是德科技 (KEYS) 2017 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Keysight Technologies Fiscal Third Quarter 2017 Earnings Conference Call. My name is Julianne, and I will be your lead operator today. (Operator Instructions)

女士們先生們，大家好，歡迎參加是德科技 2017 財年第三季度收益電話會議。我叫 Julianne，今天我將擔任你們的首席接線員。（操作員說明）

Please note that this call is being recorded today, Wednesday, August 30, 2017 at 1:30 p.m. Pacific time. I would now like to hand the conference over to Jason Kary, Vice President, Treasurer and Investor Relations. Please go ahead, Mr. Kary.

請注意，此通話將於今天（2017 年 8 月 30 日，星期三）下午 1:30 進行錄音。太平洋時間。我現在想將會議交給財務主管和投資者關係副總裁 Jason Kary。請繼續，卡里先生。

Thank you, and welcome, everyone, to Keysight's third quarter earnings conference call for fiscal year 2017. Joining me are Ron Nersesian, Keysight President and CEO; and Neil Dougherty, Keysight Senior Vice President and CFO. Joining us in the Q&A session will be Satish Dhanasekaran, President of the Communications Solutions Group; Gooi Soon Chai, President of the Electronic Industrial Solutions Group; John Page, President of the Services Solutions Group; Bethany Mayer, President of the Ixia Solutions Group; and Mark Wallace, Senior Vice President of Worldwide Sales.

謝謝大家，歡迎大家參加是德科技 2017 財年第三季度財報電話會議。加入我行列的是是德科技總裁兼首席執行官 Ron Nersesian；是德科技高級副總裁兼首席財務官 Neil Dougherty。與我們一起參加問答環節的有通信解決方案集團總裁 Satish Dhanasekaran；電子工業解決方案集團總裁 Gooi Soon Chai；服務解決方案集團總裁 John Page； Ixia Solutions Group 總裁 Bethany Mayer；以及全球銷售高級副總裁 Mark Wallace。

You can find the press release and information to supplement today's discussion on our website at investor.keysight.com. While there, please click on the link to quarterly reports under the financial information tab. There, you will find an investor presentation along with Keysight's segment results. Following this conference call, we will post a copy of the prepared remarks to the website.

您可以在我們的網站 investor.keysight.com 上找到新聞稿和信息以補充今天的討論。在那裡，請單擊財務信息選項卡下的季度報告鏈接。在那裡，您會看到一份投資者介紹以及是德科技的部門業績。在本次電話會議之後，我們將在網站上發布準備好的評論副本。

Today's comments by Ron and Neil will refer to non-GAAP financial measures. You will find the most directly comparable GAAP financial metrics and reconciliations on our website. We will make forward-looking statements about the financial performance of the company on today's call. These statements are subject to risks and uncertainties and are only valid as of today. The company assumes no obligation to update them.

Ron 和 Neil 今天的評論將提及非 GAAP 財務指標。您將在我們的網站上找到最直接可比的 GAAP 財務指標和對賬。我們將在今天的電話會議上就公司的財務業績做出前瞻性陳述。這些聲明受風險和不確定性的影響，僅在今天有效。公司不承擔更新它們的義務。

Please review the company's recent SEC filings for a more complete picture of our risks and other factors.

請查看公司最近向美國證券交易委員會提交的文件，以更全面地了解我們的風險和其他因素。

I would also note that management is scheduled to present at the Citi Technology Conference on September 6 in New York City and the Deutsche Bank Technology Conference in Las Vegas on September 12.

我還要指出，管理層計劃出席 9 月 6 日在紐約市舉行的花旗技術會議和 9 月 12 日在拉斯維加斯舉行的德意志銀行技術會議。

And now, I'd like to turn the call over to Ron.

現在，我想把電話轉給羅恩。

Thank you, Jason, and thank you all for joining us. We will focus today's discussion on 3 key topics. First, we delivered strong third quarter results. In total, we achieved 24% order growth, 20% revenue growth and core order growth accelerated to 8%, and we delivered 4% core revenue growth. We generated 19% operating margin and EPS of $0.61, which was $0.03 above the midpoint of our guidance.

謝謝你，傑森，感謝大家加入我們。我們將在今天的討論中集中討論 3 個關鍵主題。首先，我們交付了強勁的第三季度業績。總的來說，我們實現了 24% 的訂單增長、20% 的收入增長和核心訂單增長加速至 8%，我們實現了 4% 的核心收入增長。我們的營業利潤率為 19%，每股收益為 0.61 美元，比我們的指引中點高出 0.03 美元。

Second, as we have progressed through the year, we have continued to execute and build momentum in our key growth areas across multiple end markets. Our success this year demonstrates that our strategy is working and we are pleased with our results. And third, while we have been in business for decades, it is still early days for Keysight and for the technology trends where we are focused. We are just getting started and are excited about our future opportunities.

其次，隨著我們在這一年取得的進展，我們繼續在多個終端市場的關鍵增長領域執行並建立勢頭。我們今年的成功表明我們的戰略正在奏效，我們對我們的結果感到滿意。第三，雖然我們已經開展業務數十年，但對於是德科技和我們關注的技術趨勢而言，仍處於早期階段。我們才剛剛開始，對我們未來的機會感到興奮。

Let's begin with the review of Keysight's third quarter performance. Overall, it was a very strong quarter for Keysight. In our markets, we continued to see increased investments in emerging technologies. Our strategy to partner with customers early and to bring full solutions to market that enable customers to accelerate and automate their designs is delivering results, including increased order growth and a strong funnel of opportunities.

讓我們先回顧一下是德科技第三季度的業績。總體而言，對於是德科技而言，這是一個非常強勁的季度。在我們的市場中，我們繼續看到對新興技術的投資增加。我們儘早與客戶合作並將完整的解決方案推向市場，使客戶能夠加速和自動化他們的設計的戰略正在交付成果，包括增加訂單增長和強大的機會漏斗。

As a team, we couldn't be more pleased with this momentum we are building in the market with both new and existing customers, developing leading edge technologies such as 5G, next-generation wireless, high-speed data centers and automotive and energy.

作為一個團隊，我們對我們在市場上與新老客戶建立的這種勢頭感到非常高興，我們正在開發 5G、下一代無線、高速數據中心以及汽車和能源等前沿技術。

In total, we delivered 24% order growth or 8% on a core basis. Our investments to bring new solutions to market, our relentless focus on the growth areas like 5G and our go-to-market approach are fueling our growth. As a result, we are gaining momentum with key players in the industry, our business is growing as customers increase their investments in R&D and we believe we are outpacing our competitors.

總的來說，我們實現了 24% 的訂單增長或 8% 的核心訂單增長。我們為將新解決方案推向市場而進行的投資、我們對 5G 等增長領域的不懈關注以及我們的上市方法正在推動我們的增長。因此，我們在行業中的主要參與者中獲得了發展勢頭，隨著客戶增加研發投資，我們的業務也在增長，我們相信我們正在超越我們的競爭對手。

In short, our strategy is working. Keysight is well aligned with the emerging market trends and the needs of our customers. Our continued execution has led to strong year-to-date results and solid progress in our key growth areas. For the 9-month period, we delivered 5% core revenue growth and 9% core order growth when excluding our aerospace and defense end market, where we have a solid competitive position, but overall market spending has been lower when compared to last year.

簡而言之，我們的策略正在奏效。是德科技與新興市場趨勢和我們客戶的需求保持一致。我們的持續執行帶來了強勁的年初至今業績，並在我們的關鍵增長領域取得了穩步進展。在 9 個月期間，如果不包括我們具有穩固競爭地位的航空航天和國防終端市場，我們實現了 5% 的核心收入增長和 9% 的核心訂單增長，但總體市場支出與去年相比有所下降。

For the year-to-date period, we have achieved double-digit order growth for our software solutions and high double-digit growth for our 5G solutions. We have maintained our R&D investment level, achieved 19% operating margin and generated solid cash flow.

今年迄今，我們的軟件解決方案實現了兩位數的訂單增長，5G 解決方案實現了兩位數的高增長。我們保持了研發投資水平，實現了 19% 的營業利潤率並產生了穩健的現金流。

Even though Keysight has been in business for decades, we are just getting started. We have an incredible bench of talent throughout the organization, a clear defined vision and amazing technology. We are leveraging these strengths to create value for our customers and design our future as a company.

儘管是德科技已開展業務數十年，但我們才剛剛起步。我們在整個組織中擁有令人難以置信的人才儲備、清晰定義的願景和驚人的技術。我們正在利用這些優勢為我們的客戶創造價值，並設計我們公司的未來。

Keysight is at the heart of innovation processes in many dynamic end markets. We have a solid foundation to drive continued growth across multiple evolving technology trends, which are in the early days. Today, I will highlight these trends we see in 5G, IoT, automotive and energy and high-speed data centers.

在許多充滿活力的終端市場中，是德科技處於創新過程的核心。我們擁有堅實的基礎來推動跨多個不斷發展的技術趨勢的持續增長，這些趨勢還處於早期階段。今天，我將重點介紹我們在 5G、物聯網、汽車和能源以及高速數據中心中看到的這些趨勢。

In 5G, we invested early and have established the leading position, and we continue to win business across the communications ecosystem. In the quarter, orders for our 5G solutions more than doubled year-over-year. 5G cellular networks will explore uncharted territory in frequency coverage, data rates, number of simultaneous users, spectral efficiency and reduced latency.

在 5G 領域，我們早早投入並確立了領先地位，我們繼續在整個通信生態系統中贏得業務。本季度，我們 5G 解決方案的訂單同比增長了一倍多。5G 蜂窩網絡將在頻率覆蓋範圍、數據速率、並髮用戶數量、頻譜效率和減少延遲方面探索未知領域。

Before the standards are even established, 5G innovators need to simulate, design and test in dimensions they have never dealt with before. Leveraging our expertise in high-frequency and millimeter-wave technologies, Keysight has partnered with key industry innovators around the globe and introduced several industry first solutions, including our new simulation software that provides Verizon and 3GPP standards, 5G link level validation of 5G base stations and handset designs.

在標準建立之前，5G 創新者需要在他們以前從未處理過的維度上進行模擬、設計和測試。憑藉我們在高頻和毫米波技術方面的專業知識，是德科技與全球主要行業創新者合作，推出了多個行業首創的解決方案，包括我們提供 Verizon 和 3GPP 標準的新仿真軟件、5G 基站的 5G 鏈路級驗證和手機設計。

IoT is also driving growth for Keysight across several of our end markets, including wireless, general consumer electronics and automotive and energy. IoT encompasses a broad range of applications from billions of IoT devices to connected cars, connected grids and even the connected you. Keysight has a broad portfolio of solutions to help designers fast track IoT innovation and optimize designs for critical performance attributes, including power consumption, RF performance, interoperability and conformance testing.

物聯網還推動是德科技在多個終端市場的增長，包括無線、通用消費電子產品以及汽車和能源。物聯網涵蓋範圍廣泛的應用，從數十億物聯網設備到聯網汽車、聯網電網，甚至聯網的你。是德科技擁有廣泛的解決方案組合，可幫助設計人員快速跟踪物聯網創新並針對關鍵性能屬性優化設計，包括功耗、射頻性能、互操作性和一致性測試。

In our automotive and energy end market, we see growing development activities driven by increasing demands for electric and hybrid cars as well as the increasing electronic content in vehicles, radar technologies for autonomous driving and high-powered devices and applications. Autonomous driving will need multiple sensors, high-power computing and artificial intelligence.

在我們的汽車和能源終端市場，我們看到越來越多的開發活動受到對電動和混合動力汽車不斷增長的需求以及車輛中不斷增加的電子內容、自動駕駛雷達技術以及大功率設備和應用的推動。自動駕駛需要多個傳感器、高性能計算和人工智能。

Additionally, infrastructure will need to support real-time information flow. The number of connected cars is estimated to grow to 100 million by 2021, up from just 10 million shipped in 2015. Keysight has achieved double-digit order growth with our automotive and energy solutions for 3 consecutive quarters. The electronic content in vehicles is rapidly increasing, driving customer investments in manufacturing capacity for the latest generation of capability and R&D investments for next-generation features.

此外，基礎設施將需要支持實時信息流。據估計，到 2021 年，聯網汽車的數量將從 2015 年的 1000 萬輛增長到 1 億輛。是德科技的汽車和能源解決方案連續三個季度實現了兩位數的訂單增長。車輛中的電子內容正在迅速增加，推動客戶對最新一代功能的製造能力和下一代功能的研發投資。

All of the data traffic created at the edge of the network from the growing number of connected devices and higher speeds requires upgrades across the network, deeper visibility into network operations and greater levels of security. All areas where Ixia has leading technology. While the network test and visibility market dynamics this year have been mixed, we are pleased with our competitive position and progress.

越來越多的連接設備和更高的速度在網絡邊緣產生的所有數據流量都需要對整個網絡進行升級、更深入地了解網絡運營和更高級別的安全性。Ixia 擁有領先技術的所有領域。雖然今年的網絡測試和能見度市場動態喜憂參半，但我們對我們的競爭地位和進步感到滿意。

In network tests, our NEM customers have curbed their development investments in speeds up to 100G as they plan and prepare for 400G. While this has decreased demand for 100G and predecessor technologies, we are confident in our 400G technology and believe we are well positioned as spending increases.

在網絡測試中，我們的 NEM 客戶在計劃和準備 400G 時，已經限制了他們對速度高達 100G 的開發投資。雖然這降低了對 100G 和先前技術的需求，但我們對我們的 400G 技術充滿信心，並相信我們在支出增加時處於有利地位。

In the quarter, we achieved strong growth among service provider customers with our visibility and application and security solutions, while we saw continued soft spending with enterprise accounts in the U.S. While the top line didn't meet our expectations primarily due to temporary market softness, ISG delivered solid gross margin and operating profit.

在本季度，我們通過我們的可見性、應用程序和安全解決方案在服務提供商客戶中實現了強勁增長，同時我們看到美國企業賬戶的支出持續疲軟。雖然主要由於市場暫時疲軟，但收入未達到我們的預期， ISG 實現了可觀的毛利率和營業利潤。

Additionally, our integration efforts are well underway and we are pleased with our progress. Our ability to combine our technologies and to bring complete end-to-end solutions to market enables us to further expand the technology gap between Keysight and the competition.

此外，我們的整合工作進展順利，我們對取得的進展感到滿意。我們結合我們的技術並將完整的端到端解決方案推向市場的能力使我們能夠進一步擴大是德科技與競爭對手之間的技術差距。

We have already begun partnering on end-to-end development of next-generation technologies and currently have 6 joint projects under development. We recently introduced our first joint end-to-end solution well ahead of our planned timeline. Our new cellular and Wi-Fi emulation system is the industry's first test platform to cover a complete cellular and Wi-Fi system, enabling simultaneous signaling tests over the protocol stack from physical transmission to data traffic transmission.

我們已經開始就下一代技術的端到端開發展開合作，目前有 6 個聯合項目正在開發中。我們最近推出了我們的第一個聯合端到端解決方案，遠遠早於我們計劃的時間表。我們新的蜂窩和 Wi-Fi 仿真係統是業界第一個涵蓋完整蜂窩和 Wi-Fi 系統的測試平台，支持通過協議棧從物理傳輸到數據流量傳輸的同步信號測試。

With these new solutions, customers can view the performance of the complete protocol stack with end-to-end performance verification needed for emerging and demanding applications such as IoT, connected car and 5G.

借助這些新解決方案，客戶可以查看完整協議棧的性能，以及物聯網、聯網汽車和 5G 等新興和要求苛刻的應用所需的端到端性能驗證。

In summary, we are very pleased with the third quarter performance and continued progress in building multiple avenues of growth across a diverse set of end markets. We are executing on our strategy to create value for our customers and shareholders by building on our heritage, partnering with customers early to create new opportunities and driving growth across multiple avenues of emerging technology trends.

總而言之，我們對第三季度的業績以及在跨不同終端市場建立多種增長途徑方面的持續進展感到非常滿意。我們正在執行我們的戰略，通過繼承我們的傳統、儘早與客戶合作以創造新的機會並推動跨新興技術趨勢的多種途徑的增長，為我們的客戶和股東創造價值。

Additionally, we have expanded the value that Keysight brings to the market. To deliver the next world-changing innovation, our customers need help with more than just test and measurement of physical devices. With more complicated and integrated functionality, electronic devices are vulnerable to faults at any point in the technology stack.

此外，我們還擴大了是德科技為市場帶來的價值。為了提供下一個改變世界的創新，我們的客戶需要的幫助不僅僅是物理設備的測試和測量。由於功能更加複雜和集成，電子設備在技術堆棧中的任何一點都容易出現故障。

We need to verify the quality, performance, compliance and security of products at every layer, from layer 1 to layer 7, as well as how they integrate into live networks. Through our acquisition of Ixia, Keysight helps customers gain insight into how products are functioning at every layer. We believe we are poised to continue to drive growth as customers increase R&D investments and deploy next-generation technologies. We look forward to sharing our progress with you along the way.

我們需要驗證產品從第 1 層到第 7 層的每一層的質量、性能、合規性和安全性，以及它們如何融入現網。通過收購 Ixia，是德科技幫助客戶深入了解產品在每一層的運作方式。我們相信，隨著客戶增加研發投資和部署下一代技術，我們將繼續推動增長。我們期待與您一起分享我們的進步。

With that, I will turn the call over to Neil for a detailed review of our financial performance and fourth quarter outlook.

有了這個，我將把電話轉給尼爾，詳細審查我們的財務業績和第四季度展望。

Thank you, Ron, and hello, everyone.

謝謝你，羅恩，大家好。

Today, we reported third quarter GAAP revenue of $832 million and non-GAAP revenue of $863 million, which excludes the impact of the acquisition-related fair value adjustments to Ixia's deferred revenue balance.

今天，我們報告第三季度 GAAP 收入為 8.32 億美元，非 GAAP 收入為 8.63 億美元，其中不包括與收購相關的公允價值調整對 Ixia 遞延收入餘額的影響。

Core revenue, which excludes the impact of currency and revenue from acquisitions completed within the last 12 months, grew 4% year-over-year and was ahead of our guidance of 2% core growth.

核心收入（不包括貨幣影響和過去 12 個月內完成的收購收入）同比增長 4%，高於我們 2% 核心增長的指導。

Growth was driven across all geographies. Regionally, core revenue grew 1% in the Americas; 8% in Europe; 2% in Japan and 6% in Asia, excluding Japan.

所有地區的增長都得到了推動。從地區來看，美洲的核心收入增長了 1%；歐洲 8%；日本為 2%，亞洲（不包括日本）為 6%。

Looking at our operational results, gross margin was 60.9%, a year-over-year increase of 220 basis points, driven by the addition of Ixia. Operating expenses totaled $362 million compared with $281 million in the same period last year, reflecting a full quarter of Ixia expenses and increased sales investment. This resulted in third quarter operating margin of 19.0%, which was down 50 basis points when compared with 19.5% last year.

從我們的經營業績來看，在 Ixia 的加入推動下，毛利率為 60.9%，同比增長 220 個基點。運營支出總計 3.62 億美元，去年同期為 2.81 億美元，反映了 Ixia 整個季度的支出和增加的銷售投資。這導致第三季度營業利潤率為 19.0%，與去年同期的 19.5% 相比下降了 50 個基點。

We reported a GAAP net loss of $18 million or a loss of $0.10 per share, which includes a $134 million unfavorable impact from the amortization of acquisition-related assets related to Ixia. On a non-GAAP basis, we delivered net income of $115 million, up 7% over last year and $0.61 in earnings per share. We ended the quarter with a weighted average diluted share count of 188 million shares.

我們報告的 GAAP 淨虧損為 1800 萬美元或每股虧損 0.10 美元，其中包括與 Ixia 相關的收購相關資產攤銷產生的 1.34 億美元不利影響。在非 GAAP 基礎上，我們實現了 1.15 億美元的淨收入，比去年增長 7%，每股收益為 0.61 美元。本季度末，我們的加權平均稀釋股數為 1.88 億股。

Moving to the performance of our segments. Our Communications Solutions Group or CSG, includes 2 primary end markets. First is the commercial communications end market, with a reported revenue of $254 million compared to $252 million in the prior year third quarter. Growth in wireless was partially offset by softer spending in infrastructure.

轉向我們細分市場的表現。我們的通信解決方案集團或 CSG 包括 2 個主要終端市場。首先是商業通信終端市場，報告的收入為 2.54 億美元，而去年第三季度為 2.52 億美元。無線業務的增長部分被基礎設施支出疲軟所抵消。

CSG also includes our aerospace defense and government end markets, which generated revenue of $164 million in Q3 compared with $172 million in the same quarter last year, reflecting softer spending in the U.S. due to the budget approval delays we saw earlier this year.

CSG 還包括我們的航空航天國防和政府終端市場，它們在第三季度產生了 1.64 億美元的收入，而去年同期為 1.72 億美元，這反映出由於我們今年早些時候看到的預算批准延遲導緻美國支出疲軟。

While ADG orders have stabilized and we expect spending in the U.S. to strengthen in Q4, it is difficult to predict exactly when the flow of funding will return to a steady state in this end market.

雖然 ADG 訂單已經穩定，我們預計美國的支出在第四季度會增強，但很難準確預測該終端市場的資金流何時會恢復穩定狀態。

Over the long term, we remain bullish on both our market position in aerospace defense and the prospect for increased defense spending in the U.S. Total CSG revenue for the quarter was $418 million compared with $424 million in the same quarter last year. CSG reported gross margin of 61.2% and operating margin of 15.7%.

從長遠來看，我們仍然看好我們在航空航天防禦領域的市場地位以及美國國防支出增加的前景。本季度 CSG 總收入為 4.18 億美元，而去年同期為 4.24 億美元。南玻集團毛利率為 61.2%，營業利潤率為 15.7%。

Our Electronic Industrial Solutions Group, or EISG, generated third quarter revenue of $218 million, up 14% from the same quarter last year. General electronics, semiconductor measurement solutions and automotive and energy solutions all posted double-digit growth.

我們的電子工業解決方案集團 (EISG) 第三季度收入為 2.18 億美元，比去年同期增長 14%。通用電子、半導體測量解決方案以及汽車和能源解決方案均實現了兩位數的增長。

As we noted last quarter, we've had several quarters of robust growth in semiconductor measurement solutions and we expect this to moderate somewhat as we move into our fiscal fourth quarter and first quarter of next fiscal year. EISG reported gross margin of 61.1% and operating margin of 25.3%.

正如我們上個季度所指出的那樣，我們在半導體測量解決方案方面已經有幾個季度的強勁增長，我們預計隨著我們進入第四財季和下一財年第一季度，這種增長會有所放緩。EISG 報告的毛利率為 61.1%，營業利潤率為 25.3%。

Our Ixia Solutions Group generated revenue of $120 million, gross margin of 77.0% and an operating margin of 19.9%. As Ron mentioned, we are well on our way with our integration efforts and are on track with our cost synergy timeline. We expect to achieve annualized run rate cost synergies of $40 million by Q3 of next fiscal year and remain committed to delivering the full $60 million of cost synergies over time.

我們的 Ixia Solutions Group 創造了 1.2 億美元的收入，毛利率為 77.0%，營業利潤率為 19.9%。正如 Ron 所提到的，我們的整合工作進展順利，並且正在按照我們的成本協同時間表走上正軌。我們預計到下一財年第三季度實現 4000 萬美元的年化運行率成本協同效應，並繼續致力於隨著時間的推移實現全部 6000 萬美元的成本協同效應。

Moving to the Services Solutions Group. SSG generated third quarter revenue of $107 million, a 4% year-over-year increase. SSG reported gross margin of 41.8% and operating margin of 18.1%.

轉到服務解決方案組。SSG 第三季度收入為 1.07 億美元，同比增長 4%。SSG 報告的毛利率為 41.8%，營業利潤率為 18.1%。

Moving to the balance sheet and cash flow. We ended our third quarter with $873 million in cash and cash equivalents. Cash flow from operations in the quarter was $98 million. Capital purchases were $21 million in the quarter, resulting in free cash flow of $77 million. In addition, we paid down $240 million of debt related to the Ixia acquisition this quarter.

轉向資產負債表和現金流量。我們以 8.73 億美元的現金和現金等價物結束了第三季度。本季度運營現金流為 9800 萬美元。本季度資本購買為 2100 萬美元，產生 7700 萬美元的自由現金流。此外，本季度我們還清了與 Ixia 收購相關的 2.4 億美元債務。

Turning to our outlook and guidance for the fourth quarter. Our current outlook for the fourth quarter reflects our very healthy 8% core order growth rate in Q3 and strong backlog as we enter into the fourth quarter. As Ron mentioned, partnering with customers early and delivering full solutions is a cornerstone of our go-to-market strategy. As a result, we are seeing a higher mix of solutions sales within our business, which have a longer order to revenue conversion cycle when compared with our historic product-centric approach to the market, and we have accounted for this in our Q4 outlook.

轉向我們對第四季度的展望和指導。我們目前對第四季度的展望反映了我們在第三季度非常健康的 8% 核心訂單增長率以及進入第四季度時的強勁積壓。正如 Ron 所提到的，儘早與客戶合作並提供完整的解決方案是我們進入市場戰略的基石。因此，我們看到我們業務中的解決方案銷售組合更高，與我們歷史上以產品為中心的市場方法相比，這些解決方案的訂單到收入轉換週期更長，我們在第四季度展望中已經考慮到了這一點。

We currently expect Q4 non-GAAP revenue to be in the range of $875 million to $905 million, representing 3% core growth at the midpoint. We expect fourth quarter non-GAAP earnings per share to be in the range of $0.59 to $0.69, or $0.64 at the midpoint, based on a weighted diluted share count of approximately 189 million shares. With that, I will now turn it back to Jason for the Q&A.

我們目前預計第四季度非美國通用會計準則收入將在 8.75 億美元至 9.05 億美元之間，中點核心增長率為 3%。根據約 1.89 億股的加權稀釋股數，我們預計第四季度非 GAAP 每股收益將在 0.59 美元至 0.69 美元之間，或中點為 0.64 美元。有了這個，我現在將把它轉回 Jason 進行問答。

Thank you, Neil. Operator, could you please give the instructions for the Q&A?

謝謝你，尼爾。接線員，你能給一下問答的說明嗎？

(Operator Instructions) And your first question comes from the line of Brandon Couillard from Jefferies.

（操作員說明）您的第一個問題來自 Jefferies 的 Brandon Couillard。

Ron, would love it if you could perhaps share some update on how the integration's going with Ixia so far, how you're bringing the 2 sales organizations together. And if you could just touch on the revenue performance in the quarter maybe between network test and visibility growth specifically, that will be helpful.

Ron，如果你能分享一些關於目前與 Ixia 的集成進展情況，以及你如何將 2 個銷售組織整合在一起的最新消息，我將非常高興。如果你能具體談談本季度的收入表現，也許是在網絡測試和可見性增長之間，那將很有幫助。

Very good, Brandon. First, I'll answer the first part of your question and then I'll let Bethany give a couple of highlights on the breakdown between MTS and NBS.

很好，布蘭登。首先，我將回答你問題的第一部分，然後讓 Bethany 重點介紹 MTS 和 NBS 之間的細分。

Overall, the integration is going excellent. As you know, we have an integration team, we developed a lot of expertise when we were with Agilent and also with our acquisitions that we've done here in the services group as well as what we've done with Anite. So things are completely on track. We said we'd get the integration done within a year and we are still on track to meet or exceed that time line. So that's working extremely well. There have not been any major surprises.

總體而言，整合進展順利。如您所知，我們有一個集成團隊，我們在與安捷倫合作時積累了很多專業知識，我們在服務部門進行的收購以及我們對 Anite 所做的收購也積累了很多專業知識。所以事情完全走上正軌。我們說我們將在一年內完成整合，我們仍然有望達到或超過該時間表。所以這非常有效。沒有任何重大驚喜。

As far as the sales force, the 2 teams are collaborating right now. For instance, we have a solution, which is this new Wi-Fi cellular solution that utilizes expertise in product development that was done in the Ixia group as well as done in the Communications Solutions Group. So given that, we have sales force collaboration that's going on and leads being passed from one sales force to the other, and they're working on going ahead and optimizing our results going forward. Of course, we look for ways to leverage that even further in the future. And I can't share anything else with you right now but I'm very optimistic on our prospects. I'll turn it over to Bethany now to talk a little bit about MTS and NBS.

就銷售人員而言，這兩個團隊目前正在合作。例如，我們有一個解決方案，即這種新的 Wi-Fi 蜂窩解決方案，它利用了 Ixia 集團和通信解決方案集團在產品開發方面的專業知識。因此，鑑於此，我們正在進行銷售團隊協作，並將銷售線索從一個銷售團隊傳遞給另一個銷售團隊，他們正在努力推進並優化我們未來的結果。當然，我們會尋找在未來進一步利用它的方法。我現在無法與您分享任何其他信息，但我對我們的前景非常樂觀。現在我將把它交給 Bethany 來談談 MTS 和 NBS。

This is Bethany. Thank you, Ron. Just briefly, we did see some softness on the MTS side of the business, and that was primarily in the 100 gig and below space. Some softness in spending there and that has mostly to do with the network equipment manufacturers' beginning focus on 400 gig.

這是伯大尼。謝謝你，羅恩。簡而言之，我們確實看到業務的 MTS 方面有些疲軟，這主要是在 100 演出及以下的空間。那裡的支出有些疲軟，這主要與網絡設備製造商開始關注 400 gig 有關。

We've been doing very well with 400 gig this year. And we anticipate that continuing into next year as we have first-to-market product there and very, very strong feature functionality set. So even though we saw a pause in spending on the 100 gig side of the business, the 400 gig and layer 2, 3 was good. Our apps and security business also did well but overall, the test business was down this quarter as a result of 100 gig.

今年我們在 400 場演出中做得很好。我們預計這種情況會持續到明年，因為我們在那裡擁有率先上市的產品以及非常非常強大的功能集。因此，即使我們看到在業務的 100 gig 方面的支出暫停，但 400 gig 和第 2、3 層還是不錯的。我們的應用程序和安全業務也表現不錯，但總體而言，由於 100 gig，本季度測試業務有所下降。

On the visibility side of the business, we actually saw double-digit growth there and although enterprise was somewhat soft, we saw very good growth in the service provider side of our business there. So mixed this quarter, and just hope that gives you a little sense of what's going on right now on the revenue side.

在業務的可見性方面，我們實際上看到了兩位數的增長，儘管企業業務有些疲軟，但我們在業務的服務提供商方面看到了非常好的增長。本季度好壞參半，希望這能讓您對收入方面目前的情況有所了解。

And on the profits -- thank you, Bethany. On the profitability side, Ixia delivered its numbers and was able to deliver excellent gross margin and excellent profitability on the bottom line.

關於利潤——謝謝你，Bethany。在盈利能力方面，Ixia 提供了其數據，並能夠在底線實現出色的毛利率和出色的盈利能力。

That's helpful. And then one more, Ron, on the aerospace and defense business, could you sort of characterize how your visibility has improved there perhaps over the last several months, whether aerospace and defense orders were actually up in the third quarter and whether you think this business can return to a positive growth in 4Q?

這很有幫助。還有一個，羅恩，關於航空航天和國防業務，你能否描述一下過去幾個月你的知名度是如何提高的，航空航天和國防訂單在第三季度是否真的增加了，你是否認為這個業務4Q能否重回正增長？

Sure, Brandon. First of all, we view the aerospace defense as a real growth opportunity for us, and it's at a relatively low level compared to historic levels because of the budget issues. But we see the environment and the world becoming more hostile and the need for more high-technology spending in aerospace defense to continue to increase. So that presents opportunities for us here as well as abroad with our friendly, let's just say, partners and we're very bullish on the long-term prospect.

當然，布蘭登。首先，我們將航空航天防禦視為我們真正的增長機會，由於預算問題，它與歷史水平相比處於相對較低的水平。但我們看到環境和世界變得更加充滿敵意，航空航天防禦領域對高科技支出的需求不斷增加。因此，這為我們在這里和國外與我們友好的合作夥伴提供了機會，我們非常看好長期前景。

This quarter, we saw 2% growth in orders for aerospace defense. And again, we saw orders that were roughly flat last quarter. So we know that we bottomed out and we're also in a very good position on a lot of quotes in RFPs. So we're very optimistic as that turns up, things will improve and give us some growth off of the baseline that we're at.

本季度，我們看到航空航天國防訂單增長了 2%。再一次，我們看到上個季度的訂單大致持平。所以我們知道我們已經觸底，而且我們在 RFP 中的很多報價中也處於非常有利的位置。因此，我們對此非常樂觀，情況會有所改善，並使我們的增長超出我們所處的基線。

On top of that, September 30 is the U.S.' end of year cycle, budget cycle, and we always see some increased performance at the end of September. So we're encouraged by that. We also have a lot of business that comes from prime so as they get involved in programs, even though it's not direct government spending, we also will see some improvement there.

最重要的是，9 月 30 日是美國。年末週期、預算週期，我們總能在 9 月底看到一些業績增長。所以我們對此感到鼓舞。我們也有很多來自 prime 的業務，因此當他們參與計劃時，即使這不是政府直接支出，我們也會在那裡看到一些改善。

Your next question comes from the line of Richard Eastman from Robert W. Baird.

你的下一個問題來自 Robert W. Baird 的 Richard Eastman。

Can I just circle back for a minute, Ron, to Ixia? If I do the math right, perhaps the orders in fiscal Q3 were around $115 million. The question goes to maybe the fourth quarter, that I think at your midpoint of revenue guidance for the fourth quarter, it suggests maybe Ixia's revenue would be down maybe $105 million for the quarter at the midpoint. And I guess, what I'm curious at is, I mean, there's commentary -- Bethany made commentary around 400G and some of the growth areas, but is that the backlog that's maybe stretched out into the first half of '18? Is that maybe where the delta's coming from between the orders and maybe the outlook at midpoint?

羅恩，我可以繞回 Ixia 嗎？如果我算對的話，第三財季的訂單可能約為 1.15 億美元。問題可能是第四季度，我認為在你第四季度收入指導的中點，這表明 Ixia 本季度的收入可能會在中點下降 1.05 億美元。我想，我很好奇的是，我的意思是，有評論——Bethany 圍繞 400G 和一些增長領域發表了評論，但積壓的工作可能會持續到 18 年上半年嗎？這可能是訂單之間的三角洲來自中點的前景嗎？

Yes. So Rick, first of all, we didn't make any comments around Ixia orders. I don't know which math you were doing to get to those.

是的。所以 Rick，首先，我們沒有對 Ixia 訂單發表任何評論。我不知道你在做哪些數學運算才能得到這些。

Well, if core orders were up 8%, then I presume the delta in the order number would be Ixia. That's how I got there.

好吧，如果核心訂單增長了 8%，那麼我認為訂單數量的增量將是 Ixia。這就是我到達那裡的方式。

Plus currency, yes. So -- but the revenue math, I disagree with your revenue math. I think you're underestimating what we have baked into our plans for Ixia as far as revenue in the fourth quarter. So we are, obviously, as Bethany said, there is some market softness there. We do believe the market is temporary, we expect the market to return to growth sometime late in the calendar year, so likely our Q1, but we believe this is a relatively small pause in the market, a relatively short pause in the market. So check your math, you're pretty significantly understated there versus what I believe the math should say.

加上貨幣，是的。所以 - 但收入數學，我不同意你的收入數學。就第四季度的收入而言，我認為您低估了我們為 Ixia 制定的計劃。因此，很明顯，正如 Bethany 所說，那裡的市場有些疲軟。我們確實相信市場是暫時的，我們預計市場將在日曆年晚些時候恢復增長，因此很可能是我們的第一季度，但我們認為這是市場相對較小的停頓，市場相對較短的停頓。因此，請檢查您的數學，與我認為數學應該說的相比，您在那裡被低估了很多。

Okay. All right, fair enough. And then just the last question, around the Services Solutions Group. Is the softness on the defense side, aerospace and defense side, is it also impacting the calibration side of that business on the service side?

好的。好吧，很公平。然後是關於服務解決方案小組的最後一個問題。國防、航空航天和國防方面的疲軟是否也會影響服務方面的業務校準方面？

I'll turn it over to John Page, the Head of Services and Solutions.

我將把它交給服務和解決方案主管 John Page。

Yes, this is John. Yes, there is actually some small impact from the aerospace defense on the calibration side of the business.

是的，這是約翰。是的，航空航天防禦實際上對業務的校準方面有一些小的影響。

Okay. And is it a reasonable expectation to assume some step-up there in the growth rate as we move forward on the SSG business, in the fourth quarter and into next year?

好的。隨著我們在第四季度和明年推進 SSG 業務，假設增長率有所提高是否合理？

Yes, absolutely. So services tends to be kind of a longer cycle than the product side, so you see a delayed effect. But yes, as the spending in the aerospace defense market picks up, we expect to see the calibration business in that pick up as well.

是的，一點沒錯。所以服務往往比產品方面的周期更長，所以你會看到延遲效應。但是，是的，隨著航空航天防禦市場支出的增加，我們預計校準業務也會增加。

Your next question comes from Toshiya Hari of Goldman Sachs.

你的下一個問題來自高盛的 Toshiya Hari。

Congrats on the strong order growth. I wanted to circle back on the 8% core order growth number in the quarter. Ron, I think in response to a prior question, you noted that AMD orders were up 2%. I was hoping you guys could provide some color for the other segments, please.

祝賀訂單增長強勁。我想回顧本季度 8% 的核心訂單增長數字。Ron，我想在回答之前的問題時，你提到 AMD 的訂單增長了 2%。我希望你們能為其他部分提供一些顏色。

Yes. So we don't provide a ton of color. The only other number we put out there was -- in fact, I think that's the only other one. The other comment, I think, that was a real strength for the quarter was commercial communications, because we have seen some weakness in that area over a number of quarters particularly as we've been in this trough between 4G and 5G. Our commercial communications business orders were up 10% this year -- or this quarter. So a very strong performance there. Other than that, there's the primary breakdown that we provide.

是的。所以我們不提供大量的顏色。我們在那裡發布的唯一另一個數字是——事實上，我認為這是唯一的另一個數字。我認為，另一個評論是本季度真正的優勢是商業通信，因為我們在多個季度都看到了該領域的一些弱點，尤其是當我們處於 4G 和 5G 之間的低谷時。我們的商業通信業務訂單今年或本季度增長了 10%。所以那裡的表現非常強勁。除此之外，還有我們提供的主要細分。

Toshiya, I'll give you just a little bit more insight. As was mentioned earlier, the Electronic Industrial Group had order growth or core order growth that was in the double digits, and that includes all of the subsegments in the group.

Toshiya，我會給你更多的見解。如前所述，電子工業集團的訂單增長或核心訂單增長為兩位數，其中包括該集團的所有子部門。

In particular, if you look at the growth initiatives, what we had outlined approximately 3 years ago on where we would focus and where we could get growth, the software business that we had at double-digit growth. Our modular business is double-digit growth. And we don't think that makes sense to report that going forward, but I'll just mention it casually at this point. What makes more sense are the end market applications. Auto and energy also had double-digit growth. And the last, which was 5G, had triple-digit order growth.

特別是，如果你看一下增長計劃，我們大約在 3 年前概述了我們將關注的重點以及我們可以在哪些方面獲得增長，我們的軟件業務實現了兩位數的增長。我們的模塊化業務呈兩位數增長。我們認為報告未來的情況沒有意義，但我現在只是隨便提一下。更有意義的是終端市場應用。汽車和能源也有兩位數的增長。最後一個是 5G，訂單增長達到三位數。

So those are the growth initiatives that are driving our business. We've focused around the market trends that really provide growth opportunity, and we're very, very happy with the progress. As a matter of fact, if you were to just step back and take a longer-term look to the 2018 outlook, we are now 2 years into the 3- to 4-year growth transformation that we had outlined in our Investor Day in September of 2015. At that time, we also outlined a long-term expectation of 8% to 10% earnings growth. With our continued operational excellence, the growth initiatives that I've mentioned and the addition of Ixia, we expect to be at the high end of this range in fiscal year 2018.

因此，這些是推動我們業務的增長計劃。我們專注於真正提供增長機會的市場趨勢，我們對取得的進展非常非常滿意。事實上，如果你退後一步，從更長遠的角度看待 2018 年的前景，我們現在已經進入了我們在 9 月份的投資者日中概述的 3 至 4 年增長轉型的 2 年2015 年。當時，我們還概述了 8% 至 10% 的盈利增長的長期預期。憑藉我們持續的卓越運營、我提到的增長計劃以及 Ixia 的加入，我們預計 2018 財年將處於這一範圍的高端。

Great. And then my second question was on commercial communications. And Neil, you may have partially answered this question in your response. But in your prepared remarks, you guys talked about growth in 5G and new wireless technologies being offset by a weaker spending in 4G. And I think this is something that you guys have talked about for a number of quarters. But at what point do you think the strength in 5G and say, the new Wi-Fi technologies trump the lower spending in 4G?

偉大的。然後我的第二個問題是關於商業傳播的。尼爾，您可能已經在回復中部分回答了這個問題。但在你們準備好的發言中，你們談到了 5G 和新無線技術的增長被 4G 支出減少所抵消。我認為這是你們幾個季度都在談論的事情。但您認為 5G 的優勢在什麼時候可以說，新的 Wi-Fi 技術勝過 4G 的較低支出？

That's a great question. I'm going to get a chance to introduce Satish, who is the new President of our Communication Solutions Group. He previously was running the Wireless Device Operations Group, which has done an exceptional job of turning around that business and getting it to growth. And I'll let him make some comments on commercial communications.

這是一個很好的問題。我將有機會介紹 Satish，他是我們通信解決方案集團的新任總裁。他之前負責管理無線設備運營集團，該集團在扭轉該業務並實現增長方面做得非常出色。我會讓他對商業傳播發表一些評論。

Thank you, Ron. Just to make some opening remarks, we see a momentum for our 5G business for the past year building. And I'd say that this quarter, with the tripling of orders that we saw, we feel like we're starting to outpace the declines from legacy communications that you would typically expect in the cycle.

謝謝你，羅恩。僅作一些開場白，我們看到了過去一年建設 5G 業務的勢頭。我要說的是，本季度，隨著我們看到的訂單增加了兩倍，我們覺得我們開始超過您通常在周期中預期的傳統通信的下降速度。

If I fast forward -- if I go back in time I should say, a year ago, most of our customers in the 5G space were from research- and technology-oriented efforts. Where we are as an industry is pretty exciting because now the industry is accelerating towards the 3GPP in our specification. The first version is due in December. I think we'll make it. And then with that, comes the tremendous challenge of implementing these things across the entire ecosystem: components, you have chipsets, devices, base stations, so on and so forth.

如果我快進——如果我回到過去，我應該說，一年前，我們在 5G 領域的大多數客戶都來自以研究和技術為導向的工作。作為一個行業，我們所處的位置非常令人興奮，因為現在該行業正在加速向我們規範中的 3GPP 邁進。第一個版本將於 12 月發布。我想我們會成功的。隨之而來的是在整個生態系統中實現這些東西的巨大挑戰：組件、芯片組、設備、基站等等。

So we've established, consistent with the strategy that Ron has laid out, leading-edge collaborations with market-making customers, customers on the front end of this technology and we're in the game with them, [quoting] and waiting in multiple domains, I would say. If you look at the challenges of 5G, it's not just 4G times 4, it's in beam forming, channel modeling, bringing up the software layers. And we have a one-stop shop approach for our customers and walking them through this journey between the pre-standards phase and the post-standards phase. So it's really a powerful story. We're still in early days because the standards are not done yet but we feel very good about the solutions we're creating.

因此，根據 Ron 制定的戰略，我們已經建立了與做市商客戶、該技術前端客戶的前沿合作，我們與他們一起參與遊戲，[引用] 並等待多個域，我會說。如果你看一下 5G 的挑戰，它不僅僅是 4G 乘以 4，它還存在於波束成形、信道建模、軟件層提升等方面。我們為客戶提供一站式服務，引導他們完成標準前階段和標准後階段之間的旅程。所以這真的是一個強大的故事。我們仍處於早期階段，因為標準尚未完成，但我們對我們正在創建的解決方案感到非常滿意。

The other point I'll make is about how we're doing it. We're doing this through a platform approach using our modular innovations that we kicked off a few years ago. And that's a big differentiator, provide us more competitive edge as we look ahead. And lastly, I'll say the fact that we're with the market makers and we're quoting and waiting with them, gives us a good runway for our 5G business looking ahead.

我要說的另一點是關於我們是如何做的。我們正在通過平台方法使用我們幾年前開始的模塊化創新來做到這一點。這是一個很大的差異化因素，在我們展望未來時為我們提供了更多的競爭優勢。最後，我要說的是，我們與做市商在一起，我們正在報價並等待他們，這為我們展望未來的 5G 業務提供了一條良好的跑道。

Great to see all of that add up to 10% core growth for our commercial communications business.

很高興看到所有這些為我們的商業通信業務帶來了 10% 的核心增長。

Your next question comes from Vijay Bhagavath from Deutsche Bank.

你的下一個問題來自德意志銀行的 Vijay Bhagavath。

Ron, Neil, yes. I mean, since you're a measurement company, I thought it would be helpful to hear from you one level of resolution, if you could, on the order strength you're seeing in 5G and in connected cars' software. Are there any specific use cases, OEMs, geographies, anything and everything if you could nest it down one level below it would be helpful for us to kind of internalize that order strength.

羅恩，尼爾，是的。我的意思是，由於你們是一家測量公司，我認為如果可以的話，聽到你們關於 5G 和聯網汽車軟件中訂單強度的解決方案會很有幫助。是否有任何特定的用例、原始設備製造商、地理位置、任何東西，如果你可以將它嵌套在下面一層，這將有助於我們將訂單強度內部化。

Sure, Vijay. We'll have Satish give a couple of more comments.

當然，維杰。我們將請 Satish 提供更多意見。

Thanks, Vijay. Nice to hear your voice again.

謝謝，維杰。很高興再次聽到你的聲音。

I'd just say that the strength is pretty broad. And it starts with the chipset and component innovators in the 5G space. As I mentioned, beam forming, channel modeling, all the other tests and including bring up of the entire software stack for 5G. All of this is occurring in parallel. And for us, if you look -- if we look internally, it's our ability to provide the sort of correlation between base band to IF to millimeter-wave in a singular platform. That gives us the competitive edge. And we're working with all the market makers. But the strength is broad, we are seeing innovators come online across the globe, and -- so that's why I say that the runway's pretty strong.

我只想說實力相當廣泛。它始於 5G 領域的芯片組和組件創新者。正如我提到的，波束成形、信道建模、所有其他測試，包括啟動 5G 的整個軟件堆棧。所有這些都是並行發生的。對於我們來說，如果你看 - 如果我們從內部看，這是我們在單一平台中提供基帶與 IF 到毫米波之間的相關性的能力。這給了我們競爭優勢。我們正在與所有做市商合作。但力量是廣泛的，我們看到創新者在全球範圍內上線，而且 - 這就是為什麼我說跑道非常強大。

I'd like now to turn it over to Soon Chai Gooi, who basically runs the Electronic Industrial Solutions Group as well as heading up all of our automotive -- -- excuse me, our order fulfillment organization. And he's doing an exceptional job and has delivered double-digit order growth and double-digit revenue growth for EISG as well as delivering double-digit order growth for our automotive business. And I'm sure he can make a couple of comments on automotive.

我現在想把它交給 Soon Chai Gooi，他基本上負責電子工業解決方案集團以及領導我們所有的汽車——對不起，我們的訂單履行組織。他做得非常出色，為 EISG 實現了兩位數的訂單增長和兩位數的收入增長，並為我們的汽車業務實現了兩位數的訂單增長。而且我相信他可以對汽車發表一些評論。

Okay, thank you, Ron. So I think, as what Neil has mentioned, we continue to make great strides in the automotive and energy segment, delivering double-digit growth over the last 2 quarters. In fact, one deciding is that the automotive industry is actually going through a major transformation, moving from a mechanical base to an electronic-based industry. And what we're doing now is that we're leveraging our Keysight core measurement capabilities to enable innovation in this space. So we've extended a whole suite of (inaudible) solution.

好的，謝謝你，羅恩。所以我認為，正如尼爾所提到的，我們在汽車和能源領域繼續取得長足進步，在過去兩個季度實現了兩位數的增長。事實上，一個決定是汽車行業實際上正在經歷一場重大變革，從機械基礎行業轉向電子基礎行業。我們現在正在做的是，我們正在利用我們的是德科技核心測量能力來實現這一領域的創新。所以我們擴展了一整套（聽不清）解決方案。

So it ranges from design validation and testing of our critical automotive electronic control units. We are involved in the connected car through our ADAS, which is advanced driver assistance system solution, all the way to our battery testing for EV and hybrid electronic vehicle. So definitely a lot of opportunities.

因此，它的範圍從我們關鍵的汽車電子控制單元的設計驗證和測試。我們通過先進的駕駛員輔助系統解決方案 ADAS 參與互聯汽車，一直到我們對 EV 和混合動力電動汽車的電池測試。所以肯定有很多機會。

And what is also leveraging from our strength is customer base. Our customer base essentially span from the whole automotive supply chain. So ranges from the top-tier automotive makers to module producers to, I think what Satish mentioned, chipset suppliers. So overall, we see great momentum especially in the automotive and energy segment.

我們的優勢還在於客戶群。我們的客戶群基本上涵蓋整個汽車供應鏈。因此，從頂級汽車製造商到模塊生產商，再到 Satish 提到的芯片組供應商。因此，總體而言，我們看到了巨大的發展勢頭，尤其是在汽車和能源領域。

Excellent. A quick follow-on for Neil. Neil, any modeling guidelines you could give us on product mix, gross margins, OpEx heading into the back half?

出色的。尼爾的快速跟進。尼爾，你能給我們關於產品組合、毛利率、進入後半部分的運營支出的任何建模指南嗎？

Yes. I mean, I think our business model remains intact. So obviously, the addition of Ixia is net favorable to gross margins. It's a couple of points, approximately, takes us into the low 60s from a gross margin perspective. We'll be looking to, obviously, maintain our R&D investment. We do typically see, as we move from Q3 to Q4, both in R&D and SG&A, a sequential uptick and that primarily just relates to the kind of the end of summer season. We got a lot of employees that are out on FTO during the third quarter as we get the vacation benefit as well as just general decreased spending impact from that. So you do tend to see an uptick as you move from Q3 to Q4 on the spending line. Ixia is going to be net additive to gross margin, a couple of points. I think, over the longer term, some of the longer -- some of the other trends that we see with the migration towards software, migration towards solution-selling, migration towards R&D solutions will continue to offer gross margin upside but that's over the longer term.

是的。我的意思是，我認為我們的商業模式保持不變。很明顯，Ixia 的加入對毛利率有利。從毛利率的角度來看，大約有幾點讓我們進入了 60 年代的低點。顯然，我們將尋求維持我們的研發投資。我們通常會看到，當我們從第三季度移動到第四季度時，在研發和 SG&A 中，連續上升，這主要與夏季結束的類型有關。我們在第三季度有很多員工在 FTO 外出，因為我們獲得了假期福利，而且總體上減少了支出的影響。因此，當您在支出線上從第三季度移動到第四季度時，您確實會看到一個上升趨勢。Ixia 將淨增加毛利率幾個百分點。我認為，從長遠來看，一些更長期的趨勢——我們看到的一些其他趨勢，如向軟件遷移、向解決方案銷售遷移、向研發解決方案遷移將繼續提供毛利率上升空間，但這是長期的學期。

Your next question comes from Krish Sankar from Bank of America Merrill Lynch.

你的下一個問題來自美銀美林的 Krish Sankar。

Congrats on the order numbers. Ron, I have a question. First, since you guys cater to, like, multiple verticals like communications, aerospace-defense, auto, et cetera, can you just tell us a little bit about how to think about seasonality in each of these segments and also, the cyclicality, in other words, where are we in the cycle for these different end markets? And also, I had a follow-up after that.

恭喜訂單號。羅恩，我有一個問題。首先，既然你們迎合了通信、航空航天防禦、汽車等多個垂直領域，您能告訴我們一些關於如何考慮每個細分市場的季節性以及週期性嗎？換句話說，我們處於這些不同終端市場的周期中的什麼位置？而且，在那之後我有一個跟進。

Sure. I'll just make some generalized comments and then obviously, there's some industry research reports on certain areas. The bigger -- there's a couple of things. One are the typical cyclicalities and the second thing is what are really some inherent new growth that is coming in each area? So in automotive, we really did not play very much in that market in the past as it was an electromechanical device. They were basically looking for low-tech electronics, which is not necessarily where we focus and where we add the most value.

當然。我只是做一些概括性的評論，然後顯然，有一些關於某些領域的行業研究報告。更大 - 有幾件事。一是典型的周期性，二是每個領域真正出現的一些固有的新增長是什麼？所以在汽車方面，我們過去真的沒有在那個市場上玩太多，因為它是一個機電設備。他們基本上是在尋找技術含量低的電子產品，而這不一定是我們關注的重點，也是我們最能增加價值的地方。

And now as it moves to basically be a high-speed computer with high-speed wireless signal sources and signal receivers, we're going to pick up on the inflection on that. We're just in the beginning in that cycle.

現在，隨著它基本上成為具有高速無線信號源和信號接收器的高速計算機，我們將了解它的變化。我們才剛剛開始那個週期。

The second thing is aerospace defense. The aerospace defense business has been depressed since the election due to the budgeting cycle, but there's no doubt that everyone is talking about more and they have to work through that. So I don't think it's so much a cyclical issue there. The only cyclicality that we typically see is a push at the end of the year with the September 30 end of the year cycle.

第二件事是航天防禦。由於預算週期，航空航天防禦業務自大選以來一直低迷，但毫無疑問，每個人都在談論更多，他們必須努力解決這個問題。所以我認為這不是一個週期性問題。我們通常看到的唯一周期性是年底的推動，即 9 月 30 日的年末週期。

Semiconductors, plenty of reports to look at, at the SIA index. We do have a portion of our business, a small portion of our business that plays to -- into semiconductor, R&D, manufacturing that we will be affected by that a little bit. But again, it's less than 10% of our overall business.

半導體，在 SIA 指數中有大量報告可供查看。我們確實有一部分業務，一小部分業務涉及半導體、研發和製造，我們會受到一點影響。但同樣，它還不到我們整體業務的 10%。

So those are the major sectors that I would talk about with the exception of 5G. 5G, we are in the lull between 4G and 5G right now and we've seen that in certain areas, you see that in the protocol side, the protocol development side. But on the other hand, 5G is accelerating and the time lines are being pulled in and that's why we keep seeing this doubling of our business. And we're very, very thankful that when we split from Agilent, we decided to focus and focus early. And we're in a better position in 5G than we were in 4G by a good margin.

所以這些是我要談論的主要領域，但 5G 除外。5G，我們現在處於 4G 和 5G 之間的平靜期，我們已經在某些領域看到了這一點，你在協議方面，協議開發方面看到了這一點。但另一方面，5G 正在加速發展，時間線正在縮短，這就是我們不斷看到業務翻倍的原因。我們非常非常感謝，當我們從安捷倫分拆出來時，我們決定儘早集中精力。而且我們在 5G 中的地位比在 4G 中的地位要好得多。

Got it, got it, that's very helpful. And then as a follow-up, on the 5G opportunity, now, I understand we are still in the pre-standard phase. But is there any cannibalization potential where some of your existing customers could reuse some of the 4G testers or would you consider all of 5G to be a greenfield opportunity for both you guys and the test and measurement industry in general?

明白了，明白了，很有用。然後作為後續行動，關於 5G 機會，現在，我知道我們仍處於標準前階段。但是，您的一些現有客戶是否可以重複使用一些 4G 測試儀，或者您是否認為所有 5G 對你們以及整個測試和測量行業來說都是一個全新的機會？

There's no doubt that what happens is some of the equipment can be reused, but they're going to completely different frequencies that are much higher performance for much of 5G and that is stuff that cannot be deployed. When you're talking about sub6 gigahertz and now you're talking about going to over 50 gigahertz, those products will not work. There is some reuse, but it's much smaller than we've seen in -- than past cycles.

毫無疑問，一些設備可以重複使用，但它們將使用完全不同的頻率，這些頻率對於大部分 5G 來說性能要高得多，而這是無法部署的東西。當你談論低於 6 GHz 而現在你談論超過 50 GHz 時，這些產品將無法工作。有一些重用，但它比我們在過去的周期中看到的要小得多。

Your next question comes from the line of Patrick Newton from Stifel.

您的下一個問題來自 Stifel 的 Patrick Newton。

Ron and Neil, I guess, first one is on the Ixia front. You talked about the current softness being temporary. But I wanted to take more of a longer-term view on the business. I think in a recent filing, you targeted a 3- to 5-year long-term growth rate of 14% to 17% for this business. So I'm curious if you can help us understand how that CAGR is split between the NPS and the visibility side of the business. And then is this still the right long-term growth rate, given the current soft patch and kind of hand off the 400 gig?

Ron 和 Neil，我想，第一個是在 Ixia 前線。你談到當前的疲軟是暫時的。但我想從更長遠的角度看待業務。我認為在最近的一份文件中，您將這項業務的 3 至 5 年長期增長率定為 14% 至 17%。所以我很好奇您是否可以幫助我們了解 CAGR 如何在 NPS 和業務的可見性方面之間分配。考慮到當前的軟補丁和 400 演出的某種交接，這仍然是正確的長期增長率嗎？

Yes. And let me make a couple of comments. I think what you're referring to is when we completed the acquisition of Ixia, we divided the business into 2 separate markets: a test market, which we think is growing low to mid single-digits; and a visibility market, which we think is growing much faster than that. So obviously, from an Ixia perspective, the -- and I think if you take the combined market growth rate of those, you get to somewhere in that, around that 15% range.

是的。讓我發表幾點意見。我想你指的是當我們完成對 Ixia 的收購時，我們將業務分為兩個獨立的市場：一個測試市場，我們認為它正在以中低個位數增長；以及一個知名度市場，我們認為這個市場的增長速度要快得多。很明顯，從 Ixia 的角度來看，我認為，如果你把這些市場的綜合增長率加起來，你就會達到 15% 左右的某個地方。

But for Ixia's business as a whole, it's heavily weighted towards the test side. They're relatively -- a relatively small portion of their revenue exists in the visibility space. So I think as we look forward, obviously, we have seen a temporary slowdown in growth rates. We do believe the market returns to growth early next -- the next fiscal year for us. And we continue to be on pace with regard to the synergy capture. So very much optimistic about the future.

但對於 Ixia 的整體業務而言，它非常重視測試方面。他們相對 - 他們收入的一小部分存在於可見性空間。所以我認為，當我們展望未來時，很明顯，我們已經看到增長率暫時放緩。我們確實相信市場會在明年早些時候恢復增長——對我們來說是下一個財政年度。我們在協同捕獲方面繼續保持同步。所以對未來非常樂觀。

And then I guess on the CSG side, the op margin was down about 240 bps year-over-year, and I'm sorry if I missed this, I didn't hear maybe a reason behind that. And within the CSG, could you comment a little bit on the optical business given that there's been some well-known softness in the Chinese markets?

然後我猜在 CSG 方面，運營利潤率同比下降了約 240 個基點，如果我錯過了這一點，我很抱歉，我沒有聽到這背後的原因。在 CSG 內部，鑑於中國市場出現了一些眾所周知的疲軟，您能否對光學業務發表一些評論？

Yes, let me take the first part of that and I'll let Satish comment on the optical piece.

是的，讓我來做第一部分，我會讓薩蒂什評論光學片。

With regard to the profitability in CSG, I just point to 2 things, that we had a tough compare from a profit perspective for Q3 because in the year ago quarter, we had a $6 million but a onetime favorable adjustment to our warranty reserve. And obviously, with CSG being the largest of our businesses, they got the majority of that benefit. You also have seen some increased investment in sales, in our sales force as we look to capture growth. And so I think those are the 2 primary things. Revenue is down as well, but the primary drivers are the tough compare with the onetime favorable a year ago and increased investment in the field to capture growth.

關於 CSG 的盈利能力，我只指出兩件事，我們從第三季度的利潤角度進行了艱難的比較，因為在去年同期，我們對我們的保修準備金進行了 600 萬美元但一次性的有利調整。顯然，由於 CSG 是我們最大的業務，他們獲得了大部分收益。在我們尋求增長的過程中，您還看到了對銷售和我們銷售隊伍的一些投資增加。所以我認為這是兩個主要的事情。收入也有所下降，但與一年前的一度有利相比，主要驅動因素是艱難的，並且增加了對該領域的投資以實現增長。

Thanks, Neil. Hi, Patrick. So maybe elevating the conversation to 100G, 400G, for the past 4 quarters prior, we've been seeing good growth for our 100G solutions in manufacturing. And what we are now projecting is that, that growth is tapering off. We're engaged with leading transceiver companies on the 400G bring-up and that's still in early R&D phases and we expect that market to kick into gear given all the dynamics of optical and other things that you described, but it'll probably be a few quarters out.

謝謝，尼爾。嗨，帕特里克。因此，也許在過去的 4 個季度中將對話提升到 100G、400G，我們一直看到我們的 100G 解決方案在製造業中取得了良好的增長。我們現在預測的是，增長正在逐漸放緩。我們與領先的收發器公司就 400G 的啟動進行了合作，這仍處於早期研發階段，我們預計該市場將在考慮到光學和您描述的其他事物的所有動態的情況下啟動，但這可能是一個幾個季度了。

But it is worthwhile to note, Patrick, that the wireless device part of commercial communications outpaced the Internet infrastructure where you see a lot of the fiber businesses. Both of these subsegments grew but the wireless device operation pulled the weighted average up to 10%.

但值得注意的是，帕特里克，商業通信的無線設備部分超過了互聯網基礎設施，在互聯網基礎設施中你可以看到很多光纖業務。這兩個子細分市場均有所增長，但無線設備業務將加權平均值拉高至 10%。

Great. And if I could sneak one more in, your EISG group was -- performed incredibly well. Can you help us understand the relative mix of revenue from auto, energy, the semiconductor parametric test, general electronics or any other bucket I might be missing?

偉大的。如果我能再偷偷進來一個，你的 EISG 小組的表現非常出色。你能幫助我們了解汽車、能源、半導體參數測試、通用電子產品或我可能遺漏的任何其他領域的收入的相對組合嗎？

Yes. So -- which, we haven't sized the specific buckets recently. Obviously, the general electronics piece is the largest portion of those, relatively speaking. Semi is second and auto is third, but auto currently, the fastest-growing of the 3.

是的。所以 - 我們最近沒有確定具體存儲桶的大小。顯然，相對而言，通用電子產品是其中最大的部分。半掛車排在第二位，汽車排在第三位，但汽車目前是三者中增長最快的。

Your next question comes from the line of Farhan Ahmad from Credit Suisse.

你的下一個問題來自瑞士信貸的 Farhan Ahmad。

My first question is on Ixia. You talked about this lull before, 5 -- 400G hits. And I wanted to understand if -- how long is this lull, in your view, and how should we think about the ramp-up in the 400 gig?

我的第一個問題是關於 Ixia。你之前談到過這種平靜，5 - 400G 命中。我想知道，在您看來，這種平靜會持續多久，我們應該如何考慮 400 場演出的增加？

I'll turn that over to Bethany.

我會把它交給 Bethany。

Sure. Thanks, Ron.

當然。謝謝，羅恩。

So 100 gig and those speeds that are below that, the 4 gig, 10, 1 gig, those are what have slowed down a bit at the current juncture. But what we're seeing is, I think those will continue to move along. I mean, there's nothing will be huge, dramatic changes but continue to move along to a certain extent.

所以 100 gig 和那些低於它的速度，4 gig、10 gig、1 gig，這些在當前時刻已經放慢了一點。但我們所看到的是，我認為這些將繼續向前發展。我的意思是，沒有什麼會發生巨大的、戲劇性的變化，但會在一定程度上繼續前進。

What we're really seeing though is that many of the folks that we do business with on a regular basis -- the equipment manufacturers, many of the providers, cloud providers as well, are very interested in working on the 400 gig opportunities for product rollout as well as potentially even network rollouts. So that opportunity is beginning to take hold for us this year.

但我們真正看到的是，許多與我們定期有業務往來的人——設備製造商、許多供應商、雲供應商，都非常有興趣為產品開發 400 gig 機會。推出以及可能甚至網絡推出。所以這個機會今年開始為我們站穩腳跟。

We launched a project earlier this year in 400 gig. Actually, we had a product -- we've had a product now for longer than that but we launched it earlier this year for our customer base in the data center space and that has done well for us and that will continue to do well for us going forward into next year.

今年早些時候，我們啟動了一個 400 演出的項目。實際上，我們有一個產品——我們現在有一個產品的時間比那個長，但我們今年早些時候為我們在數據中心領域的客戶群推出了它，它對我們來說做得很好，而且會繼續做得很好我們進入明年。

So we think this wave will continue in through the end of the calendar year as well as certainly into next year. And we're excited about the opportunity because first, we're first to market. But also, the functionality and the optical transceiver solution that we provide, we think, is superior. So overall, it is a good opportunity for us as a company, as Keysight. Going into next year, as Satish mentioned, it's also an opportunity for his organization and overall, with Keysight, ISP data center and cloud provider data centers are absolutely a strong trend that will continue into next year.

因此，我們認為這波浪潮將持續到日曆年年底，肯定會持續到明年。我們對這個機會感到興奮，因為首先，我們是第一個推向市場的。而且，我們認為，我們提供的功能和光收發器解決方案也很出色。因此，總的來說，這對我們公司和是德科技來說是一個很好的機會。進入明年，正如 Satish 提到的，這對他的組織和整體而言也是一個機會，Keysight、ISP 數據中心和雲提供商數據中心絕對是一個強勁的趨勢，並將持續到明年。

Got it. Then it was really good to see your commercial communication growing 10% year-on-year for autos. I just wanted to understand if we should think that this is sustainable levels for next few quarters. And has the business turned around where your 5G orders are now picked up to a point that they're driving the growth already? Or is it just that you have more of the system solutions that you talked about, those longer-lead orders that are driving the business right now and you will see the growth rate decelerating as you go ahead?

知道了。然後很高興看到你們的汽車商業傳播同比增長 10%。我只是想了解我們是否應該認為這是未來幾個季度的可持續水平。您的 5G 訂單現在已經恢復到已經推動增長的地步，業務是否已經好轉？還是只是您擁有更多您談到的系統解決方案，那些現在正在推動業務的長周期訂單，您會看到隨著您的前進，增長率會下降？

Yes. So I think the most relevant point that Satish made is that this is, really, the first quarter where we start to see the growth in 5G outpace the declines that are coming from the legacy technologies including 4G, right? So I don't like to draw long-term conclusions over a single data point, but I think that is significant. I think we believe we're very well positioned in 5G. We've engaged early with customers. We are talking with the -- we are working very closely with the companies that we believe are going to be market-makers in 5G and we're going to capture more than our fair share of the market as the 5G story develops.

是的。所以我認為 Satish 提出的最相關的一點是，這實際上是我們開始看到 5G 增長超過包括 4G 在內的傳統技術的下降的第一季度，對嗎？所以我不喜歡根據單個數據點得出長期結論，但我認為這很重要。我認為我們相信我們在 5G 方面處於非常有利的地位。我們很早就與客戶接觸。我們正在與 - 我們正在與我們認為將成為 5G 做市商的公司密切合作，並且隨著 5G 故事的發展，我們將獲得超過我們公平份額的市場份額。

We have 34 different collaborations with market makers and standards bodies to make sure that we stay in front of this opportunity, and we're very pleased with what we've gotten so far.

我們與做市商和標準機構進行了 34 次不同的合作，以確保我們抓住這個機會，我們對迄今為止所取得的成果感到非常滿意。

I just want to add to that by saying that the innovations in 4G are not done and what we're seeing is some early signs that some of the 4.5G features, 1-gigabit per second Narrowband IoT is starting to kick in, providing some stability to some of the drag that we had experienced for the past few quarters. So we feel good about the outlook.

我只想補充說 4G 的創新還沒有完成，我們看到的是一些早期跡象表明一些 4.5G 功能，每秒 1 吉比特的窄帶物聯網開始發揮作用，提供一些過去幾個季度我們經歷的一些阻力的穩定性。所以我們對前景感覺良好。

My comment would also be on the Ixia side, our advanced LTE is doing very, very well. Very strong and good growing this year. So that's basically what ushers in 5G.

我的評論也是在 Ixia 方面，我們先進的 LTE 做得非常非常好。今年非常強勁且增長良好。所以這基本上就是 5G 的前身。

Your next question comes from the line of Joseph Wolf from Barclays.

你的下一個問題來自巴克萊銀行的 Joseph Wolf。

I guess one more on the 5G opportunity. Would you be so bold or kind to talk about what you think your market share would be? Or maybe, from a different angle, what is the competitive landscape looking like if we're still early on in that development cycle and you're seeing triple-digit order growth? That what must be an attractive opportunity. So how do you stay ahead and how sticky are these early wins or how broad are they across that chasm or that move from the testing into the deployment in the field?

我想還有一個關於 5G 的機會。你會如此大膽或友善地談論你認為你的市場份額是多少嗎？或者，從另一個角度來看，如果我們仍處於開發週期的早期階段並且您看到了三位數的訂單增長，那麼競爭格局會是什麼樣子？那一定是一個有吸引力的機會。那麼，您如何保持領先，這些早期勝利的粘性如何，或者它們跨越鴻溝的範圍有多廣，或者從測試到現場部署的轉變？

Yes. So I think as you noted, we're still early days in terms of the 5G rollout. I think, most notably, as Ron mentioned, we made the decision very early in kind of the formation of Keysight to shift some of our R&D investments to make sure we got a first mover advantage in 5G, and we're seeing that play out now. So we can't give you specific market share numbers but suffice it to say, we believe we're winning in the market. That being said, there's a number of very strong competitors in this space and they're not going to sit by and cede to us. So we need to continue to innovate and work closely with our customers, meet their timelines to protect and maintain the first mover advantage that we believe we have at this point in time.

是的。所以我認為正如你所說，我們在 5G 推出方面仍處於早期階段。我認為，最值得注意的是，正如 Ron 提到的那樣，我們在成立是德科技的早期就做出了決定，以轉移我們的一些研發投資，以確保我們在 5G 領域獲得先發優勢，我們正在看到這一結果現在。所以我們不能給你具體的市場份額數字，但足以說明，我們相信我們正在市場上取勝。話雖如此，這個領域有許多非常強大的競爭對手，他們不會袖手旁觀並讓步給我們。因此，我們需要繼續創新並與客戶密切合作，滿足他們的時間表，以保護和維持我們認為我們目前擁有的先發優勢。

The technology also is not new to us. The fundamental technologies of much higher frequency is something that we've been doing for aerospace defense for a long period of time and it is new to many of our competitors. And also, we invested early and we invested more overall. That's the strategy of what we thought we needed to do, laid out 3 years ago. And now the shareholders are starting to get rewarded.

這項技術對我們來說也並不新鮮。更高頻率的基礎技術是我們長期以來為航空航天防御所做的事情，對我們的許多競爭對手來說都是新事物。而且，我們投資較早，整體投資更多。這是我們 3 年前製定的我們認為我們需要做的戰略。現在股東開始得到回報。

Okay. And then you talked about, I guess, collaboration, or I think it was a 5 or 6 new projects with Ixia. I was just hoping for a little bit more color there whether this was customer-driven. Is it company-led? And how should we think about the time from you guys telling us about a project to a product that is producing some sort of revenue, or at least an order pattern?

好的。然後你談到了，我猜，合作，或者我認為這是與 Ixia 的 5 或 6 個新項目。無論這是客戶驅動的，我只是希望那裡有更多的顏色。是公司主導的嗎？我們應該如何考慮從你們告訴我們一個項目到產生某種收入或至少一種訂單模式的產品的時間？

I'll let Bethany go ahead and describe the 6 projects or at least give you a little bit of color on that. And then we will see these projects make its way into our guidance as we guide each quarter.

我會讓 Bethany 繼續描述這 6 個項目，或者至少給你一些關於它的顏色。然後我們將看到這些項目在我們每個季度的指導中進入我們的指導。

Sure. Thanks, Ron. I'll just give a little color here.

當然。謝謝，羅恩。我只是在這裡給一點顏色。

So we just had a recent announcement about one of the product offerings, which is the Wi-Fi and cellular emulation. So essentially, the idea is that we can test for our customers all the way from layer 1 in the stack, all of the protocols from that point, all the way to layer 7 using our solutions. So whether it's cellular or whether it's Wi-Fi, we are capable of testing the full protocol stack across all layers and all spectrums. I mean, that's pretty compelling. And I would say that, that is certainly one that was driven in part by customer interest. So customers took note of the acquisition of Ixia by Keysight and put 2 and 2 together themselves, as we did almost simultaneously, and we received inbounds from them on this.

因此，我們最近剛剛發布了有關其中一種產品的公告，即 Wi-Fi 和蜂窩仿真。因此，從本質上講，我們的想法是，我們可以使用我們的解決方案從堆棧中的第 1 層一直為我們的客戶測試所有協議，從那一點一直到第 7 層。因此，無論是蜂窩還是 Wi-Fi，我們都能夠測試所有層和所有頻譜的完整協議棧。我的意思是，這很有說服力。我要說的是，這肯定是部分由客戶興趣驅動的。因此，客戶注意到是德科技對 Ixia 的收購，他們自己將 2 和 2 放在一起，就像我們幾乎同時做的那樣，我們收到了他們的意見。

We're also doing work on wireless UE as well, and that is -- that's worked in conjunction again with Satish's organization in CSG and that's beginning in the cycle. Again, that is a -- customer-driven in a certain sense but also company-driven as well because we can see the real value opportunity between our wireless test load products and some of the capabilities that on the radio side, that we see in CSG. So we find first that, that's a compelling opportunity, we think, for our customers and we've also gotten feedback that, that would be of great interest to them as well.

我們也在做無線 UE 方面的工作，那就是 - 再次與 Satish 的 CSG 組織合作，並且在周期中開始。同樣，這在某種意義上是客戶驅動的，但也是公司驅動的，因為我們可以看到我們的無線測試負載產品與無線電方面的一些功能之間的真正價值機會，我們在南玻因此，我們首先發現，我們認為，對於我們的客戶來說，這是一個令人信服的機會，而且我們也得到了反饋，他們也會非常感興趣。

Then we have another product activity that I'm not going to go into any detail on, but just -- I would just say that each of these things are in our wheelhouse, whether it's security, whether it's IoT or whether it's in the communications space, as the 2 I just mentioned.

然後我們還有另一個產品活動，我不打算詳細介紹，但我只想說，這些事情中的每一個都在我們的駕駛室裡，無論是安全性、物聯網還是通信空間，正如我剛才提到的2。

And then the other activities, the other 3 activities are really around work in the sales force, ensuring that we can gain the scale of the Keysight sales force across the Ixia product portfolio, working with John Page's team in the services aspects of our business because as you know, Ixia has a services aspect to what we sell. And Keysight obviously has wonderful scale there to take advantage of. And so the last 3 are in the sales and services area of focus for the company overall.

然後是其他活動，其他 3 項活動實際上是圍繞銷售團隊的工作，確保我們能夠在 Ixia 產品組合中獲得是德科技銷售團隊的規模，與 John Page 的團隊在我們業務的服務方面合作，因為如您所知，Ixia 的銷售產品包含服務方面的內容。Keysight 顯然有很好的規模可以利用。因此，最後 3 個屬於公司整體關注的銷售和服務領域。

So I think it's been a very exciting journey even for the short time that we've been together to create what we think are compelling value propositions for customers as well as to create more scale to bring to market the products that Ixia offers and combine them with Keysight. So that's all I have. Ron?

所以我認為這是一個非常令人興奮的旅程，即使是在很短的時間內，我們一起為客戶創造了我們認為令人信服的價值主張，並創造了更大的規模，將 Ixia 提供的產品推向市場並將它們結合起來是德科技。這就是我的全部。羅恩？

Thank you very much, Bethany. We have 2 minutes left and we have one more question. So let's move on to Stanley.

非常感謝，伯大尼。還剩 2 分鐘，我們還有一個問題。那麼讓我們繼續前往斯坦利。

Stanley Kovler from Citi Research.

花旗研究部的 Stanley Kovler。

I'll make this one quick. I just wanted to see if you can comment on some of the investments that you're making in the CSG sales force. Should we expect that to continue? And then if I may, on the 4G business trends, can you just help us better understand the delta between your 4G business trends you're talking about, order growth and potential 4.5G opportunities, whereas some of the players who are deploying the networks are facing some headwinds? I just wanted to understand the bifurcated trends there.

我會盡快完成這個。我只是想看看您是否可以對您在 CSG 銷售團隊中所做的一些投資發表評論。我們應該期待這種情況繼續下去嗎？然後，如果可以的話，關於 4G 業務趨勢，您能否幫助我們更好地了解您正在談論的 4G 業務趨勢、訂單增長和潛在的 4.5G 機會之間的差異，而一些正在部署網絡的參與者面臨一些不利因素？我只是想了解那裡的分歧趨勢。

Stanley, this is Mark Wallace. I'll make a comment on the investments we're making in the sales force, not just for CSG but for the overall company. As was mentioned by Ron and Satish, one of our go-to-market strategies is to engage early with the industry leaders. We're building up capabilities around that ecosystems, around the different ecosystems with both sales and support and other types of engineering resources that are innovating with these industry leaders.

斯坦利，這是馬克華萊士。我將對我們在銷售隊伍中所做的投資發表評論，不僅針對 CSG，而且針對整個公司。正如 Ron 和 Satish 所提到的，我們進入市場的策略之一是儘早與行業領導者接洽。我們正在圍繞該生態系統建立能力，圍繞不同的生態系統，包括銷售和支持以及與這些行業領導者一起創新的其他類型的工程資源。

And then the other part is an expansion of our sales force worldwide to extend our reach to many emerging customers, new accounts and leverage the success we're achieving with the industry leaders. So that's an ongoing campaign. We're increasing our footprint and our sales capabilities around the world and across all these industry segments aligned with the growth initiatives that Keysight has identified. So this is helping to fuel the order growth that we've been spending most of the day today talking about.

然後另一部分是擴大我們在全球的銷售隊伍，將我們的影響範圍擴大到許多新興客戶、新客戶，並利用我們與行業領導者取得的成功。所以這是一個持續的運動。我們正在擴大我們在全球和所有這些行業領域的足跡和銷售能力，與是德科技確定的增長計劃保持一致。因此，這有助於推動我們今天大部分時間都在談論的訂單增長。

So that's the first part. Now I'll hand it over to Satish to talk about the second.

這是第一部分。現在我將把它交給 Satish 來談談第二個問題。

Yes, I'll make a couple of quick comments. I think relative to the 4.5G features, they are all within the stack, sort of waiting for adoption. We're starting to see some of it from Verizon announcing the 1-gigabit per second and you probably saw that at MWC as well. So there has been some innovation trends underway in the 4.5G space but what we found is, for the past year, the industry was pretty consumed with the shifting emphasis on 5G.

是的，我會做一些簡短的評論。我認為相對於 4.5G 功能，它們都在堆棧中，有點等待採用。我們開始看到 Verizon 宣布每秒 1 GB 的速度，您可能也在 MWC 上看到了這一點。因此，在 4.5G 領域出現了一些創新趨勢，但我們發現，在過去的一年裡，該行業對 5G 的關注點不斷轉移。

So when you combine the fact that early in the cycle now, people are starting to look at this 4.5G features, and we also see some operator interest, we feel good about where we play. Obviously, the network rollouts for these 4.5G features might be a little bit delayed in the cycle.

因此，當你結合現在周期早期的事實時，人們開始關注這個 4.5G 功能，我們也看到了一些運營商的興趣，我們對我們在哪裡玩感到滿意。顯然，這些 4.5G 功能的網絡推出可能會在周期上稍有延遲。

Well, this is Ron. In summary, thank you very much for joining us for the call. Again, I'm very pleased with our growth progress so far. As you know, we have a very diverse business and subsegments or little pieces can be up or down for a while. But we have multiple ways to win and that's why we're excited to deliver 10% EPS growth in FY '18 for our investors. Thank you very much. Have a great day.

嗯，這是羅恩。總之，非常感謝您加入我們的電話會議。再次，我對我們迄今為止的增長進展感到非常滿意。如您所知，我們的業務非常多樣化，細分市場或小部分可能會上漲或下跌一段時間。但我們有多種獲勝方式，這就是為什麼我們很高興為我們的投資者在 18 財年實現 10% 的每股收益增長。非常感謝。祝你有美好的一天。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。