F5 Inc (FFIV) 2022 Q1 法說會逐字稿

Good afternoon, and welcome to the F5, Inc. First Quarter Fiscal 2022 Financial Results Conference Call. (Operator Instructions) Also, today's conference is being recorded. If anyone has an objection, please disconnect at this time.

下午好，歡迎參加 F5, Inc. 2022 財年第一季度財務業績電話會議。 （操作員說明）另外，今天的會議正在錄製中。如果有人有異議，請在此時斷開連接。

I'll now turn the call over to Ms. Suzanne DuLong. Ma'am, you may begin.

我現在將把電話轉給 Suzanne DuLong 女士。女士，您可以開始了。

Hello, and welcome. I'm Suzanne DuLong, F5's Vice President of Investor Relations. Francois Locoh-Donou, F5's President and CEO; and Frank Pelzer, F5's Executive Vice President and CFO, will be making prepared remarks on today's call.

你好，歡迎光臨。我是 F5 投資者關係副總裁 Suzanne DuLong。 F5 總裁兼首席執行官 Francois Locoh-Donou； F5 執行副總裁兼首席財務官 Frank Pelzer 將在今天的電話會議上發表準備好的講話。

Other members of the F5 executive team are also on hand to answer questions during the Q&A session. A copy of today's press release is available on our website at f5.com, where an archived version of today's call will be available through April 26, 2022.

F5 執行團隊的其他成員也在問答環節現場回答問題。今天的新聞稿副本可在我們的網站 f5.com 上獲得，今天電話會議的存檔版本將在 2022 年 4 月 26 日之前提供。

Today's live discussion is supported by slides, which are viewable on the webcast and will be posted to our IR site at the conclusion of today's discussion. to access the replay of today's call by phone, dial (800) 585-8367 or (416) 621-4642 and use meeting ID 687-9935. The telephonic replay will be available through midnight Pacific Time, January 26, 2022. For additional information or follow-up questions, please reach out to me directly at s.dulong@f5.com.

今天的現場討論由幻燈片支持，這些幻燈片可在網絡廣播中查看，並將在今天的討論結束時發佈到我們的 IR 網站。要通過電話重播今天的通話，請撥打 (800) 585-8367 或 (416) 621-4642 並使用會議 ID 687-9935。電話重播將持續到太平洋時間 2022 年 1 月 26 日午夜。有關更多信息或後續問題，請直接通過 s.dulong@f5.com 與我聯繫。

Our discussion today will contain forward-looking statements, which include words such as believe, anticipate, expect and target. These forward-looking statements involve uncertainties and risks that may cause our actual results to differ materially from those expressed or implied by these statements. Factors that may affect our results are summarized in the press release announcing our financial results and described in detail in our SEC filings. Please note that F5 has no duty to update any information presented in this call.

我們今天的討論將包含前瞻性陳述，其中包括相信、預期、期望和目標等詞語。這些前瞻性陳述涉及不確定性和風險，可能導致我們的實際結果與這些陳述明示或暗示的結果存在重大差異。可能影響我們業績的因素在宣布我們財務業績的新聞稿中進行了總結，並在我們提交給美國證券交易委員會的文件中進行了詳細描述。請注意，F5 沒有義務更新此電話中提供的任何信息。

With that, I will turn the call over to Francois.

有了這個，我會把電話轉給弗朗索瓦。

Thank you, Suzanne, and hello, everyone. Thank you for joining us today. Our strong first quarter results demonstrate our customers need to grow and evolve the applications that support and drive their businesses.

謝謝你，蘇珊娜，大家好。感謝您今天加入我們。我們強勁的第一季度業績表明，我們的客戶需要發展和發展支持和推動其業務的應用程序。

Customer demand stay in our portfolio, driving 10% revenue growth in Q1 and our fifth consecutive quarter of double-digit revenue growth. Underpinning our top line growth is robust 47% software growth, 1% systems growth and 2% global services growth in the quarter. In fact, both software and systems demand exceeded our expectations in Q1, contributing to our outperformance. We are at the epicenter of digital transformation and application security. We are differentiated by our focus, expertise and the vision and technology assets to secure and deliver any application anywhere.

客戶需求留在我們的產品組合中，推動第一季度收入增長 10%，並連續第五個季度實現兩位數的收入增長。支撐我們收入增長的是本季度強勁的 47% 的軟件增長、1% 的系統增長和 2% 的全球服務增長。事實上，軟件和系統的需求都超出了我們在第一季度的預期，促成了我們的出色表現。我們處於數字化轉型和應用安全的中心。我們的與眾不同之處在於我們的專注、專業知識以及在任何地方保護和交付任何應用程序的願景和技術資產。

As a result, we have seen strengthening demand across our software portfolio and persistent strong demand for our systems. The call outs in the industry since late 2020, we have been taking progressively more aggressive steps to manage supply chain risks.

因此，我們看到對我們軟件組合的需求不斷增強，並且對我們的系統的需求持續強勁。自 2020 年底以來，行業呼籲，我們一直在採取更積極的措施來管理供應鏈風險。

These include preordering components, investing to secure supply, qualifying and sourcing alternate components and purchasing on the open market to fill gaps that arise. Over the last year, stronger-than-expected demand for systems, coupled with ongoing supply chain constraints have gated our systems revenue growth.

其中包括預購組件、投資以確保供應、合格和採購替代組件以及在公開市場上採購以填補出現的空白。去年，對系統的需求強於預期，加上持續的供應鏈限制，限制了我們的系統收入增長。

As a result of persistent strong system demand, our systems backlog continued to grow in Q1. Over the last 30 days, suppliers of critical components that span a number of our platforms have informed us of significant increases in decommits. These can in the form of both order delivery delays and sudden and pronounced reduction in shipment quantities. The step function decline in component availability is significantly restricting our ability to meet our customers' continued strong demand for our systems.

由於持續強勁的系統需求，我們的系統積壓在第一季度繼續增長。在過去的 30 天裡，跨越我們多個平台的關鍵組件供應商通知我們，停用數量顯著增加。這些可能以訂單交付延遲和發貨數量突然顯著減少的形式出現。組件可用性的階躍函數下降嚴重限制了我們滿足客戶對我們系統持續強勁需求的能力。

The challenge is in Q2, and we expect Q2 revenue in the range of $610 million to $650 million as a result. This revenue range reflects a $60 million to $80 million shortfall in our ability to ship in our second quarter versus what we would have expected absent these recent supply chain constraints. Based on the information we have today, we estimate that increased supply chain limitations are likely to have a net $30 million to $90 million impact to our prior revenue guidance for fiscal year 2022.

挑戰出現在第二季度，我們預計第二季度的收入將在 6.1 億美元至 6.5 億美元之間。這一收入範圍反映了我們在第二季度的出貨能力短缺 6000 萬至 8000 萬美元，而在沒有這些最近的供應鏈限制的情況下，我們的預期是。根據我們今天掌握的信息，我們估計供應鏈限制的增加可能會對我們之前的 2022 財年收入指導產生 3000 萬至 9000 萬美元的淨影響。

We are aggressively working to mitigate the impact of 2 primary gating supply challenges near term. First, like others in the industry, we are seeing worsening availability of specialized networking chipsets. Within the last 30 days, we have learned that deliveries for 52-week lead time components ordered a year ago, have been pushed out and that our expected quantities have been reduced.

我們正在積極努力減輕近期兩個主要門控供應挑戰的影響。首先，與業內其他人一樣，我們看到專用網絡芯片組的可用性越來越差。在過去的 30 天內，我們了解到一年前訂購的 52 週交貨時間組件的交付已被推遲，我們的預期數量已減少。

Second, we also have experienced significant decommits for standard semiconductor components. We are working to design and qualifying replacement components to resolve these standard component challenges. While we are unlikely to be able to do so in time to mitigate production shortfalls in Q2, we expect that we can mitigate the impact on the second half of our fiscal year.

其次，我們還經歷了標準半導體組件的大量退役。我們正在努力設計和驗證替換組件，以解決這些標準組件挑戰。雖然我們不太可能及時這樣做以緩解第二季度的生產短缺，但我們預計我們可以減輕對本財年下半年的影響。

In addition to continuing to work with our suppliers, our sales teams also will be working with customers to fulfill their demand with alternative offerings. In some cases, customers may be able to qualify and ship demand to recently introduced platforms that are less affected by supply chain issues because they use more readily available components.

除了繼續與我們的供應商合作外，我們的銷售團隊還將與客戶合作，通過替代產品滿足他們的需求。在某些情況下，客戶可能能夠獲得資格並將需求發送到最近推出的受供應鏈問題影響較小的平台，因為它們使用更容易獲得的組件。

Now let me be very clear. The main drivers across our business are stronger than they have ever been. While near-term supply chain challenges made a swap to our revenue growth trajectory short term, fundamentally, we did not change the significant opportunity we have to solve our customers' most critical application security and delivery challenges, nor will it change our longer-term growth potential.

現在讓我說得很清楚。我們業務的主要驅動力比以往任何時候都要強大。雖然近期的供應鏈挑戰改變了我們短期的收入增長軌跡，但從根本上說，我們沒有改變我們必須解決客戶最關鍵的應用程序安全和交付挑戰的重要機會，也不會改變我們的長期增長潛力。

Our software transition continues to gain momentum. In fact, we now expect to be closer to the top end of our 35% to 40% software revenue growth range for the year. In addition, systems demand exceeded our plan in Q1 and remained strong headed into Q2. Because of the strong demand signals we see and our confidence in our longer-term trajectory, we will continue to invest responsibly in our business and will not make any dramatic changes to our operating model short term.

我們的軟件轉型繼續獲得動力。事實上，我們現在預計今年軟件收入增長范圍將接近 35% 至 40% 的高端。此外，系統需求在第一季度超出了我們的計劃，並在第二季度保持強勁。由於我們看到強勁的需求信號以及我們對長期發展軌蹟的信心，我們將繼續負責任地投資於我們的業務，並且不會在短期內對我們的運營模式做出任何重大改變。

While this will mean near-term pressure on our operating margin, it best positions us to continue to capture our growth opportunity and long-term earnings potential. We expect to return to our previously forecasted operating margin profile as we return to full manufacturing capacity. Our Q1 customer wins offer great insights to both our momentum and the opportunity ahead.

雖然這將意味著我們的營業利潤率面臨短期壓力，但它使我們能夠繼續抓住我們的增長機會和長期盈利潛力。隨著我們恢復全部生產能力，我們預計將恢復到我們先前預測的營業利潤率狀況。我們的第一季度客戶勝利為我們的發展勢頭和未來機會提供了深刻的見解。

For instance, for basic application security threat, like Log4j, clearly demonstrated why every application needs web application firewall protection. As a result, we are seeing heightened interest in F5's WAF solution for both traditional and modern applications.

例如，對於基本的應用程序安全威脅，如 Log4j，清楚地展示了為什麼每個應用程序都需要 Web 應用程序防火牆保護。因此，我們看到對 F5 的傳統和現代應用程序的 WAF 解決方案的興趣日益濃厚。

In just 1 example, during Q1, a customer selected NGINX with App Protect to add vast protection closer to the containers deployed by its DevOps teams. This is in addition to the advanced WAF operated by its traditional SecOps team. We also see growing demand for fraud and bot defense.

僅舉一個例子，在第一季度，一位客戶選擇了帶有 App Protect 的 NGINX，以在其 DevOps 團隊部署的容器附近添加大量保護。這是其傳統 SecOps 團隊運營的高級 WAF 的補充。我們還看到對欺詐和機器人防禦的需求不斷增長。

As an example, in Q1, one of Central America's most prominent banks was still struggling with data security despite deploying multiple security solutions. The bank selected our Shape solution to defend the against persistent automated attacks.

例如，在第一季度，中美洲最著名的銀行之一儘管部署了多種安全解決方案，但仍在努力解決數據安全問題。該銀行選擇了我們的 Shape 解決方案來抵禦持續的自動攻擊。

Shape dramatically reduced the customers' automated traffic, successfully reducing consumer friction across their digital channels. Shape is also providing broad-based analytics for improved application security and visibility. Finally, customers' modern applications are moving into production and experiencing significant and constant swings in user demand.

Shape 顯著減少了客戶的自動流量，成功減少了消費者在其數字渠道中的摩擦。 Shape 還提供基礎廣泛的分析，以提高應用程序的安全性和可見性。最後，客戶的現代應用程序正在投入生產，並經歷著用戶需求的顯著且持續的波動。

As a result, they need infrastructure that scales up automatically to make user demands or down to save cloud costs. For instance, during Q1, an American multinational investment bank and financial services customer selected NGINX to help modernize a Kubernetes-based application. The customer's existing solution was unable to provide multisite resiliency for a service running within Kubernetes clusters. The customer selected NGINX Plus to provide multi-cluster, multi-site sale-over.

因此，他們需要能夠自動向上擴展以滿足用戶需求或向下擴展以節省云成本的基礎架構。例如，在第一季度，一家美國跨國投資銀行和金融服務客戶選擇 NGINX 來幫助實現基於 Kubernetes 的應用程序的現代化。客戶的現有解決方案無法為在 Kubernetes 集群中運行的服務提供多站點彈性。客戶選擇 NGINX Plus 來提供多集群、多站點的銷售。

Customers are increasingly looking to F5 to help them solve an escalating volume of application security and delivery challenges and multi-trial challenges, and modern app challenges like scaling Kubernetes-based apps into production.

客戶越來越希望 F5 幫助他們解決越來越多的應用程序安全和交付挑戰以及多試驗挑戰，以及將基於 Kubernetes 的應用程序擴展到生產環境等現代應用程序挑戰。

These challenges and the complexity they entail are only mounting for our customers. They see F5 as an innovator, uniquely equipped to help them build and scale both the traditional and modern application environments. And the cloud-ready capabilities we are building with our Volterra and Threat Stack integrations only enhance our positioning and appeal.

這些挑戰及其帶來的複雜性只會為我們的客戶增加。他們將 F5 視為創新者，具備獨特的能力來幫助他們構建和擴展傳統和現代應用程序環境。我們通過 Volterra 和 Threat Stack 集成構建的雲就緒功能只會增強我們的定位和吸引力。

I'll now turn the call to Frank to review our Q1 results and our outlook. Frank?

我現在將電話轉給弗蘭克，以審查我們的第一季度業績和展望。坦率？

Thank you, Francois, and good afternoon, everyone. I'll review our Q1 results before providing our Q2 outlook and updated fiscal year 2022 guidance. As Francois outlined, our team delivered another very strong Q1. First quarter revenue of $687 million is up 10% year-over-year and above the top end of our guidance range.

謝謝你，弗朗索瓦，大家下午好。在提供我們的第二季度展望和更新的 2022 財年指導之前，我將回顧我們的第一季度業績。正如弗朗索瓦所概述的，我們的團隊交付了另一個非常強勁的第一季度。第一季度收入為 6.87 億美元，同比增長 10%，高於我們指導範圍的上限。

Please note, as I review our revenue mix, I will be referring to non-GAAP revenue measures for the year ago period. Q1 product revenue of $343 million is up 19% year-over-year, representing 50% of total revenue.

請注意，當我審查我們的收入組合時，我將指的是一年前的非公認會計準則收入指標。第一季度產品收入為 3.43 億美元，同比增長 19%，佔總收入的 50%。

Q1 software revenue grew 47% to $163 million representing 47% of product revenue, up from 38% in the year ago period. Systems revenue of $180 million is up 1% compared to Q1 last year. Rounding out our revenue picture, we see continued strength from our global services with $344 million in Q1 revenue. This is up 2% compared to last year and represents 50% of revenue in Q1.

第一季度軟件收入增長 47% 至 1.63 億美元，佔產品收入的 47%，高於去年同期的 38%。與去年第一季度相比，系統收入為 1.8 億美元，增長了 1%。完善我們的收入情況，我們看到我們的全球服務持續強勁，第一季度收入為 3.44 億美元。這比去年增長了 2%，佔第一季度收入的 50%。

Taking a closer look at our software revenue, subscription-based revenue represented 81% of total software revenue, up from 77% in the year ago period. Subscription-based revenue includes a ratably recognized as-a-service offerings and our solutions sold as term-based licenses.

仔細看看我們的軟件收入，基於訂閱的收入佔軟件總收入的 81%，高於去年同期的 77%。基於訂閱的收入包括公認的服務產品和我們作為基於期限的許可證出售的解決方案。

Revenue from recurring sources, which includes term subscriptions as a service and utility-based revenue as well as the maintenance portion of our services revenue, totaled 68% of revenue in the quarter. On a regional basis, in Q1, Americas delivered 17% revenue growth year-over-year, representing 59% of total revenue.

來自經常性來源的收入，包括定期訂閱即服務和基於公用事業的收入以及我們服務收入的維護部分，佔本季度收入的 68%。從地區來看，第一季度，美洲地區的收入同比增長 17%，佔總收入的 59%。

EMEA was flat year-over-year, representing 24% of revenue and APAC delivered 2% growth, accounting for 18% of revenue. The strength in Q1 spanned customer verticals as well. Enterprise customers represented 71% of product bookings in the quarter, service providers represented 15%, and government customers represented 14%, including 4% from U.S. Federal. I will now share our Q1 operating results.

EMEA 與去年同期持平，佔收入的 24%，亞太地區增長 2%，佔收入的 18%。第一季度的實力也跨越了客戶垂直領域。企業客戶佔本季度產品預訂的 71%，服務提供商佔 15%，政府客戶佔 14%，其中 4% 來自美國聯邦。我現在將分享我們第一季度的經營業績。

GAAP gross margin was 80.3%. Non-GAAP gross margin was 83%. Along with our increased component prices, we anticipate continued pressures related to our supply chain in the next several quarters. We expect these pressures will result in some increased costs related to expedite fees and sourcing of long lead time components. GAAP operating expenses were $438 million.

GAAP 毛利率為 80.3%。非美國通用會計準則毛利率為 83%。隨著我們組件價格的上漲，我們預計未來幾個季度與我們的供應鏈相關的壓力將持續存在。我們預計這些壓力將導致一些與加急費用和採購長交貨期組件相關的成本增加。 GAAP 運營費用為 4.38 億美元。

Non-GAAP operating expenses were $345 million. Our GAAP operating margin in Q1 was 16.6%. Non-GAAP operating margin was 32.7%. Our GAAP effective tax rate for the quarter was 16.3%. Our non-GAAP effective tax rate was 19.5%. GAAP net income for the quarter was $93.6 million or $1.51 per share. Non-GAAP net income was $179 million or $2.89 per share.

非美國通用會計準則運營費用為 3.45 億美元。我們第一季度的 GAAP 營業利潤率為 16.6%。非美國通用會計準則營業利潤率為 32.7%。我們本季度的 GAAP 有效稅率為 16.3%。我們的非公認會計原則有效稅率為 19.5%。本季度 GAAP 淨收入為 9360 萬美元或每股 1.51 美元。非美國通用會計準則淨收入為 1.79 億美元或每股 2.89 美元。

I will now turn to the balance sheet. We generated $90 million in cash flow from operations in Q1. We tend to see cash flow dip in Q1 as a result of the timing of cash receipts and billings amongst other factors. Q1's cash flow is below our recent range because of 2 primary factors. First, we had strong multiyear subscription sales in the quarter. As a reminder, our multiyear subscriptions are generally sold on 3-year terms. We built only 1/3 of the contracted signing with the remainder going to unbilled assets.

我現在將轉向資產負債表。我們在第一季度的運營中產生了 9000 萬美元的現金流。由於現金收入和賬單的時間以及其他因素，我們傾向於看到第一季度的現金流量下降。由於兩個主要因素，第一季度的現金流低於我們最近的範圍。首先，我們在本季度擁有強勁的多年訂閱銷售。提醒一下，我們的多年訂閱通常以 3 年的期限出售。我們只建立了合同簽約的 1/3，其餘部分用於未開票的資產。

Second, during the quarter, we also had some significant prepayments with our contract manufacturer associated with the components for future builds. DSO for the quarter remained strong at 55 days.

其次，在本季度，我們還向合同製造商支付了一些與未來構建組件相關的大量預付款。本季度的 DSO 保持強勁，為 55 天。

Cash and investments totaled approximately $936 million at quarter end. During the quarter, we repurchased approximately $125 million worth of F5 shares or approximately 539,000 shares at an average price of $232. Capital expenditures for the quarter were $11 million.

季度末現金和投資總額約為 9.36 億美元。本季度，我們以 232 美元的平均價格回購了價值約 1.25 億美元的 F5 股票或約 539,000 股股票。本季度的資本支出為 1100 萬美元。

Deferred revenue increased 16% year-over-year to $1.576 billion, up from $1.359 billion. The growth in total deferred was largely driven by subscription and SaaS bookings, and to a lesser extent, deferred service maintenance. Finally, we ended the quarter with approximately 6,550 employees, up approximately 90 from Q4. This includes employees added with the Threat Stack acquisition, which closed in the quarter. Francois shared our Q2 revenue outlook and our updated fiscal year 2022 outlook in his remarks, I'll recap our full Q2 guidance and fiscal year 2022 updates with you now.

遞延收入同比增長 16% 至 15.76 億美元，高於 13.59 億美元。總延期的增長主要是由訂閱和 SaaS 預訂推動的，在較小程度上是延期服務維護。最後，我們在本季度結束時擁有約 6,550 名員工，比第四季度增加了約 90 名。這包括在本季度結束的 Threat Stack 收購中增加的員工。弗朗索瓦在講話中分享了我們的第二季度收入展望和我們更新的 2022 財年展望，我現在將與您一起回顧我們的完整第二季度指導和 2022 財年更新。

Unless otherwise stated, please note that my guidance comments reference non-GAAP metrics. Let me start with Q2. We expect Q2 revenue in the range of $610 million to $650 million as a result of supply chain-related systems production constraints.

除非另有說明，請注意我的指導意見參考了非 GAAP 指標。讓我從 Q2 開始。由於供應鏈相關的系統生產限制，我們預計第二季度的收入在 6.1 億美元至 6.5 億美元之間。

Taking into account continued component cost increases, and the costs related to actions we are taking to mitigate supply chain pressures, we expect Q2 gross margins to approximate 82% to 82.5%. As Francois discussed, because we believe the current supply chain challenges are transitory and do not reflect the underlying growth trajectory of the business, we do not intend to adjust our operating model. We believe doing so with risk compromising our ability to deliver future revenue growth. As a result, we are likely to see operating margin pressure in Q2 and for the next several quarters. I'll remind you that, historically, Q2 is our seasonal low for operating margins as a result of the annual payroll tax and retirement benefit resets.

考慮到組件成本的持續增長，以及與我們為減輕供應鏈壓力而採取的行動相關的成本，我們預計第二季度的毛利率將接近 82% 至 82.5%。正如弗朗索瓦所討論的，由於我們認為當前的供應鏈挑戰是暫時的，並不能反映業務的潛在增長軌跡，我們不打算調整我們的運營模式。我們認為這樣做可能會損害我們實現未來收入增長的能力。因此，我們可能會在第二季度和未來幾個季度看到營業利潤率壓力。我會提醒您，從歷史上看，由於年度工資稅和退休福利重置，第二季度是我們營業利潤率的季節性低點。

That said, we estimate Q2 operating expenses of $357 million to $371 million. We anticipate our full fiscal year effective tax rate will be in the range of 20% to 21%, including the impact of our 19.5% Q1 tax rate with some fluctuations included in the quarter. Our Q2 earnings target is $1.75 to $2.15 per share. We expect Q2 share-based compensation expense of approximately $65 million to $67 million.

也就是說，我們估計第二季度的運營費用為 3.57 億美元至 3.71 億美元。我們預計我們整個財年的有效稅率將在 20% 至 21% 之間，包括我們 19.5% 的第一季度稅率的影響以及本季度的一些波動。我們的第二季度收益目標是每股 1.75 美元至 2.15 美元。我們預計第二季度基於股票的薪酬支出約為 6500 萬美元至 6700 萬美元。

Let me now review our updated fiscal year 2022 outlook. We expect fiscal year 2022 revenue growth in the range of 4.5% to 8%, reflecting a reduction of $30 million to $90 million to our prior fiscal year 2022 revenue guidance.

現在讓我回顧一下我們更新的 2022 財年展望。我們預計 2022 財年的收入增長在 4.5% 至 8% 的範圍內，反映出我們上一個 2022 財年的收入指引減少了 3000 萬美元至 9000 萬美元。

The higher end of this range provides for the potential of some additional supplier decommits. It does not, however, assume another step function deterioration from the level of decommit we have seen recently. We continue to be very confident in our software revenue growth range of 35% to 40%, and expect to be closer to the top end of the range for the year. We also anticipate global services revenue growth of 1% to 2% for the year.

該範圍的較高端提供了一些額外的供應商退出的可能性。然而，它並沒有假設我們最近看到的停用水平會出現另一個階躍函數惡化。我們繼續對 35% 至 40% 的軟件收入增長范圍充滿信心，並預計將更接近今年該範圍的高端。我們還預計今年全球服務收入將增長 1% 至 2%。

Like other vendors, we have seen component costs and expedite fees escalate over the last year. As a result, in December, we announced we would be implementing a price increase of approximately 8% to our iSeries appliance platform effective February 1. We expect this pricing change will begin to positively impact gross margins in the second half of our fiscal year. We expect non-GAAP operating margin in the range of 29% to 31% for fiscal '22 with Q2 representing the low point for the year, and operating margins are improving in Q3 and Q4. We remain committed to regaining our target Rule of 40 operating benchmark, where the combination of our revenue growth and non-GAAP operating margins totaled 40. We also remain committed to repurchasing $500 million in shares during the fiscal year.

與其他供應商一樣，我們看到組件成本和加急費用在過去一年中不斷上漲。因此，在 12 月，我們宣布將從 2 月 1 日起對我們的 iSeries 設備平台實施約 8% 的價格上漲。我們預計這種定價變化將開始對我們財年下半年的毛利率產生積極影響。我們預計 22 財年的非 GAAP 營業利潤率在 29% 至 31% 之間，第二季度是今年的低點，第三季度和第四季度的營業利潤率正在提高。我們仍然致力於恢復我們的目標規則 40 經營基準，我們的收入增長和非公認會計原則營業利潤率的總和為 40。我們還承諾在本財政年度回購 5 億美元的股票。

With that, I will turn the call back over to Francois. Francois?

有了這個，我會把電話轉給弗朗索瓦。弗朗索瓦?

Thank you, Frank. In closing, I'll note that we are making very good progress with our Volterra and Threat Stack integration, and you will be hearing more about our resulting SaaS-based solution offering very soon. We are mainly focused on doing everything in our power to mitigate supply chain impacts for our customers.

謝謝你，弗蘭克。最後，我要指出的是，我們在 Volterra 和 Threat Stack 集成方面取得了非常好的進展，您很快就會聽到更多關於我們由此產生的基於 SaaS 的解決方案產品的信息。我們主要專注於盡我們所能減輕對客戶的供應鏈影響。

Our future growth and our long-term opportunity will be driven by our software and our imminently launching Software-as-a-Service app security and delivery solutions. While we are solely disappointed that supply chain challenges have gated our ability to fulfill customer demand for systems in the near term, we are more confident than ever in our position, our strategy and our long-term opportunity.

我們未來的增長和我們的長期機遇將由我們的軟件和我們即將推出的軟件即服務應用程序安全和交付解決方案推動。雖然我們對供應鏈挑戰限制了我們在短期內滿足客戶對系統需求的能力感到失望，但我們比以往任何時候都對我們的地位、戰略和長期機會更有信心。

Our Q2 pipeline is strong, and we have good visibility into demand for the back half of our fiscal year. Our customers are faced with ever-increasing performance expectations for their applications, while at the same time, scaling to meet unprecedented demand and evolving their architectures to enable production scale container-based infrastructures.

我們的第二季度管道很強勁，我們對本財年後半段的需求有很好的了解。我們的客戶面臨著對其應用程序的不斷提高的性能期望，同時擴展以滿足前所未有的需求並發展他們的架構以支持生產規模的基於容器的基礎設施。

With our adaptive applications vision and our ability to serve any app anywhere, F5 brings cloud-ready solutions that close the gap between customers' traditional and modern application environments.

憑藉我們的自適應應用願景和我們在任何地方為任何應用提供服務的能力，F5 帶來了雲就緒解決方案，可縮小客戶傳統和現代應用環境之間的差距。

Finally, I extend my heartfelt thanks to the entire F5 team for their steadfast focus and execution. And thanks to our customers and our partners for being on our journey with us and providing guidance and support along way.

最後，我衷心感謝整個 F5 團隊的堅定專注和執行力。並感謝我們的客戶和合作夥伴與我們一路同行並提供指導和支持。

With that, operator, we will open the call to Q&A.

有了這個，接線員，我們將打開問答電話。

(Operator Instructions) For our first question, we have James Fish from Piper Sandler.

（操作員說明）對於我們的第一個問題，我們有來自 Piper Sandler 的 James Fish。

Obviously, after hours, getting a lot on the supply chain stuff. And a number of your networking system peers took careful measures to ensure supplies and mitigate decommits. Why is this now impacting F5? Or why wasn't it done last quarter? And what are you guys specifically seeing regarding your backlog that can really give us confidence that the demand side is still there?

顯然，下班後，在供應鏈上得到了很多東西。並且您的許多網絡系統同行採取了謹慎的措施來確保供應並減少停用。為什麼現在這會影響 F5？或者為什麼上個季度沒有完成？你們對積壓工作有什麼特別的看法，可以真正讓我們相信需求方仍然存在？

Jim, it's Francois, and I'll take your first question. I -- so let me just start from the last point of your question, then I'll come back to the supply issue. On the demand side, Jim, you know that last year, our backlog continued to grow. I think we exited last year with a backlog that was at the highest level it's ever been.

吉姆，我是弗朗索瓦，我會回答你的第一個問題。我——所以讓我從你問題的最後一點開始，然後我會回到供應問題。在需求方面，Jim，你知道去年，我們的積壓訂單繼續增長。我認為我們去年退出時的積壓達到了前所未有的最高水平。

In Q1, if you're referring specifically to hardware, you saw that our hardware revenue was pretty much flat but our backlog continued to grow in our first fiscal quarter. In fact, it grew by more than 10%. So based upon the demand we saw in Q1 and the pipeline we see in Q2, we feel very, very good about our demand and the health of the demand. And so the issue that we're facing to be very clear is not a demand issue.

在第一季度，如果您專門指硬件，您會看到我們的硬件收入幾乎持平，但我們的積壓訂單在第一財季繼續增長。事實上，它增長了 10% 以上。因此，根據我們在第一季度看到的需求和我們在第二季度看到的管道，我們對我們的需求和需求的健康狀況感到非常非常好。因此，我們面臨的非常明確的問題不是需求問題。

It absolutely is a supply issue. And the revision we've just done to our annual guidance is 100% linked to the supply issue. Now to the first part of your question about what we've been doing to mitigate the issues and why are we facing this issue now. So we've been talking about for several quarters that our -- the issue in our supply chain has deteriorated steadily. And last year, we were not able to ship the demand, which is why our backlog grew so much during the year.

這絕對是供應問題。我們剛剛對年度指導所做的修改與供應問題100%相關。現在到您問題的第一部分，關於我們為緩解這些問題所做的工作以及為什麼我們現在面臨這個問題。因此，幾個季度以來，我們一直在談論我們的供應鏈中的問題已經穩步惡化。去年，我們無法滿足需求，這就是我們的積壓訂單在這一年增長如此之多的原因。

Things have been getting worse. And at the beginning of our fiscal year, when we were doing the planning for this year, we actually took into account the number of decommits that we were getting from various suppliers and a situation that was already very tight on a number of components. Over the last 30 days, though, we have seen a step function decline in the state of component availability from a number of suppliers.

事情變得越來越糟。在我們財政年度開始時，當我們為今年做計劃時，我們實際上考慮到了我們從不同供應商處獲得的退役數量以及一些組件已經非常緊張的情況。然而，在過去的 30 天裡，我們看到許多供應商的組件可用性狀態出現階躍函數下降。

And that's what's caused us to relook at the view for the year, and see that we wouldn't be able to even ship the systems that we have planned to ship for the full year. To just give you a sense, Jim, the number of decommits, so we're now seeing over 400 decommits per quarter. And we were running about 30% less than that even just a month ago. So we are -- the situation is quite unprecedented. We are doing a number of things to mitigate these supply issues. Working with our suppliers, of course, on escalations and allocations of supply to F5.

這就是導致我們重新審視這一年的觀點的原因，發現我們甚至無法交付我們計劃全年交付的系統。只是給你一個感覺，Jim，decommits 的數量，所以我們現在每季度看到超過 400 次decommits。甚至就在一個月前，我們的運行量也比這少了大約 30%。所以我們 - 情況是前所未有的。我們正在做很多事情來緩解這些供應問題。當然，與我們的供應商合作，將供應升級和分配給 F5。

We will be working on shifting some of our demand to -- we've introduced new hardware platforms that are just starting to ship recently, and utilize more readily available component. So we'll be working to shift some of the demand we have to these newer hardware platforms. And we have a number of mitigation elements in place to improve the situation but the supply chain is absolutely tight. The other thing that has changed in the last 30 days relative to where we were before is that we have been going to, not just our suppliers, but also when we couldn't get the supply, we have been going to secondary markets, so on the open market through borders, to get part of our supply.

我們將努力將我們的一些需求轉移到——我們引入了新的硬件平台，這些平台最近才開始發貨，並利用更容易獲得的組件。因此，我們將努力將我們的一些需求轉移到這些更新的硬件平台上。我們有許多緩解措施來改善這種情況，但供應鏈絕對緊張。與之前相比，過去 30 天發生的另一件事是，我們一直在去，不僅僅是我們的供應商，而且當我們無法獲得供應時，我們一直在去二級市場，所以在公開市場上通過邊界，獲得我們的部分供應。

And that avenue has dried up really in the last several weeks because I think everybody is in the same situation and going through that. So those are some of the changes that have happened in the supply recently.

在過去的幾周里，這條道路真的枯竭了，因為我認為每個人都處於同樣的境地並且正在經歷這種境遇。因此，這些是最近供應方面發生的一些變化。

That's amazing color, Francois. And keeping on the supply chain step as a follow-up. I mean how much of the supply capacity are we now at given the decommitments, but also it sounds like new arrangements with suppliers? And then in addition, you guys talked about a mitigation time frame for the fiscal second half. So does this mean we should expect upside to kind of fiscal '23 for a wrap or is it a risk to these orders getting canceled?

這是驚人的顏色，弗朗索瓦。並繼續跟進供應鏈步驟。我的意思是，在解除承諾的情況下，我們現在的供應能力有多少，但這聽起來像是與供應商的新安排？此外，你們還談到了下半年的緩解時間框架。那麼，這是否意味著我們應該期待 23 財年的上漲，或者這些訂單被取消的風險？

Thanks, Jim. Let me just make sure. So we don't see any risk to orders being canceled. The demand we have is very real. Our lead times unfortunately, have gotten progressively worse over the last 5, 6 quarters. But we haven't seen any change in any increase in order cancellation, and we don't expect to see that going forward. In terms of the timing of improvement, Jim, I want to clarify because we -- there are 2 issues really at play here, and I want to make sure I give you visibility into both issues.

謝謝，吉姆。讓我確定一下。因此，我們認為取消訂單沒有任何風險。我們的需求是非常真實的。不幸的是，在過去的 5、6 個季度中，我們的交貨時間越來越差。但是我們沒有看到訂單取消的增加有任何變化，我們預計不會看到這種情況。關於改進的時間，Jim，我想澄清一下，因為我們 - 這裡有兩個問題真正在起作用，我想確保我讓你了解這兩個問題。

So let me talk first about our fiscal year. So the $30 million to $90 million reduction to our revenue for the full fiscal year. That is linked to a struggle to get specialized networking chipsets that come from the big chip manufacturers and kind of specialized chipset. The lack of supplier role is really what's driving that $30 million to $90 million reduction.

所以讓我先談談我們的財政年度。因此，我們整個財年的收入減少了 3000 萬至 9000 萬美元。這與從大型芯片製造商那裡獲得專用網絡芯片組和某種專用芯片組的鬥爭有關。供應商角色的缺乏確實是導致 3000 萬美元到 9000 萬美元減少的原因。

And we don't expect to see -- part of why we're pointing to that reduction is that given the level of decommits we have in deliveries and the visibility that we have now from our suppliers, we don't expect this situation with specialized networking chipset to get better until the very end of calendar 2022, which is when the new fab capacity will start flowing into parts to F5, and we will start to be able to ramp up our levels of shipments. So that's the situation that is affecting the full year.

而且我們不希望看到 - 我們指出這種減少的部分原因是，鑑於我們在交付中的取消水平以及我們現在從供應商那裡獲得的可見性，我們預計不會出現這種情況專門的網絡芯片組會在 2022 年底之前變得更好，屆時新的晶圓廠產能將開始流入 F5 的零件，我們將開始能夠提高我們的出貨量水平。這就是影響全年的情況。

As it relates specifically to our second quarter, in Q2, we have an additional challenge, which is more standard electronic components where we have had a significant decommit in the last few weeks that is affecting only Q2 because we expect to be able to qualify alternative parts relatively quickly and make those shipments in Q3 and Q4. So the second issue has a much shorter time frame to be resolved. The first issue is the bigger issue around the specialized networking chipset that will take several quarters before we see meaningful improvement there.

由於它與我們的第二季度特別相關，在第二季度，我們還有一個額外的挑戰，那就是更標準的電子元件，我們在過去幾週內有一個重大的退役，這僅影響第二季度，因為我們希望能夠有資格替代零件相對較快，並在第三季度和第四季度發貨。因此，第二個問題的解決時間要短得多。第一個問題是圍繞專用網絡芯片組的更大問題，這將需要幾個季度才能看到有意義的改進。

For our next question, we have Sami Badri from Crédit Suisse.

對於我們的下一個問題，我們請來瑞士信貸的 Sami Badri。

First, Francois, and maybe, Frank, you could also help us as well. Can you just kind of unpack the growth algorithm of software and just how we got to this point? Because you essentially exceeded expectations on a very strong comp prior year. Could you just unpack what exactly it was that got you to this result? So that's the first question.

首先，弗朗索瓦，也許弗蘭克，你也可以幫助我們。你能解開軟件的增長算法以及我們是如何走到這一步的嗎？因為你基本上超出了上一年非常強勁的薪酬的預期。你能解開是什麼讓你得到這個結果嗎？所以這是第一個問題。

The second question is, as I hear you describe the degree and the magnitude of the supply chain constraints, it almost sounds so strong that it would almost compel the customer to change architecture because of the degree of the effect that what's happening, right, like the service, for example, what they had in mind.

第二個問題是，正如我聽到你描述的供應鏈約束的程度和幅度，它聽起來非常強烈，幾乎會迫使客戶改變架構，因為正在發生的事情的影響程度，對，就像服務，例如，他們的想法。

So how come -- what's going on when you guys are saying the delays and essentially, what sounds like a systemic problem is not compelling customers to, say, adopt more software type architectures or solutions and sticking to specifically hardware? And then -- that would be great.

那麼，當你們說延遲時發生了什麼，本質上，聽起來像系統性問題並沒有迫使客戶採用更多的軟件類型架構或解決方案並堅持使用特定的硬件？然後——那就太好了。

Thank you, Sami. I'll start with the second part of the question, then we'll go to software, and I'll talk about software and then Frank may add to it. So Sami, as it relates to the supply chain issue, I just want to put it in the perspective of what our customers are seeing and what lead times they're seeing.

謝謝你，薩米。我將從問題的第二部分開始，然後我們將討論軟件，我將討論軟件，然後 Frank 可能會補充。所以薩米，因為它與供應鏈問題有關，我只想從我們的客戶所看到的以及他們所看到的交貨時間的角度來看待它。

Historically, our lead times were 2 weeks or less. They were absolutely world-class. And I mean that's pre-2021. As our lead times got worse in 2021, they extended for 4 to 5 weeks. And I would say, for the last several quarters, we've been in that kind of 5 weeks zone.

從歷史上看，我們的交貨時間是 2 週或更短。他們絕對是世界級的。我的意思是那是 2021 年之前的事情。隨著我們的交貨時間在 2021 年變得更糟，它們延長了 4 到 5 週。我想說，在過去的幾個季度中，我們一直處於那種 5 週的區域。

For orders that are placed today by customers, the lead times have extended, but they're going to be in the range of 6 to 18 weeks depending on the platform and the specific product that a customer is ordering. So while these lead times are, of course, worse than we've ever had them, they're still in the zone of kind of 4 to 4.5 months at the high end, which you can check with other vendors around the industry in our space, and you'll find that those lease times don't stand out as being worse than anybody else.

對於客戶今天下的訂單，交貨時間已經延長，但根據平台和客戶訂購的特定產品，交貨時間將在 6 到 18 週之間。因此，雖然這些交貨時間當然比我們以往任何時候都差，但它們仍然處於高端的 4 到 4.5 個月的區域，您可以在我們的行業中與其他供應商核實空間，您會發現這些租賃時間並不比其他任何人都差。

And I think our customers have adjusted to having longer planning cycles for the environment that they're building. So we are not seeing customers as a result of extended lead times start to completely rethink their architecture. I think if our lead times were to become 12 months or more, we would see a much different behavior. But we don't see that, and we don't expect that even with the challenges that we're having at the moment, shipping to customers. So that's on the first part of your question, Sami.

而且我認為我們的客戶已經適應了他們正在構建的環境有更長的規劃週期。因此，由於交貨時間延長，我們沒有看到客戶開始完全重新考慮他們的架構。我認為，如果我們的交貨時間變成 12 個月或更長時間，我們會看到截然不同的行為。但我們沒有看到這一點，即使我們目前面臨挑戰，我們也不希望向客戶發貨。這是你問題的第一部分，薩米。

On the software question, we did indeed have a very strong software quarter. And it's because the 3 drivers of growth in software as part of our strategy, are essentially all going to plan. So let me start with the first part. So the 3 drivers are what? It's driving growth in traditional applications to software-first and multi-cloud environments; second, scaling our modern application franchise; and third, security.

在軟件問題上，我們確實有一個非常強勁的軟件季度。這是因為作為我們戰略一部分的軟件增長的 3 個驅動因素基本上都在計劃中。所以讓我從第一部分開始。那麼這3個司機是什麼？它正在推動傳統應用程序向軟件優先和多雲環境發展；第二，擴展我們的現代應用程序特許經營權；第三，安全。

So let me unpack these 3 drivers for you, Sami. So the first one, we have seen broad-based strength in enterprise for software for BIG-IP. Specifically, I would say financial services and service providers were strong this quarter. We also saw kind of more resumption of customers who had said they wanted to move to software and have put that a little bit on pause in the first quarters of the pandemic.

所以讓我為你解開這 3 個驅動程序的包裝，Sami。所以第一個，我們在企業中看到了 BIG-IP 軟件的廣泛實力。具體來說，我想說的是本季度金融服務和服務提供商表現強勁。我們還看到了更多的客戶恢復，他們說他們想轉向軟件，並在大流行的第一季度暫停了這一點。

We're seeing more of those customers moving with their migration to software-first architectures, even for traditional applications. And so that is helping with seeing very strong second term renewals and true forwards for our multiyear subscription agreements.

我們看到越來越多的客戶遷移到軟件優先架構，即使是傳統應用程序也是如此。因此，這有助於我們的多年訂閱協議看到非常強勁的第二期續約和真正的遠期。

So all of that is contributing to strength in traditional applications growth in software. The second aspect is modern applications, which we largely support with NGINX. We did over 500 deals with NGINX this quarter, which is a record. We're continuing to see the size -- the average size of deals increase because of the additional products we have released as part of NGINX.

因此，所有這些都有助於增強軟件中傳統應用程序的增長。第二個方面是現代應用程序，我們在很大程度上支持 NGINX。本季度我們與 NGINX 進行了超過 500 筆交易，這是一個記錄。我們繼續看到規模——由於我們作為 NGINX 的一部分發布的附加產品，交易的平均規模有所增加。

And we are also seeing a lot of applications that are in Kubernetes environment go in production and scale. And what customers are really seeing with Kubernetes is that the networking and security issues that are associated with Kubernetes are pretty challenging. And Kubernetes really abstracts this complexity for developers. But NetOps team still have this complexity to deal with and the networking and security challenges for Kubernetes are very different than what they've got in a more traditional environment.

我們還看到 Kubernetes 環境中的許多應用程序投入生產和擴展。客戶在 Kubernetes 中真正看到的是，與 Kubernetes 相關的網絡和安全問題非常具有挑戰性。 Kubernetes 確實為開發人員抽象了這種複雜性。但是 NetOps 團隊仍然需要處理這種複雜性，並且 Kubernetes 的網絡和安全挑戰與他們在更傳統的環境中所面臨的非常不同。

And NGINX is really the ideal complement to Kubernetes to address these challenges. And so we're seeing a lot of traction in these deployments. And the third driver is security.

NGINX 確實是 Kubernetes 應對這些挑戰的理想補充。因此，我們在這些部署中看到了很大的吸引力。第三個驅動因素是安全性。

And security continues to grow faster than our overall product revenue. And this quarter, we saw strength in security across the entire portfolio. We saw strength in BIG-IP. We're seeing more customers adopt our web application firewall. That has accelerated. And frankly, the Log4j vulnerability brought awareness to a number of customers that either didn't have our WAF or didn't have it activated to really use that to protect their perimeter.

安全性的增長速度繼續超過我們的整體產品收入。本季度，我們看到整個投資組合的安全性都很強。我們看到了 BIG-IP 的實力。我們看到越來越多的客戶採用我們的 Web 應用程序防火牆。這已經加速了。坦率地說，Log4j 漏洞讓許多沒有我們的 WAF 或沒有激活它來真正使用它來保護他們的周邊的客戶意識到了這一點。

So customers that had a WAF in place were able to protect their perimeter and then had a lot more time to patch on the parts of their infrastructure. We're also seeing customers move beyond web application firewall and add anti-bot and API security as a bundle.

因此，擁有 WAF 的客戶能夠保護他們的周邊，然後有更多的時間來修補他們基礎設施的各個部分。我們還看到客戶超越了 Web 應用程序防火牆，並將反殭屍程序和 API 安全性作為捆綁包添加。

We continue to see growth in NGINX Security. And then Shape had a strong quarter. We had the -- probably our best quarter in terms of new logo acquisition. We started to see broader-based adoption in new segments like service provider and also internationally with Shape, in part because of the continuing product maturity, in part because of the go-to-market maturity that we now have.

我們繼續看到 NGINX Security 的增長。然後 Shape 有一個強勁的季度。就新徽標的獲取而言，我們有 - 可能是我們最好的季度。我們開始在服務提供商等新領域以及 Shape 在國際上看到更廣泛的採用，部分原因是產品的持續成熟度，部分原因是我們現在擁有的進入市場的成熟度。

And we're also seeing traction with cloud marketplaces. We completed the integration of Shape into Salesforce.com's e-commerce platform so that our bot technology is visible to all of the players in this marketplace. And have other integrations with cloud providers that are also starting to contribute.

我們也看到了雲市場的吸引力。我們完成了將 Shape 集成到 Salesforce.com 的電子商務平台中，以便我們的機器人技術對這個市場上的所有參與者都是可見的。並與也開始做出貢獻的雲提供商進行其他集成。

So you look at across all 3 drivers of software, we really had strong momentum and strong execution, and we're really pleased with where we are on software.

所以你看看軟件的所有 3 個驅動因素，我們確實擁有強大的動力和強大的執行力，我們對我們在軟件方面的地位感到非常滿意。

For our next question, we have Amit Daryanani from Evercore.

對於我們的下一個問題，我們有來自 Evercore 的 Amit Daryanani。

I have 2 as well. First off, I'm hoping maybe you just help me reconcile the March quarter and fiscal year guidance. Francois, I heard you talk about the 2 different component challenges that you have. But your March quarter, I think if I take it at midpoint, implies in the first half, you'll grow 3.7% in sales. But then when you to hitch a full year guide, it almost implies that you have to grow high single digits in the back half of the year, June and September. So am I doing this correctly?

我也有2個。首先，我希望你能幫助我協調 3 月季度和財政年度的指導。弗朗索瓦，我聽說你談到了你面臨的 2 個不同的組件挑戰。但我認為，如果我把它放在中點，你的 3 月季度意味著上半年，你的銷售額將增長 3.7%。但是，當你趕上全年指南時，它幾乎意味著你必須在下半年，6 月和 9 月增長高個位數。那麼我這樣做正確嗎？

And I guess why the confidence that growth will snap back so quickly in the June, September quarter for you folks?

我猜為什麼你們有信心在 6 月和 9 月季度迅速恢復增長？

Sure. Amit, why don't I start with that one and then see if Francois has anything to add. So I think Francois tried to articulate the difference of the near-term challenges we're having in Q2 and some of those acute standard components that are just taking a bit of time to redesign into the solution, but we are able to make up for some of that loss in the back half of the year. And so it's more acute because of just the timing of when we realize that this part that we expected to get this quarter is now not coming until next quarter. And it's going to come in much less than what we initially had ordered.

當然。阿米特，我為什麼不從那個開始，然後看看弗朗索瓦是否有什麼要補充的。所以我認為弗朗索瓦試圖闡明我們在第二季度面臨的近期挑戰和一些只需要一些時間重新設計成解決方案的急性標準組件的區別，但我們能夠彌補今年下半年的一些損失。因此，它更加尖銳，因為我們意識到我們預計在本季度獲得的這部分現在要到下個季度才會到來。而且它會比我們最初訂購的少得多。

And so this redesign that we are doing for this part is not going to be in place in time with our manufacturers to affect Q2 revenue, but it will impact -- will have ability to "catch up" on that in Q3 and Q4. And so that's what gives us confidence that Q2 is the low mark when you take the combination of the 2 quarters that you just said, yes, for the first half that way. But we do make up for some of that Q2 demand in the back half on top of the ordinary demand that we would normally see.

因此，我們為這部分所做的重新設計不會及時與我們的製造商一起影響第二季度的收入，但它會影響——將有能力在第三季度和第四季度“趕上”。所以這就是讓我們相信第二季度是低分的原因，當你把你剛才說的兩個季度結合起來時，是的，上半場就是這樣。但我們確實在我們通常看到的普通需求之上彌補了後半部分的第二季度需求。

Got it. Perfect. And then I guess the second one and this almost seems silly to ask given all the hard ratio you have. But on the software side, and Francois, you talked a fair bit about this, you did 47% growth on probably one of the more difficult compares. I think it was 70% last year.

知道了。完美的。然後我猜是第二個，考慮到你擁有的所有硬比率，這似乎很愚蠢。但是在軟件方面，弗朗索瓦，你談到了這一點，你做了 47% 的增長，這可能是一個更困難的比較。我認為去年是 70%。

And your guidance for the full year would imply that your software growth will decelerate as your compare starts to get easier. That seems a little counterintuitive. And I guess there's a need to be conservative given the supply chain issues you have. But I'd love to understand why do even software decelerate after everything you talked about in that business?

你對全年的指導意味著你的軟件增長將隨著你的比較開始變得更容易而減速。這似乎有點違反直覺。而且我想鑑於您遇到的供應鏈問題，有必要保持保守。但我很想了解為什麼在你談到該業務之後，軟件甚至會減速？

Amit, it's a good question. We don't necessarily think it decelerates. We are early in the year -- and we gave a range for the full year of 35% to 40%. We had a very strong first quarter. We feel very confident about our software growth. In fact, we said we think it's going to be more at the top end of the range.

阿米特，這是個好問題。我們不一定認為它會減速。我們在年初——我們給出了全年 35% 到 40% 的範圍。我們的第一季度表現非常強勁。我們對我們的軟件增長充滿信心。事實上，我們說我們認為它會更多地處於該範圍的高端。

But it's too early to be changing that view for now. And what you should take away from our sense is that we really like where we're on software, and we think it's going to be a very good software year.

但現在改變這種觀點還為時過早。你應該從我們的感覺中帶走的是，我們真的很喜歡我們在軟件方面的表現，我們認為這將是一個非常好的軟件年。

For our next question, we have Alex Henderson from Needham.

對於我們的下一個問題，我們請來自 Needham 的 Alex Henderson。

So I wanted to ask a broad general question about the behavior of enterprise's purchasing approach, given the intense pricing pressure and supply constraints around hardware. As you've talked to CIO, CTO, C-suite-type people, has it resulted in a change in behavior where we're seeing an acceleration in commitments to digital transformations. I mean switching prices, I think, Cisco just kicked their price up again this month.

因此，鑑於圍繞硬件的巨大定價壓力和供應限制，我想就企業採購方式的行為提出一個廣泛的一般性問題。正如您與首席信息官、首席技術官、高級管理人員類型的人交談過的那樣，這是否導致了行為的改變，我們看到對數字化轉型的承諾正在加速。我的意思是轉換價格，我認為，思科本月再次提高了價格。

And Cisco prices are up double digit and are forcing people into subscription around those hardware. A lot of people, I would think, increasingly wanting to get away from that. And that would play into your strength, I would think, to the extent that you're such a strong player in the Kubernetes workspace -- workload space.

思科的價格上漲了兩位數，迫使人們訂閱這些硬件。我想，很多人越來越想擺脫這種情況。我認為，這將發揮你的優勢，因為你在 Kubernetes 工作空間——工作負載空間中是如此強大的參與者。

So can you address what you're hearing from the C-suite on those thoughts about changing their behavior in a more tidy fashion?

那麼，您能否談談您從最高管理層那裡聽到的關於以更整潔的方式改變他們的行為的想法？

Alex, so I would -- first, I would say, Alex, our -- we know we are going through an extraordinary situation as it relates to supply. Everybody along the value chain is feeling that and you're seeing different type of behaviors. In some case, you are seeing some suppliers in the semiconductor space who are taking advantage of that to some extent gauge on prices.

亞歷克斯，所以我會 - 首先，我會說亞歷克斯，我們的 - 我們知道我們正在經歷與供應有關的特殊情況。價值鏈上的每個人都感受到了這一點，並且您看到了不同類型的行為。在某些情況下，您會看到半導體領域的一些供應商正在利用這一點在某種程度上衡量價格。

And that, we believe, is a short-term approach that may have some benefits. But in the long term, it's detrimental to relationships. And so the way we look at it is our customers and our shareholders are going to be happy if we continue to have great long-term relationships with our customers and continue to be with them as they evolve their architectures. And so as we think about how do we balance the cost pressures with price increases, we are looking at it through the lens of also maintaining strong relationships with our customers for the longer term.

我們認為，這是一種短期方法，可能會帶來一些好處。但從長遠來看，這對人際關係有害。所以我們看待它的方式是我們的客戶和我們的股東如果我們繼續與我們的客戶保持良好的長期關係並繼續與他們一起發展他們的架構，他們將會很高興。因此，當我們考慮如何平衡成本壓力和價格上漲時，我們會從長期與客戶保持牢固關係的角度來看待它。

So we always -- from our perspective, we're always going to have that balance in how we approach things. In terms of the way our customers are seeing things in our conversations, of course, they want to get their products as fast as possible. In the case of F5, we are not seeing them -- as I said before, we're not seeing order cancellations. We're not seeing them double ordering solutions because F5 solutions is unique, and you can't replace them like-for-like for something else. And frankly, also because so far, we have managed to keep our lead times that are much better than what they're getting from other vendors.

所以我們總是——從我們的角度來看，我們總是會在處理事情上保持平衡。就我們的客戶在我們的對話中看到事物的方式而言，他們當然希望盡快獲得他們的產品。在 F5 的情況下，我們沒有看到它們——正如我之前所說，我們沒有看到訂單取消。我們沒有看到他們雙重訂購解決方案，因為 F5 解決方案是獨一無二的，您不能用其他東西來替換它們。坦率地說，也是因為到目前為止，我們已經設法保持我們的交貨時間比他們從其他供應商那裡得到的要好得多。

So we are getting increasing pressure, of course, from customers to try and supply to them faster. But we're not seeing a dramatic change in their behavior towards F5 from what we saw through last year.

因此，當然，來自客戶的壓力越來越大，要求我們嘗試更快地向他們供貨。但我們並沒有看到他們對 F5 的行為與去年相比發生了巨大變化。

And if I could follow up on a separate question. The service provider business historically has been in the 20% to 23% of revenue range. It's been coming down persistently every quarter. I think you're talking about 15% this quarter. It seems quite clear that with your shift to software and security that you've shifted away -- resources away from them. Can you talk about to what extent you're shifting away from -- intentionally shifting away from that space in favor of your higher-growth alternative areas?

如果我可以跟進一個單獨的問題。服務提供商業務歷來佔收入的 20% 至 23%。每個季度都在持續下降。我認為你說的是本季度的 15%。很明顯，隨著您轉向軟件和安全性，您已經轉移了——資源遠離它們。你能談談你在多大程度上遠離 - 有意遠離那個空間以支持你更高增長的替代領域？

Alex, I would not say that we are intentionally shifting away from the service provider space. We had a very strong -- through the last 5, 6 quarters, we have very strong demand in the enterprise that has been broad-based. And so when you look at the mix overall, service provider as a mix has come down. However, our service provider business itself has actually been growing very healthily over the last several quarters, including this quarter.

亞歷克斯，我不會說我們有意遠離服務提供商領域。我們有非常強勁的需求——在過去的 5、6 個季度中，我們對基礎廣泛的企業有非常強勁的需求。因此，當您查看整體組合時，服務提供商作為一個組合已經下降。但是，我們的服務提供商業務本身在過去幾個季度（包括本季度）實際上一直在非常健康地增長。

And so -- and also with what we're seeing coming in the 4G to 5G transition, we see strong opportunities both in hardware and software with service providers with some potentially important deals to come over the next quarters. And so no, we are actually investing into the service provider space, both for our existing platforms and Volterra that is also potentially a platform of very strong interest to service providers.

因此 - 以及我們在 4G 到 5G 過渡中所看到的情況，我們看到了硬件和軟件方面的巨大機會，服務提供商將在未來幾個季度進行一些潛在的重要交易。所以不，我們實際上是在投資服務提供商領域，既針對我們現有的平台，也針對 Volterra，這也可能是服務提供商非常感興趣的平台。

We are starting to see more and more deals in the IoT space with service providers, oftentimes requiring scale to tens of millions of devices, which for that scale is served to hardware. So we continue to invest in our service provider segment. I understand how you drew that perspective from the mix. Service provider has been only at 15% for the last few quarters, but it is growing in line with the rest of the business with very strong prospects to come.

我們開始看到越來越多的物聯網領域與服務提供商的交易，通常需要擴展到數千萬台設備，而對於這種規模，這些設備將提供給硬件。因此，我們繼續投資於我們的服務提供商領域。我理解你是如何從組合中得出這種觀點的。過去幾個季度，服務提供商的佔比僅為 15%，但它的增長與其他業務保持一致，未來前景非常強勁。

And Alex, just as a reminder, that 15% is of bookings, not of revenue and certainly not of total revenue. So as a proxy, you think you can go about it in relation to the product revenue, but that's what it's in relation to.

亞歷克斯，提醒一下，15% 是預訂量，不是收入，當然也不是總收入。因此，作為代理，您認為您可以根據產品收入來處理它，但這就是它的關係。

Our next question, we have Rod Hall from Goldman Sachs.

我們的下一個問題是高盛的 Rod Hall。

I wanted to start by clarifying the backlog number. I think, Francois, you said it grew just over 10%. And I think you guys had called out $125 million of backlog last quarter. So is it right to think that, that backlog is in the ballpark of a $140 million this quarter?

我想首先澄清積壓的數量。我想，弗朗索瓦，你說它增長了 10% 以上。而且我認為你們上個季度已經提出了 1.25 億美元的積壓工作。那麼認為本季度積壓的訂單大約為 1.4 億美元是否正確？

Rod, it's in the ballpark for the system side. What Francois was referencing was the systems piece of the backlog, which, as we said in our K was the vast majority of that $125 million. But I just want to make sure you understand...

羅德，它在系統方面的範圍內。 Francois 所指的是待辦事項中的系統部分，正如我們在 K 中所說，這是 1.25 億美元中的絕大部分。但我只是想確保你明白...

Okay. So just shave a little something off the $125 million and up by $10 million plus, and that puts us in the ballpark. Okay. That's helpful. And then I wanted to just kind of ask a bigger picture question.

好的。因此，只需從 1.25 億美元中扣除一點點，然後再增加 1000 萬美元以上，這讓我們進入了球場。好的。這很有幫助。然後我想問一個更大的問題。

You guys last year were talking about systems being stronger because people were locked down and they couldn't test software in. This kind of comes back to what people might be thinking here. So now you're in a situation where you can't supply systems people want.

去年你們都在談論系統變得更強大，因為人們被鎖定並且他們無法測試軟件。這又回到了人們可能在這裡的想法。所以現在你處於無法提供人們想要的系統的情況。

I don't get why -- because it looks to me like you've raised your software guide by maybe $12 million or $13 million from your midpoint of your $35 million to $40 million to the $40 million. But then you're cutting your systems guide by $30 million to $90 million, so quite a bit more than that. So you're not really getting that -- it just seems like you should get an accelerating trade towards software if that dynamic last year is starting to unwind in your favor this year. So I still don't fully understand why the software is not going up more to compensate for the hardware weakness?

我不明白為什麼——因為在我看來，你的軟件指南從 3500 萬美元到 4000 萬美元再到 4000 萬美元的中點提高了 1200 萬或 1300 萬美元。但是隨後您將系統指南削減了 3000 萬美元到 9000 萬美元，比這還多。所以你並沒有真正明白這一點——如果去年的這種動態今年開始對你有利的話，你似乎應該加速轉向軟件。所以我還是不完全明白為什麼軟件沒有漲得更多來彌補硬件的弱點？

Rob, it's a great question. So I first want to remind you, Rob, that the -- where there is an opportunity to substitute, if you will, hardware for software is really in our BIG-IP platform. But the drivers of software growth are across the entire portfolio. So that's the first thing you got to remember.

羅布，這是一個很好的問題。所以我首先想提醒你，Rob，如果你願意的話，有機會替代軟件的硬件確實在我們的 BIG-IP 平台中。但軟件增長的驅動力遍及整個產品組合。所以這是你要記住的第一件事。

Second, when you say, "Hey, why is there not more a substitution in the IP of hardware for software", the first reason is because hardware demand is not weak. So the hardware -- the behavior of our customers as it relates to hardware hasn't changed. The hardware demand continues to be strong. We saw broad-based demand in the enterprise on systems.

第二，當你說，“嘿，為什麼沒有更多的硬件IP代替軟件”，第一個原因是因為硬件需求不弱。所以硬件——我們客戶與硬件相關的行為並沒有改變。硬件需求持續強勁。我們看到企業對系統的廣泛需求。

Security use cases continue to drive systems demand and we see security -- existing security customers even expand their F5 security footprints in hardware. And generally, application growth, traditional application growth continues. And therefore, our hardware demand to support those applications continues to be very strong. So there hasn't been a change from a demand perspective. The issue we have is the supply issue. So that's the second reason you're not seeing a big substitution effect. Now you could ask, well, okay, but if our lead times get much worse, will that encourage more customers to change their demand from hardware to software?

安全用例繼續推動系統需求，我們看到了安全——現有的安全客戶甚至擴大了他們在硬件中的 F5 安全足跡。一般來說，應用程序增長，傳統應用程序增長仍在繼續。因此，我們支持這些應用程序的硬件需求仍然非常強勁。所以從需求的角度來看沒有變化。我們面臨的問題是供應問題。所以這是你沒有看到大的替代效應的第二個原因。現在您可能會問，好吧，好吧，但是如果我們的交貨時間變得更糟，這會鼓勵更多的客戶將他們的需求從硬件轉向軟件嗎？

And on the margins, we think there may be a slight element of that, which is part of what's causing us to say, "Hey, maybe we're closer to the top of the range, but -- to the top of the range on software". But we think that's a marginal effect because when customers look to say, Hey, I'm going to go to a software-first environment.

在邊緣，我們認為可能有一個輕微的因素，這是導致我們說的部分原因，“嘿，也許我們更接近範圍的頂部，但是 - 到範圍的頂部關於軟件”。但我們認為這是一個邊際效應，因為當客戶想要說，嘿，我要去一個軟件優先的環境時。

First of all, F5 is not the only consideration that they have. There are other vendors that are part of their environment that drive that architectural decision. And second, I think our lead times would have to really extend well beyond 6 months for just a lead time factor to cause our customers to really change and look at software.

首先，F5 並不是他們唯一的考慮因素。還有其他供應商是他們推動架構決策的環境的一部分。其次，我認為我們的交貨時間必須真正延長到 6 個月以上，這只是一個交貨時間因素，以使我們的客戶真正改變並關注軟件。

Now with all of that being said, with the supply challenges that we're having, our teams when working with customers, if a customer is on the margin and really could go one way or the other. I think, of course, we'll encourage them to move to software because they can get there much faster. But we don't look to that as a thing that's going to shift multiple tens of millions of dollars from 1 consumption factor to the other.

現在說了這麼多，面對我們面臨的供應挑戰，我們的團隊在與客戶合作時，如果客戶處於邊緣地位，並且真的可以採取一種或另一種方式。我認為，當然，我們會鼓勵他們轉向軟件，因為他們可以更快地到達那裡。但我們並不認為這會將數千萬美元從一個消費因素轉移到另一個消費因素。

For our next question, we have Meta Marshall from Morgan Stanley.

對於我們的下一個問題，我們有來自摩根士丹利的 Meta Marshall。

Great. I just wanted to get a sense -- and you noted kind of the shortages you're seeing are two-pronged, both on the specialized chips and the more standardized components. Just wanted to get a sense of was the deterioration you saw more severe in kind of one or the other in the quarter? And just what guidance kind of implies the top bottom of the range? Does one have to improve more than the other to kind of achieve those?

偉大的。我只是想了解一下——你注意到你看到的短缺是雙重的，既在專用芯片上，又在更標準化的組件上。只是想了解一下您在本季度看到的惡化程度是否更嚴重？什麼樣的指導意味著該範圍的頂部底部？一個人是否必須比另一個人改進更多才能實現這些目標？

And then maybe just a second question for me. We've seen a lot of the networking peers kind of build inventory pretty significantly or attempt to build inventories pretty significantly or tend to build inventories pretty significantly over the course of the last year. Just as going forward, getting out of this, does this kind of change your thoughts on inventory stocking going forward?

然後對我來說可能只是第二個問題。在過去的一年中，我們已經看到許多網絡同行相當顯著地構建庫存或試圖顯著地構建庫存或傾向於顯著地構建庫存。就像前進一樣，擺脫這種情況，這是否會改變您對未來庫存的想法？

Yes, Meta, just a couple of -- let me start with the last part of your question. So we have been buying components with extraordinarily long lead times. Some of the components that were decommitted at the very beginning of this -- the calendar year for us were components that we had ordered more than 52 weeks ago.

是的，Meta，只是幾個——讓我從你問題的最後一部分開始。因此，我們一直在購買交貨時間非常長的組件。一些在此一開始就退役的組件——我們的日曆年是我們在超過 52 週前訂購的組件。

We have several hundred components today that have more than 2 years' lead time. So we have been getting ahead of this for the last 18 months. And making very strong advanced buys in anticipation of issues getting commitments from suppliers that, in some cases, after 52 weeks of waiting, are coming back when the deliveries are due and saying, it's not going to happen in the quantities you expected or the timing you expected.

今天，我們擁有數百個交貨時間超過 2 年的組件。因此，在過去的 18 個月裡，我們一直領先於這一點。並且進行非常強大的提前購買，以期從供應商那裡獲得承諾，在某些情況下，經過 52 週的等待，在交貨到期時會回來並說，這不會以您預期的數量或時間發生你期望的。

And so that -- and we've been able to manage that through the last several quarters, but we've seen even a step function deterioration on that just in the last 30 days.

所以——我們已經能夠在過去的幾個季度中做到這一點，但在過去的 30 天裡，我們甚至看到了階躍函數的惡化。

Now to your question around is one issue more severe than the other in terms of the 2 issues we are seeing, I think there are really 2 dynamics, Meta. The first issue, which is the specialized networking chipset from the large kind of specialized chip manufacturers, that issue is going to take a while to get better. It is about wafer capacity and more capacity coming online for us to get the products that we need to have ultimately. And that's going to take several quarters.

現在你的問題是，就我們看到的兩個問題而言，一個問題比另一個問題更嚴重，我認為真的有兩個動態，Meta。第一個問題是大型專業芯片製造商的專業網絡芯片組，這個問題需要一段時間才能變得更好。這是關於晶圓產能和更多產能上線，以便我們獲得最終需要的產品。這將需要幾個季度。

And in our -- the range of $30 million to $90 million that we have assumed to be very clear, we have assumed that in there the potential for more decommits than what we have seen to date. But we have not assumed yet another step function deterioration from the levels at which we're at today. So that's kind of the $30 million to $90 million range.

在我們認為非常明確的 3,000 萬美元到 9,000 萬美元的範圍內，我們假設在那裡可能會出現比我們迄今為止所看到的更多的退役。但是我們還沒有假設從我們今天所處的水平出現另一個階躍函數惡化。所以這在 3000 萬到 9000 萬美元之間。

And to get closer to the $30 million, we would have to be successful in shifting some of the demands towards our newer platforms, and we're already working actively on those programs. As it relates to the in-quarter issue of Q2, with specifically the standard components, this really is -- it's to do with the timing of the specific decommit for a couple of parts.

為了接近 3000 萬美元，我們必須成功地將一些需求轉移到我們的新平台上，我們已經在積極開展這些計劃。由於它與第二季度的季度問題有關，特別是標準組件，這確實與幾個部分的具體退役時間有關。

That is really unfortunate for parts that we had on order for a very long time. And the timing of that decommit makes it such that we can't requalify the other parts and design around it and be able to ship in quarter, but we will requalify. There are alternatives available in the market. So we'll be able to get our parts and we will be able to recover that starting in our Q3. So that's more of a shorter-term issue.

這對於我們訂購了很長時間的零件來說真的很不幸。取消提交的時間使得我們無法重新認證其他部件和圍繞它進行設計，並且能夠按季度發貨，但我們會重新認證。市場上有替代品。所以我們將能夠得到我們的零件，我們將能夠從我們的第三季度開始恢復它。所以這更像是一個短期問題。

For our next question, we have Samik Chatterjee from JPMorgan.

對於我們的下一個問題，我們請摩根大通的 Samik Chatterjee。

I guess, I start with the non-supply question here. I think, Francois, you mentioned there's no change in how you think about the business longer term, you're not changing your operating model here, given some of the temporary issues you're seeing here. You reiterated buying back about $500 million of the stock.

我想，我從這裡的非供應問題開始。我認為，弗朗索瓦，你提到你對長期業務的看法沒有改變，你沒有改變你的運營模式，考慮到你在這裡看到的一些臨時問題。你重申回購了大約 5 億美元的股票。

What's the inclination or what's the appetite to maybe aggressively do a bit more on the buyback given that the outlook for the business longer term hasn't changed, but this temporary setback, obviously, is going to drive some weakness on the share price?

鑑於業務長期前景沒有改變，有什麼傾向或有什麼意願在回購方面積極做更多的事情，但這種暫時的挫折顯然會導致股價出現一些疲軟？

Sure, Samik. So let me start with that one. We talked about the $500 million of share repurchase, maybe more ratably throughout the course of the year. We've established a mandatory purchase programs associated with that. And so -- but I'm not going to get into the ins and outs of the execution of that program, but it is -- we haven't changed the level of commitment that we intend to make.

當然，薩米克。所以讓我從那個開始。我們談到了 5 億美元的股票回購，可能在整個一年中更受歡迎。我們已經建立了與此相關的強制性購買計劃。所以——但我不打算深入了解該計劃的執行過程，但確實如此——我們沒有改變我們打算做出的承諾水平。

It's still $500 million. When exactly that triggers, TBD as we see how the stock plays out. But we do not anticipate moving that program up from $500 million because we want to stay balanced on the strategic reasons why we entered into that kind of balance in the first place.

它仍然是5億美元。當確切觸發時，待定，因為我們看到了股票的走勢。但我們預計不會將該計劃從 5 億美元提高到 5 億美元，因為我們希望在我們首先進入這種平衡的戰略原因上保持平衡。

Okay. Got it. And just a follow-up on software. You've talked particularly last year about the true forwards that you will kind of benefit from or will be a deal win in terms of growth this year. How should we think about the trajectory of those? Are those more weighted towards the back half?

好的。知道了。只是對軟件的跟進。去年你特別談到了真正的前鋒，你將從今年的增長方面受益或將成為交易勝利。我們應該如何看待這些人的軌跡？那些更偏向後半部分？

I think in general, as we look at the risk in terms of your software guide. I think to an earlier question, it does imply some moderation in growth, which I think is more you just waiting for execution. But is there an impact there on the true forwards being more weighted to first -- 1 half or certain half of the year?

我認為總的來說，當我們根據您的軟件指南查看風險時。我認為對於較早的一個問題，它確實意味著增長有所放緩，我認為這更多的是你只是在等待執行。但是，對於真正的前鋒是否會受到更多的影響？

So the true forwards, there -- there's some seasonality to them. What we talked about is really the second term of the multiyear subscription agreements coming into play, which resets the whole cycle of revenue recognition with the new -- with the second term, and those were more weighted in the back half.

所以真正的前鋒，他們有一些季節性。我們談論的實際上是多年訂閱協議的第二個條款開始發揮作用，它重新設置了新的收入確認週期——第二個任期，而這些在後半部分的權重更大。

Due to time constraint, we will take our last question from Paul Silverstein from Cowen.

由於時間限制，我們將回答 Cowen 的 Paul Silverstein 的最後一個問題。

I appreciate all of your question -- or responses on supply chain. So I apologize that I've got yet another. And perhaps just to be clear already, but I just want to make sure I understand what you're saying. If the $30 million to $90 million -- if I understand you correctly, the $30 million to $90 million shortfall relative to your original 90-day ago expectation for fiscal '22 is all related to the specialized chipsets.

我感謝您提出的所有問題——或關於供應鏈的回答。所以我很抱歉我還有另一個。也許只是為了清楚，但我只是想確保我明白你在說什麼。如果 3000 萬到 9000 萬美元——如果我理解正確的話，相對於 90 天前對 22 財年的最初預期，3000 萬到 9000 萬美元的缺口都與專用芯片組有關。

I trust your view, your understanding of when the new supply when those new fabs will come online hasn't changed over that 90-day period. You didn't expect to benefit from those coming online earlier than what you now expect. But what changed with the decommits from your current suppliers, the specialized or I'll call the current available chipsets. Is that correct?

我相信你的觀點，你對這些新晶圓廠何時上線的新供應的理解在這 90 天內沒有改變。您沒想到會比您現在預期的更早上線。但是隨著您當前供應商的退役，專業的或我將調用當前可用的芯片組，發生了什麼變化。那是對的嗎？

Yes. Both assertions are correct, Paul.

是的。兩個斷言都是正確的，保羅。

All right. Francois, is it a given that if you're not losing -- if your customers aren't shifting to your software, the customers are purchasing the hardware, if they're not shifting to your competitors, is it a given that your backlog will increase by $30 million to $90 million, whatever the ultimate shortfall relative to 90-day ago expectation. That's sort of basic math, is isn't it?

好的。弗朗索瓦，如果你沒有輸——如果你的客戶沒有轉向你的軟件，客戶正在購買硬件，如果他們沒有轉向你的競爭對手，這是一個假設嗎？將增加 3000 萬美元至 9000 萬美元，無論相對於 90 天前預期的最終缺口如何。那是一種基本的數學，不是嗎？

Pretty much. I mean, it's forecasting backlog exactly is -- we're probably not going to do that. But yes, our backlog will increase by multiple tens of millions of dollars starting this quarter, of course, in Q2. But even for the full year, yes, we expect our backlog to increase because we cannot ship the demand.

差不多。我的意思是，它準確地預測積壓是 - 我們可能不會那樣做。但是，是的，從本季度開始，我們的積壓訂單將增加數千萬美元，當然是在第二季度。但即使是全年，是的，我們預計我們的積壓訂單會增加，因為我們無法滿足需求。

If I could squeeze a little more. I'm going to apologize again if it's already declared. But given that you're almost a full month into the quarter, why the significant range in the guidance for the quarter? Is it just like the visibility and confidence as to additional to commence, it's just not -- it's sparse, like a better way to put it? What accounts for that dramatic range in the near term? I mean, you've only got 2 months left in the quarter. And I assume you had to build up supply previously as everybody else has been doing in terms of advanced ordering in order to ship against whatever you had expected. Once again, why such a dramatic range?

如果我能再擠一點。如果已經宣布，我將再次道歉。但是鑑於您已經進入該季度將近整整一個月，為什麼該季度的指導範圍如此之大？是否就像附加開始的可見性和信心一樣，它只是不是 - 它是稀疏的，就像一個更好的表達方式？是什麼導致了短期內出現如此劇烈的波動？我的意思是，你在這個季度只剩下 2 個月了。而且我認為您必須像其他人在提前訂購方面一直在做的那樣建立供應，以便按照您的預期發貨。再一次，為什麼會有如此戲劇性的範圍？

That's a great question. And look, absent the significant supply chain challenges that we have, you would have probably seen a range that would be closer to sort of $20 million. And the range is twice that for 2 reasons, and they're both related to supply.

這是一個很好的問題。看，如果沒有我們面臨的重大供應鏈挑戰，你可能會看到一個接近 2000 萬美元的範圍。範圍是兩倍，原因有兩個，它們都與供應有關。

But the first reason, Paul, is that this decommit we had of the standard component, our teams are sort of working 24/7 to requalify in alternative parts and be able to solve some of that in quarter. And so that's -- but we don't know yet if we're going to be able to do all of that kind of design work and get that to manufacturing and be able to ship these parts before the end of March -- sorry, these products before the end of March to the customers.

但第一個原因，保羅，是我們取消了標準組件，我們的團隊正在 24/7 全天候工作，以重新獲得替代部分的資格，並能夠在季度解決其中的一些問題。所以就是這樣——但我們還不知道我們是否能夠完成所有這類設計工作並將其投入製造並能夠在三月底之前運送這些部件——抱歉，這些產品在三月底前送到客戶手中。

So there is an added uncertainty that comes from that. And then the second part of that uncertainty is also in quarter, we are looking to shift some of the demand to the newer platforms that are more readily available. And how fast we can ramp those platforms, there's also some uncertainty associated with that.

因此，由此產生了額外的不確定性。然後這種不確定性的第二部分也在季度，我們正在尋求將一些需求轉移到更容易獲得的新平台上。我們能以多快的速度提升這些平台，也存在一些與此相關的不確定性。

So those are the 2 elements of supply that could go one way or the other that add a little more uncertainty to the call, and this is why you see the range. But I want to be very clear. Both are related to supply. They're not related to some worries we would have about demand. And the reason -- we, of course, are working like them to do this, is because ultimately, our North Star is getting products to our customers. And we understand that the lead times are extended for them, and we want to be able to satisfy the demand as fast as possible for customers that are waiting on list to -- for their applications that are growing. So that's our North Star, but that explains the range fall.

因此，這兩個供應要素可能會以一種或另一種方式為看漲期權增加一點不確定性，這就是您看到範圍的原因。但我想非常清楚。兩者都與供應有關。它們與我們對需求的一些擔憂無關。原因 - 當然，我們正在像他們一樣工作，因為最終，我們的北極星正在為我們的客戶提供產品。我們知道他們的交貨時間延長了，我們希望能夠盡快滿足等待名單上的客戶的需求 - 他們的應用程序正在增長。所以那是我們的北極星，但這解釋了射程下降。

Ladies and gentlemen, this concludes today's call. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。您現在可以斷開連接。