.

這種減少完全歸因於手機市場疲軟。

We expect handset shipments to be up 1% year-over-year with non-handset devices driving overall unit growth up 5% at the midpoint of guidance.

我們預計手機出貨量將同比增長 1%，非手機設備將推動整體出貨量增長 5%（達到指引中值）。

Despite this, we anticipate improving conditions for our chip business in the second half of the year as a result of new product launches, including devices with 5G chipsets and growth in our adjacent businesses.

儘管如此，我們預計，由於新產品的推出，包括配備 5G 芯片組的設備以及我們相鄰業務的增長，下半年我們的芯片業務狀況將有所改善。

That concludes my comments.

我的評論到此結束。

I will now turn the call back to Mauricio.

我現在將電話轉回 Mauricio。

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 Chris Caso with Raymond James.

（操作員說明）我們的第一個問題來自克里斯卡索和雷蒙德詹姆斯。

Just with regard to the MSM business and the guidance you provided.

關於 MSM 業務和您提供的指導。

Looked like that had been running down about 20% year-on-year in December.

看起來 12 月份同比下降了約 20%。

I think your guidance reflects down 15% in March.

我認為你的指導反映了 3 月份下降了 15%。

Recognizing that, that includes a rather large design loss, what would you characterize the continuing business, what would that be running on a year-on-year basis is perhaps a better indicator of the underlying business?

認識到這一點，其中包括相當大的設計損失，您認為持續業務的特徵是什麼，同比運行的是什麼可能是基礎業務的更好指標？

This is George.

這是喬治。

Hey, Chris, the -- you're correct in citing that the real difference year-over-year in Q1 was driven by the thin modem business share change at Apple.

嘿，克里斯，你說得對，第一季度的真正同比變化是由蘋果薄調製解調器業務份額的變化推動的。

We're actually seeing strong positioning in our products, really everywhere else.

我們實際上在我們的產品中看到了強大的定位，真的在其他任何地方。

And if we're seeing any weakness in the guide, it's really in low tier units, which is partially seasonal and also just, I think, a reflection of the economy in China.

如果我們在指南中看到任何弱點，那實際上是在低端單位，這部分是季節性的，我認為這也只是中國經濟的反映。

This is Cristiano, if I can add one thing.

我是克里斯蒂亞諾，如果我能補充一點的話。

As George said, we see that on the low end of the units, but we continue to see a favorable product mix towards the higher feature smartphones.

正如 George 所說，我們在低端設備上看到了這一點，但我們繼續看到對功能更高的智能手機有利的產品組合。

And we expect that trend to continue, especially important as we look at the launch of 5G technology in the -- in towards the later part of '19 and 2020.

我們預計這一趨勢將繼續下去，尤其重要的是我們將在 19 年下半年和 2020 年展望 5G 技術的推出。

Our next question is coming 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。

I'm going to follow on to Cristiano's comments there at the end.

我將在最後繼續 Cristiano 的評論。

Can you just update us about how we should think about revenue per MSM trends?

您能否向我們介紹一下我們應該如何考慮每個 MSM 趨勢的收入？

Clearly, a stronger mix implied in your guidance.

顯然，您的指導中暗示了更強的組合。

But can you talk maybe about the RF attach rate and what this could do to the calculation of revenue per MSM or maybe just talk about the RF opportunity and how much your RF business could grow as 5G takes off over the next couple of years?

但是你能談談 RF 附加率以及這對計算每個 MSM 的收入有什麼影響，或者只是談談 RF 機會以及隨著 5G 在未來幾年的騰飛，你的 RF 業務可以增長多少？

Mike, it's George.

邁克，是喬治。

Maybe I'll cover off on the revenue per MSM.

也許我會掩蓋每個 MSM 的收入。

What we're seeing is, even with the softness in the marketplace, our premium tier devices continue to be strong and growing both year-over-year and quarterly, which is really a testament to the new products.

我們所看到的是，即使市場疲軟，我們的高端設備仍然保持強勁勢頭，並且同比和季度都在增長，這確實證明了新產品。

We're also seeing continued strength in the high and mid-tier overall.

我們還看到整體中高端市場的持續走強。

So revenue per MSM in what is normally a seasonally challenging second quarter is going to be quite healthy as you -- your back of the envelope calculation is correct.

因此，在通常具有季節性挑戰性的第二季度，每個男男性接觸者的收入將像您一樣非常健康——您的粗略計算是正確的。

It should be a very strong revenue per MSM quarter for us.

對我們來說，每個 MSM 季度的收入應該是非常強勁的。

Mike, let me just answer your second part on the RF front end.

邁克，讓我來回答你關於射頻前端的第二部分。

We see right now, our RF front-end business, excluding the impacts of Apple, outside Apple, continue to see growth, continue to see double-digit growth rates in that business as we head into 2019.

我們現在看到，我們的 RF 前端業務，不包括 Apple 的影響，在 Apple 之外，繼續看到增長，隨著我們進入 2019 年，該業務繼續保持兩位數的增長率。

But most important, this trend of moving towards higher end devices, especially with the transition of 5G as was one data point that we liked, for the absolute majority of the 5G designs we have on the recently announced 855 or the X50 modem, we have RF front-end attached, and we're very pleased with that metric.

但最重要的是，這種向更高端設備發展的趨勢，尤其是隨著我們喜歡的一個數據點 5G 的過渡，對於我們最近發布的 855 或 X50 調製解調器上的絕大多數 5G 設計，我們有連接了 RF 前端，我們對該指標非常滿意。

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

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

If I could just ask a 2-parter on China.

如果我能問一個關於中國的 2 夥伴。

First, on the chip business.

首先，在芯片業務上。

I think there was some mention about macro and a challenging end market.

我認為有人提到了宏觀和具有挑戰性的終端市場。

I would love your perspective on the market.

我喜歡你對市場的看法。

And also, George, I think you mentioned for the QCT, the MSM sequential down, competitive dynamics is one part of that.

而且，喬治，我想你提到過 QCT，MSM 連續下降，競爭動態是其中的一部分。

So should we take that to read more low-end competition or potential share loss in China?

那麼我們是否應該以此來解讀中國更多的低端競爭或潛在的份額損失？

And then on the flip side, if we just get an update on the QTL business in China.

另一方面，如果我們只是了解中國 QTL 業務的最新情況。

Obviously, the Huawei deal is pending.

顯然，華為的交易懸而未決。

But could you talk a little bit about compliance and just how the licensing deals are going with the rest of the longer tail of Chinese OEMs.

但是你能否談談合規性以及許可交易與中國 OEM 的其余長尾如何進行。

Yes.

是的。

So just to answer your question on the competitive dynamics, we continue to see pressure at some of the lower tier devices.

因此，為了回答您關於競爭動態的問題，我們繼續看到一些低端設備的壓力。

And so, which we see down in Q2.

因此，我們在第二季度看到了這一點。

Some of it is, we believe, based on share loss and some is based on just on the size of the market, which we typically see pull back seasonally on that.

我們認為，其中一些是基於份額損失，而另一些只是基於市場規模，我們通常會看到市場規模因市場規模而出現季節性回落。

I would say China overall has been probably the -- while it's been extremely good for Qualcomm overall, if we look at '18 compared to our expectations going into '18, demand in China has been substantially lower than we would have estimated global -- for total demand in China, not to speak to our share in this case, which has led us -- is one of the factors that led us to put the estimates for calendar year '18 units down to the low end of our guidance range from last quarter.

我想說中國總體上可能是——雖然這對高通總體來說非常好，但如果我們看看 18 年與我們進入 18 年的預期相比，中國的需求遠低於我們對全球的估計——對於中國的總需求，更不用說我們在這種情況下的份額，這導致我們 - 是導致我們將 18 日曆年單位的估計值降至我們指導範圍的低端的因素之一上個季度。

I'll let -- were you going to jump in, Cristiano?

我會讓——你要加入嗎，克里斯蒂亞諾？

Yes, I'm just going to add one thing.

是的，我只想補充一件事。

So Tim, on the chip business, I think, there's, as George outlined, there's competitive dynamics on the low end.

所以蒂姆，在芯片業務上，我認為，正如喬治所概述的那樣，低端存在競爭動態。

But the biggest factor, really, seasonality of product launches.

但實際上，最大的因素是產品發布的季節性。

So many of our customers probably have product launches in the coming quarter and it's just a typical seasonality we've seen.

我們的許多客戶可能會在下個季度推出產品，這只是我們所看到的典型季節性。

Overall, China has been a good story for us.

總的來說，中國對我們來說是一個好故事。

And again, the most important thing is the move towards the higher end devices.

同樣，最重要的是向更高端設備的轉變。

Tim, this is Alex jumping in on the QTL question.

蒂姆，我是亞歷克斯，正在討論 QTL 問題。

The story with China also is good on the QTL side.

在 QTL 方面，與中國的故事也很好。

Under our new 5G SEP licensing program, we now have over 35 new licensees or licensees signed up to the new agreements and amendments.

根據我們新的 5G SEP 許可計劃，我們現在有超過 35 個新的被許可人或被許可人簽署了新協議和修正案。

And a good significant number of those are Chinese OEMs.

其中很大一部分是中國原始設備製造商。

So the licensing program is doing well in China, including with respect to compliance.

因此，許可計劃在中國表現良好，包括合規性方面。

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

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

I wanted to ask about the revisions to your market outlook.

我想問一下你們對市場前景的修正。

So you're taking your global units down, I guess, to the low end of your range of 2 points versus where you were.

所以我猜你正在把你的全球單位降到你 2 點範圍的低端。

But your QTL revenues right now, excluding the Huawei settlement, are running $900 million, give or take.

但你現在的 QTL 收入，不包括與華為的和解，是 9 億美元，或多或少。

So that's more than 10% lower than your prior outlook, which was like $1 billion to $1.1 billion.

所以這比你之前的預期低 10% 以上，大約是 10 億到 11 億美元。

So how do I reconcile that, I guess, with your comments on where you're seeing on the weakness in the market, which sound to me more like a lull and it seems to imply that the ASPs would have to be down a lot given the revenue bookings seems to be down more than the unit revision?

那麼，我想，我該如何調和你對市場疲軟的評論，這對我來說更像是平靜，這似乎意味著 ASP 必須下降很多收入預訂似乎比單位修訂下降得更多？

I guess, how do I think about the trends of units in ASPs playing out and what effect that's having on your QTL revenues right now?

我想，我如何看待 ASP 的單位趨勢正在發揮作用，以及這對您現在的 QTL 收入有什麼影響？

Yes, really, what you're seeing, Stacy, is the adjustment that comes from the change in reported units, which is consistent with what we're seeing in our -- in the numbers that we're now using to revise our guide.

是的，真的，Stacy，你看到的是來自報告單位變化的調整，這與我們在我們現在用來修改指南的數字中看到的是一致的.

I would also say in -- you get some of the dynamics in our outlook that relate to how much in a given quarter is reflected by OEMs that are not paying on their licenses and reporting and those that are.

我還要說的是——你會在我們的展望中看到一些動態，這些動態與給定季度中有多少反映在未支付許可證和報告費用的原始設備製造商和那些已支付的原始設備製造商有關。

And so one of the things that you'll see is we're actually, while we're seeing market conditions overall worsen in Q2, when you adjust for the Huawei payment, we're seeing modest improvement in the underlying revenue for QTL.

因此，您會看到的一件事是，當我們看到第二季度市場狀況整體惡化時，當您針對華為付款進行調整時，我們看到 QTL 的基礎收入略有改善。

And that really reflects the fact of the mix of the parties in there.

這確實反映了各方混合的事實。

Are you seeing improvement?

你看到改善了嗎？

I mean, last -- in Q2 of last year, ex the Huawei payment, you did like $965 million and you're guiding ex the Huawei payment this time, $900 million.

我的意思是，去年第二季度，除了華為支付，你做了 9.65 億美元，而這次你指導華為支付，9 億美元。

It's still down pretty decently, isn't it?

它仍然下降得相當不錯，不是嗎？

You're talking about Q2, in terms of an apples-to-apples comparison factor?

你是在談論第二季度，就蘋果對蘋果的比較因素而言？

Yes, yes.

是的是的。

Yes, I think again, I would say the market, if I did an apples-to-apples comparison, I would say the market is down basically modestly compared to that quarter.

是的，我再想一遍，我會說市場，如果我做一個蘋果對蘋果的比較，我會說市場與那個季度相比基本上是溫和下跌的。

Remember, we had that very low demand quarter out of China that we talked about.

請記住，我們談到的中國以外的那個需求非常低的季度。

And I think that's the biggest factor.

我認為這是最大的因素。

But it's -- we do see it down somewhat, but not as much as you might have expected because of dynamics in the -- which was effectively Q3 last year.

但它 - 我們確實看到它有所下降，但沒有你預期的那麼多，因為動態 - 這實際上是去年第三季度。

Our next question is from the line of Matt Ramsay with Cowen.

我們的下一個問題來自 Matt Ramsay 和 Cowen。

I guess, a couple of things.

我想，有幾件事。

The first, just to follow on to Stacy's question.

首先，只是為了繼續回答 Stacy 的問題。

I guess, a lot of the data that we're seeing, just globally, not related to your QTL revenues, but just globally out of the smartphone market, has been great.

我想，我們在全球範圍內看到的很多數據都與您的 QTL 收入無關，但在全球範圍內不在智能手機市場，這些數據都很好。

And I guess, Cristiano talked about launches in the second quarter potentially that will help that.

我想，克里斯蒂亞諾談到了第二季度的發布可能會有所幫助。

But an up 5% unit growth for the whole industry seems a bit aggressive, and maybe that embeds growth in auto and some other areas.

但整個行業 5% 的單位增長率似乎有點激進，也許這嵌入了汽車和其他一些領域的增長。

So maybe you could talk a little bit about what you're seeing in the market that leads you to think the smartphone market's going to grow this year.

所以也許你可以談談你在市場上看到的讓你認為今年智能手機市場將會增長的情況。

And then secondly, George, any additional thoughts.

其次，喬治，任何其他想法。

A lot of investors asking me about additional breakouts in QCT to reflect some of the adjacency businesses in the revenue versus just one line.

許多投資者問我關於 QCT 的額外突破，以反映收入中的一些相鄰業務，而不僅僅是一條線。

Any thoughts there would be helpful.

任何想法都會有所幫助。

Yes, this is George.

是的，這是喬治。

I'm going to take the -- I'll take a little bit on the device forecast.

我將採取 - 我將採取一些設備預測。

Just to be clear, the up 5% includes non-handsets as well, and that's where you're getting the growth, the real growth year-over-year.

需要明確的是，5% 的增長也包括非手機，這就是你獲得增長的地方，實際同比增長。

We've said 1% growth in handsets over '18, and '18 was down 1% over '17.

我們說過 18 年手機增長 1%，18 年比 17 年下降 1%。

We're still seeing in our forecast, we see continued softness.

我們仍在我們的預測中看到，我們看到持續疲軟。

We expect the developed handset demand to be down.

我們預計發達的手機需求將會下降。

We think that's replacement rates, as people start to think about 5G devices coming into the marketplace.

我們認為這是更換率，因為人們開始考慮 5G 設備進入市場。

And then you're not seeing as big an impact in '19 from China as you saw in '18, but you're also not seeing quite the growth in some of the other emerging markets in time, including India.

然後你在 19 年沒有看到中國在 18 年看到的那麼大的影響，但你也沒有及時看到其他一些新興市場的增長，包括印度。

So we see more modest growth out of the emerging markets in '19.

因此，我們看到 19 年新興市場的增長更為溫和。

But overall, handsets puts you at about flat to 1%.

但總的來說，手機使您的比例持平至 1%。

This is Cristiano.

這是克里斯蒂亞諾。

Just want to add one important data point.

只想添加一個重要的數據點。

So you have the overall market dynamic, but then you have the chip business.

所以你有整體市場動態，但你有芯片業務。

One thing that we see happening, when we think of our China business, and that we see that accelerating is, many of our customers had expanded global outside China domestic, especially now from Southeast Asia, India and Lat Am, going into Europe.

當我們想到我們的中國業務時，我們看到正在發生的一件事，我們看到正在加速的事情是，我們的許多客戶已經在中國國內以外的全球範圍內擴張，尤其是現在從東南亞、印度和拉丁美洲進入歐洲。

We've seen our customers starting business in U.K, Germany, Spain, Italy, Portugal and France.

我們已經看到我們的客戶在英國、德國、西班牙、意大利、葡萄牙和法國開展業務。

And that's an addition, and it's a good trend to the chip business.

這是一個補充，這對芯片業務來說是一個很好的趨勢。

Thank you.

謝謝。

And we'll look to have, I think, a more robust discussion on the adjacents as we get to an analyst meeting, which we think is the right environment to go into that.

我認為，在我們參加分析師會議時，我們會希望就相鄰問題進行更積極的討論，我們認為這是進入該會議的合適環境。

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

我們的下一個問題來自摩根士丹利的 James Faucette。

I wanted to turn back to some of the comments that Steve made around licensing and asserting Qualcomm's IP portfolio.

我想回到史蒂夫關於許可和主張高通知識產權組合的一些評論。

You talked about China and normally, in the cases there.

你談到了中國，通常是在那裡的情況下。

Can you just update us as to what the -- how are you feeling about the need to assert and eventually put in place IP licensing over nonessential IP for the Chinese OEMs?

您能否向我們介紹一下 - 您如何看待需要為中國 OEM 斷言並最終實施非必要 IP 的 IP 許可？

And does the case with Apple have any implications there, is my first question.

我的第一個問題是蘋果公司的案例對那裡有什麼影響。

And I guess, kind of related to that, how are you thinking about or specifically as it relates to Huawei and the interim payments they're making.

我想，與此相關的是，您如何考慮或特別是因為它與華為以及他們正在進行的臨時付款有關。

Can you give us an estimate of what Qualcomm estimates may be due under, really just the previous licensing agreements, and help us understand what that delta might be?

你能給我們一個關於高通估計可能到期的估計嗎，真的只是以前的許可協議，並幫助我們了解這個增量可能是什麼？

James, this is Don Rosenberg.

詹姆斯，這是唐·羅森博格。

I'll start, Alex may want to chime in.

我要開始了，亞歷克斯可能想插話。

So with respect to your -- good point about the value of our NEPs as well as our SEPs.

所以關於你的 - 關於我們的 NEP 和我們的 SEP 的價值的好點。

They often seem to get lost in the discussion.

他們似乎經常在討論中迷失方向。

You probably know that, actually a majority of those 130,000 or so patents that Steve -- and applications that Steve referred to earlier are in fact NEPs.

您可能知道，事實上，史蒂夫在這 130,000 項左右的專利中，大部分實際上是 NEP。

Also, all the lawsuits we brought around the world against Apple involved NEPs, nonessential patents.

此外，我們在全球範圍內針對蘋果提起的所有訴訟都涉及 NEP，即非必要專利。

And as Steve has indicated, we've been very successful so far and we've got a number of cases that are going to be rolling out over the course of this year.

正如史蒂夫所指出的那樣，到目前為止，我們一直非常成功，並且我們有許多案例將在今年推出。

Almost every month, there's a significant milestone in terms of either hearings or final rulings, Germany and China and in the U.S. and the ITC and district courts here.

幾乎每個月，無論是聽證會還是最終裁決，德國、中國、美國以及美國國際貿易委員會和這裡的地方法院都有一個重要的里程碑。

So the value of our overall portfolio is extraordinarily high and it's certainly something we constantly think about when we look at our licensing program.

因此，我們整體產品組合的價值非常高，這肯定是我們在查看許可計劃時不斷考慮的事情。

And one point that I think people often miss is that we started this licensing program, what, almost 3 decades ago, and there were no standard essential patents in our portfolio at the time because we weren't even in the standard, yet we were licensing that portfolio.

我認為人們經常忽略的一點是，我們啟動了這個許可計劃，大約 3 年前，當時我們的產品組合中沒有標準必要專利，因為我們甚至不在標準中，但我們是許可該組合。

We continued to license that portfolio essentially at the same terms, as our patent portfolio grew with standard essential patents and nonstandard essential patents, into the numbers that Steve was talking about.

隨著我們的專利組合隨著標準必要專利和非標準必要專利的增加而增長到史蒂夫所說的數字，我們繼續以基本相同的條款許可該組合。

Let me -- this is Alex, James.

讓我——這是亞歷克斯，詹姆斯。

Let me just respond to some -- the first part of your question.

讓我只回答一些——你問題的第一部分。

I think Don's correct, that we've demonstrated significant value in our nonessential patents.

我認為 Don 是正確的，我們已經在我們的非必要專利中展示了重要的價值。

But I think, again, you have to step back and take a look at what we've done over the last 4 years or so.

但我再次認為，你必須退後一步，看看我們在過去 4 年左右的時間裡所做的事情。

We have really done a very good job of establishing an SEP-only portfolio licensing program, both inside of China and now outside of China.

我們在建立僅 SEP 組合許可計劃方面做得非常好，無論是在中國境內還是現在在中國境外。

But despite the fact that we continue to sign up significant numbers of SEP only licensees, we still have a very good number, a very significant number of licensees that choose to keep portfolio-wide agreements.

但是，儘管我們繼續與大量僅 SEP 被許可人簽約，但我們仍然有很多，非常多的被許可人選擇保留整個投資組合協議。

And so, that's a very significant mix in the overall licensing program.

因此，這是整個許可計劃中非常重要的組合。

So I think that the overall program is heading in the right direction.

所以我認為整個計劃正朝著正確的方向前進。

We've got a few issues to deal with, in terms of the Apple litigation.

在 Apple 訴訟方面，我們有一些問題需要處理。

But right now, I think the focus is on successfully establishing the 5G program, which we have done over the course of the last 12 months.

但現在，我認為重點是成功建立 5G 計劃，這是我們在過去 12 個月中完成的。

In terms of the Huawei interim agreement, that's a kind of -- that's a minimum nonrefundable agreement.

就華為臨時協議而言，這是一種 - 這是最低限度的不可退還協議。

I don't know that I would get into the overall numbers in terms of what's at issue.

我不知道我會根據所討論的問題得出總體數字。

I think we'll just leave it at that.

我想我們就到此為止吧。

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 want to return to the QCT side for kind of a 2-part question.

我想回到 QCT 方面來回答一個由兩部分組成的問題。

First, last quarter, when you guided, you cited not only the obvious issue sequentially with Apple, but also China inventory burns.

首先，上個季度，當你指導時，你不僅提到了蘋果公司的明顯問題，還提到了中國的庫存消耗。

So I wanted to see what the update was on that.

所以我想看看更新是什麼。

Is the weakness you're pointing to in MSMs in 1Q just demand or is there inventory burn?

您指出的第一季度 MSM 的弱點只是需求還是存在庫存消耗？

And if so, how much longer would that last?

如果是這樣，那會持續多久？

And then the revenue per MSM side of the equation.

然後是等式的每個 MSM 邊的收入。

Obviously, a big pop up in your fiscal 2Q guide.

顯然，您的財政 2Q 指南中有一個很大的彈出窗口。

How should we think about that continuing through the rest of the year?

我們應該如何考慮在今年餘下的時間裡繼續這樣做？

Does the 5G side obviously come in as a tailwind?

5G 方面是否明顯順風順水？

And then, how does China, in answer to the first part of that question, potentially weigh against that?

然後，在回答該問題的第一部分時，中國如何可能權衡這一點？

Ross, this is George.

羅斯，這是喬治。

Again, I think we've definitely seen sell-through ahead of sell-in continue in China.

同樣，我認為我們肯定已經看到在中國繼續銷售先於銷售。

So inventory continues to come down, whether it reflects the new normal yet, we'll have to see.

因此庫存繼續下降，是否反映了新常態，我們將拭目以待。

But that certainly was part of it.

但這當然是其中的一部分。

But again, the overwhelming year-over-year effect was just the -- related to the one customer.

但同樣，壓倒性的同比效應只是——與一個客戶有關。

I think on revenue per MSM, as we start to see 5G pick up and additional premium tier devices increase, that's definitely going to be a tailwind for revenue per MSM.

我認為，就每個 MSM 的收入而言，隨著我們開始看到 5G 的興起和更多高端設備的增加，這肯定會成為每個 MSM 收入的順風。

We haven't forecasted it out yet.

我們還沒有預測出來。

But we think that'll certainly be a tailwind for us, both not only at the end of this year, but as we go, as we ramp 5G in 2021.

但我們認為這對我們來說肯定是一個順風，不僅是在今年年底，而且隨著我們在 2021 年推出 5G。

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

下一個問題來自瑞銀集團的蒂莫西·阿庫裡 (Timothy Arcuri)。

Question for Steve or George.

史蒂夫或喬治的問題。

There was a lot of testimony in the trial the past couple of weeks that Apple wanted to buy your modem, but you would not sell it to them.

過去幾週的審判中有很多證詞表明蘋果公司想購買你的調製解調器，但你不會把它賣給他們。

That's for the current phones.

那是針對當前的電話。

But now Intel is talking about the XMM 8160, which is going to ship in the back half of this year.

但現在英特爾正在談論將於今年下半年出貨的 XMM 8160。

So obviously, there's going to be a performance difference, but that's a 5G modem.

很明顯，性能會有差異，但那是 5G 調製解調器。

So is that enough to get them to the table?

那麼這足以讓他們回到談判桌前嗎？

Is the performance difference enough?

性能差異是否足夠？

And then, I guess, as a follow-on to that, what would the deadline be for them to settle and then be able to get your modem in their phone for the fall?

然後，我想，作為其後續行動，他們在秋季安定下來並能夠在他們的手機中安裝調製解調器的最後期限是什麼時候？

Tim, this is Steve.

蒂姆，這是史蒂夫。

I would say, we feel very, very comfortable with where our road map is, relative to the competitors.

我會說，相對於競爭對手，我們對我們的路線圖所處的位置感到非常非常滿意。

Doesn't mean there aren't a lot of competitors out there, but we feel like we have a very, very strong position across the board.

這並不意味著那裡沒有很多競爭對手，但我們覺得我們在各方面都擁有非常非常強大的地位。

I mean, you look at feature set, you look at power, size, everything, we feel very strong about it.

我的意思是，你看看功能集，看看功率、尺寸，一切，我們對此感覺非常強烈。

In terms of when a person would need to make a decision, it's hard for me to say.

就一個人何時需要做出決定而言，我很難說。

Typically, you need to make decisions kind of in the first quarter of this year if you're going to impact the products that are going to next year.

通常，如果你要影響明年的產品，你需要在今年第一季度做出決定。

That will be my typical aside.

那將是我的典型旁白。

But I couldn't speak for other folks.

但我不能代表其他人。

Some OEMs, particularly the Asian OEMs, move a little bit more quickly, but that would be my general sense for what the timing is.

一些原始設備製造商，尤其是亞洲原始設備製造商，行動要快一些，但這是我對時機的一般看法。

Our next question is from the line of Blayne Curtis with Barclays.

我們的下一個問題來自 Blayne Curtis with Barclays。

Actually, maybe just following on that in terms of the 5G landscape.

實際上，也許只是在 5G 領域緊隨其後。

You mentioned you had a majority of the early wins here.

你提到你在這裡贏得了大部分的早期勝利。

Just kind of curious, your visibility into next year, and can you just comment on the landscape, how diverse the 5G landscape would be next year in shipping phone?

只是有點好奇，你對明年的能見度，你能評論一下前景嗎？明年 5G 手機出貨量會有多多樣化？

Thank you.

謝謝。

This is Cristiano.

這是克里斯蒂亞諾。

It's one of the things we like about 5G.

這是我們喜歡 5G 的原因之一。

5G, it's not a static target.

5G，它不是一個靜態的目標。

It's a moving target.

這是一個移動的目標。

There's multiple variations of 5G capabilities.

5G 功能有多種變體。

And as soon as we launch, we continue to see that increasing from sub 6 to millimeter wave, to new course and carrier aggregation.

一旦我們推出，我們就會繼續看到從 sub 6 增加到毫米波，再到新課程和載波聚合。

And we have now basically line of sight to a number of devices that will be continuously add -- being added to the market as we have most developed economies launching 5G in the second half '19.

我們現在基本上已經看到許多將不斷添加的設備——隨著我們大多數發達經濟體在 19 年下半年推出 5G 而被添加到市場。

So we're very optimistic about how fiscal '20, how significant 5G will be for us.

因此，我們對 20 財年、5G 對我們的重要性非常樂觀。

This is Steve.

這是史蒂夫。

I might add one other thing to that, which is, don't -- there are a number of different mode changes if you look at how the network will operate and the number of bands that you need to deal with, between now and really, the next 24 months.

我可能會添加另一件事，那就是，不要——如果你看看網絡將如何運行以及你需要處理的頻段數量，從現在到真正，會有許多不同的模式變化，接下來的 24 個月。

So -- and I think if you're not involved in that at the beginning, you're going to have a very difficult time, I think, fielding a solution that is competitive at any given time if you show up too late.

所以 - 我認為如果你一開始沒有參與其中，我認為你將度過一段非常困難的時期，如果你出現得太晚，那麼在任何給定時間都可以提供具有競爭力的解決方案。

That's one of the advantages of being early and one of the reasons why we try to make sure that we're there.

這是早到的優勢之一，也是我們努力確保到達那裡的原因之一。

The other aspect, I think, that we should also acknowledge is that I think there was a lot of concern early on with 5G is, would the handsets be at the right size or will they be at the size that people would find attractive, particularly given all the RF complication that exists.

另一方面，我認為，我們還應該承認的是，我認為 5G 早期有很多擔憂，手機的尺寸是否合適，或者它們的尺寸是否會吸引人們，特別是考慮到存在的所有 RF 並發症。

And from what we have seen, from early indications, that is not something to be worried about.

從我們所看到的，從早期跡象來看，這不是什麼值得擔心的事情。

They're very, very attractive ID.

他們是非常非常有吸引力的 ID。

So I think it's going to be a really, an important part of the industry.

所以我認為這將成為該行業真正重要的一部分。

The other aspect that I just make sure people remember about 5G is the economics to the operator.

我要確保人們記住 5G 的另一個方面是運營商的經濟性。

They really have an incentive to push this.

他們確實有動力推動這一點。

And I think you're not going to only see that in the handsets, but you're going to see that in the people selling the devices.

而且我認為您不僅會在手機中看到這一點，還會在銷售設備的人中看到這一點。

The channels, the sales people will be incentivized to press 5G.

渠道、銷售人員將被激勵推動 5G。

And so we look forward to having that happen in the next year or so.

因此，我們期待在明年左右實現這一目標。

And please stay tuned to this year at Mobile World Congress.

請繼續關註今年的世界移動通信大會。

I think, will be very exciting in this area.

我認為，這方面會非常令人興奮。

Our next question is from the line of C.J. Muse with Evercore.

我們的下一個問題來自 C.J. Muse with Evercore。

I guess, if I can squeeze 2 in.

我想，如果我能擠進 2 個。

First one, as you think about non-handset growth driving the up 5%., could you share with us what the implied non-handset unit growth there is and how we should think about the implications to both royalties and MSM ASPs?

第一個，當你考慮推動 5% 增長的非手機增長時，你能否與我們分享隱含的非手機單位增長是什麼，以及我們應該如何考慮對版稅和 MSM ASP 的影響？

And then just as a quick follow-up question to Stacy's question in QTL, I think you're guiding that up 3% at the midpoint.

然後就像 Stacy 在 QTL 中的問題的快速跟進問題一樣，我認為你在中點引導了 3%。

I'm a little surprised it's higher Q-on-Q, given the FX headwinds and unit volumes up.

考慮到外匯逆風和單位交易量上升，我有點驚訝它的 Q-on-Q 更高。

There are -- are there any sort of catch-up payments or things like that we should be considering in there?

有——是否有任何形式的追加付款或類似的事情我們應該考慮在那裡？

No, no real big anomalies in that respect.

不，在這方面沒有真正的大異常。

So it's really more the mix element that we talked about.

所以它實際上更多的是我們談到的混合元素。

In terms of non-handset growth, again, to get to 5% overall growth, you've got to see something like 27% growth in the non-handsets to get to that.

就非手機增長而言，要達到 5% 的整體增長，你必須看到非手機增長 27% 左右才能達到這一目標。

That is largely driven by growth in IoT.

這在很大程度上是由物聯網的增長推動的。

Obviously, you still see growth in everything, from automotive to compute.

顯然，您仍然看到從汽車到計算的所有領域都在增長。

But it's really IoT, and we're certainly seeing strong growth in industrial IoT in our own business there.

但它確實是物聯網，我們肯定會在我們自己的業務中看到工業物聯網的強勁增長。

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

我們的下一個問題來自 Srini Pajjuri 與 Macquarie 的合作。

Steve, I want to go back to your comment about the FTC litigation.

史蒂夫，我想回到你對聯邦貿易委員會訴訟的評論。

You said you're still negotiating with the FTC.

你說你還在和聯邦貿易委員會談判。

And given that the closing arguments are done, do you think you have enough time to reach a potential settlement?

鑑於結案陳詞已經完成，您認為您是否有足夠的時間達成潛在的和解？

And then how are you feeling about it?

然後你感覺如何？

And then, hypothetically, if the ruling were to go against you, what are some of the options that you have going forward?

然後，假設，如果裁決對您不利，您有哪些選擇？

And then in the interim, do you think -- do you anticipate any changes to your business model while if you are appealing or any other options that you're exploring?

然後在此期間，您是否認為 - 如果您有吸引力或您正在探索的任何其他選擇，您是否預計您的商業模式會發生任何變化？

Sure, why don't I take the first part of that and then maybe ask Don to jump in on the second part.

當然，為什麼我不參與其中的第一部分，然後可能請 Don 加入第二部分。

With respect to settlement talks with the FTC.

關於與 FTC 的和解談判。

As you might imagine, we have been engaged with them for some time.

正如您所想像的，我們已經與他們合作了一段時間。

We continue to be engaged.

我們繼續參與。

And if we think that we can find a resolution, we would take that to try to remove this risk off the table.

如果我們認為我們可以找到解決方案，我們會嘗試將這種風險從桌面上消除。

Not a statement on how we feel about our case, but as you might imagine, this is an important element and we continue to work it.

這不是關於我們對案件的看法的聲明，但正如您可能想像的那樣，這是一個重要因素，我們將繼續努力。

I think the judge gave some direction at the end of trial in terms of when she might rule, and I would just point you to that in terms of timing.

我認為法官在審判結束時就她可能做出裁決的時間給出了一些指示，我只想向你指出時間安排。

But we have the ability to continue to work this, and as you would expect, we are.

但是我們有能力繼續努力，正如您所期望的那樣，我們是。

Yes, this is Don, Srini.

是的，這是唐，斯里尼。

With respect to the judge's comments at the end, she didn't actually say when she would rule, but she did indicate over the last couple of hearings that this is a complicated case, and she'll probably take more time than she might otherwise.

關於法官最後的評論，她實際上並沒有說她什麼時候會做出裁決，但她確實在最近幾次聽證會上表示這是一個複雜的案件，她可能會比其他情況下花費更多的時間.

We think we've put on an extraordinarily strong case here.

我們認為我們在這裡提出了一個非常有力的案例。

So we're not obviously going to comment or predict outcomes when a case is now before the judge for a ruling.

因此，當案件現在提交法官裁決時，我們顯然不會評論或預測結果。

But I can only tell you that we think that the government failed to approve what we thought was an ill-conceived theory.

但我只能告訴你，我們認為政府沒有批准我們認為是一個考慮不周的理論。

They still had a burden.

他們仍然有負擔。

We don't think they supported it with any convincing evidence at all.

我們認為他們根本沒有任何令人信服的證據來支持它。

Indeed, I think we made the case, as this industry and these people know, you people on the call know for a very competitive industry that we have facilitated over the years through our licensing program.

確實，我認為我們已經證明了這一點，正如這個行業和這些人所知道的那樣，你們這些參加電話會議的人都知道我們多年來通過我們的許可計劃促進了一個競爭非常激烈的行業。

And so we're hoping for, obviously a victory here, and that's what we're focused on.

所以我們希望，顯然在這裡取得勝利，這就是我們關注的重點。

And we're not going to talk about possibilities until we face them.

在我們面對它們之前，我們不會談論可能性。

I would say this, the judge, as she's indicated, this is a complicated case.

我要說的是，法官，正如她所指出的，這是一個複雜的案件。

And based on what she's been asked and not asked by the FTC for -- in terms of a ruling, it's going to have to await a particular ruling if she were to go the other way, because there are multiple variations of what that ruling might be.

根據 FTC 要求和未要求的內容 - 就裁決而言，如果她要走另一條路，它將不得不等待特定的裁決，因為該裁決可能有多種變化是。

And so we couldn't comment on the possibilities.

因此我們無法對可能性發表評論。

This ends our allotted time for questions and answers.

我們分配的問答時間到此結束。

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

Mollenkopf 先生，在暫停通話之前，您還有什麼要補充的嗎？

Yes, thank you.

是的，謝謝。

Thanks, everyone, for joining us today.

謝謝大家今天加入我們。

So it'll be, I think, a very important quarter, not only due to legal milestones, but also just continued innovation from the team and continued milestones for 5G.

因此，我認為這將是一個非常重要的季度，不僅是因為法律上的里程碑，還因為團隊的持續創新和 5G 的持續里程碑。

Thanks, everybody, from Qualcomm for working so hard, and we'll talk to you again next quarter.

感謝大家，來自高通的辛勤工作，我們下個季度再和你們談談。

Thank you.

謝謝。

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，你們現在可以掛斷電話了。