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。如果有異議可以斷開連接。

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

現在我想介紹投資者關係主管瑪麗蓮莫拉 (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 財年第一季季度財報電話會議。我是投資者關係主管瑪麗蓮莫拉 (Marilyn Mora)，與我一起的還有我們的董事長兼首席執行官查克羅賓斯 (Chuck Robbins)；以及我們的財務長 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.

現在，您應該已經看到我們的收益新聞稿了。電話會議結束後，我們將在網站的「投資者關係」部分提供相應的網路廣播和幻燈片，其中包括補充資訊。損益表、完整的 GAAP 與非 GAAP 調節資訊、資產負債表、現金流量表和其他財務資訊也可以在我們的投資者關係網站的財務資訊部分找到。

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，從第一季開始，我們開始報告以下類別的收入：安全敏捷網路、混合工作、端到端安全性、未來互聯網、優化的應用體驗、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，這一變化使我們的產品類別與我們的策略重點更加一致。

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.

這項變更僅影響我們以產品類別報告收入的方式，因為我們的報告分部將繼續以地區為基礎，包括美洲、歐洲、中東和非洲地區以及亞太地區及日本地區。我們在網站上列出了過去 3 個財政年度的季度重新分類收入金額。點擊網站的財務資訊部分即可存取這些文件。

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.

在整個電話會議過程中，我們將參考 GAAP 和非 GAAP 財務結果，並且我們將從收入方面討論產品結果，從產品訂單方面討論地理和客戶結果，除非另有說明。本次電話會議中的所有比較都將以同比為基礎進行。

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.

我們今天將要討論的事項包括前瞻性陳述，包括我們將為 2022 財年第二季和全年提供的指引。它們受 COVID-19 等風險和不確定性的影響，我們在向美國證券交易委員會提交的文件中詳細討論了這些風險和不確定性，特別是最新的 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的結果存在重大差異的重要風險因素。關於指導，請參閱本次電話會議附帶的幻燈片和新聞稿以了解更多詳細資訊。除非透過明確的公開揭露，否則思科不會對本季的財務指引發表評論。

I will now turn it over to Chuck.

現在我將把發言權交給查克。

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

謝謝，瑪麗蓮，大家午安。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，我要感謝那些參加我們九月份投資者日活動的朋友們，在這次活動中，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。我們致力於透過專注於更高集中度的軟體和基於訂閱的收入流來最大化價值創造。這使我們和您對我們的未來發展有更好的了解和可預測性。我們還強調了我們獨特的市場領先特許經營組合，這些特許經營組合能夠很好地推動極具吸引力的現有市場和擴張市場的成長。最後，我們展示了領導團隊的深度並概述了我們策略的下一階段。

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，訂單量強勁成長 33%，且產品組合的需求持續強勁。我們的團隊表現良好，我們的 ARR 成長了兩位數，在數位轉型和雲端運算的推動下，我們的發展勢頭正在加速。即使在持續供應受限的環境下，我們仍透過投資成長和實現突破性創新，穩步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.

過去 18 到 24 個月無疑加速了我們正在經歷的數位革命，因為科技正在永久改變我們生活的幾乎每個方面。我們所建構的技術為這場革命的核心——現代安全基礎設施提供動力，思科已準備好抓住未來的機會。

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.

我們的客戶需要數位化和雲端支援的解決方案，使他們能夠以更快的速度、更靈活、更有效率地發展。我們已經看到我們的投資產生的正面影響，推動了混合雲、網路規模、雲端安全、5G、WiFi 6、400Gb 和全端可觀察性等高成長領域的加速創新。

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.

我們面臨的一個關鍵趨勢是讓員工在任何地方工作，這比會議的範圍要廣泛得多。它是關於支援高度分散的勞動力的整體能力，需要新的基礎設施架構、可觀察性和安全性。許多公司正在製定混合工作策略，該策略將基於我們在網路、安全和協作產品組合中建立的技術。我們也以新的創新引領潮流，包括我們最近擴展的 WebEx 產品組合，專為混合工作、工作空間和活動的包容性體驗而設計。

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的表現。基於上一季的良好勢頭，我很自豪地說，儘管存在供應限制，但我們仍取得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巨大需求的推動下，我們實現了均衡的收入和非公認會計準則每股收益增長，利潤率健康。本季度，我們的 ARR 和 RPO 也實現了兩位數的強勁成長，反映出我們轉型的持續成功。我們繼續在高度動態的環境中成功運營，保持靈活，以應對與 Delta 變體和全球零件短缺相關的不斷變化的情況。

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.

現在讓我來討論一下我們客戶細分市場的表現。第一季是我們整個業務訂單動能連續加速的第三個季度。 4 個客戶市場中的 3 個地理區域的產品訂單成長率均達到 30% 或更高。隨著客戶加大對數位轉型的投資，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加速成長。我們也看到公共部門的穩定成長。我們的服務供應商部門實現了五年來最高的訂單成長水平，成長了 66%，因為這些客戶滿足了他們日益增長的頻寬需求。

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.

在我們的網路規模業務中，我們強勁的發展勢頭仍在繼續。我們的業績再次創下紀錄，訂單成長超過200%。過去 4 個季度的成長率為 120%。我們對 400 千兆解決方案、思科 8000 平台、Silicon One 產品組合的早期發展以及 Acacia 光纖網路產品組合的快速成長感到非常高興。顯然，我們正在擴大我們的足跡，因為我們的雲端成長率超過了我們的同行。

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.

我們繼續投資具有差異化客戶價值的網路規模創新，本季推出了 Silicon One 系列的最新成員——19.2 太比特 P100 路由設備，這是 Silicon One 系列中的第 11 款晶片。此外，Acacia 還推出了業界首個能夠在單一波長上提供 1.2 太比特容量的可插拔模組，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.

我們的產品收入年增近 10 億美元，彰顯了我們的規模和影響力的競爭優勢以及持續的發展勢頭。我們發現，我們的大多數產品組合都有廣泛的需求。此外，我們的商業模式轉型持續穩步推進。我們對訂閱的關注使我們能夠更快地向客戶提供創新，同時提供更高的可預測性和可見性，從而實現長期更持久的成長業務。

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.

我們的軟體收入達到 37 億美元，其中 80% 是以訂閱方式出售的。訂閱收入成長 4% 至近 55 億美元，而 ARR 年增 10% 至 216 億美元。我們看到產品 ARR 強勁成長 21%，產品 RPO 成長 18%，這反映了我們向軟體主導的商業模式的快速轉型。

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.

雖然我們的收入成長穩健，但受到供應限制的影響，而供應限制也影響著我們的技術同業和幾乎所有其他產業。我們的產品訂單非常強勁，而且在各個市場都很均衡，但我們在生產和運送給客戶的產品方面受到限制。

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.

我們擁有世界一流的供應鏈團隊，致力於根據我們的規模和影響力提供大量的產品。他們在這個高度流動和複雜的環境中繼續表現良好。我們已採取多項措施緩解供應短缺並向客戶交付產品，包括與我們的主要供應商和合約製造商密切合作、支付更高的物流成本以將零件運送到最需要的地方、努力修改我們的設計以盡可能利用替代供應商，並不斷優化我們的生產和交付計劃。我們進行此項工作的廣度和規模遠遠超過業內大多數公司。

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，所有這些步驟雖然對於最大限度地提高我們的生產和向客戶交付是必要的，但卻增加了我們的成本結構。再加上我們看到許多供應商的成本增加，這些因素給我們的毛利率帶來了壓力。雖然我們經過深思熟慮後提高了價格以抵消這種影響，但其好處並不是立竿見影的，需要在未來幾季才能顯現出來。我們始終以客戶為中心，確保盡快為他們提供所需的產品。

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.

現在我想分享我們在 ESG 計劃方面取得的進展。今年9月，我們承諾到2025年實現範圍1和範圍2的溫室氣體淨零排放，到2040年實現包括範圍3在內的所有排放淨零排放。我們相信，我們將透過專注於四個領域來實現這一目標：打造更有效率的產品、加速再生能源的使用、擁抱混合工作以及投資創新的碳去除解決方案。我們相信，我們肩負著重大責任，利用我們的行業領導地位和創新精神，讓世界變得更美好，並期待繼續盡自己的一份力量。

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.

總而言之，我對我們財政年度的開始感到非常高興。我們的團隊在應對充滿挑戰的營運環境的同時執行我們的策略，這反映在我們的第一季業績中。需求依然強勁。憑藉著業務轉型的勢頭，我們為 2022 財年又一個加速成長年奠定了基礎。

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.

我們的業績證明了我們差異化創新的力量、我們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數位轉型以及採用混合雲和混合工作策略，我們相信我們擁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策略性投資，以推動成長和創新，增強我們的競爭優勢並為思科的成功奠定基礎。我對我們的未來仍然充滿信心。

I'll now turn it over to Scott.

現在我將把發言權交給史考特。

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業績開啟了本財年。我們表現良好，得益於我們產品組合的強勁成長，並表明對我們的產品和服務的需求持續強勁，本季產品訂單成長超過 30%。我們在營收、淨收入和每股盈餘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.

總營收增至 129 億美元，年增 8%，符合我們對本季的預期範圍。我們看到，在多個產品領域和各個地區都存在著實力。在這種高度動態的環境中，我們的業務繼續表現良好，但持續的零件供應限制正在影響我們將歷史高需求盡快轉化為收入的能力。

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.

非公認會計準則營業利益率為33.3%，上升60個基點。非公認會計準則淨收入為 35 億美元，非公認會計準則每股收益為 0.82 美元，均比去年同期增長 8%，非公認會計準則每股收益高於我們預期範圍的高端。

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.

更詳細地了解我們的第一季收入。總產品收入為 95 億美元，成長 11%。服務收入為34億美元，成長1%。 Secure Agile Networks 表現非常出色，營收成長了 10%。交換業務成長強勁，這得益於以我們的 Catalyst 9000 和 Meraki 交換產品為主導的校園交換業務實現兩位數成長。在 Edge 和 SD-WAN 的推動下，企業路由​​產品組合實現了高個位數成長。在我們的 WiFi 6 產品和 Meraki 無線產品的推動下，無線業務實現了強勁的兩位數成長。我們的資料中心交換收入有所成長，但計算收入略有下降。

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.

混合工作總體下降了 7%，原因是我們的永久呼叫、會議和聯絡中心產品的收入下降。這些部分被通訊平台即服務的興起和協作設備的成長所抵消。在混合工作中，受雲端呼叫和聯絡中心的推動，我們的 SaaS 收入持續呈現高個位數成長。

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.

端到端安全性成長了 4%，這得益於我們基於雲端的解決方案的成長，同時也被我們永久和硬體產品的下降所抵消。我們的零信任產品組合表現良好，實現了兩位數的成長，這得益於 Duo 產品持續保持強勁成長動能。我們也看到統一威脅管理取得了良好的成長。再次，我們的訂閱組合表現良好，成長了 15%，這得益於我們的雲端安全和零信任平台。

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.

未來網路成長了 46%，這在很大程度上得益於我們網路規模客戶的強勁成長。我們看到產品組合的廣泛優勢：雲端運算的成長、核心業務的成長（思科 8000 和 NCS 5500 的優勢）、以及邊緣業務的成長（ASR 9000 的優勢）。我們也從收購 Acacia 中獲益。

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.

優化的應用體驗成長了 18%，這得益於 ThousandEyes 的三位數成長和 Intersight 的強勁兩位數成長。 AppDynamics 的 SaaS 收入實現了兩位數成長，因為其收入從雲端交付平台轉移的比例更大。

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軟體和訂閱，我們在投資者日上介紹的轉型指標非常穩健。軟體營收為 37 億美元，成長 1%，其中產品部分成長 3%。 80%的軟體收入來自訂閱，較去年同期成長2個百分點。總訂閱收入為 55 億美元，成長 4%，其中產品部分成長 7%。總訂閱收入佔思科總營收的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，即年度經常性收入，為 216 億美元，成長 10%，其中產品 ARR 成長強勁，達到 21%。剩餘履約義務（RPO）為 301 億美元，成長 10%。產品 RPO 成長 18%，短期 RPO 成長 9%，達到 159 億美元。正如您所看到的，我們在增加軟體和訂閱量的轉型方面繼續取得重大進展。

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.

正如查克之前提到的，我們在第一季繼續保持著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。美洲地區上漲了31%。歐洲、中東和非洲地區 (EMEA) 上漲 36%，亞太及日本地區 (APJC) 上漲 39%。新興市場整體上漲 37%，其中金磚四國加上墨西哥上漲 47%。在我們的客戶市場中，服務提供者成長了 66%，商業成長了 46%，企業成長了 30%，公共部門成長了 10%。如您所見，它在整個業務範圍內都具有廣泛優勢。

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.

從非公認會計準則角度來看，總毛利率為 64.5%，較去年同期下降 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。產品毛利率下降主要是由於運費、加急成本上升以及供應限制相關的零件成本增加所致。

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，與前幾季一致，但被積極的產品組合部分抵消。由於零件短缺，我們和我們的同行在整個行業都面臨供應限制，這導致許多零件的交貨時間延長和成本上升。我們正在與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，我們預計這些挑戰和影響將持續到 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.

在這種非常複雜的情況下，我們的供應鏈團隊繼續表現良好。我們相信，儘管增加庫存和採購承諾存在潛在風險，但我們正與供應商和合約製造商採取正確的策略行動，以確保滿足客戶需求。

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.

當我們檢視收購對我們第一季業績的影響時，我們發現收購對收入產生了約 250 個基點的正面影響，而對我們的非 GAAP 每股盈餘沒有重大影響，這符合我們的預期。本季營運現金流為 34 億美元，年減 16%，原因是供應相關付款增加以及其他付款和收款時間增加。截至第一季末，我們的現金、現金等價物和投資總額為 233 億美元，比上一季減少約 12 億美元，主要原因是我們計劃償還 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.

在資本配置方面，本季我們向股東返還了 18 億美元，其中包括 16 億美元的季度現金股利和 2.56 億美元的股票回購。我們將繼續以有機和無機的方式投資於我們的創新管道。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。這些投資符合我們的策略，即透過有針對性的併購來補充我們的內部創新和研發，從而使我們能夠進一步加強和區分我們在關鍵成長領域的市場地位。

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，我們的第一季表現強勁，但供應受限的環境也十分複雜。我們表現良好，營收和每股盈餘強勁，實現了均衡的獲利成長。我們在商業模式轉變方面繼續取得巨大進展，並繼續在創新方面進行投資，以利用我們巨大的成長機會。隨著我們不斷向更多軟體和訂閱收入轉變，實現成長並推動股東價值，我們正在看到進步。

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，讓我提供我們第二季的財務指導，如下：我們預計營收成長率將在 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%.

我們對 22 財年全年的預期沒有改變。我們預計收入成長率將達到 5% 至 7% 之間。非公認會計準則每股收益預計在 3.38 美元至 3.45 美元之間，年增 5% 至 7%。在我們的第二季和全年指引中，我們都假設非 GAAP 有效稅率為 19%。

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

現在我將話題交還給瑪麗蓮，以便我們進入問答環節。

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

謝謝，斯科特。米歇爾，我們繼續排隊問答。

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?

我的第一個問題是關於你們談到的在價格表中納入價格上漲的問題。您是否認為本季確認的 100% 產品訂單反映了您們納入的更高價格上漲？或者是否存在先前簽訂的合同，以遵守某些主要客戶的先前價格表？您能否提供我們一些關於混合的想法以及一些直接的答案？

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?

第二個問題是，公共部門看起來比去年同期成長了 10%。我認為您的一些同行已經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。您能否向我們介紹那裡發生的最新情況？有哪些事情沒有完成？或者您發現部署更多公共部門或聯邦政府活動時存在哪些阻礙或遇到哪些關鍵阻力？

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，我首先討論價格上漲問題，然後——我將讓查克對公共部門發表意見。我們實施的價格上漲實際上於 9 月 1 日生效。我們本季出貨的大部分產品都來自 RPO，對嗎？因此，先前的銷售額出現在資產負債表上，然後計入我們的收入，我們談到現在的 RPO 總額為 159 億美元。因此，當然，這些都不會導致價格上漲。

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.

本季有許多硬體出貨量都是積壓的。再說一遍，這些都不包括價格上漲。而且我認為，即使展望未來，薩米，你也必須考慮到價格上漲對下半年的影響將比第二季更大。我認為這更像是第三季末或第四季的情況。當這些價格上漲轉化為訂單時，這些訂單就會處理積壓訂單，進行生產，然後交付給客戶。

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.

然後薩米，謝謝你的提問。關於公共部門的情況，我們看到——如果你從全球範圍來看過去幾年我們的公共部門的表現，它一直非常穩定。我認為自 2017 年以來我們的業務已經翻了一番。所以這或許是聯邦事務或美國公共部門。但是——我們看到的是 E-Rate 具有很大的實力。我們看到了州、地方和教育的力量。我們看到了平民方面的力量。從訂單角度來看，我們與國防部達成了幾筆交易，這些交易已經推進到第二季度，但仍然非常強勁，而且團隊在這方面做得非常好。這對我們來說是一筆偉大的生意。

Ittai Kidron from Oppenheimer.

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.

查克，我想專注於安全業務。在 2019 財年，你們的成長率為 18%。到 2020 年，這一比例下降至 12%。到 21 年，這一數字下降到了 7%，而今年年初的數字是 4%。同時，您的大型競爭對手，如 Palo Alto、Fortinet 甚至 Check Point，都正在經歷加速成長，成長率不斷提高，成長率逐年上升，達到十幾歲、二十多歲甚至三十多歲。

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.

所以也許你可以稍微解釋一下這個問題給我。我知道您對自己的安全業務很滿意，但與同行相比，它的成長方向似乎有點錯誤。也許您可以更深入地了解該投資組合中正在發生的轉變？我們什麼時候才能看到情況好轉？也許斯科特可以評論一下該投資組合中有多少是永久性的，有多少是認購性的。

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。首先，我想說我們在安全方面還有改進的空間，團隊正在為此努力。目前正在進行許多創新工作。

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.

然後您指出，斯科特在開場白中提到的主要問題是本地永久性資源的減少。然後基於訂閱的業務實現了兩位數的成長。零信任統一威脅管理成長良好。總體而言，訂閱組合成長了 15%。所以這確實是一種平衡。

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，供應鏈對我們的基於硬體的網路防火牆業務有一點影響。所以我認為，這是我們要做的一些工作、團隊正在進行的工作、然後是過渡和一點供應鏈的結合。但我們預計，在未來 2 到 3 年內，該業務將繼續好轉，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.

伊泰，對於您問題的第二部分，我們實際上還沒有為您詳細說明。但我認為——正如我們在九月的投資者日上所說的那樣，我們所有市場（包括安全和混合工作）的成長領域更多地是在訂閱方面，這也是我們關注的重點。這就是我們大量創新的重點。正如查克所說，本季安全訂閱部分成長了 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突出的一部分，您將開始看到成長率的進一步加速。

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?

史考特，也許我可以用不同的方式提問。有沒有辦法讓我們有資格從永久到訂閱的轉變？那會不會是長期的拖累？或者您認為我們正處於這一轉變的末期？

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，我不想一直試圖在那個層面上給你指導，伊泰。我確實認為我們關注的領域和我們投資的領域是高成長領域。這就是你們看到兩位數成長的原因。這種組合將繼續改變。第一季顯然是積極的。第四季上一季的業績為正值。它會繼續改變。而且，隨著這部分資產在整個投資組合中所佔比例越來越大，你會看到它實現更快的成長。

Tim Long from Barclays.

巴克萊銀行的提姆朗。

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?

如果可以的話，也許只有 2 個，有點相關。在軟體方面，成長率方面有一點細節。也許您可以更廣泛地談論軟體解決方案，以及當我們進一步完成這項轉變時，我們如何開始看到軟體解決方案的成長加速？其次，查克，更具體地說，也許您可以談談 Cat 9000 的續約問題。我認為我們開始進入一個將會看到更多此類續約的時期。有任何早期跡象嗎？您認為保留率會是什麼樣的？隨著大部分早期客戶群開始更新，您是否認為有任何軟體追加銷售機會？

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

史考特，你想選第一個，我選第二個嗎？

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。關於軟體收入成長，正如您所說，本季確實有所放緩。這實際上與我們在開場評論中談到的效果是一樣的。我們實現了從銷售更多永久許可證到銷售更多訂閱許可證的轉變。你知道，我們在這個領域投入了大量的時間和精力。因此，正是隱藏在幕後的混合物在驅動著這一切。

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.

您將看到尚未確認的收入，但這種轉型的成功體現在我們在開場評論中給您的 2 個統計數據中。產品 RPO、產品剩餘履約義務成長 18%，產品 ARR 成長 21%。因此，我們本季的許多軟體銷售實際上都處於 RPO 階段，它們將在未來得到認可。因此，這只會對報告的收入成長率造成整體阻力。

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.

補充一點，提姆，正如你所料，我們的永久軟體較去年同期下降。所以 — — 然後，我們將把它轉移到 3、4、5 年內確認的應稅收入上。關於 Cat 9000 的續約，我想說現在下結論還為時過早，但我可以告訴你，這符合我們的期望。而最後兩季——這些數字很小，只是為了清楚起見。我們還處於早期階段。而各個團隊一直在不斷改進它。我會告訴你，我們已經圍繞這一點增加了一些創新價值，例如現在已經加入的 ThousandEyes 功能。因此各個團隊正在努力解決這個問題。我們有相當程度的信心。

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，如果你看一下淨保留率，你會發現它顯然是正面的。但我認為，要到下半年和 23 財年，我們才能真正看到足夠的交易量，才能確信我們已經達到了我們需要的數字。

Meta Marshall from Morgan Stanley.

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。查克，我想問一個問題，關於你與客戶的談話，正如你們和許多行業試圖轉嫁價格變化一樣，這對需求有何影響，特別是對預算靈活性稍差的服務提供者而言？

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.

然後也許還有第二個問題，只是雲，你們正在做出很多努力來重新配置產品或尋找替代供應商。我們究竟該如何看待這些行動的時間表以及清除積壓工作的能力。

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。那麼讓我——關於你的第一個問題，看，我認為這因客戶而異。大多數顧客都非常理解。他們對交貨時間感到非常沮喪。當我們需要處理與預算等相關的特定客戶問題時，我們的團隊會專門與客戶一起處理這些問題。但總的來說，我認為他們理解。我們的許多客戶也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通膨趨勢。

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?

在我將其第二部分交給斯科特之前，我想先快速評論一下。我認為——我們確實談到了上個季度的前半段，我們確實看到供應鏈組件可用性惡化。然後我們看到它在下半場穩定下來。這很好。我們預計第三季和第四季會出現一些輕微的改善。我們預計不會有太大變化——我們預計它將在第二季度保持穩定，然後我們認為我們會在財年下半年看到一些輕微的改善。這是我們根據目前所知所信的。史考特，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，我認為這是價值 64,000 美元的問題。當然，回答這個問題的複雜性在於，受到限制的不僅是一種商品。這是－你必須將所有受約束的多種商品的集合平方。然後，你必須考慮到我們在所有運輸方式（無論是海運、空運還是卡車運輸）中都面臨的混亂的物流狀況。正是這兩者之間的相互疊加使得回答這個問題變得非常複雜。

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，以及本季看到的一些穩定跡象。我們發現，部分供應商在零件何時能夠按量交付方面擁有更好的可視性。我們發現本季的取消承諾數量有所減少，這是另一個穩定的跡象。然後記憶體成本實際上才剛開始，但開始有所下降，這意味著市場也變得更加平衡。所以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.

當我們展望未來並查看第二季度指南及其對全年的意義時，顯然，我們在 RPO 方面處於非常有利的地位，這將在今年下半年融入收入流。我們有一個積壓工作，可以讓我們清楚地了解我們需要建造什麼。因此，我們可以更有針對性地去追尋實現這個目標所需的東西。因此，根據我們今天看到的情況，我們對我們所處的地位充滿信心，無論是第二季指南還是全年指南。

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，我們在將貨物運送給客戶時顯然遇到了挑戰。好消息是，我們公司的積壓訂單量達到了歷史最高水準。它從來沒有這麼高過。

Simon Leopold from Raymond James.

雷蒙德詹姆斯公司的西蒙利奧波德。

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.

我想看看您是否可以量化甚至猜測一下，33％的訂單增長有多少可以反映拉動效應，基本上是客戶在價格上漲之前下訂單。有什麼方法可以調整或使其正常化嗎？您對訂單趨勢的前景有何預期？您能預測到這一點嗎？我認為在某個時候，收入成長和訂單成長應該會開始有所趨同。

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，我希望我能做到你所要求的，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實際訂單，但我們清楚地知道客戶的訂購時間比平時要長。大型營運商、雲端供應商，我們的成長速度達到 200%，我的意思是，我們正在與這些客戶進行深入的預測和規劃。因此，我們知道他們正在訂購 2、3、4 個季度的貨品，以確保他們有充足的庫存並按照正確的順序進行交付。因此，我們獲得了這種可見性。

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，如果你看一下商業等細分市場，其成長了 46%，你往往看不到太多成長——你只會看到一點點。一些商業客戶正在關注此事。但許多人都是在有需要時才下訂單。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.

關於你的第二個問題，我認為我唯一能回答的方式就是──它實際上也是第一個答案的一部分。我們密切關注的是取消情況，我們沒有看到歷史取消率有任何變化。事實上，它更低。我們關注管道的成長。我可以告訴你們，我們的管道成長可能和以往一樣強勁，甚至超過了我們剛結束的這個季度。因此，我們看到持續的需求。我認為從這個角度來看，我們思考的方式是我們的大客戶、最大的企業、雲端運算公司、大型營運商，我們知道這些我們都有可見性。有向其他顧客提前訂餐的情況，但我認為以下絕大多數顧客可能都沒有提前訂餐。

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，您是否對訂單成長與上一季相比的改善感到驚訝？這對你來說也是個驚喜嗎？

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，是的。如果你與一年前進行比較，你會發現比較起來其實更加困難。所以，如果你這樣看的話，勢頭實際上增加了。所以我 — — 但我們的團隊 — — 我們在 6 年前就討論過，我們將努力嘗試讓雲端玩家重返這些特許經營權，這對我們來說是一個巨大的 — — 這是我們現在的一個巨大的成功，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，我們現在看到了所有這些正在發生的其他趨勢。你已經建立了 5G 網絡，有了 WiFi 6。每個企業客戶都意識到，如果不實現技術現代化，就不會陷入下一次危機。我們的轉換成長率與兩年前持平，如果我告訴你我們將要這樣做，或者你告訴我我們將要這樣做，我們都會瘋狂的。

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 - 所以我認為你的觀點是 - 在未來的某個時候，你會預期訂單率和收入，他們必須保持一致嗎？我認為在一段時間內是的。由於商業模式的轉變，一個季度與另一個季度之間的差異並不必然存在。因為如果你看一下我們每季從資產負債表中提取的 RPO，我會回過頭來看看那是 6 年前的情況，它與我們現在的狀況非常接近。因此，如果我們沒有進行這樣的轉型，那麼我們現在的供應鏈和收入狀況將會更加嚴峻。

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 億美元就意味著它將在未來 12 個月內累積到收入流中，這顯然為我們提供了相當大的可見性，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.

關於您的觀點，我想說的另一件事是，我認為與本季訂單流強度相關的是線性也很好。本季並非一開始表現強勁，然後逐漸走弱。整個季度的線性都很好。因此，我們確實以相當不錯的勢頭進入了本季度。

It actually was the opposite. It strengthened.

事實恰恰相反。它變得更加強大了。

Yes. Yes.

是的。是的。

Paul Silverstein with Cowen.

保羅·西爾弗斯坦 (Paul Silverstein) 與 Cowen 合作。

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。查克和史考特，如果你們已經回答了這個問題，我深感抱歉。我認為我沒有聽到回應。但是，在量化如果沒有供應鏈限制的話收入會有多少以及利潤會有多少時，您是否給出了這個數字？如果沒有，您能告訴我們那個數字嗎？那些數字？

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?

嗯，我們無法給你這個數字，因為這無法計算。但如果你看看上個季度的產品成長率為 31%，本季的產品成長率為 33%，那麼從資產負債表上剔除的 RPO 就會高得多。我的意思是這是我們公司史上最大的積壓訂單。所以很難說。但是史考特，還有什麼要補充的嗎？

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...

保羅，顯然，目前的限制因素是零件供應，我們結束的第四季度產品訂單連續兩個季度增長了 31%，而我們剛結束的第一季則增長了 33%。顯然，我們看到的阻礙收入快速成長的阻力只是零件供應。這些積壓訂單將轉化為收入。隨著時間的推移，它就會轉化為收入。因此，如果問題是…那麼量化它——它將出現在收入流中…

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，雖然短期內情況看起來不太好，但我認為我們看到的是，客戶現在正在做出決定，並且他們全面選擇我們的技術。我的意思是他們選擇了我們團隊所創造的創新。我認為這是一個好兆頭，對我們未來來說是一個很好的指標。我認為事實是，有了 RPO 和我們積壓的訂單，這些東西就會發貨。因此，短期內可能會出現一些問題，但最終會得到解決。

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，我想到有兩個不同的問題正在阻礙收入和利潤，或者至少是收入，這兩個問題都是向軟體和 RPO 的轉變以及供應限制 - 供應鏈限制，這使得很難從量化的角度來解讀真正的需求是什麼。但我想這不是一個很有見地的言論。我可以問你一下——你提到了非常強勁的積壓訂單。您能告訴我們積壓訂單的成長情況以及訂單出貨比是多少嗎？

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.

我不再確定訂單出貨比是否重要。幾年前，當我們還是一家硬體公司時，這一點很重要，一切都是淨 30。我們已經很久沒有考慮過這一點了。我確信它存在於幾年前的某個電子表格中。但我想說的是，史考特，你想如何描述它？我就把這個留給你吧。

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.

保羅，我的意思是，不用說絕對數字，看看收入成長率，看看過去兩個季度，第四季度和第一季的收入成長率之間的差異，你就能了解積壓訂單的累積情況。是的－我們對需要生產和出貨的產品有非常清晰的認識。這就是為什麼你會看到我們採取措施增加庫存，做出一些你在我們的文件中看到的長期購買承諾。

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.

這確實是一項艱鉅的任務——我們竭盡全力為客戶提供支持，並儘快將產品推出市場。但是，只要看一下預訂量和我們能夠實現的收入之間的差異，您就可以了解建構和積壓的情況。

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

查克，您是否擔心某些產品市場的份額會流失，無法跟上市場的成長？

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——我們每天都擔心這個問題，我們的競爭對手也一樣，對吧？所以，每個人都在努力滿足客戶的需求，我想，一線希望是，這對我們來說不一定是獨一無二的，但肯定令人沮喪。

Amit Daryanani from Evercore.

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?

首先，你們一月季度的營收預期明顯低於華爾街的預測。我很想了解一下。我的意思是，您剛剛給出的指南與您 90 天前認為的一月季度的情況相比如何？就您所說的從 10 月到 1 月與去年同期相比的減速而言，如果沒有供應鏈問題，這種情況會發生嗎？

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，第二季的指引受到供應鏈的影響。零件供應問題為我們的生產帶來了阻礙。我想說的是，我們上個季度給出的全年指導是，營收增長 5% 至 7%，利潤增長 5% 至 7%，考慮到另一個季度的需求增長非常強勁，加上積壓訂單和 RPO 的積累，我們對實現這一目標需要做什麼有相當好的了解，而且——根據我們所知道的一切，我們仍然非常有信心能夠在全年實現這些目標。因此，由於供應問題，今年的情況可能看起來有些不同，但全年感覺仍然與 90 天前相同。

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。如果我可以跟進的話。我認為，最近你們在 Silicon One 的定位上與 Facebook 合作取得了非常不錯的勝利。您能否談談您對 Silicon One 產品的看法，以及它與客戶的共鳴是什麼？查克，我很想知道除了 Broadcom 的做法之外，還有哪 2 或 3 個原因，讓客戶轉向 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。首先，Silicon One 架構的效能非常令人難以置信。在這個永續發展對每個人來說都是一個重大問題的世界裡，當你看到性能與功耗的比率時，你會發現它——它領先於世界。因此，當您看到我們能夠以較低功耗提供的速度、連接埠數量和效能時，這是非常有意義的。因此，它不僅是一項偉大的技術，而且功耗也顯著降低。我認為這些是幾個主要原因。

Rod Hall from Goldman Sachs.

高盛的羅德霍爾 (Rod Hall)。

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.

我想回到服務提供者的訂單。我們計算出這是你們 10 年來在絕對訂單和服務提供者方面取得的最佳成績。我的意思是這是一個非常好的數字。我想知道您是否可以稍微談談裡面有什麼？我知道您認為訂單會提前 3 到 4 個季度到來，我想，就像查克所說的那樣，是 2 到 4 個季度。但是推動這趨勢的因素是什麼呢？能深入了解一下其中的產品嗎？您能否將它與我們在一些超大規模企業等處看到的一些非常大的資本支出計劃聯繫起來？從產品角度和市場角度來看，這一切對您來說是如何結合在一起的？然後我有一個後續行動。

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，謝謝你。是的，我想你可能是對的。我不知道它是否可以追溯到 10 年前。我沒有看過，但它很重要。我認為這是我們所討論內容的結合。我們在通話中討論了三年，討論 5G 何時才能實現，對嗎？現在我們看到了它的真面目。因此，您銷售的是回程站點路由器。路由器很重要。分組核心是一件大事。您可以進入雲端供應商，然後擁有獨立的矽片獨立軟體或整合系統。而且，我們正在進行越來越多的整合系統工作，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.

憑藉 ASR 9000 的優勢，思科 8000 在 NCS 產品線中顯然取得了巨大的成功。光學方面，相思樹表現很好。所以所有這些技術都排成一列。我認為，當你看到——我想說，我會用 3 個主要趨勢來總結它，就是我們進入雲端的 400 千兆建設，加上服務提供商領域的 5G 建設，然後是服務提供商領域正在進行的重新架構，基本上就是扁平化和簡化我們團隊討論過的整個路由光網絡建設策略。這些就是驅動因素。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。我想回到積壓工作並看看斯科特，你是否已經將其老化了？我的意思是，您能給我們一些想法嗎？我知道它在 RPO 範圍內，但是您能否給我們一些關於老化的想法，以便我們可以嘗試進行協調？我的意思是，談判顯然失敗了。下降的原因可能是因為這裡的成長率與訂單成長率不匹配，人們將試圖調和這一點。我想，也許你可以給我們一些老化的訊息，以幫助我們在這方面取得一些進展。所以我只是好奇你是否能幫忙。

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，謝謝你的提問。我們的供應鏈團隊正日以繼夜地努力解決這個問題。我們顯然可以透過觀察這一點來很好地了解積壓的情況。我想說的是，我們正在努力的實際上是一種優先機制，即如何將對客戶有意義的物品運出去，並儘快將其送出。所以裡面有些老化了，羅德。我不會試圖為您量化這個問題，而是想說，這是我們團隊正在日以繼夜地努力解決的問題。順便說一句，如果它積壓了，顯然它還不是 RPO。它不在 RPO 中，因此它是 RPO 的增量。

Right.

正確的。

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

哦，對不起，是的，我說錯了。很抱歉。

Matthew Niknam from Deutsche Bank.

德意志銀行的 Matthew Niknam。

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南意味著儘管在第二財季通常會出現一些季節性上漲，但中點仍將下降約 50 個基點。所以我只是想知道，這是否會完全加劇供應鏈限制？還是有其他因素要考慮？

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，這是一個關於資本配置的問題。在分析師日上，您談到利用回購繼續抵銷股票選擇權的稀釋，但您也坐擁 230 億美元現金。想知道您是否可以分享一些有關戰略方面的更新資訊？與此相關的是，就更大規模、更多轉型機會而言，您認為併購方面有哪些優勢？

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，你偷偷地提到了 3，但我將從毛利率問題開始。我們給出的本季指導價為 63.5 至 64.5，與我們在第一季給出的指導價完全相同。且其效果組合完全相同。這裡面存在著一些競爭因素，對吧，在毛利率方面。隨著時間的推移，我們的價格將會上漲，尤其是在下半年。實際上，到第三季末和第四季度，我們就會開始看到——這將成為毛利率的順風。

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。其中，不僅僅是零件成本增加，這也是其中的一部分。正如我們所討論的，物流成本也在增加，而且成本也全面上漲。這就是毛利率。這與我們正在處理的供應限制內的各種成本要素密切相關。

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變化。正如我們在投資者日所說的那樣，首先要支持業務成長。除此之外，顯然還要繼續保護股息，抵消股權計劃的稀釋，這就是您在剛結束的這個季度中看到我們所做的。然後從長遠來看，我們將以最節稅的方式將多餘的現金回饋給我們的投資者。

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.

因此我們不斷評估這一點。我會告訴你，這不是每季進行一次的評估，而是我們在這方面持續進行的評估。併購問題可能不需要深入探討，但長期以來，併購一直是我們公司策略的一部分。我們在開場評論中談到了幾項收購。 Epsagon 已於本季關閉，而 Replex 也於本季宣布關閉，但尚未關閉。您應該會繼續看到我們進行一些更多的建設/購買類型的收購。我認為它有助於我們加速創新。從長遠來看，這個領域已經成為我們策略的一部分。

Tal Liani from Bank of America.

美國銀行的 Tal Liani。

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，我有一個高級問題。如果我分析你們的成長情況，你們的年增長率是 10 億美元。但當我查看組件時，它們全都是硬體。交換器和路由器或安全代理網絡約佔其中的 55%，其餘的則是光纖網絡，也就是未來的互聯網。

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?

這個問題有兩個面向。第一，從策略上講，您可以做些什麼來加快重點領域的成長，即軟體經常性收入、SaaS 以及硬體的另一面的任何事物。第二個問題是，即使從硬體方面來看這兩個領域，成長率也比去年同期大幅成長，例如在安全和敏捷網路中從-16% 成長到+10%，在光學方面甚至更高。那麼可持續性如何呢？這是前進的驅動力、硬體部分還是遺留部分？與一年前相比，我們今天看到的高成長有多可持續？

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，這表明我們每季確認的收入中有很大一部分不是硬體收入。我的意思是，如果你看看我們將在未來 4 個季度內實現的 RPO，它會隨著時間的推移而增加，我的意思是，它現在接近 160 億美元。所以我認為——你看本季的產品 RPO 成長率上升了 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。我只是認為硬體業務——業務的硬體部分——在一年前遭受的打擊最為嚴重。所以我認為它會強勢回歸。而且我們——但我確實認為我們在軟體方面確實取得了巨大進展。所以我並不擔心。我顯然希望它進展得更快，但我認為——如果我看看我們今天的資產負債表上的收入與六年前的收入相比，這真的很有意義。

And what about sustainability?

那麼可持續性又如何呢？

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

您看到的是它的 1/12 或 —— 四分之一。特定季度中的一小部分。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?

正確的。那麼這些正在發展的地區的可持續性如何呢？我們現在看到的高成長有多可持續？

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——我來開始，查克，你可以添加顏色。塔爾，我們在投資者日上談到了這一點，我們討論了 TAM 的長期成長，就在我們今天所處的市場中，也就是我們已經在銷售或投資產品的地方。到 25 財年，TAM 將達到 4,000 億美元。其中，這些市場成長率為 5% 至 7%，與我們自己預測的成長率一致。

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，當你進一步推算出這 5% 到 7% 時，你會問，那麼，是什麼推動了這個成長呢？到目前為止，如果你還記得的話，最快的成長率是訂閱模式，這就是你從我們這裡看到的。您會看到產品 RPO 成長了 18%。您會看到產品 ARR 成長了 21%。你看，我們正在做我們說過要做的事，對吧，那就是轉型為更具經常性的收入模式。這些東西不一定會立即轉化為報告的收入，我認為這就是你想要做的計算。但是你必須添加這一點，或者你必須考慮我們在 RPO 和 ARR 中累積的數量。我認為這就是推動長期成長的動力。

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——我想，如果你想想我們在雲端網路規模參與者中獲得的特許經營權勝利，我的意思是，那些就像經常性收入模式，因為你會一直堅持到下一次轉型，對吧，就像我們之前退出一樣。因此，如果你將軟體視為總收入的百分比，那麼隨著我們繼續取得進展，我認為軟體將會成長，然後我們希望軟體的兩個面向都能成長。

Jim Suva from Citigroup.

花旗集團的 Jim Suva。

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一些更詳細的信息，您提到與 Acacia 的整合進展非常順利。您能舉出哪些例子、證明點、里程碑或項目來幫助我們這些局外人了解 Acacia 如何與思科相適應？

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。這確實是一個好問題。我認為，首先，從數字角度來看，他們的表現超出了我們的預期。這是首要的。其次，我認為團隊正在做的工作就是繼續實現創新。今天矽片和光學團隊之間正在進行工作。我們正在贏得新的特許經營權。所以我認為，自從他們加入以來，我們的合作關係一直都很好。史考特，還有什麼要補充的嗎？

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，除了重申您在開場白中所說的話之外，這對該行業來說是一個非常重要的里程碑。第一款可插拔模組，能夠在單一波長上提供 1.2 太比特的容量，這不僅表明他們在財務表現上表現出色，而且還在以我們期望的速度和步伐繼續創新。

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

好的。謝謝，吉姆。我們還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，我想只是想跟進一下。所有客戶垂直領域的訂單趨勢都非常強勁，但您確實提到了監控 Delta 變數的影響及其周圍的不確定性。我們從一些通路夥伴那裡聽到了同樣的說法，即需要監控風險，特別是商業領域的風險。您是否看到那裡的邊緣有東西變弱了？或者是否因此產生了更多的不確定風險？

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?

然後作為對斯科特的快速跟進。史考特，我確實意識到你在這裡強調的供應鏈限制，但你重申了 5% 至 7% 的全年收入指南。鑑於供應限制正在影響下半年，目前高端市場是否看起來更難以企及，這可能不是您先前給予指南時所預料到的？

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。我們沒有看到它的任何影響，但我們顯然正在監控它。我們生活在一個如此充滿活力的世界，你可以看到歐洲一些地方正在發生的事情，但我們實際上在過去 90 天中看到了加速。

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，薩米克，你在問題中指出了商業。查克之前談到的一個數據點是商業集團，產品訂單和商業在本季成長了 46%。所以我們在那裡實現了非常強勁的成長。

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.

我認為對於你的第二個問題，這非常困難。我之前談到了回答這個問題的複雜性，但我只想重複我們今年早些時候說過的話，如果供應鏈或供應——零件供應限制在下半年早些時候開始消除，我們就會走向高端。如果是下半年晚些時候，我們就會處於低端。

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.

因此，真正難以回答的問題是，在下半年什麼時候我們才能真正看到這種情況開始明朗化。我們看到的是穩定。隨著本季的推進，第一季初的情況確實惡化。我之前提到過，我們看到了穩定的跡象。我們還可以從 RPO 中清楚地了解哪些內容將在下半年增加到我們的收入流中，並且非常清楚地知道積壓了哪些內容。因此，我們確切地知道要追逐哪些組件來實現這一點。因此我們對全年充滿信心。問題在於，這一切在下半年何時才會明朗，這實際上將決定我們是更傾向於高端還是低端。

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，我要感謝大家今天抽出時間與我們在一起，我對團隊所取得的成就感到非常自豪。這是一個極為複雜的環境。你看——我們實現了 8% 的營收成長、8% 的非 GAAP 每股盈餘、所有 3 個地區的產品預訂量均超過 30%。 ARR 成長至 216 億美元，達到兩位數。 RPO 達到 301 億美元，以兩位數成長。我真的對球隊的表現感到滿意。這確實是一個偉大的季度，也是一個極其複雜的時期。

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.

這是我們史上最大的積壓訂單。它將與我們的 RPO 結合，我們對我們的前進方向感到滿意。我們將繼續規劃並努力解決這些組件問題，我們的供應鏈團隊將繼續日以繼夜地工作。我們仍然對我們的年度指導感到滿意，並且我對我們的創新和整個公司的狀況充滿信心。感謝您抽出時間與我們交談，我們下次再聊。

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。思科的下一次季度財報電話會議將於 2022 年 2 月 16 日星期三下午 1:30 舉行，該會議將反映我們 2022 財年第二季的業績。太平洋時間下午 4:30東部時間。今天的電話會議到此結束。如果您有任何其他問題，請隨時聯繫思科投資者關係小組，非常感謝您今天的加入。

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會議，可以撥打（866）360-3304。對於從美國境外撥打電話的參與者，請撥打 (203) 369-0159。今天的電話會議到此結束。您現在可以斷開連線。