思科 (CSCO) 2014 Q4 法說會逐字稿

Welcome to Cisco Systems fourth quarter and FY2014 financial results conference call.

歡迎參加思科系統公司第四季和 2014 財政年度財務業績電話會議。

At the request of Cisco Systems, today's call is being recorded.

應思科系統公司的要求，今天的通話正在進行錄音。

If you have any objections, you may disconnect.

如果您有任何異議，您可以斷開連接。

Now, I would like to introduced Melissa Selcher, Vice President of Corporate Communication and Investor Relations.

現在，我想介紹一下企業傳播和投資者關係副總裁 Melissa Selcher。

Ma'am, you may begin.

女士，您可以開始了。

Thanks, Kim.

謝謝，金。

Good afternoon, everyone, and welcome to our 98th quarterly conference call.

大家下午好，歡迎參加我們的第 98 次季度電話會議。

This is Melissa Selcher.

這是梅麗莎·塞爾徹。

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.

我們的董事長兼執行長約翰錢伯斯 (John Chambers) 也加入了我的行列。 Frank Calderoni，執行副總裁兼財務長； Rob Lloyd，開發與銷售總裁；和總裁兼營運長加里摩爾。

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.

我想提醒您，我們有一個相應的網絡廣播，其中包含幻燈片，包括補充信息，電話會議後，您可以在我們網站的投資者關係部分中獲取這些信息。

Income statements, full GAAP to non-GAAP reconciliation information, balance sheets, cash flow statements, and other financial information can also be found on the Investor Relations website.

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也可以在投資者關係網站上找到。

Click on the financial reporting section of the website to access these documents.

點擊網站的財務報告部分即可存取這些文件。

Throughout this call, we'll be referencing both GAAP and non-GAAP financial results.

在整個電話會議中，我們將參考 GAAP 和非 GAAP 財務表現。

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 the Form 10-K and 10-Q and any applicable amendments which we identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements.

我們今天將討論的事項包括前瞻性陳述，因此受到我們在向 SEC 提交的文件中詳細討論的風險和不確定性的影響，特別是 10-K 表格和 10- 表格上的最新報告。確定的可能導致實際結果與前瞻性陳述中包含的結果有重大差異的重要風險因素的任何適用修訂。

Unauthorized recording of this call is not permitted.

未經授權不得對本次通話進行錄音。

All comparisons throughout this call will be on a year-over-year basis unless stated otherwise.

除非另有說明，本次電話會議中的所有比較都將逐年進行。

As 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.

與過去一樣，除非另有說明，否則我們將根據收入討論產品結果，並根據產品訂單討論地理和客戶細分結果。

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

現在我將把它交給約翰，讓他對該季度做出評論。

Mel, thank you very much.

梅爾，非常感謝你。

I am pleased with our solid performance in Q4, with non-GAAP earnings per share of $0.55 on revenues of $12.4 billion, exceeding the guidance we gave you and representing a record quarter for non-GAAP earnings per share, and our second highest quarter in our history in terms of revenue.

我對我們第四季度的穩健表現感到滿意，非GAAP 每股收益為0.55 美元，收入為124 億美元，超出了我們為您提供的指導，創下了非GAAP 每股收益的創紀錄季度，也是我們第二高的季度我們的營收歷史。

We generated over $3.6 billion in operating cash flow and returned approximately $2.5 billion to our shareholders through share buybacks and dividends.

我們產生了超過 36 億美元的營運現金流，並透過股票回購和股息向股東返還了約 25 億美元。

FY14 was a year with many big wins and several challenges.

2014 財年是許多重大勝利和挑戰的一年。

Our fiscal year began with a number of external headwinds, including the federal government shutdown and the possibility of the US default, combined with significant slowdown in emerging markets.

我們的財年伊始就面臨一系列外部不利因素，包括聯邦政府關閉和美國違約的可能性，以及新興市場的大幅放緩。

Even with this backdrop, FY14 ended with revenues of $47.1 billion representing the second strongest year in our history and record non-GAAP earnings per share of $2.06 per share.

即使在這種背景下，2014 財年的收入仍達到 471 億美元，是我們歷史上第二強勁的一年，非公認會計原則每股收益創歷史新高，達到 2.06 美元。

We maintained our non-GAAP gross margins, generated strong non-GAAP operating margins, and exceeded our capital return target, returning 120% of our free cash flow to shareholders.

我們維持了非 GAAP 毛利率，產生了強勁的非 GAAP 營業利潤率，並超越了我們的資本回報目標，將 120% 的自由現金流返還給股東。

Our innovation engine dramatically accelerated this year as we brought new architectures to the market for the next generation of networking, security, and collaboration.

今年，我們將下一代網路、安全和協作的新架構推向市場，我們的創新引擎顯著加速。

At the same time, the journey we began three years ago to transform Cisco continued at a rapid pace.

與此同時，我們三年前開始的思科轉型之旅仍在快速前進。

Let me take a step back for a moment.

讓我退後一步。

In 2011, we saw how rapidly the market was changing and understood that we'd require a transformational change of our Company.

2011 年，我們看到市場變化如此之快，並了解我們需要對公司進行轉型變革。

We saw these market changes earlier than our peers and understood the market dynamics were not unique to Cisco.

我們比同業更早看到這些市場變化，並且了解市場動態並非思科獨有。

We required a strategic approach not tactical responses to the coming transactions.

我們需要對即將到來的交易採取戰略方法而不是戰術反應。

That is the core of what you have seen from Cisco over the past several years.

這就是您在過去幾年中從思科看到的核心內容。

Even in 2011, we saw a much bigger picture.

即使在 2011 年，我們也看到了更大的前景。

We rolled out our transformational plan with two principal objectives, first, drive innovation, speed, agility, and efficiencies in our business, and second, to transform the Company to move from selling boxes to selling first architectures, then solutions, and now outcomes.

我們推出的轉型計畫有兩個主要目標，第一，推動業務創新、速度、敏捷性和效率；第二，實現公司轉型，從銷售盒子轉向銷售第一架構，然後是解決方案，現在是結果。

Operationally, we've done a very good job against those objectives which has afforded us flexibility today in how we go after market opportunities.

在營運方面，我們在實現這些目標方面做得非常好，這使我們今天能夠靈活地追求市場機會。

Our results are evident.

我們的結果是顯而易見的。

We created significant operating leverage.

我們創造了巨大的營運槓桿。

In the past three years, revenue has grown nearly $4 billion, while our absolute non-GAAP OpEx expense were virtually unchanged.

在過去三年中，收入增加了近 40 億美元，而我們的絕對非 GAAP 營運支出幾乎沒有變化。

That is very good execution, especially when you compare it with many of our peers.

這是非常好的執行力，尤其是當你與我們的許多同行進行比較時。

During this same time period our US commercial and US enterprise business grew orders over 37% and 28%, respectively, over the three years.

同期，我們的美國商業和美國企業業務的訂單在過去三年中分別增加了 37% 和 28% 以上。

They grew double digits since last year, and closed with a very strong Q4 with both segments growing orders over 15%.

自去年以來，它們實現了兩位數的成長，並以非常強勁的第四季業績結束，兩個細分市場的訂單成長均超過 15%。

These are the segments that have seen the early stages of our transformation, meaning these segments are most successful selling integrated architectures, solutions, and outcomes.

這些細分市場經歷了我們轉型的早期階段，這意味著這些細分市場在銷售整合架構、解決方案和成果方面最為成功。

Those of you who follow us closely and talk with our channels and our customers hear firsthand that our strategy is not just gaining traction but most importantly getting results.

那些密切關注我們並與我們的管道和客戶交談的人第一手聽到我們的策略不僅獲得了關注，而且最重要的是取得了成果。

The changes we've made over the three years have enabled us to bring innovative products and solutions to market, while at the same time growing non-GAAP earnings per share to record levels, and returning $25.2 billion to shareholders, including $16.7 billion in share repurchase at an average price of $20.58.

三年來我們所做的改變使我們能夠將創新產品和解決方案推向市場，同時將非 GAAP 每股收益增長至創紀錄水平，並向股東返還 252 億美元，其中包括 167 億美元的股票回購均價為20.58美元。

Our innovation this period has secured us the leadership position in cloud and hybrid cloud, made us the recognized leader with our customers in SDN, and has driven new opportunities with customers embracing the Internet of Everything, but we're far from finished.

這段時期的創新確保了我們在雲端和混合雲領域的領導地位，使我們成為 SDN 領域客戶公認的領導者，並為擁抱萬物互聯的客戶帶來了新的機遇，但我們還遠未完成。

As we head into FY15 and beyond, we will continue [to do] our industry with innovation.

進入 2015 財年及以後，我們將繼續以創新推動我們的產業發展。

The results of the past three years represent significant forward progress, and you should expect that we will continue to take actions to transform Cisco in every possible aspect from how we're organized to how we develop products to how customers buy from us.

過去三年的成果代表了重大的進步，您應該期望我們將繼續採取行動，在各個可能的方面改造思科，從我們的組織方式到我們如何開發產品，再到客戶如何向我們購買產品。

Looking specifically at FY15, we executed well in Q4 and expect our revenues for Q1 of FY15 to range from flat to up 1%.

具體來看 2015 財年，我們在第四季表現良好，預計 2015 財年第一季的營收將持平到成長 1%。

While we are pleased with our improved performance, I would not extrapolate our improved performance into a more aggressive assumption for what we are likely to do for the next several quarters.

雖然我們對業績的改善感到滿意，但我不會將我們的業績改善推斷為對我們未來幾季可能做的事情的更積極的假設。

Our focus is on executing through our transitions, in the manner that appropriately sets us up for the long-term.

我們的重點是透過我們的轉型來執行，以適當的方式為我們的長期發展做好準備。

We are assuming that SP weakness continues for the next several quarters and are not expecting any material rebound in emerging markets conditions.

我們假設未來幾季標普將繼續疲軟，並且預計新興市場狀況不會出現任何實質反彈。

I think the best way to characterize this next year is that I fully expect that we will exit Q4 in a stronger position than we're in today.

我認為描述明年這一情況的最佳方式是，我完全預計我們將在第四季結束時以比今天更強大的地位。

As we see changes in that view, we will tell you how we see it as we always do.

當我們看到這種觀點發生變化時，我們將一如既往地告訴您我們如何看待它。

Consistent with our disciplined approach to growing resources an important area while managing cost, when Frank details guidance later in this call, we will announce our plans to do a limited restructuring across several areas of our business.

與我們在管理成本的同時增加資源這一重要領域的嚴格方法相一致，當弗蘭克在本次電話會議稍後詳細說明指導意見時，我們將宣布我們計劃在我們業務的多個領域進行有限的重組。

These actions are focused on investing in growth, innovation, and talent while managing cost and driving efficiencies.

這些行動的重點是投資成長、創新和人才，同時管理成本和提高效率。

We expect to reinvent -- reinvest substantially all the cost savings from our restructuring actions in our key growth areas such as data center, software security, cloud, and others.

我們期望徹底改造—將重組行動中節省的所有成本重新投資到資料中心、軟體安全、雲端等關鍵成長領域。

While there are tremendous opportunities for our business, and we're moving the resources to capitalize on them, there is also significant risk as we discussed.

雖然我們的業務存在巨大機遇，我們正在調動資源來利用這些機遇，但正如我們所討論的，也存在重大風險。

This is the technology industry, and change is constant and accelerating.

這就是科技業，變化是持續不斷的，而且還在加速。

We have navigated this industry successfully for almost three decades, while nearly every competitor we faced 10 to 20 years ago has either exited our part of the market, stalled in terms of market share, or has gone out of business.

我們已經在這個行業成功經營了近三十年，而我們在 10 到 20 年前遇到的幾乎所有競爭對手要么退出了我們的市場，要么在市場份額方面停滯不前，要么已經倒閉。

Our vision is clear and our strategy is working, and it is largely played out as we expected.

我們的願景很明確，我們的策略正在發揮作用，基本上是按照我們的預期進行。

In 2011, I said customers will view the network as the most strategic asset not just in communications, but in IT.

2011 年，我曾說過，客戶將把網路視為最具策略性的資產，不僅在通訊領域，而且在 IT 領域。

This would enable us to become the number one IT Company.

這將使我們成為第一大 IT 公司。

I am confident that we can make this aspiration a reality.

我相信我們能夠實現這個願望。

Now let me move on to business momentum, and specifically in terms of our geographies and customer segments.

現在讓我談談業務勢頭，特別是我們的地理位置和客戶群。

As a reminder, geographies are the primary way we run our business.

提醒一下，地理位置是我們經營業務的主要方式。

In these areas, I will speak in terms of product orders year-over-year unless otherwise noted.

在這些領域，除非另有說明，我將按年同比產品訂單進行討論。

We finished the quarter with product orders up 1%, product book-to-build comfortably above 1, and a product backlog of $5.4 billion.

本季結束時，我們的產品訂單增加了 1%，產品訂單量輕鬆超過 1，產品積壓金額達到 54 億美元。

Our business in Americas grew 2%.

我們在美洲的業務成長了 2%。

US grew 5%, with US commercial and US enterprise continuing their strong growth up 17% and 16%, respectively.

美國成長 5%，其中美國商業和美國企業持續強勁成長，分別成長 17% 和 16%。

I think, Rob, those are the highest numbers I can remember in many years, so just a nice job by Allison and Brian.

我想，羅布，這些是我多年來記憶中最高的數字，所以艾利森和布萊恩做得很好。

We're seeing the continued strength in large deals.

我們看到大宗交易持續強勁。

As an example, looking at deals in our US enterprise pipeline the number of deals over $1 million increased by 22%, and deals in the pipeline over $5 million increased by over 70%.

例如，看看我們美國企業管道中的交易，超過 100 萬美元的交易數量增加了 22%，管道中超過 500 萬美元的交易數量增加了 70% 以上。

As we continue to engage strategically with our customers on their business opportunities, our enterprise customers are making more and bigger investments as they partner with us.

隨著我們繼續與客戶進行策略性合作，抓住他們的商機，我們的企業客戶在與我們合作時正在進行更多、更大的投資。

US public sector, Pat Finn's group, did a very good job.

美國公共部門帕特·芬恩的團隊做得非常好。

They grew over 6% in the quarter with state and local up 3%, and US federal up year-over-year 10% in terms of orders.

本季訂單成長超過 6%，其中州和地方訂單成長 3%，美國聯邦訂單年增 10%。

US service provider declined 9%.

美國服務提供者下跌 9%。

Latin America declined 6%, with ongoing pressures in some of the largest emerging countries, including a decline of 13% in our business in Brazil.

拉丁美洲下降了 6%，一些最大的新興國家持續面臨壓力，其中我們在巴西的業務下降了 13%。

EMEA grew 2% as we see continued relative stabilization across Europe.

歐洲、中東和非洲地區成長了 2%，因為我們看到整個歐洲持續相對穩定。

In EMEA, enterprise business grew 8% and commercial grew 7%.

在歐洲、中東和非洲地區，企業業務成長 8%，商業業務成長 7%。

Leading the way, the UK grew at 6% and within the UK commercial was up 18% and enterprise was up 19%.

其中，英國成長 6%，其中英國商業成長 18%，企業成長 19%。

Germany in this most recent quarter grew 16%, and again within Germany we saw the same characteristics.

德國最近一個季度的成長率為 16%，在德國國內我們也看到了同樣的特徵。

Commercial was up 13%, and enterprise was up 17%.

商業成長 13%，企業成長 17%。

In the UK and Germany, we are seeing similar success in these marketplaces as we begin to move to selling architectures, then solutions, then business outcomes.

在英國和德國，我們在這些市場上看到了類似的成功，因為我們開始轉向銷售架構，然後是解決方案，然後是業務成果。

This is the transformation we are working on to drive more broadly.

這就是我們正在努力推動更廣泛的變革。

Just to give you a sense of an emerging country's impact on EMEA as an example, in its growth excluding Russia, which climbed 30%, EMEA would've grown 4% instead of 2%.

舉個例子，讓您了解新興國家對 EMEA 的影響，如果不包括成長 30% 的俄羅斯，那麼 EMEA 的成長將是 4%，而不是 2%。

Asia-Pacific, Japan, and China was down 7%, with China down 23% and India up 18%, while the remaining emerging countries in Asia actually declined 34%.

亞太地區、日本和中國下降了7%，其中中國下降了23%，印度成長了18%，而亞洲其他新興國家實際上下降了34%。

Those are countries that did not include China and India.

這些國家不包括中國和印度。

Overall, emerging countries within the three geographies declined this quarter by 9%.

總體而言，這三個地區的新興國家本季下降了 9%。

We saw the impact of economic and geopolitical challenges in China, Brazil, Russia, Argentina, Turkey, and Thailand, and a number of emerging markets that many of our other peers are seeing.

我們看到了中國、巴西、俄羅斯、阿根廷、土耳其和泰國以及許多其他同行也看到的一些新興市場的經濟和地緣政治挑戰的影響。

These declines are reducing our growth by several points from what we've expected and typically seen.

這些下降使我們的成長速度比我們的預期和通常看到的下降了幾個百分點。

Though the trends were looking better in Q2 and Q3 for emerging markets, the emerging countries lost momentum in Q4.

儘管新興市場第二季和第三季的趨勢看起來更好，但新興國家在第四季失去了動力。

The BRICM continued in double-digit declines, and the next 15 emerging countries went from positive growth to mid-single digits in Q2 in Q3 to a 9% decline in Q4.

金磚四國繼續呈現兩位數下滑，接下來的 15 個新興國家則從第二季的正成長到第三季的中個位數成長，到第四季下降 9%。

Unfortunately as we look out, we don't see emerging markets growth returning for several quarters and believe that possibly could get worse.

不幸的是，據我們觀察，我們並沒有看到新興市場在幾個季度內恢復成長，並認為情況可能會變得更糟。

When we see these markets coming back, we will share that with you as we always do.

當我們看到這些市場復甦時，我們將一如既往地與您分享。

Moving on to our customer segments, as we've been indicating earlier we saw strength around the globe in our enterprise business up over 9%, and similar strength in commercial up over 8%.

轉向我們的客戶群，正如我們之前所指出的，我們看到全球企業業務的實力增長了 9% 以上，商業業務的類似實力增長了 8% 以上。

Public sector on a global basis was flat.

全球公共部門持平。

The same challenges continue in the service provider market, which declined 11%.

服務提供者市場也面臨同樣的挑戰，該市場下降了 11%。

Within the service provider market, the larger impacts came from continued decline in SP video with orders down 13% and the ongoing decline in emerging markets, where service provider is the higher mix of the business.

在服務提供者市場中，較大的影響來自 SP 影片的持續下滑（訂單下降 13%）以及新興市場的持續下滑（服務提供者是業務的較高組合）。

Our service provider customers are dealing with transitions in their own business and have been aggressive consolidating.

我們的服務提供者客戶正在處理自己業務的轉型，並且一直在積極整合。

With the transaction volumes of these consolidations over the last 12 months is about as much as we've seen in the past four years combined.

過去 12 個月這些合併的交易量大約相當於過去四年的總和。

Let me now move on to products.

現在讓我談談產品。

I'll discuss our product momentum in term of year-over-year revenue, but will share order information where it adds important color.

我將根據同比收入來討論我們的產品勢頭，但也會分享訂單信息，其中它會增加重要的色彩。

Routing declined 7%.

路由下降了 7%。

We saw continued strength in the ASR 9K growing in double digits with strong penetration among the web 2.0 customers, offset by softness in optical and mobile business.

我們看到 ASR 9K 的持續強勢以兩位數成長，在 Web 2.0 客戶中具有強大的滲透力​​，但被光學和行動業務的疲軟所抵消。

Our new product platforms, the NCS 6000 and the CRS-X, continued to ramp with each of our products grossing $100 million in orders for the year with approximately half of that coming in Q4.

我們的新產品平台 NCS 6000 和 CRS-X 持續成長，每種產品的年度訂單總額達到 1 億美元，其中約一半來自第四季。

In these markets, where a relatively small number of customers do to the majority of the volume we added nine new customers for our NCS product line and 39 new customers for CRS-X during the last two quarters of the fiscal year.

在這些市場中，相對較少的客戶佔據了大部分銷量，我們在本財年最後兩個季度為 NCS 產品線增加了 9 個新客戶，為 CRS-X 添加了 39 個新客戶。

Switching, overall switching declined 4%.

切換方面，整體切換下降了 4%。

Similar to the last quarter our campus switching business decline specifically at the high end, with the notable exception of the Catalyst 3850, continued to grow very well at over 80% growth.

與上季類似，我們的園區交換業務在高端領域有所下降，但 Catalyst 3850 是一個明顯的例外，但繼續以超過 80% 的成長率良好成長。

In the data center, our momentum with the Nexus 9K and application-centric infrastructure continues to be very strong.

在資料中心，我們的 Nexus 9K 和以應用程式為中心的基礎設施的勢頭仍然非常強勁。

Since the end of last quarter, the number of customers have tripled to over 580 customers.

自上季末以來，客戶數量增加了兩倍，達到 580 多個客戶。

Last quarter it was over 180.

上個季度超過 180。

We continue to deliver on our application-centric infrastructure road map, and during the quarter we began shipping the application policy infrastructure controller, which we call APIC.

我們繼續交付以應用程式為中心的基礎架構路線圖，在本季我們開始交付應用程式策略基礎架構控制器，我們稱之為 APIC。

This industry first innovation provides a central place to configure, automate, and manage an entire network based upon the needs of applications.

這項業界首創的創新提供了一個根據應用程式的需求配置、自動化和管理整個網路的中心位置。

In less than one month of availability, we have over 60 paying customers using the APIC, with very positive feedback.

在推出不到 1 個月的時間裡，我們就有超過 60 位付費客戶使用 APIC，並且獲得了非常正面的回饋。

We continue to see the strong growth for the Nexus 9K in our application-centric infrastructure portfolio, with key wins across all major verticals, including cloud providers, hosting, financial services, and technology providers.

我們繼續看到 Nexus 9K 在我們以應用程式為中心的基礎設施產品組合中的強勁成長，並在所有主要垂直領域（包括雲端供應商、主機、金融服務和技術提供者）取得了重大勝利。

We believe we are leading this SDN transition, and you will hear the same from many of our customers.

我們相信我們正在引領這項 SDN 轉型，您也會從我們的許多客戶那裡聽到同樣的說法。

As we discussed, we're continuing to managing the transitions of the Nexus 7K a 9K, and we're seeing some impact on our numbers.

正如我們所討論的，我們正在繼續管理 Nexus 7K 到 9K 的過渡，並且我們看到了對我們的數字的一些影響。

As we said last quarter, we expect the negative impact to continue for a few more quarters.

正如我們上季度所說，我們預計負面影響將持續數個季度。

Data center, data center continues to be very strong.

數據中心，數據中心仍然非常強勁。

Growth of over 30% year-over-year demonstrates that customers continue to embrace our architectural approach in this critical space.

超過 30% 的同比增長表明客戶繼續接受我們在這一關鍵領域的架構方法。

I am very proud of the success [we've done] in the data center market.

我對[我們在資料中心市場取得的]成功感到非常自豪。

In 2009, many questioned why Cisco was entering the traditional server market.

2009年，許多人質疑思科為何進入傳統伺服器市場。

UCS was far from a traditional server, and while we've displaced many of our traditional competitors, we did it with an innovative architectural approach to the market.

UCS 與傳統伺服器相去甚遠，雖然我們已經取代了許多傳統競爭對手，但我們透過面向市場的創新架構方法做到了這一點。

This quarter, Cisco UCS grew 30%, with more than 36,500 UCS customers.

本季度，思科 UCS 成長了 30%，擁有超過 36,500 個 UCS 客戶。

In this quarter, we grew our repeat business by 49%.

本季度，我們的回頭客業務成長了 49%。

In a market many thought we would exit, we gained share for the 18th consecutive quarter, to gain the number one position in revenue share for the x86 Blade servers in the US with 41% market share, 6 points above our nearest competitor.

在許多人認為我們會退出的市場中，我們連續第 18 個季度獲得了份額，以 41% 的市場份額獲得美國 x86 刀片伺服器收入份額第一名，比最接近的競爭對手高出 6 個百分點。

Currently, we have the number two position worldwide, which I expect us to close to the number one if we execute the way I believe we can, Rob

目前，我們在全球排名第二，如果我們按照我相信的方式執行，我希望我們能夠接近第一，Rob

Our UCS business now has the run rate of over $3 billion, and we continue to lead the converged infrastructure market with FlexPod, with NetApp, and with Vblock with VCE.

我們的 UCS 業務現在的運作率超過 30 億美元，我們繼續透過 FlexPod、NetApp、Vblock 和 VCE 引領融合基礎設施市場。

The innovation pipeline is very strong and you should expect to see announcements in the fall that will continue to accelerate our momentum in UCS and add to our competitive advantage.

創新管道非常強大，您應該會在秋季看到公告，這將繼續加速我們在 UCS 的發展勢頭並增加我們的競爭優勢。

Wireless, wireless grew 1% with orders up 8%.

無線，無線成長 1%，訂單成長 8%。

While we experienced softness in the service provider segment, we saw continued adoption of 802.11ac portfolio in both our enterprise and cloud managed network business.

雖然我們在服務供應商領域經歷了疲軟，但我們看到 802.11ac 產品組合在我們的企業和雲端管理網路業務中持續採用。

In this business, Meraki had another amazing quarter, with growth of 116% year-over-year and subscriptions growing approximately 80%, accelerating our software and recurring revenue business.

在這項業務中，Meraki 又迎來了令人驚嘆的季度，年增 116%，訂閱量成長約 80%，加速了我們的軟體和經常性收入業務的發展。

Collaboration declined 4% as we transitioned our portfolio into Space.

當我們將產品組合轉向太空時，協作量下降了 4%。

We saw declines in telepresence and unified communications as we introduced additional new products including our cloud family of solutions, DX70 and DX80, which are incredibly cool desktop collaboration end points at dramatically lower price points.

隨著我們推出更多新產品，包括我們的雲端解決方案系列 DX70 和 DX80，它們是非常酷的桌面協作端點，價格大幅降低，因此我們看到了網真和統一通訊的下降。

Collaboration remains a top priority for our customers wanting to drive employee productivity.

對於希望提高員工生產力的客戶來說，協作仍是首要任務。

We're confident our new portfolio will drive the next phase of productivity that has yet to be delivered by collaboration to this market.

我們相信，我們的新產品組合將推動該市場尚未透過協作實現的下一階段的生產力。

We did see continued strength in conferencing, and an increased customer shift toward software-based models, with enterprise licensing agreements, ELAs, for collaborative solutions up 42%.

我們確實看到會議領域持續強勁，客戶越來越多地轉向基於軟體的模式，協作解決方案的企業授權協議 (ELA) 成長了 42%。

SP video revenues declined 10%.

SP 影片收入下降 10%。

Video software and solutions grew, driven by deployments by satellite customers and growth in the controlled plane business.

在衛星客戶的部署和受控飛機業務的成長的推動下，視訊軟體和解決方案不斷增長。

This was offset by decline in video infrastructure, due to lower CPE business and consolidation among our major servers providers.

這被視訊基礎設施的下降所抵消，原因是 CPE 業務減少以及我們主要伺服器供應商之間的整合。

We have made key top leadership changes in both of these areas.

我們在這兩個領域都做出了關鍵的高階領導層變動。

Security grew 29%, driven by strength across our product portfolio with network security up 35%, and content security up 12%.

在我們產品組合實力的推動下，安全性成長了 29%，其中網路安全性成長了 35%，內容安全性成長了 12%。

Product orders grew faster than revenue as we continue to see solid momentum with our advanced threat solutions including Advanced Malware Protection Everywhere, Sourcefire, and ThreatGRID.

產品訂單的成長速度快於營收的成長速度，因為我們的進階威脅解決方案（包括 Advanced Malware Protection Everywhere、Sourcefire 和 ThreatGRID）持續保持強勁勢頭。

Additionally, we also saw improved growth from our core business including our high-end firewalls and ASA.

此外，我們也看到我們的核心業務（包括高階防火牆和 ASA）的成長有所改善。

A key part of our software growth strategy, security ELAs, grew by 250% year-over-year.

我們軟體成長策略的關鍵部分—安全 ELA，年增了 250%。

We are pleased to see revenue from our Sourcefire acquisition accelerate even faster than before they were acquired which speaks to the power of our combined security architecture in the marketplace today.

我們很高興看到收購 Sourcefire 帶來的營收成長速度比收購前更快，這證明了我們組合安全架構在當今市場上的強大功能。

We have taken security from a low single-digit growing business to a business that we expect to grow comfortably in double digits going forward.

我們已經將安全性從低個位數成長的業務轉變為我們預計未來將輕鬆實現兩位數成長的業務。

Chris Young, that one's yours that I know you'll bring home for us.

克里斯楊，那是你的，我知道你會為我們帶回家的。

A little bit of pressure, Gary.

加里，有點壓力。

(inaudible) okay?

（聽不清楚）好嗎？

It's perfect.

太完美了。

Okay.

好的。

Services revenue grew 5% up from 3% last quarter and is trending very well.

服務收入從上季度的 3% 增長了 5%，而且趨勢良好。

Strong renewals, large multi-year service wins, strong technical services performance, and growth in new businesses such as consulting, cloud, and managed services, and security services drove our growth in the quarter.

強勁的續約、大量的多年服務勝利、強勁的技術服務業績以及諮詢、雲端、託管服務和安全服務等新業務的成長推動了我們本季度的成長。

We continue to deliver our strongest margins in this business well above the industry norms.

我們繼續在該業務中提供遠高於行業標準的最高利潤。

We are focused on the continued integration of our services and product sales teams to accelerate our ability to drive integrated solutions and business outcomes.

我們專注於我們的服務和產品銷售團隊的持續整合，以提高我們推動整合解決方案和業務成果的能力。

We are also investing with more focus on our renewal engines, while in these multi-year journeys we see both efforts as creating more opportunities over the long term.

我們也更加重視對更新引擎的投資，而在這些多年的旅程中，我們認為這兩項努力都將在長期內創造更多機會。

There is strong interest in our InterCloud approach which we -- again, we've asked Rob Lloyd to lead for the entire Company.

人們對我們的 InterCloud 方法很感興趣，我們再次邀請 Rob Lloyd 領導整個公司。

Customers and partners view our approach to the cloud as differentiated and unique, recognizing that we offer the only solution to federated, private, hybrid, and public clouds that enable them to move their cloud workloads across heterogeneous private and public clouds with the necessary policy, security, and management.

客戶和合作夥伴認為我們的雲端方法是差異化和獨特的，並認識到我們為聯合雲、私有雲、混合雲和公有雲提供了唯一的解決方案，使他們能夠透過必要的策略在異質私有雲與公有雲之間移動雲工作負載，安全、管理。

Over the last quarter, we expanded our InterCloud ecosystem with partners who are embracing the Cisco ACI vision and Cisco's open approach to differentiating their cloud offers through the value of the network.

上個季度，我們與擁護 Cisco ACI 願景和思科開放方法的合作夥伴一起擴展了 InterCloud 生態系統，透過網路價值實現雲端產品差異化。

We announced that NTT, Dimension Data, and Sungard availability services will both use Cisco InterCloud architectures to deliver cloud services to customers and resellers.

我們宣布 NTT、Dimension Data 和 Sungard 可用性服務都將使用 Cisco InterCloud 架構向客戶和經銷商提供雲端服務。

You will see us announce additional partnership soon.

您很快就會看到我們宣布更多合作夥伴關係。

In the quarter, we entered into a three-year go-to-market program with Microsoft to build InterCloud ready integrated infrastructure solutions leveraging Cisco's UCS Nexus switching and the Microsoft Cloud operating system.

本季度，我們與微軟簽訂了一項為期三年的上市計劃，利用思科的 UCS Nexus 交換和微軟雲端作業系統建立 InterCloud 就緒的整合基礎設施解決方案。

We are also growing a developer network to build applications on top of InterCloud, and that work is gaining momentum.

我們也正在發展一個開發者網絡，以在 InterCloud 上建立應用程序，而這項工作正在取得進展。

We believe we can grow DevNet developer community to at least 1 million developers by 2020.

我們相信，到 2020 年，我們可以將 DevNet 開發者社群發展到至少 100 萬開發者。

We feel that our focus on delivering enterprise class, hybrid cloud solutions, along with growing InterCloud ecosystems is resonating with customers and our partners around the world.

我們認為，我們對提供企業級混合雲解決方案以及不斷發展的 InterCloud 生態系統的關注正在引起世界各地客戶和合作夥伴的共鳴。

Cloud as an example of an area where we're making significant investments to fuel our future growth.

以雲端運算為例，我們正在該領域進行重大投資，以推動未來的成長。

In FY14, we allocated over 2,000 employees to our InterCloud organization including several of our top leaders.

2014 財年，我們向 InterCloud 組織分配了 2,000 多名員工，其中包括幾位高階領導。

These investments will drive our leadership and opportunities, though the results will not show up at our numbers in a meaningful way for a number of quarters.

這些投資將推動我們的領導地位和機會，儘管結果在幾個季度內不會以有意義的方式體現在我們的數字上。

I'd now like to turn the call over to you, Frank, for additional financial detail.

法蘭克，我現在想把電話轉給你，以了解更多的財務細節。

Thank you, John.

謝謝你，約翰。

I'll start with Q4 results and later discuss our full fiscal year results.

我將從第四季度的業績開始，然後討論我們整個財年的業績。

In Q4, we continue to manage through the transitions in our business and markets, resulting in our financial performance at or above our expectations.

第四季度，我們繼續應對業務和市場的轉型，使我們的財務表現達到或高於我們的預期。

From a top and bottom line perspective, total revenue was $12.4 billion flat on a year-over-year basis.

從營收和利潤的角度來看，總收入為 124 億美元，與去年同期持平。

Non-GAAP net income was $2.8 billion, and non-GAAP EPS was $0.55 per share.

非 GAAP 淨利潤為 28 億美元，非 GAAP 每股收益為 0.55 美元。

Our GAAP net income was $2.2 billion and GAAP earnings per share on a fully diluted basis was $0.43 a share.

我們的 GAAP 淨利潤為 22 億美元，完全稀釋後的 GAAP 每股收益為 0.43 美元。

Product revenue declined 2%, and service revenue increased 5% with product book-to-bill comfortably above 1. We ended the year with product backlog of approximately $5.4 billion as compared to approximately $4.9 billion at the end of FY14.

產品收入下降 2%，服務收入成長 5%，產品訂單出貨比輕鬆高於 1。

Overall, non-GAAP operating margin was 28%.

整體而言，非 GAAP 營運利潤率為 28%。

In Q4, our total non-GAAP gross margin was 61.8%.

第四季度，我們的非 GAAP 總毛利率為 61.8%。

Non-GAAP product gross margin was 60.3%.

非 GAAP 產品毛利率為 60.3%。

As compared to Q3, product gross margin was negatively impacted by pricing and product mix, partially offset by productivity.

與第三季相比，產品毛利率受到定價和產品結構的負面影響，但部分被生產力所抵銷。

Non-GAAP service gross margin was 66.8%, consistent with historical levels.

非 GAAP 服務毛利率為 66.8%，與歷史水準一致。

Our non-GAAP operating expenses were $4.2 billion or 33.8% as a percentage of revenue, compared to 33.9% in Q4 of FY13.

我們的非 GAAP 營運支出為 42 億美元，佔營收的比例為 33.8%，而 2013 財年第四季為 33.9%。

Operating expenses were up 5% quarter-over-quarter due to seasonality and down 1% year-over-year.

由於季節性因素，營運費用較上季增加 5%，年減 1%。

We ended the year with our headcount at 74,042, an increase of approximately 200 from Q3.

截至年底，我們的員工總數為 74,042 人，比第三季增加了約 200 人。

For the full year, headcount decreased by approximately 1,000 from a year ago, which is net of an addition of headcount from acquisitions during the year of approximately 1,300.

全年員工人數較上年同期減少約 1,000 人，扣除年內因收購而增加的約 1,300 名員工。

As we outlined in our headcount actions last year, we realigned and reinvested in talent to drive key priorities such as cloud.

正如我們在去年的人員配置行動中所概述的那樣，我們對人才進行了重新調整和再投資，以推動雲端等關鍵優先事項。

We continue to execute consistently with our portfolio approach to acquisitions aligned to driving long-term returns.

我們繼續按照我們的投資組合方法執行收購，以推動長期回報。

We announced and completed three acquisitions during the quarter, Tail-f, ThreatGRID, and Assemblage, to bolster our innovation and long-term growth opportunities in key growth areas such as software and security.

我們在本季宣布並完成了三項收購：Tail-f、ThreatGRID 和 Assemblage，以增強我們在軟體和安全等關鍵成長領域的創新和長期成長機會。

Looking at our geographic segment results in terms of total revenue on a year-over-year basis, the performance was relatively balanced across segments with the Americas and EMEA both down 1%, while APJC was up 1%.

從我們的地理細分市場的總收入同比來看，各個細分市場的表現相對均衡，美洲和歐洲、中東和非洲地區均下降了 1%，而亞太和日本地區則增長了 1%。

Total gross margin for the Americas was 62.3%.

美洲地區的總毛利率為 62.3%。

EMEA was 63.5%, while APJC was 57.1%.

歐洲、中東和非洲 (EMEA) 為 63.5%，亞太及日本地區 (APJC) 為 57.1%。

Moving on to our full year performance, our total revenue was $47.1 billion, a decrease of 3% from the prior year, as we work through the challenges in the emerging markets and service provider as well as several product transitions.

展望全年業績，我們的總收入為 471 億美元，比上年下降 3%，這得益於我們應對新興市場和服務提供者以及多項產品轉型的挑戰。

We were disciplined with our cost structure during the year as we address those areas.

在這一年裡，我們在解決這些領域時嚴格遵守成本結構。

We held our non-GAAP net income flat at $10.9 billion and grew our non-GAAP earnings per share on a fully diluted basis 2% to $2.06, delivering profitability which was slightly above our expectations for the full year.

我們將非 GAAP 淨利潤維持在 109 億美元不變，並且完全攤薄後的非 GAAP 每股收益增長了 2%，達到 2.06 美元，盈利能力略高於我們對全年的預期。

GAAP net income was $7.9 billion or $1.49 per share on a fully diluted basis.

完全稀釋後的 GAAP 淨利潤為 79 億美元，即每股 1.49 美元。

We generated strong operating cash flow of $12.3 billion, free cash flows of $11.1 billion, and returned a record $13.3 billion to shareholders through both the buyback as well as the dividends.

我們產生了 123 億美元的強勁營運現金流和 111 億美元的自由現金流，並透過回購和股息向股東返還了創紀錄的 133 億美元。

This represented 120% of our free cash flow.

這占我們自由現金流的 120%。

We are firmly committed to continuing our capital allocation strategy returning a minimum of 50% of our free cash flow to shareholders annually.

我們堅定地致力於繼續實施我們的資本配置策略，每年將至少 50% 的自由現金流返還給股東。

Looking back on this past fiscal year, we effectively managed our portfolio and investments which enabled us to invest in our key long-term growth areas such as cloud, data center, software, and security.

回顧過去的財年，我們有效地管理了我們的投資組合和投資，這使我們能夠投資於雲端、資料中心、軟體和安全性等關鍵的長期成長領域。

From a balance sheet and cash flow perspective total cash, cash equivalents, and investments were $52.1 billion including $4.7 billion available in the US at the end of the quarter.

從資產負債表和現金流角度來看，本季末現金、現金等價物和投資總額為 521 億美元，其中包括美國可用的 47 億美元。

We generated operating cash flows of $3.6 billion during the quarter, and in Q4 we returned $2.5 billion to shareholders that included $1.5 billion through share repurchases and approximately $974 million to our quarterly dividend.

本季我們產生了 36 億美元的營運現金流，第四季我們向股東返還了 25 億美元，其中包括透過股票回購獲得的 15 億美元以及約 9.74 億美元的季度股息。

Our balance sheet continues to be an area of strength with DSO at 38 days and non-GAAP inventory turns at 12.1.

我們的資產負債表仍然是一個優勢領域，DSO 為 38 天，非 GAAP 庫存週轉率為 12.1。

Deferred revenue was $14.1 billion, up 5% year-over-year.

遞延收入為 141 億美元，年增 5%。

Product deferred revenue grew 12% driven by subscription based offerings and deal related deferrals while services deferred revenue grew 3%.

在基於訂閱的產品和交易相關延期的推動下，產品遞延收入增長了 12%，而服務遞延收入增長了 3%。

We continue to make progress in driving a greater software mix and higher returning revenue.

我們在推動更廣泛的軟體組合和更高的回報收入方面不斷取得進展。

Let me now provide a few comments on our outlook for the first quarter.

現在讓我對第一季的前景發表一些評論。

Let me remind you again that our comments include forward-looking statements.

讓我再次提醒您，我們的評論包含前瞻性陳述。

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 actual results could be above or below our guidance.

您應該查看我們最近向 SEC 提交的文件，其中確定了重要的風險因素，並了解實際結果可能與前瞻性陳述中包含的結果有重大差異，並且實際結果可能高於或低於我們的指導。

The guidance we are providing is on a non-GAAP basis, with also a reconciliation to GAAP.

我們提供的指導是基於非公認會計原則（non-GAAP）的，同時也與公認會計原則（GAAP）進行了調整。

As John mentioned earlier, we expect total revenue to be in the range of flat to up 1% on a year-over-year basis.

正如 John 之前提到的，我們預計總收入將同比將持平至成長 1%。

For the first quarter, we anticipate non-GAAP gross margin to be in the range of 61% to 62%.

我們預計第一季非 GAAP 毛利率將在 61% 至 62% 之間。

As we have said the past, forecasting non-GAAP gross margin has always been challenging due to factors such as volume, product mix, cost savings, as well as pricing.

正如我們過去所說，由於銷售量、產品組合、成本節約以及定價等因素，預測非公認會計原則毛利率一直具有挑戰性。

As a result, non-GAAP gross margin may vary quarter to quarter by a point in either direction of our guidance range.

因此，非公認會計原則毛利率可能會在我們的指導範圍的任一方向上按季度變化一個百分點。

Our non-GAAP operating margin in Q1 is expected to be in the range of 27.5% to 28.5%.

我們第一季的非 GAAP 營業利潤率預計在 27.5% 至 28.5% 之間。

Our non-GAAP tax provision rate is expected to be approximately 22% in the first quarter.

我們第一季的非 GAAP 稅款撥備率預計約為 22%。

This is up one point from the prior fiscal year, largely driven by the expiration of the R&D tax credit.

這比上一財年上升了一個百分點，這主要是由於研發稅收抵免到期所致。

This represents approximately $0.01 of impact EPS.

這相當於影響每股收益約 0.01 美元。

If the R&D tax credit is reinstated, we would reflect that benefit in our effective tax rate.

如果恢復研發稅收抵免，我們將在有效稅率中反映此好處。

Our Q1 FY15 non-GAAP earnings per share are expected to range from $0.51 to $0.53 per share.

我們 2015 財年第一季非 GAAP 每股盈餘預計為每股 0.51 美元至 0.53 美元。

As John also discussed earlier, we will be taking a restructuring action in FY15 that will be focused on continuing to invest in growth, innovation, and talent while managing costs and driving efficiencies.

正如約翰之前所討論的，我們將在 2015 財年採取重組行動，重點是繼續投資於成長、創新和人才，同時管理成本和提高效率。

These actions will impact up to 6,000 employees, representing approximately 8% of our global workforce.

這些行動將影響多達 6,000 名員工，約占我們全球員工總數的 8%。

We expect to take these actions starting in Q1 FY15 and currently estimate that we will recognize pretax charges to our GAAP financial results of up to $700 million.

我們預計從 2015 財年第一季開始採取這些行動，目前估計我們將在 GAAP 財務業績中確認高達 7 億美元的稅前費用。

We expect that approximately $250 million to $350 million of these charges will be recognized during the first quarter of FY15 with the remaining amount recognized during the rest of the fiscal year.

我們預計其中約 2.5 億至 3.5 億美元的費用將在 2015 財年第一季確認，其餘金額將在本財年剩餘時間確認。

We expect to reinvest substantially all the cost savings from the restructuring actions in our key growth areas.

我們預計將重組行動節省的大部分成本重新投資於我們的關鍵成長領域。

We anticipate our GAAP earnings to be lower than our non-GAAP EPS by $0.14 to $0.18 per share in Q1 FY15.

我們預計 2015 財年第一季的 GAAP 收益將比非 GAAP 每股收益低 0.14 美元至 0.18 美元。

Please see the slides that accompany this webcast for further details.

請參閱本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 specific differences between our GAAP and our non-GAAP guidance.

除了前面提到的量化項目之外，我們的公認會計原則和非公認會計原則指導之間沒有其他具體差異。

This guidance assumes no additional acquisitions, asset impairments, restructuring, and tax or other events which may or may not be significant.

本指南假設沒有額外的收購、資產減損、重組以及稅務或其他可能重要或可能不重要的事件。

We are executing well in a rapidly transforming market.

我們在快速變化的市場中表現良好。

As we have mentioned, we are not expecting a significant improvement in the emerging markets or the service provider segment in the near future.

正如我們所提到的，我們預計新興市場或服務提供者領域在不久的將來不會出現重大改善。

With all these types of uncertainties in mind, we will continue to provide our guidance with all the appropriate caveats one quarter at a time.

考慮到所有這些類型的不確定性，我們將繼續一次一個季度地提供帶有所有適當注意事項的指導。

We encourage our shareholders to have these same consideration.

我們鼓勵我們的股東也有同樣的考量。

As a reminder, Cisco will not comment on the financial guidance during the quarter unless it is done through an explicit public disclosure.

需要提醒的是，除非透過明確的公開揭露方式，否則思科不會對本季的財務指引發表評論。

John, I'll now turn it back over to you for some summary comments.

約翰，我現在將其轉回給您，以供您進行一些摘要評論。

Thank you, Frank.

謝謝你，弗蘭克。

The dynamics in our business and market continued to play out as we said they would.

我們的業務和市場的動態繼續如我們所說的那樣發揮作用。

Our management team's executing well, driving innovation and discipline across the entire Company to disrupt our industry and our sales when necessary.

我們的管理團隊執行良好，推動整個公司的創新和紀律，在必要時擾亂我們的行業和銷售。

I am pleased with our leadership position and the strong receptivity we're getting from customers as we've become a Company that delivers architecture, solutions, and finally, business outcomes.

我對我們的領導地位以及客戶的強烈接受度感到滿意，因為我們已經成為一家提供架構、解決方案以及最終業務成果的公司。

We have transformed Cisco of the past three years and remain as focused as ever on the future, moving to become the number one IT Company our customers turn to, to enable their innovation, drive their growth, cut their costs, and mitigate their risk.

在過去的三年裡，我們對思科進行了轉型，並一如既往地關注未來，努力成為我們的客戶求助的第一大IT 公司，以支持他們的創新、推動他們的成長、削減他們的成本並降低他們的風險。

What does that mean for our investors?

這對我們的投資者意味著什麼？

First, 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.

首先，我們仍然專注於股東價值創造，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。

Second, investors need to remember that change is nothing new for Cisco.

其次，投資人需要記住，改變對思科來說並不是什麼新鮮事。

We embrace it.

我們擁抱它。

We see opportunities for disruption all around us, and in nearly every case Cisco's positioned extremely well.

我們在周圍看到了顛覆的機會，而且幾乎在所有情況下，思科都處於非常有利的位置。

In this environment, companies who use technology for speed and innovation will differentiate themselves.

在這種環境下，利用技術來提高速度和創新的公司將脫穎而出。

You see it in places never imagined, and it happens quickly, things like a new business model delivering through a network application that disrupts the [taxi] industry.

你會在意想不到的地方看到它，而且它發生得很快，例如透過網路應用程式提供的新商業模式顛覆了[計程車]產業。

Every company is becoming a technology company, and the common element is the network at the center driven by applications, allowing for rapid introduction of new business models, disrupting old models in record time.

每家公司都在向科技公司轉型，共同點就是以應用程式驅動的網路為中心，能夠快速引入新的業務模式，在創紀錄的時間內顛覆舊模式。

We've talked about this opportunity for a while, and now you are seeing it play out.

我們已經談論這個機會有一段時間了，現在您正在看到它的發揮。

Every company is increasingly dependent on the network not just for communications but for how they run, analyze, and grow their business, and disrupt their competitors.

每家公司都越來越依賴網絡，不僅用於通信，還用於營運、分析和發展業務以及擾亂競爭對手。

In this paradigm, the reliability, scale, speed, and application-centricity of the network is even more important.

在這種範式中，網路的可靠性、規模、速度和以應用程式為中心更加重要。

This is where our unique strength lies.

這就是我們獨特的優勢所在。

As the leader trusted by business and governments with 17,000 salespeople, approximately 70,000 partners, an install base of approximately $200 billion, Cisco is very well positioned to capture this opportunity, and I am more confident than ever that we're doing just that.

作為一個受到企業和政府信賴的領導者，思科擁有17,000 名銷售人員、約70,000 個合作夥伴、約2,000 億美元的安裝基礎，思科完全有能力抓住這一機遇，而且我比以往任何時候都更有信心我們正在這樣做。

As always, we have to deliver the innovation, the new business models, and value to our customers to win in the market, and that requires continually reshaping how we operate.

一如既往，我們必須為客戶提供創新、新的商業模式和價值，才能贏得市場，而這需要不斷重塑我們的營運方式。

If we do not disrupt ourselves, if we don't have the courage to change, if we don't lead the change, we will get left behind.

如果我們不顛覆自己，如果我們沒有勇氣改變，如果我們不引領變革，我們就會被拋在後面。

Disruption is happening amongst our peers and throughout our customer base.

顛覆正在我們的同行和整個客戶群中發生。

Management teams are being tested every day.

管理團隊每天都在接受考驗。

The question is whether they will make the right investments and take the bold action in order to move forward.

問題是他們是否會做出正確的投資並採取大膽的行動以繼續前進。

At Cisco, we are making tough choices, transforming our Company at a rapid pace.

在思科，我們正在做出艱難的選擇，快速改變我們的公司。

Whether it is introducing revolutionary new platforms in our core and at a speed where we knowingly disrupt ourselves, or making long-term bets like we do with UCS and Internet of Everything, and are now doing with InterCloud and ACI, application-centric infrastructure, we are investing our leadership for years to come.

無論是在我們的核心以我們故意顛覆自己的速度引入革命性的新平台，還是像我們對UCS 和萬物互聯那樣進行長期押注，以及現在對InterCloud 和ACI（以應用程式為中心的基礎設施）所做的事情，我們將在未來幾年投資我們的領導力。

We understand that the results of our strategy, and many of the decisions we make may not be evident in a single quarter, and in fact, at times will create volatility through our results from time to time.

我們知道，我們的策略結果以及我們所做的許多決策可能不會在一個季度內顯現出來，事實上，有時會不時地透過我們的結果造成波動。

We also know that some of the investments we are making today will take several years to pay off.

我們也知道，我們今天所做的一些投資需要幾年時間才能獲得回報。

Taking a multi-your view, I am confident that when we look back in time this transformative period will be a distinguished part of Cisco's history, where we make bold choices, moved aggressively, and insured our long-term strategic value for our customer, shareholders, partners, and employees.

從多方面的角度來看，我相信，當我們回顧過去時，這段變革時期將成為思科歷史上的一個重要組成部分，在此期間我們做出大膽的選擇，積極採取行動，並確保我們為客戶提供長期策略價值，股東、合作夥伴和員工。

Mel, let me now turn it over to you for question-and-answer.

梅爾，現在讓我把它交給你進行問答。

Thanks, John.

謝謝，約翰。

We'll now open the floor to Q&A.

我們現在開始問答環節。

We still request that sell side analyst please only ask one question.

我們仍然要求賣方分析師只問一個問題。

Operator, please open the floor to questions.

接線員，請開始提問。

(Operator Instructions)

（操作員說明）

Brian Modoff, Deutsche Bank.

布萊恩‧莫多夫，德意志銀行。

Hi, John.

嗨，約翰。

Let's talk a little bit about switching.

我們來談談切換。

It's 30% of your revenues.

這是你收入的30%。

You're talking about this transition to the 9K, and then you've also got the 3850.

您正在談論向 9K 的過渡，然後您還獲得了 3850。

From what we understand, you're bringing forward the 802.11ac Wave 2 APs later this year that because of the change in voltage requirements and higher data rates may create an uptick or a desired upgrade switches on the campus side in the back half of the year.

據我們了解，你們將在今年稍後推出 802.11ac Wave 2 AP，因為電壓要求的變化和更高的數據速率可能會在園區側的後半部分產生上升或所需的升級開關。

Can you talk about how you see the switching markets doing in FY2015?

您能談談您對 2015 財年轉換市場的看法嗎？

In these two transitions, do you see growth in the market?

在這兩次轉變中，您看到市場的成長嗎？

Do you see better 2015 in that area than perhaps 2014?

您認為 2015 年在該領域會比 2014 年更好嗎？

Thanks.

謝謝。

The answer is absolutely yes.

答案是肯定的。

If you watch, we disrupted ourselves at the high-end segment of the switching market.

如果你注意的話，你會發現我們在交換器市場的高端領域顛覆了自己。

The way I look at it and what we said last quarter that will take several quarters more to work out, and in today's market the 7K was down in the mid to high teens.

我的看法以及我們上個季度所說的需要幾個季度的時間才能解決，而在今天的市場上，7K 的價格下降了十幾歲。

The 9K obviously was growing very well overall.

9K 顯然整體成長得非常好。

I consider those two products together our entire Nexus line.

我將這兩款產品視為整個 Nexus 系列。

You'll begin to see a switchover in Q2 and Q3 in terms of this transition.

您將在第二季和第三季開始看到這種轉變的轉變。

With all the appropriate caveats, I feel good about growth late Q3 and Q4 with good market leadership.

考慮到所有適當的警告，我對第三季末和第四季的成長以及良好的市場領導地位感到滿意。

I do see our high-end switching, switching as a whole growing.

我確實看到我們的高端交換、整體交換正在成長。

We are positioned extremely well.

我們的定位非常好。

If I can, just a note on our competitors, our competitors are coming at us with box solutions.

如果可以的話，請簡單介紹一下我們的競爭對手，我們的競爭對手正在向我們提供盒子解決方案。

We're going to approach them with an architectural play that includes software and hardware, and that wins.

我們將透過包含軟體和硬體的架構來應對他們，並且獲勝。

We've been in 580 accounts as I said earlier, and we've also taken back a number of one of the start-ups key flagship accounts again and again in multiple areas.

正如我之前所說，我們已經擁有了 580 個帳戶，而且我們還在多個領域一次又一次地收回了一些新創公司的關鍵旗艦帳戶。

I think we're position well, and yes, it is a growth market.

我認為我們的定位很好，是的，這是一個成長的市場。

The transition is more 10 gig to 40 gig that I think will help drive this volume as well.

從 10 G 過渡到 40 G，我認為這也將有助於推動這一銷售。

Thanks, Brian.

謝謝，布萊恩。

Next question?

下一個問題？

Simona Jankowski, Goldman Sachs.

西蒙娜·揚科斯基，高盛。

Hi, thank you.

你好，謝謝。

I wanted to put to your guidance in context a little bit.

我想向您提供一些具體的指導。

You're guiding for zero to 1%.

你的指導是 0 到 1%。

First of all, that's a bit narrower than it has been in the past few quarter.

首先，這個數字比過去幾季窄一點。

I just wanted to understand if there's better visibility?

我只是想了解是否有更好的能見度？

What's driving that?

是什麼推動了這一點？

Secondly, it's a lot lower than your product deferred has actually grown.

其次，它遠低於您的產品延遲實際成長。

I think you indicated something like 12% as a result of the transition to software, so can you just expand on that a little bit?

我認為您指出了由於向軟體過渡而導致的 12% 左右，所以您可以稍微擴展一下嗎？

It seems like that's something that's taking place at a relatively rapid pace.

看起來這件事正在以相對較快的速度發生。

Okay.

好的。

The visibility is improved in most of the areas, the two wild cards we talked about.

大多數區域的可見度都得到了改善，這就是我們談到的兩個外卡。

As you come off a very solid book-to-build in Q4 which is normal, and we did a high-end of normal book-to-bill, and as you said we exited with $5.4 billion in backlog.

正如你所說，我們在第四季度完成了非常穩定的訂單交付，這是正常的，我們做了正常訂單交付的高端，正如你所說，我們以 54 億美元的積壓退出。

I think last year was $4.9 billion, so the visibility for Q1 is pretty solid.

我認為去年的銷售額為 49 億美元，因此第一季的知名度相當不錯。

I like how we're positioned on that.

我喜歡我們在這方面的定位。

We want to also realize we still have some headwinds we've got to get through.

我們也想認識到我們仍然需要克服一些阻力。

I think we're just being our normal conservative selves, Simona.

我認為我們只是做我們正常的保守派自己，西蒙娜。

I'm not signaling any unusual lack of confidence on it.

我並不是表示對此有任何不尋常的缺乏信心。

I like our hand a lot.

我非常喜歡我們的手。

We actually did something some of you suggested.

我們實際上做了你們中一些人建議的事情。

We put our negatives at the front end of the call and the positives afterward, so we don't get you excited on the front end, and then say here are couple challenges.

我們將負面因素放在通話的前端，將正面因素放在後面，這樣我們就不會在前端讓您感到興奮，然後說這是一些挑戰。

I think we're positioned extremely strong.

我認為我們的地位非常強大。

Our switching play as I said to Brian is very solid.

正如我對布萊恩所說，我們的換防打法非常紮實。

We transition to high-end routing well.

我們很好地過渡到高端路由。

The outcomes are selling.

結果就是賣。

If you look purely at commercial and enterprise, these are the best numbers we've seen worldwide in a very long time even when the economies are struggling.

如果你純粹關注商業和企業，這些是我們在很長一段時間內在全球範圍內看到的最好的數字，即使經濟陷入困境。

I think we're doing very well in a tough market.

我認為我們在嚴峻的市場中表現得很好。

I feel very good about our future here, and very good about a Q1 in a tight range that we did give you.

我對我們在這裡的未來感覺非常好，並且對我們確實給你的小範圍內的 Q1 感到非常好。

Do you want to touch on the deferred?

您想談談延期嗎？

I did a little bit.

我做了一點點。

The deferred revenue?

遞延收入？

Do you want to comment on it, Frank?

弗蘭克，你想對此發表評論嗎？

No, just pretty much what I said in the script.

不，只是我在劇本中所說的差不多。

The deferred revenue is up 12%.

遞延收入成長了12%。

Primarily that's product deferred revenue, mostly driven by product subscriptions.

主要是產品遞延收入，主要由產品訂閱驅動。

That shows that the WebEx products like the Meraki, as well as the collaboration enterprise license agreements are really showing some traction, and they provide us with a stream of revenue going forward.

這表明像 Meraki 這樣的 WebEx 產品以及協作企業授權協議確實顯示出了一些吸引力，並且它們為我們提供了未來的收入來源。

The recurring revenue increased as well, as far as going through the year.

就全年而言，經常性收入也有所增加。

All good signs from that perspective, but again we have to put it in the context of, John, what you just said as far as some of the other factors we're considering.

從這個角度來看，所有這些都是好兆頭，但我們必須再次將其放在約翰，您剛才所說的話以及我們正在考慮的其他一些因素的背景下。

If you watch, we are making that transition, and Gary, you've seen it from the General Motors of the world to others.

如果您觀看，我們正在實現這種轉變，加里，您已經看到從世界通用汽車公司到其他公司的轉變。

We're starting to accelerate with enterprise license agreements.

我們開始加速企業授權協議。

Just using security as an example, the security orders were dramatically higher than the revenues.

僅以安全為例，安全訂單遠高於收入。

You begin to see both filling up our recurring revenues as well as the deferred revenue.

您開始看到我們的經常性收入和遞延收入都被填滿。

Thank you, Simona

謝謝你，西蒙娜

Operator, next question, please.

接線員，請下一個問題。

Mark Sue, RBC Capital Markets.

馬克‧蘇（Mark Sue），加拿大皇家銀行資本市場部。

Hi, Mark.

嗨，馬克。

Hi, John.

嗨，約翰。

How are you?

你好嗎？

I want to have a larger discussion, John, on your stock price and the stock multiple.

約翰，我想就您的股價和股票倍數進行更廣泛的討論。

When we talk to investors, the worry is that, despite the consistent free cash flow, we might see a drop off in the future cash flow and that you will not be able to grow your dividends.

當我們與投資者交談時，我們擔心的是，儘管自由現金流保持穩定，但我們可能會看到未來現金流下降，您將無法增加股息。

Is there a way we can convince investors that Cisco can consistently generate $12 billion to $13 billion of free cash flow each and every year, and continue to grow their dividend?

我們是否有辦法讓投資人相信思科每年能夠持續產生 120 億至 130 億美元的自由現金流，並持續增加股利？

Subsequently, should M&A be more about cash flow contribution, so investors can worry less about that?

那麼，併購是否應該更關注現金流貢獻，讓投資人少擔心？

Can you also maybe, Frank, if you want to chime in, explain why the weakness in emerging markets and service provider orders does not really impact annual free cash flows?

弗蘭克，如果您想插話，您能否解釋一下為什麼新興市場和服務提供者訂單的疲軟並沒有真正影響年度自由現金流？

Do you want to give me one of two questions?

您想問我兩個問題之一嗎？

Let me address the cash flow question a little bit, and then a comment on tax policy.

讓我稍微談談現金流問題，然後評論一下稅收政策。

Frank, keep me honest on this one.

弗蘭克，請讓我誠實地回答這個問題。

I feel very good about our cash flow.

我對我們的現金流感覺非常好。

We are committed to the dividend and to share repurchase.

我們致力於派息和股票回購。

We see no indication of ever changing our direction.

我們沒有看到任何改變我們方向的跡象。

We have a minimum of 50% free cash flow returned to our shareholders, and as Frank said, it was 120% this last year.

我們至少有 50% 的自由現金流回饋給股東，正如 Frank 所說，去年這個數字是 120%。

Obviously, we're pleased with the share repurchase.

顯然，我們對股票回購感到滿意。

When we started down the dividend path, we knew that there would be periodic raises expected.

當我們開始派發股息時，我們知道預計會定期上調股息。

We have full intention of, at the right times, raising the dividends to move forward.

我們完全打算在適當的時候提高股息以繼續前進。

Not changing that at all.

根本不改變這一點。

Frank, any additional comments?

弗蘭克，還有其他意見嗎？

No, again, we've been down this path the last couple of years, thanks to a lot of feedback from the investors, the support of both the dividend and the buyback.

不，再說一遍，過去幾年我們一直沿著這條路走，這要歸功於投資者的大量回饋、股息和回購的支持。

Clearly, we've had a very active year in both.

顯然，我們在這兩方面都度過了非常活躍的一年。

We continue to support the dividend over the longer period of time.

我們在較長時間內繼續支持股息。

I think as you said, John, we're generating the cash.

我想正如你所說，約翰，我們正在產生現金。

We're very pleased about the ability to generate that cash.

我們對產生現金的能力感到非常高興。

Our cash flow has been fairly consistent even throughout this past year, and the assumption going into next year, it's about the same.

即使在過去的一年裡，我們的現金流也相當穩定，假設進入明年，情況也大致相同。

Thanks, Mark.

謝謝，馬克。

Amitabh Passi, UBS Securities.

阿米塔布‧帕西 (Amitabh Passi)，瑞銀證券。

Hi, John, and thanks for the question.

你好，約翰，謝謝你的提問。

Losing my voice here.

我在這裡失去了聲音。

John, I understand and realize the workforce restructuring decisions are always tough decisions to make.

約翰，我理解並意識到勞動力重組決策始終是個艱難的決策。

I just want to better understand the context of why now?

我只是想更能理解為什麼是現在？

If you can shed any light in terms of the areas where you might be deemphasizing?

您能否闡明您可能不重視的領域？

Should we think of the 6,000 employees as a net reduction, or is it simply a reallocation of resources into some of the other areas?

我們是否應該將 6,000 名員工視為淨減少，還是只是將資源重新分配到其他一些領域？

In reverse order, reallocation of resources is the way you should address it.

相反，重新分配資源才是解決這個問題的方法。

It is investment in our growth areas that we felt strongly we needed to do quickly.

我們強烈認為我們需要盡快對我們的成長領域進行投資。

In terms of why now, it's the uncertainties in the market.

至於為什麼現在這樣，是因為市場的不確定性。

You are seeing a few headwinds and a lot of tailwinds.

你會看到一些逆風和很多順風。

The pace of change is accelerating, and we felt we had to move with tremendous speed on it.

改變的步伐正在加快，我們覺得必須以驚人的速度前進。

We are going to put in these investments into our growth areas such as cloud, such as software, such as security, and these are often skill sets that you have in one element of engineering that have to move to another.

我們將把這些投資投入到我們的成長領域，例如雲端、軟體、安全，而這些通常是您在工程的一個要素中擁有的技能，必須轉移到另一個要素。

Pankaj has been planning that, Rob for almost 10 or 11 months in terms of how to do this smoothly, focus more on the customers.

Pankaj 已經計劃了 Rob 近 10 或 11 個月的時間來思考如何順利地做到這一點，並且更專注於客戶。

Then you have the same issue in your markets.

那麼您的市場也會遇到同樣的問題。

Some of our markets are slowing down.

我們的一些市場正在放緩。

Unfortunately, you can't move sales reps from one country to another with different language characteristics.

遺憾的是，您無法將銷售代表從一個國家/地區轉移到另一個具有不同語言特徵的國家。

Gary in services, it's really hard to a person who's really good about installing networks to business outcomes from a manufacturing shop floor or with deep security experience.

加里（Gary）在服務領域，對於一個真正擅長在製造車間安裝網路以實現業務成果或具有深厚安全經驗的人來說，這真的很難。

The why now is if we're going to become the number one IT player which we are going to do, our ability to move requires decisiveness.

現在的原因是，如果我們要成為我們要做的第一大 IT 參與者，我們的行動能力就需要果斷。

It requires investing in its growth and it really keeps this innovation engine, and while this last year was our best innovation engine ever -- new high-end routing, new high-end switching, new security moves, new collaboration moves, aggressive moves on wireless, Internet of Everything took shape, architectures moved into solutions -- we think we have to move even more rapidly and get these groups coordinated so we focus the whole Company horizontally on getting business outcomes.

它需要對其成長進行投資，並且確實保留了這個創新引擎，雖然去年是我們有史以來最好的創新引擎——新的高端路由、新的高端交換、新的安全措施、新的協作舉措、積極的舉措無線、萬物互聯已形成，架構已轉變為解決方案——我們認為我們必須更快地行動並協調這些團隊，以便我們將整個公司的注意力集中在獲得業務成果上。

You're right.

你說得對。

It is the most difficult decision we make as an operating committee, but it's one, the market waits for no one.

這是我們作為營運委員會做出的最困難的決定，但就是這樣，市場不等人。

We're going to lead this market.

我們將引領這個市場。

We're going to be decisive in it.

我們將在這件事上發揮決定性作用。

Thanks, Amitabh.

謝謝，阿米塔布。

Next question.

下一個問題。

James Faucette, Morgan Stanley.

詹姆斯‧福賽特，摩根士丹利。

Thanks very much.

非常感謝。

I just wanted to touch base quickly on the emerging markets.

我只是想快速接觸新興市場。

You suggested that they had slowed down in the most recent months, et cetera, and weren't willing to talk about when you might see a recovery.

您表示他們在最近幾個月等方面已經放緩，並且不願意談論您何時可能看到復甦。

Can you talk a little bit about what you think contributed to that slowdown and clarify when you talk about not wanting to talk about a recovery, are you talking about you don't want to speculate as when they will stop declining?

您能否談談您認為導致經濟放緩的原因，並澄清當您談到不想談論復甦時，您是在談論您不想猜測它們何時會停止下滑？

Should we expect a baseline, but you don't want to expect to talk about when they would expect to return to growth?

我們是否應該期待一個基線，但您不想談論他們預計何時恢復成長？

Thank you.

謝謝。

Sure.

當然。

If I could predict when the emerging markets were up or down, I would love to do that for us all.

如果我能夠預測新興市場何時會上漲或下跌，我很樂意為我們所有人做到這一點。

We tend to be a very early indicator.

我們往往是一個非常早期的指標。

Taking a step back to a year ago or 15 months ago, we saw the emerging markets, the BRICs slowdown first, and then one quarter later the rest of the emerging markets slowed down.

回到一年前或15個月前，我們看到新興市場、金磚四國首先放緩，然後一個季度後，其他新興市場放緩。

They felt like they were turning around in Q2 and Q3, and our numbers instead of being in double-digit decline, were in the mid-single digits.

他們感覺自己在第二季和第三季出現了好轉，而我們的數字並沒有出現兩位數的下降，而是出現了中個位數的下降。

We saw this last quarter, the BRICs plus Mexico, stay at about 12%, but it was the next 15 countries that in total balanced out.

我們在上個季度看到，金磚四國加上墨西哥保持在 12% 左右，但接下來的 15 個國家總體上保持了平衡。

Now these can turn up or down rapidly, so what we did today was to share with you that they had declined more than we anticipated and that we weren't sure when you'd see a turnaround in Russia and the Ukraine and Middle East opportunities and challenges, and in China.

現在這些可能會迅速上升或下降，所以我們今天所做的是與您分享，它們的下降幅度超出了我們的預期，我們不確定您何時會看到俄羅斯、烏克蘭和中東機會的改善和挑戰，以及在中國。

Thailand obviously, key issues we're all familiar with, and an election in Indonesia.

顯然，泰國是我們都熟悉的關鍵議題，還有印尼的選舉。

There are some bright spots for the first time in a while.

一段時間以來首次出現一些亮點。

I think Modi in India is going to turn around that country.

我認為印度的莫迪將扭轉這個國家的局面。

You can see the enthusiasm both the citizens and the businesses there.

你可以看到那裡的公民和企業的熱情。

If I were betting on a single emerging market, I'd bet on India right now in a big way.

如果我押注於一個新興市場，我現在會大力押注印度。

If you watch, we've navigated through challenges regardless of whether they're in China or Russia pretty smoothly.

如果你注意的話，我們已經順利地應對了挑戰，無論是在中國還是在俄羅斯。

You'll see us continue to stay focused on emerging markets, but we just wanted to level set you that we saw this problem at the present time, and we're not sure if they're going to continue to decline are not.

您會看到我們繼續關注新興市場，但我們只是想讓您知道我們目前看到了這個問題，我們不確定它們是否會繼續下降。

Again, they can turn very rapidly positively.

同樣，他們可以非常迅速地積極轉變。

We just want to give you the exposure on that.

我們只是想讓您了解這一點。

Next question.

下一個問題。

Jess Lubert, Wells Fargo.

傑西·盧伯特，富國銀行。

Hi, John.

嗨，約翰。

Thanks for taking my question.

感謝您提出我的問題。

I was hoping you can provide some additional details on the US federal vertical?

我希望您能提供一些有關美國聯邦垂直領域的其他詳細資訊？

Orders picked up there, so I was hoping to understand if you're seeing signs of a fiscal year-end flush.

那裡的訂單有所增加，所以我希望了解您是否看到了財政年度結束時出現虧損的跡象。

How are you thinking about the federal market moving forward?

您如何看待聯邦市場的未來發展？

Then could you also touch on the wireless business?

那麼您能否也談談無線業務？

How fast is the non-carrier segment is growing, what the impact of Meraki is on overall growth, perhaps comment on the competitive environment?

非營運商細分市場的成長速度有多快，Meraki 對整體成長有何影響，或對競爭環境有何評論？

It seems like some your competitors are growing a little faster there.

看起來你的一些競爭對手在那裡成長得更快一些。

Thanks.

謝謝。

I think our federal team and the state and local team have been very well.

我認為我們的聯邦團隊以及州和地方團隊都表現得很好。

Pat Finn has done an amazing job there.

帕特·芬恩在那裡做得非常出色。

Pat, if you're listening, congratulations.

帕特，如果你在聽的話，恭喜你。

I do not think it was a one-quarter phenomenon.

我不認為這是四分之一的現象。

It's too early to call, and Mel will probably kick me if I get into too much detail.

現在打電話還為時過早，如果我講太多細節，梅爾可能會踢我。

I feel good about how we're positioned, both the federal and state and local, as we go into this next year, and I feel very good about obviously US enterprise and commercial.

當我們明年進入這個階段時，我對我們在聯邦、州和地方的定位感到滿意，我對美國企業和商業顯然也感覺非常好。

It doesn't normally be in the 8% to 12% range.

通常不會在 8% 到 12% 的範圍內。

Last quarter they did an amazing job on big deals, and they had a lot of financial incentives working for them at the end of the year.

上個季度，他們在大宗交易上做得非常出色，年底時他們還獲得了許多財務激勵措施。

I feel good about the US economy.

我對美國經濟感覺良好。

We've got to do better in service provider.

我們必須在服務提供者方面做得更好。

That's why you saw us change everything, change our engineering organization, change our global to-to-sales marketplace, took one of our stars, Rob, out of (inaudible) and Chuck's sales team.

這就是為什麼你看到我們改變了一切，改變了我們的工程組織，改變了我們的全球銷售市場，將我們的明星之一羅布從（聽不清楚）和查克的銷售團隊中剔除。

Nick Adamo, he's leading that globally.

尼克·阿達莫（Nick Adamo）在全球範圍內領導這項工作。

You'll see Pankaj literally within the engineering team.

您會在工程團隊中看到 Pankaj。

Kelly Ahuja lead service provider across the whole team.

Kelly Ahuja 領導整個團隊的服務提供者。

We're now organized around our customers as opposed to selling them routers and switches and wireless and direction on it.

我們現在圍繞著客戶進行組織，而不是向他們出售路由器、交換器以及無線和方向。

I think you will see us move well on commercial and enterprise globally as long as the economies continue to do okay.

我認為，只要經濟持續表現良好，您就會看到我們在全球商業和企業方面取得良好進展。

I think we need to do better in service provider, and that's a couple quarter phenomenon if we execute right.

我認為我們需要在服務提供者方面做得更好，如果我們執行得當，這將是幾個季度的現象。

Then it's what is the service provider spend.

然後是服務提供者的支出。

We have a little bit of headwinds there, but if you were to say how do I feel going into Q3, Q4 of next year I think if we execute well, you'll see us in better shape on the service providers.

我們在這方面遇到了一些阻力，但如果你要說我對明年第三季、第四季的感覺如何，我認為如果我們執行得好，你會看到我們在服務提供者方面處於更好的狀態。

Then it's more a matter of the CapEx spend as you go forward.

那麼，隨著你的發展，更多的是資本支出的問題。

You had one other question, Jess, which I'm excited to answer if I could remember what it is.

傑西，你還有一個問題，如果我還記得是什麼問題的話，我很高興能回答這個問題。

Meraki growth.

梅拉基的成長。

Meraki growth has been outstanding.

Meraki 的成長非常出色。

I think there's an example of taking an architecture and a play, combining it with collaboration, and literally expanding it in security, expanding it across the whole base and blowing it through the channels.

我認為有一個例子，採用架構和遊戲，將其與協作相結合，並在安全方面真正擴展它，將其擴展到整個基地並透過管道傳播。

I don't know, Rob, if you'd add anything else to that.

羅布，我不知道你是否還要補充一些其他內容。

I haven't done the math on the question you asked within that, come to think if it, but I'll see if by next call we can think about how to answer that.

我還沒有對你提出的問題進行數學計算，想一下是否可以，但我會看看下次電話會議時我們是否可以考慮如何回答這個問題。

We're good.

我們很好。

Next question.

下一個問題。

Thank you, Jess.

謝謝你，傑西。

Thank you.

謝謝。

Subu Subrahmanyan, Juda Group.

Subu Subrahmanyan，Juda 集團。

My question is on gross margin.

我的問題是關於毛利率。

Can you talk about some of the points you've made on some price pressures and mix, how those are impacting, especially as core products including switching and routing start to rebound?

您能否談談您對某些價格壓力和組合所提出的一些觀點，這些壓力和組合有何影響，特別是在包括交換和路由在內的核心產品開始反彈的情況下？

Should we expect an improvement from a gross margin perspective?

從毛利率的角度來看，我們是否應該期待有所改善？

If I'm looking to see whether Frank wants to do it, or I want to do it.

如果我想看看弗蘭克是否願意這樣做，或者我想這樣做。

We're seeing no abnormal gross margin pressures.

我們沒有看到異常的毛利率壓力。

We compete aggressively in the market, but we hold our gross margins pretty well.

我們在市場上競爭激烈，但我們的毛利率保持得很好。

It's normally more of a mix issue.

這通常更多是一個混合問題。

In terms of the switching, I like our switching gross margins.

就轉換而言，我喜歡我們的轉換毛利率。

I think contrary to some of the comments that are being made out in the market, you're going to see our new switching products gross margins be extremely good.

我認為與市場上的一些評論相反，您將看到我們新的開關產品的毛利率非常好。

That's the advantage of selling architectures that lower your customers' operating expense and gives them solutions as opposed to selling boxes which I think the time is come.

這就是銷售架構的優勢，它可以降低客戶的營運費用並為他們提供解決方案，而不是銷售盒子，我認為時機已經到來。

Box competitors are going to face white label guys at a tremendous pressure, something we called out three-and-a-half years ago, and moved to overall.

盒裝競爭者將面臨巨大的壓力，我們在三年半前就曾呼籲這一點，並轉向了整體。

You still have the mix going on.

你仍然在進行混音。

I love how fast our UCS [side] is growing.

我喜歡我們 UCS [方面] 的發展速度。

When you're a $3 billion market growing at 30%, or 30% plus because we are a little bit above that, you will see pressure from that side.

當你的市場規模為 30 億美元，成長率為 30% 或 30% 以上（因為我們略高於這個數字）時，你會看到來自這方面的壓力。

To your point, as we move into software and as we move into high-end switching coming back growth-wise, that balances it.

就你的觀點而言，當我們進入軟體領域，當我們進入高端交換領域，並以成長方式回歸時，就會達到平衡。

No, I would not model an increase.

不，我不會對增加進行建模。

There will be pressure on gross margins.

毛利率將面臨壓力。

Gary, you and Frank are owning that across the Company for us.

加里，你和法蘭克為我們在整個公司擁有這項權利。

Gary, you might spend a moment because I know it's important to the audience talking about how we're going after this in every aspect of our business even more aggressively than last year.

加里，您可能會花一點時間，因為我知道對觀眾來說，談論我們如何在業務的各個方面甚至比去年更加積極地追求這一目標非常重要。

I think this last year we had tremendous performance out of the teams.

我認為去年我們的團隊表現出色。

I think we focused the entire Company on gross margins.

我認為我們將整個公司的重點放在了毛利率上。

It's not just the engineering team or supply chain.

這不僅僅是工程團隊或供應鏈。

It's the entire Company.

這是整個公司。

A lot of the work, some of the systems we put in place to help the sales force, had better visibility, better control on a deal-by-deal basis to see what discounting we're doing, as well as the pricing in the market understanding our competitors better in that landscape, while continuing to do the value design, value engineering work, and the continued investments that Frank and I funded off the top, if you will, to allow that work to continue.

大量的工作，我們為幫助銷售人員而建立的一些系統，具有更好的可視性，更好地控制逐筆交易，以了解我們正在做的折扣以及定價市場在這一領域更好地了解我們的競爭對手，同時繼續進行價值設計、價值工程工作，以及弗蘭克和我資助的持續投資，如果你願意的話，讓這項工作繼續下去。

We're very comfortable with what has happened and our ability to manage this going forward.

我們對所發生的事情以及我們未來處理此事的能力感到非常滿意。

We've asked the team to step up even more significantly as we go into next year.

進入明年，我們要求團隊更加努力。

We're going to give them a lot of help to do that.

我們將為他們提供很多幫助來做到這一點。

Mel's probably going to lecture me after I make this next comment.

在我發表下一條評論後，梅爾可能會教訓我。

For those of you out there who think SDN is going to drive down our gross margins, in my opinion, you're just wrong.

對於那些認為 SDN 會壓低我們毛利率的人來說，我認為你們錯了。

You're going to see us embrace SDN.

您將看到我們擁抱 SDN。

You're going to see us implement it for the value that it has.

您將看到我們實現它並發揮其價值。

We not only will lead with this implementation; it will allow us to get higher gross margins on our switching and architecture.

我們不僅將領導這項實施；這將使我們在交換和架構方面獲得更高的毛利率。

We'll do it off an open standards and end results.

我們將按照開放的標準和最終結果來完成它。

Different than our peers, when we talk about 60 paying customers, we mean 60 paying customers, not taking an enterprise license and spreading it thin across the group.

與我們的同行不同，當我們談論 60 個付費客戶時，我們指的是 60 個付費客戶，沒有獲得企業許可證並將其分散在整個集團中。

We're going to take it to our competitors, big and small.

我們將把它帶給我們的競爭對手，無論大小。

It doesn't matter if you're a major server player.

如果您是主要的伺服器玩家並不重要。

We're going to gain share on you.

我們將會從你那裡獲得份額。

It doesn't matter if you're a new start-up.

如果您是一家新成立的公司，這並不重要。

One of the nice things about Cisco is our barriers of entry are very low.

思科的優點之一是我們的進入門檻非常低。

They're very open, so we love taking on the competitors, big or small.

他們非常開放，所以我們喜歡與大大小小的競爭對手較量。

I feel very good about how we're position there.

我對我們在那裡的定位感覺非常好。

Rob, unless you're seeing something different than I am, I see SDN actually being something we'll embrace and get the benefits out of, and I feel almost no gross margin negative implications from it.

Rob，除非你看到的東西與我不同，否則我認為 SDN 實際上是我們會擁抱並從中受益的東西，而且我認為它幾乎不會對毛利率產生負面影響。

John, we clearly are the only Company out there talking about connecting applications to the infrastructure.

約翰，我們顯然是唯一一家談論將應用程式連接到基礎設施的公司。

We're the only Company talking about the applications not only in the context of the data center network, but the entire network, including at the wide area and that the access layer.

我們是唯一一家不僅談論資料中心網路環境中的應用程序，而且還談論整個網路（包括廣域網路和存取層）的應用程式的公司。

We've got more work to do and we're seeing customers every day.

我們還有更多工作要做，而且每天都會見到客戶。

Our partners are embracing this.

我們的合作夥伴正在接受這一點。

Cloud providers are bracing this.

雲端提供者正在為此做好準備。

When we talk about one of our competitors being a great underlay to another Company's overlay, it feels like being the foam pad between the hardwood floors and the carpet, and we're not going to leave that alone.

當我們談論我們的一個競爭對手是另一家公司覆蓋層的出色襯墊時，感覺就像是硬木地板和地毯之間的泡沫墊，我們不會不管它。

We're going to continue to drive the integration we have, and we're going to compete very hard.

我們將繼續推動我們的整合，我們將非常激烈地競爭。

Operator, next question.

接線員，下一個問題。

Ben Reitzes, Barclays

本‧雷茨 (Ben Reitzes)，巴克萊銀行

Hi.

你好。

Thanks a lot.

多謝。

A lot of good questions asked about margins and emerging markets.

關於利潤率和新興市場提出了很多好問題。

I want to ask about carriers.

我想問一下運營商。

There's a lot of debate about what the spending patterns are and what consolidation is doing to the marketplace.

關於支出模式是什麼以及整合對市場有何影響存在著許多爭論。

What are you seeing?

你看到什麼了？

What's embedded in your guidance for carrier?

您的電信業者指南包含哪些內容？

I know you said you're assuming service provider doesn't get better, but what do you think is going on?

我知道您說過您假設服務提供者不會變得更好，但您認為發生了什麼？

How does it get better, and what's your thinking as we go throughout the year?

它是如何變得更好的？

Thanks a lot.

多謝。

Service providers, just to give you context, if you look in today's market service provider, enterprise and commercial are all about 25% to 27% of our business.

服務提供者，只是為了給你提供背景信息，如果你看看當今市場的服務提供商，企業和商業約占我們業務的 25% 到 27%。

It gives you an idea of the things that drive it.

它讓您了解驅動它的因素。

Public sector's down about 20%.

公共部門下降了約 20%。

In terms of where we see service provider overall, there are some headwinds there.

就我們對服務提供者的整體看法而言，存在一些阻力。

Let me talk first about what we're doing differently.

首先讓我談談我們所做的不同之處。

We have focused our Company on becoming entirely solutions and outcome based selling, including our consultancy.

我們公司致力於成為完全基於解決方案和基於結果的銷售，包括我們的諮詢服務。

We're moving to where we used to sell to the service providers.

我們正在轉向以前向服務提供者銷售產品的地方。

We would say, what your business objectives?

我們會說，你的業務目標是什麼？

Then we'd sell them a router or a switch.

然後我們會賣給他們路由器或交換器。

We're now saying, how do we sell you solutions?

我們現在要問的是，我們如何向您出售解決方案？

How will we help you go-to-market?

我們將如何幫助您進入市場？

How do we lower your operating expense?

我們如何降低您的營運費用？

That's the transformation in the field.

這就是該領域的轉變。

Some of our fields are well on their way to doing that, Rob, other areas have a ways to go.

我們的一些領域正在努力做到這一點，羅布，其他領域還有很長的路要走。

We also completely changed the engineering to while we look horizontally across engineering, on how we go-to-market.

我們也徹底改變了工程設計，同時我們橫向審視工程設計，研究我們如何進入市場。

The service provider customers love the approach.

服務提供者客戶喜歡這種方法。

It makes all the sense in the world to them.

這對他們來說很有意義。

The only comment I got, Gary, was why didn't you do it earlier?

加里，我得到的唯一評論是你為什麼不早點做呢？

You will see us as we get our arms around this make a pretty good transformation.

當我們全力以赴時，您會看到我們做出了相當好的轉變。

Mel, I'm defining an [A job].

梅爾，我正在定義一份[工作]。

In the next year to two, just like we did on enterprise because two-and-a-half, three years ago, we were in great shape on service provider.

在接下來的一到兩年裡，就像我們在企業方面所做的那樣，因為三年前的兩年半，我們在服務提供者方面處於良好狀態。

Candidly, we were starting to lose our lead on enterprise.

坦白說，我們開始失去在企業方面的領先優勢。

What you watched over the last two years, we went with architectures.

你在過去兩年看到的，我們關注的是架構。

We combined the data center with cloud, with security, with mobility.

我們將資料中心與雲端、安全性和行動性結合。

We talked about operating cost savings.

我們討論了營運成本節省。

We talked about outcome based savings.

我們討論了基於結果的節省。

Our number of big deals have increased dramatically, and we're selling to the business unit more than we are the CIO now, when we do our job right with the CIO's support in terms of direction.

我們的大交易數量急劇增加，當我們在 CIO 的指導下正確完成工作時，我們向業務部門銷售的產品比我們作為 CIO 還要多。

In terms of SP services, you're beginning to see a global delivery of that type of capability.

就 SP 服務而言，您開始看到此類功能在全球範圍內提供。

Gary, that's where you're got Edzard really hitting all cylinders on our consultancy.

加里，這就是埃德札德在我們諮詢中真正全力以赴的地方。

We feel good.

我們感覺很好。

You haven't asked the question, but we feel good at services at the 5% level.

您沒有問過這個問題，但是我們對5%水平的服務感覺良好。

You can feel that starting to gain momentum again, and we're finally looking at a global delivery as opposed to being organized by geography which is not how our customers want us to be organized.

你可以感覺到這種勢頭再次開始增強，我們最終著眼於全球交付，而不是按地理位置組織，這不是我們的客戶希望我們組織的方式。

There absolutely is when you have two major combinations, Time Warner and Comcast being one of them, and when you have more combinations, dollar volume-wise in the last 12 months than you had in four years, there are a lot of these going on.

當你有兩個主要的組合時，時代華納和康卡斯特就是其中之一，並且當你有更多的組合時，過去12 個月的美元交易量比四年來的組合還要多，那麼就會發生很多這樣的事情。

Those tend to have temporary slowing effects, not shutting off, but slowing effects, until they get their decisions together on how the networks come together, where they make investments, and then over longer term, if we do our job right, there are actually increased opportunities for us in that market.

這些往往會產生暫時的減緩效應，不是關閉，而是減緩效應，直到他們就網路如何整合、在哪裡進行投資做出共​​同決定，然後從長遠來看，如果我們正確地做好我們的工作，實際上會有為我們在該市場增加了機會。

Then they're struggling with their own business models.

然後他們就在為自己的商業模式苦苦掙扎。

They're having fits making money which means they're squeezing the vendors as hard as they can.

他們賺錢很困難，這意味著他們正在盡最大努力壓榨供應商。

Having said that, that's why you move to an architectural sale and value-added sale as opposed to standalone boxes, which I do think will be ugly.

話雖如此，這就是為什麼你轉向建築銷售和增值銷售，而不是獨立的盒子，我確實認為這會很難看。

That's why I think if you look out, probably going to be tough for a little while.

這就是為什麼我認為如果你小心的話，可能會很難撐一段時間。

I'd like to see us make steady progress.

我希望看到我們取得穩步進展。

I'd like to see us exit this next year in a lot stronger position than we are today, and do an instant replay of what we did enterprise and commercial market.

我希望看到我們明年以比今天更強大的地位退出，並立即重播我們在企業和商業市場所做的事情。

Next question.

下一個問題。

Kulbinder Garcha, Credit Suisse

Kulbinder Garcha，瑞士信貸

Hi.

你好。

Thanks for the question.

謝謝你的提問。

My question is, hello, can you hear me?

我的問題是，你好，你聽得到我說話嗎？

Yes, we can.

是的，我們可以。

Sorry.

對不起。

My question is maybe for John.

我的問題可能是問約翰的。

How do you actually see the year playing out from our revenue perspective?

從我們的收入角度來看，您實際上如何看待這一年的發展？

It sounded at the beginning of the call like you said don't extrapolate the near-term revenue visibility and strength that you have.

聽起來就像您在電話會議開始時所說的那樣，不要推斷您所擁有的近期收入可見度和實力。

On the other hand, you're very excited about some of your new products.

另一方面，您對一些新產品感到非常興奮。

I thought we were going to see, you're coming into a period of easier compares.

我以為我們會看到，你正在進入一個更容易比較的時期。

I'm just trying to think as we get through this year, is this the year that Cisco will return to growth do you think, meaningfully at some point?

我只是想思考，當我們度過今年時，思科會在今年恢復成長嗎？

How do you see that playing out?

您如何看待這種情況？

Then the other question I have is that with the Nexus 9000 being out for a while, and the APIC control now being out, why doesn't the share and [value of] that can drive your business?

那麼我的另一個問題是，隨著 Nexus 9000 的推出有一段時間了，APIC 控制現在也已經取消，為什麼份額和[價值]不能推動您的業務？

It does sound [meaningless] at some point.

在某些時候，這聽起來確實[毫無意義]。

Isn't that a very positive driver six months out, or am I thinking the timing of this transition to be much longer?

這不是六個月後的一個非常積極的推動因素嗎？

If I gave yearly guidance, Frank would trade me in.

如果我每年提供指導，弗蘭克就會把我換掉。

We knew we'd get asked a number of different ways on that.

我們知道我們會被問到很多不同的問題。

I feel good about where we are.

我對我們所處的位置感覺很好。

You should read into my comments today, very positive on what we can control, and even on issues we don't control as well, I see us exiting the year in a stronger position, and potentially a fair amount stronger than we are today.

你應該閱讀我今天的評論，我對我們可以控制的事情非常積極，甚至在我們無法控制的問題上，我認為我們在今年結束時處於更有利的位置，並且可能比今天強大得多。

Therefore, let me answer your question about the 9000 and ACI.

因此，讓我回答您有關 9000 和 ACI 的問題。

It's on fire, guys.

夥計們，它著火了。

The key is once you get it into the account, they're going to put the [pallets] in.

關鍵是一旦你把它存入帳戶，他們就會把[托盤]放進去。

You've got to get the controller in place.

您必須將控制器安裝到位。

You've then got to begin to scale.

然後你必須開始擴展。

I've been through this with the team just this last week.

上週我和團隊一起經歷了這件事。

We looked at the crossover points based upon forecast for when the 7K and the 9K get to growth that Rob and I will do back flips over.

我們根據 7K 和 9K 何時達到成長（Rob 和我將進行後空翻）的預測來研究交叉點。

You can argue which quarter that will occur in the year, but somewhere in the middle or toward the end of the year that will occur if we do our job right.

你可以爭論這將​​發生在一年中的哪個季度，但如果我們正確地完成工作，那將發生在年中或年底的某個時間。

The acceptance from customers is really good.

客戶的接受度確實很好。

I have not missed on a call on that when we outline our architecture and our whole approach to the market and where we're going on it, so it's really going very well.

當我們概述我們的架構、我們的整個市場方法以及我們的發展方向時，我沒有錯過有關此問題的電話會議，所以一切都很順利。

I have almost no criticism.

我幾乎沒有任何批評。

If I look at the number of customers and the growth quarter-to-quarter, we're growing dramatically faster than that start-up has grown in five years.

如果我看一下客戶數量和季度成長率，我們的成長速度比這家新創公司五年來的成長速度要快得多。

We're at a run rate in one year that gets very exciting in the next fiscal year.

我們一年內的運行速度在下一個財年會變得非常令人興奮。

I would challenge a little bit the data about where we are.

我會對我們所處位置的數據提出一些質疑。

It is going extremely well, and candidly I expect very big things from it this next year.

進展非常順利，坦白說，我預計明年會取得很大的成果。

Going from 180 customers to 580 in a quarter is off the charts in terms of direction.

在一個季度內從 180 名客戶增加到 580 名，這在方向上是超乎尋常的。

Then you've got to scale.

然後你必須擴大規模。

You've got to get ACI, getting the controller working, and volume, and ACI implemented across it.

您必須獲得 ACI，讓控制器正常工作，並在其上實施音量和 ACI。

I'd look at those types of crossovers in Q2, Q3 to be meaningful.

我認為第二季、第三季的這些類型的交叉是有意義的。

Rob, what else do you have?

羅布，你還有什麼？

I'll just add, John, that in some of our conversations with cloud providers who are really focused not on chasing the commodity cloud business, but are focused on enterprise workloads, they love the APIC controller.

John，我只想補充一點，在我們與雲端供應商的一些對話中，他們真正關注的不是追逐商品雲業務，而是專注於企業工作負載，他們喜歡 APIC 控制器。

They love the scale.

他們喜歡規模。

They love the integration we can deliver.

他們喜歡我們提供的整合。

The love the automation.

熱愛自動化。

We're seeing that as a key building block of our InterCloud conversations.

我們將其視為 InterCloud 對話的關鍵構建塊。

When we build that APIC control into so many public clouds, we're going to nail the hybrid cloud marketplace which is where we see all the growth.

當我們將 APIC 控制建置到如此多的公有雲中時，我們將鎖定混合雲市場，這是我們看到所有成長的地方。

It'll augment the growth we're seeing right now with our UCS.

它將加速我們目前 UCS 的成長。

Next question.

下一個問題。

Paul Silverstein, Cowen & Company.

保羅·西爾弗斯坦，考恩公司。

Thanks.

謝謝。

John, two clarifications if I might, one, I think you touched on earlier on services, this was the first quarter in the past seven or eight where there was a turn-up in the growth rate.

約翰，如果可以的話，我想澄清兩點，一是，我想您之前談到了服務業，這是過去七八年中第一個季度增長率出現上升。

The obvious question being, is that a one-off or should we start to see that either stabilize or improve from here?

明顯的問題是，這是一次性的還是我們應該開始看到穩定或從這裡開始改善？

Was it a meaningful improvement over the past trend?

與過去的趨勢相比，這是一個有意義的改進嗎？

Then the clarification on your wireless LAN business if we exed out the small cell business, and we just focus on the Wi-Fi piece what would the growth rate look like?

然後澄清一下你們的無線 LAN 業務，如果我們排除小型基地台業務，而我們只專注於 Wi-Fi 業務，成長率會是怎樣？

Got you.

明白你了。

I'm going to verify numbers.

我要核實一下數字。

The first part of the question was on services.

問題的第一部分是關於服務。

I'm going to let Gary brag about it.

我要讓加里吹噓一下。

Go ahead, Gary.

繼續吧，加里。

Services revenue, they grow 5%, up from 3% growth last quarter.

服務收入成長 5%，高於上季 3% 的成長。

I think it's trending well.

我認為趨勢很好。

I think we had in Q4 very strong renewals.

我認為我們在第四季的續約非常強勁。

We have some very large multi-year service wins.

我們贏得了一些非常大的多年服務勝利。

We're very strong technical support services as well as advanced services in the quarter.

我們在本季提供非常強大的技術支援服務以及先進的服務。

I think some of that growth is coming from our new businesses that we've been investing in, consulting, cloud, managed services, as well as our security services offering, not only security services and consulting, but the new managed threat defense service we launched.

我認為部分成長來自我們一直投資的新業務、諮詢、雲端、託管服務，以及我們的安全服務產品，不僅是安全服務和諮詢，還有我們新的託管威脅防禦服務。

I think all of those things contributed to growth in the quarter, and as John pointed out during the call, we're very confident in where we're at with services.

我認為所有這些因素都促進了本季的成長，正如約翰在電話會議中指出的那樣，我們對我們的服務現狀非常有信心。

We have not only a great team, we have a great install base, and we're doing things that continue to optimize that and bring value to our customers.

我們不僅擁有一支出色的團隊，還擁有出色的安裝基礎，並且我們正在做的事情不斷優化並為客戶帶來價值。

I don't have the individual wireless LAN data in front of me.

我面前沒有單獨的無線區域網路資料。

I'm not dodging the question, but by definition, Meraki was strong.

我並不是迴避這個問題，但根據定義，Meraki 很強大。

It was a little bit weaker than we would have liked to have seen over on it, Paul.

保羅，它比我們希望看到的要弱一些。

I think you'll see us address that appropriately in terms of getting back on track on the wireless LAN capability.

我認為您會看到我們在無線 LAN 功能上回到正軌方面適當地解決這個問題。

Next question, please.

請下一個問題。

Jeff Kvaal, Northland.

傑夫·科瓦爾，北國。

Yes.

是的。

Thank you all very much.

非常感謝大家。

I was hoping to get a little bit more color into the trajectory that the recurring revenue is on.

我希望對經常性收入的軌跡有更多的了解。

Could you tell us a little bit about how much of a percentage of sales that is growing, and how quickly that's growing year-over-year?

您能否告訴我們一些有關銷售額成長的百分比以及年成長速度的資訊？

Then also to what extent that costs you on your top line growth?

那麼這對您的營收成長造成了多大程度的損失？

Thank you.

謝謝。

The recurring revenue is slightly under $2 billion, if you look from that perspective.

如果從這個角度來看，經常性收入略低於 20 億美元。

It's been growing, I would say, in the range of about $100 million a quarter.

我想說，它一直在成長，大約每季 1 億美元。

As I mentioned before, it's a combination of looking at WebEx, some of the security products that we have that's recurring, collaboration enterprise license agreement, and it's also the Meraki.

正如我之前提到的，它結合了 WebEx、我們擁有的一些經常性的安全產品、協作企業授權協議以及 Meraki。

A portion of the Meraki was part of the recurring, so that's been adding to it since we've done the acquisition.

Meraki 的一部分是經常性的一部分，因此自從我們完成收購以來，這一直在增加。

It's a big piece of the product subscriptions in all these categories that's adding to it, and that gets, as I said, recurring revenue over a period of time.

這是所有這些類別中產品訂閱的很大一部分，正如我所說，它在一段時間內獲得了經常性收入。

If you look at it, we're going to move faster and faster in this area.

如果你看一下，我們將在這一領域進展得越來越快。

We understand fully that when you do recurring revenue, deferred revenue, pay-as-you-go services, subscription, as opposed to one-time fees, you have all the expenses upfront, and you don't get the payback on that.

我們完全理解，當您進行經常性收入、遞延收入、即用即付服務、訂閱而不是一次性費用時，您需要預先支付所有費用，並且不會獲得回報。

That is probably one of the main reasons of six or seven reasons why we're moving our expenses so aggressively on the limited restructuring.

這可能是我們在有限的重組中如此積極地轉移開支的六到七個原因的主要原因之一。

If we didn't free up resources and move them over, 2,000 people into InterCloud, and it will be a number of quarters before we start to get the payback there on these recurring revenues or many of the deals we've done on enterprise licensing.

如果我們不釋放資源並將其轉移到 InterCloud，那麼我們將需要幾個季度才能開始從這些經常性收入或我們在企業許可方面所做的許多交易中獲得回報。

You don't get your revenue upfront, but you do much better over two, three, and four years, but we get all the expenses upfront.

你不會預先獲得收入，但你在兩年、三年和四年內會做得更好，但我們會預先獲得所有費用。

That's why we felt we had to move, one of the reasons we had to move, aggressively to position ourselves for the future.

這就是為什麼我們覺得我們必須採取行動，這也是我們必須採取行動的原因之一，積極主動地為未來做好定位。

You're going to see us move aggressively.

你會看到我們積極行動。

The market doesn't wait for any one.

市場不等待任何人。

We're going to lead it, period.

我們將領導它，期間。

The ability to do that requires making some very tough decisions.

要做到這一點需要做出一些非常艱難的決定。

It will be about growth for us, innovation, and at the same time focus on our own talent.

這將關乎我們的成長、創新，同時關注我們自己的才能。

We will manage our costs very aggressively and drive efficiencies which really if you think about engineering that's what doing Pankaj is doing, probably Gary, more than anything else.

我們將非常積極地管理我們的成本並提高效率，如果你考慮工程，這確實是 Pankaj（可能是 Gary）正在做的事情，比其他任何事情都重要。

It's driving efficiencies across and freeing up the resources for the new areas.

它提高了整個領域的效率，並為新領域釋放了資源。

Mel, I think that's a pretty good one to end on, but it's your call if you want to do anything else.

梅爾，我認為這是一個很好的結局，但如果你想做其他事情，那就是你的決定。

I think we can end there.

我想我們可以到此為止了。

I think if you were to take a step back, we executed very well in a tough market.

我認為如果你退後一步，我們在艱難的市場中表現得非常好。

I feel stronger now than I did a quarter ago about where we are today.

我現在對我們今天的處境比一個季度前感覺更強烈。

You're going to see us lean in and drive on transformation.

您將看到我們全力以赴並推動轉型。

Any time you do restructuring, that's hard on the leadership team, I don't want to mislead you.

任何時候進行重組，都會對領導團隊造成困難，我不想誤導你。

But we will always make the decision, what's right for our shareholders, our employees, our customers in the long run, and partners.

但我們始終會做出對我們的股東、員工、長期客戶和合作夥伴有利的決定。

The results look very good.

結果看起來非常好。

I like what I see in front of us.

我喜歡我在我們面前看到的一切。

I think the challenges are largely ones that are more external that are hitting us with the headwinds.

我認為挑戰主要是那些帶給我們逆風的外在挑戰。

That doesn't mean we shouldn't do better in certain areas, and I feel very strong going into FY15 in terms of where we're positioned.

這並不意味著我們不應該在某些領域做得更好，而且我對進入 2015 財年我們的定位感到非常堅定。

Thanks, John.

謝謝，約翰。

Cisco's next quarterly call which will reflect our FY15 first quarter results will be on Wednesday, November 12, 2014, at 1.30PM Pacific 4.30PM Eastern.

思科將於 2014 年 11 月 12 日星期三下午 1 點 30 分（太平洋東部時間下午 4 點 30 分）召開下一次季度電話會議，該電話會議將反映我們 2015 財年第一季的業績。

I'd like to remind you that in light of Reg FD Cisco plans to retain its long-standing policy to not comment on its financial guidance during the quarter unless it's done through an explicit public disclosure.

我想提醒您，根據 FD 條例，思科計劃保留其長期政策，即除非透過明確的公開披露來完成，否則不會對其本季度的財務指引發表評論。

Please call the Investor Relations department with any follow-up questions from this call.

如果本次電話會議有任何後續問題，請致電投資者關係部門。

Thank you for your participation and continued support.

感謝您的參與和持續的支持。

This concludes our call.

我們的通話到此結束。

Thank you for participating on today's conference call.

感謝您參加今天的電話會議。

If you would like to listen to the call in its entirety you may call 888-403-4665.

如果您想收聽完整的通話內容，可以撥打 888-403-4665。

For participants dialing from outside the US, please dial 203-369-3148.

對於從美國境外撥打的參與者，請撥打 203-369-3148。

You may disconnect at this time.

此時您可以斷開連線。