思科 (CSCO) 2014 Q3 法說會逐字稿

Welcome to Cisco Systems third quarter and fiscal year 2014 financial results conference call. At the request of Cisco Systems, today's call is being recorded. If you have any objections you may disconnect. Now I would like to introduce Melissa Selcher, Vice President of Global Corporate Communications. Ma�am, you may begin.

歡迎參加思科系統公司2014年第三季及全年財務業績電話會議。應思科系統公司的要求，今天的通話正在錄音。如果您有任何異議，可以斷開連接。現在我想介紹全球企業傳播副總裁梅麗莎‧塞爾徹 (Melissa Selcher)。女士，您可以開始了。

Good afternoon, everyone and welcome to our 97th quarterly conference call. This is Melissa Selcher and I'm joined by John Chambers, our Chairman and Chief Executive Officer, Frank Calderoni, Executive Vice President and Chief Financial Officer, Rob Lloyd, President of Development and Sales and Gary Moore, President and Chief Operating Officer. I would like to remind you that we have a corresponding webcast with slides including supplemental information that will be available on our website in the Investor Relations section following the call.

大家下午好，歡迎參加我們的第 97 次季度電話會議。我是梅麗莎·塞爾徹 (Melissa Selcher)，與我一起出席的還有我們的董事長兼首席執行官約翰·錢伯斯 (John Chambers)、執行副總裁兼首席財務官弗蘭克·卡爾德羅尼 (Frank Calderoni)、開發和銷售總裁羅布·勞埃德 (Rob Lloyd) 以及總裁兼首席營運官加里·摩爾 (Gary Moore)。我想提醒您，我們有一個相應的網絡廣播，其中包含幻燈片和補充信息，電話會議結束後，您可以在我們網站的投資者關係部分找到。

Income statements, full GAAP to non-GAAP reconciliation information, balance sheet, cash flow statements and other financial information can also be found on the Investor Relations website. Click on the financial reporting section of the website to access these documents.

投資者關係網站上還可以找到損益表、完整的 GAAP 與非 GAAP 調節資訊、資產負債表、現金流量表和其他財務資訊。點擊網站的財務報告部分即可存取這些文件。

Throughout this conference call, we will be referencing both GAAP and non-GAAP financial results. The matters we will be discussing today include forward-looking statements and as such, are subject to the risks and uncertainties that we discuss in detail in our documents filed with the SEC. Specifically, the most recent reports on Forms 10-K and 10-Q and any applicable amendments which identify important risk factors that could cause actual results to differ materially from those contained in forward-looking statements.

在整個電話會議中，我們將參考 GAAP 和非 GAAP 財務結果。我們今天將要討論的事項包括前瞻性陳述，因此，會受到我們在向美國證券交易委員會提交的文件中詳細討論的風險和不確定性的影響。具體而言，最新的 10-K 和 10-Q 表格報告以及任何適用的修訂都確定了可能導致實際結果與前瞻性陳述中的結果大不相同的重要風險因素。

Unauthorized recording of this conference call is not permitted. All comparisons throughout this call will be on a year-over-year basis unless stated otherwise. As we have in the past, we will discuss product results in terms of revenue and geographic and customer segment results in terms of product orders unless specifically stated otherwise.

未經授權，不允許錄製本次電話會議。除非另有說明，本次電話會議中的所有比較均以同比為基礎。與過去一樣，除非另有明確說明，否則我們將根據收入討論產品結果，根據地理和客戶細分討論產品訂單結果。

I will now turn it over to John for his commentary on the quarter.

現在我將把時間交給約翰，請他評論本季的情況。

Thank you very much. I am pleased with our solid performance in Q3, with non-GAAP earnings per share of $0.51 on revenues of $11.5 billion. We saw strength in our non-GAAP gross margins of 62.7% and non-GAAP product gross margins of 61.4%. We also continued our disciplined management of the business, with total non-GAAP OpEx down 6% year-over-year. We generated $3.2 billion in operating cash flow and returned approximately $3 billion to our shareholders through the dividend and share buyback.

非常感謝。我對我們第三季的穩健表現感到滿意，非公認會計準則每股收益為 0.51 美元，營收為 115 億美元。我們的非公認會計準則毛利率為 62.7%，非公認會計準則產品毛利率為 61.4%。我們也繼續對業務進行嚴格的管理，非公認會計準則營運支出總額較去年同期下降 6%。我們產生了 32 億美元的經營現金流，並透過股利和股票回購向股東返還了約 30 億美元。

We are very focused on creating value for our shareholders, employees, customers and partners. Our conviction around how we're evolving Cisco is strong and resolute. You've seen us deliver incredible innovation, make bold moves in the market to capture future opportunities and disrupt our competitors and ourselves when necessary. We remain committed to do the right thing to increase our long-term strategic value to our customers and advance Cisco toward our goal of becoming the number one IT company.

我們非常注重為股東、員工、客戶和合作夥伴創造價值。我們對如何發展思科的信念是堅定不移的。您已經看到我們實現了令人難以置信的創新，在市場上大膽採取行動以抓住未來機遇，並在必要時顛覆我們的競爭對手和我們自己。我們始終致力於做正確的事情，以增加我們對客戶的長期策略價值，並推動思科朝著成為第一大 IT 公司的目標邁進。

In Q3 revenue earnings per share and gross margins exceeded our guidance. Our product orders improved to be relatively flat year over year. Our book-to-bill was comfortably above 1.

第三季每股收益和毛利率均超出我們的預期。我們的產品訂單較去年同期有所改善，基本上持平。我們的訂單出貨比遠高於1。

I am pleased with the progress to return to growth and I'd like to give you an update on Q4 revenue guidance which will allow you to frame our remarks on the business momentum. For Q4, we expect revenue to decline in the range of minus 3 to minus 1, which would represent quarter-over-quarter growth of 4% to 6%, that is Q3 to Q4.

我對恢復成長的進展感到高興，我想向您提供第四季度收入指引的最新信息，這將使您能夠就業務發展勢頭髮表評論。對於第四季度，我們預計收入將下降-3到-1之間，這意味著環比增長4%到6%，即第三季度到第四季度。

We saw strength across a number of the areas of our business and as we looked across the world. From a geographic perspective, total US product orders grew 7% with US commercial and US enterprise both up over 10%. The momentum in US enterprise and commercial remains very strong. As an example, in the US enterprise total deals over $1 million are up over 25% from Q3 start to Q4 start and deals over $5 million are up more than 50%.

放眼全球，我們看到我們業務的多個領域都展現出強勁實力。從地理角度來看，美國產品訂單總額成長7%，其中美國商業和美國企業訂單均成長10%以上。美國企業和商業的發展勢頭依然強勁。例如，在美國，從第三季開始到第四季開始，超過 100 萬美元的企業總交易量增加了 25% 以上，超過 500 萬美元的企業總交易量增加了 50% 以上。

As we continue to move to solutions, our enterprise customers are making more and bigger investments as they partner with us. We see continued stabilization across Europe, with order strength in the UK up 7%, Germany up 5%, and Northern Europe as a whole up 4%.

隨著我們不斷轉向解決方案，我們的企業客戶在與我們合作時也做出了更多、更大的投資。我們看到整個歐洲持續保持穩定，英國的訂單強度增加了 7%，德國成長了 5%，整個北歐成長了 4%。

From a product perspective, our new service provider platforms are showing good momentum. As we shared with you in prior calls, it takes time when you introduce disruptive, high-end products before the growth returns. This quarter we saw high end router order growth reversing a three quarter negative trend. While we are pleased with these results, these numbers will continue to be lumpy.

從產品角度來看，我們的新服務提供者平台表現出良好的勢頭。正如我們在先前的電話會議中與您分享的那樣，推出顛覆性的高端產品需要一些時間才能恢復成長。本季度，我們看到高階路由器訂單成長扭轉了三個季度的負面趨勢。雖然我們對這些結果感到滿意，但這些數字仍將繼續不穩定。

The Nexus 9000 and our application centric infrastructure while still early, is gaining significant market traction. In just our second quarter shipping new application centric infrastructure, i.e. ACI enabled platforms, specifically the Nexus 9000, we grew from 20 plus customers last quarter to 175 customers this quarter with a pipeline approaching 1,000 customers. We saw major wins including competitive wins and displacements at large financial institutions, large cloud providers, software as a service and major service providers.

Nexus 9000 和我們的以應用為中心的基礎設施雖然仍處於早期階段，但正在獲得顯著的市場吸引力。僅在第二季度，我們就推出了以應用為中心的新基礎設施，即：ACI 支援的平台，特別是 Nexus 9000，我們從上個季度的 20 多個客戶成長到本季的 175 個客戶，通路客戶數量接近 1,000 個。我們看到了重大勝利，包括大型金融機構、大型雲端供應商、軟體即服務和主要服務供應商的競賽勝利和取代。

Data center revenue grew 29%. UCS continues to cement its place as a leading platform for hybrid cloud environments, big data and virtual desktop services, gaining market share for the 17th consecutive quarter since it was introduced. Security revenue increased 10% and orders increased 20% as the Sourcefire integration continues to fuel growth and opportunities with customers.

資料中心營收成長29%。UCS 繼續鞏固其作為混合雲環境、大數據和虛擬桌面服務領先平台的地位，自推出以來連續 17 個季度獲得市場份額。由於 Sourcefire 整合繼續推動客戶成長和機遇，安全收入成長了 10%，訂單成長了 20%。

There are several businesses that are starting to show improving trends. Collaboration is the first. While collaboration revenues decreased 12% in the quarter, collaboration orders increased 4%, reversing a multi-quarter negative trend. Positive revenue growth of software as a service WebEx business was balanced by declines in unified communications and telepresence.

有幾家企業開始呈現改善趨勢。合作是第一位的。雖然本季合作收入下降了 12%，但合作訂單卻成長了 4%，扭轉了連續多個季度的負面趨勢。軟體即服務 WebEx 業務的收入正成長被統一通訊和網真業務的收入下滑所抵消。

In this quarter, we began unveiling our next generation of collaboration solutions, specifically a new range of innovative cloud connected telepresence products at a very competitive price points. Wireless. Revenues grew 3% with orders up 12%. We did see some weakness in the service provider customer segment and at the low end of the market, but we saw good strength in the 802.11ac ramp, with the AP3700 now the fastest ramping access point in our history.

本季度，我們開始推出下一代協作解決方案，特別是一系列價格極具競爭力的創新雲端連接遠端呈現產品。無線的。營收成長 3%，訂單成長 12%。我們確實看到服務供應商客戶群和低端市場存在一些弱點，但我們看到 802.11ac 的成長勢頭強勁，AP3700 現在是我們的歷史上成長最快的存取點。

There are three areas of our business which we have discussed for the last several quarters where we are managing through challenges, both macro and Cisco specific. First, emerging markets from a macroeconomic perspective, continue to be challenging. Orders in our emerging markets declined 7% with the BRICs plus Mexico down 13%. As we've said for several quarters, we expect these challenges to continue.

過去幾個季度，我們討論了我們的業務的三個領域，我們正在應對這些領域的挑戰，包括宏觀挑戰和思科特有的挑戰。首先，從宏觀經濟角度來看，新興市場持續面臨挑戰。我們新興市場的訂單下降了 7%，其中金磚四國加上墨西哥的訂單下降了 13%。正如我們幾個季度以來所說的那樣，我們預計這些挑戰將會持續下去。

The challenges we saw in Brazil, down 27% and Russia down 28% are consistent with those we are hearing and seeing from our peers and customers, while China declined 8%, Mexico declined 3% and India declined 1%. Our strategy with emerging markets has not changed. Our relationship begins with the engagement with the leadership of the countries on key priorities for the country and technology development initiatives and drives all the way to local municipalities, their service providers and private businesses.

我們看到巴西面臨的挑戰下降了 27%，俄羅斯下降了 28%，這與我們從同行和客戶那裡聽到和看到的一致，而中國下降了 8%，墨西哥下降了 3%，印度下降了 1%。我們對新興市場的策略沒有改變。我們的關係始於與各國領導層就國家關鍵優先事項和技術發展計劃的接觸，並一直延伸到地方市政當局、其服務提供者和私營企業。

Second, service providers. Service provider orders were down 5%, showing improvement from the minus 12% decline in Q2 and 13% decline in Q1. The weakness in emerging markets also negatively impacts the service provider customer segment.

第二，服務提供者。服務提供者訂單下降 5%，較第二季的負 12% 和第一季的 13% 有所改善。新興市場的疲軟也對服務提供者客戶群產生了負面影響。

SP video revenue declined 26% which had a negative impact on our SP segment numbers as we continue to manage through the transition of that business. SP video orders declined 11%. We are seeing some signs of stabilization in the SP business, but believe it will take multiple quarters to return to growth. We will continue to make changes we need to to lead in the service provider market.

SP 影片收入下降了 26%，這對我們的 SP 部門數據產生了負面影響，因為我們仍在繼續管理該業務的轉型。SP影片訂單下降11%。我們看到 SP 業務出現了一些穩定的跡象，但相信需要多個季度才能恢復成長。我們將繼續做出必要的改變，以在服務提供者市場中保持領先地位。

And third, new product transitions in high-end routing and high-end switching. While we saw momentum, actually good momentum in high-end routing orders as mentioned earlier, it is still early in the transition as revenue lags orders by a quarter or so. We did not see the benefit on this revenue in this quarter. This slide combined with the challenges on access layer and the mobility business led to a decrease in next generation network routing revenue of 10%.

第三，高端路由和高端交換領域的新產品轉型。雖然我們看到了勢頭，實際上高端路由訂單的勢頭良好，如前所述，但由於收入落後於訂單四分之一左右，因此仍處於轉型初期。我們在本季沒有看到這部分收入的收益。這一下滑加上存取層和行動業務的挑戰，導致下一代網路路由收入下降 10%。

On the positive side, the strength of the ASR9000 continues with revenue growth of 59%. It is Cisco's fastest growing and most successful high-end router since the 7500 introduced over a decade ago.

從積極的一面來看，ASR9000 的強勁表​​現持續推動營收成長 59%。它是思科自十多年前推出 7500 以來發展最快、最成功的高階路由器。

We did see next generation routing orders relatively flat and saw orders of the NCS6000 and the CRSX grow above our expectations, though again, it is still early in the ramp and off relatively small numbers.

我們確實看到下一代路由訂單相對平穩，並且看到 NCS6000 和 CRSX 的訂單增長超出了我們的預期，儘管它仍然處於初期階段並且數量相對較少。

Overall switching revenue declined by 6%. We continue to manage through declines in our campus switching portfolio, specifically at the high end, with the exception of the Catalyst 3850 which is growing very well. We are pleased with our momentum in data center switching, but it's still early in the high-end switching transition.

整體轉換收入下降了6%。我們的校園交換產品組合（尤其是高階產品）持續下滑，但 Catalyst 3850 除外，成長動能良好。我們對資料中心交換領域的發展動能感到滿意，但高端交換轉型仍處於早期階段。

As a result of these transitions, it will be several more quarters before we see growth in overall switching. Switching gross margins remains strong.

由於這些轉變，我們還需要幾個季度才能看到整體轉換的成長。轉換毛利率依然強勁。

Stepping back, I am pleased with the momentum we are continuing to drive across our business, despite these challenges. We will continue to take it one quarter at a time, as you would expect. While competitors at times may gain share on us in a given quarter or two, we believe that our strategy of driving architectures to deliver business value will win in the long term.

回顧過去，儘管面臨這些挑戰，但我很高興看到我們業務繼續保持良好的發展勢頭。正如您所期望的，我們將繼續按季度進行。雖然競爭對手有時可能會在一兩個季度內搶占我們的市場份額，但我們相信，我們推動架構以實現商業價值的策略將在長期內取得勝利。

I've met with over 100 CIOs in the last month and they understand where we're going, our strategy and our differentiation and are asking us to partner even more closely with them on their business outcomes.

上個月我會見了 100 多位首席資訊官，他們了解我們的發展方向、策略和差異化，並要求我們與他們進行更緊密的合作，以實現他們的業務成果。

Looking forward, we are driving the innovation and making bold moves to lead the major market transitions our customers are facing today. Two transitions that I would like to highlight this quarter are cloud and the Internet of Everything. On cloud, in this quarter we announced our InterCloud strategy, leveraging our application centric infrastructure together with our partners to deliver the first global open network of clouds. Customers, providers and channel partners are turning to Cisco to create an open and highly secure hybrid cloud environment.

展望未來，我們正在推動創新並採取大膽舉措，引領客戶當今面臨的重大市場轉型。本季我想強調的兩個轉變是雲端和萬物互聯。在雲端，本季我們宣布了 InterCloud 策略，利用以應用程式為中心的基礎設施與合作夥伴共同打造首個全球開放雲端網路。客戶、供應商和通路合作夥伴正在轉向思科來創造一個開放且高度安全的混合雲環境。

Cisco is unique in our ability to enable a seamless world of many clouds in which our customers have the choice to enable the right and highly secure cloud for the right workload. We have already announced major global InterCloud partners such as Telstra and with more to come at Cisco Live next week. Rob, I think you'll be announcing them at that time and it's getting pretty exciting. As you would expect, we have added some of the best and brightest cloud talent to our team.

思科的獨特之處在於，我們能夠實現多雲的無縫世界，在這個世界中，我們的客戶可以選擇為正確的工作負載啟用正確且高度安全的雲端。我們已經宣布了 Telstra 等全球主要 InterCloud 合作夥伴，下週還將在 Cisco Live 上公佈更多消息。羅布，我想你會在那個時候宣布這些消息，這會變得非常令人興奮。正如您所期望的，我們為團隊增添了一些最優秀、最聰明的雲端人才。

We are also seeing our partnerships in delivering converged infrastructure, such as VCE and FlexPod, leveraging application centric infrastructure and the InterCloud fabric to provide on-ramps to the InterCloud. As part of our InterCloud strategy, we'll deliver a portfolio of Cisco cloud applications and services.

我們也看到了我們在提供整合基礎架構方面的合作夥伴關係，例如 VCE 和 FlexPod，利用以應用程式為中心的基礎架構和 InterCloud 架構為 InterCloud 提供入口。作為我們 InterCloud 策略的一部分，我們將提供一系列思科雲端應用程式和服務。

The Cisco cloud applications, which are already in market, namely WebEx and Meraki, continue to perform very well. WebEx revenue grew 7% with annual recurring revenues up 12%. The total number of billable users was up over 26%. Meraki, our cloud networking business, grew over 150% with the customer count growing approximately 30% sequentially.

已經上市的思科雲端應用程序，即 WebEx 和 Meraki，繼續表現良好。WebEx 營收成長 7%，年度經常性收入成長 12%。可計費用戶總數增加了26%以上。我們的雲端網路業務 Meraki 成長了 150% 以上，客戶數量較上季成長了約 30%。

We also continue to cement our position as the number one cloud infrastructure and the number one cloud provider, according to Synergy, delivering the innovation and platforms to fuel the world's largest cloud. That was, again, the number one cloud infrastructure and the number one hybrid cloud provider. On the Internet of Everything, last quarter I discussed the momentum we are seeing with our customers to translate the Internet of Everything opportunity to actual business requirements.

根據 Synergy 的說法，我們也繼續鞏固我們作為第一大雲端基礎設施和第一大雲端供應商的地位，提供創新和平台來為世界上最大的雲端提供支援。這再次成為第一的雲端基礎設施和第一的混合雲供應商。關於萬物互聯，上個季度我討論了我們與客戶共同看到的將萬物互聯機會轉化為實際業務需求的勢頭。

We are making measurable progress connecting the $19 trillion value we have identified in the Internet of Everything to specific business opportunities and pipeline. Again, at Cisco Live next week, our user conference, probably 20,000 people in person and we hope 200,000 plus virtually, customers like Royal Dutch Shell and The Weather Channel will join us on-stage to share how they are partnering with Cisco to leverage the Internet of Everything to drive innovation and business results in their own organization.

我們正在將萬物互聯中發現的 19 兆美元價值與具體的商業機會和管道聯繫起來，取得顯著進展。同樣，在下週的 Cisco Live 用戶會議上，現場參加人數可能有 20,000 人，我們希望虛擬參會人數能超過 20 萬人，荷蘭皇家殼牌和天氣頻道等客戶將與我們同台分享他們如何與思科合作，利用萬物互聯來推動他們自己組織的創新和業務成果。

Our close engagement with our customers to capitalize on the major market transitions like cloud and Internet of Everything will be a future driver of our services growth. Service revenues grew 3% this quarter with continued strong margins. Gary, nice job by you and Edzard and the team.

我們與客戶密切合作，利用雲端運算和萬物互聯等重大市場轉型，這將成為我們未來服務成長的動力。本季服務收入成長 3%，利潤率持續保持強勁。加里，你和艾德札德以及團隊做得很好。

Thanks, John.

謝謝，約翰。

We continue to be optimistic about the future opportunity. As our customers embrace cloud, mobility, social, analytics and the Internet of Everything, they are seeing Cisco as uniquely positioned to help them build and run the highly securable environments they require. We are helping them design secure and optimized cloud solutions, enabling industry leading security for their mobile workforce and access data from anywhere to speed decision making, among other solutions.

我們繼續對未來的機會持樂觀態度。隨著我們的客戶擁抱雲端、行動、社交、分析和萬物互聯，他們認為思科具有獨特的優勢，可以幫助他們建立和運作所需的高度安全的環境。我們正在幫助他們設計安全且優化的雲端解決方案，為他們的行動員工提供業界領先的安全性，並從任何地方存取資料以加快決策速度，以及其他解決方案。

During the past quarter, we announced our new managed threat defense service to help customers detect and prevent attacks across their extended networks, fueling our security services business opportunities. We will continue to differentiate our approach to services, leveraging both technology and people to deliver business value.

在過去的一個季度，我們宣布了新的託管威脅防禦服務，以幫助客戶偵測和阻止其擴展網路中的攻擊，從而為我們的安全服務業務機會提供動力。我們將繼續差異化我們的服務方式，利用技術和人員來實現商業價值。

We continue to drive our evolution to software and services and this quarter we closed a first of its kind multi-year deal to license Cisco's software portfolio to General Motors. This innovative license agreement involving our software and hardware, where needed, will give GM greater speed and flexibility to drive business value. For example, when GM needs to increase their collaboration solutions across the company, they have access to our full suite of products to do that.

我們繼續推動軟體和服務的發展，本季我們達成了首個多年協議，將思科的軟體產品組合授權給通用汽車。這項涉及我們軟體和硬體的創新授權協議將為通用汽車提供更快的速度和更大的靈活性，以推動商業價值。例如，當通用汽車需要增加整個公司的協作解決方案時，他們可以使用我們的全套產品來實現這一點。

Going forward, Cisco and GM will continue to partner to deliver GM's business goals up to and including the Internet of Everything. We are evolving very quickly as a Company to meet the changing requirements of our customers globally and I am extremely pleased with the level of innovation and the value we are driving across the Company in both technology and business models. We are leaning forward and will continue to make the moves and investments we need to ensure our leadership for the next decade.

展望未來，思科和通用汽車將繼續合作，實現通用汽車的業務目標，包括「萬物互聯」。作為一家公司，我們正在快速發展以滿足全球客戶不斷變化的需求，我對公司在技術和商業模式方面的創新水平和價值感到非常滿意。我們正向前邁進，並將繼續採取必要的行動和投資，以確保我們在未來十年的領導地位。

I'd now like to turn the call over to you, Frank, to go into a little bit more details on the financials for the quarter and expand on our guidance.

弗蘭克，現在我想把電話交給你，詳細介紹一下本季的財務狀況並詳細說明我們的指導。

Thank you, John.

謝謝你，約翰。

Very welcome.

非常歡迎。

In Q3 FY14 we executed well as we managed through the transitions in our business and markets, resulting in our financial performance above our expectations. From a top and bottom line perspective, total revenue was $11.5 billion, down 5%, non-GAAP net income was $2.6 billion and non-GAAP EPS was $0.51. Our GAAP net income was $2.2 billion and GAAP earnings per share on a fully diluted basis were $0.42.

2014 財年第三季度，我們表現良好，順利完成了業務和市場的轉型，財務表現超出了我們的預期。從頂線和底線角度來看，總收入為 115 億美元，下降 5%，非 GAAP 淨收入為 26 億美元，非 GAAP 每股收益為 0.51 美元。我們的 GAAP 淨收入為 22 億美元，完全稀釋後的 GAAP 每股收益為 0.42 美元。

Product revenue declined 8% and services revenue increased 3% with product book-to-bill comfortably above 1. Overall, non-GAAP operating margin was 28.1%. In Q3, our total non-GAAP gross margin was 62.7%.

產品收入下降 8%，服務收入成長 3%，產品訂單出貨比輕鬆超過 1。整體而言，非 GAAP 營業利益率為 28.1%。第三季度，我們的非公認會計準則總毛利率為 62.7%。

Non-GAAP product gross margin was 61.4% and product gross margin benefited from improved productivity as we had greater leverage with our cost structure, partly driven by higher revenue volume. These benefits were offset by pricing. Non-GAAP service gross margin was 66.8%, consistent with historical levels. Our non-GAAP operating expenses were $4 billion or 34.6% as a percentage of revenue, compared to 34.8% in Q3 of FY13.

非公認會計準則產品毛利率為 61.4%，產品毛利率受益於生產力的提高，因為我們對成本結構的槓桿作用更大，部分原因是收入量的增加。這些好處被定價所抵銷。非公認會計準則服務毛利率為66.8%，與歷史水準一致。我們的非公認會計準則營運費用為 40 億美元，佔營收的 34.6%，而 2013 財年第三季為 34.8%。

Operating expenses were higher quarter-over-quarter driven by investments in cloud and acquisitions as well as higher variable compensation. Given the expected decline in our full fiscal year revenue, we do expect our variable compensation expense and thus total non-GAAP operating expense, to be lower than originally forecasted.

由於雲端運算和收購方面的投資以及更高的浮動薪酬，營運費用較上季成長。鑑於我們整個財年收入預計會下降，我們預計我們的可變薪酬費用以及非公認會計準則總營運費用將低於最初的預測。

Our headcount decreased by approximately 230 from last quarter to 73,834. In Q3, other income and expense was $100 million, reflecting realized gains on sales of publicly traded equity and fixed income securities. Total cash, cash equivalents and investments were $50.5 billion, including $4.6 billion available in the United States at the end of the quarter. We generated operating cash flows of $3.2 billion during the quarter.

我們的員工人數較上一季減少了約 230 人，降至 73,834 人。第三季度，其他收入和支出為 1 億美元，反映了公開交易的股票和固定收益證券銷售所實現的收益。現金、現金等價物和投資總額為 505 億美元，其中季末在美國可用的金額為 46 億美元。本季我們產生了 32 億美元的經營現金流。

During the quarter, we issued $8 billion of debt for general corporate purposes including repayment of debt and a return capital to our shareholders through our share repurchase as well as our dividends. The debt repayment portion covered $3.3 billion of previously outstanding notes.

本季度，我們發行了 80 億美元債務用於一般公司用途，包括償還債務以及透過股票回購和股息向股東返還資本。債務償還部分涵蓋了 33 億美元的先前未償還票據。

As you recall, our capital allocation strategy is to return a minimum of 50% of our free cash flow annually through dividends and share repurchases. So far, in fiscal year 2014, we have returned approximately 140% of free cash flow to our shareholders, comprised of $8 billion of share repurchases and $2.8 billion of dividends. In Q3, we returned $3 billion to shareholders that included $2 billion through share repurchases and approximately $974 million through our quarterly dividend.

大家還記得，我們​​的資本配置策略是每年透過股利和股票回購還至少 50% 的自由現金流。截至目前，2014財年我們已向股東返還了約140%的自由現金流，其中包括80億美元的股票回購和28億美元的股利。第三季度，我們向股東返還了 30 億美元，其中包括透過股票回購返還的 20 億美元和透過季度股息返還的約 9.74 億美元。

Our diluted share count decreased by approximately 150 million shares driven by these repurchases. We remain committed to this strategy. Our balance sheet continued to be an area of strength in Q3, with DSO at 35 days, non-GAAP inventory turns of 11.2 and total deferred revenue growth of 4%.

由於這些回購，我們的稀釋股份數量減少了約 1.5 億股。我們將繼續致力於這項戰略。我們的資產負債表在第三季持續保持強勁，DSO 為 35 天，非 GAAP 庫存週轉率為 11.2，總遞延收入成長 4%。

Let me now provide a few comments on our outlook for the fourth quarter. Let me remind you again that our comments include forward-looking statements. You should review our recent SEC filings that identify important risk factors and understand that actual results could materially differ from those contained in the forward-looking statements and that actual results could be above or below our guidance.

現在，讓我就我們對第四季的展望發表一些評論。讓我再次提醒您，我們的評論包括前瞻性陳述。您應該查看我們最近向美國證券交易委員會提交的文件，其中列出了重要的風險因素，並了解實際結果可能與前瞻性陳述中的結果有重大差異，並且實際結果可能高於或低於我們的預期。

The guidance we are providing is on a non-GAAP basis with a reconciliation to GAAP. As John mentioned, we expect total revenue to decline in the range of minus 3% to minus 1% on a year-over-year basis. For the fourth quarter, we anticipate non-GAAP gross margin to be in the range of 61% to 62%. As we have said in the past, forecasting non-GAAP gross margin has always been challenging due to various factors such as the volume, product mix, cost savings, as well as pricing. So as a result, non-GAAP gross margins may vary quarter to quarter by a point in either direction of our guidance range.

我們提供的指導是基於非 GAAP 基礎並與 GAAP 相協調的。正如約翰所提到的，我們預計總收入將年減-3%至-1%。對於第四季度，我們預計非公認會計準則毛利率將在 61% 至 62% 之間。正如我們過去所說，預測非 GAAP 毛利率一直很有挑戰性，因為有許多因素，例如產量、產品組合、成本節約以及定價。因此，非 GAAP 毛利率可能會在每個季度內以我們指導範圍的某個方向變化一個點。

Our non-GAAP operating margin in Q4 is expected to be in the range of 27.5% to 28.5%. Our GAAP tax provision rate is expected to be approximately 21% in the fourth quarter. Our Q4 FY14 non-GAAP earnings per share are expected to range from $0.51 to $0.53. With our Q3 performance and our current guidance for Q4, our non-GAAP EPS would be at the higher end of the full year FY14 guidance of $1.95 to $2.05 that we provided earlier this year.

我們第四季的非公認會計準則營業利潤率預計在 27.5% 至 28.5% 之間。我們第四季的 GAAP 稅收準備率預計約為 21%。我們預計 2014 財年第四季非 GAAP 每股盈餘將在 0.51 美元至 0.53 美元之間。根據我們第三季的業績以及我們目前對第四季度的預期，我們的非 GAAP 每股盈餘將達到我們今年稍早提供的 2014 財年全年預期（1.95 美元至 2.05 美元）的較高水準。

We anticipate our GAAP earnings to be lower than our non-GAAP EPS by about $0.11 to $0.14 per share in Q4 FY14 and $0.56 to $0.59 for the full year. This range includes pre-tax impact of approximately $60 million in Q4 FY14 and up to $500 million for the full year as a result of our anticipated restructuring charges related to our workforce reduction plan that we announced in the second quarter. Substantially all of these charges are expected to be recognized during fiscal 2014.

我們預計 2014 財年第四季我們的 GAAP 每股盈餘將比非 GAAP 每股盈餘低約 0.11 美元至 0.14 美元，全年每股盈餘將比非 GAAP 每股盈餘低 0.56 美元至 0.59 美元。這一範圍包括 2014 財年第四季約 6000 萬美元的稅前影響以及全年高達 5 億美元的稅前影響，這是我們在第二季度宣布的裁員計劃相關的預期重組費用的結果。預計這些費用基本上都將在 2014 財政年度確認。

During Q3, we recognized pre-tax charges to our GAAP financial statements of $26 million related to that announcement and $336 million through Q3. Please see the slides that accompany this webcast for further detail.

在第三季度，我們確認了與該公告相關的 GAAP 財務報表稅前費用 2,600 萬美元，第三季的稅前費用為 3.36 億美元。請參閱此網路廣播隨附的幻燈片以了解更多詳細資訊。

Other than those quantified items noted previously, there are no other significant differences between our GAAP and our non-GAAP guidance. This guidance assumes no additional acquisitions, asset impairments, restructuring and tax or other events which may or may not be significant. As a reminder, Cisco will not comment on its financial guidance during the quarter unless it is done through an explicit public disclosure.

除了先前提到的量化項目之外，我們的 GAAP 和非 GAAP 指導之間沒有其他重大差異。本指南假設不存在任何可能重大或不重大的額外收購、資產減損、重組和稅務或其他事件。提醒一下，除非透過明確的公開揭露，否則思科不會對本季的財務指引發表評論。

I'll now hand it back to John for summary comments. John?

我現在將其交還給約翰，請他做總結性評論。約翰？

Frank, thank you very much and well done. Reflecting on the quarter, the dynamics in our business and market continued to play out as we said they would. And we did what we said we would do. Our management team is executing well and driving innovation, transformation, and discipline across the entire company. We're delivering solutions, not just technology, in a way we haven't in the past and are transforming our business models toward more recurring product, software and cloud revenues.

弗蘭克，非常感謝你，你做得很好。回顧本季度，我們的業務和市場動態繼續按照我們所說的方式發揮作用。我們確實做到了我們說過要做的事。我們的管理團隊表現良好，推動整個公司的創新、轉型和紀律。我們提供的不僅僅是技術，還提供解決方案，這是我們過去從未有過的方式，並且正在將我們的商業模式轉變為更經常性的產品、軟體和雲端收入。

As we continue to drive the business, we remain focused on shareholder value creation by maintaining the flexibility to make the right long-term strategic decisions for the business, driving efficiencies in our cost structure and returning capital through dividends and share repurchase to our shareholders. In addition to the solid financial results, there are four key take-aways for how we are driving Cisco forward that were evident in this quarter.

在繼續推動業務發展的同時，我們始終專注於為股東創造價值，保持靈活性，為業務做出正確的長期策略決策，提高成本結構效率，並透過股利和股票回購向股東返還資本。除了穩健的財務表現外，本季我們還發現了四個推動思科前進的關鍵要點。

First, we made good progress on our plans to return to growth despite some macro and industry specific challenges. At the same time, we are innovating and investing while becoming more efficient in taking costs out. As a result, we're delivering and often over-delivering on your expectations while transforming our business. I'm proud of what we've done and excited about what's to come.

首先，儘管面臨一些宏觀和行業特定的挑戰，但我們恢復成長的計劃取得了良好進展。同時，我們也在不斷創新和投資，並提高成本削減效率。因此，我們在轉變業務的同時，也滿足了您的期望，甚至超越了您的期望。我為我們所做的一切感到自豪，並對未來充滿期待。

Second, we are delivering more innovation at a faster pace than any time in our history. I look at the new high-end switching and routing platforms, the recently announced InterCloud strategy, new collaboration portfolio, new pervasive security offerings, new data analytics, self learning networks, services in all delivery capabilities, IOE and much more.

第二，我們正在以比歷史上任何時候都更快的速度實現更多創新。我專注於新的高階交換和路由平台、最近宣布的 InterCloud 策略、新的協作產品組合、新的普及安全產品、新的資料分析、自學習網路、所有交付能力的服務、IOE 等等。

And we're not just innovating the technology. The changes we are making in how we deliver value to our customers, leveraging integrated architecture, software and services to deliver their business outcomes are driving larger opportunities and deal sizes as well as more recurring revenue.

我們不僅僅是在創新技術。我們正在進行的向客戶提供價值的方式的改變，利用整合架構、軟體和服務來實現他們的業務成果，正在帶來更大的機會和交易規模以及更多的經常性收入。

Third, we are disrupting the competition and when necessary, disrupting ourselves to drive our leadership position. For example, we began work on application centric infrastructure over three years ago. When we launched into the market in November, we laid out a road map for our customers on how we could deliver on the benefits and promises of SDN. The traction we are seeing with our application centric solutions gives me great confidence that we are leading the transition to SDN. We have similar disruption examples today in high-end routing, collaboration, our overall go-to-market and organization structures.

第三，我們正在顛覆競爭對手，必要時，我們也會顛覆自己，以鞏固我們的領導地位。例如，我們三年前就開始致力於以應用程式為中心的基礎架構。當我們在 11 月進入市場時，我們為客戶制定了路線圖，說明如何實現 SDN 的優勢和承諾。我們的以應用為中心的解決方案所展現出的吸引力讓我非常有信心，我們正在引領向 SDN 的轉變。今天，我們在高階路由、協作、整體市場進入和組織結構方面都有類似的顛覆例子。

Finally, I believe we are positioned extremely well on the major market transitions. When I look at our leadership in the Internet of Everything, our differentiated hybrid cloud strategy, InterCloud, our ability to combine SB and enterprise mobile solutions like no one else can, Cisco's unique insight into the network traffic to provide security and analytic solutions is second to none. Our ability to converge the network, compute and storage from the cloud to the data center to the wide area network all the way to the edge, the network is clearly at the center of each of these transitions. We are creating tremendous value for our customers when we connect the unconnected and opportunities are clearly exciting. Now, Mel, let's move to the most fun part which is Q&A.

最後，我相信我們在重大市場轉型中處於非常有利的地位。當我看到我們在萬物互聯領域的領導地位、我們差異化的混合雲戰略 InterCloud、我們將 SB 和企業行動解決方案結合起來的能力時，我發現思科對網路流量的獨特洞察力以及提供的安全和分析解決方案都是首屈一指的。我們有能力將網路、運算和儲存從雲端整合到資料中心、廣域網路一直到邊緣，網路顯然是這些轉變的中心。當我們將尚未連接的事物連接起來時，我們正在為客戶創造巨大的價值，而機會顯然令人興奮。現在，梅爾，讓我們進入最有趣的部分，即問答環節。

Thanks, John. We'll now open the floor to Q&A. We still request that sell-side analysts please ask only one question. Operator, please open the floor to questions.

謝謝，約翰。我們現在開始問答環節。我們仍然要求賣方分析師只問一個問題。接線員，請開始提問。

Thank you. Our first question comes from Simona Jankowski with Goldman Sachs.

謝謝。我們的第一個問題來自高盛的 Simona Jankowski。

I just wanted to understand, John, your guidance a little bit. You are guiding for better than normal seasonality in the July quarter and that's despite the continued weakness both in emerging markets and in service providers. Can you just expand on what is driving that?

約翰，我只是想稍微了解一下你的指導。儘管新興市場和服務提供者持續疲軟，但您預計 7 月季度的季節性表現將優於正常水平。能否詳細說明一下造成這種情況的原因？

And to the extent that some of that is driven by the Nexus 9K ramp where you highlighted 175 customers, can you just dig into a little bit on how many of them are also licensing ACI and also, does that include any of the top 10 cloud providers? Thank you.

並且在一定程度上，這是由 Nexus 9K 的成長所推動的，您重點介紹了 175 個客戶，您能否深入了解一下其中有多少客戶也獲得了 ACI 許可，並且這是否包括十大雲端提供商中的任何一個？謝謝。

Got you. A few questions, Simona, but you've been very patient with us over the years, so we'll do that. In the future, we'll hold the questions for everybody to one.

明白了。我有幾個問題，西蒙娜，但這些年來你對我們一直非常有耐心，所以我們會回答你的問題。以後我們會把大家要問的問題集中到一個問題。

In terms of seasonality, you're right, the guidance seasonality wise for Q3 to Q4 is 4% to 6% growth. If you look at it, Frank, if I know these numbers right, over the last three years it's about 1.9% or 2%. Over the last five years, it's averaged just 3.2%. So it is above that. We're going in with stronger backlog and by definition, we had a very good third month of the quarter.

就季節性而言，您說得對，第三季至第四季的季節性指導成長率為 4% 至 6%。法蘭克，如果你看一下，如果我沒記錯的話，過去三年的比例大約是 1.9% 或 2%。過去五年，平均成長率僅 3.2%。所以它高於那個。我們的積壓訂單量更大，而且從定義上講，本季第三個月我們的表現非常好。

In terms of the weakness in emerging markets and service provider, you're correct in that we anticipate those continuing for several more quarters and that's going to be heavy lifting as we work our way out. Let me leave no doubts in anyone's mind.

關於新興市場和服務提供者的疲軟，您說得對，我們預計這種疲軟狀況將持續幾個季度，而這對我們擺脫困境將是一個沉重的負擔。讓我不再讓任何人心存疑慮。

We are committed to emerging markets. We're going to position ourselves, as we've done before when countries have seen economic downturns, and position us for the future. In regards to service provider, we're going to do whatever it takes, to get back on top there and get that to return to regular growth.

我們致力於新興市場。我們將調整自己的定位，就像以前各國經歷經濟衰退時所做的那樣，為未來做好準備。對於服務提供者，我們將盡一切努力，重回領先地位，並使其恢復正常成長。

In terms of the areas that are growing well, you saw it in almost every product category. While the revenue numbers by definition, when product revenues are down 8% if I remember, Mel, right, and product orders were relatively flat, which means plus or minus 1%, it means in almost every product category bookings grew faster, orders grew faster than the revenues and we showed that.

就成長良好的領域而言，幾乎在每個產品類別中都可以看到。雖然根據定義，當產品收入下降 8% 時，收入數字是存在的，如果我沒記錯的話，Mel，對的，而產品訂單相對持平，也就是正負 1%，但這意味著幾乎每個產品類別的預訂量都增長得更快，訂單增長速度都快於收入，我們已經表明了這一點。

You see areas like collaboration, which we've been getting a little bit longer in terms of our products before we introduce new products and Rowan's done an amazing job there. They turned from what's been a three or four quarter, three quarter I think it is, negative quarter over quarter to a 4% growth and, Rowan, I'm betting on you big time to get that growth up to at least high single digits by the end of this next fiscal year.

您可以看到，在推出新產品之前，我們在協作等領域的產品方面已經取得了一些進展，而 Rowan 在這方面做得非常出色。他們從前三季或第四季（我認為是前三個季度）的環比負成長轉變為 4% 的成長，羅文，我敢打賭，到下一個財年末，你的成長率至少能達到個位數。

You will see new product announcements throughout this year in the collaboration area, making it easier to use and product announcement, even in Cisco Live next week where you almost want to think about it like a iMac combination with telepresence on ease to use and tremendous price performance you so you can bring this to the desktop and it can be literally a phone replacement that also has a capability on a touch screen to bring it to life.

今年，您將在協作領域看到新產品發布，這將使產品發布和使用變得更加容易，甚至在下週的 Cisco Live 上，您幾乎可以將其想像成 iMac 與遠端呈現的結合，易於使用，並且具有極高的性價比，因此您可以將它帶到桌面上，它實際上可以替代手機，並且還具有觸控螢幕功能，使其栩栩如生。

Where you're leading me on other products, such as the high-end switching, the Nexus 9K, I have not missed on a customer call, and I've probably called, like I said, 100 CIOs in the last quarter on the 9000 and application centric infrastructure behind it.

當您向我介紹其他產品時，例如高端交換器、Nexus 9K，我從未錯過任何客戶電話，而且就像我說的，上個季度我可能已經就 9000 及其背後的應用中心基礎設施與 100 位 CIO 進行了通話。

I'm not that good a salesperson, Rob. None of us are. What it means is the product is really, really solid.

羅布，我並不是一個優秀的銷售人員。我們都不是。這意味著該產品確實非常堅固。

You're seeing us take leadership across the enterprise accounts. When you think about it going from 20 plus customers to 175, going to 1,000 people in the pipeline and you see us with the application centric infrastructure with the simulation going on, Rob, if I remember that number right, I think it's over 50 customers that are doing that.

您會看到我們在企業帳戶領域佔據領導地位。當您考慮到客戶數量從 20 多個增加到 175 個，渠道人員增加到 1,000 人，並且您看到我們採用以應用程式為中心的基礎架構並進行模擬時，Rob，如果我記得沒錯的話，我認為有超過 50 個客戶正在這樣做。

That's correct.

沒錯。

Again, the receptivity's been extremely strong. Many of you come from financial institutions, so you might have seen a small startup and VMware combine because they've been out there for five plus years. We're taking almost all of those back. Momentum feels very good on it and I think you'll just see us knock them off one after the other.

再次，接受度非常強。你們中的許多人來自金融機構，所以你們可能已經看到一家小型新創公司和 VMware 合併，因為他們已經在那裡存在五年多了。我們幾乎把所有這些都收回了。我們的勢頭非常好，我想你會看到我們一個接一個地擊敗他們。

In the commercial marketplace, Alison Gleeson would say the 9K is on fire. To your indirect part of your question, Simona, it will take another at least one and probably two quarters before you get high-end switching growing well. They put a 9000 in, you do the ACI modeling, et cetera.

在商業市場上，艾莉森·格里森 (Alison Gleeson) 會說 9K 非常火爆。西蒙娜，對於你問題中間接提到的部分，高階交換器要想獲得良好的成長，至少還需要一個季度，甚至可能兩個季度。他們投入了 9000，你進行 ACI 建模等等。

So it's going to take us a few quarters to extend it out, but your overall premise is right. When we present our architecture strategy and our vision, the CIOs get it, they buy into it and we're in extremely good shape in enterprise, as you would guess from the 6% growth that we showed this quarter and improving.

因此我們需要幾個季度的時間來延長它，但你的整體前提是正確的。當我們展示我們的架構策略和願景時，資訊長們能夠理解，他們願意購買，而且我們在企業中處於非常好的狀態，正如您從本季度我們顯示的 6% 的增長率和不斷改善中所猜測的那樣。

Thanks, Simona. Next question.

謝謝，西蒙娜。下一個問題。

Next question comes from Ittai Kidron with Oppenheimer.

下一個問題來自奧本海默公司的 Ittai Kidron。

Thanks. And congrats again on great execution. I'll also take a stab at a two-part question. First of all, referring to the last page of your press release --

謝謝。再次恭喜您出色的表現。我還將嘗試回答一個由兩部分組成的問題。首先，參考你們新聞稿的最後一頁——

You gave us a compliment. Okay. Two questions and then we've got to keep them to one.

您對我們表示了稱讚。好的。有兩個問題，然後我們必須將它們合併為一個。

I'll give you another one if I can get three questions. Speaking on deferred revenue, Frank, looking at the breakdown of your deferred revenue you have a very nice increase on a year-over-year basis on the product side, but when we look at the split of that between current and non-current it seems like most of it is concentrated in the non-current area. Can you talk about how the change in deferred revenue relates to the change in your business model, as far as moving more into cloud, more into, as a service type of consumption model for your customers?

如果我可以問三個問題，我會再給你一個。談到遞延收入，弗蘭克，從遞延收入的細目來看，產品方面的遞延收入與去年同期相比有了很大的增長，但是當我們將其分為流動收入和非流動收入時，似乎大部分收入都集中在非流動收入領域。您能否談談遞延收入的變化與您的業務模式變化之間的關係，即更多地轉向雲端，更多地轉向為客戶提供服務類型的消費模式？

And then for you, John, on the competitive front, from a high level standpoint, some of the switching vendors have talked about going aggressively after your cat 65 install base which is quite substantial still out there. How do you feel about your ability to defend that?

然後，約翰，對於您來說，在競賽方面，從高層的角度來看，一些轉換供應商已經談到積極爭取您的 Cat 65 安裝基礎，而該基礎仍然相當可觀。您覺得自己的辯護能力如何？

And also with some of the clearly good progress you've been making on UCS, how do you feel against IBM and HP these days as far as going after the server footprint, both the standalone and on a converged basis as well?

另外，鑑於你們在 UCS 方面取得了一些明顯的良好進展，就伺服器規模（包括獨立伺服器和融合伺服器）而言，你們對 IBM 和 HP 有何看法？

Got you. Okay. Frank, you get the easy part, deferred revenue and what's occurring there. I'll probably expand on that and lead into the other questions.

明白了。好的。弗蘭克，你了解了簡單的部分，即遞延收入以及在那裡發生的事情。我可能會進一步闡述這一點並引出其他問題。

As you know, if you look at the overall deferred revenue close to $12.7 billion in the quarter, up 4%, the key driver of the growth was the product side, close to $4 billion, up 11%. And within that on the question that you mentioned, the driver has been growth that we see in our subscription type business and that was up within that segment about 36% and within that segment it's the WebEx, it's security, it's Meraki and it's our collaboration, our enterprise license agreement.

如您所知，如果您看一下本季接近 127 億美元的整體遞延收入，成長 4%，那麼成長的主要驅動力是產品方面，接近 40 億美元，成長 11%。關於您提到的問題，驅動因素是我們訂閱類型業務的成長，該部分成長了約 36%，而該部分的成長動力包括 WebEx、安全性、Meraki、我們的合作以及企業授權協議。

Those are the areas that when we talked about, even back in December at the financial conference, and I was talking about some of the cloud offerings, subscription offerings, that's the piece that is showing growth and that's clearly what's driving the improvement in the deferred revenue on the product side.

這些是我們在去年 12 月的金融會議上討論過的領域，當時我談到了一些雲端產品和訂閱產品，這些產品正在呈現成長，顯然也是推動產品方面遞延收入改善的因素。

Good performance there, I just also put into perspective as far as the contribution, still small contribution, but we do expect that to continue as we see the investments over the next several quarters in the space.

那裡的表現不錯，我只是從貢獻的角度來看，貢獻仍然很小，但我們確實預計這種情況會繼續下去，因為我們看到未來幾季在該領域的投資。

What's interesting is, Ittai, you nailed it, we are seeing a number of our customers of all types begin to look at not just recurred revenue, but kind of a pay as you go or pay as you drink type of approach. We've closed a number of key deals, and these are $100 million type of deals, this quarter alone that we'll see the results on over the next 3 to 5 years, but it shows very little impact in terms of this quarter and next quarter and that's something we just have to manage through.

有趣的是，Ittai，你說對了，我們看到許多不同類型的客戶開始不僅僅關注經常性收入，還專注於一種按需付費或按飲量付費的方式。我們已經完成了一些重要的交易，這些交易的價值都是 1 億美元，僅本季度我們就能看到未來 3 到 5 年內的結果，但就本季度和下個季度而言，影響很小，這是我們必須應對的事情。

We'll try to keep you in tune, what that means. It obviously means, as you understood from the deferred revenue product growth, that it's 1% of our growth now, it goes into this category faster than before, per quarter, and it would not surprise me to see it at 2% to 3% by the end of next year.

我們會盡力讓您了解這代表什麼。顯然，正如您從遞延收入產品成長中了解到的那樣，它現在占我們成長的 1%，每個季度它進入這一類別的速度比以前更快，如果到明年年底它達到 2% 到 3%，我也不會感到驚訝。

Our key is to do that, keep our balance on profits and revenue growth and earnings per share. At the same time, we build something that will introduce more continuity in our revenue streams, which I think all of you want to see.

我們的關鍵就是做到這一點，保持利潤、收入成長和每股盈餘的平衡。同時，我們建立了一些能為我們的收入來源帶來更多連續性的體系，我想這是大家都希望看到的。

It's a little bit of a balancing act. It's one that we're up to. Kind of fun for Chuck Robins, our head of sales, as he does this.

這有點像平衡行為。這是我們正在做的事情。對於我們的銷售主管查克羅賓斯 (Chuck Robins) 來說，這樣做很有趣。

In terms of the switching, I think your comments are right. The campus switching is where we're seeing some good competition, but our real issue is we have products like the cat 6K that are still going great guns and very competitive, but they are decreasing as you expect year over year by a fair amount.

關於切換，我認為你的評論是正確的。我們在校園交換領域看到了一些良好的競爭，但真正的問題是，我們有像 cat 6K 這樣的產品，它們仍然運作良好，競爭非常激烈，但正如你所預期的那樣，它們的數量正在逐年下降。

The 3850 in that category is very price competitive, but we're competing with much lower cost products, so trying to get the total number up when the price performance may be two or three or four to one, it's a little bit of a challenge there.

該類別中的 3850 價格非常有競爭力，但我們與成本低得多的產品競爭，因此，當性價比可能是二比一、三比一或四比一時，試圖提高總數，這是一個小小的挑戰。

To answer the question about, that Simona hit on the 9K, our win rate on the data center switching is really, really good. Our share there is probably close to 70%. We clearly built backlog this last quarter because a lot of the orders came in late in this category area and I feel very, very comfortable with our ability to win, not with the 9K alone, but how we're going to not only embrace SDN and benefit from it, but we're going to lead in SDN.

回答關於西蒙娜在 9K 上的表現的問題，我們在數據中心切換方面的勝率確實非常好。我們的市佔率大概接近70%。我們上個季度顯然累積了訂單，因為很多訂單都是在這個類別領域後期到來的，我對我們的獲勝能力感到非常非常有信心，不僅僅是因為 9K，而且我們不僅將擁抱 SDN 並從中受益，而且我們將在 SDN 領域處於領先地位。

Rob, maybe depending on if we get some questions later, I'll give you the ball on that. We're going to embrace it very tightly and bring the benefits of a virtual and physical architecture into one and then take with application centric infrastructure straight down from the cloud data center all the way to the LAN to the edge. So it's a great story to tell.

羅布，也許這取決於我們稍後是否會提出一些問題，我會把這個問題交給你。我們將緊密擁抱它，將虛擬和實體架構的優勢融為一體，然後將以應用程式為中心的基礎設施從雲端資料中心一直延伸到 LAN 和邊緣。這是一個很精彩的故事。

In terms of UCS, handling our competition, IBM and HP and Dell, I feel very comfortable with us continuing to beat them pretty well. Our growth of 29%, I think the three of them added together might have been negative growth in terms of blade servers.

在 UCS 方面，面對我們的競爭對手 IBM、HP 和 Dell，我感到非常有信心我們能夠繼續很好地擊敗他們。我們的成長率是29%，我認為三者加在一起對於刀鋒伺服器來說可能是負成長。

Our real competition here is white label. We saw this coming 3 to 4 years ago. We're going to sell architectures in the white label approach as opposed to standalone products. I personally believe standalone products from any company, whether it's a standalone switch or a standalone server will get squeezed pretty hard.

我們在這裡真正的競爭對手是白標。我們在三、四年前就預見了這一點。我們將以白標方式銷售架構，而不是獨立產品。我個人認為，任何公司的獨立產品，無論是獨立交換器還是獨立伺服器，都會受到相當大的擠壓。

Our competition there is architecture and how you bring compute and network and storage together, how you bring that together with application centric infrastructure and bring it down the environment. That, you get premium for, and we know how to sell it pretty well.

我們的競爭在於架構以及如何將運算、網路和儲存結合在一起，如何將它們與以應用程式為中心的基礎架構結合在一起並將其融入環境。這樣，您就能獲得額外收益，而且我們知道如何好好地銷售它。

When I talk with our customers, most of them will say that we're the only company that's really differentiating our server architecture in a way they will pay a premium for. Most of the others, they view it more as a commodity and a bid type of approach. Frank, you had something to say.

當我與客戶交談時，他們中的大多數人都會說，我們是唯一一家真正以他們願意支付溢價的方式區分我們的伺服器架構的公司。大多數其他人則將其視為一種商品和一種競標方式。弗蘭克，你有話要說。

I just wanted to clarify the first part of the question on the deferred revenue. I gave the balances for Q3 2013 that were growing at 11%.

我只是想澄清有關遞延收入問題的第一部分。我給了 2013 年第三季的餘額，成長率為 11%。

Just to clarify, last year we had close to $4 billion, Q3 2013 going to $4.4 billion in product deferred revenue, that's up 11% and the overall total last year $12.7 billion going to $13.2 billion, up 4% total. I just want to clarify that.

需要澄清的是，去年我們的產品遞延營收接近 40 億美元，2013 年第三季達到 44 億美元，成長 11%，去年總營收為 127 億美元，2013 年第三季達到 132 億美元，成長 4%。我只是想澄清這一點。

Thanks, Ittai. Operator, next question.

謝謝，伊泰。接線員，下一個問題。

Next question comes from Pierre Ferragu with Bernstein.

下一個問題來自伯恩斯坦的皮耶費拉古 (Pierre Ferragu)。

Hi. Thank you for taking my question.

你好。感謝您回答我的問題。

Hey, Pierre.

嘿，皮埃爾。

Can you give us some color on how your gross margin evolved sequentially? You have had a very good improvement in gross margin. I was wondering how much behind that was just a matter of having better volumes and if there was anything that you saw between this quarter and last in terms of product mix and of course, pricing as well. And lastly, if you had some specific cost actions over the last three months that helped the gross margin improve.

您能否向我們介紹一下您的毛利率是如何持續變動的？你們的毛利率有了非常好的提高。我想知道這背後有多少是銷售更好的問題，以及本季和上一季在產品組合和定價方面是否有任何變化。最後，如果您在過去三個月採取了一些具體的成本措施來幫助提高毛利率。

Then I have just one very last question to ask on the switching weakness. I was just wondering if you could give us some color, geographically, is that the overlap between your weakness in emerging markets and switching or is switching a market that is seeing a weakness much more broad-based across the globe? Thanks.

那麼，我只想問最後一個關於切換弱點的問題。我只是想知道您是否可以從地理上為我們提供一些細節，這是您在新興市場的弱點和轉換之間的重疊，還是轉換一個在全球範圍內出現更廣泛弱點的市場？謝謝。

Okay. So first on the gross margin question, Frank, keep me kind of balanced on this.

好的。首先關於毛利率的問題，弗蘭克，請讓我在這個問題上保持平衡。

If I look at gross margins, this quarter we moved a fair amount of the products, Gary, that you and the team and engineering and John Kern had been working on in gross margin improvements when last quarter we didn't have as many of those products to work to our benefit on. Also, the mix was to our benefit.

如果我看一下毛利率，加里，這個季度我們轉移了相當一部分產品，你和團隊、工程部門以及約翰·科恩一直在致力於提高毛利率，而上個季度我們沒有那麼多產品可以為我們提供利益。此外，這種混合對我們有利。

You saw set top boxes continue to decline even though orders slowed, declined a lot less than we've seen in prior quarters on it. The UCS was good at 29%, but it was at 29%. We had a very good mix advantage for us on that.

儘管訂單放緩，但您會看到機上盒的銷量仍在繼續下降，降幅比前幾季小得多。UCS 為 29%，表現良好，但僅 29%。在這方面，我們擁有非常好的組合優勢。

You're seeing pricing issues, but contrary to what people are worried about, I'm not seeing these pricing issues because of SDN. Our win rate there is really good in our story, Rob, and bringing it to home application wise and protection wise is very, very good and you see that in the data center.

您看到了定價問題，但與人們擔心的相反，我並沒有因為 SDN 而看到這些定價問題。羅布，在我們的故事中，我們的成功率真的很高，並且將其帶入家庭應用和保護方面也非常非常好，你可以在資料中心看到這一點。

We are seeing some pressure on the campus switching area where there are different price points as you move into the market. A little bit of it was due to volume, but I think also what you saw on this time is almost 1% above our 61% to 62% guidance. You're going to see swings a point above, a point below, that guidance periodically. I'd urge you not to over-react or under-react to either one of them.

我們看到校園轉換區面臨一些壓力，因為進入市場時會出現不同的價格點。這在一定程度上是由於數量的原因，但我認為您這次看到的數量也比我們的 61% 至 62% 的預期高出近 1%。您將會看到該指引週期性地出現一個點的上下波動。我勸你不要對其中任何一個反應過度或反應不足。

We clearly did not give you guidance at 62.7% for this next quarter, nor is it likely it will be 61% to 62%. There will be quarters when it goes below that 61%. If we see a trend coming, we will tell you.

我們顯然沒有給出下一季 62.7% 的預測，也不太可能達到 61% 到 62%。有的季度該比例會低於 61%。如果我們發現某種趨勢即將出現，我們會告訴你。

Right now, we're comfortable in that 61% to 62% gross margins where, actually what I worry about most is the mix and a little bit aggressive pricing out of emerging countries in an ugly market, where if you've got to win some strategic deals, you're going to discount pretty aggressively. That's not a function of architecture SDN. It's purely a tough market in a UCS type environment or a campus switching type environment.

目前，我們對 61% 至 62% 的毛利率感到滿意，實際上我最擔心的是，在市場不景氣的情況下，新興國家的定價過於激進，如果你要贏得一些戰略交易，你就會大幅打折。這不是架構 SDN 的功能。在 UCS 類型環境或校園交換類型環境中，這純粹是一個艱難的市場。

Frank, how close was I to what you would say.

弗蘭克，我所說的與你所說的話有多接近呢？

Very close. (multiple speakers)

非常接近。（多位發言者）

That's a good answer. Sorry.

這是一個很好的答案。對不起。

I want to add one point.

我想補充一點。

Okay.

好的。

Just recap. The mix was pretty much as you said, was to a slight benefit quarter on quarter. So that helped. Pricing was fairly consistent. We haven't seen much change from a pricing standpoint.

只是回顧一下。這種組合正如您所說的那樣，季度環比略有增長。這很有幫助。定價相當一致。從定價的角度來看，我們沒有看到太大的變化。

We did get a benefit in the volume because last quarter we did talk about the drop in the volume that we had from Q1 to Q2, so volume improved. We got that, and as a result of that, we were able to get a substantial amount of the cost benefit, some of which came from last quarter, that was delayed and others that we worked on this quarter. Cost was a big plus for us in the quarter, which enabled us to get to the 62.7%.

我們確實在銷量上獲得了好處，因為上個季度我們確實談到了從第一季到第二季銷量的下降，所以銷量有所提高。我們做到了這一點，並且因此獲得了大量的成本效益，其中一些來自上個季度，但被推遲了，而其他一些則是我們本季度努力爭取到的。本季度，成本對我們來說是一大優勢，這使我們能夠達到 62.7% 的水平。

Got you.

明白了。

Thanks, Pierre. Operator, next question.

謝謝，皮埃爾。接線員，下一個問題。

Thank you. Our next question comes from Jeff Kvaal with Northland.

謝謝。我們的下一個問題來自 Northland 的 Jeff Kvaal。

Yes. Thank you very much for taking the question. I would like to follow up on the gross margin question, if I could.

是的。非常感謝您回答這個問題。如果可以的話，我想跟進一下毛利率問題。

And that is to say you have a couple new products that theoretically, should be very accretive to the gross margin structure that are in the pipeline, i.e. the new high-end switches and routers. Why wouldn't we see the gross margins be stable if not even a little bit above where we are today as those products blend into the overall mix? What are some of the offsetting forces there?

也就是說，您有幾款新產品，從理論上講，它們應該會對正在研發的毛利率結構產生很大的增值作用，即新的高階交換器和路由器。當這些產品融入整體產品組合時，為什麼我們的毛利率不會保持穩定，甚至不會比現在高出一點點呢？那裡有哪些抵消力量？

So in regards to the new platforms, let's go first to switching. The new products we're introducing is very much in line with our high-end switching margins. They're very good. We're able to protect it very well. We win in terms of the architectures comfortably with it. They just are not at major volume yet.

因此，關於新平台，我們首先來討論轉換。我們推出的新產品與我們的高端轉換利潤率非常一致。他們非常好。我們能夠很好地保護它。我們在架構方面輕鬆獲勝。只是它們的數量尚未達到很大程度。

While 175 customers is exciting up from 20 plus, it isn't 1,000. We need to move to those bigger numbers. And then to have the big volume roll-out as ACI simulation moves to ACI implementation, not just across our Nexus 9000, but down through our other catalyst products as well in terms of direction.

雖然從 20 多個客戶增加到 175 個客戶令人興奮，但還達不到 1,000 個客戶。我們需要轉向更大的數字。然後，隨著 ACI 模擬轉向 ACI 實施，大規模推廣不僅涵蓋我們的 Nexus 9000，還涵蓋我們的其他催化劑產品。

The routing products again, were designed from the beginning with good gross margins as opposed to, if I had it to do over, something we've done throughout our history for almost 20 years, is we develop the products and brought them in at 50% gross margins and over a period of 2 to 3 years brought them up to their normal margins of 70% or whatever you aim for. We won't make that mistake again. We're bringing them in at high gross margins. But, again, the volume isn't as much to that.

再次強調，路由產品從一開始就設計為具有良好的毛利率，而不是像我們近 20 年曆史中所做的那樣，我們開發產品並以 50% 的毛利率推出，然後在 2 到 3 年的時間內將其提高到 70% 的正常利潤率或任何目標。我們不會再犯同樣的錯誤。我們以高毛利率引進它們。但同樣，數量並沒有那麼多。

Rob, would you add anything to that?

羅布，你還有什麼補充嗎？

No, John, I think you covered it.

不，約翰，我想你已經涵蓋了。

I would say our gross margins have been consistent.

我想說我們的毛利率一直保持穩定。

Yes.

是的。

Last quarter, given the volume which we talked about, historically we've done everything we said we're going to do around gross margin, 61% to 62% plus or minus 1 or 2 every quarter.

上個季度，考慮到我們談到的銷量，從歷史上看，我們已經完成了我們所說的一切，毛利率在 61% 到 62% 之間，每個季度上下浮動 1 或 2。

Yes. Don't want to give anybody the impression we are not all over this. We clearly are and don't want to give anybody the impression that we know a mix issue could put pressure on us here. We're working on it hard. That's one of the things we've got to execute on and continue to execute well on.

是的。不想讓任何人覺得我們還沒有完全解決這件事。我們顯然不想讓任何人覺得我們知道混合問題可能會給我們帶來壓力。我們正在努力。這是我們必須執行並繼續執行好的事情之一。

Thanks, Jeff. Operator, next question.

謝謝，傑夫。接線員，下一個問題。

Next question comes from Brian Modoff with Deutsche Bank.

下一個問題來自德意志銀行的 Brian Modoff。

Hey, Brian.

嘿，布萊恩。

Hey, John. Question around the AC or the wi-fi [phase].

嘿，約翰。有關空調或無線網路[階段]的問題。

Wireless was, I think, up 3% year on year, orders up 12%, if my memory's correct. Could you talk a little bit about what you see coming in the next quarter?

如果我沒記錯的話，無線業務比去年同期成長了 3%，訂單成長了 12%。您能否談談您對下一季的展望？

Do you see this AC transition that you've gone through for the last couple quarters and you expect to come out of that? And when do you see wave two AC impacting the upgrade cycle in your campus switching business, the 3850 specifically? Thanks. If I could do a follow-on I'd appreciate that.

您是否看到了過去幾季所經歷的 AC 轉型，並且預計會實現這一目標？您認為第二波 AC 何時會影響您的校園交換業務（特別是 3850）的升級週期？謝謝。如果我可以繼續跟進的話我將非常感激。

Since I lost control earlier, Mel, we'll get it back to one next time. Brian, in terms of the wireless and I'm including all wireless on it, we lost a little bit of momentum due to a combination of factors.

梅爾，由於我剛才失去了控制，下次我們會重新回到原來的狀態。布萊恩，就無線而言，包括所有無線方面，由於多種因素，我們失去了一些動力。

I think you're seeing us pick that back up. It's the very low end that we were exposed to for a while. Now with the new products coming out from Rob Soderbery's group, I think we're much more competitive there.

我想你會看到我們重新拾起它。這是我們一段時間以來接觸到的最低端產品。現在隨著 Rob Soderbery 團隊推出新產品，我認為我們的競爭力將大大增強。

You're right that we are going to combine the fixed and the wireless products together on it. I'm not sure I would venture, in fact, turn-up on that because they often take longer than we think and then when they occur, occur faster, especially at the low end on it.

您說得對，我們將把固定和無線產品結合在一起。事實上，我不確定我是否會冒險出現這種情況，因為它們通常比我們想像的要花更長的時間，而且當它們發生時，發生得更快，特別是在低端。

And your second question?

你的第二個問題呢？

The second question is really on your license agreement with your software portfolio for GM. I wanted to try to understand that a little bit more. You mentioned collaboration. What are you specifically licensing? How is this going to play out?

第二個問題實際上是關於您與通用汽車軟體產品組合的授權協議。我想嘗試進一步了解這一點。您提到了合作。您具體授權了什麼？事情會如何發展？

Give us a little more color around what the agreement is and what products it might involve. And how could you see expanding this as your product line becomes more software versus hardware over time? Thanks.

請向我們詳細介紹一下該協議的內容以及可能涉及的產品。隨著您的產品線逐漸從硬體向軟體方向發展，您如何看待擴展這項功能？謝謝。

Okay. So let me talk about the concept of GM and just put that to the side because that's specific to a customer and the first one.

好的。因此，讓我來談談 GM 的概念，並將其放在一邊，因為它是針對特定客戶和第一個客戶的。

Think about what we are really beginning to share with our customers is an architecture in each product category we're in that combines the infrastructure with the platform, with the application, with services. And you go across all of these architectures from the Internet of Everything to cloud to data center to collaboration to security to mobility and when you combine those together and we bring a Cisco, largely Cisco powered environment to this, your operating costs drop dramatically because the customer doesn't have to do systems integration and you get outcomes quicker.

想想我們真正開始與客戶分享的是我們所在每個產品類別中的架構，它將基礎設施與平台、應用程式和服務結合在一起。你可以跨越所有這些架構，從萬物互聯到雲端、資料中心、協作、安全、移動，當你把它們結合在一起時，我們會將一個思科（主要是思科支援的環境）帶到這裡，你的營運成本會大幅下降，因為客戶不必進行系統集成，而且你可以更快地獲得結果。

What's exciting about this deal, this is all about software. You license that software all the way across everything from our IOS to the collaboration to the security and as you, therefore, begin to compete against products like white label, you're able to say all right you've already got a license in software. You can be very competitive on the architecture. This is something that clearly, Rob and I and then Chuck Robins, who heads up sales, want to drive through our whole company and this is what we would like to see many other customers do.

這筆交易令人興奮的地方在於，它全是關於軟體的。您可以獲得軟體各個方面的許可，從我們的 IOS 到協作再到安全，因此，當您開始與白標等產品競爭時，您可以說您已經獲得了軟體許可。你可以在架構上非常具有競爭力。顯然，羅布和我，以及銷售主管查克·羅賓斯 (Chuck Robins) 都希望在整個公司推行這一舉措，我們也希望看到許多其他客戶也這樣做。

If we do this well, that really gets exciting. This is a huge move on the transition to software being more and more a part of our portfolio and tying our software pieces together just like we are beginning to tie our hardware and ASICS.

如果我們做得好，真的會很令人興奮。這是一個巨大的轉變，軟體正越來越多地成為我們產品組合的一部分，並將我們的軟體各個部分結合在一起，就像我們開始將硬體和 ASICS 結合在一起一樣。

Gary, you're very familiar with the GM deal. I know we have to respect their rights on this one, but any other thoughts to add to this?

加里，你對通用汽車的交易非常熟悉。我知道我們必須尊重他們的這項權利，但還有其他想法要補充嗎？

Well, just a couple quickly. One, it is everything that you've said and I do believe we've already seen high interest from our other large enterprise customers, the CIOs you met with, et cetera.

嗯，很快只有幾個。首先，正如您所說的，我相信我們已經看到了其他大型企業客戶、您所見過的資訊長等人的濃厚興趣。

But the opportunity here is to put in their catalog, all of the software that Cisco has. We've added switching. We've added everything we do to this.

但這裡的機會是將思科擁有的所有軟體放入他們的目錄中。我們新增了切換功能。我們已將所做的一切都添加到其中。

Now they have a software catalog that they prepaid and now all they have to do is make minor decisions relative to what products and our products give them that end-to-end architecture. Example would be moving stuff that might be individual products in a dealership that would be controlled with a floppy disc being mailed out, to now a very easy and for them, cost effective solution, to IP enable it and control that from a single spot and download it to any dealer they have, as an example. Same thing we do with stadium vision and some of our other solutions.

現在他們有一個預付費的軟體目錄，現在他們要做的就是針對產品做出一些小決定，而我們的產品可以為他們提供端到端的架構。例如，將物品（可能是經銷商中的單一產品）透過郵寄軟碟進行控制，現在有一個非常簡單且經濟有效的解決方案，即透過 IP 啟用它並從單一位置進行控制並將其下載到他們擁有的任何經銷商處。我們對體育場視覺和其他一些解決方案也做了同樣的事情。

Thanks, Brian. Next question, operator.

謝謝，布萊恩。下一個問題，接線生。

Thank you. Our next question comes from Tal Liani with Bank of America.

謝謝。我們的下一個問題來自美國銀行的 Tal Liani。

Hey, Tal.

嘿，塔爾。

Hello. It's my birthday so I'm also going to ask two questions.

你好。今天是我的生日，所以我也要問兩個問題。

Okay.

好的。

I have a question on two things. Number one is service revenues are down. If you sum up the last four quarters, service revenue growth is down to 2.5%, down from 7% the same four quarters a year ago, so similar period, down from 10%, 11% before.

我對兩件事有疑問。第一是服務收入下降。如果總結過去四個季度的情況，服務收入成長率下降至 2.5%，低於去年同期的 7%，因此同期的成長率也低於之前的 10% 和 11%。

I understand that there is a link between product growth and service growth, but on the other hand, you do offer and you mentioned it, you do offer more service based solutions. And with other companies, we've seen longer lag between the decline in products to the decline in services.

我明白產品成長和服務成長之間存在聯繫，但另一方面，您確實提供並且您提到過，您確實提供更多基於服務的解決方案。而對於其他公司，我們發現產品下滑與服務下滑之間的延遲時間更長。

So is there any fundamental change in services, is there any discounts on the services side or difficulties to charge for services? Can you tell us anything about it beyond just the product growth?

那麼服務方面有沒有根本性的變化，服務方面有沒有折扣或服務收費有沒有困難？除了產品成長之外，您還能告訴我們其他相關資訊嗎？

I'll take a crack or Gary, you want to go first? I'll go second.

我要嘗試一下，或者加里，你想先走嗎？我第二個去。

Okay. So Tal, I think first off, your numbers are correct as it compares to last year. If you look at where we've been each of the quarters this year, pretty consistent as we look across that.

好的。所以 Tal，我認為首先，與去年相比，你的數字是正確的。如果你看一下我們今年每季的表現，你會發現我們的情況相當一致。

I think the core product bookings over the last eight quarters have driven this down. What we've done, though, is start, and we've started this some time ago, to build these other services that have a slower contribution in 2014, will have a bigger one in 2015 and a bigger one in 2016 and so we're building those out.

我認為過去八個季度的核心產品預訂量導致這一數字下降。然而，我們已經開始，而且我們之前就已經開始著手建立這些其他服務，這些服務在 2014 年的貢獻會比較慢，但在 2015 年和 2016 年的貢獻會更大，所以我們正在建立這些服務。

Those are services that we are selling today in large part, whether it's cloud enablement and adoption services as we look at InterCloud and helping customers build out hybrid clouds, the service catalog development and how these customers are managing that services catalog, helping them move their workloads to the cloud and from one cloud to another, as well as the security managed threat detection that we announced last quarter.

這些都是我們今天主要銷售的服務，無論是雲端支援和採用服務（正如我們所關注的 InterCloud 那樣）還是幫助客戶建立混合雲、服務目錄開發以及這些客戶如何管理該服務目錄，幫助他們將工作負載轉移到雲端以及從一個雲端轉移到另一個雲端，以及我們上個季度宣布的安全管理威脅檢測。

Those are all things that have a revenue ramp that are adding to the services revenue that won't be as dependent on core product bookings. That said, the ability for us to continue to manage 3% growth in the quarter relative to the margins that we continue to drive, look anywhere else, I think you'll see that it is a very well-run services organization that contributes greatly to our customers and that they value.

這些都是能夠帶來收入成長的項目，它們會增加服務收入，而這些收入不會那麼依賴核心產品預訂。話雖如此，我們有能力在本季度繼續保持 3% 的成長，相對於我們繼續推動的利潤率，看看其他地方，我想你會發現這是一家運作良好的服務機構，為我們的客戶做出了巨大貢獻，他們非常重視這一點。

So I completely agree with what Gary said, Tal, especially on the profitability and the customer set it brings us. I think the technical services, what Joe Pinto has done there, has been amazing.

所以我完全同意 Gary 所說的，Tal，特別是關於它帶給我們的獲利能力和客戶群。我認為喬·平託在那裡所做的技術服務非常出色。

We split technical from advanced services out? Okay. So it grew well. And its profitability is very good and I think given the product run rates that we're on, I'd give us an A in that.

我們將科技從高級服務中分離出來嗎？好的。所以它長得很好。它的盈利能力非常好，而且我認為，考慮到我們目前的產品運行率，我會給我們 A。

I think the point you're raising, Tal, is how quickly do we move in advanced services from not just bringing our products together to be able to work well or network audits or things of that type, to outcome based. The outcomes that Gary walked through, we're going to move through over this next year very aggressively and only about 20% of our advanced services if I remember right, Gary, are outcome based today. They're at more mid-level outcome based as opposed to the transformation that we talked about at GM or transformation, hopefully if we do our job right, we're going to do in a number of companies and countries.

塔爾，我認為你提出的觀點是，我們在高級服務方面的進展有多快，不僅僅是將我們的產品整合在一起以便能夠良好地工作或進行網絡審計或諸如此類的事情，而是轉向基於結果的服務。我們將在明年非常積極地推進加里提出的成果，如果我沒記錯的話，加里，目前我們只有大約 20% 的高級服務是基於成果的。它們更多地基於中級結果，而不是我們在通用汽車或轉型中談到的轉型，希望如果我們做得正確，我們將在許多公司和國家做到這一點。

So that's where the growth has to return from, assuming that product numbers do not pick up at a much more healthy rate and I think what you're seeing is kind of, I hate to always call it leveling out, but I think you'll see us level out about this level, maybe one more quarter of this and then slowly start coming back up.

所以這就是成長必須回歸的地方，假設產品數量沒有以更健康的速度成長，我認為你所看到的是一種，我不喜歡總是稱之為趨於平穩，但我認為你會看到我們在這個水平上趨於平穩，也許再過一個季度，然後慢慢開始回升。

Tal, your constructive feedback and criticism is fair. We like where we are. We love the profits. We love the customer satisfaction. But we've got to make the transition here to services delivering on those architectures and business outcomes before you're going to see the number grow well that you alluded to.

Tal，你的建設性回饋和批評是公正的。我們喜歡我們所在的地方。我們熱愛利潤。我們熱愛客戶的滿意度。但我們必須先過渡到提供基於這些架構和業務成果的服務，然後您才能看到所提及的數字良好成長。

Thanks, Tal. Next question.

謝謝，塔爾。下一個問題。

Next question comes from Amitabh Passi with UBS.

下一個問題來自瑞銀的 Amitabh Passi。

Hi, guys. Good afternoon. John, I only have one question for you.

嗨，大家好。午安.約翰，我只想問你一個問題。

I wanted to maybe understand your sort of strategic rational in some of the alternative areas where you're making investments. If I look at the radio access market, you made an investment in a company I think called Altiostar.

我想了解您在一些其他投資領域的策略理性。如果我看一下無線接入市場，你對一家名為 Altiostar 的公司進行了投資。

Your Broadband Access investments were the M4600, you're going after the converged packet optical market with the NCS4k. When I look at each of these markets, they're large markets but they have very well established incumbents, all of them with relatively low gross margin.

您的寬頻存取投資是 M4600，您將利用 NCS4k 進軍融合分組光纖市場。當我觀察這些市場時，我發現它們都是大市場，但都有非常成熟的現有企業，而且它們的毛利率都相對較低。

Given all the focus on gross margin, just wanted to understand how you're thinking about attacking these markets, how do you continue to extract a premium given the fact that they're highly competitive with relatively low gross margin?

鑑於所有焦點都集中在毛利率上，我只是想了解您如何考慮進入這些市場，考慮到這些市場競爭激烈且毛利率相對較低，您如何繼續獲取溢價？

The reason we're not in radios is because the margins are terrible, and actually almost nonexistent unless you bundled into total solution. We make investments in new companies, new architectures and we make investments to see if their strategy plays out and plays out well.

我們之所以沒有涉足無線電領域，是因為利潤空間太小，實際上，除非你捆綁整體解決方案，否則利潤幾乎不存在。我們對新公司、新架構進行投資，我們進行投資是為了觀察他們的策略是否可行，以及是否發揮良好作用。

If it doesn't, it's a good investment and hopefully get a reasonable return on it. If it does, then we partner very tightly or acquire off of that.

如果沒有，那麼這是一項很好的投資，並希望獲得合理的回報。如果確實如此，那麼我們將建立緊密的合作關係或從中獲取利益。

So we've got $2 billion under investment directly and probably a fair amount more indirectly through a number of our joint funds we invest in the technology. Let's use Altiostar as an example. A real good team at the top, Aish Tahudi is world class. He did the Star job, as you all know, (inaudible) entrepreneur and he usually does extremely well.

因此，我們直接投資了 20 億美元，並可能透過我們投資該技術的一些聯合基金間接投資了相當多的資金。讓我們以 Altiostar 為例。Aish Tahudi 是一支真正優秀的頂級球隊，是世界級的。眾所周知，他從事明星工作，（聽不清楚）企業家，而且他通常做得非常好。

We told him if he ever wanted to come back to Cisco and work and do something exciting together, we are very interested and he did come back to us and say all right, Pankaj and John, I would like to do this. Would you want to invest and would you like to be a part of it and when we looked at his new architecture and his price points he's designing to, they got really exciting.

我們告訴他，如果他想回到思科一起工作並一起做一些令人興奮的事情，我們會非常感興趣，他也確實回來找我們說，好吧，潘卡吉和約翰，我想這樣做。您是否願意投資並願意成為其中的一部分？當我們看到他的新架構和他設計的價格點時，我們感到非常興奮。

Now, we have to see if it's going to work, but I like the team that's in place and that's what you look at when you invest. I like the fact he's got a marketing transition, not building an old world radio architecture of the past, but one for the future, probably started in emerging markets, then coming into developed and we'll see if it works out. If it does, we'll claim victory and we will tell you we were very smart and if it doesn't, you might not hear us talk about it again on that.

現在，我們必須看看它是否會起作用，但我喜歡現有的團隊，這也是你在投資時所考慮的因素。我喜歡他所進行的行銷轉型，他沒有建構過去的舊世界廣播架構，而是面向未來，可能從新興市場開始，然後進入已開發市場，我們將看看它是否有效。如果確實如此，我們將宣布勝利，我們會告訴你們我們非常聰明，如果沒有，你們可能不會再聽到我們談論此事。

If I were going to bet on a start-up team, we've got a couple of them inside of Cisco we do well with, but Aish has been extremely good. So that's the classic way to invest, rather than take a big risk and an unreasonable amount of upfront capital to see if you own the whole thing and see if it works. You do investments, keep them as an entrepreneurship running fast, you open doors for them and accounts and go for it.

如果我要押註一支新創團隊，我們在思科內部有幾個團隊表現不錯，但 Aish 的表現非常出色。所以這是典型的投資方式，而不是冒很大的風險和投入不合理的前期資本來檢驗自己是否擁有全部資產以及是否有效。你進行投資，讓他們作為創業者快速運轉，你為他們打開大門和帳戶，然後全力以赴。

Does that make sense to you, Amitabh, on what we're doing?

阿米塔布，你認為我們所做的事情有意義嗎？

Okay. Great. I think we might have lost Amitabh. Operator, next question.

好的。偉大的。我想我們可能已經失​​去了阿米塔布。接線員，下一個問題。

I got it. My answer is shorter, Mel. I got you.

我得到了它。我的回答比較簡短，梅爾。我接到你了。

Next question comes from Ben Reitzes with Barclays.

下一個問題來自巴克萊銀行的 Ben Reitzes。

Hey, John. I wanted to ask about the pickup you saw in the US and Europe. Is this it? Are things turning? And in particular, how sustainable would it be?

嘿，約翰。我想問一下您在美國和歐洲看到的皮卡。是這個嗎？事情有轉機嗎？尤其是，它的可持續性如何？

Good question. I think the US is sustainable, especially in commercial and enterprise with all the appropriate caveats my few years of law school have taught me on that. I watch the pipeline. I watch the approach.

好問題。我認為美國是可持續發展的，特別是在商業和企業領域，我幾年的法學院學習教會了我所有適當的注意事項。我觀察管道。我觀察著方法。

Our US enterprise and commercial are usually a very good indicator of GDP slowly increasing or GDP decreasing. We saw our turn-up in US in enterprise and commercial back in summer of 2012 and if you bought the DOW then, I think we all understand what would happen. That feels good.

我們的美國企業和商業通常是GDP緩慢成長或GDP下降的一個很好的指標。2012 年夏天，我們看到美國企業和商業板塊出現上漲，如果你當時買了道瓊斯指數，我想我們都明白會發生什麼事。感覺很好。

You combine that with the CEOs I've talked to, most of us feel 2.5%, 3% for the next nine months is a very doable number, not anything to do back flips on, but reasonable progress. Europe is still a little bit fragile, but we did see stability across the north with some growth rates, for a change, in Europe in total was finally positive, not counting their emerging markets, for us and even stability in the south looks like it's occurring.

結合我所採訪過的執行長們，我們大多數人都認為，未來九個月實現 2.5% 到 3% 的成長率是一個非常可行的數字，這不是什麼值得大倒退的事情，而是一個合理的進展。歐洲仍然有點脆弱，但我們確實看到整個北方地區趨於穩定，有一些增長率，對我們來說，歐洲整體終於是積極的，不包括新興市場，甚至南部地區似乎也正在穩定。

Now I know they've still got structural issues there and I know some of the countries are in transformation, have some tough decisions to make, but I think they're out of this downturn, slowly improving and when I talked with our customers and the top financial people in New York, which I did just a week ago, most everybody else is beginning to see very similar trends. In fact, it almost was scary.

現在我知道他們仍然存在結構性問題，我知道一些國家正在轉型，需要做出一些艱難的決定，但我認為他們已經走出了這場衰退，正在慢慢好轉，當我在一周前與我們的客戶和紐約的頂級金融人士交談時，大多數其他人也開始看到非常相似的趨勢。事實上，這幾乎是可怕的。

When you describe the world just like I did earlier, including emerging markets and the challenges in Russia and Brazil, we can finish each other�s sentences regardless of industry.

當你像我之前那樣描述這個世界時，包括新興市場以及俄羅斯和巴西面臨的挑戰，我們可以不分產業地互相補充對方的話。

I think Europe is coming back. Again, it's going to be slow and heavy lifting there because they haven't addressed some of their structural issues, but more consistency and even the south is starting to show stability on it in terms of direction. So good about the US. Good about Europe. Don't feel very good about emerging markets. They're still very challenged, especially the BRICs.

我認為歐洲正在復甦。再次，這將是一個緩慢而艱鉅的任務，因為他們還沒有解決一些結構性問題，但會更加一致，甚至南方也開始在方向上表現出穩定性。美國真好。關於歐洲，很好。對新興市場的感覺不太好。他們仍然面臨很大挑戰，尤其是金磚國家。

Operator, next question.

接線員，下一個問題。

Next question comes from Mark Sue with RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的馬克‧蘇 (Mark Sue)。

The business is stabilizing and looking into your bookings linearity, more predictable. It feels like in a couple of quarters the revenues may actually start declining and then actually turn positive. Does it feel that you can hold this $46 billion to $48 billion annual revenue base because it's more predictable?

業務正在穩定下來，並且您的預訂線性度越來越高，越來越可預測。感覺幾個季度後收入實際上可能會開始下降，然後轉為正值。您是否覺得您可以維持這個 460 億美元至 480 億美元的年收入基礎，因為它更可預測？

Also, how should we think about the annual OpEx? Is $15 billion to $16 billion the right number or should we expect some cost cutting?

另外，我們應該如何考慮年度營運支出？150 億美元到 160 億美元是正確的數字嗎？還是我們應該削減一些成本？

On cash, eBay repatriated some cash. Recognizing your views on taxes, what else can Cisco do since half the market cap of Cisco is in overseas cash?

就現金而言，eBay 匯回了部分現金。了解您對稅收的看法，鑑於思科一半的市值都是海外現金，思科還能做什麼？

So our clear goal was a return to growth. It won't be straight up and to the right and it may be a little bit bumpy because we're still way too dependent on our orders coming in and shipping in the next quarter and during the quarter on it.

因此，我們的明確目標是恢復成長。它不會直線上升，可能會有點坎坷，因為我們仍然過於依賴下個季度和本季收到的訂單和發貨情況。

But you are right, looking out over several quarters we'd expect that. How long it will take us to turn back up to mid single-digit growth, if that's where we're going, it probably won't be immediate once you get a slight growth quarter and then the next quarter is there, but I think you will see you us do that over gradual time.

但您說得對，從幾個季度來看，我們預計會發生這種情況。我們需要多長時間才能恢復到中等個位數的成長，如果這就是我們要實現的目標，那麼一旦你獲得一個略微增長的季度，然後下一個季度就會出現，這可能不會立即發生，但我認為你會看到我們逐漸做到這一點。

We are going to continue to watch operating expenses. Gary's our champion here along with Frank, tightly, but we have to put money into InterCloud and we have to put money into sales rep coverages as we make these changes and as we get really good on security and collaboration, they require specialists for a period of time to run with.

我們將繼續關注營運費用。加里和弗蘭克是我們的堅定支持者，但我們必須向 InterCloud 投入資金，我們必須向銷售代表覆蓋範圍投入資金，因為我們會做出這些改變，而且當我們在安全和協作方面做得非常好時，他們需要專家在一段時間內與他們合作。

So we are going to put investments into the area there as we go forward a little bit into next year. But I think your premise on slowly up and to the right is right. It will probably be a little bit bumpy.

因此，我們將在明年稍早的時候對該地區進行投資。但我認為你關於緩慢向上和向右的前提是正確的。可能會有點坎坷。

It won't be just one quarter as you finally turn the corner and the next quarter you're there. But we're going to take it a quarter at a time in terms of our guidance.

這不會只是一個季度的事，當你終於扭轉局面，下個季度你就到達了。但根據我們的指導，我們將按季度進行。

We want you all not to get ahead of us on this. We're very pleased with this quarter. Next quarter's set up pretty well, but we've got some real heavy lifting to do and I'm sure a couple bumps along the way especially in emerging markets and service provider on the listing.

我們希望你們不要在這件事上領先我們。我們對本季非常滿意。下個季度的安排相當不錯，但我們還有一些真正繁重的工作要做，而且我確信一路上會遇到一些坎坷，特別是在新興市場和上市服務提供者方面。

Frank, talk a little bit about that, where we are on the cash and how we've chose a different path than some of our counterparts did and why we chose the path we did.

弗蘭克，請稍微談談這一點，我們的現金狀況，我們如何選擇與一些同行不同的道路，以及我們為什麼選擇這樣的道路。

We can't comment specifically in regard to what eBay did, but I think, Mark, the key thing for us, and this goes to the outreach we've had with all investors over the last couple years, is to build a capital allocation strategy that our investors are looking for, which is a combination of investing both in the buyback as well as in the dividend, which we've done the last couple of years, and our strategy to, at a minimum, have 50% of our free cash flow be used for that purposes.

我們無法具體評論 eBay 的做法，但我認為，馬克，對我們來說，關鍵的事情，也就是過去幾年我們與所有投資者的接觸，是建立一種投資者所期望的資本配置策略，即結合投資回購和股息，我們在過去幾年裡一直這樣做，我們的策略是至少將 50% 的自由現金流用於此目的。

As I had mentioned earlier this year, we've been fairly aggressive with 140% of that free cash flow to the dividend and the buyback. We expect to continue that strategy going forward. We feel that based on the amount of cash that we have in the US, the amount of cash that we generate in the United States on an ongoing basis, as well as our ability as we did this past quarter, to leverage the debt markets, that we have the ability to fund both near term and long term, the continued support of being aggressive on that capital allocation strategy.

正如我今年早些時候提到的那樣，我們非常積極地將 140% 的自由現金流用於股息和回購。我們希望未來繼續實施這項策略。我們認為，基於我們在美國擁有的現金數量、我們在美國持續產生的現金數量以及我們上個季度利用債務市場的能力，我們有能力為短期和長期提供資金，並繼續支持積極的資本配置策略。

We're pleased I think, Frank, with what we've done here. I think we've pushed it to a pretty good extent without endangering our rating, et cetera on it. We just chose a different path. I actually am very comfortable with the path we chose.

弗蘭克，我想我們對我們在這裡所做的一切感到非常滿意。我認為我們已經將其推向了相當好的程度，而沒有危及我們的評級等等。我們只是選擇了不同的道路。我實際上對我們選擇的道路感到非常滿意。

Thanks, Mark. Operator, next question.

謝謝，馬克。接線員，下一個問題。

Next question comes from Simon Leopold with Raymond James and Associates.

下一個問題來自 Raymond James and Associates 的 Simon Leopold。

Thank you very much. Hello. Quick one.

非常感謝。你好。快一點。

I wanted to see if you could talk a little bit more about the ethernet switch business and the transitions. You alluded to the idea that the transitions do take a long time. What I wanted to see if you could talk about is any kind of compare and contrast this transition to the 9K family versus the prior transition you experienced when you moved to the Nexus family?

我想看看您是否可以再多談談乙太網路交換器業務和轉型。您暗示轉變確實需要很長時間。我想知道您是否可以談談這次向 9K 系列的轉變與您之前轉向 Nexus 系列時經歷的轉變之間的任何比較和對比？

If we could understand a little bit better about how this situation is either similar or different from the past it might help us. Thank you.

如果我們能夠更了解這種情況與過去的相似之處或不同之處，這可能會對我們有所幫助。謝謝。

Sure. I'm going to put on the back end of that, Simon, I'm going to ask Rob to tie through where this fits on InterCloud and ACI throughout our whole family of Nexus products.

當然。西蒙，我將把它放在後端，我將要求羅佈在我們整個 Nexus 產品系列中將其與 InterCloud 和 ACI 結合起來。

So to answer the question very directly, when we moved to the -- remember the 9K is a Nexus line and we are going to take many of the capabilities on the 9K including ACI and move it down through our other Nexus products. The 7K was a slow startup and it took us a long period of time and candidly, we had tough gross margins on it when we designed it, et cetera and it took us a while to add the features that we needed.

因此，直接回答這個問題，當我們轉向——記住 9K 是 Nexus 系列，我們將採用 9K 上的許多功能（包括 ACI）並將其轉移到我們的其他 Nexus 產品中。7K 的啟動很慢，我們花了很長時間，坦白說，我們在設計它時，它的毛利率很低，等等，我們花了一段時間才添加我們需要的功能。

Now I like very much where the 7K is. You're going to see it have very continuous, very good growth opportunities. It will be the 9K and the 7K together and then I'll kind of judge the total growth there at the high-end switching on in terms of the capability.

現在我非常喜歡 7K 所在的地方。你會看到它擁有非常持續、非常好的成長機會。它將是 9K 和 7K 的結合，然後我將根據能力來判斷高端切換時的整體成長。

I think the 9K will probably ramp quicker once you get a number of lighthouse accounts and they get their two and three and four systems working well on it. Remember, this is the engineering team that did the UCS where people said this is going to have a very slow ramp and it will take time to achieve that goal and while it took us a little while to get the attention of the market on UCS, the numbers went up very quickly.

我認為，一旦你獲得了一定數量的燈塔帳戶，並且他們的兩個、三個和四個系統能夠很好地運行，9K 可能會更快地發展。請記住，這是負責 UCS 的工程團隊，人們說這將有一個非常緩慢的成長，需要時間來實現這個目標，雖然我們花了一點時間來引起市場對 UCS 的關注，但數位成長非常快。

We always talk with Alison Gleeson, who heads up our commercial group and what she and Sony are doing on focus on the market and they're actually on pace for the number of customers in the pipeline that they had for UCS, which is amazing in a commercial market where clearly, some of the commercial accounts won't be reaching to the 9K.

我們經常與商業集團負責人 Alison Gleeson 交流，了解她和索尼在市場重點方面所做的工作，實際上，他們的 UCS 客戶數量正在穩步增長，這在商業市場中是令人驚奇的，因為顯然，一些商業賬戶的數量不會達到 9000。

I think the ramp, once it goes, will probably be quicker, but it will be the 7K and the 9K together. Rob, bring us together, maybe a quick snapshot of this next week with where we are in InterCloud and how this really ties to where we're going with our switching architectures.

我認為，一旦坡道通車，速度可能會更快，但它將是 7K 和 9K 的組合。Rob，下週請把我們召集在一起，簡要介紹一下我們在 InterCloud 的現狀，以及這與我們的交換架構的發展方向有何關聯。

Sure, John. I think to continue on the comment you made, is the 9K is a continuation of the Nexus family running in standalone mode using the same operating processes our customers rely on, as well in APIC mode, where we begin to deploy the controller that is the fundamental building block of our ACI architecture.

當然，約翰。我想繼續您所做的評論，9K 是 Nexus 系列的延續，以獨立模式運行，使用我們的客戶所依賴的相同操作流程，以及在 APIC 模式下，我們開始部署作為 ACI 架構基本構建塊的控制器。

When you think of the differences across not only our catalyst switch and our routers and access technology, the vision of ACI is to use the construct of a unique application policy, which no one else is talking about in SDN and move that policy not only across both physical and virtual networks in the data center, but as well to the wide area and to the access.

當您考慮我們的催化劑交換器和路由器以及存取技術之間的差異時，ACI 的願景是使用獨特的應用程式策略構造（這是 SDN 中沒有其他人談論的），並且不僅跨資料中心的實體和虛擬網路移動該策略，而且還移至廣域網路和存取。

When we now begin shipping that technology in the next few months, the trials turn to production, you will start to see the idea of an end-to-end application policy evolve and the really neat thing here is that same policy could run in my private cloud on a UCS or even now on a Vblock or a FlexPod, but as well in a public cloud instance and we'll be showing examples of how that policy can flow between private, managed and public clouds at Cisco Live next week. So there's a lot of difference.

當我們在未來幾個月開始推出該技術時，試驗將轉向生產，您將開始看到端到端應用程式策略的理念不斷發展，這裡真正巧妙的事情是相同的策略可以在 UCS 上的我的私有雲中運行，甚至在 Vblock 或 FlexPod 上運行，但也可以在公有雲實例中運行，我們將在下週的 Cisco Live 上展示所以有很大差別。

We really do both physical, virtual, end-to-end across the network in terms of moving policies. We are starting to see that at scale. Earlier we were asked about public clouds deploying. We'll be announcing two partners that are deploying ACI in their public cloud environment. One of them is in the Gartner top quadrant, one of them is mid-size.

在行動策略方面，我們確實在網路上實現了實體、虛擬、端到端的移動。我們開始看到這種現象的規模。之前我們被問到有關公有雲部署的問題。我們將宣布兩家在其公有雲環境中部署 ACI 的合作夥伴。其中一家位於 Gartner 頂級象限，另一家是中型企業。

I think it's really catching on and it is really different in terms of deploying the model our customers are embracing today, which is hybrid cloud and I think we've really hit the nail on the head with ACI.

我認為它確實很流行，而且在部署我們今天客戶所採用的模型（即混合雲）方面確實有所不同，我認為我們透過 ACI 確實做到了這一點。

Thanks, Rob. Operator, next question.

謝謝，羅布。接線員，下一個問題。

Next question comes from with Inder Singh with SunTrust.

下一個問題來自 SunTrust 的 Inder Singh。

Hi, John. How are you?

你好，約翰。你好嗎？

Good.

好的。

Good quarter. You sound excitedly upbeat, especially after the past couple of quarters.

好季度。您聽起來很興奮，很樂觀，尤其是在過去幾個季度之後。

It sounds like the demand side has picked up for you, but also the product upgrades are starting to kick in. I think you've spent quite a time on the switching side of it.

聽起來需求方面已經開始回升，產品升級也開始發揮作用。我認為您在切換方面已經花費了相當多的時間。

I wanted to ask you about routing as well. Clearly the company made a big bet with the CRSX and I think you alluded that you're seeing above expectations in terms of the demand for that, but can you provide some more color on that?

我也想問你有關路由的問題。顯然，該公司對 CRSX 下了很大的賭注，我認為您暗示過，您看到對此的需求超出了預期，但您能否提供更多細節？

And then just the other part of the question around the security business, same thing. We've seen all these networks come under threat. Clearly, perimeter security hasn't been working on networks. What are you doing differently here where the security business is starting to show growth for you now?

然後，有關安全業務的另一部分問題也是相同的事情。我們看到所有這些網路都受到了威脅。顯然，網路週邊安全並未發揮應有的作用。現在安全業務開始呈現成長勢頭，您採取了哪些不同措施？

So on the sequence, I'm usually pretty realistic where our competitors are, even though we know how we're going to beat them. At the high-end routing, we're by ourselves.

因此，在序列上，我通常非常現實地了解我們的競爭對手在哪裡，儘管我們知道如何擊敗他們。在高端路由方面，我們是獨自的。

Some people might have a product that might compete with ASR9000, say that's a high-end router product, it's really not. So on the CRSX and NCS, they're both world class, by themselves type capability.

有些人可能有與 ASR9000 競爭的產品，說那是一款高階路由器產品，但事實並非如此。因此，就 CRSX 和 NCS 而言，它們都具有世界一流的自身類型能力。

The ramp was actually good, but these tend to, they tend to buy a pallet, and 10 buy 10, and so you will see those numbers bounce a little bit in terms of quarter to quarter based on one big deal or two and Mel allows me to use the word lumpy now in terms of direction. I really like those products and, candidly, I've not had a customer concern on the ones we've put them in so far, which is unusual with the new products.

成長確實不錯，但他們傾向於買一個托盤，然後 10 買 10，因此你會看到這些數字會根據一兩筆大交易在季度間出現小幅反彈，而 Mel 允許我在方向上使用「波動」這個詞。我真的很喜歡這些產品，坦白說，到目前為止，我還沒有遇到過客戶對我們使用這些產品感到擔憂的情況，這對於新產品來說是不尋常的。

In terms of security, you're right, the market in security you tend to have a hot product company, you have one or two product areas and as long as that product is hot, i.e. malware or firewall, or whatever they're doing, intrusion protection, prevention, it tends to be a very good growth. The bad guys, as you alluded to, just go right around that and found weaknesses. Where we're going to play in terms of security, you will see security go across the whole architecture from our literally, capability with InterCloud, down through individual private cloud, down through the data centers, down through the LAN, down to the access point.

就安全而言，您說得對，安全市場往往有一個熱門產品公司，您有一個或兩個產品領域，只要該產品很熱門，即。惡意軟體或防火牆，或無論他們在做什麼，入侵保護，預防，它往往是一個非常好的成長。正如你所提到的，壞人只是繞過這一點並找到了弱點。在安全性方面，我們將會看到安全性貫穿整個架構，從我們的 InterCloud 功能，到個人私有雲，到資料中心，到 LAN，到存取點。

This is where we're going to use both our merchant, but also our custom ASICs. You will see us play security at each node throughout that environment in a way that nobody else can.

在這裡，我們將同時使用我們的商家和客製化的 ASIC。您將看到我們以其他人無法做到的方式在整個環境中的每個節點上發揮安全性。

And you will see us evolve to something we'll talk about next week on self learning networks to where it's very good for load balancing or the Internet of Everything and you have you to have that, given how unpredictable the Internet of Everything, 50 billion devices are going to be on loads and prioritization of applications. Its ability to handle [distributive analysis] service attacks and other things becomes very exciting.

您將看到我們不斷發展，下週我們將討論自學習網絡，它非常適合負載平衡或萬物互聯，並且您必須擁有它，考慮到萬物互聯的不可預測性，500 億台設備將負責負載和應用程式的優先級。它處理[分散式分析]服務攻擊和其他事情的能力變得非常令人興奮。

And it was a gleam in our eye 15 months ago. We put the team on it and now it looks like this is really going to hunt and I want to see a couple big lighthouses moving from beta to growth.

15個月前，它曾經讓我們眼前一亮。我們組建了團隊，現在看來這確實是一個狩獵項目，我希望看到一些大型燈塔從測試階段走向成長階段。

But that begins to change the competitive environment and I think that's what you're going to see us do in security. You'll see us move on multiple fronts on security, bringing those products together in architecture and then providing what Gary alluded to and what Brian Palmer is leading for us in terms of a consultancy group that really helps you before, during and after and does this virtually and physically together. We're betting on this big time.

但這開始改變競爭環境，我想這就是你將看到我們在安全領域所做的事情。您將看到我們在安全方面的多個方面取得進展，將這些產品整合到架構中，然後提供 Gary 提到的以及 Brian Palmer 為我們領導的諮詢小組，該小組可以在之前、期間和之後真正為您提供幫助，並在虛擬和物理上一起完成這些工作。我們對此下了很大的賭注。

I think the market's already figured out it's got to be an architectural player that wins here. If you don't have the ability to see what's going on in the network, you're playing with one arm behind your back no matter how good your products are in terms of direction.

我認為市場已經意識到，只有建築業的參與者才能在這裡獲勝。如果你沒有能力了解網路中正在發生的事情，那麼無論你的產品在方向上有多好，你都是在玩弄虛作。

Now, this is heavily lifting and it takes multiple steps to do it and you get up one step and then you plateau out, then you get up the next step. I'm counting on Chris Young executing well here.

現在，這是一個繁重的工作，需要多個步驟才能完成，你邁出一步，然後停滯不前，然後邁出下一步。我期望克里斯楊能在這裡表現出色。

I think that's a good question, Mel, to end on. Key take away is what you all ask us here at the end, is this innovation engine has never been better and think about it.

梅爾，我認為這是一個很好的問題。關鍵點是大家最後問我們的問題是，這個創新引擎是否從未如此出色，請思考一下。

We talked probably about 10 major product innovation areas today from InterCloud to what we're doing in high-end routing and switching to self learning networks, the collaboration portfolio with the refresh on it, how we're moving to software architectures on it, where we're going with security and it's moving very well.

今天我們大概討論了 10 個主要的產品創新領域，從 InterCloud 到我們在高端路由和切換到自學習網絡方面所做的工作、協作產品組合及其更新、我們如何轉向軟體架構、我們在安全方面將走向何方，而且進展非常順利。

The one area that we didn't spend as much time on was collaboration and each of our enterprise customers will tell you what the CEO wants is first, operating cost reductions, and second, revenue growth and that has changed over the last six months. The collaboration has been good from us and maybe one other peer, but it doesn't get the productivity at 5%, 7%, Gary, that we need inside Cisco and others.

我們沒有花太多時間的一個領域是協作，我們的每個企業客戶都會告訴你，執行長想要的首先是降低營運成本，其次是增加收入，而這種情況在過去六個月裡已經發生了變化。我們與另一個同行的合作一直很好，但並沒有達到思科和其他公司內部所需的 5%、7% 的生產力，加里。

Watch what Rowan and team brings out this next year on products, ease of use, capability, creativity and just to level set, when Rowan came here and we finally brought our three product areas together with WebEx, which had been separate too long and with telepresence and with Jabber and then he took a small team to move very rapidly. It took him 6 months to develop his plans, 12 months to implement it, he hit every milestone along the way. Now you're finally starting to see products start to come out which are really world class and something called Red Dots, which might not mean much to people in this audience but Red Dot is like the Oscars in this industry.

看看 Rowan 和他的團隊明年在產品、易用性、功能、創造力等方面會推出什麼，只是為了達到水平，當 Rowan 來到這裡時，我們最終將我們的三個產品領域與 WebEx（分離太久）、網真和 Jabber 整合在一起，然後他帶領一個小團隊迅速行動。他花了 6 個月的時間來製定計劃，花了 12 個月的時間來實施，一路上他實現了每一個里程碑。現在，你終於開始看到真正世界級的產品問世，以及所謂的紅點獎，這對觀眾來說可能意義不大，但紅點獎就像這個行業的奧斯卡獎。

We've won six in our history as a company. We won six this last year, all in this collaboration product group on product design and direction. So we're getting back to ease of use, think of it like an Apple and telepresence combined in ease of use and implementation and I encourage you to look at it at Cisco Live next week.

我們公司歷史上曾六次獲獎。去年，我們贏得了六項殊榮，全部來自這個合作產品組在產品設計和方向上的成果。因此，我們回到易用性問題，把它想像成 Apple 和遠端呈現在易用性和實施性方面的結合，我鼓勵您下週在 Cisco Live 上看看它。

Innovation's going well. We've got a lot of challenges in front of us. We're not underestimating those, but I think this is a very good step back to not only growth but innovation and disrupting ourselves which I know is painful at times for our shareholders.

創新進展順利。我們面臨許多挑戰。我們並沒有低估這些，但我認為這是一個很好的舉措，不僅可以恢復成長，還可以創新和顛覆我們自己，我知道這對我們的股東來說有時是痛苦的。

Cisco's next quarterly call, which will reflect our FY14 fourth quarter and annual results, will be on Wednesday, August 13, 2014 at 1:30 PM Pacific, 4:30 PM Eastern.

思科的下一次季度電話會議將於 2014 年 8 月 13 日星期三太平洋時間下午 1:30、東部時間下午 4:30 舉行，屆時將反映我們 2014 財年第四季和年度業績。

Again, I would like to remind you that, in light of regulation FD, Cisco plans to retain its long-standing policy to not comment on its financial guidance during the quarter unless it is done through an explicit public disclosure. Please call the Investor Relations department with any follow-up questions from this call.

再次，我想提醒您，根據公平披露條例，思科計劃保留其長期以來的政策，即不對該季度的財務指引發表評論，除非透過明確的公開披露進行評論。如本次通話有任何後續問題，請致電投資者關係部門。

Thank you for your participation and continued support. This concludes our call.

感謝您的參與和持續的支持。我們的通話到此結束。

Thank you for participating on today's conference call. If you would like to listen to the call in its entirety you may call 800-945-7422. For participants dialing from outside the US, please dial 203-369-3952. You may disconnect at this time.

感謝您參加今天的電話會議。如果您想完整收聽電話會議，請撥打 800-945-7422。對於從美國境外撥打電話的參與者，請撥打 203-369-3952。您現在可以斷開連線。