博通 (AVGO) 2021 Q1 法說會逐字稿

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

歡迎參加 Broadcom Inc. 的 2021 財年第一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, ma'am.

請繼續，女士。

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 closed, describing our financial performance for the first quarter of fiscal year '21.

博通還在市場收盤後發布了一份新聞稿和財務表格，描述了我們在 21 財年第一季度的財務業績。

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 first quarter fiscal year '21 results, guidance for our second 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 21 財年第一季度業績的詳細信息、我們第二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 today -- during today's call will primarily refer to our non-GAAP financial results.

今天發表的評論——在今天的電話會議中將主要指我們的非公認會計準則財務業績。

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。

Well, we delivered net revenue of $6.7 billion, up 14% year-on-year.

好吧，我們實現了 67 億美元的淨收入，同比增長 14%。

Semiconductor solutions revenue was $4.9 billion, increasing 17% year-on-year.

半導體解決方案收入為 49 億美元，同比增長 17%。

Infrastructure software revenue was $1.7 billion, up 5% year-on-year.

基礎設施軟件收入為 17 億美元，同比增長 5%。

Let me turn first to semiconductor solutions.

讓我先談談半導體解決方案。

But before I get into the numbers, perhaps it would be very constructive for me to give you my perspective on the situation today and in fact, what has actually evolved over the past 9 months.

但在我進入這些數字之前，也許對我來說，我對今天的情況以及實際上在過去 9 個月中實際發生的變化的看法對你來說是非常有建設性的。

You may recall in our earnings call Q2 fiscal '20 around middle of last year that we highlighted supply chain challenges.

您可能還記得在去年年中左右的 20 財年第二季度財報電話會議中，我們強調了供應鏈挑戰。

Since then, we have started extending lead times across our product portfolio.

從那時起，我們開始在我們的產品組合中延長交貨時間。

We stretched these lead times further over the past 9 months, as we saw demand within end markets continue to increase.

在過去 9 個月中，我們進一步延長了這些交貨時間，因為我們看到終端市場的需求繼續增加。

So fast forward to today, we see customers accelerating their bookings for early deliveries and attempting to build buffers and creating the demand-supply imbalance you don't hear out there.

快進到今天，我們看到客戶加快了提前交貨的預訂速度，並試圖建立緩衝並造成您沒有聽到的供需失衡。

In anticipation of this phenomenon, we put in place, in mid-2020, a very rigorous, disciplined process of carefully reviewing our backlog, identifying real end-user demand and aligning our supply chain to more closely match end user consumption.

預見到這一現象，我們在 2020 年年中實施了一個非常嚴格、紀律嚴明的流程，仔細審查我們的積壓訂單，確定真正的最終用戶需求，並調整我們的供應鏈以更緊密地匹配最終用戶的消費。

Of course, not all end markets are behaving the same way.

當然，並非所有終端市場的行為方式都相同。

But we believe we have done a very good job of balancing demand and supply in our end markets.

但我們相信我們在平衡終端市場的供需方面做得非常好。

And what I'm reporting today does recently reflect what's been consumed by our end users.

我今天報告的內容最近確實反映了我們最終用戶的消費情況。

With that, let me get into the numbers.

有了這個，讓我進入數字。

In semiconductors, we grew 17% year-on-year organically.

在半導體領域，我們有機地同比增長 17%。

Starting with wireless, we hit a seasonal peak in Q1, where wireless was up 52% year-on-year and reached 40% of semiconductor revenue mix.

從無線開始，我們在第一季度達到了季節性高峰，無線同比增長 52%，達到半導體收入組合的 40%。

This sharp increase was in large part due to a higher content -- FBAR content was up, and we shipped in high volumes WiFi 6 and WiFi 6E, the next generation of WiFi 6.

這種急劇增長在很大程度上是由於更高的內容——FBAR 內容增加了，我們大量出貨了 WiFi 6 和 WiFi 6E，即下一代 WiFi 6。

As expected, Q2 wireless revenue will now show a typical seasonal decline sequentially, even as anticipated revenues will be up 30% to 40% year-on-year.

正如預期的那樣，第二季度無線收入現在將出現典型的季節性下降，儘管預期收入將同比增長 30% 至 40%。

And as we look into the second half of the year, we are planning for typical revenue ramp in this space and structuring our in-house FBAR fab capacity appropriately.

當我們展望下半年時，我們正計劃在這個領域實現典型的收入增長，並適當地構建我們內部的 FBAR 晶圓廠產能。

This should result in sustaining the year-on-year growth trend we now see in Q2 through the second half of the year.

這應該會導致我們現在看到的第二季度到下半年的同比增長趨勢得以維持。

Moving on, networking represented approximately 29% of our semiconductor solution revenue in the quarter and grew 15% year-on-year.

接下來，網絡在本季度約占我們半導體解決方案收入的 29%，同比增長 15%。

Demand is strong, driven largely by data center spend in the cloud and global telcos who continue to upgrade their infrastructure and networks.

需求強勁，主要受雲中數據中心支出和繼續升級基礎設施和網絡的全球電信公司的推動。

Sustainability of this strength is evidenced by bookings as they jump 80% year-on-year and 62% sequentially.

預訂量同比增長 80%，環比增長 62%，證明了這種實力的可持續性。

Demand for switch and routing platforms, both of the current and as well as next-generation, is robust.

對當前和下一代交換機和路由平台的需求強勁。

But as anticipated, our AI TPU business was seasonally down this quarter.

但正如預期的那樣，我們的 AI TPU 業務在本季度出現了季節性下滑。

Moving on to Q2, we expect networking to be up sequentially and continue the trend of being up year-on-year, driven by continued strength we see in cloud and telcos, offset partially by continued weakness in enterprise.

進入第二季度，我們預計網絡將連續增長，並繼續保持同比增長的趨勢，這得益於我們在雲和電信公司看到的持續強勢，部分被企業持續疲軟所抵消。

Turning to broadband, which represented approximately 15% of semiconductor solutions.

轉向寬帶，約佔半導體解決方案的 15%。

Revenue was up 8% year-on-year, driven by the work from home environment.

受在家工作環境的推動，收入同比增長 8%。

Multiple telcos in Europe and the U.S. continue to roll out PON and cable DOCSIS.

歐洲和美國的多家電信公司繼續推出 PON 和有線 DOCSIS。

Embedded in this wireline gateways are our next-generation WiFi 6 access points.

嵌入在這個有線網關中的是我們的下一代 WiFi 6 接入點。

Softness in enterprise was more than offset by the strong demand from retail home routers even as telcos continue to spend.

即使電信公司繼續支出，零售家庭路由器的強勁需求也大大抵消了企業的疲軟。

Looking at Q2, we are enabling the launch of new WiFi 6-enabled platforms with higher value content for North American and European telcos.

展望第二季度，我們正在為北美和歐洲的電信公司推出具有更高價值內容的支持 WiFi 6 的新平台。

As a result, we do see demand accelerating consumption -- and consumption increasing, and we expect to generate double-digit year-on-year revenue growth in broadband.

因此，我們確實看到需求加速消費 - 並且消費增加，我們預計寬帶收入將實現兩位數的同比增長。

Server storage connectivity represented approximately 12% of Q1 semiconductor revenue.

服務器存儲連接約佔第一季度半導體收入的 12%。

This segment is largely driven by enterprise demand, as we know.

正如我們所知，這部分主要是由企業需求驅動的。

And not surprisingly, service storage revenue was down 22% year-on-year, reflecting continued softness in end-user demand as well as OEMs, original equipment manufacturers, depleting their inventory in this space.

毫不奇怪，服務存儲收入同比下降 22%，反映出終端用戶需求持續疲軟以及 OEM、原始設備製造商耗盡了他們在該領域的庫存。

While bookings have improved, these are largely for demand in the second half.

雖然預訂量有所改善，但這主要是為了滿足下半年的需求。

And accordingly, we expect revenue in Q2 to continue to be down year-over-year by double-digit percentage.

因此，我們預計第二季度的收入將繼續同比下降兩位數。

However, we do expect some recovery based on our bookings received in the second half.

但是，根據我們在下半年收到的預訂，我們確實預計會有一些復甦。

And finally, industrial represented approximately 4% of Q1 semiconductor solution revenue.

最後，工業約佔第一季度半導體解決方案收入的 4%。

Resales grew 13% year-over-year in Q1, driven by a recovery of multiple economic factors in China.

受中國多種經濟因素復甦的推動，第一季度轉售量同比增長 13%。

Turning to Q2, we expect resales to grow at roughly the same level as we see recovering now occurring as well in Japan and Europe.

談到第二季度，我們預計轉售的增長水平與我們現在看到的日本和歐洲正在復甦的水平大致相同。

Inventory in the channel for us continues to deplete, and we may have to increase shipments and revenues to replenish channel inventory this quarter.

對我們來說，渠道庫存持續消耗，本季度我們可能不得不增加出貨量和收入來補充渠道庫存。

So in summary, semiconductor solution revenue -- segment revenue was up 17% year-on-year in Q1.

綜上所述，第一季度半導體解決方案收入——部門收入同比增長 17%。

Q2, we expect this year-over-year percentage revenue to continue at a similar -- around a similar amount in spite of a seasonal decline in wireless.

第二季度，儘管無線業務出現季節性下降，我們預計今年的同比收入百分比將繼續保持相似 - 大致相似。

The way it looks now, this relatively strong trend appears to be sustaining through most of 2021.

現在看來，這種相對強勁的趨勢似乎會持續到 2021 年的大部分時間。

However, in our view, this very high and unusual secular growth rate merely highlights and accelerated adoption of our connectivity platforms during this pandemic.

然而，在我們看來，這種非常高且不尋常的長期增長率僅僅突顯並加速了我們在大流行期間的連接平台的採用。

Turning to our other segment, software.

轉向我們的另一個部分，軟件。

Q1 2021 was our first quarter that on a year-on-year basis provides an organic comparison following the Symantec acquisition.

2021 年第一季度是我們在收購賽門鐵克之後的第一季度，與去年同期相比提供了有機比較。

In Q1, infrastructure software revenue growth was 5% year-on-year.

第一季度，基礎設施軟件收入同比增長5%。

In dollar terms, bookings averaged 122% over expiring contracts, while core accounts averaged 137%.

以美元計算，預訂量平均超過到期合同的 122%，而核心客戶平均為 137%。

Now over 90% of these bookings represented recurring subscription and maintenance.

現在，超過 90% 的預訂代表定期訂閱和維護。

Our strategy of focusing on core accounts continues to perform well as we cross-sell our portfolio of software tools.

隨著我們交叉銷售我們的軟件工具組合，我們專注於核心客戶的戰略繼續表現良好。

In other words, our software portfolio continues to perform as we had planned and continues to be on track with our long-term financial model for organic software revenue growth of around mid-single-digit percentage year-over-year.

換句話說，我們的軟件組合繼續按照我們的計劃運行，並繼續按照我們的長期財務模型進行，有機軟件收入同比增長約為中個位數百分比。

And that's something we expect to continue to see in Q2.

這是我們希望在第二季度繼續看到的情況。

So in summary, our Q1 consolidated net revenue grew 14% year-on-year.

綜上所述，我們第一季度的綜合淨收入同比增長 14%。

We expect a similar growth trajectory in Q2, which could bring revenue to $6.5 billion or a 13% year-on-year growth.

我們預計第二季度會有類似的增長軌跡，這可能使收入達到 65 億美元或同比增長 13%。

So with that, I will now turn the call over to Kirsten.

因此，我現在將把電話轉給 Kirsten。

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。

Net revenue was a record $6.7 billion for the quarter, up 14% from a year ago.

本季度淨收入達到創紀錄的 67 億美元，同比增長 14%。

Gross margins were 73% of revenue in the quarter and up approximately 30 basis points year-on-year.

本季度毛利率佔收入的 73%，同比增長約 30 個基點。

Operating expenses were $1.1 billion, down 8% year-on-year, reflective of the full benefit of the completed Symantec integration.

運營費用為 11 億美元，同比下降 8%，反映了賽門鐵克完成整合帶來的全部收益。

Operating income from continuing operations for the quarter was $3.8 billion and is up 23% from a year ago.

本季度持續經營業務的營業收入為 38 億美元，同比增長 23%。

Operating margin was 57% of revenue, up 420 basis points year-on-year.

營業利潤率為收入的 57%，同比增長 420 個基點。

Adjusted EBITDA was $3.9 billion or 59% of revenue.

調整後的 EBITDA 為 39 億美元，佔收入的 59%。

This figure excludes $138 million of depreciation.

這個數字不包括 1.38 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 semiconductor solutions was $4.9 billion and represented 74% of total revenue in the quarter.

半導體解決方案的收入為 49 億美元，佔該季度總收入的 74%。

This was up 17% year-on-year.

這比去年同期增長了 17%。

Gross margins for semiconductor solutions were approximately 67% in the quarter, up 220 basis points year-on-year, notwithstanding the higher mix of lower-margin wireless revenue.

本季度半導體解決方案的毛利率約為 67%，同比增長 220 個基點，儘管利潤率較低的無線收入佔比較高。

Operating expenses were $750 million in Q1, down 3% year-on-year as we invested in R&D and streamlined SG&A.

第一季度運營費用為 7.5 億美元，同比下降 3%，原因是我們投資於研發並簡化了 SG&A。

Because of this, operating margins increased to 52% in Q1, up 350 basis points year-on-year.

正因為如此，第一季度的營業利潤率增至 52%，同比增長 350 個基點。

So while semiconductor revenue was up 17%, operating profit grew 25%, all organic.

因此，雖然半導體收入增長了 17%，但營業利潤增長了 25%，都是有機的。

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 $1.7 billion and represented 26% of revenue.

基礎設施軟件的收入為 17 億美元，佔收入的 26%。

This was up 5% year-on-year.

這比去年同期增長了 5%。

Gross margins for infrastructure software were 90% in the quarter, up 190 basis points year-over-year.

本季度基礎設施軟件的毛利率為 90%，同比增長 190 個基點。

Operating expenses were $346 million in the quarter, down 18% 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 3.46 億美元，同比下降 18%。

Operating profit was up 17% year-on-year on top line growth of 5%.

營業利潤在收入增長 5% 的基礎上同比增長 17%。

Operating margin was 70% in Q1, up 740 basis points year-over-year.

第一季度的營業利潤率為 70%，同比增長 740 個基點。

Moving to cash flow.

轉向現金流。

Free cash flow in the first quarter was approximately $3 billion, representing 45% of revenue.

第一季度的自由現金流約為 30 億美元，佔收入的 45%。

This is up 35% year-over-year as we carefully manage working capital.

由於我們謹慎管理營運資金，這一數字同比增長 35%。

Days sales outstanding were 35 days in the first quarter compared to 57 days a year ago.

第一季度的銷售天數為 35 天，而去年同期為 57 天。

We ended the quarter with inventory of $952 million, a decrease of $51 million or 5% from the end of the prior quarter.

我們在本季度末的庫存為 9.52 億美元，比上一季度末減少了 5100 萬美元或 5%。

We should also note in Q1, we spent $114 million on capital expenditures.

我們還應該注意到，在第一季度，我們在資本支出上花費了 1.14 億美元。

On the financing front, we extended our weighted average debt maturity to approximately 9 years from 6 by issuing new notes that we use to refinance and redeem existing debt.

在融資方面，我們通過發行用於再融資和贖回現有債務的新票據，將加權平均債務期限從 6 年延長至約 9 年。

Our weighted average coupon increased about 23 basis points to 3.8%.

我們的加權平均票息增長約 23 個基點至 3.8%。

We ended the quarter with $9.6 billion of cash and $41.9 billion of debt, of which $843 million is short term.

我們在本季度結束時擁有 96 億美元的現金和 419 億美元的債務，其中 8.43 億美元是短期的。

Turning to capital allocation.

轉向資本配置。

In the quarter, we paid our common stockholders $1.5 billion of cash dividends.

在本季度，我們向普通股股東支付了 15 億美元的現金股息。

We also paid $225 million of withholding taxes due on vesting of employee equity, resulting in the elimination of approximately 521,000 AVGO shares.

我們還支付了 2.25 億美元的員工股權歸屬預扣稅，從而消除了大約 521,000 股 AVGO 股票。

We ended the quarter with 408 million outstanding common shares and 450 million diluted shares.

我們在本季度末有 4.08 億股流通普通股和 4.5 億股稀釋股。

Note that we expect the diluted share count to be 450 million in Q2.

請注意，我們預計第二季度的稀釋後股票數量為 4.5 億股。

Based on current business trends and conditions, our guidance for the second quarter of fiscal '21 is for consolidated net revenues of $6.5 billion and adjusted EBITDA of approximately 59% of projected revenue.

根據當前的業務趨勢和狀況，我們對 21 財年第二季度的指導是合併淨收入為 65 億美元，調整後的 EBITDA 約為預計收入的 59%。

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 will come from Ross Seymore with Deutsche Bank.

（操作員說明）我們的第一個問題將來自德意志銀行的 Ross Seymore。

Hock, some good color on the supply side of the equation and a little bit about your lead times extending.

霍克，等式的供應方面有一些很好的色彩，還有一點關於你的交貨時間延長。

I wanted to dive a little bit into that.

我想深入了解一下。

Last quarter, you talked about a backlog.

上個季度，您談到了積壓。

I think the number was $14 billion.

我認為這個數字是 140 億美元。

Can you talk a little bit about the composition of your backlog today, how it is on an absolute level and the sustainability of it as investors are wondering if this demand is just too good to be sustainable and what does it mean to excess bookings, double ordering, that sort of inventory digestion that will inevitably follow thereafter?

你能談談你今天積壓的構成，它是如何在絕對水平上以及它的可持續性，因為投資者想知道這種需求是否太好以至於無法持續，這對超額預訂意味著什麼，加倍訂購，之後不可避免的那種庫存消化？

Well, it's a very interesting question, a very, very appropriate question at this time.

嗯，這是一個非常有趣的問題，在這個時候是一個非常非常合適的問題。

And as I say, we have had -- as I indicated, we started this process almost 9 months ago because we've seen demand that are quite strong.

正如我所說，我們已經 - 正如我所指出的，我們在大約 9 個月前開始了這個過程，因為我們已經看到了非常強勁的需求。

And we started the process of thinking how we best ensure very, very good use of our supply chain capacity.

我們開始思考如何最好地確保非常非常好地利用我們的供應鏈能力。

And basically, as I said, we went through this process rigorously scrubbing our backlog.

基本上，正如我所說，我們通過這個過程嚴格清理我們的積壓工作。

And by the way, our entire backlog -- virtually, our entire backlog follow a set of terms, a key set of terms we mentioned before, which is noncancelable for any of the customers who book those.

順便說一句，我們的整個積壓 - 實際上，我們的整個積壓都遵循一組條款，我們之前提到的一組關鍵條款，對於預訂這些條款的任何客戶都是不可取消的。

And they still apply, more so than ever.

他們仍然適用，比以往任何時候都更適用。

So double bookings from our point of view, is not -- it's never been an issue.

因此，從我們的角度來看，雙重預訂不是 - 這從來都不是問題。

And as we stretch out lead times, we are seeing customers obviously booked for delivery dates for customer requests they set further out.

隨著我們延長交貨時間，我們看到客戶顯然為他們進一步提出的客戶要求預訂了交貨日期。

So that makes sense, too.

所以這也是有道理的。

And that's why it makes the process of create or being able to match customer consumption close -- as close as we could do it against what we supply to be something that makes sense.

這就是為什麼它使創建過程或能夠匹配客戶消費的過程接近 - 盡可能接近我們提供的東西是有意義的。

And we've done that.

我們已經做到了。

And I think we are fairly -- we could always do better, but we feel pretty good that we have a reasonable process in place that ensures that our customers get their products and maybe just in time, but they do get their products when they need it.

我認為我們是公平的——我們總是可以做得更好，但我們感覺很好，我們有一個合理的流程來確保我們的客戶得到他們的產品，也許是及時，但他們確實在需要時得到他們的產品它。

And we believe we have managed this process of supply, demand and imbalance fairly very, very well, as I indicated.

正如我所指出的，我們相信我們已經非常非常好地管理了這個供需和失衡的過程。

And in fact, as I made -- to repeat the point I highlighted, our revenue year-on-year in Q1 was up 17%.

事實上，正如我所說——重複我強調的觀點，我們第一季度的收入同比增長了 17%。

But as I also indicated, our bookings was up 63%.

但正如我還指出的那樣，我們的預訂量增加了 63%。

That by itself proves there is a lot of demand, and people are booking out very far.

這本身就證明有很多需求，而且人們預訂得很遠。

We are virtually 90% booked for 2021 and -- if you laid out what they need.

我們在 2021 年的預訂量幾乎達到 90%，而且——如果你列出了他們的需求。

And we believe this is real because they can't cancel it.

我們相信這是真實的，因為他們無法取消它。

And obviously, in order to do reach that point, to one of your points, as our backlog as we begin Q2 increase from when we began Q1, yes, it has.

顯然，為了達到這一點，達到你的觀點之一，因為我們在第二季度開始時的積壓工作從第一季度開始就增加了，是的，確實如此。

We have and quite significantly as we start to see lead times even stretched out more.

當我們開始看到交貨時間甚至更長時，我們已經並且相當顯著。

And the strength, we believe, of our products, not only products that are incumbent and used today, but what is coming down the pipe as next-generation products, which have already released but await launching is proven by the fact that we have customers, many of them, and reflecting a backlog while willing to book out for delivery of those products out through the rest of 2021.

我們相信，我們產品的實力，不僅是現有的和今天使用的產品，而且作為已經發布但等待發布的下一代產品正在醞釀之中，這一點由我們擁有客戶的事實證明，其中許多，並反映了積壓，同時願意預訂在 2021 年剩餘時間內交付這些產品。

Our next question will come from Harlan Sur with JPMorgan.

我們的下一個問題將來自摩根大通的 Harlan Sur。

Hock, the biggest concern by investors right now is your ability to drive growth in the seasonally stronger second half of your fiscal year, your July and October quarters, when you start to ramp into your flagship smartphone customers.

霍克，投資者現在最大的擔憂是，當你開始進入旗艦智能手機客戶時，你能否在本財年下半年季節性更強的季度，即 7 月和 10 月季度推動增長。

If I just apply normal seasonal trends in wireless, combined with, let's say, sustained networking strength and as you mentioned, recovery and storage, that would get me revenues in the second half in that sort of $6.7 billion, $7 billion range.

如果我只是應用無線領域的正常季節性趨勢，再加上持續的網絡強度以及如你所提到的恢復和存儲，那麼下半年的收入將達到 67 億美元到 70 億美元的範圍。

And now I'm not asking you to endorse those numbers, but I guess the question is, from a supply chain perspective, has the team secured enough capacity to drive higher revenues in July and October quarter if your backlog supported that profile?

現在我不是要你支持這些數字，但我想問題是，從供應鏈的角度來看，如果你的積壓支持該配置文件，團隊是否獲得了足夠的能力在 7 月和 10 月季度推動更高的收入？

If -- you are really asking me to guide you, (inaudible), and I'm not guiding you.

如果——你真的要我指導你，（聽不清），而我不是在指導你。

But I do understand your question.

但我確實理解你的問題。

And you have seen in my prepared remarks just earlier of where we see ourselves planning and the trend to go.

你已經在我早些時候準備好的評論中看到了我們看到自己的計劃和發展趨勢。

We have -- I've also specifically mentioned where we are manufacturing, like FBAR in-house, which is a big part of what is the upcycle in -- the seasonal upcycle in the back half on the wireless side that we have put in place the capacity to handle it.

我們有——我還特別提到了我們在哪裡製造，比如內部的 FBAR，這是上升週期的重要組成部分——我們投入的無線端后半部分的季節性上升週期放置處理它的能力。

The simple answer to your question is, yes, we have done a decent job, as I said, over the last 6 months, and we continue to do a decent job of being able to meet our -- the critical needs of all our customers.

對您的問題的簡單回答是，是的，正如我所說，在過去 6 個月裡，我們做得很好，而且我們繼續做得很好，能夠滿足我們所有客戶的關鍵需求.

Our next question will come from Vivek Arya with Bank of America Securities.

我們的下一個問題將來自美國銀行證券公司的 Vivek Arya。

Hock, you mentioned you expected this 30%, 40% kind of year-on-year growth rates in wireless to sustain in the back half.

霍克，您提到您預計無線行業 30%、40% 的同比增長率將在下半年維持。

I was hoping if you could give us some color on what kind of content growth you are expecting this year.

我希望你能給我們一些關於你今年期待什麼樣的內容增長的顏色。

And then looking forward, how much does Broadcom benefit from all these C-band spectrum auctions that were conducted recently?

然後展望未來，Broadcom 從最近進行的所有這些 C 波段頻譜拍賣中受益多少？

I assume that's more of an outer year benefit.

我認為這更多的是外部年度收益。

On the latter part, yes, it is an outer year.

在後半部分，是的，這是一個外部年份。

This thing don't get implemented so fast.

這件事不會這麼快實施。

And on the former part of your question, I can't answer that.

關於你問題的前一部分，我無法回答。

I'm sorry, for obvious reasons.

對不起，原因很明顯。

It's too early.

太早了。

We'll tell you about it when the time is appropriate.

我們會在適當的時候告訴你。

Thank you.

謝謝你。

Our next question will come from John Pitzer with Credit Suisse.

我們的下一個問題將來自瑞士信貸的約翰·皮策。

Hock, I just want to get back to the supply-demand imbalance.

霍克，我只想回到供需失衡的問題。

You did a really good job kind of explaining how you guys are trying to call your backlog.

你在解釋你們如何試圖調用你的積壓工作方面做得非常好。

I'm kind of curious, as you look out over the next couple of quarters, when do you think supply will catch up to demand enough, such as your customers don't feel obligated to have to build that cushion?

我有點好奇，當您展望接下來的幾個季度時，您認為供應何時會足夠滿足需求，例如您的客戶不覺得有義務建立這種緩衝？

Another way of answering that question, John, I think, is when you see lead time to reduce -- maybe not to reduce and perhaps normalize.

約翰，我認為，另一種回答這個問題的方法是，當你看到交貨時間減少時——也許不是減少，也許是正常化。

That's probably the other way of looking at that equation.

這可能是看待這個等式的另一種方式。

And right now, I don't know the answer to that.

而現在，我不知道這個問題的答案。

What we do know is we have extended lead time today in place, and we've been extending the lead time over the past several months, as I indicated.

正如我所指出的，我們所知道的是，我們今天已經延長了交貨時間，而且我們在過去幾個月裡一直在延長交貨時間。

And we have a fairly extended lead time today.

我們今天的交貨時間相當長。

And we're getting the bookings from the customer.

我們正在從客戶那裡獲得預訂。

And when the bookings disappear is probably when you know you're headed to a situation of demand starting to disappear.

當預訂消失時，您可能知道自己即將面臨需求開始消失的情況。

We have not reached that point yet.

我們還沒有達到那個地步。

Far from it at this point.

在這一點上遠非如此。

Our next question will come from Stacy Rasgon with Bernstein Research.

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

So Hock, you're saying that you're stretching out lead times, I get it.

所以霍克，你是說你在延長交貨時間，我明白了。

But I think before, you told us the lead times were 6 months.

但我想之前，你告訴我們交貨時間是 6 個月。

So if you're stretching them out, where are they actually sitting today?

所以如果你把它們拉長，它們今天實際上坐在哪裡？

And how does that maybe vary by end market?

這可能因終端市場而異？

And I guess to that end, you said you're kind of convinced that what you're shipping now sort of represents end user consumption.

我想為此，你說你有點相信你現在運送的東西代表了最終用戶的消費。

How do you actually have any visibility into that?

您實際上如何對此有任何了解？

And do you think the users -- I mean are the products actually going into end products?

你認為用戶——我的意思是產品是否真的進入了最終產品？

How do you know the users aren't stockpiling them and ordering them while they can?

你怎麼知道用戶沒有在他們可以的時候儲存它們並訂購它們？

How do you have any visibility into what they're doing with them?

您如何了解他們對他們所做的事情？

That's a hell of a good question, by the way.

順便說一句，這是一個很好的問題。

And it cuts to the core of the work we've been doing.

它切入了我們一直在做的工作的核心。

We've never been working harder simply because, number one, is don't forget, we supply -- we do supply -- I mean we supply a range of products, and we do supply to a bunch of customers.

我們從來沒有更加努力地工作，因為，第一，不要忘記，我們供應——我們確實供應——我的意思是我們供應一系列產品，我們確實供應給一群客戶。

But keep in mind, if I could remind you over the -- of the business model, we have built up the structure we build up.

但請記住，如果我可以提醒您商業模式，我們已經建立了我們建立的結構。

We provide technology leadership product in multiple verticals, mostly connectivity into the IT space.

我們在多個垂直領域提供技術領先產品，主要是連接到 IT 領域。

And where we are, we're the leader.

我們在哪裡，我們就是領導者。

Where we play, we tend to be leader.

在我們比賽的地方，我們往往是領導者。

And we play with leading customers worldwide.

我們與全球領先的客戶合作。

We know who those guys are.

我們知道那些人是誰。

We know the level of consumption.

我們知道消費水平。

And in many areas, where we go -- and we're talking end-user demand.

在許多領域，我們去哪裡——我們談論的是最終用戶的需求。

We're not talking about middle people -- middleman like distributors, for sure.

我們不是在談論中間人——當然是像分銷商這樣的中間人。

We indicated we don't -- for our leading customers, we don't go to distributors.

我們表示我們不會——對於我們的主要客戶，我們不會去找分銷商。

And for OEMs, we track it because who they sell that end demand -- that -- those -- our products to is where it counts at the end of the day.

對於原始設備製造商而言，我們對其進行跟踪是因為他們將最終需求——那些——我們的產品賣給了誰，這在一天結束時才是最重要的。

And in many cases of -- in one segment, in particular, server storage, but it also applies to some extent and part of our networking business and to a much lesser extent in our broadband business, for sure.

在許多情況下——在一個領域，特別是服務器存儲，但它在一定程度上也適用於我們的網絡業務的一部分，當然，在我們的寬帶業務中的範圍要小得多。

We actually see the difference between -- in terms of whether it's just inventory depletion at original equipment manufacturers or even buffer inventory sitting in end users versus actually using the product in the same quarter we ship them the product.

我們實際上看到了兩者之間的區別——無論是原始設備製造商的庫存消耗，還是最終用戶的緩衝庫存，與在我們向他們發貨的同一季度實際使用該產品。

We track that.

我們對此進行跟踪。

And that's really -- and for us, it's not that complex when you think about our revenues.

這真的 - 對我們來說，當你考慮我們的收入時，它並沒有那麼複雜。

In semiconductors, 75% of our revenues really goes to just over 100 customers worldwide.

在半導體領域，我們 75% 的收入真正流向了全球 100 多家客戶。

We can track it.

我們可以追踪它。

Our next question will come from Craig Hettenbach with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Craig Hettenbach。

Yes.

是的。

I appreciate the color on the software bookings relative to revenue.

我很欣賞軟件預訂相對於收入的顏色。

Now that you have Symantec for a year and CA for a couple of years, can you just talk about the confidence of the growth rates on a longer-term basis that you're talking about?

既然您擁有 Symantec 一年和 CA 幾年，您能談談您所談論的長期增長率的信心嗎？

I know you touched on the 90% recurring, but just really how the global large accounts are kind of -- how that transition is playing out?

我知道你談到了 90% 的經常性，但實際上全球大客戶是怎樣的——這種轉變是如何進行的？

Yes.

是的。

As I indicated in my prepared remarks on some of the key metrics we go by, we feel very, very good about those 2. We feel very good that things are moving along and tracking along where we -- both the business and financial model where we expect them to go, which is about focusing on core customers and truly uplifting capacity, entitlements, products to those core customers across our portfolio.

正如我在準備好的關於我們通過的一些關鍵指標的評論中指出的那樣，我們對這兩個指標感覺非常非常好。我們感覺非常好，事情正在朝著我們的方向發展——無論是商業模式還是財務模式。我們預計他們會離開，這是關於關注核心客戶並真正提升我們投資組合中這些核心客戶的能力、權利和產品。

I mean -- and you've seen the metrics we indicated, they increased.

我的意思是——你已經看到我們指出的指標，它們增加了。

And on noncore, you've also -- while we don't say -- what I said previously is we do see a level of attrition, manageable, but it will.

在非核心方面，你也 - 雖然我們沒有說 - 我之前說過的是我們確實看到了一定程度的減員，可以控制，但它會。

And as they trade -- but is offset by improvement in core.

隨著他們的交易——但被核心的改善所抵消。

We expect to be able to reach a stabilization, as I say, around mid-single digits on a very consistent basis.

正如我所說，我們希望能夠在非常一致的基礎上達到穩定在中個位數左右。

And we have seen that 2 years now that we have gone through, over 2 years now.

我們已經看到了 2 年，現在我們已經經歷了 2 年多。

And we've seen that happen.

我們已經看到了這種情況。

We have seen 8 quarters, 9 quarters to be exact, of that level of performance and is a great line of sight.

我們已經看到了 8 個季度，準確地說是 9 個季度，具有這種性能水平，並且是一個很好的視線。

The other thing I might add that it's also interesting, and I know stating the obvious to some extent, is most of all our customers, if not all of them, are enterprises, even in this environment.

我可能要補充的另一件事是，它也很有趣，而且我知道在某種程度上說顯而易見的是，即使在這種環境中，我們所有的客戶（如果不是全部的話）都是企業。

You heard when I tell by enterprise in semiconductors and how -- and the approach -- the different approach, the different characteristics and behavior enterprises have in terms of demand requirements in this environment of a pandemic, work from home to -- compared to telcos, broadband and public cloud.

當我講述半導體行業的企業以及與電信公司相比，在這種大流行的環境下，企業在需求要求方面的不同方法、不同特徵和行為時，你聽到了。 、寬帶和公共雲。

We don't see that in software, in the infrastructure software we have, simply because these are mission-critical products, tools embedded in the business process of these largest enterprises in the world who, if anything else, during this environment, consume more of those products rather than less.

我們沒有在軟件中看到，在我們擁有的基礎設施軟件中，僅僅因為這些是任務關鍵型產品，嵌入在世界上這些最大企業的業務流程中的工具，如果有的話，在這種環境下，消耗更多這些產品，而不是更少。

Our next question will come from Timothy Arcuri with UBS.

我們的下一個問題將來自瑞銀的 Timothy Arcuri。

I guess I also had a question on the supply-demand.

我想我也有關於供需的問題。

Hock, orders obviously were up quite a bit in fiscal Q1, Q-on-Q, given that revenue was up in backlog.

霍克，鑑於收入積壓增加，第一財季第一季度的訂單顯然增加了很多，Q-on-Q。

I think you said was up significantly.

我認為你說的上升幅度很大。

So as you look into fiscal Q2, wireless orders are obviously going to come down a lot.

因此，當您查看第二財季時，無線訂單顯然會下降很多。

So I'm wondering if orders in the other parts of the business are going to be strong enough such that total orders will be up in fiscal Q2 again.

因此，我想知道該業務其他部分的訂單是否足夠強勁，以至於總訂單將在第二財季再次上升。

Tim, if we are talking about -- when you say orders, and I hear you say orders, let me say, the orders, actually, ramped up to this current generation of phones for a large North American customer, as we ramp it up for this current generation, bookings started ramping up as early as Q3, really shot up in Q4 and started declining late Q4 and Q1.

蒂姆，如果我們在談論 - 當你說訂單時，我聽到你說訂單，讓我說，實際上，隨著我們的增加，訂單增加到了這一代大型北美客戶的手機對於這一代人來說，預訂量早在第三季度就開始增加，在第四季度真正飆升，並在第四季度末和第一季度開始下降。

So bookings was already declining.

所以預訂量已經在下降。

And when I indicated Q1 bookings year-on-year improvement of 80% and what I'm also saying is that is netting out a decline in bookings of our wireless in a fairly substantial manner as it would have -- you would expect seasonality.

當我表示第一季度的預訂量同比增長 80% 時，我還要說的是，這會以相當大的方式抵消我們無線網絡預訂量的下降——你會期待季節性。

So the answer is, yes.

所以答案是，是的。

What we are seeing -- what I'm reflecting out to you, guys, when I showed those bookings, the revenue is -- the bookings that we're showing in Q1, which is fairly strong, reflects declining bookings in wireless as we all fully expect seasonally in -- at that -- during that time frame.

我們所看到的——我向你們反映的是，當我展示這些預訂時，收入是——我們在第一季度展示的預訂相當強勁，反映了無線預訂的下降，因為我們所有人都完全期望在那個時間範圍內季節性地出現。

Our next question will come from Toshiya Hari with Goldman Sachs.

我們的下一個問題將來自高盛的 Toshiya Hari。

Hock, I wanted to ask about capital allocation.

霍克，我想問一下資本配置。

The dividend component is pretty predictable.

股息部分是相當可預測的。

But outside of the dividend, how are you thinking about paying down debt, buying back stock and M&A and software?

但在股息之外，您如何考慮償還債務、回購股票以及併購和軟件？

The markets are clearly very volatile right now, but how are you thinking about those 3 buckets on a relative basis?

市場現在顯然非常不穩定，但是您如何相對地考慮這三個桶？

That's a very interesting question.

這是一個非常有趣的問題。

I was wondering when one of you guys will get to that and sure enough.

我想知道你們中的一個人甚麼時候能做到這一點，而且確實如此。

You're right, we are accumulating cash.

你是對的，我們正在積累現金。

And you heard Kirsten mention it.

你聽到克爾斯滕提到它。

We are generating cash.

我們正在產生現金。

In Q1, we generated $3 billion of cash.

在第一季度，我們產生了 30 億美元的現金。

And that was -- Q1 also is the time we pay out bonuses to all our employees.

那是 - 第一季度也是我們向所有員工支付獎金的時間。

So if I, in fact, normalize that, that's about -- we're generating a $3.5 billion a quarter is our free cash flow.

因此，如果我實際上將其正常化，那就是 - 我們每季度產生 35 億美元是我們的自由現金流。

So it's building -- and half of that goes to dividends or almost half of it, as you correctly say.

所以它正在建立——正如你正確地說的那樣，其中一半用於股息或幾乎一半。

So that's predetermined.

所以這是預定的。

And the other half for now, we are putting into an increasing cash portfolio.

而目前的另一半，我們正在增加現金投資組合。

And you're right.

你是對的。

Well, look -- and our business model and strategy, as you know, long term, is to acquire and add on to our portfolio, add on to our earnings stream for our shareholders.

好吧，看 - 我們的商業模式和戰略，如你所知，長期而言，是收購併增加我們的投資組合，為我們的股東增加我們的收益流。

And we take that very seriously, and we continue to look at it very seriously.

我們非常重視這一點，我們會繼續非常認真地看待它。

If -- and so -- and that -- this takes time, and we continue to look at it.

如果 - 等等 - 那 - 這需要時間，我們將繼續關注它。

And we want to take an approach -- my point that we would be somewhat flexible to that as we accumulate cash.

我們想採取一種方法——我的觀點是，隨著我們積累現金，我們會對此有所靈活性。

And by end of this calendar -- fiscal year, we haven't done an acquisition, we'll obviously take a hard look at our 2 other choices.

到本財年結束時，我們還沒有進行收購，我們顯然會認真考慮我們的另外兩個選擇。

One is pay down debt.

一是償還債務。

And that may even happen before then, pay down debt.

這甚至可能在那之前發生，還清債務。

But interest rates are very low, and money is very available, and we're still very investment grade.

但是利率很低，資金很充裕，而且我們仍然是非常投資級別的。

And the other alternative is buy back shares.

另一種選擇是回購股票。

And all these are open.

所有這些都是開放的。

Our next question will come from Blayne Curtis with Barclays.

我們的下一個問題將來自巴克萊銀行的 Blayne Curtis。

Hock, I was just curious a little bit more on the wireless.

霍克，我只是對無線有點好奇。

We don't have the right compares year-over-year.

我們沒有正確的逐年比較。

So maybe if you could just give us a little color as to what you're expecting.

所以也許你可以給我們一點關於你所期待的顏色。

I just don't know what that 30% to 40% year-over-year really kind of compares to.

我只是不知道同比增長 30% 到 40% 與什麼相比。

So maybe just some color as to what you're seeing from that wireless channel versus normal seasonal patterns that would help us kind of dial in as to what you're really saying for April.

因此，也許只是您從該無線頻道看到的內容與正常的季節性模式相比有所不同，這將有助於我們了解您在 4 月真正所說的內容。

Well, as I indicated in my prepared remarks when it comes to wireless, this is for 2021.

好吧，正如我在準備好的關於無線的評論中指出的那樣，這是針對 2021 年的。

Don't forget there is some timing adjustment by quarter 2, Blayne, in the sense that what used to be a big quarter in our wireless seasonality of fiscal Q4, in this recent generation, the peak quarter, as I indicated, begin Q1 of '21.

Blayne，別忘了在第二季度之前進行了一些時間調整，從某種意義上說，在我們的第四財季無線季節性中曾經是一個很大的季度，在最近的一代中，正如我所指出的那樣，高峰季度從第一季度開始'21.

So obviously, things roll down, perhaps somewhat slower.

很明顯，事情會下降，也許會慢一些。

And because we're also assuming, as it rolls down slower in the course of fiscal '21, that we can -- we have to assume, for lack of knowing no better, that we might be back to a normal seasonal cadence of a wireless seasonality -- of wireless launch of new phones and assume that you will be back to that normal cadence.

而且因為我們還假設，隨著它在 21 財年的過程中下降得較慢，我們可以——我們不得不假設，由於缺乏更好的了解，我們可能會回到正常的季節性節奏無線季節性——新手機的無線發布，並假設您將回到正常的節奏。

So '21 might look kind of compressed when you think in terms of revenue, in terms of availability of a market for us to address.

因此，當您從收入方面考慮時，21 年可能看起來有點壓縮，就我們要解決的市場可用性而言。

And then couple that with a content increase between '20 and '21, you, therefore, could understand why we -- I indicated that for the rest of '21 begin to look like a fairly significant 30% to 40% increase on a year-on-year basis as we run through each -- the remaining quarters of '21.

然後再加上 '20 和 '21 之間的內容增加，因此，您可以理解為什麼我們 - 我指出，在 21 年的剩餘時間裡，開始看起來相當顯著的 30% 到 40% 的增長- 在我們運行每個 - 21 年的剩餘季度時，按年計算。

Our next question will come from C.J. Muse with Evercore.

我們的下一個問題將來自 C.J. Muse 和 Evercore。

So I guess I wanted to dig a little into your EBITDA margin guide.

所以我想我想深入了解一下您的 EBITDA 利潤率指南。

It would suggest that either gross margins are flat, which would not seem likely, given the falloff in wireless, or OpEx is moving higher.

這表明要么毛利率持平，考慮到無線業務的下滑，這似乎不太可能，要么運營支出正在走高。

Can you kind of walk through the moving parts there?

你能走過那裡的移動部件嗎？

And as part of that, can you help us understand how to model gross margins and OpEx through the remainder of the fiscal year?

作為其中的一部分，您能否幫助我們了解如何在本財年剩餘時間內對毛利率和運營支出進行建模？

So in Q1, we said that from year-over-year, gross margins were up 30 basis points, and that's largely because of wireless.

所以在第一季度，我們說毛利率同比增長 30 個基點，這主要是因為無線。

So when you look at Q2, we'll have less wireless revenues in the margin mix.

因此，當您查看第二季度時，我們在利潤率組合中的無線收入將減少。

And so therefore, look back at Q4, that's how I would model Q2.

因此，回顧第四季度，這就是我為第二季度建模的方式。

And then as you look at margins for the rest of the year, it would be similar to Q2.

然後，當您查看今年剩餘時間的利潤率時，它將與第二季度相似。

Look back at Q4 and then consider the fact that we'll have probably more normal seasonality on wireless towards the second half.

回顧第四季度，然後考慮這樣一個事實，即我們在下半年可能會有更正常的無線季節性。

Our next question will come from Harsh Kumar with Piper Sandler.

我們的下一個問題將來自 Harsh Kumar 和 Piper Sandler。

Congratulation, solid numbers.

恭喜，實數。

Hock, I had a question for you.

霍克，我有一個問題要問你。

I'm trying to wrap my head around some stunning numbers you threw out for networking, 80% increase in bookings, some 62%-odd sequential increase.

我正試圖圍繞一些你為網絡而拋出的驚人數字，預訂量增加 80%，連續增加約 62%。

I appreciate the process of identifying real demand.

我很欣賞識別真實需求的過程。

So with that, is there something going on in bookings that is specific to your end markets or your product set that is driving it?

因此，在預訂中是否存在特定於您的終端市場或驅動它的產品集的事情？

Could you just highlight what is going on there?

你能強調一下那裡發生了什麼嗎？

Yes, great question.

是的，很好的問題。

And I've been dancing around and saying it in nice words.

我一直在跳舞並用好話說出來。

Let me call it directly.

讓我直接調用它。

People need our products, each of our products.

人們需要我們的產品，我們的每一個產品。

And in particular, whether it's broadband or networking, our customers, our end-user customers truly need the products.

特別是，無論是寬帶還是網絡，我們的客戶，我們的最終用戶客戶都真正需要這些產品。

I mean they're in the business.

我的意思是他們在做生意。

They're in the business of launching more broadband, improving their networks.

他們的業務是推出更多的寬帶，改善他們的網絡。

And all the cloud guys have to scale out data centers because there's more demand -- hosting a demand from public cloud in this work from home environment of social media and also online retail and everything else.

所有云計算人員都必須擴展數據中心，因為有更多需求——在社交媒體的家庭環境以及在線零售和其他一切工作中託管來自公共雲的需求。

So we need to buy those products of ours, whether it's the current generation, which we have, that work of soon to be the next generation.

所以我們需要購買我們的產品，無論是我們擁有的當代產品，還是即將成為下一代的產品。

So if we stretch our lead time to an extended basis, the thinking in their mind is these are noncancelable orders.

因此，如果我們將交貨時間延長到更長的基礎，他們的想法是這些是不可取消的訂單。

Do I still need it 6 months, 9 months from now?

從現在起 6 個月、9 個月後我還需要它嗎？

They need it, they place an order.

他們需要它，他們下訂單。

Otherwise, they have a gap in being able to scale out capacity or scale out launches.

否則，他們在擴展容量或擴展啟動方面存在差距。

They'll do that.

他們會那樣做。

It's a real test of how strong our product franchises and how mission-critical it is to our end users.

這是對我們的產品專營權有多強大以及它對我們的最終用戶來說有多重要的真正考驗。

And so -- so as we stretch out our lead time, where it goes from 3 months to 6 months to 8 months, they just book what they need 8 months out or first 3 months out first and 6 months out, then 8 months out.

所以——所以當我們延長交貨時間時，從 3 個月到 6 個月再到 8 個月，他們只需提前 8 個月或前 3 個月，然後 6 個月，然後 8 個月預訂他們需要的東西.

And you only do that if you truly believe you need that products to enable your business.

只有當您真正相信您需要這些產品來支持您的業務時，您才會這樣做。

And what I'm trying to say is, it is nothing more fundamental than why we are seeing as we stretch out lead time because we match it against our ability to get those products out, is a great way to indicate whether our products are needed.

我想說的是，最根本的是，為什麼我們會延長交貨時間，因為我們將其與我們生產這些產品的能力相匹配，這是表明是否需要我們的產品的好方法.

And they don't need it now as much as the -- as people might seem to indicate.

他們現在並不像人們所說的那樣需要它。

They may need it 3, 6 months from now, but they are willing to lock in and say they need it so that we can manage our supply chain to get them those products, which is why I'm also saying the management of our supply chain to match demand.

他們可能在 3、6 個月後需要它，但他們願意鎖定並說他們需要它，以便我們可以管理我們的供應鏈，為他們提供這些產品，這就是為什麼我也說我們的供應管理鏈來匹配需求。

It's not that extreme and simple as may be made out there that you hear around.

它並不像你聽到的那樣極端和簡單。

It's all about being able to tell your customers and get your customers to behave in a rational manner and, for us, to manage it in a rational manner.

這一切都是為了能夠告訴您的客戶並讓您的客戶以理性的方式行事，對我們來說，以理性的方式管理它。

I mean, if I ship my -- have my entire backlog today, assuming I can even do that, of course, they will take it because they are all in the pending mode.

我的意思是，如果我今天交付我的全部積壓工作，假設我什至可以做到這一點，當然，他們會接受它，因為它們都處於待處理模式。

But if on the other side, they know they can get it when they need it 6 months from now, they're happy to wait until then.

但如果另一方面，他們知道他們可以在 6 個月後需要時得到它，他們很樂意等到那時。

Meanwhile, they book it ahead of time because that's one I need to reserve my capacity.

同時，他們提前預訂，因為這是我需要保留我的容量。

And that's the perspective I only give to you guys.

這就是我只給你們的觀點。

It is what it is.

就是這樣。

This is not a panic mode.

這不是恐慌模式。

This is a very structured and reasonable process, which we believe at the end of it all, still shows real underlying demand and the way we want to report it.

這是一個非常結構化和合理的過程，我們相信最終仍然顯示出真正的潛在需求以及我們想要報告它的方式。

Ladies and gentlemen, thank you for participating in today's question-and-answer session.

女士們，先生們，感謝你們參加今天的問答環節。

I would now like to turn the call back over to Ms. Yoo for closing remarks.

我現在想把電話轉回給 Yoo 女士做結束語。

Thank you, operator.

謝謝你，接線員。

In closing, please note that Broadcom and Morgan Stanley will be hosting a presentation on our broadband business on Monday, April 12, after market close.

最後，請注意博通和摩根士丹利將在收市後於 4 月 12 日星期一舉辦關於我們寬帶業務的演講。

Hock will be joined by Rich Nelson and Greg Fischer, General Managers of our broadband businesses.

我們寬帶業務的總經理 Rich Nelson 和 Greg Fischer 將加入 Hock。

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。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。