思科 (CSCO) 2015 Q4 法說會逐字稿

Welcome to Cisco Systems' fourth-quarter and FY15 financial results conference call. At the request of Cisco Systems, today's call is being recorded.

歡迎參加思科系統公司第四季和 2015 財政年度財務業績電話會議。應思科系統公司的要求，今天的通話正在錄音。

(Operator Instructions)

（操作員指示）

Now I would like to introduce Melissa Selcher, Vice President of Corporate Communications and Investor Relations. Ma'am, you may begin.

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。

Thanks, Kim. Welcome, everyone, to Cisco's fourth-quarter FY15 quarterly conference call. This is Melissa Selcher and I'm joined by Chuck Robbins, our CEO, and Kelly Kramer, our CFO. By now you should have seen our earnings release with expanded financial information. A corresponding webcast with slides, including supplemental information, 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 financial information section of our Investor Relations website.

謝謝，金。歡迎大家參加思科 2015 財年第四季電話會議。我是梅麗莎·塞爾徹 (Melissa Selcher)，和我一起的還有我們的執行長查克·羅賓斯 (Chuck Robbins) 和財務長凱利·克萊默 (Kelly Kramer)。現在您應該已經看到了我們包含更多財務資訊的收益報告。電話會議結束後，我們的網站將在投資者關係部分提供相應的網路直播和幻燈片，其中包括補充資訊。損益表、完整的 GAAP 與非 GAAP 調節資訊、資產負債表、現金流量表和其他財務資訊也可以在我們的投資者關係網站的財務資訊部分找到。

Throughout this conference call we'll be referencing both GAAP and non-GAAP financial results, and we'll discuss product results in terms of revenue, and geographic and customer results in terms of product orders, unless stated otherwise. All comparisons throughout this call will be on a year-over-year basis, unless stated otherwise. The matters we'll be discussing today include forward-looking statements including the guidance we will be providing for the first quarter. They're subject to the risks 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 in any applicable amendments which identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements. With respect to guidance, please also see the slides and press release that accompany this call for further details. As a reminder, Cisco will not comment on its financial guidance during this quarter unless it's done through explicit public disclosure.

在整個電話會議中，我們將參考 GAAP 和非 GAAP 財務結果，並且我們將從收入方面討論產品結果，從產品訂單方面討論地理和客戶結果，除非另有說明。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。我們今天要討論的問題包括前瞻性陳述，其中包括我們將為第一季提供的指導。它們受到我們在提交給美國證券交易委員會的文件中詳細討論的風險和不確定性的影響，特別是最新的 10-K 表和 10-Q 表報告以及任何適用的修訂版，這些修訂版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。關於指導，請參閱本次電話會議附帶的幻燈片和新聞稿以了解更多詳細資訊。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 turn the call over to Chuck.

我現在將電話轉給查克。

Thanks, Mel. It's an honor today to lead this call as the CEO of Cisco. While this is only my third week officially in the CEO role we've really hit the ground running since my appointment was announced on May 4. I believe that I'm stepping into this role at an incredible time for the Company. John's vision and leadership have set Cisco up for the future that I believe will be even better than our past. John is an industry icon, a global community leader, a friend, and as Executive Chairman I'm excited that our customers, partners, employees and shareholders will continue to benefit from his contribution to key priority areas, and I look forward to his partnership going forward. Over the last 90 days we've seen an infectious energy emerge at Cisco. And we've made strong moves around the four focus areas that I laid out -- accelerating what's working and changing what's not, simplifying our business, driving operational rigor, and investing in our talent and our culture. We will continue to move quickly, and going forward it is my intention to be transparent on what we are doing and, more importantly, why we are doing it.

謝謝，梅爾。今天我很榮幸能夠以思科執行長身分主持這次電話會議。雖然這只是我正式擔任執行長的第三週，但自 5 月 4 日宣布我的任命以來，我們確實已經開始著手開展工作。我相信，我擔任這個職務的時機對公司來說是一個絕佳的機會。我相信，約翰的遠見和領導力為思科的未來奠定了基礎，思科的未來將比過去更美好。約翰是行業偶像、全球社區領袖、朋友，作為執行主席，我很高興我們的客戶、合作夥伴、員工和股東將繼續受益於他在關鍵優先領域的貢獻，我期待他的合作繼續向前發展。在過去的 90 天裡，我們看到思科內部湧現出一種極具感染力的活力。我們圍繞著我列出的四個重點領域採取了強有力的舉措——加速有效的工作，改變無效的工作，簡化業務，推動營運嚴謹性，以及投資於我們的人才和文化。我們將繼續快速行動，展望未來，我打算透明地說明我們正在做的事情，更重要的是，我們為什麼要這樣做。

As we closed out our fiscal year we delivered record revenues and record non-GAAP EPS for both Q4 and FY15. We're growing our business and earnings while driving the evolution of our portfolio and how we bring increasing value to our customers. We demonstrated our continued commitment to driving shareholder value, and in an FY15 returned $8.3 billion to shareholders through share buybacks and dividends, which represented 73% of our free cash flow. Cisco is in a very strong position. Our results reflect the work we've done over the last several years transforming Cisco in today's rapidly changing market. When I think about our strategy I look at the huge market opportunities that exist as businesses and governments use technology to drive their growth and operational efficiency. This is why our customers are moving to digital and it is their number one priority. In the digital world data is the most strategic asset and is increasingly distributed across every organization and ecosystem -- on premise, at the edge, and in the cloud. The network plays an increasingly important role, enabling our customers to aggregate, automate and draw insights from this highly distributed data with security and speed. This is driving them to adopt entirely new IT architectures and organizational structures. We understand how technology can deliver the outcomes our customers want to achieve, and it is how we will continue to drive our differentiated strategy and prioritization in our business. This is something our customers and our partners appreciate. And starting today and over the coming months it is my goal to simplify and bridge for you how Cisco's unique position in this significant market translates into growth and profits for our shareholders, both today and over the long term.

在結束本財年之際，我們實現了第四季度和 2015 財年創紀錄的收入和非公認會計準則每股收益。我們在不斷拓展業務和收益的同時，也不斷推動產品組合的演變以及為客戶帶來更多價值。我們展現了對提升股東價值的持續承諾，並在 2015 財年透過股票回購和股利向股東返還了 83 億美元，占我們自由現金流的 73%。思科處於非常有利的地位。我們的成果反映了過去幾年我們為在當今快速變化的市場中改變思科所做的工作。當我思考我們的策略時，我看到的是企業和政府利用科技來推動成長和營運效率所存在的巨大市場機會。這就是我們的客戶轉向數位化的原因，這是他們的首要任務。在數位世界中，數據是最具策略性的資產，並且越來越多地分佈在每個組織和生態系統中——在本地、在邊緣、在雲端。網路發揮著越來越重要的作用，使我們的客戶能夠安全、快速地聚合、自動化並從這些高度分佈的資料中獲取見解。這促使他們採用全新的 IT 架構和組織結構。我們了解科技如何能夠實現客戶想要實現的結果，這也是我們將繼續推動業務差異化策略和優先化的方式。這是我們的客戶和合作夥伴所欣賞的。從今天開始以及接下來的幾個月裡，我的目標是為您簡化和銜接思科在這個重要市場中的獨特地位如何轉化為我們股東當前和長期的成長和利潤。

With that, I'm going to turn the call over to Kelly to run through our execution on our financial strategy.

說完這些，我將把電話交給凱利，讓他解釋一下我們的財務策略的執行情況。

Thanks, Chuck. I am pleased with our execution on our financial strategy of delivering profitable growth, managing our portfolio and strategic investments and delivering shareholder value. Starting with profitable growth, we saw good top-line growth in Q4, with a record $12.8 billion in revenue, up 4%, bringing our full-year FY15 revenue to $49.2 billion, also growing 4%. Successful portfolio refreshes across almost product every product area and effective resource relocations to growth areas fueled revenue growth in Q4 in every product area except for SP Video. Specifically in Q4 the continued traction of the new core platforms and high-end routing drove routing revenue growth of 3%. Switching grew 2% with very strong 200%-plus growth of ACR, both the 9K and APIC, and strong performance in the catalyst business. And the refresh of the entire collaboration product line accelerated our collaboration growth to 14%. Data center grew 14% with continued market leadership of UCS. Wireless grew 7% driven by continued Meraki momentum. And security grew 4%. In security this quarter we saw the acceleration and the shift from hardware to software. Our customers are rapidly adopting our subscription-based and software offerings which is helping us build a greater mix of recurring revenue. This transition is accelerating and will remain a focus for us going forward. Security and collaboration both had deferred revenue growth of over 20% at the end of the quarter. And we saw total deferred product revenue growth double digits again this quarter, up 21%. Product orders in Q4 grew 4% year over year, with a book-to-bill comfortably above 1.

謝謝，查克。我對我們執行的財務策略感到滿意，即實現獲利成長、管理我們的投資組合和策略投資以及實現股東價值。從獲利成長開始，我們在第四季度實現了良好的營收成長，營收達到創紀錄的 128 億美元，成長 4%，使我們 2015 財年全年營收達到 492 億美元，也成長了 4%。幾乎所有產品領域的產品組合都成功更新，資源有效地重新配置到成長領域，推動了 SP 視訊之外所有產品領域第四季的收入成長。具體來說，在第四季度，新核心平台和高階路由的持續推動下，路由收入成長了 3%。轉換業務成長了 2%，其中 ACR（9K 和 APIC）成長了 200% 以上，催化劑業務表現強勁。而整個協作產品線的更新，使我們的協作成長加速至14%。資料中心成長了 14%，UCS 繼續保持市場領先地位。在 Meraki 持續成長的推動下，無線業務成長了 7%。安全性也成長了 4%。本季度，我們在安全方面看到了從硬體到軟體的加速和轉變。我們的客戶正在迅速採用我們的基於訂閱的軟體產品，這有助於我們建立更大的經常性收入組合。這種轉變正在加速，並將繼續成為我們未來關注的重點。本季末，安全和協作業務的遞延收入成長率均超過 20%。本季我們看到遞延產品總收入再次達到兩位數成長，成長了 21%。第四季產品訂單年增 4%，訂單出貨比輕鬆超過 1。

Looking at the geographies, which is the primary way we run our business, the Americas grew 7%, EMEA declined 1% and APJC declined by 1%. Total emerging markets declined 2% with the BRICs plus Mexico down 7%. Looking at customer segments, we were pleased to see a return to positive growth of 2% in service provider. Commercial grew 11%, enterprise globally declined 1%, and public sector grew 4%. From a profitability perspective in Q4 we delivered non-GAAP EPS of $0.59, up 7%. GAAP EPS was $0.45. For the full year we grew non-GAAP EPS 7% to $2.21 with GAAP EPS of $1.75. Q4 non-GAAP net income was a record $3 billion, up 6%. GAAP net income was $2.3 billion. The focus the teams have placed on gross margin stability through technology innovation, sustainable differentiation and cost savings continues to pay off in Q4, resulting in a non-GAAP gross margin of 62.1%, with non-GAAP product gross margin of 61% and non-GAAP service gross margin of 65.9%. Strong operational rigor resulted in non-GAAP operating expenses in Q4 at 32.8% of revenue and a non-GAAP operating margin that expanded to 29.3%. As I stated at Cisco Live, we're making the right bets and driving discipline in where we invest, helping to ensure we get the best return on our investments. We believe continued operational discipline, combined with portfolio optimization, can drive our operating margins even higher from where we are now over the long term.

從我們經營業務的主要地區來看，美洲成長了 7%，歐洲、中東和非洲地區下降了 1%，亞太及日本地區下降了 1%。新興市場整體下跌 2%，其中金磚四國加上墨西哥下跌 7%。從客戶細分來看，我們很高興看到服務提供者重回 2% 的正成長。商業成長 11%，全球企業下降 1%，公共部門成長 4%。從獲利能力角度來看，第四季我們的非公認會計準則每股收益為 0.59 美元，成長 7%。GAAP EPS 為 0.45 美元。全年非 GAAP 每股盈餘成長 7% 至 2.21 美元，GAAP 每股盈餘為 1.75 美元。第四季非公認會計準則淨收入創紀錄地達到 30 億美元，成長 6%。GAAP淨收入為23億美元。團隊透過技術創新、永續差異化和成本節約來穩定毛利率，這項措施在第四季度繼續取得成效，非公認會計準則毛利率達到 62.1%，其中非公認會計準則產品毛利率為 61%，非公認會計準則服務毛利率為 65.9%。強大的營運嚴謹性導致第四季非 GAAP 營運費用佔收入的 32.8%，非 GAAP 營運利潤率擴大至 29.3%。正如我在 Cisco Live 上所說的那樣，我們在投資方面做出了正確的選擇並嚴格遵守紀律，以幫助確保我們獲得最佳投資回報。我們相信，持續的營運紀律與投資組合優化相結合，可以推動我們的營業利潤率在長期內進一步提高。

Moving on to the second pillar of our financial strategy, which is the work we're doing to manage our portfolio and strategic investments to fuel our key long-term growth areas such as cloud, data center, software and security, in Q4 we announced an agreement to sell the client premises equipment portion of our SP Video connected devices unit to French-based Technicolor for approximately $600 million in cash and stock, subject to certain adjustments. We will continue to refocus our investments in service provider video towards cloud and software-based services. We expect the transaction to close at the end of Q2 FY16, and expect to see an approximate 1 point benefit to our non-GAAP gross margin rate and negligible net income impact after close. We also announced our intent to acquire the cloud-based security company OpenDNS. The OpenDNS acquisition aligns with our strategy to deliver more cloud-based subscription services and drive the value of analytics in our security offerings. In Q4, we also closed two acquisitions to further complement our software collaboration and cloud offerings. These moves are consistent with our strategy of increasing the allocation of our innovation and R&D efforts to our growth areas. Services revenues grew 4% in Q4. Double-digit growth in our advanced services portfolio of cloud, security, consulting and analytics reflects our strategy of selling customer outcomes. Further extending our renewal capabilities, which is highly profitable for us, last week we completed the acquisition of MaintenanceNet, a cloud-based software platform that uses data analytics and automation to manage renewals of recurring customer contracts.

談到我們財務策略的第二個支柱，即我們正在管理我們的投資組合和策略投資，以推動我們的關鍵長期成長領域，如雲端、資料中心、軟體和安全，在第四季度，我們宣布了一項協議，以約 6 億美元現金和股票的價格將我們的 SP Video 連接設備部門的客戶端設備部分出售給法國的 Technicolor，但須進行某些調整。我們將繼續把對服務供應商視訊的投資重點轉向雲端和基於軟體的服務。我們預計該交易將於 2016 財年第二季末完成，並預計交易完成後我們的非 GAAP 毛利率將提高約 1 個百分點，而淨收入影響則可忽略不計。我們也宣布了收購雲端安全公司 OpenDNS 的意向。收購 OpenDNS 符合我們的策略，即提供更多基於雲端的訂閱服務並推動安全產品中分析的價值。在第四季度，我們也完成了兩項收購，以進一步補充我們的軟體協作和雲端產品。這些措施符合我們加大創新和研發力道至成長領域的策略。第四季服務收入成長4%。我們的雲端、安全、諮詢和分析等先進服務組合實現了兩位數成長，體現了我們銷售客戶成果的策略。為了進一步擴展我們的續約能力，這對我們來說非常有利可圖，上週我們完成了對 MaintenanceNet 的收購，這是一個基於雲端的軟體平台，使用數據分析和自動化來管理定期客戶合約的續約。

Moving on to our third pillar, delivering shareholder value, in Q4 we increased operating cash flow 15% to a record $4.1 billion. Total cash, cash equivalents and investments at the end of Q4 were $60.4 billion, with $7 billion available in the US. And in Q4 we returned $2.1 billion to shareholders, including $1 billion through share repurchases and $1.1 billion through our quarterly dividend. For the full year, we generated strong operating cash flows of $12.6 billion and free cash flow of $11.3 billion. We returned $8.3 billion to our shareholders through share buybacks and dividends, which represented 73% of our free cash flow. We are firmly committed to continuing our capital allocation strategy of returning a minimum of 50% of our free cash flow to shareholders annually. We are also committed to looking at the right acquisitions at the right price to drive our growth strategy. To summarize in Q4 and for the full-year 2015, we executed well against our business and financial strategy, and saw that execution reflected in our profitable growth, cash generation and operating leverage. We have also demonstrated our firm commitment to delivering shareholder value.

接下來是我們的第三大支柱，即實現股東價值，第四季度我們的營運現金流增加了 15%，達到創紀錄的 41 億美元。第四季末的現金、現金等價物和投資總額為 604 億美元，其中在美國有 70 億美元。第四季度，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。全年我們產生了強勁的營運現金流，達 126 億美元，自由現金流達 113 億美元。我們透過股票回購和股利向股東返還了 83 億美元，占我們自由現金流的 73%。我們堅定地致力於延續我們的資本配置策略，每年向股東返還至少 50% 的自由現金流。我們也致力於以合適的價格尋找合適的收購來推動我們的成長策略。總結 2015 年第四季和全年業績，我們很好地執行了我們的業務和財務策略，而這項執行情況反映在我們的獲利成長、現金產生和經營槓桿上。我們也展示了我們為股東創造價值的堅定承諾。

Let me now go through the guidance for the first quarter FY16 which includes the type of forward-looking information that Mel referred to earlier. In terms of total revenue we expect it to be in the range of 2% to 4% growth year over year. We anticipate non-GAAP gross margin rate to be in the range of 61% to 62%. The non-GAAP operating margin rate is expected to be in the range of 28% to 29%. And the non-GAAP tax provision rate is expected to be 23%, up 1% from the prior fiscal year. This represents approximately $0.01 of impact to EPS. If the US R&D tax credit is reinstated we would reflect that benefit in our effective tax rate. Non-GAAP earnings per share is expected to be in the range of $0.55 to $0.57. We anticipate our GAAP EPS to be lower than the non-GAAP EPS by $0.11 to $0.15. Further details related to this range are included in the slides and press release that accompany this call.

現在讓我來介紹一下 2016 財年第一季的指引，其中包括梅爾之前提到的前瞻性資訊。就總收入而言，我們預計其同比增長將在 2% 至 4% 之間。我們預計非公認會計準則毛利率將在 61% 至 62% 之間。非公認會計準則營業利潤率預計在28%至29%之間。非公認會計準則稅務準備率預計為 23%，較上一財年上升 1%。這對每股收益的影響約為 0.01 美元。如果美國恢復研發稅收抵免，我們將在有效稅率中反映此優惠。非公認會計準則每股收益預計在 0.55 美元至 0.57 美元之間。我們預計我們的 GAAP EPS 將比非 GAAP EPS 低 0.11 美元至 0.15 美元。與該範圍相關的更多詳細資訊包含在本次電話會議附帶的幻燈片和新聞稿中。

I'll now turn it back to Chuck to summarize the call.

現在我把電話轉回給查克來總結這通通話。

Thank you, Kelly. So, let me quickly summarize. I believe our strategy and execution have enabled our performance to be quite differentiated from our peers. We delivered record revenue and non-GAAP EPS, and drove positive growth in new orders while increasing our deferred revenue on the product side by 21%. We are delivering these strong results all as we transition our business. Let me give you some clear examples. First, as we look at our collaboration business, two years ago we said we would overhaul our portfolio and shift it towards more recurring revenue. We delivered revenue growth of 14% and saw deferred revenue growth over 20% on the strength of our subscription and SaaS businesses. As we look at security, in a highly distributed digital world security is the top concern for our customers. We are pushing threat-centric security everywhere across the extended network, driving our firepower security services across hundreds of thousands of ASA firewall platforms and ISR routers. In Q4 we added customers more than 15 times faster than Sourcefire at the time of the acquisition. We're quickly building a substantial software subscription business in our security portfolio, and you see that in the 26% growth of deferred revenue in Q4 for security. Assuming we continue to execute I'm confident we'll see high double-digit growth in the back half of this year.

謝謝你，凱利。那麼，讓我快速總結一下。我相信我們的策略和執行使我們的表現與同行有很大差異。我們實現了創紀錄的收入和非公認會計準則每股收益，推動了新訂單的正成長，同時產品方面的遞延收入增加了 21%。我們在業務轉型過程中取得了這些強勁的表現。讓我舉一些清楚的例子。首先，當我們審視我們的合作業務時，兩年前我們說過，我們將徹底改革我們的投資組合，並將其轉向更多的經常性收入。由於訂閱和 SaaS 業務的強勁成長，我們的營收成長了 14%，遞延收入成長了 20% 以上。當我們考慮安全性時，在高度分散的數位世界中，安全性是我們客戶最關心的問題。我們正在擴展網路中全面推行以威脅為中心的安全，並在數十萬個 ASA 防火牆平台和 ISR 路由器上推動我們的火力安全服務。在第四季度，我們增加客戶的速度比 Sourcefire 收購時快 15 倍以上。我們正在安全產品組合中快速建立龐大的軟體訂閱業務，您可以從第四季度安全遞延收入 26% 的成長中看到這一點。如果我們繼續執行，我相信我們將在今年下半年看到兩位數的高成長。

In switching, we are driving the transition to the Nexus 3K, 9K and ACI. And in the quarter we grew revenue across those product families to $438 million, growing more than 100% year over year and more than 50% sequentially. We added 1,400 new 9K customers, bringing us to over 4,100 total. And 26 of our 28 largest enterprise customers are now 9K customers, with 30% of them new in Q4. In high-end routing we continue to drive the transition in the core and saw both of our new platforms grow in triple digits. We've solidified our lead in this market.

在轉換方面，我們正在推動向 Nexus 3K、9K 和 ACI 的過渡。本季度，這些產品系列的營收成長至 4.38 億美元，年成長超過 100%，季增超過 50%。我們增加了 1,400 名新客戶，總數超過 4,100 名。在我們最大的 28 家企業客戶中，有 26 家現已成為 9K 客戶，其中 30% 是第四季的新客戶。在高端路由領域，我們繼續推動核心轉型，並看到我們的兩個新平台都實現了三位數的成長。我們鞏固了在這個市場的領先地位。

And with Meraki, customers are rapidly adopting this new cloud-based consumption model. Three years ago we bought Meraki for $1.2 billion with $100 million of annual orders. We closed this year with almost a $1 billion order run rate, scaling the business through our global commercial channels. These are just a few examples of what we're capable of when we focus, and this is what I intend to accelerate. We've only begun to scratch the surface on how we can take advantage of our scale and relevance in this digital transition, and how we deliver our technology to our customers. The strategic role Cisco is playing is at the center of digital transition, today and in the future. And it's why I strongly believe Cisco's best years are ahead of us.

借助 Meraki，客戶正在迅速採用這種新的基於雲端的消費模式。三年前，我們以 12 億美元收購了 Meraki，當時每年的訂單量為 1 億美元。今年，我們的訂單運行率接近 10 億美元，並透過全球商業管道擴大了業務規模。這些只是我們集中精力時能夠做到的事情的幾個例子，而這正是我想要加速實現的目標。我們才剛開始探索如何在數位轉型中利用我們的規模和相關性，以及如何將我們的技術交付給客戶。思科所扮演的策略角色是當今和未來數位轉型的核心。這就是為什麼我堅信思科的黃金時代還在後頭。

Mel, let's open it up for questions.

梅爾，讓我們開始提問吧。

Thanks. Kim, let's open for questions. I'd like to remind analyst to please ask just one question. Thank you.

謝謝。Kim，讓我們開始提問。我想提醒分析師只問一個問題。謝謝。

(Operator Instructions)

（操作員指示）

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

I just wanted to ask a question related to security. That was an area in an otherwise strong quarter that was a little bit below at least where we had modeled. Just wondering if you could give a little view on maybe what transpired and how you think about security and what needs to happen there to drive that growth. And as part of that, are you comfortable with your current portfolio in security or should we expect you to look to make additions there to make it increase even further the competitiveness? Thank you.

我只是想問一個與安全相關的問題。這是一個在其他方面表現強勁的季度中的一個領域，但至少比我們預測的水平略低一些。只是想知道您是否可以就發生的事情發表一些看法，以及您對安全的看法以及需要採取哪些措施來推動這種增長。作為其中的一部分，您對目前在安全領域的投資組合是否感到滿意，或者我們是否應該期望您在該領域進行補充，以進一步提高競爭力？謝謝。

James, thanks for the question. Number one, I am very bullish about where we are with our security portfolio. I think the team has done a tremendous job. They've actually driven the transition that we have begun from hardware to software and subscription business.

詹姆斯，謝謝你的提問。首先，我對我們的安全投資組合的現況非常樂觀。我認為該團隊做出了巨大的貢獻。他們實際上推動了我們從硬體到軟體和訂閱業務的轉變。

As we stated the deferred revenue was up over 20% -- I think 26% in the quarter. Software is now 47% of our security portfolio.

正如我們所說，遞延收入增長了 20% 以上——我認為本季度增長了 26%。軟體現在占我們安全產品組合的 47%。

On the FirePOWER, which is where we have our malware capabilities, we added almost 3,000 new customers, which, before the quarter I think we had 3,000 customers, so we doubled the number during the quarter. And what we plan to do now is take that across all of our 275,000 ASA firewall customers. I do feel comfortable that in the next couple of quarters we'll get the revenue back in the high double digits.

在 FirePOWER 上，也就是我們擁有惡意軟體功能的地方，我們增加了近 3,000 個新客戶，在本季度之前，我認為我們有 3,000 個客戶，因此我們在本季度將客戶數量翻了一番。我們現在計劃將此舉措推廣到我們所有的 275,000 個 ASA 防火牆客戶。我確實有信心在接下來的幾季裡我們的收入將恢復到兩位數的高點。

So, I think it's a transition that we're pushing. I think the team's doing a great job of accelerating that transition. I think it will be good for us in the long run.

所以，我認為這是我們正在推動的轉變。我認為該團隊在加速這一轉變方面做得很好。我認為從長遠來看這對我們有好處。

As it relates to our portfolio, when we think about this we clearly are going to have to continue to expand our offerings for the customers. And we'll do that through a combination of internal R&D, acquisitions where needed, partnerships where they make sense, co-innovation where it makes sense. So, we'll be looking at all alternatives.

就我們的產品組合而言，當我們考慮這一點時，我們顯然必須繼續擴大我們為客戶提供的產品。我們將透過內部研發、必要的收購、合理的合作以及合理的共同創新等方式來實現這一目標。因此，我們會考慮所有的替代方案。

Simona Jankowski, Goldman Sachs.

西蒙娜·揚科斯基，高盛。

I just wanted to ask a question on the backlog. It was down year over year even though book-to-bill was strong, as was deferred. I was just curious if you can help us reconcile that. And related to that, enterprise I think you said was down 1% year over year, even though you had very strong bookings there last quarter. So, just wanted to understand the dynamics there, as well.

我只是想問一個有關積壓的問題。儘管訂單出貨比強勁，但與去年同期相比，訂單出貨比還是有所下降，因為訂單量有所遞延。我只是好奇您是否能幫助我們解決這個問題。與此相關的是，我認為您說過，儘管上個季度企業的預訂量非常強勁，但其銷售額同比下降了 1%。所以，我也只是想了解那裡的動態。

I'll take the backlog one here. Looking at our backlog, it was down marginally from a year ago. And, as you know, that's at a point in time.

我將在這裡處理積壓的工作。從我們的積壓訂單來看，與一年前相比略有下降。而且，正如你所知，那是在某個時間點。

I think the big difference when you compare that to the great strength you're seeing in our product deferred revenue being up is, as soon as we invoice it out of our invoice, whatever it is, the hardware or the software, we remove it from backlog. And then, obviously, as we get our cash for things or we defer it for deals, it goes into the deferred.

我認為，當你將其與我們產品遞延收入大幅增長的巨大優勢進行比較時，最大的區別在於，只要我們從發票中開具發票，無論是硬體還是軟體，我們都會將其從積壓訂單中移除。然後，顯然，當我們獲得現金或推遲交易時，它就會進入延期狀態。

So, there's a bit of a disconnect between the two of when it's actually invoiced out. But from a backlog weeks it's right in the same line of what we'd expect at the end of the year.

因此，在實際開立發票時，兩者之間存在一些脫節。但從積壓的幾週來看，這與我們對年底的預期是一致的。

Simona on the enterprise portion of the question, the number that we put out there was a bookings number, order number, new orders. And, candidly, I'm not concerned. We see the enterprise business, because of the finite number of customers that exist in that segment, we see those varying quarter by quarter. The commercial and public sector, we sell the same solutions, and I think that if you look at the performance there we're very optimistic. So, I'm not concerned at all about the enterprise business.

西蒙娜在回答企業部分的問題時說，我們給的數字是預訂數、訂單數和新訂單數。坦白說，我並不擔心。我們看到企業業務，由於該領域的客戶數量有限，因此我們看到這些客戶數量每季都在變化。我們向商業和公共部門銷售相同的解決方案，我認為，如果你看看那裡的表現，我們會非常樂觀。所以，我一點也不擔心企業業務。

Amitabh Passi, UBS.

瑞銀的阿米塔布·帕西 (Amitabh Passi)。

Chuck, welcome on your first call. I wanted to piggyback on the last question. I had a similar question on switching. Last quarter I think there was some concern about switching sales having peaked two quarters ago. I think you saw a sequential uptick in switching. How should we be thinking about the cadence in your overall switching business? Is this a business that you feel comfortable growing in this 1%, 2%, 3%, lower single-digit percent range?

查克，歡迎您第一次來電。我想順便回答最後一個問題。我對切換也有類似的疑問。上個季度，我認為人們對轉換銷售的擔憂有所增加，因為兩個季度前轉換銷售已經達到頂峰。我認為您看到了轉換的連續上升。我們該如何考慮整體轉換業務的節奏？您是否覺得這項業務的成長速度可以維持在 1%、2%、3% 或較低的個位數百分比範圍內？

Amitabh, thanks for the question. I'm pleased with where we are. If you look at our performance in the campus and in the access piece of our business, we had solid performance. We continue to see strength based on, frankly, customers connecting everything -- IOE, collaboration. As we continue to drive our collaboration portfolio all of those video end units require switching ports. Security is driving an element of that as is the transition we see wireless.

阿米塔布，謝謝你的提問。我對我們的現狀很滿意。如果你看一下我們在校園和業務接觸方面的表現，你會發現我們的表現非常穩健。坦白說，我們繼續看到基於客戶連接一切（IOE、協作）的優勢。隨著我們繼續推動我們的協作產品組合，所有這些視訊終端設備都需要交換連接埠。安全是推動這一趨勢的一個因素，就像我們所看到的無線轉型一樣。

In the data center we're continuing to work through the transition that we have talked about. I think that you can tell from the numbers that we put up on the 3K, 9K -- revenue at $438 million, up 53% sequentially -- we feel really good about where we are. We are accelerating there and I think that we are very optimistic and pleased with where we are on our switching business.

在資料中心，我們正在繼續進行我們所討論的轉變。我想您可以從我們公佈的 3K、9K 季度數字中看出——營收為 4.38 億美元，環比增長 53%——我們對目前的狀況感到非常滿意。我們正在加速發展，我認為我們對我們的轉換業務的現狀非常樂觀和滿意。

Brian Modoff, Deutsche Bank.

德意志銀行的 Brian Modoff。

If you could add up your services revenue including Meraki, including some of the enterprise products, what's the revenue base on that? What's the overall growth rate and trend in that business? Thanks.

如果您可以把包括 Meraki 在內的一些企業產品在內的服務收入加起來，那麼收入基礎是什麼？該業務的整體成長率和趨勢如何？謝謝。

Just to make sure, Brian, what pieces are you trying to quantify in there?

只是為了確認一下，布萊恩，你想量化其中的哪些部分？

Meraki, your recurring revenue stream -- your services plus your recurring revenue streams. And what's the growth rate and what's the trend in that? Thanks.

Meraki，您的經常性收入流－您的服務加上您的經常性收入流。成長率是多少？趨勢如何？謝謝。

Great question. if I go to the actual balance, if I start with the deferred balance and then I'll get to the actual revenue piece of that, like I've talked about before, on the product side we've been increasing the amount of our deferred revenue that is recurring. So, that amount year over year of my total product deferred revenue is now over 46%, up from 40% a year ago. So, we continue to increase that.

好問題。如果我轉到實際餘額，如果我從遞延餘額開始，然後我將獲得實際收入部分，就像我之前談到的那樣，在產品方面，我們一直在增加經常性的遞延收入金額。因此，我的總產品遞延收入的年成長率現在已超過 46%，高於一年前的 40%。因此，我們將繼續增加這一數量。

Obviously there's different ranges of the term on that, but, on average, for product it's slightly north of $500 million-plus quarter on quarter that we're bleeding down, amortizing every quarter on the product side. On the services side, it is obviously a much more accurate run rate. I'll pull it up here as we go through, just give me a couple seconds here and let me pull it up for you. Or, actually, let me follow up with you on the call back on that because I have to dig it up a little bit. Okay, Brian?

顯然，這個術語的範圍不同，但就產品而言，平均而言，我們每季的虧損略高於 5 億美元，產品方面的虧損每季都在攤銷。從服務方面來看，這顯然是一個更準確的運作率。當我們進行時，我會把它拉到這裡，只需給我幾秒鐘時間，讓我把它拉到這裡給你。或者，實際上，讓我跟進一下您的回電，因為我必須稍微挖掘一下。好的，布萊恩？

Tal Liani, Bank of America Securities Merrill Lynch.

塔爾‧利亞尼 (Tal Liani)，美國銀行證券美林證券。

I want to go back to the question on switching because I'm trying to understand. This is a major upgrade and still we don't see the numbers picking up materially. The sequential growth we're seeing is below what we've seen the last two years. And I'm wondering, can you go over what's offsetting the gross in 3K and 9K? Why are the numbers not showing much greater increase given the magnitude of the cycle? Thanks.

我想回到關於切換的問題，因為我正在嘗試理解。這是一次重大升級，但我們仍然沒有看到數字出現實質的上升。我們看到的連續增長低於過去兩年的水平。我想知道，您能否解釋一下 3K 和 9K 中的總收入是如何抵銷的？考慮到週期的幅度，為什麼數字沒有顯示出更大的成長？謝謝。

This is Chuck. It's a great question. As we look at our data center switching, again, we're very pleased with the campus and the access switching. We've got a refresh that's being driven there and that's moving along well. We are very happy with the transition going on in the data center switching space, as we look at customers that are migrating to 10, 40, 100 gig, which is really represented by the data that I gave you earlier. And it's just being offset by the transition from the 7K to these new platforms. And we think in the next few quarters we'll see that inflection point.

這是查克。這是一個很好的問題。當我們再次審視我們的資料中心交換時，我們對園區和存取交換感到非常滿意。我們正在推動一項革新，而且進展順利。我們對資料中心交換領域正在進行的轉變感到非常高興，因為我們看到客戶正在遷移到 10、40、100 千兆，這實際上體現在我之前提供的資料中。而這一影響正被從 7K 過渡到這些新平台的過渡所抵消。我們認為我們將在接下來的幾個季度看到這個轉折點。

Pierre Ferragu, Bernstein.

皮耶費拉古、伯恩斯坦。

On the service provider side, you're now getting back to some good revenue momentum. I was wondering, how much of that comes from a change in the landscape in how operators are looking at spending, and how much is much more related to your own dynamics and your own product cycle. And then when we look at the second half of the year, of the calendar year, could you give us a sense of how you see the market evolving, especially your largest clients in the US? Thank you.

在服務提供者方面，您現在正在恢復良好的收入動能。我想知道，這在多大程度上源於營運商對支出的看法的變化，又在多大程度上與您自己的動態和您自己的產品週期相關。那麼，當我們展望今年下半年時，您能否告訴我們您如何看待市場發展，尤其是您在美國最大的客戶？謝謝。

On the service provider business, clearly we are pleased that we got back to growth this quarter. Our teams have done a great job. We're proud of what they've done. We made some changes over the last 18 months internally in engineering and services and in sales to better position us, and I think that had a lot to do with it.

在服務提供者業務方面，我們很高興本季恢復了成長。我們的團隊做得非常出色。我們對他們所做的一切感到自豪。過去 18 個月，我們在工程、服務和銷售方面進行了一些內部調整，以便更好地定位我們，我認為這與此有很大關係。

I also think that we have really gotten to a point of what I'd say architectural vision alignment with most of our customers. We saw balance throughout the quarter in SP. We saw good performance from data center collaboration, high end routing, even SP mobility. So, while we're pleased with the 2% we're still cautiously optimistic about where we go.

我還認為，我們確實已經達到了與大多數客戶在架構願景上保持一致的程度。我們看到 SP 在整個季度都保持平衡。我們看到了資料中心協作、高階路由甚至 SP 移動性的良好表現。因此，雖然我們對 2% 的成長率感到滿意，但我們對未來仍持謹慎樂觀的態度。

I think that in the second half of the year right now, relative to when you think about at SP CapEx, there's a lot of movement right now around the expectations for that in the second half. Candidly, we have not modeled any significant increase in the second half of CapEx spend from SP, and if it does occur then we'll certainly benefit from that. So, again, we're cautiously optimistic in this space.

我認為，就目前而言，相對於 SP CapEx 而言，下半年的預期有很多變化。坦白說，我們還沒有預測到 SP 下半年的資本支出會有任何顯著的成長，如果真的出現這種情況，那麼我們肯定會從中受益。因此，我們再次對這個領域持謹慎樂觀的態度。

Mark Sue, RBC Capital Markets.

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

Maybe a question on how we should think about Cisco's long-term growth on an adjusted basis considering Cisco has and will continue to make acquisitions. And increasingly you're taking a fresh look at divesting businesses. So, can we return to your 3% to 6% long-term growth rate post the SFA divestiture? And concurrently, how should we start modeling the revenue impact as we transition to subscription and as Cisco moves faster to software?

也許這是一個問題，考慮到思科已經並將繼續進行收購，我們應該如何看待思科在調整基礎上的長期成長。而您也越來越以新的眼光看待剝離業務。那麼，在 SFA 剝離之後，我們能否恢復到 3% 至 6% 的長期成長率？同時，隨著我們向訂閱模式過渡以及思科加快向軟體轉型，我們應該如何開始模擬收入影響？

Obviously when I did Cisco Live we had assumed the SP Video set-top business was still in our portfolio. I think, though, to offset that, as you know, we are very acquisitive and we will continue to be very acquisitive going forward as we continue to build out our portfolio, especially in areas like software and security. In terms of your second part of your question, we will clearly breakout -- we expect to close the deal officially in the December-January time frame. And when we give guidance for Q3 we'll make sure it's very transparent so you can adjust your models for what is coming out based on what we were modeling before.

顯然，當我做 Cisco Live 時，我們假設 SP Video 機上盒業務仍然在我們的產品組合中。不過，我認為，為了抵消這一點，正如你所知，我們非常具有收購精神，而且隨著我們繼續擴大我們的投資組合，特別是在軟體和安全等領域，我們將繼續具有收購精神。關於您問題的第二部分，我們將明確突破——我們預計將在 12 月至 1 月期間正式完成交易。當我們為第三季提供指導時，我們會確保它非常透明，以便您可以根據我們先前的建模情況調整模型。

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

I wanted to come back to the routing segment. The results this quarter certainly were a bit better than what we were modeling. But when we compare your results to some of your closest competitors, it does appear that at least in their June ending quarters they grew a bit faster. So, maybe you could help us understand what might be going on in the routing market overall as well as your competitive position and market share. Thank you.

我想回到路由部分。本季的結果肯定比我們預測的要好一些。但是，當我們將您的業績與一些最接近的競爭對手進行比較時，至少在 6 月底的季度中，他們的成長速度似乎要快一些。因此，也許您可以幫助我們了解整個路由市場的情況以及您的競爭地位和市場份額。謝謝。

As we think about the SPs right now, I mentioned earlier that we had great success in our high-end platforms that we talked about last year as we began the transition, both of them growing over 100%. As we look at the marketplace today, we did really well in the core. We need to probably improve our performance in our edge routing platforms as we look ahead.

當我們現在考慮 SP 時，我之前提到過，我們在去年開始轉型時談到的高端平台上取得了巨大的成功，它們的成長率都超過了 100%。當我們觀察今天的市場時，我們發現我們在核心領域做得非常好。展望未來，我們可能需要提高邊緣路由平台的效能。

But I do think that as we look at where the service providers are going, what they want to do with virtual managed services, how we're aligned now around the deployment of NFV, and how we move forward with that, we think that we're well-positioned with routing as we look ahead.

但我確實認為，當我們觀察服務提供者的發展方向、他們希望利用虛擬託管服務做什麼、我們現在如何協調 NFV 的部署以及我們如何向前邁進時，我們認為展望未來，我們在路由方面處於有利地位。

Jess Lubert, Wells Fargo.

傑西‧盧伯特 (Jess Lubert)，富國銀行。

I was hoping you could share with us how much your business is now coming from the Web 2.0 vertical, the trends you're seeing there, how material the opportunity with these customers may be for your prospects in FY16. And then the service business saw nice improvement so any insight as to what drove the improvement there and if there's any reason to believe service growth could accelerate as customers move forward with more complex network architectures. Thanks.

我希望您能與我們分享一下，目前您的業務有多少來自 Web 2.0 垂直領域，您在其中看到的趨勢是什麼，以及這些客戶帶來的機會對於您在 2016 財年的前景有多重要。然後，服務業務出現了良好的改善，因此，對於推動改善的因素，以及是否有理由相信，隨著客戶採用更複雜的網路架構，服務成長可能會加速，有任何見解嗎？謝謝。

On the MSDC and web players, what I will tell you is that we've spent a great deal of time over the last couple years really understanding what the requirements are, where they're headed, and how we can provide the technology that they need. And I'll tell you, this quarter the top 10 web scale players, our order growth exceeded 20%. So, we're very pleased with where we're going.

關於 MSDC 和網路播放器，我想告訴大家的是，過去幾年我們花了大量時間真正了解它們的需求、發展方向以及我們如何提供它們所需的技術。我可以告訴你們，本季排名前 10 位的網路規模企業中，我們的訂單成長率超過了 20%。因此，我們對我們的發展方向感到非常滿意。

We actually embarked on some co-development with one of the cloud titans in the last 12 months. And we delivered last quarter a new high-end platform to them as a result of that co-development. So we're pleased with our progress there. We continue to work with them around their unique needs. And we think with our ability to build out scalable solutions, with consideration to their unique needs, I think that we are reasonably well positioned.

事實上，在過去的 12 個月裡，我們已經與一家雲端運算巨頭進行了一些共同開發工作。作為此次聯合開發的成果，我們在上個季度向他們提供了一個新的高端平台。因此，我們對那裡取得的進展感到滿意。我們將繼續與他們合作，滿足他們的獨特需求。我們認為，憑藉我們建立可擴展解決方案的能力，並考慮到他們的獨特需求，我認為我們處於相當有利的地位。

On the services side we had good performance this quarter at 4%. I think as we look at our customers and they continue to move to the Internet of Everything and connecting devices, they're going to continue to need more and more services. So, we're pleased with where we are and we feel good about our position in the services business going forward.

在服務方面，我們本季表現良好，成長了 4%。我認為，當我們看到我們的客戶不斷轉向萬物互聯和連接設備時，他們將繼續需要越來越多的服務。因此，我們對目前的狀況感到滿意，並對我們未來在服務業務中的地位感到樂觀。

George Notter, Jefferies.

喬治·諾特（George Notter），傑富瑞集團（Jefferies）。

Somewhat impressed with the growth rates you guys are putting up in the commercial segment on year-on-year product orders. You've had a string of fairly attractive year-on-year growth rates. But can you talk about what's going on there? Obviously Meraki is a part of the story. I know you guys are trying to push that cloud management system onto other products in the portfolio. Can you just talk generally about the initiatives you have going on in commercial and how you keep driving that growth going forward? Thanks.

你們在商業領域產品訂單年增率令人印象深刻。你們已經取得了一系列相當有吸引力的年比成長率。但你能談談那裡發生了什麼事嗎？顯然，Meraki 是故事的一部分。我知道你們正試圖將雲端管理系統推廣到產品組合中的其他產品。您能否大致談談您在商業領域正在進行的舉措以及如何繼續推動這一成長？謝謝。

Thanks, George, we always appreciate that question. This is why, when we look at our enterprise segment this quarter, it doesn't concern me. When you look at our commercial business, our selling motions, our solutions and everything we do are the same. There's just a much broader base of customers to balance it across.

謝謝，喬治，我們總是很感激這個問題。這就是為什麼當我們回顧本季的企業部門時，我並不擔心。當你審視我們的商業業務時，我們的銷售動機、我們的解決方案以及我們所做的一切都是相同的。需要平衡的客戶群範圍要廣泛得多。

We grew the global business in commercial 11%. Just a couple other data points for you. Our US commercial business this past quarter grew 19%. And that's 23 consecutive quarters of positive growth, and 16 of those have been double digit. So, we've had very consistent performance.

我們的全球商業業務成長了 11%。僅向您提供幾個其他數據點。我們上個季度的美國商業業務成長了 19%。這是連續 23 個季度的正增長，其中 16 個季度的增幅達到兩位數。所以，我們的表現非常穩定。

And I think the key is that we have really shifted both our solutions and our technology, as well as our selling motion and our services capability, to be much more tightly aligned with how the technology is aligned to our customers' business issues. And I think we're doing that very well in the enterprise and I think the teams have done a really good job of that in commercial. And those commercial customers, those mid-range customers, we see it time and time again -- they tend to be the early adopters of our new technology because they view it as a way to accelerate their business, to drive their competitiveness, and they just always seem to adopt early.

我認為關鍵在於我們確實改變了我們的解決方案和技術，以及我們的銷售動力和服務能力，使其與技術如何與客戶的業務問題更加緊密地結合。我認為我們在企業領域做得非常好，而且我認為團隊在商業領域也做得非常好。我們一次又一次地看到，那些商業客戶、那些中端客戶往往是我們新技術的早期採用者，因為他們認為這是加速業務、提高競爭力的一種方式，而且他們似乎總是儘早採用。

Meraki has clearly been a big success for us, as I said earlier, relative to exiting Q4, almost on a $1 billion run rate from an order perspective. And we continue to see it being a very relevant portion of particularly the lower end of our commercial market, our K-12 market, in not only wireless but also we're seeing an expansion into managed cloud switching as well as security. So, we're very pleased with where that is going and we would expect to continue to add more and more functionality to that platform.

正如我之前所說，相對於第四季而言，Meraki 顯然為我們帶來了巨大的成功，從訂單角度來看，其運行率幾乎達到了 10 億美元。我們繼續認為它是我們商業市場低端、K-12 市場中非常重要的一部分，不僅在無線領域，而且我們還看到它擴展到託管雲端交換以及安全領域。因此，我們對目前的進展感到非常滿意，並希望繼續為該平台添加越來越多的功能。

Paul Silverstein, Cowan.

保羅·西爾弗斯坦，考恩。

Very straightforward, if you could talk about pricing across regions in general. And Kelly, can you remind us what cloud titans are as a percentage of revenue?

非常簡單，如果您可以談論跨地區的整體定價問題。凱利，您能否提醒我們一下雲端運算巨頭的營收佔比是多少？

The cloud? -- We don't actually share that with you. But if I get back to your pricing question I'd say what you're going to see this quarter is very similar to what you've seen all year. Our pricing has remained in a tight range. You're going to see that our impact on year-over-year points is basically the same of where it was last quarter.

雲？——我們實際上並沒有與您分享這一點。但如果我回到你的定價問題，我會說你本季看到的情況與你全年看到的情況非常相似。我們的定價一直保持在狹窄的範圍內。您會發現，我們對年比積分的影響與上一季基本相同。

So, we're not seeing any incremental discounting going on. And again that's looking across the board. I think our teams have been executing very well, especially outside the US where they're facing the FX headwinds, where they're being very disciplined in managing through the currency effect.

因此，我們沒有看到任何增量折扣。再次強調，這是全面的檢視。我認為我們的團隊表現得非常好，特別是在美國以外，他們面臨外匯逆風，他們在管理貨幣效應方面非常自律。

Tim Long, BMO Capital Markets.

提姆朗 (Tim Long)，BMO 資本市場。

I just want to talk a little bit about the emerging markets. It sounds like the US performance has been outstanding, just some of the countries were highlighted as a problem. Could you give us a little view on how long do you think before we can start to see a more broad-based recovery in the emerging Markets? And what pieces of your business do you think are most likely to drive that? Thank you.

我只想稍微談一下新興市場。聽起來美國的表現很出色，只是一些國家的問題被凸顯出來。您能否簡單談談，您認為新興市場需要多長時間才能開始出現更廣泛的復甦？您認為您的業務的哪些部分最有可能推動這一目標？謝謝。

If you look at the emerging markets I would tell you that the story in Q4 was quite similar to the story in Q3. If we go through the five BRICM countries, Brazil actually was made negative 45, Russia was negative 38, China was negative 3 which actually was the best performance we've had in eight quarters. And we had some bright spots. India was plus 5, Mexico was plus 26. And Mexico had just a tremendous year in general.

如果你看看新興市場，我會告訴你第四季的情況與第三季的情況非常相似。如果我們看金磚國家五國，巴西的實際表現為負 45，俄羅斯為負 38，中國為負 3，這實際上是我們八個季度以來的最佳表現。我們也有一些亮點。印度增加 5，墨西哥增加 26。總體而言，墨西哥度過了輝煌的一年。

All the emerging countries outside of those five actually grew 3%. So, overall it was negative 2%, as we stated. So it's very much the same as it was last quarter. I think that they are largely and macro and geopolitical issues.

這五個國家之外的所有新興國家實際上都實現了 3% 的成長。因此，正如我們所說，總體而言是負 2%。因此，它與上一季的情況非常相似。我認為它們主要是宏觀和地緣政治問題。

We have adjusted our cost structure, where needed, and we've invested in areas where we've seen growth, as you would expect. And we believe that as the macro and the geopolitical issues resolve themselves, we think we'll be a big beneficiary of that.

正如您所期望的，我們已經根據需要調整了成本結構，並且我們已經在已經看到成長的領域進行了投資。我們相信，隨著宏觀和地緣政治問題的解決，我們將成為其中最大的受益者。

The other comment I'll just make on emerging is if you just look at the EMEA numbers and you remove Russia, EMEA was actually positive. It was up plus 1 without Russia. So, overall the emerging continued to be a little bit of a strain.

我對新興市場的另一個評論是，如果你只看 EMEA 數據並且除去俄羅斯，EMEA 實際上是正面的。除去俄羅斯，漲幅為 1%。因此，總體而言，新興市場仍然有點緊張。

Jayson Noland, Robert W. Baird and Company.

諾蘭 (Jayson Noland)、羅伯特W.貝爾德 (Robert W. Baird) 和公司。

A follow-up to Europe -- how much of that is macro and how much of that is US dollar strength? And then, Chuck, if you can comment on any headcount reductions to start the fiscal year. Cisco's made some cuts the last couple years.

對歐洲的後續關注——其中有多少是宏觀因素，有多少是美元強勢因素？然後，查克，你是否可以評論一下財政年度開始時的任何員工人數削減？思科在過去幾年中做出了一些削減。

Yes. As we look at Europe, I think that, again, there was an emerging markets element associated with it the way we measure EMEA. And also I think we stated on the last call that we believe that the currency issue may have as much as 1 to 3 points even though we sell primarily in US dollars in most countries. I will say that I believe our teams have proven over the last several quarters in Europe that they out-execute our peers and our competitors. And if there are macro issues we'll deal with them but based on the things that we can control I think our teams are doing a very good job.

是的。當我們審視歐洲時，我認為，在我們衡量 EMEA 的方式中，存在著與之相關的新興市場因素。而且我記得我們在上次電話會議上表示，儘管我們在大多數國家主要以美元進行銷售，但貨幣問題可能會帶來 1 到 3 個點的影響。我想說的是，我相信我們的團隊在過去幾季在歐洲已經證明，他們的表現優於我們的同業和競爭對手。如果存在宏觀問題，我們會處理它們，但基於我們能夠控制的事情，我認為我們的團隊做得非常好。

I'd like to thank everybody for joining the call today. I want to just quickly summarize. I do believe that we are in a very strong position. I think that was reflected in our results. I think they were differentiated from what you've seen from many of our peers. Again, record revenue and record earnings per share, as well as the 21% growth in deferred product revenue as we continue to transition our business to a more predictable, while growing revenue and earnings at the same time.

我要感謝大家今天參加電話會議。我想簡單總結一下。我確實相信我們處於非常有利的地位。我認為這反映在我們的結果中。我認為他們與你從我們的許多同行那裡看到的有所不同。再一次，創紀錄的收入和創紀錄的每股收益，以及遞延產品收入的 21% 增長，因為我們繼續將業務轉型為更可預測的，同時增加收入和收益。

I really believe that the transition that our customers are going through and the move to digital and the Internet of Everything will only be successful with the network at the center of that transition. And I really do believe that the best years for Cisco are ahead. So, thank you very much for joining the call. Mel?

我堅信，我們的客戶正在經歷的轉型以及向數位化和萬物互聯的轉變只有以網路為中心才能取得成功。我確實相信思科最好的年華就在前方。非常感謝您參加此次電話會議。梅爾？

Great, thanks, Chuck. Cisco's next quarterly call, which will reflect our FY16 first-quarter results, will be on Thursday, November 12, 2015, a day later than normal because of Veterans Day, at 1:30 PM Pacific time, 4:30 PM Eastern time. Again, I'd like to remind you that in light of Regulation FD, it's Cisco's policy to not comment on its financial guidance during the quarter, unless it's done through an explicit public disclosure. Thank you for joining our call.

太好了，謝謝，查克。思科的下一次季度電話會議將於 2015 年 11 月 12 日星期四舉行，屆時將公佈 2016 財年第一季的業績，由於退伍軍人節的緣故，會議時間比平時晚一天，時間為太平洋時間下午 1:30，東部時間下午 4:30。再次，我想提醒您，根據公平披露規則，思科的政策是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。感謝您參加我們的電話會議。

Thank you for joining today's conference call. If you would like to listen to the call in its entirety, you may call 1-866-465-1308. For participants dialing from outside the US, please dial 1-203-369-1425. 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 1-866-465-1308。對於從美國境外撥打電話的參與者，請撥打 1-203-369-1425。今天的會議到此結束。您現在可以斷開連線。