是德科技 (KEYS) 2020 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Keysight Technologies Fiscal Fourth Quarter 2020 Earnings Conference Call. My name is Chris, and I will be your lead operator today. (Operator Instructions) Please note that this call is being recorded today, Wednesday, November 18, 2020, at 1:30 p.m. Pacific Time.

女士們、先生們，美好的一天，歡迎參加是德科技 2020 年第四季財報電話會議。我叫克里斯，今天我將成為你們的首席接線生。 （操作員說明）請注意，本次通話將於今天（2020 年 11 月 18 日星期三）下午 1:30 進行錄音。太平洋時間。

I would now like to hand the conference over to Jason Kary, Vice President, Treasurer and Investor Relations. Please go ahead, Mr. Kary.

現在我想將會議交給財務主管和投資者關係副總裁傑森·卡里 (Jason Kary)。請繼續，卡里先生。

Thank you, and welcome, everyone, to Keysight's fourth quarter earnings conference call for fiscal year 2020. Joining me are Ron Nersesian, Keysight's Chairman, President and CEO; and Neil Dougherty, our CFO. Joining us in the Q&A session will be Satish Dhanasekaran, who was recently appointed our Chief Operating Officer; and Mark Wallace, Senior Vice President of Worldwide Sales.

感謝並歡迎大家參加是德科技 2020 財年第四季財報電話會議。和我們的財務長尼爾·多爾蒂。 Satish Dhanasekaran 將加入我們的問答環節，他最近被任命為我們的營運長；華萊士 (Mark Wallace)，全球銷售資深副總裁。

You can find the press release and information to supplement today's discussion on our website at investor.keysight.com. While there, please click on the link for quarterly reports under the Financial Information tab. There, you'll find an investor presentation along with Keysight's segment results. Following this conference call, we will post a copy of the prepared remarks to the website.

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。在那裡，請點擊「財務資訊」標籤下的季度報告連結。在那裡，您可以找到投資者演示以及是德科技的細分結果。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. We will also make references to core growth, which excludes the impact of currency movements and acquisitions or divestitures competition the last 12 months. You will find the most directly comparable GAAP financial metrics and reconciliations on our website.

羅恩和尼爾今天的評論將涉及非公認會計準則財務指標。我們還將參考核心成長，其中不包括過去 12 個月貨幣波動以及收購或剝離競爭的影響。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。

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

我們將在今天的電話會議上對公司的財務表現做出前瞻性陳述。這些聲明存在風險和不確定性，並且僅截至今日有效。公司不承擔更新它們的義務。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 virtual investor conferences in December hosted by Crédit Suisse, Wells Fargo, Barclays and Cowen.

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、巴克萊銀行和 Cowen 主辦的虛擬投資者會議。

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. Keysight delivered an outstanding quarter to finish our fiscal year, driven by strong execution and broad-based demand for our differentiated solutions. Despite COVID-related macro challenges, it was a record year for orders, gross margin, operating margin, earnings per share and free cash flow.

謝謝你，傑森，也謝謝大家加入我們。在強大的執行力和對我們差異化解決方案的廣泛需求的推動下，是德科技在本財年結束時表現出色。儘管面臨新冠疫情相關的宏觀挑戰，但今年的訂單、毛利率、營業利益率、每股盈餘和自由現金流仍創下歷史新高。

Today, I'll focus my comments on 3 key headlines. First, we delivered exceptional fourth quarter results, driven by strong execution as demand for Keysight's next-generation technology solutions continued and end market demand began to recover. Second, record profitability and cash flow again demonstrated the durability and strength of our financial operating model despite a challenging macroeconomic environment. And third, our long-term outlook for revenue and earnings growth is strong, and we haven't wavered from our pre-COVID long-term financial commitments and growth expectations announced in March of this year. The power of Keysight's Leadership Model and our execution this year underscore our ability to deliver on these commitments, which includes 4% to 6% long-term core revenue growth and achieving 26% to 27% sustainable annual operating margin by no later than fiscal year 2023.

今天，我將集中評論 3 個關鍵頭條新聞。首先，由於對是德科技下一代技術解決方案的需求持續增長以及終端市場需求開始復甦，我們在強勁的執行力的推動下取得了出色的第四季度業績。其次，儘管宏觀經濟環境充滿挑戰，但創紀錄的獲利能力和現金流再次證明了我們財務營運模式的持久性和實力。第三，我們對營收和獲利成長的長期前景強勁，我們沒有動搖今年 3 月宣布的新冠疫情前的長期財務承諾和成長預期。是德科技領導模型的力量和我們今年的執行力凸顯了我們兌現這些承諾的能力，其中包括4% 至6% 的長期核心收入增長，以及不遲於本財年實現26% 至27% 的可持續年度營運利潤率2023 年。

Now let's take a deeper look at the strength of our fourth quarter and fiscal year 2020 financial performance. In the fourth quarter, broad-based demand for Keysight Solutions drove strong results across the business as the economic recovery in certain sectors gained momentum. Record orders of $1.2 billion exceeded revenue and grew 3% year-over-year and 15% sequentially. We achieved fourth quarter revenue growth of 9% year-over-year with growth across all regions. Both the Communications and Electronic Industrial Solutions groups achieved record revenue in the quarter. The resilience of our financial operating model resulted in an all-time high profitability in cash flow. In Q4, we delivered gross margin of 66% and operating margin of 29%, and earnings of $1.62 per share and free cash flow of $308 million. For the year, and despite COVID-related macro challenges and supply chain disruption, orders grew to $4.5 billion, an all-time high for Keysight.

現在讓我們更深入地了解我們第四季和 2020 財年的財務表現。第四季度，隨著某些產業的經濟復甦勢頭增強，對是德科技解決方案的廣泛需求帶動了整個業務的強勁業績。創紀錄的 12 億美元訂單超過了收入，年增 3%，環比增長 15%。我們第四季營收年增 9%，所有地區均實現成長。通訊和電子工業解決方案部門在本季度均實現了創紀錄的收入。我們的財務營運模式的彈性導致了現金流的歷史最高獲利能力。第四季度，我們的毛利率為 66%，營業利潤率為 29%，每股收益為 1.62 美元，自由現金流為 3.08 億美元。今年，儘管面臨與新冠疫情相關的宏觀挑戰和供應鏈中斷，但訂單仍成長至 45 億美元，創是德科技歷史新高。

As you recall, in Q2, we responded to government directors to limit the spread of coronavirus and close the majority of our offices worldwide, including our order fulfillment and manufacturing operations. We then ramped back up our production capacity in Q3. Despite the significant disruption, full year revenue of $4.2 billion declined only 2% year-over-year. Even in a difficult operating environment, we continue to deliver on our margin expansion commitment. Both gross margin and operating margin improved by over 100 basis points, generating a record $4.85 per share in earnings in fiscal year 2020.

您還記得，在第二季度，我們向政府主管做出了回應，要求限制冠狀病毒的傳播，並關閉我們在全球的大部分辦事處，包括我們的訂單履行和製造業務。然後我們在第三季恢復了產能。儘管受到嚴重干擾，全年收入 42 億美元，年比僅下降 2%。即使在困難的經營環境中，我們仍繼續履行利潤擴張的承諾。毛利率和營業利潤率均提高了 100 個基點以上，2020 財年每股收益創歷史新高 4.85 美元。

Turning to our markets. The Communications Solutions Group record quarterly revenue was driven by growth across the aerospace, defense and government and commercial communications. Aerospace, defense and government revenue increased 13% year-over-year in Q4, driven by strength in the Americas and Asia, as defense modernization continues to drive investments in technology with a focus on electromagnetic spectrum operations, space and new commercial technologies like 5G.

轉向我們的市場。通訊解決方案集團創紀錄的季度收入是由航空航太、國防以及政府和商業通訊領域的成長所推動的。在美洲和亞洲實力的推動下，第四季航空航太、國防和政府收入年增 13%，國防現代化繼續推動技術投資，重點關注電磁頻譜運營、太空和 5G 等新商業技術。

In commercial communications, 5G technology is scaling and drove strong demand across the design life cycle from development to deployment. Keysight has the industry's most comprehensive range of 5G design and test solutions, enabling the global build-out of networks and devices. 5G has been a strong growth driver for us for over the past 3 years, and we continue to see new use cases and ongoing innovation as the ecosystem scales and adapts to a new technology. A recent example of our 5G solutions approach includes collaboration on O-RAN with many industry leaders.

在商業通訊領域，5G 技術正在不斷擴展，並推動了從開發到部署的整個設計生命週期的強勁需求。是德科技擁有業界最全面的 5G 設計和測試解決方案，支援全球網路和設備建置。過去 3 年，5G 一直是我們強勁的成長動力，隨著生態系統不斷擴展並適應新技術，我們不斷看到新的用例和持續的創新。我們 5G 解決方案方法的最新範例包括與許多行業領導者在 O-RAN 上的合作。

Investment continues across the commercial communications market spanning wireless and wired technologies in data centers and also in the cloud. This quarter, we announced a new high-performance PXi, a modular 5G base station solution. It is enabling network equipment manufacturers and small cell vendors to accelerate their time to market. This solution also incorporates enhancements from our PathWave software platform that help automate some of the current workflow limitation.

整個商業通訊市場的投資仍在繼續，涵蓋資料中心和雲端中的無線和有線技術。本季度，我們推出了新型高效能 PXi，這是一個模組化 5G 基地台解決方案。它使網路設備製造商和小型基地台供應商能夠加快產品上市時間。該解決方案還整合了 PathWave 軟體平台的增強功能，有助於自動解決目前的一些工作流程限制。

Within the Electronic Industrial Solutions Group, orders and revenue for our broad portfolio of general electronic solutions both grew double digit, driven by gradual economic recovery across most regions and improvement in the education market. Demand for our semiconductor measurement solutions was again strong this quarter as investment in next-generation process technologies continued.

在電子工業解決方案集團內，受大多數地區經濟逐步復甦和教育市場改善的推動，我們廣泛的通用電子解決方案組合的訂單和收入均實現兩位數增長。隨著對下一代製程技術的持續投資，本季對我們半導體測量解決方案的需求再次強勁。

In automotive, while macro-driven weakness continues to weigh on the sector, strategic investment in the advanced automotive technology is a market priority. We saw an improvement from last quarter as orders grew double digits sequentially across all regions. Our Scienlab electric vehicle test solutions are expanding in Asia and Europe, where government mandates are driving the electrification of vehicles. We continue to add to our solutions portfolio, impressing challenges in the development of advanced driver assistance systems, or ADAS, and ensuring compliance to important standards. In Q4, we introduced a new radar target simulator for ADAS being developed to enable autonomous driving as well as a new solution for testing automotive ethernet standards compliance for in-vehicle networks. We also recently announced collaborations with SGS and Qualcomm to advance testing of cellular vehicle to everything or C-V2X technology.

在汽車領域，雖然宏觀驅動的疲軟繼續對該行業造成壓力，但對先進汽車技術的策略性投資是市場的首要任務。我們看到較上季度有所改善，所有地區的訂單連續成長兩位數。我們的 Scienlab 電動車測試解決方案正在亞洲和歐洲擴展，這些地區的政府指令正在推動汽車的電氣化。我們不斷豐富我們的解決方案組合，應對高級駕駛輔助系統 (ADAS) 開發的挑戰，並確保符合重要標準。在第四季度，我們推出了一款用於ADAS 的新型雷達目標模擬器，該模擬器正在開發中，以實現自動駕駛，以及用於測試車載網路的汽車乙太網路標準合規性的新解決方案。我們最近也宣布與 SGS 和高通合作，以推進蜂窩車輛對一切或 C-V2X 技術的測試。

Turning to software and services. Combined, they were 1/3 of total Keysight revenue for this year after another quarter of solid growth. In addition, recurring revenue increased from 18% of total in FY '19 to 21% in FY '20. On an annualized basis, recurring revenue grew high-teens over last year. Software and services are important elements of our solution-centric strategy and differentiation and further strengthen the durability of our business model. In Q4, we launched new and enhanced solutions to tap the power of cloud-based processing and advanced analytics to speed design simulation, validation and manufacturing test. These include several new PathWave software solutions targeting advanced design, compliance test, automation and measurement and manufacturing analytics.

轉向軟體和服務。在又一個季度穩定成長之後，它們合計佔德科技今年總收入的 1/3。此外，經常性收入從 19 財年佔總營收的 18% 增至 20 財年的 21%。以年化計算，經常性收入比去年增加了兩位數。軟體和服務是我們以解決方案為中心的策略和差異化的重要組成部分，並進一步增強了我們業務模式的耐用性。在第四季度，我們推出了新的和增強的解決方案，以利用基於雲端的處理和高級分析的力量來加速設計模擬、驗證和製造測試。其中包括幾個針對進階設計、合規性測試、自動化、測量和製造分析的新 PathWave 軟體解決方案。

Increasingly complex designs and the volume of data associated with their validation are driving demand for Keysight Solutions. Keysight's execution and financial performance this year is a testament to Keysight's Leadership Model, our values and our commitment to corporate social responsibility.

日益複雜的設計以及與其驗證相關的數據量正在推動對是德科技解決方案的需求。是德科技今年的執行力和財務表現證明了是德科技的領導模式、我們的價值觀以及我們對企業社會責任的承諾。

A year ago, I shared with our teams my top priorities for the company. One of these priorities was a specific focus on increasing our inclusion and diversity efforts. In support of this priority, I appointed a new Senior Director of Inclusion and Diversity, who has been working with Keysight leaders and external organizations to increase representation of diverse groups within our workforce. We placed a high-value on inclusion and diversity at all levels of our organization, including the Board of Directors. We continue to make progress, and I'm pleased to share that as of today, over 30% of our U.S. executives are diverse in gender, race and/or ethnicity.

一年前，我與我們的團隊分享了我對公司的首要任務。這些優先事項之一是特別注重加強我們的包容性和多元化努力。為了支持這項優先事項，我任命了一位新的包容性和多元化高級總監，他一直與是德科技領導者和外部組織合作，以增加我們員工隊伍中多元化群體的代表性。我們高度重視組織各個層面（包括董事會）的包容性和多元性。我們不斷取得進步，我很高興地告訴大家，截至今天，超過 30% 的美國高階主管在性別、種族和/或民族方面都具有多元化。

Before I turn the call over to Neil, I'd like to sincerely thank all of our Keysight employees for the relentless commitment, engagement and dedication to our success over the past year. Our people and culture are truly a competitive differentiator. Thanks to their efforts and in the face of unprecedented challenges, Keysight exits this year stronger than ever and is very well positioned to capitalize on our growth opportunities ahead.

在將電話轉給 Neil 之前，我要真誠地感謝所有是德科技員工在過去一年中為我們的成功做出的不懈努力、投入和奉獻。我們的人民和文化確實是競爭優勢。感謝他們的努力，面對前所未有的挑戰，是德科技今年比以往任何時候都更加強大，並且處於有利地位，可以利用我們未來的成長機會。

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。

Thank you, Ron, and hello, everyone. Before I begin, please note that all comparisons are on a year-over-year basis, unless specifically noted otherwise.

謝謝你，羅恩，大家好。在開始之前，請注意，除非另有特別說明，所有比較都是逐年進行的。

As Ron mentioned, we delivered an outstanding quarter, and despite a challenging macro environment, we continue to make great progress towards our long-term annual financial targets.

正如羅恩所提到的，我們交付了一個出色的季度，儘管宏觀環境充滿挑戰，但我們繼續在實現長期年度財務目標方面取得巨大進展。

In the fourth quarter of 2020, we delivered record revenue of $1.220 billion, which was above the high end of our guidance range and grew 9%, or 7% on a core basis. Q4 revenue growth was driven by continued demand in areas such as 5G, semiconductor measurement and aerospace defense where we have leading positions and differentiated solutions. Demand for general electronics improved significantly in the quarter, driven by regional economic recovery, particularly in Asia. Total Keysight orders exceeded revenue in Q4 with a book-to-bill of just over 1. We delivered a record 1,231,000,000 in orders, up 3%, or 1% on a core basis.

2020 年第四季度，我們實現了創紀錄的 12.2 億美元收入，高於我們指導範圍的上限，並且增長了 9%，核心基礎上增長了 7%。第四季營收成長是由 5G、半導體測量和航空航太國防等領域的持續需求所推動的，我們在這些領域擁有領先地位和差異化解決方案。在區域經濟復甦（尤其是亞洲）的推動下，本季通用電子產品的需求顯著改善。第四季是德科技訂單總數超過了收入，訂單出貨比略高於 1。

Looking at our operational results for Q4, we reported gross margin of 66% and operating expenses of $446 million, resulting in operating margin of 29%, an all-time quarterly high. Net income was a record $305 million, and we achieved $1.62 in earnings per share, which was well above the high end of our guidance and an increase of 22% year-over-year. Our weighted average share count for the quarter was 188 million shares.

從我們第四季的營運表現來看，我們的毛利率為 66%，營運費用為 4.46 億美元，營運利潤率為 29%，創歷史季度新高。淨利潤達到創紀錄的 3.05 億美元，每股收益達到 1.62 美元，遠高於我們指導的上限，年增 22%。本季我們的加權平均股數為 1.88 億股。

Moving to the performance of our segments. Our Communications Solutions Group generated record revenue of $901 million, up 8%, while delivering record gross margin of 66% and record operating margin of 29%. In Q4, commercial communications generated revenue of $605 million, up 5%, driven by strength across the 5G ecosystem from development to early manufacturing, Gen 5 high-speed digital applications and data center-related 400-gigabit and 800-gigabit technology. Aerospace defense and government achieved record revenue of $296 million, an increase of 13% versus a prior all-time high in Q4 last year. Growth was driven by strength in the Americas and Asia, with improvement in Europe.

轉向我們細分市場的表現。我們的通訊解決方案集團創造了創紀錄的收入 9.01 億美元，成長 8%，同時實現了創紀錄的 66% 的毛利率和創紀錄的 29% 的營業利潤率。第四季度，商業通訊收入達到 6.05 億美元，成長 5%，這得益於從開發到早期製造的 5G 生態系統的實力、第五代高速數位應用以及資料中心相關的 400 Gb 和 800 Gb 技術。航空航太國防和政府部門實現了創紀錄的收入 2.96 億美元，比去年第四季的歷史新高成長了 13%。美洲和亞洲的成長以及歐洲的改善推動了成長。

The Electronic Industrial Solutions Group generated fourth quarter revenue of $319 million, up 12% or 7% on a core basis, driven by strength in general electronics and semiconductor. EISG reported gross margin of 65%, an increase of 230 basis points year-over-year and record operating margin of 30%.

在通用電子和半導體業務強勁的推動下，電子工業解決方案集團第四季營收達 3.19 億美元，核心營收成長 12% 或 7%。 EISG 報告毛利率為 65%，年成長 230 個基點，營運利潤率創歷史新高 30%。

Given the challenges that we faced this year, we are very pleased with our full year results. FY '20 revenue totaled $4.2 billion, down 2% year-over-year or 3% on a core basis, impacted by supply chain disruptions and macro challenges caused by the pandemic. Despite this small revenue decline, gross margin improved 140 basis points year-over-year to 65%. While continuing to invest in R&D at 16% of revenue or nearly $700 million for the year, operating margin improved 130 basis points to 25%. This year-over-year improvement demonstrates strong progress towards our annual operating margin target of 26% to 27%, which we expect to achieve by fiscal 2023. FY '20 non-GAAP net income was $919 million or $4.85 per share for the full year.

考慮到我們今年面臨的挑戰，我們對全年業績感到非常滿意。受供應鏈中斷和疫情造成的宏觀挑戰的影響，20 財年收入總計 42 億美元，年減 2%，核心收入下降 3%。儘管收入略有下降，毛利率仍年增 140 個基點，達到 65%。在繼續以佔收入的 16%（即近 7 億美元）投資於研發的同時，營業利潤率提高了 130 個基點，達到 25%。這項同比改善顯示我們在實現26% 至27% 的年度營業利潤率目標方面取得了強勁進展，我們預計到2023 財年實現這一目標。股4.85 美元。

Moving to the balance sheet and cash flow. We ended our fourth quarter with $1.8 billion in cash and cash equivalents, a reported cash flow from operations of $338 million record free cash flow of $308 million. Free cash flow is net of a $100 million funding contribution to our U.S. pension plan in the quarter, which provides a tax benefit in the current year and a pension expense benefit in FY '21. Total free cash flow for the year was $899 million, representing 21% of revenue and 98% of non-GAAP net income.

轉向資產負債表和現金流量。在第四季結束時，我們擁有 18 億美元的現金和現金等價物，報告的營運現金流為 3.38 億美元，創紀錄的自由現金流為 3.08 億美元。自由現金流扣除本季向我們的美國退休金計畫提供的 1 億美元資金貢獻，該計畫提供當年的稅收優惠和 21 財年的退休金費用優惠。本年度自由現金流總額為 8.99 億美元，佔營收的 21%，佔非 GAAP 淨利的 98%。

Under our prior share repurchase authorization, we were opportunistic in deploying capital during the quarter. We acquired approximately 2.2 million shares on the open market at an average price of $96.55, for a total consideration of $215 million, and exhausting our $500 million share repurchase authorization from May of 2019. This brings our total share repurchases for the year to approximately 4.3 million shares at an average share price of $95.90, for a total consideration of $410 million or 46% of free cash flow. As announced earlier today, the Keysight Board of Directors has approved a new share repurchase authorization of $750 million effective immediately.

根據我們先前的股票回購授權，我們在本季進行了資本配置。我們以96.55 美元的平均價格在公開市場上收購了約220 萬股股票，總代價為2.15 億美元，並自2019 年5 月起用盡我們的5 億美元股票回購授權。股票回購總額達到約4.3 股平均股價為 95.90 美元，總代價為 4.1 億美元，即自由現金流的 46%。正如今天早些時候宣布的那樣，是德科技董事會已批准一項 7.5 億美元的新股票回購授權，立即生效。

Before moving to FY '21 modeling and our Q1 guidance, I'd like to provide a brief update on global trade concerns. We admittedly have a tough order comp in Q1 due to China trade restrictions and the pending U.S. administration change, which has historically dampened government business during the transition. Despite these headwinds, we have started to see gradual improvements in many of our markets and are entering the year in a strong backlog position, giving us confidence in our ability to navigate these near-term perturbations.

在轉向 21 財年建模和第一季指導之前，我想提供有關全球貿易問題的簡要更新。誠然，由於中國的貿易限制和即將到來的美國政府更迭，我們在第一季的訂單比較困難，這在歷史上一直削弱了過渡期間的政府業務。儘管存在這些不利因素，我們已經開始看到許多市場逐漸改善，並以強勁的積壓狀態進入今年，這讓我們對應對這些近期擾動的能力充滿信心。

Looking to FY '21, we expect quarterly revenue seasonality to be more muted than in the past due to ongoing COVID-19 and macro-related uncertainty. Just as we flexed expenses down this year, flexible spending and variable compensation is expected to increase in FY '21 to more normal levels, with Q2 expenses seasonally higher than all other quarters. In addition, FY '21 pension expenses reflected in the other expense line, are expected to increase by $5 million per quarter. Interest expense is expected to be approximately $78 million, and capital spending is expected to be in the range of $170 million to $180 million as we begin a 2-year project to increase the resiliency of our supply chain. Regarding our tax rate, we are modeling a 12% non-GAAP effective tax rate for FY '21.

展望 21 財年，由於持續的 COVID-19 和宏觀相關的不確定性，我們預計季度收入季節性將比過去更加溫和。正如我們今年降低了支出一樣，彈性支出和可變薪酬預計將在 21 財年增加到更正常的水平，第二季的支出季節性高於所有其他季度。此外，反映在其他費用項目中的 21 財年退休金支出預計每季增加 500 萬美元。隨著我們開始為期 2 年的專案以提高供應鏈的彈性，利息支出預計約為 7,800 萬美元，資本支出預計在 1.7 億至 1.8 億美元之間。關於我們的稅率，我們正在為 21 財年建立 12% 的非 GAAP 有效稅率模型。

Now turning to our outlook and guidance. We expect first quarter 2021 revenue to be in the range of $1.140 billion to $1.160 billion and Q1 earnings per share to be in the range of $1.32 to $1.38 based on a weighted diluted share count of approximately 188 million shares.

現在轉向我們的展望和指導。我們預計 2021 年第一季營收將在 11.4 億美元至 11.6 億美元之間，第一季每股收益將在 1.32 美元至 1.38 美元之間，基於約 1.88 億股的加權稀釋股數。

In closing, our solid outlook for revenue and earnings growth, coupled with the durability of our business model, give us confidence in our ability to deliver on the long-term financial commitments that we outlined in March prior to COVID. Despite the challenges of this past year, we continue to make good progress towards our long-term targets of 4% to 6% core revenue growth in the annual operating margin of 26% to 27%.

最後，我們對收入和獲利成長的穩健前景，加上我們業務模式的持久性，使我們對履行我們在 3 月新冠疫情爆發之前概述的長期財務承諾的能力充滿信心。儘管去年面臨挑戰，我們仍在實現核心營收成長 4% 至 6%、年營業利潤率 26% 至 27% 的長期目標方面繼續取得良好進展。

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

謝謝你，尼爾。克里斯，請您給問答的說明好嗎？

(Operator Instructions) Our first question is from Mehdi Hosseini with Susquehanna.

（操作員說明）我們的第一個問題來自 Susquehanna 的 Mehdi Hosseini。

Yes. I want to go back to your booking and better understand. Specific to commercial communication, how should I think about orders for 5G, specifically millimeter wave? And how does the networking like a fiber for 800-gig compared to millimeter wave-related orders? And I have a follow-up.

是的。我想返回您的預訂並更好地了解。具體到商業通信，我應該如何考慮5G，特別是毫米波的訂單？與毫米波相關的訂單相比，800G 光纖網路的情況如何？我有一個後續行動。

Yes. Thanks, Mehdi. This is Satish. I'll take it. Our commercial communications group had a record revenue this quarter and second consecutive quarter of sequential improvement. And a large part of the results were driven by strength in both the wireless and wireline ecosystems. Specifically from a trend perspective, 5G and 400-gig were big drivers of growth for us.

是的。謝謝，邁赫迪。這是薩蒂什。我要買它。我們的商業通訊部門本季營收創歷史新高，並且連續第二季實現環比成長。很大一部分的結果是由無線和有線生態系統的實力所推動。具體從趨勢角度來看，5G 和 400G 是我們成長的重要推手。

And I would say, in 5G, while -- we observed 3 things, right? The commercialization is ramping. A large part of that is low-frequency or mid-band frequency networks, the standardization of the technology continues to progress, and the big theme is the ecosystem is expanding. So these are sort of 3 big trends that are enabling both wireless and wireline technologies to be strong for us.

我想說，在 5G 中，我們觀察到 3 件事，對嗎？商業化正在加速。其中很大一部分是低頻或中頻網絡，技術標準化不斷進步，最大的主題是生態系統正在擴大。因此，這三大趨勢使無線和有線技術對我們來說都變得強大。

As far as the millimeter wave is concerned, we view the -- we have long viewed and we continue to view the millimeter wave opportunity as very favorable for us because of the upgrade potential to our presence and our traditional strengths in millimeter wave technologies play out. And even this quarter, specifically, we continue to see a steady ramp in customer interest as they retool their engineering flow to adopt to the millimeter wave technology.

就毫米波而言，我們長期以來一直認為毫米波機會對我們非常有利，因為我們存在的升級潛力以及我們在毫米波技術方面的傳統優勢正在發揮作用。特別是在本季度，我們仍然看到客戶興趣穩步上升，因為他們重組了工程流程以採用毫米波技術。

On the wireline side, we captured pretty strong ramps that occurred for 400-gig in Asia throughout the year, and we are starting to see increased activity in R&D to our 400-gig and 800-gig ethernet this quarter.

在有線方面，我們發現亞洲 400 吉比特全年出現相當強勁的成長，本季我們開始看到 400 吉比特和 800 吉比特乙太網路的研發活動有所增加。

Okay. Just a quick follow-up. And as we look into FY '21, 5G goes into production, how should I think about the software content? And this question actually ties into the last question. As you go into production, should we expect continued strength in R&D, specifically R&D that is software-heavy? And in that context, would the gross margin hold up? Or as we go into production 5G, should we expect some gross margin headwind?

好的。只是快速跟進。當我們展望 21 財年，5G 投入生產時，我該如何考慮軟體內容？這個問題其實與最後一個問題有關。當您投入生產時，我們是否應該預期研發力量持續增強，特別是以軟體為主的研發？在這種情況下，毛利率會持續下去嗎？或者，當我們投入生產 5G 時，我們是否應該預期毛利率會出現一些逆風？

Yes, Mehdi. As far as R&D, we continue to see a robust pipeline for demand for R&D with Release 16 features coming out next year, so I would continue to see strength there. With regard to our production test opportunities, we're starting to see that the deployments are actually driving ramps in the supply chain, and we're benefiting from them. And in fact, this quarter, we referenced a pretty sizable win for our PXi or release of our PXi modular solution, which has also has a software content associated with it. So we'll continue to see a steady improvement there as well.

是的，邁赫迪。就研發而言，我們繼續看到明年將推出的 Release 16 功能的研發需求強勁，因此我將繼續看到這方面的實力。關於我們的生產測試機會，我們開始看到部署實際上正在推動供應鏈的發展，我們正在從中受益。事實上，本季度，我們提到了 PXi 的重大勝利或 PXi 模組化解決方案的發布，該解決方案也有與之相關的軟體內容。因此，我們也將繼續看到那裡的穩定改善。

Yes. I'd certainly expect any margin impact from a migration towards manufacturing to be more or less undetectable at the Keysight level when you think about $4.5 billion of revenue and the progress we're making generally as a company around software and services and other areas. So not something that we're concerned about.

是的。考慮到 45 億美元的收入以及我們作為一家公司在軟體、服務和其他領域取得的進展，我當然預計，在是德科技層面，向製造遷移對利潤率的影響或多或少是無法察覺的。所以這不是我們關心的事情。

Our next question is from Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

If I can just start off with commercial communications as well and just following up on Satish's comment -- his commentary here on 5G momentum being strong. Just wanted to see if you can outline how to think about maybe kind of an acceleration in terms of 5G revenue momentum? And how does that play into kind of what kind of declines to expect on the 4G revenue side? Any thoughts as we look into kind of the next couple of years on that front? And I think one of your competitors has also talked about some of the 5G release delays driving order weakness. So have you seen anything on that front?

如果我也能從商業通訊開始，然後跟進薩蒂什的評論——他對 5G 勢頭強勁的評論。只是想看看您是否可以概述如何思考 5G 收入動能的加速？這對 4G 收入的預期下降有何影響？當我們展望未來幾年在這方面的情況時，有什麼想法嗎？我認為你們的一位競爭對手也談到了 5G 發布延遲導致訂單疲軟的情況。那你在這方面看到什麼嗎？

Yes. There is no doubt that the -- there has been some implementation delays in some quarters of the ecosystem. If it were not for this, given the momentum that the industry is sustaining, we would be further along.

是的。毫無疑問，生態系統的某些方面存在一些實施延遲。如果不是這樣，考慮到該行業持續的勢頭，我們會走得更遠。

Having said that, we saw strong orders for our business, the quarter and for the full year, in 5G. And we see a robust pipeline for Release 16 in R&D and for production-related expansions that customers are planning for. So we continue to believe that 5G represents a long-term opportunity for us, especially as we have talked about our portfolio being broad, starting with the physical layer where we have millimeter wave -- bulk of the millimeter wave opportunity in front of us, and then we have the protocol layer where Release 16 and Release 17 to follow, where there's been some delays in Release 17 that you referenced. But Release 16 is very high-impact in terms of its expansion into new use cases that we're very excited about.

話雖如此，我們在本季和全年的 5G 業務中都看到了強勁的訂單。我們看到了 Release 16 的研發和客戶正在規劃的與生產相關的擴展的強大管道。因此，我們仍然相信 5G 對我們來說是一個長期機會，特別是當我們談到我們的產品組合很廣泛時，首先是我們擁有毫米波的物理層——我們面前的大部分毫米波機會，然後我們有協定層，即發布16 和發布17，您提到的發布17 中存在一些延遲。但 Release 16 在擴展到新用例方面具有非常高的影響力，我們對此感到非常興奮。

And lastly, I would say that we saw strong growth in the application layer opportunity where we've expanded our 5G strength even beyond commercial comms into aerospace and defense with security applications into our general electronics business to multiple industries and into automotive with CV2X. So you piece that all together, we continue to believe that this is still very early innings in 5G as we stated at Investor Day.

最後，我想說的是，我們看到了應用層機會的強勁成長，我們已經將5G 實力擴展到商業通訊之外的航空航太和國防領域，將安全應用擴展到我們的通用電子業務、多個產業以及透過CV2X 進入汽車領域。因此，將所有這些綜合起來，我們仍然相信，正如我們在投資者日上所說，這仍處於 5G 的早期階段。

Okay. Satish, if I can just follow-up. What are you seeing in terms of activity on the 4G side? Are we at a point where some of these revenue declines moderate on the 4G side?

好的。薩蒂什，如果我能跟進一下的話。您對 4G 方面的活動有何看法？ 4G 方面的收入下降幅度是否已趨於緩和？

Yes. I think we've -- obviously, the year-over-year, if you look at last year, we saw some expansions in traditional smartphone driving up the legacy of 4G business. And so comparatively, things declined sharper this year given that customers prioritize 5G. But again, I would go back to saying we have a very broad breadth of tools for the labs that we offer. And in many cases, customers delayed that spend. And we expect that to stabilize and ramp back up as customers return and recover from COVID.

是的。我認為，顯然，如果你看看去年，我們看到傳統智慧型手機的一些擴張推動了 4G 業務的發展。相比之下，鑑於客戶優先考慮 5G，今年的情況下降得更嚴重。但我還是想說，我們為實驗室提供了非常廣泛的工具。在許多情況下，客戶推遲了支出。我們預計，隨著客戶返回並從新冠疫情中恢復過來，這一數字將趨於穩定併回升。

Our next question is from Tim Long with Barclays.

我們的下一個問題來自巴克萊銀行的蒂姆·朗。

Just if I could just follow-up with one on the 5G side and ask on optical. Just talk a little bit about kind of the pricing and competitive environment as some of the competitors try to play a little catch up there. Any changes of note? And then secondly, you mentioned some strength in the data center 400-gig, 800-gig. Could you expand on that a little bit? Where do you think we are in that cycle? And if you could also talk into the service provider opportunities as they transition to 600 and 800 gig as well.

如果我能跟進 5G 方面的問題並詢問光學方面的情況就好了。只是稍微談談定價和競爭環境，因為一些競爭對手試圖在那裡追趕。有什麼注意事項的改變嗎？其次，您提到了資料中心 400G、800G 的一些優勢。能稍微擴充一下嗎？您認為我們處於這個週期的哪個階段？您是否還可以談談服務提供者向 600 和 800 演出過渡時的機會。

Yes. Thanks. I think our differentiations front, I would say, continues to be strong. You look at the standards-based test cases that we offer, and you can see that we're leading and that we're staying on the cutting edge, and that's what our customers appreciate. So on the edge -- on the edges, we don't see any material change to our competitive position with regard to these advanced technologies, and we have continued to invest this year in R&D to keep our differentiation strong. So that's the point I'll make.

是的。謝謝。我認為我們的差異化戰線仍然強勁。您查看我們提供的基於標準的測試案例，您會發現我們處於領先地位，並且我們始終處於領先地位，這正是我們的客戶所欣賞的。因此，在邊緣方面，我們沒有看到我們在這些先進技術方面的競爭地位發生任何重大變化，而且我們今年繼續在研發方面進行投資，以保持我們強大的差異化優勢。這就是我要說的重點。

With regard to how this is all playing out, you might say, if you just think of the smartphone use case, there is about 7,200 band combinations in 5G that have been defined. And to date, only 1,500 of them are being tested, so the latest devices that we have account for 1,500. So you start to see that there is considerable runway just in the smartphone use case. And with Release 16 that is in front of us, there is new expansion opportunities for industrial applications and automotive applications that creates a healthy pipeline for us.

關於這一切是如何進行的，您可能會說，如果您只考慮智慧型手機用例，5G 中大約有 7,200 個已定義的頻段組合。到目前為止，只有 1,500 台正在接受測試，因此我們擁有的最新設備佔 1,500 台。因此，您開始看到智慧型手機用例中還有相當大的發展空間。隨著 Release 16 的發布，工業應用和汽車應用有了新的擴展機會，為我們創造了健康的管道。

With regard to the wireline, the first phase of the 400-gig deployments have largely been in what I would consider east-west traffic that flows in a data center, and with more to come as operators start to deploy this technology when the price -- when price on the transceivers start to become more affordable. So that's the second wave we expect, but there is continued evolutions of 400 gig and 800 gig that have started, which we -- which feeds into our R&D strength.

就有線電視而言，400G 部署的第一階段主要是在資料中心內流動的東西向流量，隨著營運商開始部署這項技術，當價格 - - 當收發器的價格開始變得更加實惠時。這是我們預期的第二波浪潮，但 400 場和 800 場的持續演變已經開始，這增強了我們的研發實力。

The next question is from John Pitzer with Crédit Suisse.

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. A couple of questions. Just when you think about the year-over-year compares on both revenue in orders to the fiscal first quarter guidance, can you just remind us how much of a headwind Huawei should represent fiscal first quarter to fiscal first quarter? And sticking on the China topic, I'm just kind of curious, when you think about the 5G strength, how important has China been over the last several quarters? More importantly, as you look into the first half of the year, what are you expecting from China? I guess the underlying question is, do you feel as though China will continue to deploy 5G at a relatively healthy clip despite the Huawei band? And do you think there's some potential for digestion there before reacceleration?

祝賀取得了紮實的成果。有幾個問題。當您考慮訂單收入與第一財季指引的同比收入比較時，您能否提醒我們，華為第一財季與第一財季之間的逆風應該有多大？繼續討論中國話題，我只是有點好奇，當你考慮 5G 實力時，中國在過去幾季的重要性如何？更重要的是，展望上半年，您對中國有何期待？我想潛在的問題是，儘管有華為頻段，您是否認為中國將繼續以相對健康的速度部署 5G？您認為在重新加速之前是否有消化的潛力？

Yes. So this is Neil. Why don't I take the first part of that, and then maybe we'll have Mark comment on China and some of our expectations there.

是的。這就是尼爾。為什麼我不先講第一部分，然後也許我們會讓馬克對中國以及我們對中國的一些期望發表評論。

I think the most important comment with regard to Huawei is the situation with Huawei is not going to change our expectations as it relates to our long-term growth outlook for our business or for our markets, right? We're entering the year in a very strong backlog position, and I think that strong backlog position is going to enable us to essentially mitigate the impact of any short-term perturbations that may happen on the order line because of the year-over-year Huawei compares. We have an extraordinarily diverse base of customers around the world that's driving demand in our end markets, and we're looking at that and the strengthening we've seen over the past couple of quarters relative to where we were in Q2, and we're going to keep our foot on the gas relative to those long-term targets.

我認為關於華為最重要的評論是華為的情況不會改變我們的預期，因為這關係到我們業務或市場的長期成長前景，對嗎？我們以非常強勁的積壓狀況進入今年，我認為強勁的積壓狀況將使我們能夠從根本上減輕由於同比而可能發生在訂單線上的任何短期擾動的影響。我們在世界各地擁有極其多樣化的客戶群，這推動了我們終端市場的需求，我們正在關注這一點，以及我們在過去幾個季度中看到的相對於第二季度的情況的加強，我們”我們將繼續努力實現這些長期目標。

Yes. John, this is Mark. I'll follow-up with that. So the business -- our orders in China in Q4 were strong and steady throughout the quarter despite some decline, obviously, impact from Huawei. That came from strengths in 5G, and it is extending across the ecosystem as we scale those solutions. As Satish talked about, 400 gig is hot, high-speed digital and optical manufacturing. So it's a very broad industry for us.

是的。約翰，這是馬克。我會跟進此事。因此，儘管受到華為的影響，我們在第四季度在中國的訂單在整個季度都保持強勁和穩定，但顯然有所下降。這來自 5G 的優勢，隨著我們擴展這些解決方案，它正在擴展到整個生態系統。正如 Satish 所說，400 gig 是熱門的高速數位和光學製造。所以這對我們來說是一個非常廣泛的行業。

We've also seen the economic recovery in China. They recovered first and more quickly, and we've seen that show up in our automotive order growth and general electronics. And the bottom line is, as Neil mentioned, our business in China is -- we have a very broad footprint. The business is strong. We've been successful, and we'll continue to be successful to deploy and redeploy our resources to continue to capture growth in 5G and across the other segments.

我們也看到了中國經濟的復甦。他們首先恢復得更快，我們已經看到這體現在我們的汽車訂單成長和通用電子產品中。正如尼爾所提到的，最重要的是，我們在中國的業務是──我們的足跡非常廣泛。生意很強勁。我們已經取得了成功，並將繼續成功地部署和重新部署我們的資源，以繼續抓住 5G 和其他領域的成長。

The next question is from Matt Niknam with Deutsche Bank.

下一個問題來自德意志銀行的 Matt Niknam。

One on margins. So you're exiting the year a lot closer, and I think actually exceeding your sort of longer-term target. And so maybe, Neil, if you can help us think through why, with a seemingly improving -- you've got a big backlog, revenue trajectory should improve, the anticipation of margins maybe reverting back lower, how we should sort of think about the different puts and takes.

一個在邊緣。因此，今年即將結束，我認為實際上已經超出了您的長期目標。因此，尼爾，如果你能幫助我們思考為什麼，在看似有所改善的情況下——你有大量的積壓，收入軌跡應該會改善，利潤率的預期可能會恢復到較低水平，我們應該如何思考不同的投入與獲取。

And then just 1 follow-up. On orders, I know normalized order growth was about 1%, and you're sort of reaffirming the sort of longer-term top line growth target of 4% to 6%. Just wondering if you can sort of call out the bigger areas that are still lagging and the path to get back to that sort of longer-term mid-singles growth rate.

然後只有 1 個後續行動。在訂單方面，我知道正常化的訂單成長約為 1%，而您在某種程度上重申了 4% 至 6% 的長期營收成長目標。只是想知道您是否可以指出仍然落後的更大領域以及恢復那種長期中期單曲增長率的路徑。

Yes. So let me start with the margin side of that first. So first of all, we're very pleased with the margin performance of the business in the year. And we look at this year and some of the challenges of this year as a great test of the operating model that we've been talking about, really, since the launch of the company.

是的。因此，讓我首先從邊緣部分開始。首先，我們對該業務今年的利潤率表現非常滿意。我們將今年和今年的一些挑戰視為對自公司成立以來我們一直在談論的營運模式的巨大考驗。

That being said, our operating margin targets or margin targets in general, they're annual targets, not quarterly targets. We hit 25% this year, and we've talked about getting to 26% or 27% operating margin is the target that we outlined at our Analyst Day, and we are still working towards that objective. I think we're highly confident in our ability to achieve that. And as we look forward to this year, I think you can look to, obviously, in the second and third quarters, with revenue down and the corresponding expenses down, but you saw in Q4, the kind of margin performance that we can put up with the expenses turning -- returning to a more normalized level.

話雖這麼說，我們的營業利潤率目標或一般利潤率目標，它們是年度目標，而不是季度目標。今年我們達到了 25%，我們在分析師日上概述了達到 26% 或 27% 營業利潤率的目標，我們仍在努力實現這一目標。我認為我們對實現這一目標的能力充滿信心。當我們展望今年時，我認為您顯然可以在第二和第三季度看到收入下降和相應費用下降，但您在第四季度看到了我們可以提供的利潤率表現隨著支出轉向——回到更正常的水平。

With regard to kind of how we get back to mid-single digits, I think we are seeing some relative strengthening across the broader markets and economies in general. I think we -- a great indicator of that is what we're seeing in general electronics. We saw a strong return on our education business, which is, I think, is indicative of some recovery from the COVID situation. Even looking at businesses like auto, while auto orders were still down on a year-over-year basis, we saw very strong sequential improvement in auto. So things are getting better, and I think we're going to look really across the entire portfolio for strengthening -- just broad macro strengthening to help drive us to those levels.

關於我們如何回到中個位數，我認為我們看到更廣泛的市場和整體經濟體出現了一些相對走強的情況。我認為我們在通用電子產品中看到的情況就是一個很好的指標。我們的教育業務取得了強勁的回報，我認為這表明我們已經從新冠疫情中復甦。即使看看汽車等業務，雖然汽車訂單仍同比下降，但我們看到汽車行業的環比改善非常強勁。因此，情況正在變得更好，我認為我們將真正關注整個投資組合的強化——只是廣泛的宏觀強化，以幫助我們達到這些水平。

Our next question is from Chris Snyder with UBS.

我們的下一個問題來自瑞銀集團的克里斯·史奈德。

You guys talked about the tough Q1 comp. Can you just maybe tell us what percent of FQ1 orders and revenue came from Huawei, just to give us a feel for what the underlying demand is?

你們談論了艱難的第一季比賽。您能否告訴我們 FQ1 訂單和收入中來自華為的百分比是多少，以便讓我們了解潛在需求是什麼？

We expect it to be about a 5-point headwind in the first half. That's roughly how we're thinking about it. But again, I think, given the backlog situation that we have coming into the year, I think that that's going to be the dominant driver of our business. And so I think that's going to give us the ability to -- and give us some time to overcome what might be some short-term perturbations on the order line. We're highly confident going into the year.

我們預計上半場將有 5 分左右的逆風。我們大致上就是這樣考慮的。但我再次認為，考慮到我們今年的積壓情況，我認為這將成為我們業務的主要驅動力。因此，我認為這將使我們有能力——並給我們一些時間來克服訂單上可能出現的一些短期擾動。我們對今年充滿信心。

Okay. Appreciate that. And I mean is it fair to assume that your 5% for the first half, it's more weighted into fiscal Q1, just kind of given that the China COVID impact hit in the fiscal Q2?

好的。感謝。我的意思是，考慮到中國新冠疫情對第二財季的影響，假設上半年的 5% 更偏重於第一財季，是否公平？

No, that's correct. And I said as much in our -- in my prepared remarks. We clearly have a tough order comp in Q1, but I'd point you back to the backlog situation. We're guiding stronger revenue growth in the first quarter, and we're going to be in a good position as we migrate through the year. Certainly, our revenue comps in Q2 and Q3 get significantly softer, obviously, but the backlog that we built over the last several quarters is going to provide a buffering for us.

不，這是正確的。我在準備好的發言中也說過同樣的話。顯然，我們在第一季的訂單比較困難，但我想請您回到積壓情況。我們將在第一季實現更強勁的營收成長，隨著全年的遷移，我們將處於有利地位。當然，我們在第二季和第三季的營收對比明顯變得更加疲軟，但我們在過去幾季建立的積壓將為我們提供緩衝。

Appreciate that. And then just kind of following up on that, some peers have talked about the ability to sell non-U.S. IP to Huawei. Can you maybe talk about any opportunity here for Keysight? And has these restrictions that we've seen led to any upstream share shifts that would maybe allow you guys to partially offset this headwind as we move into 2021?

感謝。緊接著，一些同行討論了向華為出售非美國知識產權的能力。您能否談談是德科技的任何機會？我們所看到的這些限制是否會導致任何上游份額的轉移，這可能會讓你們在進入 2021 年時部分抵消這種逆風？

Let me take the first part of that, and I'll let Satish maybe comment on the second part. We do have some ability to sell some small portions of our portfolio into Huawei going forward that don't include any material U.S. technology, but it is a very small portion of the portfolio. We do not expect Huawei to be a material customer for us going forward.

讓我來談談第一部分，然後我可能會讓薩蒂什評論第二部分。我們確實有能力未來將我們的產品組合中的一小部分出售給華為，其中不包括任何美國的實質技術，但這只是投資組合中的一小部分。我們預計華為未來不會成為我們的重要客戶。

And just to add to what Neil said, it's too soon to call any share shifts, but we start to see the smartphone -- Tier 2 smartphone makers in China continue to invest in R&D because they see an opportunity, so that's probably 1 positive offset, if you will. The second one that is evolving is the resurgent interest in Open RAN technology to sort of provide a different alternative to base stations -- to 5G base stations. I think you look at those 2 things, have the potential to -- for us in the -- as we look into 2021 and beyond.

補充一下尼爾所說的，現在說任何份額轉移還為時過早，但我們開始看到智慧型手機——中國的二級智慧型手機製造商繼續投資研發，因為他們看到了機會，所以這可能是1 個正面的抵消，如果你願意的話。第二個正在發展的問題是人們對 Open RAN 技術的興趣重新燃起，該技術旨在為基地台（5G 基地台）提供一種不同的替代方案。我認為，當我們展望 2021 年及以後時，您會看到這兩件事，對我們來說有潛力。

Our next question is from Adam Thalhimer from with Thompson, Davis.

我們的下一個問題來自湯普森戴維斯的亞當·塔爾希默。

I have like 15 questions, but I can only ask 1.

我有大約 15 個問題，但我只能問 1 個。

Make it a good one.

把它做好。

Let's go with the seasonality for fiscal year '21, Neil. I think you said less seasonality in '21? I'm just curious what you meant by that and how you want us to model it.

尼爾，我們來看看 21 財年的季節性。我想你是說 21 年季節性較少？我只是好奇你的意思是什麼以及你希望我們如何建模。

Yes. We just think -- again, I'm going to bring you back to the backlog situation. As we slowly work off the backlog that we built up over the last several quarters, we think that is going to essentially mute the impact of what would typically be more demand-driven quarterly seasonality that we've seen in prior years. So we expect a much more muted revenue seasonality over the coming quarters, maybe with a slight uptick in Q4, but a much more muted revenue seasonality than what's been is typical.

是的。我們只是想——再一次，我會讓你們回到積壓的情況。隨著我們慢慢處理過去幾季累積的積壓訂單，我們認為這將從根本上削弱我們在前幾年看到的通常更受需求驅動的季度季節性的影響。因此，我們預計未來幾季的營收季節性將更加溫和，第四季可能會略有上升，但營收季節性比典型情況要溫和得多。

The next question is from David Ridley-Lane with Bank of America.

下一個問題來自美國銀行的 David Ridley-Lane。

Sure. Just wondering what the kind of all-in temporary cost reductions were in fiscal year '20 to come back in fiscal year '21. Just trying to get a sense of, as you referenced in your prepared remarks, some of those variable costs flexing back up?

當然。只是想知道第 20 財年的全面臨時成本削減會在第 21 財年恢復。正如您在準備好的發言中提到的那樣，只是想了解其中一些可變成本的回升？

Yes. I mean, I think the big drivers, obviously, we've talked at length in prior quarters about our variable pay programs and the flexibility of our cost model. That's probably the single biggest driver. Then there's the obvious things that impacted many companies. Dramatic reductions in travel, as an example.

是的。我的意思是，我認為顯然，最大的推動因素是我們在前幾季詳細討論了我們的可變薪酬計劃和成本模型的靈活性。這可能是最大的推動因素。還有一些明顯的事情影響了許多公司。例如，旅行大幅減少。

I would point you to kind of our Q4 expenses. I think we largely saw our spending return to more normalized levels here in the fourth quarter of the year. Obviously, we'll continue to do some of the administration and other things. But I think as we look forward, you look to Q4 as a baseline. And then as we said in the prepared remarks, we do expect Q2 to be higher than the other quarters from an OpEx standpoint in FY '21.

我想向您指出我們第四季的支出。我認為我們的支出在今年第四季基本上恢復到了更正常的水平。顯然，我們將繼續做一些管理和其他事情。但我認為，當我們展望未來時，您會將第四季度作為基準。正如我們在準備好的發言中所說，從 21 財年營運支出的角度來看，我們確實預計第二季將高於其他季度。

Next question is from Richard Eastman with Baird.

下一個問題是理查德·伊士曼 (Richard Eastman) 和貝爾德 (Baird) 提出的。

Yes. Neil, could you just give us the backlog number at the end of the year? I mean at face value, it looks like it's up 22%. But I'm curious, maybe was there any debooking of orders around Huawei or anything on the defense side? Or did we enter with that kind of a step up?

是的。尼爾，你能告訴我們年底的積壓數量嗎？我的意思是從表面上看，它看起來上漲了 22%。但我很好奇，也許華為或國防方面的任何訂單都被取消了？或者我們已經邁出了這樣的一步？

We have not seen any material -- any change in kind of debooking. There's always some noise level of debookings, but it hasn't changed at all. Obviously, we built a significant amount of backlog, just looking at the difference between orders and revenue for the year. It's on the order of $300 million, of which a portion of which you would consider to be kind of abnormal backlog build given the revenue disruptions or the shipment disruptions in the second and third quarter. So it's that abnormal portion of backlog build that we'll be looking to work off over the course of -- in the next several quarters.

我們還沒有看到任何材料——取消預訂方面有任何變化。總是有一些取消預訂的噪音，但它根本沒有改變。顯然，只要看看當年的訂單和收入之間的差異，我們就累積了大量的積壓訂單。其金額約為 3 億美元，考慮到第二季和第三季的收入中斷或出貨中斷，您可能會認為其中一部分是異常積壓。因此，我們將在接下來的幾個季度中尋求解決積壓工作中的異常部分。

Okay. Okay. And then just a question around Ixia. Can you give us a sense of -- are you seeing any -- an uptick in demand there? Just given the timing and the pacing of demand relative to the new network rollouts and infrastructure roll outs. But how does Ixia look here at the end of the year and for the year? And what does the outlook look like from a demand standpoint for 2021?

好的。好的。然後是關於 Ixia 的問題。您能否讓我們了解一下——您是否看到了——那裡的需求上升？考慮到與新網路部署和基礎設施部署相關的需求時機和節奏。但 Ixia 在年底和今年的表現如何？從需求的角度來看，2021 年的前景如何？

Yes, Rick. So it's been a little over a year since we integrated the Ixia business into the commercial communications segment, and we've made some excellent progress in realizing synergies with respect to solutions. I would say in the networking phase, we see a 400 gig ethernet. Our portfolio has been significantly strengthened, not only the physical layer, but also in the protocol layer, with the addition of the Ixia's Layer 2, Layer 3 business. And we're securing some good wins in the industry as the R&D investment flows.

是的，瑞克。自從我們將 Ixia 業務整合到商業通訊領域以來已經一年多了，我們在實現解決方案協同效應方面取得了一些出色的進展。我想說的是，在網路階段，我們看到了 400 GB 乙太網路。我們的產品組合得到了顯著加強，不僅是實體層，而且在協議層，增加了Ixia的第2層、第3層業務。隨著研發投資的流動，我們正在業界取得一些良好的成果。

And with the security piece of the business that we acquired, now we're able to integrate that with our 5G platform and realize greater synergies there as we position solutions for the aerospace and defense industry, so that's another area where not only are we addressing traditional opportunities, but also some expansion areas.

透過我們收購的安全業務，現在我們能夠將其與我們的 5G 平台集成，並在我們為航空航天和國防工業定位解決方案時實現更大的協同效應，因此這是我們不僅要解決的另一個領域傳統的機會，但也有一些擴展領域。

With 5G now getting deployed we're starting to see a pickup in demand for the visibility part of the business where we -- just this quarter, we had a couple of big opportunities that we closed on, with operators looking for enhanced application layer visibility there. So overall, I would say, you look at the big trends of virtualization, cloud and the progression that's going into the application layer, we view the portfolio to be strong, and we think the outlook is favorable. Obviously, right now, everybody is recovering from COVID, so that sort of gates that recovery.

隨著 5G 的部署，我們開始看到業務可見性部分的需求增加，就在本季度，我們抓住了幾個重大機會，營運商正在尋求增強的應用程式層可見性。因此，總的來說，我想說，你看看虛擬化、雲端運算的大趨勢以及進入應用程式層的進展，我們認為該產品組合很強大，並且前景良好。顯然，現在每個人都在從新冠病毒中恢復，所以這為復甦打開了大門。

Okay. Okay. All right. And congrats on a very solid quarter, next quarter.

好的。好的。好的。恭喜下個季度的強勁表現。

Rick, this is Ron. Just one other comment. We talked about the backlog build in FY '20. You may want to also go back and look at backlog build in FY '19 because it's been a very steady build that we've had for many quarters beyond FY '20.

瑞克，這是榮恩。只是另一則評論。我們討論了 20 財年的積壓工作。您可能還想回過頭來看看 19 財年的積壓建設，因為這是一個非常穩定的建設，我們在 20 財年之後的許多季度都保持著這一勢頭。

Next question is from James Suva with Citigroup Investment Research.

下一個問題來自花旗集團投資研究部的詹姆斯·蘇瓦。

A question on the backlog. I heard you mentioned several times that it's strong, and then you just have a clarification that it built in fiscal '19 as well as fiscal '20. So the question is, are you at a point where the backlog is now, this most recent quarter that you just reported, starting to work down? Or was it still growing? And the duration of work down, is it kind of 2 or 3 quarters? But you just said in fiscal '19, it was building also. So I'm just trying to figure out the dynamics of the variable of the backlog.

關於積壓的問題。我聽到你多次提到它很強大，然後你只是澄清說它是在 19 財年和 20 財年建立的。所以問題是，您剛剛報告的最近一個季度的積壓工作是否已開始減少？還是還在成長？停工的時間是2個還是3個季度？但你剛剛說過，在 19 財年，它也在建設中。所以我只是想弄清楚積壓變數的動態。

Yes. So obviously, Jim, we've been a growing business here for a number of years, and so we -- it's not -- we would expect that our backlog would be growing in absolute terms just given the overall growth of the business. I think, if you look -- what you saw in Q4 was pretty much a reduction in the rate of growth of that backlog, right? We built very significant backlog in Q2 and Q3, as I previously referenced, kind of abnormal levels of backlog because shipments were depressed because of the factory shutdown and reramp. In Q3, while our book-to-bill was over 1, it was just a tick over 1, right? So we were more or less in a neutral position in the fourth quarter.

是的。很明顯，吉姆，多年來我們的業務一直在增長，所以我們——事實並非如此——我們預計，考慮到業務的整體增長，我們的積壓訂單的絕對數量將會增長。我認為，如果你看一下，你在第四季看到的積壓成長率幾乎是下降的，對嗎？正如我之前提到的，我們在第二季和第三季積壓了非常多的積壓訂單，這是因為工廠關閉和產能調整導致出貨量下降，導致積壓程度異常。在第三季度，雖然我們的訂單出貨比超過 1，但只比 1 稍稍高一點，對吧？所以我們在第四季或多或少處於中立位置。

And so as I think about going into next year, we have this backlog that is -- particularly focused on kind of the abnormal amount of backlog build where we've got to get product delivered to customers.

因此，當我考慮進入明年時，我們的積壓工作特別集中在異常數量的積壓工作上，我們必須將產品交付給客戶。

And I think on a positive note, really, when we were in the process of building that backlog in Q2 and Q3, while orders remained strong, because our customers' businesses were disrupted, we weren't in a situation where they were really pounding on the door saying, in most cases, we need immediate delivery of this product. And we really saw that tick up in the fourth quarter, which is what drove the revenues north of $1.2 billion. And I think it's that dynamic of our customers now looking to take delivery of that backlog that was built in the Q2, Q3 timeframe that is going to be the predominant driver of revenue for the next couple of quarters.

我認為，從積極的角度來看，確實，當我們在第二季度和第三季度建立積壓訂單時，雖然訂單仍然強勁，但由於我們客戶的業務受到干擾，我們並沒有處於真正受到衝擊的情況門上寫著，在大多數情況下，我們需要立即交付該產品。我們確實在第四季度看到了這種成長，這推動了收入超過 12 億美元。我認為，我們的客戶現在希望交付第二季、第三季時間範圍內積壓的訂單，這將成為未來幾季營收的主要驅動力。

And just housekeeping for the stock buyback, is it meant to just keep share count relatively flat and offset dilution? Or is it actually meant to bring the share count down?

只是股票回購的內務管理，是否意味著只是保持股票數量相對穩定並抵消稀釋？或者它實際上是為了減少股票數量？

Well, I'd say a couple of things about that. So first of all, obviously, we've made a commitment to, at least at a minimum, be anti-dilutive with our buyback programs, and we will continue to do that. But just as you saw with us in Q4, and frankly, over the course of FY '20, we will be opportunistic when those approach, right? And so we were very pleased to take 4.3 million shares off the market at an average price somewhere around $96 this year, bring the share count down.

好吧，我想對此說幾件事。因此，首先，顯然，我們已經做出承諾，至少至少透過我們的回購計劃進行反稀釋，我們將繼續這樣做。但正如您在第四季度看到的那樣，坦率地說，在 20 財年期間，當這些方法出現時，我們將採取機會主義態度，對嗎？因此，我們很高興今年以 96 美元左右的平均價格從市場上撤出 430 萬股，從而減少了股票數量。

And so when we see those windows, we'll certainly do that. But at a bare minimum, you can count on us to keep the share count constant. We did say in our prepared remarks that we expect to -- in FY '21, our share count to be 188 million shares, which is flat. So that's what -- that's our base case we're modeling.

因此，當我們看到這些窗戶時，我們肯定會這樣做。但至少，您可以信賴我們保持份額數量不變。我們在準備好的發言中確實說過，我們預計在 21 財年，我們的股票數量將達到 1.88 億股，與持平。這就是我們正在建模的基本情況。

When I think about capital use, priorities for capital beyond share repurchase, we continue to have an active M&A funnel development process. We continue to look for ways to put money to work through M&A and assets that are accretive to growth, accretive to gross margin, much like the acquisition that we did of Eggplant at the end of last quarter. So no real change to our capital allocation priorities at this point in time.

當我考慮資本使用、股票回購以外的資本優先事項時，我們繼續有一個積極的併購漏斗開發流程。我們繼續尋找透過併購和資產來投入資金的方法，這些資產可以促進成長、增加毛利率，就像我們在上季末收購 Eggplant 一樣。因此，目前我們的資本配置優先事項並沒有真正的改變。

Our next question is from John Marchetti with Stifel.

我們的下一個問題來自 Stifel 的 John Marchetti。

I wanted to ask a quick question on the semiconductor business. That's been strong now for a few quarters. I'm just curious to get your view of where we are in that process node transition cycle. And as we're looking out into in '21, how we should think about that, that semi business performing for you as we're going into next year?

我想問一個有關半導體業務的簡單問題。這幾個季度以來一直很強勁。我只是想知道您對我們在流程節點轉換週期中所處的位置的看法。當我們展望 21 年時，我們應該如何考慮明年我們將如何為您提供半業務表現？

Yes, I'll make some comments, and maybe Mark can also chime in on the forward-looking demand. I would say that we had a very strong year for the semi business, and it's been driven by the growth in the 5G devices and the high-performance computing needs that have proliferated, especially due to folks working remotely and working from home environment. And we've also captured and capitalized on the China IC spend. Our position in that -- in the semi business is highly differentiated, and we continue to track the node sizes from 7 to 5. And now, new activity starting for 3 nanometer. So we're highly differentiated there, and I'll hand it off to Mark to make some comments on forward-looking demand.

是的，我會發表一些評論，也許馬克也可以插話一下前瞻性的需求。我想說，我們的半成品業務經歷了非常強勁的一年，這是由 5G 設備的成長和高效能運算需求激增所推動的，特別是由於人們遠端工作和在家環境中工作。我們也抓住並利用了中國的積體電路支出。我們在半成品行業中的地位是高度差異化的，我們繼續追蹤從 7 到 5 的節點尺寸。因此，我們在這方面具有高度差異化，我將把它交給馬克，並對前瞻性需求發表一些評論。

Yes. What I would add is that the leading demand, as Satish talked about, is continuing, and the length of the process of retooling the fabs is a very long one. So we're involved in relatively long sales cycles that involve both the process nodes and new technologies like with extreme ultraviolet lithography, and we see those opportunities continuing to drive into next year. We see continued investments in China as well as other parts around the world, including the United States with the chips program that was announced several months ago.

是的。我要補充的是，正如薩蒂什所說，主導需求正在持續，而晶圓廠改造過程的長度非常長。因此，我們處於相對較長的銷售週期，涉及工藝節點和新技術（例如極紫外光刻），我們看到這些機會將繼續進入明年。我們看到對中國以及世界其他地區的持續投資，包括幾個月前宣布的美國晶片計畫。

So the bottom line is we could see some market constraints coming in the next couple of quarters, but we see continuing demand for our process solutions to support these next-generation technologies.

因此，最重要的是，我們可能會在未來幾個季度看到一些市場限制，但我們看到對支援這些下一代技術的製程解決方案的持續需求。

Great. And then maybe, Neil, just a quick follow-up on the gross margin strength here. How much of that, I guess, is mix-related? Is it a function of that continuing growth in the recurring software piece of the business? As we look out into next year, I guess, what's the right sort of level-setting for that given some of the strength we've seen, even with some of the challenges that you had through this fiscal year?

偉大的。尼爾，也許只是對這裡的毛利率實力進行快速跟進。我想其中有多少是與混合相關的？這是業務中經常性軟體部分持續成長的結果嗎？當我們展望明年時，我想，鑑於我們已經看到的一些優勢，即使您在本財年遇到了一些挑戰，正確的水平設定是什麼？

Sorry. Let me repeat that because I realized my mic was off. We continue to be very pleased with the progress that we're making on gross margin. And really, there's a lot that goes into that. First of all, I'd start with software content, right? During this year, our software business continued to grow -- outgrow the broader company. And so we continue to see nice growth in software, and we continue to make great progress in the conversion of the way our customers buy software from us towards more time-based purchasing. So we actually saw our annualized recurring revenue grow in the high teens during FY '20. So that's helpful.

對不起。讓我重複一遍，因為我意識到我的麥克風已關閉。我們仍然對毛利率方面取得的進展感到非常滿意。事實上，這裡面有很多內容。首先，我會從軟體內容開始，對嗎？今年，我們的軟體業務持續成長—超過了整個公司的發展。因此，我們繼續看到軟體的良好成長，並且在將客戶從我們這裡購買軟體的方式轉變為更多基於時間的購買方面，我們繼續取得巨大進展。因此，我們實際上看到 20 財年的年化經常性收入成長了十幾倍。所以這很有幫助。

We're making great progress, I talked about this last quarter, in our services margin portfolio. That's a below-average gross margin business for us. But on the operating line, we have our services business now north of 20% which had been our long-term goal, and a lot of that improvement has come on the gross margin line.

我在上個季度談到了我們的服務利潤組合，我們正在取得巨大進展。對我們來說，這是一項毛利率低於平均的業務。但在營運方面，我們的服務業務現已超過 20%，這是我們的長期目標，而且大部分改善都來自於毛利率。

And then I would talk about our migration towards selling complete solutions across the entire portfolio, right? As we migrate to those complete solutions, they tend to be more highly differentiated, and we can monetize that differentiation.

然後我會談談我們向銷售整個產品組合的完整解決方案的轉變，對嗎？當我們遷移到這些完整的解決方案時，它們往往具有更高的差異化，我們可以將這種差異化貨幣化。

And so you couple that with the strength that we're seeing -- the strengthening we're seeing in the markets over the last couple of quarters, I mean, I think we're very pleased with the way orders -- the strength of orders, really through the entire cycle of this year, but the strengthening in Q4, the broad indications of macro recovery across large portions of our portfolio and large geographies around the world as, I think, very favorable as we look into FY '20 -- excuse me, FY '21.

因此，您將其與我們所看到的實力結合起來 - 我們在過去幾季中看到的市場走強，我的意思是，我認為我們對訂單的方式非常滿意 - 的實力訂單確實貫穿了今年的整個週期，但第四季度的走強，我們投資組合的大部分和全球大部分地區的宏觀復甦的廣泛跡象，我認為，當我們展望20 財年時，這是非常有利的 - - 對不起，21財年。

Our next question is from Brandon Couillard with Jefferies.

我們的下一個問題來自傑弗里斯的布蘭登·庫亞爾 (Brandon Couillard)。

Neil, just a quick one. You alluded to a 2-year CapEx program, I think, to modernize some plants. First part, is that growth-oriented or cost-oriented? And should we expect a similar kind of $170 million to $180 million in fiscal '22?

尼爾，請快速講一下。我認為，您提到了一項為期兩年的資本支出計劃，旨在對一些工廠進行現代化改造。第一部分，是成長導向還是成本導向？我們是否應該預期 22 財年會有類似的 1.7 億至 1.8 億美元的營收？

Yes. It's a 2-year program. So I'm envisioning, obviously, we're still a year away. But FY '22, I think, will be similar from a CapEx perspective. And we've essentially got some facility up. I would call it just kind of resiliency of our supply chain. We have some facility upgrades we need to do. In other cases, we're looking to get some alternative sourcing sites for some specialized productions for diversification purposes, those types of activities, to just make sure that our supply chain is secure.

是的。這是一個為期 2 年的計劃。所以我預計，顯然，我們還需要一年的時間。但我認為，從資本支出的角度來看，22 財年將是相似的。我們基本上已經建立了一些設施。我將其稱為我們供應鏈的某種彈性。我們需要進行一些設施升級。在其他情況下，我們正在尋求一些替代採購地點來進行一些專業生產，以實現多樣化目的，這些類型的活動，以確保我們的供應鏈是安全的。

The next question is from Mark Delaney with Goldman Sachs.

下一個問題來自高盛的馬克·德萊尼。

The company mentioned COVID-19 as 1 of the factors behind the muted seasonality this coming year. Can you elaborate a bit more on that? Now that we've unfortunately seen some increasing cases in many countries, are you seeing any customers or geographies where there's actually some pushouts and schedules that have been occurring? Or are you more raising this as a potential risk we should be mindful about?

該公司提到，新冠肺炎 (COVID-19) 是明年季節性淡季背後的因素之一。能詳細說明一下嗎？現在，我們不幸地看到許多國家/地區的病例不斷增加，您是否看到任何客戶或地區實際上已經發生了一些延遲和時間表？或者您是否更願意將此視為我們應該注意的潛在風險？

No. I think it's just broad uncertainty, right? Nobody knows exactly what's going to happen, and it's -- the question about seasonality, typically, we see plus or minus a couple of points. As we move from quarter-to-quarter, you can go look at the history and see what that is. And all I'm -- we're saying 2 things: one, you've got this kind of broad overarching uncertainty around COVID; and then we've got this backlog burn that's going to be happening, and we think those are going to kind of more or less drown out the typical seasonality that we would see in a current year. So we're expecting a much more steady revenue flow over the course of the next several quarters.

不，我認為這只是廣泛的不確定性，對吧？沒有人確切知道會發生什麼，這是關於季節性的問題，通常我們會看到加或減幾個點。當我們從一個季度到另一個季度時，您可以查看歷史記錄，看看那是什麼。我想說的是，我們想說兩件事：第一，圍繞新冠病毒存在著廣泛的整體不確定性；然後我們就會遇到積壓的情況，我們認為這些將或多或少淹沒我們今年會看到的典型季節性。因此，我們預計未來幾季的營收流將更加穩定。

That's helpful. And just a follow-up question on the geopolitical issues that Keysight's been dealing with in the China market. And we discussed Huawei already on this call. But can you talk about any other customers where perhaps you've been doing business with? And as there's been some increase in sanctions even beyond Huawei. I know that had created some potential risk for tech companies. And is there any business you may be doing separate from Huawei that you think could potentially come under additional restrictions that we need to be thinking about or maybe already has?

這很有幫助。這是關於德科技在中國市場一直在處理的地緣政治問題的後續問題。我們已經在這次電話會議上討論了華為。但您能談談可能與您有過業務往來的其他客戶嗎？而且制裁力道有所加大，甚至超出了華為的範圍。我知道這給科技公司帶來了一些潛在的風險。您是否認為您與華為分開開展的任何業務可能會受到我們需要考慮或可能已經受到的額外限制？

Yes. So I don't -- I'll let Mark comment on that as well. I mean I think we're a couple of years now into this kind of ongoing back and forth around trade restrictions, and I will tell you that we've weathered it very well. Our business in China continues to do very well. And so whether you're talking about the initial tariffs or companies added to the restricted party list or the situations with ZTE and Huawei, we've been through a lot of these things, and our China business continues to grow. We have a very broad portfolio, we have a very broad customer set, the types of things that Keysight does as a company is very well aligned with what's happening in China. And so I just think that -- and Mark mentioned it, we've been very good at redirecting our own internal sales and other resources to where the market opportunities are. Mark, I don't know if you have anything that you want to add to that.

是的。所以我不會——我也會讓馬克對此發表評論。我的意思是，我認為我們圍繞貿易限制的這種持續反覆已經有幾年了，我會告訴你，我們已經很好地經受住了它。我們在中國的業務持續表現出色。因此，無論你是在談論最初的關稅還是被列入限制方名單的公司，還是中興通訊和華為的情況，我們都經歷過很多這樣的事情，而且我們的中國業務仍在持續增長。我們擁有非常廣泛的產品組合，我們擁有非常廣泛的客戶群，是德科技作為一家公司所做的事情與中國正在發生的事情非常吻合。所以我只是認為 - 馬克提到過，我們非常善於將我們自己的內部銷售和其他資源重新分配到市場機會所在的地方。馬克，我不知道你是否還有什麼要補充的。

Yes. So Mark, I would just reiterate that we've already pivoted with the most recent regulations. And as a matter of fact, there were earlier ones back in June that was tied to the military end-use customers in China and Russia and Venezuela that we also endured, and we made some changes associated with that. So we're closely monitoring this thing. We'll continue to be 100% compliant, as we always are. And we have built a core capability to pivot quickly and go after the additional business that's available to us. And as Neil just pointed out, for many, many quarters, we've been very successful in doing so.

是的。馬克，我只想重申，我們已經根據最新的法規進行了調整。事實上，早在 6 月就有一些與中國、俄羅斯和委內瑞拉的軍事最終用途客戶相關的問題，我們也經歷了這些，我們做出了一些與此相關的改變。所以我們正在密切關注這件事。我們將一如既往地繼續 100% 合規。我們已經建立了一種核心能力，可以快速轉變並追求我們可以獲得的額外業務。正如尼爾剛才指出的，在很多很多方面，我們在這方面都非常成功。

That concludes our question-and-answer session for today. I'd now like to turn the conference back over to Jason Kary for any closing remarks.

我們今天的問答環節到此結束。現在我想將會議轉回賈森·卡里（Jason Kary）發表閉幕詞。

Thanks, Chris. Thanks for that. And I'd like to just turn it to Ron for some closing comments.

謝謝，克里斯。感謝那。我想請 Ron 徵求一些結束語。

Thank you, everyone, for joining us. We are very, very pleased with the results we delivered despite COVID and despite the trade environment, delivering record orders, record revenue, record gross margin, record operating margin and record free cash flow. We really believe and see that we have a very strong market position with very differentiated solutions across the ecosystem. And our solutions incorporate world-class hardware, very good and strong software analysis capability as well as services. Our software content continues to increase, our services business is growing. And both of them together are giving us an even stronger business model with more recurring revenue. Our business model is strong, it was tested during the COVID period of time, and you could see the type of results that we can deliver.

謝謝大家加入我們。儘管存在新冠疫情和貿易環境，但我們對所取得的成果感到非常非常滿意，我們交付了創紀錄的訂單、創紀錄的收入、創紀錄的毛利率、創紀錄的營業利潤率和創紀錄的自由現金流。我們確實相信並看到，我們在整個生態系統中擁有非常差異化的解決方案，擁有非常強大的市場地位。我們的解決方案結合了世界一流的硬體、非常優秀和強大的軟體分析能力以及服務。我們的軟體內容不斷增加，我們的服務業務不斷成長。它們共同為我們帶來了更強大的商業模式和更多的經常性收入。我們的商業模式很強大，在新冠疫情期間經過了測試，您可以看到我們可以提供的結果類型。

And last but not least, I really believe we have the best employees in the world that work very hard to bring our customers the best solutions in the world and support them as they try to innovate across their end markets. And we are committed to create value, as we've done in our first 6 years for our shareholders, and I really believe the best is yet to come. Thank you very much, and have a great day.

最後但並非最不重要的一點是，我堅信我們擁有世界上最優秀的員工，他們非常努力地為我們的客戶帶來世界上最好的解決方案，並在他們嘗試在終端市場進行創新時為他們提供支援。我們致力於創造價值，就像我們在前六年為股東所做的那樣，我真的相信最好的尚未到來。非常感謝，祝您有美好的一天。

This concludes our conference call, and you may now disconnect.

我們的電話會議到此結束，您現在可以斷開連線了。