是德科技 (KEYS) 2024 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Keysight Technologies fiscal-third quarter 2024 earnings conference call. My name is Sarah, and I'll be your lead operator for today. (Operator Instructions)

女士們、先生們，美好的一天，歡迎參加是德科技 2024 財年第三季財報電話會議。我叫莎拉，今天我將擔任你們的首席接線生。 （操作員說明）

This call is being recorded today Tuesday, August 20, 2024, at 1:30 PM Pacific Time. I would now like to hand the call over to Jason Kary, Vice President, Treasurer and Investor Relations. Please go ahead.

此通話錄音於太平洋時間今天 2024 年 8 月 20 日星期二下午 1:30 進行。我現在想將電話轉交給財務主管和投資者關係副總裁 Jason Kary。請繼續。

Thank you, and welcome everyone to Keysight's third quarter earnings conference call for fiscal year 2024, joining me are Keysight's President and CEO Satish Dhanasekaran; and our CFO Neil Dougherty. In the Q&A session, we'll be joined by Chief Customer Officer, Mark Wallace. The press release and information to supplement today's discussions are on our website at investor dot keysight.com under financial information and quarterly reports.

謝謝大家，並歡迎大家參加是德科技 2024 財年第三季財報電話會議，與我一起參加的是德科技總裁兼執行長 Satish Dhanasekaran；和我們的財務長尼爾·多爾蒂。在問答環節，首席客戶長馬克華萊士將參加我們的問答環節。新聞稿和補充今天討論的資訊可在我們的投資者網站 keysight.com 的「財務資訊和季度報告」下找到。

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.

今天的評論將涉及非公認會計準則財務指標。我們還將參考核心成長，其中不包括貨幣變動以及過去 12 個月內完成的收購或剝離的影響。

The most directly comparable GAAP financial metrics and reconciliations are on our website and all comparisons are on a year-over-year basis. Unless otherwise noted, we will make forward-looking statements about the financial performance of the company on today's call. These statements are subject to risks and uncertainties and are only valid as of today, and we assume no obligation to update them.

最直接可比較的 GAAP 財務指標和調節表位於我們的網站上，所有比較都是逐年進行的。除非另有說明，我們將在今天的電話會議上對公司的財務表現做出前瞻性陳述。這些聲明存在風險和不確定性，僅在今天有效，我們不承擔更新它們的義務。

And I encourage you to review our recent SEC filings for a more complete view of these risks and other factors. Lastly, management is scheduled to participate in upcoming investor conferences hosted by Jefferies, Deutsche Bank, Citi, and Goldman Sachs.

我鼓勵您查看我們最近向 SEC 提交的文件，以更全面地了解這些風險和其他因素。最後，管理層計劃參加即將由傑富瑞、德意志銀行、花旗和高盛主辦的投資者會議。

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. My comments will focus on three key headlines. First, Keysight executed well by delivering revenue and earnings above the high end of our guidance in market conditions that were stable and consistent with our expectations.

大家下午好，感謝您今天加入我們。我的評論將集中在三個關鍵標題上。首先，是德科技表現出色，在穩定且符合我們預期的市場條件下實現了高於我們指導上限的收入和收益。

Second, orders of $1.25 billion was slightly above expectations and in line with prior year and growing low single digits sequentially. In a mixed demand environment, we continue to see stability and pockets of growth, particularly in commercial communications.

其次，訂單金額為 12.5 億美元，略高於預期，與前一年持平，且季增較低個位數。在混合需求環境中，我們繼續看到穩定和成長，特別是在商業通訊領域。

The funnel of opportunities supports our outlook for second half orders to be above first half orders, followed by a more gradual recovery in 2025, barring any further macroeconomic degradation.

機會漏斗支持我們對下半年訂單高於上半年訂單的預期，並在 2025 年實現更逐步的復甦，除非宏觀經濟進一步惡化。

Third, we remain confident in the strength of our business model and are intently focused on value creation for both customers and our shareholders. Our capital allocation priorities have not changed first for strategically investing to deliver leading edge capabilities as new technologies inflect and to return the company to our long-term growth trajectory.

第三，我們對我們業務模式的優勢仍然充滿信心，並專注於為客戶和股東創造價值。我們的資本配置優先事項沒有改變，首先是策略性投資，以隨著新技術的發展提供領先的能力，並使公司重返長期成長軌道。

Second, we're expanding our SAM and growth opportunities through disciplined M&A. And third, we are committed to returning capital through share repurchases. In facts, we returned over $715 million or 78% of free cash flow over the past four quarters.

其次，我們正在透過嚴格的併購來擴大我們的 SAM 和成長機會。第三，我們致力於透過股票回購來返還資本。事實上，過去四個季度我們返還了超過 7.15 億美元，即自由現金流的 78%。

Now let's begin with a brief overview of Keysight's third quarter performance revenue of $1.2 billion and earnings per share of $1.57 were above our expectations. And for the second consecutive quarter, we saw relative stability in both orders and revenue.

現在讓我們先簡單回顧一下是德科技第三季業績營收 12 億美元，每股收益 1.57 美元，兩者都超出我們的預期。我們連續第二季看到訂單和收入相對穩定。

Turning to our business segments, CSG returned to order growth in Q3, while revenue declined 8% year-over-year, we saw some modest improvement sequentially. Commercial Communications orders grew low double digits, strong growth in wireline, driven by AI more than offset the year-over-year decline in a sequentially stable wireless business.

就業務部門而言，南玻第三季訂單恢復成長，儘管營收年減 8%，但較上季略有改善。商業通訊訂單成長兩位數，有線業務在人工智慧的推動下強勁成長，抵消了連續穩定的無線業務的同比下降。

Wireline orders grew for third consecutive quarter, driven by robust investment in the re-architecture of data center networks for 400 gig, 800 gig and Ultra Ethernet and data rates, AI model training and network performance.

有線訂單連續第三個季度成長，得益於對 400 GB、800 GB 和超以太網資料中心網路重新架構以及資料速率、AI 模型訓練和網路效能的強勁投資。

We're benefiting from the investments we've made to position Keysight ahead of this technology inflections. In R&D, we're enabling customers with our design and simulation solutions across the technology stack for key applications, including GPU servers, AI workload, emulation and performance benchmarking in manufacturing cluster and switching deployments drove capacity demand this quarter, and we secured key wins in GPU rack connectivity applications with market-leading customers.

我們從我們為使是德科技走在這項技術變革的前沿而進行的投資中受益。在研發方面，我們為客戶提供跨關鍵應用技術堆疊的設計和模擬解決方案，包括GPU 伺服器、人工智慧工作負載、製造叢集中的模擬和效能基準測試，以及交換部署推動了本季的容量需求，我們獲得了關鍵勝利與市場領先的客戶合作開發 GPU 機架連接應用。

Keysight also collaborated with Cisco and [Conduit] to demonstrate interconnect technologies in a cluster networks to reduce power consumption. We're also actively engaged with customers in the Ultra Ethernet Consortium to define future network architectures for AI and high-performance workloads.

是德科技也與思科和 [Conduit] 合作，展示了叢集網路中的互連技術，以降低功耗。我們也積極與超乙太網路聯盟的客戶合作，為人工智慧和高效能工作負載定義未來的網路架構。

In wireless demand has been stable for the past three quarters, albeit at a lower level on a year-over-year basis. While customer spending remains cautious, the breadth of our solutions portfolio is enabling us to capture ongoing R&D investment in non-terrestrial networks, open radio access network deployments and release 18 of the 3GPP standard.

無線需求在過去三個季度保持穩定，儘管同比水平較低。儘管客戶支出仍然謹慎，但我們解決方案組合的廣泛性使我們能夠捕獲對非地面網路、開放式無線存取網路部署和 3GPP 標準第 18 版的持續研發投資。

Customers are also investing in scaling 5G and evaluating next-generation technologies for example, at the recent ‘ITAR’ International Conference and Communications, Keysight showcased early 6G technology, together with Ericsson.

客戶還在投資擴展 5G 並評估下一代技術，例如，在最近舉行的「ITAR」國際會議和通訊會議上，是德科技與愛立信一起展示了早期的 6G 技術。

Government incentives, particularly in US, Europe and Japan, are driving development of a robust ecosystem to commercialize open radio access networks this quarter, Keysight's open radio access network solutions enable state of the art open testing and integration centers across the globe from Europe to North America to Asia.

政府的激勵措施，特別是在美國、歐洲和日本，正在推動一個強大的生態系統的發展，以在本季度實現開放式無線接入網路的商業化。方案在從歐洲到北方的全球範圍內建立了最先進的開放式測試和整合中心美國到亞洲。

Turning to aerospace, defense and government revenue and orders were down year over year, but sequentially flat. The prolonged US budget approval process has caused delays in the appropriation of funding for new projects, which we expect to filter through over the next few quarters.

航空航太、國防和政府收入和訂單同比下降，但環比持平。美國預算審批流程延長導致新項目資金撥款延遲，我們預計新項目的撥款將在未來幾季得到解決。

And the interim spending on defense modernization remains steady with healthy demand from US primes and allied governments. Keysight recently expanded its engagement with US government through joint cyber defense collaborative to enhance cybersecurity resiliency.

由於美國總理和盟國政府的健康需求，國防現代化的臨時支出保持穩定。是德科技最近透過聯合網路防禦合作擴大了與美國政府的合作，以增強網路安全彈性。

In the quarter, we secured key wins with US and European primes for Spectrum operation applications. We also expanded our Quantum footprint with a multi hundred cubit application win with a key government customer.

本季度，我們在美國和歐洲的頻譜營運應用程式方面取得了重大勝利。我們也擴大了我們的量子足跡，贏得了一個重要政府客戶的數百肘應用。

Turning to Electronic Industrial Solutions Group, revenue continued to normalize from a strong prior year, declining double digits. As expected, customer spending and market conditions remain muted. While we saw relative stability in orders and revenue on a sequential basis.

至於電子工業解決方案集團，營收從去年的強勁表現持續正常化，下降了兩位數。正如預期的那樣，客戶支出和市場狀況仍然低迷。雖然我們看到訂單和收入比上季相對穩定。

In semiconductor revenue was also down year over year versus an all-time high in Q3 last year. Orders increased low single digits and were up strongly on a sequential basis, while certain segments of the market continue to work through excess inventory, higher performance requirements for AI workloads drove spending in advance nodes, high bandwidth memory and silicon photonics technologies.

與去年第三季的歷史新高相比，半導體收入也較去年同期下降。訂單成長低個位數，環比強勁成長，而某些市場領域繼續面臨庫存過剩的局面，人工智慧工作負載的更高效能要求推動了先進節點、高頻寬記憶體和矽光子技術的支出。

The investments that we have made specific to these market opportunities resulted in increased demand from foundry and memory customers for our Parametric Test Solutions.

我們針對這些市場機會的投資導致代工廠和記憶體客戶對我們的參數測試解決方案的需求增加。

In Automotive, orders and revenues declined double digits. Lower auto manufacturing activity remains a headwind in the near term. In New Mobility, EV orders were lower as demand for some battery test and charging infrastructure investments were delayed, while AV orders grew mid-single digits on a sequential basis.

在汽車領域，訂單和收入下降了兩位數。汽車製造活動的減少在短期內仍然是一個阻力。在新出行領域，由於一些電池測試和充電基礎設施投資的需求被推遲，電動車訂單減少，而自動駕駛汽車訂單環比增長中個位數。

The opportunities in R&D continue to grow as customer engagement in transition to software defined verticals, right? As an example, risk, you're successfully completed the first car connectivity consortium digital key certification in conjunction with NXP, this certification strengthens trust in security of next-generation vehicles.

隨著客戶參與度向軟體定義垂直產業轉型，研發機會持續成長，對嗎？舉個例子，風險，您與恩智浦合作成功完成了首個汽車連接聯盟數位金鑰認證，該認證增強了對下一代車輛安全性的信任。

It also further expands Keysight's security evaluation offering for the automotive industry. In general electronics customer spending remains constrained, particularly in manufacturing, China and the distribution channel. There were pockets of growth in digital health and advanced research for orders grew low double digits.

它也進一步擴展了是德科技針對汽車產業的安全評估產品。總體而言，電子產品客戶支出仍然受到限制，特別是在製造業、中國和分銷管道。數位醫療領域出現了一些成長，高級研究訂單增加了兩位數。

Software and services revenues are resilient and grew this quarter, while accounting for 39% of total Keysight revenue, annual recurring revenue from software and services also increased year-over-year and in Q3 accounted for roughly 29% of overall Keysight.

軟體和服務收入本季表現強勁並有所增長，佔德科技總收入的 39%，軟體和服務的年度經常性收入也同比增長，在第三季度約佔是德科技整體收入的 29%。

Our appliance software test automation platform is expanding with multiple consecutive quarters of double-digit growth while also gaining early traction in sales channel leverage between ESI and Keysight expanding to select accounts and geographies. The collaboration resulted in a key win in the satellite communications space.

我們的設備軟體測試自動化平台正在不斷擴張，連續多個季度實現兩位數成長，同時 ESI 和是德科技之間的銷售管道槓桿作用也獲得了早期牽引力，擴展到特定客戶和地區。此次合作在衛星通訊領域取得了重大勝利。

Lastly, Keysight's design engineering software platform continues to grow, this quarter we launched new releases for virtual prototyping and simulation capabilities, which address high-performance use cases across our communications, aerospace and defense and automotive end markets.

最後，是德科技的設計工程軟體平台不斷發展，本季我們推出了虛擬原型和模擬功能的新版本，可滿足通訊、航空航太、國防和汽車終端市場的高性能用例。

In summary, the strength and differentiation of Keysight's business model is enabling us to outperform in a variety of economic conditions. We're well positioned to capitalize on technology inflections ahead of us and remain laser focused on value creation for both customers and shareholders.

總之，是德科技業務模式的優勢和差異化使我們能夠在各種經濟條件下脫穎而出。我們處於有利位置，可以利用眼前的技術變化，並繼續專注於為客戶和股東創造價值。

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

接下來，我將把它交給尼爾來討論我們的財務表現和前景。

Thank you, Satish, and hello, everyone. Third quarter revenue of $1.217 billion was above the high end of our guidance range and down 12% or 13% on a core basis. Orders of 1.249 billion were essentially flat or down 1% on a core basis. Backlog at the end of the quarter grew $30 million to finish at $2.3 billion.

謝謝薩蒂什，大家好。第三季營收為 12.17 億美元，高於我們指引範圍的上限，但核心收入下降了 12% 或 13%。訂單量為 12.49 億份，基本持平或下降 1%。本季末積壓訂單增加了 3,000 萬美元，最終達到 23 億美元。

Looking at our operational results for Q3, we reported gross margin of 64%. Operating expenses of $484 million were up 1% year over year. Excluding acquisitions, SG&A expenses were down 7%, reflecting our cost flexibility and actions taken to date.

從我們第三季的營運表現來看，我們的毛利率為 64%。營運費用為 4.84 億美元，年增 1%。不包括收購在內，SG&A 費用下降了 7%，反映了我們的成本靈活性和迄今為止的行動。

Q3 operating margin was 24% or 26% on a core basis. Year to date, core operating margin is down only 400 basis points, continuing to outperform Keysight's down cycle model and demonstrating the financial resiliency of the business.

第三季核心營業利益率為 24% 或 26%。今年迄今為止，核心營業利潤率僅下降了 400 個基點，繼續優於是德科技的下行週期模型，並展示了該業務的財務彈性。

During the quarter, we amended our tax returns from 2020 onward to reflect an amortization deduction related to a prior period corporate restructuring. This change reduces our effective non-GAAP tax rate from 17% to 14% or 300 basis points for fiscal year 2024. And going forward.

在本季度，我們修改了 2020 年起的報稅表，以反映與前期公司重組相關的攤提扣除額。這項變更將我們 2024 財年的有效非 GAAP 稅率從 17% 降低至 14%，即 300 個基點。

Turning to earnings, we achieved $275 million of net income and delivered earnings of $1.41 per share. Excluding the impact of the tax rate change, this tax change added an additional $0.16 to earnings per share of which $0.11 relates to the first half of FY24 and $0.05 to Q3.

談到收益，我們實現了 2.75 億美元的淨利潤，每股收益為 1.41 美元。排除稅率變化的影響，這一稅收變化使每股收益額外增加了 0.16 美元，其中 0.11 美元與 2024 財年上半年相關，0.05 美元與第三季度相關。

We finished the quarter at $1.57 in earnings per share. Our weighted average share count for the quarter was 175 million shares.

本季末，我們的每股收益為 1.57 美元。本季我們的加權平均股數為 1.75 億股。

Moving to the performance of our segments, the Communications Solutions Group generated revenue of $847 million, down 8% on both a reported and core basis. Commercial Communications revenue of 572 million declined 6%, while aerospace defense and government revenue of $275 million was down 10%.

至於我們各部門的業績，通訊解決方案集團的收入為 8.47 億美元，報告收入和核心收入均下降 8%。商業通訊收入為 5.72 億美元，下降 6%，而航空航天國防和政府收入為 2.75 億美元，下降 10%。

Altogether, CSG delivered gross margin of 67% and operating margin of 26%. The Electronic Industrial Solutions Group generated revenue of $370 million, down 20% or 24% on a core basis. EISG reported gross margin of 58% and operating margin of 20%, an increase of approximately 100 basis points versus the prior quarter on slightly lower revenue.

整體而言，南玻集團的毛利率為 67%，營業利益率為 26%。電子工業解決方案集團的收入為 3.7 億美元，核心收入下降 20% 或 24%。 EISG 報告毛利率為 58%，營業利潤率為 20%，較上一季成長約 100 個基點，但營收略有下降。

Moving to the balance sheet and cash flow we ended the quarter with $1.6 billion in cash and cash equivalents, generating cash flow from operations of $255 million and free cash flow of $222 million. Share repurchases this quarter totaled 1.07 billion shares at an average price per share of approximately $140 for a total consideration of $150 million.

轉向資產負債表和現金流，本季末我們的現金和現金等價物為 16 億美元，營運現金流為 2.55 億美元，自由現金流為 2.22 億美元。本季股票回購總量為 10.7 億股，每股平均價格約 140 美元，總代價為 1.5 億美元。

Now turning to our outlook, we expect to finish the year slightly better than anticipated with fourth quarter revenue in the range of $1.245 billion to $1.265 billion, and Q4 earnings per share in the range of $1.53 to $1.59 based on a weighted diluted share count of approximately 174 million shares.

現在轉向我們的展望，我們預計今年的業績將略好於預期，第四季營收在12.45 億美元至12.65 億美元之間，第四季每股收益在1.53 美元至1.59 美元之間（基於加權稀釋股數）約1.74億股。

In closing in an uncertain macro environment, we are executing on the dimensions that we control, capturing the current market opportunities and positioning Keysight for success as markets recover.

最後，在不確定的宏觀環境中，我們正在我們控制的範圍內執行任務，抓住當前的市場機會，並為是德科技在市場復甦時取得成功奠定基礎。

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

這樣，我會將其轉回給 Jason 進行問答。

Thank you, Neil. Sarah, could you please give the instructions for the Q&A?

謝謝你，尼爾。莎拉，您能給的問答說明嗎？

(Operator Instructions)

（操作員說明）

Mark Delaney, Goldman Sachs.

馬克·德萊尼，高盛。

Good afternoon and thanks very much for taking my question. Orders were up slightly, both sequentially and year on year after being down year on year for the prior six quarters. Maybe you can help us better understand how meaningful you think the pickup in orders is as a sign that the cyclical environment may be changing?

下午好，非常感謝您提出我的問題。在前六個季度年減後，訂單量較上季和年比均略有上升。也許您可以幫助我們更好地了解您認為訂單的增加作為週期性環境可能正在改變的跡像有多大意義？

Hi, Mark. Thanks for the question. Obviously, we're encouraged by the continued stability that we see in our base business inflections that are material in our wireline business, some signs of a rebound in semi, although it's too early to call it. And so and then there's some incremental weakness in the automotive sector.

嗨，馬克。謝謝你的提問。顯然，我們對我們的基礎業務持續穩定感到鼓舞，這對我們的固網業務至關重要，半成品有一些反彈的跡象，儘管現在說還為時過早。因此，汽車產業逐漸出現一些疲軟。

So we put all in the blender. And I'd say in this current environment, we're were increased by this turning to slight year-over-year growth as we've seen, but it might be too soon to call a recovery at this time. And the key point is we're executing well and we feel good about our own portfolio and its differentiation and value investments we have made to continue to keep that going.

所以我們把所有的東西都放進攪拌機裡。我想說的是，在當前的環境下，正如我們所看到的那樣，我們因同比小幅增長而有所增加，但目前稱之為復甦可能還為時過早。關鍵是我們執行得很好，我們對自己的投資組合及其差異化和價值投資感覺良好，我們為繼續保持這一勢頭而進行了投資。

Thanks for that Satish. Whether question was a follow up on the orders. You mentioned AI as a positive contributor yet again to commercial communications. Maybe you can help us better understand what percentage of commercial communications orders are tied to AI at this point? And how impactful my AIB for revenue within commercial, as you look out over the next 12 months or so? Thank you.

謝謝薩蒂什。問題是否是訂單的後續行動。您再次提到人工智慧對商業傳播的積極貢獻。也許您可以幫助我們更好地了解目前與人工智慧相關的商業通訊訂單的百分比是多少？當您展望未來 12 個月左右的時間時，我的 AIB 對商業收入的影響有多大？謝謝。

Thanks, Mark. Yeah, we're quite pleased that our commercial communications orders grew double digits this quarter. Again, as I mentioned, we have a pretty diverse portfolio that caters to the entire communications ecosystem with solutions.

謝謝，馬克。是的，我們很高興本季我們的商業通訊訂單成長了兩位數。正如我所提到的，我們擁有相當多樣化的產品組合，可以透過解決方案滿足整個通訊生態系統的需求。

So you can think of wireless and wireline and wireline ecosystem represents roughly about 40% to 45% of our commercial communications business, and it's inflecting driven by the AI spend.

因此，您可以認為無線和有線以及有線生態系統約占我們商業通訊業務的 40% 至 45%，並且它是由人工智慧支出驅動的。

Now when you think about how big this could be longer term, I think the answer is becoming quite clear that AI is going to be a pretty transformational technology that's currently two evolutions of multiple underlying waves of standards and technologies, but it's not yet played out.

現在，當你思考這可能有多大的長期影響時，我認為答案已經變得非常清楚，即人工智慧將成為一項相當具有變革性的技術，目前是多種基礎標準和技術浪潮的兩次演變，但尚未發揮作用。

Today, the state of the affairs is it's a highly concentrated opportunity set driven by the big investments made by the hyperscalers. And it is a constricted sort of constrained, I should say, sort of environment from a supply perspective.

如今的情況是，這是一個由超大規模企業的巨額投資驅動的高度集中的機會集。我應該說，從供應的角度來看，這是一個受限的環境。

So there are some challenges that the customers are working through. So we're seeing and we're picking up some of that capital investments that are playing out through our manufacturing business that is that is rapidly expanding.

因此，客戶正在應對一些挑戰。所以我們看到，我們正在透過我們正在迅速擴張的製造業務進行一些資本投資。

But equally, we're making good progress, I would say, in engaging with standardization across the entire stack and in making meaningful contributions in R&D across compute, power and thermal networking protocols and memory, all aspects of innovation that customers are playing into.

但同樣，我想說，我們在整個堆疊的標準化方面取得了良好的進展，並在計算、電源和熱網絡協議以及內存以及客戶正在參與的創新的所有方面的研發方面做出了有意義的貢獻。

But again, the ecosystem, I believe, will broaden over time and our goal has been for the last 18 months to invest to have this opportunity, feel good about our market position.

但我相信，隨著時間的推移，生態系統將會擴大，我們的目標是在過去 18 個月進行投資，以獲得這個機會，並對我們的市場地位感到滿意。

Thank you.

謝謝。

Aaron Rakers, Wells Fargo.

亞倫·雷克斯，富國銀行。

Thanks for taking the question. Questions on I want to go back. You know, it's been a little while, but at the Analyst Day a little over a year ago, you had outlined a revenue figure of 5% to 7%. And I'm curious as we kind of see the stabilization of orders we think about the return of growth here.

感謝您提出問題。關於我想回去的問題。你知道，已經有一段時間了，但在一年多前的分析師日上，你已經概述了 5% 到 7% 的收入數字。我很好奇，當我們看到訂單穩定時，我們會考慮這裡的成長回歸。

Is there anything that's changed as we start to think about the next fiscal year that you would put out there for us to think about relative to that 5% to 7% growth rate? And if so, I mean, why wouldn't we expect even a stronger growth rate just given the easy comps that you're looking at.

當我們開始考慮下一個財年時，您會提出讓我們考慮相對於 5% 到 7% 的成長率有什麼變化嗎？如果是這樣，我的意思是，考慮到您正在考慮的簡單比較，我們為什麼不期望更強勁的成長率。

Yeah. Thank you, Aaron. Obviously, in our long-term view of the opportunities and the underlying drivers remain unchanged. And so we would expect the business to trend back to those levels that's point number one. However, you know, look at '21 and '22 have been outsized years for our markets, and '23 was a flat year or flattish year. We continue to deliver value, and '24 is a down year for the market.

是的。謝謝你，亞倫。顯然，我們對機會和潛在驅動因素的長期看法保持不變。因此，我們預計業務將回到第一點的水平。然而，你知道，21 和 22 年對我們的市場來說是過大的年份，而 23 年是平淡的一年或平淡的一年。我們繼續創造價值，而 24 年對市場來說是一個低迷的一年。

And so our first priority is to say that we can stay with the business conditions have stabilized that was our sort of first milestone, I should say. And as a sign of that, we feel good about what we had shared with you last quarter, which is that the second half orders will be greater than the first half.

因此，我們的首要任務是說，我們可以保持業務狀況穩定下來，我應該說，這是我們的第一個里程碑。作為一個跡象，我們對上季度與您分享的情況感到滿意，即下半年的訂單將大於上半年。

Okay. So that's the first thing. Second is, you know, the shape of the recovery as we've seen, it's still a pretty mixed environment. And you know, we're not at this point factoring in an Enphase recovery, if you will, across all our multiple end markets.

好的。這是第一件事。其次，正如我們所看到的，復甦的形式仍然是一個相當複雜的環境。你知道，如果你願意的話，我們目前還沒有考慮到我們所有多個終端市場的 Enphase 復甦。

And therefore, you know, we would we would at this point say, we were thinking about this as a slow gradual recovery in 2025. However, the actions that we're taking in terms of things we control our innovations engagements with customers are all with an intent to maximize. And I feel good about Keysight's position.

因此，你知道，我們此時會說，我們認為這是 2025 年的緩慢逐步復甦。我對是德科技的地位感到滿意。

Obviously, we want to see some more progression in the funnel dynamics, which are trending positive, but you'll hear more from Mark later, we want to see that progress a bit more before we can talk about what those growth rates might be for '25.

顯然，我們希望看到漏斗動態方面取得更多進展，這些進展呈積極趨勢，但稍後您會從馬克那裡聽到更多信息，我們希望看到更多進展，然後才能討論這些增長率的用途'25。

Very helpful. And then just as a quick follow-up, I'm curious as you, Neil, I think a quarter or two ago, you talked about longer dated backlog build or orders. I'm curious any update on that and what you're seeing in the market today?

非常有幫助。然後，作為一個快速跟進，我和你一樣好奇，尼爾，我想一兩個季度前，你談到了較長期的積壓建設或訂單。我很好奇這方面的最新情況以及您今天在市場上看到的情況？

Yeah, the incoming order rate range, reasonably stable in that upper single digits level of mix. And on the revenue side, we are trending in that direction. We're not yet to the point where the revenues are at that level. But in the next quarter or two, we'd expect to achieve that.

是的，進貨訂單率範圍在混合的較高個位數水準上相當穩定。在收入方面，我們正朝著這個方向發展。我們的收入還沒有達到這個水準。但在接下來的一兩個季度，我們預計會實現這一目標。

Thank you.

謝謝。

Matt Niknam, Deutsche Bank. Your line is now open.

馬特·尼克南，德意志銀行。您的線路現已開通。

Thanks for taking the question. This is Michael Allen on for Matt Niknam. I'm just wondering if you could maybe hold a little more dig a little more to the aerospace. The 80G segment is are these delays are kind of pushing more into the next quarters, kind of a slowdown of when you expect to see more of the year-over-year growth rate surcharges anymore color on that?

感謝您提出問題。我是邁克爾艾倫 (Michael Allen) 替馬特尼克南 (Matt Niknam) 發言。我只是想知道你是否可以對航空航太領域進行更多的挖掘。 80G 領域的問題是，這些延遲是否會將更多的時間推入下個季度，當您預計會看到更多的年成長率附加費時，是否會出現放緩？

Yeah. Thank you. And I'd say the overarching trends, given the geopolitics that we're under, Rob are positive. So that's number one. There is bipartisan support for in our budgets in defense in the United States and increasing support for raising budgets around the world. Japan just announced increase and Europe is also focused on that. And I feel good about Keysight's a focused long-term focus we've had in defense monetization with Quantum solutions with solutions for from magnetic spectrum operations, Space and Satellite are all aligned with the right priorities.

是的。謝謝。我想說，考慮到我們所處的地緣政治，羅布的整體趨勢是正面的。所以這是第一。兩黨都支持美國的國防預算，並越來越支持世界各地提高預算。日本剛剛宣布增加，歐洲也關注這一點。我對是德科技長期專注於國防貨幣化感到滿意，我們的量子解決方案以及來自磁頻譜操作、太空和衛星的解決方案都符合正確的優先事項。

Having said that, you know, the budgets and appropriation timing does have an impact really hard to predict on a quarterly basis, but we like the pipeline that's building the prime contractors. Backlog increases are also something we monitor in the US and we feel good that those will all eventually flush into orders for us this year.

話雖如此，您知道，預算和撥款時間確實會產生難以按季度預測的影響，但我們喜歡正在建造主承包商的管道。我們在美國也監控積壓訂單的增加，我們很高興這些最終都會湧入我們今年的訂單。

Obviously, we're lapping a full year of 2023 of record levels for order and revenue for the aerospace and defense business. So you'll see some of the revenue levels are down. And to the point about the long-dated backlog, we have won some large systems businesses last year and this year, which will also convert into revenue next year. So I would say that the drivers remain intact. Our position remains solid and the pipeline is strong. Thank you.

顯然，我們的航空航太和國防業務的訂單和收入將在 2023 年全年創下歷史新高。所以你會看到一些收入水準下降了。至於長期積壓的問題，我們去年和今年贏得了一些大型系統業務，這些業務也將在明年轉化為收入。所以我想說驅動程式保持不變。我們的地位依然穩固，通路也很強大。謝謝。

Helpful, thank you.

有幫助，謝謝。

David Ridley-Lane, Bank of America.

大衛·里德利·萊恩，美國銀行。

Thank you. Yes, so just on automotive. I mean, I think the broader weakness in the EV market is well known, but I saw you mentioned clients delaying projects. Are they looking to kind of restart maybe at the beginning of calendar 2025 to sort of gain a sense of the tone in those customer conversations?

謝謝。是的，就汽車而言。我的意思是，我認為電動車市場的整體疲軟是眾所周知的，但我看到您提到客戶推遲了專案。他們是否希望在 2025 年年初重新啟動，以了解這些客戶對話的基調？

Yeah, David, this is a this is Mark. It's hard to predict when the timing is for some of these projects, some of them have very long processes associated with the procurement process, including proof of concepts and then the projects themselves last many quarters.

是的，大衛，這是馬克。很難預測其中一些項目的時間安排，其中一些項目有與採購流程相關的非常長的流程，包括概念驗證，然後項目本身會持續多個季度。

It falls into this category of some of the long dated business that we've been talking about for quite a while. What I think we are seeing, though is the continuous focus on innovation with our key automotive customers.

它屬於我們已經討論了一段時間的一些長期業務的類別。不過，我認為我們看到的是我們的主要汽車客戶對創新的持續關注。

The AV side and something software defined vehicles is now migrating toward continued to show growth in the quarter sequentially, and we are continuing to work with customers in all regions. So this is a global situation that we are well positioned for.

AV 方面和軟體定義車輛的某些內容現在正在轉向在本季度繼續呈現成長，我們將繼續與所有地區的客戶合作。因此，這是我們處於有利位置的全球局勢。

And what I would look for in 2025 is some of the moderation of the slowness that we've experienced for many quarters around manufacturing as capacities are required to increase. And then I think given the regulatory situation, the political climate in the long term commitments to e-mobility.

我希望到 2025 年，由於產能需要增加，我們在製造方面經歷了許多季度的緩慢增長，但我希望在 2025 年有所緩解。然後我認為考慮到監管情況和對電動車長期承諾的政治氣候。

I would expect the pause that we're seeing right now and some of these battery test and EV projects to begin gaining some momentum in the next several quarters.

我預計我們現在看到的暫停以及其中一些電池測試和電動車項目將在未來幾季開始獲得一些動力。

Understood. And then a quick one for Neil, just to just check. When you said 14% tax rate going forward, that said, that's a good baseline modeling assumption for next fiscal year?

明白了。然後尼爾快速檢查一下。當您提到未來 14% 的稅率時，這是否是下一財年的良好基準建模假設？

Yeah, for next fiscal year, you actually would expect it to that tax rate to hold for multiple years. The next thing that we're aware of is the US guilty tax rate. So that's a tax on offshore profitability is scheduled to increase in 2027. So we'll need to evaluate the impact of that on Keysight once again, we get closer to that implementation date.

是的，對於下一個財政年度，您實際上會期望該稅率保持多年。我們知道的下一件事是美國的有罪稅率。因此，計劃在 2027 年增加對離岸獲利能力的徵稅。

And the only other thing I would add is both of the current presidential candidates have prioritized tax legislation for the 1st year of a new administration. Obviously, we don't have any way to assess what those programs would be like and with. And so this doesn't account for anything that that could be passed as part of a new presidential administration, but a status quo through '27.

我唯一要補充的是，兩位現任總統候選人都將新政府第一年的稅收立法列為優先事項。顯然，我們沒有任何方法來評估這些計劃的樣子和內容。因此，這並沒有說明任何可以作為新總統政府一部分通過的內容，而是截至 27 世紀的現狀。

Got it. Thank you very much.

知道了。非常感謝。

Meta Marshall, Morgan Stanley.

梅塔‧馬歇爾，摩根士丹利。

Great. Thanks. I've a couple of questions. Maybe on kind of the communications business and what do you see as catalysts for improvement in fiscal '25 in that business, even if they are gradual? And then just maybe a second question, really probably limited updates, but any update on Spire acquisition?

偉大的。謝謝。我有幾個問題。也許是在通訊業務方面，您認為什麼是 25 財年該業務改善的催化劑，即使它們是漸進的？然後也許是第二個問題，確實可能是有限的更新，但是有關 Spire 收購的任何更新嗎？

Yeah. I would just say from a from a spine and I'll take the second first. You know, obviously, I'm going to be limited by what I can add, but I think an update to the situation is that we've received up to shareholder approval, a final shareholder approval for the transaction, and we're working through the regulatory of the regulatory process. And at this point, as we have stated before, we expect the transaction to be completed in the first half of fiscal '25.

是的。我只想說從脊椎開始，我會先說第二個。你知道，顯然，我將受到我能補充的內容的限制，但我認為情況的最新情況是，我們已經獲得了股東的批准，交易的最終股東批准，並且我們正在努力通過監管過程的監管。目前，正如我們之前所說，我們預計交易將在 25 財年上半年完成。

As far as your original question, I mean, it is quite exciting to see tremendous demand and inflection in the wireline business. And as I mentioned before, it is concentrated and it is in a supply-constrained environment.

至於你原來的問題，我的意思是，看到有線業務的巨大需求和變化是非常令人興奮的。正如我之前提到的，它是集中的並且處於供應受限的環境中。

So it remains to be seen how long the manufacturing build-outs go up but that's a near-term dynamic and we're capitalizing on it. I think the R&D opportunities associated with the multiple areas that I touched upon, the key sites engaging with customers on we feel like is it gives us a good pipeline to go execute for the next three to five year horizon because there is going to be a bigger, bigger wave.

因此，製造業擴建會持續多久還有待觀察，但這是近期的動態，我們正在利用它。我認為與我觸及的多個領域相關的研發機會，我們認為與客戶互動的關鍵網站，它為我們提供了一個良好的管道，可以在未來三到五年內執行，因為將會有一個更大更大的波浪。

And with any of these technology trends hard to really see it until it happens. So but we're engaged and we're making meaningful contributions for customers. But I would expect some stability in wireless to continue and some increase perhaps in deployment activity across the globe, which would give further some signs of growth to our component test business there.

在這些技術趨勢發生之前，很難真正看到它。因此，我們很投入，正在為客戶做出有意義的貢獻。但我預計無線領域將繼續保持穩定，並且全球範圍內的部署活動可能會增加，這將為我們在那裡的組件測試業務帶來進一步的成長跡象。

And then as I think about the wireline side of the business, continued in our investments in R&D, maybe some moderating manufacturing investments in the second half of next year. So that's sort of our thinking at this point.

然後，當我考慮業務的有線方面時，我們將繼續進行研發投資，也許明年下半年會減少一些製造投資。這就是我們目前的想法。

Great. Thank you..

偉大的。謝謝..

Medhi Hosseini, Susquehanna.

梅迪·胡賽尼，薩斯奎哈納。

Yes, sir. Taking my question. A couple of follow-ups for you and thanks for color on booking trends into the October quarter. But just to you can look into the Q1 fiscal year '25. Historically, Q1 has been seasonally down in terms of bookings? And is there anything with the start of a new fiscal year that would make this year any different than are you using other funds?

是的，先生。回答我的問題。為您提供一些後續行動，並感謝您對 10 月份季度的預訂趨勢進行詳細介紹。但您可以看看 '25 財年第一季。從歷史上看，第一季的預訂量一直呈現季節性下降？隨著新財政年度的開始，有什麼事情會讓今年與您使用其他基金有所不同嗎？

Yeah, I think it's there as it relates to up by '25. I think, you know, given visibility is probably a little bit premature for us to give too much guidance as cities said we are expecting a moderate recovery into '25. I think as you as you have just noted in Keysight's core business, we do typically see a sequential decrease or decrease in the mid-single digits orders and revenue as we move from Q1 to Q4 into Q1.

是的，我認為它就在那裡，因為它與 25 年前有關。我認為，鑑於可見性，我們提供太多指導可能有點為時過早，因為各城市表示我們預計到 25 年將出現溫和復甦。我認為正如您剛才在是德科技核心業務中所指出的那樣，隨著我們從第一季到第四季度進入第一季度，我們通常會看到中個位數訂單和收入連續減少或減少。

The one thing that we you will need to account for, however, is the ESI business has kind of the opposite seasonality, recognizing about 40% to 45% of their revenues in the first quarter of Keysight's fiscal year. So you'll have the historical history would suggest throughout the Keysight business sequentially down ESI sequentially up, and we'll have to see how that plays out given the market environment.

然而，我們需要考慮的一件事是，ESI 業務具有相反的季節性，在是德科技財年第一季確認了約 40% 至 45% 的收入。因此，歷史記錄顯示整個是德科技業務的 ESI 依次下降，ESI 依次上升，我們必須看看在市場環境下情況如何。

And maybe Mark, maybe comment on the on the funnel dynamics.

也許馬克，也許對漏斗動態發表評論。

Yeah. So maybe the funnel, as we said before, is trending positive, I would say. And as I look at where we are today versus three months ago. So this is kind of a sequential trend. We're seeing more funnel intake. So that's new opportunities coming into our pipeline and we're seeing the speed or the velocity at which some of those deals are going through the funnel and closing increasing as well.

是的。因此，正如我們之前所說，我想說，漏斗可能呈現正面趨勢。當我觀察我們今天與三個月前的情況。所以這是一種連續的趨勢。我們看到更多的漏斗攝取量。因此，我們的管道中出現了新的機會，我們看到其中一些交易通過漏斗並完成的速度也在增加。

So that gives us a short-term funnel that supports our guide for Q4, and we'll continue to watch this carefully, but the but there are improving pipeline dynamics that we're seeing in the business.

因此，這為我們提供了一個支援第四季度指南的短期管道，我們將繼續仔細觀察這一點，但我們在業務中看到了管道動態的改善。

Great. Thanks for all the details that if I may just have a follow up on that. As you look into next fiscal year calendar year, is there anything with wireless infrastructure, anything that would it help with some technology upgrades, what would I mean like with the existing base stations would need to be upgraded from another not standalone to a stand-alone? Or is there anything else that is out there that would also help with the upgrade? Or is the recovery in the core telecom wireless telecom kind of view driven by just the capacity expansion?

偉大的。感謝您提供所有詳細信息，如果我可以對此進行跟進。當您展望下一個財年日曆年時，是否有任何無線基礎設施，是否有任何有助於某些技術升級的東西，我的意思是現有的基地台需要從另一個非獨立的基地台升級為獨立的基地台。或是有其他什麼可以幫助升級的嗎？或者，核心電信無線通訊的復甦是否只是由容量擴張所推動的？

Yes, it's a really good question, Mehdi, I think you know the thing the thing about our business is we tend to be more on the R&D labs of our customers. So we're on the front end so, towards that end, we see continued progression of standards released 17 released 18 release, 19 coming in and new teams such as AI. in the context of rand becoming real Open RAN deployments or Open RAN interoperability labs around the world are scaling.

是的，這是一個非常好的問題，Mehdi，我想你知道我們業務的特點是我們傾向於更專注於客戶的研發實驗室。因此，我們處於前端，因此，朝著這一目標，我們看到標準的持續進展，已發布 17 個版本、18 個版本、19 個版本以及人工智慧等新團隊。在 rand 成為真正的 Open RAN 部署或世界各地的 Open RAN 互通性實驗室正在擴展的背景下。

So all those are in, I would say, positive trends. You know, from a sequential basis, obviously we're down from the peak as far as the corporate CapEx cycle for from telcos are down, but the stability in the business is good.

所以我想說，所有這些都是積極的趨勢。你知道，從環比來看，顯然我們已經從高峰下降，因為電信公司的企業資本支出週期有所下降，但業務的穩定性很好。

We feel good about our engagements around these next-generation teams that I mentioned. And then some early activity around 60 is picking up, which we're making contributions to. So but again, then I would expect that the 5G business will have some stability because there's more deployment activities around the world and that that will that should provide it and some more stability until six GRIs.

我們對我提到的這些下一代團隊的參與感到滿意。然後 60 左右的一些早期活動正在恢復，我們正在為此做出貢獻。但話又說回來，我預計 5G 業務將具有一定的穩定性，因為世界各地有更多的部署活動，這應該會提供 5G 業務和更多的穩定性，直到 6 個 GRI。

Thank you.

謝謝。

Thank you.

謝謝。

Adam Thalhimer, Thompson Davis.

亞當·塔爾希默、湯普森·戴維斯。

Hey, good afternoon, guys. Nice quarter.

嘿，下午好，夥計們。不錯的季度。

Thank you, Adam.

謝謝你，亞當。

Sorry if I missed this, but the sequential revenue growth that you're looking for in Q4. Is that way more towards communications that you expect both segments to be sequentially up.

抱歉，如果我錯過了這一點，但您正在尋找第四季度的連續收入成長。您希望這兩個部分依次上升，這是否更有利於溝通。

One moment, but yeah, so this is the seasonal uptick. Obviously, we see in both businesses, it's probably going to skew a little bit more towards the business been in the industrial business at this point, given some of the pressure that we continue to see in manufacturing and automotive densities is shared.

一會兒，但是，是的，這就是季節性上升。顯然，我們在這兩個行業中看到，鑑於我們在製造業和汽車密度方面繼續看到的一些壓力是共同承擔的，目前這兩個行業可能會更偏向工業業務。

Typically end of the year, Adam, we would expect a seasonal uptick in aerospace and defense business, which has always been the case. So that other contributor as well.

亞當，通常在年底，我們預計航空航天和國防業務會出現季節性增長，情況一直如此。其他貢獻者也是如此。

Okay. And then there on the semiconductor side, last quarter, you talked about fabrication delays. I think you said might come back late Q4 2025. Can you can you just give an update there?

好的。然後在半導體方面，上個季度，您談到了製造延遲。我想你說過可能會在 2025 年第四季晚些時候回來。

Yeah. On the semi side, I'd say that the project activities are returning and we'll start to see some sequential growth of the pipeline remain solid and especially around in our memory, which is stronger. And technology suggests silicon photonics, where we had invested with customers.

是的。在半成品方面，我想說專案活動正在回歸，我們將開始看到管道的一些連續增長保持穩固，尤其是在我們的記憶中，這是更強大的。技術顯示矽光子學，我們與客戶一起投資。

And now AI is driving a essentially a higher sense of urgency to pull the trigger on those activities. Some parts on the logic side, still in our it's still a mixed environment on the logic side, but we feel good about sequential recovery in that business.

現在，人工智慧本質上正在推動一種更高的緊迫感來觸發這些活動。邏輯方面的某些部分，在我們的邏輯方面仍然是一個混合環境，但我們對該業務中的順序恢復感覺良好。

Great. Thanks.

偉大的。謝謝。

Thank you.

謝謝。

Rob Jameson, Vertical Research Partners.

Rob Jameson，垂直研究合作夥伴。

Yes, just a quick question on the on the auto exposure here. I know you talked about the weakness and some of the political headwinds there.

是的，這裡只是一個關於自動曝光的簡單問題。我知道你談到了那裡的弱點和一些政治阻力。

But on the autonomous vehicle side, just would love to kind of have you expand a little bit on how that leans on your core competencies of communications and maybe some color around what that opportunity might look like in the long term and how much as a percentage of total orders it is for us for that business.

但在自動駕駛汽車方面，我希望您能夠稍微擴展一下它如何依賴於您的核心通訊能力，也許還可以對這個機會的長期前景以及百分比進行一些說明。

Yeah. So thank you as you as you as you have rightfully noted, the automotive business and automotive marketplace is transforming, right? And I think for Keysight, historically very low exposure in that in that area. And as we have said before, we have grown the business to $500 million, almost from a very small base.

是的。因此，謝謝您，正如您正確指出的那樣，汽車業務和汽車市場正在轉變，對吧？我認為對於是德科技來說，歷史上在該領域的曝光率非常低。正如我們之前所說，我們幾乎從一個很小的基數將業務發展到了 5 億美元。

And a big part of that was really manufacturing and one-third of the businesses and manufacturing and production where we are engaged in the electronics manufacturing of it and we have a differentiated position there.

其中很大一部分實際上是製造業，三分之一的業務以及我們從事電子製造的製造和生產，我們在那裡擁有差異化的地位。

Two-thirds of the business obviously is all new mobility EV, that Mark Wallace talked about earlier and AV as well, and it's a marketplace that continues to transform on one dimension you have and Chinese battery, I'll call it commoditization pressures that customers are feeling and yet the regulations are on batteries and their safety needs dictate more testing there, in-region.

顯然，三分之二的業務都是新的移動電動車，馬克華萊士之前談到過，還有自動駕駛汽車，這是一個在你所擁有的和中國電池的一個維度上持續轉型的市場，我將其稱為客戶的商品化壓力感覺是，但法規是針對電池的，其安全需求要求在該地區進行更多測試。

And on the other side, I think the commercial ecosystem is starting to engage directly with automakers, and that's what Mark defined as the software defined vehicle opportunity set with silicon software combining. And it really plays to Keysight's traditional strength. And it's more a extension of what we do for traditional comms customers, and we're able to take those and go to market for them.

另一方面，我認為商業生態系統開始與汽車製造商直接接觸，這就是馬克所定義的軟體定義的車輛機會集與矽軟體的結合。它確實發揮了是德科技的傳統優勢。這更多的是我們為傳統通訊客戶所做的工作的延伸，我們能夠利用這些客戶並將其推向市場。

Mark, anything further?

馬克，還有什麼嗎？

You know, you hit on the last part, I was going to I was going to point out that this crosses over many parts of our business going back many years from our semiconductor and our comps, EDA design tools to more and more our security and cyber types of tools that go into these environments with silicon.

你知道，你談到了最後一部分，我要指出的是，這跨越了我們業務的許多部分，可以追溯到很多年前，從我們的半導體和我們的組件、EDA 設計工具到越來越多的我們的安全性和透過矽進入這些環境的網路類型的工具。

They obviously leverage our strengths in commercial comps, which we've been capturing for many years with communication standards, connecting vehicles to everything into the components. They're used to sense as well as the computational capabilities and the standards that go within the digital standards and the optical standards that go within the vehicle itself.

他們顯然利用了我們在商業競爭方面的優勢，多年來我們一直透過通訊標準來捕捉這一優勢，將車輛與組件中的所有東西連接起來。它們用於感知計算能力以及數字標準中的標準以及車輛本身中的光學標準。

So that's the from radar to connected cars. This is crossing over multiple areas where Keysight has a leadership position, and that's why we continue to see such an active customer landscape.

這就是從雷達到連網汽車的過程。這跨越了是德科技擁有領導地位的多個領域，這就是我們繼續看到如此活躍的客戶格局的原因。

And that's really helpful. Perfect, thank you. And then I guess just one last one. I know there was a lot of volatility in the at the end of July. But just curious on demand trends through maybe the back half of the quarter and an early look into August, was there any material changes or was it just kind of like plodding along or any positive negatives that we should be aware of?

這真的很有幫助。完美，謝謝。然後我想只有最後一個。我知道七月底有很大的波動。但只是對本季後半段的需求趨勢和八月份的早期觀察感到好奇，是否有任何重大變化，或者只是有點像緩慢前進，或者我們應該意識到任何積極的負面影響？

Well, we saw ramping in the quarter from month to month, but it wasn't necessarily unusual. We ended our first half in May and that typically pull some business in because we most of our sellers are on a six month quota.

嗯，我們看到該季度每個月都在成長，但這並不一定不尋常。我們在五月結束了上半年的業務，這通常會帶來一些業務，因為我們大多數賣家都有六個月的配額。

So we had to start a little bit with the with the depleted funnel, but then we quickly to that end, as I said, what we've seen throughout the last three months is the positive funnel dynamics, which is more funnel intake and then moving that business through the funnel. So I would say it was a fairly typical seasonality to the quarter and we're two weeks into Q4 now.

因此，我們必須從耗盡的漏斗開始，但隨後我們很快就達到了這一目標，正如我所說，我們在過去三個月中看到的是積極的漏斗動態，即更多的漏斗攝入量，然後透過管道推動該業務。所以我想說，這是本季相當典型的季節性，現在第四季已經過了兩週。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

Samik Chatterjee, JP Morgan.

薩米克‧查特吉，摩根大通。

This is Priyanka [Thapa] on for Samik Chatterjee. Just one question. You stated that you have a huge opportunity set because of hyperscaler investments or these hyperscalers direct customers for test equipment relative to the AI data center equipment testing and which kind of areas can you potentially see this exposure to hyperscalers broadening out overtime? Thanks.

這是 Samik Chatterjee 的 Priyanka [Thapa]。只有一個問題。您表示，由於超大規模企業的投資，或者這些超大規模企業引導客戶購買與人工智慧資料中心設備測試相關的測試設備，您擁有巨大的機會，隨著時間的推移，您可能會看到超大規模企業的暴露範圍擴大到哪些領域？謝謝。

Thank you, Priyanka. So what I stated was obviously the hyperscaler investment in digital infrastructure upgrade and the capital equipment being deployed to upgrade the networks to add to be more AI ready, if you will, is proliferating to the ecosystem and the large supply chain. And we're benefiting from the manufacturing exposure there. So that was point number one.

謝謝你，普里揚卡。因此，我所說的顯然是，對數位基礎設施升級的超大規模投資以及為升級網路而部署的資本設備，以增加更多的人工智慧準備，如果你願意的話，正在擴散到生態系統和大型供應鏈。我們正從那裡的製造業中受益。這是第一點。

While we're increasing our exposure as some of the hyperscalers enter into silicon programs and on and build their own organic capability. That's a growing customer base that we're continuing to expand into. We're also participating in consortiums, you know for more open standardization that some of the hyperscalers are leading.

隨著一些超大規模企業進入矽專案並建立自己的有機能力，我們正在增加我們的曝光度。這是一個不斷成長的客戶群，我們正在繼續擴展。我們也參加了一些聯盟，您知道，一些超大規模企業正在領導更開放的標準化。

So we're making a growing contribution there and we feel good about our ability to take the physical and protocol layer assets into this marketplace and provide total solutions for customers, not only in traditional areas you would expect us to in computation or connectivity, but also into emulating training and inference schemes so that AI can scale effectively.

因此，我們在那裡做出了越來越大的貢獻，我們對我們將物理和協議層資產帶入這個市場並為客戶提供整體解決方案的能力感到滿意，不僅在您期望我們在計算或連接方面的傳統領域，而且在還可以模擬訓練和推理方案，以便人工智慧能夠有效擴展。

Thanks.

謝謝。

Thank you.

謝謝。

Thank you all for your questions. That concludes our Q&A session for today. I'd like to turn the call back to Jason Kary for any closing remarks.

謝謝大家的提問。我們今天的問答環節到此結束。我想將電話轉回傑森·卡里（Jason Kary），請他發表結束語。

Thanks very much, Sarah, and thanks, everyone, for joining us today, and we look forward to seeing you at the upcoming conferences this quarter and have a great day.

非常感謝莎拉，也感謝大家今天加入我們，我們期待在本季即將舉行的會議上見到您，祝您有美好的一天。

This concludes our conference call. You may now disconnect.

我們的電話會議到此結束。您現在可以斷開連線。