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，歡迎來到 Broadcom Inc. 2021 年第四季度和財年財務業績電話會議。此時，關於開場白和介紹，我將把電話轉給 Broadcom Inc. 投資者關係總監 Ji Yoo。您可以開始了。

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。和我一起參加今天電話會議的是總裁兼首席執行官 Hock Tan；克爾斯滕斯皮爾斯，首席財務官；博通軟件集團總裁湯姆克勞斯；和首席運營官 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 還在市場收盤後分發了一份新聞稿和財務表格，描述了我們在第四季度和 2021 財年的財務業績。如果您沒有收到副本，您（聽不清）來自 Broadcom 網站上的 Broadcom 投資者部分的信息.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絡直播，錄音將通過電話播放提供 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.

在準備好的評論中，Hock 和 Kirsten 將提供我們第四季度和 2021 財年業績的詳細信息、第一季度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和我們最近向美國證券交易委員會提交的文件，了解可能導致我們的實際結果與本次電話會議上做出的前瞻性陳述產生重大差異的具體風險因素的信息。

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.

除了美國公認會計準則報告外，博通還根據非公認會計準則報告某些財務指標。 GAAP 和非 GAAP 措施之間的對賬包含在今天新聞稿所附的表格中。在今天的電話會議上發表的評論主要是指我們的非公認會計原則財務業績。

I'll now turn the call over to Hock.

我現在將把電話轉給 Hock。

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，Ji，也謝謝大家今天加入我們。所以在我們今天的環境下，企業需求同比大幅反彈超過30%。超雲和服務提供商的需求持續強勁，第四季度無線業務的強勁增長受到我們北美 OEM 季節性推出的下一代智能手機的推動。我們的核心——與此同時，我們的核心軟件業務繼續保持穩定，重點關注戰略客戶。

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。我們渠道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，在第四季度，半導體解決方案收入同比增長 17% 至 56 億美元，基礎設施軟件收入同比增長 8% 至 18 億美元。合併淨收入達到創紀錄的 74 億美元，同比增長 15%。

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

現在讓我按終端市場提供更多顏色。讓我們從網絡開始。

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.

網絡收入為 19 億美元，同比增長 13%，符合我們對兩位數低增長的預測，占我們半導體收入的 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，包括我們的商用芯片以及思科和惠普等 OEM 提供的 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.

隨著 Jericho 路由器在雲中的大規模 AI 網絡中的部署以及 Qumran 在 5G 基礎設施和 DCI 中的部署，我們也經歷了類似的兩位數增長。

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.

我們在此提供超低延遲以太網的獨特能力支持大規模部署雲端 AI 計算。同時，在這些大型數據中心的核心，我們已經開始將 Trident 4 和 Tomahawk 4（世界上第一個每秒 25.6 TB 的交換機）升級給多個超大規模雲客戶，因為他們滿足了他們在擴展其帶寬方面不斷增長的需求。海量數據中心。

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，在超大規模雲中，我們繼續為多個計算卸載加速器提供 ASIC 芯片，這已占我們網絡收入的 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，它集成了廣泛而強大的矽 IP，并快速提供世界級的定制矽 SoC，以支持 AI、虛擬化、編排、視頻轉碼和安全性。我們現在已經將我們的足跡擴展到 TPU 和多個雲客戶之外。

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

在第一季度，網絡正在全力以赴，我們預計網絡收入同比增長將加速至接近 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.

其次，我們的服務器存儲連接收入為 8.15 億美元，同比增長 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計算和存儲基礎設施的重新支出對存儲控制器和熱點適配器的強勁需求推動的。

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，在超雲存儲方面，我們看到加速遷移到 8 TB 以及 20 TB 硬盤驅動器的開始，這推動了我們的近線存儲收入。客觀地說，今天，我們的近線存儲業務每年接近 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 方面的領導地位，我們將繼續在服務器存儲連接方面獲得份額。企業支出繼續復甦，我們預計這將加速我們的服務器存儲連接收入在第一季度的增長，同比增長約 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.

繼續寬帶。收入為 8.72 億美元，同比增長 29%，佔半導體收入的 16%。這是由全球服務提供商部署下一代 PON、wave WiFi 6 和 6E 接入網關的持續強勁增長推動的。我們通過端到端集成解決方案組合繼續引領行業，涵蓋 PON、電纜調製解調器和 DSL 上的多種訪問協議，所有 SoC 控制器，每個都具有通過我們的軟件堆棧管理的集成 WiFi，以可靠地提供更多帶寬、更快從呼叫服務提供商網絡到家庭的數據速度。我這邊的寬帶平台中的一個關鍵元素是今天領先的 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提供商客戶從網絡訪問數字家庭非常重要。同樣，在企業的校園交換中，我們的 OEM 可以通過校園交換機將企業數據中心連接到具有領先 WiFi 的接入點，這一點也很重要。在這兩個市場中，我們的平台（包括有線和無線、芯片和軟件）使博通與眾不同並保持了我們的市場領先地位。

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，我們預計寬帶的這種兩位數的同比增長率將繼續下去，就像我們在過去幾年中看到的那樣（聽不清）。

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.

繼續無線。與本季度我們客戶的下一代手機的推出相一致，18 億美元的第四季度收入佔半導體收入的 32%，與去年第四季度疲軟的季度相比增長了 21%。儘管如此，我們預計第一季度的需求將持續強勁，這將推動無線收入環比增長個位數，並且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度半導體解決方案收入的 3%。話雖如此，由於原始設備製造商對電動汽車、機器人、工廠自動化和醫療保健的強勁需求，第四季度工業轉售額為 2.32 億美元，同比增長 36%。結果，我們在渠道中的庫存進一步下降到 1 個月以下。轉向第一季度，我們預計轉售將繼續強勁，達到我們在第四季度看到的水平。

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，第四季度半導體解決方案收入同比增長 17%。在第一季度，我們預計這一勢頭將繼續，收入增長將再次同比增長兩位數。這意味著第一季度半導體收入將連續低個位數增長。

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.

轉向軟件。 Q4。基礎設施軟件收入為 18 億美元，同比增長 8%，佔總收入的 24%。其中，博科實現了 19% 的同比強勁增長，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，我們的核心軟件收入同比增長 6%。以美元計算，與到期合同相比，合併續訂率平均為 116%，而在我們的戰略賬戶中，我們實際上平均為 127%，與前幾個季度一致。超過 90% 的價值代表定期訂閱和維護。

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.

退後一步，繼上個月的軟件投資者日之後，讓我為我們的核心軟件提供整個 '21 財年的更新。年底的總積壓總額為 149 億美元，比去年同期增長 15%，平均合同期限為 2.6 年至 2.9 年。這一積壓轉化為 52 億美元的 ARR 或年度經常性收入，比一年前增長 5%。該 ARR 的 74% 來自我們大約 600 個戰略客戶，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 億美元代表到期合同的續簽，大約 5 億美元代表交叉銷售，包括我們向這些戰略客戶的產品組合的 PLA。這一年，我們預訂了 300 多份合同，年收入超過 100 萬美元，其中 30 多份合同年收入超過 1000 萬美元。由於第一季度的穩定，我們預計我們的基礎設施軟件收入將繼續保持同比中個位數百分比增長。

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.

所以讓我總結一下。隨著我們半導體部門的持續強勁和我們的 SAN 軟件部門的穩定增長，第四季度總淨收入同比增長 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.

轉向第一季度。半導體收入（不包括無線）預計將同比增長 28%。與一年前的峰值相比，無線預計將持平至低個位數百分比。因此半導體總收入預計將再次同比增長17%，綜合收入預計將同比增長14%。隨後，這將推動收入從第四季度的 74 億美元增長到第一季度的 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，我們在每一個特許經營市場都處於有利地位。隨著我們繼續獲得市場份額，我們在交換和路由、卸載計算、矽光子學和無線連接等平台上繼續顯著超過其他任何人的投資，以加速我們的下一代路線圖。

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

有了這個，讓我把電話轉給克爾斯滕。

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細節。

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.

本季度收入為 74 億美元，同比增長 15%。本季度毛利率佔收入的 75%，同比增長約 105 個基點。在研發投資的推動下，運營費用為 11 億美元，同比增長 3%。本季度營業收入為 44 億美元，同比增長 20%。營業利潤率為收入的 59%，同比增長約 286 個基點。調整後的 EBITDA 為 45 億美元或 61%（聽不清）。這個數字不包括 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.

現在回顧一下我們 2 個部分的損益表。我們半導體解決方案部門的收入為 56 億美元，佔本季度總收入的 76%。這比去年同期增長了 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.

我們的半導體解決方案部門的毛利率約為 70%，同比增長 170 個基點，這得益於我們廣泛的產品組合中有利的產品組合和下一代產品的內容增長。請注意，儘管無線收入組合較高，我們仍然能夠繼續擴大我們的半導體毛利率。

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.

第四季度運營費用為 7.9 億美元，同比增長 3%。本季度研發費用為 7.01 億美元，同比增長 6%。附帶說明一下，在 22 財年，我們計劃將半導體的研發支出同比增加中高個位數百分比。正如 Hock 在他的講話中指出的那樣，我們致力於大力投資於我們的下一代產品，以保持甚至提高我們在所有特許經營權中的領導地位。

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

第四季度營業利潤率增至 56%，同比增長 350 個基點。因此，雖然半導體收入增長了 17%，但營業利潤增長了 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.

轉向我們基礎設施軟件部門的損益表。基礎設施軟件的收入為 18 億美元，佔收入的 24%。這比去年同期增長了 8%。本季度基礎設施軟件的毛利率為 90%，同比增長 19 個基點。本季度運營費用為 3.53 億美元，同比增長 1%。研發支出為 2.2 億美元，同比增長 9%，SG&A 為 1.33 億美元，同比下降 10%。

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

第四季度營業利潤率為 70%，同比增長 166 個基點，營業利潤增長 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。本季度的自由現金流為 35 億美元，佔收入的 47%。我們在資本支出上花費了 8800 萬美元。第四季度的銷售天數為 25 天，而去年同期為 32 天。我們在第四季度末的庫存為 13 億美元，比上一季度末增加了 1.37 億美元或 12%，以準備滿足第一季度的客戶需求。我們在第四季度結束時擁有 122 億美元的現金和 397 億美元的總債務，其中 2.9 億美元是短期的。

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 億美元的現金股息。我們還支付了 2.66 億美元的員工股權歸屬預扣稅，從而消除了 525,000 股 AVGO 股票。我們以 4.13 億股流通普通股和 4.48 億股稀釋股結束本季度。

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.

根據當前的業務趨勢和狀況，我們對 2022 財年第一季度的指導是合併收入為 76 億美元，調整後的 EBITDA 約為預計收入的 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 財年的財務業績。我們的收入創下 275 億美元的新紀錄，同比增長 15%。半導體解決方案收入為 204 億美元，同比增長 18%。基礎設施軟件收入為 71 億美元，同比增長 7%。全年毛利率為 75%，比一年前增加 100 個基點。由於我們完成了賽門鐵克的整合，運營費用為 45 億美元，同比下降 2%。持續經營的營業收入為 159 億美元，同比增長 23%，占淨收入的 58%。調整後的 EBITDA 增加了 1660 萬美元，同比增長 21%，占淨收入的 60%。這個數字不包括 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.

我們在資本支出上花費了 4.43 億美元，自由現金流佔收入的 49%，即 133 億美元。自由現金流同比增長 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.

這一年，我們向股東返還了 75 億美元，其中包括 62 億美元的現金股息和 13 億美元用於消除 280 萬股 AVGO 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息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 財年第一季度的季度普通股現金股息提高至每股 4.10 美元，比上一季度增長 14%。我們打算在今年全年維持這一目標季度股息，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承諾的一部分，我們宣佈公司董事會已授權根據博通的新股票回購計劃回購我們 100 億美元的普通股。該授權有效期至 2022 年 12 月 31 日。這項新的股票回購計劃反映了我們對公司產生強勁和可持續現金流的能力的信心。請注意，我們預計第一季度稀釋後的股票數量為 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.

我準備好的發言到此結束。接線員，請打開電話提問。

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

（操作員說明）我們的第一個問題來自高盛的 Toshiya Hari。

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.

祝賀非常可靠的結果。霍克，我知道你們不會指導全年，但我希望你們能帶我們了解一下你們對半導體方面的 22 財年的看法。

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，並且在您的大多數桶或半決賽中的終端市場上繼續保持強勁。但是，如果您可以談論本季度的預訂趨勢，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.

然後當你回答 22 財年的問題時，如果你能談到供應，以及供應在多大程度上可能成為未來 12 個月的一個門控因素，那將是有幫助的。

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.

這是一個非常好的問題——我可以補充一下。因此，讓我嘗試在其各個組成部分中解決它。我們繼續看到復蘇，我特意要說——而且現在——我們現在正處於企業支出非常強勁的複甦之中，特別是，所以我們繼續看到強勁半導體方面的需求預訂。但是，這種需求的很大一部分和越來越多的需求現在來自企業支出，這轉化為終端市場，往往會推動我們的大部分寬帶，繼續推動寬帶，這在 21 年的大部分時間裡一直很強勁，繼續推動我們網絡業務的企業部分。當然，服務器存儲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，在超雲支出方面，很明顯，其中很大一部分存在於我們的網絡業務中。事情仍然相當高。需求繼續強勁。因此，當您將所有這些結合在一起時，我們繼續看到預訂率處於相當的水平，並且到目前為止一周又一周繼續保持非常高的水平。

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，我們幾乎一直被預訂到 22 年，甚至從 22 年到 23 年。如果您考慮 50 週的交貨時間，毫不奇怪，它會到 22 年末。但我們已經超越了 22 年和 23 年，即使在很多情況下也是如此。這部分是因為：一，我們的客戶計劃的時間安排得非常早；第二，正如我所說，我們繼續採取嚴格的方法來確保我們在正確的時間將產品交付到正確的地方，我們看到這種情況正在發生。我不想讓你失望，但我們仍然沒有準備好或準備好為你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 Bernstein Research 的 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，我想按順序跟進這些交貨時間。你說，很明顯，在工業領域，你的頻道很精簡。聽起來您的整體預訂量非常強勁。同時，我們知道您一直在努力減少對庫存和過度發貨的擔憂，無論是解析訂單還是加快速度。我想知道你是否可以談談你在那個領域所做的事情。就您的出貨量與最終需求而言，您現在感覺如何？像長這樣的產品有多大意義，實際上有 50 多周的交貨時間，即使它真的很遙遠，它們是否真的代表了需求？就像你可以在那裡談論你的努力一樣，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。好吧，從 21 年初開始，我們已經這樣做了 50 週。所以 - 我們一直在盡可能多地交付這些交貨時間。所以在某些方面，我想相信它為這種瘋狂的預訂提供了一些方法，我想，這就是我所說的，就我們的能力和地點而言——我們如何運送產品。

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，通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，我們也清楚地向我們的最終用戶傳達了他們應該規劃他們的業務的方式。我喜歡這樣想——所有這一切都是為了讓我們能夠——確保我們不會過度發貨並通過我們的生態系統建立緩衝庫存，這意味著分銷商、渠道和客戶。所有這一切都是有目的的。說實話，總有一天事情必須降落，我們希望確保它非常輕柔地降落。

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.

我想這工作得很好。而且 - 但是 - 我們現在在某些行業報告的內容，我們在某些行業的指導內容以及您看到增長約 20%、30% 的報告。即使從我們的角度來看，我也知道，它看起來非常熱，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用於已部署的程序，而不是為了未來的需要而擱置在貨架上。

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.

所以我願意相信這些領域——網絡、寬帶、服務器存儲最近同比增長約 20% 到 30% 是真實的、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。只是對企業的這些方面的快速跟進。您提供了一些數字，說明網絡和存儲等方面的同比增長。這些同比數字是否意味著連續下降，尤其是對於網絡和存儲而言？或者只是——我不確定我一年前的數字是否在波動，但你是否預計這些業務會在指導範圍內依次下降？

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.

它可能取決於 - 然後我們現在談論數學數字以及我們如何運送，因為有些貨物是塊狀的。然後您可能會從一個季度到另一個季度看到，當您談論連續季度時，您有時可能會看到它們。我想說的是——我們也可能會選擇將供應部署到一個市場而不是另一個市場，因為你每季度都去。

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，從我們的角度來看，從我們的角度來看，在特定的垂直領域按順序查看它有時可能會產生誤導，我可能會無意中補充說，僅僅是因為我們可能會選擇部署或運送更多到，例如，有時到服務器存儲因為那裡有一個比網絡更熱的需求。然後你可能會看到，由於這種網絡，在一個特定季度會出現一些連續的疲軟，這就是為什麼我們會盡可能多地按年報告，然後你就可以消除這種短期的影響長期的塊狀和短期的不連續性。

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

我們的下一個問題來自摩根大通的 Harlan Sur。

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.

祝賀您取得了驕人的成績和執行力。霍克，在您的網絡業務中，您對強勁雲和超大規模增長的可持續性的看法有些保守，但在雲中，我的意思是，你們正在加速 7 納米戰斧 4 和三叉戟 4。他們重新在坡道的早期局。需求強勁。你談到 Jericho 和 Qumran 在路由方面很強大。正如您所提到的，您的雲 ASIC 客戶正在增加他們的 7 納米 TPU，並且明年您將推出更多程序。

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，您的大型企業 OEM 客戶正受益於強勁的複蘇。因此，您在本財年開始以兩位數的強勁網絡增長，但您是否看到您的網絡業務全年繼續推動兩位數的同比增長？增長將由您的所有 3 個終端市場（雲、企業和服務提供商）推動嗎？

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.

哈蘭，這真是個問題。我能回答的唯一方法是，如果這是我嘗試的一種方式——引導——要求我在今年指導你建立網絡，那是行不通的。我不這樣做。

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.

但是你是對的，但是，有很多槓桿，我清楚地表達了其中的一些。也許我在某些情況下誇大了它。正如我使用的表達方式，當我們今天坐在這裡進入 22 世紀時，它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。我們有積壓的工作，而且還在不斷增加。你是對的，超雲傢伙，就像你在 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。因此，我們的企業增長率一直很強勁，您已經看到企業年增長率普遍達到 30%。而云計算目前我們在網絡中看到的高水平並沒有軟化，也沒有減弱。它仍在持續。

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.

現在它並沒有恢復，很明顯，同比增長的速度和企業顯示的一樣快，僅僅是因為企業從較低的起點開始，但云計算仍在增長。我們看到超雲正在增長，而且它的增長不僅僅是交換和路由。這就是我們的傳統優勢。它現在對我們來說正在增長——因為需要更好的表達方式，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 中擁有的一個主要客戶。因此，正如我所說，我們看到了多個層次，所有這些都朝著 22 財年的正確方向發展。很有可能，我們今天所看到的，這 - 在第一季度將持續到 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美國銀行證券公司的 Vivek Arya。

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?

祝賀取得了強有力的成果和指導。所以霍克，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，你對回購併不那麼有利。那麼100億美元的公告，更多的是關於商業趨勢的陳述，是否缺乏併購目標？你會在回購中更加一致嗎？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，如果我拿下你明年將支付的 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，它表明銷售額處於低位到30 多億，對，使用那個數學。而且我知道你沒有給出指導，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。我將在這裡向那些知道更好的判斷和智慧的人鞠躬。謝謝你。下一個問題。你還有後續嗎？

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。所以無線是你最季節性的業務，你有沒有考慮無線的方式？所以你說它可能在一月份的季度有所上升。您如何看待該業務進入 4 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.

4 月季度很難預測。我的意思是，這是消費者，對吧？所以非常難。我什至無法開始預測，更不用說——我認為我的客戶會做得更好。即便如此，我懷疑他們面臨著很大的挑戰。

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，1 月季度對我們組件的需求良好。因此，您會看到這樣一個事實，即使我們從去年同期衡量到一年前的歷史最高點，我們仍然持平到從第四季度開始略有上升，在本輪中，您是正確的對此。作為高峰季度，第四季度應該會恢復季節性正常。正如我們今天預測的那樣，我們的第一季度出貨量將超過第四季度的出貨量。

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，聽起來即使那部分也做得很好。這只是按百分比計算的同比比較，可能不如我們所在的其他半導體垂直行業那麼令人興奮，但它仍然保持得很好。

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羅斯·西莫爾（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 2 個問題，然後我會聽聽這個問題的答案，即後續行動。所以首先，Hock，我想重新審視一下需求的質量，也許可以換一種方式問它。您已經談到過低估實際需求或您的預訂量，因為您相信您可以根據實際需求發貨。因此，您運送的貨物和預訂的貨物之間的差值會發生變化嗎？是縮小還是增長？基本上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，1 給 Kirsten。您提到了半導體方面的 OpEx 正在上升。隨著我們全年的發展，OpEx 的線性度還有什麼顏色嗎？以及將成為該投資重點的領域的任何顏色？

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.

首先，羅斯，這是一個非常非常聰明的問題，我可以補充一下。我們預訂的商品和運送的商品之間有什麼變化嗎？我現在想回答是因為——我不想回答。這是因為垂直行業的需求發生了一些變化，你大概可以理解這一點。所以我所說的是一個明顯的例子，就是我現在所說的。

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.

企業實際上正在大起大落，他們正在尋求我們的產品。他們以非常非常緊急的方式要求產品。因此，我們看到了更多——向支持這些企業的原始設備製造商出貨更多。

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，我們看到了優勢——基本上是服務器存儲，尤其是網絡的企業部分，因此，正如我所提到的，園區交換和 WiFi 在很多方面都有優勢，因為企業園區交換現在適用於企業交換需要一個無線策略組件。因此，我們看到用於企業接入網關的 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，我們對雲的分類包括電信服務提供商。他們一直很穩定。有趣的是，雲計算和電信公司一直很穩定——但它們以不同的方式保持穩定。雲計算人員現在越來越多地推動計算卸載。我的意思是，他們正在開發的程序開始發生並開始表現為部署。所以我們看到了。這確實推動了比我們在 2021 年看到的超級強勁的正常交換和路由更多的增長。

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.

我們已經看到了一些非常大規模的機器學習或人工智能網絡橫向擴展領域，在這裡你需要這些網絡的不同類型的性能。因此，我們看到不同類型的產品進入該領域。我在評論中強調了 Jericho 正在進入超雲中的許多 AI 網絡。當然，5G 繼續 - 經歷週期，恰好是 5G 部署和回程強大，我們運送了很多 Qumrans。

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.

所以它會有所不同。但如果你從宏觀的角度來看，與 6 個月前相比沒有變化，羅斯，這是我們看到的預訂水平的不足。

The OpEx , Kirsten?

運營支出，克爾斯滕？

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。所以我所期望的 - 我看待 OpEx 的方式，我將對公司的綜合觀點發表評論。你肯定會在第一季度看到一個進步。然後請記住，在第二季度，我們有第二季度支付的工資稅。所以我們在第二季度又邁出了一步。然後在今年剩下的時間裡，我會繼續看下去。我就是這樣建模的。

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的 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?

祝賀你取得了不錯的成績。霍克，也許只是羅斯關於克爾斯滕在準備好的評論中的研發評論的問題的後續。隨著您對半導體研發的預期增長，您認為這是否會超過今年的半導體收入增長？還沒來得及回去看看，這是不是一個不尋常的消費？

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，是什麼驅動了它？是否擔心競爭加劇？機會集會變得更大嗎？你專注於哪些領域？然後我有一個跟進。

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 - 在相當一致的基礎上一直在矽片方面的研發支出。所以我們有——而且——但在其他一些領域，與其說擔心競爭，不如說是在我們的各種特許經營中看到我們商業模式的基本部分。很簡單，在我們所在的特許經營垂直領域，我們總是超過我們的工程師、垂直領域的其他任何人。

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.

所以從我們的角度來看，嘿，現在很棒——因為在 20 年的 COVID-19 和 21 年的部分時間裡，事情的發展速度並沒有我們認為的產品週期周轉的正常節奏應該有的那麼快。是，產品生命週期。因此，我們現在正在進入 22 年，以基本上將其恢復到正常產品週期節奏方面的水平。

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、更好帶寬、低延遲的新一代產品，並且他們現在已經準備好並願意接受它。我們 - 話雖如此，我們現在投資。您可能要到 23 年、24 年才能看到它的影響。

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 年吸收的新技術會有一些中斷。所以現在是時候真正加速新技術和新一代產品的吸收了，我們可以在 22 年和 23 年盡可能多地吸收它。因此，支出會增加是合乎邏輯的，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，今年的研發增長速度可能超過半收入增長的信息嗎？或者你還沒有準備好發表那個聲明？

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

我不這麼認為。我們從不傾向於這樣做。我們表現得非常好，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。作為我的後續行動，Hock，你們已經在股息方面建立了非常一致的記錄。回購更具偶發性，尤其是考慮到併購策略。

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?

就在今天的授權下，是否打算在未來 12 個月內完成所有這些工作？為什麼不在今天圍繞該授權的 ASR 組件只是為了讓投資者相信你會堅持回購？

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.

好點子。但我們打算堅持到底，我們打算做這 100 億美元。正如你們所知道的，我們這樣做的原因是我們沒有達成交易——我們在 20 年沒有達成交易，在 21 年沒有達成交易。有大量現金，我們已經藏了很多現金，而債務實際上有所下降——總債務實際上有所下降，而我們的現金頭寸正在增加。

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.

雖然我們可能在 22 年仍會達成協議，只是我們仍將在 22 年產生更多現金。因此，當您將整個事情加起來時，我們得出的結論是非常合乎邏輯的，我們不僅要坐在現金上，以某種方式囤積，您可以稱之為，而是在我們繼續積累現金時將其退還給你們。

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，我們仍然有很多債務，並且隨著我們的 EBITDA 支出不斷擴大債務能力，當然，仍然處於投資級別。

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 月之前不宣布併購，我們將向股東返還資本。所以這與我們一直在說的一致，我們計劃貫徹執行。 100億美元的授權將按照交易計劃執行，而且會經過深思熟慮。這符合我們所說的我們會做的。

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

我們的下一個問題來自於 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.

讓我也祝賀我的可靠數字。霍克，你召集了你的 ASIC 業務。我想你說它大約佔網絡業務的 20%，還說它將達到 20 億美元左右。

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.

我只是好奇你是否可以為我們提供一些關於該業務正在發生的事情的額外顏色。我的意思是，你在歷史上一直是這個市場的領導者。鑑於超大規模客戶的情況以及他們對開發內部芯片的興趣，您是否看到了更多的興趣？或者這是一種趨勢的延續？或者您可以提供的任何其他顏色，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.

對。謝謝你。順便說一句，我們的 ASIC 業務實際上比我們指出的 20 億美元要大。我們強調的只是網絡中 ASIC 業務的那一部分。實際上——我們在其他幾個領域做 ASIC，並且它是在一個平台下完成的——在一個特定的特許經營業務中，我們作為產品部門之一相當獨立地運行。

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，但它的很大一部分在於網絡。我想說，其中很大一部分，大概現在增長一半以上，是超雲對 OEM 也是如此，仍然是與 OEM 相關的業務。你是對的。但它是——但你的觀點是正確的。

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、穩定的業務——並且隨著時間的推移而增長，我們已經擁有了很多年。正如我所說，很久以前，20、15 年前，10 年前，它非常關注網絡，網絡中的商業芯片攤牌，以及交換和路由，它並沒有增長那麼多在網絡中。但是在這個地方，話雖如此，其他機會卻出現了。其中大部分是我稱之為卸載計算的統稱，它與超云密切相關。

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.

這是一項緩慢但穩步增長的業務，但速度很慢，而且不應該在一夜之間呈指數級下滑。因為很多超雲傢伙，儘管他們有雄心做自己的設計，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，因為他們可以去聘請矽架構師和設計師，這並不意味著您可以定義芯片、銷售 SoC、芯片上的矽來滿足他們的需求。無論是轉碼，還是安全，甚至是虛擬化，甚至是人工智能，如果你不全職做，都很難。

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.

所以在過去的 5 年裡，我們一直在與這些超雲專家合作。這些超雲傢伙在很多很多情況下都出現了斷斷續續的情況。但我想說的是，我們從未放棄。我們將繼續與他們合作。而且越來越慢，越來越多，經過多次嘗試，其中一些成功，越來越成功，因此您可以看到我們用於卸載計算的 ASIC 業務的增長趨勢。

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 年一直關注我的人，你們在 3、4、5 年前聽過我談論它。然後 2 年前，我只是閉嘴，因為它需要一段時間才能開始並開始轉化為現在的收入和坡道，我相信這將是一個很好的增長動力，我相信，對我們來說，在接下來的一年，2 年， 我會說。所以我又把它帶回來了。但它一直都在。

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。然後只是跟進無線，Hock。顯然，目前的需求看起來很健康，供應非常緊張。但我想，如果你採取一些觀點，看起來人們對 5G 週期達到峰值有些擔憂。所以我只是好奇你是如何看待無線的，尤其是在未來幾年你的內容機會方面？

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，它繼續發展得很好。這可能是 - 我正在 - 在這種環境下，我肯定會戴上玫瑰色的眼鏡，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的產品。我們有多種產品——我們在每一款非常高端的智能手機中都有各種產品，這讓我們有機會擴大足跡，加強和增加我們的內容。而且——在我們的所有計劃中，我們從未真正計劃過增加單位。我們只是計劃年復一年地增加一些內容，但從未計劃增加任何單位。

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——我不再思考或擔心未來 1 年或 2 年內 5G 手機的數量是否會下降，就像內容會下降一樣多——而且我們還沒有真正看到開——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的蒂莫西·阿庫裡 (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 2 個。第一個是關於客戶行為的。我想知道你是否看到那裡有任何變化。所以我想問題確實存在，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用的客戶比例有任何變化？而且我想這是否會告訴您您的發貨或訂單在多大程度上與潛在消費相匹配？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 - 我們已經經歷了 1 年。而且我認為我們的客戶無論如何都是 - 擁有 - 他們中的大多數，我不能說他們所有人都已經開始相應地計劃他們的需求。

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。所以偶爾，它發生了，他們跑進來要求在交貨時間內加快交貨。我們看到了這一點，我們正在努力解決這一點。

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，我們的客戶正在計劃越來越好，因為他們已經練習過這樣做。這並不意味著它是完美的。在某些情況下，我們可以做到的地方，他們可能會尋找，如果他們能找到替代品。在有替代方案的情況下，我的比賽在那些現場情況下會得到一些好處，這將會發生。因為我們——我喜歡完美，但我們不能。有時我們的客戶錯過了，我們錯過了，這在某些情況下會發生。而且由於之前的承諾，我們顯然無法滿足他們的需求。

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.

但那些正在發生——那些仍在發生。從那以後有變化嗎？不，不是幾個月。我認為，正如我所說，客戶現在做得更好，至少在與我們打交道時是這樣。

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真的是關於無線的。現在您已經進入 12 月，我認為您應該很好地掌握 22 財年您的內容將增長多少。所以我只是想知道你是否可以讓我們了解一下內容正在增長多少。它是否在增長，比如說，比如說，今年增長 10% 之類的東西？

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.

謝謝你。我現在想把電話轉回給 Ji Yoo 做閉幕詞。

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

謝謝你，接線員。這將結束我們今天的財報電話會議。謝謝大家的加入。接線員，您可以掛斷電話。

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。您現在可以斷開連接。