博通 (AVGO) 2021 Q4 法說會逐字稿

Hello, and welcome to Broadcom Inc. Fourth Quarter and Fiscal Year 2021 Financial Results Conference Call. At this time, for opening remarks and introductions, I will turn the call over to Ji Yoo, Director of Investor Relations of Broadcom Inc. You may begin.

您好，歡迎您參加 Broadcom Inc. 第四季和 2021 財年財務業績電話會議。此時，我將把電話轉給 Broadcom Inc. 投資者關係總監 Ji Yoo 進行開場白和介紹。

Thank you, operator, and good afternoon, everyone. Joining me on today's call are Hock Tan, President and CEO; Kirsten Spears, Chief Financial Officer; Tom Krause, President, Broadcom Software Group; and Charlie Kawwas, Chief Operating Officer.

謝謝接線員，大家下午好。與我一起參加今天電話會議的還有總裁兼執行長 Hock Tan；克斯汀‧斯皮爾斯，財務長； Tom Krause，博通軟體集團總裁；和首席營運長查理·卡瓦斯 (Charlie Kawwas)。

Broadcom also distributed a press release and financial tables after the market closed, describing our financial performance for the fourth quarter and fiscal year 2021. If you did not receive a copy, you (inaudible) the information from the Investors section of Broadcom's website at broadcom.com.

Broadcom 也在收市後分發了一份新聞稿和財務表格，描述了我們第四季度和2021 財年的財務業績。獲取資訊.com。

This conference call is being webcast live, and a recording will be available via telephone playback for 1 week. It will also be archived in the Investors section of our website at broadcom.com.

本次電話會議正在進行網路直播，錄音將透過電話播放 1 週。它還將存檔在我們網站 Broadcom.com 的投資者部分。

During the prepared comments, Hock and Kirsten will be providing details of our fourth quarter and fiscal year 2021 results, guidance for our first quarter as well as commentary regarding the business environment. We'll take questions after the end of our prepared comments.

在準備評論期間，Hock 和 Kirsten 將提供我們第四季度和 2021 財年業績的詳細資訊、第一季的指導以及有關商業環境的評論。我們將在準備好的評論結束後回答問題。

Please refer to our press release today and our recent filings with the SEC for information on the specific risk factors that could cause our actual results to differ materially from the forward-looking statements made on this call.

請參閱我們今天的新聞稿以及我們最近向美國證券交易委員會提交的文件，以了解可能導致我們的實際結果與本次電話會議中所做的前瞻性陳述存在重大差異的具體風險因素的資訊。

In addition to U.S. GAAP reporting, Broadcom reports certain financial measures on a non-GAAP basis. A reconciliation between GAAP and non-GAAP measures is included in the tables attached to today's press release. Comments made during today's call will primarily refer to our non-GAAP financial results.

除了美國公認會計原則報告外，博通還根據非公認會計原則報告某些財務指標。今天新聞稿所附的表格中包含了公認會計原則和非公認會計原則措施之間的調節。今天電話會議期間發表的評論將主要涉及我們的非公認會計準則財務表現。

I'll now turn the call over to Hock.

我現在將把電話轉給霍克。

Thank you, Ji, and thank you, everyone, for joining us today. So in the environment we have today, enterprise demand rebounded sharply over 30% year-on-year. Hyper cloud and service provider demand continued to be strong, and strong wireless growth in Q4 was driven by the seasonal launch of next-generation smartphones by our North American OEM. Our core -- meanwhile, our core software business continues to be steady with a focus on strategic customers.

謝謝你，吉，也謝謝大家今天加入我們。所以在現今的環境下，企業需求較去年同期大幅反彈超過30%。超級雲端和服務供應商的需求持續強勁，第四季度的強勁無線成長是由我們的北美 OEM 季節性推出的下一代智慧型手機推動的。我們的核心—同時，我們的核心軟體業務持續保持穩定，專注於策略客戶。

On the supply side, our lead times remain extended and stable. Inventory in our channels and at our customers remains very lean.

在供應方面，我們的交貨時間保持延長和穩定。我們的通路和客戶的庫存仍然非常少。

Accordingly, in Q4, semiconductor solutions revenue grew 17% year-on-year to $5.6 billion and with infrastructure software revenue growing 8% year-on-year to $1.8 billion. Consolidated net revenue was a record $7.4 billion, up 15% year-on-year.

因此，第四季半導體解決方案營收年增 17% 至 56 億美元，基礎設施軟體營收年增 8% 至 18 億美元。綜合淨收入達到創紀錄的 74 億美元，年增 15%。

Let me now provide more color by end markets. Let's start with networking.

現在讓我提供更多終端市場的色彩。讓我們從網路開始。

Networking revenue of $1.9 billion was up 13% year-on-year, in line with our forecast for low double-digit growth, and represented 34% of our semiconductor revenue. Double-digit year-on-year growth was primarily driven by strong demand from campus switching, both from our merchant silicon as well as ASIC solutions through OEMs like Cisco and HP.

網路營收為 19 億美元，年增 13%，符合我們對低兩位數成長的預測，占我們半導體營收的 34%。兩位數的同比增長主要是由園區交換的強勁需求推動的，這些需求既來自我們的商用晶片，也來自思科和惠普等 OEM 的 ASIC 解決方案。

We also experienced similar double-digit growth with the deployment of Jericho routers within large-scale AI networks in the cloud as well as Qumran in 5G infrastructure and DCI.

透過在雲端大規模 AI 網路中部署 Jericho 路由器以及在 5G 基礎架構和 DCI 中部署 Qumran，我們也經歷了類似的兩位數成長。

Our unique capability here to deliver ultra-low latency Ethernet networks enables large-scale deployment of AI compute for the cloud. Meanwhile, in the core of these large data centers, we have begun to ramp Trident 4 and Tomahawk 4, the world's first 25.6 terabit per second switch to several hyperscale cloud customers as they address their ever-growing need for bandwidth demand in scaling out their massive data centers.

我們提供超低延遲乙太網路的獨特能力可實現雲端人工智慧運算的大規模部署。同時，在這些大型資料中心的核心，我們已開始向多個超大規模雲端客戶提供Trident 4 和Tomahawk 4，這是世界上第一個每秒25.6 太比特的交換機，以滿足他們在擴展其業務時不斷成長的頻寬需求。

Now within hyperscale cloud, we continue to lead in delivering ASIC silicon for multiple compute offload accelerators, which has manifested into being 20% of our networking revenue, expect continued growth in the next fiscal year here to over $2 billion. The key to our success here aligns with our robust design methodology, which integrates a broad and substantial silicon IP and rapidly delivers world-class customized silicon SoCs to enable AI, virtualization, orchestration, video transcoding and security. We have now extended our footprint here beyond TPUs and multiple cloud customers.

現在，在超大規模雲端中，我們繼續在為多個運算卸載加速器提供 ASIC 晶片方面處於領先地位，這已占我們網路收入的 20%，預計下一財年將繼續增長至超過 20 億美元。我們成功的關鍵在於我們強大的設計方法，整合了廣泛而豐富的矽 IP，並快速提供世界一流的客製化矽 SoC，以實現人工智慧、虛擬化、編排、視訊轉碼和安全性。現在，我們的足跡已經擴展到 TPU 和多個雲端客戶之外。

In Q1, networking is firing on all cylinders, and we expect networking revenue growth to accelerate to close to 30% year-on-year.

第一季度，網路業務發展如火如荼，我們預期網路業務營收將年增速將加速至接近 30%。

Next, our server storage connectivity revenue was $815 million, up 21% year-on-year in sharp contrast to the first half of 2021 and represented 15% of semiconductor revenue. The better-than-expected results were driven by robust demand for storage controllers and hotspot adapters from renewed spend by enterprises upgrading their compute and storage infrastructure.

接下來，我們的伺服器儲存連線收入為 8.15 億美元，年增 21%，與 2021 年上半年形成鮮明對比，佔半導體收入的 15%。好於預期的結果是由於企業升級其運算和儲存基礎設施而重新支出對儲存控制器和熱點適配器的強勁需求所推動的。

Additionally, hyper cloud storage, we saw accelerated migration to 8 terabytes and the start of 20-terabyte hard disk drives, which drove our nearline storage revenue. To put things in perspective, today, our nearline storage business is close to $1 billion on an annualized basis.

此外，在超級雲端儲存方面，我們看到了向 8 TB 的加速遷移以及 20 TB 硬碟的開始，這推動了我們的近線儲存收入。客觀來看，如今我們的近線儲存業務年化價值接近 10 億美元。

We continue to gain share in server storage connectivity as we expand our leadership in next-generation SaaS 4, PCI express Gen 5 and nVME. Spending for enterprise continues to recover, and we expect this will accelerate growth in our server storage connectivity revenue in Q1 to approximately 30% year-on-year growth.

隨著我們擴大在下一代 SaaS 4、PCI Express Gen 5 和 nVME 領域的領先地位，我們將繼續獲得伺服器儲存連接領域的份額。企業支出持續復甦，我們預計這將加速我們第一季伺服器儲存連線收入的年增約30%。

Moving on to broadband. Revenue was $872 million grew 29% year-on-year and represented 16% of semiconductor revenue. This was driven by the continued strong growth in deployment by service providers globally of next-generation PON, wave WiFi 6 and 6E access gateways. We continue to lead the industry with a portfolio of end-to-end integrated solutions across multiple access protocols on PON, cable modem, and DSL, all SoC controllers, each with integrated WiFi managed through our software stacks to reliably deliver more bandwidth, faster data speeds from the call service provider networks to the homes. And a critical element in our broadband platform on my end is leading-edge WiFi 6 and 6E today and WiFi 7 tomorrow.

轉向寬頻。營收為 8.72 億美元，年增 29%，佔半導體收入的 16%。這是由全球服務供應商部署新一代 PON、wave WiFi 6 和 6E 存取網關的持續強勁成長所推動的。我們繼續以跨PON、電纜調變解調器和DSL 上多種存取協定的端到端整合解決方案組合引領產業，所有SoC 控制器均具有透過我們的軟體堆疊管理的整合WiFi，以可靠、更快地提供更多頻寬從呼叫服務提供者網路到家庭的資料速度。對我來說，我們寬頻平台的關鍵要素是今天領先的 WiFi 6 和 6E 以及明天的 WiFi 7。

Having leading-edge wireless is important for our service provider customers to reach digital homes from the networks. By the same token, in-campus switching in enterprises, it's also critical that our OEMs can connect enterprise data centers through campus switches to the access points with leading-edge WiFi. In both markets, our platforms, which encompass wired and wireless, silicon and software, uniquely differentiate Broadcom and sustain our market leadership.

擁有領先的無線技術對於我們的服務供應商客戶透過網路存取數位家庭非常重要。同樣的道理，在企業的園區交換中，我們的OEM廠商能夠透過園區交換器將企業資料中心連接到具有領先優勢的WiFi存取點也很關鍵。在這兩個市場中，我們的平台（涵蓋有線和無線、晶片和軟體）使博通脫穎而出，並維持了我們的市場領導地位。

So in Q1, we expect this double-digit percent year-on-year growth rate in broadband to continue as we have seen for the last few (inaudible).

因此，在第一季度，我們預計寬頻的兩位數年成長率將繼續下去，就像我們在過去幾年中所看到的那樣（聽不清楚）。

Moving on to wireless. Consistent with the launch of our customers' next-generation phone during the quarter, Q4 revenue of $1.8 billion represented 32% of semiconductor revenue and was up 21% against a softer Q4 quarter a year ago. Nevertheless, we expect continuing strong demand into Q1 and -- which will drive wireless revenue to be up sequentially single-digit and be flat to up low single-digit percentage year-on-year from the peak of a year ago. Finally, industrial revenue of $197 million represented approximately 3% of our Q4 semiconductor solutions revenue. Having said this, resales of industrial of $232 million grew 36% year-over-year in Q4, driven by strong demand from OEMs for electric vehicles, robotics, factory automation and health care. As a result, our inventory in the channel declined further to below 1 month. And turning to Q1, we expect resales to continue to be strong, at the levels we saw in Q4.

轉向無線。與本季客戶下一代手機的推出一致，第四季營收為 18 億美元，佔半導體營收的 32%，比去年同期疲軟的第四季成長了 21%。儘管如此，我們預計第一季的需求將持續強勁，這將推動無線收入環比增長個位數，並與一年前的峰值相比同比持平至低個位數百分比。最後，1.97 億美元的工業收入約占我們第四季半導體解決方案營收的 3%。話雖如此，在原始設備製造商對電動車、機器人、工廠自動化和醫療保健的強勁需求的推動下，第四季工業轉售額為 2.32 億美元，年成長 36%。因此，我們的通路庫存進一步下降至1個月以下。談到第一季度，我們預計轉售將繼續強勁，達到第四季度的水平。

In summary, Q4 semiconductor solutions revenue was up 17% year-on-year. And in Q1, we expect the momentum to continue and revenue growth to be up double digits again year-on-year. This implies that Q1 semiconductor revenue will be up low single digits sequentially.

綜上所述，Q4半導體解決方案營收年增17%。在第一季度，我們預計這一勢頭將持續，營收年增將再次實現兩位數成長。這意味著第一季半導體收入將環比成長低個位數。

Turning to software. Q4. Infrastructure software revenue of $1.8 billion grew 8% year-on-year, represented 24% of total revenue. Within this, Brocade showed strong growth of 19% year-on-year, consistent with strong enterprise recovery during the quarter and deployment of our next-generation Generation 7 Fibre Channel SAN products.

轉向軟體。 Q4。基礎設施軟體營收為18億美元，年增8%，佔總營收的24%。其中，博科年增 19%，這與本季度企業的強勁復甦以及我們下一代第 7 代光纖通道 SAN 產品的部署相一致。

Now excluding Brocade, our core software revenue grew 6% year-on-year. In dollar terms, consolidated renewal rates averaged 116% over expiring contracts, while within our strategic accounts, we actually averaged 127%, consistent with prior quarters. Over 90% of the value represented recurring subscription and maintenance.

現在不包括博科，我們的核心軟體營收年增了6%。以美元計算，到期合約的綜合續約率平均為 116%，而在我們的策略帳戶中，我們實際上平均為 127%，與前幾季一致。超過 90% 的價值來自定期訂閱和維護。

Stepping back and following the Software Investor Day last month, let me provide an update on the entire fiscal '21 for our core software. Total backlog at the end of the year totaled $14.9 billion, up 15% from a year ago, with average duration of contracts extending from 2.6 to 2.9 years. This backlog translates into an ARR, or annual recurring revenue, of $5.2 billion, which was up 5% from a year ago. 74% of this ARR comes from our approximate -- approximately 600 strategic accounts, which in fiscal '21, we renewed at 129% or $2.4 billion of annualized booking value. $1.9 billion of this represented renewals on expiring contracts and roughly $500 million represented cross-selling, including PLAs of our portfolio of products to these strategic customers. For the year, we booked over 300 contracts generating greater than $1 million of revenue annually with over 30 contracts generating over $10 million annually. With such stability in Q1, we expect our infrastructure software revenue to continue to sustain around mid-single-digit percentage growth year-over-year.

回顧上個月的軟體投資者日，讓我提供我們核心軟體整個 21 財年的最新情況。截至年底，未完成訂單總額為149億美元，年增15%，平均合約期限從2.6年延長至2.9年。這些積壓訂單轉化為 ARR（年度經常性收入）52 億美元，比去年同期成長 5%。該 ARR 的 74% 來自我們約 600 個策略客戶，在 21 財年，我們以 129% 或 24 億美元的年化預訂價值續訂了這些客戶。其中 19 億美元代表到期合約的續約，約 5 億美元代表交叉銷售，包括我們向這些策略客戶提供的產品組合的 PLA。今年，我們預訂了 300 多個合同，每年產生超過 100 萬美元的收入，其中 30 多個合約每年產生超過 1000 萬美元的收入。鑑於第一季的穩定性，我們預計我們的基礎設施軟體收入將繼續保持中個位數百分比將年增。

So let me summarize. With the continued strength in our semiconductor segment and steady growth in our SAN software segment, total Q4 net revenue grew 15% year-on-year.

那麼讓我總結一下。隨著半導體業務的持續強勁以及SAN軟體業務的穩定成長，第四季總淨收入年增15%。

Turning to Q1. Semiconductor revenue, excluding wireless is expected to be up 28% year-on-year. Wireless is expected to grow flat to low single-digit percentage compared to the peak of a year ago. So semiconductor revenue in total is expected to grow 17% year-on-year again, and consolidated revenue is expected to grow 14% year-on-year. Sequentially, this will drive revenue to grow from $7.4 billion in Q4 to $7.6 billion in Q1.

轉向 Q1。不包括無線業務的半導體收入預計將年增 28%。與一年前的峰值相比，無線業務預計將成長持平至低個位數百分比。因此，半導體總收入預計將再次年增17%，綜合收入預計將年增14%。隨後，這將推動營收從第四季的 74 億美元成長到第一季的 76 億美元。

We are very well positioned in every one of our franchise markets in fiscal '22 and beyond. We continue to significantly out-invest anyone else across our platforms, in switching and routing, offload compute, silicon photonics and wireless connectivity to accelerate our next-generation road maps as we continue to gain market share.

在 22 財年及以後，我們在每個特許經營市場都處於非常有利的位置。我們繼續在我們的平台上，在交換和路由、卸載計算、矽光子學和無線連接方面的投資顯著超過其他任何人，以加快我們的下一代路線圖，同時繼續獲得市場份額。

With that, let me turn the call over to Kirsten.

接下來，讓我把電話轉給克斯汀。

Thank you, Hock. Let me now provide additional detail on our financial performance.

謝謝你，霍克。現在讓我提供有關我們財務業績的更多詳細資訊。

Revenue was $7.4 billion for the quarter, up 15% from a year ago. Gross margins were 75% of revenue in the quarter and up approximately 105 basis points year-on-year. Operating expenses were $1.1 billion, up 3% year-on-year, driven by investment in R&D. Operating income for the quarter was $4.4 billion and was up 20% from a year ago. Operating margin was 59% of revenue, up approximately 286 basis points year-on-year. Adjusted EBITDA was $4.5 billion or 61% of (inaudible). This figure excludes $134 million of depreciation.

該季度營收為 74 億美元，比去年同期成長 15%。該季度毛利率佔營收的 75%，年增約 105 個基點。在研發投資的推動下，營運支出為 11 億美元，年增 3%。該季度營業收入為 44 億美元，比去年同期成長 20%。營業利益率為營收的59%，年增約286個基點。調整後 EBITDA 為 45 億美元，佔（聽不清楚）的 61%。該數字不包括 1.34 億美元的折舊。

Now a review of the P&L for our 2 segments. Revenue for our semiconductor solutions segment was $5.6 billion and represented 76% of total revenue in the quarter. This was up 17% year-on-year.

現在回顧我們兩個部門的損益表。我們的半導體解決方案部門的收入為 56 億美元，佔本季總收入的 76%。較去年同期成長 17%。

Gross margins for our semiconductor solutions segment were approximately 70%, up 170 basis points year-on-year, driven by favorable product mix and content growth in next-generation products across our extensive product portfolio. Note that we have been able to continue to expand our semiconductor gross margin despite higher wireless revenue mix.

在我們廣泛的產品組合中有利的產品組合和下一代產品內容成長的推動下，我們的半導體解決方案部門的毛利率約為 70%，較去年同期成長 170 個基點。請注意，儘管無線收入組合較高，但我們仍能夠繼續擴大半導體毛利率。

Operating expenses were $790 million in Q4, up 3% year-on-year. R&D was $701 million in the quarter, up 6% year-on-year. As a side note, for fiscal '22, we are planning to increase R&D spend in semiconductors by mid- to high single-digit percent year-on-year. As Hock indicated in his remarks, we are committed to investing heavily in our next-generation products to maintain and even increase our leadership across all our franchises.

第四季營運費用為 7.9 億美元，年增 3%。該季度研發費用為 7.01 億美元，年增 6%。順便說一句，對於 22 財年，我們計劃將半導體研發支出同比增加中高個位數百分比。正如霍克在演講中指出的那樣，我們致力於大力投資下一代產品，以維持甚至增強我們在所有特許經營中的領導地位。

Q4 operating margins increased to 56%, up 350 basis points year-on-year. So while semiconductor revenue was up 17%, operating profit grew 24%.

第四季營業利益率增至 56%，較去年同期成長 350 個基點。因此，雖然半導體收入成長了 17%，但營業利潤成長了 24%。

Moving to the P&L for our infrastructure software segment. Revenue for infrastructure software was $1.8 billion and represented 24% of revenue. This was up 8% year-on-year. Gross margins for infrastructure software were 90% in the quarter, up 19 basis points year-over-year. Operating expenses were $353 million in the quarter, up 1% year-over-year. R&D spending at $220 million is up 9% year-over-year, and SG&A of $133 million is down 10% year-over-year.

轉向我們的基礎設施軟體部門的損益表。基礎設施軟體收入為 18 億美元，佔收入的 24%。較去年同期成長 8%。該季度基礎設施軟體毛利率為 90%，較去年同期成長 19 個基點。該季度營運費用為 3.53 億美元，年增 1%。研發支出為 2.2 億美元，年增 9%，SG&A 為 1.33 億美元，年減 10%。

Operating margin was 70% in Q4, up 166 basis points year-over-year, and operating profit grew 11%.

第四季營業利益率為 70%，較去年同期成長 166 個基點，營業利益成長 11%。

Moving to cash flow. Free cash flow in the quarter was $3.5 billion, representing 47% of revenue. We spent $88 million on capital expenditures. Days sales outstanding were 25 days in the fourth quarter compared to 32 days a year ago. We ended the fourth quarter with inventory of $1.3 billion, an increase of $137 million or 12% from the end of the prior quarter in preparation to meet customer demand in Q1. We ended the fourth quarter with $12.2 billion of cash and $39.7 billion of total debt, of which $290 million is short term.

轉向現金流。該季度自由現金流為 35 億美元，佔營收的 47%。我們在資本支出上花了 8800 萬美元。第四季的應收帳款天數為 25 天，去年同期為 32 天。在第四季末，我們的庫存為 13 億美元，比上一季末增加 1.37 億美元，即 12%，為滿足第一季的客戶需求做好準備。截至第四季末，我們的現金為 122 億美元，債務總額為 397 億美元，其中 2.9 億美元為短期債務。

Turning to capital allocation. In the quarter, we paid stockholders $1.4 billion of cash dividends. We also paid $266 million in withholding taxes due on vesting of employee equity, resulting in the elimination of 525,000 AVGO shares. We ended the quarter with 413 million outstanding common shares and 448 million diluted shares.

轉向資本配置。本季度，我們向股東支付了 14 億美元的現金股利。我們也支付了 2.66 億美元的員工股權歸屬預扣稅，消除了 525,000 股 AVGO 股票。本季結束時，我們有 4.13 億股已發行普通股和 4.48 億股稀釋股。

Based on current business trends and conditions, our guidance for the first quarter of fiscal 2022 is for consolidated revenues of $7.6 billion and adjusted EBITDA of approximately 61.5% of projected revenue.

根據目前的業務趨勢和狀況，我們對 2022 財年第一季的指引是合併營收為 76 億美元，調整後 EBITDA 約為預期營收的 61.5%。

Let me recap our financial performance for fiscal year 2021. Our revenue hit a new record of $27.5 billion, growing 15% year-on-year. Semiconductor solutions revenue was $20.4 billion, up 18% year-over-year. Infrastructure software revenue was $7.1 billion, up 7% year-on-year. Gross margin for the year was 75%, up 100 basis points from a year ago. Operating expenses were $4.5 billion, down 2% year-on-year as we completed the integration of Symantec. Operating income from continuing operations was $15.9 billion, up 23% year-over-year and represented 58% of net revenue. Adjusted EBITDA was up $16.6 million, up 21% year-over-year and represented 60% of net revenue. This figure excludes $539 million of depreciation.

讓我回顧一下我們 2021 財年的財務表現。半導體解決方案營收為 204 億美元，年增 18%。基礎設施軟體營收為71億美元，年增7%。全年毛利率為75%，較去年同期上升100個基點。營運費用為 45 億美元，年減 2%，因為我們完成了對賽門鐵克的整合。持續經營業務的營業收入為 159 億美元，年增 23%，佔淨收入的 58%。調整後 EBITDA 成長 1,660 萬美元，年增 21%，佔淨收入的 60%。該數字不包括 5.39 億美元的折舊。

We spent $443 million on capital expenditures, and free cash flow represented 49% of revenue or $13.3 billion. Free cash flow grew 15% year-over-year.

我們的資本支出為 4.43 億美元，自由現金流佔收入的 49%，即 133 億美元。自由現金流年增 15%。

For the year, we returned $7.5 billion to our stockholders, consisting of $6.2 billion in the form of cash dividends and $1.3 billion for the elimination of 2.8 million AVGO shares.

今年，我們向股東返還 75 億美元，其中 62 億美元以現金股利形式，13 億美元用於註銷 280 萬股 A​​VGO 股票。

We have extended our weighted average debt maturity to approximately 10.6 years, with a weighted average interest rate of approximately 3.6%.

我們已將加權平均債務期限延長至約10.6年，加權平均利率約為3.6%。

Looking ahead to fiscal 2022, we remain committed to returning approximately 50% of our prior year free cash flow to stockholders in the form of cash dividends. Consistent with that, we are increasing our quarterly common stock cash dividend in Q1 fiscal '22 to $4.10 per share, an increase of 14% from the prior quarter. We intend to maintain this target quarterly dividend throughout this year, subject to quarterly Board approval.

展望 2022 財年，我們仍致力於以現金股利的形式將上一年自由現金流的約 50% 返還給股東。與此一致，我們將 22 財年第一季的普通股季度現金股利增加至每股 4.10 美元，比上一季增加 14%。我們打算在今年全年維持此季度股利目標，但須經董事會季度批准。

Today, as part of our commitment to return capital to shareholders, we announced that the company's Board of Directors has authorized the repurchase of $10 billion of our common stock under Broadcom's new share repurchase program. The authorization is effective until December 31, 2022. This new share repurchase program reflects our confidence in the company's ability to generate strong and sustainable cash flow. Note that we expect the diluted share count to be 448 million in Q1. This excludes the potential impact of any share repurchase.

今天，作為我們向股東返還資本的承諾的一部分，我們宣佈公司董事會已授權根據 Broadcom 的新股票回購計劃回購 100 億美元的普通股。此授權有效期至2022年12月31日。請注意，我們預計第一季稀釋後的股票數量將為 4.48 億股。這不包括任何股票回購的潛在影響。

That concludes my prepared remarks. Operator, please open up the call for questions.

我準備好的發言就到此結束。接線員，請撥打電話詢問問題。

(Operator Instructions) Our first question comes from the line of Toshiya Hari with Goldman Sachs.

（操作員指令）我們的第一個問題來自Toshiya Hari 與高盛的對話。

Congrats on the very solid results. Hock, I know you guys don't guide for the full year, but I was hoping you could kind of walk us through how you're thinking about fiscal year '22 on the semiconductor side.

祝賀取得了非常紮實的成果。 Hock，我知道你們不會提供全年的指導，但我希望你們能向我們介紹一下你們對 22 財年半導體方面的看法。

Obviously, bookings have been strong, continue to be strong across most of your buckets or end markets within semis. But if you can talk about bookings trends in the quarter, what you're seeing there, that would be super helpful.

顯然，預訂量一直很強勁，並且在半決賽中的大多數桶或終端市場上繼續保持強勁勢頭。但如果您能談論本季的預訂趨勢以及您在那裡看到的情況，那將非常有幫助。

And then as you sort of answer the fiscal '22 question, if you can touch on supply and to what extent supply could be a gating factor over the next 12 months, that would be helpful.

然後，當您回答 22 財年問題時，如果您能談談供應以及供應在多大程度上可能成為未來 12 個月的控制因素，那將會有所幫助。

That's a very good -- hell of a question, I may add. So let me try to address it in its various component parts. What we continue to see with the recovery, and I made a point of saying that -- and there's now -- we're now in the midst of a very strong spending recovery in enterprise, particularly, so we're continuing to see strong demand bookings in the semiconductor side. But a big part of that demand and increasing part of that demand is now coming from enterprise spending, which translates to end markets, tends to drive a lot of our broadband, continuing to drive the broadband, which has been strong in most of '21, continuing to drive the enterprise part of our networking business. And of course, server storage and industrial is just very, very strong.

我想補充一句，這是一個非常好的問題。因此，讓我嘗試從各個組成部分來解決這個問題。我們繼續看到復甦的情況，我特意指出，現在我們正處於企業支出非常強勁的復甦之中，特別是，所以我們繼續看到強勁的復甦半導體方面的需求預訂。但這種需求的很大一部分以及越來越多的需求現在來自企業支出，這轉化為終端市場，往往會推動我們大量的寬頻，繼續推動寬頻的發展，寬頻在21 世紀的大部分時間裡都表現強勁。當然，伺服器儲存和工業非常非常強大。

Having said that, under hyper cloud spending side, a lot of it resides in, obviously, in our networking business. Things are still fairly very elevated. Demand continues to be strong. And so when you combine all this together, we continue to see booking rates being at a fairly and continue to be a very elevated level week after week so far.

話雖如此，在超雲端支出方面，顯然，很大一部分都存在於我們的網路業務中。事情仍然相當高。需求持續強勁。因此，當你將所有這些結合在一起時，我們仍然看到預訂率處於相當高的水平，並且迄今為止每週都處於非常高的水平。

And as of right now, we're pretty much booked all the way through '22 and even beyond '22 into '23. If you think about a 50-week lead time, no surprise, it goes to late '22. But we've gone, even in many cases now, gone beyond '22 and '23. And that's partly because: one, timing of our customers planning very far ahead; and two, as I said, our continuing disciplined approach to ensuring that we deliver products at the right time to the right place, and we see that going on. And I hate to disappoint you, still, we're still not ready or prepared to give you guidance on our whole fiscal year.

截至目前，從 22 年開始，甚至從 22 年到 23 年，我們幾乎都被預訂滿了。如果您考慮 50 週的交貨時間，毫不奇怪，它會持續到 22 年末。但我們已經超越了‘22’和‘23’，甚至在許多情況下也是如此。部分原因是：第一，我們的客戶規劃的時機非常提前；第二，正如我所說，我們持續採取嚴格的方法，以確保我們在正確的時間將產品交付到正確的地點，我們看到這種情況正在發生。我不想讓您失望，但我們仍然沒有準備好或準備好為您提供整個財政年度的指導。

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

我們的下一個問題來自伯恩斯坦研究中心的史黛西‧拉斯貢 (Stacy Rasgon)。

Hock, I wanted to follow up on those lead times in order penned. You said, obviously, on the industrial space, your channel is lean. It sounds like your bookings overall is very strong. At the same time, we know you've been taking efforts to limit like worries around stockpiling and overshipping, whether it's parsing orders, expedites. I was wondering if you could just talk a little bit about what you are doing in that space. How are you feeling right now in terms of your shipments versus where end demand is? And how meaningful those like long, with 50-plus-week lead times actually are, do they actually represent demand even if it's that far out? Like if you could just talk about your efforts there, that would be helpful.

霍克，我想按照所寫的順序跟進這些交付時間。您說，顯然，在工業領域，您的通路是精益的。聽起來你們的預訂量總體上非常強勁。同時，我們知道您一直在努力限制對庫存和超量運輸的擔憂，無論是解析訂單還是加快速度。我想知道您是否可以簡單談談您在該領域所做的事情。您現在的出貨量與最終需求相比感覺如何？那些像 50 多周的交貨時間這樣的長期交貨期實際上有多有意義？就像如果你能談談你在那裡所做的努力，那會很有幫助。

Yes. Well, we've been doing this 50 weeks now for -- just since the beginning of '21. So -- and we have been delivering very much, as much as we can to those lead times. So in some ways, I'd like to believe it's giving some method to this booking madness, I guess, is what I would call it, in terms of our ability and in terms of where -- how we are shipping the products.

是的。嗯，從 21 年初開始，我們已經這樣做了 50 週。因此，我們一直在盡可能地交付交付時間。因此，在某些方面，我想相信它為這種預訂瘋狂提供了某種方法，我想，這就是我所說的，就我們的能力以及我們如何運輸產品而言。

But by keeping lead times very stable and predictable as we are doing now, we're also clearly communicating to our end users the way they should be planning their business. And I like to think this -- all this is working out in terms of allowing us to -- making sure we don't overship and build up buffer inventory through our ecosystem out there, that means distributors, channels and customers. And all that is being done purposefully. And the truth be told, that the day will come when things have to land, and we like to make sure it lands very gently and softly.

但是，透過像我們現在所做的那樣保持交貨時間非常穩定和可預測，我們也清楚地與最終用戶溝通他們應該如何規劃業務。我喜歡認為這一切都是為了讓我們能夠確保我們不會透過我們的生態系統（這意味著分銷商、通路和客戶）過度運輸和建立緩衝庫存。而這一切都是有目的的。說實話，總有一天東西必須落地，我們希望確保它非常輕柔地落地。

I would like to think that is working very well. And -- but -- so what we are reporting in some sectors now, what we're guiding in some sectors and reporting where you see growth of some 20%, 30%. I know even from our perspective, it seems very hot, excessively hot. And in those areas, in particular, we take strong particular attempt, to make those attempts to ensure these products we ship are for programs that get deployed rather than sit on the shelves for a future need.

我想這效果很好。但是，我們現在在某些領域報告的內容，我們在某些​​領域的指導內容，以及報告中您看到的成長約 20%、30% 的內容。我知道即使從我們的角度來看，它看起來也非常熱，非常熱。特別是在這些領域，我們採取了強有力的特別嘗試，以確保我們運送的這些產品是用於部署的項目，而不是為了未來的需要而擱置。

And so I'd like to believe that the areas -- that growth in networking, broadband, server storage lately of some 20% to 30% year-on-year are real, true end demand.

因此，我願意相信這些領域——網路、寬頻、伺服器儲存最近年增約 20% 至 30% 是真正的最終需求。

Got it. That's helpful. Just a quick follow-up along those lines on enterprise. You gave some numbers for year-over-year growth for things like networking and storage. And those year-over-year numbers, does that imply a sequential decline, especially for networking and storage? Or just -- I'm not sure if my year-ago numbers are jiving or not, but do you expect those businesses to decline sequentially within the context of guidance?

知道了。這很有幫助。只是沿著這些思路對企業進行快速跟進。您提供了一些網路和儲存等方面的同比增長數據。這些同比數字是否意味著連續下降，尤其是網路和儲存方面？或者只是 - 我不確定我一年前的數據是否令人興奮，但您是否預計這些業務會在指導範圍內連續下降？

It may, depending -- then we're talking mathematical numbers now and how we ship because some of the shipments are lumpy. And you may see then from quarter-to-quarter, when you talk about sequential quarter, you may sometimes see them. And what I'm trying to say -- and we may also chose to deploy supply to one market versus another as you go quarter-by-quarter.

這可能取決於——那麼我們現在討論的是數學數字以及我們如何運輸，因為有些貨物是塊狀的。您可能會看到每個季度的情況，當您談論連續季度時，有時可能會看到它們。我想說的是，我們也可能會選擇按季度向一個市場而不是另一個市場部署供應。

So looking at it sequentially in specific verticals might sometimes, for our case, from our point of view, be rather misleading, unintentionally, I may add, simply because we may choose to deploy or ship more to, for instance, sometimes to server storage because there is a hot need there versus to networking. And you may see then, because of that networking, see some sequential weakness in one particular quarter, which is why we report as much as we can on a year-on-year basis, where then you take out the effects of this short-term lumpiness and short-term discontinuities.

因此，對於我們的情況，從我們的角度來看，在特定垂直領域中按順序查看它有時可能會相當誤導，我可能會無意補充，僅僅是因為我們可能會選擇部署或運送更多內容，例如，有時會選擇伺服器儲存因為與網路相比，那裡存在著迫切的需求。然後你可能會看到，由於這種網絡，在一個特定的季度會出現一些連續的疲軟，這就是為什麼我們盡可能多地報告同比情況，然後你可以剔除這種短期的影響——術語塊度和短期不連續性。

Our next question comes from the line of Harlan Sur with JPMorgan.

我們的下一個問題來自哈蘭·蘇爾 (Harlan Sur) 與摩根大通 (JPMorgan) 的對話。

Congratulations on the strong results and execution. Hock, on your networking business, you've been somewhat conservative on your view on the sustainability of the strong cloud and hyperscale growth, but yet in cloud, I mean, you guys are ramping 7-nanometer Tomahawk 4 and Trident 4. They're in the early innings of the ramp. Demand is strong. You talked about Jericho and Qumran being strong in routing. Your cloud ASIC customers ramping their 7-nanometer TPU and you have more programs firing next year, as you mentioned.

祝賀您所取得的強勁成果和執行力。 Hock，在您的網路業務中，您對雲端運算和超大規模成長的可持續性的看法有些保守，但在雲端運算領域，我的意思是，你們正在大力發展7 奈米戰斧4 和三叉戟4 。需求強勁。您談到傑里科和庫姆蘭的路由能力很強。正如您所提到的，您的雲端 ASIC 客戶正在加大其 7 奈米 TPU 的投入，明年您將推出更多程式。

And then on the enterprise side, your large enterprise OEM customers are benefiting from the strong recovery. So you're starting off the fiscal year in networking with strong double-digits growth, but do you see your networking business continuing to drive double-digits year-over-year growth for the full year? And will the growth be driven by all 3 of your end markets, cloud, enterprise and service provider?

然後在企業方面，大型企業 OEM 客戶正受益於強勁的復甦。因此，您的網路業務在本財年伊始就實現了強勁的兩位數成長，但是您認為您的網路業務全年將繼續推動兩位數的同比增長嗎？成長是否會由所有 3 個終端市場（雲端、企業和服務供應商）推動？

Harlan, that's a hell of a question. And only way I can answer that is, if this is a way of trying for me -- to guide -- to ask me to guide you on networking for the year, ain't working. I'm not doing that.

哈倫，這個問題問得好極了。我能回答這個問題的唯一方法是，如果這是我嘗試的一種方式——指導——要求我指導你們今年的網路工作，那麼這是行不通的。我不會那樣做。

But you're right, though, there are a lot of levers, and I articulate quite a few of them. And maybe I oversay it in some cases. And they all seem to be, as I use the expression, as we sit here today and going into '22, firing on all cylinders. And by that, I mean more than just forecasting.

但你是對的，有很多槓桿，我闡述了其中相當多的槓桿。也許在某些情況下我說得過頭了。正如我所用的表達方式，當我們今天坐在這裡，進入 22 世紀時，他們似乎都在全力以赴。我的意思不僅僅是預測。

We've actually seen the backlog. We have the backlog and they keep building up. And you're right, hyper cloud guys, like you would ask me 6 months ago, I would not believe the level of spending they're embarking on right now in '22, but they appear to be. So we have the rate of enterprise has been strong, and you've seen the rate of growth of enterprise year-on-year of 30% across broadly. And cloud has the current elevated levels we are seeing in networking has not softened, has not weakened. It's still sustaining.

我們實際上已經看到了積壓的情況。我們有積壓的訂單，而且它們還在增加。你是對的，超級雲的傢伙，就像你 6 個月前問我的那樣，我不相信他們現在在 22 年開始的支出水平，但他們似乎是這樣。所以我們的企業成長率一直很強勁，你已經看到企業年增率大體達到30%。目前我們在網路中看到的雲端運算水準並沒有減弱，也沒有減弱。至今仍在維持。

Now it's not recovering, obviously, year-on-year basis as fast as enterprise is showing simply because enterprise starting from a lower point, but cloud is still growing. We are seeing hyper cloud growing and it's growing from not just switching and routing. That's our traditional strength. It's growing now for us on -- for want of a better expression, collectively called offload computing applications, from virtualization, orchestration to -- and more and more AI beyond just a single lead customer we have in TPUs today. So we're seeing multiple as I said, multiple levels, all moving in the right direction for fiscal '22. And good possibility, what we're seeing today, this -- in Q1 would run for a large part of fiscal '22.

顯然，現在它的恢復速度並沒有像企業所顯示的那麼快，這僅僅是因為企業從較低的起點開始，但雲端仍在成長。我們看到超級雲端正在不斷成長，而且它的成長不僅來自於交換和路由。這是我們的傳統優勢。現在它對我們來說正在增長——因為需要更好的表達，統稱為卸載計算應用程序，從虛擬化、編排到——以及越來越多的人工智能，而不僅僅是我們今天在TPU 中擁有的單一主要客戶。因此，正如我所說，我們看到了多個層面，所有這些都朝著 22 財年的正確方向發展。我們今天看到的情況很有可能會在第一季持續到 22 財年的大部分時間。

Our next question comes from the line of Vivek Arya with Bank of America Securities.

我們的下一個問題來自 Vivek Arya 與美國銀行證券公司的聯繫。

Congratulations on the strong results and the guidance. So Hock, I find 2 things interesting. One is you didn't use the word metaverse in your commentary, but that's not my question. The question is on the buyback announcement. What changed your view?

恭喜您所取得的優異成果和指導。霍克，我發現有兩件事很有趣。一是你在評論中沒有使用元宇宙這個詞，但這不是我的問題。問題在於回購公告。是什麼改變了你的看法？

Because for some time, you were not as favorable towards buybacks. So the $10 billion announcement, is that more a statement about business trends, is it lack of M&A targets? Are you going to be more consistent in buybacks? So that's part A of the question.

因為有一段時間，你並不那麼熱衷於回購。那麼100億美元的宣布，更多的是對商業趨勢的陳述，還是缺乏併購目標？您的回購會更加一致嗎？這就是問題的 A 部分。

And part B is that, if I take that $6 billion or $7 billion in dividends that you will pay next year and add the $10 billion in buybacks and apply the free cash flow range that you have, it suggests sales of somewhere in the low to mid-30s billion, right, using that math. And I know you're not giving a guidance, but does that math makes sense?

B 部分是，如果我把你明年將支付的60 億美元或70 億美元的股息加上100 億美元的回購，並應用你擁有的自由現金流範圍，它表明某個地方的銷售額處於低至300 億左右，對吧，用這個數學計算。我知道你沒有提供指導，但是這個數學有意義嗎？

You're very good at these numbers. I shall just bow to those who knows better judgment and wisdom here. Thank you. Next question. You have another follow-through?

你很擅長這些數字。我將在這裡向那些具有更好判斷力和智慧的人鞠躬。謝謝。下一個問題。你還有其他後續行動嗎？

Yes. So wireless is your most seasonal business, is there a way you're thinking about wireless? So you said it could be up somewhat right in the January quarter. How are you thinking about seasonality for that business going into the April quarter?

是的。因此，無線業務是您最季節性的業務，您對無線業務有什麼看法嗎？所以你說在一月份季度可能會有所上升。您如何看待該業務進入四月季度的季節性？

April quarter is hard to forecast. I mean, this is consumer, right? So it's very hard. I can't even begin to forecast, much less -- I think my customer will be better at it. And even then, I suspect they are very challenged.

四月的季度很難預測。我的意思是，這就是消費者，對嗎？所以這非常困難。我甚至無法開始預測，更不用說——我認為我的客戶會更擅長。即便如此，我懷疑他們也面臨很大的挑戰。

But what we do see, interestingly enough, is demand for our components for the January quarter is good. And hence, you see the fact that even as we measure year-on-year to an all-time peak a year ago, we're still flattish to slightly up and sequentially from Q4, which in this current round, you are correct in this regard. Q4 is supposed to be back to normality in seasonality as being the peak quarter. Our Q1 will exceed our Q4 shipments as we forecast today.

但有趣的是，我們確實看到一月份季度對我們組件的需求良好。因此，你會看到這樣一個事實，即使我們按年衡量到一年前的歷史最高點，我們仍然持平到略有上升，並且從第四季度開始，在本輪中，你是正確的這方面。第四季作為高峰季度，季節性應該會恢復正常。正如我們今天預測的那樣，第一季的出貨量將超過第四季。

So yes, it sounds like even that part is doing quite well. It's just that year-on-year compare in percentage terms, may not be as exciting as the rest of the semiconductor verticals that we're in, but it's still holding up very nicely.

所以是的，聽起來這部分也做得很好。只是按百分比計算的同比比較可能不如我們所處的其他半導體垂直行業那麼令人興奮，但它仍然保持得非常好。

Our next question comes from the line of Ross Seymore with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Ross Seymore。

I guess I'll ask to 2 questions and then I'll listen to the answer for sort of the question, the follow-up. So first, Hock, I want to revisit kind of the quality of demand and maybe ask it a different way. You've talked about undershipping what the actual demand or what your bookings are because you believe you can ship to actual demand. So that delta between what you're shipping and what is being booked, is that changing? Is it shrinking, growing? Basically trying to get at any change in customer behavior.

我想我會問兩個問題，然後我會聽一些問題的答案，也就是後續行動。首先，霍克，我想重新審視需求的質量，也許可以用不同的方式來提問。您曾經談到出貨量低於實際需求或您的預訂量，因為您相信自己可以根據實際需求出貨。那麼，您正在運送的商品和正在預訂的商品之間的差異是否會改變？是在縮小、成長嗎？基本上是試圖了解客戶行為的任何變化。

And then the second question would be separate and 1 for Kirsten. You mentioned about the OpEx in the semiconductor side rising going forward. Any more color about the linearity of OpEx as we go throughout the year? And any color on kind of the areas that would be focuses of that investment?

然後第二個問題將是單獨的，對於克爾斯滕來說是 1。您提到半​​導體方面的營運支出未來將會上升。關於全年營運支出的線性度還有更多的色彩嗎？該投資的重點領域有哪些顏色？

On the first, Ross, that's a very, very clever question, I might add. Has anything changed between what we're booking versus what we are shipping? I'm trying to answer now because -- I'm not trying to answer it. It's because the demand by verticals have rotated somewhat, and you can probably understand that. And so what I'm saying is one clear example is what I'm saying now.

關於第一個問題，羅斯，我想補充一下，這是一個非常非常聰明的問題。我們預訂的商品與運送的商品之間有變化嗎？我現在試著回答這個問題是因為──我不想回答這個問題。這是因為垂直行業的需求發生了一些變化，您可能可以理解這一點。所以我所說的就是我現在所說的一個明顯的例子。

Enterprise is actually waking up big time, and they are asking for our products. They're asking for products in a very, very urgent manner. And so we're seeing more -- a lot more shipments to OEMs who support those enterprises.

企業實際上正在覺醒，他們正在尋求我們的產品。他們正在以非常非常緊急的方式尋求產品。因此，我們看到越來越多的產品運送到支援這些企業的原始設備製造商。

And by verticals, we are seeing strength in -- basically in server storage, in particular, and also the enterprise portion of networking, hence the strength in, as I mentioned, campus switching and WiFi in many ways because enterprise campus switching now for enterprise switching needs a wireless strategy component. And so we're seeing our WiFi business for access gateways in enterprise really take off now.

在垂直領域，我們看到了主要在伺服器儲存方面的優勢，特別是在網路的企業部分，因此，正如我所提到的，園區交換和 WiFi 在許多方面都有優勢，因為企業園區交換現在針對企業切換需要無線策略組件。因此，我們看到我們的企業接入網關 WiFi 業務現在真正起飛了。

Having said that, our classification of cloud includes telco service providers. They've been steady. It's interesting, cloud and telcos have been steady and -- but they've been steady in different manners. The cloud guys are now pushing more and more into compute offload. I mean, the programs they're working on starting to happen and starting to manifest as deployment. So we're seeing that. And that is really driving some more growth than just normal switching and routing that we have seen super strong in 2021.

話雖如此，我們對雲端的分類包括電信服務供應商。他們一直很穩定。有趣的是，雲端運算和電信公司一直保持穩定，但它們以不同的方式保持穩定。雲端專家現在越來越多地推動運算卸載。我的意思是，他們正在開發的程式開始實施並開始表現為部署。所以我們看到了這一點。這確實推動了比普通交換和路由更多的成長，我們在 2021 年看到了超級強勁的成長。

We've seen areas like in some of the very massive scale-out of machine learning or AI networks, here you need a different kind of performance of those networks. So we're seeing a different kind of products going into that area. And I highlighted in my remarks about Jericho being -- going into many of those AI networks in hyper cloud. And of course, 5G continues to be -- goes through cycles and happen to be a 5G deployment and backhaul is strong, and we ship a lot of Qumrans.

我們已經看到一些領域，例如機器學習或人工智慧網路的大規模橫向擴展，在這裡您需要這些網路的不同類型的效能。因此，我們看到不同類型的產品進入該領域。我在發言中強調了傑里科正在進入超級雲端中的許多人工智慧網路。當然，5G 仍然會經歷週期，並且碰巧是 5G 部署，回程很強大，我們運送了很多 Qumran。

So it varies. But if you take it from a macro point of view, not -- hasn't changed from 6 months ago, Ross, which is the undershipment from the level of bookings we are seeing.

所以它有所不同。但如果你從宏觀角度來看，羅斯，與 6 個月前相比並沒有改變，從我們看到的預訂水平來看，這是出貨量不足的情況。

The OpEx , Kirsten?

營運支出，克斯汀？

Sure. So what I would expect -- the way I look at OpEx, I'll comment on a consolidated view for the company. You're going to see a step up in Q1, definitely. And then remember, in Q2, we have the payroll taxes that we pay in Q2. So we have another step up in Q2. And then for the rest of the year, I'd look at that continuing out. That's how I would model that.

當然。因此，我所期望的——按照我看待營運支出的方式，我將評論該公司的綜合觀點。你肯定會看到第一季的進步。然後記住，在第二季度，我們有在第二季度支付的工資稅。因此，我們在第二季度又邁出了一步。然後在今年剩下的時間裡，我會考慮繼續下去。這就是我建模的方式。

Our next question comes from the line of John Pitzer with Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的約翰‧皮策 (John Pitzer)。

Congratulations on the strong results. Hock, maybe just a follow on to Ross' question about the R&D commentary that Kirsten had in the prepared comments. With the growth that you're expecting in the semi R&D, do you think that, that will outstrip the semiconductor revenue growth for the year or not? And not having had the time yet to go back and look, is this an unusual spend here?

祝賀取得了優異的成績。霍克，也許只是羅斯關於克爾斯滕在準備好的評論中提出的研發評論的問題的後續。根據您預期的半研發成長，您認為這是否會超過今年半導體收入的成長？還沒時間回去看看，這是在這裡度過的不尋常的時光嗎？

And if so, what's driving it? Is it concern about increased competition? Is it the opportunity set getting a lot bigger? And kind of what areas are you focused on? And then I have a follow-up.

如果是這樣，是什麼推動了它？是否擔心競爭加劇？是機會集變得更大了嗎？您關注哪些領域？然後我有一個後續行動。

I think we have continued to be -- to have been spending on R&D in the silicon side on a fairly consistent basis. And so we have -- and -- but in some other areas, and it's not so much about worrying about competition as seeing the underlying part of our business model across our various franchises. It's simply that we always out-invest our engineer, anybody else in the verticals, in those franchise verticals we are in.

我認為我們一直在相當一致的基礎上在矽方面進行研發支出。所以我們有——而且——但在其他一些領域，與其說是擔心競爭，不如說是看到我們各個特許經營業務模式的根本部分。原因很簡單，在我們所處的特許經營垂直行業中，我們的投資總是超過我們的工程師、垂直行業中的任何其他人。

And so from our point of view, hey, now is a great -- because during COVID-19 in '20 and in part of '21, things were not as moving as fast as perhaps we believe a normal cadence of product cycle turnover should be, product life cycle. So we are now jumping in to '22 to basically bring it back up to where it should be in terms of a normal product cycle cadence is.

因此，從我們的角度來看，嘿，現在是一個偉大的時刻——因為在20 年的COVID-19 期間和21 年的部分時間裡，事情的發展速度並不像我們認為的產品週期週轉的正常節奏那樣快是，產品生命週期。因此，我們現在跳到 22 年，基本上將其恢復到正常產品週期節奏應有的水平。

And in that sense, you're right. It's not because of the competition, it's because we believe we need to deliver this new-generation of products with better features, better bandwidth, low latency to our customers and -- who are now ready and willing to take it on. And we -- having said that, we invest now. You don't see the impact of that probably until '23, '24.

從這個意義上說，你是對的。這不是因為競爭，而是因為我們相信我們需要向我們的客戶提供具有更好功能、更好頻寬、低延遲的新一代產品——他們現在已經準備好並願意接受它。話雖如此，我們現在就投資。您可能要到 23 年、24 年才能看到其影響。

So -- but we feel that there's some hiatus of new technology being absorbed in 2021. So now is the time to really accelerate new technology, new generation of products for its absorption as much as we could in '22 and definitely in '23. So it's logical that spending would go up, and we are stepping up for that.

所以，但我們認為2021 年新技術的吸收會出現一些中斷。吸收新技術和新一代產品。因此，支出增加是合乎邏輯的，我們正在為此加緊努力。

And Hock, is the message that R&D could grow faster than semi revenue growth this year? Or you're not ready to make that statement yet?

霍克，這是否顯示今年研發成長可能比半導體收入成長更快？還是你還沒準備好發表這樣的聲明？

I don't think so. We never tend to do that. We're very well behaved, very disciplined.

我不這麼認為。我們從來不傾向於這樣做。我們的行為非常好，非常有紀律。

That's helpful. And as my follow-up, Hock, you guys have set up a really consistent track record around the dividend. The buybacks have been a little bit more episodic, especially given the M&A strategy.

這很有幫助。作為我的跟進者，霍克，你們在股息方面建立了非常一致的記錄。回購有點間歇性，特別是考慮到併購策略。

Just with the authorization today, is the intent to do all of that within the next 12 months? Why not an ASR component around that authorization today just to give investors confidence that you will follow through on the buyback?

今天獲得授權後，是否打算在未來 12 個月內完成所有這些工作？為什麼今天不圍繞該授權添加 ASR 組件，讓投資者相信您將堅持回購？

Good point. But we intend to follow through, and we intend to do this $10 billion. And the reason we're doing it, as you guys can gather, is we haven't done a deal in -- we did not do a deal in '20, did not do a deal in '21. Got tons of cash, we have holed up a ton of cash, and debt has actually somewhat -- the gross debt has actually declined somewhat, while our cash position is building out.

好點。但我們打算堅持到底，我們打算投入 100 億美元。正如你們所知，我們這樣做的原因是我們在 20 年沒有達成任何協議，在 21 年也沒有達成任何協議。我們擁有大量現金，我們儲備了大量現金，債務實際上有所下降——總債務實際上有所下降，而我們的現金狀況正在增加。

And while we may still do a deal in '22, it's just that we will still be generating a lot more cash in '22. So when you add up this whole thing, it's just a very logical conclusion for us to not just sit on the cash, hoard in some ways, you may call it, but just return it to you guys as we continue to accumulate cash.

雖然我們可能仍會在 22 年達成交易，但我們在 22 年仍會產生更多現金。因此，當你把這整件事加起來時，這對我們來說是一個非常合乎邏輯的結論，我們不僅要坐擁現金，以某種方式囤積，你可以稱之為，而是在我們繼續累積現金時將其回饋給你們。

And keep in mind, we still have a lot of debt and grow expanding debt capacity as our EBITDA expense and still be within investment grade, of course.

請記住，我們仍然有大量債務，而且債務能力不斷擴大，作為我們的 EBITDA 支出，當然，仍然處於投資等級之內。

And this is Kirsten. And we have consistently said that we would return capital to shareholders if we didn't announce an M&A by December. And so this is in line with what we've been saying, and we plan to follow through on it. The $10 billion authorization will be executed pursuant to a trading plan, and it will be thoughtful. And it's in line with what we said we'd do.

這是克爾斯滕。我們一直表示，如果我們在 12 月之前沒有宣布併購，我們將向股東返還資本。因此，這與我們一直所說的一致，我們計劃貫徹落實。 100億美元的授權將按照交易計劃執行，而且會是周到的。這與我們所說的一致。

Our next question comes from the line of Srini Pajjuri with SMBC Nikko.

我們的下一個問題來自 SMBC Nikko 的 Srini Pajjuri。

Let me also call my congrats on the solid numbers. Hock, you called out your ASIC business. I think you said it's roughly 20% of the networking business and also said it's going to be about $2 billion.

我也對這些可靠的數字表示祝賀。 Hock，你提到了你的 ASIC 業務。我想你說過它大約佔網路業務的 20%，並且還說過它將達到大約 20 億美元。

I'm just curious if you could maybe provide us some additional color as to what's going on with that business. I mean, you've been a leader in this market historically. And are you seeing more interest given what's going on with the hyperscale customers and their interest in developing in-house silicon? Or is this a continuation of a trend? Or any additional color you could provide, I think that would be helpful.

我只是好奇您能否為我們提供一些有關該業務進展的額外資訊。我的意思是，您一直是這個市場的領導者。考慮到超大規模客戶的情況以及他們對開發內部晶片的興趣，您是否看到了更多的興趣？還是這是趨勢的延續？或者您可以提供任何其他顏色，我認為這會有所幫助。

Right. Thank you for that. And by the way, our ASIC business is actually larger than the $2 billion we indicate. It's only that part of the ASIC business sitting in networking that we highlighted. It's actually -- there are a couple of other areas where we do ASIC and it's done on a platform under one -- in a particular franchise business that we run fairly separately as one of the product divisions.

正確的。謝謝你。順便說一句，我們的 ASIC 業務實際上比我們所說的 20 億美元還要大。我們強調的只是網路領域 ASIC 業務的一部分。實際上，我們在其他幾個領域做 ASIC，並且是在一個特定的特許經營業務中的一個平台上完成的，我們作為產品部門之一相當獨立地運作。

But you are right, though, the larger part of it sits in networking. And a big -- and half of it roughly, I would say, maybe growing more than half now, is to the hyper cloud is to OEMs too, still remain very much OEM-related business as well. And you're right. But it's -- but your point is well taken.

但你是對的，其中很大一部分在於網路。我想說，其中很大一部分（大約一半，現在可能成長超過一半）是針對超級雲端的，也是針對 OEM 的，仍然仍然是與 OEM 相關的業務。你是對的。但這是——但你的觀點得到了很好的理解。

This is a steady, stable business -- and growing over time that we've had for many, many years. And it has, as I said, a long time ago, 20, 15 years ago, 10 years ago, been very much on networking, merchant silicon showdown in networking and -- which is switching and routing, and it has not grown as much in networking. But in this place, having said that, other opportunities show up. And most of -- a lot of it is what I call collectively offload computing, which is very much tied to hyper cloud.

這是一項穩定的業務，隨著時間的推移而不斷成長，我們已經擁有很多年了。正如我所說，很久以前，20 年前、15 年前、10 年前，網路、商業晶片在網路領域的對決，以及交換和路由方面，它並沒有增長那麼多在網路中。但話雖如此，在這個地方，也出現了其他機會。其中大部分是我所說的集體卸載運算，它與超雲密切相關。

And that's a business that has been slowly but steadily growing, but it's slow, and it's not something that should slump exponentially overnight. Because a lot of the hyper cloud guys, much as they have ambition to do their own designs, I'd like to make that point very clear, it's a very difficult thing for them to do because they can go and hire silicon architects and designers, it doesn't mean you can define a chip, sell SoC, silicon on a chip, that addresses what they're looking for. Whether it's in transcoding, whether it's in security or even in virtualization or even in AI, it's hard when you don't do it on a full-time basis.

這是一項緩慢但穩定成長的業務，但速度很慢，而且不會在一夜之間呈指數級下滑。因為很多超級雲的人，儘管他們有雄心壯志去做自己的設計，但我想非常清楚地說明這一點，這對他們來說是一件非常困難的事情，因為他們可以去僱用晶片架構師和設計師，這並不意味著您可以定義一款晶片、銷售 SoC、晶片上的矽來滿足他們的需求。無論是在轉碼方面，無論是在安全方面，甚至是在虛擬化方面，甚至是在人工智慧方面，如果你不全職做的話，那就很難了。

So we have been working with these hyper cloud guys for the last 5 years. There's been fits and starts in many, many situations among these hyper cloud guys. But the message I want to say is we've never given up. We continue to work with them. And more slowly, more and more, after many tries, some of them become successful, more and more successful, hence you see the trend of growth in our ASIC business for offload computing.

因此，過去 5 年我們一直與這些超級雲端專家合作。這些超級雲端專家在很多很多情況下都時斷時續。但我想說的是我們從未放棄。我們繼續與他們合作。慢慢地，越來越多，經過多次嘗試，其中一些成功了，越來越成功，因此你可以看到我們用於卸載運算的 ASIC 業務的成長趨勢。

I mean those of you who have followed me consistently for the last 3, 4, 5 years, you have heard me talk about it 3, 4, 5 years ago. Then 2 years ago, I just shut up because it takes a while to get it going and starting to translate into revenues and ramps now, and it will be a nice driver to growth, I believe, for us over the next year, 2 years, I would say. So I'm bringing it back up again. But it's always been there.

我的意思是，那些在過去 3、4、5 年裡一直關注我的人，你們在 3、4、5 年前就聽過我談論過它。然後兩年前，我就閉嘴了，因為需要一段時間才能讓它運轉起來並開始轉化為收入和成長，我相信，對於我們未來的一年、兩年來說，這將是一個很好的成長動力，我會說。所以我又把它帶回來了。但它一直都在那裡。

Got it. And then just to follow up on wireless, Hock. Obviously, the current demand looks healthy and supply is very tight. But I guess if you take maybe a couple of your view out there, it looks like there's somewhat of a concern about 5G cycle peaking. So I'm just curious about how you're thinking about wireless, especially in terms of your content opportunities for the next couple of years?

知道了。然後就是跟進無線，霍克。顯然，目前的需求看起來很健康，但供應卻非常緊張。但我想，如果您發表一些看法，似乎對 5G 週期峰值存在一些擔憂。所以我很好奇您如何看待無線，特別是在未來幾年的內容機會方面？

Wireless is a great franchise, and it continues to chug along very well. And that's probably -- I'm being -- I'm definitely wearing rose-tinted glasses in this environment because demand is good and it's holding up still very well.

無線是一個偉大的特許經營權，並且它繼續發展得很好。在這種環境下，我肯定戴著有色眼鏡，因為需求很好，而且仍然保持得很好。

Beyond that, I really don't know the answer to what you're saying. I do see content increasing over the next several years because we have various products, multiple products, not just one particular product. And we have multiple -- we have various products into every one of those very high-end smartphones, and that gives us opportunity to expand footprint and to strengthen and increase our content. And -- we never really plan for unit increases actually in all our plan. We just plan on some content increase year after year, but never on any unit increase.

除此之外，我真的不知道你所說的答案。我確實看到未來幾年內容會增加，因為我們有各種各樣的產品，多種產品，而不僅僅是一種特定產品。我們有很多種——我們在每一款非常高階的智慧型手機中都有不同的產品，這給了我們擴大足跡、加強和增加我們的內容的機會。而且——我們在所有計劃中實際上從未真正計劃過單位數量的增加。我們只計劃年復一年地增加一些內容，但從未增加任何單位。

So I guess I don't -- I stop thinking or worrying about whether the number of phones is going to decline in 5G in the next 1 or 2 years as much as would the content decline from -- and we have not really seen it on -- in any fashion that would make us worry.

所以我想我不會——我不再思考或擔心 5G 手機數量是否會在未來 1 或 2 年內下降，就像內容下降一樣——我們還沒有真正看到這一點以任何會讓我們擔心的方式。

Our last question comes from the line of Timothy Arcuri with UBS.

我們的最後一個問題來自瑞銀集團的 Timothy Arcuri。

Hock, I had 2. The first is on customer behavior. And I'm wondering if you've seen any change there. So I guess the question really is around, are you seeing any change in the portion of customers that want product inside a lead time and are willing to pay your expedite fees? And I guess does that sort of inform you to the degree to which your shipments or the orders are sort of matching underlying consumption? And then I had a second question, too.

霍克，我有兩個。我想知道你是否看到了任何變化。所以我想問題確實在於，您是否看到希望在交貨時間內獲得產品並願意支付加急費的客戶比例有任何變化？我想這是否可以告訴您您的出貨或訂單與潛在消費的匹配程度？然後我還有第二個問題。

Not really. It's because I think we have -- we've gone through it now for 1 year. And I think our customers are -- have -- most of them anyway, and I can't say all of them have started to plan their needs accordingly.

並不真地。這是因為我認為我們已經經歷了一年了。我認為無論如何，我們的客戶中的大多數都是這樣，我不能說他們所有人都已經開始相應地規劃他們的需求。

Now it doesn't mean they are perfect in their planning. And so occasionally, it happened, they come running in and asked for all the expedite deliveries within lead times. And we see that, and we work through that.

現在這並不意味著他們的計劃是完美的。有時，他們會跑過來要求在交貨時間內加快交貨。我們看到了這一點，並努力解決這個問題。

But by and large, our customers are planning better and better because they have practiced doing that. It doesn't mean it's perfect. And in some cases, where we can do it, they probably will look for, if they can find alternatives. And to the extent there are alternatives, my competition gets some benefit on those spot situations, and that will happen. Because we -- I love to be perfect, but we cannot be. And sometimes our customer misses, we miss, and that happens in situations. And because of previous commitments, we cannot obviously pull in their demand.

但總的來說，我們的客戶的計劃越來越好，因為他們已經這樣做了。這並不意味著它是完美的。在某些情況下，如果我們可以做到，他們可能會尋找替代方案。在有替代方案的情況下，我的競爭對手會在這些現場情況下獲得一些好處，這將會發生。因為我們——我喜歡完美，但我們做不到。有時我們的客戶錯過了，我們也錯過了，這種情況在某些情況下會發生。而且由於先前的承諾，我們無法明顯拉動他們的需求。

But those are getting -- those are still happening. Is there a change since then? No, not for months. I think, as I say, customers are much better at doing it now, at least when it comes to dealing with us.

但這些正在發生——那些仍然在發生。從那時起有變化嗎？不，幾個月都不會。我認為，正如我所說，客戶現在做得更好了，至少在與我們打交道時是如此。

Got it. And then I guess the last question really is around wireless. And now that you're into December, you should, I think, have a pretty good handle on how much your content is going to grow for fiscal '22. So I was just wondering if you can sort of give us a sense of maybe how much content is growing. Is it growing, say, let's say, 10% this year type of thing?

知道了。然後我想最後一個問題確實與無線有關。現在已經進入 12 月，我認為您應該很好地掌握 22 財年您的內容將會成長多少。所以我只是想知道你能否讓我們了解一下內容的成長量。今年是否會成長 10%？

About 5%, 10%, very consistent with what we thought it would be 6 months ago.

大約5%、10%，與我們6個月前的預期非常一致。

Thank you. I would now like to turn the call back over to Ji Yoo for closing remarks.

謝謝。我現在想將電話轉回給 Ji Yoo，讓其致閉幕詞。

Thank you, operator. That will conclude our earnings call today. Thank you all for joining. Operator, you may end the call.

謝謝你，接線生。我們今天的財報電話會議到此結束。感謝大家的加入。接線員，您可以結束通話了。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。