是德科技 (KEYS) 2025 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Keysight Technologies fiscal fourth-quarter 2025 earnings conference call. My name is Victoria, and I will be your lead operator today. (Operator Instructions) This call is being recorded today, Monday, November 24, 2025, at 1:30 PM Pacific Time.

各位女士、先生，大家好，歡迎參加 Keysight Technologies 2025 財年第四季財報電話會議。我叫維多利亞，今天我將擔任你們的首席操作員。（操作員指示）本次通話正在錄音，時間為太平洋時間 2025 年 11 月 24 日星期一下午 1:30。

I would now like to hand the call over to Paulina Sims, Director of Investor Relations. Please go ahead, Ms. Sims.

現在我將把電話交給投資者關係總監保利娜·西姆斯。請繼續，西姆斯女士。

Thank you, and welcome, everyone, to Keysight's fourth-quarter earnings conference call for fiscal year 2025. Joining me are Satish Dhanasekaran, Keysight's President and CEO; and Neil Dougherty, our CFO. During the Q&A session, we will also be joined by Kailash Narayanan, President of the Communications Solutions Group; and Jason Kary, President of the Electronic Industrial Solutions Group.

謝謝大家，歡迎各位參加 Keysight 2025 財年第四季財報電話會議。與我一同出席的還有 Keysight 總裁兼執行長 Satish Dhanasekaran 和我們的財務長 Neil Dougherty。在問答環節，我們也將邀請通訊解決方案集團總裁 Kailash Narayanan 和電子工業解決方案集團總裁 Jason Kary 出席。

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」欄位下找到。

Today's comments will refer to non-GAAP financial measures. We will also make reference to core growth, which excludes the impact of currency movements and acquisitions or divestitures completed within the last 12 months. The most directly comparable GAAP financial metrics and reconciliations are on our website, and all comparisons are on a year-over-year basis unless otherwise noted.

今天的發言將涉及非GAAP財務指標。我們也會提及核心成長，其中不包括匯率波動以及過去 12 個月內完成的收購或剝離的影響。最直接可比較的 GAAP 財務指標和調整表可在我們的網站上找到，除非另有說明，所有比較均以同比計算。

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陳述。這些聲明存在風險和不確定性，且僅截至今日有效。我們不承擔更新這些資訊的義務，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 UBS and Barclays. And now, I will turn the call over to Satish.

最後，管理層計劃參加由瑞銀集團和巴克萊銀行主辦的即將舉行的投資者會議。現在，我將把電話交給薩蒂什。

Good afternoon, everyone, and thank you for joining us today. Keysight delivered an outstanding fourth-quarter results exceeding the high end of our guidance. Orders grew 14%, revenue increased 10% and EPS rose 16%. This was a strong finish to a year of building momentum. Full year orders and revenue rose 8% and EPS increased 14%, surpassing our expectations and our long-term model.

各位下午好，感謝各位今天參加我們的節目。Keysight 第四季業績表現出色，超出我們預期的上限。訂單成長 14%，營收成長 10%，每股收益成長 16%。這是為這一年穩步上升的勢頭畫上了一個完美的句號。全年訂單和收入成長 8%，每股盈餘成長 14%，超出我們的預期和長期模型。

Keysight's leadership and differentiated solutions continue to drive demand across our markets. Our portfolio is enabling major innovation waves shaping our markets, AI, and accelerated compute, nonterrestrial networks, 6G, next-gen semiconductors and defense modernization. We enter our fiscal 2026 with a strong solutions road map aligned to our customers' priorities, a healthy pipeline of sales opportunities across our end markets and a broader set of capabilities.

Keysight 的領先地位和差異化解決方案持續推動我們各個市場的需求。我們的產品組合正在推動重大創新浪潮，塑造我們的市場，包括人工智慧、加速運算、非地面網路、6G、下一代半導體和國防現代化。進入 2026 財年，我們擁有與客戶優先事項一致的強大解決方案路線圖、遍布終端市場的健康銷售機會管道以及更廣泛的能力。

In Q4, we advanced our software-centric solution strategy with the acquisitions of Spirent, Synopsys Optical Solutions Group and Ansys Power Artist. We're excited about the talent, the technology, and the expanded customer value we can bring to the marketplace.

第四季度，我們透過收購 Spirent、Synopsys Optical Solutions Group 和 Ansys Power Artist，推動了以軟體為中心的解決方案策略。我們對自身的人才、技術以及能為市場帶來的更廣泛的客戶價值感到興奮。

Our operating model continues to generate strong free cash flow providing us the flexibility to invest in the organic growth of the business, pursue select strategic acquisitions and return of capital to shareholders. In fiscal '25, we achieved record free cash flow of $1.3 billion, while investing in R&D, completing three acquisitions and returning approximately $375 million through buybacks.

我們的營運模式持續產生強勁的自由現金流，使我們能夠靈活地投資於業務的內生成長、進行選擇性的策略性收購以及向股東返還資本。在 2025 財年，我們實現了創紀錄的 13 億美元自由現金流，同時投資於研發，完成了三項收購，並透過股票回購返還了約 3.75 億美元。

Since the start of 2023 we have repurchased over $1.5 billion of shares or approximately 45% of free cash flow. Today, I am pleased to announce that our Board has authorized an additional $1.5 billion share repurchase program supporting our ongoing capital return.

自 2023 年初以來，我們已回購超過 15 億美元的股票，約佔自由現金流的 45%。今天，我很高興地宣布，董事會已批准一項額外的 15 億美元股票回購計劃，以支持我們持續的資本回報。

Turning to business segments. The Communications Solutions Group orders grew for the sixth straight quarter delivering double-digit order and high single-digit revenue growth for the full year. Wireline orders and revenue grew double digits both in Q4 and for the full year, setting a new record for the business. AI infrastructure build-outs and rapid upgrades to the technology stack are driving greater design, emulation, and test intensity across multiple vectors.

接下來我們來看業務區。通訊解決方案集團的訂單連續第六個季度成長，全年訂單達到兩位數成長，營收實現接近兩位數成長。第四季和全年，有線作業訂單和收入均實現了兩位數成長，創下了該業務的新紀錄。AI 基礎設施的建造和技術堆疊的快速升級正在推動多個領域的設計、模擬和測試強度不斷提高。

Our solutions span the entire workflow from silicon design to system validation and secure deployments. The rapid scaling of AI workloads is accelerating new designs across the technology stack from compute to networking, interconnect, memory, and power. These transitions require redesigns across AI silicon, DSPs, switches, and transceivers, all of which are enabled by Keysight solutions.

我們的解決方案涵蓋從晶片設計到系統驗證和安全部署的整個工作流程。人工智慧工作負載的快速擴展正在加速整個技術堆疊（從計算到網路、互連、記憶體和電源）的新設計。這些轉型需要對人工智慧晶片、DSP、交換器和收發器進行重新設計，而 Keysight 的解決方案能夠實現這一切。

Optical speed refresh cycles are also gaining momentum, moving from the 400 gig to 800 gig to 1.6 tera. In Q4, we collaborated with Broadcom to validate next-gen 1.6-terabit networking silicon and custom AI accelerators. Keysight's silicon photonic solutions continue to drive advancements in CPO and LPO technologies of the future.

光儲存速度的更新週期也在加速發展，從 400 GB 到 800 GB，再到 1.6 TB。第四季度，我們與博通公司合作，驗證了下一代 1.6 太比特網路晶片和客製化 AI 加速器。Keysight 的矽光子解決方案持續推動未來 CPO 和 LPO 技術的發展。

With the breadth of Keysight's portfolio spanning physical layer solutions and AI emulation solutions built on technologies acquired from Ixia, we're making a meaningful contribution to the entire ecosystem. We're also capitalizing on robust demand from the scaling AI supply chain, including rack and cluster components interconnects and AI accelerators.

Keysight 的產品組合涵蓋實體層解決方案和基於從 Ixia 收購的技術建立的 AI 模擬解決方案，我們正在為整個生態系統做出有意義的貢獻。我們也正在利用不斷擴大的人工智慧供應鏈的強勁需求，包括機架和集群組件互連以及人工智慧加速器。

Additionally, Keysight is actively involved with industry leaders and growing number of consortia shaping the future of AI infrastructure. At the Open Compute Project conference, we partnered with Meta to demonstrate large-scale validation of GPUs and networking prior to deployment into clusters. The recently launched Keysight AI data center builder won the Data Center Innovation Best Product Award at the European Conference on Connectivity in October of 2025.

此外，Keysight 也積極與產業領導者和越來越多的聯盟合作，共同塑造人工智慧基礎設施的未來。在開放運算專案大會上，我們與 Meta 合作，在將 GPU 和網路部署到叢集之前，示範了大規模驗證。Keysight 最新推出的 AI 資料中心建構器在 2025 年 10 月的歐洲連接大會上榮獲資料中心創新最佳產品獎。

Turning to wireless. Orders and revenue grew high single digits for the full year and outperformed expectations driven by ongoing standards evolutions, nonterrestrial networks and early 6G research. We saw steady 5G demand continue with releases 18 and 19 of the standard, which included enhanced uplink, advanced MIMO, and energy efficiency applications.

轉向無線技術。全年訂單和收入均實現了接近兩位數的成長，並超越預期，這主要得益於持續的標準演進、非地面網路和早期 6G 研究。我們看到，隨著 5G 標準第 18 版和第 19 版的發布，5G 的需求持續穩定成長，這些版本包括增強的上行鏈路、高級 MIMO 和能源效率應用。

Momentum increased in nonterrestrial networks where we are engaged with industry-leading players to advance direct-to cell connectivity and new LEO designs. Spirent's best-in-class precision location simulators expand Keysight's offering by providing the accuracy and the realism needed to enable the next generation of positioning, navigation, and timing use cases.

在非地面網路領域，我們與業界領先的參與者合作，推進直接到小區的連接和新的低地球軌道設計，發展勢頭強勁。Spirent 一流的精密定位模擬器擴展了 Keysight 的產品範圍，提供了實現下一代定位、導航和授時應用所需的精度和真實性。

In 6G, the industry is shifting from pure research to early prestandards designs. We are engaged with market-defining customers and are well positioned to intercept the industry's priorities. We doubled our 6G collaborations over the past year, partnering with customers on several new applications, including channel sounding, network modeling, using digital twins, FR3 spectrum and advanced MIMO phased antenna design.

在 6G 時代，業界正從純粹的研究轉向早期預標準設計。我們與引領市場的客戶保持密切聯繫，並已做好充分準備，掌握產業發展的優先事項。過去一年，我們在 6G 領域的合作翻了一番，與客戶合作開發了多個新應用，包括通道探測、網路建模、使用數位孿生、FR3 頻譜和先進的 MIMO 相控陣天線設計。

In aerospace, defense, and government, we generated record orders, while revenue increased by 8% for the year. In an increasingly competitive global security and defense landscape, we're seeing strong customer engagement for defense modernization, enhanced deterrence capabilities and operational readiness.

在航空航太、國防和政府領域，我們獲得了創紀錄的訂單，而全年收入則增加了 8%。在全球安全和國防領域競爭日益激烈的背景下，我們看到客戶對國防現代化、增強威懾能力和作戰準備的積極參與。

Opportunities are expanding for Keysight as a traditional primes direct government entities and a growing contingent of neo primes and defense technology companies invest in emerging technologies in space and satellite, autonomous systems and advanced antenna designs.

隨著傳統主承包商直接服務於政府實體，以及越來越多的新興主承包商和國防技術公司投資於太空和衛星、自主系統和先進天線設計等新興技術，Keysight 的機會正在擴大。

This quarter, we secured key wins with US prime contractors to accelerate automated device verification. Our advanced component analysis capabilities are enabling fast phased array antenna over-the-air cartelization for space, radar, and tactical communications.

本季度，我們與美國主要承包商達成了關鍵協議，以加快自動化設備驗證的進程。我們先進的組件分析能力能夠實現空間、雷達和戰術通訊領域相控陣天線的快速空中整合。

We won a deal from a US prime contractor for multiple solution spanning high-performance spectrum analysis, signal generation and network analysis for radar and air defense applications. In Europe, momentum remained strong as multiple primes invest in radar, MSO, and space applications. Ministry of Defense in Allied Nations are leveraging our wideband signal recording capabilities to capture field data for lab analysis. With decades of leadership across RF, digital and optical technologies, plus a new federal focus capabilities from Spirent, Keysight is well positioned to capture growing defense demand.

我們贏得了美國一家主要承包商的合同，為其提供涵蓋高性能頻譜分析、信號生成和網絡分析等多個解決方案，用於雷達和防空應用。在歐洲，由於多家大型企業投資雷達、MSO 和太空應用領域，發展動能依然強勁。盟國國防部正在利用我們的寬頻訊號記錄能力來收集現場數據，以便進行實驗室分析。憑藉在射頻、數位和光學技術領域數十年的領先地位，以及 Spirent 帶來的新的聯邦重點能力，Keysight 已做好充分準備，滿足不斷增長的國防需求。

Now moving to Electronic Industrial Solutions Group. Orders and revenue both grew in Q4 and for the full year. In our General Electronics business, orders grew for the fifth consecutive quarter and were up high single digits in Q4 and double digit for the full year, led by strength in the broad electronics supply chain, digital health, and education.

現調至電子工業解決方案集團。第四季和全年訂單量和收入均實現成長。在我們的通用電子業務中，訂單連續第五個季度增長，第四季度實現了接近兩位數的增長，全年實現了兩位數的增長，這主要得益於廣泛的電子供應鏈、數位醫療和教育領域的強勁表現。

AI-related innovation and investment fuel demand for our differentiated solutions for high-speed PCB, interconnect, and component test. In digital health, interoperability, connectivity and latency challenges in the medical device and systems workflow are driving investment. Advanced research spending in semiconductor, 6G, quantum and photonics initiatives is also continuing at a steady rate, particularly outside of the US where we benefit from our global scale and local engagement.

人工智慧相關的創新和投資推動了對我們差異化高速PCB、互連和元件測試解決方案的需求。在數位醫療領域，醫療設備和系統工作流程中的互通性、連接性和延遲的挑戰正在推動投資。在半導體、6G、量子和光子學等領域的先進研究投入也持續穩定成長，尤其是在美國以外的地區，我們受益於我們的全球規模和本地參與。

In semiconductor, the pace of innovation and investment remains robust. Our semi business delivered solid order and revenue growth this quarter, driven by steady demand for wafer test and lithography solutions, as AI-driven capacity expanded for leading-edge nodes, high-bandwidth memory, and silicon photonics.

在半導體產業，創新和投資步伐依然強勁。本季度，在人工智慧驅動的產能擴張推動下，晶圓測試和光刻解決方案的需求持續增長，推動了半導體業務的訂單和收入穩步增長，這主要得益於尖端節點、高頻寬記憶體和矽光子學的產能擴張。

As lithography and foundry customers expand their own advanced packaging offerings, we're enabling them to achieve unprecedented levels of precision and accuracy. Our deep collaboration with the world's leading foundries and integrated device manufacturers as well as the respective customers allows us to identify and address their end-to-end needs from early R&D to wafer fabrication.

隨著光刻和代工客戶不斷擴展其先進封裝產品，我們正在幫助他們實現前所未有的精度和準確度。我們與世界領先的晶圓代工廠和整合裝置製造商以及各自的客戶進行深入合作，使我們能夠識別並滿足他們從早期研發到晶圓製造的端到端需求。

This year, we saw a robust growth in silicon photonics. The investments that we initiated two years ago are allowing us to capture this inflection. While geopolitical and policy uncertainties remain, the outlook for semiconductor capacity and investment and new technology road map remains positive in 2026.

今年，矽光子學領域實現了強勁成長。我們兩年前啟動的投資使我們能夠抓住這一轉折點。儘管地緣政治和政策方面仍存在不確定性，但2026年半導體產能、投資和新技術路線圖的前景仍然樂觀。

In automotive, despite mixed headlines, we continue to empower customer innovation and demand has largely stabilized. We're also expanding into new opportunities in grid modernization where our combination of physical layer power and protocol layer network expertise is a differentiator. Our portfolio of solution spans software-defined vehicles, EV, charging, grid, and manufacturing.

在汽車產業，儘管新聞報導褒貶不一，但我們仍在繼續賦能客戶創新，需求基本上趨於穩定。我們也在拓展電網現代化領域的新機遇，我們在物理層電力和協定層網路方面的專業知識相結合，使我們脫穎而出。我們的解決方案組合涵蓋軟體定義車輛、電動車、充電、電網和製造等領域。

In vehicle network compliance and security remain customers' priorities as well as the design and test of new sensing architectures and optical connectivity. The recent acquisition of the Optical Solutions Group expands our photonics portfolio as interconnect and photonics complexity increases across next generation of industrial and automotive applications.

在車輛網路中，合規性和安全性仍然是客戶的首要任務，同時，新型感測架構和光連接的設計和測試也至關重要。隨著下一代工業和汽車應用中互連和光子複雜性的增加，我們最近收購了光學解決方案集團，從而擴展了我們的光子產品組合。

We continue to advance our go-to-market and customer engagement model to deepen long-standing strategic relationships while acquiring new customers and opportunities as the global supplies change shift. Over the past year, our teams executed to over 150 strategic engagements with market-defining innovators while expanding our customer base with more than 3,000 new logos.

隨著全球供應鏈的變化，我們不斷改善市場進入和客戶互動模式，以深化長期策略合作關係，同時獲得新客戶和新機會。過去一年，我們的團隊與市場引領創新者進行了 150 多項策略合作，同時新增了 3000 多個客戶標識，擴大了客戶群。

Our Keysight World events reached thousands of customers globally. We actively participated in industry events such as Mobile World Congress and European Microwave and over 30 standard bodies with industry leaders. We continue to maintain life cycle engagement with our customers through our growing services business, which has reached record revenue fueled by robust demand for Keysight Care premium offerings.

我們的 Keysight World 活動涵蓋了全球數千名客戶。我們積極參與了世界行動通訊大會、歐洲微波展等產業盛會，並與 30 多個產業領導者組成的標準組織保持合作。我們透過不斷發展的服務業務，持續與客戶保持全生命週期的互動。在 Keysight Care 高級產品強勁需求的推動下，該業務的收入已創下歷史新高。

In summary, fiscal year '25 marks a return to growth and as we look ahead, we're encouraged by the momentum in our business and end markets. The technologies reshaping our world directly match Keysight strength, and we're leaning in with our first-to-market solutions, customer collaborations, and operational discipline. Even in an uncertain environment, we're confident in the fundamentals of our business model and in our ability to deliver long-term shareholder value.

總而言之，2025 財年標誌著公司重回成長軌道，展望未來，我們對公司業務和終端市場的發展勢頭感到鼓舞。重塑我們世界的技術與 Keysight 的優勢直接契合，我們正憑藉著率先上市的解決方案、客戶合作和嚴謹的運營，全力以赴。即使在不確定的環境下，我們也對我們的商業模式的基本面以及為股東創造長期價值的能力充滿信心。

I'll now turn it over to Neil to discuss our financial performance and outlook in more detail.

現在我將把發言權交給尼爾，讓他更詳細地討論我們的財務表現和前景。

Thank you, Satish, and hello, everyone. fourth-quarter revenue of $1.419 billion was above the high end of our guidance range, up 10% on a reported basis or 9% on a core basis. Orders of $1.533 billion were up 14% on a reported basis or 12% on a core basis. Fourth-quarter results included $22 million in orders and $11 million of revenue from the recently completed acquisitions, while currency added $4 million to orders and $7 million to revenue.

謝謝薩蒂什，大家好。第四季營收為14.19億美元，高於我們預期範圍的上限，以報告基準計算成長10%，以核心基準計算成長9%。訂單金額為 15.33 億美元，按報告數據計算成長 14%，以核心數據計算成長 12%。第四季業績包括來自近期完成的收購的 2,200 萬美元訂單和 1,100 萬美元收入，而匯率變動使訂單增加了 400 萬美元，收入增加了 700 萬美元。

Looking at our operational results for Q4. We reported gross margin of 64%, operating expenses of $539 million and operating margin of 26%. We generated $331 million of net income and delivered earnings per share of $1.91, which increased 16% year-over-year. Our weighted average share count for the quarter was 173 million shares.

查看我們第四季的營運表現。我們報告的毛利率為 64%，營業費用為 5.39 億美元，營業利益率為 26%。我們實現了 3.31 億美元的淨收入，每股收益為 1.91 美元，年增 16%。本季加權平均股數為 1.73 億股。

For the full year, Keysight generated revenue of $5.375 billion, up 8% as reported or 7% on a core basis. Gross margin was 65% and operating margin was 26%. FY25 earnings per share of $7.16 was up 14%. For the year, Keysight delivered core operating leverage of 39%, inclusive of tariff impacts.

Keysight全年營收達53.75億美元，按報告數據計算成長8%，以核心業務計算成長7%。毛利率為 65%，營業利益率為 26%。2025財年每股收益為7.16美元，成長14%。算上關稅影響，Keysight 本年度的核心營運槓桿率為 39%。

Moving to the performance of our segments. The Communications Solutions Group generated fourth-quarter revenue of $990 million, up 11% on a reported basis or 9% on a core basis. Commercial Communications revenue of $660 million was up 12%, driven by continued strength in wireline and growth in wireless. Aerospace Defense and Government achieved revenue of $330 million, an increase of 9%. Altogether, CSG delivered 66% gross margin and 27% operating margin.

接下來分析各業務板塊的績效。通訊解決方案集團第四季營收達 9.9 億美元，按報告基準計算成長 11%，以核心基準計算成長 9%。商業通訊收入達 6.6 億美元，成長 12%，主要得益於有線通訊業務的持續強勁成長和無線通訊業務的成長。航空航太國防和政府部門營收 3.3 億美元，成長 9%。CSG 的總毛利率為 66%，營業利益率為 27%。

The Electronic Industrial Solutions Group generated $429 million in revenue, an increase of 9% on a reported basis or 8% on a core basis, with growth in semiconductor and general electronics. EISC delivered 60% gross margin and 25% operating margin. In FY25, Software and Services accounted for approximately 37% of Keysight revenue, while annual recurring revenue was 29% of the total.

電子工業解決方案集團創造了 4.29 億美元的收入，按報告基準增長 9%，按核心基準增長 8%，半導體和通用電子產品業務均實現了增長。EISC實現了60%的毛利率和25%的營業利率。在 2025 財年，軟體和服務收入約佔 Keysight 收入的 37%，而年度經常性收入佔總收入的 29%。

Moving to the balance sheet and cash flow. We ended the quarter with $1.9 billion in cash and cash equivalents, generating cash flow from operations of $225 million and free cash flow of $188 million. During the quarter, we deployed $1.7 billion for acquisitions. We also repurchased 595,000 shares at an average price of approximately $168 for a total consideration of $100 million. Full year share repurchases totaled $375 million or approximately 30% of the $1.3 billion in free cash flow generated this year.

接下來來看資產負債表和現金流量表。本季末，我們持有現金及現金等價物19億美元，經營活動產生的現金流為2.25億美元，自由現金流為1.88億美元。本季度，我們投入了 17 億美元進行收購。我們也以平均每股約 168 美元的價格回購了 595,000 股股票，總對價為 1 億美元。全年股票回購總額為 3.75 億美元，約佔今年產生的 13 億美元自由現金流的 30%。

Now turning to our outlook. For the first-quarter of 2026, we expect revenue in the range of $1.530 billion to $1.550 billion, representing 19% year-over-year growth at the midpoint. Excluding the recent acquisitions, this guidance assumes 10% year-over-year revenue growth. We expect Q1 earnings per share to be in the range of $1.95 to $2.01 and based on a weighted diluted share count of approximately 173 million shares.

現在談談我們的展望。我們預計 2026 年第一季的營收將在 15.3 億美元至 15.5 億美元之間，其中數值表示年增 19%。不計近期收購，此預期假設年收入年增 10%。我們預計第一季每股收益將在 1.95 美元至 2.01 美元之間，基於約 1.73 億股的加權稀釋股數。

Keysight enters FY26 with strong backlog and a robust sales funnel. As a result, we expect FY26 revenue growth, excluding acquisitions, to be at or above the high end of our 5% to 7% long-term target. The recently completed acquisitions of Spirent, the Optical Solutions Group and Power Artists are expected to contribute approximately $375 million of revenue in FY26.

Keysight 進入 2026 財年時擁有強勁的訂單儲備和穩健的銷售管道。因此，我們預計 2026 財年營收成長（不包括收購）將達到或超過我們 5% 至 7% 的長期目標的上限。最近完成的對 Spirent、Optical Solutions Group 和 Power Artists 的收購預計將在 2026 財年貢獻約 3.75 億美元的收入。

We are working to realize in excess of $100 million of synergies and other operational efficiencies across Keysight, even as we sustain critical investment in R&D to ensure Keysight's expanded product portfolio intersects the growth opportunities in our markets.

我們正努力在 Keysight 內部實現超過 1 億美元的協同效應和其他營運效率提升，同時我們也持續增加對研發的關鍵投資，以確保 Keysight 不斷擴大的產品組合能夠抓住我們市場中的成長機會。

The acquisitions are expected to be accretive to Keysight's earnings 12 months post close. While this implies some mild dilution in FY26, we expect the strength of our core business to enable FY26 EPS growth at or above our long-term 10% target.

預計此次收購將在交易完成後的 12 個月內提升 Keysight 的收益。雖然這意味著 2026 財年可能會出現一些輕微的稀釋，但我們預計我們核心業務的強勁表現將使 2026 財年每股收益成長達到或超過我們長期 10% 的目標。

Now a few additional modeling considerations for the year. As expected, Keysight enters FY26 having fully mitigated the impact of tariffs implemented in April. We now expect the August tariff increase to be fully mitigated in Q1 one quarter earlier than previously communicated. These expectations are reflected in our guidance.

現在再補充一些今年的建模注意事項。正如預期的那樣，Keysight 進入 2026 財年時已完全消除了 4 月實施的關稅的影響。我們現在預計，8 月的關稅上調將在第一季完全消除，比之前公佈的時間提前一個季度。這些期望已體現在我們的指導方針中。

At current debt levels, annual interest expense is expected to be approximately $110 million, capital expenditures are expected to be approximately $160 million and we are modeling a 14% non-GAAP effective tax rate for FY26.

以目前的債務水平，預計年度利息支出約為 1.1 億美元，資本支出約為 1.6 億美元，我們預計 2026 財年的非 GAAP 有效稅率為 14%。

In closing, we ended our fiscal 2025 with outstanding results and expect the momentum to carry into 2026. Technology innovation is driving demand for high-performance solutions across a broad range of industries. With our differentiated portfolio, technology leadership, and durable financial model, we are well positioned to deliver sustained revenue and earnings growth.

最後，我們以優異的成績結束了 2025 財年，並預計這一勢頭將延續到 2026 年。技術創新正在推動各行各業對高效能解決方案的需求。憑藉我們差異化的產品組合、技術領先地位和穩健的財務模式，我們完全有能力實現持續的收入和獲利成長。

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

接下來，我將把問答環節交還給保利娜。

Thank you, Neil. Victoria, will you please give the instructions for the Q&A?

謝謝你，尼爾。維多利亞，請你給問答環節的說明好嗎？

(Operator Instructions)

（操作說明）

Mehdi Hosseini, SIG.

Mehdi Hosseini，SIG。

Yes. Looking to the new fiscal year, Satish, how do you see the wireless trending? It has been kind of depressed for the past few years and I'm just wondering if there's any catalyst on the horizon that gets you excited or should we assume FY26 will be similar to the last year, just trending slightly? And then I have a follow-up.

是的。薩蒂什，展望新的財年，你認為無線產業的發展趨勢如何？過去幾年市場一直比較低迷，我想知道近期是否有任何利好因素讓你感到興奮，或者我們應該假設2026財年會和上一年類似，只是略有好轉？然後我還有一個後續問題。

Yes. Thank you, Mehdi. We're quite pleased with the results in '25 across all our segments and just this return to growth across all our regions that we saw this quarter. Specific to Commercial Communications, we're equally excited about the opportunities that we have in next-gen connectivity, compute, semiconductor.

是的。謝謝你，邁赫迪。我們對 2025 年所有業務部門的業績都相當滿意，尤其對本季所有地區恢復成長感到欣慰。具體到商業通訊領域，我們對下一代連接、運算、半導體等領域的機會同樣感到興奮。

And we see a plethora of these technologies that we can really make meaningful contributions and grow our portfolio. Specific to your question on wireless, obviously, wireless exceeded expectations this year, in part driven by stabilization in 5G, which is normalized and then some of the advanced technology areas that we have made investments in starting to show some early results even prior to 6G hitting inflection. So I would say we're optimistic about the wireless growth into 2026, but even ahead of the 6G inflections that may occur in later part of the decade.

我們看到有很多這樣的技術，我們可以真正做出有意義的貢獻，並擴大我們的產品組合。關於您提出的無線問題，顯然，今年的無線業務超出了預期，部分原因是 5G 的穩定發展，5G 已經趨於正常化，此外，我們投資的一些先進技術領域甚至在 6G 達到拐點之前就開始顯現出一些早期成果。因此，我認為我們對 2026 年無線業務的成長持樂觀態度，甚至對未來十年後期可能出現的 6G 轉折點也持樂觀態度。

Okay. And a quick follow-up. As you look into the adoption of 1.6 terabit per second wireline, would there be an additional growth or growth acceleration for Keysight? Would there be any upgrade? And I'm asking the question because speed is to the of Keysight, and we get to those data rates, I wonder if there is any upgrade or pricing that would help with a higher growth rate? Any color would be great.

好的。還有一個後續問題。隨著每秒 1.6 太比特有線傳輸技術的應用，Keysight 是否會迎來額外的成長或加速成長？會有升級版嗎？我提出這個問題是因為速度是 Keysight 的核心優勢，當我們達到這樣的數據速率時，我想知道是否有任何升級或定價方案可以幫助實現更高的成長率？任何顏色都可以。

I think we're really -- as you know, Mehdi, our strategy has been to develop first-to-market solutions, which offer our customers greater value and the higher technological complexity, I think it really plays to our strength. And with regard to the wireline, there's a plethora of inflecting technologies across the entire AI stack, including the networking one that you referenced, we're well positioned to continue the momentum into '26.

我認為我們確實——正如你所知，Mehdi，我們的策略一直是開發率先上市的解決方案，為我們的客戶提供更大的價值和更高的技術複雜性，我認為這真正發揮了我們的優勢。至於有線網路方面，整個人工智慧技術堆疊中湧現出大量影響技術，包括您提到的網路技術，我們已做好充分準備，將這一勢頭延續到 2026 年。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Congrats on the strong outlook here. Satish, you mentioned sort of the order acceleration through the year, but still, when I take out the acquired business and the contribution there, there was a significant acceleration quarter-over-quarter from July to October. Maybe if you can just sort of get into the details there a bit in terms of how much of that was attributable to maybe more wireline and specifically relative to production use cases relative to R&D?

恭喜你們對前景充滿信心。Satish，你提到了全年訂單加速成長的情況，但是，即使剔除收購業務及其貢獻，從 7 月到 10 月，季度環比增長仍然非常顯著。或許您可以詳細解釋一下，其中有多少是由於更多的有線測試，特別是相對於生產用例和研發？

And what's sort of the driver of the significant acceleration? Because seems like you're not only sort of confident about the order outlook here, but you also have a visibility into the pipeline of that remaining robust. And I have a quick follow-up.

那麼，這種顯著加速的驅動因素是什麼呢？因為看起來你不僅對目前的訂單前景充滿信心，而且對訂單管道的穩健發展也瞭如指掌。我還有一個後續問題。

Thank you, Samik. Yes, very pleased with the results in quarter four and I may want to start by saying, clearly, the revenue performance was driven by the broad order strength that we saw with both our CSG and EISG businesses growing double digits this quarter and we also are quite pleased with the broad nature of the strength.

謝謝你，薩米克。是的，我對第四季的業績非常滿意。首先我想說，很明顯，營收成長主要得益於訂單的全面強勁，我們的 CSG 和 EISG 業務在本季度都實現了兩位數的增長，我們對這種強勁勢頭的普遍性也感到非常滿意。

All our regions grew, and it's pretty broad. And the areas that we have really been focusing on, on the portfolio with our growth initiatives have really kicked into early gear, is the way I would characterize this. And then when we look ahead at the pipeline, we see a very robust pipeline. Obviously, our visibility 60 to 90 days is pretty good and we see a robust set of pipeline that we can go execute.

我們所有地區都發展壯大了，而且覆蓋範圍相當廣。而我們一直專注於的領域，以及我們投資組合中的成長計劃，都已經真正開始步入正軌，這就是我對這方面的描述。然後，當我們展望未來的產品線時，我們看到的是一個非常強大的產品線。顯然，我們對未來 60 到 90 天的可見度相當不錯，我們看到了一系列穩健的銷售管道，可以著手執行。

And we're also seeing the underlying demand, whether it is the volume of the pipeline or the velocity of the pipeline or the conversion rate, the sort of metrics that we track, including the quality of the pipeline, they're all trending up. So we feel good about this, and we reflected that in our guide.

我們也看到潛在的需求，無論是管道容量、管道速度或轉換率，我們追蹤的各種指標，包括管道質量，都在上升趨勢。我們對此感到滿意，並在指南中體現了這一點。

Okay. And maybe quickly just for Neil. Neil, you outlined the synergy expectation here. Can you just give us a bit more details in terms of how to think about what sort of required for the acquisitions to go from EPS-accretive to potentially the operating margins of those acquired businesses being similar to the corporate average or being operating margin-accretive in the future?

好的。或許只是為了尼爾，很快就能實現。尼爾，你在這裡概述了協同效應的預期。您能否詳細說明一下，要使收購從增加每股收益轉變為使被收購企業的營業利潤率與公司平均水平相似，或者在未來增加營業利潤率，需要滿足哪些條件？

Yes, absolutely. So as I said in the prepared remarks, we're working to generate $100 million of run rate synergies and other operational efficiencies across Keysight. Certainly, the majority of that -- a large majority of that is coming from synergies as we integrate these acquisitions. Those of you that have covered Keysight for a while will know that our integrations are complete, and we do a thorough integration that tends to take us on the average 12 to 18 months to complete.

是的，絕對的。正如我在準備好的演講稿中所說，我們正在努力在 Keysight 實現 1 億美元的營運協同效應和其他營運效率提升。當然，其中絕大部分——很大一部分——都來自於我們整合這些收購項目時所產生的綜效。關注 Keysight 一段時間的人都知道，我們的集成非常完善，我們進行徹底的集成，平均需要 12 到 18 個月才能完成。

And a significant driver of cost synergies for us is when we get systems alignment, getting these acquisitions into our ERP environment is a big driver and that does take time. So I think as you think about FY26, relatively low realized synergies in these first few quarters until we can get to that cut over a point and then later in the year, I think you'll see a step function improvement in terms of synergy realization with then a longer tail of smaller synergy realization into '27.

對我們來說，實現成本綜效的一個重要驅動因素是系統協調一致，將這些收購的系統整合到我們的 ERP 環境中是一個很大的驅動因素，而這確實需要時間。所以我認為，在展望 2026 財年時，前幾季的協同效應實現程度相對較低，直到我們能夠突破某個臨界點，然後在今年晚些時候，我認為你會看到協同效應實現程度的階躍式改善，然後在 2027 年會出現協同效應實現程度較低的較長時期。

Andrew Spinola , UBS.

瑞銀集團的安德魯·斯皮諾拉。

I wanted to ask a question on the wireline business. Generally, when we think about your R&D business, it sort of runs in front of the actual deployment of the hardware by a few years and we think about 6G coming in 2030, it needs to be spending in '27. So I'm wondering, how should we think about wireline (technical difficulty) the hyperscaler build is going on pretty actively right now and really just starting to see your wireline business pick up in the last few quarters.

我想問一個關於有線通訊業務的問題。一般來說，當我們考慮研發業務時，它往往會比硬體的實際部署提前幾年進行。考慮到 6G 將在 2030 年到來，那麼需要在 2027 年就開始投入。所以我想知道，我們應該如何看待有線電視網絡（技術難題）？超大規模資料中心的建設目前非常活躍，而且在過去的幾個季度裡，我們才真正開始看到有線網路業務的成長。

So I'm wondering what is different about the timing on the wireline business with the hyperscalers? And what does that tell us about maybe the visibility on the longevity of the spend?

所以我想知道，對於超大規模資料中心而言，有線業務的時機有什麼不同？這或許能告訴我們，我們對這筆支出的長期影響有怎樣的了解？

Yes, I'd say there's a good question, Andrew, I'd say there's a couple of things going on. There's a couple of things going on. Obviously, the AI cluster and infrastructure build-outs are occurring, driven by the hyperscaler spend. So the entire supply chain is sort of locking in grid and trying to deconstrain a constrained supply environment. So there's some impact, positive impact to our business from that dynamic.

是的，安德魯，我覺得你問了個好問題，我覺得這裡面有幾個原因。有兩件事正在發生。顯然，在超大規模營運商的投入下，人工智慧集群和基礎設施建設正在進行中。因此，整個供應鏈就像是鎖定網絡，試圖打破受限的供應環境。因此，這種動態對我們的業務產生了一定的影響，而且是正面的影響。

But the longer-term overarching theme is the underlying waves of technology across the entire stack all the way from compute to memory, to storage, to the infrastructure itself when it all comes together. I think we're making significantly bigger contributions and participating in that secular long-term trend from an R&D perspective. And so we feel good about both these opportunities in the short and in the medium term.

但從長遠來看，其總體主題是貫穿整個技術棧（從計算到內存，再到存儲，直至基礎設施本身）的潛在技術浪潮，以及所有這些技術最終融合在一起的過程。我認為，從研發的角度來看，我們正在做出更大的貢獻，並參與這一長期趨勢。因此，我們對這兩個機會的短期和中期前景都感到樂觀。

Atif Malik, Citi.

阿提夫‧馬利克，花旗銀行。

I have a question for Satish. Satish, Nvidia announced $1 billion strategic investment in Nokia developing AI-powered networks for future 6G RAN infrastructure. And I hope you still say that the latest part of this decade versus 6G in terms of the adoption, like why wouldn't it be faster if the AI guys are supporting a faster adoption of 6G? Just kind of help us out. Has anything changed with respect to your view on the inflection in 6G?

我有個問題想問薩蒂什。Satish，英偉達宣布向諾基亞進行 10 億美元的戰略投資，用於開發面向未來 6G RAN 基礎設施的 AI 驅動網路。我希望你仍然認為，就本世紀末的普及程度而言，6G 與 20 世紀 6G 相比會更快，如果人工智慧領域的專家支持更快地普及 6G，那麼 20 世紀 6G 的普及速度為什麼不會更快呢？幫我們個忙吧。您對 6G 轉折點的看法是否有改變？

Yes. Atif, good question. I think when we think about any big technology role -- generational role, we start to look at where the standards are and that's often a good mile-marker for how deployments will occur. And so when we think about the standardization, we're thinking '28, '29-ish time frame when that process comes to some level of maturity before global deployments may occur.

是的。阿提夫，問得好。我認為，當我們考慮任何重大技術角色——代際角色時，我們會開始關注標準在哪裡，這通常是部署方式的一個良好里程碑。因此，當我們考慮標準化時，我們指的是 2028 年、2029 年左右，屆時該過程將達到一定成熟度，然後才有可能進行全球部署。

But specific to our portfolio, we're quite excited by the new opportunities, the changing technology stack presents itself. And I'll have Kailash make a couple of comments on some of the collaborations that we're currently engaged in that we feel like will result in meaningful upside to the company.

但就我們的產品組合而言，我們對不斷變化的技術堆疊所帶來的新機會感到非常興奮。接下來，我會請 Kailash 就我們目前正在進行的一些合作項目發表一些評論，我們認為這些合作項目將為公司帶來實質的好處。

Thank you, Atif. See, we are working with operators, to your point, in helping them evaluate how GPUs and AI accelerators can be deployed in RAN environments. So we have a solution portfolio that we have launched recently that allows them to model concurrent RAN and AI workloads in partnership with NVIDIA and an ecosystem of US operators.

謝謝你，阿提夫。正如您所說，我們正在與營運商合作，幫助他們評估如何在 RAN 環境中部署 GPU 和 AI 加速器。因此，我們最近推出了一系列解決方案，使他們能夠與 NVIDIA 和美國營運商生態系統合作，對並發 RAN 和 AI 工作負載進行建模。

Recently, we also launched a solution to bring the concurrent exploration of compute as well as connectivity infrastructure using some of our wireline as well as wireless portfolio. All of this is exciting, and we are enabling the industry further the 6G standard for.

最近，我們也推出了一項解決方案，利用我們的一些有線和無線產品組合，實現計算和連接基礎設施的同步探索。這一切都令人興奮，我們正在推動產業進一步發展 6G 標準。

Rob Mason, Baird.

羅布梅森，貝爾德。

My first question was going to direct to Satish. I was curious if you could just speak to the positioning business that you did acquire with the Spirent acquisition. It does look like that's really new capability that you bring into the portfolio. You made mention of it some in the aerospace defense commentary, but I'm just curious how you see that technology layering across the portfolio, applicability? And where do you think Keysight's relationships can add incremental value to that capability?

我的第一個問題打算直接問薩蒂什。我想請您談談您透過收購 Spirent 而獲得的定位業務。看起來這確實是你們產品組合中新增的能力。您在航空航天防禦評論中提到過一些相關內容，但我很好奇您如何看待這項技術在整個產品組合中的應用和適用性？您認為 Keysight 的關係網絡可以在哪些方面為這項能力增添價值？

Yes. Thank you, Rob. Great question. I'm very excited to answer it as you can probably sense. Positioning is a crown jewel, right, inside the Spirent portfolio, very unique capabilities with regard to positioning, navigation, and time. And you might say, what does it do? What does the products really do?

是的。謝謝你，羅布。問得好。正如你可能感受到的那樣，我非常興奮能回答這個問題。定位是 Spirent 產品組合中的一顆璀璨明珠，在定位、導航和時間方面具有非常獨特的功能。你可能會問，它有什麼作用？這些產品究竟有什麼作用？

Well, it simulates and emulates satellite environments in the lab. I used to be an engineer at Motorola and even dating back to my time as an engineer, I've used these tools, and I'm a big fan of these tools. Inside the Keysight environment, I think it takes a completely different upgraded opportunity set because of our different end market exposure.

它在實驗室中模擬和模擬衛星環境。我以前是摩托羅拉的工程師，早在當工程師的時候我就用過這些工具，我非常喜歡這些工具。我認為，在 Keysight 的環境下，由於我們不同的終端市場覆蓋率，需要一套完全不同的升級機會方案。

I would just start with automotive being an example. You start to look at autonomous systems, integrated sensing, and communication in the context of 6G, aerospace, defense, with jamming, spoofing and a whole bunch of new considerations that the security environment now requires quite excited by it.

我先以汽車產業為例。當你開始從 6G、航空航天、國防的角度審視自主系統、整合感測和通訊時，你會對幹擾、欺騙以及安全環境現在需要的一系列新考慮因素感到非常興奮。

It will take us some time to get it all plumbed together into our Solutions portfolio. But this has been a gap in our portfolio and one we feel really good about embracing. I was just meeting with the team a week ago and very excited, as I you can say.

我們需要一些時間才能將所有內容整合到我們的解決方案組合中。但這正是我們產品組合中的一個空白，我們非常樂意填補這個空白。就在一週前，我還和團隊開會，當時我非常興奮。

And maybe Kailash can give you a little bit more color on some specific applications that we're already starting to build into our value proposition.

或許 Kailash 可以更詳細地介紹我們正在著手建立的價值主張中的一些具體應用。

Yes. Thanks, Satish. As the LEO and NTN application scale, we obviously see significant opportunities to offer additional value to our customer base. We're looking to bundling in some of these capabilities with our classics physical and protocol layer solutions and clearly, this is an upside for us.

是的。謝謝你，薩蒂什。隨著 LEO 和 NTN 應用規模的擴大，我們顯然看到了為客戶群提供更多價值的巨大機會。我們正在考慮將這些功能與我們經典的物理層和協定層解決方案捆綁在一起，顯然，這對我們來說是一個優勢。

Satish talked about NTN design activity gaining momentum. What this does is it enhances our portfolio that we already have from testing antennas on satellites to going into satellite constellation emulation, orbital emulation, channel emulation and so forth.

Satish談到NTN設計活動正在蓬勃發展。這樣做可以增強我們現有的產品組合，從測試衛星天線到進入衛星星座模擬、軌道模擬、通道模擬等等領域。

So plenty of applications here to bundle this capability into Keysight's portfolio that's going to drive business both in our aerospace defense as well as wireless markets.

因此，這項功能有許多應用情境可以整合到 Keysight 的產品組合中，這將推動我們在航空航太國防和無線市場的業務發展。

That's very helpful. And just as a follow-up, Neil, just going to see if you could provide a little help on the -- maybe the cadence of how the M&A revenue contribution folds in this year, just look like the first-quarter guided contributions above the run rate? I know Spirent in particular, had more second half weighted -- calendar second half weighted revenue, but how should we think about the cadence for the year?

那很有幫助。尼爾，我還有一個後續問題，想請教一下——比如說，今年併購收入貢獻的節奏，看起來是否像第一季預期貢獻高於正常水平？我知道Spirent尤其在下半年（以日曆年計算的下半年）的收入較高，但我們該如何看待全年的營收成長節奏？

Yes. The revenue from the acquisitions, first all, rough estimates at this point, about 75% into CSG, about 25% into EISG. From a seasonality perspective, it does skew a little bit more heavily towards Q1 versus the remainder of the year. We have -- approaching 30% here in the first-quarter. And then with the remaining three quarters more or less equal to one another.

是的。首先，收購帶來的收入，目前粗略估計，約 75% 歸 CSG 所有，約 25% 歸 EISG 所有。從季節角度來看，第一季的佔比確實比一年中的其他季度要高一些。第一季我們這裡接近 30%。然後剩下的四分之三也大致相等。

Just with the small caveat, we're obviously basing that on how these businesses behaved in their prior environments and recognize that -- particularly as we bring people onto -- their sales forces onto our sales structures things are likely going to relatively quickly start to shift and start to align with Keysight. So we'll have to see how that plays out. But right now, we're modeling close to 30% in Q1 and relatively evenly thereafter.

但需要特別說明的是，我們顯然是根據這些企業在先前環境中的行為方式來做出判斷的，並且認識到——尤其是在我們將人員納入——他們的銷售團隊加入我們的銷售結構之後，情況可能會相對迅速地開始轉變，並開始與 Keysight 保持一致。所以，我們得看看事情會如何發展。但目前我們預計第一季將佔比接近 30%，之後將相對穩定成長。

David Ridley-Lane, Bank of America.

David Ridley-Lane，美國銀行。

I wanted to dive into that sort of commentary that you'll have 10%-plus adjusted EPS growth even with the dilution. Are we right in sort of thinking we're not talking about significant EPS dilution? Any way to sort of put some parameters on that?

我想深入探討那種即使存在稀釋效應，調整後每股盈餘仍能成長 10% 以上的評論。我們這樣理解是否正確：我們討論的並非嚴重的每股盈餘稀釋？有沒有辦法給它設定一些參數？

Yes. I mean, I described it in the prepared remarks at mild. So I think you could think of it on a percentage basis is low single digits.

是的。我的意思是，我在準備好的發言稿中已經描述過這一點了。所以我覺得你可以把它看作是一個位數的低百分比。

And then the other question I had just on the contribution is that core commentary that you were talking about in terms of the organic revenue growth sort of fit with the historical sort of 40%-ish plus incremental margins? Or how should we think about the contribution of the M&A synergy benefit versus your core incremental as we're framing up the entire fiscal year?

關於您剛才提到的貢獻，我還有一個問題：您剛才談到的核心評論，即有機收入成長是否符合歷史上 40% 左右的增量利潤率？或者，在製定整個財政年度計劃時，我們應該如何考慮併購協同效應收益與核心增量收益之間的權衡？

Yes. So obviously, Spirent is a public company, so you could go look. Those businesses were -- as we inherited them, we're operating at profit levels that were significantly lower than Keysight's, but we have committed that on a post-integration basis, we expect an accretive to Keysight operating margin. So over that 12- to 18-month period of time, we're going to make a pretty significant increase in driving improved profitability in those businesses via this $100 million synergy and other efficiency capture.

是的。很顯然，Spirent 是一家上市公司，你可以去檢查。這些業務——在我們接手時——其利潤水平遠低於 Keysight，但我們承諾，在整合之後，我們預計 Keysight 的營業利潤率將有所提高。因此，在接下來的 12 到 18 個月裡，我們將透過這 1 億美元的協同效應和其他效率提升措施，顯著提高這些業務的獲利能力。

In the core businesses, I think 40% incremental is the right way to continue to think about our business. The one thing that you need to factor in is tariffs, which, again, we're still lapping they're still not fully in our run rate. But as you saw this year, we came very close to delivering to the 40% core incremental while absorbing tariffs in the second half. So it's the right way to think about our business, but the tariffs do provide a marginal incremental headwind.

在核心業務方面，我認為以 40% 的增量繼續發展我們的業務是正確的。需要考慮的一點是關稅，我們仍在努力克服關稅問題，關稅尚未完全納入我們的正常水平。但正如您今年所看到的，我們在下半年吸收關稅的同時，非常接近實現 40% 的核心增量目標。所以，這種思考我們業務的方式是正確的，但關稅確實帶來了一些額外的阻力。

Mark Delaney, Goldman Sachs.

馬克‧德萊尼，高盛集團。

In your prepared remarks, you said that for the full year, you'd expect your revenue growth to be at or above the high end of the 5% to 7% target model. As you think about some of the different businesses, A&D, wireline, wireless, EISG, can you give us a better sense of which one do you think will grow at that level or above? And any end markets that might grow a little bit slower and build up to that consolidated view that you provided?

您在事先準備好的演講稿中提到，您預計全年營收成長將達到或超過 5% 至 7% 目標模式的上限。當您考慮A&D、有線、無線、EISG等不同業務時，您能否讓我們更清楚地了解您認為哪一項業務​​會達到或超過目前的成長水平？還有哪些終端市場的成長速度可能會稍慢一些，最終形成您所描述的那種綜合格局？

Yes, I mean I think Satish has already provided you some color on the markets. I think as you think about wireline, we're clearly benefiting from the investment wave in AI. I think we would think that AI is positioned to be a significant growth driver for the company going forward. I think if you think about wireless, Satish has already commented, but I think we do see growth from where we are at these levels.

是的，我的意思是，我認為薩蒂什已經向你介紹了一些市場狀況。我認為，從有線通訊的角度來看，我們顯然受益於人工智慧領域的投資浪潮。我認為人工智慧有望成為公司未來發展的重要驅動力。我認為，如果你考慮無線領域，Satish 已經發表過評論，但我認為我們確實可以看到從我們目前的水平來看，無線領域會有成長。

So you could think about wireless growing in line with our targeted growth levels for commercial comps, which was 4% to 6%. I think in the industrial businesses, I think you've got -- I think the 4% to 6% is probably the right way to think about it with strength in semi and gems being offset by kind of some continued questions in automotive is the way I would think about it.

所以你可以認為無線業務的成長與我們針對商業競爭對手設定的目標成長水準一致，即 4% 到 6%。我認為在工業領域，我認為 4% 到 6% 可能是比較合適的衡量標準，半導體和寶石行業的強勁表現被汽車行業持續存在的一些問題所抵消，這就是我的看法。

My follow-up was on tariffs. Neil, you said you expect to fully offset the August tariffs sooner than you previously expected. Can you just provide some more context as to what's allowing Keysight to achieve that so much sooner?

我的後續問題是關稅問題。尼爾，你說過你預計能夠比之前預期的更快地完全抵消8月份的關稅影響。您能否提供更多背景信息，說明是什麼原因使得 Keysight 能夠如此迅速地實現這一目標？

Yes. I mean a couple of things. So first of all, last quarter, we guided you to -- if you took our comments from May out of a number of comments from August, we guided to an annualized tariff range of $150 million to $175 million and now it looks like we're trending towards the lower end of that range. So I think that's a benefit. And then with the strength of our business, our pricing and surcharging mitigations are ramping a little faster than expected, and we're going to be able to offset those tariffs again on a dollars basis, one quarter ahead of what was previously communicated.

是的。我的意思是兩件事。首先，上個季度，我們曾向大家預測——如果把我們五月份的評論和八月份的一些評論結合起來看，我們預測的年度關稅範圍為 1.5 億美元至 1.75 億美元，而現在看來，我們正朝著這個範圍的下限發展。所以我認為這算是優勢。憑藉我們業務的強勁勢頭，我們的定價和附加費緩解措施正在以比預期更快的速度逐步實施，我們將能夠再次以美元為基礎抵消這些關稅，比之前公佈的時間提前了一個季度。

The other part that I would add, Mark, is also we decided intentionally to honor all outstanding orders pre-tariff that was in our backlog. So effectively, we've been -- some of the shipments have all gone out. And so our forward-looking exposure at zero tariffs, if you will, is much smaller now.

馬克，我還要補充一點，我們還特意決定履行所有在關稅生效前積壓的未完成訂單。所以實際上，我們已經——部分貨物已經全部發出。因此，我們現在面臨的零關稅前景風險敞口要小得多。

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行。

Yes. Congrats on the results. Neil, I wanted to ask you about the operating margin. I know this feels like a long time ago, but back at the Analyst Day in 2023, you talked about attaining a 31% to 32% operating margin. I think the initial target was by fiscal '26. Given the operating incremental leverage that you're seeing in the model, layering in the acquisitions that you're doing and driving accretion over time from that.

是的。恭喜取得好成績。尼爾，我想問你關於營業利益率的問題。我知道這感覺像是很久以前的事了，但在 2023 年的分析師日上，您談到要實現 31% 到 32% 的營業利潤率。我認為最初的目標是到 2026 財政年度。鑑於您在模型中看到的營運增量槓桿，加上您正在進行的收購，並隨著時間的推移推動由此帶來的成長。

How are you thinking about the achievement of getting to that 31% to 32%. Is that something that you think we could see in fiscal '26? Or do you think that might still be a little bit further out? And I have a quick follow-up.

您如何看待達到 31% 到 32% 這個成就？你認為我們會在 2026 財年看到這種情況嗎？還是你認為那可能還要過一段時間？我還有一個後續問題。

Yes. No, I definitely think it's further out. In fact, it was -- we took '26 essentially off the table when our business went into the downturn over the '23 to '24 period. Obviously, that was not something that we had contemplated when we made that commitment. Our business was operating at 29% operating margin when we made the 31% to 32% -- when we put that number out there.

是的。不，我肯定認為它更遠。事實上，確實如此——當我們的業務在 2023 年至 2024 年期間陷入低迷時，我們基本上放棄了 2026 年的計劃。顯然，我們在做出那項承諾時並沒有考慮到這一點。當我們把利潤率提高到 31% 到 32% 時，我們的業務營運利潤率為 29%——當時我們公佈了這個數字。

Since that time, obviously, we've seen a correction in our business as we -- as evidenced this year, business is returning to growth. We're back to delivering strong incremental. We have an incremental opportunity here with these acquisitions that we brought in as we realize value capture from those. I think all of those things will enable us to deliver a strong -- strong growth and profitability and earnings over the time frame.

自那時以來，很顯然，我們的業務出現了調整，正如今年所證明的那樣，業務正在恢復成長。我們又開始穩定提升業績了。我們透過這些收購獲得了新的發展機會，因為我們能夠從中實現價值獲取。我認為所有這些因素都將使我們能夠在預期的時間範圍內實現強勁的成長、獲利能力和收益。

But it will take us a while to climb back from these current 26% levels to the levels we were contemplating when we were at 29% back in fiscal '23.

但要從目前的 26% 水平恢復到我們在 2023 財年達到 29% 時所設想的水平，還需要一段時間。

Aaron, just to add to what Neil said, the fundamental tenants of our value creation that I laid out in terms of our business model and operating model remain intact, including the downside performance that we delivered during the downturn. So those fundamentals remain intact. Equally excited about the opportunities for driving growth and capturing upside in the market, including the value creation incremental we can deliver from the acquisitions post integration.

Aaron，我補充一下Neil所說的，我之前闡述的我們創造價值的商業模式和營運模式的基本原則仍然完好無損，包括我們在經濟低迷時期取得的業績下滑。所以這些基本要素依然不變。同樣令人興奮的是，我們將有機會推動成長，並在市場中獲得提升空間，包括整合後透過收購創造的增量價值。

Yes. Yes, very clear. And then as a quick follow-up and just maybe more thematically, we talk a lot about 800 to 1.60. Starting to hear you guys talk a bit more about pervasively about silicon photonics. And I'm curious of what your thoughts are with regard to that. When do we expect to see the volume deployments from the market, appreciating here on the R&D side.

是的。是的，非常清楚。然後，作為後續討論，或許更貼近主題，我們常常談到 800 到 1.60 這個範圍。開始聽到你們談論更多矽光子學。我很想知道你對此有何看法。我們預計何時才能看到市場上的大規模部署，同時研發方面的投入也會增加。

I'm just curious on how you see that because there's a lot of discussion around scale up, scale across networking and AI and obviously, you're at the tip of the spirit of some of those architecture shifts?

我只是好奇您對此有何看法，因為現在有很多關於擴展規模、跨網路和人工智慧的擴展的討論，顯然，您正處於某些架構轉變的前沿？

Yes, I'll have Kailash make some comments and then maybe Jason can follow up on the silicon photonics as well.

是的，我會讓 Kailash 發表一些看法，然後 Jason 或許也可以就矽光子學方面做些補充說明。

Yes. Thank you, Satish. Clearly, there is a scale element to it. Right now, the demand is up for high-speed silicon, optics, interconnects, accelerators, custom silicon and so forth, and this is driving both design and R&D activity that we're enabling as well as validating many of these RACs that have lots of GPUs, complex cabling, interconnect, and networking, we're participating and validating those as well. So there is a scale element.

是的。謝謝你，薩蒂什。顯然，這裡面存在著規模因素。目前，市場對高速矽、光學元件、互連元件、加速器、客製化矽等的需求正在上升，這推動了設計和研發活動，我們正在參與並驗證許多具有大量 GPU、複雜佈線、互連和網路的 RAC。所以這裡存在著一個比例因素。

And your question about the speeds, clearly, we're seeing a design refresh that is occurring throughout the network. And this is occurring at a faster pace. We are seeing concurrent activity in 400G, 800G and 1.6 tera. The 1.6 terabit wave is still ahead of us. We demonstrated this year, solutions to enable 1.6, 3.2. As we outlined in our prepared remarks, we enabled Broadcom with their 1.6 terabit silicon and what's interesting is there are multiple challenges that the industry is facing right now.

至於你提到的速度問題，很顯然，我們正在對整個網路進行設計更新。而且這種情況正在加速發生。我們看到 400G、800G 和 1.6 太拉的並發活動。1.6太比特的浪潮還在前方。今年我們展示了實現 1.6 和 3.2 兆位元的解決方案。正如我們在準備好的演講稿中概述的那樣，我們為博通公司提供了 1.6 太比特的晶片，而有趣的是，目前該行業面臨著許多挑戰。

Some customers are pushing speed. Other customers are pushing decrease in power at the same speed, yet another group of customers are working on improving density at the same speed. And all of this is occurring concurrently that's driving a lot of R&D activity and design emulation intensity that we're able to enable the industry with.

有些顧客追求速度。其他客戶也以相同的速度推動降低功率，而另一部分客戶則以相同的速度努力提高密度。所有這些都在同時發生，從而推動了大量的研發活動和設計模擬強度，而我們能夠為業界提供這些支援。

So I think he gave you a very robust overview of what's happening on the R&D side and the beauty of Keyside is we have the ability to address customers' work flows all the way from R&D, into validation and into manufacturing. And so we're certainly seeing the benefit of AI-driven investments come through in some of our semi-businesses where foundry investment, as earn, has been happening on the front end this year.

所以我認為他已經非常全面地概述了研發方面的情況，而 Keyside 的優勢在於我們能夠滿足客戶從研發到驗證再到生產的整個工作流程。因此，我們確實看到人工智慧驅動的投資對我們的一些半導體業務產生了積極影響，例如今年年初的晶圓代工投資。

We've sold double-digit number of systems to foundry customers on the silicon photonic side, I would say it's still early days and we expect continued growth next year from silicon photonics as capacity continues to expand and move, like you said, from R&D to commercial production.

我們在矽光子領域已經向代工廠客戶售出了兩位數的系統，我認為這還處於早期階段，我們預計明年矽光子領域將繼續成長，因為產能將繼續擴大，並且正如你所說，從研發轉向商業生產。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

A couple of questions for me. Just in terms of the strength that you saw in Aerospace and Defense. Could you speak to is this kind of the broadening of budgets that you have been expecting out of some of kind of the allies? Is this new program? Just kind of a little bit of where you saw that strength?

我有幾個問題想問一下。僅就航空航太和國防領域的實力而言。您能否談談，這是否符合您一直以來對某些盟友擴大預算的預期？這是新項目嗎？你覺得這種優勢體現在哪裡？

And then maybe as a follow-up, noted kind of the positive uptick in the auto orders year-over-year and so just wondering where you're starting to see some green shoots on the auto side?

然後，作為後續問題，我注意到汽車訂單比去年同期有所增長，所以想知道您認為汽車行業有哪些復甦跡象？

Yes, we'll answer that, Meta. I was expecting you to ask me to size my AI business, but I was ready to do that. But since you didn't ask me, I'm going to skip forward to the Aerospace and Defense business. So record bookings this year builds backlog again. And I think it's a year where with considerable noise in the system, I would just say in the quarter one, we had this entire situation with administration change, which we knew that was going to be a challenging situation for our US business.

是的，我們會回答這個問題，Meta。我以為你會讓我評估一下我的人工智慧業務規模，但我已經準備好了。但既然你沒問我，我就直接跳到航空航太和國防業務部分吧。因此，今年創紀錄的預訂量再次導致訂單積壓。我認為今年系統內存在相當大的噪音，僅就第一季而言，我們就遇到了政府更迭的情況，我們知道這對我們的美國業務來說將是一個充滿挑戰的情況。

And I also predicted that things would improve as the year went by, and it did. And then as we look at Q4, we had the situation with continuing resolution, spending environment from a direct government, which was a bit more moderated. But our prime contractor business was good, and I also -- we saw strength in Europe, in particular.

我還預測隨著時間的推移情況會好轉，事實的確如此。然後，當我們展望第四季時，我們看到的是持續的財政決議，以及來自政府的直接支出環境，這方面有所緩和。但是我們的總承包業務發展良好，而且—我們看到，尤其是在歐洲，業務表現強勁。

I think this whole deference and the associated technologies, our portfolio is well positioned with that. And then defense technology in general with NEO, primes and others coming up with faster, more nimbler platforms are adopting Keysight solutions as well. So we feel good about our portfolio and the future focus.

我認為，憑藉這種尊重以及相關的技術，我們的產品組合在這方面佔據了有利地位。此外，隨著NEO等公司推出速度更快、更靈活的平台，國防技術領域也普遍採用Keysight的解決方案。因此，我們對我們的投資組合和未來發展方向感到滿意。

As we have said before, this is one of those businesses that is quite easier sort of to call on a long-term basis and really tough to call on a quarterly basis. But our pipeline looks solid as we go into '26. I'll have Jason make some comments on automotive.

正如我們之前所說，這類企業更容易進行長期預測，但很難進行季度預測。但展望2026年，我們的產品線看起來相當穩固。我會請傑森就汽車產業發表一些看法。

Meta, thanks for the question. Yes, so as we move through this year, we saw our automotive and energy business reach some level of stability at current levels. While orders were still down for the full year as we expected, they did grow year-over-year in Q4. We benefited, frankly, from a fairly soft compare last year in Q4, but it was great to see that all subsegments of the business grew across software-defined vehicle, our electric vehicle, ESI and even on the manufacturing side, a small amount of growth.

Meta，謝謝你的提問。是的，隨著今年的推進，我們看到汽車和能源業務在目前的水平上達到了一定的穩定性。雖然全年訂單量仍如預期下降，但第四季訂單量較去年同期成長。坦白說，我們受益於去年第四季相對疲軟的基數，但令人欣慰的是，公司所有子業務板塊都實現了成長，包括軟體定義汽車、電動車、ESI，甚至在製造業方面也實現了小幅成長。

So investment is happening more in the software-defined vehicle space and vehicle network, advanced connectivity, advanced sensing and radar as well as continued healthy chip design software renewals within the quarter were healthy, and we're seeing on the EV and grid side charging and grid simulation activity and solutions are really customer priorities and then giving them the manufacturing some capacity investments side to software-defined vehicle electronics and a few new customers within the quarter.

因此，投資更集中在軟體定義汽車領域和車輛網路、先進連接、先進感測和雷達，以及本季持續健康的晶片設計軟體更新方面，我們看到電動車和電網方面的充電和電網模擬活動及解決方案確實是客戶的優先事項，然後為他們提供一些製造方面的產能投資，用於軟體定義汽車產品，並且在本季度新增了一些客戶。

So good to see things stabilize from here. We're not calling an inflection, but we'll see how things progress here going into FY26.

很高興看到局勢逐漸穩定下來。我們不認為這是一個轉捩點，但我們會看看2026財年情況會如何發展。

Tim Long, Barclays.

提姆朗，巴克萊銀行。

Satish, I wasn't going to ask about scaling the AI business, but it sounds like you'll answer it. So let's start with that one. If you don't mind, maybe just give us an idea of when you look at wireline and semis and kind of the overall business, kind of what you're doing for you?

薩蒂什，我本來沒打算問關於人工智慧業務規模化的問題，但聽起來你會回答這個問題。那就讓我們從這個問題開始吧。如果您不介意的話，能否簡要介紹一下您何時開始關注有線測井和半自動測井，以及您在整個業務領域中所做的工作？

And then secondly, if you could just talk about Software and Services, 37% on the year. I think in the slide show, it says going up another 300 basis points with the M&A. So it gets you to 40%, a pretty healthy number. What's the outlook for moving that with the M&A and kind of the way things are going in AI and software overall, are you thinking that we'll see a continued move upward in kind of the complexion of the business coming from the Software and Services side?

其次，如果只談軟體和服務，今年成長了 37%。我認為幻燈片中提到，併購將使利率再上漲 300 個基點。這樣就能達到 40%，這是一個相當不錯的數字。鑑於併購以及人工智慧和軟體領域的整體發展趨勢，您認為推動這一趨勢的前景如何？您是否認為我們會看到軟體和服務方面的業務結構持續向上發展？

Thank you, Tim. First, I would say that our wireline business had a record year, growing double digits this year. And if you look at the plethora of contributions that we're making towards next-gen technologies, that are attributable to this entire AI ecosystem and AI clusters and the additional infrastructure that's being built, I would say it's roughly half of our wireline business is seeing that impact because it's -- again, it's a broad set of portfolio of tools that we bring across physical and protocol layers of emulation.

謝謝你，提姆。首先，我想說的是，我們的有線業務今年取得了創紀錄的成長，實現了兩位數的成長。如果你看看我們為下一代技術所做的眾多貢獻，這些貢獻都歸功於整個人工智慧生態系統、人工智慧叢集以及正在建設的額外基礎設施，我會說，我們大約一半的有線業務都受到了這種影響，因為——再說一遍，這是一套廣泛的工具組合，我們將其模擬應用於物理層和協定層的模擬。

So -- and the wireline business of Keysight is -- if you look at the commercial communications, it's a little under half of the business with wireless still being a little over half, so that sort of gets you to see it. And that part of the business is growing strongly with robust adoption from customers across those -- the entire tech stack that we referenced before.

所以——Keysight 的有線業務——如果你看一下商業通訊業務，它佔比略低於一半，而無線業務仍然佔比略高於一半，所以這就能讓你明白這一點。業務的這一部分正在強勁成長，客戶對我們之前提到的整個技術堆疊的採用率很高。

The second part of the question is really about Software and Services, and this has been a focused area of strategy for us for a long period of time, and there's more upside for us as we move forward. Obviously, the addition of the Optical Solutions Group and Spirent and the PowerArtist give us a meaningful uplift right away, but also the ability to continue to add more content and create life cycle value for customers and capture that value for the P&L. So we're quite excited by that as we look forward.

問題的第二部分實際上與軟體和服務有關，這長期以來一直是我們的戰略重點領域，隨著我們不斷向前發展，這方面還有更大的發展空間。顯然，光學解決方案集團、Spirent 和 PowerArtist 的加入立即為我們帶來了顯著的提升，同時也使我們能夠繼續增加更多內容，為客戶創造生命週期價值，並將這些價值計入損益表。所以，展望未來，我們對此感到非常興奮。

Rob Jamieson, Vertical Research Partners.

Rob Jamieson，Vertical Research Partners。

Congrats on the quarter. So just wanted to touch on R&D and just some of the investment, just approaching 19% of sales this year. Can you first just talk a little bit about where you're investing the most heavily, whether that's AI and data center or some of the 5G advanced stuff that we talked about last quarter?

恭喜你本季取得佳績。所以，我只想簡單談談研發和一些投資，今年的研發投入將接近銷售額的 19%。首先，您能否簡單談談貴公司目前投入最多資金的領域，例如人工智慧和資料中心，或者我們上個季度討論過的 5G 先進技術？

And then as we look ahead, how should we think about R&D intensity going forward just with Optical Solutions Group and PowerArtist, just given the software nature there and wanting to keep your competitive advantage, just how should we think about prioritization going forward?

展望未來，考慮到光學解決方案集團和 PowerArtist 的軟體特性，以及為了維持競爭優勢，我們該如何看待未來的研發強度？我們應該如何考慮未來的優先事項？

Yes. Thank you. Well, first, I would say that when we look at the entire portfolio, we have a cohesive portfolio of physical layer protocol emulations and into applications such as in the design space. And we see opportunities in the physical layer to refresh our portfolio of offerings as the new technologies come in and customers are ready for adoption.

是的。謝謝。首先，我想說，當我們審視整個產品組合時，我們擁有一個完整的物理層協定模擬產品組合，並將其應用於設計空間等應用領域。隨著新技術的出現和客戶的接受，我們看到了物理層面更新產品組合的機會。

So we're in between that refresh phase of investment right now and over the next 18 months, feel really good about the new product introductions that are -- that we have -- that we're continuing to work on. And so you're seeing that not only in the traditional wireless but also in defense technology and in AI. So you're seeing a little bit of increase in R&D spending associated with that.

所以，我們現在正處於投資更新階段，在接下來的 18 個月裡，我們對即將推出的新產品感到非常滿意，我們正在繼續努力。因此，你不僅在傳統無線通訊領域，在國防技術和人工智慧領域也能看到這種情況。所以你會看到相關的研發支出略有增加。

But I do believe that each of these products and solutions are going to help us outperform our markets under a range of conditions and that's why we're doing it. With regard to -- yes, your point is well taken with regard to the software assets, they typically run north of our company average. And so I'll let Neil sort of help you with the modeling of it.

但我相信，這些產品和解決方案都將幫助我們在各種條件下超越市場表現，這就是我們這樣做的原因。關於軟體資產——是的，您的觀點很有道理，它們的運行速度通常高於我們公司的平均水平。所以，我會讓尼爾來幫你建模。

Yes. I mean I think as we think about integration, as we said in some of our prior comments, the primary areas of focus are on leveraging our go-to-market, leveraging our back office. That being said, there may be some opportunities as we bring into the portfolio to align and share some costs. But primarily, we're looking for leverage in other parts of the P&L.

是的。我的意思是，我認為當我們考慮整合時，正如我們之前的一些評論中所說，重點領域是利用我們的市場推廣管道和後台部門。也就是說，隨著我們將一些資產納入投資組合，可能會出現一些機會來協調和分攤一些成本。但主要目的是在損益表的其他部分尋求槓桿作用。

Okay. That's helpful. And then just free cash flow, just solid again this quarter. Anything to call out in terms of some of the drivers or levers there. And then as we look into '26, just how should we think about conversion for the full year?

好的。那很有幫助。而且，本季自由現金流依然穩健。有什麼需要特別指出的，關於其中的一些驅動因素或控制因素嗎？那麼，展望 2026 年，我們該如何看待全年的轉換情況呢？

I know you've probably got some acquisition-related cash expenses, but would you still expect to be above that 90%-plus long-term conversion rates that you're targeting?

我知道你們可能有一些與收購相關的現金支出，但你們是否仍期望達到你們設定的90%以上的長期轉換率目標？

Yes. I mean I think we expect -- continue to expect good conversion of non-GAAP net income into profitability or into free cash flow. That's how we track it. As you know, we do -- we will see some additional integration-related expenses that will put some pressure on free cash flow conversion during the during the year.

是的。我的意思是，我認為我們預期——繼續預期非GAAP淨收入能夠很好地轉化為盈利能力或自由現金流。我們就是這樣追蹤的。如您所知，我們確實會面臨一些額外的整合相關費用，這將在年內對自由現金流轉換率造成一些壓力。

But again, I think if we step back and think about it from the grand scheme of things, relatively a small proportion of the overall total, and therefore, we'd still expect strong free cash flow conversion next year.

但話說回來，如果我們從宏觀的角度來看，這只是總量中相對較小的比例，因此，我們仍然預計明年自由現金流轉換率會很高。

That concludes our question-and-answer session for today. I would like to turn the call back to Paulina Sims for any closing remarks.

今天的問答環節到此結束。我想把電話轉回給保莉娜·西姆斯，請她作總結發言。

Thank you, Victoria, and thank you all for joining us today. Have a good day.

謝謝維多利亞，也謝謝今天所有到場的各位。祝你有美好的一天。

That concludes our conference call. You may now disconnect your lines.

我們的電話會議到此結束。現在您可以斷開線路了。