思科 (CSCO) 2016 Q2 法說會逐字稿

Welcome to Cisco Systems second-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. Now, I would like to introduce Marilyn Mora, Head of Investor Relations. Ma'am, you may begin.

歡迎參加思科系統第二季及 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。如果有異議可以斷開連接。現在，我想介紹投資者關係主管瑪麗蓮莫拉 (Marilyn Mora)。女士，您可以開始了。

Thanks, Kim. Welcome, everyone, to Cisco's second-quarter FY16 quarterly conference call. This is Marilyn Mora, Head of Investor Relations. I am joined by Chuck Robbins, our CEO; and Kelly Kramer, our CFO.

謝謝，金。歡迎大家參加思科 2016 財年第二季電話會議。我是投資者關係主管瑪麗蓮莫拉 (Marilyn Mora)。和我一起參加的還有我們的執行長查克羅賓斯 (Chuck Robbins)；以及我們的財務長凱利克萊默 (Kelly Kramer)。

By now, you should have seen our earnings press release. A corresponding webcast with slides including supplemental information will be available on our website in the investor relations section following the call.

現在，您應該已經看到我們的收益新聞稿了。電話會議結束後，我們的網站投資者關係部分將提供相應的網路廣播和幻燈片（包括補充資訊）。

Income statements, full GAAP to non-GAAP reconciliation information, balance sheets, cash flow statements, and other financial information can also be found on the financial information section of our investor relations website. Throughout this call, we will be referencing both GAAP and non-GAAP 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.

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 GAAP 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 will be discussing today include forward-looking statements including the guidance we will be providing for the third quarter. They are subject to the risks and uncertainties that we will discuss in detail in our documents filed with the SEC, specifically the most recent reports on Forms 10-K and 10-Q 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 the quarter unless it is done through an explicit public disclosure.

我們今天將討論的事項包括前瞻性陳述，其中包括我們將為第三季度提供的指導。它們受到風險和不確定性的影響，我們將在提交給美國證券交易委員會的文件中詳細討論這些風險和不確定性，特別是最新的 10-K 和 10-Q 表格報告，這些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。

Please note that during Q2 on November 20, we completed the sale of the customer premises equipment portion of our SP video-connected devices business to Technicolor. As such, all of the revenue, non-GAAP, and product orders information we will be discussing is normalized to exclude the SP video CPE business from both the Q2, FY16, and historical results. We have provided Q2 FY16 and historical financial information for the SP video CPE business in the slides that accompany this call and on our website to help to understand these impacts. As a reminder, the guidance we provided during our Q1 earnings call and today's call have been normalized in the same way.

請注意，在 11 月 20 日的第二季度，我們完成了將 SP 視訊連接設備業務的用戶端設備部分出售給 Technicolor 的交易。因此，我們將討論的所有收入、非 GAAP 和產品訂單資訊均已標準化，以將 SP 視訊 CPE 業務從 2016 財年第二季和歷史業績中排除。我們在本次電話會議附帶的幻燈片和我們的網站上提供了 SP 視訊 CPE 業務的 2016 財年第二季度和歷史財務信息，以幫助理解這些影響。提醒一下，我們在第一季財報電話會議和今天的電話會議上提供的指導已經以相同的方式標準化。

With that, I would like to go ahead and turn it over to Chuck.

說完這些，我想繼續將發言權交給查克。

Thanks, Marilyn. We delivered a strong Q2 in a challenging macro environment. Recently, we've experienced one of the most volatile times in the global markets. This volatility led to a slowdown in spending impacting our business especially during the last few weeks of January as we closed our quarter. Despite this slowdown, we executed very well with total revenue growth of 2% and non-GAAP EPS growth of 8%, strong margins and operating cash flow up 36%.

謝謝，瑪麗蓮。在充滿挑戰的宏觀環境下，我們取得了強勁的第二季業績。最近，我們經歷了全球市場最動盪的時期之一。這種波動導致支出放緩，對我們的業務產生了影響，尤其是在我們結束本季的一月最後幾週。儘管出現這種放緩，但我們的表現仍然非常出色，總收入增長了 2%，非 GAAP 每股收益增長了 8%，利潤率強勁，經營現金流增長了 36%。

Our ability to deliver strong profitability in a challenging environment reflects the operating leverage we have created in our business over the last several years. Our portfolio is more strategic than ever to Companies and countries that are digitizing everything. As billions of things become connected creating massive amounts of data, Cisco is playing an increasingly critical role enabling our customers to drive their priorities with industry-leading security.

我們在充滿挑戰的環境中實現強勁盈利的能力反映了我們在過去幾年中在業務中創造的經營槓桿。對於那些正在將一切數位化的公司和國家來說，我們的產品組合比以往任何時候都更具策略性。隨著數十億事物互聯並產生大量數據，思科正發揮著越來越重要的作用，使我們的客戶能夠透過業界領先的安全性來推動他們的優先事項。

Cisco is unique in our ability to connect everything for our customers from the sensor to the data center with security and analytics. As a result, our conversations are no longer just in IT. They have become prevalent in the C-suite and the boardroom.

思科的獨特之處在於我們能夠為客戶連接一切，從感測器到資料中心，並提供安全性和分析功能。因此，我們的談話不再僅限於 IT 領域。它們在高階主管和董事會中已經變得十分流行。

When I took this role two quarters ago, I discussed my focus on accelerating our innovation engine and portfolio transformation to execute on the opportunity ahead of us. I believe we are executing well, and I would like to highlight our momentum in four key areas.

兩個季度前，當我擔任這個職位時，我討論瞭如何專注於加速我們的創新引擎和投資組合轉型，以抓住我們面臨的機會。我相信我們執行得很好，我想強調我們在四個關鍵領域的發展勢頭。

First, we are defining the next generation of networking, beginning with the data center with our ACI platform providing the automation and programmability for our customers most critical business applications with the scale, speed, and security they require. In just two years, we have built ACI to a $2 billion run rate business that grew once again last quarter over 100%. We are aggressively focused on winning in the 10-gig, 40-gig and 100-gig transition and firmly establishing our leadership in the next-generation data center.

首先，我們正在定義下一代網絡，從資料中心開始，我們的 ACI 平台為客戶最關鍵的業務應用程式提供自動化和可程式性，並滿足他們所需的規模、速度和安全性。在短短兩年內，我們已將 ACI 打造為營業額達 20 億美元的企業，上個季度其成長率再次超過 100%。我們積極致力於贏得 10 GB、40 GB 和 100 GB 的轉型，並牢固確立我們在下一代資料中心的領導地位。

Second, security remains the most critical priority for our customers, and as everything connects, it makes the network even more relevant. As the largest security provider, we have been focused on driving the growth of this business while at the same time migrating our model from a primarily hardware business to a software and services business. In Q2, not only did our security business grow 11%, but our security-deferred revenue grew 26%.

其次，安全仍然是我們客戶最優先考慮的事情，隨著萬物互聯，網路變得更加重要。作為最大的安全供應商，我們一直專注於推動這項業務的成長，同時將我們的模式從主要的硬體業務轉變為軟體和服務業務。在第二季度，我們的安全業務不僅成長了 11%，而且我們的安全遞延收入也成長了 26%。

Third, we saw double-digit growth in our cloud-based SaaS businesses, specifically WebEx, Meraki cloud networking, and security. You are seeing us move more of our portfolio to be delivered in both on-premise and cloud-based models, and we are aggressively driving this transition.

第三，我們的基於雲端的 SaaS 業務實現了兩位數成長，特別是 WebEx、Meraki 雲端網路和安全性。您將看到我們將更多的產品組合轉向以內部部署和基於雲端的模式交付，並且我們正在積極推動這一轉變。

And, fourth, we are using M&A to augment our internal innovation in key growth areas. In the last 12 months, we have added critical capabilities and talent in the growth areas of cloud, security, SaaS, IoT, and analytics.

第四，我們正在利用併購來增強關鍵成長領域的內部創新。在過去的 12 個月中，我們在雲端、安全性、SaaS、物聯網和分析等成長領域增加了關鍵能力和人才。

Our recently-announced acquisition of Jasper, combined with our other capabilities, is a strong example of how we will play a unique and strategic role in unlocking the value of IoT. We will enable our customers to monetize the data from the billions of sensors and connections with the security, speed, and reliability they have come to expect from Cisco. Our momentum reflects the uniqueness of our business model and our ability to weather volatility while accelerating innovation in key markets to drive our long-term growth.

我們最近宣布收購 Jasper，結合我們的其他能力，有力地證明了我們將如何在釋放物聯網價值方面發揮獨特的戰略作用。我們將協助客戶將數十億感測器和連接的資料貨幣化，同時確保思科提供的安全性、速度和可靠性。我們的勢頭反映了我們商業模式的獨特性和我們抵禦波動的能力，同時加速關鍵市場的創新以推動我們的長期成長。

Now, I will turn it over to Kelly to walk through more detail on our financials.

現在，我將把時間交給凱利來詳細介紹我們的財務狀況。

Thanks, Chuck. I am pleased with our continued execution on our financial strategy of delivering profitable growth, managing our portfolio and strategic investments, and delivering shareholder value.

謝謝，查克。我很高興我們繼續執行我們的財務策略，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。

Starting with delivering profitable growth, total revenue was $11.8 billion, up 2% with product revenue growth of 2% led by growth in security, routing, and collaboration. In switching, as Chuck mentioned, we are driving the next-generation data center architectures and are very pleased with our ACI momentum. The 4% decline in switching was largely driven by macro weakness in our campus business something that we have observed in the past during volatile times as customers pause spending decisions.

從實現獲利成長開始，總收入達到 118 億美元，成長 2%，其中產品收入成長 2%，主要得益於安全、路由和協作的成長。在交換方面，正如 Chuck 所提到的，我們正在推動下一代資料中心架構，並且對我們的 ACI 發展勢頭感到非常滿意。轉換量下降 4% 主要是由於校園業務的宏觀疲軟所致，我們在過去動盪時期觀察到了這種情況，因為客戶會暫停支出決策。

We saw our routing business grow 5%, driven by double-digit growth in our CRS platforms with particular strength in mobility and web-scale service providers. Collaboration grew 3%, driven by a 17% growth in WebEx, partially offset by some slowdown in our unified communications business. Deferred revenues showed continued strength growing 15%.

我們的路由業務成長了 5%，這得益於我們的 CRS 平台的兩位數成長，尤其是在行動和網路規模服務供應商方面的優勢。協作業務成長了 3%，這得益於 WebEx 成長了 17%，但統一通訊業務的放緩部分抵消了這一成長。遞延收入持續保持強勁成長，成長了 15%。

Our data center decline of 3% was also driven by a slowdown in spend. In addition, we have tough comparisons from Q2 2015 when revenue grew 40%. UCS continues to be a strong franchise for us and is a foundational piece of our next-generation data center stack.

我們的資料中心下滑 3% 也是因為支出放緩所致。此外，我們與 2015 年第二季的營收成長 40% 進行了嚴格的比較。UCS 繼續成為我們的強大特許經營權，並且是我們下一代資料中心堆疊的基礎部分。

Wireless was flat as result of declines in our access [plane] controller business offset by strong growth in our cloud-based Meraki platform. SP video grew 37% larger driven by strength in China. Security grew 11% with deferred revenue growth of 26%.

由於接入[平面]控制器業務的下滑，但被基於雲端的 Meraki 平台的強勁成長所抵消，無線業務表現持平。受中國市場強勁推動，SP 視訊成長了 37%。安全業務成長 11%，遞延收入成長 26%。

We had strong growth in our advanced threat security and web security solutions which grew over 180% and 40%, respectively. We added over 2,000 customers on our amp advanced malware solution bringing the total customer base to over 10,000. Services revenue grew 3%, and we continued to show very good progress against our goal of driving more recurring revenue.

我們的進階威脅安全和網路安全解決方案實現了強勁成長，分別成長了 180% 以上和 40%。我們的 amp 高級惡意軟體解決方案新增了 2,000 多名客戶，使總客戶群超過 10,000 名。服務收入成長了 3%，我們在實現更多經常性收入的目標方面繼續取得了非常好的進展。

Deferred revenue had a solid growth of 8% in total with product up 11% and service up 7%. The portion of our product-deferred revenue which is related to our recurring software and subscription businesses grew 34%. In total, product orders grew 2%. Our book to bill was approximately 1.

遞延收入整體穩定成長 8%，其中產品收入成長 11%，服務收入成長 7%。與我們的經常性軟體和訂閱業務相關的產品遞延收入部分成長了 34%。整體而言，產品訂單成長了2%。我們的訂單出貨比約為 1。

Looking at our geographies, which is the primary way we run our business, Americas was flat. EMEA declined 1%, and APJC grew 17%. Total emerging markets grew 7% with the BRICs plus Mexico showing strength at up 70%. With China up 64%, and India up 23%. Total emerging minus the BRICM countries was down 3%.

從我們的地理位置來看，這是我們經營業務的主要方式，美洲地區表現平平。歐洲、中東和非洲地區 (EMEA) 下降 1%，亞太及日本地區 (APJC) 成長 17%。新興市場整體成長 7%，其中金磚四國加上墨西哥表現強勁，成長 70%。其中中國上漲64%，印度上漲23%。新興市場國家（不包括金磚國家）整體下降了 3%。

In terms of customer segments, enterprise declined 2%, and commercial grew 4% -- both of which were impacted by macro uncertainty. Public sector was flat, and service provider grew 5%. We drove strong profitability with discipline and rigor on gross margins and operating expense.

從客戶細分來看，企業客戶下降了 2%，商業客戶成長了 4%——兩者都受到了宏觀不確定性的影響。公共部門持平，服務提供者成長 5%。我們嚴格控制毛利率和營運費用，從而實現了強勁的獲利能力。

Non-GAAP gross margin was 64.2% with non-GAAP product gross margin of 63.3%, and non-GAAP service gross margin of 66.7%. Non-GAAP operating expenses were 33% of revenue, and non-GAAP operating margin expanded to 31.2%. We will remain disciplined with our operating expenses and portfolio management.

非公認會計準則毛利率為 64.2%，其中非公認會計準則產品毛利率為 63.3%，非公認會計準則服務毛利率為 66.7%。非公認會計準則營業費用佔收入的33%，非公認會計準則營業利益率擴大至31.2%。我們將嚴格控制營運費用和投資組合管理。

From a profitability perspective, we delivered non-GAAP EPS of $0.57, up 8% with $0.015 attributable to a lower non-GAAP tax rate resulting from the permanent reinstatement of the federal R&D tax credit. From a GAAP perspective, EPS was $0.62.

從獲利能力角度來看，我們實現的非公認會計準則每股收益為 0.57 美元，成長 8%，其中 0.015 美元歸因於聯邦研發稅收抵免的永久恢復導致的非公認會計準則稅率降低。從 GAAP 角度來看，每股收益為 0.62 美元。

In addition to the typical reconciling items between GAAP and non-GAAP EPS, there were three material items to call out which we excluded from our non-GAAP results; The gain on the sale of the SP video CPE business, the impact of the settlement of federal tax audit, and prior-year fiscal-year impact of the reinstatement of the federal R&D tax credit. The total impact of these and other immaterial items was a benefit to GAAP EPS of $0.13. Q2 non-GAAP net income was $2.9 billion, up 8%. GAAP net income was $3.1 billion.

除了 GAAP 和非 GAAP EPS 之間的典型調節項目外，還有三個重要項目需要特別指出，我們將其排除在非 GAAP 結果之外；出售 SP 視頻 CPE 業務的收益、聯邦稅務審計和解的影響以及恢復聯邦研發稅收抵免對上一財年的影響。這些項目和其他非重要項目的整體影響使 GAAP EPS 受益 0.13 美元。第二季非公認會計準則淨收入為 29 億美元，成長 8%。GAAP淨收入為31億美元。

Moving on to shareholder value. In Q2, we delivered operating cash flow of $3.9 billion, up 36%. Total cash, cash equivalents, and investments at the end of Q2 were $60.4 billion with $3.9 billion available in the US. In the first half of FY16, we have returned $4.6 billion, or 75% of our free cash flow to our shareholders, comprised of $2.5 billion of share repurchases and $2.1 billion of dividends.

轉向股東價值。第二季度，我們的營運現金流達到 39 億美元，成長 36%。第二季末的現金、現金等價物和投資總額為 604 億美元，其中 39 億美元位於美國。2016 財年上半年，我們向股東返還了 46 億美元，佔自由現金流的 75%，其中包括 25 億美元的股票回購和 21 億美元的股息。

Today, we announced a 24%, or $0.05 increase to the quarterly dividend to $0.26 per share. This represents a yield of approximately 4.6% based on today's closing price. We also announced a $15 billion increase to the authorization of the share repurchase program raising the remaining share repurchase authorization to approximately $16.9 billion. This significant dividend increase and additional share repurchase authorization reinforces our commitment to returning capital to our shareholders and our confidence in the strength and stability of our ongoing cash flows.

今天，我們宣布將季度股息提高 24%，即 0.05 美元，至每股 0.26 美元。根據今天的收盤價計算，收益率約為 4.6%。我們也宣布將股票回購計畫的授權金額增加 150 億美元，使剩餘的股票回購授權金額增加至約 169 億美元。此次大幅增加股利和額外股票回購授權加強了我們向股東返還資本的承諾，也增強了我們對持續現金流的強勁和穩定性的信心。

Overall, Q2 was a solid quarter in a volatile macro environment. We saw good top line growth, strong profitability, and operating leverage. We continue to shift our business model to more software and subscription recurring revenue.

總體而言，在動盪的宏觀環境下，第二季表現穩健。我們看到了良好的營業收入成長、強勁的獲利能力和經營槓桿。我們繼續將我們的商業模式轉向更多的軟體和訂閱經常性收入。

Let me now reiterate the guidance we provided in the press release for the third quarter of FY16. This guidance includes the type of forward-looking information that Marilyn referred to earlier.

現在，讓我重申我們在 2016 財年第三季新聞稿中提供的指導。本指南包含瑪麗蓮之前提到的前瞻性資訊類型。

Q3 does include an extra week which occurs every five to six years for us. We have factored this extra week into our guidance for both revenue and expenses. Although it is difficult to forecast the impact of the extra week, we have assumed roughly a 2% year-over-year impact on total revenue growth along with approximately $40 million of incremental cost of sales and $110 million of operating expenses.

Q3 確實包含一個額外的星期，對我們來說，每五到六年會出現一次。我們已將這額外一週納入收入和支出預測中。雖然很難預測額外一週的影響，但我們估計這將對總收入成長產生約 2% 的年比影響，同時增加約 4,000 萬美元的銷售成本和 1.1 億美元的營運費用。

The guidance for Q3 is as follows. We expect revenue growth to be in the range of 1% to 4% year-over-year, normalized to exclude the SP video CPE business from Q3 FY15. We anticipate the non-GAAP gross margin rate to be in the range of 62.5% to 63.5%. 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 [22%].

第三季的指引如下。我們預計營收成長率將在 1% 至 4% 之間，以排除 2015 財年第三季的 SP 視訊 CPE 業務為標準。我們預計非公認會計準則毛利率將在 62.5% 至 63.5% 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[22%]。

Non-GAAP earnings per share is expected to range from $0.54 to $0.56. We anticipate our GAAP EPS to be lower than the non-GAAP EPS by $0.08 to $0.12. Further details 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 0.54 美元至 0.56 美元之間。我們預計我們的 GAAP EPS 將比非 GAAP EPS 低 0.08 美元至 0.12 美元。有關此範圍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 over 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. Let me quickly summarize. While macro growth has clearly slowed, the speed with which technology is changing every industry and every country has not slowed, and we are moving full speed ahead. This speed, coupled with our innovation, strategic partnerships, and our M&A capabilities will allow us to meet the expectations of our customers and lead into the future. On this front, I feel very confident, and that conviction about our future business is what led us to increase our dividend by 24%.

謝謝，凱利。讓我快速總結一下。雖然宏觀經濟成長明顯放緩，但科技改變每個產業和每個國家的速度並沒有放緩，我們正在全速前進。這種速度，加上我們的創新、策略合作夥伴關係和併購能力，將使我們能夠滿足客戶的期望並引領未來。在這方面，我感到非常有信心，對未來業務的信心促使我們將股利提高了 24%。

My confidence in our future is confirmed every day by CEOs, Boards, and country leaders as we preview our strategy and road maps. They see the next-generation data center and cloud architectures we're building on UCS and ACI. They see our extensive security portfolio that protects them before, during, and after an attack.

當我們預覽我們的策略和路線圖時，執行長、董事會和國家領導人每天都證實了我對我們的未來的信心。他們看到了我們在 UCS 和 ACI 上建構的下一代資料中心和雲端架構。他們看到了我們廣泛的安全產品組合，可以在攻擊之前、攻擊期間和攻擊之後為他們提供保護。

The see the IoT and analytics platforms that will enable them to act on and monetize data and connections, and they want us to be their strategic partner as they drive their digital agendas. They trust us. They value our innovation, and they believe our portfolio is critical to their ability to execute on their vision.

他們看到物聯網和分析平台將使他們能夠根據數據和連接採取行動並將其貨幣化，他們希望我們成為他們推動數位議程的策略合作夥伴。他們信任我們。他們重視我們的創新，並相信我們的產品組合對於他們實現願景的能力至關重要。

Our customers and countries around the world know this move to digital is real, and it is happening now. As we help them through this transition, you will see us operate on two fronts. In the near term, you will continue to see us to be a well-run Company that executes even in challenging markets. Longer term, we will continue to make the right investments that will accelerate our growth as our customers embrace and adopt this next wave of technology.

我們的客戶和世界各地的國家都知道，數位轉型是真實的，而且正在發生。當我們幫助他們完成這項轉變時，你會看到我們在兩個方面開展工作。短期內，您將繼續看到我們是一家經營良好的公司，即使在充滿挑戰的市場中也能表現良好。從長遠來看，隨著我們的客戶接受並採用下一波技術，我們將繼續進行正確的投資，以加速我們的成長。

Marilyn, I will turn it back to for questions.

瑪麗蓮，我會把它轉回去回答問題。

Great. Thanks, Chuck. Kim, let's go ahead and open the line for questions. While Kim is doing that, I would like to remind the audience that all analysts -- we ask you to please ask one question.

偉大的。謝謝，查克。金，我們開始提問吧。當金正恩這麼做的時候，我想提醒觀眾，所有分析師──我們請你們問一個問題。

Pierre Ferragu, Sanford Bernstein.

皮耶費拉古、桑福德伯恩斯坦。

Chuck, what I would like to understand is your perspective on the macro environment? So, first of all -- you, of course see Bloomberg TV and read the Financial Times as we all do. But, what can you see through Cisco if you get feedback from your channel? From your sales force? Your country managers? What do they really tell you about and what color can you bring us that we do not necessarily see from where we are? And also, on the same front on the macro environments, your guide for next quarter -- what kind of macro scenario have you baked in? Would you qualify that as prudent -- very prudent? And, if you can take us through the thought process of how you came up with that guidance that would be very helpful?

查克，我想了解的是您對宏觀環境的看法？首先，您當然會像我們一樣觀看彭博電視並閱讀金融時報。但是，如果您從管道獲得回饋，您可以透過思科看到什麼？來自你的銷售人員？你們的國家經理？它們究竟告訴了你什麼？它們又能帶給我們什麼顏色？而這些顏色是我們不一定能看到的？此外，在宏觀環境方面，您對下個季度的指導—您考慮了什麼樣的宏觀情景？您是否認為這是謹慎的—非常謹慎的？並且，如果您能向我們介紹一下您是如何得出該指導意見的思考過程，那會很有幫助嗎？

Pierre, thanks for the questions. Good to hear from you. On the macro front, I think the thing that I can tell you is that as we began last quarter, we certainly have a set of expectations as we have run our business for a long time and really know what to expect, and our expectations were obviously based on the discussions we had with all of you at the end of our first quarter. I would tell you that through the first 10 weeks of the quarter that was very much in line with what we expected. We were executing very much in line with how we would have expected the quarter to go.

皮埃爾，謝謝你的提問。很高興收到你的來信。在宏觀方面，我認為我可以告訴你們的是，從上個季度開始，我們當然有一系列的預期，因為我們已經經營業務很長時間了，並且真正知道會發生什麼，而我們的預期顯然是基於我們在第一季末與大家進行的討論。我想告訴你，本季前 10 週的情況與我們的預期非常一致。我們的執行情況與我們對本季的預期非常一致。

Our week 10 -- just so you have the data point was the end of the calendar year. So, while a number of companies have reported earlier this year, not many have actually had their quarter end in January. So, we ended at the end of the third week of January which we all know those first three weeks were reflective of the uncertainty that occurred in a lot of the financial markets. What I will tell you is that after week 10 through those three weeks, we saw customers as they were trying to digest what was going on. They paused a bit, and you see customers say -- I want to just wait and see what is going on. Let me take a look at this. We want to understand this a little better. I think to Kelly's point when she talked about the switching business, the campus refresh opportunities that have been actually pretty consistent for us over the last few quarters, we saw customers say, hey, our infrastructure is working so we're going to hold on that for some period of time and let's see where things go.

我們的第 10 週——只是為了讓您知道數據點是日曆年的結束。因此，儘管許多公司已經在今年稍早公佈了財報，但實際上在一月結束季度的公司並不多。因此，我們在一月的第三個週末結束了，我們都知道前三個星期反映了許多金融市場出現的不確定性。我要告訴你的是，在第 10 週到第 3 週之間，我們看到客戶正在努力消化正在發生的事情。他們停頓了一下，你會看到顧客說——我只想等著看會發生什麼事。讓我看看這個。我們想更好地理解這一點。我認為凱利在談到轉換業務時所指出的，校園更新機會在過去幾個季度中對我們來說實際上一直相當一致，我們看到客戶說，嘿，我們的基礎設施正在運行，所以我們將堅持一段時間，讓我們看看事情會如何發展。

That is probably the extent that I can add to what we all know from what we're seeing every day. What I would tell you -- and I will ask Kelly to comment on our guidance -- is I would say that we took that feeling of those first three weeks into consideration as we built our guidance. And, that is what we based it on. Is what the last three weeks of last quarter led us to relative to this level of uncertainty. Kelly, any comments?

這可能就是我能從我們每天所見所聞中補充的全部。我想告訴你的是——我會請凱利對我們的指導發表評論——我想說的是，我們在製定指導時考慮到了前三週的感受。這就是我們的基礎。上個季度的最後三週給我們帶來了什麼有關這種程度的不確定性？凱利，有什麼評論嗎？

I think -- to your question, Pierre. I think Chuck summarized it well. When we do our guidance, we look at everything we know at the time which is our funnel, the momentum we see, and everything else. I would say to put it in the words you use, I would say that our guidance is prudent. I think you see that we expanded our range to 3 points of range versus our normal 2 because I think it is more volatile than normal. So, I would go with prudent based on what we see right now.

我認為——回答你的問題，皮埃爾。我認為查克總結得很好。當我們進行指導時，我們會考慮當時所知道的一切，即我們的管道、我們所看到的動力以及其他一切。我想說，用你的話來說，我們的指導是謹慎的。我想您會看到，我們將範圍擴大到 3 個點，而不是正常的 2 個點，因為我認為它比正常情況下更不穩定。因此，根據我們目前所看到的情況，我會採取謹慎的態度。

Vijay Bhagavath, Deutsche Bank.

維傑‧巴加瓦斯 (Vijay Bhagavath)，德意志銀行。

My question is around is Cisco a tale of two cities here? We're seeing enterprise products turning light versus consensus while your service provider product -- routing, video et cetera -- are beating expectations. I would like to get your view on this enterprise versus service provider dichotomy, if any?

我的問題是思科是否是兩個城市的故事？我們看到企業產品正朝著輕量化的方向發展，而服務供應商產品（路由、視訊等）則超出了預期。我想聽聽您對企業與服務提供者之間的這種二分法有何看法？

And then, you have a bigger picture strategy around software and your cutting services fully believing that strategy and model. My question is really around do you see IT spending queuing quickly toward OpEx versus the traditional CapEx model of spending? How would Cisco [deliver] to this higher than usual OpEx IT spending moving forward?

然後，您將擁有一個圍繞軟體和切割服務的更大的策略，並完全相信該策略和模型。我的問題實際上是，您是否認為 IT 支出正在迅速轉向 OpEx 而非傳統的 CapEx 支出模式？思科未來將如何因應這高於平常的營運支出 IT 支出？

Thanks, Vijay. I would say the initial question you asked relative to the difference between the enterprise and the service provider space, I think what we saw was that our customers were spending in areas that are incredibly mission-critical for them even in these times where there is uncertainty. So, you see them continuing to spend in security. You see them continuing to spend in the next-generation data center evolution which was indicative of the 100% growth we saw in that portion of our portfolio. And, I think we saw customers where they had the option to wait, they chose to wait a bit. So, I don't view it as -- I don't see any fundamental issues relative to the enterprise portfolio or things like that. I think that it was largely a prioritization effort that we saw within our customer base on the enterprise side.

謝謝，維傑。我想說，您提出的第一個問題是關於企業和服務提供者領域之間的差異，我認為我們看到的是，即使在充滿不確定性的時期，我們的客戶也在對他們來說極其關鍵的領域進行支出。因此，你會看到他們繼續在安全方面投入資金。您將看到他們繼續在下一代資料中心的發展上投入資金，這表明我們投資組合中這部分業務實現了 100% 的成長。而且，我認為我們看到顧客可以選擇等待，他們選擇等一會兒。所以，我不認為——我沒有看到與企業投資組合或類似事物相關的任何根本問題。我認為這主要是我們在企業客戶群中看到的優先排序努力。

The service provider side, I think if you go back a couple of quarters, what I said was that our teams have been working hard to really get to alignment with our customers around the future of the industry, the future of their architectures. How they were going to evolve to position them for the opportunities ahead, and I think we did that. And, I would say that our teams have really executed well over the last couple of quarters as they align with our service providers on those priorities across the portfolio. We are pleased with where we are. I don't think that if you really unpack those numbers over two or three quarters that you are going to see -- you'd be able to delineate a whole lot between what went on with the exception of the enterprise customers prioritizing where they spent their money.

在服務提供者方面，我想如果回顧幾個季度，我所說的是我們的團隊一直在努力與客戶就產業的未來、架構的未來達成一致。他們將如何發展以適應未來的機遇，我認為我們做到了。而且，我想說的是，我們的團隊在過去幾個季度中表現非常出色，因為他們與我們的服務提供者在整個投資組合中的優先事項上保持一致。我們對目前的狀況感到滿意。我認為，如果你真的分析一下未來兩三個季度的數據，你就能區分出很多事情，除了企業客戶優先考慮把錢花在哪裡之外。

As it relates to the OpEx versus CapEx move, I will ask Kelly and maybe she can comment on the software part of the question. But, I didn't see any fundamental change this quarter in how our customers look at that versus what they have been doing for the last three, four, five, six quarters. It's something that we deal with as it relates to -- as an example, our collaboration portfolio, we made announcements last quarter that all of that portfolio, the entire portfolio, is now available. Or, we announced that it will be available to our customers from both an on-premise and a cloud-based perspective. And, in many cases, it will be a hybrid model. To the extent that our customers would like to procure our solutions in that way, then we will make that available to them. Kelly?

由於它與 OpEx 與 CapEx 的變動有關，我會問凱利，也許她可以對問題的軟體部分發表評論。但是，與過去三、四、五、六個季度相比，本季我沒有看到客戶對此的看法有任何根本性的變化。這是我們處理的事情，因為它與之相關——例如，我們的合作組合，我們上個季度宣布，所有這些組合，整個組合，現在都可用。或者，我們宣布它將從內部部署和基於雲端的角度向我們的客戶提供。而且，在許多情況下，它將是一種混合模型。如果我們的客戶願意以這種方式採購我們的解決方案，我們就會提供給他們。凱莉？

I think you summarized it well. On the software shift, Vijay, we are making great progress. Whether it is internal -- we talk about how we're driving that in our software and SaaS businesses within collaboration and security. But also, in other parts of our portfolio, we are really developing new offers. There are ways to monetize our services and software along that way so we will continue to disclose more especially as we look at our business and it becomes a bigger part of that. So, I'd say it is progressing well, and we're adding to our models with acquisitions like OpenDNS and Jasper which are both SaaS models. We will continue to build that out as it becomes a bigger part of our portfolio.

我認為你總結得很好。維傑，在軟體轉變方面，我們取得了很大進展。無論是內部的——我們都在討論如何在協作和安全領域推動軟體和 SaaS 業務的發展。但同時，在我們產品組合的其他部分，我們也確實在開發新的產品。我們有多種方法可以將我們的服務和軟體貨幣化，因此我們將繼續披露更多信息，特別是當我們審視我們的業務時，它將成為我們業務中更重要的一部分。所以，我想說它進展順利，而且我們正在透過收購來豐富我們的模型，例如 OpenDNS 和 Jasper，它們都是 SaaS 模型。隨著它成為我們投資組合中更重要的一部分，我們將繼續擴大它。

On the IT to OpEx, just to add to what Chuck said, I would say one thing that we have tremendous flexibility on is leveraging our great balance sheet to help provide solutions for whatever it is. So, whether it is our Cisco capital offers or for the ability of us to build managed service as a service -- those kind of offers. We are very active working with our customers that want different ways to consume our products and services differently that we're coming up with all kinds of new solutions for different ways of consumption. And, we have that flexibility because of our strong balance sheet. I'd say we're making a lot of progress on both of those accounts.

關於 IT 到 OpEx，我補充一下 Chuck 所說的，我想說，我們擁有巨大靈活性的一件事是利用我們出色的資產負債表來幫助提供解決方案。因此，無論是思科資本提供的還是我們建構託管服務即服務的能力，都是這類提供的。我們非常積極地與客戶合作，他們希望以不同的方式消費我們的產品和服務，我們正在為不同的消費方式提出各種新的解決方案。而且，由於我們擁有強大的資產負債表，所以我們擁有這種靈活性。我想說我們在這兩方面都取得了很大進展。

Simona Jankowski, Goldman Sachs.

西蒙娜·揚科斯基，高盛。

I just wanted to clarify first, Kelly, in terms of the 2-percentage-point bump that you've embedded into the guidance for the extra week that compares to 4 to 5 points that you saw last time you had this kind of pattern back in 2010. I just wanted to understand if there's anything different this time? Or, if that is just an extra measure of conservatism? And then, just more for the substantive question, Chuck. I heard your comments on the pause on the campus-switching side of the business. I wanted to also ask what is happening on the data center side of your switching business? Is that returning to growth in the first half of this calendar year as you had expected it to? Any update there would be helpful.

凱利，我首先想澄清一下，您在額外一周的指導中嵌入了 2 個百分點的增長，而 2010 年您上次出現這種模式時則增加了 4 到 5 個百分點。我只是想了解這次有什麼不同嗎？或者，這只是保守主義的額外措施？然後，再問一個實質的問題，查克。我聽到了您對校園轉換業務暫停的評論。我還想問一下，你們的交換業務的資料中心方面的情況如何？今年上半年是否會恢復成長，正如您所預期的？任何更新都會有幫助。

Simona, on the 2%. Great question. Let me give a little context there. Back -- the last we had this was in Q3 of FY10, and it was about a 4% to 5% increase. I would say, what I've baked into my 2% -- so it's roughly about $250 million to $275 million. What I've baked in the guidance is the incremental revenue I know that we will get from things like our services subscription businesses, our SaaS businesses, as well as some product flow-through on the distribution that we're seeing. That is what I baked into the guidance.

西蒙娜（Simona），佔 2%。好問題。讓我介紹一下背景狀況。回顧一下——我們上一次出現這種情況是在 2010 財年第三季度，當時增幅約為 4% 至 5%。我想說的是，我已經將其計入了 2% 中，大約是 2.5 億到 2.75 億美元。我在指引中列出的是我知道我們將從服務訂閱業務、SaaS 業務以及我們看到的分銷中的一些產品流通等方面獲得的增量收入。這就是我所指導的內容。

I am not assuming there is going to be a lot more because of the current macro environment. The sales guys are out there. The teams driving to a monthly number and a quarterly number and given the spending constraints that we're seeing right now, I'm not being over-bullish in my guidance on that. That is how I built [that] up. Just to remind you, back in Q3 of 2010 -- our growth that quarter was 27% so it was a much different macro environment.

鑑於當前的宏觀環境，我並不認為會出現更多成長。銷售人員就在那裡。團隊正在努力實現月度數字和季度數字，考慮到我們目前看到的支出限制，我對此的指導並不過分樂觀。我就是這樣建立起來的。只是提醒您，回到 2010 年第三季 - 我們當季的成長率為 27%，因此宏觀環境非常不同。

Simona, the second part of your question. I think the word that we would use relative to how Kelly modeled in that would be the same that we talked about with Vijay which would be prudent. On the switching front from a revenue perspective, it was negative this quarter. We're trying not to give you lots of random pieces of information every quarter so that we can build some consistency in how you look at how we are performing. But, I will tell you that on the new order side on the data center switching business this quarter we did see slightly positive growth on orders. And, I would say in the context of that last three weeks that we felt in enterprise that we are cautiously optimistic.

西蒙娜，你的問題的第二部分。我認為，相對於凱利所塑造的形象，我們所使用的詞語與我們與維傑所討論的詞語相同，即謹慎的詞語。從營收角度來看，本季的轉換情況為負值。我們盡量不在每個季度向您提供大量隨機信息，以便我們能夠讓您以一致的方式了解我們的表現。但是，我要告訴你，本季資料中心交換業務的新訂單方面，我們確實看到訂單略有正成長。我想說，在過去三週的背景下，我們對企業抱持謹慎樂觀的態度。

Jim Suva, Citi.

花旗銀行的吉姆蘇瓦 (Jim Suva)。

My question is now that it has been a few months with the new partnership in Ericsson, can you let us know if you've actually had any concrete wins or anything you can [point to] showing up in the NGN segment of reporting? Or, is it too early to see? Or, any anecdotes about that new partnership?

我的問題是，與愛立信建立新的合作關係已經有幾個月了，您能否告訴我們您是否確實取得了任何具體的勝利，或者您可以指出在 NGN 報告部分中出現的任何內容？或者說，現在看還太早？或者，關於這一新的合作關係有什麼軼事嗎？

Jim, first of all, thanks for your favorable comments. I appreciate that. On the Ericsson front, we have seen -- I will tell you that we have never seen --. Outside of Apple, we have never seen a partnership that has gotten so much energy and excitement inside the Company. And, as you know on the Apple front, we are actively doing the development. I think Tim alluded to it on his conference call that we are -- both Companies are doing the development that we need to do to actually deliver that join innovation to our customers.

吉姆，首先，感謝您的好評。我很感激。在愛立信方面，我們已經看到──我可以告訴你，我們從未見過──。在蘋果公司之外，我們從未見過任何合作關係能夠在公司內部激發出如此大的活力和熱情。而且，正如您所知，在 Apple 方面，我們正在積極地進行開發。我認為蒂姆在電話會議中提到過，兩家公司都在進行我們需要做的開發，以便真正將聯合創新提供給我們的客戶。

But, the Ericsson partnership has immediate opportunity with it, and we have begun to close transactions together. I would not translate that to a significant impact to any of the numbers that we put out there today because we are literally in the handful stage right now. But, we do see that accelerating. We have a lot of focus on it with our teams. Hans, their CEO and I are going to be together quite a bit. Mobile World Congress in a couple of weeks, and we're also going to have a lot of the next-generation joint solutions that we are putting together for our customers that will be on display in both of our booths there. Hans and I are actually on a panel together at mobile world. That partnership is going probably as well as we thought it would be at this point, and I think you will really see the acceleration over the next 12 months.

但是，愛立信合作關係有直接的機遇，我們已經開始共同完成交易。我不會認為這會對我們今天公佈的任何數字產生重大影響，因為我們現在實際上處於少數階段。但我們確實看到這一進程正在加速。我們和我們的團隊非常重視這一點。我和他們的執行長漢斯將會經常在一起。幾週後的世界行動通訊大會就要舉行了，我們也將在那裡的兩個展位上展示我們為客戶整合的大量下一代聯合解決方案。漢斯和我實際上在移動世界大會上一起參加過一個小組討論。這種合作關係的進展可能和我們目前預想的一樣順利，而且我認為在接下來的 12 個月裡，你們將會看到這種加速發展。

Mark Moskowitz, Barclays.

巴克萊銀行的馬克·莫斯科維茨。

Just wanted to see if you can give us a little more context about how we should think about the routing glide path going forward in the next few quarters given the nice growth you generated this past quarter. How much of it is related to the CRS cycle continuing? Does it have to do with more vertical penetration or service provider penetration? Any color you can give us? I'm trying to understand, can you still be in the 3% to 4% or 5% bogey for that business for the next couple quarters from a growth perspective?

只是想看看您是否可以提供更多背景信息，考慮到您在上個季度取得的良好增長，我們應該如何考慮未來幾個季度的路由下滑路徑。這和 CRS 週期的持續有多少關係？這與更多的垂直滲透或服務提供者滲透有關嗎？您能給我們什麼顏色嗎？我想了解的是，從成長角度來看，未來幾季該業務的成長率還能維持在 3% 到 4% 或 5% 之間嗎？

I will speak to some of the areas of strength, and I will let Kelly talk about the numbers and how we think about it going forward. We did see strength in our core routing, and we saw strength in enterprise access routing this past quarter. We have some new products in our portfolio that are very early. One of them was the co-development effort that I had talked about over the last couple of calls that we would expect to see some positive momentum out of over the next few quarters. We have got some virtualized routing capabilities that our teams are working on. I think the portfolio looks good. The pipeline looks good from an innovation perspective. And then, Kelly, any comments on how we think about the numbers going forward?

我將談論一些優勢領域，並讓凱利談論數字以及我們對未來的看法。我們確實看到了核心路由的優勢，上個季度我們也看到了企業存取路由的優勢。我們的產品組合中有一些處於早期階段的新產品。其中之一就是我在過去幾次電話會議中談到的共同開發努力，我們預計未來幾季將出現一些積極的勢頭。我們的團隊正在研究一些虛擬化路由功能。我認為這個投資組合看起來不錯。從創新角度來看，該管道看起來不錯。然後，凱利，對於我們如何看待未來的數字，您有什麼評論嗎？

I think you summarized it well, Chuck. I think we feel fantastic about the portfolio, and we feel good about what it looks like. But, I don't really give guidance by business unit because there's a lot of volatility. But, I would say we feel really good about how the portfolio is sitting and the new products that we have launched on that -- in that platform.

我認為你總結得很好，查克。我認為我們對投資組合感到非常滿意，並且對它的外觀也非常滿意。但是，我實際上並不按業務部門提供指導，因為波動性很大。但是，我想說，我們對產品組合的現狀以及我們在該平台上推出的新產品感到非常滿意。

Brent Bracelin, Pacific Crest Securities.

太平洋頂峰證券公司的布倫特布雷斯林 (Brent Bracelin)。

One clarification and one question, Chuck. Could you clarify, was the pause you saw with customers the last couple weeks. Was that global, or was that concentrated in the Americas? And, my question is really around APJC, the recovery you are seeing there? The recovery you are seeing in China? What is driving that? Is that sustainable? Is that easy compares? Walk us through what you are seeing in APJC that drove the rebound this quarter? And, I guess -- A, is it sustainable?

一個澄清和一個問題，查克。您能否澄清一下，過去幾週您是否看到了客戶暫停的情況。這是全球性的嗎，還是只集中在美洲？我的問題實際上是關於 APJC 的，您在那裡看到了復甦嗎？您看到中國經濟復甦了嗎？是什麼原因導致的呢？這是可持續的嗎？這容易比較嗎？請向我們介紹一下您看到的推動本季 APJC 市場反彈的因素？而且，我猜——A，它可持續嗎？

Thanks, Brent. On the pause that we saw, this is typical. When there is uncertainty in the market, we see enterprise customers and they just basically say, let's just wait. Let's see what's going to happen. They may say, let's wait a week. They may say, let's wait a couple of weeks. When you're in the last three weeks of your quarter, those kinds of decisions have an impact. I just want to clarify. Your specific question. We saw it pretty holistically around the globe. And then, the other thing that we haven't really talked about is obviously outside of the United States we saw currency -- we talked about it on the last call -- in Europe and Asia that clearly continued and maybe even get a little worse in some places.

謝謝，布倫特。在我們看到的暫停中，這是很典型的。當市場出現不確定性時，我們看到企業客戶基本上只是說，讓我們等待吧。讓我們看看會發生什麼。他們可能會說，讓我們等一個星期吧。他們可能會說，讓我們等幾個星期吧。當你進入季度的最後三週時，這些決定就會產生影響。我只是想澄清一下。您的具體問題。我們在全球範圍內非常全面地看到了這一點。然後，我們還沒有真正談論的另一件事顯然是，在美國以外，我們看到貨幣——我們在上次電話會議上談到了這一點——在歐洲和亞洲，貨幣顯然仍在繼續，甚至在某些地方可能變得更糟。

On the APJC recovery, the team there has done a great job. We've talked a lot about what we have seen happening in India. We have seen tremendous success there. That is one of the key countries that we have a country digitization effort that John has been leading for us, and our business there continues to grow very well. In China, which is the crux of your question. I would tell you that as we've navigated our way through the last three years, and I think, Brent, you and I have talked about the amount of time that I spent over there during that window. The team did a great job, and what they really did is they diversified our business strategy across customer segments. So, not only being aligned to state on enterprises but moving out and creating a commercial market strategy. Moving out into second and third-tier cities, so geographic diversification. And, they really focused on their teams being able to sell our entire portfolio.

在 APJC 恢復方面，那裡的團隊做得非常出色。我們已經談論了很多在印度發生的事情。我們在那裡取得了巨大的成功。這是我們進行國家數位化工作的重點國家之一，約翰一直為我們領導這項工作，我們在那裡的業務持續成長良好。在中國，這就是你問題的關鍵。我想告訴你，在我們過去三年的探索過程中，布倫特，我想你和我都討論過我在那段時間在那裡度過的時間。團隊做得非常出色，他們真正做的是使我們的業務策略在各個客戶群中多樣化。因此，企業不僅要與國家保持一致，還要走出去，制定商業市場策略。向二線和三線城市拓展，實現地域多樣化。而且，他們真正專注於讓他們的團隊能夠銷售我們的整個產品組合。

The good news is what I will tell you is that the growth we saw in China was very well balanced across our portfolio. We saw routing up -- Kelly, keep me honest. But, routing in double digits. Switching in double digits. Wireless in double digits as well as SP video in double digits. It was a very balanced performance for the second quarter in a row. There's clearly a lot of uncertainty out there so we're going to take things a quarter at a time, but we are pleased with where they are.

我要告訴你們的好消息是，我們在中國看到的成長與我們的投資組合非常平衡。我們看到了路線——凱利，讓我說實話。但是，路由達到兩位數。以兩位數切換。無線和 SP 視訊均達到兩位數。這是連續第二季非常均衡的表現。顯然存在著許多不確定性，所以我們將按季度逐步推進，但我們對目前的狀況感到滿意。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

A couple of quick questions. First on acquisitions. You have been fairly active in the last few quarters. Should we expect this type of pace to persist, both in terms of tuck-in acquisitions and maybe more detailed acquisitions? And then, the second question I had was security -- it seemed like there was some acceleration in that business this quarter. Is that just the result of the SaaS model starting to accrue to the P&L? Or, was there underlying improvement in the billings and activity in that business?

幾個簡單的問題。首先是收購。過去幾季你們一直相當活躍。我們是否應該期待這種節奏持續下去，無論是在小規模收購還是更詳細的收購方面？然後，我的第二個問題是安全性——本季該業務似乎有所加速。這只是 SaaS 模式開始累積損益的結果嗎？或者，該業務的帳單和活動是否有了潛在的改善？

Thanks, James. Let me comment on the M&A activity that you have seen. We have built a strategic framework that is guiding us for what we believe we need to have in our portfolio and the architectures that we need to be able to build relative to cloud security analytics, SaaS, IoT. We have built that framework with our team in the first two or three months that I was in the role. We then stepped back and looked at where do we have R&D activities that are going to fill some of those opportunities and where are there opportunities like what we saw with Jasper where we can move and actually fill a substantive portion of our portfolio. That is what is driving us. It is very much connected to our broader strategy and connected to what I believe our customers care about in the future. I would say that you should expect us to continue the pace, and obviously valuations in today's market -- that is one piece of good news is that they're more attractive.

謝謝，詹姆斯。讓我對您所看到的併購活動進行評論。我們已經建立了一個策略框架，指導我們確定我們的產品組合中需要包含哪些內容，以及我們需要建構哪些與雲端安全分析、SaaS、物聯網相關的架構。在我擔任這個職位的頭兩三個月裡，我們與團隊一起建立了這個框架。然後，我們退一步，看看我們的研發活動在哪些方面可以填補這些機會，以及哪些方面有機會，就像我們在 Jasper 身上看到的那樣，我們可以轉移並真正填補我們投資組合的很大一部分。這就是我們的動力。它與我們更廣泛的策略密切相關，也與我認為我們的客戶未來關心的事情相關。我想說的是，你應該期待我們繼續保持這樣的步伐，而且顯然當今市場的估值——一個好消息是它們更具吸引力。

As it relates to security -- on the security front, I would say that it is primarily -- and Kelly can again keep me honest on the deferred piece of this -- if it is flowing through. But, what we talked about was the integration of the Sourcefire assets as well as the Cisco assets as well as other acquisitions we made along the way plus the other innovation that our teams internally have done. And, that has -- we put all that together about two quarters ago, and we told you that we thought that this would continue to improve. And, our teams have driven that. When you look at that advanced malware portfolio, we added yet another 2,000 customers this quarter. So, we're up to 10,000 which is they've really done a great job of executing on that strategy.

因為它與安全有關——在安全方面，我想說它主要是——凱利可以再次讓我誠實地了解這方面的延期部分——如果它正在流傳的話。但是，我們討論的是 Sourcefire 資產以及思科資產的整合以及我們在此過程中進行的其他收購，以及我們內部團隊所做的其他創新。而且，大約兩個季度前，我們將所有這些放在一起，並告訴你們，我們認為這種情況會繼續改善。並且，我們的團隊已經推動了這一點。當您查看高級惡意軟體組合時，我們會發現本季我們又增加了 2,000 名客戶。因此，我們的客戶數量已達到 10,000，這表明他們在執行這項策略方面確實做得非常出色。

During the quarter, we also launched our next-generation firewall product that we need to get out in the marketplace for obvious reasons. We're hoping for similar success. But, I think primarily it is because of continued improvement in the portfolio and the work our team has done. I wouldn't suggest that there is a significant revenue impact coming back in from the deferred yet although we are seeing -- .

在本季度，我們還推出了下一代防火牆產品，出於顯而易見的原因，我們需要將其推向市場。我們希望取得同樣的成功。但我認為這主要是因為投資組合的持續改善以及我們團隊所做的工作。儘管我們看到——，但我並不認為遞延稅款會對收入產生重大影響。

That is what we expected. What we said a couple of quarters ago. That ramp that we talked about two quarters ago is happening in addition to the growth that you are highlighting in just the core businesses.

這正是我們所期望的。我們幾個季度前就說過了。除了您所強調的核心業務的成長之外，我們在兩個季度前談到的成長也在發生。

Jess Lubert, Wells Fargo Securities.

傑斯‧盧伯特 (Jess Lubert)，富國證券。

Two quick ones. First, for Chuck. I was hoping you could provide some additional details regarding the weakness in the data center business? What changed there? How you expect that to progress moving forward?

兩個簡單的。首先，對於查克來說。我希望您能提供一些有關資料中心業務弱點的更多細節？那裡有什麼變化？您預計未來將如何發展？

And then, for Kelly, with respect to capital allocation. It seems like you have a little bit less than $4 billion in US cash yet you materially raised the dividend and the buyback. I was hoping to understand if we should be expecting a debt raise? And, to what degree this means any acquisitions we may see are likely to be on the smaller side? Thanks.

然後，對於凱利來說，關於資本配置。看起來你的美國現金略少於 40 億美元，但你卻大幅提高了股利和回購金額。我希望了解我們是否應該預期債務增加？並且，這在多大程度上意味著我們可能看到的任何收購都可能是規模較小的？謝謝。

Jess, I'm surprised we got this far in the questions before someone asked about data center so I was beginning to worry. We track that business very closely, obviously, and largely what we believe is that it is connected to the broader macro issue. That data center business has a strong buying season that actually runs into the end of December, and while it is a fantastic franchise for us that has contributed and will contribute to not only our success in the data center in the past but also in our success in the next-gen data center as we build next-generation data center stacks going forward. But, it also -- we also believe that in the December quarter that we actually still gained share with that performance. We had a tough comp from a year ago -- 40%. But, I will tell you the other thing that we looked at is even with the lower performance, it still remained the same percentage of our business this quarter that it was last quarter that it was a quarter a year ago which says that it just in my mind it says it suffered at the same rate that the rest of the business did from the macro. Kelly, second part of the question?

傑西，我很驚訝在有人問到資料中心之前我們的問題已經問到了這麼遠，所以我開始擔心了。顯然，我們非常密切地追蹤該業務，並且我們認為它很大程度上與更廣泛的宏觀問題有關。資料中心業務的購買旺季實際上持續到 12 月底，這對我們來說是一項很棒的特許經營業務，它不僅為我們過去在資料中心的成功做出了貢獻，而且還將為我們在未來建立下一代資料中心堆疊時在下一代資料中心的成功做出貢獻。但是，我們也相信，在 12 月季度，我們實際上仍然憑藉這一表現獲得了市場份額。與一年前相比，我們的利潤率很低——40%。但是，我要告訴你的是，我們關注的另一件事是，即使業績較低，本季的業務比例仍然與上一季和去年同期相同，這表明在我看來，它遭受的損失與其他業務在宏觀上遭受的損失相同。凱利，問題的第二部分？

On capital allocations. Overall, our strategy around capital allocation hasn't changed. We want to give a minimum of the 50% back to our shareholders. We've been listening to our shareholders, and the bottom line is we feel very, very good about our business model and our ongoing cash flows. You saw our operating cash up 36% this quarter that we thought we would increase the amount of our dividend sustainably going forward. It is a blend. We also increased our authorization just as we would normally would increase our authorization -- the $15 billion.

關於資本配置。整體而言，我們圍繞資本配置的策略並沒有改變。我們希望將至少 50% 的收益返還給我們的股東。我們一直在傾聽股東的意見，最重要的是，我們對我們的商業模式和持續的現金流感到非常非常滿意。您會看到本季我們的營運現金成長了 36%，我們認為未來我們的股息金額將持續增加。這是一種混合物。我們也像平常一樣增加了授權金額——150 億美元。

In terms of flexibility, yes, we will be accessing debt in the near future. Again, that is one of the benefits of our balance sheet and our access to capital. It is very, very good so we will continue to do that until anything changes with our overseas cash. But, it does not change our flexibility in any way in terms of acquisitions. When we think through these capital allocation decisions, we're playing out what we're thinking about acquisition-wise. How we're building that out as well as our future cash flow. I think, no change to our acquisition strategy. It does not hamper us in any way. We have easy access to capital, and again, wanted to share some of that cash back with our shareholders.

就靈活性而言，是的，我們將在不久的將來獲得債務。再次強調，這是我們的資產負債表和資本取得的優勢之一。這非常非常好，所以我們將繼續這樣做，直到我們的海外現金發生任何變化。但它不會以任何方式改變我們在收購方面的靈活性。當我們仔細考慮這些資本配置決策時，我們正在考慮收購方面的事宜。我們如何實現這一目標以及我們的未來現金流。我認為我們的收購策略沒有改變。它不會以任何方式妨礙我們。我們可以輕鬆獲得資金，並且再次希望與股東分享部分現金。

Jeff Kvaal, Nomura Securities International, Inc.

Jeff Kvaal，野村證券國際公司

I have a few margin questions, Kelly, for you perhaps. Can you talk a little bit about the drivers inside of the gross margin structure? It was a little bit ahead of plan this quarter. It seems to be going back to the norm next quarter. What are the moving parts there?

凱利，我有幾個關於保證金的問題想問你。能否稍微談談毛利率結構中的驅動因素？本季比計劃稍微提前了一點。下個季度似乎將恢復正常。那裡有哪些活動部件？

The second part of that is on the operating margins. I know 30% is the target. When should we be thinking about that? How much progress are you making in that regard?

第二部分是營業利益率。我知道 30% 是目標。我們什麼時候應該考慮這個問題？您在這方面取得了多大進展？

On gross margins, we continue be very focused on margins, and we look at it as all the different levers in there. As you know, we continually have some price erosion, and we use price as a lever to drive selling. Our price erosion has remained very, very disciplined. You'll see that it has been in the normal ranges that we have been in the last quarter and actually slightly better than a year ago. So, that continues. We're getting real traction -- continued traction from our engineers and supply chain on the productivity side. So, for the price erosion we have, we are more than offsetting it with productivity, and we're continuing to drive those projects to continue to do that so we can have the flexibility to make sure we're taking advantage of all opportunities for growth out there. That is continuing.

關於毛利率，我們繼續高度關注利潤率，並將其視為其中的所有不同槓桿。如您所知，我們的價格不斷下降，我們利用價格作為槓桿來推動銷售。我們的價格下降一直保持著非常非常嚴格的紀律。您會發現它處於上個季度的正常範圍內，實際上比一年前略有好轉。就這樣，事情還在繼續。我們正在獲得真正的動力——我們的工程師和供應鏈在生產力方面持續取得進展。因此，對於我們所遭受的價格侵蝕，我們不僅透過提高生產力來抵消它，而且我們將繼續推動這些項目，以便我們能夠靈活地確保我們能夠利用所有的成長機會。這一情況仍在繼續。

On the operating margin side -- again, we're are going to be smart about managing the overall equation. We want to make sure we're taking advantage and investing in the right areas to be able to take advantage of future growth and balancing that equation. There is a bit of good [news] coming through at the OM line because of FX favorability that you are aware of that falls through the bottom line. But, in general, I would say that we're being very disciplined in terms of how we make these trade-offs and balance the bottom line with the investments we're trying to make to accelerate growth.

在營業利潤率方面——再次強調，我們將明智地管理整體方程式。我們希望確保我們能夠利用並投資正確的領域，以便能夠利用未來的成長並平衡這一等式。由於外匯有利因素（您知道）影響到了底線，因此 OM 線上出現了一些好消息。但總的來說，我想說，我們在如何做出這些權衡以及平衡底線和我們為加速成長而進行的投資方面非常自律。

Ittai Kidron, Oppenheimer.

伊泰·基德倫，奧本海默。

I wanted to think a little bit ahead, Kelly, just given this extra week that you had in the guidance. Historically as you move into your fourth quarter, you typically post a solid sequential increase quarter over quarter. As we lose this week, should we assume a little bit more of a flattish performance then into July versus April? And then, regarding the software in SaaS, clearly you're making very good progress over there. Is there a way to quantify from your standpoint how much of growth are you giving up right now as you transition businesses, more and more of your products into those type of purchasing model? How much of a growth headwind this transition is impacting you near-term?

凱利，考慮到你在指導中擁有的額外一周時間，我想稍微提前考慮一下。從歷史上看，當進入第四季度時，通常會出現逐季穩定成長的勢頭。由於本週我們遭遇失敗，我們是否應該假設 7 月的表現會比 4 月更加平淡？然後，關於 SaaS 軟體，顯然你們在那裡取得了非常好的進展。從您的角度來看，有沒有辦法量化，當您將業務、越來越多的產品轉向這種購買模式時，您現在放棄了多少成長？這種轉變在短期內會為您帶來多大的成長阻力？

On the extra week, this is how I think you can think about it. I tried to be pretty transparent of what we are assuming in there so literally the $250 million or so, the $275 million that we're assuming literally is just the businesses where it is just because we have weekly billing it is going to amortize off our balance sheet. That is basically a guarantee. Just marginally a little bit more for some of the distribution flow business. I would say as you are modeling for Q4, I think you should assume the normal ranges. Take that out -- that $250 million to $275 million and assume the normal ranges of growth in Q4.

關於額外的一周，我認為你可以這樣考慮。我試圖非常透明地說明我們在其中的假設，所以實際上 2.5 億美元左右，我們假設的 2.75 億美元實際上只是業務，因為我們有每週的賬單，它將從我們的資產負債表中攤銷。這基本上是一種保證。對於一些分銷流業務來說，只是稍微多一點。我想說，當您為 Q4 建模時，我認為您應該假設正常範圍。去掉那 2.5 億到 2.75 億美元，並假設第四季的成長範圍正常。

On the software and SaaS. I know you and others ask me this question a lot, and it is tough to quantify. Certainly, it is 1 point or 2 easy to say, off the top. Some of the businesses we're growing -- our businesses that we've had that are great like [collaboration] and security. We are adding more to this profile with some of these different offers. These big enterprise ELAs that we have. It is hard to quantify for any one quarter, right, of when it is going to fall in. But, there is certainly something on the top line, but we will see that come back through as we continue to build that out and amortize it.

關於軟體和SaaS。我知道您和其他人經常問我這個問題，而且這個問題很難量化。當然，這只是 1 點或 2 點，說起來容易做起來難。我們正在發展的一些業務—我們已有的一些業務非常出色，例如[協作]和安全。我們正在為該資料添加一些不同的優惠。我們擁有這些大型企業 ELA。很難量化任何一個季度何時會下降。但是，營收上肯定會有一些變化，但隨著我們繼續擴大和攤銷，我們會看到營收升。

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

Quick clarification. Strength in service provider video, I think you highlighted China. If you could just talk to what you think the duration is? And then, in terms of market verticals, I was interested if you could talk a little bit more about your exposure to what we have often called Web 2.0 or web-scale operators? Certainly, there is the idea that they buy white box, but we know you sell to them. I would like to get a sense of your exposure and the trends from that group of customers if we might?

快速澄清。服務提供者影片方面的優勢，我認為您強調了中國。您能談談您認為持續時間是多久嗎？然後，就垂直市場而言，我感興趣的是，您是否可以再多談談您對我們通常所說的 Web 2.0 或網路規模運營商的了解？當然，他們可能會購買白盒產品，但我們知道您會向他們銷售產品。如果可以的話，我想了解您的曝光度以及該組客戶的趨勢？

Simon, thanks. This is Chuck. On the SP video front, I think that the team has done a great job of evolving that portfolio and really building some great solutions. They're engaged with lots of customers. Our strategy when we divested of the video CPE business was to really focus on a cloud-based delivery model, and that is occurring. We're having obviously good success with that platform in China. That tends to be an ongoing -- a longer-term solution that the customers deploy. So, we will see. Again, we're taking things quarter by quarter, but we feel good about where they are there.

西蒙，謝謝。這是查克。在 SP 影片方面，我認為團隊在發展該產品組合和建立一些出色的解決方案方面做得非常出色。他們與許多客戶都有聯繫。我們剝離視訊 CPE 業務的策略是真正專注於基於雲端的交付模式，而這一目標正在實現。顯然，我們在中國使用該平台取得了良好的成功。這往往是一個持續的——客戶部署的長期解決方案。所以，我們拭目以待。再說一次，我們每季都在做事，但我們對目前的狀況感到滿意。

On the second part of your question, relative to the web-scale guys. We have talked the last couple of quarters about how we had been having success with them. And, I talked about us really changing our strategy about 18 months ago and moving more into a collaborative, co-development mode with them thinking about what they're very unique needs are. I will tell you that our business with them last quarter grew 17% so we continue to see relatively good strength with those customers.

關於你問題的第二部分，相對於網路規模的人。在過去的幾個季度中，我們一直在談論我們如何與他們合作並取得成功。我說過，大約 18 個月前我們確實改變了策略，更多地轉向協作、共同開發模式，與他們一起思考他們獨特的需求。我可以告訴您，上個季度我們與他們的業務成長了 17%，因此我們繼續看到這些客戶表現相對較好。

Tim Long, BMO Capital Markets.

提姆朗 (Tim Long)，BMO 資本市場。

Chuck, maybe just to go back to the data center, if we could. I get the macro and the tough compares there. Just looking more broadly at that market, I think though the share gains are starting to normalize a little bit at least in the server market. So, when you think about the continued growth on the hardware side of the data center, do you think we need to broaden the server offering? Maybe get more involved in storage or ADC or some other products that are important to the data center that Cisco might not fully be participating in?

查克，如果可以的話，也許我們只是回到資料中心。我得到了宏和強項的比較。僅從更廣泛的角度來看該市場，我認為至少在伺服器市場，份額成長開始稍微正常化。那麼，當您考慮資料中心硬體的持續成長時，您是否認為我們需要擴大伺服器產品範圍？也許會更參與儲存或 ADC 或一些對資料中心很重要的其他產品，而思科可能沒有完全參與其中？

Tim, it is good to hear from you, and that is a very good question. What I would tell you is that we are currently -- we have a lot of work going on around the future -- the next-generation data center and what the future stacks look like in that data center which will be a combination of infrastructure hardware with a heavy dose of software and orchestration. And, you can assume that we're looking at our role up and down that stack going forward. I would tell you that there was a recent article, I think late last week in InfoWorld where [Barry Sing] actually outlined how we are thinking about this market. So, you are spot on, and we are spending a lot of time thinking through what role we play there and what the opportunity is. But, we believe it is going to be significant. Appreciate the question.

提姆，很高興收到你的來信，這是一個非常好的問題。我想告訴你的是，我們目前正在為未來做大量工作——下一代資料中心以及該資料中心的未來堆疊是什麼樣子，它將是基礎設施硬體與大量軟體和編排的組合。並且，您可以假設我們正在審視我們在未來這個堆疊中扮演的角色。我想告訴你，最近有一篇文章，我記得是上週晚些時候在 InfoWorld 上發表的，其中 [Barry Sing] 實際上概述了我們對這個市場的看法。所以，你說得對，我們花了很多時間思考我們在那裡扮演什麼角色以及機會是什麼。但我們相信它將會具有重大意義。感謝你的提問。

Tim, thanks. That was apparently the last question we have. I'm going to close with some short comments. I am incredibly pleased with how we executed this quarter, as I said, in a very uncertain macro environment. Our teams did a great job, and as we look forward, I think about how we're operating the Company on these two fronts.

提姆，謝謝。這顯然是我們最後一個問題。最後，我想發表一些簡短的評論。正如我所說，在非常不確定的宏觀環境下，我對本季的業績感到非常滿意。我們的團隊做得很好，展望未來，我會思考如何在這兩方面經營公司。

The first front is that we will continue to execute and run this Company in a well-managed way even in challenging environments, but at the same time, we're going to move full speed ahead. The second front is that we are going to make the long-term investments and build our strategy and the architectures and the solutions that our customers need, and I believe that our growth will accelerate as our customers embrace and move towards this next wave of technology that is going to fundamentally change every Company and every country around the world. I believe we can do both. I think that will allow us to take advantage of the incredible opportunity ahead of us, and I have a great deal of confidence in our ability to execute against that. Thank you for spending time with us today, and we look forward to talking to you soon.

第一個面向是，即使在充滿挑戰的環境中，我們也將繼續以良好的管理方式執行和營運這家公司，但同時，我們將全速前進。第二個面向是，我們將進行長期投資，制定客戶所需的策略、架構和解決方案。我相信，隨著我們的客戶接受並邁向下一波將從根本上改變全球每個公司和每個國家的技術，我們的成長將會加速。我相信我們可以做到這兩點。我認為這將使我們能夠利用擺在我們面前的難以置信的機會，而且我對我們的執行能力充滿信心。感謝您今天抽出時間與我們在一起，我們期待很快與您交談。

Thanks, Chuck. Cisco's next quarterly call, which will reflect our FY16 third-quarter results will be on Wednesday, May 18, 2016 at 1.30 PM Pacific time, 4.30 PM Eastern time.

謝謝，查克。思科的下一次季度電話會議將於 2016 年 5 月 18 日星期三太平洋時間下午 1:30、東部時間下午 4:30 舉行，屆時將公佈我們 2016 財年第三季的業績。

Again, I would like to remind the audience that in light of regulation FD, Cisco's policy is not to comment on its financial guidance during the quarter unless it is done through an explicit public disclosure. We now plan to close the call. If you have any further questions, please for free to contact the Cisco investor relations department, and we thank you very much for joining the call today.

再次，我想提醒觀眾，根據公平披露條例，思科的政策是不對其本季度的財務指導發表評論，除非透過明確的公開披露進行評論。我們現在計劃結束通話。如果您有任何其他問題，請隨時聯繫思科投資者關係部，非常感謝您今天參加電話會議。

Thank you for participating on today's conference call. If you would like to listen to the call in its entirety, you may call 1-888-562-6191. Or, participants dialing from outside of the US, please dial 1-402-280-9986. 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 1-888-562-6191。或者，從美國境外撥打的參與者請撥打 1-402-280-9986。今天的會議到此結束。您現在可以斷開連線。