思科 (CSCO) 2017 Q4 法說會逐字稿

Welcome to the Cisco Systems Fourth Quarter and Fiscal Year 2017 Financial Results Conference Call.

歡迎參加思科系統公司 2017 財年第四季度和財務業績電話會議。

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

應 Cisco Systems 的要求，對今天的通話進行錄音。

If you have any objections, you may disconnect.

如有異議，可斷開連接。

Now I would like to introduce Marilyn Mora, Head of Investor Relations.

現在我想介紹一下投資者關係主管 Marilyn Mora。

Ma'am, you may begin.

女士，您可以開始了。

Thanks, Mark.

謝謝，馬克。

Welcome, everyone, to Cisco's Fourth Quarter Fiscal 2017 Quarterly Earnings Conference Call.

歡迎大家參加思科 2017 財年第四季度季度收益電話會議。

This is Marilyn Mora, Head of Investor Relations, and I'm joined by Chuck Robbins, our CEO; and Kelly Kramer, our CFO.

我是投資者關係主管 Marilyn Mora，我們的首席執行官 Chuck Robbins 也加入了我的行列；和我們的首席財務官 Kelly Kramer。

By now, you should have seen our earnings press release.

到目前為止，您應該已經看到了我們的收益新聞稿。

A corresponding webcast with slides, including supplemental information, will be available on our website in the Investor Relations section following the call.

電話會議後，將在我們網站的“投資者關係”部分提供相應的帶幻燈片的網絡廣播，包括補充信息。

Income statements, full GAAP to non-GAAP reconciliation information, balance sheets, cash flow statements and other financial information can also be found in the Financial Information section of our Investor Relations website.

損益表、完整的 GAAP 與非 GAAP 調節信息、資產負債表、現金流量表和其他財務信息也可以在我們的投資者關係網站的“財務信息”部分找到。

Throughout this conference 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.

在整個電話會議中，除非另有說明，否則我們將參考 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。

All comparisons throughout this call will be made on a year-over-year basis unless stated otherwise, and the full year revenue and non-GAAP comparisons have been normalized to exclude the divested SP Video CPE business from our historical results.

除非另有說明，否則本次電話會議的所有比較都將按年進行，並且全年收入和非 GAAP 比較已經標準化，以從我們的歷史結果中排除剝離的 SP Video CPE 業務。

The matters we will be discussing today include forward-looking statements, including the guidance we will be providing for the first quarter of fiscal 2018.

我們今天要討論的事項包括前瞻性陳述，包括我們將為 2018 財年第一季度提供的指引。

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.

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，特別是關於 10-K 和 10-Q 表格的最新報告，這些報告確定了可能導致實際結果與實際結果大不相同的重要風險因素包含在前瞻性陳述中的內容。

With respect to guidance, please also see the slides and press release that accompany this call for further details.

關於指南，另請參閱本次電話會議隨附的幻燈片和新聞稿以了解更多詳細信息。

As a reminder, Cisco will not comment on its financial guidance during the quarter unless it is done through an explicit public disclosure.

提醒一下，除非通過明確的公開披露，否則思科不會就本季度的財務指引發表評論。

With that, I'll now turn it over to Chuck.

有了這個，我現在把它交給查克。

Thank you, Marilyn, and good afternoon, everyone.

謝謝瑪麗蓮，大家下午好。

As you know, it's only been 7 weeks since we last spoke at our Financial Analyst Day, and our overall outlook remains consistent with what we outlined at that time.

如您所知，距我們上次在金融分析師日發表講話僅過去了 7 週，我們的總體前景與當時概述的內容保持一致。

In fiscal 2017, we continued to execute well against our vision of delivering customers a highly secure, intelligent platform for their digital business.

在 2017 財年，我們繼續出色地執行我們的願景，即為客戶的數字業務提供高度安全、智能的平台。

We managed our business through a dynamic environment and, at the same time, delivered significant innovation to further accelerate the next phase of our transformation.

我們在充滿活力的環境中管理我們的業務，同時進行重大創新，以進一步加速下一階段的轉型。

In Q4, we generated revenue of $12.1 billion and non-GAAP earnings per share of $0.61.

在第四季度，我們創造了 121 億美元的收入和 0.61 美元的非 GAAP 每股收益。

For the full fiscal year, revenue was $48 billion, and we delivered non-GAAP earnings per share of $2.39.

整個財年的收入為 480 億美元，我們實現了 2.39 美元的非 GAAP 每股收益。

We drove strong margins and record operating cash flow for the year.

我們推動了當年的強勁利潤率和創紀錄的經營現金流。

Our results demonstrate solid execution against our strategic priorities, accelerating our pace of innovation, increasing the value of the network and delivering technology in the way our customers want to consume it.

我們的結果表明我們的戰略重點得到了可靠的執行，加快了我們的創新步伐，增加了網絡的價值，並以客戶希望使用它的方式提供技術。

In June, we announced a new era of networking with the launch of the network intuitive.

6 月，我們宣布了網絡直覺的推出，開啟了網絡新時代。

This is an example of the industry-leading innovation Cisco is providing to its customers.

這是思科為其客戶提供的行業領先創新的一個例子。

The network intuitive is a new intent-based network that creates a fully integrated, intuitive system that is designed to anticipate actions, stop security threats in their tracks and continue to evolve and learn over time.

Network Intuitive 是一種基於意圖的新型網絡，它創建了一個完全集成的直觀系統，旨在預測行動、阻止安全威脅並隨著時間的推移不斷發展和學習。

We're applying the latest technologies, such as machine learning and advanced analytics, to operate and define the network.

我們正在應用機器學習和高級分析等最新技術來運營和定義網絡。

From a security standpoint, the new network enables our customers to detect threats in encrypted traffic with unprecedented accuracy using Cisco's Encrypted Traffic Analytics and intelligence from Cisco's Talos cyber intelligence unit.

從安全的角度來看，新網絡使我們的客戶能夠使用思科的加密流量分析和來自思科 Talos 網絡情報部門的情報，以前所未有的準確性檢測加密流量中的威脅。

We have created the only network that is designed for security while maintaining privacy, solving a previously unsolvable problem.

我們創建了唯一一個專為安全而設計的網絡，同時保持隱私，解決了以前無法解決的問題。

Our new Catalyst 9000 switches represent the foundation of our intent-based networking capabilities and provide highly differentiated advancements in security, programmability, performance and lower operating costs by innovating at the hardware and software layer.

我們全新的 Catalyst 9000 交換機代表了我們基於意圖的網絡功能的基礎，並通過在硬件和軟件層進行創新，在安全性、可編程性、性能和更低的運營成本方面提供了高度差異化的進步。

This offering is also a great example of how we're moving our core business to a recurring revenue model.

該產品也是我們如何將核心業務轉變為經常性收入模式的一個很好的例子。

Customer reception to this new innovation has been incredibly positive.

客戶對這項新創新的反響非常積極。

As we've always said, transitions of this nature are multiyear, but during the first 4 weeks in the market, our pipeline and product orders are strong with over 200 customers having ordered the new Catalyst 9000, the heart of the network intuitive platform.

正如我們一直所說的那樣，這種性質的轉變是多年的，但在市場的前 4 週內，我們的管道和產品訂單很強勁，超過 200 名客戶訂購了新的 Catalyst 9000，這是網絡直觀平台的核心。

Our software value proposition in this portfolio is also compelling as the large majority of our customers are adopting the most advanced subscription offer available.

我們在這個產品組合中的軟件價值主張也很有吸引力，因為我們的絕大多數客戶都在採用可用的最先進的訂閱服務。

Building on this early success, we intend to further accelerate our leadership in intent-based networking through the combination of our expertise in network infrastructure, AppDynamics visibility into applications and Viptela's automation capabilities.

在這一早期成功的基礎上，我們打算通過結合我們在網絡基礎設施方面的專業知識、AppDynamics 對應用程序的可見性和 Viptela 的自動化能力，進一步加快我們在基於意圖的網絡方面的領導地位。

I believe that, over the next several years, we will see continued increasing relevance of technology as customers add billions of new connections to their enterprises.

我相信，在接下來的幾年裡，隨著客戶向他們的企業添加數十億個新連接，我們將看到技術的相關性不斷提高。

The network has never been more critical to business success, and we're looking forward to helping our customers take advantage of the insights and intelligence that are only accessible through our highly differentiated platforms.

網絡對於業務成功從未如此重要，我們期待幫助我們的客戶利用只有通過我們高度差異化的平台才能獲得的洞察力和情報。

In Q4, we also announced an extension of our strategic partnerships with Apple, IBM and Microsoft.

在第四季度，我們還宣布延長與蘋果、IBM 和微軟的戰略合作夥伴關係。

We plan to deliver the first enterprise security application on Apple iOS, and we're integrating our comprehensive security portfolio with IBM's Cognitive Security operations platform.

我們計劃在 Apple iOS 上交付第一個企業安全應用程序，並且我們正在將我們全面的安全產品組合與 IBM 的認知安全運營平台相集成。

Additionally, we're collaborating with Microsoft in 2 important ways.

此外，我們還在兩個重要方面與 Microsoft 合作。

First, we're implementing a software layer on our data center switches that gives Microsoft the flexibility to run their own operating system on our industry-leading hardware platforms in their Azure infrastructure.

首先，我們在我們的數據中心交換機上實施了一個軟件層，使 Microsoft 能夠靈活地在其 Azure 基礎設施中我們行業領先的硬件平台上運行他們自己的操作系統。

Second, we're collaborating together to enable businesses to build and host their IoT applications in Microsoft Azure while extending the power of those applications to the Edge via Cisco's leading fog computing solutions.

其次，我們正在共同協作，使企業能夠在 Microsoft Azure 中構建和託管其物聯網應用程序，同時通過思科領先的霧計算解決方案將這些應用程序的功能擴展到邊緣。

Now let's review other key parts of our business, starting with Security.

現在讓我們回顧一下我們業務的其他關鍵部分，從安全開始。

We believe we are well positioned as the #1 enterprise security vendor.

我們相信我們有能力成為排名第一的企業安全供應商。

With growing cyberattacks and the need for our customers to protect their business-critical data and applications, we are aggressively providing security everywhere: in the network, in the cloud and at the endpoint.

隨著網絡攻擊的增加以及我們客戶保護其關鍵業務數據和應用程序的需求，我們積極地在所有地方提供安全性：網絡、雲端和端點。

We don't believe any other company can match our capabilities given the criticality of the network in our customers' security architecture.

鑑於網絡在我們客戶的安全架構中的重要性，我們認為沒有任何其他公司可以與我們的能力匹敵。

Our best-of-breed products and integrated security architecture, combining analytics and automation, are winning in the market.

我們的同類最佳產品和集成安全架構結合了分析和自動化，正在贏得市場。

Our Security business delivered a solid quarter with double-digit orders and 49% deferred revenue growth.

我們的安全業務季度表現穩健，訂單數量達到兩位數，遞延收入增長 49%。

This caps off a year in which we delivered 9% revenue growth with more than $2 billion in revenue, making us the only company growing at this scale.

這一年我們實現了 9% 的收入增長，收入超過 20 億美元，這使我們成為唯一一家以這種規模增長的公司。

Our leadership position in network security continues to expand, driven by our next-generation firewall portfolio with over 6,000 new customers added in the quarter, which is 3x our nearest competitor, bringing our total customer base to nearly 80,000.

在我們的下一代防火牆產品組合的推動下，我們在網絡安全領域的領先地位繼續擴大，本季度新增客戶超過 6,000 家，是我們最接近的競爭對手的 3 倍，使我們的總客戶群達到近 80,000 家。

Customers continue to rapidly adopt our advanced threat portfolio.

客戶繼續快速採用我們的高級威脅產品組合。

We delivered revenue growth of 9%, and we added over 7,600 new customers, bringing the total number of AMP customers to over 42,000.

我們實現了 9% 的收入增長，並增加了 7,600 多個新客戶，使 AMP 客戶總數超過 42,000 個。

Building on our differentiated security innovations, we recently completed the acquisition of Observable Networks, which extends our Stealthwatch solution into the cloud with highly scalable behavior analytics and comprehensive visibility.

基於我們差異化的安全創新，我們最近完成了對 Observable Networks 的收購，這將我們的 Stealthwatch 解決方案擴展到具有高度可擴展的行為分析和全面可見性的雲中。

This platform expands our security -- our cloud security capabilities by providing greater support and compliance for applications deployed in Amazon Web Services as well as Microsoft Azure environments.

該平台通過為部署在 Amazon Web Services 和 Microsoft Azure 環境中的應用程序提供更好的支持和合規性，擴展了我們的安全性——我們的雲安全功能。

Additionally, to combat the 90% increase in cyber attacks against IoT devices over the last year, we launched IoT Threat Defense Solution, an extensible, scalable security architecture created to defend devices in connected health care, electric utilities and manufacturing industries.

此外，為了應對去年 90% 的針對 IoT 設備的網絡攻擊，我們推出了 IoT Threat Defense Solution，這是一種可擴展、可擴展的安全架構，旨在保護聯網醫療保健、電力公用事業和製造業中的設備。

In the Data Center, we're helping our customers take full advantage of a multicloud world that has become the norm in managing their applications and hybrid cloud solutions.

在數據中心，我們正在幫助我們的客戶充分利用多雲世界，這已經成為管理他們的應用程序和混合雲解決方案的常態。

Our goal is to deliver the best multicloud platform built on an intelligent, intuitive network, enabling faster, automated and highly secure delivery of applications in the cloud.

我們的目標是提供構建在智能、直觀網絡上的最佳多雲平台，從而在雲中實現更快、自動化和高度安全的應用程序交付。

We believe Cisco is best positioned to do this as everything we do in the Data Center is in support of both modern and traditional applications, both on-premise and in the cloud.

我們相信思科最有能力做到這一點，因為我們在數據中心所做的一切都是為了支持現代和傳統應用程序，無論是在本地還是在雲端。

Cisco has led the industry over the past 4 years with ACI, combined with UCS, Tetration, CloudCenter and our security solutions.

在過去的 4 年裡，思科憑藉 ACI 以及 UCS、Tetration、CloudCenter 和我們的安全解決方案一直處於行業領先地位。

In Q4, we saw strong performance of our multicloud infrastructure portfolio combined with our cloud-based SaaS offerings, including WebEx and Meraki cloud networking.

在第四季度，我們看到了我們的多雲基礎設施組合與我們基於雲的 SaaS 產品（包括 WebEx 和 Meraki 云網絡）相結合的強勁表現。

For example, ACI, our fastest-growing data center switching platform, had a record quarter with growth of 38%.

例如，我們增長最快的數據中心交換平台 ACI 的季度增長率達到創紀錄的 38%。

We continue to see strong customer adoption, driven by our ability to accelerate data center application deployments across private to public clouds.

在我們加速從私有云到公共雲的數據中心應用程序部署的能力的推動下，我們繼續看到客戶採用率很高。

HyperFlex, our hyperconverged offering, combined with CloudCenter, is gaining traction with customers, benefiting from simplicity and scalability to support their hybrid cloud strategy.

我們的超融合產品 HyperFlex 與 CloudCenter 相結合，正在獲得客戶的青睞，受益於簡單性和可擴展性以支持他們的混合雲戰略。

You will see us continue to strengthen our partnerships with public cloud providers as they look to Cisco to help our joint customers manage workloads across their private and public clouds.

您會看到我們繼續加強與公共雲提供商的合作夥伴關係，因為他們希望思科幫助我們的共同客戶管理其私有云和公共雲中的工作負載。

Lastly, we're delivering the right consumption models to enable continuous value and innovation for our customers.

最後，我們正在提供正確的消費模式，為我們的客戶提供持續的價值和創新。

Our strong momentum continued in Q4 with 50% growth to $5 billion in deferred product revenue related to software and subscriptions, which has doubled from 2 years ago.

我們在第四季度繼續保持強勁勢頭，與軟件和訂閱相關的遞延產品收入增長了 50%，達到 50 億美元，比 2 年前翻了一番。

For the first time, over $1 billion or 11% of our product revenue, came from recurring offers, which grew 40% year-over-year.

首次超過 10 億美元或我們產品收入的 11% 來自經常性報價，同比增長 40%。

Overall, 31% of our total revenue was recurring, and revenue from subscriptions now represents 51% of our software revenue.

總體而言，我們總收入的 31% 是經常性收入，訂閱收入現在占我們軟件收入的 51%。

Going forward, you should expect to see our software business benefit from the transition of our campus networking portfolio to a subscription model.

展望未來，您應該期望看到我們的軟件業務受益於我們的校園網絡產品組合向訂閱模式的轉變。

To summarize, our Q4 and full fiscal year results reflect a strong year of progress.

總而言之，我們的第四季度和整個財年的業績反映了這一年取得的強勁進展。

We see tremendous opportunity in intent-based capabilities across our portfolio, and we will continue to evolve our business to be the leading provider of highly secure, software-defined, automated and intent-based infrastructure.

我們在我們的產品組合中看到了基於意圖的能力的巨大機會，我們將繼續發展我們的業務，成為高度安全、軟件定義、自動化和基於意圖的基礎設施的領先供應商。

Our innovation is as strong as ever as we focus on accelerating our core networking, security, software and cloud-based businesses.

我們的創新一如既往地強大，因為我們專注於加速我們的核心網絡、安全、軟件和基於雲的業務。

While it will take time, I firmly believe our core business is better positioned for the long term as we realize the benefits from our next-generation intent-based networking portfolio.

雖然這需要時間，但我堅信，隨著我們意識到下一代基於意圖的網絡產品組合的好處，我們的核心業務從長遠來看會處於更好的位置。

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

現在我將把它交給凱利來詳細介紹我們的財務狀況。

Thanks, Chuck.

謝謝，查克。

I'll start with a summary of our financial results for the quarter and full fiscal year, followed by the Q1 outlook.

我將從本季度和整個財政年度的財務業績摘要開始，然後是第一季度展望。

This quarter played out generally as we expected, and as we indicated in our guidance in our last call, we executed well, drove solid profitability, strong cash flow, and we continued to deliver on our strategic growth priorities.

本季度的表現總體上符合我們的預期，正如我們在上次電話會議的指導中所指出的那樣，我們執行良好，推動了穩健的盈利能力和強勁的現金流，並且我們繼續實現我們的戰略增長重點。

Total revenue was $12.1 billion, down 4%.

總收入為 121 億美元，下降 4%。

We continued to focus on driving margins and profitability with strong non-GAAP operating margin of 31.5%.

我們繼續專注於提高利潤率和盈利能力，非美國通用會計準則營業利潤率高達 31.5%。

Non-GAAP EPS was $0.61, down 3%, and operating cash flow was strong, growing 5% to $4 billion.

非 GAAP 每股收益為 0.61 美元，下降 3%，經營現金流強勁，增長 5% 至 40 億美元。

For the full fiscal year, we had revenue of $48 billion, down 2%, with product down 3% and services up 3%.

整個財年，我們的收入為 480 億美元，下降 2%，其中產品下降 3%，服務增長 3%。

Non-GAAP operating margin was a record $15.2 billion, expanding to 31.6% of revenue, up 0.6 points.

非 GAAP 營業利潤率達到創紀錄的 152 億美元，佔收入的 31.6%，上升 0.6 個百分點。

Non-GAAP EPS, also a record, was $2.39, up 1%.

非 GAAP 每股收益也創歷史新高，為 2.39 美元，增長 1%。

And we generated record operating cash flow of $13.9 billion, up 2%.

我們產生了創紀錄的 139 億美元運營現金流，增長 2%。

Let me provide some more details on our Q4 revenue breakdown.

讓我提供有關我們第四季度收入明細的更多詳細信息。

Total product revenue was down 5%.

產品總收入下降了 5%。

Switching declined 9%, driven by weakness in campus, partially offset by growth in the ACI portfolio, which was up 38%.

由於校園疲軟，轉換下降了 9%，部分被 ACI 投資組合的增長所抵消，後者增長了 38%。

We saw good initial traction of our new intent-based networking portfolio of the Catalyst 9000 family of switches.

我們看到了 Catalyst 9000 系列交換機新的基於意圖的網絡產品組合的良好初步吸引力。

Routing was down 9%, driven by weakness in enterprise access.

路由下降了 9%，原因是企業訪問疲軟。

We did see a spending pause related to our acquisition of Viptela that we will integrate into our SD-WAN portfolio.

我們確實看到了與我們收購 Viptela 相關的支出暫停，我們將把它整合到我們的 SD-WAN 產品組合中。

Collaboration was down 3% due primarily to a decline in Unified Communications endpoints, partially offset by continued growth in conferencing.

協作下降了 3%，這主要是由於統一通信端點的減少，部分被會議的持續增長所抵消。

Deferred revenue grew 4%.

遞延收入增長 4%。

Combined with the unbilled deferred, the 2 were up 16%.

加上未開票的遞延，兩者增長了 16%。

Data Center declined 4% with the continued market shift from blade to rack.

隨著市場從刀片到機架的持續轉變，數據中心下降了 4%。

However, we did see solid traction of our hyperconverged offering, HyperFlex.

然而，我們確實看到了我們的超融合產品 HyperFlex 的強大吸引力。

During the quarter, we launched our UCS M5 servers, bringing greater simplicity and performance for next-generation data-intensive workloads and applications.

本季度，我們推出了 UCS M5 服務器，為下一代數據密集型工作負載和應用程序帶來了更高的簡單性和性能。

Wireless grew 5% with strong Meraki performance as well as the ramp of our 11ac Wave 2 portfolio.

憑藉強勁的 Meraki 性能以及我們的 11ac Wave 2 產品組合的增長，無線業務增長了 5%。

Security was up 3% with strong performance in unified threat, web security and advanced threat, offset by declines in our legacy firewall products.

安全性增長了 3%，統一威脅、Web 安全和高級威脅方面的表現強勁，但被我們的傳統防火牆產品的下滑所抵消。

We did see very strong order growth during the quarter.

我們確實看到本季度的訂單增長非常強勁。

Deferred revenue grew 49% as we continued to drive more subscription-based software offers.

隨著我們繼續推動更多基於訂閱的軟件產品，遞延收入增長了 49%。

Service revenue was up 1%, driven by growth in software and solution services, partially offset by a decline in hardware maintenance.

服務收入增長 1%，受軟件和解決方案服務增長的推動，部分被硬件維護的下降所抵消。

We drove good growth in deferred revenue, which was up 12% in total with product up 23% and services up 6%.

我們推動了遞延收入的良好增長，總收入增長 12%，其中產品增長 23%，服務增長 6%。

Deferred product revenue from our recurring software and subscription offers was up 50% to $5 billion.

來自我們經常性軟件和訂閱優惠的遞延產品收入增長了 50%，達到 50 億美元。

We continue to transform our business to delivering more software offerings and driving more subscriptions and recurring revenues.

我們繼續轉變我們的業務，以提供更多的軟件產品並推動更多的訂閱和經常性收入。

In Q4, we generated 31% of our total revenue from recurring offers, an increase of almost 4 points from a year ago.

在第四季度，我們從經常性優惠中獲得了總收入的 31%，比一年前增長了近 4 個百分點。

Revenue from subscriptions increased 18% and now represents over 50% of our software revenue.

訂閱收入增長了 18%，現在占我們軟件收入的 50% 以上。

In terms of orders in Q4, total product orders were flat.

第四季度訂單方面，產品訂單總量持平。

Looking at our geographies.

看看我們的地理位置。

Americas was down 2%, EMEA was up 3%.

美洲下降 2%，歐洲、中東和非洲上升 3%。

And APJC grew 2%.

APJC 增長了 2%。

Total emerging markets declined 2% with the BRICS plus Mexico also down 2%.

新興市場總量下降 2%，金磚國家和墨西哥也下降 2%。

In our customer segments, enterprise declined 1%, commercial grew 4%, public sector was up 2%, and service provider declined 7%.

在我們的客戶群中，企業下降了 1%，商業增長了 4%，公共部門增長了 2%，服務提供商下降了 7%。

Our product backlog as we ended Q4 was $4.8 billion, up 3% compared to the end of fiscal year '16.

截至第四季度末，我們的產品積壓訂單為 48 億美元，比 16 財年末增長 3%。

From a non-GAAP profitability perspective, total Q4 gross margin was 63.7%, down 0.9 points.

從非美國通用會計準則盈利能力的角度來看，第四季度總毛利率為 63.7%，下降 0.9 個百分點。

Product gross margin was 61.9%, down 2 points, and service gross margin was 68.8%, growing 1.8 points.

產品毛利率為61.9%，下降2個百分點，服務毛利率為68.8%，增長1.8個百分點。

While our total gross margin was solid, our product gross margin is continuing to be negatively impacted by memory pricing, which we expect to continue in the near term.

雖然我們的總毛利率穩健，但我們的產品毛利率繼續受到內存定價的負面影響，我們預計這種情況將在短期內繼續存在。

Our operating margin was strong at 31.5%.

我們的營業利潤率高達 31.5%。

For the full fiscal year, on a non-GAAP basis, our total gross margin was 64.3%, a decrease of 0.4 points with product gross margin down 0.9 points and service gross margin up 1.1 points.

整個財年，按非美國通用會計準則計算，我們的總毛利率為 64.3%，下降 0.4 個百分點，其中產品毛利率下降 0.9 個百分點，服務毛利率上升 1.1 個百分點。

Our non-GAAP operating margin expanded to 31.6%, up 0.6 points via our focus on driving cost improvements, operational efficiencies and productivity.

由於我們專注於推動成本改進、運營效率和生產力，我們的非 GAAP 營業利潤率擴大到 31.6%，上升了 0.6 個百分點。

In terms of the bottom line, our Q4 non-GAAP EPS was $0.61, down 3%, while GAAP EPS was $0.48.

就底線而言，我們的第四季度非 GAAP 每股收益為 0.61 美元，下降 3%，而 GAAP 每股收益為 0.48 美元。

For the full year, we had non-GAAP EPS of $2.39, up 1%, while GAAP EPS was $1.90.

全年，我們的非 GAAP 每股收益為 2.39 美元，增長 1%，而 GAAP 每股收益為 1.90 美元。

We ended Q4 with total cash, cash equivalents and investments of $70.5 billion with $3 billion available in the U.S. Q4 operating cash flow increased a solid 5% to $4 billion with free cash flow of $3.8 billion, up 7%.

第四季度末，我們的現金、現金等價物和投資總額為 705 億美元，其中 30 億美元在美國可用。第四季度運營現金流穩定增長 5% 至 40 億美元，自由現金流為 38 億美元，增長 7%。

From a capital allocation perspective, we returned $2.6 billion to shareholders during the quarter.

從資本配置的角度來看，我們在本季度向股東返還了 26 億美元。

That included $1.2 billion of share repurchases and $1.4 billion for our quarterly dividend.

其中包括 12 億美元的股票回購和 14 億美元的季度股息。

For the full fiscal year, operating cash flow grew 2% to a record $13.9 billion with free cash flow of $12.9 billion, up 4%.

整個財年，運營現金流增長 2%，達到創紀錄的 139 億美元，自由現金流為 129 億美元，增長 4%。

We returned $9.2 billion to shareholders over the fiscal year through share buybacks and dividends, which represented 71% of our free cash flow.

我們在本財年通過股票回購和派息向股東返還了 92 億美元，占我們自由現金流的 71%。

We are firmly committed to continuing our capital allocation strategy of returning a minimum of 50% of our free cash flow to shareholders annually.

我們堅定地致力於繼續我們的資本配置戰略，即每年至少將 50% 的自由現金流返還給股東。

To summarize, in Q4 and for the full fiscal year, we executed well, and we're focused on driving operational efficiencies and profitability to drive strong cash flow, enabling us to make the strategic investments to build long-term shareholder value.

總而言之，在第四季度和整個財政年度，我們執行良好，我們專注於提高運營效率和盈利能力以推動強勁的現金流，使我們能夠進行戰略投資以建立長期股東價值。

Let me reiterate our guidance for the first quarter of fiscal year '18.

讓我重申我們對 18 財年第一季度的指導。

This guidance includes the type of forward-looking information that Marilyn referred to earlier.

本指南包括 Marilyn 之前提到的前瞻性信息類型。

We expect revenue in the range of minus 1% to minus 3% year-over-year.

我們預計收入同比下降 1% 至 -3%。

We anticipate the non-GAAP gross margin rate to be in the range of 63% to 64%.

我們預計非美國通用會計準則毛利率將在 63% 至 64% 的範圍內。

The non-GAAP operating margin rate is expected to be in the range of 29.5% to 30.5%.

非 GAAP 營業利潤率預計在 29.5% 至 30.5% 之間。

And the non-GAAP tax provision rate is expected to be 22%.

非美國通用會計準則的稅收撥備率預計為 22%。

Non-GAAP earnings per share is expected to range from $0.59 to $0.61.

非 GAAP 每股收益預計在 0.59 美元至 0.61 美元之間。

Consistent with how we talked about our business at our Financial Analyst Conference, in fiscal 2018, we will be redefining and simplifying our product reporting categories to better align with our evolving business model.

與我們在 2018 財年金融分析師會議上談論我們的業務的方式一致，我們將重新定義和簡化我們的產品報告類別，以更好地適應我們不斷發展的業務模式。

We will continue to primarily run and operate our business by the 3 geographic segments, and so this change will only impact how we report on our products.

我們將繼續主要通過 3 個地理區域來運營和經營我們的業務，因此這一變化只會影響我們報告產品的方式。

Starting in Q1 fiscal year '18, we will realign our reporting into 5 distinct categories: infrastructure platforms, applications, security, services and other.

從 18 財年第一季度開始，我們將把我們的報告重新調整為 5 個不同的類別：基礎設施平台、應用程序、安全、服務和其他。

I'll now turn it back to Chuck for some closing comments.

現在，我將把它轉回給查克，徵求一些結束意見。

Thanks, Kelly, and thanks again to all of you for joining us today.

謝謝，凱利，再次感謝大家今天加入我們。

As we've discussed many times in the past, we're working on a multiyear transition, and while I'm confident with our progress, it's clear there's more for us to do.

正如我們過去多次討論的那樣，我們正在努力進行多年的過渡，雖然我對我們的進展充滿信心，但很明顯我們還有更多工作要做。

In Q4, we made ongoing progress, generating 31% of our total revenue from recurring offers and growing 50% in deferred product revenue related to software and subscriptions to $5 billion.

在第四季度，我們取得了持續進展，我們的總收入中有 31% 來自經常性優惠，與軟件和訂閱相關的遞延產品收入增長了 50%，達到 50 億美元。

I'm optimistic about our future, the direction we're headed and how we're transforming Cisco for the future.

我對我們的未來、我們前進的方向以及我們如何為未來轉變思科感到樂觀。

We are well positioned to succeed in a cloud- and digital-ready world, where the network is one of the most strategic assets for our customers.

我們有能力在雲和數字就緒的世界中取得成功，在這個世界中，網絡是我們客戶最具戰略意義的資產之一。

Looking forward to fiscal '18, as I said earlier, you can expect us to do the following: execute against our strategy and invest in priority areas to drive profitable growth and enhance shareholder value; leverage the power of the network to maximize our opportunities and differentiation in existing and new markets; drive relentless focus on innovation, creating continuous customer value across every element of our portfolio; and drive the right consumption models for our customers and accelerate our shift towards more software and subscription revenue.

展望 18 財年，正如我之前所說，您可以期待我們做到以下幾點：執行我們的戰略並投資於優先領域，以推動盈利增長並提高股東價值；利用網絡的力量最大化我們在現有和新市場中的機會和差異化；推動對創新的不懈關注，在我們產品組合的每個元素中創造持續的客戶價值；並為我們的客戶推動正確的消費模式，並加速我們向更多軟件和訂閱收入的轉變。

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

瑪麗蓮，現在我會把它轉回給你提問。

Thanks, Chuck.

謝謝，查克。

Mark, let's go ahead and open the line for questions.

馬克，讓我們開始提問吧。

(Operator Instructions)

（操作員說明）

Our first question is from Ittai Kidron with Oppenheimer.

我們的第一個問題來自 Ittai Kidron 和 Oppenheimer。

I appreciate the color around the software and our current metrics.

我很欣賞軟件周圍的顏色和我們當前的指標。

Very helpful.

很有幫助。

I guess just a couple from me.

我想我只有幾個。

Just a easy clarification, Kelly.

只是一個簡單的澄清，凱利。

You haven't mentioned the number of Cisco ONE customers, would love to get that.

您沒有提到 Cisco ONE 客戶的數量，很想知道。

And then as to the question itself, Chuck, Switching has had a little bit of a difficulty, or I think 3 out of the 4 quarters was down quite substantially, actually, on a year-over-year basis.

然後關於問題本身，Chuck，轉換有一點困難，或者我認為 4 個季度中有 3 個季度同比下降相當大。

As we look into '18, do you -- how do you think about that business in that year?

當我們回顧 18 年時，您如何看待那一年的業務？

Is that another year of transition where the portfolio, through, for example, your most recent announcements, will go for potential pause and update and learning curve, where that business could still be prone to declines?

這是否又是過渡的一年，投資組合（例如，通過您最近的公告）可能會暫停、更新和學習曲線，而該業務仍可能出現下滑？

Or we should finally see some better results in that category?

或者我們最終應該在該類別中看到更好的結果？

Ittai, I'm shocked you asked a Switching question.

Ittai，我很震驚你問了一個轉換問題。

Kelly?

凱莉？

I'll answer the easy one first.

我會先回答簡單的問題。

I've given up on the Data Center business.

我已經放棄了數據中心業務。

Okay, good.

好的。

Well, I have an easy answer.

好吧，我有一個簡單的答案。

Cisco ONE -- we have over 20,000 customers now with Cisco ONE.

Cisco ONE——我們現在有超過 20,000 名客戶使用 Cisco ONE。

Okay.

好的。

So Ittai, let me touch on the Switching situation.

那麼 Ittai，讓我談談 Switching 的情況。

First of all, the results we saw this quarter were not a surprise to us.

首先，我們本季度看到的結果並不令我們感到意外。

If you think about our guide last quarter, we anticipated this.

如果您考慮我們上個季度的指南，我們會預料到這一點。

And we also knew at the time that we're going to be making the announcement in June about the new platform.

我們當時也知道我們將在 6 月發布有關新平台的公告。

And so we anticipated these results.

所以我們預料到了這些結果。

Now anytime we do a major platform announcement, particularly in Switching, there is a period of time where our customers pause because they want to understand what this means.

現在，每當我們發布主要平台公告時，尤其是在 Switching 方面，我們的客戶都會有一段時間停下來，因為他們想了解這意味著什麼。

So we did see a pause, and we actually anticipated it.

所以我們確實看到了一個停頓，我們實際上已經預料到了。

But we saw great traction with the new platform.

但我們看到了新平台的巨大吸引力。

As I said earlier, just in the 4 weeks where we closed the quarter, we had 200 customers that embraced this new architecture and purchased the new Catalyst 9000 platform.

正如我之前所說，就在我們關閉該季度的 4 週內，我們有 200 名客戶接受了這種新架構併購買了新的 Catalyst 9000 平台。

And as I said in the opening comments, the great majority of them also opted for the advanced software subscription that goes on top of it.

正如我在開場評論中所說，他們中的絕大多數人還選擇了最重要的高級軟件訂閱。

And we've had a lot of conversations over the last 2 years as to whether we could really drive a subscription business on our core switching platforms.

在過去的兩年裡，我們就是否真的可以在我們的核心交換平台上推動訂閱業務進行了很多對話。

And what we see is that, at least, early indications are that we can do that.

我們看到的是，至少，早期跡象表明我們可以做到這一點。

So we talked about our Data Center business.

所以我們談到了我們的數據中心業務。

The ACI portfolio, again, record quarter, growing 38%.

ACI 投資組合再次創下季度記錄，增長 38%。

And then if you look at what we launched in the campus, typically, what we see is -- these are 3-year cycles to transition these platforms.

然後，如果你看看我們在校園裡推出的東西，通常情況下，我們看到的是——這些是過渡這些平台的 3 年周期。

But this is also not a typical platform transition.

但這也不是典型的平台過渡。

This is not speeds and feeds only.

這不僅僅是速度和進給。

We brought forward some incredible innovation in this platform.

我們在這個平台上提出了一些令人難以置信的創新。

And if you think about not only the actual product itself but the solutions that we announced around automation, which really gets at the operating expenses that our customers are incurring to manage their infrastructure, you look at one of the key drivers of why customers moved to the cloud, it was because of the complexity and the cost of their private infrastructure.

如果您不僅考慮實際產品本身，而且考慮我們宣布的圍繞自動化的解決方案，這些解決方案真正解決了我們的客戶為管理其基礎架構而產生的運營費用，您就會看到客戶轉向的關鍵驅動因素之一雲，這是因為其私有基礎設施的複雜性和成本。

So the ability to go drive significant cost out for our customers while managing this stuff over the next few years, we think, is a huge difference from a normal transition.

因此，我們認為，在未來幾年管理這些東西的同時，能夠為我們的客戶節省大量成本，這與正常的過渡有很大的不同。

The other is the fact that we launched Encrypted Traffic Analytics, which is our ability to determine when there's malware inside encrypted traffic without decrypting it, and that's an innovation that only Cisco can actually deliver.

另一個是我們推出了加密流量分析，這是我們無需解密即可確定加密流量中何時存在惡意軟件的能力，這是只有思科才能真正實現的創新。

And both of those pieces of technology are what are included in that advanced subscription, which is what tells us that the customers see tremendous value in that subscription.

這兩項技術都包含在該高級訂閱中，這告訴我們客戶在該訂閱中看到了巨大的價值。

So normally, we see 3 years.

所以通常情況下，我們會看到 3 年。

It's very early.

現在還早。

And we would like to believe that we can accelerate that based on the incremental innovation that's being delivered as part of the platform, Ittai, but we'll have to see how it goes over the next quarter or 2.

我們願意相信，我們可以基於作為平台 Ittai 的一部分提供的增量創新來加速這一進程，但我們必須看看它在下一季度或第二季度的進展情況。

Our next question is from [Gene] Suva with Citigroup Global Markets.

我們的下一個問題來自花旗集團全球市場的 [Gene] Suva。

It's Jim Suva here from Citi.

我是 Citi 的 Jim Suva。

Last quarter, I believe you gave a little bit of commentary of a bit of a pause in the federal government spending and also Europe.

上個季度，我相信你對聯邦政府和歐洲的支出暫停發表了一些評論。

It appears -- is that still continuing yet?

看來——還在繼續嗎？

Has it taken a step up to improve or deteriorate a little bit?

是進步了一點點還是退化了一點？

And how should we think about that?

我們應該如何考慮？

And does Europe have any impact from Brexit?

英國脫歐對歐洲有影響嗎？

Jim, thanks for the question.

吉姆，謝謝你的提問。

Since you asked, why don't I just quickly cover sort of all the headwinds that we talked about in Q3?

既然你問了，為什麼我不快速介紹一下我們在第三季度討論的所有不利因素？

I'll give you a quick update on all of them, including the 2 that you asked.

我會給你一個關於所有這些的快速更新，包括你問的 2。

First of all, we talked about Mexico last quarter, which is generally in the same state it was last quarter.

首先，我們在上個季度談到了墨西哥，它的狀態與上個季度大致相同。

We didn't see any significant change, and again, that's largely driven by service provider weakness due to regulatory transitions as well as geopolitical dynamics, NAFTA renegotiation, et cetera.

我們沒有看到任何重大變化，這主要是由於監管轉變以及地緣政治動態、北美自由貿易協定重新談判等導致服務提供商疲軟。

Emerging countries were slightly better, but there's still just tremendous uncertainty and disparity between performance in those countries.

新興國家略好一些，但這些國家的表現仍然存在巨大的不確定性和差異。

And service provider is generally the same as it was last quarter.

服務提供商與上個季度大體相同。

The 2 that you asked about, in particular, we did see some shifts.

特別是您詢問的 2，我們確實看到了一些變化。

In U.S. federal, I would say, in Q3, we had a real lack of clarity around budgets.

在美國聯邦，我會說，在第三季度，我們的預算確實缺乏明確性。

In early May, we began to see, obviously, the clarity with the continuing resolution.

顯然，在 5 月初，我們開始看到持續決議的清晰度。

And the way that the dollars get released in federal, we're in like the fourth phase based on how they prioritize releasing those budget funds.

以及聯邦發放美元的方式，我們處於第四階段，這取決於他們如何優先發放這些預算資金。

So we saw some improvement, not where we'd like for it to be, but we saw some improvement, particularly late in the quarter.

所以我們看到了一些改進，不是我們希望的改進，但我們看到了一些改進，尤其是在本季度末。

And obviously, in federal, we're going to be facing the same issue again in 90 days, at the end of September, as we try to get another budget resolution passed.

顯然，在聯邦，我們將在 90 天后，即 9 月底再次面臨同樣的問題，因為我們試圖通過另一項預算決議。

But you can see, on a global public sector perspective, you saw our orders last quarter were at minus 4%.

但你可以看到，從全球公共部門的角度來看，你看到我們上個季度的訂單量為負 4%。

This quarter, they were at plus 2%, and that was clearly -- a big part of that was the improvement we saw in the U.S. federal business.

本季度，他們增長了 2%，這很明顯——其中很大一部分是我們在美國聯邦業務中看到的改善。

On the U.K., if you go back to Q3, we talked about it being significantly down.

在英國，如果你回到第三季度，我們談到它顯著下降。

And one of the primary drivers was the headwind created by currency.

主要驅動因素之一是貨幣帶來的逆風。

In Q4, what I'll tell you is that headwind from currency remained.

在第 4 季度，我要告訴你的是，來自貨幣的逆風依然存在。

It did not ease up.

它並沒有緩解。

However, our teams did a really amazing job, and we saw significant improvement in our enterprise and commercial business in the U.K. And if you look at the overall performance in EMEAR, you can see that the strengthening in the U.K. for us actually helped achieve the result at the EMEAR level.

然而，我們的團隊做得非常出色，我們看到我們在英國的企業和商業業務有了顯著改善。如果你看看 EMEAR 的整體表現，你會發現英國的加強實際上幫助我們實現了結果在 EMEAR 級別。

I'll say one final thing.

我要說最後一件事。

In U.K., while enterprise and commercial were -- we saw a good uptick, service provider remained about the same.

在英國，雖然企業和商業——我們看到了良好的增長，但服務提供商保持不變。

Our next question comes from Pierre Ferragu with Sanford C. Bernstein & Co.

我們的下一個問題來自 Pierre Ferragu 和 Sanford C. Bernstein & Co。

I'd like to get a sense for how you see like your near-term trends in the business.

我想了解一下您如何看待您的業務近期趨勢。

If I look at your revenue guide for next quarter, so we're still slightly down year-on-year, but sequentially, the kind of revenue change you're guiding for is actually probably better than the average seasonality for Q1 of the last few years.

如果我看一下你們下一季度的收入指南，那麼我們仍然同比略有下降，但按順序，你們所指導的收入變化實際上可能好於上一季度第一季度的平均季節性幾年。

So am I right thinking that the environment -- you see the environment, the business environment, slightly improving sequentially after this quarter -- this weaker quarter you were anticipating?

那麼我是否認為環境是正確的 - 你看到環境，商業環境，在本季度之後連續略有改善 - 你預期的這個較弱的季度？

So that's on the revenue front.

所以這是在收入方面。

And then on the margin front, I think like from the top of my mind, you've fully been beating your gross margin guidance range for like 8 or 9 quarters in a row or something like that.

然後在利潤率方面，我認為從我的想法來看，你已經連續 8 或 9 個季度或類似的時間完全超過你的毛利率指導範圍。

And your gross margin came in slightly down sequentially.

你的毛利率環比略有下降。

And so -- and you're guiding for a slightly lower operating margin next quarter than what the consensus is anticipating.

因此——您指導下個季度的營業利潤率將略低於市場普遍預期的水平。

So if you could give some perspective on what's happening at the gross margin level.

所以，如果你能對毛利率水平上發生的事情給出一些看法。

It's relatively small movements, but I'm sure you can give us some visibility on what were the drivers there.

這是相對較小的運動，但我相信你可以讓我們了解那裡的驅動因素。

Yes, Pierre, let me give you a little color on the revenue question and sort of the business conditions, and then I'll let Kelly talk about the Q1 guide as well as the margins.

是的，皮埃爾，讓我給你一些關於收入問題和商業條件的顏色，然後我會讓凱利談談第一季度的指南和利潤率。

In general, I think if you just look at our order rates that we released today, we went from negative 4% last quarter to flat in Q4 -- I'm sorry, from Q3, negative 4% to flat in Q4.

總的來說，我想如果你看看我們今天發布的訂單率，我們從上個季度的負 4% 到第四季度持平——對不起，從第三季度，從負 4% 到第四季度持平。

So clearly, we saw improvement there.

很明顯，我們在那裡看到了改進。

I will tell you that across the customer segments, just so you have some visibility, I think we showed the high-level numbers.

我會告訴你，在客戶群中，為了讓你有一些知名度，我想我們展示了高水平的數字。

I'll give a little bit of a double-click.

我會稍微雙擊一下。

On the enterprise side, we didn't see a lot of variability around the world in the performance there.

在企業方面，我們沒有看到世界各地的性能有很大差異。

Commercial, every region around the world improved from Q3 to Q4.

商業，全球每個地區從第三季度到第四季度都有所改善。

Public sector, every region improved from Q3 to Q4.

公共部門，每個地區從第三季度到第四季度都有所改善。

In SP, we had weakness everywhere.

在SP，我們到處都是弱點。

So that's just sort of a little color on the orders that we saw in Q4.

所以這只是我們在第四季度看到的訂單的一點顏色。

Kelly, you want to talk a little bit about the revenue guide and margins?

凱利，你想談談收入指南和利潤率嗎？

Yes, sure.

是的，當然。

On the revenue guide, as you know, Pierre, we call it like we see it.

在收入指南中，如你所知，皮埃爾，我們稱之為我們所看到的。

And as Chuck mentioned, the bookings being much better in Q4 than Q3 certainly helped a lot.

正如 Chuck 所提到的，第四季度的預訂量比第三季度要好得多，這當然有很大幫助。

And I'll just mention that we are starting off with a strong backlog with our backlog being up 3%.

我只想提一下，我們從大量積壓開始，我們的積壓增加了 3%。

And we have good momentum as we go in the quarter.

我們進入本季度時勢頭良好。

So we feel good about the revenue call for Q1.

因此，我們對第一季度的收入要求感到滿意。

As I talk about margins, yes, our margins for Q4 were in the range, but we definitely saw our product margins go down 2 points year-over-year.

當我談到利潤率時，是的，我們第四季度的利潤率在範圍內，但我們確實看到我們的產品利潤率同比下降了 2 個百分點。

And it really comes down quite simply to 3 points.

它真的很簡單地歸結為 3 分。

The one and the biggest impact, by far, has been the increase of memory pricing and DRAM, specifically, for the overall business.

到目前為止，影響最大的一個因素是內存價格和 DRAM 的上漲，特別是對整體業務而言。

That accounts for more than half of the 2 point decline.

這佔 2 點跌幅的一半以上。

The second point that's really impacting that is in overall productivity.

真正影響的第二點是整體生產力。

Whenever you have large parts of the portfolio or my largest business unit down 9%, like Switching, which is also a very profitable business, it impacts your ability to get cost savings in that quarter.

每當你的投資組合的大部分或我最大的業務部門下降 9% 時，比如 Switching，這也是一項非常有利可圖的業務，它會影響你在該季度獲得成本節約的能力。

So that was the second biggest driver.

所以這是第二大驅動因素。

And then we just had a third driver, but to a much lesser extent, was a slight uptick in pricing erosion.

然後我們只有第三個驅動因素，但程度要小得多，是價格侵蝕略有上升。

Our next question is from Steven Milunovich with UBS Securities.

我們的下一個問題來自瑞銀證券的 Steven Milunovich。

On the Security side, you said at the Analyst Day you expect low to mid-teens growth.

在安全方面，您在分析師日表示您預計會出現低到中等的增長。

You did talk about strong orders today, but the revenue growth was much less.

你今天確實談到了強勁的訂單，但收入增長要少得多。

I think you cited some legacy products holding things back.

我認為您引用了一些遺留產品來阻礙事情的發展。

Do you have confidence that the reported revenue is going to get back into the double digits consistently?

您是否有信心報告的收入會持續回到兩位數？

Yes, Steve.

是的，史蒂夫。

So first, all I'll say on the Security, this is -- I have zero concerns about the business.

因此，首先，關於安全性，我要說的是——我對業務的擔憂為零。

This is a revenue timing issue.

這是一個收入時間問題。

Our orders were -- they were some of the strongest -- we saw some of the strongest order growth in the quarter as we've seen in the last 2 years.

我們的訂單是 - 它們是最強勁的 - 我們在過去兩年中看到了本季度最強勁的訂單增長。

So it's simply a revenue timing issue.

所以這只是一個收入時間問題。

It's funny.

這很有趣。

If you go back to Q4 of '15, the first call I did, there was concern about our Security revenue at 4%, and at the time, our deferred software was growing 26%.

如果你回到 15 年第四季度，我打的第一個電話，有人擔心我們的安全收入為 4%，而當時，我們的延期軟件增長了 26%。

And this time, we had 3% revenue, but our deferred software was growing 49%.

這一次，我們的收入增長了 3%，但我們的延期軟件增長了 49%。

So the strength in the business, I'm still comfortable with.

所以在業務上的實力，我還是很放心的。

Kelly, you need comment on that...?

凱利，你需要對此發表評論......？

No, I think you said it well, and it's literally just timing.

不，我認為你說得很好，這實際上只是時機。

We expect an uptick come back there in the next quarter.

我們預計下一季度會出現回升。

Our next question is from Vijay Bhagavath with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Vijay Bhagavath。

My question is on what feedback and commentary you are hearing from your sales teams, your top customers, channel partners in this new model to purchase products like the Catalyst 9k with subscriptions paying OpEx dollars.

我的問題是您從您的銷售團隊、您的頂級客戶、渠道合作夥伴那裡聽到了哪些反饋和評論，以購買像 Catalyst 9k 這樣的產品，訂閱支付 OpEx 美元。

Hopefully, you get the software security feature attach.

希望您能獲得附加的軟件安全功能。

And then the next part of the question is, is demand for the subscriptions OpEx model primarily coming from your U.S. corporate customers?

然後問題的下一部分是，對訂閱 OpEx 模型的需求主要來自您的美國企業客戶嗎？

Or are you also...

還是你也...

Vijay, can you speak up a little bit?

Vijay，你能說點兒什麼嗎？

It's a bit hard to hear you.

聽你說話有點困難。

Okay.

好的。

So I think, yes, the question is what commentary you are hearing from your customers and channel partners and your sales teams on purchasing these newer products such as the Catalyst 9k with software and security features using the subscriptions model.

所以我認為，是的，問題是您從客戶和渠道合作夥伴以及您的銷售團隊那裡聽到了關於使用訂閱模式購買這些更新的產品（例如具有軟件和安全功能的 Catalyst 9k）的評論。

And is it...

而且是不是...

Vijay, speak up just a tad bit higher there.

Vijay，在那裡說話稍微高一點。

We still...

我們仍然...

Can you guys hear me now?

你們現在能聽到我說話嗎？

Much better.

好多了。

Much better.

好多了。

Much better.

好多了。

Yes.

是的。

So yes, I think the first part of the question is the commentary from your customers on purchasing new products with subscriptions model.

所以是的，我認為問題的第一部分是您的客戶對使用訂閱模式購買新產品的評論。

The second part of the question is, is the demand for the subscriptions model primarily coming from U.S. customers?

問題的第二部分是，訂閱模式的需求主要來自美國客戶嗎？

Or are you seeing overseas demand as well for subscriptions-based purchasing?

或者您是否也看到了海外對基於訂閱的購買的需求？

Okay.

好的。

So I'll answer the first part.

所以我會回答第一部分。

And I think, Kelly, I have an instinctive answer on the second part, but you probably have the mathematical answer.

我想，凱利，我對第二部分有一個本能的答案，但你可能有數學答案。

So what we're -- first of all, I think that when you look back at what we announced, probably -- I think FAC was 7 weeks ago, so it must have been 8 weeks ago or 9 weeks ago when we announced the actual network intuitive.

所以我們 - 首先，我認為當你回顧我們宣布的內容時，可能 - 我認為 FAC 是 7 週前，所以當我們宣布實際網絡直觀。

It was probably one of the most significant launches we've had in almost a decade.

這可能是我們近十年來最重要的發布之一。

And what I would tell you is there's a lot of emotional momentum right now within the employee base, with our customers, with our partners, with our sales organization about the innovation.

我要告訴你的是，現在員工群體、我們的客戶、我們的合作夥伴以及我們的銷售組織都對創新充滿了情感動力。

And specifically, your question, I think that what we always knew was that if -- when we attempted to introduce a subscription model on a Switching product, we knew that we had to bring innovation that was -- that had such a high return for our customers that they would not have a problem buying it in that model, and that's what we've seen.

具體來說，你的問題，我認為我們一直都知道，如果 - 當我們試圖在 Switching 產品上引入訂閱模式時，我們知道我們必須帶來創新 - 這對我們的客戶認為，購買該型號的產品不會有問題，這就是我們所看到的。

When you look at the automation platform that we're going to -- that we're delivering to our customers and we're going to continue to enhance over the next several years and you look at the security capability that, frankly, only Cisco with our understanding of the network and with our threat intelligence that we get from Talos and with our ability to build silicon that can actually make that happen, I think our customers are actually quite pleased with the innovation.

當您查看我們將要提供給我們的客戶並且我們將在未來幾年繼續增強的自動化平台時，您會看到安全功能，坦率地說，只有思科憑藉我們對網絡的理解和我們從 Talos 獲得的威脅情報，以及我們構建能夠真正實現這一目標的芯片的能力，我認為我們的客戶實際上對這項創新非常滿意。

And so far, we've seen a high correlation with that to the advanced subscription.

到目前為止，我們已經看到與高級訂閱的高度相關性。

So as far as the geographic issue, Kelly?

那麼就地理問題而言，凱利？

Yes.

是的。

I mean, the -- as far as the geographic, it's following very closely with our natural split.

我的意思是，就地理而言，它與我們的自然分裂密切相關。

We definitely have more in the Americas, but we've a very healthy pipeline in Europe as well as APJC.

我們在美洲肯定有更多，但我們在歐洲和 APJC 的管道非常健康。

So it's getting traction everywhere.

所以它到處都有吸引力。

Our next question is from Timothy Long with BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 Timothy Long。

Just wanted to check in on the web scale client base.

只是想檢查網絡規模的客戶群。

How's that -- how did that trend in the quarter?

那怎麼樣 - 這個季度的趨勢如何？

Can you also address the kind of the Switching and routing competitive environment there?

您還可以解決那裡的交換和路由競爭環境嗎？

It seems like white box really not taking off, but some of your competitors are having good traction.

看起來白盒子真的沒有起飛，但你的一些競爭對手有很好的牽引力。

So if you could just update us on progress with that large customer base, that's great.

因此，如果您能向我們介紹龐大客戶群的進展情況，那就太好了。

Yes.

是的。

Thanks, Tim.

謝謝，蒂姆。

So we were together 7 weeks ago.

所以我們 7 週前在一起。

The story here hasn't changed significantly.

這裡的故事沒有顯著改變。

As I've said in the past, we have reengaged in a very big way.

正如我過去所說，我們在很大程度上重新接觸了。

I will tell you that we've had some wins.

我會告訴你，我們已經取得了一些勝利。

We actually had the press release that I talked about in my earlier comments with Microsoft about running their OS on our cloud silicon switches.

我們實際上有我在之前與微軟的評論中談到的關於在我們的雲矽交換機上運行他們的操作系統的新聞稿。

And we continue to make traction with these customers.

我們繼續吸引這些客戶。

As I've said, we're looking at each of them very individually as to what it is they need.

正如我所說，我們正在非常個別地研究他們中的每一個，看看他們需要什麼。

And we're also looking at broad-based partnerships with them, not only for their own infrastructure but as they realize that the importance of having this multicloud capability and the ability to run not only applications in a central public cloud but be able to run portions of those applications out of the edge of the network is leading to a very complementary partnership that we're talking about with all of them.

我們也在考慮與他們建立廣泛的合作夥伴關係，不僅是為了他們自己的基礎設施，而且因為他們意識到擁有這種多雲能力的重要性，以及不僅能夠在中央公共雲中運行應用程序，而且能夠運行網絡邊緣之外的這些應用程序的一部分正在導致我們正在與所有這些應用程序討論的非常互補的合作夥伴關係。

So I would say that not a lot's changed in the last 7 weeks, but we're still continuing to make solid progress, and I'm optimistic.

所以我想說過去 7 週沒有太大變化，但我們仍在繼續取得穩步進展，我很樂觀。

Our next question is from Tal Liani with Bank of America [Securities] Merrill Lynch.

我們的下一個問題來自美國銀行 [證券] 美林的 Tal Liani。

I have actually 2 questions, but it's about margin and cash.

我實際上有 2 個問題，但它是關於保證金和現金的。

You touched on it a little bit, but you knew about memory pricing when you entered the quarter, I think, when you gave the guidance.

你稍微談到了它，但你在進入本季度時就知道了內存定價，我想，當你給出指導時。

Still, product gross margin was weak.

儘管如此，產品毛利率仍然疲軟。

What was the delta?

三角洲是什麼？

What was weaker than expected during the quarter that drove gross margin down?

本季度是什麼低於預期導致毛利率下降？

And the second question is cash repatriation, if it doesn't happen.

第二個問題是現金匯回，如果沒有的話。

You already now have $70 billion in cash but only $3 billion in the U.S. So do you consider Plan B for bringing the cash to the U.S.?

您現在已經擁有 700 億美元現金，但在美國祇有 30 億美元。那麼您是否考慮將現金帶到美國的 B 計劃？

Or any other use for the cash?

還是現金有其他用途？

All right.

好的。

So on the memory, yes, we've talked about memory for the last 3 quarters.

所以在內存方面，是的，我們已經討論了過去 3 個季度的內存。

We started to see this as a headwind initially in Q2, and it's just gotten progressively worse.

我們最初在第二季度開始將其視為不利因素，而且情況變得越來越糟。

I think it's very much public information that the prices continue to climb.

我認為價格繼續攀升是非常公開的信息。

And in this scarce supply environment, our supply chain team has done a great job securing supply for us, but those prices continue to be at market -- at prices as it goes forward.

在這種供應稀缺的環境中，我們的供應鏈團隊在為我們確保供應方面做得很好，但這些價格仍然是市場價格——未來的價格。

So it's continuing to be a moving target.

所以它仍然是一個移動的目標。

And again, as I will say to the guide, our gross margin ended up in the range of our guide.

再一次，正如我要對指南說的那樣，我們的毛利率最終在指南的範圍內。

So those are just some of the variables as we go forward.

所以這些只是我們前進的一些變量。

As I look forward, I think we expect the memory pressure to continue on in the near term, and we're taking that into account as we give you guidance going forward for Q1.

展望未來，我認為我們預計內存壓力將在短期內繼續存在，我們在為您提供第一季度的指導時將這一點考慮在內。

On the cash, yes, we have $3 billion of cash domestically.

在現金方面，是的，我們在國內有 30 億美元的現金。

We've been able to -- we've been accessing commercial paper.

我們已經能夠——我們一直在訪問商業票據。

We increased that a little bit this past quarter.

我們在上個季度增加了一點。

And we've been able to access and get access to capital to take out debt if we need to as we go forward because, again, we are continuing to ensure we have the flexibility we need, whether it's for strategic M&A or to continue with, obviously, our dividend and share repurchase.

而且，如果我們需要的話，我們已經能夠獲得併獲得資本來償還債務，因為我們將繼續確保我們擁有所需的靈活性，無論是用於戰略併購還是繼續，顯然，我們的股息和股票回購。

So we don't see any issues with that going forward, and we'll continue to be as efficient as possible in managing our cash and any debt we need to take out.

因此，我們認為未來不會有任何問題，我們將繼續盡可能高效地管理我們的現金和我們需要償還的任何債務。

Our next question is from Paul Silverstein with Cowen and Company.

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

Just 2 clarifications from Kelly and then the question -- clarifications being, Kelly, you mentioned the tick-up in price erosion.

凱利只有 2 個澄清，然後是問題——澄清是，凱利，你提到了價格侵蝕的上升。

Did that remain below 3%?

這是否保持在 3% 以下？

And then on the other clarification, on the Switching commentary, can you give us the data center Switching growth all-in beyond just the ACI portfolio and what the campus switching decline was?

然後在另一個澄清中，關於交換評論，您能否向我們提供數據中心交換增長的全部內容，而不僅僅是 ACI 產品組合，以及園區交換下降的原因是什麼？

And the real question is, looking at the drag on growth from the shift to subscriptions, what was

真正的問題是，從轉向訂閱對增長的拖累來看，什麼是

(technical difficulty)

（技術難度）

Paul, are you on mute?

保羅，你靜音了嗎？

Let's go ahead and take the next question.

讓我們繼續進行下一個問題。

Our next question is from Rod Hall with JPMorgan Securities.

我們的下一個問題來自摩根大通證券的 Rod Hall。

I wanted to, Kelly, maybe get you to comment on the inventory movement.

凱利，我想讓你對庫存變動發表評論。

The inventory's up quite a bit this quarter.

本季度庫存增加了不少。

I'm assuming that might be forward purchasing in memory.

我假設這可能是內存中的前瞻性購買。

And then I assume that might protect your margin looking forward.

然後我認為這可能會保護您的利潤率。

But I wonder if you -- could you confirm that?

但我想知道你是否——你能證實這一點嗎？

And if it is the case that it's memory, how long are you protected?

如果是內存的話，你能保護多久？

How long are you hedged?

你對沖了多久？

And then also, Chuck, maybe going back to that carrier order volume, could you just maybe dig into where you're seeing weakness in orders in the network?

然後，查克，也許回到那個承運人訂單量，你能不能深入了解你在網絡訂單中看到的弱點？

Can you help us pinpoint that?

你能幫我們查明嗎？

Or is it more broad and related to product slowdown?

或者它更廣泛並且與產品放緩有關？

Just kind of generally from a part of the network point of view, where is that sluggishness materializing?

一般來說，從網絡的一部分來看，這種遲緩是在哪裡實現的？

Yes.

是的。

So Rod, on the inventory, you're correct.

所以羅德，在清單上，你是對的。

A large majority of the inventory increase is driven by memory advanced purchases.

大部分庫存增加是由內存提前採購推動的。

So that protects us in -- for a large portion, but we also have been, as I mentioned in the last call, we've also been securing and committing to our purchase commitments for even more access to supply.

因此，這在很大程度上保護了我們，但正如我在上次電話會議中提到的那樣，我們也一直在確保並承諾履行我們的採購承諾，以獲得更多的供應渠道。

That also will ensure that we have the supply, albeit, perhaps, at higher prices if they continue to rise.

這也將確保我們有供應，儘管如果價格繼續上漲，價格可能會更高。

But the bulk of the inventory going up, the $400 million is memory.

但大部分庫存在增加，4 億美元是內存。

And then there's also a little bit of just inventory built up as we continue just to execute on our revenue in Q1.

然後，隨著我們繼續執行第一季度的收入，還會增加一些庫存。

And Rod, on the second part, thanks for asking about the service provider business.

Rod，在第二部分，感謝您詢問服務提供商業務。

I think the way I would characterize it is it's less about different portions of the network, and it's really about the disparity across large customers.

我認為我描述它的方式是它與網絡的不同部分無關，而實際上與大客戶之間的差異有關。

As I said in the last couple of calls, we literally had some very big customers that were growing double digits and others that were on the opposite side of that.

正如我在最近幾個電話中所說的那樣，我們確實有一些非常大的客戶正在以兩位數的速度增長，而其他客戶則恰恰相反。

So it really is more of a customer variability issue than it is a single place in the network infrastructure that is causing a problem.

因此，它實際上更像是一個客戶可變性問題，而不是網絡基礎設施中的一個地方導致了問題。

And that's what we've seen for several quarters.

這就是我們幾個季度以來所看到的。

And again, some of it is based on regulatory issues and geopolitical dynamics.

同樣，其中一些是基於監管問題和地緣政治動態。

Others are based on consolidation going on in a certain part of the industry.

其他人則基於行業某個部分正在進行的整合。

So that's kind of color as to how I see it.

所以這就是我如何看待它的顏色。

Hopefully, that's helpful.

希望這會有所幫助。

Our next question is from Paul Silverstein with Cowen and Company.

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

Chuck, Kelly, Marilyn, can you hear me?

Chuck、Kelly、Marilyn，你們能聽到我說話嗎？

Yes.

是的。

We can hear you now.

我們現在可以聽到你的聲音了。

So let me ask you a question and 2 clarifications, the question being, what was the drag on growth from the shift to subscriptions this quarter?

那麼讓我問你一個問題和兩個澄清，問題是，本季度從訂閱轉變到增長的拖累是什麼？

And can you talk about what your product segment growth would look like on a normalized basis, i.e., adjusting for the shift in subscriptions?

您能否談談您的產品細分市場在標準化基礎上的增長情況，即針對訂閱量的變化進行調整？

I'm aware that wireless WAN in Collaboration have been the 2 places where -- in Security, where it's been first implemented.

我知道協作中的無線 WAN 是安全方面的兩個地方，這是它首次實施的地方。

But can you talk to us about what the growth will look like on a product line basis correcting for that?

但是你能和我們談談在糾正這一點的產品線基礎上的增長情況嗎？

And the clarification, Kelly, you mentioned the tick-up in price erosion.

澄清一下，凱利，你提到了價格侵蝕的上升。

Was it still below 3%?

還是低於3%？

And can you tell us what the decline in campus switching was and what was the all-in growth rate of Data Center?

您能否告訴我們園區交換的下降情況以及數據中心的總體增長率是多少？

So not just ACI but taking into account the 7,000 and whatever other products are in that.

因此，不僅是 ACI，還要考慮到 7,000 和其中的任何其他產品。

Yes, sure.

是的，當然。

So on the shift, first, it's not much different than we told you.

所以在輪班上，首先，它和我們告訴你的沒什麼不同。

It's basically about 2%, between the 1.5% and 2%.

基本上是2%左右，在1.5%到2%之間。

And you hit the -- obviously, Security impacts the most.

很明顯，安全影響最大。

Collaboration has always been that way, and that just continues to grow.

合作一直都是這樣，而且還在繼續發展。

But if you restated it Security will be impacted, wireless will be impacted.

但是，如果您重申它，安全性將受到影響，無線也會受到影響。

And now with Cisco ONE really ramping up and added hundreds of millions of dollars on the balance sheet, that would have an impact as well.

現在，隨著 Cisco ONE 的真正崛起並在資產負債表上增加了數億美元，這也會產生影響。

And that is the piece that will accelerate even more as we get more traction on the Catalyst 9000 switches platform.

隨著我們在 Catalyst 9000 交換機平台上獲得更多關注，這部分將加速發展。

So it's kind of across the board.

所以這有點全面。

In terms of Data Center overall -- so if I look at Switching and Switching being down 9%, the bulk of it was campus switching, and that was over double digit.

就整體數據中心而言——所以如果我看看交換和交換下降了 9%，其中大部分是校園交換，而且超過兩位數。

So that was the biggest drag.

所以這是最大的阻力。

data center switching, all-in, was basically flattish to slightly up but basically flattish.

數據中心交換，總計，基本持平到略有上升，但基本持平。

And price decline?

價格下降？

And price decline, yes, it is -- you're talking about a year-over-year rate impact?

價格下降，是的，它是——你說的是同比利率影響？

Yes.

是的。

Yes, so it is below the 3%.

是的，所以它低於 3%。

And you'll see that in the K.

你會在 K 中看到這一點。

Our next question is from Simon Leopold with Raymond James & Associates.

我們的下一個問題來自 Simon Leopold 和 Raymond James & Associates。

I wanted to see if we could maybe double-click down on the Security business.

我想看看我們是否可以雙擊安全業務。

In light of the headlines we've heard in the security space over the last couple months in terms of attacks, I think of the case of Nuance, it highlighted employing Cisco.

鑑於過去幾個月我們在安全領域聽到的關於攻擊的頭條新聞，我想到了 Nuance 的案例，它強調了使用思科。

And I recall your discussions in the past about the need for security to be an architectural solution and not a point solution.

我還記得你們過去關於安全需要成為一種架構解決方案而不是單點解決方案的討論。

So it sounds like the market is moving towards the pitch you've made, and it's made sense for a long time.

所以聽起來市場正在朝著你提出的方向發展，這在很長一段時間內都是有意義的。

I'm just trying to see if you can help us quantify the outlook for your Security business, if you see an inflection point of the business moving more towards a solution sale than point products versus what we've seen in the past.

我只是想看看你是否可以幫助我們量化你的安全業務的前景，如果你看到業務的拐點更多地轉向解決方案銷售而不是我們過去看到的點產品。

Thanks for the question, Simon.

謝謝你的問題，西蒙。

The short answer is yes.

簡短的回答是肯定的。

And what's happened is if you think about how our customers are building their IT infrastructure or how their IT assets are being deployed, they're in a massively distributed mode.

如果您考慮我們的客戶如何構建他們的 IT 基礎設施或他們的 IT 資產是如何部署的，就會發現他們處於大規模分佈式模式。

And they're trying to navigate and manage technology assets, spanning from the public cloud to connected vehicles, connected mining operations, all the way back to their private data center over to SaaS applications.

他們正在嘗試導航和管理技術資產，從公共雲到互聯車輛、互聯採礦作業，一直回到他們的私有數據中心再到 SaaS 應用程序。

So the architecture of sort of hair-pinning all that stuff back to a central point in the enterprise is not going to be sustainable.

因此，將所有這些東西都固定在企業中心點的架構是不可持續的。

Therefore, we see our customers transitioning to a new -- fundamentally new architecture that's enabled by the network.

因此，我們看到我們的客戶正在過渡到一個新的——由網絡支持的全新架構。

And that's why they're moving to the security architecture because, as I said, our teams have built this strategy where you have to deploy Security Everywhere, which is at the endpoint in the network in the cloud.

這就是他們轉向安全架構的原因，因為正如我所說，我們的團隊已經構建了這個策略，你必須在雲中的網絡端點處部署安全無處不在。

And I think as it relates to some of the attacks, I don't remember the number exactly last quarter or the quarter before relative to our -- the threat, new threat customers that we have, the AMP customers.

而且我認為，由於它與某些攻擊有關，我不記得上個季度或前一個季度相對於我們的威脅、新威脅客戶和 AMP 客戶的準確數字。

But I believe the 7,600 this quarter was a pretty significant increase over what we saw during a quarter over the last 2 quarters.

但我相信本季度的 7,600 比我們在過去兩個季度的一個季度看到的增長相當顯著。

And I think that's probably related to not only the architectural buy-in that our customers have but also the fact that, that solution was pretty resilient during the recent ransomware attacks.

我認為這可能不僅與我們客戶的架構支持有關，還與該解決方案在最近的勒索軟件攻擊中具有相當的彈性這一事實有關。

Our next question is from Jeffrey Kvaal with Nomura Securities International.

我們的下一個問題來自野村證券國際的 Jeffrey Kvaal。

I would like to delve into the service provider outlook a little bit, if we could.

如果可以的話，我想深入研究一下服務提供商的前景。

It sounds as though -- we understand that things aren't perfect around the world for you.

聽起來好像——我們知道世界上的事情對您來說並不完美。

My question is, how much of where we are in service provider do you consider to be cyclical?

我的問題是，您認為我們在服務提供商中有多少是周期性的？

And how much of this is structural?

其中有多少是結構性的？

I mean, do you think that we should see the service provider orders be in that 1% to 3% growth range that you've highlighted for the overall business?

我的意思是，你認為我們應該看到服務提供商的訂單在你為整體業務強調的 1% 到 3% 的增長范圍內嗎？

Let me see if I can break this down into 3 sort of qualitative areas that, I think, we are focused on that can actually improve the service provider performance over the next 3 to 7 quarters over the next 2 years.

讓我看看我是否可以將其分解為 3 個定性領域，我認為，我們關注的是這些領域實際上可以在未來 2 年的未來 3 到 7 個季度內提高服務提供商的績效。

I think first is we have increased our presence, our relevance in the web scale cloud providers that we've talked about.

我認為首先是我們增加了我們的存在，我們在我們談到的網絡規模雲提供商中的相關性。

That's first and foremost.

這是首要的。

Second is there are -- there's innovation that we are working on that we talked a little bit about at the Financial Analyst Conference that will be coming out probably a few quarters from now that will give us some transition opportunities in some of our platforms.

其次是 - 我們正在致力於創新，我們在金融分析師大會上談到了一些創新，這些創新可能會在幾個季度後出現，這將為我們的一些平台提供一些過渡機會。

And then finally, I think the other is there's -- I would characterize as a combination of sort of macro issues as well as technology transitions.

最後，我認為另一個是——我將其描述為宏觀問題和技術轉型的結合。

I think you're going to see customers -- and we're beginning to have discussions with customers who are thinking about 5G.

我想你會看到客戶——我們開始與正在考慮 5G 的客戶進行討論。

And while we're not in the macro radio space, one of the key things that they are working on or thinking about is, as I add a significant number of new devices at higher speeds and lower latency out of the edge of the network, what is that going to mean for the performance I'm going to need in the core of the network?

雖然我們不在宏無線電領域，但他們正在研究或考慮的關鍵事情之一是，當我在網絡邊緣以更高的速度和更低的延遲添加大量新設備時，這對我在網絡核心中需要的性能意味著什麼？

So I think as we see some of the geopolitical dynamics hopefully settle down, but I wouldn't count on that right now, but the overall -- I think the 5G trend and that transition is the other one that could help us over the next couple years.

所以我認為，正如我們看到的一些地緣政治動態有望穩定下來，但我現在不會指望這一點，但總體而言——我認為 5G 趨勢和這種轉變是另一個可以在下一個階段幫助我們的趨勢幾年。

Our last question comes from the line of Mark Moskowitz with Barclays Capital.

我們的最後一個問題來自巴克萊資本的 Mark Moskowitz。

Just want to follow up on the gross margin question, a lot of focus today on the call.

只想跟進毛利率問題，今天很多關注電話。

How should investors anticipate potential margin volatility over the next 1 to 2 years related to the transition to the highly attractive subscription model?

投資者應如何預測未來 1 至 2 年與向極具吸引力的訂閱模式過渡相關的潛在利潤率波動？

And then, Kelly, can you weigh in on rev rec 606?

然後，凱利，你能談談 rev rec 606 嗎？

Like when could we see Cisco introduce some guidance around that as well?

就像我們什麼時候可以看到思科也圍繞它引入一些指導？

Sure.

當然。

So on the gross margin, I think we need to -- well, we will have an impact on the memory for the next couple quarters coming up here, for sure.

所以關於毛利率，我認為我們需要 - 好吧，我們肯定會在接下來的幾個季度對內存產生影響。

I think the public information out there on what's happening with the supply, there are people that think that maybe it eases up, but it's too hard to call.

我認為關於供應情況的公開信息，有人認為可能會有所緩解，但很難預測。

So I think that's going to be a headwind for us.

所以我認為這對我們來說是一個不利因素。

I think the other parts of gross margin are continuing to -- we're executing and managing those well, like we always have, on the cost savings sides and managing price as well.

我認為毛利率的其他部分正在繼續 - 我們正在執行和管理這些，就像我們一直以來在成本節約方面和管理價格一樣。

So I think it's really -- the big question mark and the big headwind is the memory.

所以我認為這真的是 - 大問號和大逆風是記憶。

On rev rec change of ASC 606, we will be giving more color on that in our 10-K and kind of give you a feel of what some of the implications will be.

關於 ASC 606 的 rev rec 變化，我們將在我們的 10-K 中為其添加更多顏色，並讓您了解其中的一些含義。

So we'll get more color in that, and we'll try to quantify for you the impact from a revenue and bottom line perspective.

因此，我們將在其中獲得更多色彩，我們將嘗試從收入和底線的角度為您量化影響。

I will also just reference you back to -- I did have a page in the analyst conference deck laying out what of our offers would be impacted and what wouldn't be to kind of give you a feel along those lines as well to help you think through it.

我也會讓你回過頭來——我在分析師會議平台上確實有一頁列出了我們的哪些報價會受到影響，哪些不會讓你感受到這些方面的影響以及幫助你仔細想想。

But we'll give you progressively more detail, starting with our K coming up here in a few weeks.

但我們會逐步為您提供更多詳細信息，從幾週後我們的 K 開始。

Thanks, Kelly, and thanks, Mark, for the questions.

謝謝 Kelly，也謝謝 Mark 提出的問題。

Chuck, why don't I turn it over to you to wrap it up?

Chuck，為什麼我不把它交給你來包裝呢？

All right.

好的。

Thanks, Marilyn.

謝謝，瑪麗蓮。

And thanks, everybody, for participating with us today.

感謝大家今天參加我們的活動。

I think there are 4 key messages that I would probably leave you with.

我想我可能會給您留下 4 條關鍵信息。

First is that this launch that we announced back about 8 weeks ago was the first of what I believe you should expect from us in just an ongoing cycle of innovation and very positively received by the press, analysts, customers, partners, employees.

首先，我們大約 8 週前宣布的這次發布是我認為您應該在持續的創新周期中期待我們的第一次發布，並且受到媒體、分析師、客戶、合作夥伴和員工的積極歡迎。

And I said, when I took this job, we're going to increase the pace of innovation, and this is the first wave of what you're going to see coming from us.

我說，當我接受這份工作時，我們將加快創新步伐，這是你將看到的來自我們的第一波創新浪潮。

And when you look at the innovation that was introduced, particularly around the automation, around the new platform and the innovation we drove in the security capabilities, that's what you're going to see from us going forward.

當您查看引入的創新時，特別是圍繞自動化、圍繞新平台以及我們在安全功能方面推動的創新，這就是您將在未來看到的。

Secondly, I think with the -- our customers and the environments in which they're operating now, the network's never been more relevant.

其次，我認為對於我們的客戶和他們現在運營的環境，網絡從未像現在這樣重要。

And I talked about how they're building out their infrastructure in very distributed ways.

我談到了他們如何以非常分佈式的方式構建他們的基礎設施。

They're managing hundreds and thousands of devices today, and they have to be ready to manage 1 million or more by 2020.

他們現在管理著成百上千台設備，到 2020 年他們必須做好管理 100 萬台或更多台設備的準備。

And I think that, that is why this automation and analytics capability and the security built into the network is so important.

我認為，這就是為什麼這種自動化和分析能力以及網絡內置的安全性如此重要的原因。

The third is that we continue to have our customers looking for us to help them really build out the secure intelligent platform that spans across this multicloud environment for their digital business.

第三，我們繼續讓我們的客戶尋找我們來幫助他們真正構建跨越這個多雲環境的安全智能平台，用於他們的數字業務。

And I think that our Security results on the number of new customers embracing the technology, I think, is indicative of how they're buying into this new architecture.

而且我認為，我們的安全結果對採用該技術的新客戶數量產生了影響，我認為這表明他們是如何購買這種新架構的。

And then fourth, I would say that the strategy we laid out, we're executing very well against.

然後第四，我會說我們制定的戰略，我們執行得非常好。

We're managing the business through this transition.

我們正在通過這種轉變來管理業務。

When you look at the year that we just completed, having record EPS, record cash flow at the same time that we, this past quarter, increased the software and subscription deferred business, 50% to $5 billion.

當你看一下我們剛剛結束的一年，每股收益創紀錄，現金流創紀錄，同時我們在上個季度將軟件和訂閱延期業務增加了 50%，達到 50 億美元。

And so I'm very pleased with where our teams are, what our teams are doing, how we're executing and how we've increased the innovation and the response from our customers.

因此，我對我們的團隊所處的位置、我們的團隊在做什麼、我們的執行方式以及我們如何增加創新和客戶的響應感到非常滿意。

So we look forward to talking to you all again next quarter, and thanks for joining us today.

因此，我們期待下個季度再次與大家交談，感謝您今天加入我們。

Thanks, Chuck.

謝謝，查克。

I'm going to go ahead and provide some last closing remarks here.

我將繼續在這裡提供一些最後的結束語。

Cisco's next quarterly earnings conference call, which will reflect our fiscal 2018 first quarter results, will be on Wednesday, November 15, 2017, at 1:30 p.m.

思科下一次季度收益電話會議將於 2017 年 11 月 15 日星期三下午 1:30 召開，屆時將反映我們 2018 財年第一季度的業績。

Pacific time, 4:30 p.m.

太平洋時間下午 4:30

Eastern time.

東部時間。

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.

再次，我想提醒聽眾，根據 FD 法規，思科的政策是不評論其本季度的財務指導，除非通過明確的公開披露來完成。

We now plan to close the call.

我們現在計劃結束通話。

If you have any further questions, please feel free to reach out to the Investor Relations team at Cisco.

如果您有任何其他問題，請隨時聯繫思科的投資者關係團隊。

And we thank you very much for joining today's call.

我們非常感謝您參加今天的電話會議。

Thank you for participating on today's conference call.

感謝您參加今天的電話會議。

If you would like to listen to the call in its entirety, you may call 1 (866) 357-1423.

如果您想完整收聽電話會議，可以撥打 1 (866) 357-1423。

For participants dialing from outside the U.S., please dial 1 (203) 369-0115.

對於來自美國境外的參與者，請撥打 1 (203) 369-0115。

This concludes today's call.

今天的電話會議到此結束。

You may disconnect at this time.

此時您可以斷開連接。