是德科技 (KEYS) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen. And welcome to the Keysight Technologies fiscal third-quarter 2025 earnings conference call. My name is Reagan, and I will be your lead operator today. (Operator Instructions) This call is being recorded today, Tuesday, August 19, 2025, at 1:30 PM Pacific Time.

女士們、先生們，大家好。歡迎參加是德科技 2025 財年第三季財報電話會議。我叫雷根，今天我將擔任您的首席接線生。（操作員指示）本次通話於今天，即 2025 年 8 月 19 日星期二，太平洋時間下午 1:30 進行錄音。

I'd like they hand the call over to Paulenier Sims, Director of Investor Relations. Please go ahead, Ms. Sims.

我希望他們將電話轉給投資者關係總監 Paulenier Sims。請繼續，西姆斯女士。

Thank you, and welcome, everyone, to Keysight's third-quarter earnings conference call for fiscal year 2025. Joining me are Keysight's President and CEO, Satish Dhanasekaran; our CFO, Neil Dougherty, and our Senior Vice President of Global Sales, Steve Yoon.

感謝大家，歡迎大家參加是德科技 2025 財年第三季財報電話會議。與我一起出席的還有 Keysight 總裁兼執行長 Satish Dhanasekaran、財務長 Neil Dougherty 和全球銷售資深副總裁 Steve Yoon。

The press release and information to supplement today's discussion are on our website at investor.keysight.com under Financial Information and Quarterly Reports. Today's comments will refer to non-GAAP financial measures.

新聞稿和補充今天討論的資訊可以在我們的網站 investor.keysight.com 的「財務資訊和季度報告」下找到。今天的評論將參考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. 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.

我們還將參考核心成長，其中不包括貨幣變動和過去 12 個月內完成的收購或資產剝離的影響。最直接可比較的 GAAP 財務指標和對帳表可在我們的網站上查閱，所有比較均以同比計算，除非另有說明。

We will make forward-looking statements about the financial performance of the company on today's call. These statements are subject to risks and uncertainties and are only valid as of today. We assume no obligation to update them and encourage you to review our recent SEC filings for a more complete view of these risks and other factors.

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的陳述。這些聲明受風險和不確定性的影響，並且僅在今天有效。我們不承擔更新這些風險的義務，並鼓勵您查看我們最近向美國證券交易委員會提交的文件，以更全面地了解這些風險和其他因素。

Lastly, management is scheduled to participate in upcoming investor conferences hosted by Deutsche Bank, Citibank, JPMorgan, and Goldman Sachs.

最後，管理層計劃參加由德意志銀行、花旗銀行、摩根大通和高盛主辦的即將舉行的投資者會議。

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. In the third quarter, Keysight's strong execution resulted in 11% year-over-year increase in revenue to $1.4 billion and earnings per share of $1.72, both of which exceeded the high end of our guidance.

大家下午好，感謝大家今天的參與。第三季度，是德科技的強勁執行力使公司營收年增 11%，達到 14 億美元，每股收益達到 1.72 美元，均超過了我們預期的高端。

On the demand front, orders increased by 7% with growth across both the CSG and EISG segments. We saw sustained AI momentum, strong growth in aerospace defense government and general electronics with stability in wireless and automotive. We're executing our strategy and capitalizing on opportunities across our end markets. The ongoing pace of innovation is driving deeper collaboration with customers based on our solid pipeline of opportunities and customer engagements, we're once again raising our outlook for the full fiscal year.

在需求方面，訂單增加了 7%，CSG 和 EISG 部門均實現了成長。我們看到了人工智慧的持續發展勢頭、航空航太、國防政府和通用電子領域的強勁成長以及無線和汽車領域的穩定。我們正在執行我們的策略並利用終端市場中的機會。持續的創新步伐正在推動與客戶的更深入合作，基於我們穩固的機會和客戶參與，我們再次提高了對整個財政年度的展望。

Turning to the business segments. The Communications Solutions Group delivered solid order and revenue growth Year-over-year. In wireline, our early recognition of AI as a transformative technology shift led us to make strategic investments a few years ago to align our portfolio to the multiyear innovation road map we saw unfolding. As the industry accelerates investments in compute, memory, networking, and interconnect technologies, we're capitalizing today while investing to position Keysight for the long term.

轉向業務部門。通訊解決方案集團的訂單和收入較去年同期穩定成長。在有線領域，我們很早就認識到人工智慧是一項變革性的技術轉變，這促使我們在幾年前進行了策略性投資，以使我們的投資組合與我們看到正在展開的多年創新路線圖保持一致。隨著業界對運算、記憶、網路和互連技術的投資不斷加快，我們在投資的同時，也為是德科技的長期發展奠定了基礎。

The emerging AI ecosystem is fueling massive growth in digital infrastructure, which in turn drives the need for rapid innovation across the technology stack. To meet this challenge, we're delivering advanced physical layer solutions and new silicon photonics capabilities that enhance R&D workflows and address customers' single integrity and performance requirements.

新興的人工智慧生態系統正在推動數位基礎設施的大規模成長，這反過來又推動了整個技術堆疊快速創新的需求。為了應對這項挑戰，我們提供先進的物理層解決方案和新的矽光子學功能，以增強研發工作流程並滿足客戶的單一完整性和性能要求。

At the same time, networking technologies are advancing rapidly to keep pace with escalating performance needs. Our interconnect solutions are enabling this evolution, supporting scale up and scale-out architectures with higher network speeds and more advanced switching capabilities. This quarter, we delivered the industry's first protocol layer solution for validating 1.6 terabit performance a major milestone for next-generation networks. We also partnered with AMD to achieve early PCIe Gen 6 compliance validation, laying the groundwork for next wave of AI-ready high-speed interfaces.

同時，網路技術也在快速發展，以滿足不斷升級的效能需求。我們的互連解決方案正在推動這一發展，支援具有更高網路速度和更先進交換功能的縱向擴展和橫向擴展架構。本季度，我們提供了業界首個用於驗證 1.6 太比特效能的協定層解決方案，這是下一代網路的一個重要里程碑。我們也與 AMD 合作，實現了早期 PCIe Gen 6 合規性驗證，為下一波 AI 就緒高速介面奠定了基礎。

With growing complexity in data center at scale, it's critical to model and test not just individual devices and components, but their interactions at the system level. This prevents bottlenecks within the data center, optimizing system efficiency and performance for AI applications. We're working closely with industry leaders to model complex workloads, training environments, and intercluster interactions. Our software solutions enable emulation of real-world scenarios, exposing system-level challenges early in the design process.

隨著資料中心規模的複雜性不斷增加，不僅要對單一裝置和元件進行建模和測試，還要對它們在系統層級的交互作用進行建模和測試，這一點至關重要。這可以防止資料中心出現瓶頸，優化人工智慧應用的系統效率和效能。我們正在與產業領導者密切合作，以模擬複雜的工作負載、培訓環境和叢集間互動。我們的軟體解決方案能夠模擬真實世界的場景，在設計過程的早期就揭示系統級挑戰。

This quarter, we saw a broader adoption of Keysight AI solutions as customers look to streamline integration, accelerate deployment of AI infrastructure. The wireless business remains stable. Current momentum in non-terrestrial networks and continued R&D activity in 5G advanced is contributing to steady demand. We're actively partnering with industry leaders to support emerging applications like direct-to cell connectivity and low Earth orbit networks. While broader 6G commercialization is still years away, we're focused on leading the industry into next generation of innovation. We're deeply engaged in progressing early 6G research and shaping the standards that will define its implementation.

本季度，隨著客戶尋求簡化整合、加速 AI 基礎架構的部署，我們看到 Keysight AI 解決方案得到了更廣泛的採用。無線業務保持穩定。目前非地面網路的發展動能以及 5G 先進技術的持續研發活動正在促進需求的穩定。我們正在積極與行業領導者合作，以支持直接蜂窩連接和低地球軌道網路等新興應用。儘管更廣泛的 6G 商業化仍需數年時間，但我們專注於引領產業進入下一代創新。我們深入參與早期 6G 研究的推進，並制定決定其實施的標準。

This quarter, we collaborated with NTT to demonstrate a breakthrough in sub terahertz component characterization at ultra-high data rates. We're working with key customers on advancing new spectrum utilization, sensing, and next-generation MIMO technologies that will drive long-term transformation across wireless.

本季度，我們與 NTT 合作展示了超高數據速率亞太赫茲組件特性的突破。我們正在與主要客戶合作，推動新的頻譜利用、感知和下一代 MIMO 技術，以推動無線領域的長期轉型。

Moving to aerospace, defense, and government. Elevated defense spending globally and modernization priorities are driving robust demand, particularly in the US and Europe. We secured key wins at EU prime contractors for Radar and electromagnetic spectrum operation applications, leveraging our multi-decade experience in high-performance capabilities and complex system integration. Our differentiated platforms emulate complex 3D radio channel conditions and enable customers to model dynamic signals for satellite, vehicle, airborne, and terrain scenarios. Keysight is well-positioned to capitalize on growing defense and government budgets around the world.

轉向航空航天、國防和政府。全球國防開支的增加和現代化優先事項正在推動強勁的需求，尤其是在美國和歐洲。我們憑藉數十年的高性能能力和複雜系統整合經驗，贏得了歐盟雷達和電磁頻譜操作應用主承包商的關鍵合約。我們的差異化平台可模擬複雜的 3D 無線電頻道條件，並使客戶能夠為衛星、車輛、機載和地形場景建模動態訊號。是德科技已做好準備，充分利用全球不斷增長的國防和政府預算。

Our enablement of sovereign research and innovation continued. This quarter, we collaborated with AIST in Japan to establish a 1,000 cubic platform. This sets a new benchmark for furthering quantum computing research and results from our commitment to long-term innovation and investments in advanced R&D.

我們繼續推動主權研究和創新。本季度，我們與日本AIST合作建立了一個1000立方公尺的平台。這為進一步進行量子運算研究樹立了新的標桿，也是我們致力於長期創新和投資先進研發的成果。

Turning to Electronic Industrial Solutions Group, orders and revenues grew both year over year and sequentially. In our broad general electronics business, orders grew strongly in the quarter and year to date. In consumer industrial, high performance requirements in AI data centers are translating into investment in high-speed PCBs and interconnect.

談到電子工業解決方案集團，訂單和收入同比增長且環比增長。在我們廣泛的通用電子業務中，本季和今年迄今的訂單成長強勁。在消費工業領域，人工智慧資料中心的高效能需求轉化為高速 PCB 和互連的投資。

Digital health continued to grow, driven by advancements in the validation and production of medical devices. This momentum extended to ensuring compliance in wireless and wired connectivity for monitoring systems. Advanced Research and Education also grew this quarter driven by leading-edge semiconductor 6G and photonics initiatives with growth across EU and Asia Pac regions.

在醫療設備驗證和生產進步的推動下，數位健康持續成長。這種勢頭延伸到確保監控系統的無線和有線連接的合規性。本季度，先進研究與教育也實現了成長，這得益於歐盟和亞太地區尖端半導體 6G 和光子學計畫的成長。

In automotive, demand improved sequentially and was stable year over year as we lapped higher compares. Our solutions are enabling OEMs and their partners to advance new software-defined architectures as well as advanced radar and sensing. Leveraging Keysight's broad portfolio, we're engaging with customers in the design and validation of in-vehicle network compliance and security applications.

在汽車領域，需求連續改善，並且與去年同期相比保持穩定，因為我們達到了更高的水平。我們的解決方案使 OEM 及其合作夥伴能夠推進新的軟體定義架構以及先進的雷達和感測技術。利用是德科技的廣泛產品組合，我們與客戶合作設計和驗證車載網路合規性和安全性應用。

This quarter, we enable NIO to validate the compliance of their smart electric vehicles with global wireless connectivity standards. In addition, our ESI and design engineering software renewal rates with major OEMs were strong across all regions.

本季度，我們幫助蔚來驗證其智慧電動車是否符合全球無線連接標準。此外，我們與各地區主要 OEM 的 ESI 和設計工程軟體更新率都很強勁。

We also recently delivered and installed a state-of-the-art R&D battery test lab for a leading European OEM customer. Despite headwinds, these collaborations illustrate the industry's ongoing commitment to innovation as it transitions to smart connected vehicles.

我們最近也為一家領先的歐洲 OEM 客戶交付並安裝了最先進的研發電池測試實驗室。儘管面臨阻力，這些合作表明該行業在向智慧連網汽車轉型的過程中不斷致力於創新。

In semiconductor, robust demand for our wafer test solutions continued. Keysight's differentiation and customer focus is driving tighter engagement with leading foundries and IDMs. Our advanced node, high-bandwidth memory, and silicon photonic solutions are enabling customers to address increasing AI compute intensity and power efficiency requirements. Investment and growth expectations remain favorable, supported by sovereign priorities around the world.

在半導體領域，對我們的晶圓測試解決方案的需求持續強勁。是德科技的差異化和以客戶為中心的理念正在推動與領先的代工廠和 IDM 建立更緊密的合作關係。我們先進的節點、高頻寬記憶體和矽光子解決方案使客戶能夠滿足日益增長的人工智慧運算強度和功率效率要求。受全球主權優先政策的支持，投資和成長預期依然樂觀。

Moving to software and service. Keysight simulation and emulation portfolio is unlocking faster and smarter innovation for our customers, helping them to achieve faster time to market, reduce risk, and superior product performance. This quarter, we saw a healthy demand for our RFEDA solutions, driven by increased government, aerospace, and defense spending as well as the need for high-speed digital simulation capabilities in the AI data center supply chain.

轉向軟體和服務。是德科技模擬和模擬產品組合正在為我們的客戶帶來更快、更智慧的創新，幫助他們加快產品上市時間、降低風險並實現卓越的產品性能。本季度，我們看到對 RFEDA 解決方案的健康需求，這得益於政府、航空航太和國防開支的增加以及人工智慧資料中心供應鏈對高速數位類比功能的需求。

Keysight Services business continues to grow, driven by expansion of managed services and value delivered through Keysight Care. This quarter, we saw strength in aerospace, defense, and government as well as data centers, markets where high-value services and maximum uptime are mission-critical to our customers' success.

受託管服務和 Keysight Care 提供的價值擴展的推動，Keysight 服務業務持續成長。本季度，我們看到航空航太、國防、政府以及資料中心等領域的強勁表現，在這些市場中，高價值服務和最大正常運行時間對於我們客戶的成功至關重要。

Our new products and solutions continue to accelerate customer innovation. At the International Microwave Symposium in June, Keysight showcased multiple high-performance products that address the needs of next-generation radio frequency and digital design. This includes industry's first handheld millimeter wave signal analysis solution, advanced phased array antenna test capabilities, and phase noise measurement systems, all with applications across multiple end markets.

我們的新產品和解決方案不斷加速客戶創新。在六月舉行的國際微波研討會上，是德科技展示了多款滿足下一代射頻和數位設計需求的高效能產品。其中包括業界首個手持式毫米波訊號分析解決方案、先進的相控陣天線測試功能和相位雜訊測量系統，均可應用於多個終端市場。

In summary, Keysight is capitalizing on market opportunities and multiple waves of technology innovation underway. I'd like to thank our team for their relentless customer focus and collaboration, which positions us well both near- and long-term value creation. We remain confident in our ability to navigate the evolving trade and tariff environment to deliver healthy margins and strong free cash flow with our financial model and operational flexibility, reinforcing our ability to invest, adapt, and lead.

總而言之，是德科技正在利用市場機會和正在進行的多波技術創新浪潮。我要感謝我們的團隊堅持不懈地關注客戶並開展協作，這為我們創造短期和長期價值奠定了良好的基礎。我們仍然有信心，我們有能力應對不斷變化的貿易和關稅環境，透過我們的財務模式和營運靈活性實現健康的利潤率和強勁的自由現金流，增強我們的投資、適應和領導能力。

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

接下來，我將把時間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 $1.352 billion was above the high end of our guidance range, up 11% on a reported basis or 9% on a core basis. Orders of $1.340 billion were up 7% on a reported basis or 6% on a core basis.

謝謝你，薩蒂什，大家好。第三季營收為 13.52 億美元，高於我們預期範圍的上限，報告營收成長 11%，核心營收成長 9%。訂單金額為 13.4 億美元，以報告基礎計算成長 7%，以核心基礎計算成長 6%。

Looking at our operational results for Q3, we reported gross margin of 64%, operating expenses of $526 million and operating margin of 25%, an increase of 60 basis points over last year.

從第三季的營運表現來看，我們的毛利率為 64%，營運費用為 5.26 億美元，營運利潤率為 25%，比去年同期增加了 60 個基點。

Turning to earnings. We achieved $297 million of net income and delivered earnings per share of $1.72, which increased 9% year over year. Our weighted average share count for the quarter was 173 million shares.

談到收益。我們實現了 2.97 億美元的淨收入，每股收益為 1.72 美元，年增 9%。本季我們的加權平均股數為 1.73 億股。

Keysight's Q3 tariffs were in line with the estimates that we provided last quarter. We are making progress on our mitigation strategies, which include supply chain optimization as well as pricing and efficiency actions. Accounting for the longer execution time required for certain strategies and our quote to revenue cycle time, we are factoring in a lag for these actions to be fully realized in our results.

是德科技第三季的關稅與我們上個季度提供的估計一致。我們的緩解策略正在取得進展，其中包括供應鏈優化以及定價和效率行動。考慮到某些策略所需的較長執行時間以及我們的報價到收入的周期時間，我們將這些行動完全實現在結果中的滯後因素考慮在內。

Moving to the performance of our segments. The Communications Solutions Group generated third quarter revenue of $940 million, up 11% on a reported basis or 10% on a core basis. Commercial communications revenue of $644 million was up 13%, driven by double-digit growth in both wireline and wireless. Aerospace, defense, and government achieved revenue of $296 million, an increase of 8%. Altogether, CSG delivered 67% gross margin and 26% operating margin.

轉向我們各部門的表現。通訊解決方案集團第三季營收為 9.4 億美元，報告營收成長 11%，核心營收成長 10%。商業通訊收入為 6.44 億美元，成長 13%，這得益於有線和無線業務的兩位數成長。航空航太、國防和政府部門實現收入 2.96 億美元，成長 8%。整體而言，CSG 的毛利率為 67%，營業利益率為 26%。

The Electronic Industrial Solutions Group generated $412 million in revenue, an increase of 11% on a reported basis or 9% on a core basis with growth across automotive and energy, semiconductor, and general electronics. EIC delivered 57% gross margin and 22% operating margin. Software and services accounted for approximately 36% of Keysight revenue, while annual recurring revenue was 28% of the total.

電子工業解決方案集團創造了 4.12 億美元的收入，報告基礎上增長了 11%，核心基礎上增長了 9%，汽車和能源、半導體和通用電子領域均實現了增長。EIC 的毛利率為 57%，營業利益率為 22%。軟體和服務約佔是德科技收入的 36%，而年度經常性收入佔總收入的 28%。

Moving to the balance sheet and cash flow. In Q3, we generated cash flow from operations of $322 million and free cash flow of $291 million. Year-to-date free cash flow now stands at $1.1 billion. We ended the quarter with $2.636 billion in cash and cash equivalents, an additional $759 million is designated as short-term restricted cash the vast majority of which is set aside for closing the Spirent acquisition. We repurchased approximately 300,000 shares this quarter at an average price of approximately $164 for a total consideration of $50 million.

轉到資產負債表和現金流量表。第三季度，我們的營運現金流為 3.22 億美元，自由現金流為 2.91 億美元。年初至今目前自由現金流為 11 億美元。本季末，我們擁有 26.36 億美元的現金和現金等價物，另外 7.59 億美元被指定為短期限制現金，其中絕大部分用於完成 Spirent 收購。本季我們以平均價格約 164 美元回購了約 30 萬股，總對價為 5,000 萬美元。

With regard to the pending acquisition of Spirent, the final regulatory review is progressing, and we now anticipate closing the transaction in our fiscal fourth quarter. The acquisitions of Synopsys' Optical Solutions Group and Ansys' PowerArtist are similarly advancing towards final regulatory approval.

對於即將進行的 Spirent 收購，最終監管審查正在進行中，我們目前預計將在第四財季完成該交易。Synopsys 光學解決方案集團和 Ansys PowerArtist 的收購也同樣正在爭取最終監管部門的批准。

Turning to our outlook. Let me start with a few comments on the tariff rates announced on August 1. We estimate the new tariff rates will increase our tariff exposure by approximately $75 million annually. As communicated last quarter, we are on track to fully mitigate the April tariffs by Q1. We initiated additional actions to address the August tariff increase, which we expect to have fully mitigated on a dollars basis within the first half of FY26.

轉向我們的展望。我先就8月1日公佈的關稅稅率談幾點看法。我們估計新的關稅稅率將使我們的關稅風險每年增加約 7500 萬美元。正如上個季度所傳達的那樣，我們預計在第一季全面取消 4 月的關稅。我們採取了額外措施來應對 8 月的關稅上調，預計在 2026 財年上半年，這一影響將在美元基礎上完全緩解。

As Satish noted, the demand environment has remained resilient despite an uncertain macroeconomic backdrop. We enter Q4 in a strong backlog position. Given our year-to-date outperformance and visibility into the coming quarter, we are raising our full-year growth outlook once again.

正如薩蒂什所指出的，儘管宏觀經濟背景不確定，但需求環境仍保持彈性。我們進入第四季時，積壓訂單情況良好。鑑於我們今年迄今的優異表現以及對下一季的預見性，我們再次上調了全年成長預期。

For the fourth quarter, we expect revenue in the range of $1.370 billion to $1.390 billion and Q4 earnings per share in the range of $1.79 to $1.85 based on a weighted diluted share count of approximately 173 million shares. This will result in a full-year revenue growth of 7% and full-year EPS growth of approximately 13% at the midpoint. This guidance factors in all tariff announcements to date and assumes tariffs remain at August levels.

對於第四季度，我們預計營收將在 13.70 億美元至 13.90 億美元之間，基於約 1.73 億股的加權稀釋股數，每股收益將在 1.79 美元至 1.85 美元之間。這將導致全年收入成長 7%，全年每股收益中位數成長約 13%。該指南考慮了迄今為止的所有關稅公告，並假設關稅保持在 8 月的水平。

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

說完這些，我現在將話題交還給 Paulenier 進行問答。

Thank you, Neil. Reagan, will you please give the instructions.

謝謝你，尼爾。雷根，請你給予指示。

(Operator Instructions) Mark Delaney, Goldman Sachs.

（操作員指示）高盛的馬克·德萊尼。

Yes, good afternoon. Thank you very much for taking my question. Satish, on past calls, you characterized your expectation for a recovery in the end markets overall is gradual. I don't think I heard you use that word today. So maybe you can help investors to better understand your view of the end markets now and to what extent it's better than you'd previously expected.

是的，下午好。非常感謝您回答我的問題。薩蒂什，在過去的電話會議中，您表示，您對終端市場整體復甦的預期是漸進的。我想我今天沒有聽到你用這個字。因此，也許您可以幫助投資者更好地了解您現在對終端市場的看法，以及它在多大程度上比您之前預期的要好。

Yeah, thank you, Mark. Strong quarter, clearly, and we're feeling good about the funnel and the customer activity despite the overhang from tariffs and the sort of geopolitical environment we find ourselves in. And if you look at the performance of our order growth, again, has accelerated as we've gone through the year. So from that perspective, we're feeling good about how the year is progressing slightly even better than what we expected at the beginning of the year.

是的，謝謝你，馬克。顯然，本季業績表現強勁，儘管面臨關稅壓力和地緣政治環境的影響，我們對銷售漏斗和客戶活動仍感到滿意。如果你看一下我們的訂單成長表現，你會發現，隨著時間的流逝，訂單成長速度再次加快。因此從這個角度來看，我們對今年的進展感到滿意，甚至比我們年初預期的要好一些。

However, if you look at the end markets and you look at the multiple dimensions of the end markets and you'd say are all end markets up into the right, not quite, right? I would say AI has clearly been a continuing team of momentum. Aerospace, defense, as we expected that things would recover after the administration change and other things manifest itself, and wireless is tracking slightly ahead of expectations, EISG are going to growth.

然而，如果你看一下終端市場，並看一下終端市場的多個維度，你會說所有的終端市場都是正確的嗎？不完全是，對嗎？我想說，人工智慧顯然是一支持續保持強勁勢頭的團隊。航空航太、國防，正如我們預期的那樣，在政府更迭和其他因素顯現之後，情況將會復甦，而無線業務的發展略高於預期，EISG 將會成長。

All in all, feeling good about the situation, although just the caution is that we still have challenges with the automotive and some end market dynamics.

總而言之，我們對目前的情況感到滿意，但需要注意的是，我們仍然面臨汽車和一些終端市場動態的挑戰。

Helpful overview. My second question was just trying to better understand orders and what you're seeing and putting that into context with the revenue outlook. I think orders were up high-single digits, but the book-to-bill was just below 1, and then you guided for revenue up sequentially. So maybe just help us better understand what's supporting that revenue outlook into 4Q? Is there turns business or backlog that supports it or maybe there's some pass-through tariff revenue that's coming in? And just any more framing of what's driving revenue in the fourth quarter compared to the bookings would be helpful. Thanks.

有用的概述。我的第二個問題只是想更好地了解訂單和您所看到的情況，並將其與收入前景聯繫起來。我認為訂單量增長了高個位數，但訂單出貨比略低於 1，然後您預計收入將環比增長。那麼也許可以幫助我們更了解是什麼支撐了第四季的營收前景？是否有業務週轉或積壓訂單支持它，或者是否有一些轉嫁關稅收入進來？與預訂量相比，對第四季度收入成長的更多因素進行概括將會很有幫助。謝謝。

Yeah. I think some of that is a function of kind of the timing of big deals. We actually had a reasonably large system integration deal. We got customer acceptance literally on the last day of Q3. So that elevated and drove some of the outperformance in the third quarter and obviously pulled that out of Q4 and muted the quarter -- the sequential seasonality from Q3 to Q4 versus what we would typically see. But I think as we look forward, we expect more normal sequential seasonality on the order front than we're going to see on the revenue front, again, because of the timing of some of these big deals.

是的。我認為這在一定程度上取決於大交易的時機。我們實際上有一個相當大的系統整合交易。我們在第三季的最後一天就獲得了客戶的認可。因此，這提升並推動了第三季度的部分優異表現，並顯然將其從第四季度中拉出並減弱了本季度——從第三季度到第四季度的連續季節性與我們通常看到的相比。但我認為，展望未來，我們預期訂單方面的季節性變化會比收入方面的季節性變化更加正常，這同樣是因為一些大交易的時機。

Thanks, I'll pass it on.

謝謝，我會傳達的。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Yeah. Thanks for taking a question. I do have a follow-up as well. I guess first, Neil, as we kind of think about the revenue growth and the recovery in the business, the order growth dynamics, I guess appreciating that you're not giving guidance out into next year. But at the Analyst Day that you had hosted a while back, you talked about a 5% to 7% top-line growth rate is kind of the long-term model. Is that how we should kind of think about the story playing out at this point as we look out into fiscal '26? Or is there an opportunity to maybe see the potential for revenue to grow still a little bit above that level?

是的。感謝您提出問題。我確實也有一個後續行動。首先，尼爾，當我們考慮收入成長和業務復甦、訂單成長動態時，我很感激你沒有給出明年的指導。但在您不久前主持的分析師日上，您談到了 5% 到 7% 的營收成長率是一種長期模式。當我們展望 26 財年時，我們是否應該這樣看待目前發生的故事？或者是否有機會看到收入成長潛力仍然略高於該水準？

Yeah. I mean, I think looking to this year is maybe just a start, we started the year talking about the gradual recovery, and we're looking for revenue growth this year at the low end of that 5% to 7% range. And as Satish has just indicated, things have unfolded slightly better than our expectation, and we've been able to raise that revenue expectation for the full year, each of the last two quarters.

是的。我的意思是，我認為展望今年可能只是一個開始，我們在年初談論的是逐步復甦，我們預計今年的收入成長率將在 5% 至 7% 的低端。正如薩蒂什剛才指出的那樣，事情的發展比我們的預期要好一些，而且我們在過去的兩個季度中都提高了全年的收入預期。

I think as, again, as Satish just mentioned, numerous of our end markets are in recovery and others are still kind of more stable at lower levels. But I think, generally speaking, the feeling around the building is that we're bullish going into '26 with one big caveat around tariffs and macroeconomic, right?

我認為，正如 Satish 剛才提到的，我們的許多終端市場正在復蘇，而其他市場在較低水平上仍然比較穩定。但我認為，整體而言，大家對進入26年持樂觀態度，但對關稅和宏觀經濟有一個重大警告，對嗎？

We're still pretty early into this process, and I don't think the market is fully absorbed the impact of this new tariff environment. And so I think we'll have more to say on '26 in three months. But right now, we're really focused on executing and delivering Q4 that are generally positive on what we're seeing in our end markets.

我們還處於這個過程的早期階段，我認為市場還沒有完全吸收這種新關稅環境的影響。所以我認為三個月後我們會對 26 有更多的評論。但目前，我們真正專注於執行和交付第四季度業績，這對我們在終端市場看到的情況總體上是積極的。

Yeah. I appreciate that, Neil. And then just as a quick follow-up. Satish, we've talked a lot -- a lot of investors often ask me like Keysight, the AI story. You've talked about not just scale out but also now scale up 1.6t and so on and so forth. So the wireline business, I'm just -- I'm curious how do you respond to investors kind of asking what's the mix of the contribution that really AI drives to the Keysight story? And how do you see the durability of that strong demand looking forward?

是的。我很感激，尼爾。然後只是進行快速跟進。薩蒂什，我們談了很多——很多投資者經常問我關於是德科技和人工智慧的故事。您談到的不僅是擴大規模，現在還擴大到 1.6t 等等。因此，對於有線業務，我只是——我很好奇您如何回應投資者的詢問，即人工智慧對是德科技的貢獻究竟是什麼？您如何看待這種強勁需求的持久性？

Well, first, I'll answer your second question. We're well-positioned with momentum to capitalize on this long-term opportunity with AI. I'm probably more convinced now that this is going to play out, and we're well-positioned than I was maybe 18 months ago when we started down this path. So that's point number one.

好吧，首先我來回答你的第二個問題。我們已做好準備，充分利用人工智慧帶來的這一長期機會。我現在可能更加確信這一切將會成功，而且與 18 個月前我們開始走這條路時相比，我們已經做好了充分的準備。這是第一點。

The second thing I would say is when you think about AI, it's going to have contribution across multiple end markets over time. But clearly, one is the area where we start to see the early demand and we are picking up on that inflection I expect to finish wireline business up double digit, strong double digits this year. Commercial comps up double digits and it's a function of the underlying AI demand.

我想說的第二件事是，當你考慮到人工智慧時，它會隨著時間的推移對多個終端市場做出貢獻。但顯然，一方面是我們開始看到早期需求的領域，我們正在抓住這一拐點，我預計今年有線業務將實現兩位數、強勁的兩位數增長。商業收入成長了兩位數，這是對人工智慧需求的體現。

And I would say that the AI demand, in particular, one of the things that it's really hard to sort of tease that out as unique adman because you have this sort of entrenched ecosystem of customers, whether it is NEMs or silicon designers or hyperscalers that have been customers of Keysight's capabilities for a long time. But clearly, their business with us is growing and has continued to grow through this period and AI has been the incremental driver there. But equally, as this year has progressed, we've added new customer start-up activity in this industry is picking up and Neocloud providers.

我想說的是，特別是人工智慧需求，很難將其歸結為獨特的廣告，因為你有這種根深蒂固的客戶生態系統，無論是 NEM、矽片設計師還是超大規模製造商，他們長期以來一直是 Keysight 功能的客戶。但顯然，他們與我們的業務正在成長，並且在這段時間內持續成長，而人工智慧一直是其中的增量驅動力。但同樣，隨著今年的進展，我們增加了新的客戶，該行業的初創活動正在回升，Neocloud 提供者也正在增加。

So all in all, feeling good about our ability to grow and not just a quarter or two, but over the long term as well.

總而言之，我們對我們的成長能力感到滿意，而且這種成長不只是一兩個季度，而且是長期的成長。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Great, thanks. A couple of questions for me. Maybe just first, if you could just kind of outline where the tariffs are kind of -- or like which part of the tariffs are most substantial for you, guys? And then just if the mitigation is that you plan on doing is kind of moving around production or pricing?

太好了，謝謝。我有幾個問題。首先，您能否簡單介紹一下關稅的具體內容，或是哪一部分關稅對您來說最為重要？那麼，您計劃採取的緩解措施是否是改變生產或定價？

And then just a second question for me. Just on aerospace and defense, just clearly, a lot of spending happening in that market right now. Is this something where we should see this market kind of continue to accelerate? Or is this kind of a good level because it just takes years for these programs to kind of get into place?

然後我還有第二個問題。僅在航空航太和國防領域，顯然目前該市場就有大量支出。我們是否應該看到這個市場持續加速發展？或者這是一個很好的水平，因為這些項目需要花費數年時間才能到位？

Yeah. Thanks, Meta. Why don't I take the tariff question, and then I'll let Satish address the aerospace defense question.

是的。謝謝，Meta。我先來討論關稅問題，然後讓薩蒂什來討論航空航天防禦問題。

So with regard to the tariffs, we have a largely Southeast Asia-based supply chain. As you know, most of our largest plant from a finished goods manufacturing standpoint is in Malaysia, but we have other significant manufacturing -- offshore manufacturing operations in the EU as well as in Japan.

因此，就關稅而言，我們的供應鏈主要位於東南亞。如您所知，從成品製造的角度來看，我們最大的工廠大部分位於馬來西亞，但我們還有其他重要的製造業務——在歐盟和日本的離岸製造業務。

And I would also note that we do significant manufacturing in the US. You know that we do IC fabrication here, a lot. We do manufacturing for some of our high-end aerospace defense solutions and then a lot of our high-end new product introductions actually start with US-based manufacturing before moving to a higher volume location.

我還要指出的是，我們在美國進行大量製造。您知道我們在這裡大量進行積體電路製造。我們生產一些高端航空航太防禦解決方案，我們的許多高端新產品的推出實際上都是從美國製造開始，然後再轉移到產量更大的地方。

And so we do have a geographically diverse manufacturing footprint, which gets to the second part of your question and the actions that we're taking to mitigate the tariffs. And it really is a multipronged approach looking at various supply chain strategies up to and including potentially shifting manufacturing, probably more focused on making sure right now that we are appropriately utilizing capacity that's already in place rather than dramatically shifting capacity from one location to another, but we'll see how that develops our time.

因此，我們的製造足跡確實遍布各地，這涉及您問題的第二部分以及我們為降低關稅而採取的行動。這確實是一種多管齊下的方法，研究各種供應鏈策略，包括潛在的製造業轉移，可能更側重於確保我們現在適當地利用現有的產能，而不是將產能從一個地方大幅轉移到另一個地方，但我們將拭目以待，看看這將如何發展。

Obviously, looking at supplier relationships, cost efficiencies. And then to the extent that there's residual amounts looking to pass those costs on to our customers to protect our financial results via both price increases and tariff surcharges for our US customers. So it's a multi-pond approach. And again, I would just say that just reiterate the points that we made in our prepared remarks, that we expect to have the tariff impact from April fully mitigated during Q1. We've taken incremental actions to mitigate the August increase and should have that mitigated on a dollars basis and on again on our run rate basis sometime during the first half of this fiscal year. So we feel like we've got it well handled.

顯然，要考慮供應商關係和成本效率。然後，我們會將剩餘的成本轉嫁給客戶，透過提高美國客戶的價格和關稅附加費來保護我們的財務表現。所以這是一種多池方法。我再說一遍，我只是想重申我們在準備好的發言中提出的觀點，我們預計 4 月的關稅影響將在第一季完全緩解。我們已採取漸進措施來緩解 8 月份的成長，並應能在本財年上半年的某個時候以美元為基礎並再次以運行率為基礎緩解這一增長。所以我們覺得我們處理得很好。

So Meta, I think I reiterate the point number one is we're confident that ability to mitigate the tariff situation, and we've started to make good progress organizationally towards that.

因此，Meta，我想我重申第一點，我們有信心有能力緩解關稅形勢，而且我們在組織上已經開始朝著這個方向取得良好進展。

With regard to aerospace defense, first and foremost, I would say, the starting point for the year was slower given the administration change and continuing the solution. And now being on this call, I sort of foreshadowed that I wouldn't be surprised if some of the demand comes back in the second half, and it's exactly the way it's played out.

關於航空航天防禦，首先我想說，由於政府更迭和解決方案的持續推進，今年的起點比較慢。現在透過這次電話會議，我有點預感到，如果下半年部分需求回升，我不會感到驚訝，事實也確實如此。

But again, what we're seeing now is sort of ongoing programs or existing programs that were in the pipeline that are flushing out the backlog for some of the prime contractors continues to be robust in strengthening, which is again, foreshadowing positive environment subject to budgets.

但是，我們現在看到的是，正在進行的項目或現有的正在籌備中的項目正在清除一些主要承包商的積壓工作，這些項目繼續保持強勁增長，這再次預示著預算帶來的積極環境。

I think the US situation is pretty well understood. And typically, it's a majority part of our business, so we factor that into our growth rates. I think what's a new dynamic, frankly, which is hard to quantify just yet, is the impact of the European spend that could have on to this over the long term, right? And that's where we started to see some LTE business this quarter.

我認為美國的情況很好理解。通常，這是我們業務的主要部分，因此我們將其計入我們的成長率。坦白說，我認為現在很難量化的一個新動態是歐洲支出對此可能產生的長期影響，對嗎？這就是我們本季開始看到一些 LTE 業務的地方。

And I think some of these programs will continue to play out as we move forward. But we remain confident in some of the capabilities we bring in terms of radar, EW, space satellite. And as we think about some of the NDA priorities that have emerged, we have multiple places where we make contributions. The golden dome of the United States has been announced should that be funded will also be give us additional opportunities to make contribution.

我認為，隨著我們不斷前進，其中一些計劃將繼續發揮作用。但我們對雷達、電子戰、太空衛星等方面所具備的一些能力仍然充滿信心。當我們思考已經出現的一些 NDA 優先事項時，我們可以在多個方面做出貢獻。美國金頂已經宣佈如果得到資助也將為我們額外的機會做出貢獻。

So overall, feeling good about the contributions we're making and we feel like we can keep increasing it. Now again, this is a function of government budgets. So maybe the pace of acceleration of growth may not be as quick as some of the commercial markets we experienced, but it's one of the more steadier value creators for the company.

總的來說，我們對自己所做的貢獻感到滿意，並且覺得可以繼續增加貢獻。再次強調，這是政府預算的功能。因此，也許成長加速的速度可能不如我們經歷的一些商業市場那麼快，但它是公司更穩定的價值創造者之一。

Tim Long, Barclays.

巴克萊銀行的提姆朗。

Thank you. I have two as well, maybe one for Satish, and one for Neil.

謝謝。我也有兩個，也許一個給 Satish，一個給 Neil。

Satish, maybe just go back to wireless. You talked about it being stable, but it sounded like double-digit growth in the quarter. Was that largely just the compares? Or maybe if you can just walk us through some of the areas that are kind of keeping the wireless-related businesses afloat?

Satish，也許只是回到無線領域。您說它是穩定的，但聽起來本季實現了兩位數的成長。這基本上只是比較嗎？或者您能否向我們介紹一下那些使無線相關業務得以維持的領域？

And then Neil, I'll just give it to you now. Could you just touch on kind of moving parts around this incremental margin of 40% that you talked about. It seems like you might come in a little bit below this year, but when we start looking into the future, maybe walk us through the moving parts around how we should think about that incremental margin number?

那麼尼爾，我現在就把它給你。您能否簡單談談您提到的 40% 增量利潤率的相關變動？看起來今年你的利潤可能會略低一些，但是當我們開始展望未來時，也許可以帶我們了解一下我們應該如何考慮增量利潤數字的各個方面？

Tim, thank you. Yes, we had a strong revenue quarter. Again, it's a function of recovering market conditions in wireless that have remained depressed for so long. And year-to-date, we're slightly ahead of what we expected in terms of order growth.

提姆，謝謝你。是的，我們本季的營收表現強勁。再次，這是長期低迷的無線市場狀況復甦的結果。今年迄今為止，我們的訂單成長略高於預期。

And really, the story is of standard progression release '18, more R&D spend and some increasing activity we see as AI starts to move to the edge, and there is more activity on AI applications, on mobile type devices. There's a lot more standards-driven capabilities that are being promoted that creates some opportunity for us.

實際上，故事是關於 2018 年標準進展發布的，隨著人工智慧開始走向邊緣，我們看到更多的研發支出和一些增加的活動，並且在行動裝置上人工智慧應用程式的活動也越來越多。正在推廣的更多標準驅動功能為我們創造了一些機會。

The non-terrestrial network activity with satellite operators and mobile operators that are partnering. I think that's continuing to grow. And then some early 6G research activities around the globe where customers are starting to put pen to paper and starting to design their systems. So all of these are -- have been things we've been discussing. And while the supply chain typical smartphone supply chain still remains subdued.

與衛星營運商和行動營運商合作進行的非地面網路活動。我認為這個數字還在持續成長。然後是全球範圍內的一些早期 6G 研究活動，客戶開始動筆設計他們的系統。所有這些都是我們一直在討論的事情。而典型的智慧型手機供應鏈則依然低迷。

Yeah. And Tim, to your second question about how to think about the incrementals, I still think that going forward, over the longer term, the 40% incremental is the right way to think about the business. Obviously, there was a big kind of shock to the system this quarter with -- or the year with the tariffs, which had not previously been considered in our model.

是的。提姆，關於你的第二個問題，關於如何看待增量，我仍然認為，從長遠來看，40% 的增量是思考業務的正確方式。顯然，本季或今年的關稅對系統造成了巨大衝擊，而這在我們先前的模型中並未被考慮過。

Once those, however, are included in the baseline and we lap them this time next year, you kind of get back to the point where they're in the baseline and you're able to continue to grow your -- as you grow your business mid-single digits or better, you would deliver that 40% incremental.

然而，一旦這些都被納入基線，並且我們在明年這個時候將其覆蓋，您就會回到基線的點，並且您可以繼續增長 - 隨著您的業務增長到中等個位數或更高，您將實現 40％ 的增量。

I would point out that if you look Q2, Q3, and our guide for Q4, the three quarters where we've achieved that mid-single-digit growth rate and you strip out the tariff impact, we actually are overachieving that 40% incremental. So it's still something that we're tracking. And again, we're absorbing the tariffs this year, which are again, new and unexpected and at the same time, have been able to raise our EPS growth, EPS growth estimates for the year. So definitely a continued focus on efficiencies and cost management. And again, I think that 40% incremental is the right way to think about the business long term but the tariffs will limit our ability to deliver it until we get them into the baseline.

我想指出的是，如果你看一下第二季度、第三季度以及第四季度的指引，你會發現在這三個季度中，我們都實現了中等個位數的成長率，並且剔除關稅的影響，我們實際上已經超額完成了 40% 的增量。所以這是我們仍在追蹤的事情。而且，我們今年正在吸收關稅，這些關稅也是新的和意料之外的，同時，也能夠提高我們今年的每股收益成長和每股收益成長預期。因此，我們肯定會繼續關注效率和成本管理。我再次強調，我認為 40% 的增量是考慮長期業務的正確方式，但關稅將限制我們交付產品的能力，直到我們將其納入基準。

Mehdi Hosseini, SIG.

邁赫迪·胡賽尼（Mehdi Hosseini），SIG。

Yes, thank you. It's actually Mehdi Hosseini. I also have two multiple questions. It was nine months ago, you guys were talking about wireline business, bringing in more than $2 billion of orders. And the commentary over the past couple of quarters suggest that order activity for wireline has remained strong. So my question is, can you put some color around the dollar value of orders or business revenue that is coming in assuming that you had more than $2 billion of orders nine months ago? And in that context, how should we think about sustainability of wireline orders? And I have a follow-up.

是的，謝謝。實際上是梅赫迪·胡賽尼 (Mehdi Hosseini)。我還有兩個多重問題。九個月前，你們還在談論有線電視業務，帶來了超過 20 億美元的訂單。過去幾季的評論表明，有線電視訂單活動依然強勁。所以我的問題是，假設九個月前您的訂單金額超過 20 億美元，您能否對即將到來的訂單金額或業務收入做出一些說明？在這種背景下，我們應該如何看待有線訂單的可持續性？我還有一個後續問題。

Yeah. Maybe, I would say that I don't remember sizing it, but let me maybe take a step back and say that if you go back in time and you look at our commercial communications business, I would say that a bigger chunk of the business was wireless, and wireline was a smaller part of the business. And what is still -- what has since then shoot is wireless has normalized since the 2022 peak 5G levels and is pretty stable, while wireline has continued to grow. And this year, I expect to finish the business with a record bookings and a solid pipeline of opportunities as we go into next year.

是的。也許，我想說我不記得它的規模，但讓我退一步說，如果你回顧過去，看看我們的商業通訊業務，我會說業務的很大一部分是無線的，而有線只是業務的一小部分。從那時起，無線網路的發展就一直處於正常狀態，自 2022 年 5G 達到峰值水準以來，無線網路已經相當穩定，而有線網路則持續成長。今年，我希望以創紀錄的預訂量和堅實的銷售機會結束這項業務，為明年的到來做好準備。

So you might say, well, what's really driving all this activity if we have -- because there's the obviously, the data center CapEx investments that we all know about and so you're really asking at the core of it, how sustainable are these. But if you think about the nature of the AI workload and the progression of it, it's going from just these ChatGPT type applications, into more agentic workflows and is poised to, I think, make substantial contributions to productivity for both companies and individuals.

所以你可能會說，好吧，如果我們有的話，真正推動所有這些活動的是什麼——因為顯然，我們都知道資料中心的資本支出投資，所以你真正要問的是，這些投資的可持續性如何。但是，如果你考慮人工智慧工作負載的性質及其進展，它就會從這些 ChatGPT 類型的應用程式轉變為更具代理性的工作流程，並且我認為它將為公司和個人的生產力做出重大貢獻。

And as that plays out, the underlying economics of adopting the latest technology and the pressure to accelerate innovation. We continue to see that as a probably a sustaining driver looking as far out into '28 and '30 even some of the early look that we're getting engaging with our customers on memory, topology enhancements, compute enhancements, networking, speeds, and interconnect, what used to be a two, three, four-year sort of refresh cycle is being pulled in, which really creates a steady road map for us to keep working with our customers and engage.

隨著這種情況的發生，採用最新技術的潛在經濟效益和加速創新的壓力也隨之增加。我們繼續認為這可能是一個持續的驅動力，展望28年和30年，甚至一些早期的展望，我們正在與客戶就內存、拓撲增強、計算增強、網絡、速度和互連進行接觸，過去的兩年、三年、四年的更新周期正在被引入，這確實為我們繼續與客戶合作和互動創建了一個穩定的路線圖。

So a, I feel good about the market opportunity; b, I also feel good about Keysight's ability to intercept that and outperform.

因此，a，我對市場機會感到滿意；b，我對是德科技抓住這一機會並超越的能力也感到滿意。

Okay, thank you. And then the second question maybe is for Neil. I see both CSG and EISG revenues were up 11% each on a year-over-year basis. But CSG had kind of flattish operating margin, but EISG has more than 200 basis points of increase in operating margin. And my question is, is CSG where most of the tariffs are being felt? And is there also a mix that is favoring ESG with the margin expansion on a year-over-year basis?

好的，謝謝。第二個問題可能是問尼爾的。我發現 CSG 和 EISG 的營收年增了 11%。但 CSG 的營業利潤率較為平穩，而 EISG 的營業利益率卻增加了 200 個基點以上。我的問題是，南方電網是受到關稅影響最大的地區嗎？是否存在有利於 ESG 且利潤率逐年擴大的組合？

Yeah. I think the second part of that is definitely true that we've talked about in the past how there's a greater disparity of gross margins within the EIC portfolio. They have the ability to benefit from mix shifts.

是的。我認為第二部分肯定是正確的，我們過去曾討論過 EIC 投資組合中的毛利率差距較大。他們有能力從混合轉變中獲益。

With regard to the tariffs, I mean, certainly, tariffs are impacting both of our businesses. There might be a slight skew there within with towards CSG, but I think that's reasonably equally spread across the two portfolios.

關於關稅，我的意思是，關稅肯定會影響我們雙方的業務。其中可能存在對 CSG 的輕微傾斜，但我認為這在兩個投資組合中分佈得相當均勻。

Okay. And with EISG, that's where software and services mix is richer, and that's where you get a margin uplift. That's the mix that you are referring to, correct?

好的。有了 EISG，軟體和服務組合就更加豐富，利潤率也就隨之提升。這就是您所指的混合物，對嗎？

No. CSG has a higher mix of software, certainly than EISG given the kind of the use of software within that communications portfolio. I think if you look at the hardware portfolio within EISG, EISG they have some of our highest margin products but then they also have more of our distribution level projects, lower end level technology, which tend to have lower gross margins associated with them. So it's a bit of a -- within the hardware portfolio, it's a broader dispersion. Again, there is a skew within the tariff portfolio towards CSG, but it's not huge.

不。鑑於 CSG 在通訊產品組合中軟體的使用類型，其軟體組合肯定比 EISG 更高。我認為，如果你看一下 EISG 內的硬體產品組合，你會發現 EISG 擁有我們一些利潤率最高的產品，但他們也擁有更多我們的分銷級項目和低端技術，這些項目的毛利率往往較低。因此，在硬體產品組合中，它的分佈範圍更為廣泛。再一次，關稅組合中存在向南方電網傾斜的現象，但幅度並不大。

Got it. Thank you.

知道了。謝謝。

David Ridley-Lane, Bank of America.

美國銀行的戴維‧里德利‧萊恩 (David Ridley-Lane)。

Thank you. Just want to make sure that we're on the same page for the tariffs. So it was $75 million before August at another $75 million. And just to clarify, I think you were expecting about $25 million net this quarter or 80 basis points, that's what you saw? And what is the expectation baked into the fourth-quarter guide? So just how much are we looking at in total? And what's in the --

謝謝。只是想確保我們對關稅的看法一致。因此，8 月之前為 7,500 萬美元，另外為 7,500 萬美元。需要澄清的是，我認為您預計本季淨利潤約為 2500 萬美元或 80 個基點，這就是您所看到的嗎？第四季指南中的預期是什麼？那我們總共要看多少呢？還有什麼--

Yes. Just to review the numbers. So what we said a quarter ago, $75 million to $100 million annually and the incremental $75 million as a result of the August increases. So that takes you to [$150 million to $175 million] is the range that we're looking at.

是的。只是為了回顧一下這些數字。因此，我們一個季度前就說過，每年 7,500 萬美元到 1 億美元，加上 8 月份的成長，增量為 7,500 萬美元。所以，我們所考慮的範圍是 [1.5 億美元到 1.75 億美元]。

Our impact in Q3 was in line with those numbers that we just communicated. In Q4, we'll see tariff, the tariff expense go up as a result of the tariff increases. But luckily, our tariff mitigations are starting to ramp as well. So while we will continue to see on a dollars basis, an unfavorable impact from Q4, it's only slightly larger than what's in Q3. You see an increase in tariff expense but a ramping of the mediation actions.

我們在第三季的影響與我們剛剛傳達的數字一致。在第四季度，我們將看到關稅，由於關稅上調，關稅費用也會上升。但幸運的是，我們的關稅減免也開始增加。因此，儘管我們將繼續從美元角度看到第四季度的不利影響，但其影響僅略大於第三季。你會看到關稅費用增加，但調解行動卻不斷加強。

Got it. Perfect. And then I guess one kind of question around the two -- now that the Synopsys and Ansys acquisition is actually complete, is there any color that you can give us in terms of size or magnitude for the two businesses that you'll be wearing out of that?

知道了。完美的。然後我想問一下關於這兩家公司的問題——現在 Synopsys 和 Ansys 的收購實際上已經完成，您能否透露一下這兩家公司將要收購的業務的規模或規模？

I think let me take that. I think from a strategic perspective, we really like the fit to our simulation portfolio. We've talked about that.

我想讓我來接受它。我認為從策略角度來看，我們真的很喜歡適合我們的模擬產品組合。我們已經討論過這個了。

At this point, any questions with regard to timing or details are better directed to the Synopsys team because even though they have closed the deal with Ansys, the regulatory -- there's still some regulatory process that's underway that would take some time for us to conclude. And so any questions on that regard might be better directed to Synopsys at this time.

此時，有關時間或細節的任何問題最好直接向 Synopsys 團隊提出，因為即使他們已經與 Ansys 達成交易，但監管方面——仍有一些監管流程正在進行中，我們需要一些時間才能完成。因此，如果對此有任何疑問，最好現在就直接向 Synopsys 提出。

Rob Jamieson, Vertical Research Partners.

Rob Jamieson，Vertical Research Partners。

Yeah, thanks for taking my questions. Just a follow-up with David's question on PowerArtist and Optical Solutions. Just kind of back to some of the comments you made on the simulation software and software demand on the AI side. What are these two assets going to bring into the EDA side of your portfolio? And like how does this enhance your offering going forward?

是的，感謝您回答我的問題。這只是對 David 關於 PowerArtist 和 Optical Solutions 的問題的後續回答。回到您對人工智慧方面的模擬軟體和軟體需求的一些評論。這兩項資產將為您的投資組合的 EDA 方面帶來什麼？這如何增強您未來的產品服務？

Yeah. I think -- if you think about our RFEDA, the simplest way to think about it is we're leaders in RF and high-speed digital kind of simulations and part of those workflows, think the Optical is a really good complement to that. And in general, power and power efficiency is becoming so important to customers and saw some of the critical IP being part of the portfolio is a good thing because they fit our long-term direction and our ability to sort of create more synergies with these capabilities inside the company.

是的。我認為——如果你考慮我們的 RFEDA，最簡單的思考方式就是我們在 RF 和高速數位類比以及這些工作流程的一部分方面處於領先地位，認為光學是對此的一個很好的補充。總的來說，功率和功率效率對客戶來說變得非常重要，看到一些關鍵 IP 成為產品組合的一部分是一件好事，因為它們符合我們的長期方向，也符合我們在公司內部利用這些能力創造更多協同效應的能力。

Okay, thank you. And then just with the comments on the 6G research initiatives gaining some traction. Can you provide us a little thought on customer engagement timelines and when 6G might become a more meaningful revenue contributor? And how are you thinking about balancing continued 5G optimization versus 6G investment priorities as we look ahead?

好的，謝謝。然後，有關 6G 研究計劃的評論得到了一些關注。您能否向我們提供一些關於客戶參與時間表的想法，以及 6G 何時可能成為更有意義的收入貢獻者？展望未來，您如何考慮平衡持續的 5G 優化與 6G 投資重點？

That's a really good question. In the most recent 3GPP plenary meeting in Prague, started to finalize what release 20 or the early version of 6G might look like. And one of the things that might take away was it reinforced the industry alignment for -- from 5G bands to 6G, which I think is a really good trend for us because of the -- it's not a break and it's an evolution and a flow on some of the themes that we have been working with customers on, whether it is to lower latency for AI applications, increased energy efficiency or non-terrestrial networks and integrate satellite connectivity with terrestrial networks.

這真是一個好問題。在最近於布拉格舉行的 3GPP 全體會議上，開始最終確定第 20 版或 6G 早期版本的具體樣子。其中一件可能的事情是，它加強了從 5G 頻段到 6G 的行業協調，我認為這對我們來說是一個非常好的趨勢，因為它不是一個中斷，而是一個演變，是我們一直與客戶合作的一些主題的流動，無論是降低人工智能應用的延遲、提高能源效率還是非地面網絡，以及將衛星連接與地面網絡相結合。

So all those teams play out and our strength in 5G. And so we're thinking about our platforms and architectures from this perspective, and it's glad to see that being reinforced from a standardization.

因此，所有這些團隊都在發揮我們在 5G 領域的優勢。因此，我們從這個角度考慮我們的平台和架構，很高興看到它透過標準化來加強。

We start to see customers exploring various facets of 6G because it's not clear yet which spectrum or what topology will be generated, but we start to see some activity with customers related to building up their IP for an eventual six-year rollout, right? So that's where the action to date is occurring. As I said in my prepared remarks, we're still years away from rollout, but I think the R&D activity will only continue to grow as we move forward.

我們開始看到客戶探索 6G 的各個方面，因為目前尚不清楚將產生哪種頻譜或哪種拓撲，但我們開始看到客戶開展一些活動，為最終六年內推出而構建他們的 IP，對嗎？這就是迄今為止的行動發生的地方。正如我在準備好的發言中所說，我們距離推出產品還有幾年的時間，但我認為隨著我們不斷前進，研發活動只會繼續增長。

That's great. Thank you for that.

那太棒了。謝謝你。

Rob Mason, Baird.

羅布梅森，貝爾德。

Yes, thanks for taking the question. Your semiconductor business grew double digits in the quarter. You sounded quite pleased with the results. It has been a choppier environment for some in the semi front-end semi cap space. And I'm just curious, maybe walk through or remind us why you're not maybe seeing so much volatility in that business. And I just kind of wanted to confirm as well just your outlook is for growth here in the fourth quarter as well.

是的，感謝您提出這個問題。你們的半導體業務在本季實現了兩位數的成長。聽起來您對結果很滿意。對於一些半前端半資本領域的公司來說，當前的環境更加動盪。我只是好奇，也許可以解釋一下或提醒我們為什麼你可能沒有看到該行業有這麼大的波動。我只是想確認一下您對第四季的成長前景。

Yeah. As you know, our semiconductor business is the wafer stage and so as wafer starts are occurring globally it does benefit from some of the sovereign trends. People are characterizing wafers even ahead of production, so that's another sort of tailwind for the business.

是的。如您所知，我們的半導體業務處於晶圓階段，因此隨著晶圓在全球範圍內的啟動，它確實受益於一些主權趨勢。人們甚至在生產之前就對晶圓進行特性分析，這對業務來說是另一種順風。

And also, it's a business which benefits from some of the advanced nodes, new memory topologies, HBMs, and recent increased customer interest on silicon photonics review of favorable drivers for our semi business.

此外，這項業務也受惠於一些先進的節點、新的記憶體拓樸、HBM，以及近期客戶對矽光子學日益增長的興趣，這些都是我們半導體業務的有利驅動因素。

So just to also be clear, the business did experience a decline in '24 driven by some of these -- the normalization of demand, so it was not immune to that. So it's getting some lift from the increased activity plus some of these advanced AI-driven demand that's favorably -- that's a favorable driver for this business.

因此，還需要明確的是，由於需求正常化等因素的影響，24 年業務確實經歷了下滑，因此也不能倖免。因此，隨著活動的增加以及一些先進的人工智慧驅動的需求，該業務獲得了一些提振，這對該業務來說是一個有利的驅動力。

I see. That's helpful. Satish, if we could just shift over to the wireline business. Last quarter, you shed a little more light just on the mix between the R&D test and production tests that's occurring in that business. And it shifted a little bit towards production tests just as that's such a high-growth area. I'm just curious as that mix has shifted. Has your visibility changed at all? Is it giving you more visibility, less visibility? Just how we should think about that evolution there?

我懂了。這很有幫助。薩蒂什，如果我們可以轉向有線業務的話。上個季度，您對該業務中發生的研發測試和生產測試的結合進行了更詳細的說明。而且它稍微轉向了生產測試，因為這是一個高成長領域。我只是好奇，因為這種混合已經改變了。你的知名度有改變嗎？它是否為你帶來了更多的可見性，還是更少的可見性？我們究竟該如何看待那裡的演變？

Yeah, that's a good question. I mean, I think when we started to think about it last year, let's say, at this earnings call, I call the environment constrained and, again, constrained from a supply chain perspective. And what's really played out over the last quarters is that the unlocking of the supply chain through investments that are coming. And I think that's a process that's still to play out, and we're clearly benefiting from that. So that's probably skewed our mix of traditionally predominant R&D business to include a bit more of manufacturing exposure, but we're nowhere close to the company exposure around a manufacturing standpoint in this business. It's still R&D oriented.

是的，這是個好問題。我的意思是，我認為當我們去年開始考慮這個問題時，比如說，在這次收益電話會議上，我稱環境受到限制，而且從供應鏈的角度來看也受到限制。過去幾季的實際表現是，透過即將到來的投資，供應鏈得到了解鎖。我認為這是一個有待完成的過程，我們顯然從中受益。因此，這可能使我們傳統上以研發為主的業務組合發生了偏差，從而包含了更多的製造業風險，但我們在這個業務中從製造業角度來看的公司風險還遠遠沒有達到。它仍然以研發為導向。

And what we also see, which is favorable, which speaks to the visibility comment is, again, last year, this time, I would have said this is a highly concentrated business for us because we had a few customers driving the action and what's playing out is the broadening of the business even in the wireline ecosystem with new customers and start-up activity but even across the company, as you think about the general electronics and semiconductor getting some of the tailwinds from the AI trend, it's again a positive dynamic for the business.

我們也看到了有利的方面，這再次說明了可見性評論，去年這個時候，我會說這對我們來說是一項高度集中的業務，因為我們有幾個客戶推動著這一行動，而且正在發生的事情是業務的擴大，即使在有線生態系統中，隨著新客戶和初創活動的出現，但即使在整個公司，當你想到人工智能和半導體從電子趨勢中獲得一些通用動力。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Priyanka on for Samik. How are you guys doing?

普里揚卡 (Priyanka) 取代薩米克 (Samik)。你們還好嗎？

Priyanka, doing good. How are you?

普里揚卡，做得很好。你好嗎？

Yeah, good. I have a couple of questions. Starting off with the AI story. For wireline optics, how much of the R&D investment is already on 1.6t, 3.2t and beyond compared to the legacy speeds like 100 gig or 800 gig?

是的，很好。我有幾個問題。從人工智慧的故事開始。對於有線光學技術，與 100Gb 或 800Gb 等傳統速度相比，1.6T、3.2T 及更高速度的研發投資有多少？

I think for wireline, I would say broad comment with different exposures. But I'd say the 100 gig is fairly stable. It's sort of a run rate business. The 400, 800 gig are the ones where the majority of the volumes are, and 1.6 and beyond is still in research deployment. So that's probably directionally gets you there.

我認為對於有線線路，我會根據不同的情況發表廣泛的評論。但我想說 100 千兆是相當穩定的。這有點像運行率業務。400、800GB 是大多數卷所在的捲，而 1.6 以上仍處於研究部署階段。所以這可能就是讓你到達那裡的方向。

All right. Can you also shed a little bit of light on the customer segments and your data center business? For example, how big hyperscalers are versus semiconductors and then integrators and assemblers?

好的。您能否稍微介紹一下客戶群和資料中心業務？例如，超大規模企業與半導體企業、整合商和組裝商相比規模有多大？

Yeah. I think as we -- I don't know that we've split up the business quite the way you've asked us to, but I think you think of the activity in the supply chain remains strong as it's starting to unlock supply constraints so that's a factor. And then the R&D spend is probably the better way to look at it is where the majority of the demand that we see for brand set of tools and capabilities that Keysight provides.

是的。我認為我們——我不知道我們是否按照您要求的方式分拆了業務，但我認為您認為供應鏈中的活動仍然強勁，因為它開始解除供應限制，所以這是一個因素。那麼，研發支出可能是更好的看待這個問題的方式，因為我們看到對 Keysight 提供的品牌工具和功能的大部分需求。

Adam Thalhimer, Thompson Davis.

亞當泰爾希默，湯普森戴維斯。

Hey. Good afternoon, guys. Congrats on the beat and raise. I wanted to ask about the impact of tariffs on orders. Do you think that net-net tariffs have pulled forward some orders or pushed them out?

嘿。大家下午好。恭喜獲勝並加薪。我想問一下關稅對訂單的影響。您認為淨關稅是拉動了一些訂單還是推遲了一些訂單？

Thanks for that question. At this point, throughout the quarter, we did not see any material pull-in orders due to the tariff changes that was going to happen in August.

謝謝你的提問。目前，整個季度中，由於 8 月即將發生的關稅變化，我們尚未看到任何實質的拉貨訂單。

And then we have not seen any -- we have not seen any -- also following up. We have not seen any material change to the demand profile from the tariffs just yet.

然後我們還沒有看到任何——我們還沒有看到任何——後續行動。目前我們還沒有看到關稅對需求狀況造成任何實質的變化。

Okay. Great. And then, Satish, I wanted to follow up. You talked about AI impacting other markets besides wireline. What do you think the next market is? And when do you think you could see material orders from that?

好的。偉大的。然後，薩蒂什，我想跟進一下。您談到了人工智慧對有線以外的其他市場的影響。您認為下一個市場是什麼？您認為什麼時候可以看到材料訂單？

Yeah. I think we said we started to see some impact in the general electronics and in semiconductors. I think semiconductor of feels like that going to happen given the trend of embracing silicon photonics and co-optics and other things. It just seems logical that, that's going to flow.

是的。我想我們說過我們開始看到通用電子和半導體領域受到一些影響。我認為，考慮到採用矽光子學、共光學和其他技術的趨勢，半導體產業似乎將會發生這種情況。這看起來是合乎邏輯的，它將會順利進行。

I think the thing we're watching for is the general electronics business because it tends to be a broader business with manufacturing exposure and other things. And so I still think that's still in the early innings, that's playing out.

我認為我們正在關注的是一般電子業務，因為它往往是一個涉及製造業和其他領域的更廣泛的業務。因此我仍然認為這仍處於初期階段，仍在進行中。

But then longer term, you think about the possibilities of how AI [decepts] our customers' engineering workflow or possibilities of how AI could intercept defense applications or security applications or in automotive or in our wireless business even. So there's a lot more excitement there than there is activity right now, which -- but we're starting to engage customers and have discussions with them about what Keysight can do to enable their success.

但從長遠來看，你會考慮人工智慧如何[欺騙]我們客戶的工程工作流程的可能性，或者人工智慧如何攔截國防應用程式或安全應用程序，甚至在汽車或我們的無線業務中。因此，現在的興奮程度遠高於活動程度，但我們開始與客戶接觸，並與他們討論是德科技可以做些什麼來幫助他們取得成功。

Thanks, Satish.

謝謝，薩蒂什。

Thank you. That will conclude our question-and-answer session for today. I would like to turn the call back over to Paulenier Sims for any closing comments.

謝謝。今天的問答環節到此結束。我想將電話轉回給 Paulenier Sims，請他發表最後評論。

Thank you, Reagan, and thank you all for joining us today. Have an awesome day.

謝謝你，雷根，也謝謝大家今天加入我們。祝您有美好的一天。

Thank you. That concludes today's call. Thank you for your participation. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。