思科 (CSCO) 2021 Q3 法說會逐字稿

Welcome to Cisco's Third Quarter 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 財年第三季度財務業績電話會議。應思科的要求，今天的會議正在錄製中。如果您有任何異議，您可以斷開連接。

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

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

Welcome, everyone, to Cisco's Third Quarter Fiscal 2021 Quarterly Earnings Conference Call. This is Marilyn Mora, Head of Investor Relations, and I'm joined by Chuck Robbins, our Chairman and CEO; and Scott Herren, our CFO.

歡迎大家參加思科 2021 財年第三季度季度收益電話會議。我是投資者關係主管 Marilyn Mora，還有我們的董事長兼首席執行官 Chuck Robbins；和我們的首席財務官 Scott Herren。

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

到目前為止，您應該已經看到了我們的收益新聞稿。電話會議後，將在我們網站的投資者關係部分提供相應的帶有幻燈片的網絡廣播，包括補充信息。損益表、完整的 GAAP 到非 GAAP 對賬信息、資產負債表、現金流量表和其他財務信息也可以在我們的投資者關係網站的財務信息部分找到。

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 on a year-over-year basis. The matters we will be discussing today include forward-looking statements, including the guidance we will be providing for the fourth quarter of fiscal 2021. 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 the important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements.

在本次電話會議中，除非另有說明，否則我們將參考 GAAP 和非 GAAP 財務結果，並且我們將根據產品訂單來討論收入方面的產品結果以及地理和客戶結果。在本次電話會議期間進行的所有比較都將按年進行。我們今天將討論的事項包括前瞻性陳述，包括我們將為 2021 財年第四季度提供的指導。它們受到風險和不確定性的影響，包括我們在提交的文件中詳細討論的 COVID-19與 SEC 合作，特別是關於 10-K 和 10-Q 表格的最新報告，其中確定了可能導致實際結果與前瞻性陳述中包含的結果存在重大差異的重要風險因素。

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.

關於指導，請參閱本次電話會議隨附的幻燈片和新聞稿以獲取更多詳細信息。除非通過明確的公開披露，否則思科不會在本季度對其財務指導發表評論。

I will now turn it over to Chuck.

我現在把它交給查克。

Thanks, Marilyn. Good afternoon, and thanks for joining today. I hope everyone is staying healthy and safe as we start to see the benefits of vaccine deployments and the continuing improvement in economic activity.

謝謝，瑪麗蓮。下午好，感謝您今天的加入。我希望每個人都保持健康和安全，因為我們開始看到疫苗部署的好處和經濟活動的持續改善。

I want to start by acknowledging our employees, customers and partners in India, who are experiencing a devastating surge of COVID cases. Cisco is providing critical resources during this challenging time, and our thoughts remain with all of you.

我想首先感謝我們在印度的員工、客戶和合作夥伴，他們正經歷著毀滅性的 COVID 病例激增。思科在這個充滿挑戰的時期提供關鍵資源，我們的想法與你們所有人同在。

While many of us are seeing great progress in our recovery efforts, we must remain vigilant and adaptable as we manage the ongoing pandemic around the world.

儘管我們中的許多人都看到我們的恢復工作取得了巨大進展，但我們在應對全球持續流行的流行病時必須保持警惕和適應能力。

Turning to the quarter. We had impressive momentum in Q3, which gives me a great sense of optimism going forward. We returned to growth with revenue up 7%, driven by an improving macro environment, the strongest product portfolio in our history and great execution by our teams.

轉向季度。我們在第三季度的勢頭令人印象深刻，這讓我對未來充滿了樂觀。在宏觀環境改善、我們歷史上最強大的產品組合以及我們團隊出色的執行力的推動下，我們恢復了增長，收入增長了 7%。

We saw broad-based demand across the business, led by our biggest growth opportunities: hybrid work, digital transformation, cloud and continued strong uptake of our subscription-based offerings. We're also seeing early momentum in the ramping of key technology cycles that are long-term growth drivers for our business, such as 5G, 400-gig and Edge.

在我們最大的增長機會的帶動下，我們看到了整個業務的廣泛需求：混合工作、數字化轉型、雲以及對我們基於訂閱的產品的持續強勁吸收。我們還看到了關鍵技術週期加速的早期勢頭，這些週期是我們業務的長期增長動力，例如 5G、400-gig 和 Edge。

The next phase of the recovery and the future of work will be heavily reliant on our technology. Cisco's end-to-end portfolio will serve as the foundation for next-generation infrastructure solutions as well as cloud-enabled delivery models and innovation, allowing our customers to move with even greater speed and agility. This will require a significant investment cycle and reinforces the strength of our strategy while driving greater opportunity to create a world that is more connected, inclusive and secure.

下一階段的複蘇和未來的工作將嚴重依賴我們的技術。思科的端到端產品組合將成為下一代基礎設施解決方案以及支持雲的交付模式和創新的基礎，使我們的客戶能夠以更快的速度和更敏捷的方式移動。這將需要一個重要的投資週期，並加強我們的戰略實力，同時創造更多機會來創造一個更加互聯、包容和安全的世界。

We remain focused on accelerating innovation while simplifying the adoption of our offerings with network-wide automation, analytics and flexible as a service consumption models, all aimed at improving our customers' network performance capabilities and security, which we believe will drive tremendous long-term opportunities for us.

我們仍然專注於加速創新，同時通過網絡範圍內的自動化、分析和靈活的即服務消費模型簡化我們產品的採用，所有這些都旨在提高我們客戶的網絡性能和安全性，我們相信這將推動巨大的長期發展我們的機會。

Our Q3 performance only reinforces my confidence about the future. These results reflect a return to a strong spending environment and an economic recovery that has gained momentum driven by vaccine rollouts and the easing of restrictions. As the economy has improved, customers have increased their investment across our portfolio to prepare for the upturn and return to office. In Q3, we saw 10% growth in product orders, the highest growth rate since Q1 of fiscal 2012, reflecting robust improvement across all of our customer segments and geographies.

我們第三季度的表現只會增強我對未來的信心。這些結果反映了強勁的支出環境的回歸以及在疫苗推出和放寬限制的推動下獲得動力的經濟復甦。隨著經濟的好轉，客戶增加了對我們投資組合的投資，為經濟好轉和重返辦公室做準備。在第三季度，我們的產品訂單增長了 10%，這是自 2012 財年第一季度以來的最高增長率，反映了我們所有客戶群和地區的強勁增長。

From a product revenue perspective, we saw 6% growth, led by strength across our portfolio, including campus switching, routing, wireless, security, collaboration and web scale as well as from our acquisition of Acacia, which closed during Q3.

從產品收入的角度來看，我們看到了 6% 的增長，這得益於我們產品組合的實力，包括園區交換、路由、無線、安全、協作和網絡規模，以及我們對 Acacia 的收購，該收購在第三季度結束。

We continue to aggressively shift our business to more recurring revenue streams, which we expect to grow over time as we expand our offerings. In Q3, we achieved $3.8 billion in software revenue, with 81% of our software revenue sold as a subscription, up from 76% last quarter. We also saw another quarter of double-digit growth in our deferred revenue and remaining performance obligations. Over the past 6 years, we have made significant progress and now have one of the largest software businesses in the industry with an annual run rate well over $14 billion.

我們繼續積極地將我們的業務轉移到更多經常性收入來源，我們預計隨著時間的推移，我們會擴大我們的產品範圍。在第三季度，我們實現了 38 億美元的軟件收入，其中 81% 的軟件收入作為訂閱銷售，高於上一季度的 76%。我們還看到我們的遞延收入和剩餘履約義務又實現了兩位數的增長。在過去的 6 年中，我們取得了重大進展，現在擁有業內最大的軟件業務之一，年運行率超過 140 億美元。

Let me now touch on infrastructure platforms. We saw strong demand across the majority of our portfolio, led by our next-generation enterprise networking and service provider solutions as companies accelerate the modernization of their infrastructure. This modern infrastructure delivers higher performance and faster access to data while offering the best user experience in an increasingly distributed environment.

現在讓我談談基礎設施平台。隨著公司加速其基礎設施的現代化，我們看到在我們的下一代企業網絡和服務提供商解決方案的引領下，我們的大部分產品組合都有強勁的需求。這種現代基礎架構可提供更高的性能和更快的數據訪問，同時在日益分散的環境中提供最佳用戶體驗。

Customers are turning to us to help them create the trusted workplace of the future with WiFi access points, video endpoints, cameras and IoT sensors, feeding data into DNA center and DNA spaces. We are enabling operations teams to remotely monitor workplace conditions for a safe return to office. We are also working to provide visibility beyond corporate networks, which is increasingly critical as our customers accelerate their adoption of SaaS and cloud solutions for hybrid work.

客戶求助於我們，幫助他們通過 WiFi 接入點、視頻端點、攝像頭和物聯網傳感器創建未來值得信賴的工作場所，將數據輸入 DNA 中心和 DNA 空間。我們使運營團隊能夠遠程監控工作場所的條件，以便安全返回辦公室。我們還致力於提供超越企業網絡的可見性，隨著我們的客戶加速採用 SaaS 和雲解決方案以進行混合工作，這一點變得越來越重要。

At Cisco Live, we launched the industry's first enterprise-wide full stack observability offering by integrating ThousandEyes cloud intelligence with our catalyst switching portfolio and AppDynamics. This provides IT with visibility and actionable insights across both external and internal networks to provide a seamless digital experience for users. And with users more distributed than ever, it is vital that they have the most efficient and secure connection to the cloud.

在 Cisco Live，我們通過將 ThousandEyes 雲智能與我們的催化劑交換產品組合和 AppDynamics 集成，推出了業界首個企業級全棧可觀察性產品。這為 IT 提供了跨外部和內部網絡的可見性和可操作的洞察力，從而為用戶提供無縫的數字體驗。隨著用戶比以往任何時候都更加分散，他們必須擁有最有效和最安全的雲連接。

Our deep partnerships with Google, Amazon and Microsoft allow native connectivity from our SD-WAN fabric to each of these cloud offerings. With our technology, customers can reduce deployment times and connect branch offices to cloud workloads in minutes.

我們與穀歌、亞馬遜和微軟的深度合作允許從我們的 SD-WAN 結構到這些雲產品的本地連接。借助我們的技術，客戶可以縮短部署時間，並在幾分鐘內將分支機構連接到雲工作負載。

In our web scale business, we delivered our sixth consecutive quarter of strong order growth, which increased over 25% in the quarter and over 50% on a trailing 12-month basis. Our web scale customers are starting their 400-gig upgrade cycles and aggressively pursuing long-haul build-outs while our carrier customers are exploring new architectures to realize the full potential of 5G.

在我們的網絡規模業務中，我們連續第六個季度實現了強勁的訂單增長，該季度增長超過 25%，過去 12 個月增長超過 50%。我們的網絡規模客戶正在開始他們的 400 gig 升級週期並積極尋求長途建設，而我們的運營商客戶正在探索新架構以實現 5G 的全部潛力。

We are building the Internet for the future by creating breakthrough innovation with our routing, optical and automation technologies to deliver significant economic benefits. Recently, we launched a new routed optical networking solution, integrating our scalable, high-performance routers and Acacia's pluggable optics, which offers significant cost savings. Last week, we announced our intent to acquire Sedona Systems to extend our cross-work automation platform to build on these capabilities. We also expanded our Silicon One platform from a routing focused solution to one which addresses the web scale switching market, offering 10 networking chips ranging from 3.2 to 25.6 terabits per second, making it the highest performance, programmable routing and switching silicon on the market.

我們通過路由、光學和自動化技術創造突破性創新，為未來構建互聯網，以提供顯著的經濟效益。最近，我們推出了一種新的路由光網絡解決方案，集成了我們的可擴展、高性能路由器和 Acacia 的可插拔光學器件，可顯著節省成本。上週，我們宣布有意收購 Sedona Systems，以擴展我們的跨工作自動化平台以構建這些功能。我們還將 Silicon One 平台從專注於路由的解決方案擴展為針對網絡規模交換市場的解決方案，提供 10 種網絡芯片，每秒 3.2 到 25.6 TB，使其成為市場上性能最高的可編程路由和交換芯片。

We know our customers increasingly want to consume Cisco's technology in new, more flexible ways. At Cisco Live, we launched our new as a service portfolio, Cisco Plus and our first offer, Cisco Plus hybrid cloud, combining our data center compute, networking and storage portfolio. Cisco Plus includes our plans to deliver networking as a service, which will unify networking, security and observability across access, WAN and cloud domains to deliver an unparalleled experience for our customers.

我們知道我們的客戶越來越希望以新的、更靈活的方式使用思科的技術。在 Cisco Live，我們推出了新的即服務產品組合 Cisco Plus 和我們的第一個產品 Cisco Plus 混合雲，結合了我們的數據中心計算、網絡和存儲產品組合。 Cisco Plus 包括我們提供網絡即服務的計劃，這將統一跨接入、廣域網和雲域的網絡、安全性和可觀察性，為我們的客戶提供無與倫比的體驗。

Turning to security. We had a record quarter, surpassing $875 million in revenue, up 13% as we expanded our reach with customers around the world. Our security strategy is focused on delivering a simple and secure experience. We have an unrivaled ability to provide end-to-end security capabilities across users, devices, applications and data on any network or any cloud. This is the key reason why our customers trust us to help them proactively protect against and remediate threats. In fact, leading customers in every industry, including 100% of the Fortune 100 are using Cisco security solutions. These customers are increasingly deploying our Zero Trust and secure access service edge or SASE architectures, along with automation, authentication and analytics capabilities.

轉向安全。隨著我們擴大與全球客戶的聯繫，我們創下了創紀錄的季度收入，收入超過 8.75 億美元，增長了 13%。我們的安全策略專注於提供簡單安全的體驗。我們擁有無與倫比的能力，可以為任何網絡或任何云上的用戶、設備、應用程序和數據提供端到端的安全功能。這是我們的客戶信任我們幫助他們主動防禦和補救威脅的關鍵原因。事實上，每個行業的領先客戶，包括 100% 的財富 100 強企業都在使用思科安全解決方案。這些客戶越來越多地部署我們的零信任和安全訪問服務邊緣或 SASE 架構，以及自動化、身份驗證和分析功能。

With today's distributed workforce, companies must quickly deploy highly secure trusted access to critical applications everywhere without compromising performance. Customers like Ford are using our cloud-delivered security platform umbrella as they secure over 100,000 of their remote team members. And this quarter, Lyft turned to Cisco to strengthen their security protection for all of their users accessing their applications. By deploying our duo portfolio, Lyft was able to provide strong access controls as they protect their users' sensitive personal and financial information while reducing their total cost of ownership by more than 50%.

在當今分佈式勞動力的情況下，公司必須在不影響性能的情況下快速部署對關鍵應用程序的高度安全的可信訪問。像福特這樣的客戶正在使用我們的雲交付安全平台保護超過 100,000 名遠程團隊成員。本季度，Lyft 求助於思科，以加強對訪問其應用程序的所有用戶的安全保護。通過部署我們的 duo 產品組合，Lyft 能夠提供強大的訪問控制，因為它們可以保護用戶的敏感個人和財務信息，同時將總擁有成本降低 50% 以上。

With nearly $6 billion in annual R&D, the investment that Cisco is making in both security and the network continues to lead the momentum across our portfolio, with 23 consecutive quarters of double-digit umbrella cloud security growth, nearly 7,000 customers using our cloud-native SecureX platform and strong platform growth with security enterprise agreements.

憑藉近 60 億美元的年度研發，思科在安全和網絡方面的投資繼續引領我們產品組合的發展勢頭，連續 23 個季度實現兩位數的繖形雲安全增長，近 7,000 名客戶使用我們的雲原生SecureX 平台和強大的平台增長與安全企業協議。

We continue to expand our leadership with new innovations, including passwordless authentication, data loss prevention, observability, cloud-based malware detection and enhancements to SecureX. We're also complementing our organic innovation with assets that enable greater security efficacy. Our intent to acquire Kenna Security will bring together their risk-based vulnerability management platform with SecureX's threat management capabilities to prioritize and more effectively manage overall risk.

我們繼續通過新的創新擴大我們的領導地位，包括無密碼身份驗證、數據丟失預防、可觀察性、基於雲的惡意軟件檢測和 SecureX 增強功能。我們還通過能夠提高安全效率的資產來補充我們的有機創新。我們收購 Kenna Security 的意圖將把他們基於風險的漏洞管理平台與 SecureX 的威脅管理能力結合起來，以優先考慮和更有效地管理整體風險。

Lastly, let me touch on applications. Our collaboration business continues to perform well. We had a record quarter in Webex as we execute against our strategy to power the future of hybrid work. Over the last 6 months, we've added more than 400 new features and devices to our Webex portfolio. We are enabling seamless experiences through our desk camera and desk hub solutions while extending the Webex suite of devices, including digital signage, touchless calls, room capacity alerts and environmental sensors to help enable a safe return to the office.

最後，讓我談談應用程序。我們的協作業務繼續表現良好。我們在 Webex 上創造了創紀錄的季度，因為我們執行了推動混合工作未來發展的戰略。在過去 6 個月中，我們為 Webex 產品組合添加了 400 多項新功能和設備。我們正在通過我們的桌面攝像頭和桌面集線器解決方案實現無縫體驗，同時擴展 Webex 設備套件，包括數字標牌、非接觸式呼叫、房間容量警報和環境傳感器，以幫助實現安全返回辦公室。

Well-being is top of mind for so many right now as we face a new way of working. This is why we launched People Insights to help people monitor and manage their well-being. These new features, devices and capabilities, combined with cloud calling and cloud contact center, provide our customers with the most comprehensive and inclusive hybrid work platform.

現在，當我們面臨一種新的工作方式時，幸福是許多人的頭等大事。這就是為什麼我們推出 People Insights 來幫助人們監控和管理他們的幸福感。這些新特性、設備和能力，結合雲呼叫和雲聯絡中心，為我們的客戶提供最全面、最具包容性的混合工作平台。

Last week, we announced our intent to acquire Socio Labs. By integrating Slido and Socio Labs into our Webex platform, we will also be able to provide the most comprehensive internal and external event management solution on the market.

上週，我們宣布了收購 Socio Labs 的意向。通過將 Slido 和 Socio Labs 集成到我們的 Webex 平台中，我們還將能夠提供市場上最全面的內部和外部事件管理解決方案。

In summary, we had a very good quarter. I'm so proud of the continued success of the business transformation our teams are driving. As I mentioned earlier, we are experiencing the strongest demand in nearly a decade. We are also seeing similar component shortage supply issues as our peers. The good news, and this is reflected in our guidance, is that we are confident we will work through this as we have already put in place revised arrangements with several of our key suppliers. We believe these actions will enable us to optimize our access to critical components, including semiconductors and take care of our customers by fulfilling their demand as quickly as possible.

總之，我們有一個非常好的季度。我為我們的團隊推動的業務轉型取得持續成功感到非常自豪。正如我之前提到的，我們正在經歷近十年來最強勁的需求。我們也看到與同行類似的零部件短缺供應問題。好消息，這反映在我們的指導中，是我們有信心解決這個問題，因為我們已經與我們的幾家主要供應商制定了修訂後的安排。我們相信這些行動將使我們能夠優化我們對包括半導體在內的關鍵組件的訪問，並通過盡快滿足他們的需求來照顧我們的客戶。

Our strategy and commitment to leading with trust, innovation and choice, along with our continued focus and discipline are positioning us well for growth and profitability. As we accelerate the pace of innovation for our customers and partners, it's critical that we continue to support our people, our communities and our planet.

我們以信任、創新和選擇領先的戰略和承諾，以及我們持續的專注和紀律，使我們在增長和盈利方面處於有利地位。隨著我們為客戶和合作夥伴加快創新步伐，繼續支持我們的員工、社區和地球至關重要。

I'm very proud that Cisco was recently named the #1 Best Place to work in the United States by Fortune and Great Place to Work. This is a tremendous honor for us as it recognizes the incredible work of our people and the power of the culture we have created.

我很自豪思科最近被《財富》和 Great Place to Work 評為美國排名第一的最佳工作場所。這對我們來說是一個巨大的榮譽，因為它認可了我們員工的出色工作以及我們創造的文化的力量。

And lastly, in terms of actions we are taking to protect the planet. Last month, the Cisco Foundation announced $100 million over 10 years to fund nonprofit grants and impact investing in climate solutions. We have already achieved 100% renewable energy in the U.S. and in many countries across Europe, and this is another strong step forward.

最後，就我們為保護地球而採取的行動而言。上個月，思科基金會宣佈在 10 年內投入 1 億美元，用於資助非營利性贈款和對氣候解決方案的影響力投資。我們已經在美國和歐洲許多國家實現了 100% 的可再生能源，這是向前邁出的又一大步。

Whether it's our deep focus on delivering the best results for our customers, partners and employees, or our commitment to making a difference in communities across the world, Cisco remains committed to our purpose, to power an inclusive future for all. I'm quite optimistic about what's ahead and confident in our team's ability to deliver.

無論是我們專注於為我們的客戶、合作夥伴和員工提供最佳結果，還是我們致力於為世界各地的社區帶來改變，思科都將繼續致力於我們的目標，為所有人創造一個包容性的未來。我對未來的發展非常樂觀，並對我們團隊的交付能力充滿信心。

I'll now turn it over to Scott.

我現在把它交給斯科特。

Thanks, Chuck. Last quarter, I identified 4 key priorities that we are using to define our financial strategy: driving profitable growth; a continued disciplined focus on financial management and operating efficiency; setting a long-term plan to maximize value creation through strategic transformation; and examining investments, both organic and inorganic. We made progress on all these fronts in Q3 and are continuing to build our financial approach based on these core pillars, providing a strong foundation for enhanced financial performance as well as long-term value creation for our shareholders.

謝謝，查克。上個季度，我確定了我們用來定義財務戰略的 4 個關鍵優先事項：推動盈利增長；繼續有紀律地關注財務管理和運營效率；制定長期計劃，通過戰略轉型實現價值創造最大化；並檢查有機和無機投資。我們在第三季度在所有這些方面都取得了進展，並繼續在這些核心支柱的基礎上構建我們的財務方法，為提高財務業績和為股東創造長期價值奠定了堅實的基礎。

Now let's turn to our results. I'll start with a summary of our financial results for the quarter, followed by the guidance for Q4. As Chuck said, Q3 was a strong quarter across the business. We executed well with strong product orders and solid growth in revenue, net income and earnings per share. Total revenue increased to $12.8 billion, up 7% year-on-year, exceeding the high end of our guidance range for the quarter. We saw broad strength in all product areas and geographies. We also saw continued recovery in our business and building momentum with sequential revenue growth of 7%. Our non-GAAP operating margin was 33.6%. Non-GAAP net income was $3.5 billion, up 4%; and non-GAAP earnings per share was $0.83, up 5% year-on-year, coming in above the high end of our EPS guidance range.

現在讓我們轉向我們的結果。我將從本季度財務業績摘要開始，然後是第四季度的指導。正如查克所說，第三季度是整個業務的強勁季度。我們執行良好，產品訂單強勁，收入、淨收入和每股收益穩步增長。總收入增至 128 億美元，同比增長 7%，超過了我們本季度指導範圍的高端。我們在所有產品領域和地區都看到了廣泛的優勢。我們還看到我們的業務持續復甦並建立勢頭，收入環比增長 7%。我們的非公認會計原則營業利潤率為 33.6%。非美國通用會計準則淨利潤為 35 億美元，增長 4%；非 GAAP 每股收益為 0.83 美元，同比增長 5%，高於我們每股收益指導範圍的高端。

Now let me provide more detail on our Q3 revenue. Total product revenue was $9.1 billion, up 6%. Service revenue was $3.7 billion, up 8%. Infrastructure platforms has rebounded nicely, with revenues up 6%. Within that, switching revenue increased overall with growth in campus, driven by strong double-digit growth of our Catalyst 9000 products. Routing had strong double-digit growth, driven by strength in the service provider market. Wireless had strong growth driven by the continued ramp of our WiFi 6 products and strength in Meraki.

現在讓我提供有關我們第三季度收入的更多詳細信息。產品總收入為 91 億美元，增長 6%。服務收入為 37 億美元，增長 8%。基礎設施平台反彈良好，收入增長 6%。其中，在我們的 Catalyst 9000 產品實現兩位數強勁增長的推動下，轉換收入隨著園區的增長而整體增長。在服務提供商市場的強勁推動下，路由實現了兩位數的強勁增長。由於我們的 WiFi 6 產品的持續增長和 Meraki 的實力，無線實現了強勁的增長。

Data center revenue declined, driven primarily by servers as we experienced continued market contraction. Applications were up 5%. We continue to see double-digit growth in Webex, driven by our product innovations and the value we bring to remote working. We saw growth in unified communications, IoT software and AppDynamics, offset by a decline in telepresence endpoints. Security was up 13% with growth across the entire portfolio. Our cloud security portfolio performed well with strong double-digit growth and continued momentum of our Duo and umbrella offerings. And we continue to transform our business, delivering more software offerings and driving growth in subscriptions and recurring revenue.

由於我們經歷了持續的市場收縮，數據中心收入下降，主要受服務器驅動。申請增加了 5%。在我們的產品創新和我們為遠程工作帶來的價值的推動下，我們繼續看到 Webex 的兩位數增長。我們看到統一通信、物聯網軟件和 AppDynamics 的增長被遠程呈現端點的下降所抵消。隨著整個投資組合的增長，安全性增長了 13%。我們的雲安全產品組合表現良好，兩位數的強勁增長以及 Duo 和傘式產品的持續發展勢頭。我們將繼續轉變我們的業務，提供更多軟件產品並推動訂閱和經常性收入的增長。

Software revenue was $3.8 billion and subscriptions were 81% of total software revenue, up 7 points year-on-year. As we continue to increase our software subscriptions, we're driving higher levels of recurring revenues. In fact, the majority of our total revenue growth in the quarter came from recurring revenue streams. 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 Q3, RPOs were $28.1 billion, up 10%. RPO for product was up 15% and for service was up 7%.

軟件收入為 38 億美元，訂閱佔軟件總收入的 81%，同比增長 7 個百分點。隨著我們繼續增加我們的軟件訂閱，我們正在推動更高水平的經常性收入。事實上，我們本季度總收入增長的大部分來自經常性收入流。此外，我們產品組合的實力以及向更多軟件和服務的過渡正在推動剩餘履約義務或 RPO 的增長。第三季度末，RPO 為 281 億美元，增長 10%。產品的 RPO 增長了 15%，服務的 RPO 增長了 7%。

There was a 90 basis point positive impact on revenue growth in the quarter related to the acquisitions of Acacia and IMImobile, which both closed during the quarter. As a reminder, these acquisitions were not factored into our Q3 revenue guide. We had strong order momentum in Q3 with total product orders up 10%.

收購 Acacia 和 IMImobile 對本季度收入增長產生了 90 個基點的積極影響，這兩家公司均在本季度結束。提醒一下，這些收購併未計入我們的第三季度收入指南。我們在第三季度的訂單勢頭強勁，總產品訂單增長了 10%。

Looking at our geographies, the Americas were up 6%, EMEA was up 10% and APJC was up 31%. Total emerging markets were up 13%, with the BRICS plus Mexico up 31%. In our customer segments, service provider was up 17%, commercial was up 16%, public sector was up 11%. Enterprise was flat, which is a significant improvement from last quarter. Non-GAAP total gross margin came in at the high end of our guidance range at 66%, down 60 basis points year-over-year. Product gross margin was 64.9%, down 90 basis points. And service gross margin was 68.7%, down 20 basis points.

從我們的地區來看，美洲增長了 6%，EMEA 增長了 10%，APJC 增長了 31%。新興市場總量增長 13%，其中金磚國家和墨西哥增長 31%。在我們的客戶群中，服務提供商增長了 17%，商業增長了 16%，公共部門增長了 11%。企業持平，與上一季度相比有顯著改善。非美國通用會計準則總毛利率處於我們指導範圍的高端，為 66%，同比下降 60 個基點。產品毛利率為64.9%，下降90個基點。服務毛利率為68.7%，下降20個基點。

The decrease in product gross margin was largely driven by ongoing costs related to the supply chain challenges, offset by positive product mix, which includes some software benefit. Price erosion was relatively moderate and in line with our historical range. On the supply chain front, we continue to manage through the constraints seeing industry-wide and continue to incur additional costs. We are partnering with our key suppliers, leveraging our volume purchasing and extending supply commitments as we address the supply chain challenges, which we expect will continue.

產品毛利率的下降主要是由與供應鏈挑戰相關的持續成本推動的，但被積極的產品組合所抵消，其中包括一些軟件收益。價格侵蝕相對溫和，符合我們的歷史範圍。在供應鏈方面，我們繼續克服整個行業的限制因素，並繼續產生額外成本。我們正在與我們的主要供應商合作，利用我們的批量採購和擴大供應承諾，以應對我們預計將繼續存在的供應鏈挑戰。

The quarter did include an extra week, as we discussed on our last call. Consistent with our guidance for the quarter, the benefit to total revenue was approximately 3 points of growth. Total impact on our cost of sales and operating expenses was approximately $150 million. Operating cash flow was $3.9 billion, down 8%, driven by the timing of payments and restructuring costs. We expect operating cash flow to normalize for the full fiscal year.

正如我們在上次電話會議中討論的那樣，本季度確實包括了額外的一周。與我們對本季度的指導一致，總收入的收益約為 3 個增長點。對我們的銷售成本和運營費用的總影響約為 1.5 億美元。受付款時間和重組成本的推動，經營現金流為 39 億美元，下降 8%。我們預計整個財年的運營現金流將正常化。

We ended Q3 with total cash, cash equivalents and investments of $23.6 billion, down $7 billion sequentially, driven by $5.5 billion in payments for acquisitions as well as $3 billion in repayments of our long-term debt. From a capital allocation perspective, we returned $2.1 billion to shareholders during the quarter that was comprised of $1.6 billion for our quarterly dividend and $510 million of share repurchases. Year-to-date, we returned $6.7 billion to shareholders, which represents 64% of our free cash flow, and we have $8.7 billion in capacity remaining under our current share repurchase program authorization.

在第三季度末，我們的現金、現金等價物和投資總額為 236 億美元，比上一季度減少 70 億美元，這主要得益於 55 億美元的收購付款以及 30 億美元的長期債務償還。從資本配置的角度來看，我們在本季度向股東返還了 21 億美元，其中包括 16 億美元的季度股息和 5.1 億美元的股票回購。年初至今，我們向股東返還了 67 億美元，占我們自由現金流的 64%，根據我們目前的股票回購計劃授權，我們還有 87 億美元的產能。

We continue to invest organically and inorganically in our innovation pipeline. During Q3, we closed 3 acquisitions, Acacia Communications, IMImobile and Dashbase. Subsequent to the end of the quarter, we also successfully closed on our acquisition of Slido on May 4. 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 growth areas.

我們繼續對我們的創新管道進行有機和無機投資。在第三季度，我們完成了 3 項收購，分別是 Acacia Communications、IMImobile 和 Dashbase。在本季度末之後，我們還於 5 月 4 日成功完成了對 Slido 的收購。這些投資符合我們通過有針對性的併購來補充我們的內部創新和研發的戰略，從而使我們能夠進一步加強和區分我們在以下領域的市場地位。我們的增長領域。

To summarize, we had a great Q3. We executed well with strong top line growth and profitability. We're seeing returns on the investments we're making in innovation and driving the continued shift to more software and subscriptions, delivering growth and driving shareholder value.

總而言之，我們有一個很棒的第三季度。我們執行良好，收入增長和盈利能力強勁。我們正在看到我們在創新和推動繼續轉向更多軟件和訂閱、實現增長和推動股東價值方面的投資回報。

Now let's turn to our guidance for the fourth quarter of fiscal '21. This guidance is subject to the disclaimer regarding forward-looking information that Marilyn referred to earlier. Our financial guidance for Q4 is as follows: we expect revenue growth to be in the range of 6% to 8% year-on-year, reflecting, again, the strong demand we're seeing; we anticipate the non-GAAP gross margin to be in the range of 64% to 65%, reflecting the ongoing 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 32% to 33%, and the non-GAAP tax rate is expected to be 19%; non-GAAP earnings per share is expected to range from $0.81 to $0.83.

現在讓我們轉向我們對 21 財年第四季度的指導。本指南受 Marilyn 之前提到的有關前瞻性信息的免責聲明的約束。我們對第四季度的財務指導如下：我們預計收入同比增長在 6% 至 8% 之間，再次反映了我們看到的強勁需求；我們預計非美國通用會計準則毛利率將在 64% 至 65% 之間，這反映了我們在保護向客戶發貨時所產生的供應鏈成本的持續增加；我們的non-GAAP營業利潤率預計在32%至33%之間，non-GAAP稅率預計為19%；非公認會計原則每股收益預計在 0.81 美元至 0.83 美元之間。

Looking ahead, we're excited to announce we will host a virtual Cisco Financial Analyst Day on Wednesday, September 15, 2021. We will post event details in the coming weeks and look forward to sharing more with you at that time.

展望未來，我們很高興地宣布，我們將於 2021 年 9 月 15 日星期三舉辦虛擬思科金融分析師日活動。我們將在未來幾週發布活動詳情，並期待屆時與您分享更多信息。

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

我現在把它轉回給瑪麗蓮，這樣我們就可以進入問答環節了。

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

謝謝，斯科特。米歇爾，讓我們開始問答吧。

Rod Hall from Goldman Sachs.

高盛的羅德霍爾。

I wanted to start off, I guess, with the margin guidance. That's the thing most people are asking me about. And I heard -- Scott, I heard you talking about the impact from increased costs. I guess, maybe could you give us some more color on how sustainable those impacts are and also address the OpEx line. It looks like those costs are inflated, too, I assume for some of the same reasons. But just the sustainability of these cost pressures and these kinds of margins you're guiding for as we look forward.

我想，我想從保證金指導開始。這是大多數人問我的問題。我聽說——斯科特，我聽到你談論成本增加的影響。我想，也許你能給我們一些關於這些影響的可持續性的更多信息，並解決 OpEx 線。看起來這些成本也被誇大了，我認為出於某些相同的原因。但只是這些成本壓力的可持續性以及我們期待的這些利潤的指導。

Yes. Thanks, Rod. On the -- starting with the gross margin, the impact you're seeing in the Q4 guide on gross margin is really driven by supply chain. It has a couple of elements to it. One is unit costs. So that we've got, and actually it was announced today from Gartner, we've got the #1 supply chain team in the world 2 years in a row. That team has done a great job getting ahead of the issues that everyone in the industry is seeing. So with that, though, we've locked in both supply and pricing with some of the key component providers that we've got going ahead. That's what you see built into the margin guide. And I think the supply chain issues will stay with us at least through -- from what I can see, at least through the end of this calendar year.

是的。謝謝，羅德。從毛利率開始，您在第四季度指南中看到的對毛利率的影響實際上是由供應鏈驅動的。它有幾個元素。一是單位成本。因此，我們已經擁有，實際上是今天從 Gartner 宣布的，我們已經連續 2 年擁有全球排名第一的供應鏈團隊。該團隊在解決業內每個人都看到的問題方面做得很好。因此，儘管如此，我們已經與我們正在推進的一些關鍵組件供應商鎖定了供應和定價。這就是您在邊距指南中看到的內容。而且我認為供應鏈問題至少會一直伴隨著我們——據我所知，至少到今年年底。

On the OpEx side, it's a little bit different. When you look at the -- we're right on track. Let me just start by saying -- before you ask, we're right on track with the savings associated with the restructuring that we announced earlier this year -- earlier this fiscal year. We said at the time, we would reinvest some of that into the growth of the business overall, and that's what you see happening. So when you look at the year-on-year growth in OpEx, it's driven by the integration of the acquisitions that closed during the quarter. A little bit of a headwind from FX as the dollar has weakened and then the higher commissions given the robust strength of the top line, commissions are up and reset of the variable comp plans. But that's what's driving it. And I think the sustainability to get to your point, as I expect to see some of these supply chain issues linger with us through the end of the calendar year, first half of our fiscal year.

在運營支出方面，它有點不同。當你看到 - 我們正走在正軌上。讓我首先說 - 在你問之前，我們正走上正軌，與我們今年早些時候宣布的重組相關的節省 - 本財年早些時候。我們當時說，我們會將其中的一部分再投資到整體業務的增長中，這就是你所看到的情況。因此，當您查看運營支出的同比增長時，它是由本季度完成的收購整合推動的。隨著美元走弱，外匯帶來了一點阻力，然後鑑於收入強勁，佣金上漲，可變薪酬計劃重新設定。但這就是它的驅動力。而且我認為可持續性可以達到您的觀點，因為我希望看到其中一些供應鏈問題在日曆年年底，我們財政年度的上半年一直存在。

Yes. Rod, this is Chuck. I just want to add some color to that. So as we began to realize that we were going to have the incremental cost, we had to make some decisions. And I think, obviously, we do believe these are temporary. We'll have to see how long they last. But based on that and based on the fact that we are seeing such momentum in the business right now, we decided to continue to invest in the business to drive the growth that we are feeling right now. And when you see the balance of the growth across all the businesses, as you see the regional balance, it was balanced across the technology areas, it was balanced across segments.

是的。羅德，這是查克。我只是想為此添加一些顏色。因此，當我們開始意識到我們將擁有增量成本時，我們必須做出一些決定。而且我認為，顯然，我們確實相信這些都是暫時的。我們得看看它們能持續多久。但基於此，基於我們現在看到業務發展勢頭如此強勁的事實，我們決定繼續投資業務，以推動我們現在感受到的增長。當你看到所有業務的增長平衡時，正如你看到的區域平衡，它在技術領域是平衡的，它在各個領域是平衡的。

And then you think about that in the context of some of these real major trends that are occurring that were on the front end of like the 400-gig transition, like the success we're having in web scale, the service provider 5G build-out, the hybrid work and return to office. We talked about WiFi 6, leading to campus switching, which we're seeing play out now. And the security business had a record quarter at a time where most every customer is suggesting that they're going to be spending more over the next 12 months in cybersecurity. So we felt like it was prudent to continue to invest to meet the demand and deal with some of the short-term pain and then we think we'll get to the other side of it.

然後你在一些正在發生的真正主要趨勢的背景下考慮這一點，例如 400 gig 過渡的前端，例如我們在網絡規模上取得的成功，服務提供商 5G 構建-出來，混合工作，回到辦公室。我們談到了 WiFi 6，它導致了校園交換，我們現在看到了這種情況。安全業務創下季度記錄，當時大多數客戶都建議他們在未來 12 個月內將在網絡安全方面投入更多資金。因此，我們認為繼續投資以滿足需求並應對一些短期痛苦是謹慎的做法，然後我們認為我們會走到另一邊。

Samik Chatterjee from JPMorgan.

摩根大通的 Samik Chatterjee。

Chuck, I guess somewhat following up on Rod's question here. I think the macro expectation here is that we'll be going through a period of higher inflation, and you're seeing that somewhat in the supply chain but also in other aspects as well. Can you just help us think through what are the levels that the company has as you navigate through that? And particularly, how are you trying to balance that against the careers that some of your customers might be pulling ahead orders or pulling ahead of demand just to secure product from you?

查克，我想在這裡對羅德的問題進行了一些跟進。我認為這裡的宏觀預期是我們將經歷一段高通脹時期，你在供應鍊和其他方面都看到了這一點。你能不能幫助我們思考一下公司在你瀏覽時的水平是多少？尤其是，您如何嘗試平衡某些客戶可能為了從您那裡獲得產品而提前訂單或提前需求的職業？

Yes. A couple of great questions. Number one, What we do know is that if we come to the conclusion that any of these cost increases or these -- this inflation, as you mentioned it, are going to be more sustained then we will look at strategic price increases where we have to. And that work is already underway. There's already some decisions that we've made. So we will do that. It's a pretty dynamic situation, as you know. And then on the pull ahead, this is a question that we've been asked. And while it's impossible to really quantify what that might be, it's going to be pretty obvious that if a customer has extended lead times, they're probably going to place order sooner than when they would. That just makes sense.

是的。幾個很好的問題。第一，我們所知道的是，如果我們得出結論，任何這些成本增加或這些 - 正如你提到的那樣，這種通貨膨脹將更加持續，那麼我們將著眼於我們擁有的戰略性價格上漲到。這項工作已經在進行中。我們已經做出了一些決定。所以我們會這樣做。如您所知，這是一個非常動態的情況。然後在前進的過程中，這是我們被問到的一個問題。雖然不可能真正量化這可能是什麼，但很明顯，如果客戶延長了交貨時間，他們可能會比他們更早下訂單。這是有道理的。

But we also have proxies that we would be looking for to really reflect that being a major issue like order cancellations if they're placing these orders in multiple -- against multiple channels and then canceling when they get it out of one channel. We don't see that. You would see more of that pull ahead from the enterprise. And obviously, commercial and small business, you probably wouldn't see as much, and those were pretty significant growth engines for us this past quarter. So we don't see any glaring red flags, although we would certainly agree that there's probably some level of early ordering going on.

但是我們也有代理，我們將尋找真正反映這是一個主要問題，例如訂單取消，如果他們將這些訂單放在多個渠道中 - 針對多個渠道，然後在他們從一個渠道中取出訂單時取消。我們沒有看到。你會看到更多來自企業的拉動。顯然，商業和小型企業，你可能不會看到那麼多，而這些對我們來說是上個季度非常重要的增長引擎。因此，我們沒有看到任何明顯的危險信號，儘管我們當然同意可能存在某種程度的提前訂購。

Meta Marshall from Morgan Stanley.

來自摩根士丹利的 Meta Marshall。

Where do you think customers are on return to work planning? Are your larger customers maybe further along than smaller customers or vice versa? And then just what are you seeing from some of the spending from the impacted industries from last year?

您認為客戶的複工計劃在哪裡？您的大客戶是否可能比小客戶走得更遠，反之亦然？然後你從去年受影響行業的一些支出中看到了什麼？

Great question. So first of all, I think it's the inverse. I think we're seeing the small businesses and the commercial customers moving a little faster. Although we saw enterprise pickup in Asia and in Europe, and we've done a deep analysis with our team. The U.S. improved, and we would expect next quarter and then next fiscal year for U.S. Enterprise to actually improve significantly from where we are today.

好問題。所以首先，我認為這是相反的。我認為我們看到小企業和商業客戶的發展速度更快。儘管我們看到了亞洲和歐洲的企業回暖，並且我們已經與我們的團隊進行了深入分析。美國有所改善，我們預計下個季度和下個財年美國企業的實際情況將比我們今天的狀況顯著改善。

And I think on the industry front, we were doing the review in the U.S., and we've actually seen double-digit growth in hospitality, in health care, in retail, and we've even seen the cruise lines making significant purchases as they prepare to go back out. So we think that, that is definitely a sign that we're on the road to recovery. And I would say that the other thing I would highlight is, as our customers think about hybrid work and they think about the return to office, we've talked about the prevalence of WiFi 6. We saw continued strength in WiFi. And we said once that begins to happen, that we believe there would be a campus switching upgrade follow. And the Cat 9000 has had 4 quarters of increasing growth in double digits the last few quarters from a demand perspective. So we've seen that happen as well. So I think that -- overall, I think it's happening as we thought it would and perhaps even at an accelerated pace.

而且我認為在行業方面，我們在美國進行了審查，我們實際上看到了酒店、醫療保健和零售業的兩位數增長，我們甚至看到郵輪公司進行了大量採購他們準備回去。所以我們認為，這絕對是我們正在復甦的跡象。我想說的另一件事是，當我們的客戶考慮混合工作並考慮重返辦公室時，我們談到了 WiFi 6 的流行。我們看到 WiFi 的持續增長。我們說過，一旦這種情況開始發生，我們相信隨之而來的是校園交換升級。從需求的角度來看，Cat 9000 在過去幾個季度中有 4 個季度以兩位數的速度增長。所以我們也看到了這種情況。所以我認為 - 總的來說，我認為它正在按照我們的預期發生，甚至可能以更快的速度發生。

Tal Liani from Bank of America.

美國銀行的塔爾·利亞尼。

I have 2 questions, related and not related. First question is the pricing environment. We see price increases across the board. We see component shortages. Does it impact pricing of your products? And is there any plan or have you already adjusted prices for that? That's number one.

我有 2 個問題，相關的和不相關的。第一個問題是定價環境。我們看到價格全面上漲。我們看到零部件短缺。它會影響您產品的定價嗎？是否有任何計劃或您已經為此調整了價格？那是第一名。

The second one. I'm trying to understand the year-over-year trends in the context of easy comps versus real growth. And I know it's hard to say, but -- it's hard to quantify, but can you at least qualitatively speak about the fact of, when you grow 7% and we deduct the acquisition impact, et cetera. What's the impact of the environment really improving in your comments versus just easy comps because last year was so weak because of COVID?

第二個。我試圖在簡單的補償與實際增長的背景下了解逐年趨勢。而且我知道這很難說，但是 - 很難量化，但你至少可以定性地說，當你增長 7% 並且我們扣除收購影響等等時。你的評論中真正改善環境的影響是什麼，而不是僅僅因為去年因為 COVID 而變得如此疲軟而簡單的比賽？

Yes, Tal, that's great. I'll comment on the first one -- I'll comment on both of them, and then Scott can add on to it. So on the pricing front, as I said a few minutes ago, I think we have made some decisions on certain products that we will be making price increases on, and we're looking surgically at the rest of the portfolio based on where we have costs that we believe are going to be sustained. But we're erring hard right now on taking care of our customers and trying to get -- optimize our ability to deliver to them right now because we think that improves our relationships and it improves our position over the long term with these customers. So that's what we're doing.

是的，塔爾，那太好了。我會評論第一個——我會評論他們兩個，然後 Scott 可以添加它。所以在定價方面，正如我幾分鐘前所說，我認為我們已經對某些產品做出了一些決定，我們將在這些產品上進行價格上漲，並且我們正在根據我們擁有的情況對其餘的產品組合進行外科手術我們認為將持續的成本。但是我們現在在照顧我們的客戶並試圖獲得 - 優化我們現在為他們提供服務的能力方面犯了很大的錯誤，因為我們認為這可以改善我們的關係，並且它可以改善我們與這些客戶的長期地位。這就是我們正在做的事情。

On the year-over-year trends, I think that -- what I would point to is the real thing that I think is substantive is the demand side of what we've seen. And -- because you're right, you can do some math that gets at the revenue in Q3. But I think that based on what we see and the demand that we see, we do believe this is certainly a -- it's a positively evolving marketplace for us. And I think the work we've done over the last year, we pivoted our strategy a year ago based on what we thought would happen post-pandemic. The teams have been executing really hard, and it's great to see the customers embracing the solutions that we're delivering out there. So we feel like it's sustainable. And Scott?

關於同比趨勢，我認為 - 我要指出的是我認為實質性的真實事情是我們所看到的需求方面。而且 - 因為你是對的，你可以做一些計算第三季度的收入。但我認為，基於我們所看到的和我們所看到的需求，我們確實相信這肯定是一個 - 這對我們來說是一個積極發展的市場。我認為我們在過去一年所做的工作，在一年前根據我們認為大流行後會發生的事情調整了我們的戰略。團隊一直在努力執行，很高興看到客戶接受我們提供的解決方案。所以我們覺得它是可持續的。斯科特呢？

Yes. I think, Tal, when you look at the year-on-year, I think the context you need to put around that is the improving trend that we've seen, right? And we've seen 4 to 5 now consecutive quarters of quarter-on-quarter improvement and really, the improvements across the board. It's in each geo and it's in each product line. So we're seeing continued improvement, and that obviously bodes well for looking out at Q4 and into the future.

是的。我認為，Tal，當您查看同比數據時，我認為您需要說明的背景是我們已經看到的改善趨勢，對嗎？我們已經看到連續 4 到 5 個季度的季度環比改善，實際上，全面改善。它在每個地理區域和每個產品線中。因此，我們看到持續改進，這顯然預示著第四季度和未來的發展。

I think the other thing that we've talked about the robust demand that we've had, and you see the revenue that we printed in Q3, what you didn't see is we also have built up a healthy backlog at this point. And so I think that coming into Q4, not only do we have a very high percentage of recurring revenue as -- that we know will come into the revenue stream during Q4. We've got a sizable backlog at this point of orders to fulfill, and we know exactly what's in the pipeline. So really feel good about the sequential trend that we're seeing across the business.

我認為我們談到的另一件事是我們擁有強勁的需求，你看到我們在第三季度打印的收入，你沒有看到的是我們此時也建立了健康的積壓。因此，我認為進入第四季度，我們不僅擁有很高比例的經常性收入——我們知道這將在第四季度進入收入流。在這個訂單點上，我們有大量的積壓訂單要完成，我們確切地知道正在處理什麼。所以對我們在整個業務中看到的連續趨勢感覺很好。

Yes. I think Tal, it's a really good point that Scott makes. I mean there is a revenue headwind that we're facing based on the supply chain. So notwithstanding what's going on in the supply chain, our revenue guide would have been higher, which could have probably flowed through to improving EPS as well. So it's a complicated thing that we're navigating through right now. But I'll tell you, notwithstanding that, it's the best I felt about the business and our momentum and where we are in quite a while.

是的。我認為 Tal，這是 Scott 提出的一個非常好的觀點。我的意思是，基於供應鏈，我們面臨著收入逆風。因此，儘管供應鏈中發生了什麼，我們的收入指南會更高，這也可能會影響每股收益的提高。所以這是我們現在正在處理的一件複雜的事情。但我會告訴你，儘管如此，這是我對業務和我們的勢頭以及我們在相當長一段時間內所處的位置的最佳感受。

Ittai Kidron from Oppenheimer.

來自奧本海默的Ittai Kidron。

A couple of questions for me. Chuck, I do want to follow up again on the demand side. I'm trying to gauge how much of what you're seeing right now is things that were delayed during COVID that are being fulfilled now versus acceleration of future plans into now. I'm just trying to think of sort of what is a normalized demand pattern for you once the noise of COVID for worse last year or for better. And right now, kind of goes away, maybe you can help us think about that.

我有幾個問題。 Chuck，我確實想在需求方面再次跟進。我試圖衡量你現在看到的有多少是在 COVID 期間延遲的事情現在正在實現，而不是未來計劃加速到現在。我只是想想想，一旦去年 COVID 的噪音變得更糟或更好，對你來說什麼是標準化的需求模式。現在，有點消失了，也許你可以幫助我們考慮一下。

And then for Scott. On the growth guidance for next quarter, can you call out specifically the impact of the acquisitions? What is the growth guidance without Acacia, IMI, Dashbase and Slido that you just closed on?

然後是斯科特。關於下一季度的增長指導，您能否具體指出收購的影響？您剛剛關閉的沒有 Acacia、IMI、Dashbase 和 Slido 的增長指導是什麼？

Yes, Ittai, thanks. So I'll try to do what you -- I'll try to answer what you asked, but I think it's a difficult one to really be definitive about. But I think there's a couple of aspects going on. I certainly believe there are projects that customers put on hold that they're now accelerating now that they have better visibility into what the return looks like. I definitely think that's happening. Also I think your second point is happening. I think that there -- every customer is looking at modernizing their infrastructure because no one wants to be caught flat-footed by the next crisis. And everyone has realized the power of technology during this time frame. And so I think there's an element of increased investments that we'll see across all the technology areas as well as, obviously, cybersecurity, et cetera.

是的，Ittai，謝謝。所以我會盡力做你的事——我會盡力回答你的問題，但我認為這很難真正確定。但我認為有幾個方面正在發生。我當然相信有些項目被客戶擱置，現在他們正在加速，因為他們對回報的情況有了更好的了解。我絕對認為這正在發生。我也認為你的第二點正在發生。我認為那裡 - 每個客戶都在考慮對其基礎設施進行現代化改造，因為沒有人希望在下一次危機中措手不及。在這段時間裡，每個人都意識到了技術的力量。因此，我認為我們將在所有技術領域以及網絡安全等領域看到增加投資的因素。

But the other thing I think that's really important is that we've been investing for a long time against a lot of these big market transitions that are starting to come to life. I mean, you remember, Ittai, we didn't play in the web-scale space 5 years ago. We didn't play. And now we're seeing -- that was almost 1/4 of our service provider business again this quarter and is still growing robustly. I mean it grew over 25% this quarter against a quarter a year ago that was in excess of 70% growth. So it's not -- it's still accelerating.

但我認為非常重要的另一件事是，我們已經投資了很長時間，以應對許多開始出現的大型市場轉型。我的意思是，你記得，Ittai，我們 5 年前沒有在網絡規模的空間裡玩。我們沒玩。現在我們看到 - 本季度再次占我們服務提供商業務的近 1/4，並且仍在強勁增長。我的意思是本季度增長超過 25%，而一年前的季度增長超過 70%。所以它不是 - 它仍在加速。

And then you got 5G that's starting to play out the way we -- as we've all been waiting for it to play out. You've got this return to office and hybrid work with WiFi 6 and the campus upgrades that we've talked about, and you've got this cybersecurity concern that is only exacerbated by everything we see in the press by all the continuing attacks and at a time where we had record revenue. So we -- I think all of those things are playing into it, and that's what leads us to feel pretty good about where we are right now.

然後你得到了 5G，它開始以我們的方式發揮作用——因為我們都在等待它發揮作用。你已經回到辦公室和混合工作，使用 WiFi 6 和我們已經討論過的校園升級，你已經有了這種網絡安全問題，我們在媒體上看到的所有持續攻擊和在我們獲得創紀錄收入的時候。所以我們 - 我認為所有這些事情都在其中發揮作用，這就是讓我們對我們現在所處的位置感覺良好的原因。

And Ittai, on your second question about the impact of acquisitions. We said in the opening commentary that for Q3, it was about 90 basis points of growth, and that was not part of our Q3 guide. Those -- they each closed during the quarter. So when we look ahead at Q4 of the revenue growth that we've laid out there, about 1.5 points is driven by the acquisitions, mostly driven by Acacia.

還有Ittai，關於你關於收購影響的第二個問題。我們在開場評論中說，第三季度增長了大約 90 個基點，這不是我們第三季度指南的一部分。那些 - 他們每個人都在本季度關閉。因此，當我們展望第四季度的收入增長時，大約 1.5 個百分點是由收購推動的，主要是由 Acacia 推動的。

Two other things, Ittai, on that particular question that I wanted to point out, if you don't mind. The first is we see a revenue headwind from the supply chain issue in Q4. As I said earlier, if we didn't have the supply chain challenges, we would have been guiding higher on revenue, which is reflected what Scott mentioned about the backlog coming into the quarter.

如果你不介意的話，Ittai，關於我想指出的那個特定問題，還有兩件事。首先是我們看到第四季度供應鏈問題帶來的收入逆風。正如我之前所說，如果我們沒有面臨供應鏈挑戰，我們本來可以指導更高的收入，這反映了斯科特提到的關於本季度積壓的內容。

The second thing is this business transformation that we have been working on for the last 5 or 6 years. If we go back to the first quarter, I was CEO and then we look at the quarter that we're entering into. The recurring revenue that we're pulling off the balance sheet that we have visibility to today that will be part of Q4 revenue is up 64% during that time frame. So we have a lot more visibility, and it just says that the whole rationale for why we've been driving this business model transformation, which is a big complex change to get to. But that has helped us in a big way, in allowing us to actually deliver the revenue we're talking about next quarter. So the benefits that we believe were there for the business model, I think this is probably the quarter where we're feeling the positive impact of that more than any other quarter.

第二件事是我們在過去 5 或 6 年一直致力於的業務轉型。如果我們回到第一季度，我是首席執行官，然後我們看看我們正在進入的季度。我們從今天可見的資產負債表中提取的經常性收入將成為第四季度收入的一部分，在此期間增長了 64%。所以我們有更多的可見性，它只是說明了為什麼我們一直在推動這種商業模式轉型的全部理由，這是一個巨大的複雜變化。但這在很大程度上幫助了我們，使我們能夠真正實現我們在下個季度談論的收入。因此，我們認為商業模式的好處是存在的，我認為這可能是我們比任何其他季度都感受到積極影響的季度。

Simon Leopold from Raymond James.

來自雷蒙德詹姆斯的西蒙利奧波德。

(technical difficulty)

（技術難度）

Thank you. I appreciate it.

謝謝你。我很感激。

Simon, sounds like we lost you. Are you there, Simon?

西蒙，聽起來我們失去了你。西蒙，你在嗎？

Amit Daryanani from Evercore.

來自 Evercore 的 Amit Daryanani。

I have a question and a follow-up. I guess just when I think about your guide and the gross margin drop of 150 basis points, I'm curious, would you attribute the entire drop to the supply chain issues? Or is there anything else at play as well? That's one.

我有一個問題和後續行動。我想當我想到你的指導和毛利率下降 150 個基點時，我很好奇，你會將整個下降歸因於供應鏈問題嗎？或者還有其他什麼在起作用？那是一個。

And then the second question was really hoping you could unpack the service provider growth that sort of accelerated a fair amount. And if you just talk about the trends you're seeing in the traditional service provider versus the web scale business and where that acceleration is coming from would be helpful.

然後第二個問題是真的希望你能解開服務提供商的增長，這種增長在某種程度上加速了相當大的速度。如果您只是談論您在傳統服務提供商與網絡規模業務中看到的趨勢，以及這種加速來自何處，將會有所幫助。

Scott, you want to take gross margin?

斯科特，你想拿毛利率嗎？

Yes. Well it is driven by supply chain, and it comes in a couple of flavors. Having done the work that we've done to protect shipment to our customers, there are unit price increases, unit cost increases on certain components that's built into it. There's also increased expedite fees, again, to ensure that we get the components in and we can get the product back out the door and a slight increase in freight. So it really is all tied to supply chain.

是的。嗯，它是由供應鏈驅動的，它有幾種口味。在完成了我們為保護向客戶發貨而所做的工作之後，單價上漲，其中某些組件的單價上漲。再次，加急費也增加了，以確保我們能把組件放進去，我們可以把產品送回門外，運費也略有增加。所以這一切都與供應鏈息息相關。

And then, Amit, on the service provider growth, I'm glad you asked the question because I should have pointed it out. We saw double-digit growth across all of the subsegments of service providers. So cable, carrier as well as web scale. So it was very balanced across the 3, and it's not 1 segment carrying it, which is why another reason that we're optimistic. The demand side we saw was so consistent across all our customers and so consistent across geographies and so consistent across the product portfolio. But in the SP space, it was double-digit across all of those segments.

然後，阿米特，關於服務提供商的增長，我很高興你提出這個問題，因為我應該指出這一點。我們看到服務提供商的所有細分市場都實現了兩位數的增長。所以電纜、運營商以及網絡規模。所以它在 3 個方面非常平衡，而不是 1 個部分承載它，這就是為什麼我們保持樂觀的另一個原因。我們看到的需求方在我們所有的客戶中是如此一致，在不同的地區如此一致，在整個產品組合中也是如此。但在 SP 領域，所有這些細分市場都是兩位數。

Simon Leopold from Raymond James.

來自雷蒙德詹姆斯的西蒙利奧波德。

Sorry about that. Can you hear me now?

對於那個很抱歉。你能聽到我嗎？

We can.

我們可以。

Yes, we can.

我們可以。

And my AirPods decided they want to stop working.

我的 AirPods 決定停止工作。

Sorry about that. So I was looking to see if maybe you could help bridge the gross margin headwinds in terms of the supply chain in that we know there are multiple aspects. It's not just the chip shortages, but things like airfreight and then having to add maybe extra hours and paying overtime when things come later because of the shortages. So if there was some way to maybe bridge the components that would help us understand how the recovery might manifest itself.

對於那個很抱歉。所以我想看看你是否可以幫助彌合供應鏈方面的毛利率逆風，因為我們知道有多個方面。這不僅僅是芯片短缺，還有空運等事情，然後由於短缺而不得不增加額外的工作時間和支付加班費。因此，如果有某種方法可以幫助我們了解復甦可能會如何表現出來。

Yes, Simon, when your AirPods went out, Amit was on the same wavelength as you and asked the exact same question. So I'll give the same answer. It really is kind of 2 or 3 aspects that are driving it all related to supply chain. Unit costs are up, and that's based on the work that our supply chain team has done to ensure that we can get supply in so that such that we can deliver for our customers the gear that they need to get from us. They've all got significant transformation underway as well within their shops to support the new hybrid work environment. And so we're working as hard as we can to make sure we can deliver a product to them. So unit costs are slightly higher, and that's semis, that's memory and it's certain other smaller commodities across the board.

是的，西蒙，當你的 AirPods 熄滅時，阿米特和你在同一個波長上，問了完全相同的問題。所以我會給出同樣的答案。確實是 2 或 3 個方面推動了這一切與供應鏈相關。單位成本上升了，這是基於我們的供應鏈團隊所做的工作，以確保我們能夠獲得供應，以便我們能夠為客戶提供他們需要從我們這裡獲得的裝備。他們的車間也在進行重大轉型，以支持新的混合工作環境。因此，我們正在盡最大努力確保我們能夠向他們交付產品。所以單位成本略高，那是半成品，那是內存，還有其他一些較小的商品。

The second is freight costs are higher. And as freight costs go up. Obviously, that hits gross margin and finally, expedite fees as we're getting product in the door. So it's all tied to various elements of supply chain.

二是運費較高。隨著運費的上漲。顯然，這會影響毛利率，最後會在我們收到產品時加快收費。因此，這一切都與供應鏈的各個要素息息相關。

Pierre Ferragu from New Street Research.

來自 New Street Research 的 Pierre Ferragu。

Guys, I have 2 and a quick follow-up after that, if I may. The first one is if I look at your software revenue sequentially, it went from $3.6 billion to $3.8 billion. So that's branded numbers. But it suggests you have like a kind of mid-single-digit sequential growth in software, which is very, very positive, very exciting. Is that the kind of right run rate level of growth we should expect for your software business?

伙計們，如果可以的話，我有 2 個和之後的快速跟進。第一個是如果我按順序查看您的軟件收入，它從 36 億美元增加到 38 億美元。這就是品牌數字。但這表明你在軟件方面有一種中等個位數的連續增長，這是非常非常積極的，非常令人興奮的。這是我們應該為您的軟件業務預期的正確運行率增長水平嗎？

And then, Scott, just to confirm, given that move in mix in revenue mix and product portfolios in a situation in which the supply chain were not disruptive, we could have expected some tiny sequential improvement in gross margins, right?

然後，斯科特，只是為了確認一下，鑑於在供應鏈沒有破壞性的情況下收入組合和產品組合的變化，我們本可以預期毛利率會出現一些微小的連續改善，對嗎？

Yes, that's right. Mix is definitely, as we continue to add more recurring revenue, particularly around software, as you pointed out, but also our tech support services. Those are higher gross margins. Those long term will be a tailwind to our gross margins. The supply chain issues, obviously, more than offset that.

是的，這是正確的。正如您所指出的，隨著我們繼續增加更多經常性收入，尤其是在軟件方面，Mix 是肯定的，而且我們的技術支持服務也是如此。這些是更高的毛利率。這些長期將是我們毛利率的順風。顯然，供應鏈問題遠遠抵消了這一點。

In terms of your question on software growth, the numbers that you're using are a little bit rounded, but you're on the right thread. We're seeing nice growth in software. And in fact, we mentioned that 81% now of that is driven by subscription and recurring revenue. So 7-point improvement in the amount of that software revenue that's recurring. That is great news longer term, as you know, with recurring revenue, particularly when it's ratable, you see less of the impact upfront. So there's a bit of a bow wave. And you see it in the growth of our RPOs and the growth of our deferred revenue on products. So each of those are growing. That's also a sign of the growth within our software product set. I mean we're now -- when you just do the quick math, right? We're now one of the biggest software companies in the world, right, north of $14 billion in software revenue. And I don't think anyone thinks of Cisco in those terms.

就您關於軟件增長的問題而言，您使用的數字有點四捨五入，但您的思路是正確的。我們看到了軟件的良好增長。事實上，我們提到現在其中 81% 是由訂閱和經常性收入驅動的。因此，經常性軟件收入的數量提高了 7 個百分點。如您所知，從長遠來看，這是一個好消息，隨著經常性收入，特別是當它是可評級的時，您會看到較少的前期影響。所以有一點弓波。您可以從我們的 RPO 增長和產品遞延收入的增長中看到這一點。所以每一個都在增長。這也是我們軟件產品集增長的標誌。我的意思是我們現在 - 當你只是做快速數學時，對吧？我們現在是世界上最大的軟件公司之一，軟件收入超過 140 億美元。而且我認為沒有人會從這些方面考慮思科。

And a quick follow-up for you, Chuck, if I may. You have an intriguing sentence, first sentence, in your press release. You're talking about the next uptake of your subscription-based offering. So could you give us a sense of -- it almost sounds like you feel you are like on an inflection point or on the turning point on that front. Are you expanding your portfolio in terms of software like subscription-based offering at the moment? Or are you expecting the update of these products to reaccelerate on the back of the pandemic? What did you mean exactly?

如果可以的話，請查克，給你一個快速的跟進。你的新聞稿中有一個有趣的句子，第一句話。您正在談論下一次採用基於訂閱的產品。那麼，您能否給我們一種感覺——聽起來您幾乎感覺自己處於一個拐點或那個前沿的轉折點。您目前是否正在擴展您的產品組合，例如基於訂閱的產品？或者您是否期望這些產品的更新在大流行的背景下重新加速？你到底是什麼意思？

Yes. So Pierre, it's -- I think there's a couple of things going on. Number one, we have seen just over the last few years, continued acceleration in our software business. Every acquisition we do, that's the business model. So from that perspective, it comes in. From an organic perspective, we're building more software assets. We're delivering more software solutions. And then we're actually looking now. We announced Cisco Plus and Cisco Live, which is how do we deliver virtually anything that we build as a service should our customers want to consume it that way. So we're just embarking on that, which is another big part of our portfolio, which will create more recurring revenue for the future. So that's what I'm talking about.

是的。所以皮埃爾，這是 - 我認為有幾件事正在發生。第一，我們在過去幾年中看到，我們的軟件業務持續加速。我們進行的每一次收購，都是商業模式。所以從這個角度來看，它進來了。從有機的角度來看，我們正在構建更多的軟件資產。我們正在提供更多的軟件解決方案。然後我們實際上正在尋找。我們發布了 Cisco Plus 和 Cisco Live，如果我們的客戶希望以這種方式使用它，我們將提供幾乎任何我們構建為服務的東西。因此，我們剛剛開始著手，這是我們投資組合的另一個重要組成部分，它將為未來創造更多的經常性收入。這就是我要說的。

Paul Silverstein from Cowen.

來自考恩的保羅·西爾弗斯坦。

Two quick questions. One, Chuck, I think it's been a long time since you all have disclosed what the size of your various customer segments. And given the impact of what I would expect would be the impact of U.S. federal stimulus, what's going on in service fiber enterprise to different trends. Can you update us on how big those sectors are, including U.S. federal?

兩個快速的問題。一，查克，我想你們已經很長時間沒有披露你們各個客戶群的規模了。鑑於我預計美國聯邦刺激措施的影響，服務光纖企業正在發生的不同趨勢。你能告訴我們這些部門有多大嗎，包括美國聯邦？

And then the other question would be your services business. You had a great quarter. It was extremely strong, up 8%. Is that -- is there a one-off in that? Or is that indicative up from what it would have been low single-digit growth, it was a very prominent number. Any insight you can share on what we should expect going forward and what's driving it?

然後另一個問題是您的服務業務。你有一個很棒的季度。它非常強勁，上漲了 8%。那是——有一次性的嗎？或者，從低個位數的增長來看，這是一個非常突出的數字。您可以分享關於我們應該期待什麼以及推動它的任何見解嗎？

Yes. Paul, I don't have the percentage of -- we haven't given that information out on the percentage of segments for a while. I would say if we could couch that until perhaps September when we do our analyst meeting, unless you have some -- Scott, I don't if you have...

是的。保羅，我沒有百分比——我們有一段時間沒有給出關於細分百分比的信息。我會說，如果我們能在 9 月召開分析師會議之前解決這個問題，除非你有一些——斯科特，如果你有...

No, the only thing I would add is when you compare us to some of our peers, where we break out enterprise versus commercial, many of them combine those 2 together.

不，我唯一要補充的是，當您將我們與一些同行進行比較時，我們將企業與商業分開，其中許多將這兩者結合在一起。

Most of them do.

他們中的大多數人都這樣做。

Yes. Yes. So just bear that in mind as you're trying to compare us across the board.

是的。是的。因此，當您嘗試全面比較我們時，請記住這一點。

And Scott, on work, but if I may. I mean, obviously, with the magnitude of the U.S. federal stimulus that's already been passed in the various additional programs that we proposed a thought rises. Not only would that impact your public sector, but it's also going to impact enterprise not just for you, but for a lot of folks. It'd be great if you updated us at some point with those numbers.

還有斯科特，在工作中，但如果可以的話。我的意思是，顯然，隨著我們提出的各種額外計劃中已經通過的美國聯邦刺激措施的規模，我們提出了一個想法。這不僅會影響您的公共部門，還會影響企業，不僅對您，而且對很多人。如果您在某個時候用這些數字更新我們，那就太好了。

Yes, that makes sense. I got it. And what was the second question, Paul?

是的，這是有道理的。我得到了它。第二個問題是什麼，保羅？

Services growth.

服務增長。

Oh, the services growth.

哦，服務增長。

The services growth. What's driving it? Is it anomaly? Is it the new one?

服務增長。是什麼驅動它？是異常嗎？是新的嗎？

Yes. Overall, obviously, quite pleased with the progress on our services business. There is in Q3, though, remember, there was an extra week. And since a lot of services, a lot of that is ratable, that extra week turns into an extra week of revenue during the quarter. So there is a one-off anomaly that's driving that outsized growth in Q3.

是的。總的來說，顯然，我們對我們服務業務的進展非常滿意。不過，請記住，第三季度還有一周。而且由於很多服務，其中很多是可評價的，所以額外的一周變成了本季度額外的一周收入。因此，有一個一次性異常現象推動了第三季度的超額增長。

Yes. And then once you normalize that out, you should think about the same normal rates you've been seeing.

是的。然後，一旦您將其正常化，您應該考慮您所看到的相同的正常費率。

Tim Long from Barclays.

來自巴克萊的蒂姆·朗。

Two questions for me, too, both on gross margins. Actually, I'm just kidding. First one here. Can you talk a little bit about kind of your visibility to some of your peer companies and others in the industry given what's gone on with lead times, you obviously have a revenue and a cost impact here. But what has that done to kind of how far out you can see and plan and kind of the whole backlog versus book and ship for the business for the next few quarters?

我也有兩個問題，都是關於毛利率的。其實，我只是在開玩笑。這裡是第一個。鑑於交貨時間的變化，您能否談談您對一些同行公司和業內其他公司的知名度，您顯然在這裡有收入和成本影響。但是，這對您可以看到和計劃多遠以及整個積壓訂單與未來幾個季度的業務預訂和發貨有什麼影響？

And then second, if you could just touch on the cloud vertical. It sounded like it was pretty strong again. Could you just give us a little color of kind of what is driving that? I think there had been some campus strength with those customers. But can you talk to us a little bit about the breadth of product that's driving that? Is it a lot of 8-K? Are you starting to see software and silicon starting to contribute a little bit? So any color there would be great.

其次，如果您可以直接觸摸雲垂直。聽起來它再次變得非常強大。你能不能給我們一點關於驅動它的顏色？我認為這些客戶具有一定的校園實力。但是你能和我們談談推動這一點的產品的廣度嗎？ 8-K很多嗎？您是否開始看到軟件和芯片開始有所貢獻？所以那裡的任何顏色都會很棒。

Yes, Tim, thanks. I'll make one quick comment on the visibility thing, and I'll let Scott comment and then I'll take the cloud one. I would say that the thing that I will tell you is that when we're in the middle of Q3, I can tell you that our supply chain team was a little, I guess, concerned about what they could see for the next 2 months at that time. And when we started building the guide and working through what we thought they could deliver and build in Q4, they had a reasonable degree of confidence. So what that says to me is they're getting better visibility. And so I think it's just going to improve from here. So that's sort of what we've been doing with the last couple of months.

是的，蒂姆，謝謝。我將快速評論一下可見性問題，然後讓 Scott 發表評論，然後我將採用雲計算。我想說的是，當我們在第三季度中期時，我可以告訴你，我們的供應鏈團隊有點擔心他們在接下來的兩個月裡會看到什麼那時候。當我們開始構建指南並完成我們認為他們可以在第四季度交付和構建的內容時，他們有相當程度的信心。所以這對我來說是他們的知名度越來越高。所以我認為它會從這裡得到改善。這就是我們過去幾個月一直在做的事情。

Scott, do you want to add anything?

斯科特，你想補充什麼嗎？

Yes. From a reported revenue standpoint, which I think is probably at least part of your question, Tim, we've got good visibility at this point. Given the size of our backlog that we roll into Q4 with as well as the amount of revenue that's now recurring that will come off the balance sheet. So you add those 2 together and then look at the -- we have a good feel, obviously, for what's in the pipeline at this point, too. We have pretty good visibility at this point.

是的。從報告的收入的角度來看，我認為這可能至少是你問題的一部分，蒂姆，我們在這一點上有很好的知名度。考慮到我們進入第四季度的積壓工作量以及現在經常出現的收入數額，這些收入將從資產負債表中扣除。所以你把這兩個加在一起，然後看看——顯然，我們對目前正在籌備的事情也有很好的感覺。在這一點上，我們有很好的能見度。

Yes. And then on the cloud vertical, I would say that one of the customers we have had a very strong sort of enterprise networking portfolio relationship with. But beyond that, all of it is really being driven by infrastructure going into their cloud assets. And so we are -- we have sold significant amounts of 8-Ks into that infrastructure. But we do -- we have sold silicon stand-alone as well. We have our software running on one of their pieces of hardware. And in some case, we have their software running on our switching hardware. And we're working on white box ODM with a couple of them relative to our silicon. So we have all the variations that we announced in December of 2019, we are actively involved in right now. And the good news is there's a lot of systems desire as well.

是的。然後在雲垂直領域，我想說我們與其中一個客戶有著非常牢固的企業網絡組合關係。但除此之外，所有這一切實際上都是由進入其云資產的基礎設施驅動的。因此，我們已經向該基礎設施出售了大量的 8-K。但我們確實這樣做了——我們也出售了單機矽片。我們的軟件在他們的一個硬件上運行。在某些情況下，我們讓他們的軟件在我們的交換硬件上運行。我們正在開發白盒 ODM，其中有幾個與我們的芯片相關。所以我們擁有我們在 2019 年 12 月宣布的所有變化，我們現在正在積極參與其中。好消息是也有很多系統需求。

Just as an add-on to that. Last time we talked about 400-gig and there's always seems to be a question about 400-gig. And our customer count on 400-gig went up by 50% during the quarter. So we did see a continued uptake on that technology. And that's super early, as you know.

就像一個附加組件。上次我們談到 400-gig 時，似乎總是有關於 400-gig 的問題。本季度，我們的 400-gig 客戶數量增加了 50%。因此，我們確實看到了對該技術的持續採用。如您所知，那還為時過早。

Jim Suva from Citigroup Investment Research.

花旗集團投資研究公司的吉姆·蘇瓦。

I just had one question. Can you give us some commentary on like your hyperscale traction? It appears service providers bouncing back pretty strong. And for a while, it seemed like the hyperscale wasn't quite as strong as you had hoped and you're putting more efforts into it. And it seems like now your commentary is quite a bit more positive. Is that some new product wins, some share gains, pertinence and traction of it? But any commentary on that would be greatly appreciated.

我只有一個問題。你能給我們一些評論，比如你的超大規模牽引力嗎？看來服務提供商的反彈非常強勁。有一段時間，超大規模似乎沒有你希望的那麼強大，你正在投入更多的努力。現在看來，您的評論更加積極。是不是有的新產品勝出，有的份額收益，有針對性和牽引力呢？但任何對此的評論將不勝感激。

Yes, Jim. So we've had 6 consecutive quarters of very strong double-digit growth, ranging from mid-teens to triple digits. And so -- and that's in the webscale vertical. And it's been a combination -- it certainly has been share gains because we didn't have any presence before. So as I've joked on calls before, it's one of the few markets where we actually have the opportunity to go gain share. And so that's been positive. We've worked hard on these relationships. And so that has expanded. We had a 2-day customer briefing with 1 of them 2 weeks ago. And it was -- that particular briefing was all about our enterprise portfolio. So we're seeing both sides, but we are definitely seeing the success that I just mentioned with Tim's question around the cloud vertical in the cloud infrastructure.

是的，吉姆。因此，我們連續 6 個季度實現了兩位數的強勁增長，從十幾歲到三位數不等。所以——這就是網絡規模的垂直領域。這是一個組合——它肯定是分享收益，因為我們以前沒有任何存在。因此，正如我之前在電話中開玩笑說的那樣，這是我們實際上有機會獲得份額的少數幾個市場之一。所以這是積極的。我們一直在努力處理這些關係。所以這已經擴大了。兩週前，我們與其中 1 人進行了為期 2 天的客戶簡報會。它是——那個特別的簡報都是關於我們的企業組合的。所以我們看到了雙方，但我們肯定看到了我剛才提到的關於雲基礎架構中云垂直的問題的成功。

Thanks, Jim. And we have time for one more question.

謝謝，吉姆。我們還有時間再問一個問題。

Jeff Kvaal from Wolfe Research.

來自 Wolfe Research 的 Jeff Kvaal。

My question is actually on the margin side. It sounds as though you are getting better visibility on the component availability. So I guess I'm wondering, should we be expecting that the margin headwind would abate through the year? And then as part of that, has anything changed in terms of what you expect to happen to the margin structure over time as we get past these constraints?

我的問題實際上是在邊緣方面。聽起來好像您對組件可用性有了更好的了解。所以我想我想知道，我們是否應該期望利潤率逆風會在全年減弱？然後，作為其中的一部分，隨著我們克服這些限制，隨著時間的推移，您預計保證金結構會發生什麼變化？

Yes. Jeff, as we talked about earlier, I think some of the supply chain issues we have -- that we're seeing, certainly from a supply standpoint, are going to be with us through the end of the calendar year. But there's no question, we've also got some good tailwinds in the gross margin line. When you think of the amount of -- the faster growth rate of services and the ratability of that, which contributes significantly now to the revenue line. That's at a higher margin than our software business, which year-on-year grew at 13% and is now on a run rate of about $14 billion per year software business, that obviously comes at a higher margin, too. So while we do have supply chain headwinds, we've also got some nice tailwinds that are coming in.

是的。傑夫，正如我們之前談到的，我認為我們所面臨的一些供應鏈問題——從供應的角度來看，這些問題肯定會持續到今年年底。但毫無疑問，我們在毛利率線上也有一些不錯的順風。當您考慮到服務的更快增長率和可評價性的數量時，這現在對收入線有很大貢獻。這比我們的軟件業務利潤率更高，後者同比增長 13%，現在每年軟件業務的運行速度約為 140 億美元，這顯然也有更高的利潤率。因此，雖然我們確實遇到了供應鏈逆風，但我們也遇到了一些不錯的順風。

Okay. And then the concept is that once we get past these fairly ephemeral in the grand scheme of things, supply challenges, then we should expect the gross margins to reflect the mix shift to software and drift higher.

好的。然後的概念是，一旦我們在宏觀計劃中克服了這些相當短暫的供應挑戰，那麼我們應該期望毛利率反映向軟件的混合轉變並上升。

That's the right way to think about it.

這是正確的思考方式。

Yes. Okay. Excellent. And then I'm sorry, did you give us a number on how much you might have shipped had you not had supply chain constraints?

是的。好的。優秀的。然後我很抱歉，如果您沒有供應鏈限制，您有沒有告訴我們您可能運送了多少？

Yes, that's -- we talked about that in the last day or so, and it's really difficult to get a number. I'd say it'd have been a point or 2. I mean, particularly in the guide front, I think that's a reasonable thing to think about it. It's a -- I mean, our guys were stressed. And in Q4, they have very little -- they're committed to what they think they can build, but it's tough right now.

是的，那是 - 我們在最後一天左右談到了這個，而且很難得到一個數字。我會說這是一分或二分。我的意思是，特別是在指南前面，我認為這是一個合理的考慮。這是一個 - 我的意思是，我們的球員壓力很大。在第四季度，他們幾乎沒有——他們致力於他們認為可以建造的東西，但現在很難。

So you can obviously extrapolate with the growth rate we saw on the product side and then with the corresponding guide that we're -- our backlog is certainly increasing. So if we had the capacity to ship, we would, but we just don't have it.

因此，您顯然可以根據我們在產品方面看到的增長率進行推斷，然後根據我們的相應指南進行推斷——我們的積壓工作肯定在增加。因此，如果我們有能力運送，我們會，但我們只是沒有。

Okay. All right. Let me just wrap up by, first and foremost, thanking all of you for spending time with us today. And despite the predominant discussion point here, which has been around gross margins relative to the supply chain, I hope our confidence came across and that we feel really good about the portfolio. We feel really good about the reopening. We feel good about our teams. I'm really proud of what they've accomplished.

好的。好的。讓我結束，首先，感謝大家今天與我們共度時光。儘管這裡的主要討論點是相對於供應鏈的毛利率，但我希望我們的信心得到了體現，並且我們對投資組合感覺非常好。我們對重新開放感覺非常好。我們對我們的團隊感覺良好。我真的為他們所取得的成就感到自豪。

Look, I'm really pleased that our customers are choosing to spend their dollars with us as they come back. I think that's a great statement of confidence. And I think that it also proves that we are going to be critical to the rebound and the recovery and the return to office. So thanks for being with us, and we look forward to spending time with you all. And I'm going to kick it back to Marilyn.

看，我真的很高興我們的客戶在他們回來時選擇和我們一起花錢。我認為這是一個很好的自信聲明。而且我認為這也證明了我們將對反彈、復甦和重返工作崗位至關重要。因此，感謝您與我們在一起，我們期待與大家共度時光。我要把它踢回瑪麗蓮。

Thanks, Chuck. Cisco's next quarterly earnings conference call, which will reflect our fiscal 2021 fourth quarter and annual results will be on Wednesday, August 18, 2021, at 1:30 p.m. Pacific Time 4:30 p.m. Eastern time. As a reminder, we will be presenting and hosting meetings at several conferences over the next few weeks. Please visit the Cisco Investor Relations website for the latest event schedule and access information.

謝謝，查克。思科的下一個季度財報電話會議將在 2021 年 8 月 18 日星期三下午 1:30 舉行，該電話會議將反映我們 2021 財年第四季度和年度業績。太平洋時間下午 4:30東部時間。提醒一下，在接下來的幾週內，我們將在多個會議上展示和主持會議。請訪問思科投資者關係網站了解最新的活動日程和訪問信息。

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. We now plan to close the call. If you have any further questions, please feel free to contact the Cisco Investor Relations team, and we thank you very much for joining the call today.

我想再次提醒聽眾，根據 FD 條例，思科的政策是不對本季度的財務指導發表評論，除非通過明確的公開披露來完成。我們現在計劃結束通話。如果您還有任何問題，請隨時聯繫思科投資者關係團隊，我們非常感謝您今天加入電話會議。

Thank you for participating on today's conference call. If you would like to listen to the call in its entirety, you may call (866) 461-2738. For participants dialing from outside the U.S., please dial (203) 369-1354. This concludes today's call. You may disconnect at this time.

感謝您參加今天的電話會議。如果您想完整收聽電話，您可以致電 (866) 461-2738。對於從美國境外撥號的參與者，請撥打 (203) 369-1354。今天的電話會議到此結束。此時您可以斷開連接。