思科 (CSCO) 2015 Q3 法說會逐字稿

Welcome to Cisco Systems' third-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.

歡迎參加思科系統公司第三季及 2015 財年財務業績電話會議。應思科系統公司的要求，今天的通話正在錄音。如果有異議可以斷開連接。現在我想介紹企業傳播副總裁梅麗莎‧塞爾徹 (Melissa Selcher)。投資者關係。女士，您可以開始了。

Thanks, Kim. Good afternoon everyone, and welcome to our 101st 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; Gary Moore, President and Chief Operating Officer; and our future CEO, Chuck Robbins.

謝謝，金。大家下午好，歡迎參加我們的第 101 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)；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；總裁兼首席營運官加里·摩爾 (Gary Moore)；以及我們未來的首席執行官查克·羅賓斯（Chuck Robbins）。

I would like to remind you that we have corresponding webcast with slides, including supplemental information, that will be available on our website in the Investor Relations section following the call. Income statements for GAAP/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，我們有相應的網絡廣播和幻燈片，包括補充信息，電話會議結束後，可在我們網站的投資者關係部分查閱。投資者關係網站上還可以找到 GAAP/非 GAAP 對帳資訊的損益表、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 call we'll be referencing 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 risks and uncertainties that we will 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，因此受制於我們將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，特別是最新的 10-K 表和 10-Q 表報告以及任何適用的修訂，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 throughout this call will be on a year-over-year basis unless stated otherwise. As we have in the past, we will discuss product results in terms of revenue, and geographic and customer segment results in terms of product orders, unless specifically stated otherwise. 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。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。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. I am pleased to report another very solid quarter for Cisco. We delivered revenues of $12.1 billion, up 5%, and grew non-GAAP earnings per share to $0.54, up 6%. We maintained strong non-GAAP gross margins of 62.5%, generated $3.0 billion in operating cash flow this quarter, and returned $2.1 billion to shareholders through share repurchases and dividends.

梅爾，非常感謝。我很高興地向大家報告思科又一個非常穩健的季度。我們實現了 121 億美元的營收，成長 5%；非公認會計準則每股收益成長 6% 至 0.54 美元。我們維持了 62.5% 的強勁非公認會計準則毛利率，本季產生了 30 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 21 億美元。

Last week was a great week for us, as we announced the CEO who will lead Cisco in its next chapter. I am extremely excited to be joined today by Cisco's newly named CEO, Chuck Robbins. Chuck, welcome very much. I am confident you will come to understand why the Cisco Board of Directors and I are so convinced he is the right leader for Cisco right now.

上週對我們來說是偉大的一周，因為我們宣布了將帶領思科開啟新篇章的執行長。我非常高興今天能與思科新任執行長查克·羅賓斯一起出席此次會議。查克，非常歡迎。我相信你會明白為什麼思科董事會和我如此確信他是思科目前的合適領導者。

As I reflect back, I'm extremely honored and proud to have led Cisco for the last 20-plus years. We set out to change the way the world works, lives, learns and plays, and while many thought this was a very ambitious, if not unobtainable goal, we absolutely have achieved that goal.

回首過去，我感到非常榮幸和自豪，過去 20 多年來我一直領導思科。我們致力於改變世界工作、生活、學習和娛樂的方式，儘管許多人認為這是一個非常雄心勃勃甚至無法實現的目標，但我們絕對已經實現了這一目標。

We have delivered incredible innovation and have disrupted markets, and at times ourselves. We have seen many competitors come and go. We've had our setbacks, but always come back even stronger, something almost no other technology company has done.

我們實現了令人難以置信的創新，顛覆了市場，有時甚至顛覆了我們自己。我們看過許多競爭對手來來去去。我們曾經遇到挫折，但總是能夠變得更強大，幾乎沒有其他科技公司能夠做到這一點。

We have remained incredibly focused on delivering for our shareholders. We are a cash and profit machine, and have maintained our margins over time by delivering sustainable differentiation through integrated architectures based on intelligent networks.

我們始終高度重視為股東提供回報。我們是一台現金和利潤機器，透過基於智慧網路的整合架構提供可持續的差異化，長期保持了利潤率。

What I am most proud of, however, is how well positioned we are to repeat the success of this last 20 years. Across every market and every industry, we are moving from the Information Age to the Digital Age, and the pace of change is only accelerating.

然而，最讓我自豪的是，我們有能力重複過去 20 年的成功。在每一個市場和每一個產業，我們都在從資訊時代走向數位時代，而且變化的步伐還在加快。

Cisco is in a very strong leadership position. Our vision and strategy are working, as every company, city and country becomes digital. They are realizing Cisco is best positioned to help them as they become digital organization.

思科處於非常強大的領導地位。隨著每個公司、城市和國家都走向數位化，我們的願景和策略正在發揮作用。他們意識到思科最有能力幫助他們成為數位化組織。

What our customers recognize is Cisco's unique track record and ability to anticipate transitions and deliver the innovation to help our customers adapt and accelerate in this new environment. Cisco's sustainable differentiation over time, as reflected in our strong gross margins, profitability and cash generation, is the result of our ability to deliver integrated architectures and solutions with scale, speed, and security no one else can.

我們的客戶認可的是思科獨特的業績記錄和預測轉型並提供創新的能力，以幫助我們的客戶適應和加速這個新環境。思科長期以來的可持續差異化體現在我們強勁的毛利率、獲利能力和現金產生能力上，這源於我們能夠提供其他人無法比擬的規模、速度和安全性的整合架構和解決方案。

We've moved from selling boxes, cloud, mobility or any other solution to partner with customers on their outcomes. 44,000 jobs in Barcelona, education and healthcare accessible to virtually every home in Israel, entirely new cloud-based revenue streams for service providers and General Motor's smart factory of the future.

我們已經從銷售盒子、雲端、移動性或任何其他解決方案轉向與客戶合作，共同創造成果。巴塞隆納有 44,000 個工作崗位，以色列幾乎每個家庭都可以享受教育和醫療保健，服務提供者可以獲得全新的基於雲端的收入來源，通用汽車的未來智慧工廠。

Competitors selling low cost technology building blocks can't compete with our total cost advantage, operational efficiency, security, and speed to results that Cisco provides. And when there is an issue, we have all seen the nightmare of trying to identify where and who to call translate into billions in lost business and reputational damages.

銷售低成本技術建構模組的競爭對手無法與思科提供的整體成本優勢、營運效率、安全性和結果速度競爭。當出現問題時，我們都看過這樣的惡夢：試圖確定該打給哪裡、打給誰，這最終導致數十億美元的業務損失和聲譽損失。

When companies and countries go digital, IT becomes a board-level concern and reliability, security, trust matter more than ever. The Cisco brand, behind every one of our architectures, matters more now than ever.

當公司和國家走向數位化時，IT 就成為董事會層級關注的議題，可靠性、安全性和信任比以往任何時候都更重要。我們每個架構背後的思科品牌現在比以往任何時候都更重要。

We are seeing our moves from selling boxes to selling outcomes translate into strong execution in a tough global market. We are seeing many areas of strength, including global enterprise with order growth of 7%, global commercial orders up 6%, and global public sector orders up 7%.

我們看到，從銷售盒子到銷售成果的舉措在激烈的全球市場中轉化為強有力的執行。我們看到許多領域的表現強勁，包括全球企業訂單成長 7%、全球商業訂單成長 6% 以及全球公共部門訂單成長 7%。

The US, excluding service provider, was particularly strong, with Brian Marlier's US enterprise order growth up 21%, US commercial order growth of 11%, and US public sector order growth of 10%. We saw good revenue growth across almost of our technologies.

美國（不包括服務提供者）的表現尤其強勁，Brian Marlier 的美國企業訂單成長了 21%，美國商業訂單成長了 11%，美國公共部門訂單成長了 10%。我們幾乎所有技術的收入都實現了良好的成長。

The volatility in service provider and emerging market, we have discussed in prior quarters continues. Our service provider business remains challenged, both globally and in the US. Service provider orders globally decreased 7%, and US service provider orders declined 17%. Emerging market orders were flat, with the BRICs plus Mexico down 6%, while the remaining emerging markets grew 6%. I believe we have organized well to capture more than our share in these markets and positioned ourselves for their inevitable upturn.

我們在前幾季討論過的服務提供者和新興市場的波動仍在繼續。無論在全球還是在美國，我們的服務提供者業務仍然面臨挑戰。全球服務供應商訂單下降7%，美國服務提供者訂單下降17%。新興市場訂單持平，金磚四國加墨西哥下降6%，其餘新興市場成長6%。我相信我們已經組織得很好，能夠在這些市場中佔據更大的份額，並為這些市場不可避免的復甦做好了準備。

Like every other company, we are also managing the impact of currency fluctuations globally. Kelly and I are both very pleased with the focus of the whole Company on maintaining stable gross margins in this environment. We were especially pleased with how the sales teams have held gross margins in a very tough foreign exchange environment.

與其他公司一樣，我們也在應對全球貨幣波動的影響。凱利和我都對整個公司在這種環境下保持穩定的毛利率的重點感到非常高興。我們對銷售團隊在非常嚴峻的外匯環境下保持毛利率感到特別高興。

Repeating the common theme, those critics that felt new software or business models would have a major negative impact on our business and our margins were just wrong. Clearly, there are more positives than headwinds, and I am very pleased with our solid execution. At a time when many of our peers are seeing revenues decline, we delivered profitable growth, as we said we would and order delivered -- over-delivered almost on every metric we set.

重複這個共同的主題，那些批評者認為新的軟體或商業模式會對我們的業務和利潤產生重大負面影響，這是錯誤的。顯然，積極的因素多於不利的因素，我對我們的穩健執行感到非常滿意。在許多同業收入下滑的時候，我們卻實現了獲利成長，正如我們所說的那樣，幾乎在我們設定的每一項指標上都超額完成了。

Now I will move onto guidance. I continue to be pleased with our execution in a tough environment, the strength of our financial model and the return we continue to drive for our shareholders.

現在我將開始指導。我對我們在艱難環境下的表現、我們強大的財務模式以及我們繼續為股東帶來的回報感到滿意。

For Q4 we expect to see revenue growth in the range of 1% to 3% and non-GAAP earnings per share in the range of $0.55 to $0.57. Let me now provide some additional details on the business momentum we see in our geographies, customer segments and product and services business within our portfolio.

對於第四季度，我們預計營收成長在 1% 至 3% 之間，非 GAAP 每股收益在 0.55 美元至 0.57 美元之間。現在，讓我提供一些有關我們在地域、客戶細分以及我們產品組合中的產品和服務業務中看到的業務勢頭的更多詳細資訊。

As a reminder, geographies are the primary way we run our business. For geographies and customer segment, I will speak in terms of product orders year over year unless otherwise noted. We finished the quarter with product orders up 2% and product book-to-bill greater than 1.

提醒一下，地理位置是我們經營業務的主要方式。對於地理和客戶細分，除非另有說明，我將根據逐年的產品訂單來談論。本季結束時，我們的產品訂單增加了 2%，產品訂單出貨比大於 1。

Moving first to the Americas. Americas grew in total 2%. I discussed upfront the US public sector growth of 10%, with the US federal growth up 24% and state and local up 1%. We also discussed the very strong US enterprise growth of 21% and US commercial growth of 11%, and the US service provider was down 17%.

先轉移到美洲。美洲整體成長了2%。我之前討論過美國公共部門成長 10%，其中美國聯邦政府成長 24%，州和地方政府成長 1%。我們也討論了美國企業成長21%和美國商業成長11%的強勁表現，而美國服務供應商則下降了17%。

Latin America had another strong double-digit growth quarter.

拉丁美洲又一個季度實現了強勁的兩位數成長。

Moving onto Europe, Middle East and Africa. We saw Europe, Middle East and Africa growth of 2%. Europe first turned up for us five quarters ago, and since then has averaged mid-single digit growth, including this quarter. If you take out Russia, we saw solid growth across all of Europe, Middle East and Africa of 4%.

轉向歐洲、中東和非洲。我們看到歐洲、中東和非洲成長了 2%。五個季度前，歐洲首次出現在我們面前，從那時起，包括本季在內，平均實現了中等個位數的成長。如果除去俄羅斯，我們看到整個歐洲、中東和非洲都實現了 4% 的穩健成長。

We were pleased to see Asia-Pacific, Japan and China return to growth, growing 1%. And just to give you an idea of what sometimes the emerging markets have an impact on in terms of our business, with Asia-Pacific, China, Japan and China, minus China growing at 8%.

我們很高興看到亞太地區、日本和中國恢復成長，成長了 1%。只是為了讓您了解新興市場有時會對我們的業務產生什麼影響，亞太地區、中國、日本和中國（不包括中國）的成長率為 8%。

Finally, emerging countries. Emerging markets in total were flat. Emerging markets excluding BRICs plus Mexico grew 6%.

最後是新興國家。新興市場整體持平。金磚四國和墨西哥之外的新興市場成長了 6%。

As discussed, we continue to see the BRICs plus Mexico challenged, down 6% in total, with Russia down 41%, Brazil down 10% and China down 20%. We did see strong growth in Mexico, up 53% and India, up 6%. We are modeling the volatility in emerging markets to continue for several more quarters.

如同所討論的，我們繼續看到金磚四國加上墨西哥面臨挑戰，總體下降 6%，其中俄羅斯下降 41%，巴西下降 10%，中國下降 20%。我們確實看到墨西哥和印度的強勁成長，分別成長了 53% 和 6%。我們正在模擬新興市場的波動將持續數季。

Now moving onto customer segments. We discussed the strong growth of total global enterprise up 7%, with total global commercial up 6% and global public sector up 7%.

現在轉向客戶細分。我們討論了全球企業總額成長 7%、全球商業總額成長 6% 和全球公共部門成長 7% 的強勁成長。

The new models we have implemented globally in each of these segments are working. In enterprise, the shift to selling outcomes not products, is resulting in larger opportunities and dramatic increases in pipeline. In US enterprise, for example, the value of our pipeline of deals over $1 million increased approximately 60% year over year, with the average deal size up over 30%.

我們在全球各個領域實施的新模式正在發揮作用。在企業中，銷售成果而非產品的轉變帶來了更大的機會和管道的急劇增加。例如，在美國企業中，我們超過 100 萬美元的交易價值年增約 60%，平均交易規模成長超過 30%。

We are managing continued challenges in our service provider business, which declined 7%, as global service provider CapEx remained under pressure and industry consolidation continues. We believe the organizational changes we have made in our global service provider organization are working, and we are very focused on growing our share of wallet.

由於全球服務提供者資本支出仍面臨壓力且產業整合仍在繼續，我們的服務提供者業務持續面臨挑戰，該業務下降了 7%。我們相信，我們在全球服務提供者組織中所做的組織變革正在發揮作用，我們非常注重增加我們的份額。

At Mobile World Congress earlier this year we issued announcements with over 10 global service providers, including the launch of Cloud DP and service with Deutsche Telekom, Connected Car Service with AT&T, and a small sales solution for large enterprise deployments with Vodafone.

在今年稍早的世界行動通訊大會上，我們與 10 多家全球服務供應商發布了公告，包括與德國電信合作推出雲端 DP 和服務、與 AT&T 合作推出連網汽車服務、以及與沃達豐合作推出適用於大型企業部署的小型銷售解決方案。

Now moving onto products and service. I will discuss products and service business in terms of revenue year over year unless otherwise stated.

現在轉向產品和服務。除非另有說明，我將從逐年收入的角度討論產品和服務業務。

Starting with Switching. We saw another solid quarter in Switching with growth of 6%. The strong momentum of our application-centric infrastructure portfolio continue. The Nexus 3K plus 9K grew 144%. We added over 970 new Nexus 9K customers and ACI customers this quarter to reach a total of over 2,650 customers.

從切換開始。我們看到 Switching 業務又一個穩健的季度，成長率達到 6%。我們的以應用為中心的基礎設施產品組合持續保持強勁勢頭。Nexus 3K 加 9K 成長了 144%。本季我們增加了 970 多名新的 Nexus 9K 客戶和 ACI 客戶，客戶總數達到 2,650 多名。

The AP Controller customers grew from over 300 last quarter to 580 this quarter. 9K orders plus AC grew sequentially 27%, and we expect that sequential growth to accelerate in Q4.

AP 控制器客戶從上一季的 300 多個成長到本季的 580 個。9K 訂單加上 AC 環比成長 27%，我們預計第四季將環比成長加速。

We also saw good momentum in our campus portfolio, especially in fixed. We did see some pressure in our modular switching as we managed the transition in the high end of our Switching portfolio. As we've discussed, we expect this transition to continue for a few more quarters. I am particularly pleased that we have kept gross margins extremely stable in Switching, even as we're driving our product transition in the Data Center.

我們的校園投資組合也呈現良好勢頭，尤其是固定資產投資組合。在我們管理高階交換產品組合的轉型時，我們確實看到了模組化交換面臨的一些壓力。正如我們所討論的，我們預計這種轉變將持續幾個季度。我特別高興的是，即使我們正在推動資料中心的產品轉型，我們在交換領域的毛利率仍然保持極為穩定。

Moving onto the Data Center. UCS momentum continues with over $3 billion in revenue run rate, with over 43,800 UCS customers. The number of repeat UCS customers grew 34% year over year.

進入數據中心。UCS 的發展勢頭持續良好，收入運行率超過 30 億美元，擁有超過 43,800 名 UCS 客戶。UCS 回頭客數量較去年同期成長 34%。

The innovation UCS brought to the market, and architecture that converges networking, servers and storage has disrupted a market, and Cisco went from no where to the market share leader in X86 blades in the US, and the number two player worldwide with more than 85% of the Fortune 500 companies now investing in UCS. We continue to see significant growth with our converged offerings including VCE and FlexPod, in addition to the positive initial ramp with our IBM Versastack solution.

UCS 為市場帶來的創新以及融合網路、伺服器和儲存的架構顛覆了市場，思科從默默無聞一躍成為美國 X86 刀片市場的領導者，並成為全球第二大企業，目前超過 85% 的財富 500 強企業都在投資 UCS。除了 IBM Versastack 解決方案的積極初始成長之外，我們的整合產品（包括 VCE 和 FlexPod）也持續實現顯著成長。

We had a solid quarter in NGN routing, which grew 4%. We saw a solid performance in high end routing again this quarter, up 5%, supported by strong momentum in our new product introductions, including the CRSX and NCS, which were both up over 200%.

本季我們的 NGN 路由業務表現穩健，成長了 4%。本季度，高階路由再次表現穩健，上漲 5%，這得益於我們推出的新產品的強勁勢頭，包括 CRSX 和 NCS，漲幅均超過 200%。

This growth is a direct result of the transition we drove in our core routing over the last several years. During the quarter, Verizon announced it is moving to a next-generation 100 gig Metro network in the US, and that it will test and deploy Cisco networking convergence systems, the NCS.

這種成長是我們過去幾年推動的核心路由轉型的直接結果。本季度，Verizon 宣布將在美國遷移到新一代 100 千兆城域網，並將測試和部署思科網路融合系統 NCS。

No one thought we were even in this game. Our ability to win the deal was entirely driven by our new generation in term of engineering organization, our ability to deliver integrated architectures, our agility with engineering to realign resources quickly, the speed of our innovation, and our unique ability to partner with our customer to shape their future and the future of the industry.

沒有人想到我們會參加這個遊戲。我們贏得這筆交易的能力完全歸功於我們新一代的工程組織、我們提供整合架構的能力、我們快速重新調整資源的工程靈活性、我們的創新速度以及我們與客戶合作塑造他們未來和行業未來的獨特能力。

Moving onto Wireless. We saw solid growth of 9%. Meraki continued with just very strong momentum, up 92% year over year, and it drove most of our growth this quarter in the Wireless category as they add new customers to their cloud-managed wireless platform. We did see some softness in public sector wireless spending, driven primarily by e-rate funding timing.

轉向無線。我們實現了 9% 的穩健成長。Meraki 繼續保持強勁勢頭，年增 92%，並且由於其雲端管理無線平台增加了新客戶，它推動了本季無線類別的大部分成長。我們確實看到公共部門無線支出有所疲軟，這主要是受電子費率融資時機的影響。

Security growth rebounded to a strong 14%, with orders growing even faster. We saw a number of strong trends and data points that support our strategy to drive to an integrated Security architecture across our customers' organizations.

安防成長強勁反彈至14%，訂單成長速度更快。我們看到了許多強勁的趨勢和數據點，這些趨勢和數據點支持我們的策略，即在客戶的組織中推動整合的安全架構。

Customers are realizing that dozens of security vendors in their business are not solving their challenges. As everything in the world becomes digital, they want a player who can step up and be their trusted partner across the board. No one is better positioned than Cisco. We believe we are the only player capable of providing an integrated architecture across intelligent networks, and are confident in our strategy to be the number one security company for our customers.

客戶意識到他們業務中的數十家安全供應商都無法解決他們面臨的挑戰。隨著世界上的一切數位化，他們希望有一個能夠挺身而出並成為他們全面信賴的合作夥伴。沒有人比思科更有優勢。我們相信，我們是唯一一家能夠提供跨智慧網路整合架構的供應商，我們對我們的策略充滿信心，那就是成為客戶第一的安全公司。

A few examples of our momentum include, in this quarter we signed a record number of Security enterprise license agreements, Our Fire Power series which integrates our Sourcefire software, are continuing to show very strong momentum, far exceeding our initial forecasts. And we saw a continued strong traction and growth in our advanced threat solutions, including advanced malware protection Everywhere and Cyber Threat Defense.

我們的勢頭的幾個例子包括，本季度我們簽署了創紀錄數量的安全企業許可協議，集成了我們的 Sourcefire 軟體的 Fire Power 系列繼續顯示出非常強勁的勢頭，遠遠超出了我們最初的預測。我們看到我們的進階威脅解決方案持續保持強勁的吸引力和成長，包括進階惡意軟體防護 Everywhere 和網路威脅防禦。

Moving onto Collaboration. Our Collaboration momentum continues with revenue growth of 7%. This quarter was a strong quarter for telepresence endpoints, with revenue up 19% and unit orders up a record 66%.

轉向合作。我們的合作動能持續強勁，營收成長 7%。本季是遠端呈現終端表現強勁的一個季度，營收成長 19%，單位訂單量創歷史新高，達到 66%。

The team is on a mission to put Collaboration in every office and every room. Our strategy is to deliver a new generation of product experiences at significantly lower prices, and it is working.

團隊的使命是讓協作走進每個辦公室和每個房間。我們的策略是以顯著降低的價格提供新一代的產品體驗，而這項策略正在發揮作用。

We also saw strong performance of our cloud-based offerings, with conferencing growth of 11%. More people than ever are using WebEx, with the number of billable users growing over 28% to over 15 million users.

我們的基於雲端的產品也表現強勁，會議服務成長了 11%。使用 WebEx 的人比以往任何時候都多，計費用戶數量增加超過 28%，達到超過 1500 萬用戶。

In the quarter we launched Spark for teams, which is proving to be a strong play in the very hot business messaging market. SP Video declined 5%. We continue to focus on improving profitability in this business as we develop next-generation end-to-end video solutions combining hardware, software, and services.

本季度，我們推出了適用於團隊的 Spark，事實證明它在非常熱門的商業訊息市場中表現出色。SP Video 下跌 5%。我們將繼續致力於提高該業務的獲利能力，開發結合硬體、軟體和服務的下一代端到端視訊解決方案。

Services revenue grew 3% with orders growing faster than revenue. We saw growth in both technical and advanced services, and our portfolio of cloud security consulting and analytics grew in double digits again this quarter. Our gross margins continued to lead the industry by a significant amount and remained very stable in terms of services gross margin in the 65% range, plus or minus 1 point or 2.

服務收入成長 3%，訂單成長速度快於收入成長。我們看到技術服務和高級服務均有所成長，本季我們的雲端安全諮詢和分析產品組合再次實現了兩位數的成長。我們的毛利率繼續大幅領先業界，服務毛利率保持穩定，在 65% 左右，上下浮動 1 到 2 個百分點。

We continue to believe our strategy to provide higher value to our customers by delivering business outcomes is working. The opportunities that are ahead of us as we move into the Internet of Everything are very real.

我們始終相信，透過實現業務成果為客戶提供更高價值的策略是有效的。當我們進入萬物互聯時代時，我們面前的機會是非常真實的。

We look at the increased security requirements and the demand for security consultancy services. We also focus on the need to manage and capture insights for data distribution across the enterprise and network. We are moving rapidly to build the capabilities across our portfolio to differentiate Cisco's leadership in the Internet of Everything.

我們關注日益增長的安全要求以及對安全諮詢服務的需求。我們也關注管理和擷取整個企業和網路中資料分佈洞察的需求。我們正在迅速建構整個產品組合的功能，以彰顯思科在萬物互聯領域的領導地位。

Now let me provide an update on Cisco's momentum in cloud. We continue to lead in the hybrid cloud market and increase our inter-cloud momentum. This quarter we launched Phase 2 of our inter-cloud strategy, linking different clouds together using interoperable and app-centric software to create hybrid cloud.

現在讓我來介紹一下思科在雲端運算領域的最新發展動能。我們繼續在混合雲市場保持領先地位，並增強了我們的雲間發展勢頭。本季度，我們啟動了跨雲端策略的第二階段，使用可互通且以應用為中心的軟體將不同的雲端連接在一起，以創建混合雲。

Rob, thank you so much for your leadership here. The team's doing a great job.

羅布，非常感謝你的領導。該團隊表現出色。

You're welcome.

不客氣。

During the quarter, we announced Cisco and Microsoft will integrate Cisco cloud innovation with Microsoft Azure to help service providers more quickly and cost efficiently launch new application. We will also extend the enterprise class security and services in customer private clouds to Microsoft's Azure with Cisco cloud services router, the 1000V. Within our strategy to work across hypervisors and stack, we continue our investment in open stack with the launch at our Worldwlde Partners Conference of Cisco open stack private cloud solutions aimed at on-premise cloud capabilities for application developers.

在本季度，我們宣布思科和微軟將把思科雲端創新與微軟 Azure 結合，以幫助服務供應商更快、更有經濟地推出新的應用程式。我們也將利用思科雲端服務路由器 1000V 將客戶私有雲中的企業級安全性和服務擴展到微軟的 Azure。在我們的跨虛擬機器管理程式和堆疊工作策略中，我們繼續對開放堆疊進行投資，並在全球合作夥伴大會上推出了思科開放堆疊私有雲解決方案，旨在為應用程式開發人員提供內部雲端功能。

To summarize my comments, our customer conversations today are not about standalone products. They are simply about digitization, growth, new revenue streams for them, innovation, and business 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。它們僅關注數位化、成長、新的收入來源、創新和業務成果。

We believe we are pulling away from our competition using the same formula that we've always used, integrating our industry-leading product in every category into architectures and solutions that deliver real outcome. We've created this opportunity, and it is ours to execute.

我們相信，我們正透過一貫的相同模式在競爭中脫穎而出，將我們各個類別的行業領先產品整合到能夠帶來真正成果的架構和解決方案中。我們創造了這個機會，並且我們要去實現它。

I will now turn the call over to Kelly for her comments on the quarter and guidance for next quarter. To you, Kelly.

現在，我將把電話轉給凱利，請她對本季的評論以及下個季度的指導。致你，凱利。

Thanks, John. Overall, we had a very solid quarter and executed well. From a top-line perspective, total revenue was $12.1 billion, increasing 5%, and we expanded our non-GAAP operating margin to 28.6%, with both non-GAAP net income and non-GAAP EPS growing 6% to $2.8 billion and $0.54 respectively. Our GAAP net income was $2.4 billion and GAAP earnings per share on a fully diluted basis was $0.47.

謝謝，約翰。總體而言，本季我們的表現非常穩健，並且表現良好。從營收角度來看，總營收為 121 億美元，成長 5%，非 GAAP 營業利潤率擴大至 28.6%，非 GAAP 淨收入和非 GAAP 每股收益均成長 6%，分別達到 28 億美元和 0.54 美元。我們的 GAAP 淨收入為 24 億美元，全面稀釋後的 GAAP 每股收益為 0.47 美元。

Product revenue increased 6% and service revenue increased 3%, with product book-to-bill greater than 1. For Q3 our total non-GAAP gross margin and non-GAAP product gross margin came in at 62.5% and 61.8% respectively. The increase in our non-GAAP product gross margin as compared to Q2 was driven by improved productivity, partially offset by product mix and pricing. Non-GAAP service gross margin was 65.0%.

產品收入成長 6%，服務收入成長 3%，產品訂單出貨比大於 1。第三季度，我們的非 GAAP 總毛利率和非 GAAP 產品毛利率分別為 62.5% 和 61.8%。與第二季相比，我們的非 GAAP 產品毛利率有所增加，這是由於生產力提高所致，但產品組合和定價部分抵消了這一增長。非公認會計準則服務毛利率為65.0%。

Looking at our geographic segment results in terms of total revenue, our Americas segment was up 8%, EMEA was up 2% and APJC was down 1%. Total gross margin for the Americas was 62.9%, EMEA was 62.5%, while APJC was 61.2%.

從總收入來看，我們各地區分部業績顯示，美洲地區成長 8%，歐洲、中東和非洲地區成長 2%，亞太及日本地區下降 1%。美洲地區總毛利率為 62.9%，歐洲、中東和非洲地區總毛利率為 62.5%，亞太地區總毛利率為 61.2%。

Our non-GAAP operating expenses were up $4.1 billion -- were $4.1 billion, up 3%, or 33.9% as a percentage of revenue as compared to 34.6% in Q3 of FY14. Our headcount increased by approximately 800 to 70,951, reflecting investments in key growth areas such as Security, cloud and software.

我們的非 GAAP 營運費用增加了 41 億美元，成長 3%，佔營收的 33.9%，而 2014 財年第三季為 34.6%。我們的員工人數增加了約 800 人，達到 70,951 人，這反映了對安全、雲端和軟體等關鍵成長領域的投資。

The non-GAAP tax provision rate of 22% for the quarter was consistent with our expectations. Our GAAP net income and GAAP earnings per share included a benefit of $164 million, or approximately $0.03 per share, related to the charge we recorded in Q2 of 2014 for a supplier component matter. The adjustment is a reduction of the liability reflecting lower than expected costs to remediate the impacted products with our customers. This amount is excluded from our non-GAAP results.

本季非公認會計準則稅務準備率為 22%，與我們的預期一致。我們的 GAAP 淨收入和 GAAP 每股收益包括 1.64 億美元的收益，或約合每股 0.03 美元，與我們在 2014 年第二季度因供應商組件問題記錄的費用有關。此項調整減少了負債，反映了為客戶補救受影響產品的成本低於預期。此金額不計入我們的非公認會計準則結果。

From a balance sheet and cash flow perspective, total cash, cash equivalents and investments were $54.4 billion, including $2.6 billion available in the US at the end of the quarter. We generated operating cash flow of $3.0 billion during the quarter.

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 544 億美元，其中本季末在美國有 26 億美元可用。本季我們產生了 30 億美元的經營現金流。

Deferred revenue was $14.2 billion, up 8%. Product deferred revenue grew in the double digits again this quarter at 12%, driven largely by subscription-based offerings, while services deferred revenue also grew, up 6% reflecting an increase in multiyear service arrangements. We continue to build a greater mix of recurring revenue, as reflected in our deferred revenue.

遞延收入為142億美元，成長8%。本季度，產品遞延收入再次實現兩位數成長，達到 12%，這主要得益於基於訂閱的產品，而服務遞延收入也實現了增長，增長了 6%，這反映了多年服務安排的增加。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中。

Our DSO was 37 days as compared to 35 days in Q3 of 2014. In Q3 we returned $2.1 billion to shareholders that included $1.0 billion through share repurchases and $1.1 billion through our quarterly dividend, which we increased 11% last quarter. So far in FY15 we have returned approximately $6.2 billion, or 83% of free cash flow to our shareholders comprised of $3.2 billion of share repurchases and $3.0 billion of dividends.

我們的 DSO 為 37 天，而 2014 年第三季為 35 天。第三季度，我們向股東返還了 21 億美元，其中包括透過股票回購返還的 10 億美元和透過季度股息返還的 11 億美元，上個季度我們的季度股息增加了 11%。截至目前，2015 財年我們已向股東返還約 62 億美元，佔自由現金流的 83%，其中包括 32 億美元的股票回購和 30 億美元的股息。

Now let me provide a few comments on our guidance for the fourth quarter. Let me remind you again that our comments include forward-looking statements. You should review our recent SEC filings that identify important risk factors, and understand that actual results could materially differ from those contained in the forward-looking statements. And actual results could be above or below guidance. The guidance we are providing is on a non-GAAP basis with reconciliation to GAAP.

現在，讓我就我們對第四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。實際結果可能高於或低於預期。我們提供的指導是基於非 GAAP 基礎並與 GAAP 相協調的。

As John mentioned, we expect total revenue to be in the range of 1% to 3% growth on a year-over-year basis. For the fourth quarter we anticipate non-GAAP gross margin to be in the range of 61% to 62%. As we have said in the past, forecasting non-GAAP gross margin has always been challenging due to various factors such as 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.

正如約翰所提到的，我們預計總收入將年增 1% 至 3%。我們預計第四季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 毛利率一直具有挑戰性。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 Q4 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 fourth quarter.

我們第四季的非公認會計準則營業利潤率預計在 27.5% 至 28.5% 之間。我們第四季的非公認會計準則稅務準備率預計約為 22%。

Our Q4 non-GAAP earnings per share is expected to range from $0.55 to $0.57. We anticipate our GAAP earnings to be lower than our non-GAAP EPS by $0.10 to $0.13 per share in Q4 2015. The range includes a pretax charge of approximately $100 million as a result of the restructuring actions that we announced in the first quarter.

我們預計第四季度非公認會計準則每股收益在 0.55 美元至 0.57 美元之間。我們預計 2015 年第四季我們的 GAAP 每股盈餘將比非 GAAP 每股盈餘低 0.10 美元至 0.13 美元。該範圍包括我們在第一季宣布的重組行動所產生的約 1 億美元的稅前費用。

During Q3 we recognized pretax charges to our GAAP financial statements of $24 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.

在第三季度，我們確認了與該公告相關的 GAAP 財務報表中的 2,400 萬美元稅前費用，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, restructuring and tax or other events which may or may not be significant.

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可能重大或不重大的額外收購、資產減損、重組和稅務或其他事件。

We believe we are executing well in a rapidly transforming market and will continue to provide our guidance with all the appropriate caveats one quarter at a time. We encourage our shareholders to have similar consideration.

我們相信，在快速轉型的市場中，我們表現良好，並將繼續在每個季度提供所有適當警告的指導。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. I'll now hand it back to John for his summary comments.

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。我現在將其交還給約翰，請他進行總結評論。

Kelly, thank you very much and nice job. I believe Cisco is at a very positive inflection point. In our 1997 annual report, when it was not obvious that the Internet would take off, we boldly declared that an Internet revolution would alter the fortune of companies, countries and people. And we saw it come to life.

凱利，非常感謝你，你做得很好。我相信思科正處於一個非常積極的轉折點。在1997年的年度報告中，當網路的起飛尚未顯而易見時，我們就大膽地宣稱，網路革命將改變公司、國家和個人的命運。我們看見它變成了現實。

A number of years ago we started talking about the next phase of the Internet, the Internet of Everything, that will be much bigger than the last. And it will require everything to become digital. At the time almost no one understood what we saw. Today, it's everyone's idea.

幾年前，我們開始談論網路的下一階段，即萬物互聯，它將比上一階段規模更大。這需要一切都數位化。當時幾乎沒有人理解我們所看到的一切。今天，這是每個人的想法。

The conversations we are having today with our customers are so similar in many ways to those that we had 20 years ago. We have always been the example and saw the transitions early. And when others start noticing them, they are well under way.

我們今天與客戶的對話在許多方面與 20 年前的對話非常相似。我們一直是榜樣，很早就看到了轉變。當其他人開始注意到它們時，它們已經進展順利了。

As we help companies, cities, countries digitize, the outcomes are exciting: job creation, quality of life, efficient use of resources. Our customers feel the pace of change accelerating, and they see the disruption in every industry and market.

當我們幫助公司、城市和國家數位化時，成果是令人興奮的：創造就業機會、提高生活品質、有效率地利用資源。我們的客戶感受到變化的步伐正在加快，他們看到每個產業和市場都在顛覆。

They know their success depends on fast innovation, digitizing their business, entirely new IT organization structures and business organization structures. Whether they are the disrupter or the incumbent, they are coming to Cisco as their strategic partner in the digital transformation.

他們知道他們的成功取決於快速創新、業務數位化、全新的 IT 組織結構和業務組織結構。無論他們是顛覆者還是既有者，他們都將思科視為數位轉型的策略合作夥伴。

As they build their businesses around mobile, cloud, social, data and analytic, they recognize that integrated architectures, with the intelligent networks at the core, will accelerate, or if they don't take advantage of it, inhibit their ability to move with the speed, scale and security required. In simple terms, they know they will either disrupt or be disrupted.

當他們圍繞著行動、雲端、社交、數據和分析建立業務時，他們認識到以智慧網路為核心的整合架構將加速其發展，或者，如果他們不利用它，則會抑制其以所需的速度、規模和安全性發展的能力。簡單來說，他們知道他們要么會造成破壞，要么會被破壞。

I am spending more and more of my time with CEOs, Board of Directors and government leaders to explain the combination of technological, organizational and process transformation to meet these goals of our customers. And as in the 1990s, in order to be a true partner to our customers, we have to lead by example.

我花越來越多的時間與執行長、董事會和政府領導人一起解釋技術、組織和流程轉型的結合，以滿足客戶的這些目標。正如 20 世紀 90 年代一樣，為了成為客戶的真正合作夥伴，我們必須以身作則。

Cisco is the reference point for how you reinvent yourself to embrace the opportunities of digitization and the speed of innovation required for the future. We are three years ahead in making our own transition. And with the pace of change in our market, three years makes a huge difference.

思科是您如何重塑自我以抓住數位化機會和未來所需的創新速度的參考點。我們的轉型提早了三年。隨著我們市場變化的速度，三年的時間發生了巨大的變化。

What does this mean for Cisco and our shareholders? First, we spent the last 20 years moving everything to IP and taking advantage of convergence.

這對思科和我們的股東意味著什麼？首先，我們花了 20 年的時間將一切轉向 IP 並利用融合的優勢。

The intelligent network is at the center of every market transition, and no one comes close to Cisco when it comes to the network. As 50 billion more devices come online, we have a strong hand to play and we are playing it.

智慧網路是每個市場轉型的核心，在網路方面，沒有人能與思科相提並論。隨著超過 500 億台裝置上網，我們擁有了強大的實力，我們也正在發揮它的作用。

Second, we are driving outcomes for our customers through architectures. This is how we differentiate against white label and single-product companies. And you can see this in our financial result, our margin stability, operating leverage, market share, and growth.

其次，我們透過架構為客戶帶來成果。這就是我們與白標公司和單一產品公司的區別。您可以從我們的財務表現、利潤率穩定性、經營槓桿、市場份額和成長中看到這一點。

Third, in a digital world, security becomes even more important. Cisco is the logical choice, as we combine a security architecture across the intelligent network. Understanding the direction of the market and challenging ourselves to reinvent is how we address this opportunity and drive long-term value for our shareholders.

第三，在數位世界中，安全變得更加重要。思科是合乎邏輯的選擇，因為我們在整個智慧網路中整合了安全架構。了解市場方向並挑戰自我進行重塑是我們抓住這一機會並為股東創造長期價值的方式。

There could not be a better time to begin Cisco's next chapter. And there is no one more excited than I am to have Chuck Robbins at the next CEO for Cisco. I want to thank the Cisco employees who are leading our change and driving our innovation. And your patience and energy is making Cisco's future possible. Chuck, I know you will leverage the things that have made us great to date. I also know you will make changes when needed, and drive innovation and new capabilities at a faster pace.

現在是開啟思科新篇章的最佳時機。沒有人比我更興奮查克羅賓斯成為思科的下一任執行長。我要感謝引領我們變革、推動我們創新的思科員工。您的耐心和精力使思科的未來成為可能。查克，我知道你會利用那些讓我們至今仍偉大的因素。我也知道你們會在必要時做出改變，並以更快的速度推動創新和新能力。

Cisco's momentum is strong and we are extremely well positioned for the opportunities created by digitization. Every business and government leader is learning the benefits of becoming digital. Growth, leadership, efficiency, productivity, conservation, safety, quality of life and education, these outcomes that are at the core of what Cisco has enabled for the last 20 years.

思科的發展勢頭強勁，我們已做好充分準備來抓住數位化帶來的機會。每個企業和政府領導人都在了解數位化的好處。成長、領導力、效率、生產力、節省、安全、生活品質和教育，這些成果是思科過去 20 年所取得的核心成就。

We wanted to use the Internet to change the way we work, live, learn and play. And that's exactly what we've done in the past and what we will do even more in the future. With that, Mel, we'll move to the session that I enjoy most, which is the Q&A. Let me turn it over to you.

我們希望利用網路改變我們工作、生活、學習和娛樂的方式。這正是我們過去所做的，也是我們將來會做更多的事情。梅爾，接下來我們將進入我最喜歡的環節，也就是問答環節。讓我把它交給你。

Great, thanks. Kim, we're ready of open for questions. I'd like to remind anyone asking a question, please ask just one question.

太好了，謝謝。金，我們準備好回答問題了。我想提醒任何提問的人，請只問一個問題。

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

謝謝。我們的第一個問題來自高盛的 Simona Jankowski。

Hey, Simona.

嘿，西蒙娜。

Hi John, and congratulations on all that you've accomplished in the last 20 years. And I also want to wish Chuck all the best of luck going forward. In terms of my question. So John, you spent quite a lot of time on this call talking about a very positive inflection point. And I just wanted to understand if that is something that you expect us to see externally in terms of accelerating revenue growth, or do you think that because you're also transitioning to more software in a recurring revenue model, that's going to really mask it because we're going to have that business mix?

你好，約翰，恭喜你在過去 20 年裡取得的所有成就。我也祝福查克未來一切順利。就我的問題而言。約翰，你在這次電話會議上花了相當多的時間討論一個非常積極的轉折點。我只是想了解一下，您是否希望我們在加速收入成長方面從外部看到這一點，或者您是否認為，由於您也在向經常性收入模式中的更多軟體轉型，這會真正掩蓋這一點，因為我們將擁有這種業務組合？

In terms of timing, if it is something that you think will accelerate the business, are you looking at the next couple of quarters or more the next couple of years? Just wanted to get a sense of the timing of the inflection.

就時間而言，如果您認為某件事會加速業務發展，那麼您是考慮接下來的幾季還是接下來的幾年？只是想了解拐點發生的時間。

Got you. It's always fun. Mel, I'm probably going to break a couple of my golden rules of 20 years with some of my comments today. Chuck, you can do the same thing after 10 years in the job.

明白了。總是很有趣。梅爾，我今天的一些評論可能會打破我 20 年來的一些黃金法則。查克，工作 10 年後你仍然可以做同樣的事情。

But answering them in sequence. First of all, the opportunity is absolutely in revenue growth and profit growth. And as you sell Solutions moving to outcomes, and you can do that much faster because of your architectures in the intelligent network, you get margin stability and premiums that go with it.

但要按順序回答。首先，機會絕對在於營收成長和利潤成長。當您銷售的解決方案轉向成果時，由於智慧網路中的架構，您可以更快地完成此過程，從而獲得利潤穩定性和隨之而來的溢價。

Let me use maybe just a couple quick examples of how I'd illustrate that. In the US enterprise, if we would have told you that the top US enterprise accounts under Brian's team were to be able to grow at 21% year over year, you'd say I doubt that.

讓我用幾個簡單的例子來說明這一點。在美國企業中，如果我們告訴您，Brian 團隊領導的美國頂級企業帳戶能夠實現同比增長 21%，您會說我對此表示懷疑。

It took us a while, and we're a couple of months in the transition. When you now grow at that rate, and have the number of large opportunities increase at the pace that we saw, you can see an inflection point which will absolutely translate not just to growth in US enterprise, but globally.

我們花了一段時間，並且已經花了幾個月的時間進行過渡。當你現在以這樣的速度成長，並且大型機會的數量以我們看到的速度增加時，你會看到一個轉折點，它絕對不僅會轉化為美國企業的成長，而且會轉化為全球的成長。

Let me give you an idea how that pipeline is expanding. We you now sell business transformations, what Brian and Sandy do there together. In the present time we have 1200 projects going on business transformation and outcomes.

讓我給你介紹一下該管道是如何擴展的。我們現在銷售業務轉型，這是 Brian 和 Sandy 一起做的。目前，我們有 1200 個專案正在進行業務轉型和成果轉換。

That is a pipeline of $3.7 billion in opportunity over the next 18 months. Now, we won't get all of that. But it gives you an idea how rapidly that project has changed. They sell to the business community with support of the CIO as opposed to respond [RFP]. In the last quarter alone you had 540 new projects in the quarter put into this pipeline, and they had a potential of $950 million.

這意味著未來 18 個月內將有價值 37 億美元的商機。現在，我們無法得到所有這些。但它可以讓您了解該項目變化的速度有多快。他們在 CIO 的支持下向商業界銷售產品，而不是回應 [RFP]。僅在上個季度，就有 540 個新項目納入該管道，潛在價值達 9.5 億美元。

What Chuck has done so well, whether it's in the enterprise business and you take it globally, Chuck, and taking that model and rebuilding our business and strategy, vision and strategy, make it together, is exactly one of the reasons he got this job. The commercial marketplace in the US has grown for six quarters a row at approximately 10% to 11%. No one else in the world is doing those numbers.

查克做得非常出色，無論是在企業業務還是在全球範圍內，查克都採用這種模式並重建我們的業務和戰略、願景和策略，將它們結合在一起，這正是他獲得這份工作的原因之一。美國商業市場已連續六個季度成長約 10% 至 11%。世界上沒有其他人能達到這樣的數字。

Again, Simona, it is purely business-based outcomes and selling architectures. And what Chuck has done there is he's taken what Alison Gleeson did and taken it on a global basis. So you see the same opportunity from that perspective.

再說一次，西蒙娜，這純粹是基於業務的成果和銷售架構。查克所做的就是藉鏡艾莉森‧格里森的做法，並將其推廣到全球。所以從這個角度來看你看到了同樣的機會。

In terms of our two headwind, the emerging markets is hard to call. And I think it's often easy to take out a couple pieces and say, this is what our growth would have been otherwise. Think about it. Our problem in emerging markets is now down to three major countries. It's China, Asia-Pacific without China, instead of growing at 1% would have grown at 8%.

就我們的兩大逆風而言，新興市場很難預測。我認為，我們常常很容易地拿出一些片段，然後說，這就是我們的成長本來的樣子。想一想。我們在新興市場的問題現在歸結為三個主要國家。是中國，如果沒有中國，亞太地區的成長率不會是 1%，而是 8%。

Chuck, you and I are going over there every quarter, which is mainly you going and me occasionally following. We'll eventually get that one turned around, assuming our governments get along. Russia in Europe, 41%. It took down the numbers there a fair amount.

查克，你和我每個季度都會去那裡，主要是你去，我偶爾跟著。如果我們兩國政府能夠和睦相處，我們最終會扭轉這一局面。歐洲的俄羅斯佔41%。它大大減少了那裡的數字。

But service provider, which was our biggest hit this quarter versus last quarter, instead of being down 1% was down 7%. And Mel, we said last quarter it's going to take us time to get this fixed. We didn't expect a positive upturn. Here I'm going to make one of my rules. I feel very comfortable that you'll see in the next several quarters -- Kelly's cringing, but that's all right, Kelly, you'll get used to it. Chuck, this is one of my bad habits I want you to keep.

但與上一季相比，本季受到最大打擊的服務提供者不是下降了 1%，而是下降了 7%。梅爾，我們上個季度就說過，我們需要一些時間來解決這個問題。我們沒有預期會出現正面的好轉。在這裡我要訂定一條規則。我感到非常放心，在接下來的幾個季度裡，你會看到凱利 (Kelly) 感到畏縮，但沒關係，凱利 (Kelly)，你會習慣的。查克，這是我的一個壞習慣，我希望你也能保留它。

If you look at service provider, we'll turn that back positive. The organization changes that Chuck made in the field that Pankaj turned engineering [organization], sideways to focus on outcomes, knocking down literally silos over 60 business units, that now are integrated toward outcomes together.

如果您看一下服務提供者，我們會將其恢復為積極狀態。查克在 Pankaj 的工程領域進行的組織變革，使組織轉向專注於成果，打破了 60 多個業務部門之間的孤立狀態，現在這些部門已整合在一起，共同致力於成果。

That will turn back positive and we aren't modeling it because CapEx is going to increase. We do not think it will in the second half of the year. We think actually our share of wallet's going to change.

這將恢復正值，但我們不會對其進行建模，因為資本支出將會增加。我們認為下半年不會有這種情況。我們認為我們的錢包份額實際上將會改變。

Now let me put these pieces together. When you win a Verizon deal, people didn't get what that was. That was optical in an area that we've traditionally not been strong in. Because we organize our sales engine different, our service engines different and our R&D engine different, we understood what the customer wanted. We understood on the fly how we'd realign resources. We understood how you're going to have a win rate that is much higher than ever before in markets that we haven't traditionally been as strong.

現在讓我把這些碎片拼湊起來。當你贏得 Verizon 交易時，人們並不明白那意味著什麼。這是我們傳統上不擅長的領域的明顯特徵。因為我們以不同的方式組織我們的銷售引擎、服務引擎和研發引擎，所以我們了解客戶的需求。我們立即明白如何重新調整資源。我們明白，在我們傳統上不那麼強大的市場中，您將如何獲得比以往任何時候都高得多的獲勝率。

All those, Simona, translate into revenue growth and profit growth. Am I pumped? Oh, yes.

西蒙娜，所有這些都轉化為收入成長和利潤成長。我興奮嗎？哦是的。

Could I be more excited than ever to turn it over to Chuck and watch what's going to happen? I feel real good about our future. A lot of growth in revenues and a lot of growth in profits.

我是否會比以前更興奮地把它交給查克並觀察接下來會發生什麼？我對我們的未來感到非常樂觀。收入大幅成長，利潤大幅成長。

Operator, next question.

接線員，下一個問題。

Our next question comes from Amitabh Passi with UBS Securities.

下一個問題來自瑞銀證券的阿米塔布‧帕西 (Amitabh Passi)。

Hey, Amitabh.

嘿，阿米塔布。

Hi. How are you, John? Congratulations again from my end, and Chuck congrats to you as well.

你好。你好嗎，約翰？我再次向你表示祝賀，查克也向你表示祝賀。

Thank you.

謝謝。

John, the one area I wanted to maybe get your thoughts on. You've been talking about Intercloud. It's a key pinnacle to your cloud strategy over the last couple of quarters. Yet I think outside of some of the larger metrics you've shared in terms of the traction with Data Centers and customers, is there any help you can give us in terms of how we think about the monetization potential with Intercloud and how that's tracking for you?

約翰，我想聽聽你對這個領域的看法。您一直在談論 Intercloud。這是過去幾個季度以來您的雲端策略的關鍵頂峰。然而，我認為，除了您在資料中心和客戶吸引力方面分享的一些更大的指標之外，您能否就我們如何看待 Intercloud 的貨幣化潛力以及您如何追蹤這一潛力提供任何幫助？

Rob's been kind of the sponsor of this and the father. Let me start with a very positive area. Our service provider position is changing all for the positive.

羅布是這項活動的贊助者和父親。讓我從一個非常積極的方面開始。我們的服務提供者地位正在發生積極的變化。

They look at us in terms of mobility leadership. They look at us in terms of video leadership. They look at us in terms of Data Center leadership. They look at us in terms of Security leadership.

他們從移動領導力的角度來看我們。他們從影片領導的角度來看我們。他們從數據中心領導的角度來看我們。他們從安全領導的角度來看我們。

With our NFE and SDN capabilities, we are leading in software. The pieces that we're missing was how do you go into this new environment where each of these, quote, public clouds and clouds are separate and you have to be on different vendors' or different companies' ability to go into it.

憑藉我們的 NFE 和 SDN 功能，我們在軟體領域處於領先地位。我們所缺少的部分是，如何進入這個新環境，在這個新環境中，公有雲和雲端都是獨立的，你必須依靠不同供應商或不同公司的能力才能進入。

And so what we're looking at first is an architecture. And it cements our relationships in service providers. And then it really comes through to how do you monetize it over time. This will take time to monetize.

因此我們首先看到的是架構。它鞏固了我們與服務提供者的關係。然後它實際上就是如何隨著時間的推移將其貨幣化。這需要時間來實現貨幣化。

The effect we see indirectly is already huge when you talk about a Deutsche Telekom or a Telstra and our relationships with those. Rob, a little bit in terms of how you measure success prior to we get into the monetization stage?

當你談論德國電信或澳洲電信以及我們與它們的關係時，我們間接看到的影響已經非常巨大。羅布，在我們進入貨幣化階段之前，您如何衡量成功？

John, I think the metrics that we study, and we actually get together once a week. One year into the announcement of Intercloud, we have three key areas that we focused on. The first is the impact we're having in accelerating Cisco's success in private cloud. You just mentioned the 21% growth of UCS. You mentioned the increase in the number of customers from 300 to 580 with APIC. We've seen success with converged infrastructure. So maintaining that leadership position in private cloud, and now starting to track our success with the Cisco One Cloud Suite, which will bundle up our capabilities in UCS, UCS director, Intercloud fabric, and our prime service catalog. If you look at all the metrics, we really do think on the score card of private cloud we're doing extremely well.

約翰，我認為我們研究的指標，實際上我們每週都會聚在一起一次。Intercloud 發布一年後，我們將重點放在三個關鍵領域。首先是我們在加速思科在私有雲領域的成功所產生的影響。您剛才提到了UCS的21%的成長。您提到 APIC 的客戶數量從 300 增加到了 580。我們已經看到融合基礎設施的成功。因此，保持在私有雲領域的領導地位，現在開始透過 Cisco One Cloud Suite 追蹤我們的成功，它將捆綁我們在 UCS、UCS 導向器、Intercloud 結構和主要服務目錄中的功能。如果你看所有的指標，我們確實認為在私有雲的記分卡上我們做得非常好。

Second thing we're looking at through Intercloud is driving innovation through open source development. And you mentioned in Montreal that we had announced the private cloud version of open stack, open stack private cloud for developers inside the fire wall. I will be tracking very closely how well we do in that environment with open stack. And clearly with 65 partners embracing open stack in the public cloud, some of them you just mentioned, we're really tracking how well we do in delivering open stack in the public cloud.

我們透過 Intercloud 關注的第二件事是透過開源開發推動創新。您在蒙特婁提到，我們已經宣布了開放堆疊的私有雲版本，即防火牆內的開發人員開放堆疊私有雲。我將密切關注我們在開放堆疊環境中的表現。顯然，有 65 個合作夥伴在公有雲中採用開放堆棧，其中一些您剛才提到了，我們確實在追蹤我們在公有雲中交付開放堆疊的表現。

Th monetization model is infrastructure. And we should measure how well we do in building the infrastructure that will sit in private and public cloud underneath of this open stack innovation.

貨幣化模式是基礎建設。我們應該衡量我們在建構這個開放堆疊創新下的私有雲和公有雲基礎架構方面做得如何。

The final thing, and this is just emerging, but you've seen some recent examples is the richness of the software catalog that Cisco brings to the Intercloud marketplace. We've seen very good momentum recently with hosted Collaboration solution delivered by over 60 partners.

最後一點，這才剛出現，但您已經看到了一些最近的例子，那就是思科為 Intercloud 市場帶來的軟體目錄的豐富性。最近，我們看到超過 60 個合作夥伴提供的託管協作解決方案發展勢頭良好。

You mentioned Rowan's announcement of Spark for Teams, and that's a pure SaaS offer. And something people might have missed was the Cisco Collaboration knowledge SaaS offer. In the area of Collaboration you see a very rich set of offers. We're looking at that marketplace, which will be a combination of Cisco and our partners' offers. And we measure those going forward. So those three areas, I'd say lots of work left to do. But the scorecard's looking pretty good.

您提到 Rowan 宣布推出 Spark for Teams，這是一個純粹的 SaaS 產品。人們可能錯過了思科協作知識 SaaS 服務。在協作領域，您會看到非常豐富的選擇。我們正在關注這個市場，它將是思科和我們合作夥伴的產品的組合。我們會衡量這些未來的發展。所以我認為這三個領域還有很多工作要做。但成績單看起來相當不錯。

Thank you, Rob.

謝謝你，羅布。

Next question, please.

請回答下一個問題。

Our next question comes from Brian Modoff with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brian Modoff。

Hey, Brian.

嘿，布萊恩。

Hey, John. Congratulations as well on your new role. It's been nice working with you over the last 20 years. Chuck, good luck in your new role as well.

嘿，約翰。也祝賀您擔任新職務。過去 20 年與您合作非常愉快。查克，祝你在新職位上一切順利。

Thank you.

謝謝。

My question, John, is by FY16 you could see the web 2.0 CapEx higher than what you're seeing out of the carriers, the AT&Ts and Verizons. How's Cisco positioned to sell into the web cloud customer base as trendsetters in the spending market? How is Cisco preparing for the CapEx to OpEx transition you're seeing with cloud services, a shift from buying boxes to buying services? Can you talk a little bit about how you're seeing that play out and what you think that growth will be for Cisco over the next few years? Thanks.

約翰，我的問題是，到 2016 財年，你會看到 Web 2.0 的資本支出高於營運商 AT&T 和 Verizons 的資本支出。身為消費市場的潮流引領者，思科如何定位自己，向網路雲端客戶群銷售產品？思科如何為雲端服務從資本支出到營運支出的轉變做準備，也就是從購買設備到購買服務的轉變？您能否稍微談談您如何看待這項發展以及您認為思科未來幾年的成長前景如何？謝謝。

If you look at where we are, and let's call it massively scalable data centers, the top 10, our role in that is evolving. And candidly, we're starting to move much faster. If you watch our ability to bring new products to market, you're going to see us have all 10 of the major players as key customers shortly. Up to recently as you know, we were missing largely in one of those.

如果你看看我們現在所處的位置，我們稱之為大規模可擴展資料中心，排名前十，我們在其中的角色正在不斷發展。坦白說，我們的行動速度開始加快了。如果您專注於我們將新產品推向市場的能力，您會發現我們很快就會將所有 10 家主要參與者視為關鍵客戶。正如您所知，直到最近，我們在很大程度上錯過了其中之一。

Secondly, as Pankaj has turned this engineering organization sideways and began to really focus on speed of small agile teams, and I could walk through a number of examples from mobility to security, but let's just talk about now how we develop our high end product. We used to think about developing a high end product with maybe 3000 people, at least 3 to 5 years to do it.

其次，由於 Pankaj 已經改變了這個工程組織，並開始真正關注小型敏捷團隊的速度，我可以透過從移動性到安全性的一系列例子來介紹，但現在我們只討論我們如何開發我們的高端產品。我們曾經想過要開發一款高階產品，大概需要 3000 人，至少需要 3 到 5 年的時間。

Watch how we develop our next-generation router products for these major players. And we'll do it in less than 12 months with probably 225 people. You're talking and what these players would say, Cisco, you're finally getting it. You're getting your speed of change with that. You understand how to make the transition.

觀看我們如何為這些主要參與者開發下一代路由器產品。我們將在不到 12 個月的時間內，用大約 225 名員工完成這項工作。您正在談論這些球員會說什麼，思科，您終於明白了。由此，您便可以了解變化的速度。您了解如何進行轉變。

So I look at this as a very good opportunity for us to play in those with an increasing share of their spend. And different than our peers, we will do it with software independent where appropriate, or combination of software, hardware and ASIC. And I really like our momentum we're starting to get in these accounts. And it ranges from the Microsofts of the world to the Googles of the world to the Facebooks to the Amazons. Chuck, any thoughts on that one?

因此，我認為這對我們來說是一個很好的機會，可以讓我們進入那些支出份額不斷增加的市場。與我們的同行不同的是，我們將在適當的情況下使用獨立於軟體的方法，或結合軟體、硬體和 ASIC 的方法。我真的很喜歡我們在這些帳戶中開始獲得的勢頭。其中包括微軟、谷歌、Facebook 和亞馬遜。查克，對此有什麼看法嗎？

Yes, John. One of the key tenets that I've talked about over the last couple of weeks is our need in the future to rapidly sort of realign and adjust our portfolio based on what we're seeing with our customer base. I think that the moves that Pankaj has made are really going to allow us to do that more effectively. I think that will allow us to deal with, Brian, the shift that you highlighted from CapEx spend to some of the web 2.0 players. And we're working that portfolio now. We're working closely with many of them. And I think you'll see us evolve that as necessary over the next couple of quarters.

是的，約翰。過去幾週我談到的一個關鍵原則是，未來我們需要根據客戶群的情況，迅速重新調整我們的產品組合。我認為 Pankaj 採取的措施確實會讓我們更有效地做到這一點。布萊恩，我認為這將使我們能夠處理您所強調的從資本支出到一些 Web 2.0 參與者的轉變。我們現在正在處理這個投資組合。我們正在與其中許多公司密切合作。我認為您會看到我們在接下來的幾個季度中根據需要改進這一點。

I think when you think about the SP space, I think the biggest thing we've done over the last year, 1.5 years is that we really achieved architectural alignment with our SP customers, understanding where they want to go and aligning our portfolio.

我認為，當你考慮 SP 領域時，我認為我們在過去一年（一年半）中所做的最重要的事情是我們真正實現了與 SP 客戶的架構協調，了解他們想要去哪裡並調整我們的產品組合。

And I think that our speed with which we've moved into the virtual managed services space and some of the wins that we announced, that John referenced in Mobile World Congress and some of the wins with Verizon and others, are indicative of our alignment with where they want to go. And I think you'll see more of that from us in the future.

我認為，我們進入虛擬託管服務領域的速度以及我們宣布的一些勝利（約翰在世界行動通訊大會上提到的以及與 Verizon 和其他公司合作取得的一些勝利）​​表明了我們與他們的發展方向一致。我相信您將來會看到我們更多這樣的產品。

Operator, next question.

接線員，下一個問題。

Thank you. Next question comes from James Faucette with Morgan Stanley Investments.

謝謝。下一個問題來自摩根士丹利投資公司的詹姆斯‧福塞特。

Hey, James.

嘿，詹姆斯。

Good afternoon. Congratulations to John and Chuck from me as well. Just wanted to ask quickly on Security, and it's an area that obviously saw good growth. But I'm wondering how Security and security concerns may be impacting demand in some of your other product segments, firstly.

午安.我也向約翰和查克表示祝賀。只是想快速詢問安全問題，這個領域顯然取得了良好的成長。但首先，我想知道安全和安全問題會如何影響您其他一些產品領域的需求。

And secondly, also related to Security. How should we think about your efforts in Security and areas where you may see some room for improvement in the product portfolio, et cetera? Thank you.

其次，也與安全有關。我們應該如何看待您在安全方面的努力以及您可能認為產品組合中哪些領域有待改進等等？謝謝。

Got you. So, Security is the ideal market for us. It basically is made up of hundreds of fragmented players. We're the largest volume player at only 7.5% of the market. And you know our you view. We don't enter markets where we don't have a good change of getting to 40% market share with sustainable differentiation.

明白了。因此，安全對我們來說是理想的市場。它基本上是由數百個分散的玩家組成的。我們是銷量最大的企業，但僅佔有 7.5% 的市佔率。並且您了解我們的觀點。我們不會進入那些沒有機會透過可持續的差異化獲得 40% 市場份額的市場。

We believe it's going to be set up for an architectural play. And it's going to require integration with intelligence throughout the cloud, throughout the data centers, the WAN down to the access, combining mobile with the Internet of Everything and digitization, et cetera.

我們相信它將被用於一齣建築戲劇。這需要將整個雲端、整個資料中心、從廣域網路到存取點的智慧進行集成，將行動性與萬物互聯和數位化等結合起來。

We're on a journey here. We love the momentum, 14% growth with orders growing faster, which I think was 20% growth. And I expect us to do a lot better than that over time. The pull-through on it is very interesting. Because now, and this goes back to when we sell, we don't sell a product or just an architecture. When you go in and you talk about digitizing your company, we talk about how all of our product architectures come together.

我們正在進行一場旅程。我們喜歡這種勢頭，增長了 14%，訂單增長更快，我認為增長了 20%。我希望我們隨著時間的推移會做得更好。其上的拉動非常有趣。因為現在，這又回到了我們銷售的時候，我們銷售的不僅僅是產品或架構。當您進入並談論數位化您的公司時，我們會討論如何將所有產品架構整合在一起。

And then when we talk about Security together with IoE, digitizing your company, mobile, et cetera, you suddenly see how Security ties across all of those. We're starting to get upgrades, and we're learning how to sell this better. And probably again, Brian and Sandy's group have done the best job. We get whole $10 million to $50 million upgrades of the whole network because of the Security implications, how it ties together.

然後，當我們將安全性與萬物互聯、公司數位化、行動化等等結合起來討論時，您會突然看到安全性是如何與所有這些聯繫在一起的。我們開始獲得升級，並且正在學習如何更好地銷售它。或許，布萊恩和桑迪的團隊再次做得最好。由於安全隱患以及它們之間的聯繫，我們花了 1000 萬到 5000 萬美元對整個網路進行升級。

It also gives us a seat at the boardroom, where on the one hand we can say you either disrupt or you die. And on the other hand, your major fear of a CEO or a board is, what happens if we have a problem, how do I minimize it? How do I know I've done everything possible, and don't save me a couple hundred thousand dollars on a white label box that causes me a problem.

它也讓我們在董事會中佔有一席之地，一方面，我們可以說，要嘛你顛覆，要嘛你滅亡。另一方面，執行長或董事會最大的擔憂是，如果我們遇到問題該怎麼辦，我該如何將其最小化？我怎麼知道我已經盡了一切可能，並且不會為我節省幾十萬美元的白色標籤盒而給我帶來麻煩。

Our win rate goes way up and our relevance goes way up. And you will continue to see us move in terms of additional moves as we go in the future.

我們的勝率大幅上升，我們的相關性也大幅上升。未來，您將繼續看到我們採取更多措施。

Chuck, I'm going to ask you maybe just to comment about his indirect question, which is acquisitions. Don't tie down to specific industry, but your overall view of innovation. How we defined it before, and your thoughts about, are we going to continue with the model that includes acquisitions in that model?

查克，我可能只是想請你評論一下他的間接問題，即收購。不要局限於特定的行業，而是要專注於你對創新的整體看法。我們之前是如何定義它的，您認為我們是否會繼續使用包含收購的模型？

John, so as I think about M&A activity going forward, I think if you look back at our strategy for innovation it has always combined a combination of internal R&D, partnerships, and acquisitions. If you just look at the landscape today that we see in the consolidation of many of our peers and competitors, and John, you've been talking about brutal consolidation for a few quarters now. Many of what we -- many of those that we see out there now are really around cost synergies, candidly, that are between players that perhaps aren't as strategically well positioned.

約翰，當我考慮未來的併購活動時，我認為如果你回顧我們的創新策略，它總是結合了內部研發、合作夥伴關係和收購。如果您只看當今我們在許多同行和競爭對手的整合中所看到的情況，約翰，您已經談論了幾個季度的殘酷整合。坦白說，我們現在看到的許多東西實際上都與成本協同效應有關，這些協同效應發生在那些可能沒有那麼好的策略地位的參與者之間。

When we see that happen, that usually creates opportunity for Cisco. And that's when we usually take advantage of those situations. The others that you see out there are more driven based on real strategic alignment and strategic acceleration. And those are typically done, I believe, by companies who are strategically better positioned in the marketplace, relative to what's going on, which is where I would argue we are right now. When I think about it, you'll see us take advantage of the latter. We'll leverage our go-to-market, our scale, our channel to accelerate time to market.

當我們看到這種情況發生時，這通常會為思科創造機會。這時候我們通常會利用這些情況。您所看到的其他戰略則更多地基於真正的戰略協調和戰略加速。我認為，這些通常是由那些在市場上具有更佳戰略地位的公司完成的，相對於目前的情況，我認為我們現在就處於這種地位。當我考慮這一點時，你會看到我們利用了後者。我們將利用我們的市場進入能力、我們的規模、我們的管道來加快產品上市時間。

And what I would -- the example I would give you is Meraki. We paid $1.2 billion for Meraki when it had $100 million in bookings. And now we're on a $600 million bookings run rate by bringing that inside and leveraging what we're able to do. And that's what you'll see from us in the future, which is really, I think, M&A that fits within our innovation strategy with a great deal of accountability.

我要給你舉的例子是 Meraki。當 Meraki 的預訂量達到 1 億美元時，我們支付了 12 億美元收購它。現在，透過將其引入內部並充分利用我們的能力，我們的預訂量已達到 6 億美元。這就是你們將來會看到的我們所做的，我認為，這實際上是一種符合我們創新策略並具有高度責任感的併購。

Now, Mel always kicks me underneath the table. Since it's my last one, we won't comment on rumors about acquisitions or not, but I wouldn't bet on the one that you heard today.

現在，梅爾總是在桌子底下踢我。由於這是我的最後一篇報道，我們不會對有關收購的傳聞發表評論，但我不會押注您今天聽到的那個傳聞。

Sorry, Mel. I know I'm going to break all kinds of rules today. (Laughter) years to rebuild.

對不起，梅爾。我知道我今天會打破各種規則。（笑聲）重建需要數年時間。

Thank you. Our next question comes from Pierre Ferragu with Sanford Bernstein.

謝謝。我們的下一個問題來自 Sanford Bernstein 的 Pierre Ferragu。

Hi. Thank you for taking my question. I'd like to discuss a bit like the transition, the CEO transition, Chuck and John. Could you tell us about, John, how you see your role going forward as an executive search? How are you going to keep yourself busy?

你好。感謝您回答我的問題。我想討論一下關於過渡的問題，執行長查克和約翰的過渡。約翰，您能否向我們介紹一下，您如何看待自己在高階主管搜尋領域未來的角色？你打算怎麼讓自己忙碌起來？

Are you going to have a you day-to-day role with clients? And maybe if you can make a difference between maybe like a transition period, and on a more like run-rate basis on the back of that, how you're going to continue to be involved, if any?

您會每天與客戶打交道嗎？也許，如果您能夠在過渡期和更像運行率的基礎上做出區分，那麼您將如何繼續參與其中（如果有的話）？

Let me first say it very crisply. Chuck is the CEO, period. He will make the decisions. I will be an advisor to him and I'll be very involved where he wants me to be. The things I love most are vision and strategy. I love time with customers, strategic partnerships, acquisitions, and whatever else Chuck wants me to do.

我先非常清楚地說一下。查克就是首席執行官，就是這樣。他將做出決定。我將擔任他的顧問，並積極參與他希望我參與的工作。我最喜歡的是願景和策略。我喜歡與客戶相處、建立策略夥伴關係、進行收購以及查克希望我做的任何其他事情。

I will be his wingman, period, in terms of how we do this. We were beginning to graph out our time. I think, Chuck, both your and my calendars are full, full-time for about four months. And I'm trying to, in this job, be working about half-time. So Chuck, the one assignment I give on this transition is get to me to half-time sometime in the fall because the hunting season's coming up.

就我們如何做這件事而言，我將成為他的僚機。我們開始繪製我們的時間圖。查克，我想，你和我的行程表都排得滿滿的，大約有四個月的時間。我嘗試在這份工作中只做半職工作。所以查克，在這個轉變過程中我佈置的一項任務就是讓我在秋天的某個時候兼職，因為狩獵季節即將到來。

Well, you realize your wife is paying me to keep you busy.

好吧，你知道你的妻子付錢給我是為了讓你忙碌。

My wife got Chuck's number so she could text him when it was time for me to go on the road again. It's a nice way of saying as we look forward, the transition will be very smooth.

我的妻子得到了查克的電話號碼，這樣當我再次上路的時候她就可以給他發短信。這是一個很好的說法，我們期待過渡會非常順利。

I will be an advisor and a coach for Chuck. We will not talk about that publicly. I will do where we can add value. I think a model that's similar is kind of what Intel's done with Andy and BK, where BK uses Andy very effectively with the board in key project areas. And candidly, I think, Chuck, you went down to talk to BK about -- Brian, about what that roles might be.

我將擔任查克的顧問和教練。我們不會公開談論此事。我會盡我所能為我們創造價值。我認為類似的模型有點像英特爾與 Andy 和 BK 合作的模型，其中 BK 在關鍵專案領域非常有效地利用 Andy 與董事會合作。坦白說，我認為查克，你去和 BK 談論過——布萊恩，談論過這些角色可能是什麼。

It's Chuck's decision on this. And Chuck, maybe your comments, and you can also share what you plan to do over the next 90 days, if you want.

這是查克的決定。查克，如果您願意的話，您可以發表一下意見，也可以分享您計劃在未來 90 天內做的事情。

I think, Pierre, I would say that the one thing John's been very clear with me is exactly what he just said to you. And he's been unwavering in our discussions on that.

皮埃爾，我想說，約翰對我講得很清楚的一件事就是他剛才對你說的話。當我們討論這個問題時，他始終堅定不移。

What I would say is that everyone's been asking me what our priorities are, what we're going to be focused on. And as I've said to everyone, we went through the process with the Board and we prepared a great deal of our thoughts around strategy and what we would do. And now I want to just test that with our team. I want to spend the next 90 days just talking to our leadership team, our employees, our customers, our partners, our shareholders, analysts; to really just make sure that the theories and the things that I think we should be doing are in alignment.

我想說的是，每個人都問我我們的優先事項是什麼，我們將重點放在什麼。正如我對大家所說的那樣，我們與董事會一起經歷了整個過程，並就策略和我們將要做的事情準備了大量的想法。現在我只想和我們的團隊一起測試一下。我想用接下來的 90 天與我們的領導團隊、我們的員工、我們的客戶、我們的合作夥伴、我們的股東、分析師交談；只是為了確保這些理論和我認為我們應該做的事情是一致的。

And I'm going to focus -- beyond that, we're going to focus on aligning our resources against the best priorities for the Company. I really want to focus, secondly, on clarity and simplification of our messages and that's internal and external.

除此之外，我還會集中精力，將我們的資源與公司的最佳優先事項協調起來。其次，我真正想專注的是我們的訊息的清晰度和簡化性，包括內部和外部的。

We'll take what Gary's done and built with a lot of the operational capabilities and the processes that he's built, and we'll double-down on that and continue to work. And that includes across revenue opportunities, expense areas, as well as gross margins. And then finally we'll double-down on our culture because I think one of the things that has made Cisco fantastic are our people. So that's a big focus area for me as well.

我們將藉鏡加里所做和建立的許多營運能力和流程，並加倍努力並繼續努力。其中包括收入機會、支出領域以及毛利率。最後，我們會加倍重視我們的企業文化，因為我認為思科之所以如此出色的原因之一就是我們的員工。所以這也是我關注的一個重點領域。

Our next question comes from Mark Sue with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的馬克·蘇。

Hey, Mark.

嘿，馬克。

Thank you, John. Hi. Thank you John, and welcome, Chuck. Cisco is steadily growing its SaaS business and recurring revenue. With this uptick in the pace of software growth as we transition from boxes to solutions, should we start thinking of and planning for a long-term lift to margins?

謝謝你，約翰。你好。謝謝約翰，歡迎查克。思科正在穩步成長其 SaaS 業務和經常性收入。隨著我們從盒子轉向解決方案，軟體成長速度加快，我們是否應該開始考慮和規劃長期利潤率的提升？

And with more software comes higher cash flow. Should we start to also think about more cash ultimately coming back to shareholders?

軟體越多，現金流越高。我們是否也應該開始考慮最終讓更多的現金回饋給股東？

So a series of questions. Let me take part of them and Kelly can kick me or not. You are going to see us move more and more into recurring revenue and deferred revenue.

所以有一系列的問題。讓我參與其中，凱莉可以選擇踢我也可以不踢我。您將會看到我們越來越多地轉向經常性收入和遞延收入。

The art is to do both at the same time. Chuck and I both believe in the end we want to grow our revenue in the short term and long term, our profits in the short term and long term faster than revenue.

藝術就是同時做到這兩點。查克和我都相信，最終我們希望在短期和長期內增加我們的收入，在短期和長期內增加我們的利潤，使其速度快於收入。

But we clearly are moving rapidly through that transition. Probably the best example to give you on what's been successful would be the example, in terms of what we're doing in the Security space in terms of Meraki, where you begin to probably split at $2 for $1, $2 for current, $1 for later. And as Chuck said, you start with $100 million base and you go all the way to the $600 million base fairly quickly.

但我們顯然正在快速地經歷這一轉變。可能最能說明什麼是成功的例子就是我們在安全領域所做的 Meraki 的例子，你可能開始以 2 美元兌 1 美元的方式進行拆分，即 2 美元用於當前費用，1 美元用於以後費用。正如查克所說，你從 1 億美元的基礎開始，很快就能達到 6 億美元的基礎。

The second would be Collaboration. The numbers were great on Collaboration at 7% growth in the telepresence units at 66% year over year growth. And the new products being developed in, I think, it was 12 months with the prototype and 18 months to market with only 200 people. But what I loved about this quarter with Collaboration is their deferred revenue went up 20% to $1.1 billion on the quarter. So you're beginning to build recurring revenue and deferred revenue pipeline that feels very good.

第二個是合作。協作方面的數據非常出色，成長了 7%，遠端呈現部門年增了 66%。我認為，新產品的開發只花了 12 個月的時間從原型製作到上市僅花了 200 個人的時間，耗時 18 個月。但我對本季 Collaboration 感到滿意的是，他們的遞延收入在本季成長了 20%，達到 11 億美元。因此，您開始建立感覺非常好的經常性收入和遞延收入管道。

In terms of our capital allocation, you're going to see us remain committed to delivering our capital allocation as Kelly has outlined. And we'll continue to be aggressive with a minimum of free cash flow going to our shareholders. And you'll see us -- we wouldn't have started the dividend if we didn't anticipate regularly raising it. You're going to see us be active in the share repurchase as well in terms of the capital allocation. So no major change there, Mark.

就我們的資本配置而言，你會看到我們仍然致力於實現凱利所概述的資本配置。我們將繼續積極進取，為股東提供最低限度的自由現金流。你會看到我們——如果我們不預期定期增加股息，我們就不會開始派發股息。您會看到我們在資本配置方面也積極進行股票回購。所以沒有什麼重大變化，馬克。

Operator, next question.

接線員，下一個問題。

Our next question comes from Tal Liani with Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Tal Liani。

Hi, guys. I'm adding my own congrats to John and Chuck. I wanted to ask about Switching. You're into a major cycle of Switching. New products that brings you into new markets, or develop new markets, et cetera, and creates a replacement cycle. But still the numbers are not that impressive, at least on a sequential basis. Revenues were down 6% in January and down 1.5% this quarter.

嗨，大家好。我要向約翰和查克表示祝賀。我想問一下有關 Switching 的問題。您正處於一個重要的轉換週期。新產品可以帶您進入新市場，或開發新市場等等，並形成一個更換週期。但這些數字仍然不那麼令人印象深刻，至少從連續數據來看是如此。1 月營收下降 6%，本季營收下降 1.5%。

I know on a year over year it looks good, but that's because last year was so bad. I'm trying to kind of do -- look at the sequentials to see what's the growth is looking like. The question is, why don't we see higher numbers with Switching? What prevents the numbers from going up?

我知道與去年同期相比情況看起來不錯，但那是因為去年的情況太糟糕了。我正在嘗試透過觀察連續數據來了解成長情況。問題是，為什麼我們沒有看到 Switching 的更高數字？什麼原因阻礙了數字的上升？

And maybe you can relate here to units versus prices. I'm trying to see if it's a pricing issue rather than a unit issue. Thanks.

也許您可以在這裡將單位與價格連結起來。我想看看這是否是定價問題而不是單位問題。謝謝。

Tal, we've known each other for a long time, but I'm going to be very direct. When you have Switching revenues up 11% last quarter, up 6% this quarter, it's off the charts. And if you -- if I would have told anybody in this call two years ago that I'd be getting questions about Switching revenues only growing 6% in a quarter, you'd have said, you've got to be kidding me. Because everybody was modeling 0 and they're modeling margins to go down.

塔爾，我們認識很久了，但我還是會非常直接地告訴你。上個季度的轉換收入成長了 11%，本季又成長了 6%，這簡直是太棒了。如果兩年前我在這次電話會議上告訴任何人，有人問我有關 Switching 收入在一個季度內僅增長 6% 的問題，你肯定會說，你在開玩笑吧。因為每個人的模型都是 0，而且他們模型的利潤率會下降。

Kelly, our margins on the switching actually were at the higher end of our range. They've been remarkably consistent for the last eight quarters. So all this garbage about new players coming in and software coming in and white label killing our approach was entirely wrong. And the feeder system looks really good.

凱利，我們的轉換利潤實際上處於我們範圍的較高端。過去八個季度，他們的表現一直非常穩定。因此，所有關於新玩家加入、軟體加入以及白標扼殺我們的方法的廢話都是完全錯誤的。進料系統看起來確實不錯。

If you watch at the campus level, you have all of the drivers of low end switching, from IoE to digitization, to security, to mobility, all driving this upgrades and wireless. And then at the high end, we're in the middle of a transition, which we executed remarkably well and we took the pain. We announced the products early. We knew there would be a transition from the 9K to the 7K. The 9K growth is off the charts.

如果你從校園層級觀察，你會發現所有低階交換的驅動因素，從萬物互聯到數位化、安全性、行動性，都在推動這種升級和無線化。然後在高端，我們正處於轉型期，我們執行得非常好，並且承受了痛苦。我們很早就公佈了這些產品。我們知道會有一個從 9K 到 7K 的過渡。9K 的成長是驚人的。

We are. -- I want to be, cover my words, selection. We are beating our competitors that you all were worried about. We moved past them in less than one year of shipment. We're growing sequentially 27% when our competitors are modeling to the market flat sequential growth. That is market share gains at tremendous speed.

是的。——我想成為，掩蓋我的言語，選擇。我們正在擊敗你們所擔心的競爭對手。我們在發貨後不到一年的時間就超越了他們。當我們的競爭對手模仿市場持平的連續成長時，我們卻連續成長了 27%。這就是市場佔有率以驚人的速度成長。

Now, it'll take us a couple more quarters to work through the 7K decline and get it balanced out. And you'll see us move a lot of the capabilities of the 9K to 7K over the next couple of quarters. And I know, Chuck, you've got that one with Pankaj and the balance.

現在，我們還需要幾個季度來解決 7K 的下降問題並使其恢復平衡。您將會看到我們在接下來的幾個季度內將 9K 的許多功能轉移到 7K。我知道，查克，你已經掌握了 Pankaj 和平衡。

So the bottom line on Switching, we're taking share. We feel really good. We're going to kick the other competitors. And it's a very good growth market, and I will never apologize for growth in mid-single digits on Switching.

因此，轉換的底線是，我們要搶佔市場份額。我們感覺非常好。我們要淘汰其他競爭對手。這是一個非常好的成長市場，我永遠不會為 Switching 的中位數個位數成長感到遺憾。

Next question.

下一個問題。

Next question comes from Brent Bracelin with Pacific Crest Securities.

下一個問題來自 Pacific Crest Securities 的 Brent Bracelin。

Thank you for taking my question here. John, you started out kind of breaking a cardinal rule. I have a follow-up on that one. Hopefully you'll be willing to share more color.

感謝您在這裡回答我的問題。約翰，你一開始就違反了一條基本規則。我對此有一個後續行動。希望您願意分享更多色彩。

As you think about -- .(Laughter) (Multiple speakers) As you look at digital transformation projects, the 1200 projects, $3.7 billion pipeline certainly is an important proof point, shows you, kind of at least why you're seeing some of the strength in the enterprise and commercial side. My question, and the question I get from investors a lot is, how is Cisco doing relative to expanding the footprint beyond kind of the core switching and routing business? It's still 45% of your revenue today.

正如您所想——（笑聲）（多位發言者）當您查看數位轉型專案時，1200 個專案、37 億美元的管道無疑是一個重要的證明點，它至少向您展示了為什麼您會看到企業和商業方面的一些實力。我的問題，也是投資人經常問我的問題，思科在核心交換和路由業務之外擴展業務範圍方面做得如何？它仍然佔您今天收入的 45%。

As you look at that pipeline around digital transformation, what's the attach rate on servers, software, services? Can you give us some sort of color that's some sort of leading indicator to let us understand how well you're doing relative to expanding the overall footprint as you help enterprises transform their businesses?

當您查看有關數位轉型的管道時，伺服器、軟體、服務的附加率是多少？您能否為我們提供一些領先指標，讓我們了解您在幫助企業轉型業務時在擴大整體影響力方面做得如何？

It's interesting. I want to think about how to answer that, or maybe have Chuck answer it on the next conference call in more detail on it. Almost all of these sales are no longer about Switching and Routing. They are purely outcome-based and it is GDP growth. It's inclusion of minorities. It's job creation. It's healthcare. It's education. It's the citizens' experience and the businesses, it goes across to all industries.

這很有趣。我想思考如何回答這個問題，或是讓查克在下次電話會議上更詳細地回答這個問題。幾乎所有這些銷售都不再與交換和路由有關。它們純粹以結果為基礎，即 GDP 成長。這是對少數民族的包容。這是創造就業機會。這是醫療保健。這就是教育。這是公民和企業的體驗，涉及所有行業。

What you do is you pull through everything at one time. So we think about the total value of digitizing a company or a country, you suddenly see where we do these programs, those accounts grow at 10%, 15% faster than what they do during our prior model in terms of the opportunity on it.

你要做的就是一次解決所有問題。因此，當我們考慮數位化一家公司或一個國家的總價值時，你會突然發現，在我們實施這些計劃的地方，這些帳戶的增長速度比我們之前的模型中快 10% 到 15%，就其機會而言。

And in terms of Routing and Switching, you can see the numbers. I would expect there are other segments of the market, as SP and emerging come back to life, and they will. I think SP we will see in a couple quarters, not because of CapEx spend but our positioning. And emerging, eventually these three countries will level back out.

在路由和交換方面，您可以看到數字。我預計，隨著 SP 和新興市場的復甦，市場中還會有其他細分市場，而且它們一定會復甦。我認為我們將在幾個季度內看到 SP，這並不是因為資本支出，而是我們的定位。最終，這三個國家的經濟狀況將恢復穩定。

You will see the architecture sales where that segments outside Switching and Routing grow well. Now to the point that Tal just asked, every time we sell these others, it pulls through Switching and Routing. This is where intelligence in the network and our speed of architectures get outcomes that others do not, and that will drive the services, Gary. That will drive the margins, Kelly, across the board that we get.

您會看到交換和路由之外的架構銷售額成長良好。現在回到 Tal 剛才問到的問題，每次我們銷售這些其他產品時，都會經過交換和路由。這就是網路智慧和我們的架構速度取得其他人無法取得的成果的地方，這將推動服務的發展，加里。凱利，這將全面提高我們的利潤率。

We might think about a way of defining a little bit more, but the bottom line is most of our customers that are with us on the digitization don't even think about us as Routing and Switching anymore. And the fast growing areas of Collaboration, business messaging is one of the hottest areas growing, period, across the board in terms of the approach. Collaboration. If we can get 3% to 5% productivity in a company, and I think what we're doing around the Spark capability and the telepresence and this all came together, we can do it. So it's a nice way of saying, I think you're going to see our areas outside of Switching and Routing grow rapidly. The cool thing is it pulls through Switching and Routing. And the best of all, architectures beats white label and pre-software.

我們可能會考慮一種更進一步的定義方式，但底線是，大多數與我們一起進行數位化的客戶甚至不再將我們視為路由和交換。在快速發展的協作領域中，商業訊息傳遞是方法方面全面成長的最熱門領域之一。合作。如果我們能夠將公司的生產力提高 3% 到 5%，而我認為我們圍繞 Spark 功能和遠端呈現所做的一切結合在一起，我們就能做到。所以這是一種很好的說法，我認為你會看到我們在交換和路由之外的領域快速成長。很酷的是它透過交換和路由來實現。最重要的是，架構勝過白標和預軟體。

Operator, next question.

接線員，下一個問題。

Thank you. Our next question comes from Ittai Kidron with Oppenheimer and Company.

謝謝。我們的下一個問題來自 Oppenheimer and Company 的 Ittai Kidron。

Hi, John. Again, congrats to you. Chuck, good luck to you in your new role.

你好，約翰。再次恭喜你。查克，祝你在新的崗位上一切順利。

John, I had a couple of questions. First, going back to the service provider comment. You've talked about it being down 7% globally. Your Routing business was actually up on a year-over-year basis. And yes, your service provider video was down 5%. Can you give us a little bit, make up sort of the difference, what are the other product categories in which you're seeing issues or challenges on the service provider side?

約翰，我有幾個問題。首先，回顧服務提供者的評論。您曾說過，全球的下降幅度為 7%。您的路由業務實際上比去年同期成長了。是的，您的服務提供者影片下降了 5%。您能否向我們稍微介紹一下其中的區別，您在哪些其他產品類別中看到了服務提供者方面的問題或挑戰？

Second, regarding the transformation point, which is very evident in your US results, which are quite impressive. What is it in that pitch that doesn't resonate, or takes a long time to resonate, everywhere else? Why is that not something that drives Europe up as well 10%, 15%?

第二，關於轉變點，這在你們在美國的成果中非常明顯，令人印象深刻。那個音調中什麼東西在其他地方沒有引起共鳴，或者需要很長時間才能引起共鳴？為什麼這不能推動歐洲經濟成長 10% 或 15% 呢？

Got you. So several things. First of all on the service provider video piece, the orders were down about 20% in SP Video. So I don't want to mislead anybody with the 5% revenue number.

明白了。有好幾件事。首先，在服務供應商視訊方面，SP Video 的訂單下降了約 20%。所以我不想用 5% 的收入數字誤導任何人。

But the exciting part is, we're picking up our minimum in the cloud segment of this and the software in the cloud, which is clearly where we want the revenue to go. The architecture play wins here. Set-top boxes are tactical. The cloud winning on video (technical difficulties) doing there is strategic to us.

但令人興奮的是，我們在雲端部分和雲端中的軟體方面獲得了最低收入，這顯然是我們希望收入流向的地方。建築設計在這裡取得了勝利。機上盒是戰術性的。雲端在影片上獲勝（技術難題）對我們來說具有戰略意義。

Go to the US. If you take out one of the large service providers, you're all of a sudden instead of talking down 17% you're talking down 6%. And the cable players had the other part. So we're starting to grow in many of these players globally. It's just a few of them that have a major impact.

去美國吧。如果你淘汰一家大型服務供應商，你突然間談論的降價幅度就不再是 17%，而是 6%。而有線電視台則負責另一部分。因此，我們開始在全球範圍內與許多這樣的參與者一起成長。其中只有少數有重大影響。

To the third part of the question, it takes a while. When Chuck and Alison did the commercial operation here, Chuck then put Alison in charge of this on a global basis. It takes literally a year to go through this transformation. Some countries pick it up quicker than others. Sometimes you have to give some of these countries a nudge after the fact.

對於問題的第三部分，這需要一段時間。當查克和艾莉森在這裡進行商業運營時，查克便讓艾莉森在全球範圍內負責此事。完成這項轉變實際上需要一年的時間。有些國家比其他國家更快掌握了它。有時你必須在事後給這些國家一些提示。

Brian's total business transformation that he and Sandy are leading, that takes longer to roll out, more time. Even with them, there was a disruption as they move rapidly through this where you saw their business actually slow for a couple of quarters before it took up. And then there's the whole coordination with engineering. And one of the key reasons that Chuck got this job, among others, is his ability to coordinate these resources together in division and strategy to determine the outcomes in terms of the direction.

布萊恩和桑迪領導的全面業務轉型需要更長的時間才能完成。即使有他們，在他們快速前進的過程中也會出現中斷，你會看到他們的業務在恢復之前實際上已經放緩了幾個季度。然後還有與工程的整體協調。而查克之所以能得到這份工作，其中一個關鍵原因就是他能夠協調各部門的資源，制定策略，確定方向，以便取得成果。

It's a nice way of saying it's a multiyear journey. The cool thing is, using US enterprise as an example, once they got it going the pipeline is accelerating. And you'll see that around the world. That's why we feel comfortable with the long-term gross, Simona, not just looking out a year or two. But we will get more than our fair share.

這是一個很好的說法，表明這是一段多年的旅程。有趣的是，以美國企業為例，一旦開始運作，管道就會加速。你會在世界各地看到這種情況。這就是為什麼我們對長期總收入感到滿意，西蒙娜，而不僅僅是專注於一兩年。但我們得到的將超過我們應得的份額。

Now let me put this in proper perspective. If you watch where we are, all of our major IT players, almost without exception, are going down year over year. I mean, it's a disaster in the market.

現在讓我以正確的角度來看這個問題。如果你注意我們的情況，你會發現我們所有主要的 IT 參與者幾乎無一例外都在逐年下滑。我的意思是，這是一場市場災難。

We will, if we hit our midpoint of the numbers we just gave you, we will be at a record earnings per share and a record quarter in terms of revenue. So we're taking share of spend and position in the market extremely well as we go forward. So I feel very good about where we're positioned.

如果我們達到我們剛剛給出的數字的中間值，我們的每股盈餘和季度收入都將創歷史新高。因此，隨著我們不斷前進，我們在市場中的支出份額和地位將變得非常好。所以我對我們的定位感到非常滿意。

Mel, and you're nicely saying that's going to be my last question? All right. Let me move to close a [little bit]

梅爾，你是說這是我的最後一個問題？好的。讓我稍微結束一下

It's been an honor. First, I want to thank all of you around this table. This leadership team is amazing, and our virtual table, the operating committee and leaders, it really has been an honor. It has been fun. It's been challenging. And I'm just very humbled by having this chance for 20 years. Chuck, you're going to love this job.

我很榮幸。首先，我要感謝在座的各位。這個領導團隊非常出色，我們的虛擬會議桌、營運委員會和領導者真的是一種榮幸。這很有趣。這很有挑戰性。我很榮幸能有這樣的機會堅持 20 年。查克，你一定會喜歡這份工作的。

When I look about where we are today, what excites me the most is what we've done on a culture and how we built an engine of innovation. If you watch the innovation we're talking about in many of these areas, what used to take thousands of people, Pankaj does with 20.

當我回顧我們今天的狀況時，最讓我興奮的是我們在文化方面所做的努力以及我們如何建立創新引擎。如果你觀察我們在許多領域中談論的創新，你會發現，過去需要數千人才能完成的事情，Pankaj 只用 20 個人就能完成。

We do the new mobility capability with data combining Wi-Fi with 3G and 4G in a way with 18 people in 8 months. You make moves in security the same way. You bring Spark to life with business messaging with 200 people.

我們在 8 個月內與 18 個人一起實現了將 Wi-Fi 與 3G 和 4G 結合的數據新移動功能。您以同樣的方式在安全方面採取行動。您可以透過與 200 人進行商務訊息讓 Spark 變得生動活潑。

We can now rival the best start-ups there are in the world, and out-execute them because they can build off of that capability. What gets me very comfortable about our future, I said nicely our competitors come and go.

我們現在可以與世界上最好的新創公司相媲美，並且超越他們，因為他們可以利用這種能力。讓我對我們的未來感到非常放心的是，我說得很好，我們的競爭對手來來去去。

Chuck, I'm thinking about playing golf lately. The exciting part about where we are is you and I are on the 18th hole and we're already ahead by 5 strokes in team play. And all of our competitors have hit their golf balls off into the woods and are looking for it. We're going to finish off this game. By the time we're through, they're still going to be looking for their golf balls.

查克，我最近想去打高爾夫球。令人興奮的是，你和我都在第 18 洞，而且我們在團隊比賽中已經領先 5 桿。我們所有的競爭對手都將高爾夫球擊入樹林並尋找它。我們要結束這場比賽。當我們完成時，他們仍然在尋找他們的高爾夫球。

If you really look at the market and you think innovation [is breaking the] company in half. Having to roll the dice of combining two companies that are really five companies into one, and you begin to think about having to cut expenses dramatically and then double-down that you can move to a software play only.

如果你認真觀察市場，你會發現創新正在將公司擊垮。必須冒險將兩家公司（實際上是五家公司）合併為一家，然後您開始考慮大幅削減開支，然後加倍努力，只轉向軟體業務。

When we said this year that -- at the sales meeting, and people forget that's just eight months ago, that if you look at key competitors like HP and Alcatel-Lucent and Arista and VMware and Avaya, and we named several more. We said half of those won't exist in a meaningful way as competitors to us in a year. And everybody kind of said, yes, right. Look where we are already in eight months.

當我們在今年的銷售會議上說過這一點時，人們忘記了那隻是八個月前的事了，如果你看看主要的競爭對手，比如惠普、阿爾卡特朗訊、Arista、VMware 和 Avaya，我們還列舉了其他幾個。我們說過，一年後，其中一半的公司將不再以有意義的方式與我們競爭。每個人都說，是的，對。看看八個月過去了我們所取得的進展。

It's a nice way of saying we're going to become the number one IT company. It's been a tremendous honor to lead this organization. It's one that will do better after me than during my time. And that's the way of saying, like your kids, this team has built a tremendous strength. They're going to do even better in the future. So it's really been fun for me.

這是一個很好的說法，表明我們將成為第一大 IT 公司。領導這個組織是我的莫大榮幸。在我之後，它會比在我任職期間表現得更好。這就是說，就像你們的孩子一樣，這支球隊已經建立了強大的實力。他們未來會做得更好。所以這對我來說真的很有趣。

It's also going to be fun being your wingman, Chuck. I'll have to spend my time where you want me to spend it. And enjoy this moment. And as much like when I ran today, Mel, you judge. You said, go out and run a lot this morning, and I did. And I was determined to set my new course record when I ran. I got stopped in the first half-mile. I've never seen this before in my life.

當你的僚機也會很有趣，查克。我得把我的時間花在你想讓我花的地方。享受這一刻。就像我今天跑步時一樣，梅爾，你來評判。你說，今天早上出去多跑步，我就這麼做了。我決心在跑步時創造新的賽道紀錄。我在第一個半英里就停下來了。我這輩子從來沒有看過這種情況。

The biggest buck I've ever seen, it was probably a 12-point, maybe 14-point was right in my path, 10 feet from me. And I looked it right in the eyes. And at first I was annoyed because I was trying to set my timing, and then I realized you want to enjoy the moment, and how special that was. But I lost. I missed my timing, Mel. I didn't make it by 10 seconds.

我見過的最大的雄鹿，大概有 12 角，也許 14 角，就在我路上，離我 10 英尺。我直視著它的眼睛。一開始我很生氣，因為我試著設定自己的時間，然後我意識到你想要享受這一刻，那是多麼特別。但我輸了。我錯過了時機，梅爾。我還沒達到 10 秒。

It's a nice way of saying that we're a competitive organization, one that is far from perfect. And I've been a far from perfect leader. But one that I'm very honored to have led. It's really nice, like a family, that I want this to do even better as I move onto the next stage of my career, which is more one of a coach.

這是一種很好的說法，我們是一個有競爭力的組織，但遠非完美。我還遠遠不是一個完美的領導者。但我很榮幸能夠領導這份工作。這真的很棒，就像一個家庭，我希望隨著我進入職業生涯的下一個階段，也就是成為一名教練，這一切會變得更好。

So Chuck, enjoy the moment. You're going to be a fantastic new CEO, and you're going to do great things here at Cisco. This team is literally unbeatable.

所以查克，享受這一刻吧。您將成為一位出色的新任首席執行官，並將在思科做出偉大的成就。這支球隊確實是不可戰勝的。

To close the call, Cisco's next quarterly call, which will reflect our FY15 fourth quarter and annual results, will be on Wednesday, August 12, 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's done through an explicit public disclosure.

最後，思科的下一次季度電話會議將於 2015 年 8 月 12 日星期三太平洋時間下午 1:30、東部時間下午 4:30 舉行，屆時將公佈我們 2015 財年第四季和年度業績。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.

如本次通話有任何後續問題，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 1-800-839-1170. For participants dialing from outside the US, please dial 1-402-998-0559. 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1-800-839-1170。對於從美國境外撥打電話的參與者，請撥打 1-402-998-0559。今天的會議到此結束。您現在可以斷開連線。