高通 (QCOM) 2019 Q2 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 Second Quarter Fiscal 2019 Earnings Conference Call.

歡迎參加高通 2019 財年第二季度收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded, May 1, 2019.

（操作員說明）提醒一下，本次會議正在錄製，2019 年 5 月 1 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 13689810.

播放預約號為13689810。

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 Dave Wise.

今天的電話會議將包括 Steve Mollenkopf 和 Dave Wise 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 the slide presentation that accompany this call on our Investor Relations website.

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

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

此外，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-K, which contain important factors that could cause actual results to differ materially from the forward-looking statement.

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

現在聽聽高通公司首席執行官史蒂夫·莫倫科普夫 (Steve Mollenkopf) 的評論

Thank you, Mauricio, and good afternoon, everyone.

謝謝毛里西奧，大家下午好。

Thanks for joining us today.

感謝您今天加入我們。

We are pleased to report another strong quarter.

我們很高興地報告另一個強勁的季度。

Our fiscal second quarter non-GAAP earnings of $0.77 per share exceeded the high end of our guidance range, driven by higher licensing revenues and stronger QCT margins.

我們的第二財季非 GAAP 每股收益為 0.77 美元，超出了我們指導範圍的上限，這主要得益於更高的許可收入和更高的 QCT 利潤率。

As we look forward, the rest of the fiscal year will be impacted by a slower market for devices, particularly in China, upstream of the larger rollout of 5G worldwide.

展望未來，本財年的剩餘時間將受到設備市場放緩的影響，尤其是在中國，在全球範圍內大規模推出 5G 的上游。

Two weeks ago, we announced the global settlement of our disputes with Apple and its contract manufacturers.

兩週前，我們宣佈在全球範圍內解決我們與 Apple 及其合約製造商之間的爭端。

We believe the settlement is a win for both companies, and we are pleased with the result and pleased to have it behind us.

我們相信和解協議對兩家公司來說都是雙贏，我們對結果感到滿意，並很高興能支持我們。

Dave will provide more details on the financial impact of this settlement in his prepared remarks.

戴夫將在他準備好的評論中提供更多關於這項和解的財務影響的細節。

But at a high level, this settlement includes 2 long-term agreements with Apple: a global patent license agreement, and a multiyear chipset supply agreement.

但在較高層面上，這項和解包括與蘋果的 2 項長期協議：全球專利許可協議和多年芯片組供應協議。

The settlement also includes a one-time payment from Apple to Qualcomm.

和解協議還包括蘋果向高通支付的一筆一次性款項。

The term of the global patent license agreement is for 6 years with an option for Apple to extend for an additional 2 years.

全球專利許可協議的期限為 6 年，Apple 可選擇再延長 2 年。

This represents a significant milestone as it is Qualcomm's first patent license agreement directly with Apple.

這是一個重要的里程碑，因為這是高通與蘋果直接簽訂的第一份專利許可協議。

In addition, we believe our resolution with Apple enhances our position with respect to resolving our ongoing licensing issues with Huawei.

此外，我們相信我們與 Apple 的解決方案增強了我們在解決與華為的持續許可問題方面的地位。

We will also be supplying modems to Apple for future devices under the terms of our new multiyear chipset supply agreement.

根據我們新的多年芯片組供應協議的條款，我們還將為 Apple 的未來設備提供調製解調器。

In the long term, we will also have the opportunity to provide Apple with other Qualcomm technologies and products to expand our dollar content share in Apple's products, as we have done with our other handset OEMs.

從長遠來看，我們還將有機會向 Apple 提供其他 Qualcomm 技術和產品，以擴大我們在 Apple 產品中的美元含量份額，就像我們對其他手機 OEM 所做的那樣。

We are committed to a strong partnership with Apple.

我們致力於與 Apple 建立牢固的合作夥伴關係。

Now that the dispute with Apple is behind us, I thought it would be helpful to describe how we are thinking about the positioning of the company going forward.

現在與 Apple 的爭端已經過去，我認為描述一下我們如何考慮公司未來的定位會有所幫助。

First, 5G will be a significant opportunity for Qualcomm, both within cellular and in other industries.

首先，5G 對高通來說是一個重大機遇，無論是在蜂窩行業還是在其他行業。

It is the key technology enabler for the future of the Internet, and having a strong and differentiated technology position is an important asset for our shareholders.

它是互聯網未來的關鍵技術推動力，擁有強大和差異化的技術地位是我們股東的重要資產。

This past quarter was a tipping point for 5G when in February at Mobile World Congress, representatives from major Android device manufacturers, network operators and infrastructure providers, joined Qualcomm in celebrating our collective achievement in bringing 5G to life.

上個季度是 5G 的轉折點，在 2 月的世界移動通信大會上，來自主要 Android 設備製造商、網絡運營商和基礎設施提供商的代表與高通一起慶祝我們在實現 5G 方面取得的集體成就。

Since that event, I am pleased to report that the rollout of 5G has officially begun.

自那次活動以來，我很高興地向大家報告，5G 的推出已經正式開始。

In the last months, we have seen carriers and OEMs announce and launch commercial 5G services and devices in North America, South Korea, Europe, and most recently, China, representing the first global rollout of a new wireless standard.

在過去的幾個月裡，我們看到運營商和原始設備製造商在北美、韓國、歐洲以及最近在中國宣布並推出商用 5G 服務和設備，這是新無線標準的首次全球推出。

The arrival of 5G in China is particularly exciting as it brings 5G to the largest mobile user base in the world.

5G 在中國的到來尤其令人興奮，因為它將 5G 帶到了全球最大的移動用戶群。

To date, the vast majority of the announced 5G devices for China include Qualcomm's Snapdragon chipsets.

迄今為止，絕大多數已發布的中國 5G 設備都包括高通的 Snapdragon 芯片組。

Second, we enter into the 5G era with strength in products, a favorable competitive dynamic, and more customer diversity and technology breadth than in earlier generations of cellular.

其次，我們進入 5G 時代，產品實力雄厚，競爭激烈，客戶多樣性和技術廣度高於前幾代蜂窩網絡。

This is due to Qualcomm's continued focus on investing in innovation and R&D during a time of much activity and attention on our company.

這是由於高通在我們公司開展大量活動和受到關注的時期繼續專注於創新和研發投資。

We've transformed QCT by diversifying our customer base, focusing our investments and streamlining our cost structure.

我們通過多元化客戶群、集中投資和精簡成本結構對 QCT 進行了轉型。

Our year-to-date non-Apple QCT operating income doubled compared to a 2-year-ago period, putting us in a strong position to grow revenues and profits as we began ramping 5G in addition to supplying Apple under this new agreement.

與 2 年前相比，我們年初至今的非 Apple QCT 營業收入翻了一番，這使我們在增加收入和利潤方面處於有利地位，因為除了根據這項新協議向 Apple 供貨外，我們還開始擴大 5G 業務。

As 5G network launches continue to grow, so does our QCT design win pipeline.

隨著 5G 網絡推出的持續增長，我們的 QCT 設計贏得了管道。

We now have over 75 5G design wins, more than double the number we announced last January, driven by OEM designs with our first and second generation 5G modems.

在第一代和第二代 5G 調製解調器的 OEM 設計推動下，我們現在贏得了超過 75 項 5G 設計，是我們去年 1 月宣布的數量的兩倍多。

In February, we announced our second generation 5G modem, the Snapdragon X55, our second generation 5G RF front end solutions and the world's first mobile platform with integrated 5G, all of which position us to power the second wave of 5G devices launching in late 2019 and early 2020 to drive mainstream adoption of 5G.

2 月，我們發布了第二代 5G 調製解調器 Snapdragon X55、第二代 5G RF 前端解決方案和全球首個集成 5G 的移動平台，所有這些都使我們能夠為 2019 年底推出的第二波 5G 設備提供動力和 2020 年初推動 5G 的主流採用。

Our early investments in 5G now allow us to offer the world's first modem-to-antenna system for commercial 5G new radio smartphone devices, spanning millimeter-wave and sub-6 gigahertz bands, including baseband, RF transceiver, RF front-end components and millimeter wave antenna modules.

我們對 5G 的早期投資現在使我們能夠為商用 5G 新無線電智能手機設備提供世界上第一個調製解調器到天線系統，跨越毫米波和 6 GHz 以下頻段，包括基帶、射頻收發器、射頻前端組件和毫米波天線模塊。

This systems approach is creating a benchmark for 5G RF front-end performance.

這種系統方法正在為 5G RF 前端性能創建一個基準。

Qualcomm is heavily engaged as a critical partner to leaders across many industries as they see 5G mobility as a foundational technology for their digital transformation.

高通作為許多行業領導者的重要合作夥伴積極參與其中，因為他們將 5G 移動性視為其數字化轉型的基礎技術。

Third, our cost structure and investment focus are aligned with the opportunities ahead.

第三，我們的成本結構和投資重點與未來的機遇保持一致。

We will continue to invest where we can leverage our core competencies and bring innovative solutions to large markets.

我們將繼續在可以利用我們核心競爭力的領域進行投資，並為大型市場帶來創新解決方案。

In 5G, this presents opportunities for growth in our core cellular market in addition to many adjacent industries as they leverage 5G to accelerate their digital transformation.

在 5G 中，這為我們的核心蜂窩市場以及許多相鄰行業提供了增長機會，因為它們利用 5G 來加速數字化轉型。

In summary, with our agreements with Apple, the beginning of the 5G ramp, our focus on operational execution and capital return, we think we've laid the groundwork for growth in revenue and EPS and stockholder returns over the next several years.

總而言之，根據我們與 Apple 的協議、5G 的開始、我們對運營執行和資本回報的關注，我們認為我們已經為未來幾年收入、每股收益和股東回報的增長奠定了基礎。

As a management team, we are committed to driving stockholder value by taking thoughtful and deliberate actions that we believe will ensure the long-term growth of our company, as you have seen.

作為一個管理團隊，我們致力於通過深思熟慮的行動來推動股東價值，我們相信這些行動將確保我們公司的長期發展，正如您所見。

We appreciate the positive reaction from investors and analysts to our recent announcement with Apple, especially the feedback from many stockholders over the last 2 weeks who have recognized and appreciated our commitment to sustaining Qualcomm's long-term differentiation and focus on technology and innovation.

我們感謝投資者和分析師對我們最近與 Apple 的聲明做出的積極反應，尤其是過去兩週許多股東的反饋，他們認可並讚賞我們致力於維持高通的長期差異化並專注於技術和創新。

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

我現在想把電話轉給戴夫。

Thank you, Steve, and good afternoon, everyone.

謝謝史蒂夫，大家下午好。

We are pleased to announce strong second quarter results with GAAP revenues of $5 billion, above the midpoint of our guidance range; and non-GAAP EPS of $0.77, $0.02 above the high end of our range.

我們很高興地宣布第二季度業績強勁，GAAP 收入為 50 億美元，高於我們指導範圍的中點；非 GAAP 每股收益為 0.77 美元，比我們區間的上限高出 0.02 美元。

The outperformance in the quarter was primarily driven by QTL revenues of $1.12 billion that were positively impacted by approximately $100 million of out-of-period catch-up, offsetting some impacts from overall market weakness.

本季度的出色表現主要受 QTL 收入 11.2 億美元的推動，該收入受到約 1 億美元的期外追趕的積極影響，抵消了整體市場疲軟的一些影響。

Additionally, we saw improved QCT gross margins and operating expenses, which came in lower than expected.

此外，我們看到 QCT 毛利率和運營費用有所改善，低於預期。

QCT revenues of $3.7 billion were in line with expectations.

QCT 的收入為 37 億美元，符合預期。

MSM shipments of 155 million units were within the guidance range but below the midpoint, reflecting overall weakness in global device shipments.

MSM 出貨量為 1.55 億台，在指導範圍內但低於中點，反映出全球設備出貨量整體疲軟。

QCT EBT margin was 14.6% for the quarter, at the high end of our prior guidance range, driven by improvements in gross margins.

在毛利率改善的推動下，本季度 QCT EBT 利潤率為 14.6%，處於我們先前指導範圍的高端。

Please note results this quarter do not contain any contributions from the settlements of our disputes with Apple and its contract manufacturers.

請注意，本季度的業績不包含我們與 Apple 及其合同製造商的糾紛解決方案的任何貢獻。

Turning to our global 3G/4G/5G device forecast.

轉向我們的全球 3G/4G/5G 設備預測。

We are lowering our estimates for calendar 2019 by another 50 million units at the midpoint to 1.85 billion units due to continued weakness in China and a lengthening of handset replacement cycles, potentially reflecting a pause in advance of 5G rollouts.

由於中國持續疲軟和手機更換週期延長，我們將 2019 年的預期中點再下調 5000 萬部至 18.5 億部，這可能反映出 5G 推出之前的暫停。

We now expect global handset units to decline slightly year-over-year, offset by continued growth in nonhandsets, resulting in total overall unit growth of approximately 3% at the midpoint.

我們現在預計全球手機出貨量將同比略有下降，但會被非手機的持續增長所抵消，導致總出貨量在中點增長約 3%。

In regards to our recently announced Apple agreements, we expect to record revenues resulting from the settlement of matters prior to the effective date of the agreement of $4.5 billion to $4.7 billion in our third fiscal quarter.

關於我們最近宣布的 Apple 協議，我們預計在第三財季記錄在協議生效日期之前解決事項所產生的收入為 45 億至 47 億美元。

This includes a cash payment from Apple and the release of related liabilities.

這包括 Apple 的現金支付和相關負債的免除。

The settlement amount will be excluded from our non-GAAP results.

結算金額將不包括在我們的非 GAAP 結果中。

Our guidance for the third fiscal quarter, we estimate GAAP revenues to be in the range of $9.2 billion to $10.2 billion, and estimate GAAP EPS of $3.57 to $3.77, which includes the revenues related to the settlement with Apple and the contract manufacturers.

根據我們對第三財季的指引，我們估計 GAAP 收入在 92 億美元至 102 億美元之間，並估計 GAAP 每股收益為 3.57 美元至 3.77 美元，其中包括與蘋果和合同製造商達成和解的相關收入。

We estimate fiscal third quarter non-GAAP revenues to be in the range of $4.7 billion to $5.5 billion and non-GAAP EPS to be approximately $0.70 to $0.80.

我們估計第三財季非 GAAP 收入在 47 億美元至 55 億美元之間，非 GAAP 每股收益約為 0.70 美元至 0.80 美元。

For QTL, we expect revenues to be between $1.225 billion and $1.325 billion, including the addition of ongoing Apple royalties, offset by a relatively modest impact from previously discussed market weakness and impacts from OEM mix.

對於 QTL，我們預計收入將在 12.25 億美元至 13.25 億美元之間，包括持續增加的 Apple 專利使用費，這被之前討論的市場疲軟和 OEM 組合的影響相對溫和的影響所抵消。

This compares favorably to the second quarter of QTL revenues, which after adjusting for approximately $100 million of greater-than-expected catch-up revenues, was about $1.025 billion.

這與第二季度 QTL 收入相比有利，後者在調整約 1 億美元的超預期追趕收入後約為 10.25 億美元。

As a reminder, our third quarter guidance includes the last $150 million payment under the ending term agreement with Huawei.

提醒一下，我們的第三季度指引包括根據與華為的終止期限協議支付的最後一筆 1.5 億美元款項。

We expect QTL EBT margin to be 65% to 69%, up sequentially, reflecting the inclusion of Apple licensing revenues and modestly lower litigation expense.

我們預計 QTL EBT 利潤率為 65% 至 69%，環比上升，反映出蘋果許可收入的計入和適度降低的訴訟費用。

In QCT, we estimate 150 million to 170 million MSM shipments for the third quarter and EBT margins between 13% and 15%.

在 QCT，我們估計第三季度 MSM 出貨量為 1.5 億至 1.7 億，EBT 利潤率在 13% 至 15% 之間。

QCT is also being negatively impacted by overall market weakness, unfavorable OEM mix shift, including share shift towards Huawei, and near-term impacts to adjacent businesses from economic weakness in China.

QCT 還受到整體市場疲軟、不利的 OEM 組合轉變（包括份額向華為轉移）以及中國經濟疲軟對相鄰業務的近期影響的負面影響。

With respect to the cost plan, we have completed and achieved substantially all of the target $1 billion savings based on our second quarter run rate excluding excess litigation costs.

關於成本計劃，我們已經完成並實現了基於我們第二季度運行率（不包括超額訴訟成本）的 10 億美元的幾乎所有節省目標。

For our third fiscal quarter, we expect non-GAAP combined R&D and SG&A expenses to increase 6% to 8%.

對於我們的第三財季，我們預計非 GAAP 合併研發和 SG&A 費用將增長 6% 至 8%。

About 6 points of the sequential increase reflects an increase in our employee bonus plan as a result of the impacts of our Apple settlements.

約 6 個百分點的環比增長反映了我們的員工獎金計劃因 Apple 和解協議的影響而增加。

Litigation expense savings are expected to be modest in the third quarter given expenses incurred in advance of the resolution with Apple and its contract manufacturers, as well as continuing costs related to the ongoing regulatory actions in the U.S., Korea and EU.

考慮到在與 Apple 及其合同製造商達成和解之前產生的費用，以及與美國、韓國和歐盟正在進行的監管行動相關的持續成本，預計第三季度的訴訟費用節省幅度不大。

In our fiscal fourth quarter, we expect further litigation cost savings, partially offset by investment in our employees.

在我們的第四財季，我們預計將進一步節省訴訟成本，部分被對員工的投資所抵消。

Longer term, we expect litigation cost savings to be somewhat offset by increased investment to support Apple product ramp.

從長遠來看，我們預計訴訟成本的節省將在一定程度上被支持 Apple 產品提升的投資所抵消。

Turning to our tax rate.

轉向我們的稅率。

We estimate our third quarter non-GAAP tax rate to be approximately 14% to 15%, and expect it to be a good proxy for the remainder of the fiscal year.

我們估計我們第三季度的非 GAAP 稅率約為 14% 至 15%，並預計它將成為本財年剩餘時間的良好代表。

As an update on our share repurchase activity, as of May 1, we have completed approximately 65% of the ASRs at an average price of approximately $61 per share.

作為我們股票回購活動的最新情況，截至 5 月 1 日，我們已經以每股約 61 美元的平均價格完成了約 65% 的 ASR。

As a reminder, we expect to complete the ASRs in early September.

提醒一下，我們預計將在 9 月初完成 ASR。

We are estimating 1.23 billion weighted average shares outstanding for the third fiscal quarter and approximately 1.2 billion weighted average shares outstanding for the full year fiscal 2019.

我們估計第三財季的加權平均流通股為 12.3 億股，2019 財年全年的加權平均流通股約為 12 億股。

Looking longer term, when we announced our settlement with Apple, we indicated the deal would add an incremental $2 of EPS from the combination of ongoing Apple licensing revenues and product shipments as we fully ramp.

從長遠來看，當我們宣布與 Apple 達成和解時，我們表示該交易將在我們全面提升的同時，通過持續的 Apple 許可收入和產品出貨量增加 2 美元的每股收益。

The $2 EPS estimate excludes any impacts from the $4.5 billion to $4.7 billion of revenues resulting from the settlement, and it does not incorporate any impacts from the reduction of FX litigation expense.

2 美元的 EPS 估計不包括和解產生的 45 億至 47 億美元收入的任何影響，並且不包括外匯訴訟費用減少的任何影響。

The $2 estimate also does not reflect any contributions from potential resolution with Huawei.

2 美元的估值也不反映與華為的潛在解決方案的任何貢獻。

Before I finish my prepared remarks, let me summarize the key drivers of our long-term earnings growth opportunities.

在我完成準備好的發言之前，讓我總結一下我們長期盈利增長機會的主要驅動因素。

First, with the global launch of 5G starting in the second half of calendar 2019, we expect to see an increase in both device and chipset selling prices and are well-positioned given the strength of our 5G chipset road map.

首先，隨著 5G 從 2019 年下半年開始在全球推出，我們預計設備和芯片組的售價都會上漲，並且鑑於我們 5G 芯片組路線圖的實力，我們處於有利地位。

Second, with the multiyear agreement with Apple, we expect to see significant revenue and margin expansion for both our licensing and chipset businesses, with further additional opportunities to capture broader product content over time.

其次，通過與 Apple 的多年協議，我們預計我們的許可和芯片組業務的收入和利潤率將大幅增長，隨著時間的推移，我們將有更多機會獲取更廣泛的產品內容。

Third, we are seeing increased design win traction for our RF front end products across all OEMs, driven by the upcoming launches of sub-6 and millimeter wave 5G devices.

第三，在即將推出的 sub-6 和毫米波 5G 設備的推動下，我們看到我們的 RF 前端產品在所有 OEM 中的設計吸引力都在增加。

Fourth, while some of our adjacent opportunities have seen short-term impacts from economic weakness, we remain confident in our ability to scale these opportunities over the next few years.

第四，雖然我們的一些相鄰機會受到經濟疲軟的短期影響，但我們仍然相信我們有能力在未來幾年擴大這些機會。

And lastly, we will continue to focus on increasing gross margins and driving operating expense efficiencies as we realize our growth opportunities outlined above.

最後，隨著我們意識到上述增長機會，我們將繼續專注於提高毛利率和提高運營費用效率。

Thank you.

謝謝。

I will now turn the call back over to Mauricio.

我現在將把電話轉回 Mauricio。

Thank you, Dave.

謝謝你，戴夫。

Operator, we are now ready for questions.

接線員，我們現在準備好提問了。

(Operator Instructions) Our first question is from the line of Mike Walkley with Canaccord Genuity.

（操作員說明）我們的第一個問題來自 Mike Walkley 和 Canaccord Genuity。

Congratulations on the Apple settlement.

恭喜蘋果和解。

A couple of questions built into that.

其中有幾個問題。

With the settlement reached with Apple, can you update us on how negotiations are going with Huawei?

隨著與蘋果達成和解，您能否向我們介紹一下與華為的談判進展情況？

And with the Apple settlement, does the agreement, the way it's structured with Apple, trigger any changes to current licensees or open up any other current licensee agreements?

與 Apple 達成和解後，該協議及其與 Apple 的結構方式是否會觸發對當前被許可人的任何更改或開放任何其他當前被許可人協議？

So Mike, this is Alex.

邁克，這是亞歷克斯。

In terms of the negotiations with Huawei, they're ongoing.

就與華為的談判而言，他們正在進行中。

We feel that the Apple resolution enhances our ability to resolve issues with Huawei.

我們覺得蘋果的決議增強了我們解決與華為問題的能力。

So we think that's a good thing.

所以我們認為這是一件好事。

In terms of the triggers, I can't get into the specifics of MFM-type provisions.

就觸發器而言，我無法深入了解 MFM 類條款的細節。

Those are confidential.

那些是機密的。

But we're confident that we'll be able to address any inquiries coming in relating to the nature of the Apple resolution and essentially address other licensees.

但我們相信，我們將能夠解決與 Apple 決議的性質有關的任何詢問，並基本上解決其他被許可人的問題。

And I think if you take a look at our Q3 guide in our fiscal year '21, incremental $2 EPS gives you a sense of kind of how we see that all working out.

而且我認為，如果您查看我們在 21 財年的第三季度指南，每股收益增加 2 美元會讓您了解我們如何看待這一切。

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

下一個問題來自摩根士丹利的 James Faucette。

I wanted to ask, as it relates to just handset demand, clearly, you're making adjustments, and that has an impact on QCT.

我想問，因為它只涉及手機需求，很明顯，你正在做出調整，這對 QCT 有影響。

But from a demand perspective, are you seeing any sequential changes or stabilization in that?

但是從需求的角度來看，您是否看到其中有任何連續的變化或穩定？

Just trying to get a sense for where you feel like we're at in terms of potential incremental risk to those estimates.

只是想了解您認為我們在這些估計的潛在增量風險方面所處的位置。

And then dovetailing on Mike's question related to Huawei.

然後與邁克關於華為的問題相吻合。

Can you walk us through a little bit, maybe on a year-over-year basis, how Huawei's share gains and those kinds of things may be limiting QTL's benefit, particularly post the Apple settlement?

你能否向我們介紹一下，也許是在同比基礎上，華為的份額增長和這些事情如何限制 QTL 的利益，特別是在蘋果和解之後？

James, this is Cristiano.

詹姆斯，這是克里斯蒂亞諾。

I'm just going to get the first question and then hand it over to Alex.

我只想回答第一個問題，然後將其交給亞歷克斯。

I'll start with sequential.

我將從順序開始。

No, actually, if you look at our non-Apple MSM business, I think our growth have been consistent with sequential growth historically when you look at our guide for Q3.

不，實際上，如果你看看我們的非 Apple MSM 業務，我認為當你查看我們的第三季度指南時，我們的增長與歷史上的連續增長是一致的。

So I think sequentially, we've basically seen the business behave in exactly the same way.

所以我認為順序地，我們基本上已經看到業務以完全相同的方式運行。

What we did see, there was a little bit of market weakness.

我們確實看到，市場有點疲軟。

I think it was in the script, economic weakness, particularly in China.

我認為這是劇本中的經濟疲軟，尤其是在中國。

But the offset of that, we see a pause ahead of a 5G launch.

但與之相抵消的是，我們看到 5G 發布前出現了停頓。

And I want to remind everyone that China just launched.

我想提醒大家，中國剛剛啟動。

They were supposed to launch in September.

他們原定於 9 月發射。

China Unicom, and then followed by Telecom, just launched weeks ago, and I think that has an impact.

中國聯通，然後是電信，幾週前剛剛推出，我認為這會產生影響。

But if anything, it builds our confidence, I would think, about the later part of the year with the 5G transition.

但如果有的話，我認為，它建立了我們對今年下半年 5G 過渡的信心。

With that, Alex, do you want to take the other question?

那麼，亞歷克斯，你想回答另一個問題嗎？

Actually, I'll jump in.

實際上，我會跳進去。

This is Dave.

這是戴夫。

On the Huawei share, a couple of thoughts.

關於華為的分享，有幾點想法。

One, obviously, as they pick up a little bit of share right now, we are only being paid in QTL under an interim agreement, which is fixed at about $150 million a quarter.

一，很明顯，由於他們現在獲得了一點份額，我們只是根據臨時協議以 QTL 支付，該協議固定為每季度約 1.5 億美元。

So we don't see any financial pickup from share shifts that way.

因此，我們看不到股票轉移會帶來任何財務回升。

And then similarly, QCT, some of that share coming from OEMs that we monetize a little bit more.

然後類似地，QCT，其中一些份額來自 OEM，我們從中獲利更多。

I'll just add one more point.

我再補充一點。

This is Alex.

這是亞歷克斯。

And that is while we have this interim agreement arrangement, I just want to remind people what we do have an existing agreement with Huawei that was entered into at the end of 2014 on the eve of the NDRC resolution.

也就是說，雖然我們有這個臨時協議安排，但我只想提醒人們，我們與華為有一份現有協議，該協議是在 2014 年底國家發改委決議前夕簽訂的。

We think that's very good, very fair agreement.

我們認為這是非常好的、非常公平的協議。

And so that is the context in which this ongoing negotiation is occurring.

這就是正在進行的談判的背景。

Our next question is from the line of Chris Caso with Raymond James.

我們的下一個問題來自 Chris Caso 和 Raymond James 的對話。

I guess the question is just helping us to get a little more granularity on what's in the $2 number that you mentioned.

我想這個問題只是幫助我們更詳細地了解您提到的 2 美元數字中的內容。

I guess firstly on that, is the timing of that $2 impact -- obviously, as some of the chipset designs ramp, that happens over time.

我想首先是 2 美元影響的時間——顯然，隨著一些芯片組設計的增加，這種情況會隨著時間的推移而發生。

So does the $2 impact represent the full impact of that, or perhaps some interim?

那麼 2 美元的影響代表了它的全部影響，還是一些臨時的影響？

In addition, does the current QTL guidance fully reflect the full royalty payments paid by Apple now such that we should be able to annualize that, and that will get us to the licensing portion of the $2?

此外，當前的 QTL 指南是否完全反映了 Apple 現在支付的全部特許權使用費，以便我們應該能夠將其年化，這將使我們獲得 2 美元的許可部分？

Yes.

是的。

This is Dave again.

這又是戴夫。

So first of all, on that second part of the question.

首先，關於問題的第二部分。

So our Q3 guide reflects the inclusion of Apple go-forward royalties.

因此，我們的第三季度指南反映了 Apple 的未來特許權使用費。

It does also reflect some headwinds related to the market.

它也確實反映了與市場相關的一些不利因素。

But it can give you a sense of the Apple contribution and where we are on a go-forward basis in QTL.

但它可以讓您了解 Apple 的貢獻以及我們在 QTL 中的進展情況。

I would think about the quarter as -- it's a seasonally one of our lighter quarters for QTL.

我認為這個季度是 - 它是我們 QTL 較輕的季度之一。

So if you think about annualizing that, I would take that into consideration as you think about the number on an annual basis.

因此，如果你考慮將其年化，我會在你考慮每年的數字時考慮到這一點。

And then the $2.

然後是 2 美元。

So the $2 we've indicated, the $2 is reflective of contribution from licensing, ongoing licensing now going forward, as well as chipset contributions once we ramp.

所以我們已經指出的 2 美元，2 美元反映了許可的貢獻，現在正在進行的許可，以及一旦我們增加芯片組的貢獻。

We expect that as we ramp to see a more significant contribution on the QCT side.

我們希望隨著我們的發展，在 QCT 方面看到更重要的貢獻。

So I think if you kind of look at where we see the contribution from Apple on the QTL side, based on our quarterly guidance, you can get a sense of that element of the $2, and then the rest is coming from QCT as we ramp.

所以我認為，如果你看看我們在 QTL 方面看到蘋果的貢獻，根據我們的季度指導，你可以了解 2 美元的那個元素，然後其餘的來自 QCT，因為我們增加了.

And I think as Steve said, we would see -- there's potential opportunities to do more with Apple down the road, but it's reflective of our views at this point.

我認為正如史蒂夫所說，我們會看到——未來有可能與蘋果公司做更多事情，但這反映了我們目前的觀點。

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

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

I had a question on the QTL revenue run rate.

我對 QTL 收入運行率有疑問。

So the revenue guide is 12 75; obviously includes Apple; also includes $150 million in Huawei.

所以收入指南是 12 75；顯然包括蘋果；還包括華為的1.5億美元。

If I take all that out -- if I take Huawei out, you're sort of guiding 11 25.

如果我把所有這些都去掉——如果我把華為去掉，你就是在指導 11 25。

Before, you had told us the right run rate was kind of $1 billion to $1.1 billion.

之前，你告訴我們正確的運行率是 10 億到 11 億美元。

So even with Apple, you're only guiding a little bit above that.

因此，即使使用 Apple，您也只能在上面指導一點點。

Is this just purely a function of the ongoing market weakness?

這僅僅是市場持續疲軟的結果嗎？

Because I mean, you've been running that core business $900 million or lower the last quarter or 2?

因為我的意思是，你在上個季度或第二個季度經營的核心業務價值為 9 億美元或更低？

Or is there something else going on?

還是有其他事情發生？

Like what do you think the actual run rate of that core QTL is ex Apple and Huawei versus the $1 billion to $1.1 billion guidance that you had given us previously?

比如你認為核心 QTL 的實際運行率是多少（不包括蘋果和華為）與你之前給我們的 10 億至 11 億美元的指導？

Yes.

是的。

The $1 billion to $1.1 billion we have given previously was inclusive of the $150 million with Huawei.

我們之前給的10億到11億美元，包括給華為的1.5億美元。

No, no.

不，不。

No, it wasn't.

不，不是。

No, it wasn't.

不，不是。

So 2 quarters ago, we had guided where it did not have it in.

所以兩個季度前，我們指導了它沒有的地方。

And then we adjusted that in the January call to be inclusive of the $150 million from Huawei.

然後我們在 1 月份的電話會議中對其進行了調整，將華為提供的 1.5 億美元包括在內。

And in the January call, we guided down the market by 50 million units.

在 1 月份的電話會議中，我們將市場下調了 5000 萬台。

And in this call, we're also guiding down another 50 million units.

在這次電話會議中，我們還指導下調了另外 5000 萬台。

So the bulk of what we're seeing -- we are seeing some continued headwinds in the market for QTL in our Q3 guide, which is somewhat offsetting the impacts of the addition of Apple.

因此，我們所看到的大部分內容——我們在第三季度指南中看到 QTL 市場的一些持續逆風，這在一定程度上抵消了蘋果加入的影響。

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。

Wanted to ask on just the legal front, what's left?

只想問法律方面的問題，還剩下什麼？

You talked about reinvesting some of the potential savings in litigation cost.

您談到了將一些潛在的訴訟成本節省進行再投資。

Maybe you can just level set us as to what that number was, and then just walk through what's left.

也許你可以讓我們了解那個數字是多少，然後再看看剩下的是什麼。

If you can speak about the FTC, I'd appreciate that as well.

如果您能談談 FTC，我也將不勝感激。

But kind of just walk us through the rest of the year as to what you have left on legal and so we can get an idea of what you're reinvesting.

但是，請在今年餘下的時間裡告訴我們你在法律上還剩下什麼，這樣我們就可以了解你在再投資什麼。

Yes.

是的。

So litigation, we said in the prepared remarks, Q3, we're not expecting to see a lot of savings.

所以訴訟，我們在準備好的評論中說，第三季度，我們不希望看到很多節省。

We have some modest savings in Q3.

我們在第三季度有一些適度的節省。

We had a heavy run rate on litigation in advance of reaching settlement with Apple ahead of the San Diego case.

在聖地亞哥案之前與蘋果達成和解之前，我們的訴訟率很高。

And then in Q4, we are expecting additional savings as we wind off of the Apple-related litigation expense.

然後在第四季度，隨著我們減少與 Apple 相關的訴訟費用，我們預計會節省更多費用。

A couple of offsets to that, we are -- namely, the adjustment to our employee bonus accrual, which had a big impact.

對此有一些抵消，我們是 - 即對我們的員工獎金累積的調整，這產生了很大的影響。

It was, as I said, about 6 points of our 6% to 8% increase was related to that adjustment in the employee bonus, and we have some of that flowing through into Q4 as well.

正如我所說，我們 6% 到 8% 的增長中有大約 6 個百分點與員工獎金的調整有關，我們也有一些調整進入了第四季度。

So we're not expecting to see a lot of overall savings with the ramp down of litigation and some of that offset in Q3 and 4, but we expect to see more of those savings flowing into fiscal '20.

因此，隨著訴訟的減少以及第三季度和第四季度的部分抵消，我們預計不會看到很多整體節省，但我們預計這些節省將更多地流入 20 財年。

And Blayne, this is Don Rosenberg, picking up on Dave's point about litigation.

Blayne，我是 Don Rosenberg，聽聽 Dave 關於訴訟的觀點。

Clearly, we were spending a lot of money and a lot of time and resources on the worldwide litigation with Apple.

顯然，我們在與 Apple 的全球訴訟中花費了大量金錢、大量時間和資源。

As you know, it's grown dramatically.

如您所知，它的增長速度非常快。

So eliminating all of that now is pretty much the -- has been the key to getting us back in kind of a normal litigation cadence.

因此，現在消除所有這些幾乎是讓我們回到正常訴訟節奏的關鍵。

We still have -- obviously, are waiting for the judge to rule on the FTC case, which we won't comment on.

我們仍然 - 顯然，正在等待法官對 FTC 案件作出裁決，我們不會對此發表評論。

And we've got the normal amount of various patent cases and others around the world.

我們有正常數量的各種專利案件和世界各地的其他案件。

But a couple of class actions that flowed from some of the previous allegations relating to Apple and the FTC and others.

但一些集體訴訟源於之前與 Apple 和 FTC 等相關的一些指控。

But it's a dramatic decrease in the amount of litigation where they have to be managing over the next several years, I think.

但我認為，未來幾年他們必須管理的訴訟數量將大幅減少。

The next question is from the line of Samik Chatterjee with JPMorgan.

下一個問題來自摩根大通的 Samik Chatterjee。

Steve, I just want to check if you can lay out for us the competitive landscape in 5G, particularly as it relates to baseband modem software or Intel Select.

史蒂夫，我只想看看你是否可以為我們展示 5G 的競爭格局，特別是與基帶調製解調器軟件或 Intel Select 相關的競爭格局。

Like does that change how you think about kind of your position in 5G and the peak either the pricing or the margin opportunity created for your content in 5G?

這是否會改變您對您在 5G 中的地位以及為您在 5G 中的內容創造的定價或利潤機會的峰值的看法？

Additionally, just to follow-up, I know you guys talked about kind of the one-time payment from Apple.

此外，為了跟進，我知道你們談到了 Apple 的一次性付款。

Any color on kind of what the uses of that cash are in terms of how you're thinking about capital allocation around that, that will be helpful.

就您如何考慮圍繞現金進行資本分配而言，關於現金用途的任何顏色都會有所幫助。

It's Steve.

是史蒂夫。

Maybe I'll ask Cristiano to take the first part of that, and then I'll add my perspective and answer the second part.

也許我會請 Cristiano 負責第一部分，然後我會添加我的觀點並回答第二部分。

Samik, we feel very, very strong about our 5G position in the marketplace.

Samik，我們對我們在市場上的 5G 地位感到非常非常堅定。

I think I remind you all that we actually accelerated the timeline by one year, and we've been the silicon of choice in every single trial and development across infrastructure and operator and device.

我想我提醒大家，我們實際上將時間線加快了一年，而且我們一直是跨基礎設施、運營商和設備的每一次試驗和開發的首選芯片。

So it's a very strong position, consistent to what we saw the company doing in 3G and 4G.

所以這是一個非常強大的地位，與我們在 3G 和 4G 中看到的公司所做的一致。

And we expect that's going to be a significant opportunity to expand ASPs in a silicon content for QCT and in the -- we just updated a number of designs, we see about 75 designs for 5G right now.

我們預計這將是一個重要的機會，可以在 QCT 的矽內容中擴展 ASP，並且我們剛剛更新了一些設計，我們現在看到大約 75 種 5G 設計。

And we also have that in all those 5G designs, I think the absolute majority of it has our RF front end content.

在所有這些 5G 設計中，我們也有這一點，我認為其中絕大部分都有我們的 RF 前端內容。

So 5G is a very good story for QCT and will be a very material event in fiscal '20.

因此，5G 對 QCT 來說是一個非常好的故事，並將成為 20 財年的一個非常重要的事件。

Yes.

是的。

And I would just add very briefly that I think there's -- it's unfolded very -- in a way that's pretty similar to the way in which we thought.

我只想非常簡短地補充一點，我認為有——它的展開非常——以一種與我們的想法非常相似的方式。

It's very important to be at the front end of these transitions.

站在這些轉變的前端非常重要。

Right now, the team -- and the front end of this transition really meant you had to have a lot of modem expertise across multiple technologies, but also RF expertise to really handle all the RF bands and the complicated antennas, which is I think we're getting good traction on those investments in the past and we're hoping to see that really flow into the business, particularly in the next fiscal year.

現在，團隊 - 以及這種轉變的前端確實意味著你必須擁有跨多種技術的大量調製解調器專業知識，而且還必須擁有 RF 專業知識才能真正處理所有 RF 頻段和復雜的天線，我認為這是我們過去這些投資獲得了良好的牽引力，我們希望看到這些投資真正流入業務，特別是在下一個財政年度。

Now the real race is how do you bring 5G down in price point through integrated products?

現在真正的競爭是如何通過集成產品降低 5G 的價格？

And so you saw the first one of our products announced.

所以你看到了我們發布的第一個產品。

You'll see more and more of that.

你會看到越來越多這樣的事情。

Very pleased with the way those products are being demanded, or at least the road map traction that we're getting from those, and we'll continue to do that.

對這些產品的需求方式非常滿意，或者至少對我們從這些產品中獲得的路線圖牽引力感到非常滿意，我們將繼續這樣做。

In terms of the use of the one-time payment, I think we gave some data here about how our capital return program, particularly the ASR, has done, which has been good.

在一次性付款的使用方面，我認為我們在這裡提供了一些數據，說明我們的資本返還計劃，尤其是 ASR，做得很好。

That's been a strong program for us.

這對我們來說是一個強大的計劃。

We are, I think, in a different mode in terms of our ability to look at the landscape here over the next couple of years.

我認為，就我們看待未來幾年這裡的景觀的能力而言，我們處於不同的模式。

The thing that the, really, the Apple settlement and the launch of 5G coming together, we think it puts us in a very stable position in terms of our visibility into revenue and kind of the competitive dynamics.

實際上，Apple 和解和 5G 的推出結合在一起，我們認為這使我們在收入可見性和競爭動態方面處於非常穩定的位置。

So now the question is, how do we add to the company?

那麼現在的問題是，我們如何給公司加分呢？

What do we need to do in order to really drive some of the opportunities that we're getting from 5G?

我們需要做什麼才能真正推動我們從 5G 中獲得的一些機會？

So we're looking at that, but still committed to all of the operational excellence, both cost and capital return that we talked about.

因此，我們正在考慮這一點，但仍致力於我們談到的所有卓越運營，包括成本和資本回報。

But we've got a lot of opportunity ahead, we think, particularly with the stability that this resolution provides us.

但我們認為，我們前面有很多機會，特別是這項決議為我們提供的穩定性。

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

我們的下一個問題來自美國銀行美林銀行的 Tal Liani。

The $4 billion -- $4.5 billion to $4.7 billion for Apple, is it -- is all of it a retroactive payment for what they didn't pay?

這 40 億美元——對 Apple 來說是 45 億到 47 億美元，是嗎——所有這些都是對他們沒有支付的追溯支付？

Or is some of it going to be related to future, kind of upfront payment for future?

還是其中一些與未來有關，是未來的預付款？

And that means how will you recognize revenues for this amount?

這意味著您將如何確認此金額的收入？

Would it all be recognized as one-time?

這會被認為是一次性的嗎？

Or will you recognize some of it ratable over the life of the contract?

或者你會認識到其中的一些在合同有效期內是可以評級的嗎？

Yes.

是的。

The $4.5 billion to $4.7 billion is all for resolution of things prior to the effective date of the agreement.

45億至47億美元全部用於在協議生效日期之前解決問題。

So it's all past.

所以一切都過去了。

We'll recognize it one-time as revenue in Q3 in our GAAP results.

我們將在我們的 GAAP 結果中將其一次性確認為第三季度的收入。

And then our go-forward guidance on QTL includes the forward impact of ongoing royalties from Apple starting in Q3.

然後我們對 QTL 的前瞻性指導包括從第三季度開始從 Apple 獲得的持續特許權使用費的前瞻性影響。

And I would note, our $2 estimate is solely go-forward licensing revenues plus chip contribution.

我要指出，我們 2 美元的估計完全是前瞻性許可收入加上芯片貢獻。

The question is -- so that means you're going to recognize the $4.5 billion to $4.7 billion, you're going to recognize one-time?

問題是——這意味著你要承認 45 億到 47 億美元，你要一次性承認？

Or you've already recognized it on a GAAP basis?

或者您已經在 GAAP 基礎上確認了它？

Yes, it'll be in Q3.

是的，它將在第三季度。

Yes.

是的。

We'll recognize it one-time in Q3.

我們將在第三季度一次性識別它。

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。

Congrats on the settlement with Apple.

恭喜與 Apple 達成和解。

Just had a question on the revenue premise.

只是對收入前提有疑問。

I believe you guided for it to be up substantially, and it was.

我相信你指導它大幅上漲，而且確實如此。

And I think you said it was in line with your guidance.

我想你說這符合你的指導。

So 2 parts to the question.

所以問題分為兩部分。

Can you give us a little color what drove that up so nicely in the March quarter?

你能給我們一些顏色嗎？

And then of equal importance, it looks like you're guiding for that to be flat sequentially in the June quarter.

然後同樣重要的是，看起來你正在指導它在 6 月季度連續持平。

So can you talk about some of the puts and takes that benefited margin, and why those are continuing or not in the June quarter.

那麼，您能否談談一些看跌期權並獲得利潤率，以及為什麼這些看跌期權在 6 月季度繼續或不繼續。

Ross, this is Cristiano.

羅斯，這是克里斯蒂亞諾。

Yes.

是的。

I think when we look at the March quarter, I think with product mix, and especially, I think as some of the premium tier chipsets, we are seeing seasonality with our Chinese customers.

我認為，當我們查看 3 月季度時，我認為在產品組合方面，尤其是，我認為作為一些高端芯片組，我們看到了中國客戶的季節性。

And as we look at the guide for Q3, those are some of the comments we made before.

當我們查看第三季度的指南時，這些是我們之前發表的一些評論。

We had overall market weakness in China, but we also see in the premium tier, a pause as 5G has launched.

我們在中國整體市場疲軟，但我們也看到在高端市場，隨著 5G 的推出而出現停頓。

5G has launched in China.

5G已經在中國推出。

And it is an Android ecosystem phenomena, 5G launching on Android, and -- or see the MSM800, which is our 5G designs.

這是一個 Android 生態系統現象，5G 在 Android 上推出，並且 - 或者看到 MSM800，這是我們的 5G 設計。

We see that pause as the 5G phones are coming to market.

隨著 5G 手機即將上市，我們看到了這種暫停。

Also consistent with some of the other OEMs that report their earnings and they talk about dynamics on the premium tier in the market.

也與其他一些報告其收益的原始設備製造商一致，他們談論市場上高端市場的動態。

So we see that.

所以我們看到了。

I think the other comment we made is, when you look at sequentially, our growth sequentially when you look at our guide, Q2 to Q3 for the non-Apple business, when it eliminates the legacy Apple units, it's been very consistent and it's in line with the historical data.

我認為我們做出的另一個評論是，當你按順序看時，我們的增長是按順序看的，當你看我們的指南時，非 Apple 業務的第二季度到第三季度，當它消除了遺留的 Apple 部門時，它非常一致並且在符合歷史數據。

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

我們的下一個問題來自 Cowen and Company 的 Matt Ramsay。

Steve, you gave I thought some helpful information in your prepared script about some of the non-Apple progress that you made in QCT over the last couple of years.

史蒂夫，你在你準備好的劇本中給了我一些有用的信息，關於你在過去幾年中在 QCT 取得的一些非 Apple 進步。

And you've dropped us some data in the last few quarters about some adjacencies that have been growing.

在過去的幾個季度中，您已經向我們提供了一些關於一些一直在增長的鄰接關係的數據。

I wonder if you might step back and give us a little color on the investments that you've been making in areas like auto, networking, some of the adjacencies that you had talked about growing the company into over the last maybe 3 or 4 years ago before some of the headwinds with Apple.

我想知道你是否可以退後一步，給我們一些關於你在汽車、網絡等領域所做的投資的一些顏色，以及你在過去 3 或 4 年中談到的將公司發展到的一些鄰接領域在蘋果遇到一些不利因素之前。

And Cristiano, specifically about RF.

還有克里斯蒂亞諾，特別是關於 RF。

It looks like a ton of RF attached in the early 5G programs.

它看起來像早期 5G 程序中附加的大量 RF。

Any thoughts about how sustainable that might be until volume ramps in 2020?

有沒有想過在 2020 年銷量增加之前這種情況的可持續性如何？

Why don't I start with the general one, and Cristiano, you can dig into the second one.

為什麼我不從一般的開始，克里斯蒂亞諾，你可以深入研究第二個。

So if I look at the adjacencies, and we've done a couple of things here over the last several years.

因此，如果我看一下鄰接關係，過去幾年我們在這裡做了一些事情。

First of all, we've really tried to focus the company on things that we can see that heavily leverage the technology road map that we have for mobile.

首先，我們真的試圖將公司的重點放在我們可以看到的東西上，這些東西可以充分利用我們的移動技術路線圖。

We're doing that upstream of 5G primarily because we think that technology road map is the relevant road map in these adjacent industries.

我們在 5G 的上游做這件事主要是因為我們認為技術路線圖是這些相鄰行業的相關路線圖。

So a great example of that is cars.

一個很好的例子就是汽車。

So in the car, the connected car, the opportunity for us to sell modems and now computing capability in the head units, and then ultimately, some of the broader communicate -- or computing in the car increases, and we've seen that progress well here over the last several years.

因此，在汽車中，互聯汽車，我們有機會銷售調製解調器和現在主機中的計算能力，然後最終，一些更廣泛的通信 - 或汽車中的計算增加，我們已經看到了這種進步在過去的幾年裡，這裡很好。

That's a good business.

這是一門好生意。

Longer timeline, harder to get into, harder -- but stickier, I guess, which is good.

更長的時間線，更難進入，更難——但我想，這很好。

I think that's going well.

我認為進展順利。

Industrial IoT, which is a business that I think leverages the -- this digital transformation aspect I mentioned in my remarks, is going well.

工業物聯網，我認為這是一項利用我在發言中提到的數字化轉型方面的業務，進展順利。

Consumer IoT, I think, has yet to really embrace some of the opportunities that are coming.

我認為，消費者物聯網尚未真正擁抱即將到來的一些機遇。

We still think that's going to be an interesting opportunity, but the industrial side is probably a little better for us.

我們仍然認為這將是一個有趣的機會，但工業方面對我們來說可能更好一些。

We are continuing to invest in the go-to-market aspects.

我們將繼續投資於上市方面。

We have a pretty strong technology road map.

我們有一個非常強大的技術路線圖。

It's our ability.

這是我們的能力。

How do we mesh into those different-shaped markets versus what we see in cellular, but a very strong road map to go into there.

我們如何融入那些不同形狀的市場，而不是我們在蜂窩網絡中看到的，但進入那裡的路線圖非常強大。

You mentioned the RF side.

您提到了 RF 方面。

We think there's significant opportunity, particularly with the advent or the growth of 5G and the importance of the RF there, to grow content within the device.

我們認為有很大的機會，特別是隨著 5G 的出現或增長以及 RF 的重要性，在設備中增加內容。

And when we see opportunities to do that, we're doing that.

當我們看到這樣做的機會時，我們就會這樣做。

So you see that in RF.

所以你在 RF 中看到了這一點。

Cristiano will comment about that.

克里斯蒂亞諾將對此發表評論。

I also don't want you to miss some of the opportunities like fingerprint that we've been able to invest into.

我也不希望您錯過我們已經能夠投資的一些機會，例如指紋。

And those are interesting opportunities.

這些都是有趣的機會。

So we see 5G as an opportunity to allow us to really leverage some of the R&D scale that we have in mobile.

因此，我們將 5G 視為一個機會，讓我們能夠真正利用我們在移動領域的一些研發規模。

And as we see that, we're going to take advantage of it and try to stay focused along the same way.

正如我們所看到的那樣，我們將利用它並嘗試以同樣的方式保持專注。

So I'm just going to add a few things.

所以我要補充幾件事。

First, when you look at the -- as you mentioned, the adjacent for us, non-Apple, when you exclude Apple, even with some of the economic weakness we're seeing, we're still growing both Q2 and Q3.

首先，當你看到 - 正如你提到的，我們的相鄰，非蘋果，當你排除蘋果時，即使我們看到一些經濟疲軟，我們仍然在第二季度和第三季度增長。

When we look at year-over-year, it's still double-digit growth.

當我們看同比時，它仍然是兩位數的增長。

Some of those bets, very small, but the trends are very -- they're very good.

其中一些賭注很小，但趨勢非常——非常好。

I think I want to highlight a few that Steve mentioned on industrial.

我想我想強調一些史蒂夫在工業上提到的。

The alignment on our industrial bet with the 5G and the fact that 5G is going to go to many other industries beyond mobile, it's going to be a major tailwind to get a scale on industrial IoT.

我們與 5G 的工業賭注的一致性以及 5G 將進入移動以外的許多其他行業這一事實，這將成為工業物聯網規模化的主要推動因素。

We see the same thing with the Cellular V2X, and it was going to be added to our existing digital cockpit and telematics business.

我們在 Cellular V2X 上看到了同樣的事情，它將被添加到我們現有的數字駕駛艙和遠程信息處理業務中。

One data point that we didn't mention, we still have a bet on computing.

我們沒有提到的一個數據點，我們仍然在計算上下了賭注。

And you should expect to see in the second-half calendar, our 8cx, which refers to Snapdragon dedicated for PCs with Microsoft.

您應該會在下半年的日曆中看到我們的 8cx，它指的是與 Microsoft 一起專用於 PC 的 Snapdragon。

And that will be the first opportunity that we started to see that investment materializing.

這將是我們開始看到投資實現的第一個機會。

Now going back to the front end.

現在回到前端。

I believe that our position in 5G is differentiated.

我認為我們在 5G 上的定位是有區別的。

What's happening with 5G, the speed of the road map, especially as you think of a number of antennas and carrier aggregation, is moving faster than we saw with 4G.

5G 正在發生的事情，路線圖的速度，尤其是當你想到許多天線和載波聚合時，比我們在 4G 上看到的要快。

And the ability to design as a system and claim some of the real estate that you had on devices for the front end is giving us an advantage.

作為一個系統進行設計並聲明您在前端設備上擁有的一些不動產的能力給了我們一個優勢。

We're the only company now that actually has everything from digital to the antenna in house, and that give us an ability to build on our strength of being a system versus just a component provider.

我們現在是唯一一家實際上擁有從數字到內部天線的一切的公司，這使我們能夠建立在我們作為一個系統而不是僅僅一個組件供應商的實力之上的能力。

And that materialize in the fact that every single 5G design right now, you'll find our front end, and we expect that to continue.

事實上，現在每一個 5G 設計，你都會找到我們的前端，我們希望這種情況繼續下去。

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

我們的下一個問題來自 C.J. Muse with Evercore ISI。

I'll ask 2, if I could.

如果可以的話，我會問 2。

First one, trying to level set QTL revenues ex Apple.

第一個，試圖平衡 Apple 之外的 QTL 收入。

So could you help me understand what catch-up payments or input/output were related to ASC 606 and other kind of moving parts within that QTL for March and any expectations for June?

那麼，您能否幫助我了解 3 月份與 ASC 606 和該 QTL 內其他類型的移動部件相關的追加付款或輸入/輸出以及對 6 月份的任何預期？

And then the second question.

然後是第二個問題。

Your goal, I believe, was $6.4 billion OpEx without excess litigation for fiscal '19, obviously, will come in above that because of the litigation.

我相信，你的目標是 64 億美元的 OpEx，而 19 財年沒有過多的訴訟，顯然，由於訴訟，你的目標將超過這一數字。

But as you look to fiscal '20, is that a number that we could get to considering that most of the litigation that we've been talking about is behind us now?

但是當你展望 20 財年時，我們是否可以考慮這個數字，因為我們一直在談論的大部分訴訟現在已經過去了？

Yes.

是的。

So let me start with Q2.

那麼讓我從第二季度開始。

So we communicated in the prepared comments, there was about $100 million of more-than-expected one-time -- or out-of-period in the QTL revenues of $1.12 billion.

因此，我們在準備好的評論中進行了交流，QTL 收入為 11.2 億美元，超過預期的一次性收入或非預期收入約為 1 億美元。

So that relates to, I would say, both ASC 606 adjustments for prior as well as some one-time adjustments related to some cleanup from prior periods on a few programs.

因此，我想說，這與 ASC 606 之前的調整以及與一些程序的前期清理相關的一次性調整有關。

And then on a go-forward basis, our basis, obviously, with 606 is forecasting our revenues.

然後在前進的基礎上，我們的基礎顯然是 606 預測我們的收入。

There is always going to be some chance of true-up as we move forward and move from, really, actuals that are based on somewhat of an estimate, to sort of final understanding of how quarters rolled out.

隨著我們向前邁進並從基於某種估計的實際情況轉變為對季度如何推出的最終理解，總會有一些調整的機會。

So Q3, nothing specific with respect to out of period.

所以第 3 季度，沒有關於過期的具體內容。

But we'll have some of that, I think, every quarter just based on the nature of 606.

但我認為，我們每個季度都會有一些，只是基於 606 的性質。

Then with respect to the OpEx.

然後關於 OpEx。

So yes, the target was to get to 6 4. We do still have excess litigation.

所以是的，目標是達到 6 4。我們仍然有過多的訴訟。

And as I said before, we expect to realize some of those litigation savings as we move into fiscal '20, maybe somewhat offset by our need to invest a little bit more to support ramp of Apple.

正如我之前所說，我們希望在進入 20 財年時實現部分訴訟節省，這可能會被我們需要更多投資以支持 Apple 的增長所抵消。

Our next question is from the line of Kevin Cassidy with Stifel.

我們的下一個問題來自 Stifel 的 Kevin Cassidy。

For your chipset ramp with Apple, is there an opportunity to win back the sockets on 4G?

對於您與蘋果的芯片組爬坡，是否有機會贏回 4G 的插座？

This is Cristiano.

這是克里斯蒂亞諾。

Look, we're not providing a lot of details, but I think you -- it's fair to assume that it's going to be a new engagement.

看，我們沒有提供很多細節，但我認為你 - 可以公平地假設這將是一個新的參與。

It takes a little bit of time to develop devices of the chipset.

開發芯片組設備需要一點時間。

And independent of our engagement of Apple, in general, I think all developed economies will have 5G launch in 2019.

獨立於我們與 Apple 的合作，總的來說，我認為所有發達經濟體都將在 2019 年推出 5G。

Okay, great.

好的，太好了。

And the RF front end, you're saying the majority of those designs will include your RF front end.

至於 RF 前端，您是說這些設計中的大部分都將包括您的 RF 前端。

Can you give us an idea of what percentage increase of content that might be?

你能告訴我們內容增加的百分比是多少嗎？

Yes.

是的。

My comment is about in the Android ecosystem.

我的評論是關於 Android 生態系統的。

I think we're not detailing any RF front end engagement with Apple right now.

我認為我們現在沒有詳細說明與 Apple 的任何 RF 前端合作。

What I will say, as we reestablish ourselves as a supplier of Apple, we reopened the door for opportunities beyond the modem.

我要說的是，當我們重新確立自己作為 Apple 供應商的地位時，我們為調製解調器以外的機會重新打開了大門。

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)。

Steve, so I wanted to go back to this $2 number.

史蒂夫，所以我想回到這個 2 美元的數字。

The QTL piece is clear.

QTL片段很清楚。

You were clear about a 6-year agreement with them.

你很清楚與他們簽訂了 6 年的協議。

But on the QCT side, obviously, they have a pretty big modem team.

但在 QCT 方面，顯然，他們有一個相當大的調製解調器團隊。

So what sort of supply agreement, if any, is there on the QCT side?

那麼 QCT 方面有什麼樣的供應協議，如果有的話？

I think you said multiyear when you announced that $2 number.

我想你在宣布 2 美元的數字時說的是多年。

So should we just infer that you'll be the supplier to them for 2020 and 2021, and then beyond that, who knows?

那麼我們是否應該只推斷您將在 2020 年和 2021 年成為他們的供應商，然後在這之後，誰知道呢？

Or is there something else to think about there?

還是有其他需要考慮的地方？

Yes.

是的。

I'd say this maybe a little bit unsatisfying, but I'm not going to go through all the details, other than to say, on the chipset agreement, it's a multiyear agreement.

我想說這可能有點令人不滿意，但我不打算詳述所有細節，只是說，關於芯片組協議，這是一項多年期協議。

I think both companies are happy with it.

我認為兩家公司對此都很滿意。

Its something that, at least the way we look at it from the QCT side or from the Qualcomm side, is it provides a lot of stability to our business.

至少從 QCT 方面或高通方面來看，它為我們的業務提供了很大的穩定性。

So we think that's a good, good agreement for us.

所以我們認為這對我們來說是一個很好的協議。

And then also, I'll just remind you, there's a lot of tension removed out of the system as a result of these settlements, and I really like the opportunity to have the 2 teams just working together on products in the future, much more natural relationships, something that I think both sides can find and maintain a good relationship.

然後，我只想提醒你，由於這些和解，系統中消除了很多壓力，我真的很高興有機會讓這兩個團隊在未來合作開發產品，更多自然的關係，我認為雙方都能找到並保持良好關係的東西。

But it is a multiyear agreement.

但這是一項多年協議。

And other than that, I really can't talk much about it.

除此之外，我真的不能多說。

You know the terms on a licensing agreement, 6 years plus an option to extend 2 more years for Apple.

你知道許可協議的條款，6 年加上為 Apple 再延長 2 年的選擇權。

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, just to follow up on the previous question, to the extent you can tell us.

史蒂夫，只是想跟進上一個問題，就你能告訴我們的範圍而言。

What sort of ASP increase do you expect in 5G for the 10 modems?

對於 10 款調製解調器，您預計 5G 的 ASP 會有什麼樣的增長？

And then I'm guessing the $2 number has some market share assumptions at Apple.

然後我猜測 2 美元的數字在 Apple 有一些市場份額假設。

To the extent you can tell us, is it 100% or is it less than that, at least for the first generation?

就您能告訴我們的程度而言，它是 100% 還是低於 100%，至少對於第一代而言？

And then, Dave, on the QTL EBIT margin, your guidance is for 65% to 69%.

然後，Dave，關於 QTL EBIT 利潤率，你的指導是 65% 到 69%。

When do you expect to get back to the previous 80%, 85% ranges?

您預計什麼時候會回到之前的 80%、85% 範圍？

Okay.

好的。

On the product assumptions with Apple, I won't give share numbers, but I will comment on ASP.

關於與 Apple 的產品假設，我不會給出份額數字，但我會評論 ASP。

The ASP story, at least in the case of as we move to 5G, they tend to be good for us.

ASP 的故事，至少在我們轉向 5G 的情況下，它們往往對我們有利。

And the ASPs, as we're moving in through the 5G ramp, we said that they're going to be a good story.

而 ASP，當我們進入 5G 坡道時，我們說過它們將是一個好故事。

And looking at what we're seeing broadly across the industry, that seems to be playing forward.

看看我們在整個行業廣泛看到的情況，這似乎正在向前發展。

And 2 things will drive the QTL margin going forward.

有兩件事將推動 QTL 利潤率向前發展。

One will be some of the wind down of litigation, excess litigation spend.

其一是訴訟逐漸減少，訴訟支出過多。

The other important one will be top line expansion as we now add Apple back in and when we resolve Huawei.

另一個重要的是收入擴張，因為我們現在重新加入蘋果公司，並在我們解決華為問題時。

Both of those will be factors driving margin up over time.

隨著時間的推移，這兩者都將成為推動利潤率上升的因素。

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

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

Just a quick question on the corporate overhead you're assuming for the June quarter.

關於您假設的 6 月季度的公司間接費用的快速問題。

I guess when we look at the midpoint of your margin guide for QTL and QCT, there's about a $300 million corporate overhead.

我想當我們查看您的 QTL 和 QCT 保證金指南的中點時，大約有 3 億美元的公司間接費用。

Can you maybe just go into detail as to what -- how that's built up, please?

你能不能詳細說明一下——這是如何建立起來的，好嗎？

Yes.

是的。

That's the bonus adjustment that I talked about in my script.

這就是我在劇本中談到的獎金調整。

So resolution of Apple, we adjust our normal employee bonus accrual for the addition of the impacts of Apple.

因此，根據蘋果的決議，我們調整正常的員工獎金應計，以增加蘋果的影響。

Because it's third quarter now, we take a number of quarters of catch-up into the quarter.

因為現在是第三季度，所以我們將幾個季度的追趕納入本季度。

That is not pushed out into the business unit margins.

這並沒有被推到業務部門的利潤中。

It's held in corporate.

它在公司舉行。

So that's the bulk of the delta you're seeing.

這就是您看到的大部分增量。

And so just to understand the movement in OpEx that we can expect through the end of the fiscal year, you talked about the litigation.

因此，為了了解我們可以預期到本財年末的 OpEx 變動，您談到了訴訟。

Can you size it at all of us?

你能告訴我們所有人嗎？

Can you help us understand like the magnitude of how this sort of plays out over the next few quarters and how you see the underlying OpEx rising?

您能否幫助我們了解這種情況在接下來的幾個季度中的影響程度以及您如何看待潛在的 OpEx 上升？

And how we should really model the next sort of 2 or 3 quarters of absolute OpEx?

我們應該如何真正模擬下一個 2 或 3 個季度的絕對 OpEx？

Sure.

當然。

So first of all, in Q3, I think the midpoint of our range is around $1.7 billion, $1.8 billion or something like that of OpEx.

所以首先，在第三季度，我認為我們範圍的中點約為 17 億美元、18 億美元或類似 OpEx 的水平。

That includes when you look at this bonus adjustment, it's about $100 million.

這包括當您查看此獎金調整時，它約為 1 億美元。

So it puts us at about $1.6 billion, $1.7 billion.

因此，我們的收入約為 16 億美元、17 億美元。

That's up slightly from where we were in Q2 for a couple of seasonal-type things and includes some modest savings in litigation.

這比我們在第二季度的一些季節性事件略有上升，其中包括一些適度的訴訟節省。

In Q4, we expect further savings in litigation.

在第四季度，我們預計會進一步節省訴訟費用。

The one-time elements of the bonus catch-up will be out, and we think that it puts us probably somewhere flattish on the adjusted Q3.

獎金追趕的一次性元素將會消失，我們認為這可能會讓我們對調整後的第三季度持平。

So you think about Q3 without the $100 million at $1.6 billion, $1.67 billion.

所以你想想第三季度沒有 1 億美元的 16 億美元，16.7 億美元。

Okay.

好的。

That's really helpful.

這真的很有幫助。

And maybe just finally on op margin targets for QTL.

也許最後是 QTL 的運營利潤率目標。

Now you've settled with Apple.

現在你已經和 Apple 達成和解了。

I mean, obviously, there's still a Huawei settlement at some point, hopefully, fairly soon.

我的意思是，很明顯，在某個時候仍有華為解決方案，希望很快。

But can you give us a sense as to how you think QTL op margins are going to trend beyond the June-quarter?

但是你能告訴我們你認為 QTL 運營利潤率將如何趨勢超過 6 月季度嗎？

And is there a path to get back to the sort of op margins that you were used to before a lot of these overhangs?

有沒有辦法回到你在很多這些懸垂之前習慣的那種運營利潤率？

I think you were sort of delivering something around about 80% op margin level for QTL?

我認為您為 QTL 提供了大約 80% 的運營利潤率水平？

Do we ever get back to those type of levels?

我們會回到那種水平嗎？

And maybe for QCT.

也許對於 QCT。

Cristiano, now that you're seeing a lot of op leverage from winning a big 5G deal with Apple, how do we think about op margin target for QCT longer term?

克里斯蒂亞諾，既然你看到了與蘋果公司贏得 5G 大交易的大量運營槓桿，我們如何看待 QCT 的長期運營利潤率目標？

Yes.

是的。

So QTL, I think as I said before, I think a couple of drivers that will improve, and that is the reduction of litigation savings.

所以 QTL，我認為正如我之前所說，我認為有幾個驅動因素會有所改善，那就是減少訴訟儲蓄。

So I said that we'd see more of that flowing into fiscal '20 from a timing standpoint.

所以我說，從時間的角度來看，我們會看到更多的資金流入 20 財年。

And then resolution of Huawei and the addition of more on the top line in QTL.

然後是華為的解決方案和 QTL 頂線的更多內容。

So obviously, that timing would be reflective of whenever we reach agreement with them, is I think the 2 major drivers.

很明顯，無論何時我們與他們達成協議，這個時間都會反映出來，我認為這是兩個主要驅動因素。

This is Cristiano.

這是克里斯蒂亞諾。

Just on QCT, I think the plan remains unchanged as we gain scale, continue to grow in mobile.

就 QCT 而言，我認為隨著我們擴大規模，繼續在移動領域發展，計劃保持不變。

And we've been -- we have made a lot of progress growing our non-Apple business.

而且我們一直 - 我們在發展我們的非 Apple 業務方面取得了很大進展。

And then I think as the -- all of the agreements get in place, we expect to get back to our long-term profitability target at QCT, and we're looking forward to having a 5G Christmas as the year ends.

然後我認為，隨著所有協議的落實，我們預計將回到我們在 QCT 的長期盈利目標，我們期待在今年年底迎來 5G 聖誕節。

Our next question is from the line of Vijay Rakesh with Mizuho Securities.

我們的下一個問題來自瑞穗證券的 Vijay Rakesh。

Just wondering if you could give some more color on the RF front end wins that you mentioned.

只是想知道您是否可以在您提到的 RF 前端 wins 上添加更多顏色。

I think you said 75% were design wins and majority of them have a front end.

我想你說過 75% 是設計獲勝，其中大部分都有前端。

Are you doing more of the mid-end or low-end?

你是做更多的中端還是低端？

Or -- and just if you could kind of ballpark what content you are looking at.

或者——只要您能大致了解您正在查看的內容。

Very good.

非常好。

Thanks for your question.

謝謝你的問題。

On the 5G, if you look at all the 5G bands, the sub-6 bands as well as millimeter wave, that's where you'll find our RF front end content in all of those 75 design wins for 5G Android.

在 5G 上，如果您查看所有 5G 頻段、sub-6 頻段以及毫米波，您會在 5G Android 的所有 75 項設計勝利中找到我們的 RF 前端內容。

The majority of them are flagship smartphones in the premium tier.

其中大多數是高端旗艦智能手機。

And our content goes from the envelope trackers to the permits, which is to the PA modules, feature-rich content across all bands, switches and antenna tuners.

我們的內容從包絡跟踪器到許可證，再到 PA 模塊，涵蓋所有頻段、開關和天線調諧器的功能豐富的內容。

And we -- as I said before, I think we have been seeing significant differentiations in performance on 5G, which had allowed us to have the whole solution from the digital baseband all the way to the antenna.

而且我們 - 正如我之前所說，我認為我們已經看到 5G 性能的顯著差異，這使我們能夠擁有從數字基帶一直到天線的整個解決方案。

Got it.

知道了。

And on the QTL side, if you look at the June quarter, you talked about seasonality.

在 QTL 方面，如果你看一下 6 月這個季度，你就會談到季節性。

But as you look beyond, with the Apple payments starting to normalize, what would be a normalized QTL run rate that we should be looking at?

但當你放眼未來，隨著 Apple 支付開始正常化，我們應該關注的標準化 QTL 運行率是多少？

Yes.

是的。

I think the best way to look at that is the guide, we have now in Q2 includes Apple on a go-forward basis.

我認為最好的方式是看指南，我們現在在第二季度包括蘋果在內。

It includes some headwinds associated with market weakness.

它包括一些與市場疲軟相關的不利因素。

And it's one of our seasonally lighter quarters for QTL.

這是我們 QTL 季節性較輕的季度之一。

So I think if you sort of take those factors into consideration, you can -- it'll help you triangulate to sort of how to think about it on an annualized basis.

所以我認為，如果你考慮到這些因素，你可以 - 它會幫助你三角測量如何在年度基礎上考慮它。

Thank you.

謝謝。

That concludes the question-and-answer session.

問答環節到此結束。

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

Mollenkopf 先生，在暫停通話之前，您還有什麼要補充的嗎？

Yes.

是的。

First of all, thanks, everyone, for joining us today.

首先，感謝大家今天加入我們。

Just a quick note to our employee base.

只是對我們員工群的快速說明。

Just thank you so much for staying focused during this period of time.

非常感謝您在這段時間裡保持專注。

You put the company in a great position.

你讓公司處於有利地位。

I look forward to the ramp of 5G and really the opportunities that are ahead of us.

我期待 5G 的發展，以及真正擺在我們面前的機遇。

Just thanks a lot for all your hard work, and we'll talk to you next quarter.

非常感謝您的辛勤工作，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。