是德科技 (KEYS) 2023 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Keysight Technologies Fiscal First Quarter 2023 Earnings Conference Call. My name is (inaudible), and I'll be your lead operator today.

女士們先生們，美好的一天，歡迎參加是德科技 2023 財年第一季度收益電話會議。我叫（聽不清），今天我將擔任你們的首席接線員。

(Operator Instructions)

（操作員說明）

This call is being recorded today, Tuesday, February 21, 2023 at 1:30 p.m. Pacific Time. I would now like to hand the conference over to our host, Jason Kary, Vice President, Treasurer and Investor Relations. Please go ahead.

此通話記錄於今天，即 2023 年 2 月 21 日，星期二，下午 1:30。太平洋時間。我現在想把會議交給我們的主持人 Jason Kary，他是財務主管和投資者關係副總裁。請繼續。

Thank you, and welcome, everyone, to Keysight's First Quarter Earnings Conference Call for fiscal year 2023. 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 our 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 2023 財年第一季度收益電話會議。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，我們的全球銷售高級副總裁兼首席客戶官 Mark Wallace 將加入。

The press release and information to supplement today's discussion are on our website at investor.keysight.com under the Financial Information tab and Quarterly Reports. Today's comments 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.

新聞稿和補充今天討論的信息位於我們網站 investor.keysight.com 的“財務信息”選項卡和“季度報告”下。今天的評論將涉及非 GAAP 財務指標。我們還將參考核心增長，其中不包括貨幣變動和過去 12 個月內完成的收購或資產剝離的影響。

The most directly comparable GAAP financial metrics and reconciliations are on our website, and all our 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.

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，否則我們所有的比較都是按年進行的。我們將在今天的電話會議上就公司的財務業績做出前瞻性陳述。

These statements are subject to risks and uncertainties and are only valid as of today. We assume no obligation to update them. Please review our recent SEC filings for a more complete picture of these risks and other factors.

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。

As a reminder, we are hosting our 2023 Investor Day on March 7 at the New York Stock Exchange. Management is also scheduled to participate in the Morgan Stanley Investor Conference on March 8. And now I'll turn the call over to Satish.

提醒一下，我們將於 3 月 7 日在紐約證券交易所舉辦 2023 年投資者日。管理層還計劃於 3 月 8 日參加摩根士丹利投資者大會。現在我將把電話轉給薩蒂什。

Thank you, Jason. Good afternoon, everyone, and thank you for joining us today. Keysight delivered an exceptional first quarter financial results posting revenue and earnings above the high end of our guidance against a backdrop of moderating demand.

謝謝你，傑森。大家下午好，感謝您今天加入我們。在需求放緩的背景下，是德科技發布了出色的第一季度財務業績，收入和收益高於我們指導的高端。

Our performance and consistent execution demonstrate the resilience of our business. And despite of the challenging macro dynamics, we believe Keysight is well positioned to build on our success and expand our leadership across our end markets.

我們的表現和一致的執行證明了我們業務的彈性。儘管宏觀動態充滿挑戰，但我們相信是德科技有能力鞏固我們的成功並擴大我們在終端市場的領導地位。

I'll focus my comments today on 3 key headlines. First, we achieved strong financial results. Revenue was the first quarter record and grew 14% on a core basis, driven by strength in both business segments and across all geographies. We again demonstrated the durability of our financial model and delivered $2.02 in earnings per share.

我今天的評論將集中在 3 個關鍵標題上。首先，我們取得了強勁的財務業績。受兩個業務部門和所有地區實力的推動，第一季度收入創下歷史新高，核心業務增長 14%。我們再次證明了我們財務模型的耐用性，並實現了 2.02 美元的每股收益。

Second, we started to see a normalization of what has been a robust and prolonged period of investment by our customers. Over the past 2 years, significant demand for Keysight solutions resulted in a 15% compound order growth and a book-to-bill of 1.09.

其次，我們開始看到客戶的強勁和長期投資開始正常化。在過去 2 年中，對是德科技解決方案的巨大需求導致複合訂單增長 15%，訂單出貨比為 1.09。

As demand slows in the near term, Keysight's exposure to multiple end markets, its differentiated portfolio and our strong operating discipline positions us well to weather the current macro dynamics.

隨著短期內需求放緩，Keysight 對多個終端市場的敞口、差異化的產品組合和我們嚴格的運營紀律使我們能夠很好地應對當前的宏觀動態。

Third, we remain confident in the secular long-term growth trends across our markets. Our software-centric solution strategy is well aligned with the needs of our customers, which we expect will enable us to outperform the market. We look forward to providing you a more comprehensive update on our long-term growth strategies and financial objectives at our upcoming Investor Day.

第三，我們對我們市場的長期長期增長趨勢仍然充滿信心。我們以軟件為中心的解決方案戰略非常符合客戶的需求，我們預計這將使我們能夠跑贏市場。我們期待在即將到來的投資者日為您提供有關我們長期增長戰略和財務目標的更全面更新。

Now let's take a deeper look at our first quarter results. Orders declined 13% year-over-year against a strong compare of 22% growth in the last year's first quarter. The slowing demand and business-specific headwinds that we anticipated last quarter materialized largely as expected.

現在讓我們更深入地了解一下我們的第一季度業績。與去年第一季度 22% 的強勁增長相比，訂單同比下降 13%。我們上個季度預期的需求放緩和特定於業務的不利因素在很大程度上如預期的那樣實現了。

These included the year-over-year impact of currency, our exit of Russia and incremental China trade sanctions, which together contributed to a 6-point drag on the compare. We saw customers exercise caution in response to macroeconomic uncertainty. This was most notable amongst our largest customers in commercial communications, who were impacted by sharp demand decline in consumer electronics and computing segments.

其中包括貨幣的同比影響、我們退出俄羅斯和增加中國貿易制裁，這些因素共同導致比較下降 6 個百分點。我們看到客戶在應對宏觀經濟不確定性時保持謹慎。這在我們最大的商業通信客戶中最為明顯，他們受到消費電子和計算領域需求急劇下降的影響。

They are restructuring and reassessing their near-term priorities as the industry digests inventory while at the same time maintaining investments across key strategic programs. While the duration is difficult to predict, we expect these dynamics to weigh on our customers for at least the next couple of quarters.

他們正在重組和重新評估他們的近期優先事項，因為該行業正在消化庫存，同時維持對關鍵戰略計劃的投資。雖然持續時間很難預測，但我們預計這些動態至少會在接下來的幾個季度內對我們的客戶造成壓力。

Despite macro challenges, revenue grew 10% or 14% on a core basis. Strong execution and operational discipline resulted in gross margin of 65%, operating margin of 30%, and earnings per share growth of 22%. Turning to our business segments. The Electronics Industrial Solutions Group revenue grew 19% and delivered double-digit revenue growth for the tenth consecutive quarter, which underscores the diversity of our industry exposure.

儘管面臨宏觀挑戰，但核心收入增長了 10% 或 14%。強大的執行力和運營紀律使毛利率達到 65%，營業利潤率達到 30%，每股收益增長 22%。轉向我們的業務部門。電子工業解決方案集團收入增長 19%，連續第十個季度實現兩位數的收入增長，這凸顯了我們行業的多元化。

In automotive, we achieved record revenue and strong double-digit growth across all regions. Sales of electric vehicles continued to grow significantly in 2022, further fueling investment in EV and AV technologies and manufacturing. This quarter, we secured multiple strategic wins with large OEMs and Tier 1 suppliers across a breadth of applications such as 5G, autonomous driving emulation, battery and charging infrastructure design, and in-vehicle networks.

在汽車領域，我們在所有地區都實現了創紀錄的收入和強勁的兩位數增長。電動汽車銷量在 2022 年繼續大幅增長，進一步推動了對電動汽車和自動駕駛汽車技術和製造的投資。本季度，我們在 5G、自動駕駛仿真、電池和充電基礎設施設計以及車載網絡等廣泛應用領域與大型原始設備製造商和一級供應商取得了多項戰略勝利。

To strengthen our position in this market and capitalize on this growing decades-long opportunity, we continue to expand our portfolio of solutions. An example is our current collaboration with Jiyun Technologies to develop a high-efficiency compact battery test system to help accelerate the launch of new electric vehicles.

為了鞏固我們在這個市場的地位並利用這個持續數十年的不斷增長的機會，我們繼續擴大我們的解決方案組合。一個例子是我們目前與極雲科技合作開發高效緊湊型電池測試系統，以幫助加速新電動汽車的推出。

In General Electronics, double-digit revenue growth was driven by continued strength in emerging verticals such as digital health and IoT. We also secured wins in advanced research as R&D investment remains robust in quantum, photonics and beyond 5G.

在通用電子領域，數字健康和物聯網等新興垂直領域的持續強勁推動了兩位數的收入增長。我們還贏得了高級研究的勝利，因為研發投資在量子、光子學和 5G 之後仍然強勁。

Semiconductor Solutions revenue growth was driven by continued fab investments in new wafer capacity and advanced nodes. While the inventory adjustments are facing demand, foundries continue to execute their long-term plans to globalize the production. We see significant opportunities in this market and are investing in solutions for emerging semiconductor applications such as silicon photonics, high-power semis and millimeter-wave.

半導體解決方案的收入增長是由晶圓廠對新晶圓產能和先進節點的持續投資推動的。在庫存調整面臨需求的同時，代工廠繼續執行其全球化生產的長期計劃。我們看到了這個市場的重大機遇，並正在投資於新興半導體應用的解決方案，例如矽光子學、高功率半導體和毫米波。

Turning to our Communications Solutions Group. Revenue grew 7% with growth across both end markets and all regions. Commercial Communications revenue grew 11% on a core basis to reach a record Q1, which was driven by ongoing strategic investments in communications ecosystem.

轉向我們的通信解決方案組。隨著終端市場和所有地區的增長，收入增長了 7%。商業通信收入在核心基礎上增長了 11%，達到創紀錄的第一季度，這是由對通信生態系統的持續戰略投資推動的。

We saw strength in 5G R&D and deployments, Open RAN and data center networking with increased focus on 800 gigabit and terabit communication solutions. These programs remain a priority and are driving demand for Keysight's first-to-market solutions. As a trusted adviser, we remain actively engaged with our customers as they adapt to the current macro environment.

我們看到了 5G 研發和部署、Open RAN 和數據中心網絡方面的優勢，並且更加關注 800 吉比特和太比特通信解決方案。這些計劃仍然是優先事項，並且正在推動對是德科技率先上市的解決方案的需求。作為值得信賴的顧問，我們會在客戶適應當前宏觀環境的過程中保持積極參與。

We recently announced our collaboration with Qualcomm to accelerate 5G nonterrestrial network communications for broadband in remote areas and enable device makers to speed development and verification of 3GPP Release 17 compliant designs.

我們最近宣布與高通合作，以加速偏遠地區寬帶的 5G 非陸地網絡通信，並使設備製造商能夠加快開發和驗證符合 3GPP 第 17 版標準的設計。

We continue to support the progression of standards and submitted the first 3GPP Release 16 protocol conformance stats, enabling new use cases such as private and industrial networks and autonomous vehicles. Investments in early 6G is underway. And Keysight joined forces with 16 organizations to create 6G Sandbox, a Pan-European test bed for 6G experimentation and validation of 5G advanced and 6G capabilities.

我們繼續支持標準的進步，並提交了第一個 3GPP 第 16 版協議一致性統計數據，支持新的用例，例如私有和工業網絡以及自動駕駛汽車。對早期 6G 的投資正在進行中。是德科技與 16 個組織聯手創建了 6G 沙盒，這是一個泛歐測試平台，用於 6G 實驗和驗證 5G 高級和 6G 功能。

Nokia recently selected Keysight sub terahertz testbed to validate D-band and e-band technology to accelerate R&D critical to 5G advanced and 6G use cases in millimeter-wave and sub-terahertz frequency spectrum. We also announced industry's first and highest density network cybersecurity test platform, which provides data center, network infrastructure and cloud providers with leading 400-gigabit ethernet security validation capabilities.

諾基亞最近選擇了是德科技太赫茲測試台來驗證 D 波段和 e 波段技術，以加速對毫米波和太赫茲頻譜中的 5G 高級和 6G 用例至關重要的研發。我們還發布了業界首個密度最高的網絡網絡安全測試平台，為數據中心、網絡基礎設施和雲提供商提供領先的 400 兆位以太網安全驗證能力。

These solutions reinforce our leadership across wireless and wireline ecosystems. We are also looking forward to the Mobile World Congress in Barcelona next week. Keysight will be engaged with many customers and industry leaders and showcasing our solutions for advancing 5G standards, including Release 17 and early research in 6G and intelligent automation.

這些解決方案鞏固了我們在無線和有線生態系統中的領導地位。我們也期待著下週在巴塞羅那舉行的世界移動通信大會。是德科技將與眾多客戶和行業領導者進行交流，並展示我們用於推進 5G 標準的解決方案，包括第 17 版以及 6G 和智能自動化的早期研究。

Turning to our government, defense and aerospace business record Q1 revenue grew 9% on a core basis, achieving its second highest revenue quarter driven by increased U.S. government spending and strength in space and satellite, including new applications for nonterrestrial networks.

談到我們的政府，國防和航空航天業務創紀錄的第一季度收入在核心基礎上增長了 9%，在美國政府支出增加以及太空和衛星實力（包括非地面網絡的新應用）的推動下實現了收入第二高的季度。

We recently won a 5-year contract with U.S. Army who chose Keysight's FieldFox handheld spectrum analyzer for field use. We expect U.S. government budget appropriations to ramp spending in new programs in the second half of this year we also anticipate an increase in defense budgets worldwide and growing investments in new technologies such as 5G, space and satellite, quantum and advanced research.

我們最近與美國陸軍簽訂了一份為期 5 年的合同，後者選擇了 Keysight 的 FieldFox 手持式頻譜分析儀進行現場使用。我們預計美國政府預算撥款將在今年下半年增加新項目的支出，我們還預計全球國防預算將增加，並增加對 5G、太空和衛星、量子和高級研究等新技術的投資。

Consistent with our strategy, we continue to expand our software capabilities. We recently completed the acquisition of ClioSoft, whose data and IP management software tools enhance our portfolio of electronic design automation solutions. In addition, egg plants test automation platform was recently recognized as a leader by the Forrester Wave.

與我們的戰略一致，我們繼續擴展我們的軟件功能。我們最近完成了對 ClioSoft 的收購，其數據和 IP 管理軟件工具增強了我們的電子設計自動化解決方案組合。此外，茄子測試自動化平台最近被 Forrester Wave 評為領導者。

About 1/3 of our total revenue, the growing mix of software and services, is integral to the durability of our financial model. Keysight's differentiation is a function of our software-centric solution strategy collaboration with our customers, and investments we're making to ensure that we address the most challenging technology needs of today and into the future.

我們總收入的大約 1/3，即不斷增長的軟件和服務組合，是我們財務模型持久性不可或缺的一部分。是德科技的差異化源於我們與客戶的以軟件為中心的解決方案戰略合作，以及我們為確保滿足當今和未來最具挑戰性的技術需求而進行的投資。

We are prioritizing high conviction growth opportunities to solidify our competitive position for the long term, while at the same time, accelerating initiatives to drive further efficiencies consistent with our financial model. We remain committed to creating long-term value for business stakeholders and positively impacting the global community.

我們正在優先考慮高信念增長機會，以鞏固我們的長期競爭地位，同時加快舉措，以進一步提高符合我們財務模式的效率。我們始終致力於為企業利益相關者創造長期價值，並對全球社會產生積極影響。

I'm proud that Keysight has been named to the Dow Jones Sustainability Index for the fourth year in a row. I'd like to thank all our Keysight employees for their dedication and relentless execution, which drives our strong track record of performance and is a testament to the Keysight leadership model, our values and to our people.

我很自豪是德科技連續第四年入選道瓊斯可持續發展指數。我要感謝我們所有的是德科技員工的奉獻精神和不懈的執行力，這推動了我們良好的業績記錄，並證明了是德科技的領導模式、我們的價值觀和我們的員工。

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

有了這個，我現在將電話轉給尼爾討論我們的財務業績和前景。

Thank you, Satish, and hello, everyone. Q1 was a strong quarter and a solid start to the year. We delivered revenue of $1.381 billion, which was above the high end of our guidance range and grew 10% or 14% on a core basis.

謝謝你，薩蒂什，大家好。第一季度是一個強勁的季度，也是今年的一個良好開端。我們實現了 13.81 億美元的收入，高於我們指導範圍的上限，並且在核心基礎上增長了 10% 或 14%。

As we anticipated, macroeconomic uncertainty moderated demand in the first quarter. Orders of $1.3 billion were down 13% or 10% on a core basis. Even with revenue outpacing orders by $80 million, we ended the quarter with over $2.5 billion in backlog.

正如我們預期的那樣，宏觀經濟的不確定性在第一季度抑制了需求。 13 億美元的訂單在核心基礎上下降了 13% 或 10%。即使收入超過訂單 8000 萬美元，我們在本季度結束時仍有超過 25 億美元的積壓訂單。

Turning to our operational results for Q1, we reported gross margin of 65% and operating expenses of $492 million, resulting in an operating margin of 30%. We achieved net income of $363 million and delivered $2.02 in earnings per share, which was above the high end of our guidance.

談到我們第一季度的經營業績，我們報告的毛利率為 65%，營業費用為 4.92 億美元，營業利潤率為 30%。我們實現了 3.63 億美元的淨收入和 2.02 美元的每股收益，高於我們指導的上限。

Our weighted average share count for the quarter was 180 million shares. Moving to the performance of our segments. Our Communications Solutions Group generated revenue of $939 million, up 7% or 10% on a core basis. Commercial communications revenue of $629 million was up 8% with double-digit revenue growth in the Americas.

我們本季度的加權平均股數為 1.8 億股。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 9.39 億美元的收入，在核心基礎上增長了 7% 或 10%。商業通信收入為 6.29 億美元，增長 8%，其中美洲收入實現兩位數增長。

Aerospace, defense and government revenue of $310 million benefited from increased U.S. government spending, which we believe will continue to ramp through FY '23. Altogether, CSG delivered record gross margin of 67% and operating margin of 29%.

航空航天、國防和政府收入 3.1 億美元得益於美國政府支出的增加，我們相信這將在 23 財年繼續增加。總而言之，CSG 的毛利率達到創紀錄的 67%，營業利潤率為 29%。

The Electronic Industrial Solutions Group generated first quarter revenue of $442 million, up 19% or 23% on a core basis, with double-digit revenue growth in automotive and general electronics demonstrating the diversity of our markets. Growth was strongest in the Americas and Europe.

電子工業解決方案集團第一季度的收入為 4.42 億美元，核心基礎上增長 19% 或 23%，汽車和通用電子產品的兩位數收入增長證明了我們市場的多樣性。美洲和歐洲的增長最為強勁。

EISG reported gross margin of 61% and operating margin of 32%. Moving to the balance sheet and cash flow. We ended our first quarter with $2.2 billion in cash and cash equivalents, generating cash flow from operations of $366 million and free cash flow of $306 million or 22% of revenue.

EISG 報告的毛利率為 61%，營業利潤率為 32%。轉向資產負債表和現金流量。我們以 22 億美元的現金和現金等價物結束了第一季度，產生了 3.66 億美元的運營現金流和 3.06 億美元的自由現金流，佔收入的 22%。

Share repurchases this quarter totaled approximately 700,000 shares at an average share price of $176 for a total consideration of $125 million. Now turning to our outlook. We are navigating the same evolving macro and industry dynamics that others have noted. As Satish mentioned, we expect it will take at least a couple of quarters for our customers to work through their near-term challenges. If the current demand environment persists through our fourth quarter, we would expect to deliver low single-digit revenue and earnings per share growth for the year, achieved through steady backlog conversion, strong cost discipline and the flexibility of our financial model.

本季度股票回購總額約為 700,000 股，平均股價為 176 美元，總對價為 1.25 億美元。現在轉向我們的前景。我們正在應對其他人注意到的同樣不斷發展的宏觀和行業動態。正如 Satish 提到的，我們預計我們的客戶至少需要幾個季度才能應對近期挑戰。如果當前的需求環境持續到我們的第四季度，我們預計今年的收入和每股收益將實現低個位數增長，這是通過穩定的積壓訂單轉換、嚴格的成本控制和我們財務模型的靈活性實現的。

Turning to our second quarter guidance. We expect revenue to be in the range of $1.370 billion to $1.390 billion and Q2 earnings per share to be in the range of $1.91 to $1.97 based on a weighted diluted share count of approximately 179 million shares.

轉向我們的第二季度指導。我們預計收入將在 13.7 億美元至 13.9 億美元之間，根據約 1.79 億股的加權稀釋後每股收益，第二季度每股收益將在 1.91 美元至 1.97 美元之間。

While near-term uncertainties are moderating the demand environment, Keysight's secular long-term growth trends remain intact. Our differentiated first-to-market solutions, durability of our financial model, steady cash generation and strong balance sheet position us well to deliver on our commitments to our customers and shareholders.

雖然近期的不確定性正在緩和需求環境，但 Keysight 長期的長期增長趨勢仍然完好無損。我們差異化的率先上市解決方案、我們財務模型的持久性、穩定的現金產生和強大的資產負債表使我們能夠很好地兌現我們對客戶和股東的承諾。

We look forward to sharing more with you about the compounding nature of our business at our upcoming Investor Day. With that, I will now turn it back to Jason for the Q&A.

我們期待在即將到來的投資者日與您分享更多關於我們業務複合性質的信息。有了這個，我現在將把它轉回 Jason 進行問答。

Thanks, Neil. Jason, can you give the instructions for the Q&A, please?

謝謝，尼爾。傑森，你能給出問答的說明嗎？

(Operator Instructions)

（操作員說明）

Our first question is from Mark Delaney with Goldman Sachs.

我們的第一個問題來自高盛的馬克德萊尼。

Yes. I was hoping, first, if you could elaborate a little bit more on the comments on orders. It seems like it's particularly impacting the commercial communications business and maybe certain other areas are doing a bit better.

是的。首先，我希望你能詳細說明一下關於訂單的評論。它似乎對商業通信業務的影響尤其大，也許某些其他領域的情況要好一些。

But if you could offer a bit more on where you're seeing the orders and where perhaps you're seeing some moderation from customers?

但是，如果你能提供更多關於你在哪裡看到訂單以及你可能在哪裡看到客戶的一些節制？

Mark, what we'll do -- first, I want to start by saying our customer engagements remain very strong. Robust shipment activity this quarter, and you see that reflected in the strong revenue performance.

馬克，我們將要做的——首先，我想首先說我們的客戶參與度仍然非常高。本季度強勁的出貨活動，您會看到強勁的收入表現反映了這一點。

Second, our backlog is still at $2.5 billion, high-quality, low cancellations to date. And to put this demand normalization in context, I would just point to 2 things. First, as we said in the last earnings call, we have some business-specific headwinds, roughly 6 to 7 points, that played out.

其次，迄今為止，我們的積壓訂單仍為 25 億美元，質量高，取消率低。為了將這種需求正常化放在上下文中，我只想指出兩件事。首先，正如我們在上次財報電話會議中所說，我們遇到了一些特定於業務的逆風，大約有 6 到 7 個百分點。

And this quarter, our comps from a year ago, we were up 22%. So putting those things in context, a little bit more deep dive I'll provide on the end markets could be helpful. In commercial communications, we saw the top customer pull back, especially in the wireless part of the business. due to the macro challenges and the inventory digestion that they were going through, especially with regard to the smartphone industry.

而本季度，我們一年前的收入增長了 22%。因此，將這些事情放在上下文中，我將在終端市場上提供更深入的探討可能會有所幫助。在商業通信中，我們看到頂級客戶退縮，尤其是在業務的無線部分。由於他們正在經歷的宏觀挑戰和庫存消化，特別是在智能手機行業方面。

We also saw equally the activity system pickup on the wireline side as customers are investing in 400 gig and 800 gig ethernet and terabit and beyond. So those investments remain strong. In our aerospace and defense business, we're starting to see a favorable uptick in the U.S. business as budgets are passed and program spends get unlocked.

隨著客戶投資於 400 gig 和 800 gig 以太網以及 terabit 及更高容量，我們同樣看到了有線端的活動系統拾取。因此，這些投資仍然強勁。在我們的航空航天和國防業務中，隨著預算的通過和項目支出的解鎖，我們開始看到美國業務出現有利增長。

It's also important to note that the -- that all of the prime contractors had stronger backlog positions, which also gives us a good outlook as we look ahead. And our Industrial business continues to show resilience with the research spend occurring in different countries around the world, automotive with EV and AV and next-gen semi investments remaining strong as well.

同樣重要的是要注意——所有主要承包商都有更強的積壓頭寸，這也讓我們在展望未來時有一個良好的前景。我們的工業業務繼續顯示出彈性，全球不同國家的研究支出、EV 和 AV 汽車以及下一代半導體投資也保持強勁。

So we put all of this in context and say we remain confident in the portfolio differentiation we have and we're actively engaged with our customers, which will enable us to outperform this environment.

因此，我們將所有這些放在背景中，並表示我們對我們擁有的投資組合差異化仍然充滿信心，並且我們積極與客戶互動，這將使我們能夠超越這種環境。

That's very helpful. My other question was on the cost controls, and the company spoke about being disciplined. Were you alluding more to the variable nature of your cost structure, and that will moderate spending depending on what demand ultimately does this year? Or are there more specific steps that Keysight is planning to take on cost controls?

這很有幫助。我的另一個問題是關於成本控制的，公司談到要遵守紀律。您是否更多地提到成本結構的可變性，這將根據今年的最終需求來調節支出？或者是德科技計劃採取更具體的成本控制措施？

Yes. Mark, as we mentioned, always that we have this variable cost structure and operating model, that's the first leg of our resilience from a financial perspective. But we're always looking for dynamic resource allocation opportunities, especially in a market like this, where we see some of our customers pull back, we redeploy to other customers who need these technologies so that we're maximizing.

是的。馬克，正如我們提到的，我們始終擁有這種可變成本結構和運營模式，這是我們從財務角度來看具有彈性的第一站。但我們一直在尋找動態資源分配機會，尤其是在這樣的市場中，我們看到一些客戶退縮，我們重新部署給需要這些技術的其他客戶，以便我們最大化。

So that's part of that discipline that I referenced. And we always have on deck operational efficiency programs as part of the Keysight leadership model. And we're remaining focused on that, in some cases, even accelerating that. That should help us offset the inflationary impacts to the P&L as we are all faced with right now.

所以這是我提到的那個學科的一部分。而且，作為是德科技領導力模型的一部分，我們始終擁有有效的運營效率計劃。我們仍然專注於此，在某些情況下，甚至會加速它。這應該有助於我們抵消我們現在都面臨的通貨膨脹對損益的影響。

Our next question comes from Mehdi Hosseini with SIG.

我們的下一個問題來自 SIG 的 Mehdi Hosseini。

Yes, I wanted to go back to booking a backlog. You guys have been very clear for a couple of quarters that post-COVID we're going to have to go through a backlog normalization. And I want to get some more color from you is, is there any way you can separate or differentiate the backlog normalization from end market demand weakness, especially in the smartphone area that you highlighted?

是的，我想回去預訂積壓訂單。幾個季度以來，你們一直非常清楚，在 COVID 之後，我們將不得不對積壓工作進行標準化。我想從你那裡得到更多的顏色是，有什麼方法可以將積壓正常化與終端市場需求疲軟區分開來或區分開來，尤其是在你強調的智能手機領域？

Yes. Maybe I'll just start, and then Neil can add. I'd say that if we look at our end markets and if you take a look at the commercial comps, especially in the wireless side, the top customer pull back is definitely macro related and related to the inventory exposure that they have, which has been widely talked about.

是的。也許我會開始，然後 Neil 可以補充。我想說，如果我們看看我們的終端市場，如果你看看商業比較，尤其是在無線方面，頂級客戶的回撤肯定與宏觀相關，並且與他們擁有的庫存敞口有關，這有被廣泛談論。

But if we look at the base customer spend, it remains pretty strong. So that's as far as that end market is concerned, but we start to look at aerospace defense and our industrial exposure, which continues to provide us top line diversity. And I think that will play out as we go through the year as well. Neil, specific to our backlog position?

但如果我們看看基本客戶支出，它仍然非常強勁。所以就終端市場而言，但我們開始關注航空航天防禦和我們的工業風險，這繼續為我們提供頂線多樣性。我認為這也會在我們度過這一年時發揮作用。尼爾，具體到我們的積壓位置？

Yes. I mean, the only thing I would add to that is maybe starting with the supply chain, we still have areas where we are supply chain constrained. But in other areas, we've seen a pretty rapid improvement in terms of availability of product and kind of the trend towards normalization of lead times.

是的。我的意思是，我唯一要補充的可能是從供應鏈開始，我們仍然有供應鏈受限的領域。但在其他領域，我們已經看到產品可用性和交貨時間正常化趨勢方面的快速改善。

And so what we are seeing, and I've talked about this is something we expected. In many cases, we have products for the -- or customers for those products that have scheduled shipments now out an additional quarter and beyond.

所以我們所看到的，我已經談到了這是我們所期望的。在許多情況下，我們的產品 - 或那些已安排發貨的產品的客戶現在又增加了一個季度或更長時間。

And as our lead times have come in, they don't now, at this time, need to place new orders until they get delivery of the product that's already sitting in backlog. And so the -- if looking out 6 or 8 months, there was this tendency to place orders early to get in line to adjust for those long lead times.

隨著我們的交貨時間到來，他們現在不需要下新訂單，直到他們收到已經積壓的產品為止。因此 - 如果展望未來 6 或 8 個月，就會出現提前下訂單以排隊調整這些較長交貨時間的趨勢。

Now that we're seeing lead times normalize and coupled with macro uncertainty, there's no longer that incentive to get in line early and that is creating a little bit of additional pressure on the order line.

現在我們看到交貨時間正常化，再加上宏觀不確定性，不再有提前排隊的動力，這給訂單帶來了一點額外壓力。

Sure. And just a follow-up here. You did $1.3 billion of new orders. Is there any way we could think about the R&D portion of that order or the strategic investment that were reflected in the $1.3 billion from production?

當然。這裡只是一個跟進。您完成了 13 億美元的新訂單。我們有什麼辦法可以考慮該訂單的研發部分或反映在生產 13 億美元中的戰略投資？

And I'm just trying to better understand how we should think about the downside risk in booking activity from here? Is there like a -- is $800 million a quarter the worst-case scenario? Or anything in that nature that you can offer would be very helpful.

我只是想更好地了解我們應該如何從這裡考慮預訂活動的下行風險？最壞的情況是每季度 8 億美元嗎？或者任何你能提供的那種性質的東西都會非常有幫助。

Yes. Thank you, Mehdi. Again, it remains a highly uncertain environment as you know. What we're seeing is customers typically firm up demand and budgets at the beginning of the year because of the concerns they have, they're pushing out those decisions to later in the year.

是的。謝謝你，邁赫迪。同樣，如您所知，它仍然是一個高度不確定的環境。我們看到的是，客戶通常會在年初確定需求和預算，因為他們有顧慮，他們將這些決定推遲到今年晚些時候。

So the uncertainty definitely remains. But as we look at the spending environment, especially even in commercial comms, we see more pullback around manufacturing expansions relative to the R&D plans of customers. So that's generally the trend.

所以不確定性肯定仍然存在。但當我們審視支出環境時，尤其是在商業通信領域，我們發現與客戶的研發計劃相關的製造擴張會出現更多回調。所以這通常是趨勢。

And if you look in the ISG business, I'll say, in the semiconductor as an example, customers are not pulling back on next-gen semi capacity, right, whether it's 5-nanometer or 3-nanometer, they're actually maybe cutting back on some of the 7-nanometer work they were planning on. So the focus on next generation remains very strong. I may -- I will ask Mark to provide some color on the customer dynamics that he's seeing in the -- from a sales perspective.

如果你看看 ISG 業務，我會說，以半導體為例，客戶並沒有撤回下一代半導體產能，對吧，無論是 5 納米還是 3 納米，他們實際上可能削減他們計劃進行的一些 7 納米工作。因此，對下一代的關注仍然非常強烈。我可能——我會請馬克從銷售的角度提供一些關於他所看到的客戶動態的顏色。

Yes. And I would -- Mehdi, I would -- just to directly answer your question, the mix during the quarter was still very predominant R&D. And as Satish mentioned, the pullback was much less there especially in commercial comps than it was on the manufacturing side.

是的。我會 - Mehdi，我會 - 直接回答你的問題，本季度的組合仍然是非常主要的研發。正如 Satish 所提到的，與製造方面相比，特別是在商業競爭中，回撤要少得多。

The other factor that we've talked about in the past on other conference calls is our funnel. We have a 6-month funnel that gives us a strong indication of the forward-looking demand. That has been factored into our guide. It has normalized with the effects that we saw pretty acutely here in the first quarter. And looking out 6 months, the demand signal looks to be fairly consistent, in line with what we saw in Q1.

我們過去在其他電話會議上談到的另一個因素是我們的渠道。我們有一個 6 個月的漏斗，它給了我們前瞻性需求的強烈指示。這已被納入我們的指南。它已經通過我們在第一季度在這裡非常敏銳地看到的影響而正常化。展望未來 6 個月，需求信號看起來相當一致，與我們在第一季度看到的情況一致。

Maybe the other point with regard to your comment on the downside risk, right? I'll say that we've done a lot of work to enter into more of the R&D markets of our customers. That still remains a priority for us. We've also done quite a bit of work to diversify this business to expand into industrial end markets, aerospace defense and auto in particular.

也許關於你對下行風險的評論的另一點，對吧？我會說我們已經做了很多工作來進入我們客戶的更多研發市場。這仍然是我們的優先事項。我們還做了很多工作來使這項業務多樣化，以擴展到工業終端市場，尤其是航空航天國防和汽車。

And finally, through our sales footprint, we've done work to attract new customers, and that remains a critical priority for us -- and we -- which I remain confident that all of these actions will enable us to outperform in this environment as well.

最後，通過我們的銷售足跡，我們已經完成了吸引新客戶的工作，這仍然是我們——以及我們——的一個關鍵優先事項，我仍然相信所有這些行動將使我們能夠在這種環境中表現出色出色地。

Our next question is from Meta Marshall with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Meta Marshall。

Great. Just a couple of questions. I mean maybe you spoke to kind of Open Ran millimeter-wave and kind of some areas of investment. I guess as we think about the communications business, could you just give us a sense of like what are the strongest revenue driver is growing in - moving into kind of calendar year 2023?

偉大的。只是幾個問題。我的意思是，也許你談到了某種 Open Ran 毫米波和某些投資領域。我想當我們考慮通信業務時，您能否告訴我們什麼是最強勁的收入驅動因素正在增長 - 進入 2023 年？

Is it Open RAN? Is the millimeter-wave? Is it 6G? Just kind of some -- what is the general strength of that business coming from? And then maybe as a follow-up question, you guys mentioned some kind of cost discipline, stronger cost discipline that you were balancing out kind of the lower demand indications from.

是開放式 RAN 嗎？是毫米波嗎？是6G嗎？只是一些 - 該業務的總體實力來自哪裡？然後可能作為一個後續問題，你們提到了某種成本紀律，更強大的成本紀律，你正在平衡某種較低的需求指示。

But just a sense of where investments are still being made, just what degree of those cuts are we kind of talking about as we move throughout the year?

但只是對仍在進行投資的感覺，我們在全年移動時談論的削減程度是多少？

Yes, Meta, thank you. So first of all, we remain intensely focused on continuing to innovate and strengthen our portfolio. So from an R&D perspective, the collaborations we have with our customers informs where we invest, and we feel pretty good about it.

是的，Meta，謝謝你。因此，首先，我們仍然非常專注於繼續創新和加強我們的產品組合。因此，從研發的角度來看，我們與客戶的合作決定了我們的投資方向，我們對此感覺非常好。

At best, some of these pullbacks are short-term delays for R&D spend, and we expect those to recover as our customer deals with these inventory dynamics that we mentioned. With regard to 5G, I think I would say that the R&D road map remains in place, right? Our customers have a multiyear road map, and they continue to invest to realize that road map.

充其量，其中一些回調是研發支出的短期延遲，我們預計隨著我們的客戶處理我們提到的這些庫存動態，這些回調將會恢復。關於 5G，我想我會說研發路線圖仍然存在，對嗎？我們的客戶有一個多年的路線圖，他們會繼續投資以實現該路線圖。

And at the big picture level, I would say while substantial progress has been made in terms of 5G deployments, we still have about roughly 1 billion subscribers in the world, and the road map is to take it from $1 billion to $5 billion in the next 5 years or so.

在大局層面，我想說雖然 5G 部署取得了實質性進展，但我們在全球仍有大約 10 億用戶，路線圖是在未來5年左右。

So clearly, there is more deployment activity occurring that's in front of us with India and other parts of the world leading that effort. The standards progression, which really is a basis for R&D business with Release 16 and Release 17, moving into Release 18, which will be 5G advanced, is pretty strong.

很明顯，在印度和世界其他地區領導這項努力的情況下，我們面前發生了更多的部署活動。標准進展非常強勁，這實際上是 16 版和 17 版研發業務的基礎，進入 18 版，這將是 5G 高級版。

And those innovation vectors around nonterrestrial networks, new features such as RedCap for IoT applications -- proliferation of 5G into new verticals remains areas of opportunity for us that we're investing in to continue to differentiate along with Open RAN as well, which we have talked about. But the industry road map remains solid, and our differentiation remains strong in these markets.

那些圍繞非地面網絡的創新載體，新功能，如用於物聯網應用的 RedCap——5G 擴散到新的垂直領域仍然是我們的機會領域，我們正在投資以繼續與 Open RAN 一起區分，我們有討論過。但行業路線圖仍然穩固，我們在這些市場的差異化仍然很強。

And then Meta, I'll just address the cost discipline question. So first and foremost, I'd like to just emphasize that we are continuing our growth-oriented investments that are going to drive this business forward in the future.

然後是 Meta，我將只解決成本紀律問題。因此，首先，我想強調的是，我們正在繼續以增長為導向的投資，這些投資將在未來推動這項業務向前發展。

We're very clear about what those priorities are internally and we're keeping our foot on the gas with regard to our most important growth-driven investments. That being said, I like the way Satish characterized it, right?

我們非常清楚這些優先事項在內部是什麼，並且我們在最重要的增長驅動型投資方面保持穩定。話雖如此，我喜歡 Satish 描述它的方式，對吧？

We always have onset a tap of efficiency gains that we're looking to, that we're looking to operate on as part of our continuous improvement culture. And given the environment that we're in with pressure on the top line, coupled with not just inflation, frankly, but signs that the dollar is going to backtrack on some of the strengthening that we saw last year, which will also put pressure on our foreign currency spending, we felt it was prudent enough for us to take actions to accelerate some of that efficiency. So it's across the P&L, but we are not putting future growth investments at risk.

我們一直在尋找效率提升的機會，我們希望將其作為我們持續改進文化的一部分來運作。考慮到我們所處的環境，收入面臨壓力，坦率地說，不僅是通貨膨脹，還有跡象表明美元將在我們去年看到的部分走強後回落，這也將給我們帶來壓力我們的外幣支出，我們認為我們採取行動來加快某些效率是足夠謹慎的。所以它跨越了損益表，但我們不會將未來的增長投資置於風險之中。

Our next question comes from Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

I guess if I can just start with orders. And if you can comment on the linearity of orders through the quarter based on your expectations for seeing some of this digestion from customers for another couple of quarters so just you had more deterioration maybe as you exit the quarter. But just wanted to check if sort of what's the trend through the month in the quarter that you saw.

我想我是否可以從訂單開始。而且，如果您可以根據您的預期對本季度訂單的線性度發表評論，以便在另外幾個季度看到客戶的一些消化，那麼當您退出本季度時，情況可能會更加惡化。但只是想檢查一下您所看到的季度中整個月的趨勢是什麼。

And the comment that you made about electronics orders holding up better than communication overall. Now I hate to sort of generalize EISG overall, but it's seems a bit counterintuitive because my impression was that communication is a bit more R&D aligned for you than EISG in general. But maybe if you can sort of correct me there or why explain why that's happening if R&D is more protected? And I have a follow-up.

你對電子產品訂單的評論比整體溝通更好。現在我不想對 EISG 進行整體概括，但這似乎有點違反直覺，因為我的印像是，與一般的 EISG 相比，通信更適合您的研發。但也許你可以在那裡糾正我，或者如果研發受到更多保護，為什麼會發生這種情況？我有一個後續行動。

Sure. Samik, this is Mark. I'll take the first question on linearity of orders. And it was -- we had about 2/3 of our orders after the second month. We had a big finish to the end of FY '22 in our fourth quarter.

當然。薩米克，這是馬克。我將回答關於訂單線性的第一個問題。它是——第二個月後我們有大約 2/3 的訂單。我們在第四季度的 22 財年結束時取得了不錯的成績。

So we had a nice rebound in December and the last quarter was about 34% of the total orders of bookings for the quarter. So it was a pretty linear flow of business. On the electronic industrial side, what we see is as Satish mentioned, is continued demand around next-generation process technologies for our semiconductor business, very long-term secular growth drivers that we've been talking about for a long time.

所以我們在 12 月有一個很好的反彈，最後一個季度約佔本季度總預訂訂單的 34%。所以這是一個非常線性的業務流程。在電子工業方面，正如 Satish 提到的那樣，我們看到的是對我們半導體業務的下一代工藝技術的持續需求，這是我們長期以來一直在討論的非常長期的長期增長動力。

The activity level and focus around the next-generation auto, EV in particular, is continuing to ramp. Again, this is a decade-long transformation, the number of EVs sold last year as opposed to ICE vehicles continues to grow. So I see this as a long-term trend.

圍繞下一代汽車（尤其是電動汽車）的活動水平和關注度正在繼續上升。同樣，這是一個長達十年的轉型，與內燃機汽車相比，去年售出的電動汽車數量繼續增長。所以我認為這是一個長期趨勢。

And what I was particularly surprised with was how our general electronics business held up, particularly around some of the verticals that we're focused on, digital health care, advanced research and education. Obviously, some of this is exposed to broader GDP kind of markets, and we saw the PMI stay below 50 for I think it was 5 or 6 months in a row.

讓我特別驚訝的是我們的通用電子業務是如何保持的，特別是圍繞我們關注的一些垂直領域，數字醫療保健、高級研究和教育。顯然，其中一些暴露於更廣泛的 GDP 類市場，我們看到 PMI 保持在 50 以下，我認為這是連續 5 或 6 個月。

But in general, the 3 segments below EISG continued to show resilience and, overall, continued investments in these next-generation technologies.

但總的來說，EISG 以下的 3 個部分繼續顯示出彈性，並且總體上繼續對這些下一代技術進行投資。

Okay. Great. For my follow-up and maybe to just change gears here a bit, there's a competitor of yours who is going through a strategic review process with interest from multiple parties for an acquisition. I'm not asking you to comment on the interest in that company in itself.

好的。偉大的。對於我的後續行動，也許只是在這裡稍微改變一下，你的一個競爭對手正在經歷一個戰略審查過程，多方都對收購感興趣。我不是要你評論對那家公司本身的興趣。

But how should we think about benefits to Keysight from scaling the business in a step function from here on? And the level of leverage -- debt leverage on the balance sheet you would be comfortable with if attractive opportunities did come through that are more visible?

但是，從現在開始，我們應該如何考慮通過階躍函數擴展業務給是德科技帶來的好處？以及槓桿水平——如果有吸引力的機會確實出現並且更明顯，你會接受資產負債表上的債務槓桿嗎？

Yes. Thank you, Samik. I'd say you're right. We don't comment on any specific opportunity. I would just say that we remain confident in the business that we run. It's cash generation potential.

是的。謝謝你，薩米克。我會說你是對的。我們不對任何具體機會發表評論。我只想說，我們對我們經營的業務充滿信心。這是現金產生的潛力。

You've seen the strong free cash flow performance of the business. And so congruent with that, we have a consistent capital allocation discipline, which is around organic growth and M&A where it makes sense and return of capital. And with regard to M&A, you've seen us be incredibly patient and disciplined with regard to the opportunities we pursue.

您已經看到了企業強勁的自由現金流表現。與此相一致的是，我們有一個一致的資本分配紀律，即圍繞有機增長和併購，在有意義的地方和資本回報。關於併購，您已經看到我們在尋求機會方面表現出難以置信的耐心和紀律。

We look at hundreds of companies after having done market assessments on them. And then we've done about 20 to date. And we've been -- and we've done them with a view of the strategy and what scale that we can bring to the target and how we see the first, the strategic fed, but second and equally important is the return to our shareholders. So I think those hurdles will continue to remain in place, and we remain very disciplined.

在對數百家公司進行市場評估後，我們對其進行了考察。到目前為止，我們已經完成了大約 20 個。我們一直 - 我們已經完成了他們的戰略和我們可以為目標帶來的規模以及我們如何看待第一個，戰略美聯儲，但第二個同樣重要的是回歸我們的目標股東。所以我認為這些障礙將繼續存在，我們仍然非常自律。

Our next question is from Chris Snyder with UBS.

我們的下一個問題來自瑞銀集團的 Chris Snyder。

So back on the conference call in November, the company talked about book-to-bills approaching a more normalized 1.0x. The quarter came in a bit below that at 0.94.

因此，在 11 月的電話會議上，該公司談到訂單出貨比接近更正常的 1.0 倍。該季度略低於 0.94。

So were orders in the quarter softer than you would have expected back in November? Or (inaudible) for book-to-bills to improve as the year goes on and kind of reach that more normalized average of 1.0x for the full year?

那麼，本季度的訂單是否比您在 11 月份預期的要疲軟？或者（聽不清）隨著時間的推移，訂單出貨比會有所改善，並達到全年更標準化的平均值 1.0 倍？

Yes. I mean, if you go back to the November quarter, we talked about 8 points of specific headwinds that we were facing from currency and from China, Russia, those things, and that we expected that we were also recognizing macro on -- softness on top of that or anticipating macro softness on top of that.

是的。我的意思是，如果你回到 11 月季度，我們談到了我們面臨的來自貨幣和中國、俄羅斯等方面的 8 點具體不利因素，我們預計我們也會認識到宏觀經濟——經濟疲軟最重要的是，或在此之上預期宏觀經濟將出現疲軟。

So by and large, I'd say the quarter came in largely in line with our expectations. It's obviously hard to put a quantification on macro. I mean, looking forward, as Satish has said, it's very difficult to call at this point. We've attempted to give you some parameters with which to think about the business.

所以總的來說，我想說這個季度在很大程度上符合我們的預期。顯然很難對宏觀進行量化。我的意思是，正如薩蒂什所說，展望未來，現在很難打電話。我們已嘗試為您提供一些參數來考慮業務。

Mark has commented that in our funnel, which looks out over the next couple of quarters, would indicate demand that's more or less in line with what we just saw in the first quarter. And then I did state in my prepared comments that if that kind of order trend remain in place for our entire remainder of our fiscal year, we'd expect to still be able to deliver a low single-digit revenue and EPS growth.

馬克評論說，在我們未來幾個季度的漏斗中，會表明需求或多或少與我們在第一季度看到的情況一致。然後我在我準備好的評論中確實指出，如果這種訂單趨勢在我們整個財政年度的剩餘時間裡保持不變，我們預計仍然能夠實現低個位數的收入和每股收益增長。

So we're taking it one quarter at a time, but that should hopefully give you some guardrails with which to think about the business.

所以我們一次只做一個季度，但這應該會給你一些思考業務的護欄。

I appreciate that. And then just kind of staying on orders for fiscal Q1, is there anything or color you could provide around how orders in China did during the quarter, given a lot of the restrictions over there? And also government and defense business orders, just given the budgeting resolution processes going on?

我很感激。然後只是停留在第一財季的訂單上，考慮到那裡有很多限制，您是否可以提供有關中國在該季度的訂單情況的任何信息或顏色？還有政府和國防業務訂單，只是考慮到正在進行的預算解決流程？

Sure. This is Mark. I'll comment on both of those. So we faced, as everyone did, the unanticipated breakout from COVID, and there were some incremental trade restrictions that happened in the month of December.

當然。這是馬克。我會評論這兩個。因此，我們像每個人一樣面臨 COVID 的意外突破，並且在 12 月份出現了一些增量貿易限制。

We did see orders decline in China. They actually increased sequentially. So that kind of indicates the unusual seasonality that we faced. But it was -- relative to what we were expecting to face with some of the declines, I was pleased with our response. And it really continues to be in line with what we've talked about in the past, which is our ability to pivot to new opportunities and the breadth of our customer base in China, which continues to be an area of strength for us.

我們確實看到中國的訂單下降。它們實際上是按順序增加的。因此，這表明我們面臨著不尋常的季節性。但它 - 相對於我們預期面對的一些下降，我對我們的回應感到滿意。它確實繼續與我們過去談論的內容保持一致，這是我們轉向新機遇的能力以及我們在中國的客戶群的廣度，這仍然是我們的優勢領域。

And that includes automotive, where the business was up. Some of the private networks, which is a new use case for 5G from an industrial standpoint, continue to show signs of growth for us. Mature process technologies for semiconductor.

這包括汽車，業務增長。從工業的角度來看，一些專用網絡是 5G 的新用例，繼續為我們顯示出增長的跡象。成熟的半導體工藝技術。

So as we go forward and the economy begins to normalize there and maybe reopen into the second half. We'll keep a close eye on that as well. Aerospace defense, as Satish noted in his opening comments and otherwise, we saw a strong growth, order growth, in the U.S.

因此，隨著我們向前發展，那裡的經濟開始正常化，並可能在下半年重新開放。我們也會密切關注這一點。航空航天防禦，正如 Satish 在他的開場評論中指出的那樣，我們在美國看到了強勁的增長、訂單增長。

That's a direct byproduct of the budget being approved much earlier this year than last year. And what we see happen in Q1 was not new program starts, but rather multiyear programs that were stalled because of continuing resolution turn back on and some of that spend continue to flow.

這是今年比去年更早批准預算的直接副產品。我們在第一季度看到的不是新計劃的啟動，而是由於持續的解決方案重新啟動而停滯的多年期計劃，其中一些支出繼續流動。

So as we get through the next several months and quarters, and the record high RDT&E budget flows through the process. hope to see some additional tailwinds there. Outside the U.S., with the geopolitical situation, we expect to see continued long-term demand for defense modernization. So we're positioned well to capture that as well.

因此，隨著我們度過接下來的幾個月和幾個季度，創紀錄的 RDT&E 預算流經了這個過程。希望在那裡看到一些額外的順風。在美國之外，由於地緣政治形勢，我們預計將看到對國防現代化的長期持續需求。因此，我們也有能力抓住這一點。

Yes. Just maybe to add a comment to Mark, the space and satellite also continues to inflect for us in the aerospace defense business, and is showing some momentum there with customers, too.

是的。或許可以向 Mark 添加評論，空間和衛星也繼續為我們在航空航天防禦業務中發揮作用，並且在客戶那裡也顯示出一些勢頭。

Our next question comes from Aaron Rakers with Wells Fargo.

我們的下一個問題來自富國銀行的 Aaron Rakers。

I'm going to go back to kind of the order and backlog dynamics. Neil, I think last quarter, you had mentioned that you were maybe about 4 or 5 weeks of kind of inflated or elevated backlog relative to normal.

我將回到某種訂單和積壓動態。尼爾，我想上個季度，你提到過你可能有大約 4 到 5 週的膨脹或積壓相對於正常情況。

I'm curious of where that stands right now? And does your low single-digit assumption assume -- growth-wise assume kind of back to normalized backlog levels through the course of the year?

我很好奇它現在在哪裡？並且您的低個位數假設是否假設 - 增長方面假設在這一年中有點回到正常的積壓水平？

Yes. It's a great question. So obviously, revenue outpaced orders by about $80 million within the quarter. You can do the math on it. But if we see a similar environment persist for the remainder of the year, which is, again, in line with the guardrails what I put out there, we'd burn $300 million plus of that kind of abnormal backlog.

是的。這是一個很好的問題。很明顯，本季度收入超過訂單約 8000 萬美元。你可以計算一下。但是，如果我們看到類似的環境在今年剩餘時間裡持續存在，這再次與我在那裡提出的護欄一致，我們將消耗 3 億美元以上的這種異常積壓。

So it may not get us all the way home, but it would get us a significant chunk of the way towards normalization of the backlog over a multi-quarter period. We always knew it would take multiple quarters to normalize the backlog. And while this is just one scenario, I think it's not out of line with our expectations.

因此，它可能不會讓我們一路回家，但它會讓我們在多個季度內實現積壓正常化的重要一步。我們一直都知道需要多個季度才能使積壓工作正常化。雖然這只是一種情況，但我認為這並沒有超出我們的預期。

Okay. And that's helpful. And then a quick follow-up. Just on the semiconductor business, you continue to perform well. And I don't know the answer to this question, but I'll just put it out there, is that -- is there any kind of disruptions?

好的。這很有幫助。然後快速跟進。就半導體業務而言，你們繼續表現良好。我不知道這個問題的答案，但我只是把它放在那裡，是不是 - 有任何類型的中斷嗎？

I think there's been a supplier in the semiconductor supply chain that had seen, I think, some cyber attack issues. Is that at all impactful to your business or not?

我認為半導體供應鏈中的供應商已經看到了一些網絡攻擊問題。這對您的業務是否有影響？

No, not at all. For us, we serve the wafer stage, which is on the front end. It takes a longer lead time from our fabs to put capacity. And we see customers sticking with their plans for 5-nanometer and below.

一點都不。對於我們來說，我們服務於前端的晶圓階段。我們的晶圓廠需要更長的交貨時間才能投入產能。我們看到客戶堅持他們的 5 納米及以下的計劃。

And equally, we're also quite pleased with the progression we're making to further add more applications into our solutions set, whether it is high-power applications for certain chips or silicon photonics or millimeter-wave. So we continue to build that portfolio out.

同樣，我們也對我們在進一步將更多應用程序添加到我們的解決方案集中所取得的進展感到非常滿意，無論是某些芯片的高功率應用程序、矽光子學還是毫米波。因此，我們繼續構建該產品組合。

Our next question comes from Jim Suva with Citigroup.

我們的下一個問題來自花旗集團的 Jim Suva。

The first part of my question is, Neil, you made the question that are the statement as the year plays out. If it does according to plan, you're looking at kind of sales growth. I think I heard you say low mid-single digits.

我問題的第一部分是，尼爾，你提出的問題是今年結束時的陳述。如果它按計劃進行，你就會看到某種銷售增長。我想我聽到你說低中個位數。

And then you said and sale and EPS growth. Did you mean the EPS growth to be positive or like in that same range of sales growth? Because typically, earnings per share grows at a bigger or a magnitude about sales growth. Then I'll have a follow-up.

然後你說銷售額和每股收益增長。您的意思是每股收益增長是積極的還是在相同的銷售增長范圍內？因為通常情況下，每股收益的增長幅度要大於銷售增長幅度。然後我會跟進。

Yes. So what I said, first of all, we weren't guiding the year. What we said is -- it's a highly uncertain environment, it's difficult to know. But if the demand stays consistent with where -- what we saw in Q1 through the remainder of our year, we would expect to deliver in that scenario low single-digit revenue and low single-digit EPS growth.

是的。所以我說的是，首先，我們沒有指導這一年。我們所說的是——這是一個高度不確定的環境，很難知道。但如果需求與我們在第一季度到今年剩餘時間裡看到的情況保持一致，我們預計在這種情況下將實現低個位數的收入和低個位數的每股收益增長。

Obviously, our model calls for higher revenue growth than that with 40% operating leverage, which enables us to get to double-digit EPS growth. So in a scenario where revenues are growing at a lower level, coupled with this inflationary environment, which is a bit abnormal, we'd be looking at low singles for both revenue and EPS. Again, under that specific scenario where our orders remain more or less in line with what we saw in the first quarter.

顯然，我們的模型需要比 40% 的運營槓桿更高的收入增長，這使我們能夠實現兩位數的 EPS 增長。因此，在收入增長較低的情況下，再加上這種有點不正常的通脹環境，我們會看到收入和每股收益都處於低位。同樣，在我們的訂單或多或少與我們在第一季度看到的情況保持一致的特定情況下。

Great. And then my follow-up question is, I believe it was in the month of December that had the incremental trade restrictions against China. I think that's right. And so when we think about your commentary for 2023, if things are consistent, how much of sales impact is that incremental restrictions?

偉大的。然後我的後續問題是，我相信是在 12 月份對中國實施了增量貿易限制。我認為這是對的。因此，當我們考慮您對 2023 年的評論時，如果情況一致，那麼增量限制對銷售的影響有多大？

Is that what you were referring to in your prepared commentary about the kind of 3 to 4 points -- or 6 to 7 points of growth impact? Or can you just help me flesh out the impact of the trade restrictions?

這就是你在準備好的評論中提到的那種 3 到 4 點或 6 到 7 點的增長影響嗎？或者你能幫我具體說明貿易限制的影響嗎？

So the new China trade restrictions that came about in December is an additional 1 to 2 points of headwind for us over the longer term.

因此，從長遠來看，12 月出台的新的中國貿易限制對我們來說是額外的 1 到 2 點不利因素。

The comment about 6 to 7 was -- on the call last quarter, I outlined what at the time we thought was going to be 8 points of headwind coming from China, Russia and FX. As we got to the end of the quarter, what we thought was going to be 8 was more like 6.5, so call it 6 to 7, and that's largely because the dollar backed up a little bit. So the FX impact was less than originally expected. The China impact was slightly less as well.

關於 6 到 7 的評論是——在上個季度的電話會議上，我概述了當時我們認為來自中國、俄羅斯和外彙的 8 點逆風。到本季度末，我們認為 8 更像是 6.5，所以稱之為 6 到 7，這主要是因為美元有所回升。因此，外匯影響低於最初預期。中國的影響也略小。

Our next question is from Matthew Niknam with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Matthew Niknam。

Maybe just a follow-up on that last one. On the Analyst Day, I'm just wondering any initial thoughts on what we could expect on March 7 in terms of just updates to longer-term targets? And then just on the M&A backdrop, I'm just wondering, what's the latest you're seeing in terms of opportunities and valuations.

也許只是最後一個的後續行動。在分析師日，我只是想知道我們在 3 月 7 日對長期目標的更新有何期待？然後就併購背景而言，我只是想知道，您在機會和估值方面看到的最新情況是什麼。

And I know in the past you've been focused on some smaller size software deals. I'm just wondering if that's still the focus or maybe whether you're open to larger deals, just considering the pullback in private market valuations.

我知道過去你一直專注於一些較小規模的軟件交易。我只是想知道這是否仍然是重點，或者您是否對更大的交易持開放態度，只是考慮到私人市場估值的回落。

Yes. Thank you. I look forward to sharing the forward-looking view on the market fundamentally at the Investor Day. Across our end markets, we have -- we see innovation accelerating. And I think we'll lay out Keysight's strategy to go into set those exciting long-term opportunities.

是的。謝謝。我期待在投資者日從根本上分享對市場的前瞻性看法。在我們的終端市場中，我們看到創新正在加速。我認為我們將製定 Keysight 的戰略，以抓住那些令人興奮的長期機會。

So that's number one. But I think with regard to M&A, clearly, if you look at how we've grown, we've been disciplined in actioning M&A of all sizes. You've seen us do Anite and Ixia, slightly larger scale and then a lot of technology tuck-ins, which have helped us complete the workflow and actually create greater value for customers and also expand our margins in the process.

所以這是第一。但我認為關於併購，很明顯，如果你看看我們是如何成長的，我們在進行各種規模的併購時一直受到紀律處分。你已經看到我們做了 Anite 和 Ixia，規模稍大，然後大量技術融入，這幫助我們完成了工作流程，實際上為客戶創造了更大的價值，並在此過程中擴大了我們的利潤。

So from that perspective, we remain active in exploring new markets and targets as well. But again, as I mentioned before, we have strong strategic and financial hurdles that we have to meet as gates before we go ahead and transact the business.

因此，從這個角度來看，我們仍然積極探索新的市場和目標。但同樣，正如我之前提到的，在我們繼續開展業務之前，我們必須克服強大的戰略和財務障礙。

On the valuation front, on the margin, we think the valuations are likely to come in as more of the market reality sets in with a number of the firms. So -- and with the strong balance sheet and cash position, we remain active in exploring opportunities.

在估值方面，在利潤率方面，我們認為隨著更多的市場現實出現在許多公司中，估值可能會出現。因此 - 憑藉強大的資產負債表和現金狀況，我們仍然積極探索機會。

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

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

Congrats on the Q1 beat. And my first question on cancellations. You said that they've been low to date. I guess I just wanted to gauge your level of concern that they could get worse.

恭喜 Q1 節節敗退。我的第一個問題是關於取消。你說他們到目前為止一直很低。我想我只是想衡量你對他們可能變得更糟的擔憂程度。

Yes. We've had no increase in our cancellation rate. So we continue to believe the quality of our backlog is very high.

是的。我們的取消率沒有增加。所以我們仍然相信我們積壓的質量非常高。

And then I guess I'm just curious, how does this downturn and what you're seeing so far compare to prior downturns? Because amazingly, you guys have been public almost 10 years, but we haven't had a prolonged recession during that period.

然後我想我只是好奇，與之前的低迷相比，這次低迷和你目前看到的情況如何？因為令人驚訝的是，你們已經上市將近 10 年了，但在那段時間我們沒有經歷過長期的衰退。

Yes. I think I'll take this. Satish here. Every recession, every environment is different. And I would say that after having a couple of very strong growth years, some normalization was inevitable.

是的。我想我會接受這個。薩蒂什在這裡。每一次經濟衰退，每一個環境都是不同的。我要說的是，在經歷了幾年非常強勁的增長之後，一些正常化是不可避免的。

And what we're seeing is pull back from some of the customers in response to some of the inventory excesses in specific markets. But I go back to our portfolio position, it's the strongest it's ever been because of our emphasis on solutions.

我們看到的是一些客戶因特定市場的一些庫存過剩而撤回。但我回到我們的投資組合位置，這是有史以來最強大的，因為我們強調解決方案。

Our business model today is much stronger because we have -- over 33% of our business is software and services, which gives us additional resilience. And we have a strong operating model at the company that allows us to tide over some perturbations in the marketplace.

我們今天的商業模式要強大得多，因為我們有超過 33% 的業務是軟件和服務，這給了我們額外的彈性。我們在公司擁有強大的運營模式，使我們能夠渡過市場上的一些動盪。

And we also enter the year with a strong backlog position as well. So from those perspectives, it's different. I also think if you look at the gross margin at the company level, we continue to stay strong at 65%. And I think with the operational model in place, we remain confident about our ability to demonstrate that resilience.

我們也以強大的積壓情況進入了這一年。所以從這些角度來看，它是不同的。我還認為，如果你看一下公司層面的毛利率，我們將繼續保持在 65% 的強勁水平。而且我認為，有了適當的運營模式，我們仍然對我們展示這種彈性的能力充滿信心。

Our next question is from Rob Mason with Baird.

我們的下一個問題來自 Rob Mason 和 Baird。

Satish, frankly, I'll follow up your comment with a question just around the software orders in the quarter. I kind of that inferred that they remain resilient. But as you think about where you've seen some challenges in commercial communications to the extent that there's a slowdown in renewals?

薩蒂什，坦率地說，我將圍繞本季度的軟件訂單提出一個問題來跟進你的評論。我有點推斷他們仍然有彈性。但是，當您考慮到在續訂速度放緩的情況下，您在商業傳播中遇到了哪些挑戰？

Or is that something that hits your radar screen as you see some of the headcount reductions take place in the tech sector? Just how do you defend against that?

還是當您看到科技行業發生了一些裁員時，這是否會引起您的注意？你如何抵禦這種情況？

Yes. I think we have an incredibly sticky business with our customers, and we're not seeing them pull back on renewals. Obviously, new purchases are taking longer, as Mark alluded to earlier.

是的。我認為我們與客戶的業務粘性非常高，而且我們沒有看到他們取消續訂。顯然，正如馬克之前提到的那樣，新的購買需要更長的時間。

But I think even in the commercial communications sector, we have 2 businesses, right, wireless and wireline. We're seeing stronger pullback from customers in the wireless side of the equation. The wireline customers continue to innovate. You see some of the trends in data center and cloud that are playing out.

但我認為即使在商業通信領域，我們也有 2 項業務，對，無線和有線。我們看到客戶在等式的無線方面出現更強烈的回撤。有線客戶不斷創新。您會看到數據中心和雲計算的一些趨勢正在發揮作用。

Need for faster data rates is important. Also in lieu of all of the activity that's going on around AI, there's a greater need to optimize the workflows of our customers. So that part of the opportunity continues to remain stronger on a relative basis. I'll just have Mark make any comment on...

對更快數據速率的需求很重要。此外，除了圍繞 AI 開展的所有活動之外，我們更需要優化客戶的工作流程。因此，這部分機會在相對基礎上繼續保持強勁。我會讓馬克對……發表任何評論

Just to answer -- yes, that was -- Satish did a great job. And I'll just let you know we didn't see the pullback in software like we did in other parts of the business. As a matter of fact, our renewals were up and our growth from subscriptions and enterprise agreements remained steady, which is what you would expect from a sticky business, something that has kind of a continuous flow of value in a subscription model. So that really worked for us this quarter.

只是回答——是的，那是——薩蒂什做得很好。我只想告訴你，我們沒有像在業務的其他部分那樣看到軟件的回調。事實上，我們的續訂增加了，訂閱和企業協議的增長保持穩定，這是你對粘性業務的期望，在訂閱模式中具有持續的價值流。所以這個季度對我們來說真的很管用。

Sure. Sure. Is that -- maybe just as a follow-on question, is that the influence that -- there seems to certainly be maybe a trend with 2 quarters, 2 years make a trend, where the first quarter gross margin is a good bit stronger in the commercial communications segment and then maybe steps down, moderates in the second quarter. Is that still the expectation or the dynamic at play there?

當然。當然。那是——也許只是作為一個後續問題，是影響——似乎肯定有 2 個季度的趨勢，2 年的趨勢，其中第一季度的毛利率在商業通信部門可能會在第二季度放緩。那仍然是期望或動力嗎？

Could you repeat that? I'm sorry.

你能再說一遍嗎？對不起。

Yes. Just essentially, your communications CSG group gross margins tends to have a much stronger first quarter gross margin, at least going by the last couple of years, than it does the remainder of the year. Is that -- would that be the expectation this year as well?

是的。從本質上講，您的通信 CSG 集團的毛利率往往比今年剩餘時間的第一季度毛利率高得多，至少在過去幾年是這樣。這也是今年的期望嗎？

Yes.

是的。

Yes. I mean I don't think you can draw any conclusions looking at historical sequential gross margin data as to what to expect. At least as I would think about it, any perturbations that may have appeared to have repeated have to be more coincidental than systematic.

是的。我的意思是，我認為您無法根據歷史連續毛利率數據得出任何關於預期的結論。至少在我看來，任何似乎重複發生的擾動都必須是巧合而非系統性的。

And our final question is from David Ridley-Lane with Bank of America.

我們的最後一個問題來自美國銀行的 David Ridley-Lane。

The typical seasonality is for a nice sequential uptick in EISG in the second quarter. Lot of the commentary on the call has been that EISG remains pretty strong. I mean, within your second quarter guidance, should we expect kind of that historical sequential pattern in EISG?

典型的季節性是第二季度 EISG 的良好連續上升。很多關於電話會議的評論都是 EISG 仍然非常強大。我的意思是，在您的第二季度指導中，我們是否應該期待 EISG 出現那種歷史順序模式？

Yes. I mean all I would say is our sequential guide right now takes a look at our large backlog, looks at the schedule of shipments, looks at the incoming funnel.

是的。我的意思是我要說的是我們的順序指南現在看看我們的大量積壓，看看發貨時間表，看看進貨渠道。

And obviously, we're going to rely on a portion of incoming orders to turn into revenue within the quarter. And so we have a high degree of confidence in our ability to deliver to the number that we've put out.

顯然，我們將依靠一部分收到的訂單在本季度內轉化為收入。因此，我們對交付我們已經推出的數量的能力充滿信心。

Got it. And then also on IE -- on EISG, excuse me. The trend in gross margin has been a little bit softer over the last couple of quarters. Is there -- that being said, margin expansion -- operating margin expansion has continued to be quite good. But I'm just wondering, is there something in the mix or other dynamics that you could call out to sort of explain that gross margin trend there?

知道了。然後還有關於 IE 的問題——關於 EISG，不好意思。在過去的幾個季度中，毛利率的趨勢有所緩和。有沒有 - 也就是說，利潤率擴張 - 營業利潤率擴張一直很好。但我只是想知道，您可以調出組合或其他動態來解釋那裡的毛利率趨勢嗎？

Yes. Across the businesses, we're obviously looking to create value for our customers and that value expectations go up with time, greater solutions, content, greater software obviously increases the gross margin.

是的。在所有業務中，我們顯然希望為我們的客戶創造價值，並且價值期望隨著時間的推移而上升，更好的解決方案、內容、更好的軟件顯然會增加毛利率。

You see that in our CSG business, 67% gross margin. So we'll continue to drive that up. On the EISG business, slightly lower software content higher mix of manufacturing offerings traditionally. But equally, our emphasis on creating solutions is not diminished.

你看到在我們的 CSG 業務中，毛利率為 67%。所以我們會繼續推動它。在 EISG 業務中，軟件內容略低，傳統上製造產品的組合更高。但同樣，我們對創建解決方案的重視並沒有減弱。

We're in fact, adding more software content, even to our semi manufacturing test systems, we're providing more analytics capabilities, and we have strong customer uptake for those. So over time, as we come off this inflationary impacts of the supply chain and other things that we've talked about, I would continue to expect more margin upside and look forward to sharing some of that with you at the Investor Day.

事實上，我們正在添加更多的軟件內容，甚至是我們的半製造測試系統，我們正在提供更多的分析功能，並且我們對這些有很強的客戶接受度。因此，隨著時間的推移，當我們擺脫供應鏈的通脹影響和我們已經討論過的其他事情時，我將繼續期待更多的利潤率上漲，並期待在投資者日與你們分享其中的一些。

There are no more questions, so I'll pass the call back over to the management team for closing remarks.

沒有其他問題了，所以我會把電話轉回給管理團隊，讓他們發表結束語。

Yes. Thank you, and thank you all for joining. Keysight delivered another strong quarter, revenue up 10%, strong gross margins at 65%, operating profit 30%, free cash flow of greater than $300 million.

是的。謝謝大家，也謝謝大家的加入。 Keysight 又一個強勁的季度，收入增長 10%，毛利率高達 65%，營業利潤增長 30%，自由現金流超過 3 億美元。

And we continue to remain focused on actively collaborating with our customer -- customers across the multiple end markets we serve as they navigate these dynamic conditions, which gives us the confidence in our ability to outperform. Again, we have a diversified end market exposure, strong solutions portfolio that's growing, strength of backlog, strong cash position and a strong balance sheet.

我們繼續專注於與我們的客戶積極合作——我們服務的多個終端市場的客戶在這些動態條件下導航，這使我們對我們超越市場的能力充滿信心。同樣，我們擁有多元化的終端市場敞口、不斷增長的強大解決方案組合、積壓的實力、強勁的現金狀況和強勁的資產負債表。

And all of these enable us to invest to realize our long-term growth strategies. But we're doing so with the fiscal discipline and prudent operational initiatives that we have in place. We look forward to seeing you all in New York on March 7. And I'm excited to share the future growth strategy moving forward. Thank you.

所有這些使我們能夠投資以實現我們的長期增長戰略。但我們這樣做是通過我們現有的財政紀律和審慎的運營舉措。我們期待 3 月 7 日在紐約與大家見面。我很高興與大家分享未來的增長戰略。謝謝。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。您現在可以斷開線路。