是德科技 (KEYS) 2022 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Keysight Technologies Fiscal Third Quarter 2022 Earnings Conference Call. My name is Amber, and I will be your lead operator today. (Operator Instructions) Please note that this call is being recorded today, Wednesday, August 17, 2022 at 1:30 p.m. Pacific Time.

女士們，先生們，美好的一天，歡迎參加是德科技 2022 財年第三季度收益電話會議。我叫 Amber，今天我將擔任您的首席運營商。 （操作員說明）請注意，此通話將於 2022 年 8 月 17 日星期三下午 1:30 錄製。太平洋時間。

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

我現在想將會議交給副總裁、財務主管和投資者關係部的 Jason Kary 先生。請繼續，卡里先生。

Thank you, and welcome, everyone, to Keysight's third quarter earnings conference call for fiscal year 2022. Joining me are Keysight's President and CEO, Satish Dhanasekaran and our CFO, Neil Dougherty. In the Q&A session, we will be joined by Senior Vice President of Global Sales, Mark Wallace. You can find the press release and information to supplement today's discussion on our website at investor.keysight.com under the Financial Information tab and quarterly reports.

謝謝大家，歡迎大家參加是德科技 2022 財年第三季度財報電話會議。是德科技總裁兼首席執行官 Satish Dhanasekaran 和我們的首席財務官 Neil Dougherty 加入我的行列。在問答環節，全球銷售高級副總裁 Mark Wallace 將加入我們。您可以在我們的網站investor.keysight.com 的“財務信息”選項卡和季度報告下找到新聞稿和信息以補充今天的討論。

Today's comments by Satish and Neil will refer to non-GAAP financial measures. We will also make reference to core growth which excludes the impact of currency movements and acquisitions or divestitures completed within the last 12 months. The most directly comparable GAAP financial metrics and reconciliations are on our website, and all comparisons are on a year-over-year basis, unless otherwise noted. We will make forward-looking statements about the financial performance of the company on today's call. These statements are subject to risks and uncertainties and are only valid as of today. We assume no obligation to update them. Please review our recent SEC filings for a more complete picture of our risks and other factors.

Satish 和 Neil 今天的評論將涉及非 GAAP 財務指標。我們還將參考核心增長，其中不包括過去 12 個月內完成的貨幣變動和收購或資產剝離的影響。最直接可比的 GAAP 財務指標和對賬在我們的網站上，除非另有說明，所有比較都是按年進行的。我們將在今天的電話會議上對公司的財務業績做出前瞻性陳述。這些陳述受到風險和不確定性的影響，並且僅在今天有效。我們不承擔更新它們的義務。請查看我們最近提交給 SEC 的文件，以更全面地了解我們的風險和其他因素。

Lastly, management is scheduled to participate in upcoming investor conferences hosted by Jefferies, Deutsche Bank, Citi and Goldman Sachs. We hope to see many of you there.

最後，管理層計劃參加即將由傑富瑞、德意志銀行、花旗和高盛主辦的投資者會議。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 Satish.

現在我將把電話轉給 Satish。

Thank you, Jason. Good afternoon, everyone. Thank you for joining us today. Keysight Technologies delivered another exceptional quarter with both revenue and EPS, our earnings per share exceeding the high end of our guidance. Our outperformance reflects the effectiveness of our strategy, outstanding execution by our teams around the world, and the strength of our operating model. Keysight's deep customer engagements with industry leaders and high-value differentiated solutions continue to drive broad-based demand across key technology megatrends.

謝謝你，傑森。大家下午好。感謝您今天加入我們。是德科技又實現了一個出色的季度，收入和每股收益均達到預期，我們的每股收益超過了我們指引的高端。我們的出色表現反映了我們戰略的有效性、我們全球團隊的出色執行以及我們運營模式的實力。是德科技與行業領導者的深入客戶互動和高價值的差異化解決方案繼續推動關鍵技術大趨勢的廣泛需求。

I will focus my comments today on 3 key headlines. First, outstanding execution by the Keysight teams around the world, resulted in an all-time record revenue and earnings per share as we saw some supply constraints ease as the quarter progressed. Second, we saw strong order growth and sustained demand across all end markets and regions. Third, we're once again raising our full year outlook. We now expect to achieve revenue growth approaching 9% and earnings per share growth of approximately 20% for the full fiscal year.

我今天將把我的評論集中在 3 個關鍵的頭條新聞上。首先，是德科技全球團隊出色的執行力創造了創紀錄的收入和每股收益，因為我們看到隨著季度的進展，一些供應限制有所緩解。其次，我們看到所有終端市場和地區的訂單增長強勁，需求持續。第三，我們再次上調全年展望。我們現在預計整個財年的收入增長接近 9%，每股收益增長約 20%。

Let's now take a deeper look at our results for the quarter. Third quarter orders grew 12% to $1.46 billion and outpaced record revenue, which grew 10% to $1.38 billion. Record EPS of $2.01, grew 31%. Orders and revenue growth in both business segments and across all regions is evidence of our ability to deliver value for customers as we manage macro and supply dynamics. Software revenue achieved an all-time high, outpacing total Keysight revenue growth, expanding our recurring revenue profile to further strengthen the durability of our business. Our software-centric solution strategy is a key differentiator in rapidly evolving design, systems emulation and modeling environments. We recently introduced PathWave Advanced Design System 2023 to address growing complexity in ultra-high frequency designs. We also announced that Keysight's Open RAN solutions are moving to cloud-based deployment to support our customers' needs as networks evolve to more software-enabled virtualized architectures.

現在讓我們更深入地了解一下我們本季度的業績。第三季度訂單增長 12% 至 14.6 億美元，超過創紀錄的收入增長 10% 至 13.8 億美元。創紀錄的每股收益為 2.01 美元，增長 31%。兩個業務部門和所有地區的訂單和收入增長證明了我們在管理宏觀和供應動態時為客戶創造價值的能力。軟件收入創下歷史新高，超過了是德科技的總收入增長，擴大了我們的經常性收入狀況，進一步增強了我們業務的持久性。我們以軟件為中心的解決方案戰略是快速發展的設計、系統仿真和建模環境的關鍵差異化因素。我們最近推出了 PathWave 高級設計系統 2023，以解決超高頻設計中日益複雜的問題。我們還宣布，是德科技的 Open RAN 解決方案正在轉向基於雲的部署，以隨著網絡向更多支持軟件的虛擬化架構演進，支持我們客戶的需求。

Turning to our business segments. The Communications Solutions Group delivered all-time record revenue and record third quarter orders. Commercial Communications achieved record revenue with growth across all industry segments and regions. Innovation dynamics across the Communications ecosystem remains strong, driving demand Keysight's comprehensive end-to-end portfolio for both the wireless and wireline ecosystems. In wireless, 5G continues to represent an innovation-rich environment for the industry. Our differentiated software-centric solutions enable customers to address the growing complexity of use cases, frequency band combinations, real-world connectivity and mobility challenges. We continue to evolve our 5G platform to meet the requirements of emerging applications and newer versions of the standards.

轉向我們的業務部門。通信解決方案集團實現了創紀錄的收入和創紀錄的第三季度訂單。商業通信在所有行業領域和地區均實現了創紀錄的收入增長。整個通信生態系統的創新動力依然強勁，推動了是德科技對無線和有線生態系統的全面端到端產品組合的需求。在無線領域，5G 繼續代表著行業創新豐富的環境。我們以軟件為中心的差異化解決方案使客戶能夠應對日益複雜的用例、頻段組合、現實世界的連接性和移動性挑戰。我們將繼續發展我們的 5G 平台，以滿足新興應用程序和更新版本標準的要求。

In collaboration with, Intel, Radisys, Vodafone and Wind River, we recently showcased an industry-first demonstration, deploying Keysight's O-RAN and solutions to help reduce power consumption in a multi-vendor Open RAN network. AI-LINK, a provider of industrial IoT offerings, used Keysight solutions for end-to-end performance validation of cloud-native radio access network infrastructure. In wireline, we continue to see strong demand for 400 gig, 800 gig and photonics applications. We recently collaborated with Nokia to demonstrate the first public 800-gig interoperability test, validating the robustness of ultra-high data rates in telco networks and data center environments for the expected increase in AI, ML network workloads.

我們最近與英特爾、Radisys、沃達丰和風河合作，展示了業界首個演示，部署了 Keysight 的 O-RAN 和解決方案，以幫助降低多供應商 Open RAN 網絡中的功耗。工業物聯網產品提供商 AI-LINK 使用是德科技解決方案對雲原生無線電接入網絡基礎設施進行端到端性能驗證。在有線方面，我們繼續看到對 400 gig、800 gig 和光子學應用的強勁需求。我們最近與諾基亞合作展示了第一個公開的 800 gig 互操作性測試，驗證了電信網絡和數據中心環境中超高數據速率的穩健性，以應對 AI、ML 網絡工作負載的預期增長。

Record Q3 orders in aerospace, defense and government outpaced revenue, which grew 1% on a core basis versus a strong growth quarter last year. Budget appropriations began to flow as reflected in prime contractor spending in the U.S., while 5G investments continued to grow to address new use cases such as RADAR and 5G coexistence. We also saw strong strength in satellite and space, including new applications for nonterrestrial networks. Over the next several years, we expect this market will benefit from elevated investments in technology modernization.

創紀錄的第三季度航空航天、國防和政府訂單超過收入，核心增長 1%，而去年季度增長強勁。預算撥款開始流入，這反映在美國的總承包商支出中，而 5G 投資繼續增長以解決 RADAR 和 5G 共存等新用例。我們還看到了衛星和太空領域的強大實力，包括非地面網絡的新應用。在接下來的幾年裡，我們預計這個市場將受益於技術現代化投資的增加。

The Electronic Industrial Solutions Group delivered double-digit order and revenue growth for the eighth consecutive quarter, with momentum from continued investments in next-generation technologies across automotive, industrial IoT and semiconductor end markets. In automotive, we are pleased with the continued broad adoption of our solutions portfolio, with the business nearly doubling over the past 2 years. Orders grew strong double digits for the sixth consecutive quarter, and we delivered all-time record revenue. Keysight's contributions to the advancement of EV and AV technologies, which include vehicle intelligence, connectivity, power and security are fueling momentum with leading car manufacturers, and helped us secure wins with giga factories around the world. Keysight's award-winning Radar Scene Emulator is the only solution on the market to imitate realistic roadway scenarios in a lab environment, and was chosen by a leading U.S. auto manufacturer for testing and validation of autonomous drive systems.

電子工業解決方案集團連續第八個季度實現兩位數的訂單和收入增長，動力來自對汽車、工業物聯網和半導體終端市場的下一代技術的持續投資。在汽車領域，我們對我們的解決方案組合的持續廣泛採用感到高興，該業務在過去 2 年幾乎翻了一番。訂單連續第六個季度實現兩位數強勁增長，我們實現了創紀錄的收入。是德科技對推進 EV 和 AV 技術（包括車輛智能、連接性、電源和安全性）的貢獻正在推動領先汽車製造商的發展勢頭，並幫助我們贏得全球超級工廠的勝利。是德科技屢獲殊榮的雷達場景仿真器是市場上唯一在實驗室環境中模擬真實道路場景的解決方案，並被一家領先的美國汽車製造商選擇用於自動駕駛系統的測試和驗證。

This quarter, we completed another tuck-in acquisition in the automotive space, further adding to our software technology and technical staff focused on vehicle-to-everything communications. We continue to invest as we target evolving opportunities in the future of transportation.

本季度，我們在汽車領域完成了另一次收購，進一步增加了我們專注於車聯網通信的軟件技術和技術人員。我們繼續投資，因為我們瞄準了未來交通領域不斷變化的機會。

In general electronics, we achieved double-digit order growth and all-time record revenue as investments continued in digital health, IoT and advanced research. In educational research, Keysight is partnering with global leaders such as Nanyang Technological University in Singapore to advance 6G technology. Together with Sauce Labs, our Eggplant business delivered artificial intelligence-driven testing of enterprise applications. The acceleration in our general electronics business reflects the broad scope of our portfolio of leading technology solutions. Record orders for our semiconductor solutions resulted in ninth consecutive quarter of double-digit order growth driven by capacity expansion of mature foundries to address pent-up demand in the market and investments in advanced processes.

在通用電子領域，隨著對數字健康、物聯網和高級研究的持續投資，我們實現了兩位數的訂單增長和創紀錄的收入。在教育研究方面，是德科技與新加坡南洋理工大學等全球領先企業合作推進 6G 技術。我們的茄子業務與 Sauce Labs 一起為企業應用程序提供了人工智能驅動的測試。我們通用電子業務的加速發展反映了我們領先技術解決方案組合的廣泛範圍。我們半導體解決方案的創紀錄訂單導致訂單連續第九個季度實現兩位數增長，這得益於成熟代工廠的產能擴張，以滿足市場被壓抑的需求以及對先進工藝的投資。

Keysight's PathWave design solutions expands our collaboration with major foundries beyond parametric wafer test into emerging applications like silicon photonics and next-generation design and simulation applications. While we continue to successfully execute our strategy, we recognize the near-term macroeconomic uncertainties. Keysight's sustained performance over time is evidence of the resilience and durability of our business. Our resilience is an outcome of enduring partnerships with market-leading customers with early engagement to develop software-centric solutions that enable them to solve their most critical development challenges and achieve their first-to-market goals.

是德科技的 PathWave 設計解決方案將我們與主要代工廠的合作從參數晶圓測試擴展到矽光子學和下一代設計和仿真應用等新興應用。雖然我們繼續成功執行我們的戰略，但我們認識到近期宏觀經濟的不確定性。是德科技長期的持續表現證明了我們業務的彈性和持久性。我們的彈性是與市場領先的客戶建立持久合作夥伴關係的結果，這些客戶及早參與開發以軟件為中心的解決方案，使他們能夠解決最關鍵的開發挑戰並實現其率先上市的目標。

Durability is a product of our flexible operating model designed to quickly respond to variations in demand while investing in critical long-term priorities. These strengths give us confidence that we can navigate uncertainties, and continue to deliver superior results going forward. Of course, all of this is made possible by our talented people. steadfast execution by our teams, especially in a challenging environment is proof that our Keysight leadership model delivers results, empowering our inclusive and diverse culture which fosters collaboration, high performance and innovation. We recently released our first diversity, equity and inclusion report as we renewed and strengthened Keysight's long-standing commitment to DE&I and to being a great place to work for our global workforce of more than 14,000.

耐用性是我們靈活運營模式的產物，旨在快速響應需求變化，同時投資於關鍵的長期優先事項。這些優勢使我們相信我們可以駕馭不確定性，並在未來繼續提供卓越的成果。當然，這一切都得益於我們的人才。我們團隊的堅定執行力，尤其是在充滿挑戰的環境中，證明了我們是德科技的領導模式取得了成果，賦予了我們包容和多元化的文化，促進了協作、高性能和創新。我們最近發布了我們的第一份多元化、公平和包容性報告，因為我們重申並加強了是德科技對 DE&I 的長期承諾，並致力於成為我們全球 14,000 多名員工的理想工作場所。

With that, I'll turn the call over to Neil to discuss our financial performance and outlook.

有了這個，我將把電話轉給尼爾討論我們的財務業績和前景。

Thank you, Satish, and hello, everyone. We delivered strong third quarter results, successfully navigating ongoing supply chain and other headwinds. Third quarter 2022 revenue of $1.376 billion was $26 million above the high end of our guidance range, and grew 10% or 13% on a core basis. We generated $1.461 billion in orders, up 12% or 14% on a core basis, and we ended the quarter with $2.5 billion in backlog.

謝謝你，薩蒂什，大家好。我們交付了強勁的第三季度業績，成功應對了持續的供應鍊和其他不利因素。 2022 年第三季度的收入為 13.76 億美元，比我們的指導範圍高端高出 2600 萬美元，核心增長 10% 或 13%。我們產生了 14.61 億美元的訂單，在核心基礎上增長 12% 或 14%，我們在本季度結束時積壓了 25 億美元。

Turning to our operational results for Q3, we reported gross margin of 65%, holding steady in the face of significant inflation and currency headwinds. Operating expenses were $480 million, resulting in an operating margin of 30%. We used a number of strategies to effectively navigate supply chain challenges, including product redesign, alternate sourcing and increased supplier and customer engagement. We achieved net income of $363 million and delivered $2.01 in earnings per share, which was $0.21 above the high end of our guidance. Our weighted average share count for the quarter was 181 million shares. Despite significant currency headwinds on the top line, we saw negligible FX impact to earnings due to the meaningful natural hedge provided by our global footprint that has been supplemented by our financial hedging program.

談到我們第三季度的經營業績，我們報告的毛利率為 65%，在面臨顯著的通貨膨脹和貨幣逆風的情況下保持穩定。營業費用為 4.8 億美元，營業利潤率為 30%。我們使用了多種策略來有效應對供應鏈挑戰，包括產品重新設計、替代採購以及增加供應商和客戶參與度。我們實現了 3.63 億美元的淨收入，每股收益為 2.01 美元，比我們的指導上限高 0.21 美元。我們本季度的加權平均股數為 1.81 億股。儘管收入存在重大的貨幣逆風，但由於我們的全球足跡提供了有意義的自然對沖，我們的金融對沖計劃補充了我們對收益的外匯影響微不足道。

Moving to the performance of our segments. Our Communications Solutions Group generated record revenue of $970 million, up 11% or 13% on a core basis. CSG delivered gross margin of 67% and record operating margin of 30%. Within CSG, commercial communications generated record revenue of $694 million, up 17% or 19% on a core basis, driven by 5G, O-RAN, 400 gigabit, 800 gigabit and high-speed digital applications. Aerospace and defense and government revenue of $276 million was down 2% and up 1% on a core basis. Our backlog for this end market remains strong, and we continue to expect increasing defense budgets in the U.S., Europe and Japan to provide support for higher spending going forward.

轉向我們細分市場的表現。我們的通信解決方案集團創造了創紀錄的 9.7 億美元收入，核心收入增長 11% 或 13%。 CSG 實現了 67% 的毛利率和 30% 的創紀錄營業利潤率。在 CSG 內部，在 5G、O-RAN、400 Gb、800 Gb 和高速數字應用的推動下，商業通信創造了創紀錄的 6.94 億美元收入，在核心基礎上增長 17% 或 19%。航空航天、國防和政府收入為 2.76 億美元，下降 2%，核心收入增長 1%。我們對該終端市場的積壓仍然強勁，我們繼續預計美國、歐洲和日本的國防預算將增加，以支持未來更高的支出。

The Electronic Industrial Solutions Group generated third quarter revenue of $406 million, up 10% or 13% on a core basis, driven by strong revenue growth across all end markets and regions. EISG reported gross margin of 61% and operating margin of 31%.

受所有終端市場和地區收入強勁增長的推動，電子工業解決方案集團第三季度收入為 4.06 億美元，核心收入增長 10% 或 13%。 EISG 報告毛利率為 61%，營業利潤率為 31%。

Moving to the balance sheet and cash flow. We ended the third quarter with $1.8 billion in cash and cash equivalents, generated cash flow from operations of $224 million and free cash flow of $192 million or 14% of revenue. Share repurchases this quarter totaled 1.6 million shares at an average price per share of $139.46 for a total consideration of $228 million. Year-to-date, we have repurchased approximately 4.6 million shares for a total consideration of $723 million.

轉向資產負債表和現金流。我們在第三季度結束時擁有 18 億美元的現金和現金等價物，產生了 2.24 億美元的運營現金流和 1.92 億美元的自由現金流或收入的 14%。本季度股票回購總額為 160 萬股，每股平均價格為 1.3946 美元，總對價為 2.28 億美元。年初至今，我們已回購約 460 萬股股票，總對價為 7.23 億美元。

Now turning to our outlook and guidance. Demand remains strong for Keysight solutions. Our funnel is near historic high levels, and we exit the quarter with a record backlog. We now expect full year revenue growth to approach 9% or 11% on a core basis with EPS in the range of $7.43 and to $7.49, representing growth of 20% at the midpoint. Fourth quarter 2022 revenue is expected to be in the range of $1.38 billion to $1.4 billion, with earnings per share in the range of $1.94 to $2, based on a weighted diluted share count of approximately 180 million shares.

現在轉向我們的展望和指導。是德科技解決方案的需求依然強勁。我們的漏斗接近歷史高位，我們以創紀錄的積壓退出本季度。我們現在預計全年收入增長在核心基礎上接近 9% 或 11%，每股收益在 7.43 美元至 7.49 美元之間，中點增長 20%。根據約 1.8 億股的加權稀釋股數，預計 2022 年第四季度的收入將在 13.8 億美元至 14 億美元之間，每股收益在 1.94 美元至 2 美元之間。

In closing, Keysight's resilient business, consistent execution and flexible cost structure give us confidence in our ability to capitalize on the long-term secular growth trends and deliver above-market profitable growth in 2023 and beyond.

最後，是德科技的彈性業務、一致的執行力和靈活的成本結構使我們對我們有能力利用長期的長期增長趨勢並在 2023 年及以後實現高於市場的盈利增長充滿信心。

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

有了這個，我現在將把它轉回給 Jason 進行問答。

Thanks, Satish and Neil, for your comments. Amber, would you please give the instructions for the Q&A?

感謝 Satish 和 Neil 的評論。 Amber，請您給出 Q&A 的說明好嗎？

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Jim Suva with Citi.

我們的第一個問題來自花旗銀行的 Jim Suva。

And congratulations to you and your entire team and company. Automotive traditionally hasn't been a big focus area for Keysight. You provided a little bit of commentary on it, but it appears that the car of the future and all the cars that are rolling out have a much bigger need for -- whether it be EV, battery calibration, sensors positioning. How much is automotive for you? What has kind of been growing? And importantly, is there like long-term visibility? Are you in that -- in the production side of things also, or just only in the R&D traditionally, I think about you more as R&D, but it seems like you're kind of a little bit more into production or long life on automotive? But if you could pontificate on automotive sector, a little bit, that would be great.

並祝賀你和你的整個團隊和公司。傳統上，汽車並不是是德科技重點關注的領域。您對此提供了一些評論，但似乎未來的汽車和所有正在推出的汽車都有更大的需求——無論是電動汽車、電池校準、傳感器定位。汽車對你來說多少錢？什麼一直在增長？重要的是，是否存在長期可見性？你在那個 - 在事物的生產方面，或者只是在傳統上只是在研發，我認為你更多的是研發，但看起來你有點更多地投入生產或汽車的長壽?但是，如果你能對汽車行業發表一些看法，那就太好了。

Yes, sure, Jim. As you noted, this is one of the new expansion opportunities that we're incredibly excited about, and we're continuing to build momentum. And as you saw emerging from the pandemic, this big acceleration into EV and AV has just gotten started. And from a manufacturing perspective, yes, we have some exposure to it, but it is this proliferation of electronics content that's causing automakers to ramp up production as supply becomes lesser and lesser of an issue over time. So it's all about testing their EV capabilities in the manufacturing environment. So we have some exposure to that.

是的，當然，吉姆。正如您所指出的，這是我們非常興奮的新擴張機會之一，我們正在繼續建立勢頭。正如您從大流行中看到的那樣，電動汽車和自動駕駛汽車的大加速才剛剛開始。從製造業的角度來看，是的，我們有一些接觸它，但正是這種電子產品的擴散導致汽車製造商提高產量，因為隨著時間的推移供應變得越來越少。因此，這一切都是為了在製造環境中測試他們的電動汽車能力。所以我們對此有所了解。

We're very excited by this big trend we see that's going to play out over the next 10 years where auto makers are going to increasingly invest in organic R&D capabilities needed to differentiate their platform over others. And that involves software and hardware, and it's a great fit for the broad array of tools that we offer to every electrical engineer in the planet that we're now selling into the automakers. But equally, the growing emphasis we have put on -- growing our footprint in EV. As an example, this quarter, we had some design wins with some giga factories that are coming up just getting started in the Radar Scene Emulator solution, which really allows you to take a car, turn on all the sensors and really see how we behave in the real world, very unique solution offering. And we had a design win with a major North American car manufacturer. So just getting started, very excited about the opportunity and strong double-digit growth in orders this quarter.

我們看到這一大趨勢將在未來 10 年內上演，我們對此感到非常興奮，汽車製造商將越來越多地投資於有機研發能力，以使其平台與眾不同。這涉及軟件和硬件，它非常適合我們為地球上每個電氣工程師提供的各種工具，我們現在向汽車製造商出售這些工具。但同樣，我們越來越重視——擴大我們在電動汽車領域的足跡。舉個例子，本季度，我們與一些千兆工廠取得了一些設計上的勝利，這些工廠剛剛開始使用雷達場景仿真器解決方案，它真的可以讓你開車，打開所有傳感器，真正了解我們的行為在現實世界中，提供非常獨特的解決方案。我們與一家主要的北美汽車製造商取得了設計上的勝利。所以剛剛開始，對這個季度的機會和強勁的兩位數訂單增長感到非常興奮。

Our next question comes from Matthew Niknam with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Matthew Niknam。

This is Nick on for Matt. Just a quick question and a follow-up. First, on supply chain. I'm just curious if you could give us an update in terms of what you're seeing on the ground right now and maybe how that compares to like a quarter ago or a year ago? And then just as a follow-up, how are you thinking about your long-term targets at this point? I mean looking at order growth and revenue growth, you're clearly surpassing that. So maybe like when we could expect updates on those?

這是馬特的尼克。只是一個快速的問題和後續行動。首先，在供應鏈上。我只是想知道您是否可以就您現在在實地看到的情況向我們提供最新信息，以及與四分之一前或一年前相比如何？然後作為後續行動，您現在如何考慮您的長期目標？我的意思是看訂單增長和收入增長，你顯然已經超越了。所以也許就像我們什麼時候可以期待這些更新？

Maybe I'll get started, Neil might want to add some comments here. I'll say on the supply chain front, I did reference that we're very pleased with the execution. It's been now 3 or 4 quarters since we put the program in place to build out our capabilities to second source, extend our partnerships with suppliers more tighter and ongoingly engaged with our customers on lead time reduction activities. So those have progressed very nicely. And as the quarter progressed, we saw some of the constraints get better as the quarter progressed, which resulted in the upside that we were able to generate in revenue, and delivered a very strong record revenue this quarter.

也許我會開始，尼爾可能想在這裡添加一些評論。我會說在供應鏈方面，我確實提到我們對執行非常滿意。自從我們實施該計劃以建立我們的第二來源能力、更緊密地擴展我們與供應商的合作夥伴關係並與我們的客戶就縮短交貨時間活動進行持續接觸以來，現在已經 3 或 4 個季度了。所以這些進展非常好。隨著季度的進展，我們看到隨著季度的進展，一些限制因素變得更好，這導致我們能夠產生收入的上行空間，並在本季度實現了非常強勁的創紀錄收入。

I would say, on the macro supply situation, it still remains challenging. It is a tale of 2 worlds. On one hand, you have improved visibility and improved supply for general-purpose electronics parts, but high-precision electronics, analog components still appear to have constraints associated with them. But nevertheless, we are very pleased with our execution, and we're also confident about our guide, which is why we have actually taken up the guide for Q4, and also for the full year to be now 9%. So that's with regard to the supply situation.

我想說，就宏觀供應情況而言，仍然充滿挑戰。這是2個世界的故事。一方面，您提高了通用電子部件的可見性和供應，但高精度電子、模擬部件似乎仍然存在相關限制。但是，儘管如此，我們對我們的執行感到非常滿意，我們也對我們的指南充滿信心，這就是為什麼我們實際上採用了第四季度的指南，全年也達到了 9%。這就是供應情況。

With regard to your second question on the long-term guide on targets. Yes, I mean, we're also very pleased with the progression -- ongoing progression that we see quarter-after-quarter towards those long-term targets we set, both for growth and profitability. And that was goals that we set for 2023. We're obviously executing very well towards those. And as we go into the fall, we'll be having our 3-year strategic plan, and we look forward to updating you on any revised targets right after.

關於你關於目標長期指南的第二個問題。是的，我的意思是，我們也對進展感到非常滿意——我們看到一個季度一個季度的持續進展，朝著我們設定的長期目標發展，包括增長和盈利能力。這就是我們為 2023 年設定的目標。顯然，我們在這些方面執行得非常好。隨著我們進入秋季，我們將製定我們的 3 年戰略計劃，我們期待在之後立即向您更新任何修訂後的目標。

Our next question comes from Meta Marshall with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Meta Marshall。

This is Dave on for Meta. Congrats on the quarter. You mentioned strength within the commercial communications group. And I was just wondering if there are certain categories within that group that are driving the growth. With some of the delays the ecosystem is seeing on O-RAN, are there areas where customers are asking you to be of greater assistance?

這是 Meta 上的 Dave。祝賀本季度。你提到了商業傳播集團的實力。我只是想知道該組中是否有某些類別正在推動增長。由於生態系統在 O-RAN 上出現了一些延遲，客戶是否在某些領域要求您提供更大的幫助？

Yes. I think our commercial communications portfolio is a diversified one that services both the wireless and wireline ecosystems, saw broad strength across both this quarter -- and again, continued strength for the last few years driven by 5G on the wireless side and a number of technology evolutions like 400 gig, 800 gig on the wireline side. I'll just hand it off to Mark to make some comments on the details for this particular quarter.

是的。我認為我們的商業通信產品組合是一個多元化的產品組合，為無線和有線生態系統提供服務，在本季度都表現出廣泛的實力——而且在過去幾年中，無線方面的 5G 和一些技術推動了過去幾年的持續增長有線側的 400 gig、800 gig 等演變。我將把它交給馬克，就這個特定季度的細節發表一些評論。

Sure. Thanks, Satish. As Satish said, Dave, the 5G rollout and demand continues to be very strong. And our bias toward R&D solutions is an area of (inaudible) investment for all of our customers. We saw double-digit demand and order growth across all regions. One of the drivers is the adoption and upgrades around Release 16. We're seeing that across the board. We're seeing adoption now with some of the certification business in the test labs. We added more than 90 new 5G customers again during Q3. We're seeing continued growth of O-RAN where we've been expanding our opportunities from device manufacturers to operators to test labs and et cetera. So wireless side, the demand remains strong and broad.

當然。謝謝，薩蒂什。正如薩蒂什所說，戴夫，5G 的推出和需求仍然非常強勁。我們對研發解決方案的偏愛是我們所有客戶的（聽不清）投資領域。我們看到所有地區的需求和訂單都實現了兩位數的增長。其中一個驅動因素是第 16 版的採用和升級。我們正在全面看到這一點。我們現在看到一些認證業務在測試實驗室中得到採用。我們在第三季度再次增加了 90 多個新的 5G 客戶。我們看到 O-RAN 的持續增長，我們一直在將我們的機會從設備製造商擴展到運營商，再到測試實驗室等等。所以無線方面，需求依然強勁和廣泛。

And as Satish said, on the wireline side and the data center side, we continue to see strong investments in the quarter for 400G manufacturing plus continued even ramping investments around 800 gig R&D and -- on both the physical layer and the protocol space. So robust demand. Our differentiation for many, many years, continues to expand our ability to contribute to these customers around the world.

正如 Satish 所說，在有線方面和數據中心方面，我們繼續看到本季度對 400G 製造的強勁投資，甚至繼續增加對 800 gig 研發的投資，以及在物理層和協議空間方面的投資。如此強勁的需求。多年來，我們的差異化不斷擴大我們為全球這些客戶做出貢獻的能力。

Our next question comes from Chris Snyder with UBS.

我們的下一個問題來自瑞銀的克里斯·斯奈德。

I have a question on the backlog, which is obviously running well above historical or even normalized levels. Is it fair to assume that pricing in the backlog is above the pricing that has been realized in revenues over the last couple of quarters? And what does that mean for forward price cost?

我有一個關於積壓的問題，它顯然遠高於歷史甚至標準化水平。假設積壓訂單中的定價高於過去幾個季度的收入定價是否公平？這對遠期價格成本意味著什麼？

Yes. It is -- I mean it is true that we have been undergoing a series of price increases as we attempt to kind of keep place with the inflation that we're seeing on the cost side of the equation. And it is also true, as we've talked about in the past that it can take time for those price increases to actually be realized within revenue given the backlog, given the funnel, given the outstanding quotes that exist within the marketplace. And so it is certainly true that we have price increases that are built into our backlog. I think the second, beg your question is a little bit harder to answer because we don't know exactly what is forthcoming on the inflation side, right? Whether that continues, whether it starts to wane, but we do expect to start to realize additional benefits from price increases that have already been enacted.

是的。這是 - 我的意思是我們確實經歷了一系列價格上漲，因為我們試圖在等式的成本方面與通貨膨脹保持一致。這也是事實，正如我們過去所討論的那樣，考慮到積壓、漏斗和市場中存在的優秀報價，這些價格上漲可能需要時間才能在收入中實際實現。因此，我們的積壓訂單中確實存在價格上漲。我認為第二個，乞求你的問題有點難以回答，因為我們不確切知道通脹方面即將發生什麼，對吧？這種情況是否會繼續，是否開始減弱，但我們確實希望開始從已經實施的價格上漲中獲得額外的好處。

And we're very pleased with the 65% gross margin performance of the business in the backdrop of inflationary environment that Neil referenced.

在尼爾提到的通貨膨脹環境下，我們對業務 65% 的毛利率表現感到非常滿意。

I think on the last earnings call, you guys said that the guidance assumed further backlog build in 2H. Obviously, we got a little bit more backlog built here in the fiscal third quarter. I guess, is the assumption that we'll be further backlog build in Q4? I'm just asking because it sounds like from the prepared remarks that some of the supply constraints have been easing.

我認為在上次財報電話會議上，你們說該指導假設在 2H 中進一步積壓。顯然，我們在第三財季在這裡建立了更多的積壓。我想，是否假設我們將在第四季度進一步積壓？我只是問，因為從準備好的評論中聽起來，一些供應限制已經緩解。

Yes. Yes, that is fair to say. I mean if you look at the look at the order number that we put up last year, $14.91 in Q4 of last year, we are expecting orders to continue to grow. We have a strong funnel here entering the quarter. And so by definition, that implies additional backlog build in the quarter.

是的。是的，可以這麼說。我的意思是，如果你看看我們去年提出的訂單號，去年第四季度的 14.91 美元，我們預計訂單將繼續增長。我們有一個強大的漏斗進入本季度。因此，根據定義，這意味著本季度會有額外的積壓工作。

And the demand environment continues to remain strong, and across our end markets and across all regions. So we continue to build a backlog, but it's a high-quality backlog where we have touch points with customers and -- who have real needs. And so we'll be working really hard to get that converted to revenue as we look into the next 6 months.

在我們的終端市場和所有地區，需求環境繼續保持強勁。所以我們繼續建立一個待辦事項，但這是一個高質量的待辦事項，我們與客戶有接觸點，而且——他們有真正的需求。因此，在我們展望未來 6 個月時，我們將非常努力地將其轉化為收入。

If I could just squeeze -- just a follow-up with that, Satish, very quickly. Is there anything specific that is just driving the outsized strength in the demand backdrop? I'm just asking what should we be looking for or waiting for to kind of try to determine when demand is going to normalize back to the mid-single digit or even kind of high single-digit growth level?

如果我可以擠壓 - 只是一個跟進，薩蒂什，很快。在需求背景下，是否有任何具體因素推動了需求的巨大增長？我只是在問我們應該尋找或等待什麼來嘗試確定需求何時會恢復到中個位數甚至高個位數的增長水平？

Yes. We're quite pleased with the portfolio, the differentiation, the focus on the R&D customer. The areas that we're investing to build solutions for, continue to remain a high priority for our customers. But we're also cognizant of the macro environment and the evolving macro, and watching for it. As an example, one of the areas we look for is in our industrial business, which is linked to PMI. But that business had a very strong quarter yet again. But Mark may be able to make some forward-looking comments on the funnel.

是的。我們對產品組合、差異化以及對研發客戶的關注感到非常滿意。我們正在投資構建解決方案的領域仍然是我們客戶的重中之重。但我們也認識到宏觀環境和不斷發展的宏觀，並關注它。例如，我們尋找的領域之一是與 PMI 相關的工業業務。但該業務再次出現了非常強勁的季度。但馬克或許能夠對漏斗做出一些前瞻性的評論。

Yes. Well, Chris, we've said that it's been broad-based, and it certainly has -- you saw the growth come across all the end markets across all the regions. Our top customers, top 20 were up double-digit. We added more than 400 new customers in total during the quarter. Our indirect business and the channel was strong. So that shows the reach that we're getting into new customers. And as Neil mentioned, our 6-month funnel is at or near an all-time high. We're watching it very carefully. Some customers are being a bit more cautious in their spend, but it's not reflected in our numbers, and it's not reflected in what we're seeing is overall demand going forward.

是的。好吧，克里斯，我們已經說過它的基礎廣泛，而且確實如此 - 你看到所有地區的所有終端市場都有增長。我們的頂級客戶（前 20 名）增長了兩位數。我們在本季度總共增加了 400 多個新客戶。我們的間接業務和渠道很強大。這表明我們正在吸引新客戶。正如尼爾所說，我們的 6 個月漏斗正處於或接近歷史最高點。我們正在非常仔細地觀察它。一些客戶在支出方面更加謹慎，但這並沒有反映在我們的數字中，也沒有反映在我們所看到的整體需求中。

Congrats on another great quarter.

祝賀另一個偉大的季度。

Our next question comes from Mehdi Hosseini with SFG.

我們的下一個問題來自 SFG 的 Mehdi Hosseini。

Yes. This is for the entire team. Keysight has been known for having exposure to both R&D budgets as well as commercial deployment. Would it make sense to change that thought process, and actually qualitatively or quantitatively talk about secular demand drivers like satellite communication, millimeter wave, infrastructure investment, electric vehicle and so forth? So this way, we could better understand the underlying demand drivers. Any thoughts would be appreciated. And I have a follow-up.

是的。這是針對整個團隊的。是德科技以擁有研發預算和商業部署而聞名。改變這種思維過程是否有意義，實際上定性或定量地討論衛星通信、毫米波、基礎設施投資、電動汽車等長期需求驅動因素？因此，通過這種方式，我們可以更好地了解潛在的需求驅動因素。任何想法將不勝感激。我有一個後續行動。

Yes. Thank you, Mehdi. I think the way we think about our business is we look at the new emerging technologies where customers are looking to innovate, and not just for a year or 2, but they're looking at a multiyear road map. That's our focus, solving their more complex challenges, such as the ones you described in space and satellite, in commercial communications with both on the wireless and wireline side with evolving needs for capacity, which drives millimeter wave consumption, EV and AV, all of these are innovation-rich areas. We're making a unique contribution to enable our customers' time to market. That's the focus for us, and we'll look to provide more insight as we move forward on these areas. Thanks for the input.

是的。謝謝你，邁赫迪。我認為我們看待業務的方式是我們著眼於客戶尋求創新的新興技術，而不僅僅是一兩年，而是他們正在尋找多年的路線圖。這是我們的重點，解決他們更複雜的挑戰，例如你在太空和衛星中描述的挑戰，在無線和有線方面的商業通信中，隨著容量需求的不斷變化，這推動了毫米波消費、電動汽車和 AV 等所有領域這些都是創新豐富的領域。我們正在為縮短客戶的上市時間做出獨特的貢獻。這是我們的重點，我們將在這些領域取得進展時提供更多洞察力。感謝您的輸入。

Yes. I think we all understand how Keysight is differentiated and how well you have executed, especially with all the supply chain disruption over the past 2 years. And as much as Neil has been talking about the normalization of a backlog, it continues to grow, which reflects your core strength. I guess we're all trying to figure out what's the company's earning power and sustainability of that earning, $8 going to $10 and then to $12. I think the thought process of the past that 5G would pick is off the table. And I guess I'm trying to find a better way to highlight the opportunities as well as quantifying the earning power.

是的。我想我們都了解是德科技的差異化以及您的執行情況，尤其是在過去 2 年供應鏈中斷的情況下。儘管尼爾一直在談論積壓的正常化，但它仍在繼續增長，這反映了您的核心實力。我想我們都在試圖弄清楚公司的盈利能力和盈利的可持續性，從 8 美元到 10 美元，然後到 12 美元。我認為 5G 會選擇過去的思考過程是不可能的。我想我正試圖找到一種更好的方法來突出機會以及量化盈利能力。

Yes. No, I think you're spot on, right? You look at the backlog build, $2.5 billion roughly as we exit this quarter and then we have a whole quarter in front of us to exit the fiscal year. So we fully expect that the backlog will continue to grow, which gives us increased stability. And as the supply situation improves, that just converts into earnings power for the company. The other area that I'm very pleased with is the gross margin performance of the business in the backdrop of these inflationary pressures we're seeing, which, over time, as we have thought about the value we bring and continue to innovate with software and services we have more upside to continue to grow that margin profile over time. And so we're not done at 65%, which should give us further room for growth. And then when we look at the next-generation innovation drivers that we're engaged with our customers right now, we feel pretty confident about extending that runway of growth as well.

是的。不，我認為你是正確的，對吧？你看看積壓的積壓，在我們本季度退出時大約為 25 億美元，然後我們有一個完整的季度要退出本財年。因此，我們完全預計積壓工作將繼續增長，這使我們更加穩定。隨著供應情況的改善，這只會轉化為公司的盈利能力。我非常滿意的另一個領域是在我們看到的這些通脹壓力的背景下業務的毛利率表現，隨著時間的推移，我們已經考慮了我們帶來的價值並繼續通過軟件進行創新隨著時間的推移，我們有更多的優勢繼續增加利潤率。所以我們還沒有完成 65%，這應該會給我們進一步的增長空間。然後，當我們看到我們現在與客戶接觸的下一代創新驅動力時，我們也對擴展這條增長跑道充滿信心。

Our next question comes from Mark Delaney with Goldman Sachs.

我們的下一個問題來自高盛的 Mark Delaney。

Yes. I was hoping to better understand what you're seeing from customers in the semiconductor end markets in the near term. I think some semiconductor companies have been seeing some cyclical weakness and perhaps cutting back on CapEx plans. Are you seeing anything related to that in your business? And to put that over the intermediate to longer term, you've had the CHIPS Act signed. And I'm curious, are you seeing any improved long-term outlook for your business going into the semiconductor end market that you would attribute to the CHIPS Act.

是的。我希望在短期內更好地了解您從半導體終端市場的客戶那裡看到的情況。我認為一些半導體公司已經看到了一些週期性的疲軟，並且可能削減了資本支出計劃。您是否在您的業務中看到與此相關的任何內容？為了把它放在中長期，你已經簽署了 CHIPS 法案。我很好奇，您是否看到您的企業進入半導體終端市場的長期前景有任何改善，您會認為這要歸功於 CHIPS 法案。

Sure. Mark, this is Mark. I'll answer that. So our business in semi remains very strong, robust demand, record orders in (inaudible). And what we're seeing -- and we've said this before is we're seeing continued investments in 2 areas, right? One is in the advanced processes and the other is in the mature technologies, and both remained strong during the quarter. The other exciting part is we're starting to see the investments in the United States in new fabs. We started to -- we captured the first initial spend. You saw earlier this month, or maybe this last week, the U.S. Congress just passed the CHIPS package that's all in front of us. That expansion is going to help additional business, fuel additional growth, to boost manufacturing in the U.S.

當然。馬克，這是馬克。我會回答的。因此，我們的半成品業務仍然非常強勁，需求強勁，訂單創紀錄（聽不清）。我們所看到的——我們之前已經說過，我們看到在兩個領域的持續投資，對吧？一個是先進的工藝，另一個是成熟的技術，在本季度都保持強勁。另一個令人興奮的部分是我們開始看到美國對新晶圓廠的投資。我們開始 - 我們捕獲了第一筆初始支出。您在本月早些時候或上週看到，美國國會剛剛通過了擺在我們面前的 CHIPS 方案。這種擴張將有助於增加業務，推動額外增長，促進美國製造業的發展。

And our R&D investments, it's not just capacity expansion. We are also participating in parametric test as well as R&D test in these advanced processes from EUV to 5-nanometer, 3-nanometer. So while some end market demand has slowed, there is still supply chain constraints in the semiconductor market. And the longer-term secular growth drivers are still strong driven by end markets like high-performance computing, automotive, we talked about and new mobility and silicon photonics where we have a leadership position feeding into high-speed data centers and so forth is an area we're very excited about as well.

而我們的研發投資，不僅僅是產能擴張。我們還參與了從 EUV 到 5 納米、3 納米的這些先進工藝的參數測試和研發測試。因此，雖然部分終端市場需求放緩，但半導體市場仍存在供應鏈限制。長期的長期增長動力仍然受到我們談到的高性能計算、汽車等終端市場的強勁推動，而我們在高速數據中心等領域處於領先地位的新型移動和矽光子學是一個我們也非常興奮的領域。

Our next question comes from Adam Thalhimer with Thompson, Davis.

我們的下一個問題來自 Adam Thalhimer 和 Thompson, Davis。

Congrats on your first $2-plus EPS quarter. Just one on satellite and space. On satellite and space, how does that opportunity compare to some of the larger revenue buckets today, such as 5G and auto?

恭喜您的第一個每股盈利超過 2 美元的季度。只有一個關於衛星和太空的。在衛星和太空方面，與當今一些較大的收入類別（例如 5G 和汽車）相比，這一機會如何？

Yes. I think it's an area where historically, we were in the component test of the satellite ecosystem. That has been an area of strength for us. and where we are highly differentiated and some of the unique metrology components do get into for -- to calibrate some of the more complex measurements in that space. What we're seeing now as we look forward is new applications like non-terrestrial networks with the advent of 5G, and this proliferation of different satellite form factors and communication with ground stations, right? So we're getting into emulating the whole environment so that we're designing better for the crowded satellite and space environment that's ensuing. But we're very pleased with the uptick we're seeing in the business for the entire portfolio because the number of customers that are in this industry also is expanding beyond the few big ones we used to have in the past. So pleased with the growth in the business. It will continue to be a driver for our aerospace and defense business moving forward.

是的。我認為這是一個歷史上我們處於衛星生態系統組件測試的領域。這一直是我們的強項。並且我們高度差異化並且一些獨特的計量組件確實進入了 - 校準該空間中的一些更複雜的測量。隨著 5G 的出現，我們現在看到的是新的應用，例如非地面網絡，以及不同衛星形狀因素的擴散以及與地面站的通信，對吧？所以我們開始模擬整個環境，以便我們為隨之而來的擁擠的衛星和太空環境進行更好的設計。但我們對整個投資組合的業務增長感到非常高興，因為該行業的客戶數量也在擴大，超出了我們過去曾經擁有的幾個大客戶。對業務的增長感到非常滿意。它將繼續成為我們航空航天和國防業務向前發展的驅動力。

Our next question comes from Rob Mason with Baird.

我們的下一個問題來自 Rob Mason 和 Baird。

I wanted to see if you could give us an update around your PathWave rollout and just where you think you are in that process? When you introduced PathWave, it was going to be a multiyear effort to roll in your legacy applications, you're introducing new applications under the PathWave umbrella as well. How should we think about where you are at least on the legacy side in terms of converting those over? You talked about software outgrowing the overall company average as well. And just how to PathWave play into that?

我想看看您是否可以向我們提供有關您的 PathWave 推出的最新信息，以及您認為自己在該過程中所處的位置？當您引入 PathWave 時，將需要多年的努力來引入您的舊應用程序，您也將在 PathWave 保護傘下引入新應用程序。我們應該如何考慮您至少在舊版轉換方面的位置？你談到軟件的增長速度也超過了公司的整體平均水平。以及 PathWave 如何發揮作用？

Yes. I think if you look at the PathWave effort that we've put in place for a few years now, it's really focused around building the organizational capabilities needed because the future of our industry is going to be software-centric. And so we've built capabilities, such as cloud that has enabled us to launch the O-RAN solution where we're now able to test virtualized network infrastructure. And the only way you do it is you have to have your assets on the cloud, and that's a critical component of how we deliver value through PathWave. The PathWave design franchise that we've had continues to grow. We've been able to convert majority of the customer base into recurring subscription-based contracts, and we're moving that franchise from just being able to simulate circuits to simulate circuits in complex environments.

是的。我認為，如果您看一下我們幾年來所做的 PathWave 工作，它確實專注於構建所需的組織能力，因為我們行業的未來將以軟件為中心。因此，我們構建了功能，例如使我們能夠啟動 O-RAN 解決方案的雲，我們現在能夠在其中測試虛擬化網絡基礎設施。而你這樣做的唯一方法是你必須將你的資產放在雲上，這是我們如何通過 PathWave 交付價值的關鍵組成部分。我們擁有的 PathWave 設計專營權繼續增長。我們已經能夠將大部分客戶群轉換為基於訂閱的定期合同，並且我們正在將該特許經營權從僅僅能夠模擬電路轉變為在復雜環境中模擬電路。

And that's a new area of emphasis that will continue to grow. And on our base instruments, it still remains a focus for us to add more capabilities, connect them to the cloud so that we make our customers more productive in their labs, and that's the focus for us moving forward.

這是一個將繼續增長的新重點領域。在我們的基礎儀器上，我們仍然關注的是添加更多功能，將它們連接到雲，以便我們提高客戶在實驗室中的工作效率，這也是我們前進的重點。

Bottom line is we are at 20% of our mix, roughly software. And the focus for us is to continue to grow that, and we'll continue to invest in more software capabilities to do it.

底線是我們占我們組合的 20%，大致是軟件。我們的重點是繼續發展，我們將繼續投資更多的軟件功能來做到這一點。

Mark, I don't know if you had any other...

馬克，我不知道你有沒有其他...

If I could ask one follow-up, just unrelated around the aerospace and defense government business, the orders continue to be pretty strong there. But how do you see the ability to get, I guess, convert more of those orders to revenue here over the next quarter or 2? Or is it still more of a supply chain issue now that the budgets are -- flowing budget showing up in orders? Or are you getting the ability to ship?

如果我可以問一個與航空航天和國防政府業務無關的後續行動，那裡的訂單仍然非常強勁。但是，您如何看待在下一季度或第二季度將更多這些訂單轉化為收入的能力？還是現在預算更多是供應鏈問題——流動預算出現在訂單中？或者你有能力發貨嗎？

Yes. I mean it's -- the conversion of orders to revenue is definitely a supply chain issue. I mean, as we indicated in our prepared remarks, we are starting to see the flow-through of the budget was appropriated in late spring. And so we're optimistic as we look forward into Q4, and even into Q1 that that's going to continue to drive growth. We're also seeing increased defense budgets in Europe and Japan, which is also additive. But as you start to think about converting that over, we are still very much supply constrained across the portfolio. And while we've seen some improvement in certain aspects of the supply chain within the quarter, we're still in that constrained environment. So yes.

是的。我的意思是——將訂單轉化為收入絕對是一個供應鏈問題。我的意思是，正如我們在準備好的評論中指出的那樣，我們開始看到預算的流動是在春末撥出的。所以我們很樂觀，因為我們期待第四季度，甚至是第一季度，這將繼續推動增長。我們還看到歐洲和日本的國防預算增加，這也是累加的。但是，當您開始考慮將其轉換時，我們在整個投資組合中的供應仍然非常有限。儘管我們在本季度看到供應鏈的某些方面有所改善，但我們仍處於那種受限的環境中。所以是的。

And Rob, this is Mark. I'll just add that the previous (inaudible) in is another driver of growth, which is the intersection of many different segments or technology. We're talking about nonterrestrial network. We're talking about 5G deployment within aerospace defense. And then on top of that, you have the continuing long-term investment in defense modernization with funding beginning to flow from the U.S. government Department of Defense, and then Western Europe coming on very strong. So there's a number of growth drivers on the front end, and that will continue for us moving forward.

Rob，這是馬克。我只想補充一點，之前的（聽不清）是另一個增長驅動力，它是許多不同領域或技術的交集。我們談論的是非地面網絡。我們談論的是航空航天防禦中的 5G 部署。最重要的是，您將繼續對國防現代化進行長期投資，資金開始從美國政府國防部流出，然後西歐變得非常強勁。因此，前端有許多增長動力，這將繼續推動我們前進。

Our next question comes from David Ridley-Lane with Bank of America.

我們的下一個問題來自美國銀行的 David Ridley-Lane。

The U.S. CHIPS Act also included about $1.5 billion dedicated to O-RAN, and there was sort of similar funding in the U.K. government as well. So I just wanted to check in, any indication sort of the level of orders to date for Keysight in the O-RAN space? How meaningful is that? And what do you think the impact of this kind of public funding that's going to start flowing there will be?

美國 CHIPS 法案還包括約 15 億美元專門用於 O-RAN，英國政府也有類似的資金。所以我只是想檢查一下，到目前為止，是德科技在 O-RAN 領域的訂單水平有什麼跡象嗎？這有多大意義？你認為這種將開始流入那裡的公共資金會產生什麼影響？

Yes. I think in the broader context, you look at the -- what's really changed significantly since the beginning of the year is the geopolitical environment, and it is going to drive more up in government investments for organic research across the globe. And for us, when we talked about drivers for the 5G business, we said near term, it's about the deployments. Medium term, it's about the millimeter wave and higher speed capabilities. And longer term, it is about these new applications that are going to come online. And I think O-RAN has been one of those. We started to invest in that early. We're engaged in the O-RAN ecosystem. In fact, we had the -- we hosted the O-RAN consortium in our facility in Santa Rosa in this quarter to continue to drive the standardization around this nascent ecosystem. So it's an emerging opportunity, very exciting. Again, the -- some of the strengths of the company with software continue to play into it.

是的。我認為在更廣泛的背景下，你會看到 - 自今年年初以來真正發生重大變化的是地緣政治環境，它將推動政府對全球有機研究的更多投資。對我們來說，當我們談到 5G 業務的驅動因素時，我們說的是近期，它是關於部署的。中期而言，它是關於毫米波和更高速度的能力。從長遠來看，這些新應用程序將上線。我認為 O-RAN 就是其中之一。我們很早就開始投資了。我們參與了 O-RAN 生態系統。事實上，我們已經在本季度在我們位於聖羅莎的工廠舉辦了 O-RAN 聯盟，以繼續推動圍繞這個新生生態系統的標準化。所以這是一個新興的機會，非常令人興奮。同樣，公司在軟件方面的一些優勢繼續發揮作用。

Now with regard to immediate impact of public funding, your direct question, it's really hard for us to assess that but it's definitely favorable as we think about where we invest and how we monetize.

現在關於公共資金的直接影響，您的直接問題，我們真的很難評估，但當我們考慮我們在哪裡投資以及我們如何貨幣化時，這絕對是有利的。

And then a quick follow-up here. You cited gross margin performance a couple of times. Just to help us think about pricing. Should we think about historical Keysight pricing kind of in a low single-digit range, and that you've moved up into a mid-single-digit range. Is that kind of the order of magnitude around pricing?

然後在這裡進行快速跟進。您引用了幾次毛利率表現。只是為了幫助我們考慮定價。我們是否應該考慮一下是德科技的歷史定價在低個位數範圍內，而您已經上升到中個位數範圍內。這是圍繞定價的數量級嗎？

Yes. I mean I think when we think about pricing in the -- let's start over the longer term kind of outside of this recent inflationary environment, our goal is always to capture the value that we're bringing into the marketplace. So we have -- and regularly assess our prices relative to the competition and the value that we're bringing into the marketplace and adjust them accordingly. I think in this inflationary environment, there has become a little bit of a cost element as -- not just our suppliers but our competitors and people across the broad ecosystem have been increasing prices in response to that inflation environment. So I think you are correct in assuming that our pricing increases have moved northward over the course of, say, the last 12 to 18 months in response to that inflationary environment.

是的。我的意思是我認為，當我們考慮定價時——讓我們從最近的通脹環境之外的長期開始，我們的目標始終是捕捉我們為市場帶來的價值。所以我們有 - 並定期評估我們相對於競爭對手的價格以及我們為市場帶來的價值，並相應地調整它們。我認為在這種通脹環境中，成本因素已經成為一點——不僅是我們的供應商，而且我們的競爭對手和整個生態系統中的人們一直在提高價格以應對這種通脹環境。因此，我認為您假設我們的價格上漲在過去 12 到 18 個月內向北移動以應對通貨膨脹環境是正確的。

There are currently no further questions in queue. (Operator Instructions) There are no further questions in queue, so that concludes our question-and-answer session for today.

目前隊列中沒有其他問題。 （操作員說明）隊列中沒有其他問題，因此我們今天的問答環節到此結束。

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

我想將會議轉回給 Jason Kary 以徵求任何結束意見。

Thank you, Amber, and thank you, everyone, for joining us today. We appreciate the opportunity to provide you with an update and look forward to speaking with many of you later this quarter. So thank you, and that's all for today.

謝謝 Amber，謝謝大家今天加入我們。我們很高興有機會為您提供更新，並期待在本季度晚些時候與你們中的許多人交談。所以謝謝你，這就是今天的全部內容。

This concludes our conference call. You may now disconnect.

我們的電話會議到此結束。您現在可以斷開連接。