思科 (CSCO) 2015 Q1 法說會逐字稿

EventID. Please stand by for realtime transcript. Welcome to Cisco Systems' first-quarter and FY15 financial results conference call.

事件ID。請等待即時記錄。歡迎參加思科系統公司第一季及 2015 財年財務業績電話會議。

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

應思科系統公司的要求，今天的通話正在錄音。

If you have any objections you may disconnect. Now I would like to introduce Melissa Selcher, Vice President of Corporate Communication and Investor Relations. Ma'am, you may begin.

如果您有任何異議，可以斷開連接。現在我想介紹企業傳播和投資者關係副總裁梅麗莎·塞爾徹 (Melissa Selcher)。女士，您可以開始了。

Thank you.

謝謝。

Good afternoon, everyone, and welcome to our 99th 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; Gary Moore, President and Chief Operating Officer; and Kelly Cramer, Senior Vice President of Finance.

大家下午好，歡迎參加我們的第 99 次季度電話會議。我是梅麗莎·塞爾徹 (Melissa Selcher)，和我一起發言的還有我們的董事長兼首席執行官約翰·錢伯斯 (John Chambers)；弗蘭克·卡爾德羅尼 (Frank Calderoni)，執行副總裁兼首席財務官；開發和銷售總裁 Rob Lloyd；總裁兼首席營運官加里·摩爾 (Gary Moore)；以及財務高級副總裁凱利·克萊默 (Kelly Cramer)。

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. 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.

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。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。

As is customary in Q1, we have made certain reclassifications to prior period amounts to conform to the current period's presentation. The classified amounts have been posted on our website. Click on the financial reporting section of the website to access these documents. Throughout this conference call, we will be referring to both non-GAAP and GAAP financial results.

按照第一季的慣例，我們對前期金額進行了某些重新分類，以符合本期的呈現方式。機密金額已發佈在我們的網站上。點擊網站的財務報告部分即可存取這些文件。在整個電話會議中，我們將參考非 GAAP 和 GAAP 財務結果。

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

我們今天將要討論的事項包括前瞻性陳述，因此，這些事項受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，特別是最新的 10-K 表報告和任何適用的修訂，這些修訂確定了可能導致實際結果與前瞻性陳述中的結果存在重大差異的重要風險因素。

Unauthorized recording of this conference call is not permitted. All comparisons to 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，所有與本次電話會議的比較均以年比為基礎。與過去一樣，除非另有明確說明，我們將從收入的角度討論產品結果，並從產品訂單的角度討論地理和客戶細分結果。

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

現在我將把電話轉給約翰，請他對本季發表評論。

Thank you very much, Mel.

非常感謝，梅爾。

I am pleased to report another solid quarter. Our strongest Q1 ever, in terms of revenues, non-GAAP operating income, and non-GAAP earnings per share.

我很高興地報告本季業績又表現穩健。就收入、非公認會計準則營業收入和非公認會計準則每股收益而言，這是我們有史以來表現最強勁的第一季。

We grew revenues this quarter to $12.2 billion, up from 1% year-over-year, returning to growth, as we said we would. We generated $2.5 billion in operating cash flow, and returned close to $2 billion to our shareholders through share repurchase and dividends. With strong total non-GAAP gross margins of 63.3%, and non-GAAP operating margins of 29.2%, we delivered non-GAAP earnings per share of $0.54.

本季我們的營收成長至 122 億美元，年增 1%，正如我們所說的那樣，恢復了成長。我們產生了 25 億美元的經營現金流，並透過股票回購和股息向股東返還了近 20 億美元。我們的非公認會計準則總毛利率高達 63.3%，非公認會計準則營業利益率高達 29.2%，非公認會計準則每股收益為 0.54 美元。

When I think about the quarter, there are three key take-aways that you will see we will call out in our following discussions. First, I would say we're managing the business very well, in a very tough environment. Second, we are seeing results of our three-year transformational work. In this work, moving from selling boxes to selling solutions, and leading with innovation, speed, efficiency, as we disrupt the market. Third, we are leading the technology and business transitions in the market.

當我思考本季時，有三個關鍵要點，您將看到我們將在接下來的討論中提出。首先，我想說，在非常艱難的環境下，我們的業務管理非常好。第二，三年轉型工作正在發揮成效。在這項工作中，我們從銷售盒子轉向銷售解決方案，並以創新、速度、效率引領市場，顛覆市場。第三，我們引領市場技術與業務轉型。

Our strategy is playing out, as delivered innovative solutions based on intelligent networks, to enable the next generation of IT, and the Internet of Everything. We continue to focus on what made us successful many times in the past, leading through market transitions. I give us very high marks on our execution.

我們的策略正在實施，提供基於智慧網路的創新解決方案，以實現下一代 IT 和萬物互聯。我們將繼續專注於過去讓我們多次成功的因素，並引領市場轉型。我對我們的執行給予了高度評價。

For example, in the data center, where we are winning the SDN battle, with application-centric infrastructure this quarter, we now have over 900 Nexus 9000 customers, up from 580 last quarter, with strong continued momentum. And in its first full quarter of shipments, we more than doubled paying customer adoption of the APIC and our ACI controller, that enables automation and programmability of the network on a scale that's never been done before.

例如，在資料中心，我們在本季度憑藉以應用程式為中心的基礎設施贏得了 SDN 之戰，現在我們擁有超過 900 個 Nexus 9000 客戶，高於上一季的 580 個，並且繼續保持強勁發展勢頭。在第一個完整季度的出貨量中，付費客戶對 APIC 和 ACI 控制器的採用率增加了一倍以上，從而實現了前所未有的網路自動化和可編程性。

The Nexus 9000 and ACI continued to see strong demand from customers who are seeing the significant advantage of ACI in their application deployment and management. As I said last quarter, we had two principal objectives, when we rolled out our transformational plan in 2011 from Gary. So how are we doing against these objectives?

Nexus 9000 和 ACI 繼續受到客戶的強烈需求，客戶看到了 ACI 在其應用程式部署和管理中的顯著優勢。正如我上個季度所說，當我們在 2011 年推出加里轉型計畫時，我們有兩個主要目標。那麼我們在實現這些目標方面做得怎麼樣呢？

The first one is about driving innovation, speed, agility, and effectiveness in our business. As you are all aware, we are navigating the same macro environment as everyone else. At same time, we are also executing on several transitions within our portfolio. Despite this, our results are at or near record levels, and showing momentum on both the top and bottom line. I'm optimistic as things play out this year and beyond, Cisco's very well-positioned.

第一個是推動我們業務的創新、速度、敏捷性和效率。眾所周知，我們與其他人一樣處於相同的宏觀環境中。同時，我們也在執行投資組合內的幾項轉型。儘管如此，我們的業績仍達到或接近創紀錄水平，並且在營收和利潤方面都顯示出強勁勢頭。我對今年及以後的情況持樂觀態度，思科處於非常有利的地位。

The second objective, move our business from model that's selling boxes and standalone services, to selling architectures and solutions that drive business outcomes. As every company, every city, every country is becoming digitized, and we're seeing this on the results of our customer visits around the world, we are engaging with entirely new business models, leading with software and services, and delivering integrated solutions.

第二個目標是，將我們的業務從銷售盒子和獨立服務的模式轉變為銷售推動業務成果的架構和解決方案。隨著每家公司、每座城市、每個國家都在走向數位化，我們從世界各地客戶訪問的結果中也看到了這一點，我們正在採用全新的商業模式，以軟體和服務為主導，提供整合解決方案。

Recently we described an enterprise license agreement for our software portfolio we had signed with General Motors, a model we're replicating across our enterprise accounts at this time. And last month, we discussed what success we've had together in Barcelona and Chicago, as they digitized their city and evolved into smart cities. We're tying together the breadth of our product portfolio to deliver solutions that drive growth and economic opportunity with security and scale. These large strategic deals are becoming the blueprint for how we will move forward.

最近，我們描述了與通用汽車簽署的軟體組合的企業授權協議，目前我們正在所有企業帳戶中複製此模式。上個月，我們討論了巴塞隆納和芝加哥在城市數位化和轉型為智慧城市過程中的成功。我們將整合廣泛的產品組合，提供能夠以安全性和規模推動成長和經濟機會的解決方案。這些大型戰略協議正在成為我們未來發展的藍圖。

In the last few quarters, we've talked about three headwinds. Emerging markets, SP, and product transitions at the high end of our switching and routing. The good news is that in the third quarter, the third area, high-end switching and routing, has turned to a tailwind, based on momentum in our new product introductions, and we'll share that with you shortly.

在過去幾個季度中，我們討論了三大不利因素。新興市場、SP 以及我們交換和路由高端的產品轉型。好消息是，在第三季度，第三個領域，高端交換和路由，已經轉向順風，基於我們新產品推出的勢頭，我們很快就會與您分享。

As we said last quarter, we are executing and progressing as I expected, and I am very comfortable with our growth trajectory. We are pleased that in spite of the headwinds, we are growing again, and are very nicely positioned once we get a positive turn in service provider, or emerging markets ideally in both.

正如我們上個季度所說，我們正在按照我的預期執行和進展，我對我們的成長軌跡非常滿意。我們很高興，儘管面臨逆風，我們仍然再次實現了成長，一旦我們在服務提供者或新興市場（理想情況下是兩者）方面出現積極轉變，我們就會處於非常有利的位置。

For Q2, we expect to see mid-single-digit revenue growth in the range of 4% to 7%, and non-GAAP earnings per share in the range of $0.50 to $0.52, which would be an increase of 6% to 11% in terms of the earnings-per-share, given the range that we covered. Our Q2 guidance reflects an added measure of conservatism, primarily related to reduced spend at several large US service providers.

對於第二季度，我們預計收入將實現 4% 至 7% 之間的中等個位數增長，非 GAAP 每股收益將在 0.50 美元至 0.52 美元之間，考慮到我們所涵蓋的範圍，這意味著每股收益將增長 6% 至 11%。我們對第二季度的預期反映了額外的保守主義，主要與幾家美國大型服務提供者的支出減少有關。

I will now provide a more detail on the business momentum in our geographies and customer segments within our portfolio. As a reminder, geographies are the primary way we run the business. In these areas I will speak in terms of product orders year-over-year, unless otherwise noted.

我現在將更詳細地介紹我們投資組合中各個地區和客戶群的業務發展勢頭。提醒一下，地理位置是我們經營業務的主要方式。在這些領域，除非另有說明，我將根據產品訂單的同比情況來談論。

We finished the quarter with product orders up 1%, and product booked-to-build below 1, in line with usual Q1s. EMEA was a highlight with growth of 6%. We saw very strong performance in the UK, up 20%, and strength in Germany, up 6%. Southern Europe grew approximately 20%.

本季結束時，我們的產品訂單增加了 1%，預定生產的產品數量低於 1，與通常的第一季情況一致。歐洲、中東和非洲地區是一大亮點，成長了 6%。我們看到英國的表現非常強勁，成長了 20%，德國的表現也十分強勁，成長了 6%。南歐成長了約20%。

We saw some stabilization in the emerging countries within the EMEA arm, with growth of 2% in the emerging segment, Chris Dedicoat's business. Based on the role we play in the digitization of countries and companies, including our ability to bring innovation and job creation, we're more positive on the future business in Europe than perhaps some of our peers are.

我們看到 EMEA 部門新興國家的情況有所穩定，新興市場（Chris Dedicoat 的業務）成長了 2%。基於我們在國家和公司數位化過程中所扮演的角色，包括我們帶來創新和創造就業機會的能力，我們對歐洲未來的業務比我們的一些同行更樂觀。

Our Americas business grew 2%. We saw growth in the US of 3%, and when you exclude US service provider, growth in the US was 12. US public sector had a very strong quarter with growth of 22%; US federal grew an amazing 34%, while state and local declined by 2%. US commercial grew 7%, US enterprise declined 1%.

我們的美洲業務成長了2%。我們看到美國的成長率為 3%，如果排除美國服務供應商，美國的成長率為 12%。美國公共部門本季表現非常強勁，成長了 22%；美國聯邦政府的稅收成長了驚人的34%，而州和地方的稅收卻下降了2%。美國商業成長7%，美國企業下降1%。

Last quarter, we shared that US enterprise grew at a very strong 16% growth year over year. As I mentioned at the time, that performance was higher than normal, and I expected it to balance out this quarter. Looking at the pipeline next quarter, we feel good that this business will again deliver double-digit growth. US service provider, however, declined at 18%.

上個季度，我們報告美國企業年增 16%，增幅非常強勁。正如我當時提到的那樣，這一表現高於正常水平，我預計本季的表現將達到平衡。展望下個季度的計劃，我們確信該業務將再次實現兩位數的成長。然而，美國服務提供者卻下降了 18%。

Within the Americas, Latin America grew 5%. Asia Pacific, Japan, and China declined 12%, led by China down 33%, while India grew 6%. The remaining emerging countries in Asia declined 15%. Overall, emerging countries within the three geographies declined this quarter by 6%.

在美洲，拉丁美洲成長了 5%。亞太地區、日本和中國下降了 12%，其中中國下降了 33%，而印度則成長了 6%。亞洲其餘新興國家則下跌了15%。總體而言，三個地區的新興國家本季均下降了 6%。

The BRICKs plus Mexico were down 12%, while the other emerging countries actually grew 1%. Our position in emerging markets remains strong, and we believe we are positioned well for the inevitable upturn. However, as we told you last quarter, that is not factored into our plans.

金磚國家加上墨西哥下降了 12%，而其他新興國家實際上增加了 1%。我們在新興市場中的地位依然強勁，我們相信我們已為不可避免的復甦做好了準備。然而，正如我們上個季度告訴您的那樣，這並沒有考慮到我們的計劃中。

Moving onto the view from the customer segments. In this quarter, global public sector grew 13%, global commercial grew 5%, global enterprise grew 2%, and service provider declined on a global basis by 10%. Emerging markets remain challenged, and we saw a dramatically reduced spend at several large US service providers.

轉到從客戶群的角度來看。本季，全球公共部門成長13%，全球商業成長5%，全球企業成長2%，全球服務供應商下降10%。新興市場仍面臨挑戰，我們看到幾家美國大型服務供應商的支出大幅減少。

As you think about our service provider position, I would I think about the following, all of which are in our control: We recently reorganized to best align with what our service providers customers wanted from Cisco. That was true of engineering, sales, services, and how we go to market. Second, we had the same power to partner with customers as they transformed during their own challenging time period, in terms of their growth and their profitability. Third, our market share and share of spend is strong.

當您考慮我們的服務提供者地位時，我會考慮以下幾點，所有這些都在我們的控制範圍內：我們最近進行了重組，以最好地滿足我們的服務提供者客戶對思科的需求。對於工程、銷售、服務以及我們如何進入市場都是如此。其次，在客戶本身面臨挑戰的時期，無論是在成長或獲利方面，我們都有同樣的力量與他們合作，幫助他們轉型。第三，我們的市佔率和支出份額很高。

And fourth, our traditional box competitors have never been weaker. At this point, I don't think many of them have the flexibility to reposition, and a way to remain relevant to these service providers. So we are nicely positioned for a rebound in SP, when it happens.

第四，我們的傳統盒子競爭對手從未如此弱小。目前，我認為他們中的許多人沒有重新定位的靈活性，也沒有辦法與這些服務提供者保持相關性。因此，當 SP 出現反彈時，我們已經做好了充分的準備。

I now will move on to a discussion of our momentum in terms of products and services. In it, I'll discuss our momentum in terms of year-over-year product and services in terms of revenue, but where appropriate, will share our older information where it adds important color. As we move on, I want to call out the convergence that we are driving across almost all of our portfolio.

現在我將繼續討論我們在產品和服務方面的發展勢頭。在其中，我將討論我們在收入方面的逐年產品和服務的發展勢頭，但在適當的情況下，我將分享我們以前提供的重要資訊。隨著我們繼續前進，我想指出我們正在推動幾乎所有投資組合的整合。

As a first example, one that you all are very familiar with, in the data center, we simply converged networking with compute and storage, and moved into what I believe is the number one data center position. Now, we are converting networking with applications, security and scale, and that's our ACI implementation.

舉個大家非常熟悉的例子，在資料中心，我們只是將網路與運算和儲存融合在一起，並進入了我認為第一的資料中心位置。現在，我們正在透過應用程式、安全性和規模來轉換網絡，這就是我們的 ACI 實現。

In routing, our MCS platform converges IP and optical networking with virtualization. We successfully converged wired and wireless into almost all of our products, and convergence will also be very key for us in collaboration, which we'll talk about later. In the industry, we are the only player with the assets to drive true convergence for our customers, and this is a driver of both revenue and margins across our portfolio.

在路由方面，我們的 MCS 平台將 IP 和光纖網路與虛擬化融合在一起。我們成功地將有線和無線整合到幾乎所有產品中，整合對於我們的合作也至關重要，我們稍後會討論。在業界，我們是唯一一家擁有為客戶實現真正融合資產的公司，這也是我們整個產品組合收入和利潤的驅動力。

Now, let me move onto routing. Routing declined 4%, reflecting both the lower CapEx spend by major service providers, and challenges in emerging markets. We did see growth in several of our high-end routing platforms this quarter. For example, the ASR 9000 saw double-digit order growth, and our new products, the NCS 6000 and CRS-X continued to ramp well, with new customer wins. Given the tough environment, we believe we are gaining market share in these routing areas.

現在，讓我轉到路由。路由下降了 4%，反映了主要服務提供者的資本支出較低以及新興市場的挑戰。本季我們確實看到幾個高階路由平台有所成長。例如，ASR 9000 的訂單實現了兩位數成長，我們的新產品 NCS 6000 和 CRS-X 繼續保持良好的成長勢頭，贏得了新客戶。鑑於嚴峻的環境，我們相信我們正在這些航線領域獲得市場份額。

Moving to switching, it was nice to see overall switching move back into positive territory, growing 3%. We returned to growth after three quarters of decline, driven by our strength in data center switching portfolio. In addition to the 60% increase in the Nexus 9000, and ACI customers, we saw double-digit order growth from the Nexus 3000, 7000, 9000 and ACI combined. We signed a record 600 new customers for the Nexus 3000 this quarter, including several major Web 2.0 providers.

談到轉換，很高興看到整體轉換量重回正值，成長了 3%。在資料中心交換產品組合實力的推動下，我們在經歷了三個季度的下滑之後恢復了成長。除了 Nexus 9000 和 ACI 客戶數量增加 60% 之外，我們還看到 Nexus 3000、7000、9000 和 ACI 的總訂單量都實現了兩位數成長。本季度，我們為 Nexus 3000 簽約了創紀錄的 600 名新客戶，其中包括幾家主要的 Web 2.0 提供者。

Looking at our performance relative to one of our merchant-based competitors making a lot of noise in this market, in Q3 FY14, from a comparison perspective, we saw orders of the Nexus 3000 and 9000, our comparable portfolio, surpassed their total revenue for the first time. In Q1, orders for the Nexus 3000 and 9000 were approximately 50% larger than their reported total revenues, growing in excess of 4 times faster than the reported growth rates. Yet again, in just one year, we have blown by where they had gotten to in the whole history of their Company.

從市場上喧囂的商家競爭對手來看，2014 財年第三季度，我們的業績表現與其相比，我們發現可比產品組合 Nexus 3000 和 9000 的訂單量首次超過了他們的總收入。第一季度，Nexus 3000 和 9000 的訂單量比其報告的總收入高出約 50%，成長速度是報告成長率的 4 倍以上。然而，僅僅一年的時間，我們就超越了他們公司整個歷史所取得的成就。

A year ago we were fighting an SDN perception battle, with competitors using PowerPoints instead of products. Today with ACI, we are bringing programmability and automation to networking on a scale well beyond what competitors define as SDN. Now, we are in the market with products and solutions, and don't see either traditional box competitors or the PowerPoint newcomers able to keep up.

一年前，我們正在進行一場 SDN 認知之戰，競爭對手使用 PowerPoint 而不是產品。如今，借助 ACI，我們為網路帶來了可編程性和自動化，其規模遠遠超出了競爭對手所定義的 SDN。現在，我們帶著產品和解決方案進入市場，但既沒有看到傳統的盒子競爭對手，也沒有看到 PowerPoint 的新手能夠跟上。

And for those of you who are concerned about SDN's effect on our switching margins, our switching gross margins have been incredibly consistent over the last five to six quarters, and as far forward as we're modeling, we see no change. In this quarter's example, our switching gross margins were above the mean level of this consistency.

對於那些擔心 SDN 對我們的轉換利潤率的影響的人來說，我們的轉換毛利率在過去五到六個季度中一直非常穩定，而且就我們的模型而言，我們沒有看到任何變化。在本季的範例中，我們的轉換毛利率高於這種一致性的平均值。

Data center and cloud, where we first converged networking, computer and storage, and today have continued to hold the number-one position in revenue share for X86 blades in the US according to IDC, data center grew 15% year over year. Five years ago, we invested in the market for converged infrastructures, and brought it to life with our ecosystem partners. Today, FlexPod with NetApp and Vblock with EMC are the leading converged infrastructure architectures, and there's two common elements: Cisco's UCS and Cisco's networking.

資料中心和雲，我們首次融合了網路、電腦和存儲，如今根據 IDC 的數據，我們繼續在美國 X86 刀片的收入份額中佔據第一的位置，資料中心同比增長了 15%。五年前，我們投資了融合基礎設施市場，並與我們的生態系統合作夥伴一起將其變為現實。如今，NetApp 的 FlexPod 和 EMC 的 Vblock 是領先的融合基礎架構架構，並且有兩個共同元素：思科的 UCS 和思科的網路。

Also in the quarter, we announced innovation across our UCS portfolio, broadening the product line to meet demands of large cloud environments, and also scaled down to environments with just a handful of servers. We continue to demonstrate that innovation is very much alive in markets, with standalone products considered largely commoditized.

此外，在本季度，我們宣布了 UCS 產品組合的創新，擴大了產品線以滿足大型雲端環境的需求，並且還縮減到只有少量伺服器的環境。我們繼續證明，創新在市場上非常活躍，獨立產品在很大程度上被認為已經商品化。

I'll also touch on InterCloud, where we announced this quarter 30 new InterCloud partners. Really nice job, Rob. Including Deutsche Telekom, British Telecom, NTT Data and Equinix. This brings our world's largest interoperable network of clouds to 250 data centers worldwide, across 50 countries, all of which are working with us through an ACI Plus InterCloud fabric, plus OpenStack Roadmap. This is truly unique to Cisco in being able to pull this all together.

我還將談談 InterCloud，本季我們宣布了 30 個新的 InterCloud 合作夥伴。幹得真好，羅布。包括德國電信、英國電信、NTT Data 和 Equinix。這將使我們世界上最大的可互通雲端網路覆蓋全球 50 個國家的 250 個資料中心，所有這些資料中心都透過 ACI Plus InterCloud 結構以及 OpenStack 路線圖與我們合作。思科能夠將這一切整合在一起，這確實是獨一無二的。

We are frequently asked what Cisco is doing differently in the crowded cloud market. Simply put, we see the same problem in cloud that we saw 20 years ago in networking, when numerous networks operated on the different technologies that didn't talk to one another. As we broke down the silos with ethernet, we made the Internet pervasive. We are running the same play in cloud, as only we can, unifying private, public, and hybrid clouds.

我們經常被問到思科在擁擠的雲端市場中做了什麼不同的事情。簡而言之，我們在雲端運算中看到的問題與 20 年前在網路中看到的問題相同，當時眾多網路採用不同的技術運行，彼此之間無法通訊。當我們用乙太網路打破孤島時，我們讓網路變得無所不在。我們在雲端中運行著同樣的遊戲，因為只有我們才能統一私有雲、公有雲和混合雲。

Customers want to seamlessly move their workflows between clouds with a common level of policy and security. They need scale, speed and reliability, and they care about data sovereignty and openness. We will approach this market as a solutions play, meeting the network requirements of enterprise class applications, and providing the platform to deliver Cisco's growing portfolio of software as a service offers. This will drive our strategic role with customers, and over time, our recurring revenue.

客戶希望在具有共同策略和安全級別的雲端之間無縫移動他們的工作流程。他們需要規模、速度和可靠性，並且他們關心資料主權和開放性。我們將以解決方案的形式進入這個市場，滿足企業級應用程式的網路需求，並提供平台來提供思科不斷增長的軟體即服務產品組合。這將推動我們與客戶之間的策略角色，並隨著時間的推移，推動我們的經常性收入。

I said earlier that security was the number-one issue facing many of our customers. Security revenues grew this quarter 25%. In this quarter, we combined our security products even more closely with the Sourcefire products and delivered a highly anticipated Cisco ASA with FirePOWER services, which combines Cisco's ASA firewall with Sourcefire into one platform.

我之前說過，安全是我們許多客戶面臨的首要問題。本季安全收入成長了 25%。本季度，我們將我們的安全產品與Sourcefire產品更加緊密地結合起來，並推出了備受期待的帶有FirePOWER服務的Cisco ASA，將Cisco的ASA防火牆與Sourcefire結合到一個平台中。

Customer receptivity has been very positive. Our innovation in security is very strong. Security continues to be our customer's number-one business priority at the CIO level, but perhaps even more important at the CEO level, and we are doing very well in this market. Nearly every initiative we have at Cisco has security as a key component, and we are committed to becoming the number-one security company.

客戶的接受度非常積極。我們在安全方面的創新非常強大。在 CIO 級別，安全仍然是我們客戶的首要業務重點，但在 CEO 級別，安全可能更為重要，而且我們在這個市場上做得很好。思科幾乎每項措施都將安全性作為關鍵組成部分，我們致力於成為第一的安全公司。

Compared with even a year ago, we are getting good marks from our customers as, now more than ever, customers need strong and trusted company like Cisco to lead. They see Cisco alone in the ability to deliver an integrated security architecture and security services and solutions across their business. I am very pleased that our leadership transition is going very smoothly in this area, and we are moving aggressively to capture the opportunity ahead of us.

與一年前相比，我們獲得了客戶的良好評價，因為現在客戶比以往任何時候都更需要像思科這樣強大且值得信賴的公司來引領。他們認為只有思科才有能力在其業務範圍內提供整合的安全架構、安全服務和解決方案。我很高興看到我們在這一領域的領導層過渡進展順利，我們正在積極採取行動，抓住眼前的機會。

Last quarter wireless grew only 1%. This quarter, wireless grew 11%, with strong momentum in our 802.11ac portfolio, which now represents over 50% of our access point revenue. Cisco Meraki continued on a tear, with another outstanding quarter, growing at 86%.

上個季度無線業務僅成長了 1%。本季度，無線業務成長了 11%，其中 802.11ac 產品組合勢頭強勁，目前占我們接入點營收的 50% 以上。思科 Meraki 持續保持強勁勢頭，本季表現優異，成長率達 86%。

In the area of collaboration, we are going to continue to transform our collaboration portfolio, and move to more enterprise license agreements and subscriptions. In Q1, our collaboration business was down 10% in the quarter. As our new video products ramped well, but at dramatically lower price points, we saw declines in telepresence and unified communications.

在合作領域，我們將繼續轉變我們的合作組合，並轉向更多的企業授權協議和訂閱。第一季度，我們的合作業務下降了 10%。由於我們的新視訊產品銷售良好，但價格卻大幅下降，我們看到了網真和統一通訊業務的下滑。

WebEx continued to grow well, and remains one of the largest SAS businesses in the industry. As I mentioned before, collaboration should be the greatest productivity driver for our organization. In the next week, you will see some bold moves that will secure our leadership position in cloud-based simple, secure, and converged collaboration.

WebEx 繼續保持良好成長勢頭，並且仍然是業內最大的 SAS 業務之一。正如我之前提到的，協作應該是我們組織最大的生產力驅動力。在接下來的一周，您將看到一些大膽的舉措，這些舉措將確保我們在基於雲端的簡單、安全和整合協作方面的領導地位。

I think we have great potential to grow this business over time. I really like our position and our pipeline, and I'm very optimistic about returning back to positive growth levels relatively quickly in the collaboration arena. Service provider video declined 12%, with set top box business down approximately 20%.

我認為，隨著時間的推移，我們的業務具有巨大的發展潛力。我真的很喜歡我們的地位和我們的管道，我對在合作領域相對快速地恢復到正增長水平感到非常樂觀。服務供應商視訊業務下降 ​​12%，機上盒業務下降約 20%。

Revenue per service provider video software and solutions grew by 13%. The bet we're making is on the video transition to the cloud, and we are seeing our video software business continued to grow, as we help our customers transition to cloud-based video solutions.

每個服務供應商視訊軟體和解決方案的收入成長了 13%。我們所押注的是視訊向雲端的轉變，我們看到我們的視訊軟體業務持續成長，因為我們幫助客戶過渡到基於雲端的視訊解決方案。

Now, moving onto services, pulling everything together is our services strategy, and our services in this quarter grew 5% Services now represent over 23% of Cisco's revenue on a 12-month trailing basis. We've added around $2.3 billion in revenue over the last three years with strong margins.

現在，轉向服務，將一切整合在一起是我們的服務策略，本季我們的服務成長了 5％，服務現在佔思科 12 個月過去收入的 23％ 以上。過去三年，我們的營收增加了約 23 億美元，利潤率也很高。

Today at $11.1 billion in trailing 12-month revenue, it is our second-largest business after switching. And that doesn't count the literally billions of dollars being delivered by our approximately 70,000 strong partner channels around the world, where partners deliver solutions on behalf of Cisco, not just boxes.

如今，過去 12 個月的收入達到 111 億美元，這是我們繼轉換後的第二大業務。而這還不包括我們遍布全球的約 70,000 個強大的合作夥伴管道所提供的數十億美元的價值，這些合作夥伴代表思科提供解決方案，而不僅僅是設備。

In many ways, it's a bit unfair to refer to our services business by that name, since it draws a comparison to what investors typically see at other companies. While a large component is driven by maintenance and support, unlike our peers, at Cisco, nearly 90% of our issues we handle for our clients are solved with automation.

從很多方面來說，用這個名字來稱呼我們的服務業務有點不公平，因為它與投資者通常在其他公司看到的業務進行了比較。雖然很大一部分是由維護和支援驅動的，但與我們的同行不同，在思科，我們為客戶處理的近 90％ 的問題都是透過自動化解決的。

We have many large customers around the world that depend on us, and depend on Cisco to run their networks. We have also rolled out a unique set of consulting, cloud, analytics, and security services. As the network continues to increase in importance, our services become increasingly more important to our customers.

我們在世界各地有許多大客戶依賴我們，並依賴思科來營運他們的網路。我們也推出了一套獨特的諮詢、雲端、分析和安全服務。隨著網路重要性的不斷增加，我們的服務對客戶來說也變得越來越重要。

To summarize my commentary, we have undergone a successful reorganization across the Company, and are seeing the results. Our employee sentiment data shows that employees both understand the challenges we have made, and also are optimistic about our future and the changes we've made to deal with these challenges. Thanks to a lot of hard work, which will continue, I believe that we have positioned Cisco to lead the market transitions in front of us, to the benefit of our shareholders, our customers, our partners, and our employees.

總結一下我的評論，我們在整個公司進行了成功的重組，並且看到了成果。我們的員工情緒數據顯示，員工既了解我們所面臨的挑戰，也對我們的未來以及我們為應對這些挑戰所做的改變感到樂觀。我相信，透過我們將繼續付出的大量努力，思科已經能夠引領眼前的市場轉型，為我們的股東、客戶、合作夥伴和員工謀福利。

Frank, let me now turn it over to you.

法蘭克，現在讓我把這個交給你。

Thank you, John.

謝謝你，約翰。

We exited Q1 with financial performance slightly above our guidance. From a top and bottom line perspective, total revenue was $12.2 billion, growing 1% on a year-on-year basis. Non-GAAP net income was $2.8 billion, and non-GAAP EPS was $0.54.

我們第一季的財務表現略高於我們的預期。從營收和淨利潤來看，總收入為 122 億美元，年增 1%。非公認會計準則淨收入為 28 億美元，非公認會計準則每股收益為 0.54 美元。

Our GAAP net income was $1.8 billion, and GAAP earnings per share on a fully-diluted basis was $0.35. Product revenue was flat, and service revenue increased 5% on a year-on-year basis, with product booked to bill less than 1. Overall, non-GAAP operating margins was 29.2%.

我們的 GAAP 淨收入為 18 億美元，完全稀釋後每股 GAAP 收益為 0.35 美元。產品收入持平，服務收入年增 5%，產品訂單不到 1。整體而言，非 GAAP 營業利益率為 29.2%。

In Q1 our total non-GAAP gross margin was 63.3%, above our guidance of 61% to 62%. As we have said in the past, non-GAAP gross margin may vary quarter to quarter by a point in either direction of our guidance range. This quarter, we were above the range, non-GAAP product gross margins was 62.5%. As compared to Q4, product gross margin was positively impacted by productivity improvements and by product mix, partially offset by pricing.

第一季度，我們的非公認會計準則總毛利率為 63.3%，高於我們的預期 61% 至 62%。正如我們過去所說的那樣，非公認會計準則毛利率可能會在每個季度內發生變化，變化幅度可能在我們的指導範圍內。本季度，我們的非 GAAP 產品毛利率超出預期，為 62.5%。與第四季度相比，產品毛利率受到生產力提高和產品組合的正面影響，但部分被定價所抵銷。

Non-GAAP service gross margin was 66%, consistent with historical levels. Our non-GAAP operating expenses were $4.2 billion, or 34.1% as a percentage of revenue, compared to 33.8% of Q4 of FY14. Non-GAAP operating expenses were flat quarter over quarter, and up 3% year over year, reflecting investments in key growth areas.

非公認會計準則服務毛利率為66%，與歷史水準一致。我們的非公認會計準則營運費用為 42 億美元，佔營收的 34.1%，而 2014 財年第四季為 33.8%。非公認會計準則營運費用環比持平，年增 3%，反映了對關鍵成長領域的投資。

Our GAAP net income and GAAP earnings per share for the first quarter for FY15 included a pretax charge of $188 million or $0.03 per share, related to a patent litigation matter described in our most recently filed 10-K, involving the Rockstar Consortium. A term sheet has been signed, and we are hopeful to achieve a resolution of the associated litigation in a manner that is constructive for the whole industry.

我們 2015 財年第一季的 GAAP 淨收入和 GAAP 每股收益包括 1.88 億美元的稅前費用或每股 0.03 美元，這與我們最近提交的 10-K 文件中描述的涉及 Rockstar Consortium 的專利訴訟事項有關。條款清單已經簽署，我們希望以對整個行業建設性的方式解決相關訴訟。

Now, moving onto the non-GAAP tax provision rates. It was 22%, consistent with our expectations. We ended the quarter with our headcount at 72,247, a decrease of approximately 1,800 from Q4 of FY14.

現在，讓我們來討論非公認會計準則 (non-GAAP) 稅率。這一比例為 22%，與我們的預期一致。本季結束時，我們的員工總數為 72,247 人，比 2014 財年第四季減少了約 1,800 人。

This reflects reductions from our restructuring activity partially offset by key sales, service and engineering investments, as well as acquisitions. As a reminder, as we outlined in our Q4 call, in Q1 we began taking restructuring actions focused on continuing to invest in growth, innovation and talent, while managing costs and driving efficiencies, which would impact our global workforce during FY15.

這反映了我們的重組活動帶來的減少，但被關鍵的銷售、服務和工程投資以及收購部分抵消。提醒一下，正如我們在第四季度電話會議上概述的那樣，我們在第一季開始採取重組行動，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，這將影響我們 2015 財年的全球員工隊伍。

We announced and completed two acquisitions during the quarter, Metacloud and Memoir Systems, to enhance our innovation and long-term growth opportunities in key growth areas such as the cloud and software defined networking. Both were executed consistent with our portfolio approach to acquisitions to drive long-term returns.

我們在本季度宣布並完成了兩項收購，分別是 Metacloud 和 Memoir Systems，以增強我們在雲端和軟體定義網路等關鍵成長領域的創新和長期成長機會。兩項收購均按照我們的投資組合方法執行，以推動長期回報。

Also, we along with the EMC and VCE announced during Q1 the next phase of VCE. Cisco will continue as a strategic partner, and will have an approximate 10% equity interest in VCE. We expect the transition to close in Q2 of FY15.

此外，我們與 EMC 和 VCE 在第一季宣布了 VCE 的下一階段。思科將繼續作為策略合作夥伴，並將擁有 VCE 約 10% 的股權。我們預計過渡將在 2015 財年第二季完成。

Looking at our geographic segment results, in terms of total revenue on a year-over-year basis, our Americas segment was up 3%. EMEA was up 2%, and APJC was down 5%. Total gross margins of the Americas was 64.1%, EMEA was 63.8%, while Asia Pacific, Japan and China was 58.8%.

從我們各地區分部門的表現來看，以年總收入計算，美洲分部成長了 3%。歐洲、中東和非洲地區 (EMEA) 上漲 2%，亞太及日本地區 (APJC) 下跌 5%。美洲地區總毛利率為64.1%，歐洲、中東及非洲地區總毛利率為63.8%，亞太、日本及中國地區總毛利率為58.8%。

From a balance sheet and cash flow perspective, total cash, cash equivalents and investments were $52.1 billion, including $3.8 billion which is available in the US at the end of the quarter. We generated operating cash flow of $2.5 billion during the quarter, and in Q1, we returned $2 billion to shareholders that included $1 billion through our share repurchases, and approximately $973 million through our quarterly dividend.

從資產負債表和現金流的角度來看，現金、現金等價物和投資總額為 521 億美元，其中包括本季末在美國可用的 38 億美元。我們在本季度產生了 25 億美元的經營現金流，在第一季度，我們向股東返還了 20 億美元，其中包括透過股票回購返還的 10 億美元，以及透過季度股息返還的約 9.73 億美元。

Our balance sheet at the end of Q1 was strong, with DSO at 33 days and non-GAAP inventory turns at 11. Deferred revenue was $13.7 billion up 4% year-over-year, product deferred revenue grew 9%, driven largely by subscription-based offerings, while services deferred revenue grew 1%. Each quarter, we are consistently driving a greater software mix, and higher recurring revenue.

我們第一季末的資產負債表表現強勁，DSO 為 33 天，非 GAAP 庫存週轉率為 11。遞延營收為 137 億美元，年增 4%，產品遞延營收成長 9%，主要受訂閱式產品的推動，而服務遞延營收成長 1%。每個季度，我們都在不斷推動更大的軟體組合和更高的經常性收入。

Let me now provide a few comments on our outlook or guidance for the second 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 actual results could also be above or below this guidance.

現在，讓我就我們對第二季的展望或指導發表一些評論。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，實際結果也可能高於或低於本指引。

The guidance we are providing is on a non-GAAP basis, with a reconciliation to GAAP. As John mentioned, we expect total revenue to be in the range of 4% to 7% growth on a year-over-year basis. For the second 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 very challenging due to various factors such as the volume, the product mix, cost savings, as well as pricing. And as I have said earlier, 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 基礎的，並與 GAAP 進行協調。正如約翰所提到的，我們預計總收入將年增 4% 至 7%。對於第二季度，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，由於產量、產品組合、成本節約以及定價等各種因素，預測非 GAAP 毛利率一直非常具有挑戰性。正如我之前所說，非公認會計準則毛利率可能在每季之間發生變化，變化幅度可能在我們的指導範圍內。

Our non-GAAP operating margin in Q2 is expected to be in the range of 27.5% to 28.5%. Our non-GAAP tax provision rate is expected to be approximately 22% in the second quarter. Our Q2 FY15 non-GAAP earnings per share is expected to range from $0.50 to $0.52 per share.

我們第二季的非公認會計準則營業利潤率預計在 27.5% 至 28.5% 之間。我們第二季的非公認會計準則稅務準備率預計約為 22%。我們預計 2015 財年第二季非 GAAP 每股盈餘將在 0.50 美元至 0.52 美元之間。

We anticipate our GAAP earnings to be lower than our non-GAAP EPS by $0.10 to $0.13 per share in Q2 FY15. The range includes a pretax benefit of approximately $125 million from the reduced VCE equity investment to 10%, and also is offset by a pretax charge of approximately $100 million in Q2 FY15, as a result of the restructuring actions that we announced in the first quarter. During Q1, we recognized pretax charges to our GAAP financial statements of $318 million related to that announcement, and we are now expected total charge to not exceed $600 million during FY15.

我們預計 2015 財年第二季我們的 GAAP 每股盈餘將比非 GAAP 每股盈餘低 0.10 美元至 0.13 美元。該範圍包括因 VCE 股權投資減少至 10% 而產生的約 1.25 億美元的稅前收益，同時也被 2015 財年第二季度約 1 億美元的稅前費用所抵消，這是我們在第一季宣布的重組行動的結果。在第一季度，我們確認了與該公告相關的 3.18 億美元的 GAAP 財務報表稅前費用，目前我們預計 2015 財年的總費用不會超過 6 億美元。

Please see the slides that accompany this webcast for more detail. Other than those identified and quantified items noted previously, there are no other significant differences between GAAP and non-GAAP guidance. This guidance assumes no additional acquisitions, asset impairments, restructuring, and tax or other events, which may or may not be significant.

請參閱此網路廣播隨附的幻燈片以了解更多詳細資訊。除了先前提到的已識別和量化的項目之外，GAAP 和非 GAAP 指南之間沒有其他顯著差異。本指南假設不存在額外的收購、資產減損、重組以及稅務或其他事件，這些事件可能重大，也可能不重大。

Our guidance does not assume a significant improvement in the emerging markets or the service provider segment in the near future, and although we believe we are executing well in a rapidly-transforming market, with these types of uncertainties in mind, we will continue to provide our guidance with all the appropriate caveats, one quarter at a time. We encourage our shareholders to have similar considerations.

我們的指引並不假設新興市場或服務提供者領域在不久的將來會出現顯著改善，儘管我們相信我們在快速轉型的市場中表現良好，但考慮到這些不確定性，我們將繼續在每個季度提供所有適當的警告指導。我們鼓勵我們的股東有類似的考量。

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

提醒一下，思科不會對本季的財務指導發表評論，除非透過明確的公開揭露。

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

約翰，我現在將話題轉回給你，請你做些總結性的評論。

Thank you, Frank, and well done.

謝謝你，弗蘭克，幹得好。

I'd like to talk now about the leadership transition at the CFO level, and I will then summarize the call.

我現在想談談財務長層面的領導過渡，然後我將總結這次電話會議。

When you look at the quality of the financial leadership team, it's something that all of us take a great deal of pride in. As you know, Cisco has successfully transitioned through multiple leaders, often five to eight of them in every major functional group in the Company, over the years. And recently, Frank has been exploring the right time to step down as Cisco's CFO. Frank joined Cisco over 10 years ago, and has served as CFO for the last seven years.

當你看到財務領導團隊的品質時，我們所有人都會感到非常自豪。眾所周知，多年來，思科已成功取代多位領導人，公司每個主要職能部門通常有五到八位領導人。最近，弗蘭克一直在探索辭去思科財務長職務的合適時機。弗蘭克十多年前加入思科，並在過去七年裡擔任財務長。

Among his many accomplishments, Frank led our very successful capital allocation strategy, including implementing Cisco's first dividend, managed effectively some of our most challenging macro and industry environments, and has been recognized time and time again for his strong leadership. While I know that Frank has other ambitions, I'm also very glad that Frank has agreed to stay on as an advisor to the financial leadership team, and for me, over not just hopefully next several months but over longer than that, Frank, if you'll have us.

弗蘭克取得了許多成就，包括領導我們非常成功的資本配置策略，包括實施思科的首次分紅，有效管理我們一些最具挑戰性的宏觀和行業環境，並因其強大的領導力而一次又一次地獲得認可。雖然我知道弗蘭克有其他的抱負，但我也很高興弗蘭克同意繼續擔任財務領導團隊的顧問，對我來說，希望他不僅能擔任接下來的幾個月的顧問，而且能擔任更長的顧問，弗蘭克，如果你願意的話。

Effective January 1, Frank will be stepping down as CFO at which time Kelly Kramer will assume the role as Cisco's CFO. One of Frank's best and most defining leadership characteristics is his focus on building incredible leadership teams.

自 1 月 1 日起，弗蘭克將卸任財務長一職，屆時凱利·克萊默 (Kelly Kramer) 將擔任思科首席財務長。弗蘭克最優秀、最具代表性的領導特質之一是他專注於打造出色的領導團隊。

Almost three years ago, Frank hired Kelly. It is a credit to the work of Frank that the leadership team and the Board have concurred in appointing Kelly to assume the role of CFO. Kelly brings a wealth of experience to this role both from her three years at Cisco, and 20 years at GE. Kelly, you look too young to have that many years. Unlike Frank, you haven't got any gray hairs, and unlike me, you aren't losing hair, but that's a separate topic.

大約三年前，弗蘭克僱用了凱利。領導團隊和董事會一致同意任命凱利擔任財務官，這要歸功於弗蘭克的工作。凱利為這一職位帶來了豐富的經驗，她在思科工作了三年，在通用電氣工作了二十年。凱莉，你看起來太年輕了，不可能有那麼多歲數。與弗蘭克不同，你沒有任何白髮，與我不同，你沒有掉頭髮，但這是另一個主題。

In your last role at GE you were in GE's Healthcare Systems Business Group and CFO of that group. She is known for her business judgment, no-nonsense approach, and strong strategic leadership style. At Cisco, Kelly has led both Cisco's Corporate Finance and Business Finance groups, managing among other things, all the Controllers of Cisco's business units, with a particular focus around pricing and margins.

您在通用電氣的最後一個職位是通用電氣醫療保健系統業務集團，並擔任該集團的財務長。她以其商業判斷力、嚴肅認真的態度和強大的策略領導風格而聞名。在思科，凱利領導思科的企業財務和商業財務部門，管理思科所有業務部門的控制員等事務，特別關注定價和利潤。

She has learned Cisco's business inside and out, and has proven herself to be a highly strategic, thoughtful and influential leader. Kelly is not afraid to challenge all of us to think differently, and it has been impressive to see her do this, while becoming a trusted partner to our entire leadership team. Kelly, I want to give you the same advice that I once got when I became CEO, and that I gave Frank seven years ago. Do a great job, have fun, and don't mess it up. We know you won't, and I look forward to working with you even more closely.

她對思科的業務瞭如指掌，並證明自己是一位具有高度策略性、深思熟慮和影響力的領導者。凱莉並不害怕挑戰我們所有人以不同的方式思考，看到她這樣做令人印象深刻，同時她也成為我們整個領導團隊值得信賴的合作夥伴。凱利，我想給你的建議和我擔任執行長時得到的建議以及七年前給法蘭克的建議是一樣的。做好工作，玩得開心，別把事情搞砸。我們知道你不會，我期待與你更加緊密地合作。

Frank, this is really something, I'm very proud of, and your many accomplishments. Your integrity and ethics define you. And you have always kept our employees, customers, shareholders at the forefront of our long-term strategic business planning. You have been a great finance leader, but more importantly, you have been a great business leader.

弗蘭克，這真是了不起的事，我為你所取得的諸多成就感到非常自豪。你的正直和道德定義了你。而且您始終將我們的員工、客戶和股東放在我們長期策略性業務規劃的首位。您是一位偉大的財務領袖，但更重要的是，您是一位偉大的商業領袖。

You have built a world-class financial organization that is driving Cisco's transformation, and ensuring we are positioned to execute on the opportunities ahead. I know the future will hold very exciting opportunities for you, and I look forward to our continued relationship.

您建立了一個世界級的金融機構，推動思科的轉型，並確保我們有能力抓住未來的機會。我知道未來將會為您帶來非常令人興奮的機會，我期待我們繼續保持合作關係。

Thank you once again, Frank.

再次感謝你，弗蘭克。

Thank you, John.

謝謝你，約翰。

Kelly, congratulations. Frank, I'm just looking at you. You weathered this last seven years better than I have. I have lost a lot of hair. You got a little bit of gray into it.

凱利，恭喜你。法蘭克，我只是看著你。你比我更好地度過了這過去的七年。我掉了很多頭髮。你把其中的一部分弄得有點灰暗。

We'll have to see how it continues, right?

我們必須看看事情會如何發展，對嗎？

All right. Now to summarize our call today.

好的。現在總結一下我們今天的通話。

I have talked a lot about the accelerating pace of change in the industry, recognizing that in many cases, Cisco and our technology are driving that change.

我多次談論行業變革的步伐加快，並認識到在許多情況下，思科和我們的技術正在推動這種變革。

I am now more convinced than ever that the pace of change is providing an advantage for Cisco for a number of reasons. First, the role of the network is at the center of every major technology and business transition, and that is becoming very clear to our customers, and to the industry as a whole. Most customers are no longer interested in piecing together disparate infrastructure from different vendors, or buying standalone technologies. They are digitizing their businesses, their cities and countries, and want Cisco to be a strategic partner, delivering solutions and business outcomes.

我現在比以往任何時候都更確信，改變的步伐將為思科帶來優勢，原因有很多。首先，網路的角色是每項重大技術和業務轉型的核心，這對我們的客戶和整個產業來說都變得非常清楚。大多數客戶不再有興趣拼湊來自不同供應商的不同基礎設施，或購買獨立的技術。他們正在將自己的業務、城市和國家數位化，並希望思科成為他們的策略合作夥伴，提供解決方案和業務成果。

They recognize that to move with the agility and security they need, their solutions have to be based on an integrated architectures, combined with intelligent networks. You are seeing this showing up in increased enterprise license agreements, enterprise services agreements, subscriptions, consulting contracts, and other advanced services, including cloud analytics and security.

他們認識到，為了實現所需的靈活性和安全性，他們的解決方案必須基於整合架構，並結合智慧網路。您會看到，企業許可協議、企業服務協議、訂閱、諮詢合約和其他高級服務（包括雲端分析和安全性）的數量不斷增加。

Second, we have proven our ability to move quickly and aggressively to transform Cisco into a leaner and more effective Company. Remarkably since FY11, we have added around $4.1 billion in revenue, with about $61 million in incremental non-GAAP OpEx. Said another way, for every $1 of revenue we've added over this transitional period, we've only added about $0.01 of non-GAAP OpEx.

其次，我們已經證明我們有能力迅速且積極地將思科轉變為更精簡、更有效率的公司。值得注意的是，自 2011 財年以來，我們的收入增加了約 41 億美元，非 GAAP 營運支出增加了約 6,100 萬美元。換句話說，我們在此過渡期內每增加 1 美元的收入，僅增加約 0.01 美元的非 GAAP 營運支出。

There is not a peer who can come anywhere near close to this by a factor of 10 to what that performance has represented for Cisco, and for our shareholders. And what's exciting is we are just getting started in our transformational evolution, at a time that our peers are just starting their transformational work that we started 3.5 years ago.

對於思科和我們的股東而言，沒有任何同業能夠達到這一水平，其業績更是高出 10 倍。令人興奮的是，我們的轉型變革才剛開始，而我們的同行也才剛開始我們三年半前開始的轉型工作。

We have also successfully redeployed this operating leverage in many ways: We've invested in innovation, we've built entirely new skill sets within Cisco, we've disrupted our largest businesses in order to move at the fast pace this market requires, and we built flexibility into our operating model as we managed through these transitions. Throughout we've driven record annual non-GAAP earnings per share for our shareholders.

我們也透過多種方式成功地重新部署了這種營運槓桿：我們投資於創新，我們在思科內部建立了全新的技能組合，我們顛覆了我們最大的業務，以便跟上這個市場所需的快速發展，我們在管理這些轉變的過程中為我們的營運模式建立了靈活性。我們始終致力於為股東創造創紀錄的年度非公認會計準則每股收益。

Third, we have and will continue to evolve the leadership team and the talent to drive us forward. As we focus on what our people can do with the support of Cisco, we are unleashing incredible innovation and energy.

第三，我們已經並將繼續發展領導團隊和人才，推動我們前進。當我們專注於我們的員工在思科的支持下能夠做什麼時，我們正在釋放出令人難以置信的創新和活力。

And fourth, the power of our brand. Our global channels and our strategic relationships with our customers is only strengthening. We continue to earn the trust of our customers, and that is translating into greater opportunity for Cisco.

第四，我們的品牌力量。我們的全球管道和與客戶的策略關係正在不斷加強。我們持續贏得客戶的信任，這對思科來說意味著更大的機會。

The day feels a lot like the mid-1990s, when companies were coming to Cisco to learn about the Internet. Today, they are asking Cisco to help make the transition, and transition them to digitize their companies, their cities, and even their countries, as they prepare to take advantage of the opportunities presented by the Internet of Everything.

這一天的感覺很像 20 世紀 90 年代中期，當時很多公司來到思科了解網路。今天，他們請求思科幫助他們實現轉型，幫助他們實現公司、城市甚至國家的數位化，為利用萬物互聯帶來的機會做好準備。

To repeat where we started, we believe we are managing very well in a very tough environment. We are seeing the results of a three-year-plus transformational program and work, moving from selling boxes to selling solutions, and leading with innovation, speed, efficiency, as we disrupt the market, and we are leading the technology and business transitions in the market.

重複我們開始的時候說過的話，我們相信我們在非常艱難的環境中管理得很好。我們看到了三年多轉型計畫和工作的成果，從銷售盒子轉向銷售解決方案，並以創新、速度、效率引領市場，顛覆市場，引領市場技術和業務轉型。

We have been very clear with you when we have seen challenges in our business, or in an environment, and we will continue to do so. We have also managed the business very well in light of those challenges. We have made hard decisions where we have needed to, and are seeing the resulting benefits.

當我們在業務或環境中遇到挑戰時，我們會非常清楚地告訴您，我們將繼續這樣做。面對這些挑戰，我們也很好地管理了業務。我們在需要的地方做出了艱難的決定，並且看到了由此產生的好處。

To sum it all up, I'm very optimistic about Cisco's future, and excited about the path that we are on. Now let's move to my favorite part of the session, which is the Q&A, and turn it over to you.

總而言之，我對思科的未來非常樂觀，並對我們所走的道路感到興奮。現在讓我們進入我最喜歡的部分，即問答環節，並將其交給您。

Great. Thanks. Operator, let's move to questions.

偉大的。謝謝。接線員，我們開始提問吧。

Simona Jankowski, Goldman Sachs.

西蒙娜·揚科斯基，高盛。

I just wanted to ask you first about your product order growth. I think you said up 1% year-over-year. That comes on the back of relatively easy comps, relative to the year ago number. And on our math it implies that sequentially bookings declined something like the mid-teens which I think would be well below normal seasonality for this quarter.

我首先想問一下你們的產品訂單成長情況。我認為您說的是同比增長 1%。與去年同期相比，這一數字相對較低。根據我們的計算，這意味著預訂量連續下降了大約十五六個百分點，我認為這將遠低於本季的正常季節性。

So just curious if you can give us a little more color on the puts and takes in there, if you can touch on FX? China seemed to decline at a little faster rate, and how much of that was some of the weakness in the US carrier space that you referenced?

所以我很好奇您是否可以給我們更多關於其中的細節，您是否可以談談 FX？中國的衰落速度似乎有點快，這在多大程度上是由於您提到的美國航空母艦領域的疲軟造成的？

Okay. So Simona, I'm going to go as you would expect to the most positive. And unlike last quarter, where we had about five ups and five downs, this time most all the positives were in the right direction, with the exception of service provider and emerging markets.

好的。所以西蒙娜，我會像你所期望的那樣，以最積極的方式去做。與上一季有五次上漲和五次下跌的情況不同，這一次，除了服務提供者和新興市場外，幾乎所有積極因素都朝著正確的方向發展。

So start with our high-end switching and high-end routing puts and takes. The high-end switching grew at 10% as I alluded to earlier, and that shows how good a job we've done on the transition, in taking not just market share but I think, moving very rapidly to pull away from some of our key smaller competitors.

因此，請從我們的高階交換和高階路由開始。正如我之前提到的，高端交換成長了 10%，這表明我們在轉型方面做得非常出色，不僅佔領了市場份額，而且我認為，我們還迅速擺脫了一些主要的小競爭對手。

The routing is probably gaining share. We have our best routing portfolio we have at the high-end in both Nick Adamo and Kelly Ahuja who head that up, along with Cedrik, would say we're very well-positioned in routing as well.

該路由可能正在獲得市場份額。我們擁有最好的高階路由產品組合，由 Nick Adamo 和 Kelly Ahuja 領導，他們與 Cedrik 一起說，我們在路由方面也處於非常有利的地位。

Security, you saw 25% growth. Data center was at 15% growth, Simona, and that was probably a little bit lower than you might have expected. Q1 is, Kelly, I think we were talking about it, usually a slower quarter for us, in terms of our server technologies and spend. I would expect that come back up in Q2 more into the 20%s.

安全方面，你看到了25%的成長。資料中心的成長率為 15%，西蒙娜，這可能比你預期的要低一點。凱利，我想我們正在談論的是，就我們的伺服器技術和支出而言，第一季通常對我們來說是一個較慢的季度。我預計第二季這一比例將回升至 20% 左右。

UCS at 16%, and I'm saying the same type of number for that in terms of these are again orders that I'm referring to. I got revenue on the left, bookings on the right. So using UCS as an example, revenues are 16% and bookings are 18% in the quarter, and I'd expect them to come back up into comfortable growth well into the 20%s as well.

UCS 為 16%，我說的是同一類型的數字，就這些而言，我再次提到了訂單。左邊是收入，右邊是預訂量。因此，以 UCS 為例，本季營收為 16%，預訂量為 18%，我預計它們也將恢復舒適的成長，達到 20%。

Services, and Gary, it's been very nice to return to mid-single digits. We have hopefully what will be a bottom at 3%, and I feel pretty comfortable about our services revenues more in the mid-single digits.

服務部和加里，能夠回到中等個位數真是太好了。我們希望底部能保持在 3% 左右，而且我對我們的服務收入保持在中等個位數左右感到相當有信心。

Wireless, which is one of the things you all rightly pointed out last quarter, said was a little bit challenging for us, which was fair, returned back to double-digit growth at 11% on revenues and mid-teens on bookings. I expect a solid quarter next quarter out of it as well.

無線業務，這是大家上個季度正確指出的事情之一，對我們來說有點挑戰，這是公平的，收入恢復了兩位數的增長，達到 11%，預訂量達到十幾歲左右。我預計下個季度的業績也會十分穩健。

Collaboration was the one area that I talked about that we didn't go into as deeply. I like where we were on bookings, bookings were down just about 2% negative, the collaboration portfolio was 10% on revenues, and so that's the solid part. Better growth in Europe than people anticipated, better growth in southern Europe. Better solidarity in the US managed service providers.

合作是我談到的一個我們尚未深入探討的領域。我喜歡我們的預訂情況，預訂量僅下降了約 2%，合作組合的收入為 10%，所以這是穩固的部分。歐洲的成長情況比人們預期的要好，南歐的成長情況更好。美國託管服務提供者之間的團結更加緊密。

The two big issues, Simona, are around service provider and emerging markets. Emerging markets weren't down as much as they were last quarter at minus 9%, but they were down 6% and the BRICKs were down 12% with China being the heaviest in terms of the approach. The rest of the emerging markets were actually slightly positive I think, averaging out to the 6% number.

西蒙娜，兩個大問題是關於服務提供者和新興市場。新興市場經濟的跌幅不及上一季的-9%，但也下降了6%，金磚國家經濟下降了12%，其中中國經濟的跌幅最大。我認為其他新興市場實際上略有成長，平均成長率為 6%。

Service provider is the big challenge, let me be very explicit, that's due to two to three US service providers who have dramatically slowed their order rates, and I mean dramatically slowed order rates with us. And that's an implication also, I think, of some of what you're seeing in terms of net neutrality, Title II discussions going on, where in my opinion it would be a very disappointing end result if we move back to regulation of the Internet like we did voice many decades ago. It would dramatically slow the ability of service providers to build out broadband at a time that our country is finally caught back up.

服務提供者是一個巨大的挑戰，讓我非常明確地說，這是由於兩到三家美國服務提供者大幅降低了他們的訂單率，我的意思是大幅降低了我們的訂單率。我認為，這也暗示了你在網路中立性、第二章討論方面所看到的一些情況，我認為，如果我們回到幾十年前那樣對互聯網進行監管，最終結果將非常令人失望。在我們國家終於趕上的時候，這將大大減緩服務提供者建立寬頻的能力。

So my key takeaways, Simona, are the service provider business driven by primarily two or three large US players, is the one area that has us most focused and we saw that in order rate in this last quarter, to the tune of a pretty substantial amount. In fact when you take out those three service providers you would have probably seen positive growth in our service provider business in total, which you are beginning to see now as far as strategy in the business is taking hold, and Emerging Markets are still a little bit, if you will, balancing, with some very good ones and some challenging ones. That's how I would answer your question on puts and takes.

因此，西蒙娜，我的主要收穫是，主要由兩三家美國大型企業推動的服務提供商業務是我們最關注的領域，我們看到上個季度的訂單率達到了相當可觀的水平。事實上，當你把這三家服務提供者排除在外時，你可能會看到我們的服務提供者業務整體呈現正成長，現在你開始看到這一點，因為業務策略正在發揮作用，而新興市場仍然處於平衡狀態，有一些非常好的市場，也有一些具有挑戰性的市場。這就是我回答您關於投入和產出的問題的方式。

Great, thanks, Simona.

太好了，謝謝，西蒙娜。

And I know you're going to say, keep my answers shorter.

我知道你會說，讓我的回答簡短一點。

Next question, operator?

接線員，下一個問題是什麼？

Amitabh Passi, UBS.

瑞銀的阿米塔布·帕西 (Amitabh Passi)。

Frank, first, sorry to see you go but wishing you all the best. And John, I just wanted to clarify on the guidance maybe picking off of the previous question.

弗蘭克，首先，我很遺憾看到你離開，但祝你一切順利。約翰，我只是想澄清一下指導意見，也許可以回答上一個問題。

Your guidance implies about a 4% decline in revenues. Again, should we assume that most of that, in fact all of that pressure is from service provider and emerging markets? Are you seeing maybe potential, some slowing momentum in your switching side as well, or should we expect that to continue to remain robust? I just want clarify what's embedded in the guidance.

您的指導意味著收入將下降約 4%。再次，我們是否應該假設其中大部分，事實上所有壓力都來自服務提供者和新興市場？您是否看到了轉換方面的潛力，一些放緩的勢頭，或者我們是否應該預期它將繼續保持強勁？我只是想澄清一下指南中的內容。

My three years of law school, if I said, it was entirely due to something, my team would fire me on. But it is almost primarily due to those two major factors on it.

我在法學院的三年，如果我說，這完全是因為某件事，我的團隊就會解僱我。但這幾乎主要歸因於這兩個主要因素。

If you look at just repeating the US number without service provider was 12% growth, major strength, and that was in spite of our enterprise business having a slow Q1, in terms of Brian Marlier's team. Got a lot of confidence in Brian, we went through the forecast pretty carefully with them, Rob, I think they're going to be back in double-digit growth this quarter, and feels real good, the pipeline feels very, very solid on that.

如果你看一下，僅僅重複美國的數據，不包括服務提供商，增長率是 12%，這是一個很大的優勢，儘管我們的企業業務在第一季度表現緩慢，但就 Brian Marlier 團隊而言，這還是如此。我對 Brian 很有信心，我們和他們一起仔細研究了預測，Rob，我認為他們本季將恢復兩位數的成長，感覺非常好，頻道感覺非常非常穩固。

Even within our service provider business, if you look out several quarters, our pipeline's increasing rapidly. And I think you're going to see us increase our share of wallet, as well as our market share in many of our areas. The transformation that we've gone through over this last year with Nick Adamo, Cedrik and Kelly leading the group, you're beginning to see our relationship with these service providers, even when they're challenged, change a fair amount.

即使在我們的服務提供者業務中，如果你觀察幾個季度，你會發現我們的管道也在迅速成長。我認為您會看到我們在許多領域的錢包份額和市場份額都在增加。去年，在 Nick Adamo、Cedrik 和 Kelly 的領導下，我們經歷了轉型，您開始看到我們與這些服務提供者的關係發生了相當大的變化，即使他們面臨挑戰。

So I would say it is emerging markets and again, it's not all of them anymore, it's a better standard deviation. But still we're not going to turn on that, and it's service providers, but it's a lot of just a couple service providers here in the US.

所以我想說這是新興市場，而且它不再是全部，而是一個更好的標準差。但我們仍然不會啟用它，它是服務提供者，但在美國它只是幾個服務提供者。

So I like our pipeline. I think we're going to be challenged here for a couple quarters. I think we'll power through it, and I feel very good about the end result.

所以我喜歡我們的管道。我認為我們將在未來幾季面臨挑戰。我認為我們會努力克服困難，我對最終結果感到非常滿意。

Great, thanks Amitabh. Next question, operator?

太好了，謝謝阿米塔布。接線員，下一個問題是什麼？

Brian Modoff, Deutsche Bank.

德意志銀行的 Brian Modoff。

Frank, congratulations on your retirement, and good luck dealing with us, Kelly.

弗蘭克，恭喜你退休，祝你與我們合作順利，凱利。

So a question on the gross margins. 63% guidance is decent, as well. How do you see your gross margins?

所以這是一個關於毛利率的問題。63% 的指導也不錯。您如何看待您的毛利率？

I know some of the calls have been that you would see pressure there, doesn't look like you have. Looking at your mix and your forecast, how do you see your gross margins panning out over the next quarter?

我知道有些人說你會在那裡看到壓力，但看起來並沒有。從您的產品組合和預測來看，您認為下一季的毛利率會如何？

And real quick if I could slip in, you mentioned General Motors again. Can you talk about what that means in terms of your ability to sell into big US and European telcos, and software opportunities, in terms of offering that type of product pipeline to them to sell to their customers? And how it might be as a recurring revenue stream over time? Thanks.

如果我能夠插嘴的話，您又提到了通用汽車。您能否談談這對您向美國和歐洲大型電信公司銷售產品的能力以及軟體機會意味著什麼，即為他們提供此類產品管道銷售給他們的客戶？以及它如何隨著時間的推移成為經常性的收入來源？謝謝。

Got you. Frank, why don't you take the first one? Gary, I'll have you take the second one.

明白了。法蘭克，為什麼不選擇第一個呢？加里，我請你拿第二個。

Brian, I'm going to be broken record at least one more time on this one. But from a gross margin standpoint, as we look at the gross margin at 61% to 62%, give or take 1%, going back on the first quarter, yes they were higher over 62%, we tend to see high gross margin in the first quarter. We did see a benefit from a mix perspective.

布萊恩，這次我至少要打破一次紀錄。但從毛利率的角度來看，當我們回顧第一季時，毛利率在 61% 到 62% 之間，上下浮動 1%，是的，毛利率高於 62%，我們傾向於看到第一季的毛利率較高。從混合角度來看，我們確實看到了好處。

I think the stronger switching helped, as well as if you look at the mix from a UCS perspective, it tends to be lower, whereas in Q2 -- Q2 especially after the end of the calendar year, tends to be a stronger UCS quarter. So we'll see a bit more of an impact from a negative mix standpoint in that quarter. So when you take all the gives and takes, that's where we get to that 61% to 62% give or take, and we'll continue to keep managing that balance, as we look out over several quarters.

我認為更強的轉換有所幫助，而且如果你從 UCS 的角度來看組合，它往往會較低，而在第二季度 - 特別是在日曆年結束後的第二季度，往往是一個更強勁的 UCS 季度。因此，從負面組合的角度來看，該季度的影響會更大一些。因此，當我們把所有的得失考慮進去時，我們就會得到 61% 到 62% 的左右比例，並且我們會繼續保持這種平衡，因為我們會在接下來的幾個季度中繼續觀察。

Gary?

加里？

On the ELA that we did with General Motors, that John did mention again this quarter, that's a solid deal for them, and for us. It has a lot of interest from other companies, and we're actually working a number of them, and I think there's a lot of positive things about the structure of that deal, certainly for the customer, but certainly for Cisco.

關於我們與通用汽車達成的 ELA，約翰本季再次提到，這對他們和我們來說都是一筆可靠的交易。它引起了許多其他公司的關注，我們實際上正在與其中許多公司合作，我認為這筆交易的結構有很多積極因素，對客戶來說當然如此，對思科來說當然也是如此。

And with a customer like GM where they've gone all in on us and our strategy, it's very easy for them now to continue to grow and do innovative things that give them business outcomes that they weren't able to justify to the business before. And I think that's something that a visionary CIO will do with a Company and a CEO and a CFO that really look for IT to be a competitive advantage and not an expense. And I think the team at GM has done that, and we have a number of other customers that we're working with along those same lines.

有了通用汽車這樣的客戶，他們全力支持我們和我們的策略，現在他們可以輕鬆地繼續發展並進行創新，從而獲得以前無法證明的業務成果。我認為，有遠見的 CIO 會與公司、CEO 和 CFO 一起做這件事，他們真正希望 IT 成為一種競爭優勢，而不是一種費用。我認為通用汽車的團隊已經做到了這一點，而且我們還有許多其他客戶也在按照同樣的思路進行合作。

What's exciting is these enterprise licenses. Think of it an enterprise software license, where literately you can fill in the hardware underneath the integration and you can move from security to collaboration. You compete against white label, you can bring in your consultancy services, your knowledge of the network, in ways that no one else can do.

令人興奮的是這些企業許可證。可以將其視為企業軟體許可證，您可以在其中填寫整合下的硬件，並且可以從安全轉向協作。您可以與白標競爭，您可以以其他人無法做到的方式引入您的諮詢服務和網路知識。

You're seeing us doing the same thing with services, enterprise services agreements. And that has even more impact, when you go across the whole large enterprise, and you do services tying all together their networks, their directions, get efficiencies from it, but then it really opens up your consultancy, your security, your collaboration offers.

您會看到我們在服務、企業服務協議方面也做著同樣的事情。當你涉足整個大型企業，提供服務將所有的網路、方向連結在一起，從中獲得效率時，這會產生更大的影響，但這實際上會開啟你的諮詢、安全和協作服務。

Then you combine that with our architecture plays, and you take it from cloud all the through mobility, take it all the way down to the edge. That's why we win.

然後，你將其與我們的架構結合，並將其從雲端一直延伸到行動端，一直延伸到邊緣。這就是我們獲勝的原因。

One thing, Kelly, you pointed out to me the other night, and you're educating Frank and I as well with good attention to detail. When you look behind at the numbers, Q2 is usually a quarter if you watch historically that has had lower gross margins than Q1, because we do a bigger mix of our products on servers during Q2 because of the year-end. So that's been fairly typical in terms of our pattern. Did I learn that one right?

凱利，有一件事，你前幾天晚上向我指出了，而且你也在非常注重細節地教育弗蘭克和我。如果你回顧一下這些數字，你會發現從歷史上看，第二季度的毛利率通常低於第一季度，因為由於年底的緣故，我們在第二季度在伺服器上投放了更多產品。就我們的模式而言，這是相當典型的。我學得對嗎？

That's right.

這是正確的。

All right, thanks Brian. Operator, next question?

好的，謝謝 Brian。接線員，下一個問題？

Ehud Gelblum, Citigroup.

花旗集團的埃胡德‧蓋爾布魯姆 (Ehud Gelblum)。

Frank, likewise. Best of luck.

弗蘭克，也是如此。祝你好運。

Just an aside on that, if you can give us some sense of your thought process, as to A, what you plan on doing next, and what you were thinking as you went through this decision to retire, that would be some awesome, to just have some rationale. But I was looking more for some a little more deep dive into the enterprise business, where enterprise orders were down from being up last quarter, and putting that together with what's happening with VCE. And with the data center number 15%, that John said you thought was a little disappointing and I think it was about 30% last quarter.

順便提一下，如果您可以讓我們了解一下您的思考過程，至於 A，您下一步計劃做什麼，以及您在做出退休決定時在想什麼，那就太好了，只是有一些理由。但我更希望對企業業務進行更深入的了解，上個季度企業訂單較上個季度有所下降，並將其與 VCE 的情況結合起來。資料中心數量為 15%，約翰說你認為這有點令人失望，我認為上個季度約為 30%。

So putting that all together in one piece, can you give us a sense as to A, just a question A, how much UCS went through VCE and how much will that impact you as your piece of the VCE goes to 10% from 35%? B, were all of these issues related, the low enterprises growth, the low UCS and data center growth?

所以把所有這些放在一起，您能否給我們一個大概的答案，只是一個問題 A，有多少 UCS 是透過 VCE 獲得的，當你的 VCE 份額從 35% 降至 10% 時，這會對你產生多大影響？B，所有這些問題是否都與企業成長緩慢、UCS 和資料中心成長緩慢有關？

And the exiting bringing down your equity stake in VCE, was that all the same issue? And what gives you confidence that all of these issues, enterprise, UCS, data center, et cetera, rebound next quarter and going forward? Thanks.

而你退出 VCE 股權的舉動，是同一個問題嗎？是什麼讓您有信心所有這些問題，企業、UCS、資料中心等，都會在下個季度及以後出現反彈？謝謝。

Got you. Let me take it Frank maybe you could handle that one question with him one-on-one in terms of that, and I'd like to sit in on that discussion. So let me address the enterprise question very directly.

明白了。弗蘭克，我認為你可以和他一對一地討論一下這個問題，我想參加一下討論。因此，讓我非常直接地回答企業問題。

First, let's use our Global Enterprise Theater run by Woody Sessoms. We didn't talk about it on the call, it's our top 29 global enterprise accounts. It grew 15% last quarter, and it grew across all those architectures, and it is one of the very best with VCE, with FlexPod, in total architectures.

首先，讓我們使用由伍迪·塞索姆斯 (Woody Sessoms) 經營的全球企業劇院。我們在電話會議上沒有談論它，這是我們的前 29 個全球企業帳戶。上個季度它增長了 15%，並且在所有這些架構中都有所增長，並且在整個架構中，它是 VCE、FlexPod 中最好的之一。

And so if you watch and we're progressing, they're projecting they're going to grow very well again this quarter, the pipeline looks really good. So as you would expect, Ehud, testing to make sure the pipeline's good, where we're going, that would be an example, and those are our global enterprise.

所以如果你觀察一下，你會發現我們正在取得進展，他們預計本季他們將再次實現良好的成長，通路看起來非常好。所以正如你所期望的，埃胡德，測試以確保管道良好，我們要去的地方，這將是一個例子，這些都是我們的全球企業。

In the US enterprise, it was very simple. We finished up the quarter, they were in the running to become the top theater in the world and they won it. They pushed hard in the quarter, and it was financially to advantage, and tried to do a little bit out of the pipeline on that. They made organization changes set up for this next year, got going on even pushing harder on solutions, even harder on architectures. And you'll see them not get extremely high, 90%-plus probably shouldn't say that, you'll see them return into double digits.

在美國企業裡，這非常簡單。我們結束了這個季度，他們正在角逐成為世界頂級劇院，並且他們贏了。他們在本季度努力工作，這在財務上具有優勢，並試圖在這方面取得一些突破。他們為明年制定了組織變革計劃，開始更努力地推動解決方案，更加努力地推動架構。而且你會看到他們的得分不會變得非常高，90% 以上的人可能不應該這麼說，你會看到他們的得分回到兩位數。

And we've been through Brian's pipeline. He is world class, knows how to do it. There's no effect of our agreement with what we're doing with VCE that slowed at all. In fact I think the VCE numbers, Gary, feel very good and I think both VCE and FlexPod are growing off of $1 billion-plus base at over 50% a year.

我們已經了解了 Brian 的流程。他是世界級的，知道如何做。我們的協議對於我們正在進行的 VCE 工作沒有任何影響。事實上，加里，我認為 VCE 的數字非常好，而且我認為 VCE 和 FlexPod 都在以每年 10 億美元以上的基礎之上以超過 50% 的速度增長。

Yes. VCE surpassed $2 billion annualized in their run rate. We have more than 2,000 people with 1,000 customers, 2000 Vblocks out there, and this did not slow them down at all.

是的。VCE 的年運行率超過 20 億美元。我們有 2,000 多名員工、1,000 個客戶和 2,000 個 Vblock，但這絲毫沒有減慢他們的速度。

And I guess I'd draw the parallel, government is nothing more than a public-sector of enterprise, and you saw 13% growth in government around the world. Digitization of countries has taken off, and I cannot tell you what it means when a Merkel, the leader in Germany says about Industry 4.0 she's going to digitize her country. And what we could do together with government and with Deutsche Telekom and the cities, and rebuild off of it in terms of direction.

我想我會做出類比，政府只不過是企業的公共部門，你會看到世界各地的政府部門成長了 13%。各國的數位化進程已經啟動，當德國領導人梅克爾談到工業 4.0、她將要數位化她的國家時，我無法告訴你這意味著什麼。我們可以與政府、德國電信和各城市合作，在方向上進行重建。

Same thing with commercial. Commercial was solid at 7%, it doesn't go quite up and down as much.

商業也是一樣。商業收入穩定在 7%，波動幅度不大。

Am I missing something? Come in closer? Frank was waving at me in a unique way and I was looking sure of the hand signal -- in terms of the direction.

我遺漏了什麼嗎？再靠近一點？弗蘭克用一種獨特的方式向我揮手，而我確信這個手勢的方向正確。

So that's an answer that I feel really good on enterprise. We are going to lead and break away from most every player in enterprise and that applies across our products, including with our application centric infrastructure enterprise, which is going great guns. Nice way.

所以這是我對企業感到非常滿意的答案。我們將引領並超越企業領域的大多數參與者，這適用於我們的所有產品，包括正在蓬勃發展的以應用為中心的基礎設施企業。好方法。

I don't miss transitions like this, and if I were concerned I would tell you. We always want to watch the numbers, though.

我並不懷念這樣的轉變，如果我擔心的話我會告訴你。但我們始終想關注這些數字。

Great, thanks Ehud. Operator, next question?

太好了，謝謝 Ehud。接線員，下一個問題？

Ben Reitzes, Barclays Capital.

本‧雷茨 (Ben Reitzes)，巴克萊資本。

John, could you talk a little bit more there about service provider? When -- what do you need to see to have it turn?

約翰，您能再多談談服務提供者嗎？什麼時候－你需要看到什麼才能讓它轉動？

I thought that was interesting, that you talked about net neutrality, which is obviously a hot button issue right now. And obviously the spending, but I think we're all trying to figure out when it could possibly turn. It sounds like there's several factors, and your leadership on this issue, I think, would be very helpful to us. Thanks.

我認為這很有趣，你談到了網路中立性，這顯然是現在的熱門話題。顯然還有支出，但我認為我們都在試圖弄清楚什麼時候才可能出現轉變。聽起來好像有幾個因素，我認為您在這個問題上的領導對我們非常有幫助。謝謝。

Several questions, and thank you for the nice comment.

有幾個問題，感謝您的精彩評論。

On our service provider business, first let's assume for now that it won't change in a couple quarters. We however, with our new structure, are beginning to build different relationships at every single major service provider, Rob, you've probably been to 30 of them the last two months.

對於我們的服務提供者業務，首先我們暫時假設它在幾個季度內不會改變。然而，透過新的架構，我們開始與每個主要的服務提供者建立不同的關係，羅布，過去兩個月你可能已經去過其中的 30 家了。

At the CEO level, the CTO level, CMO level, operations, et cetera, and our relationship is changing with them. And our ability to really bring a portfolio that addresses their top priorities, in terms of what they're doing on mobility, what they're doing on video, what they're doing with new services, in a market that their traditional transport is commoditizing, is pretty good.

在 CEO 級別、CTO 級別、CMO 級別、營運等等，我們與他們的關係正在改變。在傳統交通工具商品化的市場中，我們能夠真正提供能夠滿足他們首要任務的產品組合，包括他們在移動性、視頻方面所做的工作、他們在新服務方面所做的工作，這一點非常出色。

However, I don't want to ignore one issue. They are struggling big time in certain geographies with how to make money given the costs that are going flat to up, and their revenues that are coming back through. And so you're going to see certain service providers like AT&T said it very publicly, and obviously I'm very close to Randall and John and Ralph there.

然而，我不想忽視一個問題。在某些地區，由於成本持平甚至上漲，而收入卻在回升，他們面臨巨大的獲利困境。因此，你會看到某些服務提供者（例如 AT&T）公開表示了這一點，而且顯然我與 Randall、John 和 Ralph 的關係非常密切。

We know that their CapEx is going to be down by a fair amount this next year, regardless. However, it will be down dramatically more if we don't get our act together on this Title II issue.

我們知道，無論如何，明年他們的資本支出將會大幅下降。然而，如果我們不就第二章問題採取一致行動，這個數字將會進一步大幅下降。

So there's a way to accomplish the goals of both sides. I thought Chairman Wheeler's original approach to this was right on, a right compromise in terms of direction, and I think it's very important that we spend a message. Because you are going to see these service providers slow, if not pause completely, on broadband buildout, because if they can't make money on broadband buildout, they aren't going to build it out. It's as simple as that.

因此，有一種方法可以實現雙方的目標。我認為惠勒主席最初對此的態度是正確的，在方向上做出了正確的妥協，我認為我們傳達訊息非常重要。因為你會看到這些服務提供者在寬頻建設上放慢速度，甚至完全暫停，因為如果他們不能從寬頻建設中賺錢，他們就不會建造它。就這麼簡單。

And we -- clearly that was the wildcard factor that Simona, you asked me asked me about indirectly. We started seeing service provider spending slow a lot last quarter among the three big guys that might be must most affected here, and so I think getting their act together there is key.

而我們——顯然，這是西蒙娜你間接問我的未知因素。上個季度，我們開始看到服務提供者的支出在可能受影響最大的三大公司中大幅放緩，因此我認為讓他們齊心協力是關鍵。

We do plan to be very aggressive on this in trying to educate people on all sides about why this is not right for our country. I find it just last comment, very interesting, that Europe looks at the US, that we got our act together. We have the right amount of competition that allowed companies to make profits, and the right amount of government regulation that allowed them to build out broadband. So they look at us like we got our act together, and here we are thinking about changing it.

我們確實計劃採取非常積極的措施，試圖教育各方人民為什麼這對我們的國家來說是錯誤的。我發現最後一則評論非常有趣，歐洲看著美國，我們一起採取了行動。我們有適當的競爭，讓企業能夠獲利，也有適當的政府監管，讓企業能夠建造寬頻。所以他們看著我們，就好像我們已經齊心協力了，而我們卻在考慮改變它。

So I think it's very important the whole industry's active here. I think it's going to have a negative impact for all of us that are connected to those large service providers in the US here in this last quarter and maybe for one or two more quarters, and that clearly was reflected in our approach. I hope I'm wrong, but it feels like that's going to be very tight.

因此我認為整個產業的活躍非常重要。我認為這會對與美國大型服務提供者有聯繫的所有人產生負面影響，尤其是在上個季度，甚至可能持續一兩個季度，這顯然反映在我們的做法上。我希望我是錯的，但感覺這會非常緊張。

Thanks, Ben. Operator, next question?

謝謝，本。接線員，下一個問題？

Mark Sue, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的馬克蘇 (Mark Sue)。

At a high level, the patterns that we are seeing today is somewhat similar, you have some regions positive, some regions negative, and then we are seeing a subsequent reversion to the mean. Are there considerations to really think about, can Cisco do things very differently, make big changes, so that all efforts that Cisco's making can lead to a corresponding out-performance? In terms of economic value add and also equity out-performance for Cisco? In terms of looking at unlocking value, are there discussions going on, are we at a point where Cisco will consider new inputs to change and formulate a better outcome?

從高層次來看，我們今天看到的模式有些相似，有些區域是正的，有些區域是負的，然後我們看到隨後的迴歸平均值。是否有值得認真思考的問題，思科是否可以採取非常不同的做法，做出重大改變，以便思科所做的所有努力都能帶來相應的卓越表現？就思科的經濟增值和股權表現而言？在釋放價值方面，是否有正在進行的討論，我們是否正處於思科將考慮新的投入來改變並製定更好結果的階段？

Mark, a couple thoughts. You've asked a question that we can probably talk about half an hour, but let me hit it very high. We're winning in most all of our major market transition moves.

馬克，有幾點想法。你問了一個我們可能需要半小時才能討論的問題，但讓我來詳細談談。我們在大多數重大市場轉型措施中都取得了成功。

We are winning on architectures, we're winning on convergence in the data center or storage, and network and processing capability. We're winning big winning big-time on application centric infrastructure and pulling away from a startup competitor, that being very bold, I would say we're not only pulling away from, I think while they have moves left on the table, I think it came it's game over, I think we've got them.

我們在架構上取得了勝利，我們在資料中心或儲存、網路和處理能力的融合上取得了勝利。我們在以應用程式為中心的基礎設施上大獲全勝，並且遠遠領先於初創競爭對手，這是非常大膽的，我想說我們不僅遠遠領先，我認為雖然他們還有其他動作，但遊戲已經結束了，我認為我們已經打敗他們了。

There's no doubt about where we are leading with Internet of Everything. Our products are very uniquely tied together. That's why you've seen our gross margins be so strong.

毫無疑問，我們在萬物互聯領域處於領先地位。我們的產品以獨特的方式結合在一起。這就是為什麼我們的毛利率如此之高。

We've moved to selling solutions in software and cloud. We've redone and transformed our whole company to move resources and freeing up by keeping headcount flat into new areas. We've moved with InterCloud with tremendous efficiency. We realigned our organization.

我們已轉向銷售軟體和雲端解決方案。我們已經對整個公司進行了重新調整和轉型，將資源和空閒時間轉移到新的領域，以保持員工人數穩定。我們與 InterCloud 合作，效率極高。我們重新調整了組織。

So we've transformed our Company at a time that others have not transformed at all and are just beginning to get started, Mark, with some of the things that you're outlining, which I think is going to get them into real trouble. So I love our position in the market.

所以，當其他公司還沒有轉變，而才剛開始採取你所概述的一些措施時，我們已經改變了公司，馬克，我認為這會讓他們陷入真正的麻煩。所以我喜歡我們在市場上的地位。

Our position with customers, Gary, you and I are out there all the time, it has never been stronger, and Mark, we're winning with great gross margins and where there's growth opportunities we're getting our share of it, plus a lot, gaining market share in many of these areas. So fair criticism perhaps, three years ago. Probably not a fair criticism today.

加里，你和我一直都在，我們在客戶中的地位從未如此強大，馬克，我們以巨大的毛利率贏得了勝利，在有增長機會的地方，我們獲得了自己的份額，此外，在許多領域都獲得了市場份額。所以，三年前的批評也許是公正的。今天可能不是一個公平的批評。

Great, thanks. Operator, next question?

太好了，謝謝。接線員，下一個問題？

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

Wanted to go back to the question that was asked earlier on margins. Just wondering how we should think about the opportunity to improve profitability. It seems like we're on the backside of a multi-year revamping of the internal organizational structure, like you just hit on, John.

想回到之前關於利潤率提出的問題。只是想知道我們應該如何看待提高獲利能力的機會。就像你剛才提到的那樣，我們似乎正處於多年內部組織結構改革的後期，約翰。

I'm wondering if there's an opportunity to see some margin expansion as year-over-year growth persists? Or maybe to ask another way, what kind of top line growth do you think we would need to achieve in order to show some margin expansion and improved profitability as we get to the latter stages of the reorganization we've been under, that's been underway for the last three years?

我想知道，隨著年成長持續下去，是否有機會看到利潤率擴大？或者換一種方式問，當我們進入過去三年來一直在進行的重組的後期階段時，您認為我們需要實現什麼樣的營收成長才能顯示出利潤率的擴大和盈利能力的提高？

So repeating first a theme that I commented on, and then we're in agreement to where you're leading this. You look at the last three-plus years, to grow revenues by $4 billion, and to grow operating expenses by $61 million, our peers when we looked at them, they were at $0.30, $0.50, $0.70, $1.00 per $1 of revenue gained. We did it at 1%. I have to give us very high marks on that over the last three years.

因此，首先重複我評論過的一個主題，然後我們同意你所引導的方向。回顧過去三年多的時間，我們的收入成長了 40 億美元，營運費用成長了 6,100 萬美元，而我們的同業每增加 1 美元的收入，營運費用分別為 0.30 美元、0.50 美元、0.70 美元、1.00 美元。我們以 1% 的比例做到了。我必須對我們過去三年來的表現給予高度評價。

To the second part of your question, Gary's got the ball for me on that. It's about how do we drive productivity, and we're going to use one that we can measure, productivity per employee which is just the easiest one to do. I know it's not anywhere near as sophisticated as many of us would use different measurements that add up to that.

對於你問題的第二部分，加里已經為我解答了。這關乎我們如何提高生產力，我們將使用一個可以衡量的標準，即每位員工的生產力，這是最容易做到的。我知道它並不像我們許多人使用的不同測量方法那麼複雜。

But to how we drive productivity of our Company on that, and to your point, there are times, either within segments of our business, or times when there are market segments, where we will improve productivity dramatically and routing and switching would be an example, where even though we're breaking away with new products we're moving resources into other areas at the same time. Gary, your thoughts on that?

但是對於我們如何提高公司的生產力，正如您所說，有時，無論是在我們的業務部門內，還是在市場部門內，我們都會大幅提高生產力，路由和交換就是一個例子，即使我們正在推出新產品，我們也會同時將資源轉移到其他領域。加里，你對此有何看法？

There's several things that we've done. John spoke of the services revenue growth over the last three years, and the fact that we're doing that with automation and analytics. And delivering higher value at a lower cost, I think, plays into that, and there's a lot more that we can do there, as we continue to build out the things that we've been talking about, about cloud managed services, the security offerings, the consulting, those kinds of things from services, as well as the things that Rob and the engineering team are doing with Pankaj relative to the integrated portfolio.

我們已經做了幾件事。約翰談到了過去三年的服務收入成長，以及我們透過自動化和分析來實現這一目標的事實。我認為，以更低的成本提供更高的價值，在這方面我們能做的還有很多，因為我們將繼續建立我們一直在談論的東西，關於雲端管理服務、安全產品、諮詢、服務中的這些事情，以及 Rob 和工程團隊與 Pankaj 一起在綜合產品組合方面所做的事情。

So from a margin point of view, we still have -- we may be on the backside of this, but as we've said, this is the game that, it doesn't have nine innings to it. We are going to continually turn the dials that we need to turn, and we have all of those levers available to us, to coincide with the growth. We're well-positioned.

因此，從利潤率的角度來看，我們仍然 - 我們可能處於劣勢，但正如我們所說的那樣，這是一場沒有九局的比賽。我們將不斷轉動我們需要轉動的撥盤，並且我們擁有所有可用的槓桿，以適應成長。我們處於有利地位。

If things do uptake, and we have moved a lot to shared support, so we're at a really good position to expand margins quite honestly in my opinion, if the growth takes off, because of what we've built on the infrastructure. That is global and scalable.

如果事情確實有所進展，而且我們已經在共享支援方面取得了很大進展，那麼坦白地說，我認為，如果成長順利，我們將處於一個非常有利的位置來擴大利潤率，這是因為我們已經建立了基礎設施。這是全球性的、可擴展的。

And you will see us probably, I think, given the market growth numbers, off fairly small numbers, be more conservative about adding to headcount once we've got the growth, as opposed to betting a little bit on the Company as you move forward, especially in this market.

我認為，考慮到市場成長數字（相對較小的數字），您可能會看到我們在實現成長後對增加員工人數採取更保守的態度，而不是在公司前進的過程中押註一點點，尤其是在這個市場。

Great, thanks James. Operator, next question?

太好了，謝謝詹姆斯。接線員，下一個問題？

Alex Henderson, Needham.

亞歷克斯·亨德森，尼德姆。

I was hoping you could give us a little bit more granularity on the service provider segment. The piece that is confounding the analysis to some extent is the set-top box business, continuing to fall off. And it's fallen off so many quarters in a row, it's lost track of how big it is. Can you talk about what the service provider business would be doing ex the set-top box on an apples-to-apples basis, because that piece has obviously got a different trajectory?

我希望您能為我們提供更多關於服務提供者部分的詳細資訊。某種程度上使分析結果令人困惑的是機上盒業務的持續下滑。而且它已經連續多個季度下跌，已經不知道跌幅有多大了。您能否談談服務供應商業務在機上盒之外會如何發展，因為該部分顯然有不同的發展軌跡？

I've got it and my team will verify on the numbers. The business answer just the way you worded it, global service providers were down 10%. If you had taken set-top box out of that, it would have been down 6% in terms of the approach.

我已經收到，我的團隊將對數字進行驗證。商業答案正如您所說的那樣，全球服務提供者下降了 10%。如果將機上盒從其中剔除，那麼這種方法的成本將會下降 6%。

And it did very globally. Global service providers, Europe grew by 13% this last quarter in service providers, and relationships and companies like Deutsche Telekom, et cetera, going extremely well in terms of where we go from that side.

並且它在全球範圍內都取得了成功。全球服務供應商，歐洲上個季度的服務供應商數量增加了 13%，我們與德國電信等公司的關係也發展得非常好。

And you're seeing us build very strong relationships in new emerging markets with players like Reliance, and Rob, you've got a list of 30 of our InterCloud type of partners in terms of the direction. And again, understand, I'm not wedded to set-top boxes. I am wed to winning the battle in the cloud, and so we clearly you set-top boxes purely as a stepping stone to get into the cloud and direction, and right now, we have a pretty good portfolio on how this ties together. But it's all about winning software in the cloud, and you'll see us evolve our Company that way, in terms of products that don't add much margin over time.

並且您將看到我們與 Reliance 和 Rob 等新興市場中的參與者建立了非常牢固的關係，就方向而言，您已經獲得了 30 個 InterCloud 類型的合作夥伴名單。再說一遍，請理解，我並不執著於機上盒。我決心在雲端運算領域贏得這場戰鬥，因此我們清楚地認識到機上盒純粹是進入雲端運算方向的墊腳石，而現在，我們在如何將這些結合在一起方面擁有相當不錯的產品組合。但這一切都是為了在雲端贏得軟體，你會看到我們以這種方式發展我們的公司，就那些隨著時間的推移不會增加太多利潤的產品而言。

Thanks, Alex. Operator, next question?

謝謝，亞歷克斯。接線員，下一個問題？

Ittai Kidron, Oppenheimer.

伊泰·基德倫，奧本海默。

Frank, best wishes to you, and thanks for the many years of very good service and good luck to Kelly.

弗蘭克，向你致以最良好的祝愿，感謝你多年來的出色服務，祝凱利好運。

I wanted to go back to the point of gross margin, John, if possible. And I've heard all explanations around it, but I have to go back literally to three years to find a point in time where you had a product gross margin this high. And then, I looked at your guidance over the past few quarters and years and you've beaten gross margin 10 quarters out of the last 13 quarters, you never missed in the last 13 quarters.

約翰，如果可能的話，我想回到毛利率這個話題。我聽過所有關於它的解釋，但我必須回顧三年前才能找到產品毛利率如此之高的時間點。然後，我查看了您過去幾個季度和幾年的指導，發現在過去的 13 個季度中，您的毛利率有 10 個季度超過了預期，而且在過去的 13 個季度中從未低於預期。

I'm wondering, have gotten to a point in time where you feel that you have a much better handle on the product cycles, you have a much better handle on the competitive front? What is the possibility that you actually do start raising that gross margin range outlook going forward? Is that something completely unreasonable to assume?

我想知道，您是否已經感覺自己對產品週期有了更好的把握，對競爭情勢有了更好的把握？您實際上開始提高未來毛利率範圍前景的可能性有多大？這是完全不合理的假設嗎？

It's a good question. We debated that at the operating committee with Gary just a couple weeks ago.

這是個好問題。就在幾週前，我們與加里在營運委員會上討論了這個問題。

And so to answer your question on part, we are all over gross margins. Gary leads the project with Frank, and now Gary will lead it with Kelly.

因此，為了部分回答您的問題，我們的毛利率都超過了。加里與弗蘭克一起領導該項目，現在加里將與凱利一起領導該項目。

Every aspect of gross margins from product cycle improvement to designing products, to your point, let's not design a switch that comes in at 50% gross margins and we get it 70% over three years, That was very painful, and we did that across our line the last time. And with our new switching products, they came in at very high gross margins, and I said earlier, are actually improving as volume picks up in terms of direction.

從產品週期改進到產品設計，毛利率的各個方面，就你的觀點而言，我們不要設計一個毛利率為 50% 的開關，而我們在三年內將其提高到 70%，這是非常痛苦的，上次我們在整個產品線上都這樣做了。我們的新交換產品具有非常高的毛利率，而且我之前說過，隨著銷售量的成長，毛利率實際上正在提高。

I think the major issue quarter in and quarter out is more mix at the present time. We are going to go into next quarter where you see UCSs will be up and hopefully up dramatically, and that's a seasonally strong period for us on UCS as well as otherwise. And I think there are certain transactions that we want to go after aggressively in emerging markets are not, which tend to swing it up and down.

我認為目前季度內和季度外的主要問題是更加混合。進入下個季度，您會看到 UCS 將會上升，並且有望大幅上升，這對我們的 UCS 和其他方面來說都是一個季節性的強勁時期。我認為，我們想在新興市場積極進行的某些交易並非如此，這往往會造成市場波動。

But are we focused on this? Yes. And are we focused in each category, even though the real play is for architectures about how to improve the category and gross margins? The answer would be yes.

但我們關注的是這一點嗎？是的。儘管真正的重點是如何改善類別和毛利率的架構，但我們是否專注於每個類別？答案是肯定的。

And then final, the real issue on gross margins, if you can provide a solution, it is at 3 to 5 times the value to a customer of providing products. And so when we tie together these architectures, Mark, it dramatically lowered our operating expenses to get the solutions to go to outcomes. That's what customers pay you huge premium for. That's where you make your money.

最後，關於毛利率的真正問題，如果你能提供解決方案，那麼它對客戶的價值將是產品價值的 3 到 5 倍。因此，當我們將這些架構結合在一起時，馬克，它大大降低了我們的營運費用，以獲得解決方案並取得成果。這就是為什麼客戶向您支付巨額溢價的原因。這就是你賺錢的地方。

By Mark, I meant Mark Sue, I was referring back to his comment earlier, why you don't change the structure. When everybody else has left this wide open for us and we're breaking away, the last thing you do would be change that now, that would result in exact opposite.

我說的馬克是指馬克蘇，我指的是他之前的評論，為什麼你不改變結構。當其他人都為我們敞開大門，而我們要脫離時，你最不應該做的事情就是現在就改變這種狀況，否則將導致完全相反的結果。

So I think there are areas that we can improve on, and as we move more into cloud, as we move more into software, as we move more into collaboration, we're looking at the margins/ And you'll see us where we can't get good margins, we'll walk from the business, and we clearly are doing that with some service providers today. If we can't get a good margin deal, even though it's important to us, we will walk, and that's the advantage of having the discipline this leadership team has.

所以我認為我們還可以改進一些領域，隨著我們更多地進入雲端運算領域，隨著我們更多地進入軟體領域，隨著我們更多地進入協作領域，我們正在關注利潤率/你會看到，如果我們無法獲得良好的利潤率，我們就會退出這項業務，我們今天顯然正在與一些服務提供者這樣做。如果我們無法達成好的利潤協議，即使這對我們很重要，我們也會離開，這就是這個領導團隊的紀律性的優勢。

Mel, that's probably a good way to summarize. If I were to look at it, I'd say in the comments we started off quarter review with, I'd end with. I think in a tough environment, we're managing very well.

梅爾，這可能是個很好的總結方式。如果我要看一下，我會說我們在季度回顧開始時的評論，我會以此結束。我認為在艱難的環境中，我們的管理非常好。

On the enterprise, commercial, and public-sector we're lighting up the world, and I think we're doing very well there. The areas we made big bets on that some people challenged us, whether it's architectures or convergence or application centric infrastructure or embracing SDN and bringing it to life with programmability and leading.

在企業、商業和公共部門，我們正在照亮世界，我認為我們在這方面做得很好。我們押下重註的領域有些人對我們提出了挑戰，無論是架構、融合還是以應用為中心的基礎設施，還是擁抱 SDN 並透過可編程性和領先性將其變為現實。

Internet of Everything is finally taking off. You have an inflection point on that. We had the courage to change our organization and make transitions that other companies struggled with, and by the way, they're just now starting, we have been at it for 3.5 years. I love our position, and I think we're going to win.

萬物互聯終於開始起飛。你對此有一個轉折點。我們有勇氣改變我們的組織並進行轉型，而其他公司則很難做到這一點，順便說一句，他們才剛開始，而我們已經堅持了 3.5 年。我喜歡我們的位置，我認為我們會贏。

So I want to thank you all, for your confidence in Cisco, and thank you for the time. Mel, let me turn it back to you.

所以我要感謝大家對思科的信任，感謝你們付出的時間。梅爾，讓我把它還給你。

Great. Thanks, John.

偉大的。謝謝，約翰。

Cisco's next quarterly call which will reflect our FY15 second-quarter results will be on Wednesday, February 11, 2015 at 1:30 PM Pacific, 4:30 PM Eastern. Again, I'd 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.

思科下次季度電話會議將於 2015 年 2 月 11 日星期三太平洋時間下午 1:30、東部時間下午 4:30 召開，屆時將公佈 2015 財年第二季業績。再次，我想提醒您，根據公平披露規則，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。

Please call the investor relations department with any follow-up questions from this call. Thank you for your participation and continued support. This concludes our call.

如本次電話會議有任何後續問題，請致電投資者關係部門。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 800-835-3804. For participants dialing from outside the US, please dial 402-280-1654.

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 800-835-3804。對於從美國境外撥打電話的參與者，請撥打 402-280-1654。

This concludes today's conference. You may disconnect at this time.

今天的會議到此結束。您現在可以斷開連線。