思科 (CSCO) 2015 Q2 法說會逐字稿

Welcome to Cisco Systems Second Quarter and FY15 Financial Results Conference Call. At the request of Cisco Systems, today's call is being recorded. If you have any objections, you may disconnect. Now I would like to introduce Melissa Selcher, Vice President of Corporate Communication and Investor Relations. Ma'am, you may begin.

歡迎參加思科系統第二季及 2015 財年財務績效電話會議。應思科系統公司的要求，今天的通話正在錄音。如果有異議可以斷開連接。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. Good afternoon, everyone, and welcome to our hundredth quarterly conference call. This is Melissa Selcher and I'm joined by John Chambers, our Chairman and Chief Executive Officer; Kelly Kramer, Executive Vice President and Chief Financial Officer; Rob Lloyd, President of Development and Sales; and Gary Moore, President and Chief Operating Officer.

謝謝。大家下午好，歡迎參加我們的第一百季電話會議。我是 Melissa Selcher，和我一起的還有我們的董事長兼首席執行官 John Chambers；凱利·克萊默 (Kelly Kramer)，執行副總裁兼首席財務官；開發和銷售總裁 Rob Lloyd；以及總裁兼首席營運官加里·摩爾 (Gary Moore)。

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 sheet, cash flow statements, and other financial information can also be found on the Investor Relations website. Click on the financial reporting section of the website to access these documents.

我想提醒您，我們有一個相應的網路廣播，其中包含幻燈片（包括補充資訊），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。點擊網站的財務報告部分即可存取這些文件。

Throughout this conference call, we'll be making references to both GAAP and non-GAAP financial results. The matters we'll be discussing today include forward-looking statements and as such, are subject to the risk and uncertainties that we discuss in detail in our documents filed with the SEC; specifically, the most recent reports on Form 10-K and Form 10-Q 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.

在整個電話會議中，我們將參考 GAAP 和非 GAAP 財務結果。我們今天將要討論的事項包括前瞻性陳述，因此，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；具體而言，最新的 10-K 表格和 10-Q 表格報告以及任何適用的修訂版都指出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 through this call will be on a year-over-year basis, unless stated otherwise. As we have said in the past, we discuss product results in terms of revenue and geographic and customer segment results in terms of product orders, unless specifically stated otherwise. I'll now turn it over to John for his commentary on the quarter.

未經授權，不允許錄製本次電話會議。除非另有說明，本次電話會議中的所有比較均以同比為基礎。正如我們過去所說的那樣，除非另有明確說明，否則我們會根據收入討論產品結果，根據產品訂單討論地理和客戶細分結果。現在我將把話題交給約翰，請他評論本季的情況。

Mel, thank you very much. Our Q2 results reflect continued progress as we transform Cisco to become the number one IT Company. In the quarter, we grew revenue to $11.9 billion, up 7%, and grew non-GAAP earnings per share to $0.53, up 13% year-over-year. We generated $2.9 billion in operating cash flow this quarter and returned $2.2 billion to our shareholders through share repurchases and dividends.

梅爾，非常感謝。我們第二季的業績反映了我們在將思科轉變為頭號 IT 公司的過程中不斷取得的進步。本季度，我們的營收成長至 119 億美元，年增 7%，非 GAAP 每股盈餘成長至 0.53 美元，較去年同期成長 13%。本季我們產生了 29 億美元的營運現金流，並透過股票回購和股利向股東返還了 22 億美元。

We delivered this strong performance despite a volatile economic environment. Our strong momentum is the direct result of how well we have managed our Company transformation over the last three-plus years and our leadership position in the key technology transitions, such as cloud, mobility, big data, security, collaboration, and the Internet of Everything. The four key takeaways I have from this quarter are the following.

儘管經濟環境動盪，我們仍然取得了強勁的業績。我們強勁的發展勢頭直接得益於我們在過去三年多的時間裡出色地管理了公司轉型，以及我們在雲端、行動、大數據、安全、協作和萬物互聯等關鍵技術轉型中的領導地位。我從本季得到的四個關鍵啟示如下。

First, we are executing well and growing at a healthy pace in a tough environment. Second, we saw very good balance growth, the best balance in twelve quarters across the majority of our key geographies, product categories, and customer segments. Third, our financials are very strong and we continue to deliver value for our shareholders, with strong earnings, cash generation, and capital return, including another $0.02 dividend increase to $0.21 per quarter.

首先，在艱難的環境中，我們表現良好，並以健康的速度成長。其次，我們看到了非常好的餘額成長，這是十二個季度以來在我們大多數主要地區、產品類別和客戶群體中最好的餘額成長。第三，我們的財務狀況非常強勁，我們繼續為股東創造價值，獲利能力、現金創造能力和資本回報強勁，包括每季股息增加 0.02 美元至 0.21 美元。

Fourth, every country, every city, every business, every home, and every car is becoming digital. In our view, Cisco is better positioned than any other company to help our customers reinvent their business and technology strategies as they become digital organizations. Today, every company and every industry is a technology digital company; something people would not have said a year ago.

第四，每個國家、每個城市、每個企業、每個家庭、每輛汽車都在數位化。我們認為，思科比其他公司更有能力幫助我們的客戶在成為數位化組織的過程中重塑他們的業務和技術策略。今天，每個公司、每個產業都是科技數位公司；一年前人們不會這麼說。

Over the last month, I've met individually with over 100 business and government leaders. Without exception, these leaders recognize the role technology plays in their future; not just how it creates opportunity, but also risk. Customers around the world, both business and governments, are aligning with strategic partners in order to be more successful in the digital transition. They are increasingly choosing Cisco as their strategic partner and you are seeing the evidence in our financial performance.

過去一個月，我分別會見了 100 多位商界和政府領導人。這些領導者無一例外地認識到科技在他們的未來中扮演的角色；它不僅創造了機會，也帶來了風險。世界各地的客戶，包括企業和政府，都在與戰略合作夥伴結盟，以在數位轉型中取得更大的成功。他們越來越多地選擇思科作為他們的策略合作夥伴，您可以從我們的財務表現中看到證據。

Let's start with a basic question, like why Cisco? With the network at the center, Cisco has the portfolio and the ability to bring our customers solutions to drive down cost, help secure their businesses, and increase the speed and agility so they can innovate across their own organizations. In our view, our track record of disrupting markets by leveraging the power of the internet is unmatched.

讓我們從一個基本問題開始，例如為什麼選擇思科？以網路為中心，思科擁有產品組合和能力，可以為客戶提供解決方案，以降低成本、幫助確保他們的業務安全、提高速度和靈活性，使他們能夠在整個組織內進行創新。我們認為，我們利用網路的力量顛覆市場的記錄是無與倫比的。

Our strategy has always been based on understanding the direction of major market transitions, transforming our sales to meet the needs of our customers and demonstrating the courage to disrupt not just the markets, but even ourselves. The market is moving fast and change is exponential. We are in the strong position today we are today because we made dramatic moves in how we're innovating, how we're interfacing with our most important customers, and how we're organized.

我們的策略始終基於對重大市場轉型方向的理解、轉變銷售方式以滿足客戶的需求，並展現出不僅顛覆市場，甚至顛覆我們自己的勇氣。市場發展迅速，變化迅速。我們今天之所以處於強勢地位，是因為我們在創新方式、與最重要客戶的互動方式以及組織方式方面做出了重大舉措。

To ensure Cisco is leading where the market is going, most companies resist changing until it's too late and their market credibility is eroded, the classic innovators dilemma. It was our choice to move early and boldly, with incredible speed, to realign 40% of our employees to priority areas to reorganize from product groups and to integrate solution teams, to replace more than 30% of our leaders.

為了確保思科引領市場發展，大多數公司都拒絕變革，直到為時已晚，其市場信譽受到侵蝕，這是典型的創新者困境。我們選擇儘早採取行動，並以驚人的速度大膽地將 40% 的員工重新調整到優先領域，從產品組進行重組並整合解決方案團隊，並更換了 30% 以上的領導者。

We are seeing the results in our relevancy with our customers and our operational excellence and that is driving our financial performance, where, since FY11, we have added $4.9 billion in revenue with about $300 million in incremental non-GAAP OpEx. Said another way, for every $1 of revenue we've added over this transition period, we've only added about $0.06 of non-GAAP OpEx.

我們看到了與客戶的相關性和卓越營運的成果，這推動了我們的財務業績，自 2011 財年以來，我們的收入增加了 49 億美元，非 GAAP 營運支出增加了約 3 億美元。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 0.06 美元的非 GAAP 營運支出。

I think you'll find this is best in class by a factor of five to tenfold. In the 1990s, we were the best example of a company capitalized on the internet and that gave us tremendous credibility with customers and fueled our growth. Today, as every company becomes digital, every CEO knows he or she needs to evolve their organization to move with speed, agility, and efficiency the Internet of Everything will demand of them.

我想您會發現這是同類產品中最好的，高出五到十倍。在 20 世紀 90 年代，我們是利用網路進行資本運作的最佳典範，這為我們贏得了客戶的高度信任，並推動了我們的成長。如今，隨著每家公司都走向數位化，每位執行長都知道他或她需要改進自己的組織，以滿足萬物互聯對他們提出的速度、靈活性和效率的要求。

Our strategy is to be the model in how we've reorganized and the customers we're driving as a result and we've done the heavy lifting with our peers and customers are just starting. As a result, I am now spending a significant amount of time with our customers' executive teams and in their boardrooms discussing how they organize for digitization, innovation, security, and the Internet of Everything.

我們的策略是成為我們如何重組的典範，以及我們因此而吸引的客戶，我們與同行一起完成了繁重的工作，而客戶才剛起步。因此，我現在花了大量時間與客戶的執行團隊和董事會討論他們如何組織數位化、創新、安全和萬物互聯。

We could not be better positioned in the market. We've worked very hard to get here and the opportunity feels very much like it did in the 1990s, when the Internet became mission-critical to our customers. We have said for several years that we believe the impact of the Internet of Everything would be 5 to 10 times greater than that of the Internet today. At CES and the World Economic Forum, most every leader we saw agreed.

我們在市場上的地位再好不過了。我們為實現這一目標付出了巨大的努力，現在的機會與 20 世紀 90 年代非常相似，當時互聯網對我們的客戶來說至關重要。我們多年來一直說，我們相信萬物互聯的影響將比今天的互聯網大 5 到 10 倍。在消費電子展和世界經濟論壇上，我們看到的幾乎每位領導人都同意這一點。

We have been building for this opportunity. We have the innovation, operational excellence, speed, agility, and efficiencies in our business to drive the greatest possible benefit for our customers, our partners, and our shareholders.

我們一直在為這個機會而努力。我們的業務具有創新性、卓越營運、速度、敏捷性和效率，能為我們的客戶、合作夥伴和股東帶來最大的利益。

On to guidance, as we said for the last two quarters, we are pleased that, in spite of the headwinds, we are growing well again. We are well-positioned for a positive turn in either service provider or emerging markets, but we are not modeling those turns for several quarters, despite the better results we saw in this last quarter for reasons you are all very much aware of. For Q3, we expect to see revenue growth in the range of 3% to 5% and non-GAAP earnings per share in the range of $0.51 to $0.53.

關於指引，正如我們在過去兩個季度所說的那樣，我們很高興，儘管面臨逆風，但我們再次實現了良好的成長。無論是在服務提供者市場還是在新興市場，我們都已做好了積極轉變的準備，但是，儘管由於大家非常清楚的原因，我們在上個季度看到了更好的結果，但我們並沒有為未來幾個季度的轉變進行建模。對於第三季度，我們預計營收成長在 3% 至 5% 之間，非 GAAP 每股收益在 0.51 美元至 0.53 美元之間。

Let me now provide some additional detail on the business momentum we see in our geographies, customer segments, products and services business within our portfolio. In terms of business momentum, as a reminder, the geographies are primarily the way we run our business. For geographies and customer segments, I will speak in terms of product orders year-over-year unless otherwise noted.

現在，讓我提供一些有關我們在地域、客戶群、產品和服務業務中看到的業務勢頭的更多細節。就業務發展動能而言，需要提醒的是，地理位置是我們經營業務的主要方式。對於地理和客戶群，除非另有說明，我將根據逐年的產品訂單來談論。

We finished the quarter with product orders up 5% and product book to build greater than 1. Let's move first to the Americas, the US continued to accelerate, growing 7%, compared with Q1 3% growth. Latin America returned to double-digit growth at 12%, versus Q1 of 5% and negative growth in FY14.

本季結束時，我們的產品訂單增加了 5%，產品訂單量超過 1。首先來看美洲，美國市場持續加速成長，成長了 7%，而第一季的增幅為 3%。拉丁美洲恢復了 12% 的兩位數成長，而 2014 財年第一季為 5%，同期為負成長。

Strength in the US public sector continued, growing 17% with US federal growing 23%, and US state and local growing 8%. Moving on to our Europe, Middle East, and Africa operations, as we said in last quarter's conference call, we were more optimistic about Europe than most of our peers and we saw that business play out as we called with growth in EMEA of 7% year-over-year.

美國公共部門持續保持強勁成長，成長 17%，其中美國聯邦政府成長 23%，美國州和地方政府成長 8%。談到我們的歐洲、中東和非洲業務，正如我們在上個季度的電話會議中所說的那樣，我們對歐洲比大多數同行更為樂觀，而且我們看到業務正如我們所料，歐洲、中東和非洲地區的業務同比增長了 7%。

We saw phenomenal execution in the UK up 17%, Germany up 12%, and something no one else in the industry is coming even close to, Southern Europe actually grew 20% year-over-year, speaking to the relevancy that we provide to companies and governments. Over the last six quarters, our growth year-over-year in EMEA has gone from minus 4% to minus 2% to minus 1% to 2% to 6% in Q1 and now 7% in Q2 and we remain cautiously optimistic.

我們看到英國的執行率驚人地增長了 17%，德國增長了 12%，而業內其他任何人都無法與之相比，南歐的執行率實際上同比增長了 20%，這說明了我們為公司和政府提供的相關性。在過去的六個季度中，我們在歐洲、中東和非洲地區的同比增長率從第一季的-4%上升到-2%，再到-1%、2%、6%，現在第二季的成長率為7%，我們仍然保持謹慎樂觀的態度。

In Asia-Pacific, Japan, and China. In China, in particular, we continue to see challenges that all of you are aware of and we saw our China business decline by 19%; however, we saw India grow by 11%. The rest of APJC, not including China, was down 1% this quarter. Finally emerging markets. Emerging markets total grew 1%, with emerging markets, excluding BRICS plus Mexico, up 8%, a major change from last quarter.

在亞太地區、日本和中國。特別是在中國，我們繼續看到大家都知道的挑戰，我們的中國業務下降了 19%；然而，我們看到印度成長了11%。本季度，不包括中國在內的亞太及日本其他地區均下跌了 1%。最後是新興市場。新興市場整體成長1%，其中不包括金磚國家和墨西哥的新興市場成長8%，與上一季相比有較大變化。

We continue to see that BRICS plus Mexico challenged, down 6% in total, with Russia down 16%, Brazil down 8%, China, as I said earlier, down 19%. We did see growth in Mexico up 21%, India up 11%. While we are pleased with these results, we believe it is still way too early to call a turn in emerging markets and are modeling for them to be challenging for several more quarters. Customer segments. Total global commercial grew a healthy 8%.

我們繼續看到金磚國家加上墨西哥的挑戰，總共下降了6％，其中俄羅斯下降了16％，巴西下降了8％，中國，正如我之前所說的，下降了19％。我們確實看到墨西哥成長了 21%，印度成長了 11%。雖然我們對這些結果感到滿意，但我們認為現在就斷言新興市場出現轉機還為時過早，並且我們預測新興市場在未來幾季仍將面臨挑戰。客戶細分。全球商業總額健康成長8%。

Our success in the US commercial continues to be very strong, up 12% in Q2. We have built a model based on success in the US commercial and best practices from around the world and have implemented the model outside the US. [DNR] orders grow from down 5% in FY14 to up 4% year-to-date. In total Cisco business terms, that improved performance added a full point to our Company's growth rates.

我們在美國商業領域的成功持續強勁，第二季成長了 12%。我們根據美國商業的成功和世界各地的最佳實踐建立了一個模型，並在美國以外實施了該模型。[DNR] 訂單量從 2014 財年的下降 5% 成長至年初至今的上升 4%。從思科的整體業務角度來看，業績的提升為我們公司的成長率增加了整整一個百分點。

Our new operating remodel and global service provider is also showing similar traction. This quarter, our service provider business was down 1%, after having been down on average 10% or more for the last five quarters. Like many in the industry, we are modeling total global service provider CapEx down in the mid-single digits for calendar year 2015. We are focused on growing share of wallet.

我們的新營運模式和全球服務提供者也表現出類似的吸引力。本季度，我們的服務提供者業務下降了 1%，而過去五個季度平均下降了 10% 或更多。與業內許多公司一樣，我們預計 2015 年全球服務提供者的資本支出總額將下降至個位數中段。我們專注於增加錢包份額。

We believe we are very well-positioned in terms of our portfolio and how we've aligned with our service provider customers, but we expect the next several quarters to continue to be challenging and service provider, along with emerging markets, remain our two challenged areas. Total global enterprise grew 10%, versus 2% in Q1. We did see US enterprise grow a bit slower than expected at 3% growth, due in part to the timing of some very large deals.

我們相信，就我們的產品組合以及我們如何與服務提供者客戶保持一致而言，我們處於非常有利的地位，但我們預計未來幾季仍將充滿挑戰，服務提供者和新興市場仍然是我們面臨的兩個挑戰領域。全球企業整體成長 10%，而第一季為 2%。我們確實看到美國企業的成長速度略低於預期，為 3%，部分原因是一些非常大的交易的時機。

Enterprise pipeline continues to see rapid growth in very large multi-year deals, which will benefit Cisco over several years. Our global enterprise US customers, which are the largest 28 enterprise accounts, not included in our regular US enterprise discussion, grew about 30% year-over-year. Global public sector continued to be solid at 7% growth year-over-year.

企業通路在大型多年期交易中持續快速成長，這將使思科在未來幾年受益。我們的全球企業美國客戶（最大的 28 個企業帳戶，不包括在我們常規的美國企業討論中）同比增長了約 30%。全球公共部門持續保持穩健成長，年增 7%。

I will now move on to discussion of our products and services business, which I will discuss in terms of revenue year-over-year unless otherwise stated. Starting with Switching. We saw very strong Switching growth of 11%, with strong performance in both the data center switching and our campus switching business. We were especially pleased with the continued momentum of our Nexus ACI portfolio, including the Nexus 3000 and Nexus 9000 and the APIC controller. As an example, the Nexus 3000 plus 9000 grew 350% year-over-year.

現在我將繼續討論我們的產品和服務業務，除非另有說明，我將以同比收入來討論。從切換開始。我們的交換業務成長非常強勁，達到 11%，資料中心交換業務和校園交換業務均表現強勁。我們對 Nexus ACI 產品組合的持續發展勢頭感到特別高興，其中包括 Nexus 3000、Nexus 9000 和 APIC 控制器。例如，Nexus 3000 加 9000 年成長 350%。

We have seen the Nexus 9000 and ACI customers grow each quarter from 580 customers two quarters ago to 970 customers last quarter to 1,700 this quarter. APIC customers grew to over 300 and the Nexus 9000 passed the 1 million installed port mark this quarter, less than one year after the first shipments. We are pulling away from our competitors and leading in both the SDN thought leadership and customer implementations.

我們看到 Nexus 9000 和 ACI 客戶每季都在成長，從兩個季度前的 580 個客戶增加到上個季度的 970 個客戶，再到本季的 1,700 個客戶。APIC 客戶數量成長至 300 多家，Nexus 9,000 本季安裝連接埠數突破 100 萬，距離首批出貨不到一年。我們正在超越競爭對手，在 SDN 思想領導力和客戶實施方面處於領先地位。

The market has recognized the benefit of ACI as compared to PowerPoint concepts of aspirational competitors. ACI and APIC will become the cornerstone of the next generation of networking architectures for many years, much like the UCS has become in the data center. I am particularly pleased that we have kept gross margins extremely stable in Switching and have actually grown gross margins in many of our product Switching areas which were already very strong and new areas such as the ACI portfolio.

與有抱負的競爭對手的 PowerPoint 概念相比，市場已經認識到 ACI 的優勢。ACI 和 APIC 將在未來很多年成為下一代網路架構的基石，就像 UCS 成為資料中心一樣。我特別高興的是，我們在交換產品領域保持了極其穩定的毛利率，並且實際上在我們許多已經非常強大的產品交換領域以及 ACI 產品組合等新領域實現了毛利率的增長。

Moving on to Data Center, which grew an impressive 40%, UCS has now reached over $3 billion revenue run rate with over 41,000 customers. More than 85% of the Fortune 500 have chosen UCS because of the innovative architecture with particularly traction in cloud, big data, and enterprise application solutions. The innovation underlying UCS, the convergence of compute network and storage is continuing to fuel our growth in the Data Center and differentiates Cisco.

資料中心業務成長驚人，達到了 40%，UCS 目前已擁有超過 41,000 名客戶，營收運作率超過 30 億美元。超過 85% 的財富 500 強企業選擇了 UCS，因為它的創新架構在雲端、大數據和企業應用解決方案方面尤其具有吸引力。UCS 背後的創新、運算網路和儲存的融合正在繼續推動我們在資料中心的成長，並使思科脫穎而出。

Now we are converging networking, applications, security with scale for our ACI platform and we are doing it with the speed and the scale that no one else is coming close to. Next to NGN Routing, which grew 2% year-over-year in terms of revenue. We saw strong performance in high-end routing up 5%, with continued strong performance in our new product introductions such as the CRS-X and NCS. With the global macro changes and headwinds like net neutrality and industry consolidation, we expect this business to be challenged going forward, but we believe we are taking market share and will continue to take market share.

現在，我們正在為我們的 ACI 平台融合網路、應用程式、安全性和規模，並且我們的速度和規模是其他任何人都無法比擬的。其次是 NGN 路由，其營收年增 2%。我們看到高階路由表現強勁，成長了 5%，CRS-X 和 NCS 等新產品的推出也持續保持強勁表現。隨著全球宏觀變化和網路中立、行業整合等不利因素，我們預計這項業務未來將面臨挑戰，但我們相信我們正在佔領市場份額，並將繼續佔領市場份額。

Wireless had another strong quarter, up 18% year-over-year, compared with Q1 which was up 11%. We saw strong growth in our traditional business, but in Meraki, cloud networking business continues its stellar growth, up another 100% with an annualized run rate of approximately $400 million.

無線業務本季表現強勁，年增 18%，而第一季則成長 11%。我們的傳統業務實現了強勁成長，但 Meraki 的雲端網路業務持續保持出色成長，再次成長 100%，年化運作率約為 4 億美元。

Security grew 6% with orders growing even faster. We saw very strong adoption of our Cisco ASA with firepower services, which integrates our Sourcefire software products together. Our acquisition strategy in our Security business has been very successful, as we integrate the various elements into our overall security architecture. We fight point players in some areas, but no other vendor can play at the level across the enterprise that our customers need.

安全性成長了 6%，訂單成長更快。我們看到思科 ASA 與火力服務的採用率非常高，它將我們的 Sourcefire 軟體產品整合在一起。我們在安全業務中的收購策略非常成功，因為我們將各種元素整合到我們的整體安全架構中。我們在某些​​領域與重點企業競爭，但沒有其他供應商能夠在整個企業範圍內達到客戶所需的水平。

In this volatile environment, with change happening faster than ever before, the importance of Security has never been more significant. The level of danger has been raised from a firewall breach to the potential for enterprise destruction and having robust security solutions before, during, and after attack is table stakes. In this environment, customers are migrating to partners they can trust who will lead with innovation and who will be around tomorrow. This trusted partnership is core to our success and drives everything we do.

在這個動盪的環境中，變化比以往任何時候都快，安全的重要性從未如此重要。危險程度已從防火牆漏洞上升到企業遭到破壞的可能性，並且在攻擊之前、期間和之後擁有強大的安全解決方案是至關重要的。在這種環境下，客戶正在轉向他們可以信賴的合作夥伴，這些合作夥伴將引領創新並在未來繼續存在。這種值得信賴的合作關係是我們成功的核心，並推動著我們所做的一切。

Cisco is the number one Security player in terms of revenue and we are progressing nicely toward our goal of becoming the number one security company in terms of mind share which literally, we announced a year and a half ago an intention to do so. Moving on to Collaboration. Last quarter, we boldly stated our intention is to lead in the next generation of Collaboration and become the number one Collaboration player.

就收入而言，思科是頭號安全廠商，而我們正朝著成為心智份額第一的安全公司的目標穩步前進，事實上，我們在一年半前就宣布了這一目標。繼續合作。上個季度，我們大膽地表示，我們的目標是引領下一代協作，並成為頭號協作參與者。

After a complete portfolio refresh and four quarters of decline, we made very good progress this quarter with growth of 10%. Kelly, I think it was flat or negative last quarter, if I remember. Within Collaboration, the strongest growth came from our TelePresence business where we saw, on the back of our new TelePresence portfolio, a 60% growth in units and revenue growth at 35%. We continue to grow our recurring business in Collaboration.

在經歷了徹底的投資組合更新和四個季度的下滑之後，我們本季取得了非常好的進展，成長了 10%。凱利，如果我沒記錯的話，我認為上個季度的數字是持平或為負的。在協作領域，最強勁的成長來自於我們的網真業務，在我們新的網真產品組合的支持下，我們看到設備數量增加了 60%，收入成長了 35%。我們持續擴大協作領域的經常性業務。

Our deferred Collaboration revenue was up 26% in the quarter to $1.1 billion. SP Video declined 19%. We've announced key partnership wins to develop the next generation end-to-end video solutions from the set-top box to the cloud. Service revenues grew 5%. We saw our portfolio in cloud, security, consultant, and analytics all grew in double-digits. This quarter, we launched Cisco Connected Analytics Strategy to manage the explosive growth of data at the edge of the networks.

本季我們的遞延合作收入成長了 26%，達到 11 億美元。SP Video 下跌 19%。我們宣布了重要的合作夥伴關係，以開發從機上盒到雲端的下一代端到端視訊解決方案。服務收入成長5%。我們看到，我們在雲端、安全性、諮詢和分析領域的投資組合均實現了兩位數的成長。本季度，我們推出了思科互聯分析策略，以管理網路邊緣資料的爆炸性成長。

As the Internet of Everything evolves, we forecast as much as 50% of the data will be handled and decisions will be made at the edge of the network. Given Cisco's position in the network, Cisco is the only company positioned to manage and capture the insight from distributive data. This has the potential to be an important growth area for Cisco, and even more importantly, to drive the value of the Internet of Everything.

隨著萬物互聯的發展，我們預測多達 50% 的資料將在網路邊緣處理和決策。鑑於思科在網路中的地位，思科是唯一一家能夠管理和取得分散式資料洞察的公司。這有可能成為思科的一個重要的成長領域，更重要的是，推動萬物互聯的價值。

Let me now provide an update on Cisco's momentum in the cloud. Cisco's cloud strategy is pervasive throughout our portfolio. We continue to lead in the hybrid cloud market and our Intercloud momentum continues. As you look at our cloud business, I would look at the following metrics to track our success.

現在讓我介紹一下思科在雲端運算領域的最新發展。思科的雲端策略滲透於我們的整個產品組合中。我們繼續在混合雲市場保持領先地位，我們的 Intercloud 勢頭持續不斷。當您查看我們的雲端業務時，我會查看以下指標來追蹤我們的成功。

First, Cisco's leadership in cloud infrastructure was once more reaffirmed with the release of the latest synergy group's research report showing we have retained and strengthened our number one position for sales of hardware and software used to build cloud infrastructure. Second, we are growing our cloud services, including managed Security, Project Squared and collaboration, EnergyWise and Meraki for enterprise.

首先，最新協同集團的研究報告顯示，思科在建構雲端基礎架構的硬體和軟體銷售方面保持並鞏固了第一的位置，這再次證明了思科在雲端基礎設施領域的領導地位。其次，我們正在發展我們的雲端服務，包括託管安全、Project Squared 和協作、EnergyWise 和企業 Meraki。

Cisco and Telstra are both in production with open [stock-based] public cloud services. Third, our Intercloud ecosystem continues to grow and now exceeds over 50 partners, more than 400 data centers across more than 50 countries. Rob, just a great job by your team and your leadership. Customers are using Intercloud fabric and ACI to implement highly secure and on-premise hybrid cloud capabilities across heterogeneous environments.

思科和 Telstra 均在生產開放的（基於股票的）公有雲服務。第三，我們的 Intercloud 生態系統不斷發展，目前擁有超過 50 個合作夥伴、遍布 50 多個國家的 400 多個資料中心。羅布，你的團隊和領導者做得非常出色。客戶正在使用 Intercloud 結構和 ACI 在異質環境中實現高度安全和內部混合雲功能。

To summarize my comments, our customer conversations today are not about standalone products. They are about new revenue streams, growth, and outcomes; about securing and about managing their businesses; about how they have to reorganize to drive the innovation their survival requires. We are executing across our business because we are bringing together our product leadership in every category into architectures and solutions that deliver real outcomes.

總結我的評論，我們今天與客戶的對話不是關於獨立產品。它們涉及新的收入來源、成長和成果；關於保護和管理他們的業務；他們如何重組以推動生存所需的創新。我們在整個業務範圍內執行，因為我們正在將各個類別的產品領導力整合到能夠帶來實際成果的架構和解決方案中。

I will now turn the call over to Kelly for her comments on the quarter and guidance for the next quarter. Kelly, welcome, and great to have you leading in the conference call.

現在，我將把電話轉給凱利，請她對本季的評論以及下一季的指導。凱利，歡迎您，很高興您主持電話會議。

Thanks, John. Overall, we had a strong quarter and executed well. From a top-line perspective, total revenue was $11.9 billion, growing 7%. We grew profits faster than revenue with non-GAAP net income of $2.7 billion, up 9% and non-GAAP EPS of $0.53, up 13%. Our GAAP net income was $2.4 billion and GAAP earnings per share on a fully diluted basis was $0.46.

謝謝，約翰。整體而言，本季我們表現強勁，執行良好。從營收角度來看，總營收為 119 億美元，成長 7%。我們的利潤成長速度快於營收成長速度，非公認會計準則淨收入為 27 億美元，成長 9%，非公認會計準則每股收益為 0.53 美元，成長 13%。我們的 GAAP 淨收入為 24 億美元，完全稀釋後每股 GAAP 收益為 0.46 美元。

Product revenue increased 8% and service revenue increased 5%, with product book to build greater than 1. Our non-GAAP operating margin was 28.4%. In our guidance last quarter, we told you that we expected total non-GAAP gross margins to be in the range of 61% to 62%. For Q2, our total non-GAAP gross margins and non-GAAP product gross margins came in at 61.7% and 60.8%, respectively, reflecting the mix of our business and especially the strength of UCS.

產品收入成長 8%，服務收入成長 5%，產品訂單量超過 1。我們的非 GAAP 營業利益率為 28.4%。在我們上個季度的指引中，我們告訴您，我們預計非 GAAP 總毛利率將在 61% 至 62% 之間。第二季度，我們的非 GAAP 總毛利率和非 GAAP 產品毛利率分別為 61.7% 和 60.8%，反映了我們的業務組合，尤其是 UCS 的實力。

Non-GAAP Service gross margin was 64.8%. Our non-GAAP operating expenses were $4.0 billion or 33.3% as a percentage of revenue, compared to 34.1% in Q1 of FY15. Non-GAAP operating expenses were down 5% quarter-over-quarter and up 6% year-over-year, reflecting investments in key growth areas such as Security, Cloud, and Software.

非公認會計準則服務毛利率為64.8%。我們的非 GAAP 營運費用為 40 億美元，佔營收的 33.3%，而 2015 財年第一季為 34.1%。非公認會計準則營運費用較上季下降 5%，較去年同期成長 6%，反映了對安全、雲端和軟體等關鍵成長領域的投資。

Our GAAP net income and GAAP earnings per share for Q2 FY15 included a pre-tax gain of $126 million or approximately $0.02 per share related to the reorganization of our investment in BCE. This gain is excluded from our non-GAAP results. Now, moving on to our non-GAAP tax provision rate, which was 22% consistent with our expectations. In connection with the recently reinstated US Federal R&D tax credit, we had a tax benefit of $91 million related to FY14 that we excluded from our non-GAAP net income.

我們的 2015 財年第二季的 GAAP 淨收入和 GAAP 每股盈餘包括與我們對 BCE 的投資重組有關的 1.26 億美元稅前收益或每股約 0.02 美元。此收益不計入我們的非公認會計準則績效。現在，讓我們來看看我們的非公認會計準則稅收準備率，該比率為 22%，與我們的預期一致。與最近恢復的美國聯邦研發稅收抵免相關，我們獲得了與 2014 財年相關的 9,100 萬美元稅收優惠，但我們將其從非 GAAP 淨收入中排除。

The extension of the R&D tax credit did not have a material impact on our non-GAAP tax rate during Q2 and is not expected to have a material impact on our non-GAAP tax rate for the remainder of FY15, since the benefit only extended through December 31, 2014. We ended the quarter with our headcount at 70,112, a decrease of 2,135 from Q1. As a reminder, we took restructuring actions to invest in growth, innovation, and talent, while managing costs and driving efficiencies.

研發稅收抵免的延長並未對我們第二季度的非公認會計準則稅率產生重大影響，並且預計也不會對我們 2015 財年剩餘時間的非公認會計準則稅率產生重大影響，因為該優惠僅延長至 2014 年 12 月 31 日。本季末，我們的員工總數為 70,112 人，比第一季減少了 2,135 人。提醒一下，我們採取了重組措施，投資於成長、創新和人才，同時管理成本並提高效率。

We announced and completed one acquisition during the quarter, Neohapsis, a provider of network and security consulting services to enhance our offerings to our customers. Looking at our geographic segment results, in terms of total revenue on a year-over-year basis, our Americas segment was up 10%, EMEA was up 7%, and APJC was down 3%. Total gross margin for the Americas was 62%, EMEA was 61.8%, and APJC was 60.3%.

我們在本季宣布並完成了一項收購，收購對像是網路和安全諮詢服務供應商 Neohapsis，以增強我們為客戶提供的服務。從我們各地區分部的業績來看，以年比總收入計算，美洲地區成長了 10%，歐洲、中東和非洲地區成長了 7%，而亞太及日本地區則下降了 3%。美洲地區總毛利率為 62%，歐洲、中東及非洲地區總毛利率為 61.8%，亞太及日本地區總毛利率為 60.3%。

From a balance sheet and cash flow perspective, total cash, cash equivalents, and investments were $53.0 billion, including $3.2 billion available in the US at the end of the quarter. We generated operating cash flow of $2.9 billion during the quarter. Deferred revenue was $14 billion, up 6% year-over-year. Product deferred revenue grew 14%, largely driven by subscription-based offerings, while Services deferred revenue grew 2%.

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 530 億美元，其中本季末在美國有 32 億美元可用。本季我們產生了 29 億美元的經營現金流。遞延收入為140億美元，年增6%。產品遞延收入成長 14%，主要受訂閱式產品的推動，而服務遞延收入成長 2%。

We continued to build a greater mix of recurring revenue, as reflected in our deferred revenue balance. Our DSO was strong at 35 days as compared to 36 days in Q2 FY14. In Q2, we returned $2.2 billion to shareholders that included $1.2 billion through share repurchases and $974 million through our quarterly dividend. In the first half of FY15, we returned approximately $4.2 billion or 86% of our free cash flow to our shareholders, comprised of $2.2 billion of share repurchases and nearly $2 billion of dividends.

我們繼續建立更大的經常性收入組合，這反映在我們的遞延收入餘額中。我們的 DSO 強勁，為 35 天，而 2014 財年第二季為 36 天。在第二季度，我們向股東返還了 22 億美元，其中包括透過股票回購返還的 12 億美元和透過季度股息返還的 9.74 億美元。2015 財年上半年，我們向股東返還了約 42 億美元，佔自由現金流的 86%，其中包括 22 億美元的股票回購和近 20 億美元的股息。

In addition, today our Board approved an increase of $0.02 to the quarterly dividend to $0.21 per share, an approximate 11% increase, representing a yield of approximately 3.1%. We remain firmly committed to our capital allocation strategy.

此外，今天我們的董事會批准將季度股息增加 0.02 美元至每股 0.21 美元，增幅約為 11%，收益率約為 3.1%。我們始終堅定地致力於我們的資本配置策略。

Let me now provide a few comments on our guidance for the third 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 be above or below guidance.

現在，讓我就我們對第三季的指導發表一些評論。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，並且實際結果可能高於或低於指導。

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 3% to 5% on a year-over-year basis.

我們提供的指導是基於非 GAAP 基礎並與 GAAP 相協調的。正如約翰所提到的，我們預計總收入將年增 3% 至 5%。

For the third quarter, we anticipate non-GAAP gross margin to be in the range of 61% to 62%. As we had said in the past, forecasting non-GAAP gross margin has always been challenging, due to various factors such as volume, product mix, cost savings, and pricing. As a reminder, non-GAAP gross margin may vary quarter to quarter by 1 point in either direction of our guidance range.

對於第三季度，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、成本節約和定價等各種因素，預測非 GAAP 毛利率一直很有挑戰性。提醒一下，非 GAAP 毛利率可能在每個季度內在我們的指導範圍內出現 1 個百分點的波動。

Our non-GAAP operating margin in Q3 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 third quarter. Our Q3 2015 non-GAAP earnings per share is expected to range from $0.51 to $0.53. We anticipate our GAAP earnings to be lower than our non-GAAP EPS by $0.09 to $0.12 per share in Q3 2015.

我們第三季的非公認會計準則營業利潤率預計在 27.5% 至 28.5% 之間。我們第三季的非公認會計準則稅務準備率預計約為 22%。我們預計 2015 年第三季非 GAAP 每股盈餘將在 0.51 美元至 0.53 美元之間。我們預計 2015 年第三季我們的 GAAP 每股盈餘將比非 GAAP 每股盈餘低 0.09 美元至 0.12 美元。

The range includes a pre-tax charge of up to $100 million in Q3 2015 as a result of the restructuring actions that we announced in the first quarter. During Q2, we recognized a pre-tax charge in our GAAP financial statements of $69 million related to that announcement and we expect total charges not to exceed $600 million during FY15. Please see the slides that accompany this webcast for more detail.

由於我們在第一季宣布的重組措施，該範圍包括 2015 年第三季高達 1 億美元的稅前費用。在第二季度，我們在我們的 GAAP 財務報表中確認了與該公告相關的 6,900 萬美元的稅前費用，我們預計 2015 財年的總費用不會超過 6 億美元。請參閱此網路廣播隨附的幻燈片以了解更多詳細資訊。

Other than those quantified items noted previously, there are no other significant differences between GAAP and our non-GAAP guidance. This guidance assumes no additional acquisitions, asset impairments, restructurings and tax or other events, which may or may not be significant. Our guidance does not assume a significant improvement in the emerging markets or the Service Provider segment in the near future.

除了前面提到的量化項目之外，GAAP 和我們的非 GAAP 指南之間沒有其他顯著差異。本指南假設不存在任何額外的收購、資產減損、重組和稅務或其他事件，這些事件可能重大，也可能不重大。我們的指導並不認為新興市場或服務提供者領域在不久的將來會顯著改善。

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

儘管我們相信我們在快速變化的市場中表現良好，但考慮到這些不確定性，我們將繼續在每個季度提供指導，並附帶所有適當的警告。我們鼓勵我們的股東有類似的考量。提醒一下，除非透過明確的公開揭露，否則思科不會對本季的財務指引發表評論。

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

我現在將其交還給約翰，請他進行總結評論。

Thank you, Kelly. Our results this quarter, which were the best results in three years in terms of balanced growth across all of our geographies, products, and segment, reflects the increased relevancy of Cisco around the world. The Cisco brand is the strongest it's ever been. Our vision has always been to change the way the people work, live, play, and learn. You've heard us say this for nearly 20 years, digitization is the next and perhaps the most significant evolution of our vision.

謝謝你，凱利。本季我們的業績是三年來最好的，從所有地區、產品和部門的均衡成長來看，這反映了思科在全球的相關性不斷增強。思科品牌正處於前所未有的強大時期。我們的願景一直是改變人們工作、生活、娛樂和學習的方式。近 20 年來，您一直聽到我們這樣說，數位化是我們願景的下一個或許也是最重要的演進。

At CES 15 years ago, we showed a network car Wi-Fi enabled and connected to a coffee shop so you could order your own drinks and make changes to that. Fast-forward to several years ago, we introduced the market to the Internet of Everything. While the concepts were thought leadership for many years, this year companies and countries are seeing the Internet of Everything as a business imperative and top priority.

15 年前的 CES 上，我們展示了一款支援 Wi-Fi 的網路汽車，它可以連接到咖啡店，讓您可以自己點飲料並進行更改。快進到幾年前，我們向市場介紹了萬物互聯。雖然這些概念多年來一直是思想領袖，但今年，企業和國家都將萬物物聯網視為商業要務和首要任務。

To take advantage of the Internet of Everything, every country, company, city, home, and car has to be digital. The single most important investments are at the center of their digital business and technology strategy for our customers. At the center of that, will be the intelligent network, from the data center to the edge through the cloud, all brought together with an end-to-end security and Cisco has never, ever been better positioned.

為了利用萬物互聯，每個國家、公司、城市、家庭和汽車都必須數位化。最重要的投資是我們的客戶的數位業務和技術策略的核心。其中的核心將是智慧網絡，從資料中心到邊緣，再到雲端，所有這些都與端到端的安全性結合在一起，而思科的地位從未如此優越。

In the 1990s, when companies need to get online on the Internet, Cisco was the thought leader, the Company with the product leadership, and the best example of a company capitalizing on all the transitions. Our customers wanted our help and to follow our example. Fast-forward to today, the next generation of the Internet, the Internet of Everything, should generate at least 5 to 10 times the value of the first generation of the Internet to date.

1990 年代，當企業需要連上網路時，思科是思想領袖、產品領先的公司，也是利用所有轉型機會的最佳典範。我們的客戶希望得到我們的幫助並效法我們的榜樣。快進到今天，下一代互聯網，即萬物互聯，應該至少產生第一代互聯網迄今為止的5到10倍的價值。

Again, no one is better positioned than Cisco in terms of strategy, market position, product leadership, architectures, and organization structure. I am not sure those outside Cisco appreciate the magnitude of the changes we have implemented over the last year, largely because of our ability to continue to deliver long-term value to our customers and to our shareholders, despite the challenges in the market.

再次強調，在策略、市場地位、產品領導、架構和組織結構方面，沒有人比思科更勝一籌。我不確定思科以外的人是否意識到我們在過去一年中實施的變革的規模，這主要是因為儘管面臨市場挑戰，我們仍有能力繼續為客戶和股東提供長期價值。

Most companies wait to change until they have to, when it's obvious and it's often game over and those companies get left behind. In the last year, we were willing to disrupt our leadership position, for example, in Switching and Routing by introducing entirely new platforms. We knew we'd see a short-term impact, but told the market how we would grow. Once again, we did what we said we would do.

大多數公司都等到不得不改變時才改變，那時改變已經很明顯，而且往往意味著遊戲結束了，這些公司就會被甩在後面。去年，我們願意透過推出全新的平台來打破我們在交換和路由等領域的領導地位。我們知道我們會看到短期影響，但我們告訴市場我們將如何發展。我們再一次履行了我們的諾言。

This is just one of many examples and these are exactly the hard decisions our customers, employees, partners, and shareholders have trusted us to make so we can lead in these market transitions. I want to congratulate and thank the Cisco team for believing in the vision and executing one of the most successful company transformations the industry has witnessed.

這只是眾多例子中的一個，這些正是我們的客戶、員工、合作夥伴和股東信任我們所做的艱難決定，以便我們能夠在這些市場轉型中處於領先地位。我要祝賀並感謝思科團隊相信這一願景並執行了業界見證的最成功的公司轉型之一。

Very few companies could do what we have done with the speed and the results we have driven and the opportunity we've created for ourselves is truly exciting and in many ways, just getting started. Our transformational work will continue as we help our customers digitize everything, secure everything, and organize their companies, their governments, their businesses for the Internet of Everything.

很少有公司能夠像我們一樣，以如此快的速度和如此好的成果完成我們的工作，我們為自己創造的機會確實令人興奮，而且從很多方面來說，這才剛剛開始。我們將繼續進行轉型工作，幫助客戶將一切數位化、確保一切安全，並為萬物互聯組織他們的公司、政府和企業。

Because of the agility we built into our organization and our ability to align directly with our customers' goals, we are helping our customers with their business outcomes. Let me be very direct here, we're winning very large service provider, enterprise, and public sector deals that we would not have won just as recently as one year ago. We do see our competitors struggling and, no, we are not immune from economic or other challenges in the market.

由於我們在組織中建立了敏捷性並且能夠直接與客戶的目標保持一致，因此我們正在幫助客戶實現他們的業務成果。讓我在這裡非常直接地說，我們正在贏得非常大的服務提供者、企業和公共部門的交易，而這些交易我們在一年前還不可能贏得。我們確實看到我們的競爭對手陷入困境，而且，我們也無法免受市場上的經濟或其他挑戰的影響。

While we believe we have positioned the Company better than any of our peers, we do still see the same challenges we had discussed in the past few quarters; specifically, emerging markets and service providers as continuing to provide a negative drag for the next few quarters. What I believe the market now understands is that Cisco is managing effectively through a challenging macro, leading through transitions, disrupting markets, increasing our relevancy with our customers, and delivering value to our shareholders.

雖然我們相信我們公司的定位比任何同行都要好，但我們仍然看到過去幾季討論過的相同挑戰；具體而言，新興市場和服務提供者將繼續對未來幾季產生負面影響。我相信市場現在明白的是，思科正在透過具有挑戰性的宏觀環境進行有效管理，引領轉型，顛覆市場，增強與客戶的相關性，並為股東創造價值。

Looking forward, we've laid an incredibly exciting foundation for future growth, innovation, and leadership, reinventing the network with application-centric infrastructure, a platform at the very early stages of its future potential, our leadership and security the most important topic in IT today in many ways, our emerging role in data and analytics at the edge and how we will bring all this together to enable the Internet of Everything.

展望未來，我們為未來的成長、創新和領導力奠定了令人難以置信的基礎，透過以應用為中心的基礎設施重塑網絡，這是一個處於未來潛力早期階段的平台，我們的領導力和安全性是當今 IT 領域在許多方面最重要的主題，我們在邊緣數據和分析方面扮演著新興的角色，以及我們將如何將所有這些結合起來以實現萬物互聯。

We have our stakes in the ground to capture tremendous opportunities in front of us and are well on our way to becoming the number one IT company. The momentum in the business feels extremely good and we're excited about the opportunities ahead.

我們已做好充分準備，抓住眼前的巨大機遇，並朝著成為第一大 IT 公司的目標邁進。業務發展勢頭非常好，我們對未來的機會感到興奮。

We will now move, Mel, to what I enjoy the most, which is the Q&A section. It's over to you Mel and I'll try to keep my answers tight and I'll do better this time.

梅爾，我們現在進入我最喜歡的部分，即問答部分。梅爾，現在輪到你了，我會盡量保證我的回答嚴謹，這次我會做得更好。

Operator, can we please open for questions?

接線員，我們可以開始提問嗎？

Amitabh Passi with UBS.

瑞銀的 Amitabh Passi。

I had maybe two half questions. John, I guess the first one for you, Services gross margin probably came in at the lowest level that we've seen in a few quarters. I was hoping you could maybe elaborate on what's happening there? Secondarily, on your Security business, I know you've sounded very bullish on Security and the momentum. 6% seemed a little disappointing -- would love to get some clarity there.

我可能有兩個半問題。約翰，我想第一個問題是，服務毛利率可能處於幾個季度以來的最低水準。我希望您能詳細說明一下那裡發生的事情？其次，關於您的安全業務，我知道您對安全和發展勢頭非常樂觀。6% 似乎有點令人失望——希望能得到一些澄清。

Got you. Amitabh, I like the way you went. We probably had eight or nine areas that were very close to the highest growth rate we've had in two years and you're focusing on the two challenges, more than fair. So let's go to the issue of Services gross margins. If you watch, we start with the big picture. Our revenue growth areas, what is our gross margins, our OpEx, Kelly and I have a lot of leverage we can pull within that.

明白了。阿米塔布，我喜歡你的做法。我們可能有八到九個領域非常接近兩年來的最高成長率，而你專注於這兩個挑戰，這是非常公平的。那麼讓我們來討論一下服務毛利率的問題。如果你觀看的話，我們會從大局開始。我們的收入成長領域、我們的毛利率是多少、我們的營運支出是多少，凱利和我在這方面可以發揮很大的槓桿作用。

Within the gross margins we have never been more comfortable and actually, I said this almost three or four quarters ago, Mel, I've never been more comfortable with any aspect of our business than our ability to maintain gross margins. It's a mix issue as you go through it. To the Services question, we've had great Services gross margins unequalled in the industry. Gary, our Technical Services, what you and Joe Pinto have done is amazing there.

在毛利率方面，我們從來沒有像現在這樣感到滿意，實際上，梅爾，我在大約三四個季度前就說過，我從來沒有像現在這樣對我們業務的任何方面感到滿意，除了我們維持毛利率的能力。當你經歷它時，這是一個混合問題。對於服務問題，我們擁有業內無與倫比的高服務毛利率。加里，我們的技術服務部門，你和喬·平託所做的工作非常了不起。

Our Advanced services is an area that we're moving very aggressively in and that's where you see a little bit of the pull down on the services model and as you become outcome-based, as you refocus on these new growth areas, being able to literally digitize a country, digitize a city, digitize a manufacturing company, a healthcare company, et cetera. You saw us invest an awful lot in vertical consultancy, you saw us invest in security in a big way with major expectations in terms of expertise centers, et cetera, and in cloud. So we're going to continue to make investments in these areas and I'm very comfortable with our gross margin portfolio. I actually think our gross margins has been the most predictable part of our total business, although we have a lot of various variables in that.

我們正在積極進軍高級服務領域，在這個領域，你會看到服務模式有所下降，而當你轉向以結果為導向，當你重新關注這些新的增長領域時，你就能夠真正地將一個國家、一個城市、一個製造公司、一個醫療保健公司等等數字化。您看到我們在垂直諮詢方面投入了大量資金，您看到我們在安全性方面投入了大量資金，對專業中心等方面以及雲端運算寄予厚望。因此，我們將繼續在這些領域進行投資，我對我們的毛利率組合非常滿意。我實際上認為我們的毛利率是我們整個業務中最可預測的部分，儘管其中存在許多變數。

On Security, Security will occasionally be bumpy. We reorganized our organization and realigned our security across the whole globe with a separate sales force. As you make those changes, you occasionally lose a little bit of momentum before you pick it up. The order growth was actually at 9% for Security. I expect Security to grow very healthily as we move forward and you'll continue to see us make a number of both resource investments in areas like Services, sales investments to really lead in this and consultancy in a way that really brings this picture to life. But I think you're going to see good growth overall out of our Security business. I think we're positioned extremely.

在安全方面，安全偶爾會遇到坎坷。我們重組了組織，並透過獨立的銷售團隊重新調整了全球的安全。當你做出這些改變時，你偶爾會在獲得改變之前失去一點動力。安全領域的訂單成長率實際上達到了 9%。我希望隨著我們的前進，安全領域能夠健康地發展，您會繼續看到我們在服務等領域進行大量資源投資，銷售投資以真正引領這一領域，並以真正使這一圖景變為現實的方式提供諮詢服務。但我認為你會看到我們的安全業務整體呈現良好的成長。我認為我們處於極其有利的位置。

I kind of, in a fun way, challenge you, when an enterprise customer has 45 to 60 security players in their environment, how many do they really have? You look at a CEO in the eye and they go, I get it, John. We've got to consolidate this in the networks where it's going to get consolidated. Very comfortable in terms of our Security growth over time. Do not see any issues in terms of strategy, vision, or margins here.

我以有趣的方式向您提出挑戰，當企業客戶在其環境中擁有 45 到 60 名安全人員時，他們實際上有多少名？你看著 CEO 的眼睛，他們會說，我明白了，約翰。我們必須在網路中整合這一點。就我們隨著時間的推移安全性的成長而言，我們感到非常滿意。這裡沒有看到任何有關策略、願景或利潤的問題。

Great. Thanks, Amitabh. Operator, next question.

偉大的。謝謝，阿米塔布。接線員，下一個問題。

Brian Modoff with Deutsche Bank.

德意志銀行的 Brian Modoff。

I'd like to talk about Meraki. You had, obviously, good numbers $400 million annual run rate. At Cisco Live, you announced that you were expanding it out to a broader range of customers. Can you talk a little bit about that and what that might do to the growth there and how this might affect your overall margin mix as you continue to say you're comfortable with where that's headed?

我想談談 Meraki。顯然，你的年運行率達到了 4 億美元，這是一個不錯的數字。在 Cisco Live 上，您宣布將其擴展到更廣泛的客戶群。您能否稍微談談這一點，以及這會對那裡的成長產生什麼影響，以及這會如何影響您的整體利潤組合，因為您繼續說您對這一發展方向感到滿意？

Sure. So Meraki overall, Kelly, keep me honest here, very good margins. We were very comfortable with that. When you begin to look at a Company that is now at $400 million run rate and grow it at 100%, that's hotter than almost any start ups in the industry with great gross margins. What Rob is doing in leadership out in cloud and what Nick is doing with our Service Providers and what we're seeing is a continued leverage of the Meraki-type of vision for how we grow our resources and how we grow our relevance to our customers. Rob, would you like to add something to that?

當然。所以 Meraki 整體來說，Kelly，請讓我說實話，利潤率非常好。我們對此感到非常滿意。當你開始專注於一家目前營業額為 4 億美元且成長率為 100% 的公司時，你會發現它比業內幾乎任何一家擁有高毛利率的新創公司都更受歡迎。Rob 在雲端運算領域的領導工作、Nick 在我們的服務提供者所做的工作，以及我們所看到的，都是對 Meraki 類型的願景的持續利用，即我們如何增加資源以及如何增強與客戶的相關性。羅布，你想補充一點嗎？

I would just add that we are expanding globally with recent additions of Meraki presence in EMEA, as well as building out in Europe. They are not -- there's no margin impact. It's a very profitable it business model. We did expand and announce the expansion of the Meraki portfolio at Cisco Live in Milan, in January, which will see an expansion of the enterprise offer, including a really neat mobile device manager. So profitable platform, John, growing very, very quickly at 100% and geographic expansion is part of that model.

我想補充一點，我們正在進行全球擴張，最近 Meraki 在歐洲、中東和非洲地區增加了業務，並且正在歐洲擴張。它們不會——對利潤沒有影響。這是一個非常有利可圖的IT商業模式。我們確實在 1 月份米蘭的 Cisco Live 上擴展了 Meraki 產品組合，並宣布了該產品組合的擴展，這將擴大企業產品範圍，包括一個非常簡潔的行動裝置管理器。因此，約翰，獲利平台以 100% 的速度非常非常快地成長，地理擴張是該模式的一部分。

Got it. It's a nice way of saying, this is really hot, it's going to, Kelly, be one of our better acquisitions. But then you turn to Sourcefire, which was the other big one we did in the last year and a half. It's literally on fire, too.

知道了。這是一個很好的說法，這真的很熱門，凱利，這將是我們更好的收購之一。但是然後你轉向Sourcefire，這是我們在過去一年半中做的另一個大專案。它確實也著火了。

Thanks, Brian. Operator, next question.

謝謝，布萊恩。接線員，下一個問題。

Simona Jankowski with Goldman Sachs.

高盛的 Simona Jankowski。

You had, obviously, a good quarter and good guidance but John, your tone seems even more bullish than kind of the numbers would suggest. I mean I couldn't count how many times you said that you've never been better positioned and I just wanted to see if you can just provide another layer of detail behind that to just let us understand better what's behind that tone?

顯然，你的季度表現不錯，並且給出了很好的指導，但是約翰，你的語氣似乎比數字所顯示的更加樂觀。我的意思是，我數不清您說過多少次您從未處於如此有利的位置，我只是想看看您是否可以提供另一層細節，讓我們更好地理解這種語氣背後的含義？

I think you referenced some large deals in the US with enterprises, service providers, public sector and I noticed your deferred was up 6%, the long-term deferred, even though short-term was flat. So, are there large multi-year deals in there that are giving you that kind of bullish outlook?

我認為您提到了美國與企業、服務提供者、公共部門的一些大型交易，我注意到您的遞延付款增加了 6%，即長期遞延付款，儘管短期付款持平。那麼，其中是否存在大型多年期交易讓您如此看好前景？

Simona, it literally is across the board and we see this in every country, every segment of our business, even those that are challenged like emerging markets and service provider. We made huge inroads because of the momentum we've gained. Mel told me not to be too enthusiastic on the call. I went out and ran four miles this morning. I had my best time and the last year, I lifted weights, et cetera, and I'm sorry, Mel, I'm just full of energy.

西蒙娜，這確實是全方位的，我們在每個國家、每個業務領域都看到這種情況，甚至在新興市場和服務提供者等面臨挑戰的領域也是如此。由於我們獲得了動力，因此取得了巨大進展。梅爾在電話裡告訴我不要太興奮。我今天早上出去跑了四英里。我度過了最好的時光，去年，我舉重等等，對不起，梅爾，我只是精力充沛。

It's exciting what's in front of us and when you sit across from a customer, if could have been at WEF and if I could take this to our shareholders, anybody who walked out of WEF, 21 of the sessions were about Cisco-related areas, from what you're going to do with infrastructure to digitizing countries to cities to how you bring this to bear to how does it affect the environment? We're right in the middle and in so many different ways, we are not just in thought leadership, no one can compete.

擺在我們面前的一切都令人興奮，當你坐在客戶對面時，如果我能參加世界經濟論壇，如果我能把這個話題帶給我們的股東，任何走出世界經濟論壇的人，其中 21 個會議都是關於思科相關領域的，從你將如何處理基礎設施到數字化國家和城市，到你如何實現這一點，到它將如何影響環境？我們正處於中間位置，在許多不同方面，我們不僅在思想上處於領先地位，無人能與之競爭。

Individual pinpoint products are going to get killed in this marketplace. The different competitive models that you see evolving or different models we saw coming for four to five years. So yes, I feel really good and the only area that I would be really critical of is we've got to do better in Service Provider Video and we you have a portfolio like we have and customer segments and products, it feels good.

個別精準產品將會在這個市場上被淘汰。您所看到的不同競爭模式正在不斷發展，或者我們看到的不同模式將在四到五年內出現。所以是的，我感覺真的很好，我唯一真正批評的領域是我們必須在服務提供者影片方面做得更好，我們擁有像我們這樣的產品組合、客戶群和產品，感覺很好。

But to your point, our relevance in major government bids and major enterprise bids, we're winning bids that we would not have come close to in a year ago. It isn't just we're winning from the beginning, we've got an ability to adjust in engineering and sales and services to meet their needs, the speed we're taking the competitors. It really feels good and it's really fun. See you tomorrow, by the way, Simona. Go easy on your questions tomorrow on me.

但正如您所說，我們在重大政府投標和重大企業投標中的地位，我們正在贏得一年前不可能的投標。我們不僅從一開始就取得了勝利，我們還有能力調整工程、銷售和服務以滿足他們的需求，以趕上競爭對手的速度。感覺真的很好，而且真的很有趣。順便說一句，明天見，西蒙娜。明天請放心向我提問。

Thanks, Simona. Operator, next question.

謝謝，西蒙娜。接線員，下一個問題。

James Faucette with Morgan Stanley.

摩根士丹利的 James Faucette。

Thanks very much. Just a quick question, you said that you're expecting a turn in service provider and emerging markets, not for at least several more quarters. Others have indicated that they thought we could see a rebound in service provider spending and maybe in the next couple of quarters. Just wondering what's making you a bit more cautious than that? I guess trying to gauge your level of confidence that you can really see your service provider and emerging market business rebounding I guess this year and going into 2016?

非常感謝。只是一個簡單的問題，您說您預計服務提供者和新興市場將出現轉變，但至少在未來幾季內不會出現。其他人則表示，他們認為我們可能會看到服務提供者支出的反彈，並且可能在未來幾季內出現。只是想知道是什麼讓你變得更謹慎？我想嘗試衡量您的信心水平，您是否真的能看到您的服務提供者和新興市場業務在今年以及 2016 年反彈？

So let's start with the overall premise. My premise on Service Providers is you're going to see negative growth in terms of CapEx for this year and a lot of the experts saying its actually going to be uglier in the next six months than it will the back half of the year. So our assumption is any gain in Service Providers will be share of wallet gain and market share gains.

那麼讓我們從整體前提開始。我對服務提供者的預期是，今年的資本支出將出現負成長，許多專家表示，未來六個月的情況實際上會比下半年更糟。因此，我們的假設是，服務提供者的任何收益都將是錢包份額的收益和市場份額的收益。

What makes me very, very bullish on this is on the things we can control, if you watch what Nick Adamo, heads up sales, Kelly Ahuja, [that Nike have done services Kelly's engineering] we are now winning big service provider deals that we would not even have been in the game in a year or two ago. Our ability to do this at a different margin level, our agility on this, and we are taking it to our competitors and you're seeing this across the board.

讓我對此非常非常樂觀的是，我們可以控制的事情，如果你觀察一下銷售主管尼克·阿達莫 (Nick Adamo) 和凱利·阿胡賈 (Kelly Ahuja) 的言論，[耐克已經為凱利的工程部門提供服務]，我們現在贏得了大型服務提供商交易，而這些交易在一兩年前我們甚至都不會參與其中。我們有能力在不同的利潤水平上做到這一點，我們在這方面的靈活性，我們正在將其帶給我們的競爭對手，你可以在各個方面看到這一點。

I would have vastly preferred it, you can never do it exactly how you want, but having had five quarters of 10% or more negative Service Provider growth, I would rather go on from negative 10 to negative 5 or negative 6 to negative 1, then positive then up from there. We got a couple deals brought in this quarter which caused us to go from minus 10 to minus 1.

我本來非常希望如此，你永遠不可能完全按照自己想要的方式去做，但是，在經歷了五個季度服務提供者 10% 或更多的負增長之後，我寧願從負 10 到負 5 或負 6 到負 1，然後再轉為正值，然後從那裡開始上升。本季我們達成了幾筆交易，這使我們的虧損從-10 降至-1。

That's more than I think anybody else anticipated in the marketplace, especially when you have areas like SP Video which drag you down by two or three points off of that. I just didn't want the market getting ahead of us. My comfort level with seeing growth this year, by the end of the year and probably before that, is extremely good in this market, but I'm modeling all wallet share gains and market share gains. I do not think Service Provider CapEx will be up this year. I hope I'm wrong, in which case we'll get more of our share there. So I feel very, very good in the positioning.

我認為這超出了市場上任何其他人的預期，尤其是當你有 SP Video 等領域拖累你兩三個百分點的時候。我只是不想讓市場領先我們。我對今年、年底甚至更早時候的市場成長感到十分樂觀，但我正在模擬所有錢包份額的成長和市場份額的成長。我認為服務提供者的資本支出今年不會增加。我希望我是錯的，這樣的話我們就能獲得更多的份額。所以我對於這個定位感覺非常非常好。

Thanks, James. Next question.

謝謝，詹姆斯。下一個問題。

Rod Hall with JPMorgan.

摩根大通的羅德霍爾 (Rod Hall)。

Hello, guys, thanks for taking my question. So the quarter-on-quarter trajectory is switching seasonality a little bit more than normal, about down 6% quarter-on-quarter if our math is right and the average a little bit below 3% over the last five years. I know that last year there was some Osborne effect ahead of the 9000, just wondering if you guys could comment on color there? I mean what light of driven that seasonality?

大家好，感謝你們回答我的問題。因此，季度環比變化趨勢的季節性變化比正常情況要大一些，如果我們的計算正確的話，季度環比下降約 6%，而過去五年的平均值略低於 3%。我知道去年 9000 之前出現了一些奧斯本效應，只是想知道你們是否可以對那裡的顏色發表評論？我的意思是，是什麼因素導致了這種季節性？

Did we see some FX impact, just normal seasonality from your point of view, et cetera?

我們是否看到了一些外匯影響，從您的角度來看這只是正常的季節性因素等等？

Also John, I know you're lifting weights and running doing all this stuff, could you just give us an update on your tenure at Cisco? It doesn't sound like you're in the mood to retire, but could you just give us some kind of an update on what your plan there is?

另外，約翰，我知道你正在舉重、跑步做這些事情，你能向我們介紹一下你在思科任職期間的最新情況嗎？聽起來您似乎還沒有退休的打算，不過您能否向我們透露一下您的最新計劃呢？

The next time you hear, Rod, any talk about the change will be when we announce it and that hasn't changed overall. We've got an amazing team with several of the players around this table being examples of it and we'll make this a non-issue as we make the transition.

羅德，下次你聽到有關這一變化的任何討論時，都是在我們宣布這一變化時，而且總體而言，這一點沒有改變。我們擁有一支出色的球隊，這張桌子上的幾位球員就是最好的例子，隨著我們轉型，這個問題將不再存在。

To the first part of the question, no, I disagree with your basic premise. We don't give booking by category, by seasonality, but if you watch our normal booking trends and if you watch where we've gone and let's use total bookings as an example, from Q1 to Q2 it was up at the very high end of our seasonality bookings sequentially and the year-over-year numbers. So either way you want to measure it, we're in good shape on that. I do agree with several of your premises in terms of the 9000 growth, it feels very, very good.

對於問題的第一部分，不，我不同意你的基本前提。我們不按類別或季節性提供預訂量，但如果您觀察我們的正常預訂趨勢以及我們的發展情況，並以總預訂量為例，從第一季度到第二季度，我們的季節性預訂量連續上漲，同比數字也處於最高水平。所以無論您想以何種方式衡量，我們都處於良好的狀態。我確實同意你關於 9000 增長的幾個前提，感覺非常非常好。

Rod, you've got to know, I completely disagree dramatically with your comment about our Switching products commoditizing. They're going the opposite way. This is one that I think you're going to see us get our competitors very aggressively and even in merchant silicon like the Nexus 3000, we're doing extremely well in terms of growth in gross margins. It's an architectural play now, we saw this coming 4.5 years ago.

羅德，你必須知道，我完全不同意你關於我們的 Switching 產品商品化的評論。他們正朝相反的方向走。我認為你會看到我們非常積極地擊敗我們的競爭對手，即使在像 Nexus 3000 這樣的商用晶片中，我們在毛利率增長方面也做得非常好。現在這是一場建築戲劇，我們在 4.5 年前就預見了這一點。

With Switching, you've got to have Security, you've got to have Collaboration, it's got to integrate to processor capability, it's got to tie the Internet of Everything, there has to be an architecture that brings us together business results, and I think our relevance and our value to the customers are going the exact opposite way. We have shown remarkable consistency in Switching gross margins and I feel very good about our future on that one, Rod.

有了交換，你必須要有安全性，必須要有協作，必須要整合到處理器功能中，必須要連接萬物互聯，必須要有一個將我們的業務成果結合在一起的架構，我認為我們的相關性和我們對客戶的價值正朝著完全相反的方向發展。我們在轉換毛利率方面表現出了驚人的一致性，我對我們的未來感到非常樂觀，羅德。

Thanks, Rod. Operator, next question.

謝謝，羅德。接線員，下一個問題。

Mark Sue with RBC Capital Markets.

加拿大皇家銀行資本市場的馬克‧蘇 (Mark Sue)。

The gross margin improvement and the cash returns was a major driver in your stocks outperformance last year. I'm trying to understand the opportunities ahead on top of the ongoing improvements you've made to date. For example, I know that it's a multi-year progress but the progress in terms of becoming a software company, maybe if you could give us an update there in your go to market? As it relates to your financials, maybe thoughts on future cash flow returns to investors considering free cash flow is now on parity with net income?

毛利率的提高和現金回報是貴公司股票去年表現優異的主要動力。我正在嘗試了解您迄今為止所取得的持續改進以及未來的機會。例如，我知道這是一個多年的進步，但就成為軟體公司而言，您是否可以在進入市場時向我們提供最新進展？就您的財務狀況而言，考慮到自由現金流現在與淨收入持平，對投資者未來現金流回報的想法可能嗎？

Got you. So I'm going to have Kelly take the other part on thoughts about cash and where we're going, Kelly, in our overall. I don't mind you even commenting a little bit about the programs we have on gross margins through that.

明白了。因此，我將讓凱利 (Kelly) 談談對現金的看法以及我們整體的發展方向。我不介意你對我們的毛利率計劃發表一點評論。

We have leverage in every single category. If you watch what we're doing, whether it's operating expenses, whether it's the gross margins by products, products in Switching, funding areas that don't have as good a gross margin picture to gain momentum, et cetera, and there's leverage literally everywhere.

我們在每一個類別中都有優勢。如果你觀察我們所做的事情，無論是營運費用，還是產品的毛利率，轉換產品，還是毛利率狀況不佳的融資領域，等等，你會發現槓桿無處不在。

While we're seeing no unusual competition in the market, no unusual competition of white label or white box nor will we in the future, we saw that coming, as I said a long time ago. It wins on architectures and this whole call literally is about that. So I feel very good about our total gross margin mix. We will absolutely be aggressive when we want to move consulting, as an example, to play a much larger role in business outcomes, but our ability to have multiple leverage that we can touch on, I think, feels very, very good.

雖然我們在市場上沒有看到異常競爭，沒有看到白標或白盒的異常競爭，未來也不會看到，但我們已經預見了這一點，正如我很久以前所說的那樣。它在架構上取勝，整個通話實際上就是關於這一點的。所以我對我們的整體毛利率組合感到非常滿意。例如，當我們想要讓諮詢服務在業務成果中發揮更大的作用時，我們絕對會積極主動，但我認為，我們能夠利用多種槓桿，這種感覺非常非常好。

We are going to invest in some of the areas and we're going to do a large part of it by literally what we said earlier, moving 40% of our resources around in a year is almost unheard of. Then literally, unfortunately, taking down 6,000 people and back up 6,000 people with the different skill sets speaks to the agility we have in the market. Kelly, your thoughts?

我們將在一些領域進行投資，其中很大一部分將按照我們之前所說的方式進行，一年內調動 40% 的資源幾乎是聞所未聞的。那麼實際上，不幸的是，裁掉 6,000 名員工，再補充 6,000 名擁有不同技能的員工，這說明了我們在市場上的敏捷性。凱利，你的想法是？

Yes, to answer your question, Mark, on our cash, as you can tell, our commitment to the capital allocation hasn't changed, as evidenced by giving back 86% of our free cash flow back of the dividend and to buy back and as well as increasing our dividend going forward, so that's not changing. We are extremely focused on increasing our cash flow and to John's point, focused on driving that through improvements in our margin, both in gross margin and operating margin.

是的，馬克，回答你的問題，關於我們的現金，正如你所看到的，我們對資本配置的承諾沒有改變，證據是我們將 86% 的自由現金流返還給股息，並回購，以及增加我們的股息，所以這沒有改變。我們非常注重增加現金流，正如約翰所說，我們專注於透過提高利潤率（包括毛利率和營業利潤率）來推動現金流的增加。

So that focus will continue and we still have lots of flexibility with our balance sheet to continue the balance of giving back to our shareholders, as well as having that flexibility strategically for M&A and other investments.

因此，我們將繼續保持這一重點，並且我們的資產負債表仍具有很大的靈活性，可以繼續平衡地回饋股東，並在併購和其他投資方面具有戰略靈活性。

Gary, you and Kelly are working jointly on gross margins. Any additional thoughts?

加里，你和凱莉正在共同研究毛利率。還有其他想法嗎？

So Mark, I think we've demonstrated our ability to manage the gross margin and pull the levers and the different things that we have. Those haven't gone away. The investments we're making in value design, value engineering is the gift that keeps on giving and we have doubled down our efforts there, so we'll keep going.

所以馬克，我認為我們已經證明了我們管理毛利率和利用槓桿以及我們擁有的不同事物的能力。這些還沒有消失。我們在價值設計和價值工程方面所做的投資是一份持續給予的禮物，我們在那裡加倍努力，所以我們會繼續前進。

We're going through functional transformation, John pointed out the $0.06 for every dollar of revenue over the last 3.5 to 4 years and I think we can continue to do that. So it's about freeing up those assets to reinvest in the growth areas for the future and we're doing that spot on and we're looking at this for the long-term.

我們正在經歷功能轉型，約翰指出，在過去的 3.5 到 4 年裡，每收入一美元就會產生 0.06 美元的收入，我認為我們可以繼續這樣做。因此，這是為了釋放這些資產，以便將其重新投資於未來的成長領域，我們正在這樣做，並且正在從長遠角度考慮這個問題。

Mark, if you watch what changes, architectures save our customers huge amounts of operating expense. It allows them to get the business outcomes much quicker. When you combine an architecture like data center with an architecture like Intercloud, with an architecture like Collaboration, with an architecture like Security, with architectures about big data at the edge of the network with mobility, we can do that in a way that no one else can to get business outcomes.

馬克，如果你觀察一下變化，你會發現架構可以為我們的客戶節省大量的營運費用。它使他們能夠更快地獲得業務成果。當你將資料中心這樣的架構與 Intercloud 這樣的架構、協作這樣的架構、安全這樣的架構以及具有移動性的網路邊緣大數據架構結合起來時，我們可以以一種別人無法做到的方式來實現這一點，從而獲得業務成果。

Customers will pay probably three to five times more for a business outcome than they will for a standalone switch or a standalone router. As we make that transition, this is where you really see our relevance change and this is why, when you talk about digitizing countries or digitizing cities, we're all by ourselves in our ability to do it. It's about how we bring all those together in the Internet of Everything and that has great gross margins. That's where I think the market we need to do a better job, Mel, of explaining to the market why our gross margins and why we're so optimistic about our future here if we do it right.

客戶為獲得業務成果所支付的費用可能比購買獨立交換器或獨立路由器的費用高出三到五倍。當我們進行這種轉變時，你會真正看到我們的相關性發生變化，這就是為什麼當你談到數位化國家或數位化城市時，我們完全有能力自己做到這一點。關鍵在於我們如何將所有這些整合到萬物互聯中，並實現巨大的毛利率。梅爾，我認為我們需要在市場上做得更好，向市場解釋我們的毛利率以及如果我們做得正確，為什麼我們對我們的未來如此樂觀。

Thanks, Mark. Operator, next question.

謝謝，馬克。接線員，下一個問題。

Ittai Kidron with Oppenheimer.

伊泰·基德倫 (Ittai Kidron) 與奧本海默 (Oppenheimer)。

Thanks and congrats, guys, on great execution on the quarter. Following up on this last point of gross margin, John, looking at the regional gross margin, it seemed like Europe was certainly a standout. We haven't seen a gross margin that poor since -- I had to go all the way back to 2011. Was that just a function of FX, meaning with the move and that depressing in dollars you had to do a little more active discounting in order to get the volumes that you need? How do we think about that?

謝謝大家，並恭喜你們本季的出色表現。關於毛利率的最後一點，約翰，從地區毛利率來看，歐洲似乎表現突出。自那以後，我們就沒見過毛利率這麼低的情況了——我不得不追溯到 2011 年。這僅僅是外匯的功能嗎？這意味著隨著美元的貶值，你必須採取更積極的折扣措施才能獲得所需的交易量？我們對此有何看法？

Yes, a fair question. I think Europe's a great example. First of all, Europe was 7% growth, which I don't think anybody else is getting. You take Russia out and it would've been 9% growth, but you did see remarkable growth across many of the countries where they're really being impacted by foreign exchange, et cetera.

是的，這是一個公平的問題。我認為歐洲就是一個很好的例子。首先，歐洲的成長率達到了 7%，我認為其他任何地區都無法達到這樣的水平。如果除去俄羅斯，成長率將是 9%，但你確實看到許多國家都實現了顯著成長，而這些國家確實受到了外匯等因素的影響。

The way we look at foreign exchange, we do business in dollars, as most of you know on that, so we perhaps, can't draw the correlation as quickly as others, but it does mean the deal size may not be as large or it does mean that there might be pressure on discounts to provide a total solution. When you see us grow at 20% across Southern Europe, I mean I'm not aware of anybody else that is growing in Southern Europe period, much less at those types of numbers. It speaks to our strategy working. Foreign exchange does have some impact on it and Kelly, maybe if you'd like to add something in addition to that?

我們看待外匯的方式是，我們用美元做生意，正如你們大多數人所知，所以我們可能無法像其他人那樣快速地得出相關性，但這確實意味著交易規模可能不會那麼大，或者意味著可能會面臨折扣壓力以提供整體解決方案。當你看到我們在整個南歐的成長率達到 20% 時，我的意思是，我不知道南歐還有哪些其他公司也在實現成長，更不用說這種數字了。這說明我們的策略正在發揮作用。外匯確實對此有一定影響，凱利，您是否想補充一些內容？

Just to add to that, Ittai, from a pricing perspective, actually, our pricing is in line, our normal quarter-on-quarter pricing, as well as year-over-year, if I look over the last six quarters, so we haven't really seen that increase on discounting. What we did see driving the margins in Europe is it's definitely the mix of our strength in our UCS was a big, big driver of it.

補充一點，Ittai，從定價的角度來看，實際上，我們的定價是一致的，與正常的季度環比定價以及同比定價一致，如果我回顧過去六個季度，那麼我們並沒有真正看到折扣的增加。我們確實看到推動歐洲利潤率的因素是，我們在 UCS 中的實力組合無疑是其巨大的推動力。

Great, thanks, Ittai. Operator, next question.

太好了，謝謝，Ittai。接線員，下一個問題。

Tal Liani with Bank of America Merrill Lynch.

美國銀行美林證券的 Tal Liani。

I have a question on Switching. Great growth, the question is, can you distinguish between plain vanilla upgrades just because you have a new platforms and between really changes to the architecture of Data Centers? One has a short cycle, one has a longer cycle, longer impact on the company. Is there any way we can look at it, think about our side, is there any way we can have evidence that the cycle is longer rather than shorter when it comes to Switching?

我有一個關於切換的問題。巨大的成長，問題是，你能否區分僅僅因為你有了新平台而進行的普通升級和資料中心架構的真正變化？一個週期短，一個週期長，對公司的影響也更長。我們有什麼辦法可以看待它，從我們的角度思考，有什麼方法可以證明在切換時週期更長而不是更短？

I think the Data Center Switching cycle is a very, very long one that I think we'd all agree with in scale and even though we'll face new competitors, white label, et cetera, in this market, we saw that, as I said, coming long time ago. This is where it isn't about Switching the Data Center, it's about convergence, it's about Switching with storage, with servers, with security even within the Data Center and then the ability with application-centric infrastructure to run that in the Data Center or a cloud, in the WAN, all the way to the edge and that's about applications again with the network with security with scale. You combine those two and we're almost unbeatable in the approach.

我認為資料中心切換週期非常非常長，我想我們都同意這個規模，儘管我們將在這個市場上面臨新的競爭對手、白標等等，但正如我所說的，我們很久以前就看到了這一點。這不是關於交換資料中心，而是關於融合，是關於與儲存、伺服器、甚至資料中心內的安全性進行交換，然後是使用以應用程式為中心的基礎架構在資料中心或雲端中、在 WAN 中一直到邊緣運行應用程式的能力，這又是關於具有安全性和規模的網路的應用程式。將這兩者結合起來，我們的方法幾乎是無與倫比的。

You do have a natural upgrade cycle with new products coming in and there was probably a little bit of a stall when we stalled ourselves a year ago deliberately. We knew what we were doing but we needed to transition to the new ion switching and needed to signal people where we're going. There were additional drivers, we're starting to win network refresh and some competitors refresh, purely because of security. In this environment, they aren't going to take risks.

隨著新產品的推出，確實有一個自然的升級週期，而當我們一年前故意停滯不前時，可能出現了一點停滯。我們知道我們在做什麼，但我們需要過渡到新的離子轉換，並需要向人們發出信號告訴他們我們要去哪裡。有了額外的驅動程序，我們開始贏得網路更新和一些競爭對手的更新，純粹是因為安全。在這種環境下，他們不會冒險。

This is where we're just going to really crush the white label people. It's got to be a security architecture type of approach. If you just say, I'm going to get merchant silicon and throw software on top of it and run data centers and run WANs and everything, all it takes is one breach and you've done more damage to your brand as a company or as a government than you could in 100 years of saving on a little bit of switching difference and that's before you get to the outcomes in terms of the direction.

這就是我們真正要粉碎白標人的地方。它必須是一種安全架構類型的方法。如果你只是說，我要獲得商用矽片並在其上安裝軟體並運行資料中心、運行廣域網路和一切，那麼只需要一次違規，你對你作為一家公司或一個政府的品牌造成的損害就會比你在 100 年內節省一點轉換差異所造成的損害還要大，而且這還不是在你得到方向性結果之前。

Now, is Switching going to grow double-digits? Of course not, but I think more down in the mid-single digits and it will go up and down depending on the quarter. There'll be a different mix in the Data Center versus campus.

那麼，Switching 的營收會實現兩位數成長嗎？當然不是，但我認為下降幅度會更大，在個位數中間，而且會根據季度變化而上下波動。資料中心和校園會有不同的組合。

Great, thanks, Tal. Operator, next question.

太好了，謝謝，塔爾。接線員，下一個問題。

Benjamin Reitzes of Barclays Capital.

巴克萊資本的本傑明·雷茨 (Benjamin Reitzes)。

Can you talk about the new relationship you have with the VCE? Is there any change? The Data Center numbers were very good, but I was wondering if there's any impact on Switching in the quarter? Do you see yourself partner strategy changing and getting more robust perhaps with some other partners with what's going on with that, that could be material to revenue going forward?

能談談您與 VCE 的新關係嗎？有變化嗎？資料中心的資料非常好，但我想知道這對本季的轉換是否有任何影響？您是否認為您的合作夥伴策略會發生變化，並變得更加穩健，也許與其他一些合作夥伴一起，這可能會對未來的收入產生重要影響？

Yes, Ben, let me answer your direct question and the second one that you didn't ask me, which I know is on people's minds, as well. In terms of VCE, we have a very good relationship with EMC. I look for that to be continued very strong. Gary, you're our key interface there. You and Howard and Joe and I all the time go back and forth.

是的，本，讓我直接回答你的問題，以及你沒有問我的第二個問題，我知道這也是人們所關心的問題。在VCE方面，我們與EMC的關係非常好。我希望這種情況能夠持續保持強勁。加里，你是我們那裡的關鍵介面。你和霍華德、喬以及我總是來來回回。

VMware is a competitor, we view them as a competitor, we're going to beat them as a competitor and we will beat them and have fun doing it. I wish I was a better person, but I'm not. We are going to take it to a bunch of our competitors and I think you'll like the progress that you're going to continue to see there. We are, however, going to continue to partner with NetApp, which is a great relationship, almost no competitive overlap. We announced what we're doing with IBM.

VMware 是一個競爭對手，我們將他們視為競爭對手，我們將擊敗他們，並且樂在其中。我希望自己成為一個更好的人，但我不是。我們將把它帶給我們的許多競爭對手，我想你會喜歡你將在那裡繼續看到的進展。然而，我們將繼續與 NetApp 合作，這是一種很好的合作關係，幾乎沒有競爭重疊。我們宣布了與 IBM 合作的計劃。

I think to the second part of your question, when we talk about pace of change, it means that your strategic partnerships, and the Wall Street Journal had an article, I think before December, that talked about the role of strategic partnerships would dramatically change and this will be customer partnerships, as well, will be dramatically different looking out over the next several years and determine a company's success or not in ways they haven't in the past.

我認為，對於你問題的第二部分，當我們談論變化的速度時，這意味著你的戰略合作夥伴關係，《華爾街日報》在 12 月之前有一篇文章，談到戰略合作夥伴關係的作用將發生巨大變化，這也是客戶合作夥伴關係，在未來幾年將發生巨大變化，並以過去從未有過的方式決定一家公司的成功與否。

Part of that pace of change is you're going to have, at times, even very good customers or very good partners go into our area, we're at the center of every transition, so anytime anybody makes a network announcement, they're going to say, [does this business fit] Cisco or doesn't and you're going to see our evolution of our partners go on that.

這種變化速度的一部分是，有時甚至會有非常好的客戶或非常好的合作夥伴進入我們的領域，我們處於每次轉變的中心，因此，任何時候任何人發佈網絡​​公告，他們都會說，[這項業務是否適合]思科，你會看到我們的合作夥伴的演變。

Having said that, you'll see us do more strategic partnering, much deeper with many, may partners such as players like Rockwell that you might not have thought of before or GE or a players that we are literally getting closer to in terms of the direction here. Relationship with EMC is very, very good. We like them, they like us and we do a lot of business together. I think, Gary, the run rate was 50% year-over-year growth together plus some?

話雖如此，你會看到我們與許多公司建立了更多的策略合作夥伴關係，合作更加深入，例如你以前可能沒有想到的羅克韋爾，或者通用電氣，或者我們在方向上越來越接近的公司。與 EMC 的關係非常非常好。我們喜歡他們，他們也喜歡我們，我們一起做了很多生意。加里，我認為運行率年增 50% 以上，對嗎？

Plus some. It's a strong relationship and the partnership has all the elements it does before, we just restructured it some.

還有一些。這是一種牢固的關係，這種夥伴關係具有以前的所有要素，我們只是對其進行了一些重組。

Thanks, Ben. Operator, next question.

謝謝，本。接線員，下一個問題。

Simon Leopold with Raymond James.

西蒙·利奧波德和雷蒙德·詹姆斯。

I wanted to follow up on the VCE relationship in terms of how it affects your business from a modeling perspective. As I understand it, you do sell a significant amount of the UCS products and maybe some Switching products through that channel. If you could help us put that into perspective as to how significant that is as a source of revenue for the UCS?

我想從建模的角度跟進 VCE 關係，看看它如何影響您的業務。據我了解，您確實透過該管道銷售了大量的 UCS 產品，也許還銷售了一些 Switching 產品。您能否幫助我們從正確角度了解一下，這對 UCS 的收入來源來說有多重要？

Then in terms of below the sales levels, I understand that you have some benefits exiting the VCE that you're not incurring the expenses you had been in the partnership. Can you help us understand the implications of this from a both revenue, as well as operating expense perspective?

然後就銷售水平以下而言，我理解退出 VCE 會為你帶來一些好處，因為你不必承擔合作期間的費用。您能否幫助我們從收入和營運費用的角度理解這件事的影響？

If I were to summarize the revenue perspective, it's a very good one for us, just like NetApp is. The growth rates are unbelievable. Our field sales teams, the EMC sales team and the Cisco sales team, you often can't tell the difference between them out in the field in terms of how they come together.

如果我要總結收入前景，那麼對我們來說這是一個非常好的前景，就像 NetApp 一樣。增長率令人難以置信。我們的現場銷售團隊、EMC 銷售團隊和思科銷售團隊，你通常無法在現場分辨出他們之間的合作方式。

It's very, very good for us and we feel very good growth from that relationship and by the way, the same is true with the other partners we've alluded to in terms of the direction. So I think what you're seeing is just an evolution of a partnership model and some competition versus VMware, which is, I think, the world we live in today.

這對我們來說非常非常好，我們從這種關係中感受到了非常好的成長，順便說一句，就方向而言，我們提到的其他合作夥伴也是如此。所以我認為你所看到的只是合作模式的演變以及與 VMware 的一些競爭，我認為這就是我們今天所處的世界。

Paul Silverstein with Cowen and Company.

考恩公司 (Cowen and Company) 的保羅·西爾弗斯坦 (Paul Silverstein)。

Good evening. One clarification, I think it's obvious from your previous comments, but I just want to make sure I understood. The traditional breakout you gave us between pricing and productivity improvement volume, et cetera, it appears and again, I just want to confirm, that the rate of price erosion did not change from the trend we've seen recently and same thing with your rate of productivity improvement. Can you give us the numbers if you have them?

晚安.需要澄清的是，我想從您之前的評論中可以明顯看出這一點，但我只是想確保我理解了。您為我們提供了定價和生產力改進量等之間的傳統突破，看來，我再次確認，價格侵蝕率並沒有從我們最近看到的趨勢發生變化，您的生產力改進率也是如此。如果您有這些數字，可以告訴我們嗎？

Kelly.

凱莉。

Hey, Paul. You'll see that in our Q filing, but I can tell you the ranges that we typically see on a quarter-on-quarter basis has been in the range over the last six quarters from 0.5 percentage point impact on gross margin up to over 1.5 and we're basically in the middle of that range and in the year-over-years are in the middle of the range as well when I look over six quarters. You'll see that when we have our 10-Q filing.

嘿，保羅。您會在我們的 Q 文件中看到這一點，但我可以告訴您，我們通常在季度環比基礎上看到的範圍在過去六個季度中一直在從對毛利率 0.5 個百分點的影響到 1.5 個百分點以上，而我們基本上處於該範圍的中間，而當我回顧六個季度時，同比也處於該範圍的中間。當我們提交 10-Q 文件時您就會看到這一點。

I want to just summarize with I've never felt better about our business and our future. We are, as many as you've already said, we're back. This movie I have seen before and I wish I could just bottle WEF and I wish I could bottle the conversations that we're in with government leaders and business leaders and how different than before, it's just not one product area, it's how we can bring architectures together with services in a different sales motion.

我想總結一下，我對我們的業務和未來從未感到如此好過。正如你們所說，我們回來了。我以前看過這部電影，我希望我可以把 WEF 裝進瓶子裡，我希望我可以把我們與政府領導人和商界領袖的對話裝進瓶子裡，看看與以前有多麼不同，這不僅僅是一個產品領域，而是我們如何以不同的銷售方式將架構與服務結合在一起。

We had the courage to disrupt our sales starting three years ago and we did a huge amount of organizational evolution over the last year that allowed us to do fast innovation and agility and speed with which others cannot meet. There is no surprises to us in the market and I mean none at the present time. It's playing out very much like we expected.

三年前，我們就有勇氣打破銷售模式，並在過去的一年裡進行了大量的組織變革，這使我們能夠實現快速創新，並擁有其他人無法比擬的敏捷性和速度。市場上沒有令我們感到意外的事情，我的意思是目前沒有任何意外。事情的發展和我們預期的非常一致。

It's a world that pace of change will grow exponentially, but as you walk away just kind of think about it. Executing extremely well and healthy growth, digitization will be 10 times, I think, we'll say 5 to 10 to keeping solid, the impact of the Internet of Everything really affects every country, every citizen in the world, and every company.

這是一個變化速度呈指數級增長的世界，但當你走開時，只需思考一下。執行得非常好，而且健康成長，數位化將會成長 10 倍，我想，我們會說 5 到 10 倍保持穩固，萬物互聯的影響確實影響到每個國家、世界上的每個公民和每個公司。

Our product portfolio across the board, you saw all but one area increase and it's nice when I get beat up on just 6% growth. That is a pleasant position to be in, Kelly, probably one we won't always experience as nicely as that.

我們全面的產品組合，除了一個領域之外，其他所有領域都在成長，當我被僅僅 6% 的成長率打敗時，我感到很高興。凱利，這是一個令人愉快的處境，也許我們並不總是能體驗到如此美好的處境。

The balance geographically and even our headwind areas while, we've signaled there'll be a couple more quarters to work through, showed a lot of progress and it means we are positioned, as they eventually turn in emerging markets, which they will and there will always be challenges in a group like China and Russia and Brazil. But the rest of them feel headed in the right direction pretty well.

我們已經在地理上取得平衡，甚至在逆風地區也取得了平衡，我們已經取得了很大進展，這意味著我們已做好準備，因為他們最終會轉向新興市場，而像中國、俄羅斯和巴西這樣的集團也總是會面臨挑戰。但其餘的人都感覺正朝著正確的方向前進。

If you watch where we're doing in terms of our product leadership in each category and then integrating them together with architecture, it feels good. I get pumped up. It hasn't changed and I hope that came across. The pace of change and the new competitors and new challenges is something that will not change, it will go up next exponentially.

如果您觀察我們在每個類別的產品領導方面的表現，然後將它們與架構整合在一起，您會感覺很好。我興奮起來。它沒有改變，我希望這一點能夠被大家所理解。變化的步伐、新的競爭對手和新的挑戰是不會改變的，它將呈指數級增長。

I believe we're going to become the number one IT company and our goal was to show you that and get the reward our shareholders, our customers, and our employees deserve. Mel, back to you.

我相信我們將成為第一大 IT 公司，我們的目標是向大家證明這一點，並為我們的股東、客戶和員工帶來應得的回報。梅爾，回到你身邊。

Cisco's next quarterly call, which will reflect our FY15 third quarter results will be on Wednesday, May 13, 2015 at 1:30 PM Pacific Time, so 4:30 PM Eastern Time. 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's done through an explicit public disclosure. 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.

思科的下一次季度電話會議將於 2015 年 5 月 13 日星期三太平洋時間下午 1:30（即東部時間下午 4:30）舉行，屆時將公佈我們 2015 財年第三季的業績。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。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 1-866-410-5841. For participants dialing from outside the US, please dial 1-203-369-0643. This concludes today's conference. You may disconnect at this time.

感謝您參加今天的電話會議。如果您想完整收聽電話會議，請撥打 1-866-410-5841。對於從美國境外撥打電話的參與者，請撥打 1-203-369-0643。今天的會議到此結束。您現在可以斷開連線。