思科 (CSCO) 2016 Q3 法說會逐字稿

Welcome to Cisco Systems third-quarter 2016 earnings conference call.

歡迎參加思科系統 2016 年第三季財報電話會議。

At the request of Cisco Systems today's call is being recorded.

應思科系統公司的要求，今天的通話正在錄音。

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.

如果您有任何異議，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.

謝謝，金。

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

歡迎大家參加思科 2016 財年第三季電話會議。我是投資者關係主管瑪麗蓮莫拉 (Marilyn Mora)，與我一起出席的還有我們的執行長查克羅賓斯 (Chuck Robbins) 和財務長凱利克萊默 (Kelly Kramer)。

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. 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.

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，我們的網站將在投資者關係部分提供相應的網路直播和幻燈片，其中包括補充資訊。損益表、完整的 GAAP 與非 GAAP 調節資訊、資產負債表、現金流量表和其他財務資訊也可以在我們的投資者關係網站的財務資訊部分找到。

Throughout this call we will be referencing both GAAP and non-GAAP financial results, and we'll also 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.

在整個電話會議中，我們將參考 GAAP 和非 GAAP 財務結果，我們還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 fourth 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 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.

我們今天將討論的事項包括前瞻性陳述，包括我們將為第四季度提供的指導。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 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。

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.

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。

As a reminder, in Q2 on November 20, we completed the sale of the customer premises equipment portion of our SP video connected devices business, and, accordingly, had no revenue or expense from that business in Q3 FY16. 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 our historical results.

提醒一下，在 11 月 20 日的第二季度，我們完成了 SP 視訊連接設備業務的用戶端設備部分的出售，因此，2016 財年第三季度該業務沒有收入或支出。因此，我們將討論的所有收入、非 GAAP 和產品訂單資訊都經過標準化，以將 SP 視訊、CPE 業務排除在我們的歷史結果之外。

We have provided historical financial information for the SP video CPE business in the slides that accompany this call and on our website to help understand these impacts. As a reminder, the guidance we provided during our Q2 earnings call and today's call has been normalized in the same way.

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 業務的歷史財務信息，以幫助理解這些影響。提醒一下，我們在第二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 will turn go ahead and turn it over to Chuck.

說完這些，我將繼續把麥克風交給查克。

Thank you, Marilyn.

謝謝你，瑪麗蓮。

We delivered strong Q3 results against the back drop of a macro environment that continues to be uncertain. Despite this uncertainty we executed very well, with revenue growth of 3% and non-GAAP EPS growth of 6%.

在宏觀環境持續不確定的背景下，我們取得了強勁的第三季業績。儘管存在這種不確定性，但我們的表現仍然非常好，收入增長了 3%，非 GAAP 每股收益增長了 6%。

We continued to generate strong operating cash flow of over $3 billion in the quarter, returning nearly $2 billion to shareholders through dividends and share repurchases. Our commitment to operating discipline continues to yield solid results in spite of the challenging environment. The operational changes we continue to make will further enable our customers to leverage the strategic role of the network as they transform their businesses to become digital.

本季我們持續產生超過 30 億美元的強勁經營現金流，透過股利和股票回購向股東返還近 20 億美元。儘管面臨嚴峻挑戰，我們恪守經營紀律，繼續取得豐碩成果。我們持續進行的營運變革將進一步使我們的客戶能夠在業務數位轉型過程中利用網路的策略角色。

As I did last quarter, I'd like to highlight our momentum in four key areas. First, in security, we saw continued acceleration in the third quarter with revenue growth of 17%, while deferred revenue grew 31% driven by our ongoing shift from hardware to more software and subscription services.

正如我上個季度所做的那樣，我想強調我們在四個關鍵領域的發展勢頭。首先，在安全領域，我們在第三季繼續加速發展，營收成長了 17%，而遞延收入成長了 31%，這得益於我們持續從硬體轉向更多軟體和訂閱服務。

Our security business is tracking as we indicated it would earlier in the year. As one of the largest IT security vendors, we believe our portfolio is the most comprehensive and effective in enabling our customers to protect their businesses. Security is and will remain one of our absolute highest priorities.

我們的安全業務正如我們今年早些時候指出的那樣順利發展。作為最大的 IT 安全供應商之一，我們相信我們的產品組合是最全面、最有效的，可以幫助我們的客戶保護他們的業務。安全現在是、並且將繼續是我們的首要任務之一。

Second, collaboration, revenue accelerated by 10% and deferred revenue here grew 16%. This is yet another example of a successful transition to a cloud-based platform, increasing our market leadership, which we expect will give us sustainable long-term differentiation.

其次，合作收入成長了 10%，遞延收入成長了 16%。這是成功過渡到基於雲端的平台的另一個例子，它增強了我們的市場領導地位，我們預計這將為我們帶來可持續的長期差異化。

Third, our next-generation data center portfolio is extremely well-positioned to meet our customers' needs regardless of where they place their work loads, enabling public, private or hybrid cloud employments. At our Partner Summit we received a very strong response to our innovations as customers adopt our next-generation data center solutions. Our strong position is evident in our install base of 52,000 UCS customers and the continued success of our ACI portfolio.

第三，我們的下一代資料中心產品組合非常適合滿足客戶的需求，無論他們將工作負載放在哪裡，都支援公有、私有或混合雲使用。在我們的合作夥伴高峰會上，隨著客戶採用我們的下一代資料中心解決方案，我們的創新得到了非常強烈的迴響。我們的強勢地位體現在我們擁有 52,000 名 UCS 客戶，並且 ACI 產品組合持續取得成功。

In March we announced a dramatic improvement in price performance, and by this I mean 100-gig performance for 40-gig pricing, driven by new ASICs, which provide us a time to market advantage of 18 to 24 months, while maintaining the same margin profile. In Q3, our ACI platform grew revenue approximately 100%, while it exceeded a $2 billion annualized run rate, far outpacing our next closest competitor in both size of business and growth rate. Our entry into the hyper-converged market with HyperFlex, as well as our acquisition of CliQr, an innovator in multi cloud orchestration to extend our leadership position in the data center.

今年 3 月，我們宣布價格性能大幅提升，我的意思是，在新型 ASIC 的推動下，以 40G 的價格實現 100G 的性能，這為我們帶來了 18 到 24 個月的上市時間優勢，同時保持了相同的利潤率。在第三季度，我們的 ACI 平台營收成長了約 100%，年化運作率超過 20 億美元，在業務規模和成長率方面遠遠超過我們最接近的競爭對手。我們透過 HyperFlex 進入超融合市場，並收購了多雲編排領域的創新者 CliQr，以擴大我們在資料中心的領導地位。

Finally, we continue to make great progress in transitioning more of our revenue to recurring, with increased emphasis on software and subscription offers. Our software subscription deferred revenue balance continues to exhibit accelerated growth, this quarter up 36%.

最後，我們在將更多收入轉化為經常性收入方面繼續取得巨大進展，並更加重視軟體和訂閱服務。我們的軟體訂閱遞延收入餘額持續呈現加速成長，本季成長了36%。

We have a number of strong proof points for how we've executed successfully against our objective and the potential to apply the same model to the rest of our portfolio. In addition to the success I've highlighted in our security and collaboration businesses, we had double-digit revenue growth again this quarter in Meraki, which stands out as an excellent example of how we've begun to scale our enterprise networking into a subscription model.

我們有許多強有力的證據證明我們已經成功實現了我們的目標，並且有潛力將相同的模型應用於我們投資組合的其他部分。除了我在安全和協作業務中強調的成功之外，本季 Meraki 的營收再次實現了兩位數成長，這是我們如何開始將企業網路擴展為訂閱模式的一個絕佳的例子。

As I look to the future, you will see us expand the approach we have taken with the success of Meraki, collaboration and security, and apply it to our data center and core networking for both enterprise and service providers. Our $180 billion of install base, with by far the most widely adopted operating systems for networking, makes us uniquely positioned to lead this migration.

展望未來，您將看到我們擴展我們在 Meraki、協作和安全方面的成功所採取的方法，並將其應用於企業和服務提供者的資料中心和核心網路。我們的安裝基數高達 1800 億美元，擁有迄今為止最廣泛採用的網路作業系統，這讓我們擁有引領這一遷移的獨特優勢。

While the overall macro environment remains uncertain, we are nicely positioned to benefit from any rebound in the global economy. At the same time we will continue to manage our business to capitalize on the key growth areas in front of us. I'm very pleased with our demonstrated ability to execute operationally and strategically in virtually any environment.

儘管整體宏觀環境仍然不確定，但我們已做好準備，從全球經濟的反彈中獲益。同時，我們將繼續管理我們的業務，以利用我們面前的關鍵成長領域。我對我們幾乎在任何環境下執行營運和策略的能力感到非常滿意。

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 continued execution on our financial strategy of delivering profitable growth, managing our portfolio and strategic investments, and delivering shareholder value.

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 $12 billion, up 3%, with growth in product revenue of 1% and services of 11%. We did have an extra week in Q3. Consistent with our guidance for the quarter, the benefit to revenue was approximately $265 million, $200 million of which was from our services, subscription businesses, and $65 million from our SaaS businesses like WebEx, as well as some from our product distribution.

從實現獲利成長開始，總收入達到 120 億美元，成長 3%，其中產品收入成長 1%，服務收入成長 11%。我們在第三季確實多了一個星期。與我們對本季的指引一致，營收收益約為 2.65 億美元，其中 2 億美元來自我們的服務、訂閱業務，6,500 萬美元來自我們的 WebEx 等 SaaS 業務，以及部分來自我們的產品分銷。

In switching, as Chuck mentioned, we continue to see good momentum with ACI in the next-generation data center. The 3% decline in switching was mostly driven by macro-related weakness in our campus business, offset by positive growth in data center switching.

在轉換方面，正如查克所提到的，我們繼續看到 ACI 在下一代資料中心的良好發展勢頭。交換業務下降 ​​3% 主要是由於校園業務的宏觀相關疲軟，但被資料中心交換業務的正成長所抵消。

Routing experienced 5% decline, mostly driven by the high end. We are seeing continued strength with our web-scale customers where our co-development continues and our sales to the top 10 web-scale customers was up 31%.

路由業務下降了 5%，主要受高端業務的影響。我們與網路規模客戶的合作持續發展，對前十大網路規模客戶的銷售額成長了 31%。

Collaboration grew 10% by strength across the entire portfolio, and deferred revenue grew 16%. WebEx continued its double-digit growth, with solid performance in telepresence and unified communications, driven by our new offerings in those areas.

整個投資組合的協作強度成長了 10%，遞延收入成長了 16%。WebEx 持續保持兩位數的成長，在網真和統一通訊領域表現穩健，這得益於我們在這些領域推出的新產品。

Data center grew 1%, with the slower growth largely driven by continued macro challenges impacting customer spend. We expect that our HyperFlex offering will further expand our growth opportunities in the data center.

資料中心成長了 1%，成長放緩主要是由於持續的宏觀挑戰影響了客戶支出。我們預計，我們的 HyperFlex 產品將進一步擴大我們在資料中心的成長機會。

Wireless grew 1%, led by strong double-digit growth in our cloud-based Meraki platform, partially offset by declines in our controller and access point businesses. Security grew 17% along with continued strong deferred revenue growth of 31%. We had great performance in our advance threat security and web security solutions, which grew over 100% and 50%, respectively.

無線業務成長了 1%，這主要得益於我們基於雲端的 Meraki 平台的強勁兩位數成長，但控制器和接入點業務的下滑部分抵消了這一增長。安全業務成長了 17%，同時遞延收入持續強勁成長 31%。我們的進階威脅安全和網路安全解決方案表現出色，分別成長超過 100% 和 50%。

SP video grew 18% with ongoing strength in China. Services revenue grew a very solid 11%, which includes the $200 million for the extra week I mentioned. Normalized for the extra week the growth was 4%.

SP影片在中國市場持續保持強勁成長，成長18%。服務收入成長了 11%，其中包括我提到的額外一周的 2 億美元。額外一週的正常成長率為 4%。

We again saw very good progress against our goal of driving more recurring revenue. Deferred revenue had solid growth of 8% with product deferred revenue up 9% and service up 7%. The portion of our product deferred revenue relating to our recurring software and subscription business grew 36%. From an orders perspective, product orders grew 3% with a book to bill comfortably above 1.

我們再次看到了在實現更多經常性收入的目標方面取得了非常好的進展。遞延收入穩定成長 8%，其中產品遞延收入成長 9%，服務遞延收入成長 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 36%。從訂單角度來看，產品訂單成長了 3%，訂單出貨比輕鬆超過 1。

Looking at our geographies, which is the primary way we run our business, Americas grew 4%, EMEA was up 2%, and APJC grew 1%. Total emerging markets grew 4%, with the BRICs plus Mexico showing strength up 4%, and China up 22%, and India up 18%. Brazil and Russia continue to be challenged and now combined representing less than 2% of our total product bookings.

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 4%，歐洲、中東和非洲地區成長了 2%，亞太及日本地區成長了 1%。新興市場整體成長 4%，其中金磚四國加墨西哥表現強勁，成長 4%，中國成長 22%，印度成長 18%。巴西和俄羅斯持續面臨挑戰，目前這兩個國家合計占我們產品預訂總量的不到 2%。

In terms of customer segments, enterprise declined 2% and commercial grew 8%. Public sector grew 6% and service provider was flat. Similar to Q2 we are seeing pressure in the enterprise segment driven by the macro uncertainty.

從客戶細分來看，企業客戶下降了 2%，商業客戶成長了 8%。公共部門成長 6%，服務提供者持平。與第二季類似，我們看到企業部門面臨宏觀不確定性所帶來的壓力。

We drove strong profitability this quarter, especially with gross margins. From a non-GAAP perspective gross margin was 65.2%, with product gross margin of 64.5%, and service gross margin of 67.1%. Operating expenses were 35.2% of revenue, and operating margin was 30%.

本季我們的獲利能力強勁，尤其是毛利率。從非公認會計準則角度來看，毛利率為 65.2%，其中產品毛利率為 64.5%，服務毛利率為 67.1%。營業費用佔收入的35.2%，營業利益率為30%。

The total impact of the extra week on our non-GAAP cost of sales and operating expenses was $150 million. We're being very disciplined in this tough macro and pricing environment, focused on making the right investments, while driving operational efficiencies and productivity.

額外一週對我們的非公認會計準則銷售成本和營運費用的總影響為 1.5 億美元。在這種嚴峻的宏觀和定價環境下，我們非常自律，專注於做出正確的投資，同時提高營運效率和生產力。

From a bottom-line perspective, we delivered non-GAAP EPS of $0.57, up 6%, while GAAP EPS was $0.46. Q3 non-GAAP net income was $2.9 billion, up 4%, while GAAP net income was $2.3 billion.

從底線角度來看，我們的非 GAAP 每股收益為 0.57 美元，成長 6%，而 GAAP 每股收益為 0.46 美元。第三季非公認會計準則淨收入為 29 億美元，成長 4%，而公認會計準則淨收入為 23 億美元。

We have been very active from an M&A perspective, closing five acquisitions in Q3: Jasper Technologies, making Cisco the largest cloud-based IoT service platform, helping enterprises and service providers launch, manage and monetize IoT services on a global scale; Acano, which provides on-premise and cloud-based video infrastructure and collaboration software; Synata, which enables us to deliver search capabilities for collaboration cloud applications; Leaba, a fabless semiconductor company; and CliQr, which provides an application-defined cloud orchestration platform, which is expected to help Cisco customers simplify and accelerate their private, public and hybrid cloud deployments.

我們在併購方面非常活躍，第三季完成了五項收購：Jasper Technologies，使思科成為最大的基於雲端的物聯網服務平台，幫助企業和服務供應商在全球範圍內推出、管理和實現物聯網服務貨幣化； Acano，提供內部部署和基於雲端的視訊基礎設施和協作軟體； Synata，使我們能夠為協作雲端應用程式提供搜尋功能； Leaba，無晶圓廠半導體公司；以及提供應用程式定義的雲端編排平台的CliQr，預計將協助思科客戶簡化和加速其私有雲、公有雲和混合雲部署。

These acquisitions are clearly focused on our key growth areas, including IoT, software, cloud and collaboration, as well as continuing to strengthen our core. We have also seen solid momentum with our Ericsson partnership, closing 17 deals this quarter.

這些收購顯然集中在我們的關鍵成長領域，包括物聯網、軟體、雲端和協作，同時繼續加強我們的核心。我們與愛立信的合作關係也呈現強勁發展勢頭，本季已達成 17 筆交易。

Moving on to shareholder value, in Q3 we delivered operating cash flow of $3.1 billion. Total cash, cash equivalents and investments at the end of Q3 were $63.5 billion, with $6.3 billion available in the US. We returned $2 billion to shareholders during the quarter that included $649 million of share repurchases, and $1.3 billion for our quarterly dividend, which we increased by 24% in Q3.

談到股東價值，第三季我們實現了 31 億美元的經營現金流。第三季末的現金、現金等價物和投資總額為 635 億美元，其中 63 億美元位於美國。本季我們向股東返還了 20 億美元，其中包括 6.49 億美元的股票回購，以及 13 億美元的季度股息，其中第三季的股息成長了 24%。

Overall Q3 was a very solid quarter in a difficult macro environment. We focused on strong operational execution, resulting in top-line growth, strong gross margins and continued operating leverage consistent with our expectations. We're making the right investments in the growth areas of the business, balancing our decisions with sound portfolio management.

整體而言，在艱難的宏觀環境下，第三季表現非常穩健。我們專注於強大的營運執行，從而實現了營收成長、強勁的毛利率和持續的營運槓桿，符合我們的預期。我們對業務成長領域進行了正確的投資，並透過合理的投資組合管理來平衡我們的決策。

Let me now reiterate the guidance we provided in the press release for the fourth quarter of FY2016. This guidance includes the type of forward-looking information that Marilyn referred to earlier.

現在，讓我重申我們在 2016 財年第四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。

The guidance for Q4 is as follows. We expect revenue growth to be in the range of zero to 3% year over year, normalized to exclude SP video CPE video from Q4 2015. We anticipate the non-GAAP gross margin rate to be in the range of 63% to 64%. The non-GAAP operating margin rate is expected to be in the range of 29% to 30%, and the non-GAAP tax provision rate is expected to be 22%.

第四季的指引如下。我們預計收入成長率將在 0 至 3% 之間，從 2015 年第四季開始標準化以排除 SP 視訊 CPE 視訊。我們預計非公認會計準則毛利率將在 63% 至 64% 之間。非公認會計準則營業利潤率預計在29%至30%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 $0.59 to $0.61. We anticipate our GAAP EPS to be lower than the non-GAAP EPS by $0.08 or $0.11. 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 0.59 美元至 0.61 美元之間。我們預計我們的 GAAP EPS 將比非 GAAP EPS 低 0.08 美元或 0.11 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.

現在我將把發言權交還給查克。

Thanks, Kelly.

謝謝，凱利。

Let me quickly summarize before we move to questions. First, I think the number one key takeaway is that we continue to execute well, even in an obviously very tough environment.

在我們開始提問之前，讓我快速總結一下。首先，我認為最重要的一點是，即使在非常艱難的環境中，我們仍然能夠繼續表現得很好。

Secondly, we have proven our ability to transition certain elements of our portfolio, like we have done with Meraki security and collaboration, and we believe we can accelerate long-term growth by bringing this same approach to our core, and this process has begun. Finally, everything we do will be done through a lens of enabling our customer success while driving value for our shareholders.

其次，我們已經證明了我們有能力轉變我們產品組合中某些元素，就像我們對 Meraki 安全和協作所做的那樣，我們相信，透過將同樣的方法引入我們的核心，我們可以加速長期成長，而且這個過程已經開始。最後，我們所做的一切都將以幫助客戶成功為目標，同時為股東創造價值。

Marilyn, I'll turn it over to you for questions.

瑪麗蓮，我將把問題交給你。

Thanks, Chuck.

謝謝，查克。

Kim, let's go ahead and open the line for questions. And while Kim is doing that, I'd like to remind the audience that we ask you to please ask one question.

金，我們開始回答問題吧。當金姆這樣做的時候，我想提醒觀眾，我們請你們問一個問題。

Simona Jankowski, Goldman Sachs.

西蒙娜·揚科斯基，高盛。

Hi, thank you very much. I just wanted to clarify your guidance for the July quarter. How much of the revenues embedded in that guidance comes from acquisitions that closed in the last year, just so we can get a sense for the organic trends in the business. And then when we think about the 3% growth in bookings in the quarter, how much of that was benefited by the extra week in the quarter?

你好，非常感謝。我只是想澄清您對七月季度的指導。該指引中包含的收入有多少來自去年完成的收購，這樣我們才能了解業務的有機趨勢。那麼，當我們考慮到本季預訂量成長 3% 時，其中有多少是由於本季額外一週的預訂量成長所致？

I'll answer the second part, first, Simona. In terms of how much benefit we got from the extra week, we don't think there's much. What we saw this quarter was the forecast was pretty straightforward. The team saw deal closure and conversion rates drag on, especially in the enterprise segment. And, quite, frankly the deals that we closed were more in line. So, we don't think we had any upside from the extra week in bookings sitting there.

我先回答第二部分，西蒙娜。至於我們從這額外的一周中獲得了多少好處，我們認為這並不多。我們本季看到的預測非常簡單。團隊發現交易完成和轉換率受到拖累，尤其是在企業領域。而且，坦白說，我們達成的交易更加符合預期。因此，我們認為多一周的預訂不會為我們帶來任何好處。

In terms of your first question on the acquisitions, we'll start to see -- in the current run rate you have the bulk of, like OpenDNS and everything else. For the new acquisitions that you don't have a full quarter in the run rate, we'll get a bit of a benefit from Jasper and Acano, but it is not terribly material in the overall growth rate.

關於您關於收購的第一個問題，我們將開始看到——在目前的運行率下，您擁有大部分資產，例如 OpenDNS 和其他所有資產。對於那些沒有在整整一個季​​度內獲利的新收購，我們會從 Jasper 和 Acano 獲得一些好處，但對整體成長率的影響並不大。

Ittai Kidron, Oppenheimer & Co.

伊泰‧凱德倫 (Ittai Kidron)，奧本海默公司

Thanks, and congrats on great execution. First question is with regards to the data center. I hear your comments with regards to the macro impact on it, but it's five quarters in a row now where that business is stuck between the $800 million to $850 million in revenue. And this business has accounted for about one-third of your growth in the past few years. So, if you can us a little bit more color as to why isn't this moving, that would be great.

謝謝，並祝賀你取得如此出色的成績。第一個問題是關於資料中心的。我聽到了您關於宏觀影響的評論，但該業務的收入已經連續五個季度停留在 8 億至 8.5 億美元之間。而這項業務在過去幾年中佔了你們成長的三分之一左右。因此，如果您能向我們詳細說明為什麼它沒有移動，那就太好了。

The second question with regards to the gross margins, I have to go back all the way to 2010 to find product gross margins that are equal to those that you just reported. Can you just give us a little bit more maybe of a framework to think about what is really changing in the portfolio, whether it be through mix or change in the competitive environment, anything that can justify the increase in gross margins and how sustainable you think that is.

第二個問題是關於毛利率的，我必須追溯到 2010 年才能找到與您剛才報告的毛利率相同的產品毛利率。您能否為我們提供一個更詳細的框架，讓我們思考投資組合中真正發生的變化，無論是透過組合還是競爭環境的變化，任何可以證明毛利率增加的因素，以及您認為這種增加的可持續性。

Ittai, this is Chuck. Thanks for the questions. I'll answer the first one and I'll give Kelly the gross margin question.

伊泰，這是查克。感謝您的提問。我先回答第一個問題，然後向凱利提問毛利率問題。

As we look at the data center business we see a few things going on. First of all, we think that there is an impact coming from the overall macro environment that is relatively undeniable. We also saw, as our peers have, some caution in, I would say, the CapEx spend in the SP space, and that was one of the segments that we saw weakness this quarter even with our data center portfolio. When we say data center in this context we're talking about UCS, in particular.

當我們觀察資料中心業務時，我們發現了一些正在發生的事情。首先，我們認為整體宏觀環境的影響是相對不可否認的。正如我們的同行一樣，我們也看到，在服務提供者領域的資本支出方面，我們持謹慎態度，即使我們有資料中心產品組合，這也是本季我們看到的疲軟領域之一。當我們在這種情況下說資料中心時，我們特別談論的是 UCS。

The other thing that's going on is there is a transition going on in the data center relative to work loads. I talked a little bit about it on the last call. We see workload-specific use cases being deployed on high-performance blade systems like our classic UCS. Then we see also this move to hyper-converged systems, which led us to the launch of our HyperFlex platform last quarter.

正在發生的另一件事是資料中心正在發生與工作負載相關的轉變。我在上次通話中談了一點這件事。我們看到特定於工作負載的用例被部署在高效能刀片系統（如我們的經典 UCS）上。然後，我們也看到了向超融合系統的轉變，這促使我們在上個季度推出了 HyperFlex 平台。

We also see a transition to rack-based systems which also result in stacks that are driven by container-based architectures. So in the past quarter 30% of our UCS business was actually from our rack portfolio, which we do have for the appropriate use cases. And you'll see us continue to expand our offerings.

我們也看到了向基於機架的系統的轉變，這也導致了由基於容器的架構驅動的堆疊。因此，在過去的一個季度中，我們 30% 的 UCS 業務實際上來自我們的機架產品組合，我們確實擁有適用於適當用例的產品組合。您將看到我們繼續擴大我們的產品範圍。

So we have UCS as a blade system. We have a rack version of UCS. We have HyperFlex in the market. And you'll see us continue to expand our portfolio to meet the evolving use cases in the data center. I think that's what's going on right now.

因此我們將 UCS 作為刀片系統。我們有機架版本的 UCS。我們在市場上有 HyperFlex。您將看到我們不斷擴展我們的產品組合以滿足資料中心不斷變化的用例。我認為這就是現在正在發生的事情。

Kelly, on the gross margin question?

凱利，關於毛利率的問題？

On the gross margins, I would say, Ittai, it is a couple things. You're absolutely right when you go back and look historically. If you go back and normalize, the biggest thing that we did was obviously when we got out of the set-top box business. That helped us quite a bit.

關於毛利率，我想說，Ittai，有幾件事。如果你回顧歷史的話，你是完全正確的。如果回顧過去並回顧過去，我們所做的最大一件事顯然就是退出機上盒業務。這對我們有很大幫助。

And normalized, if you go to just Q1 of this year we were at a 64.9%, and we even in last year we had 65.1%. So, I would say it is the new normal in that 63%, 64% range. I would say the only other thing, when you go back and you update your models for the extra week -- because a lot of the top line that I talked about comes off the balance sheet and there's no incremental costs -- I did get a 0.5 point benefit just from the extra week in my gross margin. So, I would say a normalized view on the gross margin would have been closer to 64.5%.

而且標準化，如果你只看今年第一季度，我們的成長率就達到了 64.9%，而去年我們的成長率也達到了 65.1%。所以，我認為在 63% 到 64% 的範圍內這是新常態。我想說的唯一另一件事是，當你回去更新額外一周的模型時——因為我談到的很多頂線都來自資產負債表，而且沒有增量成本——我的毛利率確實從額外一周獲得了 0.5 個百分點的收益。因此，我認為毛利率的正常化應該接近 64.5%。

Vijay Bhagavath, Deutsche Bank.

維傑‧巴加瓦斯 (Vijay Bhagavath)，德意志銀行。

Yes, hi, thanks. Hi, Chuck, hi, Kelly. You did clearly better than feared results. Congratulations to you and your team. My question is as follows. This is Chuck. Heading into the back half, what gets you most excited in terms of new product refresh opportunities?

是的，你好，謝謝。嗨，查克，嗨，凱利。你的表現明顯比擔心的結果好。恭喜您和您的團隊。我的問題如下。這是查克。進入後半段，就新產品更新機會而言，什麼最讓您興奮？

And then, now that your security business honestly is starting to turn the corner, especially versus the peer plays, would you double down on security investments both organically and [a money]? Thanks.

那麼，既然您的安全業務確實開始出現轉機，特別是與同行相比，您會加倍投資安全業務嗎？無論是有機投資還是資金投資？謝謝。

Vijay, I think the number one thing that I am feeling very positive about right now is, again, we have shown that we can drive the transition in our collaboration portfolio, which when you see that business over the last two years, the team has done a great job of transitioning it to a portfolio that is available to our customers as cloud-based services, and seeing it growing double digits and also growing our deferred revenue balance up 16%. I think that's one example.

Vijay，我認為現在讓我感到非常樂觀的一件事是，我們再次證明我們可以推動協作產品組合的轉型，當你看到過去兩年的業務時，你會發現團隊在將其轉型為可供客戶使用的基於雲端的服務組合方面做得非常出色，並且看到它實現了兩位數的增長，遞延收入餘額也增長了 16%。我認為這是一個例子。

In security, 46% of our business now comes from software and subscription services, which is clearly the direction that we had indicated we were going to take it, at the same time growing 17%. Our Meraki business, which really shows the evolution of networking to cloud-based management and policy, is over $1 billion now and growing double digits. And I think the thing I'm most excited about longer term is that we see a path to deploying that model across the rest of our portfolio. And, again, that work has begun.

在安全領域，我們 46% 的業務現在來自軟體和訂閱服務，這顯然是我們之前表明要採取的方向，同時成長了 17%。我們的 Meraki 業務真正展示了網路向基於雲端的管理和策略的演變，目前該業務價值已超過 10 億美元，並且以兩位數的速度成長。我認為，從長遠來看，最讓我興奮的是，我們看到了在我們投資組合的其他部分部署該模型的途徑。現在，這項工作又開始了。

I think in the near term we see, obviously a mix of a pretty cautious environment still, because we do see customers spending where they need to spend. But don't misunderstand, there is still a fair amount of caution in the market. But I think that we've executed well this quarter. We had five of our seven product categories that were in positive growth, with three of those in double-digits. We had all the geos in positive growth from an order perspective. And we saw pretty good strength across our segments. So that's the first question.

我認為，短期內我們顯然仍會看到一個相當謹慎的環境，因為我們確實看到客戶在需要消費的地方消費。但請不要誤會，市場上仍有相當程度的謹慎。但我認為本季我們的表現很好。我們的七個產品類別中有五個實現了正成長，其中三個產品類別的增幅達到兩位數。從訂單角度來看，所有地區均呈現正成長。我們看到各個細分領域的實力都相當強勁。這是第一個問題。

The second one relative to security, the answer is yes, yes, and yes. We will continue investing both organically and any other way that we see appropriate to drive that architecture. The team has done a phenomenal job.

第二個問題與安全有關，答案是肯定的、肯定的、肯定的。我們將繼續以有機方式以及我們認為適合推動該架構的任何其他方式進行投資。該團隊做出了非凡的貢獻。

Steve Milunovich, UBS.

瑞銀的史蒂夫·米盧諾維奇。

Your switching and routing businesses were both down. How concerned are you about that? Do you think your new product portfolio is yet to impact that? Do you believe your losing share or it's the markets? And then, finally, what is the impact on your services businesses, in other words, how much of that is maintenance that could be impacted by declining hardware?

您的交換和路由業務均出現下滑。您對此有多擔心？您認為您的新產品組合尚未對此產生影響嗎？您認為虧損的是您自己的市佔率還是市場的佔有率？最後，這對您的服務業務有何影響？換句話說，硬體下降對維護的影響有多大？

Let me take the first one and then, Kelly, you can maybe make a connection from the services to the hardware. On the switching business I'll point out a couple things. Last quarter we indicated that our campus switching business, the growth there is largely driven by refresh, which in an uncertain time, enterprises that have infrastructure that's functioning for them, they're not going to make the move to upgrade. So, we see a pause in that refresh cycle, which we talked about last quarter, and nothing really changed there.

讓我先問第一個問題，然後，凱利，你也許可以將服務與硬體連結起來。關於轉換業務，我想指出幾點。上個季度我們指出，我們的校園交換業務的成長很大程度上是由更新推動的，在不確定的時期，擁有正常運作的基礎設施的企業不會採取升級的舉措。因此，我們看到更新周期暫停，正如我們上個季度討論的那樣，但實際上並沒有什麼變化。

What we did see is we saw our data center switching revenue growth increase. And the other thing that I'll point out is that we had indicated that we believe that our data center switching growth -- the new product portfolio would surpass the declines of the traditional products that we've had. And our order growth rate, which we haven't put in any of the documentation, our order growth rate this past quarter on that $4 billion portfolio was double digits.

我們確實看到我們的資料中心轉換收入成長了。我要指出的另一件事是，我們曾表示，我們相信我們的資料中心交換成長——新產品組合將超過我們傳統產品的下滑。我們的訂單成長率（我們沒有將其寫入任何文件中）是上個季度 40 億美元投資組合的訂單成長率達到兩位數。

So we're pleased with the progress that we have made in the data center switching space. And, again, that's $4 billion and it grew double digits in orders. So, we feel okay about that. On the routing front it's a combination of things, I think that there's certainly --$1 billion in the quarter, $4 billion in annualized run rate on the data center switching -- Kelly is making sure we're clear.

因此，我們對在資料中心交換領域的進展感到非常滿意。再次強調，這是 40 億美元，訂單量增加了兩位數。所以我們對此感覺還好。在路由方面，這是多種因素的結合，我認為肯定有——本季 10 億美元，資料中心交換的年化運作率為 40 億美元——凱利確保我們清楚這一點。

On the routing business, we've seen a few things. Clearly there is a macro issue that we're dealing with. We also saw, again, as you heard from some of our peers, we saw some increased caution in the service provider space. We saw slow movement in the core of those networks -- flattish activity at the edge.

在路由業務方面，我們看到了一些事情。顯然我們正在處理一個宏觀問題。我們還看到，正如您從我們的一些同行那裡聽到的那樣，服務提供者領域的謹慎程度有所提高。我們看到這些網路核心的運動很慢——邊緣的活動比較平緩。

And we do have a number of new platforms that are in certification with several of the key players that we, at some point in the coming quarters, we would expect those to begin to show up favorably. But that's what we see right now.

我們確實有許多新平台正在與幾家主要參與者進行認證，我們預計在未來幾季的某個時候，這些平台將開始出現良好的表現。但這就是我們現在所看到的。

And then in terms of, Steve, your question on impact on the services business, typically for new sockets there would be a little lag for that. But I will say that our service business has been laser focused on driving renewals. So, even if enterprises are holding on to their switches and routers longer, our services team and sales team has been very focused on getting the contracts renewed. And we're seeing that pay dividends with the acceleration of growth.

然後就史蒂夫而言，你關於對服務業務的影響的問題，通常對於新的插座來說，會有一些延遲。但我要說的是，我們的服務業務一直專注於推動革新。因此，即使企業需要更長時間才能使用其交換器和路由器，我們的服務團隊和銷售團隊也非常注重續約合約。我們看到，隨著經濟成長的加速，這種做法正在帶來回報。

Again, if you normalize our service revenue growth this quarter for the extra week, they still grew 4%, which is up from 3% year-over-year growth in Q2 and it was 1% in Q1. So, we're really starting to get traction there.

同樣，如果將本季額外一周的服務收入增長標準化，其仍增長了 4%，高於第二季度 3% 的同比增長和第一季 1% 的同比增長。所以，我們確實開始在那裡獲得關注。

Steve, if I can just pile on to what Kelly just said, the team has been building out, trying to strengthen our capability around the entire software and subscription business model, which requires a lot of focus on adoption and renewals. We've also taken the same approach to just sharpen our focus on our services renewal business. And we did see improvement in that in the last quarter. So, I'm happy with the progress the team is making there, as well.

史蒂夫，如果我可以接著凱利剛才所說的，團隊一直在建設，試圖加強我們在整個軟體和訂閱業務模式方面的能力，這需要大量關注採用和續訂。我們也採取了同樣的方法來更專注於我們的服務更新業務。我們在上個季度確實看到了這方面的改善。因此，我對團隊在那裡取得的進展也感到高興。

Jim Suva, Citigroup.

花旗集團的吉姆·蘇瓦。

Thank you. And congratulations, Chuck and Kelly, to your team there at Cisco. One thing that stood out was the very impressive gross margins this quarter. If I calculated it correctly, it looked like it was around 65.2%. And that was meaningfully above -- I think your guidance was 62.5% to 63.5%. Can you help us to understand what were the factors to drive it higher? I know the guidance all included an extra week.

謝謝。查克和凱利，祝賀你們在思科的團隊。引人注目的是本季非常可觀的毛利率。如果我計算正確的話，它看起來大約是 65.2%。這明顯高於——我認為您的指導值為 62.5% 至 63.5%。您能幫助我們了解導致這價格上漲的因素有哪些嗎？我知道所有的指導都包括額外一週的時間。

And then for the outlook, are there any type of swing factors we should be aware of and the causes of why it will be lower than the reported gross margins just from this quarter? And, again, congratulations to you and your team.

那麼對於前景，我們是否應該注意任何類型的波動因素，以及為什麼本季的毛利率會低於報告的毛利率？再次恭喜您和您的團隊。

Yes, sure. Thanks for the question, Jim. Again, the thing to keep in mind -- true, we did guide with the extra week which came in, in line -- but just, again, a couple things. When we guide we tend to have a little conservatism in the gross margin rate. But take off that 0.5 points, we're still parked at the 64.5% range.

是的，當然。謝謝你的提問，吉姆。再次強調，要記住的是——沒錯，我們確實利用了額外一周的時間進行指導——但同樣，還有幾件事。我們在指導時傾向於對毛利率採取一些保守態度。但去掉那 0.5 點，我們仍然停留在 64.5% 的範圍內。

We do have normal seasonality quarter in and quarter out. So, always Q1 and Q3 are our strongest gross margin quarters, and Q2 and Q4 are weaker, and it is typically driven by our mix, especially mix of servers in those two quarters. That is also a driver.

我們每季確實都有正常的季節性。因此，第一季和第三季始終是我們毛利率最高的季度，而第二季和第四季則較弱，這通常是由我們的產品組合，尤其是這兩季的伺服器組合所驅動。這也是一個驅動因素。

And I think, just operationally speaking, again, the teams are doing a very good job from a productivity perspective in terms of driving costs out of the product. We had a lot of efficiencies out of the supply chain in terms of managing our freight and our inventory management. So, I would say there has just been real -- we had a very strong quarter from operational excellence.

我認為，從營運角度來說，從生產力角度來看，這些團隊在降低產品成本方面做得非常出色。在管理貨運和庫存管理方面，我們的供應鏈效率得到了很大提高。所以，我想說的是，我們憑藉卓越的營運取得了一個非常強勁的季度。

If I look at pricing this quarter we are being very disciplined on pricing. We're starting to see a tiny bit of a tick up, and you'll see that in our Q, where the impact to our gross margin rate year to date is about 2.2 points and Q3 was 2.4. So, still strong but we are still seeing price erosion. But, again, the strength we're seeing this quarter mostly came from just improvements in productivity.

如果我看一下本季的定價，我們會發現我們在定價方面非常嚴格。我們開始看到一點上漲，您會在我們的 Q 中看到這一點，年初至今對我們毛利率的影響約為 2.2 個百分點，第三季為 2.4 個百分點。因此，雖然仍然強勁，但我們仍然看到價格下滑。但是，我們本季看到的強勁勢頭主要來自於生產力的提高。

Pierre Ferragu, Sanford Bernstein.

皮耶費拉古、桑福德伯恩斯坦。

Hi, good evening. Thank you for taking my question. I just wanted to come back on what you said about your stuff in hyperscale, web-scale clients. If I get that correctly you had revenues up 31% there. Could you give us a sense of what made most of this revenue and most of these growth? Was that mostly switching, routing, anything else?

嗨，晚上好。感謝您回答我的問題。我只是想回顧一下您所說的有關超大規模、網路規模客戶的內容。如果我理解正確的話，你們的收入成長了 31%。您能否告訴我們這些收入和成長的主要來源是什麼？主要是指交換、路由還是其他什麼？

And then if we exclude that very strong performance on that segment, what did the rest of enterprise look like in terms of, so you were down 2% over all? I assume that is web-scale at 31%. Probably the rest is enterprise, was down quite significantly.

那麼，如果我們排除該部門的強勁表現，那麼其餘企業的情況如何，所以整體下降了 2%？我認為網路規模為 31%。其餘的可能是企業，下降幅度相當大。

And, lastly, could you help us quantify any of the macro impact? You mentioned about enterprise in this quarter and in your guide for next quarter, I don't know -- maybe in points of revenues or whatever, do you have a sense of how much you've lost because of the uncertain macro environment? Thanks a lot.

最後，您能幫助我們量化宏觀影響嗎？您提到了本季度的企業情況，並且在下一季的指南中，我不知道——也許是在收入方面或其他方面，您是否知道由於不確定的宏觀環境而損失了多少？多謝。

Okay. I'll start. And make sure I don't forget the rest of the pieces, here, Chuck. You've got me covered there. Of our massively scalable data center customers, of that amount more than half of it is certainly switching, and then the next biggest follower is routing. So, it's more than 50%, significantly more than 50% is our switching products.

好的。我先開始。查克，請確保我不會忘記這裡的其餘部分。你已為我做好了準備。在我們的大規模可擴展資料中心客戶中，超過一半肯定是交換型的，其次是路由型的。因此，我們的轉換產品佔比超過 50%，顯著超過 50%。

To your point on then, you inferred -- what does it mean that switching overall was down 3%. I just want to reiterate.

就您的觀點而言，您推斷——整體轉換率下降 3% 意味著什麼。我只是想重申一下。

Let me just clarify the question. He believes that we rolled the web-scale into our enterprise business. So, he was saying we were negative 2% on enterprise.

讓我澄清一下這個問題。他認為我們已將網路規模融入我們的企業業務中。所以，他說我們的企業利潤是負 2%。

Definitely in our service provider segment.

絕對是在我們的服務提供者領域。

In our service provider segment, Pierre. Now you can answer that question.

在我們的服務提供者領域，皮埃爾。現在你可以回答這個問題了。

Sorry about that, Pierre. These web-scale customers are definitely in our service provider segment, which was flat overall for the quarter from a bookings perspective. On the rest of the portfolio, to your question on service provider, we're seeing, again, the slowdown from just the overall service provider CapEx spend. And you're seeing that reflected certainly on our routing portfolio.

很抱歉，皮埃爾。這些網路規模客戶肯定屬於我們的服務供應商部門，從預訂角度來看，本季該部門整體持平。對於投資組合的其餘部分，對於您關於服務提供者的問題，我們再次看到，整體服務提供者資本支出的成長有所放緩。您會看到這肯定反映在我們的路由組合上。

Just a couple comments. I don't think we have ever exposed that over half of that business is coming from switching. So, clearly there is value in our switching portfolios that the web-scale players are seeing.

僅幾點評論。我認為我們從未透露過超過一半的業務來自轉換。因此，顯然我們的轉換產品組合具有網路規模參與者所看到的價值。

I also think that there is still a small percentage of the overall SP business as it relates, which is you'll see flat when the segment was up 31% given the size of the business. But obviously, you could have done that math. But I do think that our teams have done a really good job here.

我還認為，這在整體 SP 業務中所佔比例仍然很小，考慮到業務規模，當該部分增長 31% 時，你會看到其持平。但顯然，你可以做這個計算。但我確實認為我們的團隊在這裡做得非常好。

Kelly, the other question, the third portion of the question, was that relative to any revenue impact in Q4 that we have built into the guidance relative to the macro environment, just generically we are not modeling any improvement, I think is the safest way to say it. We do see continued amount of uncertainty out there and we're not modeling any improvement into Q4.

凱利，另一個問題，也就是問題的第三部分，是相對於我們在宏觀環境指導中考慮到的第四季度收入影響，一般來說我們並沒有模擬任何改善，我認為這是最安全的說法。我們確實看到仍然存在不確定性，並且我們預計第四季度不會出現任何改善。

Brent Bracelin, Pacific Crest Securities.

太平洋頂峰證券公司的布倫特布雷斯林 (Brent Bracelin)。

Thank you for taking the question. Chuck, I wanted to follow up on services revenue. I get there was a clear benefit of an extra week but this now marks, I think, the second quarter in a row of upside coming from the services segment. I imagine most of the return of double-digit growth was the extra week. My question is, are you seeing a broader increase in services driven by digitization or solutions selling trends? And if so, do you expect the services recovery to potentially be a leading indicator for a future product recovery?

感謝您回答這個問題。查克，我想跟進服務收入的情況。我知道額外一周的好處是顯而易見的，但我認為這標誌著服務業連續第二季出現上漲。我想，兩位數成長的迴歸大部分是額外一週的結果。我的問題是，您是否看到由數位化或解決方案銷售趨勢推動的服務出現更廣泛的成長？如果是這樣，您是否認為服務復甦有可能成為未來產品復甦的領先指標？

Thanks for the question, Brent. Let me, first of all, say that I think over the last few quarters Joe Cozzolino and his team have been incredibly focussed on driving the operational excellence around the P&L element of that, which is what you have seen with the gross margins, and I think some of the discussion I had earlier around the focus on the renewal capability. I think we're seeing general improvement in the execution there.

謝謝你的提問，布倫特。首先，我要說的是，我認為在過去的幾個季度中，喬·科佐利諾 (Joe Cozzolino) 和他的團隊一直非常專注於推動圍繞損益要素的卓越運營，這就是您在毛利率方面所看到的，我認為我之前圍繞更新能力進行的一些討論。我認為我們看到那裡的執行情況總體有所改善。

We see advance services obviously doing reasonably well; security services doing reasonably well. And then, as I mentioned earlier, the renewal activity, our teams did a better job this past quarter. So, I think a lot of what you're seeing is operational discipline and execution, to be honest.

我們看到預付服務顯然表現得相當不錯；安全服務做得相當好。然後，正如我之前提到的，在更新活動中，我們的團隊在過去的一個季度做得更好。所以，老實說，我認為你所看到的很多都是操作紀律和執行情況。

However, I think that there is an opportunity, and more of our customers are asking us to help them, as they look at their strategies to take advantage of this digital transition that's occurring. I'm not sure that I'm in a position where I would give you any tangible connection between it and future product growth, but we definitely see that as a required service that we're going to need to provide to our customers because they're looking to us as one of the few large, capable, financially viable partners that really understand this transition.

然而，我認為這是有機會的，而且越來越多的客戶要求我們幫助他們，因為他們正在研究自己的策略以利用正在發生的數位轉型。我不確定我是否可以向您提供它與未來產品增長之間的任何切實聯繫，但我們確實將其視為我們需要向客戶提供的一項必需服務，因為他們將我們視為真正了解這種轉變的少數幾個大型、有能力、財務上可行的合作夥伴之一。

Mark Moskowitz, Barclays.

巴克萊銀行的馬克·莫斯科維茨。

Yes, thanks, good afternoon. I just want to see if we can talk a little more about the cloud. You talked about the ACI momentum. How should we think about the mix of just cloud revenue for Cisco in terms of how much is going into public cloud versus private cloud as the run rate improves? And then is there any change in terms of public cloud versus private cloud related to margin, either from a gross margin perspective or operating margin perspective that we should be aware of? Thank you.

是的，謝謝，下午好。我只是想看看我們是否可以多談談雲端。您談到了 ACI 勢頭。隨著運行率的提高，我們應該如何看待思科的雲端運算收入結構，也就是有多少收入用於公有雲，有多少收入用於私有雲？那麼，從毛利率或營業利潤率的角度來看，公有雲與私有雲在利潤率方面是否存在我們應該注意的變化？謝謝。

Thanks, Mark. I'll let Kelly tackle the second question. If you look at what we declared and we stated our strategy is around cloud, it really is focused on enabling what we believe is going to be the long-term desire of our customers, which is to operate in a hybrid cloud model.

謝謝，馬克。我請凱利來解答第二個問題。如果你看一下我們所聲明的，我們所說的我們的策略是圍繞著雲端的，它實際上專注於實現我們認為的客戶的長期願望，即在混合雲模型中運作。

And we said that we're going to do three primary things. We're going to make sure that we provide the infrastructure to the cloud providers. And we've done that with SPs and we've done that, obviously, with the top 10 web-scale providers, given the business was up 31%.

我們說過我們要做三件主要的事情。我們將確保向雲端提供者提供基礎設施。我們已經與 SP 達成了這樣的合作，顯然，我們也與排名前 10 的網路規模供應商達成了這樣的合作，業務成長了 31%。

We also said that we were going to transition our portfolio to be cloud-delivered and as a service, delivered where it makes sense, and over time across the entire portfolio. And you've seen us do that with our continued growth in Meraki in collaboration and security. And now the plans are actually under way on a project to deploy that across the rest of our portfolio, although it's early days. I think when you look at deferred revenue of 36% on the balance sheet, that says that we're being successful in that second pillar.

我們還表示，我們將把我們的產品組合轉變為雲端交付和作為服務，在合理的地點交付，並隨著時間的推移擴展到整個產品組合。您已經看到我們透過 Meraki 在協作和安全方面的持續成長實現了這一點。目前，我們正在計劃將其部署到我們投資組合的其餘部分，儘管這還處於早期階段。我認為，當你看到資產負債表上 36% 的遞延收入時，這表示我們在第二支柱上取得了成功。

And then the third pillar was to help our customers with the infrastructure needed to actually take advantage of both private and public clouds or enabling hybrid. And when you look at the data center switching portfolio on an annualized $4 billion business, with new orders growing in double digits, I think that customers are driving both. And I think that the three pillars of that strategy are working.

第三個支柱是幫助我們的客戶提供實際利用私有雲和公有雲或實現混合所需的基礎設施。當您查看年化 40 億美元業務的資料中心交換產品組合時，新訂單以兩位數成長，我認為客戶是推動兩者發展的因素。我認為該策略的三大支柱正在發揮作用。

As far as gross margins when we sell to private cloud versus public cloud, Kelly, can you comment there?

至於我們向私有雲和公有雲銷售時的毛利率，凱利，您能對此發表評論嗎？

Yes. I'd say we obviously have different margin profiles within both. But I'll say both, whether it's campus versus data center, or whether it's to the service providers versus enterprises, both margin profiles are well above the Cisco average gross margin rates. And between campus and the data center side, we're within 5 to 6 points of gross margin. So, the differentiation is not much there.

是的。我想說的是，我們兩者的利潤率顯然不同。但我想說的是，無論是校園還是資料中心，無論是服務供應商還是企業，兩者的利潤率都遠高於思科的平均毛利率。在校園和資料中心之間，我們的毛利率相差 5 到 6 個百分點。因此，差異並不大。

We can have variations within that. We have some public cloud customers on some deals that might have better or worse margins. But overall, the portfolio is within those ranges, and again, way accretive to the overall Cisco margins.

我們可以在其中做出改變。我們與一些公有雲客戶在某些交易中可能會有更好或更差的利潤率。但總體而言，該投資組合處於這些範圍內，並且再次大大增加了思科的整體利潤率。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

Great, thank you very much. I just had a clarification. You talked about ACI hitting about $2 billion annualized run rate. And I think our notes have suggested it was at a similar level the last couple of quarters, at least you gave a similar level. I just want to make sure our notes are right there.

太好了，非常感謝。我剛剛澄清了一下。您談到 ACI 的年化運作率達到約 20 億美元。我認為我們的記錄表明它與過去幾個季度處於相似的水平，至少你給出了相似的水平。我只是想確保我們的筆記正確無誤。

And then, really, my question is around acquisitions. You guys clearly have been quite active doing acquisitions and doing a lot of what looked to be pretty promising technology related acquisitions. Should we expect the current pace to persist or are we going through an accelerated period that you think that we're pretty close to slowing down from? Thanks.

然後，我的問題實際上與收購有關。你們顯然在收購方面非常活躍，並且進行了許多看起來很有前景的技術相關收購。我們是否應該預期當前的步伐會持續下去，或者我們是否正經歷一個加速期，而您認為我們很快就會放慢速度？謝謝。

I'll take the first one. On the first one, yes, we were being rounding. It's actually closer to a $2.2 billion run rate, so sequentially I'm certainly up sequentially than what I was last quarter.

我要第一個。第一個，是的，我們正在進行巡視。它實際上更接近 22 億美元的運行率，因此與上一季相比，環比成長肯定有所提升。

Yes, I think when we hit it last quarter it was probably roughly $2 billion. This time it is closer to $2.2 billion, $2.25 billion on the ACI portfolio.

是的，我認為上個季度我們達到這個數字的時候大概是 20 億美元。這次接近 22 億美元，ACI 投資組合為 22.5 億美元。

And then on the acquisition front, what I would say is that, given the valuations and given the movement in the tech industry, that we'll continue to be opportunistic. We're in a good position as a strategic buyer with some of the challenges in the public market and some of the valuations becoming a little more realistic.

在收購方面，我想說的是，考慮到估值和科技業的動向，我們將繼續抓住機會。作為策略買家，我們處於有利地位，面臨著公開市場的一些挑戰，而一些估值也變得更加現實。

What I suggest to you, that over the next 12 months we'll be quite as active as we have been in the last 12. I probably wouldn't expect it to be quite as fast-paced as it has been but we will continue to be opportunistic around the areas of growth that are important to our future.

我的建議是，在接下來的 12 個月裡，我們將像過去 12 個月一樣活躍。我可能不會期望它像現在這樣快節奏，但我們將繼續在對我們的未來至關重要的成長領域中尋找機會。

Paul Silverstein, Cowen and Company.

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

Thanks very much. Chuck, going back to the question about the top 10 web 2.0, I don't think you have ever broken it out, at least in my memory. But if routing is 15% of your total revenue, and service provider typically, if I remember the numbers correctly, are 80% of routing. That would suggest that the web 2.0 guys are somewhere in the range of 15% of total revenue, if I'm looking at the current numbers correctly. Is that in the ballpark?

非常感謝。查克，回到關於 Web 2.0 前 10 名的問題，我認為你從來沒有詳細討論過這個問題，至少在我的記憶中是如此。但是，如果路由佔總收入的 15%，而服務提供者通常（如果我沒記錯的話）佔路由收入的 80%。如果我對當前數字的理解正確的話，那就意味著 Web 2.0 的收入佔總收入的 15% 左右。這大概是這樣的嗎？

15% of our overall total revenue? Or 15% of our service provider revenue?

占我們總收入的 15%？或我們服務提供者收入的 15%？

I'm basing it off of -- if routing is 15% of total and service provider is 80% of routing again, that would suggest that traditional service providers, being the bulk of your routing revenue, are somewhere in the order of 12% of total revenue. I recognize it by more than just routing. If I saw the service category correctly in terms of 30% of total bookings -- maybe I misread the number -- that would suggest the web 2.0 guys -- let me just ask the question directly. Can you give us any sense for how large the web 2.0 category is?

我基於此得出這個結論：如果路由佔總收入的 15%，而服務供應商又佔路由收入的 80%，那麼這就意味著傳統服務供應商（佔路由收入的大部分）約佔總收入的 12%。我不僅僅通過路由來識別它。如果我沒看錯的話，服務類別佔總預訂量的 30%——也許我看錯了數字——這表明是 Web 2.0 人員——讓我直接問這個問題。您能告訴我們 Web 2.0 類別有多大嗎？

Paul, we haven't been disclosing that. We just don't disclose that.

保羅，我們還沒有透露這一點。我們只是不透露這一點。

In that 15% range?

在 15% 的範圍內嗎？

Again, Paul, it is not something we give out. I apologize. But it is not.

再說一次，保羅，這不是我們給予的東西。我很抱歉。但事實並非如此。

Let me ask you a simple question, and I think you mentioned it before. But can you give us any insight of the linearity of the quarter?

讓我問您一個簡單的問題，我想您之前提到過。但是您能否向我們提供有關本季度線性的任何見解？

Yes, I would say, it was -- it wasn't that crazy. Obviously our extra week, when it actually fell in from a calendar perspective, was in February. But, again, because the way the teams were forecasting, I would say the linearity in terms of what we see usually coming through month three was in the normal ranges.

是的，我想說，這——這並沒有那麼瘋狂。顯然，從日曆角度來看，我們的額外一周實際上是在二月。但是，再說一次，因為團隊的預測方式，我想說，就我們通常看到的到第三個月的線性而言，是在正常範圍內。

Tal Liano, Bank of America.

塔爾·利亞諾，美國銀行。

Hopefully you can hear me. I have just one clarification. The tone of the previous conference call was very different. It was about the very weak environment and we didn't speak about the growth trends. The tone of this conference call is so much more positive in a very similar business environment.

希望你能聽到我的聲音。我只想澄清一點。上次電話會議的基調非常不同。這是關於非常疲軟的環境，我們沒有談論成長趨勢。在非常相似的商業環境下，這次電話會議的基調更加積極。

So, what happened in the last three months that makes you so much more positive about -- everything you have done basically also before, very little is new now -- what makes you so much more positive now versus three months ago in a similar environment? Or unless maybe the environment has gotten better.

那麼，過去三個月發生了什麼讓您變得更加積極——您所做的一切基本上也是以前的事情，現在很少有新意了——與三個月前在類似環境下相比，是什麼讓您現在變得更加積極？或者除非環境已經變得更好。

It's a good question, Tal. I'm just having a better week this week. No, I'm kidding. I think the difference is, if you go back to when we ended our last quarter it was towards the end of January. And if you recall, the last few weeks of that quarter were the weeks when the stock markets were having those incredibly wild swings, and our customers actually put the brakes on pretty significantly.

這是個好問題，塔爾。這週我過得更好。不，我在開玩笑。我認為不同之處在於，如果你回顧我們上個季度結束時的情況，那是在一月底。如果你還記得的話，那個季度的最後幾周正是股市出現劇烈波動的時候，而我們的客戶實際上採取了相當大的煞車措施。

So, coming into that earnings call, we had seen a very tough close to the quarter from an orders perspective. We saw our enterprise customers, in particular, really put the brakes on because they were just completely unsure of what was going to transpire. And I think that led us to a very cautious tone. So, that would be the number one reason why we were more cautious then.

因此，在收益電話會議之前，從訂單的角度來看，我們看到本季的收尾非常艱難。我們看到我們的企業客戶真的放慢了腳步，因為他們完全不確定接下來會發生什麼。我認為這讓我們採取了非常謹慎的態度。所以，這就是我們當時更加謹慎的首要原因。

I just want to make sure that we are balanced here, that while we're optimistic and we're pleased with our execution, we still are operating in a relatively uncertain environment. We got the Brexit coming up, the vote coming up in June. We've got the news out of the Fed today. We've got all the election dynamics. We got issues in Brazil, we've got geopolitical dynamics.

我只是想確保我們在這裡保持平衡，雖然我們很樂觀並且對我們的執行感到滿意，但我們仍然在一個相對不確定的環境中運作。英國脫歐即將到來，投票將於六月舉行。我們今天得到了聯準會的消息。我們掌握了所有的選舉動態。我們在巴西遇到了問題，我們有地緣政治動態。

So there is a relatively broad set of unknown issues out there. So, we're still operating in an uncertain environment. But I think the stock market issue and the timing of the end of our last quarter would probably be the biggest difference.

因此，存在一系列相對廣泛的未知問題。因此，我們仍然在不確定的環境中運作。但我認為股市問題和我們上個季度結束的時間可能是最大的區別。

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

Great. Thank you. I wanted to go back to the web-scale vertical a bit. I know that is beating a dead horse a little on this call. But I wanted to see if you could talk about the bigger trend around the white box competitive threat, because it seems apparent that there is not the dramatic shift to white box that many had feared. But maybe it has yet to happen. So if you could talk how you're countering the threat or the substitution effect of those web-scale customers building or buying unbranded switches, rather than your products. Thank you.

偉大的。謝謝。我想稍微回顧一下網路規模垂直領域。我知道，這次通話有點無用。但我想看看您是否可以談談白盒競爭威脅的更大趨勢，因為顯然並沒有出現許多人擔心的向白盒的急劇轉變。但也許這還沒有發生。因此，您可以談談如何應對那些網路規模客戶建立或購買無品牌交換器（而不是您的產品）所帶來的威脅或替代效應。謝謝。

Yes, Simon, it's a good question. I think that there's a misconception about what's driving this belief that all the customers want to buy white box switching. And I think this is in the same vein of -- it is all about cloud, or all about SDN, or all about white box. None of these customers are fundamentally chasing a technology trend. There are underlying business drivers that are leading them to these solutions.

是的，西蒙，這是個好問題。我認為，對於導致「所有客戶都想購買白盒交換機」這一觀點的原因存在誤解。我認為這與雲、SDN 或白盒有關。這些客戶從根本上來說都沒有追逐科技潮流。有一些潛在的商業驅動因素正在引導他們找到這些解決方案。

So, what we've been doing is focusing on attacking the business driver and not so much the technology trend that everybody writes about. In the case of the web-scale players, what they're looking at is, they're looking for significant automation. They're looking for the ability to run massive data centers at huge scale, very low cost, with a ton of automation, which over time will become the norm, I think, for all customers. There is this massive focus on operational expense reduction, which is all around automation, programmability, which is where we are headed with our core platforms in the enterprise, as well.

因此，我們一直在做的是專注於攻擊業務驅動因素，而不是每個人都寫的技術趨勢。對於網路規模的參與者來說，他們所關注的是，他們正在尋求高度自動化。他們尋求能夠以極低的成本大規模運行大型資料中心，並實現大量自動化，我認為，隨著時間的推移，這將成為所有客戶的常態。我們非常重視降低營運費用，這一切都圍繞著自動化和可程式性，這也是我們企業核心平台的發展方向。

So, what we did is we built some really aggressive products. Our teams, again the ASICs improvements that have been built that give us the advantage on the price performance, and then enabling our portfolio to fit within the operational environments of these customers, I think, has been the key.

因此，我們所做的就是打造一些真正具有競爭力的產品。我認為，我們的團隊再次對 ASIC 進行了改進，使我們在價格性能上具有優勢，然後使我們的產品組合能夠適應這些客戶的營運環境，這是關鍵。

That's where what they're looking for. They're not singularly focused on white box. They're looking at how do they solve that problem. And we're just spending more time with them to really understand what they need and how we can fit their requirements. And you're going to see us continue to evolve our portfolio in whatever way we need to, to make sure that we remain relevant there.

那就是他們所尋找的東西。他們不只關注白盒。他們正在研究如何解決這個問題。我們只是花了更多的時間與他們相處，以真正了解他們的需求以及我們如何滿足他們的要求。您將會看到我們繼續以任何我們需要的方式改進我們的產品組合，以確保我們在那裡保持相關性。

Brian White, Drexel Hamilton.

布萊恩懷特，德雷塞爾漢密爾頓。

I'm wondering if you could walk us through what you've seen so far with the Inspur relationship in China. I see China revenue decelerated but it still grew very strongly at 22%. And also the Ericsson relationship -- it sounds like you've got some big deals in the quarter, or a few deals in the quarter. Maybe just highlight if you feel like that relationship is still on track for this $1 billion by 2018. The reason I ask, obviously Ericsson had a very soft March quarter. Thank you.

我想知道您是否可以向我們介紹一下您目前與浪潮在中國的合作關係。我看到中國的收入有所減速，但仍以 22% 的強勁速度成長。還有與愛立信的關係——聽起來你們在本季達成了一些大交易，或是幾筆交易。如果您覺得到 2018 年這種關係仍有望實現 10 億美元的目標，那麼不妨強調一下。我之所以問這個問題，顯然是因為愛立信三月的季度表現非常疲軟。謝謝。

Brian, it is a great question. I actually didn't expect anyone to highlight the fact that our China was decelerating, as our third quarter of really solid growth in China. I will point out that, that is across the board, it is across the portfolio. The team has done an amazing job there. I've spent a fair amount of time over there and I think that we're really pleased with where we are in China right now, in the midst of the uncertainty that's being discussed in the marketplace.

布萊恩，這是一個很好的問題。我實際上並不指望有人會強調我們中國市場正在減速這一事實，因為我們第三季在中國實現了真正穩健的成長。我要指出的是，這是全面的，是整個投資組合的。該團隊在那裡做出了出色的工作。我在那裡待了相當長一段時間，我認為，在市場充滿不確定性的情況下，我們對目前在中國的狀況感到非常滿意。

On the Inspur partnership, in September we signed the MOU, which was basically a letter of intent to formulate the venture. I was over there three weeks ago where we formalized the term sheet basically, and we're in the final stages of getting that one put together. I would expect that we'll be in market sometime in the fall with some of the early products and solutions with them. We're spending a lot of time with them right now. So I think late this year is when we'll begin to see some early results from that.

關於浪潮合作關係，我們在九月簽署了諒解備忘錄，基本上是一份制定合資企業的意向書。三週前我在那裡，我們基本上正式確定了條款清單，現在我們正處於整理的最後階段。我預計我們將在秋季某個時候向市場推出一些早期產品和解決方案。我們現在花了很多時間與他們在一起。所以我認為今年晚些時候我們就會開始看到一些早期成果。

I think on the Ericsson front, any time you do these really large partnerships, they always take a little longer probably than we would all hope, but we're very optimistic. We've spent a ton of time together. I think on the last call we talked about the number of joint solutions within the first 100 days that we actually had on display together at Mobile World Congress, which was pretty amazing. And then this past quarter we saw 17 transactions close between our teams, in the midst of a time where Hans is doing a pretty significant organizational restructuring and our teams are getting to know each other. We'd all want it to go faster but we're pretty pleased where that partnership is right now.

我認為，就愛立信而言，任何時候建立這些真正大規模的合作夥伴關係，它們所花的時間可能總是比我們所希望的要長一些，但我們非常樂觀。我們在一起度過了很多時間。我想在上次電話會議上，我們討論了在世界行動通訊大會上實際展示的前 100 天內聯合解決方案的數量，這非常了不起。上個季度，我們看到我們的團隊之間完成了 17 筆交易，此時 Hans 正在進行相當重大的組織重組，我們的團隊也在相互了解。我們都希望它進展得更快，但我們對目前的合作關係感到非常滿意。

All right, Chuck, I think that was our last question. Why don't I go ahead and turn it over to you to close it out.

好的，查克，我想這是我們的最後一個問題。我為什麼不繼續把它交給你解決呢？

Thanks, Marilyn. First of all, I want to thank everybody for spending time with us today and I want to thank you for your questions. I would just go back to the three things that I stated earlier. I'm really proud of what we've done. I'm proud of the way the teams have executed. It is a challenging environment out there and I think that our teams have proven that we continue to execute regardless of the environment we face.

謝謝，瑪麗蓮。首先，我要感謝大家今天抽出時間與我們討論，也感謝你們提出的問題。我只想回顧一下我之前提到的三件事。我為我們所做的一切感到非常自豪。我為球隊的表現感到自豪。外面的環境充滿挑戰，我認為我們的團隊已經證明，無論面臨什麼環境，我們都會繼續執行。

As I said last call, we're running the Company on two fronts. We're focused on the execution and operational excellence, and at the same time we're focused on transitioning our business and investing in the future, which I think was displayed by our progress in the different areas that I highlighted during the call today.

正如我上次所說的，我們在兩個方面經營公司。我們專注於執行和卓越運營，同時我們也專注於業務轉型和未來投資，我認為這體現在我們在今天的電話會議上強調的不同領域所取得的進展。

I think that, again, if you look at our success in security and collaboration, next-gen data center, the Meraki cloud networking platform, and overall in our transition to software and subscription; I think we're on that journey. We have proven that we can transition elements of our portfolio and we're going to apply that same approach again to the rest of our business.

我認為，如果您再看看我們在安全和協作、下一代資料中心、Meraki 雲端網路平台以及我們向軟體和訂閱的整體過渡方面的成功；我想我們正在踏上這段旅程。我們已經證明，我們可以轉變我們投資組合的元素，並且我們將把同樣的方法再次應用於我們的其他業務。

We're in the early days on the front end of a long journey, but I'm pleased with where we are. I want to thank all of you for spending time with us today and we'll look forward to talking to you soon. Marilyn?

我們正處於漫長旅程的初期，但我對目前的情況感到滿意。我想感謝大家今天抽出時間與我們在一起，我們期待很快與你們交談。瑪麗蓮？

Thanks, Chuck. Cisco's next quarterly call, which will reflect our FY16 fourth-quarter and annual results, will be on Wednesday, August 17, 2016, at 1.30 PM Pacific time, 4.30 PM eastern time. Again, I'd 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.

謝謝，查克。思科的下一次季度電話會議將於 2016 年 8 月 17 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 財年第四季和年度業績。再次，我想提醒觀眾，根據公平披露規則，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。

We now plan to close the call. If you have any further questions please feel free to contact the Cisco Investor Relations department. We thank you very much for joining the call today.

我們現在計劃結束通話。如果您有任何其他問題，請隨時聯絡思科投資者關係部門。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 1-866-457-5715. For participants dialing from outside the US, please dial 1-203-369-1293. This concludes today's conference. You may disconnect at this time.

感謝您參加今天的電話會議。如果您想完整收聽電話會議，請撥打 1-866-457-5715。對於從美國境外撥打電話的參與者，請撥打 1-203-369-1293。今天的會議到此結束。您現在可以斷開連線。