是德科技 (KEYS) 2022 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Keysight Technologies Fiscal Second Quarter 2022 Earnings Conference Call. My name is Tia, and I will be your lead operator today. (Operator Instructions) Please note that this call is being recorded today, Tuesday, May 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 財年第二季度收益電話會議。我的名字是 Tia，今天我將成為您的首席運營商。 （操作員說明）請注意，本次通話將於 2022 年 5 月 17 日星期二下午 1:30 錄製。太平洋時間。

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

我現在想將會議移交給您的主持人、副總裁、財務主管和投資者關係部的 Jason Kary。請繼續，卡里先生。

Thank you and welcome, everyone, to Keysight's second quarter earnings conference call for fiscal year 2022. Joining me are Satish Dhanasekaran, President and CEO; and Neil Dougherty, our CFO. In the Q&A session, we will be joined by Mark Wallace, Senior Vice President of Global Sales.

謝謝大家，歡迎大家參加是德科技 2022 財年第二季度財報電話會議。加入我的還有總裁兼首席執行官 Satish Dhanasekaran；和我們的首席財務官 Neil Dougherty。在問答環節，全球銷售高級副總裁 Mark Wallace 將加入我們。

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來補充今天的討論。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演示文稿以及是德科技的細分市場結果。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 Satish 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.

Satish 和 Neil 今天的評論將涉及非 GAAP 財務指標。我們還將提及核心增長，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，否則所有比較均按年進行。

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業績做出前瞻性陳述。這些陳述受到風險和不確定性的影響，並且僅在今天有效。本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 hosted by JPMorgan, Baird and UBS.

最後，我要指出，管理層計劃參加即將舉行的由摩根大通、貝爾德和瑞銀主辦的投資者會議。

And now I will turn the call over to Satish.

現在我將把電話轉給 Satish。

Thank you, Jason, and thank you all for joining us. Welcome to the second quarter 2022 earnings call and my first as the CEO of Keysight. I am humbled and honored to be Keysight's CEO and excited about the future. I would like to thank Ron Nersesian for his visionary leadership of the company, which has provided us a solid foundation to build on. Over the last decade, I've had the honor of working closely with Ron and benefited greatly from his experience in many different roles I've held since joining the company 16 years ago. This is a great time to be at Keysight as we remain focused on our core purpose of accelerating innovation to connect and secure the world.

謝謝你，傑森，謝謝大家加入我們。歡迎參加 2022 年第二季度財報電話會議，這是我作為是德科技首席執行官的第一次電話會議。我很榮幸能成為是德科技的首席執行官，並對未來充滿期待。我要感謝 Ron Nersesian 對公司富有遠見的領導，這為我們奠定了堅實的基礎。在過去的十年裡，我有幸與 Ron 密切合作，並從他 16 年前加入公司以來擔任的許多不同角色的經驗中受益匪淺。這是加入是德科技的好時機，因為我們仍然專注於加速創新以連接和保護世界的核心目標。

Keysight delivered exceptional results in quarter 2 driven by strong execution and broad-based demand across the business. The team focused on innovating and solving customers' design and test challenges while successfully navigating the ongoing supply chain and geopolitical challenges.

是德科技在第二季度取得了卓越的業績，這得益於強大的執行力和整個業務的廣泛需求。該團隊專注於創新和解決客戶的設計和測試挑戰，同時成功應對持續的供應鍊和地緣政治挑戰。

I will focus my comments today on 3 key headlines. First, we delivered record quarter 2 orders, capitalizing on the robust end-market demand for Keysight's high-value, differentiated solutions. Our focus on delivering first-to-market solutions is enabling us to uncover new emerging applications, adding to our momentum.

我今天將把我的評論集中在 3 個關鍵的頭條新聞上。首先，我們利用終端市場對是德科技高價值、差異化解決方案的強勁需求，交付了創紀錄的第二季度訂單。我們專注於提供率先上市的解決方案，這使我們能夠發現新出現的應用程序，從而增加我們的動力。

Second, we achieved record revenue, strong operating margin performance, resulting in record earnings per share, which grew 27%, demonstrating the durability and resilience of our business.

其次，我們實現了創紀錄的收入和強勁的營業利潤率表現，創造了創紀錄的每股收益，增長了 27%，證明了我們業務的持久性和彈性。

Third, we are raising our outlook for the year based on our strong performance in the first half and continued momentum. We now expect to achieve revenue growth approaching 8% and earnings per share growth in the range of 14% to 15% for the fiscal year.

第三，基於上半年的強勁表現和持續的勢頭，我們正在上調今年的展望。我們現在預計本財年收入增長接近 8%，每股收益增長 14% 至 15%。

Let's now take a deeper look at our results for the quarter. Second quarter orders grew 9% to $1.46 billion and outpaced revenue, which grew 11% to a new record of $1.35 billion and was $41 million above the high end of our guidance. We achieved gross margins of 65%, operating margin of 29% and record EPS of $1.83, exceeding the high end of our guidance by $0.14. Also with the ongoing equity market volatility, we again capitalized on the opportunity to accelerate share repurchases. These results are a reflection of our strong portfolio and our global team's application of the Keysight leadership model, which enables us to deliver consistent value to all stakeholders. We delivered these results despite many headwinds, including geopolitical challenges, inflationary pressures and continued supply chain disruptions.

現在讓我們更深入地了解一下我們本季度的業績。第二季度訂單增長 9% 至 14.6 億美元，超過收入增長 11% 至創紀錄的 13.5 億美元，比我們的指導上限高出 4100 萬美元。我們實現了 65% 的毛利率、29% 的營業利潤率和創紀錄的 1.83 美元每股收益，超出我們指導的高端 0.14 美元。此外，隨著股票市場的持續波動，我們再次利用機會加速股票回購。這些結果反映了我們強大的產品組合以及我們的全球團隊對是德科技領導模型的應用，這使我們能夠為所有利益相關者提供一致的價值。儘管面臨許多不利因素，包括地緣政治挑戰、通脹壓力和持續的供應鏈中斷，我們仍取得了這些成果。

We continue to advance our software-centric solution strategy as the rapid pace of technology accelerates, our customers across end markets are seeking deeper engagements earlier in the design cycle and are adopting our software solutions. The capabilities of our PathWave software platform facilitate continuous stream of releases that matches the innovation cadence of our customers. This enables us to secure enterprise agreements with market leaders for high-value R&D solutions.

隨著技術的快速發展，我們繼續推進以軟件為中心的解決方案戰略，我們的終端市場客戶在設計週期的早期尋求更深入的參與，並正在採用我們的軟件解決方案。我們 PathWave 軟件平台的功能促進了與客戶創新節奏相匹配的持續發布流。這使我們能夠與市場領導者就高價值研發解決方案達成企業協議。

Orders for software and value-added services like KeysightCare again grew double digits as we continue to grow recurring revenue this quarter.

隨著我們本季度的經常性收入繼續增長，KeysightCare 等軟件和增值服務的訂單再次增長了兩位數。

Turning to our business segments. Communications Solutions Group delivered record second quarter orders and an all-time record revenue. Within CSG, commercial communications achieved all-time record orders and revenue with double-digit order growth for the third consecutive quarter. Ongoing innovation and investments in our end markets spanning both the wireless and wireline segments remained strong, driven by adoption of 5G, 400 gig, 800 gig and terabit and optical technologies.

轉向我們的業務部門。通信解決方案集團交付了創紀錄的第二季度訂單和創紀錄的收入。在南玻集團，商業通信的訂單量和收入均創下歷史新高，訂單量連續第三個季度實現兩位數增長。在採用 5G、400 gig、800 gig 和太比特以及光學技術的推動下，我們在無線和有線領域的終端市場的持續創新和投資依然強勁。

In wireless, the increase in the number of 5G device types continues to drive test and certification requirements. With our leading solutions portfolio, we expect to benefit from the continued investment in the evolution of 5G standards, including stand-alone 5G, Release 16 and beyond. In quarter 2, Keysight announced collaborations with leading companies such as NTT DOCOMO, Telefonica and Analog Devices to enable a wide range of 5G applications, including O-RAN, which continues to gain momentum.

在無線領域，5G 設備類型數量的增加繼續推動測試和認證要求。憑藉我們領先的解決方案組合，我們預計將受益於對 5G 標準演進的持續投資，包括獨立 5G、Release 16 及更高版本。在第 2 季度，是德科技宣布與 NTT DOCOMO、Telefonica 和 Analog Devices 等領先公司合作，以實現包括 O-RAN 在內的廣泛 5G 應用，並繼續獲得發展勢頭。

In wireline, we're enabling the digital transformation driven by cloud computing and telecom stack virtualization through our end-to-end solutions. We recently launched the industry's first 800-gig solution to enable data center design workflows for ultra-high data rates and energy efficiency.

在有線方面，我們正在通過我們的端到端解決方案實現由雲計算和電信堆棧虛擬化驅動的數字化轉型。我們最近推出了業界首個 800 gig 解決方案，以實現超高數據速率和能源效率的數據中心設計工作流程。

Aerospace, defense and government achieved record Q2 revenue driven by double-digit growth in Americas and strength in signal monitoring, cyber and space and satellite solutions as well as 5G and 6G applications. Complex scenario emulations continue to drive the need for modeling and digital twin solutions with increasing software content. Our leading network analyzer platform and phased array test solutions enable increasingly complex satellite communication design and test requirements.

航空航天、國防和政府在第二季度實現創紀錄的收入，這得益於美洲兩位數的增長以及信號監測、網絡和空間和衛星解決方案以及 5G 和 6G 應用的實力。隨著軟件內容的增加，複雜的場景模擬繼續推動對建模和數字孿生解決方案的需求。我們領先的網絡分析儀平台和相控陣測試解決方案可滿足日益複雜的衛星通信設計和測試要求。

Increasing defense budgets in the U.S. and Europe are expected to provide support for higher spend going forward. CSG is well positioned to capitalize on growth by enabling innovation in our end markets through our broad and synergistic portfolio, including wireline, wireless, cybersecurity, satellite and space solutions.

預計美國和歐洲增加國防預算將為未來更高的支出提供支持。 CSG 通過我們廣泛的協同產品組合（包括有線、無線、網絡安全、衛星和空間解決方案）在終端市場實現創新，從而充分利用增長。

The Electronics Industrial Solutions Group delivered double-digit order and revenue growth for the seventh consecutive quarter, driven by automotive and semiconductor solutions. In automotive, all-time record revenue was driven by strong demand for our expanding portfolio of EV and AV applications. Keysight is capitalizing on strategic investments in the automotive and energy space, providing industry-first solutions that support new capabilities and use cases, such as our recently launched protocol test solution for in-vehicle networking. During the quarter, we secured EV wins with major OEMs across all regions.

在汽車和半導體解決方案的推動下，電子工業解決方案集團連續第七個季度實現了兩位數的訂單和收入增長。在汽車領域，對我們不斷擴大的 EV 和 AV 應用組合的強勁需求推動了創紀錄的收入。是德科技正在利用汽車和能源領域的戰略投資，提供業界首創的支持新功能和用例的解決方案，例如我們最近推出的車載網絡協議測試解決方案。在本季度，我們在所有地區的主要 OEM 中贏得了電動汽車的勝利。

In addition, we're excited by the recognition of our new radar's scene emulator solution, including the 2022 Tech.80 Europe award. We saw strong demand for our semiconductor solutions, which delivered double-digit order and revenue growth. Investments in advanced semiconductor technologies, along with capacity expansion for existing nodes, remain robust.

此外，我們對我們新雷達的場景仿真器解決方案（包括 2022 Tech.80 Europe 獎）的認可感到興奮。我們看到對我們的半導體解決方案的強勁需求，實現了兩位數的訂單和收入增長。對先進半導體技術的投資以及現有節點的產能擴張仍然強勁。

Over the next 3 to 5 years, we see solid customer R&D road maps for ICs for a broader set of applications. As an example, in Q2, we sold our first on-wafer silicon photonics parametric test solution to a major semiconductor fab to develop and manufacture next-generation data center transceivers. We believe this trend represents long-term opportunities for Keysight's R&D solutions portfolio.

在接下來的 3 到 5 年裡，我們會看到可靠的客戶研發路線圖，為更廣泛的應用提供 IC。例如，在第二季度，我們向一家大型半導體工廠出售了我們的第一個晶圓上矽光子參數測試解決方案，以開發和製造下一代數據中心收發器。我們相信這一趨勢代表著是德科技研發解決方案組合的長期機遇。

Our general electronics business achieved all-time record revenue as investments continued in manufacturing and device development for consumer and industrial IoT, digital health and advanced research. We're seeing active investments globally in fundamental research in terahertz and quantum technologies. For example, we recently announced a collaboration with National Research Foundation of Singapore's quantum engineering program to accelerate research and development and education in quantum technologies. The strength of our general electronics business reflects the broad nature of applications for our solutions.

隨著對消費和工業物聯網、數字健康和高級研究的製造和設備開發的持續投資，我們的通用電子業務實現了創紀錄的收入。我們看到全球對太赫茲和量子技術的基礎研究進行積極投資。例如，我們最近宣布與新加坡國家研究基金會的量子工程計劃合作，以加速量子技術的研發和教育。我們通用電子業務的實力反映了我們解決方案應用的廣泛性。

Before I wrap, I'd like to acknowledge and thank our more than 14,000 employees worldwide for their commitment to our customers around the globe and for their passion in delivering market-leading solutions. I'm proud to share that Keysight was recently named as one of Fortune 100's best companies to work for in 2022. This is a recognition of our inclusive and diverse culture exhibiting value for collaboration, high performance and innovation.

在結束之前，我要感謝並感謝我們全球 14,000 多名員工對全球客戶的承諾以及他們對提供市場領先解決方案的熱情。我很自豪地與大家分享，是德科技最近被評為 2022 年財富 100 強企業中最適合工作的公司之一。這是對我們包容性和多元化文化在協作、高性能和創新方面表現出價值的認可。

Our culture also places high value on corporate social responsibility. We recently released our 2021 CSR report, highlighting our progress in environmental, social and governance efforts worldwide and announcing new goals to track through '22 and into '23. I believe Keysight has a bright future ahead. I look forward to working with the team to execute our strategy and continue to deliver greater value for our customers, shareholders and employees.

我們的文化也高度重視企業社會責任。我們最近發布了 2021 年企業社會責任報告，重點介紹了我們在全球環境、社會和治理方面取得的進展，並宣布了從 22 年到 23 年的新目標。我相信是德科技擁有光明的未來。我期待與團隊合作執行我們的戰略，並繼續為我們的客戶、股東和員工創造更大的價值。

With that, I'll turn the call over to Neil to discuss our financial performance and outlook. Neil?

有了這個，我將把電話轉給尼爾討論我們的財務業績和前景。尼爾？

Thank you, Satish, and hello, everyone. Our performance this quarter once again demonstrated the resilience of our business. We delivered on our commitments and exceeded expectations as we powered through multiple challenges and new headwinds in the quarter.

謝謝你，薩蒂什，大家好。我們本季度的表現再次證明了我們業務的韌性。當我們在本季度克服多重挑戰和新的逆風時，我們兌現了我們的承諾並超出了預期。

In the second quarter of 2022, we delivered revenue of $1.351 billion, which was above the high end of our guidance range and grew 11% or 12% on a core basis. We generated $1.458 billion in orders, up 9% or 11% on a core basis. During the quarter, we suspended our operations in Russia and canceled our entire backlog of Russian orders. Core growth adjusted for Russia was 13%. Demand again outpaced supply, and we ended the quarter with over $2.4 billion in backlog.

2022 年第二季度，我們實現了 13.51 億美元的收入，高於我們指導範圍的高端，核心增長了 11% 或 12%。我們產生了 14.58 億美元的訂單，核心增長 9% 或 11%。在本季度，我們暫停了在俄羅斯的業務並取消了全部積壓的俄羅斯訂單。俄羅斯調整後的核心增長率為 13%。需求再次超過供應，我們在本季度結束時積壓了超過 24 億美元。

Turning to our operational results for Q2. We reported gross margin of 65% and operating expenses of $489 million, resulting in an operating margin of 29%. The strength of our results highlights the resiliency of our business and our team's ability to execute despite significant supply, cost and currency headwinds within the quarter. We achieved net income of $334 million and delivered $1.83 in earnings per share, which was above the high end of our guidance. Our weighted average share count for the quarter was 183 million shares.

轉向我們第二季度的運營業績。我們報告的毛利率為 65%，營業費用為 4.89 億美元，營業利潤率為 29%。儘管本季度存在巨大的供應、成本和貨幣逆風，我們業績的強勁表現突顯了我們業務的彈性和我們團隊的執行能力。我們實現了 3.34 億美元的淨收入和 1.83 美元的每股收益，高於我們指導的高端。我們本季度的加權平均股數為 1.83 億股。

Moving to the performance of our segments. Our Communications Solutions Group generated record revenue of $963 million, up 10% or 11% on a core basis. CSG delivered gross margin of 66% and operating margin of 28%. Within CSG, commercial communications generated revenue of $672 million, up 11% with double-digit revenue growth in the Americas driven by strong demand for 5G device and component development as well as network test, O-RAN and terabit R&D. Aerospace, defense and government revenue of $291 million grew 7%. Our backlog for this end market remains strong, and we reported solid growth in the Americas and Europe.

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 9.63 億美元收入，核心收入增長 10% 或 11%。南玻的毛利率為 66%，營業利潤率為 28%。在 CSG 內部，商業通信產生了 6.72 億美元的收入，增長了 11%，在美洲市場實現了兩位數的收入增長，這得益於對 5G 設備和組件開發以及網絡測試、O-RAN 和太比特研發的強勁需求。航空航天、國防和政府收入為 2.91 億美元，增長 7%。我們在這個終端市場的積壓仍然強勁，我們報告了美洲和歐洲的穩健增長。

The Electronic Industrial Solutions Group generated second quarter revenue of $388 million, up 13% or 15% on a core basis, driven by strong revenue growth in automotive and semiconductor. EISG reported gross margin of 62% and operating margin of 30%.

在汽車和半導體收入強勁增長的推動下，電子工業解決方案集團第二季度的收入為 3.88 億美元，核心收入增長 13% 或 15%。 EISG 報告毛利率為 62%，營業利潤率為 30%。

Moving to the balance sheet and cash flow. We ended the second quarter with $1.9 billion in cash and cash equivalents, generating cash flow from operations of $298 million and free cash flow of $245 million or 18% of revenue. Share repurchases this quarter totaled 1.9 million shares at an average price per share of $153.78 for a total consideration of $289 million. Year-to-date, we have purchased approximately 3 million shares for a total consideration of $495 million.

轉向資產負債表和現金流。我們在第二季度結束時擁有 19 億美元的現金和現金等價物，產生了 2.98 億美元的運營現金流和 2.45 億美元的自由現金流或收入的 18%。本季度股票回購總額為 190 萬股，每股平均價格為 1.5378 美元，總對價為 2.89 億美元。年初至今，我們已購買約 300 萬股股票，總對價為 4.95 億美元。

Now turning to our outlook and guidance. The demand environment remains strong for Keysight solutions. As in recent quarters, our revenues continue to be constrained by tight supply conditions. However, we have demonstrated our ability to effectively navigate through this environment, and we remain confident in our ability to execute and deliver on our commitments. We expect third quarter 2022 revenue to be in the range of $1.330 billion to $1.350 billion and Q3 earnings per share to be in the range of $1.74 to $1.80 based on a weighted diluted share count of approximately 181 million shares.

現在轉向我們的展望和指導。是德科技解決方案的需求環境依然強勁。與最近幾個季度一樣，我們的收入繼續受到供應緊張的限制。然而，我們已經展示了我們有效駕馭這種環境的能力，我們對我們執行和兌現承諾的能力仍然充滿信心。基於約 1.81 億股的加權稀釋股本，我們預計 2022 年第三季度的收入將在 13.30 億美元至 13.50 億美元之間，第三季度每股收益將在 1.74 美元至 1.80 美元之間。

We now expect full year revenue growth to approach 8%, which given the recent strengthening of the U.S. dollar now includes a 2-point year-over-year headwind from currency. We're also raising our earnings growth expectation to 14% to 15%. Despite quarter-to-quarter dynamics being difficult to predict, we have confidence in our raised expectations for the year.

我們現在預計全年收入增長將接近 8%，鑑於近期美元走強現在包括來自貨幣的同比逆風 2 個百分點。我們還將盈利增長預期上調至 14% 至 15%。儘管季度動態難以預測，但我們對我們提高的今年預期充滿信心。

In closing, we have a strong track record of execution. Our backlog is at an all-time high, and we are well positioned to capitalize on the growth opportunities across our diverse set of end markets.

最後，我們擁有良好的執行記錄。我們的積壓訂單處於歷史最高水平，我們處於有利地位，可以利用我們多元化終端市場的增長機會。

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

有了這個，我現在將把它轉回給 Jason 進行問答。

Thank you, Neil. Tia, will you please give the instructions for the Q&A?

謝謝你，尼爾。 Tia，請你給 Q&A 的說明好嗎？

(Operator Instructions) The first question is from the line of David Ridley-Lane with Bank of America.

（操作員說明）第一個問題來自美國銀行的 David Ridley-Lane。

Wondering if you have seen an uptick in any supplier decommitments over the last few months. Obviously, China shutdowns have impacted a lot of electronic manufacturing, component suppliers and so forth. Wondering if you have seen any of that show up in your operations.

想知道您是否在過去幾個月中看到任何供應商離職的增加。顯然，中國的停產影響了很多電子製造、零部件供應商等。想知道您是否在您的運營中看到過任何這種情況。

Yes. David, thanks for the question. As you saw from our results this quarter, we had a very strong quarter from a revenue perspective. We're very pleased with the strong execution progress of the team. And the 5-point program we've been running around strengthening our relationships with suppliers, finding alternate sourcing, being nimble in this environment has really paid rich dividends, along with some of the other initiatives we have.

是的。大衛，謝謝你的問題。正如您從本季度的業績中看到的那樣，從收入的角度來看，我們的季度表現非常強勁。我們對團隊強勁的執行進度感到非常滿意。我們一直在圍繞加強與供應商的關係、尋找替代採購、在這種環境中保持靈活的 5 點計劃以及我們擁有的其他一些舉措真正帶來了豐厚的回報。

And while the supplier environment remains, in our view, pretty challenging, but we have found a way to find more upside. I would say that the demand from our customers is robust. And our customers want the products as quickly as we can make them, and we're shipping them as quickly as we can. So the supply situation does remain challenging to the point you made, but we've been able to find a way around it. Thank you.

在我們看來，雖然供應商環境仍然非常具有挑戰性，但我們已經找到了一種尋找更多優勢的方法。我想說，我們客戶的需求是強勁的。我們的客戶希望我們能盡快生產出產品，我們會盡快發貨。因此，供應情況確實仍然具有您所說的挑戰性，但我們已經找到了解決辦法。謝謝你。

And as a quick follow-up to that, have your own lead times, the time to -- expected to ship the product, have those actually started to decline? Or are they stabilizing at elevated levels?

作為對此的快速跟進，您有自己的交貨時間，預計交付產品的時間，這些是否真的開始下降？還是他們穩定在較高的水平？

Yes. Obviously, we saw in a situation where, this is Neil, by the way, where demand is outpacing supply. And so we have not at this started to pull lead times back down. I would call our lead times generally stable. I'd say they're slightly creeping north at this point with demand continuing to outpace supply. But by and large, on average, we see a lot of stability in lead times currently with the goal to work them down over time as the supply chain situation ultimately starts to loosen.

是的。顯然，我們看到了一種情況，順便說一下，這是尼爾，需求超過供應。因此，我們還沒有開始縮短交貨時間。我認為我們的交貨時間總體上是穩定的。我想說的是，隨著需求繼續超過供應，它們現在正略微向北蔓延。但總的來說，平均而言，我們看到目前的交貨時間非常穩定，隨著供應鏈形勢最終開始放鬆，我們的目標是隨著時間的推移縮短交貨時間。

The next question is from the line of Matt Niknam with Deutsche Bank.

下一個問題來自德意志銀行的 Matt Niknam。

So first, on the fiscal 3Q revenue guide. Maybe, Neil, if you could talk about what's driving the expected sequential decline in revenues and then maybe how you're thinking about core constant currency trends relative to any FX headwinds that are embedded in next quarter's guide. And then just secondly, on Europe and Asia Pac, I'm just wondering if you've seen any change in customer demand or buying patterns given the Russia-Ukraine conflict that may be impacting Europe or even in Asia Pac given the sort of the reemergence of lockdowns in China in recent months.

首先，關於第三財季收入指南。也許，尼爾，如果你能談談是什麼推動了預期的收入連續下降，然後也許你是如何考慮核心不變貨幣趨勢相對於下一季度指南中嵌入的任何外匯逆風的。其次，在歐洲和亞太地區，我只是想知道，鑑於俄羅斯-烏克蘭衝突可能影響歐洲甚至亞太地區，您是否看到客戶需求或購買模式發生了任何變化。近幾個月來，中國重新出現了封鎖。

I'll take the first part of that, the question about the guide. As we've already stated, our revenue situation is still highly constrained by the supply environment. And we had significant outperformance in Q2 as we navigated the tight supply environment and did better than we expected. And so -- but what you can read into that is that a significant portion of our Q2 outperformance was shipment of orders that we had originally or going into the quarter had scheduled to be in Q3. And so that's great news, and we're pleased with that. But that -- on a quarter-over-quarter basis, that can be a significant impact.

我將討論第一部分，關於指南的問題。正如我們已經說過的，我們的收入狀況仍然受到供應環境的高度限制。我們在第二季度表現出色，因為我們度過了緊張的供應環境並且表現好於我們的預期。所以 - 但你可以讀到的是，我們第二季度的出色表現的很大一部分是我們最初或進入本季度的訂單計劃在第三季度發貨。所以這是個好消息，我們對此感到高興。但是，按季度計算，這可能會產生重大影響。

I would say that the guidance reflects our best estimate as we see it at this point in time. This quarter-to-quarter perturbations can be very difficult to call in this environment. We certainly have the backlog to do better if -- depending on how incoming supply works. And I think the point that we want everybody to focus on is that we are taking up the full year guidance significantly from 6% to 7% growth to approaching 8%. And that 8% growth, as you noted, has kind of new and significant FX headwinds. We saw a very significant strengthening of the dollar within our fiscal second quarter. We now have a 2-point year-over-year headwind in the second half that we're baking into account. And on the full year basis, we have a 1.5 points relative of FX. Just from November, when we put out the 6% to 7% guide to where we are today, saying approaching 8%, there's a new 1.5% FX headwind baked into that. And so we feel very good about the situation as it currently sits and are pleased to be raising estimates for the year.

我想說，該指南反映了我們目前看到的最佳估計。在這種環境下，這種季度間的擾動可能很難被調用。如果 - 取決於傳入供應的工作方式，我們當然有積壓工作做得更好。我認為我們希望每個人都關注的一點是，我們正在將全年指導從 6% 到 7% 大幅增長到接近 8%。正如您所指出的，8% 的增長帶來了新的重大外匯逆風。我們在第二財季看到美元大幅走強。我們現在正在考慮下半年的同比逆風 2 點。在全年的基礎上，我們相對於 FX 有 1.5 個百分點。僅從 11 月開始，當我們發布 6% 至 7% 的指導值時，我們會說接近 8%，這意味著新的 1.5% 的外匯逆風。因此，我們對目前的情況感到非常滿意，並且很高興提高對今年的估計。

And Matt, this is Mark. I'll address your second question on the kind of customer dynamics in Europe and Asia. So in Asia Pac, we had double-digit order growth again as well as in China, where, as you noted, we had the COVID protocol restrictions and lockdowns. And it's really a continue of our ability to dynamically pivot and work with customers both in a face to face as well as a virtual remote nature. So it's a testament to the broad strength and demand of our business across multiple industries and segments. In Asia, in particular, we saw strong continued demand and growth in automotive and semi, 400 gig, 800 gig, terabit, all of those things. So very stable there.

還有馬特，這是馬克。我將回答你關於歐洲和亞洲客戶動態的第二個問題。因此，在亞太地區，我們以及在中國再次實現了兩位數的訂單增長，正如您所指出的，我們在中國受到 COVID 協議的限制和封鎖。這實際上是我們動態地與客戶面對面以及虛擬遠程合作的能力的延續。因此，這證明了我們在多個行業和領域的業務的廣泛實力和需求。特別是在亞洲，我們看到汽車和半成品、400 gig、800 gig、太比特所有這些東西的強勁需求和增長。所以那裡非常穩定。

In Europe, we did see an impact, obviously, from the Russia cancellations. So we had double-digit order growth in all regions except for Europe. But again, the demand continues. We saw a robust demand for our semiconductor solutions, again, automotive, our commercial comms across the European region. So the broad interactions and dynamics with our customers so far remain pretty much unchanged.

在歐洲，我們確實看到了俄羅斯取消航班的影響。所以我們在除歐洲以外的所有地區都有兩位數的訂單增長。但同樣，需求仍在繼續。我們看到對我們的半導體解決方案的強勁需求，再次是汽車，我們在整個歐洲地區的商業通訊。因此，到目前為止，我們與客戶的廣泛互動和動態幾乎沒有變化。

The next question is from the line of Mark Delaney with Goldman Sachs.

下一個問題來自高盛的 Mark Delaney。

Satish, nice to be speaking to you in your new role. I was hoping to start first on the auto business. You mentioned some strong growth there on your prepared remarks today. Maybe you could talk about how big that is now relative to the company overall. And given some of the drivers like autonomy and electric vehicles, how big do you think the auto business for Keysight could become in the coming years?

Satish，很高興在你的新角色中與你交談。我希望首先開始從事汽車業務。你今天在準備好的講話中提到了那裡的一些強勁增長。也許你可以談談現在相對於整個公司有多大。考慮到自動駕駛和電動汽車等驅動因素，您認為是德科技的汽車業務在未來幾年會發展到多大？

Yes. Thank you. I think the auto business is very exciting for us for more than one reason, I would say. First, very strong quarter, obviously, building on many quarters where we've seen a very strong uptick in the business, primarily driven by this decade-plus long trends of electrification, autonomous driving. And we're actually feeding a number of these engineering labs with our tools and capabilities and solutions designed for this end market.

是的。謝謝你。我認為汽車業務對我們來說非常令人興奮，我想說的原因不止一個。首先，一個非常強勁的季度，顯然是建立在我們看到業務非常強勁增長的許多季度的基礎上，這主要是由這十年多的電氣化、自動駕駛趨勢推動的。我們實際上正在為這些工程實驗室提供我們為這個終端市場設計的工具、能力和解決方案。

We're engaging with the OEMs globally. We've had some successes, as I reported, in this quarter. And we're also working with the entire ecosystem with the Tier 1, Tier 2 suppliers, the semiconductor houses that feed the auto and the test labs that are just growing across the world. So it's a growing ecosystem. We're expanding our portfolio into EV, particularly around battery test, charging test, in-vehicle network testing as an example. And in AV, we're very excited by the new solution that we have offered for autonomous drive emulation, which is enabling in-loop, real-time, synchronized sensor evaluations, and this is a build on our 5G platform and capability. So we're very pleased with the progress we're making, and we know that we have a long runway ahead with automotive.

我們正在與全球的原始設備製造商合作。正如我所報告的，我們在本季度取得了一些成功。我們還與整個生態系統合作，包括 1 級、2 級供應商、為汽車提供動力的半導體公司以及在全球範圍內不斷發展的測試實驗室。所以這是一個不斷發展的生態系統。我們正在將我們的產品組合擴展到電動汽車，尤其是圍繞電池測試、充電測試、車載網絡測試等方面。在 AV 領域，我們為自動駕駛仿真提供的新解決方案讓我們感到非常興奮，該解決方案支持在環、實時、同步的傳感器評估，這是基於我們的 5G 平台和能力的構建。所以我們對我們正在取得的進展感到非常滿意，而且我們知道我們在汽車領域還有很長的路要走。

That's very helpful. And my follow-up question was on the EPS guidance. If I look at the midpoint of the 3Q guidance and also the midpoint of the full year EPS guidance, it would imply that fourth quarter EPS at the midpoint would be something like $1.89. And that would imply that the growth rate would be slowing from mid-teens year-on-year through the first 3 quarters on average to more like mid-single digits in the fourth quarter. So I was hoping you could better contextualize the implied fourth quarter EPS guidance for us. And is there anything in terms of supply chain cost or mix that's perhaps impacting the rate of EPS growth in the fourth quarter?

這很有幫助。我的後續問題是關於 EPS 指南。如果我查看第三季度指引的中點以及全年每股收益指引的中點，則意味著第四季度每股收益中點的中點約為 1.89 美元。這意味著增長速度將從前 3 個季度的平均同比增長放緩至第四季度的中個位數。所以我希望你能更好地為我們提供隱含的第四季度每股收益指導。供應鏈成本或組合方面是否有任何可能影響第四季度每股收益增長率的因素？

Yes. So I think you need to take a close look at our Q4 performance in FY '21, which was a bit of an outlier at 31% operating margin, a full almost 4 points higher than the prior -- the sequential quarters leading up to that. And so I think as you -- and the other -- one of the big drivers within the fourth quarter of last year, if you look at it, we had a sequential decrease in R&D investment that was quite substantial going from Q3 to Q4. And that is atypical. And so we would expect increasing investments on a sequential basis as we move from Q2 to Q3 and then again as we move from Q3 to Q4 as we invest in the future and the future growth of our business. And so again, we remain optimistic about our business. And some of these quarter-to-quarter perturbations can be difficult to call, but we are raising our both revenue and EPS guidance for the year quite substantially and are focused on executing.

是的。所以我認為你需要仔細看看我們在 21 財年第四季度的表現，這在 31% 的營業利潤率上有點離群，比前一個季度高出近 4 個百分點——在此之前的連續幾個季度.所以我認為，作為去年第四季度的主要驅動因素之一，如果你看一下，從第三季度到第四季度，我們的研發投資連續下降，這是相當可觀的。這是非典型的。因此，我們預計隨著我們從第二季度到第三季度以及在我們從第三季度到第四季度的未來和我們業務的未來增長進行投資時，連續增加投資。因此，我們再次對我們的業務保持樂觀。其中一些季度間的波動可能很難說，但我們正在大幅提高我們今年的收入和每股收益預期，並專注於執行。

The next question is from the line of Samik Chatterjee with JPMorgan.

下一個問題來自摩根大通的 Samik Chatterjee。

Satish, congratulations on your first earnings call in the CEO role. I guess in your prepared remarks, you did mention the higher defense budgets, and if I could start with that. I mean when should we be realistically expecting the higher defense spending budgets to start impacting sort of your order trends? What is the typical sort of time line that you see -- have seen in the past in terms of when you start to see the flow-through of that into your order trends? And I have a quick follow-up.

Satish，祝賀你在 CEO 職位上的第一次財報電話會議。我想在你準備好的評論中，你確實提到了更高的國防預算，如果我可以從那開始的話。我的意思是，我們應該何時真正期待更高的國防開支預算開始影響您的訂單趨勢？你看到的典型時間線是什麼——過去你開始看到它流入訂單趨勢的時間是什麼？我有一個快速跟進。

Thank you, Samik. Of course, aerospace and defense business has been historically, as we have talked about, a GDP plus business for us. It's very broad with 50% of the business tied to the U.S. or North America. And we're excited by the number of new areas that we're applying our technology to, space and satellite being one of them. And 5G and 6G adoption into this sector is a new opportunity for us. So independent of the budgets, we're pleased with the traction we're making in applying our technology to offer new solutions.

謝謝你，薩米克。當然，正如我們所談到的，航空航天和國防業務在歷史上一直是我們的 GDP 加成業務。它非常廣泛，50% 的業務與美國或北美相關。我們對將我們的技術應用到的新領域的數量感到興奮，太空和衛星就是其中之一。 5G 和 6G 進入該領域對我們來說是一個新機遇。因此，獨立於預算，我們對應用我們的技術提供新解決方案所產生的牽引力感到滿意。

The budget is obviously a huge stability. I think the fact that you have bipartisan support for the defense budget growth in RDT&E line item for this year and then subsequent growth also projected for 2023, we view as a favorable sign. I think these geopolitical tensions tend to provide more stability not only in the U.S., but we're also expecting a similar uptick in Europe, and therefore, technology spend. But as we know, this business is an average over the long term, and we have been doing better than GDP, and our intent is to continue to do that and offer new solutions.

預算顯然是一個巨大的穩定性。我認為，您對今年 RDT&E 項目的國防預算增長以及隨後的增長也預計在 2023 年獲得兩黨支持這一事實，我們認為這是一個有利的跡象。我認為這些地緣政治緊張局勢往往不僅會在美國提供更多的穩定性，而且我們也預計歐洲也會出現類似的增長，因此技術支出也會出現增長。但正如我們所知，從長遠來看，這項業務是平均水平，我們的表現一直好於 GDP，我們的意圖是繼續這樣做並提供新的解決方案。

With regard to the quote activity, I'll let Mark make a few comments.

關於報價活動，我讓馬克做一些評論。

Yes. Samik, this is Mark. I think just to add to Satish, the budget in the U.S. was approved. It was increased. And as we've been watching our customers, both the direct government and the prime contractors, we expect some of that funding to start flowing to new program starts here in our second half. So we look forward to that.

是的。薩米克，這是馬克。我認為只是為了補充 Satish，美國的預算已獲得批准。它增加了。由於我們一直在關注我們的客戶，包括直接政府和主要承包商，我們預計其中一些資金將在下半年開始流向新項目。所以我們很期待。

And as you probably know, as many of the programs nowadays are multiyear, this will flow into the fiscal year '23 and beyond. And you've been following what's going on in Western Europe as well with increased spend from the NATO nations. We'll see how that flows through. We expect that to be favorable as well.

正如您可能知道的那樣，由於現在的許多計劃都是多年期的，這將流入 23 財年及以後的財政年度。隨著北約國家支出的增加，你也一直在關注西歐正在發生的事情。我們將看到它是如何通過的。我們預計這也是有利的。

And then I think the last thing I'll just mention is there are other aspects of this industry segment that are representing new growth opportunities for us around space. Commercial space, in particular, is a very hot area for us we continue to focus on. And then the continuing modernization that we've been talking about for many quarters or years is a long-term trend that we're very excited about. We see a strong funnel of opportunities going into the future.

然後我想我要提到的最後一件事是，這個行業領域的其他方面代表著我們在太空領域的新增長機會。尤其是商業空間，是我們繼續關注的一個非常熱門的領域。然後，我們已經討論了許多個季度或數年的持續現代化是我們非常興奮的長期趨勢。我們看到了未來的強大機會漏斗。

Got it. Got it. And for my follow-up, I guess this is more for Neil. But Neil, I mean, your 8% revenue growth guide for the year implies about a $150 million sort of half-on-half revenue performance, which is very similar to what we saw last year. I'm just wondering what you're capturing there in terms of improvements in the sort of supply environment in general versus your own capacity increases. And where would there be sort of more modest or sort of upside potential if supply of components are better? Just trying to understand sort of what's embedded because it seems very typical of -- compared to last year that your guidance is.

知道了。知道了。對於我的後續行動，我想這對尼爾來說更重要。但是尼爾，我的意思是，你今年 8% 的收入增長指南意味著大約 1.5 億美元的半收入表現，這與我們去年看到的非常相似。我只是想知道您在總體供應環境的改善方面與您自己的產能增加方面獲得了什麼。如果組件供應更好，哪裡會有更溫和或上升的潛力？只是試圖了解嵌入的內容，因為與去年的指導相比，它似乎非常典型。

Yes. So prior -- in prior quarters, we've talked about an expectation or thinking that we would see some material improvement in the supply chain situation in the second half of this year. To this point, we have not seen that. And in fact, I think if you look broader across the tech industry, there's an argument that things got incrementally worse in Q2, are more challenging, driven by the Russia-Ukraine conflict as well as the COVID shutdowns in China even though those COVID shutdowns don't impact us directly.

是的。所以之前 - 在之前的幾個季度中，我們已經談到了預期或認為我們會在今年下半年看到供應鏈狀況的一些實質性改善。到目前為止，我們還沒有看到這一點。事實上，我認為，如果你放眼整個科技行業，有一種觀點認為，由於俄羅斯與烏克蘭的衝突以及中國的 COVID 關閉，儘管這些 COVID 關閉，第二季度情況變得越來越糟，更具挑戰性不要直接影響我們。

I think for us, we look at the items that we can control, our own capacity both for finished goods as well as for the subcomponents that come out of our fab and technology centers that feed our instrumentation. We look at our relationships with our suppliers, some of the engineering efforts that we have to quantify -- or to qualify new parts or secondary sources to open up new sources of supply. Those things are paying dividends for us and have contributed to the revenue performance that we've been able to deliver.

我認為對我們來說，我們著眼於我們可以控制的項目，我們自己的成品能力以及來自我們的工廠和技術中心為我們的儀器提供服務的子組件的能力。我們著眼於我們與供應商的關係，以及我們必須量化的一些工程努力——或對新零件或二級來源進行鑑定以開闢新的供應來源。這些東西為我們帶來了紅利，並為我們能夠實現的收入業績做出了貢獻。

And so -- but as we look forward, and you asked specifically about the guide for the second half, we are still very much supply chain-constrained. And so what that really bakes in is kind of our direct line of sight to delivery of the piece parts that we need to get products out the door and into the hands of our customers. It's a situation that's being very actively managed, but I think we're doing a good job of getting product into the hands of our customers on a time line that is acceptable to them.

所以 - 但正如我們期待的那樣，並且你特別詢問了下半年的指南，我們仍然非常受供應鏈限制。因此，真正融入的是我們對交付零件的直接視線，我們需要將產品從門外運送到客戶手中。這種情況正在得到非常積極的管理，但我認為我們在將產品按客戶可接受的時間線交付給客戶方面做得很好。

Samik, this is Satish. Just to add on to what Neil mentioned. We have a very solid backlog position over $2.4 billion. The demand continues to outpace supply. We know the challenges out there, but we feel very confident, and we're very prudent in our guide to ensure that we execute flawlessly. And we are continuing to be nimble and agile. And as Neil mentioned and I mentioned earlier, to execute to our commitments, we take it very seriously.

薩米克，這是薩蒂什。只是為了補充尼爾提到的內容。我們擁有超過 24 億美元的非常穩固的積壓訂單。需求繼續超過供應。我們知道那裡的挑戰，但我們感到非常有信心，並且我們在指南中非常謹慎，以確保我們完美地執行。我們將繼續保持敏捷和敏捷。正如尼爾提到的和我之前提到的，為了履行我們的承諾，我們非常重視。

The next question is from the line of Meta Marshall with Morgan Stanley.

下一個問題來自摩根士丹利的 Meta Marshall。

A couple of questions for me. One, OpEx. Despite the revenue, the OpEx kind of came in about as expected. And so I just wanted to see how you guys are managing either T&E coming back or just inflationary pressures on OpEx and where you're kind of finding some of those efficiencies. And then as a follow-up, you guys mentioned the new win in silicon photonics test. Obviously, it seems like a good long-term opportunity. Just time to ramp and whether you've already seen interest from other customers as you've kind of made progress in that?

我有幾個問題。一，運營支出。儘管有收入，OpEx 還是按預期來的。所以我只是想看看你們如何管理 T&E 的回歸或運營支出的通脹壓力，以及你在哪裡找到了其中的一些效率。然後作為後續行動，你們提到了矽光子測試的新勝利。顯然，這似乎是一個很好的長期機會。是時候加速了，你是否已經看到其他客戶的興趣，因為你已經在這方面取得了進展？

I'll take the first part of that, and then we'll let Satish or Mark address the silicon photonics part of the question. So yes, with regard to the OpEx spending and the return of T&E and facilities costs, we didn't -- honest answer is we did not see a lot of that in Q2, right? The Omicron spike, if you will, was kind of right in the middle of our second quarter, and we did not see any meaningful kind of return to of travel, entertainment and return to office. We have recently, more at the beginning of Q3, started to bring our employees back to our physical sites in rate. We are starting to see travel and entertainment not return to normal, but starting to reramp here more of a -- as more of a third quarter event.

我先講第一部分，然後讓 Satish 或 Mark 解決問題的矽光子學部分。所以是的，關於 OpEx 支出以及 T&E 和設施成本的回報，我們沒有——誠實的回答是，我們在第二季度沒有看到很多，對吧？如果你願意的話，Omicron 的峰值正好在我們第二季度的中期，我們沒有看到任何有意義的旅行、娛樂和重返辦公室的回歸。最近，在第三季度初，我們開始將我們的員工按比例帶回我們的實體站點。我們開始看到旅行和娛樂沒有恢復正常，而是開始在這裡重新調整，更像是第三季度的事件。

As regard to inflation, we're seeing cost of inflation in a number of different places across the P&L. And I think our action -- or our challenges with managing that is to capitalize on the differentiation that exists in our portfolio and look to monetize that where we can and continue to bring differentiated high software content solutions to the marketplace so that we can continue to manage that. I think if you look at the margin performance of the business, we're doing a good job to date managing those inflationary increases across the P&L.

關於通貨膨脹，我們在損益表的許多不同地方都看到了通貨膨脹成本。我認為我們的行動——或者說我們在管理方面面臨的挑戰是利用我們產品組合中存在的差異化，並尋求在我們可以的情況下將其貨幣化，並繼續為市場帶來差異化的高軟件內容解決方案，以便我們能夠繼續管理它。我認為，如果您查看該業務的利潤率表現，到目前為止，我們在管理損益表中的通脹性增長方面做得很好。

Yes. Meta, I think if you look at the entire customer base of Keysight, the amount of inputs that we're getting for strong collaborations is at a record high. Customers deeper engagement with us, and they are very often are engaging us much earlier in the design cycle. So we are very well positioned given the strength of our relationships to be able to act on some of inputs, where it matches our strategy and continue to progress it.

是的。 Meta，我認為，如果您查看是德科技的整個客戶群，我們為強大的合作所獲得的投入量創歷史新高。客戶與我們的互動更深入，他們經常在設計週期的早期就與我們互動。因此，鑑於我們關係的力量，我們處於非常有利的位置，能夠對一些符合我們戰略的投入採取行動並繼續推進它。

If I look at the semiconductor activity. All the way from new silicon wafer starts to the cloud, there is a tremendous amount of designs that are occurring both from traditional players moving up the stack and from system players that want to verticalize and own the IP. And we're well positioned to be working with all these customers across the wireless, wireline and even the fab to progress some of their strategies and enable them to be successful.

如果我看一下半導體活動。從新的矽晶圓開始到雲端，有大量的設計正在發生，既來自傳統廠商向堆棧上移，也來自想要垂直化並擁有 IP 的系統廠商。我們已經準備好與所有這些無線、有線甚至晶圓廠的客戶合作，以推進他們的一些戰略並使他們取得成功。

And we're very pleased. I mean the silicon photonic solution is very unique where -- it's an industry first, and we're very pleased with the design win we're getting because with each of these wins is a deeper collaboration to understand where the future is going and define it. Silicon photonics is one of the technologies that is seen as a possible solution to the high-throughput demands of a data center and cloud environment. So it's another area where Keysight is opening up a new franchise, which will continue to position us for future growth.

我們非常高興。我的意思是矽光子解決方案是非常獨特的——它是行業首創，我們對我們獲得的設計勝利感到非常滿意，因為每一次勝利都是更深入的合作，以了解未來的發展方向並定義它。矽光子學是被視為滿足數據中心和雲環境的高吞吐量需求的一種可能解決方案的技術之一。因此，這是是德科技開闢新特許經營權的另一個領域，它將繼續為我們未來的增長做好準備。

The next question is from the line of Chris Snyder with UBS.

下一個問題來自瑞銀的克里斯·斯奈德（Chris Snyder）。

I wanted to ask about the backlog. I think the prepared remarks disclosed it to be $2.4 billion, which is roughly 45% of the current year revenue guide, and obviously, well above where it's been historically. So based on guidance and the commentary around supply chain, it certainly does not sound like this backlog will be released to any capacity this year. So I guess my question is, how should we think about the cadence of this backlog release? Any color on the duration or impact? Like will we see it come through? Or will it just be kind of tapered in over many, many quarters? Any color there is helpful.

我想問一下積壓的問題。我認為準備好的評論顯示它為 24 億美元，大約是本年度收入指南的 45%，顯然遠高於歷史水平。因此，根據有關供應鏈的指導和評論，聽起來這個積壓的訂單肯定不會在今年釋放到任何容量。所以我想我的問題是，我們應該如何考慮這個積壓發布的節奏？持續時間或影響有什麼顏色嗎？就像我們會看到它通過嗎？還是會在很多很多方面逐漸變細？任何顏色都有幫助。

Yes. Well, first, you're absolutely right. We do not expect that we're going to reduce backlog at all this year. In fact, we would estimate in the current supply environment, which we expect to be challenging through the remainder of our fiscal year, that we're going to continue to add to backlog. I think how the backlog eventually winds its way from where -- from its current elevated levels to a more normalized level is really a function of how the broader supply chain situation resolves itself, right? And it's only educated guesses at this point because the honest answer is we don't know what that's going to look like. But I'm not expecting that there's going to be a step-function improvement across the supply chain that allows us to flush backlog over a 1- or 2-quarter period. I think it's going to be much more a function of us slowly bringing our quote and lead times on products down and slowly working that -- the backlog down to more normalized levels.

是的。嗯，首先，你是絕對正確的。我們預計今年根本不會減少積壓。事實上，我們預計在當前的供應環境中，我們預計在本財年剩餘時間內將面臨挑戰，我們將繼續增加積壓。我認為積壓最終是如何從哪裡蜿蜒而來的——從目前的高水平到更正常的水平，實際上是更廣泛的供應鏈情況如何自行解決的一個函數，對吧？目前這只是有根據的猜測，因為誠實的答案是我們不知道那會是什麼樣子。但我並不期望整個供應鏈會出現階梯式改進，從而使我們能夠在 1 或 2 個季度內清空積壓訂單。我認為這將更多地是我們慢慢降低產品報價和交貨時間並慢慢工作的功能 - 積壓降低到更正常的水平。

And we also view this as a favorable long-term trend for our business to enter a given quarter and having higher confidence in -- with the backlog. And as we think about the growing solutions that we're engaging with customers -- and these are deeper, longer-term relationships and they tend to give us very good visibility into our business. And we're pretty bullish by the growth prospects across the wireless, the wireline ecosystem, our industrial business. We have multiple vectors of growth around these big mega trends that is driving some of this backlog as well.

而且我們還認為這是我們的業務進入特定季度並且對積壓有更高信心的有利長期趨勢。當我們考慮與客戶互動的不斷增長的解決方案時——這些是更深入、更長期的關係，它們往往使我們能夠很好地了解我們的業務。我們非常看好無線、有線生態系統和我們的工業業務的增長前景。我們圍繞這些大趨勢有多個增長向量，這些趨勢也推動了一些積壓。

I appreciate that. So then for my next one, maybe I'll turn back and follow up on earlier commentary around the auto business. I understand from a high level, the company is levered into really all the great secular trends in auto, whether it's battery R&D, charging infrastructure and autonomous. But I guess my question is, what's the biggest driver of this business? And is there anything we can track or monitor to just benchmark where growth could be here, whether that's like industry battery R&D spend, EV model proliferation? Just any help on how to think about -- like just kind of conceptualize the growth potential.

我很感激。那麼對於我的下一個，也許我會轉過身來跟進之前關於汽車業務的評論。我從高層次上了解到，該公司實際上已經融入了汽車領域的所有重大長期趨勢，無論是電池研發、充電基礎設施還是自動駕駛。但我想我的問題是，這項業務的最大驅動力是什麼？有沒有什麼我們可以跟踪或監控的東西來衡量增長可能在哪裡，比如行業電池研發支出、電動汽車模型的擴散？只是關於如何思考的任何幫助——比如概念化增長潛力。

Yes. I think at the simplistic level, we're tethered to the R&D spend that's occurring. And if you look at it, the entire ecosystem is spending to continually innovate on range autonomous capabilities. And it's a long-term driver. And if you look at the organic R&D investments being made by automakers, it's only poised to increase with time. So I think that would be the closest external dynamic I would point to.

是的。我認為在簡單的層面上，我們被束縛在正在發生的研發支出上。如果你看一下，整個生態系統都在不斷地在範圍自主能力上進行創新。這是一個長期的驅動力。如果你看看汽車製造商進行的有機研發投資，它只會隨著時間的推移而增加。所以我認為這將是我要指出的最接近的外部動態。

I would also say, if you look back even a few years ago the number of in-house labs to [key] in and own generation of R&D from automakers was fairly sketchy, but we're starting to see more investment there across the world as more and more cars have more of these EV features driven by the bigger ESG goals and environment concerns around the world.

我還要說，如果你回顧幾年前，汽車製造商 [key] 和擁有一代研發的內部實驗室的數量相當粗略，但我們開始在世界各地看到更多投資隨著全球範圍內更大的 ESG 目標和環境問題的推動，越來越多的汽車擁有更多此類電動汽車功能。

Chris, this is Mark. I'll just add one thing to what Satish just said, and that's it makes it harder to track for you and for everyone. But there's so many different elements of what's happening with this transformation within the whole mobility space, whether it's the electrification of the drivetrain; the connectivity to the external network or communications within the vehicle, which we just announced some solutions to, to the charging infrastructure, which is being funded heavily by multiple nations as part of this transformation to the millimeter wave and high-frequency technology around the sensors. It's just remarkable, the computational capabilities. And that's why this is such an important space to us is it intersects with all these areas of strength. And we continue to innovate with the industry leaders around all of the global ecosystems, as we said earlier. So it's a long, long runway with all kinds of different elements of innovation.

克里斯，這是馬克。我將在 Satish 剛才所說的內容中添加一件事，那就是它讓你和每個人都更難追踪。但是，在整個移動領域中，這種轉變正在發生的事情有很多不同的元素，無論是動力傳動系統的電氣化；與外部網絡或車內通信的連接，我們剛剛宣布了充電基礎設施的一些解決方案，作為向圍繞傳感器的毫米波和高頻技術轉型的一部分，充電基礎設施得到了多個國家的大力資助.計算能力真是了不起。這就是為什麼這對我們來說是一個如此重要的空間，因為它與所有這些優勢領域相交。正如我們之前所說，我們將繼續與圍繞所有全球生態系統的行業領導者進行創新。所以這是一條很長很長的跑道，有各種不同的創新元素。

The next question is from the line of Mehdi Hosseini with SIG.

下一個問題來自 SIG 的 Mehdi Hosseini。

I have 2 follow-ups. I apologize if some of the questions have already been raised since I joined the call late. One on the pricing dynamic, and I'm not asking for any quantitative color, but perhaps maybe you can explain to me on a qualitative basis, you are relatively more vertically integrated and you have relatively more relationship with strategic mission-critical customers. Are these 2 -- perhaps assuming lower input costs and higher relevancy to these mission-critical application, have they enabled you to extract more economics from your customers? And I have a follow-up.

我有 2 次跟進。如果自從我遲到加入電話會議以來已經提出了一些問題，我深表歉意。一個關於定價動態，我不要求任何定量的顏色，但也許你可以在定性的基礎上向我解釋，你相對更垂直整合，你與戰略任務關鍵客戶的關係相對更多。這 2 個——也許假設更低的投入成本和更高的與這些關鍵任務應用程序的相關性，它們是否使您能夠從您的客戶那裡獲得更多的經濟利益？我有一個後續行動。

Yes. Mehdi, thank you for the question. Absolutely. I mean you look at our focus around offering total solutions to customers, this has been our strategy since then, and that is really separating ourself. Our strategy is very clear. We look at some of the most tougher challenges in the industry that we serve, and we offer solutions. And by definition, it has higher software content. And over time, we've layered in services, which allows us to work with customers through their life cycle needs. All of that is favorable to our ability to continue to grow margins in the business and help offset some of the inflationary pricing pressures that we face.

是的。邁赫迪，謝謝你的問題。絕對地。我的意思是你看看我們專注於為客戶提供整體解決方案，這一直是我們從那時起的戰略，這真的是我們自己的分離。我們的戰略非常明確。我們著眼於我們所服務的行業中一些最嚴峻的挑戰，並提供解決方案。並且根據定義，它具有更高的軟件含量。隨著時間的推移，我們對服務進行了分層，這使我們能夠通過客戶的生命週期需求與他們合作。所有這些都有利於我們繼續提高業務利潤率的能力，並有助於抵消我們面臨的一些通脹定價壓力。

Okay. So perhaps that's already reflected in your free cash flow margin that has been double digit. And I'm asking or raising this topic since the stock has been under pressure, and you've also been very active in buyback. Is there anything else with capital return that you're thinking of contemplating that would better reflect a company's ability to extract more economics and have a rather stable free cash flow? Like would you favor paying more cash dividend rather than a buyback? And then as a quick follow-up, has FX been dialed into your guide?

好的。因此，也許這已經反映在您的兩位數自由現金流量利潤率中。我在問或提出這個話題，因為股票一直處於壓力之下，而且你在回購方面也非常積極。您是否正在考慮考慮其他任何可以更好地反映公司提取更多經濟並擁有相當穩定的自由現金流的能力的資本回報？你喜歡支付更多的現金股息而不是回購嗎？然後作為快速跟進，是否已將 FX 撥入您的指南？

Thank you, Mehdi. I think as you heard, multiple end-market exposures we have. And as you stated towards many critical -- mission-critical applications, we're really bullish on the long-term opportunity at Keysight to create value. And so congruent with that, we continue to be committed to this disciplined, balanced approach for capital allocation. First priority is obviously to invest for organic growth and differentiation, and we're seeing a lot of opportunities as we engage with our customers.

謝謝你，邁赫迪。我想正如你所聽到的，我們擁有多個終端市場。正如您對許多關鍵任務應用程序所說的那樣，我們非常看好是德科技創造價值的長期機會。與此一致，我們將繼續致力於這種有紀律、平衡的資本配置方法。顯然，首要任務是投資於有機增長和差異化，我們在與客戶互動時看到了很多機會。

Second, we are disciplined with M&A and -- but we're continuing to look for opportunities. We have a strong funnel, but we remain patient to make sure that it fits our hurdle as we have done in the past. And of course, it has to make sense for our strategy.

其次，我們在併購方面自律，但我們仍在繼續尋找機會。我們有一個強大的漏斗，但我們仍然保持耐心，以確保它像我們過去所做的那樣適合我們的障礙。當然，它必須對我們的戰略有意義。

And lastly, where we see opportunities, like the current situation, we believe that we will be more aggressive and take advantage of the return of capital through share buybacks as we have done this quarter. And we'll continue to remain on it. We have $600 million of previously authorized share buyback that we can still deploy, and we'll continue to deploy it as we see opportunities at these levels.

最後，在我們看到機會的地方，比如目前的情況，我們相信我們將更加積極，並像本季度一樣通過股票回購利用資本回報。我們將繼續堅持下去。我們有 6 億美元的先前授權股票回購，我們仍然可以部署，我們將繼續部署它，因為我們看到了這些級別的機會。

And then the second part of your question was have we accounted for FX in the guide. To the extent that FX has moved to date, yes, that's all baked into our guide. I had mentioned that it's about a 2 percentage point headwind on a year-over-year basis in the second half. And relative to when we put out our original full year guide of 6% to 7% growth, there's an additional 1.5 points of unfavorable currency. So we're raising from 6% to 7% all the way to 8%, but there's an additional unfavorable 1.5 points of currency baked into that, again, based on rates as at today.

然後你問題的第二部分是我們是否在指南中考慮了外匯。就 FX 迄今為止的發展而言，是的，這一切都融入了我們的指南。我曾提到，下半年同比下降約 2 個百分點。相對於我們最初發布 6% 至 7% 的全年增長指引時，貨幣不利因素增加了 1.5 個百分點。因此，我們將利率從 6% 提高到 7%，一直提高到 8%，但是根據今天的利率，還有一個額外的不利貨幣 1.5 個百分點。

The next question is from the line of Jim Suva with Citigroup.

下一個問題來自花旗集團的 Jim Suva。

I just have one question and that is, could you let us know a little bit about the software and services specifically with some of these growing newer end markets like automotive and power? Is the attach rate and opportunity similar with the past, less or more than what the past is for these newer end markets, again, services and software?

我只有一個問題，那就是，您能否讓我們了解一下軟件和服務，特別是針對汽車和電力等一些新興終端市場的軟件和服務？附加率和機會是否與過去相似，對於這些較新的終端市場，服務和軟件來說，比過去少還是多？

Thank you, Jim. As we stated, as we are starting to go beyond the core products and -- that engineering teams use, which is lab instruments into more solutions, they have a higher weighted average of software and then greater ability to monetize through services. So we're still very early innings in deploying those things. The latest ADE offering that we have, we're building it on top of our 5G platform, which is rich with software. But also as we expand into the application layer, as we bring more real-world challenges in the auto industry into the lab, we'll continue to see the opportunity be bigger over time, and we're investing to realize that.

謝謝你，吉姆。正如我們所說，隨著我們開始超越核心產品，以及工程團隊使用的實驗室儀器，更多解決方案，他們擁有更高的軟件加權平均值，然後通過服務獲利的能力更強。所以我們在部署這些東西方面還處於早期階段。我們擁有的最新 ADE 產品是在我們的 5G 平台之上構建的，該平台擁有豐富的軟件。但隨著我們擴展到應用層，隨著我們將汽車行業的更多現實挑戰帶入實驗室，隨著時間的推移，我們將繼續看到更大的機會，我們正在投資以實現這一點。

The next question is from the line of Rob Mason with Baird.

下一個問題來自 Rob Mason 和 Baird。

Satish, I'll just add my congratulations to your new role as well. My question was around the general electronics business. You did mention all-time record revenue there. And I was curious how the order rate performed in that piece of the business as well. I'm not sure I caught that. And then just maybe related as well. Historically, kind of thought of the general electronics piece of the business as more PMI-sensitive. But as you were describing that business, there seems like there's a lot of newer applications there. And I'm just curious if that's broadened out, how you're viewing that historical perspective, at least from perhaps a macroeconomic view to that part of the business.

Satish，我也祝賀你的新角色。我的問題是關於一般電子業務的。你確實提到了那裡創紀錄的收入。我很好奇訂單率在該業務中的表現如何。我不確定我是否抓住了這一點。然後可能也相關。從歷史上看，人們認為該業務的通用電子部分對 PMI 更加敏感。但是正如您所描述的那樣，那裡似乎有很多更新的應用程序。我只是好奇這是否擴大了，你是如何看待歷史的，至少從宏觀經濟的角度來看業務的那一部分。

Yes. It's a great question. I'll have Mark answer the first part of it as to how we're doing with orders. But I'll say you're right. I mean as we have -- when we started the company and when we thought about general electronics business had a bigger correlation to manufacturing customer base. And over time, we've been adding more R&D applications and focus to the team as it has been able to bring in some newer end-market applications, such as digital health and IoT. And it continues to move up the value chain with our customers. So over time, we would expect it to continue to be more in that direction.

是的。這是一個很好的問題。我會讓馬克回答第一部分關於我們如何處理訂單的問題。但我會說你是對的。我的意思是，就像我們一樣——當我們創辦公司時，當我們考慮通用電子業務時，與製造客戶群有更大的相關性。隨著時間的推移，我們一直在為團隊添加更多的研發應用程序和重點，因為它已經能夠引入一些更新的終端市場應用程序，例如數字健康和物聯網。它繼續與我們的客戶一起向價值鏈上游移動。因此，隨著時間的推移，我們預計它將繼續朝著這個方向發展。

Another area of focus for that group is also around advanced research. As I noted, we had some announcements with the Singapore -- with a university in Singapore around quantum. We also had a major win in terahertz research associated with that business. So we continue to ensure that we're seeking more value-added, sustainable, durable opportunities in that business, but that business historically has had a little bit more manufacturing exposure than the rest.

該小組的另一個重點領域也是高級研究。正如我所指出的，我們與新加坡有一些公告——新加坡有一所大學圍繞量子展開。我們在與該業務相關的太赫茲研究方面也取得了重大勝利。因此，我們繼續確保我們在該業務中尋求更多增值、可持續、持久的機會，但該業務從歷史上看比其他業務擁有更多的製造業風險。

So I'll just hand over to Mark to speak about...

所以我就交給馬克談談……

Sure. Thanks, Satish. Yes, Rob, we saw some moderating order growth during the quarter, mainly because of some softness in education. With some of the delays to the government spending and some of the other priorities that have come upon the funding, we did see some softness there. But we saw a lot of new customers in growth from R&D solutions for digital health care. We've added nearly 500 new customers again in the quarter, which helps to diversify our base and represents this broad base of industries across multiple segments and so forth.

當然。謝謝，薩蒂什。是的，Rob，我們在本季度看到了一些放緩的訂單增長，主要是因為教育方面的一些疲軟。由於政府支出的一些延遲以及資金方面的其他一些優先事項，我們確實看到了一些疲軟。但我們看到，數字醫療保健研發解決方案帶來了許多新客戶的增長。我們在本季度再次增加了近 500 名新客戶，這有助於使我們的基礎多樣化，並代表了跨多個細分市場等的廣泛行業基礎。

We saw strong demand continue across Asia with several new wins around the R&D solutions. And as Satish just mentioned, there have been some real bright spots around advanced research with our university. So GDP markets are affected more or less with some of the activities in the geopolitical situation, which I think translates to some of the moderating growth we saw. But all in all, we see a continued demand for some of our advanced R&D solutions.

我們看到亞洲各地的需求持續強勁，圍繞研發解決方案取得了一些新的勝利。正如薩蒂什剛剛提到的，我們大學的高級研究有一些真正的亮點。因此，地緣政治局勢中的一些活動或多或少地影響了 GDP 市場，我認為這轉化為我們看到的一些放緩的增長。但總而言之，我們看到對我們的一些先進研發解決方案的持續需求。

Sure. That's great color. Just as a quick follow-up, maybe for Neil. The -- is there anything, Neil, that you would call out that we should be monitoring around our margin assumptions as you convert some of the backlog just, again, taking your commentary around rising inflation, just how your -- how we should look at the price/cost dynamic within your backlog?

當然。這顏色真好。就像快速跟進一樣，也許對尼爾來說。 - 尼爾，你有什麼要說的，當你轉換一些積壓的訂單時，我們應該圍繞我們的保證金假設進行監控在你的積壓中的價格/成本動態？

I mean the backlog in -- the biggest issue there is the backlog does create a little bit of a delay between the time at which we might impact a price increase and the time at which that price increase would be recognized in revenue, whereas it seems like on the input cost side, the cost increases are much more real time, particularly if you want to secure delivery of product. And so that mismatch is something we're very actively managing, but it can cause some quarter-to-quarter perturbations if the timing gets off. But I think, generally speaking, we're doing a good job of managing in this inflationary environment and protecting margins.

我的意思是積壓 - 最大的問題是積壓確實在我們可能影響價格上漲的時間和價格上漲將在收入中確認的時間之間產生了一點延遲，而看起來就像在投入成本方面一樣，成本增加更加實時，特別是如果您想確保產品交付。因此，這種不匹配是我們非常積極地管理的事情，但如果時機不對，它可能會導致一些季度到季度的擾動。但我認為，總的來說，我們在這種通脹環境下的管理和保護利潤率方面做得很好。

The next question is from the line of Adam Thalhimer with Thompson, Davis.

下一個問題來自 Adam Thalhimer 和 Thompson，Davis。

Great quarter, guys. Quick one on M&A. On M&A, have you seen any softening in seller expectations?

偉大的季度，伙計們。快速併購。在併購方面，您是否看到賣方預期有所減弱？

Not a lot yet. Obviously, we've seen the market pullbacks, but seller expectations still seem to be kind of linked to prior valuations. So we're watching that closely and very actively managing our funnel, staying disciplined with regard to our return hurdles and hoping that we get the opportunity to act on some of these targets. But right now, there does seem to be a little bit of a mismatch there.

還不是很多。顯然，我們已經看到市場回落，但賣家的預期似乎仍然與之前的估值有關。因此，我們正在密切關注並非常積極地管理我們的渠道，在我們的回報障礙方面保持紀律，並希望我們有機會針對其中一些目標採取行動。但是現在，那裡似乎確實有點不匹配。

Got it. And then, sorry if you fleshed this out, but what was the Russia impact, Neil?

知道了。然後，對不起，如果你充實了這一點，但俄羅斯的影響是什麼，尼爾？

We -- it's about 2 points. So core order growth within the quarter was 11. Adjusted for Russia, it was 13. We canceled low $20 million kind of backlog for Russia. It has historically been a 1% business for us.

我們——大約是 2 分。因此，本季度的核心訂單增長為 11。針對俄羅斯進行調整後為 13。我們取消了俄羅斯低 2000 萬美元的積壓訂單。從歷史上看，這對我們來說是 1% 的業務。

There are no additional questions at this time. I will now pass it back to the management team for any closing remarks.

目前沒有其他問題。我現在將把它傳回給管理團隊，以供結束髮言。

Well, thank you, Tia, and thank you all for joining us today. We look forward to speaking with many of you at the upcoming conferences, and wish you a great day.

好吧，謝謝你，Tia，謝謝大家今天加入我們。我們期待在即將舉行的會議上與你們中的許多人交談，並祝你們有美好的一天。

That concludes today's conference call. Thank you. You may now disconnect your lines.

今天的電話會議到此結束。謝謝你。您現在可以斷開線路。