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. 2021 財年第三季財務業績電話會議。

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.

現在，我想將電話轉給博通公司投資者關係總監 Ji Yoo，以進行開場發言和介紹。

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.

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

Broadcom also distributed a press release and financial tables after the market closed, describing our financial performance for the 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.

博通還在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。

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

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

During the prepared 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.

在準備好的演講中，Hock 和 Kirsten 將提供 2021 財年第三季業績的詳細資訊、第四季的指導以及有關商業環境的評論。我們將在準備好的評論結束後回答問題。請參閱我們今天的新聞稿以及我們最近向美國證券交易委員會提交的文件，以了解可能導致我們的實際結果與本次電話會議中所做的前瞻性陳述存在重大差異的具體風險因素的資訊。

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

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

I'll now turn the call over to Hock.

我現在將把電話轉給霍克。

Thank you, Ji. And thank you, everyone, for joining us today.

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，半導體解決方案營收年增19%，達到50億美元，基礎設施軟體營收年增10%，達到18億美元。綜合淨收入為 68 億美元，年增 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.

第三季度，超雲和服務供應商客戶的需求持續強勁。無線業務年比持續強勁。儘管企業一直處於復甦軌道，但我們認為第三季仍處於該週期的早期，企業年減。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，讓我提供更多關於終端市場的資訊。從網路開始。網路營收 18 億美元的成長強於我們的預期，年增 19%，而低兩位數成長則占我們半導體營收的 36%。好於預期的成長是由服務供應商在回程、城域和呼叫的 5G 網路擴展中的路由以及資料中心內乙太網路介面控制器的主要份額成長所推動的。儘管我們收到了原始設備製造商的強勁訂單，這與企業支出的復甦環境一致，但我們認為企業網路的實際部署仍然落後於一年前。我們的出貨量和收入適當地反映了這一點。

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，我們預計第四季度的需求動態將有所不同。我們看到雲端客戶升級到我們的下一代 800 Gb 基礎 Tomahawk 4 和 Trident 交換器。我們是第一家也是唯一一家 25.6 太比特交換器供應商，我們提供 2 個版本：一個版本有 512 個通道，50G SerDes；另一個版本有 512 個通道，50G SerDes。我們在 100G SerDes 上有 256 個通道。我想強調的是，我們是當今唯一推出 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.

在資料中心交換方面，就像在服務供應商路由方面一樣，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產品。在第四季度，與非常強勁的同比比較相比，我們預計網路收入將年增率低兩位數。

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，我們的伺服器儲存連接業務在第三季為 6.73 億美元，年減 9%，與我們的指導方針一致，約佔半導體收入的 13%。如您所知，我們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，企業正處於恢復狀態。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。我們預計伺服器儲存將出現這樣的企業復甦。同樣的情況也發生在網路領域，成為第四季和 2022 年的成長[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，客戶在伺服器上過渡到我們的下一代 SaaS 和 nVME 連接，這就是這種增長的例證。雲端向 18 TB 硬碟的積極遷移也將為該領域外部儲存連接產品的需求提供強大的推動力。與第三季 9% 的下降形成鮮明對比，我們預測第四季伺服器儲存連線收入將比去年同期成長兩位數百分比。

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.

轉向寬頻。第三季營收為 9.1 億美元，年增 23%，佔半導體營收的 18%。這主要是由 WiFi 6 接入網關部署量增長 2 倍以及下一代光纖和 DOCSIS 3.1 電纜數據機部署量兩位數增長所推動的。

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，我們繼續預計寬頻收入將實現兩位數的同比增長，正如過去幾個季度我們所看到的那樣。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供應商將越來越多地部署到美國和全球家庭的下一代最後一哩光纖連接。這些業者經過多年和數十億美元的投資，連接到每一個光纖節點，您需要家庭內最後 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 WiFi 6E 方面贏得美國和歐洲營運商的強勁設計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。第三季營收為 14 億美元，年增 35%，符合預期，佔半導體營收組合的 29%。第四季度，我們預計無線收入將環比增長約 33%，以支援下一代智慧型手機的推出，並同比增長 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.

最後是工業。第三季營收為 2.05 億美元，約佔第三季半導體解決方案營收的 4%。在汽車、機器人和再生能源領域原始設備製造商積極採購的推動下，這裡的轉售量年增了 55%，我們認為這是不可持續的。因此，我們通路的庫存大幅下降至兩個月以下。轉向第四季度，我們預計轉售量將年增至更理性的 20%。

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，第三季半導體解決方案營收年增 19%。在第四季度，我們預計這一勢頭將持續，營收年增將達到兩位數。

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.

轉向軟體。第三季度，基礎設施軟體營收為18億美元，年增10%，佔總營收的26%。其中，受新一代第七代光纖通道SAN產品推出的推動，博科年增27%。不包括博科，博通軟體營收年增6%。以美元計算，到期合約的平均預訂量為 116%，而我們的核心客戶的平均預訂量為 129%。其中超過 9% 的預訂代表了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體收入將有望同比增長中個位數百分比，這也是我們預計在第四季度看到的情況。

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，將強勁成長的半導體細分市場與更穩定的軟體細分市場結合，第三季總淨收入年增16%，我們預期第四季將維持兩位數的成長，總收入將達到73.5 億美元或年成長14%。

And with that, let me turn the call over to Kirsten.

接下來，讓我把電話轉給克斯汀。

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

謝謝你，霍克。現在讓我提供有關我們財務業績的更多詳細資訊。

Revenue was $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.

該季度營收為 68 億美元，比去年同期成長 16%。該季度毛利率佔營收的 75%，年增約 85 個基點。營運費用為 11 億美元，與去年同期持平，這得益於較低的 SG&A 以及持續的研發投資。該季度營業收入為 39 億美元，比去年同期成長 24%。營業利益率為營收的58%，年增約360個基點。調整後 EBITDA 為 41 億美元，佔營收的 61%。該數字不包括 1.34 億美元的折舊。

Now a review of the P&L for our 2 segments. Revenue for our semiconductor solutions segment was $5 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.

現在回顧我們兩個部門的損益表。我們的半導體解決方案部門的收入為 50 億美元，佔本季總收入的 74%。較去年同期成長 19%。我們的半導體解決方案部門的毛利率約為 70%，年成長 110 個基點，這主要是由於我們在寬頻和網路領域部署了更多下一代產品，帶來了有利的產品組合和內容成長。

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%.

第三季營運支出為 7.83 億美元，較去年同期持平。第三季研發費用為 6.93 億美元，年增 1%。第三季營業利益率增至 54%，較去年同期上升 410 個基點。因此，雖然半導體收入成長了 19%，但營業利潤成長了 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.

轉向我們的基礎設施軟體部門的損益表。基礎設施軟體收入為 18 億美元，佔收入的 26%。這一數字同比增長了 10%。該季度基礎設施軟體毛利率為 90%，較去年同期成長 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%.

該季度營運費用為 3.59 億美元，年增 1%。研發支出為 2.26 億美元，年增 9%，SG&A 為 1.33 億美元，年減 11%。第三季營業利益率為70%，較去年同期成長305個基點；營業利潤成長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。第三季自由現金流為34億美元，佔營收的51%。我們在資本支出上花了 1.15 億美元。第三季的應收帳款天數為 30 天，去年同期為 42 天。第三季末，我們的庫存為 12 億美元，比上一季末增加 1.56 億美元，成長 16%，為滿足第四季的客戶需求做好準備。第三季末，我們擁有 111 億美元現金和 405 億美元總債務，其中 2.79 億美元是短期債務。

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 億美元的現金股利。我們也支付了 3.47 億美元的員工股權歸屬預扣稅，導致約 739,000 股 AVGO 股票被註銷。本季結束時，我們擁有 4.12 億股已發行普通股和 4.49 億股稀釋股。請注意，我們預計第四季度稀釋後的股票數量將為 4.48 億股。我們的董事會已批准第四季普通股每股 3.60 美元的季度現金股利。

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，並重申霍克所說的，我們對 2021 財年第四季的指導是合併收入為 73.5 億美元，調整後 EBITDA 約為預計收入的 61%。

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

我準備好的發言就到此結束。接線員，請撥打電話詢問問題。

(Operator Instructions) Our first question comes from the line of John Pitzer from Credit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸銀行的 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?

Hock，我只是有點好奇，你好像做了 90 天前說要做的事。但這通常是週期的一部分，尤其是在半成品行業，我預計會有更多的上漲空間。顯然，當你縱觀整個行業時，大多數公司都呈現出你們在 7 月季度中沒有看到的優勢。所以我很好奇你是否能幫助我們更了解發生了什麼事。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?

考慮到本季庫存較上季成長 15%，您認為現在這種情況已經受到控制，並且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，正如您所知，在這種環境下，供應始終是一個非常受限制的問題。但情況的另一面是我們的運輸量出現了反彈。正如我們在之前的電話會議中多次說過的那樣，我們相信，直接地說，我們正在按照需求的要求發貨。我的意思是，最終用戶的需求需要。我們正在非常努力地避免過度運輸，從而避免在我們的生態系統中累積過多的庫存。所以我認為我們正在很好地管理我們所看到的情況。

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，霍克，首先祝賀您取得了紮實的成果指引。

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?

問你的一個問題是，大家最喜歡的代工廠台積電正在談論漲價。在某些情況下，它們是巨大的。你覺得你能把這個傳承下去嗎？而且，在這個時候，公司可能正在確保明年的產能。你能談談你的能力嗎－你有能力獲得一些額外的能力以便明年能夠成長嗎？

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，從我們的角度來看，我們盡量不具體談論客戶，這也適用於策略供應商。所以我不會對你在這裡提到的內容發表任何評論。

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 2022 年我們已經獲得了相當不錯的供應可用性陣容。我不會說很好，但在這種環境下，考慮到所有因素，我們感覺相當好。

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。當您談論網路和伺服器儲存連接部分時，您多次提到它。所以我想這是一個由兩個部分組成的問題。

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有多少是企業暴露的？第二，您認為什麼時候會恢復年成長？這對於博通的產品週期來說是一個特定的事情嗎？還是只是終端市場當時恢復了年成長？

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。嗯，企業——傳統企業，正如我們所定義的那樣，我想我故意區分了這樣一個事實：在半導體領域，它——專注於半導體領域本身，你可以從字面上看我們的數據——收入銷售分為 3 個不同的元素，對吧？一是雲端和服務供應商，我們將它們合而為一；二是消費者，這在很大程度上是我們的無線業務。然後剩下的公司，企業，我們稱之為傳統企業。因此，我們確實將電信公司、服務供應商明確地列為該類別中雲端的一部分。所以我們將其分為 3 類。根據這項衡量標準，企業約佔半導體總收入的一半左右。

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.

為了基本上回答你的問題，我在關於我們半導體業務的伺服器儲存終端市場的評論中確實指出了這一點，我們已經看到伺服器儲存方面的收入同比增長了 80%，至少90%是由傳統企業推動的。因此，它們是傳統企業表現的一個很好的指標。

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，與去年同期相比有所改善，並以與去年同期相比出現中高個位數下降（最新的第三季度仍然很高）結束。但我們也確實指出了這一點，因為我們在過去3 個月中看到了強勁的預訂，至少是來自企業，這主要是在大型OEM 上進行的，特別是——他們集成了產品並將其銷售給最終客戶用戶，我們可能預期第四季企業將年增兩位數。所以我們現在可能會看到第四季的交叉點。

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 的愛德華·斯奈德 (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，跟進同一問題。上個季度，您預測——或者您認為您在雲端伺服器供應商和電信公司中看到的出色成長可能會在明年有所緩解，因為隨著企業開始成長，他們會消化這一點，並且那裡將會出現某種混合轉換。但聽起來情況並沒有好轉，企業恢復得更快一些。

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.

您現在對雲端中的電信公司和服務供應商有什麼不同的看法嗎？這樣會持續更久嗎？ 2022年你還期待減倉嗎？您預期企業已經下滑很長一段時間了，企業的上升趨勢還能持續多久？我只是想了解你們明年核心業務的需求。

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——或者我們預計 2022 年在大方向上看到的——在電信公司中，服務提供商運作良好，相當熱門，而且看起來他們正在維持，而不是滾動。他們似乎維持著我們現在的處境。對於企業而言，這幾乎就是我們之前指出的並將繼續看到的，這是需求（支出和需求）持續改善的軌跡。我們看到接下來的季度、第四季及以後將繼續改善和成長。

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 年我們半導體業務的成長引擎可能是企業支出，無論是來自網路（我們的一個部門）和/或來自伺服器儲存（主要是企業），我們都看到了這一點進入2022年，我們將顯示出強勁的成長。

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?

這是否意味著您預計雲層屆時也會變亮一點？因為您剛剛提到了服務供應商和電信公司，但您有點避免談論雲端？

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，我有時也會使用服務提供者來表示「雲端」。現在我們看到雲端也與服務供應商以及電信公司一起閒逛。

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

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

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，雖然一半的現金流用於股息，但另一半，我的意思是，理想情況下用於併購或回購。顯然，自從你們執行併購以來已經有一段時間了，我們已經快到年底了。

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?

今年什麼時候你會決定放棄併購並開始回購股票？或者你會像明年的潛在交易一樣節省現金嗎？我們如何看待您對併購環境的看法，而不是僅僅使用現金進行回購，然後在進入明年的某個時候重新開始這個循環？

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，這不是我第一次被問到這個問題。我在上個季度和前一個季度得到了它，我告訴你們，我現在仍然堅持這個答案，我們將一直運行到本財年結束，即 10 月、11 月。到時候我們就會做出決定，無論我們是用現金購買，還是用現金購買——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？或者這個電話可能是為了將來存錢做某件事嗎？或者，如果十月、十一月沒有達成交易，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，用簡單的方式來說——正如你所說，我們正在以相當驚人的速度累積現金。因此，到我們的財政年度 10 月底，我們可能會看到扣除股息的現金和我們的現金池接近 130 億美元，這比我們的預算高出 60 億美元、70 億美元、80 億美元。我們會喜歡繼續我們的書。所以我們必須在那時做出決定。

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業績。

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.

第三季自由現金流強勁。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約 137 億美元左右的自由現金流，這大致意味著股息至少增加到如果團隊繼續返還50%的自由現金流，則16.70 美元，也許會多一點。

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，是否存在我們應該考慮的與時間相關的一次性現金事件、資本支出增加或與稅收相關的事件？或者我的自由現金流和股息計算大致正確嗎？

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?

然後進行快速跟進。該團隊在馬來西亞擁有相當大的物流、倉儲和組裝和測試的主要供應商。鑑於那裡的 COVID-19 病例大幅增加，該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，然後我會讓霍克回答第二個問題。本質上，我們的政策沒有改變。我們將把 50% 的自由現金流返還給股東。我想說你的數學很好。

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

哈倫，你的數學幾乎是正確的。

Thank you.

謝謝。

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 感染死灰復燃所表達的擔憂，我們在馬來西亞擁有——正確地說，擁有一個大型供應鏈團隊，您是對的。這很有挑戰性，但我認為我們在那裡的團隊管理得很好。我想說，實際上，馬來西亞 99% 的人都接種了疫苗。我們與馬來西亞政府做出了安排並確保做到這一點。我們已經做到了這一點，因此我們能夠應對馬來西亞的復甦。我們將繼續密切關注那裡的情況，但就目前而言，我認為我們還不錯。

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.

其實我只是想澄清一些事情，然後再提出問題。關於澄清，我想，霍克，你提到你要按需求出貨。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半導體公司聽到的情況非常不同。所以我只是想確保我的解釋是正確的。

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，博通的長期成長率。過去，您曾提到過這種中等個位數的成長率。我知道今年，對吧，相較之下，更容易比那一年成長得更快。但當你審視博通未來幾年的發展時，你認為你的成長速度是否會高於中個位數成長率？就像缺少什麼讓你升級，對吧，中等個位數的成長率，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，因為我認為這非常重要，也非常有趣。這與約翰·皮策爾的第一個問題有關，“嘿，你們為什麼不瘋狂發貨？你們的供應是否有限？”在這種環境下，我們始終關心如何讓每個晶圓都發揮作用，而且我們非常小心地做到這一點。我相信，我們這樣做是很好的——看看我們的利潤率在這種環境下的表現如何。但正如我之前幾次所說的，我們管理供應鏈的方式也始終是，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，我提到過，在 2000 年第三季的工業部門中，經銷商的轉售——如你所知，工業通常會經過——幾乎都是透過經銷商進行的。 OEM——最終用戶只需去我們的分銷商那裡清除我們的庫存，大部分庫存都在那裡。因此，我們顯示轉售量增加了 55%，但我們都知道這並不是真正的需求。人們正在建立緩衝。存在一定程度的恐慌性購買。以今天半導體市場的所有領域為例。你會看到這種行為，除非你——作為核心關鍵供應商，我們採取嚴格的紀律來管理真正需要需求的地方的供應，而不是原始設備製造商甚至最終用戶只是在各地建立緩衝區——到處都是緩衝區。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?

我不一定對許多其他半導體公司說同樣的話，這可能就是為什麼 John Pitzer 說：“好吧，為什麼人們顯示更大的數字？”我們可以展示更大的數字，但這意味著我們將在錯誤的地方建立庫存。我們需要這種環境中的每一個晶圓，不僅是本季度，而且是下季度和之後的季度，以確保我們的策略客戶能夠獲得他們啟動、部署專案所需的東西。好的？

And on the long-term growth rate, Hock?

關於長期成長率，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，長話短說——抱歉，我錯過了。我得到最多的——嗯，我們喜歡——我喜歡相信，就像你們中的一些人一樣，最近發生的這件事和這些事情的發生，特別是 COVID-19 改變了我們的工作習慣——生態系統將向上重置，以實現更高的技術消耗，並透過擴展，從長遠來看，半導體晶片。

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 12 個月（即過去 18 個月）中，在我們的生活方式和經濟封鎖條件下，某些技術的採用加速了。技術的加速採用在這 12 個月創造了對半導體產品需求的強勁成長。我同意，我們報告了那些我們認為是真正的最終需求的結果，正如我在我的簡報中指出的——我對你的問題的回答的前一部分。現在它已經達到了很高的水平——可以說，同比增長了兩位數的中高水平。那挺好的。那非常強。這與我的模型相去甚遠，我的模型認為半導體成長長期處於中個位數。

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導致我們人民消費科技的能力發生根本轉變。當一切恢復到更正常的生活方式時，也許不是今年，也許是明年或後年，我預計這種加速消費將會自行重置。然後你從根本上問自己，在未來 10 年（5 年、10 年）中，半導體消耗量是否會增加得更高？我發現很難想像為什麼它不應該，如果從根本上來說我們有一個相對成熟、仍在發展、仍在變化的行業，這讓我們興奮不已，但它已經存在了相當長的時間了。我可能是錯的。我仍然認為它會在未來 5、10 年內恢復到常態。

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，這個標準可能會是高個位數，而不是中位數？你可能是對的。我不知道答案。但現在，你是對的。我們看到我們的半導體晶片的需求使用率同比增長了 15% 至 20%。順便說一句，我們在半導體應用的多個終端市場上都相當廣泛。因此，我們代表了整個半導體成長的很大一部分。現在可能有一個特殊的成長速度可能比中個位數成長得更快，我確實接受這一點。但考慮到我們的基礎有多廣泛，我傾向於認為我們會回歸常態。我不能不同意你的觀點，即標準可能高於我之前說過的中間個位數。

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.

我想問一下你的寬頻問題。它每年都在運行 20 多歲。你說第四季成長兩位數。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。我知道你說過，也許隨著時間的推移，這將是一個可以緩和的部分。只是想知道你是否對十月份發出了任何信號。

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，寬頻很熱門，言歸正傳。很熱。它很熱門，由兩件事驅動，我在評論中闡明了這一點：WiFi、WiFi 6。它作為連接的一部分，到全球家庭。那就是——我們確實再次成功地贏得了該市場的很大一部分。我們看到這種趨勢在下一代 WiFi 6E 中持續存在。

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.

但布萊恩，我應該說，推動 WiFi 發展的因素是寬頻，我也提到過，是光纖。光纖是多元化的——歐洲、美國的幾家大型電信公司都在向家庭提供光纖方面進行了大量投資。我想，在某種程度上，這尤其受到政治考量的驅動。他們希望能很好地連接家庭。你聽說英國電信公司公開表示他們希望——他們有一個計劃在未來 5、6 年內連接超過 2000 萬英國家庭。德國電信正在做同樣的事情，美國的 AT&T 也在做同樣的事情，他們在那裡有非常大的專案。

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，這些都是多年期計劃，每個運營商都將花費數十億美元的投資將光纖連接到家庭。在每個節點（光纖節點）的末端，您可以在家中最後 100 英尺內進行無線連接（WiFi）。所以我在這裡的意思是，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，從我們的角度來看，這是一個巨大的變化，因為我們看到了這些運營商的計劃。其中很大一部分是美國和歐洲以光纖形式投入大規模寬頻，因為從某些方面來說，這是擴展到家庭並與 5G 網路無線網路攜手並進的最有效方式，也是最經濟的方式。

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.

從市場佔有率來看，這對我們來說也很有趣，因為你曾經談論過中國在做寬頻光纖。今天，它已經超出了這個範圍。這是歐洲、美國，考慮到中國與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參與者數量要少得多。

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.

Hock，我注意到在您準備的腳本中，您對 Broadcom 在不同級別的高級 SerDes 中的一些領導地位的描述更加具體，並且您可能比過去更加明確地指出了這一點。這是該公司在自己的交換路由產品方面的優勢，也是 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.

我想知道你是否會——你是故意這麼說的嗎？考慮到你們的研發規模，競爭性方面是否發生了一些變化？你覺得領先優勢是擴大、縮小還是維持不變？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，你的洞察力非常敏銳，馬特。我這麼說的唯一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，就可能成為驅動專門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內容，尤其是在超雲中。出於您提到的原因，我們在這一領域絕對處於領先地位。

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。我們擁有大量的IP 呼叫，並且有能力為那些有能力並願意挑戰專業化（我們稱之為）的多個超大規模企業生產所有這些晶片的能力，我過去稱之為卸載計算引擎，無論是視頻還是視訊轉碼、機器學習，甚至人們所說的 DPU、智慧型 NIC（也稱為其他名稱），以及我們在多個雲端人員中部署的各種其他專用引擎和安全硬體。我想這只是強調我們仍然是領先者。

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

謝謝你這個。此時，我想將電話轉回給 Ji Yoo 女士做總結發言。

Thank you, operator.

謝謝你，接線生。

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 將在 9 月 9 日星期四舉行的德意志銀行技術會議和 9 月 14 日星期二舉行的花旗技術會議上發表演講。

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.

我們也將於 11 月 9 日星期二在紐約舉辦 Broadcom 軟體投資者會議。 Broadcom 軟體集團總裁 Tom Krause 將主持這場活動，我們軟體業務的高階領導也將出席。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.

我們今天的財報電話會議到此結束。感謝大家的加入。接線員，您可以結束通話了。

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。您現在可以斷開連線。