是德科技 (KEYS) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Keysight Technologies fiscal second quarter 2026 earnings conference call. My name is Abby, and I will be your operator today. (Operator Instructions) This call is being recorded today, Tuesday, May 19, 2026 at 1:30 PM Pacific Time.

各位女士、各位先生，大家好，歡迎參加是德科技（Keysight Technologies）2026 會計年度第二季財報電話會議。我是 Abby，今天將擔任會議接線員。（接線員指示）本次電話會議將於今天（2026 年 5 月 19 日，星期二）太平洋時間下午 1:30 進行錄音。

I would now like to hand the call over to Liz Morali, Vice President of Investor Relations. Please go ahead, Ms. Morali.

現在我想把電話交給投資人關係副總裁 Liz Morali。Morali 女士，請開始。

Good afternoon, and thank you for joining us for Keysight's Second Quarter Earnings Conference Call for Fiscal Year 2026. Joining me on today's call are Satish Dhanasekaran, President and CEO; Neil Dougherty, Executive Vice President and CFO; Kailash Narayanan, President of the Communications Solutions Group; Jason Kary, President of the Electronic Industrial Solutions Group; and Steve Yoon, Senior Vice President of Global Sales.

各位下午好，感謝各位參加是德科技 2026 會計年度第二季財報電話會議。今天與我一同出席的有：總裁暨執行長 Satish Dhanasekaran；執行副總裁暨財務長 Neil Dougherty；通訊解決方案事業群（Communications Solutions Group）總裁 Kailash Narayanan；電子工業解決方案事業群（Electronic Industrial Solutions Group）總裁 Jason Kary；以及全球銷售資深副總裁 Steve Yoon。

Following the prepared remarks from Satish and Neil, we will take your questions. The press release and information to supplement today's discussion can be found on our Investor Relations website, investor.keysight.com.

在 Satish 與 Neil 的準備講稿結束後，我們將開放提問。新聞稿以及補充今日討論的相關資訊可於我們的投資人關係網站 investor.keysight.com 查閱。

During today's discussion, we will make forward-looking statements about the financial performance of the company. 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.

在今天的討論中，我們將就公司財務表現發表前瞻性陳述。由於風險與不確定性，實際結果可能與這些前瞻性陳述中提及者有重大差異。關於這些風險與不確定性的資訊，請參閱我們最近向美國證券交易委員會（SEC）提交的 10-K 與 10-Q 表格文件。我們無意更新任何前瞻性陳述。

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，我們將引用非 GAAP 財務衡量指標，並提及核心成長（core growth），其排除過去 12 個月內完成之併購或處分，以及匯率變動的影響。最直接可比的 GAAP 財務指標與調節表可於我們的投資人關係網站查閱；除非另有說明，所有比較皆以年對年為基礎。

I will now turn the call over to Satish.

現在我把電話交給 Satish。

Thank you, Liz. Good afternoon, and thank you for joining us today. Keysight delivered the best quarter in company history, capping off a record first half. Quarter 2 orders grew 56% year-over-year, surpassing $2 billion.

謝謝你，Liz。各位下午好，感謝各位今天加入我們。是德科技交出公司史上最佳單季表現，並為創紀錄的上半年畫下句點。第二季訂單年增 56%，突破 20 億美元。

Revenue grew 31%, earnings per share grew 69%, and we generated a record $472 million in free cash flow. These results demonstrate the strength of Keysight's portfolio, which has been built strategically to deliver first-to-market solutions that enable innovations across our end markets, including data centers, networking, defense, semiconductors and general electronics.

營收成長 31%，每股盈餘成長 69%，我們也創下 4.72 億美元自由現金流的紀錄。這些成果展現了是德科技產品組合的實力；我們以策略性方式打造該組合，提供業界首發（first-to-market）的解決方案，推動資料中心、網路、國防、半導體與一般電子等終端市場的創新。

We are raising our growth expectations for fiscal 2026, driven by the solid start to the year and the pipeline of opportunities we see in the second half. We now expect revenue growth in the high 20% for the fiscal year as the underlying trends driving our business are expected to continue. These investments we're making in our comprehensive set of solutions and deep engagements with market-defining customers positions us well for sustained value creation.

基於今年良好的開局，以及我們在下半年看到的機會管線，我們上調 2026 會計年度的成長預期。我們目前預期本會計年度營收成長將達到接近 30% 的高段區間（high 20%），因為推動我們業務的基本趨勢預期將持續。我們在完整解決方案組合上的投資，以及與定義市場的關鍵客戶之深度合作，使我們具備持續創造價值的良好定位。

Moving to our results by business. Communication Solutions order growth significantly outpaced revenue growth of 35% year-over-year, with broad strength across both commercial communications and aerospace, defense and government. This performance builds on the growth we saw in quarter 2 last year, where CSG delivered 9% revenue growth.

接著說明各事業的表現。通訊解決方案的訂單成長顯著超越營收成長；營收年增 35%，在商用通訊以及航太、國防與政府領域皆呈現廣泛強勁動能。此表現延續了我們去年第二季的成長趨勢，當時 CSG 營收成長 9%。

In commercial communications, we continue to see accelerating momentum in our wireline business, driven by the ongoing AI data center expansions. Wireline delivered record orders again this quarter with robust demand for both R&D and manufacturing solutions. In the first half of fiscal 2026, our AI-related business has already surpassed the levels achieved in all of 2025.

在商用通訊方面，我們持續看到有線（wireline）業務動能加速，主要受惠於 AI 資料中心持續擴建。本季有線業務再度創下訂單新高，研發與製造解決方案需求皆相當強勁。在 2026 會計年度上半年，我們與 AI 相關的業務規模已超越 2025 全年的水準。

As I mentioned in our Q1 earnings call, this momentum continues to be driven by 4 key pillars of opportunity that we expect to continue. AI infrastructure scaling, speed transitions, optical and photonics technologies and system-level emulations.

如同我在第一季財報電話會議中提到的，這股動能持續由我們預期將延續的四大機會支柱所驅動。分別是：AI 基礎設施擴展、速度轉換、光學與光子技術，以及系統層級模擬（system-level emulations）。

First, the scaling challenges intensifying as AI clusters integrate GPUs, CPUs, DPUs, switches, nicks, memory fabrics and storage across multiple vendors and the networking technologies, including Ethernet, UA Link, PCIe, NVMe and CXL. Customers are adopting Keysight Solutions for end-to-end interoperability and system validation to ensure that these components function reliably together at scale.

第一，隨著 AI 叢集整合來自多家供應商的 GPU、CPU、DPU、交換器、NIC、記憶體互連（memory fabrics）與儲存，並涵蓋多種網路技術（包括 Ethernet、UA Link、PCIe、NVMe 與 CXL），擴展挑戰日益加劇。客戶採用是德科技的解決方案進行端到端互通性與系統驗證，以確保這些元件能在大規模環境下可靠協同運作。

This quarter, Keysight announced new scale-up validation solutions for performance characterization as systems become more complex and expensive, additional investments in deeper manufacturing validation and production test coverage are needed to improve yields and reduce post-deployment failures. We saw a strong adoption for newly introduced ultra high-density interconnect solutions that enable rapid characterization of rack back planes for next-generation scale-up networks.

本季，是德科技宣布新的 scale-up 驗證解決方案，用於效能特性分析；隨著系統愈加複雜且成本更高，需要加碼投資更深入的製造驗證與量產測試覆蓋，以提升良率並降低部署後故障。我們看到市場對新推出的超高密度互連解決方案採用強勁，該方案可支援快速表徵機櫃背板（rack back planes），以因應下一代 scale-up 網路。

Second, the industry continues to navigate multiple overlapping speed transitions with continued 800 gig deployments, accelerating adoption of 1.6 terabit architectures and increased R&D activity around 3.2 terabit technologies. The Optical Fiber Conference and NVDSGTC this quarter reinforced the accelerating importance of networking as a critical enabler of AI data center scaling.

第二，產業持續面對多個重疊的速度轉換：800G 部署持續進行、1.6T 架構採用加速，以及圍繞 3.2T 技術的研發活動增加。本季的光纖通訊大會（Optical Fiber Conference, OFC）與 NVDSGTC 進一步強化了網路作為 AI 資料中心擴展關鍵推動力的重要性正加速提升。

At OFC, Keysight demonstrated our 1.6-terabit physical layer solutions with over 20 industry leaders. We also showcased 1.6-terabit traffic emulation, link reliability validation and signal integrity solutions for switch and system vendors. And we collaborated with Broadcom on the industry's first public interoperability demonstration of Ultra Ethernet consortium specifications marking a major step towards production-ready AI optimized Ethernet fabrics.

在 OFC 上，是德科技與超過 20 家產業領導者共同展示我們的 1.6T 實體層解決方案。我們也展示了針對交換器與系統供應商的 1.6T 流量模擬、連結可靠度驗證與訊號完整性解決方案。此外，我們與博通（Broadcom）合作，完成業界首次公開展示 Ultra Ethernet 聯盟規範的互通性，標誌著邁向可量產、AI 最佳化乙太網路互連架構（Ethernet fabrics）的重大一步。

Third, activity in silicon photonics and co-packaged optics continues to expand. Our early engagements in co-packaged optics positions Keysight well to capture value as the industry transitions to these architectures. We're also seeing strong demand from next-generation optical component and transceiver development and deployment driven by expansion in scale-out networks.

第三，矽光子（silicon photonics）與共封裝光學（co-packaged optics）的活動持續擴大。我們在共封裝光學的早期合作，使是德科技在產業轉向這些架構時具備良好價值掌握能力。我們也看到下一代光學元件與收發器的開發與部署需求強勁，主要由 scale-out 網路擴張所帶動。

We recently expanded our optical portfolio with the industry's first 220 gigahertz Lightwave Component Analyzer to support advanced transceiver and photonics designs. Building on our existing chiplet and photonic design solutions, our new 3D interconnect designer is also helping customers address the growing complexity of designing next-generation 3D stack chip architectures.

我們近期擴充光學產品組合，推出業界首款 220 GHz 光波元件分析儀（Lightwave Component Analyzer），以支援先進收發器與光子設計。在既有的 chiplet 與光子設計解決方案基礎上，我們全新的 3D 互連設計工具（3D interconnect designer）也正協助客戶因應下一代 3D 堆疊晶片架構設計日益增加的複雜度。

Finally, customers need system-level emulation and benchmarking capabilities for data centers at scale. We saw strong adoption of our AI workload emulation solutions among hyperscalers as they work to improve utilization of GPU, power resources while addressing growing system and security complexity.

最後，客戶需要具備可支援大規模資料中心的系統層級模擬與基準測試能力。我們看到超大規模業者（hyperscalers）對 AI 工作負載模擬解決方案採用強勁，因其致力提升 GPU 與電力資源的使用率，同時因應日益增加的系統與資安複雜度。

This quarter, we expanded Keysight's AI portfolio with the release of Keysight AI inference builder designed to support emerging inference applications. Together, these trends are driving increased demand for our solutions across multiple domains. The breadth of Keysight solutions portfolio and ongoing R&D investments enable us to maintain a differentiated portfolio and an industry-leading position.

本季，我們發布 Keysight AI inference builder，擴充是德科技的 AI 產品組合，以支援新興的推論應用。綜合而言，這些趨勢正推動多個領域對我們解決方案的需求提升。是德科技解決方案產品組合的廣度與持續的研發投資，使我們得以維持差異化的產品組合與業界領先地位。

Turning to wireless, orders saw robust growth in the quarter with activity in nontrial networks, 6G research and increased demand to support the supply chain associated with AI expansion. NTN is becoming an important layer of future wars architectures with new LEO constellation scaling and the industry targeting direct-to-sell deployments in the next few quarters.

轉向無線業務，本季訂單呈現強勁成長，主要來自非試驗網路的活動、6G 研究，以及為支援與 AI 擴張相關之供應鏈而增加的需求。隨著新的 LEO 星座加速擴張，且產業目標在未來幾季推進直連終端（direct-to-sell）部署，NTN 正成為未來作戰架構中的重要一層。

The increasing complexity of LEO environments, including speed, dynamic linked conditions and stringent positioning requirements is driving demand for Keysight's arbit emulation and Spirent's PNT solutions which together provide customers with a differentiated ability to validate next-generation NTN systems.

LEO 環境的複雜度日益提高，包括速度、動態鏈路條件以及嚴格的定位要求，正推動市場對 Keysight 的任意波形仿真（arbit emulation）與 Spirent 的 PNT 解決方案的需求；兩者結合為客戶提供差異化能力，以驗證下一代 NTN 系統。

As the industry explores new use cases for 6G, such as integrated sensing and communication, energy-efficient networks and expanded coverage capabilities, we are well positioned to intercept these opportunities through our portfolio of high fidelity tools for design and emulation.

隨著產業探索 6G 的新使用情境，例如整合式感測與通訊、節能網路以及擴大覆蓋能力，我們憑藉用於設計與仿真的高擬真工具產品組合，已具備良好條件把握這些機會。

This quarter, we expanded our collaboration with Qualcomm on RF digital twists and at Mobile World Congress conducted a joint demonstration with Samsung on AI RAN workflows. Next month, Keysight will host the 3GPP meeting in Singapore, where the time line for 6G standardization is being solidified, further reflecting Keysight's leadership position as ecosystem evolves towards commercialization.

本季，我們擴大與 Qualcomm 在 RF 數位前端（RF digital）方面的合作，並在世界行動通訊大會（MWC）與 Samsung 共同展示 AI RAN 工作流程。下個月，Keysight 將在新加坡主辦 3GPP 會議，屆時 6G 標準化時程將進一步定案，也更彰顯 Keysight 在生態系朝商業化演進過程中的領導地位。

Turning to aerospace, defense and government. We saw a broad-based global momentum led by Europe supported by continued strength in Americas as the global defense modernization priorities increasingly translate into new programs and investments in next-generation systems.

接著談航太、國防與政府。我們看到由歐洲領軍的全球性動能，並在美洲持續強勁的支撐下擴大；全球國防現代化的優先事項正日益轉化為新計畫與對下一代系統的投資。

Demand was strongest across RADAR and ultra-magnetic spectrum operations as governments and prime contractors expanded capacity to support evolving operational requirements while activity in space satellite and autonomous systems remained healthy.

需求在雷達（RADAR）與超寬頻譜作業方面最為強勁，因各國政府與主承包商擴充產能以支援不斷演進的作戰需求；同時，太空衛星與自主系統的活動仍維持健康水準。

This drove ongoing customer engagement and new wins for our recently introduced RADAR target generation solutions. Keysight's ability to accurately simulate radar signals and emulate threat environment is a key differentiator, creating higher-value system-level opportunities with defense contractors and government agencies around the world.

這帶動了我們近期推出的雷達目標生成解決方案持續的客戶互動與新案獲得。Keysight 能夠精準模擬雷達訊號並仿真威脅環境，是關鍵差異化優勢，為全球國防承包商與政府機構創造更高價值的系統層級機會。

As contested spectrum environments drive a greater focus on RADAR survivability and autonomous operations, customers are increasingly adopting Keysight Solutions that include high-fidelity emulation, signal analysis, P&T and RF validation to accelerate their development and deployment.

在受爭奪的頻譜環境推動更重視雷達生存性與自主作業之下，客戶正日益採用包含高擬真仿真、訊號分析、P&T 以及 RF 驗證的 Keysight 解決方案，以加速其開發與部署。

This quarter, we secured a key win with U.S. Air Force to enable next-generation operational flight line testing with more stringent requirements. Given the mission-critical nature of this defense market, we also continue to see increased attach rate for our value-added services to enable mission readiness and operations.

本季，我們與美國空軍取得一項關鍵勝利案，以支援具更嚴格要求的下一代作戰飛行線測試。鑑於此國防市場的任務關鍵特性，我們也持續看到為提升任務整備與作業而導入之加值服務的附加採購率（attach rate）提高。

Moving to Electronic Industrial Solutions Group, we delivered a record quarter with all-time highs for both orders and revenue, with strong growth across all 3 EISG markets, general electronics, semiconductors and automotive and energy.

接著談電子工業解決方案事業群（EISG），我們繳出創紀錄的一季，訂單與營收雙雙創下歷史新高，且在 EISG 的三大市場——一般電子、半導體，以及汽車與能源——皆呈現強勁成長。

In general electronics, double-digit order and revenue growth was driven by ongoing momentum in AI-related innovation and infrastructure investments. Customer capacity investment for high-performance PCBs was again strong this quarter.

在一般電子方面，與 AI 相關的創新動能與基礎設施投資持續推進，帶動訂單與營收的雙位數成長。本季客戶對高效能 PCB 的產能投資再次維持強勁。

Greater complexity, increasing density interconnects multilayer architectures and higher speeds are driving customer engagement across multiple standards and applications, resulting in a higher test intensity for PCBs. In education, we saw healthy demand from governments and universities around the globe, in the development of next generation of semiconductor workforce talent through our tailored training modules.

更高的複雜度、互連密度提升的多層架構以及更高速度，正推動客戶在多項標準與應用上的投入，進而提高 PCB 的測試強度。在教育領域，我們看到全球各地政府與大學的健康需求，透過我們量身打造的訓練模組，培育下一代半導體人才。

Our solutions are also facilitating leading-edge university research in advanced technologies with key wins this quarter in Quantum, photonics, semiconductor and 6G.

我們的解決方案也在促進大學於先進技術的前沿研究；本季在量子、光子學、半導體與 6G 方面取得關鍵勝利案。

In our semiconductor markets, we saw continued momentum in the pace of innovation and customer investments as the industry races to scale capacity through 2030. AI ecosystem demand further accelerated this quarter across advanced node, memory and silicon photonics.

在半導體市場方面，隨著產業競相在 2030 年前擴大產能，我們看到創新步伐與客戶投資持續保持動能。本季 AI 生態系需求在先進製程節點、記憶體與矽光子領域進一步加速。

Our collaborations with leading foundries from R&D to production are enabling faster development and commercial ramp time lines for increasingly complex chip architectures and packaging. This quarter, we had key wafer test solution wins in support of silicon photonics and advanced node programs across Asia, the U.S. and Europe, while our solutions for key lithography customers grew strongly as well.

我們與領先晶圓代工廠從研發到量產的合作，正協助更複雜的晶片架構與封裝加快開發與商業化爬坡時程。本季，我們在亞洲、美國與歐洲取得支援矽光子與先進節點計畫的關鍵晶圓測試解決方案勝利案；同時，我們針對主要微影客戶的解決方案也強勁成長。

We expect this to be a sustainable contributor of growth for us over the next several years.

我們預期這將在未來數年成為我們可持續的成長貢獻來源。

Finally, in automotive and energy, orders grew for the third consecutive quarter as the business has largely stabilized. Growth was across both software-defined vehicles and EV charging solutions with key wins for in-vehicle network, cybersecurity and over-the-air design and validation at OEMs and test labs globally.

最後，在汽車與能源方面，隨著業務大致趨於穩定，訂單連續第三季成長。成長來自軟體定義車輛與電動車充電解決方案兩大領域；我們在全球 OEM 與測試實驗室取得車內網路、資安以及 OTA（空中下載）設計與驗證的關鍵勝利案。

We're leveraging our expertise and leadership in networking applications to develop solutions for the new mobility market. In closing, the strong results we're delivering in fiscal 2026 reflect the execution of our strategy we outlined at Investor Day in 2023, centered around consistently identifying and investing in long-term growth opportunities across technology trends, transforming industries and global market dynamics.

我們正運用在網路應用方面的專業與領導地位，為新型移動市場開發解決方案。總結而言，我們在 2026 會計年度展現的強勁成果，反映了我們對 2023 年投資人日所闡述策略的執行力；該策略核心在於持續辨識並投資於跨越技術趨勢、產業轉型與全球市場動態的長期成長機會。

This framework has guided our disciplined organic and inorganic investments, enabling us to build a differentiated portfolio aligned with some of the world's most important and fastest-growing end markets.

此一框架引導我們以紀律推進有機與無機投資，使我們得以建立具差異化、並與全球最重要且成長最快的終端市場相契合的產品組合。

As we are focused on capitalizing on our early leadership in the AI data center infrastructure ecosystem, we're equally excited by the broader set of secular growth opportunities were progressing, including defense technology, space, 6G and quantum computing. We believe our portfolio's technology leadership, product pipeline and deep customer relationships position us well to capitalize on these opportunities and continue creating long-term value for our customers and shareholders.

在我們專注於把握 AI 資料中心基礎設施生態系的早期領先優勢之際，我們也同樣對正在推進的更廣泛結構性成長機會感到振奮，包括國防科技、太空、6G 與量子運算。我們相信，我們產品組合的技術領先、產品管線以及深厚的客戶關係，使我們具備良好條件把握這些機會，並持續為客戶與股東創造長期價值。

All of this value creation is enabled by the commitment of our team and the collaborative and innovative culture in the company, and want to acknowledge the entire Keysight team for their hard work and dedication to our success.

所有這些價值創造，都仰賴我們團隊的投入，以及公司內部協作與創新的文化；我也要感謝整個 Keysight 團隊為我們成功所付出的努力與奉獻。

I'll now pass the call over to Neil to provide additional details on our financial performance and guidance. Neil?

接下來我將把電話會議交給 Neil，請他提供我們財務表現與財測指引的更多細節。Neil？

Thank you, Satish, and hello, everyone. We delivered outstanding results in fiscal Q2, setting new company records for orders, revenue and earnings per share. Our teams capitalized on the robust and dynamic demand environment, resulting in strong double-digit growth across all our business groups.

謝謝你，Satish，各位大家好。我們在 2026 會計年度第二季（Q2）交出卓越成果，訂單、營收與每股盈餘皆創下公司新紀錄。我們的團隊把握強勁且充滿動態的需求環境，使我們所有事業群均實現強勁的雙位數成長。

Q2 orders of $2.051 billion were up 56% on a reported basis, with acquisitions adding 700 basis points and currency adding 100 basis points. On a core basis, excluding those items, orders grew 48%.

第二季訂單為 20.51 億美元，按報告基礎年增 56%，其中併購貢獻 700 個基點，匯率貢獻 100 個基點。以核心基礎計算（排除上述項目），訂單成長 48%。

Revenue of $1.717 billion was up 31% on a reported basis and up 24% on a core basis. Gross margin was 72.3% and operating expenses were $669 million. We delivered net income of $497 million and earnings per share of $2.87.

營收為 17.17 億美元，按報告基礎年增 31%，按核心基礎年增 24%。毛利率為 72.3%，營業費用為 6.69 億美元。我們實現淨利 4.97 億美元，每股盈餘為 2.87 美元。

As noted in our earnings press release, following the U.S. Supreme Court decision invalidating the AIBA tariffs, in Q2, we recognized the impact of tariff refunds and the refund of associated surcharges collected from our customers. This resulted in a $40 million reduction in Q2 revenue and a $97 million reduction in costs and expenses.

如同我們在財報新聞稿中所述，隨著美國最高法院裁定 AIBA 關稅無效，我們在第二季認列了關稅退還的影響，以及退還向客戶收取之相關附加費。這使第二季營收減少 4,000 萬美元，成本與費用減少 9,700 萬美元。

Excluding these onetime impacts, Q2 revenue was $1.758 billion, up 35%. Gross margin was 67.6%, up 300 basis points and EPS was $2.58, up 52%. Our Q2 investor presentation contains additional details on these adjustments, including impacts by operating segment.

排除這些一次性影響後，第二季營收為 17.58 億美元，年增 35%。毛利率為 67.6%，提高 300 個基點；每股盈餘為 2.58 美元，年增 52%。我們的第二季投資人簡報包含這些調整的更多細節，包括按營運部門劃分的影響。

These strong results were driven by acceleration in our organic business, which excluding onetime tariff impacts, delivered operating margin of 30.4%, up 520 basis points year-over-year as a result of 49% operating leverage.

這些強勁的成果主要來自我們有機業務的加速成長；若排除一次性關稅影響，有機業務的營業利益率達到30.4%，在49%營業槓桿的帶動下，較去年同期提升520個基點。

Moving to the segments. The Communications Solutions Group generated revenue of $1.231 billion, up 35% on a reported basis and up 27% on a core basis. CSG gross margin was 74.1% and operating margin was 33.4%.

接著看各事業部門。通訊解決方案事業群（CSG）營收為12.31億美元，以報告基礎計年增35%，以核心基礎計年增27%。CSG毛利率為74.1%，營業利益率為33.4%。

Within CSG, the commercial communications business generated revenue of $858 million, up 40%, with robust growth in both wireless and wireline. Aerospace, defense and government achieved revenue of $373 million, an increase of 24%.

在CSG內，商用通訊業務營收為8.58億美元，年增40%，無線與有線皆呈現強勁成長。航太、國防與政府業務營收為3.73億美元，年增24%。

The Electronic Industrial Solutions Group generated $486 million in revenue, an increase of 24% with growth across all three end markets, general electronics, semiconductor and automotive and energy. EISG delivered gross margin of 67.8% and operating margin of 33.1%.

電子工業解決方案事業群（EISG）營收為4.86億美元，年增24%，三大終端市場—一般電子、半導體，以及汽車與能源—皆有成長。EISG毛利率為67.8%，營業利益率為33.1%。

Software and services accounted for approximately 36% of Keysight revenue, while annual recurring revenue was 27% of total mix. Moving to the balance sheet and cash flow.

軟體與服務約占是德科技（Keysight）營收的36%，而年度經常性收入（ARR）占整體組合的27%。接著看資產負債表與現金流。

We ended the quarter with $2.412 billion in cash and cash equivalents, generating record cash flow from operations of $501 million and record free cash flow of $472 million. This quarter, we repurchased approximately 780,000 shares of Keysight stock at an average price of approximately $283 per share for a total consideration of $220 million.

本季末我們持有現金及約當現金24.12億美元，營運活動現金流創新高達5.01億美元，自由現金流亦創新高達4.72億美元。本季我們以每股約283美元的平均價格回購約78萬股是德科技股票，總對價為2.20億美元。

Now turning to our outlook. For the third quarter of 2026, we expect revenue in the range of $1.730 billion to $1.750 billion, representing 29% year-over-year growth at the midpoint. We expect Q3 earnings per share to be in the range of $2.43 to $2.49 and representing 43% year-over-year growth at the midpoint.

接著談我們的展望。對於2026年第三季，我們預期營收介於17.30億至17.50億美元，中位數代表年增29%。我們預期第三季每股盈餘介於2.43至2.49美元，中位數代表年增43%。

This guidance is based on a weighted diluted share count of approximately 173 million shares. Our acquisition integrations remain on track, and we continue to expect $375 million in FY '26 revenue from the acquisitions and greater than $100 million in cost synergies and other operational efficiencies.

此指引係以約1.73億股的加權稀釋股數為基礎。我們的併購整合仍按計畫進行，並持續預期2026會計年度併購案將貢獻3.75億美元營收，以及超過1億美元的成本綜效與其他營運效率提升。

As a reminder, we expect to have about 80% of those cost synergies realized on a run rate basis exiting this fiscal year. As Satish mentioned, given the strong results we have delivered in the first half of the fiscal year, combined with our guidance for fiscal Q3, we are on track for revenue growth in the high 20s percent range for fiscal 2026.

提醒一下，我們預期在本會計年度結束時，以運行率（run rate）計算約可實現其中約80%的成本綜效。如Satish所提到，鑑於我們在本會計年度上半年交出的強勁成果，加上對第三季的指引，我們正朝向2026會計年度營收成長落在高20%區間的目標前進。

With the visibility we currently have, we would expect to see a historically typical sequential revenue increase into fiscal Q4. In addition, we are increasing investments to meet these higher growth levels and now expect FY '26 capital expenditures to be in the range of $200 million.

以我們目前的能見度來看，我們預期進入會計年度第四季時，營收將出現符合歷史典型的季增。此外，我們也正在提高投資以支撐更高的成長水準，並預期2026會計年度資本支出將落在2億美元左右的區間。

In summary, we delivered a record quarter, driven by focused execution with robust growth across our businesses, improved operating leverage and record cash flow generation. We are seeing accelerating market momentum underpinned by our differentiated portfolio of solutions and increased customer demand and believe we are well positioned to capture sustained investments over the near and medium term as we integrated acquisitions, evolve our portfolio with new product introductions and make focused R&D investments aligned to multiyear technology trends.

總結來說，我們交出創紀錄的一季，來自於聚焦執行、各項業務的強勁成長、營業槓桿改善，以及創紀錄的現金流創造。我們看到市場動能正在加速，背後支撐因素包括我們具差異化的解決方案組合與客戶需求提升；我們相信，隨著我們整合併購、透過新產品導入演進產品組合，並進行與多年期技術趨勢一致的聚焦研發投資，我們已具備良好定位，可在短中期掌握持續性的投資機會。

With that, I will now turn the call over to Liz to begin the Q&A session.

接下來，我把電話交給Liz，開始問答環節。

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

謝謝你，Neil。Abby，請提供問答環節的說明。

(Operator Instructions)

（接線員說明）

Mehdi Hosseini, SIG.

Mehdi Hosseini，SIG。

I have to for Neil, historically, your backlog had the age of 6 months the backlog will be in 6 months. as your orders are trending at a faster rate, how should I think about the age of backlog?

我有個問題想問Neil。過去你們的在手訂單（backlog）通常是6個月的「年齡」，也就是在手訂單會在6個月內出貨。隨著你們的接單趨勢加快，我應該如何看待在手訂單的年齡？

We should assume that you have enough visibility to extend beyond 6? And then for Satish, I want to follow up to something I asked you last earnings conference call has to do with the opportunities in the wireline.

我們是否可以假設你們的能見度足以延伸到6個月以上？另外想問Satish，我想追問我在上次財報電話會議問過的一個問題，與有線（wireline）方面的機會有關。

Perhaps it will be helpful if you could tell us how opportunities in wireline are split between commercial come and semis?

也許你可以幫助我們了解，有線領域的機會在商用通訊與半導體之間大致如何分配？

Mehdi, let me take this and maybe Neil can chime in. So first and foremost, the opportunities that we size us our AI business, which is, I think, really the heart of your question, finished the first half in the $500 million to $600 million range, almost in line with what we did the whole of last year.

Mehdi，這題我先回答，Neil也可以補充。首先，我們所衡量的AI業務機會（我想這才是你問題的核心），上半年落在5億到6億美元區間，幾乎與我們去年全年的水準相當。

So quite pleased with the progression of the opportunity in the wireline business. And so the AI portion of our business as we size it for you, is largely in the wireline segment. And then there's really no change -- there's no change to our backlog policy.

因此我們對有線業務機會的進展相當滿意。而我們對外提供的AI業務口徑，主要集中在有線（wireline）領域。另外，我們的在手訂單政策沒有任何改變——沒有改變。

We still have majority of our business that we book and recognize in a quarter within a 6-month period of delivery.

我們仍有大多數業務是在下單後、並在6個月交付期間內，於同一季度完成入帳並認列營收。

Sure. Is there any way we could size the wireline or AI opportunity as it relates to components?

了解。有沒有辦法就有線或AI相關的「元件」機會做個量化？

Components for?

元件是指？

For wireline and AI. The asked question is, historically, you've had exposure to the entire stack, including components, the components that go into wireline networking systems.

指有線與AI的元件。我想問的是，過去你們涵蓋整個技術堆疊（stack），包括用於有線網路系統的各種元件。

So of this $500 million to $600 million, how does the component size relative to the rest of the stack?

在這5億到6億美元之中，元件相對於堆疊中其他部分的占比大概是多少？

Yes. I think I understand the opportunity. I think if you think about our entire business, it's pretty broad-based. We service the computing marketplace, the networking marketplace, the transceivers and interconnect and also the hyperscalers, right?

是的。我想我理解你在問的機會。如果你看我們整體業務，其實覆蓋面相當廣。我們服務運算市場、網路市場、收發器與互連，也服務超大規模業者（hyperscalers），對吧？

And we service a pretty significant part of their workflow or the R&D to early design to validation, conformance compliance testing into emulations and as they deploy the clusters. Particularly for this quarter, again, things more around any given quarter.

我們在他們的工作流程中涵蓋相當重要的一部分，從研發、早期設計到驗證、符合性/合規測試（conformance compliance testing）、到模擬（emulations），以及他們部署叢集（clusters）的階段。特別就本季而言，再次強調，這些更多是圍繞每一個特定季度的情況。

We also participated meaningfully in the scale-out opportunity, which is where some of the transceiver-related businesses fallen.

我們也在橫向擴展（scale-out）的機會中有相當程度的參與，而這正是部分收發器相關業務所落入的領域。

Andrew Spinola, UBS.

Andrew Spinola，瑞銀（UBS）。

I wanted to ask about the Q3 revenue guide. I guess you gave the number pro forma for the tariff. And I guess the midpoint of the range would be kind of down slightly from Q2.

我想問關於第三季營收指引。我猜你們提供的是剔除關稅影響後的備考（pro forma）數字。而且我看區間中位數似乎會比第二季略微下降。

I'm just wondering, was there anything sequential in any of the businesses that we should expect to decline in Q3? Or what's driving that guidance?

我想了解的是，第三季是否有任何業務在季比上預期會下滑？或者是什麼因素驅動這個指引？

Yes. I mean, I think we take the same approach to guidance that we always take where we look at what's scheduled to ship beginning into the quarter, and we have pretty robust models looking at how the in-quarter orders are going to convert to revenue.

是的。我的意思是，我們對指引的做法一如既往：我們會看在季度開始時已排定要出貨的項目，並且我們有相當健全的模型，用來評估當季訂單將如何轉換為營收。

And as you noted, the Q3 revenues are -- I would describe as in line with what we saw in Q2, slightly down, but largely in line. I think as we look at it on a half-over-half basis given our more qualitative comments about Q4, we are expecting the second half of the year to be materially above the first half as we grow.

如你所提到的，第三季營收——我會形容為與第二季所見大致一致，略有下滑，但整體上仍大致相符。我認為，若以半年對半年的角度來看，並考量我們對第四季較偏質性的評論，隨著我們成長，我們預期下半年將明顯高於上半年。

And -- yes. So expecting significant growth in the second half on a revenue basis.

而且——是的。因此，在營收面，我們預期下半年將有顯著成長。

Yes. I mean, I think we take the same approach to guidance that we always take where we look at what's scheduled to ship beginning into the quarter, and we have pretty robust models looking at how the in-quarter orders are going to convert to revenue.

是的。我的意思是，我們對財測的做法一如既往：我們會先看在季度開始時已排程出貨的項目，並且我們有相當健全的模型，用來評估當季訂單將如何轉換為營收。

And as you noted, the Q3 revenues are -- I would describe as in line with what we saw in Q2, slightly down, but largely in line. I think as we look at it on a half-over-half basis given our more qualitative comments about Q4, we are expecting the second half of the year to be materially above the first half as we grow.

如你所提到的，第三季營收——我會形容為與第二季所見大致一致，略有下滑，但整體上仍大致相符。我認為，若以半年對半年的角度來看，並考量我們對第四季較偏質性的評論，隨著我們成長，我們預期下半年將明顯高於上半年。

And -- yes. So expecting significant growth in the second half on a revenue basis.

而且——是的。因此，在營收面，我們預期下半年將有顯著成長。

Understood. I just wanted to ask, the order growth in the quarter was quite strong. And I'm just wondering, in general, are you seeing any change in the way your customers are buying or -- are there any concerns on their part about ensuring supply?

了解。我想問一下，本季訂單成長相當強勁。我只是想知道，整體而言，你們是否看到客戶採購方式有任何改變，或——他們是否有任何為了確保供應而產生的疑慮？

Or is this just organic growth from AI demand that we're seeing?

還是說，這只是我們看到由 AI 需求帶動的自然成長？

Yes. The strength was -- thank you for asking. The strength was an exceptional quarter. Bookings were very strong. There was record bookings for the company.

是的。謝謝你問這個問題。這樣的強勁表現是非常出色的一季。接單非常強勁。公司創下了接單紀錄。

And the strength was broad. If you think of the themes of the strength, AI was obviously the strong theme, equally, aerospace, defense and semiconductor were key contributors to that growth. And the growth came across all our businesses and across all of our sales regions, which we are very pleased by.

而且這股強勁是全面性的。如果你從強勁表現的主題來看，AI 顯然是最強的主題；同樣地，航太、國防與半導體也是帶動成長的關鍵貢獻者。而且成長來自我們所有事業部門以及所有銷售區域，這點讓我們非常高興。

And even with the strong finish, we expect we are entering the second half with a solid set of opportunities that we're very excited about. So I'd say that it's broad strength.

即便在本季強勁收尾之後，我們預期在進入下半年時，仍有一組穩健的機會組合，讓我們非常振奮。所以我會說，這是全面性的強勁。

And from a customer behavior, probably the only thing that we've seen is that for the AI business, there was a stronger sense of urgency from our customers to convert, which translates to a velocity in the pipeline where things opportunities move faster, but that's about it.

就客戶行為而言，我們可能唯一看到的是，在 AI 業務方面，客戶有更強的急迫感要推進成交，這反映在管線速度上，也就是機會推進得更快，但大概就這樣。

There was no pull forward that we can -- that any -- that we can discern from the data.

從數據來看，我們沒有看到任何可以——任何——我們能辨識出的提前拉貨。

That's clear. Thank you.

很清楚。謝謝。

Thank you.

謝謝。

Aaron Rakers, Wells Fargo.

Wells Fargo 的 Aaron Rakers。

Yes, thanks for taking the question. Congrats on the results. It's been a while, but there's been a lot of dynamics that have changed since you guys have provided a longer-term growth framework.

是的，謝謝讓我提問。恭喜這次的成果。已經有一段時間了，但自從你們提供較長期的成長框架以來，很多動態都已經改變。

I'm curious, Satish, as you think about what's evolved in the business, how you think about the growth algorithms looking forward for the company. Is 5% to 7% still the right growth rate? Or should we be thinking that just the TAM itself seems with AI to have a stronger growth profile to it?

我很好奇，Satish，當你思考業務的演進時，你如何看待公司未來的成長算法（growth algorithms）。5% 到 7% 仍然是合適的成長率嗎？或者我們是否應該認為，隨著 AI 的出現，整體 TAM 本身似乎具有更強的成長輪廓？

Thank you, Aaron. Yes, thank you for noting. It was a great quarter. We're very excited also by the opportunities to have a strong year this year.

謝謝你，Aaron。是的，也謝謝你的肯定。這是一個很棒的季度。我們也對今年有機會成為強勁的一年感到非常振奮。

I would say, from a value creation algorithm, fundamental is organic growth for us, and there were 3 pillars that I laid out, right? This idea that innovation is only going to accelerate, so creating a portfolio and a company that's built around the first-to-market capabilities is something we view sustainable.

我會說，從價值創造算法來看，對我們而言最根本的是內生成長（organic growth），而我提出了三大支柱，對吧？也就是創新只會加速，因此打造一個以「率先上市」能力為核心的產品組合與公司，我們認為是可持續的。

When we called out AI in 2023, it was just about the time of the ChatGPT moment, and -- but we felt really good about the long-term opportunities. So we identified it, we invested in it and we're excited by not only AI, but also the other opportunities that we laid out as part of this accelerating technology trends.

我們在 2023 年點名 AI 時，正好差不多是 ChatGPT 的那個時刻——但我們對長期機會感到非常樂觀。因此我們辨識了它、投入資源，也不僅對 AI 感到興奮，對於我們在這些加速的科技趨勢中所提出的其他機會同樣感到振奮。

Equally, we continue to expand our customer footprint as different end markets become addressable. We talked about automotive, which has been okay, but space and satellite is one area that's emerging that we're very excited right now and into the future into 6G.

同樣地，隨著不同終端市場變得可切入，我們持續擴大客戶版圖。我們談到汽車領域，表現還可以；但太空與衛星是正在浮現的一個領域，我們目前以及未來邁向 6G 的過程中都非常期待。

And the third one, it's very important to be a resilient company is to be a company that navigates market dynamics and identifies opportunity. And I think one of the things that we called out was supply chain rebalancing or reshoring that was occurring globally.

第三點，對於成為一家具韌性的公司非常重要，就是能夠駕馭市場動態並辨識機會。我認為我們提到的一件事是全球正在發生的供應鏈再平衡或回流（reshoring）。

And this quarter and for the whole half, the investments that we made from a go-to-market perspective has enabled us to grow our Southeast Asia business significantly as the supply chains get reconfigured.

而在本季以及整個上半年，我們在 go-to-market（市場進入）面所做的投資，使我們能在供應鏈重新配置之際，顯著成長我們在東南亞的業務。

So I feel very confident about our strategy as we look ahead and the progress we have made in progressing each of our initiatives has got a multiyear runway as we think about it.

因此，展望未來，我對我們的策略非常有信心；而且就我們推進各項倡議的進展而言，我們認為這些都有多年期的成長跑道。

We'll update you on the long-term growth dynamics of the market and our ability to outperform. I'm very confident of our ability to outperform under a range of economic conditions.

我們會向各位更新市場的長期成長動態，以及我們超越市場表現的能力。我對我們在各種經濟情境下都能跑贏的能力非常有信心。

But we'll keep you updated on the -- what that forecast should look like as we look ahead.

但我們會持續向各位更新——當我們往前看時，那個預測應該呈現什麼樣貌。

Yes. Fair enough. And then as a quick follow-up, Neil, I'm curious -- when we think about the gross margin, I know there's some adjustments given the tariff refunds to consider in the reported results, but still very strong gross margin of 300 basis points.

是的。可以理解。接著快速追問一下，Neil，我很好奇——談到毛利率時，我知道已公告結果中有一些因關稅退稅而需要調整的項目，但毛利率仍然非常強勁，提升了 300 個基點。

Can -- is there any kind of onetime items this quarter? Or is that a good durable level of gross margin that you think is something to consider going forward?

本季是否有任何一次性項目？或者你認為這是相當可持續的毛利率水準，未來可以作為參考？

Yes. No, I think if you make the adjustments for the tariff and again, we provided a reconciliation in our presentation, you'll see gross margin, excluding the onetime items in the mid 67% range.

是的。不，我認為如果你把關稅的影響調整掉——而且我們在簡報中提供了調節表——你會看到，排除一次性項目後的毛利率大約在 67% 的中段區間。

I think post the acquisitions, which were accretive to our gross margins, I think that's the right level at these volumes.

我認為在完成收購之後——這些收購對我們的毛利率具有增益（accretive）——以目前的出貨量水準來看，這就是合理的水準。

Yes. Thank you.

是的。謝謝。

Meta Marshall, Morgan Stanley.

Morgan Stanley 的 Meta Marshall。

Great. Thanks so much for the question. Congrats on the quarter. Maybe, Neil, a question for you just in terms of the incremental margins moving close to 50%. Just wondering how you're thinking about incremental margins just given kind of prior commentary about kind of 40% being that level?

好的。非常感謝讓我提問。恭喜這一季的表現。也許，Neil，想請教你一個問題：關於增量利潤率（incremental margins）接近 50%。我想了解，在先前曾提到大約 40% 是那個水準的背景下，你現在如何看待增量利潤率？

Just trying to get a sense of whether the acquisitions have meaningfully changed that. And then maybe a second question, just in terms of as you guys see all of this AI and just other categories kind of accelerating just in terms of how you're thinking of the blend of the business between production and lab or how has that meaningfully changed at this point? Thanks.

只是想了解一下，這些收購是否在實質上改變了那一點。然後也許第二個問題，關於你們如何看待目前 AI 以及其他類別在加速發展，你們在思考業務在生產端與實驗室端（lab）之間的組合時，有哪些變化？或者到目前為止這方面是否已經出現實質性的改變？謝謝。

Yes. So I'll take the first question with regard to the incrementals. Obviously, we -- incremental this year or this quarter on a core basis was just under 59%. And if I'm remembering correctly, it was similar last quarter.

是的。我先回答第一個關於增量（incrementals） 的問題。很明顯，我們今年或本季在核心基礎上的增量略低於 59%。如果我沒記錯的話，上季也差不多。

I think it has less to do with the acquisitions than it does with the high rate of growth, right? So we've talked for a long time about 40% incrementals on mid-single-digit growth.

我認為這與收購的關係較小，更多是與高成長率有關，對吧？我們談了很久：在中個位數成長時，增量大約是 40%。

I think that's the right way to think about our business when we're accruing at mid-single digits. But obviously, when you're growing at multiples of that, you have an opportunity with tightly managed -- tight expense management to outperform on the incremental, and that's what you're seeing from us.

我認為當我們以中個位數速度成長時，這是理解我們業務的正確方式。但顯然，當你的成長是那個倍數時，在嚴格的費用控管下，你就有機會在增量表現上超越，而你們現在看到的就是我們的表現。

So again, we're pleased with the flow-through in this environment. And yes, I think that addresses the question.

所以再次強調，我們對於在這樣的環境下的流轉率（flow-through）感到滿意。是的，我想這回答了這個問題。

With regard to the second part of the question, Meta, we're -- we feel like we have a very strong portfolio with a strong value proposition for the R&D customer and the manufacturing customer. It's really about their workflow, how do we enable them to innovate on the front end, but then carry that advantage of learnings into production where there is value, and that's what we have focused on.

至於問題的第二部分，Meta，我們認為我們擁有非常強的產品組合，對研發（R&D）客戶與製造客戶都有很強的價值主張。關鍵在於他們的工作流程：我們如何在前端協助他們創新，並把這些學習優勢帶入到能創造價值的量產環節，這就是我們一直聚焦的方向。

So this quarter, as an example, and even for the half, both R&D and manufacturing components of our business and portfolio doubled. If you look at our wireline business, still a very high percentage of R&D in the portfolio, but manufacturing is obviously up given the scaling that's occurring on the AI clusters.

以本季為例，甚至就上半年而言，我們業務與產品組合中的研發與製造兩個部分都翻倍成長。如果你看我們的 wireline 業務，產品組合中研發仍占很高比例，但隨著 AI 叢集的擴張，製造端顯然也在上升。

Mark Delaney, Goldman Sachs.

Mark Delaney，高盛。

Hey, good afternoon. This is Will on for Mark Delaney. Thank you for taking our question.

嗨，下午好。我是 Will，代替 Mark Delaney 提問。謝謝你們回答我們的問題。

So to start off, Satish, I believe you called out space as one of the pillars of growth. So maybe you can help us think about how large of a driver and opportunity non-terrestrial networks and LEOs are to the business?

首先，Satish，我相信你提到太空是成長支柱之一。所以也許你可以幫我們思考一下：非地面網路（NTN）與低軌衛星（LEO）對你們業務而言，會是多大的驅動因素與機會？

And maybe how big is it to be contributing to revenue today?

以及它目前對營收的貢獻大概有多大？

Yes, it's still a fairly smaller part of our entire revenue stream on an annualized basis sub-1% of the total revenue of the company, but especially as it relates to the wireless ecosystem and our participation there, but one we feel like positions us very well as that opportunity scales as more commercial satellites launch as this multilayered communication architecture of the future emerges.

是的，就年化基礎來看，它在我們整體營收中仍是相對較小的一部分，低於公司總營收的 1%。但特別是在無線生態系以及我們在其中的參與方面，我們認為這能讓我們在機會隨著更多商用衛星發射、以及未來多層次通訊架構逐步成形時，處於非常有利的位置。

We obviously have a bigger business in space and satellite in the defense sector as well. And so we get to participate in the component part of the ecosystem and also as an expansion opportunity into the emulation side of things as things are getting more complicated from a spectrum perspective.

此外，我們在國防領域的太空與衛星業務也更大。因此我們既能參與生態系中的元件環節，也能在頻譜角度變得更複雜時，把握向模擬（emulation）端擴張的機會。

So I feel very good about our early position also the growth potential looking into the future. Kailash, I don't know if you have any other comments to add on.

所以我對我們的早期布局以及面向未來的成長潛力都很有信心。Kailash，我不知道你是否還想補充。

Yes, it's right, Satish. We're obviously excited by the number of Constellation scaling. Clearly, you've seen in the news about Amazon Global Star State AST space Mobile. This ecosystem is widening. We're happy to be in a position to contribute to the scaling of the constellations.

是的，沒錯，Satish。我們對星座（constellation）規模擴張的數量感到非常興奮。你們在新聞上也看到 Amazon、Global Star、State、AST Space Mobile 等消息。這個生態系正在擴大。我們很高興能處於一個可以為星座擴張做出貢獻的位置。

The use cases are scaling as well. You have direct to sell, you have broadband, you have other applications like autonomous vehicles. The frequency bands are also expanding.

使用情境也在擴大。你有直連手機（direct-to-cell），有寬頻，還有像自動駕駛車等其他應用。頻段也在擴展。

You have EWKA,/KuQ, -- all of this is requiring more advanced capabilities. And we have the complete portfolio. We're able to emulate the network or able to emulate the device we're able to emulate now Orbitz as well with the Spirent acquisition and core network.

你有 EWKA,/KuQ，——所有這些都需要更先進的能力。而我們擁有完整的產品組合。我們能模擬網路，也能模擬裝置；透過收購 Spirent 以及核心網路能力，我們現在也能模擬軌道（orbits）。

So we're able to provide an end-to-end solution which customers find a very differentiated, and we're excited about the opportunities ahead.

因此我們能提供端到端的解決方案，客戶認為這非常具差異化，我們也對未來的機會感到興奮。

And just for my follow-up, you all maintain that you expect the recent acquisitions to contribute the $375 million to revenue in fiscal '26.

另外追問一下，你們仍維持預期近期收購在 2026 財年將貢獻 3.75 億美元營收。

Is there any reason we haven't seen an uptick in the acquisition revenue expectations given the improved end market demand in your broader business?

鑑於你們更廣泛業務的終端市場需求改善，是否有任何原因讓我們沒有看到收購營收預期上調？

No. I mean, I think a big chunk of that was the portions of that we got out of the -- Ansys acquisition, those are recurring revenue businesses, are those -- so the revenue tends to respond more slowly.

沒有。我的意思是，其中很大一部分來自我們從 Ansys 收購中取得的部分，那些是經常性收入（recurring revenue）業務，所以營收通常反應會比較慢。

I think on the Aspire in side, we've certainly seen a nice pickup in the P&T side of the business. And the network monitoring side of the business, that market is kind of in between cycles at this point in time.

我認為在 Aspire 那邊，我們確實看到 P&T 業務端有不錯的回升。而在網路監控那一塊，目前市場正處於週期之間的階段。

And I think we're pleased with the way the integration is going. It's very much on track. Well positioned to deliver both on the revenue and realize the synergies that we communicated.

而且我認為我們對整合進展感到滿意。整體非常符合計畫。我們也處於良好位置，能同時達成營收目標並實現我們所溝通的協同效益（synergies）。

Atif Mawat, Citi.

Atif Mawat，花旗。

Hi, it's Adrienne for Atif. Thank you for the question. We've been hearing more about the adoption of Quantum technology, particularly in the defense communities around precision clocks and sensors and the time line for computing seems to be pulling in.

嗨，我是 Adrienne，代替 Atif 提問。謝謝這個機會。我們聽到越來越多關於量子技術的採用，特別是在國防社群中，圍繞精密時鐘與感測器；而量子運算的時間表似乎也在提前。

You did mention a couple of times in your prepared remarks. So I'm interested in how you're seeing quantum shaping the future of test and measurement. Any color you can provide.

你在事先準備的講稿中也提到過幾次。所以我想了解你們如何看待量子將如何塑造測試與量測的未來。若能提供一些補充說明就太好了。

Yes. Let me take that one. Thanks for the question. Obviously, Quantum is a long-term trend, and we're pleased with the progress that we're making. This is an investment that we started to make several years ago.

好的。我來回答這題。謝謝你的問題。很明顯，量子是一個長期趨勢，我們對目前取得的進展感到滿意。這是一項我們在幾年前就開始投入的投資。

And at this point, we are enabling quantum computers, more than 1K quantum computers going into higher cubit range with multiple entities, government entities, research institutions. And it's a triple digit -- it's a steady triple-digit business for us.

目前我們正在為量子電腦提供支援，超過 1K 台量子電腦正邁向更高量子位元（qubit）範圍，涵蓋多個單位，包括政府機構與研究機構。對我們而言，這是一個穩定的三位數成長業務。

We also are excited about new opportunities where you get into this hybrid compute state where you have quantum computers, you have CPUs and use really driving the next generation of computer architectures, and we're excited to be playing in that long range theme. So pretty excited, and it's steady and we're enabling research in this area.

我們也對新的機會感到興奮，也就是進入混合運算（hybrid compute）狀態：同時有量子電腦、CPU，以及（use）真正推動下一代電腦架構的發展；我們很高興能參與這個長期主題。所以我們相當興奮，這個領域穩健發展，而我們也正在支持這方面的研究。

I don't. Thank you.

我沒有。謝謝。

Thank you.

謝謝。

Matt Nikman, Truist.

Matt Nikman，Truist。

Hey, thanks so much for taking the question. Congrats on the quarter. I have two questions, somewhat related. First, on supply chain. I'm just wondering where you are with procuring enough supply to accommodate the robust demand you're seeing any sort of supplier delays or decommits that you've seen?

嗨，非常感謝讓我提問。恭喜本季表現。我有兩個問題，彼此有些關聯。第一個是關於供應鏈。我想請教你們目前在採購足夠供應、以滿足你們所看到的強勁需求方面進展到哪一步？你們是否看到任何供應商延遲或取消承諾（decommit）的情況？

And then just secondarily on memory. If you could just remind us how material some of the cost increases we've seen in memory are to your COGS or gross margins and the strategy to offset the cost increases here?

第二個順帶問一下記憶體。能否請你們提醒我們，近期看到的記憶體成本上升，對你們的銷貨成本（COGS）或毛利率有多大影響？以及你們用來抵銷這些成本上升的策略是什麼？

Yes, so with the first question with regard to the supply chain, I mean, I think it's a true statement that we're actively managing the supply chain more so than we were six months ago.

是的，先回答第一個關於供應鏈的問題。我想可以確定地說，我們現在比六個月前更積極地在管理供應鏈。

But I think we're doing a good job working with suppliers and don't have any major concerns from a supply perspective.

但我認為我們與供應商合作得很好，從供應面來看沒有任何重大疑慮。

I think, as Satish mentioned earlier, we have a handful of new products that are enabling the these are MPIs from Keysight that are enabling the AI build-out that are seeing an unprecedented ramp following introduction. And so we're working really hard to ramp those products more quickly as they transition out of R&D into full-scale production. And as you noticed, we've raised. Our own CapEx spend expectation for the year by about 25% from $160 million to $200 million this quarter, with the majority of that incremental investment going to aid in that ramp. I guess the last comment that I would make is reminding you that we are vertically integrated. And so while we do buy some chips and other things from outside parties, a significant portion of our highly specialized chips and assemblies are manufactured. House by Keysight, which gives us a unique level of control.

我想，如同 Satish 先前提到的，我們有少數幾項新產品——這些是 Keysight 的 MPI——正在支援 AI 建置擴張，且在推出後出現前所未見的快速放量。因此，當這些產品從研發轉入全面量產時，我們正非常努力地加快其爬坡速度。而且如你所注意到的，我們已上調。我們本年度的資本支出（CapEx）預期在本季提高約 25%，從 1.6 億美元提高到 2 億美元，其中大部分的增量投資將用於協助這個爬坡。我想最後要補充的是，提醒各位我們是垂直整合的。因此，雖然我們確實會向外部採購一些晶片與其他零組件，但我們高度專用的晶片與組件有相當大一部分是由 Keysight 在內部製造。這讓我們擁有獨特程度的掌控力。

Remind me the second question. I apologize.

提醒我一下第二個問題是什麼。不好意思。

Memory in terms of like material validator, your COGS gross margins and how you're all setting the cost increases.

記憶體方面，就像是（成本）重要性、對你們的銷貨成本與毛利率的影響，以及你們如何抵銷這些成本上升。

Yeah, memory is a pretty small portion of our overall BOM, if you will, and we have proportionally less exposure to the high bandwidth leading edge memory that is in the news.

是的，若你指的是我們整體的物料清單（BOM），記憶體占比其實相當小，而且相較之下，我們對新聞中所提到的高頻寬、最先進製程的記憶體曝險更低。

These days.

最近是這樣。

Thank you.

謝謝。

Rob Mason, Baird.

Rob Mason，Baird。

Yes, good evening, and congrats again on the quarter as well. Thanks, Rob. I was hoping you could contextualize the orders a little finer, I think coming into the quarter. The thought was maybe the book-to-bill would be closer to one and clearly outperform that.

是的，晚安，也再次恭喜本季表現。謝謝你，Rob。我希望你們能把訂單情況再更細緻地脈絡化一些。我想在本季之前，市場原本認為接單出貨比（book-to-bill）可能會更接近 1，但顯然你們表現遠優於此。

Satish, you also mentioned more systems orders. Are these -- I think we used to call them longer-dated orders, but we think larger orders.

Satish，你也提到更多系統類訂單。這些——我想我們以前稱之為較長交期訂單，但我們認為是更大額的訂單。

How are those contributing to orders in terms of percent of total now versus?

它們對訂單的貢獻，以占總訂單的百分比來看，現在相較於過去是如何？

I'll tell you what, let me knock down the second part of that and we'll help these guys give a comment on the broader order picture. With regard to the systems orders that Satish were talking about in Aerospace Defense and in Semi were not the same as the long-dated orders we were talking about a few years back. These are just. Products that have lead times that are at the longer end of Keysight products. And we have everything from stuff that's stocked on the shelves days, kinds of turns around up to things that have no lead times that are three months or more. And I think given the nature of the way semi and aerospace defense ordering happens, those tend to be longer lead time products for us. So still largely within the six-month order acceptance window of our standard product. Portfolio. And I'll hand it off to the guys to take the other part.

我這樣說吧，我先回答你問題的第二部分，然後再請他們針對更廣泛的訂單概況補充評論。關於 Satish 所提到在航太國防與半導體領域的系統類訂單，這些並不是我們幾年前談到的那種長交期訂單。這些只是。交期位於 Keysight 產品中較長端的產品。我們的產品交期範圍很廣，從貨架上有庫存、幾天就能周轉交付的，到沒有庫存、交期三個月或更久的都有。我想，考量半導體與航太國防的下單方式特性，對我們而言那通常就是交期較長的產品。但仍大多落在我們標準產品的六個月接單窗口之內。產品組合。我把另一部分交給他們來回答。

I'll just say the AI infrastructure, as I mentioned, we saw a stronger sense of customer urgency that manifested in stronger-than-expected bookings. Equally, we're pleased by the doubling of the number of customers in the AI space. So the ecosystem is broadening and we're participating in it.

我只想說，如我提到的，在 AI 基礎設施方面，我們看到客戶的急迫感更強，反映在高於預期的接單上。同樣地，我們也很高興 AI 領域的客戶數量翻倍。因此生態系正在擴大，而我們也在其中參與。

On the aerospace and defense side, the program spend, the budget stability both in U.S. And in Europe has been has resulted in also stronger bookings, as Neil mentioned. The systems part of it is only as an example to point out that there's a lot of contested threat environments that we're able to emulate and simulate for the security applications.

在航太與國防方面，美國與歐洲的專案支出與預算穩定性——如 Neil 所提——也帶來更強的接單。提到系統的部分只是作為例子，指出我們能夠針對安全應用去仿真與模擬許多具爭奪性的威脅環境。

Which had considerable momentum in the quarter. And finally, the semiconductor space has been very strong with advanced nodes, especially with regard to AI compute and the scaling that's occurring globally from a supply chain perspective. And we're capitalizing on all three this quarter. I'll let Steve make some comments on the pipeline and what we see as well from an order perspective.

這在本季帶來相當大的動能。最後，半導體領域在先進節點方面非常強勁，特別是與 AI 運算以及全球供應鏈角度正在發生的擴產規模化相關。而我們本季在這三個面向都把握住了機會。我也請 Steve 從訂單角度談談我們看到的管線與展望。

Sure. Thank you, Satish. As you heard, our orders was a record quarter this quarter.

好的。謝謝你，Satish。如各位所聽到的，我們本季的訂單創下單季紀錄。

But despite that, our funnel remains really strong. Our focus on engaging our customers, both new and existing customers, and developing new, strong collaborations is really showing up in the funnel metrics. So our funnel intake and our total overall pipeline remains very strong.

但即便如此，我們的商機漏斗仍然非常強勁。我們專注於與客戶互動——包括新客戶與既有客戶——並發展新的、強而有力的合作關係，這些都清楚反映在漏斗指標上。因此，我們的漏斗新增量與整體總管線仍然非常強勁。

On top of that, our funnel velocity and conversion rates are increasing. So with that and our robust upcoming NPI pipeline for the second-half, we're very confident in a strong quarter in Q3. It's the same momentum in the second-half.

此外，我們的漏斗流速與轉換率正在提升。因此，結合這些因素以及我們在下半年強勁的新產品導入（NPI）管線，我們對 Q3 會有強勁的一季非常有信心。下半年也是同樣的動能。

Excellent. Very good. Just a quick follow-up.

太好了。非常好。我再快速追問一下。

Caught the update, of course, for full-year revenue growth. Was there any update to EPS growth expectation? I'm sure there was, but did you quantify that?

我當然有看到你們更新了全年營收成長。那 EPS 成長預期有沒有任何更新？我想應該有，但你們有量化說明嗎？

We didn't make any specific comments about EPS. I mean, I think I made a comment around kind of gross margin.

我們沒有針對 EPS 做任何具體評論。我的意思是，我想我有提到一些關於毛利率的看法。

You know how we think about incremental margins on growth. I think we've given you enough information to get close.

也就是我們如何看待成長所帶來的增量利潤率。我想我們已提供足夠資訊讓你們可以推算得相當接近。

Andrew Spinolo, UBS.

Andrew Spinolo，UBS。

Very sorry about that. Thank you for taking the follow-up. Satish, I want to ask you a very high-level question about your AI business. If I'm thinking on a multi-year period, right now, I guess ASPs are going up as we go from 800 gig to 1.6T. We know that the demand for optics is growing strongly from the hyperscalers.

非常抱歉。謝謝讓我追問。Satish，我想問你一個非常高層次、關於你們 AI 業務的問題。如果我用多年期的角度來看，現在我想 ASP 正在上升，因為我們從 800G 走向 1.6T。我們也知道超大規模雲端業者對光學的需求正在強勁成長。

And then I guess my understanding is the complexity grows and the amount of testing grows so that the need for testers grows. And so there's this very linear growth that seems to be happening.

然後我想，我的理解是，隨著複雜度提高、測試量增加，對測試人員的需求也會增加。因此，似乎正在發生一種非常線性的成長。

It looks like it appears to be baked in for the next couple of years.

看起來這種趨勢在接下來幾年似乎已經是既定的。

Probably beyond that at this point. But I'm wondering, when I think about a technology market, I think things tend to evolve and customers can get more efficient and new technologies could maybe change things. So I'm wondering how you think about the next couple of years, three years in the AI business and what are some of the things you're looking at in terms of how it could change or how it could grow?

就目前來看，可能還會更久。但我在想，當我思考科技市場時，我認為事情往往會演進，客戶可能會變得更有效率，而新技術也可能改變一些事情。所以我想請教你如何看待未來幾年、三年在 AI 業務上的發展，以及你在觀察哪些可能改變或推動成長的因素？

Yes. Thank you, Andrew. Very thoughtful question. I mean, it is quite interesting, right? We're still in the very early innings in the overall AI landscape and yet we've all seen multiple turns as this market has moved. And I would just say, reflecting on what we've seen play out over the last couple of years even, is the focus was only on training and models.

是的。謝謝你，Andrew。這是個非常有深度的問題。我的意思是，這確實很有意思，對吧？我們在整體 AI 版圖上仍處於非常早期的階段，但我們也都看到這個市場推進過程中出現了多次轉折。我想說，回顧過去幾年甚至只是最近這幾年的發展，當時的焦點只放在訓練與模型上。

And now you're moving from training to inference being the focus with the promise of. Gentic yet to come and the AI clusters are scaling and we know one thing for sure is that there's going to be a few hundred gigawatts of capacity that is going to come online through 2030. And if you think of the big headline numbers people talk about the multi $100 billion to spend commitments being made.

而現在焦點正從訓練轉向推論，並伴隨著……的承諾。Gentic 尚未到來，而 AI 叢集正在擴張；我們確定的一件事是，到 2030 年將會有數百吉瓦的容量上線。如果你看人們談論的那些重大頭條數字，例如正在做出的數千億美元等級的支出承諾。

It takes quite a bit of time for all of that to trickle through the ecosystem and the supply chain and manifest itself into demand that is actually implemented in a data center. And we all know constructions are still going on, et cetera. And this ecosystem is expanding as well. I would say what was once a fully vertically integrated stack driven by the fact that now you're thinking about training, you're thinking about inference, there is a little bit more openness to. Standards-based environments. And so the environment is becoming heterogeneous. And so what does all this mean? It means that depending on the customer's particular situation, architectures, workloads that they're optimizing for, the type of scale they're building, everything, all plethora of underlying technologies are turning into an end. It's no more is it optical or electrical. Well, it's optical and electrical. It's not just is it open standards or closed, it's both.

要讓這一切在生態系與供應鏈中逐步傳導，並最終體現在資料中心實際落地的需求上，需要相當長的時間。而我們都知道建設仍在進行中，等等。同時，這個生態系也在擴張。我會說，過去曾經是一個完全垂直整合的堆疊；但隨著你現在同時思考訓練與推論，對於以標準為基礎的環境會更開放一些。也就是標準化環境。因此，環境正變得異質化。那這一切意味著什麼？這意味著，取決於客戶的具體情況、架構、他們要最佳化的工作負載、建置的規模等，各式各樣的底層技術都正在走向「兩者並存」的結果。不再只是光學或電學。而是光學與電學並存。也不再只是開放標準或封閉，而是兩者都有。

And is it pluggable optics or integrated optics? It is both, and so this sort of heterogeneous environment really fits the kind of portfolio that we have, the breadth we have, we're able to participate in it broadening.

那是可插拔光學還是整合式光學？兩者都有；因此，這種異質化環境非常契合我們所擁有的產品組合與廣度，使我們能夠參與其中並隨著市場擴大而受益。

And this is primarily all the stuff I talked about is in the physics of the AI infrastructure. We're equally excited by some of the announcements we made around emulating data center infrastructures, emulating inference infrastructures. That's still a very small part of the overall business, when we're getting considerable traction from customers. So look, we look at where we stand and we see this as a multi-year runway that's ahead of us.

而我剛才談到的主要都是 AI 基礎設施的物理層面。我們同樣對我們在模擬資料中心基礎設施、模擬推論基礎設施方面所做的一些公告感到興奮。那仍然只占整體業務非常小的一部分，但我們正從客戶那裡獲得相當可觀的動能。所以你看，我們看我們所處的位置，認為前方還有一條多年的成長跑道。

Because of all the discussions we're having with customers around their future plans. But we'll keep you posted as we go. We're continuing to invest in what we see unfolding.

因為我們正與客戶就他們未來計畫進行各種討論。但我們會在推進過程中持續向各位更新。我們也會持續投資於我們所看到正在展開的趨勢。

I appreciate that color. I wanted to ask just one follow-up on that. Another question I get a lot is.

我很感謝這些補充說明。我想就此再追問一個問題。我也常被問到的另一個問題是。

The difference between the growth in your manufacturing versus R&D businesses in AI. I think the assumption is the manufacturing piece is moving very quickly, but it sounds like from some of the things you highlighted, you've got some strong demand for the emulators as well. So how do those compare and any comment on what that breakdown is? Has it changed at all from when you indicated it was 70/30?

你們在 AI 領域中，製造業務與研發業務的成長差異。我想一般的假設是製造端進展非常快，但從你剛才強調的一些內容來看，模擬器方面似乎也有很強的需求。那這兩者相比如何？以及你能否評論一下這個拆分比例？相較於你之前提到的 70/30，有任何變化嗎？

It's still for the wireline business, largely things move quarter by quarter, but I think it's largely we still it's in the 70-30 range with both R&D, as I mentioned, in the AI space, both R&D and manufacturing doubling as we think about the first half business. So we're continuing to make traction in both, but clearly in any given quarter, depending on what customers emphasize, you could see that number move a bit.

就有線（wireline）業務而言，很多事情基本上是按季推進，但我認為整體上仍大致維持在 70/30 的區間；如我提到的，在 AI 領域，無論是研發或製造，當我們看待上半年業務時，兩者都在倍增。因此我們在兩方面都持續取得進展；但顯然在任何特定季度，取決於客戶的側重點，你可能會看到這個數字有些微變動。

That makes sense. Thank you very much.

了解。非常感謝。

Thank you.

謝謝。

And that concludes our question-and-answer session for today. I would now like to turn the call back over to Liz Morali for any closing comments.

以上為我們今天的問答環節。接下來我想把電話交回給 Liz Morali，請她做結語。

Thank you, Abby, 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.

謝謝你，Abby，也謝謝各位今天加入我們。今天電話會議的重播將於今日稍晚在投資人關係網站提供，我們也感謝各位對 Keysight 的關注。

And ladies and gentlemen, thank you for your participation in today's conference. This concludes today's call, and you may now disconnect.

各位女士先生，感謝各位參與今天的會議。本次電話會議到此結束，您現在可以掛線。