思科 (CSCO) 2019 Q3 法說會逐字稿

Welcome to Cisco's Third Quarter Fiscal Year 2019 Financial Results Conference Call.

歡迎參加思科 2019 財年第三季度財務業績電話會議。

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

應思科的要求，今天的會議正在錄製中。

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, Michelle.

謝謝，米歇爾。

Welcome, everyone, to Cisco's Third Quarter Fiscal 2019 Quarterly Earnings Conference Call.

歡迎大家參加思科 2019 財年第三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 Chairman and CEO; and Kelly Kramer, our CFO.

我是投資者關係主管 Marilyn Mora，我們的董事長兼首席執行官 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.

到現在為止，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 made 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 made throughout this call will be made on a year-over-year basis.

在本次電話會議中進行的所有比較都將按年進行。

The matters we will be discussing today include forward-looking statements, including the guidance we will be providing for the fourth quarter of fiscal 2019.

我們今天將討論的事項包括前瞻性陳述，包括我們將為 2019 財年第四季度提供的指導。

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。

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

除非通過明確的公開披露，否則思科不會在本季度對其財務指導發表評論。

In Q2, on October 28, we completed the sale of our SPVSS business and accordingly, had no revenue or expense from that business in Q3 fiscal 2019.

在第二季度，即 10 月 28 日，我們完成了 SPVSS 業務的出售，因此，在 2019 財年第三季度該業務沒有收入或支出。

As such, all of the revenue, non-GAAP and product orders information we will be discussing is normalized to exclude the SPVSS business from our historical results.

因此，我們將討論的所有收入、非 GAAP 和產品訂單信息都經過標準化處理，以將 SPVSS 業務排除在我們的歷史業績之外。

We have provided historical financial information for the SPVSS business in the slides that accompany this call and on our website to help understand these impacts.

我們在本次電話會議隨附的幻燈片和我們的網站上提供了 SPVSS 業務的歷史財務信息，以幫助了解這些影響。

The guidance we provided during our Q2 earnings call and today's call has been normalized in the same way.

我們在第二季度財報電話會議和今天的電話會議中提供的指導已經以同樣的方式標準化。

I will now turn it over to Chuck.

我現在將把它交給查克。

Thank you, Marilyn, and good afternoon, everyone.

謝謝瑪麗蓮，大家下午好。

We had another strong quarter of performance across the business, demonstrating our ability to execute despite the ongoing uncertainty in both the macro and geopolitical environments.

儘管宏觀和地緣政治環境持續存在不確定性，但我們的整個業務又取得了強勁的季度業績，證明了我們的執行能力。

Technology continues to be at the heart of our customer strategy, and now, more than ever, our market-leading portfolio and differentiated innovation is resonating with them as they transform their IT infrastructure.

技術仍然是我們客戶戰略的核心，現在，在他們轉變 IT 基礎架構時，我們市場領先的產品組合和差異化創新比以往任何時候都更能引起他們的共鳴。

In the quarter, we delivered strong revenue, margins, non-GAAP earnings growth and operating cash flow.

本季度，我們實現了強勁的收入、利潤率、非 GAAP 收益增長和運營現金流。

As we continue to help our customers achieve their business objectives, I am confident about the future of Cisco and the growth opportunities ahead of us.

隨著我們繼續幫助我們的客戶實現他們的業務目標，我對思科的未來和我們面前的增長機會充滿信心。

New technologies like cloud, AI, IoT, 5G and WiFi 6, among others, are coming together to revolutionize the way we operate our businesses and deliver new experiences for our customers and teams.

雲、人工智能、物聯網、5G 和 WiFi 6 等新技術正在匯聚在一起，徹底改變我們經營業務的方式，並為我們的客戶和團隊提供全新體驗。

We are fundamentally changing the way our customers approach their technology infrastructure to address the rising complexity in their IT environments.

我們正在從根本上改變客戶處理其技術基礎架構的方式，以解決其 IT 環境中日益複雜的問題。

We are building the only integrated, multi-domain, intent-based architecture with security at the foundation.

我們正在構建唯一以安全為基礎的集成、多域、基於意圖的架構。

This is designed to allow our customers to securely connect their users and devices over any network to any application no matter where they are.

這旨在讓我們的客戶能夠通過任何網絡將他們的用戶和設備安全地連接到任何應用程序，無論他們身在何處。

We are integrating capabilities like artificial intelligence and machine learning across the entire portfolio so customers have greater insights, resulting in better and faster business outcomes.

我們正在將人工智能和機器學習等功能集成到整個產品組合中，以便客戶獲得更深入的洞察力，從而帶來更好更快的業務成果。

Now for some highlights across our business, starting with Infrastructure Platforms.

現在從基礎設施平台開始介紹我們業務的一些亮點。

Over the past several years, we've been working to integrate intent-based networking across our enterprise access portfolio to help our customers manage more users, devices and things connecting to their networks.

在過去的幾年中，我們一直致力於在我們的企業訪問產品組合中集成基於意圖的網絡，以幫助我們的客戶管理更多連接到他們網絡的用戶、設備和事物。

We brought to market tremendous innovation across wired, wireless and enterprise routing, including SD-WAN, resulting in a continued, strong traction of our Enterprise Networking portfolio.

我們將有線、無線和企業路由（包括 SD-WAN）方面的巨大創新推向市場，從而使我們的企業網絡產品組合具有持續、強大的吸引力。

We are moving into an era of truly immersive and pervasive wireless connectivity, which generates demand for high-density, low-latency performance for real-time experiences over both wired and wireless networks.

我們正在進入一個真正沉浸式和無處不在的無線連接時代，這產生了對高密度、低延遲性能的需求，以便通過有線和無線網絡獲得實時體驗。

Enterprise networks today must be optimized for agility and security, leveraging cloud and wireless capabilities with the ability to garner insights from the data and security integrated throughout.

當今的企業網絡必須針對敏捷性和安全性進行優化，利用雲和無線功能，並能夠從整個集成的數據和安全性中獲得洞察力。

Cisco is in a unique position to deliver this for our customers.

思科在為我們的客戶提供這一服務方面處於獨特的地位。

We recently announced several new platforms expanding our Enterprise Networking portfolio with the launch of our subscription-based WiFi 6 access points and Catalyst 9600 Campus core switches, purpose-built for cloud scale networking.

我們最近宣布了幾個新平台，通過推出專為雲規模網絡構建的基於訂閱的 WiFi 6 接入點和 Catalyst 9600 Campus 核心交換機，擴展了我們的企業網絡產品組合。

By combining our automation and analytics software with our broad portfolio of switches, access points and controllers, we are creating a seamless, end-to-end, wireless-first architecture for our customers.

通過將我們的自動化和分析軟件與我們廣泛的交換機、接入點和控制器產品組合相結合，我們正在為我們的客戶創建一個無縫、端到端、無線優先的架構。

We also expanded our open roaming partnership ecosystem to now include Apple, Intel, Samsung and others to make Wi-Fi onboarding simple.

我們還擴展了我們的開放漫遊合作夥伴生態系統，現在包括 Apple、Intel、Samsung 和其他公司，以簡化 Wi-Fi 接入。

With our newest Catalyst 9000 family additions, we have completed the most comprehensive Enterprise Networking portfolio refresh in our history.

隨著我們最新的 Catalyst 9000 系列的加入，我們完成了歷史上最全面的企業網絡產品組合更新。

We have rebuilt our entire access portfolio with intent-based networking across wired and wireless.

我們通過有線和無線的基於意圖的網絡重建了我們的整個訪問組合。

We also now have one unified operating system and policy management platform to drive simplicity and consistency across our customers' networks, all enabled by a software subscription model.

我們現在還擁有一個統一的操作系統和策略管理平台，以推動客戶網絡的簡單性和一致性，所有這些都由軟件訂閱模型實現。

In the Data Center, our strategy is to deliver multi-cloud architectures that bring policy and operational consistency no matter where applications or data resides by extending ACI and our hyperconverged offering, HyperFlex, to the cloud.

在數據中心，我們的戰略是通過將 ACI 和我們的超融合產品 HyperFlex 擴展到雲端，提供多雲架構，無論應用程序或數據位於何處，都能帶來政策和操作的一致性。

Our partnerships with Amazon Web Services, Google Cloud and Microsoft Azure are great examples of how we continue to work with web-scale providers to deliver new innovation.

我們與 Amazon Web Services、Google Cloud 和 Microsoft Azure 的合作夥伴關係很好地說明了我們如何繼續與網絡規模的提供商合作以提供新的創新。

For example, we recently introduced Cisco Cloud ACI for AWS, a service that allows customers to manage and secure applications running in a private data center or in Amazon Web Services cloud environments.

例如，我們最近推出了適用於 AWS 的思科雲 ACI，該服務允許客戶管理和保護在私有數據中心或亞馬遜網絡服務雲環境中運行的應用程序。

We also expanded our partnership with Google.

我們還擴大了與穀歌的合作夥伴關係。

We announced support for their multi-cloud platform, Anthos, to help customers build secure applications everywhere from private data centers to public clouds with greater ease.

我們宣布支持他們的多雲平台 Anthos，以幫助客戶更輕鬆地在從私有數據中心到公共雲的任何地方構建安全的應用程序。

Going forward, we will integrate this platform with our broad Data Center portfolio, including HyperFlex, ACI, SD-WAN and Stealthwatch Cloud to deliver the best multi-cloud experience for our Enterprise customers.

展望未來，我們將把這個平台與我們廣泛的數據中心產品組合相集成，包括 HyperFlex、ACI、SD-WAN 和 Stealthwatch Cloud，為我們的企業客戶提供最佳的多雲體驗。

Moving to Security.

轉向安全。

We continue to see strong momentum with another quarter of double-digit growth driven by our world-class Security portfolio.

在我們世界一流的安全產品組合的推動下，我們繼續看到強勁的勢頭，又實現了四分之一的兩位數增長。

Cisco is the world's largest cybersecurity company for enterprises with thousands of cybersecurity experts helping our customers globally.

思科是全球最大的企業網絡安全公司，擁有數以千計的網絡安全專家為全球客戶提供幫助。

Our portfolio covers the entire threat continuum of the modern enterprise and integrates security into every networking domain.

我們的產品組合涵蓋現代企業的整個威脅連續體，並將安全性集成到每個網絡域中。

We are enabling all of our customers to transform and secure their networks for the rapidly evolving multi-cloud world.

我們正在幫助所有客戶為快速發展的多雲世界改造和保護他們的網絡。

We have a platform that continuously detects threats and verifies trust.

我們有一個持續檢測威脅和驗證信任的平台。

By combining Duo, Umbrella, Stealthwatch, ISE and Tetration, we offer an end-to-end, zero-trust architecture that is strongly resonating with customers.

通過結合 Duo、Umbrella、Stealthwatch、ISE 和 Tetration，我們提供了一種端到端的零信任架構，引起了客戶的強烈共鳴。

Now turning to applications.

現在轉向應用程序。

We continue to execute very well on our collaboration business.

我們在協作業務方面繼續表現出色。

These platforms are becoming increasingly critical to how enterprises operate and manage their workforce.

這些平台對於企業如何運營和管理員工隊伍變得越來越重要。

Customers are always looking to enhance their meeting experiences, and cognitive collaboration is quickly becoming the de facto standard for delivering more personalized experiences and transforming how we work.

客戶一直希望提升他們的會議體驗，而認知協作正迅速成為提供更加個性化體驗和轉變我們工作方式的事實標準。

At Enterprise Connect, we introduced several new cognitive collaboration capabilities within our WebEx portfolio integrating AI and ML to bring context and intelligence to meetings.

在 Enterprise Connect 上，我們在 WebEx 產品組合中引入了幾種新的認知協作功能，集成了 AI 和 ML，以便為會議帶來情境和智能。

The new innovations we launched include people insights, facial recognition and WebEx Calling, all which help to increase our customers' productivity making work simple and seamless.

我們推出的新創新包括人員洞察、面部識別和 WebEx 呼叫，所有這些都有助於提高客戶的工作效率，使工作變得簡單和無縫。

Going forward, you'll see this greater level of intelligence integrated into every piece of our collaboration portfolio across calling, messaging, meetings, devices and contact center.

展望未來，您將看到這種更高水平的智能集成到我們跨呼叫、消息傳遞、會議、設備和聯絡中心的協作產品組合的每一個部分。

We also had another quarter of strong growth in AppDynamics as thousands of customers rapidly adopt our Application Intelligence platform for smarter and faster decision-making.

隨著成千上萬的客戶迅速採用我們的應用程序智能平台來做出更明智、更快速的決策，我們的 AppDynamics 也實現了另一個季度的強勁增長。

The ability to manage end-to-end application performance across all cloud environments is increasingly important.

跨所有云環境管理端到端應用程序性能的能力變得越來越重要。

AppDynamics is the market leader in application and infrastructure analytics delivering unparalleled innovation.

AppDynamics 是應用程序和基礎架構分析領域的市場領導者，提供無與倫比的創新。

We offer the most comprehensive, end-to-end visibility from connected devices and applications to the underlying network providing better application performance and user experience.

我們提供從連接的設備和應用程序到底層網絡的最全面的端到端可見性，從而提供更好的應用程序性能和用戶體驗。

To summarize, I'm very proud of the progress our teams have made against our strategic priorities to drive profitable growth, accelerate differentiated innovation for our customers and successfully execute on our own transformation to more software and subscriptions.

總而言之，我為我們的團隊在我們的戰略重點方面取得的進展感到非常自豪，這些戰略重點推動了盈利增長，為我們的客戶加速了差異化創新，並成功地執行了我們自己向更多軟件和訂閱的轉型。

Enterprise IT architectures must transform to help our customers get the most out of all of their IT investments.

企業 IT 架構必須進行轉型，以幫助我們的客戶充分利用其所有 IT 投資。

More than ever, our customers need a trusted partner with an end-to-end architecture strategy to simplify, transform and secure their businesses, and Cisco is that partner.

我們的客戶比以往任何時候都更需要一個具有端到端架構戰略的值得信賴的合作夥伴來簡化、轉型和保護他們的業務，而思科就是這樣的合作夥伴。

Kelly, I'll now turn it over to you.

凱利，我現在把它交給你。

Great.

偉大的。

Thanks, Chuck.

謝謝，查克。

I'll start with a summary of our financial results for the quarter followed by the guidance for Q4.

我將從本季度的財務業績摘要開始，然後是第四季度的指導。

Q3 was a strong quarter across the business.

第三季度是整個業務的強勁季度。

We executed well with solid orders momentum, strong revenue growth, margins, EPS and operating cash flow.

我們以穩健的訂單勢頭、強勁的收入增長、利潤率、每股收益和經營現金流表現良好。

Product orders grew 4%.

產品訂單增長 4%。

Total revenue was $13.0 billion, up 6%.

總收入為 130 億美元，增長 6%。

Our non-GAAP operating margin rate was 32.2%, up 0.2 points.

我們的非美國通用會計準則營業利潤率為 32.2%，上升 0.2 個百分點。

Non-GAAP net income was $3.5 billion, up 8%.

非 GAAP 淨收入為 35 億美元，增長 8%。

And non-GAAP EPS was $0.78, up 18%.

非 GAAP 每股收益為 0.78 美元，增長 18%。

Let me provide some more detail on our Q3 revenue.

讓我提供有關我們第三季度收入的更多詳細信息。

Total product revenue was up 7% to $9.7 billion.

產品總收入增長 7% 至 97 億美元。

Infrastructure Platforms grew 5% with solid growth across all businesses.

基礎設施平台增長了 5%，所有業務都實現了穩健增長。

Switching had another good quarter with growth driven by the continued ramp of the Cat 9K and strength in our ACI portfolio.

在 Cat 9K 的持續增長和我們 ACI 產品組合的實力推動下，Switching 又迎來了一個不錯的季度。

Routing grew, driven by SD-WAN.

在 SD-WAN 的推動下，路由增長。

We saw solid growth in Wireless driven by growth across the entire portfolio.

我們看到整個產品組合的增長推動了無線業務的穩步增長。

And Data Center was up with growth in both HyperFlex and servers.

數據中心隨著 HyperFlex 和服務器的增長而增長。

Applications was up 9% with growth across all the businesses.

隨著所有業務的增長，應用程序增長了 9%。

We saw solid growth in Unified Communications software, TelePresence and AppDynamics.

我們看到了統一通信軟件、TelePresence 和 AppDynamics 的穩健增長。

Security was up 21% with strong performance in identity and access, advanced threat and unified threat.

安全性增長了 21%，在身份和訪問、高級威脅和統一威脅方面表現強勁。

We're very pleased also with integration of Duo into the Security portfolio.

我們也非常高興將 Duo 集成到安全產品組合中。

Service revenue was up 3% driven by software and solutions support.

在軟件和解決方案支持的推動下，服務收入增長了 3%。

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

我們繼續轉變我們的業務，提供更多軟件產品並推動更多訂閱。

Software subscriptions were 65% of total software revenue, up 9 points year-over-year.

軟件訂閱佔軟件總收入的 65%，同比增長 9 個百分點。

When we look at the impact of acquisitions on our Q3 results year-over-year, there was a 40 basis point positive impact on revenue.

當我們查看收購對我們第三季度業績的同比影響時，對收入產生了 40 個基點的積極影響。

We saw solid momentum in Q3 with total product orders growing 4%.

我們在第三季度看到了強勁的勢頭，總產品訂單增長了 4%。

Looking at our geographies.

看看我們的地理位置。

Americas was flat, EMEA was up 9% and APJC was up 6%.

美洲持平，EMEA 上漲 9%，APJC 上漲 6%。

Total emerging markets was up 5% with the BRICS plus Mexico down 2%.

新興市場總量增長 5%，金磚國家和墨西哥下降 2%。

In our customer segments, Enterprise was up 9%, Commercial grew 5%, Public Sector was up 10% and Service Provider was down 13%.

在我們的客戶群中，企業增長 9%，商業增長 5%，公共部門增長 10%，服務提供商下降 13%。

From a non-GAAP profitability perspective, total Q3 gross margin was 64.6%.

從非 GAAP 盈利能力的角度來看，第三季度總毛利率為 64.6%。

In terms of the bottom line from a GAAP perspective, Q3 net income was $3.0 billion, and EPS was $0.69.

從 GAAP 的角度來看，第三季度淨收入為 30 億美元，每股收益為 0.69 美元。

We ended Q3 with total cash, cash equivalent and investments of $34.6 billion.

截至第三季度末，我們的現金、現金等價物和投資總額為 346 億美元。

Q3 operating cash flow was $4.3 billion, up 79%.

第三季度運營現金流為 43 億美元，增長 79%。

Normalized for the $1.3 billion of foreign taxes related to the Tax Cuts and Jobs Act we paid in Q3 of fiscal '18, operating cash flow was up 16%.

將我們在 18 財年第三季度支付的與減稅和就業法案相關的 13 億美元外國稅收標準化後，運營現金流增長了 16%。

From a capital allocation perspective, we returned $7.5 billion to shareholders during the quarter that was comprised of $6 billion of share repurchases and $1.5 billion of our quarterly dividend.

從資本配置的角度來看，我們在本季度向股東返還了 75 億美元，其中包括 60 億美元的股票回購和 15 億美元的季度股息。

We continue to invest organically and inorganically in our innovation pipeline.

我們繼續對我們的創新管道進行有機和無機投資。

In terms of M&A, we closed on the Luxtera acquisition.

在併購方面，我們完成了對 Luxtera 的收購。

These moves are consistent with our strategy of increasing investment in innovation and R&D for our growth areas.

這些舉措符合我們增加對增長領域創新和研發投資的戰略。

To summarize, we had a strong Q3.

總而言之，我們有一個強勁的第三季度。

We executed well with strong top line growth and profitability.

我們執行良好，收入增長強勁，盈利能力強。

We're seeing the returns on the investments we're making in innovation and driving the shift to more software and subscriptions delivering long-term growth and shareholder value.

我們看到了我們在創新方面的投資回報，並推動了向更多軟件和訂閱的轉變，從而帶來長期增長和股東價值。

Let me reiterate our guidance for the fourth quarter of fiscal '19.

讓我重申我們對 19 財年第四季度的指導。

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

本指南包括 Marilyn 之前提到的一種前瞻性信息。

Note that we have normalized our fourth quarter guidance to exclude the SPVSS business for Q4 of fiscal '18, which we divested on October 28, 2018.

請注意，我們已將第四季度指導規範化，以排除我們於 2018 年 10 月 28 日剝離的 18 財年第四季度的 SPVSS 業務。

We have provided historical financial information for the SPVSS business in the slides that accompany this call.

我們在本次電話會議隨附的幻燈片中提供了 SPVSS 業務的歷史財務信息。

We expect revenue growth in the range of 4.5% to 6.5% year-over-year.

我們預計收入同比增長 4.5% 至 6.5%。

We anticipate the non-GAAP gross margin rate to be in the range of 64% to 65%.

我們預計非美國通用會計準則毛利率將在 64% 至 65% 的範圍內。

The non-GAAP operating margin rate is expected to be in the range of 31% to 32%, and the non-GAAP tax provision rate is expected to be 19%.

非 GAAP 營業利潤率預計在 31% 至 32% 之間，非 GAAP 稅收撥備率預計為 19%。

Non-GAAP earnings per share is expected to range from $0.80 to $0.82.

非 GAAP 每股收益預計在 0.80 美元至 0.82 美元之間。

I'll now turn it back to Marilyn so we can move into the Q&A.

我現在把它轉回 Marilyn，這樣我們就可以進入問答環節了。

Thanks, Kelly.

謝謝，凱利。

Michelle, let's go ahead and open the lines for questions and start to begin the queuing process.

米歇爾，讓我們開始吧，打開提問線，開始排隊。

Rod Hall with Goldman Sachs.

羅德霍爾與高盛。

I guess I'm going to ask an obvious one, and then from the order volumes, another obvious one.

我想我會問一個明顯的問題，然後從訂單量來看，另一個明顯的問題。

I wonder if you could comment on the trade situation and the 25% rate increase and just kind of give us some idea for how much is contemplated in guidance of that.

我想知道你是否可以評論貿易情況和 25% 的加息，並讓我們了解一下指導中考慮了多少。

And anything else you can tell us about exposure of the business?

關於業務的曝光，您還有什麼可以告訴我們的嗎？

I know that you guys had said that you thought if it went to 25%, there would be price elasticity effects.

我知道你們曾說過，如果它達到 25%，就會出現價格彈性效應。

So that's the first question.

這是第一個問題。

The second one is obviously the Service Provider orders down 13%.

第二個顯然是服務提供商訂單下降了 13%。

That is quite a lot worse number than we would have expected.

這比我們預期的要糟糕得多。

So I wonder if you could just give us any more color on what's happening there.

所以我想知道你是否可以給我們更多關於那裡發生的事情的顏色。

Sure.

當然。

Thanks, Rod.

謝謝，羅德。

So on the tariffs, if you remember back many months ago when the 10% tariffs were announced, we said we had basically 3 phases to our strategy.

所以關於關稅，如果你還記得幾個月前宣布 10% 的關稅時，我們說我們的戰略基本上有 3 個階段。

The first was we would continue to dialogue with the administration to make sure they understand the impact.

首先是我們將繼續與政府對話，以確保他們了解影響。

The second is we'll continue to do what we've always done, which is optimize our supply chain, which we've been doing for the last 20 years.

第二個是我們將繼續做我們一直在做的事情，即優化我們的供應鏈，這是我們過去 20 年來一直在做的事情。

And then the third is we will make pricing adjustments where necessary if needed.

然後第三個是我們將在必要時進行定價調整。

I'll tell you that the team has been working incredibly hard over the last 6 months.

我會告訴你，在過去的 6 個月裡，團隊一直在非常努力地工作。

And so last week, when we saw the indication that the tariffs were going to move to 25% on Friday morning, the teams kicked in, and we actually have executed completely on everything that we need to do to deal with the tariffs.

所以上週，當我們看到關稅將在周五早上上調至 25% 的跡象時，團隊開始行動，我們實際上已經完全執行了應對關稅所需要做的一切。

We are -- operationally, all that we needed to do is now behind us.

我們——在運營上，我們需要做的一切現在都已經過去了。

And we see very minimal impact at this point based on all the great work the teams have done, and it is absolutely baked into our guide going forward.

基於團隊所做的所有出色工作，我們在這一點上看到的影響非常小，而且它絕對融入了我們未來的指南中。

That's the first question.

這是第一個問題。

The second question on the Service Provider business, look, we've always talked about this business as being highly lumpy and very big customer-driven.

關於服務提供商業務的第二個問題，看，我們一直在談論這項業務，因為它非常不穩定並且非常大的客戶驅動。

And we've seen quarters where you see several big customers stall, and this is a result.

我們已經看到幾個大客戶停滯不前的季度，這就是結果。

And most of the impact of what we saw was in the Americas.

我們所看到的大部分影響都發生在美洲。

And if you just look at the CapEx spend year-over-year, I think it's in the U.S., Kelly, the data that we had was -- the CapEx spend overall was down almost 20%.

如果你只看資本支出同比，我認為這是在美國，凱利，我們的數據是——資本支出總體下降了近 20%。

So this is something that we have always said from one quarter to the next, until we get into a real network buildout relative to 5G, that we knew these quarters are going to be lumpy.

因此，這是我們從一個季度到下一個季度一直在說的話，直到我們進入與 5G 相關的真正網絡建設，我們知道這些季度將會起伏不定。

So it was very isolated to the Americas, and I think that the strength in our Public Sector and our Commercial and Enterprise business continues to indicate that the innovation that our teams have brought into the portfolio is still resonating with our customers.

所以它對美洲非常孤立，我認為我們公共部門和商業和企業業務的實力繼續表明我們的團隊為產品組合帶來的創新仍在與我們的客戶產生共鳴。

Ittai Kidron with Oppenheimer.

Ittai Kidron 與奧本海默。

Congrats on a great quarter and execution.

祝賀一個偉大的季度和執行。

Chuck, maybe you could talk about applications, a big deceleration from the level we've seen over the last 4 quarters.

Chuck，也許你可以談談應用程序，這是我們在過去 4 個季度看到的水平的一個很大的減速。

Clearly, AppDynamics is doing well in there.

顯然，AppDynamics 在這方面做得很好。

But now zoom out now in the marketplace, making a lot of noise.

但是現在在市場上縮小範圍，製造很多噪音。

Help us think about WebEx, how that business is doing, how do you feel competitively positioned in the marketplace and how do you think about addressing potential competitive headwinds over there.

幫助我們思考 WebEx，該業務的運作方式，您如何看待在市場中的競爭定位以及您如何考慮解決那裡潛在的競爭逆風。

Thanks, Ittai.

謝謝，一泰。

So a couple of comments.

所以有幾點評論。

Number one, the WebEx business continues to grow very solidly.

第一，WebEx 業務繼續穩步增長。

We're very happy with what's been going on.

我們對正在發生的事情感到非常滿意。

The team has done a phenomenal job of really modernizing that platform over the last year under Amy's leadership.

去年，在 Amy 的領導下，該團隊在真正實現該平台現代化方面做得非常出色。

And the other thing to remember is that this is the first quarter where BroadSoft is normalized in the run rate, so we've had the benefit of that.

另一件要記住的事情是，這是 BroadSoft 在運行率上標準化的第一季度，所以我們從中受益。

So some of the growth rates that you've seen were obviously boosted by that over the last few quarters.

因此，在過去幾個季度中，您看到的一些增長率顯然受到了提振。

So that's on the numbers front.

所以這是在數字方面。

I tell you what, the cognitive collab stuff that was announced at Enterprise Connect, I think, is going to be game-changing.

我告訴你什麼，我認為在 Enterprise Connect 上宣布的認知協作將改變遊戲規則。

What we see with some of our competitors is that they're focused on taking 4 collaboration endpoints into a customer and showing a great simple experience.

我們在一些競爭對手身上看到的是，他們專注於將 4 個協作端點帶入客戶並展示出色的簡單體驗。

And frankly, if we take 4 endpoints in with WebEx, the new WebEx, we can show a great, more rich, simple experience as well.

坦率地說，如果我們將 4 個端點與 WebEx（新的 WebEx）結合使用，我們也可以展示出色、更豐富、更簡單的體驗。

So one of the things that we're focused on right now is transitioning all of our customers to our modern platforms.

因此，我們現在關注的其中一件事就是將我們所有的客戶都轉移到我們的現代平台上。

Because we've been in this business for years, and so our customers have varying combinations of technology.

因為我們從事這項業務多年，所以我們的客戶擁有不同的技術組合。

So one of the big things that we need to do is get everybody to the most modern platforms, which we think are very competitive.

因此，我們需要做的一件大事就是讓每個人都使用我們認為非常有競爭力的最現代的平台。

And when you put the cognitive capabilities on top of it that -- if you haven't seen it, we should get you a demo of it, it's pretty powerful.

當你把認知能力放在它之上時——如果你還沒有看到它，我們應該給你一個演示，它非常強大。

So we're very confident where we are in the space.

所以我們非常有信心我們在太空中的位置。

Vijay Bhagavath from Deutsche Bank.

德意志銀行的 Vijay Bhagavath。

Chuck, Kelly, Marilyn...

查克、凱莉、瑪麗蓮……

Vijay, can you speak up a bit?

Vijay，你能說點話嗎？

We're having a hard time hearing you.

我們很難聽到你的聲音。

Yes.

是的。

Can you guys hear me?

你們能聽到我說話嗎？

Yes.

是的。

That's better.

那更好。

Thank you.

謝謝。

Yes, yes.

是的是的。

First, I mean honestly, I would like to commend you for your recent social contributions.

首先，我的意思是說實話，我想讚揚你最近的社會貢獻。

We do monitor that news flow in addition to what's going on in the business with many programs -- mitigation programs.

除了通過許多程序（緩解程序）在業務中發生的事情之外，我們確實會監控新聞流。

Honestly, I'd like to commend you on that.

老實說，我想就此表揚你。

And then on the earnings call question, your General Manager seemed quite excited on this WiFi 6, the Campus core switch.

然後在財報電話會議上，您的總經理似乎對這款 WiFi 6（校園核心交換機）感到非常興奮。

So my question to you and helpful for all of us is, how impactful is this new Wi-Fi 6 refresh and the new Campus core, the Catalyst 6000 refresh heading into the back half and is that a pull forward across the portfolio?

所以我的問題是，對我們所有人都有幫助，這個新的 Wi-Fi 6 更新和新的 Campus 核心，Catalyst 6000 更新進入後半部分有多大影響，這是對整個產品組合的推動嗎？

Or would this just be kind of a point product swap?

或者這只是一種點產品交換？

Yes.

是的。

Thanks for your comments, Vijay.

感謝您的評論，維杰。

On the -- look, I think we have to step back and look at what the teams has accomplished on the Enterprise Networking portfolio.

在 - 看，我認為我們必須退後一步，看看團隊在企業網絡產品組合上取得的成就。

We launched the first Catalyst 9000 in the summer of 2017.

我們在 2017 年夏天推出了第一款 Catalyst 9000。

And 2 weeks ago, we completed the portfolio across -- our enterprise routing platforms are going through a refresh, our -- the Catalyst 9000 Switching family as well as all of the access points.

兩週前，我們完成了整個產品組合——我們的企業路由平台正在經歷更新，我們的——Catalyst 9000 交換系列以及所有接入點。

And if you go back 2 years ago, we didn't have a single networking product with a software subscription on it.

如果回到 2 年前，我們還沒有一款帶有軟件訂閱的網絡產品。

And today, every product in the enterprise routing space, the enterprise Wi-Fi space and the enterprise Campus switching space is sold with a mandatory subscription.

而今天，企業路由空間、企業 Wi-Fi 空間和企業園區交換空間中的每個產品都以強制訂閱的方式出售。

So the progress that the teams have made is phenomenal.

因此，團隊取得的進步是驚人的。

They've also -- we had multiple operating systems running across those different platforms.

他們還——我們在這些不同的平台上運行了多個操作系統。

We've now consolidated it to a single operating system, and it all is running under a single automation platform so that our customers can deploy policy.

我們現在已將其整合到一個操作系統中，並且全部在一個自動化平台下運行，以便我們的客戶可以部署策略。

So it's been an incredible amount of work that the teams have done.

因此，團隊所做的工作量令人難以置信。

Now when I look at -- as we've talked about with the customers, we're still very early in the transition.

現在，當我看到——正如我們與客戶討論的那樣，我們仍處於過渡的早期階段。

If you look at -- you could assume customers used to keep Campus switching products for, I don't know, 7 years, 5 to 7 years.

如果你看看——你可以假設客戶過去常常保留 Campus 交換產品，我不知道，7 年，5 到 7 年。

And we've been at small portions of this portfolio for the last 2 years but just very small portions, and so we still believe we're in the very early days of the transition.

在過去的兩年裡，我們一直只佔這個投資組合的一小部分，但只是非常小的一部分，所以我們仍然相信我們處於過渡的早期階段。

And what you see -- Wi-Fi 6 is effectively what used to be called 802.11ax.

你所看到的——Wi-Fi 6 實際上就是過去所謂的 802.11ax。

And what's happening now is when you get these high-performance access points into the organizations and you get the low-latency, immersive experience possibilities, then it's also going to drive the need to upgrade the backbones.

現在正在發生的事情是，當您將這些高性能接入點接入組織並獲得低延遲、沉浸式體驗的可能性時，這也將推動升級主幹網的需求。

Our guys like to say, "Behind every great wireless network is a great wired network," and so we think it's the beginning of an overarching refresh for our customers as they modernize their infrastructure based on this cloud transition that they're all going through.

我們的人喜歡說，“每一個偉大的無線網絡背後都有一個偉大的有線網絡，”因此我們認為這是我們客戶全面更新的開始，因為他們基於他們都在經歷的這種雲過渡來實現基礎設施的現代化.

So that's how we look at it today.

這就是我們今天的看法。

Sami Badri with Crédit Suisse.

瑞士信貸銀行的薩米·巴德里 (Sami Badri)。

I'd like to focus in on Security and more specifically in the strength in the quarter that you saw.

我想專注於安全性，更具體地說，是您看到的那個季度的實力。

Is that being mainly driven by the new acquisitions you guys have made?

這主要是由你們進行的新收購推動的嗎？

Or is that more from legacy?

還是更多來自遺產？

Given that you are refreshing the Campus, are you pulling forward some of the more legacy security offerings that you had?

鑑於您正在更新 Campus，您是否正在推進您擁有的一些更傳統的安全產品？

Or is this predominantly just strength in the M&A, all the acquisitions you've made being integrated and finally going to market?

或者這主要只是併購方面的優勢，你所做的所有收購都被整合併最終進入市場？

I'll give you some color, and then, Kelly, I'll let you comment on the breakdown of the numbers.

我會給你一些顏色，然後，凱利，我會讓你對數字的細分發表評論。

I think this is being driven -- if you think about what's happening with our customers today, they build their security architecture based on the underlying assumption that they had users at the edge of the network and they had applications in a private data center, and so the way you architected that was you protected your parameter.

我認為這是被驅動的——如果你想想今天我們的客戶正在發生的事情，他們會基於這樣的基本假設來構建他們的安全架構，即他們在網絡邊緣擁有用戶並且他們在私有數據中心擁有應用程序，並且所以你設計的方式就是保護你的參數。

And now our customers are operating in an environment where they have mobile users everywhere.

現在，我們的客戶在到處都有移動用戶的環境中運營。

They have branches out there.

他們在那裡有分支機構。

They have this explosion of IoT connectivity that's occurring, and they have applications that are running in hundreds of different places between SaaS applications, their private data center, public clouds.

他們擁有正在發生的物聯網連接爆炸式增長，並且他們的應用程序在 SaaS 應用程序、他們的私有數據中心、公共雲之間的數百個不同位置運行。

And so the whole notion of a security architecture has changed completely, and our teams have been building towards that over the last couple of years.

因此，安全架構的整個概念已經完全改變，我們的團隊在過去幾年中一直在朝著這個方向努力。

So what happens is we have to protect the customers' data and their traffic, wherever it is, and that's why we've been investing in all these new capabilities, making these acquisitions.

所以發生的事情是我們必須保護客戶的數據和他們的流量，無論它在哪裡，這就是為什麼我們一直在投資所有這些新功能，進行這些收購。

And I think that architecture where you can actually see threats across the continuum and then dynamically defend across that same -- those same threat -- that same threat surface area is what's really driving the growth here.

而且我認為，您實際上可以看到整個連續體中的威脅，然後動態防禦相同的 - 相同的威脅 - 相同的威脅表面積的架構才是真正推動這裡增長的因素。

And it's also a part of our business that is very, very, very software-rich and is highly concentrated in subscriptions.

這也是我們業務的一部分，軟件非常非常豐富，並且高度集中在訂閱上。

And so we also have that recurring piece of this business, which is what we're trying to drive in the rest of our portfolio.

因此，我們也有這項業務的經常性部分，這就是我們試圖在我們的其他投資組合中推動的。

Kelly?

凱莉？

Yes.

是的。

I think the only thing I'll add to that is -- I mean it's the revenue growth -- obviously, the Duo acquisition I talked about in the earlier comments was part of it.

我認為我唯一要補充的是——我的意思是收入增長——顯然，我在之前的評論中談到的 Duo 收購是其中的一部分。

But I can tell you it was very broad-based across the entire Security portfolio, including network security, advanced threat, cloud security, the big drivers.

但我可以告訴你，它在整個安全產品組合中的基礎非常廣泛，包括網絡安全、高級威脅、雲安全等重要驅動因素。

So very broad-based.

所以基礎非常廣泛。

And just to add to Chuck's comments, don't forget that because we are embedding Security into this Enterprise Networking portfolio, we also benefit from the great growth that we're seeing in the Enterprise portfolio.

補充一下 Chuck 的評論，不要忘記，因為我們將安全性嵌入到這個企業網絡產品組合中，我們也受益於我們在企業產品組合中看到的巨大增長。

Got it.

知道了。

And then just a small follow-up after this.

在此之後只是一個小的跟進。

It's just, are you disclosing recurring revenue percentage of total revenue this quarter just because some of the comments around subscription?

只是，您是否僅僅因為有關訂閱的一些評論而披露本季度經常性收入佔總收入的百分比？

Just wondering if you're giving that out.

只是想知道你是否給出了它。

Yes.

是的。

No, we haven't given out the software revenue actual number, but I think the last time we gave it out was at our Financial Analyst Conference.

不，我們還沒有給出軟件收入的實際數字，但我認為我們最後一次給出它是在我們的金融分析師會議上。

And again, we're growing very quickly, the software portfolio, in line, if not faster, than what we had talked about then.

再一次，我們的軟件組合增長非常快，即使不是更快，也比我們當時談論的要一致。

So well on track or ahead of where we told everyone we would be at the Financial Analyst Conference in 2017.

在 2017 年的金融分析師大會上，我們告訴大家我們將達到的目標非常順利或提前。

Paul Silverstein with Cowen and Company.

考恩公司的保羅西爾弗斯坦。

Two quick clarifications and a question.

兩個快速澄清和一個問題。

Kelly, I know we'll see it shortly, but can you talk about the rate of price erosion and what you're seeing specifically with respect to DRAM?

凱利，我知道我們很快就會看到它，但你能談談價格下降的速度以及你在 DRAM 方面看到的具體情況嗎？

And then, Chuck, on your comment earlier about the 25% tariff, I apologize if I misunderstood, but I just want to make sure.

然後，查克，關於你之前關於 25% 關稅的評論，如果我誤解了，我深表歉意，但我只是想確認一下。

Are you telling us that you shifted all of your supply chain out of China so there's no exposure going forward?

你是在告訴我們你把所有的供應鏈都轉移到了中國以外，所以以後就沒有風險了？

Or is it just a matter that you've incorporated into your guidance?

或者這只是您已納入指導的問題？

And then for the question, some of your smaller peers have commented about a pause in wireless LAN and related switching deployments.

然後對於這個問題，您的一些較小的同行評論了無線局域網和相關交換部署的暫停。

As customers are waiting for Wi-Fi 6, you've now rolled out your Wi-Fi 6 access points, you upgraded the new 9600, et cetera, are you seeing that pent-up demand?.

當客戶在等待 Wi-Fi 6 時，您現在已經推出了 Wi-Fi 6 接入點，升級了新的 9600 等等，您看到被壓抑的需求了嗎？

So maybe I'll start with the first few, and then, Chuck, you can hit on the wireless.

所以也許我會從前幾個開始，然後，Chuck，你可以打開無線電。

So Paul, on price, we continue to be very disciplined on price.

所以保羅，在價格上，我們繼續在價格上非常自律。

And what you'll see in the Q is from a product gross margin rate impact, it was 1.1 points year-over-year.

你會在 Q 中看到產品毛利率的影響，同比增長 1.1 個百分點。

So right in line, if not slightly better than what it has been in the last few quarters.

與過去幾個季度的情況相比，即使不是略好，也是如此。

And to your question on DRAM, yes, as we expected, DRAM turned this quarter and became a tailwind for us in Q3.

對於你關於 DRAM 的問題，是的，正如我們預期的那樣，DRAM 在本季度有所轉變，並在第三季度成為我們的順風車。

So that is part of why I guided Q3 gross margin where I did and where we actually ended up on our gross margin at the 64.6%.

因此，這就是為什麼我指導第三季度毛利率的部分原因，以及我們實際以 64.6% 的毛利率結束的地方。

We're benefiting from that.

我們正從中受益。

And if I'll just comment a little bit on the tariff question, as Chuck said, it is baked in our guidance.

如果我只是對關稅問題發表一點評論，正如查克所說，它已包含在我們的指南中。

And from what we have baked in, there will be -- we still have some manufacturing happening in China, but we've greatly, greatly reduced our exposure working with our supply chain and our suppliers.

從我們所熟知的情況來看，我們在中國仍有一些製造活動，但我們已經大大減少了與供應鍊和供應商合作的風險。

So the impact that we're expecting that -- again, we're trying to mitigate.

因此，我們期待的影響——再次，我們正在努力減輕。

We have incorporated in the guide that we gave for Q4, and we think we can manage through that.

我們已將我們為第 4 季度提供的指南納入其中，我們認為我們可以解決這個問題。

Of course, we'll be watching that as the quarter goes on.

當然，隨著本季度的進行，我們會關注這一點。

Yes.

是的。

And Paul, then on the Wi-Fi, I don't think -- we've not -- I don't think we've seen any substantive change on the Wi-Fi front.

保羅，然後在 Wi-Fi 方面，我認為 - 我們沒有 - 我認為我們沒有看到 Wi-Fi 方面的任何實質性變化。

I saw some of the same comments earlier in the week, I think.

我想我在本週早些時候看到了一些相同的評論。

But in general, I think our customers -- I think that most of our customers are just continuing to build out, and I think they'll transition now to the new WiFi 6-enabled ones and keep moving.

但總的來說，我認為我們的客戶——我認為我們的大多數客戶只是在繼續擴建，我認為他們現在將過渡到支持 WiFi 6 的新客戶並繼續前進。

We launched in the last week of our quarter, so it was too early for the -- to take any...

我們在本季度的最後一周推出，所以現在還為時過早 - 採取任何......

Yes, we wouldn't have any, given when we launched.

是的，我們不會有任何，因為我們推出時。

And the tariffs, I'll tell you, our teams have just done an amazing job.

而關稅，我會告訴你，我們的團隊剛剛完成了一項了不起的工作。

I mean that's the bottom line.

我的意思是這是底線。

And so everybody worked so hard to a point where literally, last week, the teams executed on everything incremental we needed to do to deal with it.

因此，每個人都非常努力地工作，以至於上週，團隊執行了我們需要做的所有增量工作來處理它。

And it's relatively immaterial at this point, and it's baked in the guide.

在這一點上它相對無關緊要，並且已在指南中進行了烘焙。

James Suva with Citigroup Global Markets.

花旗集團全球市場部的 James Suva。

Some companies have talked about pauses in demand, whether it be digestion of inventory such as overbuilding, a uncertainty economic environment.

一些公司談到了需求暫停，無論是消化過度建設等庫存，還是不確定的經濟環境。

It appears, if I'm reading your outlook and your results pretty correctly, you haven't seen that.

看來，如果我正確地閱讀了您的前景和結果，您就沒有看到。

Can you maybe help us bridge the gap of was it -- did you just have a lot better pulse on the inventory in the channel or end markets a little different?

你能不能幫助我們彌合差距——你是否對渠道或終端市場的庫存有了更好的了解？

Because if I remember right, I think your cloud sales are north of 20% but maybe below 30% or something, but we've heard a lot about a pause in cloud spending.

因為如果我沒記錯的話，我認為你的雲銷售額在 20% 以上，但可能低於 30% 左右，但我們已經聽到很多關於雲支出暫停的消息。

Yes.

是的。

I think the only area where we saw a real shift was in Service Provider.

我認為我們看到真正轉變的唯一領域是服務提供商。

And across the rest of the business, we watch the same TV shows you guys watch.

在其他業務中，我們看的電視節目和你們看的一樣。

We see the same stress around the world.

我們在世界各地看到同樣的壓力。

We see the same risks.

我們看到了同樣的風險。

But if you go back and look at our quarter, if you just -- obviously, SP was SP.

但如果你回頭看看我們的季度，如果你只是 - 顯然，SP 就是 SP。

But in general, our linearity from the beginning of the quarter to the end of the quarter was pretty much the same as it was in the same quarter a year ago based on where we ended up.

但總的來說，我們從本季度初到本季度末的線性度與一年前的同一季度幾乎相同，這取決於我們最終的結果。

So outside of SP, I don't think we saw any substantive change.

所以在 SP 之外，我認為我們沒有看到任何實質性變化。

No, it was really SP.

不，那真的是SP。

And Jim, just to clarify because I saw your note that you published.

吉姆，我想澄清一下，因為我看到了你發表的評論。

Again, ,when you say cloud -- if you're meeting the subset web scale, I guess, that's not the correct number out there of what our -- we've never -- we haven't given it out, but I just want to make sure that that's not really kind of like what our web-scale exposure is.

再一次，當你說云時——如果你滿足網絡規模的子集，我想，那不是我們的正確數字——我們從來沒有——我們還沒有給出，但我只是想確保這不像我們的網絡規模曝光那樣。

James Faucette with Morgan Stanley.

James Faucette 與摩根士丹利。

Great.

偉大的。

I just wanted to ask a couple of questions, perhaps, maybe for Kelly on a couple of small things.

我只是想問幾個問題，也許是針對凱利的一些小事。

First, deferred revenue was down a little bit quarter-over-quarter, and I know that there's been some adjustments around 606.

首先，遞延收入環比略有下降，我知道在 606 左右進行了一些調整。

So I'm just wondering if we can get a little reflection on kind of what the mix is doing there.

所以我只是想知道我們是否可以對混音在那裡所做的事情進行一些反思。

And then also, I know you addressed gross margins and some benefit and tailwind you got from components there.

然後，我知道你解決了毛利率以及你從那裡的組件中獲得的一些好處和順風。

But at least as the numbers were reported, it seemed like a lot of the improvement was concentrated in the APAC region.

但至少從報告的數字來看，很多改進似乎都集中在亞太地區。

And just wondered if we're interpreting that correctly.

只是想知道我們是否正確地解釋了這一點。

And if so, was there anything unique happening there, perhaps, that we didn't see in the rest of the world?

如果是這樣，那裡是否發生了我們在世界其他地方沒有看到的獨特事件？

On the market?

在市場上？

Yes.

是的。

Yes.

是的。

Yes.

是的。

So first, the deferred revenue.

首先，遞延收入。

Yes -- no, it's a great pickup.

是的 - 不，這是一個很棒的皮卡。

I will say the only thing that's kind of changed in the deferred revenue is -- and we kind of talked about this maybe a couple of calls ago, is it's really driven by our collab business.

我要說的是，遞延收入中唯一發生變化的是——我們可能在幾個電話前談到過這個問題，它真的是由我們的合作業務驅動的。

They've gone much more to month-to-month billing.

他們在按月計費方面做得更多。

So therefore, it doesn't flow through deferred revenue anymore, whereas in the past, we might -- it might be financed with customers or it would go through -- they'd pay upfront.

因此，它不再通過遞延收入流動，而在過去，我們可能——它可能由客戶提供資金，或者它會通過——他們會預先支付。

Now it's really going month-to-month, which again is just how it's recognized through the balance sheets.

現在它真的是逐月增長，這也是通過資產負債表確認的方式。

So that's really what's driving it.

所以這才是真正的驅動力。

If you look at the rest of our businesses like with the ramp of the subscriptions of the Enterprise portfolio as well as Security, those are all growing quarter-on-quarter.

如果你看看我們的其他業務，比如企業產品組合和安全訂閱的增加，這些業務都在環比增長。

And as you know, the big tick-down from a year ago is because of the change of the accounting standard down.

如您所知，與一年前相比大幅下降是因為會計準則的變化。

But from a business operational thing, the only change is -- quarter-on-quarter is really just the shift of the collab business going more month-to-month versus paying upfront.

但從業務運營的角度來看，唯一的變化是 - 季度環比實際上只是合作業務按月進行而不是預付款的轉變。

And can I just ask just a quick follow-up there?

我可以在那裡問一個快速跟進嗎？

And so when should we expect that to stop being a drag?

那麼我們什麼時候應該期望它不再成為拖累呢？

And -- or are we going to see that happen across other parts of the business that you could see some volatility there?

而且 - 或者我們是否會看到業務的其他部分發生這種情況，你會看到那裡出現一些波動？

No.

不。

I think you're going to continue to see -- I mean.

我想你會繼續看到——我的意思是。

Again, the collab, I think, is just going through that just how we're changing our offers and what we're offering there.

再一次，我認為合作只是在經歷我們如何改變我們的報價以及我們在那裡提供的東西。

But I think the rest of the business is going to continue to start building up.

但我認為其餘業務將繼續建立起來。

So you'll see that get back to, I'd say, growing here over the next few quarters.

所以你會看到，我會說，在接下來的幾個季度裡，它會在這裡增長。

Okay.

好的。

And then the gross margin is seemingly concentrated in APAC.

然後毛利率似乎集中在亞太地區。

Any major reason for that?

有什麼主要原因嗎？

Yes.

是的。

Actually, the gross margin in APAC was literally very focused mostly in Japan and mostly driven by our -- some big deals in Service Provider that had some lower margins than the typical average that we have in Japan.

實際上，亞太地區的毛利率實際上主要集中在日本，而且主要是由我們在服務提供商中的一些大交易所推動的，這些交易的利潤率低於我們在日本的典型平均水平。

But it's very isolated to that.

但它非常孤立。

Mitch Steves with RBC Capital Markets.

RBC 資本市場部的 Mitch Steves。

I really have 2. One in kind of the securities side, and secondly, maybe some back half update.

我真的有 2 個。一個是證券方面的實物，其次，也許是一些後半部分更新。

On the Security side, you guys are growing at 20% plus.

在安全方面，你們的增長速度超過 20%。

I think that back a couple of years ago, people would never believe that and would have viewed Cisco as kind of a shared donor.

我想回到幾年前，人們永遠不會相信這一點，並且會將思科視為一種共同的捐助者。

So I guess what has changed in terms of the products that you guys are selling?

所以我想你們銷售的產品發生了什麼變化？

And then secondly, do you think that's something that's more sustainable, or let's call it, teens growth instead of the historical 10% growth?

其次，你認為這是更可持續的東西，或者我們稱之為青少年增長，而不是歷史上 10% 的增長？

And then secondly, I know Cisco used to kind of give kind of a IT spend number.

其次，我知道思科過去常常提供某種 IT 支出數字。

Can you maybe provide us any sort of commentary in terms of what you guys think of the back half?

您能否就你們對後半部分的看法向我們提供任何評論？

I mean is the demand environment in your guys' view going to be better, worse or kind of the same?

我的意思是，在你們看來，需求環境會變得更好、更糟還是差不多？

Because I think it's a little bit difficult to figure out what you guys are going to grow at considering the first half has already been solid.

因為我認為考慮到上半年已經很穩定，很難弄清楚你們會增長什麼。

So I just wanted to know if you guys can give any color there as well.

所以我只想知道你們是否也可以給那裡任何顏色。

Yes, Mitch.

是的，米奇。

So on the security front, I think it's really what I was talking about earlier.

所以在安全方面，我認為這正是我之前所說的。

The architectures in our -- for our customers have changed.

我們的架構 - 為我們的客戶改變了。

And I know -- I can remember conversations a couple of years ago about things that we're building.

我知道——我記得幾年前關於我們正在建設的東西的談話。

And the team would tell me, "Look, we're building for where our customers are going to be next year and the year after." And so -- because I was debating with them in some cases about where they were investing, and they were right.

團隊會告訴我，“看，我們正在為我們的客戶明年和後年的目標而建設。”所以 - 因為在某些情況下我正在與他們辯論他們在哪裡投資，他們是對的。

So they've -- we've had some very strategic acquisitions that have contributed to it and continue to grow.

所以他們 - 我們進行了一些非常具有戰略意義的收購，這些收購為其做出了貢獻並繼續增長。

And I do believe that this -- the architectural approach as opposed to historically what we've seen, which is when you're defending a perimeter, you just -- you can just buy the best-of-breed all around.

而且我確實相信，這種架構方法與我們在歷史上看到的相反，即當你捍衛外圍時，你只是 - 你可以購買周圍最好的產品。

And just like if I'm defending e-mail, I buy this.

就像我要捍衛電子郵件一樣，我會買這個。

If I'm -- I put in a firewall here and it can be -- they don't have to necessarily communicate.

如果我——我在這里安裝了一個防火牆，它就可以——他們不一定要進行通信。

And today, the architecture really requires a platform where you ingest threat information from lots of different sources, and then you dynamically defend across all those same vectors, and I think that's what the teams have built.

而今天，該架構確實需要一個平台，您可以在其中從許多不同的來源獲取威脅信息，然後動態地跨所有這些相同的向量進行防禦，我認為這就是團隊所構建的。

So as far as growth rates, we'll have to see.

因此，就增長率而言，我們必須拭目以待。

I'm sure they'll move around based on acquisitions and other things that we do.

我相信他們會根據收購和我們所做的其他事情四處走動。

But I think that we're quite happy with where the teams are.

但我認為我們對球隊的位置非常滿意。

I think it's a good, solid business for us for a very long time.

我認為在很長一段時間內，這對我們來說都是一項良好、穩固的業務。

As far as the IT spending, look, I don't have anything to add to what we -- what you've heard.

至於 IT 支出，看，我沒有什麼要補充的——你所聽到的。

I think that in today's world, we've -- I've said repeatedly that I've been pretty amazed at the resiliency of the global economy over the last couple of years.

我認為在當今世界，我們——我反复說過，我對過去幾年全球經濟的彈性感到非常驚訝。

There are certainly -- as I said early in our prepared comments, there's a lot of dynamics at play around the world.

當然有——正如我在我們準備好的評論中所說的那樣，世界各地有很多動態在起作用。

There's a lot of geopolitical issues.

有很多地緣政治問題。

We've heard some macro issues in certain cases.

在某些情況下，我們聽到了一些宏觀問題。

And we're just going to continue to execute on the things that we can do.

我們將繼續執行我們可以做的事情。

And -- but what's going to happen 6 months from now, I don't have any greater visibility, I don't think, than anybody else.

而且 - 但從現在起 6 個月後會發生什麼，我認為我沒有比其他任何人更高的知名度。

So...

所以...

Jeff Kvaal from Nomura Instinet.

來自 Nomura Instinet 的 Jeff Kvaal。

Yes.

是的。

Just following up on the prior question about web scale.

只是跟進有關網絡規模的先前問題。

Your progress on web scale has been a little bit TBD for a number of years.

多年來，您在網絡規模上的進展一直有點待定。

I'm wondering what you can tell us about when you think your efforts in that regard might pay off if you think the 400-gig migration is an entry point for you.

我想知道如果您認為 400-gig 遷移是您的切入點，您在這方面的努力可能會得到回報時，您可以告訴我們什麼。

Or what do we have to look forward to in that particular vertical?

或者我們在那個特定的垂直領域必須期待什麼？

Yes, it's a very valid question.

是的，這是一個非常有效的問題。

And we have a lot of things going on with the web scale providers today.

今天，我們與網絡規模提供商發生了很多事情。

I think 400 gig certainly will represent an opportunity for us to insert.

我認為 400 gig 肯定會代表我們插入的機會。

I think that the architectural transition points is really where you have an opportunity.

我認為架構轉換點確實是您有機會的地方。

We've known that for decades from working with the telcos and service providers.

幾十年來，我們通過與電信公司和服務提供商的合作了解到這一點。

You typically don't insert into an existing architecture.

您通常不會插入到現有架構中。

It really requires a transition.

它確實需要一個過渡。

So I think thinking about those kinds of things and 400 gig would be representative of that.

所以我認為考慮這些事情，400 場演出就代表了這一點。

But to give you any time line, I think we're just going to have to wait and keep plugging away.

但是為了給你任何時間線，我認為我們將不得不等待並繼續努力。

We're still making progress.

我們仍在取得進展。

We've made a ton of progress on the relationship side.

我們在關係方面取得了很大進展。

We've got a lot of deep, technical discussions that are going on.

我們正在進行很多深入的技術討論。

They're spending a lot of time on our Campus with us.

他們和我們一起在我們的校園裡度過了很多時間。

So we continue to make progress, but these are big, long-term decisions that they're making, and we're going to keep plugging away.

所以我們繼續取得進展，但這些都是他們正在做出的重大、長期的決定，我們將繼續努力。

Okay.

好的。

Well, I'll keep asking then, I guess.

好吧，我想我會繼續問下去。

And then, Kelly, from your side, what can you tell us -- I guess -- I mean the mix of software does continue to increase.

然後，凱利，從你的角度，你能告訴我們什麼——我想——我的意思是軟件的組合確實在繼續增加。

What can you tell us about where you would like the gross margins to be over an intermediate time frame or whatever time frame you choose, I guess?

您能告訴我們您希望毛利率在中間時間範圍內或您選擇的任何時間範圍內的位置嗎？

Yes.

是的。

I mean, again, I think if you go back and look over the last couple of years of where -- just when even look at our guides over the last 3 years, and we've steadily moved up our gross margins.

我的意思是，再一次，我想如果你回頭看看過去幾年的地方 - 就在過去 3 年裡看我們的指南時，我們已經穩步提高了毛利率。

And I think if you go back 3 years, we were guiding 61% to 62%.

我想如果你回到 3 年前，我們的指導目標是 61% 到 62%。

We've steadily come up.

我們穩步上來。

And when I guided Q3, I moved up another 0.5 point to get to the 63%, 64%.

當我指導 Q3 時，我又上升了 0.5 個百分點，達到 63%、64%。

So again, you're seeing that go through our gross margins as they're going up there.

所以，你又一次看到我們的毛利率上升了。

I think there's always puts and takes.

我認為總是有投入和需要。

We have the natural price erosion that we see every quarter, but we're driving productivity.

我們每個季度都會看到自然的價格下跌，但我們正在提高生產力。

DRAM turnaround is helping us a lot, and that's going to help us with positivity there.

DRAM 周轉對我們有很大幫助，這將幫助我們在那裡保持積極性。

It's going to help us if we do have, again, incremental costs we can offset whether it's tariffs or anything else.

如果我們確實有增量成本，我們可以抵消關稅或其他任何因素，這將對我們有所幫助。

So the 64% to 65% here we're guiding now, I think, is pretty good.

所以我認為我們現在指導的 64% 到 65% 是相當不錯的。

And our whole goal and the whole reason we're making this shift to software besides to continue innovation is it's a great way to drive margin accretion.

除了繼續創新之外，我們轉向軟件的全部目標和全部原因是它是推動利潤增長的好方法。

So you're just going to continue to see us shift our portfolio that way.

所以你將繼續看到我們以這種方式改變我們的投資組合。

Jim Fish with Piper Jaffray.

Jim Fish 與 Piper Jaffray。

Chuck and Kelly, congrats on a fantastic quarter and execution here.

Chuck 和 Kelly，祝賀這裡有一個很棒的季度和執行。

Maybe just going back to Rod's initial question specifically around 5G.

也許只是回到 Rod 最初關於 5G 的問題。

Maybe what products do you expect to benefit with or are you seeing orders for already?

也許您希望從哪些產品中受益，或者您已經看到了訂單？

I know it's early days.

我知道現在還早。

And then Kelly, maybe you could discuss, is there going to be any impact related to the shift of VNS on the model?

然後 Kelly，也許你可以討論一下，VNS 對模型的轉變是否會產生任何影響？

Like should we expect lower revenue contribution in the cycle but higher gross margin kind of going off to what you were just saying before to?

就像我們是否應該期望週期中的收入貢獻較低但毛利率較高會像您之前所說的那樣？

Okay.

好的。

Jim, so let me -- on the 5G front, I think there's a couple of things I would call out.

吉姆，所以讓我 - 在 5G 方面，我想我會說幾件事。

Number one, the CapEx data that we saw last quarter -- and even the forecasts don't look incredibly healthy for these guys.

第一，我們上個季度看到的資本支出數據——甚至預測對這些人來說也不是非常健康。

But where they are spending money primarily today as it relates to 5G is they're building out the macro radio portion of their networks first, and they're leveraging their existing core networks to run the early trials that they have on 5G basically.

但他們今天主要在 5G 方面花錢的地方是他們首先構建網絡的宏無線電部分，並且他們正在利用現有的核心網絡來運行他們在 5G 上的早期試驗。

And we believe that sometime in the future, when they have -- when the number of connections increases and the capacity gets to a point, then they're obviously going to begin to build out these new backbones dedicated to the 5G infrastructure, which is where we will generally come into play.

我們相信，在未來的某個時候，當連接數量增加並且容量達到一定程度時，他們顯然將開始構建這些專用於 5G 基礎設施的新骨幹網，這是我們通常會在哪裡發揮作用。

We're also obviously selling them packet core technology for the new 5G networks today, but the big play for us is when they begin to evolve their networks to accommodate the traffic.

今天，我們顯然也在向他們出售用於新 5G 網絡的分組核心技術，但對我們來說最重要的是當他們開始發展他們的網絡以適應流量時。

And we've always said we felt like that would be sometime in calendar 2020.

我們一直說我們覺得那會在 2020 年的某個時候。

We're working with lots of them on architectural designs and where they're going, but it's really going to be core routing backbone technology, where we're going to see -- we should see the big impact from 5G.

我們正在與他們中的許多人合作進行架構設計以及他們的發展方向，但它實際上將成為核心路由骨幹技術，我們將看到 - 我們應該看到 5G 的巨大影響。

And we'll obviously have to wait and see how it plays out.

我們顯然必須拭目以待，看看結果如何。

Yes.

是的。

And just on the VNS, I would just say I don't -- SP customers are a little different than Enterprise customers, right?

就 VNS 而言，我只想說我沒有——SP 客戶與企業客戶有點不同，對吧？

Everybody's looking for automation and software-defined, everything, and I think our entire portfolio is moving that direction.

每個人都在尋找自動化和軟件定義的一切，我認為我們的整個產品組合都在朝著這個方向發展。

And it's just the nature of the beast, whether it's SP or enterprise, right?

這只是野獸的本性，無論是 SP 還是企業，對嗎？

Prices for core are getting less and less the more that we're driving just more throughput and everything else.

核心價格越來越低，我們正在推動更多的吞吐量和其他一切。

So it's nothing VNS-specific, but it's the entire portfolio.

所以它不是特定於 VNS 的，而是整個產品組合。

The software value -- the values where the software is in the automation that we're bringing to our customers.

軟件價值——軟件在我們帶給客戶的自動化中的價值。

Thank you.

謝謝。

Steve Milunovich from Wolfe Research.

來自 Wolfe Research 的 Steve Milunovich。

First, Kelly, any concern about bridging the 4% order growth to the 4.5% to 6.5% revenue growth?

首先，凱利，是否擔心將 4% 的訂單增長與 4.5% 至 6.5% 的收入增長聯繫起來？

And maybe while you're talking about that you could net out the year-over-year impact of 606 M&A, which I think you gave us and then deferred, which I think is still a bit of a drag and maybe how that might look next quarter.

也許當你談論的時候，你可以扣除 606 併購的同比影響，我認為你給了我們然後推遲了，我認為這仍然有點拖累，也許看起來如何下個季度。

And then, Chuck, I think you wanted to kind of tweak the culture a bit when you came in.

然後，查克，我想你進來的時候想稍微調整一下文化。

And if you could update us in terms of things like your Net Promoter Score, externally, your return on employee surveys, how you sort of assess the culture and if that's part of the results that we're seeing.

如果你能在諸如你的淨推薦值、外部、你的員工調查回報、你如何評估文化以及這是否是我們所看到的結果的一部分等方面向我們更新。

Kelly?

凱莉？

Yes, sure.

是的，當然。

So I'll take the top line first.

所以我先說頂線。

So yes, the 4% orders growth, again, like Chuck said, if you look at the rest of the business, they were all up, the 9% for Enterprise, 10% for Public Sector, 5% for Commercial.

所以是的，4% 的訂單增長，再次，就像查​​克說的那樣，如果你看看其他業務，它們都在增長，企業增長 9%，公共部門增長 10%，商業增長 5%。

So that's all great strength.

所以這就是強大的力量。

It's service provider where we had the issue.

這是我們遇到問題的服務提供商。

And as you know, when we guide, we have what's sitting in backlog.

如您所知，當我們進行指導時，我們有積壓的東西。

We can -- we have very good visibility into the pipeline, and we have -- we work with all our regional sales leaders in terms of what they're seeing.

我們可以——我們對管道有很好的了解，而且我們有——我們與我們所有的區域銷售負責人就他們所看到的進行合作。

So we feel very comfortable with the guide that we're giving you based on all of those factors.

因此，我們對基於所有這些因素為您提供的指南感到非常滿意。

So it's basically incorporated for the SP slowdown that we saw in the orders.

所以它基本上包含了我們在訂單中看到的 SP 放緩。

In terms of the revenue question, so yes, we talked about acquisitions.

就收入問題而言，是的，我們談到了收購。

It's really only Duo and a very tiny bit of Luxtera as our inorganic from the acquisition.

它實際上只是 Duo 和非常小的 Luxtera 作為我們收購的無機物。

So that was only 40 basis points of our growth.

所以這只是我們增長的 40 個基點。

And the 606 impact this quarter was only 1.2 points, so it was a relatively small number compared to the other quarter.

而本季度606的影響只有1.2分，相對於其他季度來說是一個比較小的數字。

So it was 1% -- slightly over 1%, 1.2 points from that perspective.

所以它是 1%——略高於 1%，從這個角度來看是 1.2 個百分點。

And then on the deferred, it's -- that's more of a -- one of the puts and takes on the margin driver because we are -- like, for example, on the Enterprise Networking portfolio, deferring -- we're still deferring.

然後在遞延時，它 - 這更像是 - 一個保證金驅動因素的投入和承擔，因為我們 - 例如，在企業網絡產品組合上，推遲 - 我們仍在推遲。

Even though we're deferring last, we're still deferring.

即使我們最後推遲，我們仍然在推遲。

So that kind of, as we have these new replacement products that we have the subscription on, that hurts your rate a little bit, but it's nothing material.

所以那種，因為我們有這些新的替代產品，我們有訂閱，這會稍微影響你的利率，但這沒什麼大不了的。

So from a revenue, the 606 and acquisitions are fairly small.

所以從收入來看，606 和收購是相當小的。

And Steve, on the culture issue, we've basically, I think, been amplifying what's always been a core part of Cisco but really, really prioritizing it and trying to just create an environment in today's world where people want to work because it's an incredibly competitive environment for talent.

史蒂夫，在文化問題上，我認為，我們基本上一直在擴大思科一直以來的核心部分，但實際上，真正將其放在首位，並試圖在當今世界創造一個人們願意工作的環境，因為它是令人難以置信的人才競爭環境。

And I guess the way that we look in metrics -- we've been focused on communication with our employees, clear, authentic frequent communication.

我猜我們看待指標的方式——我們一直專注於與員工的溝通，清晰、真實的頻繁溝通。

We've been focused on giving back.

我們一直專注於回饋社會。

And what we've discovered is that we have a lot of employees who care deeply about giving back to their communities, and so I told them that our ability to give back and our ability to do the things that they love to do is highly contingent upon us running a great business.

我們發現，我們有很多員工非常關心回饋社區，所以我告訴他們，我們回饋社會的能力和做他們喜歡做的事情的能力是高度偶然的在我們經營一家偉大的企業。

And so the 2 are very interconnected.

所以這兩個是非常相互關聯的。

As far as how do we rate it.

至於我們如何評價它。

I mean if you look at every external employer ranking, we've moved up.

我的意思是，如果您查看每個外部雇主排名，我們就會上升。

The one -- I tell you, around the world, great places to work, I think we're #1 in countries around the world, maybe 15 to 20 countries around the world.

一個 - 我告訴你，在世界各地，工作的好地方，我認為我們在世界各國中排名第一，可能是世界上 15 到 20 個國家。

And in the U.S., which is one that just came out recently, we -- I think when I became CEO, we're #87 in the U.S. And 2 months ago, we were rated #6.

在美國，這是最近才出現的，我們 - 我認為當我成為首席執行官時，我們在美國排名第 87 位，而 2 個月前，我們被評為第 6 位。

And over 70% of the input for that -- those rankings come directly from the employees.

超過 70% 的輸入——這些排名直接來自員工。

And we obviously watch Glassdoor, where we're above 4.0 and all those kinds of things.

我們顯然在看 Glassdoor，我們在 4.0 和所有這些東西之上。

So we're working hard on it.

所以我們正在努力。

We think it's important because of -- it's important because when your employees are happy, they actually do a much better job and help the overall results.

我們認為這很重要，因為 - 這很重要，因為當您的員工快樂時，他們實際上會做得更好並有助於整體結果。

So it's somewhat cyclical.

所以它有點週期性。

Pierre Ferragu from New Street Research.

來自 New Street Research 的 Pierre Ferragu。

Chuck, when -- I heard you talk about how Cisco technology gets more and more integrated with the platform of the leading cloud vendor.

Chuck，什麼時候——我聽到你談論思科技術如何越來越多地與領先的雲供應商的平台集成。

As you can imagine, I love hearing that having different -- quite a long time that the Enterprise IT will expand into the cloud that this is going to migrate to the cloud.

正如您可以想像的那樣，我喜歡聽到不同的消息——企業 IT 將在很長一段時間內擴展到雲中，這將遷移到雲中。

So I was curious to hear from you a bit more on that in terms of how big it is today in your business.

因此，我很想听聽您更多地了解您今天的業務有多大。

I don't know if you have an idea of the take rate of Cisco technology that are moved to -- that are integrated with the cloud vendors.

我不知道您是否了解與雲供應商集成的思科技術的採用率。

And if so, how do you go to market with the technology?

如果是這樣，您如何將這項技術推向市場？

Do you go to market in partnership with cloud vendors?

您是否與雲供應商合作進入市場？

Is that something you sell directly to your clients?

那是你直接賣給客戶的東西嗎？

And of course, any idea of the business model, how big it is in your revenues already today?

當然，任何關於商業模式的想法，你今天的收入有多大？

Yes.

是的。

Thanks, Pierre.

謝謝，皮埃爾。

It's really hard to quantify because the technology that we're building that is either integrated in with the cloud providers or offered off the cloud platforms or enabling our customers to transition to the cloud or expand to the cloud, as you put, which is the same word we like to use.

這真的很難量化，因為我們正在構建的技術要么與雲提供商集成，要么在雲平台之外提供，或者讓我們的客戶能夠過渡到雲或擴展到雲，正如你所說的，這是我們喜歡用同一個詞。

So we appreciate you coming up with that.

因此，我們感謝您提出這個建議。

We stole it.

我們偷了它。

It's everything from extending ACI from the private data center into the cloud to offering virtualized routing functions off of AWS and Azure for developers, virtualized security services even to the SD-WAN technology and now integrating it with our cloud security gateways and then the integration of some of these hybrid stacks like Azure Stack or what we talked about from Google that they announced recently, integrating that with our technology on-premise, the Kubernetes stack that we've done.

從將 ACI 從私有數據中心擴展到雲端，到為開發人員提供 AWS 和 Azure 的虛擬化路由功能，虛擬化安全服務甚至是 SD-WAN 技術，再到現在將其與我們的雲安全網關集成，再到集成其中一些混合堆棧，如 Azure Stack 或我們談到的 Google 最近宣布的內容，將其與我們的本地技術集成，即我們已經完成的 Kubernetes 堆棧。

So there's an awful lot of areas where we play.

所以我們玩的地方太多了。

We talk about the fact that while customers are moving some applications to the cloud, they didn't move their employees to the cloud.

我們談論的事實是，雖然客戶正在將一些應用程序遷移到雲端，但他們並沒有將員工遷移到雲端。

And so there's a big opportunity, which is what we've been focused on, which is to evolve this access portfolio to really enable this transition to the cloud that our customers have been undertaking.

因此，我們一直關注的是一個巨大的機會，即發展這種訪問組合，以真正實現我們的客戶一直在進行的向雲的過渡。

So it really is touching massive amounts of our portfolio, and I think you'll only see us continue to drive more technology that facilitates our customers' move in this area.

所以它真的觸及了我們大量的產品組合，我認為你只會看到我們繼續推動更多的技術來促進我們的客戶在這個領域的發展。

So appreciate the question.

所以感謝這個問題。

So I'll wrap up.

所以我會結束。

I want to thank everybody for spending time with us today.

我要感謝大家今天花時間和我們在一起。

Obviously, we're proud of what our teams continue to accomplish.

顯然，我們為我們的團隊不斷取得的成就感到自豪。

We're operating in an environment that has very complex macro and geopolitical dynamics right now.

我們現在所處的環境具有非常複雜的宏觀和地緣政治動態。

But we're continuing to execute as well as we can on the things that we control, and that's what we plan to do going forward.

但我們將繼續盡我們所能地執行我們控制的事情，這就是我們未來計劃做的事情。

So thanks for spending time with us today, and we look forward to talking to you again next quarter.

感謝您今天與我們共度時光，我們期待下個季度再次與您交談。

Thanks, Chuck.

謝謝，查克。

This is Marilyn.

這是瑪麗蓮。

Just want to close up the call here.

只想在這裡結束通話。

So Cisco's next quarterly earnings conference call, which will reflect our fiscal 2019 fourth quarter and annual results, will be on Wednesday, August 14, 2019 at 1:30 p.m.

因此，思科的下一個季度收益電話會議將於 2019 年 8 月 14 日星期三下午 1:30 召開，這將反映我們 2019 財年第四季度和年度業績。

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's 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, feel free to contact the Cisco Investor Relations department, and we're very much looking forward to speaking with you through the remainder of the week.

如果您有任何進一步的問題，請隨時聯繫思科投資者關係部門，我們非常期待在本週餘下的時間裡與您交談。

Thank you for joining today.

感謝您今天加入。

And 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 (888) 446-2545.

如果您想完整收聽電話，可以致電 (888) 446-2545。

For participants dialing from outside the U.S., please dial (402) 998-1344.

對於來自美國境外的參與者，請撥打 (402) 998-1344。

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。

Thank you.

謝謝。