博通 (AVGO) 2022 Q3 法說會逐字稿

Welcome to Broadcom Inc.'s Third Quarter Fiscal Year 2022 Financial Results Conference Call. At this time, for opening remarks and introductions, I would now like to turn the call over to Ji Yoo, Head of Investor Relations of Broadcom Inc.

歡迎參加 Broadcom Inc. 的 2022 財年第三季度財務業績電話會議。在這個時候，關於開場白和介紹，我現在想把電話轉給 Broadcom Inc. 投資者關係主管 Ji Yoo。

Thank you, Sheri, and good afternoon, everyone. Joining me on today's call are Hock Tan, President and CEO; Kirsten Spears, Chief Financial Officer; and Charlie Kawwas, President, Semiconductor Solutions Group. Broadcom distributed a press release and financial tables after the market close, describing our financial performance for the third quarter of fiscal year of 2022. If you did not receive a copy, you may obtain the information from the Investors section of Broadcom's website at broadcom.com. This conference call is being webcast live, and an audio replay of the call can be accessed for 1 year through the Investors section of Broadcom's website.

謝謝你，Sheri，大家下午好。和我一起參加今天電話會議的是總裁兼首席執行官 Hock Tan；克爾斯滕斯皮爾斯，首席財務官；和半導體解決方案集團總裁 Charlie Kawwas。收市後，博通發布了一份新聞稿和財務表格，描述了我們 2022 財年第三季度的財務業績。如果您沒有收到副本，您可以從博通網站 Broadcom 的“投資者”部分獲取信息。 com。本次電話會議正在進行網絡直播，電話會議的音頻重播可以通過 Broadcom 網站的投資者部分訪問 1 年。

During the prepared comments, Hock and Kirsten will be providing details of our third quarter fiscal year 2022 results, guidance for our fourth quarter as well commentary regarding the business environment. We'll take questions after the end of our prepared comments.

在準備好的評論中，Hock 和 Kirsten 將提供我們 2022 財年第三季度業績的詳細信息、我們第四季度的指導以及有關商業環境的評論。我們將在準備好的評論結束後回答問題。

Please refer to our press release today and our recent filings with the SEC for information on those specific 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，以了解可能導致我們的實際結果與本次電話會議上做出的前瞻性陳述產生重大差異的那些具體因素的信息。

In addition to U.S. GAAP reporting, Broadcom reports certain financial measures on a non-GAAP basis. A reconciliation between GAAP and non-GAAP measures is included in the tables attached to today's press release. Comments made during today's call will primarily refer to our non-GAAP financial results.

除了美國公認會計準則報告外，博通還根據非公認會計準則報告某些財務指標。 GAAP 和非 GAAP 措施之間的對賬包含在今天新聞稿所附的表格中。在今天的電話會議上發表的評論主要是指我們的非公認會計原則財務業績。

I'll now turn the call over to Hock.

我現在將把電話轉給 Hock。

Thank you, Ji, and thank you, everyone, for joining today. We feel somewhat surreal here with what I'm about to report and go through in my screen. Let me start by saying while consumer IT hardware spending has been reported to be weak, very weak, from our vantage point infrastructure spend is still very much holding. In our fiscal Q3 '22, consolidated net revenue was a record $8.5 billion, up 25% year-on-year. Semiconductor solutions revenue increased 32% year-on-year to $6.6 billion. And infrastructure software revenue grew 5% year-on-year to be $1.8 billion.

謝謝你，Ji，也謝謝大家今天的加入。對於我即將在屏幕上報告和瀏覽的內容，我們感到有些超現實。首先讓我說，雖然據報導消費者 IT 硬件支出疲軟，非常疲軟，但從我們的角度來看，基礎設施支出仍然非常重要。在我們的 22 財年第三季度，合併淨收入達到創紀錄的 85 億美元，同比增長 25%。半導體解決方案收入同比增長 32% 至 66 億美元。基礎設施軟件收入同比增長 5%，達到 18 億美元。

In Q3, our semiconductor business was robust, with solid contributions from all our end markets. Cloud and service provider growth remained strong and, in Q4, is actually expected to accelerate year-on-year driven by data center build-outs and infrastructure upgrades. Year-on-year, enterprise continued to grow for the sixth consecutive quarter on campus deployments and data center refreshes.

在第三季度，我們的半導體業務強勁，所有終端市場都做出了堅實的貢獻。雲和服務提供商的增長依然強勁，在第四季度，在數據中心擴建和基礎設施升級的推動下，實際上預計將同比加速增長。與去年同期相比，企業在園區部署和數據中心更新方面連續第六個季度保持增長。

Looking at Q4, we expect enterprise to continue to grow double-digit percent year-over-year.

展望第四季度，我們預計企業將繼續同比增長兩位數。

Meanwhile, in wireless, which is very much tied to our large North American handphone OEM, it was solid in Q3 and is expected to grow in Q4 as we ramp the new platform.

與此同時，在與我們的大型北美手機 OEM 密切相關的無線領域，它在第三季度表現穩定，隨著我們推出新平台，預計第四季度將增長。

Now let me provide more color by end market. Starting with networking. Networking revenue was a record $2.3 billion and was up 30% year-on-year, representing 35% of our semiconductor revenue. As both cloud and enterprise data centers refresh, they continue to increase adoption of our Tomahawk, Trident and Jericho switching silicon platforms. Importantly, we expect this trend to continue.

現在讓我按終端市場提供更多顏色。從網絡開始。網絡收入達到創紀錄的 23 億美元，同比增長 30%，占我們半導體收入的 35%。隨著雲和企業數據中心的更新，他們繼續增加對我們的 Tomahawk、Trident 和 Jericho 交換矽平台的採用。重要的是，我們預計這一趨勢將繼續下去。

In mid-August, Broadcom announced the Tomahawk 5 switch series, providing 51.2 terabit per second of Ethernet switching capacity in the single monolithic device, double the bandwidth of any other switch silicon available in the market today. We also announced the industry first silicon photonics co-package with the Tomahawk, which will enable a new benchmark for low power and extend our leadership and innovation in hyperscale data centers. Networking remains strong given these drivers. And in Q4, we expect this segment to be up 30% year-over-year.

8 月中旬，Broadcom 發布了 Tomahawk 5 交換機系列，在單個單片設備中提供每秒 51.2 TB 的以太網交換容量，是當今市場上任何其他交換機芯片的帶寬的兩倍。我們還宣布了業界首個與 Tomahawk 合作的矽光子學聯合封裝，這將為低功耗樹立新的標杆，並擴展我們在超大規模數據中心的領導地位和創新能力。鑑於這些驅動因素，網絡仍然很強大。在第四季度，我們預計該細分市場將同比增長 30%。

Next, server storage connectivity revenue was a record $1.1 billion or 17% of semiconductor sales as growth of 70% year-on-year exceeded our expectations. A primary driver remains the growth of our next-generation server storage connectivity where we benefited from high content and continued deployment of servers and storage in both cloud and enterprises. We anticipate this strong trend to actually continue. And in Q4, we expect server storage connectivity revenue to grow about 45% year-on-year.

其次，服務器存儲連接收入達到創紀錄的 11 億美元，佔半導體銷售額的 17%，同比增長 70% 超出了我們的預期。主要驅動力仍然是我們下一代服務器存儲連接的增長，我們受益於高內容以及在雲和企業中持續部署服務器和存儲。我們預計這種強勁趨勢實際上會持續下去。而在第四季度，我們預計服務器存儲連接收入將同比增長約 45%。

Moving on to broadband. Revenue of $1.1 billion grew 20% year-on-year, in line with our expectations and represented 17% of semiconductor sales. This steady growth was driven by major service provider continuing to deploy next-generation broadband fiber-to-the-home globally with high attach rates of WiFi 6 and WiFi 6E.

繼續寬帶。 11 億美元的收入同比增長 20%，符合我們的預期，佔半導體銷售額的 17%。這一穩定增長是由主要服務提供商繼續在全球範圍內部署下一代寬帶光纖到戶，並具有 WiFi 6 和 WiFi 6E 的高連接率。

We are the industry leader in investing in the next-generation WiFi 7 and unlocking amazing wireless experiences across home gateways, enterprise access points and smartphones. And we expect first deployments to occur in the second half 2023. In Q4, we expect our broadband business to grow above 20% year-on-year.

我們是投資下一代 WiFi 7 並在家庭網關、企業接入點和智能手機上解鎖令人驚嘆的無線體驗的行業領導者。我們預計將在 2023 年下半年進行首次部署。在第四季度，我們預計我們的寬帶業務將同比增長 20% 以上。

Finally -- next, moving to wireless. Q3 revenue of $1.6 billion represented 25% of our revenue in semiconductors. Sustained demand from our North American customer drove wireless revenue up 14% year-on-year, in line with our guidance. In Q4, we expect wireless revenues to be seasonally up 20% sequentially and grow 10% year-on-year.

最後——接下來，轉向無線。第三季度收入為 16 億美元，占我們半導體收入的 25%。我們北美客戶的持續需求推動無線收入同比增長 14%，符合我們的指導。在第四季度，我們預計無線收入將環比增長 20%，同比增長 10%。

Finally, Q3 industrial resales of $244 million declined 4% year-over-year, reflecting weakness in China, partially offset by continued strength in the U.S. and Europe. Nonetheless, for Q4, we forecast industrial resales to rebound to high single-digit growth year-on-year.

最後，第三季度工業轉售額為 2.44 億美元，同比下降 4%，這反映了中國的疲軟，部分被美國和歐洲的持續強勁所抵消。儘管如此，對於第四季度，我們預計工業轉售量將同比反彈至高個位數增長。

In summary, Q3 semiconductor solution revenues was up 32% year-on-year. In Q4, we expect semiconductor revenue to remain strong at 25% year-on-year. Now putting this in perspective and if we look at it on a sequential basis, Q3 grew 6% as did Q2, and Q4 will grow another 6% largely driven by the seasonality of wireless.

綜上所述，第三季度半導體解決方案收入同比增長 32%。在第四季度，我們預計半導體收入將保持強勁，同比增長 25%。現在換個角度來看，如果我們按順序來看，第三季度和第二季度一樣增長了 6%，而第四季度將再增長 6%，這主要受無線網絡的季節性驅動。

Turning to software. In Q3, infrastructure software revenue of $1.8 billion grew 5% year-on-year and represented 22% of total revenue. In dollar terms, consolidated renewal rates averaged 128% over expiring contracts. And for strategic accounts, we averaged 140%. Within these strategic accounts, annual bookings of $461 million include $136 million of cross-selling of our portfolio products to these call customers. Now 95% of our renewal value represented recurring subscription and maintenance.

轉向軟件。第三季度，基礎設施軟件收入為 18 億美元，同比增長 5%，佔總收入的 22%。以美元計算，合併續訂率平均比到期合同高出 128%。對於戰略客戶，我們平均為 140%。在這些戰略賬戶中，每年 4.61 億美元的預訂包括 1.36 億美元向這些呼叫客戶交叉銷售我們的產品組合。現在，我們 95% 的續訂價值代表了定期訂閱和維護。

And just to put all this in context, over the past 12 months, consolidated renewal rates averaged 122% over expiring contracts. And within strategic accounts, we average -- we actually average 137%. Because of these trends, our ARR and the indicator of forward software revenue at the end of Q3 was $5.5 billion, which was up 5% from a year ago. And in Q4, we expect our infrastructure software revenue to sustain around mid-single-digit percentage growth year-over-year.

將所有這些放在上下文中，在過去的 12 個月中，合併續訂率平均比到期合同高 122%。在戰略客戶中，我們平均 - 我們實際上平均為 137%。由於這些趨勢，我們在第三季度末的 ARR 和遠期軟件收入指標為 55 億美元，比一年前增長了 5%。在第四季度，我們預計我們的基礎設施軟件收入將保持中個位數百分比的同比增長。

In summary, therefore, we're guiding consolidated Q4 revenue of $8.9 billion, up 20% year-on-year or 5% sequentially.

因此，總而言之，我們指導的第四季度合併收入為 89 億美元，同比增長 20% 或環比增長 5%。

Now, before Kirsten tells you more about our financial performance for the quarter, let me provide a brief update on our pending acquisition of VMware. We're making good progress with our various regulatory filings around the world. We have an excellent team focused on these efforts, and we are moving forward as very much as expected in this regard. We continue to expect the transaction to be completed in Broadcom's fiscal year 2023.

現在，在 Kirsten 向您詳細介紹我們本季度的財務業績之前，讓我簡要介紹一下我們即將收購 VMware 的最新情況。我們在世界各地的各種監管文件方面取得了良好進展。我們有一支優秀的團隊專注於這些努力，在這方面我們正在按照預期向前發展。我們繼續預計該交易將在博通的 2023 財年完成。

We remain excited about our acquisition of VMware and continue to be impressed by the world-class engineering talent as well as strong customer and channel partnerships. We have tremendous respect for what VMware has built. And together, we will enable enterprises to accelerate innovation and expand choice by addressing the most complex technology challenges in this multi-cloud era.

我們對收購 VMware 仍然感到興奮，並繼續對世界一流的工程人才以及強大的客戶和渠道合作夥伴關係印象深刻。我們非常尊重 VMware 的構建。我們將攜手應對多雲時代最複雜的技術挑戰，幫助企業加速創新並擴大選擇。

And with that, let me turn the call over to Kirsten.

有了這個，讓我把電話轉給克爾斯滕。

Thank you, Hock. Let me now provide additional detail on our financial performance. Revenue was $8.5 billion for the quarter, up 25% from a year ago. Gross margins were 76% of revenue in the quarter and up 80 basis points year-on-year. Operating expenses were $1.2 billion, up 8% year-on-year, driven by investment in R&D. Operating income for the quarter was $5.2 billion and was 32% from a year ago -- was up 32% from a year ago. Operating margin was 61% of revenue, up approximately 320 basis points year-on-year. Adjusted EBITDA was $5.4 billion or 63.5% of revenue. Note that this figure excludes $129 million of depreciation.

謝謝你，霍克。現在讓我提供有關我們財務業績的更多細節。本季度收入為 85 億美元，同比增長 25%。本季度毛利率佔收入的 76%，同比增長 80 個基點。在研發投資的推動下，運營費用為 12 億美元，同比增長 8%。本季度營業收入為 52 億美元，同比增長 32%，同比增長 32%。營業利潤率為收入的 61%，同比增長約 320 個基點。調整後的 EBITDA 為 54 億美元，佔收入的 63.5%。請注意，該數字不包括 1.29 億美元的折舊。

Now a review of the P&L for our 2 segments. Revenue for our semiconductor solutions segment was $6.6 billion and represented 78% of total revenue in the quarter. This was up 32% year-on-year. Gross margins for our semiconductor solutions segment were approximately 72%, up 220 basis points year-on-year, driven by favorable product mix and content growth in next-generation products across our extensive product portfolio. Operating expenses were $853 million in Q3, up 9% year-on-year. R&D was $765 million in the quarter, up 10% year-on-year. Q3 semiconductor operating margins increased to 59%. So while semiconductor revenue was up 32%, operating profit grew 44%.

現在回顧一下我們 2 個部分的損益表。我們半導體解決方案部門的收入為 66 億美元，佔本季度總收入的 78%。這比去年同期增長了 32%。我們的半導體解決方案部門的毛利率約為 72%，同比增長 220 個基點，這得益於我們廣泛的產品組合中有利的產品組合和下一代產品的內容增長。第三季度運營費用為 8.53 億美元，同比增長 9%。本季度研發費用為 7.65 億美元，同比增長 10%。第三季度半導體營業利潤率增至 59%。因此，雖然半導體收入增長了 32%，但營業利潤增長了 44%。

Moving to the P&L for our infrastructure software segment. Revenue for infrastructure software was $1.8 billion and represented 22% of revenue. This was up 5% year-on-year. Gross margins for infrastructure software were 90% in the quarter and were stable year-over-year. Operating expenses were $375 million in the quarter, up 4% year-over-year. Infrastructure software operating margin was 70% in Q3, and operating profit grew 5%.

轉向我們基礎設施軟件部門的損益表。基礎設施軟件的收入為 18 億美元，佔收入的 22%。這比去年同期增長了 5%。本季度基礎設施軟件的毛利率為 90%，同比穩定。本季度運營費用為 3.75 億美元，同比增長 4%。第三季度基礎設施軟件營業利潤率為 70%，營業利潤增長 5%。

Moving to cash flow. Free cash flow in the quarter was $4.3 billion, representing 51% of revenue. We spent $116 million on capital expenditures. Days sales outstanding were 29 days in the third quarter compared to 30 days a year ago. We ended the third quarter with inventory of $1.8 billion, up 10% from the end of the prior quarter, in large part due to higher material costs and the expected sequential revenue ramp. We ended the third quarter with $10 billion of cash and $39.5 billion of gross debt, of which $304 million is short term.

轉向現金流。本季度的自由現金流為 43 億美元，佔收入的 51%。我們在資本支出上花費了 1.16 億美元。第三季度的銷售天數為 29 天，而去年同期為 30 天。我們在第三季度末的庫存為 18 億美元，比上一季度末增長了 10%，這在很大程度上是由於更高的材料成本和預期的連續收入增長。我們在第三季度結束時擁有 100 億美元的現金和 395 億美元的總債務，其中 3.04 億美元是短期的。

Turning to capital allocation. In the quarter, we paid stockholders $1.7 billion of cash dividends. Consistent with our commitment to return excess cash to shareholders, we repurchased $1.5 billion in common stock and eliminated $292 million of common stock for taxes due on vesting of employee equity, resulting in the elimination of approximately 3.2 million AVGO shares. The non-GAAP diluted share count in Q3 was 436 million. In Q4, we expect the non-GAAP diluted share count to be 435 million, which excludes the potential impact of any share repurchases completed in the fourth quarter. We have not repurchased any of our shares since we announced the pending acquisition of VMware as repurchases are subject to regulatory rules. We maintain our commitment to return excess cash to shareholders, including buybacks, as soon as we can under SEC rules. Based on current business trends and conditions, our guidance for the fourth quarter of fiscal 2022 is for consolidated revenues of $8.9 billion and adjusted EBITDA of approximately 63% of projected revenue.

轉向資本配置。本季度，我們向股東支付了 17 億美元的現金股息。根據我們向股東返還多餘現金的承諾，我們回購了 15 億美元的普通股，並取消了 2.92 億美元的普通股作為員工股權歸屬應繳稅款，從而取消了大約 320 萬股 AVGO 股票。第三季度非公認會計原則攤薄後的股票數量為 4.36 億股。在第四季度，我們預計非公認會計原則攤薄後的股票數量為 4.35 億股，其中不包括第四季度完成的任何股票回購的潛在影響。自從我們宣布即將收購 VMware 以來，我們沒有回購任何股票，因為回購受監管規則的約束。根據 SEC 的規定，我們堅持承諾盡快將多餘的現金返還給股東，包括回購。根據當前的業務趨勢和狀況，我們對 2022 財年第四季度的指導是合併收入為 89 億美元，調整後的 EBITDA 約為預計收入的 63%。

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

我準備好的發言到此結束。接線員，請打開電話提問。

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

（操作員說明）我們的第一個問題將來自德意志銀行的 Ross Seymore。

Hock, you started off your preamble talking about the disconnect between some of the macro data points on the consumer side versus the infrastructure side. Obviously, you have a limited exposure on the consumer side of things. But in the networking broadband server, the enterprise and cloud businesses in general, are you seeing any changes? Because it's really hard for, I think, investors and even myself to reconcile the fact that everything is fine for you despite the macro data points seemingly are worsening for many of your peers.

霍克，你在序言開始時談到了消費者端與基礎設施端的一些宏觀數據點之間的脫節。顯然，您在消費者方面的曝光率有限。但是在網絡寬帶服務器、企業和雲業務方面，你看到了什麼變化嗎？因為我認為，投資者甚至我自己都很難接受這樣一個事實：儘管宏觀數據點似乎對你的許多同行來說正在惡化，但一切對你來說都很好。

Well, no. The short answer is no. And by that -- this is what I mean and this is something I've been talking about -- we've been talking about in the earnings call and in sell-side analyst calls about true demand. What we are measuring, what we are reporting revenues is in our minds, and we've been looking at it that way the past 8 quarters, particularly, as we told you. We scrap to our backlog thoughtfully, carefully before we deliver products to customers, end users, is that, that's true end demand.

嗯，不。最簡潔的答案是不。通過那個 - 這就是我的意思，這是我一直在談論的事情 - 我們一直在收益電話會議和賣方分析師電話會議中談論真實需求。我們所衡量的，我們報告的收入都在我們的腦海中，在過去的 8 個季度中，我們一直以這種方式看待它，特別是正如我們告訴你的那樣。在我們將產品交付給客戶和最終用戶之前，我們會深思熟慮、仔細地取消我們的積壓工作，這就是真正的最終需求。

And what we reported to you today, and you see the numbers that we're presenting and the strength of the numbers, if I could say so myself, it's true end demand what we're seeing with respect to the various end markets and the infrastructure products we sell to -- into those end markets. That's as far as we can scrap through true end demand.

我們今天向你們報告的內容，你們看到了我們提供的數字和數字的力量，如果我自己可以這麼說的話，這是真正的最終需求，我們所看到的各種終端市場和我們銷售給這些終端市場的基礎設施產品。這是我們可以通過真正的最終需求廢棄的。

Now we also have a ton of backlog, and our lead time continues unchanged at 50 weeks. Now whether bookings that are placed today are running at somewhat different thoughts, different rates, it's more a function of perception, psychology of customers trying to think 1 year out. But as far as what we reported in Q3 and expect to see in Q4, we believe to be true end -- we believe and we're pretty clear about that to be true end demand and consumption by our customers.

現在我們還有大量的積壓工作，我們的交貨時間保持在 50 週不變。現在，今天的預訂是否以不同的想法、不同的價格運行，這更多的是感知功能，客戶試圖在一年後思考的心理。但就我們在第三季度報告和預計在第四季度看到的情況而言，我們相信這是真正的結果——我們相信並且我們非常清楚這是我們客戶的真正最終需求和消費。

One moment for our next question, and that will come from the line of Stacy Rasgon with Bernstein.

我們下一個問題的時刻，這將來自 Stacy Rasgon 與 Bernstein 的對話。

I just wanted to follow up on that, I guess, Hock. So I understand you guys are thinking you're shipping to true demand, but it feels like if this was the actual true demand situation that everybody was facing, that everybody else would feel stronger than they seem to be. So I guess -- I don't know what else you can say about trying to help us square that circle. But I guess what gives you confidence that what you actually are seeing is indeed true demand. I guess the whole thing about trying to undership and parse your orders and everything else, but you don't think it's possible that your customers could be gaming you even within -- after all the actions that you're taking? I guess just what kind of confidence, if anything, can investors get around that statement that you think you actually are shipping to true demand?

我想我只是想跟進這件事，霍克。所以我理解你們認為你們正在為真正的需求發貨，但感覺就像這是每個人都面臨的實際需求情況，其他人會感覺比他們看起來更強大。所以我想——我不知道你還能說些什麼來幫助我們解決這個問題。但我想是什麼讓你相信你實際看到的確實是真正的需求。我猜想整個事情都是關於試圖減少和解析您的訂單和其他所有事情，但您認為您的客戶甚至不可能在內部與您博弈——在您採取的所有行動之後？我猜投資者有什麼樣的信心（如果有的話）可以繞過您認為您實際上正在滿足真正需求的說法？

Well, I mean we put in a lot of checks and balances hugely and before we put products out on aircraft or trucks to our customers. And we have been doing this now for 2 years. So we're pretty good at doing it. And the question earlier answered -- asked by Ross was, have you seen any particular change in all that? In terms of consumption of our products, and I can only obviously talk about our products and I can talk beyond our products, no, we don't see that.

好吧，我的意思是，在我們將產品通過飛機或卡車交付給客戶之前，我們進行了大量的製衡。我們已經這樣做了 2 年了。所以我們很擅長做這件事。之前回答的問題——羅斯提出的問題是，你看到這一切有什麼特別的變化嗎？在我們產品的消費方面，我只能很明顯地談論我們的產品，我可以談論我們的產品之外的東西，不，我們沒有看到。

One moment for our next question. That will come from the line of Vivek Arya with Bank of America.

我們下一個問題的片刻。這將來自美國銀行的 Vivek Arya。

I just wanted to clarify and then ask a question. Hock, I just wanted to clarify if any of your products are directly or indirectly exposed to any China restrictions that have been in the press over the last handful of days. And then, Hock, I wanted to ask the growth question in a different way, which is, in the past, you described a sustainable kind of mid-single-digit growth rate for Broadcom. Is that still a good framework to use as we are looking out at the next year or so? Or if you could give us maybe by end market, hyperscaler versus enterprise versus telco or consumer, which markets just conceptually you would expect to kind of grow better or slower than that kind of broad growth rate for the company?

我只是想澄清一下，然後問一個問題。霍克，我只是想澄清一下你們的任何產品是否直接或間接地受到過去幾天媒體報導的中國限制。然後，Hock，我想以不同的方式提出增長問題，也就是說，在過去，你為博通描述了一種可持續的中個位數增長率。當我們展望明年左右時，這仍然是一個很好的框架嗎？或者，如果您可以通過終端市場、超大規模企業與企業與電信或消費者來告訴我們，從概念上講，您預計哪些市場的增長會比公司的廣泛增長率更好或更慢？

That second question is a very interesting question, but let me take care of the first. No, we have not been notified. None of our products are affected by any action that have occurred over the last week or a few days regarding restriction on shipments of China. We have not been affected, period. And we do not expect to be. Okay.

第二個問題是一個非常有趣的問題，但讓我來處理第一個問題。不，我們沒有收到通知。我們的任何產品都不受上週或幾天內發生的有關限制中國發貨的任何行動的影響。我們沒有受到影響，期間。我們不希望如此。好的。

Now in terms of what you're saying, now that calls for some degree of speculation, but it's more than that. I've always said the long-term sustainable demand in the semiconductor space is a mid-single-digit compounded growth rate, 5%, thereabout maybe 6%, 5%, 6%. And I still believe that no matter what all the -- I mean [rumors] that marketing rumors that has occurred over the past 12 months. It always has been. And I think we will revert to that norm, eventually.

現在就你所說的而言，現在這需要一定程度的猜測，但不僅如此。我一直說半導體領域的長期可持續需求是中個位數的複合增長率，5%，大概是 6%、5%、6%。而且我仍然相信，無論如何 - 我的意思是 [謠言] 過去 12 個月發生的營銷謠言。一直都是。我認為我們最終會恢復到這種規範。

Now obviously, it's very interesting what we're seeing because it depends on when you start that compounded growth because 5% is what I said to be a long-term growth rate. In the short term in this industry, and we've all experienced these cycles, you could have higher than 5% at the up cycle and clearly much lower in the down cycles to average that 5%.

現在顯然，我們所看到的非常有趣，因為這取決於你何時開始復合增長，因為我所說的長期增長率是 5%。在這個行業的短期內，我們都經歷過這些週期，在上升週期中你可能會超過 5%，而在下降週期中顯然要低得多，以平均 5%。

And -- but your point is at some point, we'll have to get back to the norm. And I believe we will, not in this year, '22. The rate '22 is growing. Now we -- assuming our forecast Q4 comes to play. We're talking about semiconductor growth rate for us of around 25% year-on-year. And that's way above the 5% norm. So at some point, yes, things will turn around and revert back to that norm. Now it may take a couple of years before I get there.

而且 - 但你的觀點是，在某個時候，我們必須恢復常態。而且我相信我們會，而不是在今年，'22。 '22 的比率正在增長。現在我們 - 假設我們的預測第四季度開始發揮作用。我們談論的是半導體的年增長率約為 25%。這遠高於 5% 的標準。所以在某些時候，是的，事情會好轉並恢復到那個常態。現在我可能需要幾年時間才能到達那裡。

One moment for our next question, and that will come from the line of Harlan Sur with JPMorgan.

我們的下一個問題是一會兒，這將來自摩根大通的 Harlan Sur。

Back in April, you guys did this really nice teaching of your customs look in ASIC business. And the business has been growing at a 20% CAGR over the past few years. You've got a pipeline of over 70 programs at 7, 5 and 3 nanometers. And then specifically, Hock, in your compute offload, right, you got some really nice programs like GPU, Smart NIC, video transcode. Is the team still on track to drive $2 billion in compute offload ASIC revenues this year? And then just given the strategic nature of these ASIC programs to your customers' future initiatives, like will this segment hold up better in a weaker macro environment, let's say, next year?

早在 4 月，你們就在 ASIC 業務中對自己的風俗習慣進行了非常好的教學。在過去幾年中，該業務一直以 20% 的複合年增長率增長。您已經擁有 70 多個 7、5 和 3 納米的程序。然後具體來說，Hock，在你的計算卸載中，對，你有一些非常好的程序，比如 GPU、智能 NIC、視頻轉碼。該團隊是否仍有望在今年推動 20 億美元的計算卸載 ASIC 收入？然後將這些 ASIC 程序的戰略性質考慮到您的客戶未來的計劃中，例如，在較弱的宏觀環境中，比如明年，這個細分市場會更好嗎？

Well, to answer your first question, yes, we're on track for this year to hit that $2 billion. We told you that, and we're getting there. As far as does this particular compute offload defy gravity, I don't know. I can't really answer that. I'd like to believe it's emerging, and it's a very emerging business. And so, like, all emerging business that have hit some level of critical mass as it appears to have in our case, it may pull up somewhat better than perhaps enterprise, as we are seeing. And so you're not wrong in that regard. But that is actually calling for some level of speculation on our part because I mean it more than '23, right? I'm looking at '23, '24, '25, next 3 years. Will it hold up better? That I don't know the answer. For '23, sure, it will hold up better.

好吧，回答你的第一個問題，是的，我們今年有望達到 20 億美元。我們告訴過你，我們正在到達那裡。至於這種特殊的計算卸載是否能克服重力，我不知道。我真的無法回答。我願意相信它正在興起，而且它是一個非常新興的業務。因此，就像我們所看到的那樣，所有已經達到某種程度的臨界質量的新興業務，它可能會比我們所看到的企業好一些。所以你在這方面沒有錯。但這實際上要求我們進行某種程度的猜測，因為我的意思是超過 23 年，對吧？我在看 23 年、24 年、25 年，未來 3 年。它會更好地支撐嗎？我不知道答案。當然，對於 23 年，它會保持得更好。

And one moment for our next question. That will come from the line of Timothy Arcuri with UBS.

等一下我們的下一個問題。這將來自瑞銀集團的蒂莫西·阿庫裡 (Timothy Arcuri)。

Hock, I was wondering if you could update us on the semi's backlog number. I think it was $25 billion last call, which was a little bit more than a year. Can you update us on that backlog number? And then also within that, have you seen any movement in the backlog? I mean I know probably, it's up. But have you seen any customers cancel or push out? I mean, obviously, that was more than offset by incoming bookings, it sounds like. But sort of what's the fluidity within that backlog?

霍克，我想知道你能否更新我們關於半成品的積壓數量。我認為最後一次通話是 250 億美元，這比一年多一點。你能更新我們關於積壓的數字嗎？然後在其中，你有沒有看到積壓的任何變化？我的意思是我可能知道，它已經結束了。但是你有沒有看到任何客戶取消或推出？我的意思是，顯然，這聽起來遠遠超過了傳入的預訂量。但是，該積壓中的流動性是什麼？

Well, as to clarify the first couple of points, our backlog and our terms are very clear. We do not allow cancellation on our backlog. We have not seen that, To answer your second question.

好吧，為了澄清前幾點，我們的積壓工作和條款非常清楚。我們不允許取消我們的積壓。我們還沒有看到，回答你的第二個問題。

And on the first part, keep in mind, our revenue continued to grow each quarter sequentially as our backlog continues to build up. And compared to the preceding quarter, our backlog at the end of Q3 increased to $31 billion. So we are still shipping below our booking rate.

在第一部分，請記住，隨著我們的積壓工作繼續增加，我們的收入每個季度都在連續增長。與上一季度相比，我們在第三季度末的積壓訂單增加到 310 億美元。所以我們仍然以低於我們的預訂率發貨。

And one moment for our next question. That will come from the line of William Stein with Truist Securities.

等一下我們的下一個問題。這將來自於 Truist Securities 的威廉·斯坦 (William Stein) 的路線。

Hock, sometimes, we forget that historically, we've been at an ASP eroding sort of industry at least on a like part-for-part basis. So I know the mix changes over time, but I think that's changed significantly in the last 1.5 years or so. I'm wondering whether you're seeing that dynamic continue or revert and if you can comment as to how that's influencing margins. You're getting such tremendous contribution margins in the semi business, I would have to think pricing is playing some part in that.

霍克，有時，我們忘記了，從歷史上看，我們一直處於一個 ASP 侵蝕的行業，至少在類似的部分對部分的基礎上。所以我知道混合隨著時間的推移而變化，但我認為在過去 1.5 年左右發生了顯著變化。我想知道您是否看到這種動態繼續或恢復，以及您是否可以評論這如何影響利潤率。您在半導體業務中獲得瞭如此巨大的邊際貢獻，我不得不認為定價在其中發揮了一定作用。

Actually, it isn't. I said that before in the previous earnings -- a couple of earnings calls. It is worthwhile for me to repeat. We have been able to raise prices, obviously, over the last past 12 months, but only because our material cost has gone up. And so we're talking -- if we're talking percentages, not absolute dollars, if our cost -- material cost -- cost of goods sold, so expect increase 10% in order to keep our margin in percentage terms from being diluted with the raise of price no less than 10%. And just doing that, it's just staying -- it's just keeping the gross margin in percentage term staying neutral. So I would say price increases has very little impact on our margin improvement.

事實上，它不是。我之前在之前的財報中說過 - 幾次財報電話會議。值得我重複一遍。很明顯，在過去的 12 個月裡，我們能夠提高價格，但這僅僅是因為我們的材料成本上升了。所以我們在談論——如果我們談論的是百分比，而不是絕對的美元，如果我們的成本——材料成本——銷售商品的成本，那麼預計會增加 10%，以防止我們的百分比利潤被攤薄漲價幅度不低於10%。只是這樣做，它只是保持 - 它只是保持百分比方面的毛利率保持中性。所以我想說價格上漲對我們的利潤率提高影響很小。

What is -- what has enabled our margins to accelerate or improve, as I said in the last earnings call, is in this environment of -- in some degree in the last couple of years -- last 12 months, in particular, of basically a pent-up level of spending, particularly in enterprise, somewhat in cloud as well and broadband as well, is the adoption of new next-generation products and technology. And that always enhances, as I've said that before, our gross margin. And it's just -- it's the basic fundamental of this semiconductor cycle. New generation of products improves, expands our gross margin. And the accelerated adoption is what expands this gross margin. And that's pretty much what has been the case here, but not price increase per se.

正如我在上次財報電話會議上所說，是什麼使我們的利潤率加速或提高，是在這種環境下——在過去幾年的某種程度上——特別是過去 12 個月，基本上一種被壓抑的支出水平，特別是在企業領域，在某種程度上也包括在雲計算和寬帶領域，是採用新的下一代產品和技術。正如我之前所說，這總是會提高我們的毛利率。它只是——它是這個半導體週期的基本原理。新一代產品的改進，擴大了我們的毛利率。加速採用是擴大這一毛利率的原因。這幾乎就是這裡的情況，但不是價格上漲本身。

And one moment for our next question, and that will come from the line of Aaron Rakers with Wells Fargo.

我們的下一個問題是一會兒，這將來自富國銀行的 Aaron Rakers。

I wanted to ask about the wireless segment. Solid results this last quarter. It sounds like you're guiding 20% sequential growth into this current quarter. But if I look back over the past couple of years, it's actually been solidly above the 20% sequential growth rate. So I guess how are you thinking about the demand profile there? And I guess with that, your content expansion opportunity as we look at the next-generation product cycle going forward.

我想問一下無線部分。上個季度業績穩健。聽起來您正在指導本季度實現 20% 的連續增長。但如果我回顧過去幾年，它實際上已經遠遠高於 20% 的環比增長率。所以我猜你如何看待那裡的需求概況？我猜想，隨著我們展望下一代產品週期，您的內容擴展機會。

Okay. It's -- on the wireless business, if I could try to clarify, when we take any particular 3-month period like Q3 and going to be Q4 now and take a snapshot of it and compare it to the same period of time a year ago, it never quite replicate itself in all matters. In other words, it's not -- there's no normalization. So it could be 20%. It could be 25%. It could even be 30% changes. And I consider that all kind of in the same ballpark, simply because all it takes is a slippage of a couple of weeks in shipments, in products being taken to make that particular difference. So I would not put too much thinking behind that it's 20% whereas it might have been closer to 30% 2 years ago or a year ago in the same period, if you don't mind, simply because nothing comes up so as to be sold planned year-over-year. It changes.

好的。這是-關於無線業務，如果我可以嘗試澄清一下，當我們採用任何特定的 3 個月期間，如第三季度和現在將是第四季度，並對其進行快照並將其與一年前的同一時間段進行比較，它永遠不會在所有事情上完全複製自己。換句話說，它不是——沒有標準化。所以可能是20%。可能是 25%。它甚至可能是 30% 的變化。而且我認為這一切都在同一個球場上，僅僅是因為只需要幾週的出貨量，在產品被採用以產生這種特殊的差異。因此，如果您不介意的話，我不會過多考慮它是 20%，而在 2 年前或一年前的同一時期它可能接近 30%，只是因為沒有任何事情發生計劃按年銷售。它改變。

But in terms of overall volume, we do not see that much units dramatically different from a year ago. It's really the content increase that might give us the lift year upon year. And even on a lift year-on-year -- quarter -- when you compare to any 3-month period, take it with a grain of salt that some volume might have shifted forward and not be within the these 3 months. But it's kind of in the ballpark.

但就整體數量而言，我們沒有看到與一年前有太大差異的單位。確實是內容的增加可能會給我們帶來年復一年的提升。甚至在同比增長 - 季度 - 當您與任何 3 個月期間相比時，請謹慎對待一些交易量可能已經向前轉移並且不在這 3 個月內。但它有點在球場上。

One moment for our next question, and that will come from the line of Harsh Kumar with Piper Sandler.

我們下一個問題的時刻，這將來自 Harsh Kumar 和 Piper Sandler 的台詞。

First of all, congratulations for reporting very good guidance, very good results in such a turbulent market. Hock, I wanted to ask a quick one and then a main question. There's been a lot of concerning sort of news coming out of China reported by company. So I was curious, first of all, how much exposure do you have to China?

首先，祝賀您報告了非常好的指導，在如此動蕩的市場中取得了非常好的成績。霍克，我想問一個快速的問題，然後是一個主要問題。公司報導了很多來自中國的令人擔憂的消息。所以我很好奇，首先，你對中國有多少接觸？

And then for my main question, it's a question of sustainability. Somebody asked about revenues, but I wanted to ask about gross margins. You've got 90% odd margins in software that I think is the norm, but then you've got 72% gross margins in semis, which are sort of honestly abnormal compared to other companies. So when you think of sustainability of that semi business up in the 70s, what do you think are some of the drivers that keep it up there for you guys longer term?

然後對於我的主要問題，這是一個可持續性問題。有人問收入，但我想問毛利率。我認為軟件行業的毛利率為 90%，這是常態，但半成品毛利率為 72%，與其他公司相比，這確實有點不正常。因此，當您想到 70 年代半導體業務的可持續性時，您認為哪些驅動因素可以讓你們長期保持這種狀態？

Okay. Let me answer the second question first since it's a little more complex. But it isn't. Our semiconductor gross margin, by the way, we talk about sustainability, I would say it keeps expanding. It doesn't stay still, as you probably know. If you look back to 5 years ago, we were more like 60% -- in the mid-60s or low 60s gross margin. Today, it's now over 70%. And it's simply the case that -- and that's the beauty of the semiconductor technology business. You always have new generation of products, whether it's wireless, running -- creating a generation every 12 to 24 months, whether it's switching, that's every 2, 3 years, all storage, every for 5 years. And every time you put in a new generation, you expand your margin because you're delivering more value, you're delivering much more value usually, and you are able to extract from the higher value a higher price and profitability. And that's the beauty of this industry.

好的。讓我先回答第二個問題，因為它有點複雜。但事實並非如此。我們的半導體毛利率，順便說一下，我們談論可持續性，我會說它一直在擴大。正如您可能知道的那樣，它不會靜止不動。如果你回顧 5 年前，我們更像是 60%——在 60 年代中期或 60 年代低的毛利率。今天，它已經超過了 70%。情況就是這樣——這就是半導體技術業務的美妙之處。你總是有新一代產品，無論是無線的還是運行的——每 12 到 24 個月創建一代，無論是切換，每 2、3 年，所有存儲，每 5 年。每次你投入新一代產品時，你都會擴大你的利潤，因為你提供了更多的價值，你通常會提供更多的價值，並且你能夠從更高的價值中提取更高的價格和盈利能力。這就是這個行業的美妙之處。

So as we keep coming out with new generations, the margins of our portfolio keeps expanding. So we're now at the 70s. And you ask where will we be 5 years from now in this phenomena of constantly updating to next-generation products, I will see this gross margin expansion continuing. And empirically -- don't ask me for any mathematical formula behind -- physics behind it. But empirically, given our portfolio of about 16 semiconductor franchises, we have averaged close to 50 to 100 basis points expansion year after year. And that's pretty good, and we see that trend continuing.

因此，隨著我們不斷推出新一代產品，我們產品組合的利潤也在不斷擴大。所以我們現在是 70 年代。在這種不斷更新到下一代產品的現像中，你問 5 年後我們會在哪裡，我會看到這種毛利率繼續擴大。從經驗上看——不要問我背後的任何數學公式——背後的物理學。但根據經驗，鑑於我們擁有約 16 家半導體特許經營權的投資組合，我們平均年復一年地擴張接近 50 至 100 個基點。這非常好，我們看到這種趨勢仍在繼續。

And as I responded to an earlier question, over the last 2 years, we've -- the rebound you might almost say -- feel by perhaps changes in IT spending based on, I guess, lockdowns, based on behavioral changes with COVID-19, we've seen accelerated adoption of next-generation products in many of our franchises. So we have seen some level of accelerated expansion of our semiconductor gross margin. But things will revert back, I believe, to a more normalized 50 to 100 basis point expansion once all this excitement starts cooling off a bit, but we still see the sustainable expansion of our semiconductor gross margin.

正如我之前回答的一個問題一樣，在過去的 2 年裡，我們已經——你幾乎可以說是反彈——感受到了 IT 支出的變化，我猜是，基於 COVID 的行為變化而導致的封鎖—— 19 日，我們看到許多特許經營店加速採用下一代產品。因此，我們已經看到我們的半導體毛利率在一定程度上加速擴張。但我相信，一旦所有這些興奮開始降溫，事情就會恢復到更正常的 50 到 100 個基點的擴張，但我們仍然看到我們的半導體毛利率持續擴張。

Software, you're right, we cannot stick there at 90%, and we're not going anywhere with it. But this -- but semiconductor will continue to expand.

軟件，你說得對，我們不能堅持 90%，而且我們不會去任何地方。但這——但半導體將繼續擴張。

And last -- your first question, China, that's about 13% of our semiconductor revenue. That's our exposure to China.

最後——你的第一個問題，中國，這大約占我們半導體收入的 13%。這就是我們對中國的了解。

One moment for our next question. That will come from the line of Vijay Rakesh with Mizuho.

我們下一個問題的片刻。這將來自瑞穗的維杰·拉克什（Vijay Rakesh）。

Hock, just 2 questions here again. Sorry. On the enterprise storage side, I saw you guys had a pretty good quarter and guide. Just wondering what your exposure was between consumer and enterprise. And what are you seeing in terms of that strength going forward?

霍克，這裡又是兩個問題。對不起。在企業存儲方面，我看到你們有一個很好的季度和指南。只是想知道您在消費者和企業之間的曝光度是多少。就未來的這種力量而言，你看到了什麼？

And also, just my second question on the VMware side. I know you said you're still expecting that to close in fiscal '23. Can you give us some color? Have we gotten most of the approvals? Are you waiting on some, where that stands?

而且，這只是我在 VMware 方面的第二個問題。我知道你說過你仍然希望它在 23 財年結束。你能給我們一些顏色嗎？我們是否獲得了大部分批准？你在等一些，它在哪裡？

Okay. Well, in terms of a breakdown, you're basically asking me -- asking us on our semiconductor revenues, what's our breakdown of our revenues? We would classify in 3 ways, 3 groups, non-end markets, but groups. It cuts across all our end markets, except probably wireless. Wireless is all consumer. And so no surprise, our consumer business within semiconductor represents about 23% -- just less than 25% of our revenues, just over -- between 20% to 25% is the best description. And on the balance, which could be anywhere from 75% to almost 80% is almost split evenly between enterprise, traditional enterprise, as we call it, and the final grouping we call as service providers, which is really to the hyperscale guys and telcos, which we consider to be service provider. And that's -- and so between traditional enterprise and telcos, hyperscale, that's evenly split. Consumer, 20% to 25%.

好的。好吧，就細分而言，您基本上是在問我-詢問我們的半導體收入，我們的收入細分是什麼？我們將按 3 種方式分類，3 組，非終端市場，但組。它跨越了我們所有的終端市場，可能是無線的。無線是所有消費者。所以毫不奇怪，我們在半導體領域的消費業務約占我們收入的 23%——略低於我們收入的 25%，略高於——20% 到 25% 之間是最好的描述。總而言之，可能從 75% 到近 80% 的比例幾乎在企業、我們所說的傳統企業和我們稱之為服務提供商的最後一組之間平均分配，這實際上是針對超大規模人員和電信公司的，我們認為是服務提供者。這就是 - 在傳統企業和電信公司之間，超大規模，這是平分秋色。消費者，20% 到 25%。

As far as the regulator process through VMware, -- right now, I would say, when you think of it, and we're thinking of it across several -- a few -- a couple of jurisdictions. And we're moving -- it's making good progress. And just to reiterate, we fully expect to close on this within fiscal '23.

至於通過 VMware 進行的監管流程，現在，我想說，當你想到它時，我們正在考慮跨越幾個 - 幾個 - 幾個司法管轄區。我們正在前進——它正在取得良好的進展。重申一下，我們完全希望在 23 財年內結束這一點。

And one moment for our next question. That will come from the line of Joseph Moore with Morgan Stanley.

等一下我們的下一個問題。這將來自摩根士丹利的約瑟夫摩爾。

With regards to the 50-week lead times that you talked about, what is your goal there over the next, say, 12 months? Do you want to get that down? And to the extent if you do want to, kind of what has to happen from the standpoint of foundry substrate things like that to get that number lower?

關於您談到的 50 週交貨時間，您在接下來的 12 個月內的目標是什麼？你想把它弄下來嗎？在某種程度上，如果您確實願意，從代工基板的角度來看，必須採取什麼措施才能降低這個數字？

I don't know. We haven't thought that hard about it, yet, seriously, Joe. No. I kind of like the 50-week lead time, to be frank, because it gives us great visibility. It also pushes politely, gently about their demand out 1 year. So it gives us great visibility. Meanwhile, between now to the end of 50 weeks, we all know where we stand with each other and we know where we stand now, which is pretty good visibility.

我不知道。我們還沒有認真考慮過，喬。不。坦率地說，我有點喜歡 50 週的交貨時間，因為它給了我們很大的知名度。它還禮貌地、溫和地將他們的需求推到 1 年。所以它給了我們很大的知名度。同時，從現在到 50 週結束，我們都知道我們彼此的立場，我們知道我們現在的立場，這是非常好的能見度。

And one moment for our next question. That will come from the line of Toshiya Hari with Goldman Sachs.

等一下我們的下一個問題。這將來自高盛的 Toshiya Hari。

I wanted to follow up on Joe's question on the supply side. Hock, just based on the sequential revenue growth that you've been marking over the past couple of quarters, your guidance for the October quarter, it's pretty clear that supply continues to be kind of the key determinant of your revenue growth. Based on indications from your foundry supplier and key substrate suppliers, from a modeling perspective, should we expect mid-single-digit growth to be kind of the normal cadence over the next few or several quarters? Or could there be a point in time where your rate of growth starts to accelerate given easing in some of the other end markets?

我想跟進喬在供應方面的問題。霍克，僅根據您在過去幾個季度中所記錄的連續收入增長以及您對 10 月季度的指導，很明顯供應仍然是您收入增長的關鍵決定因素。根據您的代工供應商和主要基板供應商的指示，從建模的角度來看，我們是否應該期望中個位數的增長成為未來幾個或幾個季度的正常節奏？或者，鑑於其他一些終端市場的寬鬆政策，您的增長率是否會在某個時間點開始加速？

That's a hell of a good question. So let me try to answer that and which is this. We've always said, and we continue to say, it's not really supply that constrains our revenue. We look at -- as we said, we scrub through and trying to really get as closely as we can to what our customers truly need to consume. And we ship according to that. And that's as basic as all that. So if you look at it that way, supply is not a true constraint. It's demand, a real demand and -- getting to the real demand.

這是一個很好的問題。所以讓我試著回答這個問題，這是哪個。我們一直說，而且我們繼續說，限制我們收入的並不是真正的供應。我們著眼於——正如我們所說，我們仔細研究並試圖盡可能接近我們的客戶真正需要消費的東西。我們按照那個發貨。這和所有這些一樣基本。因此，如果您這樣看，供應並不是真正的限制因素。它是需求，是真正的需求，並且——達到真正的需求。

Just like October quarter Q4, you see us bump up to 8.9 from 8.4, 8.5. Believe me, this is all largely driven by the seasonal ramp of our North American handset manufacturer. That's really what drives that last increase. So it's -- we're very, very tied to end consumption of products, and it's not really all about -- much about supply.

就像 10 月第四季度一樣，您會看到我們從 8.4、8.5 上升到 8.9。相信我，這主要是由我們北美手機製造商的季節性增長推動的。這真的是推動最後一次增長的原因。所以它 - 我們與產品的最終消費非常非常相關，而且它並不是真正的全部 - 很多關於供應。

And I've said that for the last 4, 5 quarters, and we're still in that same behavior mode.

我已經說過，在過去的 4、5 個季度中，我們仍然處於相同的行為模式。

And one moment for our next question. That will come from the line of Pierre Ferragu with New Street Research.

等一下我們的下一個問題。這將來自 Pierre Ferragu 與 New Street Research 的合作。

Hock, you mentioned in your prepared remarks like your first co-packaged optics product in networking. And so I was wondering if you can give us a slightly deeper overview of where things stand on this front. And first on your product portfolio. So are you going to have, like, in-parallel products with co-packaged optics and traditional products that are meant to be used with regular optics in parallel in the next few years? And then in terms of market adoption, can you give us a sense of how material co-package optics is going to become maybe in the next 3, 4, 5 years? And if it's going to be like a progressive adoption on specific use cases or it's going to be more like a hockey stick adoption from the certain bandwidths from which, like, co-package is going to make more sense than [breakable] optics.

Hock，您在準備好的評論中提到了您在網絡中的第一個共同封裝的光學產品。所以我想知道你是否可以讓我們更深入地了解這方面的情況。首先是您的產品組合。那麼，您是否會擁有像在未來幾年內與常規光學器件並行使用的具有共同封裝光學器件的平行產品和傳統產品？然後在市場採用方面，您能否讓我們了解未來 3、4、5 年材料共封裝光學器件將如何發展？如果它會像對特定用例的漸進式採用，或者更像是從某些帶寬採用曲棍球棒，例如，聯合封裝比 [易碎] 光學器件更有意義。

Okay. Let me try to again talk through this. Basically, your question is about how is -- I mean we constantly come out across all our product franchises in -- especially in semis new generation of products. And they're pretty cool, even though I say it myself. And adoption is never as quickly as we all like it to be. It tends to be much slower than we think. So for instance, take switching Tomahawks, data -- top of the rank data center switching. I'm still selling Tomahawk 1, 2, Tomahawk 3, which was the generation before the current generation. And now we are selling Tomahawk 4. And just to give you a sense, Tomahawk 4 as a percent of my total Tomahawk volume, as I would estimate to be less than 30% in total. So you can see they coexist, and that tends to happen.

好的。讓我試著再談談這個。基本上，您的問題是關於如何 - 我的意思是我們不斷出現在我們所有的產品特許經營權中 - 特別是在半成品新一代產品中。他們很酷，即使我自己說。採用從來沒有像我們所有人喜歡的那樣快。它往往比我們想像的要慢得多。例如，以切換戰斧、數據——頂級數據中心切換為例。我還在賣 Tomahawk 1、2、Tomahawk 3，這是當前一代的前一代。現在我們正在銷售 Tomahawk 4。為了讓您了解一下，Tomahawk 4 占我的 Tomahawk 總銷量的百分比，我估計總共不到 30%。所以你可以看到它們共存，而且這往往會發生。

So by the time we launch Tomahawk 5 2 years from now, we're probably maybe be getting our Tomahawk 1 to the point where it becomes de minimis. So there is this constant coexistence of multiple generations and applies, by the way, to every product we have, server storage where we have 2, 3 -- we have 3 generations running simultaneously because it's the way the world adopts new technology. And we will keep having a mix, which is probably why when you boil down to it at the end of the day, it's -- we have -- there's no hockey stick in any product adoption.

因此，當我們在 2 年後推出 Tomahawk 5 時，我們可能正在讓我們的 Tomahawk 1 達到最低限度。因此，多代不斷共存，順便說一句，適用於我們擁有的每一種產品，我們擁有 2、3 代的服務器存儲——我們有 3 代同時運行，因為這是世界採用新技術的方式。我們將繼續混合，這可能就是為什麼當你在一天結束時歸結為它時 - 我們有 - 在任何產品採用中都沒有曲棍球棒。

There's no such thing as winners take all, whether it's part of a new product, or for that matter, a new player. There is always coexistence, a shared volume and a shared mix of technologies. And we see that very clearly across.

沒有贏家通吃，無論是新產品的一部分，還是新玩家。始終存在共存、共享的容量和共享的技術組合。我們非常清楚地看到了這一點。

Now consumer perhaps is less -- is more of a hockey stick. And even then, we see month 2 or 3 generations of our North American OEM running simultaneously. But of course, it's more of a hockey stick, I believe, than our infrastructure products.

現在消費者可能更少了——更像是一根曲棍球棒。即便如此，我們看到我們的北美 OEM 的第 2 或第 3 代同時運行。但當然，我相信它更像是一根曲棍球棒，而不是我們的基礎設施產品。

Infrastructure takes a while and we would have -- not very uncommon to have 3 generation running simultaneously. And that means any expansion of gross margin coming back where it drains down to because it's a reflection of product mix of -- in terms of product generation. That's why our gross margin grows much more steadily, but more -- not as rapidly as we would like to, but it's okay because it gets more sustainable. And as each year passes and the newer generation products get adopted more in a measured manner, our gross margin grows that 50 to 100 basis points each particular year that passes. I hope that answers your question.

基礎設施需要一段時間，而我們會 - 同時運行 3 代並不少見。這意味著毛利率的任何擴張都會回到它流失的地方，因為它反映了產品組合——就產品生成而言。這就是為什麼我們的毛利率增長得更穩定，但更多——沒有我們想要的那麼快，但沒關係，因為它變得更可持續。隨著每一年過去，新一代產品被更多地採用，我們的毛利率每年都會增長 50 到 100 個基點。我希望這能回答你的問題。

Ladies and gentlemen, I would now like to turn the call back over to Ms. Ji Yoo for any closing remarks.

女士們，先生們，我現在想把電話轉回給 Ji Yoo 女士，以便結束髮言。

Thank you, Sheri. Broadcom currently plans to report its earnings for the fourth quarter of fiscal '22 after close of market on Thursday, December 8, 2022. A public webcast of Broadcom's earnings conference call will follow at 2 p.m. Pacific.

謝謝你，雪莉。 Broadcom 目前計劃在 2022 年 12 月 8 日星期四收市後報告其 22 財年第四季度的收益。Broadcom 收益電話會議的公開網絡直播將於下午 2 點進行。太平洋。

That will conclude our earnings call today. Thank you all for joining. Sheri, you may end the call.

這將結束我們今天的財報電話會議。謝謝大家的加入。雪莉，你可以掛斷電話了。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。