是德科技 (KEYS) 2018 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Keysight Technologies Fiscal Fourth Quarter 2018 Earnings Conference Call.

女士們先生們，美好的一天，歡迎來到是德科技 2018 財年第四季度收益電話會議。

My name is Jesse, and I'll be your lead operator today.

我叫 Jesse，今天我是你們的首席接線員。

(Operator Instructions) Please note that this call is being recorded today, Tuesday, November 20, 2018, at 1:30 p.m.

（操作員說明）請注意，此電話將於今天（2018 年 11 月 20 日，星期二）下午 1:30 進行錄音。

Pacific time.

太平洋時間。

I would now like to hand the conference over to Jason Kary, Vice President, Treasurer and Investor Relations.

我現在想將會議交給財務主管和投資者關係副總裁 Jason Kary。

Please go ahead, Mr. Kary.

請繼續，卡里先生。

Thank you, and welcome, everyone, to Keysight's Fourth Quarter Earnings Conference Call for Fiscal Year 2018.

謝謝大家，歡迎大家參加是德科技 2018 財年第四季度收益電話會議。

Joining me are Ron Nersesian, Keysight President and CEO; and Neil Dougherty, Keysight Senior Vice President and CFO.

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。

Joining us in the Q&A session will be Mark Wallace, Senior Vice President of Worldwide Sales and Satish Dhanasekaran, President of the Communications Solutions Group.

全球銷售高級副總裁 Mark Wallace 和通信解決方案集團總裁 Satish Dhanasekaran 將加入我們的問答環節。

You can find the press release and information to supplement today's discussion on our website at investor.keysight.com.

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。

While there, please click on the link for the quarterly reports under the Financial Information tab.

在那裡，請單擊“財務信息”選項卡下的季度報告鏈接。

There, you will find an investor presentation along with Keysight's segment results.

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。

Following this conference call, we will post a copy of the prepared remarks to the website.

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.

Ron 和 Neil 今天的評論將提及非 GAAP 財務措施。

We will also make references to core growth, which excludes the impact of currency movements as well as revenue from acquisitions or divestitures completed within the last 12 months.

我們還將參考核心增長，其中不包括貨幣變動的影響以及過去 12 個月內完成的收購或剝離帶來的收入。

You will find the most directly comparable GAAP financial metrics and reconciliations on our website.

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。

We will make forward-looking statements about the financial performance of the company on today's call.

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。

These statements are subject to risks and uncertainties and are only valid as of today.

這些聲明受風險和不確定性的影響，僅在今天有效。

The company assumes no obligation to update them.

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。

Note that management is scheduled to present at the Crédit Suisse TMT Conference in Arizona on November 28, the Wells Fargo Tech Summit on December 4, in Park City, Utah and the Barclays TMT Conference on December 5, in San Francisco.

請注意，管理層計劃出席 11 月 28 日在亞利桑那州舉行的瑞士信貸 TMT 會議、12 月 4 日在猶他州帕克城舉行的富國銀行技術峰會和 12 月 5 日在舊金山舉行的巴克萊銀行 TMT 會議。

We hope to see many of you there.

我們希望在那裡見到你們中的許多人。

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.

謝謝你，傑森，感謝大家加入我們。

Keysight delivered a very strong finish to a breakout year with both revenue and earnings exceeding the high end of our guidance.

是德科技以強勁的表現結束了突破性的一年，收入和收益均超過了我們預期的上限。

Today, I'll focus my formal comments on 3 key headlines for the quarter.

今天，我將把我的正式評論集中在本季度的 3 個主要頭條新聞上。

First, fourth quarter revenue grew 16% or 17% on a core basis to reach a record $1.1 billion.

首先，第四季度核心收入增長 16% 或 17%，達到創紀錄的 11 億美元。

We achieved this growth while also delivering 42% year-over-year EPS growth.

我們實現了這一增長，同時還實現了 42% 的每股收益同比增長。

Second, customers continued to make strong R&D investments in next-generation technologies, and we continue to achieve broad-based momentum across multiple end markets with our solutions.

其次，客戶繼續對下一代技術進行大量研發投資，我們繼續通過我們的解決方案在多個終端市場取得廣泛的發展勢頭。

The investments we had made over the past several years in our technology, solutions, software and services are delivering results and have enabled Keysight to be at the forefront and capture the demand we see in the market.

過去幾年，我們在技術、解決方案、軟件和服務方面的投資正在取得成果，使是德科技能夠走在前沿，滿足我們在市場上看到的需求。

And third, 2018 was an outstanding year for Keysight.

第三，2018 年對是德科技來說是傑出的一年。

Revenue grew 20% to reach a record $3.9 billion.

收入增長 20%，達到創紀錄的 39 億美元。

We achieved 13% core revenue growth, which was above our expectation of 11%, and we delivered 28% year-over-year EPS growth for 2018.

我們實現了 13% 的核心收入增長，高於我們 11% 的預期，並且我們在 2018 年實現了 28% 的每股收益同比增長。

Now let's take a deeper look into our performance for the fourth quarter.

現在讓我們更深入地了解我們第四季度的表現。

We achieved $1.01 per share in earnings, which was $0.13 above the midpoint and $0.10 above the high end of our guidance.

我們實現了每股 1.01 美元的收益，比中點高出 0.13 美元，比我們的指導上限高出 0.10 美元。

This represents 42% year-over-year earnings growth.

這代表著 42% 的同比收益增長。

We also delivered outstanding order growth this quarter.

本季度我們還實現了出色的訂單增長。

Orders grew 9% in total to surpass $1 billion.

訂單總額增長 9%，超過 10 億美元。

This represents our second consecutive quarter of orders above $1 billion.

這是我們連續第二個季度超過 10 億美元的訂單。

On a core basis, which excludes currency as well as acquisitions or divestitures completed within the last 12 months, orders grew 10%.

在排除貨幣以及過去 12 個月內完成的收購或資產剝離的核心基礎上，訂單增長了 10%。

This was our fifth consecutive quarter of double-digit core order growth and the third quarter out of the last 5 with orders above $1 billion.

這是我們連續第五個季度實現兩位數的核心訂單增長，也是過去 5 個季度中訂單超過 10 億美元的第三個季度。

Our continued strong order growth has translated into another quarter of record revenue, which was also above $1 billion for the second consecutive quarter.

我們持續強勁的訂單增長轉化為創紀錄的另一個季度收入，也連續第二個季度超過 10 億美元。

Q4 revenue grew 16% or 17% on a core basis.

第四季度收入在核心基礎上增長了 16% 或 17%。

We are delivering broad-based growth across multiple dimensions of the business and across our major geographies, including China.

我們正在業務的多個方面以及包括中國在內的主要地區實現廣泛的增長。

As we mentioned last quarter, we are seeing some expected headwinds in China as a result of global trade tensions, which we expect to continue in 2019.

正如我們在上個季度提到的那樣，由於全球貿易緊張局勢，我們預計中國會出現一些預期的不利因素，我們預計這種情況將在 2019 年繼續存在。

Despite this dynamic, the breadth of our product offering across the diverse set of end markets enabled strong revenue growth in China in Q4.

儘管存在這種動態，但我們在不同終端市場提供的產品範圍廣泛，使中國第四季度的收入實現了強勁增長。

In particular, we saw a good growth in commercial communications, where we had strong differentiation in 5G.

特別是，我們在商業通信領域看到了良好的增長，我們在 5G 方面有很強的差異化。

2018 was a record year for Keysight with total order growth of 20% or 12% on core growth.

2018 年是是德科技創紀錄的一年，總訂單增長 20% 或核心增長 12%。

This brought our total orders for the year to over $4 billion, a new milestone for the company.

這使我們今年的總訂單超過 40 億美元，這是公司的一個新里程碑。

Total revenue grew 20% to a record $3.9 billion.

總收入增長 20%，達到創紀錄的 39 億美元。

On a core basis, revenue grew 13%, which was above our 11% expectation.

在核心基礎上，收入增長 13%，高於我們 11% 的預期。

We achieved this growth while also delivering our targeted core operating margin incremental, which resulted in $618 million in net income, up 34% over last year.

我們實現了這一增長，同時還實現了目標核心營業利潤率增量，從而實現了 6.18 億美元的淨收入，比去年增長 34%。

Our results for this year were driven by good demands trends and strong execution on the plan we implemented 4 years ago to innovate and be a leader in our selected markets, create value for our customers and deliver growth profitably.

我們今年的業績得益於良好的需求趨勢和我們 4 年前實施的計劃的強有力執行，以創新並成為我們選定市場的領導者，為我們的客戶創造價值並實現盈利增長。

At that time, we made the commitment to deliver annual EPS growth between 8% and 10% on a 4% core revenue growth CAGR, which we expected to achieve in 3 to 4 years.

當時，我們承諾以 4% 的核心收入複合年增長率實現 8% 至 10% 的年度每股收益增長，我們預計將在 3 至 4 年內實現這一目標。

Earlier this year, we increased that target to 10% or greater EPS growth.

今年早些時候，我們將該目標提高到 10% 或更高的每股收益增長。

I am pleased to report to you today that within 3 years' time we not only met that target, we exceeded it and delivered 28% EPS growth in 2018.

今天我很高興地向大家報告，在 3 年的時間裡，我們不僅實現了這一目標，而且還超過了目標，並在 2018 年實現了 28% 的每股收益增長。

Creating value for our customers by providing leading-edge technology solutions and insights that help them be at the forefront of innovation is the cornerstone of our strategy and the Keysight leadership model.

通過提供領先的技術解決方案和洞察力為我們的客戶創造價值，幫助他們走在創新的最前沿，這是我們戰略和是德科技領導模式的基石。

The targeted investments we have made over the past several years in software and services, and key areas of the market undergoing multiyear transformations are delivering results.

我們在過去幾年中對軟件和服務以及經歷多年轉型的關鍵市場領域進行的有針對性的投資正在取得成果。

Let me share some data points with you that illustrate our growth in a few of our focus areas.

讓我與您分享一些數據點，這些數據點說明了我們在幾個重點領域的增長。

Revenue for our software solutions grew strong double digits in 2018 and represents greater than 15% of our total revenue.

我們軟件解決方案的收入在 2018 年強勁增長兩位數，占我們總收入的 15% 以上。

This growth was driven by strong demand for our 5G solutions, high-frequency measurement application software and digital and photonic application software as well as the addition of ISG.

這一增長是由對我們的 5G 解決方案、高頻測量應用軟件以及數字和光子應用軟件的強勁需求以及 ISG 的增加推動的。

In services, we achieved all-time high for both orders and revenue, as well as record double-digit order and revenue growth for the fourth quarter and for the full year.

在服務方面，我們的訂單和收入均創歷史新高，第四季度和全年的訂單和收入增長均創歷史新高。

Services are an increasingly important element of our solution-centric engagement model with customers.

在我們以解決方案為中心的客戶參與模式中，服務越來越重要。

We are building momentum in services as we increase full solution sales in key end markets such as automotive and 5G.

隨著我們在汽車和 5G 等關鍵終端市場增加完整解決方案的銷售，我們正在建立服務勢頭。

In automotive and energy, customer demand remained high, and we delivered our eighth consecutive quarter of double-digit order growth with strong growth across multiple applications.

在汽車和能源領域，客戶需求居高不下，我們連續第八個季度實現兩位數的訂單增長，並在多個應用領域實現強勁增長。

During the quarter, growth from our top accounts was enhanced by wins with many new customers.

在本季度，我們的頂級客戶的增長因贏得許多新客戶而得到加強。

In 5G, we are leading and delivering very strong growth in Q4, resulting in record 5G orders.

在 5G 領域，我們在第四季度處於領先地位並實現了非常強勁的增長，導致創紀錄的 5G 訂單。

Our broad portfolio of 5G solutions and engagement with leading market makers continues to strengthen Keysight's leading position in this fast-growing market.

我們廣泛的 5G 解決方案組合以及與領先的做市商的合作繼續鞏固是德科技在這個快速增長的市場中的領先地位。

We continue to see major operator ecosystems embrace the Keysight platform.

我們繼續看到主要運營商生態系統採用是德科技平台。

This quarter, we received endorsements from China Telecom and SK Telecom.

本季度，我們獲得了中國電信和 SK 電訊的背書。

The scalability of our platform combined with Keysight's team's ability to keep pace with the fast-evolving standards needs positions us for future success as 5G deployments scale.

我們平台的可擴展性與是德科技團隊跟上快速發展的標準需求的能力相結合，使我們能夠在未來隨著 5G 部署規模的擴大而取得成功。

Additionally, our Ixia Solutions Group secured important new 5G orders with leading mobile operators in Japan, Korea, China and the U.S.

此外，我們的 Ixia Solutions Group 還獲得了日本、韓國、中國和美國領先移動運營商的重要新 5G 訂單。

It is exciting to see ISG's recently launched 5G solutions gain momentum with these Tier 1 accounts.

很高興看到 ISG 最近推出的 5G 解決方案在這些一級客戶中獲得發展勢頭。

Our combined technologies enabled Keysight to deliver full end-to-end solutions across the total communications workflow, which we view as a significant differentiator as wireless and wireline technologies continue to converge and 5G moves into commercialization.

我們的組合技術使是德科技能夠在整個通信工作流程中提供完整的端到端解決方案，隨著無線和有線技術的不斷融合以及 5G 進入商業化，我們認為這是一個重要的差異化因素。

The contract manufacturing transition continues to take longer than we expected.

合同製造轉型繼續花費比我們預期更長的時間。

That said, we have continued to make progress in optimizing the ISG business post-integration and orders strengthened in the quarter for both visibility and test.

也就是說，我們在優化 ISG 業務後整合方面繼續取得進展，本季度的訂單在可見性和測試方面得到加強。

We are confident in the plan we have to create long-term shareholder value.

我們對創造長期股東價值的計劃充滿信心。

In summary, 2018 has been a year of great success and strong revenue and earnings growth.

總而言之，2018 年是取得巨大成功、收入和盈利增長強勁的一年。

As we look ahead, we believe Keysight is well positioned to expand our leadership as our markets evolve.

展望未來，我們相信是德科技有能力隨著我們市場的發展擴大我們的領導地位。

We have built a robust innovation engine and a broad portfolio of solutions that spans multiple segments.

我們已經建立了強大的創新引擎和涵蓋多個領域的廣泛解決方案組合。

Our solution-centric approach to the market builds deep customer relationships that fuel innovation and customer success.

我們以解決方案為中心的市場方法建立了深厚的客戶關係，推動了創新和客戶成功。

We will continue to focus our investments in these key areas to drive innovation, create even more value for our customers and outgrow the market.

我們將繼續專注於這些關鍵領域的投資，以推動創新，為我們的客戶創造更多價值並超越市場。

Importantly, we have maintained our strong focus on financial discipline and operational excellence to drive earnings growth, while investing in key areas of the business.

重要的是，我們一直高度重視財務紀律和卓越運營，以推動盈利增長，同時投資於業務的關鍵領域。

Before I turn the call over to Neil, I would like to thank every member of Keysight's team for their dedication and hard work that made our record 2018 results possible.

在我將電話轉給 Neil 之前，我要感謝是德科技團隊的每一位成員，感謝他們的奉獻和辛勤工作，使我們在 2018 年取得了創紀錄的成績。

I will now turn it over to Neil to discuss our financial performance and outlook in more detail.

我現在將把它交給尼爾更詳細地討論我們的財務業績和前景。

Thank you, Ron, and hello, everyone.

謝謝你，羅恩，大家好。

Before I get started, I will note that all comparisons are on a year-over-year basis unless specifically noted otherwise.

在開始之前，我會指出所有比較都是按年比較，除非另有特別說明。

As Ron mentioned, we delivered another strong quarter as we continued to execute on the demand we see in core areas of our business.

正如 Ron 所提到的，隨著我們繼續執行我們在核心業務領域看到的需求，我們又交付了一個強勁的季度。

For the fourth quarter of 2018, we delivered record non-GAAP revenue of $1,051,000,000, which was above our guidance of $1 billion to $1,020,000,000.

2018 年第四季度，我們實現了創紀錄的非美國通用會計準則收入 10.51 億美元，高於我們 10 億美元至 10.2 億美元的預期。

We also delivered $1.1 billion in orders in the quarter, which were up 9% in total and 10% on a core basis.

我們還在本季度交付了 11 億美元的訂單，總計增長 9%，核心增長 10%。

Looking at our operational results for Q4, we reported gross margin of 61% and operating expenses of $408 million, resulting in operating margin of 22.3%, which is the highest level in Keysight's history.

從我們第四季度的運營結果來看，我們報告的毛利率為 61%，運營費用為 4.08 億美元，運營利潤率為 22.3%，這是是德科技歷史上的最高水平。

We also achieved record net income of $193 million and delivered $1.01 in earnings per share, which was up 42%.

我們還實現了創紀錄的 1.93 億美元淨收入，每股收益為 1.01 美元，增長了 42%。

Our weighted average share count for the quarter was 191 million shares.

我們本季度的加權平均股數為 1.91 億股。

GAAP net loss for the quarter was $114 million.

本季度 GAAP 淨虧損為 1.14 億美元。

In conjunction with our annual financial planning cycle and asset impairment review, we recorded a noncash goodwill impairment charge of $700 million net of tax, primarily due to weaker-than-expected market dynamics experienced in the Ixia Solutions Group.

結合我們的年度財務規劃週期和資產減值審查，我們記錄了 7 億美元的非現金商譽減值費用，這主要是由於 Ixia Solutions Group 的市場動態弱於預期。

While this is disappointing, the Ixia Business is a valuable asset in the Keysight portfolio.

雖然這令人失望，但 Ixia 業務是是德科技產品組合中的寶貴資產。

We remain confident in the long-term opportunities created by combining Ixia's strength in networking and Keysight's strength in wireless and physical layer test.

我們對結合 Ixia 在網絡方面的實力和是德科技在無線和物理層測試方面的實力所創造的長期機會充滿信心。

Our combined technologies enable Keysight to deliver full end-to-end solutions across the total communications workflow, which we view as a significant differentiator as wireless and wireline technologies continue to converge and 5G moves into commercialization.

我們的組合技術使是德科技能夠在整個通信工作流程中提供完整的端到端解決方案，隨著無線和有線技術的不斷融合以及 5G 進入商業化，我們認為這是一個重要的差異化因素。

Moving to the performance of our segments.

轉向我們細分市場的表現。

Our Communications Solutions Group, or CSG, generated total revenue of $566 million, up 23%, while delivering record gross margin of 63.7% and record operating margin of 27%.

我們的通信解決方案集團 (CSG) 產生了 5.66 億美元的總收入，增長了 23%，同時實現了創紀錄的 63.7% 毛利率和 27% 的營業利潤率。

In Q4, Commercial Communications delivered strong double-digit order growth and record revenue of $357 million, up 28%, driven by increased 5G R&D demand across the wireless ecosystem and growth in data center next-generation 400-gigabit and high-speed digital test.

在第四季度，商業通信業務實現了強勁的兩位數訂單增長和創紀錄的 3.57 億美元收入，增長 28%，這得益於整個無線生態系統 5G 研發需求的增長以及數據中心下一代 400 吉比特和高速數字測試的增長.

Aerospace defense and government grew 15% and generated revenue of $209 million.

航空航天國防和政府部門增長了 15%，收入達到 2.09 億美元。

Aerospace defense and government growth was driven by continued strong demand across the aerospace, defense supply chain, including space, satellite, cybersecurity, radar and electronic warfare applications.

航空航天國防和政府部門的增長受到航空航天、國防供應鏈（包括太空、衛星、網絡安全、雷達和電子戰應用）持續強勁需求的推動。

For the year, CSG revenue grew 17% to reach a record $2 billion.

這一年，CSG 收入增長了 17%，達到創紀錄的 20 億美元。

Our Electronic Industrial Solutions Group, or EISG, generated fourth quarter revenue of $249 million, up a record 21%, driven by strength across all of its markets, automotive and energy, semiconductor and general electronics.

我們的電子工業解決方案事業部 (EISG) 第四季度收入達到 2.49 億美元，增長 21%，創歷史新高，這得益於其所有市場、汽車和能源、半導體和通用電子產品的強勁表現。

EISG reported gross margin of 60.6% and operating margin of 26%.

EISG 報告毛利率為 60.6%，營業利潤率為 26%。

Our Ixia Solutions Group, or ISG, reported Q4 revenue of $115 million, gross margin of 70.5% and breakeven operating profit.

我們的 Ixia Solutions Group（簡稱 ISG）報告第四季度收入為 1.15 億美元，毛利率為 70.5%，營業利潤達到盈虧平衡。

ISG orders grew mid-single digits year-over-year and double-digit sequentially, driven by 5G wins as well as increased 400-gigabit and visibility sales.

ISG 訂單同比增長中個位數，環比增長兩位數，這主要得益於 5G 的成功以及 400 GB 和可見度銷售的增長。

We were encouraged to see another quarter of improved sales execution, but as Ron mentioned, the contract manufacturing transition is ongoing, which impacted ISG's Q4 revenue and operating results.

我們很高興看到又一個季度的銷售執行情況有所改善，但正如羅恩所說，合同製造轉型正在進行中，這影響了 ISG 第四季度的收入和經營業績。

We remain confident in our ability to work through these challenges, grow the business and increase profitability.

我們對自己應對這些挑戰、發展業務和提高盈利能力的能力充滿信心。

Lastly, Services Solutions Group, or SSG, revenue grew 10% in Q4 to reach a record $121 million, while delivering 40.9% gross margin and an operating margin of 13%.

最後，Services Solutions Group (SSG) 的收入在第四季度增長了 10%，達到創紀錄的 1.21 億美元，同時實現了 40.9% 的毛利率和 13% 的營業利潤率。

Q4 services revenue was driven by growth for calibration, remarketed solutions and repair.

第 4 季度服務收入是由校準、再營銷解決方案和維修的增長推動的。

This brings SSG revenue for the year to $461 million, up 10% over last year as our pivot to an organic growth strategy takes hold.

這使 SSG 今年的收入達到 4.61 億美元，比去年增長 10%，因為我們轉向有機增長戰略。

As Ron highlighted, we are pleased with our performance and execution as a company for the 2018 fiscal year.

正如 Ron 強調的那樣，我們對公司在 2018 財年的表現和執行感到滿意。

Revenue for the year totaled $3.9 billion and gross margin improved 70 basis points to 60.7%.

全年收入總計 39 億美元，毛利率提高 70 個基點至 60.7%。

To fuel innovation and further strengthen our market position in strategic areas, we continue to invest, while at the same time, remain within our operating model.

為了推動創新並進一步加強我們在戰略領域的市場地位，我們繼續投資，同時保持我們的運營模式。

We achieved our core operating margin incremental target for the year and achieved 20% operating margin.

我們實現了全年核心營業利潤率增量目標，實現了 20% 的營業利潤率。

This translated to strong 28% earnings growth and reported non-GAAP net income after taxes of $618 million or $3.24 per share for the full year.

這轉化為 28% 的強勁收益增長，報告的全年非 GAAP 稅後淨收入為 6.18 億美元或每股 3.24 美元。

Moving to the balance sheet and cash flow.

轉向資產負債表和現金流量。

We ended our fourth quarter with $913 million in cash and cash equivalents and reported cash flow from operations of $235 million and free cash flow of $201 million, which represents 19% of revenue.

我們在第四季度末擁有 9.13 億美元的現金和現金等價物，報告的運營現金流為 2.35 億美元，自由現金流為 2.01 億美元，佔收入的 19%。

This brings our free cash flow for the year to $423 million or 11% of revenue, which includes the onetime $85 million accelerated funding of our U.S. pension plan that we discussed last quarter.

這使我們今年的自由現金流達到 4.23 億美元，佔收入的 11%，其中包括我們上個季度討論的美國養老金計劃的一次性 8500 萬美元加速資金。

Under existing share repurchase authorization, during the quarter, we acquired approximately 634,000 shares on the open market at an average price of $63.11 for a total consideration of $40 million.

根據現有的股票回購授權，本季度我們在公開市場上以平均 63.11 美元的價格收購了約 634,000 股股票，總對價為 4000 萬美元。

This brings our total repurchases for the year to approximately 2 million shares at an average price of $57.91 for a total consideration of $120 million.

這使我們今年的回購總額達到約 200 萬股，平均價格為 57.91 美元，總對價為 1.2 億美元。

Now turning to our outlook and guidance.

現在轉向我們的展望和指導。

We expect first quarter 2019 revenue to be in the range of $965 million to $985 million and Q1 earnings per share to be in the range of $0.76 to $0.82 based on a weighted diluted share count of approximately 190 million shares.

我們預計 2019 年第一季度收入將在 9.65 億美元至 9.85 億美元之間，根據約 1.9 億股的加權稀釋後每股收益，第一季度每股收益將在 0.76 美元至 0.82 美元之間。

For 2019 modeling purposes, I would like to remind you that the quarterly revenue seasonality in the first half of 2018 was heavily skewed towards Q2 as a result of the closure of our Santa Rosa facility due to last year's wildfires.

出於 2019 年建模的目的，我想提醒您，由於去年的野火導致我們的聖羅莎工廠關閉，2018 年上半年的季度收入季節性嚴重偏向第二季度。

Historically, sequential revenue growth from Q1 to Q2 has averaged mid-single digits.

從歷史上看，從第一季度到第二季度的連續收入增長平均為中個位數。

With regard to our tax rate, based on our latest assessment of the benefits of tax reform, we are currently modeling a 12% non-GAAP effective tax rate for FY '19, a reduction of 3 percentage points from our prior rate of 15%.

關於我們的稅率，根據我們對稅收改革好處的最新評估，我們目前正在為 19 財年的 12% 非 GAAP 有效稅率建模，比我們之前的 15% 降低了 3 個百分點.

With that, I will now turn it back to Jason for the Q&A.

有了這個，我現在將把它轉回 Jason 進行問答。

Thank you, Neil.

謝謝你，尼爾。

Jesse, will you please give the instructions for the Q&A?

傑西，你能給出問答的說明嗎？

(Operator Instructions)

（操作員說明）

And the first question comes from the line of Brandon Couillard with Jefferies.

第一個問題來自 Jefferies 的 Brandon Couillard。

Ron, if you look at the business in the fourth quarter, clearly quite a bit of momentum across the board.

羅恩，如果你看一下第四季度的業務，顯然整體勢頭相當大。

Where would you say were the biggest areas that surprised to the upside relative to your guidance?

相對於你的指導，你認為最大的上行領域是哪裡？

And then just look out to fiscal '19, any goalposts you can share with us relative to your 4% to 5% long-term top line growth target?

然後看看 19 財年，您可以與我們分享與您 4% 至 5% 的長期收入增長目標相關的任何目標嗎？

Understanding you're lapping pretty tough comps, but what areas of the business you think get stronger versus those might moderate a bit?

了解您正在處理相當艱難的競爭，但您認為哪些業務領域會變得更強大，而那些領域可能會有所緩和？

Brandon, one of the good things is that a lot of our growth initiatives there are hitting on all cylinders and continue to break the records.

布蘭登，其中一件好事是我們在那裡的許多增長計劃都在全力以赴並繼續打破記錄。

5G is the area that is -- has grown triple digits as we had talked about, and it continues to be very strong and very strong around the world.

5G 是一個領域 - 正如我們所說的那樣增長了三位數，並且它在世界範圍內繼續非常強大。

And that feeds into our commercial communications business, which is also very strong as we reported our revenue for -- overall for China.

這為我們的商業通信業務提供了動力，這也非常強勁，因為我們報告了我們在中國的整體收入。

That was a bit of a surprise how strong that was, but our services business, for instance, has grown double digits throughout the year.

如此強勁有點令人驚訝，但例如，我們的服務業務全年增長了兩位數。

On top of that, our automotive business has grown very strong.

最重要的是，我們的汽車業務發展非常強勁。

So when we look at, for instance, revenue growth of CSG of 23%, we see also EISG at 21%, SSG at 10%.

因此，例如，當我們看到 CSG 收入增長 23% 時，我們還看到 EISG 增長 21%，SSG 增長 10%。

All of those are doing well, but EISG and SSG driven primarily from commercial communications and automotive seem to be strong.

所有這些都做得很好，但主要由商業通信和汽車驅動的 EISG 和 SSG 似乎很強大。

There's is no doubt that we do have a tough compare compared to with this last year, which the performance was so much better than the year before, but we actually see upside to that 4% to 5%.

毫無疑問，與去年相比，我們確實有一個艱難的比較，去年的表現比前一年好得多，但我們實際上看到了 4% 到 5% 的上升空間。

And Neil, feel free to go in and to add some more color to that.

尼爾，請隨意加入並為其添加更多顏色。

Yes.

是的。

I think, Ron, you hit it.

我想，羅恩，你成功了。

I think we feel like we're at the front end of the number of secular themes that will continue to provide growth opportunities for us moving forward.

我認為我們覺得我們處於眾多世俗主題的前端，這些主題將繼續為我們前進提供增長機會。

As you mentioned, Brandon, the 2018 growth will provide some tougher comps for us, particularly in the back half of the year.

正如你提到的，Brandon，2018 年的增長將為我們提供一些更艱難的競爭，尤其是在今年下半年。

We're weighing that with the strength we see in our growth initiatives with some potential headwinds in China as well as in semi.

我們正在權衡我們在增長計劃中看到的力量以及中國和半球的一些潛在阻力。

But all in all, we see some upside to the 4% to 5% long-term growth target that we put out there for the company, and we feel we have a broad portfolio of solutions and sell in to a diverse set of end markets, and believe, we're well positioned across that entire space.

但總而言之，我們認為我們為公司設定的 4% 至 5% 的長期增長目標還有一些上升空間，我們認為我們擁有廣泛的解決方案組合，並面向不同的終端市場銷售，並且相信，我們在整個領域都處於有利地位。

And again, if you look at our growth initiatives, services, automotive and software all grew double digits in orders.

再一次，如果你看看我們的增長計劃，服務、汽車和軟件的訂單都增長了兩位數。

And the only exception was 5G, which grew triple digits.

唯一的例外是 5G，它增長了三位數。

So that momentum continues to be strong, and that's why we're raising the outlook relative to street consensus going forward for Q1.

所以這種勢頭繼續強勁，這就是為什麼我們要提高第一季度相對於街頭共識的前景。

That's helpful.

這很有幫助。

And then one more, Ron, with respect to Ixia, it wasn't quite clear that the contract manufacturing transition is still behind you.

還有一個，Ron，關於 Ixia，合同製造轉型是否已經過去還不是很清楚。

Should we still think about that as a headwind to the top line for that business segment in the first quarter?

我們是否仍應將其視為第一季度該業務部門收入的逆風？

And then with respect to the revenue synergy target of, I think, $50 million-plus by year 3, is that still a relevant figure that's still intact in your mind?

然後關於收入協同目標，我認為，到第 3 年超過 5000 萬美元，這是否仍然是一個相關的數字，並且在您的腦海中仍然完好無損？

Sure.

當然。

Well, let me just start and say, overall, although we have at a record year, all is not perfect.

好吧，讓我開始說，總的來說，儘管我們創下了創紀錄的一年，但並非一切都完美。

The Ixia integration has become a bigger job than we had thought it originally.

Ixia 集成已經成為一項比我們原先想像的更大的工作。

We're making excellent progress, but it's taking longer than we originally thought.

我們正在取得很好的進展，但所花的時間比我們原先想像的要長。

And we have a -- we've a multifaceted plan to go after this.

我們有一個 - 我們有一個多方面的計劃來實現這一目標。

One, we put new leadership in place with Mark Pierpoint to lead that group, and that's working out very well.

第一，我們任命了新的領導層，由 Mark Pierpoint 領導該小組，而且效果非常好。

We've completed our transition and integration to a new sales platform that will help make sales much more integrated and also share on the information to really accelerate our revenue synergies, which are starting to pop up with Satish in our general Communications Solutions Group.

我們已經完成了向新銷售平台的過渡和整合，這將有助於使銷售更加整合併共享信息以真正加速我們的收入協同效應，這些協同效應開始與 Satish 在我們的通用通信解決方案組中出現。

We've seen improvements in our order flow, in our funnel conversion throughout the quarter.

我們在整個季度的漏斗轉換中看到了訂單流的改進。

And as we reported, we had mid-single-digit growth for ISG in orders this past quarter and double-digit growth in orders sequentially.

正如我們所報告的那樣，我們在上個季度的 ISG 訂單中實現了中個位數增長，訂單連續增長了兩位數。

But we are consolidating the CM supply chain, and we're transferring about 75 products and major products, I should say.

但我們正在整合 CM 供應鏈，我們正在轉移大約 75 種產品和主要產品，我應該說。

And although they're not new products, it's a whole new process that we're putting into this CM.

儘管它們不是新產品，但我們將其放入此 CM 中是一個全新的過程。

And what it will do, it will improve the quality and lower the cost to provide great performance in the long term.

它將做什麼，它將提高質量並降低成本以提供長期的卓越性能。

So that's what's going on.

這就是正在發生的事情。

We still have a lot of confidence in the business.

我們對業務還是很有信心的。

We recently introduced new solution, the AresONE solution for 400-gig, it is the densest solution to go ahead and to address this need.

我們最近推出了新的解決方案，AresONE 400-gig 解決方案，它是滿足這一需求的最密集的解決方案。

Compared to the competition, it's very, very strong.

與競爭對手相比，它非常非常強大。

So we're excited about that.

所以我們對此感到興奮。

And now, I'll turn it over to Neil, who could talk a little bit about the guidance and the financials for Ixia.

現在，我將把它交給 Neil，他可以談談 Ixia 的指導和財務狀況。

Yes, Ron, I think you covered it pretty well.

是的，羅恩，我認為你講得很好。

I think, as Ron mentioned, the contract manufacturing transition has taken us longer than we expect, but we would point to the strong order growth rates that we saw in the quarter.

我認為，正如 Ron 提到的那樣，合同製造轉型花費的時間比我們預期的要長，但我們會指出我們在本季度看到的強勁訂單增長率。

And you mentioned revenue synergies, I think, we can point to Ixia's success in China, particularly at some of the bigger customers that have been strongholds for Satish's commercial communications business and the wins that we're getting there as evidence that we are getting revenue synergies in this business.

你提到了收入協同效應，我認為，我們可以指出 Ixia 在中國的成功，特別是在一些大客戶中，這些客戶一直是 Satish 商業通信業務的據點，而我們正在取得的勝利證明我們正在獲得收入該業務的協同效應。

So I think as we look forward, we remain confident in our thesis and that as wireless -- as 5G rolls out and wireless and wireline converge the ability to provide end-to-end solutions across communications ecosystem by bringing these businesses together in the end is a winning strategy.

因此，我認為在我們展望未來時，我們仍然對我們的論點和無線技術充滿信心——隨著 5G 的推出以及無線和有線網絡最終通過將這些業務整合在一起，融合了跨通信生態系統提供端到端解決方案的能力是一種制勝法寶。

It may be worthwhile for Satish to add a point on what he's seeing in 5G and how it intersects with Ixia?

Satish 可能值得就他在 5G 中看到的內容以及它如何與 Ixia 相交添加一點？

Yes.

是的。

Thanks, Ron.

謝謝，羅恩。

Clearly, on one way you look at 5G as a wireless standards evolution, but it's really causing the entire communication block diagram to be reconstituted or transformed.

顯然，在某種程度上，您將 5G 視為無線標準的演進，但它確實導致整個通信框圖被重構或轉換。

And that transformation is occurring end-to-end, you start with devices, the entire memory systems are changing and then you go into the cloud and the core network side, there is fundamental shifts occurring there.

這種轉變是端到端發生的，你從設備開始，整個內存系統都在改變，然後你進入雲和核心網絡端，那裡發生了根本性的變化。

Our ability to sort of keep pace with the needs of the entire ecosystem is a big differentiator, and you can see that in our continued momentum of 5G orders in the company.

我們跟上整個生態系統需求的能力是一個很大的差異化因素，你可以在我們公司 5G 訂單的持續增長勢頭中看到這一點。

We are into -- in conversations with lead customers today, because of the fact that we have the entire 5G stack end-to-end.

今天，我們正在與主要客戶進行對話，因為我們擁有端到端的整個 5G 堆棧。

We don't have to look elsewhere, we can look inwards and provide the complete solution for the ecosystem.

我們不必向別處看，我們可以向內看，為生態系統提供完整的解決方案。

So I continue to believe that getting these entire capabilities together will keep the momentum for our 5G success going for some years to come.

因此，我仍然相信，將這些全部功能整合在一起，將在未來幾年保持我們 5G 成功的勢頭。

Thank you.

謝謝。

Your next question comes from Vijay Bhagavath with Deutsche Bank.

你的下一個問題來自德意志銀行的 Vijay Bhagavath。

Ron, Neil, the mood at your company should be party like it's 1999.

羅恩、尼爾，你們公司的氣氛應該像 1999 年一樣熱鬧。

So yes, I know it's a tough tape still.

所以是的，我知道這仍然是一盤艱難的磁帶。

A question for you, which you get asked a lot from clients is how should we think about the duration or the longevity of some of these secular growth drivers you mentioned?

客戶經常問您的一個問題是，我們應該如何考慮您提到的一些長期增長動力的持續時間或壽命？

You could pick on, for example, 5G, the aero-defense program complex, connected cars, ADAS.

例如，您可以選擇 5G、航空防禦計劃綜合體、聯網汽車、ADAS。

So that we -- from a modeling point of view, we get an understanding of the longevity and the duration of some of these growth cycles?

以便我們 - 從建模的角度來看，我們了解其中一些增長周期的壽命和持續時間？

And I have a follow-on for Neil.

我有一個尼爾的後續。

Sure.

當然。

Well, first of all, I just want to say as you said, people at the company should be happy.

嗯，首先，我只想說，就像你說的，在公司的人應該是快樂的。

We just sent out a note that our employees have variable pay based on their performance, and they're receiving record bonuses for this record performance during the last year, and there is nothing that makes me feel happier than to be able to share this success with all the employees that are working very hard.

我們剛剛發出了一份通知，我們的員工根據他們的表現獲得可變薪酬，並且他們在去年的這一創紀錄表現中獲得了創紀錄的獎金，沒有什麼比能夠分享這一成功更讓我感到高興的了與所有努力工作的員工一起。

Second, with regard to the growth initiatives, one of the things that we looked at when we set this up roughly 4 years ago was to look for a secular growth trend that last at least a decade and typically 2-plus.

其次，關於增長計劃，我們在大約 4 年前設立該計劃時考慮的其中一件事是尋找至少持續 10 年且通常為 2 年以上的長期增長趨勢。

And that's what we're seeing in 5G as well as in commercial comms, and we're seeing it in automotive with ADAS, et cetera, and these trends are going to go on for a long period of time before you see automotive get to Level 5, and there is plenty, plenty of opportunity for us as this gets implemented and safety becomes extremely important and there are multiple technologies that are utilized.

這就是我們在 5G 和商業通信中看到的，我們在 ADAS 等汽車中看到的，這些趨勢將持續很長一段時間，然後你才能看到汽車進入5 級，隨著它的實施，我們有很多機會，安全變得極其重要，並且使用了多種技術。

5G, it's the same thing before that gets implemented around the world.

5G，在全球實施之前也是一樣的。

A lot of times we forget and we think of how fast The U.S. is moving or how fast, for instance, China is moving right now, and other countries.

很多時候我們忘記了，我們想到的是美國的發展速度有多快，或者，例如，中國現在和其他國家的發展速度有多快。

The world is much bigger and nobody -- there's many, many countries that will utilize this technology, that will not see it for many years, but we're starting to see some countries that will be seeing their first rollouts very soon.

世界要大得多，而且沒有人——有很多很多國家會利用這項技術，很多年都不會看到它，但我們開始看到一些國家很快就會看到他們的首次推出。

So we're really excited that you'll see these growth initiatives and what we have going on for another decade, at least.

因此，我們真的很高興您會看到這些增長計劃以及我們至少在未來十年內所做的事情。

And again, we will also look as we continue to build those out to add more, but right now there is such an opportunity and a gold mine in these applications, we're focusing and it's providing us the growth that we had promised and then some as well as the earnings growth, which is our ultimate job.

再說一次，我們還將繼續構建這些應用程序以增加更多內容，但現在這些應用程序中存在這樣的機會和金礦，我們正在關注它，它為我們提供了我們承諾的增長，然後一些以及收入增長，這是我們的最終工作。

It's very helpful, Ron.

這很有幫助，羅恩。

Neil, a question for you.

尼爾，問你一個問題。

Recently, we have been kind of picking up on the tape here, some design wins and success story with, for example, China Mobile, South Korea Telecom and perhaps other places, rest of world.

最近，我們一直在這裡收聽磁帶，一些設計勝利和成功案例，例如中國移動、韓國電信以及世界其他地方。

So how should we think about gross margins and also sales OpEx versus those in the U.S.?

那麼，與美國相比，我們應該如何考慮毛利率和銷售運營支出呢？

Would they be roughly comparable?

它們大致具有可比性嗎？

Would they be meaningfully below their U.S. counterparts?

他們會明顯低於美國同行嗎？

It's a great question.

這是一個很好的問題。

Thank you, Vijay.

謝謝你，維杰。

I think from a gross margin perspective, we do not see big differentiation as we look to the different geographies around the world.

我認為從毛利率的角度來看，我們看不到全球不同地區的巨大差異。

The biggest differentiator we see on the gross margin line is whether or not we're selling into an R&D lab for an R&D solution or selling into a manufacturing line once production has begun -- once volume production has begun.

我們在毛利率線上看到的最大區別是，我們是向研發實驗室銷售研發解決方案，還是在生產開始後向生產線銷售——一旦量產開始。

Obviously, the overwhelming majority of our 5G sales at this point are still in the R&D phase.

顯然，我們目前絕大部分 5G 銷售仍處於研發階段。

Satish did reference last quarter that we had gotten our first manufacturing order, but again that's really around the edges at this point.

薩蒂什在上個季度確實提到我們已經獲得了我們的第一個製造訂單，但在這一點上，這又是真正的邊緣。

What was the second part of your question?

你問題的第二部分是什麼？

I'm sorry.

對不起。

The second part is also like the sales OpEx, like the cost of sale.

第二部分也類似於銷售運營支出，如銷售成本。

Yes, sales.

是的，銷售。

Yes, the sales OpEx.

是的，銷售運營支出。

There, I would look to reference the initiative that Mark Wallace has to double our number of direct frontline sellers.

在那裡，我會參考馬克華萊士必須將我們的直接一線賣家數量增加一倍的倡議。

That's a multiyear effort that we are undertaking to essentially increase the capacity of our sales force and ultimately drive the top line.

這是我們為從根本上提高銷售人員的能力並最終推動收入增長而進行的多年努力。

I'll let Mark make additional comments.

我會讓 Mark 發表更多評論。

Obviously, there will be some additional expense associated with that, but you can think of it as kind of continuing into operate within the current operating model on a percentage basis, maybe get a little leverage.

顯然，與此相關的會有一些額外費用，但您可以將其視為在當前運營模式下按百分比繼續運營，可能會獲得一點影響力。

Right.

正確的。

And just a comment, the way we're deploying the resources are where the growth and the opportunity, where the market inflections are occurring.

只是評論一下，我們部署資源的方式是增長和機會所在，市場正在發生變化。

So as there's a lot of growth occurring in Asia, in China, in Korea and other locations like that, that's where we're focusing a lot of our increased capacity and capability.

因此，由於亞洲、中國、韓國和其他類似地區出現了大量增長，因此我們將重點放在增加產能和能力上。

So we're really focusing on a pretty surgical deployment to follow our growth strategy on increasing our capacity to support customers and grow the business wherever that may be.

因此，我們真正專注於一個漂亮的手術部署，以遵循我們的增長戰略，提高我們支持客戶的能力，並在任何可能的地方發展業務。

Your next question comes from Toshiya Hari with Goldman Sachs.

你的下一個問題來自高盛的 Toshiya Hari。

Great.

偉大的。

In EISG, you guys delivered very nice acceleration in the quarter, 21% growth year-over-year.

在 EISG 中，你們在本季度實現了非常好的加速，同比增長 21%。

You guys talked about strength pretty much across the board, maybe outside of semiconductor test.

你們幾乎全面地談論了實力，也許在半導體測試之外。

But as you look out across the next 12 to 18 months, how should we think about sustainability of growth here?

但是當你展望未來 12 到 18 個月時，我們應該如何考慮增長的可持續性？

I know some of your subsegments are a little bit more secular in nature, I know some of your businesses are a little bit more cyclical.

我知道你們的一些細分市場在本質上更具有世俗性，我知道你們的一些業務更具週期性。

So if you can help us with the modeling for the next year or so, that would be helpful.

因此，如果您能幫助我們進行明年左右的建模，那將會很有幫助。

I'll let you take that one, Neil.

我會讓你拿那個，尼爾。

Yes.

是的。

Happy to do it.

很高興這樣做。

So just a couple of comments as it relates to subsegments within EISG.

因此，只有一些評論與 EISG 中的子部分相關。

As Ron has already indicated with regard to automotive, we really believe that we're in the front end of a multiyear rollout of next-generation auto.

正如 Ron 在汽車方面已經指出的那樣，我們真的相信我們正處於下一代汽車多年推出的前端。

And so we just don't see any reason to believe that the growth there is going to subside anytime soon.

因此，我們只是看不出有任何理由相信那裡的增長會很快消退。

The 2 other segments in there are obviously semiconductor and general electronics.

那裡的其他兩個部分顯然是半導體和通用電子產品。

The general electronics business is a really extraordinarily diverse set of business.

通用電子行業是一個非常多樣化的行業。

It's probably the most tightly linked to the overall macro environment.

它可能是與整體宏觀環境聯繫最緊密的。

And so there is no one single driver in that business, but as long as the macroeconomy stay strong and electronics in general, are doing well, we'll continue to generate strong revenues in our general electronics business.

因此，該業務沒有單一的驅動因素，但只要宏觀經濟保持強勁且電子產品總體表現良好，我們將繼續在我們的通用電子業務中產生強勁的收入。

And lastly, semiconductor, we've been cautious about semi for several quarters in a row.

最後，半導體，我們連續幾個季度對半導體持謹慎態度。

We did put up really strong revenue growth in the fourth quarter, but orders in the fourth quarter, as we expected, were down in the fourth quarter.

我們確實在第四季度實現了非常強勁的收入增長，但正如我們預期的那樣，第四季度的訂單在第四季度有所下降。

And so we are expecting some softness in the semi piece of our business going into next year, but I would remind everybody that semi as a part of Keysight is substantially less than 10% of our overall revenue.

因此，我們預計明年我們的半成品業務會出現一些疲軟，但我要提醒大家，作為是德科技一部分的半成品在我們總收入中所佔的比例大大低於 10%。

And it's probably worthwhile to note that orders overall were great -- was greater than revenue, and we built backlog again in Q4.

可能值得注意的是，總體訂單量很大——大於收入，我們在第四季度再次積壓訂單。

Got it.

知道了。

Very helpful.

很有幫助。

And then as a quick follow-up, again execution on the margin front was very strong as well.

然後作為快速跟進，保證金方面的執行也非常強勁。

I think you're already in your long-term model range of 22%, 23% despite some of the near-term weakness at Ixia.

我認為您已經處於 22%、23% 的長期模型範圍內，儘管 Ixia 近期存在一些疲軟。

How should we think about potential upside in margins as you think about your business over the next 12 to 18 months?

在您考慮未來 12 到 18 個月的業務時，我們應該如何考慮利潤率的潛在上升空間？

We're committed to doing 2 things.

我們致力於做兩件事。

One, providing a 40% incremental and two, reinvesting in the business for growth.

第一，提供 40% 的增量，第二，對業務進行再投資以實現增長。

So as long as we continue to see opportunities there, as we see upside, you can count on a 40% incremental and you can count on us doing everything we can to grow the top line and bottom line even further.

因此，只要我們繼續在那裡看到機會，就像我們看到的上行空間一樣，您就可以指望 40% 的增量，並且您可以指望我們盡我們所能來進一步增加頂線和底線。

Your next question comes from Amir Rozwadowski with Barclays.

你的下一個問題來自巴克萊銀行的 Amir Rozwadowski。

Peter Zdebski on for Amir.

彼得茲德布斯基代替阿米爾。

I just want to circle back on China.

我只想回到中國。

When we last checked in, there was a little bit of headwind on the A&D side from related to trade situation, trade restrictions.

當我們上次檢查時，與貿易形勢、貿易限制有關的 A&D 方面存在一些不利因素。

Is that continuing?

那還要繼續嗎？

Has it sort of flatlined or improved at all?

它有沒有變平或有所改善？

Sure.

當然。

It's a great question, Peter.

這是一個很好的問題，彼得。

The first thing that's probably not apparent is that now what we see is our A to D business in China as a relatively small portion of overall China sales.

首先可能不明顯的是，我們現在看到的是我們在中國的 A 到 D 業務在中國整體銷售額中所佔比例相對較小。

It's less than 15%.

它不到 15%。

So most of the business that we see there is commercial comms, and we see some general purpose products, but -- so 85% has nothing to do with aerospace defense, which sees the, let's say, the most short-term pressure.

所以我們看到的大部分業務都是商業通訊，我們看到一些通用產品，但是 - 所以 85% 與航空航天防禦無關，可以說，這是最短期的壓力。

So that's the first answer, and I'll let Satish make some other comments about his aerospace defense business.

所以這是第一個答案，我會讓薩蒂什對他的航空航天防禦業務發表一些其他評論。

Yes.

是的。

Thanks, Ron.

謝謝，羅恩。

Overall, I'd say, aerospace-defense had a record year finishing the year at close to $800 million in revenue and sales.

總的來說，我想說，航空航天防禦領域創下了創紀錄的一年，收入和銷售額接近 8 億美元。

And as you pointed out, China is a small part of it.

正如你所指出的，中國祇是其中的一小部分。

We saw some softness in China as anticipated specific to the aerospace and defense application, but it was more than made up for through the strengths we saw in our commercial comms business.

正如預期的那樣，我們在航空航天和國防應用方面看到了中國的一些疲軟，但我們在商業通信業務中看到的優勢彌補了這一不足。

Okay, great.

好的，太好了。

That's very helpful.

這很有幫助。

And just a quick follow-up specific to China in the semi business.

並且只是針對中國半導體業務的快速跟進。

When we last checked in, that was substantially exposed to sort of the evolution in node geometries and more on the R&D side, has that -- is that still strong in the quarter?

當我們上次簽到時，它在很大程度上暴露於節點幾何形狀的演變，更多的是在研發方面，那 - 這個季度仍然很強勁嗎？

Yes.

是的。

As I said, semi revenues were very strong in the quarter, but we did see a softening or a slowdown in the incoming order rate during the quarter.

正如我所說，本季度的半成品收入非常強勁，但我們確實看到本季度的新訂單率有所放緩或放緩。

The 2 drivers, as you mentioned, were the move to smaller process architectures as well as the general fab buildout that's happening in China.

正如你提到的，這兩個驅動因素是向更小的工藝架構的轉變，以及中國正在發生的一般晶圓廠擴建。

But semi orders were, in fact, soft during the quarter.

但事實上，本季度半成品訂單疲軟。

We had a huge buildout last year, when about 17 different foundries in China were formed and that created a nice base or let's say, a healthy compare.

去年我們進行了大規模擴建，當時在中國成立了大約 17 家不同的鑄造廠，這創造了一個很好的基礎，或者說，一個健康的比較。

But what's also interesting is that we built backlog in the semi business this year, we built it also last year.

但同樣有趣的是，我們今年在半成品業務中積壓了訂單，去年也是如此。

So things are pretty reasonable there.

所以那裡的事情很合理。

Your next question comes from Jim Suva with Citigroup.

你的下一個問題來自花旗集團的吉姆蘇瓦。

Your results are very stellar.

你的結果非常出色。

So I guess, I'll focus a little bit on more of the opportunity.

所以我想，我會稍微關注更多的機會。

When we look at the revenues for services up year-over-year nicely, margins down year-over-year.

當我們很好地查看服務收入同比增長時，利潤同比下降。

A lot of investors get concerned when they see those trends.

當許多投資者看到這些趨勢時，他們會感到擔憂。

It sounds like from your prepared comments you're investing in the sales force and such, and increasing the number of bodies, is that the way to think about it?

從你準備好的評論來看，你正在投資於銷售隊伍等，並增加機構數量，這是考慮它的方式嗎？

And when we do that, is it like a 6-month, 9-month?

當我們這樣做時，是 6 個月、9 個月嗎？

How long to kind of sow before the harvest comes from those efforts?

在收穫來自這些努力之前播種多久？

Yes.

是的。

I think, Mark Wallace, Head of Sales, can give some initial comments, and then Neil will follow it up with the financials.

我認為，銷售主管馬克華萊士可以提供一些初步意見，然後尼爾將跟進財務狀況。

Sure.

當然。

Thanks, Ron.

謝謝，羅恩。

Jim, we're deploying new resources continuously.

吉姆，我們正在不斷部署新資源。

And it -- yes, about 6 months to bring resources on board, but it's happening over multiple phases across multiple parts of our business.

它——是的，大約需要 6 個月的時間來引入資源，但它發生在我們業務多個部分的多個階段。

Last year, at the beginning of our fiscal year, we deployed the first global services sales organization within Keysight.

去年，在我們財政年度的開始，我們在是德科技內部部署了第一個全球服務銷售組織。

So we've had our first year of having a focused sales organization.

所以我們已經有了一個專注的銷售組織的第一年。

And as you heard from Ron's comments earlier, we delivered record high order growth during the year, 30% order growth in Q4, 22% growth for the entire year.

正如你之前從 Ron 的評論中聽到的那樣，我們在這一年中實現了創紀錄的訂單增長，第四季度訂單增長 30%，全年增長 22%。

So it is working.

所以它正在工作。

The other subtlety here is we're really putting a lot of focus across all of Keysight global sales on selling services, not just a dedicated sales team that sells value-added services.

這裡的另一個微妙之處是，我們確實將所有 Keysight 全球銷售的重點放在銷售服務上，而不僅僅是銷售增值服務的專門銷售團隊。

We put a lot of focus on upfront services sales.

我們非常重視前期服務銷售。

So that means when you sell a piece of equipment or a solution, we're selling more services upfront, and that's really helping us to drive growth now and over time, because a lot of this will be reoccurring.

因此，這意味著當您銷售一件設備或解決方案時，我們會提前銷售更多服務，這確實有助於我們現在和未來推動增長，因為其中很多都會重複發生。

And then across the board, our services business for multivendor repair and cal is up, our remarketed equipment sales are up, and I think it's a direct result of us being successful with our organic services capability as well as deploying a sales organization that is capable of selling services.

然後全面而言，我們的多供應商維修和校準服務業務在增長，我們的再營銷設備銷售也在增長，我認為這是我們在有機服務能力方面取得成功以及部署有能力的銷售組織的直接結果銷售服務。

If I was just going to add to your point on margin, if you look at, take, Q4 financials, for example, we -- what we saw was 30% order growth and 10% revenue growth and it's -- but we pay on -- we pay our commissions based on orders.

如果我只是想補充你關於利潤率的觀點，如果你看一下第四季度的財務數據，例如，我們看到的是 30% 的訂單增長和 10% 的收入增長，而且它是 - 但我們支付-- 我們根據訂單支付佣金。

And so we're very happy with the performance of our services business during the year and during the quarter.

因此，我們對我們服務業務在這一年和本季度的表現感到非常滿意。

Right now, we've got expenses that are some extent leading revenue because of the outpaced order growth during the period.

目前，由於在此期間的訂單增長速度過快，我們的支出在某種程度上領先於收入。

Great.

偉大的。

And then my follow-up question is, switching gears to your contract manufacturing challenges.

然後我的後續問題是，切換到您的合同製造挑戰。

I believe a quarter or 2 ago, maybe it was 3 ago, you mentioned some ERP issues.

我相信一個季度或 2 年前，也許是 3 年前，你提到了一些 ERP 問題。

Are those completely independent of each other?

那些完全相互獨立嗎？

Or are those 2 somewhat related?

或者這兩個有點相關？

And if so, the resolution of each of those, when should we think about it?

如果是這樣，我們應該在什麼時候考慮其中每一項的解決方案？

I would say, at this point, they're independent issues.

我會說，在這一點上，它們是獨立的問題。

We did the transition of Ixia onto the Keysight ERP as well as the transition to the new contract manufacturer, both of those were executed during the Q2 time frame.

我們完成了 Ixia 到 Keysight ERP 的過渡以及向新合約製造商的過渡，這兩項都是在第二季度執行的。

At this point, the ERP issues are largely behind us.

在這一點上，ERP 問題基本上已經過去了。

We're continuing to, obviously, work to stabilize the contract manufacturing situation.

顯然，我們正在繼續努力穩定合同製造情況。

As Ron mentioned, transferring 75 complex projects into the new CM, putting processes in place to improve quality, reduce cost.

正如 Ron 提到的那樣，將 75 個複雜項目轉移到新的 CM 中，制定流程以提高質量、降低成本。

We're confident in our ability to get this done and to come out the other side, but it's taking longer than we expected.

我們對完成這項工作並走出困境的能力充滿信心，但這比我們預期的要長。

And when is the duration or end of it that we anticipate?

我們預計它的持續時間或結束時間是什麼時候？

We haven't put a time line on it.

我們還沒有設定時間表。

We're continuing to work to resolve issues.

我們正在繼續努力解決問題。

We're making progress every quarter.

我們每個季度都在取得進展。

We expect that progress to continue, and we'll keep working it.

我們希望繼續取得進展，我們將繼續努力。

Your next question comes from Adam Thalhimer with Thompson Davis.

你的下一個問題來自 Adam Thalhimer 和 Thompson Davis。

Ron, you really caught my attention when you talked about the auto orders, I mean, you emphasized many new customers.

羅恩，當你談到汽車訂單時，你真的引起了我的注意，我的意思是，你強調了許多新客戶。

Just curious if you can give us some more color there?

只是好奇你能不能給我們更多的顏色？

Sure.

當然。

I'll let Mark talk and some of the information we can tell you and other stuff we're restricted to share, but Mark will be able to share what we can at this point.

我會讓 Mark 談談我們可以告訴你的一些信息以及我們限制分享的其他內容，但此時 Mark 將能夠分享我們可以分享的內容。

Sure.

當然。

Adam, we -- I think, we've been talking about new customer acquisition for several quarters now, and we have acquired several thousand new customers overall during the course of the last 12 months during our last fiscal year.

亞當，我們 - 我認為，我們現在已經討論了幾個季度的新客戶獲取問題，並且在上一個財政年度的過去 12 個月中，我們總共獲得了數千名新客戶。

That is an explicit focus across the board, including automotive.

這是一個明確的重點，包括汽車。

One of the vehicles, no pun intended, we're using to find and capture new customers is putting customer solution centers, where the customers are located.

我們用來尋找和捕獲新客戶的其中一種工具，沒有雙關語意，就是將客戶解決方案中心放在客戶所在的地方。

A year ago, we opened up our solution center right outside Detroit.

一年前，我們在底特律郊外開設了我們的解決方案中心。

It's been very successful.

它非常成功。

We have regular interaction with both new and existing customers there.

我們定期與那裡的新客戶和現有客戶進行互動。

And just last month, or back in October, I should say, we opened up another new center in Shanghai, China, and that complements our capabilities that exist today in Bochum, Germany, in the Bay Area and other locations.

就在上個月，或者說早在 10 月份，我們在中國上海開設了另一個新中心，這補充了我們今天在德國波鴻、灣區和其他地方的能力。

So we're going to continue to deploy this strategy, it brings customers and innovators within Keysight together and it's really working very well.

因此，我們將繼續部署這一戰略，它將客戶和是德科技的創新者聚集在一起，而且效果非常好。

The other just comment I'll make is that the additive function of Scienlab to our portfolio is making a big difference in terms of finding new customers, especially on the Tier 1 OEM side, where we have new solutions for that particular set of customers.

我要說的另一個評論是，Scienlab 對我們產品組合的附加功能在尋找新客戶方面產生了很大的不同，特別是在一級 OEM 方面，我們為特定客戶群提供了新的解決方案。

Got it.

知道了。

And then a follow-up.

然後是跟進。

I wanted to ask about Ixia margins, you had -- at one point, I think, had talked about upper teens.

我想問一下 Ixia 的利潤率，我想，你曾一度談到過十幾歲的孩子。

Next couple of quarters just curious whether that's still possible?

接下來的幾個季度只是好奇這是否仍然可能？

Well, we obviously took a step backwards here during the fourth quarter and -- but we are singularly focused on improving both the top line and bottom line in this business.

好吧，我們顯然在第四季度在這裡倒退了一步 - 但我們特別專注於改善這項業務的頂線和底線。

Ron mentioned that we have a multifaceted plan of attack and so that is still the objective is to get this business into the teens level of operating margins as soon as practically possible.

羅恩提到我們有一個多方面的攻擊計劃，所以我們的目標仍然是讓這項業務在實際可行的情況下盡快達到十幾歲的營業利潤率水平。

Your next question comes from John Marchetti with Stifel.

你的下一個問題來自 Stifel 的 John Marchetti。

I wanted to touch a little bit on the goodwill impairment, Neil.

尼爾，我想稍微談談商譽減損。

And just maybe walk through a little bit of how you guys looked at it?

也許只是稍微了解一下你們是如何看待它的？

Where you think you are in sort of that now?

你認為你現在處於那種狀態？

And if we should expect sort of anymore of that as we continue to move forward here, or if you've kind of taken that down to bare bones at this point?

如果我們繼續在這裡前進，我們是否應該期待更多，或者如果您現在已經將其簡化為裸骨？

Yes.

是的。

Well, I'd start by saying that obviously the noncash goodwill impairment charges, it does not change our confidence in ISG and the business and our strategy about bringing networking and wireless together within Keysight.

好吧，我首先要說的是，顯然非現金商譽減值費用不會改變我們對 ISG 和業務的信心，也不會改變我們在是德科技內將網絡和無線技術結合在一起的戰略。

We do -- we view ISG as a very valuable asset within our portfolio.

我們這樣做 - 我們將 ISG 視為我們投資組合中非常有價值的資產。

That said, in conjunction with our annual financial planning processes and our annual review of our asset base, we did take the goodwill impairment charge really driven by 2 primary factors.

也就是說，結合我們的年度財務規劃流程和我們對資產基礎的年度審查，我們確實採取了真正由兩個主要因素驅動的商譽減值費用。

The first is that the test and visibility markets have really seen moderated growth rates since the time of the acquisition relative to our expectations.

首先是測試和可見性市場自收購以來相對於我們的預期確實出現了溫和的增長。

And at least as we look forward, we expect those moderated growth rates to continue for at least a period of time.

至少在我們展望未來時，我們預計這些溫和的增長率至少會持續一段時間。

Second factor is one that we've talked about in the past.

第二個因素是我們過去討論過的因素。

Obviously, we did have a bit of a disruption to our revenues in the second quarter of this year as part of this contract manufacturer transition.

顯然，作為合同製造商轉型的一部分，我們今年第二季度的收入確實受到了一些干擾。

And as we talked about that, that transition is still ongoing.

當我們談到這一點時，這種轉變仍在進行中。

To answer the second part of your question, we don't believe that we're going to face any additional impairment, because we have, again, the multifaceted plan in place to improve this business.

要回答你問題的第二部分，我們認為我們不會面臨任何額外的損害，因為我們再次製定了多方面的計劃來改善這項業務。

We are getting traction in the marketplace.

我們在市場上越來越受歡迎。

Ron talked about the increasing sales velocity.

羅恩談到了銷售速度的提高。

We talked about the ability -- the driving orders with the new 400-gig Ethernet solution, the new 5G solution, we've got a new Wi-Fi solution coming out in the spring.

我們談到了這種能力——新的 400 千兆以太網解決方案、新的 5G 解決方案以及我們在春季推出的新 Wi-Fi 解決方案帶來的訂單。

And so as we get these new technologies to market and we have the opportunity to combine the capabilities of Keysight and Ixia together, we believe that we can generate value with this asset.

因此，當我們將這些新技術推向市場並有機會將是德科技和 Ixia 的功能結合在一起時，我們相信我們可以利用這項資產創造價值。

And John, we don't expect there to be another one.

約翰，我們不希望有另一個人。

We looked at that and we're -- we feel very confident there will not be another.

我們看了看，我們 - 我們非常有信心不會有另一個。

Okay.

好的。

And then just maybe following up a little bit on that CM issue.

然後可能就該 CM 問題進行一些跟進。

In terms of maybe what was left on the table, is it specific product areas?

就可能留在桌面上的東西而言，它是特定的產品領域嗎？

Or opportunities there that have been left behind?

還是那裡留下的機會？

And given what you're talking about now with some opportunities in 400-gig in 5G and then you just mentioned Wi-Fi as well coming, are those new enough opportunities to where those were transitioned first or at least those sort of near-term growth opportunities at least all the way transferred over where we shouldn't expect that opportunity to be disrupted in any way?

鑑於你現在談論的是 5G 中 400 兆的一些機會，然後你剛剛提到 Wi-Fi 也即將到來，這些新的機會是否足以讓這些機會首先過渡或至少是那些近期的機會增長機會至少一直轉移到我們不應該期望機會以任何方式中斷的地方？

No, we feel very good about where we are.

不，我們對自己的位置感覺很好。

Would we have liked to have had more output?

我們希望有更多的產出嗎？

Yes, there is no doubt about that.

是的，這是毫無疑問的。

There was some component shortages that did not help at all.

有一些組件短缺根本沒有幫助。

But overall what we have forecast and what we have guided, as you know, we beat our guidance, met or beat our guidance 16 out of 16 quarters and that includes everything that we see at Ixia.

但總的來說，我們的預測和我們的指導，正如你所知，我們在 16 個季度中有 16 個超過了我們的指導，達到或超過了我們的指導，這包括我們在 Ixia 看到的一切。

So we feel pretty good about that.

所以我們對此感覺很好。

And Satish, it may be worthwhile to say another comment or 2 with regards to Ixia and what you're seeing again.

Satish，關於 Ixia 和您再次看到的內容，可能值得再說一兩句。

Yes.

是的。

Ron, thanks.

羅恩，謝謝。

One of the things that we're seeing is as we are engaging with customers on 5G and you talked about our triple-digit growth.

我們看到的一件事是，當我們與客戶就 5G 進行互動時，您談到了我們的三位數增長。

What might be worth highlighting is the diverse nature of that growth.

可能值得強調的是這種增長的多樣性。

We see growth across the comm ecosystem.

我們看到了整個通信生態系統的增長。

We've seen strong orders and adoption of our 5G platform from chipset providers, device makers, NEMs and operators.

我們已經看到來自芯片組供應商、設備製造商、NEM 和運營商的大量訂單和對我們 5G 平台的採用。

Especially when we work with operators, the challenges they face in deploying 5G go beyond just wireless and go into the aspects of the core network.

特別是當我們與運營商合作時，他們在部署 5G 時面臨的挑戰不僅限於無線，還涉及到核心網方面。

It's all about the end-to-end equation.

這都是關於端到端的方程式。

And our ability to have the right expertise, the right talent and have the right technology stack in the company is a big deal and a differentiator that, I believe, will play out in the next few years as 5G becomes more -- becomes real across the globe.

我們在公司中擁有合適的專業知識、合適的人才和合適的技術棧的能力是一件大事，也是一個差異化因素，我相信，隨著 5G 變得越來越多，這將在未來幾年內發揮作用——在整個行業成為現實全球。

And the only other point that I'll add, John, is that we have transferred, like most companies, manufacturing facilities over time for thousands and thousands of products.

約翰，我要補充的唯一一點是，我們已經像大多數公司一樣，隨著時間的推移轉移了成千上萬種產品的製造設施。

So we know how to do it.

所以我們知道該怎麼做。

Just in certain cases, working with some CMs and due to the current situation, it's just taking a little longer.

只是在某些情況下，與一些 CM 合作，並且由於當前情況，只需要更長的時間。

So this is no different, and this will be fixed and then you will see earnings growth improve.

所以這沒什麼不同，這將是固定的，然後你會看到收益增長有所改善。

Rick?

瑞克？

Your next question comes from Richard Eastman with Baird.

你的下一個問題來自 Baird 的 Richard Eastman。

Just as a last-second follow-up on Ixia.

就像對 Ixia 的最後一秒跟進一樣。

Is the margin profile of that business the same?

該業務的利潤率是否相同？

Or will it be the same here post the CM transitions and the investments that you're making in there as it was prior to your acquisition, in other words mid-70s gross margin and 20%-plus type of EBIT?

或者在 CM 過渡和您在那裡進行的投資之後是否與收購之前一樣，換句話說，70 年代中期的毛利率和 20% 以上的息稅前利潤？

Yes.

是的。

We're seeing upper-70s gross margin and operating margin around 20% is where we're planning to get it back to.

我們看到 70 多歲的毛利率和 20% 左右的營業利潤率是我們計劃恢復的水平。

And of course, we're looking for ways to go even further than that.

當然，我們正在尋找比這更進一步的方法。

But that's where we plan to get it to, and we're looking for all types of ways to continue to improve the quality and to lower the cost.

但這就是我們計劃實現的目標，我們正在尋找各種方法來繼續提高質量並降低成本。

But first, we're just making sure we get the flow right and making those other improvements in parallel.

但首先，我們只是確保我們的流程正確，並同時進行其他改進。

And is it a reasonable assumption that Ixia shows low single-digit growth, mid-single-digit growth in '19 here, with the order growth that you referenced?

Ixia 在 19 年顯示低個位數增長，中等個位數增長，以及您提到的訂單增長，這是否是一個合理的假設？

Neil, I'll leave the guidance to you.

尼爾，我會把指導留給你。

Yes.

是的。

We don't guide our businesses specifically.

我們不專門指導我們的業務。

But particularly -- at the Keysight level, we have obviously difficult comps.

但特別是 - 在 Keysight 級別，我們顯然很難進行比較。

But at the Ixia level, we have some easier comps, and we expect Ixia to be a growth business for us in FY '19.

但在 Ixia 層面，我們有一些更容易的組合，我們預計 Ixia 將在 19 財年成為我們的增長業務。

Okay.

好的。

Fair enough.

很公平。

And then also on the aerospace defense side, I may have missed this, but in the fourth quarter was there an order number?

然後在航空航天防禦方面，我可能錯過了這一點，但在第四季度有訂單號嗎？

And did you again build backlog on the A&D side of the business in the fourth quarter?

您是否在第四季度再次積壓了業務的 A&D 方面？

Ron, this is Satish here.

羅恩，我是薩蒂什。

Yes, we built backlog for that business in the fourth quarter.

是的，我們在第四季度為該業務積壓了訂單。

As you know, the revenues for aerospace defense were up 15%.

如您所知，航空航天防禦的收入增長了 15%。

And while the orders were down for the quarter, it was down over what was the highest quarter ever for that business in Q4 2017.

雖然本季度訂單有所下降，但低於 2017 年第四季度該業務有史以來最高的季度。

So the orders this quarter -- for this year were the second largest since we've been tracking this business.

因此，本季度的訂單 - 今年是我們跟踪該業務以來的第二大訂單。

So the growth drivers are strong, our focus on electronic warfare, signal monitoring, radar, satellite and space are all continuing to gain momentum with customers, and we anticipate growth for that business looking ahead.

因此，增長動力很強勁，我們對電子戰、信號監控、雷達、衛星和太空的關注都在繼續獲得客戶的支持，我們預計該業務未來會增長。

Thank you.

謝謝。

That concludes our question-and-answer session for today.

今天的問答環節到此結束。

I would now like to turn the conference back to Jason Kary for any closing comments.

我現在想將會議轉回 Jason Kary 以徵求任何結束評論。

Thank you, Jesse, and thank you all for joining us today.

謝謝你，傑西，感謝大家今天加入我們。

We look forward to seeing many of you at our upcoming conferences, and wish you a good day.

我們期待著在我們即將舉行的會議上見到你們中的許多人，祝你們有美好的一天。

Thank you.

謝謝。

This concludes our conference call.

我們的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。