01We derive a significant portion of our revenues from a small number of customers and licensees, and particularly from their sale of premium-tier handset devicesApple purchases our MDM (or thin modem) products, which do not include our integrated application processor technologywe expect that Apple will increasingly use its own modem products, rather than our products, in its future devices, which will have a significant negative impact on our QCT revenues, results of operations and cash flowsCertain of our largest mobile handset customers (for example, Apple, Samsung and Xiaomi) develop their own integrated circuit products, which they have in the past utilized, and/or currently utilize, in certain of their devices
regulatory positionowns a thing that cannot be built or permitted twice