博通 (AVGO) 2021 Q2 法說會逐字稿

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

歡迎參加 Broadcom Inc. 的 2021 財年第二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。

Please go ahead.

請繼續。

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, Infrastructure 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； Tom Krause，基礎設施軟件集團總裁；和首席運營官 Charlie Kawwas。

Broadcom also distributed a press release and financial tables after the market closes, describing our financial performance for the second quarter of fiscal year 2021.

博通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 財年第二季度的財務業績。

If you did not receive a copy, you may obtain the information from the Investors section of Broadcom's website at broadcom.com.

如果您沒有收到副本，您可以從 Broadcom 網站 Broadcom.com 的“投資者”部分獲取信息。

This conference call is being webcast live, and a recording will be available via telephone playback for 1 week.

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。

It will also be archived in the Investors section of our website at broadcom.com.

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 second quarter fiscal year 2021 results, guidance for our third quarter as well as commentary regarding the business environment.

在準備好的評論中，Hock 和 Kirsten 將提供我們 2021 財年第二季度業績的詳細信息、我們第三季度的指導以及有關商業環境的評論。

We'll take questions after the end of our prepared comments.

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.

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。

A reconciliation between GAAP and non-GAAP measures is included in the tables attached to today's press release.

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。

Comments made during today's call will primarily refer to our non-GAAP financial results.

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，Ji，也謝謝大家今天加入我們。

In Q2, semiconductor solutions revenue grew a strong 20% year-on-year to $4.8 billion, with infrastructure software revenue growing an expected 4% year-on-year to $1.8 billion.

第二季度，半導體解決方案收入同比強勁增長 20% 至 48 億美元，基礎設施軟件收入預計同比增長 4% 至 18 億美元。

Consolidated net revenue was of $6.6 billion, up 15% year-on-year.

合併淨收入為 66 億美元，同比增長 15%。

Now on the last earnings call we had, we talked about how strong broadband and networking bookings were from hyper cloud and service providers, even as wireless was declining seasonally.

現在在我們舉行的最後一次財報電話會議上，我們談到了來自超雲和服務提供商的寬帶和網絡預訂有多強勁，即使無線網絡季節性下降。

In Q2 just passed, not only do we see broadband and networking sustaining, we now see a recovery of bookings from enterprise.

在剛剛過去的第二季度，我們不僅看到了寬帶和網絡的持續發展，而且現在我們看到了企業預訂量的恢復。

And on the supply side, hourly times have now stabilized, but the volume of bookings we are experiencing today continues to grow.

在供應方面，每小時的時間現在已經穩定，但我們今天所經歷的預訂量繼續增長。

Now we intend to meet such demand, and in doing so, we maintain our disciplined process of carefully reviewing our backlog, identifying real end user demand and delivering products accordingly.

現在我們打算滿足這樣的需求，並且在這樣做的過程中，我們保持嚴謹的流程，仔細審查我們的積壓工作，確定真正的最終用戶需求並相應地交付產品。

With that as context, let me provide you more color.

以此為背景，讓我為您提供更多顏色。

Starting with broadband, which interestingly now is going through somewhat of a renaissance.

從寬帶開始，有趣的是現在正在經歷某種複興。

Revenue grew 28% year-on-year and represented 18% of our semiconductor revenue.

收入同比增長 28%，占我們半導體收入的 18%。

As discussed during our Broadband Teach-In, the work, learn and play from home environment is driving global service providers to expand connectivity to the home.

正如我們在寬帶教學中所討論的，在家工作、學習和娛樂正在推動全球服務提供商擴大與家庭的連接。

In our broadband carrier access business, PON fiber or otherwise known as PON grew over 40% year-on-year, mostly with existing generation 2.5G.

在我們的寬帶運營商接入業務中，PON 光纖或其他稱為 PON 的同比增長超過 40%，主要是現有的 2.5G 代。

But with next-generation 10G PON representing only 30% today, there is significant room for content growth as 10G PON deploys over the next few years.

但目前下一代 10G PON 僅佔 30%，隨著未來幾年 10G PON 的部署，內容增長空間很大。

Not to be outdone by fiber, cable operators in the U.S. are driving deployment of DOCSIS 3.1 cable modems, we saw an 80% year-on-year growth, and planning to accelerate the upgrade to next-generation DOCSIS 4.0.

不甘示弱的光纖，美國的有線運營商正在推動 DOCSIS 3.1 有線調製解調器的部署，我們看到同比增長 80%，併計劃加速升級到下一代 DOCSIS 4.0。

Our broadband technologies, in fact, are enabling service providers to complement the 5G they deliver -- to deliver best experience for consumers.

事實上，我們的寬帶技術使服務提供商能夠補充他們提供的 5G——為消費者提供最佳體驗。

Now overlaying all this last-mile broadband upgrades, we see a demand surge for the latest WiFi 6 and 6E technology to enable the last 100 feet of connectivity in homes.

現在覆蓋所有這些最後一英里的寬帶升級，我們看到對最新 WiFi 6 和 6E 技術的需求激增，以實現家庭最後 100 英尺的連接。

Broadcom has emerged as the clear market and technology leader in WiFi for access gateways to the home and to enterprises, with over 50 million ports shipped in Q2 alone or a year-on-year revenue growth of some 30%.

Broadcom 已成為家庭和企業接入網關 WiFi 領域明顯的市場和技術領導者，僅在第二季度就出貨了超過 5000 萬個端口，收入同比增長約 30%。

On the other hand, as we might expect, with the push into higher-performance fiber, copper DSL, digital subscriber line deployments for wireline broadband, declined 30% year-on-year.

另一方面，正如我們預期的那樣，隨著高性能光纖、銅線 DSL、有線寬帶數字用戶線部署的推進，同比下降了 30%。

And with a lack of live events during the pandemic, video declined 20%.

由於大流行期間缺乏現場活動，視頻下降了 20%。

But with the onset of 5G, service providers are competing for subscribers, leading to technology upgrades globally in fiber, cable and WiFi connectivity.

但隨著 5G 的出現，服務提供商正在爭奪用戶，導致全球光纖、電纜和 WiFi 連接的技術升級。

We're seeing this investment cycle in broadband extending into 2022.

我們看到這個寬帶投資週期將延續到 2022 年。

And so for Q3, we expect to sustain double-digit year-on-year revenue growth in this segment.

因此，對於第三季度，我們預計該領域的收入將保持兩位數的同比增長。

Moving on to networking.

繼續網絡。

Networking grew 10% year-on-year and represented 32% of our semiconductor revenue.

網絡同比增長 10%，占我們半導體收入的 32%。

We experienced tailwinds from hyper cloud and telcos, partially offset by headwinds from enterprise.

我們經歷了來自超雲和電信公司的順風，部分被來自企業的逆風所抵消。

Revenue for switching was up 30% year-on-year, primarily driven by the strong ramp of our Trident and Tomahawk 3 for over 400G platforms and hyper cloud data centers.

交換收入同比增長 30%，主要是由於我們的 Trident 和 Tomahawk 3 用於超過 400G 平台和超雲數據中心的強勁增長。

In the network, service providers have been investing in 5G infrastructure worldwide, where the demand for Jericho2 at the metro core and Qumran at the edge have been robust with revenue up 35% year-on-year.

在網絡中，服務提供商一直在全球範圍內投資 5G 基礎設施，其中地鐵核心的 Jericho2 和邊緣的 Qumran 需求強勁，收入同比增長 35%。

On the other hand, enterprise demand in networking has not yet recovered, still down double digits from a year ago.

另一方面，企業在網絡方面的需求尚未恢復，仍比一年前下降了兩位數。

But as we go into the back half of the year, we expect to see hyper cloud upgrading to our next-generation Trident, Tomahawk 4 or over 800G switching platforms and sustained strength by service providers in network routing.

但隨著我們進入下半年，我們預計超雲將升級到我們的下一代 Trident、Tomahawk 4 或超過 800G 交換平台，並且服務提供商在網絡路由方面的持續實力。

And accordingly, in Q3, we expect networking revenue to maintain the trend of low double-digit growth year-on-year.

因此，在第三季度，我們預計網絡收入將保持同比低兩位數增長的趨勢。

We found the complete recovery of enterprise demand.

我們發現企業需求完全恢復。

Speaking of enterprise, let's talk about server storage connectivity, which represented approximately 12% of semiconductor revenue.

說到企業，讓我們談談服務器存儲連接，它約佔半導體收入的 12%。

This end market is largely driven by enterprise.

這個終端市場很大程度上是由企業驅動的。

And in line with our guidance, revenue was down 16% year-on-year.

根據我們的指導，收入同比下降 16%。

You may recall, however, in Q1, this was down 22%.

但是，您可能還記得，在第一季度，這一數字下降了 22%。

And as the economy starts to recover, we are seeing an improving demand trajectory.

隨著經濟開始復蘇，我們看到需求軌跡正在改善。

And so in Q3, we expect server storage connectivity revenue to be down high single-digit percentage year-on-year.

因此，在第三季度，我們預計服務器存儲連接收入將同比下降高個位數百分比。

With the launch of Intel's Ice Lake, AMD's Milan as well as future ARM-based servers, this space is turning quite exciting and innovative for us, both in hardware and software.

隨著英特爾 Ice Lake、AMD Milan 以及未來基於 ARM 的服務器的推出，這個空間在硬件和軟件方面對我們來說都變得非常令人興奮和創新。

And we will provide, obviously, more color during our next teach-in in July on our server storage business.

顯然，我們將在 7 月的下一次關於服務器存儲業務的培訓中提供更多色彩。

Moving on to wireless.

繼續無線。

Q2 revenue was down 16% sequentially, reflecting seasonality, with wireless representing 34% of semiconductor revenue mix.

第二季度收入環比下降 16%，反映了季節性因素，無線佔半導體收入組合的 34%。

Nonetheless, on a year-over-year basis, wireless revenue was up 48%, reflecting a very favorable compare year-on-year as well as content increases in FBAR and WiFi.

儘管如此，無線收入同比增長 48%，反映出非常有利的同比比較以及 FBAR 和 WiFi 的內容增長。

In Q2, we were able to ship more than we had originally planned.

在第二季度，我們的出貨量超過了我們最初的計劃。

And accordingly, in Q3, we expect the growth trend in wireless revenue to sustain but at over 30% year-on-year.

因此，在第三季度，我們預計無線收入的增長趨勢將保持不變，但同比增長將超過 30%。

Finally, industrial and other represented approximately 4% of Q2 semiconductor solutions revenue.

最後，工業和其他領域約佔第二季度半導體解決方案收入的 4%。

Resales grew 34% year-over-year in Q2, driven by recovery in automotive and China.

在汽車和中國市場復甦的推動下，第二季度的轉售量同比增長 34%。

Inventory in the channel continues to deplete as what we shipped in the distributors grew only 23%.

由於我們在分銷商的發貨量僅增長了 23%，因此渠道中的庫存繼續消耗。

Turning to Q3, we expect resales to continue to grow double-digit percentage on a year-on-year basis.

談到第三季度，我們預計轉售量將繼續同比增長兩位數。

Summary, Q2 semiconductor solutions segment was up 20% year-on-year.

總結，第二季度半導體解決方案部門同比增長 20%。

And in Q3, we expect revenue growth year-over-year to be of a similar amount.

在第三季度，我們預計收入同比增長將達到類似的水平。

Turning to software.

轉向軟件。

In Q2, infrastructure software produced another quarter of steady and predictable results as revenue grew 4% year-on-year and represented 27% of total revenue.

在第二季度，基礎設施軟件產生了又一個季度穩定且可預測的結果，收入同比增長 4%，佔總收入的 27%。

Now if we exclude professional services, our enterprise software revenue grew 7% actually year-over-year.

現在，如果我們排除專業服務，我們的企業軟件收入實際上同比增長了 7%。

And a further indicator of the quality and sustainability of our products, over 90% of our software bookings represented recurring subscription and maintenance with an average contract life span from core customers pretty much close to 3 years.

我們產品質量和可持續性的進一步指標是，超過 90% 的軟件預訂代表定期訂閱和維護，核心客戶的平均合同期限接近 3 年。

We continue to believe our infrastructure software business is on track to grow at or better than mid-single-digit percentage year-over-year, which is again what we expect to see in Q3.

我們仍然相信，我們的基礎設施軟件業務有望實現或高於中個位數百分比的同比增長，這再次是我們在第三季度看到的。

Summarizing this, demand continues to be robust, and so our Q2 consolidated net revenue grew 15% year-over-year.

總而言之，需求繼續強勁，因此我們的第二季度綜合淨收入同比增長 15%。

We expect the momentum to sustain in Q3 and total revenue to be at $6.75 billion or up 16% year-on-year.

我們預計第三季度的勢頭將持續，總收入將達到 67.5 億美元，同比增長 16%。

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

有了這個，現在讓我把電話轉給克爾斯滕。

Thank you, Hock.

謝謝你，霍克。

Let me now provide additional detail on our financial performance.

現在讓我提供有關我們財務業績的更多細節。

Revenue was $6.6 billion for the quarter, up 15% from a year ago.

本季度收入為 66 億美元，同比增長 15%。

Gross margins were a record 75% of revenue in the quarter and up approximately 180 basis points year-on-year.

本季度毛利率達到創紀錄的 75%，同比增長約 180 個基點。

Operating expenses were $1.2 billion, down 1% year-on-year, driven by lower SG&A, offset in part by increased investment in R&D.

運營費用為 12 億美元，同比下降 1%，主要受 SG&A 下降的推動，但部分被研發投資增加所抵消。

Operating income for the quarter was $3.8 billion and was up 25% from a year ago.

本季度營業收入為 38 億美元，同比增長 25%。

Operating margin was 58% of revenue, up approximately 470 basis points year-on-year.

營業利潤率為收入的 58%，同比增長約 470 個基點。

Adjusted EBITDA was $4 billion or 60% of revenue.

調整後的 EBITDA 為 40 億美元，佔收入的 60%。

This figure excludes $133 million of depreciation.

這個數字不包括 1.33 億美元的折舊。

Now a review of the P&L for our 2 segments.

現在回顧一下我們 2 個部分的損益表。

Revenue for our semiconductor solutions segment was $4.8 billion and represented 73% of total revenue in the quarter.

我們半導體解決方案部門的收入為 48 億美元，佔本季度總收入的 73%。

This was up 20% year-on-year.

這比去年同期增長了 20%。

Gross margins for our semiconductor solutions segment were approximately 69%, up 290 basis points year-on-year, driven primarily by higher product margins.

我們的半導體解決方案部門的毛利率約為 69%，同比增長 290 個基點，主要受產品利潤率提高的推動。

This margin improvement comes from content growth as we deploy more next-generation products in broadband and networking end markets.

隨著我們在寬帶和網絡終端市場部署更多下一代產品，這種利潤率的提高來自內容增長。

Operating expenses were $795 million in Q2, up approximately 2% year-on-year as we invested in R&D and streamlined SG&A.

由於我們投資於研發並簡化了 SG&A，第二季度的運營費用為 7.95 億美元，同比增長約 2%。

R&D was $702 million in Q2, up approximately 6% year-on-year.

第二季度研發費用為 7.02 億美元，同比增長約 6%。

Q2 operating margins increased to 53%, up 580 basis points year-on-year.

第二季度營業利潤率增至 53%，同比增長 580 個基點。

So while semiconductor revenue was up 20%, operating profit grew 35%.

因此，雖然半導體收入增長了 20%，但營業利潤卻增長了 35%。

Moving to the P&L for our infrastructure software segment.

轉向我們基礎設施軟件部門的損益表。

Revenue for infrastructure software was $1.8 billion and represented 27% of revenue.

基礎設施軟件的收入為 18 億美元，佔收入的 27%。

This was up 4% year-on-year.

這比去年同期增長了 4%。

Gross margins for infrastructure software were 90% in the quarter, up 100 basis points year-over-year.

本季度基礎設施軟件的毛利率為 90%，同比增長 100 個基點。

Operating expenses were $355 million in the quarter, down 8% year-on-year as we've completed the integration of Symantec.

由於我們完成了賽門鐵克的整合，本季度的運營費用為 3.55 億美元，同比下降 8%。

R&D spending at $228 million is up 1% year-over-year.

研發支出為 2.28 億美元，同比增長 1%。

Operating profit was up 10% year-on-year on top line growth of 4%.

營業利潤在收入增長 4% 的基礎上同比增長 10%。

Operating margin was 70% in Q2, up 360 basis points year-over-year.

第二季度營業利潤率為 70%，同比增長 360 個基點。

Moving to cash flow.

轉向現金流。

Free cash flow in the second quarter was $3.4 billion, representing 52% of revenue.

第二季度的自由現金流為 34 億美元，佔收入的 52%。

Days sales outstanding were 33 days in the second quarter compared to 51 days a year ago.

第二季度的銷售天數為 33 天，而去年同期為 51 天。

We ended the second quarter with inventory of $1 billion, an increase of $52 million or 5% from the end of the prior quarter.

我們在第二季度末的庫存為 10 億美元，比上一季度末增加了 5200 萬美元或 5%。

We should also note in Q2, we spent $126 million on capital expenditures.

我們還應該注意到，在第二季度，我們在資本支出上花費了 1.26 億美元。

On the financing front, we extended our weighted average debt maturity to approximately 10 years from 9 by exchanging notes.

在融資方面，我們通過交換票據將加權平均債務期限從 9 年延長至約 10 年。

Our weighted average coupon decreased about 5 basis points to 3.7%.

我們的加權平均票面利率下降約 5 個基點至 3.7%。

During the quarter, we made $1.5 billion in payments on debt obligations, ending the quarter with $9.5 billion of cash and $40.4 billion of total debt, of which $278 million is short term.

在本季度，我們支付了 15 億美元的債務，截至本季度末有 95 億美元的現金和 404 億美元的總債務，其中 2.78 億美元是短期的。

Turning to capital allocation.

轉向資本配置。

In the quarter, we paid stockholders $1.6 billion of cash dividends.

本季度，我們向股東支付了 16 億美元的現金股息。

We also paid $461 million in withholding taxes due on vesting of employee equity, resulting in the elimination of approximately 1 million AVGO shares.

我們還支付了 4.61 億美元的員工股權歸屬預扣稅，從而消除了大約 100 萬股 AVGO 股票。

We ended the quarter with 410 million outstanding common shares and 450 million diluted shares.

我們以 4.1 億股流通普通股和 4.5 億股稀釋股結束本季度。

Note that we expect the diluted share count to be 449 million in Q3.

請注意，我們預計第三季度的稀釋後股票數量為 4.49 億股。

The Board of Directors has approved a quarterly cash dividend on our common stock of $3.60 per share in Q3.

董事會已批准第三季度普通股的季度現金股息為每股 3.60 美元。

Based on current trends and conditions, our guidance for the third quarter of fiscal 2021 is for consolidated revenues to be $6.75 billion and adjusted EBITDA of approximately 60% of projected revenue.

根據當前的趨勢和情況，我們對 2021 財年第三季度的指導是綜合收入為 67.5 億美元，調整後的 EBITDA 約為預計收入的 60%。

That concludes my prepared remarks.

我準備好的發言到此結束。

Operator, please open up the call for questions.

接線員，請打開電話提問。

(Operator Instructions) Our first question comes from the line of John Pitzer of 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've got 2 quick ones.

霍克，我有兩個快速的。

First, within your wireless business, you've been able to sign long-term contracts with your key customer, and I'd argue that's benefited both you and them.

首先，在您的無線業務中，您已經能夠與您的主要客戶簽訂長期合同，我認為這對您和他們都有好處。

It's given you the confidence to invest in the business properly and then the confidence that you'll have supply for them when they need it.

它使您有信心正確地投資業務，然後有信心在他們需要時為他們提供供應。

I'm just kind of curious, given how tight things are elsewhere in the semi business, have you been able to parlay this into any longer-term customer contracts?

我只是有點好奇，考慮到半導體行業其他地方的情況有多緊張，你是否能夠將其用於任何長期客戶合同？

And what implications might that have as we all start to worry about the "end of cycle"?

當我們都開始擔心“週期結束”時，這可能會產生什麼影響？

And then secondly, just on your comments about enterprise recovery, can you elaborate on that?

其次，就您對企業恢復的評論，您能詳細說明一下嗎？

Was that specifically a storage comment?

那是專門的存儲評論嗎？

Or is that also a networking comment?

或者這也是網絡評論？

Okay.

好的。

Let me take the question one at a time.

讓我一次一個地回答這個問題。

On arrangements with long-term agreements, John, this is something we have been thoughtfully, carefully putting in place with our core strategic customers.

關於長期協議的安排，約翰，這是我們與我們的核心戰略客戶深思熟慮、認真落實的事情。

We just don't go do it as if it's commoditized.

我們只是不去做，好像它已經商品化了。

We're very thoughtful about doing it, and we do it in very specific areas where we know for sure that the technology is fairly, fairly difficult, complex to manage and which requires a substantial amount of R&D spending.

我們對此非常深思熟慮，並且我們在非常具體的領域進行，我們確信該技術相當、相當困難、管理複雜，並且需要大量的研發支出。

And we've been doing it for a while now with strategic customers in core businesses.

一段時間以來，我們一直在與核心業務中的戰略客戶合作。

So we just don't do it across the board.

所以我們只是不全面這樣做。

And what you pointed out is very, very correct.

你指出的非常非常正確。

It's a mutual -- then it's a structure, it's an agreement with mutual benefit.

這是一個相互的——然後它是一個結構，它是一個互惠互利的協議。

We have the confidence to invest in R&D to make CapEx capacity investment.

我們有信心在研發上投入資本來進行CapEx產能投資。

And in return, we offer the best leading-edge technology in specific areas in a timely manner to our critical customers.

作為回報，我們會及時為我們的關鍵客戶提供特定領域的最佳前沿技術。

So yes, we have been doing it, and we will continue to thoughtfully do it in a very appropriate manner.

所以是的，我們一直在這樣做，我們將繼續以非常適當的方式深思熟慮地這樣做。

On the second part, okay, which is -- if you could repeat the question, John?

在第二部分，好的，那就是——如果你能重複這個問題，約翰？

Let me be sure...

讓我確定...

Yes, just elaborate a little bit on your comments about an enterprise recovering brewing.

是的，請詳細說明您對企業正在恢復釀造的評論。

Was that mostly within storage?

那主要是在存儲中嗎？

Or was it networking?

還是網絡？

So I'm a little bit surprised, given some of Cisco's comments, that you're not a little bit more positive on the enterprise network space.

因此，鑑於思科的一些評論，我有點驚訝，您對企業網絡空間的看法並沒有更積極一點。

It is across -- it is for enterprise spending.

它是跨越 - 它是用於企業支出。

It is -- I won't say across the board necessarily and trying to define enterprise very appropriately.

它是——我不一定要全面地說，並試圖非常恰當地定義企業。

As you noticed in my comments, we've classified service providers, telcos as a separate animal, different from traditional enterprise.

正如您在我的評論中所注意到的，我們將服務提供商、電信公司歸類為與傳統企業不同的獨立動物。

And so -- and as I pointed out, based on broadband, telcos have been investing big time.

所以——正如我所指出的，基於寬帶，電信公司一直在投入大量時間。

Service providers, telcos have been investing in a huge manner over the past 12 months.

在過去的 12 個月裡，服務提供商、電信公司一直在進行巨額投資。

But traditional enterprise, the companies, whether it's the banks, the manufacturing sector, various retail customers, airlines, examples, no, these guys are in a recovery mode.

但是傳統企業，企業，無論是銀行，製造業，各種零售客戶，航空公司，例子，不，這些傢伙都處於復蘇模式。

And not surprising, we are seeing pandemic easing like, say, in North America.

毫不奇怪，我們看到大流行正在緩解，比如在北美。

And as it eases, we see a step-up in spending.

隨著它的緩解，我們看到支出有所增加。

But we do not see spending spiking up.

但我們沒有看到支出飆升。

Now obviously, if you look at some businesses that -- like warehouses that require WiFi networks, campus networking environment, you do see that improving.

現在很明顯，如果你看看一些企業——比如需要WiFi網絡的倉庫、校園網絡環境，你確實會看到這種改善。

But to say across the board, all enterprises are just spending money, not -- we are still seeing -- and as I showed that in server storage connectivity, we still see year-on-year, things are not up to what it was a year ago.

但是要全面地說，所有企業都只是在花錢，而不是——我們仍然看到——正如我所展示的，在服務器存儲連接方面，我們仍然看到同比增長，情況並沒有達到以前的水平一年前。

And that applies not just on data centers, namely compute.

這不僅適用於數據中心，即計算。

It also applies to data centers in enterprise, campus environment.

它也適用於企業、校園環境中的數據中心。

We see less of that but across the board.

我們看到的更少，但全面。

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

我們的下一個問題來自摩根大通的 Harlan Sur。

Great job on the quarterly execution, strong margins and free cash flow generation.

在季度執行、強勁的利潤和自由現金流的產生方面做得很好。

Hock, I think as you mentioned, we're still in the early phases of the 400-gig networking upgrade cycle with your hyperscale and telco customers.

霍克，我認為正如您所提到的，我們仍處於與您的超大規模和電信客戶進行 400 千兆網絡升級週期的早期階段。

I know 2 of your big cloud typing customers have already started the upgrade.

我知道你們的 2 個大型雲打字客戶已經開始升級。

It looks like there's another 2 more that are going to start the upgrade cycle here in the second half of this year and quite a bit more next year.

看起來還有另外 2 個將在今年下半年在這裡開始升級週期，明年還會有更多。

And then as you mentioned, you still have Tomahawk 4 ahead of you.

然後正如你所提到的，你還有戰斧 4。

So given the extended visibility that the team has with the strong backlog, do you see the cloud and telco upgrade cycle and inevitable recovery in enterprise driving continued year-over-year growth in networking into next year?

因此，鑑於團隊擁有強大的積壓，您是否認為雲和電信升級週期以及企業不可避免的複蘇推動了明年網絡的持續同比增長？

I don't -- we don't really try to guide more than 1 quarter at a time, first of all, because we're not that smart to be able to do that.

我不 - 首先，我們並沒有真正嘗試一次指導超過 1 個季度，因為我們沒有那麼聰明能夠做到這一點。

But on a broader trajectory, it does appear fairly much the trend, as we said, which is the hyper cloud guidance will push out in the second half, as I indicated, on the data center side on Tomahawk 4, the 800G platform.

但在更廣泛的軌跡上，正如我們所說，它確實出現了相當大的趨勢，即超雲指導將在下半年推出，正如我所指出的，在 800G 平台 Tomahawk 4 的數據中心方面。

In fact, we have substantial backlog for delivering in the back half of the year for Tomahawk 4.

事實上，我們在下半年交付戰斧 4 的工作量很大。

So we see that going on, and we -- you're right, we see the recovery step-by-step of the enterprise, though I do not see that really taking off in terms of reaching the level it was a year ago, probably until 2022.

所以我們看到這種情況正在發生，而且我們 - 你是對的，我們看到了企業的逐步復甦，儘管我認為它並沒有真正達到一年前的水平，可能要到2022年。

But what we do not know for sure is would that give pause to hyper cloud in their spending.

但我們不確定的是，這是否會暫停超雲的支出。

And that part, I'm just putting everything on the table.

而那部分，我只是把一切都擺在桌面上。

We're not sure whether hyper cloud spending will necessarily continue into 2022.

我們不確定超雲支出是否一定會持續到 2022 年。

We sensed it would.

我們感覺到它會。

We see some of the backlog.

我們看到了一些積壓。

But as enterprise steps up, one really never knows if the economy starts to rebalance in that side.

但隨著企業的崛起，人們真的永遠不知道經濟是否開始在這方面重新平衡。

But what we do see in broadband is service providers, the telcos in particular are, for sure, upgrading.

但是我們在寬帶中看到的是服務提供商，尤其是電信公司，當然，它們正在升級。

And here, this is the longer cycle of upgrade and we see them upgrade.

在這裡，這是更長的升級週期，我們看到它們升級。

And we see the backlog associated with it through 2022.

我們會看到到 2022 年與之相關的積壓工作。

Our next question comes from Ross Seymore of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Ross Seymore。

Congrats on the strong results.

恭喜取得了不錯的成績。

Hock, I want to dive a little bit into the lead time commentary that you had with that stabilizing.

霍克，我想深入了解一下你對穩定的提前時間評論。

Two quarters ago, you talked about the size of the book, the backlog you had.

兩個季度前，您談到了這本書的大小，以及您的積壓工作。

Last quarter, you talked about the year-over-year and even, in some instances, the sequential growth being so large in bookings.

上個季度，您談到了同比增長，甚至在某些情況下，預訂量的連續增長如此之大。

And now we're hearing that the lead times are stabilizing.

現在我們聽說交貨時間正在穩定。

People could interpret that a bunch of different ways as far as the implication on the demand side of the equation or that supply is catching up to it, or frankly, people are just ordering so far out that they're not willing to extend that any further.

人們可以用很多不同的方式來解釋等式對需求方的影響或供應正在趕上它，或者坦率地說，人們只是訂購得太遠了，他們不願意擴展任何更遠。

So I was hoping to double-click on that lead time commentary and get your feelings as to why it's stabilizing.

因此，我希望雙擊該前置時間評論並了解您對它為何穩定的感覺。

And do you take that as a positive or a negative?

你認為這是積極的還是消極的？

I'll just make a comment to say we have stretched out our lead times so far, Ross.

我只想發表評論說到目前為止我們已經延長了交貨時間，羅斯。

Good point you bring up -- and I'm glad you're bring it up to give me a chance to clarify a set of quick comments I made in my opening remarks that we are comfortable at the lead times we are on.

你提出的觀點很好——我很高興你提出這個問題是為了讓我有機會澄清我在開場白中發表的一系列快速評論，即我們對目前的交貨時間感到滿意。

And so what it is, is customers -- our customers are comfortable seeing our lead time now.

所以它就是客戶——我們的客戶現在很高興看到我們的交貨時間。

But one we have found rather remarkable over the last quarter is that even if our lead times remain stable, consistent, the volume of bookings we receive every week continues to grow.

但我們在上個季度發現相當顯著的一點是，即使我們的交貨時間保持穩定、一致，我們每週收到的預訂量仍在繼續增長。

I made that comment and thanks for the opportunity to make that -- reiterate that point.

我發表了評論並感謝有機會發表評論——重申這一點。

Same lead time, stable for last 3 months, but the booking rate we are seeing every week continues to step up.

交貨時間相同，過去 3 個月保持穩定，但我們每週看到的預訂率繼續提高。

Our next question comes from Vivek Arya of 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。

Hock, I had another one on the supply situation.

霍克，我有另一個關於供應情況的信息。

If there were no supply constraints, how fast would your semiconductor business be growing?

如果沒有供應限制，您的半導體業務將增長多快？

And kind of part B of that is, what is driving the shortages for you right now?

其中的 B 部分是，是什麼導致了您現在的短缺？

And what are you doing to resolve it?

你正在做什麼來解決它？

And do you have any kind of gut feel on when the supply situation will become normal?

您對供應情況何時會變得正常有任何直覺嗎？

One of the first -- I'll answer the first and the last.

第一個——我會回答第一個和最後一個。

In between, I'm not sure.

在這之間，我不確定。

But on the first, it's -- we will not put ourselves in a situation nor should anyone do it because there's also a certain amount.

但首先，它是——我們不會把自己置於某種情況下，也不應該任何人這樣做，因為也有一定的數量。

You do not -- we do not want our customers, and I don't think any of our peers want to do that either, to buy, to hoard, to create buffers, to buy ahead of what they need.

你不 - 我們不想要我們的客戶，我認為我們的任何同行也不想這樣做，購買、囤積、創造緩衝、提前購買他們需要的東西。

So we try to mesh, identify, as I said, and go through a process of rigorously understanding true end demand.

因此，正如我所說，我們嘗試進行網格化、識別，並通過嚴格理解真正的最終需求的過程。

In other words, we look for drop date quantities as the term is used in the industry.

換句話說，我們會根據行業中使用的術語來查找投放日期數量。

And we ship to those drop date quantities and maybe a little more.

我們運送到那些下降日期的數量，也許更多。

And what you see today is the true growth rate we are representing.

你今天看到的是我們所代表的真實增長率。

We are not hiding what could have been.

我們並沒有隱瞞可能發生的事情。

There's no what could have been.

沒有什麼本來可以的。

We're shipping to what we believe the customers consider as the true real demand.

我們將運送到我們認為客戶認為的真正需求的地方。

Now having said that, we may be delivering -- doing JIT, just-in-time.

話雖如此，我們可能正在交付——即時執行 JIT。

But nonetheless, we do try to fulfill what customer truly want just in a timely basis.

但儘管如此，我們確實努力及時滿足客戶真正想要的東西。

And that still continues today, regardless of the size of the backlog we have, but this is really in that regard.

無論我們的積壓工作有多大，這種情況今天仍在繼續，但這確實是在這方面。

And from our perspective, the challenges we have in the supply chain is a constant side challenge.

從我們的角度來看，我們在供應鏈中面臨的挑戰是一個持續的挑戰。

It's to ensure that we get components, whether it's wafers, substrates, getting our products assembled, tested and any other small components on a timely basis to make sure that we can keep this thing running.

這是為了確保我們及時獲得組件，無論是晶圓、基板、組裝、測試我們的產品以及任何其他小組件，以確保我們能夠保持這個東西運行。

And if you look at the size of our inventory versus the size of our cost of goods sold or revenue quarterly, you can see that we run pretty close to just-in-time through our entire supply chain.

如果您查看我們的庫存規模與我們每季度銷售的商品成本或收入的規模，您會發現我們在整個供應鏈中的運行非常接近準時制。

And we've been able to do it and sustain that.

我們已經能夠做到並維持這一點。

And so what we're reporting to you like 20% year-on-year growth on semiconductor components is, in our view, a pretty decent reflection what is truly end demand needs out there.

因此，在我們看來，我們向您報告的半導體組件同比增長 20% 相當不錯地反映了真正的最終需求需求。

All right.

好的。

The next question comes from Timothy Arcuri of UBS.

下一個問題來自瑞銀的蒂莫西·阿庫裡。

Hock, I guess I wanted to ask you what you think the long-term growth rate is of your semiconductor business.

霍克，我想我想問你，你認為你的半導體業務的長期增長率是多少。

You're sort of trending to the high teens this year, but that's kind of due to easy comps and you have the compressed iPhone launch and the pull forward of some of these technologies due to the pandemic.

今年你的趨勢有點像青少年，但這是由於簡單的組合，你有壓縮的 iPhone 發布，以及由於大流行而推動了其中一些技術的發展。

So once this all sort of normalizes, what do you think is the right long-term growth rate for the business?

因此，一旦這一切正常化，您認為該業務的正確長期增長率是多少？

Are you still thinking 5%?

你還在想5%嗎？

Or do you think maybe just given the strength of the bookings recently that it could be better than that?

或者你認為也許只是考慮到最近預訂的強度，它可能比這更好？

That's a hell of a question.

這真是個問題。

And I'll tell you this.

我會告訴你這個。

Right now, we're in the midst of a very strong demand, and that's also created perhaps, as we all know about, a severe imbalance between demand and supply, demand and supply works to catch up.

目前，我們正處於非常強勁的需求之中，而眾所周知，這也可能造成供需之間的嚴重失衡，供需努力迎頭趕上。

But if you look at it long enough, I think the dynamics underlying -- the fundamental dynamics underlying the semiconductor industry hasn't yet changed.

但如果你看的夠久，我認為背後的動力——半導體行業的基本動力還沒有改變。

At least I haven't seen it change.

至少我沒有看到它改變。

So Tim, that's my -- that's the best answer I can give you, which is I haven't changed my thinking, if we look over the next 10 years, how this industry will behave because it is a relatively mature industry.

所以蒂姆，這是我的 - 這是我能給你的最好答案，我沒有改變我的想法，如果我們展望未來 10 年，這個行業將如何表現，因為它是一個相對成熟的行業。

It's evolutionary.

它是進化的。

Technology is still evolving, which is great for us.

技術仍在不斷發展，這對我們來說非常棒。

And it keeps getting better and better.

而且它一直在變得越來越好。

But it's evolving.

但它正在發展。

Disruption, as people like to say in this industry, is less of an event.

正如人們喜歡在這個行業中所說的那樣，顛覆並不是一件大事。

It's evolutionary.

它是進化的。

And I have not seen anything that tells me there's a fundamental change.

而且我還沒有看到任何東西告訴我有根本性的變化。

Our next question comes from Craig Hettenbach of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Craig Hettenbach。

Hock, just given the ongoing strength in free cash flow and improved balance sheet, can you just talk about your thoughts on the M&A environment and also -- and/or buybacks, how you're thinking about cash deployment as you go forward?

霍克，剛剛考慮到自由現金流和資產負債表的持續增長，您能否談談您對併購環境的看法以及 - 和/或回購，您如何看待未來的現金部署？

Yes, I'll take that one.

是的，我要那個。

This is Kirsten.

這是克爾斯滕。

Relative to capital allocation, first and foremost, we're dedicated to paying 50% of our free cash flows to our shareholders.

相對於資本配置，首先，我們致力於將 50% 的自由現金流支付給股東。

And so that would be first.

所以這將是第一個。

Secondly, M&A, if we can -- accretive M&A, it would be the second objective.

其次，併購，如果可以的話——增值併購，這將是第二個目標。

Then thirdly, stock buybacks, and at the end, there would be debt repayments.

第三，股票回購，最後是償還債務。

So I think that's how we're looking at capital allocation in that order.

所以我認為這就是我們按照這個順序看待資本配置的方式。

There isn't anything yet on the M&A front that I can talk about.

在併購方面，我還沒有什麼可以談論的。

But if anything does come up, we'll let you know.

但如果有任何事情發生，我們會通知您。

Our next question comes from Blayne Curtis of Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

Just curious, a little more detail on the gross margin.

只是好奇，關於毛利率的更多細節。

It's a record gross margin.

這是創紀錄的毛利率。

Any color on product or segment?

產品或細分市場上有顏色嗎？

And then I guess as you look forward here, if you could describe what you're still dealing with in terms of excess costs due to COVID and then how to think about it as enterprise comes back.

然後我想，當您在這裡期待時，您是否可以描述由於 COVID 導致的超額成本方面您仍在處理的問題，然後在企業回歸時如何考慮它。

Should that be additive to the gross margin?

這應該增加毛利率嗎？

I expect gross margin next quarter to be about the same as it was this quarter.

我預計下個季度的毛利率將與本季度大致相同。

And then as you know, at the end of the year, we're expecting wireless to come back in for the normal ramp that we have.

然後如你所知，在今年年底，我們期待無線技術能夠回歸正常的坡道。

And so the margins will come down a bit towards the end of the year.

因此，到今年年底，利潤率會有所下降。

But at this point, I see us being able to sustain the margins that we experienced this quarter, mostly coming from networking and broadband.

但在這一點上，我認為我們能夠維持本季度所經歷的利潤率，主要來自網絡和寬帶。

Blayne, at the risk of perhaps repeating ourselves -- myself too much from past conversations that I had with you -- with all you guys, our gross margin has this natural trend of continuing to keep expanding year-on-year, not necessarily quarter-on-quarter but -- sequentially as much as year-on-year, simply because we tend to have a chance to go to a new product life -- product new -- next-generation product across some of our franchise products.

Blayne，冒著重複自己的風險——我過去與你們的談話太多了——與你們所有人一起，我們的毛利率有這種自然趨勢，即繼續保持同比增長，不一定是季度- 環比，但 - 與去年同期一樣多，僅僅是因為我們傾向於有機會進入新的產品生活 - 新產品 - 我們的一些特許產品的下一代產品。

And it's a combination of all this.

這是所有這些的結合。

So the natural growth of -- expansion of gross margin for our business, especially in the semi side -- particularly in the semi side, which I assume your question is related to, Blayne is, as I've always said, we have a gross margin expansion range of 50 to 150 basis points year-by-year.

因此，我們業務的毛利率的自然增長，特別是在半成品方面 - 特別是在半成品方面，我認為你的問題與此有關，正如我一直說的，Blayne 是，我們有一個毛利率逐年擴大50至150個基點。

And it's an average across our 24, 25 different -- well, I should take out software, just hardware, about 20 or so different product lines, each with a different product life cycle and each going to its new generation product each time.

這是我們 24、25 種不同產品的平均值——嗯，我應該去掉軟件，只是硬件，大約 20 條左右不同的產品線，每個產品線都有不同的產品生命週期，並且每次都使用其新一代產品。

Because as you know, each time we come to a new generation product, we get a lift in margins, in product margins, which translates to gross margin.

因為如您所知，每次我們推出新一代產品時，我們的利潤率都會提高，產品利潤率會提高，這會轉化為毛利率。

So it's not unusual to see us go to the high end of the range.

因此，看到我們進入該系列的高端並不罕見。

And in this particular case, year-on-year, it's a bit more than the higher end of the range.

在這種特殊情況下，與去年同期相比，它略高於該範圍的高端。

And that's probably related to perhaps a separate mix of products in this environment because there's still puts and takes across our product range.

這可能與這種環境中的單獨產品組合有關，因為在我們的產品範圍內仍然存在投入和產出。

Not everything is on fire.

並非一切都著火了。

And based on that, we end up with higher than the normal 50 to 150 basis point range.

基於此，我們最終得到高於正常的 50 至 150 個基點範圍。

But I don't think this is something that will go on forever.

但我認為這不會永遠持續下去。

But you should expect that year after year, you will see that 50 to 150 basis point improvement in gross margin on the semiconductor side.

但你應該預計，年復一年，你會看到半導體方面的毛利率提高 50 到 150 個基點。

Our next question comes from Toshiya Hari of Goldman Sachs.

我們的下一個問題來自高盛的 Toshiya Hari。

I had 2 actually, 1 on wireless and 1 on the cost side.

實際上我有 2 個，1 個在無線端，1 個在成本端。

Hock, in terms of wireless, I guess in Q2, revenue came in better than expected.

霍克，在無線方面，我猜第二季度的收入好於預期。

I just wanted to understand, was that primarily supply being better?

我只是想了解，主要是供應更好嗎？

Or were there dynamics on the demand side that came in better than expected?

還是需求方面的動態好於預期？

And then sticking to wireless, as you think about the next-generation product cycle at your largest customer, how are you thinking about the content opportunity at this point?

然後堅持無線，當您考慮最大客戶的下一代產品週期時，您如何看待此時的內容機會？

You pretty much know what's locked in.

你幾乎知道什麼被鎖定了。

If you can comment on RF and WiFi and touch -- and maybe compare and contrast this uplift in this cycle vis-a-vis past cycles, that would be super helpful.

如果您可以評論 RF 和 WiFi 並觸摸——也許可以比較和對比本週期與過去週期中的這種提升，那將非常有幫助。

And then on the cost side, based on the comments you just made about gross margin expansion and some of Kirsten's comments, I doubt cost inflation is having impact on your business.

然後在成本方面，根據您剛剛對毛利率擴張的評論和 Kirsten 的一些評論，我懷疑成本膨脹正在影響您的業務。

But if you can speak to wafer pricing and substrates and what you're seeing from a cost perspective over the next year or so, that would be super helpful.

但是，如果您可以談論晶圓定價和基板以及您在未來一年左右從成本角度看到的情況，那將非常有幫助。

All right.

好的。

Let's start with the first one.

讓我們從第一個開始。

And if I lost track of the last 2, you better remind me.

如果我忘記了最後兩個，你最好提醒我。

But on wireless, you're right.

但是在無線上，你是對的。

What I indicated was Q2 wireless was kind of higher than we -- than we had originally planned and a lot related to demand.

我指出的是，第二季度的無線網絡比我們的要高——比我們最初計劃的要高，而且與需求有很大關係。

Of course, it's demand.

當然是需求。

We will never ship just because we have the products.

我們永遠不會僅僅因為我們有產品就發貨。

It's based on demand, wanting it, and so we're happy to fulfill it.

它基於需求，想要它，所以我們很樂意實現它。

And part of the demand may actually come a bit from Q3.

部分需求實際上可能來自第三季度。

Not sure 100% yet because this is -- demand comes in short cycles.

還不確定 100%，因為這是 - 需求來自短週期。

And it may, and perhaps that's why we are a bit careful about telling you Q3 year-on-year improvement is still 30-plus percent year-on-year growth.

它可能，也許這就是為什麼我們有點謹慎地告訴你第三季度的同比增長仍然是同比增長 30% 以上。

I'm not saying 40%-plus.

我不是說 40% 以上。

But we don't know for sure, except we know that we do pull in some from Q3 to Q2, not much, and that allows Q2 to perform that 48% year-on-year growth, which is great.

但我們不確定，除了我們知道我們確實從第三季度到第二季度拉進了一些，不多，這使得第二季度能夠實現 48% 的同比增長，這很棒。

But Q3 will still be pretty good year-on-year, as we fully expect.

但正如我們完全預期的那樣，第三季度的同比仍將相當不錯。

And related to content and all that, I prefer, at this point in this sensitive arena with a highly sensitive situation, to not answer that question at all.

關於內容和所有這些，我寧願在這個高度敏感的敏感舞台上，根本不回答這個問題。

No offense, please, but I can't answer that question.

請不要冒犯，但我無法回答這個問題。

But I'll be happy to take the third question, which is, yes, we have cost inflation in this environment where, as we all know, the semiconductor supply chain is on a severe constraint on its ability to provide.

但我很樂意回答第三個問題，是的，我們在這種環境中存在成本膨脹，眾所周知，半導體供應鏈的供應能力受到嚴重限制。

Now we are very large.

現在我們很大了。

We are a very, very large customer and a very loyal customer to many of our suppliers, all of our key components.

我們是一個非常非常大的客戶，對我們的許多供應商和我們所有的關鍵組件都是非常忠誠的客戶。

And so we believe we are treated very well.

所以我們相信我們得到了很好的對待。

Having said that, where prices are concerned, of course not.

話雖如此，在價格方面，當然不是。

We see cost inflation.

我們看到成本膨脹。

And in this environment, we are very, very open to talking to our customers who are, in turn, very open to being able to address cost -- inflationary cost pressure in a higher purchase price on your side.

在這種環境下，我們非常非常願意與我們的客戶交談，而這些客戶反過來也非常願意解決成本問題——在你這邊更高的採購價格帶來的通脹成本壓力。

So we're good, which is why our margin has been stable.

所以我們很好，這就是我們的利潤率一直穩定的原因。

Our next question comes from C.J. Muse of Evercore.

我們的下一個問題來自 Evercore 的 C.J. Muse。

I guess another question on the supply chain and I guess a bigger picture question, Hock.

我猜是供應鏈上的另一個問題，我猜是一個更大的問題，Hock。

If you think about your increased lead times, you talked earlier to John's question about selective strategic agreements with key customers.

如果您考慮增加的交貨時間，您之前談到了約翰關於與關鍵客戶的選擇性戰略協議的問題。

At the same time, we're taking multiyear kind of take-or-pay contracts with foundries.

與此同時，我們正在與代工廠簽訂多年的照付不議合同。

Curious if you see any structural changes to the semi industry as we kind of emerge post pandemic.

好奇你是否看到我們在大流行後出現的半導體行業的任何結構性變化。

Okay.

好的。

My frank opinion, I don't know.

我的坦率意見，我不知道。

There shouldn't be.

不應該有。

Same question that was asked is, do I think the semiconductor industry over the next 10, 20 years will grow any faster or slower?

被問到的同樣問題是，我認為未來 10 年、20 年的半導體行業增長會更快還是更慢？

And my view is no, I don't think -- I don't see any fundamental things that have changed.

我的觀點是不，我不認為——我沒有看到任何基本的事情發生了變化。

See, while we're in the thick of this storm, so to speak, of course, all hell breaks loose, as the expression goes.

看，當我們正處於這場風暴的濃烈之中時，可以這麼說，當然，正如表達式所說，所有的地獄都破裂了。

But these are cycles we all have seen many times in the semiconductor industry.

但這些都是我們在半導體行業中多次看到的周期。

And maybe this is a bit extreme with -- in the context of the pandemic over the course of 2020, now extending partly into 2021, but the supply will step up at some point.

也許這有點極端——在 2020 年大流行的背景下，現在部分延長到 2021 年，但供應將在某個時候增加。

And demand is always there because people need technology, people need the performance, need the technology that we all offer in the products we provide.

需求始終存在，因為人們需要技術，人們需要性能，需要我們在我們提供的產品中提供的技術。

And we'll be competing the same way we have been competing.

我們將以與我們一直競爭相同的方式競爭。

And it's not necessarily related to creating long-term agreement or any such thing.

而且它不一定與創建長期協議或任何此類事情有關。

It's about being able to provide the best technology, the best product in a timely manner for your customers.

這是關於能夠及時為您的客戶提供最好的技術、最好的產品。

And it doesn't matter that you do any agreements if at the end of the day, you lack the technology or you lack the products that customers need to make themselves successful to be able to deploy very well in a good manner.

如果在一天結束時，您缺乏技術，或者您缺乏客戶需要使自己成功以能夠以良好方式很好地部署的產品，那麼您是否達成任何協議也沒關係。

And that has always been the semiconductor industry.

這一直是半導體行業。

And that is -- there will -- I do not see anything that changes that.

那就是——會有——我看不出有什麼改變。

Now putting long-term agreements might make life easier.

現在簽訂長期協議可能會讓生活更輕鬆。

But I think it's just a myth.

但我認為這只是一個神話。

We still have to establish ourselves that we can outperform, out-engineer the competition.

我們仍然必須建立自己，我們可以超越競爭對手，超越競爭對手。

Our next question comes from Chris Danely of Citi.

我們的下一個問題來自花旗銀行的 Chris Danely。

There's a lot of talk, worries, speculation, I don't know, old wives' tales, whatever, about this big inventory build of handsets in China.

有很多關於中國手機庫存的大量討論、擔憂、猜測，我不知道，老太太的故事，不管怎樣。

Any thoughts there, Hock and team?

有什麼想法嗎，霍克和團隊？

And what would be the potential impact for Broadcom?

Broadcom 的潛在影響是什麼？

Well, not directly.

好吧，不是直接的。

If there's such a big overhang sitting out there, not directly because our wireless business, our wireless product, as we have fully articulated, pretty much sells to 2 large customers largely.

如果有這麼大的懸而未決，不是直接因為我們的無線業務，我們的無線產品，正如我們已經充分闡明的那樣，幾乎主要銷售給兩個大客戶。

And we're talking about handset.

我們正在談論手機。

We do not sell much, if any, to the handset product -- handset guys, OEMs that is in China.

我們不會向手機產品——中國的手機製造商、原始設備製造商——銷售太多（如果有的話）。

And we sell to 2 big customers, 1 in North America, 1 in Korea.

我們向 2 個大客戶銷售，1 個在北美，1 個在韓國。

And these are very high-end flagship status phones.

這些都是非常高端的旗艦狀態手機。

And that's it.

就是這樣。

And now that could be indirect blowback and that I do recognize in certain markets if there is an excess of inventory that needs to be just thrown out there.

現在這可能是間接的反擊，我確實在某些市場上認識到，如果有多餘的庫存需要直接扔掉。

But on the other side, on a direct basis, we do not see any -- we do not expect to see any impact.

但另一方面，直接而言，我們沒有看到任何影響——我們預計不會看到任何影響。

At this time, I'd like to turn the call over to Ji Yoo for closing remarks.

在這個時候，我想把電話轉給 Ji Yoo 做結束語。

Thank you, operator.

謝謝你，接線員。

In closing, please note that Hock will be presenting at the BofA Securities Technology Conference on Tuesday, June 8. Following our networking and broadband teach-ins earlier this year, Broadcom and Bernstein will be hosting a teach-in on our storage businesses on Wednesday, July 21 at 12 p.m.

最後，請注意，Hock 將於 6 月 8 日星期二在美國銀行證券技術會議上發表演講。繼今年早些時候我們的網絡和寬帶教學之後，博通和伯恩斯坦將在周三舉辦關於我們存儲業務的教學, 7 月 21 日下午 12 點

Eastern, 9 a.m.

東部時間上午 9 點

Pacific.

太平洋。

Hock will be joined by Jas Tremblay, General Manager of our Server Storage Connectivity business; Jack Rondoni, General Manager of our SAN business; and Dan Dolan, Marketing Head of our Hard Disk Drive business.

我們的服務器存儲連接業務總經理 Jas Tremblay 將加入 Hock；我們的 SAN 業務總經理 Jack Rondoni；以及我們硬盤驅動器業務的營銷主管 Dan Dolan。

That will conclude our earnings call today.

這將結束我們今天的財報電話會議。

Thank you all for joining.

謝謝大家的加入。

Operator, you may end the call.

接線員，您可以掛斷電話。

Thank you.

謝謝你。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。