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. 2022 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。

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.

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，博通軟體集團總裁；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 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 也在收盤後發布了一份新聞稿和財務表格，描述了我們 2022 財年第一季的財務業績。

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路直播，錄音將透過電話播放 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.

在準備評論期間，Hock 和 Kirsten 將提供 2022 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。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. 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。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。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。

I'll now turn the call over to Hock.

我現在將把電話轉給霍克。

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 22 年第一財季，合併淨收入達到創紀錄的 77 億美元，年增 16%。半導體解決方案營收年增20%，達59億美元，基礎設施軟體營收年增5%，達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 支出持續加速復甦，企業需求從去年第一季的低潮開始強勁成長。同時，超級雲端正在升級其資料中心，服務供應商、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，無線業務成長了個位數，而我們的核心軟體業務仍然非常穩定。在供應方面，由於我們在通路和客戶中的產品庫存仍然較少，交貨時間仍然延長且沒有變化。截至第一季末，我們的半導體體積壓訂單比上一季持續成長兩位數。

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.

現在讓我從網路開始，為終端市場提供更多資訊。網路營收為 19 億美元，年增 33%，占我們半導體營收的 32%。這一強勁成長是由 Tomahawk 4 規模部署和跨多個超大規模客戶的運算卸載所推動的。因此，他們升級並擴展了資料中心。在企業方面，園區交換升級不斷加速。

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.

我來談談這個空間中的路由。全球電信業者對 5G 回程的投資持續推動我們的 Qumran 系列產品強勁成長。不僅如此，我們的路由晶片中的機會已經以非常重要的方式擴展到超大規模，將乙太網路轉移到大規模 AI/ML 叢集的後端網路中。

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.

我特別指的是 Arista 7800 AI 平台，可擴展乙太網路以超大規模連接數萬個 CPU 和 GPU。該平台建立在我們的 Jericho 路由器之上。我們的設備為 AI/ML 縮放器提供最具成本效益的結構，具有端對端擁塞管理的無損網路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，與高效能運算中通常使用的 Infiniband 等專有協定相比，我們將低延遲乙太網路視為大規模 AI/ML 網路作為廣泛採用的開放架構的前進方向。我們以超大規模網路連接這些複雜人工智慧工作負載的獨特能力正在擴展我們在多個雲端公司的客製化訓練和推理 SoC 足跡。第二季度，我們預計網路業務將繼續全面強勁，營收年增將超過 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，我們的伺服器儲存連線收入為8.01億美元，年成長加速至32%，佔半導體營收的14%。這在很大程度上是由企業 IT 支出的持續復甦推動的，其中大部分用於升級計算伺服器。大多數這些計算伺服器都使用我們的 MegaRAID 或 SAN 進行伺服器儲存連接。隨著企業升級到下一代儲存連接解決方案以支援前沿伺服器的部署，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，隨著社群媒體中影片內容的激增，我們看到我們的雲端客戶越來越多地採用近線硬碟作為主要儲存選項。為了管理這些大型硬碟陣列，他們部署了儲存服務和擴展器，這些服務和擴展器充分利用了我們的下一代儲存連接、晶片和軟體，為收入成長創造了另一個驅動力。有趣的是，我們也是近線硬碟前級擴大機和重新聲道的重要供應商，過去 5 年我們的營收複合年增長率超過 20%。本季我們的近線收入佔硬碟業務的 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.

隨著下一代技術的採用，我們銷售的電路板不僅僅是矽，從而導致更高的美元含量。這種動態，加上企業和超大規模的持續強勁需求，預計將使第二季度伺服器儲存連線收入年增超過 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.

現在轉向寬頻。營收為 9.11 億美元，年增 23%，佔半導體營收的 16%。這主要是由於下一代 PON 和 DOCSIS（我們的電纜數據機）部署的增加以及家庭網關中 WiFi 6 和 6E 的高連接率所推動的。這樣的例子比比皆是。上個季度，Charter 宣布試驗 DOCSIS 4.0，在 CPE 和遠端節點中以 8.5 GB 下行速度和 6 GB 上行速度運行。 Comcast 開始部署其 WiFi 6E DOCSIS 3.1 閘道。 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.

我們仍然是向領先手機以及路由器、企業接入點和運營商網關提供 WiFi 6 和 6E 晶片的市場領導者。截至 2022 年第一季度，自推出以來的短短三年內，我們已累計出貨超過 10 億個 WiFi 6 和 6E 無線電。我們的 OEM 客戶和營運商合作夥伴現在正在大力推廣 WiFi 6E，這是利用 6 GHz 頻段的當前一代 WiFi，該頻段在全球範圍內越來越多地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，我們是產業領導者，大力投資 WiFi 7，作為 10G PON 和電纜數據機的策略補充。我們看到——都是寬頻。我們認為這是全球寬頻開發和部署的下一步。光是在美國，未來 5 年內就需要花費 650 億美元用於基礎設施接入，以便將更多家庭連接到高速寬頻。在世界各地，同樣的情況也在發生，下一代寬頻被視為 5G 家庭連接的更好替代方案。就第二季而言，我們預計寬頻業務將繼續年增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.

轉向無線。第一季營收 20 億美元，佔半導體營收的 34%。本季度，北美客戶對我們產品的需求持續強勁，推動無線收入較 21 財年高峰季度較上季成長 10%，較去年同期成長 4%。正如第二季的預期，無線收入將季節性下降，環比下降約十多歲左右，但仍將比一年前成長中個位數。

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，工業收入為 2.43 億美元，約佔第一季半導體收入的 4%。由於電動車、再生能源、工廠自動化和醫療保健的強勁需求，第一季轉售額為 2.39 億美元，較去年同期成長 37%。由於轉售如此強勁，我們的通路庫存保持在 1 個月左右，我們預計第二季轉售將繼續強勁。

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半導體解決方案營收年增20%。第二季度，我們預期半導體營收年增率將加速至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.

轉向軟體。第一季基礎設施軟體營收為18億美元，年增5%，佔總營收的24%。核心軟體營收年增6%。以美元計算，到期合約的綜合續約率平均為 121%，而在我們的策略客戶中，平均為 136%。在這些策略帳戶中，6.56 億美元代表到期合約的續約，其中 1.64 億美元代表向相同客戶交叉銷售我們的投資組合產品，包括 PLA。超過 90% 的續訂價值來自定期訂閱和維護。

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。第一季末的 ARR（年度經常性收入）為 53 億美元，比去年同期成長 5%。在第二季度，我們預計基礎設施軟體收入將年增中個位數百分比成長。總而言之，第一季半導體營收強勁成長 20%。事實上，不包括無線業務，它增長了——實際上增長了 30% 以上。加上我們穩定的軟體業務，綜合收入年增 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.

現在轉向第二季度指引。我們預計半導體收入年增速將加快至25%。如果不包括無線，則年比將成長35%。基於我們穩定的軟體業務，我們預計第二季綜合收入將年增 20%，達到 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，我想補充一點，博通最近在該公司的企業公民網站上發布了第二份年度 ESG 報告，其中討論了該公司的 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正面影響。透過我們的產品和技術創新以及卓越的運營，我們仍然致力於實現這項使命。

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

接下來，讓我把電話轉給克斯汀。

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詳細資訊。

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.

該季度營收為 77 億美元，比去年同期成長 16%。該季度毛利率佔營收的 76%，年增 227 個基點。在研發投資的推動下，營運支出為 12 億美元，年增 6%。該季度營業收入為 47 億美元，比去年同期成長 23%。營業利益率為營收的60%，年增約362個基點。調整後 EBITDA 為 48 億美元，佔營收的 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.

現在回顧我們兩個部門的損益表。我們的半導體解決方案部門的收入為 59 億美元，佔本季總收入的 76%。這一數字同比增長了 20%。在我們廣泛的產品組合中有利的產品組合和下一代產品內容成長的推動下，我們的半導體解決方案部門的毛利率約為 71%，年成長 347 個基點。

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%.

第一季營運費用為 8.17 億美元，年增 9%。該季度研發費用為 7.25 億美元，年增 10%。第一季半導體營業利益率增至 57%。因此，雖然半導體收入成長了 20%，但營業利潤成長了 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%.

轉向我們的基礎設施軟體部門的損益表。基礎設施軟體收入為 18 億美元，佔收入的 24%。這一數字年增了 5%。該季度基礎設施軟體毛利率為 90%，較去年同期成長 71 個基點。該季度營運費用為 3.48 億美元，年增 1%。第一季基礎設施軟體營運利潤率為 71%，營運利潤成長 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。該季度自由現金流為 34 億美元，佔營收的 44%。我們的資本支出為 1.01 億美元。第一季的應收帳款天數為 30 天，去年同期為 35 天。第一季末我們的庫存為 15 億美元，比上一季末成長 17%，這在很大程度上是由於材料成本上漲。本季末我們的硬體積壓訂單超過 250 億美元，而上一季為 220 億美元。我們的交貨時間穩定在 50 週。我們的軟體積壓量也在持續成長，本季結束時價值超過 150 億美元。作為參考，一年前軟體積壓金額為 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.

本季末，我們擁有 102 億美元現金和 395 億美元總債務，其中 3 億美元是短期債務。

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 億美元的現金股利。根據我們向股東返還多餘現金的承諾，我們回購了27 億美元的普通股，並沖銷了3.75 億美元的普通股，以支付因員工股權歸屬而應繳的稅款，從而沖銷了約500 萬股AVGO 股票。第一季非 GAAP 稀釋後股票數量為 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.

根據目前的業務趨勢和狀況，我們對 2022 財年第二季的指引是綜合營收為 79 億美元，調整後 EBITDA 約為預期營收的 62.5%。請注意，我們預計第二季非 GAAP 攤薄後股票數量將為 4.42 億股。這不包括第二季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.

我準備好的發言就到此結束。接線員，請撥打電話詢問問題。

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

（操作員指示）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.

祝賀您所取得的強勁成果和執行力。

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.

Hock，考慮到您的積壓訂單和延長的交貨時間，您對今年的情況有了很好的了解。你們的終端市場很強大，對吧？雲端和超大規模。資本支出預計將成長 30% 左右。您正在推動 200 和 400 G 網路升級週期。企業支出仍在擴大。正如您所提到的，博通繼續保持強勁勢頭，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.

然後在運算加速、ASIC 管道上，Google、Facebook、微軟，所有這些公司都在加速發展。因此，今年的需求、產品領先地位和季節性似乎可以維持 20% 以上的低至中年收入成長態勢。

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?

因此，我想您面臨的問題是，您是否有能力和信心在這一年中維持這種成長？更重要的是，您是否有供應承諾來支持這種類型的成長？

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.

哈倫，如果你想要的話，我不會提供年度指導。但你說的很有道理。直接回答你的問題，是的，我們預計到 2022 年底，無論是需求還是供應。

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，我希望您能重新審視一下推動成長加速的因素。然後更重要的問題是，人們認為半導體公司由於供應緊張而產生的定價槓桿而異常受益。隨著代工產能的減少，您的成本將會下降，定價優勢將會消失。

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?

我希望您能給我們更多信息，與您去年看到的情況相比，定價在今年預期銷售增長中發揮了多大作用？

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 - 確實，我們看到的潛在鐵路需求 - 如果你談論可持續的潛在趨勢，至少在這個升級週期中，你是對的，它是 - 雖然我們顯示 30%在網絡、服務器存儲方面，其中一部分是由平均售價成長驅動的，因為我們不可避免地將材料成本的增加、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。真正可持續的是哈倫在上一個問題中所說的。我們認為趨勢需求的年增率更接近 20%，而不是您所代表的以美元計算的成長。

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，因為我已經錯了很多次了。現在這種情況已經持續到22年了，而且勢頭很強勁。鑑於我指出的交貨時間，我們現在正在預訂，即 23 年。我認為，23 年，至少在 23 年上半年，我們仍然會非常接近同樣的情況。在 23 世紀和 24 世紀後期，我們必須弄清楚是否有足夠的供應來開始基本解決今天的問題以及我們所看到的極其強勁的需求環境，無論是來自企業還是電信公司以及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。因此，價格黏性或許會持續到 2023 年。我只是想澄清這一點。

At least the first part of '23, yes.

至少是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伯恩斯坦研究中心的史黛西·拉斯貢（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，我想問毛利率。所以你確實喜歡本季的 75.5%，半決賽的 71%。如果我有點喜歡看你的指導，這意味著第二季的毛利率至少在這個水平，甚至可能更高。這是在成本增加和其他一切因素的影響下發生的。所以我的意思是，我們如何看待有限的——我知道你總是談到利潤率每年上漲 100 個基點，而他們的表現似乎比這更好。

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?

我們是否只是從這裡繼續對它們進行建模？或者你認為他們會暫停一下嗎？是否有其他車手喜歡今年稍後的混合動力或其他任何東西，可以坐在上面？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[砲制]我通常的說法，因為它恰好是真的，在正常情況下，是的，我們看到半導體領域的毛利率擴大了 100 - 大約 100 個基點。你明白了。現在克斯汀剛剛表示，我們在半導體方面做得比這更好。我想——以及我們本賽季做得比這更好的原因，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.

我們正在談論網路領域的戰斧 4 等等。 Trident 4，更多是針對一些企業使用的資料中心。 Tomahawk 4，用於新一代超雲。然後我們談論 Jericho 的部署——最新的 Jericho 部署在機器學習、AI、GPU 互連的後端網路中。這是一個全新的應用程式。然後我們討論——在服務儲存方面，我討論了一系列新一代解決方案，我們基本上是針對新一代的、領先的伺服器，這些解決方案是由那些伺服器製造商提供的。有了這些新一代，我們就能獲得更好的利潤。

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.

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，恰好在 22 年。我們正在看到發生的事情。當然，值得慶幸的是，在這種環境下，我們能夠將增加的成本轉嫁給客戶。所有這些加起來就形成了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 200、300 個基點的擴張。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推出，我們仍然應該能夠看到100個基點，即使從這裡開始？

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，不只是我需要推出新產品。有游泳池。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，總是需要下一代更好的產品。無論是性能還是其他方面，總有一個池子。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，感謝您提供有關半企業積壓訂單的資訊。很高興看到銷量與上一季一樣增長，特別是考慮到交貨時間保持穩定。雖然其規模令人印象深刻，但我真的想問它的概況以及它可能會或可能不會改變。

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，隨著額外積壓的出現，考慮到企業與雲端、寬頻和無線等之間的所有移動部分，您發現積壓的概況發生任何類型的變化，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成長動力的線索？

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。我在一些言論中暗示了我的觀點，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勁的驅動力。這應該不足為奇。這是我們自上個季度和前一個季度以來就說過的話。企業已恢復。恢復的多了。它正在燃燒——它正在燃燒，這是描述它的最佳方式。正如我們所知，企業在 IT 上的支出正在火熱進行。我們看到了其中的很大一部分。這並不是說超級雲端和電信公司沒有增加它，但不如企業復甦那麼強勁。

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

這有什麼負面的驚喜嗎？你談到了積極的一面。負面方面有什麼令人驚訝的事情嗎？

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，不是真的。只是——我認為有很多被壓抑的支出。很多企業都有很大的升級需求。正如我在演講中指出的，這也是推動大量本地園區轉換投資的原因。

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、多餘的網關以及整個校園中使用 WiFi。其中一個關鍵部分是無線連線。 WiFi，可以這麼說。我的意思是我們已經運行 WiFi 5 多年了。現在是轉向 WiFi 6、6E 的時候了。而且我們並不是唯一的一個。隨著辦公室開始慢慢開放，我們看到許多企業對升級連線的需求非常強烈。

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, 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，你們也獲得了定價權，華爾街最關心的是，您看到的實際需求與您的客戶可能建立的需求在多大程度上是一樣的存貨。我知道你比大多數人更不注重消費者。因此，庫存建設可能在某些基礎設施市場中較不重要。

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?

但我想知道您是否可以向我們提供您的看法 - 或者至少您試圖做些什麼來清理積壓以確保有良好的需求。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成長率應該有一個非常現實的看法——半成品業務應該是什麼。這種情況開始改變嗎？就像您的許多同行提出了更高的新複合年增長率一樣，您現在願意去那裡嗎？

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

讓我們先回答第一個問題，最後讓我談談最後一個也是最好的。

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.

但首先，是的，正如我在之前的財報電話會議中所說的那樣，我非常樂意在這裡重申，我們非常非常擔心，顯然，我們可以輕鬆地建立在我們的需求環境的各個部分增加庫存，只是因為我們根據客戶按照客戶要求發送的訂單進行發貨。因此，我們實際上在這種環境中花費了大量的營運和銷售人員的頻寬，以確保我們在任何特定客戶需要時向他們提供產品。不會太早，希望也不會太晚，因為我們喜歡滿足客戶在這方面的真正需求。

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發貨。最後一部分——庫存，無論是在客戶庫存中，還是在分銷中，我們半導體業務的好處就在於此。我們 75% 的收入來自約 100 名客戶，而且他們是直接客戶。最後 25% 進行分配。 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、非常密切地了解他們的需求，並運送到他們真正需要的產品。當我們做到這一切時，我在上次財報電話會議上說過，真正的最終需求增長——我們在 21 年看到的真正增長約為 2% 的同比改善。

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.

現在我們接受這樣一個事實：22 年材料成本上漲了。所以增加了超過20%。我仍然相信這一數字約為 20%，這是對早期的回應——在這種環境下，因為我們在 2017 年看到的上一次升級週期，比去年同期提高了 20%。並沒有比那更強。順便說一句，我們主要將那些大型核心晶片系統銷售到我們的客戶構建和銷售的任何平台中。我們確實這樣做了——而且一般來說，我們獲得了很好的知名度。如果我們要銷售更多的外圍晶片、輔助晶片，那麼這就構成了整個平台。這只是我們系統單晶片成本的一小部分。那麼也許你就沒有這種可見性，而且我們相信，由於晶片組不平衡，許多庫存都放在了錯誤的地方。

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.

但如果您——例如，如果您正在建立一個資料中心並且需要 1,000 台 Tomahawk 4，請相信我，您不會購買超過 1,050 台 Tomahawk 4。但如果您要購買穩壓器，您可能會購買 2,000 個、3,000 個穩壓器，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。這裡的關鍵因素是由於晶圓成本和基板成本增加而導致的價格上漲，這使得它超過了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.

現在回答你的長期問題，不。我不認為從長遠來看，例如未來10年，複合年增長率會改變嗎？坦白說，我認為人們說複合年增長率的變化可能是在做夢，因為我們沒有證據表明為什麼這個相對成熟的半導體產業應該突然陷入不同的趨勢成長率。我們看到過去 10 年複合年增長率約為 5%。坦白說，沒有什麼可以表明為什麼你在下一個長期（10 年）不會保持這種狀態。現在不會是每年5%了。顯然，今年我們的成長率不是 5%。但從長遠來看，我仍然認為這個趨勢沒有改變。

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?

Hock，我想問你對資本配置的看法。距離您上次有意義的收購已經有一段時間了。從宏觀角度來看，很多事情正在發生。利率正在上漲。顯然，經濟有點疲軟。您剛剛花了 27 億美元進行回購。只是好奇您如何考慮資本分配。您對併購的看法以及對未來併購的興趣有什麼改變嗎？

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。嗯，實際上，在上個季度，我們非常清楚我們的資本配置計劃，至少是 2022 年的資本配置計劃，坦白說，我們仍在尋找收購。正如我們通常所做的那樣，我們對我們要收購的資產非常非常仔細和有選擇性。但非常重要的是，我們仍在市場上尋找優質的資產來收購，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.

同時，在20年和22年的兩年裡，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，我們除了支付股息和維持股息政策外，還採取了其他措施正如我們所概述的長期計劃，我們已決定在22 財年（或實際上是22 日曆年）推出100 億美元的回購計劃。到目前為止，我們已經花了 27 億美元，而且可能還有今年的大部分時間。我們可能會在剩下一年的接下來 9 個月內均勻地使用所有這些資金。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，我很想聽聽您能提供我們有關您的半導體 ASIC 業務的任何最新資訊。我想知道與半導體的其他細分市場相比，業務趨勢如何。您是否認為您的 ASIC 正在與您的超大規模客戶分享整體份額？或者只是與市場其他部分的成長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一下你的問題，看看它是否正確。你的意思是，看，我們有一個產品部門，主要為通常的大客戶生產 ASIC 客製化晶片。這對我們來說是一項規模不錯的業務。該業務的一個重要部分，為了解決您在這裡所說的問題，目前已經使用了地址 - 儘管不是過去，但在過去幾年中，超大規模參與者正在開始使用開發——希望為特定功能和工作負載開發客製化的專用加速器，這些功能和工作負載主要與機器學習、人工智慧等相關。

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.

也涉及視訊轉碼以及逐漸增加資料中心的虛擬化和編排。所有這些都擁有客製化的矽加速器，使這些超級雲端人員能夠更好、更有效地運行他們的工作負載。我相信這就是你的問題。回答你的問題的最佳方式是，本季（第一季）我們在卸載運算領域（全是 ASIC）的營收年增了 50% 以上。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由瑞銀集團的提姆·阿庫裡提出。

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，我有一個關於您的無線業務的問題。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一客戶。我知道您不久前考慮過出售這項業務。但是，更進一步說，你的收入進一步集中，是否會讓你重新思考你想對這個細分市場做出多大的投入？也許您是否可以將這筆資金重新部署到另一個市場，尤其是在數據機方面情況可能改變的情況下。

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。我的回答將非常簡單和直接。我們一直表示我們的無線業務在很大程度上是一個客戶。我們的北美 OEM。你知道嗎，他們是非常好的客戶。他們非常有策略。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.

我認為這是一種非常長期的持續合作夥伴關係，就我們開發的產品而言，我們統稱為無線產品，因為它進入行動領域——許多行動裝置。雖然不完全，但大部分都進入了手機。它進入可穿戴設備領域。它被製成墊子或平板電腦。它的移動性不那麼強，但其中許多甚至是筆記型電腦。

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，我們向同一客戶銷售 - 我們開發並提供大約 1/2 - 大約 5 種不同的關鍵引擎技術產品。事實就是如此——十多年來，它已經發展成為一種極其可持續的戰略關係。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愛德華·斯奈德。

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，既然我們談論的是無線，我想跟進一下。感謝霍克的回答，但我想退後一步，也許可以從更長遠的角度來看這個問題。

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.

當你購買博科時，這在某種程度上改變了我們實際上不需要收入成長的說法。我們主要尋找現金流和高利潤率，效果非常好。在無線領域，三星的退出有點不同，因為他們將手機策略轉向更加以成本為中心，而不是注重效能。對博通來說，參與其中也是有意義的。您的大客戶表現良好。看起來他們會這樣很多年。

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.

但正如我們在高端 5G 領域所看到的，收入的成長——內容的成長正在放緩。從所有方面來看，未來 3 到 4 年內它可能會停滯不前。在這種環境下，特別是如果您不再進行任何客製化設計，收入可能不會成長，這是必然的。

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，您會如何處理？我的意思是，你從來沒有接受過收入持平或下降且利潤率下降的業務。我想很多人都會問一個問題，你能做什麼？它太大了，但追求者卻很少。 3年或4年後無線策略將會是什麼，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，艾德。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來看，這不是一個高成長的業務。你們喜歡思考——因為可能有一些公司試圖在一個不成長的業務中成長。 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，這是一項確實成長的業務，但以美元計算，總體而言，是中個位數。我稱之為慢成長產業。但在其內部，它仍然不斷地開發出新一代的產品。這就是半導體的不尋常、獨特之處。它不斷發展。不具有破壞性，就像人們喜歡說的那樣，它們具有破壞性。我的觀點是進化論。但這種演進創​​造了新的機會，基本上可以向同一客戶銷售更好的產品，為類似的應用程式提供更有價值的產品，然後客戶可以自己將其貨幣化。這就是全部了。我們在無線領域所做的事情也沒有什麼不同。

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.

還有一點也很有趣。事實上，我們銷售的每一款無線產品都是非標準產品。它是定制的。它是根據需求量身定制的——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，也是我們合作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.

我們以產品的形式開發技術，無論是帶有 FBAR 的 RF、前端模組，還是帶有一些 SDK 的純矽——很多 SDK 軟體，其中有一些獨特性能的混合訊號、模擬產品。我們為這個客戶所做的一切，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領域截然不同的水平——在他們所處的競爭領域。 ，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.

但我們並不是在我們所處的任何終端市場、我們所處的任何產品線中尋求高成長。半導體的高速增長是突然出現的，並且不會持續。如果有人告訴你不然，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 和 Mizuho 提出的最後一個問題。

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.

Hock，只是網路方面的問題。顯然，成長非常強勁，我猜戰斧和 DPU 成長了 33%。如果您看看網路方面未來 12 到 24 個月的情況，您認為那裡的長期成長是什麼？我有一個後續行動。

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。我們有可見性，我們在回答中也表明了這一點。 24個月，我很難告訴你。如果你問我你對未來 10 年有何看法，我會告訴你，中高個位數。因為這是——它是一致的庫存。不要相信任何人告訴你，在這個領域沒有任何細分市場會有可持續的成長率。也許是股份變動。所以——但接下來的 12 個月，我指出了非常好的成長率。

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，在軟體方面，自 12 月 8 日宣布大規模回購以來。顯然，軟體估值在過去變得更具吸引力——可能會下降 30%、40%。但您是否有一個關於您認為軟體業務應該達到的目標，例如現在佔收入的 24%、25%？您是否希望將其擴大到您業務的一半？或者您有一個長期目標嗎？

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.

很遺憾告訴你，我這裡沒有戰略計畫。我的計劃都是數位計劃。我們在收購和發展整個博通平台方面的策略更多的是尋找、識別非常非常強大的資產，以及可操作的資產，然後達成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品質、產品品質以及商業模式的要求。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，之後就是價格。因為您可能還記得，我們​​經營這些軟體業務的方式通常與我們購買方的運作方式不同。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，這與大多數軟體公司現有的商業模式截然不同。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。現在我想將電話轉回給投資者關係總監 Ji Yoo，讓其發表結束語。

Thank you, Cheri.

謝謝你，謝裡。

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 財年舉辦的網路、寬頻和儲存宣講會類似，Broadcom 和德意志銀行將於 4 月 19 日星期二中午 12 點舉辦我們的客製化晶片業務宣講會。東部時間上午 9 點，太平洋時間。 Hock 將由 ASIC 產品部門總經理 Frank Ostojic 加入；以及物理層產品部總經理 Vijay Janapaty。

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.

博通目前計劃於 2022 年 6 月 2 日星期四收盤後公佈 22 財年第二季度的收益。太平洋。

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

我們今天的財報電話會議到此結束。感謝大家的加入。

Cheri, you may end the call.

Cheri，你可以結束通話了。

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。您現在可以斷開連線。