是德科技 (KEYS) 2021 Q4 法說會逐字稿

Good day, ladies and gentlemen, welcome to the Keysight Technologies Fiscal Fourth Quarter 2021 Earnings Conference Call.

女士們、先生們，美好的一天，歡迎參加是德科技 2021 年第四季財報電話會議。

My name is Catherine, and I will be your operator today.

我叫凱瑟琳，今天我將成為您的接線生。

(Operator Instructions) Please note that today's call is being recorded today, Monday, November 22, 2021, at 1:30 Pacific Time.

（操作員說明）請注意，今天的通話是在太平洋時間 2021 年 11 月 22 日星期一 1:30 錄製的。

I would now like to hand the call over to Jason Kary, Vice President, Treasurer and Investor Relations.

我現在想將電話轉交給財務主管和投資者關係副總裁 Jason Kary。

Please go ahead, Mr. Kary.

請繼續，卡里先生。

Thank you, and welcome, everyone, to Keysight's Fourth Quarter Earnings Conference Call for Fiscal Year 2021.

感謝並歡迎大家參加是德科技 2021 財年第四季財報電話會議。

Joining me are Ron Nersesian, Keysight's Chairman, President and CEO; and Neil Dougherty, our CFO.

與我一起出席的還有是德科技董事長、總裁兼執行長 Ron Nersesian；和我們的財務長尼爾·多爾蒂。

Joining us in the Q&A session will be Satish Dhanasekaran, Chief Operating Officer; and Mark Wallace, Senior Vice President of Global Sales.

營運長 Satish Dhanasekaran 將參加我們的問答環節；和全球銷售資深副總裁馬克華萊士。

You can find the press release and information to supplement today's discussion on our website at investor.keysight.com.

您可以在我們的網站 Investor.keysight.com 上找到新聞稿和資訊來補充今天的討論。

While there, please click on the link for quarterly reports under the Financial Information tab.

在那裡，請點擊「財務資訊」標籤下的季度報告連結。

There, you will find an investor presentation along with Keysight's segment results.

在那裡，您可以找到投資者演示以及是德科技的細分結果。

Following this conference call, we will post a copy of the prepared remarks to the website.

在這次電話會議之後，我們將在網站上發布準備好的評論副本。

Today's comments by Ron and Neil will refer to non-GAAP financial measures.

羅恩和尼爾今天的評論將涉及非公認會計準則財務指標。

We will also make references to core growth, which excludes the impact of currency movements and acquisitions or divestitures completed within the last 12 months.

我們還將參考核心成長，其中不包括貨幣變動以及過去 12 個月內完成的收購或剝離的影響。

You will find the most directly comparable GAAP financial metrics and reconciliations on our website.

您可以在我們的網站上找到最直接可比較的 GAAP 財務指標和調整表。

All comparisons are on a year-over-year basis, unless otherwise noted.

除非另有說明，所有比較均按年比較。

We will make forward-looking statements about the financial performance of the company on today's call.

我們將在今天的電話會議上對公司的財務表現做出前瞻性陳述。

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

這些聲明存在風險和不確定性，並且僅截至今日有效。

The company assumes no obligation to update them.

公司不承擔更新它們的義務。

Please review the company's recent SEC filings for a more complete picture of our risks and other factors.

請查看該公司最近向 SEC 提交的文件，以更全面地了解我們的風險和其他因素。

Lastly, I would note that management is scheduled to participate in upcoming investor conferences in December hosted by Credit Suisse, Wells Fargo and Barclays.

最後，我要指出的是，管理層計劃參加 12 月由瑞士信貸銀行、富國銀行和巴克萊銀行主辦的即將舉行的投資者會議。

And now I will turn the call over to Ron.

現在我將把電話轉給羅恩。

Thank you, Jason, and thank you all for joining us.

謝謝你，傑森，也謝謝大家加入我們。

Keysight delivered a record quarter and fiscal year.

是德科技實現了創紀錄的季度和財年業績。

Strong demand for our portfolio of differentiated solutions is fueling continued momentum across all of our end markets.

對我們差異化解決方案組合的強勁需求正在推動我們所有終端市場的持續發展勢頭。

Today, I'll focus my comments on 4 key headlines.

今天，我將重點評論 4 個關鍵頭條新聞。

First, demand for Keysight differentiated solutions continues to be very strong with orders exceeding our expectations.

首先，對是德科技差異化解決方案的需求持續強勁，訂單量超出了我們的預期。

Outstanding order growth of 21% in the fourth quarter topped off an excellent fiscal year where we grew 18%.

第四季訂單成長 21%，為我們這出色的財年畫上了圓滿的句號，成長了 18%。

Demand continues to be balanced across our business with double-digit gains across all end markets and regions, both in the fourth quarter and for the full fiscal year.

我們的業務需求持續保持平衡，所有終端市場和地區的需求在第四季度和整個財年都實現了兩位數的成長。

Second, we delivered outstanding Q4 results despite a tightening supply environment.

其次，儘管供應環境趨緊，我們第四季的業績依然出色。

Exceptional execution by Keysight employees around the world resulted in record revenue, gross margin, operating margin and earnings per share for the fourth quarter and for the fiscal year 2021.

是德科技全球員工的出色執行力，使得第四季和 2021 財年的營收、毛利率、營業利潤率和每股盈餘均創歷史新高。

Third, we enter 2022 with strong momentum, robust end market demand and record backlog.

第三，我們以強勁的勢頭、強勁的終端市場需求和創紀錄的積壓進入2022年。

Assuming a loosening of the supply situation in the second half of the calendar year, we expect fiscal year 2022 revenue growth of 6% to 7%, while delivering 10% earnings growth.

假設下半年供應情勢寬鬆，我們預期2022財年營收將成長6%至7%，同時實現10%的獲利成長。

Beyond 2022, we are increasingly confident in our ability to deliver sustained above-market results.

2022 年之後，我們對持續實現高於市場水平的業績的能力越來越有信心。

We have established a strong track record of execution, and our competitive position earned over the past 7 years of investment and transformation has only grown stronger.

我們已經建立了良好的執行記錄，並且在過去 7 年的投資和轉型中贏得的競爭地位只會變得更加強大。

Lastly, given the strength of our cash position and generation, we continue to see tremendous opportunities for value creation through disciplined investment in organic capabilities, targeted acquisitions and accordingly, today, we announced a new share repurchase authorization of $1.2 billion.

最後，鑑於我們現金狀況和生成能力的實力，我們繼續看到透過對有機能力的嚴格投資、有針對性的收購來創造價值的巨大機會，因此，今天我們宣布了12 億美元的新股票回購授權。

Now let's take a deeper look at the strength of our fourth quarter and the fiscal year 2021 financial performance.

現在讓我們更深入地了解我們第四季和 2021 財年的財務表現。

In the fourth quarter, we saw continued momentum in the demand environment.

第四季度，我們看到需求環境持續成長。

Orders exceeded our expectations and grew 21% year-over-year.

訂單超出了我們的預期，年增 21%。

Revenue grew 6% with growth across all regions.

隨著所有地區的增長，收入增長了 6%。

Operational excellence resulted in record profitability as we delivered gross margin of 66%, operating margin of 31% and earnings of $1.82 per share.

卓越的營運帶來了創紀錄的獲利能力，毛利率為 66%，營業利潤率為 31%，每股收益為 1.82 美元。

Fourth quarter results drove a very strong finish to an excellent year.

第四季度的業績為出色的一年帶來了強勁的收官。

In 2021, we overcame 5 percentage points of China trade headwinds and delivered 18% order growth to outpace the overall market, which continues to be strong.

2021 年，我們克服了 5 個百分點的中國貿易逆風，實現了 18% 的訂單成長，超過了持續強勁的整體市場。

Despite a tightening supply environment, we ended it with 17% revenue growth and achieved record profitability with gross margin of 65%, operating margin of 28% and earnings of $6.23 per share.

儘管供應環境趨緊，我們還是實現了 17% 的收入成長，並實現了創紀錄的獲利能力，毛利率為 65%，營業利潤率為 28%，每股收益為 6.23 美元。

Compared to pre-pandemic fiscal year 2019, orders and revenue have grown 21% and 15%, respectively, over this 2-year period, highlighting the continued strong demand for our market-leading solutions.

與大流行前的 2019 財年相比，這兩年的訂單和收入分別增長了 21% 和 15%，凸顯了對我們市場領先解決方案的持續強勁需求。

Broad-based growth across multiple dimensions of the business demonstrates the breadth of our customer base.

業務多個維度的廣泛成長證明了我們客戶群的廣泛性。

We added more than 2,000 customers in 2021 and more than 1,900 in 2020 as we continue to expand our footprint, adding to the stability and durability of our business model.

隨著我們不斷擴大業務範圍，我們在 2021 年增加了 2,000 多家客戶，在 2020 年增加了 1,900 多家客戶，增強了我們業務模式的穩定性和持久性。

Despite the headwinds we faced in 2021, we delivered annual double-digit order and revenue growth in both business segments.

儘管我們在 2021 年面臨逆風，但我們在兩個業務領域均實現了年度兩位數訂單和收入成長。

The Electronic Industrial Solutions Group achieved its fifth consecutive quarter of record revenue, driven by double-digit growth in semiconductor solutions and in automotive.

在半導體解決方案和汽車領域兩位數成長的推動下，電子工業解決方案集團連續第五個季度實現創紀錄的收入。

Another quarter of record semiconductor revenue was fueled by ongoing investments in advanced technology nodes and capacity expansion to address pent-up demand.

半導體收入又創下新季度紀錄，這得益於對先進技術節點的持續投資以及為滿足被壓抑的需求而進行的產能擴張。

In automotive, we achieved record orders and the third consecutive quarter of double-digit order and revenue growth.

在汽車領域，我們實現了創紀錄的訂單，並連續第三個季度實現兩位數的訂單和收入成長。

Investment remains strong in EV and AV technologies.

電動車和自動駕駛技術的投資依然強勁。

This quarter, we announced the collaboration with NIO, one of China's top EV automakers who selected Keysight's 5G and C-V2X network emulation solutions.

本季度，我們宣布與蔚來汽車合作。

Strong demand for general electronics solutions was driven by continued investments in digital transformation, industrial IoT, digital health, Industry 4.0 and advanced academic research.

對數位轉型、工業物聯網、數位健康、工業 4.0 和先進學術研究的持續投資推動了對通用電子解決方案的強勁需求。

The Communications Solutions Group delivered double-digit order growth and record revenue in the fourth quarter.

通訊解決方案集團在第四季度實現了兩位數的訂單成長和創紀錄的收入。

For the year, orders and revenue grew double digits despite the impact of China trade restrictions.

儘管受到中國貿易限制的影響，今年訂單和收入仍實現兩位數成長。

Commercial Communications achieved all-time record orders and revenue in the fourth quarter.

商業通訊公司第四季的訂單和收入創下歷史新高。

Q4 was another record quarter for 5G driven by the strength of our platform, continued O-RAN adoption and new industry applications.

在我們平台的實力、O-RAN 的持續採用和新的產業應用的推動下，第四季是 5G 另一個創紀錄的季度。

In addition, we saw ongoing investments in 400G and 800G R&D across the entire communications ecosystem.

此外，我們也看到整個通訊生態系統對 400G 和 800G 研發的持續投資。

Increased spending in data centers and network security drove double-digit order growth in network test and visibility.

資料中心和網路安全支出的增加推動了網路測試和可見度的兩位數訂單成長。

In aerospace, defense and government, double-digit order growth was driven by ongoing investments in technology with a focus on space and new commercial technologies like 5G.

在航空航太、國防和政府領域，兩位數的訂單成長是由對太空和 5G 等新商業技術的持續技術投資所推動的。

We recently announced a collaboration with Lockheed Martin to advance 5G in support of mission-critical communications for aerospace and defense applications.

我們最近宣布與洛克希德馬丁公司合作推進 5G，以支援航空航太和國防應用的關鍵任務通訊。

Keysight's first-to-market solutions are enabling the rapid progression of new technologies and winning engagement with industry leaders like NXP, NEC and MediaTek.

是德科技率先推向市場的解決方案促進了新技術的快速發展，並贏得了恩智浦、NEC 和聯發科等行業領導者的青睞。

In Q4, we joined Google's cloud partner initiative to support agile orchestration of innovative 5G services at the network edge.

第四季度，我們加入了 Google 的雲端合作夥伴計劃，支援網路邊緣創新 5G 服務的敏捷編排。

Our end-to-end solutions portfolio continues to capture new opportunities as the 5G life cycle progresses and expands into aerospace, defense and government, automotive and industrial applications.

隨著 5G 生命週期的進展並擴展到航空航太、國防和政府、汽車和工業應用，我們的端到端解決方案組合不斷抓住新機會。

We continue to accelerate Keysight's capability to provide industry-leading solutions through strategic acquisitions and recently added scalable network technologies to our software-centric solutions portfolio.

我們透過策略性收購和最近在我們以軟體為中心的解決方案組合中添加可擴展網路技術，不斷增強是德科技提供業界領先解決方案的能力。

Scalable is a provider of best-in-class network simulation solutions to model and visualize communication networks and cyber threats for aerospace, defense and government customers.

Scalable 是一流的網路模擬解決方案供應商，為航空航太、國防和政府客戶建模和可視化通訊網路和網路威脅。

We're excited to welcome the scalable team to Keysight.

我們很高興歡迎可擴展團隊加入是德科技。

Our software-centric solutions and higher value services continue to drive differentiation, strengthen our competitive position and capture a higher percentage of our customers' wallet share.

我們以軟體為中心的解決方案和更高價值的服務繼續推動差異化，加強我們的競爭地位並佔領更高比例的客戶錢包份額。

In fiscal year 2021, software and services not only delivered double-digit order and revenue growth, but also outpaced Keysight's overall growth.

2021財年，軟體和服務不僅實現了兩位數的訂單和收入成長，而且超過了是德科技的整體成長。

Combined, they represented just over 1/3 of Keysight's total revenue for the year.

它們合計佔是德科技當年總收入的 1/3 多一點。

We also continued to grow annualized recurring revenue, which now exceeds $1 billion.

我們的年化經常性收入也持續成長，現已超過 10 億美元。

The growth in software and services as well as the recurring revenue further strengthens the durability and resiliency of our business model, while at the same time contributing to Keysight's margin expansion.

軟體和服務的成長以及經常性收入進一步增強了我們業務模式的耐用性和彈性，同時也有助於是德科技的利潤率擴張。

Keysight's focus on first-to-market software-centric solutions and operational excellence drives our consistent execution.

是德科技專注於率先推向市場的以軟體為中心的解決方案和卓越的運營，推動了我們始終如一的執行。

We have a strong track record of performance and proven business resiliency.

我們擁有良好的業績記錄和經過驗證的業務彈性。

Since our inception as a public company 7 years ago, we have achieved a 10% compound annual revenue growth rate, expanded gross margin by over 800 basis points, increased operating margin by nearly 1,000 basis points and generated 16% annualized EPS growth all while significantly increasing investment in R&D and sales to drive future growth.

自7 年前作為上市公司成立以來，我們實現了10% 的複合年收入增長率，毛利率提高了800 多個基點，營業利潤率提高了近1,000 個基點，年化每股收益增長了16% ，同時大幅成長加大研發和銷售投入，推動未來成長。

Over this same period, we have nearly tripled the size of our software revenue and more than doubled recurring revenue while growing services 75%.

同期，我們的軟體收入規模幾乎增加了兩倍，經常性收入增加了一倍多，同時服務成長了 75%。

These accomplishments are a testament to Keysight's leadership model, our values and our people.

這些成就證明了是德科技的領導模式、我們的價值觀和我們的員工。

I would like to thank all Keysight employees for their exceptional execution and dedication.

我要感謝所有是德科技員工的卓越執行力和奉獻精神。

We continue to capitalize on these multiple waves of technology innovation and long-term secular growth trends across multiple markets.

我們持續利用多個市場的技術創新浪潮和長期長期成長趨勢。

We exit this year in a strong competitive position and expect to continue to deliver sustained above-market profitable growth.

我們今年以強大的競爭地位退出，並預計將繼續實現持續高於市場的獲利成長。

Now I will turn it over to Neil to discuss our financial performance and outlook in more detail.

現在我將把它交給尼爾，更詳細地討論我們的財務表現和前景。

Happy Thanksgiving.

感恩節快樂。

Thank you, Ron, and hello, everyone.

謝謝你，羅恩，大家好。

As Ron mentioned, we delivered an outstanding quarter and fiscal year.

正如羅恩所提到的，我們交付了出色的季度和財年。

In the fourth quarter of 2021, we delivered record revenue of $1.294 billion, which was above the high end of our guidance range and grew 6% or 5% on a core basis despite a tightening supply environment.

2021 年第四季度，我們實現了創紀錄的 12.94 億美元收入，高於我們指導範圍的上限，儘管供應環境趨緊，但核心收入仍增長了 6% 或 5%。

The further contraction of the supply chain within the quarter tempered total revenue results and was more impactful on the Communications Solutions Group businesses.

本季供應鏈的進一步收縮抑制了總收入結果，對通訊解決方案集團業務的影響更大。

With demand outpacing supply, we delivered a record $1.491 billion in orders, up 21% on a reported and core basis and enter fiscal year 2022 with over $2 billion in backlog, which will position us well as the supply chain situation improves.

由於需求超過供應，我們交付了創紀錄的14.91 億美元訂單，在報告和核心基礎上增長了21%，進入2022 財年時，積壓訂單超過20 億美元，這將使我們在供應鏈狀況改善時處於有利地位。

Looking at our operational results for Q4, we reported record gross margin of 66% and operating expenses of $456 million, resulting in an operating margin of 31%, an all-time high.

從我們第四季的營運表現來看，我們的毛利率達到創紀錄的 66%，營運費用為 4.56 億美元，營運利潤率為 31%，創歷史新高。

Net income was a record $338 million, and we achieved $1.82 in earnings per share, which was well above the high end of our guidance.

淨利潤達到創紀錄的 3.38 億美元，每股收益達到 1.82 美元，遠高於我們指導的上限。

Our weighted average share count for the quarter was 186 million shares.

本季我們的加權平均股數為 1.86 億股。

Moving to the performance of our segments.

轉向我們細分市場的表現。

Our Communications Solutions Group generated record revenue of $919 million, up 2%.

我們的通訊解決方案集團創造了創紀錄的收入 9.19 億美元，成長 2%。

CSG delivered gross margin of 66% and operating margin of 28%.

CSG 的毛利率為 66%，營業利益率為 28%。

In Q4, commercial communications generated revenue of $622 million, up 3%, driven by strength across the 5G ecosystem, O-RAN adoption and investment in 400-gigabit and 800-gigabit R&D.

第四季度，商業通訊收入達到 6.22 億美元，成長 3%，這得益於 5G 生態系統的實力、O-RAN 的採用以及對 400 Gb 和 800 Gb 研發的投資。

Aerospace, defense and government achieved record revenue of $297 million, up slightly from the same quarter last year as solid growth in Asia Pacific was offset by supply chain constraints that impacted revenue in the U.S. and Europe.

航空航太、國防和政府部門實現創紀錄的 2.97 億美元收入，較去年同期略有增長，因為亞太地區的穩健成長被影響美國和歐洲收入的供應鏈限制所抵消。

The Electronic Industrial Solutions Group generated fourth quarter revenue of $375 million, up 18% on a reported and core basis, driven by strength in semiconductor and automotive.

在半導體和汽車領域的實力推動下，電子工業解決方案集團第四季營收達到 3.75 億美元，按報告和核心收入成長 18%。

EISG reported record gross margin of 66% and record operating margin of 36%.

EISG 報告毛利率創紀錄的 66%，營業利潤率創紀錄的 36%。

Given tightening supply chain constraints and trade headwinds, we are very pleased with our full year results.

鑑於供應鏈限制收緊和貿易逆風，我們對全年業績感到非常滿意。

In FY '21, revenue totaled $4.9 billion, up 17% year-over-year or 15% on a core basis.

21 財年，營收總計 49 億美元，年增 17%，核心營收成長 15%。

Gross margin improved 40 basis points year-over-year to 65%.

毛利率年增 40 個基點至 65%。

We continue to invest in R&D at 16% of revenue or $788 million for the year, while operating margin improved 260 basis points to 28%.

我們繼續以佔營收的 16%（即 7.88 億美元）的比例投資於研發，同時營業利潤率提高了 260 個基點，達到 28%。

On the strength of this performance, we have achieved our long-term operating margin target of 26% to 27%, 2 years ahead of plan.

憑藉這一業績，我們實現了 26% 至 27% 的長期營業利潤率目標，比計劃提前 2 年。

FY '21 non-GAAP net income was $1.2 billion or $6.23 per share, up 28%.

21 財年非 GAAP 淨利為 12 億美元，即每股 6.23 美元，成長 28%。

Moving to the balance sheet and cash flow.

轉向資產負債表和現金流量。

We ended our fourth quarter with $2.1 billion in cash and cash equivalents, generating cash flow from operations of $368 million and free cash flow of $295 million.

在第四季結束時，我們的現金和現金等價物為 21 億美元，營運現金流為 3.68 億美元，自由現金流為 2.95 億美元。

Total free cash flow for the year was $1.1 billion, representing 23% of revenue and 99% non-GAAP net income.

本年度自由現金流總額為 11 億美元，佔營收的 23%，佔非 GAAP 淨利的 99%。

As announced earlier today, the Keysight Board of Directors has approved a new share purchase authorization of $1.2 billion, effective immediately.

正如今天早些時候宣布的那樣，是德科技董事會已批准 12 億美元的新股購買授權，立即生效。

Under our prior share repurchase authorization, we acquired approximately 2.1 million shares in the quarter at an average share price of $171 for a total consideration of $353 million.

根據我們先前的股票回購授權，我們在本季以 171 美元的平均股價收購了約 210 萬股股票，總代價為 3.53 億美元。

This brings our total share repurchases for the year to approximately 4.4 million shares at an average share price of $154 for a total consideration of $673 million or 59% of free cash flow.

這使得我們今年的股票回購總量達到約 440 萬股，平均股價為 154 美元，總代價為 6.73 億美元，佔自由現金流的 59%。

Now turning to our outlook and guidance.

現在轉向我們的展望和指導。

Despite a strong demand backdrop, supply chain constraints continue to moderate shipment expectations.

儘管需求強勁，供應鏈限制仍持續降低出貨預期。

As a result, we expect first quarter 2022 revenue to be in the range of $1.225 billion to $1.245 billion and Q1 earnings per share to be in the range of $1.50 to $1.56 based on a weighted diluted share count of approximately 185 million shares.

因此，我們預計 2022 年第一季營收將在 12.25 億美元至 12.45 億美元之間，第一季每股收益將在 1.50 美元至 1.56 美元之間，基於約 1.85 億股的加權稀釋股數。

Looking forward to 2022, we expect supply chain to remain tight in the first half of the year.

展望2022年，我們預計上半年供應鏈仍將緊張。

Assuming a loosening of the supply situation in the second half, we expect full year revenue growth to be in the range of 6% to 7%, while delivering 10% earnings growth.

假設下半年供應情況寬鬆，我們預期全年營收成長將在6%至7%之間，同時實現10%的獲利成長。

Interest expense is expected to be approximately $78 million and capital expenditures are expected to be in the range of $240 million to $260 million with increasing capacity and technology investments.

隨著產能和技術投資的增加，利息支出預計約為 7,800 萬美元，資本支出預計在 2.4 億至 2.6 億美元之間。

Regarding our tax rate, we are modeling a 12% non-GAAP effective tax rate for FY '22, which assumes no change to current U.S. tax policy.

關於我們的稅率，我們正在為 22 財年建立 12% 的非 GAAP 有效稅率模型，假設美國現行稅收政策沒有變化。

In closing, we are entering the fiscal year with strong momentum, a record backlog position and a strong track record of operational excellence.

最後，我們正以強勁的勢頭、創紀錄的積壓狀況和良好的卓越營運記錄進入本財年。

We're encouraged by the strong dynamics across our end markets and are competitively positioned to drive sustainable and profitable growth going forward.

我們對終端市場的強勁活力感到鼓舞，並處於推動永續和獲利成長的競爭地位。

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

現在，我將把它轉回傑森進行問答。

Thank you, Neil.

謝謝你，尼爾。

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

凱瑟琳，請您指導問答環節好嗎？

(Operator Instructions) Your first question is from Samik Chatterjee with JPMorgan.

（操作員指示）您的第一個問題來自摩根大通的 Samik Chatterjee。

This is Joe Cardoso on for Samik.

我是喬·卡多佐 (Joe Cardoso) 替補薩米克 (Samik)。

My first question is just around the full year guide.

我的第一個問題是關於全年指南的。

So you're guiding the full year to 6% to 7% growth, and I'm just trying to flip that with your commentary last quarter around expectations around a more muted seasonality.

因此，您指導全年增長 6% 至 7%，我只是想用您上個季度的評論來扭轉這一局面，圍繞著更溫和的季節性預期。

First of all, does that expectation still stands true?

首先，這個期望仍然成立嗎？

And if so, does that imply that we should expect to see a similar cadence to revenue as we did in fiscal '21?

如果是這樣，這是否意味著我們應該期望看到與 21 財年類似的收入節奏？

Or is there something I'm not appreciating here as I think about revenue trends for the full year, such as maybe the benefits of the loosening of the supply chain as we head into the back half of the year?

或者，當我思考全年的收入趨勢時，是否有一些我不欣賞的事情，例如，當我們進入下半年時，供應鏈放鬆可能帶來的好處？

Yes, it's a great question.

是的，這是一個很好的問題。

So yes, as we mentioned on the call, we did see the supply chain situation tighten during the quarter, and our guidance does assume that we will see some relaxation in that environment in the back half of the year.

所以，是的，正如我們在電話會議上提到的，我們確實看到本季供應鏈形勢收緊，我們的指導確實假設我們會在今年下半年看到這種環境放鬆。

So if I was thinking about the seasonality for FY '22, I'd say 2 things.

因此，如果我考慮 22 財年的季節性，我會說兩件事。

I think, first of all, I think we'd expect revenue to build as we move throughout the year.

我認為，首先，我們預計收入會隨著全年的發展而增加。

And then maybe if you think about it in terms of year-over-year growth, right, our guidance of 6% to 7% for the full year, I was thinking about that on a quarter-by-quarter basis, I'd be expecting growth rates in the first half of the year that are below that 6% to 7% level and growth rates in the back half of the year that are slightly above 6% to 7% level so that we average that for the full year.

然後也許如果你從同比增長的角度來考慮，對吧，我們全年的指導是 6% 到 7%，我是在逐季度的基礎上考慮的，我會預計上半年增長率將低於6%至7% 的水平，而下半年的成長率將略高於6% 至7% 的水平，因此我們將全年平均成長率。

Got it.

知道了。

I appreciate the color there.

我很欣賞那裡的顏色。

And then just on my second question, EISG posted record operating margin this quarter.

關於我的第二個問題，EISG 本季營業利潤率創歷史新高。

They were really strong.

他們真的很強。

Just curious to hear what were some of the big drivers or contributors to the margin there relative to operating margins?

只是想知道相對於營業利潤率而言，利潤率的一些主要驅動因素或貢獻者是什麼？

And just curious to hear if there was any onetime benefits in the quarter that we should consider?

只是想知道本季是否有任何我們應該考慮的一次性好處？

Yes.

是的。

No onetime benefits, but I mean I think the thing that comes immediately to the forefront is obviously the extraordinarily strong revenue growth for the year, with 30% revenue growth on the year.

沒有一次性的好處，但我的意思是，我認為立即出現的最重要的事情顯然是今年異常強勁的收入增長，全年收入增長了 30%。

The demand for those products has been very strong.

對這些產品的需求非常強勁。

We've seen a very nice rebound this year in the automotive business, the semi business.

今年我們看到汽車產業、半成品產業出現了非常好的反彈。

Everybody has seen the press on the continued strength in semi.

每個人都看到了媒體對半決賽持續強勢的報導。

So you take that strong demand picture which has essentially sensibly allowed them to leverage their OpEx infrastructure and drive really high levels of operating margin in the short run.

因此，您可以看到強勁的需求圖景，這實際上使他們能夠明智地利用其營運支出基礎設施，並在短期內推動真正高水準的營運利潤率。

I think as we look forward, we continue to see great opportunities to continue to grow the business as well as to invest in further technology investments to serve these end markets.

我認為，展望未來，我們將繼續看到繼續發展業務以及進一步投資技術以服務這些終端市場的巨大機會。

Your next question is from John Pitzer with Credit Suisse.

您的下一個問題來自瑞士信貸銀行的約翰‧皮策 (John Pitzer)。

Congratulations on the solid results.

祝賀取得了紮實的成果。

Neil, I wonder if you could just dig a little bit deeper into kind of some of the supply constraints that you're seeing out there.

尼爾，我想知道你是否可以更深入地研究你所看到的一些供應限制。

I think you said in your prepared comments, it's hitting EISG stronger than Comms.

我想你在準備好的評論中說過，它對 EISG 的打擊比對 Comms 的打擊更大。

I'm kind of curious, is this logistical constraints?

我有點好奇，這是後勤限制嗎？

Is it component constraints?

是組件限制嗎？

Is it a little bit of everything?

是不是一切都只是一點點？

And is there a dollar amount you can give us that had impacted revenue both in the fiscal fourth quarter and the fiscal first quarter?

您能為我們提供一個影響第四財季和第一財季收入的金額嗎？

Yes.

是的。

Thanks, John.

謝謝，約翰。

It's a great question.

這是一個很好的問題。

So first of all, I said the opposite.

首先，我說的是相反的。

The impact was greater on CSG businesses than in EISG businesses.

與 EISG 業務相比，CSG 業務受到的影響更大。

If you think about why that is, the CSG products tend to be more complex.

如果你想想其中的原因，你會發現 CSG 產品往往更複雜。

They have a longer bill of materials.

他們的物料清單更長。

And so there are more parts and components that go into building those instruments on average.

因此，平均而言，建造這些儀器需要更多的零件。

And so that, just by its nature, increases the risk and the challenges that we have to fulfill that supply chain.

因此，就其本質而言，這增加了我們必須履行該供應鏈的風險和挑戰。

I think it's also true on average that the CSG products tend to be at the higher end of the technology spectrum.

我認為，平均而言，CSG 產品往往處於技術範圍的高端，這也是事實。

And so there are fewer suppliers for those cutting-edge technology products than for a little bit more of the mainstream products that exist within EISG.

因此，與 EISG 中存在的主流產品相比，這些尖端技術產品的供應商要少一些。

I think if you think about the impact to supply chain, I'd maybe lump COVID and supply chain together because we've really seen this phenomenon over the last couple of years.

我認為，如果你考慮對供應鏈的影響，我可能會把新冠疫情和供應鏈放在一起，因為我們在過去幾年確實看到了這種現象。

And if you're starting to think about how to quantify those impacts, I'd really kind of focus your attention, not on any one quarter, over time, you're looking at the full fiscal years, as an example, at our order rates, right?

如果你開始考慮如何量化這些影響，我真的會把你的注意力集中在任何一個季度，隨著時間的推移，你會看到整個財政年度，例如，在我們的訂單率，對嗎？

If you look at our history prior to 2020, we have done a pretty good job of converting our orders to revenue.

如果你看看我們 2020 年之前的歷史，我們在將訂單轉化為收入方面做得非常好。

There's typically a little bit of a lag, a certain percentage of each quarter's order ship within the quarter, another portion shift out into the following quarters.

通常會有一點滯後，每個季度的一定比例的訂單在本季度內發貨，另一部分則轉移到下一個季度。

But over the past couple of years in 2020 because of COVID and into 2021 because of supply chain, we have seen that delta between orders and revenue grow.

但在過去幾年中，從 2020 年新冠疫情的影響到 2021 年供應鏈的影響，我們看到訂單和收入之間的增量正在增加。

And so I think we estimate, if you think about it in terms of kind of an abnormal backlog build, that abnormal backlog build over the last couple of years is in the $300 million to $400 million range.

因此，我認為我們估計，如果您從異常積壓的情況來看，過去幾年的異常積壓在 3 億至 4 億美元的範圍內。

And so I think that's the opportunity for us as we look forward to eventually clear that backlog once the supply chain situation fixes itself.

因此，我認為這對我們來說是一個機會，因為我們期待一旦供應鏈情況自行修復，最終清除積壓的訂單。

I don't expect that we'll flex that in a quarter or 2. I think it will happen over time because the kind of the remedies of the supply chain are going to happen over time as well.

我預計我們不會在一兩個季度內改變這一點。

But that's the rough magnitude of what the impact has been here over a couple of year period of time.

但這是幾年來影響的粗略程度。

That's really helpful color.

這真是有用的顏色。

And then, Ron, over the last several years, we, on this side of the world, have been trying to compare and contrast sort of the 5G rollout with the 4G rollout relative to your business.

然後，羅恩，在過去的幾年裡，我們，在世界的這一邊，一直在嘗試將 5G 的部署與 4G 的部署與您的業務進行比較和對比。

And I guess what I was hoping to do is get a little bit more color about the software strategy you're deploying this time around, which seems like an incremental driver.

我想我希望做的是對您這次部署的軟體策略有更多的了解，這看起來像是一個增量驅動程式。

I'm just kind of curious, can you size the potential TAM opportunity that gives you, especially as the network moors from just being a backbone for handsets and mobile to actually being a backbone for a lot of new incremental applications.

我只是有點好奇，您能否評估一下為您提供的潛在 TAM 機會，特別是當網路從僅僅作為手機和行動裝置的骨幹網路轉變為實際上成為許多新的增量應用程式的骨幹網路時。

And to the extent that software and services is 1/3 of the business now, sort of how do we think about that over like the next 3 to 5 years?

既然軟體和服務現在佔業務的 1/3，那麼我們該如何看待未來 3 到 5 年的情況？

Well, thanks, John.

嗯，謝謝，約翰。

It's very, very clear that software and services continues to be a bigger and bigger percentage of our total business as we move from a hardware product supplier to a software-centric solution provider, and the solutions obviously include hardware, software and services.

非常非常清楚的是，隨著我們從硬體產品供應商轉變為以軟體為中心的解決方案提供商，軟體和服務在我們總業務中所佔的比例越來越大，而解決方案顯然包括硬體、軟體和服務。

And we've seen great growth, obviously, in our software and our services, and they've outpaced the hardware growth.

顯然，我們的軟體和服務有了巨大的成長，而且它們的成長速度超過了硬體的成長。

Looking overall at 5G versus 4G, we made the decision in 2013, we announced that Agilent were going to spin off Keysight in 2013, which we eventually did in November of 2014.

整體來看 5G 與 4G，我們在 2013 年做出了決定，我們宣布安捷倫將在 2013 年剝離是德科技，我們最終在 2014 年 11 月這麼做了。

But in 2013, I started working with the team that was developing to invest in 5G and make sure that we were going to be leaders.

但在 2013 年，我開始與正在開發的團隊合作，投資 5G，並確保我們成為領導者。

In 4G, we were providing a little bit more of, let's say, cash contribution to Agilent where we were not investing as heavily in the communications rollout of 4G by a substantial amount.

在 4G 領域，我們向安捷倫提供了更多的現金捐助，但我們並沒有在 4G 通訊的推廣上投入大量資金。

So we invested earlier.

所以我們投資得更早。

We invested a greater amount as now we're roughly at 16% R&D where we used to be at approximately 12% of R&D.

我們投入了更多資金，現在研發費用約為 16%，而以前約為研發費用的 12%。

And we've gone from roughly $400 million to roughly $800 million in R&D spend over this period of time.

在此期間，我們的研發支出從約 4 億美元增加到約 8 億美元。

But software is a key part.

但軟體是關鍵部分。

What we did was we consolidated our hardware development facilities into one organization as opposed to in separate divisions.

我們所做的是將我們的硬體開發設施整合到一個組織中，而不是單獨的部門。

And accordingly, that enabled us to basically provide software that could span the whole product offering.

因此，這使我們基本上能夠提供可以涵蓋整個產品系列的軟體。

And we made an acquisition for instance of a company called Anite, which gave us software capability.

例如，我們收購了一家名為 Anite 的公司，這為我們提供了軟體能力。

They had some capability in 4G.

他們在4G方面有一定的能力。

We moved them over to 5G.

我們將它們轉移到 5G。

And all this together, investing more, starting earlier, having a consistent R&D and investment profile has really gave us the lead and caused us to be a much, much stronger provider, and I believe the leading provider, for 5G.

所有這些加在一起，加大投資，更早開始，擁有一致的研發和投資狀況，確實讓我們處於領先地位，並使我們成為一家更強大的供應商，我相信是 5G 的領先供應商。

5G is still growing, and we anticipate it growing for years.

5G 仍在成長，我們預計它將持續成長數年。

I'm going to turn it over to Satish who could tell you a little bit more about our results and our growth in not only 2021 but what he sees going forward.

我將把它交給 Satish，他可以告訴您更多關於我們的業績和成長的信息，不僅是 2021 年，還有他對未來的展望。

Thank you, Ron.

謝謝你，羅恩。

Great question.

很好的問題。

I think at the summary, we've had another record quarter for 5G.

我認為總結一下，我們的 5G 季度又創下了紀錄。

And the drivers are scaling deployments but, equally important, is the new application space.

驅動因素是擴展部署，但同樣重要的是新的應用程式空間。

And I think we outplayed that as a strategy.

我認為我們在戰略上勝過了這一點。

We had to continue the progression from physical to protocol to application, and this application area is very rich, right?

我們要繼續從物理到協議再到應用，這個應用領域非常豐富，對吧？

As I look forward, some of these application spaces have software as a percentage of the total value proposition in the 30%, 40%, 50% range and one we pursue very actively.

正如我所期待的，其中一些應用程式空間的軟體佔總價值主張的百分比在 30%、40%、50% 範圍內，這是我們非常積極追求的。

I'll just make a few examples of these, right?

我就舉幾個例子吧？

So you can think of on the 5G side, O-RAN being a great example of that; on the wireline side, the protocols with 400-gig, 800-gig getting more complex; you look at new emerging spaces like SD-WAN, SASE and MACsec and the security domain.

所以你可以認為在 5G 方面，O-RAN 就是一個很好的例子；在有線方面，400G、800G的協議變得更加複雜；您將關注 SD-WAN、SASE 和 MACsec 等新興空間以及安全領域。

So you look at the commercial comms portfolio, it's very rich in applications that really favor our strategy of being more software-centric and one we're investing to pursue and we're generating strong results.

因此，您看看商業通訊產品組合，它的應用程式非常豐富，這些應用程式確實有利於我們更加以軟體為中心的策略，也是我們投資追求的策略，並且我們正在產生強勁的成果。

We are ready for the next question from Jim Suva of Citibank.

我們準備好回答花旗銀行吉姆·蘇瓦的下一個問題。

I had a thought about your vertical integration.

我對你們的垂直整​​合有個想法。

You're a lot more vertically integrated than the other companies.

與其他公司相比，你們的垂直整​​合程度更高。

Has that materially benefited you during the supply chain bottlenecks?

在供應鏈瓶頸期間，這是否為您帶來了實質的好處？

Are there like little things, whether it be plastics or connector or housing, that held you back just as much as the other?

是否有類似的小東西，無論是塑膠、連接器還是外殼，都會像其他東西一樣阻礙您的前進？

And I'm just trying to think about does this now cause you to even want to be a little bit more vertically integrated?

我只是想想一下，這是否會導致您想要更加垂直整合？

Or are you at the sweet spot of your vertical integration?

或者您正處於垂直整合的最佳位置嗎？

Sure, Jim.

當然，吉姆。

The first thing that's probably really important to note is that our differentiating technologies that have given us the leadership position outside of the software that we have developed is semiconductors that have very particular high-performance capabilities.

首先要注意的是，我們的差異化技術使我們在所開發的軟體之外處於領先地位，這些技術是具有非常特殊的高效能功能的半導體。

And as you know, we have an on-site fab that exists in Santa Rosa, and that fab makes gallium arsenide and indium phosphide semiconductors.

如您所知，我們在聖羅莎有一家現場工廠，該工廠生產砷化鎵和磷化銦半導體。

So a lot of people are having trouble now getting more custom components built, and we build a lot of those custom components in-house.

因此，現在很多人在建立更多自訂元件時遇到了困難，而我們在內部建立了許多自訂元件。

So that has definitely helped us.

所以這絕對對我們有幫助。

Now again, if you don't have all the parts, you can't ship anything.

現在再說一遍，如果您沒有所有零件，則無法運送任何東西。

And we are in relatively good shape compared to other competitors, but there's no doubt that we have to make sure that we get all the components that are needed in order to ship the product.

與其他競爭對手相比，我們的狀況相對較好，但毫無疑問，我們必須確保獲得交付產品所需的所有組件。

We always will look for opportunities to integrate provided that it makes financial sense.

只要具有經濟意義，我們總是會尋找整合的機會。

We feel very good about what we have in-house right now.

我們對現在的內在條件感到非常滿意。

It's not so much the plastic pieces and things like that.

與其說是塑膠件之類的東西。

There are obviously not only components but there is the whole logistical shipping issues that the whole world is going through.

顯然，不僅有零件，還有全世界正在經歷的整個物流運輸問題。

So we are impacted a little bit less than others.

所以我們受到的影響比其他人小。

And I think the overall organization has done a real good job of being able to deliver during these very challenging times.

我認為整個組織做得非常好，能夠在這些充滿挑戰的時期交付成果。

Congratulations to you and your team at Keysight.

恭喜您和您在是德科技的團隊。

Thank you, Jim.

謝謝你，吉姆。

And then the next question goes to Mark Delaney from Goldman Sachs.

下一個問題是來自高盛的馬克·德萊尼。

Some of the defense primes have spoken to slowing Department of Defense budget outlays, and I appreciate that Keysight reported broad-based order strength.

一些國防總理談到了國防部預算支出的放緩，我對是德科技報告的廣泛訂單實力表示讚賞。

But I was hoping you could talk a little bit more on what you're seeing in your ADG segment and if you are experiencing any slower end market trends, even if in certain portions of that business segment.

但我希望您能多談談您在 ADG 細分市場中看到的情況，以及您是否正在經歷任何較慢的終端市場趨勢，即使是在該業務細分市場的某些部分。

Yes.

是的。

So again, a pretty strong quarter for aerospace defense orders growing double digits, finishing off a year with double-digit growth.

同樣，航空航天國防訂單在一個相當強勁的季度增長了兩位數，以兩位數的增長結束了這一年。

If you look at what drove that growth, it's recovery in the macro environment globally, stimulus spend, especially towards technology that continues to increase, both in the U.S. and internationally and one we're capturing.

如果你看看推動這一成長的因素，你會發現全球宏觀環境的復甦、刺激支出，特別是在美國和國際上持續成長的技術支出，以及我們正在抓住的技術支出。

We also took some concerted steps last year or 2 years ago, in fact, to take our 5G technology stack and customize it for aerospace defense applications.

事實上，我們去年或兩年前也採取了一些協調一致的步驟，採用我們的 5G 技術堆疊並將其客製化用於航空航天國防應用。

And as you've probably seen, our collaboration with Lockheed Martin that we announced, so we're very pleased with the progression that we're making with commercial technologies that are getting adopted.

正如您可能已經看到的，我們宣布了與洛克希德馬丁公司的合作，因此我們對正在採用的商業技術所取得的進展感到非常滿意。

So all of these are pretty favorable.

所以所有這些都是相當有利的。

We are observing that right now, we are under continuing resolution from a budget perspective in the U.S. But if you look at the budget that has been put in place or that has been proposed, and if it's approved, it does call for a year-over-year increase and also increased spend in technology, our RDT&E line item, which we view as a favorable dynamic.

我們觀察到，目前，我們正在從美國的預算角度繼續解決問題。我們的RDT&E 項目，我們認為這是一個有利的動態。

Peripherally, the Infrastructure Bill that is getting through the Congress has some sustained spend outlays for EV and broadband and semiconductor, which we also think is favorable for us.

此外，國會正在通過的基礎設施法案對電動車、寬頻和半導體有一些持續的支出支出，我們也認為這對我們有利。

That's really helpful color.

這真是有用的顏色。

And my follow-up question was on the supply chain and if you could talk in a bit more depth around what is leading to your comments of potential alleviation in the second half of this coming fiscal year.

我的後續問題是關於供應鏈的，您是否可以更深入地談談是什麼導致您對本財年下半年可能出現的緩解發表評論。

Yes.

是的。

I mean the supply chain situation is very dynamic, I guess, I would start by saying that.

我的意思是，供應鏈的情況是非常動態的，我想，我首先要這麼說。

And we have very close relationships with our key suppliers and are in constant dialogue with them during this period of time to make sure that we are procuring the parts that are necessary to meet the needs of our customers.

我們與主要供應商有著非常密切的關係，並在此期間與他們不斷對話，以確保我們採購滿足客戶需求所需的零件。

I think our confidence and our guide reflects the start of a recovery in the supply chain situation in the back half, and that stems from direct indications that we've got from key suppliers within our supply chain environment.

我認為我們的信心和指南反映了下半年供應鏈情況開始復甦，這源於我們從供應鏈環境中的主要供應商那裡得到的直接跡象。

Okay.

好的。

Great.

偉大的。

Thanks for that, Mark.

謝謝你，馬克。

We'll move over to Tim Long from Barclays.

我們將從巴克萊銀行轉到蒂姆·朗。

Two, if I could.

兩個，如果可以的話。

Maybe on the wireless side, could you talk a little bit about kind of the impact of C-band and current views on millimeter wave?

也許在無線方面，您能談談 C 頻段的影響以及目前對毫米波的看法嗎？

And particularly with the C-band, any impacts from these potential delays with the FAA, et cetera?

特別是對於 C 頻段，FAA 等方面的這些潛在延遲有何影響？

And then secondly, maybe, Neil, could you just kind of update us -- obviously, it'd been a great period of margin expansion.

其次，尼爾，也許你能告訴我們最新情況嗎？

Can you talk a little bit, give us an updated view on kind of leverage and incremental margin growth and operating from these levels?

您能否稍微談談，給我們提供有關槓桿類型和增量利潤增長以及在這些水平上運營的最新觀點？

I'll make a few comments on 5G.

我就5G談幾點看法。

As we stated before, the continuing deployments that are going on, especially in the low frequency bands across the world, we view it as a favorable dynamic, specifically the C-band auction was a near-term catalyst.

正如我們之前所說，正在進行的持續部署，特別是在世界各地的低頻段，我們認為這是一個有利的動態，特別是 C 頻段拍賣是近期的催化劑。

And we've had some strong results, as I mentioned, strong double-digit growth in 5G this quarter, capping off a double-digit growth in 5G for the full fiscal year.

正如我所提到的，我們取得了一些強勁的業績，本季 5G 實現了兩位數的強勁增長，從而使整個財年 5G 實現了兩位數的增長。

And a big part of that was driven by the C-band auction and the related investments that are going on in the Americas.

其中很大一部分是由 C 頻段拍賣和美洲正在進行的相關投資所推動的。

Our Americas business grew the strongest in our 5G from a regional perspective, and we also saw our FR1, our low frequency business, double year-over-year.

從區域角度來看，我們的美洲業務在 5G 領域成長最為強勁，我們的低頻業務 FR1 也比去年同期成長了一倍。

So very strong results, all the while when our millimeter wave business has been pretty stable this year.

今年我們的毫米波業務一直相當穩定，因此取得了非常強勁的業績。

And as we have mentioned before, in the medium term, we're expecting that the millimeter wave adoption continues to rise in a very steady manner and we're watching for the Beijing Olympics use cases to emerge from the success of the Beijing Olympics that we expect to occur next year.

正如我們之前提到的，從中期來看，我們預計毫米波的採用率將繼續以非常穩定的方式增長，並且我們正在關注北京奧運會的成功使用案例我們預計會在明年發生。

Yes.

是的。

And Tim, to your second question, yes, we've obviously had a great run here in terms of margin expansion since the birth of Keysight, adding 800 basis points approximately to gross margins, about 1,000 basis points to operating margins.

提姆，關於你的第二個問題，是的，自是德科技誕生以來，我們在利潤率擴張方面顯然取得了巨大的進展，毛利率增加了約800 個基點，營業利潤率增加了約1,000個基點。

And I think the key point is that as we look forward over the longer term, we continue to see opportunities for further expansion of margins within the Keysight portfolio.

我認為關鍵的一點是，從長遠來看，我們繼續看到是德科技產品組合中進一步擴大利潤率的機會。

I think as we look to next year, it's a really dynamic time, obviously, with supply chain pressures putting a little bit of a governor on revenue.

我認為，當我們展望明年時，顯然，這是一個充滿活力的時期，供應鏈壓力對收入產生了一定的影響。

At the same time, we've got inflationary pressures across the broader economy.

同時，整個經濟都面臨通膨壓力。

And then the other thing that we're looking to that's a little bit of a cost up within next year is, hopefully, a return to kind of a post-COVID or a pre-COVID normal in terms of our general operating environment.

然後，我們希望在明年內增加一點成本的另一件事是，希望我們的整體營運環境能夠恢復到新冠疫情後或新冠疫情前的正常狀態。

And that includes the costs associated with the facilities management as we return to the office, increased travel as people get back out and start seeing customers and conducting more business in person rather than over Zoom.

這包括我們返回辦公室時與設施管理相關的成本、人們返回辦公室並開始會見客戶時增加的差旅費用以及親自而不是透過 Zoom 開展更多業務的成本。

And maybe the last point being that we invested in R&D this year, just under 16% of revenue.

也許最後一點是我們今年對研發的投資，略低於營收的 16%。

I think we continue to see great opportunities to invest in technology and bring new solutions into the marketplace.

我認為我們繼續看到投資技術並將新解決方案引入市場的巨大機會。

I think you're likely to see R&D tick upward next year in the kind of mid-16% range.

我認為明年研發活動可能會上漲 16% 左右。

So from those perspectives, I think FY '22 may be a bit of a catch-up year.

因此，從這些角度來看，我認為 22 財年可能是追趕的一年。

But over the longer term, a lot of opportunity as we expand our software portfolio, expand our solutions portfolio, continue to work with customers and provide them with first-to-market solutions to continue to drive both gross and operating margins northward.

但從長遠來看，隨著我們擴展軟體產品組合、解決方案組合、繼續與客戶合作並為他們提供率先上市的解決方案，我們將獲得很多機會，從而繼續推動毛利率和營業利潤率向北提升。

And the next question comes from Matt Niknam of Deutsche Bank.

下一個問題來自德意志銀行的馬特·尼克南。

This is Nick on for Matthew.

這是尼克替馬修發言。

Congrats on the quarter.

恭喜本季。

So just first, I wanted to talk about CapEx that you had kind of like guided picking up next year.

首先，我想談談資本支出，你們明年會進行引導性的投資。

I just wanted to know what's driving that uplift and whether that should carry on into future years.

我只是想知道是什麼推動了這種成長，以及這種成長是否會持續到未來幾年。

Is that sustainable?

這是可持續的嗎？

Or is there a specific project that's going on?

或有正在進行的具體項目嗎？

And I have a follow-up.

我有一個後續行動。

Yes.

是的。

It's a great question, Nick.

這是一個很好的問題，尼克。

So we talked about in this recently completed fiscal year that we expected a couple of years of elevated CapEx as a result of some efforts to improve the resiliency of our supply chain.

因此，我們在最近完成的財年中談到，由於我們為提高供應鏈的彈性所做的一些努力，我們預計未來幾年的資本支出將會增加。

And that, in fact, did pan out with CapEx of approximately $175 million this year.

事實上，今年的資本支出確實達到了約 1.75 億美元。

I think in addition to continuing those investments, we see incremental investments that are necessary as we continue to expand our own capacity and invest in key technologies to drive the future growth of our business.

我認為，除了繼續這些投資之外，我們還認為，隨著我們繼續擴大自身產能並投資關鍵技術以推動我們業務的未來成長，增量投資是必要的。

So I think those are additive.

所以我認為這些都是附加的。

Given everything that's happening across the economic sphere today, there is, relative to what we were seeing this time last year, an increased need to spend money on capacity investments here within Keysight.

鑑於當今經濟領域發生的一切，相對於我們去年這個時候所看到的情況，是德科技內部對產能投資的需求增加了。

And so I do not believe that the approximately $250 million of CapEx that we've communicated for next year is the new steady state.

因此，我不認為我們所傳達的明年約 2.5 億美元的資本支出是新的穩定狀態。

That is not the case.

事實並非如此。

That steady state is significantly lower, a little bit difficult to call at this point, but materially lower than the $250 million that we're indicating for FY '22.

這種穩定狀態明顯較低，目前有點難以預測，但大大低於我們為 22 財年預測的 2.5 億美元。

Okay.

好的。

That makes sense.

這就說得通了。

And then just a quick follow-up on the competitive environment.

然後快速跟進競爭環境。

I mean there are a few puts and takes that I'm just thinking about, and I was wondering you could provide some color.

我的意思是，我只是在考慮一些看點和看點，我想知道你能否提供一些顏色。

On the one hand, a lot of competitors are having a harder time sending out shipments.

一方面，許多競爭對手的出貨變得更加困難。

Does that create a positive pricing environment?

這是否會創造一個正面的定價環境？

And then a slightly different angle, one of your competitors recently made some EV acquisitions, just how you think about EISG from the competitive landscape going forward.

然後從一個稍微不同的角度來看，您的競爭對手最近進行了一些電動車收購，這就是您如何從未來的競爭格局中看待 EISG。

Yes.

是的。

Very strong performance in our EISG business.

我們的 EISG 業務表現非常強大。

Again, strength, as I mentioned, in the semiconductor where new wafer starts are really enabling us to continue to drive growth there, a very strong year, again, building off of a strong double-digit year last year in semiconductor as well.

正如我所提到的，半導體領域的實力確實使我們能夠繼續推動該領域的成長，這是非常強勁的一年，也是在去年半導體領域強勁的兩位數成長的基礎上建立的。

So when I think about what we're doing there, we're definitely taking share and we are continuing to invest to keep that portfolio growing and capitalizing on the environment we see with semiconductor.

因此，當我想到我們在那裡所做的事情時，我們肯定會獲得份額，並且我們將繼續投資以保持投資組合的成長並利用我們在半導體領域看到的環境。

With regard to automotive, it's been a newer market entry for us, relatively speaking.

相對而言，汽車產業對我們來說是一個較新的市場進入點。

We started this in spin.

我們從旋轉開始。

We're very pleased with the results we're seeing so far.

我們對迄今為止所看到的結果感到非常滿意。

And if you look at this fiscal year, we've had some wins in the manufacturing expansions that have happened in the EV sector.

如果你看看本財年，我們在電動車領域的製造擴張方面取得了一些勝利。

And as we shore up our contributions in the AV market, we've announced a partnership with NIO, as an example, of what we're doing by extending our 5G technology stack in C-V2X.

在我們加強對自動駕駛市場的貢獻時，我們宣布與蔚來汽車建立合作夥伴關係，舉例說明我們正在透過擴展 C-V2X 中的 5G 技術堆疊來開展工作。

In summary, all in all, you look at our entire portfolio for automotive, it is growing and it is much more comprehensive than any of our traditional competitors at this point and we are continuing to invest in growing that business.

總而言之，總而言之，您看看我們的整個汽車產品組合，它正在成長，並且比我們目前的任何傳統競爭對手都更加全面，我們將繼續投資於發展該業務。

So overall, pleased with where we find ourselves with the EISG business.

總的來說，我們對 EISG 業務的進展感到滿意。

And your second question, which was with competitors having a little tougher time on shipments, are we going ahead and taking advantage of that for pricing, the answer is no.

你的第二個問題是，競爭對手在出貨方面遇到了一些困難，我們是否會繼續利用這一點來定價，答案是否定的。

We're in this for the long haul with customers.

我們致力於與客戶長期合作。

We've been, back from the original Hewlett-Packard days, over 80 years working with customers.

從最初的惠普時代起，我們已經與客戶合作了 80 多年。

And we're not taking advantage of them.

我們並沒有利用它們。

Where costs are up in certain areas for shipments and others, we will do price increases, but not because of any competitive position or hard ability for our customers to get products from competitors.

如果某些地區的運輸成本和其他地區的成本上漲，我們將提高價格，但不是因為我們的客戶有任何競爭地位或從競爭對手那裡獲得產品的硬能力。

Next question comes from the line of Chris Snyder of UBS.

下一個問題來自瑞銀集團的克里斯·史奈德。

The company in the past has talked to industry growth in the 3% to 5% range with expectations for about 100 to 200 bps of outgrowth for Keysight, above the industry.

該公司過去曾表示產業成長率為 3% 至 5%，預計是德科技的成長率約為 100 至 200 個基點，高於產業水準。

But when we look at it over the last 4 years now, the company has been growing about 10% organically per annum.

但當我們回顧過去 4 年時，該公司的有機年增長率約為 10%。

I guess my question is, is this level of growth more so driven by just much stronger industry growth over the last 4 years or just better Keysight outgrowth or a combination of both?

我想我的問題是，這種成長水準更多是由過去 4 年更強勁的產業成長所推動的，還是只是更好的是德科技的成長，還是兩者的結合？

Can you just kind of help us unpack how we kind of bridge that gap?

您能幫助我們了解如何彌補這一差距嗎？

I'll make a couple of comments and then turn it over.

我會發表一些評論，然後將其翻轉。

I think it's a combination of 2. There's no doubt that we've seen more growth and more opportunity in 5G.

我認為這是 2 的結合。

But as we see the digitization of everything, the market is, there is no doubt, a great place to be.

但當我們看到一切都在數位化時，毫無疑問，市場是一個很好的地方。

And we have a very diversified portfolio.

我們擁有非常多元化的投資組合。

We're seeing growth in semiconductor.

我們看到半導體的成長。

We're seeing growth in Industry 4.0.

我們看到工業 4.0 的成長。

We're seeing growth all across our real stated growth initiatives and the markets that we've gone after.

我們看到我們實際制定的成長計劃和我們所追求的市場都在成長。

So there is no doubt we pick markets that are winning, and we have been growing faster than the market in general.

因此，毫無疑問，我們選擇了正在獲勝的市場，而且我們的成長速度一直快於整個市場。

And I think the execution of the team, the investment that we have and our strategy of providing customers with total solutions, is unmatched in the industry.

我認為團隊的執行力、我們的投資以及我們為客戶提供整體解決方案的策略在業界是無與倫比的。

Others are trying to mimic it to a certain extent, but I do believe with our outstanding sales force, sales support organization, our overall organization that provides hardware, software and, we'll call it, partnership with key market makers, it makes a huge difference on how successful we are.

其他人在某種程度上試圖模仿它，但我確實相信，憑藉我們出色的銷售團隊、銷售支援組織、提供硬體、軟體的整體組織，以及我們稱之為與主要市場製造商的合作夥伴關係，它使得我們的成功程度有巨大差異。

So I'll stop there, and Satish may want to make another comment.

所以我就到此為止，薩蒂什可能想發表另一條評論。

Yes, Ron, I think you're absolutely right.

是的，羅恩，我認為你完全正確。

With regard to what we see in the marketplace, it's this expanding ecosystem.

就我們在市場上看到的，這是一個不斷擴大的生態系統。

As we have expanded our portfolio from just products to offering total solutions to customers, we remain focused on the end markets that we've called out.

隨著我們將產品組合從單純的產品擴展到為客戶提供整體解決方案，我們仍然專注於我們所呼籲的終端市場。

Another angle to this, that Mark Wallace can add, is the customer adds that occurs as this expanding contribution that we're making.

馬克華萊士（Mark Wallace）可以補充的另一個角度是，客戶的添加是隨著我們正在做出的不斷擴大的貢獻而發生的。

Yes.

是的。

Thanks, Satish.

謝謝，薩蒂什。

Chris, to add to this, I think our go-to market, the investments we've made in sales and marketing and customer engagement is making a big difference.

克里斯，除此之外，我認為我們的市場定位、我們在銷售和行銷以及客戶參與方面所做的投資正在產生巨大的變化。

As you've heard, we had strong double-digit order growth across all regions and all end markets not just for Q4 but for the entire fiscal year.

正如您所聽說的，我們在所有地區和所有終端市場的訂單都實現了強勁的兩位數增長，不僅在第四季度，而且在整個財年都是如此。

So this is a very sustaining effect that we've had as we engage with the market leaders, implanting our solutions engineers to help innovate with customers.

因此，當我們與市場領導者合作、派遣我們的解決方案工程師來幫助客戶進行創新時，這是一個非常持久的影響。

Our largest customers have grown substantially.

我們最大的客戶大幅成長。

Our long tail of small and medium-sized business customers have grown.

我們的中小型企業客戶長尾不斷成長。

And as Ron has mentioned in the prepared statements, we continue to add new customers every quarter and every year, more than 2,000 were added during fiscal year '21, which creates sustaining opportunities for us going forward, diversifies our business.

正如Ron 在準備好的聲明中提到的那樣，我們每個季度和每年都會繼續增加新客戶，在21 財年期間增加了2,000 多個新客戶，這為我們未來的發展創造了持續的機會，使我們的業務多元化。

And then it's not just all about our direct channel, we have a very strong partnership or partner channel, with the indirect channel distribution sales helping us reach more than 30,000 customers per year.

這不僅是我們的直接管道，我們還擁有非常強大的合作夥伴或合作夥伴管道，間接通路分銷銷售幫助我們每年接觸超過 30,000 名客戶。

And we're seeing continued adoption and growth from our e-commerce channels as well.

我們也看到我們的電子商務管道的持續採用和成長。

So we have multiple ways to serve our customers and deliver these great solutions.

因此，我們有多種方式來服務客戶並提供這些出色的解決方案。

And I think that's a big part of it, too.

我認為這也是其中很重要的一部分。

I appreciate all of that color from everybody.

我很欣賞每個人的顏色。

I guess my follow-up would be, so in terms of the above-normal industry growth, how long can that last?

我想我的後續行動是，就超常的產業成長而言，這種情況能持續多久？

And is it reasonable to think that lasts until 5G peaks, which I believe is expected maybe in the '23 or '24 time frame?

認為這種情況會持續到 5G 高峰是否合理，我相信這可能會在 23 或 24 年的時間範圍內？

And then in addition to that, is there any reason why we should expect Keysight outgrowth over the market to compress back to the 100 or 200 bps kind of guided levels just given the R&D scale investment advantage the company has?

除此之外，考慮到是德科技擁有的研發規模投資優勢，我們是否有理由預期該公司的市場成長會壓縮回 100 或 200 個基點的指導水準？

If we were sitting at a total of, let's say, 60% market share or 70% market share, you may say that there's diminishing returns.

如果我們總共佔據 60% 或 70% 的市場份額，您可能會說收益遞減。

But when we look overall where we are, we're in the 25% to 30% range.

但當我們整體來看我們所處的位置時，我們處於 25% 到 30% 的範圍內。

We have a lot of headroom, and I believe it's going to go way past 5G.

我們有很大的發展空間，我相信它會遠遠超過 5G。

5G, whether you're talking '24 or whatever your perspective is on that, we're already investing in 6G.

5G，無論您是在談論「24」還是無論您對此有何看法，我們都已經在投資 6G。

We're investing in EV.

我們正在投資電動車。

We're investing in AV.

我們正在投資 AV。

And there are so many more opportunities that are being put right in front of us or that we see.

還有更多的機會擺在我們面前或我們看到。

We are aiming to go ahead and outgrow the market for many, many years.

我們的目標是繼續前進，並在許多年裡超越市場。

The only thing I would add to that is our ability to spend $800 million a year in R&D as a real differentiator in the marketplace and I think goes to at least to indicate what our ability to continue to outperform the broader market should be over time.

我唯一要補充的是，我們每年在研發上花費 8 億美元的能力，作為市場上真正的差異化因素，我認為這至少表明我們有能力隨著時間的推移繼續跑贏大盤。

Next question comes from the line of Rob Mason at Baird.

下一個問題來自貝爾德 (Baird) 的 Rob Mason。

Yes.

是的。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Yes, we can hear you, Rob.

是的，我們聽得到你的聲音，羅布。

Go ahead.

前進。

Okay.

好的。

I did have a clarification question just on the first quarter guidance.

我確實對第一季度的指導有一個澄清問題。

So I guess, Neil, maybe this is directed to you.

所以我想，尼爾，也許這是針對你的。

Is the assumption that margins would be down year-over-year within your guidance?

利潤率年減的假設是否在您的指導範圍內？

I'm not sure I totally caught your below-the-line guidance.

我不確定我是否完全理解了您的線下指導。

Yes.

是的。

All I said was relative to where we just finished Q4 -- we finished the year at 15.9% R&D investment, it was 1 point lower than that in the fourth quarter.

我所說的都是相對於我們剛完成的第四季而言的——我們全年的研發投資率為 15.9%，比第四季低了 1 個百分點。

And I think we look and see a tremendous amount of opportunity for us to invest via the R&D line to bring new technologies to market.

我認為我們看到並看到了透過研發線進行投資以將新技術推向市場的巨大機會。

So I think over the course of FY '22, you could expect us to return our R&D spend more into that mid-16% kind of a range, which will obviously have a little bit of a pressure on margins.

因此，我認為在 22 財年期間，您可以預期我們會將研發支出更多地返還到 16% 左右的範圍內，這顯然會對利潤率造成一些壓力。

The only other thing I would say is, in Q4, we did have a very favorable product mix within the quarter.

我唯一要說的是，在第四季度，我們確實在該季度內擁有非常有利的產品組合。

At least as we see Q1 taking shape, we expect mix on a sequential basis to be a little bit less favorable.

至少當我們看到第一季正在形成時，我們預計連續的混合情況會不太有利。

And then there are some normal items for Keysight that also typically impact Q1, most notably that we do company-wide salary administration in the first quarter.

然後，是德科技的一些正常專案通常也會影響第一季度，最值得注意的是，我們在第一季進行全公司範圍的薪資管理。

And given the inflationary environment that we're in, that is a larger-than-typical salary increase this Q1.

考慮到我們所處的通膨環境，第一季的薪資增幅高於典型。

And again, that's compared to Q4, which was a 31% operating margin.

再次與第四季相比，第四季營業利潤率為 31%。

That was a very, very high record.

那是一個非常非常高的記錄。

Right.

正確的。

Your expectation, within 10% type EPS growth, how would your assumptions around incentive compensation play out on a year-over-year basis?

您的預期是，在每股盈餘成長 10% 的情況下，您對激勵薪酬的假設與去年同期相比會如何？

Yes.

是的。

So obviously, there's 2 components to our incentive programs.

顯然，我們的激勵計劃有兩個組成部分。

There's the incentive programs for the broader employee base, which are driven based on the organic growth rate of the company as well as our operating margins.

有針對更廣泛員工基礎的激勵計劃，這些計劃是根據公司的自然成長率以及我們的營業利潤率所驅動的。

And so those would be the true drivers there.

所以這些才是真正的驅動力。

I think for the executive population's ability to grow EPS, and this is really cash compensation portion, its ability to grow EPS and grow the top line.

我認為高階主管增加每股收益的能力，這實際上是現金補償部分，是增加每股收益和增加收入的能力。

And over the longer term, our primary source of variable compensation is based on total shareholder return.

從長遠來看，我們可變薪酬的主要來源是基於股東總回報。

And so I think as we look forward to FY '22, we're seeing wages up significantly as a result of kind of the broader inflationary environment, and that's being offset by a decrease in the broader variable pay programs.

因此，我認為，當我們展望 22 財年時，我們會看到由於更廣泛的通膨環境，工資大幅上漲，而這被更廣泛的可變薪酬計劃的減少所抵消。

Okay.

好的。

Just a quick follow-up.

只是快速跟進。

With respect to your capital allocation plan, could you just give us an update on how you view the M&A pipeline, maybe where your focus would be at this point?

關於您的資本配置計劃，您能否向我們介紹一下您如何看待併購管道的最新情況，也許您目前的關注重點在哪裡？

Yes.

是的。

Absolutely, Ron?

當然可以，羅恩？

Yes.

是的。

Again, in our target markets, what we're looking to do is provide total solutions.

同樣，在我們的目標市場中，我們希望提供整體解決方案。

And there's no doubt if there are certain parts or components of a total solution that we need, that would be the first priority.

毫無疑問，我們需要整體解決方案中的某些部分或元件，這將是首要任務。

The second thing that we're doing is we're expanding into adjacent markets.

我們正在做的第二件事是向鄰近市場擴張。

As Satish had mentioned earlier, we started off in 5G or 4G, mostly on the physical layer, going ahead and providing solutions there.

正如薩蒂什之前提到的，我們從 5G 或 4G 開始，主要是在物理層，繼續前進並提供解決方案。

Then we moved up into the protocol layer.

然後我們進入協定層。

And now you can see we're in the application layer and security.

現在您可以看到我們處於應用程式層和安全性。

So we continue to look for adjacent opportunities also.

因此，我們也繼續尋找相鄰的機會。

That is what we're looking at.

這就是我們正在關注的。

We have a very robust funnel, but we also have very high hurdles.

我們有一個非常強大的漏斗，但我們也有很高的障礙。

So we have the ability to not only make the acquisitions that we need to make but also to return cash to the shareholders.

因此，我們不僅有能力進行所需的收購，而且有能力向股東返還現金。

And that's why we announced $1.2 billion share buyback program.

這就是我們宣布 12 億美元股票回購計畫的原因。

Thank you, Rob.

謝謝你，羅布。

Next question comes from the line of Adam Thalhimer of Thompson, Davis.

下一個問題來自戴維斯湯普森公司的 Adam Thalhimer。

Just a quick one on margins.

只是在邊緣上快速介紹一下。

I'm curious how you guys are thinking about operating margin improvement by segment.

我很好奇你們如何考慮以部門提高營業利潤率。

You had a great year at EISG.

您在 EISG 度過了美好的一年。

I just wonder if that creates a tough comp for you or if you can even build off of the '21 result.

我只是想知道這是否會為你帶來艱難的競爭，或者你是否可以在 21 年的結果基礎上繼續發展。

Yes.

是的。

Certainly, obviously, a very tough comp for EISG given the strong results not just within the quarter where they reached up into the upper 30s, 36%, but for the full year here.

當然，很明顯，對於 EISG 來說，這是一個非常艱難的競爭，因為不僅在季度內取得了強勁的業績（36%），而且在全年也取得了強勁的業績。

I think we have opportunities to increase margins across both segments.

我認為我們有機會提高這兩個領域的利潤率。

I think we have initiatives in place across both segments to increase software content, to increase solutions content and to increase the value added that we're bringing to customers.

我認為我們在這兩個領域都採取了措施來增加軟體內容、解決方案內容以及增加我們為客戶帶來的附加價值。

And so I think if you think about opportunities in EV, in IoT for EISG and, of course, in not just 5G but 6G and quantum and aerospace defense on the CSG side, there's ample market opportunity for us to continue to increase the value add that Keysight brings to our customers.

因此，我認為，如果你考慮電動車、EISG 物聯網以及 CSG 方面的 5G、6G 以及量子和航空航太國防領域的機會，我們有充足的市場機會繼續增加附加價值是德科技為我們的客戶帶來的。

And I think as we do that, that has a chance to be margin accretive across both groups.

我認為，當我們這樣做時，這兩個群體都有機會增加利潤。

Great.

偉大的。

Thanks, Adam.

謝謝，亞當。

So well, that concludes our question-and-answer session for today.

好了，今天的問答環節就到此結束。

I'd like to thank you all for joining us, and we look forward to speaking with many of you at the upcoming conferences.

我要感謝大家加入我們，我們期待在即將舉行的會議上與你們中的許多人交談。

So thanks, again, and have a great day.

再次感謝，祝您有美好的一天。

That concludes today's call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。