是德科技 (KEYS) 2022 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Keysight Technologies Fiscal First Quarter 2022 Earnings Conference Call. My name is Elliott, and I will be your lead operator today. (Operator Instructions) Please note that this call is being recorded today, Thursday, February 17, 2022, 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 2022 財年第一季度收益電話會議。我叫 Elliott，今天我將擔任你們的首席接線員。 （操作員說明）請注意，此通話將於今天（2022 年 2 月 17 日，星期四）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.

我現在想將會議交給財務主管和投資者關係副總裁 Jason Kary。請繼續，卡里先生。

Thank you and welcome, everyone, to Keysight's first quarter earnings conference call for fiscal year 2022. 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, Chief Operating Officer; and Mark Wallace, Senior Vice President of Global Sales.

謝謝大家，歡迎大家參加是德科技 2022 財年第一季度財報電話會議。與會的還有是德科技董事長、總裁兼首席執行官 Ron Nersesian；和我們的首席財務官 Neil Dougherty。加入我們的問答環節的是首席運營官 Satish Dhanasekaran；和全球銷售高級副總裁 Mark Wallace。

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 will 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 上找到新聞稿和信息以補充今天的討論。在那裡，請單擊“財務信息”選項卡下的季度報告鏈接。在那裡，您會看到一份投資者介紹以及是德科技的部門業績。在本次電話會議之後，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 completed within the last 12 months. You will find the most directly comparable GAAP financial metrics and reconciliations on our website. All comparisons are on a year-over-year basis, unless otherwise noted.

Ron 和 Neil 今天的評論將提及非 GAAP 財務措施。我們還將參考核心增長，其中不包括貨幣變動和過去 12 個月內完成的收購或資產剝離的影響。您將在我們的網站上找到最直接可比的 GAAP 財務指標和對賬。除非另有說明，否則所有比較均基於同比。

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就公司的財務業績做出前瞻性陳述。這些聲明受風險和不確定性的影響，僅在今天有效。公司不承擔更新它們的義務。請查看公司最近向美國證券交易委員會提交的文件，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 March, hosted by Susquehanna, Morgan Stanley and Credit Suisse.

最後，我要指出的是，管理層計劃參加 3 月份即將舉行的由 Susquehanna、摩根士丹利和瑞士信貸主辦的投資者會議。

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. Keysight delivered a strong start to the year. First quarter results are evidence that our broad-based portfolio of differentiated solutions is aligned with the market's most important design and test challenges. We are enabling our customers to address rapidly evolving technologies and market opportunities.

謝謝你，傑森，感謝大家加入我們。是德科技今年開局良好。第一季度的業績證明，我們廣泛的差異化解決方案組合能夠應對市場上最重要的設計和測試挑戰。我們使我們的客戶能夠應對快速發展的技術和市場機遇。

Today, I'll focus my comments on 3 key headlines. First, we continue to see sustained robust demand with record orders again exceeding our expectations. Growth in the quarter was broad-based and balanced across our diverse set of end markets and across all regions. Orders grew 22% year-over-year and were 31% higher than the first quarter of 2020, just prior to the initial impact of the COVID pandemic.

今天，我將重點關注 3 個關鍵標題。首先，我們繼續看到持續強勁的需求，創紀錄的訂單再次超出我們的預期。本季度的增長基礎廣泛且均衡，涵蓋我們多元化的終端市場和所有地區。訂單同比增長 22%，比 2020 年第一季度高出 31%，就在 COVID 大流行的初步影響之前。

Second, record first quarter revenue and earnings per share exceeded the high end of our guidance despite ongoing supply constraints. Our results and exceptional execution by the Keysight team continue to demonstrate the durability and resilience of our business.

其次，儘管持續存在供應限制，但創紀錄的第一季度收入和每股收益超過了我們指導的上限。我們的成果和是德科技團隊出色的執行力繼續證明了我們業務的持久性和彈性。

And third, Keysight solutions are aligned with the long-term secular trends fueled by ongoing innovation across multiple markets. Our investments in growth initiatives and supply chain resiliency are paying off. We continue to expect to deliver 6% to 7% revenue growth for the year, and given the stronger-than-guided first quarter earnings, to achieve 12% earnings growth. We are confident in the strength of the company we built and our ability to drive above-market profitable growth over the long term.

第三，是德科技的解決方案與多個市場持續創新所推動的長期長期趨勢保持一致。我們在增長計劃和供應鏈彈性方面的投資正在取得回報。我們繼續預計今年的收入將實現 6% 至 7% 的增長，並且鑑於第一季度的收益強於預期，將實現 12% 的收益增長。我們對我們建立的公司的實力以及我們長期推動高於市場的盈利增長的能力充滿信心。

Accordingly, with the recent equity market volatility, we capitalized on the opportunity to create value for shareholders by accelerating our share repurchases in the past 2 quarters.

因此，隨著近期股市的波動，我們在過去兩個季度加快了股票回購，抓住了為股東創造價值的機會。

Now let's take a deeper look into our first quarter results. We delivered another quarter of record orders, which grew 22% to $1.5 billion. This outpaced record first quarter revenue, which grew 6% to $1.25 billion. We achieved gross margin of 66%, operating margin of 28% and EPS of $1.65, all of which were first quarter records. Although supply constraints continue to moderate revenue, Keysight's consistent execution and focus on growth initiatives across the 5G ecosystem, automotive and software position us well to capitalize on a robust demand environment.

現在讓我們更深入地了解我們的第一季度業績。我們又交付了一個季度創紀錄的訂單，增長了 22%，達到 15 億美元。這超過了創紀錄的第一季度收入，後者增長 6% 至 12.5 億美元。我們實現了 66% 的毛利率、28% 的營業利潤率和 1.65 美元的每股收益，所有這些都創下了第一季度的記錄。儘管供應限制繼續影響收入，但是德科技始終如一的執行力和對 5G 生態系統、汽車和軟件增長計劃的關注使我們能夠很好地利用強勁的需求環境。

The Electronics Industrial Solutions Group delivered double-digit order and revenue growth for the sixth consecutive quarter. Record orders were driven by strong demand for automotive and semiconductor solutions as well as broad general electronic applications. Our differentiated solutions position us well to win in the fast-expanding automotive market, where we achieved all-time record orders and record first quarter revenue. Orders grew well over 50% in the quarter and exceeded 50% growth over the past year.

電子工業解決方案集團連續第六個季度實現了兩位數的訂單和收入增長。對汽車和半導體解決方案以及廣泛的通用電子應用的強勁需求推動了創紀錄的訂單。我們差異化的解決方案使我們能夠在快速擴張的汽車市場中取勝，我們在該市場實現了創紀錄的訂單和創紀錄的第一季度收入。本季度訂單增長超過 50%，去年增長超過 50%。

Manufacturing capacity continued to expand to meet pent-up demand, and the EV and AV technology investment accelerated. This happened particularly in Europe and China, where EV market share of total car sales in 2021 increased to 19% and 15%, respectively. Demand remains strong from leading manufacturers for both EV and AV production test solutions, power semiconductors, automotive electronics and RF and millimeter wave wireless test.

製造能力繼續擴大以滿足被壓抑的需求，電動汽車和自動駕駛技術投資加速。這種情況在歐洲和中國尤為明顯，2021 年電動汽車在汽車總銷量中的市場份額分別增加到 19% 和 15%。領先製造商對 EV 和 AV 生產測試解決方案、功率半導體、汽車電子以及射頻和毫米波無線測試的需求依然強勁。

Keysight continues to engage with global industry leaders such as BMW, Sony Semiconductor Solutions and Proventia to enable next-generation technologies across the automotive R&D and production workflows. Strong demand for our semiconductor solutions drove double-digit order and revenue growth and resulted in record orders and record first quarter revenue. Investments remain high in advanced semiconductor technologies and capacity expansion to serve a broad set of applications, including silicon-rich smartphones, high-performance computing, IoT and autos.

是德科技繼續與寶馬、索尼半導體解決方案和 Proventia 等全球行業領導者合作，以在汽車研發和生產工作流程中啟用下一代技術。對我們的半導體解決方案的強勁需求推動了兩位數的訂單和收入增長，並導致創紀錄的訂單和創紀錄的第一季度收入。對先進半導體技術和產能擴張的投資仍然很高，以服務於廣泛的應用，包括富矽智能手機、高性能計算、物聯網和汽車。

In general electronics, we achieved record orders with double-digit growth across all regions driven by investment in manufacturing and device development for consumer and industrial IoT, digital health, connectivity and remote monitoring.

在通用電子產品方面，我們在消費和工業物聯網、數字健康、連接和遠程監控的製造和設備開發投資的推動下，在所有地區實現了創紀錄的訂單增長。

Turning to the Communications Solutions Group. We delivered record first quarter orders and revenue with double-digit order growth across all regions. Commercial communications orders achieved the second-highest quarter on record with double-digit order and revenue growth in the Americas and Europe.

轉向通信解決方案集團。我們交付了創紀錄的第一季度訂單和收入，所有地區的訂單都實現了兩位數增長。商業通信訂單在美洲和歐洲實現了兩位數的訂單和收入增長，創下有記錄以來第二高的季度。

We see continued strength in 400G and 800G Ethernet solutions for enterprise and service provider customers as well as increasing demand for terabit communication solutions. Driven by the ongoing investment in data center and cloud applications, orders for Keysight's differentiated, high-performance, real-time oscilloscopes grew triple digits this quarter. Keysight's leadership in 5G Release 16 applications, broad test case coverage and our strategic role in O-RAN are enabling our expansion across the broad communications ecosystem.

我們看到面向企業和服務提供商客戶的 400G 和 800G 以太網解決方案的持續增長以及對太比特通信解決方案的需求不斷增加。在對數據中心和雲應用的持續投資的推動下，Keysight 差異化、高性能、實時示波器的訂單在本季度增長了三位數。是德科技在 5G Release 16 應用領域的領先地位、廣泛的測試用例覆蓋範圍以及我們在 O-RAN 中的戰略角色，使我們能夠在廣泛的通信生態系統中擴張。

Our 5G customer base is growing as deployments begin to scale, and we are enabling disruptive technologies with key industry players, such as Qualcomm to demonstrate 3.5-gigabit uplink data throughput, Chunghwa Telecom in Taiwan to accelerate verification of O-RAN connectivity, KT Corporation in South Korea to verify advanced 5G new radio features and LG Electronics to demonstrate 6G radio frequencies. Investments remain strong in 5G wireless R&D and manufacturing as well as networking as market expansion transitions to devices, network equipment and the aerospace, defense vertical.

我們的 5G 客戶群隨著部署規模的擴大而不斷擴大，我們正在與主要行業參與者一起實現顛覆性技術，例如高通公司展示 3.5Gb 上行鏈路數據吞吐量，台灣中華電信加快 O-RAN 連接性驗證，韓國電信公司在韓國驗證先進的 5G 新無線電功能，LG 電子展示 6G 無線電頻率。隨著市場擴展向設備、網絡設備和航空航天、國防垂直領域的轉變，5G 無線研發和製造以及網絡方面的投資依然強勁。

In aerospace, defense and government, double-digit order growth was driven by demand for signal monitoring, cyber, space and satellite as well as 5G and 6G applications. Demand was particularly strong in Asia Pacific and Europe. As design, test and measurement solutions grow in complexity, software and services are an increasingly more important differentiator for Keysight. Combined, they represented more than 1/3 of total revenue this quarter, increasing recurring revenue and contributing to the resiliency and predictability of our business.

在航空航天、國防和政府領域，兩位數的訂單增長是由對信號監控、網絡、空間和衛星以及 5G 和 6G 應用的需求推動的。亞太地區和歐洲的需求尤其強勁。隨著設計、測試和測量解決方案變得越來越複雜，軟件和服務對是德科技來說越來越重要。它們合計佔本季度總收入的 1/3 以上，增加了經常性收入並有助於我們業務的彈性和可預測性。

In summary, demand remains strong for Keysight's software-centric portfolio of differentiated solutions across all of our end markets and regions. Since the pandemic began in 2020, Keysight has been focused on supporting our customers and delivering on our commitments. We have implemented new sourcing strategies and increased partner engagement to improve supply chain flexibility, diversification and resilience. While fully focused on our near-term priorities, we continue to work towards a long-term sustainable vision for the company and for the communities in which we operate.

總之，我們所有終端市場和地區對是德科技以軟件為中心的差異化解決方案組合的需求依然強勁。自 2020 年大流行開始以來，是德科技一直專注於為我們的客戶提供支持並兌現我們的承諾。我們實施了新的採購戰略並增加了合作夥伴的參與度，以提高供應鏈的靈活性、多樣化和彈性。在完全專注於我們的近期優先事項的同時，我們繼續努力為公司和我們運營所在的社區實現長期可持續發展的願景。

The Keysight leadership model drives us to deliver business value through ethical, environmentally sustainable and socially responsible operations. Corporate social responsibility is an enabling value of the KLM, and we are proud to have been included in the Dow Jones Sustainability Index for the third year in a row.

Keysight 領導模式促使我們通過道德、環境可持續和對社會負責的運營來提供商業價值。企業社會責任是荷航的一項重要價值，我們很自豪能夠連續第三年被列入道瓊斯可持續發展指數。

Keysight's inclusion exemplifies the company's continued commitment to building a better planet. This includes ambitious targets that support several UN Sustainable Development Goals, such as our commitment to achieve net-zero emissions in our company operations by fiscal year 2040, 10 years ahead of the Paris Agreement goal of 2050. As we accelerate innovation to connect and secure the world, we are better positioned than ever to deliver value to our customers, shareholders and employees.

是德科技的加入體現了該公司對建設更美好地球的持續承諾。這包括支持多項聯合國可持續發展目標的雄心勃勃的目標，例如我們承諾到 2040 財年在公司運營中實現淨零排放，比《巴黎協定》的 2050 年目標提前 10 年。隨著我們加速創新以連接和確保安全世界，我們比以往任何時候都更有能力為我們的客戶、股東和員工創造價值。

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業績和前景。

Thank you, Ron, and hello, everyone. Q1 was a great start to fiscal 2022, and our full year outlook exemplifies Keysight's ability to deliver on our commitments.

謝謝你，羅恩，大家好。第一季度是 2022 財年的良好開端，我們的全年展望體現了是德科技兌現承諾的能力。

In the first quarter of 2022, we delivered revenue of $1.250 billion, which was above the high end of our guidance range and grew 6% or 7% on a core basis. As expected, supply chain constraints continue to temper revenue results. We delivered a record $1.495 billion in orders, up 22% or 23% on a core basis. We ended the quarter with over $2.3 billion in backlog.

2022 年第一季度，我們實現了 12.5 億美元的收入，高於我們指導範圍的上限，核心基礎上增長了 6% 或 7%。正如預期的那樣，供應鏈限制繼續抑制收入結果。我們交付了創紀錄的 14.95 億美元訂單，核心訂單增長 22% 或 23%。我們在本季度結束時積壓了超過 23 億美元。

Turning to our operational results for Q1. We reported gross margin of 66% and operating expenses of $473 million, resulting in an operating margin of 28%. We achieved net income of $305 million and delivered $1.65 in earnings per share, which was above the high end of our guidance. Our weighted average share count for the quarter was 184 million shares.

轉向我們第一季度的運營結果。我們報告的毛利率為 66%，營業費用為 4.73 億美元，營業利潤率為 28%。我們實現了 3.05 億美元的淨收入，每股收益為 1.65 美元，高於我們指導的上限。我們本季度的加權平均股數為 1.84 億股。

Moving to the performance of our segments. Our Communications Solutions Group generated record revenue of $878 million, up 3% on both the reported and core basis. CSG delivered record gross margin of 67% and operating margin of 27%. In Q1, commercial communications generated revenue of $584 million, up 5%, with double-digit revenue growth in the Americas and Europe driven by continued investments in 5G, O-RAN adoption, 400-gigabit, 800-gigabit and terabit R&D and wireline applications. Aerospace, defense and government revenue of $294 million was flat versus a strong prior year compare.

轉向我們細分市場的表現。我們的通信解決方案集團創造了創紀錄的 8.78 億美元收入，在報告基礎和核心基礎上均增長 3%。 CSG 實現了創紀錄的 67% 毛利率和 27% 的營業利潤率。第一季度，商業通信產生了 5.84 億美元的收入，增長了 5%，美洲和歐洲的收入實現了兩位數增長，這主要得益於對 5G、O-RAN 採用、400-Gb、800-Gb 和太比特研發以及有線的持續投資應用程序。航空航天、國防和政府收入為 2.94 億美元，與去年同期的強勁勢頭相比持平。

Solid growth in Asia Pacific was offset by supply chain constraints that impacted revenue in the Americas and Europe. This was our fourth consecutive quarter of double-digit order growth in aerospace, defense and government, and the funnel remains strong for this end market.

亞太地區的穩健增長被影響美洲和歐洲收入的供應鏈限制所抵消。這是我們在航空航天、國防和政府領域連續第四個季度實現兩位數的訂單增長，並且這一終端市場的渠道依然強勁。

The Electronic Industrial Solutions Group generated first quarter revenue of $372 million, up 13% or 15% on a core basis, driven by strong revenue growth in semiconductor and automotive. EISG reported gross margin of 63% and operating margin of 31%.

電子工業解決方案集團第一季度的收入為 3.72 億美元，核心收入增長 13% 或 15%，這主要得益於半導體和汽車收入的強勁增長。 EISG 報告的毛利率為 63%，營業利潤率為 31%。

Moving to the balance sheet and cash flow. We ended our first quarter with $2 billion in cash and cash equivalents, generated cash flow from operations of $224 million and free cash flow of $182 million or 15% of revenue. Under the new share repurchase authorization announced in November of last year, we have acquired 1.13 million shares in the quarter at an average price of $182.19 for a total consideration of $206 million.

轉向資產負債表和現金流量。我們以 20 億美元的現金和現金等價物結束了第一季度，產生了 2.24 億美元的運營現金流和 1.82 億美元的自由現金流，佔收入的 15%。根據去年 11 月公佈的新股票回購授權，我們在本季度以平均 182.19 美元的價格收購了 113 萬股股票，總對價為 2.06 億美元。

Now turning to our outlook and guidance. Demand remains strong for Keysight Solutions. However, supply constraints continue to moderate shipments. We expect second quarter 2022 revenue to be in the range of $1.290 billion to $1.310 billion and Q2 earnings per share to be in the range of $1.63 to $1.69 based on a weighted diluted share count of approximately 183 million shares. Assuming a loosening of the supply situation in the second half, we continue to expect full year revenue growth to be in the range of 6% to 7% while delivering 12% earnings growth. The raised EPS growth expectation reflects ours higher-than-expected Q1 earnings.

現在轉向我們的展望和指導。對是德科技解決方案的需求依然強勁。然而，供應限制繼續抑制出貨量。我們預計 2022 年第二季度收入將在 12.90 億美元至 13.10 億美元之間，根據約 1.83 億股的加權稀釋後每股收益，第二季度每股收益將在 1.63 美元至 1.69 美元之間。假設下半年供應形勢鬆動，我們繼續預計全年收入增長將在 6% 至 7% 的範圍內，同時實現 12% 的盈利增長。上調的 EPS 增長預期反映了我們高於預期的第一季度收益。

In closing, the demand environment remains strong across our end markets and regions. With a record backlog position and a strong track record of operational excellence, we are confident in our ability to meet our customer commitments and continue to deliver profitable above-market growth going forward.

最後，我們的終端市場和地區的需求環境依然強勁。憑藉創紀錄的積壓訂單和卓越運營的良好記錄，我們相信我們有能力履行對客戶的承諾，並繼續實現高於市場的盈利增長。

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

有了這個，我現在將把它轉回 Jason 進行問答。

Thank you, Neil. Elliott, will you please go ahead and give the instructions for the Q&A?

謝謝你，尼爾。 Elliott，請你繼續進行問答環節的說明好嗎？

(Operator Instructions) And the first question comes from the line of Tim Long from Barclays.

（操作員說明）第一個問題來自巴克萊銀行的 Tim Long。

I was hoping you could talk a little bit more about the 5G end market maybe as it cuts across your business. Could you talk about kind of the revenue order momentum there and maybe touch on some of the newer areas? I think you mentioned O-RAN, but could you talk O-RAN private networks millimeter waves, some of the newer areas that are contributing to growth there?

我希望你能多談談 5G 終端市場，因為它可能會影響你的業務。您能否談談那裡的收入訂單勢頭，並可能涉及一些較新的領域？我想你提到了 O-RAN，但你能談談 O-RAN 專用網絡毫米波，一些促進那裡增長的新領域嗎？

Yes. Tim, this is Satish. We have another strong quarter in our commercial communications business driven by 5G and all the wireline evolutions. Specific to 5G, I think as I've stated before, we see near-term and medium-term catalysts that remain intact. If you look at it more near term, I would say, the ongoing global deployments that are scaling continue to drive demand in both R&D and manufacturing offerings. Specific to R&D, the Release 16 is really aimed at some of these new use cases with industrial applications and private networks in particular. Longer term, we remain bullish about millimeter wave and its adoption.

是的。蒂姆，這是薩蒂什。在 5G 和所有有線線路發展的推動下，我們的商業通信業務又迎來了一個強勁的季度。具體到 5G，我認為正如我之前所說，我們看到近期和中期的催化劑仍然完好無損。如果你更近期地看待它，我會說，正在進行的全球部署正在擴大，繼續推動研發和製造產品的需求。具體到研發，Release 16 確實針對其中一些新用例，尤其是工業應用和專用網絡。從長遠來看，我們仍然看好毫米波及其採用。

But in the medium term, the applications such as O-RAN are really growing the ecosystem of opportunities for us. in We just added over 100 new customers into our 5G platform in the most recent quarter. So very strong growth in the 5G applications for sure across both R&D and manufacturing and deployments and across the globe. So broad strength.

但從中期來看，O-RAN 等應用確實在為我們發展機會生態系統。在最近一個季度，我們剛剛將 100 多個新客戶添加到我們的 5G 平台中。因此，在研發、製造和部署以及全球範圍內，5G 應用肯定會出現非常強勁的增長。如此廣泛的力量。

Okay. I'm sorry, if I could just follow up. It sounds like you've already had a few 6G announcements. Can you talk a little bit about kind of the cadence of when you think that [rollout] start to impact this business? Is this still a few years out? Or are you starting to see some real traction with some of the larger players in the industry?

好的。對不起，如果我能跟進的話。聽起來您已經發布了一些 6G 公告。你能談談你認為 [rollout] 開始影響這項業務的節奏嗎？這還要過幾年嗎？或者您是否開始看到業內一些較大型參與者的真正吸引力？

Yes. We're still -- if you look at it from a standards perspective, we're still in Release 16. Release 17 is just getting started, and you've got Release 18 being planned. So there's still considerable time to go with 5G evolution. That will continue for quite some time. But the industry is also looking at what's the next wave of innovations, 6G on the wireless side. On the wireline side, terabit Ethernet is definitely an area where there's a lot of advanced research happening both on the wireless and wireline side. And Keysight, given our strong strategy of focus on building out the workflow for the communication cycle system, we're engaged in those advanced research discussions with multiple consortiums around the globe. And we've already started to get some early research business, which positions us for continued leadership over time.

是的。我們仍然 - 如果您從標準的角度來看，我們仍處於第 16 版。第 17 版才剛剛開始，您已經計劃了第 18 版。因此，5G 的演進還有相當長的時間。這將持續相當長的一段時間。但業界也在關注下一波創新浪潮，即無線方面的 6G。在有線方面，太比特以太網絕對是無線和有線方面都在進行大量高級研究的領域。而是德科技，鑑於我們專注於構建通信週期系統工作流程的強大戰略，我們正在與全球多個聯盟進行這些高級研究討論。而且我們已經開始獲得一些早期的研究業務，這使我們能夠隨著時間的推移繼續保持領先地位。

Our next question comes from the line of Samik Chatterjee from JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

I guess I'm just trying to get some help in understanding the divergence here between the order growth and the revenue outlook. This is, I think, the fourth quarter where you've expanded orders by more than 20% year-on-year. And when we look at the revenue outlook, obviously, that's materially below that. How should we think about it? Sort of is there more of unwind into the revenue or some realization of revenue or supply chain eases? Or is that -- is the order strength driven by a lot of early ordering or sort of long-dated orders?

我想我只是想獲得一些幫助，以了解訂單增長與收入前景之間的差異。我認為，這是第四季度您的訂單同比增長超過 20%。當我們查看收入前景時，顯然，這大大低於該水平。我們應該如何思考呢？是否有更多的收入放鬆或收入或供應鏈的實現？或者是 - 訂單強度是由大量早期訂單或長期訂單驅動的嗎？

And in particular, if I can just ask one follow-up there. If -- how are we thinking about the same divergence between ADG and [UC] remaining flat for the last couple of quarters versus what you talked about in terms of strong order increase?

特別是，如果我可以在那裡問一個後續問題。如果 - 我們如何考慮 ADG 和 [UC] 在過去幾個季度保持平穩與您談到的強勁訂單增長之間的相同差異？

Yes. So this is Neil. So I think, first of all, I would say that the order growth, we believe, is indicative of the highly -- or the very strong demand environment we're seeing across the wide range of end markets, right? Within EISG, the semi auto market is very strong. The surge in manufacturing driving strength in general electronics. In the communications side, we're seeing great strength in 5G, as Satish just talked about, but also 400 gigabit, 800 gigabit on the networking side as well. And so very strong demand, and I think that's reflected in the order strength and in the growth you're seeing in orders.

是的。所以這是尼爾。所以我認為，首先，我想說的是，我們認為訂單增長表明我們在廣泛的終端市場看到了高度或非常強勁的需求環境，對吧？在 EISG 內部，半自動汽車市場非常強勁。通用電子製造業驅動力激增。在通信方面，我們看到了 5G 的強大實力，正如薩蒂什剛才談到的那樣，但在網絡方面也看到了 400 吉比特、800 吉比特。需求非常強勁，我認為這反映在訂單強度和訂單增長中。

On the revenue side, obviously, we continue to work through significant supply chain challenges. Our revenue is significantly constrained by the supply environment, and we're working through that. We have said on prior calls that we have seen lead times to our customers extend by about a month, and that month extension has really happened over the course of the last 2 years, really from the onset of COVID back in the spring of 2020. And I think the good news is that our customers have responded to that and are placing orders with Keysight a bit earlier so that they can still get product delivery on a time line that meets their needs. And I think we're doing a good job getting product into the hands of our customers on those time lines.

顯然，在收入方面，我們將繼續應對重大的供應鏈挑戰。我們的收入受到供應環境的嚴重限制，我們正在努力解決這個問題。我們在之前的電話中說過，我們已經看到客戶的交貨時間延長了大約一個月，並且在過去的兩年中確實發生了一個月的延長，實際上是從 2020 年春季 COVID 爆發開始的。我認為好消息是我們的客戶已經對此做出回應，並提前向是德科技下訂單，這樣他們仍然可以在滿足他們需求的時間線上交付產品。而且我認為我們在這些時間線上將產品交到客戶手中做得很好。

I think if you turn the lens forward, what you're going to see as the supply chain situation starts to improve, and we hope to see that beginning in the second half. But certainly, we expect to see some supply chain constraints through 2023, that our lead times will slowly start to migrate back in over a number of quarters. And similarly, our customers will once again readjust their ordering patterns to, again, align them with their own need for delivery.

我認為如果你把鏡頭向前轉，你會看到供應鏈情況開始改善，我們希望在下半年開始看到這種情況。但可以肯定的是，我們預計到 2023 年供應鏈會受到一些限制，我們的交貨時間將在幾個季度內慢慢開始恢復。同樣，我們的客戶將再次調整他們的訂購模式，以使其與他們自己的交付需求保持一致。

Why don't I turn it back to Mark for some more comments on the demand side.

為什麼我不把它轉回給 Mark 以徵求更多關於需求方面的意見。

Yes. Thanks, Neil. I think you covered it well. I just would add that -- reiterating the demand remains strong. It was very strong in Q1, very broad. We saw some earlier orders placed in distribution as an example, where the channel inventories are low because of the demand that we've seen there. So that's to be expected. We also saw some early orders from semiconductor, which is typical. They have longer-term horizons, and we work with them in that fashion.

是的。謝謝，尼爾。我認為你涵蓋得很好。我只想補充一點——重申需求依然強勁。第一季度非常強勁，非常廣泛。我們看到一些早期的分銷訂單作為例子，由於我們在那裡看到的需求，渠道庫存很低。所以這是可以預料的。我們還看到了一些來自半導體的早期訂單，這很典型。他們有更長遠的眼光，我們以這種方式與他們合作。

But the headline is our strong double-digit order growth. It was not an outcome of advanced purchases. And on the plus side, as Neil mentioned, we are now working with customers much earlier than we may have done in the past. We've always had deep relationships. But the outcome is we're getting better visibility to their forecast and their forward-looking plans, which I think will sustain for the long term.

但標題是我們強勁的兩位數訂單增長。這不是提前購買的結果。從好的方面來說，正如尼爾所提到的，我們現在與客戶的合作比過去要早得多。我們一直有著深厚的關係。但結果是我們對他們的預測和前瞻性計劃有了更好的了解，我認為這將長期維持下去。

Our next question comes from the line of Meta Marshall from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Meta Marshall。

Maybe following up on Samik's question. Just in terms of supply chain, would you say that conditions largely stayed the same in fiscal Q1 over fiscal Q4? Or was there any kind of material tightening that you saw kind of in any of the categories? Just trying to get a sense of whether it remains constrained or whether you started to see some improvement or worsening.

也許跟進 Samik 的問題。就供應鏈而言，您是否會說第一財季與第四財季的情況基本保持不變？還是您在任何類別中都看到了某種材料緊縮？只是想了解它是否仍然受到限制，或者您是否開始看到一些改善或惡化。

And then maybe second question. Obviously, we've seen some valuation rerating on the software side of stocks. And so just wondering if anything becomes more attractive from an M&A environment just as some of these valuations reset.

然後可能是第二個問題。顯然，我們已經看到股票軟件方面的一些估值重估。所以只是想知道併購環境是否會隨著其中一些估值的重置而變得更具吸引力。

Yes. So this is Neil again. So first of all, with regard to the supply chain situation, I think it's safe to say that we didn't see things materially get better within the quarter. I don't think they got worse. I would call it largely the same. I think we continue to look forward to some relaxation in the second half, and that's still our expectation. But we did not see any acceleration or early signs that that's happening. It's still our expectation, but largely unchanged within the quarter on the supply chain side.

是的。這又是尼爾。所以首先，關於供應鏈情況，我認為可以肯定地說，我們沒有看到本季度內情況有實質性好轉。我不認為他們變得更糟了。我會稱之為大致相同。我認為我們繼續期待下半年有所放鬆，這仍然是我們的期望。但我們沒有看到任何加速或早期跡象表明這種情況正在發生。這仍然是我們的預期，但在供應鏈方面的季度內基本沒有變化。

And Meta, this is Ron. With regard to software valuations, obviously, you're exactly correct. The IPE software companies, we've seen the valuations come down. But realistically, when we talk to companies and they've seen -- when they see a pullback, they still view their old share price as the price that the company should get a premium to. It normally takes about a year. It depends company by company before they would go ahead and sell at a lesser value. But we're highly engaged at looking at opportunities, looking at things that make sense. And we have a very active funnel right now, including software.

還有 Meta，這是 Ron。關於軟件估值，顯然，你是完全正確的。 IPE 軟件公司，我們已經看到估值下降。但實際上，當我們與公司交談時，他們已經看到——當他們看到回調時，他們仍然將舊股價視為公司應該獲得溢價的價格。通常需要大約一年的時間。在他們繼續以較低的價值出售之前，這取決於公司。但我們高度關注尋找機會，尋找有意義的事情。我們現在有一個非常活躍的漏斗，包括軟件。

Our next question comes from the line of Mark Delaney from Goldman Sachs.

我們的下一個問題來自高盛的 Mark Delaney。

I was hoping you could comment a little bit more on the P&L outlook for next quarter. Revenue guidance is up sequentially. EPS is relatively flattish quarter-on-quarter. So maybe you can bridge us from some higher revenue. And what's leading to the more flat quarter-on-quarter EPS?

我希望您能對下一季度的損益前景發表更多評論。收入指導依次上調。每股收益環比相對持平。所以也許你可以讓我們從更高的收入中脫穎而出。是什麼導致每股收益季度環比持平？

Yes. So I'll take that one as well. So as we look forward into the second quarter, we do see, as you look at scheduled shipments, some unfavorable mix on a sequential basis as well as kind of continuing impact from other inflationary elements, most notably expediting fees and other things are continuing to impact gross margins.

是的。所以我也會拿那個。因此，當我們展望第二季度時，我們確實看到，當您查看預定的出貨量時，一些連續的不利組合以及其他通貨膨脹因素的持續影響，最顯著的是加急費用和其他因素正在繼續影響毛利率。

And I think the other thing is we are continuing to ramp kind of back into our targeted levels of R&D. We were actually sub-15% in Q4, approaching 16% here in Q1 as we look to kind of mid-16% of revenue is more the level. So I'd expect some further increase in that rate of investment in the R&D side of things as well, which is what's leading to the more or less flattish EPS.

我認為另一件事是我們正在繼續回到我們的目標研發水平。我們在第四季度實際上低於 15%，在第一季度接近 16%，因為我們希望收入的 16% 左右更接近這個水平。因此，我預計研發方面的投資率也會進一步增加，這將導致每股收益或多或少持平。

That's helpful. And for my follow-up question was on the comms segment. The company is focused and done a very good job broadening out the exposure into various ways, right, in terms of the type of tests you're doing but also the various parts of the industry. And 400 and 800, you guys have been going for some time. So maybe you can level set us on how big 400 and 800G is and how much data center is contributing to that comms segment at this point.

這很有幫助。我的後續問題是關於通信部分的。該公司專注於並做得很好，將曝光範圍擴大到各種方式，正確的，就您正在進行的測試類型以及行業的各個部分而言。還有 400 和 800，你們已經有一段時間了。所以也許你可以讓我們了解 400 和 800G 有多大，以及此時有多少數據中心為該通信部分做出了貢獻。

Yes. I'll take this. I think you're right. I mean our strategy to really connect the workflow across the communications ecosystem continues to play out, and our execution remains very strong. At the heart of it, we've been focused on connecting the workflow between the wireless and the wireline parts of the ecosystem. And we see that all of the data that comes through the networks through 5G, as an example, have to ultimately flow into a data center or cloud.

是的。我要這個。我想你是正確的。我的意思是，我們在整個通信生態系統中真正連接工作流程的戰略繼續發揮作用，我們的執行力仍然非常強勁。在它的核心，我們一直專注於連接生態系統的無線和有線部分之間的工作流程。我們看到，例如，通過 5G 網絡傳輸的所有數據最終都必須流入數據中心或云。

And so as we follow that trial end-to-end, we see significant upgrades happening across the entire communications design flow. And we're participating in a number of those technology trends associated with not only the speed because you referenced with 400, 800 and terabit but also the underlying infrastructure that's changing with the memories, the server technologies and the edge compute as well.

因此，當我們端到端地跟踪該試驗時，我們看到整個通信設計流程都發生了重大升級。我們正在參與許多技術趨勢，不僅與速度相關，因為您引用了 400、800 和 terabit，還與隨著內存、服務器技術和邊緣計算而變化的底層基礎設施相關。

And we're also very pleased with the number of new chipset starts, the design starts that are occurring across the entire industry today. And all of this is contributing to strength, and we saw that reflected in our commercial communications business, where we maintain a good balance between the 5G growth and also the wireline evolutions growth.

我們也對新芯片組啟動的數量感到非常滿意，今天整個行業都在進行設計啟動。所有這些都有助於增強實力，我們在我們的商業通信業務中看到了這一點，我們在 5G 增長和有線演進增長之間保持了良好的平衡。

Our next question comes from the line of Jim Suva from Citigroup.

我們的下一個問題來自花旗集團的 Jim Suva。

Congratulations. I just have one question. There's been a lot of news about new building of semiconductor equipment factories and a lot more of like automobiles being more electronics. Given the large long supply chain, I'm just kind of curious, are those big orders already coming into your company? Or since they have to pour concrete and walls, would those be much more long-dated and not even in your orders at this point? Because it seems like those are long-term multiyear products -- projects that will actually extend much more beyond the typical horizon where people may think that we're kind of at the peak of orders right now, which I potentially could disagree with.

恭喜。我只有一個問題。有很多關於新建半導體設備工廠的新聞，而且更多的是汽車，更多的是電子產品。考慮到龐大而漫長的供應鏈，我只是有點好奇，那些大訂單是否已經進入貴公司？或者因為他們必須澆築混凝土和牆壁，這些會不會更久，甚至不在您的訂單中？因為看起來這些是長期的多年產品——實際上這些項目將遠遠超出人們可能認為我們現在正處於訂單高峰期的典型範圍，我可能不同意這種觀點。

Yes. Jim, this is Mark. I'll take that. And you're exactly right. The strength that we're seeing today and have been seeing for the last many quarters is around new process technology development and mature technology scaling. But what you're referring to is the global expansion of new fabs in North America, in the United States, in parts of Asia and across Europe. These are multiyear, multibillion-dollar investments that the semiconductor leaders are making, and the vast majority of those investments are well in front of us.

是的。吉姆，這是馬克。我會接受的。你是對的。我們今天看到的以及過去幾個季度一直看到的優勢是圍繞新工藝技術開發和成熟技術擴展。但你指的是北美、美國、亞洲部分地區和整個歐洲新工廠的全球擴張。這些是半導體領導者正在進行的多年、數十億美元的投資，其中絕大多數投資都擺在我們面前。

I'd just remind -- and then I'd just remind everybody of our order acceptance policy. We generally don't put an order on the books unless it's shippable within a 6-month period of time. And so those orders for those longer things -- well, in some cases, those customers are giving us visibility to their needs for these future factories and fabs that are going into place. They are not reflected in orders as of today.

我只是提醒 - 然後我只是提醒大家我們的訂單接受政策。我們通常不會在賬簿上下訂單，除非它可以在 6 個月的時間內發貨。因此，那些更長的訂單——好吧，在某些情況下，這些客戶讓我們了解他們對這些未來工廠和晶圓廠的需求。截至今日，它們並未反映在訂單中。

Yes. I'll just follow up just to emphasize that. We are talking to all of the semiconductor players and we are working through the planning and preparation for the future. But as Neil said, what we booked today is really based on demand that we can see going out 6 months.

是的。我會跟進只是為了強調這一點。我們正在與所有半導體廠商交談，我們正在為未來進行規劃和準備。但正如尼爾所說，我們今天的預訂實際上是基於我們可以看到 6 個月後的需求。

Our next question comes from the line of Chris Snyder from UBS.

我們的下一個問題來自瑞銀集團的 Chris Snyder。

I guess my first question is kind of bigger picture. Clearly, the industry is in the middle of a very strong period of demand. The orders were up against sequentially here, the slight negative seasonality. So I guess my question is kind of what pushes the industry back down towards that normalized 3% to 5% growth that Keysight has called out in the past? And is it fair to think that the industry kind of collectively can achieve outsized growth until 5G peaks?

我想我的第一個問題是更大的圖景。顯然，該行業正處於需求非常旺盛的時期。訂單順序在這裡，輕微的負季節性。所以我想我的問題是，是什麼促使該行業回到是德科技過去呼籲的正常 3% 到 5% 的增長？在 5G 達到頂峰之前，認為整個行業可以集體實現超額增長是否公平？

So Chris, this is Mark. I'll take a stab at that. I think the success that we've achieved and the level of order growth is tied into a lot about what Satish has been talking about, which is connecting our customers' workflows, even goes back to the previous question as it pertains to the growth in semiconductor being fed into demands from multiple different industries all bringing more electronic content together. So that has this compounding effect.

克里斯，這是馬克。我會嘗試一下。我認為我們取得的成功和訂單增長水平與 Satish 一直在談論的內容有很大關係，這連接了我們客戶的工作流程，甚至可以追溯到上一個問題，因為它與增長有關半導體滿足了多個不同行業的需求，所有這些都將更多的電子內容聚集在一起。所以這有這種複合效應。

I certainly think that as we get to the maturity with some of these technologies, the capacities will meet certain levels so we can see some of that begin to -- the growth begin to turn more to more long-term models that we've been seeing. But as we do so, we look forward to the next generation. And as also we mentioned earlier, the early research that's occurring around 6G and the participation that we have given our leadership position in the market gives us opportunities to continue to drive this high secular growth that we've been delivering for several quarters.

我當然認為，隨著我們對其中一些技術的成熟，能力將達到一定水平，因此我們可以看到其中一些開始 - 增長開始更多地轉向我們一直以來的長期模式看到。但在我們這樣做的同時，我們期待著下一代。正如我們之前提到的，圍繞 6G 進行的早期研究以及我們在市場上的領先地位使我們有機會繼續推動我們已經實現了幾個季度的長期高速增長。

And the -- Chris, the 3% to 5% that you're talking about that's [for the] market, we have clearly done a pretty good job of growing faster than the market quarter after quarter, and we intend to do so going forward.

而且 - 克里斯，你所說的 3% 到 5% 是 [for the] 市場，我們顯然做得很好，每個季度都比市場增長更快，我們打算這樣做向前。

But look at the convergence in semiconductors and how more and more functions are being integrated into semiconductors and everything, whether you're talking about IoT or any of these other apps that we talk about, that demand we're going to see for a long period of time.

但是看看半導體的融合，以及越來越多的功能如何被集成到半導體和所有東西中，無論你是在談論物聯網還是我們談論的任何其他應用程序，我們將長期看到這種需求一段的時間。

Look at automotive. We're not talking about things that will grow for a year or 2. Even though we talk about 19% and 15% of the total market being effectively EV in Europe and Asia, I mean, that's going to go up close to 100%. And then we have the Americas, too, which is behind. 5G has a ton of runway.

看汽車。我們不是在談論將增長一兩年的事情。儘管我們談論的是整個市場的 19% 和 15% 是歐洲和亞洲的有效電動汽車，但我的意思是，這將接近 100% .然後我們還有美洲，它落後了。 5G有很多跑道。

And then following that, where we're starting to see early investments in talking is 6G that will follow it. On top of that, you put quantum. So the use of high-performance electronics is not rolling over, and we don't see that at all in any short- or medium-term situation. And whatever the market growth rate, Keysight's aspirations, goals and results have always been to outgrow the market.

之後，我們開始看到對談話的早期投資是 6G。最重要的是，你把量子。因此，高性能電子設備的使用不會滾動，而且我們在任何短期或中期情況下都看不到這一點。無論市場增長率如何，Keysight 的願望、目標和結果始終是超越市場。

Yes. No, I appreciate that. It just feels like so many of the drivers here are secular. That's what I was trying to kind of figure out what pushes this back down to mid-single-digit growth. And you kind of touched on my follow-up. The company has significantly outgrew the market and taken a lot of share ever really since you spun out, but it feels like it's kind of accelerated here. Is there anything that could cause that to compress?

是的。不，我很感激。感覺這裡的很多司機都是世俗的。這就是我試圖弄清楚是什麼將其推回到中個位數增長。你有點觸及我的後續行動。自從你分拆出來以來，該公司的發展速度已經大大超過了市場，並佔據了很多份額，但感覺它在這裡有點加速。有什麼東西會導致它壓縮嗎？

If we were at 65%, 70% share, you could say, "Oh, will it start to flatten out?" We're at roughly 25% market share in total. We have so much headroom. I mean the market is 4x the size of Keysight, and we're gaining share. We're investing as much as that's needed. We're investing more than anyone else in the industry. We're investing earlier in the cycles for new developments, and we have the credibility with these players to be the chosen partner. And now that we've expanded beyond hardware to hardware to software and services, we provide complete solutions which makes our customers' lives easier. And we help them accelerate their innovation time line. So I'm very bullish on this, and I know the whole team is also.

如果我們的份額是 65%、70%，你可以說，“哦，它會開始趨於平緩嗎？”我們總共佔有大約 25% 的市場份額。我們有很大的空間。我的意思是市場規模是是德科技的 4 倍，而且我們正在獲得份額。我們正在根據需要進行投資。我們的投資比業內任何人都多。我們正在較早地投資於新開發的周期，並且我們在這些參與者中具有信譽，可以成為選定的合作夥伴。現在我們已經從硬件擴展到硬件再到軟件和服務，我們提供完整的解決方案，讓我們的客戶的生活更輕鬆。我們幫助他們加快創新時間表。所以我非常看好這一點，我知道整個團隊也是。

If I just -- really quickly on that last point, has the -- the industry has accelerated towards software. Do you think that has been a driver of maybe accelerate share gains for Keysight just given your capacity to invest in whether it's organic or M&A relative to a lot of your smaller competitors?

如果我只是——在最後一點上真的很快——這個行業已經加速轉向軟件。鑑於您有能力投資於相對於許多較小的競爭對手的有機或併購，您是否認為這可能是 Keysight 加速份額增長的驅動因素？

No. I think there is opportunity for us to grow software, and we are. And we've seen that since we launched the company more than double that business, and there's a lot more headroom there. But we see it in a lot of the technologies that are also down in the physical layer where you need both. You need the ability to acquire the signal in a very high-fidelity way at very, very high performance when we're talking millimeter wave and up to terabit, plus you need the analysis capability that's in firmware and then software.

不，我認為我們有機會發展軟件，而且我們確實如此。我們已經看到，自從我們推出公司以來，該業務增加了一倍多，而且還有更多的空間。但是我們在許多技術中也看到了它，這些技術也在您需要兩者的物理層中。當我們談論毫米波和高達 terabit 時，您需要以非常高的性能以非常高的保真度方式獲取信號，此外，您還需要固件和軟件的分析能力。

And these are complex problems. You need service and support from people that are qualified to put this all together. And Keysight has all of that. And that's been a real, real advantage for us, and we continue to see that as we continue to expand our investments and our programs in each of these areas.

這些都是複雜的問題。您需要有資格將這一切整合在一起的人員的服務和支持。而是德科技擁有這一切。這對我們來說是一個真正的優勢，隨著我們繼續擴大我們在每個領域的投資和項目，我們將繼續看到這一點。

Our next question comes from the line of Matt Niknam from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Matt Niknam。

Just 2, if I could. First, on the U.S. Maybe if you can talk about what drove the sequential downtick in U.S. -- or Americas revenue this quarter. I think you'd called out the softness in aerospace, defense. Just curious if that was more tied to supply chain or demand-related. And then we think CSG, gross margins are actually improved about 120 bps sequentially, even though revenues actually were down sequentially. And I think last quarter, you had messaged some initial expectations that there would be more of a negative mix shift in this fiscal quarter. So I'm just wondering maybe what drove some of the outperformance there.

如果可以的話，只有 2 個。首先，關於美國，也許你可以談談是什麼導致了本季度美國或美洲收入的連續下滑。我想你已經指出了航空航天、國防領域的軟性。只是好奇這是否與供應鍊或需求相關。然後我們認為 CSG，毛利率實際上環比提高了約 120 個基點，儘管收入實際上環比下降了。而且我認為上個季度，您已經傳達了一些初步預期，即本財政季度會有更多的負面組合轉變。所以我只是想知道也許是什麼推動了那裡的一些出色表現。

Yes. Thanks, Matt. I think if you really want to figure out what's going on in the marketplace, orders is the best indicator. And I know some companies don't report orders with as much detail, but we want to give you as much insight as we can.

是的。謝謝，馬特。我認為如果你真的想弄清楚市場上發生了什麼，訂單是最好的指標。我知道有些公司不會詳細報告訂單，但我們希望為您提供盡可能多的見解。

So if you look at the revenue numbers. Sales may not be commensurate with what's going on in the market. In the Americas, for instance, we were up 23%. Now if per chance, because we're not shipping everything and we're building backlog, which is an incredible position at almost $2.4 billion, that just means we're going to produce a lot more profit later when we clear that out. But the market performance is very strong. And as we continue to improve the supply chain, you'll see the revenue get a chance to work that backlog out over time.

因此，如果您查看收入數字。銷售額可能與市場上發生的事情不相稱。例如，在美洲，我們上漲了 23%。現在，如果有機會，因為我們沒有運送所有東西，而且我們正在積累積壓，這是一個令人難以置信的近 24 億美元的位置，這只意味著我們將在稍後清理它時產生更多的利潤。但市場表現非常強勁。隨著我們繼續改進供應鏈，您會看到收入有機會隨著時間的推移處理積壓的訂單。

Yes, with regards to the gross margin, you're right, we had a higher software mix this quarter as we continue to progress our strategy of software-centric solutions. And from the aerospace and defense perspective, while the defense budget has been cut in the Americas -- in the U.S., we are waiting on the consortiums through the appropriations process that's currently underway, which is expected to occur somewhere between March and April time frame. That should allow for increased program spend for rest of the year and the following year. But if you look at just the aerospace and defense order growth, to the point that Ron made, continues to grow strongly and our multiyear programs remain intact.

是的，關於毛利率，你是對的，隨著我們繼續推進以軟件為中心的解決方案戰略，本季度我們的軟件組合更高。從航空航天和國防的角度來看，雖然美洲的國防預算已被削減——在美國，我們正在等待財團通過目前正在進行的撥款流程，預計將在 3 月至 4 月的某個時間段內進行.這應該允許增加今年剩餘時間和下一年的計劃支出。但如果你只看航空航天和國防訂單的增長，就羅恩所說的那樣，繼續強勁增長，我們的多年計劃保持不變。

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

我們的下一個問題來自 Thompson, Davis 的 Adam Thalhimer。

Congrats on another strong quarter. First question, I wanted to ask about just at a high level, what kind of inflation are you seeing? And then how is the pricing environment? How does the -- how does that paradigm work for Keysight?

祝賀又一個強勁的季度。第一個問題，我想問一下高層次的問題，你看到什麼樣的通貨膨脹？那麼定價環境如何？該範例如何為是德科技工作？

Yes. So sorry, turn on my microphone, it would help. We are seeing inflation across a number of different areas within the supply chain -- or within the cost structure. I think as we noted last quarter, certainly, labor is one of those. We had our largest salary increase cycle in the fall in our 7-year history as an independent company.

是的。很抱歉，打開我的麥克風，這會有幫助。我們看到供應鍊或成本結構中許多不同領域的通貨膨脹。我認為正如我們上個季度指出的那樣，勞動力當然是其中之一。作為一家獨立公司，我們在秋季經歷了 7 年曆史上最大的加薪週期。

Certainly, in certain aspects of the supply chain, we are seeing various levels of price increases. Freight and logistics, clearly an area where we're seeing costs go up. Even those companies that maybe aren't raising prices as aggressively are sometimes paying or charging for expedited shipments or to get your spot in line. And so we're seeing it in a number of different places. And I think as far as our own pricing, I think we're constantly trying to balance our competitive situation with what we're seeing on the cost side and working to maintain margins as much as possible. And I think we've done a good job of doing that so far and would expect to going forward.

當然，在供應鏈的某些方面，我們看到了不同程度的價格上漲。貨運和物流，顯然是我們看到成本上升的領域。即使是那些可能沒有那麼激進地提價的公司，有時也會為加急發貨支付費用或收取費用，或者讓您排隊等候。所以我們在許多不同的地方看到它。而且我認為就我們自己的定價而言，我認為我們一直在努力平衡我們的競爭形勢與我們在成本方面看到的情況，並努力盡可能地保持利潤率。我認為到目前為止，我們在這方面做得很好，並希望繼續前進。

When we -- if you take a look at this when we launched the company, we were at roughly 56% gross margin, and now we're talking 66% from software, from our hardware differentiation, from leadership positions in 5G, which gives us the opportunity to do a little bit of value pricing. And we're going to continue to work to drive that higher.

當我們 - 如果你在我們成立公司時看看這個，我們的毛利率約為 56%，而現在我們談論 66% 來自軟件，來自我們的硬件差異化，來自 5G 的領導地位，這給我們有機會做一點價值定價。我們將繼續努力推動這一目標。

And then, Ron, just real quickly, you mentioned that orders came in above expectations. Can you give a little color as to what was stronger?

然後，羅恩，很快，你提到訂單超出預期。你能給什麼更強的顏色一點顏色嗎？

Yes. Adam, this is Mark. The strengths, as we said before, are really broad-based. All regions were double-digit order growth. 2 of the 4 regions -- or 2 of the 3 regions were record high. We saw double-digit order growth across all of the end segments as well.

是的。亞當，這是馬克。正如我們之前所說，這些優勢確實具有廣泛的基礎。所有地區的訂單均呈兩位數增長。 4 個地區中的 2 個——或 3 個地區中的 2 個創歷史新高。我們還看到所有終端細分市場的訂單都實現了兩位數的增長。

We added just over 500 new customers to Keysight during the quarter. We've done that every quarter, adding hundreds of new customers across all the different end markets around all the geographies. That's really important to us. That helps us diversify our business and grow our base, and our business to the base is up very strong double digits as well.

本季度，我們為是德科技增加了 500 多家新客戶。我們每個季度都這樣做，在所有地區的所有不同終端市場增加了數百名新客戶。這對我們來說真的很重要。這有助於我們實現業務多元化並擴大我們的基礎，我們的基礎業務也增長了非常強勁的兩位數。

So we are really working hard, as I mentioned before, to align our plans with our market-leading customers where we've done very well. And we're also adding new customers and growing the long tail of small- and medium-sized businesses as well. So very, very broad strengths around all the regions and all the end segments.

因此，正如我之前提到的，我們真的在努力工作，以使我們的計劃與我們做得很好的市場領先客戶保持一致。我們還在增加新客戶，同時也在發展中小型企業的長尾。圍繞所有地區和所有終端細分市場的非常非常廣泛的優勢。

Our next question comes from the line of David Ridley-Lane from Bank of America.

我們的下一個問題來自美國銀行的 David Ridley-Lane。

As supply chain issues ease, how much of a margin benefit could there be? I imagine in addition to the higher freight costs and so on you're carrying now, there's also some manufacturing inefficiencies just related to the component shortages.

隨著供應鏈問題的緩解，利潤率會有多少？我想除了你現在承擔的更高的運費等之外，還有一些與組件短缺相關的製造效率低下。

It's not obvious to me that there's going to be a margin benefit other than volume that comes from a relaxation of the supply chain environment. I think our factories are continuing to run pretty efficiently. I think we'll need to take a wait-and-see approach, but it's not obvious to me that it's going to be a big margin benefit other than the benefits of volume.

對我來說，供應鏈環境的放鬆會帶來除銷量之外的利潤收益，這一點並不明顯。我認為我們的工廠繼續高效運轉。我認為我們需要採取觀望的態度，但對我來說，除了數量的好處之外，這將是一個巨大的利潤收益並不明顯。

Got it. And are there any data points you can give us around sort of the internal initiatives you've got, new sourcing partners, other things that you're doing to remove some of the supply chain bottlenecks? And just to check, it doesn't sound like Omicron had much of an impact to you incrementally in the quarter?

知道了。您是否可以向我們提供有關您擁有的內部計劃、新的採購合作夥伴以及您為消除一些供應鏈瓶頸所做的其他事情的任何數據點？只是檢查一下，聽起來 Omicron 在本季度對您的影響不大？

Yes. So no incremental impact. Obviously, the constraints in the supply chain are broad, and I think you're hearing this across multiple industries as well, and we feel that. But with regard to the actions that we're taking to maximize, those include internal value engineering activities to find multiple sources for products, looking for alternate sourcing from the open markets. We have strong collaborations with a number of our strategic silicon or semiconductor suppliers and our customers, too. So when we look at the end-markets demand for Keysight products around 5G, automotive and semiconductor, we have strong engagements with customers and our supply chain so that we're able to coordinate this.

是的。所以沒有增量影響。顯然，供應鏈中的限制範圍很廣，我想你也在多個行業聽到了這一點，我們也感覺到了。但關於我們正在採取的最大化行動，這些行動包括內部價值工程活動，以尋找產品的多個來源，從公開市場尋找替代來源。我們也與我們的許多戰略矽或半導體供應商以及我們的客戶建立了強有力的合作關係。因此，當我們審視圍繞 5G、汽車和半導體的是德科技產品的終端市場需求時，我們與客戶和我們的供應鏈有著密切的聯繫，因此我們能夠協調這一點。

And at this point, as Neil mentioned earlier, that we're able to meet our customers' needs a very high percentage of the time. So we're very confident on our ability to process this backlog and convert it into revenue in future quarters. And pending upside from any improvement in the supply chain, we could further accelerate.

在這一點上，正如尼爾之前提到的，我們能夠在非常高的時間內滿足客戶的需求。因此，我們對處理積壓訂單並將其轉化為未來幾個季度收入的能力充滿信心。供應鏈的任何改善都有待提高，我們可以進一步加速。

Our final question comes from the line of Rob Mason from Baird.

我們的最後一個問題來自 Baird 的 Rob Mason。

I just wanted to ask about the automotive market. A number of comments around how strong that has been for you and the long runway that exists there. Question is, how do you view that market's growth rate over the next few years? And then since it is that the EV and ADAS elements of that market are newer for test and measurement -- high-end test and measurement, I'm curious how you think about your mix evolving into that market between R&D and production test or manufacturing tests.

我只是想問一下汽車市場。關於這對你有多強大以及那裡存在的長跑道的許多評論。問題是，您如何看待未來幾年該市場的增長率？然後，由於該市場的 EV 和 ADAS 元素在測試和測量方面較新——高端測試和測量，我很好奇你如何看待你的組合在研發和生產測試或製造之間演進到那個市場測試。

Yes. So I'd say that when we look at the automotive market, as Ron referenced in his script that we see a real inflection in adoption of EV and then a subsequent simultaneous adoption for AV as well, really driving the needs of the automotive market. At a simplistic level, we see a number of new lab activities that are starting in R&D across the globe, where automotive customers traditionally outsourced a lot of the R&D work, but they are now starting to build new facilities for research and development, hiring of electrical engineering talent, hiring of software talent is increasing, and that's really reflected in our R&D business that continues to grow strongly. We see this continuing to be a secular growth driver for us.

是的。所以我想說，當我們審視汽車市場時，正如羅恩在他的劇本中提到的那樣，我們看到電動汽車的採用出現了真正的變化，隨後自動駕駛汽車也同時採用，真正推動了汽車市場的需求。在簡單的層面上，我們看到全球範圍內的研發領域開始出現許多新的實驗室活動，汽車客戶傳統上將大量研發工作外包，但他們現在開始建立新的研發設施，僱用電氣工程人才、軟件人才的招聘正在增加，這真正反映在我們持續強勁增長的研發業務上。我們認為這將繼續成為我們的長期增長動力。

With regard to the manufacturing expansion, as you saw the number of EV starts to increase, our manufacturing business in this market also continues to grow. So at this point, I would say the opportunities for us -- for Keysight is to expand with a number of new lab starts as the hiring of electrical engineers growth in the automotive market will continue to grow.

關於製造擴張，正如您所看到的電動汽車數量開始增加，我們在這個市場的製造業務也在繼續增長。因此，在這一點上，我想說我們的機會 - 對於 Keysight 來說，隨著汽車市場電氣工程師的招聘增長將繼續增長，我們將通過許多新實驗室的啟動來擴大規模。

But we also have the opportunity to increase our solutions content in display. And some of the acquisitions that we have made enables us to play strongly into the battery test and charging arena. And so we're positioning ourselves there, along with the C-V2X stack that we've invested in with our 5G portfolio that allows us to get into this marketplace.

但我們也有機會增加展示的解決方案內容。我們進行的一些收購使我們能夠在電池測試和充電領域發揮強大的作用。因此，我們將自己定位在那裡，連同我們投資的 C-V2X 堆棧以及我們的 5G 產品組合，使我們能夠進入這個市場。

In the most recent quarter, we've basically announced at CES the radar scene emulator solution, which again, got a lot of active interest from our customers. So automotive continues to be the area of investment for us. And it's really hard to predict the growth rate, but we're quite pleased with the very strong results we're seeing so far.

在最近一個季度，我們基本上在 CES 上宣布了雷達場景仿真器解決方案，這再次引起了我們客戶的強烈興趣。因此，汽車仍然是我們的投資領域。很難預測增長率，但我們對迄今為止看到的非常強勁的結果感到非常滿意。

I'll just hand it off to Mark to make some comments on the funnel.

我會把它交給馬克，讓他對漏斗發表一些評論。

Yes. I was going to mention the radar scene emulator. You got that Satish. The funnel is very strong. It's growing. We're seeing a lot of customers look out to Keysight for both EV and AV expertise. You think about all of the changes that are occurring within the customer base as well as the new entrants coming in, dealing with millimeter wave, dealing with high-power semiconductors, charging infrastructure, all of this stuff that we are providing leading solutions to. So that funnel is growing substantially.

是的。我要提到雷達場景模擬器。你有那個薩蒂什。漏斗非常強大。它在增長。我們看到許多客戶向是德科技尋求 EV 和 AV 專業知識。你想想客戶群中發生的所有變化，以及新進入者的加入，處理毫米波、處理高功率半導體、充電基礎設施，我們正在為所有這些東西提供領先的解決方案。所以這個漏斗正在大幅增長。

The other indicator that I think is very positive is the adoption of our services, which again is another indicator that customers are looking for help in innovating and getting these tough jobs done. So we're attaching a lot more services to our solutions, especially in the EV and the AV space.

我認為另一個非常積極的指標是採用我們的服務，這再次表明客戶正在尋求創新幫助並完成這些艱鉅的工作。因此，我們正在為我們的解決方案附加更多服務，尤其是在 EV 和 AV 領域。

That concludes our question-and-answer session for today. I would now like to turn the conference back to Jason Kary for any closing comments.

今天的問答環節到此結束。我現在想將會議轉回 Jason Kary 以徵求任何結束評論。

Thanks, Elliott. Now I'll turn it over to Ron to wrap this up for today. Thank you for joining.

謝謝，埃利奧特。現在我將把它交給 Ron 來總結今天的內容。感謝您的加入。

Thank you, everyone, for joining us today. As you can probably tell, we are very pleased with what our team has done to produce consistently excellent results. But I would also love to add that we are very optimistic for Keysight not only in the short term but with the position that we are in for long-term shareholder value creation.

謝謝大家今天加入我們。您可能會說，我們對我們的團隊為持續取得出色成果所做的工作感到非常滿意。但我還想補充一點，我們對 Keysight 非常樂觀，不僅在短期內，而且在我們為股東創造長期價值方面所處的位置。

Thank you very much, and have a great day.

非常感謝，祝你有美好的一天。

This concludes our conference call. You may now disconnect.

我們的電話會議到此結束。您現在可以斷開連接。