博通 (AVGO) 2021 Q3 法說會逐字稿

Welcome to Broadcom Inc.'s Third Quarter Fiscal Year 2021 Financial Results Conference Call.

歡迎參加 Broadcom Inc. 的 2021 財年第三季度財務業績電話會議。

At this time, for opening remarks and introductions, I would like to turn the call over to Ji Yoo, Director of Investor Relations of Broadcom Inc.

在這個時候，關於開場白和介紹，我想把電話轉給博通公司投資者關係總監 Ji Yoo。

Thank you, operator, and good afternoon, everyone.

謝謝接線員，大家下午好。

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.

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 third quarter of fiscal year 2021. If you did not receive a copy, you may obtain 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 2021 財年第三季度的財務業績。如果您沒有收到副本，您可以從 Broadcom 網站 Broadcom 的“投資者”部分獲取信息。 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 remarks, Hock and Kirsten will be providing details of our third quarter fiscal year 2021 results, guidance for our fourth quarter as well as commentary regarding the business environment. We'll take questions after the end of our prepared comments. 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.

在準備好的講話中，Hock 和 Kirsten 將提供我們 2021 財年第三季度業績的詳細信息、第四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。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.

謝謝你，吉。感謝大家今天加入我們。

In Q3, semiconductor solutions revenue grew 19% year-on-year to $5 billion, with infrastructure software revenue growing 10% year-on-year to $1.8 billion. Consolidated net revenue was $6.8 billion, or up 16% year-on-year.

第三季度，半導體解決方案收入同比增長 19% 至 50 億美元，基礎設施軟件收入同比增長 10% 至 18 億美元。合併淨收入為 68 億美元，同比增長 16%。

In Q3, demand continued to be strong from hyper cloud and service provider customers. Wireless continued to have a strong year-on-year compare. And while enterprise has been on a trajectory of recovery, we believe Q3 is still early in that cycle, and that enterprise was down year-on-year. On the supply side, we continue to keep our lead times stable.

在第三季度，超雲和服務提供商客戶的需求繼續強勁。無線繼續保持強勁的同比增長。雖然企業一直處於復甦的軌道上，但我們認為第三季度仍處於該週期的早期，並且該企業同比下降。在供應方面，我們繼續保持交貨時間穩定。

With that as context, let me provide more color by end markets. Starting with networking. Networking revenue of $1.8 billion grew stronger than we had forecasted, up 19% year-on-year versus low double-digit growth and represented 36% of our semiconductor revenue. The better-than-expected growth was driven by routing from service providers in the expansion of 5G networks for backhaul, metro and call as well as major share gains in ethernet network interface controllers within data centers. While we experienced strong orders from OEMs, consistent with a recovering environment for enterprise spending, we believe actual deployment of networking in enterprise are still lagging from a year ago. Our shipments and revenue appropriately reflects this.

以此為背景，讓我為終端市場提供更多色彩。從網絡開始。 18 億美元的網絡收入增長強於我們的預期，同比增長 19%，低於兩位數的低增長，占我們半導體收入的 36%。好於預期的增長是由服務提供商在 5G 網絡中為回程、城域和呼叫擴展的路由以及數據中心內以太網網絡接口控制器的主要份額增長所推動的。雖然我們經歷了來自 OEM 的強勁訂單，這與企業支出的複蘇環境相一致，但我們認為企業網絡的實際部署仍比一年前滯後。我們的出貨量和收入恰當地反映了這一點。

In Q4, however, we expect a different set of demand dynamics. We see cloud customers upgrading to our next-generation 800-gigabit base Tomahawk 4 and Trident switches. We're the first and only provider of 25.6 terabit switches, and we are shipping 2 versions: one with 512 lanes at 50G SerDes; and we have 256 lanes at 100G SerDes. I would like to highlight that we are the only company today shipping 100G SerDes.

然而，在第四季度，我們預計會有一組不同的需求動態。我們看到雲客戶升級到我們的下一代 800 Gb 基礎 Tomahawk 4 和 Trident 交換機。我們是第一家也是唯一一家提供 25.6 TB 交換機的供應商，我們提供 2 個版本：一個具有 50G SerDes 的 512 通道；我們在 100G SerDes 上有 256 個通道。我想強調的是，我們是當今唯一一家提供 100G SerDes 的公司。

In data center switching, as in service provider routing, we continue to lead in next-generation product transitions as our engineers continue to out-execute what's out there. And in Q4, against a very strong year-on-year compare, we expect networking revenue growth to be low double digits year-on-year.

在數據中心交換領域，就像在服務提供商路由領域一樣，我們繼續引領下一代產品轉型，因為我們的工程師繼續超越現有技術。在第四季度，與非常強勁的同比相比，我們預計網絡收入同比增長將達到兩位數。

Next, our server storage connectivity business was $673 million in Q3, down 9% year-on-year, in line with our guidance and represented approximately 13% of semiconductor revenue. As you know, our products here supply mission-critical applications largely to enterprise, which, as I said earlier, was in a state of recovery. That being said, we have seen a very strong booking trajectory from traditional enterprise customers within this segment. We expect such enterprise recovery in server storage. And the same is happening in networking to be one of the [engines] of growth in Q4 and into 2022.

接下來，我們的服務器存儲連接業務在第三季度為 6.73 億美元，同比下降 9%，符合我們的指導，約佔半導體收入的 13%。如您所知，我們這裡的產品主要為企業提供關鍵任務應用程序，正如我之前所說，企業處於恢復狀態。話雖如此，我們已經看到該細分市場中傳統企業客戶的預訂軌跡非常強勁。我們期望在服務器存儲中實現這樣的企業恢復。同樣的情況也發生在網絡成為第四季度和 2022 年增長的 [引擎] 之一。

In this particular segment, customer transition to our next-generation SaaS and nVME connectivity at the server, exemplifying this growth. The aggressive migration in cloud to 18-terabyte hard disk drives will also provide a strong tailwind to demand for external storage connectivity products in this segment. In sharp contrast to the 9% decline in Q3, we forecast in Q4, server storage connectivity revenue to be up low double-digit percentage year-on-year.

在這個特定的細分市場中，客戶過渡到我們在服務器上的下一代 SaaS 和 nVME 連接，就是這種增長的例證。雲向 18 TB 硬盤驅動器的積極遷移也將為該領域對外部存儲連接產品的需求提供強大的順風。與第三季度 9% 的下降形成鮮明對比的是，我們預測第四季度服務器存儲連接收入將同比增長兩位數的低百分比。

Moving on to broadband. Revenue of $910 million in Q3 grew 23% year-on-year and represented 18% of semiconductor revenue. This was primarily driven by the 2x growth in deployments of WiFi 6 access gateways as well as double-digit growth in next-generation fiber and DOCSIS 3.1 cable modem deployments.

繼續寬帶。第三季度收入為 9.1 億美元，同比增長 23%，佔半導體收入的 18%。這主要是由於 WiFi 6 接入網關部署增長了 2 倍，以及下一代光纖和 DOCSIS 3.1 電纜調製解調器部署實現了兩位數增長。

For Q4, we continue to expect double-digit year-on-year revenue growth in broadband, we've been seeing for the last few quarters. So looking ahead, we see service providers like AT&T, British Telecom and even Deutsche Telekom, deploying in increasing volumes next-generation last mile fiber connectivity to homes in the U.S. and globally. This multiyear and multibillion dollar investments by these operators and attach to every one of these fiber nodes, you need WiFi connectivity for the last 100 feet within the homes, and we lead the global transition to WiFi 6 today. We expect our strong design win momentum for WiFi 6E at U.S. and European operators will sustain our market position into the next generation.

對於第四季度，我們繼續預計寬帶收入將實現兩位數的同比增長，這是我們在過去幾個季度一直看到的。因此，展望未來，我們看到 AT&T、英國電信甚至德國電信等服務提供商正在越來越多地部署下一代最後一英里光纖連接到美國和全球的家庭。這些運營商多年和數十億美元的投資並連接到這些光纖節點中的每一個，您需要在家中最後 100 英尺的 WiFi 連接，而我們今天引領全球向 WiFi 6 的過渡。我們預計，我們在美國和歐洲運營商的 WiFi 6E 設計贏得強勁勢頭將維持我們在下一代市場的地位。

Now moving to wireless. Q3 revenue of $1.4 billion was up 35% year-on-year, in line with expectations and represented 29% of semiconductor revenue mix. In Q4, we expect wireless revenue to ramp approximately 33% sequentially in support of the launch of next-generation smartphones and to be up 25% year-on-year.

現在轉向無線。第三季度收入為 14 億美元，同比增長 35%，符合預期，佔半導體收入組合的 29%。在第四季度，我們預計無線收入將環比增長約 33%，以支持下一代智能手機的推出，同比增長 25%。

Finally, industrial. Revenue of $205 million in Q3 represented approximately 4% of Q3 semiconductor solutions revenue. Resales here grew what we consider an unsustainable 55% year-over-year, driven by aggressive buying from OEMs in automotive, robotics and renewable energy. As a result, inventory in our channels declined significantly to below 2 months. And turning to Q4, we expect resales to come down to a more rational 20% year-upon-year growth.

最後，工業。第三季度收入為 2.05 億美元，約佔第三季度半導體解決方案收入的 4%。在汽車、機器人和可再生能源領域的原始設備製造商積極購買的推動下，這裡的轉售量同比增長了我們認為不可持續的 55%。因此，我們渠道中的庫存顯著下降至 2 個月以下。轉向第四季度，我們預計轉售量將下降至更合理的 20% 同比增長。

And so in summary, Q3 semiconductor solutions revenue was up 19% year-on-year. And in Q4, we expect the momentum to continue and revenue growth to be up double-digit percentage year-on-year.

綜上所述，第三季度半導體解決方案收入同比增長 19%。在第四季度，我們預計這一勢頭將繼續，收入增長將同比增長兩位數。

Turning to software. In Q3, infrastructure software revenue of $1.8 billion grew 10% year-on-year and represented 26% of total revenue. Within this, Brocade grew 27% year-on-year, driven by the launch of new generation Gen 7 Fibre Channel SAN products. Excluding Brocade, Broadcom software revenue grew 6% year-on-year. In dollar terms, bookings averaged 116% over expiring contracts, while in our core accounts we averaged 129%. Over 9% of these bookings represented recurring subscription and maintenance revenues. Reflecting these renewals, we expect our infrastructure software revenue to be on track to grow around mid-single-digit percentage year-over-year, which is, again, what we expect to see in Q4.

轉向軟件。第三季度，基礎設施軟件收入為 18 億美元，同比增長 10%，佔總收入的 26%。其中，博科在推出新一代第 7 代光纖通道 SAN 產品的推動下，同比增長 27%。不包括博科，博通軟件收入同比增長 6%。以美元計算，預訂平均比到期合同高 116%，而在我們的核心賬戶中，我們平均為 129%。這些預訂中有超過 9% 代表經常性訂閱和維護收入。反映這些更新，我們預計我們的基礎設施軟件收入將有望實現同比增長約中個位數百分比，這再次是我們期望在第四季度看到的。

So in summary, combining a strongly growing semiconductor segment with a more stable software segment, total Q3 net revenue grew 16% year-on-year, and we expect this double-digit growth to sustain in Q4 and total revenue to be $7.35 billion or up 14% year-on-year.

綜上所述，結合強勁增長的半導體部門和更穩定的軟件部門，第三季度總淨收入同比增長 16%，我們預計這一兩位數的增長將在第四季度保持，總收入將達到 73.5 億美元或同比增長 14%。

And 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 $6.8 billion for the quarter, up 16% from a year ago. Gross margins were 75% of revenue in the quarter and up approximately 85 basis points year-on-year. Operating expenses were $1.1 billion, flat year-on-year, driven by lower SG&A and continued investment in R&D. Operating income for the quarter was $3.9 billion and was up 24% from a year ago. Operating margin was 58% of revenue, up approximately 360 basis points year-on-year. Adjusted EBITDA was $4.1 billion or 61% of revenue. This figure excludes $134 million of depreciation.

本季度收入為 68 億美元，同比增長 16%。本季度毛利率佔收入的 75%，同比增長約 85 個基點。運營費用為 11 億美元，與去年同期持平，受 SG&A 下降和研發持續投資的推動。本季度營業收入為 39 億美元，同比增長 24%。營業利潤率為收入的 58%，同比增長約 360 個基點。調整後的 EBITDA 為 41 億美元，佔收入的 61%。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 billion and represented 74% of total revenue in the quarter. This was up 19% year-on-year. Gross margins for our semiconductor solutions segment were approximately 70%, up 110 basis points year-on-year, driven primarily by favorable product mix and content growth as we deploy more next-generation products in broadband and networking.

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 50 億美元，佔本季度總收入的 74%。這比去年同期增長了 19%。我們的半導體解決方案部門的毛利率約為 70%，同比增長 110 個基點，主要是由於我們在寬帶和網絡領域部署更多下一代產品，有利的產品組合和內容增長。

Operating expenses were $783 million in Q3, flat year-on-year. R&D was $693 million in Q3, up 1% year-on-year. Q3 operating margins increased to 54%, up 410 basis points year-on-year. So while semiconductor revenue was up 19%, operating profit grew 29%.

第三季度的運營費用為 7.83 億美元，與去年同期持平。第三季度研發費用為 6.93 億美元，同比增長 1%。第三季度營業利潤率增至 54%，同比增長 410 個基點。因此，雖然半導體收入增長了 19%，但營業利潤增長了 29%。

Moving to the P&L for our infrastructure software segment. Revenue for infrastructure software was $1.8 billion and represented 26% of revenue. This was up 10% year-on-year. Gross margins for infrastructure software were 90% in the quarter, up 125 basis points 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 26%。這比去年同期增長了 10%。本季度基礎設施軟件的毛利率為 90%，同比增長 125 個基點。

Operating expenses were $359 million in the quarter, up 1% year-over-year. R&D spending at $226 million is up 9% year-over-year, and SG&A of $133 million is down 11% year-over-year. Operating margin was 70% in Q3, up 305 basis points year-over-year; and operating profit grew 15%.

本季度運營費用為 3.59 億美元，同比增長 1%。研發支出為 2.26 億美元，同比增長 9%，SG&A 為 1.33 億美元，同比下降 11%。第三季度營業利潤率為 70%，同比增長 305 個基點；營業利潤增長15%。

Moving to cash flow. Free cash flow in the third quarter was $3.4 billion, representing 51% of revenue. We spent $115 million on capital expenditures. Days sales outstanding were 30 days in the third quarter compared to 42 days a year ago. We ended the third quarter with inventory of $1.2 billion, an increase of $156 million or 16% from the end of the prior quarter in preparation to meet customer demand in Q4. We ended the third quarter with $11.1 billion of cash and $40.5 billion of total debt, of which $279 million is short term.

轉向現金流。第三季度的自由現金流為 34 億美元，佔收入的 51%。我們在資本支出上花費了 1.15 億美元。第三季度的銷售天數為 30 天，而去年同期為 42 天。我們在第三季度末的庫存為 12 億美元，比上一季度末增加了 1.56 億美元或 16%，以準備滿足第四季度的客戶需求。我們在第三季度結束時擁有 111 億美元的現金和 405 億美元的總債務，其中 2.79 億美元是短期的。

Turning to capital allocation. In the quarter, we paid stockholders $1.6 billion of cash dividends. We also paid $347 million in withholding taxes due on vesting of employee equity, resulting in the elimination of approximately 739,000 AVGO shares. We ended the quarter with 412 million outstanding common shares and 449 million diluted shares. Note that we expect the diluted share count to be 448 million in Q4. Our Board of Directors has approved a quarterly cash dividend on our common stock of $3.60 per share in Q4.

轉向資本配置。本季度，我們向股東支付了 16 億美元的現金股息。我們還支付了 3.47 億美元的員工股權歸屬預扣稅，從而消除了大約 739,000 股 AVGO 股票。我們以 4.12 億股流通普通股和 4.49 億股稀釋股結束本季度。請注意，我們預計第四季度的稀釋後股票數量為 4.48 億股。我們的董事會已批准第四季度普通股的季度現金股息為每股 3.60 美元。

Based on current business trends and conditions, and to reiterate what Hock has said, our guidance for the fourth quarter of fiscal 2021 is for consolidated revenues of $7.35 billion and adjusted EBITDA of approximately 61% of projected revenue.

根據當前的業務趨勢和狀況，並重申 Hock 所說的話，我們對 2021 財年第四季度的指導是合併收入為 73.5 億美元，調整後的 EBITDA 約為預計收入的 61%。

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 John Pitzer from Credit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 John Pitzer。

Hock, I'm just kind of curious, you kind of did what you said you were going to do 90 days ago. But this is usually the part of the cycle, especially on the semi business, where I would expect -- I would have expected more upside. And clearly, when you look across the sector, most companies are putting up an upside that you guys didn't see in the July quarter. So I'm kind of curious if you can help us better understand what happened. Do you think that this was mostly a supply issue?

霍克，我只是有點好奇，你做了你90天前說要做的事。但這通常是周期的一部分，尤其是在我所期望的半成品業務上——我本以為會有更多的上漲空間。很明顯，當你縱觀整個行業時，大多數公司都提供了你們在 7 月季度沒有看到的上漲空間。所以我很好奇你能否幫助我們更好地了解發生了什麼。您認為這主要是供應問題嗎？

And given that inventory grew 15% sequentially in the quarter, to what extent do you think now that you're kind of got that under control, and going forward, you'll have a better supply environment to fulfill this demand?

鑑於本季度庫存環比增長 15%，您認為現在您已經在多大程度上控制住了這種情況，並且展望未來，您將擁有更好的供應環境來滿足這一需求？

Well, I mean, supply is always something that is very much an issue of constraint in this environment, as you well know. But the other side of the picture is we rallied shipping. As we have said in previous calls several times, we are -- to put it directly, we are shipping to exactly, we believe, to what demand requires. By that, I mean, end-user demand requires. We are trying very hard not to over-ship and end up building pockets of excess inventory within our ecosystem. So I think we're managing very much to what we see out there.

嗯，我的意思是，在這種環境下，供應總是一個非常受限制的問題，正如你所知道的。但圖片的另一面是我們集會航運。正如我們在之前的電話會議中多次說過的那樣，我們 - 直接地說，我們正在運送到確切的，我們相信，滿足需求的需求。我的意思是，最終用戶的需求需要。我們正在努力避免過度發貨並最終在我們的生態系統中積累過多的庫存。所以我認為我們正在對我們所看到的情況進行管理。

Our next question comes from the line of Harsh Kumar from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Harsh Kumar。

Yes, Hock, first of all, congratulations on the solid results guidance.

是的，Hock，首先，祝賀您獲得了可靠的結果指導。

A question for you is, everybody's favorite foundry, TSMC, is talking about price increases. In some cases, they are substantial. Do you feel that you can pass this along? And also, at this point in time, companies are probably securing capacity for next year. Can you talk about your capacity -- your ability to get some extra capacity to be able to grow next year?

一個問題是，大家最喜歡的代工廠台積電正在談論漲價。在某些情況下，它們很重要。你覺得你可以傳遞這個嗎？而且，在這個時間點，公司可能正在確保明年的產能。你能談談你的能力——你有能力獲得一些額外的能力來明年增長嗎？

Okay. I mean very interesting questions asked. First and foremost, from our side, we try not to talk about customers, specifically, and the same applies very much to strategic suppliers, too. So I won't comment at all on what you alluded to here.

好的。我的意思是提出了非常有趣的問題。首先，從我們這邊來看，我們盡量不談論客戶，特別是，這同樣適用於戰略供應商。因此，我根本不會評論您在這裡提到的內容。

But as far as our capacity for 2022, I think we have gotten a pretty good supply availability lineup for 2022. And we feel pretty okay about that. I won't say great, but in this environment, all things considered, we're feeling quite good.

但就我們 2022 年的產能而言，我認為我們在 2022 年獲得了相當不錯的供應供應陣容。我們對此感覺很好。我不會說很好，但在這種環境下，考慮到所有因素，我們感覺很好。

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

我們的下一個問題來自德意志銀行的 Ross Seymore。

Hock, I want to touch on the enterprise business. You mentioned it a couple of different times when you were talking about both networking and your server storage connectivity segments. So I guess a two-part question.

霍克，我想談談企業業務。當您談論網絡和服務器存儲連接部分時，您多次提到它。所以我猜一個兩部分的問題。

One, how much of your semiconductor business do you believe is enterprise exposed? And two, when do you believe that will return to year-over-year growth? And is that a specific thing to Broadcom with your product cycles? Or is it just the end markets returning to year-over-year growth at that time?

一，您認為您的半導體業務中有多少是企業暴露的？第二，您認為何時會恢復同比增長？在您的產品週期中，這對 Broadcom 來說是特定的事情嗎？還是只是終端市場在那個時候恢復了同比增長？

Okay. Well, enterprise -- traditional enterprise, as we define it, and I think I made a point of purposely demarcating the fact that in semiconductors, which -- focusing on semiconductor segment by itself, you can literally look at our data -- revenue selling into 3 distinct elements, right? One is cloud and service providers, which we clump together as one, and then there's consumer, which is very much our wireless business. And then the rest of companies out there, enterprises, we call traditional enterprise. So we do put telcos, service providers to make it clear, as part of cloud in that category. So we break it into 3 categories. And under that measure, enterprise represents about half -- just around half of the total semiconductor revenues.

好的。好吧，企業——我們定義的傳統企業，我想我特意劃定了一個事實，即在半導體領域——專注於半導體領域，你可以從字面上看我們的數據——收入銷售分成3個不同的元素，對吧？一個是雲和服務提供商，我們將它們聚集在一起，然後是消費者，這在很大程度上是我們的無線業務。然後是其他公司，企業，我們稱之為傳統企業。因此，我們確實將電信公司、服務提供商明確表示為該類別中云的一部分。所以我們把它分成3類。根據這一衡量標準，企業約佔半導體總收入的一半——大約一半。

And to basically answer your question, which I did indicate in my remarks on server storage end markets for our semiconductor business, we have seen an improvement year-on-year of revenues in this -- in server storage, which is 80%, at least 90%, driven by traditional enterprise. So they are a very good indicator of what traditional enterprise is showing.

基本上回答你的問題，我在關於我們半導體業務的服務器存儲終端市場的評論中確實指出了這一點，我們看到服務器存儲的收入同比增長了 80%，在至少 90%，由傳統企業驅動。因此，它們是傳統企業所展示內容的一個很好的指標。

We have seen it show of improving year-on-year compares, and ending with -- and the latest Q3 still high -- mid- to high single-digit decline from a year ago. But we did also guide that because of strong bookings that we have been seeing now for the last 3 months, at least from enterprise, which is going through largely on the large OEMs, who particularly -- who integrate the products and sell it to end users, we are going to likely expect enterprise to grow double digits year-on-year in Q4. So we see the point of crossover probably now Q4.

我們已經看到它顯示出與去年同期相比有所改善，並且以 - 最新的第三季度仍然很高 - 與一年前相比中高個位數下降結束。但我們確實也指導了這一點，因為我們在過去 3 個月中看到了強勁的預訂，至少來自企業，這主要是大型原始設備製造商，特別是集成產品並將其銷售到終端用戶，我們預計第四季度企業將同比增長兩位數。所以我們現在可能在第四季度看到交叉點。

Our next question comes from the line of Edward Snyder from Charter Equity Research.

我們的下一個問題來自 Charter Equity Research 的 Edward Snyder。

Hock, following up on that same question. Last quarter, you were predicting -- or you thought the excellent growth you've seen in cloud server providers and telcos might lighten up next year as they digest that as enterprise started to grow, and there'll be kind of a mix shift there. But it sounds like that isn't lightening up and enterprise is coming back a bit sooner.

霍克，跟進同一個問題。上個季度，你預測——或者你認為你在雲服務器提供商和電信公司看到的出色增長可能會在明年隨著企業開始增長而消化，並且會有一種混合轉變.但這聽起來並沒有好轉，企業正在更快地回歸。

Do you think any differently now about telcos and service provider in the cloud? Will that last longer? Do you still expect to maybe lighten up in 2022? And how long do you expect -- enterprise has been down for quite a while now, the enterprise upward trend to last? I'm just trying to get a feeling what the profile of demand looks like in your core business next year.

您現在對雲中的電信公司和服務提供商有什麼不同的看法嗎？這會持續更長時間嗎？您是否仍然期望在 2022 年可能會減倉？你預計——企業已經下降了很長時間，企業的上升趨勢會持續多久？我只是想了解一下明年貴公司核心業務的需求情況。

Sure. Happy to do that. What we are seeing now -- or what we expect to see in 2022 in terms of broad direction is, we see -- in telcos, service providers are running well, quite hot, and it looks like they are sustaining as opposed to perhaps rolling over. They seem to be sustaining where we are right now. And regarding enterprise, it's pretty much what we had indicated before and continue to see, which is a continuing trajectory of improving demand -- spending and demand. And we see that continuing to improve and grow next -- this coming quarter, Q4 and beyond.

當然。很高興這樣做。我們現在看到的——或者我們期望在 2022 年看到的大方向是，我們看到——在電信公司中，服務提供商運行良好，相當火爆，看起來他們正在維持而不是滾動超過。他們似乎在維持我們現在所處的位置。關於企業，這幾乎是我們之前指出並繼續看到的，這是不斷改善需求的軌跡——支出和需求。我們看到下一個季度、第四季度及以後的情況將繼續改善和增長。

In fact, I would say that the engine for growth for our semiconductor business in 2022 will likely be enterprise spending, whether it's coming from networking, one sector for us, and/or from server storage, which is largely enterprise, we see both this showing strong growth as we go into 2022. While, just to repeat myself, we see telcos and service providers not rolling over, just hanging up there at a very elevated level.

事實上，我想說，2022 年我們半導體業務增長的引擎可能是企業支出，無論是來自網絡、我們的一個部門，和/或服務器存儲，這主要是企業，我們都看到了這一點隨著我們進入 2022 年，顯示出強勁的增長。雖然，重複一遍，我們看到電信公司和服務提供商並沒有翻身，只是掛在一個非常高的水平。

Does that imply you expect the cloud to lighten up a bit then, too? Because you just called out service providers and telcos, but you kind of avoided talking about the cloud?

這是否意味著你預計雲也會變亮一點？因為您剛剛召集了服務提供商和電信公司，但您避免談論云？

No, I use service providers sometimes to say, cloud as well. Now we see cloud also hanging out together with service provider -- together with the telcos.

不，我有時會使用服務提供商來說，雲也是如此。現在我們看到雲也與服務提供商一起掛起 - 與電信公司一起。

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

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

I wanted to ask you about capital allocation. Obviously, while half the cash flow goes to the dividend, the other half goes, I mean, ideally to M&A or buybacks. And it's been a while since, obviously, you executed M&A, and we're kind of getting towards the end of the year.

我想問你關於資本配置的問題。顯然，雖然一半的現金流流向了股息，但我的意思是，理想情況下，另一半流向了併購或回購。顯然，自從您執行併購以來已經有一段時間了，而且我們正在接近年底。

At what point do you kind of make the decision to give up on M&A this year and start buying back stock? Or do you save the cash like for like a potential deal next year? Just how do we think about your mindset around M&A environment versus just using the cash for buybacks, and then maybe starting the cycle over again at some point as we get into next year?

你是在什麼時候做出今年放棄併購並開始回購股票的決定？或者你會像明年的潛在交易那樣節省現金嗎？我們如何看待您圍繞併購環境的心態，而不是僅僅使用現金進行回購，然後在我們進入明年的某個時候重新開始這個週期？

Well, it's not the first time I got this question. I got it last quarter, and the quarter before, and I told you guys, and I stick by that answer still now, we're running it until the end of this fiscal year, which is October, November. And we'll make the call at that time, whether we use the cash to buy or we use the cash, either to buy -- to do an M&A or to buy back our shares.

嗯，這不是我第一次收到這個問題。我在上個季度和上個季度得到了它，我告訴過你們，我現在仍然堅持這個答案，我們一直運行到本財年結束，也就是 10 月、11 月。屆時我們會打電話，無論是使用現金購買還是使用現金購買 - 進行併購或回購我們的股票。

Does that mean that you have to have a deal in mind in October, November? Or could the call be to save the cash for something in the future? Or like if you don't have a deal on the books in October, November, do we see a buyback?

這是否意味著您必須在 10 月、11 月達成交易？或者可能是為了將來節省現金？或者，如果您在 10 月、11 月沒有達成交易，我們會看到回購嗎？

Well, probably, play the simple way as far as saying that -- as you correctly say, we're accumulating cash at a fairly dramatic rate. And so by the end of October, our fiscal year, we'll probably see the cash net of dividends and our cash pool to be up to close to $13 billion, which is something like $6 billion, $7 billion, $8 billion above what we would, otherwise, like to carry on our books. So we have to make a call at that -- a decision at that point.

好吧，也許，就這麼說來說，玩簡單的方式 - 正如你正確地說的那樣，我們正在以相當驚人的速度積累現金。因此，到 10 月底，也就是我們的財政年度，我們可能會看到扣除股息後的現金淨額和我們的現金池將接近 130 億美元，這比我們的水平高出 60 億美元、70 億美元、80 億美元。否則，會喜歡繼續我們的書。所以我們必須在那個時候做出決定——在那個時候做出決定。

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

我們的下一個問題來自摩根大通的 Harlan Sur。

Congratulations on the strong quarterly execution and results.

祝賀強勁的季度執行和結果。

Strong free cash flow generation in Q3. You gave us the EBITDA profile for Q4. And if I use normalized assumptions on cash interest payments, cash taxes and CapEx, it looks like the team is going to generate about $13.7 billion-ish, roughly, in free cash flow this fiscal year which roughly translates into a dividend increase to at least $16.70, maybe a bit more, if the team continues to return 50% of the free cash flow.

第三季度產生強勁的自由現金流。您向我們提供了第四季度的 EBITDA 概況。如果我對現金利息支付、現金稅和資本支出使用標準化假設，看起來該團隊將在本財年產生大約 137 億美元左右的自由現金流，這大致轉化為股息增加至至少如果團隊繼續返還 50% 的自由現金流，則 16.70 美元，可能會更多。

I guess my question is, on Q4, are there any onetime cash events timing-related dynamics, CapEx increases or tax-related events, which we should be considering? Or is my free cash flow and dividend math roughly correct?

我想我的問題是，在第四季度，是否有任何一次性現金事件與時間相關的動態、資本支出增加或與稅收相關的事件，我們應該考慮這些？還是我的自由現金流和股息計算大致正確？

And then just a quick follow-up. The team has a fairly large footprint of logistics, warehousing and key suppliers for assembly and test in Malaysia. Just given the significant uptick in COVID-19 cases there, is the team being impacted by potential facilities closures? Or how is the team mitigating this impact?

然後只是快速跟進。該團隊在馬來西亞擁有相當大的物流、倉儲和主要組裝和測試供應商。鑑於那裡的 COVID-19 病例顯著增加，團隊是否受到潛在設施關閉的影響？或者團隊如何減輕這種影響？

Well, I'll take that first question that you asked, and then I'll have Hock take the second one. Essentially, we -- our policy isn't changing. We're going to return 50% of our free cash flows to our shareholders. And I would say your math is pretty good.

好吧，我會回答你問的第一個問題，然後我會讓 Hock 回答第二個問題。從本質上講，我們——我們的政策沒有改變。我們將把 50% 的自由現金流返還給我們的股東。我會說你的數學很好。

You're spot on, Harlan, on your math, almost.

哈蘭，你的數學差不多。

Thank you.

謝謝你。

Right. In terms of the concern that you expressed about the resurgence of COVID-19 infections in Malaysia, where we have -- correctly say have a large supply chain team located, you're right. It's challenging, but we are managing very well, I think, our teams there. I would say, practically, 99% of our people in Malaysia have been vaccinated. We made arrangements with the Malaysian government and ensured that this was done. And this has been done, and so we are able to manage through this resurgence in Malaysia. And we will continue to keep our eye very closely on conditions over there, but for now, I think we are okay.

正確的。關於您對馬來西亞 COVID-19 感染死灰復燃表達的擔憂，我們已經——正確地說，有一個大型供應鏈團隊，您是對的。這很有挑戰性，但我認為我們管理得很好，我們的團隊在那裡。我想說，實際上，我們馬來西亞 99% 的人都接種了疫苗。我們與馬來西亞政府進行了安排，並確保了這一點。這已經完成，因此我們能夠在馬來西亞的複蘇中進行管理。我們將繼續密切關注那裡的情況，但就目前而言，我認為我們還好。

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

我們的下一個問題來自美國銀行的 Vivek Arya。

Actually, I just wanted to clarify something, and then have the question. On the clarification, I think, Hock, you mentioned you're shipping to demand. Does it mean you're not seeing any supply shortages? Then that would be very different than what we're hearing from every other semiconductor company. So I just wanted to make sure I had the right interpretation.

實際上，我只是想澄清一些事情，然後提出問題。關於澄清，我想，Hock，你提到你是按需求發貨的。這是否意味著您沒有看到任何供應短缺？那麼這將與我們從其他所有半導體公司聽到的非常不同。所以我只是想確保我有正確的解釋。

And then my question is, just kind of the long-term growth rate for Broadcom. In the past, you have mentioned kind of this mid-single-digit kind of growth rate. I understand that this year, right, compares to make it easier to grow faster than that. But as you look at Broadcom over the next handful of years, do you think you are in a situation to grow better than mid-single-digit growth rate? Like what is missing to make you upgrade, right, that mid-single-digit growth rate, the conceptual forecast that you have provided in the past?

然後我的問題是，博通的長期增長率。過去，您曾提到過這種中等個位數的增長率。我知道今年，對，比較容易比那更容易增長。但是，當您查看博通在接下來的幾年中，您認為您的增長是否會超過中個位數的增長率？比如缺少什麼讓你升級，對吧，中個位數的增長率，你過去提供的概念預測？

Okay. Let me take the first question first -- the first part of the question first because I think it's very important and very interesting. It ties into the first question by John Pitzer is, "Hey, why are you guys not shipping like crazy? Are you supply constrained?" That's always overhanging our care about making every wafer count in this environment, and we do that very carefully. And we do that, I believe, very well given -- looking at how well our margins are performing in this environment. But we also are always, as I said before a few times, the way we manage our supply chain, we pretty much like to carefully scrutinize end demand as defined by ourselves, which is what -- the end-user who need those products.

好的。讓我先回答第一個問題——首先是問題的第一部分，因為我認為它非常重要而且非常有趣。它與 John Pitzer 提出的第一個問題有關，“嘿，你們為什麼不瘋狂發貨？你們的供應受到限制嗎？”這始終超出了我們對在這種環境中製造每一個晶圓的重視程度，而且我們非常小心地做到了這一點。我相信，我們這樣做是非常好的——看看我們的利潤率在這種環境下的表現如何。但是，正如我之前幾次所說，我們管理供應鏈的方式也總是如此，我們非常喜歡仔細審查我們自己定義的最終需求，這就是需要這些產品的最終用戶。

What we also see, and I mentioned that in our Industrial segment in 2000 -- in Q3, where resale from a distributor -- as you know, industrial generally goes through -- pretty much go through distributors. The OEM -- the end users just go to our distributors and wipe out our inventory, most our inventory there. So we show a resale growth of 55%, and we all know that's not real demand. People are building up buffer. There's a certain level of panic buying. Take that across all segments of semiconductor markets today. You see that kind of behavior, unless you -- as core key suppliers, we put in careful discipline to manage supply to where demand is really needed as opposed to where OEMs or even end users are just building up buffers -- bucket of buffers everywhere. And that's pretty much what we spend a lot of our time doing.

我們也看到了，我在 2000 年的工業部門中提到過——在第三季度，從分銷商那裡轉售——正如你所知，工業通常通過——幾乎通過分銷商。原始設備製造商——最終用戶只是去我們的分銷商那裡清空我們的庫存，我們的大部分庫存在那裡。所以我們展示了 55% 的轉售增長，我們都知道這不是真正的需求。人們正在建立緩衝區。有一定程度的恐慌性購買。在當今半導體市場的所有領域都採用這種方法。你會看到這種行為，除非你——作為核心關鍵供應商，我們嚴格管理供應到真正需要需求的地方，而不是原始設備製造商甚至最終用戶只是建立緩衝的地方——到處都是緩衝桶.這幾乎就是我們花費大量時間做的事情。

I cannot necessarily say the same of many other semiconductor companies out there, which is probably why John Pitzer is saying, "Well, why are people showing bigger numbers?" We can show bigger numbers, but that means we will build up inventory in the wrong places. And we need every one of those wafers in this environment, not just this quarter, but next quarter and the quarter after that to ensure that our strategic customers are able to get what they need to launch, to deploy programs. All right?

我不一定會對許多其他半導體公司說同樣的話，這可能就是約翰·皮策說的原因，“嗯，為什麼人們表現出更大的數字？”我們可以顯示更大的數字，但這意味著我們將在錯誤的地方建立庫存。在這種環境下，我們需要每一個晶圓，不僅僅是本季度，而是下一季度和之後的季度，以確保我們的戰略客戶能夠獲得他們需要的東西來啟動和部署程序。好的？

And on the long-term growth rate, Hock?

關於長期增長率，霍克？

Oh, on the long -- sorry, I missed that. I get the most -- well, we like -- I like to believe, like some of you do, that with this recent event and with these things happening, especially COVID-19 creating a change of work habits in this -- in our ecosystem, there is a reset upwards towards a higher consumption of technology, and by expansion, semiconductor chips in the long term.

哦，從長遠來看——對不起，我錯過了。我得到的最多——嗯，我們喜歡——我喜歡相信，就像你們中的一些人一樣，隨著最近的事件和這些事情的發生，尤其是 COVID-19 在這方面創造了工作習慣的改變——在我們的生態系統，從長遠來看，將朝著更高的技術消耗和半導體芯片的擴展方向重新設置。

I agree, there has been an accelerated adoption of certain technologies under these lockdown conditions in our lifestyle, economy, over the last 12 -- in the last 18 months. That this accelerated adoption of technology has created a strong grow -- demand for semiconductor products over these 12 months. I agree, and we report those results which we believe are true end demand, as I indicated in my brief -- earlier part of my answer to your question. That it's now up to high -- mid- to high double-digit teens, so to speak, year-on-year. That's good. That's very strong. That's a far cry from my model that says semiconductor growth long-term mid-single digits.

我同意，在過去的 12 年——在過去的 18 個月裡，在這些封鎖條件下，某些技術在我們的生活方式和經濟中加速採用。這種技術的加速採用創造了強勁的增長——在這 12 個月內對半導體產品的需求。我同意，並且我們報告了我們認為是真正的最終需求的結果，正如我在我的簡報中所指出的那樣——我對你問題的回答的前面部分。它現在達到了高 - 中高兩位數的青少年，可以這麼說，同比。那挺好的。這是非常強大的。這與我所說的半導體增長長期中個位數的模型相去甚遠。

But this accelerated consumption does not necessarily create a fundamental shift in our people's ability to consume technology. And when things revert back towards a more normal lifestyle, maybe not this year, maybe next year or the year after, I would expect this accelerated consumption would reset itself. And then you ask yourself fundamentally over the next 10 years -- 5, 10 years, is semiconductor consumption usage going to increase any higher? I find it hard to imagine why it shouldn't if fundamentally we have an industry that's relatively matured, still evolving, still changing, which make it exciting for us, but pretty much been around -- fairly much a long time. And it's -- I may be wrong. I still think it will revert over the next 5, 10 years back to a norm.

但這種加速消費並不一定會在我們人民消費技術的能力上產生根本性的轉變。當事情恢復到更正常的生活方式時，可能不是今年，可能是明年或後年，我預計這種加速消費會自行恢復。然後你從根本上問自己，在接下來的 10 年——5 年、10 年，半導體消費的使用量會增加更多嗎？我發現很難想像為什麼不應該從根本上說我們有一個相對成熟、仍在發展、仍在變化的行業，這讓我們感到興奮，但幾乎已經存在——相當長的時間。這是 - 我可能錯了。我仍然認為它將在未來 5、10 年內恢復到正常水平。

And the question -- your view is, will that norm be high single digits, perhaps, rather than mid-single digits? And you may be right. I don't know the answer to that. But right now, you're right. We are seeing 15% to 20% year-on-year demand usage of our semiconductor chips. And by the way, we are pretty broad across multiple end markets in applications of semiconductors. So we kind of represent a large part of the overall semiconductor growth. And now there may be particular -- that could grow faster than that mid-single digits, and I do accept that. But given how broadly broad-based we are, I tend to think we'll revert to what will be the norm. And I cannot disagree with you that the norm might be higher than the mid-single digits I've said before.

問題是——你的觀點是，這個標準可能是高個位數，而不是中個位數？你可能是對的。我不知道答案。但現在，你是對的。我們看到我們半導體芯片的需求同比增長了 15% 到 20%。順便說一句，我們在半導體應用的多個終端市場中非常廣泛。因此，我們在某種程度上代表了整個半導體增長的很大一部分。現在可能會有一些特殊的情況——它的增長速度可能比中個位數的增長速度更快，我確實接受了這一點。但鑑於我們的基礎廣泛，我傾向於認為我們將回歸常態。我不能不同意你的看法，即標準可能高於我之前所說的中個位數。

Our next question comes from the line of Blayne Curtis from Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

I want to ask you on broadband. It's been running kind of in the 20s year-over-year. You said up double digits for Q4. I think last year is an easy compare, so I just wanted to know how literally to take that. I know you said maybe over time that would be the one segment that could moderate. Just want to know if you're signaling anything for October.

我想在寬帶上問你。它每年都在 20 年代運行。你說第四季度的兩位數。我認為去年是一個簡單的比較，所以我只是想知道如何從字面上理解這一點。我知道你說也許隨著時間的推移，這將是一個可以緩和的部分。只是想知道你是否在為十月發出任何信號。

Okay. No, broadband is hot, to cut to the chase. It's hot. It's hot, driven by 2 things, and I articulated that in my remark: WiFi, WiFi 6. And WiFi is a big area now that operate -- service providers basically operate -- the telcos and cable operators are using, as part of connectivity, to households globally. And that's -- and we have literally won again a huge part of that market successfully. And we're seeing that trend continuing into next-generation WiFi 6E.

好的。不，寬帶很熱，切入正題。很熱。它很熱，由兩件事驅動，我在我的評論中闡明了這一點：WiFi，WiFi 6。WiFi 是一個很大的領域，現在運營——服務提供商基本上在運營——電信公司和有線電視運營商正在使用，作為連接的一部分, 到全球家庭。那就是——我們真的再次成功地贏得了這個市場的很大一部分。我們看到這種趨勢在下一代 WiFi 6E 中繼續存在。

But what's also driving WiFi -- broadband, I should say, Blayne, and I mentioned that, is fiber. Fiber is multi -- several large telcos, Europe, U.S., are investing very big in putting fiber out there to households. It's particularly driven, I guess, to some extent, by political considerations. They want to connect households very well. You hear about British Telecoms are openly saying they want to -- they have a program over the next 5, 6 years to connect over 20 million British households. Deutsche Telekom is doing exactly the same thing, and so is AT&T here in the U.S., where they have very large program.

但推動 WiFi 的因素——寬帶，我應該說，Blayne，我提到過，是光纖。光纖是多方面的——歐洲和美國的幾家大型電信公司正在大力投資將光纖接入家庭。我想，在某種程度上，這是出於政治考慮。他們想很好地連接家庭。你聽說英國電信公開表示他們想要——他們有一個計劃在未來 5、6 年內連接超過 2000 萬英國家庭。德國電信也在做同樣的事情，美國的 AT&T 也是如此，他們在那裡有非常大的項目。

And these are, as I indicated, multiyear programs, where each of this operator will spend multiple billions of dollars of investment to put that fiber out to the home. And at the end of each node -- fiber node, you have that wireless connectivity, WiFi, within for the last 100 feet in the home. So what I'm implying here is saying, this is not a one-shot thing. And the thinking in the past that fiber is a kind of boring, single-digit slow growth business, big changes from our perspective because we are seeing the program from those operators coming. And a big part of it is both U.S. and Europe putting in large broadband in the form of fiber because it's the most effective way, in some ways, economic way, to expand to households and hand-in-hand with 5G network wireless networks out there.

正如我所指出的，這些是多年期計劃，每個運營商都將花費數十億美元的投資將光纖接入家庭。在每個節點的末端——光纖節點，你可以在家中的最後 100 英尺內擁有無線連接 WiFi。所以我在這裡的意思是說，這不是一次性的事情。過去認為光纖是一種無聊的、個位數緩慢增長的業務，在我們看來發生了很大的變化，因為我們看到這些運營商的計劃即將到來。其中很大一部分是美國和歐洲都以光纖的形式投入了大寬帶，因為這是最有效的方式，在某些方面，經濟方式，擴展到家庭並與 5G 網絡無線網絡攜手並進那裡。

It's also very interesting for us, market share-wise, because you used to talk about China doing broadband fiber. Today, it's beyond that. It's Europe, U.S. And the number of players fighting in this market on technology is much less now given the interesting political events between China and the rest of the world.

就市場份額而言，這對我們來說也很有趣，因為你曾經談論過中國做寬帶光纖。今天，它還不止於此。是歐洲，美國。鑑於中國和世界其他地區之間有趣的政治事件，現在在這個市場上爭奪技術的玩家數量要少得多。

Our next question comes from the line of Matt Ramsay from Cowen.

我們的下一個問題來自 Cowen 的 Matt Ramsay。

Hock, I noticed in your prepared script that you were a bit more specific about some of the leadership position that Broadcom has in different levels of advanced SerDes, and you maybe called it out a bit more than you had in the past. It's an advantage the company has had in your own switching routing products, but also in being the ASIC -- preferred ASIC shop for a few hyperscale folks.

霍克，我注意到在你準備好的劇本中，你對 Broadcom 在不同級別的高級 SerDes 中的一些領導地位更加具體，而且你可能比過去更多地提到它。這是該公司在您自己的交換路由產品中擁有的優勢，也是作為 ASIC 的優勢——一些超大規模人員的首選 ASIC 商店。

I wonder if you might -- did you call that out on purpose? Was it -- is there something changing there competitively given the scale of your R&D? Do you feel like that lead is expanding, shrinking, staying the same? Any update there would be great.

我想知道你是否可能——你是故意叫出來的嗎？是不是——考慮到你們的研發規模，那裡有什麼競爭性變化？您是否覺得領先優勢在擴大、縮小、保持不變？那裡的任何更新都會很棒。

Well, that's very perceptive of you, Matt. And the only reason I called that out is because it's true and it's been true for many years. And I just want to reemphasize this point that in terms of being probably the preferred vendor for specialized silicon engines to drive specialized workloads, and I have indicated to you guys what some of those are, especially in hyper cloud. We are -- we definitely are in the lead by far in this area, and for the reasons you mentioned.

嗯，這對你很有洞察力，馬特。我之所以這麼說，唯一的原因是因為這是真的，而且多年來一直如此。我只是想再次強調這一點，就可能成為驅動專業工作負載的專用矽引擎的首選供應商而言，我已經向你們指出了其中一些是什麼，尤其是在超雲中。我們——我們絕對在這個領域處於領先地位，出於你提到的原因。

We have the scale. We have a lot of the IP calls and the capability to do all those chips for those multiple hyperscalers who can afford and are willing to push the envelope on specialized -- we call -- I used to call it offload computing engines, be they video transcoding, machine learning, even what people call DPUs, Smart NICs, otherwise called, and various other specialized engines and security hardware that we put in place in multiple cloud guys. Just a point of, I guess, reinforcement that we still very much are the leader.

我們有規模。我們有很多 IP 調用，並且有能力為那些能夠負擔並願意在專業領域突破極限的多個超大規模製造商製造所有這些芯片——我們稱之為——我曾經稱之為卸載計算引擎，無論是視頻轉碼、機器學習，甚至人們所說的 DPU、智能網卡（也稱為智能網卡）以及我們在多個雲人員中安裝的各種其他專用引擎和安全硬件。我想，只是強調我們仍然是領導者。

Thank you this. At this time, I would like to turn the call back over to Ms. Ji Yoo for closing remarks.

謝謝你。在這個時候，我想把電話轉回給 Ji Yoo 女士做閉幕詞。

Thank you, operator.

謝謝你，接線員。

In closing, please note that Hock Tan will be presenting at the Deutsche Bank Technology Conference on Thursday, September 9, and the Citi Technology Conference on Tuesday, September 14. Kirsten Spears will participate in the Piper Sandler Tech Conference on September 13.

最後，請注意，Hock Tan 將出席 9 月 9 日星期四的德意志銀行技術會議和 9 月 14 日星期二的花旗技術會議。Kirsten Spears 將參加 9 月 13 日的 Piper Sandler 技術會議。

We will also be hosting a Broadcom Software Investor Meeting on Tuesday, November 9, in New York. Tom Krause, President of Broadcom Software Group, will be leading the event, and senior leadership from our software business will present. We will be sending invitations to analysts and investors in the coming weeks.

我們還將於 11 月 9 日星期二在紐約舉辦博通軟件投資者會議。 Broadcom 軟件集團總裁 Tom Krause 將主持此次活動，我們軟件業務的高級領導將出席。我們將在未來幾週內向分析師和投資者發出邀請。

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

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。

This concludes today's conference call. Thank you for participating. You may now disconnect.

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。