博通 (AVGO) 2018 Q4 法說會逐字稿

Welcome to Broadcom Inc.'s Fourth Quarter and Fiscal Year 2018 Financial Results Conference Call.

歡迎來到 Broadcom Inc. 的第四季度和 2018 財年財務業績電話會議。

At this time, for opening remarks and introductions I would like to turn the call over to Beatrice Russotto, Director of Investor Relations of Broadcom Inc.

現在，關於開場白和介紹，我想把電話轉給 Broadcom Inc 投資者關係總監 Beatrice Russotto。

Please go ahead, ma'am.

請繼續，女士。

Thank you, operator, and good afternoon, everyone.

謝謝接線員，大家下午好。

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

今天加入我的是總裁兼首席執行官 Hock Tan； Broadcom 首席財務官 Tom Krause。

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

今天收市後，Broadcom 發布了一份新聞稿和財務表格，描述了我們 2018 年第四季度和財政年度的財務業績。

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

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

This conference call is being webcast live, and a recording will be available via telephone playback for 1 week.

此電話會議正在網絡直播，錄音將通過電話播放提供 1 週。

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

它還將存檔在我們網站 broadcom.com 的投資者部分。

During the prepared comments section of this call, Hock and Tom will be providing details of fiscal year 2018 results, guidance for fiscal year 2019 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 財年業績的詳細信息、2019 財年的指導意見以及有關商業環境的一些評論。

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

我們將在準備好的評論結束後接受提問。

Please refer to our press release today and our recent filings with the SEC for information on the specific risk factors that could cause our actual results to differ materially from the forward-looking statements made on this call.

請參閱我們今天的新聞稿和我們最近向美國證券交易委員會提交的文件，了解可能導致我們的實際結果與本次電話會議上所做的前瞻性陳述存在重大差異的具體風險因素的信息。

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

除了美國 GAAP 報告外，Broadcom 還在非 GAAP 基礎上報告某些財務指標。

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

GAAP 和非 GAAP 措施之間的對賬包含在今天新聞稿所附的表格中。

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

在今天的電話會議上發表的評論將主要參考我們的非 GAAP 財務業績。

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

因此，我將把電話轉給 Hock。

Well, thank you, Bea, and thank you all for joining us today.

好吧，謝謝你，Bea，感謝大家今天加入我們。

Well, as you saw, we closed the fiscal year on a very high note.

好吧，正如您所見，我們以非常高的成績結束了本財年。

Consolidated net revenue for the fourth quarter fiscal '18 was $5.45 billion, a 12% increase from a year ago, and EPS came in at $5.85, a 27% increase from a year ago.

18 財年第四季度的綜合淨收入為 54.5 億美元，同比增長 12%，每股收益為 5.85 美元，同比增長 27%。

Importantly, free cash flow was $2.53 billion or 46% of our net revenue.

重要的是，自由現金流為 25.3 億美元，占我們淨收入的 46%。

I would like to provide you more color on the top line today, and I have a lot to cover today actually.

今天我想為您提供更多關於頂線的顏色，實際上我今天有很多內容要講。

And please note fourth quarter results do not include any contribution from CA.

請注意，第四季度業績不包括 CA 的任何貢獻。

Starting with wired.

從有線開始。

On quarter results, starting with wired, revenue was $2.2 billion, growing 3% year-on-year.

從季度業績來看，從有線開始，收入為 22 億美元，同比增長 3%。

And the wired segment represented 41% of our total revenue for this quarter.

有線業務佔本季度總收入的 41%。

Looking deeper though, fourth quarter wired results reflect very strong year-on-year growth for our networking and computing offload businesses, driven by robust demand from the cloud data center market as well as traditional enterprises.

不過，從更深層次來看，第四季度的有線業績反映了我們的網絡和計算卸載業務同比增長非常強勁，這是受到雲數據中心市場和傳統企業強勁需求的推動。

And networking computing offload represented over 2/3 of our wired segment in the quarter and grew 22% year-on-year in the quarter.

網絡計算卸載佔本季度我們有線部分的 2/3 以上，本季度同比增長 22%。

This is on the back of growing 10% year-on-year in the third quarter.

這是在第三季度同比增長 10% 的背景下進行的。

So this part of the wired segment continues to be very robust.

因此，這部分有線部分仍然非常強勁。

On the other side, as anticipated, cyclical headwinds in certain parts of our broadband business reflecting weak carrier spending in those areas continue to impact this part of our wired business in the fourth quarter.

另一方面，正如預期的那樣，我們寬帶業務某些部分的周期性逆風反映出這些領域的運營商支出疲軟，這在第四季度繼續影響我們這部分有線業務。

As a result, broadband was down year-over-year again in the fourth quarter and offset partially the strong growth from data center spending.

因此，第四季度寬帶再次同比下降，部分抵消了數據中心支出的強勁增長。

Turning to enterprise storage.

轉向企業存儲。

Revenue was $1.3 billion, representing 23% of revenue.

收入為 13 億美元，佔收入的 23%。

And consistent with what we experienced in wired networking businesses, robust enterprise IT spending drove over 96% year-on-year revenue increase.

與我們在有線網絡業務中的經歷一致，強勁的企業 IT 支出推動收入同比增長超過 96%。

Now of course, this includes contribution from Brocade, which we acquired about a year ago.

現在當然，這包括我們大約一年前收購的 Brocade 的貢獻。

But even if we strip out Brocade, enterprise storage grew double digits year-on-year in the quarter.

但即使我們剔除博科，企業存儲在本季度也實現了兩位數的同比增長。

Moving on to wireless.

繼續無線。

Revenue was $1.7 billion, which was down 5% year-on-year.

收入為 17 億美元，同比下降 5%。

Wireless segment represented 31% of our total revenue.

無線部門占我們總收入的 31%。

And wireless revenue, however, was somewhat better than our expectations for the fourth quarter as we benefited from upside volumes of legacy phone generations at our North American OEM customers.

然而，無線收入略好於我們對第四季度的預期，因為我們受益於北美 OEM 客戶的傳統電話數量的增長。

And finally, our last segment, industrial.

最後，我們的最後一個部分，工業。

In the fourth quarter, industrial segment represented 5% of our total revenues.

第四季度，工業部門占我們總收入的 5%。

Distribution resales, which is how industrial are sold for us, continue to be strong, contributing to high single-digit year-on-year growth in the industrial business.

分銷轉售，即工業產品的銷售方式，繼續保持強勁勢頭，為工業業務實現了高個位數的同比增長。

With that, now let's talk about the segment performance for the full fiscal year 2018, which interestingly enough could be in stark contrast to the Q4 results I just articulated.

有了這個，現在讓我們來談談 2018 年整個財政年度的細分市場表現，有趣的是，這可能與我剛剛闡述的第四季度結果形成鮮明對比。

Wired for us in fiscal 2018 was up 1% as networking expanded while broadband was down.

2018 財年我們的有線業務增長了 1%，因為網絡在寬帶下降的情況下得到了擴展。

Meanwhile, enterprise storage was significantly supported by Brocade as well as strong organic growth in our server storage connectivity business.

與此同時，企業存儲得到了博科的大力支持，我們的服務器存儲連接業務也實現了強勁的有機增長。

And industrial performed extremely well, up 4%, helped by a healthy macro backdrop.

在健康的宏觀背景的幫助下，工業表現非常出色，上漲了 4%。

Finally, despite all the quarterly fluctuations, wireless was actually up 20%.

最後，儘管存在所有季度波動，但無線實際上上漲了 20%。

So what's interesting and what I want to highlight when you step back from quarterly results and look at the annual performance, we had a great year.

因此，有趣的是，當你從季度業績中退一步，看看年度業績時，我想強調的是，我們度過了美好的一年。

Our revenue hit a new record high, growing 18% year-on-year to nearly $21 billion for fiscal '18.

我們的收入創下歷史新高，在 18 財年同比增長 18% 至近 210 億美元。

This clearly demonstrates how our diverse set of businesses drive stability and sustainability in our consolidated revenue despite quarterly and even annual volatility in specific segments.

這清楚地表明，儘管特定細分市場存在季度甚至年度波動，但我們多元化的業務如何推動我們綜合收入的穩定性和可持續性。

With this in mind, we plan to move away from quarterly guidance to annual guidance going forward.

考慮到這一點，我們計劃從季度指導轉向年度指導。

Annual goals and guidance reflect, we believe, more accurately how we manage our business and also aligns very well with how management and employees in this company are measured.

我們認為，年度目標和指南更準確地反映了我們管理業務的方式，也與衡量該公司管理層和員工的方式非常吻合。

In addition, viewing our business broadly, you can see we have created, over the years, organically and through acquisitions a substantial core revenue stream in semiconductors based on technology enabling connectivity solutions across a broad set of end markets.

此外，從廣泛的角度來看我們的業務，您可以看到，多年來，我們已經通過有機地和通過收購在廣泛的終端市場基於支持連接解決方案的技術的半導體領域創造了可觀的核心收入流。

We continue to remain focused on the sustainability and growth of this core business.

我們繼續專注於這一核心業務的可持續性和增長。

But in addition, with our acquisition of Brocade, we created a complementary revenue stream to our semiconductor solutions that we are now calling infrastructure software.

但除此之外，通過收購 Brocade，我們為我們現在稱為基礎設施軟件的半導體解決方案創造了補充收入流。

With CA -- with the acquisition of CA, I mean, we will grow this revenue stream and build upon it through acquisitions consistent with our business model.

對於 CA——通過收購 CA，我的意思是，我們將增加這一收入來源，並通過與我們的商業模式一致的收購來建立它。

As a result, going forward, our 2 primary segments will be semiconductor solutions and infrastructure software.

因此，展望未來，我們的兩個主要部分將是半導體解決方案和基礎設施軟件。

And so for fiscal 2019, this coming year, the outlook for business is as follows.

因此，對於 2019 財年，即將到來的一年，業務前景如下。

In the semiconductor solutions segment, we expect continued robust demand from cloud customers with the ramp of next-generation Tomahawk 3 switches and from the launch of our next-generation routers, Jericho 2.

在半導體解決方案領域，我們預計隨著下一代 Tomahawk 3 交換機的增加以及我們下一代路由器 Jericho 2 的推出，雲客戶的需求將持續強勁。

We also expect to see recovery of spending by carriers, operators in cable and -- excuse me, in cable as well as in communications as we expect the broadband market recovery to start to progress through the year.

我們還希望看到運營商、運營商在有線電視方面的支出複蘇——對不起，在有線電視和通信領域，我們預計寬帶市場的複蘇將在今年開始取得進展。

We have already seen that happen this quarter.

我們已經在本季度看到了這種情況。

Storage, we believe will be stable relative to fiscal 2018.

存儲，我們相信相對於 2018 財年將保持穩定。

And as we previewed last quarter, we believe the reset in our wireless business in the first half of 2019 from share loss in the current phone generation will be followed by a substantial recovery in the second half as we take share back for the next generation.

正如我們上個季度的預測，我們相信 2019 年上半年我們的無線業務因當前一代手機的份額損失而重新設置，隨後隨著我們為下一代手機奪回份額，下半年將出現大幅復甦。

So while there will be lots of puts and takes here, our outlook for the semiconductor business is for modest revenue growth in 2019.

因此，雖然這裡會有很多看跌期權，但我們對半導體業務的展望是 2019 年收入適度增長。

This may be somewhat dampened relative to our long-term mid-single-digit growth expectation by wireless.

相對於我們對無線的長期中個位數增長預期，這可能會有所抑制。

Now turning to infrastructure software segment.

現在轉向基礎設施軟件領域。

Before providing our outlook, I should take a few minutes to outline the substantial changes we are making to the CA business model.

在提供我們的展望之前，我應該花幾分鐘概述我們正在對 CA 業務模型進行的重大更改。

We expect these changes to result in a dramatically more profitable revenue base, which is more aligned to the rest of Broadcom and that we expect will grow.

我們預計這些變化將帶來更有利可圖的收入基礎，這與 Broadcom 的其他部分更加一致，我們預計收入基礎將會增長。

First and foremost, gone are the days of trying to land new products with new customers.

首先，嘗試向新客戶推出新產品的日子已經一去不復返了。

And I'm referring to software, enterprise software.

我指的是軟件，企業軟件。

We are focusing all our attention on renewing existing products with existing mainframe-centric customers, customers that represent virtually all of the world's largest enterprises and largest spenders on IT.

我們將所有註意力集中在與現有以大型機為中心的客戶更新現有產品上，這些客戶幾乎代表了世界上所有最大的企業和最大的 IT 支出者。

We're also targeting expansion opportunities within this core mainframe customer base.

我們還瞄準了這個核心大型機客戶群中的擴展機會。

The cost of running this renew-and-expand model will be substantially less than the legacy "land at all cost" model, and importantly, renewing and expanding plays to CA's strengths.

運行這種更新和擴展模型的成本將大大低於傳統的“不惜一切代價土地”模型，重要的是，更新和擴展 CA 的優勢。

Let me explain.

讓我解釋。

Today, over 70% of CA's revenues are derived from its top 500 accounts.

如今，CA 超過 70% 的收入來自其 500 強客戶。

In almost all cases, these top customers have been licensing CA mainframe products for more than a decade and oftentimes, several decades.

幾乎在所有情況下，這些頂級客戶都已授權 CA 大型機產品超過十年，而且通常是幾十年。

CA contracts with these customers are primarily broad-based, multiyear license agreements and include a term license with maintenance for mainframes.

與這些客戶簽訂的 CA 合同主要是基礎廣泛的多年期許可協議，其中包括對大型機進行維護的期限許可。

At this same customer, entire enterprise products are sold as perpetual licenses with maintenance embedded in the license agreements.

對於同一客戶，整個企業產品都作為永久許可出售，並在許可協議中嵌入了維護。

At each of our top customers, we have 2 primary objectives.

對於我們的每個頂級客戶，我們都有 2 個主要目標。

One, we want to expand our efforts on mainframe and make sure we are realizing the full value that our mainframe tools are delivering to our customers.

第一，我們希望擴大我們在大型機方面的工作，並確保我們實現大型機工具為客戶提供的全部價值。

And as we discussed on the prior call, usage as defined by mix, has been growing at double-digit rates at all these top accounts.

正如我們在之前的電話會議上討論的那樣，在所有這些頂級賬戶中，混合定義的使用率一直在以兩位數的速度增長。

Logically, we are now more focused because of that on pricing mainframe based on consumption.

從邏輯上講，我們現在更加關注基於消費的大型機定價。

We also feel there's a huge opportunity for customers to save money by leveraging our broad mainframe portfolio to drive more convergence through CA tools.

我們還認為，通過利用我們廣泛的大型機產品組合通過 CA 工具推動更多融合，客戶可以節省大量資金。

Going on to the second objective, we really want to expand our enterprise software products within these same top accounts.

繼續第二個目標，我們真的想在這些頂級客戶中擴展我們的企業軟件產品。

Now it is true that lower cost and lighter weight SaaS alternatives have been creating challenges for CA for some time in the enterprise software market.

現在，成本更低、重量更輕的 SaaS 替代方案確實在企業軟件市場上給 CA 帶來了一段時間的挑戰。

But what's interesting is that CA actually is very highly rated.

但有趣的是，CA 實際上獲得了很高的評價。

In fact, Gartner upper right-hand Magic Quadrant categories for enterprise software -- enterprise product software on the -- for enterprises.

事實上，Gartner 右上角的企業軟件魔力像限類別——針對企業的企業產品軟件。

While they are very well suited to the private cloud IT environment of the largest enterprises, these enterprise software are just too expensive relative to SaaS.

雖然它們非常適合大型企業的私有云 IT 環境，但這些企業軟件相對於 SaaS 來說太貴了。

So moving forward, we are going to move away from the inflexible perpetual license model for enterprise software to an enterprise-wide "all you can eat" license for all of our core accounts.

因此，展望未來，我們將從僵化的企業軟件永久許可模式轉變為我們所有核心賬戶的企業範圍內的“吃到飽”許可。

By doing this, we expect to remove the friction caused by selling expensive upfront perpetual licenses so that the incremental costs for our customers to expand the use of enterprise products will be highly competitive relative to SaaS-based alternatives.

通過這樣做，我們希望消除因銷售昂貴的前期永久許可證而造成的摩擦，以便我們的客戶擴大企業產品使用的增量成本相對於基於 SaaS 的替代方案具有很強的競爭力。

Bottom line, we are adopting a fully ratable subscription model for the Broadcom software business.

最重要的是，我們正在為 Broadcom 軟件業務採用完全評級的訂閱模式。

The new business -- this new business model, we believe, plays to our strengths, focusing on the largest 500 customers tied to mainframes with the ability to upsell enterprise software competitively using an "all you can eat" subscription-based model.

新業務——我們相信，這種新的業務模式發揮了我們的優勢，專注於與大型機相關的最大 500 家客戶，這些客戶能夠使用“吃到飽”的訂閱模式有競爭力地追加銷售企業軟件。

We expect this transition though to take a couple of years given the timing of contract renewals.

考慮到合同續籤的時間，我們預計這種轉變需要幾年時間。

But once completed, we expect revenues to stabilize at over $3.5 billion annually and grow from there.

但一旦完成，我們預計收入將穩定在每年 35 億美元以上，並從那裡增長。

And to support that revenue base, we do not expect to spend more than $900 million per year.

為了支持這一收入基礎，我們預計每年的支出不會超過 9 億美元。

And as a result, we expect to achieve more than $2.5 billion per year in operating profitability from the CA business once we go through this transition.

因此，一旦我們完成這一轉變，我們預計每年從 CA 業務中獲得超過 25 億美元的運營利潤。

We are well underway today with the CA restructuring and integration process, including announcement of the Veracode divestiture to Thoma Bravo and the outsourcing of the CA services business to HCL.

我們今天在 CA 重組和整合過程中進展順利，包括宣布將 Veracode 資產剝離給 Thoma Bravo 以及將 CA 服務業務外包給 HCL。

So with that as background, let me talk about our outlook for the infrastructure software segment in 2019.

因此，以此為背景，讓我談談我們對 2019 年基礎設施軟件領域的展望。

Now SAN switching, private channel SAN switching here, performed beyond expectations in 2018 on the back of very strong enterprise demand as well as meaningful share gains.

現在 SAN 交換，私人渠道 SAN 交換在 2018 年的表現超出預期，這得益於非常強勁的企業需求和可觀的份額增長。

While we expect to continue to see healthy demand, we do not expect in this forecast to have this sustained through 2019.

雖然我們預計將繼續看到健康的需求，但我們預計在本預測中這種情況不會持續到 2019 年。

Furthermore, since we are moving mainframe and enterprise software products to a fully ratable revenue recognition model and just focusing on the top 500 accounts, we expect a reset in the CA revenue starting Q1 2019.

此外，由於我們正在將大型機和企業軟件產品轉移到完全可評級的收入確認模型並且只關注前 500 名客戶，我們預計從 2019 年第一季度開始 CA 收入將重新設置。

As a result, our revenue outlook for the infrastructure software segment for 2019 is -- will be approximately $5 billion.

因此，我們對 2019 年基礎設施軟件部門的收入前景約為 50 億美元。

Combining the semiconductor solutions, in summary, we are forecasting consolidated revenue to be approximately $24.5 billion fiscal 2019.

總之，結合半導體解決方案，我們預測 2019 財年的綜合收入約為 245 億美元。

This will be, to repeat, driven by a very stable semiconductor business that will be complemented by an infrastructure software business that we are rapidly building up.

重複一遍，這將由一個非常穩定的半導體業務推動，該業務將得到我們正在迅速建立的基礎設施軟件業務的補充。

Thank you.

謝謝。

Tom?

湯姆？

Thanks, Hock, and good afternoon, everyone.

謝謝，霍克，大家下午好。

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

除非另有特別說明，否則我今天的評論將主要集中在持續經營的非公認會計原則結果上。

Let me walk through our results for the fourth quarter of fiscal 2018.

讓我來看看我們 2018 財年第四季度的業績。

Fourth quarter net revenue was $5.45 billion, ahead of the midpoint of guidance.

第四季度淨收入為 54.5 億美元，高於指引的中點。

Our gross margin from continuing operations is above the high end of our guidance at 68.4% as we benefited from a more favorable product mix in the quarter.

由於我們受益於本季度更有利的產品組合，我們來自持續經營業務的毛利率高於我們指引的上限 68.4%。

Operating expenses were slightly lower than expected at $863 million.

營業費用為 8.63 億美元，略低於預期。

As a result, we achieved record profitability in the quarter.

因此，我們在本季度實現了創紀錄的盈利能力。

Operating income from continuing operations was $2.86 billion and represented 52.5% of net revenue.

來自持續經營業務的營業收入為 28.6 億美元，占淨收入的 52.5%。

Adjusted EBITDA was $3.02 billion and represented 55.4% of net revenue.

調整後的 EBITDA 為 30.2 億美元，占淨收入的 55.4%。

This figure excludes $132 million of depreciation.

該數字不包括 1.32 億美元的折舊。

And the company delivered $5.85 of EPS in the quarter off of a 435 million weighted average fully diluted share count.

在 4.35 億股加權平均完全稀釋後的股票數量中，該公司在本季度交付了 5.85 美元的每股收益。

This represents 27% EPS growth compared to the same quarter last year.

與去年同期相比，每股收益增長了 27%。

Working capital, excluding cash and cash equivalents, increased approximately $105 million compared to the prior quarter due primarily to an increase in receivables.

營運資金（不包括現金和現金等價物）比上一季度增加了約 1.05 億美元，這主要是由於應收賬款的增加。

This increase was driven by seasonally higher shipments in the last month of the quarter.

這一增長是由本季度最後一個月的季節性出貨量增加推動的。

In addition, we spent $106 million on capital expenditures.

此外，我們還花費了 1.06 億美元用於資本支出。

As a result, we had record free cash flow from operations at $2.53 billion or 46% of revenue.

因此，我們的運營自由現金流達到創紀錄的 25.3 億美元，佔收入的 46%。

This represents 47% growth in free cash flow from operations compared to Q4 of 2017.

與 2017 年第四季度相比，運營自由現金流增長了 47%。

In the quarter, we returned $2.26 billion to stockholders, including $723 million in the form of cash dividends and $1.53 billion for the repurchase of 6.4 million AVGO shares.

本季度，我們向股東返還了 22.6 億美元，其中包括現金股息形式的 7.23 億美元和用於回購 640 萬股 AVGO 股票的 15.3 億美元。

We ended the quarter with $4.3 billion of cash, $17.5 billion of total debt, 408 million of outstanding shares and 432 million fully diluted shares outstanding.

本季度結束時，我們擁有 43 億美元的現金、175 億美元的總債務、4.08 億股流通股和 4.32 億股完全稀釋的流通股。

Now let me turn to our fiscal year 2019 non-GAAP guidance.

現在讓我談談我們 2019 財年的非 GAAP 指南。

We do intend to update our annual guidance on our quarterly earnings calls throughout the year.

我們確實打算更新我們全年季度收益電話會議的年度指導。

And as normal, this guidance is for results from continuing operations only.

和往常一樣，本指南僅適用於持續經營的結果。

As Hock discussed, net revenue for fiscal 2019 is expected to be approximately $24.5 billion, including approximately $19.5 billion from semiconductor solutions and approximately $5 billion from infrastructure software.

正如 Hock 所討論的那樣，2019 財年的淨收入預計約為 245 億美元，其中包括來自半導體解決方案的約 195 億美元和來自基礎設施軟件的約 50 億美元。

IP licensing is not expected to generate a material amount of revenue.

知識產權許可預計不會產生大量收入。

Operating margins are expected to be approximately 51%.

營業利潤率預計約為 51%。

I'd like to note, post-CA integration restructuring, we do expect to move closer to 55% operating margins in 2020.

我想指出，在 CA 整合重組後，我們確實希望在 2020 年接近 55% 的營業利潤率。

Net interest expense and other is expected to be approximately $1.25 billion and reflects maintaining a target cash balance of approximately $4 billion and servicing total debt outstanding of approximately $37 billion following the close of the CA deal.

淨利息支出和其他預計約為 12.5 億美元，反映了在 CA 交易結束後維持約 40 億美元的目標現金餘額和償還約 370 億美元的未償債務總額。

This forecast does not contemplate any debt paydown in fiscal year 2019.

該預測不考慮 2019 財年的任何債務償還。

The tax rate is forecasted to be approximately 11% and includes a slight negative impact from the CA acquisition.

稅率預計約為 11%，其中包括 CA 收購帶來的輕微負面影響。

Depreciation is expected to be approximately $600 million.

折舊預計約為 6 億美元。

CapEx is expected to be approximately $550 million.

資本支出預計約為 5.5 億美元。

As a result, free cash flow from continuing operations is expected to be approximately $10 billion.

因此，來自持續經營的自由現金流預計約為 100 億美元。

And finally, stock-based compensation expense is expected to be approximately $2.1 billion.

最後，基於股票的補償費用預計約為 21 億美元。

Now this is a substantial increase in our stock-based compensation expense, and let me take a moment to explain.

現在這是我們基於股票的補償費用的大幅增加，讓我花點時間解釋一下。

We are implementing a special broad-based multiyear equity award program for our employees, including our new CA employees.

我們正在為我們的員工（包括我們新的 CA 員工）實施一項特殊的基礎廣泛的多年期股權獎勵計劃。

Each multiyear equity award will vest on the same basis as 4 annual equity grants made on March 15 of each year beginning in 2019.

從 2019 年開始，每項多年股權獎勵將按照與每年 3 月 15 日進行的 4 次年度股權授予相同的基礎授予。

And it is expected that a maximum of approximately 31 million shares of common stock in aggregate will be issued and vest over the next 7 years.

預計在未來 7 年內將發行和授予最多約 3100 萬股普通股。

This is the same number of shares in aggregate as we would have expected to grant over the next 4 years annually.

這與我們預計在未來 4 年每年授予的股份總數相同。

The spike in the 2019 stock-based comp will start to come down in 2020 and decline from there back to our normal level by 2022.

2019 年股票類股的飆升將在 2020 年開始回落，並從那裡回落到 2022 年的正常水平。

So in summary, really, this is an accounting dynamic that impacts the stock-based comp in 2019.

因此，總而言之，這是一種影響 2019 年基於股票的公司的會計動態。

We do believe providing 4 years of equity grant upfront provides clarity regarding future compensation that creates a powerful retention incentive in an otherwise tight labor market and a sharpened focus on long-term stockholder value creation.

我們確實相信，預先提供 4 年的股權授予可以明確未來的薪酬，從而在原本緊張的勞動力市場上創造強大的留任激勵，並更加關注長期股東價值的創造。

In addition, it allows us to maximize the use of the remaining authorized share reserves under our 2009 Avago equity award plan, which unfortunately is expiring in 2019.

此外，它使我們能夠最大限度地利用我們 2009 年 Avago 股權獎勵計劃下的剩餘授權股票儲備，不幸的是，該計劃將於 2019 年到期。

As broad-based employee stock ownership is a fundamental tenet of our company, it is important that we continue this legacy while our current equity plans enable us to do so.

由於廣泛的員工持股是我們公司的一項基本原則，因此在我們當前的股權計劃使我們能夠做到這一點的同時，我們繼續這一傳統非常重要。

I would note a couple of things.

我會注意到一些事情。

One, Hock is not participating in this program and as previously disclosed, will not receive another equity grant until at least 2021.

第一，Hock 沒有參與該計劃，並且正如之前披露的那樣，至少要到 2021 年才能獲得另一筆股權贈款。

In addition, for executives, 50% of the awards are PSUs, the vesting of which is tied to total shareholder return similar to our prior annual awards to executives.

此外，對於高管而言，50% 的獎勵是 PSU，其歸屬與股東總回報掛鉤，類似於我們之前對高管的年度獎勵。

Finally, no further annual grants are planned for employees who receive this award until at least 2022.

最後，至少在 2022 年之前，不會為獲得該獎項的員工計劃進一步的年度補助。

Now let me turn to capital allocation plans before we open the call for questions.

在開始提問之前，讓我先談談資本配置計劃。

Consistent with our capital allocation strategy, we are focused on returning approximately 50% of our prior year free cash flow to stockholders in the form of cash dividends with the balance being allocated through a combination of stock buybacks and acquisitions.

與我們的資本配置策略一致，我們專注於以現金股息的形式將前一年自由現金流的大約 50% 返還給股東，餘額通過股票回購和收購相結合的方式進行分配。

In addition, we plan to also continue to use our balance sheet to fund acquisitions while focusing on maintaining our investment-grade credit rating.

此外，我們還計劃繼續使用我們的資產負債表為收購提供資金，同時專注於維持我們的投資級信用評級。

With that, on the dividend, based on approximately $8.2 billion of free cash flow that we generated in fiscal 2018, we are increasing our target quarterly cash dividends starting this quarter to $2.65.

因此，在股息方面，基於我們在 2018 財年產生的約 82 億美元的自由現金流，我們將從本季度開始將目標季度現金股息提高至 2.65 美元。

This constitutes an increase of 51%.

這構成了 51% 的增長。

We plan to maintain this dividend payout throughout the year subject to quarterly board approval, which means we plan to pay out over $4 billion in cash dividends in fiscal 2019.

我們計劃在獲得董事會季度批准的情況下全年維持這種股息支付，這意味著我們計劃在 2019 財年支付超過 40 億美元的現金股息。

Consistent with our capital allocation policy, we will reassess the dividend at this time next year based on our fiscal 2019 free cash flow from operations.

根據我們的資本配置政策，我們將在明年這個時候根據我們 2019 財年的運營自由現金流重新評估股息。

Now given the dilution stockholders are bearing from the multiyear grant and given the free cash flow yield that Broadcom is currently generating, we are also budgeting to return an additional $8 billion to stockholders through stock buybacks in fiscal 2019.

現在，考慮到多年贈款對稀釋股東的影響，以及博通目前產生的自由現金流收益率，我們還計劃在 2019 財年通過股票回購向股東額外返還 80 億美元。

Coupled with the dividend, this means we are planning to return approximately $12 billion to stockholders in fiscal 2019, which constitutes all of our projected free cash flow plus the excess cash that we have on our balance sheet today.

加上股息，這意味著我們計劃在 2019 財年向股東返還大約 120 億美元，這構成了我們所有預計的自由現金流加上我們今天資產負債表上的多餘現金。

That concludes my prepared remarks.

我準備好的發言到此結束。

(Operator Instructions) Operator, if you could please open up the call for questions.

（操作員說明）操作員，如果可以，請打開電話詢問問題。

(Operator Instructions) Our first question comes from Vivek Arya with Bank of America Merrill Lynch.

（操作員說明）我們的第一個問題來自美國銀行美林的 Vivek Arya。

Hock, I understand, I appreciate keeping the focus on longer-term trends.

霍克，我明白，我很欣賞將重點放在長期趨勢上。

But just because removing the guidance on a quarterly basis is a big change, just for this quarter, could you give us some color on how Q1 trends are shaping up, especially given all the concerns around trade and status and your largest customers?

但僅僅因為按季度取消指導是一個很大的變化，就本季度而言，您能否給我們一些關於第一季度趨勢如何形成的顏色，特別是考慮到對貿易和地位以及您最大客戶的所有擔憂？

So even if you can't quantify everything, if you could just give us some color commentary on what's going on in different segments in Q1, that would be very helpful.

因此，即使您無法量化所有內容，如果您能就第一季度不同細分市場的情況給我們一些顏色評論，那將非常有幫助。

I'll give you the answer.

我會給你答案。

It's okay.

沒關係。

Remember, we have backlog out 18 weeks for most of our products.

請記住，我們的大部分產品都有 18 週的積壓訂單。

That's longer than a quarter, which runs 13 weeks.

這比一個季度要長 13 週。

And based on that, what we have in place, it's running pretty -- trending pretty well compared to Q4, okay?

基於此，我們所擁有的，它運行得很好 - 與第四季度相比趨勢非常好，好嗎？

And keep in mind, it's -- the puts and takes even in all of this and broadband stocks will recover, as I mentioned before, finally, at long last, networking offload computing is still nicely holding up, but handset, wireless, we've seen it out there.

請記住，它是 - 即使在所有這些和寬帶股票中的看跌期權也會恢復，正如我之前提到的，最後，終於，網絡卸載計算仍然很好地支撐著，但手機、無線、我們'在那裡見過它。

We expect to see a seasonal downtick.

我們預計會出現季節性下滑。

So storage, flattish back to moderation.

所以收納，平淡回歸適度。

So all combined together, things are kind of what it is.

因此，所有這些結合在一起，事情就是這樣。

Okay.

好的。

Our next question comes from Aaron Rakers with Wells Fargo.

我們的下一個問題來自富國銀行的 Aaron Rakers。

I want to understand maybe the puts and takes a little bit better in the software -- infrastructure software guide.

我想在軟件 - 基礎設施軟件指南中更好地理解 put 和 take 。

If we look at CA's results on a stand-alone basis, it looks like they're about, call it, $5 billion.

如果我們單獨查看 CA 的業績，看起來它們大約是 50 億美元。

You're stripping out the services business.

您正在剝離服務業務。

You sold Veracode.

你賣了 Veracode。

So can you help us bridge a little bit more the uplift you're seeing from that level of revenue to that $5 billion of guide for the full year?

那麼，您能否幫助我們將您所看到的從該收入水平提升到全年 50 億美元的指導水平？

Yes.

是的。

Aaron, it's Tom.

亞倫，是湯姆。

I think, keep in mind, there are now 2 substantial businesses.

我認為，請記住，現在有 2 個重要業務。

I should really say 3 in that number as you probably pointed out.

正如您可能指出的那樣，我真的應該說這個數字是 3。

There's the CA business for a couple data points.

有幾個數據點的 CA 業務。

Veracode, the run rate business, is about $150 million a year it was growing.

Veracode 是運行率業務，每年增長約 1.5 億美元。

And we've outsourced the services business, so that business will start to tail off through the course of 2019 and largely be gone in 2020.

我們已經外包了服務業務，因此該業務將在 2019 年開始減少，並在 2020 年基本消失。

But then keep in mind also there's Brocade, the SAN fibre channel switching business, which is performing very well for us.

但請記住，還有 Brocade，SAN 光纖通道交換業務，它對我們來說表現非常好。

We're not breaking out these specific revenues for that particular business, but it's also providing substantial portion of the overall $5 billion.

我們沒有為該特定業務細分這些特定收入，但它也提供了 50 億美元總額中的很大一部分。

So in total, we see a reset in the CA business starting in Q1.

因此，總的來說，我們看到 CA 業務從第一季度開始重置。

We do expect, based on the renewal expectations around our core 500 customer base, to grow throughout the year with CA, and we also expect to continue to maintain reasonably high levels of revenue with the Brocade Fibre Channel business.

根據圍繞我們核心 500 家客戶群的續約預期，我們確實希望 CA 在全年實現增長，並且我們還希望繼續保持 Brocade 光纖通道業務的合理高收入水平。

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

我們的下一個問題來自 RBC Capital Markets 的 Amit Daryanani。

When I think about the $2.5 billion operating profit target from CA, can you talk about the time line to achieve that?

當我想到 CA 的 25 億美元營業利潤目標時，您能談談實現該目標的時間表嗎？

And when I look at the accretion or the incremental contribution again from post CA, the accretion, I guess, how much of that is going to come in COGS versus OpEx for you guys?

當我再次查看後 CA 的增長或增量貢獻時，我猜，增長中有多少將來自 COGS 與 OpEx？

Well, very interesting question.

嗯，非常有趣的問題。

Let me outline again what I went through in my remarks fairly quickly.

讓我再次概述一下我在發言中很快經歷的事情。

And as Tom actually articulated earlier in answer to Aaron's question, we start 2019 partly because of a resetting from recognizing perpetual licenses on an accelerated manner to ratable subscription base over revenue recognition.

正如 Tom 在回答 Aaron 的問題時實際上明確表達的那樣，我們從 2019 年開始的部分原因是從以加速方式確認永久許可重新設置為按收入確認計費的訂閱基礎。

'19 will take a step down from what you typically expect the rate to be, and you will rapidly build up over the next 2, 3 years to the level, as we spoke about, closer to over $3.5 billion.

'19 將比您通常預期的利率有所下降，並且您將在接下來的 2、3 年內迅速增加到我們所說的接近超過 35 億美元的水平。

On the spending side, if you recall, before we acquired CA, the last quarter, stripping out services, taking out services, which was a wash, spending -- total spending was above $2.4 billion, $2.5 billion per year.

在支出方面，如果你還記得，在我們收購 CA 之前，上個季度，剝離服務，剝離服務，這是一種洗錢，支出 - 總支出超過 24 億美元，每年 25 億美元。

We're bringing it down to $900 million.

我們將其降至 9 億美元。

And we are able to bring it down to $900 million is for what I purposely articulated in my opening remarks.

我們能夠將它降低到 9 億美元，這正是我在開場白中有意闡明的。

Okay?

好的？

A large part of that $2.4 billion of spending was attributed to the various sales motion, development motion, I should say, of trying to land new customers as well as land existing customers with new products but basically landing new customers.

這 24 億美元的支出中有很大一部分歸因於各種銷售活動，開發活動，我應該說，試圖吸引新客戶以及用新產品吸引現有客戶，但基本上是吸引新客戶。

And a lot of these customers are, I would consider, the long tail of a long list of customers.

我認為，其中很多客戶都是一長串客戶的長尾。

The largest 500 customers in the world are already their customers through mainframes.

世界上最大的 500 家客戶已經通過大型機成為他們的客戶。

But they do -- a but a big amount of that spend, I would guess what we're seeing is to the tune of more than $1.5 billion and leads -- sorry, I think, yes, a bit above our spending $2.4 billion, sorry, $900 million is our annual spot close to $1.5 billion is used to try to develop new products and land on new customers.

但他們這樣做了——但其中很大一部分支出，我想我們看到的是超過 15 億美元和潛在客戶——抱歉，我認為，是的，略高於我們的支出 24 億美元，抱歉，9 億美元是我們的年度現貨，將近 15 億美元用於嘗試開發新產品和吸引新客戶。

By moving away from that, focusing on the largest 500 customers, we think that with renewals, with mainframes by upselling on enterprise software, we basically get to the same revenue number with much less spending substantially, and that's a $3.5 billion, say, as conservatively we get to in year 2 or year 3 from today; and last, the $900 million savings end state spending is where we believe we get to around the $2.5 billion operating profit target.

通過遠離這一點，專注於最大的 500 家客戶，我們認為通過續訂，通過在企業軟件上追加銷售大型機，我們基本上可以獲得相同的收入數字，而支出卻大大減少，也就是說，這是 35 億美元，因為保守地說，我們從今天起進入第 2 年或第 3 年；最後，我們相信 9 億美元的最終狀態支出是我們實現 25 億美元營業利潤目標的地方。

Our next question comes from Toshiya Hari with Goldman Sachs.

我們的下一個問題來自高盛的 Toshiya Hari。

Hock, you talked about your intention to regain share in the RF business next year.

Hock，你談到了你打算明年重新獲得 RF 業務的份額。

I think that's consistent with what you had said 3 months ago.

我認為這與您 3 個月前所說的一致。

I appreciate the time you spend with your customers in designing these products, and you probably have some visibility.

我很感激您花時間與客戶一起設計這些產品，並且您可能有一些知名度。

But I was under the impression that the SKUs for next year hadn't been set.

但我的印像是明年的 SKU 還沒有確定。

So I guess, the question is what gives you the confidence that you can indeed regain share in that business?

所以我想，問題是是什麼讓您有信心確實可以重新獲得該業務的份額？

We're just confident.

我們只是有信心。

And obviously, we have not been idle.

顯然，我們並沒有閒著。

We have been working and this -- and -- because these are very difficult products, very complex technologically advanced products to do, and we have been working on it for over a year with customers.

我們一直在努力——而且——因為這些是非常困難的產品，非常複雜的技術先進產品，我們已經與客戶一起研究了一年多。

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。

Hock, you talked about continued strong trends fiscal '19 in networking demand, cloud and enterprise.

Hock，您談到了 19 財年網絡需求、雲和企業方面的持續強勁趨勢。

I was hoping you could quantify a bit more.

我希望你能量化更多。

Next year, it's still looking like the cloud guys are growing their spending again albeit at a lower rate versus this year but then you -- they're on the 200-, 400-gig upgrade cycle with Tomahawk 3. And then you've got the ramp of some of your AI and deep learning and smart NIC ASIC programs.

明年，雲計算人員看起來仍然會再次增加他們的支出，儘管與今年相比增長速度較低，但是你——他們正處於 200、400 gig 的 Tomahawk 3 升級週期中。然後你獲得了一些 AI 和深度學習以及智能 NIC ASIC 程序的支持。

Given all of this, I kind of wanted to know if the team still feels like they can sustain double digits year-over-year growth rates for this segment fiscal '19.

考慮到所有這些，我有點想知道團隊是否仍然覺得他們可以在 19 財年的這一部分保持兩位數的同比增長率。

Very good question.

很好的問題。

Thank you.

謝謝。

Yes, cloud, public cloud, I call it, spend -- part of our networking compute offload business so to speak.

是的，雲，公共雲，我稱之為支出——可以說是我們網絡計算卸載業務的一部分。

The public cloud side, which is about half or at least half of our revenues right now in that sector that does networking and compute offload continues to be extremely strong.

公共雲方面，目前在網絡和計算卸載領域占我們收入的一半或至少一半仍然非常強勁。

And it's strong not because anything else.

它的強大不是因為別的。

In 2018, that one, we didn't launch any major new milestone products, and we still grew as we indicated.

那個 2018 年，我們沒有推出任何重大的新里程碑產品，我們仍然按照我們的指示增長。

We grew double digits.

我們增長了兩位數。

2019, we have, in addition to that natural momentum, the addition of the fact that we're launching both 2 significant products, the top of the rack switch, the Tomahawk 3, 12.8 terabyte -- terabit per second, thick throughput switches, which are very welcome, very -- basically, won't be very much in use by the hyper cloud guys.

2019 年，除了這種自然勢頭之外，我們還推出了兩個重要產品，即架頂式交換機 Tomahawk 3，12.8 太字節——每秒太比特，厚吞吐量交換機，這是非常受歡迎的，非常 - 基本上，不會被超雲人員大量使用。

That will be our big driver of growth.

這將是我們增長的主要動力。

In addition -- but perhaps in use in some of the spine architecture of those hyper cloud data centers.

此外——但也許在那些超級雲數據中心的一些主乾架構中使用。

But more on just [smart] and also at operators for routing, for their routing applications, we are launching middle of the year Jericho 2. So we have 2 product drivers on top of the natural momentum of increasing content that we are seeing that you articulated in those data centers at the cloud from -- especially from compute offload, where we're talking about more than controllers.

但更多關於 [智能] 以及路由運營商，對於他們的路由應用程序，我們將在年中推出 Jericho 2。因此，除了我們看到的內容增加的自然勢頭之外，我們還有 2 個產品驅動程序在雲中的那些數據中心中表達 - 特別是來自計算卸載，我們在這裡談論的不僅僅是控制器。

We're talking of deep learning, content.

我們正在談論深度學習，內容。

We're talking about compression encryption, and we're just talking broadly about anything to do with offloading CPU cycles from servers.

我們正在談論壓縮加密，我們只是廣泛地談論與從服務器卸載 CPU 週期有關的任何事情。

And that's a very long-term tailwind that we have basically been able to take advantage of and continue to benefit through probably more than 1 year.

這是一個非常長期的順風，我們基本上已經能夠利用並在可能超過 1 年的時間裡繼續受益。

Our next question comes from Romit Shah with Nomura Instinet.

我們的下一個問題來自 Nomura Instinet 的 Romit Shah。

Tom, I just want to make sure I had my facts correct on the option grants, so $2.1 billion for fiscal '19, and you have that coming down over -- is it over a 4-year period?

湯姆，我只是想確保我在期權授予方面的事實是正確的，所以 19 財年的 21 億美元，你已經得到了——是在 4 年期間嗎？

And does it go back to the fiscal '18 levels or some level above that?

它會回到 18 財年的水平或更高的水平嗎？

No, I think it's the right way to think about it, Romit.

不，我認為這是正確的思考方式，Romit。

It's a 4-year grant accelerated and done in 1 shot this year as opposed to doing it over 4 years.

這是一項為期 4 年的加速撥款，今年一次性完成，而不是超過 4 年。

So in aggregate, you wouldn't have any difference.

所以總的來說，你不會有任何區別。

But from an accounting perspective, you'll have -- take all the stuff up this quarter.

但從會計的角度來看，你將擁有 - 本季度所有的東西。

It'll start to bleed off next year and decelerate back to where we were over a 4-year period.

它將在明年開始流失並減速回到我們過去 4 年的水平。

So I look at the 2018 $300 million a quarter type stock-based comp run rate as the run rate roughly for the company on a steady-state basis.

因此，我將 2018 年每季度 3 億美元的基於股票的補償運行率視為公司在穩態基礎上的大致運行率。

Our next question comes from William Stein with SunTrust.

我們的下一個問題來自 SunTrust 的 William Stein。

I'm particularly focused on the dividend.

我特別關注股息。

There was a significant increase this quarter.

本季度有顯著增長。

And when we contemplate the company's ability to grow the top line long term, expand margins and your capital allocation plan save any further M&A, what does management expect the sort of long-term growth rate of that dividend to be?

當我們考慮公司長期增長收入、擴大利潤率以及您的資本分配計劃避免進一步併購的能力時，管理層對這種股息的長期增長率有何期望？

Sure.

當然。

Well, so I think we've spelled it out fairly clearly both on the policy in terms of returning the 50% of free cash flow from the prior fiscal year.

好吧，所以我認為我們已經在返還上一財年 50% 的自由現金流方面的政策上相當清楚地說明了這一點。

And we've spelled out now what we think we can do from a free cash flow from operations perspective in 2019, which is the $10 billion.

我們現在已經闡明了我們認為我們可以從 2019 年運營的自由現金流中做些什麼，即 100 億美元。

So when you take into account the buyback expectation that we've also articulated of approximately $8 billion, the outstanding shares should come down as well as the free cash flow is going to go up.

因此，當你考慮到我們也明確表示的約 80 億美元的回購預期時，流通股應該會下降，而自由現金流也會上升。

So when you do that math, you're going to come up with a number that's north of 20% in terms of potential for dividend growth.

因此，當您進行計算時，您將得出一個在股息增長潛力方面超過 20% 的數字。

Now going forward, we'll have a couple of other tailwinds that we've benefited from the past, which is frankly M&A and the accretion that we drive once we're fully integrated and restructured.

現在展望未來，我們將有一些其他的順風，我們從過去中受益，坦率地說，這是併購和我們在完全整合和重組後推動的增長。

And so as Hock's been articulating, when we get to the $2.5 billion-plus of operating profit, that's going to start to be realized in 2020 into 2021.

正如 Hock 所說，當我們的營業利潤達到 25 億美元以上時，這將在 2020 年到 2021 年開始實現。

Absent additional M&A, we would continue to focus not just on the dividend but also the buyback, which would allow us to reduce the share count as well.

如果沒有額外的併購，我們不僅會繼續關注股息，還會關注回購，這也將使我們能夠減少股票數量。

So I think we have a good setup to continue to be able to drive the dividend well into the double digits over the next several years.

因此，我認為我們有一個很好的設置，可以在未來幾年繼續將股息推高至兩位數。

Our next question comes from Stacy Rasgon with Bernstein Research.

我們的下一個問題來自 Bernstein Research 的 Stacy Rasgon。

I was wondering if you could elaborate a little bit on the "all you can eat" model that you're developing now for the enterprise software business.

我想知道您是否可以詳細說明您現在為企業軟件業務開發的“吃到飽”模式。

Does that basically work one license that the customer takes for anything that you buy going forward and put into that segment?

這是否基本上可以讓客戶獲得您購買的任何東西並放入該細分市場的許可證？

And if that's true, how do you grow the business without taking those rates up over time if you're still selling to the same customers?

如果這是真的，那麼如果您仍在向相同的客戶銷售產品，您如何在不隨著時間的推移提高這些費率的情況下發展業務？

Like, what does that model actually look like over time?

比如，隨著時間的推移，這個模型實際上是什麼樣子的？

Oh, yes.

哦是的。

That's a very good point, and you're right.

這是一個很好的觀點，你是對的。

We provide that enterprise-wide license to those core customers only, by the way, product by product.

順便說一句，我們逐個產品地向那些核心客戶提供企業範圍的許可。

Obviously it's not across all our enterprise products at the same time, but it's only when the customer is adopting.

顯然，它不會同時跨越我們所有的企業產品，但只有在客戶採用時才會出現。

And so that part of it becomes important.

所以這部分變得很重要。

You're right because customer -- if one of those big core customers adopts, say, agile operations -- one of our agile operations software or agile, what we call, Rally, which is for projects and they want more seats, they want more capacity, what we will provide is for a license -- for a contract -- license contract of a -- on a multiyear basis.

你是對的，因為客戶——如果那些大的核心客戶之一採用，比如說，敏捷操作——我們的敏捷操作軟件之一或敏捷，我們稱之為 Rally，它用於項目，他們想要更多的席位，他們想要更多的能力，我們將提供的是一個許可——一個合同——一個多年期的許可合同。

We expect to get a certain amount of dollars I should say, and we'll give them under that enterprise-wide unlimited license.

我們希望得到一定數量的美元，我應該說，我們將根據企業範圍的無限許可給他們。

And you're right.

你是對的。

So for that particular product, limited ability to increase except on the fact that after, say, the contract is 3 years, end of 3 years, inflationary improvement and improvement in our products, innovative improvement in putting more features in the product.

因此，對於該特定產品，增加的能力有限，除非合同是 3 年，3 年結束，通貨膨脹改進和我們產品的改進，在產品中添加更多功能的創新改進。

But we better be selling them another product on the same basis.

但我們最好在相同的基礎上向他們銷售另一種產品。

And that's how we expect to be able to grow.

這就是我們期望能夠成長的方式。

And so from 2 fronts: improving the product we have on an ongoing basis but also send the customer another product from our very broad suite of enterprise software products.

因此，從兩個方面開始：不斷改進我們的產品，同時向客戶發送我們非常廣泛的企業軟件產品套件中的另一種產品。

Our next question comes from Craig Ellis with B. Riley FBR.

我們的下一個問題來自 Craig Ellis 和 B. Riley FBR。

Tom, I think it was in your comments where you mentioned the aspiration for 55% operating margins in fiscal '20.

湯姆，我認為您在評論中提到了 20 財年 55% 營業利潤率的願望。

But since that would represent a 400 basis point increase from what you're targeting in fiscal '19, can you just walk us through some of the assumptions that could lift the operating margin level that magnitude?

但由於這意味著比您在 19 財年的目標增加 400 個基點，您能否向我們介紹一些可以將營業利潤率水平提升到如此幅度的假設？

Yes, good question.

是的，好問題。

So there's a number of things in that.

所以里面有很多東西。

First and foremost, we do continue to see the ability to grow the business.

首先，我們確實繼續看到發展業務的能力。

In the core semiconductor business, we do expect, especially as wireless recovers in the back half, to see a return to more standard sort of mid-single-digit growth rates in 2020.

在核心半導體業務中，我們確實預計，尤其是隨著無線業務在下半年復蘇，到 2020 年將恢復到更標準的中個位數增長率。

On the software side, as we continue to grow into the ratable model, we also expect to continue to see growth there in 2020 and into 2021.

在軟件方面，隨著我們繼續成長為評級模型，我們也預計在 2020 年和 2021 年繼續看到增長。

And then as is consistent with what you've seen over the last many years, our model is very focused on gross margin expansion.

然後，正如您在過去多年所看到的那樣，我們的模型非常專注於毛利率擴張。

We will continue to drive incremental expansion in gross margin especially on the semiconductor side.

我們將繼續推動毛利率的增量擴張，尤其是在半導體方面。

And then finally, we talked about it a lot on this call, but we are going to be reducing expenses dramatically with CA.

最後，我們在這次電話會議上談了很多，但我們將通過 CA 大幅減少開支。

And we're doing that because of the change in the business model and the focus on the top 500 accounts, the focus on leveraging mainframe with these great enterprise products and moving to a fully ratable model, which is a much lower cost, much more profitable way to run the business.

我們之所以這樣做，是因為業務模式發生了變化，並且專注於前 500 強客戶，專注於利用大型機和這些優秀的企業產品，並轉向完全可評級的模型，這是一個成本低得多的模型，更多經營業務的盈利方式。

And so you're going to see the benefits of that in 2020, which will actually continue to show progress even into 2021 we think.

所以你將在 2020 年看到它的好處，我們認為這實際上將繼續顯示出進展，甚至到 2021 年。

So 55% operating margins, we think is very achievable with all those factors as we to look out beyond '19.

所以 55% 的營業利潤率，我們認為在我們展望 19 年後的所有這些因素的情況下是非常可以實現的。

And to be specific, right, today -- this fiscal '19, when we buy a company, a company especially as complex and large as CA, it takes us a year or 2 to transition to the end state.

具體來說，對吧，今天——這個 19 財年，當我們收購一家公司，一家像 CA 這樣複雜和龐大的公司時，我們需要一兩年的時間才能過渡到最終狀態。

Fiscal '19, I would estimate we are carrying something like $1 billion of transition expenses in fiscal '19 alone.

19 財年，我估計僅在 19 財年我們就承擔了大約 10 億美元的過渡費用。

Now it won't all evaporate by fiscal '20, but a big part of it will evaporate by fiscal '20.

現在它不會在 20 財年之前全部消失，但其中很大一部分將在 20 財年消失。

And that, with the revenue increase Tom was talking about, gets us to that 55% operating margin.

而且，隨著湯姆所說的收入增長，我們的營業利潤率達到了 55%。

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, just a question.

霍克，只是一個問題。

Any particular feedback from large customers now that you have Brocade and CA together?

現在您同時擁有 Brocade 和 CA，大客戶有什麼特別的反饋嗎？

Anything you like to discuss in terms of some of the synergies and overlap of customer base and things you can do?

關於客戶群的協同作用和重疊以及您可以做的事情，您有什麼想討論的嗎？

Great question.

很好的問題。

Yes.

是的。

I have met with quite a few CIOs, Chief Operating Officers and CIOs of fairly -- of some of the largest customers of CA who happen to be going for example or otherwise the largest end-use customers of Brocade as well, which is SAN switching.

我會見了相當多的首席信息官、首席運營官和首席信息官——一些 CA 的最大客戶恰好會去，例如，或者博科最大的最終用戶，也就是 SAN 交換.

And you may know, we have mentioned it prior quarters, SAN switching, which is attaching to storage arrays, is very, very connected to mainframes as well in hardware and software, the way storage is done.

你可能知道，我們在前幾個季度提到過，附加到存儲陣列的 SAN 交換非常、非常連接到大型機以及硬件和軟件，存儲完成的方式。

And basically, all these customers, CIOs, a lot of them are, as you all know, thinking through the high levels of IT spending each of them has to go through.

基本上，所有這些客戶、CIO，眾所周知，他們中的很多人都在思考他們每個人都必須經歷的高水平 IT 支出。

Each of them are trying to figure out what's the best structure, architecture for their data centers.

他們每個人都在努力找出最適合他們數據中心的結構和架構。

And many of them are regulated, which means they can go completely to the cloud.

而且其中很多都受到監管，這意味著它們可以完全上雲。

So a lot of them are going -- are talking about -- actually, we all hear hybrid cloud.

所以他們中的很多人都在談論——實際上，我們都聽說過混合雲。

A lot more then are thinking of building their own private cloud.

更多的人正在考慮構建自己的私有云。

We have all the technologies, hardware and software to build -- enable them to build those private clouds.

我們擁有所有可以構建的技術、硬件和軟件——使他們能夠構建這些私有云。

And each of those CIOs in these larger companies who are spending several billion dollars at least a year in IT are quite able and have the scale to do that.

這些每年至少在 IT 上花費數十億美元的大公司中的每一位 CIO 都非常有能力並且有能力做到這一點。

So there is potentially a lot of synergies, and it's not just in the technologies we have and collaborate as one.

因此，可能存在很多協同效應，而不僅僅是我們擁有的技術和作為一個整體進行協作。

It's also the go-to-market model that would be very much simplified as we now reach out to those end-user customers who are in CA, who are in Brocade and who put indirectly -- are building or buying big data centers, compute storage, networking indirectly from us.

這也是進入市場的模型，因為我們現在接觸那些在 CA 中的最終用戶客戶，他們在 Brocade 中並且間接地投入 - 正在構建或購買大數據中心，計算存儲，網絡間接來自我們。

So there is a lot of synergies, and we have begun the process of engaging in a dialogue.

所以有很多協同作用，我們已經開始進行對話的過程。

Our next question comes from Vijay Rakesh with Mizuho.

我們的下一個問題來自瑞穗的 Vijay Rakesh。

Hock, you mentioned the "all you can eat" model for software.

Hock，你提到了軟件的“吃到飽”模式。

I was wondering if you continue to do more M&A on the software side that you can stack on that same model.

我想知道你是否繼續在軟件方面進行更多的併購，你可以在同一個模型上疊加。

That's a great idea, and we definitely want to do that because we have developed with CA the platform, that platform for support customers -- ensuring customer success and the platform for directly touching, engaging, in fact, heavy touching, I call it, on those larger 500 customers.

這是一個好主意，我們絕對想這樣做，因為我們已經與 CA 一起開發了這個平台，這個平台支持客戶——確保客戶成功和直接接觸、參與，事實上，沉重的接觸，我稱之為，在那些較大的 500 位客戶上。

And as we add on more products, software products, be they particularly on enterprise software, we do -- we believe this is a opportunity for us, as we say, to build on that second revenue -- complementary revenue stream in infrastructure software.

隨著我們增加更多的產品、軟件產品，尤其是在企業軟件上，我們這樣做——我們相信這對我們來說是一個機會，正如我們所說，在第二個收入的基礎上——基礎設施軟件的補充收入流。

Our next question comes from Ross Seymore with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Ross Seymore。

Hock, I wanted to ask a bigger question.

霍克，我想問一個更大的問題。

With all the uncertainty in China trade, macro, et cetera, you mentioned you have the 18-week backlog and that the first quarter, I think, is doing fine, to paraphrase what you said.

由於中國貿易、宏觀等方面的所有不確定性，你提到你有 18 週的積壓工作，我認為第一季度表現不錯，套用你所說的話。

Have you noticed any change in any of the various end markets that you have given these uncertainties in the customer behavior in any way, shape or form?

您是否注意到您以任何方式、形狀或形式賦予客戶行為這些不確定性的各種終端市場的任何變化？

Oh, yes, I'm sure they are.

哦，是的，我確定他們是。

But I think I'm not sure some of it is related more to microeconomic variations in those niche markets we deal with versus the bigger concern with respect to tariffs, is what I think you are referring to.

但我認為我不確定其中一些更多地與我們處理的那些利基市場的微觀經濟變化有關，而不是對關稅的更大擔憂，我認為你指的是什麼。

It's hard to tell.

很難說。

But as we said, we're across so many different end markets, niche markets, some of them.

但正如我們所說，我們跨越了許多不同的終端市場，利基市場，其中一些。

We do see some of them -- your question is are they all consistently trending down.

我們確實看到了其中一些——您的問題是它們是否都一直呈下降趨勢。

No, we do not see that.

不，我們沒有看到。

But we do see some that are down, and we do see some that are up.

但我們確實看到一些下跌，也確實看到一些上漲。

And is that an indication that it's tariffs versus very typical microeconomics or macroeconomics?

這是否表明它是關稅與非常典型的微觀經濟學或宏觀經濟學的對比？

Can't really tell because some of the color that I've given you guys are almost -- I mean, are not affected by those going through broadband recovery.

真的不能說，因為我給你們的一些顏色幾乎——我的意思是，不受那些經歷寬帶恢復的影響。

I think it's more tied to the lumpiness and the cycle of carriers and operator investment, especially in Europe and U.S. more than anything else.

我認為這更多地與運營商和運營商投資的波動和周期有關，尤其是在歐洲和美國。

And we have benefited from that.

我們從中受益。

Meanwhile, cost spending, be they in the U.S. or China, is still on track because that is still going on very well.

與此同時，成本支出，無論是在美國還是在中國，仍在軌道上，因為它仍在進行得很好。

Enterprises, maybe we start seeing some level of slowdown in enterprises, but that's only now to -- down to a small part of our broader system.

企業，也許我們開始看到企業出現某種程度的放緩，但這只是現在——下降到我們更廣泛系統的一小部分。

So there's a lot of mix.

所以有很多混合。

And at the end of the day, it's not that clear yet how this will affect the business we are in, which is largely enterprises and operators.

歸根結底，目前還不清楚這將如何影響我們所從事的業務，主要是企業和運營商。

Our exposure to consumer is limited, limited to those couple of these high-end phones.

我們接觸消費者的機會有限，僅限於這些高端手機中的幾款。

And in that regard, as we all have seen, the phone market has not been exactly very strong these past several months.

在這方面，正如我們所見，過去幾個月電話市場並不是非常強勁。

Our next question comes from John Pitzer with Crédit Suisse.

我們的下一個問題來自 Crédit Suisse 的 John Pitzer。

A lot of my questions have been answered.

我的很多問題都得到了解答。

But Hock, just to follow on to Ross' question, you made some comments about cloud/hyperscale, and that's clearly an area where, I think, growth has been particularly strong this year.

但是霍克，為了繼續羅斯的問題，你對雲/超大規模發表了一些評論，我認為這顯然是今年增長特別強勁的領域。

And there's some investor angst about whether or not from these high levels that can be sustained into '19.

並且有一些投資者擔心這些高水平是否可以持續到 19 年。

I'd love to get your view on that.

我很想听聽你對此的看法。

And as you answer the question, I'd love to get sort of the differentiation between kind of your core Ethernet business and maybe some of your new emerging ASIC business you have with the hyperscale guys, especially around acceleration in AI and how that's playing out.

當你回答這個問題時，我很想了解一下你的核心以太網業務和你與超大規模人員的一些新興 ASIC 業務之間的區別，尤其是在 AI 加速方面以及它是如何發揮作用的.

Okay.

好的。

Two questions.

兩個問題。

Let's try the first one.

讓我們試試第一個。

The cloud guys, as we see, the spending is still going on.

正如我們所見，雲計算人員的支出仍在繼續。

I mean, they are -- their spending pattern to some extent almost is starting to track or copy those of operators.

我的意思是，他們 - 他們的支出模式在某種程度上幾乎開始追踪或複制運營商的支出模式。

They get lumpy.

他們變得結塊。

They don't spread evenly across the year, but that's part of the reason why we want to go to annual thing because you do it quarterly, it's not driving me crazy.

它們在一年中的分佈並不均勻，但這就是我們想要每年做一次的部分原因，因為你每季度做一次，這並沒有讓我發瘋。

It's driving you guys, who track us, crazy because it gets very lumpy, especially with the level of spending.

這讓跟踪我們的人發瘋了，因為它變得非常不穩定，尤其是在支出水平方面。

They are all coming in and the level of spending we -- they make on our products.

他們都進來了，我們的支出水平——他們在我們的產品上所做的。

And -- but you look at it across a period of like a year, they are sustaining.

而且 - 但你在大約一年的時間裡看它，他們正在維持。

And they are sustaining and I really mean the high -- the large cloud guys, which include both China and U.S. but also even the Tier 2 guys.

他們正在維持，我的意思是高大的雲計算者，其中包括中國和美國，甚至還有第 2 層的人。

It's still sustaining.

它仍然在持續。

And probably, there's also content.

可能還有內容。

We're selling them more and more stuff -- I should say products.

我們賣給他們的東西越來越多——我應該說是產品。

It's not just switching and to some extent, routing.

它不僅僅是交換，在某種程度上，還包括路由。

It's not just switching that we started with initially.

這不僅僅是我們最初開始的轉換。

It's -- which is why I like -- and it's not new generation of switching as they go to scale out of the data centers and higher capacity switching.

它是——這就是我喜歡的原因——它不是新一代的交換，因為它們要擴展數據中心和更高容量的交換。

We sell interconnects like fiberoptics, and that, I think, goes from 1 -- 10 gigabit to 100 gigabit, now 100 to 200 and 400.

我們銷售光纖等互連產品，我認為，從 1 - 10 吉比特到 100 吉比特，現在是 100 到 200 和 400。

The price point, the content of those fiberoptics goes -- shoots up fairly exponentially and very nicely.

價格點，這些光纖的內容——呈指數級增長，非常好。

And then we also do this computing offload, which is really a nice description of broad base of, as I say -- you call it accelerators.

然後我們還進行這種計算卸載，這真的是對廣泛基礎的很好描述，正如我所說的——你稱之為加速器。

And it's true.

這是真的。

They are mostly accelerators and deep learning chips, network, Ethernet, controllers, Smart NIC as some people call them, encryption, compression, video delivery chips, all those growing bigger.

他們主要是加速器和深度學習芯片，網絡，以太網，控制器，有些人稱之為智能網卡，加密，壓縮，視頻傳輸芯片，所有這些都在做大。

The content keeps going up.

內容一直在上升。

And that's why they're some at level -- when you pull it all together, where do you see cloud going?

這就是為什麼他們處於同一水平——當你把它們放在一起時，你會看到雲將走向何方？

And as I say, most of these are not 1 generation or 1 year at a time.

正如我所說，其中大部分都不是一代人或一年一次。

They go beyond 1 year.

他們超過 1 年。

So overall, we see it as a continuum that is growing.

因此，總的來說，我們將其視為一個不斷增長的連續體。

How fast does it grow?

它的增長速度有多快？

It's that 20% I mentioned in Q4 seem somewhat unusual, but it's because of the lumpiness.

我在第四季度提到的 20% 似乎有些不尋常，但這是因為塊狀。

And that's why we don't give you guys the wrong impression because the quarter before was closer to 10%.

這就是為什麼我們不會給你們留下錯誤的印象，因為前一個季度接近 10%。

And on average, I would say, the cloud guys grow more, more likely in the high single digits to 10% year-to-year than a 20% that any particular quarter might lead us to think.

平均而言，我想說的是，雲計算人員的年增長率比任何特定季度可能讓我們想到的 20% 都高，更有可能以高個位數增長到 10%。

So -- but it's there and very stable.

所以 - 但它在那裡並且非常穩定。

And it's there to replace, to some extent, the enterprises, the traditional enterprises.

它的存在是為了在某種程度上取代企業，傳統企業。

We do have time for one final question, which will come from Timothy Arcuri with UBS.

我們確實有時間回答最後一個問題，該問題將來自瑞銀集團的 Timothy Arcuri。

Tom, I'm just trying to get kind of an apples-to-apples bridge on the $24.5 billion relative to the $23.9 billion that was shown as a pro forma in the presentation for the CA deal.

湯姆，我只是想在 245 億美元與 CA 交易演示文稿中顯示的 239 億美元之間建立一個蘋果對蘋果的橋樑。

I know you're losing Veracode and you're losing some of those customers around HCL, but you're also getting a bump from the change in the model in the software business.

我知道你正在失去 Veracode，你正在失去 HCL 周圍的一些客戶，但你也從軟件業務模型的變化中得到了提升。

So I'm just trying to get a bridge on the apples to apples on that $24.5 billion relative to the $23.9 billion that you showed in the presentation.

所以我只是想在 245 億美元和你在演示文稿中展示的 239 億美元之間架起一座橋樑。

It's a challenging bridge only because you're talking about, first of all, 2 accounting standards of 605 versus 606 on the CA side.

這是一座具有挑戰性的橋樑，只是因為您首先談論的是 CA 方面的 605 和 606 的 2 個會計準則。

But be that as it may, I think the right way to think about it is the $24.5 billion.

但儘管如此，我認為正確的思考方式是 245 億美元。

We talked a lot about where we think semiconductor growth will be.

我們談了很多關於我們認為半導體增長的地方。

It's a new way of reporting for us, but we think we're going to have modest growth on the semiconductor side.

這對我們來說是一種新的報告方式，但我們認為我們將在半導體方面實現適度增長。

And then you've got 2 businesses.

然後你有 2 個企業。

You've got CA and Brocade, which is constituting the $5 billion that we're building up on the infrastructure software side.

你有 CA 和 Brocade，它們構成了我們在基礎設施軟件方面建立的 50 億美元。

So we're quite comfortable based on modest growth in semis and we've articulated I think quite clearly how we get there on top of what is a solid Brocade business plus a restructured and reset CA business.

因此，基於半導體的適度增長，我們感到非常自在，而且我們已經清楚地表達了我認為我們如何在穩固的 Brocade 業務以及重組和重置的 CA 業務之上實現這一目標。

And that's how we get to the $24.5 billion.

這就是我們達到 245 億美元的方式。

Ladies and gentlemen, thank you for participating in today's conference.

女士們，先生們，感謝你們參加今天的會議。

This does conclude the program.

這確實結束了程序。

You may all disconnect, and have a wonderful day.

你們可能都會斷開連接，並度過美好的一天。