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. 2022 財年第三季財務業績電話會議。現在，我想將電話轉給博通公司投資者關係主管 Ji Yoo 進行開場發言和介紹。

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.

謝謝雪莉，大家下午好。與我一起參加今天電話會議的還有總裁兼執行長 Hock Tan；克斯汀‧斯皮爾斯，財務長；以及半導體解決方案集團總裁 Charlie Kawwas。 Broadcom 在收盤後分發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。本次電話會議正在進行網路直播，並且可以透過 Broadcom 網站的投資者部分獲取為期一年的電話會議音訊重播。

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.

在準備評論期間，Hock 和 Kirsten 將提供 2022 財年第三季業績的詳細資訊、第四季的指導以及有關商業環境的評論。我們將在準備好的評論結束後回答問題。

Please refer to our press release today and our recent filings with the SEC for information on 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以及我們最近向美國證券交易委員會提交的文件，以了解可能導致我們的實際結果與本次電話會議中所做的前瞻性陳述存在重大差異的具體因素的資訊。

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

除了美國公認會計原則報告外，博通還根據非公認會計原則報告某些財務指標。今天新聞稿所附的表格中包含了公認會計原則和非公認會計原則措施之間的調節。今天電話會議期間發表的評論將主要涉及我們的非公認會計準則財務表現。

I'll now turn the call over to Hock.

我現在將把電話轉給霍克。

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，吉，也謝謝大家今天的加入。對於我將要在螢幕上報告和瀏覽的內容，我們感到有些超現實。首先我要說的是，雖然據報道消費者 IT 硬體支出疲軟、非常疲軟，但從我們的角度來看，基礎設施支出仍然非常強勁。在 22 年第三財季，綜合淨收入達到創紀錄的 85 億美元，年增 25%。半導體解決方案營收年增32%，達到66億美元。基礎設施軟體營收年增 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.

第三季度，我們的半導體業務表現強勁，所有終端市場都做出了堅實的貢獻。雲端和服務供應商的成長依然強勁，在資料中心擴建和基礎設施升級的推動下，第四季實際上預計將同比加速。與去年同期相比，企業園區部署和資料中心更新連續第六個季度持續成長。

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

展望第四季度，我們預期企業將持續實現兩位數的年成長。

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.

同時，無線業務與我們大型北美手機 OEM 密切相關，第三季表現穩定，隨著我們推出新平台，預計第四季將實現成長。

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.

現在讓我根據終端市場提供更多顏色。從網路開始。網路收入達到創紀錄的 23 億美元，年增 30%，占我們半導體收入的 35%。隨著雲端和企業資料中心的更新，它們繼續增加對我們的 Tomahawk、Trident 和 Jericho 交換晶片平台的採用。重要的是，我們預計這種趨勢將持續下去。

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 交換器系列，在單一單晶片中提供每秒 51.2 太比特的乙太網路交換容量，是當今市場上任何其他交換器晶片頻寬的兩倍。我們也宣布推出業界首個與 Tomahawk 的矽光子聯合封裝，這將為低功耗樹立新的基準，並擴大我們在超大規模資料中心的領導地位和創新。鑑於這些驅動因素，網路仍然很強大。在第四季度，我們預計該細分市場將年增 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，伺服器儲存連接收入達到創紀錄的 11 億美元，佔半導體銷售額的 17%，比去年同期成長 70%，超出了我們的預期。主要驅動力仍然是我們下一代伺服器儲存連接的成長，我們受益於雲端和企業中伺服器和儲存的高內容和持續部署。我們預計這種強勁趨勢實際上將持續下去。在第四季度，我們預計伺服器儲存連線收入將年增約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.

轉向寬頻。營收為 11 億美元，年增 20%，符合我們的預期，佔半導體銷售額的 17%。這一穩定成長的推動因素是主要服務供應商繼續在全球部署下一代寬頻光纖到戶以及 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、企業接入點和智慧型手機上解鎖令人驚嘆的無線體驗的行業領導者。我們預計首次部署將於 2023 年下半年進行。

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。第三季營收為 16 億美元，占我們半導體營收的 25%。北美客戶的持續需求推動無線收入年增 14%，這與我們的指導一致。第四季度，我們預計無線收入將季節性環比成長 20%，年增 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，第三季工業轉售額為 2.44 億美元，年減 4%，反映出中國的疲軟，但被美國和歐洲的持續強勁所部分抵銷。儘管如此，我們預計第四季工業轉售將年比反彈至高個位數成長。

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，第三季半導體解決方案營收年增32%。第四季度，我們預計半導體營收將年增 25% 的強勁水平。現在來看，如果我們按順序來看，第三季與第二季一樣成長了 6%，第四季將再成長 6%，這主要是受無線季節性的推動。

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.

轉向軟體。第三季度，基礎設施軟體營收為18億美元，年增5%，佔總營收的22%。以美元計算，到期合約的綜合續約率平均為 128%。對於策略客戶，我們的平均率為 140%。在這些策略客戶中，4.61 億美元的年度預訂包括向這些來電客戶交叉銷售我們的投資組合產品的 1.36 億美元。現在，我們續訂價值的 95% 都來自於定期訂閱和維護。

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.

綜上所述，在過去 12 個月中，綜合續約率比到期合約平均高出 122%。在策略客戶中，我們的平均值實際上是 137%。由於這些趨勢，我們的 ARR 和第三季末的遠期軟體收入指標為 55 億美元，比一年前成長了 5%。在第四季度，我們預計我們的基礎設施軟體收入將年增中個位數百分比成長。

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，我們預計第四季度合併收入為 89 億美元，年增 20%，季增 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 詳細介紹我們本季的財務業績之前，讓我先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備案方面取得了良好進展。我們擁有一支優秀的團隊專注於這些工作，並且我們在這方面正在按預期取得進展。我們仍預計該交易將在博通 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.

我們仍然對收購 VMware 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通路合作夥伴關係印象深刻。我們非常尊重 VMware 所建構的產品。我們將共同解決這個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.

接下來，讓我把電話轉給克斯汀。

Thank you, Hock. Let me now provide additional detail on our financial performance. 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詳細資訊。該季度營收為 85 億美元，比去年同期成長 25%。該季度毛利率佔營收的 76%，年增 80 個基點。在研發投資的推動下，營運支出為 12 億美元，年增 8%。該季度營業收入為 52 億美元，年增 32%，年增 32%。營業利益率為營收的61%，年增約320個基點。調整後 EBITDA 為 54 億美元，佔營收的 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%.

現在回顧我們兩個部門的損益表。我們的半導體解決方案部門的營收為 66 億美元，佔本季總營收的 78%。較去年同期成長 32%。在我們廣泛的產品組合中有利的產品組合和下一代產品內容成長的推動下，我們的半導體解決方案部門的毛利率約為 72%，較去年同期成長 220 個基點。第三季營運費用為 8.53 億美元，年增 9%。該季度研發費用為 7.65 億美元，年增 10%。第三季半導體營業利益率增至 59%。因此，雖然半導體收入成長了 32%，但營業利潤成長了 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%.

轉向我們的基礎設施軟體部門的損益表。基礎設施軟體收入為 18 億美元，佔收入的 22%。這一數字年增了 5%。該季度基礎設施軟體的毛利率為 90%，較去年同期穩定。該季度營運費用為 3.75 億美元，年增 4%。第三季基礎設施軟體營運利潤率為 70%，營運利潤成長 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。該季度自由現金流為 43 億美元，佔營收的 51%。我們在資本支出上花了 1.16 億美元。第三季的應收帳款天數為 29 天，去年同期為 30 天。第三季末，我們的庫存為 18 億美元，比上季末成長 10%，這在很大程度上是由於材料成本上升和預期的連續收入成長。第三季末，我們擁有 100 億美元現金和 395 億美元總債務，其中 3.04 億美元是短期債務。

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 億美元的現金股利。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，並沖銷了2.92 億美元的普通股，以支付因員工股權歸屬而應繳的稅款，從而沖銷了約320 萬股AVGO 股票。第三季非 GAAP 稀釋後股票數為 4.36 億股。第四季度，我們預計非 GAAP 稀釋後股票數量為 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，我們尚未回購任何股票，因為回購須遵守監管規則。我們恪守承諾，根據美國證券交易委員會的規定，盡快向股東返還多餘現金，包括回購。根據目前的業務趨勢和狀況，我們對 2022 財年第四季的指引是綜合營收為 89 億美元，調整後 EBITDA 約為預期營收的 63%。

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

我準備好的發言就到此結束。接線員，請撥打電話詢問問題。

(Operator Instructions) Our first question will come from 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，您在序言中談到了消費者方面與基礎設施方面的一些宏觀數據點之間的脫節。顯然，您對消費者的了解有限。但在網路寬頻伺服器、企業和雲端業務方面，您是否看到任何變化？因為我認為，投資人甚至我自己都很難接受這樣一個事實：儘管許多同行的宏觀數據點似乎正在惡化，但你一切都很好。

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。簡短的回答是否定的。這就是我的意思，這也是我一直在談論的事情，我們在財報電話會議和賣方分析師電話會議中一直在談論真實需求。我們正在衡量的內容、我們報告的收入都在我們的腦海中，而且在過去的 8 個季度中我們一直在這樣看待它，特別是正如我們告訴您的那樣。在將產品交付給客戶、最終用戶之前，我們會深思熟慮、仔細地處理我們的積壓訂單，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.

我們今天向您報告的內容，您會看到我們提供的數字和數字的強度，如果我自己可以這麼說的話，這是我們在各個終端市場和市場上看到的真正的最終需求我們銷售的基礎設施產品－進入這些終端市場。這就是我們能夠消除真正的最終需求的程度。

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.

現在我們還有大量積壓訂單，交貨時間仍維持在 50 週不變。現在，無論今天的預訂是否以不同的想法、不同的價格進行，這更多的是客戶試圖思考一年後的感知和心理的函數。但就我們在第三季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最終結果——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.

現在我們的下一個問題將來自史黛西·拉斯貢（Stacy Rasgon）和伯恩斯坦（Bernstein）的台詞。

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?

我想我只是想跟進此事，霍克。所以我理解你們認為你們正在滿足真實的需求，但感覺如果這是每個人都面臨的實際真實需求情況，那麼其他人都會感覺比他們看起來更強大。所以我想——對於幫助我們解決這個問題，我不知道你還能說些什麼。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控制和解析你的訂單和其他一切，但你不認為你的客戶可能會在你內部進行遊戲——在你採取了所有行動之後？我想投資人到底能有什麼樣的信心（如果有的話）來繞過你認為你實際上正在滿足真實需求的說法？

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.

嗯，我的意思是，在我們將產品透過飛機或卡車交付給客戶之前，我們進行了大量的製衡。我們這樣做已經有兩年了。所以我們非常擅長做到這一點。羅斯之前回答的問題是，你看到這一切有什麼特別的改變嗎？在我們產品的消費方面，我只能明顯地談論我們的產品，我可以談論我們產品之外的事情，不，我們沒有看到這一點。

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

請稍等一下我們的下一個問題。這將來自 Vivek Arya 與美國銀行的關係。

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受到過去幾天媒體報道的中國限制的影響。然後，霍克，我想以不同的方式問成長問題，也就是說，在過去，您描述了博通的可持續的中位數成長率。當我們展望明年左右時，這仍然是一個很好的框架嗎？或者，如果您可以按終端市場、超大規模企業、企業、電信公司或消費者來告訴我們，從概念上講，您預期哪些市場的成長會比公司的整體成長率更好或更慢？

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，但讓我來解決第一個問題。不，我們還沒有收到通知。我們的任何產品都不會受到上週或幾天內發生的任何有關中國發貨限制的行動的影響。我們沒有受到影響，期間。我們並不希望如此。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.

就你所說的而言，現在需要某種程度的猜測，但不僅如此。我一直說半導體領域的長期永續需求是中個位數的複合成長率，5%，大約是 6%、5%、6%。我仍然相信，無論如何，我指的是過去 12 個月中發生的營銷謠言。一直如此。我認為我們最終會恢復到這種常態。

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%.

顯然，我們所看到的非常有趣，因為這取決於複合成長何時開始，因為 5% 是我所說的長期成長率。在這個行業的短期內，我們都經歷過這些週期，在上升週期中您的成長率可能高於 5%，而在下降週期中則明顯低得多，平均為 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，我們必須回到常態。我相信我們會的，但不是今年，22 年。 '22 的比率正在成長。現在我們假設我們的預測第四季開始發揮作用。我們談論的是半導體同比增長率約為 25%。這遠高於 5% 的標準。所以在某個時候，是的，事情會逆轉並恢復到正常狀態。現在我可能需要幾年的時間才能到達那裡。

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

請稍等一下，我們的下一個問題將來自哈蘭·蘇爾 (Harlan Sur) 與摩根大通 (JPMorgan) 的電話。

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?

早在四月份，你們就 ASIC 業務的客製化外觀做了非常好的教學。過去幾年，該業務以 20% 的複合年增長率成長。您擁有超過 70 個 7、5 和 3 奈米程式的流程。然後，具體來說，Hock，在您的計算卸載中，對吧，您有一些非常好的程序，例如 GPU、智慧 NIC、視訊轉碼。該團隊今年是否仍有望推動計算卸載 ASIC 收入達到 20 億美元？然後考慮到這些 ASIC 計劃對客戶未來計劃的策略性質，例如這個細分市場在宏觀環境疲軟的情況下（例如明年）是否會表現得更好？

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。我們已經告訴過你了，我們正在實現這一點。至於這個特定的計算卸載是否會克服重力，我不知道。我實在無法回答這個問題。我願意相信它正在興起，而且是一個非常新興的業務。因此，就像我們所看到的那樣，所有已經達到一定臨界品質水準的新興業務，它的成長可能會比企業更好一些，正如我們所看到的。所以你在這方面並沒有錯。但這實際上需要我們進行一定程度的猜測，因為我的意思是它超過了 23 年，對吧？我正在考慮未來 3 年的 23 年、24 年、25 年。會堅持得更好嗎？以至於我不知道答案。對於23年來說，當然，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.

請稍等一下我們的下一個問題。這將來自瑞銀集團的 Timothy Arcuri 家族。

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，我想知道您是否可以向我們介紹半成品積壓訂單數量的最新情況。我認為上次電話會議的金額為 250 億美元，已經一年多一點了。您能否向我們通報積壓訂單數量的最新情況？另外，您是否看到積壓的情況有任何變化？我的意思是我知道可能，已經結束了。但您是否看過任何客戶取消或退出的情況？我的意思是，顯然，這聽起來比收到的預訂所抵消的還要多。但積壓的訂單中的流動性如何？

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明確。我們不允許取消積壓訂單。我們還沒看到，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.

首先，請記住，隨著我們的積壓訂單不斷增加，我們的收入每季都在持續成長。與上一季相比，我們第三季末的積壓訂單增加至 310 億美元。因此，我們的發貨仍然低於我們的預訂率。

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

請稍等一下我們的下一個問題。這將來自 William Stein 與 Truist Securities 的家族。

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 ASP 侵蝕的行業中，至少在類似的部分基礎上。所以我知道隨著時間的推移，這種組合會發生變化，但我認為在過去 1.5 年左右的時間裡，這種情況發生了很大的變化。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對利潤率的影響。你在半成品行業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，事實並非如此。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。顯然，在過去的 12 個月裡，我們能夠提高價格，但這只是因為我們的材料成本上漲了。所以我們談論的是——如果我們談論的是百分比，而不是絕對美元，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%，以保持我們的百分比利潤不被稀釋提價幅度不少於10%。只要這樣做，它就保持不變——它只是保持毛利率的百分比保持中性。所以我想說，價格上漲對我們利潤率的提高影響很小。

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中所說，是什麼使我們的利潤率加速或提高，是在過去幾年的某種程度，特別是過去 12 個月的環境中，被壓抑的支出水平，特別是在企業中，在某種程度上也是在雲端和寬頻方面，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。這只是——這是這個半導體週期的基本原理。新一代產品改進，擴大了我們的毛利率。加速採用是擴大毛利率的原因。這與這裡的情況差不多，但價格上漲本身並非如此。

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

請稍等一下，我們的下一個問題將來自富國銀行的亞倫·雷克斯 (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。上個季度的業績穩健。聽起來您正在指導本季實現 20% 的環比增長。但如果我回顧過去幾年，它實際上遠高於 20% 的環比增長率。所以我想您如何看待那裡的需求狀況？我想，當我們展望未來的下一代產品週期時，您的內容擴展機會就來了。

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。在無線業務方面，如果我可以嘗試澄清一下，當我們採取任何特定的3 個月期間（例如第三季度和現在的第四季度）並對其進行快照並將其與一年前的同一時間段進行比較時，它永遠不會在所有事情上完全複製自己。換句話說，沒有標準化。所以可能是20%。可能是25%。甚至可能有 30% 的變化。我認為所有這些都在同一個範圍內，僅僅因為所需要的只是發貨量和產品的幾週的下滑，以產生這種特殊的差異。因此，我不會過多考慮這個數字是 20%，而兩年前或一年前的同一時期可能接近 30%（如果您不介意的話），只是因為沒有出現任何情況同比計劃銷售。它改變了。

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.

但就總體數量而言，我們並沒有看到與一年前太大不同的單位。事實上，內容的增加可能會為我們帶來年復一年的提升。即使同比（季度）有所增長，當您與任何 3 個月期間進行比較時，也要持保留態度，認為某些交易量可能已經向前移動，而不是在這 3 個月內。但這是在球場上。

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

請稍等一下，我們的下一個問題將來自 Harsh Kumar 和 Piper Sandler。

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，恭喜您在如此動盪的市場中報告了非常好的指導和非常好的結果。霍克，我想問一個簡短的問題，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?

對於我的主要問題，這是一個永續性問題。有人問收入，但我想問毛利率。我認為軟體產品的毛利率為 90%，這是正常現象，但半成品產品的毛利率為 72%，與其他公司相比，這確實有點不正常。那麼，當您想到 70 年代半成品業務的可持續性時，您認為哪些驅動因素可以讓您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。順便說一句，我們的半導體毛利率，我們談論可持續性，我想說它不斷擴大。正如您可能知道的那樣，它不會保持靜止。如果你回顧 5 年前，我們的毛利率更像是 60%——處於 60 年代中期或 60 年代低水平。如今，這一比例已超過 70%。事實就是如此——這就是半導體技術業務的美妙之處。你總是擁有新一代的產品，無論是無線的，還是運行的——每 12 到 24 個月創建一代產品，無論是切換，每 2、3 年一次，所有存儲，每 5 年一次。每次你投入新一代產品時，你都會擴大你的利潤，因為你正在提供更多的價值，通常你會提供更多的價值，並且你能夠從更高的價值中獲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，我們投資組合的利潤不斷擴大。所以我們現在處於 70 年代。如果你問我們 5 年後在不斷更新下一代產品的現像中我們會處於什麼位置，我會看到這種毛利率持續成長。從經驗上來說——不要問我背後有任何數學公式——背後有物理學。但從經驗來看，考慮到我們約 16 個半導體特許經營權的投資組合，我們年復一年平均擴張接近 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.

正如我回答之前的問題一樣，在過去的兩年裡，我們——你幾乎可以說是反彈——感受到了 IT 支出的變化，我猜是基於封鎖，基於新冠病毒的行為變化—— 19 日，我們看到許多特許經營店加速採用下一代產品。因此，我們看到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 個基點擴張，但我們仍然看到半導體毛利率的可持續擴張。

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.

軟體，你是對的，我們不能停留在 90%，而且我們不會用它去任何地方。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，中國約占我們半導體收入的 13%。這就是我們對中國的敞口。

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

請稍等一下我們的下一個問題。這將來自 Vijay Rakesh 和 Mizuho 的血統。

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，我又問兩個問題。對不起。在企業儲存方面，我看到你們有一個相當不錯的季度和指南。只是想知道消費者和企業之間的接觸程度如何。您對未來的實力有何看法？

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?

另外，這是我關於 VMware 方面的第二個問題。我知道您說過您仍然期望在 23 財年結束。你能給我們一些顏色嗎？我們已經獲得了大部分批准了嗎？你在等一些人嗎？

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？我們可以用 3 種方式進行分類，3 組，非終端市場，但組。它跨越了我們所有的終端市場，除了無線市場。無線就是消費者的全部。因此，毫不奇怪，我們的半導體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，這可能是75% 到近80% 之間的比例，幾乎在企業、我們所說的傳統企業以及我們稱之為服務提供商的最終分組（實際上是針對超大規模企業和電信公司）之間平分秋色。因此，在傳統企業和超大規模電信公司之間，各佔一半。消費者，20%至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.

就 VMware 的監管流程而言，我想說，現在，當你想到它時，我們正在跨幾個（幾個）幾個司法管轄區考慮它。我們正在行動——它正在取得良好進展。重申一下，我們完全希望在 23 財年內完成這項任務。

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

請稍等一下我們的下一個問題。這將來自約瑟夫摩爾和摩根士丹利的血統。

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?

關於您提到的 50 週交付週期，您接下來（例如 12 個月）的目標是什麼？你想把它放下嗎？如果你確實想要的話，從鑄造基板的角度來看，必須發生什麼才能降低這個數字？

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。我們還沒有認真思考過這個問題，喬。不。它也禮貌、溫和地將他們的要求推遲一年。所以它給了我們很大的可見性。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，這是相當好的可見性。

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

請稍等一下我們的下一個問題。這將來自 Toshiya Hari 和高盛的家族。

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?

我想跟進喬關於供應方面的問題。 Hock，根據您在過去幾季中標記的連續收入成長以及您對 10 月季度的指導，很明顯供應仍然是您收入成長的關鍵決定因素。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，我們是否應該預期未來幾個或幾個季度的中位數成長將成為正常節奏？或者，考慮到其他一些終端市場的寬鬆政策，您的成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。那麼讓我試著回答這個問題。我們一直說，而且我們仍然會說，真正限制我們收入的並不是供應。正如我們所說，我們會仔細研究並盡可能接近客戶真正需要消費的東西。我們按照這個發貨。這就是最基本的。因此，如果你這樣看，供應就不是真正的限制。這是需求，真正的需求，以及達到真正的需求。

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 月季度的第四季度一樣，您會看到我們從 8.4、8.5 升至 8.9。相信我，這很大程度上是由我們北美手機製造商的季節性成長所推動的。這確實是推動最後一次成長的原因。因此，我們與產品的最終消費非常非常緊密地聯繫在一起，而這並不是真正的全部——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，在過去的四、五個季度裡，我們仍然處於同樣的行為模式。

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

請稍等一下我們的下一個問題。這將來自 Pierre Ferragu 和 New Street Research 的血統。

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，您在準備好的發言中提到了您在網路領域的第一個聯合包裝光學產品。所以我想知道您是否能給我們更深入地概述一下這方面的情況。首先是您的產品組合。那麼，您是否會在未來幾年內推出具有共同封裝光學元件的平行產品以及與常規光學元件並行使用的傳統產品？那麼在市場採用方面，您能否讓我們了解一下材料共封裝光學元件在未來 3、4、5 年內將如何發展？如果它會像特定用例的逐步採用，或者更像是在某些頻寬中採用曲棍球棒，那麼，聯合封裝將比[易碎]光學元件更有意義。

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。讓我再嘗試討論這個問題。基本上，你的問題是如何——我的意思是我們不斷地推出我們所有的產品系列——尤其是新一代的半成品產品。儘管我自己這麼說，但它們非常酷。而採用的速度永遠不會像我們希望的那麼快。它往往比我們想像的要慢得多。例如，以切換戰斧資料為例—頂級資料中心切換。我仍在銷售戰斧 1、戰斧 2、戰斧 3，這是當前一代的前一代。現在我們正在銷售 Tomahawk 4。所以你可以看到它們共存，而且這種情況往往會發生。

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，當我們在兩年後推出 Tomahawk 5 時，我們的 Tomahawk 1 可能已經達到了最低限度。因此，多代產品不斷共存，順便說一句，這也適用於我們擁有的每一種產品，即我們有2、3 代伺服器儲存——我們有3 代產品同時運行，因為這是世界採用新技術的方式。我們將繼續進行混合，這可能是為什麼當你在一天結束時歸結為它時，它是 - 我們 - 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.

不存在贏者通吃的情況，無論是新產品的一部分，或是新玩家。總是存在共存、共享容量和共享技術組合。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，消費者可能不再是——更多的是一根曲棍球棒。即便如此，我們的北美 OEM 的第二代或第三代產品仍會同時運作。但當然，我認為，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，我們本來可以——同時運行第三代的情況並不罕見。這意味著毛利率的任何擴張都會回到原來的水平，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成長得更穩定，但也更多——雖然沒有我們希望的那麼快，但沒關係，因為它變得更加可持續。隨著時間一年過去，新一代產品得到更多採用，我們的毛利率每年都會增加 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，我現在想將電話轉回給 Ji Yoo 女士，讓其發表結束語。

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。博通目前計劃於 2022 年 12 月 8 日星期四收盤後公佈 22 財年第四季度的收益。太平洋。

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

我們今天的財報電話會議到此結束。感謝大家的加入。雪莉，你可以結束通話了。

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。您現在可以斷開連線。