博通 (AVGO) 2018 Q2 法說會逐字稿

Welcome to Broadcom Limited Second Quarter Fiscal Year 2018 Financial Results Conference Call.

歡迎參加 Broadcom Limited 2018 財年第二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 Ashish Saran, Director of Investor Relations.

此時，我想將電話轉給投資者關係總監阿什什·薩蘭 (Ashish Saran) 進行開場發言和介紹。

Please go ahead, sir.

請繼續，先生。

Thank you, operator, and good afternoon, everyone.

謝謝接線員，大家下午好。

Joining me today are Hock Tan, President and CEO; and Tom Krause, Chief Financial Officer of Broadcom.

今天與我一起出席的還有總裁兼首席執行官 Hock Tan；以及博通首席財務官湯姆·克勞斯 (Tom Krause)。

After market close today, Broadcom distributed a press release and financial table describing our financial performance for the second quarter of fiscal year 2018.

今天收盤後，博通發布了一份新聞稿和財務表格，描述了我們 2018 財年第二季度的財務業績。

If you did not receive a copy, you may obtain the information from the Investors section of Broadcom's website at www.broadcom.com.

如果您沒有收到副本，您可以從 Broadcom 網站 www.broadcom.com 的投資者部分獲取信息。

This conference call is being webcast live, and a recording will be available via telephone playback for one week.

本次電話會議正在進行網絡直播，錄音將通過電話播放一周。

It will also be archived in the Investors section of our website at broadcom.com.

它還將存檔在我們網站 Broadcom.com 的投資者部分。

During the prepared comments section of this call, Hock and Tom will be providing details of our second quarter fiscal year 2018 results, guidance for our third quarter fiscal year 2018 and some commentary regarding the business environment.

在本次電話會議的準備評論部分，Hock 和 Tom 將提供 2018 財年第二季度業績的詳細信息、2018 財年第三季度的指導以及有關商業環境的一些評論。

We will take questions after the end of our prepared comments.

我們將在準備好的意見結束後回答問題。

In addition to U.S. GAAP reporting, Broadcom reports certain financial measures on a non-GAAP basis.

除了美國公認會計原則報告外，博通還根據非公認會計原則報告某些財務指標。

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

今天新聞稿所附的表格中包含了公認會計原則和非公認會計原則措施之間的調節。

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

今天電話會議期間發表的評論將主要涉及我們的非公認會計準則財務業績。

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，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信息。

At this time, I would like to turn the call over to Hock Tan.

這時，我想把電話轉給Hock Tan。

Hock?

霍克？

Thank you, Ashish, and good afternoon, everyone.

謝謝你，阿什什，大家下午好。

I am very pleased with our execution in the second quarter of fiscal 2018.

我對 2018 財年第二季度的執行情況感到非常滿意。

We drove gross margin to 66.6%, EBITDA to 52.3% and free cash flow to 42.3% of revenue, all record achievements for us and a continued demonstration of our robust business model.

我們將毛利率提高到 66.6%，EBITDA 提高到 52.3%，自由現金流佔收入的 42.3%，這些都是我們創紀錄的成就，並持續展示了我們穩健的商業模式。

We were also quite active in executing on our recently announced stock repurchase program.

我們也非常積極地執行最近宣布的股票回購計劃。

Since the announcement, over a 6-week period through June 1, 2018, we have returned approximately $1.5 billion to stockholders by repurchasing more than 6.4 million shares.

自該公告發布以來，截至 2018 年 6 月 1 日的 6 週內，我們通過回購超過 640 萬股股票，向股東返還了約 15 億美元。

And we do intend to continue to be active.

我們確實打算繼續保持活躍。

Consolidated net revenue for the second quarter was $5.02 billion, just above the midpoint of guidance with strong wired and enterprise storage results, offsetting weaker wireless revenue.

第二季度綜合淨收入為 50.2 億美元，略高於指導中點，有線和企業存儲業績強勁，抵消了無線收入的疲軟。

As a reminder, before I go and give you more color into this quarter, the second quarter of fiscal 2018 was a 13-week quarter while the prior quarter, Q1, was a 14-week quarter.

提醒一下，在我對本季度進行更多介紹之前，2018 財年第二季度是一個為期 13 週的季度，而上一季度（即第一季度）是一個為期 14 週的季度。

Segment revenue comparisons reflect this as I discuss performance by segment.

當我討論按部門劃分的業績時，部門收入比較反映了這一點。

Starting with wired.

從有線開始。

In the second quarter, wired revenue was $2.3 billion, growing 9% year-on-year, 22% sequentially.

第二季度有線收入為23億美元，同比增長9%，環比增長22%。

The wired segment represented 46% of our total revenue.

有線業務占我們總收入的 46%。

Second quarter wired results reflected strong sequential increase in demand from cloud data centers and a seasonal recovery in broadband access.

第二季度有線業績反映出雲數據中心需求的強勁連續增長以及寬帶接入的季節性複蘇。

Solid year-on-year growth was driven by robust increase in networking and compute offloading in cloud data centers and strong growth in spending by enterprise IT.

雲數據中心網絡和計算卸載的強勁增長以及企業 IT 支出的強勁增長推動了同比的穩健增長。

We also benefited from an increase in spending on broadband capacity expansion by service providers.

我們還受益於服務提供商寬帶容量擴展支出的增加。

In contrast, however, spending on video access and in the China optical markets remain sluggish.

然而，相比之下，視頻接入和中國光學市場的支出仍然低迷。

Turning to the third quarter fiscal '18, we expect growth in wired revenue to continue notwithstanding the ban on shipments to ZTE.

談到 18 財年第三季度，儘管禁止向中興通訊發貨，我們預計有線收入將繼續增長。

We expect demand to remain healthy from cloud data centers and enterprise IT while broadband access remains robust.

我們預計雲數據中心和企業 IT 的需求將保持健康，而寬帶接入也將保持強勁。

Moving on to wireless.

轉向無線。

In the second quarter, wireless revenue was $1.29 billion, growing 13% year-on-year but declining 41% sequentially.

第二季度無線收入為12.9億美元，同比增長13%，但環比下降41%。

The wireless segment represented 26% of our total revenue.

無線業務占我們總收入的 26%。

Second quarter sequential decline in wireless revenue was deeper than usual as shipments to our North American smartphone customer reduced sharply from the atypically exaggerated first quarter.

第二季度無線收入環比下降幅度比平時更大，因為我們北美智能手機客戶的出貨量比異常誇大的第一季度大幅減少。

We did partially offset these declines from increase in our product shipments to our large Korean smartphone customer as they supported their new product launch.

由於韓國智能手機大客戶支持新產品的發布，我們的產品出貨量增加確實部分抵消了這些下降。

Looking ahead to third quarter, we expect to see the beginning of seasonal second half ramp in demand from our large North American smartphone customer as they start to transition to their next-generation platform.

展望第三季度，我們預計，隨著我們的大型北美智能手機客戶開始過渡到下一代平台，他們的需求將在下半年開始出現增長。

However, we expect this strength recovery -- I mean to say, this recovery to be offset by a decline in shipments to our large Korean customer.

然而，我們預計這種實力復甦——我的意思是說，這種複蘇將被我們韓國大客戶的出貨量下降所抵消。

As a result, we're expecting our overall wireless revenue to be flat, maybe even slightly declining on a sequential basis for the third quarter.

因此，我們預計第三季度的整體無線收入將持平，甚至可能環比略有下降。

Let me now turn to enterprise storage.

現在讓我談談企業存儲。

Second quarter 2018 enterprise storage revenue was $1.16 billion and represented 23% of our total revenue.

2018 年第二季度企業存儲收入為 11.6 億美元，占我們總收入的 23%。

This, of course, included a full quarter of contributions of over $400 million from the recently acquired Brocade Fibre Channel switch business.

當然，這包括最近收購的博科光纖通道交換機業務超過 4 億美元的整個季度貢獻。

As you may recall, we had completed the acquisition of this business early in the first quarter of fiscal 2018.

您可能還記得，我們已於 2018 財年第一季度初完成了對該業務的收購。

And as reported, enterprise storage segment revenue grew 63% year-on-year and 17% sequentially.

據報導，企業存儲部門收入同比增長 63%，環比增長 17%。

But if we exclude Brocade contributions, second quarter enterprise storage revenue would have shown stable year-on-year performance with strong growth from enterprise server and storage markets, partially offset by softer demand from the hard disk drive market.

但如果我們排除博科的貢獻，第二季度企業存儲收入將表現出穩定的同比表現，企業服務器和存儲市場強勁增長，但部分被硬盤驅動器市場需求疲軟所抵消。

For the second quarter, the overall sequential revenue growth was driven by broad strength from the enterprise IT sector.

第二季度，整體收入連續增長是由企業 IT 部門的廣泛實力推動的。

Looking ahead to third quarter fiscal 2018, we expect continued spending in enterprise IT to drive sequential growth in enterprise storage and growth in cloud storage capacity will lead to a recovery in hard disk drive demand.

展望2018財年第三季度，我們預計企業IT支出的持續增長將推動企業存儲的環比增長，而云存儲容量的增長將導致硬盤驅動器需求的複蘇。

Finally, our last segment, industrial.

最後，我們的最後一個部分，工業。

In the second quarter, industrial segment revenue was $263 million, growing 17% year-on-year, 5% sequentially.

第二季度，工業部門收入為2.63億美元，同比增長17%，環比增長5%。

The industrial segment represented 5% of our total revenue.

工業部門占我們總收入的5%。

Resales continued to remain very strong with 20% year-on-year growth, and we expect this momentum to continue into the third quarter.

轉售繼續保持強勁勢頭，同比增長 20%，我們預計這一勢頭將持續到第三季度。

Notwithstanding the strength today, we expect annual industrial revenue growth, however, to be in the mid-single-digit range on a long-term basis.

儘管目前表現強勁，但我們預計，從長期來看，年度工業收入增長將保持在中個位數範圍內。

So in summary, our overall business remains robust and stable.

綜上所述，我們的整體業務保持強勁和穩定。

Our third quarter fiscal 2018 outlook reflects this with a consolidated revenue forecast of $5.05 billion at the midpoint as we experience continued strength in wired and enterprise storage benefiting from a very robust cloud data center and enterprise IT spending environment.

我們的 2018 財年第三季度展望反映了這一點，綜合收入預測中點為 50.5 億美元，因為我們受益於非常強大的雲數據中心和企業 IT 支出環境，有線和企業存儲領域將持續強勁。

Year-on-year, our revenue growth has remained very sustainable.

與去年同期相比，我們的收入增長仍然非常可持續。

Even with our contributions from Brocade, organic revenue growth for the second quarter would have been in the high single digits.

即使有博科的貢獻，第二季度的有機收入增長仍將保持在較高的個位數。

And for the third quarter, we foresee this year-on-year organic revenue growth to modulate towards our long-term target of mid-single digits.

對於第三季度，我們預計同比有機收入增長將朝著我們中個位數的長期目標進行調節。

We will continue to keep a consistent focus on improving margins and increasing free cash flow from our business.

我們將繼續持續關注提高利潤率和增加業務自由現金流。

Our balance sheet continues to be strong with over $8 billion cash at the end of the second quarter.

我們的資產負債表繼續強勁，第二季度末現金超過 80 億美元。

We also have $10.5 billion remaining on our stock repurchase authorization as of June 1. And reflecting the very strong free cash flow generation we expect during the balance of fiscal 2018, we plan to continue to aggressively repurchase our shares as long as we believe that we can generate superior returns in doing so.

截至 6 月 1 日，我們的股票回購授權還剩 105 億美元。這反映了我們預計在 2018 財年餘額期間將產生非常強勁的自由現金流，只要我們相信我們這樣做可以產生豐厚的回報。

With that, let me turn the call over to Tom for more detailed review of our second quarter financials and third quarter outlook.

接下來，讓我將電話轉給湯姆，以更詳細地審查我們第二季度的財務狀況和第三季度的前景。

Thank you, Hock, and good morning, everyone.

謝謝霍克，大家早上好。

My comments today will focus primarily on our non-GAAP results for continuing operations, unless otherwise specifically noted.

除非另有特別說明，我今天的評論將主要集中在我們持續經營業務的非公認會計準則業績上。

A reconciliation of our GAAP and non-GAAP data is included in the earnings release issued today and is also available on our website at Broadcom.com.

我們的 GAAP 和非 GAAP 數據的調節包含在今天發布的收益報告中，也可以在我們的網站 Broadcom.com 上找到。

Let me quickly summarize our results for the second quarter of fiscal 2018.

讓我快速總結一下我們 2018 財年第二季度的業績。

Second quarter net revenue was $5.02 billion, in line with guidance.

第二季度淨收入為 50.2 億美元，符合預期。

Our second quarter gross margin from continuing operations was 66.6%, 60 basis points above the midpoint of guidance.

我們第二季度持續經營業務的毛利率為 66.6%，比指導中值高出 60 個基點。

We did benefit from a more favorable product mix in the quarter driven by higher-than-expected revenue from our wired segment and lower-than-expected revenue from our wireless segment.

我們確實受益於本季度更有利的產品組合，這是由於有線部門的收入高於預期而無線部門的收入低於預期。

Operating income from continuing operations for the quarter was $2.46 billion and represented 48.9% of revenue.

該季度持續運營業務的營業收入為 24.6 億美元，佔收入的 48.9%。

Adjusted EBITDA for the quarter was $2.63 billion and represented 52.3% of revenue.

該季度調整後 EBITDA 為 26.3 億美元，佔收入的 52.3%。

Our day sales outstanding were 50 days, a 5-day increase from the prior quarter as we saw reduction in linearity of revenue across the quarter.

我們的日銷售額為 50 天，比上一季度增加了 5 天，因為我們發現整個季度收入的線性度有所下降。

Our inventory at the end of the second quarter was $1.26 billion, a decrease of $56 million from the prior quarter.

第二季度末我們的庫存為 12.6 億美元，比上季度減少 5600 萬美元。

Days on hand remain flat from prior quarter at 67 days.

庫存天數與上季度持平，為 67 天。

We generated $2.31 billion in operational cash flow, which reflected the impact of $117 million of cash expended on acquisition and restructuring-related activities, including Qualcomm and Brocade.

我們產生了 23.1 億美元的運營現金流，這反映了收購和重組相關活動（包括高通和博科）花費的 1.17 億美元現金的影響。

Please also note that we did not make any interest payments in the second quarter as these are made on a biannual basis in the first and third quarters of our fiscal year.

另請注意，我們在第二季度沒有支付任何利息，因為這些利息是在我們財政年度的第一和第三季度每兩年支付一次。

The capital expenditure in the second quarter was $189 million or 3.8% of net revenue.

第二季度資本支出為1.89億美元，占淨收入的3.8%。

As a housekeeping matter, I would also note that CapEx was $61 million higher than depreciation.

作為一個內務管理事項，我還要指出，資本支出比折舊高出 6100 萬美元。

Free cash flow, which we define as operating cash flow less CapEx in the second quarter was $2.12 billion or 42.3% of net revenue and reflects the impact of acquisition and restructuring expenses.

自由現金流（我們將其定義為第二季度運營現金流減去資本支出）為 21.2 億美元，占淨收入的 42.3%，反映了收購和重組費用的影響。

On the buyback, just to give you some more clarity, in the second quarter, we spent $347 million on repurchasing 1.5 million shares.

在回購方面，為了讓您更清楚地了解，第二季度我們花費了 3.47 億美元回購了 150 萬股股票。

These repurchases took place over the last 2 quarters -- 2 weeks of the quarter.

這些回購發生在最後兩個季度——該季度的兩週內。

Over the first 4 weeks of the third quarter, we have spent an additional $1.16 billion repurchasing 4.9 million shares.

在第三季度的前 4 週，我們額外花費了 11.6 億美元回購了 490 萬股股票。

In addition, we returned $766 million in the form of dividends and distributions in the second quarter.

此外，我們在第二季度以股息和分配的形式返還了 7.66 億美元。

Turning to our balance sheet.

轉向我們的資產負債表。

We increased our cash balance by $1.1 billion through the second quarter and ended the period with $8.2 billion in cash and $17.6 billion in total debt.

第二季度我們的現金餘額增加了 11 億美元，期末現金餘額為 82 億美元，債務總額為 176 億美元。

Now let me turn to our non-GAAP guidance for the third quarter of fiscal year 2018.

現在讓我談談 2018 財年第三季度的非 GAAP 指引。

This guidance reflects our current assessment of business conditions, and we do not intend to update this guidance.

本指南反映了我們當前對業務狀況的評估，我們不打算更新本指南。

This guidance is for results from continuing operations only.

本指南僅適用於持續經營的結果。

Net revenue is expected to be $5.05 billion, plus or minus $75 million.

淨收入預計為 50.5 億美元，上下浮動 7500 萬美元。

Gross margin is expected to be 66.5%, plus or minus 1 percentage point.

預計毛利率為66.5%，上下浮動1個百分點。

Operating expenses are estimated to be approximately $882 million.

運營費用預計約為 8.82 億美元。

The tax provision is forecasted to be approximately 7%.

預計稅收撥備約為7%。

Net interest expense and other is expected to be approximately $115 million.

淨利息支出及其他預計約為 1.15 億美元。

The diluted share count forecast is for 457 million shares, and it does not include the impact from any share repurchases done after June 1, 2018.

稀釋後的股票數量預測為 4.57 億股，不包括 2018 年 6 月 1 日之後進行的任何股票回購的影響。

Stock-based compensation expense will be approximately $320 million.

股票補償費用約為 3.2 億美元。

CapEx will be approximately $125 million.

資本支出約為 1.25 億美元。

As you may recall, in connection with redomiciling to the United States and as a result of the effects of the U.S. corporate tax reform, we had initially expected our effective cash tax rate on a steady-state basis to be in the range of 9% to 11% per year.

您可能還記得，在遷至美國以及美國公司稅改革的影響下，我們最初預計穩定狀態下的有效現金稅率將在 9% 的範圍內到每年 11%。

Following redomiciliation, we currently expect our cash tax rate for the balance of fiscal year '18 to be approximately 7% and our long-term cash tax rate to remain in the 9% to 11% range.

遷址後，我們目前預計 18 財年餘下的現金稅率約為 7%，長期現金稅率將保持在 9% 至 11% 的範圍內。

That concludes my prepared remarks.

我準備好的發言就到此結束。

Operator, please open up the call for questions.

接線員，請撥打電話詢問問題。

(Operator Instructions) Our first question comes from Ross Seymore with Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的 Ross Seymore。

I want to start off on the wired side.

我想從有線方面開始。

Hock, last quarter, there was a lot of debate about why the year-over-year growth slowed so much, and you guided for a confident sequential growth that you just delivered.

霍克，上個季度，關於為什麼同比增長放緩如此之多，存在很多爭論，而您對剛剛實現的信心連續增長進行了指導。

Talk a bit about the visibility going forward.

談談未來的可見性。

What's driving the slight growth that you're guiding to in the fiscal third quarter?

是什麼推動了第三財季的小幅增長？

And can you still hit the mid-single-digit growth for the fiscal year in that wired segment?

有線業務領域本財年還能實現中個位數增長嗎？

Well, the wired segment, for us, especially the networking part of it that we have very good visibility right now and it's largely driven, as I indicated in my prepared remarks, from the cloud data center guys, the big cloud data center guys.

嗯，對於我們來說，有線部分，尤其是其中的網絡部分，我們現在擁有非常好的可見性，正如我在準備好的發言中指出的那樣，它很大程度上是由雲數據中心人員、大型雲數據中心人員推動的。

What we also see, and that's probably less visible, is very strong spending patterns at enterprise.

我們還看到，但可能不太明顯的是，企業的支出模式非常強勁。

I call that enterprise IT environment, the more traditional enterprise.

我將這種企業 IT 環境稱為更傳統的企業。

That's -- those guys have also been spending.

那是——那些人也一直在花錢。

So when you combine the 2 together, that portion of our wired infrastructure business, as it relates to networking broadly, as we describe it, is very strong.

因此，當你將兩者結合在一起時，我們有線基礎設施業務的這一部分，因為它與我們所描述的廣泛的網絡相關，所以非常強大。

And of course, as in the separate segment we call enterprise storage, benefits get dropped along with that, so that's why you see very strong business in what storage might call near-line or what I call data center storage business.

當然，正如在我們稱為企業存儲的單獨細分市場中一樣，收益也會隨之下降，因此這就是為什麼您會在存儲可能稱為近線或我稱為數據中心存儲業務的業務中看到非常強勁的業務。

Very, very strong both of them.

兩個人都非常非常強。

And that's very visible in many of these situations because the cloud data center guys tend to spend in fairly lumpy -- in a lumpy manner.

這在許多情況下都非常明顯，因為雲數據中心人員的支出往往相當不穩定——以一種不穩定的方式。

And so you'll get a visibility as opposed to a more secular or trended manner as the enterprise IT guys are doing.

因此，您將獲得可見性，而不是像企業 IT 人員那樣採用更世俗或流行的方式。

So to answer your question, bottom line, that will drive our wired business to hit to our goal of mid-single-digit year-on-year growth for this year.

因此，回答你的問題，底線是，這將推動我們的有線業務實現今年中個位數同比增長的目標。

Perfect.

完美的。

And I guess as my follow-up, switching gears on to the wireless side of things.

我想作為我的後續行動，將齒輪切換到無線方面。

It's good to see your big North American business is starting to turn up and that the business as a whole has stabilized.

很高興看到您的大型北美業務開始復蘇，並且整個業務已經穩定下來。

Can you just talk about whether via content or the unit side, how you think about seasonality in the back half of the year, given that there's so many different moving parts as content per SKU and what different customers are doing?

您能否談談無論是通過內容還是單位方面，您如何看待下半年的季節性，因為每個 SKU 都有很多不同的移動部分作為內容，以及不同的客戶在做什麼？

There are a lot of moving parts.

有很多活動部件。

It's easier to look at it on a whole -- on a total basis and the second [total] basis.

從整體上來看更容易——在總體基礎上和第二個[總體]基礎上。

And also, there's unusual factors which we all thought would happen in that, as we move from iPhone 8 to iPhone 9 generation coming out that there's some caution in the level of build.

而且，當我們從 iPhone 8 過渡到 iPhone 9 一代時，我們都認為會發生一些不尋常的因素，因此在構建水平上存在一些謹慎。

And there is.

確實有。

We believe there is.

我們相信有。

But having said that, we also think orders coming in what I'd call in a normal seasonal pattern of strength.

但話雖如此，我們也認為訂單的增長處於正常的季節性模式。

And we do see that very clearly now, and we do see bookings that extend all the way to close to the end of this calendar year from these North American customers.

我們現在確實非常清楚地看到了這一點，並且我們確實看到這些北美客戶的預訂一直持續到接近本日曆年年底。

So we see back -- what is exactly back to -- trend to be normal patterns.

所以我們看到回歸——確切地說是回歸——趨勢是正常模式。

The difference is what's the mix of the new generation phones versus legacy phones.

區別在於新一代手機與傳統手機的組合。

And that's what might lead to some uncertainty of how much content changes or increases that might be.

這可能會導致內容變化或增加的程度存在一定的不確定性。

And very frankly, visibility is not that clear because it's hard to predict what level -- what will the mix of new generation phones versus legacy generation phones would be.

坦率地說，可見性並不那麼清晰，因為很難預測新一代手機與傳統手機的組合會達到什麼水平。

Our next question comes from Craig Hettenbach with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Craig Hettenbach。

Hock, this is more of a strategic question of how you view the business.

霍克，這更多的是一個關於你如何看待業務的戰略問題。

So some of the pushback on the companies that you've been so acquisitive that the feeling that there's a need to do more M&A.

因此，公司的一些阻力是你一直如此積極地收購，以至於感覺有必要進行更多的併購。

So just 2 things on that.

所以只有兩件事。

Number one, with the current makeup of the business, can you talk about the long-term growth profile as you see it?

第一，根據目前的業務構成，您能談談您認為的長期增長概況嗎？

And then the second part would be now that you're buying back stocks, your view of the opportunities to do M&A versus return cash through buybacks.

第二部分是現在你正在回購股票，你對併購機會與通過回購返還現金的看法。

Well, very interesting question.

嗯，非常有趣的問題。

In terms of long-term growth of this company and the various franchise businesses that comprise our entire business and company, we've always said and there are no reason to change that at all to say that long term -- that we will achieve on a long-term basis, if you look over an extended period of time, an average compounded growth rate, average compounded growth rate of mid-single digits.

就該公司以及構成我們整個業務和公司的各種特許經營業務的長期增長而言，我們一直說，而且沒有理由改變這一點，從長遠來看，我們將實現從長期來看，如果你看很長一段時間，平均複合增長率，平均複合增長率為中個位數。

No reason for us to change.

我們沒有理由改變。

The business model continues to be -- to demonstrate that, and we do not see anything that makes us think otherwise.

商業模式仍然是——為了證明這一點，我們沒有看到任何讓我們有其他想法的事情。

Year-to-year, as we are seeing, you may see variations from that mid-single-digit.

正如我們所看到的，每年您可能會看到中間個位數的變化。

You see -- we saw that 2017 as it compared to 2016.

你看，我們看到了 2017 年與 2016 年的對比。

We saw it strongly.

我們強烈地看到了這一點。

Organic growth, taking -- stripping out the acquisition -- the contribution from acquisitions, we saw close to mid double-digit mid-teens year-on-year growth in '17.

有機增長，除去收購的貢獻，我們看到 17 年的同比增長接近兩位數。

We're in '18, and I don't expect that mid-teens rate of growth to continue because, as I said, it's 1 year but it is still above in '18 mid-single digits, definitely.

我們現在已經是 18 年了，我預計十幾歲左右的增長率不會持續下去，因為正如我所說，雖然已經過去了 1 年，但絕對仍高於 18 年中個位數。

We expect it to moderate down to perhaps high single digits conservatively.

我們預計它會保守地放緩至也許較高的個位數。

And we expect that, but that's to be expected.

我們期望如此，但這是可以預料的。

You cannot expect the kind of breadth of our business in connectivity solutions largely and our major positions -- multiposition within connectivity solutions, especially in those markets where franchise products prevail to keep growing higher than the rate of growth of the entire semiconductor industry, not counting memories.

你不能指望我們在連接解決方​​案方面的業務範圍在很大程度上以及我們的主要地位——連接解決方​​案中的多重定位，特別是在那些特許經營產品盛行的市場，其增長速度高於整個半導體行業的增長速度，這還不包括在內。回憶。

There's no way.

不可能。

It has to modulate down, as I said before, to a level which is closer to the growth of the entire industry.

正如我之前所說，它必須下調至更接近整個行業增長的水平。

We have to follow that.

我們必須遵循這一點。

And the only variation to that whole thing, as we think through this, is simply that every -- is that like all technology business, every new generation -- every time a new generation pops up and it varies in product life cycle from handsets, which is 18 months; to storage, which may be 5, 6 years; to industrial, which may be even longer, that each new generation brings an increased content.

正如我們思考的那樣，整個事情的唯一變化就是，就像所有技術業務一樣，每一個新一代——每次新一代的出現，它的產品生命週期與手機不同，即18個月；儲存，可能是5、6年；到工業，這可能會更長，每一代新產品都會帶來更多的內容。

So we have a kicker above GDP growth rate is always why I say that.

因此，我們的GDP增長率高於GDP增長率，這就是我這麼說的原因。

Hence, we end up with mid-single digits worldwide on a global basis.

因此，我們最終在全球範圍內達到了中個位數。

And we will see that long term.

從長遠來看，我們會看到這一點。

Even as in the short term, we see variations, and we saw it in '17, we're seeing into '18, but if you're willing ever to believe, you measure it over a long enough period, get confident mid-single digits.

即使在短期內，我們也看到了變化，我們在17 年看到了這一點，我們正在看到18 年，但如果你願意相信，你可以在足夠長的時間內對其進行衡量，並在中期充滿信心個位數。

Got it.

知道了。

And then just as a second part of that question around how you're evaluating kind of M&A opportunities versus the aggressive steps you're taking on the buyback.

然後，作為該問題的第二部分，圍繞您如何評估併購機會以及您在回購方面採取的積極措施。

We keep doing both as we do basically based on return on investment as we generate cash.

我們一直在做這兩件事，因為我們基本上是根據產生現金的投資回報來做的。

One of the things we are seeing is our cash flow generation, as Tom indicated in his remarks, and especially last quarter and then last quarter is not an unusual quarter as we forecast going forward is our cash flow generation is very, very strong.

我們看到的一件事是我們的現金流生成，正如湯姆在他的講話中指出的那樣，特別是上個季度，然後上個季度並不是一個不尋常的季度，因為我們預測未來我們的現金流生成將非常非常強勁。

Our free cash flow was north of $2 billion last quarter, and a big part of it relates to the fact that CapEx, which has been a big consumption of our cash flow over the last 2 years at least, between building up capacity and building up campuses in couple of locations, which involves big amount of money for cost reduction purposes -- cost reduction -- operating cost reduction purposes, but nonetheless suck up all our CapEx.

上個季度我們的自由現金流超過 20 億美元，其中很大一部分與資本支出有關，至少在過去兩年裡，資本支出一直是我們現金流的一大消耗，在產能建設和建設之間在幾個地點建立園區，這涉及大量資金用於降低成本——降低成本——降低運營成本，但仍然佔用了我們所有的資本支出。

It dramatically dropped as we finish those programs.

當我們完成這些計劃時，它急劇下降。

And as Tom said, we are looking towards a CapEx level much lower than we have seen in prior years, in prior quarters.

正如湯姆所說，我們期望資本支出水平遠低於前幾年和前幾個季度的水平。

So that's enabling our cash generation to be fairly substantial.

因此，這使我們能夠產生相當可觀的現金。

And on a quarterly basis, probably north of $2 billion free cash flow.

按季度計算，自由現金流可能超過 20 億美元。

So that's allowing us a lot more flexibility, which allows us to still look at M&A, as we do, and still be able to invest those -- that very strong stream of cash generation in a very good asset -- return-generating asset, our own shares, which is fairly simple.

因此，這使我們擁有更大的靈活性，這使我們仍然能夠像我們所做的那樣關注併購，並且仍然能夠將那些非常強大的現金產生流投資於非常好的資產，即產生回報的資產，我們自己的股票，這相當簡單。

If you think about it, right, our own shares producing or generating over $8 billion.

如果你想一想，我們自己的股票生產或創造了超過 80 億美元。

In the company, our market cap, we're talking over 8% cash-on-cash return [compared] in our own shares.

在公司，我們的市值，我們談論的是我們自己股票的超過 8% 的現金回報率。

So of course, we will keep doing that, especially for the flexibility of generating a lot of cash, but that doesn't mean we stop doing M&A.

當然，我們會繼續這樣做，特別是為了產生大量現金的靈活性，但這並不意味著我們停止進行併購。

We are continuing to look, and we go by the criteria we have on cash-on-cash return.

我們正在繼續尋找，並遵循現金回報的標準。

And as we see opportunities as we still do, we will act on those M&A opportunities.

當我們仍然看到機會時，我們將抓住這些併購機會採取行動。

Our next question comes from Ambrish Srivastava from BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Ambrish Srivastava。

This is Gabriel Ho calling in for Ambrish.

我是加布里埃爾·何 (Gabriel Ho) 給安布里什 (Ambrish) 打電話。

This question is for Hock.

這個問題是問霍克的。

On the wireless, the guidance seems to be implying a flattish on a year-over-year basis in terms of growth for the fiscal third quarter.

在無線領域，該指引似乎意味著第三財季的增長與去年同期持平。

So my understanding is last year, the phone -- your large smartphone OEM customer was later than normal.

所以我的理解是去年的電話——你們的大型智能手機 OEM 客戶比平常晚了。

So why is your wireless revenue not growing?

那麼為什麼您的無線收入沒有增長呢？

And is it due to the content of more of the unit?

是因為單元內容較多的緣故嗎？

It's hard to measure it quarter-on-quarter for various reasons.

由於各種原因，很難按季度進行衡量。

In my remarks, I was very clear, at this time last year, third quarter, we have both the North American smartphone maker and the Korean high-end phone maker going in the same direction.

在我的講話中，我非常清楚，去年第三季度的這個時候，北美智能手機製造商和韓國高端手機製造商都在朝著同一個方向發展。

We're not -- while they are still very positive on the North American phone maker, we are not seeing strength in the Korean phone maker.

我們不是——雖然他們仍然對這家北美手機製造商非常樂觀，但我們沒有看到這家韓國手機製造商的實力。

That's -- as I said in my prepared remarks, that's the reason we are seeing that difference, the major reason we're seeing that difference.

正如我在準備好的發言中所說，這就是我們看到這種差異的原因，也是我們看到這種差異的主要原因。

As a follow-up on the revenue side, you talked about operating leverage, talked about revenue growth moderating towards the mid-single-digit.

作為收入方面的後續行動，您談到了運營槓桿，談到了收入增長放緩至中個位數。

And how should we think about your OpEx front as well as your gross margin longer term?

我們應該如何考慮您的運營支出以及長期毛利率？

So if I understood your question correctly, talking about the operating leverage in the model going forward.

因此，如果我正確理解你的問題，談論未來模型中的運營槓桿。

I think if you look at the operating expenses, they've effectively flattened out here at these levels.

我認為，如果你看看運營費用，它們實際上已經在這些水平上趨於平穩。

We might see them come down a bit, especially as you look in '19, but it's a fair level.

我們可能會看到它們有所下降，特別是從 19 年的情況來看，但這是一個公平的水平。

We don't see expenses increasing from here much.

我們認為這裡的費用不會增加太多。

And we obviously think we still have a lot of leverage from a gross margin standpoint and continue to see gross margins expand.

顯然，我們認為從毛利率的角度來看，我們仍然擁有很大的槓桿作用，並且毛利率將繼續擴大。

But the trend you've seen over last several years, we don't see that stopping anytime soon.

但從過去幾年你所看到的趨勢來看，我們認為這種趨勢不會很快停止。

And so we put that together, we believe that we've got a lot of capacity to continue to improve.

所以我們把這些放在一起，我們相信我們有很大的能力來繼續改進。

Our operating margins, as Hock talked about, CapEx is coming down.

正如霍克所說，我們的營業利潤率正在下降。

I mean this is a largely established company, a CapEx-light company when you look at the fundamentals.

我的意思是，從基本面來看，這是一家基本成熟的公司，是一家資本支出較低的公司。

And so we're driving CapEx down to more like $100 million a quarter, which suggests you're going to be running much closer to 2% as a percentage of revenue.

因此，我們將每季度的資本支出降低至 1 億美元左右，這表明您將在收入中所佔的比例接近 2%。

And so free cash flow margins, which we have a target of 40%, we think that can continue to improve and likely to improve, obviously, north of 40% if you do that math.

因此，自由現金流利潤率（我們的目標是 40%）我們認為可以繼續改善，而且如果你計算一下的話，顯然很可能會改善超過 40%。

And our next question comes from Blayne Curtis with Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

I just want to ask on the guidance, I wanted to make sure.

我只是想詢問指導，我想確定一下。

It sounded like all the segments of wireless would be up, but then you said, not to mention ZTE.

聽起來無線的所有細分市場都會上漲，但後來你說，更不用說中興通訊了。

So I'm just curious how much of an impact that would be.

所以我只是好奇這會產生多大的影響。

And then secondly, on just wireless, I just wanted to understand.

其次，就無線而言，我只是想了解一下。

Obviously, it's harder to triangulate content -- average content.

顯然，對內容（平均內容）進行三角測量更加困難。

Legacy is one portion, but there's also the share portion.

遺產是一部分，但也有共享部分。

I'm just wondering if you could comment on your visibility of your share at that customer -- at the North American customer.

我只是想知道您是否可以評論一下您在該客戶（北美客戶）中的份額的可見性。

We don't really like to talk about share on that because in the overall scheme of things, Blayne, it makes no difference to us.

我們真的不太喜歡談論這方面的份額，因為從總體計劃來看，Blayne，這對我們來說沒有什麼區別。

It might make a big difference to somebody else, which I won't mention, but in the overall scheme of things, we look at our business as 20 product divisions, 4 different segments.

這可能會對其他人產生很大的影響，這一點我不會提及，但在整體計劃中，我們將我們的業務視為 20 個產品部門，4 個不同的細分市場。

Some segments are up, some segments are down sometimes quarter-to-quarter.

有些細分市場有所上升，有些細分市場有時會逐季度下降。

But overall, very, very stable and sustainable.

但總體而言，非常非常穩定和可持續。

I mean broadly answered.

我的意思是廣泛回答。

So I really don't have that much to comment on in terms of share, and we really don't want to -- don't like to comment on share as it applies to that.

因此，我在份額方面確實沒有太多可評論的，而且我們真的不想 - 不喜歡對份額發表評論，因為它適用於此。

But in regard to your first part about ZTE, again, this is -- we're trying to be looking at it from a very high level.

但關於你關於中興通訊的第一部分，我們再次試圖從一個非常高的層面來看待它。

And until we have the ability to ship out, clearly ship out to ZTE, we really prefer that, again, as we said, not to comment on it.

在我們有能力發貨，明確發貨給中興通訊之前，我們真的更願意，正如我們所說的，不要對此發表評論。

Where we stand now is products are not shipping, and that's our position at this point.

我們現在的立場是產品尚未發貨，這就是我們目前的立場。

Our next question comes from Amit Daryanani with RBC Capital Markets.

我們的下一個問題來自 RBC 資本市場的 Amit Daryanani。

I just have 2 as well.

我也只有2個。

First, just on capital allocation, now that buybacks are part of your broader capital allocation, does the bar for M&A for deals here essentially become higher because plan b would be, assuming you buy your own stock, buying something at an 8% cash yield with no integration issues.

首先，就資本配置而言，既然回購是更廣泛的資本配置的一部分，這裡的併購交易的門檻是否實質上會變得更高，因為B 計劃是，假設你購買自己的股票，以8%的現金收益率購買一些東西沒有集成問題。

So I'm curious, does the bar for deals become higher?

所以我很好奇，交易的門檻是否會變得更高？

Or how do you look at the cash and cash targets today now that you have the option to do buybacks?

或者，既然您可以選擇回購，您如何看待今天的現金和現金目標？

Look, I think Hock said it well.

聽著，我覺得霍克說得很好。

I'll just reiterate it maybe with a little more color.

我可能會用更多的色彩來重申一下。

But basically, it's a returns-driven phenomenon.

但基本上，這是一種回報驅動的現象。

You can see our views on the returns of our -- buying back our own stock based on our execution to buyback over the last month-plus, so I think that's self-evident.

你可以看到我們對我們的回報的看法——根據我們過去一個月的回購執行情況來回購我們自己的股票，所以我認為這是不言而喻的。

Going forward, as I've said, we always look to drive double-digit returns from an M&A standpoint.

展望未來，正如我所說，從併購的角度來看，我們始終希望實現兩位數的回報。

Obviously, we think we know how to do integration, and so we'll take a risk-adjusted view of it.

顯然，我們認為我們知道如何進行整合，因此我們將採取風險調整的觀點。

But as long as we think we can find opportunities that are well in excess of where we can buy own stock at, we'll, obviously, take a very close look at that.

但只要我們認為我們能夠找到遠遠超出我們可以購買自己股票的機會，我們顯然就會非常仔細地審視這一點。

But without that in mind, obviously, the stock over the last month plus has looked attractive to us based on the stock that we bought back and continue to do so, as Hock said, given the returns.

但如果不考慮這一點，顯然，正如霍克所說，考慮到回報，根據我們回購併繼續回購的股票，上個月的股票對我們來說看起來很有吸引力。

Got it.

知道了。

And then if I could just -- to follow up on the wireless segment.

然後如果我可以的話——跟進無線領域。

And I understand some of the near-term discussions we've been having on this.

我了解我們近期對此進行的一些討論。

But as you think about the next several quarters and fiscal '19 on a broader level, do you think your position to grow your wireless revenues in aggregate in fiscal '19 at this point?

但是，當您在更廣泛的層面上考慮接下來的幾個季度和 19 財年時，您認為您目前在 19 財年的無線總收入增長方面處於什麼位置？

Or are the compares going to be such that it's going to be hard to show growth next year in that business if units remain flat with your 2 largest customers there?

或者，如果單位與您的兩個最大客戶持平，那麼明年該業務將很難顯示出增長嗎？

We don't give outlook even beyond one quarter, much less the year.

我們不會給出超過一個季度的展望，更不用說全年了。

And frankly, we're not about to really change that practice or policy because then, we'll be doing something -- a lot of this in every earnings call.

坦率地說，我們並不打算真正改變這種做法或政策，因為那時我們會做一些事情——在每次財報電話會議上都會做很多這樣的事情。

We'll give you our strategic view on the whole thing, and that hasn't changed.

我們將向您提供我們對整個事情的戰略看法，這一點並沒有改變。

Again, we've got great franchises in those -- in every segment, right, including especially wireless.

再說一遍，我們在這些領域都擁有出色的特許經營權——在每個領域，對吧，尤其是無線領域。

And to ask me for what 1 year looks like, we don't comment on that.

如果問我一年是什麼樣子，我們不會對此發表評論。

Our next question comes from John Pitzer with Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的約翰·皮策 (John Pitzer)。

Hock, just -- maybe I'll ask the wireless question a little bit different.

霍克，也許我會問一些不同的無線問題。

I understand the impact that mix might have as far as your revenue growth in the back half of the year.

我了解這種組合可能會對您下半年的收入增長產生影響。

But as you think sort of flagship to flagship at your North American customer, how should we think about content growth this time around?

但是，當您想到北美客戶的旗艦店到旗艦店時，我們應該如何考慮這一次的內容增長？

And perhaps differentiate between RF and other applications.

也許還可以區分射頻和其他應用。

And I guess on the RF stack, we'll start to see some initial 5G modems coming out of the end of this year.

我想在 RF 堆棧上，我們將開始看到一些最初的 5G 調製解調器將於今年年底問世。

I'm just wondering what kind of visibility you have for continued growth thus far as the world transitions from 4G to 5G.

我只是想知道，到目前為止，隨著世界從 4G 過渡到 5G，您對持續增長有何看法。

Strategically, if you go to 5G and you go deeper and deeper into 5G, which runs what I call the ultra-high band frequency -- maybe it's not so ultra-high, but nonetheless, when you talk about anything 3 gigahertz and beyond, you need to -- you tend to push towards more and more FBAR content.

從戰略上講，如果你進入5G，並且越來越深入地了解5G，它運行我所說的超高頻段——也許它不是那麼超高，但儘管如此，當你談論3 GHz 及以上的任何東西時，你需要——你傾向於推動越來越多的 FBAR 內容。

That's given.

這是給定的。

That's very well proven.

這已經得到充分證明。

That's very well known.

這是眾所周知的。

When would 5G really come in and what fashion it will come in because the initial phones will likely be claimed to be 5G but not truly 5G so the specifications don't have to be as rigorous for performance.

5G 何時真正到來以及它會以何種方式出現，因為最初的手機可能會聲稱是 5G，但並不是真正的 5G，因此規格不必對性能那麼嚴格。

People will try to -- phone makers may use -- especially in the lower end, not higher end, use software alternatives and soft filters and get away with it because performance doesn't matter, just the socket.

人們會嘗試——手機製造商可能會使用——尤其是在低端市場，而不是高端市場，使用軟件替代品和軟過濾器，然後就可以僥倖逃脫，因為性能並不重要，重要的是插座。

But when you really get deeper and deeper into 5G, you need FBAR filters to make it work given.

但當您真正深入了解 5G 時，您需要 FBAR 濾波器才能使其發揮作用。

So think of it long term, content will step up.

因此，從長遠來看，內容會不斷增加。

No question.

沒有問題。

Not only more frequencies, but frequencies that demand the need for FBAR.

不僅是更多的頻率，而且頻率需要 FBAR。

Beyond that, who knows?

除此之外，誰知道呢？

And then specifically as we think flagship to flagship this year for your North American customer, how do we think about your RF content growth and/or potential growth elsewhere with things like connectivity or touch?

然後，具體來說，當我們為您的北美客戶考慮今年的旗艦產品時，我們如何看待您的射頻內容增長和/或其他地方在連接或觸摸等方面的潛在增長？

Well, things are, as you say, moving along.

嗯，正如你所說，事情正在向前發展。

We all like to think about is how soon will normalcy in flagship phones recover.

我們都喜歡思考旗艦手機多久才能恢復正常。

Come back to what you call normalcy.

回到你所謂的正常狀態。

We don't know.

我們不知道。

And how do you know what is content versus unit volume, especially when normalcy is down?

您如何知道內容與單位體積的關係，尤其是在常態下降的情況下？

I'm not trying to dodge the question.

我並不是想迴避這個問題。

I'm saying is you can't tell because right now shipments are not really normal even as we see bookings coming in strongly.

我的意思是你無法判斷，因為儘管我們看到訂單量強勁，但目前發貨情況並不正常。

And hopefully we like to see normal, but then, we don't see the North Korean customers, I mean, as strong as they should be.

希望我們希望看到正常的情況，但是，我們沒有看到朝鮮客戶，我的意思是，他們沒有應有的強大。

Our next question comes from Stacy Rasgon with Bernstein Research.

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

Let me ask that question a different way.

讓我以不同的方式問這個問題。

So I know last year around this time, you gave us a number for content.

所以我知道去年這個時候，您給了我們一個內容編號。

You said that your North American customer was up 40%.

你說你的北美客戶增長了 40%。

Obviously, that may have changed a bit given the mix.

顯然，考慮到混合情況，情況可能會發生一些變化。

And it sounds like you're suggesting mix going forward of new phones versus legacy is an unknown.

聽起來您似乎在建議新手機與舊手機的混合發展還是一個未知數。

But if the mix, I guess, into 2019 was the same as what we saw this year, what do you think your content at your North American customer would be?

但我想，如果 2019 年的情況與我們今年看到的情況相同，您認為您向北美客戶提供的內容會是什麼？

That should be a math problem you ought to be able to do.

這應該是一道你應該能夠做的數學題。

Yes.

是的。

But even I tell you, how are going to check it against revenues, which is what I will say is most important because the legacy phone will vary -- if the mix of legacy phones start increasing dramatically, you will reflect on the different set of content.

但即使我告訴你，如何根據收入來檢查它，這就是我要說的最重要的，因為傳統手機會有所不同 - 如果傳統手機的組合開始急劇增加，你將反思不同的組合內容。

What you're asking is what -- it's not really what the content.

你問的是“什麼”，而不是“內容”。

What's the revenue over the next few quarters?

未來幾個季度的收入是多少？

What it's going to look like?

它會是什麼樣子？

And based on -- you're trying to do simple math on content.

基於——你試圖對內容進行簡單的數學計算。

But I say you have an unknown equation which says the legacy phones may increase in percentage, which then dilutes any increase in content.

但我說你有一個未知的方程式，它表明傳統手機的百分比可能會增加，然後稀釋內容的任何增加。

And then the revenue will reflect what you're looking for.

然後收入就會反映您的需求。

I'm basically trying to answer your questions for you by saying that if you're looking for [rel] what else -- on a simple correlation between content increase and revenue change, I'm saying there are other factors that are coming in that might dilute that whole equation.

我基本上是想回答你的問題，如果你正在尋找[rel]其他什麼——根據內容增加和收入變化之間的簡單相關性，我是說還有其他因素正在出現這可能會稀釋整個方程。

And so answering that question that you ask in simple terms doesn't answer the underlying interest that you have.

因此，用簡單的術語回答您提出的問題並不能回答您的潛在興趣。

I will say, in broad scope, content direction and trends haven't changed at all.

我想說，從大範圍來看，內容方向和趨勢根本沒有改變。

But the mix of legacy, the mix of phone SKUs, and in some situations, if you look beyond a North American OEM and look at other high-end smartphone makers, which we sell to and their varying performance, all will skew your numbers.

但傳統的混合、手機 SKU 的混合，以及在某些情況下，如果您超越北美 OEM，看看我們銷售的其他高端智能手機製造商以及他們不同的性能，所有這些都會扭曲您的數字。

I mean your math request is easy.

我的意思是你的數學要求很簡單。

And I'll tell you the math request is that the strength in content increase has not changed.

我會告訴你數學要求是內容增加的強度沒有改變。

But it doesn't show you anything.

但它沒有向你展示任何東西。

Okay.

好的。

But I mean your old -- like long-term normalized outlook was for end market units to be relatively flat, given, call it, premium phones aren't growing very much.

但我的意思是，你以前的長期正常化前景是，終端市場銷量相對持平，因為高端手機增長幅度不大。

But you have mid-double-digit -- over the long-term mid-double-digit content increase, you're not changing that long-term point of view.

但你有中兩位數——在長期的中兩位數內容增長中，你並沒有改變長期觀點。

And that was a portfolio -- by the way, that had nothing to do with mix.

那是一個投資組合——順便說一句，這與混合無關。

That was a portfolio point of view, as I understand it.

據我了解，這是投資組合的觀點。

Are you still holding to that long-term portfolio view for content increase?

您是否仍然堅持內容增長的長期投資組合觀點？

Yes.

是的。

That will be long-term content increase, still.

這仍然是長期內容的增加。

And there will still be long-term content increase.

而且長期還會有內容的增加。

I'm more interested to know that there's a mix change and there's a unit change now that we have all seen.

我更感興趣的是現在我們都看到了混合變化和單位變化。

Do you have follow-up questions?

您還有後續問題嗎？

I do.

我願意。

Let me ask about storage really quickly.

讓我快速詢問一下存儲問題。

So obviously, that's growing well right now in conjunction with the networking portion of enterprise.

顯然，現在它與企業網絡部分一起發展良好。

They've got similar drivers.

他們有類似的司機。

I'd say storage, historically, has tended to be quite a bit more lumpier though than the wired business, and it just rose 17% sequentially and it looks like on a mostly organic kind of quarter.

我想說的是，從歷史上看，存儲業務往往比有線業務更加不穩定，並且它僅連續增長了 17%，而且看起來像是一個基本有機的季度。

I guess how should we think about the drivers of that and I guess the lumpiness that may continue with that going forward?

我想我們應該如何思考這一趨勢的驅動因素，我想未來可能會繼續存在這種混亂？

I think, historically, you've given, again a longer-term view of that business overall was roughly flattish plus or minus.

我認為，從歷史上看，您再次給出了對整體業務的長期看法，正負值大致持平。

Like how should we be thinking about the near-term drivers of that and how those may play out over the rest of the year?

比如我們應該如何考慮近期的驅動因素以及這些驅動因素在今年剩餘時間內會如何發揮作用？

Okay.

好的。

Let me correct some perceptions.

讓我糾正一些看法。

And maybe it's our fault for not articulating it clearly enough.

也許是我們的錯，沒有把它表達得足夠清楚。

If you strip out Brocade, I was trying to say -- only if you do a year-on-year comparison, you have to strip out Brocade from current year, fiscal '18 result.

我想說的是，如果你剔除博科，只有當你進行同比比較時，你才必須從本年度 18 財年的業績中剔除博科。

Our revenue in enterprise storage year-on-year is single digits growth as you expect enterprise storage to typically happen.

正如您預期企業存儲通常會發生的那樣，我們在企業存儲方面的收入同比呈個位數增長。

And this is a very stable kind of business.

這是一項非常穩定的業務。

It doesn't do cartwheels and funny stuff like that, but it's very stable and extremely, extremely sticky and profitable.

它不會做側手翻和類似有趣的事情，但它非常穩定，並且非常非常粘性和有利可圖。

That's storage.

這就是存儲。

And it will be.

確實會如此。

And even in fiscal '18, we've seen super strength, especially with near-line data -- cloud data center buying more high-capacity drives, hard drives, we'll still grow maybe closer to high single digits year-on-year, which is unusual for enterprise storage.

即使在 18 財年，我們也看到了超強的實力，尤其是近線數據——雲數據中心購買了更多大容量驅動器、硬盤，我們的同比增長可能仍接近高個位數——今年，這對於企業存儲來說是不尋常的。

What perhaps confused the mix is we now add year-on-year comparison Brocade, and that leads to that 17%.

也許令人困惑的是，我們現在添加了同比比較 Brocade，這導致了 17%。

Otherwise, year-on-year, please don't expect double-digit growth on storage.

否則，請不要期望存儲同比出現兩位數增長。

At best, flattish to single digits is the norm for it.

充其量，持平到個位數是常態。

Wasn't the 17% a sequential number, or am I remembering that wrong?

17%不是一個連續的數字嗎，還是我記錯了？

Oh, yes.

哦是的。

It's probably some level of sequential.

這可能是某種程度的順序。

Now you're right.

現在你是對的。

That's sequential -- I'm trying to discourage you from looking at it sequentially.

這是連續的——我試圖阻止你按順序查看它。

Look at it year-on-year historical.

看看歷史上的同比情況。

Okay.

好的。

So you think roughly flattish year-over-year excluding Brocade.

所以你認為不包括博科的話，同比情況大致持平。

Okay.

好的。

Yes.

是的。

Roughly flattish year-on-year excluding Brocade.

不包括博科，同比大致持平。

And our next question comes from Vivek Arya, Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Vivek Arya。

I also had 2. So first question, I understand we don't want to talk about specific content.

我也有2。所以第一個問題，我理解我們不想談論具體內容。

There does appear to be some more competition in high mid-band bands.

中高中頻段的競爭似乎更加激烈。

Do you think that is just the desire for large customers to just be -- just have supplier diversity?

您認為這只是大客戶的願望——只是擁有供應商多樣性嗎？

Or do you think competition is catching up in technology?

或者您認為競爭正在趕上技術？

And if it's the latter, what are you doing to make sure that you're sort of maintaining your competitive edge in both these technologies?

如果是後者，您正在採取哪些措施來確保您在這兩種技術上保持競爭優勢？

Okay.

好的。

Good question.

好問題。

In every franchise -- product line franchise we have, and we have 20 of them, we are in the lead.

在我們擁有的每一個特許經營產品線中，我們都處於領先地位，我們有 20 個特許經營產品線。

That's the definition of why we call it franchise, and that's our business model that we are the lead.

這就是我們稱之為特許經營的定義，這就是我們領先的商業模式。

Whether we grow it organically ourselves or acquire and strengthen and sustain those, we are the #1 in each of the segments.

無論是我們自己有機發展，還是收購、加強和維持這些，我們在每個細分市場都是第一。

No different in wireless, be they in wireless we sell, most notably RF front end, FBAR filters in other words, built into it, or Wi-Fi/Bluetooth combo ship, or as we call it, wireless connectivity.

無線方面沒有什麼不同，無論是我們銷售的無線產品，最引人注目的是射頻前端、內置的 FBAR 濾波器，還是 Wi-Fi/藍牙組合船，或者我們所說的無線連接。

Very much, we're the #1 and in the lead.

非常重要的是，我們是第一併且處於領先地位。

And we always, having said that, have competition.

話雖如此，我們總是存在競爭。

You can't enough.

你還不夠。

World is large.

世界很大。

You always have competitors.

你總是有競爭對手。

But we are always in the lead, and we always, as our key business model, continue to invest as we need to continue, if not extend our lead.

但我們始終處於領先地位，並且作為我們的關鍵業務模式，我們總是繼續投資，因為我們需要繼續（如果不是擴大我們的領先地位的話）。

And to answer your question, in RF front end, which I assume that's what you're addressing rather than wireless connectivity or Wi-Fi/Bluetooth, where that -- nobody is even within range.

為了回答你的問題，在射頻前端，我認為這就是你要解決的問題，而不是無線連接或 Wi-Fi/藍牙，在那裡，甚至沒有人在範圍內。

In RF front end, we are very much in the lead, and we have that lead now for many years, and we continue to invest to keep that lead.

在射頻前端，我們處於非常領先的地位，而且我們已經保持這種領先地位很多年了，我們將繼續投資以保持這種領先地位。

And it has not changed.

它並沒有改變。

Believe me, it has not changed.

相信我，它沒有改變。

The lead that we have been able to design -- add strength and design those RF front-end components, which includes a lot of it FBAR filters, our key element of strength and power amplifiers like so and the normal switches and little components that add up to an RF front end.

我們能夠設計的領先產品——增加強度並設計那些射頻前端組件，其中包括很多 FBAR 濾波器、我們的強度和功率放大器的關鍵元件，以及普通開關和添加的小組件直至射頻前端。

But especially where it relates to FBAR.

但尤其是與 FBAR 相關的地方。

We're in the lead in architectural.

我們在建築領域處於領先地位。

We're the best at creating those RF front ends that enable high-end phones to deliver the kind of performance and bandwidth that they generate for -- that you see around you.

我們最擅長創建射頻前端，使高端手機能夠提供您在周圍看到的性能和帶寬。

And we continue to make sure we are very much in the lead.

我們將繼續確保我們處於領先地位。

So as far as I'm concerned, that hasn't changed.

所以就我而言，這一點沒有改變。

The business hasn't changed.

生意沒變。

The franchise, to answer your question directly, is not at all in jeopardy.

直接回答你的問題，特許經營權根本沒有處於危險之中。

Maybe that's a clear answer to all you guys out there, is we do not see -- and we're just not trying to be cavalier or complacent.

也許這對你們所有人來說都是一個明確的答案，我們沒有看到——我們只是不想表現得傲慢或自滿。

Well, far from complacent in any one of our franchise business.

嗯，我們對任何一項特許經營業務都絕不自滿。

We continue to remain the lead, and we ensure we are -- continue to be in the lead as we look forward 1 generation, 2 generations.

我們繼續保持領先地位，並且我們確保在我們展望第一代、第二代產品時繼續保持領先地位。

That hasn't changed.

這一點沒有改變。

The franchise is not in jeopardy.

特許經營權並未處於危險之中。

Got it.

知道了。

And as my follow-up, very strong performance on the gross margin side.

作為我的後續行動，毛利率方面的表現非常強勁。

I think, Tom, you were mentioning that you expect perhaps more upside.

我想，湯姆，你提到你期望可能有更多的好處。

What's driving this upside?

是什麼推動了這一上漲？

Is it just mix?

只是混合嗎？

Is it something else?

難道是別的什麼？

And is there a way to quantify what the longer-term opportunity is to take gross margins to?

有沒有辦法量化毛利率的長期機會？

Good question.

好問題。

I mean, obviously, it is mix as well.

我的意思是，顯然，它也是混合的。

I mean, if you look at the growth Hock's been articulating around cloud and enterprise IP, we've added Brocade, these are all very margin-accretive activities.

我的意思是，如果你看看 Hock 圍繞雲和企業 IP 所闡述的增長，我們已經添加了博科，這些都是非常能增加利潤的活動。

As revenue grows as well, we're seeing our businesses that were lower performing carried with it lower gross margins that acquired from Broadcom, in particular, continue to improve.

隨著收入的增長，我們看到業績較低的業務（尤其是從博通收購的毛利率較低）繼續改善。

As you know, it takes several years to go from actually designing-in the product to shipping new products in volumes, some of the businesses we've owned for less than a couple of years.

如您所知，從實際設計產品到批量交付新產品需要幾年的時間，其中一些業務我們擁有的時間還不到幾年。

And so all those things as well as the day-to-day normal operating improvement is driving gross margins up.

因此，所有這些因素以及日常正常運營的改善正在推動毛利率上升。

Clearly, we're focusing on value-accretive R&D.

顯然，我們專注於增值研發。

So we're spending nearly $3 billion in R&D.

因此，我們在研發上花費了近 30 億美元。

All of that is focused on delivering greater and greater value to the customer.

所有這一切都專注於為客戶提供越來越大的價值。

That's also very gross margin-accretive.

這也能大幅提高毛利率。

So that gives us confidence that we can continue to improve it from these levels.

這讓我們有信心能夠在這些水平上繼續改進。

Another way of also -- let me expand a bit on what Tom is saying also is, here's the thing, if you look at the strategy of this company and the product and the market characteristics and how we address the market.

另一種方式——讓我對湯姆所說的內容進行一些擴展，如果你看看這家公司的戰略、產品和市場特徵以及我們如何應對市場，那麼事情就是這樣的。

You see, we pick those franchise products, and those products are strategic components typically of the customers in each of the segments -- in each of the end markets we address.

您會看到，我們選擇這些特許經營產品，這些產品通常是每個細分市場（我們所針對的每個終端市場）的客戶的戰略組成部分。

And as I say, one of the things that's great about technology business is it constantly evolves.

正如我所說，技術業務的偉大之處之一就是它不斷發展。

I'm not using the word disrupt.

我沒有使用“破壞”這個詞。

I'm using the word evolution.

我用的是進化這個詞。

It evolves.

它不斷發展。

It grows up, switches, increases in bandwidth.

它會成長、切換、帶寬增加。

The top of the right switch we're launching now is 12.8 terabytes.

我們現在推出的右側交換機的頂部容量為 12.8 TB。

Features a lot, but let's use capacity.

功能很多，但讓我們利用容量。

The routers we have, same situation.

我們的路由器也有同樣的情況。

The 30s we have out there to support our building block products and a few -- a bunch of other products we have, has gone from -- has now reached a level of 102 gigabit per second.

我們支持我們的構建塊產品和一些產品（我們擁有的許多其他產品）的 30 年代現在已經達到了每秒 102 吉比特的水平。

As we go up higher and higher, the bar in challenging our products goes up correspondingly.

隨著我們的水平越來越高，挑戰我們產品的門檻也相應提高。

I almost want to say, use the word in many cases, exponentially.

我幾乎想說，在很多情況下使用這個詞，呈指數級增長。

You have to spend the money to deliver those kind of very high-technology products.

你必須花錢來提供那些非常高科技的產品。

And it gets harder and harder as time -- as generation progresses in every one of our products.

隨著時間的推移，隨著我們每一款產品的更新換代，事情變得越來越困難。

Even a thing as PCI Express generation 3 going to generation 4 is a huge challenge for most silicon guys out there.

即使 PCI Express 第 3 代升級到第 4 代，對於大多數芯片人員來說也是一個巨大的挑戰。

We can do it.

我們可以做到這一點。

30 is going from 25 gigabits to 56 gigabits to 112 gigabits, as I said earlier.

正如我之前所說，30 將從 25 GB 增長到 56 GB，再到 112 GB。

We are finding less and less people out there able to come even close to what we do.

我們發現越來越少的人能夠接近我們所做的事情。

And because of that, we're delivering high content.

正因為如此，我們提供了高內容。

When you increase bandwidth, which is a big part of what we do, higher bandwidth allows more data transfers, allows us to get better value for those products.

當您增加帶寬時（這是我們工作的重要組成部分），更高的帶寬允許更多的數據傳輸，使我們能夠為這些產品獲得更好的價值。

And that's what drives the gross margin.

這就是毛利率的推動因素。

All this -- the spending, is mostly in R&D.

所有這些支出主要用於研發。

The spending is not in making the product more -- is not in cost of manufacturing going up.

支出並不是為了提高產品質量，也不是為了提高製造成本。

It's more in the R&D spending to design and enable the product to come out.

更多的是研發支出用於設計和使產品問世。

So it's normal that the gross margin goes up.

所以毛利率上升是正常的。

It's also normal that the cost of doing R&D is stepping up, too.

研發成本也在增加，這也很正常。

And that's something we're very disciplined on how we make sure we get a good return.

我們在確保獲得良好回報方面非常嚴格。

But really, the cost of manufacturing more and more sophisticated, higher-performance product doesn't change -- doesn't increase as fast as the value we add to our customers.

但實際上，製造越來越複雜、性能越來越高的產品的成本並沒有改變，也沒有像我們為客戶增加的價值那樣快速增加。

And that's why you translate it to higher and higher gross margin.

這就是為什麼你將其轉化為越來越高的毛利率。

The same applies in wireless to RF front end.

這同樣適用於無線到射頻前端。

I'd like to say that it's harder and harder, the value goes up, but the cost of manufacturing goes up less.

我想說的是，它越來越難，價值越來越高，但製造成本卻越來越少。

And that's the explanation for why our gross margin has been trending or creeping up generation after generation, year after year.

這就是為什麼我們的毛利率一代又一代、年復一年地呈趨勢或緩慢上升的原因。

Our next question comes from Harlan Sur with JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

Your data-centric ASIC product line is very strong and I assume contributing to the strong year-over-year growth in wired.

你們以數據為中心的 ASIC 產品線非常強大，我認為這對有線業務的同比強勁增長做出了貢獻。

And our sense is that the pipeline is getting stronger and more diversified in terms of customers and product types, switching, routing, AI, deep learning, Smart NICs and so on.

我們的感覺是，在客戶和產品類型、交換、路由、人工智能、深度學習、智能網卡等方面，管道正在變得更加強大和多樣化。

And it does seem like more and more of the cloud titans are trying to do their own silicon.

看起來確實有越來越多的雲巨頭正在嘗試開發自己的芯片。

Do you guys think that this is just a transitory phase and that merchant silicon will eventually fill this void?

你們是否認為這只是一個過渡階段，商用芯片最終會填補這一空白？

Or do you get a sense that better silicon optimization via ASICs will be a sustainable trend?

或者您是否認為通過 ASIC 實現更好的芯片優化將成為可持續趨勢？

And I think this question also applies to your analog ASIC business as well.

我認為這個問題也適用於您的模擬 ASIC 業務。

Well, very interesting question.

嗯，非常有趣的問題。

I'd be direct with you.

我會直接告訴你。

I don't know the final outcome and ancillary either, but we see strength today and looking forward to the next generation in both merchant silicon and ASIC implementations of the kind of products we do.

我也不知道最終的結果和輔助，但我們今天看到了力量，並期待著我們所做的產品的商業芯片和 ASIC 實現的下一代。

We're both.

均。

And in fact, in many situations, on large cloud guys who have the scale to ask for unique ASICs, those -- some of those unique ASICs get their platform from our merchant silicon.

事實上，在許多情況下，大型雲公司有規模要求獨特的 ASIC，其中一些獨特的 ASIC 從我們的商業芯片中獲得平台。

And so it becomes like -- in many cases, it's -- now we're saying it's almost an ecosystem play.

因此，在很多情況下，現在我們說這幾乎是一種生態系統遊戲。

It's a whole fabric or network play.

這是一個完整的結構或網絡遊戲。

It's not one component by itself, and we're seeing that.

它本身並不是一個組成部分，我們也看到了這一點。

And I would say both.

我想說兩者都是。

Both merchant silicon is moving along very strongly as is ASIC or semi-ASIC -- semi-custom development.

這兩種商用芯片都在強勁發展，ASIC 或半 ASIC（半定制開發）也是如此。

And this is -- when you say that the cloud guys want to do their own silicon, I'm afraid to say they can only do so much of the silicon.

這是——當你說云計算人員想要製作自己的芯片時，我恐怕是說他們只能製作這麼多的芯片。

As you know, there's a whole spectrum when you do a silicon from right and the front-end definition, architecture definition, chip definition to the RF front-end design RTL, all the way to the back-end.

如您所知，當您從右到右製作芯片時，會涉及到前端定義、架構定義、芯片定義到射頻前端設計 RTL，一直到後端的整個範圍。

And no cloud guy can cut across the entire spectrum.

沒有一個雲專家能夠跨越整個範圍。

They'll do only parts of it.

他們只會做其中的一部分。

There's always room for a silicon supplier like us who are able to do across the entire spectrum.

對於像我們這樣能夠在整個領域開展業務的矽供應商來說，總是有空間的。

And with $20 billion of revenues, we -- our scale enables us to not only do things better than most other suppliers out there in silicon, but it also gets us to the scale of cost that is hard to match and across a wide diversity of products.

憑藉 200 億美元的收入，我們的規模不僅使我們能夠比大多數其他芯片供應商做得更好，而且還使我們達到了難以匹敵的成本規模，並且涵蓋了廣泛的多樣性。產品。

In other words, our cost of developing 7 nanometers spread across such a wide spectrum of products is very, very cost effective as the IP, intellectual property, we develop to support many of our unique products very low.

換句話說，我們在如此廣泛的產品中開發 7 納米技術的成本非常非常高，因為我們開髮用於支持我們許多獨特產品的 IP、知識產權非常低。

And you see that in the kind of financial performance from -- articulated.

你可以從財務業績中看到這一點。

And then question for Tom.

然後向湯姆提問。

You guys have a full quarter of Brocade under your wings.

你們手下有整整四分之一的博科。

You were targeting $900 million in annualized EBITDA post synergies, or 60% EBITDA margins.

您的目標是實現協同效應後的年化 EBITDA 為 9 億美元，即 60% 的 EBITDA 利潤率。

Just given the company's total margin profile that you're driving right now, it seems like you guys are kind of already there, but wanted to get your view.

考慮到您現在正在推動的公司總利潤率狀況，看來你們已經在那裡了，但想听聽您的看法。

Can you just help us level set where you are relative to your target and how much more you think you can drive versus prior expectations?

您能否幫助我們確定您相對於目標的水平以及您認為您可以比之前的期望多推動多少？

Sure, fair question.

當然，這是公平的問題。

I think at this point, we feel real good about Brocade.

我認為在這一點上，我們對博科感覺非常好。

Obviously, revenues are -- it's a public company and everyone knows what the top line on the sand was.

顯然，收入是——它是一家上市公司，每個人都知道沙子上的收入是多少。

So revenues are strong, and a lot of that's reflected in the storage business and the results there.

因此，收入很強勁，這在很大程度上反映在存儲業務及其業績中。

In terms of margins, obviously, it's a margin-accretive deal.

就利潤率而言，顯然這是一筆可增加利潤的交易。

A lot of the cost on the OpEx side have come out.

OpEx這邊的很多成本都出來了。

There's a little bit left to go, but it's largely done.

雖然還剩下一點點，但已經基本完成了。

So if you do that math, obviously, this is a business that's meeting, if not, exceeding our expectations, but I don't want to get any more detailed than that.

因此，如果你進行數學計算，顯然，這是一家滿足（如果沒有）超出我們預期的業務，但我不想提供比這更詳細的信息。

That concludes Broadcom's conference call for today.

博通今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。