思科 (CSCO) 2021 Q4 法說會逐字稿

Welcome to Cisco's Fourth Quarter and Fiscal Year 2021 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 2021 財年第四季度和財務業績電話會議。應思科的要求，今天的會議正在錄製中。如有異議，可斷開連接。

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。

Thanks, Michelle. Welcome everyone to Cisco's Fourth Quarter Fiscal 2021 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.

謝謝，米歇爾。歡迎大家參加思科 2021 財年第四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 sheet, 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”部分提供相應的帶幻燈片的網絡廣播，包括補充信息。損益表、完整的 GAAP 與非 GAAP 調節信息、資產負債表、現金流量表和其他財務信息也可以在我們的投資者關係網站的“財務信息”部分找到。

Throughout this conference call, we will be referencing both GAAP and non-GAAP financial results, and 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 made on a year-over-year basis.

在整個電話會議中，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。在本次電話會議中進行的所有比較都將按年進行。

The matters we will be discussing today include forward-looking statements, including the guidance we will be providing for the first quarter and full year of fiscal 2022. They are subject to the risks and uncertainties, including COVID-19, that we discuss in detail in our documents filed with the SEC, specifically the most recent reports on Forms 10-K and 10-Q, which identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements.

我們今天將討論的事項包括前瞻性陳述，包括我們將為 2022 財年第一季度和全年提供的指導意見。它們受到風險和不確定性的影響，包括我們詳細討論的 COVID-19在我們向美國證券交易委員會提交的文件中，特別是關於 10-K 和 10-Q 表格的最新報告中，這些報告確定了可能導致實際結果與前瞻性陳述中包含的結果大不相同的重要風險因素。

With respect to guidance, please also see the slides and press release that accompany this call for further details. Cisco will not comment on its financial guidance during the quarter unless it is done through an explicit public disclosure.

關於指南，另請參閱本次電話會議隨附的幻燈片和新聞稿以了解更多詳細信息。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。

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

有了這個，我現在把它交給查克。

Thank you, Marilyn, and good afternoon, everyone. I hope you're all remaining healthy and staying safe. Our team at Cisco ended fiscal 2021 with an incredibly strong finish. We had an outstanding Q4 performance and fiscal year revenue, reflecting strength across our portfolio, customer segments and geographies. Our product order growth was the highest we've seen in over a decade, and we're continuing to see strong customer reception to the accelerated investments in software and subscriptions. This great momentum is reaffirming our position as the worldwide leader in technology that powers the Internet and the digital enterprise.

謝謝瑪麗蓮，大家下午好。我希望你們都保持健康並保持安全。我們在思科的團隊以令人難以置信的強勁表現結束了 2021 財年。我們有出色的第四季度業績和財政年度收入，反映了我們的產品組合、客戶群和地區的實力。我們的產品訂單增長是十多年來最高的，而且我們繼續看到客戶對加速軟件和訂閱投資的強烈歡迎。這種巨大的勢頭再次證明了我們作為互聯網和數字企業技術的全球領導者的地位。

As I think about our achievements over the past year, 3 things stand out to me. First, the exceptional execution of our teams. We achieved these results through the extraordinary efforts of our leadership team, our partners, and most importantly, our people around the world who operated with incredible speed and at an unprecedented scale to deliver this growth.

回顧過去一年我們取得的成就，有三件事讓我印象深刻。首先，我們團隊的出色執行力。通過我們的領導團隊、我們的合作夥伴，最重要的是我們在世界各地的員工的非凡努力，我們取得了這些成果，他們以令人難以置信的速度和前所未有的規模開展業務，以實現這一增長。

Second, our transformation and strategic investments are paying off. The benefits of our shift to software and subscriptions are clear, and they are helping both Cisco and our customers move with greater speed and agility. And third, the power of our portfolio. The groundbreaking innovation we are investing in today will serve as the foundation for our customers' futures.

其次，我們的轉型和戰略投資正在取得成效。我們轉向軟件和訂閱的好處是顯而易見的，它們正在幫助思科和我們的客戶以更快的速度和更敏捷的方式發展。第三，我們產品組合的力量。我們今天投資的突破性創新將成為我們客戶未來的基礎。

These 3 factors position us exceptionally well for growth as we enter our next fiscal year as evidenced by our results this quarter. We are more confident than ever that we are in a strong position to help our customers be successful. As we look forward, we are laser-focused on providing our customers the technologies they will need to successfully navigate highly dynamic environments at an incredibly rapid pace.

正如我們本季度的業績所證明的那樣，這 3 個因素使我們在進入下一財年時非常有利於增長。我們比以往任何時候都更有信心，我們有能力幫助我們的客戶取得成功。展望未來，我們將專注於為我們的客戶提供他們所需的技術，以令人難以置信的速度成功駕馭高度動態的環境。

With the rise of COVID variants and the inconsistent pace of vaccine deployment around the globe, organizations must be resilient and adaptable as we've seen how quickly the world around us can change. While this may impact certain short-term plans like return to office for many, one thing is clear: there is tremendous demand for Cisco's technology. No matter how or when the global recovery takes shape, we are executing on our vision of rebuilding a better world, one that is digital, sustainable, inclusive and highly secure.

隨著 COVID 變體的增加和全球疫苗部署速度的不一致，組織必須具有彈性和適應性，因為我們已經看到我們周圍的世界變化的速度有多快。雖然這可能會影響某些短期計劃，例如許多人重返辦公室，但有一點是明確的：對思科技術的需求巨大。無論全球復甦如何或何時形成，我們都在執行重建更美好世界的願景，一個數字化、可持續、包容和高度安全的世界。

I believe we're at a pivotal moment in our company's history as we have a massive opportunity to transform what has been the traditional office and define the future of hybrid work. As our customers look to create safer hybrid workplaces as well as collaborative and engaging experiences for their customers and employees, we believe they are becoming increasingly reliant on Cisco technologies to help them with their transformation and resiliency.

我相信我們正處於公司歷史上的關鍵時刻，因為我們有巨大的機會來改造傳統辦公室並定義混合工作的未來。隨著我們的客戶希望為他們的客戶和員工創建更安全的混合工作場所以及協作和參與體驗，我們相信他們越來越依賴思科技術來幫助他們實現轉型和彈性。

Enterprises are increasingly seeking digital and cloud-enabled services, which is driving demand for our solutions and leading to new and expansive market opportunities for Cisco. We're in a unique leadership position to build and deliver innovative cloud-to-edge infrastructure platforms that our customers need. With the depth and breadth of our hardware, software, silicon and optics solutions, we are helping companies solve their biggest challenges. Whether it's adopting modern application architectures, shifting to hybrid work and hybrid cloud, securing their enterprise or meeting their ESG goals, Cisco is helping our customers thrive in a hybrid world.

企業越來越多地尋求數字和支持雲的服務，這推動了對我們解決方案的需求，並為思科帶來了新的、廣闊的市場機會。我們在構建和交付客戶所需的創新雲到邊緣基礎設施平台方面處於獨特的領導地位。憑藉我們硬件、軟件、矽和光學解決方案的深度和廣度，我們正在幫助公司解決他們面臨的最大挑戰。無論是採用現代應用架構、轉向混合工作和混合雲、保護企業安全還是實現 ESG 目標，思科都在幫助我們的客戶在混合世界中蓬勃發展。

These industry dynamics helped drive our strong fourth quarter performance. The momentum we saw in Q3 accelerated through Q4 as we delivered robust revenue growth, increased earnings, strong margins and record operating cash flow. We also generated strong double-digit growth in product deferred revenue, reflecting the success of our transformation around driving subscriptions and recurring revenues, which increases our visibility into future performance.

這些行業動態幫助推動了我們強勁的第四季度業績。我們在第三季度看到的勢頭在第四季度加速，因為我們實現了強勁的收入增長、收益增加、強勁的利潤率和創紀錄的運營現金流。我們的產品遞延收入也實現了兩位數的強勁增長，反映出我們圍繞推動訂閱和經常性收入的轉型取得了成功，這提高了我們對未來業績的可見性。

We are seeing IT budgets grow as companies begin to implement their critical future plans and business confidence increases. However, we do recognize that uncertainty remains around COVID-19, and we are closely monitoring the delta variant and its impact on customer spending. Right now, we are not seeing any additional impact to our business aside from the component shortage we've been facing over the past several months.

隨著公司開始實施其關鍵的未來計劃和業務信心的增強，我們看到 IT 預算在增長。但是，我們確實認識到圍繞 COVID-19 的不確定性仍然存在，並且我們正在密切監視 delta 變體及其對客戶支出的影響。目前，除了過去幾個月我們一直面臨的組件短缺問題外，我們的業務沒有受到任何其他影響。

Moving to the performance of our customer segments. As I mentioned, we delivered the highest product order growth in over a decade with growth of 31% driven by strength across all of our end markets. This outstanding performance is also up over 17% from our pre-COVID Q4 levels in fiscal year 2019. We saw double-digit growth in every one of our customer segments. This strength is being driven by stronger customer investment and substantial network upgrades to help modernize and secure their environments to support the new way of working.

轉向我們客戶群的表現。正如我所提到的，我們實現了十多年來最高的產品訂單增長，在我們所有終端市場的實力推動下增長了 31%。這一出色的表現也比 2019 財年 COVID 前第四季度的水平高出 17% 以上。我們在每個客戶群中都實現了兩位數的增長。這種實力是由更強大的客戶投資和大量網絡升級推動的，以幫助現代化和保護他們的環境以支持新的工作方式。

Specifically in our enterprise business, we had the best quarter in terms of product orders in over a decade and saw very strong order growth of 25%. We also had our third consecutive quarter of acceleration in our commercial, service provider and public sector businesses with all of these segments showing growth in excess of 20%.

特別是在我們的企業業務中，我們的產品訂單是十多年來最好的一個季度，訂單增長非常強勁，達到 25%。我們的商業、服務提供商和公共部門業務也連續第三個季度加速增長，所有這些領域的增長率都超過 20%。

In our webscale business, we saw increased momentum, delivering record performance with over 160% order growth. And on a trailing 4-quarter basis, orders grew over 80% due to customers adopting products across the portfolio and early traction of our 400-gig solutions, a huge testament to the investments we have made in accelerating innovation and the differentiated value we're bringing to these customers.

在我們的網絡規模業務中，我們看到了增長勢頭，以超過 160% 的訂單增長創造了創紀錄的業績。在連續 4 個季度的基礎上，由於客戶在整個產品組合中採用產品以及我們 400-gig 解決方案的早期牽引力，訂單增長超過 80%，這充分證明了我們在加速創新和差異化價值方面所做的投資。重新帶給這些客戶。

From a product portfolio perspective, we also had a very balanced performance. As customers prepare for office reopenings and hybrid work, they are increasing their investment across our networking, cloud security and unified communications portfolios. In Q4, we saw double-digit revenue growth in campus switching, Catalyst 9000, high-end routing, wireless and in our Zero Trust solutions, along with strength in our security endpoint portfolio. We also had very strong adoption of our Acacia optical solutions driven by increasing customer demand for leading-edge technology to address their growing bandwidth requirements.

從產品組合的角度來看，我們的表現也非常均衡。隨著客戶為辦公室重新開放和混合工作做準備，他們正在增加對我們的網絡、雲安全和統一通信產品組合的投資。在第四季度，我們看到園區交換、Catalyst 9000、高端路由、無線和我們的零信任解決方案以及我們的安全端點產品組合的實力實現了兩位數的收入增長。由於客戶對前沿技術的需求不斷增加，以滿足他們不斷增長的帶寬需求，我們也非常強烈地採用了我們的 Acacia 光學解決方案。

The transformation of our business to more software and subscriptions continues to show tremendous progress as we achieved over $4 billion in software revenue in Q4, an increase of 7% sequentially and up 6% year-over-year. Within that, subscription revenue grew 9% in Q4 and 15% for the full fiscal year. For perspective, software represented 31% of our business in Q4. And for the full year, when combined with our services business, they represent over 53% of revenue, clearly highlighting the success of our continued business transformation.

我們的業務向更多軟件和訂閱的轉型繼續取得巨大進展，我們在第四季度實現了超過 40 億美元的軟件收入，環比增長 7%，同比增長 6%。其中，訂閱收入在第四季度增長了 9%，整個財年增長了 15%。從角度來看，軟件在第四季度占我們業務的 31%。全年，與我們的服務業務相結合，它們佔收入的 53% 以上，清楚地表明我們持續的業務轉型取得了成功。

In addition to delivering strong financial results, our innovation engine continues to accelerate. Over the last year, we introduced an impressive number of new capabilities across our entire portfolio while also doubling down on more flexible consumption models, including our core networking capabilities as a service, highlighted by the recent launch of Cisco Plus. Our new Cisco Plus solutions deliver cross-portfolio technologies to help solve our customers' biggest needs with faster time to value. Our initial Network as a Service offerings deliver hybrid cloud technologies and will later expand to a broader catalog of services built and delivered with our partner ecosystem.

除了提供強勁的財務業績外，我們的創新引擎還在繼續加速。在過去的一年裡，我們在整個產品組合中引入了大量新功能，同時還加倍努力開發更靈活的消費模式，包括我們的核心網絡功能即服務，最近推出的 Cisco Plus 就是一個亮點。我們新的 Cisco Plus 解決方案提供跨產品組合技術，以幫助解決客戶的最大需求，並更快地實現價值。我們最初的網絡即服務產品提供混合雲技術，隨後將擴展到與我們的合作夥伴生態系統一起構建和交付的更廣泛的服務目錄。

Cisco Plus improves speed, agility and scale with on-demand solutions that intelligently adapt to our customers' business needs. While still early days in its launch, Cisco Plus directly aligns with our transformation goals around driving more subscription-based recurring revenue via the cloud.

Cisco Plus 通過智能適應客戶業務需求的按需解決方案提高速度、敏捷性和規模。雖然仍處於發布初期，但 Cisco Plus 直接符合我們的轉型目標，即通過雲推動更多基於訂閱的經常性收入。

Our unique strengths improvement strategy give us the confidence to move at a more accelerated pace. You will see us continue to invest in our key growth areas and technology shifts like hybrid cloud, hybrid work, 5G, WiFi 6, Edge, security and cloud-native architectures to extend our technology leadership positions. You will also see us deliver even more strategic offers to enable our customers to thrive in a cloud-first digital world. These include full stack observability to improve their digital experiences by providing visibility and insights across their entire technology stack and Secure Access Service Edge, or SASE, designed to enable seamless secure access to applications anywhere their users work. Given the momentum we're seeing in our business, we have more conviction than ever that we are investing in the right areas, and we'll continue to extend our competitive advantages and drive growth.

我們獨特的優勢改進戰略使我們有信心以更快的速度前進。您將看到我們繼續投資於我們的關鍵增長領域和技術轉變，例如混合雲、混合工作、5G、WiFi 6、Edge、安全和雲原生架構，以擴大我們的技術領先地位。您還將看到我們提供更具戰略意義的產品，使我們的客戶能夠在雲優先的數字世界中蓬勃發展。其中包括全堆棧可觀察性，通過提供跨整個技術堆棧的可見性和洞察力來改善他們的數字體驗，以及安全訪問服務邊緣 (SASE)，旨在實現對用戶工作地點的應用程序的無縫安全訪問。鑑於我們在業務中看到的勢頭，我們比以往任何時候都更加堅信我們正在正確的領域進行投資，並且我們將繼續擴大我們的競爭優勢並推動增長。

Before I turn it over to Scott for more details on the quarter and our expectations for the next fiscal year, let me give you an update on the supply environment. While we are seeing increasing demand for our technology, we are also continuing to manage through the component shortage challenges that nearly every company is experiencing. Our world-class supply chain team, as always, is doing an incredible job navigating this complex situation by working with our global suppliers to meet customer demand as quickly as possible.

在我將其轉交給斯科特了解有關本季度的更多細節和我們對下一財年的預期之前，讓我向您介紹一下供應環境的最新情況。在我們看到對我們的技術的需求不斷增加的同時，我們也在繼續應對幾乎每家公司都遇到的組件短缺挑戰。我們世界一流的供應鏈團隊一如既往地通過與我們的全球供應商合作盡快滿足客戶需求，在應對這種複雜情況方面做得非常出色。

Looking ahead, we expect the supply challenges and cost impacts to continue through at least the first half of our fiscal year and potentially into the second half.

展望未來，我們預計供應挑戰和成本影響將至少持續到我們財政年度的上半年，並可能持續到下半年。

In summary, demand for our technology is very strong, and our strategy is more relevant than ever. This allows us to deliver greater value to our customers, partners and communities as we all adapt to new ways of living and working. I am very encouraged by the recovery trajectory across the board and with our momentum. I am confident in our strategy and investments. I feel great about the innovation we are driving in our portfolio, and I'm incredibly proud of what our teams and partners have achieved. I look forward to building on these insights with a more comprehensive deep dive on our multiyear vision and strategic growth drivers at our virtual Investor Day on September 15, and I hope you'll join us.

總之，對我們技術的需求非常強勁，我們的戰略比以往任何時候都更加相關。隨著我們都適應新的生活和工作方式，這使我們能夠為我們的客戶、合作夥伴和社區提供更大的價值。我對全面的複蘇軌跡和我們的勢頭感到非常鼓舞。我對我們的戰略和投資充滿信心。我對我們在產品組合中推動的創新感到非常滿意，我為我們的團隊和合作夥伴所取得的成就感到無比自豪。我期待著在 9 月 15 日的虛擬投資者日上更全面地深入探討我們的多年願景和戰略增長驅動力，以這些見解為基礎，我希望你能加入我們。

Thank you again for your time. And with that, I'll turn it over to Scott for additional detail.

再次感謝您的寶貴時間。然後，我將把它交給 Scott 以獲取更多詳細信息。

Thanks, Chuck. Our fourth quarter reflects a strong close to our fiscal year with significant momentum across our business. We saw robust customer demand, demonstrating the third consecutive increase in product order growth and solid execution by our teams. I'll provide some detail on our financial results for the quarter, then cover the full fiscal year, followed by our guidance.

謝謝，查克。我們的第四季度反映了我們財政年度的強勁表現，我們的業務發展勢頭強勁。我們看到了強勁的客戶需求，證明了產品訂單增長連續第三次增長以及我們團隊的穩健執行。我將提供有關本季度財務業績的一些細節，然後涵蓋整個財政年度，然後是我們的指導。

Q4 was a very strong quarter in a very dynamic environment. We executed exceptionally well with greater than 30% product order growth year-on-year and more than 17% order growth versus our pre-COVID Q4 fiscal '19 product bookings, driven by strength across our portfolio. In fact, it was the strongest product order growth rate in over a decade. We also had strong results across revenue, net income, earnings per share, and as Chuck said earlier, record operating cash flows.

在充滿活力的環境中，第四季度是一個非常強勁的季度。在我們產品組合實力的推動下，我們執行得非常好，產品訂單同比增長超過 30%，與 COVID 之前的 19 財年第四季度產品預訂相比，訂單增長超過 17%。事實上，這是十多年來最強勁的產品訂單增長率。我們在收入、淨收入、每股收益方面也取得了強勁的業績，正如查克早些時候所說，創紀錄的經營現金流。

Total revenue increased to $13.1 billion, up 8% year-over-year, coming in at the high end of our guidance range for the quarter. We saw strength in a number of product areas and across all geographies. Our business continued to recover well and build momentum with sequential revenue growth of 3%. Our non-GAAP operating margin was 33.5%, up 50 basis points. Non-GAAP net income was $3.6 billion, and non-GAAP earnings per share was $0.84, both up 5% year-over-year and exceeding the high end of our guidance range.

總收入增至 131 億美元，同比增長 8%，處於我們本季度指導範圍的高端。我們在許多產品領域和所有地區都看到了實力。我們的業務繼續良好復甦並建立勢頭，收入環比增長 3%。我們的非美國通用會計準則營業利潤率為 33.5%，上升 50 個基點。非 GAAP 淨收入為 36 億美元，非 GAAP 每股收益為 0.84 美元，同比增長 5%，超過了我們指導範圍的上限。

Now let me turn to provide more detail on our Q4 revenue. Total product revenue was $9.7 billion, up 10%. Service revenue was $3.4 billion, up 3%. Infrastructure platforms performed very well with revenues up 13%. All businesses saw double-digit growth with the exception of data center. Switching had strong growth driven by double-digit increase in campus switching, led by our Catalyst 9000 and Meraki switching offerings. We also had solid growth in our data center switching portfolio with the Nexus 9000 products. Routing grew driven by both the service provider and enterprise markets as we saw strong adoption across our portfolio, including robust uptake of our Cisco 8000 platform.

現在讓我轉而提供有關我們第四季度收入的更多詳細信息。產品總收入為 97 億美元，增長 10%。服務收入為 34 億美元，增長 3%。基礎設施平台表現非常出色，收入增長了 13%。除數據中心外，所有業務均實現兩位數增長。在我們的 Catalyst 9000 和 Meraki 交換產品的引領下，園區交換實現了兩位數的增長，推動了交換的強勁增長。通過 Nexus 9000 產品，我們的數據中心交換產品組合也實現了穩步增長。路由的增長受到服務提供商和企業市場的推動，因為我們看到我們的產品組合得到了廣泛採用，包括我們 Cisco 8000 平台的強勁採用。

Wireless had strong growth driven by the continued ramp of our WiFi 6 products and our Meraki wireless offerings. Data center revenue declined driven primarily by servers as we experienced continued market contraction. Applications were down 1% driven by a slight decline in our collaboration portfolio. However, recurring subscription revenue within our WebEx suite grew 9% in Q4. We also saw solid growth in IoT software, AppDynamics, cloud contact center and our cloud calling platforms.

在我們的 WiFi 6 產品和 Meraki 無線產品的持續增長的推動下，無線業務實現了強勁增長。由於我們經歷了持續的市場收縮，數據中心收入下降主要是由服務器驅動的。由於我們的協作產品組合略有下降，應用程序下降了 1%。然而，我們 WebEx 套件的經常性訂閱收入在第四季度增長了 9%。我們還看到了物聯網軟件、AppDynamics、雲聯絡中心和我們的雲呼叫平台的穩健增長。

Security was up 1%. Our cloud security and Zero Trust portfolios performed well with greater than 20% growth as we had continued momentum in our Duo and Umbrella offerings. Our Security recurring subscription revenue grew 13% in Q4 and 18% for the full fiscal year. In both applications and Security, we are seeing strong revenue growth in the strategic areas that we and our customers are investing in.

安全性上漲了 1%。由於我們在 Duo 和 Umbrella 產品方面的持續發展勢頭，我們的雲安全和零信任產品組合表現良好，增長超過 20%。我們的安全經常性訂閱收入在第四季度增長了 13%，整個財年增長了 18%。在應用程序和安全方面，我們和我們的客戶正在投資的戰略領域都看到了強勁的收入增長。

We continue to transform our business, delivering more software offerings and driving growth in subscriptions and recurring revenue. Software revenue was $4 billion, an increase of 6%. Subscriptions were 81% of total software revenue, up 3 points year-over-year. Software subscription revenue grew 9% in Q4 and 15% for the full fiscal year. As we continue to increase our software subscriptions, we're driving higher levels of recurring revenue.

我們繼續轉變我們的業務，提供更多的軟件產品並推動訂閱和經常性收入的增長。軟件收入為 40 億美元，增長 6%。訂閱佔軟件總收入的 81%，同比增長 3 個百分點。軟件訂閱收入在第四季度增長了 9%，整個財年增長了 15%。隨著我們繼續增加軟件訂閱，我們正在推動更高水平的經常性收入。

Additionally, the strength of our portfolio and transition to more software and services is driving growth in remaining performance obligations, or RPO. At the end of Q4, RPO crossed the $30 billion mark at $30.9 billion, up 9%. RPO for product was up 18% and service was up 3%. Approximately 53% of the total RPO is short term, meaning it will be recognized as revenue in the next 12 months. As I mentioned, we had exceptionally strong order momentum in Q4 as total product orders were up 31% with strength across the business.

此外，我們產品組合的優勢以及向更多軟件和服務的過渡正在推動剩餘履約義務 (RPO) 的增長。第四季度末，RPO 突破 300 億美元大關，達到 309 億美元，增長 9%。產品的 RPO 增長了 18%，服務增長了 3%。大約 53% 的 RPO 總額是短期的，這意味著它將在未來 12 個月內確認為收入。正如我所提到的，我們在第四季度的訂單勢頭異常強勁，產品訂單總量增長了 31%，整個業務都表現強勁。

Looking at our geographies. The Americas was up 34%, EMEA was up 24% and APJC was up 29%. Total emerging markets were up 25% with the BRICS plus Mexico up 37%. In our customer segments, commercial was up 41%; service provider was up 40%; enterprise returned to growth and was up 25%, while public sector was up 22%.

看看我們的地理位置。美洲增長 34%，EMEA 增長 24%，APJC 增長 29%。新興市場總量增長了 25%，其中金磚國家和墨西哥增長了 37%。在我們的客戶群中，商業增長了 41%；服務提供商上漲了 40%；企業恢復增長並增長了 25%，而公共部門增長了 22%。

Non-GAAP total gross margins came in at 65.6%, up 60 basis points year-over-year. Product gross margin was 65%, up 180 basis points. And services gross margin was 67.4%, down 240 basis points, which was in line with our expectations as we do see variability from quarter-to-quarter. The increase in product gross margin was driven by productivity improvements from lower freight and other costs, partially offset by relatively modest price erosion.

非美國通用會計準則總毛利率為 65.6%，同比增長 60 個基點。產品毛利率為65%，上升180個基點。服務毛利率為 67.4%，下降 240 個基點，這符合我們的預期，因為我們確實看到了季度與季度之間的差異。產品毛利率的增長是由較低的運費和其他成本帶來的生產率提高推動的，部分被相對溫和的價格下跌所抵消。

As we discussed last quarter, we continue to manage through the supply chain constraints seen industry-wide due to component shortages. We've closely partnered 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 at least through the first half of our fiscal year and potentially into the second half. Our #1 ranked global supply chain team continues to perform at a world-class level.

正如我們上個季度所討論的那樣，我們繼續管理由於組件短缺而在整個行業範圍內出現的供應鏈限制。我們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，我們預計這將至少持續到我們財政年度的上半年，並可能持續到下半年。我們排名第一的全球供應鏈團隊繼續保持世界一流水平。

When we look at the impact of acquisitions on our Q4 results year-over-year, there was a positive 210 basis point impact on revenue and no material impact on our non-GAAP earnings per share. From a cash perspective, operating cash flow for the quarter was a record $4.5 billion, up 18% year-over-year, driven by strong cash collections. We ended Q4 with total cash, cash equivalents and investments of $24.5 billion, up approximately $900 million sequentially.

當我們查看收購對我們第四季度業績的同比影響時，對收入有 210 個基點的積極影響，對我們的非 GAAP 每股收益沒有重大影響。從現金的角度來看，在強勁的現金回款的推動下，本季度的經營現金流達到創紀錄的 45 億美元，同比增長 18%。第四季度末，我們的現金、現金等價物和投資總額為 245 億美元，比上一季度增加了約 9 億美元。

In terms of capital allocation, we returned $2.4 billion to shareholders during the quarter that was comprised of $1.6 billion for our quarterly cash dividend and $791 million of share repurchases. We continue to invest organically and inorganically in our innovation pipeline. During Q4, we closed 5 acquisitions: Kenna Security, Socio Labs, Slido, Sedona Systems and Involvio. These investments are consistent with our strategy of complementing our internal innovation in 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，本季度我們向股東返還了 24 億美元，其中包括 16 億美元的季度現金股息和 7.91 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。在第四季度，我們完成了 5 項收購：Kenna Security、Socio Labs、Slido、Sedona Systems 和 Involvio。這些投資符合我們的戰略，即通過有針對性的併購來補充我們在研發方面的內部創新，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。

Turning to the full fiscal year results. Overall, our financial results were solid in a very challenging global pandemic environment with strong operational execution. Revenue was $49.8 billion, up 1%. Total non-GAAP gross margin was 66.1%, up 10 basis points. And our non-GAAP operating margin was 33.5%, down 30 basis points.

轉向完整的財政年度結果。總體而言，在極具挑戰性的全球大流行環境中，我們的財務業績穩健，運營執行力強。收入為 498 億美元，增長 1%。非美國通用會計準則總毛利率為 66.1%，上升 10 個基點。我們的非美國通用會計準則營業利潤率為 33.5%，下降了 30 個基點。

From a bottom line perspective, our non-GAAP net income was flat at $13.6 billion and non-GAAP earnings per share was $3.22. We delivered operating cash flow of $15.5 billion, flat compared to fiscal '20. From a cap allocation perspective, we returned $9.1 billion in value to shareholders over the fiscal year, which represents 61% of our free cash flow. That was comprised of $6.2 billion in quarterly cash dividends and $2.9 billion of share repurchases.

從底線的角度來看，我們的非 GAAP 淨收入持平於 136 億美元，非 GAAP 每股收益為 3.22 美元。我們交付了 155 億美元的運營現金流，與 20 財年持平。從上限分配的角度來看，我們在本財年向股東返還了 91 億美元的價值，占我們自由現金流的 61%。其中包括 62 億美元的季度現金股息和 29 億美元的股票回購。

We also increased our dividend for the 10th consecutive year in fiscal 2021, reinforcing our commitment to return capital to our shareholders and our confidence in the strength and stability of our ongoing cash flows. We remain firmly committed to maintaining a strong balance sheet to fuel our organic and inorganic growth initiatives as well as continuing our cap allocation strategy by returning a minimum of 50% of our free cash flow to shareholders annually.

我們還在 2021 財年連續第 10 年增加了股息，加強了我們向股東返還資本的承諾，以及我們對持續現金流的實力和穩定性的信心。我們仍然堅定地致力於維持強勁的資產負債表，以推動我們的有機和無機增長計劃，並通過每年向股東返還至少 50% 的自由現金流來繼續我們的上限分配策略。

To summarize, we had a great Q4 and a solid fiscal year with strong operational execution. We're seeing returns on the investments we're making in innovation and driving the continued shift to more software and subscriptions, driving more recurring revenue, delivering growth and driving shareholder value.

總而言之，我們有一個偉大的第四季度和穩健的財政年度，具有強大的運營執行力。我們正在看到我們在創新和推動向更多軟件和訂閱的持續轉變、推動更多經常性收入、實現增長和推動股東價值方面的投資回報。

Now let me provide our forward-looking guidance. We are pleased to initiate the additional practice of providing an annual outlook to complement our regular quarterly look ahead for fiscal year 2022. The successful transformation we've been executing around driving a higher proportion of our revenues from subscriptions, recurring and deferred revenue, is affording us additional visibility into our outlook for future growth. Please note, our guidance is subject to the disclaimer regarding forward-looking information that Marilyn referred to earlier.

現在讓我提供我們的前瞻性指導。我們很高興啟動額外的做法，提供年度展望，以補充我們對 2022 財年的定期季度展望。我們一直在執行的成功轉型推動了來自訂閱、經常性和遞延收入的更高比例的收入，是讓我們對未來增長的前景有了更多的了解。請注意，我們的指南受瑪麗蓮之前提到的前瞻性信息免責聲明的約束。

Our financial guidance for Q1 is as follows. We expect revenue growth to be in the range of 7.5% to 9.5% year-on-year. We anticipate the non-GAAP gross margin to be in the range of 63.5% to 64.5%, reflecting the continuing increase in supply chain costs we are incurring as we protect shipments to our customers. Our non-GAAP operating margin is expected to be in the range of 31.5% to 32.5%. Non-GAAP earnings per share is expected to range from $0.79 to $0.81.

我們對第一季度的財務指導如下。我們預計收入同比增長將在 7.5% 至 9.5% 之間。我們預計非 GAAP 毛利率將在 63.5% 至 64.5% 之間，反映出我們在保護向客戶發貨時所產生的供應鏈成本持續增加。我們的非美國通用會計準則營業利潤率預計在 31.5% 至 32.5% 之間。非 GAAP 每股收益預計在 0.79 美元至 0.81 美元之間。

Our financial guidance for the full year fiscal '22 is as follows. 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-on-year. In both our Q1 and full year outlook, we're assuming a non-GAAP effective tax rate of 19%.

我們對 22 財年全年的財務指導如下。我們預計收入同比增長將在 5% 至 7% 之間。非 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%。在我們的第一季度和全年展望中，我們假設非 GAAP 有效稅率為 19%。

Looking ahead, we're excited to host a Cisco virtual Investor Day on Wednesday, September 15, 2021, which we will webcast live, and hope you can join us.

展望未來，我們很高興在 2021 年 9 月 15 日星期三舉辦思科虛擬投資者日，我們將進行網絡直播，希望您能加入我們。

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

我現在將把它轉回瑪麗蓮，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 line.

謝謝，斯科特。米歇爾，讓我們繼續排隊問答。

Samik Chatterjee from JPMorgan.

摩根大通的 Samik Chatterjee。

I guess, Chuck, Scott, just wanted to kind of get your thoughts on getting -- in terms of the timing of getting a full year guide out here. I would think most other companies would have said this is -- with supply chain uncertainty, this is probably not the right time to get a full year guide out. So definitely appreciate the full year guide and kind of wanted to understand what's providing that higher visibility. You mentioned the transformation. But also, how is the -- how are the orders feeding into that visibility? And what are you kind of baking in, in terms of supply chain in that full year guide overall? How much of -- kind of, what you're baking in, in terms of headwind into that full year guide from a supply chain perspective?

我想，Chuck、Scott 只是想听聽你們對獲得全年指南的時間的看法。我認為大多數其他公司會說這是——由於供應鏈的不確定性，現在可能不是發布全年指南的合適時機。所以非常感謝全年指南，並且有點想了解是什麼提供了更高的知名度。你提到了轉型。而且，訂單是如何進入這種可見性的？就全年指南的整體供應鏈而言，您有什麼想法？從供應鏈的角度來看，從全年指南的逆風來看，你在烘烤多少？

Yes. It's a great question, Samik. Thanks for that. It really is one of the benefits of the transformation we're making. As we move to more and more of a software and services and recurring revenue base, we have greater visibility. One of the stats that we just talked about is our remaining performance obligations of $30.9 billion, of which 53% of that will turn into revenue in the next 12 months.

是的。這是一個很好的問題，Samik。感謝那。這確實是我們正在進行的轉型的好處之一。隨著我們轉向越來越多的軟件和服務以及經常性收入基礎，我們有了更大的知名度。我們剛剛談到的一項統計數據是我們剩餘的 309 億美元履約義務，其中 53% 將在未來 12 個月內轉化為收入。

We also have a good feel for what other renewals are going to come up and what our renewal rate is as we work our way through this. So we have a pretty good sense of a big chunk of our revenue and how it's going to grow. We also have a good view of pipeline and what that looks like ahead. And one of the things that I would say about that pipeline is it's one of the -- it's -- we've seen year-on-year growth in the pipeline for Q1 better than we've ever seen in the last several years. So we see good growth in the pipeline as well. So it's -- when you add all that up, that's what gives us the confidence to give a full year guide.

在我們努力解決這個問題的過程中，我們也很清楚會出現什麼其他續約以及我們的續約率是多少。因此，我們非常清楚我們收入的很大一部分及其增長方式。我們對管道以及未來的前景也有很好的了解。關於這條管道，我要說的一件事是它是其中之一——它是——我們看到第一季度管道的同比增長比過去幾年更好。因此，我們也看到了管道中的良好增長。所以它 - 當你把所有這些加起來時，這就是讓我們有信心提供全年指南的原因。

What I would say is, the -- to your question about supply chain and what's the assumption on supply chain, the way to think about that is that's the difference between the high end and the low end of the guide. We expect the supply chain to impact us through the first half of the year. And then at the low end of the guide, we think we continue to have supply chain impacts through most of the second half as well with some clear up at the end. At the high end of the guide, we think that we begin to clear up the supply chain issues, supply and demand comes back more into balance earlier in the second half.

我要說的是，關於你關於供應鏈的問題以及對供應鏈的假設是什麼，思考這個問題的方式就是指南的高端和低端之間的區別。我們預計供應鏈將在今年上半年對我們產生影響。然後在指南的低端，我們認為我們將在下半年的大部分時間繼續對供應鏈產生影響，並在最後部分清除。在指南的高端，我們認為我們開始解決供應鏈問題，供需在下半年早些時候恢復平衡。

So that's the -- that's why we gave the full year guide. I think -- certainly, we have the confidence with the visibility we have and what's baked into that based on some of the uncertainties still out there with the supply chain.

這就是 - 這就是我們提供全年指南的原因。我認為 - 當然，我們對我們所擁有的可見性以及基於供應鏈中仍然存在的一些不確定性而產生的影響充滿信心。

Meta Marshall from Morgan Stanley Investment Research.

摩根士丹利投資研究部的元馬歇爾。

Maybe coupling on to that question. Just how should we think about kind of the incremental 150 basis point sequential gross margin decline in the guidance? And just how much of that is incremental supply chain impact? And would you expect to abate that through either price changes or supply chain improvement to improve that throughout the year?

也許耦合到那個問題。我們應該如何看待指導中毛利率連續下降 150 個基點的情況？其中有多少是增量供應鏈影響？您是否期望通過價格變化或供應鏈改進來減少這種情況，以在全年改善這種情況？

Yes. Thanks, Meta, for that. What we -- when you look at the Q4 gross margin, obviously, it came in better than what we had expected and what we had guided to. And there was really favorable product mix built into that, some of that being driven by a good quarter for software, as you heard on the call earlier.

是的。謝謝，元，為此。我們 - 當您查看第四季度的毛利率時，顯然，它比我們預期的和我們指導的要好。正如您之前在電話會議上聽到的那樣，其中內置了非常有利的產品組合，其中一些是由軟件的良好季度推動的。

Looking ahead, we've taken several steps to ensure that we can continue to have supply and deliver products to our customers. They're in the midst of their own transformations. They're all in the midst of doing the things they have to do to adapt to a world that's not only a hybrid work world, but one with the rise of the delta variant that it's added complexity. It's not a, "Hey, the world is going to go back to normal at some point. It's -- I need to continue to have this kind of flexibility ahead." We're trying to support that, and at the same time, the supply and demand imbalances and some of the key components around semiconductors and memory and some of the same things you hear from others of our peers. That turns into higher component costs as we buy from those suppliers.

展望未來，我們已經採取了幾個步驟來確保我們能夠繼續為我們的客戶供應和交付產品。他們正處於自己的轉變之中。他們都在做他們必須做的事情，以適應一個不僅是混合工作世界，而且隨著 delta 變體的興起而增加了複雜性的世界。這不是，“嘿，世界會在某個時候恢復正常。它是——我需要繼續保持這種靈活性。”我們正在努力支持這一點，與此同時，供需失衡以及半導體和內存周圍的一些關鍵組件以及您從我們其他同行那裡聽到的一些相同的事情。當我們從這些供應商那裡購買時，這會變成更高的組件成本。

We are also to ensure even greater supply going to brokers to get additional supply from -- versus what we can get directly from our suppliers, and in some cases, qualifying second sources where we have to. Each of those obviously drives cost, and it takes a while for those costs. We've been in that process through Q4, and we'll be in it through Q1. It takes a while for those costs to flow through our standard costing system and show up in the cost of goods sold.

我們還將確保更多的供應給經紀人以獲得額外的供應——而不是我們可以直接從我們的供應商那裡獲得，在某些情況下，我們必須獲得合格的第二來源。這些中的每一個顯然都會增加成本，而且這些成本需要一段時間。我們在第四季度一直處於這個過程中，我們將在第一季度處於這個過程中。這些成本需要一段時間才能通過我們的標準成本核算系統並顯示在銷售商品的成本中。

There's a little bit of unfavorable product mix headwind as well in Q1 as we have a good sense of the products that don't have those same impacts that we will be able to ship that are sitting in backlog. So that's what's driving that sequential change. As you know, we did put in place a price increase. Very selective, very targeted, only on the products where we were seeing the higher component costs. That went into effect August 7. But we always honor quotes that are out there for 30 days beyond that pricing because many of those quotes were produced before the price increase was put in.

第一季度也有一些不利的產品組合逆風，因為我們對積壓的產品沒有相同的影響，我們將能夠發貨。這就是推動這種連續變化的原因。如您所知，我們確實提價了。非常有選擇性，非常有針對性，只針對我們看到組件成本較高的產品。這於 8 月 7 日生效。但我們始終尊重超出該定價 30 天的報價，因為其中許多報價是在價格上漲之前產生的。

So scroll 30 days ahead from August 7 before the first orders come in with those higher prices, and then it takes a while for those orders to come in, get built and shipped back out to customers and for us to realize the benefit of that on the top line. So think of those price increases as being something that we'll feel more of the benefit of in Q2 and Q3 versus what we see in Q1.

因此，從 8 月 7 日開始提前 30 天，在第一批價格更高的訂單進來之前，然後這些訂單需要一段時間才能進來，建造並運回給客戶，我們才能意識到這樣做的好處頂線。因此，將這些價格上漲視為與我們在第一季度看到的相比，我們將在第二季度和第三季度感受到更多的好處。

Paul Silverstein from Cowen.

來自 Cowen 的 Paul Silverstein。

Scott, to pick up on the previous 2 questions. If I look at your annual guidance, it's strong revenue. It's almost $1 billion above the consensus number. The EPS is more in line. It's slightly light, but not meaningfully. But the difference, obviously, is gross margin and/or OpEx. I appreciate that COVID's elevated your cost structure as well as all of your peers. Can you give us any granular insight in terms of translating the revenue upside that you're looking at that you're expecting relative to the more modest EPS outlook for the year in terms of gross margin versus OpEx?

斯科特，回答前兩個問題。如果我看一下您的年度指導，那是強勁的收入。這比共識數字高出近 10 億美元。 EPS更符合要求。它有點輕，但沒有意義。但顯然，區別在於毛利率和/或運營支出。我很感激 COVID 提高了你們以及你們所有同行的成本結構。您能否就毛利率與運營支出相比今年更為溫和的 EPS 前景轉化您所期望的收入增長方面給我們任何詳細的見解？

Yes. Paul, it really is gross margin-driven. And there's still -- there continues to be uncertainty and when the supply and demand gets back into balance on many of those components. That's why you see the range that we put out there at 5% to 7%, and that ripples through to the bottom line as well.

是的。保羅，這真的是毛利率驅動的。而且仍然 - 仍然存在不確定性，以及供需何時在許多這些組件上恢復平衡。這就是為什麼你會看到我們設定的範圍在 5% 到 7% 之間，這也會波及到底線。

I think that -- the only other comment I'd add on that front, I don't want to get into parsing it down to the various elements, at least at this point, but there's still uncertainty and given that uncertainty, and this being the first time we've given you annual guide. It's prudent. We're trying to be prudent with the guide we put out there as well.

我認為——我要在這方面添加的唯一其他評論是，我不想將其分解為各種元素，至少在這一點上是這樣，但仍然存在不確定性，鑑於這種不確定性，這這是我們第一次為您提供年度指南。這是謹慎的。我們也試圖謹慎對待我們在那裡發布的指南。

Scott, with respect to OpEx, is it your plan to grow OpEx more modestly than revenue? You're going to -- you're looking at some pretty healthy revenue growth this year. Will you restrain your OpEx growth below revenue to try to drive some leverage?

Scott，關於 OpEx，您是否計劃以比收入更溫和的方式增長 OpEx？你會 - 你正在尋找今年相當健康的收入增長。您是否會將運營支出增長限制在收入以下以嘗試提高槓桿率？

Yes. I'll start and, Chuck, you may want to add on to this. The way that you see the guidance laid out 5% to 7% growth on the top line and 5% to 7% growth on the bottom line, we're looking at balanced profitable growth. And I think that's the way you should expect us to run the business going forward is balanced profitable growth. 5% to 7% on both the top and bottom line is a pretty strong performance, certainly relative to where we've been over the last few years. And so again, I don't want to get into -- Paul, I know what you're poking at. I really don't want to get into parsing down the elements of that, but the core principle is balanced profitable growth.

是的。我會開始，查克，你可能想補充一下。你看到的指導方式顯示收入增長 5% 至 7%，利潤增長 5% 至 7%，我們正在尋找平衡的盈利增長。而且我認為這就是您應該期望我們未來經營業務的方式是平衡的盈利增長。 5% 到 7% 的收入和收入都是相當強勁的表現，當然相對於我們過去幾年的表現。再說一次，我不想進入——保羅，我知道你在戳什麼。我真的不想深入分析其中的要素，但核心原則是平衡的盈利增長。

Paul, can you ask -- I'm sorry, Paul. Go ahead.

保羅，你能問—— 對不起，保羅。前進。

Just one last question on this. Is there any reason why your cost structure from a gross margin perspective -- if we envision going back to the 21st century and getting beyond COVID, is there any reason why your gross margin structure would not go back to where it was, if not better? I recognize you've got mix and other factors that influence one way or the other from quarter-to-quarter. But as a general proposition, should we expect your gross margin structure return to what it was pre-COVID?

關於這個的最後一個問題。從毛利率的角度來看，您的成本結構是否有任何原因——如果我們設想回到 21 世紀並超越 COVID，您的毛利率結構是否有任何原因不會回到原來的水平，如果不是更好的話？我認識到你有混合因素和其他因素影響一個季度到另一個季度的方式。但作為一般性建議，我們是否應該期望您的毛利率結構恢復到 COVID 之前的水平？

That is our expectation, Paul, over time. I mean, again, I don't want to predict that for this fiscal year, just given some of the uncertainties in the supply chain. But it is our expectation that it gets back there. And over the longer term, as we continue to build a bigger mix of software into our revenue stream, that should also provide a bit of a tailwind to our margins.

保羅，隨著時間的推移，這是我們的期望。我的意思是，我不想預測本財年的情況，只是考慮到供應鏈中的一些不確定性。但我們期望它回到那裡。從長遠來看，隨著我們繼續在我們的收入流中構建更大的軟件組合，這也應該為我們的利潤率提供一點順風。

Aaron Rakers from Wells Fargo.

來自富國銀行的 Aaron Rakers。

I wanted to kind of ask the supply chain question a little bit differently. As you see the order momentum and the pipeline build commentary that you laid out, obviously, is quite positive. How are you assessing kind of the perishability of demand? Are you seeing any signs where customers might be double ordering? Or how do you just think about that in the function of the guidance that you've laid out?

我想以不同的方式問供應鏈問題。正如您所看到的訂單勢頭和管道建設評論，您顯然是非常積極的。您如何評估需求的易腐爛性？您是否看到任何跡象表明客戶可能會重複訂購？或者您如何在您制定的指南的功能中考慮這一點？

Yes. Aaron, this is Chuck. Thank you for that. Look, we expected to be asked about pull-ahead. I think there's a couple of things that I would say. We obviously can't calculate that directly. We've looked at several indicators, our pipeline analysis, channel orderings, our sales force opportunity movement, order cancellation rates, future pipeline build. And we don't see any signs of ordering well ahead of needs other than lining up with what our lead times are.

是的。亞倫，這是查克。謝謝你。看，我們預計會被問到關於提前拉動的問題。我想我要說幾件事。我們顯然不能直接計算。我們查看了幾個指標，我們的管道分析、渠道訂單、我們的銷售人員機會流動、訂單取消率、未來管道構建。除了與我們的交貨時間保持一致之外，我們沒有看到任何提前訂購的跡象。

And we have customers that are large carriers, large telcos, cloud players, who have 12-, 18- to 24-month capacity plans. And so they look at our lead times, and they are going to order into that based on what they have. But we would not say there was a significant amount of pull-ahead other than dealing with the lead times.

我們的客戶是大型運營商、大型電信公司、雲玩家，他們有 12、18 到 24 個月的容量計劃。因此，他們會查看我們的交貨時間，他們將根據他們所擁有的進行訂購。但我們不會說除了處理交貨時間外還有大量的提前。

And the other thing that I would just highlight is that, Scott pointed out earlier, after the real strong order growth we saw in Q4, we're sitting with the best start from a forecast pipeline perspective that we've had in several years. So that would lead us to believe that this is a trend that we should see continuing for a little while.

我要強調的另一件事是，斯科特早些時候指出，在我們在第四季度看到真正強勁的訂單增長之後，從預測管道的角度來看，我們正處於幾年來最好的開端。因此，這會讓我們相信這是一個我們應該看到持續一段時間的趨勢。

Tim Long from Barclays.

巴克萊銀行的蒂姆·朗。

Could you just dig into the software angle a little bit? Numbers seem pretty strong, yet, the applications and security lines trailed a little bit on the product side. So could you just parse that through for us?

你能稍微深入一下軟件角度嗎？數字看起來相當強勁，但在產品方面，應用程序和安全線有點落後。那麼你能為我們解析一下嗎？

And then second, just did want to follow up on that cloud piece that was so strong in the quarter. Chuck, any other color you can give on that? It sounded pretty broad-based, but I'm assuming some of your peers also, to the last question, saw a little bit more advanced -- more longer lead time orders. Or is there anything else in that huge cloud number?

其次，只是想跟進本季度如此強勁的那塊雲。查克，你還能給它塗上其他顏色嗎？這聽起來基礎很廣泛，但我假設你們的一些同行在最後一個問題上也看到了更先進的——更長的交貨時間訂單。還是那個巨大的雲數中還有別的東西？

Yes. Thanks, Tim. So on the applications front, we expected that you guys might want to ask about that. And there's a couple of things to keep in mind. In both applications and Security, the order rates were certainly higher than the revenue rates. So that's the first thing I would tell you. The recurring subscription portions within each of those businesses were also very positive. As Scott said, in Security, within -- I mean, in collaboration within applications, WebEx suite, the recurring subscriptions within WebEx suite revenue was up 9% in Q4, 16% for the year. We had solid growth in IoT, AppD, cloud contact center and cloud calling.

是的。謝謝，蒂姆。因此，在應用程序方面，我們預計你們可能會問這個問題。有幾件事要記住。在應用程序和安全方面，訂單率肯定高於收入率。所以這是我要告訴你的第一件事。每個業務中的經常性訂閱部分也非常積極。正如斯科特所說，在安全方面——我的意思是，在應用程序、WebEx 套件內的協作中，WebEx 套件收入的經常性訂閱在第四季度增長了 9%，全年增長了 16%。我們在物聯網、AppD、雲聯絡中心和雲呼叫方面取得了穩健的增長。

What's also in there, if you will recall, is there's phones and handsets and there's some on-prem software that's associated with collaboration, and some of those were impacted by supply chain. But the future growth areas actually for us looked really good.

如果你還記得的話，還有什麼是電話和手機，還有一些與協作相關的本地軟件，其中一些受到供應鏈的影響。但實際上對我們來說未來的增長領域看起來非常好。

On the Security front, Cloud Security Zero Trust over 20%. The Security recurring subscription revenue, up 13% in Q4, up 18% for the year. So that was solid as well. And again, our next-generation firewall demand was really good. But some of the legacy products and the supply chain created a little bit of a revenue headwind there. But again, orders were stronger than the revenues. We would expect those to normalize over the next few quarters.

在安全方面，雲安全零信任度超過 20%。安全經常性訂閱收入在第四季度增長 13%，全年增長 18%。所以這也是可靠的。再一次，我們對下一代防火牆的需求非常好。但一些遺留產品和供應鏈在那裡造成了一點收入逆風。但同樣，訂單強於收入。我們希望這些在接下來的幾個季度內恢復正常。

As we get to webscale, look, this is a -- I have to tell you that preparing for this call, I reflected over the last 5, 6 years of having this discussion. And I always said that we would start talking about webscale when it was meaningful, and I guess I can now declare it meaningful. We made multiyear investments building the Cisco 8000 with new silicon, the optics and the software. And we had phenomenal growth. And it was 160% order growth this quarter over almost 30% order growth a year ago in the same quarter.

當我們進入網絡規模時，看，這是——我必須告訴你，為這次電話會議做準備，我反映了過去 5、6 年的討論。我總是說我們會在 webscale 有意義的時候開始討論它，我想我現在可以宣布它有意義了。我們進行了多年投資，使用新的芯片、光學器件和軟件構建了 Cisco 8000。我們取得了驚人的增長。本季度訂單增長 160%，高於一年前同一季度近 30% 的訂單增長。

And the customers are really adopting our entire portfolio, including the enterprise side, but over half of that business landed in their cloud infrastructure. We also see 400-gig taking off in -- and really in a meaningful way. I'll give you a couple of stats on that because someone's probably going to ask it.

客戶確實在採用我們的整個產品組合，包括企業方面，但超過一半的業務落在了他們的雲基礎設施中。我們還看到了 400 兆的起飛——而且確實是以一種有意義的方式。我會給你幾個統計數據，因為可能有人會問。

In Q4, 400-gig ports, our orders were up 668% and for the year, 400-gig port orders were up 831%. We have over 400 customers that have deployed, and we've taken orders for almost 180,000 ports total. So it's really moving forward. And I think those are the things that -- and we won several franchises in the cloud webscale space. We continue to do proof of concepts. We're in validation and certification stages and others. So we always said that we missed the first transition with these players and that we wanted to be prepared for this next architectural transition, and I think our teams have done a great job putting us in a good position.

在第四季度，我們的 400-gig 端口訂單增長了 668%，全年 400-gig 端口訂單增長了 831%。我們已經部署了 400 多個客戶，並且我們已經訂購了近 180,000 個端口。所以它真的在向前發展。我認為這些就是 - 我們在云網絡規模空間贏得了多項特許經營權。我們繼續進行概念驗證。我們正處於驗證和認證階段以及其他階段。所以我們總是說我們錯過了這些球員的第一次轉變，我們想為下一次架構轉變做好準備，我認為我們的團隊做得很好，讓我們處於有利的位置。

Rod Hall from Goldman Sachs.

來自高盛的 Rod Hall。

A lot of ports, Chuck, a lot of ports. So I have 2 questions for you. One is regarding the order growth. I'm curious about linearity there. The last time we saw free handle on that was back in 2010 when you guys were exiting the GST. But it seems like those orders could accelerate from here, and I'm curious whether you think that's a possibility or how probable an acceleration is from that 31% growth rate.

很多港口，查克，很多港口。所以我有兩個問題要問你。一是關於訂單增長。我很好奇那裡的線性度。我們上一次看到免費處理是在 2010 年，當時你們正在退出商品及服務稅。但似乎這些訂單可能會從這裡加速，我很好奇你是否認為這是一種可能性，或者從 31% 的增長率開始加速的可能性有多大。

And then I wanted to come back to this pricing commentary. And I'm curious what the durability of these prices is, what your intention would be once these component costs, these underlying costs go down. Will you flex these prices right back down again? Or do you expect this to sustain themselves a little bit longer? Just curious what you -- what your plan on pricing would be as these underlying costs change.

然後我想回到這個定價評論。我很好奇這些價格的持久性是什麼，一旦這些組件成本、這些潛在成本下降，你的意圖是什麼。你會再次調整這些價格嗎？還是您希望這能維持更長的時間？只是好奇你 - 隨著這些潛在成本的變化，你的定價計劃是什麼。

Yes. Let me start and I'll let Scott comment on the pricing issue as well. You asked a couple of questions there, Rod. On linearity, just to give you the quarter, it started hot and ended hot, right? It was from day 1 to the end. So this was not like we were 5% growth till the last month and then it accelerated. It was pretty consistent throughout the entire quarter.

是的。讓我開始吧，我也會讓 Scott 對定價問題發表評論。羅德，你在那裡問了幾個問題。關於線性度，只是給你一個季度，它開始很熱，結束很熱，對吧？從第一天到最後。所以這不像我們在上個月之前增長了 5%，然後它加速了。整個季度都非常一致。

You mentioned the ability to accelerate. I certainly wouldn't expect 31% order growth to be the new standard. But I think that there are certainly going to be -- it just feels like our customers are dealing with -- they're coming out. They're making decisions about modernizing their infrastructure and their technology assets to deal with this new hybrid work. And I think now what they're seeing is with the delta variant, they're understanding that this may not be one move back to the office, right? This is going to -- they have to -- they're going to have to be resilient. They're going to have to build adaptability in for future because we could have the next variant 6 months from now. And I think that's what customers are thinking through right now.

你提到了加速的能力。我當然不會期望 31% 的訂單增長成為新標準。但我認為肯定會有——感覺就像我們的客戶正在處理——他們會出來。他們正在製定有關對其基礎設施和技術資產進行現代化改造的決策，以應對這種新的混合工作。而且我認為現在他們看到的是 delta 變體，他們明白這可能不是一次回到辦公室，對吧？這將——他們必須——他們將必須具有彈性。他們將不得不為未來建立適應性，因為我們可能在 6 個月後擁有下一個變體。我認為這就是客戶現在正在考慮的問題。

The comment I'd make on pricing, and then I'll let Scott talk about the durability of them is, one thing that -- as we talk about gross margin in the quarter we just finished, the pricing element of gross margin was actually at the very low end of our normal range, which means we're holding pricing with our sales teams, which is a good sign right now. So once these things start flowing through, if that trend continues, then we would certainly see the favorable impact that we expect. Scott?

我對定價的評論，然後我會讓斯科特談論它們的耐用性是，當我們談論剛剛結束的那個季度的毛利率時，毛利率的定價因素實際上是在我們正常範圍的極低端，這意味著我們正在與我們的銷售團隊保持定價，這是一個好兆頭。因此，一旦這些事情開始發生，如果這種趨勢繼續下去，那麼我們肯定會看到我們預期的有利影響。斯科特？

Yes. I think that's right. I think, Rod, the other way that I'd ask you to think about the price increases we just announced on August 7. Those are really -- they're not motivated by driving top line as much as they're motivated by offsetting some of the cost increases we're seeing.

是的。我認為這是對的。我想，Rod，我想請你考慮一下我們剛剛在 8 月 7 日宣布的價格上漲的另一種方式。這些確實是 - 他們的動機不是為了提高收入，而是為了抵消我們看到的一些成本增加。

Now there's a lag effect, right? It's going to take time before we see those prices show up actually in our revenue stream, but they're really motivated by that. And so we'll continue to assess as we always do, if we need to make another price adjustment, up or down. We'll continue to make those assessments going forward. So it's -- don't think about them as being motivated, though, by top line drivers. It's really motivated by offsetting some of the higher costs that we're seeing.

現在有滯後效應，對吧？在我們看到這些價格實際出現在我們的收入流中之前需要時間，但他們確實受此激勵。因此，如果我們需要進行另一次價格調整，無論是上調還是下調，我們都會像往常一樣繼續評估。我們將繼續進行這些評估。所以它 - 不要認為他們是受到頂級驅動程序的激勵。它的真正動機是抵消我們看到的一些更高的成本。

But the other thing I would just close on this one is that we have a price increase methodology that we deploy on a regular basis for different portfolios. We just don't talk about on earnings calls every time. But we -- so this is a muscle we have that we actually use on a fairly regular basis when the conditions warrant it.

但我要結束的另一件事是，我們有一個價格上漲方法，我們會定期為不同的投資組合部署。我們只是不會每次都談論收益電話。但是我們——所以這是我們擁有的力量，在條件允許的情況下，我們實際上會經常使用它。

Sami Badri from Credit Suisse.

來自瑞士信貸的 Sami Badri。

My first question is on your gross margins and just the costs of products. And the question really is just around how much of these cost inputs can Cisco control versus how many of them are not controllable at all, right? So that's kind of the first question.

我的第一個問題是關於你們的毛利率和產品成本。真正的問題是這些成本投入中有多少是思科可以控制的，有多少是根本無法控制的，對吧？所以這是第一個問題。

And then the second question is, going back to some of your wins with the Series 8000, how much of these wins are completely new deployments versus you going head-to-head with an incumbent or going head-to-head with other competing vendors for those deployments, right, or existing replacement or new deployments? And that would be great.

然後第二個問題是，回到你在 8000 系列上的一些勝利，這些勝利中有多少是全新的部署，而不是你與現有供應商正面交鋒或與其他競爭供應商正面交鋒對於那些部署，對，還是現有的替換或新部署？那太好了。

Sure, Sami. I'll start on the cost of goods sold. It's overwhelmingly driven by the component costs and the contract manufacturing costs to do the various levels of assembly inside there versus something that we have the ability to flex up or down. So I would think of that as being significantly driven by some of the factors that we've talked about with the imbalance of supply and demand.

當然，薩米。我將從銷售商品的成本開始。與我們有能力向上或向下彎曲的東西相比，它在很大程度上是由組件成本和合同製造成本驅動的，在那裡進行各種級別的組裝。因此，我認為這是由我們談到的供需失衡的一些因素顯著推動的。

And Sami, on your second question, it's really difficult to say which ones are new, which ones did we compete with an incumbent. But I will tell you, we're competing with incumbents on every one of them because -- I mean, even if it's a new architecture, they're building, they have incumbents who are certainly competing with us. These are all super competitive. And our teams have built some great technology.

薩米，關於你的第二個問題，真的很難說哪些是新的，哪些是我們與現任者競爭的。但我會告訴你，我們正在與現任者競爭其中的每一個，因為 - 我的意思是，即使這是一個新的架構，他們正在建設，他們的現任者肯定會與我們競爭。這些都是超級有競爭力的。我們的團隊已經建立了一些偉大的技術。

And so it's -- and to -- and the cloud providers, they like diversity in their supply chain. They like diversity from a supplier perspective. And one other data point I meant to give earlier when Tim asked about the cloud business that we gave on the call last time I want to make sure we share with you again, webscale comprised 30% of our service provider segment from an orders perspective for the quarter.

因此，對於雲提供商而言，他們喜歡供應鏈中的多樣性。從供應商的角度來看，他們喜歡多樣性。另一個數據點我想在蒂姆上次詢問我們在電話中提供的雲業務時提供，我想確保我們再次與您分享，從訂單的角度來看，webscale 占我們服務提供商部分的 30%季度。

Simon Leopold from Raymond James.

雷蒙·詹姆斯的西蒙·利奧波德。

I think you've sort of alluded to 31% order growth not being sustainable. Can you give us some idea of what you see as really the sustainable or more normalized level? And also, if you could comment on your purchase order commitment because I've assumed that the substantial commitments you've made help you lock in and secure pricing when you made those commitments and represents, I guess, a way of controlling the headwind as we think about the full year model. I want to make sure I'm understanding that correctly.

我認為你有點暗示 31% 的訂單增長是不可持續的。您能否告訴我們您認為真正可持續或更正常化的水平是多少？而且，如果你能對你的採購訂單承諾發表評論，因為我假設你做出的實質性承諾有助於你在做出這些承諾時鎖定並確保定價，我想，這代表了一種控制逆風的方式我們考慮全年模式。我想確保我理解正確。

Sure. I'll start on the second part of that, and then I'll let Chuck weigh in on the order growth. Clearly, as we locked in some of that -- some of the work that we did on supply, and particularly going after components that are particularly at an imbalance between supply and demand, we locked in both, right? We looked at both the costs that would come in for that and what the committed delivery schedule was on those. So we have a good sense of that for a subset of our components.

當然。我將從第二部分開始，然後讓 Chuck 權衡訂單增長。顯然，當我們鎖定其中的一些 - 我們在供應方面所做的一些工作，特別是針對供需失衡的組件時，我們鎖定了兩者，對嗎？我們研究了為此產生的成本以及承諾的交付時間表。所以我們對我們的一部分組件有很好的了解。

There's still going to be fluctuation in some areas. Memory is a good example where there's going to continue to be fluctuation in pricing, and we'll continue to monitor that. You saw us -- you've seen us in the past make price adjustments based on memory cost increases, and I would expect that to be kind of an ongoing process there. But for the ones that we locked in, which are the -- I think, the ones that are -- have the greatest imbalance and the highest demand both for us and for our competitors, we locked in both from that standpoint.

部分地區仍將出現波動。內存就是一個很好的例子，價格將繼續波動，我們將繼續監控。你看到了我們——你看到我們過去根據內存成本的增加進行價格調整，我希望這會是一個持續的過程。但是對於我們鎖定的那些——我認為，那些——對我們和我們的競爭對手都有最大的不平衡和最高的需求，我們從這個角度鎖定了兩者。

Yes. And on the order side, that's a difficult question to answer. What I would say is that it's the first time we've given long-range guidance or annual guidance on both revenue and EPS. We have the Investor Day coming up on the 15th, where we're going to talk about the key growth drivers in our business, and we're also going to begin to share new metrics that will give you a flavor of the business in a different way. So I think that's what -- as we spend time on that day, I think the drivers of growth will be clear to you. And I think the bookings will only be one metric that we'll look at relative to future performance.

是的。在訂單方面，這是一個很難回答的問題。我要說的是，這是我們第一次對收入和每股收益給出長期指導或年度指導。我們將在 15 日舉行投資者日，屆時我們將討論我們業務的主要增長動力，我們還將開始分享新的指標，讓您對業務有所了解不同的方式。所以我認為這就是 - 當我們在那一天花時間時，我認為增長的驅動力對你來說很清楚。而且我認為預訂量只是我們將要考慮的與未來表現相關的一個指標。

Fahad Najam from MKM Partners.

來自 MKM Partners 的 Fahad Najam。

In terms of the order strength, do you have any way of parsing out any kind of double ordering or forward pull-in orders from your customers? And have you adjusted for that? And I have a follow-up.

在訂單強度方面，你們有沒有辦法從客戶那裡解析出任何一種雙重訂單或前拉訂單？你調整了嗎？我有一個後續行動。

So Fahad, as I said earlier, we -- what we've looked at is we've compared a lot of the -- our pipeline pull-ahead activity. We've looked at our future pipeline. We've looked at order cancellation rates, and we just don't see anything. So based on what we know now -- we certainly think customers are placing orders further in advance because of lead times, which is just logical, but that's basically -- when you see the order growth we saw in Q4 and then you see the forecast pipeline that we see going forward, it would suggest that there's still a fair amount of demand out there.

所以 Fahad，正如我之前所說，我們 - 我們所看到的是我們已經比較了很多 - 我們的管道拉動活動。我們已經研究了我們未來的管道。我們已經查看了訂單取消率，但我們什麼也沒看到。因此，根據我們現在所知道的——我們當然認為客戶會因為交貨時間而提前下訂單，這是合乎邏輯的，但基本上——當你看到我們在第四季度看到的訂單增長，然後你會看到預測我們看到未來的管道，這表明那裡仍然有相當多的需求。

Fahad, we're staying on top of that as much as possible, as you can imagine. And Chuck talked earlier about some of the data points we're looking at to try to get a feel for it. Order cancellations would be one indication of double ordering from us and another party. That's order cancellation rates have actually come down modestly. Return rates, looking at the pipeline and the pipeline growth. So we're not seeing it at any material level.

Fahad，正如您想像的那樣，我們會盡可能多地掌握這一點。查克早些時候談到了我們正在尋找的一些數據點，以試圖感受它。訂單取消將表明我們和另一方重複訂購。那就是訂單取消率實際上已經適度下降。返回率，著眼於管道和管道增長。所以我們在任何物質層面都看不到它。

I think the other thing -- the other data point we gave is the growth of commercial. So if you look at the orders -- the overall order growth, commercial was up 41%. And I think where you might expect to see some of what you're talking about is actually in the enterprise segment or NSP. And we saw significant growth in commercial. And I don't think you'd expect to see as much of that kind of a double ordering process happen in that customer size.

我認為另一件事——我們給出的另一個數據點是商業的增長。所以如果你看訂單——整體訂單增長，商業增長了 41%。而且我認為您可能希望看到您正在談論的某些內容的地方實際上是在企業部門或 NSP 中。我們看到了商業領域的顯著增長。而且我認為您不會期望看到這種雙重訂購流程會在這種客戶規模中發生。

Appreciate that. Chuck, if I could ask you a big-picture question. Before COVID-19 happened, I think you had mentioned that for the first time, virtually every product line in Cisco that your products have been refreshed. To the extent, how much of the strength you're seeing is a function of product refresh cycle that is taking place across all your product lines versus total new growth? For example, like edge cloud, which I think is going to be a total new network growth architecture that's never been deployed before, so kind of like the new phase of growth. So how much of the strength you're seeing is a function of this refresh versus kind of a new phase of growth in your net business?

感謝。查克，如果我能問你一個大問題。在 COVID-19 發生之前，我想您已經第一次提到，思科的幾乎每個產品線都更新了您的產品。在某種程度上，您所看到的優勢中有多少是產品更新周期的函數，該週期發生在您所有產品線與新增長總量之間？例如，像邊緣雲，我認為這將是一個全新的網絡增長架構，以前從未部署過，有點像新的增長階段。那麼，您看到的實力有多少是這種更新的功能，而不是您的淨業務增長的新階段？

Yes. What I would say is there are several transformations that are occurring or transitions that are occurring across our customer base that we're just well positioned for. I mean if you think about what's happened with 5G and WiFi 6, this whole move now to hybrid work, the whole re-architecting of infrastructure to support hybrid cloud, this 400-gig transition that we spoke about earlier, I mean these are all things that we have been working on our portfolio.

是的。我要說的是，我們的客戶群正在發生一些轉變或正在發生的轉變，而我們恰好處於有利地位。我的意思是，如果你想想 5G 和 WiFi 6 發生了什麼，現在整個轉向混合工作，整個基礎設施重新架構以支持混合雲，我們之前談到的這個 400-gig 過渡，我的意思是這些都是我們一直在研究我們的投資組合的事情。

So I think the refreshed portfolio and the new innovation that has been brought forward is just timely because we're on the front end of some of these big transitions that we've been talking about for several years. So I think that's really what's driving it.

所以我認為更新的產品組合和提出的新創新是及時的，因為我們正處於我們多年來一直在討論的一些重大轉型的前端。所以我認為這才是真正的驅動力。

The teams have -- at the Investor and Analyst Day on the 15th of September, we're going to have our engineering leaders talking about what all they've done and what the future looks like and what the innovation pipeline looks like. And I feel really good about what they've built, but we have a lot of plans for new technology and new capabilities.

這些團隊 - 在 9 月 15 日的投資者和分析師日，我們將讓我們的工程領導者談論他們所做的一切，未來的樣子以及創新管道的樣子。我對他們構建的東西感覺非常好，但我們對新技術和新功能有很多計劃。

James Suva from Citigroup Global Markets.

花旗集團全球市場部的 James Suva。

It's Jim Suva. I had one question. The long-term full year outlook of sales and EPS is greatly appreciated. And I noticed that's a big difference and shows a lot of conviction. But on the EPS, normally, you also have some stock buyback going in. But some companies include stock buyback in their EPS guide, some don't. So what I'm wondering is on your EPS guide, does it include some normal stock buyback? I know this year was different when you bought Acacia for about $4.5 billion and COVID and such. But I'm just kind of wondering about how we should think about that EPS? Does it include stock buyback? Or what are the components of the EPS growth that match sales?

我是吉姆·蘇瓦。我有一個問題。銷售和 EPS 的長期全年前景非常受歡迎。我注意到這是一個很大的不同，並且表現出很大的信念。但在每股收益方面，通常情況下，你也會進行一些股票回購。但有些公司在其每股收益指南中包括股票回購，有些則沒有。所以我想知道你的 EPS 指南是否包括一些正常的股票回購？我知道今年是不同的，當你以大約 45 億美元和 COVID 等收購 Acacia 時。但我只是想知道我們應該如何考慮 EPS？包括股票回購嗎？或者與銷售額相匹配的 EPS 增長的組成部分是什麼？

That's a great question, Jim. It only assumes that we -- our share buybacks offset dilution. So think of that -- as you do in your own modeling, think of the share count to be roughly flat to where it ends this year.

這是一個很好的問題，吉姆。它只假設我們——我們的股票回購抵消了稀釋。所以想一想——就像你在自己的模型中所做的那樣，認為股票數量大致與今年結束時持平。

Thank you so much for the clarification. It's great to hear all the details.

非常感謝您的澄清。很高興聽到所有細節。

Thanks, Jim.

謝謝，吉姆。

Jeff Kvaal from Wolfe Research.

來自 Wolfe Research 的 Jeff Kvaal。

I'm hoping to get a little bit of clarification into the software growth trajectory. Yes, it sounds like it's a great year overall, the fourth quarter maybe you can close as well as you'd like. And if we could talk about what the trajectory we should expect for software growth in 2022, that would be splendid.

我希望對軟件增長軌蹟有一些澄清。是的，這聽起來像是一個偉大的一年，第四季度也許你可以隨心所欲地結束。如果我們能談談我們對 2022 年軟件增長的預期軌跡，那就太好了。

I'll start with some color and then, Scott, you can chime in. I think -- look, we continue to add more software capabilities across the portfolio. We continue to transition -- we've transitioned a lot of our portfolio to subscription-based even for the hardware side of the business. Most of the acquisitions that we do come in as subscription or SaaS software businesses. So we would expect to continue just this move towards it becoming a greater percentage of our portfolio.

我將從一些顏色開始，然後，Scott，你可以插話。我認為 - 看，我們將繼續在產品組合中添加更多軟件功能。我們繼續轉型——我們已經將我們的很多產品組合轉變為基於訂閱，即使是在業務的硬件方面也是如此。我們所做的大部分收購都是作為訂閱或 SaaS 軟件業務進行的。因此，我們希望繼續朝著它在我們的投資組合中佔據更大比例的方向邁進。

And in the next couple of years, we think we also will see some of the renewal volume will start kicking in on top of it as well. But it's already -- the transformation has already made a big difference. Scott and I were looking at last quarter when we did guidance for Q4. Having the software revenue that came off the balance sheet significantly altered positively what we were able to guide from a revenue perspective in Q4 versus what we would have done 5 or 6 years ago. I mean it was meaningful. And so we're going to continue to invest in this capability. We're going to continue to drive software. It's a huge important part of the business. Teams have done a great job. Scott?

在接下來的幾年裡，我們認為我們也會看到一些續訂量也將開始發揮作用。但它已經——轉型已經產生了很大的不同。當我們為第四季度做指導時，斯科特和我正在研究上個季度。與 5 或 6 年前相比，從資產負債表中扣除的軟件收入顯著改變了我們在第四季度從收入角度能夠指導的內容。我的意思是它很有意義。因此，我們將繼續投資於此功能。我們將繼續驅動軟件。這是業務的重要組成部分。團隊做得很好。斯科特？

Yes. Jeff, what I'd say is that $4 billion of software revenue over the last 90 days, we're one of the biggest software companies in the world. I mean annualize that or look at the trailing 12 months makes us certainly somewhere in the top 10 in software companies in the world. We posted 6% overall growth and 9% growth in subscriptions even off that base. So I think the software business is actually doing quite well for us.

是的。傑夫，我要說的是，在過去 90 天裡，我們的軟件收入達到 40 億美元，我們是世界上最大的軟件公司之一。我的意思是按年計算或回顧過去 12 個月，我們肯定會躋身世界軟件公司前 10 名。我們公佈了 6% 的整體增長和 9% 的訂閱增長，甚至超出了這個基數。所以我認為軟件業務實際上對我們來說做得很好。

If what's underneath your question is what you saw in applications, I'll go back to what we said earlier about what's happening in applications. Underneath that, you got to remember, that includes the entire Collaboration portfolio. So not just the software pieces and not just the recurring software pieces, there's hardware elements there. There's some legacy on-prem elements there. Both of those were headwinds. In the subscription software revenue piece of both applications and Security, we saw double-digit growth. We had nice growth year-on-year for the full year in both of those. So I actually feel good about where we're headed on that.

如果你的問題背後是你在應用程序中看到的，我將回到我們之前所說的關於應用程序中發生的事情。在此之下，您必須記住，這包括整個協作產品組合。因此，不僅是軟件，而且不僅僅是重複出現的軟件，還有硬件元素。那裡有一些遺留的本地元素。這兩個都是逆風。在應用程序和安全的訂閱軟件收入部分，我們看到了兩位數的增長。在這兩個方面，我們全年都實現了良好的同比增長。所以我實際上對我們的前進方向感到滿意。

Great. And then a quick clarification. Do you all plan to update the annual guidance every quarter for us?

偉大的。然後快速澄清。你們都計劃每個季度為我們更新年度指南嗎？

We'll assess it every quarter and update as needed. The big variable in there, of course, is what happens with supply chain and when do we start to see a little more balance come to supply and demand across some of our key components. And I think that will dictate when we've got a good view for updating.

我們將每季度對其進行評估並根據需要進行更新。當然，其中最大的變數是供應鏈會發生什麼，以及我們什麼時候開始看到我們的一些關鍵組件的供需更加平衡。我認為這將決定我們何時對更新有一個好的看法。

Ben Bollin from Cleveland Research.

來自克利夫蘭研究中心的本博林。

I also want to focus a little bit on software. A few specific items. The first I'm curious how you think about your average contract duration and what you're seeing on kind of average invoice duration as you shift more to software. Any high-level implications you see for cash flow over time?

我還想稍微關註一下軟件。一些具體的項目。首先，我很好奇你如何看待你的平均合同期限，以及你在更多地轉向軟件時看到的平均發票期限。隨著時間的推移，您對現金流有什麼高層次的影響嗎？

The second item is curious if you've seen any trends with early renewals from the early D&A customers, what's happened at those renewals? And then the last piece, how do you think about longer term, making sure you're driving good utilization and consumption of the software licenses within the customer base?

第二項很好奇，如果您看到早期 D&A 客戶的早期續訂趨勢，這些續訂發生了什麼？最後一點，您如何看待長期問題，確保您在客戶群中推動軟件許可證的良好利用和消費？

You want to take the first?

你想拿第一？

Yes. Okay. You managed to get in 3 there here, Ben, on the 1-question limit. I'll talk a bit about duration first. You see -- in our remaining performance obligations, you see the nice growth. $30.9 billion in total RPO is a record for us. What I'd say is underneath there, the short term is about 53% of that. They're growing somewhat balanced, slightly more growth in long term than in short term, but that's what you'd expect given that many of the -- remember in the short term is just the next 12 months or the first year. The long term is anything beyond that. So it's not surprising to see long term grow a little bit more. We're not seeing a big change in duration overall.

是的。好的。 Ben，你在 1 個問題的限制下成功獲得了 3 分。我會先談談持續時間。你看——在我們剩餘的履約義務中，你看到了不錯的增長。 309 億美元的 RPO 總額對我們來說是創紀錄的。我要說的是在下面，短期大約是其中的 53%。它們的增長有些平衡，長期增長略高於短期增長，但這是你所期望的，因為許多 - 請記住短期內只是未來 12 個月或第一年。長期遠不止於此。因此，看到長期增長更多一點也就不足為奇了。我們沒有看到總體持續時間發生重大變化。

And maybe I'll go ahead and hit the last one, Chuck, and then leave the D&A question for you. As we look at the renewal rates and the actions we have to take, our renewal base is obviously growing and becoming much more important to us ahead. And obviously, renewals are dependent on adoption. So we put in place very specific processes to understand where our customers are on usage and on adoption. And you got to -- if you don't drive the adoption, you don't get the renewal. And so we're attacking it at that level. I think the team has done a nice job getting some headlights on that, some early warning and getting ahead of ensuring that we actually get the adoption we need.

也許我會繼續並點擊最後一個，Chuck，然後將 D&A 問題留給你。當我們查看續訂率和我們必須採取的行動時，我們的續訂基礎顯然正在增長並且對我們未來變得更加重要。顯然，續訂取決於採用情況。因此，我們制定了非常具體的流程來了解我們的客戶在使用和採用方面的位置。而且你必須——如果你不推動採用，你就不會得到更新。所以我們在那個層面上攻擊它。我認為團隊在這方面做得很好，得到了一些頭燈，一些早期警告，並提前確保我們真正得到我們需要的採用。

Yes. And that's connected to the D&A renewal thing because we actually have customer service -- I mean customer success specialists that are in the field that are working with customers every day. We've got virtual inside organization also doing customer success. So the adoption piece is really important.

是的。這與 D&A 更新有關，因為我們實際上有客戶服務——我的意思是每天與客戶合作的現場客戶成功專家。我們有虛擬的內部組織也在做客戶的成功。所以領養部分真的很重要。

As it relates to D&A, the -- we've had sort of a handful in the first half of this year of those renewals that will come through. There's a little bit more in the second half. And in fiscal '23 is where it's actually a much more meaningful number. And our teams have been working on the underlying processes, the metrics, the process, the systems, measurements. And the engineering teams have been working really hard on continuing to evolve the offer to ensure that there's enough innovation going forward that will optimize our opportunity on the renewal side of it.

由於它與 D&A 相關，我們在今年上半年進行了一些續約。下半場還有一點。而在 23 財年，它實際上是一個更有意義的數字。我們的團隊一直在研究底層流程、指標、流程、系統和測量。工程團隊一直在非常努力地繼續改進產品，以確保未來有足夠的創新來優化我們在更新方面的機會。

So it's a bit early, and I'd say maybe second half of next year, we can -- or this fiscal year, we can give you a little more on that. And then into fiscal '23 is when it's a decent sized number.

所以現在有點早，我想說也許明年下半年，我們可以——或者這個財政年度，我們可以給你更多的信息。然後進入 23 財年，這是一個相當大的數字。

Chuck, do you want to come with some closing remarks or I can close it up?

Chuck，你想發表一些結束語還是我可以結束它？

I'll close and I'll hand it to you. So I'm really proud of our team. I'm really proud of the performance, and we're certainly pleased with the demand that we've seen. I'm super happy with the transformation. We believe our investments are paying off, our software business, the work we're doing with the webscale and the cloud providers and across the portfolio. I think our technology will help our customers deal with this emerging focus on resiliency and agility and adaptability. And then most of all, I want to thank our teams for the incredible execution, not only in Q4, but over the last 12 to 18 months during a very complicated time. And I'd like to also just remind you and encourage you all to join us on September 15 for the Investor Day. Thank you.

我會關閉，我會把它交給你。所以我真的為我們的團隊感到驕傲。我真的為表現感到自豪，我們當然對我們所看到的需求感到滿意。我對轉型非常滿意。我們相信我們的投資正在獲得回報，我們的軟件業務，我們與網絡規模和雲提供商以及整個產品組合所做的工作。我認為我們的技術將幫助我們的客戶應對這種新興的對彈性、敏捷性和適應性的關注。然後最重要的是，我要感謝我們的團隊令人難以置信的執行力，不僅是在第四季度，而且是在過去 12 到 18 個月的非常複雜的時期。我還想提醒大家並鼓勵大家參加 9 月 15 日的投資者日。謝謝。

Thanks, Chuck. So Cisco's next quarterly earnings conference call, which will reflect our fiscal 2022 first quarter results will be on Wednesday, November 17, 2021, at 1:30 p.m. Pacific Time, 4:30 p.m. Eastern Time.

謝謝，查克。因此，思科的下一個季度收益電話會議將在 2021 年 11 月 17 日星期三下午 1:30 召開，這將反映我們 2022 財年第一季度的業績。太平洋時間下午 4:30東部時間。

Again, I'd like to remind the audience that in light of Regulation FD, Cisco's policy is not to comment on its financial guidance during the quarter unless it is done through an explicit public disclosure.

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

We will now plan to close the call. If you have any further questions, feel free to contact the Cisco Investor Relations group. And we thank you all very much for joining today's call.

我們現在將計劃結束通話。如果您有任何其他問題，請隨時聯繫思科投資者關係小組。我們非常感謝大家參加今天的電話會議。

Thank you for participating on today's conference call. If you would like to listen to the call in its entirety, you may call 1 (800) 388-4923. And for participants dialing from outside the U.S., please dial 1 (203) 369-3800. 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 1 (800) 388-4923。對於來自美國境外的參與者，請撥打 1 (203) 369-3800。今天的電話會議到此結束。此時您可以斷開連接。