是德科技 (KEYS) 2022 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Keysight Technologies Fiscal Fourth Quarter 2022 Earnings Conference Call. My name is Dante, and I will be your lead operator today. (Operator Instructions) This call is being recorded today, Thursday, November 17, 2022, at 2 p.m. Pacific Time.

女士們先生們，美好的一天，歡迎來到是德科技 2022 財年第四季度收益電話會議。我叫但丁，今天我將擔任你們的首席接線員。 （操作員說明）今天，即 2022 年 11 月 17 日，星期四，下午 2 點錄製此電話。太平洋時間。

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

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

Thank you, and welcome, everyone, to Keysight's Fourth 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'll be joined by Senior Vice President of Global Sales and Chief Customer Officer, Mark Wallace.

謝謝大家，並歡迎大家參加是德科技 2022 財年第四季度收益電話會議。與我一起參加的是是德科技總裁兼首席執行官 Satish Dhanasekaran；以及我們的首席財務官 Neil Dougherty。在問答環節，全球銷售高級副總裁兼首席客戶官 Mark Wallace 將加入我們的行列。

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.

您可以在我們網站 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.

Satish 和 Neil 今天的評論將提及非 GAAP 財務指標。我們還將參考核心增長，其中不包括貨幣變動和過去 12 個月內完成的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，否則所有比較都是按年進行的。

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 these risks and other factors.

我們將在今天的電話會議上就公司的財務業績做出前瞻性陳述。這些聲明受風險和不確定性的影響，僅在今天有效。我們不承擔更新它們的義務。請查看我們最近提交給美國證券交易委員會的文件，以更全面地了解這些風險和其他因素。

Lastly, management is scheduled to participate in upcoming investor conferences hosted by Credit Suisse and Wells Fargo. We hope to see many of you there.

最後，管理層計劃參加即將舉行的由瑞士信貸和富國銀行主辦的投資者會議。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薩蒂什。

Thank you, Jason, and thank you all for joining us. Keysight reported strong fourth quarter results, which exceeded the high end of our guidance and drove a strong finish to the year.

謝謝你，傑森，感謝大家加入我們。是德科技公佈了強勁的第四季度業績，超出了我們指導的上限，並為今年畫上了圓滿的句號。

Before we get into the quarter, I want to highlight our exceptional performance for fiscal year, which illustrates continued progress we're making in transforming the company to a software-centric solutions provider. We set new records for orders, which grew 12% to $6 billion, a new record for revenue, which was up 10%, and a new record for earnings per share, which increased 22%, all the while returning capital through $849 million in share repurchases or 89% of free cash flow. In addition, we continue to invest in next-generation technologies for long-term differentiation and see a high level of engagement and activity with our customers around their future needs.

在我們進入本季度之前，我想強調我們本財年的出色表現，這說明我們在將公司轉型為以軟件為中心的解決方案提供商方面正在取得持續進展。我們創造了訂單新紀錄，增長 12% 達到 60 億美元，收入創造新紀錄，增長 10%，每股收益創造新紀錄，增長 22%，同時通過 8.49 億美元返還資本股票回購或自由現金流的 89%。此外，我們繼續投資於下一代技術以實現長期差異化，並看到與客戶圍繞他們未來需求的高水平參與和活動。

Today, I'll focus my comments on 3 key headlines. First, we delivered an all-time record revenue and earnings per share in the fourth quarter ahead of expectations, enabled by outstanding execution by Keysight teams who successfully navigated supply chain, geopolitical and macro dynamics. Second, we achieved record orders of $1.6 billion with steady bookings throughout the quarter and a book-to-bill of 1.09. While our customers' multiyear road maps remain unchanged, they are exercising more caution given the macro backdrop, which we anticipate will moderate demand in the near term. Third, as we enter fiscal '23, we remain confident in our ability to outperform the market based on the differentiation of our solutions, our strong R&D customer value proposition and the robust backlog position we have entering the year. And as we look longer term, the secular innovation trends in our end markets remain strong.

今天，我將重點關注 3 個關鍵標題。首先，我們在第四季度實現了創紀錄的收入和每股收益，超出預期，這要歸功於成功駕馭供應鏈、地緣政治和宏觀動態的是德科技團隊出色的執行力。其次，我們實現了創紀錄的 16 億美元訂單，整個季度的預訂量穩定，訂單出貨比為 1.09。雖然我們客戶的多年路線圖保持不變，但鑑於宏觀背景，他們更加謹慎，我們預計這將在短期內緩和需求。第三，隨著我們進入 23 財年，我們仍然相信我們有能力根據我們解決方案的差異化、我們強大的研發客戶價值主張以及我們進入這一年的穩健積壓狀況超越市場。從長遠來看，我們終端市場的長期創新趨勢依然強勁。

Now let's take a deeper look at the strength of the fourth quarter. Record orders of $1.6 billion grew 9% on a core basis. Record revenue grew 15% on a core basis, with solid growth across all regions as Keysight team successfully navigated challenging dynamics. This resulted in record quarterly earnings of $2.14 per share.

現在讓我們更深入地了解一下第四節的實力。創紀錄的 16 億美元訂單在核心基礎上增長了 9%。隨著是德科技團隊成功應對充滿挑戰的動態，核心收入增長了 15%，創紀錄地在所有地區實現了穩健增長。這導致創紀錄的每股 2.14 美元的季度收益。

The strength and resiliency of our business model is due to our strategic efforts to diversify our industry exposure. This has been best exemplified in the growth of our Electronic Industrial Solutions Group and our ability to leverage our industry-leading first-to-market solutions to enable expansion across the broader communications ecosystem.

我們業務模式的實力和彈性歸功於我們為實現行業風險多元化而做出的戰略努力。這在我們的電子工業解決方案集團的發展以及我們利用行業領先的率先上市解決方案實現更廣泛的通信生態系統擴張的能力中得到了最好的例證。

EISG achieved its ninth consecutive quarter of double-digit order and revenue growth. Auto, semiconductor solutions and general electronics all achieved record quarterly revenue. For the year, both orders and revenues set new records as we capitalize on continued investments across all 3 EISG markets.

EISG 連續第九個季度實現了兩位數的訂單和收入增長。汽車、半導體解決方案和通用電子產品都實現了創紀錄的季度收入。今年，由於我們利用對所有 3 個 EISG 市場的持續投資，訂單和收入都創下了新紀錄。

In automotive, we're pleased with the continued adoption of our solutions portfolio as orders grew double digits for the seventh consecutive quarter and exceeded $500 million this year. Automotive OEMs and their suppliers continue to focus on strategic new mobility investments, which drove key wins for Keysight. In addition, automotive-focused semiconductor companies continue to add capabilities to support EV and AV applications, which we view as a favorable long-term dynamic.

在汽車領域，我們對繼續採用我們的解決方案組合感到高興，因為訂單連續第七個季度增長兩位數，今年超過 5 億美元。汽車原始設備製造商及其供應商繼續專注於戰略性新移動性投資，這推動了是德科技取得關鍵勝利。此外，專注於汽車的半導體公司繼續增加支持 EV 和 AV 應用的能力，我們認為這是一個有利的長期動態。

We recently announced the Scienlab DC Emulator, which enables customers to accurately characterize high-voltage, high-power electric vehicle battery performance under varying real-world charging conditions. And Keysight's PathWave Labs Operation software won 2022 Autotech Breakthrough Award for overall electric vehicle technology.

我們最近發布了 Scienlab 直流仿真器，它使客戶能夠在不同的實際充電條件下準確表徵高壓、大功率電動汽車電池的性能。 Keysight 的 PathWave Labs Operation 軟件榮獲 2022 Autotech 電動汽車整體技術突破獎。

In support of AV applications, silicon designers are exploring adoption of commercial standards such as MIPI for automotive and other surround sensor applications, including cameras and in-vehicle infotainment displays. We are now expanding our leading compliance test solutions to offer advanced verification and diagnostic capabilities for automotive designers.

為了支持 AV 應用，矽設計人員正在探索採用商業標準，例如 MIPI，用於汽車和其他環繞傳感器應用，包括相機和車載信息娛樂顯示器。我們現在正在擴展我們領先的一致性測試解決方案，為汽車設計師提供先進的驗證和診斷功能。

Turning to our semiconductor solutions business. Q4 was the tenth consecutive quarter of double-digit order growth and a record revenue quarter. We saw sustained demand for our wafer test solutions and precision positioning capabilities, which enable the realization of advanced process nodes.

轉向我們的半導體解決方案業務。第四季度是連續第十個季度實現兩位數的訂單增長和創紀錄的收入季度。我們看到了對我們的晶圓測試解決方案和精確定位能力的持續需求，這使得先進的工藝節點得以實現。

In addition, Keysight has continued to partner with industry leaders, Synopsys and Ansys, on RF and millimeter wave integrated circuit design flows built for today's wireless communication requirements, including 5G and 6G system-on-chips. Keysight received a Partner of the Year Award from TSMC for joint development design flows in RF and millimeter wave nodes.

此外，是德科技繼續與行業領導者 Synopsys 和 Ansys 合作，開發射頻和毫米波集成電路設計流程，以滿足當今的無線通信需求，包括 5G 和 6G 片上系統。是德科技因射頻和毫米波節點的聯合開發設計流程而獲得台積電頒發的年度合作夥伴獎。

In general electronics, record orders grew double digits this quarter as demand remains strong and broad-based across industrial IoT and digital health as well as education and advanced research markets.

在通用電子產品中，由於工業物聯網和數字健康以及教育和高級研究市場的需求依然強勁且基礎廣泛，本季度的訂單增長創紀錄。

Turning to Communications Solutions Group. The business delivered strong orders and record revenue. Annual orders and revenue were all-time highs despite geopolitical headwinds and delays in U.S. Defense budget appropriations. Commercial communications revenue grew 10% this quarter and 11% for the year, with growth across all regions. Investments across communications ecosystem continued throughout the year with sustained spending in next-generation wireless and wireline technologies.

轉向通信解決方案集團。該業務交付了強勁的訂單並創下了創紀錄的收入。儘管地緣政治逆風和美國國防預算撥款延遲，但年度訂單和收入仍創歷史新高。商業通信收入本季度增長 10%，全年增長 11%，所有地區均有增長。整個通信生態系統的投資在全年持續進行，對下一代無線和有線技術的持續支出。

Ongoing investments in 5G standards, new spectrum, growing deployments around the world and steady evolution from 400 gig to 800 gig to terabit Ethernet drove growth. We had another record year for 5G orders as Keysight's market-leading solutions continue to provide the industry with new capabilities needed for development of next-generation devices as well as wireless and wireline networks.

對 5G 標準、新頻譜的持續投資、全球範圍內不斷增長的部署以及從 400 gig 到 800 gig 到太比特以太網的穩步發展推動了增長。是德科技市場領先的解決方案繼續為業界提供開發下一代設備以及無線和有線網絡所需的新功能，我們的 5G 訂單又創歷史新高。

Examples that highlight our portfolio's alignment with key industry priority include a recent partnership with IBM to integrate our open RAN capabilities into their cloud automation tools to accelerate network deployments. We also completed the validation of our first 5G location-based service use case from Global Certification Forum by combining the testing of 5G new radio and global navigation satellite system technologies into a single platform. Lastly, in collaboration with key silicon and data center partners, we enabled the industry's first 1.6 terabit transmission and data center interconnect, leveraging our high-speed digital solutions.

突出我們的產品組合與關鍵行業優先事項保持一致的示例包括最近與 IBM 的合作夥伴關係，將我們的開放式 RAN 功能集成到他們的云自動化工具中以加速網絡部署。我們還通過將 5G 新無線電和全球導航衛星系統技術的測試結合到一個平台中，完成了來自全球認證論壇的第一個 5G 基於位置的服務用例的驗證。最後，我們與主要的矽和數據中心合作夥伴合作，利用我們的高速數字解決方案，實現了業界首個 1.6 太比特傳輸和數據中心互連。

Aerospace, defense and government business revenue grew 4% for the quarter and 3% for the year, setting a new record while navigating geopolitical headwinds. Steady investments in spectrum operations, cybersecurity and space and satellite drove demand. 5G continued to expand in aerospace and defense end markets, and we saw increasing investment in advanced research. Proposed increases in investment in the U.S. and allied countries for modernization of defense capabilities and new satellite and space applications position us well for future opportunities.

航空航天、國防和政府業務收入本季度增長 4%，全年增長 3%，在應對地緣政治逆風的同時創下新紀錄。對頻譜運營、網絡安全以及空間和衛星的穩定投資推動了需求。 5G在航空航天和國防終端市場持續擴張，我們看到對先進研究的投資不斷增加。提議增加對美國和盟國的國防能力現代化投資以及新的衛星和空間應用，這使我們在未來的機遇中處於有利地位。

As an integral part of our solution strategy, software and services order and revenue growth this year continued to outpace Keysight overall, which has driven our annual recurring revenue to approximately $1.2 billion. Software and services again represented just over 1/3 of Keysight's total revenue for the year.

作為我們解決方案戰略不可或缺的一部分，今年的軟件和服務訂單和收入增長總體上繼續超過是德科技，這使我們的年度經常性收入達到約 12 億美元。軟件和服務再次佔是德科技當年總收入的 1/3 以上。

Keysight's focus on customer success and innovation is driving our development of first-to-market, high-value solutions. Our achievements over the years exemplify Keysight's collaborative culture and our talented workforce, and we are honored that Keysight has placed 10th on the Fortune's Best Workplaces in Technology list for 2022. We believe our differentiated culture gives us a unique ability to recruit and develop capable talent and will be our sustaining competitive advantage.

是德科技對客戶成功和創新的關注正在推動我們開發率先上市的高價值解決方案。我們多年來取得的成就體現了是德科技的協作文化和我們才華橫溢的員工隊伍，我們很榮幸是德科技在《財富》2022 年最佳技術工作場所排行榜上名列第 10 位。我們相信，我們差異化的文化賦予我們獨特的能力來招聘和培養有能力的人才並將成為我們持續的競爭優勢。

In conclusion, I would like to thank our employees for all their contributions, commitment and strong track record of execution. In the midst of an uncertain economic environment, we remain confident in the resilience of our business, the strength of our balance sheet and the flexibility of our operating model.

最後，我要感謝我們的員工所做的所有貢獻、承諾和出色的執行記錄。在不確定的經濟環境中，我們對業務的彈性、資產負債表的實力和運營模式的靈活性仍然充滿信心。

Now I'll turn it over to Neil to discuss our financial performance and outlook in more detail.

現在我將把它交給尼爾更詳細地討論我們的財務業績和前景。

Thank you, Satish, and hello, everyone. We delivered an outstanding fourth quarter of 2022 with record revenue of $1,443,000,000, which was above the high end of our guidance range and grew 11% or 15% on a core basis. Our strategies to navigate the ongoing supply constraints continue to be effective. While the supply chain situation improved within the quarter, it continues to moderate our near-term revenue expectations. Record orders of $1,570,000,000 increased 5% or 9% on a core basis, and we entered fiscal year 2023 with over $2.5 billion in backlog.

謝謝你，薩蒂什，大家好。我們在 2022 年第四季度取得了出色的成績，收入達到創紀錄的 14.43 億美元，高於我們指導範圍的上限，核心基礎上增長了 11% 或 15%。我們應對持續供應限制的策略繼續有效。雖然本季度供應鏈狀況有所改善，但它繼續降低我們的近期收入預期。創紀錄的 1,570,000,000 美元訂單在核心基礎上增長了 5% 或 9%，我們進入 2023 財年的積壓訂單超過 25 億美元。

Looking at our operational results for Q4, we reported gross margin of 64%, which, as expected, was down 80 basis points sequentially due to inflationary pressures and increased shipments of lower-end instruments, enabled by the improving supply chain. Operating expenses of $494 million were well managed, and we generated operating margin of 30%. Net income was a record $386 million, and we achieved $2.14 in earnings per share, which was $0.14 above the high end of our guidance. Our weighted average share count for the quarter was 180 million shares. Foreign exchange impact on our earnings was negligible, thanks to a meaningful natural hedge provided by our global footprint, which was then supplemented by our financial hedging program.

看看我們第四季度的經營業績，我們報告的毛利率為 64%，正如預期的那樣，由於通貨膨脹壓力和供應鏈改善導致低端儀器出貨量增加，毛利率連續下降 80 個基點。 4.94 億美元的運營費用得到妥善管理，我們的運營利潤率為 30%。淨收入達到創紀錄的 3.86 億美元，每股收益為 2.14 美元，比我們指導的上限高出 0.14 美元。我們本季度的加權平均股數為 1.8 億股。外匯對我們收入的影響可以忽略不計，這要歸功於我們的全球足跡提供了有意義的自然對沖，然後我們的金融對沖計劃對此進行了補充。

Moving to the performance of our segments. The Communications Solutions Group achieved record revenue of $992 million, up 8% or 11% on a core basis. CSG delivered gross margin of 66% and operating margin of 29%. Commercial communications generated revenue of $681 million in the fourth quarter, up 10%, driven by strength across the 5G ecosystem, increasing O-RAN adoption and investment in 800 gigabit and 1.6 terabit R&D. Aerospace, defense and government achieved record revenue of $311 million, up 4%, driven by double-digit growth in Asia Pacific and Europe. The Electronic Industrial Solutions Group achieved record revenue of $451 million, up 20% or 25% on a core basis, driven by strength across all markets. EISG reported gross margin of 60% and operating margin of 32%.

轉向我們細分市場的表現。通信解決方案集團實現創紀錄的 9.92 億美元收入，在核心基礎上增長 8% 或 11%。南玻集團的毛利率為 66%，營業利潤率為 29%。商業通信在第四季度產生了 6.81 億美元的收入，增長 10%，這主要得益於 5G 生態系統的實力、O-RAN 的採用增加以及對 800 Gb 和 1.6 Tb 研發的投資。受亞太和歐洲兩位數增長的推動，航空航天、國防和政府部門的收入達到創紀錄的 3.11 億美元，增長 4%。在所有市場實力的推動下，電子工業解決方案集團實現創紀錄的 4.51 億美元收入，在核心基礎上增長 20% 或 25%。 EISG 報告的毛利率為 60%，營業利潤率為 32%。

Turning to our full year financial performance. Keysight delivered outstanding results in 2022 despite ongoing supply constraints, foreign exchange headwinds and incremental trade restrictions. FY '22 revenue totaled $5.4 billion, up 10% year-over-year or 12% on a core basis. Gross margin was flat at 65%, holding steady in the face of significant inflation. We invested $813 million in R&D, while operating margin improved 140 basis points to 29%. FY '22 non-GAAP net income was $1.4 billion or $7.63 per share, up 22%.

轉向我們的全年財務業績。儘管持續存在供應限制、外匯逆風和增加的貿易限制，但是德科技在 2022 年取得了出色的成績。 22 財年收入總計 54 億美元，同比增長 10%，核心收入增長 12%。毛利率持平於 65%，在顯著通脹的情況下保持穩定。我們在研發方面投資了 8.13 億美元，營業利潤率提高了 140 個基點，達到 29%。 '22 財年非 GAAP 淨收入為 14 億美元或每股 7.63 美元，增長 22%。

Moving to the balance sheet and cash flow. We ended our fourth quarter with more than $2 billion in cash and cash equivalents, generating cash flow from operations of $398 million and free cash flow of $340 million. Total free cash flow for the year was $959 million, representing 18% of revenue and 69% of non-GAAP net income. Share repurchases this quarter totaled approximately 800,000 shares at an average price per share of $158.77 for a total consideration of $126 million. This brings our total share repurchases for the year to approximately 5.4 million shares at an average share price of $156.09 for a total consideration of $849 million or 89% of free cash flow.

轉向資產負債表和現金流量。我們在第四季度結束時擁有超過 20 億美元的現金和現金等價物，產生了 3.98 億美元的運營現金流和 3.4 億美元的自由現金流。全年自由現金流總額為 9.59 億美元，佔收入的 18% 和非 GAAP 淨收入的 69%。本季度股票回購總額約為 800,000 股，平均每股價格為 158.77 美元，總對價為 1.26 億美元。這使我們今年的股票回購總額達到約 540 萬股，平均股價為 156.09 美元，總對價為 8.49 億美元，佔自由現金流的 89%。

Now turning to our outlook and guidance. We exit the year with record backlog and confidence in Keysight's ability to continue executing through near-term uncertainties. As a result, we expect first quarter 2023 revenue to be in the range of $1,360,000,000 to $1,380,000,000 and Q1 earnings per share to be in the range of $1.81 to $1.87 based on a weighted diluted share count of approximately 180 million shares.

現在轉向我們的展望和指導。我們以創紀錄的積壓結束了這一年，並且對是德科技在短期不確定性中繼續執行的能力充滿信心。因此，我們預計 2023 年第一季度的收入將在 1,360,000,000 美元至 1,380,000,000 美元之間，根據約 1.8 億股的加權稀釋後每股收益，第一季度每股收益將在 1.81 美元至 1.87 美元之間。

A few modeling reminders as we enter the year. Our annual compensation cycle is administered in Q1. And in this current inflationary environment, we expect our second consecutive year of wage increases above our historic average. We are targeting FY '23 R&D investment at approximately 16% of revenue. Annual interest expense is expected to be approximately $80 million. Capital expenditures are expected to be approximately $250 million. And we are modeling a 12% non-GAAP effective tax rate for FY '23.

當我們進入這一年時，一些建模提醒。我們的年度薪酬週期在第一季度進行管理。在當前的通貨膨脹環境下，我們預計我們的工資增長將連續第二年高於歷史平均水平。我們的目標是 FY '23 研發投資約佔收入的 16%。年利息支出預計約為 8000 萬美元。資本支出預計約為 2.5 億美元。我們正在為 23 財年建模 12% 的非 GAAP 有效稅率。

In closing, we recognize the uncertainty of the current macro environment, and we'll continue to be disciplined. Keysight's highly flexible cost structure, track record of execution, diverse end markets and long-term secular growth drivers give us confidence in our ability to outperform the market.

最後，我們認識到當前宏觀環境的不確定性，我們將繼續遵守紀律。是德科技高度靈活的成本結構、執行記錄、多樣化的終端市場和長期的長期增長動力使我們相信我們有能力跑贏市場。

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

有了這個，我現在將把它轉回 Jason 進行問答。

Thank you, Neil. That concludes our formal remarks. Dante, could you please give the instructions for the Q&A?

謝謝你，尼爾。我們的正式發言到此結束。但丁，你能給出問答的說明嗎？

(Operator Instructions) Our first question comes from the line of Samik Chatterjee.

（操作員說明）我們的第一個問題來自 Samik Chatterjee。

This is Angela Jin on for Samik Chatterjee. Congrats on the strong quarter and outlook. My first question is sort of related to what you mentioned briefly in the prepared remarks on sort of macro slowdown and perhaps some pullbacks. I'd like to dig in a little more there. Given that we've seen commentary from other companies indicating that there's a pullback in telco CapEx, are you seeing any impact to their R&D budget? And then I have a follow-up.

這是 Samik Chatterjee 的 Angela Jin。祝賀強勁的季度和前景。我的第一個問題與你在準備好的關於宏觀經濟放緩和可能出現一些回調的評論中簡要提到的內容有關。我想在那裡多挖一點。鑑於我們已經看到其他公司的評論表明電信公司的資本支出有所回落，您認為他們的研發預算有任何影響嗎？然後我有一個後續行動。

Thank you, Angela. Yes, we're very pleased with the quarter. And in consideration of this environment, pretty strong results and also a strong finish to the year. And as I stated, we saw a steady level of spend from a demand perspective through the quarter. All our regions from a sales perspective grew. So it was broad-based.

謝謝你，安吉拉。是的，我們對這個季度非常滿意。考慮到這種環境，我們取得了相當不錯的成績，今年的收官也很出色。正如我所說，從需求的角度來看，本季度我們看到了穩定的支出水平。從銷售的角度來看，我們所有的地區都在增長。所以它具有廣泛的基礎。

And going into a little bit on the end market color, I would say 5G continues to remain strong. We grew our 5G orders double digit, strength in R&D. And also with the inflections that we're seeing in deployments around some parts of the world, even some of the manufacturing spend there remains strong for us this quarter.

稍微談一下終端市場的顏色，我會說 5G 繼續保持強勁。我們的 5G 訂單增長了兩位數，研發實力強勁。此外，隨著我們在世界某些地區的部署中看到的變化，本季度甚至那裡的一些製造支出對我們來說仍然很強勁。

And we did see pockets of weakness in the broad component ecosystem, and that was an area we obviously watch carefully, and that is related to the smartphone demand. And if you look at the cloud and data center markets in wireline, while some of the cloud -- direct cloud spend from the cloud providers was pushed out, service providers was pushed out, the broad spend to adopt 400 gig and 800 gig continues to remain strong. So they focus on R&D, and new innovations remain strong.

我們確實看到了廣泛的組件生態系統中的弱點，這顯然是我們仔細觀察的領域，這與智能手機需求有關。如果你看看有線的雲和數據中心市場，雖然一些雲——來自云供應商的直接雲支出被擠出，服務提供商被擠出，採用 400 gig 和 800 gig 的廣泛支出繼續保持堅強。因此，他們專注於研發，新的創新依然強勁。

Moving on to aerospace and defense business. Obviously, it was still a strong quarter for us, but we did not see the typical year-end surge that we would expect given the budget appropriations process.

轉向航空航天和國防業務。顯然，這對我們來說仍然是一個強勁的季度，但我們沒有看到在預算撥款過程中我們預期的典型年終激增。

And then moving to EISG end markets. All of the markets remain strong, right? Automotive, we had strong double-digit growth as continued investments and inflection from EV and AV are playing out. Semiconductor is an area we watch carefully. But because of our exposure into the wafer stage equipment process and new node -- specifically new nodes, that remains strong. And lastly, the general electronics business, which typically gets part of its spend from PMI, continued to remain strong from a demand perspective.

然後轉向 EISG 終端市場。所有市場都保持強勁，對吧？汽車方面，隨著 EV 和 AV 的持續投資和變化正在發揮作用，我們實現了強勁的兩位數增長。半導體是我們密切關注的領域。但由於我們接觸到晶圓級設備工藝和新節點——特別是新節點，它仍然很強勁。最後，從需求的角度來看，通常從 PMI 獲得部分支出的通用電子業務繼續保持強勁。

So I would say we're doing well, and the customer activity with our customers and engagements remain strong and quite pleased with the -- with our quarter in this environment.

所以我想說我們做得很好，與我們的客戶和參與的客戶活動仍然很強勁，並且對我們在這種環境中的季度感到非常滿意。

Great. And then just for my follow-up, you posted 10% revenue growth this year. And I know your long-term guide is sort of mid-single-digit revenue growth. Just what are you thinking sort of broad strokes for fiscal '23 revenue growth? Were you -- did you see any pull forward with supply easing? And so could there be an air pocket in fiscal '23? Or do you still expect to sort of perhaps trend above your typical long-term range?

偉大的。然後就我的後續行動而言，您今年的收入增長了 10%。我知道你的長期指導方針是中等個位數的收入增長。您對 23 財年收入增長有哪些廣泛的看法？你 - 你是否看到供應放鬆有任何進展？那麼 23 財年是否會有氣穴？或者您是否仍然期望趨勢可能高於您的典型長期範圍？

Yes. We remain confident, Angela, with what we see so far. Obviously, it's an uncertain environment, so we're guiding 1 quarter at a time. You see the confidence reflected in our Q1 guide, which is -- which we feel good about. And as we look forward, we'll look at the demand environment, and we'll keep you updated as we go.

是的。安吉拉，我們對目前所看到的仍然充滿信心。顯然，這是一個不確定的環境，所以我們一次指導一個季度。您會看到我們的第一季度指南中反映的信心，這是 - 我們感覺很好。展望未來，我們將審視需求環境，並隨時為您提供最新信息。

Our next question comes from the line of Chris Snyder with UBS.

我們的下一個問題來自瑞銀集團的 Chris Snyder。

I just kind of want to follow up on those comments on the market demand commentary. I mean orders were, I think you said, steady each month of the quarter and up 9% year-on-year. So what should we make of the commentary that maybe customers are being a bit more cautious? Because, Satish, as you just kind of ramped through all the different subsegments and businesses, it seems like everything is going quite strong. Should we take this as maybe an indicator that fiscal Q1 orders are easing a bit? And ultimately, does this push the growth profile back to that 4% to 6% normalized range? Or could it sink below that?

我只是想跟進市場需求評論的那些評論。我的意思是，我想你說過，本季度每個月的訂單都穩定，同比增長 9%。那麼我們應該如何看待客戶可能更加謹慎的評論呢？因為，薩蒂什，當你在所有不同的子細分市場和業務中逐步發展時，似乎一切都非常強勁。我們是否應該將此視為第一季度財政訂單有所放鬆的指標？最終，這是否會將增長曲線推回 4% 至 6% 的正常範圍？或者它會沉到那個以下嗎？

Chris, this is Mark. I'll take that and add a little bit more detail here. So as Satish said, our order level was steady throughout the quarter. So we're watching this, right? Because if customers are taking more time to make decisions, you would look for orders to slow down. They did not. As a matter of fact, October was very strong. It was a record October for us in terms of orders. So that's good.

克里斯，這是馬克。我會接受它並在此處添加更多細節。正如 Satish 所說，我們的訂單水平在整個季度都保持穩定。所以我們正在看這個，對吧？因為如果客戶花更多時間做出決定，您會尋找訂單來放慢速度。他們沒有。事實上，十月非常強勁。就訂單而言，10 月對我們來說是創紀錄的。所以這很好。

You've heard us talk about before the addition of new customers. We've added about 450 this quarter again for nearly 2,000 new customers across the whole year. So that creates more diversity and durability to our business, and I see that paying off. Our top 20 customers in the quarter were up strong double digits as well.

在添加新客戶之前，您已經聽過我們談論過。本季度我們又增加了約 450 家，全年新增客戶近 2,000 家。因此，這為我們的業務創造了更多的多樣性和持久性，我看到了回報。我們本季度的前 20 大客戶也實現了兩位數的強勁增長。

So all of that continues to translate to the fact that we did not see an impact to our business because of the customers taking more time. And I think it also has to do with the fact that we are so biased toward R&D and design optimization. And as we've seen through other waves in the recent term where some markets slowed, the advanced technology development continues.

因此，所有這些都繼續轉化為這樣一個事實，即我們沒有看到由於客戶花費更多時間而對我們的業務產生影響。而且我認為這也與我們如此偏向於研發和設計優化這一事實有關。正如我們在近期一些市場放緩的其他浪潮中看到的那樣，先進技術的發展仍在繼續。

So that's what we see, but we look around and we do see some macro uncertainty. And from my seat, what I see in terms of order or in terms of customer activities is very active customers. Our 6-month funnel continues to grow, but customers are taking more time to make ultimate CapEx decisions.

這就是我們所看到的，但環顧四周，我們確實看到了一些宏觀不確定性。在我的座位上，我在訂單或客戶活動方面看到的是非常活躍的客戶。我們的 6 個月漏斗繼續增長，但客戶需要更多時間來做出最終的資本支出決策。

Yes. And this is Neil. I'd just give you a little bit maybe more quantification of the situation going into Q1. So while we don't guide orders, I would point out that we have a bit of a difficult compare here in the first quarter. A year ago, in Q1, that was the first time in Keysight's history that we'd ever posted order growth moving from the end of Q4 into the first quarter of the new fiscal year. So we've got a tough compare from that perspective.

是的。這是尼爾。我只想給你一點可能更多的量化進入第一季度的情況。因此，雖然我們不指導訂單，但我要指出的是，我們在第一季度在這裡進行比較有點困難。一年前，在第一季度，這是是德科技歷史上第一次我們發布了從第四季度末到新財政年度第一季度的訂單增長。所以我們從這個角度進行了艱難的比較。

In addition, as you all know, the U.S. dollar began to strengthen pretty significantly in the back half of this year. We estimate the FX headwind in our first quarter to be a full 5 percentage points. And so we've got a 5-point FX headwind. And we estimate another 2 to 3 points of headwind from the recent increase in China trade restrictions as well as the loss of our Russia business, which happened in the second quarter of last year. So those things combined give us a 7- to 8-point headwind just coming out of the gate here as we enter the first quarter.

此外，眾所周知，美元在今年下半年開始大幅走強。我們估計第一季度的外匯逆風整整 5 個百分點。因此，我們遇到了 5 點外匯逆風。我們估計最近中國貿易限制的增加以及去年第二季度發生的俄羅斯業務的損失將帶來 2 到 3 個不利因素。因此，當我們進入第一節時，這些事情加在一起給我們帶來了 7 到 8 分的逆風。

I appreciate that. And on the commentary that customers are taking longer to order, maybe they're ordering slower, how do you separate kind of the supply chain element of that from the demand element? Because if supply chains are generally moving in the right direction, I think that maybe customers will not kind of order with the same lead times or urgency that we saw last year.

我很感激。關於客戶訂購時間更長的評論，也許他們的訂購速度更慢，您如何將供應鏈元素與需求元素分開？因為如果供應鏈總體上朝著正確的方向發展，我認為客戶可能不會像我們去年看到的那樣以相同的交貨時間或緊迫性訂購。

Yes. Chris, I think you're right. I think as the supply chain continues to ease and the delivery duration that it takes for us to fulfill an order continues to pull in, you would expect some level of normalization as well. And we -- the reason we also put out the demand environment is moderating is we're starting to also see some of our customers who earnings -- whose earnings has fallen also put additional scrutiny on spend, right? And so that takes a little bit more time to close the deal as they go through their process. So those are some factors.

是的。克里斯，我認為你是對的。我認為，隨著供應鏈繼續放鬆，我們完成訂單所需的交貨時間繼續縮短，你也會期待某種程度的正常化。而且我們 - 我們也提出需求環境正在緩和的原因是我們也開始看到我們的一些收入的客戶 - 他們的收入下降也對支出進行了額外的審查，對吧？因此，在他們完成流程時，需要更多時間才能完成交易。所以這些是一些因素。

Neil, I don't know if you want to -- I know you've commented on the normalization before.

尼爾，我不知道你是否願意——我知道你之前已經對規範化發表過評論。

Yes. I guess the only other point that we'd make around that level is if you look at our last 3 years, we've averaged a book-to-bill over the last 3 years of 1.09, driven first by COVID, obviously, then by the supply chain disruption that's happened over the last, say, 18 months. And so we've known for some time that, that book-to-bill had to normalize. And as our lead times come in, we would expect that normalization to occur. And so as I think about it, and again, we're not guiding orders, but a move of our book-to-bill back to a more normal level, something approaching 1, is not something that's going to impact our ability to continue to grow revenue.

是的。我想我們在這個水平上唯一能做到的另一點是，如果你看看我們過去 3 年，我們在過去 3 年的平均訂單出貨比為 1.09，顯然首先是由 COVID 驅動的，然後由過去（比如說 18 個月）發生的供應鏈中斷造成。因此，一段時間以來我們就知道，訂單到賬單必須正常化。隨著我們的交貨時間到來，我們希望正常化會發生。因此，正如我所想，再一次，我們不是在指導訂單，而是將我們的訂單出貨比恢復到更正常的水平，接近 1，這不會影響我們繼續生產的能力增加收入。

Our next line of questions come from the line of Mehdi Hosseini of SIG.

我們的下一行問題來自 SIG 的 Mehdi Hosseini。

Two follow-ups. I want to go back to CapEx, the $250 million. Should I assume that capital intensity will remain around 3% in fiscal year '23?

兩次跟進。我想回到資本支出，即 2.5 億美元。我是否應該假設 23 財年的資本密集度將保持在 3% 左右？

Yes. So I mean one of the things that's happening with our CapEx is our capital purchases in this fiscal year were definitely impacted by the broader supply chain environment. And so we guided at the beginning of the year, I'm talking about fiscal '22 now, to CapEx that was close to $250 million, and we significantly underspent that from a cash flow perspective. But what you can't see is that our commits were very much in line with our original expectations. It just took longer for things to be delivered.

是的。所以我的意思是我們的資本支出正在發生的事情之一是我們在本財年的資本購買肯定受到更廣泛的供應鏈環境的影響。因此，我們在年初進行了指導，我現在談論的是 22 財年，資本支出接近 2.5 億美元，從現金流的角度來看，我們的支出大大不足。但你看不到的是，我們的承諾非常符合我們最初的預期。只是需要更長的時間來交付東西。

And so what we're seeing as we go into next year is a pretty dramatic scaling back of new capital purchases, but with a little bit of a cash flow overhang as we go into next year. And so that's what's going to carry our capital purchases up to that $250 million level in fiscal '23.

因此，我們在進入明年時看到的是新資本購買的大幅縮減，但隨著我們進入明年，現金流量略有過剩。因此，這將使我們的資本購買在 23 財年達到 2.5 億美元的水平。

So I shouldn't use your CapEx guide to come up with some revenue guide -- or revenue growth expectation for fiscal '23? There is some cash flow as per the CapEx, right?

所以我不應該使用你的資本支出指南來提出一些收入指南——或者 23 財年的收入增長預期？根據資本支出，有一些現金流，對吧？

That's right.

這是正確的。

Okay. And then I want to go back to China. The APAC region as a percentage of revenue has remained in the low 40% over the past several years, including the headwind from Huawei. Should I assume that you're growing outside of China so much to the extent that you're able to offset increased restriction on shipment to China? Is it just a mix within the APAC region that makes China kind of neutralized?

好的。然後我想回中國。過去幾年，亞太地區佔收入的百分比一直保持在 40% 的低位，其中包括來自華為的逆風。我是否應該假設您在中國以外的地區增長如此之快，以至於您能夠抵消對運往中國的更多限制？是否只是亞太地區的混合因素讓中國有點中立？

Yes. I think maybe as we have spoken before, we have a broad-based business in China. And despite the ongoing geopolitical situation, we have a demonstrated ability to pivot and address customers in that region. And given the focus there on technology development, I think we're seeing good demand in the region. But we're also seeing multinational companies that are creating -- that are moving out of China in some ways and into rest of Asia Pac and other parts of the world, including onshoring moves into North America, and we're successfully capturing some of that spend as well.

是的。我想也許正如我們之前所說，我們在中國擁有廣泛的業務。儘管地緣政治形勢持續，但我們已證明有能力調整和解決該地區的客戶。鑑於那裡對技術開發的關注，我認為我們在該地區看到了良好的需求。但我們也看到正在創造的跨國公司——它們正在以某種方式離開中國，進入亞太地區和世界其他地區，包括向北美轉移業務，我們正在成功地抓住一些那也花。

Okay. So the fact that the supply chain is moving out sort of China, that's positive. Now if I may, just a quick follow-up. So you do have more than 50% exposure to your customers' R&D budget. On top of that, there is structural changes happening with the supply chain that is also positive. And those 2 factors on aggregate could offset some of the cyclicality nature or production-related sensibility or volatility. Is that the right way to think about this?

好的。因此，供應鏈正在從中國遷出，這是積極的。現在，如果可以的話，只是快速跟進。因此，您確實有超過 50% 的風險暴露在客戶的研發預算中。最重要的是，供應鏈正在發生結構性變化，這也是積極的。總的來說，這兩個因素可以抵消一些週期性或與生產相關的敏感性或波動性。這是思考這個問題的正確方法嗎？

I think that's what's playing out right now for us, yes.

我認為這就是我們現在正在發生的事情，是的。

Our next line of questions comes from the line of one Matthew Niknam with Deutsche Bank.

我們的下一行問題來自德意志銀行的 Matthew Niknam。

Two, if I could. First on backlog. So you mentioned you ended the year at about $2.55 billion. I think our math would suggest something about $100 million higher, just relative to the $2.5 billion you mentioned last quarter. I'm just wondering if there's any order cancellations to be aware of or if there's an FX component affecting this.

兩個，如果可以的話。首先是積壓。所以你提到你年底的收入約為 25.5 億美元。我認為我們的計算結果會比你上個季度提到的 25 億美元高出大約 1 億美元。我只是想知道是否有任何訂單取消需要注意，或者是否有影響此的 FX 組件。

And then secondly, on the China trade restrictions, I think you had called out a 2 to 3 percentage point headwind from those restrictions. I'm just wondering, is that incremental in fiscal 1Q? And is this primarily an EISG? Or could it show up elsewhere?

其次，關於中國貿易限制，我認為你已經指出這些限制帶來了 2 到 3 個百分點的逆風。我只是想知道，這是第一財季的增量嗎？這主要是 EISG 嗎？或者它會出現在其他地方嗎？

Yes. So this is Neil. I'll take the backlog question and then let Mark address the China question. But yes, so you're -- I mean, obviously, our orders within the quarter outpaced revenue by a little bit more than $100 million. So we do continue to add to the backlog as we've gone throughout the year. So...

是的。所以這是尼爾。我將回答積壓問題，然後讓馬克解決中國問題。但是，是的，所以你 - 我的意思是，很明顯，我們本季度的訂單超過收入超過 1 億美元。因此，我們確實會繼續增加積壓工作，因為我們已經完成了全年的工作。所以...

Yes. And Matt, the specific China trade situation, that went into effect on October 7. So there wasn't much effect in our Q4. We will see some effect in our first quarter, but the 1% to 2% is projecting out over a run rate of business for the entire year based on other situations.

是的。馬特，具體的中國貿易情況，於 10 月 7 日生效。因此對我們的第四季度沒有太大影響。我們將在第一季度看到一些影響，但 1% 到 2% 是根據其他情況預測全年的業務運行率。

The other thing just to note is that we have not seen any changes in our cancellations. It's been running at a historically low level for the last 4 quarters, and that was the case again in Q4.

另一件需要注意的事情是，我們沒有看到我們的取消有任何變化。過去 4 個季度一直處於歷史低位，第四季度再次出現這種情況。

Our next line of questions comes from the line of one Aaron Rakers with Wells Fargo.

我們的下一行問題來自 Wells Fargo 的一位 Aaron Rakers。

Congrats on a good execution in the quarter. I just want to, at a high level, go back to kind of the defensibility of the model, if I can. Can you remind us where the mix of the business stands today between R&D exposed versus, let's say, manufacturing exposed? And I guess on that same kind of thought process is that, where do you stand as far as the monetization effect of the software strategy? Where do we think that progresses to over the next year, whatever time frame you want to think about?

祝賀本季度的良好執行。如果可以的話，我只是想在較高的層次上回到模型的防禦性。你能提醒我們今天的業務組合在研發暴露與比方說製造暴露之間的位置嗎？我想在同樣的思維過程中，你認為軟件策略的貨幣化效果如何？無論您想考慮什麼時間框架，我們認為明年會進展到哪裡？

Yes. Thank you for the question. I think at the highest level, we're at approximately 60% R&D today, 30% manufacturing and 10% deployments. So that's the sort of mix of the business. Clearly, we believe R&D secular, you look at some of the areas in R&D that we're focused on that involve next-generation innovations such as with 5G and then 6G and automotive and digital health, so on and so forth. And it really gives us this diversity of applications that is -- gives us a resilience in this environment, for sure.

是的。感謝你的提問。我認為在最高水平上，我們今天大約有 60% 的研發，30% 的製造和 10% 的部署。這就是業務的組合。顯然，我們相信研發是世俗的，你看看我們關注的一些研發領域，這些領域涉及下一代創新，例如 5G 和 6G 以及汽車和數字健康等等。它確實為我們提供了這種應用程序的多樣性——可以肯定的是，它為我們提供了在這種環境中的彈性。

With regard to the software strategy, it, again, goes congruent with our go-to-market approach because we're here to enable innovations to happen faster, and the way we do that is by offering more software-centric solutions. So as we deploy more solutions to our customers, increasingly, that is in the form of growing software mix. And that goes, again, synergistic with our services strategy.

關於軟件戰略，它再次與我們的上市方法一致，因為我們在這裡是為了讓創新更快發生，而我們這樣做的方式是提供更多以軟件為中心的解決方案。因此，隨著我們為客戶部署更多解決方案，越來越多地以不斷增長的軟件組合形式出現。這再次與我們的服務戰略協同作用。

So you look at our software and services revenue this year will end at 34% of the total mix, and our ARR, or annual recurring revenue, has reached a new high of $1.2 billion. And we'll continue to invest to grow those portions of the business and increase our resilience and durability over time as well.

所以你看看我們今年的軟件和服務收入將佔總收入的 34%，我們的 ARR，即年度經常性收入，已達到 12 億美元的新高。我們將繼續投資以發展業務的這些部分，並隨著時間的推移提高我們的彈性和耐用性。

Yes. And then as a quick follow-up, if I can. Just curious, when we think about the progression of backlog, and we appreciate that your backlog is only looking out on a forward 6-month basis, Neil, just curious, how should we think about what a normalized backlog level looks like?

是的。然後作為快速跟進，如果可以的話。只是好奇，當我們考慮積壓的進展時，我們很感激您的積壓只是在未來 6 個月的基礎上看，Neil，只是好奇，我們應該如何考慮標準化的積壓水平是什麼樣的？

Yes. I mean given some of the dynamics that Satish just talked about, increasing software services, recurring revenue, we have seen growth in our deferred revenue over the same 3-year period of time as well as our migration towards systems rather than tools, I think, will drive our ultimate backlog level when things normalize to be significantly higher than it was, say, pre-COVID, in the 2018, 2019 time frame. And so I think we'll have to see how that plays out over time.

是的。我的意思是，考慮到 Satish 剛才談到的一些動態，增加軟件服務、經常性收入，我們已經看到我們的遞延收入在同一 3 年期間的增長以及我們向系統而不是工具的遷移，我認為，當事情正常化到比 2018 年、2019 年時間框架內顯著高於 COVID 之前的水平時，將推動我們的最終積壓水平。所以我認為我們必須看看隨著時間的推移它會如何發揮作用。

I think again, we built -- you can do the math. We built well north of $1 billion of backlog over the course of the last 3 years as we've had this book-to-bill that I've mentioned of 1.09. And as our lead times come in, we're going to expect ordering patterns to adjust and lead times to pull in.

我再次認為，我們建造了——你可以算一下。在過去 3 年的過程中，我們建立了超過 10 億美元的積壓訂單，因為我們已經有了我提到的 1.09 的訂單到賬單。隨著我們的交貨時間到來，我們將期望調整訂購模式並縮短交貨時間。

I've said previously that there's probably 4 to 5 weeks' worth of kind of abnormal backlog as a result of a 4- to 5-week extension of lead times kind of on average would be a way to think about it.

我之前說過，由於交貨時間平均延長 4 到 5 週，可能會有 4 到 5 週的異常積壓是一種思考方式。

We're still in a supply-challenged environment. While it's improving, supply is the constraining factor right now.

我們仍處於供應挑戰的環境中。雖然情況正在改善，但供應是目前的製約因素。

Our next line of questions comes from the line of one Jim Suva with Citi.

我們的下一行問題來自花旗銀行的 Jim Suva。

It's very noteworthy and impressive about your software and services, which I think is about 34%. Is it -- can you help us understand, like, reasonable growth as a percent of totality going forward? Because I would imagine it's very hard to ever get over 50%. Or are you looking at a point where it starts to level off around 35%? Or is that way too low, 40%? Where could this kind of feasibility go for software and services as you kind of look at adding these incremental benefits to your sales process?

您的軟件和服務非常值得注意和令人印象深刻，我認為大約是 34%。是嗎——你能幫助我們理解，比如，合理的增長佔未來總量的百分比嗎？因為我認為很難超過 50%。還是您正在尋找它開始穩定在 35% 左右的點？還是太低了，40%？當您考慮將這些增量收益添加到您的銷售流程中時，這種可行性對於軟件和服務有何影響？

Yes. Jim, I think as a strategy, as a company from -- in 2015, we've been focused on the software-centric solution strategy and really focused on our customers' most demanding and challenging problems that they have and solving this better than anyone else. And as we have continued to do that, our strategy has taken the form of not just [the prudency in] sales, but our focus on this life cycle value creation for our customers, but also value capture for Keysight. And that's the journey we've been on.

是的。吉姆，我認為作為一種戰略，作為一家公司，從 2015 年開始，我們一直專注於以軟件為中心的解決方案戰略，真正專注於客戶面臨的最苛刻和最具挑戰性的問題，並且比任何人都更好地解決了這個問題別的。隨著我們繼續這樣做，我們的戰略不僅採取 [謹慎] 銷售的形式，而且我們專注於為客戶創造生命週期價值，同時也為 Keysight 獲取價值。這就是我們一直在進行的旅程。

Some of the more newer solutions such as in open RAN that we've talked about where we are seeing considerable traction, software alone is nearing 40%, 50% of the total sale value, and with a lot bigger portion of it being in the recurring category as well. So we feel good about the continued traction we're seeing for our solutions. And as we continue to deploy the solution strategy over time, we will enter into new end market verticals.

一些較新的解決方案，例如我們討論過的開放式 RAN，我們看到了相當大的牽引力，僅軟件一項就接近總銷售價值的 40%、50%，而且其中很大一部分在經常性類別也是如此。因此，我們對我們的解決方案持續受到關注感到滿意。隨著我們隨著時間的推移繼續部署解決方案戰略，我們將進入新的終端市場垂直領域。

And as you've seen some examples I put out this latest earnings announcement, we've also had some successes in the automotive sector with deploying software and in the semiconductor as well with our design offerings. Mark may make some comments on the sales side.

正如你看到的一些例子，我發布了最新的收益公告，我們在汽車領域也通過部署軟件和半導體以及我們的設計產品取得了一些成功。馬克可能會在銷售方面發表一些評論。

Yes. Thanks, Satish. And Jim, what I would ask is the go-to-market, you mentioned that, and that is an important element of this. We are attaching upfront attached services and software. We're at about 60% for services today. I want to see that grow. So that's another stream of advancement.

是的。謝謝，薩蒂什。吉姆，我要問的是上市，你提到過，這是其中的一個重要因素。我們附加了預先附加的服務和軟件。我們今天的服務率約為 60%。我想看到它的成長。所以這是另一個進步。

The other thing that you can see is we are delivering solutions more and more through updates to our software. If you think about our 5G solutions going from Release 15 to Release 16 and 17, much of that is software updates that creates additional opportunities for upsell, cross-sell and, of course, recurring revenue as well. So there's -- and there's several elements of our go-to-market that we are deploying now to encourage that recurring growth and expansion of attachment upfront to our total solutions.

您可以看到的另一件事是，我們通過更新軟件越來越多地提供解決方案。如果您考慮我們的 5G 解決方案從第 15 版到第 16 版和第 17 版，其中大部分是軟件更新，為追加銷售、交叉銷售，當然還有經常性收入創造了更多機會。因此，我們現在正在部署我們進入市場的幾個要素，以鼓勵對我們的整體解決方案進行前期附件的經常性增長和擴展。

Great. And then my follow-up is on the China. I think I heard 2 to 3 points of headwind. Is that for kind of the full fiscal year? Was there any, like, in calendar -- I'm sorry, fiscal Q4, like buying ahead of the rule changes? I'm just trying to kind of triangulate around the magnitude of it. And I assume after fiscal '23, it's kind of all out of the model from the rule changes.

偉大的。然後我的後續行動是關於中國的。我想我聽到了 2 到 3 點逆風。那是整個財政年度的嗎？有沒有，比如，在日曆中——對不起，財政第四季度，比如在規則改變之前購買？我只是想圍繞它的大小進行三角測量。而且我假設在 23 財年之後，規則更改完全脫離了模型。

Yes. Jim, I think we said 1 to 2 points of headwind for the entire fiscal year '23. And again, that's based on what we estimate as the run rate of business that won't be available to us with the new trade restrictions. There will be a little bit more in Q1 as we look at some of the backlog, but that's the run rate. And then there was another -- I think Neil mentioned another point of headwind with -- from Russia.

是的。吉姆，我想我們說了整個 23 財年的 1 到 2 個不利因素。再一次，這是基於我們估計的業務運行率，新的貿易限制對我們來說是無法獲得的。當我們查看一些積壓訂單時，第一季度會有更多，但這就是運行率。然後還有另一個——我認為尼爾提到了另一個不利因素——來自俄羅斯。

Our next line of questions comes from the line of one Meta Marshall with Morgan Stanley.

我們的下一行問題來自一位 Meta Marshall 與摩根士丹利的對話。

In the past, you guys have talked about kind of the 5G peak was going to be much lower than kind of investors were expecting, but you kind of talked about a '23, '24 time period for the 5G peak. I just wanted to kind of get current thoughts on that and just how initiatives like O-RAN or just some of the other initiatives are maybe extending that.

過去，你們談到了 5G 峰值將遠低於投資者的預期，但你們談到了 5G 峰值的“23”、“24”時間段。我只是想了解一下當前的想法，以及像 O-RAN 或其他一些倡議這樣的倡議可能如何擴展它。

And then maybe a second. You gave some context that you're seeing some loosening in supply chain. But just kind of what is current thinking? Is it still just a small amount of parts that you're kind of waiting to release? But just when do you see more general availability of those parts and just kind of a tightening between supply and demand?

然後也許一秒鐘。您提供了一些背景信息，表明您看到供應鏈有些鬆動。但目前的想法是什麼？您是否仍然只是等待發布的一小部分零件？但是，您什麼時候才能看到這些零件的普遍可用性以及供需之間的緊縮？

Yes. Thank you, Meta. I think on the 5G front, I think as we have always stated, there are multiple catalysts. I think about 18 months ago, I said the first catalyst was the C-band deployments in the U.S. That's played out as we had hoped, and we have captured a lot of that spend. We are pleased with some action that's happening in Asia and India, parts of India that have made commitments to roll out 5G. So that's, again, opportunity for us that's playing out right now. .

是的。謝謝你，梅塔。我認為在 5G 方面，正如我們一直所說的那樣，有多種催化劑。我想大約 18 個月前，我說第一個催化劑是美國的 C 波段部署。正如我們所希望的那樣，我們已經獲得了很多支出。我們對亞洲和印度正在採取的一些行動感到高興，印度部分地區已承諾推出 5G。所以這又是我們現在正在發揮作用的機會。 .

But the second and the third parts to this is the millimeter wave opportunity. There's still some complex challenges with millimeter wave that customers are trying to solve. That continues to be a longer-term R&D opportunity for us as that deployment has continued to push out anyway -- scale deployments anyway.

但是第二和第三部分是毫米波機會。客戶仍在努力解決毫米波的一些複雜挑戰。這對我們來說仍然是一個長期的研發機會，因為無論如何部署都會繼續推進——無論如何都要擴大部署。

And lastly, as 5G is deployed, operators are looking to further monetize by adding the SA versions and new applications such as open RAN continue to be -- gain traction across the global ecosystem. And so the opportunity that we have in R&D continues to grow, and we're well positioned with the comprehensive offerings we have to address it.

最後，隨著 5G 的部署，運營商希望通過添加 SA 版本和新應用程序（如 Open RAN）來進一步獲利——在全球生態系統中獲得牽引力。因此，我們在研發方面的機會不斷增加，我們已經做好了準備，我們必須提供全面的產品來解決這個問題。

I also want to point out that we have a very diversified business. Yes, 5G gets a lot of attention, but we have secular trends in wireline evolutions, which we're well positioned to capitalize on based on the acquisitions of Ixia that we have made, and we continue to see traction there. Not to mention the newer additions to our go-to-market with automotive and with next-generation semiconductor nodes. So we run a diversified business, and I think that's a source of greater stability for us and -- over time.

我還想指出，我們的業務非常多元化。是的，5G 得到了很多關注，但我們在有線線路發展方面有長期趨勢，我們可以根據我們對 Ixia 的收購做好充分利用，我們繼續看到那裡的牽引力。更不用說我們的汽車和下一代半導體節點上市的新成員了。所以我們經營多元化的業務，我認為這對我們來說是更大穩定性的來源 - 隨著時間的推移。

The second part of the supply chain question that you asked is, at the beginning of last year, we took a series of actions to basically redesign our products to second source components, and we had a -- we've talked about it on earnings calls. And all those actions have really enabled us to do better than we expected every quarter.

你問的供應鏈問題的第二部分是，在去年年初，我們採取了一系列行動，基本上將我們的產品重新設計為第二來源組件，我們有一個 - 我們已經討論過它的收益電話。所有這些行動確實使我們每個季度都比預期做得更好。

But as we think about the supply chain, I speak with a number of our semiconductor supply chain partners, and they're all putting actions in place to obviously increase capacity, but it still continues to be a constrained environment. We're not back to this pre-COVID sort of supply environment yet, and it might take all of '23 to get there from our best information right now.

但是當我們考慮供應鏈時，我與我們的一些半導體供應鏈合作夥伴進行了交談，他們都在採取行動以明顯增加產能，但它仍然是一個受限的環境。我們還沒有回到這種 COVID 之前的供應環境，現在可能需要 23 年的時間才能從我們最好的信息中得到。

Our next line of questions comes from the line of one David Ridley-Lane with Bank of America.

我們的下一行問題來自美國銀行的 David Ridley-Lane。

You talked about some of the headwinds to revenue in the first quarter, but one tailwind not mentioned is pricing. And just sort of wondering how significant is pricing today versus more normal levels. I mean you're giving a couple of points tailwind from that. And then what type of volume growth is really embedded into first quarter's guidance?

你談到了第一季度收入的一些不利因素，但沒有提到的一個不利因素是定價。只是有點想知道今天的定價與更正常的水平相比有多重要。我的意思是你從中得到了一些好處。那麼第一季度的指導中真正嵌入了什麼樣的銷量增長？

What was the last part of the question? I'm sorry, David, I missed just that last part.

問題的最後一部分是什麼？對不起，大衛，我錯過了最後一部分。

The type of volume growth is embedded in the first quarter guidance.

銷量增長的類型包含在第一季度的指導中。

Yes. I mean I think the pricing question, obviously, we've had -- we've been doing our best to keep pace with inflation. We've had multiple rounds of price increases over the course of the last 12 to 18 months, and those are embedded in the backlog. Although I think you can see based on the fact that we have maintained margins over the course of fiscal '22, it's flat at 65%, which, frankly, I think in this inflationary environment, was a very strong result that we're basically keeping pace on a margin basis with what we're seeing in terms of increases.

是的。我的意思是我認為定價問題，顯然，我們已經 - 我們一直在盡最大努力跟上通貨膨脹的步伐。在過去的 12 到 18 個月中，我們進行了多輪提價，這些都包含在積壓訂單中。雖然我認為你可以看到，基於我們在 22 財年期間保持利潤率這一事實，它持平於 65%，坦率地說，我認為在這種通脹環境下，這是一個非常強勁的結果，我們基本上與我們所看到的增長保持同步。

And so -- and right now, while on the one side, yes, we have these price increases that are embedded in our backlog and will continue to yield dividends and revenue, it's not like the inflationary elements have stopped in the cost structure as well. I referenced, for example, that we are going to be doing our salary administration for next year here in our fiscal first quarter. And this will be our second consecutive year with salary increases that are materially above our historic averages.

所以——現在，雖然一方面，是的，我們的積壓訂單中包含這些價格上漲，並將繼續產生股息和收入，但通貨膨脹因素並沒有在成本結構中停止.例如，我提到我們將在第一財政季度在這裡進行明年的薪資管理。這將是我們連續第二年的薪資漲幅大大高於我們的歷史平均水平。

As to the volume question, given the nature of our business where we're selling instruments that literally cost, in some cases, hundreds of dollars and, in other cases, cost million dollars, that's a very difficult question to answer. There's such a high deviation of mix that it's really hard to get to a meaningful answer on that question.

至於數量問題，考慮到我們的業務性質，我們銷售的儀器在某些情況下確實要花費數百美元，而在其他情況下要花費數百萬美元，這是一個很難回答的問題。混合偏差如此之大，以至於很難就該問題得出有意義的答案。

Sure. And as a follow-up, another tailwind here is autos, right? I think last quarter, you mentioned that it's basically doubled over the last 2 years. This quarter, you mentioned $500 million in orders. So it's nearing close to 10% of your orders in this fiscal year. Do you feel like the trend there is kind of, I don't want to say not subject to sort of macroeconomic conditions, but certainly has a strong secular element to it?

當然。作為後續行動，這裡的另一個順風是汽車，對吧？我想上個季度，你提到它在過去兩年里基本上翻了一番。本季度，您提到了 5 億美元的訂單。因此，它接近本財年訂單的 10%。你覺得這種趨勢是不是有點，我不想說不受宏觀經濟條件的影響，但肯定有很強的長期因素？

David, this is Mark. I'll answer that. The growth we're seeing is coming from next-generation mobility. There's some continuing R&D on the electronics side that's more conventional, but the growth in new mobility is sustaining. It is secular. And it doesn't just stop at the vehicle. It goes out into the charging infrastructure, into the underlying battery technologies. And we've seen what's happened here in the last year with different countries and different regulations pushing this further toward adoption.

大衛，這是馬克。我會回答的。我們看到的增長來自下一代機動性。在更傳統的電子產品方面有一些持續的研發，但新機動性的增長正在持續。這是世俗的。它不僅僅停在車輛上。它進入充電基礎設施，進入底層電池技術。我們已經看到了去年這裡發生的事情，不同的國家和不同的法規進一步推動了這一點的採用。

The adoption in Europe is very strong and growing fast, in other regions as well. And our position in the market is very strong, helping our customers design and deploy this next-generation technology from the batteries to the charging infrastructure, and then add, on top of that, all the connectivity and communications and protocols, as we talked about in the prepared statement. So this is really a great intersection of multiple strengths for us, and it has long-term secular growth drivers behind them.

歐洲的採用率非常高，並且增長迅速，在其他地區也是如此。我們在市場上的地位非常強大，幫助我們的客戶設計和部署從電池到充電基礎設施的下一代技術，然後在最重要的基礎上添加所有的連接、通信和協議，正如我們所說的在準備好的聲明中。因此，這對我們來說確實是多種優勢的巨大交集，並且背後有長期的長期增長動力。

Our next line of question comes from the line of one Rob Mason with Baird.

我們的下一行問題來自 Rob Mason 與 Baird 的對話。

Neil, I wanted to just clarify, you mentioned that R&D, I thought, would be roughly 16% of revenue this year. I just want to make sure that's correct because that's about 1 point more than it was this past year in '22. And just I'm curious how that steps up. And what does an exit rate look like if that's the case?

尼爾，我想澄清一下，你提到我認為研發將佔今年收入的大約 16%。我只是想確保這是正確的，因為這比去年 22 年多了大約 1 個百分點。我只是很好奇它是如何升級的。如果是這樣的話，退出率是什麼樣的？

Yes. So you're right. Obviously, our 16% or 16% plus has been our long-term target. We underspent that here in FY '22. I think a big function of that was the revenue outperformance within the year. If you remember, this time last year, we guided you to 6% revenue growth on the year, and we actually grew 12% on a core basis. And so our R&D plans for the year were much more aligned with that lower level of revenue growth.

是的。所以你是對的。顯然，我們的 16% 或 16% 以上是我們的長期目標。我們在 22 財年在這裡支出不足。我認為其中一個很大的作用是當年的收入表現出色。如果你還記得，去年這個時候，我們指導你實現了當年 6% 的收入增長，而我們實際上在核心基礎上增長了 12%。因此，我們今年的研發計劃與較低的收入增長水平更加一致。

So I think as we go -- we certainly continue to see a large amount of opportunity for us to continue to invest in the future growth of our business, a lot of pull from our customers to do R&D work. And so our intent is to revamp back towards 16% of revenue. Obviously, the salary administration here in the first quarter is going to help to move us in that direction. We may not get to 16% here in the first quarter, but looking at an exit rate that's at 16% or even potentially a little bit above by the time we get out to the fourth quarter is not out of the question.

所以我認為，隨著我們的前進——我們肯定會繼續看到大量機會，讓我們繼續投資於我們業務的未來增長，從我們的客戶那裡得到很多拉動來進行研發工作。因此，我們的目標是重新調整到收入的 16%。顯然，第一季度的薪資管理將幫助我們朝著這個方向前進。我們可能不會在第一季度達到 16%，但在我們進入第四季度時考慮 16% 甚至可能略高於 16% 的退出率並不是不可能的。

Okay. Okay. That's helpful. And then to the extent the supply chain does still remain somewhat tight through the year, how are you thinking about working capital? And any ability or -- to pull that down as you go through the year? What are you thinking about working capital contribution for the year?

好的。好的。這很有幫助。然後就供應鏈全年仍然有些緊張的程度而言，您如何考慮營運資金？在你度過這一年的過程中，有什麼能力或者——把它拉下來嗎？您如何看待當年的營運資金貢獻？

Well, I certainly think over the longer term that as the supply chain normalizes, there will be an opportunity for us to reduce some of the working capital that's built up over the course of the last year. We see it in terms of inventory, increased inventory via the prices that we're paying for parts. We see money tied up in terms of commitments to buy future inventory where we paid in advance for future delivery. It's been a use of working capital that, frankly, is new over the course of the last 12 months.

好吧，我當然認為從長遠來看，隨著供應鏈的正常化，我們將有機會減少去年積累的部分營運資金。我們在庫存方面看到它，通過我們為零件支付的價格增加庫存。我們看到資金與購買未來庫存的承諾有關，我們提前為未來交付付款。坦率地說，在過去 12 個月中，這是一種新的營運資金使用方式。

And then frankly, the supply chain situation has significantly impacted the linearity of our revenue within the quarter. You can imagine when you move from more of a just-in-time environment where you're just building and shipping and building and shipping, we're doing a lot more build to a certain stage, wait for parts, finish and ship. And so our revenue is tended to be more back-end-loaded, which results in us carrying more receivables at the end of the quarter than we would if we were shipping in a more linear fashion.

然後坦率地說，供應鏈情況嚴重影響了我們本季度收入的線性度。你可以想像，當你從更多的只是構建和運輸、構建和運輸的即時環境中轉移時，我們正在做更多的構建到某個階段，等待零件、完成和運輸。因此，我們的收入往往更多地在後端加載，這導致我們在本季度末的應收賬款比我們以更線性的方式運輸時要多。

So again, I think it's a function of how does supply chain normalize and when does that eventually happen? That is -- you need a little bit of a crystal ball to answer that question. But when it does happen, we would see -- we would expect to see an ability to reduce working capital.

所以，我認為這是供應鏈如何正常化以及最終何時發生的函數？也就是說——你需要一點水晶球來回答這個問題。但當它確實發生時，我們會看到 - 我們希望看到減少營運資金的能力。

That concludes our question-and-answer session for today. I would like to turn the conference back to Jason Kary for any closing remarks.

今天的問答環節到此結束。我想將會議轉回 Jason Kary 的閉幕詞。

Thank you, Dante, and thank you, everyone, for joining us. As he mentioned, that concludes the call, and we wish you all a good evening and look forward to seeing you soon.

謝謝你，但丁，也謝謝大家加入我們。正如他提到的那樣，電話會議到此結束，我們祝大家晚上愉快，並期待很快見到你。

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。