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. 2021 財年第一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。

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.

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，基礎架構軟體集團總裁；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 first quarter of fiscal year '21.

Broadcom 也在收市後發布了一份新聞稿和財務表格，描述了我們 21 財年第一季的財務表現。

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 的投資者部分獲取資訊。

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路直播，錄音將透過電話播放 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.

在準備評論期間，Hock 和 Kirsten 將提供我們 21 財年第一季業績的詳細資訊、第二季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.

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。

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

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。

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

今天的評論 - 在今天的電話會議中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，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.

我們的淨收入為 67 億美元，年增 14%。

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

半導體解決方案營收為49億美元，年增17%。

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

基礎設施軟體營收為17億美元，年增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.

但在討論這些數字之前，也許我向大家介紹一下我對當前情況以及過去 9 個月實際發生的情況的看法，這對我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，我們開始延長整個產品組合的交貨時間。

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，我們進一步延長了交貨時間，因為我們看到終端市場的需求持續增加。

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，並試圖建立緩衝，從而造成了你在外面聽不到的供需失衡。

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.

考慮到這種現象，我們在2020 年中期實施了一個非常嚴格、嚴格的流程，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表現都相同。

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需求和供應方面做得非常好。

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

我今天報告的內容確實反映了我們最終用戶最近的消費。

With that, let me get into the numbers.

接下來，讓我來談談數字。

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

在半導體領域，我們的有機較去年同期成長了 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.

從無線業務開始，我們在第一季達到了季節性峰值，無線業務年增 52%，佔半導體收入組合的 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（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，第二季無線收入將呈現典型的季節性下降，儘管預計收入將年增 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.

當我們展望今年下半年時，我們正在計劃該領域的典型收入成長，並適當地建立我們的內部 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.

這應該會導致我們在第二季度看到的年成長趨勢持續到今年下半年。

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

接下來，網路業務約占我們本季半導體解決方案營收的 29%，年增 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，主要是由資料中心在雲端方面的支出以及不斷升級基礎設施和網路的全球電信公司推動的。

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

預訂量年增 80%，環比增長 62%，證明了這種優勢的可持續性。

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

對目前和下一代交換器和路由平台的需求都很強勁。

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 業務本季出現季節性下滑。

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，我們預計網路業務將連續成長，並繼續保持同比增長的趨勢，這得益於我們看到的雲端和電信公司持續強勁的勢頭，但企業業務的持續疲軟部分抵消了這一趨勢。

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

轉向寬頻，它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，營收年增 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.

該有線閘道中嵌入了我們的下一代 WiFi 6 存取點。

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

儘管電信公司持續支出，但零售家庭路由器的強勁需求遠遠抵消了企業的疲軟。

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，我們將為北美和歐洲電信公司推出具有更高價值內容的新的支援 WiFi 6 的平台。

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，並且消費不斷增加，我們預計寬頻收入將實現兩位數的同比增長。

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

伺服器儲存連線約佔第一季半導體營收的 12%。

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

據我們所知，這一領域主要是由企業需求所驅動的。

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，服務儲存收入年減 22%，反映出最終用戶需求持續疲軟以及 OEM、原始設備製造商耗盡了該領域的庫存。

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

雖然預訂量增加，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，我們預計第二季的營收將繼續年減兩位數百分比。

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

然而，根據下半年收到的預訂，我們確實預計會出現一些復甦。

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

最後，工業領域約佔第一季半導體解決方案營收的 4%。

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

在中國多重經濟因素復甦的推動下，第一季轉售量較去年同期成長 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，我們預計轉售成長的水平與我們目前看到的日本和歐洲的復甦水平大致相同。

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

我們的通路庫存持續減少，本季我們可能必須增加出貨量和收入來補充通路庫存。

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

綜上所述，第一季半導體解決方案營收年增 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，但我們預期營收年比百分比將繼續維持在類似水準。

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，我們認為，這種非常高且不尋常的長期成長率只是凸顯並加速了我們的連接平台在這場大流行期間的採用。

Turning to our other segment, software.

轉向我們的另一個部分，軟體。

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

2021 年第一季是我們收購賽門鐵克後第一個按年進行有機比較的季度。

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

一季度，基礎設施軟體營收年增5%。

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

以美元計算，到期合約的預訂量平均為 122%，而核心客戶的平均預訂量為 137%。

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

現在，超過 90% 的預訂屬於定期訂閱和維護。

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體工具組合，我們專注於核心客戶的策略繼續表現良好。

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，我們的軟體產品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走上正軌，有機軟體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.

我們預計第二季將繼續看到這種情況。

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

綜上所述，我們第一季合併淨收入年增 14%。

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

我們預計第二季也會出現類似的成長軌跡，營收可能達到 65 億美元，年增 13%。

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

因此，我現在將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詳細資訊。

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

該季度淨收入達到創紀錄的 67 億美元，比去年同期成長 14%。

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

該季度毛利率佔營收的 73%，年增約 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.

營運支出為 11 億美元，年減 8%，充分體現了賽門鐵克整合完成後的全部效益。

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

本季持續經營業務的營業收入為 38 億美元，比去年同期成長 23%。

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

營業利益率為營收的57%，年增420個基點。

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

調整後 EBITDA 為 39 億美元，佔營收的 59%。

This figure excludes $138 million of depreciation.

該數字不包括 1.38 億美元的折舊。

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

現在回顧我們兩個部門的損益表。

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.

較去年同期成長 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.

本季半導體解決方案的毛利率約為 67%，較去年同期成長 220 個基點，儘管利潤率較低的無線收入的比例較高。

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

第一季的營運費用為 7.5 億美元，年減 3%，因為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.

因此，第一季營業利潤率增至 52%，年增 350 個基點。

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

因此，雖然半導體收入成長了 17%，但營業利潤成長了 25%，而且都是有機成長。

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

轉向我們的基礎設施軟體部門的損益表。

Revenue for infrastructure software was $1.7 billion and represented 26% of revenue.

基礎設施軟體收入為 17 億美元，佔收入的 26%。

This was up 5% year-on-year.

這一數字年增了 5%。

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

該季度基礎設施軟體毛利率為 90%，較去年同期成長 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.

本季營運費用為 3.46 億美元，年減 18%，因為我們完成了對賽門鐵克的整合。

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

營業利潤年增 17%，營收成長 5%。

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

第一季營業利益率為 70%，較去年同期成長 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.

第一季自由現金流約30億美元，佔營收的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，這一數字年增 35%。

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

第一季的應收帳款天數為 35 天，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.

本季末我們的庫存為 9.52 億美元，比上一季末減少 5,100 萬美元，即 5%。

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

我們還應該注意到，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，我們透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率增加了約 23 個基點，達到 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.

本季結束時，我們有 96 億美元現金和 419 億美元債務，其中 8.43 億美元是短期債務。

Turning to capital allocation.

轉向資本配置。

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

本季度，我們向普通股股東支付了 15 億美元的現金股利。

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

我們也支付了 2.25 億美元的員工股權歸屬預扣稅，消除了約 521,000 股 AVGO 股票。

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

本季末，我們擁有 4.08 億股已發行普通股和 4.5 億股稀釋股。

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

請注意，我們預計第二季稀釋後的股票數量將為 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.

根據目前的業務趨勢和狀況，我們對 21 財年第二季的指導是合併淨收入為 65 億美元，調整後 EBITDA 約為預期營收的 59%。

That concludes my prepared remarks.

我準備好的發言就到此結束。

Operator, please open up the call for questions.

接線員，請撥打電話詢問問題。

(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，在等式的供應方面有一些不錯的色彩，還有一點關於您的交貨時間延長的信息。

I wanted to dive a little bit into that.

我想深入探討一下。

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?

您能談談今天的積壓訂單的組成嗎？訂購，以及此後不可避免的庫存消化？

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適合的問題。

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，正如我所指出的，我們在大約 9 個月前就開始了這個過程，因為我們看到需求非常強勁。

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我們的供應鏈能力得到非常非常好的利用。

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

基本上，正如我所說，我們經歷了這個過程，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，我們的整個積壓訂單 - 實際上，我們的整個積壓訂單都遵循一組條款，我們之前提到的一組關鍵條款，對於任何預訂這些條款的客戶來說都是不可取消的。

And they still apply, more so than ever.

它們仍然適用，而且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，重複預訂從來都不是問題。

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

當我們延長交貨時間時，我們發現客戶顯然已經根據他們進一步設定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造或能夠匹配客戶消費的過程變得接近——盡可能接近我們提供的東西，使之成為有意義的東西。

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，可以確保我們的客戶及時獲得他們的產品，但他們確實在需要時獲得他們的產品它。

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供應、需求和失衡的過程。

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，正如我所強調的那樣，我們第一季的營收年增了 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.

這本身就證明了需求量很大，而且人們的預訂量也很大。

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

我們幾乎 90% 的人都預訂了 2021 年的訂單——如果您列出他們的需求的話。

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

我們相信這是真的，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，正如你的觀點之一，我們的積壓工作在第二季度開始時比第一季開始時有所增加，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，我們已經非常明顯。

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，不僅是現有和目前使用的產品，而且是即將推出的下一代產品，這些產品已經發布但等待推出，這一事實已得到我們擁有客戶的事實證明，其中許多，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.

Hock 表示，投資人目前最擔心的是，當您開始吸引旗艦智慧型手機客戶時，您是否有能力在季節性強勁的財年下半年（即 7 月和 10 月季度）推動成長。

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，再加上持續的網路實力以及您提到的恢復和存儲，這將使我在下半年的收入達到 67 億美元至 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?

現在我並不是要求您認可這些數字，但我想問題是，從供應鏈的角度來看，如果您的積壓訂單支持該情況，團隊是否有足夠的能力在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──你真的要求我指導你，（聽不清楚），而我並沒有指導你。

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.

你們已經在我之前準備的演講中看到了我們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——我還特別提到了我們在哪裡製造，例如內部的 FBAR，這是升級週期的一個重要部分——我們在無線方面的後半部分進行了季節性升級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.

對你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，並且我們將繼續做得很好，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.

Hock，您提到您預計無線領域的同比增長率將在下半年保持 30%、40%。

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

我希望您能給我們一些關於您預計今年內容成長的資訊。

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

展望未來，博通從最近進行的所有這些 C 頻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福利。

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

就後半部分而言，是的，這是一個外年。

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.

抱歉，出於顯而易見的原因。

It's too early.

還太早了。

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

我們會在適當的時候告訴您。

Thank you.

謝謝。

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銀行的約翰·皮策 (John Pitzer)。

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

霍克，我只想回到供需不平衡的話題。

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

你們做得非常好，解釋了你們如何嘗試呼叫積壓工作。

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，當你展望未來幾季時，你認為供應什麼時候才能足夠滿足需求，例如你的客戶覺得沒有義務必須建立這種緩衝？

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，回答這個問題的另一種方式是，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.

這可能是看待這個方程式的另一種方式。

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

現在，我不知道答案。

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.

我們所知道的是，我們今天已經延長了交貨時間，正如我所指出的，我們在過去幾個月中一直在延長交貨時間。

And we have a fairly extended lead time today.

今天我們的交貨時間相當長。

And we're getting the bookings from the customer.

我們正在收到客戶的預訂。

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，您可能知道您將面臨需求開始消失的情況。

We have not reached that point yet.

我們還沒有達到這一點。

Far from it at this point.

目前還遠未達到這一點。

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

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

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

霍克，你是說你正在延長交貨時間，我明白。

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

但我想之前您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?

那麼，如果你把它們伸展開來，它們今天實際上坐在哪裡？

And how does that maybe vary by end market?

不同終端市場的情況有何不同？

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?

您實際上如何了解這一點？

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

你認為用戶——我的意思是這些產品真的會進入最終產品嗎？

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囤積它們並在可以的時候訂購它們？

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

您如何了解他們正在用它們做什麼？

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工作，只是因為，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，而且我們確實向一群客戶供應。

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，如果我能提醒您商業模式的話，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.

我們提供多個垂直領域的技術領先產品，主要是 IT 領域的連結。

And where we are, we're the leader.

無論我們在哪裡，我們都是領導者。

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.

我們知道消費水準。

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

在我們所涉足的許多領域，我們都在談論最終用戶的需求。

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

我們不是在談論中間人——當然，像經銷商這樣的中間人。

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，我們不會去找經銷商。

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來說，我們追蹤它是因為他們向誰銷售最終需求——那些——那些——我們的產品，這才是最終最重要的。

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——在一個細分市場，特別是伺服器存儲，但它也適用於我們的網路業務的某種程度和一部分，當然，也適用於我們的寬頻業務。

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差異——無論是原始設備製造商的庫存耗盡，還是最終用戶的緩衝庫存與我們在向他們發貨的同一季度實際使用該產品。

We track that.

我們對此進行追蹤。

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

這確實是——對我們來說，當你考慮我們的收入時，事情並沒有那麼複雜。

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

在半導體領域，我們 75% 的收入實際上流向了全球 100 多個客戶。

We can track it.

我們可以追蹤它。

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.

我很欣賞軟體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?

現在您已經使用賽門鐵克一年，使用 CA 幾年了，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?

我知道您談到了 90% 的經常性問題，但實際上全球大客戶的情況如何——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所遵循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。和財務模式我們希望他們離開，這是為了專注於核心客戶，並真​​正提升我們產品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——你已經看到了我們指出的指標，它們有所增加。

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人員流失，雖然是可以控制的，但它會的。

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

當他們進行交易時——但會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，我們預計能夠在非常穩定的基礎上穩定在個位數左右。

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

我們已經看到我們已經經歷了兩年多了。

And we've seen that happen.

我們已經看到這種情況發生了。

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，確切地說是 9 個季度的這種表現水平，這是一個很好的視野。

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也很有趣，我知道在某種程度上說顯而易見的是，即使不是全部，我們的大多數客戶也是企業，即使在這種環境下也是如此。

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.

當我講述半導體企業時，你們聽到了，以及與電信公司相比，在這種大流行、在家工作的環境下，企業在需求方面的不同方法、不同特徵和行為、寬頻和公有雲。

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.

我們在軟體中，在我們擁有的基礎設施軟體中沒有看到這一點，僅僅是因為這些是任務關鍵型產品，是嵌入在世界上這些最大企業的業務流程中的工具，如果有其他的話，在在這種環境下，這些企業消耗了更多這些產品的數量而不是更少。

Our next question will come from Timothy Arcuri with UBS.

我們的下一個問題將來自瑞銀集團的提摩西·阿庫裡。

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

我想我也有一個關於供需的問題。

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

霍克，鑑於積壓收入增加，第一財季的訂單明顯環比增長了不少。

I think you said was up significantly.

我認為你說的是顯著上升。

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

因此，當你觀察第二財季時，無線訂單顯然會大幅下降。

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，我想知道業務其他部分的訂單是否足夠強勁，以便第二財季的訂單總數再次上升。

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.

提姆，如果我們談論的是——當你說訂單時，我聽到你說訂單，讓我說，訂單實際上是隨著我們的增加而增加到了為北美大客戶提供的這一代手機。目前這一代來說，預訂量早在第三季就開始增加，在第四季真正激增，並在第四季末和第一季開始下降。

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.

當我指出第一季預訂量年增 80% 時，我還想說的是，這正在以相當大的方式抵消我們無線預訂量的下降，正如您所期望的季節性那樣。

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，夥計們，當我展示這些預訂時，收入是——我們在第一季展示的預訂量相當強勁，反映出無線預訂量的下降，因為我們所有人都充分期待在那個時間範圍內的季節性。

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.

Hock，我想問一下資本配置的問題。

The dividend component is pretty predictable.

股利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?

但除了股息之外，您如何考慮償還債務、回購股票、併購和軟體？

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

目前市場顯然非常不穩定，但您如何相對地看待這三個類別？

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才能做到這一點，果然。

You're right, we are accumulating cash.

你說得對，我們正在累積現金。

And you heard Kirsten mention it.

你聽到克爾斯滕提到過它。

We are generating cash.

我們正在產生現金。

In Q1, we generated $3 billion of cash.

第一季度，我們創造了 30 億美元現金。

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

那是 - 第一季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，如果我事實上將其標準化，那就是——我們每季產生 35 億美元的自由現金流。

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

所以它正在建設——其中一半用於股息，或幾乎一半，正如你所說的那樣。

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.

目前的另一半，我們正在投入不斷增加的現金投資組合。

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，你看，我們的商業模式和策略，如您所知，從長遠來看，是收購並增加我們的投資組合，為股東增加我們的收入流。

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

我們非常認真地對待這一點，並將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——那麼——那麼——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.

我們希望採取一種方法——我的觀點是，當我們累積現金時，我們會對此採取一定的靈活性。

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其他兩個選擇。

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，償還債務。

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

但利率非常低，而且資金很容易獲得，而且我們的投資等級仍然很高。

And the other alternative is buy back shares.

另一個選擇是回購股票。

And all these are open.

而這些都是開放的。

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布萊恩柯蒂斯。

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.

所以也許你能給我們一些關於你的期望的資訊。

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

我只是不知道與去年同期相比 30% 到 40% 到底是什麼樣的情況。

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，也許只是一些關於您從無線頻道看到的內容與正常季節性模式的顏色，這將有助於我們了解您對四月份的真正看法。

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

嗯，正如我在準備好的發言中所指出的，當談到無線時，這是 2021 年的情況。

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，不要忘記第二季度會有一些時間調整，從某種意義上說，過去第四財季無線季節性的一個重要季度，在最近一代中，高峰季度，正如我所指出的，從第一季度開始'21。

So obviously, things roll down, perhaps somewhat slower.

很明顯，事情會下降，也許會慢一點。

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.

因為我們也假設，隨著它在 21 財年的過程中下降得更慢，我們可以——我們必須假設，由於缺乏更好的了解，我們可能會回到正常的季節性節奏。 —新手機的無線發布，並假設您將恢復正常節奏。

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，當你考慮到收入、我們需要解決的市場可用性時，21 世紀可能看起來有點壓縮。

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 到21 年間內容的增加，因此，您可以理解為什麼我們——我指出，在21 的剩餘時間裡，內容開始看起來比一年有30% 到40% 的相當顯著的成長與去年同期相比，我們回顧了 21 年剩餘的季度。

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

我們的下一個問題將來自 Evercore 的 C.J. Muse。

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

所以我想我想深入了解你們的 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），要么營運支出正在上升。

Can you kind of walk through the moving parts there?

能介紹一下那裡的活動部件嗎？

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營運支出進行建模？

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

因此，在第一季度，我們說毛利率年增了 30 個基點，這主要歸功於無線業務。

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

因此，當你看看第二季時，我們的利潤率組合中的無線收入將會減少。

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

因此，回顧一下第四季度，這就是我對第二季度進行建模的方式。

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

然後，當你查看今年剩餘時間的利潤率時，它會與第二季類似。

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：下半年我們的無線季節性可能會更加正常。

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，可靠的數字。

Hock, I had a question for you.

霍克，我有個問題想問你。

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.

我試圖理解你們為網路拋出的一些令人震驚的數字，預訂量增加了 80%，環比增加了 62%。

I appreciate the process of identifying real demand.

我很欣賞辨識真實需求的過程。

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?

那麼，預訂中是否有特定於您的終端市場或您的產品集的事情正在推動它？

Could you just highlight what is going on there?

您能強調一下那裡發生了什麼事嗎？

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聽的話說出來。

Let me call it directly.

讓我直接打電話。

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，無論是寬頻還是網絡，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.

他們致力於推出更多寬頻、改善網路。

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.

所有雲端運算人員都必須擴展資料中心，因為有更多的需求——在社群媒體的家庭環境、線上零售和其他一切工作中託管來自公有雲的需求。

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.

因此，我們需要購買我們的產品，無論是我們擁有的當前一代產品，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，如果我們延長交貨時間，他們會認為這些訂單是不可取消的。

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

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，他們下了訂單。

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.

他們會這麼做的。

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

這是對我們產品特許經營權的強大程度以及它對我們的最終用戶的關鍵任務的真正考驗。

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.

因此，當我們延長交貨時間（從3 個月到6 個月到8 個月）時，他們只需在8 個月內預訂所需的東西，或者先預訂前3 個月，然後預訂6 個月，然後預訂8 個月。

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該產品來支持您的業務時，您才可以這樣做。

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，沒有什麼比我們延長交貨時間更重要的了，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可能表明的那樣需要它。

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匹配需求。

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

這並不像你聽到的那麼極端和簡單。

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，以理性的方式進行管理。

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，如果我今天發貨了我的全部積壓訂單，假設我甚至可以做到這一點，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 6 個月後需要時就能獲得，他們會很樂意等到那時。

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流程，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.

我現在想將電話轉回給 Yoo 女士做總結發言。

Thank you, operator.

謝謝你，接線生。

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，Broadcom 和摩根士丹利將於 4 月 12 日星期一收市後舉辦有關我們寬頻業務的演示會。

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

霍克將與我們的寬頻業務總經理 Rich Nelson 和 Greg Fischer 一起加入。

That will conclude our earnings call today.

我們今天的財報電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

Operator, you may end the call.

接線員，您可以結束通話了。

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.

您現在可以斷開連線。