是德科技 (KEYS) 2024 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Keysight Technologies fiscal fourth-quarter 2024 earnings conference call.

女士們、先生們，美好的一天，歡迎參加是德科技 2024 年第四季財報電話會議。

My name is Joel and I will be your lead operator today.

我叫喬爾，今天我將成為你們的首席操作員。

(Operator Instructions)

（操作員說明）

This call is being recorded today, Tuesday, November 19, 2024, at 1:30 PM, Pacific Time.

本次通話錄音於太平洋時間今天（2024 年 11 月 19 日星期二）下午 1:30 進行。

I would now like to hand the call over to Paulenier Sims, Director of Investor Relations.

我現在想將電話轉給投資者關係總監 Paulenier Sims。

Please go ahead, Ms. Sims.

請繼續，西姆斯女士。

Thank you, and welcome, everyone, to Keysight's fourth-quarter earnings conference call for fiscal year 2024.

感謝並歡迎大家參加是德科技 2024 財年第四季財報電話會議。

Joining me are Keysight's President and CEO, Satish Dhanasekaran; and our CFO, Neil Dougherty.

與我一起的還有是德科技總裁兼執行長 Satish Dhanasekaran；和我們的財務長尼爾·多爾蒂。

In the Q&A session, we will be joined by Chief Customer Officer, Mark Wallace.

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。

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

新聞稿和補充今天討論的資訊可在我們的網站 Investor.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.

今天的評論將涉及非公認會計準則財務指標。

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.

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.

最直接可比較的 GAAP 財務指標和調整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.

我們將在今天的電話會議上對該公司的財務表現做出前瞻性陳述。

These statements are subject to risks and uncertainties and are only valid as of today.

這些聲明存在風險和不確定性，並且僅截至今日有效。

We assume no obligation to update them and encourage you to review our recent SEC filings for a more complete view of these risks and other factors.

我們不承擔更新它們的義務，並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。

Lastly, management is scheduled to participate in upcoming investor conferences hosted by Wells Fargo and Barclays.

最後，管理層計劃參加即將舉行的由富國銀行和巴克萊銀行主辦的投資者會議。

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.

大家下午好，感謝您今天加入我們。

My comments will focus on three key headlines.

我的評論將集中在三個關鍵標題上。

First, Keysight executed well and delivered fourth quarter revenue and earnings per share above the high end of our guidance range under market conditions, which remain consistent with our expectations.

首先，是德科技表現出色，第四季營收和每股收益高於我們在市場條件下指導範圍的上限，這與我們的預期保持一致。

Orders finished slightly above our expectations and grew 1% year over year and 8% sequentially, driven by ongoing strength in AI and strong year-end bookings in our US aerospace, defense, and government business.

在人工智慧持續強勁以及美國航空航天、國防和政府業務年終預訂強勁的推動下，訂單量略高於我們的預期，同比增長 1%，環比增長 8%。

Second, strong execution and cost discipline drove full-year revenue of $5 billion and earnings per share of $6.27, which were down from record highs of 2023.

其次，強有力的執行力和成本紀律推動全年收入達到 50 億美元，每股收益為 6.27 美元，較 2023 年的歷史高點有所下降。

Results were paced by gradual improvement throughout the year with better performance in the second half as expected.

全年業績逐步改善，下半年表現更佳，符合預期。

Under challenging market conditions, we demonstrated the resilience of our business model by delivering 26% operating profit and over $900 million in free cash flow.

在充滿挑戰的市場條件下，我們實現了 26% 的營業利潤和超過 9 億美元的自由現金流，展現了我們業務模式的彈性。

We also returned approximately 50% of of free cash flow to shareholders through repurchases.

我們也透過回購將約 50% 的自由現金流返還給股東。

Third, we progressed our software-centric solution strategy by investing to realize organic growth opportunities through innovation and industry collaborations while expanding the breadth of our solutions through selective M&A.

第三，我們透過投資透過創新和產業合作實現有機成長機會，同時透過選擇性併購擴大我們解決方案的廣度，從而推進了以軟體為中心的解決方案策略。

As we look ahead, the strength of our differentiated portfolio deep engagement with customers and the accelerating pace of technology innovation gives us confidence in our ability to outperform as markets recover.

展望未來，我們差異化產品組合的實力與客戶的深度接觸以及技術創新步伐的加快使我們對隨著市場復甦而超越市場的能力充滿信心。

Now let's begin with an overview of Keysight's fourth quarter business performance.

現在讓我們先回顧一下是德科技第四季的業務表現。

Communications Solutions Group revenue was flat year over year and grew 6% sequentially and with growth across both commercial communications and aerospace, defense and government.

通訊解決方案集團營收年增 6%，商業通訊和航空航太、國防和政府部門均成長。

CSG orders returned to growth for the full year, reflecting AI momentum in wireline, stability in wireless and consistent strength in ADG.

CSG全年訂單恢復成長，反映出有線領域的人工智慧動能、無線領域的穩定性以及ADG的持續強勁。

In wireline markets, demand remained strong due to ongoing expansion in AI data center infrastructure even as telco investments continue to be muted.

在有線市場，儘管電信投資持續疲軟，但由於人工智慧資料中心基礎設施的持續擴張，需求仍然強勁。

As the time line for 800-gig and 1.6 terabit adoption accelerates, the industry is investing in advanced technologies, including silicon photonics, chiplets and high-speed electrical and optical interconnects.

隨著 800 GIG 和 1.6 TB 採用時間線的加快，業界正在投資先進技術，包括矽光子、小晶片以及高速電氣和光學互連。

Keysight continues to expand its portfolio of solutions across the technology stack to enable customers in both R&D and manufacturing.

是德科技不斷擴展其跨技術堆疊的解決方案組合，為客戶的研發和製造提供支援。

At the open compute project in San Jose, Keysight showcased our newly introduced AI workload and system emulation solution in collaboration with Academia and hyperscalers.

在聖荷西的開放運算計畫中，是德科技與學術界和超大規模廠商合作，展示了我們新推出的人工智慧工作負載和系統模擬解決方案。

Our solution provides high fidelity emulation of AI model training and inferencing workloads to optimize training time and benchmark AI infrastructure performance.

我們的解決方案提供 AI 模型訓練和推理工作負載的高保真仿真，以優化訓練時間並基準化 AI 基礎設施效能。

At ECOC conference, Keysight showcased physical and protocol layer solutions with industry leaders to enable 800 gig interoperability with critical optical and electrical interface technologies.

在 ECOC 會議上，是德科技與業界領導者一起展示了實體和協定層解決方案，以實現 800 gig 與關鍵光和電介面技術的互通性。

In wireless, demand was stable as smartphone industry nears the end of its inventory correction and telco CapEx normalizes from peak levels.

在無線領域，隨著智慧型手機產業庫存調整接近尾聲以及電信資本支出從峰值水準恢復正常，需求保持穩定。

Investment continues in Open RAN expansion, ongoing standards progression with emphasis on non-terrestrial networks and early 6G research.

對 Open RAN 擴展、持續標準進展的投資仍在繼續，重點是非地面網路和早期 6G 研究。

This quarter, we announced multiple ORAN collaborations with industry leaders such as NTT DOCOMO, DISH Networks and Pegatron.

本季度，我們宣布與 NTT DOCOMO、DISH Networks 和和碩等行業領導者開展多項 ORAN 合作。

We also collaborated with Qualcomm to establish industry's first end-to-end interoperability and data connection in the candidate frequency band for 6G FR3.

我們也與高通合作，在6G FR3候選頻段建立業界首個端對端互通性和資料連線。

We're also well poised to drive industry innovation forward with our differentiated full-stack solutions.

我們也準備好透過差異化的全端解決方案來推動產業創新。

Turning to aerospace, defense and government.

轉向航空航天、國防和政府。

Stronger-than-expected seasonality drove orders to an all-time high.

強於預期的季節性因素推動訂單創歷史新高。

The funnel of opportunities remain strong.

機會漏斗仍然強勁。

The US defense budget is expected to grow low single digits while government investment in defense modernization in Europe and Asia is projected to increase.

美國國防預算預計將成長低個位數，而歐洲和亞洲的政府對國防現代化的投資預計將增加。

Customer engagements on electromagnetic spectrum operations, RADAR and advanced communication use cases remains high.

客戶對電磁頻譜操作、雷達和高階通訊用例的參與度仍然很高。

Satellite communication investments is expected to continue as more LEO constellations are launched over the next few years.

隨著未來幾年更多低地球軌道星座的發射，衛星通訊投資預計將持續下去。

Keysight is capitalizing on the growing investment in defense modernization around the globe.

是德科技正在利用全球不斷增長的國防現代化投資。

At the recent European Microwave conference, we showcased our leading capabilities in phased array, over-the-air compact antenna design and test in collaboration with analog devices.

在最近舉行的歐洲微波會議上，我們展示了我們在相控陣、無線緊湊型天線設計和與模擬設備合作測試方面的領先能力。

We also highlighted our latest flagship performance network analyzer.

我們還重點介紹了我們最新的旗艦性能網路分析儀。

It's differentiated and industry-leading capabilities include wide band, high dynamic range preselected receivers for faster S parameter measurements to enable customers high-frequency component designs.

它具有業界領先的差異化功能，包括寬頻、高動態範圍預選接收器，可實現更快的 S 參數測量，從而使客戶能夠進行高頻組件設計。

Turning to Electronic Industrial Solutions Group.

轉向電子工業解決方案集團。

Revenue was down year over year as expected, but grew mid-single digits sequentially.

收入如預期同比下降，但環比增長中個位數。

Orders were mixed with year-over-year growth in semi and general electronics offset by automotive market headwinds.

半導體和通用電子產品的訂單年增好壞參半，但被汽車市場的不利因素所抵銷。

In semiconductor, robust demand drove strong order growth for our parametric wafer test solutions.

在半導體領域，強勁的需求推動了我們的參數晶圓測試解決方案的訂單強勁成長。

We saw a broad-based foundry investment to expand capacity and address leading-edge applications driven by AI.

我們看到了廣泛的代工投資，旨在擴大產能並解決人工智慧驅動的前沿應用。

This included advanced DRAM technologies such as high-bandwidth memory and DDR5 as well as silicon photonics.

其中包括先進的 DRAM 技術，例如高頻寬記憶體和 DDR5 以及矽光子學。

Enabling further advances in power semiconductor production and efficiency, this quarter, Keysight introduced an innovative single-pass 3-kilovolt high-voltage wafer test solution.

為了進一步提高功率半導體生產和效率，是德科技本季推出了創新的單通道 3 kV 高壓晶圓測試解決方案。

In automotive, the industry is facing challenges, and we expect the headwinds to continue in 2025.

在汽車領域，該行業正面臨挑戰，我們預計 2025 年逆風將持續。

This quarter, production-related demand was sequentially stable while we saw incrementally cautious spending due to slowing EV cells and battery ore supply.

本季度，與生產相關的需求連續穩定，但由於電動車電池和電池礦石供應放緩，我們看到支出逐漸謹慎。

Even with near-term headwinds, we remain focused on customers' emerging innovation and design needs.

即使面臨近期的不利因素，我們仍專注於客戶新興的創新和設計需求。

Our R&D engagements for software-defined vehicle as well as broader electrical and physical design applications remain high.

我們對軟體定義車輛以及更廣泛的電氣和物理設計應用的研發投入仍然很高。

ESI grew its solution business this year through steady renewals and new customer additions.

ESI 今年透過穩定的更新和新客戶的增加來發展其解決方案業務。

Over this period, the ESI team also made significant contributions through the use of AI to improve product performance simulations and offering workflow solutions with immersive visualization to validate assembly and servicing.

在此期間，ESI 團隊還透過使用人工智慧來改善產品效能模擬並提供具有沉浸式視覺化的工作流程解決方案來驗證組裝和維修，做出了重大貢獻。

In general electronics, we saw stable manufacturing demand, albeit at lower levels. and a modest sequential improvement in consumer and industrial high-speed connectivity applications.

在通用電子產品中，我們看到穩定的製造需求，儘管水準較低。消費者和工業高速連接應用也取得了適度的連續改進。

Public and private sector investment in support of advanced research and technology workforce development grew this quarter and digital health application demand was again strong.

本季公共和私營部門支持先進研究和技術勞動力發展的投資有所增長，數位醫療應用需求再次強勁。

Turning to software and services.

轉向軟體和服務。

Revenues grew 8% this quarter and accounted for 39% of total Keysight revenue.

本季營收成長 8%，佔德科技總營收的 39%。

Annual recurring revenue from software and services also grew 16% to approximately $1.5 billion and accounted for roughly 30% of Keysight overall.

來自軟體和服務的年度經常性收入也成長了 16%，達到約 15 億美元，約佔德科技整體營收的 30%。

We saw solid growth in our design engineering software portfolio in 2024, reflecting the expansion of virtual prototyping across a broad range of industries.

2024 年，我們的設計工程軟體產品組合實現了穩健成長，反映出虛擬原型在各行業的擴展。

As a recognized thought leader in RFEDA, Keysight was selected to lead a US government joint public and private sector effort to leverage AI and machine learning to automate and bring efficiencies to complex RF-integrated circuit designs.

作為 RFEDA 公認的思想領袖，是德科技被選為美國政府公共和私營部門聯合計畫的領導者，旨在利用人工智慧和機器學習實現複雜射頻積體電路設計的自動化並提高其效率。

In summary, Keysight has continued to sustain strategic progress and momentum through the downturn.

總而言之，是德科技在經濟低迷時期持續保持戰略進展和發展勢頭。

The flexibility and discipline of our operating model has proven our ability to deliver strong financial results and healthy cash flows in a variety of economic conditions.

我們營運模式的靈活性和紀律性證明了我們有能力在各種經濟條件下實現強勁的財務業績和健康的現金流。

We have positioned the business to emerge stronger as markets recover to capitalize on the opportunities ahead of us and to create value for all stakeholders.

我們將業務定位為隨著市場復甦而變得更加強大，以利用我們面前的機會並為所有利益相關者創造價值。

Before I conclude, I'd like to sincerely thank our employees once again for all their outstanding contributions, commitment and strong track record of execution under a variety of market conditions.

在結束之前，我要再次衷心感謝我們的員工在各種市場條件下所做的傑出貢獻、奉獻精神和良好的執行記錄。

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.

謝謝薩蒂什，大家好。

Fourth-quarter revenue of $1.287 billion was above the high end of our guidance range and down 2% or down 5% on a core basis.

第四季營收為 12.87 億美元，高於我們指引範圍的上限，但核心收入下降 2% 或下降 5%。

Orders of $1.345 billion were up 1% as reported or down 1% on a core basis.

訂單金額為 13.45 億美元，較報告成長 1%，但核心訂單下降 1%。

Backlog increased $53 million in the quarter to finish at $2.4 billion.

本季積壓訂單增加了 5,300 萬美元，最終達到 24 億美元。

Looking at our operational results for Q4, we reported gross margin of 64.5%.

從我們第四季的營運表現來看，我們的毛利率為 64.5%。

Operating expenses of $497 million were up 5% year over year.

營運費用為 4.97 億美元，年增 5%。

Q4 operating margin was 26% or 28% on a core basis.

第四季核心營業利潤率為 26% 或 28%。

Turning to earnings.

轉向收益。

We achieved $288 million of net income and delivered earnings per share of $1.65. Our weighted average share count for the quarter was 174 million shares.

我們實現了 2.88 億美元的淨利潤，每股收益為 1.65 美元。本季我們的加權平均股數為 1.74 億股。

For the full year, Keysight generated revenue of $4.979 billion, down 9% as reported or down 12% on a core basis.

是德科技全年營收為 49.79 億美元，較報告下降 9%，核心營收下降 12%。

Gross margin was 65%, down 60 basis points versus the prior year.

毛利率為 65%，較上年下降 60 個基點。

We sustained investment in R&D at $871 million or 17.5% of revenue, while driving further operating efficiencies in SG&A, which declined 7%, excluding acquisitions.

我們的研發投資維持在 8.71 億美元，佔營收的 17.5%，同時進一步提高了銷售、管理和行政費用 (SG&A) 的營運效率，該費用下降了 7%（不包括收購）。

Full year core operating margin of 26.5% was down 370 basis points, continuing to outperform Keysight's down cycle model and demonstrating the financial resilience of the business.

全年核心營業利潤率為 26.5%，下降了 370 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。

Net income of $1.1 billion resulted in earnings per share of $6.27.

淨利潤為 11 億美元，每股收益為 6.27 美元。

Moving to the performance of our segments.

轉向我們細分市場的表現。

The Communications Solutions Group generated fourth quarter revenue of $894 million, flat as reported or down 2% on a core basis.

通訊解決方案集團第四季營收為 8.94 億美元，與報告持平，核心營收下降 2%。

Commercial communications revenue of $591 million grew 4%, while aerospace, defense, and government revenue of $303 million declined 6%.

商業通訊收入為 5.91 億美元，成長 4%，而航空航太、國防和政府收入為 3.03 億美元，下降 6%。

Altogether, CSG delivered gross margin of 67% and operating margin of 28%.

整體而言，南玻集團的毛利率為 67%，營業利益率為 28%。

The Electronic Industrial Solutions Group generated revenue of $393 million, down 6% or 11% on a core basis.

電子工業解決方案集團的收入為 3.93 億美元，核心收入下降 6% 或 11%。

EISG reported gross margin of 58% and operating margin of 21%, an increase of approximately 100 basis points versus the prior quarter.

EISG 報告毛利率為 58%，營業利潤率為 21%，較上一季成長約 100 個基點。

Moving to the balance sheet and cash flow.

轉向資產負債表和現金流量。

We ended the quarter with $1.8 billion in cash and cash equivalents, generating cash flow from operations of $359 million and free cash flow of $328 million.

本季末，我們的現金和現金等價物為 18 億美元，營運現金流為 3.59 億美元，自由現金流為 3.28 億美元。

Share repurchases this quarter totaled 974,000 shares at an average price per share of approximately $154 for a total consideration of $150 million.

本季股票回購總量為 974,000 股，每股平均價格約 154 美元，總代價為 1.5 億美元。

Full-year share repurchases totaled $439 million or 49% of the $905 million in free cash flow generated this year.

全年股票回購總額為 4.39 億美元，佔今年產生的 9.05 億美元自由現金流的 49%。

Now turning to our outlook.

現在轉向我們的展望。

We expect the demand environment to remain mixed and for recovery to occur gradually through the year, barring any further macro degradation.

我們預計，除非宏觀經濟進一步惡化，否則需求環境將保持複雜性，並在今年逐步復甦。

Our base case assumptions for FY25 are for revenue growth at the low end of our 5% to 7% long-term target and earnings growth in line with our 10% target.

我們對 2025 財年的基本情境假設是營收成長處於 5% 至 7% 長期目標的低端，獲利成長與我們 10% 的目標一致。

As a reminder, the timing of ESI's annual contract renewals typically results in 40% to 45% of their full year revenue being recognized in our fiscal first quarter, with the balance recognized relatively evenly over the remainder of the fiscal year.

需要提醒的是，ESI 年度合約續約的時間通常會導致其全年收入的40% 至45% 在我們的第一財季得到確認，而餘額則在本財年的剩餘時間內相對均勻地得到確認。

For the rest of the business, we are modeling the typical mid-single-digit seasonal decline in revenue from Q4 to Q1.

對於其餘業務，我們正在對從第四季度到第一季收入典型的中個位數季節性下降進行建模。

As a result, we expect first quarter revenue to be in the range of $1.265 billion to $1.285 billion and Q1 earnings per share in the range of $1.65 to $1.71 based on a weighted diluted share count of approximately 174 million shares.

因此，我們預計第一季營收將在 12.65 億美元至 12.85 億美元之間，第一季每股收益將在 1.65 美元至 1.71 美元之間，基於約 1.74 億股的加權稀釋股數。

Now a few modeling considerations for the full year.

現在是全年的一些建模考慮因素。

Given the annual ESI contract renewals in Q1, we expect a material sequential decrease in ESI revenue in Q2 and over the same period, we expect a low single-digit increase in core Keysight revenue.

鑑於第一季的年度 ESI 合約續約，我們預計第二季的 ESI 營收將大幅季減，而同期，我們預期是德科技核心營收將出現低個位數成長。

At current debt levels, annual interest expense is expected to be approximately $70 million.

以目前的債務水平，年利息支出預計約為 7,000 萬美元。

Capital expenditures are expected to be approximately $150 million and we are modeling a 14% non-GAAP effective tax rate for FY25.

資本支出預計約為 1.5 億美元，我們正在對 2025 財年 14% 的非 GAAP 有效稅率進行建模。

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

現在，我將把它轉回保萊尼爾進行問答。

Thank you, Neil.

謝謝你，尼爾。

Operator, will you please give the instructions for the Q&A?

接線生，請您指導問答環節好嗎？

(Operator Instructions) Aaron Rakers, Wells Fargo.

（操作員說明）Aaron Rakers，富國銀行。

Yes.

是的。

Thanks for taking my questions and congrats on the results.

感謝您回答我的問題，並對結果表示祝賀。

I guess my first question is, I want to ask you about the wireless piece of the business.

我想我的第一個問題是，我想問您有關無線業務的問題。

It seems to be recovering.

看來正在康復。

I think it was mid-single digit, if I'm correct from the presentation, order growth in the quarter.

如果我的演示正確的話，我認為該季度的訂單增長是中等個位數。

I'm just curious of how you -- I guess, the past conversations suggested that's more of a stabilizing business as we move through this year.

我只是好奇你——我想，過去的談話表明，隨著我們今年的發展，這更像是一項穩定的業務。

Has that started to change?

這種情況開始改變了嗎？

Has your view of growth recovery in that business started to evolve or deepen as we look through this next fiscal year?

當我們展望下一個財年時，您對該業務成長復甦的看法是否開始演變或加深？

Yes.

是的。

Thank you, Aaron.

謝謝你，亞倫。

Indeed, a good quarter, we executed well and capitalized on the opportunities we saw.

事實上，這是一個不錯的季度，我們執行得很好，並利用了我們看到的機會。

Specific to your question on wireless, we continue to feel more confident, I would say, after two quarters where the business has stabilized, and we're seeing more strength on the infrastructure side where there's more activity from customers around Open RAN and 6G research.

具體到你關於無線的問題，我想說，在業務穩定了兩個季度之後，我們繼續感到更有信心，而且我們看到基礎設施方面的實力更強，客戶圍繞Open RAN 和6G 研究開展了更多活動。

So that drives that.

所以這推動了這一點。

And on the devices side, it's lagging a little bit where customers still continue to be focused on ongoing standard evolutions.

在設備方面，它有點落後，客戶仍然繼續關注正在進行的標準演變。

So I mean, at this point, we continue to believe that the business will remain stable in '25, we'll call it when we see it.

所以我的意思是，在這一點上，我們仍然相信業務將在 25 年保持穩定，當我們看到它時我們會稱之為它。

But we continue to feel good about the ongoing momentum we're seeing in our wireline business, that's driven growth for commercial communications.

但我們仍然對有線業務的持續成長勢頭感到滿意，這推動了商業通訊的成長。

And then as a quick follow-up, sticking with -- looking at some of the segments.

然後作為快速跟進，堅持觀察一些片段。

The Aerospace and Defense segment, I'm curious as this question has come up with some investors.

對於航空航太和國防領域，我很好奇，因為一些投資者提出了這個問題。

It sounds like you're pretty confident that, that business continues to progress on the growth profile that you outlined.

聽起來您非常有信心，該業務將繼續按照您概述的成長狀況取得進展。

But have you seen any areas of concern or any churn in programs, et cetera, around some of the federal dynamics of spend.

但是，您是否看到了圍繞某些聯邦支出動態的任何令人擔憂的領域或計劃中的任何變動等等。

Any uncertainties around that, that you would point to?

您會指出這方面有任何不確定性嗎？

Yes.

是的。

I think, Aaron, the long-term trajectory of that business is actually the one that is easiest to forecast given the budget clarity that typically gets -- and the priorities that get set both in the US and in allied nations, and if you look at ultra-magnetic spectrum operations, space and satellite and other areas, those are the areas where defense modernization investments are moving to, and we feel good about our position.

我認為，亞倫，考慮到通常的預算清晰度以及美國和盟國設定的優先事項，該業務的長期軌跡實際上是最容易預測的，如果你看一下在超磁頻譜作戰、太空和衛星等領域，這些都是國防現代化投資正在轉向的領域，我們對自己的地位感到滿意。

Relative to the year, obviously, orders were slightly down year over year, but off of a record compared from a year ago.

顯然，與去年同期相比，訂單量較去年同期略有下降，但與去年同期相比，仍創下歷史新高。

And some of the wins that we had were systems wins, which take us a little longer to ship.

我們取得的一些勝利是系統勝利，這需要我們更長的時間才能交付。

So you haven't yet seen that in the revenue line.

所以你還沒有在收入線中看到這一點。

But as we look ahead, obviously, the short term with the administration change in the US does bring some uncertainties.

但展望未來，顯然，短期內美國政府更迭確實帶來了一些不確定性。

But even at times like in 2016 was that happened, we just had some business model between quarters.

但即使像 2016 年這樣的情況發生了，我們也只是在季度之間建立了一些商業模式。

And so we'll monitor the situation, but we feel good about the current situation with regard to our business there.

因此，我們將密切關注事態發展，但我們對當地業務的現狀感到滿意。

Thank you.

謝謝。

Rob Mason, Baird.

羅布梅森，貝爾德。

I apologize.

我道歉。

Tim Long, Barclays.

提姆朗，巴克萊銀行。

Thank you.

謝謝。

Two for me as well.

我也有兩個。

First, could you -- you mentioned AI leading the strength in wireline.

首先，您提到人工智慧在有線領域處於領先地位。

Obviously, a lot going on there, a lot of activity.

顯然，那裡發生了很多事情，有很多活動。

Could you maybe expand a little bit on how big that business is getting for you?

您能否詳細說明一下該業務為您帶來的規模有多大？

And maybe some examples of newer areas that Keysight is being pulled into because of the move in AI.

也許還有一些是德科技因人工智慧的發展而進入新領域的例子。

And then the second one, I just wanted to follow up on the software services up to 39% of revenues here.

然後是第二個，我只是想跟進這裡佔收入 39% 的軟體服務。

Maybe just talk a little bit about that evolving part of the business model and how how Keysight is going to be able to move that number further and maybe impact on gross margin as that moves higher as well?

也許只是談談業務模式中不斷發展的部分，以及是德科技如何能夠進一步推動這一數字，以及隨著這一數字的上升對毛利率的影響？

Thank you.

謝謝。

Thank you, Tim.

謝謝你，提姆。

Clearly, the wireline business has gained momentum this year driven by AI.

顯然，有線業務今年在人工智慧的推動下獲得了成長勢頭。

But this is one of the examples of proof of concepts that I highlighted at the Investor Day last year.

但這是我在去年投資者日強調的概念證明的例子之一。

And so we're quite pleased with the way the opportunity has progressed.

因此，我們對這個機會的進展方式感到非常滿意。

Our wireline business has exceeded over $1 billion in orders this year, growing at double-digit rates and we service a broad set of customers in that industry, right?

今年我們的有線業務訂單量已超過 10 億美元，以兩位數的速度增長，我們為該行業的廣泛客戶提供服務，對嗎？

Do you think about silicon designers, system integrators, NEMs, hyperscalers and contract manufacturers.

您是否會考慮晶片設計師、系統整合商、NEM、超大規模生產商和合約製造商。

So it's actually a broad set of customers.

所以它實際上是一個廣泛的客戶群。

So what's driving the activity in AI right now is actually a concentrated set of customers from hyperscalers that are investing in large infrastructure upgrades.

因此，目前推動人工智慧活動的實際上是來自超大規模企業的一群集中客戶，他們正在投資大型基礎設施升級。

So that's the effort and the supply chain right now continues to be constrained.

這就是目前的努力和供應鏈繼續受到限制。

So the investments are being made to unlock the supply chain to enable the scale to build and so we're involved in that as we're capitalizing on that.

因此，我們正在進行投資來解鎖供應鏈，以實現規模化，因此我們在利用這一點的同時也參與其中。

B

乙

ut as we think about the future, we participated in some forums like the OCP and ECOC earlier this year, and you can start to see the scale expand.

但是當我們思考未來的時候，我們今年早些時候參加了一些論壇，例如OCP和ECOC，你可以開始看到規模的擴大。

It's not yet reflected in the results yet, but we start to build scale around compute, whether it's centralized or at the edge, power and terminal being very big issues for companies networking technologies are being adopted, maybe even faster than they were being adopted before this AI became a big trend.

這還沒有反映在結果中，但我們開始圍繞計算建立規模，無論是集中式還是邊緣式，對於正在採用網路技術的公司來說，電源和終端都是非常大的問題，甚至可能比以前採用的速度更快這個人工智慧成為了一個大趨勢。

And our opportunities, we're excited about are not just in the physical layer, but in the protocol layer, allowing customers to emulate how traffic flows to an AI infrastructure and therefore, optimize your investment.

我們感到興奮的機會不僅存在於實體層，還存在於協定層，讓客戶模擬流量如何流向人工智慧基礎設施，從而優化您的投資。

So we're pretty excited about the opportunities long term here and capitalizing on the near-term struck.

因此，我們對這裡的長期機會感到非常興奮，並利用近期的機會。

Yes.

是的。

And then as it relates to software and services, obviously, continuing to see a nice mix shift towards those portions of our business.

然後，由於它與軟體和服務相關，顯然，繼續看到我們業務的這些部分發生了良好的組合轉變。

And as -- I think a part of your question to address gross margin, there would be software portions of those businesses are accretive to Keysight's average gross margin.

我認為你的問題的一部分是為了解決毛利率問題，這些業務的軟體部分會增加是德科技的平均毛利率。

The services portions are slightly dilutive to Keysight's average gross margin.

服務部分略微稀釋了是德科技的平均毛利率。

But overall, both the service business, that's a lower expense structure to both contribute nicely to profitability when we think about it from the operating margin line.

但整體而言，當我們從營業利潤率角度考慮時，服務業務的費用結構較低，對獲利能力做出了很好的貢獻。

And then, Tim, I would just add, this is Mark.

然後，提姆，我想補充一下，這是馬克。

As far as the expansion it's -- we've shown that it's more resilient to the current macro.

就擴張而言，我們已經證明它對當前的宏觀環境更具彈性。

Customers continue to invest in new methods, shifting left on virtual simulation and emulation of their systems to help reduce costs and increase efficiencies, and we're seeing that.

客戶繼續投資新方法，轉向虛擬仿真和系統仿真，以幫助降低成本並提高效率，我們已經看到了這一點。

And then the second part, of course, is the further leverage of some of our new assets like being exposed to more of our customers in different regions, the US for aerospace defense, parts of Asia with a broad Keysight footprint in those regions, we see that as a driver for additional growth as we go forward.

當然，第二部分是進一步利用我們的一些新資產，例如接觸到不同地區的更多客戶，美國的航空航天國防，亞洲部分地區是德科技在這些地區的廣泛足跡，我們將此視為我們前進過程中額外增長的驅動力。

Okay.

好的。

Thank you.

謝謝。

Thank you, Tim.

謝謝你，提姆。

Rob Jamieson, Vertical Research Partners.

Rob Jamieson，垂直研究合作夥伴。

Hey. guys.

嘿。夥計們。

Congrats on the quarter.

恭喜本季。

Just a couple of quick ones for me.

對我來說只有幾個快速的。

Just first on the communications business, just what benefit could we see from deep funding just in the second half of '25?

首先是通訊業務，我們可以從 25 年下半年的深度融資中看到什麼好處？

I mean is there much benefit there if that funding does get actually released and finally comes to fruition?

我的意思是，如果這筆資金確實得到釋放並最終取得成果，會有很多好處嗎？

And then, I guess, also any potential risk of that being reversed just given some of Trump's advisers at this point that have been anti-BEAD funding.

然後，我想，考慮到川普的一些顧問此時一直反對 BEAD 資金，這種情況也可能被逆轉。

Yeah.

是的。

I think the good thing about Keysight's business model in comms and in fact, the rest of our business is the broad set of customers we serve.

我認為是德科技在通訊領域的業務模式的優點在於我們服務的廣泛客戶群，事實上，我們的其他業務也是如此。

That diversity and breadth is a source of great strength during times of change.

這種多樣性和廣度是變革時期巨大力量的來源。

And so while we do pick up some incremental business every year from new logos that come up because they're funded directly or indirectly.

因此，雖然我們每年都會從新徽標中獲得一些增量業務，因為它們是直接或間接資助的。

There are some direct funding from government at times to flows into open rand.

有時政府會有一些直接資金流入開放蘭特。

And we've called some of those wins out and in the chip stack, but we're not heavily tether to one of those things.

我們已經將其中一些勝利歸入籌碼堆中，但我們並沒有嚴重依賴其中之一。

So I would just say that those are incremental in some ways, but not as as material as maybe the headlines enthusiastic, especially because we're more involved in the R&D side of of those labs.

所以我只想說，這些在某些方面是增量的，但不像頭條新聞那麼熱情，特別是因為我們更多地參與這些實驗室的研發方面。

And so we feel good.

所以我們感覺很好。

I think the momentum we see, because of our renewed focus on go-to-market expansion that we had put in place, with marketing is the continued attraction of new logos that we see across our business.

我認為我們看到的勢頭，是因為我們重新關注我們已經實施的市場拓展，行銷是我們在整個業務中看到的新徽標的持續吸引力。

It continues to be the focus for us moving forward as well.

它也仍然是我們前進的重點。

That's really helpful.

這真的很有幫助。

I appreciate that.

我很欣賞這一點。

And then I guess just on tariffs just real quick.

然後我想關稅問題很快就會發生。

And just you guys have been dealing with this in one way or another for over eight years.

八年來，你們一直以這種或那種方式處理這個問題。

Can you just talk about your previous strategies around your pivots in the APAC region, just whether it's been Yawei ZTE or even the Trump tariffs, just how you manage that in the past.

您能否談談您之前圍繞亞太地區的策略，無論是亞威中興，還是川普的關稅，以及您過去是如何應對的。

Yeah.

是的。

I would just say it's probably a question behind the question.

我只想說這可能是問題背後的問題。

If I'm understanding you right, is what are the implications of the US elections and therefore, the policy changes company that will ensue.

如果我沒理解錯的話，美國大選的影響是什麼，因此，隨之而來的政策改變是什麼？

And so like everybody, we're monitoring three areas, tax rate, both tariffs and trade restrictions, right, areas and along with defense spending that might ensue.

因此，像每個人一樣，我們正在監控三個領域：稅率、關稅和貿易限制、領域以及可能隨之而來的國防支出。

It would be premature for us to comment on them, except to say that we've been pretty agile in ensuring compliance when there is a new government restriction and pivoting our sales resources to go after new opportunities, a potential offset could be -- and again, I'm breaking my rule and speculating a little bit is if there were to be tariffs of the orders being discussed, many companies are looking to more of China into other areas in Southeast Asia, and we remain prepared to capitalize on the opportunities if should that occur.

我們現在對它們發表評論還為時過早，只能說，當出現新的政府限制時，我們在確保合規性方面相當敏捷，並將我們的銷售資源轉向新的機會，潛在的抵消可能是——再一次，我打破了我的規則，猜測一下正在討論的訂單是否會徵收關稅，許多公司正在尋求更多的中國進入東南亞其他地區，我們仍然準備利用這些機會如果這種情況發生的話。

Got it.

知道了。

So similar to like what we saw with reshoring and everything during supply chain disruptions, the benefit that we saw there?

與我們在回流和供應鏈中斷期間看到的一切類似，我們在那裡看到的好處是什麼？

Exactly.

確切地。

Exactly.

確切地。

Great.

偉大的。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Rob Mason, Baird.

羅布梅森，貝爾德。

Good afternoon.

午安.

And again, nice jump on the quarter.

再說一次，本季的跳躍不錯。

Just with respect to your thoughts around 2025 revenue.

只是關於你對 2025 年收入的看法。

Satish, I know you covered some of the segments.

薩蒂什，我知道你涵蓋了其中的一些部分。

But just at a high level, I mean is it fair to think you think all of your major, I'll say, segments -- again, we're talking wireline, wireless, automotive, general electronics, some of these verticals, would all of them have an opportunity to grow in '25, do you think within the mid-single-digit profile that you're talking about?

但就高水準而言，我的意思是，你認為你的所有專業領域（我想說的是，細分市場）公平嗎？其中一些垂直領域，他們所有人都有機會在 25 年成長，你認為在你所說的中個位數範圍內嗎？

Automotive sounds like maybe it is the most challenged.

汽車聽起來可能是最具挑戰性的。

But I'd just like to get your thoughts there around

但我只是想了解你的想法

--

--

That's good.

那挺好的。

Look, our job, number one, Rob was to stabilize the business and return to order growth, which we set out as a priority for the second half, and I'm quite pleased that we've executed to that.

看，我們的首要任務是穩定業務並恢復訂單成長，我們將其作為下半年的優先事項，我很高興我們已經執行了這一點。

Now just looking at the facts, you'd say CSG has returned to growth in -- for the full year from an order perspective.

現在只要看一下事實，你就會說，從訂單角度來看，南玻集團全年已恢復成長。

And EIC is yet to do that.

而 EIC 尚未做到這一點。

So that summarizes the mixed demand environment.

這總結了混合需求環境。

And just projecting forward, we expect continued slow gradual recovery as we move into 2025, we're not baking in, in our base case, all segments inflecting.

展望未來，我們預計，隨著進入 2025 年，經濟將繼續緩慢逐步復甦，在我們的基本情況下，我們不會考慮所有細分市場都會發生變化。

And should that happen. -- we'll be prepared to capitalize on it.

如果發生這種情況的話。 ——我們將做好充分利用這一點的準備。

But our base case that Neil has called out in his outlook section is 5% revenue growth and 10% EPS growth for the year.

但尼爾在展望部分提出的基本假設是今年營收成長 5%，每股盈餘成長 10%。

Yes.

是的。

Okay.

好的。

That's helpful.

這很有幫助。

And just as a follow-up and maybe this directed to Neil, just with the higher ESI revenue in the first quarter, I would assume that the gross margin will reflect that at least sequentially.

作為後續行動，也許這是針對 Neil 的，隨著第一季 ESI 收入的增加，我認為毛利率至少會連續反映這一點。

Could you maybe give us a little bit of thoughts around your OpEx as you trend from fourth quarter into first quarter, there's often some some resets, I know seasonality as well influences that.

當您從第四季度到第一季的趨勢時，您能否給我們一些關於您的營運支出的想法，經常會有一些重置，我知道季節性也會影響這一點。

But I'm just curious what trajectory OpEx is on as you enter the new year?

但我只是好奇進入新的一年時營運支出的軌跡如何？

Yes.

是的。

Let me just touch on a couple of seasonality related comments since you've opened the door to that.

既然你已經打開了大門，讓我談談一些與季節性相關的評論。

I think, first of all, as you mentioned with regard to gross margin, with the sizable uptick in ESI revenue, we would expect some gross margin upside from that business in Q1.

我認為，首先，正如您所提到的毛利率，隨著 ESI 收入的大幅增長，我們預計第一季該業務的毛利率將出現一些上升。

Similarly, though, then as you move from Q1 to Q2, you have a reverse effect as that revenue comes out of the model.

但類似地，當您從第一季轉到第二季時，您會產生相反的效果，因為收入來自模型。

So just if you put it on one side, you've got to take it out on the other side.

因此，如果您將其放在一側，則必須從另一側將其取出。

With regard to OpEx, just reminding you of some things that are the norm for Keysight, we do do salary administration for the entire company here in the first quarter of the year.

關於營運支出，只是提醒您一些是德科技的常態，我們在今年第一季對整個公司進行薪資管理。

So that will be impacting the P&L starting essentially now.

因此，這將從本質上開始影響損益表。

And then as the business inflects from a period of contraction back to a period of growth, we have essentially our variable pay programs turning back on, which will increase OpEx here in -- starting in the first half of next year.

然後，隨著業務從收縮期回到增長期，我們基本上重新啟用了可變薪酬計劃，這將從明年上半年開始增加營運支出。

Very good.

非常好。

That's helpful.

這很有幫助。

Thank you.

謝謝。

Thank you.

謝謝。

Matt Niknam, Deutsche Bank.

馬特·尼克南，德意志銀行。

Hey, guys.

嘿，夥計們。

Thank you so much for taking the question.

非常感謝您提出這個問題。

On macro, I'm curious if you can speak to how that backdrop has evolved over the last quarter?

在宏觀方面，我很好奇您是否能談談上個季度的背景如何演變？

Because it seems like there's some pockets that are getting better yet.

因為似乎有些口袋正在變得更好。

It seems like others like auto, that are maybe a little bit softer.

看起來像汽車之類的其他產品可能會更柔和一些。

So any general commentary on the macro backdrop you can provide?

您能提供一些關於宏觀背景的一般性評論嗎？

And then just as a follow-up on aerospace defense, can you talk about maybe what changed later in the quarter?

然後，作為航空航天防禦的後續行動，您能否談談本季稍後發生的變化？

You mentioned a very strong closeout to the quarter, particularly around the US.

您提到本季的收尾情況非常強勁，尤其是在美國各地。

Just curious in terms of what changed and how maybe that's trended into the start of fiscal 1Q?

只是好奇發生了什麼變化以及第一季財季開始時的趨勢如何？

Thanks.

謝謝。

Yes.

是的。

Why don't I start by making some comments about macro, and then we'll let Mark Wallace make some comments about the broader aerospace defense business.

為什麼我不先對宏觀發表一些評論，然後我們讓馬克華萊士對更廣泛的航空航天國防業務發表一些評論。

So first of all, as Satish mentioned in his prepared comments, the results in Q4 were marginally better than we expected coming into the quarter.

首先，正如薩蒂什在他準備好的評論中提到的那樣，第四季度的業績略好於我們對本季的預期。

And so I think that's possible a lot of that strength.

所以我認為這可能有很大的力量。

So was in aerospace defense.

航空航太國防領域也是如此。

And so Mark will talk about that.

所以馬克會談論這個。

But I think as you think about macro changes and the previous question alluded to this as well, I think the automotive business is where we're seeing the most pressure significant pullback in spend around EV development at this point in time, which is impacting that industry pretty significantly.

但我認為，當您考慮宏觀變化以及先前的問題也提到這一點時，我認為汽車業務是我們目前看到電動車開發支出面臨最大壓力的領域，這正在影響行業相當顯著。

I think if you look across broader strength in wireline stability, maybe not yet a strong catalyst for growth and wireless, but at least stability, nice forward momentum in aerospace defense.

我認為，如果你看看有線穩定性方面更廣泛的優勢，也許還不是成長和無線的強大催化劑，但至少是穩定性，是航空航太國防領域良好的前進動力。

I think with regard to semi, it's a question of timing.

我認為對於半決賽來說，這是一個時間問題。

When do -- I think everybody is optimistic about a turn back on and semi the question is, when does that really begin in earnest.

我認為每個人都對恢復持樂觀態度，但問題是，什麼時候真正開始。

And then the industrial end markets, maybe the biggest question mark because I think some of that is going to be tied to how out of that capacity that was put in place during the '21, '22, '23 supply chain disruptions.

然後是工業終端市場，這可能是最大的問號，因為我認為其中一些將與在「21」、「22」、「23」供應鏈中斷期間如何釋放產能有關。

Over what time as that capacity fully absorbed and people start to once again reinvest in manufacturing capacity.

當產能完全被吸收後，人們開始再次對製造能力進行再投資。

So that's how we're thinking through the end markets from a macro perspective.

這就是我們從宏觀角度思考終端市場的方式。

Yes.

是的。

And Matt, I think the aerospace defense, as Satish talked about the -- the focus on defense modernization has remained a top priority in the US and allied nations.

馬特，我認為航空航天防禦，正如薩蒂什所說，對國防現代化的關注仍然是美國及其盟國的首要任務。

We had continuing resolution in the first part of last fiscal year, the government fiscal year '24, which put some delays on new program starts.

我們在上一財年（即政府 24 財年）的第一部分繼續制定了決議，這對新計劃的啟動造成了一些延遲。

So as we entered into the fourth quarter with the government fiscal year-end in September, we saw increased spend as we would normally see, which was not certain because of delays in the budgeting process.

因此，當我們進入第四季度，政府財政年度結束於 9 月時，我們看到了支出的增加，正如我們通常看到的那樣，但由於預算過程的延誤，這一點並不確定。

So that was a big positive.

所以這是一個很大的正面因素。

We see continued investments from the prime contractors as well as the direct government in the US and the prime contractors in Western Europe as well as we've been talking about for many quarters to the geopolitical situation that continues to unfold.

我們看到美國主要承包商以及直接政府和西歐主要承包商的持續投資，以及我們幾個季度以來一直在談論的不斷發展的地緣政治局勢。

So those factors come together.

所以這些因素結合在一起。

And then longer term, I think the areas that are promising for us continue to be around MSO space and satellite and Quantum with some of the government-funded research that's occurring in all parts of the world continue to offer us opportunities over the coming quarters.

從長遠來看，我認為對我們有希望的領域仍然是 MSO 空間、衛星和量子，世界各地正在進行的一些政府資助的研究將在未來幾個季度繼續為我們提供機會。

Thank you.

謝謝。

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

Thanks for taking my question.

感謝您提出我的問題。

I guess for my first one, Satish, if I can go back to your comments earlier about not really embedding inflection in all of the businesses and your 5% growth target for fiscal '25.

我想對於我的第一個建議，Satish，如果我能回到您之前的評論，關於沒有真正在所有業務中嵌入變化以及您 25 財年 5% 的增長目標。

How should I think about what recovery or what your expectations are embedded in for semi cap and general electronics.

我應該如何考慮半導體和通用電子產品的復甦或您的期望。

Seems like both are a bit mixed in terms of what you're seeing, but if you can just outline how you're thinking about those two areas, in particular, I have a quick follow-up after that.

就您所看到的內容而言，似乎兩者都有點混合，但如果您能具體概述一下您對這兩個領域的看法，那麼我會在這之後進行快速跟進。

Thank you, Samik.

謝謝你，薩米克。

I think for semiconductor fabs, just based on what we're seeing in the pipeline of opportunities we see for our wafer test solutions around silicon photonics and new memory topologies and some of the higher voltage types of wafers, I think that trend continues for us. in somewhat a little bit offset by -- and that's the bigger part of our semi business, somewhat offset by a slowdown that a number of the semiconductor equipment manufacturers reported as well.

我認為對於半導體工廠來說，僅基於我們在圍繞矽光子和新記憶體拓撲以及一些更高電壓類型的晶圓的晶圓測試解決方案中看到的機會，我認為這種趨勢對我們來說仍在繼續。這是我們半導體業務的很大一部分，在一定程度上被一些半導體設備製造商報告的經濟放緩所抵消。

So -- you put that in the mix, we still think semi grows from these levels for us.

所以 - 你把它放在混合中，我們仍然認為半增長對我們來說是從這些水平開始的。

And again, semiconductors, as you know, is roughly 10% of our total revenue at the company level.

如您所知，半導體業務約占我們公司總收入的 10%。

From a general electronics perspective, what we have started to see, and again, one quarter doesn't make a trend.

從一般電子產品的角度來看，我們已經開始看到，四分之一併沒有形成趨勢。

So I just want to caution you.

所以我只是想提醒你。

But I do think in Q4, we saw stability in manufacturing which finally resulted in the underlying strength in research spending around next-generation technologies, the broad new customer level, all of that return that business to growth.

但我確實認為，在第四季度，我們看到了製造業的穩定性，這最終導致了圍繞下一代技術的研究支出的潛在優勢，廣泛的新客戶水平，所有這些都使業務恢復成長。

Again, it's just one quarter.

再說一次，這只是四分之一。

But we think that, that stability in manufacturing continues as we move forward as well, which should give some -- we should return -- which should put EISG on return to order growth at some point in the year.

但我們認為，隨著我們的前進，製造業的穩定性也在繼續，這應該會帶來一些——我們應該回歸——這應該會讓 EISG 在今年的某個時候恢復訂單成長。

It's difficult to call at this point.

這時候很難打電話。

Okay.

好的。

Okay.

好的。

And my follow-up, maybe this is more for Neil.

我的後續行動，也許這更適合尼爾。

I think, Neil, a question you're getting a lot from investors is when they look at some of your previous margin targets that were a bit more longer to for fiscal '20, you're not really that much different at this point from a gross margin perspective, where the guidance was 66% to 67%, but you significantly at a gap to your operating margin target of 31% to 32%.

我認為，尼爾，你從投資者那裡得到的一個很多問題是，當他們看到你之前的一些利潤目標（這些目標比20 財年的目標要長一些）時，你在這一點上與20財年並沒有太大不同。

How should we think about the drivers and beyond volume leverage, how you're thinking about other drivers that get you closer to that target?

我們應該如何考慮驅動因素，除了銷售槓桿之外，您如何考慮讓您更接近目標的其他驅動因素？

Or is there something that needs to be evaluated relative to those targets?

或者是否有一些需要相對於這些目標進行評估的事情？

Thank you.

謝謝。

Yes, I'd say a couple of things.

是的，我想說幾件事。

So first of all, I think we're pleased with how gross margins have held up on the downside of the cycle.

首先，我認為我們對毛利率在周期下行期間的維持感到滿意。

Obviously, we've gotten some benefit here from the addition of ESI software business.

顯然，我們從 ESI 軟體業務的增加中獲得了一些好處。

But even if you look at the core Keysight business, the gross margins have held up pretty well in total on the downside of the cycle.

但即使你看看是德科技的核心業務，毛利率總體上在周期下行的情況下也保持得相當不錯。

I think when you start to think about those targets that we put out 66%, 67% operating margin targets where, again, we're 150, 200 basis points off of that at current levels.

我認為，當你開始考慮這些目標時，我們提出了 66%、67% 的營業利潤率目標，而我們的營運利潤率目標又比目前水準低了 150、200 個基點。

And -- but we're significantly further off on the operating margin line.

而且──但我們離營業利潤線還很遠。

I think you need to look at the impact that the acquisitions are having in the short run, where we've made some acquisitions that are accretive to gross margins but significantly dilutive to operating margins.

我認為你需要考慮收購在短期內產生的影響，我們進行了一些收購，這些收購增加了毛利率，但大大稀釋了營業利潤。

And I think as we get those businesses integrated and start to operate them within the greater Keysight operating model that's going to be opportunity for us to drive significant profit leverage on those acquisitions and start to close that gap on the operating margin side of things.

我認為，當我們整合這些業務並開始在更大的是德科技營運模式中運營它們時，這將成為我們在這些收購中推動顯著利潤槓桿並開始縮小營運利潤方面差距的機會。

And Samik, we remain confident in the long-term growth opportunity of this business.

Samik，我們對這項業務的長期成長機會仍然充滿信心。

And you've seen when we can deliver above model growth rates, the earnings power and leverage we have, we continue to operate this business in a disciplined way to be able to realize those and get us back on track.

你已經看到，當我們能夠實現高於模型的成長率、獲利能力和槓桿作用時，我們將繼續以嚴格的方式經營這項業務，以便能夠實現這些目標並使我們重回正軌。

Thank you.

謝謝。

Thanks.

謝謝。

Meta Marshall, Morgan Stanley.

梅塔‧馬歇爾，摩根士丹利。

Hi.

你好。

This is [Karan] on for Meta.

這是 Meta 的 [Karan]。

Congrats on the quarter.

恭喜本季。

So just starting on the automotive side.

那就從汽車方面開始吧。

Clearly, you remain quite positive on simulation.

顯然，您對模擬仍然非常樂觀。

But outside of that, are there any other exposures that you have within auto that could cause a pickup in the business outside of maybe EV sales improving?

但除此之外，除了電動車銷量的改善之外，汽車產業是否還有其他可能導致該業務回升的風險？

And then I have a follow-up.

然後我有一個後續行動。

Sure.

當然。

Yes.

是的。

So there are several parts to automotive.

汽車有幾個部件。

The part that we're seeing the slowdown and project delays is around EV investments that have been quite robust over the last several years with battery test labs.

我們看到經濟放緩和專案延遲的部分是圍繞電動車投資，過去幾年電池測試實驗室的投資相當強勁。

So we're seeing a pause in that.

所以我們看到這方面出現了暫停。

We're seeing manufacturing demand also stay lower levels, but that's another part of our business that as inventories normalize, that we should see some increasing flow-through of manufacturing test for that.

我們看到製造需求也保持在較低水平，但這是我們業務的另一部分，隨著庫存正常化，我們應該會看到製造測試的流通量增加。

The part that's remained steady is the software-defined vehicles or the ADAS, the autonomy side, where we have continued innovation crossing over multiple parts of our business into communications, sensor technology, and so forth, and a lot of that is software as well.

保持穩定的部分是軟體定義的車輛或 ADAS，即自動駕駛方面，我們在業務的多個部分持續創新，涉及通訊、感測器技術等，其中許多也是軟體。

So there's a lot of work being done in that frame.

因此，在該框架中正在做很多工作。

And the other one that doesn't get as much attention, at least from these calls, but gets a lot of attention on the news is the infrastructure.

另一個沒有太多關注的問題是基礎設施，至少在這些電話中沒有太多關注，但在新聞中卻得到了很多關注。

So the charging infrastructure and the standards associated with those in every region of the world, represents additional opportunities that we're pursuing.

因此，與世界各地相關的充電基礎設施和標準代表了我們正在追求的額外機會。

So long-term drivers of growth, secular drivers around AV, the manufacturing coming back on new advanced technologies remains an area of focus for us over many years.

因此，成長的長期驅動力、自動駕駛汽車的長期驅動力、製造業回歸新的先進技術仍然是我們多年來關注的領域。

Got it.

知道了。

That's helpful.

這很有幫助。

And then coming back to the AI side, are there any areas that you see in your portfolio that you could maybe grow content or offer new products to take advantage of the opportunity that you're seeing today?

然後回到人工智慧方面，您在您的投資組合中是否看到可以增加內容或提供新產品的領域，以利用您今天看到的機會？

Thank you.

謝謝。

Yes.

是的。

Good question.

好問題。

I think as we mentioned, the more logical areas, which we have seen growth come from today -- the results come from today, are associated with the physical layer tools where we provide our oscilloscopes or sampling scopes and other tools that we provide and what we're seeing is a bigger opportunity for our emulation platforms.

我認為正如我們所提到的，我們所看到的增長來自今天的更合邏輯的領域——結果來自今天，與我們提供示波器或採樣範圍以及我們提供的其他工具以及什麼的物理層工具相關。我們看到我們的模擬平台有更大的機會。

We're still in early pilots with customers on.

我們仍處於與客戶合作的早期試點階段。

Again, it's a small -- it's a concentrated set of opportunities today we expect that industry and the impact AI is going to have to be broader, and we're participating in enabling the ecosystem with the right set of tools, all the way from design, emulation to test.

再說一遍，這是一個很小的機會——今天我們預期人工智慧的產業和影響將會更加廣泛，我們正在利用正確的工具集參與建構生態系統，從頭到尾設計、模擬測試。

And our focus is on enabling our customers in the R&D parts of the workflow, and it's a pretty rich opportunity for us.

我們的重點是讓我們的客戶參與工作流程的研發部分，這對我們來說是一個非常豐富的機會。

Thank you.

謝謝。

Adam Thalhimer, Thompson, Davis.

亞當·塔爾希默、湯普森、戴維斯。

Hey.

嘿。

Good afternoon, guys.

下午好，夥計們。

Congrats on the beat.

恭喜節拍。

And Mark, congratulations on your retirement.

馬克，恭喜你退休。

I wanted to ask first about -- I wanted to ask first about the operating margin in Communications.

我想首先問的是──我想先問的是通訊領域的營業利益率。

I think that was your best ever quarterly operating margin took me by surprise.

我認為這是你們有史以來最好的季度營業利潤率讓我感到驚訝。

Curious what drove that and what the outlook is there?

好奇是什麼推動了這個趨勢以及前景如何？

Yes.

是的。

So obviously, we're very pleased with the results in CSG.

顯然，我們對 CSG 的結果非常滿意。

Gross margins have held up very strong in that business.

該業務的毛利率一直非常強勁。

I think we see a tight -- not only do higher software content, higher recurring revenue from software, which obviously helps margins.

我認為我們看到了緊張的局面——不僅軟體內容更高，軟體的經常性收入也更高，這顯然有助於利潤率。

But I think there's less margin diversity in the CSG portfolio than we see on the ESG side, so less impact from mix.

但我認為，CSG 投資組合的利潤多樣性比我們在 ESG 方面看到的要少，因此混合的影響較小。

From a profitability standpoint, I think we're very pleased that we're keeping our foot on the gas on the R&D side, continuing to invest and position ourselves to capitalize on the upside while driving significant efficiencies and SG&A resulting in the strong profitability that we saw.

從盈利能力的角度來看，我認為我們非常高興我們在研發方面保持強勁勢頭，繼續投資並定位自己以利用上行空間，同時顯著提高效率和銷售管理費用，從而實現強勁的盈利能力我們看到了。

So it was the strongest profitability we saw this quarter, not an all-time record, obviously, but very strong operating margins in CSG this quarter.

因此，這是我們本季看到的最強勁的獲利能力，顯然不是歷史記錄，但本季南玻集團的營業利潤率非常強勁。

And then in EISG, as you think about the full year, what are the growth offsets to the weakness in auto?

然後，在 EISG 中，當您考慮全年時，成長抵消了汽車行業的疲軟嗎？

You're talking about in '24 and '25?

你說的是24年和25年？

For fiscal '25, what of (multiple speakers) in auto this year?

對於 25 財年，今年汽車業（多位發言人）怎麼樣？

Yeah.

是的。

I mean I think as the teams look forward, as we look to semi and to the broader industrial markets, there is reason for optimism with some of the fab programs and the absorption of capacity that was put in place in prior years. again, likely to be more back-end loaded.

我的意思是，我認為，當團隊展望未來時，當我們展望半成品和更廣泛的工業市場時，我們有理由對一些晶圓廠計劃和前幾年實施的產能吸收感到樂觀。再次強調，後端負載可能更多。

We've talked about at the Keysight level a gradual improvement through the year.

我們已經討論過是德科技這一年來的逐步改進。

And so as Satish said, we would expect there is an opportunity for EISG, which has not yet returned to order growth to do so in the back half of the year.

因此，正如薩蒂什所說，我們預計 EISG 有機會在今年下半年恢復訂單成長，該公司尚未恢復訂單成長。

And I think that would be with some significant increase in the strength of the semi markets and some modest recovery in industrial end markets.

我認為，這將伴隨著半成品市場實力的顯著增強以及工業終端市場的適度復甦。

Got it.

知道了。

Thanks.

謝謝。

Mark Delaney, Goldman Sachs.

馬克·德萊尼，高盛。

Hey.

嘿。

Thank you for taking my question.

感謝您回答我的問題。

You have Will on for Mark Delaney here.

這裡有馬克·德萊尼的威爾。

Just one on M&A.

只有一篇關於併購。

So with the proposed firing transaction is still ongoing, will Keysight be open to do in other larger transactions in the near term if one that made business and financial since it was available?

因此，由於擬議的解僱交易仍在進行中，如果一項交易自推出以來就已產生業務和財務，是德科技是否會在短期內願意進行其他大型交易？

Yes.

是的。

I would just say, look, we have reiterated a very strong organic growth strategy that we're focused on realizing.

我只想說，看，我們重申了我們致力於實現的非常強大的有機成長策略。

We've also identified specific markets that we have studied to pursue a selective M&A.

我們還確定了我們研究的特定市場，以進行選擇性併購。

And at this point, while we continue to evaluate targets, we'll we always remain disciplined and we'll look at them.

在這一點上，在我們繼續評估目標的同時，我們將始終保持紀律並專注於它們。

But it's not a matter of capital as much as bandwidth to pursue more deals given the deals that we've already announced, which we're working through.

但鑑於我們已經宣布並正在處理的交易，這不是資本問題，而是尋求更多交易的頻寬問題。

No, that should be helpful.

不，這應該會有幫助。

Thank you for that.

謝謝你。

And just one more on capital location.

首都所在地還有一處。

How should we be thinking about buybacks for fiscal '25, any cadence commentary or any color that you can add there would be helpful.

我們應該如何考慮 25 財年的回購，任何節奏評論或您可以添加的任何顏色都會有幫助。

Thank you.

謝謝。

Yes.

是的。

The only thing I would say is that, obviously, we look forward to the close of the Spirent transaction, which will be a significant capital outlay for the company.

我唯一想說的是，顯然，我們期待著思博倫交易的完成，這對公司來說將是一筆重大的資本支出。

And -- but we do expect that we will, at a minimum, continue with our buyback program at at least the anti-dilutive level and then we'll be trying to strike a balance between starting to get the cash ready to close the Spirent transaction traded off against what we might see as opportunistic opportunities to do more on the buyback front.

而且——但我們確實預計，我們將至少在反稀釋水平上繼續實施我們的回購計劃，然後我們將努力在開始準備現金以關閉思博倫之間取得平衡交易與我們可能認為的在回購方面採取更多行動的機會主義機會進行了權衡。

Thank you.

謝謝。

That concludes our question-and-answer session for today.

我們今天的問答環節到此結束。

I would like to turn the call back to Paulenier Sims for any closing comments.

我想將電話轉回 Paulenier Sims 以徵求結束意見。

Thank you, operator, and thank you all for joining us today.

謝謝運營商，也謝謝大家今天加入我們。

Have a great day.

祝你有美好的一天。

This concludes our conference call.

我們的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。