是德科技 (KEYS) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Keyside Technologies first -- fiscal first quarter 2026 earnings conference call. My name is Victoria and I will be your lead operator today. (Operator Instructions)

女士們、先生們，大家好，歡迎參加 Keyside Technologies 2026 財年第一季財報電話會議。我叫維多利亞，今天我將擔任你們的接線生。（操作說明）

This call is being recorded today, Monday, February 23, 2026, at 1:30 PM, Pacific Time. I would now like to hand the call over to Liz Morali, Vice President of Investor Relations. Please go ahead, Ms. Morali.

本次通話於太平洋時間 2026 年 2 月 23 日星期一下午 1:30 進行錄音。現在我將把電話交給投資者關係副總裁 Liz Morali。請繼續，莫拉利女士。

Good afternoon and thank you for joining us for Keysight's First Quarter Earnings Conference Call for Fiscal Year 2026. With me are Satish Dhanasekaran, President and CEO; and Neil Dougherty, Executive Vice President and CFO. Later, during the question-and-answer session, we will be joined by Kailash Narayanan, President of the Communications Solutions Group; and Steve Yoon, Senior Vice President of Global Sales.

下午好，感謝各位參加 Keysight 2026 財年第一季財報電話會議。與我同行的還有總裁兼執行長 Satish Dhanasekaran，以及執行副總裁兼財務長 Neil Dougherty。稍後，在問答環節，我們將邀請到通訊解決方案集團總裁 Kailash Narayanan 和全球銷售資深副總裁 Steve Yoon。

The press release and information to supplement today's discussion can be found on our Investor Relations website, investor.keysight.com. During today's discussion, we will make forward-looking statements about the financial performance of the company.

新聞稿及補充今日討論的資訊可在我們的投資者關係網站 investor.keysight.com 上找到。在今天的討論中，我們將就公司的財務表現作出前瞻性陳述。

Actual results may differ materially from those mentioned in these forward-looking statements as a result of risks and uncertainties. Information about these risks and uncertainties can be found in our most recent Forms 10-K and 10-Q filings with the SEC. We do not intend to update any forward-looking statements.

由於風險和不確定性，實際結果可能與這些前瞻性聲明中提到的結果有重大差異。有關這些風險和不確定性的資訊可以在我們最近向美國證券交易委員會提交的 10-K 表格和 10-Q 表格文件中找到。我們不打算更新任何前瞻性聲明。

In addition, we will refer to non-GAAP financial measures and reference core growth, which excludes the impact of acquisitions or divestitures completed within the last 12 months and currency movements. The most directly comparable GAAP financial metrics and reconciliations can be found on our Investor Relations website, and all comparisons are on a year-over-year basis, unless otherwise noted.

此外，我們將參考非GAAP財務指標和核心成長，其中不包括過去12個月內完成的收購或剝離以及匯率波動的影響。最直接可比較的 GAAP 財務指標和調整表可在我們的投資者關係網站上找到，除非另有說明，所有比較均以同比計算。

I will now turn the call over to Satish.

現在我將把通話轉給薩蒂什。

Thank you, Liz, and welcome to the Keysight team. You joined the company at an exciting time. Good afternoon to everyone listening in and thank you for joining us today. Since our last earnings call, we have seen further acceleration in demand with robust growth across business segments and key regions.

謝謝你，Liz，歡迎加入 Keysight 團隊。你加入公司的時機非常令人興奮。各位聽眾下午好，感謝大家今天的收聽。自上次財報電話會議以來，我們看到各業務部門和主要地區的需求進一步加速成長，並實現了強勁成長。

During the first quarter, Keysight delivered outstanding results with both revenue and earnings per share exceeding the high end of our guidance range. This performance reflects the execution of our strategic road map alongside the convergence of several secular tailwinds. These include AI-driven technology transformations, next-generation connectivity, rising semiconductor complexity, and defense modernization.

第一季度，是德科技取得了優異的業績，營收和每股盈餘都超過了我們預期範圍的上限。這項績效反映了我們策略路線圖的有效執行，以及多項長期利好因素的共同作用。這些包括人工智慧驅動的技術變革、下一代連接技術、日益複雜的半導體技術以及國防現代化。

Our differentiated portfolio of solutions is helping customers address increasing design complexity, accelerate innovation, and move more quickly from concept to deployment. The investments we have made over the last three years have strengthened our portfolio, deepened our customer relationships and prepared us to capitalize on this unprecedented time.

我們差異化的解決方案組合正在幫助客戶應對日益複雜的設計，加速創新，並更快地從概念過渡到部署。過去三年，我們的投資增強了我們的投資組合，加深了我們與客戶的關係，並使我們能夠抓住這個前所未有的機會。

In Communication Solutions, we saw robust order growth outpacing revenue growth of 27% in the quarter driven by both commercial communications and aerospace defense and government markets. First to commercial communications. Wireline delivered record orders, surpassing wireless for the first time and was driven by demand for both R&D and manufacturing solutions.

在通訊解決方案領域，我們看到強勁的訂單成長超過了本季 27% 的收入成長，這主要得益於商業通訊、航空航太國防和政府市場的成長。首先是商業通訊。有線業務訂單創歷史新高，首次超過無線業務，主要得益於研發和製造解決方案的需求。

This momentum was broad-based across compute, memory, interconnect and networking technologies. This quarter marks the ninth consecutive quarter of wireline growth with four fundamental drivers shaping demand into the future. First, AI infrastructure is rapidly scaling. Hyperscalers and their respective ecosystems are investing in designing and deploying scale-up and scale-out architectures.

這種發展勢頭遍及運算、記憶體、互連和網路技術領域。本季是有線業務連續第九個季度實現成長，未來需求將受到四大基本驅動因素的影響。首先，人工智慧基礎設施正在快速擴展。超大規模資料中心及其各自的生態系統正在投資設計和部署縱向擴展和橫向擴展架構。

As these systems grow larger and more complex, there is an increasing need to validate performance across the entire infrastructure stack. Keysight's full stack portfolio across electrical, optical, RF and network protocol technologies enables this end-to-end validation from early design through deployment.

隨著這些系統規模越來越大、結構越來越複雜，驗證整個基礎設施堆疊的效能的需求也日益增長。Keysight 在電氣、光學、射頻和網路協定技術領域的全端產品組合，能夠實現從早期設計到部署的端到端驗證。

We're engaging with all the hyperscalers and their ecosystems early in the development cycle to further breakthrough innovations in AI infrastructure. Second, the industry is moving to higher speeds and Ethernet-based AI networking. AI workloads are driving rapid data center build-outs with 800 gig and 1.6 tera optics, alongside accelerated development of 3.2 tera.

我們正與所有超大規模資料中心營運商及其生態系統在開發週期的早期階段進行合作，以進一步推動人工智慧基礎設施的突破性創新。其次，該行業正在朝著更高的速度和基於乙太網路的人工智慧網路發展。AI 工作負載正在推動資料中心快速建設，配備 800 Gb 和 1.6 tera 光模組，同時 3.2 tera 光模組也在加速開發。

The move to Ethernet-based AI fabrics for better interoperability is creating more test opportunities for Keysight. Our high-speed digital, optical, and protocol solutions are helping customers design and validate next-generation switching silicon, (inaudible) and interconnects, reducing risk and accelerating time to deployment.

為了實現更好的互通性，向基於乙太網路的 AI 架構的轉變為 Keysight 創造了更多的測試機會。我們的高速數位、光纖和協定解決方案正在幫助客戶設計和驗證下一代交換晶片、（聽不清楚）和互連，從而降低風險並加快部署時間。

In parallel, our arbitrary waveform generators and oscilloscopes are facilitating the move towards higher lane speeds such as 448 gig per lane to enable 3.2 tera speeds. Third, optical interconnects are increasing in importance. Rising bandwidth and power demands in AI data centers are accelerating the adoption of optical interconnects to supplement copper.

同時，我們的任意波形產生器和示波器正在推動向更高通道速度（例如每通道 44​​8 Gb）的轉變，從而實現 3.2 Tera 的速度。第三，光互連的重要性日益增加。人工智慧資料中心不斷增長的頻寬和電力需求正在加速採用光互連技術來補充銅纜互連。

Keysight is assisting optical transceiver and module suppliers to ramp and design their 800-gig and emerging 1.6 terabit modules with our recently introduced digital communication analyzer, Lightwave component analyzer products providing precision measurements for standards compliance prior to deployment.

Keysight 正在幫助光收發器和模組供應商利用我們最近推出的數位通訊分析儀 Lightwave 組件分析儀產品，在部署之前提供精確的測量以確保符合標準，從而加速和設計其 800G 和新興的 1.6Tb 模組。

Concurrently, customers are designing architectures around co-packaged optics optical circuit switching and silicon photonics. Our differentiated optical capabilities, including tunable laser sources and polarization synthesizers provide metrology-grade measurements for silicon photonics workflows.

同時，客戶正在圍繞共封裝光學元件、光路開關和矽光子學設計架構。我們差異化的光學能力，包括可調諧雷射光源和偏振合成器，為矽光子學工作流程提供計量級測量。

Fourth, system-level validation and benchmarking are becoming essential. As AI clusters scale, our workload emulation solutions are assisting leading customers in solving their deployment challenges by emulating real AI workload and stress conditions.

第四，系統級驗證和基準測試變得至關重要。隨著 AI 叢集規模的擴大，我們的工作負載模擬解決方案透過模擬真實的 AI 工作負載和壓力條件，幫助領先的客戶解決其部署挑戰。

These four drivers create meaningful opportunities and sustained demand for our solutions as customers design, deploy and scale next-generation AI systems around the world. Keysight's thought leadership and partnerships with industry leaders will be on display at the upcoming design con and OFC events.

隨著客戶在全球範圍內設計、部署和擴展下一代人工智慧系統，這四個驅動因素為我們的解決方案創造了有意義的機會和持續的需求。Keysight 的思想領導力和與行業領導者的合作關係將在即將舉行的設計大會和光纖通訊大會上展示。

Turning to wireless. We saw healthy growth in the quarter driven by activity in non terrestrial networks, 6G research, emerging AI at the edge applications and continued stability in 5G. We're seeing a broadening of non-terrestrial network ecosystem as new LEOs and direct to cell services gain traction.

轉向無線技術。本季度，在非地面網路活動、6G 研究、新興邊緣 AI 應用以及 5G 的持續穩定發展推動下，我們看到了健康的成長。隨著新型低地球軌道衛星和直接連接蜂窩網路的服務獲得發展，我們看到非地面網路生態系統正在不斷擴大。

Keysight's 5G emulation platforms have expanded their coverage to non-terrestrial network system use cases. This quarter, we achieved a live NR NTN connection with Samsung in a 3G PP defined satellite frequency band furthering standardization. The Spirent PNT portfolio further enhances our ability to serve this market with industry-leading satellite emulation capabilities.

Keysight 的 5G 仿真平台已將其應用範圍擴展到非地面網路系統用例。本季度，我們在 3G PP 定義的衛星頻段內與三星實現了 NR NTN 的即時連接，進一步推進了標準化。Spirent PNT 產品組合進一步增強了我們服務該市場的能力，並提供了業界領先的衛星模擬功能。

Concurrently, we're seeing an uptick in activity across the wireless supply chain driven by AI edge devices and supply chain resilience priorities of manufacturers around the globe. Early 6G R&D engagements expanded as the industry prepares for large-scale technology demos at L.A. Olympics in 2028, solidifying our view of commercialization by 2030.

同時，我們看到，在人工智慧邊緣設備和全球製造商對供應鏈韌性的重視推動下，無線供應鏈的活動正在增加。隨著業界準備在 2028 年洛杉磯奧運會上進行大規模技術演示，早期 6G 研發合作不斷擴大，鞏固了我們對 2030 年商業化的看法。

This quarter, Keysight, collaborated with MediaTek to progress standards around integrated sensing and communication use cases. In addition, we registered multiple wins for our newly launched Race SIM AI RAN offering, which makes possible the emulation of real-world network environments to train AI models for network functions.

本季度，是德科技與聯發科合作，推進了整合感測和通訊用例的相關標準制定。此外，我們新推出的 Race SIM AI RAN 產品也取得了許多勝利，該產品能夠模擬真實世界的網路環境，從而訓練用於網路功能的 AI 模型。

Keysight will be showcasing its end-to-end solutions portfolio for the wireless ecosystem at Mobile World Congress 2026 in Barcelona, along with a number of industry leaders. Turning to aerospace, defense, and government. We saw record quarter one orders and growth across all regions, driven by heightened global focus on deterrents and defense modernization priorities.

Keysight 將在 2026 年巴塞隆納世界行動通訊大會上，與眾多產業領導者一起展示其面向無線生態系統的端到端解決方案組合。轉向航空航太、國防和政府領域。第一季訂單量創歷史新高，所有地區均實現成長，這主要得益於全球對威懾力量和國防現代化優先事項的日益重視。

Orders reflected a mix of program expansions, production automation and new system deployments across spectrum operations, space and satellite and radar applications. Keysight's high-precision and purpose-built RF and digital solutions and automation capabilities are ideally suited for these applications with stringent mission-critical performance requirements.

訂單反映了頻譜操作、太空和衛星以及雷達應用等領域的專案擴展、生產自動化和新系統部署的綜合情況。Keysight 的高精度專用射頻和數位解決方案以及自動化功能非常適合這些具有嚴格關鍵任務效能要求的應用。

U.S. primes continue to develop precision capabilities and ramped radar production in the quarter. We secured multiple wins in North America for Keysight's high-performance threat emulators to meet critical spectrum operation requirements. Our digital transceiver module payload testing capability was chosen by a Canadian prime contractor for space and satellite applications.

本季度，美國主要承包商繼續發展精確導引能力並提高雷達產量。我們憑藉 Keysight 的高效能威脅模擬器在北美贏得了多個訂單，以滿足關鍵頻譜操作要求。我們的數位收發器模組有效載荷測試能力被一家加拿大航太和衛星應用主承包商選中。

We continue to expand collaborations with defense technology start-ups and [your] primes as governments look to accelerate innovation around new applications in satellites, drones and autonomous systems. We also saw a robust broad-based activity in Europe, supported by rising defense budgets and elevated national security priorities aimed at strengthening regional sovereignty.

隨著各國政府尋求加速衛星、無人機和自主系統等新應用領域的創新，我們將繼續擴大與國防技術新創公司和[你們的]主要供應商的合作。我們也看到歐洲出現了強勁而廣泛的活動，這得益於不斷增長的國防預算和旨在加強地區主權的國家安全優先事項的提高。

Keysight is actively engaged with multiple European primes and government agencies in the areas of signal detection and recording, radar phased array antenna characterization, over the air 5G field deployments and precision angle of arrival characterization applications.

Keysight 積極與多家歐洲主要承包商和政府機構合作，進行訊號偵測和記錄、雷達相控陣天線特性分析、空中 5G 現場部署和精確到達角特性分析應用等領域的工作。

Our newly acquired PNT portfolio had a solid quarter as aerospace defense organizations depend on technology to test anti-jam and anti-spoof avionics in contested environments. The increase in global defense spending represents a structural trade tailwind to our aerospace and defense business, and we're well positioned to capitalize on the sustained demand going forward.

我們新收購的 PNT 產品組合在本季度表現穩健，因為航空航太國防組織依靠技術在對抗環境中測試抗干擾和抗欺騙航空電子設備。全球國防開支的增加對我們的航空航太和國防業務來說是結構性的貿易順風，我們已做好充分準備，利用未來持續的需求。

Moving to Electronic Industrial Solutions Group, orders grew for the third consecutive quarter, and revenue was a record. Orders and revenue both grew double digits across all three EISG markets of general electronics, semiconductors and automotive and energy. In our General Electronics business, growth was driven by ongoing momentum in AI-related innovation and infrastructure investments across the global supply chain.

電子工業解決方案集團的訂單連續第三個季度成長，營收創下歷史新高。EISG三大市場（通用電子、半導體和汽車能源）的訂單和收入均實現了兩大成長。在我們的通用電子業務中，成長得益於人工智慧相關創新和全球供應鏈基礎設施投資的持續勢頭。

In particular, the increasing complexity of high-performance PCBs with higher-density interconnects, multilayer architectures, faster speeds and tighter tolerances is driving greater test intensity. Keysight's solutions addresses customer needs across all major PCB design standards.

特別是，高效能 PCB 的複雜性日益增加，其互連密度更高、採用多層架構、速度更快、公差更嚴格，這推動了測試強度的增加。Keysight 的解決方案能夠滿足客戶在所有主要 PCB 設計標準方面的需求。

By investing ahead of the curve, we're leading in both R&D and production with increasing speed and higher frequency measurement capabilities. Digital health, again, grew with wind spanning medical device manufacturing, R&D and biomedical research. In education and advanced research, lower funding in the U.S. was offset by strength in Asia as sovereign programs step up investments in semiconductor research and workforce development.

透過提前投資，我們在研發和生產方面都處於領先地位，測量速度和頻率不斷提高。數位醫療再次蓬勃發展，涵蓋了醫療器材製造、研發和生物醫學研究等領域。在教育和先進研究領域，美國資金的減少被亞洲的強勁發展所抵消，因為主權國家加強了對半導體研究和勞動力發展的投資。

In our semiconductor business, the pace of investment accelerated. High-bandwidth memory and a broader AI-driven capacity expansion led to robust demand for our wafer level test and characterization solutions. Silicon photonics programs and production timelines across major foundry customers are picking up speed and intensity.

在我們的半導體業務中，投資步伐加快了。高頻寬記憶體和更廣泛的 AI 驅動的容量擴展，導致對我們的晶圓級測試和表徵解決方案的需求強勁。主要代工廠客戶的矽光子學專案和生產進度正在加快步伐，並不斷加強。

Keysight's deep photonics and semiconductor expertise as well as our broad R&D and production portfolio make us the partner of choice. The outlook for the year has reflected in our customers' latest technology, road maps and capacity plans has improved sequentially. Lastly, in Automotive and Energy, the overall business environment was stable as orders grew for the second consecutive quarter.

Keysight 在光子學和半導體領域擁有深厚的專業知識，並且擁有廣泛的研發和生產組合，這使我們成為首選合作夥伴。今年的前景已反映在客戶的最新技術、路線圖和產能規劃中，這些規劃逐年改善。最後，在汽車和能源產業，整體商業環境保持穩定，訂單連續第二季成長。

While the end market remains mixed, we had healthy annual renewals in our ESI simulation portfolio as well as key wins with leading EV and robo taxi customers in software-defined vehicle-related manufacturing. EV and charging R&D investment by OEMs and test labs was stable sequentially.

儘管終端市場依然喜憂參半，但我們的 ESI 模擬產品組合的年度續約情況良好，並且在軟體定義車輛相關製造領域與領先的電動車和無人駕駛計程車客戶取得了關鍵性的成功。整車製造商和測試實驗室在電動車和充電研發方面的投入保持穩定。

We recently introduced two new megawatt charging solutions that enable customers to reduce design time and deliver reliable, high-power charging systems that meet the latest global and local standards. In summary, we're pleased with the start to the year and have confidence in our ability to outperform grounded in our strong pipeline of solutions and go-to-market momentum.

我們最近推出了兩款新的兆瓦級充電解決方案，使客戶能夠縮短設計時間，並交付符合最新全球和本地標準的可靠、高功率充電系統。總而言之，我們對今年的開局感到滿意，並且憑藉我們強大的解決方案儲備和市場推廣勢頭，我們有信心取得優異的成績。

Keysight serves a diversified set of end markets, which allows us to capture growth wherever it emerges. As AI investment in flex, we're leveraging our strengths to capitalize on that momentum. Importantly, the same core strengths driving our success today are the ones that position us for future inflection points. As new growth opportunities develop, we're built to identify them, respond quickly and outperform.

Keysight 服務於多元化的終端市場，這使我們能夠抓住任何成長機會。隨著人工智慧在靈活領域的投資，我們正在利用自身優勢來掌握這項發展勢頭。重要的是，推動我們今天成功的核心優勢，也正是讓我們能夠應對未來轉捩點的優勢。隨著新的成長機會出現，我們具備識別這些機會、快速反應和超越對手的能力。

We see a broad and expanding set of opportunities ahead and remain confident in our ability to convert them into sustained growth and value creation. I'll now pass it on to Neil to provide additional details on our financial performance for Q1. Neil?

我們看到未來有廣泛且不斷擴大的機遇，並且對我們有能力將這些機會轉化為持續成長和價值創造充滿信心。現在我將把這個任務交給尼爾，讓他提供關於我們第一季財務表現的更多細節。尼爾？

Thank you, Satish, and hello, everyone. We achieved record results in Q1, well above the high end of our guidance range fueled by strong growth across our businesses as we continue to meet increased customer demand for our portfolio of technology solutions.

謝謝你，薩蒂什，大家好。第一季度，我們取得了創紀錄的業績，遠超預期範圍的上限，這得益於我們各項業務的強勁增長，我們不斷滿足客戶對我們技術解決方案組合日益增長的需求。

First quarter total company revenue of $1.600 billion was up 23% on a reported basis with acquisitions adding eight points and currency one point. On a core basis, excluding those items, revenue grew 14%. Orders of $1.645 billion were up 30% on a reported basis and up 22% on a core basis.

第一季公司總營收為 16 億美元，以報告數據計算成長 23%，其中收購貢獻 8 個百分點，匯率變動貢獻 1 個百分點。剔除這些項目後，核心收入成長了 14%。訂單金額達 16.45 億美元，按報告數據計算成長 30%，以核心數據計算成長 22%。

Gross margin was 66.7%, up 90 basis points, driven by favorable product mix, including the addition of higher gross margin revenues from our recent acquisitions.

毛利率為 66.7%，成長 90 個基點，這得益於有利的產品組合，包括近期收購帶來的更高毛利率收入。

Operating expenses were $628 million, in line with our expectations as we continued investments in next-generation R&D. Operating margin was 27.4%, up 20 basis points. We delivered net income of $376 million and earnings per share of $2.17, both up 19%. This result was driven by strength in our core business, which delivered operating margin of 28.9%, up 170 basis points year-over-year as a result of 41% core operating leverage.

營運支出為 6.28 億美元，符合我們的預期，因為我們繼續投資下一代研發。營業利益率為 27.4%，上升 20 個基點。我們實現了 3.76 億美元的淨收入和 2.17 美元的每股收益，均成長了 19%。這項業績主要得益於我們核心業務的強勁表現，其營業利潤率達到 28.9%，年增 170 個基點，這主要得益於 41% 的核心經營槓桿。

Moving to the segments. The Communications Solutions Group generated revenue of $1.124 billion, up 27% on a reported basis and up 16% on a core basis with a gross margin of 68.5% and operating margin of 27.5%. Within CSG, the commercial communications business generated revenue of $758 million, up 33% with growth in wireless and wireline.

接下來進入各部分。通訊解決方案集團實現營收 11.24 億美元，按報告基準成長 27%，以核心基準成長 16%，毛利率為 68.5%，營業利潤率為 27.5%。在CSG內部，商業通訊業務創造了7.58億美元的收入，成長了33%，無線和有線業務均實現了成長。

Aerospace, defense and government achieved revenue of $366 million, an increase of 18%. The Electronic Industrial Solutions Group generated $476 million in revenue, an increase of 15% with growth across all three markets: general electronics, semiconductors and automotive.

航空航太、國防和政府部門的收入達到 3.66 億美元，成長了 18%。電子工業解決方案集團創造了 4.76 億美元的收入，成長了 15%，這得益於通用電子、半導體和汽車這三大市場的成長。

EISG delivered gross margin of 62.4% and operating margin of 27.2%. Software and services accounted for approximately 40% of Keysight revenue while annual recurring revenue was 29% of total mix. Moving to the balance sheet and cash flow. We ended the quarter with approximately $2.200 billion in cash and cash equivalents generating cash flow from operations of $441 million and free cash flow of $407 million.

EISG 的毛利率為 62.4%，營業利益率為 27.2%。軟體和服務約佔 Keysight 收入的 40%，而年度經常性收入佔總收入的 29%。接下來來看資產負債表和現金流量表。本季末，我們擁有約 22 億美元的現金及現金等價物，經營活動產生的現金流為 4.41 億美元，自由現金流為 4.07 億美元。

This quarter, we repurchased approximately 420,000 shares of Keysight's stock at an average price of approximately $207 for a total consideration of $87 million. Now turning to our outlook. Today's guidance does not contemplate any impact from the recently announced Supreme Court decision regarding tariffs, which we are still assessing.

本季度，我們以平均每股約 207 美元的價格回購了約 42 萬股 Keysight 股票，總對價為 8,700 萬美元。現在談談我們的展望。今天的指導意見並未考慮最高法院最近宣布的有關關稅的裁決可能產生的任何影響，我們仍在評估該裁決的影響。

For the second quarter of 2026, we expect revenue in the range of $1.690 billion to $1.710 billion, representing 30% year-over-year growth at the midpoint. We expect Q2 earnings per share to be in the range of $2.27 to $2.33, representing 35% year-over-year growth at the midpoint. This guidance is based on a weighted diluted share count of approximately 173 million shares.

我們預計 2026 年第二季的營收將在 16.9 億美元至 17.1 億美元之間，其中數值表示年增 30%。我們預計第二季每股收益將在 2.27 美元至 2.33 美元之間，其中數值表示年增 35%。該指引基於約 1.73 億股的加權稀釋股份數。

From an acquisition perspective, the integrations are on track, and we are excited about the expanded opportunities we have to serve customers. Our expectation for $375 million in acquisition-related revenue for fiscal '26 is unchanged. Our synergy target of more than $100 million in run rate cost synergies and other operational efficiencies also remains unchanged with realization heavily weighted to late in 2026, given our timeline for ERP migration.

從收購的角度來看，整合工作進展順利，我們對未來服務客戶的機會擴大感到興奮。我們對 2026 財年收購相關營收 3.75 億美元的預期維持不變。我們實現超過 1 億美元的營運成本綜效和其他營運效率目標也保持不變，鑑於我們的 ERP 遷移時間表，該目標的實現主要集中在 2026 年末。

As you heard from Satish, we are highly encouraged by the strength of our portfolio and the direction of our end markets. With the visibility we currently have, our base case for fiscal '26 has increased as we now expect total annual revenue and earnings growth just above 20%.

正如薩蒂什所說，我們對我們的投資組合實力和終端市場的發展方向感到非常鼓舞。根據我們目前掌握的情況，我們對 2026 財年的基本預期有所提高，我們現在預計年度總收入和盈利增長將略高於 20%。

In closing, we started fiscal 2026 with outstanding results, and we see solid momentum into Q2 as we contemplate the remainder of the year. With that, I will turn the call over to Liz to begin the Q&A session.

綜上所述，我們在 2026 財年伊始就取得了優異的成績，展望今年剩餘時間，我們看到了第二季度強勁的發展勢頭。接下來，我會把電話交給莉茲，開始問答環節。

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

謝謝你，尼爾。維多利亞，請問你能提供問答環節的說明嗎？

(Operator Instructions)

（操作說明）

Aaron Rakers, Wells Fargo Securities LLC.

Aaron Rakers，富國證券有限責任公司。

Yeah. Thanks for taking the question and congrats on the quarter. I guess my first question, Satish, when you outlined the growth drivers, I think it was four of them predominantly driven by AI and what you're seeing around optical interconnect and such.

是的。感謝您回答這個問題，並祝賀您本季取得佳績。Satish，我想問的第一個問題是，當你概述成長驅動因素時，我認為其中有四個主要由人工智慧以及你在光互連等領域看到的情況所驅動。

With the wireline business now surpassing the wireless business, I'm curious if there's an ability to unpack how much those are contributing to the business, how much they're necessarily growing. Any color you can provide on what you're seeing there would be greatly appreciated.

鑑於固網業務現在已經超過了無線業務，我很好奇是否有辦法分析這些業務對公司的貢獻有多大，它們的成長速度又有多快。如果您能提供任何關於您所看到情況的顏色描述，我們將不勝感激。

Thank you, Aaron. Thank you, Aaron. Yes, we're very excited by the quarter. Broad strength is sort of the theme for the business and will impact a number of the drivers. But particular to your question, roughly, we sized our exposure last year in Q4 to be just about 10% of the company revenue.

謝謝你，亞倫。謝謝你，亞倫。是的，我們對本季的業績非常樂觀。整體實力是該業務的主題，並將影響許多驅動因素。但具體到您的問題，粗略地說，我們去年第四季的投資規模約為公司收入的 10%。

And on top of that, this quarter, on that run rate, I should say, we had robust order growth and significantly above company average. So the company average order growth was 30%. So significantly above that. And for the AI business inside of the wireline -- inside of the wireline parts of our operation. And the name of the game is really about broadening of demand across our customer base, right?

除此之外，本季度，以目前的成長速度，我們的訂單成長強勁，遠高於公司平均水準。因此，該公司的平均訂單成長率為 30%。遠高於此。以及在有線網路內部的 AI 業務——在我們營運的有線網路部分內部。而真正的關鍵在於擴大我們客戶群的需求，對吧？

We've doubled the number of customers that represented that demand. If you look at the -- through the lens of customer concentration at the company level, our top customers, top two were still non-AI customers. So it again reflects the broadening of demand across the globe and across the applications that we have.

我們已經使滿足這一需求的客戶數量翻了一番。如果從公司層級的客戶集中度來看，我們最大的兩個客戶仍然是非人工智慧客戶。這再次反映了全球範圍內以及我們所擁有的各種應用領域的需求不斷擴大。

And that's what we attempt to do on my earnings message is to really break out the various demand drivers and how Keysight is plugged in to those different parts of those workflows. If you just look at it on an R&D and manufacturing basis, I mean, both R&D and manufacturing grew year-over-year. So we're quite pleased by the strength that we're seeing in the marketplace, and we think that strength continues into this year.

而這正是我在財報電話會議上試圖要做的，那就是真正分解各種需求驅動因素，以及 Keysight 如何融入這些工作流程的不同環節。如果僅從研發和生產的角度來看，研發和生產都實現了同比增長。因此，我們對目前市場上的強勁勢頭感到非常滿意，我們認為這種強勁勢頭將持續到今年。

Yeah. Very helpful. And Neil, as a quick follow-up, I'm curious, in these last two quarters, you've driven a significant amount of incremental operating leverage to the model? I know it's a little bit dated, but going back to the Investor Day, you had talked about like a low in 31%, 32% operating margin target. I'm curious, as we progress through this year with 20% growth, how you view the current kind of operating -- incremental operating margin leverage in the P&L from here? Thank you.

是的。很有幫助。尼爾，我還有一個後續問題，我很好奇，在過去的兩個季度裡，你們是否為該模型帶來了顯著的增量營運槓桿？我知道這有點過時了，但回到投資者日，你當時談到31%、32%的營業利益目標。我很好奇，隨著今年20%的成長，您如何看待目前這種營運模式—即損益表中的增量營運利潤率槓桿作用？謝謝。

Yeah. I guess I would point you back to statements that we've made publicly. We've designed our business model about delivering 40% core leverage on growth that's in the mid-single digits or better. In fact, this quarter, we delivered 41% leverage, obviously, on significantly higher growth, core growth but keeping in mind there were new tariffs in the base period, right?

是的。我想你應該回顧一下我們之前公開發表的聲明。我們設計的商業模式旨在實現 40% 的核心槓桿率，而成長速度則達到個位數中段或更高。事實上，本季我們實現了 41% 的槓桿率，顯然，這是在顯著更高的成長（核心成長）的基礎上實現的，但要記住，基期有新的關稅，對吧？

So you're delivering that 40% incremental leverage while absorbing the impact of tariffs. I think as we think about the full fiscal year, again, pointing you to that 40% core growth is kind of the starting point. And then we have noted the acquisitions as we inherited them, we're operating at a significantly lower operating margin. So they're dilutive to operating margin here in this first year.

這樣一來，你既實現了 40% 的增量槓桿，又承受了關稅的影響。我認為，當我們考慮整個財政年度時，再次強調 40% 的核心成長率是一個起點。然後，我們注意到，由於我們繼承了這些收購項目，我們的營運利潤率顯著降低。因此，它們會稀釋第一年的營業利潤率。

But once we get that $100 million of cost and other synergies out, we expect them to be accretive to Key's overall operating margin. So we're certainly moving in that direction, but executing on those acquisition synergies will be a key driver as we look forward.

但一旦我們消除了這 1 億美元的成本和其他協同效應，我們預計這將提高 Key 的整體營業利潤率。因此，我們當然正朝著這個方向努力，但展望未來，如何實現這些收購帶來的綜效將是關鍵驅動因素。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Great. Thanks. Hey, and congrats on the quarter. I guess just as you see kind of strength in the AI orders? Trying to get a sense of is that customers same customers expanding their implementations with you are kind of finding more use cases? Or just kind of are you finding a broadening of the customer base, like with some of these neo clouds or kind of other cloud builders coming into the market, are they kind of adding to the growth?

偉大的。謝謝。嘿，恭喜你本季業績出色。我想，就像你在人工智慧指令中看到的？想了解的是，那些與你們合作的客戶是否正在擴展他們的實施方案，從而發現更多的用例？或者，您是否發現客戶群正在擴大，例如隨著一些新型雲端或其他雲端建構商進入市場，它們是否促進了成長？

Just trying to get more of like a same-store sales versus kind of expanding customer base there would be helpful.

如果能更多地提高同店銷售額，而不是擴大客戶群，那就更好了。

Yeah. Thank you, Meta. I mean if you think about the customer base, silicon companies, anyone that's designing chips that go into data centers are obviously core customers of ours. The contributions we're making to them is growing.

是的。謝謝你，Meta。我的意思是，如果你想想我們的客戶群，矽晶片公司，任何設計用於資料中心的晶片的公司，顯然都是我們的核心客戶。我們對他們的貢獻正在不斷增長。

And then you look at manufacturing ecosystem that feeds these companies, also largely known customer base but where we are able to leverage our channel and really expand the contributions we're making to them. We've had a focus on hyperscalers that's also expanding. And I think the last customer set is a newer one, which is the new clouds that you referenced, and it's smaller part of the -- it's a smaller part of the business today, but growing.

然後，你再看看為這些公司提供產品的製造業生態系統，以及它們大多已知的客戶群，但我們能夠利用我們的管道，真正擴大我們對它們的貢獻。我們一直專注於超大規模資料中心，而這一領域也不斷擴大。我認為最後一個客戶群是比較新的，也就是你提到的新雲端服務，它目前在業務中所佔比例較小，但正在成長。

What's also interesting, as we look at the customer base to the lens of our regional footprint is if you went back a year ago, probably a lot more of the business in the U.S. And as we start to think about the business this quarter, especially more business internationally as well, including in Southeast Asia, where a lot of the manufacturing installed base is.

當我們從區域佈局的角度審視客戶群時，有趣的是，如果回顧一年前，我們的業務可能會更集中在美國。而當我們開始思考本季的業務時，尤其是在國際市場，包括東南亞地區（那裡有許多製造業裝置容量），我們的業務也更加多元化。

Great. And as a follow-up, just on the aerospace and defense. We've been hearing about kind of budgets stepping up for a while. This is kind of the -- we're starting to really see it an acceleration in your guidance numbers. Do you view this as kind of the beginning of our trajectory, or this could be kind of a new run rate for this business? Thanks.

偉大的。最後，再補充一點關於航空航太和國防的內容。我們已經聽說預算增加這件事一段時間了。這有點像——我們開始真正看到你們的業績指引數字加速成長的跡象。您認為這算是我們發展軌跡的開始，還是會成為我們業務發展的新常態？謝謝。

That's a great question. I think there's two parts to the answer. One is what happened in the quarter and what we are looking as we look over the horizon could be the case. As far as this quarter is concerned, we started to see the effects of last year where we had an administration change, and coupled with some budget uncertainties that delayed spend and all of that started to -- most of these programs start to come in -- through the end of the year spend, if you will.

這是一個很好的問題。我認為答案包含兩個部分。一方面，本季發生的事情以及我們展望未來所看到的情況，都可能是事實。就本季而言，我們開始看到去年政府更迭的影響，再加上一些預算不確定性導致支出延遲，所有這些——大部分項目——都開始進入——到年底的支出，如果你願意這麼說的話。

And so that reflects the upside and the demand side of the -- for our aerospace defense business. But as we look ahead into the pipeline and even further out, what we're seeing is increasing defense spending in Europe, and we also saw a very strong European defense spend this quarter and we expect that to continue.

因此，這反映了我們航空航太國防業務的上行空間和需求面。但展望未來，我們看到歐洲的國防開支正在增加，而且本季歐洲的國防開支也非常強勁，我們預計這種情況還會持續下去。

We're also seeing prime contractors in the U.S. investing more in organic R&D and also investing more in capacity adds. So I think that's another and the lever that is different than in the past. And with the best of the portfolio we had around MSO and space and satellite radar.

我們也看到美國的主要承包商加大了對自主研發的投入，同時也增加了對產能擴張的投入。所以我認為這是另一個與過去不同的槓桿。以及我們圍繞MSO、太空和衛星雷達所擁有的最佳產品組合。

Now combined with our P&T business from Spirent, we can make a broader impact to these customers. And we think the budgets are very supportive in this business, and we're well positioned there.

現在，結合我們從 Spirent 獲得的 P&T 業務，我們可以對這些客戶產生更廣泛的影響。我們認為預算對這項業務非常有利，我們在這方面處於有利地位。

Great. Thank you.

偉大的。謝謝。

Tim Long, Barclays.

提姆朗，巴克萊銀行。

Thank you. Two, if I could, as well. Maybe Satish, for you. Obviously, a lot of traction in AI. You covered a lot of the key use cases. You mentioned some of the emerging ones, CPL, LTO, SiFi, 448 per lane, you could probably also throw more scale-up Ethernet. You mentioned Ethernet's good, maybe more scale across Ethernet.

謝謝。如果可以的話，我也想選兩個。或許薩蒂什，適合你。顯然，人工智慧領域發展迅速。您涵蓋了許多關鍵的使用場景。你提到了一些新興技術，CPL、LTO、SiFi、每通道 44​​8，你可能還可以加上更多可擴展的乙太網路。你提到乙太網路很好，也許乙太網路能帶來更大的擴充性。

So when you look at kind of this next phase here, are you seeing some of these newer use cases and technologies as being fully additive to what's going on. So maybe if you can just talk about some of the emerging ones and how meaningful they can be to that bucket? And then second, maybe, Neil, one for you. appreciate the incremental margin conversation, 40% software services in the quarter.

所以，當你展望下一個階段時，你是否認為這些新的用例和技術完全是現有事物的補充？所以，您能否談談一些新興的分類方法，以及它們對這個分類方法的意義？其次，尼爾，也許還有一點是給你的。我很欣賞你對利潤率成長的討論，本季軟體服務收入成長了40%。

I know there was some probably ESI in there, a good quarter. But maybe just talk higher level about that trend and how you see that contributing as the company gets more recurring in the model and some of these software pieces that you're adding what do you think that does to gross margins or operating margins as the model moves forward? Thank you.

我知道裡面可能有一些電子證券訊息，相當不錯。但或許我們可以從更高的層面談談這個趨勢，以及隨著公司在商業模式中越來越頻繁地使用某些軟體，你認為這會對毛利率或營業利潤率產生什麼影響？謝謝。

Thank you, Tim. I'll just make some broad remarks, and I'll have Kailash make some specific comments on what he's seeing in the business. I think at the high level, what we're seeing is concurrent parallel technology wave sort of coming at pretty much an unprecedented rate, what was a well-defined two, three year long technology refresh cycles, I mean now are happening concurrently.

謝謝你，提姆。我先做一些概括性的評論，然後讓凱拉什就他在這個行業中看到的情況發表一些具體的評論。我認為從宏觀層面來看，我們看到的是平行科技浪潮以前所未有的速度同時到來，原本明確的兩到三年科技更新周期，現在正在同時發生。

And I think that pace of innovation when you combine that with the complexity of the technologies, and some of them are competing, right? You can look at electrical versus optical. And so the race is on. And I think the economic value that can be unlocked from having a technology that goes faster to lower power is there.

我認為，當創新速度與技術的複雜性相結合時，再加上一些技術之間存在競爭，對吧？你可以比較電學和光學兩種方式。比賽開始了。我認為，擁有速度更快、能耗更低的技術可以釋放出巨大的經濟價值。

So there is an economic value for the AI clusters that can be unlocked. And so it really plays to the strength that Keysight has had. And so when we started our strategic focus that I called out at the Investor Day in 2023. This is what we were shooting for.

因此，人工智慧集群具有可開發的經濟價值。因此，這確實發揮了 Keysight 的優勢。因此，當我們開始實施我在 2023 年投資者日上提出的策略重點時。這就是我們想要達到的效果。

And given the full stack offerings we have, the physical layer tools and the emulation capabilities, we're now able to bring that to bear to new emerging use cases in a way that would be difficult for a product-driven organizations, which may have products here and there. But I think having that breadth of portfolio and the technology to go provide solutions is a huge differentiator for us, one, I believe, is sustainable as we look into the future.

鑑於我們擁有的全端產品、實體層工具和模擬能力，我們現在能夠將這些能力應用到新興的用例中，而這對於以產品為導向的組織來說很難做到，因為這些組織可能零星地擁有一些產品。但我認為，擁有如此廣泛的產品組合和提供解決方案的技術對我們來說是一個巨大的差異化優勢，而且我相信，展望未來，這種優勢是可持續的。

Yeah. At a broader level, what we're doing is enabling these new AI racks and clusters. And what we see is hundreds of components are getting -- new components are getting designed and invented that are going into these racks and clusters.

是的。從更廣泛的層面來說，我們正在做的是啟用這些新的人工智慧機架和叢集。我們看到，成百上千種新的組件正在被設計和發明出來，並被安裝到這些機架和集群中。

And with our physical layer portfolio, we're able to help in early R&D all the way to manufacturing of these components and with our protocol layer portfolio, we're able to emulate these clusters and racks at scale even before deployment live deployments happen. So that's one dimension of this.

憑藉我們的實體層產品組合，我們能夠幫助企業從早期研發一直到這些組件的製造；憑藉我們的協議層產品組合，我們甚至在實際部署之前就能大規模地模擬這些集群和機架。這是其中一個面向。

Satish talked about the overlapping technology waves, the acceleration of the speed of these technology cycles. And the reason that's happening is you talked about a bunch of technology, silicon photonics, there's parallel innovation going on in optics and electrical transmission. There is also innovation from a long-haul, short-haul perspective, scale up, scale out networks and new components are getting designed, right?

薩蒂什談到了科技浪潮的重疊，以及這些技術週期速度的加速。造成這種情況的原因是，你談到了許多技術，例如矽光子學，而​​光學和電傳輸領域也正在進行同步的創新。從長途、短程運輸的角度來看，也存在創新，網路規模也在擴大、擴展，並且正在設計新的組件，對吧？

So we're attracting not just the regular customers where we're deepening our engagements with start-up companies and other players, neo clouds. They're coming in and they're inventing for power, speed and density. All of this is sort of layering on existing typical cycles that we would see in a wireline type of an IT type of dynamic.

因此，我們不僅吸引了一般客戶，也加深了與新創公司和其他參與者（即新雲端）的合作。他們正在湧入，他們正在為動力、速度和密度而進行發明和創造。所有這些都像是在現有的典型週期上疊加而成，這些週期是我們通常在有線類型的 IT 動態中看到的。

We're seeing a lot more of that go on concurrently, and that's driving a lot of growth. We're excited to showcase many of these innovations this week at DesignCon and in a month from now at the OFC as well in mid-March.

我們看到越來越多的此類事件同時發生，這推動了業務的快速成長。我們很高興能在本週的 DesignCon 上展示其中許多創新的成果，並在一個月後的 3 月中旬的 OFC 上再次展示。

Yeah. And -- so this is Neil, just with regard to your comments on software and services. As you know, we've looked to grow the proportion of our business coming from software organically. That mix shift towards software happens relatively slowly, and we've looked to supplement that with acquisitions. We made the acquisition of ESI a few years back.

是的。我是尼爾，就您關於軟體和服務的評論，我想說幾句。如您所知，我們一直致力於透過自身努力提高軟體業務在我們業務中所佔的比例。這種向軟體方向的轉變發生得相對緩慢，我們也一直在尋求透過收購來補充這種轉變。我們幾年前收購了ESI。

And obviously, recently, we just completed not just Spirent but the optical design and power artist businesses. Together, those acquisitions have above-average software mix added about three points to the overall software for Keysight. The interesting thing, if you think about the organic side is right now, the hardware portions of our businesses are growing quite aggressively.

顯然，最近我們不僅完成了 Spirent 項目，還完成了光學設計和電動藝術家業務。這些收購加起來，使 Keysight 的軟體組合高於平均水平，整體軟體水準提高了約 3 個百分點。有趣的是，從有機成長的角度來看，目前我們業務的硬體部分正在快速成長。

So I think that slows some of that mix shift. I think from a margin perspective, though, we have a highly differentiated portfolio that's aligned to these secular themes around AI and data center and soon to be 6G, which should, in the end, be gross margin positive as well.

所以我認為這減緩了這種混合風格的轉變。但我認為從利潤率的角度來看，我們擁有高度差異化的產品組合，與人工智慧、資料中心以及即將到來的 6G 等長期發展主題相契合，最終也應該能夠實現正的毛利率。

Okay. Thank you, guys.

好的。謝謝大家。

Thank you, Tim.

謝謝你，提姆。

Mark Delaney, Goldman Sachs Group Inc.

馬克‧德萊尼，高盛集團

Yes, good afternoon. Thank you very much for taking the questions. First question, I was hoping to better understand the company's expectations for the second half of the year. I think Neil, you spoke about a little over 20% top line growth as your new expectation for fiscal '26. I think that's all not organic. Please correct me if I'm wrong. But it does seem to imply that there's a little bit of --

是的，下午好。非常感謝您回答這些問題。第一個問題是，我希望能更了解公司對下半年的期望。尼爾，我想你之前說過，你對 2026 財年的營收成長預期是略高於 20%。我認為那些都不是有機的。如果我錯了，請指正。但這似乎暗示著有一點點…--

That's correct. Yes.

沒錯。是的。

Okay. And it seems to it might be a little bit of a moderation in the second half. And I realize it's coming off of a very robust 1Q and 2Q guidance. But if you could speak a bit more on what you're trying to assume in your second half guidance and how much visibility you might have because the orders are strong, it seems like the end markets are generally doing well, but they're just trying to reconcile that with what might be implied in your comments for full year revenue.

好的。下半場似乎會稍作調整。我知道這是在非常強勁的第一季和第二季業績指引之後做出的。但是，如果您能再詳細談談您在下半年業績指引中所做的假設，以及由於訂單強勁，您可能擁有的可見性，那就太好了。看起來終端市場整體表現良好，但他們只是想把這一點與您在全年收入預測中可能暗示的內容相協調。

Yeah. I mean I guess we've talked at length over the years about how we manage our business and that we generally have really strong visibility one quarter out, pretty decent visibility two quarters out, and then it falls off beyond that. So I think here we are, we obviously had very strong order and revenue growth here in Q1. We have a strong funnel here as we enter Q2.

是的。我的意思是，我想這些年來我們已經詳細討論過我們如何管理業務，我們通常對未來一個季度的業績有很強的可見性，對未來兩個季度的業績有相當不錯的可見性，然後就越來越差了。所以我覺得，很明顯，我們在第一季實現了非常強勁的訂單和收入成長。進入第二季度，我們這裡出現了一個強勁的銷售漏斗。

So we feel really good about the guidance that we put out for the second quarter. That fund of visibility extends now out into Q3. And then with again, a little bit less clarity as it relates to the back half -- to Q4. So I think looking to put guardrails on it, we believe that, again, on an all-in basis, we can grow the business 20%, a little over 20% this year.

因此，我們對第二季的業績預期感到非常滿意。這種可視性目前已延續到第三季。然後，對於後半段（即第四季）的情況，又出現了一些不太清晰的地方。所以我認為，在採取措施加以控制之後，我們相信，從整體來看，今年我們可以實現業務成長 20%，略高於 20%。

Is there opportunity for upside if we sustain the same level of momentum that we see in Q1 and Q2, absolutely. But our base case is at this point for organic growth that is substantially above our long-term model even in the back half of the year and we'll see how it develops as we move through the year.

如果我們能維持第一季和第二季的成長勢頭，是否還有上漲空間？答案是肯定的。但就目前而言，我們的基本預期是，即使在下半年，有機成長也將大幅高於我們的長期模型，我們將看看它在今年稍後會如何發展。

Okay. No, helpful context. The other question was on supply chain, just given how strong the business is running in terms of demand and volumes, maybe you think about your ability to get enough supply overall, but if you could also speak specifically to getting enough here on in memory because that's an area that's been somewhat tight in particular. Thank you.

好的。不，需要提供有用的背景資訊。另一個問題是關於供應鏈的，鑑於公司在需求和銷售方面運營得如此強勁，您可能會考慮整體供應能力，但如果您也能具體談談內存供應情況，因為這方面一直比較緊張，那就更好了。謝謝。

Yeah. Thank you, Mark. We've prepared for sort of the scale of the business, given the conversations we're having from the customers last year. I think of -- I think I made a comment that 2025 was a year of building momentum for us. And I think that's really helped us prepare for this compounding momentum that's now upon us and our team is doing a great job scaling but also in a disciplined manner as we look forward.

是的。謝謝你，馬克。根據去年我們與客戶的交流，我們已經為業務規模做好了準備。我想──我想我曾說過，2025 年是我們積蓄力量的一年。我認為這確實幫助我們為現在即將到來的這種不斷增強的發展勢頭做好了準備，我們的團隊在擴大規模方面做得非常出色，而且展望未來，我們也在以嚴謹的方式進行發展。

As far as memory is concerned, we're not -- we don't have volume usage for these high-end demand, high bandwidth kind of memories that are used in AI and other areas. And so given that, we're not necessarily exposed to that. Now there is some on the margin, prices are going up on memories.

就記憶體而言，我們目前還沒有——我們沒有大量使用人工智慧和其他領域所使用的那種高端、高頻寬的記憶體。因此，有鑑於此，我們不一定會接觸到這種情況。現在邊緣市場出現了一些波動，儲存設備的價格正在上漲。

So we factored that into our outlook and guide. And we keep monitoring this, but we feel good about our ability to execute in the next couple of quarters and then we'll keep planning that way.

因此，我們將這一點納入了我們的觀點和指導方針中。我們會持續關注此事，但我們對未來幾季的執行能力充滿信心，並將繼續按照這個方向進行規劃。

Thank you.

謝謝。

Thank You.

謝謝。

Andrew Spinola, UBS AG.

瑞銀集團的安德魯·斯皮諾拉。

Thank you. I wanted to ask a high-level question about the competitive landscape in your AI business. Just given the strength of the demand there, what does the pricing look like in that market? Are you able to see any price ups, any improvements in pricing or is the size of the customers affected.

謝謝。我想問一個關於貴公司人工智慧業務競爭格局的高層次問題。鑑於當地需求強勁，該市場的定價情況如何？您是否看到任何價格上漲、定價方面的任何改進，或者客戶規模是否受到影響？

And can you also talk about just how the market is, given how quickly it's moving, how many competitors are you against in a lot of these end markets, how competitive are they just given the -- how fast this market is moving?

您能否也談談市場現狀，鑑於市場變化如此之快，您在許多終端市場中面臨多少競爭對手，考慮到市場變化如此之快，競爭有多激烈？

Yeah Andrew. Thank you. I'd just say Keysight's competitive advantage is that we are designed to be a solutions-oriented company. While there are a lot of product base competitors that play into the marketplace in general with tools, our strength is enhanced because we have our own in-house tech stack that gives us the differentiation, especially in advanced technologies when you start to think about 1.6T and beyond, as an example, or you're looking at new optical and electrical technologies converging, speed is very important for the ecosystem.

是的，安德魯。謝謝。我認為 Keysight 的競爭優勢在於我們是一家以解決方案為導向的公司。雖然有許多產品基礎競爭對手透過工具進入市場，但我們的優勢在於我們擁有自己的內部技術棧，這使我們具有差異化優勢，尤其是在先進技術領域，例如，當您開始考慮 1.6T 及以上，或者當您看到新的光電技術融合時，速度對於生態系統來說非常重要。

As you noted, customers are racing with -- for innovation and our ability to keep pace with them with the products and solutions they need is key. We also participate in a number of standards bodies across the globe, and that gives us a very unique vantage point to not just provide products, but be really staying ahead of our customers. And that's what they appreciate.

正如您所指出的，客戶都在競相追求創新，而我們能否跟上他們的步伐，提供他們所需的產品和解決方案，是關鍵所在。我們也參與了全球多個標準組織，這使我們擁有非常獨特的優勢，不僅可以提供產品，而且真正能夠領先於我們的客戶。而這正是他們所欣賞的。

Having said that we don't take that for granted. We work hard to make sure our customers in the ecosystem are supported, and we have teams around the world that work with our customers every day. And with regard to new technologies as our new products come out, our goal is to design things that are competitive but also have the ability to grow our gross margins, and we feel good about the value creation associated with our business in AI and actually the entire portfolio.

話雖如此，我們也不會認為這是理所當然的。我們努力確保生態系統中的客戶得到支持，我們在世界各地都有團隊每天與客戶合作。至於新技術，隨著我們新產品的推出，我們的目標是設計出既具有競爭力又能提高毛利率的產品，我們對人工智慧業務以及整個產品組合所帶來的價值創造感到滿意。

Got it. And then you had mentioned on the prior call last quarter that you're operating in a constrained environment. I'm just wondering if any of the acceleration in top line in Q2 is a representation of some of those constraints coming off? Or is this just general continued improvement in demand?

知道了。而且您在上個季度的電話會議上也提到過，你們是在資源受限的環境下運作的。我只是想知道第二季營收成長的加速是否反映了某些限制因素的解除？或者這只是需求的持續整體改善？

I think largely improvements in demand for sure. And as the AI infrastructure is starting to get deployed at scale. We're starting to see that scale build, right, and people are manufacturing more with confidence, maybe on the front end of it, people are trying to get their designs correct and trying to deploy things that have high quality. And now I think the conference is improving and therefore, the scale is building.

我認為主要原因肯定是需求有所改善。隨著人工智慧基礎設施開始大規模部署。我們開始看到這種規模的形成，對吧，人們也更有信心進行生產，也許在前期，人們都在努力確保設計正確，並努力推出高品質的產品。現在我認為會議正在改進，因此規模也在擴大。

Thank you very much.

非常感謝。

Atif Malik, Citigroup.

阿提夫·馬利克，花旗集團。

Hi. Thank you for taking my question. Great job on the results. Satish, you spoke about NTN ecosystem and new LEOs. I'm curious if you have some sort of a TAM number for these new kind of projects.

你好。感謝您回答我的問題。結果很棒。Satish，你談到了NTN生態系統和新低地球軌道衛星。我很好奇你們是否有針對這類新專案的潛在市場規模（TAM）數據。

Yeah. Thank you, Atif. It's been an exciting year for wireless already. We started the year having returned the business to growth last year, high single-digit growth. And this year, we're off to a robust start, surpassing our expectations even for -- since the beginning of the year. And one of the legs of that is really this non-terrestrial networks, the use of satellite technologies for commercial direct-to-device type of applications.

是的。謝謝你，阿提夫。對於無線通訊產業來說，今年已經是令人興奮的一年了。今年年初，我們已在去年實現業務成長的基礎上，實現了接近兩位數的成長。今年，我們開局強勁，甚至超越了我們年初以來的預期。其中一個重要內容是非地面網絡，即利用衛星技術進行商業化的直接到設備類型的應用。

But if you take a big picture view, we see networks are getting multidimensional, right, and integrating terrestrial airborne, satellite communications more seamlessly and with the infrastructure also with sensing and other technologies is going to be part of this vision for 6G.

但從宏觀角度來看，我們看到網路正在變得多維，對吧？將地面、空中、衛星通訊更無縫地與基礎設施以及感測和其他技術相結合，將是 6G 願景的一部分。

And so the early work that we've done with standards is positioned us well, and we've had a couple of wins even this quarter that sustains the momentum in this business. It's a little bit too early to sort of size that as a TAM, but we feel good about our ability to grow our wireless business this year based on NTN but also eventually 6G and other applications.

因此，我們在標準方面所做的早期工作使我們處於有利地位，即使在本季度，我們也取得了一些勝利，這保持了該業務的發展勢頭。現在就將其規模作為潛在市場規模 (TAM) 來衡量還為時過早，但我們對今年基於 NTN 以及最終 6G 和其他應用實現無線業務增長的能力感到樂觀。

Great. As a follow-up for Neil. Can you talk about the linearity of the orders in Q1? And are you expecting orders to outpace revenues in Q2?

偉大的。作為對尼爾的後續報導。能談談第一季訂單的線性特徵嗎？您預計第二季訂單量將超過收入嗎？

Yeah. I mean I think we saw pretty strong demand from the outset in Q1, and that was sustained throughout the quarter. So not a whole lot to be gleaned from the lane area within the quarter rather than broad strength.

是的。我的意思是，我認為我們在第一季一開始就看到了非常強勁的需求，而且這種需求在整個季度都持續了下來。因此，從該區域內的球道位置並不能得出太多訊息，只能看出整體實力。

I think as we think about the second quarter, obviously, you can see through our guide of $1.7 billion of revenue that the timing of some bigger deals going to be shipping in Q2 that I think is likely going to kind of bring orders and revenue to close together either side of one, I would call it.

我認為，當我們展望第二季度時，很明顯，從我們 17 億美元的營收預期可以看出，一些較大的訂單將在第二季度交付，我認為這可能會使訂單和營收在某個時間點前後更加接近。

Mehdi Hosseini, SIG.

Mehdi Hosseini，SIG。

Yes. Thanks for, excuse me, thanks for taking my question. Two follow-ups for me. Neil, in the past, you have defined your overall business by a mix of software and hardware. R&D and high-volume manufacturing all acquisitions over the past two years. Where are we with those two mixes? And I have a follow-up.

是的。謝謝，抱歉，謝謝你回答我的問題。我還有兩點後續問題。尼爾，過去你一直以軟體和硬體結合的方式來定義你的整體業務。過去兩年中，所有收購都集中在研發和大規模生產領域。這兩個混音版本現在進展如何？我還有一個後續問題。

Yeah. So the hardware, software and services was 40% within the quarter. Software specifically is above 25%, so 26%, 27% in that range. If -- on the software, hardware mix, I think we are seeing a little bit of -- a little bit more manufacturing opportunity here in the wireline space with the data center build-out. But we've talked about that kind of being 60,10 over the long term, and we're probably a little bit below 60 R&D at the moment in the current environment.

是的。因此，本季硬體、軟體和服務佔比為 40%。軟體支出佔比超過 25%，具體來說，26%、27% 都在這個範圍內。如果——就軟體和硬體的組合而言，我認為隨著資料中心的建設，我們在有線領域看到了更多的製造機會。但我們討論過長期目標是達到 60,10 的水平，而目前在當前環境下，我們的研發投入可能略低於 60%。

Okay. Great. And my follow-up is for the team. As we -- you've had a number of sequential growth, a number of quarters with sequential growth in wireline. I'm under the impression that most of it is driven by a scale out. If I'm correct with that assumption, when do you see opportunities in the scale-out would materialize? And can you help us understand the size of the TAM or market opportunities?

好的。偉大的。我的後續發言是給團隊的。正如我們所知——你們已經連續幾個季度實現了有線業務的成長。我的感覺是，這主要是由規模擴張所驅動的。如果我的假設正確，您認為規模擴張的機會何時才能實現？您能否幫助我們了解潛在市場規模或市場機會的大小？

The scale up versus a scale up --

規模化與規模化--

Maybe yes, let me take that question. This is Kailash. We're seeing opportunities in scale up as well as scale out. So clearly, as these clusters and racks are put together, there is an expansion we're capitalizing on that scale. But not just that, to your earlier question about R&D, there is quite a bit of activity at this moment going on from the perspective of 1.6 terabit R&D as well as 448 gig per lane and 3.2 tera R&D.

或許可以，讓我來回答這個問題。這是岡仁波齊峰。我們看到了規模擴張和規模外擴的機會。顯然，隨著這些集群和機架的組裝，我們正在利用這種規模進行擴張。不僅如此，關於你先前提出的研發問題，目前在 1.6 太比特研發、448 千兆/通道研發和 3.2 太比特研發方面都有相當大的進展。

We are seeing expansion in those areas as well. So scale up and scale out our opportunities for us in both R&D and manufacturing.

我們也看到這些領域正在擴張。因此，我們需要擴大和拓展我們在研發和製造方面的機會。

Got it. Thank you for the details.

知道了。謝謝你提供的詳細資訊。

Thank you, Mehdi.

謝謝你，邁赫迪。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Hi. Thanks for taking my question.

你好。謝謝您回答我的問題。

Your volume is very low.

您的音量非常低。

So Samik, if you're using AirPods or anything like that, you may need to disconnect and use your handphone.

所以薩米克，如果你正在使用 AirPods 或類似設備，你可能需要斷開連接並使用你的手機。

Hey. Can you hear me now?

嘿。現在能聽到我說話嗎？

Much better, Sonic, but still you may have to speak up. Thank you.

好多了，索尼克，但你可能還是得大聲說出來。謝謝。

Okay. Sorry about that. But maybe just talking of, I mean, the $100 million increase in revenue from -- in the guide that you're incorporating, that's very high end relative to when even if I go back and look at Keysight historically.

好的。抱歉。但也許只是談談，我的意思是，你引用的指南中提到的 1 億美元的收入成長，即使我回顧 Keysight 的歷史，這仍然是非常高的水平。

I know you spoke a lot about the drivers, but wondering if you can sort of share your views about -- how much of that is the confluence of different technology sort of inflections that are happening at the same time relative to Keysight may be participating a lot more in manufacturing and a lot more relevant in the manufacturing based on both organic as well as inorganic development.

我知道您談了很多關於驅動因素的內容，但我想知道您是否可以分享一下您對以下方面的看法——相對於 Keysight 而言，有多少是不同技術變革同時發生的匯合，以及 Keysight 是否可能更多地參與製造業，並基於其自身發展和外部發展在製造業中發揮更重要的作用。

Just trying to parse out. I mean, we've seen you go through multiple sort of cycles before but the magnitude of the increase here in revenue seems a bit unprecedented. So just break that down for us, if you can. Thank you. And I have a follow-up.

只是想弄清楚。我的意思是，我們之前也看到你們經歷各種週期性波動，但這次收入成長的幅度似乎有點前所未有。如果可以的話，請你詳細解釋一下。謝謝。我還有一個後續問題。

Yeah. Thank you. So Samik, Neil may have some comments on sequential math. But I'll just say, at the highest level, we see this compounding momentum this year. And this is because a number of these tailwinds that we have been sort of the underpinnings of our growth strategy, whether it be next-gen semi or connectivity with wireless or semiconductor defense modernization and AI in the wireline sector, right?

是的。謝謝。所以薩米克，尼爾可能對序列數學有一些看法。但我只想說，在最高層面上，我們看到了今年這種持續成長的勢頭。這是因為我們所擁有的許多順風都構成了我們成長策略的基礎，無論是下一代半導體、無線連接、半導體國防現代化還是有線領域的人工智慧，對吧？

So all of these are coming together and one where we are perfectly in a great position to capitalize to the differentiation of our solutions we have. We feel really good about the fundamentals in the business, and the team is executing very well.

因此，所有這些因素匯聚在一起，使我們處於非常有利的地位，可以充分利用我們解決方案的差異化優勢。我們對公司的基本面感覺非常好，團隊的執行力也很強。

Maybe I have Steve make some comments on the pipeline and sort of the volume and the quality of how the pipeline is progressing as we see it. And that'll maybe give you some additional color.

或許我可以請史蒂夫就管道建設以及我們目前看到的管道建設的進展（包括產量和品質）發表一些評論。那樣或許能為你增添一些色彩。

Thanks, Satish. Well, let me start by saying it's a great time to be in Keysight sales organization right now. This was the highest quarter ever and excluding acquisitions, our second highest on record, which is unprecedented for quarter one for Keysight. This was also our seventh consecutive quarter of year-over-year order growth.

謝謝你，薩蒂什。首先我想說，現在加入 Keysight 銷售團隊真是個好時機。這是有史以​​來最高的季度業績，如果排除收購，這將是我們有史以來第二高的季度業績，這對 Keysight 而言是前所未有的。這也是我們連續第七個季度實現訂單年增。

But I think this momentum that we're seeing now started building about a year ago when we delivered 8% growth year-over-year in Q2. Our focus throughout has been to broaden engagement across our key customer base, strengthening our partnerships and gaining that early visibility into strategic programs where we can shape their requirements and capture key technology inflections.

但我認為，我們現在看到的這種勢頭大約在一年前開始形成，當時我們在第二季度實現了 8% 的同比增長。我們一直以來的重點是擴大與主要客戶群的互動，加強合作夥伴關係，並儘早了解戰略計劃，以便我們能夠塑造他們的需求並抓住關鍵的技術轉折點。

And I think we're doing that, just the evidence is there and is showing up in our funnel dynamics as Satish was alluding to. In my 36 years with the company, this is one of the strongest funnels I've ever seen across the four dimensions that I track which is short-term funnel, long-term funnel intake and funnel velocity.

我認為我們正在做到這一點，證據就在那裡，正如薩蒂什所暗示的那樣，它已經體現在我們的銷售漏斗動態中。在我為公司工作的 36 年裡，這是我在所追蹤的四個維度（短期管道、長期通路流入和通路速度）中見過的最強勁的管道之一。

Both our total funnel and new funnel intake are at all-time highs, and our late-stage funnel is up high double digits. This really provides a strong near-term visibility for this quarter, which gives us great confidence going into the second half as well.

我們的總通路和新通路流入量均達到歷史最高水平，後期通路流入量也實現了兩位數的高速成長。這確實為本季提供了清晰的近期業績展望，也讓我們對下半年充滿信心。

I'm also excited about our robust NPI pipeline as well as new synergistic opportunities we have now with our recent acquisitions, especially Spirent, Together, they position us with the right solutions at the right time and engaging with the right customers and white market makers and their ecosystem to capture these opportunities ahead.

我對我們強大的新產品導入管道以及我們最近收購的幾家公司（尤其是 Spirent）帶來的新的協同效應機會感到興奮。它們共同使我們能夠在正確的時間提供正確的解決方案，並與正確的客戶、白市拓荒者及其生態系統建立聯繫，從而抓住未來的這些機會。

Got it. Thank you. For my follow-up, Satish, I've received this question from a couple of investors. So I thought I'll ask you directly in terms of get your thoughts on this. A few investors have asked about sort of your software business and how we should think about the disruption fears from AI itself to the software capabilities that you offer your customers, both sort of on-box and off-box.

知道了。謝謝。薩蒂什，我的後續問題是，我收到了幾位投資者的這個問題。所以我決定直接問你，聽聽你對此的看法。一些投資者詢問了貴公司的軟體業務，以及我們應該如何看待人工智慧本身對您向客戶提供的軟體功能（包括機上盒內和機上盒外功能）帶來的顛覆性影響。

Is it attached to the hardware as well as what you offer a stand-alone software, how to think about the AI disruption risk relative to those software solutions.

它是否與硬體相連，以及您提供的獨立軟體，相對於這些軟體解決方案，如何看待人工智慧帶來的顛覆性風險？

Thank you.

謝謝。

Thank you, Samik. I think, look, we've been very clear since the launch of the company that we're a software-centric but a solutions company. As a solutions company, our focus has always been on our customers' toughest problems and solving them better than they can solve it internally or better than they can solve it with anybody else.

謝謝你，薩米克。我認為，從公司成立之初，我們就一直非常明確地表示，我們是一家以軟體為中心，但同時也是一家解決方案公司。作為一家解決方案公司，我們始終專注於解決客戶最棘手的問題，並力求比客戶內部解決或與其他任何人合作解決得更好。

And this has been the work that we have been doing, and it's work in progress and we continue to deepen our relationship with our customers. I would really welcome you to join us at DesignCon or Mobile World Congress or OFC, where you can see the work we're doing with industry to really progress standardization and progress technology.

這就是我們一直在做的工作，這項工作仍在進行中，我們將繼續深化與客戶的關係。我非常歡迎您參加 DesignCon、世界行動通訊大會或 OFC，在那裡您可以親眼看到我們與業界合作，真正推動標準化和技術進步的工作。

And it's a collaborative model, one where having the tech stack that's differentiated, gives our customers an advantage. So I don't look at our business as sort of like a software business or a hardware business. It's a solutions business where software is part of the value proposition.

這是一種協作模式，在這種模式下，擁有差異化的技術堆疊可以為我們的客戶帶來優勢。所以我並不把我們的業務看作是軟體業務或硬體業務。這是一個解決方案型企業，軟體是其價值主張的一部分。

Now, there is a section of our business where we have design tools, where we're unique in those design tools where we enable our customers to simulate, but underlying the competitive advantage there is not some workflow enabler, but it's really deep physics, deep physics that has been built over decades, right?

現在，我們業務的一部分是設計工具，我們在這方面獨樹一幟，我們能夠讓客戶進行模擬，但真正構成競爭優勢的不是某種工作流程推動因素，而是深厚的物理學，是經過幾十年積累的深厚物理學，對吧？

Even the optical business that we just acquired from Synopsys has been around for multiple decades. And it's not as simple as Maxwell's equation, right? It is a whole bunch of deep physics that enables people to model the real world. And we'll have to stay on top of it. Obviously, we're investing to keep building new capabilities and expanding into new use cases.

就連我們剛從 Synopsys 收購的光學業務也已經存在了幾十年。它並不像麥克斯韋方程組那麼簡單，對吧？它包含了一大堆深奧的物理學知識，使人們能夠模擬現實世界。我們必須密切關注此事。顯然，我們正在加大投資，以不斷建立新功能並拓展新的應用場景。

So I would not go as far as saying we're not looking at AI. We are, in fact, embedding more AI into those tools to make them easier for our customers to use and for them to simulate more complex things. So that's the path we're currently on.

所以我不會說我們沒有關注人工智慧。事實上，我們正​​在將更多的人工智慧嵌入這些工具中，以便讓我們的客戶更容易使用它們，並讓他們能夠模擬更複雜的事物。這就是我們目前所走的路。

Thank you. Thanks for taking my questions.

謝謝。謝謝您回答我的問題。

Robert Mason, Robert W. Baird.

羅伯特·梅森，羅伯特·W·貝爾德。

Yes. Good evening. Again, congrats on the good results. Satish, number of times, you again talked about how quickly the pace of innovation is moving these design cycles compressing. And I guess there's nowhere -- that's more evident in your wireline business.

是的。晚安.再次恭喜你們取得好成績。Satish，你曾多次提到創新步伐的加快導致設計週期不斷壓縮。我想，沒有地方可去——這一點在你們的有線電視業務中更為明顯。

As you think about moving from 800 gig to 1.6 and now 3.2 on the research side. Can you just frame for us how much recapitalization versus upgrade type activity that mix is involved there. And I'm just curious, just given the pace that it's on, does that -- is that spend cycle change from what it typically -- or what you have experienced in the past?

當你考慮從 800 GB 升級到 1.6 GB，現在又升級到 3.2 GB 的研究方面。您能否簡要說明一下，其中涉及的資本重組和升級改造活動分別佔多大比例？我只是好奇，鑑於目前的成長速度，這種消費週期是否與以往或您過去的經歷有所不同？

Yeah. I think this has always been the question that's on people's minds. So when 100 gig was done and we were moving to 400 gig, obviously, there's a little bit of customers moving to 400 gig, so they buy more 400-gig tools and they buy a little less 100-gig tools, and it's always the case.

是的。我認為這始終是人們心中的問題。所以當 100 GB 版本用完，我們開始向 400 GB 版本過渡時，顯然，有一些客戶會轉向 400 GB 版本，所以他們會購買更多的 400 GB 工具，而購買的 100 GB 工具則會減少一些，這種情況一直如此。

But what we're currently seeing is concurrent designs where the 800 gig is being ramped and 1.6 is being accelerated in R&D and customers are talking about how do they get to 3.2 as well, right? So it is -- the next couple of years, we see this concurrency continuing just because all this content ultimately has to go into the AI clusters where you're really having to have the right networking fabric to match with the compute that's there in these clusters.

但我們目前看到的是，800G 版本正在加速開發，1.6 版本也在研發中加速推進，而客戶也在討論如何達到 3.2 版本，對吧？所以，未來幾年，我們預計這種並發現象還會持續下去，因為所有這些內容最終都必須進入人工智慧集群，而人工智慧集群需要合適的網路架構來匹配這些集群中的運算能力。

So it's not good enough to have a great compute chip but maybe not an equal and throughput on the networking side. So it's really the system-level problem, and we feel good about not just one portfolio that addresses that, but we feel good about our portfolio that were -- that we have for the wireline ecosystem. It's highly differentiated.

所以，光是擁有強大的運算晶片，而網路方面的吞吐量卻可能不盡人意，這是不夠的。所以這其實是一個系統層面的問題，我們不僅對能夠解決這個問題的單一投資組合感到滿意，而且對我們為有線生態系統所打造的投資組合也感到滿意。它具有高度差異化。

That's helpful. Just as a follow-up, I know you've only owned the Spirent businesses, OSG, I guess, as well as short time. But can you give us a feel for, at least within the first half of this year, maybe how those businesses are tracking on a pro forma basis from a growth standpoint?

那很有幫助。作為後續補充，我知道您只擁有過 Spirent 和 OSG 這幾家公司，而且時間也不長。但您能否讓我們大致了解一下，至少在今年上半年，這些企業從成長角度來看，按備考基準計算的進度？

Yeah. I would just say, as I said last quarter, we took a pretty conservative approach in terms of how we plan those businesses this year from a growth perspective, given the broad scale integration activity that's going to be going ongoing, and the acquisitions right now are right in line with our own expectations. We remain on track to deliver the $375 million of revenue that we communicated last year, and our synergy realization is also tracking to plan.

是的。正如我上個季度所說，考慮到將要進行的大規模整合活動，我們今年在成長方面對這些業務的規劃採取了相當保守的態度，而目前的收購也完全符合我們的預期。我們仍有望實現去年公佈的 3.75 億美元的營收目標，綜效的實現也正按計畫進行。

Thanks. We'll take our last couple of questions.

謝謝。我們來回答最後幾個問題。

Rob Jamison, Vertical Research Partners.

Rob Jamison，Vertical Research Partners。

Thanks for taking my questions. Just wanted to touch base on AI, just quickly in the expansion of the customer base that you're talking about. We've heard you talk about prior like -- and what you saw in 5G, where sort of a handful of customers to 100. I guess what I'm trying to ask as like where are we on that path today like, is this still early innings?

謝謝您回答我的問題。我只是想簡單談談人工智慧，特別是您提到的客戶群擴張方面。我們之前聽過你談過類似的事情——以及你在 5G 中看到的情況，當時客戶數量從少數幾家增長到 100 家。我想問的是，我們現在在這條路上走到哪一步了？這還算是早期階段嗎？

And really, what I'm trying to do here is try to pair some of the comments from a couple of quarters ago when you all talked about some of the trends you were seeing in the AI ecosystem and how they were sustainable all the way out to 2028 and beyond, especially as we move from the data center to edge and access layers.

實際上，我在這裡想做的是，將幾個季度前你們討論人工智慧生態系統中一些趨勢以及這些趨勢如何持續到 2028 年及以後（尤其是在我們從資料中心轉向邊緣和存取層時）的一些評論結合起來。

So just would love to kind of understand where you think we are in that customer expansion base and that this is still like early innings compared to like your prior cycles like 5G.

所以，我很想了解您認為我們在客戶拓展方面處於什麼階段，以及與之前的 5G 週期相比，這仍然像是早期階段。

Yeah. I think Rob, it's -- from everything we can see, there's one thing we can take away is AI is going to have a material impact to the rate of innovation across our end markets. And so when we think about it through that lens, yes, you can always say, well, things ebb and flow, where you take a long-term view.

是的。我認為羅布，從我們目前所看到的來看，有一點我們可以肯定，那就是人工智慧將對我們終端市場的創新速度產生實質的影響。所以，當我們從這個角度思考這個問題時，是的，你總是可以說，事物總是有起有落，你要從長遠的角度來看待它。

I think there's acceleration that we see in adoption of technology is going to continue, and we're in a great position to enable the leading innovators around the world. And even with the expansion that we've seen in customers to date, we still are largely servicing, call it, the U.S.-based -- U.S. hyperscaler based demand.

我認為目前我們看到的技術普及加速趨勢將會持續下去，我們有能力為世界各地的領先創新者提供支援。即使到目前為止，我們看到客戶數量有所增長，但我們仍然主要服務於美國本土的需求——也就是美國超大規模資料中心的需求。

And we're starting to hear about more sovereign investments around the globe that are yet to come and use cases where AI starts to intersect with some of our other businesses as well. So those are still largely ahead of us, and we feel good about our position today, and we continue to invest to realize future opportunities.

我們開始聽到全球更多主權投資即將到來，以及人工智慧開始與我們其他業務交叉的應用案例。所以這些目標大多還在我們前面，我們對目前的狀況感到滿意，並將繼續投資以實現未來的機會。

Perfect. And then just really strong free cash flow performance, Neil. How are you thinking about priorities -- prioritization between M&A, organic reinvestment and buybacks for year '26. Just what does the current pipeline look like? Any changes in valuation environment? And any color on the types of assets you'd be looking to kind of add to the portfolio would be helpful.

完美的。尼爾，還有非常強勁的自由現金流表現。您如何考慮2026年的優先事項—併購、有機再投資和股票回購之間的優先順序？目前的流水線究竟是什麼樣的呢？估值環境是否有任何變化？如果您能用顏色標明您希望添加到投資組合中的資產類型，那就太好了。

Yeah. I mean, I don't think our priorities have changed. Our number one priority by far is still to invest in the organic growth of our business, obviously, participating in these AI rapidly moving AR markets takes a lot of investment. And as Satish mentioned, the investments that we've made over the last two to three years are really enabling our success today.

是的。我的意思是，我認為我們的優先事項並沒有改變。我們目前的首要任務仍然是投資於業務的有機成長，顯然，參與這些快速發展的人工智慧擴增實境市場需要大量的投資。正如薩蒂什所提到的那樣，我們在過去兩三年中進行的投資確實成就了我們今天的成功。

We're similarly going to be making some investments to scale capacity and make sure that we are capturing all the opportunities that are here in front of us. I think beyond that, we continue to look to strike a balance between return of capital to investors and adding value through M&A.

同樣，我們將進行一些投資來擴大產能，並確保我們抓住擺在我們面前的所有機會。我認為除此之外，我們將繼續尋求在向投資者返還資本和透過併購增加價值之間取得平衡。

Our immediate focus in the M&A side is on capturing value for the three acquisitions that we've just closed, and we're hard at work on that. But at the same time, we're starting to rebuild the funnel of opportunities across our end markets that can potentially create value into the future.

我們目前在併購方面的重點是實現我們剛完成的三項收購的價值，我們正在為此努力。但同時，我們正在重建終端市場中各種機會的管道，這些機會未來有可能創造價值。

Yeah. I want to also add; our Board has authorized a $1.5 billion stock buyback authorization that we have as well as a way of returning capital.

是的。我還要補充一點：我們的董事會已經批准了一項 15 億美元的股票回購計劃，這也是我們返還資本的一種方式。

Excellent. Well, good to hear. Thank you very much.

出色的。那真是個好消息。非常感謝。

Thank you.

謝謝。

David Ridley-Lane, Bank of America.

David Ridley-Lane，美國銀行。

Thank you. So I'll just ask a simple one just to make sure that we're hearing the message that you're delivering. Why now, right? And what I think I've heard over the course of this call is that manufacturing kicked in. But tell me if I'm wrong on that and just why are the orders all of a sudden hitting right now?

謝謝。所以我問一個簡單的問題，以確保我們聽懂了你傳達的訊息。為什麼偏偏是現在？而我從這通通話中了解到的是，製造業已經開始復甦。但請告訴我，如果我的理解有誤，為什麼訂單會突然大量湧入？

Yeah, David, I would say that the 2025 was a year we built momentum in the business. And now what we're experiencing is a broad-based demand across all our businesses and across our regions as well. So it's broad-based. Yes, for the AI business, if you look at it, there's continuing demand in R&D and manufacturing is becoming important to customers.

是的，大衛，我認為 2025 年是我們業務發展勢頭強勁的一年。現在，我們看到的是，我們所有業務部門以及各個地區都出現了廣泛的需求。所以它的基礎很廣泛。是的，就人工智慧產業而言，如果你仔細觀察，你會發現研發需求持續存在，而且製造對客戶來說也變得越來越重要。

So obviously, that's the case. But if you take our Aerospace and Defense business, that's got nothing to do with manufacturing in the same way you think about it in the wireline side of things. And our wireless business was up. Our EISG business was up.

顯然，情況就是這樣。但如果你看看我們的航空航太和國防業務，它與你從電纜測繪領域所理解的製造業完全無關。我們的無線業務也成長了。我們的EISG業務成長了。

No. That makes sense. Thank you and for taking the question.

不。這很有道理。謝謝您回答這個問題。

Thank you, David. That concludes our Quest Q&A session for today. I would like to turn the call back over to Liz Morali for any closing remarks.

謝謝你，大衛。今天的Quest問答環節到此結束。我謹將電話轉回給莉茲·莫拉利，請她作總結發言。

Thank you, Victoria, and thank you all for joining us today. A replay of today's call will be available on the Investor Relations website later today, and we appreciate your interest in Keysight.

謝謝維多利亞，也謝謝今天所有到場的各位。今天電話會議的錄音稍後將在投資者關係網站上提供，感謝您對 Keysight 的關注。

Thank you, ladies and gentlemen, for your participation in today's conference. This concludes today's call. You may now disconnect. Have a wonderful day.

感謝各位女士、先生參加今天的會議。今天的電話會議到此結束。您現在可以斷開連線了。祝您有美好的一天。