是德科技 (KEYS) 2023 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Keysight Technologies Fiscal Third Quarter 2023 Earnings Conference Call. My name is Cole, and I'll be your lead operator today. (Operator Instructions) This call is being recorded today, Thursday, August 17, 2023 at 1:30 p.m. Pacific Time.

女士們、先生們，大家好，歡迎參加是德科技 2023 年第三季度財報電話會議。我叫科爾，今天我將擔任你們的首席接線員。 （操作員說明）本次通話將於今天（2023 年 8 月 17 日星期四）下午 1:30 進行錄音。太平洋時間。

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

我現在想將電話轉交給財務主管和投資者關係副總裁賈森·卡里 (Jason Kary)。

Please go ahead, Mr. Kary.

請繼續，卡里先生。

Thank you, and welcome, everyone, to Keysight's third quarter earnings conference call for fiscal year 2023. Joining me are Keysight's President and CEO, Satish Dhanasekaran, and our CFO, Neil Dougherty, and the Q&A session will be joined by Chief Customer Officer, Mark Wallace.

謝謝並歡迎大家參加是德科技 2023 財年第三季度收益電話會議。與我一起參加的是德科技總裁兼首席執行官 Satish Dhanasekaran 和首席財務官 Neil Dougherty 的嘉賓，首席客戶官、馬克·華萊士.

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.

新聞稿和補充今天討論的信息位於我們的網站 Investor.keysight.com 的“財務信息”選項卡和季度報告下。

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. 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.

今天的評論將涉及非公認會計準則財務指標。我們還將參考核心增長，其中不包括貨幣變動以及過去 12 個月內完成的收購或剝離的影響。最直接可比的 GAAP 財務指標和調節表位於我們的網站上，除非另有說明，所有比較均按年度進行。

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對公司的財務業績做出前瞻性陳述。這些聲明存在風險和不確定性，並且僅截至今日有效。我們不承擔更新它們的義務。請查看我們最近向 SEC 提交的文件，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 Deutsche Bank, Goldman Sachs and Citi.

最後，管理層計劃參加德意志銀行、高盛和花旗即將舉辦的投資者會議。

And now I will turn the call over to Satish.

現在我將把電話轉給薩蒂什。

Good afternoon, everyone, and thank you for joining us today.

大家下午好，感謝您今天加入我們。

Keysight reported solid results in the third quarter, demonstrating the strength of our portfolio and the resilience of our financial model. We are executing on our strategy and delivering on our commitments to customers and shareholders in a challenging macro environment.

是德科技第三季度公佈了穩健的業績，展示了我們產品組合的實力和財務模型的彈性。我們正在充滿挑戰的宏觀環境中執行我們的戰略並兌現我們對客戶和股東的承諾。

My comments today will focus on 3 key headlines. First, we delivered another quarter of strong financial performance, demonstrating Keysight's diversified portfolio, strong execution and operating discipline. Third quarter revenue was in line with our expectations while record earnings per share exceeded our guidance range.

我今天的評論將集中在 3 個關鍵標題上。首先，我們又一個季度實現了強勁的財務業績，展示了是德科技多元化的產品組合、強大的執行力和運營紀律。第三季度收入符合我們的預期，而創紀錄的每股收益超出了我們的指導範圍。

Second, while orders came in at the low end of our expectations, we saw positives and steady customer R&D spending and continued stability in commercial communications, growth in aerospace, defense and government and growth in our automotive, EV and AV solutions, partially offsetting incremental softness in EISG in Asia, primarily related to semiconductor and other manufacturing. This backdrop has tempered our near-term expectations for orders and revenue. We have factored this dynamic into our outlook for Q4, while now expecting full year EPS growth of 7%.

其次，雖然訂單量低於我們預期的低端，但我們看到了積極且穩定的客戶研發支出以及商業通信的持續穩定，航空航天、國防和政府的增長以及我們的汽車、電動汽車和自動駕駛解決方案的增長，部分抵消了增量亞洲 EISG 疲軟，主要與半導體和其他製造業有關。這種背景降低了我們對訂單和收入的近期預期。我們已將這一動態納入我們對第四季度的展望中，同時目前預計全年每股收益增長 7%。

Third, despite the near-term challenges, Keysight's diversified business, differentiated solutions and durable operating model give us confidence in our ability to capitalize on the long-term secular growth trends of our markets as well as outperform in a variety of market conditions.

第三，儘管近期面臨挑戰，是德科技的多元化業務、差異化解決方案和持久的運營模式讓我們對自己能夠利用市場的長期長期增長趨勢以及在各種市場條件下表現出色的能力充滿信心。

Now let's take a deeper look at our third quarter results. While orders declined 15%, revenue of $1.38 billion was up 1% on a core basis and a record for the third quarter. Our differentiation and strong execution resulted in gross margin of 66% and record operating margin of 31%. We delivered $2.19 in earnings per share, which was an all-time high.

現在讓我們更深入地了解第三季度的業績。儘管訂單下降 15%，但核心收入增長 1%，達到 13.8 億美元，創第三季度歷史新高。我們的差異化和強大的執行力使毛利率達到 66%，營業利潤率達到創紀錄的 31%。我們的每股收益為 2.19 美元，創歷史新高。

Turning to the demand environment. We continue to see steady investment in strategic R&D programs in commercial communications, aerospace, defense and government and automotive EV solutions. In fact, over the past year, we have seen a meaningful growth in large, long-term customer commitments related to strategic programs, particularly in automotive and ADG. We view this as an important validation of our strategy. It puts us in a strong position in key emerging technologies and positions us well for future growth.

轉向需求環境。我們繼續看到對商業通信、航空航天、國防和政府以及汽車電動汽車解決方案的戰略研發項目的穩定投資。事實上，在過去的一年裡，我們看到與戰略計劃相關的大型長期客戶承諾顯著增長，特別是在汽車和 ADG 領域。我們認為這是對我們戰略的重要驗證。它使我們在關鍵新興技術領域處於有利地位，並為我們未來的增長奠定了良好的基礎。

Demand was incrementally weaker in Asia this quarter as customers deferred manufacturing-related spending in semiconductor, general electronics and automotive markets, in many cases, well into next year. Taken together, the increase in our customers' strategic program investment, combined with soft near-term demand environment, is moderating revenue in the fourth quarter, which Neil will discuss in more detail.

本季度亞洲的需求逐漸疲軟，因為客戶將半導體、通用電子和汽車市場的製造相關支出（在許多情況下）推遲到明年。總而言之，客戶戰略計劃投資的增加，加上近期需求環境疲軟，正在減緩第四季度的收入，尼爾將對此進行更詳細的討論。

Turning to our business segments. Electronic Industrial Solutions Group revenue grew 14% to another quarterly record and the 12th consecutive quarter of double-digit revenue growth. The strong financial performance was driven by double-digit growth across all markets and regions. EISG orders in the third quarter trended lower, particularly in semiconductor and manufacturing. Our customer engagements remain high as they plan for and continue to invest in key long-term strategic initiatives.

轉向我們的業務部門。電子工業解決方案集團收入增長 14%，再創季度紀錄，並連續第 12 個季度實現兩位數收入增長。強勁的財務業績得益於所有市場和地區的兩位數增長。第三季度 EISG 訂單呈下降趨勢，尤其是半導體和製造業訂單。我們的客戶參與度仍然很高，因為他們計劃並繼續投資於關鍵的長期戰略計劃。

In semiconductor, despite a near-term pullback in capital spending for wafer capacity, the industry is marching forward in planning for a strong future demand environment. In the near term, customers are prioritizing new applications such as silicon photonics to address the AI demand. As a result, this quarter, we did see significant slowdown in our new wafer test solutions, while demand for Keysight silicon photonics test and proprietary interferometer systems remained high. We expect these dynamics to continue over the next few quarters.

在半導體領域，儘管晶圓產能的資本支出近期有所回落，但該行業正在為未來強勁的需求環境做好規劃。短期內，客戶將優先考慮矽光子等新應用來滿足人工智能需求。因此，本季度我們的新晶圓測試解決方案確實出現了顯著放緩，而對是德科技矽光子測試和專有乾涉儀系統的需求仍然很高。我們預計這些動態將在未來幾個季度持續下去。

In automotive, investments in EV and AV technologies continued to be strong. This quarter, we secured a third strategic win with another large European OEM to supply an EV battery test system that includes our PathWave lab automation software. This program will be implemented in 2025, and we're quite excited to be working with industry leaders and supporting their goals.

在汽車領域，電動汽車和自動駕駛技術的投資持續強勁。本季度，我們與另一家大型歐洲 OEM 取得了第三次戰略勝利，提供了包含我們的 PathWave 實驗室自動化軟件的電動汽車電池測試系統。該計劃將於 2025 年實施，我們非常高興能夠與行業領導者合作並支持他們的目標。

To address customer needs for wireless tracking, diagnostics, and connected vehicle communications, Keysight also announced support for automated RF testing for Autotalks C-V2X chipsets on our PathWave Test Executive Software Platform.

為了滿足客戶對無線跟踪、診斷和互聯車輛通信的需求，是德科技還宣布支持在 PathWave 測試執行軟件平台上對 Autotalks C-V2X 芯片組進行自動射頻測試。

In general electronics, the growing collaboration between universities and companies is driving further investment in our solutions for advanced research. We're also expanding on our customer engagement in visual health solutions to support the growing digitization and connectivity requirements of this industry.

在通用電子領域，大學和公司之間日益密切的合作正在推動我們對高級研究解決方案的進一步投資。我們還擴大了客戶對視覺健康解決方案的參與，以支持該行業不斷增長的數字化和連接需求。

Turning to Communication Solutions Group. Revenue declined 5%, while the overall stable demand environment continued quarter-to-quarter. Aerospace, defense and government revenue grew 11% with strong demand from U.S. government and primes. Keysight's differentiated signal generation and threat scenario emulation capabilities led to a large U.S. Air Force contract in Q3. We also won a key contract from leading Canadian prime contractors for electromagnetic spectrum operation application. In addition, the demand for our radar and defense modernization solutions grew robustly as prime contractors placed orders for systems that support their delivery goals in 2024 and beyond. Government research demand and investment in 5G and 6G continued as well.

轉向通信解決方案集團。收入下降 5%，而整體需求環境仍逐季保持穩定。由於美國政府和政府的強勁需求，航空航天、國防和政府收入增長了 11%。是德科技的差異化信號生成和威脅場景仿真能力在第三季度贏得了美國空軍的一份大額合同。我們還贏得了加拿大領先主承包商的電磁頻譜運營應用關鍵合同。此外，隨著主承包商訂購支持其 2024 年及以後交付目標的系統，對我們的雷達和國防現代化解決方案的需求強勁增長。政府對 5G 和 6G 的研究需求和投資也在持續。

Commercial Communications revenue declined 12% due to cautious spending by customers in weaker manufacturing activity in smartphone, PC and component supply chain. Customer engagements remain strong with R&D investments in key technology to support 5G and 6G AI ML-driven high-speed data center networking and satellite communications. Demand for our wireline applications improved sequentially driven by cloud provider and hyperscaler investments as they design their networks for AI and ML workloads.

由於智能手機、個人電腦和零部件供應鏈製造活動疲軟，客戶支出謹慎，商業通信收入下降 12%。通過對關鍵技術的研發投資來支持 5G 和 6G AI ML 驅動的高速數據中心網絡和衛星通信，客戶參​​與度依然強勁。在雲提供商和超大規模企業為 AI 和 ML 工作負載設計網絡時，對我們有線應用程序的需求不斷增長。

Enterprise customer and key service provider investment was steady, driven by increased digitization, heavier network loads and rising cybersecurity concerns.

在數字化程度提高、網絡負載加重和網絡安全擔憂上升的推動下，企業客戶和關鍵服務提供商的投資保持穩定。

In wireless, 5G standards are progressing, and we saw steady R&D investment in Open RAN, satellite, non-terrestrial networks and 5G RedCap Release 17 capability targeted at industrial and IoT applications. Early 6G engagements continued this quarter. We enabled the University of Stuttgart, to advance 6G integrated circuit research with our sub-terahertz solutions.

在無線領域，5G 標準正在取得進展，我們看到針對工業和物聯網應用的 Open RAN、衛星、非地面網絡和 5G RedCap Release 17 功能的研發投資穩定。本季度，早期 6G 合作仍在繼續。我們幫助斯圖加特大學利用我們的亞太赫茲解決方案推進 6G 集成電路研究。

Keysight also led the agreement between the 6G-SANDBOX Consortium and the European Space Agency to further research to integrate terrestrial 5G/6G technologies and satellite networks of the future.

是德科技還牽頭簽署了 6G-SANDBOX 聯盟與歐洲航天局之間的協議，以進一步研究將地面 5G/6G 技術與未來的衛星網絡相集成。

This quarter, we continue to strengthen our technology leadership in the industry and enable our customers' innovation. For example, we extended our flagship network analyzer portfolio by introducing industry's first integrated platform with vector component and analysis capabilities for power amplifier and component design applications. We also announced industry's most comprehensive multi-speed Ethernet performance platform, supporting data center interconnects up to 800 gigabit Ethernet that are critical for data-intensive applications such as AI.

本季度，我們繼續加強行業技術領先地位，賦能客戶創新。例如，我們通過引入業界第一個具有矢量組件和功率放大器和組件設計應用分析功能的集成平台，擴展了我們的旗艦網絡分析儀產品組合。我們還發布了業界最全面的多速以太網性能平台，支持高達 800 Gb 以太網的數據中心互連，這對於人工智能等數據密集型應用至關重要。

And lastly, Keysight enabled 3GPP protocol conformance validation for Release 17 non-terrestrial networks and is continuing to partner with new satellite operators like Skylo to accelerate the deployment of satellite networks.

最後，是德科技為 Release 17 非地面網絡啟用了 3GPP 協議一致性驗證，並繼續與 Skylo 等新衛星運營商合作，以加速衛星網絡的部署。

Software and services remain an integral part of our solution strategy and again accounted for 1/3 of total company revenue. Overall, software and services revenue grew year-over-year, reflecting the continued expansion of our software-centric solutions. We remain confident in the long-term secular growth of software-intensive R&D applications, particularly earlier in our customers' development process.

軟件和服務仍然是我們解決方案戰略不可或缺的一部分，並再次占公司總收入的 1/3。總體而言，軟件和服務收入同比增長，反映出我們以軟件為中心的解決方案的持續擴展。我們對軟件密集型研發應用程序的長期增長仍然充滿信心，特別是在客戶開發過程的早期。

In line with this trend, and the software system simulation opportunity that I laid out at our March Investor Day, this quarter, we announced our intent to acquire ESI Group, a leader in virtual prototyping solutions for the automotive and aerospace markets. The addition of ESI broadens our software capabilities into physical simulation and furthers our strategy of moving upstream into earlier stages of our customers' design cycles.

根據這一趨勢，以及我在本季度三月投資者日上提出的軟件系統仿真機會，我們宣布有意收購汽車和航空航天市場虛擬原型解決方案領導者 ESI Group。 ESI 的加入將我們的​​軟件功能擴展到物理模擬，並進一步推進了我們向上游進入客戶設計週期早期階段的戰略。

Keysight's technology leadership and deep collaboration with industry players remains a significant competitive advantage. Despite current macro uncertainty, we see continued investments in R&D, driven by multiple waves of technology innovation and broad-based industrial digitization and connectivity needs. While continuing to invest in these long-term secular growth trends, we remain disciplined and have driven incremental cost efficiencies throughout the organization this year.

是德科技的技術領先地位以及與行業參與者的深入合作仍然是顯著的競爭優勢。儘管當前宏觀經濟存在不確定性，但在多波技術創新和廣泛的工業數字化和互聯需求的推動下，我們看到研發投資持續增長。在繼續投資於這些長期長期增長趨勢的同時，我們今年仍然保持紀律，並在整個組織內推動了增量成本效率。

Our current guidance expectations are to finish the fiscal year 2023 with 7% EPS growth on 1% revenue growth. We believe this financial performance exemplifies the strength of Keysight's differentiated first-to-market solutions portfolio, our durable and resilient business model and our winning culture, which all together positions us well for continued market outperformance.

我們目前的指導預期是 2023 財年結束時每股收益增長 7%，收入增長 1%。我們相信，這一財務業績體現了是德科技差異化的率先上市解決方案組合的實力、我們持久而有彈性的業務模式以及我們的致勝文化，這些都使我們能夠在市場上取得持續領先的表現。

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

接下來，我將打電話給尼爾，討論我們的財務業績和前景。

Thank you, Satish, and hello, everyone.

謝謝薩蒂什，大家好。

We delivered solid financial performance in Q3. Revenue of $1.382 billion was just above the midpoint of our guidance range, flat year-over-year and up 1% on a core basis. Orders of $1.244 billion declined 15% on a reported and core basis. We ended the quarter with $2.3 billion in backlog.

我們在第三季度實現了穩健的財務業績。收入為 13.82 億美元，略高於我們指導範圍的中點，與去年同期持平，核心增長 1%。根據報告和核心數據，訂單額為 12.44 億美元，下降了 15%。本季度末，我們的積壓訂單達到 23 億美元。

Turning to our operational results for Q3. We reported gross margin of 66% and operating expenses of $478 million, resulting in record operating margin of 31%. We achieved net income of $393 million and delivered record earnings at $2.19 per share.

轉向我們第三季度的運營業績。我們的毛利率為 66%，運營費用為 4.78 億美元，運營利潤率創歷史新高，達 31%。我們實現淨利潤 3.93 億美元，每股收益創歷史新高 2.19 美元。

Our weighted average share count for the quarter was 179 million shares.

本季度我們的加權平均股數為 1.79 億股。

Moving to the performance of our segments. Our Communications Solutions Group generated revenue of $918 million, down 5% on a reported and core basis. Commercial communications revenue of $611 million declined 12% while aerospace, defense and government revenue of $307 million was up 11%, driven by increasing defense budgets worldwide and investments in technology modernization.

轉向我們細分市場的表現。我們的通信解決方案集團的收入為 9.18 億美元，按報告和核心收入下降 5%。受全球國防預算增加和技術現代化投資的推動，商業通信收入為 6.11 億美元，下降 12%，而航空航天、國防和政府收入為 3.07 億美元，增長 11%。

Altogether, CSG delivered gross margin of 68% and record operating margin of 30%. The Electronic Industrial Solutions Group generated record revenue of $464 million, up 14% or 15% on a core basis, with double-digit revenue growth in automotive, general electronics and semiconductor. EISG reported gross margin of 62% and operating margin of 34%.

總體而言，南玻集團的毛利率為 68%，營業利潤率為 30%，創歷史新高。電子工業解決方案集團創造了創紀錄的收入 4.64 億美元，核心收入增長了 14% 或 15%，其中汽車、通用電子和半導體收入實現了兩位數增長。 EISG 報告毛利率為 62%，營業利潤率為 34%。

Moving to the balance sheet and cash flow. We ended our third quarter with $2.6 billion in cash and cash equivalents generated cash flow from operations of $241 million and free cash flow of $196 million or 14% of revenue. Share repurchases this quarter totaled approximately 930,000 shares at an average share price of $162 for a total consideration of $151 million.

轉向資產負債表和現金流量。第三季度結束時，我們的現金和現金等價物為 26 億美元，運營現金流為 2.41 億美元，自由現金流為 1.96 億美元，佔收入的 14%。本季度股票回購總計約 930,000 股，平均股價為 162 美元，總代價為 1.51 億美元。

Now with regard to our outlook. Exiting the quarter, and as Satish mentioned, the demand environment was mixed with areas of stability and growth, partially offsetting pockets of the incremental softening. In addition, the composition of our order mix has changed over the past year. Our ability to deliver differentiated solutions and innovate at the pace of our customers has resulted in meaningful growth in strategic long-term customer commitments, which will deliver high-quality revenue over multiyear periods. These commitments were approximately 2% of orders in Q3 year-to-date last year and are approximately 8% of orders year-to-date this year.

現在談談我們的展望。正如薩蒂什所提到的，本季度結束時，需求環境與穩定和增長領域交織在一起，部分抵消了增量疲軟的影響。此外，我們的訂單組合的構成在過去一年中發生了變化。我們能夠提供差異化​​的解決方案並按照客戶的節奏進行創新，從而使戰略性長期客戶承諾實現了有意義的增長，這將在多年內帶來高質量的收入。這些承諾約佔去年第三季度訂單的 2%，今年迄今約佔訂單的 8%。

Turning to our fourth quarter guidance, which incorporates these factors. We expect revenue to be in the range of $1.290 billion to $1.310 billion. Full year revenue at the midpoint of our guidance is $5.5 billion, representing 1% growth. We expect Q4 earnings per share to be in the range of $1.83 to $1.89 based on a weighted diluted share count of approximately 179 million shares. Full year earnings per share at the midpoint of our guidance is $8.19, representing 7% growth.

轉向我們的第四季度指導，其中包含了這些因素。我們預計收入將在 12.90 億美元至 13.10 億美元之間。我們指導中值的全年收入為 55 億美元，增長 1%。基於約 1.79 億股的加權稀釋股數，我們預計第四季度每股收益將在 1.83 美元至 1.89 美元之間。我們指導中值的全年每股收益為 8.19 美元，增長 7%。

As we look to next year, with the capitalization of R&D, the pending increase in the GILTI tax rate on offshore earnings and efforts by the OECD to establish a global corporate minimum tax rate of 15%, we now estimate that our non-GAAP tax rate beginning in fiscal year 2024 will be in the range of 15% to 17%.

展望明年，隨著研發資本化、海外收入 GILTI 稅率即將提高以及經合組織努力建立 15% 的全球企業最低稅率，我們現在估計我們的非 GAAP 稅收從2024 財年開始，利率將在15% 至17 % 之間。

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

現在，我將把它轉回傑森進行問答。

Thank you, Neil. Cole, please give the directions for the Q&A.

謝謝你，尼爾。科爾，請給出問答的指示。

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

（操作員指令）我們的第一個問題來自摩根大通的 Samik Chatterjee。

Satish, can you hear me?

薩蒂什，你能聽到我說話嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

Can I start -- if we can start with CISG, where you said demand trends or order trends are stable, maybe if you can sort of dig into that a bit more because there have been concerns given that the smartphone ecosystem still remains really sort of below average in terms of demand that there could be further weakness there? What are you seeing in terms of wireless versus wireline, particularly interested in understanding if you're seeing any demand uplift from the uptakes and the AI applications on the wireline side, just maybe dive into that a bit more, and I have a follow-up.

我可以開始嗎——如果我們可以從CISG 開始，您說需求趨勢或訂單趨勢是穩定的，也許您可​​以進一步深入研究一下，因為考慮到智能手機生態系統仍然非常不穩定，人們一直擔心這一點需求低於平均水平，是否可能進一步疲軟？您在無線與有線方面看到了什麼，特別有興趣了解您是否看到有線方面的吸收和人工智能應用程序帶來任何需求提升，也許可以更深入地研究這一點，我有一個後續-向上。

Sure, Samik. Let me just start by saying the Keysight team executed very well under these conditions, and you see that reflected in the strong quarter and year-to-date performance. Based on our guide, we expect to deliver 7% EPS growth for the year on 1% revenue, and we're maintaining solid profitability. So that's sort of the baseline.

當然，薩米克。首先我要說的是德科技團隊在這些條件下表現得非常好，您可以看到這一點反映在強勁的季度和年初至今的表現中。根據我們的指南，我們預計今年每股收益將增長 7%，收入將增長 1%，並且我們將保持穩健的盈利能力。這就是基線。

And then when we looked at the orders, obviously, the orders were down 10% year-over-year in Q2, and when you look at our orders right now for the quarter that we reported were down 15%. A big part of that decline year-over-year came from our Greater China operations, which were associated with the slowdown in production, which impacted the EISG business, which was actually holding up pretty well to the first half. And we expect it -- this dynamic to last a few more quarters.

然後，當我們查看訂單時，很明顯，第二季度的訂單同比下降了 10%，而當您查看我們報告的該季度的訂單時，則下降了 15%。同比下降的很大一部分來自我們的大中華區業務，這與生產放緩有關，這影響了 EISG 業務，而 EISG 業務實際上在上半年表現良好。我們預計這種動態將持續幾個季度。

Again, we think it's transient. And I want to stress that based on all of the customer engagements, including the fabs that we engage with, they continue to believe that this is a temporary situation that is playing out.

同樣，我們認為這是暫時的。我想強調的是，根據所有客戶的參與，包括我們合作的晶圓廠，他們仍然認為這只是暫時的情況。

Now I also want to sort of elevate this to a regional perspective because it will get at the core of your question. Our Americas business grew this quarter on top of a record Q3 a year ago and Europe was stable, driven by strength in EV and AV. And again, I'll go back next to the segment perspective, commercial communications continued to be stable, and I'll get a little bit into the different segments. Aerospace and Defense grew and EISG, as I mentioned before, incrementally declined.

現在我還想將其提升到區域視角，因為它將成為您問題的核心。我們的美洲業務在去年第三季度創紀錄的基礎上實現了本季度的增長，而歐洲業務在電動汽車和自動駕駛汽車領域的強勁推動下保持穩定。再次，我將回到細分市場的角度，商業傳播繼續保持穩定，我將稍微介紹一下不同的細分市場。正如我之前提到的，航空航天和國防領域不斷發展，而 EISG 則逐漸下降。

From a commercial communications perspective, 5G investments in R&D continued to be stable. And what was driving some of that is, yes, we still are yet to see any uptick in the manufacturing business associated with the components, and that's correlated with your smartphone declines in the smartphone -- in general smartphone volumes. But I think the driver here is the premiumization of the smartphone market, right?

從商業通信角度來看，5G研發投入持續穩定。推動這一趨勢的部分原因是，是的，我們仍然沒有看到與零部件相關的製造業務出現任何增長，這與智能手機銷量的下降相關——總體智能手機銷量。但我認為這裡的驅動因素是智能手機市場的高端化，對嗎？

And that is really resulting in -- those customers that have better-than-expected performance or earnings improvements have actually come back and pulled the trigger on investments with regard to their innovation needs in R&D. And this is, again, reconfirmation of some of our base case thinking that the R&D investments are much more robust and our customers don't want to get behind.

這確實導致了那些業績好於預期或盈利改善的客戶實際上已經回來，並根據其研發創新需求啟動了投資。這再次證實了我們的一些基本假設，即研發投資更加強勁，我們的客戶不想落後。

On the wireline side, the dynamics were influenced by AI as a number of hyperscalers starting to look at the AI through the lens of AI, their investments in data center we started to see some uptick in investments in 800 gig. Again, very preliminary, I don't want to draw too far conclusions. One quarter doesn't make a trend. But the stability, 2 quarters in a row, we're quite encouraged by that given the economics. And I also think the breadth of Keysight's portfolio and the contributions we're making end-to-end to the communications ecosystem is enabling us to outperform.

在有線方面，動態受到人工智能的影響，因為許多超大規模企業開始通過人工智能的視角來看待人工智能，他們對數據中心的投資開始看到 800 G 的投資有所增加。再說一遍，這是非常初步的，我不想得出太遠的結論。四分之一併不能形成趨勢。但考慮到經濟狀況，連續兩個季度保持穩定，我們對此感到非常鼓舞。我還認為是德科技產品組合的廣度以及我們對通信生態系統的端到端貢獻使我們能夠表現出色。

I would say, our network and security business or network and application security business, which was formerly Ixia business, has also been holding up pretty well through the year, and I believe we're continuing to take share. I'll wait for the second part of your question.

我想說，我們的網絡和安全業務或網絡和應用程序安全業務（以前是 Ixia 業務）今年也表現良好，我相信我們將繼續佔據份額。我會等待你問題的第二部分。

For -- relatively sort of, again, thinking in relation to orders and if orders sort of your thoughts on what are -- what we need to see in terms of orders going into next year for Keysight to be able to get back to the long-term growth outlook that you have on the revenue side. Particularly in relation to, I think, historically, your orders and revenues have been pretty tightly correlated. So how are you thinking about what you need in terms of orders?

再次，相對而言，考慮與訂單有關的問題，如果訂單是您對明年訂單的看法，我們需要看到什麼，以便是德科技能夠恢復長期增長您對收入方面的長期增長前景。我認為，特別是從歷史上看，您的訂單和收入一直非常緊密地相關。那麼您如何考慮訂單方面的需求？

And maybe one thing to clarify is I didn't really fully comprehend the implication of what Neil is mentioning in terms of more long-term strategic orders from your customers. Is that necessarily a divergence between sort of what you would see on order trends versus that translating into revenue next year? Any thoughts on that, please?

也許需要澄清的一件事是，我並沒有真正完全理解尼爾所提到的關於來自客戶的更長期戰略訂單的含義。您所看到的訂單趨勢與明年轉化為收入的趨勢之間是否必然存在差異？請問對此有什麼想法嗎？

Well, I'll just make some high-level comments. First is the successes we're having in this environment is a function of execution but also a function of the breadth of the company and all the different end markets we serve. Obviously, we don't control the macro, but we're able to figure out where there are strengths, and we're able to maximize such as in aerospace, defense and automotive with AV and EV, which is going through a bit of an uptick in the market, and we're able to capitalize on that and outperform.

好吧，我只想發表一些高水平的評論。首先，我們在這種環境下取得的成功不僅取決於執行力，還取決於公司的廣度和我們服務的所有不同終端市場。顯然，我們無法控制宏觀，但我們能夠找出優勢所在，並且能夠最大限度地利用自動駕駛汽車和電動汽車在航空航天、國防和汽車領域的優勢，這些領域正在經歷一些變化市場的上漲，我們能夠利用這一點並跑贏大市。

I'll just let Neil speak about the guide and the comments you made about our system integration business and associated revenue implications there.

我將讓尼爾談談該指南以及您對我們的系統集成業務以及相關收入影響的評論。

Thanks, Samik. Yes, so as you think about orders, obviously, through the first 3 quarters of this year, we've been able to run revenues at a level that was materially higher than the incoming order rate as we work through some of the backlog that we built up over the COVID period of time and then the supply chain disruptions of the last 12 to 18 months. And as we look forward, we've seen this degradation in the demand environment this quarter that is going to put some pressure on orders as we move into Q4 and likely into Q1. And -- so our ability to continue to drive revenue based on backlog is becoming incrementally challenging, right?

謝謝，薩米克。是的，所以當你考慮訂單時，顯然，在今年前三個季度，我們的收入水平遠遠高於新訂單率，因為我們正在處理一些積壓的訂單。這是在新冠疫情期間積累起來的，然後是過去12 至18 個月的供應鏈中斷。展望未來，我們已經看到本季度需求環境的惡化，這將在進入第四季度並可能進入第一季度時給訂單帶來一些壓力。而且——因此，我們繼續根據積壓訂單增加收入的能力正變得越來越具有挑戰性，對嗎？

We've burned about $300 million -- burned through about $300 million of backlog so far this year. That's the rate at which revenue has outpaced orders. And then I talked about this change in mix towards longer-dated systems. So there's a small portion of our business, which we haven't talked about much because it's been consistently less than 5%. Where we're working on larger scale strategic programs that are delivered over an extended period of time to our customers. And we view it as very positive that our customers are continuing to invest in those kinds of projects.

今年到目前為止，我們已經燒掉了大約 3 億美元——燒掉了大約 3 億美元的積壓訂單。這就是收入超過訂單的速度。然後我談到了針對較長期系統的組合變化。我們業務的一小部分我們沒有過多談論，因為它一直低於 5%。我們正在製定更大規模的戰略計劃，並在較長時間內交付給我們的客戶。我們認為我們的客戶繼續投資此類項目是非常積極的。

That portion of our business was roughly 2% of orders through 3 quarters last year. It's about 8% of orders through 3 quarters this year. And what that essentially means is in addition to the $300 of backlog we've burned, we've taken another $200 million of short-dated backlog and turned it into long-dated backlog. And so as you think about our guidance for Q4, it's essentially built on the scheduled backlog that we have set to deliver into next quarter and our own view of orders for the coming quarter and our ability to turn a portion of those quarters orders into revenue within Q4.

去年 3 個季度，我們的這部分業務大約佔訂單的 2%。大約佔今年前三個季度訂單的 8%。這實質上意味著，除了我們燒掉的 300 美元的積壓訂單之外，我們還拿走了另外 2 億美元的短期積壓訂單，並將其轉變為長期積壓訂單。因此，當您考慮我們對第四季度的指導時，它本質上是建立在我們設定的下一季度交付的計劃積壓訂單以及我們對下一季度訂單的看法以及我們將這些季度訂單的一部分轉化為收入的能力的基礎上的第四季度內。

Yes. Samik, I think, just to add to what Neil said, this $200 million that Neil referenced roughly, these are high-quality customers making long-range commitments, further validating our strategy with them. And these are -- you can think of them as large aerospace defense companies that are looking towards -- looking to us to provide more comprehensive solutions and systems.

是的。 Samik，我想，補充一下尼爾所說的，尼爾粗略提到的這2億美元，這些都是優質客戶做出的長期承諾，進一步驗證了我們與他們的戰略。您可以將這些公司視為大型航空航天國防公司，希望我們提供更全面的解決方案和系統。

And in the automotive application, especially with regard to EV and AV, we're offering total solutions, including power management and software for workflow automation and all of those take time for us to complete those projects in tandem with their bring-ups of their Giga factories. So they're highly coordinated, highly strategic to the customers. And I view this as giving us a further penetration with new applications supporting our long-term growth rate.

在汽車應用中，特別是在電動汽車和自動駕駛方面，我們提供整體解決方案，包括電源管理和工作流程自動化軟件，所有這些都需要我們花時間來完成這些項目，並配合他們的提出千兆工廠。因此，他們對客戶來說是高度協調的、高度戰略性的。我認為這使我們能夠進一步滲透新的應用程序，支持我們的長期增長率。

Our next question is from Mehdi Hosseini with SIG.

我們的下一個問題來自 SIG 的 Mehdi Hosseini。

This is a follow-up to your commentary to the prior question. I just want to get a better understanding, especially in terms of backlog normalization is good to hear of the strategic orders longer term. And the inherent business is also driven by some of the R&D projects. And in that context, should we assume that backlog normalization is into full gear and then your backlog could remain in a level that would start with a 2 ZIP code and I'm not asking for an order guide, but I just want to better understand how you see the post-COVID normalization of backlog is trending against some of the pluses and minuses in your various parts of the business? And I have a follow-up.

這是您對上一個問題的評論的後續內容。我只是想更好地了解，特別是在積壓正常化方面，很高興聽到長期戰略訂單。而固有業務也是由一些研發項目帶動的。在這種情況下，我們是否應該假設積壓工作正常化已全面啟動，然後您的積壓工作可以保持在以 2 郵政編碼開頭的水平，我不是在要求訂單指南，但我只是想更好地理解您如何看待疫情后積壓的正常化趨勢與您業務各個部分的一些優點和缺點？我有一個後續行動。

Yes, Mehdi, I think that's largely correct, right? I've talked over the past year about the fact that we felt like we had built 400 million to 500 -- excuse me, $400 million to $500 million of what I call abnormal backlog. And as I just stated, we burnt through $300 million of that through 3 quarters of this year. And then we've essentially converted another $200 million of essentially short-dated turns backlog into backlog for these long-dated programs. So I view that we've materially worked through that abnormal backlog at this point. And I don't think it's unrealistic to assume that in this environment, our kind of normalized backlog level will have a 2-handle on it.

是的，邁赫迪，我認為這基本上是正確的，對吧？在過去的一年裡，我談到了這樣一個事實：我們感覺我們已經建造了 4 億到 500 個訂單——對不起，是 4 億到 5 億美元的訂單，我稱之為異常積壓訂單。正如我剛才所說，今年三個季度我們就燒掉了其中 3 億美元。然後，我們基本上將另外 2 億美元的短期積壓訂單轉化為這些長期計劃的積壓訂單。因此，我認為我們目前已經實質性地解決了異常積壓的問題。我認為假設在這種環境下，我們的標準化待辦事項級別將具有 2 個手柄，這並不是不切實際的。

I also think, Mehdi, to the point I think you're alluding to is software and services. We continue to be a stronger -- even in this environment for us, again, reflecting the strength of our customer relationships and so the deferred balance is also a factor that is elevated that leads to the 2 ZIP code calculation you have?

我還認為，邁赫迪，我認為你所指的是軟件和服務。我們繼續變得更強大——即使在這種環境下，對我們來說，再次反映了我們客戶關係的實力，因此延期餘額也是導致 2 個郵政編碼計算的一個因素？

Okay. Great. And my follow-up has to do with the semi mix. I think you mentioned that the semi bookings or new orders were weak in the quarter. Is that due to the delayed ramp of tape-outs for 3-nanometer? And if that's the case, should we assume a rebound in semi-related orders as we start with the new fiscal year, fiscal year '24.

好的。偉大的。我的後續行動與半混合有關。我想您提到本季度的半預訂或新訂單疲軟。這是由於 3 納米流片延遲造成的嗎？如果是這樣的話，我們是否應該假設在新的財年（即“24 財年”）開始時，半相關訂單會出現反彈。

Yes, Mehdi, I think what you've probably seen public announcements from major fabs around pulling back of wafer capacity. So some of the investments associated with our parametric test systems, which typically feed the fabs have been pulled back, especially around legacy technologies and memory applications. So as that rebounds, you can expect that capacity to rebound. Again, this is an area where we have good customer visibility given long-standing relationships that we have had. But it's also a tale of 2 worlds because the same customer base is focused with us relentlessly about the advanced node development, about new application areas such as silicon photonics, which in today's world translates to AI.

是的，邁赫迪，我想你可能已經看到了主要晶圓廠關於縮減晶圓產能的公開聲明。因此，與我們的參數測試系統相關的一些投資（通常為晶圓廠提供服務）已被撤回，特別是在遺留技術和內存應用方面。因此，隨著這一反彈，您可以預期產能也會反彈。同樣，鑑於我們擁有長期的合作關係，我們在這個領域擁有良好的客戶知名度。但這也是一個兩個世界的故事，因為同一個客戶群不斷地關注我們的先進節點開發以及矽光子學等新應用領域，在當今世界，矽光子學可轉化為人工智能。

And we also have another business that we've talked about in the past around making interferometer systems for 2-nanometers sort of technologies. And there, is no change in demand because we are working with customers on enabling this technology. So yes, there is a pullback in the near term. But again, I want to stress this is temporary and transient.

我們還有另一項業務，我們過去曾討論過，為 2 納米技術製造干涉儀系統。需求沒有變化，因為我們正在與客戶合作啟用這項技術。所以，是的，短期內會出現回調。但我想再次強調，這是暫時的。

I just want to understand what increased 3-nanometer tape-out next year have a positive impact for your semi business.

我只是想了解明年 3 納米流片量的增加會對您的半成品業務產生哪些積極影響。

I'll have Mark Wallace take that.

我會讓馬克·華萊士接受這個。

Yes. Mehdi, what I can say is that despite the pullback in the short term, the engagement with our customers on advanced process technologies, including 3-nanometer, 4-nanometer, 2-nanometer have continued. Many of these customers are looking at a variety of aspects of their market as well as managing their financials. A couple of examples, one is, we have a customer in the U.S. that has delayed some of the fab build-out because of construction issues. So we expect that to correct itself in the next couple of quarters.

是的。 Mehdi，我能說的是，儘管短期內有所回落，但我們與客戶在先進工藝技術（包括 3 納米、4 納米、2 納米）方面的合作仍在繼續。其中許多客戶正在關注其市場的各個方面以及管理其財務狀況。舉幾個例子，其中之一是，我們在美國有一家客戶，由於建設問題，推遲了部分晶圓廠的建設。因此，我們預計這種情況會在接下來的幾個季度內得到糾正。

We have another customer, again, working on these advanced node sizes and technologies who has locations in the U.S. and in Asia, and they're maintaining their total project plan and investment, but spreading the CapEx over several quarters. And there's a lot of those stories. So it really feels to me like we are going through a phase of pullback. But the answer to your question is, yes, we expect this to positively impact our business in 2024.

我們還有另一個客戶，致力於研究這些先進的節點尺寸和技術，他們在美國和亞洲設有辦事處，他們正在維持其總體項目計劃和投資，但將資本支出分散到幾個季度。這樣的故事還有很多。所以我真的感覺我們正在經歷一個回調階段。但您問題的答案是，是的，我們預計這將對我們 2024 年的業務產生積極影響。

Our next question is from Aaron Rakers with Wells Fargo.

我們的下一個問題來自富國銀行的 Aaron Rakers。

Neil, I apologize to go back to this, but I want to be clear what I'm hearing from you guys is that it sounds like you believe that backlog coming out of this quarter is basically near normalized levels in your opinion? And I guess what I'm really asking is that if I look back over the past couple of years, appreciating that there's some variables with COVID and everything else involved.

尼爾，我很抱歉回到這個問題，但我想澄清一下，我從你們那裡聽到的是，聽起來您認為本季度的積壓工作基本上接近正常水平？我想我真正想問的是，如果我回顧過去幾年，我會意識到新冠病毒和其他涉及的一切都存在一些變數。

But it looks like seasonally you typically see a sequential increase in your order growth in fiscal 4Q. I guess as I look at that, are you expecting sequential, or how would you characterize seasonal growth in orders or maybe rather discuss it on a book-to-bill basis embedded in your expectation for the fiscal fourth quarter at this point. I apologize for the confusing question, but I'm just trying to understand how you're seeing order growth in backlog.

但從季節性來看，您通常會看到第四財季的訂單增長環比增長。我想，當我看到這一點時，您是否期待連續的增長，或者您如何描述訂單的季節性增長，或者更確切地說，在您對第四財季的預期中嵌入的按訂單到賬單的基礎上討論它。對於這個令人困惑的問題，我深表歉意，但我只是想了解您如何看待積壓訂單的增長。

Yes. No, it's a fair question. So first part, do we believe backlog has normalized. And I'd say the answer to that is largely yes. We believe backlog has normalized at this point. With regard to incoming order rates and seasonality, you're absolutely correct. We typically see a pretty sizable increase as we move from Q3 to Q4 at the end of our fiscal year. And what I would say is we do expect orders to be up sequentially from Q3 to Q4, but we expect significantly smaller sequential increase than would be typical based on weakness of the funnel that materialized during the third quarter.

是的。不，這是一個公平的問題。首先，我們是否認為積壓已經正常化？我想說，答案很大程度上是肯定的。我們認為此時積壓已經正常化。關於新訂單率和季節性，你是完全正確的。當我們在財政年度結束時從第三季度轉向第四季度時，我們通常會看到相當大的增長。我想說的是，我們確實預計訂單從第三季度到第四季度將連續增長，但我們預計，由於第三季度出現的漏斗疲軟，訂單的連續增長將明顯小於典型情況。

That's fair. So a book-to-bill improvement from this level is basically what you're alluding to?

這還算公平。那麼您所指的基本上就是從這個水平上實現訂單到賬單的改進？

Yes. I mean I guess I would think of it as with backlog having normalized, we would expect orders and revenue to start to converge.

是的。我的意思是，我想我會認為積壓已正常化，我們預計訂單和收入將開始趨同。

Okay. That's helpful. And then I guess as a quick follow-up, I'm just -- maybe the opportunity to ask you about the ESI acquisition. How do we think about that as far as the strategic positioning and what expectations or what kind of targets we should be thinking about as far as that acquisition folding into the financial story as we move forward.

好的。這很有幫助。然後我想作為一個快速跟進，我只是 - 也許有機會向您詢問有關 ESI 收購的問題。我們如何看待戰略定位，以及我們應該考慮什麼期望或什麼樣的目標，以及隨著我們前進，收購融入到財務故事中。

So let me take that. And Neil, if you have anything to add, you could. First of all, I would say it's a great strategic fit, one we're very excited about. I think you've heard me describe the system simulation and emulation opportunity as nearing adjacency to the work that we do with customers, especially as we have focused the strategy on engaging with customers early and in your R&D workflow. So the addition of ESI really is a great fit there.

那麼讓我接受吧。尼爾，如果你有什麼要補充的，你可以。首先，我想說這是一個很好的戰略契合，我們對此感到非常興奮。我想您已經聽過我將系統模擬和仿真機會描述為接近我們與客戶所做的工作，特別是因為我們將戰略重點放在儘早和研發工作流程中與客戶接觸。因此，添加 ESI 確實非常合適。

Financially, it's accretive to our gross margins. It will be when we close the transaction. And we also -- it will be accretive to our software percentage by at least 2 points at the company level. And from a cultural perspective, I think it's very important as well. Here is a company that's been around for 50 years and has been involved in some of the most complex simulations associated with crash testing and other areas, and I think with the -- by coming into Keysight and what's exciting is the combination that can now not only provide go-to-market capabilities that can further accelerate growth, but also engage with customers in new applications in aerospace, defense and other end markets, leveraging the deep technology expertise of ESI. So very excited by this transaction as we announced it.

從財務上來說，它增加了我們的毛利率。這將是我們結束交易的時候。我們還——這將使我們的軟件百分比在公司層面至少增加 2 個百分點。從文化的角度來看，我認為這也非常重要。這是一家已有 50 年曆史的公司，一直參與與碰撞測試和其他領域相關的一些最複雜的模擬，我認為通過加入是德科技，令人興奮的是現在無法進行的合併不僅提供可進一步加速增長的進入市場能力，而且還利用ESI 深厚的技術專業知識與客戶參與航空航天、國防和其他終端市場的新應用。當我們宣布這項交易時，我們感到非常興奮。

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

我們的下一個問題來自美國銀行的 David Ridley-Lane。

Wondering if the shift to the longer-term orders, is that driven by things that you're doing internally, or is this just a function of the demand that you're seeing from these large aerospace and defense and auto OEMs?

想知道向長期訂單的轉變是否是由您內部所做的事情驅動的，或者這只是您從這些大型航空航天、國防和汽車原始設備製造商那裡看到的需求的結果？

Yes. I think some of it is the implementation of our solutions approach to what was otherwise markets that we had, maybe served purely through the lens of products historically, I think of aerospace defense, David, as an industry where we largely sold instrumentation tools. And over the past few years, we've put focused effort to adding more value to the customer base by integrating the instruments, but also layering on software and creating more services opportunities. So some of it is a function of the go-to-market push that we've had, but also equally the acceleration in demand we see in specific areas such as automotive. And I'll have Mark maybe give you a couple of more examples to make a drill.

是的。我認為其中一些是我們對我們原本擁有的市場的解決方案的實施，也許純粹通過歷史上的產品鏡頭來服務，我認為航空航天國防，大衛，作為一個我們主要銷售儀器工具的行業。在過去的幾年裡，我們集中精力通過集成儀器為客戶群增加更多價值，同時還對軟件進行分層並創造更多服務機會。因此，這在一定程度上是我們進入市場的推動力的結果，但同樣也是我們在汽車等特定領域看到的需求加速的結果。我會讓馬克再給你幾個例子來進行練習。

Well, it might be just better just to lay it out because it's hard to imagine these, but these are very strategic, very complex engagements with customers. So if we think about an EV or a battery test lab, you're talking about multiple racks of equipment for testing cells and modules and packs. There's battery cyclers. There's low-voltage interfaces for communication. There's a chiller to cool the batteries. Then there's environmental chambers. There's safety aspects, fixturing, software, project management, installation, site prepping very, very complex business.

好吧，把它列出來可能會更好，因為很難想像這些，但這些都是非常具有戰略意義、非常複雜的與客戶的互動。因此，如果我們考慮電動汽車或電池測試實驗室，那麼您正在談論的是用於測試電池、模塊和電池組的多個設備架。有電池循環器。有用於通信的低壓接口。有一個冷卻器來冷卻電池。然後是環境室。有安全方面、固定裝置、軟件、項目管理、安裝、現場準備等非常非常複雜的業務。

And then the other thing that's really exciting for us is this gets us deeper into the customers' business. As we announced in Q2, we won 2 new OEM sites in Q2. We won another one in Q3. And over that last 3 months, we have now, through the deeper visibility engagement across the R&D labs have uncovered many other opportunities within those customers and across the ecosystem. So it also has an additive effect in terms of finding new opportunities to contribute. So that's a typical example of why it takes longer.

對我們來說真正令人興奮的另一件事是這讓我們更深入地了解客戶的業務。正如我們在第二季度宣布的那樣，我們在第二季度贏得了 2 個新的 OEM 工廠。我們在第三季度又贏了一場。在過去的三個月裡，通過研發實驗室更深入的可見性參與，我們現在已經在這些客戶和整個生態系統中發現了許多其他機會。因此，它在尋找新的貢獻機會方面也具有附加效應。這就是為什麼需要更長的時間的典型例子。

And then just on the fourth quarter guidance, I think the kind of implied incremental margin is quite high. Is there something unusual about the margins in the fourth quarter this year?

然後就第四季度的指導而言，我認為隱含的增量利潤率相當高。今年第四季度的利潤率有什麼異常嗎？

No. I mean I think, obviously, as I've got the Q4 numbers in front of me, we typically see some uptick in OpEx as we move from Q3 to Q4, various factors, but I'd start with the fact that in Q3, a significant portion of the population on summer holidays, spending less money as a result. And as they come back here into the fourth quarter, we tend to see a pickup. We do expect a little bit of a sequential decline in gross margin, a lot of that driven by the implied volume reduction as well as kind of how we're getting to the numbers.

不。我的意思是，我認為，顯然，由於我面前有第四季度的數據，隨著我們從第三季度轉向第四季度，我們通常會看到運營支出有所上升，這是多種因素的結果，但我首先要考慮以下事實：第三季度，相當一部分人在暑假期間花的錢因此減少。當他們回到第四季度時，我們往往會看到情況有所好轉。我們確實預計毛利率會出現一些連續下降，這在很大程度上是由隱含的銷量減少以及我們獲得這些數字的方式推動的。

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。

So, a, I guess I want to just figure out, relative to the order level we're at now, I know it sounds like we're going to get a maybe lower-than-seasonal bump in fiscal 4Q, but it sounded as though this may persist for a couple of quarters, at least based on current visibility. And so what I'm wondering is if we sort of stay at this $1.25 billion, $1.3 billion range, and we work through excess backlog, is it -- and I don't want to jump the gun on fiscal '24, but what I'm effectively getting at is I don't think it's hard to see pathway to maybe more negative or slightly negative growth next year.

所以，我想我想弄清楚，相對於我們現在的訂單水平，我知道聽起來我們第四財季的增長可能會低於季節性，但聽起來至少從目前的可見度來看，這種情況可能會持續幾個季度。所以我想知道的是，我們是否會停留在 12.5 億美元、13 億美元的範圍內，並且我們會解決過多的積壓問題，是嗎？我不想在 24 財年過早行動，但是什麼？我實際上想說的是，我認為不難看到明年出現更多負增長或小幅負增長的途徑。

So I just want to make sure if that maybe sounds reasonable. And then just maybe, secondly, as we think about the EPS growth outlook, obviously, you're facing a pretty sizable headwind, it seems like from a tax rate. And so I'm curious if there's any color you can add in terms of the margin structure and your ability to maybe effectively flex some of the margin upside that you've showcased in the past around COVID in the times of top line pressure. So full long-winded question, but any color you can provide would be helpful.

所以我只是想確定這聽起來是否合理。其次，當我們考慮每股收益增長前景時，顯然，你面臨著相當大的阻力，這似乎來自於稅率。因此，我很好奇您是否可以在利潤結構方面添加任何色彩，以及您是否有能力有效地發揮您過去在新冠疫情期間在頂線壓力時期所展示的一些利潤上升空間。這是一個冗長的問題，但是您可以提供的任何顏色都會有所幫助。

Yes. So obviously, we'll give you more color on FY '24 here in 3 months. But obviously, we've spent a fair amount of time thinking through it ourselves. And as you noted, and as I've noted through the first 3 quarters of FY '23, we were able to drive revenue at a level that was significantly above the incoming order rate. As a result, we're going to have some difficult revenue comps as we enter 2024. As I'm thinking about the transition from Q4 into Q1, at least right now, I'm thinking about kind of the typical seasonal decline that we would see on the revenue line as we move from one period to the next. And then I think as we look forward beyond that, right now, we don't see a catalyst right now that is going to drive a significant market recovery in the first half of the year.

是的。顯然，我們將在 3 個月後為您提供有關 24 財年的更多信息。但顯然，我們自己也花了相當多的時間來思考這個問題。正如您所指出的，正如我在 23 財年的前 3 個季度中所指出的，我們能夠將收入提高到遠遠高於新訂單率的水平。因此，進入 2024 年，我們將面臨一些困難的收入比較。當我考慮從第四季度到第一季度的過渡時，至少現在，我正在考慮我們的典型季節性下降當我們從一個時期轉到下一個時期時，我們會在收入線上看到。然後我認為，當我們展望未來時，目前我們看不到能夠推動今年上半年市場大幅復甦的催化劑。

But I think we're looking to a recovery in the second half of the year because as Satish has said, we believe that much of what's impacting our markets at this point is temporary in nature, right? Our commercial communications customers are going to work through their inventory challenges. The major investments that we're seeing in fab capacity, they've been delayed, but they're still moving forward, and that includes investments for the insurance of supply for 2 and 3 nanometer, silicon photonics, silicon carbide, all of that stuff is moving forward.

但我認為我們希望在今年下半年實現復甦，因為正如薩蒂什所說，我們相信目前影響我們市場的大部分因素本質上都是暫時的，對嗎？我們的商業通信客戶將應對庫存挑戰。我們在晶圓廠產能方面看到的主要投資已經被推遲，但仍在向前推進，其中包括 2 納米和 3 納米、矽光子、碳化矽等供應保障的投資事情正在向前發展。

And on the technology side, the R&D investments continue, right? We're going to see additional standards releases for 5G, continued investments in 6G research, AI, quantum, AV, EV, all of that stuff is moving forward. With regard to your EPS outlook, again, tough revenue comps, but we're a disciplined organization with a flexible business model. You've seen that in the results that we published year-to-date, I think, going forward, the challenge for us is to maintain balance, right?

在技​​術方面，研發投資仍在繼續，對吧？我們將看到 5G 的更多標準發布，對 6G 研究、人工智能、量子、AV、EV 的持續投資，所有這些都在向前發展。就每股收益前景而言，收入比較嚴峻，但我們是一家紀律嚴明的組織，擁有靈活的業務模式。您已經看到，在我們今年迄今為止發布的結果中，我認為，展望未來，我們面臨的挑戰是保持平衡，對嗎？

We're optimistic about the long term. We're going to continue with the investments that are going to enable us to fully participate in the recovery when it happens. While at the same time, relying on our discipline to drive EPS growth. We'll certainly work to offset whatever tax impacts we can. But as you noted, the tax impacts are significant.

我們對長期持樂觀態度。我們將繼續進行投資，這將使我們能夠在復蘇發生時充分參與其中。同時，依靠我們的紀律來推動每股收益的增長。我們肯定會盡力抵消一切稅收影響。但正如您所指出的，稅收影響是巨大的。

I will also add that you've seen us -- Matt, you've seen us stay disciplined. And I think at the beginning of the year, I did reference that we would be accelerating some of the synergy work that we were starting to plan for anyway, and we've executed on that very well. And you can see year-to-date, our OpEx has been flat. Even accounting for a lot of the inflation environment. So as we invest in these next-generation technologies that have high customer validation, and we know will position the company to outperform over the medium to long term. We're also remaining prudent and disciplined towards the macro situation in the short term.

我還要補充一點，你已經看到了我們——馬特，你已經看到了我們保持紀律。我認為在今年年初，我確實提到我們將加速我們開始計劃的一些協同工作，並且我們在這方面執行得很好。您可以看到，今年迄今為止，我們的運營支出一直持平。甚至在通脹環境下佔了很大一部分。因此，當我們投資這些具有高度客戶認可的下一代技術時，我們知道這將使公司在中長期內表現出色。我們對短期宏觀形勢也保持審慎和自律。

Our next question is from Chris Snyder with UBS.

我們的下一個問題來自瑞銀集團的克里斯·斯奈德。

So I very much appreciate that the softer orders and the backlog burn is leading to the softer sequential revenue from Q3 to Q4. But I want to ask about the sequential margins. It seems like the guide puts margins maybe in the mid-28, so down 250-, 300-or-so basis points year-on-year or sequentially. So I'm getting like an 80% sequential decremental, which seems very, very steep. Can you just maybe talk through why that margin fall off is so sharp sequentially?

因此，我非常感謝訂單疲軟和積壓訂單消耗導致第三季度到第四季度的連續收入疲軟。但我想問一下連續邊距。該指南似乎將利潤率定為 28 年中，因此同比或連續下降了 250、300 個基點左右。所以我得到了 80% 的連續遞減，這看起來非常非常陡峭。您能否談談為什麼利潤率連續下降如此之大？

Yes. I mean I'm not showing it quite as strong on my -- as I'm looking at my pages. You see -- you might want to -- with more time, you might find it's not as steep as you're calculating at the moment. I think I've highlighted the factors we are expecting gross margins to be down sequentially, Q3 to Q4, again, volume dropping a significant portion of that. We did have -- in our Q3 numbers, we did have about $0.03 of kind of onetime effect spread across OpEx and gross margin, mostly related to some favorable onetime impacts with our health care plans that's not expected to repeat. And then again, we're looking at typical sequential increases as OpEx -- in OpEx as we move from Q3 to Q4.

是的。我的意思是，我並沒有在我的頁面上表現得那麼強烈。你看——你可能想——隨著更多的時間，你可能會發現它並不像你現在計算的那麼陡峭。我想我已經強調了我們預計第三季度到第四季度毛利率將連續下降的因素，其中銷量下降了很大一部分。在第三季度的數據中，我們確實在運營支出和毛利率上產生了約 0.03 美元的一次性影響，主要與我們的醫療保健計劃的一些有利的一次性影響有關，預計不會重複。話又說回來，當我們從第三季度轉向第四季度時，我們正在研究運營支出的典型連續增長。

I appreciate that. And then I appreciate the guide on the tax next year from the non-GAAP 15% to 17%. I just wanted to, I guess, maybe a housekeeping one. Is there any change in the cash tax rate when we think about '24 versus '23?

我很感激。然後我很欣賞明年的稅收指南，從非公認會計原則的 15% 降至 17%。我想，我只是想做個家政服務。當我們考慮“24”與“23”時，現金稅率有什麼變化嗎？

It's a little bit too early to tell. That's why I still have a range. I'll expect to tighten up that range on rate here in 3 months. Outside of even the things that I listed, one of the things that could impact cash taxes is this move towards a corporate (inaudible) tax, which will go into effect for us next fiscal year. So right now, too early to tell. I'll make some comments in the quarter. I'll be better able to address that.

現在說還為時過早。這就是為什麼我仍然有一個範圍。我預計將在 3 個月內收緊利率範圍。除了我列出的事項之外，可能影響現金稅的因素之一是企業稅（聽不清）的舉措，該稅將於下個財年對我們生效。所以現在說還為時過早。我將在本季度發表一些評論。我會更好地解決這個問題。

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。

The revenue guidance for Q4 of minus 10% at the midpoint, do you see both segments down? Can you just help us on how that plays out between the segments?

第四季度的收入指引中點為負 10%，您認為這兩個細分市場都會下降嗎？您能幫助我們了解各個細分市場之間的情況如何嗎？

Yes, just give me 1 second here. Yes, we certainly see -- I mean, we certainly see declines across both segments, which obviously for EISG, which has grown revenues pretty significantly through all -- through the first 3 quarters of the year is a significant change, but we do see revenues down similar levels across both segments.

是的，請給我 1 秒鐘。是的，我們當然看到——我的意思是，我們當然看到這兩個細分市場都出現了下降，這對於EISG 來說顯然是一個重大變化，該公司的收入在今年前三個季度都大幅增長——這是一個重大變化，但我們確實看到兩個部門的收入下降了相似的水平。

Okay. Helpful. And then in aerospace and defense, can you talk at all about the outlook there? It's been well-timed acceleration offsetting some weakness in communication. Just wondering if the aerospace and defense can stay as strong?

好的。有幫助。那麼在航空航天和國防領域，您能談談那裡的前景嗎？這是恰逢其時的加速，彌補了溝通方面的一些弱點。只是想知道航空航天和國防能否保持同樣強大？

Yes, I think the -- you look at the security environment around the world, there is no doubt that the defense budgets are getting bipartisan priorities in the U.S. Look at Japan, that's also put out doubling of defense spend in the next 5 years, Europe raising defense spend and security spend as well. So I think this is a business, as we've always said, harder to call on a quarterly basis, but very easy to look at the long-term trend. And our goal is to continue to outperform it. So yes, we expect Q4 to be seasonally strong, generally with the end of the year sort of budgets that come open.

是的，我認為——看看世界各地的安全環境，毫無疑問，美國的國防預算正在成為兩黨的優先事項。看看日本，它也將在未來 5 年內將國防開支翻一番，歐洲也增加了國防支出和安全支出。所以我認為，正如我們一直所說的那樣，很難按季度預測，但很容易觀察長期趨勢。我們的目標是繼續超越它。所以，是的，我們預計第四季度將季節性強勁，通常會在年底公佈預算。

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梅塔·馬歇爾。

Great. Maybe first question for me. You guys have talked about a lot of new kind of extension areas that you're seeing traction and particularly on the AI side. With the flat OpEx that you've noted, I just wanted to get a sense of how you're making sure to kind of touch base with some of the new customers that might be entering into the space, or how you're finding better leverage through channels. And then as a second question, just as a reminder on the communications group, can you just kind of lay out what you would consider as kind of rough percentages of kind of maintenance standards, so 4G or kind of existing 5G versus kind of the next-gen portfolio.

偉大的。也許是我的第一個問題。你們談論了許多新的擴展領域，您看到了這些領域的吸引力，特別是在人工智能方面。通過您提到的扁平化運營支出，我只是想了解您如何確保與可能進入該領域的一些新客戶建立聯繫，或者您如何找到更好的通過渠道發揮槓桿作用。然後作為第二個問題，就像對通信小組的提醒一樣，您能否列出您所認為的維護標準的粗略百分比，例如 4G 或現有 5G 與下一個 5G 的比較-gen 投資組合。

Yes, I would say we're preserving our R&D investments, so we can outperform the market -- continue to outperform the market as it rebounds in the medium term to long term, which we fully expect it to. With regard to AI, a lot of our customers are launching AI projects in their own way, whether it's in silicon or in the networking side, and so there is a considerable channel leverage there for AI.

是的，我想說的是，我們正在保留我們的研發投資，這樣我們就可以跑贏市場——隨著市場在中長期反彈，繼續跑贏市場，這是我們完全期望的。在人工智能方面，我們的許多客戶都以自己的方式啟動人工智能項目，無論是在芯片方面還是在網絡方面，因此人工智能有相當大的渠道槓桿。

Clearly, the move to 800 gig Ethernet that I referenced with higher interface capacity, higher bandwidth, lower power per bit, all of this are -- plays to our strength and our leadership there is helping us pick up some orders and set ourselves up as this business scales that we expect it to.

顯然，我提到的向800 GB 以太網的轉變具有更高的接口容量、更高的帶寬、更低的每比特功耗，所有這些都發揮了我們的優勢和領導力，幫助我們獲得一些訂單並將自己定位為這項業務的規模符合我們的預期。

With regard to the comm segment, in Commercial Communications, 3 dynamics, right? I would say deployments are continuing to scale. Second, globally and as that scales the business there grows. Second one, it's really the standard progression. I would think of Release 17 new use cases are driving customer need. And then the research activities around the world around, call it, beyond 5G because it's too easy to -- too early to call it 6G yet because there's the standard. But beyond 5G, that exploration is proliferating, and I think it fits our strategy to address the R&D customer.

關於通信領域，在商業通信中，有 3 個動態，對嗎？我想說的是，部署正在繼續擴大。其次，在全球範圍內，隨著業務規模的擴大，那裡的業務也會增長。第二個，這確實是標準的進展。我認為 Release 17 的新用例正在推動客戶需求。然後世界各地的研究活動將其稱為“超越 5G”，因為現在將其稱為 6G 太容易了，但還為時過早，因為已經有了標準。但除了 5G 之外，這種探索正在激增，我認為這符合我們滿足研發客戶需求的戰略。

Our next question is from Mark Delaney with Goldman Sachs.

我們的下一個問題來自高盛的馬克·德萊尼。

A follow-up question as it relates to 800G Ethernet and some of the AI activity you're seeing. You mentioned some orders already on that front, but you described it as still in the relatively early phases. Do you have a sense of when 800G orders related to AI or other reasons for 800G may become more meaningful?

後續問題涉及 800G 以太網和您所看到的一些人工智能活動。您提到了這方面已經有一些訂單，但您將其描述為仍處於相對早期的階段。您是否感覺到與AI或800G其他原因相關的800G訂單何時可能變得更有意義？

Yes, I think it's hard to put a timing there, but we've seen this sort of overlapping waves of technology really be the basis of our strategy, Mark. And having that exposure to both wireless and wireline is a core strength for the company, and we're seeing that play out even today, the diversity of applications that we pursue. I would say that the 800 gig Ethernet abilities -- the ability to be first to market, have that capability is definitely helping us now win some early engagements, which should set us up well as that industry scales. As the hyperscalers are coming out of the economic situations in their business, and as they're starting to upgrade, they are looking at 800 gig Ethernet for some of those technical reasons I just mentioned.

是的，我認為很難確定一個時間點，但我們已經看到這種重疊的技術浪潮確實是我們戰略的基礎，馬克。擁有無線和有線業務是該公司的核心優勢，即使在今天，我們也看到這一點正在發揮作用，即我們追求的應用程序的多樣性。我想說的是，800 GB 以太網能力——率先進入市場的能力，擁有這種能力肯定會幫助我們現在贏得一些早期合作，這應該使我們能夠很好地適應行業規模。隨著超大規模企業逐漸擺脫業務中的經濟困境，並開始升級，出於我剛才提到的一些技術原因，他們正在考慮 800 GB 以太網。

That's helpful, Satish. And then on the ESI acquisition, you made some comments already that were helpful, including the gross margin accretion. I apologize if I missed this, but can you talk a little bit more in terms of what it may mean in terms of the EPS contribution when that's integrated, and how you see that progressing over time?

這很有幫助，薩蒂什。然後，關於 ESI 收購，您已經發表了一些有用的評論，包括毛利率的增加。如果我錯過了這一點，我深表歉意，但是您能否多談談整合後對每股收益貢獻可能意味著什麼，以及您如何看待隨著時間的推移而取得的進展？

Yes. So obviously -- this is Neil. We do expect that this is -- there's some complexities of doing a public deal in France. It could take us a little bit longer than typical to get the deal fully closed. And for us to then, therefore, begin to start realizing the G&A synergies that we typically rely heavily on to drive EPS. But I think, first and foremost, this is a business that we feel like we can grow pretty aggressively with obviously strong software like margins. We can, via the significant breadth and reach of our sales force, get them access to new market participants and then heavily leverage our G&A, our highly offshore, low-cost G&A infrastructure to drive significant margin expansion for the business and ultimately drive EPS growth.

是的。很明顯——這是尼爾。我們確實預計，在法國進行公共交易會存在一些複雜性。我們可能需要比平常更長的時間才能完全完成交易。因此，我們接下來要開始實現一般行政費用的協同效應，我們通常嚴重依賴這種協同效應來推動每股收益。但我認為，首先也是最重要的是，我們認為我們可以通過明顯強大的軟件（例如利潤率）實現相當積極的增長。我們可以通過我們銷售隊伍的廣泛廣度和影響力，讓他們接觸新的市場參與者，然後大力利用我們的G&A、我們高度離岸、低成本的G&A 基礎設施來推動業務利潤率大幅擴張，並最終推動每股收益增長。

Our next question is from Rob Mason with Baird.

我們的下一個問題來自 Rob Mason 和 Baird。

I wanted to go back to the conversation around these more strategic longer-dated orders. I'm not sure that I still fully understand what the ship schedule or revenue recognition timing would look like on those? And I'm just curious as well as those have been booked into orders. Did -- have you widened or changed the order booking policy around kind of shippable in the next 6 months around those time.

我想回到圍繞這些更具戰略性的長期訂單的對話。我不確定我是否仍然完全理解船舶時間表或收入確認時間會是什麼樣子？我只是好奇那些已經被預訂的訂單。在接下來的 6 個月內，您是否擴大或更改了有關可發貨類型的訂單預訂政策？

Yes. I would say, again, this is a very small part of our business historically. So we've never had to speak about it. As a function of the lower order levels today as a percentage appears higher. But -- so no change to our order acceptance policy other than these are complex systems, which require us to start work today, buy inventory and staff people to deliver to our customers. So they are on the books for the right reasons. They are high-quality deals that we feel good about...

是的。我想說，從歷史上看，這只是我們業務的一小部分。所以我們從來沒有必要談論它。作為今天較低訂單水平的函數，百分比似乎更高。但是，除了這些複雜的系統之外，我們的訂單接受政策沒有任何變化，這些系統要求我們今天開始工作，購買庫存並配備人員來交付給我們的客戶。因此，它們被記錄在案是有正當理由的。它們是我們感覺良好的高質量交易......

Generally un-cancelable without significant penalty would be the last part of that, I would make. And from a delivery schedule, you could think of them, certainly beyond 6 months, or they'd be within the standard, but you can think of it as in the case of a lot of the aerospace, defense kind of 12 months, some of the auto ones are 18 months or more because they tend to be even longer types of programs for us to deliver. So as we mentioned in the prepared comments, some of these deals are scheduled for revenue recognition out in 2025, upon delivery of the complete project to the customer.

我想說的是，一般來說，在沒有重大處罰的情況下不可取消將是最後一部分。從交付時間表來看，你可以認為它們肯定會超過 6 個月，或者它們會在標準範圍內，但你可以將其視為許多航空航天、國防領域的 12 個月，有些汽車項目的時長為18 個月或更長，因為它們往往是我們需要交付的更長類型的項目。因此，正如我們在準備好的評論中提到的，其中一些交易計劃在 2025 年向客戶交付完整項目後確認收入。

Understood. Understood. And just as a follow-up, Satish, the -- certainly, ESI Group, it certainly makes sense from the standpoint of moving upstream and staying very close to R&D and into simulation. But I'm just curious, how do you think about the opportunity set beyond kind of core electrical engineering customer base. This is around more physical test. Do you start to -- was ESI unique in that regard, or do you start to look more broadly at things outside of electrical engineering test?

明白了。明白了。正如 Satish 的後續行動一樣，當然是 ESI 集團，從向上游發展並與研發和仿真保持密切聯繫的角度來看，這當然是有意義的。但我只是很好奇，您如何看待核心電氣工程客戶群之外的機會。這是圍繞更多的身體測試。您是否開始考慮——ESI 在這方面是獨一無二的，還是您開始更廣泛地關注電氣工程測試之外的事物？

Yes. Definitely. The -- when we look at the entire system simulation, emulation opportunities, what you really need is the ability to simulate very complex interactions of physical, electrical and software capabilities. So again, plays to the system strength that the company has. So having these assets in the company will allow us to identify new use cases and serve them differentially, which I think puts us in a very unique spot given our entire portfolio and test now mirror it with a strengthening portfolio in design.

是的。確實。當我們考慮整個系統模擬、仿真機會時，您真正需要的是模擬物理、電氣和軟件功能的非常複雜的交互的能力。再次，發揮公司擁有的系統優勢。因此，在公司中擁有這些資產將使我們能夠識別新的用例並為它們提供差異化​​的服務，我認為這使我們處於一個非常獨特的位置，因為我們的整個產品組合和測試現在反映了它與設計中加強的產品組合。

I think we see this as a very unique positioning for the company, one that aligns with our software-centric transformation that we've been on. I also think that being a European asset, obviously, a French asset that's been in France, there is more opportunity with our U.S. base of customers to really focus this go-to-market motion and accelerate growth and create greater value.

我認為我們認為這是公司的一個非常獨特的定位，與我們一直以來以軟件為中心的轉型相一致。我還認為，作為歐洲資產，顯然是在法國的法國資產，我們的美國客戶群有更多機會真正專注於這種進入市場的行動，加速增長並創造更大的價值。

I would just add one thing to the exciting part is the alignment to the verticals, automotive, aerospace, defense, it's broadening our footprint and broadening our value to these important customers.

我只想在令人興奮的部分中添加一件事，那就是與垂直行業、汽車、航空航天、國防的結合，它擴大了我們的足跡，並擴大了我們對這些重要客戶的價值。

Our next question is from Atif Malik with Citi Research.

我們的下一個問題來自花旗研究部的 Atif Malik。

It's Adrienne Colby for Atif Malik. I wanted to ask a clarifying question on orders. You had commented that the 15% decline in overall orders was heavily influenced by China. Just hoping you could clarify what you saw in the Americas and Europe if you were seeing improvements in the rate of year-over-year declines there.

我是阿蒂夫·馬利克的艾德麗安·科爾比。我想問一個有關訂單的澄清問題。您曾評論說整體訂單下降15%主要是受到中國的影響。只是希望您能澄清您在美洲和歐洲看到的情況，如果您看到那裡的同比下降率有所改善。

Yes. I think I mentioned, Adrienne, good question, our Americas business grew quarter-over in Q3 and Europe was stable.

是的。我想我提到過，艾德麗安，好問題，我們的美洲業務在第三季度增長了四分之一，歐洲業務穩定。

And sorry, was that sequentially or year-over-year?

抱歉，這是連續的還是逐年的？

Year-over-year.

一年又一年。

And then I just wanted to ask with regards to the long-term strategic multiyear engagements you've been speaking about. Can you comment on how much of the growth in orders is a factor of upselling or expanding some of the existing agreements versus new agreements? Just trying to get a sense of the number of customers that are falling into this category if that's growing.

然後我只想問有關您一直在談論的長期戰略性多年合作的問題。您能否評論一下訂單增長有多少是由於追加銷售或擴大某些現有協議（與新協議相比）造成的？只是想了解屬於這一類別的客戶數量（如果該數量在增長）。

Yes, Adrienne, I think it's a combination. As I mentioned before, these strategic first-time wins with the automotive OEMs into themselves are long-dated and large. And through the process, we work with the customers to upsell and cross-sell capabilities and then get more visibility across other parts of the groups as they're oftentimes organized across the ecosystem as well.

是的，艾德麗安，我認為這是一個結合。正如我之前提到的，這些與汽車原始設備製造商的戰略性首次勝利是長期且規模巨大的。在這個過程中，我們與客戶合作，提高銷售和交叉銷售能力，然後在團隊的其他部分獲得更多的可見性，因為他們通常也是在整個生態系統中組織的。

So I think the way to think about it in simplest terms is these longer-term programs are about as strategic as we can get with our customers. So it opens up new opportunities to sell including software and other aspects of delivering value, services, et cetera. So we're excited about it, and we're looking forward to continuing to deliver through these vehicles.

因此，我認為最簡單的思考方式是，這些長期計劃是我們與客戶所能達成的盡可能具有戰略意義的計劃。因此，它開闢了新的銷售機會，包括軟件和提供價值、服務等的其他方面。因此，我們對此感到興奮，並期待繼續通過這些車輛提供服務。

Thank you. That concludes our question-and-answer session for today. I would like to turn the call back to Jason Kary for any closing comments.

謝謝。我們今天的問答環節到此結束。我想將電話轉回賈森·卡里（Jason Kary）以徵求結束意見。

Thanks, Cole, and thanks, everyone, for joining us. I'm going to turn it over to Satish for a few closing comments, and then we'll wrap up the call.

謝謝科爾，謝謝大家加入我們。我將把它轉交給薩蒂什進行一些總結評論，然後我們將結束通話。

Yes. Thank you very much. I know we discussed quite a bit today, but I want to leave you with some few important takeaways. First, we're executing very well, maximizing our performance in the near term, and we're tracking to deliver 7% EPS growth with 1% revenue growth this year solid profitability in the business, and you should take that away.

是的。非常感謝。我知道我們今天討論了很多，但我想給您留下一些重要的收穫。首先，我們執行得非常好，在短期內最大限度地提高了我們的業績，並且我們預計今年將實現7% 的每股收益增長和1% 的收入增長，業務盈利能力穩定，你應該把它帶走。

Second, we have strong differentiated portfolio that's aligned with multiple end markets and customer priorities, and this will continue to enable us to outperform both in the near term and will go stronger as market conditions change. You see the differentiation in our portfolio reflected in our ability to maintain strong gross margins in our business in these conditions.

其次，我們擁有強大的差異化投資組合，與多個終端市場和客戶優先事項相一致，這將繼續使我們能夠在短期內跑贏大盤，並隨著市場狀況的變化而變得更加強勁。您會看到我們投資組合的差異化體現在我們在這種情況下保持業務強勁毛利率的能力。

Third, we have a strong balance sheet, strong cash position, and we remain confident in our free cash flow generation capabilities in the business, and we will continue to maintain the balanced capital allocation approach that we described at Investor Day.

第三，我們擁有強勁的資產負債表和強勁的現金狀況，我們對業務中的自由現金流產生能力仍然充滿信心，我們將繼續維持我們在投資者日描述的平衡資本配置方法。

Fourth, we have a proven operating model with a highly flexible cost structure and which has been proven before and will continue to play out as we had projected as well.

第四，我們擁有一個經過驗證的運營模式，具有高度靈活的成本結構，並且該模式之前已經得到證實，並將繼續按照我們的預期發揮作用。

Fifth, we have a seasoned management team here that has experience in the business for decades, and we'll continue to remain proactive and balanced in navigating this environment, and you've seen us do this already this year.

第五，我們擁有一支經驗豐富的管理團隊，他們擁有數十年的業務經驗，我們將繼續在這種環境中保持積極主動和平衡，今年你已經看到我們已經這樣做了。

Finally, I would want to remind everyone that we remain incredibly confident and excited about the favorable long-term secular trends that are underpinning of our growth strategy. This is around the next-generation technology waves, new addressable customers and industries and R&D investment wave across multiple end markets. We are focused on positioning the company to grow and emerge from this environment stronger.

最後，我想提醒大家，我們對支撐我們增長戰略的有利的長期長期趨勢仍然充滿信心和興奮。這是圍繞下一代技術浪潮、新的潛在客戶和行業以及跨多個終端市場的研發投資浪潮。我們致力於使公司在這種環境中成長並變得更加強大。

Thank you very much for joining us today. I'll hand this back to Jason.

非常感謝您今天加入我們。我會把這個還給傑森。

Thank you, Satish, and that concludes our comments today. Have a great day.

謝謝薩蒂什，我們今天的評論就到此結束。祝你有美好的一天。

That concludes today's conference call. You may now disconnect your lines.

今天的電話會議到此結束。您現在可以斷開線路。