博通 (AVGO) 2020 Q2 法說會逐字稿

Welcome to Broadcom Inc.'s Second Quarter Fiscal Year 2020 Financial Results Conference Call.

歡迎參加 Broadcom Inc. 2020 財年第二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 Beatrice Russotto.

現在，我想將電話轉給 Beatrice Russotto 進行開場白和介紹。

Director of Investor Relations of Broadcom Inc.

博通公司投資人關係總監

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; and Tom Krause, Chief Financial Officer of Broadcom.

與我一起參加今天電話會議的還有總裁兼執行長 Hock Tan；以及博通財務長湯姆·克勞斯 (Tom Krause)。

After the market closed, Broadcom distributed a press release and financial tables describing our financial performance for the second quarter of fiscal year 2020.

收盤後，博通發布了一份新聞稿和財務表格，描述了我們 2020 財年第二季的財務表現。

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 Tom will be providing details of our second quarter fiscal year 2020 results, guidance for our third quarter as well as commentary regarding the business environment.

在準備評論期間，Hock 和 Tom 將提供 2020 財年第二季業績的詳細資訊、第三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聲明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 during today's call will primarily refer to our non-GAAP financial results.

今天電話會議期間發表的評論將主要涉及我們的非公認會計準則財務表現。

So with that, I'll now turn the call over to Hock.

因此，我現在將把電話轉給霍克。

All right.

好的。

Thank you, Bea, and thank you, everyone, for joining us today.

謝謝 Bea，也謝謝大家今天加入我們。

Before I provide our quarterly results, I do want to take a moment to acknowledge and thank all of the health care professionals and essential workers on the front lines who are showing incredible courage during these unprecedented times.

在提供季度業績之前，我確實想花點時間向所有在前線的醫療保健專業人員和重要工作人員表示感謝，他們在這個前所未有的時期表現出了令人難以置信的勇氣。

I speak for all of Broadcom when I say we are very grateful for your work.

當我說我們非常感謝你們的工作時，我代表博通全體員工。

I also especially want to thank our team of more than 20,000 employees working all over the world to keep our business running.

我還特別要感謝我們在世界各地工作的 20,000 多名員工團隊，他們保持著我們業務的正常運作。

I'm proud of their tireless efforts to preserve and protect our enterprise.

我為他們為維護和保護我們的企業所做的不懈努力感到自豪。

Now more than ever, our customers and communities are counting on us to continue to deliver the essential technologies that enable the continuity of functions critical to daily life.

現在，我們的客戶和社區比以往任何時候都更依賴我們繼續提供必要的技術，以實現對日常生活至關重要的功能的連續性。

So now let me turn to our second quarter results and our outlook for the third quarter.

現在讓我談談我們第二季的業績和第三季的前景。

We delivered second quarter net revenue of $5.7 billion, very much in line with our guidance, down 2% sequentially, up 4% year-on-year.

我們第二季淨收入為 57 億美元，與我們的指導非常一致，環比下降 2%，年增 4%。

Semiconductor solutions revenue was $4 billion, declining 2% year-on-year.

半導體解決方案營收為40億美元，較去年同期下降2%。

Infrastructure software revenue was $1.7 billion, up 21% year-on-year, which, of course, includes contribution from Symantec.

基礎設施軟體營收為17億美元，年增21%，其中當然包括賽門鐵克的貢獻。

On a sequential basis, semiconductors were down 4%, while software was up 3%.

半導體產業環比下跌 4%，而軟體產業則上漲 3%。

So with on to more color, starting with semiconductors.

因此，從半導體開始，轉向更多的顏色。

We face a very interesting demand environment in the midst of a challenging supply chain ecosystem.

在充滿挑戰的供應鏈生態系統中，我們面臨著非常有趣的需求環境。

Let me provide more color on various semiconductor end markets beginning with networking.

讓我從網路開始提供更多有關各種半導體終端市場的資訊。

Q2 reflected an expected recovery and was up 11% sequentially.

第二季反映了預期的復甦，季增 11%。

Demand was healthy as we began to ramp our next-generation Tomahawk 3 and Trident 3 switch products at our various cloud customers and in network routing, Jericho 2 at our telco customers.

隨著我們開始為各種雲端客戶提供下一代 Tomahawk 3 和 Trident 3 交換器產品，以及為我們的電信客戶提供網路路由 Jericho 2，需求保持健康。

This steady recovery, which we saw in Q2, is now turning into a demand surge in Q3 as we are seeing strength for existing generation products in addition to this next-generation range.

我們在第二季看到的這種穩定復甦現在正在轉變為第三季的需求激增，因為我們看到除了下一代產品之外，現有世代產品的實力也強勁。

We are also seeing a strong uplift in demand from the ramp of next-generation deep learning inference chips for a lead cloud customer.

我們也看到，一家領先的雲端客戶對下一代深度學習推理晶片的需求強勁成長。

In server storage connectivity, we note a similar situation.

在伺服器儲存連接中，我們注意到類似的情況。

From a 14% sequential revenue decline in Q2, demand in Q3 has turned around and is accelerating.

第二季營收季減 14%，第三季需求出現改善並加速成長。

Demand from enterprise customers for array data protection controllers has recovered and is showing considerable strength.

企業客戶對陣列資料保護控制器的需求已經恢復，並顯示出相當強勁的勢頭。

Demand from cloud service providers for our PCI Express switches that drive solid-state memory and AI applications has been particularly strong.

雲端服務供應商對我們驅動固態記憶體和人工智慧應用的 PCI Express 交換器的需求尤其強勁。

Turning on to broadband, which was flat sequentially in Q2.

寬頻方面，第二季環比持平。

We expect approximately 10% revenue growth quarter-over-quarter in Q3 driven by strong adoption of WiFi 6 in next-generation excess gateways not only from enterprises but also from telcos and other service providers.

我們預計，第三季營收將環比成長約 10%，這得益於 WiFi 6 在下一代超額網關中的大力採用，不僅來自企業，還來自電信公司和其他服務供應商。

We're also seeing increased demand for broadband, DSL and PON and next-generation cable DOCSIS 3.1.

我們也看到對寬頻、DSL 和 PON 以及下一代有線 DOCSIS 3.1 的需求不斷增長。

That being said, we expect this to be partially offset by a sharp decline in video, particularly in satellite set-top boxes, given the current constraints on live sporting events.

話雖如此，考慮到當前體育賽事直播的限制，我們預計這將被影片數量的急劇下降所部分抵消，尤其是衛星機上盒中的影片數量。

Then moving on to wireless.

然後轉向無線。

Wireless saw typical seasonality in Q2, was down 14% sequentially, much like last year.

無線業務在第二季出現了典型的季節性變化，季減了 14%，與去年非常相似。

In Q3, we would normally expect to see a double-digit sequential uplift in revenue from the ramp of next-generation phone at our large North American mobile phone customer.

在第三季度，我們通常預期北美大型手機客戶的下一代手機的推出將帶來兩位數的營收季增。

However, this year, we do not expect to see this uptick in revenue until our fourth fiscal quarter.

然而，今年，我們預計要到第四財季才能看到收入的成長。

So accordingly, we expect our wireless revenue in Q3 will be down sequentially as it was down in Q2.

因此，我們預計第三季的無線收入將像第二季一樣下降。

Turning last to industrial.

最後轉向工業。

We began to see recovery in Q2, and revenue was up 13% sequentially, consistent with recovery in resales to end market.

我們在第二季開始看到復甦，營收季增 13%，與終端市場轉售的復甦一致。

Even as we expect resales in Q3 to be flat, given the current market uncertainty arising from the current -- the COVID-19 pandemic, we are aggressively moving to bring down channel inventory globally, especially in Europe and Japan.

儘管我們預計第三季的轉售量將持平，但考慮到當前 COVID-19 大流行帶來的市場不確定性，我們仍在積極採取行動，降低全球通路庫存，特別是在歐洲和日本。

As a result, we expect a double-digit sequential decline in recognized shipping revenue in the third quarter.

因此，我們預計第三季已確認的航運收入將出現兩位數的環比下降。

I would note, resales in Asia Pacific, in particular China, are expected to be up quarter-over-quarter, while other regions -- all other regions are expected to be down.

我要指出的是，亞太地區，特別是中國的轉售量預計將環比增長，而其他地區——所有其他地區預計都會下降。

So that's the demand picture.

這就是需求圖。

Now on the supply chain side, we have experienced, and continue to do so, some challenges, some of which are unique to us.

現在在供應鏈方面，我們已經並將繼續經歷一些挑戰，其中一些挑戰是我們所獨有的。

Lead times, especially in leading-edge processes, have extended and are running at historical highs.

交貨時間，特別是在前沿工藝中，已經延長並處於歷史高位。

Coupled with this, we have significant test capacity -- repositioned significant test capacity in Malaysia, where we also have a central -- centralized warehouse.

除此之外，我們擁有重要的測試能力——在馬來西亞重新定位了重要的測試能力，我們在那裡也有一個中央倉庫。

And this is a location, which has experienced intermittent COVID-19 lockdowns and significant logistical delays.

這個地點曾經歷過間歇性的 COVID-19 封鎖和嚴重的後勤延誤。

Bottom line, in Q3, we really have much more demand than we can supply, and this may very well continue beyond Q3.

最重要的是，在第三季度，我們的需求確實超出了我們的供應能力，而且這種情況很可能會持續到第三季之後。

In summary, we clearly see significant puts and takes: On the positive side, a surge of demand in networking, storage and broadband; on the negative side, supply chain constraints and a product cycle delay in wireless.

總而言之，我們清楚地看到了重要的投入和投入：積極的一面是網路、儲存和寬頻的需求激增；不利的一面是供應鏈限制和無線產品週期延遲。

Therefore, we forecast our semiconductor solution revenue to be up 3% sequentially but only down 5% year-on-year for the third quarter despite the major product cycle delay in wireless.

因此，我們預計第三季我們的半導體解決方案營收將季增 3%，但年比僅下降 5%，儘管無線領域的產品週期出現重大延遲。

Right.

正確的。

Now turning to software.

現在轉向軟體。

CA was up 2% year-on-year and flat sequentially.

CA 年增 2%，季平。

Bookings in our core accounts grew double digits annually, which was offset by the expected reduction in services revenue.

我們核心帳戶的預訂量每年增長兩位數，但被服務收入的預期減少所抵消。

Symantec grew 2% sequentially and contributed over $400 million in the quarter.

賽門鐵克季增 2%，本季貢獻超過 4 億美元。

After 2 quarters, we have successfully integrated Symantec onto the Broadcom platform and have largely contributed -- completed the transition.

兩個季度後，我們成功地將賽門鐵克整合到博通平台上，並做出了巨大貢獻——完成了過渡。

As mentioned, bookings in our core accounts are growing and more than offsetting the transition out of smaller commercial accounts as we continue to rationalize the business.

如前所述，隨著我們繼續合理化業務，我們的核心客戶的預訂量正在成長，並且遠遠抵消了小型商業客戶的轉型。

While Brocade was down 21% year-on-year, it was up 11% sequentially in Q2 and was -- and that was the third quarter in a row of sequential growth for Brocade following the Q3 bottom last year.

雖然博科同比下降了 21%，但第二季度環比增長了 11%，這是繼去年第三季度觸底之後博科連續第三個季度實現環比增長。

Looking ahead to next quarter.

展望下個季度。

We expect revenues from CA and Symantec, of course, to sustain on a sequential basis.

當然，我們預期 CA 和賽門鐵克的營收將持續成長。

However, very consistent with our distribution strategy in semiconductors, we are reducing channel inventory significantly for Brocade and expect Brocade revenue will be down significantly quarter-on-quarter in Q3.

然而，與我們在半導體領域的分銷策略非常一致，我們正在大幅減少博科的通路庫存，並預計博科第三季的營收將環比大幅下降。

So as a result, we expect revenue from the software segment to be down approximately 7% sequentially in the third quarter.

因此，我們預計第三季軟體部門的營收將環比下降約 7%。

So in sum, we expect our consolidated third quarter net revenue to be $5.75 billion, roughly flat from Q2.

總而言之，我們預計第三季合併淨收入為 57.5 億美元，與第二季大致持平。

This reflects a 3% sequential projected revenue increase in semiconductors and a 7% sequential expected revenue decline in software.

這反映了半導體領域預計營收將較上季成長 3%，而軟體領域預期營收將較上季下降 7%。

With that, I'll turn it over to Tom.

有了這個，我會把它交給湯姆。

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。

First, on the P&L.

首先，關於損益表。

Gross margins were 73% of revenue in the quarter and relatively flat with Q1, but up approximately 100 basis points year-on-year.

該季度毛利率佔營收的 73%，與第一季持平，但年增約 100 個基點。

The increase in software as a percentage of our overall revenue drove the increase.

軟體占我們總收入百分比的增加推動了這一成長。

Operating income from continuing operations was $3 billion and represented 53% of net revenue.

持續經營業務的營業收入為 30 億美元，佔淨收入的 53%。

Operating margins were effectively flat quarter-over-quarter but down year-on-year by approximately 70 basis points, primarily due to the stranded cost for Symantec we carried in the quarter.

營運利潤率實際上與上一季持平，但同比下降了約 70 個基點，這主要是由於我們本季承擔的賽門鐵克成本滯留。

In fact, operating expenses were $1.2 billion, which was down $28 million compared to Q1 but still included approximately $35 million of Symantec-related expenses that we expect to go away over the remainder of the year.

事實上，營運費用為 12 億美元，比第一季減少了 2,800 萬美元，但仍包括約 3,500 萬美元的賽門鐵克相關費用，我們預計這些費用將在今年剩餘時間內消失。

Adjusted EBITDA was $3.2 billion and represented 56% of net revenue.

調整後 EBITDA 為 32 億美元，佔淨收入的 56%。

This figure excludes $147 million of depreciation.

該數字不包括 1.47 億美元的折舊。

Looking at cash flow.

看現金流。

We had record quarterly free cash flow of $3.1 billion, representing 53% of revenue.

我們的季度自由現金流達到創紀錄的 31 億美元，佔營收的 53%。

This is up a little more than 20% year-on-year.

這一數字同比增長略高於 20%。

Collections were quite strong, and it's worth noting that our software businesses are seasonal with December and, to a lesser extent, March being particularly strong bookings months.

產品系列相當強勁，值得注意的是，我們的軟體業務具有季節性，12 月以及較小程度上的 3 月是預訂量特別強勁的月份。

As a result, our fiscal Q2 was the peak collections period for software.

因此，我們的第二財季是軟體收款高峰期。

In addition, we strictly managed working capital to improve liquidity but also out of an abundance of caution given the continuing lack of visibility.

此外，我們嚴格管理營運資金以改善流動性，但也是出於對持續缺乏可見性的高度謹慎。

Notably, we moved most of our business to build to order during the quarter and are continuing to operate this way.

值得注意的是，我們在本季將大部分業務轉為按訂單生產，並將繼續以這種方式運作。

However, the downside to our conservative approach is our ability to respond to short lead time orders is very limited.

然而，我們保守方法的缺點是我們對短交貨時間訂單的回應能力非常有限。

Overall, we are going to continue to operate and plan for challenging conditions going forward given the uncertain environment.

總體而言，鑑於環境的不確定性，我們將繼續針對未來充滿挑戰的條件進行營運和規劃。

Turning to capital allocation.

轉向資本配置。

In the quarter, we paid our common stockholders $1.3 billion of cash dividends.

本季度，我們向普通股股東支付了 13 億美元的現金股利。

We also paid $219 million in withholding taxes due to -- on vesting of employee equity, resulting in the elimination of approximately 900,000 AVGO shares.

我們也因員工股權歸屬而繳納了 2.19 億美元的預扣稅，導致約 90 萬股 A​​VGO 股票被註銷。

We ended the quarter with 402 million outstanding common shares and 452 million fully diluted shares.

本季末，我們擁有 4.02 億股已發行普通股和 4.52 億股完全稀釋股票。

Note that we expect the fully diluted share count to stay at 452 million in Q3.

請注意，我們預計第三季完全稀釋後的股票數量將保持在 4.52 億股。

On the financing and investing front, we derisked our balance sheet with over $18 billion of debt refinancing, including $2 billion of commercial paper.

在融資和投資方面，我們透過超過 180 億美元的債務再融資（其中包括 20 億美元的商業票據）降低了資產負債表的風險。

This allowed us to push out average debt maturities to 6 years from 4 years, while our average cost of debt increased by just above 50 basis points.

這使我們能夠將平均債務期限從 4 年延長至 6 年，而我們的平均債務成本則增加略高於 50 個基點。

Note, these figures are inclusive of the $8 billion financing and 3 point billion -- $3.9 billion, excuse me, exchange offering that we executed in the first month of our third fiscal quarter.

請注意，這些數字包括我們在第三財季第一個月執行的 80 億美元融資和 3 億美元（39 億美元）的交換發行。

All told, we ended the quarter with $9.2 billion of cash and currently have $14.2 billion of liquidity, including our $5 billion revolver.

總而言之，我們本季末擁有 92 億美元的現金，目前擁有 142 億美元的流動資金，其中包括我們 50 億美元的左輪手槍。

Note, we did draw down $3 billion on our revolver earlier in the quarter, all of which we have repaid as part of our refinancing activity.

請注意，我們在本季早些時候確實從左輪手槍中提取了 30 億美元，作為再融資活動的一部分，我們已經償還了所有這些資金。

We ended the quarter with $45.8 billion of total debt, of which approximately $800 million is short term.

本季結束時，我們的總債務為 458 億美元，其中約 8 億美元是短期債務。

In closing, given our strong free cash flow generation, healthy balance sheet and enhanced liquidity position, we remain committed to maintaining our dividend while we navigate this uncertain environment.

最後，鑑於我們強勁的自由現金流產生、健康的資產負債表和增強的流動性狀況，我們仍然致力於在應對這個不確定的環境時維持股息。

That concludes my prepared remarks.

我準備好的發言就到此結束。

(Operator Instructions) Operator, please open the call to questions.

（接線生指示）接線員，請打開電話提問。

(Operator Instructions) Our first question comes from the line of Vivek Arya of Bank of America.

（操作員指令）我們的第一個問題來自美國銀行的 Vivek Arya。

Hock, the question is on wireless.

霍克，問題是關於無線的。

Historically, you see some of that growth in Q3 from a seasonal perspective and then a larger growth in Q4.

從歷史上看，從季節性角度來看，您會在第三季度看到一些成長，然後在第四季度看到更大的成長。

This time, you're saying it's going to be shifted by quarter.

這次，你說它將按季度轉移。

And then I think in the past, you've also mentioned strong, I think, 30% kind of content growth when it comes to 5G.

我認為過去您也提到過 5G 方面的內容成長強勁，我認為有 30% 的成長。

So the question is how should we think about the wireless recovery in Q4 and if you could help us kind of align it whether it can be up year-on-year or flattish year-on-year.

因此，問題是我們應該如何考慮第四季度的無線復甦，以及您是否可以幫助我們調整它，無論它是同比增長還是同比持平。

Just give us some more color around how we should think about the wireless expected recovery into Q4.

請給我們更多關於我們應該如何思考第四季度無線預期復甦的資訊。

I'll answer it this way, Vivek.

我會這樣回答，維維克。

We definitely -- as you know and maybe what you're implying to in your question, we're designing, obviously, in those flagship -- big flagship phones in a large North American OEM phone maker.

正如您所知道的，也許您在問題中暗示的那樣，我們顯然正在為一家大型北美 OEM 手機製造商設計那些旗艦手機。

We are in.

我們在。

That's no question.

這是毫無疑問的。

The question is the timing.

問題是時機。

And you're right.

你是對的。

In the past years, seasonally -- the business is seasonal, and the trough of every fiscal year is -- has been Q2.

過去幾年，季節性——業務是季節性的，每個財年的低谷是——是第二季。

We believe, because of product cycle delays, the trough for our fiscal year will be Q3, this coming quarter.

我們相信，由於產品週期延遲，我們財年的低谷將是第三季度，即下個季度。

And that's what we reflected -- in our forecast, that's reflected in the number -- in the way we are guiding Q3.

這就是我們所反映的——在我們的預測中，這反映在數字中——我們指導第三季度的方式。

Nothing has changed in terms of designs.

設計方面沒有任何改變。

Nothing has changed in terms of the content you indicated.

您所指出的內容沒有任何變化。

And you're right.

你是對的。

The content has been up for 5G phones, over 30% -- way over 30%, more closer to 40% from where we were last year.

5G 手機的內容比去年增加了 30% 以上，遠超過 30%，更接近 40%。

It's just the timing.

這只是時機。

And we are guiding Q3, and I don't mean to be rude, but we're not guiding Q4 at this time.

我們正在指導第三季度，我並不是有意無禮，但我們目前不指導第四季。

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克雷格·赫滕巴赫。

Hock, just a question on software with CA and now Symantec.

Hock，只是一個關於 CA 和現在 Symantec 的軟體的問題。

Just wanted to ask about how the strategy is really taking hold, in particular, how these businesses are performing today versus as you were doing due diligence and ahead of the deals closing.

只是想問一下該策略是如何真正實施的，特別是這些業務今天的表現與您在交易完成前進行盡職調查時的表現相比如何。

Just kind of what you're seeing in this business and anything incremental would be helpful.

這就是你在這個行業中看到的情況，任何增量都會有幫助。

Well, very good question.

嗯，非常好的問題。

So let me spend a few minutes to respond to that and give you a little more color.

因此，讓我花幾分鐘時間對此做出回應，並為您提供更多資訊。

We now have CA under our belt, and CA comprises mainframe and distributed software as well, especially on the whole range from dev ops to business operation platform.

我們現在有了CA，CA還包括大型主機和分散式軟體，特別是從開發營運到業務營運平台的整個範圍。

An answer -- given that we have almost 1.5 years of CA under our belt, we're very, very pleased with that acquisition.

答案是——考慮到我們已經擁有近 1.5 年的 CA 經驗，我們對這項收購感到非常非常滿意。

It has performance.

它有性能。

Financial performance of CA has exceeded even our regional plan when we did the deal 18 months ago.

CA 的財務表現甚至超過了 18 個月前我們進行交易時的區域計畫。

And it's evidenced in the sense that, as I said, we are able to expand and grow our bookings by focusing on the largest enterprises who buy -- which buy a lot of this software out there in the world.

正如我所說，從某種意義上來說，這證明了我們能夠透過專注於購買大量此類軟體的最大企業來擴大和增加我們的預訂。

And as I indicated in my prepared remarks, we have been successful in selling more capacity, more adjacent products to these large enterprises, which have enabled us to book and to expand bookings in these core accounts over 20% annually over the past 18 months.

正如我在準備好的演講中指出的那樣，我們成功地向這些大型企業銷售了更多的產能、更多的相關產品，這使我們能夠在過去18 個月中每年在這些核心客戶中預訂並擴大預訂量超過20%。

And so that, to us, has been a great success.

因此，對我們來說，這是一個巨大的成功。

We're trying to do the same with Symantec, same playbook, the same focus on the core customers, who happens to be very similar set of core customers.

我們正在嘗試對賽門鐵克做同樣的事情，同樣的策略，同樣關注核心客戶，而這些客戶恰好是非常相似的核心客戶群。

We have 2 quarters under our belt now, and we are quite pleased with the way this thing has turned out.

我們現在已經有兩個季度了，我們對事情的結果非常滿意。

Our next question comes from John Pitzer of Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的約翰‧皮策。

Hock, I just want to go back to your comments about some of the supply constraints you saw in the fiscal second quarter and expect to see in the fiscal third quarter.

霍克，我只想回顧一下您對第二財季看到的以及預計第三財季出現的一些供應限制的評論。

Is there any way to quantify the revenue impact?

有什麼方法可以量化收入影響嗎？

And I guess, specifically, why I'm asking, while the sequential growth in network up 11% in the fiscal second quarter is solid, at least by our math, on a year-over-year basis, it's only up about kind of mid to high teens, which is kind of significantly underperforming a lot of the other cloud semi guys that have reported.

我想，具體來說，我為什麼要問，雖然第二財季網絡連續增長 11% 是穩健的，至少從我們的計算來看，與去年同期相比，它只增長了大約中到高十幾歲，這比許多其他已報導的雲半公司的表現要差得多。

And so I'm just trying to square that circle.

所以我只是想方圓這個圓。

And were the supply constraints more dominated in a certain part of the business?

供應限制是否在業務的某個部分更為主導？

You're right.

你說得對。

We sell a fairly broad range of products even in the data centers.

即使在資料中心，我們也銷售相當廣泛的產品。

And as I indicated, we sell known networking products, switching.

正如我所指出的，我們銷售已知的網路產品、交換產品。

We also sell server storage components, server storage connectivity.

我們也銷售伺服器儲存組件、伺服器儲存連接。

And we also sell some of these components into hard drives that goes into those near-line cloud data centers.

我們還將其中一些元件出售給進入近線雲端資料中心的硬碟。

So it's a broad diversity, and in fact, the challenges and constraints on the supply chain cuts across some of these products, not all consistently.

因此，這是一個廣泛的多樣性，事實上，供應鏈上的挑戰和限制貫穿其中一些產品，但並非全部一致。

And -- but we basically see very, very strong demand, and our challenge is to be able to optimize how we supply in those situations.

而且 - 但我們基本上看到了非常非常強勁的需求，我們的挑戰是能夠優化我們在這些情況下的供應方式。

Very fortunately, in our view, our products are very strong franchises in their own rights, and so I would say, we see our customers are very, very willing and able, in many situations, to work with us as we work through our supply chain challenges.

非常幸運的是，在我們看來，我們的產品本身就是非常強大的特許經營權，所以我想說，我們看到我們的客戶在許多情況下非常非常願意並且能夠在我們通過供應進行工作時與我們合作連鎖挑戰。

In other words, the demand has not been seen to be perishable.

換句話說，需求並未被視為會消失。

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羅斯·西莫爾。

I want to piggyback off John's question and maybe look a little further forward on the supply side with the constraint.

我想藉用約翰的問題，或許可以在供應上的限制下進一步展望一下。

Hock, you mentioned that, that was going to be a limitation in the third quarter and also could even go into the fourth quarter.

霍克，你提到，這將是第三季的限制，甚至可能進入第四季。

Is there specifics of it enough away from wireless that if you're pushing out the wireless business and you're still short of supply that when that wireless business comes back, are you going to have even bigger problems and have to make sacrifices elsewhere?

與無線業務相比，是否有足夠的細節，如果您推出無線業務，但供應仍然短缺，那麼當無線業務恢復時，您是否會遇到更大的問題，並不得不在其他方面做出犧牲？

Or are those supply chains sufficiently differentiated that you can have the wireless side come back and not have to have -- make any sacrifices on the rest of the business when we look into fiscal 4Q?

或者，這些供應鏈是否具有足夠的差異化，以至於您可以讓無線方面回歸，而不必在我們研究第四財季時對其他業務做出任何犧牲？

Ross, we love you dearly.

羅斯，我們深深地愛你。

You're overanalyzing.

你分析過度了。

Things are improving week by week in our -- in some of those unique constraints we have.

在我們所面臨的一些獨特限制中，情況正在逐週改善。

Of course, they are -- Malaysia is gradually opening up.

當然，馬來西亞正在逐步開放。

Our warehouse are gradually expanding their capacity -- operating capacity as are the test -- as our ability to shift test capacity to other locations where we have back-end assembly capacity.

我們的倉庫正在逐步擴大其容量（營運能力和測試能力），因為我們有能力將測試能力轉移到我們擁有後端組裝能力的其他地點。

So we're working to step by step increase it, and we will, over time, get there and improve as we go along.

因此，我們正在努力逐步增加它，隨著時間的推移，我們將實現這一目標並不斷改進。

As I say, we're working through Q3 now very vigorously, and we'll worry about Q4 when we get there, at which time, for sure, we would have improved the situation considerably.

正如我所說，我們現在正在非常積極地完成第三季度，當我們到達第四季度時，我們會擔心第四季度，那時，我們肯定會大大改善情況。

Our next question comes from Harlan Sur of JPMorgan.

我們的下一個問題來自摩根大通的哈蘭‧蘇爾。

Given the sharp COVID-19-related increase in compute and data traffic, I can understand the strength in the cloud data center business and obviously, the requirements to add more networking capacity.

鑑於與 COVID-19 相關的運算和資料流量急劇增加，我可以了解雲端資料中心業務的優勢，並且顯然可以了解增加更多網路容量的要求。

Not sure that this dynamic actually goes away even as global geographies start to open back up.

即使全球地理區域開始重新開放，也不確定這種動態是否真的會消失。

And then, Hock, as you mentioned, on top of that, you guys are ramping Tomahawk 3, Jericho 2, some of your compute acceleration ASICs.

然後，Hock，正如你所提到的，除此之外，你們還在升級 Tomahawk 3、Jericho 2 和一些運算加速 ASIC。

So given all of this, do you see sustainability of demand for your cloud products into the second half of the year?

考慮到所有這些，您認為下半年雲端產品的需求是否可持續？

Because there seems to be a view out there that post COVID-19, cloud customers are going to take a pause in the second half of the year.

由於似乎有一種觀點認為，在 COVID-19 之後，雲端客戶將在今年下半年暫停。

Harlan, that's an extremely good question, and it's a question that we keep -- that goes through our head constantly.

哈倫，這是一個非常好的問題，我們一直在思考這個問題。

And the bottom line is don't know the answer.

最重要的是不知道答案。

I mean I'll be honest with you that if you asked me that question 4 weeks ago, 5 weeks ago, I would really have high degree of doubts that it will sustain.

我的意思是，我會誠實地告訴你，如果你在 4 週前、5 週前問我這個問題，我真的很懷疑它是否會持續下去。

It doesn't mean I agree that it will sustain.

這並不意味著我同意它會持續下去。

But we have been seeing right up to now about 11 weeks, and we track this very closely, of extremely strong bookings.

但到目前為止，我們已經看到大約 11 週的預訂量非常強勁，我們非常密切地追蹤這一情況。

And it continues as we sit here right now.

當我們現在坐在這裡時，這種情況仍在繼續。

That's the fact.

事實就是如此。

Does it mean it will sustain?

這是否意味著它將持續下去？

Don't know.

不知道。

We don't know the answer.

我們不知道答案。

Our next question comes from Stacy Rasgon of Bernstein Research.

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

I wanted to go back to wireless.

我想回到無線。

In the press release, you used the word expected substantial reset.

在新聞稿中，您使用了「預期大幅重置」一詞。

So does that mean that the product delay was expected?

那麼這是否意味著產品延遲是預期的呢？

Or was that expected reference to the semi-custom business that we knew was rolling off that you had told us a couple of quarters ago?

或者，這是否是您在幾個季度前告訴我們的，我們知道正在進行的半定制業務的預期參考？

I think it was going from $1.1 billion last year to like $500 million this year.

我認為它會從去年的 11 億美元增加到今年的 5 億美元左右。

And more generally, 2 quarters ago, you gave some wireless growth targets for the year.

更一般地說，兩個季度前，您給出了今年的一些無線成長目標。

I think it was down about 10% for the full year.

我認為全年下降了約 10%。

I assume you're tracking below that now given what's going on.

考慮到正在發生的事情，我假設您正在追蹤低於該值的數據。

But can you give us some order of magnitude idea of how the wireless business is actually tracking right now versus the color that you had given us 2 quarters ago for what to expect this year?

但是，您能否給我們一些數量級的信息，說明無線業務目前的實際跟踪情況與您兩個季度前為我們提供的今年預期的顏色相比？

Stacy, it's Tom.

史黛西，是湯姆。

I think there's no correlation between what we talked about earlier this year and where we are today.

我認為我們今年早些時候討論的內容與我們今天的情況沒有任何關聯。

The reality is what we see is content's up, as Hock talked about, 40%.

現實是，正如霍克所說，內容增加了 40%。

There's been a shift in terms of when product is going to be delivered.

產品交付時間發生了變化。

There are some supply chain constraints, of course, on top of that.

當然，除此之外還有一些供應鏈限制。

And so when you put that all together, comparing anything to what we talked about, I think 2 quarters ago was difficult.

因此，當你把所有這些放在一起，將任何內容與我們談論的內容進行比較時，我認為兩個季度前是困難的。

I think the key point is we remain very much on track from a product road map standpoint and from a content standpoint, consistent to what we've talked about in the past.

我認為關鍵的一點是，從產品路線圖的角度和內容的角度來看，我們仍然處於正軌，這與我們過去討論的內容一致。

And I think that bodes well obviously for later this year but also in the future.

我認為這顯然是今年晚些時候以及未來的好兆頭。

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布萊恩‧柯蒂斯。

Maybe just follow-up on wireless.

也許只是無線方面的後續行動。

I just want to understand.

我只是想了解一下。

You said 30% -- almost 40% content gains in 5G.

你說 5G 內容增加了 30%——幾乎 40%。

So I'm assuming you're talking just cellular, and that's just some portion of the mix.

所以我假設您只是在談論蜂窩網絡，而這只是其中的一部分。

And then so I'm assuming that that'll flow in the model over the next couple of years.

然後我假設這將在未來幾年內出現在模型中。

And maybe you can just give us a perspective on WiFi as well as the kind of composite content story over the next couple of years in wireline.

也許您可以向我們介紹 WiFi 以及未來幾年有線電視網路的複合內容故事。

Well, I assume your question is more on content.

好吧，我認為你的問題更多是關於內容。

Yes.

是的。

Go ahead.

前進。

No, Blayne, I think, first of all, on the content side, it's inclusive of all of our products in that area, right?

不，Blayne，我認為，首先，在內容方面，它包括我們在該領域的所有產品，對吧？

So it's not just RF, but it's also custom and it's WiFi.

所以它不僅僅是 RF，它也是客製化的，它是 WiFi。

And so I think what you're referring to is what's the mix of 5G versus non-5G phones and how does that play out over time.

所以我認為你指的是 5G 手機與非 5G 手機的組合是什麼，以及隨著時間的推移，這種組合會如何發揮作用。

I think what we've talked about in the past is it's going to take several years for that to transition.

我認為我們過去討論過的是，這種轉變需要幾年的時間。

Obviously, we don't control that, but that's our expectation.

顯然，我們無法控制這一點，但這是我們的期望。

When we talked about the growth rates of wireless over time, over the next several years being high single digits, that's what ties into the content growth.

當我們談論無線隨著時間的推移而成長時，在接下來的幾年中，成長率將達到高個位數，這就是與內容成長相關的因素。

Plus the expectations could take several years to go all 5G.

此外，預計全面採用 5G 可能需要數年時間。

Our next question comes from Timothy Arcuri of UBS.

我們的下一個問題來自瑞銀集團的提摩西·阿庫裡。

I guess I had a question on just big picture demand.

我想我有一個關於大圖片需求的問題。

It's obviously quite odd to have such big supply constraints amid a global economic downturn.

在全球經濟低迷的情況下出現如此大的供應限制顯然很奇怪。

And you're definitely talking about demand across your end markets being strong.

您肯定是在談論終端市場的需求強勁。

I think, Hock, you used the word surge recently.

我想，霍克，你最近使用了「激增」這個詞。

So how do you handicap the demand strength?

那麼如何抑制需求強度呢？

Is sell-through sufficient to support the orders?

銷售量是否足以支持訂單？

Or are we maybe robbing from some future quarters given that the customers know that there are some supply constraints and maybe robbing from the end of the year and into 2021?

或者，考慮到客戶知道存在一些供應限制，我們是否可能會從未來的某些季度進行搶劫，並且可能會從年底到 2021 年進行搶劫？

I guess I'm sort of asking if you can bridge sell-in and what you're hearing from your customers on sell-through.

我想我是在問你是否可以將銷售和你從客戶那裡聽到的銷售情況聯繫起來。

Well, let me try to answer that.

好吧，讓我試著回答。

First and foremost, most of all these orders, all these big demand constraint we're talking about are direct -- are orders directly from the end users, both of them.

首先也是最重要的，大多數訂單，我們談論的所有這些大需求約束都是直接的——都是直接來自最終用戶的訂單，兩者都是。

This -- and a lot of this is what you all have heard about, strength in the cloud.

這——以及其中的許多內容，你們都聽說過，雲的力量。

Mega scale cloud vendors are buying it.

大型雲端供應商正在購買它。

Strength in broadband from -- directly from the telcos, the service providers.

寬頻的實力直接來自電信公司、服務供應商。

We are getting most -- a lot of these customers we deal with directly.

我們得到的客戶數量最多，其中許多都是我們直接打交道的。

And even if they go through OEMs, not distributors, OEMs, we have clear visibility on pools from end users, which are the customers of the OEMs, like the telcos, the cable companies, service providers.

即使他們透過 OEM，而不是經銷商、OEM，我們也可以清楚地了解最終用戶的池，這些最終用戶是 OEM 的客戶，例如電信公司、有線電視公司、服務供應商。

So these are all largely direct.

所以這些基本上都是直接的。

And as I pointed out too, if anything else, distribution, we are bringing down bookings, channel inventory at distributors back to how -- Tom's view of managing our exposure out there and in this environment, a very strong end demand.

正如我也指出的那樣，如果有其他的話，分銷，我們正在減少分銷商的預訂和渠道庫存，以恢復到湯姆在管理我們的曝光度方面的觀點，在這種環境下，終端需求非常強勁。

Last thing we need to do is get distracted with channel inventory.

我們需要做的最後一件事就是因渠道庫存而分心。

So we are very aggressively bringing down channel inventory by reducing ship-in to distributors even as their resale is maintained, as I mentioned, depending on end markets at a fairly decent level.

因此，正如我所提到的，我們正在透過減少向分銷商的發貨來非常積極地降低通路庫存，即使他們的轉售仍得以維持，這取決於終端市場的相當不錯的水平。

So this is all coming direct and from customers, mainly a lot of it cloud customers, a bunch of probably OEMs, these big OEMs who sell to large enterprises.

因此，這一切都是直接來自客戶，主要是許多 IT 雲端客戶，一群可能的 OEM，這些向大型企業銷售產品的大型 OEM。

And I think a lot of these guys are not holding -- as far as we're aware, they are not holding it for inventory.

我認為很多人都沒有持有——據我們所知，他們沒有持有它作為庫存。

Doesn't mean we don't do that for a fact.

並不意味著我們實際上不會這樣做。

But as far as we can see, they have been deployed or they've been quickly deployed.

但據我們所知，它們已經部署或很快就部署了。

So we have -- we do not have clear sense on how much inventory are being accumulated if any.

因此，我們並不清楚正在累積多少庫存（如果有的話）。

Our next question comes from the line of Pierre Ferragu of New Street.

我們的下一個問題來自新街的皮埃爾·費拉古 (Pierre Ferragu)。

So Hock, if I understood you correctly, you saw the surge in demand for your direct end customers in cloud and telcos.

因此，霍克，如果我沒理解錯的話，您會看到雲端和電信領域對直接最終客戶的需求激增。

And I was wondering if you saw a similar trend or things trending differently with your networking equipment clients.

我想知道您的網路設備客戶是否看到了類似的趨勢或不同的趨勢。

You're talking about, I assume, the original equipment manufacturers or OEMs.

我猜你說的是原始設備製造商或 OEM。

Now most of the OEMs, not all, who buy from us tend to, as you probably are implying here, buying a lot for enterprises, more the traditional enterprise side.

現在，大多數（不是全部）從我們這裡購買的 OEM 傾向於，正如您在這裡可能暗示的那樣，為企業，更多的是傳統企業方面購買大量產品。

And as far as we see over the past 12, 13 weeks which represents 1/4 of bookings we are seeing, a lot of the OEMs are also buying for those enterprises.

就我們在過去 12、13 週（占我們所看到的預訂量的 1/4）來看，許多 OEM 也在為這些企業採購。

So -- and on the basis that which we do scrutinize where those orders come from, and a lot of these orders are also for demand from fairly large enterprise customers that these guys have, not to the scale of strength that we see among cloud mega scale players or from telcos and service providers at this point, especially in broadband.

因此，根據我們確實審查這些訂單來自何處的基礎，其中許多訂單也是為了滿足這些人擁有的相當大的企業客戶的需求，而不是我們在雲巨頭中看到的實力規模目前，規模參與者或來自電信公司和服務供應商的參與者，特別是在寬頻領域。

But certainly, we do not see weakness there, but with not the strength that we see for our direct purchases from cloud guys or from telcos for their business.

但當然，我們並沒有看到這方面的弱點，但我們從雲端運算公司或電信公司直接購買他們的業務的實力卻沒有看到。

Our next question comes from Chris Danely of Citigroup.

我們的下一個問題來自花旗集團的克里斯·丹利。

I guess I'm going to try for like a series of sort of confirmations on the lead time situation.

我想我將嘗試對交貨時間情況進行一系列確認。

So can you just talk about a little more color on lead times?

那麼您能談談交貨時間的更多細節嗎？

What's normal and what they are now?

什麼是正常的以及現在是什麼？

Do you see them getting worse or getting further extended?

您是否認為它們會變得更糟或進一步延長？

And then also if you could tell us what sort of percentage of revenues are impacted by the extended lead times?

另外，您能否告訴我們，延長交貨時間對收入的影響有多大？

And then do you see any signs of double ordering?

然後你看到任何雙重排序的跡象嗎？

Well, lead times, in fact, has been pretty long for a while, especially in leading-edge processes.

事實上，交貨時間已經相當長一段時間了，尤其是在前沿工藝中。

When you talk about wafer foundries, leading-edge processes, this is not something that just showed up recently.

當你談論晶圓代工廠、前沿工藝時，這並不是最近才出現的。

It's over the past many -- several months, lead times at the major foundries for leading-edge processors has already been very, very extended.

在過去的幾個月裡，領先處理器的主要代工廠的交貨時間已經非常非常長。

And as is long lead time for not just wafers, I would add also for specialized material components like substrates, so also a massive long lead time because of capacity limitations.

而且，不僅晶圓的交貨時間很長，我還想補充一下，基板等專用材料零件的交貨時間也很長，由於產能限制，交貨時間也很長。

It's something like it happened more than a year ago on MLCCs for that extent.

從這個意義上來說，MLCC 上的情況就好像一年多前發生過的情況一樣。

In this case, it's wafers and all that.

在這種情況下，它是晶圓等等。

I think that -- I think it will improve.

我認為——我認為情況會有所改善。

It will improve, and we are starting to see some improvement.

它會有所改善，我們開始看到一些改善。

It will improve as times progress over this.

隨著時代的進步，它會得到改善。

What really makes a difference, maybe from the way we're addressing and Tom highlighted it, is many companies out there, when they buy their -- when they try to manufacture their chips, perhaps buying, order those from the suppliers on forecast with the anticipation that their forecasts are good and they can, therefore, have a head start on already prebuilding a lot of that product inventory and therefore, they can supply.

也許從我們解決問題的方式來看，真正產生影響的是許多公司，當他們購買晶片時——當他們嘗試製造晶片時，也許是按照預測從供應商那裡購買、訂購晶片。預期他們的預測是好的，因此他們可以在已經預先建立大量產品庫存方面取得領先，因此他們可以供應。

But building the forecast obviously carries with it a high level -- some level of risk that you could be forecasting a demand that doesn't materialize.

但是，建立預測顯然會帶來很大的風險—您可能會預測需求並未實現的風險。

And that's -- that enables you to deliver -- manufacture and deliver the chips, the final product in period less than a normal standard lead time, which would be what you take to start from the beginning of a wafer to the end product.

這使您能夠在比正常標準交付週期短的時間內製造和交付晶片、最終產品，這將是您從晶圓開始到最終產品的時間。

And that is what's happening.

這就是正在發生的事情。

The whole lead time from beginning to end is probably longer today and has been that way for months now.

如今，從開始到結束的整個交付時間可能更長，並且已經持續了幾個月。

It's much longer than normal lead times many of my peer group companies in the semiconductor industry give to their customers.

這比我在半導體行業的許多同行集團公司給客戶的正常交貨時間要長得多。

We have chosen now to build because of risk mitigation purposely and build only to orders, not to forecast.

我們現在選擇建造是為了降低風險，並且只按照訂單建造，而不是按照預測建造。

And that might be what is the biggest difference here.

這可能是最大的區別。

That will conclude our call today.

我們今天的電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

Have a good day.

祝你有美好的一天。