是德科技 (KEYS) 2019 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Keysight Technologies Fiscal Fourth Quarter 2019 Earnings Conference Call.

女士們、先生們，美好的一天，歡迎參加是德科技 2019 年第四季財報電話會議。

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

我叫克莉絲汀，今天我將擔任你們的首席接線生。

(Operator Instructions) Please note, this call is being recorded today, Tuesday, November 26, 2019, at 1:30 p.m.

（操作員說明）請注意，本次通話將於今天（2019 年 11 月 26 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.

現在我想將會議交給財務主管和投資者關係副總裁傑森·卡里 (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 2019.

感謝並歡迎大家參加是德科技 2019 財年第四季財報電話會議。

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

與我一起出席的還有是德科技總裁兼執行長 Ron Nersesian；以及是德科技資深副總裁兼財務長 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.

全球銷售資深副總裁 Mark Wallace 將加入我們的問答環節；以及通訊解決方案集團總裁 Satish Dhanasekaran。

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 上找到新聞稿和資訊來補充今天的討論。

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

在那裡，請點擊「財務資訊」標籤下的季度報告連結。

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

在那裡，您可以找到投資者演示以及是德科技的細分結果。

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

在這次電話會議之後，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.

羅恩和尼爾今天的評論將涉及非公認會計準則財務指標。

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

我們還將參考核心成長，其中不包括貨幣變動以及過去 12 個月內完成的收購或剝離的影響。

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

您可以在我們的網站上找到最直接可比較的 GAAP 財務指標和調整表。

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對公司的財務表現做出前瞻性陳述。

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

這些聲明存在風險和不確定性，並且僅截至今日有效。

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.

請查看該公司最近向 SEC 提交的文件，以更全面地了解我們的風險和其他因素。

Lastly, I would note that management is scheduled to participate in upcoming investor conferences in December hosted by Wells Fargo, Crédit Suisse, Barclays and Cowen.

最後，我要指出的是，管理層計劃參加 12 月由富國銀行、瑞士信貸銀行、巴克萊銀行和 Cowen 主辦的投資者會議。

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 will turn the call over to Ron.

現在我將把電話轉給羅恩。

Thank you, Jason, and thank you all for joining us.

謝謝你，傑森，也謝謝大家加入我們。

Keysight delivered an outstanding quarter as we executed on our strategy and exceeded our commitments.

是德科技執行了我們的策略並超越了我們的承諾，交付了出色的季度業績。

This fiscal year 2019 was also an exceptional year of record performance as our strategy of innovation and differentiation solidified Keysight's leadership in our target markets.

2019 財年也是業績創紀錄的特殊一年，我們的創新和差異化策略鞏固了是德科技在目標市場的領導地位。

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

今天，我將集中對 3 個關鍵標題進行正式評論。

First, Keysight finished the year with both record quarterly and annual performance.

首先，是德科技以創紀錄的季度和年度業績結束了這一年。

In Q4 and in fiscal year 2019, in total, we achieved record orders, record revenue, record gross margin, record operating margin and record EPS.

在第四季和 2019 財年，我們總共實現了創紀錄的訂單、創紀錄的收入、創紀錄的毛利率、創紀錄的營業利潤率和創紀錄的每股收益。

For the full year, revenue grew 10% to reach $4.3 billion.

全年營收成長 10%，達到 43 億美元。

We achieved 11% core revenue growth, while generating 63% gross margin, 24% operating margin and delivering record 46% year-over-year EPS growth.

我們實現了 11% 的核心收入成長，同時實現了 63% 的毛利率、24% 的營業利潤率以及創紀錄的 46% 的同比每股收益成長。

Second, we are well positioned for continued growth with a broad and differentiated portfolio of solutions targeted at the fastest-growing segments of our end markets.

其次，我們憑藉針對終端市場成長最快的細分市場的廣泛且差異化的解決方案組合，為持續成長做好了充分準備。

Our focus on the long-term secular growth rate trends in 5G, next-generation auto, networking, IoT and defense modernization give us confidence in our ability to drive above-market growth, even in times of macroeconomic uncertainty.

我們對 5G、下一代汽車、網路、物聯網和國防現代化領域長期成長率趨勢的關注讓我們相信，即使在宏觀經濟不確定的時期，我們也有能力推動高於市場的成長。

Third, over the last 5 years since launching Keysight, we have successfully executed a strategy to grow our business and improve our financial performance.

第三，自是德科技成立以來的過去 5 年裡，我們成功執行了發展績效和改善財務表現的策略。

Our industry-focused solutions, targeted R&D investments, acquisitions and operational rigor have enabled Keysight to deliver compounded annual revenue growth of 11% and compounded annual EPS growth of 17% since becoming an independent public company.

自成為獨立上市公司以來，我們以行業為中心的解決方案、有針對性的研發投資、收購和嚴格的運營，使是德科技實現了11% 的複合年收入增長和17% 的複合年每股收益增長。

Now let's take a deeper look into our record-setting performance across the business.

現在，讓我們更深入地了解我們在整個業務中創紀錄的業績。

In the fourth quarter, we achieved record earnings of $1.33 per share, which was $0.13 above the high end of our guidance and represents 31% year-over-year earnings growth.

第四季度，我們實現了每股 1.33 美元的創紀錄盈利，比我們指導的上限高出 0.13 美元，同比盈利增長 31%。

We also delivered record orders in the fourth quarter.

我們在第四季也交付了創紀錄的訂單。

Orders of $1.194 billion grew 6% year-over-year and 7% on a core basis.

訂單金額為 11.94 億美元，年增 6%，核心訂單成長 7%。

Excluding the unfavorable impact of trade restrictions of one of our larger customers in China, orders grew 10%, reflecting the strength of our broad portfolio of solutions and extensive customer reach.

排除我們在中國的一個較大客戶的貿易限制的不利影響，訂單增長了 10%，反映了我們廣泛的解決方案組合和廣泛的客戶覆蓋範圍的實力。

Our continued strong order growth has translated into another quarter of record revenue.

我們持續強勁的訂單成長已轉化為另一個季度創紀錄的收入。

Q4 revenue of $1.122 billion grew 7%, both on a reported and core basis.

第四季營收為 11.22 億美元，無論是報告營收還是核心營收成長 7%。

This quarter, we continue to see good growth in commercial communications, where we have strong differentiation in 5G as well as strength in U.S. aerospace defense solutions.

本季度，我們繼續看到商業通訊領域的良好成長，我們在 5G 方面擁有強大的差異化能力，並且在美國航空航天防禦解決方案方面擁有強大的實力。

Our Ixia Solutions Group delivered double-digit order growth and 15% revenue growth as network visibility remained strong and network tests grew double digits driven by increased investment in 400-gigabit ethernet solutions.

我們的Ixia 解決方案集團實現了兩位數的訂單成長和15% 的營收成長，原因是網路視覺性依然強勁，在400 Gb 乙太網路解決方案投資增加的推動下，網路測試成長了兩位數數。

2019 was truly a record year for Keysight with total order growth of 9% or 10% on a core basis despite macro uncertainties in global trade tensions.

2019 年對是德科技來說確實是創紀錄的一年，儘管全球貿易緊張局勢存在宏觀不確定性，但核心訂單總量仍實現了 9% 或 10% 的增長。

Total orders for the year were $4.4 billion, a new milestone for the company.

全年訂單總額達 44 億美元，這是該公司的新里程碑。

Total revenue grew 10% or 11% on a core basis to a record $4.3 billion.

核心總收入成長 10% 或 11%，達到創紀錄的 43 億美元。

We achieved this growth while increasing gross margin by 280 basis points and operating margin by 520 basis points year-over-year.

我們實現這一成長的同時，毛利率年增了 280 個基點，營業利潤率較去年同期提高了 520 個基點。

This resulted in approximately $1 billion in both operating income and cash flow from operations.

這帶來了約 10 億美元的營業收入和營運現金流。

2019 earnings per share of $4.72 were up 46% over the last year.

2019 年每股收益為 4.72 美元，較去年增長 46%。

Our results this year were driven by the strength of our software-based solutions, broad-based growth across multiple dimensions of the business and the customer focus and operational discipline of our Keysight leadership model.

我們今年的業績得益於我們基於軟體的解決方案的實力、跨業務多個維度的廣泛增長以及我們是德科技領導模型的以客戶為中心和運營紀律。

Now I'll share some data points that illustrate the strength of our business in a few key areas.

現在我將分享一些數據點，以說明我們在幾個關鍵領域的業務實力。

Orders for our software solutions grew 19% in 2019 to reach $853 million, representing 19% of total Keysight orders for the year.

2019 年，我們的軟體解決方案訂單增加了 19%，達到 8.53 億美元，佔德科技當年訂單總額的 19%。

This growth was driven by strong demand for our 5G solutions, design software and network visibility solutions.

這一成長是由對我們的 5G 解決方案、設計軟體和網路可視性解決方案的強勁需求所推動的。

Our recent announcement of the PathWave Test 2020 software suite represented a significant milestone in the ongoing development and deployment of Keysight's PathWave software strategy.

我們最近發布的 PathWave Test 2020 軟體套件是德科技 PathWave 軟體策略持續開發和部署過程中的一個重要里程碑。

PathWave desktop edition, the latest PathWave release, delivers an integrated experience for leading electronic manufacturers, accelerating the time to market of their digital and wireless platforms and products, including 5G, IoT and automotive electronics.

PathWave 桌面版是最新的 PathWave 版本，為領先的電子製造商提供整合體驗，加快其數位和無線平台及產品（包括 5G、物聯網和汽車電子）的上市時間。

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

服務是我們以解決方案為中心的客戶互動模式的另一個重要元素。

We achieved all-time highs for both services orders and services revenues for the fourth quarter and the full year.

第四季和全年服務訂單和服務收入均創歷史新高。

Aligning our services business with our industry-focused business groups at the beginning of the fiscal year was the next-level growth catalyst that we expected.

在本財年年初將我們的服務業務與以產業為中心的業務集團結合起來是我們預期的下一階段的成長催化劑。

I'm pleased to report that we achieved over $550 million in services orders this year.

我很高興地報告，今年我們的服務訂單超過 5.5 億美元。

Momentum for our services offering continues to build across multiple end markets.

我們的服務提供的動力在多個終端市場繼續增強。

We are also seeing good adoption of our new support offerings such as Keysight Care, which contributes positively to our margin expansion efforts.

我們也看到 Keysight Care 等新支援產品得到了廣泛採用，這為我們的利潤擴張做出了積極貢獻。

Notably, the combination of our services and software solutions now account for over 30% of Keysight's orders.

值得注意的是，我們的服務和軟體解決方案組合目前佔德科技訂單的 30% 以上。

Moving to our markets.

轉向我們的市場。

Our comprehensive suite of 5G solutions is driving strong growth in commercial communications as investment across ecosystems is scaling ahead of deployments.

我們全面的 5G 解決方案套件正在推動商業通訊的強勁成長，因為跨生態系統的投資正在先於部署進行擴展。

Our broad differentiated portfolio and leadership in this fast-growing market position us well as the market expands.

我們廣泛的差異化產品組合和在這個快速成長的市場中的領導地位使我們和市場不斷擴大。

Another recent example of 5G leadership is the validation of our 5G conformance test solutions by the Global Certification Forum.

5G 領先地位的另一個最新例子是全球認證論壇對我們的 5G 一致性測試解決方案的驗證。

Our conformance platform has been adopted by all major test labs worldwide as the industry prepares for 5G device certification ahead of commercial launches.

隨著業界在商業發布前準備 5G 設備認證，我們的一致性平台已被全球所有主要測試實驗室採用。

In automotive and energy, our revenues grew high single digits for the full year, and we continue to see investment in next-generation technologies despite a slowdown in auto production.

在汽車和能源領域，我們的收入全年實現高個位數成長，儘管汽車生產​​放緩，但我們仍繼續看到對下一代技術的投資。

One example of this next-generation technology investment is in battery formation.

下一代技術投資的一個例子是電池化成。

This is a core process used in the manufacture of electric vehicle batteries, where specialized equipment must be used to generate accurate voltages and currents to charge and discharge a battery.

這是電動車電池製造中使用的核心流程，必須使用專用設備產生準確的電壓和電流來對電池充電和放電。

We recently achieved an important win using our battery-formation test technology.

最近，我們利用電池化成測試技術取得了重大勝利。

This solution demonstrates our ability to combine differentiated software and hardware capabilities from multiple R&D teams, spanning Germany, Colorado, New Jersey and Keysight Labs.

該解決方案展示了我們將來自德國、科羅拉多州、新澤西州和是德科技實驗室的多個研發團隊的差異化軟體和硬體功能相結合的能力。

In our Ixia Solutions Group, both network visibility and network test revenues grew double digits year-over-year in Q4.

在我們的 Ixia 解決方案集團中，第四季度的網路視覺性和網路測試收入較去年同期均達到兩位數成長。

Network visibility growth remained strong as we see future opportunities to expand our footprint with enterprises deploying dedicated networks.

網路可見性成長依然強勁，因為我們看到未來有機會透過企業部署專用網路來擴大我們的足跡。

Network test strength was driven by 400-gigabit ethernet investment in Layer 2/3 protocol solutions as well as security applications.

網路測試強度由對第 2/3 層協定解決方案和安全應用程式的 400 吉比特乙太網路投資推動。

Our network test solutions have been adopted by many of the large industry players and span this ecosystem from NEMs to ODMs.

我們的網路測試解決方案已被許多大型產業參與者採用，涵蓋從 NEM 到 ODM 的整個生態系統。

The differentiated capability of our AresONE 400-gigabit ethernet platform and our global sales reach position us well to capture the investment expected in 2020.

我們的 AresONE 400 千兆位元乙太網路平台的差異化能力和我們的全球銷售額使我們能夠很好地獲得 2020 年的預期投資。

In addition, the integration of ISG into our Communications Solutions Group, which we announced last quarter, is expected to accelerate solution synergies in 5G as the technology is deployed globally.

此外，我們在上季宣布將 ISG 納入我們的通訊解決方案集團，隨著 5G 技術在全球部署，預計將加速 5G 解決方案的協同效應。

In conjunction with our strong financial performance and execution, Keysight remains committed to our corporate social responsibility vision, which includes the environment, communities, responsible sourcing, ethical governance and our own people and solutions.

結合我們強大的財務表現和執行力，是德科技始終致力於實現我們的企業社會責任願景，其中包括環境、社區、負責任的採購、道德治理以及我們自己的員工和解決方案。

We continue to be recognized for our efforts by inclusion in multiple CSR-focused indices, most recently, the Dow Jones Sustainability Index.

我們的努力繼續獲得認可，被納入多個以企業社會責任為重點的指數，最近的一個是道瓊斯永續發展指數。

Importantly, we outlined key impact goals in our progress in our CSR report earlier this year.

重要的是，我們在今年稍早的企業社會責任報告中概述了我們進展中的關鍵影響目標。

To highlight just a few of these results, we have engaged with over 400,000 students and future engineers through STEM education programs and reduced our global energy and water consumption by 7% and 18%, respectively.

為了強調其中的一些成果，我們透過 STEM 教育計畫與超過 40 萬名學生和未來工程師互動，並將我們的全球能源和水消耗分別減少了 7% 和 18%。

In summary, 2019 has been an exceptional year of great success and record revenue and earnings.

總而言之，2019 年是取得巨大成功、創紀錄收入和獲利的非凡一年。

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

展望未來，我們相信是德科技已做好充分準備，能夠隨著市場的發展擴大我們的領導地位。

Our financial performance and growth across multiple dimensions of the business are a validation of our strategy to offer customers full solutions that include both software and services.

我們的財務表現和業務多個維度的成長證明了我們為客戶提供包括軟體和服務在內的完整解決方案的策略。

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

我們將繼續將投資集中在這些關鍵領域，以推動創新，在超越市場的同時為我們的客戶和股東創造更多價值。

Before I turn the call over to Neil, I would like to thank all of our Keysight employees for their dedication and hard work that made our success over the past 5 years possible.

在將電話轉給 Neil 之前，我要感謝所有是德科技員工的奉獻和辛勤工作，正是他們的奉獻和辛勤工作使我們在過去 5 年取得了成功。

It is an exciting time at Keysight, and we believe we are still just getting started.

對是德科技來說，這是一個令人興奮的時刻，但我們相信我們才剛開始。

Thank you, Ron, and hello, everyone.

謝謝你，羅恩，大家好。

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

在開始之前，我要指出的是，除非另有特別說明，所有比較都是逐年進行的。

As Ron mentioned, we delivered an outstanding quarter and fiscal year 2019.

正如 Ron 所提到的，我們在 2019 年季度和財年表現出色。

We continued to execute on our strategy for growth while maintaining focus on operational excellence.

我們繼續執行成長策略，同時保持對卓越營運的關注。

For the fourth quarter of 2019, we delivered record non-GAAP revenue of $1.122 billion, which was above the high end of our guidance range and grew 7% on a core basis.

2019 年第四季度，我們實現了創紀錄的非 GAAP 收入 11.22 億美元，高於我們指導範圍的上限，並且核心收入增長了 7%。

Our better-than-expected Q4 revenue results were driven primarily by continued strong demand where we have a leading position and differentiated solutions in the market such as 5G, aerospace defense, network visibility and general electronics.

我們好於預期的第四季度收入結果主要是由於持續強勁的需求推動的，我們在 5G、航空航天國防、網絡可視性和通用電子等市場上擁有領先地位和差異化解決方案。

Total Keysight orders exceeded revenue, once again, this quarter.

本季是德科技訂單總數再次超過收入。

We delivered a record $1.194 billion in orders, up 6% in total and 7% on a core basis.

我們交付了創紀錄的 11.94 億美元訂單，總額成長 6%，核心訂單成長 7%。

Looking at our operational results for Q4, we reported record gross margin of 64% and operating expenses of $426 million, resulting in an operating margin of 26%, the highest quarterly operating margin in Keysight's history.

從第四季的營運表現來看，我們的毛利率達到創紀錄的 64%，營運費用達到 4.26 億美元，營運利潤率達到 26%，是德科技史上最高的季度營運利潤率。

We also achieved net income of $254 million and delivered $1.33 in earnings per share, which was well above the high end of our guidance and an increase of 31% year-over-year.

我們還實現了 2.54 億美元的淨利潤，每股收益 1.33 美元，遠高於我們指導的上限，年增 31%。

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

本季我們的加權平均股數為 1.91 億股。

Moving to the performance of our segments.

轉向我們細分市場的表現。

Our Communications Solutions Group generated record revenue of $706 million, up 7%, while delivering gross margin of 63% and an all-time high operating margin of just over 28%.

我們的通訊解決方案集團創造了創紀錄的 7.06 億美元收入，成長 7%，同時毛利率達到 63%，營運利潤率創歷史新高，略高於 28%。

In Q4, commercial communications delivered record revenue of $443 million, up 9% driven by strength across the wireless ecosystem as 5G investment continues to build.

第四季度，商業通訊收入創紀錄地達到 4.43 億美元，隨著 5G 投資的不斷增加，整個無線生態系統的實力推動了營收成長 9%。

Aerospace defense and government achieved record revenue of $263 million, an increase of 5% on a core basis versus a prior all-time high in Q4 last year.

航空航太國防和政府部門實現創紀錄的 2.63 億美元收入，與去年第四季的歷史新高相比，核心收入成長了 5%。

Growth was driven by U.S. government year-end spending and continued investment in China, offset by softness in Europe and the rest of Asia.

成長是由美國政府年終支出和對中國的持續投資所推動的，但被歐洲和亞洲其他地區的疲軟所抵消。

Orders for this end market grew double digits, and we continue to see investment in advanced technology modernization and solutions such as cyber electromagnetic activities.

該終端市場的訂單成長了兩位數，我們繼續看到對先進技術現代化和網路電磁活動等解決方案的投資。

For the year, CSG revenue grew 12% to reach $2.688 billion.

今年，CSG 營收成長 12%，達到 26.88 億美元。

EISG generated fourth quarter revenue of $284 million, up 3% driven by strength in the broad portfolio of products that serve our general electronics market, ongoing investment in next-gen auto technologies and better-than-anticipated semiconductor solution demand.

EISG 第四季營收為 2.84 億美元，成長 3%，這得益於服務於通用電子市場的廣泛產品組合的實力、對下一代汽車技術的持續投資以及好於預期的半導體解決方案需求。

EISG reported record gross margin of 62% and operating margin of 28%.

EISG 報告毛利率創歷史新高，達 62%，營業利潤率為 28%。

For the year, EISG revenue grew 6% to reach $1.135 billion.

今年，EISG 營收成長 6%，達到 11.35 億美元。

ISG reported Q4 revenue of $132 million, a record since the acquisition of Ixia, which represents 15% growth over last year with double-digit revenue growth in both network test and visibility solutions.

ISG 報告第四季營收為 1.32 億美元，創收購 Ixia 以來的最高紀錄，較去年增長 15%，網路測試和可視性解決方案營收均實現兩位數成長。

ISG reported gross margin of 72% and operating margin of 9%.

ISG 報告毛利率為 72%，營業利益率為 9%。

As a reminder, this does not include the full benefit of the approximately $50 million in net annualized cost synergies we generated from the transaction, of which about 70% are being realized within CSG and EISG.

需要提醒的是，這並不包括我們從交易中產生的約 5000 萬美元的年化淨成本協同效應的全部收益，其中約 70% 是在 CSG 和 EISG 內部實現的。

In Q1, we will align ISG with our commercial communications end market, including global sales.

在第一季度，我們將使 ISG 與我們的商業通訊終端市場（包括全球銷售）保持一致。

At that time, we will report ISG results within our Communications Solutions Group, which will provide solutions across the entire communications ecosystem, both end-to-end and up and down the stack.

屆時，我們將在通訊解決方案小組內報告 ISG 結果，該小組將在整個通訊生態系統（包括端到端和上下堆疊）提供解決方案。

As Ron highlighted, we are pleased with our performance and execution as a company for the 2019 fiscal year.

正如 Ron 所強調的那樣，我們對公司 2019 財年的業績和執行力感到滿意。

Revenue for the year totaled $4.3 billion, and gross margin improved 280 basis points to 63%.

全年收入總計 43 億美元，毛利率提高 280 個基點，達到 63%。

To fuel innovation and further strengthen our market position in strategic areas, we continued to invest in R&D while maintaining strong operational discipline.

為了推動創新並進一步鞏固我們在策略領域的市場地位，我們繼續投資於研發，同時保持嚴格的營運紀律。

As a result, operating margin improved 520 basis points to 24%.

結果，營業利潤率提高了 520 個基點，達到 24%。

This translated to strong 46% earnings growth as we reported non-GAAP net income of $902 million or $4.72 per share for the full year.

這意味著獲利強勁成長 46%，我們報告全年非 GAAP 淨利潤為 9.02 億美元，即每股 4.72 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 $1.6 billion in cash and cash equivalents and reported cash flow from operations of $263 million and free cash flow of $233 million, which represents 21% of revenue.

在第四季末，我們擁有 16 億美元的現金和現金等價物，營運現金流為 2.63 億美元，自由現金流為 2.33 億美元，佔營收的 21%。

This brings free cash flow for the year to $878 million, which was 20% of revenue and 97% of non-GAAP net income, well ahead of our 80% to 90% free cash flow conversion target for the year.

這使得今年的自由現金流達到 8.78 億美元，佔收入的 20% 和非 GAAP 淨利潤的 97%，遠遠超過我們今年 80% 至 90% 的自由現金流轉換目標。

Under our share repurchase authorization, during the quarter, we acquired approximately 300,000 shares on the open market at an average price of $98.30 for a total consideration of approximately $30 million.

根據我們的股票回購授權，本季我們在公開市場上以 98.30 美元的平均價格收購了約 30 萬股股票，總代價約為 3,000 萬美元。

This brings our total purchases for the year to approximately 2.1 million shares at an average price of $76.32 for a total consideration of $160 million.

這使得我們今年的總購買量達到約 210 萬股，平均價格為 76.32 美元，總代價為 1.6 億美元。

Before moving to our outlook, I would like to remind you about the trade restrictions impacting one of our larger customers in China and the unfavorable impact this will have on our year-over-year comparisons in fiscal 2020.

在展望我們的展望之前，我想提醒您，貿易限制對我們在中國的一個較大客戶產生了影響，以及這將對我們 2020 財年的同比比較產生不利影響。

Specifically, this customer represented 6% of revenue in Q1 of 2019 and approximately 4% of revenue in Q2 or just under 5% of revenue for the first half of 2019.

具體而言，該客戶佔 2019 年第一季營收的 6%，約佔第二季營收的 4%，或略低於 2019 年上半年營收的 5%。

Due to ongoing trade concerns, we now expect this customer to be approximately 1% of revenue going forward, which represents a 5 point headwind in Q1 and a 3 point headwind in Q2 of 2020.

由於持續的貿易擔憂，我們現在預計該客戶將佔未來收入的約 1%，這意味著 2020 年第一季的阻力為 5 個百分點，第二季的阻力為 3 個百分點。

Virtually all of this unfavorable year-over-year impact will be reflected in the commercial communications end market.

事實上，所有這些不利的同比影響都將反映在商業通訊終端市場上。

Now turning to our outlook and guidance.

現在轉向我們的展望和指導。

We expect first quarter 2020 revenue to be in the range of $1.045 billion to $1.065 billion, and Q1 earnings per share to be in the range of $1.04 to $1.10 based on a weighted diluted share count of approximately 191 million shares.

我們預計 2020 年第一季的營收將在 10.45 億美元至 10.65 億美元之間，根據約 1.91 億股的加權稀釋股數計算，第一季每股收益將在 1.04 美元至 1.10 美元之間。

For 2020 modeling purposes, we typically expect seasonally higher revenues in Q2 and Q4 versus Q1 and Q3.

出於 2020 年建模目的，我們通常預期第二季和第四季的營收將高於第一季和第三季。

Interest expense is expected to be approximately $80 million, and capital expenditures are expected to be in the range of $120 million to $130 million.

利息支出預計約為8,000萬美元，資本支出預計在1.2億至1.3億美元之間。

Regarding our tax rate, we are modeling a 12% non-GAAP effective tax rate for FY '20.

關於我們的稅率，我們正在對 20 財年 12% 的非 GAAP 有效稅率進行建模。

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

現在，我將把它轉回傑森進行問答。

Thank you, Neil.

謝謝你，尼爾。

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

Christine，請您指導問答環節好嗎？

(Operator Instructions) 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, maybe just start with you in terms of the quarter.

羅恩，也許只是從本季開始。

Can you sort of spike out what areas of the business, specifically, kind of outperformed relative to your plan?

您能具體指出哪些業務領域相對於您的計畫表現優異嗎？

And kind of maybe any color you can share with us in terms of how Huawei came in relative to what you'd embedded in the guidance on the revenue line for the period?

您可以與我們分享華為如何相對於您在這段時期的收入線指導中所嵌入的內容？

Sure.

當然。

I'll just make a couple of comments, and then I'll turn it over to Neil to give you the precise numbers with regards to Huawei.

我只想發表一些評論，然後我會將其轉交給尼爾，讓他向您提供有關華為的準確數字。

The biggest surprise was Ixia.

最大的驚喜是 Ixia。

Ixia performed extremely well with 12% order growth and 15% revenue growth and profitability that was at 9%, not including about 7 points of benefit that gets a portion effectively to the other groups due to synergies that are represented in other P&Ls.

Ixia 表現非常出色，訂單增長12%，收入增長15%，盈利率為9%，其中不包括約7 個點的收益，由於其他損益表中體現的協同效應，這些收益有效地為其他集團帶來了一部分。

So we were very pleased with that.

所以我們對此非常滿意。

And it was great to see not only network visibility, but also network test turn on with the acceleration of 400-gigabit ethernet solutions, which we have talked about in the past.

很高興不僅看到網路可見性，而且還看到網路測試隨著 400 吉比特乙太網路解決方案的加速而開啟，我們過去曾討論過這一點。

We had mentioned in the past that it would take a little longer for that to turn on.

我們過去曾提到過，它需要更長的時間才能打開。

So that was one.

這就是其中之一。

The other thing was 5G continues to be exceptionally strong.

另一件事是 5G 仍然異常強勁。

We had very high double-digit growth there for the quarter, and we had triple-digit order growth there for the year.

本季我們在那裡實現了非常高的兩位數成長，今年我們在那裡的訂單成長了三位數。

So we still see very strong momentum in 5G.

所以我們仍然看到 5G 的勢頭非常強勁。

The semiconductor business had a very good order pickup, not so much on the revenue side, yet, you'll see that flow later.

半導體業務的訂單成長非常好，但收入方面並沒有那麼多，但是，您稍後會看到這種情況。

But that was also very encouraging to see semiconductors turn on as we look at people investing more for 7-nanometer and 5-nanometer solutions, where we play very strongly.

但當我們看到人們在 7 奈米和 5 奈米解決方案上投入更多資金時，看到半導體的發展也是非常令人鼓舞的，而我們在這兩個領域的表現非常強勁。

Also aerospace defense was very solid, and we saw double-digit order growth in aerospace defense in the quarter, and that's just the start.

此外，航空航太防禦也非常穩固，我們在本季看到航空航太防禦領域的訂單實現了兩位數的成長，而這只是開始。

Yes.

是的。

Brandon, and you asked a question about Huawei.

布蘭登，你問了一個關於華為的問題。

The actual impact of Huawei on the revenue line was relatively small.

華為對營收線的實際影響相對較小。

Where we saw a bigger impact was in the order line.

我們看到影響更大的是訂單行。

On a year-over-year basis in Q4, orders directly to Huawei were down about $40 million, and that includes approximately $20 million of orders which we took off the books due to just no direct path to be able to ship them in the immediate future.

第四季與去年同期相比，直接發往華為的訂單減少了約 4000 萬美元，其中包括約 2000 萬美元的訂單，這些訂單因無法立即發貨而被我們從賬簿中刪除。

And so we've debooked about $20 million in the quarter from that perspective as well.

因此，從這個角度來看，我們在本季取消了約 2000 萬美元的資金。

Okay.

好的。

That's helpful.

這很有幫助。

And then as we think about the full year, Ron, any greater sort of goalpost you can give us in terms of how you're thinking about top line for fiscal '20?

然後，當我們考慮全年時，羅恩，您可以就您如何考慮 20 財年的營收問題向我們提供任何更大的目標嗎？

I mean if we just look at the first quarter, you're kind of guiding to 5%, which is at the high end of sort of your midterm model, even though you lapped the toughest comp of the year and you've got a 5% headwind from Huawei restrictions.

我的意思是，如果我們只看第一季度，你的指導目標是 5%，這是中期模型的高端，即使你經歷了今年最艱難的競爭，並且你有一個華為限制帶來5% 的阻力。

Any finer point you can just sort of share with us in terms of full year top line outlook?

關於全年營收展望，您有什麼更好的觀點可以與我們分享嗎？

Unfortunately, we're not going to be sharing the details beyond Q1 at this point.

不幸的是，我們目前不會分享第一季之後的詳細資訊。

But I'm going to announce that we will be doing an Investor and Analysts Day in New York City in March, where we'll get a chance to talk about our model and our model going forward.

但我要宣布，我們將在三月在紐約舉辦投資者和分析師日活動，屆時我們將有機會討論我們的模型以及我們未來的模型。

As you've seen some of our results, we pretty much blown through all of the commitments we made, for instance, 4% to 5% core growth on revenue, we've delivered 11% the last 5 years.

正如您所看到的我們的一些成果，我們幾乎兌現了我們所做的所有承諾，例如，核心收入成長 4% 到 5%，過去 5 年我們實現了 11%。

When you look at gross margin, we said, in 2018, we would get to 61% to 63% by 2021.

當你看毛利率時，我們在 2018 年說過，到 2021 年我們將達到 61% 至 63%。

We're here in 2019, we already hit 63%.

2019 年，我們已經達到了 63%。

Operating margin, we said 21% to 22%, and we delivered 24% for the year.

營業利益率，我們說是 21% 到 22%，我們今年的交付率為 24%。

Again, that's above what we had committed to 2 years ahead of schedule.

這再次超出了我們提前兩年承諾的目標。

And the same thing with EPS growth.

每股收益成長也是如此。

We delivered 17% EPS growth versus our commitment of greater than 10%.

我們實現了 17% 的每股盈餘成長，而我們的承諾則是超過 10%。

And we did the same thing in free cash flow conversion.

我們在自由現金流轉換方面也做了同樣的事情。

So we'll get a chance at the Analysts Day to give you more details on the model going forward, but we're very pleased to have exceeded those commitments, and we see more opportunity in front of us.

因此，我們將有機會在分析師日向您提供有關該模型未來發展的更多詳細信息，但我們很高興超出了這些承諾，並且我們看到了更多的機會。

Your next question comes from the line of Tim Long from Barclays.

你的下一個問題來自巴克萊銀行的提姆朗。

Just 2 on the 5G side if I could.

如果可以的話，5G 方面就只有 2 個。

First, could you just update us on kind of competitive landscape and what you're seeing there and any impacts that you might expect market share, pricing, anything like that?

首先，您能否向我們介紹一下競爭格局的最新情況以及您所看到的情況以及您可能期望的市場份額、定價等任何影響？

And then just following up on China, a lot of moving parts over there, but want -- love your take on -- obviously, we're seeing an acceleration in pull-in of 5G.

然後就跟進中國，那裡有很多移動部件，但希望——喜歡你的看法——顯然，我們看到 5G 的加速發展。

So what does that mean for you guys?

那麼這對你們來說意味著什麼？

What does that mean as far as R&D and manufacturing?

這對於研發和製造意味著什麼？

And with the Huawei ban, they are taking share.

隨著華為的禁令，他們正在搶佔份額。

So what do you think that means longer term?

那麼您認為這對長期意味著什麼？

Is that business that could come back to you?

這筆生意可以回到你身邊嗎？

Or do you see enough strength with the other players there?

或者你認為那裡的其他球員有足夠的實力嗎？

Tim, I'm going to turn the first question on 5G over to Satish, who runs that business.

提姆，我將把有關 5G 的第一個問題轉交給負責該業務的薩蒂什。

And then have Mark, who is the Head of Sales, talk about China and the Huawei impact.

然後，銷售主管馬克談論中國和華為的影響。

Yes.

是的。

Tim, first, to the aspect of differentiation, the breadth of our portfolio, combined with the leadership that we continue to maintain, is clearly evident across the ecosystem.

提姆，首先，就差異化而言，我們產品組合的廣度，加上我們繼續保持的領導地位，在整個生態系統中顯而易見。

The extensibility of our platform, the experience we've gained through all the early collaborations, and now with ISG or Ixia capabilities, we are layering on additional capability to help our customers scale and navigate through the challenges of 5G.

我們平台的可擴展性、我們透過所有早期合作獲得的經驗，以及現在的 ISG 或 Ixia 功能，我們正在分層提供額外的功能，以幫助我們的客戶擴展並應對 5G 的挑戰。

Through the quarter, as Ron mentioned, very strong quarter for 5G orders.

正如 Ron 所提到的，整個季度 5G 訂單非常強勁。

All regions grew from an order perspective.

從訂單角度來看，所有地區都在成長。

And our commercial communications group grew double digits in revenue, if you exclude the impact of the one customer that we just referenced.

如果排除我們剛才提到的一位客戶的影響，我們的商業通訊部門的收入成長了兩位數。

Very strong strength in orders from device ecosystem, particularly the Tier 1, Tier 2 players.

來自設備生態系統的訂單實力非常強，尤其是一級、二級廠商。

The test labs, the operators around the world are embracing our platform.

世界各地的測試實驗室和營運商正在接受我們的平台。

So I would say both for the quarter and for the year, a very strong performance in 5G from traditional customers.

因此，我想說，無論是本季還是今年，傳統客戶在 5G 的表現都非常強勁。

But we also saw some 5G orders starting to appear from automotive customers, as an example, as 5G starts to scale.

但我們也看到一些來自汽車客戶的 5G 訂單開始出現，例如，隨著 5G 開始規模化。

So when we look forward to 2020, I continue to believe, given the massive commercialization that's occurring around the world, the runway that's there with millimeter-wave adoption where customers are investing early for that, we think 2020 will be a big year for 5G adoption, and we are very well positioned because of the strength of our portfolio, as I mentioned before.

因此，當我們展望2020 年時，我仍然相信，考慮到全球範圍內正在發生的大規模商業化、毫米波採用的跑道以及客戶為此進行的早期投資，我們認為2020 年將是5G 的重要一年正如我之前提到的，由於我們的產品組合實力雄厚，我們處於非常有利的地位。

Now I'll hand it off to Mark to make some comments on China.

現在我就請馬克對中國發表一些評論。

Sure.

當然。

Thanks, Satish.

謝謝，薩蒂什。

So Tim, we've talked about China in the past and it really hasn't changed.

提姆，我們過去談論過中國，而且它確實沒有改變。

It's a very important market for us.

這對我們來說是一個非常重要的市場。

We're deeply engaged with all of the industry-leading customers, all of our customers over there.

我們與所有行業領先的客戶以及我們所有的客戶都進行了深入的接觸。

In Q4, our business in China was just above the historical average of 17% to 18% with strong growth across virtually every segment from general electronics to automotive to semiconductor and commercial comms.

第四季度，我們在中國的業務略高於 17% 至 18% 的歷史平均水平，從通用電子到汽車、半導體和商業通信，幾乎每個領域都實現了強勁增長。

So the one customer that we're talking about is certainly a part of that, but we have a very, very broad business, broad set of industries, broad set of solutions around the world and China is no different.

因此，我們談論的單一客戶肯定是其中的一部分，但我們在世界各地擁有非常非常廣泛的業務、廣泛的行業、廣泛的解決方案，中國也不例外。

And as I look forward, the automotive element continues to grow, Satish mentioned this.

薩蒂什提到，隨著我的展望，汽車元素將繼續成長。

It has a tie-in to 5G, and our solutions are really providing a lot of value to our customers around the world and including China.

它與 5G 相關，我們的解決方案確實為包括中國在內的世界各地的客戶提供了大量價值。

So we're very close to the situation, we'll keep a close eye on it and continue to monitor the situation closely.

因此，我們已經非常了解情況，我們將密切關注並繼續密切關注事態發展。

Your next question comes from the line of Toshiya Hari from Goldman Sachs.

您的下一個問題來自高盛的 Toshiya Hari。

I guess my first question is, I was hoping you could provide us with a split of your business between R&D test and production test, specifically in comms in fiscal '19 and how you see that evolving into fiscal '20?

我想我的第一個問題是，我希望您能為我們提供研發測試和生產測試之間的業務劃分，特別是 19 財年的通訊業務，以及您如何看待這一情況發展到 20 財年？

And I realize you've got a lot of inputs when you think about margins, but how would that evolution impact margins going forward as well?

我意識到，當您考慮利潤時，您有很多投入，但這種演變將如何影響未來的利潤？

And then I have a quick follow-up.

然後我會進行快速跟進。

Yes.

是的。

Toshiya, thanks for the question.

俊哉，謝謝你的提問。

So first of all, let's start at the highest level, where we're approaching 60% of R&D and other pre-deployment types of solutions with manufacturing being close to 40%.

首先，讓我們從最高層級開始，我們正在接近 60% 的研發和其他預部署類型的解決方案，而製造接近 40%。

So that's roughly the split.

這就是大致的劃分。

We haven't given that split for other businesses.

我們還沒有為其他企業提供這種分割。

But certainly, in commercial comms, which is not being driven by 5G, that is probably more heavily skewed towards R&D at this point than the overall business.

但可以肯定的是，在不受 5G 推動的商業通訊領域，目前可能比整體業務更偏向研發。

So I think we can say that very clearly, but you can think about it as a 60-40 split for the company in total.

所以我認為我們可以說得非常清楚，但你可以將其視為公司總共 60-40 的分配。

Okay.

好的。

Great.

偉大的。

And then as my follow-up on Huawei specifically.

然後作為我對華為的具體跟進。

The 3% to 5% headwind for Q1 and Q2 of this fiscal year, is that 100% due to the export ban?

本財年第一季和第二季3%至5%的逆風，是100%由出口禁令造成的嗎？

Or are they not taking product that you can actually ship as well, meaning, like, are the demand signals from that specific customer deteriorating over time?

或者他們是否不接受您實際上可以運送的產品，這意味著，來自特定客戶的需求訊號是否隨著時間的推移而惡化？

So this is Mark.

這就是馬克。

I'll answer that.

我會回答這個問題。

It is related to the restrictions that are preventing us from shipping some products during the first quarter.

這與我們在第一季無法運送某些產品的限制有關。

So it's -- the demand is continuing, but the products that we're able to ship is limited.

因此，需求仍在持續，但我們能夠運送的產品有限。

As we think about that situation more broadly, obviously, we've got the Huawei situation specifically, you've got trade more broadly, you've got things like the election and general manufacturing headwinds that have us a little bit more cautious going into FY '20.

當我們更廣泛地思考這種情況時，顯然，我們有具體的華為情況，有更廣泛的貿易，有選舉和一般製造業逆風等因素，這些因素讓我們在進入市場時更加謹慎20 財年。

I think as we look at it, though, we continue to believe that our end markets grow in the mid- to -- or low to mid-single digits.

不過，我認為，從我們的角度來看，我們仍然相信我們的終端市場將以中位數或中低個位數成長。

And that we're well positioned as a result of our portfolio of solutions to continue to outgrow the market, even in light of those headwinds and even with the Huawei situation that we're facing here in 2020, heavily weighted obviously towards the first half.

我們處於有利位置，因為我們的解決方案組合將繼續超越市場成長，即使考慮到這些不利因素，即使我們在 2020 年面臨華為的情況，顯然在上半年的比重很大。

Your next question comes from the line of Mehdi Hosseini from SIG.

您的下一個問題來自 SIG 的 Mehdi Hosseini。

Yes.

是的。

I want to go back to your networking test that is actually better than expected.

我想回到你的網路測試，它實際上比預期的要好。

I remember last earnings conference call, you talked about that particular segment of Ixia should pick up later in FY '20, and now we're seeing better-than-expected traction.

我記得上次財報電話會議上，您談到 Ixia 的特定細分市場應該在 20 財年晚些時候有所回升，現在我們看到了好於預期的牽引力。

I want to better understand the dynamics here, what's driving?

我想更了解這裡的動態，驅動力是什麼？

And to what extent this is more of an R&D?

這在多大程度上更像是一項研發？

And when -- and if that's the case, when do you expect production-related orders and revenue would come in?

如果是這樣的話，您預計與生產相關的訂單和收入何時會出現？

And I have a follow-up.

我有一個後續行動。

I'll take it.

我要買它。

I would say that we're very pleased, as Ron mentioned, with the recovery in the test business in Q4, maybe slightly ahead of our expectations.

我想說，正如羅恩所提到的那樣，我們對第四季度測試業務的復甦感到非常高興，可能略高於我們的預期。

But I would attribute it to 2 factors.

但我將其歸因於兩個因素。

One is a slightly improving market dynamic associated with 400-gig, where customers are -- new customers are entering that ecosystem and trying to innovate to address the technology challenges and help scale the technology.

一是與 400 千兆位元相關的市場動態略有改善，新客戶正在進入該生態系統並嘗試創新以應對技術挑戰並幫助擴展技術。

And the second one is really the differentiation of our platform and our solution, AresONE, that we announced last year in October that continued to build strength through the year.

第二個確實是我們的平台和解決方案 AresONE 的差異化，我們在去年 10 月宣布了這一點，並在這一年中繼續增強實力。

So to a large degree, you could say that most of the applications currently AresONE is going into is in the R&D/early -- very early validation phase where people are using for more automated testing.

因此，在很大程度上，您可以說目前 AresONE 正在進入的大多數應用程式都處於研發/早期——非常早期的驗證階段，人們正在使用該階段進行更自動化的測試。

The rest of our 400-gig portfolio continues to be strong as well in the physical layer, including in production test, where we had a pretty significant manufacturing test win this quarter.

我們 400 兆產品組合的其餘部分在物理層（包括生產測試）也繼續表現強勁，本季度我們在生產測試中取得了相當大的勝利。

And -- but we -- our sort of outlook for 400 gig is a very steady sort of demand through the year at this point.

而且 - 但我們 - 我們對 400 場演出的展望是全年需求非常穩定。

Sure.

當然。

And just a quick follow-up to that.

對此進行快速跟進。

You highlighted new type of customers, are these like hyperscalers?

您強調了新型客戶，這些客戶是超大規模客戶嗎？

Or is that the original equipment makers, OEMs?

還是原始設備製造商、OEM？

Yes.

是的。

We saw strength across the ecosystem, including the ones you referenced.

我們看到了整個生態系統的力量，包括您所提到的生態系統。

Okay.

好的。

And just, if I may, just as my second question.

如果可以的話，就像我的第二個問題一樣。

When you look at your orders, and you highlighted semis were strong in new booking and -- but it's not really impacting your Q1 revenue.

當您查看訂單時，您會發現半成品在新預訂方面表現強勁，但這並沒有真正影響您第一季的營收。

So would the semi bookings -- will they start to flow into Q2?

那麼半預訂會開始流入第二季嗎？

And was that going to also help the Q2 as a stronger quarter relative to Q1?

這是否也會幫助第二季成為比第一季更強勁的季度？

Well, first of all, a lot of the bookings that we received in Q4 will flow out in Q1, not Q2.

嗯，首先，我們在第四季收到的許多預訂將在第一季流出，而不是第二季。

But the guide that we gave you encompasses that.

但我們為您提供的指南涵蓋了這一點。

Your next question comes from the line of David Marchetti (sic) [John Marchetti] from Stifel.

您的下一個問題來自 Stifel 的 David Marchetti（原文如此）[John Marchetti]。

John Marchetti here.

約翰·馬爾凱蒂在這裡。

Just a quick question, Satish, if you could go back to some of the comments on the millimeter-wave strength.

只是一個簡單的問題，薩蒂什，您是否可以回顧一下有關毫米波強度的一些評論。

Just curious as you're looking out over the next 12 months or so, if you see that as an additional driver with sort of the sub-6 being relatively steady?

只是好奇，當您展望未來 12 個月左右的時間時，您是否將其視為 Sub-6 相對穩定的額外驅動程式？

If those 2 are maybe moving into different phases?

如果這兩個可能進入不同的階段？

Just how do you think of maybe some of those 2 different technologies playing out for you over the next 12 months or so?

您如何看待這兩種不同技術在未來 12 個月左右的時間內為您帶來的好處？

Yes.

是的。

Yes, it's a really good question.

是的，這是一個非常好的問題。

I would say that you're very insightful in that a lot of activity that you see that is in the public domain is related to Asia and some of the ramps are happening there, the sub-6 gigahertz band.

我想說，您非常有洞察力，您看到的公共領域的許多活動都與亞洲有關，並且一些斜坡正在那裡發生，即 6 GHz 以下頻段。

But what we see is also capability building for a potential millimeter-wave ramp 21 22, where customers are buying ahead of it.

但我們看到的是潛在毫米波斜坡的能力建設 21 22 ，客戶正在提前購買。

The strength of our platform, I touched upon the extensibility of it, it allows customers to move from sub-6 gigahertz to millimeter wave, SA and NSA seamlessly, and that really gives us a strong portfolio and competitive differentiation that we're benefiting from.

我們平台的優勢，我談到了它的可擴展性，它允許客戶從 6GHz 以下無縫過渡到毫米波、SA 和 NSA，這確實為我們提供了強大的產品組合和競爭優勢，我們從中受益。

The other angle that I'll probably highlight is the complexity with 5G, even though there are some early -- 60 operators have deployed some sort of commercial service with 5G.

我可能會強調的另一個角度是 5G 的複雜性，儘管有一些早期的 60 家運營商已經部署了某種 5G 商業服務。

As we start to learn from those deployments, the complexity is informing greater investment in R&D driven by some of the dynamics, such as over 2,000 band combinations.

當我們開始從這些部署中學習時，我們發現，由於某些動態因素（例如超過 2,000 個頻段組合）驅動，研發投資變得更加複雜。

And is that primarily still with OEMs?

這主要還是由原始設備製造商負責嗎？

Or are you seeing increasing demand from the service provider community as well?

或者您也看到服務提供者社群的需求不斷增長？

Yes.

是的。

Across the ecosystem and in particular, in Q4, we saw strength from the top service providers who are embracing our platform.

在整個生態系統中，特別是在第四季度，我們看到了採用我們平台的頂級服務提供者的實力。

Great.

偉大的。

And then, Neil, if I can.

然後，尼爾，如果可以的話。

Just -- as I look back on '19, you had relatively stable spending levels, your operating expenses as you went through the year.

只是——當我回顧 19 年時，你在這一年中的支出水平和營運支出相對穩定。

Just curious as we look out into '20, any sort of big ticket items or any sort of things to be aware of as we're looking at those OpEx levels heading into to next fiscal year?

只是好奇，當我們展望 20 世紀時，在我們研究進入下一財年的營運支出水平時，是否有任何大件項目或任何需要注意的事情？

Nothing specific.

沒什麼具體的。

The one thing that I would say is that we do continue to model internally 16% of revenue going towards R&D spend.

我要說的一件事是，我們確實繼續在內部模型中將 16% 的收入用於研發支出。

We were a little bit under that in the back half of '15 -- excuse me, in the back half of '19.

我們在 15 年後半段的表現有點低於這個水準——對不起，在 19 年後半段。

But as we move into 2020, we continue to be anchored on 16% of revenue going into R&D.

但進入 2020 年，我們仍將 16% 的收入用於研發。

Your next question comes from the line of David Ridley-Lane from Bank of America.

您的下一個問題來自美國銀行的 David Ridley-Lane。

I had a question on the $550 million in services orders this year.

我對今年 5.5 億美元的服務訂單有疑問。

Do you have a comparable figure for the prior year?

您有上一年度的可比較數字嗎？

Or could you give us a sense of the growth rate on that services business?

還是您能否讓我們了解該服務業務的成長率？

Yes.

是的。

So I'd make a couple of comments about that.

所以我想對此發表一些評論。

If you remember, this business was a $400 million business for many, many years.

如果你還記得的話，這個企業多年來一直是價值 4 億美元的企業。

And if you actually went back to our very first Analysts Day after the launch of Keysight, we talked about growing this business to being a $600 million business and being able to do that by 2020.

如果你真的回顧一下是德科技推出後的第一個分析師日，我們談到了將這項業務發展到價值 6 億美元的業務，並能夠在 2020 年實現這一目標。

We're not going to hit that target on the revenue line next year, but we would expect that we would be able to come very close to delivering $600 million in orders in 2020.

明年我們不會達到這個收入目標，但我們預計 2020 年我們能夠非常接近交付 6 億美元的訂單。

So we're on a very nice trajectory and continue to see great growth in that business, and it's an important part of our overall solutions offering.

因此，我們正處於一個非常好的軌道上，並且繼續看到該業務的巨大成長，這是我們整體解決方案的重要組成部分。

And just to answer the last part of your question, services grew double digits in FY '19.

為了回答你問題的最後一部分，2019 財年的服務成長了兩位數。

Okay.

好的。

And then on software sales, can you give a sense of how that sales process is going?

然後在軟體銷售方面，能否介紹一下銷售流程的進展？

Are you displacing existing software providers?

您是否正在取代現有的軟體供應商？

Or is this more about, when you do get a new program when you're having better success about adding software to that program win?

或者這更多的是，當您確實獲得一個新程式時，當您在向該程式添加軟體方面取得了更好的成功時？

Yes.

是的。

David, this is Mark Wallace.

大衛，這是馬克華萊士。

I'll take that.

我會接受的。

So software is an ever-increasing part of our overall solution as we're delivering complete solutions to our customers.

因此，隨著我們向客戶提供完整的解決方案，軟體在我們整體解決方案中的比重不斷增加。

So that's a piece of it.

這就是其中的一部分。

We've also been very successful in implementing our software business model and our go-to-market strategy.

我們在實施我們的軟體業務模式和進入市場策略方面也非常成功。

So when we're selling software that's got a perpetual license, we sell support with that.

因此，當我們銷售具有永久許可證的軟體時，我們會銷售支援。

We're now being successful with growing new business model offerings with time-based licenses.

我們現在透過基於時間的許可證不斷發展新的業務模式產品，取得了成功。

And we are always adding new features and capabilities, as an example that Ron talked about, with PathWave 2020.

我們一直在添加新的功能和功能，正如 Ron 提到的 PathWave 2020 的例子。

So it's a combination of all those things.

所以它是所有這些事情的組合。

If you break it down, it's -- there are 3 main parts.

如果你把它分解，它有 3 個主要部分。

One is our design software or EDA design software.

一種是我們的設計軟體或EDA設計軟體。

The second is application software that gives customers answers versus just lots of numbers.

第二個是應用軟體，它可以為客戶提供答案，而不是只提供大量數字。

And the third is platforms, and platforms such as PathWave will help tie everything together throughout the complete workflow.

第三是平台，PathWave 等平台將有助於將整個工作流程中的所有內容連結在一起。

On top of that, we provide all types of software updates and that's why we're very pleased to see our over $850 million worth of software.

最重要的是，我們提供所有類型的軟體更新，這就是為什麼我們很高興看到我們價值超過 8.5 億美元的軟體。

You couple that with our services business, our ARR, or recurring revenue, continues to increase, which is the strategy -- one of the strategies of our company.

再加上我們的服務業務，我們的 ARR（經常性收入）持續成長，這就是我們公司的策略之一。

And as you -- we had mentioned earlier, software orders were up 19% for the year.

正如我們之前提到的，今年軟體訂單增加了 19%。

And revenue was double digits at a lower level, but that's only because it gets recognized over time.

收入在較低水平時達到兩位數，但這只是因為隨著時間的推移它得到了認可。

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

您的下一個問題來自貝爾德 (Baird) 的理查德·伊士曼 (Richard Eastman)。

Very quickly, just to return for a second to Huawei.

很快，就回到華為。

The discussion around the headwind in the first half of the year is reasonably consistent with what you had laid out.

關於上半年逆風的討論與您所闡述的相當一致。

But I'm curious, when you look at the combination of Huawei and HiSilicon, do you expect the revenue of the combination to those 1 or 2 customers, however you define them, do you expect the revenue to be up in fiscal '20 versus '19?

但我很好奇，當你審視華為和海思的合併時，你是否預計該合併給這1 或2 個客戶帶來的收入，無論你如何定義它們，你是否預計20 財年的收入會比20財年有所成長？

No, we consider HiSilicon to be part of Huawei.

不，我們認為海思是華為的一部分。

And so we have a pretty significant headwind as it relates to that combination of customers.

因此，我們面臨著與客戶組合相關的相當大的阻力。

Roughly 2% total for the year, but pretty heavily skewed towards the first half, with a 5% headwind in Q1 and a 3% revenue headwind in Q2.

今年整體成長約 2%，但嚴重偏向上半年，第一季營收下降 5%，第二季營收下降 3%。

So it's definitely down from that set of customers over...

所以它肯定比這組客戶下降了...

Okay.

好的。

So you consider them the same entity...

所以你認為它們是同一實體......

That's right.

這是正確的。

Which, I guess, they are.

我想，他們確實是這樣。

But I'm curious, in the past, historically, Keysight has had a very, very strong position and kind of the base station tests, manufacturing tests within infrastructure.

但我很好奇，在過去，從歷史上看，是德科技在基地台測試、基礎設施內的製造測試方面擁有非常非常強大的地位。

And I'm curious, where are we in that growth curve?

我很好奇，我們處於成長曲線的哪個位置？

Does Keysight expect to hold share there?

是德科技是否希望持有該公司的股份？

And if so, would that business not ramp into fiscal '20?

如果是這樣，該業務是否不會在 20 財年實現成長？

Yes.

是的。

That's a good question.

這是個好問題。

Our -- we have secured some early design wins this year, positions us well for the production ramps in 5G.

我們今年已經獲得了一些早期的設計勝利，這為我們在 5G 的生產提升中奠定了良好的基礎。

So if you look at it in aggregate, we will maintain our gain position, especially as new forms of base stations such as millimeter wave and CPE devices become proliferated across the ecosystem.

因此，如果從總體上看，我們將保持領先地位，特別是當毫米波和 CPE 設備等新型基底站在整個生態系統中激增時。

So we're well positioned by the products and solutions that we've already had design wins with.

因此，我們已經在設計上獲勝的產品和解決方案中處於有利地位。

And we're also layering in additional capability with PathWave that Ron just referenced, where we've been working with Nokia to further accelerate some of the testing needs for base station manufacturers.

我們也透過 Ron 剛才提到的 PathWave 增加了額外的功能，我們一直在與諾基亞合作，進一步加快基地台製造商的一些測試需求。

And I just want to add also that this quarter and for the whole year as well, we had significant uptick for our modular vector network analyzers, which are largely used for base station filter manufacturing.

我還想補充一點，本季以及全年，我們的模組化向量網路分析儀大幅成長，這些分析儀主要用於基地台濾波器製造。

We have high share historically, and we continue to do well in that market.

我們歷史上擁有很高的份額，我們在該市場上繼續表現出色。

And Rick, back to your original question with regards to Huawei and HiSilicon, let me just step back a little bit and talk about China.

Rick，回到你最初關於華為和海思的問題，讓我退一步談談中國。

We were successful this last quarter of crossing the $1 billion mark in sales into China -- or excuse me, orders into China.

上個季度我們在中國的銷售額（或對不起，中國的訂單）成功突破了 10 億美元大關。

And the reason I bring that up is we have a very broad portfolio across many end markets, and that is something that is a strength and continues to grow very well.

我提出這一點的原因是我們在許多終端市場上擁有非常廣泛的產品組合，這是一種優勢並且將繼續成長得很好。

Okay.

好的。

And then just a follow-up question.

然後是一個後續問題。

Ron, you had made a comment around the aerospace defense business and kind of noteworthy, the orders were there plus double digits, revenue was kind of mid-single digits, but had you made the comment that kind of more to come.

羅恩，您對航空航天國防業務發表了評論，值得注意的是，訂單量達到了兩位數，收入為中個位數，但如果您發表了這樣的評論，未來還會有更多。

But does the order -- again, I don't know what the shipping cycle would be on the orders, the double-digit orders.

但是訂單嗎？ 同樣，我不知道訂單的運輸週期是多少，兩位數的訂單。

But is there an order and momentum backlog around -- in the A&D business that might suggest you've got line of sight on mid-single-digit type growth through '20?

但是，A&D 業務中是否存在訂單和動力積壓，這可能表明您預計到 20 世紀將實現中個位數成長？

Because I think that, that business tends to flow out of backlog at more of a 6- to 12-month base?

因為我認為，該業務往往會在 6 到 12 個月的基礎上流出積壓訂單？

Yes.

是的。

I think -- to put it simply, I think some of the order strength that we saw was a successful adoption of our electronic warfare or threat simulation platform that Neil referenced to cyber and electromagnetic activities.

我認為，簡單地說，我認為我們看到的一些訂單優勢是我們的電子戰或威脅模擬平台的成功採用，尼爾提到了網路和電磁活動。

And we're now embedded with all the major labs in the U.S. and some in Europe for that solution.

我們現在已經與美國和歐洲的一些主要實驗室合作來提供該解決方案。

And since it's a solution, it has a longer gestation period between orders and revenue.

由於它是一個解決方案，因此訂單和收入之間的醞釀期較長。

Now with regard to the outlook, at least for Q1, we continue to see order strength and funnel is very strong for our offerings.

現在就前景而言，至少在第一季度，我們繼續看到訂單強度和漏斗對於我們的產品來說非常強大。

Obviously, we monitor the budget situation in the United States and -- as that process evolves.

顯然，我們會監控美國的預算狀況，並且隨著這個過程的發展。

Given our position with the government, not only is it a solution play, which makes it longer, but also through the overall buying cycle is longer.

考慮到我們與政府的立場，這不僅是一種解決方案，這使得時間更長，而且整個購買週期也更長。

So there's a bit of hysteresis in that process, which provides more stability in the business.

因此，這個過程中有一點滯後，這為業務提供了更多的穩定性。

Your next question comes from the line of Jim Suva from Citigroup Investments.

您的下一個問題來自花旗集團投資公司的 Jim Suva。

And I have 2 questions, and I'll ask them at the same time so you can answer them in whichever order you feel is best.

我有兩個問題，我會同時問它們，以便您可以按照您認為最好的順序回答它們。

On the Huawei status, there are some companies that have been putting in applications to the government about being able to still be able to sell to them in the future.

關於華為的情況，有一些公司已經向政府提出申請，希望未來仍能向他們推銷產品。

I assume Keysight has done this.

我認為是德科技已經做到了這一點。

Did you get a response?

您收到回覆了嗎？

Are you still in the waiting pattern of that or any feedback on that?

您還在等待或有任何回饋嗎？

Because I know that there are some companies that are getting positives, yes, they can continue to ship in the future.

因為我知道有些公司正在獲得積極的結果，是的，他們將來可以繼續發貨。

Or is it simply -- it's not going to happen much?

或者只是——這種情況不會發生太多？

How should we think about that?

我們該如何思考這個問題？

And then my second question is on the orders that you gave.

我的第二個問題是關於你下達的命令。

Yes, they're positive, but there's been a meaningful deceleration from that.

是的，它們是積極的，但隨之而來的是明顯的減速。

It seems like there would also be -- maybe is it 1 percentage point or 2 percentage point because of Huawei from that, but also the orders deceleration, is it mostly macro-related or trade tensions or peaking of 5G R&D test equipment?

似乎還會有——也許是因為華為的緣故，導致了 1 個百分點或 2 個百分點，還有訂單減速，主要是與宏觀相關還是貿易緊張或 5G 研發測試設備達到頂峰？

How should we think about that?

我們該如何思考這個問題？

Let me take the second part of that first, and then we'll let Satish handle the first part.

讓我先處理第二部分，然後讓薩蒂什處理第一部分。

So as we said, on the order line, we saw a $40 million impact from Huawei within the quarter.

正如我們所說，在訂單行中，我們看到華為在本季產生了 4000 萬美元的影響。

So that's 4 points -- roughly 4 points at the Keysight level, but a much greater level at either the CSG or commercial communications level, which is where that business is very heavily skewed.

所以這是 4 分——大約是德科技層面的 4 分，但在 CSG 或商業通訊層面的水平要高得多，這是該業務嚴重傾斜的地方。

So we definitely are seeing an impact, but we're offsetting that and making it up via the strength of our portfolio and the broad set of customers that we have that are adopting those commercial communication solutions.

因此，我們確實看到了影響，但我們正在抵消這種影響，並透過我們的產品組合的優勢以及我們擁有的正在採用這些商業通訊解決方案的廣泛客戶來彌補這一影響。

Yes.

是的。

With regard to your first question, it's a pretty dynamic situation.

關於你的第一個問題，這是一個非常動態的情況。

We monitor this carefully.

我們會仔細監控這一情況。

Some of the announcements on licensing, as I -- as we read it, applies to very low-end technology capabilities, if at that.

正如我所讀到的，一些有關許可的公告適用於非常低端的技術能力（如果有的話）。

So it does not apply to some of the capabilities that we offer at this time.

因此它不適用於我們目前提供的某些功能。

Now again, we monitor the situation and remain compliant with U.S. DOC norms.

現在，我們再次監控局勢並繼續遵守美國商務部規範。

I'll just add one other comment.

我將添加另一條評論。

I had made a comment earlier that our China orders were over $1 billion, I was referring to Greater China and Greater China, obviously, includes Taiwan and Hong Kong as well as Mainland China, and that's how we look at the business, but just for clarification.

我之前說過我們中國的訂單超過10億美元，我指的是大中華區和大中華區，顯然包括台灣和香港以及中國大陸，這就是我們看待業務的方式，但只是為了澄清。

Your next question comes from the line of Adam Thalhimer from Thompson, Davis.

您的下一個問題來自戴維斯湯普森的 Adam Thalhimer。

Congrats on a great quarter and a great year.

恭喜您度過了美好的季度和美好的一年。

Thanks, Adam.

謝謝，亞當。

Ron, I guess I hear you that you don't want to steal from the coming Analysts Day, but you're guiding Q1 operating margins up about 200 basis points year-over-year I think.

羅恩，我想我聽到你說你不想從即將到來的分析師日偷竊，但我認為你指導第一季營業利潤率同比增長約 200 個基點。

And then -- I mean how would you model the rest of the year kind of flattish, up 50 basis points?

然後——我的意思是，你將如何模擬今年剩餘時間的平穩增長 50 個基點？

I'm just trying to figure how to read your comments on that.

我只是想弄清楚如何閱讀您對此的評論。

Typically, we have -- we talk about having a softer Q1, given the strong year-end that we typically have as the way we finished our year from a sales perspective, and we have people on year-end compensation.

通常情況下，我們談論的是第一季的疲軟，因為從銷售角度來看，我們通常在年底表現強勁，並且我們有人領取年終薪酬。

So we tend to start out slow in Q4.

因此，我們傾向於在第四季度開始緩慢。

We do -- excuse me, in Q1.

對不起，我們在第一季確實這樣做了。

We do salary administration for the whole company in the first quarter of the year, which can put some downward pressure on operating margins for that first quarter.

我們在今年第一季對整個公司進行薪資管理，這可能會對第一季的營業利潤率造成一些下行壓力。

I think as we think about the whole fiscal year, I'd guide you back to the kind of the macro-level statements we've made in the past, market growth in the 3% to 5%, us looking to outpace the markets even in the face of the headwinds that we've talked about.

我認為，當我們考慮整個財年時，我會引導您回到我們過去所做的宏觀層面的聲明，市場增長在 3% 到 5% 之間，我們希望超越市場即使面對我們談到的逆風。

When we grow mid-single digits or better, we can deliver a 40% incremental to the bottom line.

當我們實現中個位數或更高的成長時，我們可以將利潤增加 40%。

So there is room for increased profitability even from where we are today.

因此，即使從我們今天的情況來看，獲利能力仍有提升的空間。

Obviously, we did much better than that incremental this year, but we've come very far very fast, and I don't think we're going to sustain a 90-plus percent incremental that we've put up this year.

顯然，我們今年的增量做得比這個增量要好得多，但我們已經走得非常快，而且我認為我們不會維持今年 90% 以上的增量。

But you can definitely think about that 40% incremental is a good way to model our business going forward.

但你絕對可以認為 40% 的增量是模擬我們未來業務的好方法。

Okay.

好的。

That's fine.

沒關係。

And then I wanted to ask about Europe.

然後我想問歐洲的情況。

It seems like you're seeing some broad-based weakness there, which perhaps is nothing new.

您似乎看到了一些廣泛的弱點，這也許不是什麼新鮮事。

Are you seeing any green shoots in Europe?

您看到歐洲出現新芽了嗎？

Yes.

是的。

Adam, this is Mark.

亞當，這是馬克。

It's a mixed bag in Europe.

歐洲的情況魚龍混雜。

We did see some lower investments from some of the network equipment manufacturers, some of the chipset companies.

我們確實看到一些網路設備製造商、一些晶片組公司的投資有所減少。

There were some mixed results in aerospace defense with some of the Western European primes, Russia was down.

西歐一些強國在航空航太防禦領域的成績好壞參半，俄羅斯表現不佳。

What's really showing, though, is that our general electronics business is up with growth from the broad portfolio of solutions that we have.

然而，真正表明的是，我們的通用電子業務隨著我們擁有的廣泛解決方案組合的成長而成長。

We've invested in IoT-based solutions for a number of companies into education and research, and we continue to grow that business and new customers across Western Europe.

我們已經為許多公司投資了基於物聯網的教育和研究解決方案，並且我們繼續在西歐發展該業務和新客戶。

Another bright spot is the expansion of our Scienlab solutions to many customers around the world as well as across Europe.

另一個亮點是將我們的 Scienlab 解決方案擴展到世界各地以及整個歐洲的許多客戶。

So it was mixed and those are the headlines.

因此，情況好壞參半，這些都是頭條新聞。

I would just add a comment that Europe is only 15% of our business -- or was 15% of our business as we looked at the last quarter.

我想補充一點，歐洲僅占我們業務的 15%，或者從我們上個季度的情況來看，歐洲占我們業務的 15%。

And in addition to the gems business or the general electronics business and Scienlab that Mark talked about, we also saw network tests grow in Ixia.

除了 Mark 談到的寶石業務或通用電子業務和 Scienlab 之外，我們還看到 Ixia 的網路測試不斷增長。

Your next question comes from the line of Brian Yun from Deutsche Bank.

您的下一個問題來自德意志銀行的 Brian Yun。

I really appreciate the color on the software solutions revenues, but I just had 2 questions around that.

我真的很欣賞軟體解決方案收入的色彩，但我只是有兩個問題。

First, how should we think about sort of the ramp in software revenues over the next couple of years?

首先，我們該如何看待未來幾年軟體收入的成長？

And are there any goals or initiatives focused on driving software growth specifically?

是否有任何專門致力於推動軟體成長的目標或措施？

And then second, you kind of broke out the 3 key pieces of software you sell today.

其次，您列出了今天銷售的 3 個關鍵軟體。

Could you maybe rank order which ones do you see the largest opportunities in?

您能否對您認為機會最大的領域進行排序？

Yes.

是的。

I mean I definitely think we have continued opportunity to grow software as an overall percentage of the portfolio as we continue this migration from just selling essentially test and design tools to selling complete solutions to our customers.

我的意思是，我絕對認為，隨著我們繼續從僅銷售基本測試和設計工具到向客戶銷售完整的解決方案，我們將繼續有機會增加軟體在產品組合中的整體百分比。

Those solutions have much higher software and services content and that's definitely a trend that has a lot of runway in front of it.

這些解決方案具有更高的軟體和服務內容，這絕對是一種趨勢，前面有很多跑道。

I think as you look forward, big opportunities, I'd continue to point at 5G.

我認為，當你展望未來時，巨大的機遇，我會繼續關注 5G。

We have very high software content in some of our cutting-edge 5G solutions.

我們的一些尖端 5G 解決方案中的軟體含量非常高。

So that's a big driver of growth, but it's also a big for opportunity us as we look forward, given that we're still in the very early stages of 5G deployment.

因此，這是成長的一大推動力，但考慮到我們仍處於 5G 部署的早期階段，這對我們的未來來說也是一個巨大的機會。

Ron talked about our EDA tools.

Ron 談到了我們的 EDA 工具。

We already have very high market share in EDA.

我們在 EDA 領域已經擁有非常高的市場佔有率。

And so we're kind of growing with the market more than anything else in the EDA space.

因此，我們在 EDA 領域中與市場一起成長比其他任何事情都更重要。

And then we're very excited about our PathWave platform, right?

然後我們對 PathWave 平台感到非常興奮，對嗎？

We're -- we announced it a while back, but we're going to be designing tools into our PathWave platform for many years to come, and we're really just getting started in terms of connecting the workflow for our customers.

我們不久前就宣布了這一點，但我們將在未來的許多年裡將工具設計到我們的 PathWave 平台中，而在為客戶連接工作流程方面，我們實際上才剛剛開始。

And so I think there's a big opportunity for us as it relates to PathWave.

因此，我認為 PathWave 對我們來說是一個巨大的機會。

And then the last thing that I would just comment on is another big opportunity that we see is the opportunity to take more and more of our software and convert it from kind of onetime sales to more time-based sales.

我要評論的最後一件事是我們看到的另一個巨大機會，即有機會採用越來越多的我們的軟體，並將其從一次性銷售轉變為更多基於時間的銷售。

I would say we're a little bit behind as it comes -- behind industry norms as it relates to that, but that creates a big opportunity for us as we look forward.

我想說，我們有點落後了——落後於與此相關的行業規範，但這為我們展望未來創造了一個巨大的機會。

I would just add on software, just to step back, when we launched the company, we had roughly $370 million worth of software orders and software revenue, and we finished this year with $853 million.

我只想補充軟體，退一步來說，當我們成立公司時，我們的軟體訂單和軟體收入價值約為 3.7 億美元，今年我們的收入為 8.53 億美元。

So we've dramatically grown our software portfolio.

因此，我們大大擴展了我們的軟體產品組合。

And as Neil mentioned, we have much more opportunity in front of us.

正如尼爾所說，我們面前有更多的機會。

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

我們今天的問答環節到此結束。

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

我想請賈森·卡里 (Jason Kary) 聽聽會議結束意見。

Well, thank you, Christine, and thank you all for joining us today.

好的，謝謝你，克里斯汀，也謝謝大家今天加入我們。

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

我們期待在即將舉行的會議上見到你們，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.

您現在可以斷開連線。