博通 (AVGO) 2019 Q4 法說會逐字稿

Welcome to Broadcom's Fourth Quarter and Fiscal Year 2019 Financial Results Conference Call.

歡迎參加 Broadcom 2019 年第四季和財政年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 Beatrice Russotto, Director of Investor Relations of Broadcom.

現在，我想將電話轉給博通投資者關係總監 Beatrice Russotto，以進行開場演講和介紹。

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.

今天與我一起出席的還有總裁兼執行長 Hock Tan；以及博通財務長湯姆·克勞斯 (Tom Krause)。

After the market closed, Broadcom distributed a press release and financial tables describing our financial performance for the fourth quarter and fiscal year 2019.

收盤後，博通發布了一份新聞稿和財務表格，描述了我們第四季和 2019 財年的財務表現。

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

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

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

本次電話會議正在進行網路直播，錄音將透過電話播放 1 週。

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

它還將存檔在我們網站 Broadcom.com 的投資者部分。

During the prepared comments section of this call, Hock and Tom will be providing details of our fourth quarter and fiscal year 2019 results, guidance for fiscal year 2020 and commentary regarding the business environment.

在本次電話會議的準備評論部分，Hock 和 Tom 將提供我們第四季度和 2019 財年業績的詳細資訊、2020 財年的指導以及有關商業環境的評論。

We'll take questions after the end of our prepared comments.

我們將在準備好的評論結束後回答問題。

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

請參閱我們今天的新聞稿以及我們最近向美國證券交易委員會提交的文件，以了解可能導致實際結果與本次電話會議中所做的前瞻性陳述存在重大差異的具體風險因素的資訊。

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

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。

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

公認會計原則和非公認會計原則衡量標準之間的調節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.

今天電話會議期間發表的評論將主要涉及我們的非公認會計準則財務表現。

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

這樣，我就把電話轉給霍克。

Thank you, Bea.

謝謝你，碧。

Good afternoon, everyone, and thank you for joining today.

大家下午好，感謝您今天的加入。

Now we concluded fiscal year 2019 with record revenue of $22.6 billion, growing 8% year-over-year despite a challenging environment.

現在，我們以創紀錄的 226 億美元收入結束了 2019 財年，儘管環境充滿挑戰，但仍同比增長 8%。

Our semiconductor solutions segment declined 8% year-over-year, but this was more than offset by our infrastructure software segment benefiting from the integration and healthy results from the CA business.

我們的半導體解決方案部門年減 8%，但這被我們的基礎設施軟體部門所抵消，該部門受益於 CA 業務的整合和健康業績。

In semiconductors, almost all product lines were down year-on-year, with one clear exception, and that's networking, where the existing growth drivers continue their strong momentum.

在半導體領域，幾乎所有產品線都比去年同期下降，但有一個明顯的例外，那就是網絡，現有的成長動力繼續保持強勁勢頭。

In infrastructure software, renewals in our core accounts grew double digits, which more than offset the expected attrition in our noncore accounts.

在基礎設施軟體方面，我們的核心帳戶續訂量增加了兩位數，這遠遠抵消了我們非核心帳戶的預期流失。

Now as we embark on fiscal 2020, I want to provide you some insight into our latest strategic assessment of our semiconductor businesses and our current view of the market.

現在，在 2020 財年即將到來之際，我想向您介紹我們對半導體業務的最新策略評估以及我們目前對市場的看法。

I also want to give you an update on our software business, including our latest Symantec acquisition.

我還想向您介紹我們軟體業務的最新情況，包括我們最新收購的賽門鐵克。

I'm sure you have seen the guidance in our earnings release today that we are headed towards $25 billion in revenue -- $25 billion in revenue in 2020.

我相信您已經看到了我們今天發布的財報中的指引，即我們的收入目標是 250 億美元——2020 年收入將達到 250 億美元。

And I'll let Tom go through the details on how we get there.

我會讓湯姆詳細介紹我們如何實現這一目標。

But before I turn this over to him, let me now give you the broader picture.

但在我把這件事交給他之前，讓我先給你介紹一下更廣泛的情況。

So when we look at our semiconductor segment today, we are increasingly thinking about it as a core and fabless semiconductor business that consists of networking, broadband and storage connectivity products, focused on enterprise service providers and cloud infrastructure.

因此，當我們今天審視半導體領域時，我們越來越多地將其視為核心和無晶圓廠半導體業務，包括網路、寬頻和儲存連接產品，重點關注企業服務供應商和雲端基礎設施。

Here, we get a lot of strategic synergies and scale across our end markets with our customers and with our core silicon technology.

在這裡，我們與客戶和核心矽技術在終端市場上獲得了許多策略協同效應和規模。

This in turn drives efficiencies in our sales, R&D and supply chain activities.

這反過來又提高了我們的銷售、研發和供應鏈活動的效率。

Our infrastructure software businesses, which focus primarily on large enterprises are, in fact, quite complementary and enhance these core semi businesses by bringing us closer to our end customers.

我們的基礎設施軟體業務主要專注於大型企業，事實上，它們具有很強的互補性，並透過拉近我們與最終客戶的距離來增強這些核心半業務。

This gives us a natural barrier to entry and gives us comfort that we can drive sustainable revenue growth and improve profitability long term.

這為我們提供了天然的進入壁壘，並讓我們感到放心，我們可以推動可持續的收入成長並提高長期獲利能力。

Alongside these core semiconductor businesses, we have several valuable semiconductor businesses that are much more stand-alone in nature due to their unique customers, technology and supply chain characteristics.

除了這些核心半導體業務之外，我們還有幾項有價值的半導體業務，由於其獨特的客戶、技術和供應鏈特徵，這些業務本質上更加獨立。

Now this will include our wireless businesses and our industrial businesses.

現在這將包括我們的無線業務和工業業務。

We don't have the same kind of synergies with this as we do in our core semi business.

我們在這方面沒有像我們在核心半成品業務中那樣的協同效應。

Increasingly, we view this business as more financial assets, especially in terms of capital allocation, balance sheet optimization and how we choose to leverage resources and manage the company.

我們越來越多地將這項業務視為更多的金融資產，特別是在資本配置、資產負債表優化以及我們如何選擇利用資源和管理公司方面。

Turning to our current assessment for our core semi business, it's extremely positive.

談到我們目前對核心半導體業務的評估，這是非常積極的。

We believe we are uniquely positioned with an industry-leading portfolio, extending connectivity across enterprise, telcos and cloud, in data center switching and routing.

我們相信，我們擁有領先業界的產品組合，可在資料中心交換和路由領域擴展跨企業、電信公司和雲端的連接，從而處於獨特的地位。

We're enabling the cloud with the transition to 400-gigabit per second.

我們正在使雲端過渡到每秒 400 吉比特。

We also just announced 800-gigabit per second, which further demonstrates our leadership in this space by far.

我們也剛宣布每秒 800 吉比特，這進一步證明了我們迄今為止在該領域的領導地位。

In 5G cellular infrastructure, we are leveraging our ethernet technology to bring the network to the Edge in open RAN or radio access networks through a combination of custom and standard products across both analog and digital domains.

在 5G 蜂窩基礎設施中，我們利用乙太網路技術，透過跨類比和數位領域的客製化和標準產品組合，將網路帶到開放 RAN 或無線存取網路的邊緣。

And as we know, as Moore's Law for computing starts to slow down as it has, we continue to gain momentum in developing and delivering hardware accelerators to offload computing for the cloud service providers across an increasing variety of workloads, initially with virtualization, hypervisors and expanding today to AI, security, encryption and video transcoding.

正如我們所知，隨著計算的摩爾定律開始放緩，我們在開發和提供硬體加速器方面繼續獲得動力，以便為雲端服務提供者在越來越多的工作負載中卸載計算，首先是虛擬化、管理程式和現今擴展到人工智慧、安全、加密和視訊轉碼。

And in wireless access in enterprise and home gateways, we are of course leading the market transition to WiFi 6.

在企業和家庭網關的無線存取方面，我們當然正在引領市場向 WiFi 6 的過渡。

And finally, we actually do have now an organic integrated silicon photonics effort underway, combining our capabilities in switching with our strong legacy in fiber optics for next-generation cloud and networking architectures.

最後，我們現在確實正在進行有機整合矽光子學工作，將我們的交換能力與我們在下一代雲端和網路架構的光纖方面的強大傳統相結合。

So in summary, we plan to increase our investment in our core semiconductor businesses to position ourselves for expected future growth opportunities, where we can leverage our scale of investment, industry-leading focused execution and breadth of IP.

總而言之，我們計劃增加對核心半導體業務的投資，為預期的未來成長機會做好準備，我們可以利用我們的投資規模、行業領先的專注執行力和智慧財產權的廣度。

Now we all know it has been a tough year for semiconductors in general, with our semiconductor segment down approximately 8% as I indicated.

現在我們都知道，總體而言，對於半導體來說這是艱難的一年，正如我所指出的，我們的半導體部門下降了約 8%。

But if you look at our core semi business, as I define it, it has held up reasonably well.

但如果你看看我們的核心半成品業務，正如我所定義的那樣，它的表現相當不錯。

To put some numbers around it, this business did a little over $11 billion in sales in 2019, which was down just less than 4% from 2018.

從一些數字來看，該業務 2019 年的銷售額略高於 110 億美元，比 2018 年下降了不到 4%。

We think this business is stabilizing.

我們認為這項業務正在穩定。

And we believe given the growth drivers I just highlighted over the next several years that this business can actually grow 6% to 8% annually.

我們相信，考慮到我剛才強調的未來幾年的成長動力，該業務實際上每年可以成長 6% 到 8%。

Turning to infrastructure software.

轉向基礎設施軟體。

We started a few years ago with Brocade, a storage area networking switch business.

幾年前，我們開始涉足 Brocade，這是一家儲存區域網路交換器公司。

Then we acquired CA, which is a leading independent provider of mainframe tools, and we just closed on Symantec, the leading enterprise security software provider in November.

然後我們收購了 CA，這是一家領先的獨立大型主機工具提供商，我們剛剛在 11 月收購了領先的企業安全軟體提供商賽門鐵克。

Our Brocade acquisition was predicated on view that a fiber channel SAN switching market for large enterprises was sustainable and that we could just grow our leadership position with additional investment.

我們收購 Brocade 的前提是，大型企業的光纖通道 SAN 交換市場是可持續的，而且我們可以透過額外投資來鞏固我們的領導地位。

And after a couple of years now, it's fairly clear this investment thesis was right.

幾年後，很明顯這個投資論點是正確的。

Similarly, we bought CA because we felt the mainframe market for the launch of enterprises was stable and, in fact, growing, and that CA was critical to customers who rely on mainframes to run their businesses.

同樣，我們購買 CA 是因為我們認為企業啟動的大型主機市場穩定，而且事實上還在成長，而且 CA 對於依賴大型主機運行業務的客戶至關重要。

It's still early innings 1 year now, just over 1 year, but mainframe compute is growing with our target customers.

現在還處於 1 年的早期階段，剛剛超過 1 年，但大型主機運算正在與我們的目標客戶一起成長。

We are increasing investments in mainframes to support our leadership position.

我們正在增加對大型主機的投資，以支持我們的領導地位。

The CA customer transition continues with core accounts growing double digits while noncore accounts attrit as we had planned.

CA 客戶轉型仍在繼續，核心客戶以兩位數成長，而非核心客戶則按我們的計劃減少。

We expect Symantec to start with $1.8 billion of core sustainable incremental annual run rate revenue that we believe we can grow to over $2 billion over the next 3 years.

我們預計賽門鐵克將從 18 億美元的核心可持續增量年運行率收入開始，我們相信我們可以在未來 3 年內成長到超過 20 億美元。

Our infrastructure software segment is becoming more predictable with ratable recurring revenue contribution from CA and now also with Symantec.

我們的基礎設施軟體部門正變得更加可預測，CA 以及現在賽門鐵克的可評估經常性收入貢獻也隨之增加。

And we anticipate over $7 billion infrastructure software revenue in fiscal 2020.

我們預計 2020 財年基礎設施軟體營收將超過 70 億美元。

In summary, therefore, our long-term plan for this company is to invest in organic growth in our core semi business while continuing to scale up our infrastructure software business through disciplined and highly accretive acquisitions.

因此，總而言之，我們對該公司的長期計劃是投資於我們的核心半導體業務的有機成長，同時透過嚴格和高度增值的收購繼續擴大我們的基礎設施軟體業務。

Now let me turn the call over to Tom.

現在讓我把電話轉給湯姆。

Thank you, Hock.

謝謝你，霍克。

Let me start with a review of our fourth quarter and fiscal 2019 results.

首先讓我回顧一下我們第四季和 2019 財年的業績。

I'll then spend some time discussing our outlook for fiscal 2020, after which we will open up the call for questions.

然後我將花一些時間討論我們對 2020 財年的展望，之後我們將開放提問。

Consolidated net revenue for the fourth quarter was $5.8 billion, a 6% increase from a year ago.

第四季綜合淨收入為 58 億美元，比去年同期成長 6%。

Semiconductor solutions revenue was $4.6 billion and represented 79% of our total revenue this quarter.

半導體解決方案營收為 46 億美元，佔本季總營收的 79%。

This was down 7% year-on-year and up 5% quarter-over-quarter.

年減 7%，季增 5%。

On a sequential basis, networking sustained driven by an uptick in our custom silicon solutions.

從順序來看，網路持續受到我們客製化晶片解決方案成長的推動。

Storage also held up driven by increased demand for high-capacity drives.

由於對大容量驅動器的需求增加，儲存也保持了成長。

This was offset by increased volatility in broadband, especially as the market prepares for the WiFi 6 transition.

這被寬頻波動性的增加所抵消，尤其是在市場為 WiFi 6 過渡做準備的情況下。

And as is typical in our fourth fiscal quarter, wireless was seasonally up.

正如我們第四財季的典型情況一樣，無線業務呈現季節性成長。

Revenue for the infrastructure software segment was $1.2 billion and represented 21% of revenue.

基礎設施軟體部門的收入為 12 億美元，佔收入的 21%。

The CA business continues to perform well.

CA業務持續表現良好。

SAN switching demand remains muted as our partner OEM supply chain continues to compress.

由於我們的合作夥伴 OEM 供應鏈持續壓縮，SAN 交換需求仍然低迷。

That being said, the SAN switching business was up from the Q3 low points, and the market for these products looks to be stabilizing.

話雖如此，SAN 交換業務已從第三季的低點回升，這些產品的市場似乎正在穩定下來。

Looking down the P&L sequentially.

依序查看損益表。

Gross margins dropped given the seasonal mix shift to wireless in our semi business, while operating expenses remained relatively flat at just over $1 billion.

由於我們的半成品業務季節性轉向無線業務，毛利率有所下降，而營運費用則保持相對平穩，僅略高於 10 億美元。

Operating income from continuous operations was $3 billion and represented 52.3% of net revenue.

持續經營帶來的營業收入為 30 億美元，佔淨收入的 52.3%。

Adjusted EBITDA was $3.2 billion and represented 54.8% of net revenue.

調整後 EBITDA 為 32 億美元，佔淨收入的 54.8%。

This figure excludes $143 million of depreciation.

這一數字不包括 1.43 億美元的折舊。

I would also note that we accrued $119 million of restructuring/integration expenses and made $150 million of cash restructuring/integration payments in the quarter.

我還要指出的是，本季我們累計了 1.19 億美元的重組/整合費用，並支付了 1.5 億美元的現金重組/整合付款。

These expenses and payments are primarily related to CA.

這些費用和付款主要與 CA 有關。

We spent $96 million on capital expenditures, and free cash flow represented 41% of revenue or $2.4 billion.

我們的資本支出為 9,600 萬美元，自由現金流佔收入的 41%，即 24 億美元。

In the quarter, we returned $1.6 billion to our common stockholders, including $1.1 billion of cash dividends.

本季度，我們向普通股股東返還 16 億美元，其中包括 11 億美元現金股利。

As we previewed when we announced the Symantec deal, in Q4, we initiated the transition from stock buybacks to debt repayment.

正如我們在第四季度宣布與賽門鐵克交易時所預見的那樣，我們啟動了從股票回購到債務償還的過渡。

In the quarter, we invested $587 million for the repurchase and elimination of 2.1 million AVGO shares.

本季度，我們投資了 5.87 億美元，用於回購和註銷 210 萬股 A​​VGO 股票。

However, we also paid down $4.8 billion of debt with proceeds from our preferred stock offering and excess cash flow.

然而，我們也利用優先股發行收益和超額現金流償還了 48 億美元的債務。

We ended the quarter with $5.1 billion of cash, $32.8 billion of total debt, 398 million outstanding common shares and 444 million fully diluted shares for the quarter.

本季末，我們擁有 51 億美元現金、328 億美元總債務、3.98 億股已發行普通股和 4.44 億股完全稀釋股票。

Now let's recap performance for the full fiscal year 2019.

現在讓我們回顧一下 2019 財年的表現。

Our revenue hit a new record of $22.6 billion, growing 8% year-on-year.

我們的營收創下 226 億美元的新紀錄，年增 8%。

Semiconductor solutions revenue was $17.4 billion, down 8% year-over-year.

半導體解決方案營收為 174 億美元，年減 8%。

As Hock reviewed, revenue from our core semiconductor business, which does not include wireless and industrial, was down 4%.

正如 Hock 所評論的，我們的核心半導體業務（不包括無線和工業）收入下降了 4%。

Infrastructure software revenue was $5.2 billion, which included $3.4 billion from CA mainframe and enterprise and $1.8 billion from Brocade SAN switching.

基礎設施軟體收入為 52 億美元，其中包括來自 CA 大型主機和企業的 34 億美元以及來自 Brocade SAN 交換的 18 億美元。

Gross margin for the year was a record high 71%, up from 67% a year ago.

今年的毛利率創歷史新高，達到 71%，高於一年前的 67%。

The addition of CA as well as the beneficial mix in semiconductor product sales drove the gross margin expansion.

CA的加入以及半導體產品銷售的有利組合推動了毛利率的擴張。

Additionally, operating expenses expanded to $4.1 billion with the addition of CA, offset by lower annual performance bonus amounts relative to 2018.

此外，隨著 CA 的增加，營運支出擴大至 41 億美元，但被年度績效獎金金額較 2018 年減少所抵銷。

Operating income from continuing operations was $11.9 billion, up 14.4% year-over-year and represented 52.8% of net revenue.

持續經營業務的營業收入為 119 億美元，年增 14.4%，佔淨收入的 52.8%。

Adjusted EBITDA was $12.6 billion, up 13.5% year-over-year and represented 55.7% of net revenue.

調整後 EBITDA 為 126 億美元，年增 13.5%，佔淨收入的 55.7%。

This figure excludes $569 million of depreciation.

該數字不包括 5.69 億美元的折舊。

I would also note that we accrued $1.1 billion of restructuring/integration expenses and made $883 million of cash restructuring/integration payments in fiscal 2019.

我還要指出的是，我們在 2019 財年累計了 11 億美元的重組/整合費用，並支付了 8.83 億美元的現金重組/整合費用。

We spent $432 million on capital expenditures, and free cash flow represented 41% of revenue or $9.3 billion.

我們的資本支出為 4.32 億美元，自由現金流佔收入的 41%，即 93 億美元。

Free cash flow grew 12.4% year-over-year.

自由現金流年增12.4%。

For the year, we returned $10.6 billion to our common stockholders, consisting of $4.2 billion in the form of cash dividends and $6.4 billion for the repurchase and elimination of 24.5 million AVGO shares.

今年，我們向普通股股東返還了 106 億美元，其中 42 億美元以現金股利形式，64 億美元用於回購和註銷 2,450 萬股 A​​VGO 股票。

Okay.

好的。

So now let's look ahead to fiscal 2020.

現在讓我們展望 2020 財年。

The outlook for our business is as follows.

我們的業務前景如下。

In the semiconductor solutions segment, we expect to achieve approximately $18 billion in revenue.

在半導體解決方案領域，我們預計將實現約 180 億美元的收入。

Let me unpack this a bit.

讓我稍微解開一下這個。

We expect our core semiconductor business to deliver approximately $12 billion in revenues in 2020, which would represent approximately 7% growth compared to 2019.

我們預計我們的核心半導體業務將在 2020 年實現約 120 億美元的收入，較 2019 年成長約 7%。

Our wireless businesses which, let me remind everybody, consists of 3 primary product lines: one is RF; the other is WiFi/Bluetooth combos; and finally, our mixed signal custom products, which we sell almost exclusively to one of our large smartphone customers.

我們的無線業務，我提醒大家，主要有3條產品線：一是射頻；二是射頻。另一種是WiFi/藍牙組合；最後，我們的混合訊號客製化產品，我們幾乎專門向我們的大型智慧型手機客戶之一銷售。

RF, which represented approximately $2.2 billion of revenues in fiscal 2019 is expected to grow high single digits given the initial ramp in 5G phones.

鑑於 5G 手機的初步成長，RF 在 2019 財年的營收約為 22 億美元，預計將實現高個位數成長。

WiFi/Bluetooth combos, which was approximately $2.2 billion in fiscal 2019, is expected to be down low single digits.

WiFi/藍牙組合在 2019 財年的銷售額約為 22 億美元，預計將下降低個位數。

The adoption of new WiFi 6 solutions at our 2 large smartphone customers will be offset by the completion of our movement away from noncore, lower-margin legacy WiFi business, which will adversely impact this product line's 2022 revenues.

我們的 2 個大型智慧型手機客戶採用新的 WiFi 6 解決方案將被我們擺脫非核心、利潤較低的傳統 WiFi 業務的完成所抵消，這將對該產品線 2022 年的收入產生不利影響。

Finally, our mixed signal custom product line, which was approximately $1.1 billion in fiscal 2019, is expected to drop to less than $500 million in fiscal 2020.

最後，我們的混合訊號客製化產品線在 2019 財年約為 11 億美元，預計到 2020 財年將降至不到 5 億美元。

The reduction in revenues here is driven by a change in architecture at our primary smartphone customer as well as our decision to reduce our investment in this area and focus our engineering resources on more sustainable and profitable activities in our core semi business.

收入減少的原因是我們的主要智慧型手機客戶的架構發生了變化，以及我們決定減少在這一領域的投資並將我們的工程資源集中在我們核心半業務中更可持續和更有利可圖的活動上。

Finally, industrial, which consists primarily of optoelectronic power management and sensing product lines, we expect business will stabilize and recover in fiscal '20 after a challenging fiscal 2019 and to contribute approximately $1 billion in revenues.

最後，工業領域主要由光電電源管理和感測產品線組成，我們預計業務將在充滿挑戰的 2019 財年之後在 20 財年穩定和復甦，並貢獻約 10 億美元的收入。

Switching to the software segment.

切換到軟體部分。

As Hock reviewed, we expect the business to grow to approximately $7 billion.

正如 Hock 所評論的，我們預計該業務將成長至約 70 億美元。

Symantec is expected to contribute approximately $1.8 billion, including the effects of purchase accounting, while CA and Brocade are expected to be relatively flat to up slightly.

賽門鐵克預計將貢獻約 18 億美元，其中包括採購會計的影響，而 CA 和博科預計將相對持平或略有上升。

So on a consolidated basis, we are forecasting net revenue to be approximately $20 billion -- $25 billion, excuse me, plus or minus $500 million for fiscal 2020.

因此，在綜合基礎上，我們預計 2020 財年的淨收入約為 200 億美元 - 250 億美元，上下浮動 5 億美元。

One housekeeping item, our IP or intellectual property segment will be included in our semi solutions segment going forward given this business represented a material amount of revenue.

鑑於這項業務代表了可觀的收入，我們的智慧財產權或智慧財產權部門將被納入我們的半解決方案部門。

We'll therefore have 2 reporting segments in fiscal '20, semiconductor solutions and infrastructure software.

因此，我們將在 20 財年有兩個報告部分：半導體解決方案和基礎設施軟體。

Turning to our fiscal year 2020 guidance.

轉向我們的 2020 財年指導。

On a non-GAAP basis, operating margins and adjusted EBITDA margins are expected to be relatively flat in fiscal '20.

根據非公認會計原則，預計 20 財年的營業利潤率和調整後 EBITDA 利潤率將相對持平。

There are a number of specific headwinds.

有許多具體的阻力。

As Hock discussed, we are increasing our investment near term in our core semi business to take advantage of growth opportunities we see there.

正如霍克所討論的，我們近期正在增加對核心半導體業務的投資，以利用我們在那裡看到的成長機會。

We're also in a transition year with Symantec given effects of purchase accounting near term and onetime expenses tied to the transition services agreement in place with Norton LifeLock.

考慮到近期購買會計的影響以及與諾頓 LifeLock 簽訂的過渡服務協議相關的一次性費用，我們也正處於賽門鐵克的過渡年。

And finally, we will have a headwind from our bonus accrual.

最後，我們的獎金累積將會遇到阻力。

We'll be setting a target, which impacts 2020.

我們將設定一個影響 2020 年的目標。

Looking beyond fiscal '20, we expect to continue to expand our operating margins organically and are targeting 55% by fiscal 2022.

展望 20 財年之後，我們預計將繼續有機擴大營業利潤率，並目標到 2022 財年達到 55%。

Now on to capital allocation.

現在進行資本配置。

We remain committed to returning approximately 50% of our prior year free cash flow to stockholders in the form of cash dividends.

我們仍致力於以現金股利的形式將上一年自由現金流的約 50% 返還給股東。

With that, on the dividend, based on approximately $9 billion of free cash flow after M&A and related items that we generated in fiscal 2019, we are increasing our target quarterly common stock cash dividend starting this quarter to $3.25 per share.

因此，在股息方面，基於我們在 2019 財年產生的併購和相關項目後約 90 億美元的自由現金流，我們將從本季度開始將目標季度普通股現金股息提高至每股 3.25 美元。

This constitutes an increase of 23%.

這意味著成長了 23%。

We plan to maintain this dividend payout throughout the year, subject to quarterly Board approval, which means we plan to pay out just over $5 billion in cash dividends in fiscal '20.

我們計劃全年維持這種股息支付，但須經董事會季度批准，這意味著我們計劃在 20 財年支付略高於 50 億美元的現金股息。

Consistent with our capital allocation policy, we will reassess the dividend this time next year based on our fiscal '20 free cash flow from operations results.

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 20 財年營運結果的自由現金流重新評估股利。

In addition, we plan to pay down approximately $4 billion in debt in fiscal '20 as part of our commitment to maintain our investment-grade credit rating.

此外，作為我們維持投資等級信用評級承諾的一部分，我們計劃在 20 財年償還約 40 億美元的債務。

That concludes my prepared remarks.

我準備好的發言就到此結束。

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

（接線生說明）接線員，請撥打電話詢問問題。

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

（操作員指示）我們的第一個問題來自摩根大通的 Harlan Sur。

One of the areas obviously which has been a strong growth driver for the team in 2019 as you mentioned, Hock, has been cloud and hyperscale data center networking and compute acceleration.

正如您所提到的，Hock，雲端和超大規模資料中心網路和運算加速顯然是該團隊 2019 年強勁成長動力的領域之一。

You got Tomahawk, Trident, Jericho, your compute and security acceleration, ASICs and the new optical connectivity portfolio.

您擁有 Tomahawk、Trident、Jericho、您的運算和安全加速、ASIC 和新的光纖連接產品組合。

There was a bit of pause in cloud spending in the first half of this year, but it looks like that, that is starting to reaccelerate and looking to be strong in 2020.

今年上半年，雲端支出出現了一些停頓，但看起來，這種支出開始重新加速，並有望在 2020 年變得強勁。

You also have the start of the 400-gig upgrade cycle.

您也可以開始 400 GB 升級週期。

So for fiscal '20, how do you see the data center part of your semi franchise performing relative to 2019?

那麼，對於 20 財年，您如何看待您的半特許經營權的資料中心部分相對於 2019 年的表現？

Is this going to be another strong year?

今年會是另一個強勁的一年嗎？

And then just secondarily, one of your customers, Cisco, just announced that they're getting into the merchant silicon market for cloud networking.

其次，您的客戶之一思科剛剛宣布他們正在進入雲端網路的商用晶片市場。

You guys have a strong position here and, in fact, have helped these guys, both merchant and ASIC on their networking platforms.

你們在這裡擁有強大的地位，事實上，你們已經幫助了這些人，無論是商人還是 ASIC 的網路平台。

It would be great to get your views on this customer now as a potential competitor.

如果現在能了解您對該客戶作為潛在競爭對手的看法，那就太好了。

Well, let's start with the first part of your question, which is how do we see 2020 business for networking.

好吧，讓我們從您問題的第一部分開始，即我們如何看待 2020 年的網路業務。

And there are 2 parts to each of these, as you know.

如您所知，每個部分都有兩個部分。

There's the cloud guys, service provider and cloud guys, and there is the more traditional enterprise.

有雲端人員、服務供應商和雲端人員，還有更傳統的企業。

And we see spending in the cloud guys, as you correctly pointed out, stepping up more and more in 2020.

正如您正確指出的那樣，我們看到雲端運算的支出在 2020 年會越來越多。

We've seen some of it this year, calendar -- in the later part of calendar '19 in investment in storage, and we will start to see in 2020 spending on networking to start ramping up, especially with regard to 200-gigabit and 400-gigabit, especially in the second half of the year, which will be great for us because of our product portfolio, Tomahawk 3 and even Trident 4, in these areas as well as, of course, the spine.

今年我們已經看到了其中的一些，日曆 - 在 19 日曆的後期存儲投資方面，我們將在 2020 年開始看到網絡支出開始增加，特別是在 200 吉比特和400 Gb，特別是在今年下半年，這對我們來說非常有利，因為我們在這些領域以及骨幹領域的產品組合，Tomahawk 3 甚至Trident 4。

So to us, we see 2020 as continue growth momentum basically in our data center business, especially when it relates to cloud.

因此，對我們來說，我們認為 2020 年我們的資料中心業務基本上將持續成長勢頭，尤其是與雲端相關的業務。

In enterprise, we are not so sure.

在企業中，我們不太確定。

Enterprise has clearly taken a pause second half of '19, calendar '19, and we see that pause probably continuing for a while into '20 before possibly, in our thinking, slowly recovering later half of 2020 for enterprise.

企業顯然在 19 年下半年暫停了，我們認為這種暫停可能會持續一段時間到 20 年，然後我們認為企業可能會在 2020 年下半年慢慢恢復。

And that's -- I mean there's a clear difference in the spending.

我的意思是支出有明顯差異。

And with respect to one of our very good customers turning into -- coming into merchant silicon with the recent announcement, I think yesterday, on One Silicon -- or the Silicon One and the Router 8000, I think it's -- we welcome that because it validates couple of things we've been pushing for years.

對於我們非常好的客戶之一進入商用晶片領域，我認為是昨天，在 One Silicon 上，或者是 Silicon One 和路由器 8000，我認為是，我們對此表示歡迎，因為它驗證了我們多年來一直在推動的一些事情。

One of which is that there will be and there has been and will be more and more disaggregation of software, the operating system, from hardware, the silicon, the chip that supports it.

其中之一是，軟體、作業系統與硬體、矽、支援它的晶片將會越來越多地分離。

There will be more and more disaggregation.

將會有越來越多的分解。

As you know, traditionally, it's all wrapped into a black box as one.

如您所知，傳統上，所有這些都被包裝在一個黑盒子中。

That disaggregation path has obviously been pushed, and we have enabled that by the cloud guys, the hypercloud guys.

這條分解路徑顯然已經被推動了，我們已經由雲端專家、超雲專家實現了這一點。

And we have been very successful enabling it, and that's great.

我們非常成功地實現了這一目標，這非常棒。

So the fact that Cisco has joined it, in our view, validates the model, the trend we have been pushing.

因此，在我們看來，思科加入這一事實驗證了我們一直在推動的模式和趨勢。

And it's great to see that we're right in that regard.

很高興看到我們在這方面是正確的。

So we'll welcome the competition.

所以我們會歡迎競爭。

I just want to add it's not only in cloud that we're seeing that happen.

我只是想補充一點，我們不僅在雲端看到這種情況發生。

It's also in enterprise, traditional enterprise, particularly some of the large telcos who you classify as cloud, too, and I don't need to mention names, but a few of the very large telcos, both in North America and in Europe are also pushing down that path with us very, very closely.

它也存在於企業、傳統企業中，特別是一些您也歸類為雲端的大型電信公司，我不需要提及名字，但北美和歐洲的一些非常大的電信公司也是如此。地沿著這條道路前進。

And they're very -- and some of them are very far along, especially -- and we're using our Jericho 2 router to enable it.

它們非常 - 其中一些非常遙遠，特別是 - 我們正在使用 Jericho 2 路由器來啟用它。

And talking of which, that Jericho 2 router, which we're using today to enable the path of those telcos, enterprises towards disaggregation of hardware and software, has been around, and we've been shipping it for over a year.

說到這一點，我們今天使用的 Jericho 2 路由器已經存在，我們已經交付它一年多了，它可以幫助電信公司和企業實現硬體和軟體的分解。

And that runs 10 terabits per second.

每秒運行 10 太比特。

The same bandwidth as Silicon One announced yesterday.

與 Silicon One 昨天宣布的頻寬相同。

And earlier this week, we announced as a future successor 25.6-terabit per second switching and routing.

本週早些時候，我們宣布作為未來的繼任者每秒 25.6 太比特的交換和路由。

And that's where we're pushing now, 2.5x the performance of what just came out.

這就是我們現在正在推動的方向，效能是剛推出的產品的 2.5 倍。

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。

A question on the Symantec business, the $1.8 billion starting point.

關於賽門鐵克業務的問題，18 億美元的起點。

Can you talk about if there's any impact there of any divestitures you might be considering?

您能否談談您可能考慮的資產剝離是否會產生任何影響？

And then once getting past that, just comment around do you think you can grow it from that level?

然後一旦超過這個水平，就發表評論，你認為你可以從這個水平增長它嗎？

What are some of the growth drivers that you see in the Symantec side of the business?

您認為賽門鐵克業務的成長動力有哪些？

Craig, it's Tom.

克雷格，是湯姆。

I think we talked about this in the past.

我想我們過去討論過這個問題。

We take the original run rate, which is about a $2.4 billion run rate on the enterprise business.

我們採用原始運作率，即企業業務的運作率約為 24 億美元。

We're going to focus on core accounts in terms of investment and where we're going to try to drive our combined strategy with CA and Symantec.

我們將在投資方面專注於核心客戶，並努力推動我們與 CA 和賽門鐵克的聯合策略。

We're also going to rationalize the portfolio around some of the noncore businesses, especially in the areas of services.

我們還將圍繞一些非核心業務合理化投資組合，特別是在服務領域。

So when we take that into account as well as some of the effects on purchase accounting, which is a couple of hundred million dollars, we're going to start a run rate of about $1.8 billion.

因此，當我們考慮到這一點以及對採購會計的一些影響（數億美元）時，我們將開始運行約 18 億美元的運行率。

And then we think we can grow that.

然後我們認為我們可以發展它。

It's obviously a growing market.

這顯然是一個不斷成長的市場。

We've talked a lot about the growth of the market.

我們已經談論了很多關於市場成長的問題。

We've talked about the 3 core franchises, the endpoint protection, DLP and the web proxy area.

我們已經討論了 3 個核心專營權：端點保護、DLP 和 Web 代理程式領域。

We think those 3 areas focused on core large accounts will allow us to continue to grow the business over the next several years, and we should comfortably exit year 3 at a run rate over $2 billion.

我們認為，專注於核心大客戶的這 3 個領域將使我們能夠在未來幾年繼續發展業務，並且我們應該以超過 20 億美元的運行率輕鬆結束第 3 年。

Our next question comes from Vivek Arya with Bank of America.

我們的下一個問題來自美國銀行的 Vivek Arya。

I actually wanted to dig into the fiscal '20 guidance and the 2 aspects of what, Hock, are you baking in for trade tensions and kind of the return of shipments to Huawei or other Chinese customers.

我實際上想深入研究 20 財年的指導意見，以及霍克，您是否正在應對貿易緊張局勢以及將貨物退回給華為或其他中國客戶的兩個方面。

And the other aspect, you are now classifying wireless as a financial asset rather than what has been kind of a core strategic asset.

另一方面，您現在將無線歸類為金融資產，而不是核心策略資產。

And I'm not sure what the implications are longer term for Broadcom.

我不確定這對博通的長期影響是什麼。

To answer the latter question, not -- short term, nothing has changed.

要回答後一個問題，短期內沒有任何改變。

It's available asset.

這是可用資產。

And it's still there, we are still investing and making sure it sustains itself.

它仍然在那裡，我們仍在投資並確保它能夠自我維持。

It's just that we are highlighting it as a fact that it's -- that differentiated from the core semiconductor sets of products, portfolio of products, we're highlighting there is a difference and -- because those are stand-alone franchises.

只是我們強調它是一個事實，它與核心半導體產品系列、產品組合不同，我們強調兩者之間存在差異，因為這些是獨立的特許經營權。

And it gives you a sense how powerful those technology and franchises are that they can stand-alone, fairly large size in these markets.

它讓您感受到這些技術和特許經營權有多強大，它們可以在這些市場中獨立且規模相當大。

But as we look at all our portfolio companies, they are assets and franchises and where we particularly highlight for this purposes of this review while we pull out costs and [misses].

但當我們審視所有的投資組合公司時，我們會發現它們是資產和特許經營權，為此我們在剔除成本和[失誤]的同時，特別強調了這一點。

There's a lot of synergies.

有很多協同效應。

There's a lot of push in data centers, networking, and it covers both cloud and enterprises and covers both hardware and increasingly software operating systems, like eventually even infrastructure software.

資料中心、網路方面有很多推動力，它涵蓋了雲端和企業，涵蓋了硬體和越來越多的軟體作業系統，最終甚至包括基礎設施軟體。

And we want to highlight that difference and highlight the difference, in particular, to show you that in those core areas of data centers, we don't drop as much as the marketplace, as we saw in 2019, where year-on-year organically, we're down only 4%.

我們想要強調這種差異，特別是向您展示，在資料中心的這些核心領域，我們的下降幅度沒有市場那麼大，正如我們在 2019 年看到的那樣，同比從有機角度來看，我們僅下降了4%。

And that we expect some -- in 2020 to actually grow -- recover fairly quickly to mid- to high single digits year-on-year.

我們預計，到 2020 年，一些成長將相當快速地恢復到中高個位數。

Very fast in this end market because the environment is -- in the market, the environment is good.

這個終端市場的速度非常快，因為市場環境很好。

And we lead it by a long shot.

我們遙遙領先。

We lead in providing the technology, which is another interesting thing between selling systems and selling components.

我們在提供技術方面處於領先地位，這是銷售系統和銷售組件之間的另一個有趣的事情。

Components, be it software, be it semiconductor solution, is driven a lot by technology, good, strong technology which can be applied to allow customers to create differentiated systems.

組件、軟體、半導體解決方案在很大程度上是由技術驅動的，好的、強大的技術可以讓客戶創建差異化的系統。

Selling systems, [as a final] in software, is very much a relationship business, a very embedded software, where the key is service and support as opposed to technology, [to get to that difference].

銷售系統（作為軟體的最終目標）在很大程度上是一種關係業務，是一種非常嵌入式的軟體，其中關鍵是服務和支援而不是技術，[以實現這種差異]。

But that's really what we're trying to show here.

但這確實是我們想要在這裡展示的。

That's why we highlight the strength of our core semiconductor network franchise.

這就是為什麼我們強調我們核心半導體網路特許經營權的實力。

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

我們的下一個問題將來自德意志銀行的羅斯·西莫爾。

I guess a 2-pronged question.

我想這是一個雙管齊下的問題。

The 7% growth you're talking about and what you're now calling core, from an answer to an earlier question, it seems like networking is a big portion of that.

你所說的 7% 的成長以及你現在所說的核心，從對先前問題的回答來看，網路似乎是其中的很大一部分。

But can you talk through a little bit about the other moving parts, broadband, et cetera?

但是您能談談其他移動部分，寬頻等嗎？

And then within the WiFi/Bluetooth combo side of the, I guess wireless business, can you give us a little more color on what's happening with why that's going down low single digits year-over-year?

然後，在無線業務的 WiFi/藍牙組合方面，您能否給我們更多的資訊來說明正在發生的事情以及為什麼同比下降較低的個位數？

And when you bought that asset, people thought you might have gotten rid of it and divested it.

當你購買該資產時，人們認為你可能已經擺脫它並剝離它。

Then you seem to really like the differentiation, the sustainability.

那麼你似乎真的很喜歡差異化和永續性。

Now it seems like it might be somewhere between those 2 viewpoints.

現在看來它可能介於這兩種觀點之間。

So a little color would be helpful.

所以一點顏色會有幫助。

That's a good point.

那是個很好的觀點。

On our core semiconductor business, touching on the first part of it, obviously networking is -- especially merchant silicon in networking has been a very strong driver.

在我們的核心半導體業務上，談到它的第一部分，顯然網路是——尤其是網路中的商用晶片一直是一個非常強大的驅動力。

And particularly so in the latter part of '19 when enterprise spending slowed down, and it has stabilized, but it has definitely slowed down.

尤其是在 19 年下半年，企業支出放緩，並且已經穩定下來，但肯定已經放緩。

And -- but cloud starts to recover, and the various -- the portfolio, the various positions we have -- product portfolio we have in all these areas allows us on balance to mitigate quite a bit this slowdown.

而且——但是雲端運算開始復甦，我們在所有這些領域擁有的各種產品組合、產品組合使我們能夠在很大程度上緩解這種放緩。

And the big -- one of the biggest area that allows mitigation to any slowdown in networking, as you've seen, is compute offload.

如您所見，計算卸載是緩解網路速度下降的最大領域之一。

Here, this is very much a cloud spend.

在這裡，這很大程度上是雲端支出。

And the biggest area of mitigation, it continues to be AI.

最大的緩解領域仍然是人工智慧。

We ship AI chips, provides one of the biggest segment for opportunities, I should say, for compute offload business.

我應該說，我們運送人工智慧晶片，為計算卸載業務提供了最大的機會之一。

And this is a real business now.

現在這是一樁真正的生意。

We're shipping several hundred million dollars a year and growing of these AI chips.

我們每年出貨數億美元，並且不斷增加這些人工智慧晶片。

We are also starting to emerge in a few other areas as in virtualization or hypervisor, and we all typically call Smart NIC.

我們也開始在其他一些領域出現，例如虛擬化或虛擬機器管理程序，我們通常稱之為智慧型 NIC。

But that, we're starting to see happen.

但我們已經開始看到這種情況發生了。

And that's also in cloud.

這也是在雲端。

And in enterprise, the move towards higher bandwidth mix, performance mix, is also helping clients there.

在企業中，轉向更高頻寬組合、效能組合的轉變也對那裡的客戶有所幫助。

So there's a whole slew of things in data centers that mitigate each other.

因此，資料中心中有很多東西會相互影響。

Having said that, in 2019, especially second half, broadband.

話雖如此，2019年，尤其是下半年，寬頻。

We are very big in this area.

我們在這個領域非常大。

The video delivery in cable in -- which are in DSL, digital subscriber line copper, or PON, fiber to the home, slowed down second half '19.

2019 年下半年，電纜中的視訊傳輸（DSL、數位用戶銅線或 PON、光纖到戶）速度放緩。

We're now seeing, as we approach the end of the year, a lot of great momentum as telcos seem to recover their spending in broadband, and we're seeing a very sharp recovery.

現在，隨著年底的臨近，我們看到電信公司似乎正在恢復寬頻支出，勢頭強勁，而且我們看到了非常急劇的復甦。

When all this mix is put together, broadband, we see as far as a market, that's very stable, go through cycles with an underlying push on WiFi access as more and more of this access gateways are now deploying WiFi, as I say, especially the next-generation WiFi 6. So that creates a little degree of growth.

當所有這些組合放在一起時，我們認為寬頻市場非常穩定，隨著越來越多的接入網關現在部署 WiFi，它會經歷一個週期，並推動 WiFi 接入，正如我所說，特別是下一代WiFi 6。 因此這會帶來一定程度的成長。

But broadband in general, stable, goes through cycles and sometimes will offset it.

但寬頻整體來說是穩定的，會經歷週期，有時會抵消它。

But the data center networking business is a secular growth area, and that's why we talked about stepping up our investment in this area.

但資料中心網路業務是一個長期成長的領域，這就是我們談論加大在該領域投資的原因。

And that's the other reason we want to highlight on the call, that we are actually investing, increasing the level of investment as a percent of revenue, as an example, in this particular area.

這就是我們想在電話會議上強調的另一個原因，即我們實際上正在投資，例如在這個特定領域，提高投資水平佔收入的百分比。

And that includes our foray into silicon photonics, which is intended to enable integration of the silicon switch, together with fiber optic interconnects as we move from 25.6-gigabit per second routing to the next gen, 2 years from now, 51-terabit per second.

這包括我們進軍矽光子學，旨在實現矽交換機與光纖互連的集成，因為我們從每秒 25.6 吉比特路由轉向下一代，即 2 年後的每秒 51 太比特。

It's so high density, I think we need that integration, and we're preparing towards that direction.

它的密度如此之高，我認為我們需要這種整合，我們正在朝著這個方向做準備。

Our next question comes from Mitch Steves with RBC Capital Markets.

我們的下一個問題來自 RBC 資本市場的 Mitch Steves。

I kind of wanted to go into the operating margin side of the equation, you guys are talking about 55%.

我有點想討論一下等式的營業利潤率，你們談論的是 55%。

But given the fact that you guys have got more software assets and it seems like your integration is going well as well, is there any reason why that couldn't be higher?

但鑑於你們擁有更多的軟體資產，而且看起來你們的整合也進展順利，有什麼理由不能更高呢？

I guess, why is it so, I guess, muted relative to the mix improving on the software side?

我想，為什麼相對於軟體方面的混音改進來說，它如此靜音？

Well, I figured one way -- I thought 55% sounds pretty good.

嗯，我想到了一種方法——我認為 55% 聽起來不錯。

I mean we're moving from what is around 52%, getting to 53% over the next 3 years to 55%.

我的意思是，我們將從 52% 左右，在未來 3 年內達到 53%，再到 55%。

It's like -- something out 3 years is a trajectory.

這就像——三年後的事情是一個軌跡。

And we believe we are well on that trajectory.

我們相信我們正沿著這條軌道前進。

And you're right, you get to more than 55%, but we figured 55% is a nice target milestone to land in.

你是對的，你達到了 55% 以上，但我們認為 55% 是一個很好的目標里程碑。

And we may get there in 2 years instead of 3.

我們可能會在兩年而不是三年內實現這一目標。

Our next question comes from Edward Snyder with Charter Equity Research.

我們的下一個問題來自特許股票研究公司的愛德華·斯奈德。

Hock, in terms of the Symantec acquisition, it seems to me you kind of set this up a little bit different, a lot of the cost savings will be done before you get there in terms of kind of downsizing some of the assets that you don't need.

霍克，就賽門鐵克收購而言，在我看來，您的設置有點不同，在您達到目標之前，將通過縮小您不需要的某些資產來節省大量成本不需要。

Should we expect that some of the -- that you should see synergies from this accelerate -- or not accelerate, but show up sooner than we have with like CA and some of the other ones?

我們是否應該期望其中一些——你應該看到這種加速的協同效應——或者不加速，但比我們像 CA 和其他一些公司更快出現？

I know it's -- I'm not looking for guidance.

我知道這是——我不是在尋求指導。

I'm just trying to get a feel for how you're seeing the synergies play out for CA.

我只是想了解你們如何看待 CA 的綜效。

I know you talked about the revenue side of it, too.

我知道您也談到了收入方面。

But what we can expect, because I'm doing quarterly models now, just trying to get an idea of what that impact would be on cash flow in the second half of your fiscal year.

但我們可以期待什麼，因為我現在正在做季度模型，只是想了解這對財年下半年的現金流有何影響。

Okay.

好的。

That's a very good question actually, and to different -- to show the difference between the CA and Symantec because there is a difference.

實際上，這是一個非常好的問題，而且是為了表明 CA 和賽門鐵克之間的差異，因為它們之間存在差異。

To begin with the structure of the deal, CA, we bought the whole company.

首先從交易結構開始，CA，我們收購了整個公司。

And then we have to sit there, watch you guys -- you guys watch us as we restructure, and that does take longer to get to an end state, which we're not quite there yet, by the way, but getting closer into the CA integration unlike Symantec.

然後我們必須坐在那裡，看著你們——你們看著我們重組，這確實需要更長的時間才能達到最終狀態，順便說一句，我們還沒有完全達到最終狀態，但已經很接近了CA 集成與Symantec 不同。

Symantec is a carve-out of an asset.

賽門鐵克是一項資產的剝離。

So you're right.

所以你是對的。

It will get us to the end state quicker -- it will as we expand.

它將讓我們更快地達到最終狀態——隨著我們的擴張，它會的。

But in the short term, we had to handle transition services agreements from the RemainCo, Norton LifeLock, while we work through that.

但在短期內，我們必須處理來自 RemainCo、Norton LifeLock 的過渡服務協議，同時我們也要努力解決這些問題。

And there will be probably 6 months of transition services arrangements before we're out of it.

在我們結束之前，可能會有 6 個月的過渡服務安排​​。

But then we get to -- because we only take the assets we really want and the people we really want, you'll see us get there faster.

但隨後我們就會——因為我們只獲取我們真正想要的資產和我們真正想要的人員，所以你會看到我們更快地實現這一目標。

And that's where we expect to be able to do that.

這就是我們期望能夠做到這一點的地方。

Our next question comes from Matt Ramsay with Cowen.

我們的下一個問題來自馬特·拉姆齊和考恩。

Hock, in some of your comments, you talked about the new Cisco platform and the performance level that your switching and routing solutions have that are significantly higher than that.

Hock，在您的一些評論中，您談到了新的思科平台以及您的交換和路由解決方案的效能水準明顯高於該平台。

I wonder if you might talk a little bit about the mix of business in your switching and routing business, which pieces of revenue are at the highest performance points and what the tiering looks like within that stack, just to understand a little bit about what percentage of your business there might be competition with and which parts are super differentiated at those highest performance points?

我想知道您是否可以談談您的交換和路由業務中的業務組合，哪些收入處於最高性能點以及該堆疊中的分層是什麼樣的，只是為了了解一下百分比您的業務可能存在競爭，哪些部分在最高效能點上超級差異化？

I'm not a technologist to be able to delve in the level you want to.

我不是技術專家，無法深入你想要的水平。

Would be happy to take it separately.

很樂意單獨服用。

But broadly, let me try to answer the question.

但總的來說，讓我試著回答這個問題。

We have a pretty broad portfolio in our switching and routing business.

我們的交換和路由業務擁有相當廣泛的產品組合。

And by the way, the differentiation between switching and routing, the way we are architecting it is rapidly going away.

順便說一句，交換和路由之間的區別以及我們建造它的方式正在迅速消失。

It's how much more features you put in one versus the other, which is what differentiates between the Tomahawk and the Trident product line, not trying to confuse people.

戰斧和三叉戟產品線的區別在於你在其中一個產品中添加了多少功能，而不是試圖混淆人們。

But in broad terms, we have very high -- we are -- we have a whole portfolio that came from very high-end spine, which is routing, top of the rank switching, very high-end throughputs, all the way down to campus, which is more lower end, and we have a whole range of portfolio products that are -- I would say that are created to match each segment we are in.

但從廣義上講，我們擁有非常高的——我們是——我們擁有來自非常高端主幹的整個產品組合，其中包括路由、頂級交換、非常高端的吞吐量，一直到校園，這是更低端的，我們有一系列的產品組合——我想說，這些產品是為了匹配我們所處的每個細分市場而創建的。

And it cuts across the whole range, from very high end, hyper cloud, and even routing for operators like the Jericho 2 and beyond, all the way down to very low-end campus switching routing, which are chips that are relatively simpler.

它涵蓋整個範圍，從非常高端、超級雲，甚至像 Jericho 2 及更高版本的運營商路由，一直到非常低端的園區交換路由（這些晶片相對更簡單）。

And our strength is our ability to leverage across this entire portfolio.

我們的優勢在於我們能夠利用整個投資組合。

Our next question comes from C.J. Muse with Evercore.

我們的下一個問題來自 Evercore 的 C.J. Muse。

I guess wanted to just revisit the operating margin side.

我想只是想重新檢視營業利潤率方面。

And if you could speak to, I guess the moving parts in terms of how fast you expect to kind of cost down on Symantec and perhaps what increased investments might look like on the OpEx side to help us really understand the drivers of that flat guide?

如果您能談談，我想您希望賽門鐵克以多快的速度降低成本，以及營運支出方面增加的投資可能會是什麼樣子，以幫助我們真正了解該扁平化指南的驅動因素？

C.J., it's Tom.

C.J.，是湯姆。

I'll take that.

我會接受的。

So as we outlined on the call, I think the -- there's sort of 3 major pieces.

正如我們在電話會議中所概述的那樣，我認為有 3 個主要部分。

But we do have a couple hundred million dollar headwind in our annual performance bonus target because we under accrued in '19 given that we didn't hit our numbers.

但我們的年度績效獎金目標確實面臨數億美元的阻力，因為我們沒有達到我們的目標，所以我們在 19 年的應計獎金不足。

So that's one, it's a technical one, but it matters.

這就是其中之一，這是一個技術問題，但很重要。

The other is we are increasing investment, a, couple of hundred million dollars in the semiconductor business as well.

另一個是我們正在增加對半導體業務的投資，一、幾億美元。

So that's another headwind.

所以這是另一個逆風。

And then from a Symantec perspective, this is a business that was doing a couple hundred million dollars of EBITDA when we bought it.

從賽門鐵克的角度來看，當我們收購這家公司時，它的 EBITDA 已經達到了數億美元。

We're going to enter the year day 1 with obviously a much more elevated EBITDA figure, which we'll report on next quarter.

我們將進入今年的第一天，EBITDA 數字顯然會更高，我們將在下個季度報告這一數字。

But I think when you think about the TSA elements and some of the other restructuring items, there, you have another couple hundred million dollars that you have to get through as we look through the year.

但我認為，當你考慮到運輸安全管理局的內容和其他一些重組項目時，你會發現，在我們回顧這一年的過程中，你還必須解決另外幾億美元的問題。

So I would think of it in those 3 equal parts.

所以我會在這三個相等的部分中考慮它。

And then if you back that out and then you think about some of the organic growth that we're driving in core semis, we still have margin expansion.

然後，如果你放棄這一點，然後想想我們在核心半成品中推動的一些有機成長，我們仍然有利潤率擴張。

We've talked about this a lot over the years in terms of where we can take gross margins in our core semiconductor business, and the scale advantages that delivers in terms of the operating margin line.

多年來，我們多次討論過我們可以在核心半導體業務中獲得毛利率，以及在營業利潤率方面帶來的規模優勢。

That's how we get to the 55% target over the next 3 years.

這就是我們如何實現未來 3 年 55% 的目標。

And today's final question will come from William Stein with SunTrust.

今天的最後一個問題將由 SunTrust 的 William Stein 提出。

Great.

偉大的。

I want to say I like that 55% margin target.

我想說我喜歡 55% 的利潤目標。

But the question relates to 5G.

但問題與5G有關。

Hock, I think you talked about the pace of growth in -- pardon me, the pace of growth as it relates to 5G and handsets.

霍克，我想你談到了與 5G 和手機相關的成長速度——請原諒我。

Can you address your exposure to 5G infrastructure?

您能解決您對 5G 基礎設施的暴露問題嗎？

Oh, absolutely.

哦，絕對是。

Yes.

是的。

I think a lot of discussion have been a lot on 5G handset which, as Tom mentioned, especially in our RF side, RF division, we're very, very much in it.

我認為關於 5G 手機的討論很多，正如 Tom 所提到的，特別是在我們的 RF 方面，RF 部門，我們非常非常投入其中。

And it's great to the point where we expect to grow 19 to 20 because of content increase.

由於內容的增加，我們預計會成長 19 到 20 個，這非常棒。

But with respect to infrastructure, we are getting a lot of traction.

但在基礎設施方面，我們受到了極大的關注。

And I indicated in my opening remarks, and we've been very specific in the base station as a best example.

我在開場白中指出，我們非常具體地以基地台作為最好的例子。

I call it radio access network.

我稱之為無線接取網路。

It's really -- another term is base station.

這確實是——另一個術語是基地台。

And the base station for 5G networks to improve latency, to improve density throughput, the architect, the operators are pushing the network, the backhaul, all the network that takes a signal from the base station, they're pushing that right to the edge, which is into the base station.

5G 網路的基地台可以改善延遲，提高密度吞吐量，架構師、營運商正在推動網路、回程以及從基地台獲取訊號的所有網絡，他們正在將其推向邊緣，進入基地台。

In other words, ethernet is likely to be under open RAN, the open base RAN, we'll push as far as possible into the radios.

換句話說，乙太網路很可能處於開放 RAN、開放基礎 RAN 下，我們將盡可能地推動無線電。

And you really run the entire line end-to-end as much as you can on ethernet.

您實際上可以在乙太網路上盡可能地端到端地運行整條線路。

Even CPRI, which is typically the protocol that's used between the radio -- in the radio is now being minimized and squeezed out as opposed to just running a common higher bandwidth ethernet, which is, by the way, plays right up to our switching strength, routing and switching strength.

即使是通常在無線電之間使用的 CPRI 協定現在也被最小化並被擠出，而不是僅僅運行一個常見的更高頻寬的以太網，順便說一句，這正好符合我們的交換強度、路由和交換強度。

So we are very engaged now with OEMs in those -- on infrastructure side, in developing, testing and working on the key elements within the base station.

因此，我們現在與原始設備製造商在基礎設施方面、基地台內關鍵要素的開發、測試和工作方面密切合作。

That's our push very hard into 5G infrastructure, which is to no degree, part of the increased investment in core semis that Tom indicated of at least $200 million a year, not all of it, but a big part of it.

這是我們非常努力地推動 5G 基礎設施的發展，這絕不是湯姆表示每年至少 2 億美元的核心半導體增加投資的一部分，不是全部，而是其中的很大一部分。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect, and have a wonderful day.

您現在可以斷開連接，並度過美好的一天。