思科 (CSCO) 2016 Q1 法說會逐字稿

Welcome to Cisco Systems' first-quarter and FY16 financial results conference call. At the request of Cisco Systems, today's call is being recorded. If you have any objections you may disconnect.

歡迎參加思科系統公司第一季及 2016 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。如果您有任何異議，可以斷開連接。

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 to everyone to Cisco's first-quarter FY16 quarterly conference call. This is Melissa Selcher, and I'm joined by Chuck Robbins, our CEO; and Kelly Kramer, our CFO.

謝謝，金。歡迎大家參加思科2016財年第一季季度電話會議。我是 Melissa Selcher，和我一起的還有我們的執行長 Chuck Robbins；以及我們的財務長 Kelly Kramer。

By now you should have seen our earnings release. 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. Throughout this conference call we will be referencing both GAAP and non-gap financial results, and will 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.

現在您應該已經看到我們的收益報告了。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。在整個電話會議中，我們將參考 GAAP 和非差距財務結果，並將討論收入方面的產品結果以及產品訂單方面的地理和客戶結果，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。

The matters we'll be discussing today include forward-looking statements including the guidance we provided for the second quarter. They are subject to the risks and uncertainties that we discuss in detail in our documents filed with the SEC, specifically the most recent report on the Form 10-K, which identifies 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 the quarter unless it's done through an explicit public disclosure.

我們今天要討論的問題包括前瞻性陳述，包括我們為第二季提供的指導。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 表格報告，該報告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 it over to Chuck.

現在我將把發言權交給查克。

Thanks, Mel.

謝謝，梅爾。

Q1 was a very strong quarter across the board. We grew our revenue 4% and delivered non-GAAP earnings per share growth of 9%. We delivered very strong non-GAAP gross margins and our non-GAAP operating margin was the best we've seen in over nine years.

第一季是全面表現非常強勁的一個季度。我們的收入成長了 4%，非公認會計準則每股收益成長了 9%。我們實現了非常強勁的非公認會計準則毛利率，並且我們的非公認會計準則營業利潤率是九年來最好的。

I recognize that our Q2 guidance that we just provided is below what the market had expected. In Q1 we saw lower than expected order growth, driven largely by uncertainty from macro and currency impacts, primarily outside the US. Despite these headwinds I believe we are executing incredibly well in a challenging environment. Let me tell you simply how I see it. We had a great quarter, guided to solid growth in Q2, and feel good about our momentum and how we are positioned for the second half of the year. As I look at the big picture, I'm extremely pleased with the speed with which our teams are executing. We have a clear strategy and are confident that we are making the right transitions in our business, investing where we need to for future growth, profitability and market leadership.

我承認我們剛剛提供的第二季業績指引低於市場預期。第一季度，我們的訂單成長低於預期，這主要是由於宏觀和貨幣影響的不確定性，主要是美國以外。儘管面臨這些不利因素，但我相信我們在充滿挑戰的環境中表現非常出色。我簡單告訴你我的看法。我們本季表現優異，預計第二季將穩健成長，我們對我們的發展動能以及下半年的定位感到滿意。從整體來看，我對我們團隊的執行速度感到非常滿意。我們擁有清晰的策略，並有信心在業務上實現正確的轉型，在需要的地方進行投資，以實現未來的成長、獲利能力和市場領導地位。

Specifically, we are accelerating our ability to deliver on the growth opportunities in front of us. We are driving internal innovation at a record pace. So far in FY16 we're seeing 25% increase in major new product introductions, and three of our internal startups brought solutions to market this quarter working with our key customers. These startups are bringing incredible technology from concept to delivery in under 12 months. Stay tuned next week for announcements around an additional project that we co-developed with one of the world's largest web-scale players. In this quarter alone we closed three acquisitions, recently announced four new acquisitions, and formed three new strategic partnerships. Partners like Apple, Inspur, and Ericsson see Cisco as the market leader they want to work with to move faster and drive greater value to customers and the market. I believe we will see several points of growth from these partnerships over the next few years.

具體來說，我們正在加快實現我們面前的成長機會的能力。我們正在以創紀錄的速度推動內部創新。截至目前，2016 財年我們的主要新產品推出量成長了 25%，並且我們內部的三家新創公司在本季與我們的主要客戶合作，將解決方案推向市場。這些新創公司在不到 12 個月的時間內就將令人難以置信的技術從概念變為現實。請繼續關注下週我們與世界上最大的網路規模參與者之一共同開發的另一個項目的公告。僅在本季度，我們就完成了三項收購，最近宣布了四項新的收購，並建立了三個新的策略合作夥伴關係。蘋果、浪潮和愛立信等合作夥伴將思科視為市場領導者，他們希望與之合作，以更快地發展並為客戶和市場創造更大的價值。我相信，未來幾年我們將看到這些合作關係的幾個成長點。

We are also aggressively driving our cloud businesses. We've always had a hybrid cloud strategy, and it is increasingly clear that every one of our customers want both public and private cloud capabilities in a hybrid cloud. On the public cloud side, Cisco is the leading provider of infrastructure to the web-scale and SP customers as they build out their public cloud infrastructure. As just one data point, our business with the largest web-scale players grew over 20% again this quarter.

我們也正在積極推動雲端業務。我們一直都有混合雲策略，越來越明顯的是，我們的每個客戶都希望在混合雲中同時擁有公有雲和私有雲功能。在公有雲方面，思科是網路規模和 SP 客戶建置公有雲基礎架構的領先基礎架構供應商。僅舉一個數據點，本季我們與最大的網路規模參與者的業務再次成長了 20% 以上。

Within the enterprise, we are winning in private cloud, and are focused on automating and driving public cloud economics across our customers' entire infrastructure. We saw this opportunity drive 24% growth in UCS. And our next-generation data center switching portfolio, which is our 3K, 9K, and ACI, is now at a $2 billion run rate with over $500 million in revenue this quarter, growing over 140% year over year, with sequential growth of 26%. This performance is much stronger than that of our competitors who claim they are outpacing and outperforming us.

在企業內部，我們在私有雲領域取得了勝利，並專注於在客戶的整個基礎設施中實現公有雲經濟的自動化和推動。我們看到這個機會推動了 UCS 24% 的成長。我們的下一代資料中心交換產品組合，即 3K、9K 和 ACI，目前的運作率已達到 20 億美元，本季營收超過 5 億美元，年成長超過 140%，季增 26%。這一表現比我們的競爭對手要強得多，他們聲稱他們正在超越我們，並且表現優於我們。

And our own cloud services continue to grow well. WebEx, one of the largest enterprise SaaS applications in the world, grew revenue over 23% this quarter. And we continue to move more of our portfolio to cloud-based delivery models. As we deliver more of our portfolio in software and cloud models, we are driving consistent double-digit growth in deferred revenue. We saw software and subscription product deferred revenue up 36%. Security deferred revenue grew 31%, as we sell next-generation firewall and threat defense software to our over 200,000 firewall customers. Our collaboration deferred revenue grew 18% and our Meraki cloud networking business, where we deliver networking as a service, grew revenue over 60%.

我們自己的雲端服務也持續保持良好的成長。WebEx 是全球最大的企業 SaaS 應用程式之一，本季營收成長超過 23%。我們將繼續把更多的產品組合轉向基於雲端的交付模式。隨著我們在軟體和雲端模型中提供更多的產品組合，我們正在推動遞延收入持續兩位數的成長。我們看到軟體和訂閱產品遞延收入成長了 36%。由於我們向超過 20 萬個防火牆客戶銷售新一代防火牆和威脅防禦軟體，安全遞延收入成長了 31%。我們的協作遞延收入成長了 18%，而我們提供網路即服務的 Meraki 雲端網路業務收入成長了 60% 以上。

While we still have work to do across our portfolio, I'm incredibly pleased with our continued focus and speed of execution. We will continue to make the necessary strategic moves to drive our success. Over the last quarter I've spent hundreds of hours with our customers and partners around the world, and they have reaffirmed my confidence in our ability to execute against the opportunity in front of us. While the market continues to move at an accelerated pace, our customers know they must move with speed as they embark on their digital transitions. It's clear to me that they also understand the central and critical role that the network plays in that transition. And they are looking to us to be a strategic partner to drive their growth and build their digital organizations, cities, and countries. We are doing the right things to capitalize on this opportunity and, as I told our teams this past week, I have never been more optimistic.

雖然我們在整個投資組合中仍有工作要做，但我對我們持續的專注和執行速度感到非常滿意。我們將繼續採取必要的策略性舉措來推動我們的成功。在過去的一個季度裡，我花了數百個小時與世界各地的客戶和合作夥伴在一起，他們再次堅定了我對我們抓住眼前機會的能力的信心。儘管市場繼續加速發展，但我們的客戶知道，在開始數位轉型時，他們必須快速行動。我很清楚，他們也了解網路在這轉變中所扮演的核心和關鍵角色。他們希望我們成為他們的策略合作夥伴，推動他們的發展並建立數位化組織、城市和國家。我們正在做正確的事情來利用這個機會，正如我上週告訴我們的團隊的那樣，我從未如此樂觀。

Now I'll turn it over to Kelly to walk through more details on our financials.

現在我將把主題交給凱利來詳細介紹我們的財務狀況。

Thanks, Chuck.

謝謝，查克。

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 our first pillar of delivering profitable growth, we saw good top-line growth in Q1 with $12.7 billion in total revenue, up 4%. Product revenue grew 4% with solid growth in switching, data center, wireless, security, and collaboration. More specifically, in Q1, switching grew 5%. In addition to the 3K, 9K, and ACI momentum of over 140%, we continue to see strength in the catalyst business. Data center grew 24%, demonstrating our continued market leadership. Wireless grew 7%, driven by the Meraki business. Security was up 7%, with deferred revenue growth of 31%. And collaboration grew 17%, with deferred revenue up 18%.

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、並為股東創造價值。從實現獲利成長這一第一支柱開始，我們在第一季實現了良好的營收成長，總收入達到 127 億美元，成長 4%。產品收入成長 4%，交換、資料中心、無線、安全和協作領域實現穩健成長。更具體地說，第一季轉換量增加了 5%。除了 3K、9K 和 ACI 超過 140% 的成長勢頭外，我們還繼續看到催化劑業務的強勁表現。資料中心成長了 24%，證明了我們繼續保持市場領導地位。在 Meraki 業務的推動下，無線業務成長了 7%。安全業務成長 7%，遞延收入成長 31%。合作收入成長了 17%，遞延收入成長了 18%。

In total, deferred revenue had solid double-digit growth of 10%, with products deferred revenue up 16% and services up 7%. Product deferred revenue, driven by our subscription and software businesses, grew 36%. We do see the transition to subscription revenue accelerating, as I mentioned in the last earnings call. We did see routing decline 8%. We do expect routing revenue to return to growth due to timing of some large deals we saw in Q1. Services revenue grew 1%, largely driven by weakness in service provider. Product orders grew 3% with a book-to-bill below 1, which is in line with our typical Q1 but slightly lighter than we had expected.

總體而言，遞延收入實現了 10% 的兩位數穩定成長，其中產品遞延收入成長 16%，服務遞延收入成長 7%。受訂閱和軟體業務推動，產品遞延收入成長了 36%。正如我在上次財報電話會議上提到的那樣，我們確實看到向訂閱收入的轉變正在加速。我們確實看到路由下降了 8%。我們確實預計路由收入將恢復成長，因為我們在第一季看到了一些大型交易的時機。服務收入成長了 1%，這主要受到服務提供者疲軟的推動。產品訂單成長 3%，訂單出貨比低於 1，這與我們第一季的典型情況一致，但略低於我們的預期。

Looking at our geographies, which is the primary way we run our business, Americas grew 1%, EMEA grew 3%, and APJC was up 9%. Total emerging markets grew a very solid 11%, with the BRICs plus Mexico accelerating to 21% growth. In terms of customer segments service provider grew 6%. Enterprise declined 3%, based on the uncertainty from macro challenges, consistent with what others are seeing. Commercial grew 7%, which signals to us the broad strength of our portfolio. Public sector was flat.

從我們的地理位置來看，這是我們經營業務的主要方式，美洲成長了 1%，歐洲、中東和非洲地區成長了 3%，亞太及日本地區成長了 9%。新興市場整體強勁成長 11%，其中金磚四國加上墨西哥的成長率更是達到 21%。從客戶細分來看，服務提供者成長了 6%。由於宏觀挑戰帶來的不確定性，企業股價下跌了 3%，這與其他公司看到的情況一致。商業成長了 7%，這向我們表明了我們的投資組合的廣泛實力。公共部門表現持平。

From a profitability perspective, we delivered record non-GAAP EPS of $0.59, up 9%. GAAP EPS was $0.48. Q1 non-GAAP net income was a record $3 billion, up 8%. GAAP net income was $2.4 billion. We drove the strong profitability with discipline and rigor on gross margins and operating expense. Non-GAAP gross margin was 63.2%, with non-GAAP product gross margin of 62.3% and non-GAAP service gross margin of 66.2%. Non-GAAP operating expenses were well-controlled at 32.7% of revenue, and non-GAAP operating margin expanded to 30.5%. We are insuring we make the right investment and divestment decisions through disciplined portfolio management.

從獲利能力角度來看，我們實現了創紀錄的非公認會計準則每股收益 0.59 美元，成長 9%。GAAP EPS 為 0.48 美元。第一季非公認會計準則淨收入創紀錄地達到 30 億美元，成長 8%。GAAP淨收入為24億美元。我們透過嚴格控制毛利率和營運費用來獲得強勁的獲利能力。非公認會計準則毛利率為63.2%，其中非公認會計準則產品毛利率為62.3%，非公認會計準則服務毛利率為66.2%。非公認會計準則營業費用控制在收入的32.7%，非公認會計準則營業利益率擴大至30.5%。我們確保透過嚴謹的投資組合管理做出正確的投資和撤資決策。

Moving on to the second pillar of our financial strategy, which is the work we are doing to manage our portfolio and strategic investments to fuel our key long-term growth areas such as cloud, data center, software, services, and security, we've been very active from an M&A perspective aligning our investments to key growth areas. We closed three acquisitions in Q1 with OpenDNS and Pawaa in software and security, and MaintenanceNet in services. We also announced the acquisition of Portcullis and Lancope in security, ParStream in data analytics, and 1 Mainstream in cloud-based video. These moves are consistent with our strategy of increasing investment of our innovation in R&D efforts to our growth areas.

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、服務和安全，我們從併購的角度非常積極地將我們的投資與關鍵成長領域相結合。我們在第一季完成了三項收購，包括軟體和安全領域的 OpenDNS 和 Pawaa，以及服務領域的 MaintenanceNet。我們也宣布收購安全領域的 Portcullis 和 Lancope、資料分析領域的 ParStream 以及雲端視訊領域的 1 Mainstream。這些措施符合我們加大對成長領域研發創新投入的策略。

Moving on to our third pillar, delivering shareholder value, in Q1, we increased operating cash flow 11% to $2.8 billion. Total cash, cash equivalents and investments at the end of Q1 were $59.1 billion, with $5 billion available in the US. And we returned $2.3 billion to shareholders, comprised of $1.2 billion of share repurchases and $1.1 billion of dividends. The total share return to shareholders represents a return of 91% of our free cash flow, more than consistent with our commitment to shareholders of returning a minimum of 50% of our free cash flow annually.

我們繼續討論第三大支柱，即實現股東價值，在第一季度，我們的經營現金流成長了 11%，達到 28 億美元。第一季末的現金、現金等價物和投資總額為 591 億美元，其中在美國有 50 億美元。我們向股東返還了 23 億美元，其中包括 12 億美元的股票回購和 11 億美元的股利。股東總股票報酬率相當於我們自由現金流的 91%，這與我們向股東承諾的每年至少返還 50% 自由現金流的承諾完全一致。

Overall, Q1 was a strong quarter. As you review the financials, you see good top-line growth, record profitability and operating leverage, a very strong balance sheet with growth in deferred revenue, and strong cash generation. We executed well consistent with our business and financial strategy.

整體而言，第一季表現強勁。當你回顧財務狀況時，你會看到良好的營業收入成長、創紀錄的獲利能力和經營槓桿、非常強勁的資產負債表、遞延收入的成長以及強勁的現金產生能力。我們的執行與我們的業務和財務策略一致。

Now let me reiterate the guidance we provided in the press release for the second quarter of FY16. This guidance includes the type of forward-looking information that Mel referred to earlier. As a reminder, in Q4 we announced an agreement to sell the client premise equipment portion of our SP video connected devices business to Technicolor. The transaction is currently going through regulatory approval and we are working to close it during the second quarter. In order to provide a clear view of our continuing expected financial performance, we have normalized our second-quarter guidance to exclude the CPE business for both Q2 FY16 and Q2 FY15. We have provided historical financial information for the CPE business in the slides that accompany this call.

現在，讓我重申我們在 2016 財年第二季新聞稿中提供的指導。本指南包含梅爾之前提到的前瞻性資訊類型。提醒一下，我們在第四季度宣布了一項協議，將我們的 SP 視訊連接設備業務的客戶端設備部分出售給 Technicolor。該交易目前正在接受監管部門的批准，我們正努力在第二季完成該交易。為了清楚地展現我們持續預期的財務業績，我們已將第二季指引標準化，將 2016 財年第二季和 2015 財年第二季的 CPE 業務排除在外。我們在本次電話會議附帶的幻燈片中提供了 CPE 業務的歷史財務資訊。

So, now on to our Q2 guidance. We are executing very well in a challenging global environment, but did see the macro challenges driving uncertainty that impacted our Q1 order growth. As a result, the guidance for Q2, excluding the CPE businesses, is as follows: We expect revenue to be in the range of 0% to 2% year over year. We anticipate non-GAAP gross margin rate to be in the range of 62% to 63%. The non-GAAP operating margin rate is expected to be in the range of 28.5% to 29.5%. And the non-GAAP tax provision rate is expected to be 23%. The tax rate does not include any impact of the reinstatement of the federal R&D tax credit. If the R&D tax credit is reinstated we would reflect that benefit in our effective tax rate.

現在我們來談談我們的第二季指引。在充滿挑戰的全球環境中，我們的表現非常出色，但確實看到宏觀挑戰帶來的不確定性影響了我們第一季的訂單成長。因此，不包括 CPE 業務的第二季指引如下：我們預期營收年增將在 0% 至 2% 之間。我們預計非公認會計準則毛利率將在 62% 至 63% 之間。非公認會計準則營業利益率預計在28.5%至29.5%之間。非公認會計準則稅務準備率預計為23%。該稅率不包括恢復聯邦研發稅收抵免的任何影響。如果恢復研發稅收抵免，我們將在有效稅率中反映此優惠。

Non-GAAP earnings per share is expected to range from $0.53 to $0.55. We anticipate our GAAP EPS to be lower than the non-GAAP EPS by $0.10 to $0.14. Further details related to this range are included in the slides and press release that accompany this call.

非公認會計準則每股收益預計在 0.53 美元至 0.55 美元之間。我們預計我們的 GAAP EPS 將比非 GAAP EPS 低 0.10 美元至 0.14 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.

現在我將把電話轉回給查克來總結這通通話。

Thanks, Kelly.

謝謝，凱利。

As I look back at the last 90 days and my first quarter, I am more optimistic that ever about Cisco's future. Yes, the guidance we just gave for Q2 was lower than what the market had expected, and I don't take that lightly. But for me, nothing has changed in how I feel about the business. We are moving incredibly fast and doing all of the right things to drive our growth and strategic relevance. We expect the results of these moves will start showing up in the coming quarters. Every one of our customers -- established industry leaders and disruptive challengers -- is focused on how they manage, automate, and secure the explosion of connections and data across their digital organization.

當我回顧過去的 90 天和我的第一個季度時，我對思科的未來比以往任何時候都更樂觀。是的，我們剛剛給出的第二季業績指引低於市場預期，我對此非常重視。但對我來說，我對這項業務的看法沒有任何改變。我們正以驚人的速度前進，並採取一切正確措施來推動我們的成長和策略相關性。我們預計這些舉措的成果將在未來幾季開始顯現。我們的每一位客戶——無論是行業領導者還是顛覆性的挑戰者——都專注於如何管理、自動化和保護其數位組織中爆炸式增長的連接和數據。

Our portfolio has never been stronger, more relevant, and more strategic. And we're hearing this directly from our customers and our partners. The opportunity is ours to capitalize on. We have a clear vision and strategy and are executing very well. We are driving internal innovation at a record pace, acquiring strategic assets, co-developing with our customers, and building a new set of strategic partnerships. I believe our speed and execution are truly differentiating us in the market and we've just begun to scratch the surface of what's possible.

我們的產品組合從未如此強大、更具相關性、更具策略性。我們從客戶和合作夥伴那裡直接聽到了這一點。我們可以利用這個機會。我們擁有清晰的願景和策略，並且執行得非常好。我們正在以創紀錄的速度推動內部創新，收購策略資產，與客戶共同發展，並建立一套新的策略合作夥伴關係。我相信我們的速度和執行力確實使我們在市場上脫穎而出，而且我們才剛開始觸及可能性的表面。

Mel, I'll turn it back to you for questions.

梅爾，我會把問題轉回給你。

Great. Thanks, Kim. Let's open the line for questions. I'd like to remind all analysts to please ask one question.

偉大的。謝謝，金。讓我們開始提問吧。我想提醒所有分析師問一個問題。

Our first question comes from Vijay Bhagavath with Deutsche Bank Securities.

我們的第一個問題來自德意志銀行證券公司的 Vijay Bhagavath。

Thanks. Hi, Chuck. I took over the practice from Brian Modoff, so looking forward to working with you and your team. Chuck, my question is around, we had done independent checks and had noted near-term weakness in US enterprise. Like to get your qualitative color. I know you work very closely with the sales teams and also with some of your bigger customers.

謝謝。你好，查克。我從 Brian Modoff 手中接過了業務，因此期待與您和您的團隊合作。查克，我的問題是，我們已經進行了獨立檢查，並注意到美國企業近期的疲軟狀況。喜歡得到你的質色。我知道您與銷售團隊以及一些大客戶密切合作。

We are having a hard time hearing you. Could you speak a little louder?

我們很難聽清楚您的聲音。你能說大一點嗎？

My question was around we did independent checks with the channel who had noted near-term order weakness, US Enterprise in particular. Could you give us qualitative color from your end? Is it just endemic weakness, customers just pushing out because their own near-term fundamentals are weak, like the US industrials? Or is it relating to any indecision around migration to public clouds? I'd like to get your commentary on the weakness in the enterprise. Thanks.

我的問題是，我們對注意到近期訂單疲軟的管道進行了獨立檢查，特別是美國企業。您能從您的角度來看定性顏色嗎？這是否只是普遍存在的疲軟現象，客戶只是因為他們自己的近期基本面較弱（例如美國工業）而退出市場？或者這與遷移到公有雲的猶豫有關？我想聽聽您對企業弱點的評論。謝謝。

Thanks, Vijay. And tell Brian hello when you see him.

謝謝，維傑。當你見到 Brian 時向他問好。

Relative to the enterprise, we actually are very comfortable with the situation in the US. We did see weakness, particularly outside the United States, and particularly in Asia Pacific. We saw weakness in Canada, as well as Latin America.

相對於企業來說，我們其實對美國的情況非常滿意。我們確實看到了疲軟跡象，尤其是美國以外地區，尤其是亞太地區。我們看到加拿大和拉丁美洲都表現疲軟。

We didn't see any impact that was different this quarter from public cloud. We think our customers are moving to a hybrid cloud environment, which I think is indicative of the $0.5 billion that we did in our next-generation data center switching portfolio this quarter. So, we're actually very comfortable with our portfolio.

本季我們沒有看到與公有雲不同的任何影響。我們認為我們的客戶正在轉向混合雲環境，我認為這表明我們本季在下一代資料中心交換產品組合中投入了 5 億美元。所以，我們對我們的投資組合實際上非常滿意。

If you think about our US commercial business and then our global commercial business, our US commercial business was up 12%. It is a good proxy of how our portfolio is playing in that space. And we firmly believe that if there was a significant difference in the transition of work loads to public clouds we would see it there first. So, we're very comfortable with our enterprise strategy right now.

如果你考慮我們的美國商業業務以及我們的全球商業業務，你會發現我們的美國商業業務成長了 12%。它很好地體現了我們的投資組合在該領域的表現。我們堅信，如果工作負載向公有雲的轉變有顯著差異，我們會先在那裡看到它。因此，我們對於目前的企業策略非常滿意。

Next question comes from Simona Jankowski with Goldman Sachs.

下一個問題來自高盛的 Simona Jankowski。

I wanted to ask you a couple of questions on margins. First, they came in pretty strong in the quarter even though routing was weaker, and that tends to be a higher margin product line. So, just curious what drove that upside. And the bigger question related to that, Chuck, is that you've had margins exceeding expectations for a few quarters now, and in the meantime your growth is decelerating quite a bit here. Some of that is driven by FX and international issues. Do you feel like you're dialing that equation sufficiently in the direction of revenue growth versus margin preservation?

我想問您幾個有關利潤的問題。首先，儘管路由業務較弱，但他們在本季表現相當強勁，而且這往往是利潤率更高的產品線。所以，我只是好奇是什麼推動了這種上漲。查克，與此相關的更大問題是，你們的利潤率已經連續幾季超出預期，但同時，你們的成長速度卻在大幅放緩。其中一些是由外匯和國際問題引起的。您是否覺得自己在收入成長與利潤保持的方向上充分地調整了這個等式？

Yes, Simona, it's a very good question. Thank you. I'm going to give a couple comments and then I'm going to ask Kelly to chime in.

是的，西蒙娜，這是一個非常好的問題。謝謝。我將發表幾點評論，然後請凱利發表意見。

First of all, I think that we talked about -- and I think it's well documented -- that there are some currency issues around the world. And I think our teams have done an incredible job of managing that. We did see our non-GAAP gross margins very strong this quarter.

首先，我認為我們已經討論過——而且我認為有充分的證據表明——世界各地存在一些貨幣問題。我認為我們的團隊在管理這個問題上做得非常出色。我們確實看到本季的非公認會計準則毛利率非常強勁。

We constantly look at the balance of investments in areas, and we're actively investing in those areas that are providing growth for us, like security and in certain countries and in our Meraki portfolio. But it's something that we'll continue to look at. Kelly, comments on gross margins?

我們持續關注各領域的投資平衡，並積極投資那些能為我們帶來成長的領域，例如安全、某些國家以及我們的 Meraki 投資組合。但我們會繼續關注此事。凱利，對毛利率有何評價？

Yes, I'd say just to add to that, Simona, this is a big focus for us and all of our business units. But if you look, you'll see in our Q, we have our typical range. Our pricing has been holding in our typical range, which is a good sign. Where we saw the upside from a year-over-year perspective here is we just had really strong productivity this quarter in gross margins on the product side that drove a lot of the benefit.

是的，我想補充一點，西蒙娜，這是我們以及我們所有業務部門關注的重點。但如果你看一下，你會發現在我們的 Q 中，我們有我們的典型範圍。我們的定價一直保持在正常範圍內，這是一個好兆頭。與去年同期相比，我們看到的優勢是，本季產品方面的毛利率非常高，這帶來了很大的收益。

Again, it's what the engineering teams are working on. It's what supply chain is driving. It's part of what we're driving to offset the competitive pressures that we have naturally in the tech space. So, I'd say it's definitely good execution by the teams.

再次強調，這正是工程團隊正在努力的方向。這就是供應鏈所推動的。這是我們為抵銷科技領域固有的競爭壓力所採取的措施之一。所以，我認為這絕對是團隊的良好執行。

The way that we make sure, also, that we're not doing a tradeoff, like you mentioned, because we are driving for growth and profit, is we look at things like win rates, we look at things like obviously market share. We're making sure we're making the right tradeoffs to get the wins that we want and balancing that because it is all about growth as well as profits.

正如您所說，我們確保不會做出權衡，因為我們追求的是成長和利潤，所以我們會關注諸如勝率之類的因素，我們顯然會關注市場份額之類的因素。我們要確保做出正確的權衡，以獲得我們想要的勝利，並保持平衡，因為這一切都與成長和利潤有關。

Next question comes from Mark Sue with RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的馬克‧蘇 (Mark Sue)。

If I look at it at a high level, the Company has gone through many rounds of layoffs and reorgs. And we've seen this impact other tech companies such as IBM and HP. Having said that, do you feel that we should see some accelerated innovation coming out of Cisco as we look towards the back half -- product catalyst, for example, pipeline of innovation? If you could give us those positive things to look for in the second half. Thank you.

如果從高層次來看，公司已經經歷了多輪裁員和重組。我們已經看到這對 IBM 和 HP 等其他科技公司產生了影響。話雖如此，當我們展望後半部分（例如產品催化劑，創新管道）時，您是否認為我們應該看到思科的一些加速創新？如果您能告訴我們下半場值得期待的積極的事情。謝謝。

Yes, Mark, that's a great question and I actually thank you very much for asking it. As I said in my opening comments, in our engineering organization we've really focused on smaller agile teams that are moving more quickly. You're going to see some innovation, as I said, that's going to come out next week. You're going to see a nice steady stream of new products in the market.

是的，馬克，這是一個很好的問題，我非常感謝你提出這個問題。正如我在開場白中所說，在我們的工程組織中，我們真正專注的是行動更快的小型敏捷團隊。正如我所說，你將會看到一些創新，這些創新將在下週問世。你會看到市場上不斷湧現新產品。

In fact, one of the comments I made was that I feel like we are very well positioned for the second half, and that's one of the key reasons, is that we have a good new product pipeline. So, I think you will be very pleased with the innovation that comes out over the next few months.

事實上，我所說的其中一條評論是，我覺得我們為下半年做好了充分的準備，其中一個關鍵原因是我們擁有良好的新產品線。所以，我認為您會對未來幾個月出現的創新感到非常滿意。

Next question comes from Jim Suva of Citigroup Global Markets.

下一個問題來自花旗集團全球市場的吉姆蘇瓦。

Thank you very much. And congratulations to you and your team.

非常感謝。並向您和您的團隊表示祝賀。

My question is, I believe, unless my memory is wrong, that you had a long-term organic sales growth rate of about 3% to 6%. I think that might have been the case. And the outlook now is 0% to 2%. Can you help us understand or quantify, is some of this due to FX? And how much?

我的問題是，我相信，除非我的記憶有誤，否則你們的長期有機銷售成長率約為 3% 至 6%。我認為情況可能確實如此。目前的預期是0%至2%。您能否幫助我們理解或量化，這是否部分歸因於外匯？多少錢？

And it looks like probably service providers is also driving that down, so maybe Ericsson, new partnership you have, can help out at some point. Just help us bridge the gap of the 0% to 2% outlook for the next quarter versus your long-term goal of 3% to 6%. Thank you.

看起來服務提供者可能也在降低這一水平，所以也許你們的新合作夥伴愛立信可以在某些時候提供幫助。只需幫助我們縮小下一季 0% 至 2% 的前景與 3% 至 6% 的長期目標之間的差距即可。謝謝。

I'll start addressing that question and then I'll hand it over to Chuck on the Ericsson question. From an FX perspective, us, like every other multinational, are feeling the impact of the strength of the US dollar. For us, it's a little more difficult to quantify because we sell 90% of our products in US dollars. But I can tell you, when I look at the countries that we do sell in local currency, which for us is like Australia, Canada, parts of Japan, for those countries alone where I can quantify it, it was almost 2 points of just pure translation on our top-line growth.

我將開始回答這個問題，然後將愛立信的問題交給查克。從外匯角度來看，我們和其他跨國公司一樣，都感受到了美元走強的影響。對我們來說，量化有點困難，因為我們 90% 的產品都是以美元出售的。但我可以告訴你，當我查看我們以當地貨幣銷售的國家時，對我們來說，就像澳大利亞、加拿大、日本部分地區一樣，對於這些我可以量化的國家，僅僅純粹的翻譯就對我們的收入增長產生了近 2 個點的影響。

For the rest of our business that sold outside the US there is certainly a impact, it's just hard for us to quantify it directly. Again, we try to see if the demand is under pressure by the number of deals that we have in the pipeline or things along those lines, as well as if we see pressure from our sales teams to discount heavily.

對於我們在美國以外銷售的其他業務來說，肯定會有影響，但我們很難直接量化它。再次，我們試圖了解需求是否受到我們正在進行的交易數量或類似事物的壓力，以及我們是否看到銷售團隊施加大幅折扣的壓力。

So, what I'd say is, yes, us, like every other multinational, is feeling the impact of the strength of the US dollars. But I think our sales teams are executing extremely well through that and being able to sell the value of our solutions despite that. So, for sure identified 2 points on just the few countries that we have, and there's I'm sure more, three to four or more even besides that we can't put our finger on.

所以，我想說的是，是的，我們和其他跨國公司一樣，都感受到了美元走強的影響。但我認為我們的銷售團隊表現得非常出色，而且儘管如此，仍然能夠推銷我們解決方案的價值。因此，我們肯定只在少數國家中確定了 2 點，而且我確信還有更多，三到四個甚至更多，甚至除此之外，我們還無法具體指出。

And, Jim, just a couple of comments. You mentioned the 0% to 2%. That's our guidance for Q2 and I think the 3% to 6% you mentioned is what Kelly presented as a long-term model at the last financial analyst conference.

吉姆，我只想提幾點評論。您提到了 0% 到 2%。這是我們對第二季的指導，我認為您提到的 3% 到 6% 是凱利在上次金融分析師會議上提出的長期模型。

On the SP side I'll just make a couple of comments. We're very pleased with our performance there. We've had the second quarter in a row of growth. The teams are executing very well.

在 SP 方面，我只想發表幾點評論。我們對自己在那裡的表現非常滿意。我們已經連續第二季實現成長。這些團隊表現非常出色。

And you're right, the partnership we announced with Ericsson really leverages their strength in radio, OSS/BSS, network management inside ESP, as well as their real scale from a services perspective around the world. And you combine that with our strength in IP and data center and networking and security, we think that it's good combination. And our customers are actually quite pleased with the partnership that we put together.

你說得對，我們與愛立信宣布的合作夥伴關係確實充分利用了他們在無線電、OSS/BSS、ESP內部網路管理方面的優勢，以及從全球服務角度來看他們的實際規模。將其與我們在 IP、資料中心、網路和安全方面的優勢相結合，我們認為這是一個很好的組合。我們的客戶實際上對我們建立的合作關係非常滿意。

Next question comes from Tal Liani, Bank of America Securities.

下一個問題來自美國銀行證券的 Tal Liani。

Yes, hi. I have two questions and I'll ask them, hopefully you can answer at least a part of the second one. Switching was very weak the past few quarters on the sequential basis. It was sub seasonal last quarter also. But this quarter was very strong. And I'm wondering if you can give a little bit of color on what's going right and what's going wrong, and how sustainable is the strength in switching.

是的，你好。我有兩個問題想問一下，希望您至少能回答第二個問題的一部分。過去幾個季度，轉換率連續非常低。上季的情況也低於季節性。但本季表現非常強勁。我想知道您是否可以稍微解釋哪些是正確的，哪些是錯誤的，以及轉換的強度有多大的可持續性。

And the second question, which is related but not related, your service growth is below your product growth, if I sum up the last four quarters. You mentioned it a little bit at the beginning of your opening comment so if you can just clarify why is it happening. Thanks.

第二個問題，雖然相關但又不相關，如果我總結過去四個季度的情況，你們的服務成長低於產品成長。您在開場白中稍微提到了這一點，所以您能否解釋為什麼會發生這種情況。謝謝。

Tal, let me take the first one and then I'll let Kelly go into some of the numbers. The switching -- I think the biggest thing that I've talked about over the last few months is that we've been going through this transition in the next-generation data center. If you think about what happens in the data center, is you've got the traditional data center switching architecture and then you've got our compute platforms that we sell, and then we have the next-generation data center switching architecture.

塔爾，讓我先問第一個，然後讓凱利講一些數字。轉換—我認為過去幾個月我談論的最重要的事情是我們正在經歷下一代資料中心的轉變。如果你考慮一下資料中心裡發生的事情，你就會知道你有傳統的資料中心交換架構，然後你有我們銷售的運算平台，然後我們有下一代資料中心交換架構。

The historical architecture we know has been declining as customers transition. Our UCS business was up 24% this quarter, so we're very pleased with those results. And then if you look at the next-generation data center, that's the business that we said eclipse $0.5 billion this quarter, growing at 140%.

隨著客戶的轉變，我們所熟知的歷史架構正在衰退。本季我們的 UCS 業務成長了 24%，因此我們對這些結果非常滿意。如果你看下一代資料中心，我們說這個業務本季將超過 5 億美元，成長率為 140%。

What I've said about our switching business is that in the second half of the year, we expect the inflection point between the next-generation volume and the historical generation -- we expect to hit that inflection point. So, I think you're seeing the next-generation switching in the data center continue to contribute to some of the improvement that you saw. And, frankly, we've also had some reasonable performance in the campus.

關於我們的轉換業務，我說過，在今年下半年，我們預計下一代銷售和歷史銷售之間的轉折點——我們預計將達到這個轉折點。因此，我認為您會看到資料中心的下一代交換繼續為您所看到的一些改進做出貢獻。而且坦白說，我們在校園裡也取得了一些不錯的表現。

Any other comments on switching and then the services, Kelly?

凱利，對於轉換和服務還有其他評論嗎？

I think you hit it right on, on switching. And on services, yes, it was up 1%, which is obviously on the lower end of what we were looking for. It's driven by a couple things, and we've talked about this before. It is isolated largely within service revenue, the service provider segment within there. The service providers has been a head wind for us up until the last quarter or so.

我認為您在切換方面說得很對。就服務業而言，是的，它上漲了 1%，這顯然處於我們預期的低端。這是由一些因素驅動的，我們之前已經討論過這個問題。它主要與服務收入、其中的服務提供者部分無關。直到上個季度左右，服務提供者一直是我們的阻力。

The model typically, it takes longer for services to feel the impact when the product side goes down. Same way, it takes a little bit longer, a few quarters, before they start to see it when the section, the product side comes up. So, we're seeing some of that. As well as just the service provider segment in general, they're going through a lot of transition, as well. So, that's a tough segment for us but it's largely isolated to that.

此模型通常認為，當產品方面出現問題時，服務需要更長時間才能感受到影響。同樣，需要更長的時間，幾個季度，他們才能開始看到產品方面的出現。所以，我們看到了一些這樣的情況。和一般的服務提供者領域一樣，他們也正在經歷許多轉變。所以，這對我們來說是一個艱難的部分，但基本上它與此無關。

The only other piece I'll add to that is we are feeling very good about the outlook in services. If you look at our services deferred revenue, that went up 7% year over year this quarter, which is $600 million-plus, almost $700 million. And that's the strongest growth we've seen on that metric for awhile. So, we feel good about more multi-year deals coming in and future revenue coming from that. But clearly this quarter at 1%, it's on the low end and isolated to the service provider section.

我要補充的是，我們對服務業的前景感到非常樂觀。如果你看一下我們的服務遞延收入，本季年增 7%，達到 6 億多美元，接近 7 億美元。這是我們一段時間以來看到的該指標最強勁的成長。因此，我們對即將達成的更多多年期交易以及由此帶來的未來收入感到滿意。但顯然本季的 1% 處於低端，並且僅限於服務提供者部分。

Next question comes from Pierre Ferragu with Sanford Bernstein.

下一個問題來自 Sanford Bernstein 的 Pierre Ferragu。

Hi, Chuck, thank you for taking my question. I'd like to come back on your gross margin. You're up more than 1 point sequentially, 1 point above what you had guided for. And at the same time, you have subscription and licensing deferred revenues are up very significantly, I think 36%.

你好，查克，謝謝你回答我的問題。我想回顧一下你們的毛利率。您連續上升了 1 個多點，比您預期的上升了 1 個點。同時，訂閱和授權遞延收入也大幅成長，我認為是 36%。

My first question would be, could you give us a bit of a breakup of what are the important drivers of the positive surprise on gross margin. And then my second question is when I look at your guidance on next quarter, you guide 62% to 63%, this is going to be exiting the set-top box business. So, from like a 63% level this quarter it almost feels like not a very challenging guidance. Ar am I missing maybe some kind of sequential headwinds on that number? Thank you.

我的第一個問題是，您能否向我們詳細分析毛利率出現意外驚喜的重要驅動因素是什麼？然後我的第二個問題是，當我看到您對下個季度的指導時，您指導的比例為 62% 到 63%，這將意味著退出機上盒業務。因此，從本季 63% 的水平來看，這幾乎感覺不是一個非常具有挑戰性的指導。我是否可能忽略了該數字上的一些連續阻力？謝謝。

Okay, thanks, Pierre. That's a great question. First, to your last point, we definitely have seasonality in our gross margins if you look back. Typically, Q2s and Q4s have lower gross margins driven by our mix. Those are very big quarters for us on the UCS side, on our data center business, so that's a big part of what's driving it. And, conversely, Q2s and Q4s are typically higher.

好的，謝謝，皮埃爾。這是一個很好的問題。首先，關於你的最後一點，如果你回顧一下，我們的毛利率肯定具有季節性。通常，由於我們的產品組合，Q2 和 Q4 的毛利率較低。對於我們的 UCS 方面和資料中心業務而言，這兩個季度非常重要，因此，這是推動其發展的重要因素。相反，Q2 和 Q4 通常較高。

Now, I would say again, we had very good execution across the board on gross margins, again, driven by the performance by the teams on the productivity side. That will continue to help. When I go to Q2 guidance, you've picked right up on it. Q1 still had the set-top box business in it. In my guidance for Q2 I completely removed the set-top box business, which is why it's up 1 full point of our typical guidance of 61% to 62%, we're now up to 62% to 63% for that benefit.

現在，我想再次說，我們在毛利率方面全面表現非常好，這又一次受到生產力方面團隊表現的推動。這將繼續有所幫助。當我看到第二季度的指導時，您已經注意到了這一點。Q1仍然有機頂盒業務。在我的第二季預測中，我完全剔除了機上盒業務，這就是為什麼它比我們通常預測的 61% 到 62% 上漲了整整 1 個百分點，而現在該業務的收益已經上漲到了 62% 到 63%。

Just to remind you, when we get rid of that business, which we are working to close this quarter, we'll see a benefit of approximately 1 point on gross margin, about 0.5 point on operating margin rate, and very negligible at the EPS level of things flowing through. We're baking that in the guidance since my guidance excludes that altogether. But overall, again, I just attribute it to the disciplined work on VCP on the productivity side as well as the sales teams being very disciplined on pricing.

只是提醒您，當我們擺脫該業務時（我們正在努力在本季度結束該業務），我們將看到毛利率提高約 1 個百分點，營業利潤率提高約 0.5 個百分點，而 EPS 水平的提高則微不足道。由於我的指導完全排除了這一點，因此我們將其納入指導中。但總的來說，我再次將其歸因於 VCP 在生產力方面的嚴謹工作以及銷售團隊在定價方面的嚴格紀律。

The next question comes from James Faucette with Morgan Stanley Investment Research.

下一個問題來自摩根士丹利投資研究部的詹姆斯‧福塞特 (James Faucette)。

Thank you very much. Just a couple of questions. First, Chuck, just wondering if you can give a little more color on routing. If I'm understanding you correctly, it sounds like there may just be some timing issues that made the first quarter, the October quarter, look a little weaker, but you expect that to bounce back strongly. And maybe you can give a little color on outlook how we think about routing developing as we go through calendar 2016.

非常感謝。僅有幾個問題。首先，查克，我只是想知道你是否可以對路由提供更多的說明。如果我理解正確的話，聽起來可能只是一些時間問題導致第一季度，也就是十月季度，看起來有點弱，但你預計它會強勁反彈。也許您可以稍微展望一下我們在 2016 年期間對路由發展的看法。

And then my second question is somewhat related. Just trying to get a sense for how we should think about security. I know that's been a sector or segment that's been growing slower than the market. It's clearly a point of emphasis for Cisco. Just wondering how we should think about that and your efforts there starting to manifest themselves. Thank you.

我的第二個問題有點相關。只是想了解我們應該如何看待安全問題。我知道這個產業或領域的成長速度一直低於市場。這顯然是思科的重點。只是想知道我們應該如何看待這個問題以及你的努力如何開始出現。謝謝。

All right, James. Thanks. I hope you all noticed that we're actually accepting two questions now. (laughter) Good questions.

好的，詹姆斯。謝謝。我希望你們都注意到我們現在實際上正在接受兩個問題。（笑聲）好問題。

On the routing side James, you nailed it. It's a timing issue. We had good order growth. Our new routing platforms, the new platforms that we've introduced, were up in triple digits again from an orders perspective. So, we do expect that will bounce back. And we also have some, as I said in the earlier comments, we also have some new introductions that will be coming out in the next week or so, so you'll see that. So, we feel pretty reasonably well about our routing performance over the coming quarters.

在路由方面，詹姆斯，你成功了。這是時間問題。我們的訂單成長良好。從訂單角度來看，我們的新路由平台（也就是我們推出的新平台）再次實現了三位數的成長。因此，我們確實預計它會反彈。正如我在之前的評論中所說，我們也有一些新的介紹，將在下週左右推出，所以你會看到。因此，我們對未來幾季的路由效能感到非常滿意。

From a security perspective, I think that the team has done a great job. They've integrated the Sourcefire malware capabilities into our firewalls and into some of our routing platforms. So, they've done the hard integration work.

從安全角度來看，我認為該團隊做得非常出色。他們將 Sourcefire 惡意軟體功能整合到我們的防火牆和一些路由平台中。所以，他們已經完成了艱苦的整合工作。

Last quarter we added over 2,000 new AMP customers, which is the advanced malware solution. We now have over 8,000 customers there. The revenue grew 7% but our deferred grew 31% as they continue to transition the business to more of a software and subscription. The team's pretty confident in the second half of the year we can be back in the mid to high teens from a revenue growth in security.

上個季度，我們增加了 2,000 多名新的 AMP 客戶，這是一種先進的惡意軟體解決方案。我們現在在那裡有超過 8,000 名客戶。收入成長了 7%，但隨著他們繼續將業務轉向軟體和訂閱，我們的遞延業務成長了 31%。團隊非常有信心，今年下半年我們的安全收入成長將回到十五六成左右的水平。

The next question comes from Brent Bracelin with Pacific Crest.

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

I'll squeeze in two and we'll go from there. Chuck, for you, real quickly, APAC growth 3%. That's the best growth rate we've seen in two years. What's driving the reversal in APAC relative to orders this quarter?

我會擠進兩個人然後我們從那裡出發。查克，對你來說，亞太地區成長率非常快，為 3%。這是我們兩年來看到的最佳成長率。本季亞太地區訂單出現逆轉的原因是什麼？

And then, Kelly, if you could talk a little bit more about this shift to software subscription accelerating. What does that mean from a revenue growth standpoint for your guide? And obviously with op margins at the highest in nine years, what does that mean from an op margin perspective?

然後，凱利，你能不能再多談談軟體訂閱加速轉變的情況。從收入成長的角度來看，這對您的指南意味著什麼？顯然，營業利潤率達到了九年來的最高水平，從營業利潤率的角度來看，這意味著什麼？

You take it, Kelly, on the numbers and then I'll give some color around Asia.

凱利，你先看數字，然後我會給出一些有關亞洲的情況。

Absolutely. If I just hit the software subscription one, this is a big focus of us, both from the acquisitions that we're doing -- as you see, most of those have been SaaS businesses or software businesses -- as well as internal development. We've really been focused on driving our software and enterprise agreements across the board. And I think you're seeing that translate on to our balance sheet that we will benefit from.

絕對地。如果我只談軟體訂閱，這是我們關注的重點，無論是從我們正在進行的收購中——正如你所見，其中大多數是 SaaS 業務或軟體業務——還是內部開發。我們一直致力於全面推動我們的軟體和企業協議。我想您會看到這一點體現在我們的資產負債表上，我們將從中受益。

When I look at the amount of our revenue coming off the balance sheet on the product side, it continues to increase, and that's how we're driving all our business units, to continue to find those and build those solutions. I'd say Meraki is a good example in our cloud networking group where basically one-third of their business gets deferred the way they sell their solution. We're going to see more and more of that as we go forward and we'll see the benefit of that not only on more predictable revenue but also strong margins.

當我查看資產負債表上產品方面的收入時，它還在持續成長，這就是我們推動所有業務部門繼續尋找並建立這些解決方案的方式。我想說 Meraki 是我們雲端網路集團的一個很好的例子，基本上他們的三分之一的業務因其銷售解決方案的方式而被推遲。隨著我們不斷前進，我們將會看到越來越多這樣的情況，我們將看到它帶來的好處不僅是更可預測的收入，還有強勁的利潤率。

I'd say on the operating margin, to address that, again it was a great quarter for operating margin. I would say we talked about the benefit we're seeing on gross margins. We are being disciplined to make the right tradeoffs. We're going to fluctuate always between quarters but we are, again, driving for that profitable growth, and we are looking relentlessly for efficiencies so we can fund the investment into the internal R&D and go to market.

我想說的是，就營業利潤率而言，這又是一個營業利潤率很高的季度。我想說我們談論了我們看到的毛利率的好處。我們正在嚴格遵守紀律，做出正確的權衡。我們各季度之間的業績總是會波動，但我們仍在努力實現盈利性成長，並不斷追求效率，以便為內部研發投資提供資金並進入市場。

And, Brent, you indirectly asked so I'm going to give a little color on what we see going on in Asia. It's really a mixed story from just a performance perspective. China, we have been working and investing in for years and we have been very focused over the last few years. We actually had a very strong quarter in China from an orders perspective, growing over 40% this quarter.

布倫特，你間接地問了這個問題，所以我將稍微介紹一下我們在亞洲看到的情況。僅從表演角度來看，這確實是一個複雜的故事。我們多年來一直在中國開展工作和投資，過去幾年我們一直非常關注中國。從訂單角度來看，我們本季在中國的表現非常強勁，成長了 40% 以上。

Likewise in India where we've been focused on a lot of country digitization efforts there with the Prime Minister and many of the ministries. They really see the value of technology and what it can do for their country. It too was up over 40%.

同樣，在印度，我們與總理和許多部會一起致力於國家數位化工作。他們確實看到了科技的價值以及它能為國家帶來什麼。它也上漲了 40% 以上。

Then when you look at the rest of Asia it was a real challenge. I believe it was negative 8% for the rest. We did see some uncertainty creep in relative to those countries, particularly who had trading relationships with China. And also we saw the ripple through effect of the China currency devaluation, predominantly, or let me say, we saw it in some of the Asia countries in particular because they have such trading relationships.

當你看看亞洲其他地區時，這是一個真正的挑戰。我相信其餘的都是負8%。我們確實看到這些國家出現了一些不確定性，特別是那些與中國有貿易關係的國家。我們也看到了人民幣貶值的連鎖反應，主要是，或者說，我們在某些​​亞洲國家尤其看到了這種影響，因為它們有這樣的貿易關係。

Next question comes from Jeff Kvaal with Nomura Securities International.

下一個問題來自野村證券國際的 Jeff Kvaal。

Thanks very much. I wanted to throw my two in, as well. Chuck, maybe this is less of a question than giving you an opportunity to talk about the second half. It sounds like you have a few irons in the fire that you're excited about. I'm cognizant that new product introductions usually take two-plus quarters to get going. So, I imagine there's something else up your sleeve there a little bit.

非常感謝。我也想把我的兩個也丟進去。查克，也許這與其說是一個問題，不如說是給你一個機會來談論下半場。聽起來你正在做幾件讓你興奮的事。我知道新產品的推出通常需要兩個多季度的時間才能開始。所以，我想你肯定還有其他的打算。

And then, Kelly, I was wondering, could you help us perhaps understand a little bit in more detail the impact of the mixed shift to subscription billing, how much that is costing you in terms of revenue growth, and when you think that it may normalize so that the revenue growth matches the deferred revenue growth? Thanks.

然後，凱利，我想知道，您能否幫助我們更詳細地了解一下混合轉向訂閱計費的影響，這對您的收入增長造成了多少損失，以及您認為什麼時候可以正常化，以便收入增長與遞延收入增長相匹配？謝謝。

Hi Jeff. On the second half, my position right now is that I feel like we're incredibly well positioned, particularly relative to the things we control in our portfolio. I've stated that I think that inflection point in our data center switching, which has been a challenge for us for many quarters, we believe that will happen in the second half of the year. We've got new product introductions coming out across security, data center, as well as routing and others. So, there's probably more innovation pipeline than we've seen in quite a while.

你好，傑夫。關於下半年，我現在的立場是，我覺得我們處於非常有利的位置，特別是相對於我們在投資組合中控制的東西。我曾說過，我認為我們的資料中心轉換的轉折點將在今年下半年出現，這對我們過去多個季度來說都是一個挑戰。我們推出了涉及安全、資料中心以及路由等領域的新產品。因此，我們可能看到的創新管道比過去相當長一段時間還要多。

I mentioned earlier that our team's pretty confident that our security business from a revenue perspective will get back into the mid teens in the second half of the year. And, frankly, we believe that some of the acquisition activity as well as the strategic partnerships could show up and begin to contribute positively, perhaps some time in the second half of the year. So, I am cautiously optimistic and I just feel like we're well positioned relative to our portfolio and what we control.

我之前提到過，我們的團隊非常有信心，從收入角度來看，我們的安全業務將在下半年恢復到十五六歲的水平。坦白說，我們相信一些收購活動以及策略合作夥伴關係可能會出現並開始產生積極影響，也許是在今年下半年的某個時候。因此，我持謹慎樂觀的態度，我只是覺得相對於我們的投資組合和我們所控制的資產，我們處於有利地位。

And to the second part there on how to think about the subscription software part of the business, I would say you're going to see it a couple ways. I think the amount that we see translate onto our income statement or amortize off on the product side is just going to continue to accelerate. It's been growing in the 15% to 20% every quarter. And that's just going to continue as we look forward because we are growing our SaaS businesses, we are adding to our SaaS businesses with acquisitions.

對於第二部分關於如何看待業務的訂閱軟體部分，我想說你會從幾個角度來看待它。我認為，我們看到的轉化為損益表或在產品方面攤銷的金額將繼續加速成長。每季的成長率都在15%到20%左右。展望未來，這種情況將會持續下去，因為我們正在發展我們的 SaaS 業務，我們正在透過收購來擴大我們的 SaaS 業務。

And I'd say on the other parts of our business that hasn't traditionally been monetizing through software or licenses, we're coming up with all kinds of different offers that our customers are interested in. So, I'd say we're going to see both the balance sheet deferred side grow. It will continue to be a larger part of our product revenue, growing double digits.

我想說的是，在我們業務的其他部分，傳統上不是透過軟體或許可證來實現貨幣化的，我們正在推出客戶感興趣的各種不同的優惠。所以，我想說我們將看到資產負債表遞延部分的成長。它將繼續成為我們產品收入中更大的一部分，並實現兩位數的成長。

But it's still in the 5% to 6% range as of right now on our product revenue. But that will grow in double digits going forward for many quarters.

但截至目前，我們的產品收入仍處於 5% 至 6% 的範圍內。但未來許多季度，這一數字仍將維持兩位數成長。

Your next question comes from Simon Leopold with Raymond James & Associates.

您的下一個問題來自 Raymond James & Associates 的 Simon Leopold。

Hi this is Victor Chu in for Simon Leopold. I'd like to ask about trends in the public cloud migrations. Some of the networking names that we follow have recently begun to flag the migration of applications from enterprise data centers to the public cloud as a secular headwind to their core business. Can you speak to the trends that you've observed and how that's impacting Cisco or how you envision that impacts your results going forward?

大家好，我是 Victor Chu，取代 Simon Leopold。我想問一下公有雲遷移的趨勢。我們關注的一些網路公司最近開始將應用程式從企業資料中心遷移到公有雲視為其核心業務的長期阻力。您能否談談您觀察到的趨勢以及這些趨勢對思科的影響，或者您預計這些趨勢將如何影響您未來的表現？

Victor, thank you. That's a great question. The way we see it is that our customers, we believe, are really committed to a hybrid cloud model. They see work loads that make tremendous sense to be in the full cloud. And then there are mission-critical high-performance applications that they will continue to run in a private cloud. And we believe that we can provide the bridge for those customers.

維克多，謝謝你。這是一個很好的問題。我們的看法是，我們相信我們的客戶確實致力於混合雲端模型。他們認為將工作負載完全轉移到雲端非常有意義。然後，他們將繼續在私有雲中運行任務關鍵型高效能應用程式。我們相信我們可以為這些客戶提供橋樑。

I think if you look at our UCS growth and you look at our next-gen data center growth, that would suggest that customers are still building out data centers and still building out private cloud to take advantage of the requirements they have in high-performance applications, security, mission-critical nature. We think it's going to be both. And we have a strategy that not only is focused on providing the best infrastructure that we can to those public and service providers who are providing web and cloud services, as well as a private cloud. As well as the elements of our portfolio where it makes sense to be delivered as a cloud service, we will continue to make those moves like we have with Meraki as well as security as well as collaboration.

我認為，如果你看看我們的 UCS 成長和下一代資料中心的成長，就會發現客戶仍在建立資料中心和私有雲，以滿足他們在高效能應用程式、安全性和關鍵任務性質方面的要求。我們認為兩者皆有。我們的策略不僅致力於為提供網路和雲端服務以及私有雲的公共和服務提供者提供最佳的基礎設施。除了我們的產品組合中適合以雲端服務形式交付的元素之外，我們還將繼續採取類似 Meraki 以及安全性和協作方面的舉措。

Next question comes from Tim Long with BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Tim Long。

Thank you. Just to head back to switching for a minute. A two-parter. On the campus side, it sounds like that was pretty strong in the quarter, as well. What are you seeing? Is it Wi-Fi? What are you seeing drive that and how sustainable do you think it is?

謝謝。只需稍微回過頭來切換一下。分為兩部分。從校園方面來看，本季的表現似乎也相當強勁。你看到了什麼？是 Wi-Fi 嗎？您認為是什麼推動了這個趨勢？您認為這趨勢的可持續性如何？

And then on the data center side it sounds like regaining some market share there. What do you think is helping with the greater-than-industry growth rate that you're seeing currently from the likes of the 3K, the 9K, and ACI? Is it platform? Is it performance? What do you think is driving that? Thank you.

然後在資料中心方面，聽起來好像重新獲得了一些市場份額。您認為是什麼因素促成了 3K、9K 和 ACI 等產品目前高於產業的成長率？是平台嗎？這是表演嗎？您認為是什麼原因導致這現象的發生？謝謝。

Tim, thanks for the questions. In the campus environment we've seen several drivers over the last few quarters -- this whole move to the internet-of-things and the connectivity of more and more devices, some of which are connected, hard-wired, others which are just increasing the wireless spectrum and the bandwidth required; the transition in the wireless access to higher speeds like 802.11ac; as well as the strength we've seen in our video end point business also translates through to, in many cases, refreshes of the networking infrastructure.

提姆，謝謝你的提問。在校園環境中，我們在過去幾個季度看到了幾個驅動因素——整個向物聯網的轉變以及越來越多設備的連接，其中一些設備是連接的、硬連線的，另一些只是增加了無線頻譜和所需的頻寬；無線接入向 802.11ac 等更高速度的轉變；我們在視頻業務中看到的優勢在許多終端設施中也轉化為網路基礎設施的更新。

And then, finally, I think we see customers who are trying to beef up their security and are looking at some of the features that we can build into our campus platforms to increase their security. So, so those are some the drivers we see there.

最後，我認為我們看到客戶正在試圖加強他們的安全性，並正在研究我們可以在校園平台中建立的一些功能，以提高他們的安全性。所以，這些就是我們在那裡看到的一些驅動因素。

When I look at the data center, I think, frankly, the teams have just built an incredible architecture. It is built to really lower the operating costs and increase our customers' ability to implement policy in the data center in an automated way. I think they've also built incredible high-performance platforms and have given the customer the choice of both merchant as well as high-performance ASICs. And I think that the customers are seeing it.

當我看到資料中心時，坦白說，我認為團隊剛剛建立了一個令人難以置信的架構。它的建立是為了真正降低營運成本並提高客戶以自動化方式在資料中心實施政策的能力。我認為他們還建立了令人難以置信的高效能平台，並為客戶提供了商用和高效能 ASIC 的選擇。我認為顧客也看到了這一點。

In the 9K, we added another 900 customers in the quarter. And we're now over 5,000 customers with our Nexus 9K, and it's the fastest ramping data center product that we've ever had. I think that it's a testament to what the teams have built.

在 9K 中，我們在本季又增加了 900 名客戶。現在我們的 Nexus 9K 客戶已經超過 5,000 家，它是我們迄今為止成長最快的資料中心產品。我認為這是團隊所取得成就的證明。

Next question comes from Jayson Noland with Robert W. Baird.

下一個問題來自 Robert W. Baird 的 Jayson Noland。

Okay, great, thank you. Chuck, I wanted to ask you to comment on the storage market given the acquisition of EMC or the planned acquisition of EMC. Do you need to own storage IP? Or maybe the better questions is, does it make sense for Cisco to own some storage IP given the pace of innovation in storage and your success with UCS? Or is status quo the best plan forward from here?

好的，太好了，謝謝。查克，我想請您對收購 EMC 或計劃收購 EMC 後儲存市場做出評論。您需要擁有自己的儲存IP嗎？或者更好的問題是，考慮到儲存創新的速度和您在 UCS 方面的成功，思科擁有一些儲存 IP 是否有意義？或者說，維持現狀就是目前最好的計畫？

Yes, Jason, thanks for the question. As we look at the future and we look across our entire portfolio candidly, we are assessing what our customers need from us and what solutions they like to see from us. And then we will leverage R&D, we'll leverage M&A, we'll leverage co-development, we'll leverage strategic partnerships. We will move on any one of those fronts across any area that we need to fulfill the solutions that our customers are looking for.

是的，傑森，謝謝你的提問。當我們展望未來並坦誠地審視我們的整個產品組合時，我們正在評估客戶需要我們提供什麼以及他們希望從我們提供哪些解決方案。然後，我們將利用研發、併購、共同開發和策略合作夥伴關係。我們將在任何領域中的任何一個方面採取行動，以滿足客戶所尋求的解決方案。

Specifically the area you asked about to date, a partnering strategy has been sufficient for what we need. But you can assume that we're constantly looking at that and other areas and what we need to add to our portfolio. And then we determine whether we're going to do it via acquisition or partnership. Our partnerships so far with IBM, Hitachi, EMC, NetApp, et cetera, have been very positive for us, as you can see through our UCS ramp over the years.

具體來說，就您所詢問的領域而言，迄今為止，合作策略足以滿足我們的需求。但你可以假設我們一直在關注這個領域和其他領域以及我們需要添加到我們的投資組合中的內容。然後我們決定是否透過收購或合作來實現這一目標。到目前為止，我們與 IBM、日立、EMC、NetApp 等公司的合作對我們非常有利，正如您從我們多年來的 UCS 成長中所看到的那樣。

Next question comes from Paul Silverstein with Cowen and Company.

下一個問題來自 Cowen and Company 的 Paul Silverstein。

Thanks. Chuck, you mentioned that your largest webscale customers were up by over 20% again this quarter. It implies that's been the historical trend, but that's the question. What that been the historical trend? Is that the right number? -- if you'd give us insight on that.

謝謝。查克，您提到本季您最大的網路規模客戶數量再次成長了 20% 以上。這意味著這是歷史趨勢，但這就是問題所在。歷史趨勢是怎樣的？這個數字正確嗎？——如果您能就此給我們一些見解的話。

And then I've got a question about OpEx as a percentage of revenue going forward for Kelly. What we should expect? Is there more you could do in terms of further improvement?

然後我有一個問題，關於凱利未來營運支出佔收入的百分比。我們該期待什麼？在進一步改進方面您還可以做更多嗎？

And, finally, just quickly, employee turnover, both desirable and not desirable, can you update us on that? Thank you.

最後，簡單說一下員工流動率，無論是理想的還是不理想的，可以告訴我們最新情況嗎？謝謝。

All right, Paul, now you're getting carried away. (laughter) I'm just kidding. Let me take the first one on the webscale side. I think I've talked about it in various forums that we really in the last 12 to 15 months, I think, began to embark on building products and working with the webscale players in a very unique way to make sure that our products really reflected the things that were important to them.

好吧，保羅，現在你有點得意忘形了。（笑聲）我只是在開玩笑。讓我先從網路規模方面談談第一個問題。我想我已經在各種論壇上談論過這個問題，在過去的 12 到 15 個月裡，我們開始著手建立產品，並以一種非常獨特的方式與網路規模參與者合作，以確保我們的產品真正反映出對他們來說重要的事情。

We've only talked about our growth there for the last couple of quarters. We haven't really focused on it for awhile but I'll tell you that it's really in the last year and a half when we really got, I think, serious with them about building the solutions that they really are looking for. And I think the growth that we're seeing right now, as well as some of the co-development that you're going to see coming out, is reflective of that focus. Kelly, on the OpEx?

我們只談論了過去幾個季度的成長情況。我們已經有一段時間沒有真正關注這個問題了，但我要告訴你，在過去的一年半里，我們才真正認真地與他們合作，建立他們真正需要的解決方案。我認為我們現在看到的成長以及您將要看到的一些共同發展都反映了這一重點。凱利，關於 OpEx 嗎？

On the OpEx, Paul, we are obviously driving that hard and managing it well. I will say, though, just in full disclosure, as you would expect much of the FX headwinds we're feeling on the top line we are benefiting from on the OpEx side as well, right? So, we're balancing both of those things. And for this quarter it was a couple hundred million dollars.

保羅，在營運支出方面，我們顯然正在努力推動並管理得很好。不過，我要說的是，正如您所預料的那樣，我們在營業收入方面感受到的外匯逆風大部分也使我們在營運支出方面受益，對嗎？所以，我們正在平衡這兩件事。本季度，這一數字已達數億美元。

I'd say that we will make the tradeoffs on OpEx to balance what the business is facing on margins and top line and everything else, but, because we are being very focused on where we're putting those investment dollars, to make sure we are putting the R&D dollars on where the innovation is. I think what you can take away is the OpEx as a percentage might change as currency changes but we will manage within there very tightly and disciplined in terms of balancing it with the rest of the business.

我想說，我們將在營運支出上做出權衡，以平衡企業在利潤率、營業收入和其他所有方面所面臨的問題，但是，因為我們非常關注投資資金的投入，以確保我們將研發資金投入創新的地方。我認為，你可以得出的結論是，營運支出的百分比可能會隨著貨幣的變化而變化，但我們會非常嚴格地管理它，並嚴格遵守紀律，以平衡其他業務。

Next question comes from George Notter with Jefferies.

下一個問題來自 Jefferies 的 George Notter。

Hi. Thanks very much, guys. Earlier you gave a customer count number on the Nexus 9000. I was curious about the ACI version of that product. It's a number I think you've given in the past.

你好。非常感謝，大家。之前，您在 Nexus 9000 上給出了客戶數量。我對該產品的 ACI 版本很好奇。我認為您以前曾經給出過這個數字。

And then and also I wanted to dig down into currency a little bit more. Kelly, I think you gave a nice comment on the translation impact on currency. I think there was some comments about Asia and some of the transactional impact, as well.

然後，我還想更深入地研究一下貨幣。凱利，我認為你對翻譯對貨幣的影響給了很好的評論。我認為也有一些關於亞洲和一些交易影響的評論。

But, just digging into your numbers historically, particularly on the BRIC countries, I get the sense that the BRIC countries, some of them, like Brazil and Russia, where you've had a real severe impact, you've seen the big down comparisons for a period of time now. I'm wondering, do you hit a bottom in some of those areas of the world and the foreign exchange currency impact starts to come off over time? How big is the impact and when does it come off, is the question?

但是，只要深入研究你們的歷史數據，特別是金磚國家的數據，我感覺金磚國家，其中一些國家，比如巴西和俄羅斯，受到了你們的嚴重影響，一段時間以來，這些國家的GDP增速一直大幅下降。我想知道，世界上某些地區的經濟是否已經觸底，外匯貨幣影響是否隨著時間的推移開始消退？問題是，影響有多大，什麼時候會出現？

For sure, the impact that we can see in the countries where we sell in local currency -- which is only a few countries -- is about 2 points. For all of the other countries, including the emerging markets and Europe, it's hard for us, because we sell in dollars, to really quantify the impact. But there's certainly impact on demand.

可以肯定的是，我們在以當地貨幣銷售的國家（只有少數國家）看到的影響大約是 2 個點。對於包括新興市場和歐洲在內的所有其他國家，我們很難真正量化其影響，因為我們以美元進行銷售。但這肯定會對需求產生影響。

You're right about Brazil and Russia. They have been challenged for some time. I think that the growth in our emerging being up 11% is largely driven by the strength of India and Mexico, which have been very strong for the last five quarters, and now adding on to that China was having broad-based strength is really driving that back up.

您對巴西和俄羅斯的看法是正確的。他們已經面臨挑戰有一段時間了。我認為，新興市場成長 11% 主要是受到印度和墨西哥強勁成長的推動，這兩個國家在過去五個季度一直表現強勁，再加上中國經濟的全面強勁，才真正推動了新興市場的成長。

If I back out those BRICM countries, the rest of the emerging markets are, I would say, not really growing. They are flattish to up to 3% when I exclude the BRICM countries because they are feeling that impact, I would say, of currency. And I think there's still the uncertainty with if the US raises interest rates, what that will further do to US dollar strength.

如果我不考慮金磚國家，我想說，其他新興市場實際上並沒有成長。當我將金磚國家排除在外時，它們的成長率將穩定在 3% 左右，因為它們感受到了貨幣的影響。我認為，如果美國提高利率，這將對美元走強產生什麼影響，仍然存在不確定性。

It's tough to have the full view quantification of it but we do think if the rates stayed where they are today it might get a little easier of a head wind, as we move forward through the year. And now it's just, I think, the uncertainty enterprises are feeling as well as interest rates uncertainty going forward.

很難對其進行全面量化，但我們確實認為，如果利率維持在今天的水平，那麼隨著我們在今年向前推進，逆風可能會變得更容易一些。而現在，我認為，企業感受到的只是不確定性，以及未來利率的不確定性。

And, George, let me circle back to the first question you asked on the ACI. I think you asked the ACI version of the 9K. I think where we are focused right now is actually looking at customers who are deploying ACI in general, so let me give you that data point.

喬治，讓我回到你關於 ACI 提出的第一個問題。我認為您問的是 9K 的 ACI 版本。我認為我們現在關注的重點實際上是專注於那些正在部署 ACI 的客戶，所以讓我為你提供這個數據點。

We added 200 more APIC customers, which are those customers that are deploying the policy engine that takes advantage of ACI. And we're over 1,100 customers now that have the APIC. That's the number that I think you were looking for.

我們增加了 200 個 APIC 客戶，這些客戶正在部署利用 ACI 的策略引擎。現在我們有超過 1,100 名客戶擁有 APIC。我認為這就是您要找的號碼。

All right, Chuck, I think that was our last question. Do you want to close?

好的，查克，我想這是我們的最後一個問題。您想關閉嗎？

First of all, I want to thank everyone for spending time with us today. I would close by highlighting three things. The first, I really believe that we are executing incredibly well in a somewhat challenging market.

首先，我要感謝大家今天抽出時間與我們在一起。最後我想強調三件事。首先，我確實相信，在這個充滿挑戰的市場中，我們的表現非常出色。

The second is we had very strong execution in our results in Q1. We have solid growth for Q2. And we feel like we're very well positioned again for the second half of the year.

第二，我們第一季的業績執行得非常強勁。我們第二季度實現了穩健的成長。我們感覺我們為今年下半年做好了非常有利的準備。

The third is we will continue to move very fast in positioning ourselves for future growth opportunities. And I feel very good about how we're positioned in general. Thank you for spending time with us today and look forward to talking to many of you soon.

第三，我們將繼續快速行動，為未來的成長機會做好準備。我對我們的整體定位感到非常滿意。感謝您今天抽出時間與我們在一起，並期待很快與您交談。

Great, thanks. Cisco's next quarterly call, which will reflect our FY16 second-quarter results, will be on Wednesday, February 10, 2016 at 1:30 PM Pacific, 4:30 PM Eastern. Again, I'd like to remind you in light of regulation FD, Cisco's policy to not comment on its financial guidance during the quarter unless it's done through an explicit public disclosure. We will now close the call. If you have any further questions please contact the Cisco IR department. Thank you for joining us today.

太好了，謝謝。思科的下一次季度電話會議將於 2016 年 2 月 10 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 2016 財年第二季的業績。再次，我想提醒您，根據公平揭露條例，思科的政策是，除非透過明確的公開揭露，否則不會對其本季的財務指導發表評論。我們現在結束通話。如果您有任何其他問題，請聯絡 Cisco IR 部門。感謝您今天加入我們。

Thank you for participating on today's conference call. If you'd like to listen to the call in its entirety, you may call 1-800-835-5808. For participants dial from outside the US please dial 1-203-369-3353. 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 1-800-835-5808。對於從美國境外撥打電話的參與者，請撥打 1-203-369-3353。今天的會議到此結束。您現在可以斷開連線。