思科 (CSCO) 2022 Q1 法說會逐字稿

Welcome to Cisco's First Quarter Fiscal Year 2022 Financial Results Conference Call. At the request of Cisco, today's conference is being recorded. If you have any objections, you may disconnect.

歡迎參加思科 2022 財年第一季度財務業績電話會議。應思科的要求，今天的會議正在錄製中。如果您有任何異議，您可以斷開連接。

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

現在我想介紹一下投資者關係主管 Marilyn Mora。女士，您可以開始了。

Welcome, everyone, to Cisco's First Quarter Fiscal 2022 Quarterly Earnings Conference Call. This is Marilyn Mora, Head of Investor Relations, and I'm joined by Chuck Robbins, our Chair and CEO; and Scott Herren, our CFO.

歡迎大家參加思科 2022 財年第一季度季度收益電話會議。我是投資者關係主管 Marilyn Mora，我們的主席兼首席執行官 Chuck Robbins 也加入了我的行列；和我們的首席財務官 Scott Herren。

By now, you should have seen our earnings press release. A corresponding webcast with slides, including supplemental information, will be made available on our website in the Investor Relations section following the call. Income statements, full GAAP to non-GAAP reconciliation information, balance sheets, cash flow statements and other financial information can also be found in the Financial Information section of our Investor Relations website.

到目前為止，您應該已經看到了我們的收益新聞稿。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有幻燈片的網絡廣播，包括補充信息。損益表、完整的 GAAP 到非 GAAP 對賬信息、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。

As a reminder, effective in Q1, we began reporting our revenue in the following categories: secure agile networks, hybrid work, end-to-end security, Internet for the future, optimized application experiences, other products and services. As discussed during our Investor Day and in our October 20 press release, this change better aligns our product categories with our strategic priorities.

提醒一下，從第一季度開始，我們開始報告以下類別的收入：安全敏捷網絡、混合工作、端到端安全、面向未來的互聯網、優化的應用程序體驗、其他產品和服務。正如我們在投資者日和 10 月 20 日的新聞稿中所討論的那樣，這一變化更好地使我們的產品類別與我們的戰略重點保持一致。

This change only impacts how we report revenue by product category as our reportable segments will continue to be based on geographies, which consist of the Americas, EMEA and APJC. We included quarterly reclassified revenue amounts for the last 3 fiscal years on our website. Click on the Financial Information section of the website to access these documents.

這一變化只會影響我們按產品類別報告收入的方式，因為我們的可報告部分將繼續基於包括美洲、EMEA 和 APJC 在內的地理區域。我們在我們的網站上包含了過去 3 個財政年度的季度重新分類收入金額。單擊網站的財務信息部分以訪問這些文件。

Throughout this conference call, we will be referencing both GAAP and non-GAAP financial results, and we'll discuss product results in terms of revenue and geographic and customer results in terms of product orders unless stated otherwise. All comparisons made throughout this call will be done on a year-over-year basis.

在本次電話會議中，我們將參考 GAAP 和非 GAAP 財務結果，除非另有說明，否則我們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。在整個電話會議中進行的所有比較都將按年進行。

Matters we will be discussing today include forward-looking statements, including the guidance we will be providing for the second quarter and full year of fiscal 2022. They are subject to the risks and uncertainties, including COVID-19, that we discussed in detail in our documents filed with the SEC, specifically the most recent report on Form 10-K, which identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements. With respect to guidance, please also see the slides and press release that accompany this call for further details. Cisco will not comment on its financial guidance during the quarter unless it is done through an explicit public disclosure.

我們今天將討論的事項包括前瞻性陳述，包括我們將為 2022 財年第二季度和全年提供的指導。它們受到風險和不確定性的影響，包括我們在中詳細討論的 COVID-19我們向美國證券交易委員會提交的文件，特別是最近的 10-K 表格報告，其中確定了可能導致實際結果與前瞻性陳述中包含的結果存在重大差異的重要風險因素。關於指導，請參閱本次電話會議隨附的幻燈片和新聞稿以獲取更多詳細信息。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。

I will now turn it over to Chuck.

我現在把它交給查克。

Thanks, Marilyn, and good afternoon, everyone. We look forward to spending time with you today.

謝謝，瑪麗蓮，大家下午好。我們期待今天與您共度時光。

First, I'd like to thank those of you who joined us for our Investor Day in September, where we showcased the strong foundation we've built for helping to generate long-term profitable growth. We're striving to maximize value creation through our focus on higher concentrations of software and subscription-based revenue streams. This gives us and you greater visibility and predictability into our future growth. We also highlighted our unique portfolio of market-leading franchises, which are well positioned to drive growth in highly attractive existing and expansion markets. Lastly, we showcased the depth of our leadership team and outlined the next phase of our strategy.

首先，我要感謝在 9 月參加我們的投資者日的各位，我們展示了我們為幫助實現長期盈利增長而建立的堅實基礎。我們正在努力通過專注於更高集中度的軟件和基於訂閱的收入流來最大限度地創造價值。這使我們和您對我們未來的增長有更大的可見性和可預測性。我們還強調了我們獨特的市場領先特許經營權組合，這些特許經營權能夠很好地推動極具吸引力的現有和擴展市場的增長。最後，我們展示了我們領導團隊的深度，並概述了我們下一階段的戰略。

Moving into fiscal year '22. We are off to a great start with robust order growth of 33% and continued strong demand across our portfolio. Our teams are executing well, our ARR grew double digits, and our momentum is accelerating, driven by digital transformation and cloud. Even with the ongoing supply-constrained environment, we are solidly on track to deliver against our long-term financial targets by investing for growth while delivering breakthrough innovation.

進入'22財年。我們開局良好，訂單強勁增長 33%，我們產品組合的需求持續強勁。我們的團隊執行良好，我們的 ARR 增長了兩位數，並且在數字化轉型和雲的推動下，我們的勢頭正在加速。即使在持續供應受限的環境下，我們仍有望通過投資增長同時實現突破性創新，從而實現我們的長期財務目標。

The past 18 to 24 months have no doubt accelerated the digital revolution we are all experiencing as technology is permanently changing nearly every aspect of our lives. The technology we build is powering the modern secure infrastructure that sits at the heart of this revolution, and Cisco is well positioned to capture the opportunities ahead.

毫無疑問，過去 18 到 24 個月加速了我們正在經歷的數字革命，因為技術正在永久改變我們生活的幾乎方方面面。我們構建的技術正在為作為這場革命核心的現代安全基礎設施提供動力，而思科已做好準備抓住未來的機遇。

Our customers want digital and cloud-enabled solutions that allow them to move with greater speed, agility and efficiency. We're already seeing the positive impact of our investments to drive accelerated innovation across high-growth areas, including hybrid cloud, web scale, cloud security, 5G, WiFi 6, 400 gig and full stack observability.

我們的客戶需要數字化和支持雲的解決方案，使他們能夠以更快的速度、敏捷性和效率移動。我們已經看到我們的投資對推動高增長領域加速創新的積極影響，包括混合雲、網絡規模、雲安全、5G、WiFi 6、400 gig 和全棧可觀察性。

A key trend in front of us is enabling employees to work from anywhere, and this is much broader than meetings. It's about the holistic capabilities to support a highly distributed workforce that require new infrastructure architectures, observability and security. Many companies are in the process of defining their hybrid work strategy, which will be based on the technology we build across our networking, security and collaboration portfolios. We are also leading the way with new innovation, including our recently expanded WebEx portfolio, purpose-built for inclusive experiences across hybrid work, workspaces and events.

我們面前的一個關鍵趨勢是讓員工能夠在任何地方工作，這比會議要廣泛得多。這是關於支持需要新的基礎架構架構、可觀察性和安全性的高度分散的勞動力的整體能力。許多公司正在定義他們的混合工作戰略，這將基於我們在我們的網絡、安全和協作產品組合中構建的技術。我們還通過新的創新引領潮流，包括我們最近擴展的 WebEx 產品組合，專為跨混合工作、工作空間和活動的包容性體驗而構建。

Now I'd like to discuss our Q1 performance. Building on the momentum from last quarter, I'm proud to say we achieved another strong quarter in line with our expectations despite supply constraints, which I will discuss shortly. We delivered balanced revenue and non-GAAP EPS growth with healthy margins driven by continued economic recovery, strong execution and exceptional demand for our products. We also generated a strong quarter of double-digit growth in ARR and RPO, reflecting the ongoing success of our transformation. We have continued to operate successfully in a very dynamic environment, staying nimble in order to navigate the evolving conditions related to the Delta variant and global component shortages.

現在我想討論一下我們第一季度的表現。在上個季度的勢頭的基礎上，我很自豪地說，儘管供應受限，我們仍實現了另一個強勁的季度，符合我們的預期，我將很快討論這一點。在持續的經濟復甦、強勁的執行力和對我們產品的特殊需求的推動下，我們實現了平衡的收入和非公認會計準則每股收益增長，利潤率穩健。我們還在 ARR 和 RPO 方面實現了強勁的季度兩位數增長，反映了我們轉型的持續成功。我們繼續在一個非常動態的環境中成功運營，保持靈活，以應對與 Delta 變體和全球零部件短缺相關的不斷變化的條件。

Now let me discuss the performance of our customer market segments. Q1 marks the third consecutive quarter of accelerating order momentum with broad-based strength across our business. Every geographic region in 3 of the 4 customer markets grew product orders at 30% or higher. We again experienced the strongest demand in over a decade as our customers increase their investments in digital transformation.

現在讓我討論一下我們客戶細分市場的表現。第一季度標誌著訂單勢頭連續第三個季度加速增長，我們的業務擁有廣泛的實力。 4 個客戶市場中有 3 個的每個地理區域的產品訂單都增長了 30% 或更高。隨著我們的客戶增加對數字化轉型的投資，我們再次經歷了十多年來最強勁的需求。

In our enterprise and commercial businesses, we achieved our fourth consecutive quarter of accelerating order growth. We also saw solid growth in public sector. Our service provider segment delivered its highest level of order growth in over 5 years with 66% growth as these customers address their growing bandwidth requirements.

在我們的企業和商業業務中，我們連續第四個季度實現了訂單增長加速。我們還看到公共部門的穩健增長。隨著這些客戶滿足其不斷增長的帶寬需求，我們的服務提供商部門實現了 5 年來最高水平的訂單增長，增長了 66%。

In our web scale business, our robust momentum continues. Our performance was once again a record with order growth of over 200%. That's 120% growth on a trailing 4-quarter basis. We are very pleased with the early traction of our 400-gig solutions, Cisco 8000 platform, Silicon One portfolio and rapid growth in our Acacia portfolio of optical networking products. It's clear we are expanding our footprint as our cloud growth rate is outpacing our peers.

在我們的網絡規模業務中，我們的強勁勢頭仍在繼續。我們的業績再次創下紀錄，訂單增長超過 200%。在過去的 4 個季度基礎上增長了 120%。我們對我們的 400 gig 解決方案、Cisco 8000 平台、Silicon One 產品組合的早期吸引力以及我們 Acacia 光網絡產品組合的快速增長感到非常高興。很明顯，隨著我們的雲增長率超過同行，我們正在擴大我們的足跡。

We continue to invest in web scale innovations with differentiated customer value, launching this quarter the latest member of the Silicon One family, the 19.2 terabit P100 routing device, the 11th chip in the Silicon One family. In addition, Acacia marked a major milestone by unveiling the industry's first pluggable module capable of delivering 1.2 terabit capacity on a single wavelength.

我們繼續投資於具有差異化客戶價值的網絡規模創新，本季度推出了 Silicon One 系列的最新成員，即 19.2 TB P100 路由設備，這是 Silicon One 系列的第 11 款芯片。此外，Acacia 推出了業界首個能夠在單波長上提供 1.2 TB 容量的可插拔模塊，標誌著一個重要的里程碑。

Our product revenue was up nearly $1 billion year-over-year, demonstrating the competitive advantages of our scale and reach as well as our ongoing momentum. We saw broad-based demand across the majority of our product portfolio. In addition, we continue to see steady progress in our business model transition. Our focus on subscriptions allows us to deliver innovation faster to our customers while providing more predictability and visibility, leading to a more durable growth business over the long term.

我們的產品收入同比增長近 10 億美元，展示了我們規模和覆蓋範圍的競爭優勢以及我們的持續發展勢頭。我們在我們的大部分產品組合中看到了廣泛的需求。此外，我們的業務模式轉型繼續穩步推進。我們對訂閱的關注使我們能夠更快地為我們的客戶提供創新，同時提供更多的可預測性和可見性，從而在長期內實現更持久的增長業務。

We delivered software revenue of $3.7 billion, with 80% sold as a subscription. Subscription revenue increased by 4% to nearly $5.5 billion, while ARR increased by 10% year-over-year to $21.6 billion. We saw strong product ARR growth of 21% and product RPO grew 18%, reflecting our rapid transformation to a software-led business model.

我們實現了 37 億美元的軟件收入，其中 80% 以訂閱形式出售。訂閱收入增長 4% 至近 55 億美元，而 ARR 同比增長 10% 至 216 億美元。我們看到強勁的產品 ARR 增長 21%，產品 RPO 增長 18%，反映了我們快速轉型為以軟件為主導的商業模式。

While our revenue growth was solid, it was impacted by the supply constraints which are affecting our technology peers and nearly every other industry. Our product orders were extremely strong and balanced across our markets, but we are constrained in what we can build and ship to our customers.

雖然我們的收入增長穩健，但受到供應限制的影響，這影響了我們的技術同行和幾乎所有其他行業。我們的產品訂單在我們的市場中非常強勁和平衡，但我們可以製造和運送給客戶的產品受到限制。

We have a world-class supply chain team that works to deliver an incredibly high volume of products given our scale and reach. They continue to execute well in this highly fluid and complex environment. We have been taking multiple steps to mitigate the supply shortages and deliver products to our customers, including working closely with our key suppliers and contract manufacturers, paying significantly higher logistics costs to get the components where they are most needed, working on modifying our designs to utilize alternative suppliers where possible, and constantly optimizing our build and delivery plans. We are doing this at a breadth and scale that is significantly greater than most in our industry.

鑑於我們的規模和影響力，我們擁有世界一流的供應鏈團隊，致力於交付數量驚人的產品。他們在這個高度流動和復雜的環境中繼續表現良好。我們一直在採取多項措施來緩解供應短缺並向我們的客戶交付產品，包括與我們的主要供應商和合同製造商密切合作，支付顯著更高的物流成本以將組件送到最需要的地方，努力修改我們的設計以盡可能利用替代供應商，並不斷優化我們的建造和交付計劃。我們這樣做的廣度和規模遠遠超過我們行業中的大多數人。

Of course, all of these steps, while necessary to maximize our production and delivery to customers, add to our cost structure. When combined with cost increases we are seeing from many of our suppliers, these factors are putting pressure on our gross margins. While we thoughtfully raised prices to offset this impact, the benefits are not immediate and will be recognized over the coming quarters. Our focus remains on our customers to ensure we provide them with the products they need as quickly as possible.

當然，所有這些步驟，雖然是最大限度地提高我們的生產和交付給客戶所必需的，但也增加了我們的成本結構。再加上我們從許多供應商那裡看到的成本增加，這些因素正在給我們的毛利率帶來壓力。雖然我們深思熟慮地提高了價格以抵消這種影響，但好處並不是立竿見影的，將在未來幾個季度得到認可。我們的重點仍然是我們的客戶，以確保我們盡快為他們提供他們需要的產品。

Now I'd like to share the progress we're making on our ESG initiatives. In September, we committed to being net zero greenhouse gas emissions for Scope 1 and 2 by 2025, and net zero for all emissions, including Scope 3 by 2040. We believe we will do this by focusing on 4 areas: building more efficient products, accelerating the use of renewable energy, embracing hybrid work and investing in innovative carbon removal solutions. We believe we have a deep responsibility to use our industry leadership position and our innovation to make the world a better place and look forward to continuing to do our part.

現在我想分享一下我們在 ESG 舉措方面取得的進展。 9 月，我們承諾到 2025 年實現範圍 1 和 2 的溫室氣體淨零排放，到 2040 年實現包括範圍 3 在內的所有排放量的淨零。我們相信我們將通過專注於 4 個領域來實現這一目標：打造更高效的產品，加速使用可再生能源，擁抱混合工作並投資於創新的碳去除解決方案。我們相信我們有責任利用我們的行業領導地位和我們的創新讓世界變得更美好，並期待繼續發揮我們的作用。

In summary, I am very pleased with the start to our fiscal year. Our teams are executing on our strategy while navigating a challenging operating environment, and this is reflected in our Q1 results. Demand remains strong. And with the momentum in our business transformation, we have set the stage for another year of accelerated growth in fiscal 2022.

總之，我對我們財政年度的開始感到非常滿意。我們的團隊正在執行我們的戰略，同時應對充滿挑戰的運營環境，這反映在我們的第一季度業績中。需求依然強勁。憑藉我們業務轉型的勢頭，我們為 2022 財年又一年的加速增長奠定了基礎。

Our performance is a testament to the power of our differentiated innovation, the strength of our end markets and our team's commitment to excellence. As our customers accelerate their digital transformation and their adoption of hybrid cloud and hybrid work strategies, we believe we are uniquely positioned to capture the opportunities ahead. We will continue to strategically invest across our portfolio to drive growth and innovation, strengthen our competitive advantage and position Cisco for success. And I continue to have great confidence in our future.

我們的表現證明了我們差異化創新的力量、終端市場的實力以及我們團隊對卓越的承諾。隨著我們的客戶加速他們的數字化轉型以及他們對混合雲和混合工作策略的採用，我們相信我們具有獨特的優勢來抓住未來的機會。我們將繼續對我們的產品組合進行戰略性投資，以推動增長和創新，增強我們的競爭優勢並幫助思科取得成功。我繼續對我們的未來充滿信心。

I'll now turn it over to Scott.

我現在把它交給斯科特。

Thanks, Chuck.

謝謝，查克。

We started the fiscal year with a strong Q1 performance. We executed well, resulting in another quarter of more than 30% product order growth, driven by strength across our portfolio and demonstrating continued robust demand for our products and services. We also had strong results across revenue, net income and earnings per share.

我們以強勁的第一季度業績開始了本財年。我們執行良好，產品訂單增長超過 30%，這得益於我們產品組合的實力以及對我們產品和服務的持續強勁需求。我們在收入、淨收入和每股收益方面也取得了強勁的業績。

Total revenue increased to $12.9 billion, up 8% year-over-year, coming in line with our guidance range for the quarter. We saw strength in a number of product areas and across all geographies. Our business continues to execute well in this highly dynamic environment, but ongoing component supply constraints are impacting our ability to convert historically high demand into revenue as quickly as we'd like.

總收入增至 129 億美元，同比增長 8%，符合我們本季度的指導範圍。我們在多個產品領域和所有地區都看到了實力。在這個高度動態的環境中，我們的業務繼續表現良好，但持續的組件供應限制正在影響我們盡快將歷史高位需求轉化為收入的能力。

Non-GAAP operating margin was 33.3%, up 60 basis points. Non-GAAP net income was $3.5 billion and non-GAAP earnings per share was $0.82, both up 8% year-over-year, with non-GAAP EPS coming in above the high end of our guidance range.

非美國通用會計準則營業利潤率為 33.3%，上升 60 個基點。非 GAAP 淨收入為 35 億美元，非 GAAP 每股收益為 0.82 美元，均同比增長 8%，非 GAAP 每股收益高於我們指導範圍的高端。

Looking at our Q1 revenue in more detail. Total product revenue was $9.5 billion, up 11%. Service revenue was $3.4 billion, up 1%. Secure Agile Networks performed very well, with revenues up 10%. Switching had strong growth, driven by a double-digit increase in campus switching led by our Catalyst 9000 and Meraki switching offerings. The enterprise routing portfolio had high single-digit growth driven by Edge and SD-WAN. Wireless had very strong double-digit increase driven by our WiFi 6 products and Meraki wireless offerings. We had growth in data center switching and compute revenue declined slightly.

更詳細地查看我們的第一季度收入。產品總收入為 95 億美元，增長 11%。服務收入為 34 億美元，增長 1%。 Secure Agile Networks 表現非常出色，收入增長了 10%。在我們的 Catalyst 9000 和 Meraki 交換產品引領的園區交換實現兩位數增長的推動下，交換實現了強勁增長。企業路由產品組合在 Edge 和 SD-WAN 的推動下實現了高個位數增長。在我們的 WiFi 6 產品和 Meraki 無線產品的推動下，無線實現了非常強勁的兩位數增長。我們的數據中心交換增長，計算收入略有下降。

Hybrid work was down 7% overall, driven by revenue decreases in our perpetual calling, meetings and contact center offerings. These were partially offset by the ramp of communication platform-as-a-service, and growth in our collaboration devices. Within hybrid work, our SaaS revenue continues to show growth of high single digits, driven by cloud calling and contact center.

由於我們的永久呼叫、會議和聯絡中心產品的收入下降，混合工作總體下降了 7%。這些被通信平台即服務的增長和我們協作設備的增長部分抵消。在混合工作中，在雲呼叫和聯絡中心的推動下，我們的 SaaS 收入繼續呈現高個位數增長。

End-to-end security was up 4%, driven by growth in our cloud-based solutions, also offset by declines in our perpetual and hardware offerings. Our Zero Trust portfolio performed well, with double-digit growth as we had continued momentum in our Duo offerings. We also saw good growth in unified threat management. Here again, our subscription portfolio performed well, growing 15%, driven by our cloud security and Zero Trust platforms.

在我們基於雲的解決方案增長的推動下，端到端安全性增長了 4%，這也被我們永久產品和硬件產品的下降所抵消。我們的零信任投資組合表現良好，實現了兩位數的增長，因為我們的 Duo 產品繼續保持增長勢頭。我們還看到統一威脅管理方面的良好增長。在我們的雲安全和零信任平台的推動下，我們的訂閱產品組合再次表現良好，增長了 15%。

Internet for the future was up 46%, driven in large part by the strength of our web scale customers. We saw broad strength in the portfolio with growth in cloud, growth in core with strength in both Cisco 8000 and NCS 5500, and growth in edge with the ASR 9000. We also saw benefits from our acquisition of Acacia.

未來的互聯網增長了 46%，這在很大程度上是由我們的網絡規模客戶的實力推動的。我們看到了雲產品組合的廣泛優勢，思科 8000 和 NCS 5500 的核心產品增長以及 ASR 9000 的邊緣產品增長。我們還看到了收購 Acacia 的好處。

Optimized application experiences was up 18%, driven by both ThousandEyes, which grew triple digits and Intersight, which grew in the strong double digits. SaaS revenue for AppDynamics grew double digits as its revenue shifted to a greater proportion from its cloud-delivered platform.

優化的應用程序體驗增長了 18%，這得益於以三位數增長的 ThousandEyes 和以兩位數強勁增長的 Intersight。 AppDynamics 的 SaaS 收入增長了兩位數，因為其收入從其云交付平台轉移到更大比例。

Our transformation metrics we covered at Investor Day were solid as we continue to shift our business to more software and subscriptions. Software revenue was $3.7 billion, an increase of 1%, with the product portion up 3%. 80% of software revenue was subscription-based, which is up 2 percentage points year-over-year. Total subscription revenue was $5.5 billion, an increase of 4%, with the product portion increasing at 7%. Total subscription revenue represented 43% of Cisco's total revenue.

隨著我們繼續將業務轉向更多的軟件和訂閱，我們在投資者日涵蓋的轉型指標非常可靠。軟件收入為 37 億美元，增長 1%，其中產品部分增長 3%。 80% 的軟件收入是基於訂閱的，同比增長 2 個百分點。訂閱總收入為 55 億美元，增長 4%，其中產品部分增長 7%。訂閱總收入佔思科總收入的 43%。

ARR, or annualized recurring revenue, was $21.6 billion, an increase of 10%, with strong product ARR growth of 21%. And remaining performance obligations, or RPO, was $30.1 billion, up 10%. Product RPO increased 18% and short-term RPO grew 9% to $15.9 billion. As you can see, we continue to make significant progress on the transformation to increase software and subscriptions.

ARR 或年化經常性收入為 216 億美元，增長 10%，其中產品 ARR 增長強勁，達到 21%。剩餘履約義務或 RPO 為 301 億美元，增長 10%。產品 RPO 增長 18%，短期 RPO 增長 9% 至 159 億美元。如您所見，我們繼續在增加軟件和訂閱的轉型方面取得重大進展。

We continue to have exceptionally strong order momentum in Q1, with total product orders up 33%, as Chuck mentioned earlier, with strength across the business. Looking at our geographic segments. The Americas was up 31%. EMEA was up 36% and APJC was up 39%. Total emerging markets were up 37% with the BRICs plus Mexico up 47%. In our customer markets, service provider was up 66%, commercial was up 46% and enterprise was up 30% and public sector was up 10%. As you can see, it was broad strength across the business.

正如 Chuck 之前提到的，我們在第一季度繼續保持異常強勁的訂單勢頭，總產品訂單增長了 33%，整個業務都表現強勁。查看我們的地理區域。美洲上漲了 31%。 EMEA 上漲了 36%，APJC 上漲了 39%。新興市場總量增長 37%，金磚四國和墨西哥增長 47%。在我們的客戶市場中，服務提供商增長了 66%，商業增長了 46%，企業增長了 30%，公共部門增長了 10%。如您所見，這是整個業務的廣泛優勢。

From a non-GAAP perspective, total gross margins came in at 64.5%, down 130 basis points year-over-year. Product gross margin was 63.8%, down 150 basis points and service gross margin was 66.5%, down 60 basis points. The decrease in product gross margin was primarily driven by higher costs from freight, expedite and increased component costs related to the supply constraints.

從非公認會計原則的角度來看，總毛利率為 64.5%，同比下降 130 個基點。產品毛利率為63.8%，下降150個基點，服務毛利率為66.5%，下降60個基點。產品毛利率的下降主要是由於運費、加急成本增加以及與供應限制相關的零部件成本增加所致。

Pricing impact was relatively moderate and consistent with prior quarters, partially offset by positive product mix. We continue to manage through the supply constraints seen industry-wide by us and our peers due to component shortages which have resulted in extended lead times and higher costs for many of these components. We are partnering closely with our key suppliers, leveraging our volume purchasing and extended supply commitments as we address the supply challenges and cost impacts, which we expect will continue into the second half of fiscal 2022.

定價影響相對溫和，與前幾個季度一致，部分被積極的產品組合所抵消。由於組件短缺導致交貨時間延長和許多組件的成本增加，我們將繼續管理我們和同行在全行業範圍內看到的供應限制。我們正在與我們的主要供應商密切合作，利用我們的批量採購和延長供應承諾來應對供應挑戰和成本影響，我們預計這將持續到 2022 財年下半年。

Our supply chain team continues to perform well with this very complex situation. We believe we're taking the right strategic actions with our suppliers and contract manufacturers to ensure we meet customer demand despite the potential risk associated with increasing our inventory and purchase commitments.

我們的供應鏈團隊在這種非常複雜的情況下繼續表現良好。我們相信我們正在與我們的供應商和合同製造商採取正確的戰略行動，以確保我們滿足客戶需求，儘管與增加我們的庫存和採購承諾相關的潛在風險。

When we look at the impact of acquisitions on our Q1 results, there was an approximate 250-basis-point positive impact on revenue and no material impact on our non-GAAP EPS, which is in line with our expectations. Operating cash flow for the quarter was $3.4 billion, down 16% year-over-year, driven by higher supply-related payments and timing of other payments and collections. We ended Q1 with total cash, cash equivalents and investments of $23.3 billion, down approximately $1.2 billion sequentially, primarily driven by $2 billion in scheduled repayments of our long-term debt.

當我們查看收購對我們第一季度業績的影響時，對收入產生了大約 250 個基點的積極影響，對我們的非公認會計原則每股收益沒有重大影響，這符合我們的預期。本季度的運營現金流為 34 億美元，同比下降 16%，這主要是由於與供應相關的付款增加以及其他付款和收款的時間安排。我們在第一季度結束時的現金、現金等價物和投資總額為 233 億美元，比上一季度減少了約 12 億美元，主要是由於我們按計劃償還了 20 億美元的長期債務。

In terms of capital allocation, we returned $1.8 billion to shareholders during the quarter that was comprised of $1.6 billion for our quarterly cash dividend and $256 million of share repurchases. We continue to invest organically and inorganically in our innovation pipeline. During Q1, we closed the acquisition of Epsagon and announced our intent to acquire Replex. These investments are consistent with our strategy of complementing our internal innovation and R&D with targeted M&A to allow us to further strengthen and differentiate our market position in our key growth areas.

在資本分配方面，我們在本季度向股東返還了 18 億美元，其中包括 16 億美元的季度現金股息和 2.56 億美元的股票回購。我們繼續對我們的創新管道進行有機和無機投資。在第一季度，我們完成了對 Epsagon 的收購，並宣布了收購 Replex 的意圖。這些投資符合我們通過有針對性的併購來補充我們的內部創新和研發的戰略，使我們能夠進一步加強和區分我們在關鍵增長領域的市場地位。

To summarize, we had a strong Q1 and a complex supply-constrained environment. We executed well with strong top line revenue and earnings per share as we delivered balanced profitable growth. We continue to make great progress on our business model shift and are continuing to make the investments in innovation to capitalize on our significant growth opportunities. We're seeing progress as we drive the continued shift to more software and subscription revenue, delivering growth and driving shareholder value.

總而言之，我們有一個強勁的第一季度和復雜的供應受限環境。由於我們實現了平衡的盈利增長，我們以強勁的收入和每股收益表現良好。我們繼續在業務模式轉變方面取得重大進展，並繼續在創新方面進行投資，以利用我們重大的增長機會。隨著我們推動繼續轉向更多的軟件和訂閱收入，實現增長並推動股東價值，我們看到了進展。

Now let me provide our financial guidance for Q2, which is as follows: We expect revenue growth to be in the range of 4.5% to 6.5% year-on-year. We anticipate non-GAAP gross margin to be in the range of 63.5% to 64.5%, reflecting the continuing increase in supply chain costs we're incurring as we protect shipments to our customers. Our non-GAAP operating margin is expected to be in the range from 32.5% to 33.5% and non-GAAP earnings per share is expected to range from $0.80 to $0.82.

現在讓我提供我們對第二季度的財務指導，如下所示：我們預計收入同比增長將在 4.5% 至 6.5% 之間。我們預計非公認會計準則毛利率將在 63.5% 至 64.5% 之間，這反映了我們在保護向客戶發貨時所產生的供應鏈成本的持續增加。我們的非公認會計準則營業利潤率預計在 32.5% 至 33.5% 之間，非公認會計準則每股收益預計在 0.80 美元至 0.82 美元之間。

There's no change to our full year fiscal '22 guidance. We expect revenue growth to be in the range of 5% to 7% year-on-year. Non-GAAP earnings per share is expected to range from $3.38 to $3.45, also up 5% to 7% year-over-year. In both our Q2 and full year guidance, we're assuming a non-GAAP effective tax rate of 19%.

我們的 22 財年全年指導沒有變化。我們預計收入同比增長將在 5% 至 7% 之間。 Non-GAAP 每股收益預計在 3.38 美元至 3.45 美元之間，同比增長 5% 至 7%。在我們的第二季度和全年指導中，我們假設非公認會計準則有效稅率為 19%。

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

我現在把它轉回給瑪麗蓮，這樣我們就可以進入問答環節了。

Thanks, Scott. Michelle, let's go ahead and queue up the Q&A.

謝謝，斯科特。米歇爾，讓我們繼續排隊問答吧。

Sami Badri from Credit Suisse.

瑞士信貸的薩米·巴德里。

First question I had was regarding your price increases that you talked about incorporating into your price sheets. Would you say that 100% of the product orders recognized in the quarter reflected the higher price increases that you guys incorporated? Or were there prior contracts in place that honored prior price sheets for some of your key customers? Could you give us maybe an idea on mix and maybe a straightforward answer on that side?

我遇到的第一個問題是關於您談到的價格上漲，您談到將其納入您的價格表中。你會說本季度確認的產品訂單中有 100% 反映了你們所考慮的更高的價格上漲嗎？或者是否有先前的合同為您的一些主要客戶兌現了先前的價格表？你能給我們一個關於混音的想法，或者一個簡單的答案嗎？

And then just a second question is it looks like public sector, up 10% year-on-year. I think some of your peers have reported some very strong end market public sector trends, some of them coming from the U.S. federal government. Could you just give us an update on what's going on there? Were there things that did not get past the finish line? Or any holdups or any kind of key things you're seeing that's met with some resistance on deploying more public sector or federal government activity?

然後第二個問題是它看起來像公共部門，同比增長 10%。我認為您的一些同行報告了一些非常強勁的終端市場公共部門趨勢，其中一些來自美國聯邦政府。你能告訴我們那裡發生了什麼嗎？是否有沒有通過終點線的事情？或者您看到的任何阻礙或任何類型的關鍵事情在部署更多公共部門或聯邦政府活動時遇到了一些阻力？

Sure. I'll start, Sami, on the price increase question, and then -- and I'll let Chuck weigh in on public sector. The price increase that we put in place really just became effective at the 1st of September. Most of what we shipped during the quarter either came out of RPO, right? So prior sales that are sitting on the balance sheet and then accreted into our revenue, and we talked about having $15.9 billion now of current RPO. So none of that, of course, would have had the price increase built into it.

當然。薩米，我將首先談談價格上漲問題，然後——我會讓查克對公共部門進行權衡。我們實施的價格上漲實際上是在 9 月 1 日才生效的。我們在本季度發貨的大部分產品都來自 RPO，對吧？因此，之前的銷售額位於資產負債表上，然後計入我們的收入，我們談到現在的 RPO 為 159 億美元。因此，當然，所有這些都不會包含價格上漲。

And a lot of the hardware shipments came out of backlog during the quarter. And again, none of those would have included that price increase. And I think even looking ahead, Sami, you got to think about that price increase having a bigger effect toward the second half of the year than it will have during -- certainly during Q2. I think of that as more of a late Q3, Q4. By the time those price increases turn into orders, those orders work their way through the backlog, get built and then delivered to customers.

本季度的許多硬件出貨量都是積壓的。再一次，這些都不會包括價格上漲。而且我認為，即使展望未來，薩米，你也必須考慮到今年下半年的價格上漲對下半年的影響比在第二季度——當然是在第二季度產生的影響更大。我認為這更像是第三季度末第四季度。當這些價格上漲變成訂單時，這些訂單會通過積壓的工作，建造並交付給客戶。

And then Sami, thanks for the question. On the public sector situation, we saw -- if you look at our public sector performance on a global basis over the last couple of years, it's been very consistent. And I think we've doubled that business since 2017 or something. So it's been -- that's the federal business perhaps or U.S. public sector. But the -- what we saw was we saw a lot of strength in E-Rate. We saw strength in state and local and education. We saw strength on the civilian side. And we had a few deals on the DoD side that pushed into Q2 from an order perspective, but it's still very strong and the teams are doing a really good job there. That's just a great business for us.

然後是薩米，謝謝你的提問。關於公共部門的情況，我們看到——如果你看看我們過去幾年在全球範圍內的公共部門表現，它一直非常一致。而且我認為自 2017 年以來我們的業務翻了一番。所以它一直是 - 這可能是聯邦業務或美國公共部門。但是 - 我們看到的是我們在 E-Rate 中看到了很大的優勢。我們看到了州和地方以及教育方面的實力。我們看到了平民方面的實力。從訂單的角度來看，我們在國防部方面有一些交易進入了第二季度，但它仍然非常強大，團隊在那裡做得非常好。這對我們來說只是一項偉大的事業。

Ittai Kidron from Oppenheimer.

來自奧本海默的Ittai Kidron。

Chuck, I wanted to focus on the security business. In fiscal '19, you grew 18%. That was down to 12% in '20. That was down to 7% to '21, and you're starting the year at 4% here and now. All in the same time, your large competitors like Palo Alto and Fortinet and even Check Point, for that matter, are seeing accelerating growth, improving growth rates and growth rates in the teens, 20s and even 30s on a year-over-year basis.

Chuck，我想專注於安全業務。在 19 財年，您增長了 18%。在 20 世紀，這一比例下降到 12%。到 21 年，這一比例下降到 7%，而你今年開始時現在是 4%。與此同時，您的大型競爭對手，如 Palo Alto 和 Fortinet，甚至 Check Point，就這一點而言，正在加速增長，提高青少年、20 多歲甚至 30 多歲的增長率和增長率。 .

So maybe you can unpack this for me a little bit. I know you've been pleased with your security business, but it seems like it's kind of heading in the wrong direction growth-wise relative to what the peers are doing. Maybe you can go into a little bit depth into the transitions that are going within that portfolio? When do we see it turn around? And perhaps Scott can comment on how much of that portfolio is perpetual in nature versus subscription in nature.

所以也許你可以幫我解開這個包裝。我知道您對自己的安全業務感到滿意，但與同行相比，它似乎在朝著錯誤的方向發展。也許您可以深入了解該投資組合中的過渡？我們什麼時候看到它轉身？也許斯科特可以評論該投資組合中有多少是永久性質的，而不是訂閱性質的。

Yes. Ittai, it's a great question. So first of all, I will say that we have room to get better in security, and the teams are working hard on that. There's a lot of innovative work going on.

是的。 Ittai，這是一個很好的問題。所以首先，我會說我們在安全方面還有改進的空間，團隊正在為此努力。有很多創新的工作正在進行。

And then you called out the primary issue that Scott referenced in his opening comments is the on-prem sort of perpetual stuff in decline. And then the subscription-based businesses grew double digits. Zero Trust unified threat management was good growth. And overall, the subscription portfolio grew 15%. So it's really balancing that.

然後你提到了 Scott 在他的開場評論中提到的主要問題是內部部署類型的永久性東西在下降。然後基於訂閱的業務增長了兩位數。零信任統一威脅管理增長良好。總體而言，訂閱組合增長了 15%。所以這真的是平衡的。

And there's a little impact in there, Ittai, from supply chain on our hardware-based network firewall business. So I think it's a combination of we've got some work to do, which the teams are working on, and then the transition and a little bit of supply chain. But we would expect, over the next 2 to 3 years, for that business to continue to get better, and the teams are committed to make that happen.

Ittai 供應鏈對我們基於硬件的網絡防火牆業務有一點影響。所以我認為這是我們有一些工作要做的組合，團隊正在努力，然後是過渡和一些供應鏈。但我們預計，在接下來的 2 到 3 年內，該業務將繼續變得更好，並且團隊致力於實現這一目標。

And Ittai, to the second part of your question, we haven't actually broken that out for you. But I think the -- as we talked at our Investor Day back in September, the growth areas of all of our markets, security and hybrid work included, are more on the subscription side, that's where we focused our attention. That's where we focused a lot of our innovation. And as Chuck said, the subscription piece of security grew at 15% during the quarter. So I think as that becomes a more and more prominent part of our overall security product portfolio, that's where you'll begin to see more acceleration in the growth rates.

Ittai，關於你問題的第二部分，我們實際上並沒有為你解決這個問題。但我認為 - 正如我們在 9 月的投資者日上所說的那樣，我們所有市場的增長領域，包括安全和混合工作，更多地在訂閱方面，這就是我們關注的地方。這就是我們集中大量創新的地方。正如查克所說，本季度證券的訂閱量增長了 15%。因此，我認為隨著它成為我們整體安全產品組合中越來越重要的一部分，您將開始看到增長率進一步加快。

Maybe, Scott, I can ask it differently. Is there a way to qualify to us where we are in this transition from perpetual to subscription? Is that -- will that be a drag for a long time? Or do you think we're at the tail end of this transition?

也許，斯科特，我可以換個方式問。有沒有辦法讓我們在從永久到訂閱的過渡中獲得資格？那是——這會拖很長時間嗎？或者你認為我們正處於這種轉變的尾聲？

Yes. Again, I'd rather not get into trying to give you guidance at that level all the way out through time, Ittai. I do think it's the areas that we focused on and the areas that we're investing in are the high-growth areas. And that's why you're seeing that double-digit growth. That mix will continue to change. It was obviously positive during Q1. It was positive in the prior quarter in Q4. It will continue to change. And again, as that piece becomes a bigger part of the overall portfolio, that's where you'll see it flip to a faster growth.

是的。再說一次，我不想一直試圖給你那個水平的指導，Ittai。我確實認為這是我們關注的領域，我們正在投資的領域是高增長領域。這就是為什麼你會看到兩位數的增長。這種組合將繼續改變。第一季度顯然是積極的。在第四季度的上一季度是積極的。它將繼續改變。再一次，隨著這部分成為整個投資組合中更大的一部分，你會看到它轉向更快的增長。

Tim Long from Barclays.

來自巴克萊的蒂姆·朗。

Maybe just 2, if I could, kind of related. On the software side, a little bit detail on the growth rate. Maybe if you can talk a little bit about more broadly the software solutions and how we can start to see growth accelerate there, I guess, as we get through this transition a little further? And secondly, more granular, Chuck, maybe you could talk a little bit about renewals for Cat 9000. I think we're starting to come up against a period where we're going to see more of those. Any early indications there? And what do you think kind of retention rates would look like? And do you think there's any software upsell opportunities as the bulk of the early customer base starts renewing?

也許只有 2 個，如果可以的話，有點相關。在軟件方面，有關增長率的一些細節。也許如果你能更廣泛地談談軟件解決方案，以及我們如何開始看到那裡的增長加速，我猜，隨著我們進一步完成這個過渡？其次，更詳細一點，查克，也許你可以談談 Cat 9000 的續訂。我認為我們開始遇到一個我們將看到更多此類更新的時期。有什麼早期跡象嗎？你認為保留率是什麼樣的？隨著大部分早期客戶群開始更新，您是否認為有任何軟件追加銷售機會？

Scott, do you want to take the first and I'll take the second?

斯科特，你想拿第一個，我拿第二個嗎？

Yes, sounds good. On the software revenue growth, as you said, it did slow a bit during the quarter. And that's really, again, the same effect that we talked about in the opening commentary. We had that transformation from selling more perpetual license to selling more as a subscription. And you know that's an area that we've put a lot of time and effort focusing on. So it's that mix underneath the covers that's driving it.

是的，聽起來不錯。正如您所說，在軟件收入增長方面，它在本季度確實有所放緩。這真的，再次，我們在開場評論中談到的相同效果。我們從出售更多永久許可轉變為以訂閱形式出售更多。你知道這是我們投入大量時間和精力關注的領域。所以它是驅動它的封面下的混合。

Where you'll see the revenue that's not yet recognized, but the success of that transformation is in 2 of the stats that we also gave you in the opening commentary. Product RPO, product remaining performance obligations, up 18% and product ARR growing 21%. So a lot of the software sales that we had in the quarter were actually sitting there in RPO at this point, then they'll get recognized over the future. So that's just creating an overall headwind to the reported revenue growth rate.

您會在哪裡看到尚未確認的收入，但這種轉變的成功體現在我們在開場評論中也為您提供的 2 個統計數據中。產品 RPO、產品剩餘履約義務增長 18%，產品 ARR 增長 21%。因此，我們在本季度的很多軟件銷售實際上都在 RPO 中，然後它們將在未來得到認可。因此，這只會對報告的收入增長率造成整體不利影響。

Just to add to that, Tim, our perpetual software, as you would expect, is negative year-over-year. So -- and then the ratable that gets recognized over 3, 4, 5 years is where we're shifting it to. On the renewals on the Cat 9000, what I would say is that it's still too early to tell, but I'll tell you that it's in line with our expectations. And the last 2 quarters -- these are small numbers, just to be clear. We're very early in this. And the teams have been improving it. I will tell you that we've added some innovative value around this with like the ThousandEyes capability that's been put into it now. So the teams are working on it. We have a reasonable degree of confidence.

此外，正如您所料，我們的永久軟件 Tim 同比下降。所以 - 然後在 3、4、5 年內得到認可的評級就是我們將其轉移到的地方。關於 Cat 9000 的續訂，我想說現在說還為時過早，但我會告訴你，這符合我們的預期。最後兩個季度——這些都是很小的數字，只是為了清楚起見。我們在這方面很早。團隊一直在改進它。我會告訴你，我們已經為此添加了一些創新價值，例如現在已經投入其中的千眼功能。所以團隊正在努力。我們有合理的信心。

I mean if you look at net retention rates are clearly off the charts positive. But I think it's going to be into the second half and into fiscal '23 when we really see enough volume to have conviction that we've got the numbers where we need them to be.

我的意思是，如果你看看淨保留率顯然是積極的。但我認為要到下半年和 23 財年，當我們真正看到足夠的數量來確信我們已經獲得了我們需要的數字時。

Meta Marshall from Morgan Stanley.

來自摩根士丹利的 Meta Marshall。

Great. Chuck, I wanted to ask a question just on your conversations with customers and just as you guys and much of the industry tries to pass on price changes, just how that's impacting demand, maybe particularly with service providers who just have a little less budget flexibility?

偉大的。 Chuck，我想問一個關於你與客戶的對話的問題，就像你們和許多行業試圖傳遞價格變化一樣，這對需求有何影響，尤其是對預算靈活性稍差的服務提供商而言?

And then maybe a second question, just cloud, you guys are making a lot of efforts to reconfigure products or find alternative suppliers. Just how should we think of the time line of some of those actions kind of showing up and ability to kind of clear some of the backlog.

然後也許是第二個問題，只是雲，你們正在努力重新配置產品或尋找替代供應商。我們應該如何考慮其中一些行動的時間線以及清除一些積壓的能力。

Yes. So let me -- on your first question, look, I think it varies by customer. Most customers are very understanding. They are super frustrated with the lead times. We have -- where we have situations that we need to deal with specific customer issues around budgets, et cetera, our teams handle that specifically with the customers. But in general, I think that they understand. And many of our customers are doing the same thing to their customers. So this is the whole inflationary trend that we see across the entire economy.

是的。所以讓我 - 關於你的第一個問題，看，我認為它因客戶而異。大多數客戶都非常理解。他們對交貨時間感到非常沮喪。我們有 - 在我們需要處理圍繞預算等特定客戶問題的情況下，我們的團隊專門與客戶一起處理。但總的來說，我認為他們理解。我們的許多客戶也在對他們的客戶做同樣的事情。這就是我們在整個經濟中看到的整體通脹趨勢。

I would say that -- a quick comment on -- before I hand it to Scott on the second part. I think the -- we did talk about the first half of last quarter, we did see some deterioration in the -- in our supply chain component availability. And then we saw it stabilize in the second half. So that was good. And we're planning on seeing some slight improvement in Q3 and Q4. We don't expect a lot of -- we expect it to remain stabilized in Q2, and then we think we'll see some slight improvement in the second half of our fiscal year. That's our current belief based on what we know today. Scott, you want to talk a little bit about the second part?

在我將第二部分交給 Scott 之前，我會這麼說——快速評論一下。我認為 - 我們確實談到了上個季度的上半年，我們確實看到我們的供應鏈組件可用性有所惡化。然後我們看到它在下半場穩定下來。所以那很好。我們計劃在第三季度和第四季度看到一些輕微的改善。我們預計不會有很多 - 我們預計它會在第二季度保持穩定，然後我們認為我們會在本財年的下半年看到一些輕微的改善。基於我們今天所知道的，這是我們目前的信念。斯科特，你想談談第二部分嗎？

Sure. And...

當然。和...

When we begin...

當我們開始...

Meta, yes, I think that's the $64,000 question. And the complexity of answering that is, of course, it's not just one commodity that's constrained. It's -- and you have to square the sets across multiple commodities that are all constrained. And then you have to overlay on that the snarled logistics position that we find ourselves in really across all lanes, whether it's ocean or air or trucking. The layering on of both of those is what makes answering that question is so complex.

Meta，是的，我認為這是 64,000 美元的問題。當然，回答的複雜性不僅僅是一種商品受到限制。它是——而且你必須將所有受約束的多種商品的集合平方。然後你必須覆蓋我們發現自己在所有車道上的混亂物流位置，無論是海運、空運還是卡車運輸。這兩者的疊加使得回答這個問題變得如此復雜。

As Chuck said, we did see stabilization and some of the signs of stabilization that we saw during the quarter. We saw better visibility to components from some of our suppliers in terms of when they could deliver in the quantities. We saw fewer decommits come in during the quarter, another sign of stabilization. And then memory costs are actually beginning -- just beginning, but beginning to decline a bit, meaning that market is coming more into balance as well. So we're seeing signs of stabilization.

正如查克所說，我們確實看到了穩定以及我們在本季度看到的一些穩定跡象。我們從一些供應商那裡看到了關於何時可以大量交付組件的更好的可見性。我們在本季度看到較少的解除承諾，這是穩定的另一個跡象。然後內存成本實際上開始了——剛剛開始，但開始略有下降，這意味著市場也越來越趨於平衡。因此，我們看到了穩定的跡象。

As we look ahead and look at Q2 guide and what that means for the full year, obviously, we're in a very strong position on RPO that's going to accrete into the revenue stream in the second half of the year. And we've got a backlog that provides us great visibility into exactly what we need to build. So we can be a lot more targeted in what we need to go chase down to get that. So we feel confident in the position that we're in, both on the Q2 guide and the full year guide given what we see today.

當我們展望第二季度指南以及這對全年意味著什麼時，顯然，我們在 RPO 方面處於非常有利的位置，這將在下半年增加收入流。而且我們有一個積壓的工作，可以讓我們清楚地了解我們需要構建什麼。因此，我們可以更加有針對性地尋找我們需要追逐的目標。因此，鑑於我們今天所看到的，我們對我們在第二季度指南和全年指南中所處的位置充滿信心。

The bad news is we've had, obviously, challenges getting things shipped to our customers. The good news is, is that our backlog is at an all-time high for our company. It's never been higher.

壞消息是，很明顯，我們在將貨物運送給我們的客戶時遇到了挑戰。好消息是，我們公司的積壓工作處於歷史最高水平。它從來沒有更高。

Simon Leopold from Raymond James.

來自雷蒙德詹姆斯的西蒙利奧波德。

I wanted to see if you could maybe quantify or even guess that, how much of the 33% order growth might reflect pull-in, basically customers placing orders ahead of your price increases. If there's any way you could adjust for that or normalize? And what do you expect in terms of the outlook for order trends? Do you forecast this? And I assume at some point, revenue growth and order growth should begin to converge somewhat.

我想看看你是否可以量化甚至猜測，33% 的訂單增長中有多少可能反映了拉動，基本上是客戶在你的價格上漲之前下訂單。如果有任何方法可以調整或正常化？您對訂單趨勢的前景有何期待？你預測這個嗎？我假設在某個時候，收入增長和訂單增長應該開始收斂。

Simon, I wish I could do what you asked because I'd like to know that myself. I will tell you this. We clearly know -- call it pull ahead, call it ordering against the reality of our lead times, but we clearly know that customers are ordering further out than they would normally. The large carriers, the cloud providers, where we had 200% growth, I mean, these are customers we're doing deep forecasting and planning with. So we know that they're ordering 2, 3, 4 quarters out to make sure that they have this stuff in the pipeline and in the right sequence for delivery. So we get that visibility.

西蒙，我希望我能按照你的要求去做，因為我自己也想知道。我會告訴你這個。我們清楚地知道 - 稱之為提前，稱之為根據我們的交貨時間的現實訂購，但我們清楚地知道客戶訂購的時間比他們平時更遠。大型運營商、雲提供商，我們實現了 200% 的增長，我的意思是，這些是我們正在與之進行深入預測和規劃的客戶。所以我們知道他們訂購了 2、3、4 個季度，以確保他們有這些東西在管道中並以正確的順序交付。所以我們得到了這種可見性。

But then you look at a segment like commercial that grew 46%, and you tend not to see a lot -- you'll see a little bit. Some of the commercial customers are looking out. But many of them are ordering when they feel the need. And so it's a really hard question to answer.

但是你看看像商業廣告這樣增長 46% 的部分，你往往看不到很多——你會看到一點點。一些商業客戶正在尋找。但他們中的許多人在覺得有需要時才下單。所以這是一個很難回答的問題。

On your second one, I think the only way I can answer that is to say -- it actually is part of the first answer, too. What we're watching real closely is we're watching cancellations, which we have not seen any change in our historic cancellation rates. In fact, it's lower. We watch pipeline growth. And I can tell you that our pipeline growth is probably as strong as it's ever been, even beyond the quarter we just finished. So we see continued demand. And I think that from that perspective, the way we think about it is our very large customers, largest enterprises, cloud players, large carriers, those we know we have visibility. There's an aspect of ordering ahead from other customers, but I think the vast majority below that probably aren't.

關於你的第二個，我認為我可以回答的唯一方法就是說 - 它實際上也是第一個答案的一部分。我們正在密切關注的是我們正在關注取消，我們沒有看到我們的歷史取消率有任何變化。事實上，它更低。我們關注管道增長。我可以告訴你，我們的管道增長可能與以往一樣強勁，甚至超出了我們剛剛完成的季度。因此，我們看到了持續的需求。而且我認為，從這個角度來看，我們考慮它的方式是我們的非常大的客戶、最大的企業、雲玩家、大型運營商，我們知道我們有知名度。有一個方面是從其他客戶那裡提前訂購，但我認為下面的絕大多數可能不是。

So is it fair to imagine that you were also surprised by the improvement in order growth versus the prior quarter? Was this a surprise to you as well?

那麼可以想像您對訂單增長與上一季度相比的改善感到驚訝嗎？這也讓你感到意外嗎？

Yes. Well, yes. And if you look at the compare from a year ago, the compare was actually tougher. So the momentum actually increased, if you look at it that way. So I -- but our teams have -- we talked about, 6 years ago, that we were going to do the work to try to get back into these franchises in the cloud players, and that's been a big -- that's a big, big success for us right now, and that's certainly helpful.

是的。嗯，是。如果你看一下一年前的比較，比較實際上更難。所以，如果你這樣看，勢頭實際上增加了。所以我 - 但我們的團隊已經 - 我們在 6 年前談到過，我們將努力回到這些雲玩家的特許經營權，這是一個很大的 - 這是一個很大的，我們現在取得了巨大的成功，這當然很有幫助。

And then we've got all these other trends happening right now. You've got 5G build-out, you've got WiFi 6. You've got every enterprise customer realizing that they're not going to get caught with the next crisis, not having their technology modernized. Our switching growth is at a rate that 2 years ago, if I had told you we're going to be doing that or if you told me we were going to be doing that, we would have both been crazy.

然後我們現在正在發生所有這些其他趨勢。有了 5G 擴建，有了 WiFi 6。每個企業客戶都意識到他們不會陷入下一場危機，他們的技術不會現代化。我們的轉換增長速度與 2 年前一樣，如果我告訴你我們將這樣做，或者如果你告訴我我們將這樣做，我們都會瘋了。

So it's -- so I think your point of -- at some point in the future, you would expect order rate and revenue, would they have to get in line? I think over a time period, yes. Not necessarily in 1 quarter versus the other because of the transition in the business model. Because if you look at the RPO that we're pulling off the balance sheet every quarter, I go back and look at what that was -- would have been 6 years ago, it would have been anywhere remotely close to what we are. So we would have been in a much more dire situation relative to supply chain and revenue right now if we hadn't been making the transition that we've been making.

所以它 - 所以我認為你的觀點 - 在未來的某個時候，你會期望訂單率和收入，他們是否必須排隊？我認為在一段時間內，是的。由於業務模式的轉變，不一定在第一季度與另一季度相比。因為如果您查看我們每個季度從資產負債表中刪除的 RPO，我會回過頭來看看那是什麼 - 這可能是 6 年前的情況，它會與我們的情況相距甚遠。因此，如果我們沒有進行我們一直在進行的過渡，我們現在就供應鍊和收入而言將處於更加可怕的境地。

Yes, that $15.9 billion of just current RPO, meaning it's going to accrete into the revenue stream in the next 12 months, gives us obviously a fair amount of visibility there, Simon.

是的，僅當前 RPO 的 159 億美元，意味著它將在未來 12 個月內增加收入流，顯然給了我們相當大的知名度，西蒙。

The other thing I'd say to your point that I think is relevant on the strength of the order flow during the quarter is linearity was also good. It wasn't like the quarter started off strong and got weaker as it went on. The linearity was good throughout the quarter. So we do enter the current quarter with some pretty good momentum on that front.

我認為與本季度訂單流強度相關的另一件事是線性度也很好。並不是這個季度一開始就很強勁，然後隨著時間的推移變得越來越弱。整個季度的線性度都很好。因此，我們確實在這方面以相當不錯的勢頭進入了本季度。

It actually was the opposite. It strengthened.

實際上恰恰相反。它加強了。

Yes. Yes.

是的。是的。

Paul Silverstein with Cowen.

保羅·西爾弗斯坦和考恩。

Variation of from the previous question. And Chuck and Scott, if you already answered this, I do apologize. I don't think I heard the response. But in quantifying how much revenue would have been and what margins would have been but for the supply chain constraints, did you give that number? If not, can you give us that number -- those numbers?

與上一個問題不同。查克和斯科特，如果你已經回答了這個問題，我深表歉意。我想我沒有聽到回應。但是在量化如果沒有供應鏈限制的情況下會有多少收入和利潤會有多少，你給出了這個數字嗎？如果沒有，你能給我們那個數字——那些數字嗎？

Well, we can't give you the number because it's impossible to calculate. But if you look at last quarter's product growth at 31%, this quarter's product growth at 33%, the RPO that will be pulled off the balance sheet is meaningfully higher. I mean it's the largest backlog we've had in the history of the company. So it's hard to say. But Scott, anything to add?

好吧，我們不能給你這個數字，因為它無法計算。但是，如果您查看上一季度的產品增長率為 31%，本季度的產品增長率為 33%，那麼將從資產負債表中刪除的 RPO 明顯更高。我的意思是這是我們公司歷史上最大的積壓工作。所以很難說。但是斯科特，有什麼要補充的嗎？

Just Paul, the constraint, obviously, is component supply right now with back-to-back quarters of 31%, product order growth in the Q4 that we closed and then 33% in the quarter that we just closed, Q1. Clearly, what the headwind that we're seeing to faster revenue growth is just component supply. That backlog will turn into revenue. It will just turn into revenue over time. So quantifying that as -- it's going to show up in the revenue stream, if the question is...

只有保羅，顯然，限制是現在的組件供應，背靠背季度為 31%，產品訂單在我們結束的第四季度增長，然後在我們剛剛結束的第一季度增長 33%。顯然，我們看到的更快收入增長的不利因素只是零部件供應。積壓的訂單將轉化為收入。隨著時間的推移，它只會變成收入。因此，將其量化為-它將顯示在收入流中，如果問題是...

And what I would say is that while short term, this doesn't feel great, I think what we're seeing is that customers have decisions they're making right now, and they're choosing our technology across the board. I mean they're choosing the innovation that our teams have built. And I think that's going to bode well, and that's a great indicator for us in the future. And I think the fact of the matter is, with that RPO and the backlog that we have, that stuff's going to ship. So there's going to be some short-term issues, but it's going to catch up.

我想說的是，雖然短期而言，這感覺不太好，但我認為我們看到的是客戶現在正在做出決定，他們正在全面選擇我們的技術。我的意思是他們正在選擇我們團隊建立的創新。我認為這將是一個好兆頭，這對我們未來來說是一個很好的指標。而且我認為問題的事實是，有了 RPO 和我們擁有的積壓工作，這些東西就會發貨。所以會有一些短期問題，但它會迎頭趕上。

Chuck, the thought arises that you've got 2 different issues that are jamming revenue and margins right, or at least revenue, which is both the shift to software and RPO as well as the supply constraint -- supply chain constraints, which is making it difficult to decipher what true demand is, right, in terms of quantifying it. But I guess that's not really a very insightful statement. Can I ask you -- you mentioned very strong backlog. Can you tell us what the backlog growth was as well as what book-to-bill was?

查克，你有兩個不同的想法，它們正在影響收入和利潤，或者至少是收入，這既是向軟件和 RPO 的轉變，也是供應約束——供應鏈約束，這使得就量化而言，很難解讀真正的需求是什麼。但我想這並不是一個非常有見地的陳述。我可以問你嗎 - 你提到了非常強大的積壓工作。你能告訴我們積壓的增長是多少以及訂單到賬單是多少？

I'm not sure book-to-bill matters anymore. That mattered years ago when we were a hardware company, and everything was sort of net 30. We haven't looked at that in ages. I'm sure it's on a spreadsheet somewhere from years ago. But I would say the backlog is, Scott, how would you want to characterize it? I'll leave that with you.

我不確定從帳單到帳單的重要性了。幾年前，當我們還是一家硬件公司時，這很重要，一切都是淨 30。我們已經很久沒有看過這個了。我敢肯定它在幾年前的某個電子表格上。但我會說積壓是，斯科特，你想如何描述它？我會把它留給你。

It's -- I mean without saying the absolute number, Paul, I think look at the revenue growth rate, the difference between the revenue growth rate and just in the last 2 quarters, in Q4 and in Q1, you can get a sense of what's built up in that backlog. It is -- we have great visibility to what we need to build and ship out. And that's why you see us taking the steps we're taking in terms of adding inventory, making some of the longer-term purchase commitments that you see show up in our filings.

這是 - 我的意思是不說絕對數字，保羅，我認為看看收入增長率，收入增長率與過去兩個季度，第四季度和第一季度之間的差異，你可以了解什麼是積壓在那個積壓中。它是——我們對我們需要構建和交付的東西有很好的了解。這就是為什麼您看到我們採取措施增加庫存，做出您在我們的文件中看到的一些長期採購承諾。

It's really trying -- doing everything we can to try to support our customers and get that product out the door as quickly as possible. But you can get a sense of the build and backlog just by looking at the delta between what's been -- what's showing up in bookings and what we're able to push out the door in revenue.

這真的很努力——盡我們所能來支持我們的客戶並儘快將產品推出市場。但是您可以通過查看已經發生的事情之間的差異來了解構建和積壓工作 - 預訂中出現的內容與我們能夠推出的收入之間的差異。

Chuck, are there any product markets where you're concerned about share loss, not keeping up with market growth?

Chuck，是否有任何產品市場您擔心份額損失，跟不上市場增長？

Yes. I mean, it's -- we worry about it every day, and so do our competitors, right? And so it's -- everybody is trying to fulfill what customers need and I guess the silver lining is this is not necessarily unique to us, but it's certainly frustrating.

是的。我的意思是，我們每天都在擔心它，我們的競爭對手也是如此，對吧？所以它 - 每個人都在努力滿足客戶的需求，我想一線希望是這不一定是我們獨有的，但這肯定令人沮喪。

Amit Daryanani from Evercore.

來自 Evercore 的 Amit Daryanani。

The first one, your revenue guide for Jan quarter is obviously below the Street was modeling. I'd love to get a sense. I mean, the guide that you just gave, how does that stack up to which you thought Jan quarter could look like maybe 90 days ago? And to the extent you could talk about the deceleration we've seen from October to Jan on a year-over-year basis, would that have occurred if you had no supply chain issues?

第一個，您 1 月季度的收入指南顯然低於華爾街建模。我很想了解一下。我的意思是，你剛剛給出的指南，你認為一月季度可能看起來像 90 天前的那個堆疊如何？在某種程度上，您可以談論我們從 10 月到 1 月看到的同比減速，如果您沒有供應鏈問題，會發生這種情況嗎？

There's no question that, that Q2 guide is impacted by the supply chain. The component supply issues that are putting a headwind on what we can get pushed out the door. What I'd say is we -- our full year guide that we gave you last quarter of 5% to 7% growth on the top line and 5% to 7% growth on the bottom line, given another quarter of very strong demand growth and the backlog plus the buildup of RPO we have, we have pretty good visibility to what needs to get done to hit that and are still -- given everything we know, we're still quite confident in being able to hit those for the full year. So the shape of the year may look a little bit different because of the supply issues, but the full year still feels like it's where it was 90 days ago.

毫無疑問，第二季度指南受到供應鏈的影響。組件供應問題阻礙了我們可以推出的產品。我要說的是我們的全年指南，鑑於另一個季度的需求增長非常強勁以及積壓的訂單加上我們擁有的 RPO 的積累，我們非常清楚需要做些什麼才能實現這一目標，並且仍然 - 鑑於我們所知道的一切，我們仍然非常有信心能夠完全實現這些目標年。因此，由於供應問題，今年的形狀可能看起來有點不同，但全年感覺仍然像 90 天前一樣。

Got it. And if I could just follow up. You had a really nice win with Facebook on Silicon One position, I think, recently. Could you just talk about as you think about Silicon One offering, where is this resonating with customers? And Chuck, I would love to understand what are sort of the 2 or 3 reasons beyond -- this is alternate to what Broadcom does that customers have gravitated to Silicon One more?

知道了。如果我能跟進。我認為，你最近在矽谷一號位置上與 Facebook 取得了非常好的勝利。您能否談談您對 Silicon One 產品的思考，這在哪裡引起了客戶的共鳴？ Chuck，我很想了解除此之外的 2 或 3 個原因是什麼——這與 Broadcom 的做法不同，客戶更傾向於 Silicon One？

Yes, Amit, I would say there's a couple of things. Number one, the performance of the Silicon One architecture is pretty incredible. And in a world where sustainability is a massive issue for everyone, when you look at the performance to power consumption ratio, it is -- it leads the world. And so when you look at the speed and the number of ports and the performance that we're able to deliver at the lower power consumption, it is super meaningful. And so not only is it a great technology, but it comes at a significantly lower power consumption. And I think those are a couple of the big reasons.

是的，阿米特，我想說有幾件事。第一，Silicon One 架構的性能非常令人難以置信。在一個可持續發展對每個人來說都是一個大問題的世界裡，當你看到性能與功耗比時，它是——它引領著世界。因此，當您查看速度和端口數量以及我們能夠以較低功耗提供的性能時，這是非常有意義的。因此，它不僅是一項偉大的技術，而且功耗顯著降低。我認為這是兩個重要原因。

Rod Hall from Goldman Sachs.

高盛的羅德霍爾。

I wanted to come back to the service provider orders. We would calculate that's the best number you've done on absolute orders and service provider in 10 years. I mean it's an insanely good number. And I wonder if you could talk a little bit about what's in there? I know that you believe that orders are coming forward 3 or 4 quarters, I think, like you said, Chuck, that are 2 to 4. But what is driving that? Can you dig into the products inside of that? And can you maybe link it back to some of these very large CapEx programs we've seen at some of the hyperscalers and so on. And how all this fits together for you from a product point of view and a market point of view? And then I've got a follow-up.

我想回到服務提供商的訂單。我們會計算出這是 10 年來您在絕對訂單和服務提供商方面所做的最好的數字。我的意思是這是一個非常好的數字。我想知道你能不能談談裡面有什麼？我知道您認為訂單將在 3 或 4 個季度後出現，我想，就像您所說的 Chuck，這是 2 到 4 個季度。但是是什麼推動了這一點？你能深入了解裡面的產品嗎？你能不能把它鏈接回我們在一些超大規模公司等看到的一些非常大的資本支出項目。從產品的角度和市場的角度來看，這一切如何適合您？然後我有一個跟進。

Okay, Rod, thank you. Yes, I think you're probably right. I don't know if it goes back 10 years. I haven't looked at it, but it was significant. And I think it's a combination of what we talked about. For 3 years on these calls, we talked about when's 5G going to be real, right? And so we see it real now. And so you sell site routers that are backhaul. Routers are a big deal. Packet Core is a big deal. You get into the cloud providers and you have either stand-alone -- silicon stand-alone software or integrated systems. And increasingly, it's -- we're getting more integrated systems work, which has been helpful.

好的，羅德，謝謝。是的，我認為你可能是對的。我不知道它是否可以追溯到10年前。我沒看過，但意義重大。我認為這是我們所討論的內容的結合。 3 年來，我們一直在討論 5G 何時成為現實，對吧？所以我們現在看到它是真實的。因此，您銷售回程的站點路由器。路由器很重要。分組核心是一個大問題。你進入雲提供商，你要么擁有獨立的——矽獨立軟件，要么擁有集成系統。而且，越來越多的——我們正在獲得更多的集成系統工作，這很有幫助。

The Edge with the ASR 9000, the Cisco 8000 has been obviously super successful in the NCS product line. Optical, acacia is doing very well. And so all those technologies just line up. And I think that when you look at the -- I'd say, I'd summarize it with 3 major trends, just us getting into the 400-gig build-out in the cloud, plus the 5G build-out in the service provider space and then a re-architecture that's happening in the service provider space to just basically flatten and simplify the whole routed optical network strategy that our teams have talked about. Those are the drivers. And you had a second question, Rod.

帶有 ASR 9000 的 Edge，Cisco 8000 在 NCS 產品線中顯然非常成功。光學、相思做得很好。所以所有這些技術都排成一行。而且我認為，當您查看 - 我會說，我會用 3 個主要趨勢來總結它，只是我們進入雲中的 400 gig 構建，以及服務中的 5G 構建提供商空間，然後是服務提供商空間中發生的重新架構，以基本上扁平化和簡化我們團隊討論過的整個路由光網絡戰略。那些是驅動程序。你還有第二個問題，羅德。

Yes. I wanted to come back to the backlog and maybe see if Scott, if you have aged that at all? I mean, could you give us any idea? I know it's within the RPO, but could you give us any idea on aging on that just so we could try to reconcile? I mean, obviously, the talks down. Reason it's probably down is because the growth rate here just doesn't match the order growth, and people are going to try to reconcile that. And I thought, well, maybe you could give us some kind of aging that would help us to make some progress on that. So I'm just curious if you can help with that.

是的。我想回到積壓的工作，也許看看斯科特，如果你已經老化了？我的意思是，你能給我們一些想法嗎？我知道它在 RPO 內，但您能否告訴我們關於老化的任何想法，以便我們可以嘗試和解？我的意思是，很明顯，談判失敗了。它可能下降的原因是因為這裡的增長率與訂單增長不匹配，人們會試圖調和這一點。我想，好吧，也許你可以給我們一些老化，這將有助於我們在這方面取得一些進展。所以我很好奇你能不能幫忙。

Rod, thanks for that question. This is something that our supply chain team is working day and night to try to resolve. We obviously can look at that and understand what's in the backlog quite well. What I'd say is what we're working through is really a prioritization mechanism on how we can get things shipped out that are going to make sense to our customers and get those out there as quickly as possible. So there is some aging inside there, Rod. Rather than try to quantify that for you, what I'd say instead is it's something that we are -- our team is working night and day to try to resolve. And by the way, If it's sitting in the backlog, obviously, it's not an RPO yet. It's not in RPO, so it's incremental to RPO.

羅德，謝謝你的問題。這是我們的供應鏈團隊日以繼夜地努力解決的問題。我們顯然可以查看並很好地理解積壓工作中的內容。我要說的是，我們正在通過的實際上是一個優先級機制，即我們如何才能將對我們的客戶有意義的東西運送出去，並儘快將它們運送出去。所以里面有一些老化，羅德。與其嘗試為您量化這一點，我想說的是我們就是這樣——我們的團隊正夜以繼日地努力解決問題。順便說一句，如果它在積壓中，顯然它還不是 RPO。它不在 RPO 中，所以它是 RPO 的增量。

Right.

對。

Oh, sorry, yes, I misspoke. Sorry about that.

哦，對不起，是的，我說錯了。對於那個很抱歉。

Matthew Niknam from Deutsche Bank.

德意志銀行的馬修尼克南。

Just 2, if I could. First, on gross margins. I think the guide for next quarter implies you're going to be down about 50 bps at the midpoint despite some of the seasonal lift you've typically seen in fiscal 2Q. So I'm just wondering, is it entirely worsening supply chain constraints? Or are there other factors to consider?

如果可以的話，就2個。首先，關於毛利率。我認為下個季度的指導意味著你將在中點下降約 50 個基點，儘管你通常在第二財季看到一些季節性提升。所以我只是想知道，這是否完全惡化了供應鏈限制？還是有其他因素需要考慮？

And then secondly, I guess more broadly, a question on capital allocation. At the Analyst Day, you talked about using the buyback to continue to use it to offset dilution for stock options, but you're also sitting on $23 billion in cash. Wondering if there are any updates you can share in terms of strategy here? And on a related point, what you're seeing on the M&A front in terms of larger scale, more transformational opportunities?

其次，我想更廣泛地說，一個關於資本配置的問題。在分析師日，你談到使用回購來繼續用它來抵消股票期權的稀釋，但你也坐擁 230 億美元的現金。想知道您是否可以在此處分享策略方面的任何更新？與此相關的是，您在併購方面看到的更大規模、更多轉型機會的情況是什麼？

Okay. You snuck in 3 there, Matthew, but I'll start with the gross margin question. The guide that we gave for the quarter at 63.5 to 64.5 is exactly the same guide that we gave you in Q1. And it's the exact same combination of effects. There's some competing factors inside there, right, on the -- within the gross margin. We've got price increases that will come online as the year goes on, more toward the second half. And really more toward the end of Q3 and into Q4, we'll start to see -- that will be a tailwind to gross margin.

好的。馬修，你偷偷溜進去了 3，但我將從毛利率問題開始。我們在本季度給出的 63.5 到 64.5 的指南與我們在第一季度給您的指南完全相同。這是完全相同的效果組合。那裡有一些競爭因素，對，在毛利率範圍內。隨著時間的推移，我們的價格上漲將上線，更多的是在下半年。在第三季度末和第四季度，我們將開始看到——這將是毛利率的順風。

We've got the cost increases. And within that, it's not just component cost increases, which are a part of it. It's also logistics cost increases as we talked about, and those have gone up across the board as well. So that's what's in the gross margin. That's -- it's strictly tied to the various elements of cost within our supply constraints that we're dealing with.

我們的成本增加了。在這其中，不僅僅是組件成本增加，這是其中的一部分。正如我們所說，這也是物流成本的增加，而且這些成本也全面上升。這就是毛利率。那是 - 它與我們正在處理的供應限制內的各種成本要素嚴格相關。

On the cap allocation, which I think was your second question, our cap allocation policy is unchanged. It's exactly as we stated at Investor Day, which is, first and foremost, to support the growth of the business. Beyond that to obviously continue to protect the dividend through time, offset dilution of the -- our equity plans, which is what you saw us do during the quarter we just closed. And then longer term, return excess cash in the most tax-efficient way we can to our investors.

關於上限分配，我認為這是您的第二個問題，我們的上限分配政策沒有改變。正如我們在投資者日所說的那樣，這首先是為了支持業務的增長。除此之外，顯然要隨著時間的推移繼續保護股息，抵消我們的股權計劃的稀釋，這是你在剛剛結束的季度看到我們所做的。然後從長遠來看，以最節稅的方式將多餘的現金返還給我們的投資者。

So we continually evaluate that. I will tell you it's an evaluation that is not just done once a quarter, it's a valuation that we do continually on that front. The M&A question is one that probably doesn't pay to get too deep into, M&A has been a part of our strategy as a company over time. We talked about a couple of acquisitions in the opening commentary. Epsagon, which closed during the quarter and Replex, which we announced during the quarter, is not yet closed. You should continue to see us doing some of those more of the build/buy type acquisitions. I think it helps us accelerate innovation. Longer term, it's a space that has been part of our strategy for some time.

所以我們不斷評估。我會告訴你，這不僅僅是一個季度進行一次的評估，而是我們在這方面不斷進行的估值。併購問題可能並不值得深入研究，隨著時間的推移，併購已成為我們公司戰略的一部分。我們在開場評論中談到了幾項收購。 Epsagon 在本季度關閉，而我們在本季度宣布的 Replex 尚未關閉。你應該繼續看到我們做一些更多的構建/購買類型的收購。我認為這有助於我們加速創新。從長遠來看，這是一段時間以來我們戰略的一部分。

Tal Liani from Bank of America.

美國銀行的塔爾·利亞尼。

Chuck, I have a high-level question. If I analyze your growth, you grew $1 billion year-over-year. But when I look at the components, it's all hardware. Switches and routers or secure agent networks is about 55% of it, and the rest of it is the optical stuff, the Internet for the future.

查克，我有一個高級別的問題。如果我分析您的增長情況，您的年增長率為 10 億美元。但是當我查看組件時，它都是硬件。交換機和路由器或安全代理網絡約佔其中的 55%，其餘部分是光學材料，即未來的互聯網。

And the question is twofold. Number one, strategically, what can you do to expedite the growth of your focus areas, meaning software recurring revenues, SaaS, anything that is the other side of hardware. And the second question is, even if I look at the hardware side on these 2 areas, there was a major increase year-over-year in the growth rate, meaning from minus 16 to plus 10, for example, in secure and agile networks, even higher on the optical side. So what about sustainability? Is that the driver going forward, the hardware piece or the legacy pieces? How sustainable is the high growth we are seeing today versus a year ago?

這個問題是雙重的。第一，從戰略上講，你能做些什麼來加速你的重點領域的增長，這意味著軟件經常性收入、SaaS 以及硬件的另一面。第二個問題是，即使我看這兩個領域的硬件方面，增長率也有很大的同比增長，例如在安全和敏捷的網絡中，增長率從負 16 到正 10 ，在光學方面甚至更高。那麼可持續性呢？那是未來的驅動程序，硬件部分還是遺留部分？與一年前相比，我們今天看到的高增長有多可持續？

Thanks, Tal. First of all, I think when you look at the RPO numbers that Scott talked about, that would indicate that there's a significant portion of our revenue that we recognize each quarter that is not hardware. I mean if you look at the RPO that we're going to recognize over the next 4 quarters, and it will increase as we go through the year, I mean, it's sitting at close to $16 billion right now. And so I think -- and you look at the product RPO growth in the quarter was up 18%.

謝謝，塔爾。首先，我認為當您查看 Scott 談到的 RPO 數字時，這表明我們每個季度確認的收入中有很大一部分不是硬件。我的意思是，如果你看看我們將在未來 4 個季度確認的 RPO，它會隨著我們一年的過去而增加，我的意思是，它現在接近 160 億美元。所以我認為 - 你看這個季度的產品 RPO 增長了 18%。

So I think that's actually being successful. I just think the hardware business -- the hardware part of the business was -- had suffered the most a year ago. And so I think it's just coming back strong. And we're -- but I actually think that we're actually making great progress on the software side. So I'm not concerned about it. I obviously would like for it to go faster, but I think it's -- if I look at what we're pulling off the balance sheet today in revenue versus what we were 6 years ago, it's seriously meaningful.

所以我認為這實際上是成功的。我只是認為硬件業務 - 業務的硬件部分 - 一年前遭受的損失最大。所以我認為它剛剛強勢回歸。我們是——但我實際上認為我們在軟件方面確實取得了很大進展。所以我不關心它。我顯然希望它走得更快，但我認為它 - 如果我看看我們今天從資產負債表中拉出的收入與 6 年前相比，這是非常有意義的。

And what about sustainability?

那麼可持續性呢？

You see 1/12 of it or -- in a quarter. A fraction of it in a given quarter. Yes.

你看到它的 1/12 或 - 在四分之一。給定季度的一小部分。是的。

Right. And what about sustainability of these areas that are growing now? How sustainable is the high growth that we're seeing now?

對。那麼這些正在增長的領域的可持續性呢？我們現在看到的高增長有多可持續？

We touched on -- I'll start, Chuck, and you can add color. We touched on that, Tal, at the -- at our Investor Day, where we talked about the long-term growth of the TAMs, just in the markets we're playing in today, that, that's where we're already selling or where we're investing in products. That's up to a $400 billion TAM by fiscal '25. And then within that, those markets are growing 5% to 7%, consistent with our own projected growth rates.

我們談到了——我會開始，查克，你可以添加顏色。 Tal，我們在投資者日上談到了這一點，我們談到了 TAM 的長期增長，就在我們今天所涉足的市場中，那是我們已經在銷售或我們在哪裡投資產品。到 25 財年，這高達 4000 億美元的 TAM。然後在其中，這些市場正在增長 5% 到 7%，與我們自己預計的增長率一致。

Interestingly, when you peel that 5% to 7% back further and say, well, what's going to drive that? By far, if you recall, the fastest growth rate was in the subscription models, and that's what you see from us. You see product RPO growing 18%. You see product ARR growing 21%. You see us doing exactly what we said we were going to do, right, which is make that transformation to a more recurring revenue model. Those things are not necessarily immediately turning into reported revenues, which I think is the math you're trying to do. But you got to add to that or you've got to consider when you do that, the amount that we're building up in RPO and in ARR. And I think that's what drives the growth longer term.

有趣的是，當你進一步剝離 5% 到 7% 並說，好吧，是什麼推動了這一點？到目前為止，如果您還記得，增長最快的是訂閱模式，這就是您從我們這裡看到的。您會看到產品 RPO 增長了 18%。您會看到產品 ARR 增長了 21%。您會看到我們完全按照我們所說的去做，對，就是將這種轉變轉變為更經常性的收入模式。這些東西不一定會立即轉化為報告的收入，我認為這是你想要做的數學。但是您必須添加它，或者您必須在執行此操作時考慮我們在 RPO 和 ARR 中建立的數量。我認為這就是推動長期增長的原因。

And Tal, we're also -- I think if you think about the franchise wins that we're having in the cloud web scale players, I mean, those are like recurring revenue models because you're in until the next transition, right, just like we were out before. So that's another reason that if you look at software as a percentage of total revenue as we continue to make progress there, I think software is going to grow, and then we hope to be growing both sides of it to be candid.

Tal，我們也是——我想如果你考慮一下我們在云網絡規模玩家中獲得的特許經營權，我的意思是，這些就像經常性收入模式，因為你要等到下一次過渡，對吧，就像我們之前出去一樣。所以這是另一個原因，如果您將軟件視為總收入的百分比，因為我們繼續在那裡取得進展，我認為軟件將會增長，然後我們希望能夠坦率地增長它的雙方。

Jim Suva from Citigroup.

花旗集團的吉姆·蘇瓦。

And I just have one question. And that is, can you give some more details around your prepared comment where you mentioned about your integration in Acacia is going really well. What are some examples or proof points or milestones or items that you can maybe help us as outsiders understand about how Acacia is fitting in with Cisco?

我只有一個問題。也就是說，您能否就您準備好的評論提供更多詳細信息，其中您提到您在 Acacia 中的集成進展非常順利。作為局外人了解 Acacia 如何適應思科，有哪些示例或證明點或里程碑或項目可以幫助我們？

Yes. It's a really good question. I think, first of all, they're -- I think they're executing ahead of what we expected from a numbers perspective. So that's first and foremost. And then secondly, I think just the work the teams are doing to continue to deliver on the innovation. There's work going on between the silicon and optics teams today. We're winning new franchises. So I just think it's just been a great partnership since they've been on board. Scott, anything to add?

是的。這是一個非常好的問題。我認為，首先，他們 - 我認為他們的執行超出了我們從數字角度的預期。所以這是首要的。其次，我認為團隊正在做的工作是為了繼續提供創新。今天，矽和光學團隊之間的工作正在進行中。我們正在贏得新的特許經營權。所以我只是認為自從他們加入以來，這只是一個很好的合作夥伴關係。斯科特，有什麼要補充的嗎？

No. I mean, other than just reiterating what you said in the opening commentary, which is -- and this is a pretty major milestone for the industry. First pluggable module, capable of delivering 1.2 terabit capacity on a single wavelength, that's a sign of not just executing on the financial performance, but also continuing to innovate at the rate and pace that we'd expect from them.

不，我的意思是，除了重申你在開場評論中所說的話之外，這是 - 這對行業來說是一個相當重要的里程碑。第一個可插拔模塊，能夠在單個波長上提供 1.2 TB 的容量，這不僅表明了財務業績的執行，而且還以我們期望的速度和速度繼續創新。

All right. Thanks, Jim. We have time for 1 last question.

好的。謝謝，吉姆。我們有時間回答最後一個問題。

Samik Chatterjee from JPMorgan.

摩根大通的 Samik Chatterjee。

Chuck, I guess just wanted to follow up. You have very strong order trends across all the customer verticals, but you did mention the impact that you're monitoring the Delta variant and the uncertainty around it. And we've heard the same from some of the channel partners in terms of a risk to monitor, particularly for the commercial space. Are you seeing anything weaken on the margin there? Or is there a bit more kind of uncertainty risk created because of it?

查克，我想只是想跟進。您在所有客戶垂直領域都有非常強勁的訂單趨勢，但您確實提到了您正在監控 Delta 變體的影響以及圍繞它的不確定性。我們從一些渠道合作夥伴那裡聽到了同樣的風險監控，特別是對於商業空間。您是否看到那裡的邊緣有任何減弱？或者是否會因此而產生更多的不確定性風險？

And then as a quick follow-up for Scott. Scott, I do realize the supply chain constraints that you're highlighting here, but you're reiterating the full year revenue guide of 5% to 7%. Does the high end look a bit more unreachable at this point, just given that the supply constraints are beating into the second half, which probably was not expected when you gave that guide earlier?

然後作為斯科特的快速跟進。斯科特，我確實意識到你在這裡強調的供應鏈限制，但你重申了 5% 到 7% 的全年收入指南。鑑於供應限制正在進入下半年，這在您之前提供該指南時可能沒有預料到，在這一點上，高端是否看起來有點遙不可及？

Yes. Samik, my answer is pretty quick. We're not seeing any impact from it, but we're clearly monitoring it. We live -- we're in such a dynamic world right now, and you see what's happening in some places in Europe, but we actually saw acceleration in the last 90 days.

是的。 Samik，我的回答很快。我們沒有看到任何影響，但我們顯然正在監控它。我們生活——我們現在處於一個如此充滿活力的世界，你可以看到歐洲某些地方正在發生的事情，但我們實際上在過去 90 天內看到了加速發展。

Yes, you pointed out commercial, Samik, in the question. And one of the data points that Chuck talked about earlier is commercial group, product orders and commercial grew 46% during the quarter. So we had really strong growth there.

是的，您在問題中指出了商業，Samik。 Chuck 早些時候談到的數據點之一是商業集團，產品訂單和商業在本季度增長了 46%。所以我們在那裡有非常強勁的增長。

I think to your second question, it's so hard. I talked earlier about the complexity of answering that question, but I'll just repeat what we said earlier in the year that if the supply chain or the supply -- the component supply constraints began to clear up earlier in the second half, we'll be toward the high end. If it's later in the second half, we'll be toward the low end.

我想你的第二個問題，太難了。我早些時候談到了回答這個問題的複雜性，但我將重複我們在今年早些時候所說的話，如果供應鍊或供應 - 組件供應限制在下半年早些時候開始清除，我們將走向高端。如果是在下半年晚些時候，我們將走向低端。

So the real difficult question to answer is where in the second half, do we really see that starting to clear up. What we have seen is stabilization. It did deteriorate earlier in the first quarter as the quarter went on. I mentioned earlier, we saw signs of stabilization. And we also have great visibility coming from what's in RPO that's going to accrete into our revenue stream in the second half and knowing very clearly what's in the backlog. So we know exactly which components to go chase to build that out. So we're confident in the full year. The question of when this all clears up in the second half is really what's going to dictate whether we're more towards the high end or more towards the low end.

所以真正難以回答的問題是，在下半場，我們是否真的看到開始明朗了。我們看到的是穩定。隨著季度的進行，它在第一季度早些時候確實惡化了。我之前提到過，我們看到了企穩的跡象。我們還可以從 RPO 中的內容中獲得很好的可見性，這些內容將在下半年增加我們的收入流，並且非常清楚地知道積壓的內容。所以我們確切地知道要追逐哪些組件來構建它。所以我們對全年充滿信心。下半場這一切何時結束的問題實際上將決定我們是更接近高端還是更接近低端。

All right. Let me just wrap up by thanking all of you for spending time with us today and just saying I'm really proud of what the teams have accomplished. It's an incredibly complex environment. When you look at -- we delivered 8% revenue growth, 8% non-GAAP EPS, all 3 geographies, product bookings over 30%. ARR growing to $21.6 billion, double digits. RPO at $30.1 billion, double digits. I really am just pleased with what the teams have done. It was truly a great quarter and a very complicated time.

好的。最後，讓我感謝你們所有人今天與我們共度時光，並說我為團隊所取得的成就感到非常自豪。這是一個極其複雜的環境。當您查看時-我們實現了 8% 的收入增長，8% 的非公認會計原則每股收益，所有 3 個地區，產品預訂超過 30%。 ARR 增長到 216 億美元，兩位數。 RPO 為 301 億美元，兩位數。我真的很高興團隊所做的一切。這確實是一個偉大的季度和一個非常複雜的時期。

Largest backlog in our history. It will ship and combine that with our RPO and we feel good about where we're headed. We'll continue to plan and work hard on navigating these component issues, and our supply chain team continues to work night and day to do that. We feel good still about our annual guidance, and I have a lot of confidence about where we are with our innovation and with the company in general. So thanks for spending time with us, and we'll talk to you next time.

我們歷史上最大的積壓。它將發貨並將其與我們的 RPO 結合起來，我們對我們的發展方向感到滿意。我們將繼續計劃並努力解決這些組件問題，我們的供應鏈團隊將繼續夜以繼日地工作。我們仍然對我們的年度指導感到滿意，而且我對我們的創新和整個公司的現狀充滿信心。感謝您與我們共度時光，我們下次再與您交談。

Great. Thanks, Chuck. Cisco's next quarterly earnings conference call, which will reflect our fiscal 2022 second quarter results, will be on Wednesday, February 16, 2022 at 1:30 p.m. Pacific Time, 4:30 p.m. Eastern Time. This concludes today's call. If you have any further questions, please feel free to contact the Cisco Investor Relations group, and we thank you very much for joining today.

偉大的。謝謝，查克。思科的下一次季度收益電話會議將在 2022 年 2 月 16 日星期三下午 1:30 舉行，該電話會議將反映我們 2022 財年第二季度的業績。太平洋時間，下午 4:30東部時間。今天的電話會議到此結束。如果您還有其他問題，請隨時聯繫思科投資者關係小組，我們非常感謝您今天加入。

Thank you for participating on today's conference call. If you would like to listen to the call in its entirety, you may call (866) 360-3304. For participants dialing from outside the U.S., please dial (203) 369-0159. This concludes today's call. You may disconnect at this time.

感謝您參加今天的電話會議。如果您想完整收聽電話，您可以致電 (866) 360-3304。對於從美國境外撥打的與會者，請撥打 (203) 369-0159。今天的電話會議到此結束。此時您可以斷開連接。