博通 (AVGO) 2022 Q4 法說會逐字稿

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

歡迎來到 Broadcom Inc. 的第四季度和 2022 財年財務業績電話會議。現在，關於開場白和介紹，我想把電話轉給 Broadcom Inc 投資者關係主管 Ji Yoo。

Thank you, Suri. 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.

謝謝你，蘇瑞。大家下午好。總裁兼首席執行官 Hock Tan 和我一起參加今天的電話會議；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。

Broadcom distributed a press release and financial tables after the market closed, describing our financial performance for the fourth quarter and fiscal year 2022. If you did not receive a copy, you may obtain the information from the Investors section of Broadcom's website at broadcom.com.

Broadcom 在收市後分發了一份新聞稿和財務表格，描述了我們第四季度和 2022 財年的財務業績。如果您沒有收到副本，您可以從 Broadcom 網站 broadcom.com 的投資者部分獲取信息.

This conference call is being webcast live, and an audio replay of the call can be accessed for 1 year through the Investors section of Broadcom's website.

此電話會議正在網絡直播，電話的音頻重播可通過 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 fourth quarter and fiscal year 2022 results, guidance for our first quarter as well as 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 將提供我們第四季度和 2022 財年業績的詳細信息、我們第一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 the specific risk factors that could cause our actual results to differ materially from the forward-looking statements made on this call.

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

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

除了美國 GAAP 報告外，Broadcom 還在非 GAAP 基礎上報告某些財務指標。 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將主要參考我們的非 GAAP 結果。

I'll now turn the call over to Hock.

我現在將電話轉給 Hock。

Well, thank you, Ji. And thanks, everyone, for joining us today. Before I provide color on our Q4 results, let me put in perspective what we achieved in fiscal year '22. For the year, I'm pleased to report that consolidated revenue hit a record of $33.2 billion, growing 21% year-on-year, yet another year of double-digit organic growth. This growth was driven by our strong partnerships with customers and increased R&D investments, which enable accelerated adoption of our next-generation technologies. With our robust business model, we grew our fiscal 2022 operating profit by 28% year-on-year and our free cash flow per share by 25% year-upon-year.

嗯，謝謝你，季。感謝大家今天加入我們。在我提供我們第四季度業績的顏色之前，讓我先看看我們在 22 財年取得的成就。對於這一年，我很高興地報告，合併收入達到創紀錄的 332 億美元，同比增長 21%，又是兩位數有機增長的一年。這一增長得益於我們與客戶的牢固合作夥伴關係以及研發投資的增加，這使得我們的下一代技術得以加速採用。憑藉穩健的商業模式，我們 2022 財年的營業利潤同比增長 28%，每股自由現金流同比增長 25%。

Now to discuss details of our fiscal Q4. In our fiscal Q4 '22, consolidated net revenue was a record $8.9 billion, up 21% year-on-year. Semiconductor solutions revenue increased 26% year-on-year to $7.1 billion, and infrastructure software revenue grew 4% year-on-year to $1.8 billion.

現在討論我們第四財季的細節。在我們的 22 財年第四季度，綜合淨收入達到創紀錄的 89 億美元，同比增長 21%。半導體解決方案收入同比增長 26% 至 71 億美元，基礎設施軟件收入同比增長 4% 至 18 億美元。

In Q4, our semiconductor business continued to perform well across hyperscale, service providers and enterprise. On top of this, wireless grew sequentially as we ramp up the new platform and our North American customer.

在第四季度，我們的半導體業務在超大規模、服務提供商和企業中繼續表現良好。最重要的是，隨著我們提升新平台和北美客戶，無線業務也隨之增長。

In reporting these results, I'd like to emphasize, we demonstrate our continued discipline in shipping our strong backlog only as and when needed by our end customers. So in contrast to weak consumer electronics spending today and despite concerns of a global recession, we believe overall infrastructure spending remains strong, and we continue to experience sustained demand in most of our end markets, and this is what we continue to see in Q1. So let me expand on this.

在報告這些結果時，我想強調的是，我們展示了我們一貫的紀律，即僅在最終客戶需要時才運送大量積壓訂單。因此，與今天疲軟的消費電子產品支出形成鮮明對比的是，儘管人們擔心全球經濟衰退，但我們認為整體基礎設施支出仍然強勁，我們在大多數終端市場繼續經歷持續的需求，這就是我們在第一季度繼續看到的情況。因此，讓我對此進行擴展。

Starting with networking. Networking revenue was a record $2.5 billion and was up 30% year-on-year, representing 35% of our semiconductor revenue. We see strong growth from deployment of [cama 4] for data center switching at hyperscale customers. And we see upgrades of edge and core routing networks with our next-generation Jericho portfolio at cloud and service providers. And at multiple cloud customers, we continue to lead in delivering custom solutions for compute offload accelerators and actually surpassed the $2 billion month in revenues in fiscal '22. Looking into Q1, we do expect networking revenue to be strong and grow about 20% year-over-year.

從網絡開始。網絡收入達到創紀錄的 25 億美元，同比增長 30%，占我們半導體收入的 35%。我們看到為超大規模客戶的數據中心交換部署 [cama 4] 的強勁增長。我們看到邊緣和核心路由網絡與我們在雲和服務提供商處的下一代 Jericho 產品組合的升級。在多個雲客戶中，我們繼續在為計算卸載加速器提供定制解決方案方面處於領先地位，實際上在 22 財年的月收入超過了 20 億美元。展望第一季度，我們確實預計網絡收入將強勁增長，同比增長約 20%。

Next, our storage connectivity revenue was a record $1.2 billion or 17% of semiconductor revenue and up 50% year-on-year. As we have mentioned in previous earnings call, we are benefiting here from substantial content increases as both cloud and enterprise customers adopt our next-generation migrate and storage adapters. This trend will continue in Q1, and we expect server storage connectivity revenue to grow above 50% year-on-year.

接下來，我們的存儲連接收入達到創紀錄的 12 億美元，佔半導體收入的 17%，同比增長 50%。正如我們在之前的財報電話會議中提到的那樣，隨著雲和企業客戶都採用我們的下一代遷移和存儲適配器，我們從內容的大量增加中受益。這一趨勢將在第一季度持續，我們預計服務器存儲連接收入將同比增長 50% 以上。

Moving on to broadband. Revenue of $1 billion grew 20% year-on-year and represented 15% of semiconductor revenue. Our broadband business is benefiting from ongoing multiyear deployments by North American and European service providers of 10-gigabit PON and DOCSIS 3.1 We've embedded WiFi 6 and 6E. In Q1, we expect the secular drivers behind broadband to continue and our business to be strong at about 30% year-on-year growth.

轉向寬帶。收入 10 億美元，同比增長 20%，佔半導體收入的 15%。我們的寬帶業務受益於北美和歐洲服務提供商對 10-Gb PON 和 DOCSIS 3.1 的持續多年部署，我們已經嵌入了 WiFi 6 和 6E。在第一季度，我們預計寬帶背後的長期驅動因素將繼續存在，我們的業務將保持強勁，同比增長約 30%。

Moving on to wireless. Q4 revenue of $2.1 billion represented 29% of semiconductor revenue with the 13% year-on-year increase coming largely from higher content. And in Q1, we expect wireless revenue to be sequentially flat and up low single digits year-on-year.

繼續無線。第四季度 21 億美元的收入佔半導體收入的 29%，同比增長 13% 主要來自更高的內容。在第一季度，我們預計無線收入將環比持平，同比增長低個位數。

Finally, Q4 industrial resale of $234 million grew 1% year-over-year as softness in China mostly offset the strength in North American and European automotive. In Q1, we forecast industrial resales to continue the trend of low single-digit percent growth year-on-year.

最後，第四季度工業轉售額為 2.34 億美元，同比增長 1%，因為中國的疲軟在很大程度上抵消了北美和歐洲汽車的強勢。在第一季度，我們預測工業轉售將繼續保持低個位數的同比增長趨勢。

And so in summary, Q4 Semiconductor solutions revenue was up 26% year-on-year. And in Q1, we expect semiconductor revenue growth to sustain at approximately 20% year-on-year.

因此，總而言之，Q4 半導體解決方案收入同比增長 26%。而在第一季度，我們預計半導體收入同比增長將維持在 20% 左右。

Moving on to software. In Q4, infrastructure software revenue of $1.8 billion grew 4% year-on-year and represented 21% of total revenue. Core software revenue grew 5% year-on-year. In spite of adverse ForEx impact in dollar terms, consolidated renewal rates averaged 117% over expiring contracts. And in our strategic accounts, we averaged 128%.

轉向軟件。第四季度，基礎設施軟件收入為 18 億美元，同比增長 4%，佔總收入的 21%。核心軟件收入同比增長5%。儘管以美元計算的外匯交易受到不利影響，但綜合續約率平均比到期合同高出 117%。在我們的戰略客戶中，我們平均為 128%。

Within our strategic accounts, annualized bookings of $357 million included $101 million of cross-selling of our portfolio of products to these customers. Over 90% of the renewal value represented recurring subscriptions and maintenance.

在我們的戰略客戶中，每年 3.57 億美元的預訂量包括向這些客戶交叉銷售我們的產品組合的 1.01 億美元。超過 90% 的續訂價值代表定期訂閱和維護。

Over the last 12 months, consolidated renewal rates averaged 120% over expiring contracts. And in our strategic accounts, we averaged 135%. Because of this, our ARR, which is annual recurring revenue, the indicator of forward revenue, at the end of Q4 was $5.4 billion which was up 4% from a year ago. And in Q1, we expect our infrastructure software segment revenue to be flat year-on-year, reflecting core software revenue growth of mid-single-digit percent year-over-year, offset by a year-on-year decline in the Brocade enterprise and business.

在過去 12 個月中，綜合續約率平均比到期合同高出 120%。在我們的戰略客戶中，我們平均為 135%。因此，我們的 ARR，即年度經常性收入，是遠期收入的指標，在第四季度末為 54 億美元，比去年同期增長 4%。在第一季度，我們預計我們的基礎設施軟件部門收入將同比持平，反映出核心軟件收入同比增長中等個位數，但被博科的同比下降所抵消企業和商業。

In summary, we're guiding consolidated Q1 revenue of $8.9 billion, up 16% year-on-year. While we are fully booked for fiscal 2023, in this environment, we are not providing you guidance for the year.

總之，我們指導第一季度的綜合收入為 89 億美元，同比增長 16%。雖然我們 2023 財年的預訂已滿，但在這種環境下，我們不會為您提供當年的指導。

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 are making progress with our various regulatory filings around the world, as we very much expect having received merger clearance in Brazil, Canada and South Africa. We anticipate that time line for the review process would be more extended in other key regions, especially given the size of this transaction. Having said that, we're still confident that this transaction will close and be completed in our fiscal 2023.

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備案方面取得了進展，因為我們非常期待在巴西、加拿大和南非獲得合併許可。我們預計審查流程的時間線在其他關鍵地區會延長，特別是考慮到該交易的規模。話雖如此，我們仍然相信這筆交易將在我們的 2023 財年完成。

The combination of Broadcom and VMware is about enabling enterprises to accelerate innovation and expand choice by addressing their most complex technology challenges in this multi-cloud era, and we are confident that regulators will see this when they conclude their review.

Broadcom 和 VMware 的結合是為了讓企業能夠通過解決他們在這個多雲時代最複雜的技術挑戰來加速創新和擴大選擇，我們相信監管機構在結束審查時會看到這一點。

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 $8.9 billion for the quarter, up 21% from a year ago. Gross margins were 75% of revenue in the quarter and up 10 basis points year-on-year. Operating expenses were $1.2 billion, up 3% year-on-year driven by investment in R&D. Operating income for the quarter was $5.5 billion and was up 25% from a year ago. Operating margin was 62% of revenue, up approximately 240 basis points year-on-year. Adjusted EBITDA was $5.7 billion or 64% of revenue. 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信息。本季度收入為 89 億美元，同比增長 21%。本季度毛利率佔收入的 75%，同比增長 10 個基點。營業費用為 12 億美元，在研發投資的推動下同比增長 3%。本季度營業收入為 55 億美元，同比增長 25%。營業利潤率為收入的 62%，同比增長約 240 個基點。調整後的 EBITDA 為 57 億美元，佔收入的 64%。該數字不包括 1.29 億美元的折舊。

Now a review of the P&L for our 2 reportable segments. Revenue for our Semiconductor Solutions segment was $7.1 billion and represented 79% of total revenue in the quarter. This was up 26% year-on-year. Gross margins for our Semiconductor Solutions segment were approximately 71%, up 70 basis points year-on-year driven by product mix and adoption of next-generation products across our extensive product portfolio. Operating expenses were $825 million in Q4, up 4% year-on-year. R&D was $731 million in the quarter, up 4% year-on-year. Q4 semiconductor operating margins were 59%. So while semiconductor revenue was up 26%, operating profit grew 33% year-on-year.

現在回顧一下我們 2 個可報告部門的損益表。我們半導體解決方案部門的收入為 71 億美元，佔本季度總收入的 79%。同比增長 26%。我們的半導體解決方案部門的毛利率約為 71%，同比增長 70 個基點，這得益於我們廣泛的產品組合中的產品組合和下一代產品的採用。第四季度運營費用為 8.25 億美元，同比增長 4%。本季度研發費用為 7.31 億美元，同比增長 4%。第 4 季度半導體營業利潤率為 59%。因此，雖然半導體收入增長了 26%，但營業利潤同比增長了 33%。

Moving to the P&L for Infrastructure Software segment. Revenue for Infrastructure Software was $1.8 billion, up 4% year-on-year and represented 21% of revenue. Gross margins for Infrastructure Software were 91% in the quarter; and operating expenses were $348 million in the quarter, down 1% year-over-year. Infrastructure Software operating margin was 72% in Q4, and operating profit grew 6%.

轉到基礎設施軟件部分的損益表。基礎設施軟件收入為 18 億美元，同比增長 4%，佔收入的 21%。本季度基礎設施軟件的毛利率為 91%；本季度運營費用為 3.48 億美元，同比下降 1%。基礎設施軟件第四季度營業利潤率為 72%，營業利潤增長 6%。

Moving to cash flow. Free cash flow in the quarter was $4.5 billion, representing 50% of revenue. We spent $122 million on capital expenditures. Days sales outstanding were 30 days in the fourth quarter compared to 29 days in the third quarter. We ended the fourth quarter with inventory of $1.9 billion, up 5% from the end of the prior quarter because we expect the mix of revenue in Q1 to have a higher cost of materials. We ended the fourth quarter with $12.4 billion of cash and $39.5 billion of gross debt, of which $440 million is short term.

轉向現金流。本季度的自由現金流為 45 億美元，佔收入的 50%。我們在資本支出上花費了 1.22 億美元。第四季度銷售未完成天數為 30 天，而第三季度為 29 天。第四季度結束時，我們的庫存為 19 億美元，比上一季度末增長 5%，因為我們預計第一季度的收入組合具有更高的材料成本。我們在第四季度結束時擁有 124 億美元的現金和 395 億美元的總債務，其中 4.4 億美元是短期債務。

Based on current business trends and conditions, our guidance for the first quarter of fiscal 2023 is for consolidated revenues of $8.9 billion and adjusted EBITDA of approximately 63% of projected revenue.

根據當前的業務趨勢和狀況，我們對 2023 財年第一季度的指引是合併收入為 89 億美元，調整後的 EBITDA 約為預計收入的 63%。

In forecasting such operating profitability, we would like to point out that because of product mix changes, our non-GAAP gross margin could be down roughly 100 basis points from Q4 and R&D spending could be up sequentially as we step up hiring of engineers for multiple critical projects.

在預測這樣的營業利潤率時，我們想指出，由於產品組合的變化，我們的非 GAAP 毛利率可能比第四季度下降約 100 個基點，並且研發支出可能會隨著我們加緊招聘多個工程師而依次增加關鍵項目。

Let me recap our financial performance for fiscal year 2022. Our revenue hit a record $33.2 billion, growing 21% year-on-year. Semiconductor Solutions revenue was $25.8 billion, up 27% year-over-year. Infrastructure Software revenue was $7.4 billion, up 4% year-on-year. Gross margin for the year was 76%, up 110 basis points from a year ago. Our operating expenses were $4.8 billion, up 6% year-on-year. Fiscal '22 operating income was $20.3 billion, up 28% year-over-year and represented 61% of net revenue. Adjusted EBITDA was $21 billion, up 27% year-over-year and represented 63% of net revenue. This figure excludes $529 million of depreciation. We spent $424 million on capital expenditures, and free cash flow grew 22% year-on-year to $16.3 billion or 49% of fiscal '22 revenue.

讓我回顧一下我們 2022 財年的財務表現。我們的收入達到創紀錄的 332 億美元，同比增長 21%。半導體解決方案收入為 258 億美元，同比增長 27%。基礎設施軟件收入為 74 億美元，同比增長 4%。全年毛利率為 76%，較上年同期上升 110 個基點。我們的運營費用為 48 億美元，同比增長 6%。 22 財年營業收入為 203 億美元，同比增長 28%，占淨收入的 61%。調整後的 EBITDA 為 210 億美元，同比增長 27%，占淨收入的 63%。該數字不包括 5.29 億美元的折舊。我們在資本支出上花費了 4.24 億美元，自由現金流同比增長 22% 至 163 億美元，佔 22 財年收入的 49%。

Turning to capital allocation. For fiscal '22, we spent $15.5 billion, consisting of $7 billion in the form of cash dividends and $8.5 billion in repurchases and eliminations. We ended the year with $13 billion of authorized share repurchase programs remaining and expect to resume our repurchase of common stock as soon as we can under SEC rules.

轉向資本配置。對於 22 財年，我們花費了 155 億美元，其中包括 70 億美元的現金股息和 85 億美元的回購和抵銷。到年底，我們還有 130 億美元的授權股票回購計劃剩餘，並希望根據美國證券交易委員會的規定盡快恢復我們的普通股回購。

Excluding the potential impact of any share repurchases, in Q1, we expect a non-GAAP diluted share count to be $435 million. Aligned with our ability to generate increased cash flows in the preceding year, we are announcing an increase in our quarterly common stock cash dividend in Q1 fiscal 2023 to $4.60 per share, an increase of 12% from the prior quarter. We intend to maintain this target quarterly dividend throughout fiscal '23, subject to quarterly Board approval. This implies our fiscal 2023 annual common stock dividend to be a record $18.40 per share. I would like to highlight that this represents the 12th consecutive increase in annual dividends since we initiated dividends in fiscal 2011.

排除任何股票回購的潛在影響，我們預計第一季度非 GAAP 稀釋後的股票數量為 4.35 億美元。與我們在前一年產生更多現金流的能力相一致，我們宣布將 2023 財年第一季度的季度普通股現金股息增加至每股 4.60 美元，比上一季度增加 12%。我們打算在整個 23 財年維持這一目標季度股息，但須經董事會季度批准。這意味著我們 2023 財年的年度普通股股息將達到創紀錄的每股 18.40 美元。我想強調的是，這是自我們在 2011 財年開始派發股息以來連續第 12 次增加年度股息。

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，請打開電話詢問。

(Operator Instructions) And today's first question will come from C.J. Muse with Evercore ISI.

（操作員說明）今天的第一個問題將來自 C.J. Muse with Evercore ISI。

You talked about infrastructure holding up well across most segments. I guess I was hoping you could speak more to why infrastructure to date has been so immune from the weakness we've seen elsewhere in semis. Specifically, can you speak to trends you're seeing perhaps in hyperscale versus enterprise? Any differences there? And also, can you speak to how you see these trends throughout all of fiscal '23?

您談到基礎設施在大多數領域都表現良好。我想我希望你能更多地談談為什麼迄今為止的基礎設施對我們在半決賽其他地方看到的弱點如此免疫。具體來說，您能否談談您在超大規模與企業中看到的趨勢？有什麼區別嗎？而且，你能談談你如何看待整個 23 財年的這些趨勢嗎？

All right. Great question. What we see now, last quarter and this current quarter as we progress is hyperscale spending continues strong. Enterprise consumption continues strong. And broadband deployment across North America, Europe and even parts of Asia continues their multiyear trend of growth simply because out of COVID 19, there was a lot of invest -- there was a lot of plans to invest, and these are multiyear. So exactly, as I said, all these areas currently continue to be very much on track as we've seen it.

好的。很好的問題。隨著我們的進展，我們現在、上個季度和本季度看到的是超大規模支出繼續強勁。企業消費持續旺盛。北美、歐洲甚至亞洲部分地區的寬帶部署延續了多年的增長趨勢，這僅僅是因為在 COVID 19 之後，有很多投資——有很多投資計劃，而且這些都是多年的。因此，正如我所說，正如我們所看到的那樣，所有這些領域目前都在非常正常的軌道上。

Now keep in mind, as I said in previous earnings calls and I just reemphasize here today, again, it's -- I just want to assure you, we don't believe we are shipping beyond true demand. We continue to scrub, to basically judge orders, the backlog we have, and we also take pains to only ship to customers who can consume it pretty much within the same quarter before we do it. And so as far as we can tell, based on what we see as a willingness of our customers to exempt and consume the products we ship, that's what we see right now.

現在請記住，正如我在之前的財報電話會議上所說的，今天我再次強調，我只是想向你保證，我們不相信我們的出貨量超出了真正的需求。我們繼續清理，基本上判斷訂單，我們有積壓，我們也努力只運送給在我們這樣做之前幾乎可以在同一季度內消費它的客戶。據我們所知，根據我們所看到的客戶願意豁免和消費我們運送的產品的意願，這就是我們現在所看到的。

Asking me for the rest of '23, no, I tend to be more careful in being able to answer that. I don't know the answer to that is my opinion. I do not know whether the strength in acquisition and consumption of our products will continue to sustain for the rest of '23. What we do see is over the next several months, we see those orders still in place. We see customers willing to take the products.

問我 23 年剩下的時間，不，我傾向於更加謹慎地回答這個問題。我不知道答案是我的意見。我不知道在 23 年餘下的時間裡，我們產品的採購和消費實力是否會繼續維持。我們看到的是在接下來的幾個月裡，我們看到這些訂單仍然有效。我們看到客戶願意接受產品。

We have talking to multiple, multiple CIOs among the largest enterprise customers we have out there. We have not seen them talk about a reduction in their IT spending. We've seen many said it will grow and others saying it will at least remain flat. So I guess I'm cautiously positive about trends looking forward.

我們已經與我們擁有的最大企業客戶中的多位 CIO 進行了交談。我們還沒有看到他們談論減少 IT 支出。我們看到許多人說它會增長，而其他人則說它至少會保持平穩。所以我想我對未來的趨勢持謹慎樂觀的態度。

One moment for our next question. That will come from the line of Ross Seymore with Deutsche Bank.

稍等一下我們的下一個問題。這將來自德意志銀行的 Ross Seymore。

I want to follow on C.J.'s and maybe similar question but in a slightly different way. Last quarter, you talked about actively scrubbing your backlog. And clearly, that's helped to avoid some of the inventory pitfalls that some of your peers have seen. But have you noticed since last quarter's call a change in either the rate of your backlog growth? I think it was up about 7% sequentially last quarter, the composition of your backlog or how actively and aggressively you need to scrub it. Any sort of changes in those forward-looking metrics that would alter your view on kind of the sustainability of demand and the duration of it, et cetera?

我想關注 C.J. 的問題，也許是類似的問題，但方式略有不同。上個季度，您談到了積極清理積壓的工作。顯然，這有助於避免您的一些同行已經看到的一些庫存陷阱。但是您是否注意到自上個季度的電話會議以來您的積壓增長率發生了變化？我認為上個季度它連續增長了大約 7%，你積壓的構成或者你需要多積極和積極地清理它。這些前瞻性指標的任何變化都會改變您對需求可持續性及其持續時間等的看法？

It comes on very simply to we continue to scrub our backlog in a manner this quarter, last quarter, no differently than we did it 6 months or a year ago. We haven't changed our focus on ensuring that we do not ship products to the wrong people who just put it on the shelves. That is still very much, very, very intact in our view.

很簡單，我們在本季度、上個季度繼續以某種方式清理我們的積壓工作，與我們 6 個月或一年前的做法沒有什麼不同。我們沒有改變我們的重點，即確保我們不會將產品運送給錯誤的人，而這些人只是將產品放在貨架上。在我們看來，這仍然非常、非常、非常完整。

Our backlog continues to be way up there. And you're right, makes us change. As you can see, one quarter, it would be broadband growing 20% year-on-year and networking growing 30% year-on-year, and the following quarter is broadband growing 30% year-on-year and networking growing 20%. And it impacts not just from hyperscale, bearing their purchases in, for lack of a better word, seasonal manner. It's also the particular end markets it goes to.

我們的積壓工作繼續增加。你是對的，讓我們改變。大家可以看到，一個季度，寬帶同比增長20%，網絡同比增長30%，下一個季度寬帶同比增長30%，網絡同比增長20% .而且它的影響不僅來自超大規模，因為缺乏更好的詞，季節性的方式來承擔他們的購買。這也是它進入的特定終端市場。

So there's a mix of backlog and products we ship in any particular quarter will vary, and they all change. But it doesn't change the fact that we have still a very, very strong backlog. And what we're shipping, which is most important in the current quarter, we believe, is what we are reflecting as end demand for our products.

因此，我們在任何特定季度交付的積壓和產品都會有所不同，而且它們都會發生變化。但這並沒有改變我們仍然有非常非常多的積壓的事實。我們認為，我們正在出貨的是本季度最重要的，我們反映的是對我們產品的最終需求。

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

稍等一下我們的下一個問題。這將來自 Stacy Rasgon 與 Bernstein 的血統。

So Hock, I guess just to ask the question explicitly. Last quarter, I think you said your semiconductor backlog was $31 billion; and your lead times were still 50 weeks, give or take. What are those numbers now? Like where is backlog and where are lead times?

所以霍克，我想只是明確地問這個問題。上個季度，我想你說過你的半導體積壓訂單為 310 億美元；而且您的交貨時間仍然是 50 週，或多或少。現在這些數字是多少？比如積壓在哪裡，交貨時間在哪裡？

Stacy, this is Kirsten Spears. We're not going to guide the year. So we're not providing that...

斯泰西，這是克爾斯滕斯皮爾斯。我們不會指導這一年。所以我們不提供...

I'm not asking you to guide the year. I'm not asking you to guide the year.

我不是要你指導這一年。我不是要你指導這一年。

Right. We're fully booked for the year. So if I give you the backlog number, I'm effectively guiding you to the year, so we've chosen not to provide that data at this time.

正確的。我們今年的房間都訂滿了。因此，如果我給你積壓數量，我實際上是在指導你到這一年，所以我們選擇現在不提供該數據。

Okay. I guess can you just tell me, has it gone up, flat or down?

好的。我想你能告訴我，它是上漲、持平還是下跌？

Our forecast for the year, if you want to call it, forecast based our backlog, it's not our forecast. We'll continue the year -- for the year, we'll continue to grow. Other than that, I'm not telling you what it is. We don't guide.

我們對這一年的預測，如果你想稱它為基於我們積壓的預測，那不是我們的預測。我們將繼續這一年——這一年，我們將繼續增長。除此之外，我不會告訴你它是什麼。我們不指導。

Got it. But you think that backlog will grow for the year is what you're saying?

知道了。但是您認為今年積壓的訂單會增加嗎？

Our year forecast will grow.

我們的年度預測將會增長。

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

稍等一下我們的下一個問題。這將來自 Harlan Sur 與摩根大通的合作。

Your server storage connectivity business has been extremely strong, right, up 50% plus in fiscal '22. And more importantly, that business continues to sustain based on the January quarter outlook. We typically tend to think about HDD controllers and preamps, but your business is much more diverse than this. So can you just, first of all, walk us through like what percentage is MegaRAID, PCIe or what I call overall storage connectivity versus your storage controller business, which is primarily HDD controller and pre-ops? And maybe what's driving the near-term growth in the storage franchise when many of your storage competitors and customers are seeing major weakness in this segment?

您的服務器存儲連接業務非常強勁，對，在 22 財年增長了 50% 以上。更重要的是，根據 1 月份的季度展望，該業務將繼續維持下去。我們通常傾向於考慮 HDD 控制器和前置放大器，但您的業務遠不止於此。那麼，首先，您能否介紹一下 MegaRAID、PCIe 或我所說的整體存儲連接與您的存儲控制器業務（主要是 HDD 控制器和預操作）的百分比？當您的許多存儲競爭對手和客戶看到該領域的主要弱點時，也許是什麼推動了存儲特許經營的近期增長？

Well, that's an interesting question. It's our server storage connectivity and you're right, which includes nearline hard rise, which includes some, what we call, on-prem server storage connectivity, (inaudible) included is broad. And I don't have the numbers on my mind exactly what it is.

嗯，這是一個有趣的問題。這是我們的服務器存儲連接，你是對的，其中包括近線硬增長，其中包括一些，我們稱之為本地服務器存儲連接，（聽不清）包括很廣泛。我腦子裡沒有確切的數字。

Just broad-based particularly from the MegaRAID business, as I said, a big part of the growth, the big dollar -- the big percentage growth, as I indicated before, is due to the fact that the new generation of products are all subsystems, our boards. We're not just shipping chips. So that counts for a big part of the growth.

只是基礎廣泛，特別是來自 MegaRAID 業務，正如我所說，增長的很大一部分，大美元 - 大百分比增長，正如我之前指出的那樣，是由於新一代產品都是子系統，我們的董事會。我們不只是運送芯片。因此，這佔增長的很大一部分。

Notwithstanding, the unit growth is out, but not as much as the 50% we announced, obviously. It's -- a big part of 50% is content growth as we ship subsystems and bots versus chips. But even then unit growth is up, and it's across the bot, and it's not everything that grows. But announcement that overall, it grows.

儘管如此，單位增長已經結束，但顯然沒有我們宣布的 50% 多。這是 - 50% 的很大一部分是內容增長，因為我們運送子系統和機器人而不是芯片。但即便如此，單位增長也在上升，而且是整個機器人，並不是所有的東西都在增長。但宣布總體而言，它在增長。

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

稍等一下我們的下一個問題。這將來自蒂莫西·阿庫裡 (Timothy Arcuri) 與瑞銀 (UBS) 的關係。

Hock, you keep on scrubbing demand and you're shipping to what you think is consumption. So I guess I take it to believe that there's still a gap between what you're shipping and what customers want in any given quarter, I guess we could call that delinquencies, some others call that delinquencies. Obviously, you haven't changed your approach, but I would imagine that this delinquency or this gap between what you're shipping in a quarter and what your customers want, that's probably declining. So I guess the question is, can you quantify the gap? And is the gap getting smaller?

霍克，你一直在清理需求，你正在運送你認為是消費的東西。所以我想我相信在任何給定的季度中，您運送的商品與客戶想要的商品之間仍然存在差距，我想我們可以稱之為拖欠，其他一些人稱之為拖欠。顯然，你沒有改變你的方法，但我想這種拖欠或你在一個季度發貨與客戶需求之間的差距可能會下降。所以我想問題是，你能量化差距嗎？而且差距越來越小？

That's an interesting question, and we don't really try to quantify it again. And a big part of it is I don't want to get you guys overly excited, but customer -- you know backlog is -- sometimes it's very often categorize or characterize under CRD or customer request days. Our customer requests days in this particular quarter, for instance, our last particular last quarter was much, much higher than what we actually shipped, and it was the same way 6 months ago. Is it got better from 6 months ago? I can only guess, and in this forum is the last thing I want to do. But there's still a big amount of CRD's backlog in excess of what we actually ship up.

這是一個有趣的問題，我們並沒有真正嘗試再次對其進行量化。其中很大一部分是我不想讓你們過於興奮，但客戶——你知道積壓是——有時它經常在 CRD 或客戶請求日下分類或描述。我們的客戶要求在這個特定季度的天數，例如，我們最後一個特定的上個季度比我們實際發貨的要高得多，而且 6 個月前也是如此。從 6 個月前開始好轉了嗎？我只能猜測，在這個論壇上是我最不想做的事情。但是 CRD 的積壓量仍然超過我們實際運送的數量。

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

稍等一下我們的下一個問題。這將來自美國銀行的 Vivek Arya 系列。

I actually have 2 very quick clarifications. First, Hock, have you seen the impact or you expect to see any impact of China lockdowns in your wireless business in Q2? I know there's nothing -- doesn't seem to be anything in Q1. I was just wondering if there's something we should be prepared for in Q2. And then on the gross margin, I thought I heard gross margin goes down sequentially in your semiconductor business in Q1. Is that really all mix-related? Or is there a like-to-like impact that we should keep in mind?

實際上，我有 2 個非常快速的說明。首先，Hock，你是否看到了影響，或者你預計會在第二季度看到中國封鎖對你的無線業務的影響？我知道什麼都沒有——第一季度似乎什麼都沒有。我只是想知道我們是否應該在第二季度做好準備。然後關於毛利率，我想我聽說第一季度你們的半導體業務的毛利率連續下降。這真的與混音有關嗎？還是我們應該牢記類似的影響？

Okay. Let's take your first question first and then go to a more interesting second question, which is interesting because I can make a few dots here. On the first one, as you know, our wireless is one single customer, and the COVID shutdown and all that does slow down inter-quarter shipments. But nothing -- we don't see -- Q2 is too far away for me to really give you any sense on our accuracy of what is like, but that's obviously movements between Q4 and Q1 as our numbers does kind of reflect. But -- which is why year-on-year is a pretty good measure. As you see there, Q4 year-on-year was just 13% -- and I shouldn't say just -- was 13%, and Q1 was actually still 1% up, but there's obviously some movements in between. But -- and I'm sure that has something to do with COVID logistics -- impact on logistics chain of our largest customer, but I can't really tell in the bigger picture.

好的。讓我們先回答你的第一個問題，然後轉到一個更有趣的第二個問題，這很有趣，因為我可以在這裡打幾個點。如您所知，在第一個方面，我們的無線是一個單一客戶，COVID 關閉以及所有這些確實減慢了季度間的出貨量。但沒有什麼——我們看不到——Q2 離我太遠了，我無法真正讓你了解我們的準確性，但這顯然是 Q4 和 Q1 之間的變動，因為我們的數字確實反映了這一點。但是——這就是為什麼同比是一個很好的衡量標準。正如你在那裡看到的那樣，第四季度同比僅為 13%——我不應該說只是——為 13%，而第一季度實際上仍增長了 1%，但兩者之間顯然存在一些變動。但是——我確信這與 COVID 物流有關——對我們最大客戶的物流鏈的影響，但我無法從更大的角度來判斷。

Now switching and certainly on Q2, I'm no position to give you any indication. We don't have visibility.

現在切換，當然是在第二季度，我無法給你任何指示。我們沒有可見性。

Now turning to the second part of your question on gross margin. It's all product mix, and it's all product mix because there are some -- depending on the particular products we ship, as I've said many times before, the margin product margin, gross margin does vary simply because it's the nature of the market conditions, the ecosystem that we have in each of those markets, those niche markets we participate in.

現在轉向毛利率問題的第二部分。這都是產品組合，這都是產品組合，因為有一些——取決於我們運送的特定產品，正如我之前多次說過的那樣，產品利潤率、毛利率確實會有所不同，因為這是市場的本質條件，我們在每個市場中擁有的生態系統，我們參與的那些利基市場。

But broadly, to give you a sense, perhaps that gives you more color, networking tends to have some of the highest margins collectively of our products and much higher than broadband. And of course, wireless has the lowest. And when you look at Q4 to Q1, the mix shifts away from networking somewhat and more to broadband, and wireless still remains a big chunk of it even though it hasn't received as a percent. So that's why we see that impact on gross margin sequentially.

但從廣義上講，為了給您一種感覺，也許這會給您帶來更多色彩，網絡往往是我們產品中利潤率最高的產品，而且遠高於寬帶。當然，無線是最低的。當您查看第 4 季度到第 1 季度時，混合從網絡轉移到寬帶，無線仍然佔其中的很大一部分，儘管它沒有收到百分比。因此，這就是為什麼我們會依次看到這種對毛利率的影響。

Nothing more than just the mix of products we ship and the natural gross margin on those products vary one from the other. And you can actually see it with the way our inventory grew, too. As we -- as Kirsten reported, our inventory ending Q4 grew about 5% from that ending Q3, the quarter before. And obviously, the Q4 inventory is positioned to ship in Q1, and you see that increase even as our guidance on revenue remains pretty flat.

只不過我們運送的產品組合和這些產品的自然毛利率各不相同。實際上，您也可以從我們的庫存增長方式中看到這一點。正如我們——正如 Kirsten 報導的那樣，我們的第四季度末庫存比上一季度末的第三季度末增長了約 5%。很明顯，第四季度的庫存定位於第一季度發貨，你會看到這種增長，即使我們對收入的指導仍然相當持平。

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

稍等一下我們的下一個問題。這將來自約瑟夫摩爾與摩根士丹利的關係。

Great. You talked about being booked for the whole year next year. How much visibility do you think that gives you really? And I guess what's your philosophy going to be if customers with noncancelable backlog come to you and try to make an adjustment in a potentially weaker economic period next year?

偉大的。你談到了明年全年的預訂。您認為這能給您帶來多少知名度？我想如果有不可取消的積壓訂單的客戶來找你，並試圖在明年可能較弱的經濟時期做出調整，你的理念是什麼？

Let's start with the first part. I mean when we're booked, we're really booked. I mean we got paper that says they have committed orders for us to ship. And as you know, our orders are noncash sellable orders. Customers know that. We have the paper and when we say we are fully booked, it means we have the backlog sitting there.

讓我們從第一部分開始。我的意思是當我們被預訂時，我們真的被預訂了。我的意思是我們收到文件說他們已經下訂單讓我們發貨。如您所知，我們的訂單是非現金可售訂單。客戶知道這一點。我們有文件，當我們說我們已經訂滿時，這意味著我們有積壓的訂單。

Now the second question you asked is a more interesting question. What if we all hit a massive recession depression or recession late next year, in the next 6 months, 9 months and customers and things really collapse around years? What would we do? I -- my answer is I don't know, which is partly why we're not giving you annual guidance. We will react as and when circumstances require us to do. But at this point, we have the orders.

現在你問的第二個問題是一個更有趣的問題。如果明年年底，在接下來的 6 個月、9 個月內，我們都遭遇了大規模的經濟衰退蕭條或經濟衰退，而客戶和事情真的在幾年左右崩潰了怎麼辦？我們會做什麼？我——我的回答是我不知道，這也是我們不給你年度指導的部分原因。我們會在情況需要時做出反應。但在這一點上，我們有命令。

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

請稍等一下我們的下一個問題。這將來自 William Stein with Truist 的系列。

Great, and congrats on the good results and outlook. The -- it seems that the capital allocation policy in terms of the outlook, maybe the policy didn't change, but at least the tactics did. The payout ratio relative to free cash flow, you're setting that a little bit lower than the 50%, and you're resuming the buyback. And I'm hoping you can just discuss why these decisions were made. Does it reflect an indication or a changing view about the timing of the VMware close? Or is it related to concerns around macro or anything else?

太好了，祝賀取得了良好的成績和前景。 - 就前景而言，似乎是資本配置政策，也許政策沒有改變，但至少戰術改變了。相對於自由現金流的派息率，你將其設置為略低於 50%，然後你將恢復回購。我希望你能討論為什麼做出這些決定。它是否反映了有關 VMware 關閉時間的指示或正在改變的觀點？還是與宏觀或其他方面的擔憂有關？

Well, I would say that we are -- policy-wise, we've always said we would pay out approximately 50% of the preceding year's free cash flows. And in this economic environment that we're all seeing, we believe that a 12% increase year-over-year is a robust dividend. And so yes, we're quite happy with that.

好吧，我想說我們是——在政策方面，我們一直說我們將支付前一年自由現金流的大約 50%。在我們都看到的這種經濟環境下，我們認為同比增長 12% 是一個強勁的紅利。所以是的，我們對此非常滿意。

And don't forget, we're going to start buyback once the rules allow us to do that. And so that's another return of cash to shareholders, and we fully intend to get that going as soon as we could.

別忘了，一旦規則允許我們這樣做，我們就會開始回購。因此，這是對股東的又一次現金返還，我們完全打算盡快實現這一目標。

As soon as we can, and we still have $13 billion under that program.

盡快，我們在該計劃下仍有 130 億美元。

And one moment for our next question, and that will come from the line of Matt Ramsay with Cowen.

請稍等一下我們的下一個問題，這將來自馬特拉姆齊和考恩的台詞。

Yes. Hock, I think in some of the prepared script that you guys disclosed that you're now sort of in the compute offload ASIC franchise, the fiscal year was $2 billion, and I think that's maybe 1/3 higher than it was last year. It looks like some of the -- you guys did an event on that business earlier in the year, and things really jumped up in fiscal '18 and then kind of leveled off a bit in terms of revenue. And this is a pretty big, I guess, acceleration in that compute offload business. Maybe you could talk a little bit about the trends there. And are you seeing a broadening of the customer base or maybe higher volumes per tape-out as you go down the node stack? I'd just be interested in seeing some of the trends there. It seems like hyperscale really wants custom silicon at this point.

是的。 Hock，我認為在你們透露的一些準備好的腳本中，你們現在有點像計算卸載 ASIC 專營權，本財年為 20 億美元，我認為這可能比去年高出 1/3。看起來有些——你們在今年早些時候就該業務舉辦了一場活動，在 18 財年，情況確實有所上升，然後在收入方面略有下降。我猜這是計算卸載業務的一個相當大的加速。也許你可以談談那裡的趨勢。隨著節點堆棧的下降，您是否看到了客戶群的擴大或者每次流片的數量可能會增加？我只是想看看那裡的一些趨勢。在這一點上，超大規模似乎真的需要定制芯片。

Yes, you're right in that regard that we have multiple programs from the hyperscalers on custom or semi-custom silicon, all largely collectively we call as offload compute. And they own -- have the -- do their own. So that's in one way that's very positive and very opportunistic for our technologies to be deployed.

是的，在這方面你是對的，我們在定製或半定制芯片上有來自超大規模的多個程序，我們在很大程度上統稱為卸載計算。他們擁有 - 擁有 - 自己做。因此，這在某種程度上對我們的技術部署非常積極和機會主義。

On an ongoing basis, the tricky thing in all this is more will come on. The rate of ramp is harder for us to predict. These are very lumpy programs, fairly large and lumpy, which is why we can get to $2 billion and a raise -- an increase of like, as you correctly say, 1/3 from a year ago. But it's lumpy, and the trend is very hard for me to chart out unless you ask for it over the next 5 years.

在持續的基礎上，所有這一切中棘手的事情都會發生。上升速度對我們來說更難預測。這些是非常多塊的計劃，相當大而且多塊，這就是為什麼我們可以達到 20 億美元並加薪——正如你正確地說的那樣，比一年前增加了 1/3。但它是起伏不定的，除非你在接下來的 5 年內提出要求，否則我很難描繪出這種趨勢。

And even then, if you look at 5 years, it becomes a question of would these hyperscalers revert to merchant silicon versus continuing to use customer ASIC, and that poses another issue for me to figure it out. But if you ask for me over the next year or 2, where it will go, I'd be honest and say I'm not positioned to give you really a good forecast.

即便如此，如果你看 5 年，這就變成了一個問題，即這些超大規模應用程序是否會恢復使用商業矽而不是繼續使用客戶 ASIC，這給我提出了另一個問題來解決這個問題。但如果你問我未來一兩年的發展方向，老實說，我無法給你一個真正好的預測。

And one moment for our next question. 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。這將來自富國銀行的 Aaron Rakers 系列。

Yes. Hock, I wanted to go back to the prior comment you had made, and I want to make sure I'm clear on it. I think possibly within the context of lead times, you talked about customers, I think it was giving you forecast that were notably longer. I just want to understand a little bit of the context behind that comment earlier. Any kind of -- appreciating that you're not giving backlog. Any kind of context around that lead time discussion would be helpful.

是的。霍克，我想回到你之前發表的評論，我想確保我清楚這一點。我認為可能在交貨時間的背景下，你談到了客戶，我認為它給了你明顯更長的預測。我只想稍微了解一下之前該評論背後的背景。任何一種 - 感謝您沒有積壓。圍繞該提前期討論的任何類型的背景都會有所幫助。

Oh, we haven't in any major substantive way changed our lead times by any means, as I've said before, and we kind of go along on that practice mode. And we have forecast, but we're really not talking about forecast either as it relates to the previous comment. I think I was referring to backlog and paper that we use.

哦，正如我之前所說，我們沒有以任何方式以任何重大實質性方式改變我們的交貨時間，而且我們在這種實踐模式下繼續前進。我們有預測，但我們真的不是在談論預測，因為它與之前的評論有關。我想我指的是我們使用的積壓工作和紙張。

And as I said before, even on those paper we have with customer request dates for shipments, we scrub each of those demands before we ship it out in the current quarter or the preceding quarter depending on what it is. But we don't -- we have forecast. But obviously, we're not giving you any indication of our forecast at this point simply because we are still grinding our way through the backlog.

正如我之前所說，即使在我們有客戶要求發貨日期的那些文件上，我們也會在當前季度或上一季度發貨之前擦除每一個要求，具體取決於它是什麼。但我們沒有——我們有預測。但很明顯，我們目前並沒有給你任何預測的跡象，僅僅是因為我們仍在努力解決積壓的問題。

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

稍等一下我們的下一個問題。這將來自 Toshiya Hari 與 Goldman Sachs 的關係。

Hock, I was hoping you could talk a little bit about your business in China, not so much from a ship to perspective but from an end consumption perspective. I know you don't have perfect visibility into what's being consumed at the end customer level. But if you can kind of talk about what you're seeing in terms of trends across enterprise, cloud and service providers, that would be helpful. How significant of a headwind was China in fiscal '22? And what are your expectations going forward? And what are you hearing from your end customers?

Hock，我希望你能談談你在中國的業務，不是從船舶到角度，而是從終端消費的角度。我知道您無法完全了解最終客戶級別的消費情況。但是，如果您能談談您在企業、雲和服務提供商的趨勢方面所看到的情況，那將會很有幫助。中國在 22 財年的逆風有多大？您對未來有何期望？您從最終客戶那裡聽到了什麼？

Well, to answer your question directly is China has slowed down in terms of consumption of products across industrial, across even infrastructure. It has slowed down, and we see that. They're still not totally collapsed, but they have slowed down compared to what they were taking a year ago. But that's -- and we see that particularly in our industrial business, which as we -- I indicated in my prepared remarks, strength in Europe, strength in North America especially in automotive, but weakness in China, which is a big part of our industrial business slowed down.

好吧，直接回答你的問題是，中國在工業、甚至基礎設施領域的產品消費已經放緩。它已經放緩，我們看到了。他們還沒有完全崩潰，但與一年前相比，他們已經放緩了。但那是——我們特別在我們的工業業務中看到了這一點，正如我們——我在準備好的發言中指出，歐洲的實力，北美的實力，尤其是汽車領域，但中國的弱點，這是我們的重要組成部分工業企業放緩。

But beyond that, in the IT side, yes, we have seen a slowdown. But keep in mind, China represents just less than 10% of our total revenues today. So while it obviously has some level of offsetting effect, it's not sufficiently launch to have that much impact on our overall growth trend for the entire company.

但除此之外，在 IT 方面，是的，我們看到了放緩。但請記住，中國目前僅占我們總收入的不到 10%。因此，雖然它顯然有一定程度的抵消作用，但它的推出不足以對我們整個公司的整體增長趨勢產生那麼大的影響。

And any signs of improvement going forward, Hock, on the IT side? Or is it too early to tell?

Hock，在 IT 方面有任何改進的跡象嗎？還是現在說還為時過早？

I think it's too early at this point for me to make a call. It's -- there's a sense of some reopening. But if I make a call, good chance I could be wrong in a month's time when things might shut down again.

我認為現在打電話還為時過早。這是——有一種重新開放的感覺。但如果我打個電話，我很有可能會在一個月後事情可能再次關閉時出錯。

One moment for our next question. That will come from the line of Christopher Rolland with Susquehanna.

稍等一下我們的下一個問題。這將來自 Christopher Rolland 和 Susquehanna 的血統。

Congrats on bucking the trend on semis here, Hock. So my question, it was kind of addressed on the last one, but I wanted to talk about the divergence, particularly between storage and maybe China enterprise networking. You had -- there's a lot -- your other competitor in, call it, core hard disk drive, talked about a downturn in demand, in storage, a large inventory build. And something similar happening in China networking as well, and you guys have seemingly such a big divergence there. And I was wondering if perhaps you had an explanation for some of that and why the difference.

恭喜你在半決賽中逆勢而上，Hock。所以我的問題在最後一個問題上得到了解決，但我想談談分歧，特別是存儲與中國企業網絡之間的分歧。你有 - 有很多 - 你的另一個競爭對手，稱之為核心硬盤驅動器，談到需求低迷，存儲，大量庫存構建。中國網絡也發生了類似的事情，你們在那裡似乎有很大的分歧。我想知道你是否對其中的一些有解釋，以及為什麼會有所不同。

And the only explanation to an earlier question was our portfolio in service storage is pretty broad-based. Now with a couple of areas that are very large areas like RAID, MegaRAID, particularly (inaudible), but they are more than MegaRAID we have. You're correct, and it's pretty broad-based. And there are some puts and takes, obviously. But overall, we see what we tell you.

對先前問題的唯一解釋是我們在服務存儲方面的產品組合非常廣泛。現在有幾個非常大的區域，例如 RAID、MegaRAID，特別是（聽不清），但它們比我們擁有的 MegaRAID 還要多。你是對的，而且它的基礎非常廣泛。顯然，還有一些投入和投入。但總的來說，我們看到了我們告訴你的。

One moment for our next question. That will come from the line of Edward Snyder with Charter Equity Research.

稍等一下我們的下一個問題。這將來自 Charter Equity Research 的 Edward Snyder 的觀點。

Hock, I'd like to talk a little bit about your wireless business, which is more retail-focused and probably will be the first one to see any recessionary pressures if you get them. I know you guide is really solid. First, give us some idea of your firm order book. I know you get a projection when the model year starts on what the total number would be for the year, but you don't get a firm order for that for some time. So just kind of what is -- what would you -- how would you characterize firm order book for that or orders per se? Is it a 30-day, 60-day? So help anticipate if you see a change when would that be. And then maybe if you could touch on how we should think about overall content at your largest customer in the next year or so because there's obviously increased competition in some of your core areas, and I was wondering if you're looking to shift more of your focus there into some of the mixed signal custom stuff and maybe wait for some of the RF.

霍克，我想談談您的無線業務，它更側重於零售，如果您遇到任何衰退壓力，它可能是第一個看到的。我知道你的指導真的很紮實。首先，讓我們了解一下您的確定訂單簿。我知道當模型年開始時你會得到一個預測，即當年的總數是多少，但你有一段時間沒有得到確定的訂單。那麼，只是那種 - 你會 - 你如何描述公司訂單簿或訂單本身的特徵？是30天還是60天？因此，請幫助預測您是否會在何時看到變化。然後也許你可以談談我們應該如何考慮明年左右你最大客戶的整體內容，因為你的一些核心領域的競爭明顯加劇，我想知道你是否想轉移更多你的注意力集中在一些混合信號定制的東西上，也許等待一些 RF。

Okay. Interesting question. Let me try and address that. First, I assume you imply when you say orders or forecast on shipments, we only guide Q1, so I can only give you Q1. And it's all -- we have been all on paper, orders. These are real orders, noncancelable. So we're giving you numbers that we intend to ship that we think the customer needs as far as we can scrub. And we have it, these are committed orders. These are not forecast at all, especially when you talk about Q1, which ends, by the way, end of January. We have orders beyond end of January as it is.

好的。有趣的問題。讓我試著解決這個問題。首先，我假設你在說訂單或出貨量預測時暗示，我們只指導Q1，所以我只能給你Q1。這就是一切——我們一直都在紙上，命令。這些是真實的訂單，不可取消。因此，我們會為您提供我們打算運送的號碼，我們認為客戶需要盡可能多地擦洗。我們有它，這些是承諾的訂單。這些根本不是預測，尤其是當你談論第一季度時，順便說一句，第一季度結束於一月底。我們有 1 月底以後的訂單。

So these are very committed others. And in that -- by that same token, pretty committed revenue forecast. Just to make it clear, Vietnam. You're right. And by the way, we have pretty good visibility for -- from that particular customer, too.

所以這些都是非常忠誠的人。出於同樣的原因，非常堅定的收入預測。只是為了說清楚，越南。你是對的。順便說一句，我們對那個特定客戶也有很好的知名度。

Now beyond that, to the second part of your question, yes, we're very pleased with content increase that we have experienced, not every year necessarily, as you know. But over a period of years, we always see this content increase. And we're still very, very well positioned in our product line -- in those few product lines that are, I call it, almost franchise in our North American customers. And this is WiFi, Bluetooth. This is RF front end. And this is touchscreen controllers, high performance, mixed single. And that's -- we can only -- and that's all we focus on because these are areas where we are the best, we believe we have the best technology and delivering value to our customers. There's no reason to find something else where you're not the best and hope to gain share from someone else. I could apply the same to my competitors in their thinking.

現在除此之外，對於你問題的第二部分，是的，我們對我們所經歷的內容增加感到非常滿意，正如你所知，不一定是每年。但多年來，我們總是看到這種內容增加。而且我們在我們的產品線中仍然處於非常非常有利的位置——在我稱之為北美客戶的那幾條產品線中，幾乎是特許經營權。這是WiFi，藍牙。這是射頻前端。這是觸摸屏控制器，高性能，混合單一。那就是——我們只能——這就是我們所關注的一切，因為這些是我們最擅長的領域，我們相信我們擁有最好的技術並為我們的客戶創造價值。沒有理由在您不是最好的地方找到其他東西並希望從別人那裡獲得份額。我可以在我的競爭對手的思維中應用同樣的方法。

But you don't see the competitive landscape shifting and making things more difficult for you in that, especially in the RF section in the next coming year or so, you think your franchises or your franchises and you..

但是你沒有看到競爭格局發生變化並使事情變得更加困難，特別是在未來一年左右的 RF 部分，你認為你的特許經營權或你的特許經營權和你......

Answer is no.

答案是否定的。

And our last question of the day will come from the line of Pierre Ferragu with New Street Research.

我們今天的最後一個問題將來自 New Street Research 的 Pierre Ferragu。

Hock, you mentioned you're fully booked for 2023. You've had a lot of questions on that one, so I apologize in advance for squeezing in one last one. And I was wondering, if you look at the year as you see it books today, if you could tell us in this like booking dynamics, where do you see for the full year 2023 the most growth and the least growth? I know you can't give us like numbers, and you don't want to guide. I quantify accepted that. But if you could give us like a kind of idea of where things keep growing very fast, where things are slowing down in your order dynamics over the full year.

霍克，你提到你 2023 年的房間已經訂滿了。你對此有很多問題，所以我提前為擠進最後一個問題而道歉。我想知道，如果你看看今天的預訂情況，如果你能告訴我們這樣的預訂動態，你認為 2023 年全年增長最快和增長最少的地方在哪裡？我知道你不能給我們類似的數字，你也不想指導。我量化接受了這一點。但是，如果你能給我們一個想法，讓我們了解全年訂單動態在哪些方面保持快速增長，哪些方面正在放緩。

Infrastructure is still holding up very well. As we have said in this class so far. We see -- we continue to see infrastructure. And infrastructure, by looking at it, comes from hyperscale in building their data centers and components to their data centers; in service providers like telcos, where we see our strength in broadband access, gateways and broadband. And I know people are finding hard to imagine, we're seeing it even in enterprise, where we do not -- where -- that's why I made a comment earlier. We do not see across a cross-section of large enterprises, reduction in the IT spending for 2023.

基礎設施仍然很好。正如我們到目前為止在本課程中所說的那樣。我們看到 - 我們繼續看到基礎設施。而基礎設施，通過觀察，來自於超大規模地構建他們的數據中心和組件到他們的數據中心；在像電信公司這樣的服務提供商中，我們看到了我們在寬帶接入、網關和寬帶方面的優勢。而且我知道人們很難想像，我們甚至在企業中也看到了它，而我們沒有——在那裡——這就是我之前發表評論的原因。我們沒有看到跨部門的大型企業在 2023 年減少 IT 支出。

We have not seen -- we have not come across too many enterprise customers, and I'm talking real end-use customers, end-user enterprise customers who are seeing their IT budget drop below 22. For most that we have asked, it's either flat or even up as they all continue to have the compelling need to keep modernizing their platform and workloads and digitizing their business model. And I think that is the only -- that was the only explanation given to me why there was no such clear reduction even as we all hear every day the likelihood possibility of a global recession.

我們還沒有看到——我們還沒有遇到太多的企業客戶，我說的是真正的最終用戶客戶，他們看到他們的 IT 預算下降到 22 以下的最終用戶企業客戶。對於我們所問的大多數問題，它是持平或什至上升，因為他們都迫切需要不斷實現平台和工作負載的現代化以及業務模型的數字化。而且我認為這是唯一的 - 這是給我的唯一解釋，為什麼即使我們每天都聽到全球經濟衰退的可能性，也沒有如此明顯的減少。

Thank you. As there are no further questions in the queue at this time, I would now like to turn the call back over to Ji Yoo for any closing remarks.

謝謝你。由於此時隊列中沒有其他問題，我現在想將電話轉回給 Ji Yoo 以聽取任何結束語。

Thank you, Suri. Broadcom currently plans to report its earnings for the first quarter of fiscal '23 after close of market on Thursday, March 2, 2023. A public webcast of Broadcom's earnings conference call will follow at 2 p.m. Pacific.

謝謝你，蘇瑞。 Broadcom 目前計劃在 2023 年 3 月 2 日星期四收市後報告其 23 財年第一季度的收益。Broadcom 收益電話會議的公開網絡直播將於美國東部時間下午 2 點進行。太平洋。

That will conclude our earnings call today. Thank you all for joining. Suri, 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。蘇瑞，你可以結束通話了。

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

謝謝你。謝謝大家的參與。今天的電話會議到此結束。您現在可以斷開連接。