博通 (AVGO) 2022 Q1 法說會逐字稿

Welcome to Broadcom Inc.'s First Quarter Fiscal Year 2022 Financial Results Conference Call.

歡迎參加 Broadcom Inc. 的 2022 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。

Thank you, Cheri, and good afternoon, everyone.

謝謝你，Cheri，大家下午好。

Joining me on today's call are Hock Tan, President and CEO; Kirsten Spears, Chief Financial Officer; Tom Krause, President, Broadcom Software Group; and Charlie Kawwas, Chief Operating Officer.

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；博通軟件集團總裁湯姆克勞斯；和首席運營官 Charlie Kawwas。

Broadcom also distributed a press release and financial tables after the market close describing our financial performance for the first quarter fiscal year 2022. If you did not receive a copy, you may obtain the information from the Investors section of Broadcom's website at broadcom.com.

Broadcom 還在收市後分發了一份新聞稿和財務表格，描述了我們 2022 財年第一季度的財務業績。如果您沒有收到副本，您可以從 Broadcom 網站的“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. It will also be archived in the Investors section of our website at broadcom.com.

本次電話會議正在進行網絡直播，錄音將通過電話播放提供 1 週。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 2022 results, guidance for our second quarter as well as commentary regarding the business environment. We'll take questions after the end of our prepared comments.

在準備好的評論中，Hock 和 Kirsten 將提供我們 2022 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。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. A reconciliation between GAAP and non-GAAP measures is included in the tables attached to today's press release. Comments made during today's call will primarily refer to our non-GAAP financial results.

除了美國公認會計準則報告外，博通還根據非公認會計準則報告某些財務指標。 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。在今天的電話會議上發表的評論主要是指我們的非公認會計原則財務業績。

I'll now turn the call over to Hock.

我現在將把電話轉給 Hock。

All Right. Thank you, Ji. Thank you, everyone, for joining us today.

好的。謝謝你，吉。謝謝大家，今天加入我們。

So in our fiscal Q1 '22, consolidated net revenue was a record $7.7 billion, up 16% year-on-year. Semiconductor solutions revenue grew 20% year-on-year to $5.9 billion, and infrastructure software revenue grew 5% year-on-year to $1.8 billion.

因此，在我們的 22 財年第一季度，合併淨收入達到創紀錄的 77 億美元，同比增長 16%。半導體解決方案收入同比增長 20% 至 59 億美元，基礎設施軟件收入同比增長 5% 至 18 億美元。

Now enterprise demand grew very robustly from the trough we saw in Q1 last year as the recovery in enterprise IT spending continued to accelerate. Meanwhile, hyper clouds are upgrading their data centers, and service providers, telcos continue to deploy next-generation fiber-to-the-home. As expected, against the peak of a year ago, wireless grew single digits, and our core software business remains very stable and steady. On the supply front, lead times remain extended and unchanged as inventory of our products in the channel and in our customers remains lean. Our semiconductor backlog at the close of Q1 continue to grow double digits from that of the prior quarter.

現在，隨著企業 IT 支出的複蘇繼續加速，企業需求從去年第一季度的低谷開始強勁增長。與此同時，超雲正在升級他們的數據中心，服務提供商和電信公司繼續部署下一代光纖到戶。正如預期的那樣，與一年前的高峰相比，無線增長了個位數，我們的核心軟件業務仍然非常穩定。在供應方面，由於我們在渠道和客戶中的產品庫存保持精簡，交貨時間保持延長和不變。我們在第一季度末的半導體積壓量繼續比上一季度增長兩位數。

Let me now provide more color by end markets, starting with networking. Networking revenue of $1.9 billion was up 33% year-on-year and represented 32% of our semiconductor revenue. This strong growth was driven by deployment at scale of Tomahawk 4 and compute offload across several hyperscale customers. Hence, they upgrade and scale out their data centers. In enterprises, campus switching upgrades continue to accelerate.

現在讓我提供更多終端市場的色彩，從網絡開始。網絡收入為 19 億美元，同比增長 33%，占我們半導體收入的 32%。這種強勁的增長是由 Tomahawk 4 的大規模部署和跨多個超大規模客戶的計算卸載推動的。因此，他們升級和擴展了他們的數據中心。在企業中，園區交換升級持續加速。

Let me talk about routing in this space. Investments in 5G backhaul by telco operators worldwide continue to drive strong growth in our Qumran family of products. More than this, the opportunity in our routing silicon has expanded into hyperscale in a very significant way, moving Ethernet into the back-end network of large-scale AI/ML clusters.

讓我談談這個空間中的路由。全球電信運營商對 5G 回程的投資繼續推動我們 Qumran 系列產品的強勁增長。不僅如此，我們的路由芯片的機會已經以一種非常重要的方式擴展到超大規模，將以太網移動到大規模 AI/ML 集群的後端網絡中。

In particular, I'm referring to the Arista 7800 AI platform, which scales Ethernet to connect many tens of thousands of CPUs and GPUs in hyperscale. This platform is built on our Jericho router. Our devices provide the most cost-effective fabric for AI/ML scaler with an end-to-end congestion-managed lossless network and highest efficiency load balancing across the link.

特別是，我指的是 Arista 7800 AI 平台，它可以擴展以太網以連接數万個超大規模的 CPU 和 GPU。這個平台建立在我們的 Jericho 路由器上。我們的設備為 AI/ML 縮放器提供最具成本效益的結構，具有端到端擁塞管理的無損網絡和跨鏈路的最高效率負載平衡。

Now in contrast to proprietary protocols such as Infiniband used typically in high-performance computing, we see low-latency Ethernet as the way forward for large-scale AI/ML networks as a widely adopted open architecture. Our unique ability to network these complex AI workloads in hyperscale is extending our customized training and inference SoC footprint at several cloud guys. In Q2, we expect networking to continue to be strong across the board and revenue growth to be in excess of 30% year-over-year.

現在，與通常用於高性能計算的 Infiniband 等專有協議相比，我們將低延遲以太網視為大規模 AI/ML 網絡的前進方向，作為一種廣泛採用的開放架構。我們在超大規模中將這些複雜的 AI 工作負載聯網的獨特能力正在將我們定制的訓練和推理 SoC 足跡擴展到幾個雲計算人員。在第二季度，我們預計網絡將繼續全面強勁，收入同比增長將超過 30%。

Next, our server storage connectivity revenue was $801 million, and growth accelerated to 32% year-on-year, representing 14% of semiconductor revenue. This was driven in large part by the continuing recovery of enterprise IT spending, much of which was deployed towards upgrading compute servers. And most of these compute servers use either our MegaRAID or SAN for server storage connectivity. We are also benefiting from increased content as enterprises upgrade to next-generation storage connectivity solutions to support deployment of leading-edge servers.

接下來，我們的服務器存儲連接收入為 8.01 億美元，同比增長加速至 32%，佔半導體收入的 14%。這在很大程度上是由企業 IT 支出的持續恢復推動的，其中大部分用於升級計算服務器。這些計算服務器中的大多數都使用我們的 MegaRAID 或 SAN 來實現服務器存儲連接。隨著企業升級到下一代存儲連接解決方案以支持前沿服務器的部署，我們也受益於內容的增加。

Beyond enterprise, with proliferation of video content in social media, we see our cloud customers increasingly adopting nearline hard disk drives as the primary storage of choice. And to manage these large arrays of hard disk drives, they deploy storage service and expanders, which utilize very much our next-generation storage connectivity, silicon and software, creating another driver for revenue growth. Interestingly, we are also a critical supplier of preamplifiers and rechannels in nearline hard disk drives, with our revenue growing at over 20% CAGR over the last 5 years. Our nearline revenue represented over 2/3 of our hard drive business this quarter.

除了企業之外，隨著社交媒體中視頻內容的激增，我們看到我們的雲客戶越來越多地採用近線硬盤驅動器作為主要存儲選擇。為了管理這些大型硬盤驅動器陣列，他們部署了存儲服務和擴展器，它們充分利用了我們的下一代存儲連接、芯片和軟件，為收入增長創造了另一個驅動力。有趣的是，我們還是近線硬盤驅動器前置放大器和再通道的重要供應商，我們的收入在過去 5 年中以超過 20% 的複合年增長率增長。我們的近線收入佔本季度硬盤業務的 2/3 以上。

With the adoption of next-generation technology here, we're selling more boards than just silicon, resulting in much higher dollar content. This dynamic, coupled with continuing strong demand from both enterprise and hyperscale, is expected to accelerate Q2 server storage connectivity revenue to over 55% year-on-year.

隨著這裡採用下一代技術，我們銷售的電路板不僅僅是矽片，從而產生了更高的美元含量。這種動態，再加上企業和超大規模的持續強勁需求，預計第二季度服務器存儲連接收入將同比增長超過 55%。

Now moving on to broadband. Revenue of $911 million grew 23% year-on-year and represented 16% of semiconductor revenue. This was driven largely by increased deployment of next-generation PON and DOCSIS, our cable modem, with high attach rates of WiFi 6 and 6E in home gateways. Examples of this abound. Last quarter, Charter announced trials of DOCSIS 4.0 running at speeds of 8.5 gigabit downstream and 6 gigabit upstream, both in CPE and remote node. Comcast started deployment of their WiFi 6E DOCSIS 3.1 gateway. And AT&T announced a multi-gig PON service on their gateways. All of this are using Broadcom SoCs.

現在轉向寬帶。收入為 9.11 億美元，同比增長 23%，佔半導體收入的 16%。這主要是由於下一代 PON 和 DOCSIS（我們的電纜調製解調器）的部署增加，在家庭網關中具有 WiFi 6 和 6E 的高連接率。這方面的例子比比皆是。上個季度，Charter 宣佈在 CPE 和遠程節點中以 8.5 Gb 下游和 6 Gb 上游速度運行 DOCSIS 4.0 的試驗。 Comcast 開始部署他們的 WiFi 6E DOCSIS 3.1 網關。 AT&T 宣佈在其網關上提供多千兆 PON 服務。所有這些都使用 Broadcom SoC。

We remain the market leader in delivering WiFi 6 and 6E chips to leading phones as well as routers, enterprise access points and carrier gateways. Through the first quarter of 2022, we have cumulatively shipped over 1 billion WiFi 6 and 6E radios in just around 3 years since our launch. Our OEM customers and carrier partners are now ramping WiFi 6E, the current generation of WiFi making use of the 6 gigahertz band, which has increasingly been made available for unlicensed access across the globe.

在為領先的手機以及路由器、企業接入點和運營商網關提供 WiFi 6 和 6E 芯片方面，我們仍然是市場領導者。到 2022 年第一季度，我們在推出後的短短 3 年內累計出貨了超過 10 億台 WiFi 6 和 6E 無線電。我們的 OEM 客戶和運營商合作夥伴現在正在推廣 WiFi 6E，這是使用 6 GHz 頻段的當前一代 WiFi，該頻段已越來越多地在全球範圍內用於未經許可的訪問。

And as we look ahead, we are the industry leader heavily investing in WiFi 7 as the strategic complement to 10G PON and cable modem. We see -- both broadband. We see this as the next step in broadband development and deployment globally. In the U.S. alone, the pending infrastructure access to site $65 billion over the next 5 years to connect more homes to high-speed broadband. Across the world, the same is happening as next-generation wide broadband is seen as the better alternative to 5G for home connectivity. As far as Q2 is concerned, we expect our broadband business to continue to grow 20% year-on-year.

展望未來，我們是行業領導者，大力投資 WiFi 7 作為 10G PON 和電纜調製解調器的戰略補充。我們看到 - 都是寬帶。我們將此視為全球寬帶開發和部署的下一步。僅在美國，未來 5 年將花費 650 億美元的未決基礎設施接入站點，以將更多家庭連接到高速寬帶。在全球範圍內，同樣的情況正在發生，因為下一代寬帶被視為 5G 用於家庭連接的更好替代方案。就第二季度而言，我們預計我們的寬帶業務將繼續同比增長 20%。

Moving on to wireless. Q1 revenue of $2 billion represented 34% of semiconductor revenue. Demand from our North American customer for our products continued to be strong during the quarter, driving wireless revenue up 10% sequentially and up 4% year-on-year from the peak quarter in fiscal '21. As expected in Q2, wireless revenue will be seasonally down, about mid-teens quarter-on-quarter, but will still be up mid-single digits from a year ago.

繼續無線。第一季度 20 億美元的收入佔半導體收入的 34%。本季度北美客戶對我們產品的需求持續強勁，推動無線收入環比增長 10%，較 21 財年的高峰季度同比增長 4%。正如第二季度所預期的那樣，無線收入將出現季節性下降，季度環比約為 10%，但仍將比去年同期增長中個位數。

Finally, industrial revenue of $243 million represented approximately 4% of Q1 semiconductor revenue. Q1 resales of $239 million grew 37% year-over-year driven by robust demand from electric vehicles, renewable energy, factory automation and health care. Reflecting such strong resales, our inventory in the channel remain around 1 month, and we expect resales to continue to be strong in Q2.

最後，2.43 億美元的工業收入約佔第一季度半導體收入的 4%。受電動汽車、可再生能源、工廠自動化和醫療保健的強勁需求推動，第一季度轉售額為 2.39 億美元，同比增長 37%。反映如此強勁的轉售，我們的渠道庫存保持在 1 個月左右，我們預計第二季度的轉售將繼續強勁。

Accordingly, in summary, Q1 semiconductor solution revenue was up 20% year-on-year. Q2, we expect semiconductor revenue to accelerate to 25% year-on-year.

因此，綜上所述，Q1 半導體解決方案收入同比增長 20%。 Q2，我們預計半導體收入將同比加速增長至 25%。

Turning to software. In Q1, infrastructure software revenue of $1.8 billion grew 5% year-on-year and represented 24% of total revenue. Core software revenue grew 6% year-on-year. In dollar terms, consolidated renewal rates averaged 121% over expiring contracts, while in our strategic accounts, we averaged 136%. Within these strategic accounts, $656 million represented renewals on expiring contracts, of which $164 million represented cross-selling, including PLAs, of our portfolio products to the same customers. Over 90% of the renewal value represented recurring subscription and maintenance.

轉向軟件。第一季度，基礎設施軟件收入為 18 億美元，同比增長 5%，佔總收入的 24%。核心軟件收入同比增長6%。以美元計算，與到期合同相比，合併續訂率平均為 121%，而在我們的戰略賬戶中，我們平均為 136%。在這些戰略賬戶中，6.56 億美元代表到期合同的續簽，其中 1.64 億美元代表我們的投資組合產品向相同客戶的交叉銷售，包括 PLA。超過 90% 的續訂價值代表定期訂閱和維護。

Okay. ARR, annual recurring revenue, at the end of Q1 was $5.3 billion, which was up 5% from a year ago. In Q2, we expect our infrastructure software revenue to sustain around mid-single-digit percentage growth year-upon-year. In summary, in Q1, semiconductor revenue grew a strong 20%. In fact, excluding wireless, it grew -- actually grew over 30%. Combined with our stable software business, consolidated revenue grew 16% year-on-year to $7.7 billion.

好的。第一季度末的年度經常性收入 ARR 為 53 億美元，比一年前增長 5%。在第二季度，我們預計我們的基礎設施軟件收入將同比保持中個位數百分比增長。總之，在第一季度，半導體收入強勁增長了 20%。事實上，不包括無線，它增長了——實際上增長了 30% 以上。結合我們穩定的軟件業務，綜合收入同比增長 16% 至 77 億美元。

Now turning to Q2 guidance. We expect semiconductor revenue growth will accelerate to 25% year-upon-year. And excluding wireless, it will be 35% year-on-year. Layering on our stable software business, we expect Q2 consolidated revenue growth of 20% year-on-year to $7.9 billion.

現在轉向第二季度的指導。我們預計半導體收入同比增長將加速至 25%。不包括無線，同比增長35%。基於我們穩定的軟件業務，我們預計第二季度綜合收入同比增長 20% 至 79 億美元。

And before I turn this call over to Kirsten, I just want to add, Broadcom recently published its second annual ESG report available on the company's corporate citizenship site, which discusses the company's ESG initiatives. As a global technology leader, we recognize the company's responsibility to have a positive impact on our communities. Through our product and technology innovation and operational excellence, we remain very committed to this mission.

在我將這個電話轉給 Kirsten 之前，我只想補充一下，Broadcom 最近在公司的企業公民網站上發布了第二份年度 ESG 報告，其中討論了公司的 ESG 舉措。作為全球技術領導者，我們認識到公司有責任對我們的社區產生積極影響。通過我們的產品和技術創新以及卓越運營，我們仍然非常致力於這一使命。

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

有了這個，讓我把電話轉給克爾斯滕。

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

謝謝你，霍克。現在讓我提供有關我們財務業績的更多細節。

Revenue was $7.7 billion for the quarter, up 16% from a year ago. Gross margins were 76% of revenue in the quarter and up 227 basis points year-on-year. Operating expenses were $1.2 billion, up 6% year-on-year, driven by investment in research and development. Operating income for the quarter was $4.7 billion and was up 23% from a year ago. Operating margin was 60% of revenue, up approximately 362 basis points year-on-year. Adjusted EBITDA was $4.8 billion or 62.5% of revenue. Note that this figure excludes $136 million of depreciation.

本季度收入為 77 億美元，同比增長 16%。本季度毛利率佔收入的 76%，同比增長 227 個基點。在研發投資的推動下，運營費用為 12 億美元，同比增長 6%。本季度營業收入為 47 億美元，同比增長 23%。營業利潤率為收入的 60%，同比增長約 362 個基點。調整後 EBITDA 為 48 億美元，佔收入的 62.5%。請注意，該數字不包括 1.36 億美元的折舊。

Now a review of the P&L for our 2 segments. Revenue for our semiconductor solutions segment was $5.9 billion and represented 76% of total revenue in the quarter. This was up 20% year-on-year. Gross margins for our semiconductor solutions segment were approximately 71%, up 347 basis points year-on-year, driven by favorable product mix and content growth in next-generation products across our extensive product portfolio.

現在回顧一下我們 2 個部分的損益表。我們半導體解決方案部門的收入為 59 億美元，佔本季度總收入的 76%。這比去年同期增長了 20%。我們的半導體解決方案部門的毛利率約為 71%，同比增長 347 個基點，這得益於我們廣泛的產品組合中有利的產品組合和下一代產品的內容增長。

Operating expenses were $817 million in Q1, up 9% year-on-year. R&D was $725 million in the quarter, up 10% year-on-year. Q1 semiconductor operating margins increased to 57%. So while semiconductor revenue was up 20%, operating profit grew 31%.

第一季度運營費用為 8.17 億美元，同比增長 9%。本季度研發費用為 7.25 億美元，同比增長 10%。 Q1 半導體營業利潤率增至 57%。因此，雖然半導體收入增長了 20%，但營業利潤增長了 31%。

Moving to the P&L for our infrastructure software segment. Revenue for infrastructure software was $1.8 billion and represented 24% of revenue. This was up 5% year-on-year. Gross margins for infrastructure software were 90% in the quarter, up 71 basis points year-over-year. Operating expenses were $348 million in the quarter, up 1% year-over-year. Infrastructure software operating margin was 71% in Q1, and operating profit grew 7%.

轉向我們基礎設施軟件部門的損益表。基礎設施軟件的收入為 18 億美元，佔收入的 24%。這比去年同期增長了 5%。本季度基礎設施軟件的毛利率為 90%，同比增長 71 個基點。本季度運營費用為 3.48 億美元，同比增長 1%。第一季度基礎設施軟件營業利潤率為 71%，營業利潤增長 7%。

Moving to cash flow. Free cash flow in the quarter was $3.4 billion, representing 44% of revenue. We spent $101 million on capital expenditures. Days sales outstanding were 30 days in the first quarter compared to 35 days a year ago. We ended the first quarter with inventory of $1.5 billion, up 17% from the end of the prior quarter, in large part due to higher material costs. Our hardware backlog at the end of the quarter was over $25 billion compared to $22 billion the preceding quarter. And our lead times remain steady at 50 weeks. Our software backlog continued to grow as well and ended the quarter at over $15 billion. As a point of reference, software backlog was $13 billion a year ago.

轉向現金流。本季度的自由現金流為 34 億美元，佔收入的 44%。我們在資本支出上花費了 1.01 億美元。第一季度的銷售天數為 30 天，而去年同期為 35 天。我們在第一季度末的庫存為 15 億美元，比上一季度末增長 17%，這在很大程度上是由於材料成本上升。我們在本季度末的硬件積壓超過 250 億美元，而上一季度為 220 億美元。我們的交貨時間穩定在 50 週。我們的軟件積壓也繼續增長，並在本季度結束時超過 150 億美元。作為參考，一年前的軟件積壓為 130 億美元。

We ended the quarter with $10.2 billion of cash and $39.5 billion of gross debt, of which $300 million is short term.

我們在本季度結束時擁有 102 億美元的現金和 395 億美元的總債務，其中 3 億美元是短期的。

Turning to capital allocation. In the quarter, we paid stockholders $1.8 billion of cash dividends. Consistent with our commitment to return excess cash to shareholders, we repurchased $2.7 billion in common stock and eliminated $375 million of common stock for taxes due on vesting of employee equity, resulting in the elimination of approximately 5 million AVGO shares. The non-GAAP diluted share count in Q1 was 446 million.

轉向資本配置。本季度，我們向股東支付了 18 億美元的現金股息。根據我們向股東返還超額現金的承諾，我們回購了 27 億美元的普通股，並取消了 3.75 億美元的普通股作為員工股權歸屬應繳稅款，從而取消了大約 500 萬股 AVGO 股票。第一季度非公認會計原則稀釋後的股票數量為 4.46 億股。

Based on current business trends and conditions, our guidance for the second quarter of fiscal 2022 is for consolidated revenues of $7.9 billion and adjusted EBITDA of approximately 62.5% of projected revenue. Note that we expect Q2 non-GAAP diluted share count to be 442 million. This excludes the potential impact of any share repurchases completed in the second quarter.

根據當前的業務趨勢和狀況，我們對 2022 財年第二季度的指導是合併收入為 79 億美元，調整後的 EBITDA 約為預計收入的 62.5%。請注意，我們預計第二季度非 GAAP 稀釋後的股票數量為 4.42 億股。這不包括在第二季度完成的任何股票回購的潛在影響。

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

我準備好的發言到此結束。接線員，請打開電話提問。

(Operator Instructions) Our first question will come from Harlan Sur with JPMorgan.

（操作員說明）我們的第一個問題將來自摩根大通的 Harlan Sur。

Congratulations on the strong results and execution.

祝賀您取得了驕人的成績和執行力。

Hock, given your backlog and extended lead times, you've got pretty good visibility into this year. Your end markets are strong, right? Cloud and hyperscale. CapEx spending is looking to grow about 30%. You're driving the 200 and 400 gig networking upgrade cycle. Enterprise spending is still expanding. As you mentioned, Broadcom continues strong, whether it's DOCSIS, WiFi, fiber upgrades.

霍克，考慮到你的積壓和延長的交貨時間，你對今年有很好的了解。你們的終端市場很強大，對吧？雲和超大規模。資本支出有望增長約 30%。您正在推動 200 和 400 gig 網絡升級週期。企業支出仍在擴大。正如你所提到的，Broadcom 繼續保持強勁勢頭，無論是 DOCSIS、WiFi、光纖升級。

And then on your compute acceleration, ASIC pipeline, you've got Google, Facebook, Microsoft, all of these guys ramping. So it seems like the demand, your product leadership, seasonality can sustain a sort of low to mid-20% plus-type year-over-year revenue growth profile through this year.

然後在你的計算加速、ASIC 管道上，你有谷歌、Facebook、微軟，所有這些人都在加速。因此，需求、您的產品領導力、季節性似乎可以在今年維持一種低至 20% 的年增長率。

So I guess the question for you is do you have line of sight and confidence on sustaining this type of growth through the year? And then more importantly, do you have the supply commitments to support this type of growth?

所以我想你的問題是你對全年保持這種增長有信心和信心嗎？然後更重要的是，您是否有支持這種增長的供應承諾？

I'm not providing annual guidance, Harlan, if that's what you're angling for. But what you're saying makes a lot of sense. And to answer your question directly, yes, we have line of sight through end of 2022, both, we believe, in demand and in supply.

我不提供年度指導，哈蘭，如果你想這樣做的話。不過你說的很有道理。為了直接回答你的問題，是的，我們認為到 2022 年底，我們認為需求和供應都是如此。

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

我們的下一個問題將來自美國銀行的 Vivek Arya。

Hock, I was hoping if you could just revisit what's driving the acceleration in growth. And then the more important question is that there is a perception that semiconductor companies are benefiting abnormally because of a pricing lever because of the tight supply conditions. And as the foundry capacity eases, that your costs will go down and the pricing advantage will disappear.

霍克，我希望你能重新審視推動增長加速的因素。然後更重要的問題是，由於供應緊張導致定價槓桿，半導體公司正在異常受益。隨著代工產能的減少，您的成本將下降，定價優勢將消失。

And I was hoping you could give us some more color, how much of a role is pricing playing in the expected sales growth this year on a like-to-like basis versus what you saw last year?

我希望你能給我們更多的色彩，與你去年看到的相比，定價在今年的預期銷售增長中扮演了多大的角色？

That's a very good question. And I mean -- and true, the rail demand that we're seeing underlying -- if you talk about underlying trend that is sustainable, at least in this upcycle, you're right, it's -- while we're showing 30% in networking, in server storage, a part of it is driven by ASP increases simply because we are passing on our material cost increases, wafer, substrates, assembly to our customers, inevitably. But it's much less than you probably think it is. What is really sustainable is what Harlan said in the previous question. We think the trend demand increase is more like closer to 20% year-on-year than what perhaps in dollar terms you're represented.

這是一個非常好的問題。我的意思是——而且是真的，我們看到的潛在鐵路需求——如果你談論的是可持續的潛在趨勢，至少在這個上升週期中，你是對的，它是——而我們顯示的是 30%在網絡、服務器存儲中，其中一部分是由 ASP 增加驅動的，這僅僅是因為我們不可避免地將材料成本增加、晶圓、基板、組裝轉嫁給我們的客戶。但它比你想像的要少得多。真正可持續的是Harlan在上一個問題中所說的。我們認為趨勢需求同比增長更接近 20%，而不是您所代表的美元。

And how long would it last? Who knows? It's hard for me to figure out because I've been wrong so many times. And this is now going on into the almost -- '22 is done and is strong. We're now booking, given our lead times I indicated, in '23. And '23, I think, will be -- at least the first half of '23, we'll still be pretty close to the same. And it's the latter part of '23 and '24 that we have to figure out whether there's enough supply that will start coming in to basically address what is today and what we're seeing an extremely strong demand environment, whether it's from enterprise, telcos and service providers and hyperscale. All three are strong.

它會持續多久？誰知道？我很難弄清楚，因為我錯了很多次。現在這已經持續到幾乎 - '22 已經完成並且很強大。鑑於我指出的交貨時間，我們現在正在預訂 23 年。我認為，23 年將是 - 至少 23 年上半年，我們仍將非常接近相同。在 23 年和 24 年的後半部分，我們必須弄清楚是否有足夠的供應開始進入以基本上解決今天的情況以及我們看到的極其強勁的需求環境，無論是來自企業、電信公司和服務提供商和超大規模。三人都很強。

Got it. So price stickiness perhaps can continue into '23. I just wanted to clarify that.

知道了。所以價格粘性可能會持續到 23 年。我只是想澄清一下。

At least the first part of '23, yes.

至少 23 年的第一部分，是的。

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。

Hock, I wanted to ask about gross margins. So you did like 75.5% in the quarter, 71% for the semis. And if I sort of like squint at your guidance, it implies gross margins into Q2 at least at that level, if not even probably higher. And this is amid cost increases and everything else. So I mean how do we think about like the limited -- I know you always talked about margins kind of going up 100 basis points a year, and they seem to be doing even better than that.

霍克，我想問一下毛利率。所以你在本季度確實喜歡 75.5%，半決賽是 71%。如果我有點喜歡看你的指導，這意味著到第二季度的毛利率至少在那個水平，甚至可能更高。這是在成本增加和其他一切的情況下。所以我的意思是我們如何看待有限的 - 我知道你總是談論利潤率每年上升 100 個基點，而且他們似乎做得更好。

Do we just keep modeling them going up from here? Or do you think they take a pause? Are there are any other drivers like into the back of this year, mix or anything else, that would sit on that? Just how do we think about it just given the levels that they're sitting at right now?

我們只是繼續對它們進行建模嗎？或者你認為他們會暫停嗎？是否有任何其他車手喜歡今年年底，混合或其他任何東西，會坐在那個上面？考慮到他們現在所處的水平，我們如何看待它？

Well, I could [churn out] my usual statement because it happens to be true, which is year-upon-year, under normal situations, yes, we see this 100 -- around 100 basis points expansion of gross margin on our semiconductor front. You get that. Now Kirsten just indicated, we did better than that in semiconductor. And I guess -- and the reason why we did better than that this season, so to speak, if you come back to my remarks, there's a lot of deployment -- launch and deployment of new-generation products that I mentioned.

好吧，我可以[大量發表]我通常的說法，因為它恰好是真實的，這是逐年的，在正常情況下，是的，我們看到我們半導體領域的毛利率增長了 100 - 大約 100 個基點.你明白了。現在 Kirsten 剛剛指出，我們在半導體方面做得比這更好。而且我猜 - 以及我們本賽季做得更好的原因，可以這麼說，如果你回到我的言論，有很多部署 - 我提到的新一代產品的發布和部署。

We're talking about, in networking, Tomahawk 4, and much more. Trident 4, which is more towards some data centers that use in enterprises. Tomahawk 4, used in hyper cloud, that new generation. Then we talk about Jericho being deployed -- the latest Jericho being deployed in the backside networks of machine learning, AI, GPU interconnectivity. That's a whole new application. Then we talk -- in service storage, I've talked about a whole slew of new-generation solutions, which we put in place towards -- basically, for new generation, leading-edge servers out there from the guys who do those servers. And with those new generation, we get that better margin.

我們正在談論網絡中的 Tomahawk 4 等等。 Trident 4，更適合一些企業使用的數據中心。 Tomahawk 4，用於超雲，新一代。然後我們談論正在部署的 Jericho——最新的 Jericho 被部署在機器學習、人工智能、GPU 互連的後端網絡中。這是一個全新的應用程序。然後我們討論——在服務存儲方面，我已經討論了一系列新一代解決方案，我們針對這些解決方案實施了——基本上，對於那些製造這些服務器的人來說，用於新一代的前沿服務器.有了這些新一代，我們得到了更好的利潤。

So in all, I guess additional input I put in is a lot more new-generation products coming out now, happen to be in '22. We're seeing happen. And of course, we are, in this environment, thankfully, able to pass on our cost increases to supply -- to customers. And that all adds up to a fairly decent gross margin set of results. But do not let that be an indicator, please. That it is something that will be a 200, 300 basis points expansion year-on-year. We still believe normal situation, it'd still be just on average, 100 basis point expansion.

所以總而言之，我想我投入的額外投入是現在出現了更多的新一代產品，恰好是在 22 年。我們正在看到發生。當然，幸運的是，在這種環境下，我們能夠將成本增加轉嫁給客戶。所有這些加起來就是相當不錯的毛利率結果。但請不要讓它成為一個指標。這將是同比增長 200 到 300 個基點。我們仍然相信正常情況下，它仍然只是平均 100 個基點的擴張。

Got it. But as long as you can keep the new products coming, we should still be able to see that 100 basis points even from here?

知道了。但只要你能保持新產品的到來，我們應該仍然能夠從這裡看到那100個基點？

Yes. And by the way, it's not just me having to come out new products. There's a pool. The customers, the applications of our markets require us -- and that's the beautiful thing about the semiconductors and technology, is always -- there always is a need for next-generation better products. Whether it's performance power, whatever, is always, there's a pool. And that product life cycle is what enables us to develop these new products, and our margins will keep expanding.

是的。順便說一句，不僅僅是我必須推出新產品。有一個游泳池。客戶，我們市場的應用需要我們——這就是半導體和技術的美妙之處，始終是——總是需要下一代更好的產品。無論是性能，無論如何，總是有一個游泳池。產品生命週期使我們能夠開發這些新產品，我們的利潤將不斷擴大。

Our next question will come from Ross Seymore with Deutsche Bank.

我們的下一個問題將來自德意志銀行的羅斯·西莫爾。

Hock, thanks for the information on the backlog for the semi business. It's good to see that rising as much as it did sequentially, especially considering the lead times stayed flat. While the magnitude is impressive, I really wanted to ask about the profile of that and how it may or may not be changing.

霍克，感謝您提供有關半業務積壓的信息。很高興看到這種增長與連續增長一樣多，尤其是考慮到交貨時間保持不變。雖然規模令人印象深刻，但我真的很想問一下它的概況以及它可能會或可能不會發生變化。

So as that additional backlog comes in, given all the moving parts between enterprise and cloud and broadband and wireless, et cetera, any sort of changes in the profile of that backlog that you find to be interesting, either in a positive or negative sense, that will give us a clue about the future growth drivers for your company?

因此，考慮到企業與雲以及寬帶和無線之間的所有移動部分，等等，隨著額外的積壓工作的出現，您發現該積壓工作的任何形式的變化都是有趣的，無論是積極的還是消極的，這將為我們提供有關貴公司未來增長動力的線索？

That's a good question. And I implied in some of my point -- in some of my remarks, but let me take it directly. Yes, enterprise. Enterprise demand spending is the strongest driver that we're seeing today. And it should be no surprise. It's something we have said since last quarter and the quarter before. Enterprise has recovered. More than recovered. It's going -- it's on fire, is the best way to describe it. Enterprise spending on IT is, as we perceive it, on fire. And we are seeing a big part of that. And that's not to say that hyper cloud and telcos are not adding to it, but not as strong as enterprise recovery.

這是個好問題。我暗示了我的一些觀點——在我的一些評論中，但讓我直接接受。是的，企業。企業需求支出是我們今天看到的最強大的驅動力。這應該不足為奇。這是我們自上個季度和上個季度以來就說過的話。企業已經恢復。超過恢復。它正在發生——它著火了，這是描述它的最好方式。正如我們所見，企業在 IT 上的支出正在燃燒。我們看到了其中很大一部分。這並不是說超雲和電信公司沒有增加它，但不如企業恢復那麼強大。

Any negative surprises in that? You talked about the positive side. Is there anything that's been surprising on the negative side?

有什麼負面的驚喜嗎？你談到了積極的一面。有什麼令人驚訝的消極方面嗎？

No. Not really. It's just -- that's -- I think there's a lot of pent-up spending. There's a lot of need for a lot of enterprises to upgrade. And that's also what's driving, as I indicated in my remarks, a lot of on-prem campus switching investment going in.

不，不是。只是 - 那是 - 我認為有很多被壓抑的支出。很多企業都需要升級。正如我在講話中指出的那樣，這也是推動大量本地校園轉換投資的原因。

I mean look at -- even Broadcom. We've been using WiFi in our hot spots, in our excess gateways, in -- through the campus. A key part of it is wireless connectivity. WiFi, so to speak way. I mean we've been running WiFi 5 for many years. Now is the time to move to WiFi 6, 6E. And we're not the only one. We're seeing across the board very strong demand from lots of enterprises wanting to upgrade connectivity as offices start to slowly open up.

我的意思是看看——甚至是博通。我們一直在我們的熱點、多餘的網關、校園內使用 WiFi。其中一個關鍵部分是無線連接。 WiFi，可以這麼說。我的意思是我們多年來一直在運行 WiFi 5。現在是遷移到 WiFi 6、6E 的時候了。而且我們不是唯一一個。隨著辦公室開始慢慢開放，我們看到許多希望升級連接的企業的全面需求非常強勁。

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, usually at this point in the cycle, with lead times extended as much as they are and you guys getting pricing power, the big concern on Wall Street is to what extent is the demand you're seeing real demand versus perhaps your customers building inventory. And I know you're less consumer focused than most. And so maybe inventory builds are less relevant in some of these infrastructure markets.

霍克，通常在周期的這個階段，交貨時間盡可能延長，你們獲得定價權，華爾街最大的擔憂是，你看到的實際需求與你的客戶建立的需求在多大程度上存貨。而且我知道你不像大多數人那樣關註消費者。因此，在其中一些基礎設施市場中，庫存構建可能不太相關。

But I'm wondering if you could give us your perspective on -- or at least what you guys try to do to scrub the backlog to make sure it's good demand. And if you think it's good demand, I'm kind of curious, you've always had a very realistic view of what the long-term growth rate for your semi should be -- semi business should be. Is that beginning to change? And like many of your peers who have put up a higher kind of new CAGR, are you willing to go there right now?

但是我想知道您是否可以向我們提供您的觀點 - 或者至少你們試圖做些什麼來清理積壓以確保它是良好的需求。如果你認為這是一個很好的需求，我有點好奇，你總是對你的半成品的長期增長率有一個非常現實的看法——半成品業務應該是什麼。這開始改變了嗎？和你的許多同行一樣，他們提出了更高的新復合年增長率，你現在願意去那裡嗎？

Let's answer the first question first, and let me go to the last one and the best at the end.

我們先回答第一個問題，讓我去最後一個，最好的在最後。

But on the first part, yes, as I've stated in previous earnings calls, and I'm more than happy to reiterate it here, which is we are very, very concerned, obviously, that you could -- we could easily build up inventory in various parts of our demand environment, just because we ship according to what customer sending in orders as their customer requested. So we don't -- we actually spend a huge amount of bandwidth of our operations and salespeople in this environment to make sure we get products to any particular customer just when they need it. Not any earlier and hopefully not too late either because we like to address customer -- real need in that regard.

但在第一部分，是的，正如我在之前的財報電話會議中所說的那樣，我很高興在這裡重申，顯然，我們非常非常擔心你可以 - 我們可以輕鬆地建立在我們需求環境的各個部分增加庫存，只是因為我們根據客戶的要求發送訂單。所以我們不會——實際上，我們在這種環境中花費了大量運營和銷售人員的帶寬，以確保我們在任何特定客戶需要時將產品提供給他們。不會更早，希望也不會太晚，因為我們喜歡滿足客戶——這方面的真正需求。

But what's very, very important to us is not to ship excessively. And the last part -- inventory, whether it's in the customer inventory, in distribution, the nice thing about our business in semiconductor is this. 75% of our revenue comes from just about 100 customers, and they're direct. The last 25% go through distribution. 75% direct to 100 customers. We have enough salespeople. We have enough visibility on these customers to know exactly, pretty closely, we'd like to think, what they need and ship to what exactly they need. And when we do all that, I said it before in last earnings call, true end demand growth -- true growth as we have been seeing in '21 was about 2% year-on-year improvement.

但對我們來說非常非常重要的是不要過度運輸。最後一部分 - 庫存，無論是在客戶庫存中，還是在分銷中，我們在半導體業務中的好處就是這一點。我們 75% 的收入來自大約 100 名客戶，而且他們是直接客戶。最後的 25% 通過分發。 75% 直接面向 100 位客戶。我們有足夠的銷售人員。我們對這些客戶有足夠的了解，可以準確地、非常接近地了解我們想要思考的東西，他們需要什麼，並運送到他們確切需要的東西。當我們做到這一切時，我之前在上次財報電話會議上說過，真正的最終需求增長——正如我們在 21 年看到的那樣，真正的增長是同比增長約 2%。

Now we now take on the fact that material costs have gone up in '22. So there's an addition beyond 20%. I still believe it's about 20%, in response to earlier -- in this environment because the last upcycle we saw in 2017, it was 20% year-on-year improvement. It wasn't stronger than that. And by the way, we sell mostly those big core system on a chip into any platform that our customer builds and sells out. We do -- and generally, we get very good visibility. If we were to sell more of the peripheral chips, the secondary chips, that adds up to the total platform. And that cause a fraction of what our system on a chip cost. Then perhaps you will not have that visibility, and we believe there are a lot of pockets of those inventory in the wrong places because of unbalanced chipsets sitting out there.

現在，我們現在接受材料成本在 22 年上漲的事實。所以有超過 20% 的增加。我仍然相信它大約是 20%，作為對早些時候的回應——在這種環境下，因為我們在 2017 年看到的最後一個上升週期，同比增長了 20%。它沒有比這更強大。順便說一句，我們主要將那些大型芯片上的核心系統銷售到我們客戶構建和銷售的任何平台上。我們確實這樣做了——而且一般來說，我們獲得了非常好的能見度。如果我們要銷售更多的外圍芯片，即二級芯片，那就是整個平台。這只是我們的片上系統成本的一小部分。那麼也許你不會有這種可見性，而且我們相信由於不平衡的芯片組放在那裡，這些庫存中有很多口袋在錯誤的地方。

But if you -- for example, if you're building a data center and you need 1,000 Tomahawk 4s, believe me, you will not buy more than 1,050 Tomahawk 4s. But if you're buying voltage regulator, you'll probably buy 2,000, 3,000 of those voltage regulators just in case. And that's the difference in what we're seeing. So we think we get a good sense of what's out there. And the kicker here is the price increase that was passed on because of wafer cost and substrate cost increases, which makes it go over perhaps what we think is a sustainable level.

但是如果你——例如，如果你正在建造一個數據中心並且你需要 1,000 台 Tomahawk 4，相信我，你不會購買超過 1,050 台 Tomahawk 4。但是，如果您要購買穩壓器，您可能會購買 2,000、3,000 個這樣的穩壓器，以防萬一。這就是我們所看到的差異。所以我們認為我們對外面的情況有了很好的了解。而這裡的踢球者是由於晶圓成本和基板成本增加而傳遞的價格上漲，這使得它可能超過我們認為的可持續水平。

Now to answer your longer-term question, no. I don't think on a long term, say, next 10 years, would the CAGR change? I think people say that CAGR change, frankly, are probably dreaming because there's no evidence on our side to show why this industry, which is relatively mature semiconductor industry, should suddenly spiral into a different trend growth rate. We have seen in the last 10 years compounded roughly 5% annual growth rate. And there's nothing to indicate, frankly, why you would not be that way for the next long term, 10 years. Now it won't be 5% every year. Obviously, we're not at 5% this year. But on the long term, I still think that trend has not changed.

現在回答您的長期問題，不。我不認為從長遠來看，比如未來 10 年，CAGR 會改變嗎？我認為人們說 CAGR 的變化，坦率地說，可能是在做夢，因為我們這邊沒有證據表明為什麼這個相對成熟的半導體行業會突然螺旋式上升到不同的趨勢增長率。在過去的 10 年中，我們看到復合年增長率約為 5%。坦率地說，沒有什麼可以表明為什麼你在下一個長期，10 年不會那樣做。現在不會是每年5%。顯然，我們今年的比例不是 5%。但從長遠來看，我仍然認為這種趨勢沒有改變。

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 for your thoughts on capital allocation. It's been a while since your last meaningful acquisition. A lot of things are going on from a macro perspective. Rates are going up. And obviously, the economy is a little bit squishy. You just spent $2.7 billion on buybacks. Just curious how you're thinking about allocation of capital. Any changes to how you think about M&A and your appetite for M&A going forward?

霍克，我想問問你對資本配置的看法。距離上一次有意義的收購已經有一段時間了。從宏觀的角度來看，很多事情都在發生。利率正在上漲。顯然，經濟有點軟弱。你剛剛花了 27 億美元進行回購。只是好奇你是如何考慮資本配置的。您對併購的看法以及您對併購未來的興趣是否有任何變化？

Thank you. Well, really, in last quarter, we are very clear about our capital allocation plan, at least for 2022, and which is, frankly, at -- we're still looking for acquisitions. We've just been very, very -- as we usually do, being very thoughtful and selective about the assets we would acquire. But very much so, we're still in the market to look for good -- great assets to acquire, and we have the capacity to handle it.

謝謝你。嗯，真的，在上個季度，我們非常清楚我們的資本分配計劃，至少是在 2022 年，坦率地說，我們仍在尋找收購。我們只是非常非常 - 正如我們通常所做的那樣，對我們將獲得的資產非常周到和有選擇性。但非常重要的是，我們仍在市場上尋找好的資產——要收購的優質資產，我們有能力處理它。

And in the meantime, given 2 years, '20 and '22, when we haven't done anything on acquisitions and have been earning and generating lots of cash, we have taken on -- other than paying dividends and maintaining the policy on dividends that we have outlined for the long term, we have decided for fiscal '22 -- or actually, calendar '22 to put out that buyback program of $10 billion. We spent $2.7 billion of it so far, and we have probably most of the year to go. And we'll probably use -- we will likely use all of it up evenly over the next 9 months of the remaining year. And that nothing has changed. But -- and we believe we still have the capacity to do a good-sized acquisition.

與此同時，考慮到 20 年和 22 年的 2 年，當我們沒有在收購方面做任何事情並且一直在賺取和產生大量現金時，我們已經承擔了 - 除了支付股息和維持股息政策我們已經制定了長期計劃，我們決定在 22 財年——或者實際上是 22 年日曆推出 100 億美元的回購計劃。到目前為止，我們已經花費了 27 億美元，而且我們可能還有一年的大部分時間。我們可能會使用 - 我們可能會在剩下的一年的接下來的 9 個月內均勻地使用所有這些。而這一切都沒有改變。但是 - 我們相信我們仍然有能力進行大規模收購。

Our next question will come from Pierre Ferragu with New Street Research.

我們的下一個問題將來自 New Street Research 的 Pierre Ferragu。

I'd love to hear whatever updates you can give us, Hock, on your ASIC business in semiconductors. And what I'm wondering is how is business trending compared to your other segments in semiconductors. And do you see your ASICs taking share overall with your hyperscale clients? Or is that just growing in line with the rest of the market or actually below the rest of the market?

Hock，我很想听聽你能給我們提供的關於你在半導體領域的 ASIC 業務的任何更新。我想知道的是，與您在半導體領域的其他細分市場相比，業務趨勢如何。您是否看到您的 ASIC 與您的超大規模客戶共享整體份額？還是只是與市場的其他部分保持一致，還是實際上低於市場的其他部分？

Okay. Let me paraphrase your question the way I would probably be able to answer it and see if it's the right thing. What you're saying is, see, we have a product division that does ASIC custom chips, essentially, for usually large customers. And that's a good-sized business for us. And a big part of that business, to address what you're saying here, is address has been used is now currently -- though not in the past, but more recently in the last few years, it was the hyperscale players who are starting to develop -- wanting to develop their customized and dedicated accelerators for specific functions and workloads mostly related to, for instance, machine learning, AI.

好的。讓我以我可能能夠回答的方式解釋您的問題，看看它是否正確。你說的是，看，我們有一個產品部門，主要是為大客戶提供 ASIC 定制芯片。這對我們來說是一筆大生意。為了解決你在這裡所說的問題，該業務的很大一部分是現在使用的地址 - 雖然不是過去，但最近在過去幾年中，是超大規模玩家開始開發——希望為與機器學習、人工智能等主要相關的特定功能和工作負載開發定制的專用加速器。

Also to do with video transcoding and also gradually increasing virtualization and orchestration of data centers. All those have customized silicon accelerators to enable these hyper cloud guys to run their workloads better and more effectively. I believe that was your question. And the best way to answer your question is year-on-year this quarter, Q1, we grew revenue in this offload computing sector, which is all ASICs, north of 50% revenue year-upon-year. All right? I hope that answers your question.

還與視頻轉碼有關，並逐漸增加數據中心的虛擬化和編排。所有這些都定制了矽加速器，以使這些超雲人員能夠更好、更有效地運行他們的工作負載。我相信那是你的問題。回答您問題的最佳方式是本季度第一季度同比增長，我們在這個卸載計算領域的收入增長，這都是 ASIC，同比收入增長超過 50%。好的？我希望這能回答你的問題。

Our next question will come from Tim Arcuri with UBS.

我們的下一個問題將來自瑞銀的 Tim Arcuri。

Hock, I had a question on your wireless business. It's been very strong, but you've been recently talking about some trade-offs that one of your customers making is -- making on the FBAR side, and maybe making it a little even more concentrated on a single customer. And I know that you consider selling this business some time back. But does -- even further -- your further revenue concentration, does it make you rethink maybe how committed you want to be to that segment? And maybe whether you could redeploy this capital into another market, especially as things might be changing on the modem side.

霍克，我有一個關於你的無線業務的問題。它非常強大，但您最近一直在談論您的一位客戶所做的一些權衡 - 在 FBAR 方面進行，並且可能使其更加集中於單個客戶。而且我知道您考慮過一段時間前出售這項業務。但是 - 更進一步 - 你進一步的收入集中，是否會讓你重新思考你想對該細分市場有多投入？也許您是否可以將這筆資金重新部署到另一個市場，尤其是在調製解調器方面可能正在發生變化的情況下。

Okay. Good question. And my answer would be very simple and direct. We have always indicated our wireless business is one customer, largely. Our North American OEM. And you know what, they're a very good customer. They're very strategic. And we are not only selling one product but selling multiple products, which are very strategic to us and I believe also very important and strategic to them, which will -- which is what makes a partnership very sustaining.

好的。好問題。我的回答會非常簡單直接。我們一直表示我們的無線業務主要是一個客戶。我們的北美 OEM。你知道嗎，他們是一個非常好的客戶。他們非常具有戰略意義。我們不僅銷售一種產品，而且銷售多種產品，這對我們來說非常具有戰略意義，我相信對他們來說也非常重要和具有戰略意義，這將使合作夥伴關係非常持久。

I see this as a very long-term sustaining partnership in the sense of the products we do develop, we collectively call wireless, because it goes into mobile -- a lot of mobile devices. Though not entirely, but most of it goes into phones. It goes into wearables. It goes into pads or tablets. And it goes into -- not so mobile, but many of them are, into even notebooks.

從我們開發的產品的意義上說，我認為這是一個非常長期的持續合作夥伴關係，我們統稱為無線，因為它進入了移動領域——很多移動設備。雖然不完全，但大部分都進入了手機。它進入可穿戴設備。它進入墊或平板電腦。它進入 - 不是那麼移動，但其中許多甚至是筆記本。

It goes into all these stuff, and we sell -- we develop and provide something like 1/2 -- about 5 different critical engine technology products to this same customer. So it is -- it has, over 10 years now, developed into an extremely sustainable and strategic relationship. Clearly, from our side, yes. I'd like to believe from their side, the same thing.

它涉及所有這些東西，我們向同一個客戶銷售——我們開發和提供大約 1/2 的東西——大約 5 種不同的關鍵發動機技術產品。事實就是如此——它已經發展成為一種極具可持續性和戰略性的關係，至今已超過 10 年。顯然，從我們這邊來看，是的。我願意從他們的角度相信，同樣的事情。

Our next question will come from Edward Snyder with Charter Equity Research.

我們的下一個問題將來自特許股票研究公司的 Edward Snyder。

Well, since we are talking about wireless, I wanted to follow up with that. Thanks for that answer, Hock, but I want to step back and maybe look at the longer term on this.

好吧，既然我們在談論無線，我想跟進。謝謝你的回答，Hock，但我想退後一步，也許看看這個問題的長遠發展。

You -- when you bought Brocade, it kind of shifted the narrative from we don't really need revenue growth. We're mostly looking for cash flow and high margins, which worked out very well. In wireless, you get a little bit different animal with Samsung on the way out because they shifted their phone strategy to more cost-centric and less performance-wise. It made sense for Broadcom nor to participate there. And your large customer is doing fine. It looks like they will be for years.

你——當你收購博科時，它改變了我們並不真正需要收入增長的敘述。我們主要在尋找現金流和高利潤率，這非常有效。在無線領域，你會在三星退出的道路上遇到一點不同的動物，因為他們將手機戰略轉向更以成本為中心，而不是在性能方面。 Broadcom 也不參與其中。你的大客戶做得很好。看起來他們將持續數年。

But as we've already seen on the high end, 5G, the growth in revenue -- growth in content is slowing. And by all measures, it will likely stagnate in the next 3 to 4 years. In that kind of environment, and especially if you're not doing any custom designs anymore, given -- it's just a given that revenue may not grow.

但正如我們已經在高端 5G 看到的那樣，收入的增長——內容的增長正在放緩。無論如何，它可能會在未來 3 到 4 年內停滯不前。在那種環境下，特別是如果你不再做任何定制設計，給定——這只是一個給定的收入可能不會增長的假設。

If margins are affected, what do you do with it? I mean you've not ever embraced the business where both revenue is flat to down and margins are in decline. I think the question a lot of folks have is, what could you possibly do? It's so large and there are so few suitors for it. It's kind of puzzling in 3 years or 4 years what the strategy would be with wireless. Maybe you could help shed a light on that.

如果利潤受到影響，你會怎麼做？我的意思是你從來沒有接受過收入持平或利潤率下降的業務。我想很多人的問題是，你能做什麼？它是如此之大，而且它的追求者如此之少。 3 年或 4 年後無線的戰略會是什麼，這有點令人費解。也許你可以幫助闡明這一點。

That's an interesting thing, Ed. Here, it is. All our businesses -- I just want to remind you, in our view -- as I said, in the view of all semiconductor segments itself, it's not a high-growth business. You guys like to think -- because probably there are a few companies out there who are trying to grow in a business that doesn't grow. 5% is what it is.

這是一件有趣的事情，埃德。這裡是。我們所有的業務——我只是想提醒你，在我們看來——正如我所說，從所有半導體領域本身的角度來看，這不是一個高增長的業務。你們喜歡思考——因為可能有幾家公司正試圖在一個沒有增長的業務中發展。 5%就是這樣。

And so it's a business that does grow, but in dollar terms, overall, mid-single digits. I call it a slow-growth industry. Within it, however, it still evolves new generation of products constantly. That's the unusual, unique thing about semiconductors. It keeps evolving. Not disruptive, much as people like to say they are disruptive. My view is evolutionary. But that evolutionary creates new opportunities for basically selling a better product, a more valuable product to the same customer for the similar application, which the customer can then monetize back on their own. And that's really all it is. And what we are doing here in wireless is no different.

因此，這是一項確實在增長的業務，但以美元計算，總體而言，是中個位數。我稱之為緩慢增長的行業。然而，在其中，它仍然不斷地發展新一代產品。這就是半導體不同尋常的獨特之處。它不斷發展。沒有破壞性，就像人們喜歡說他們是破壞性的一樣。我的觀點是進化論的。但是這種進化創造了新的機會，基本上可以向相同的客戶銷售更好的產品，更有價值的產品，用於類似的應用程序，然後客戶可以自己賺錢。這就是它的全部。我們在無線領域所做的也不例外。

And there is something also very interesting. Every product we sell in wireless is, in fact, a nonstandard product. It is customized. It is customized for the needs -- for the unique needs and particular requirements of that particular customer. That's what makes us so successful, and that's what makes the partnership so sustainable.

還有一些非常有趣的事情。事實上，我們以無線方式銷售的每一件產品都是非標準產品。它是定制的。它是針對需求定制的——針對特定客戶的獨特需求和特殊要求。這就是我們如此成功的原因，也是使合作夥伴關係如此可持續的原因。

We develop technology in the form of products that we do, whether it's an RF, with FBAR, front-end module or whether it's pure silicon with some SDK -- a lot of SDK software, where some unique performance mixed signal, analog product. All of which we do to this customer, we do it to meet their particular requirements which allow their products to be at a level that's very differentiated from their own space -- in the competitive space they are in. And that's what makes it very unique, and that's what makes this thing keep going.

我們以我們所做的產品形式開發技術，無論是射頻、FBAR、前端模塊，還是帶有一些 SDK 的純矽——很多 SDK 軟件，其中一些獨特的性能混合信號、模擬產品。我們對這個客戶所做的所有事情，都是為了滿足他們的特殊要求，使他們的產品能夠達到與他們自己的空間非常不同的水平——在他們所處的競爭空間中。這就是它非常獨特的原因，這就是讓這件事繼續下去的原因。

But we're not looking for -- in any end market we are in, in any product line we are in, for high growth. High growth in semiconductor comes in spurts and do not last. If anybody tells you otherwise, please don't believe it because it has never happened.

但我們並不是在尋找——在我們所處的任何終端市場，在我們所處的任何產品線中，以實現高增長。半導體的高增長是突如其來的，不會持續下去。如果有人告訴你，請不要相信，因為它從未發生過。

And we do have time for one final question from Vijay Rakesh with Mizuho.

我們確實有時間回答 Vijay Rakesh 與瑞穗的最後一個問題。

Hock, just a question on the networking side. Obviously, very strong growth, up 33% with the Tomahawk and DPU, I guess. What do you see the long-term growth there, meaning if you look at the next 12 to 24 months on the networking side? I had a follow-up.

霍克，只是網絡方面的一個問題。很明顯，增長非常強勁，我猜是使用 Tomahawk 和 DPU 增長了 33%。你認為那裡的長期增長是什麼，如果你看一下網絡方面的未來 12 到 24 個月，這意味著什麼？我有一個跟進。

Okay. The next 12 months is pretty good. We have visibility, and we kind of indicated that in our answers. 24 months, harder for me to tell you. If you ask me what do you think over the next 10 years, I'll tell you what it is, mid- to high single digits. And because that's -- it's consistent inventory. There is no segment, don't believe anybody telling you otherwise, that will have a sustainable growth rate in this space. It's share changes maybe. So -- but next 12 months, very good growth rate is what I indicated.

好的。接下來的12個月非常好。我們有知名度，我們在回答中暗示了這一點。 24 個月，我很難告訴你。如果你問我對未來 10 年的看法，我會告訴你它是什麼，中高個位數。因為那是 - 它是一致的庫存。沒有任何細分市場，不要相信任何人告訴你，在這個領域會有一個可持續的增長率。可能是份額變化。所以 - 但接下來的 12 個月，我表示的增長率非常好。

And one last question. On the software side, obviously, since December 8 when you announced the big buyback. Obviously, software valuations have become much more attractive in the last -- might be down 30%, 40% there. But do you have a target in mind as to what you think that software business should be, like 24%, 25% of revenues now? Are you looking to build it up to half of your business? Or is there a long-term target that you're putting out there?

最後一個問題。顯然，在軟件方面，自 12 月 8 日您宣布大額回購以來。顯然，軟件估值在過去變得更具吸引力——可能下降 30%、40%。但是，您是否有一個目標，即您認為軟件業務應該是現在的收入的 24%、25% 嗎？您是否希望將其擴大到您業務的一半？或者你有一個長期的目標嗎？

Hate to tell you, I don't have a strategic plan here. My plan are all a numbers plan. It's -- our strategy in acquisitions and growing this entire Broadcom platform is more about locating, identifying very, very strong assets out there and -- which are actionable, and then making a deal and buying them and integrating in our platform. They got to meet our requirements of quality of the assets, of the product -- of the business model. To some extent, the product characteristics being very mission-critical.

不想告訴你，我這裡沒有戰略計劃。我的計劃都是數字計劃。這是 - 我們在收購和發展整個博通平台方面的戰略更多的是關於定位、識別非常、非常強大的資產，並且 - 這些資產是可行的，然後進行交易併購買它們並整合到我們的平台中。他們必須滿足我們對資產質量、產品質量——商業模式的要求。在某種程度上，產品特性非常關鍵。

And then after that comes the price. For us, after that is the price. Because you'll recall, the way we run those software businesses tends to be different usually from the way the party we buy from runs it. And because of that, we are able to create the financial returns consistent with a business model that we put in place, fairly different from what the existing business model is in most software companies out there. All right?

然後是價格。對我們來說，這就是價格。因為您會記得，我們經營這些軟件業務的方式通常與我們購買的一方經營它的方式不同。正因為如此，我們能夠創造與我們實施的商業模式一致的財務回報，這與大多數軟件公司的現有商業模式完全不同。好的？

Ladies and gentlemen, thank you for participating in today's question-and-answer session. I would now like to turn the call back over to Ji Yoo, Director of Investor Relations, for any closing remarks.

女士們，先生們，感謝你們參加今天的問答環節。我現在想將電話轉回投資者關係總監 Ji Yoo，以獲取任何結束語。

Thank you, Cheri.

謝謝你，切裡。

In closing, similar to our networking, broadband and storage teach-ins in fiscal '21, Broadcom and Deutsche Bank will be hosting a teach-in of our custom silicon business on Tuesday, April 19, at 12 p.m. Eastern, 9 a.m. Pacific. Hock will be joined by Frank Ostojic, General Manager of our ASIC Products Division; and Vijay Janapaty, General Manager of our Physical Layer Products Division.

最後，與我們在 21 財年的網絡、寬帶和存儲教學類似，Broadcom 和德意志銀行將於 4 月 19 日星期二下午 12 點舉辦我們定制矽業務的教學。太平洋東部時間上午 9 點。我們的 ASIC 產品部總經理 Frank Ostojic 將加入 Hock；以及我們物理層產品部門的總經理 Vijay Janapty。

Broadcom currently plans to report its earnings for the second quarter of fiscal '22 after close of market on Thursday, June 2, 2022. A public webcast of Broadcom's earnings conference call will follow at 2 p.m. Pacific.

Broadcom 目前計劃在 2022 年 6 月 2 日星期四收市後報告其 22 財年第二季度的收益。Broadcom 收益電話會議的公開網絡直播將於下午 2 點進行。太平洋。

That will conclude our earnings call today. Thank you all for joining.

這將結束我們今天的財報電話會議。謝謝大家的加入。

Cheri, you may end the call.

Cheri，你可以掛斷電話了。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。