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 財年第三季財務業績電話會議。應思科的要求，今天的會議正在錄製中。如果有異議可以斷開連接。

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

現在我想介紹投資者關係主管瑪麗蓮莫拉 (Marilyn Mora)。女士，您可以開始了。

Welcome, everyone, to Cisco's 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 財年第三季財報電話會議。我是投資者關係主管瑪麗蓮莫拉 (Marilyn Mora)，與我一起發言的還有我們的董事長兼首席執行官查克羅賓斯 (Chuck Robbins)；以及我們的財務長 Scott Herren。

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

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

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.

在整個電話會議過程中，我們將參考 GAAP 和非 GAAP 財務結果，並且我們將從收入方面討論產品結果，從產品訂單方面討論地理和客戶結果，除非另有說明。本次電話會議中的所有比較都將以同比為基礎。我們今天將要討論的事項包括前瞻性陳述，包括我們將為 2021 財年第四季提供的指引。它們受風險和不確定性的影響，包括我們在向美國證券交易委員會提交的文件中詳細討論的 COVID-19，特別是最新的 10-K 和 10-Q 表格報告，這些報告確定了可能導致實際結果與前瞻性陳述中的結果存在重大差異的重要風險因素。

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附帶的幻燈片和新聞稿以了解更多詳細資訊。除非透過明確的公開揭露，否則思科不會對本季的財務指引發表評論。

I will now turn it over to Chuck.

現在我將把發言權交給查克。

Thanks, Marilyn. 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，感謝您今天的參加。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.

首先，我要向我們在印度的員工、客戶和合作夥伴表示感謝，他們正在經歷 COVID 病例的急劇增加。思科在這個充滿挑戰的時期提供了關鍵資源，我們的心與你們同在。

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.

儘管我們許多人的復原工作都取得了巨大進展，但在應對全球持續的疫情時，我們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.

轉向本季。我們在第三季取得了令人印象深刻的勢頭，這讓我對未來充滿樂觀。由於宏觀環境的改善、我們歷史上最強大的產品組合以及我們團隊的出色執行力，我們恢復了成長，收入成長了 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.

我們看到整個業務領域存在廣泛的需求，其中最大的成長機會是：混合工作、數位轉型、雲端運算以及基於訂閱的產品的持續強勁成長。我們也看到關鍵技術週期的早期發展勢頭，這些技術是我們業務的長期成長動力，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.

下一階段的復甦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新一代基礎設施解決方案以及雲端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靈活性發展。這將需要一個重要的投資週期，並加強我們策略的實力，同時帶來更大的機會來創造一個更互聯、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.

我們將繼續專注於加速創新，同時透過網路範圍的自動化、分析和靈活的服務消費模式簡化我們產品的採用，所有這些都旨在提高客戶的網路效能和安全性，我們相信這將為我們帶來巨大的長期機會。

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.

我們第三季的表現更增強了我對未來的信心。這些結果反映出支出環境已恢復強勁，在疫苗推廣和限制放鬆的推動下，經濟復甦勢頭強勁。隨著經濟好轉，客戶增加了對我們投資組合的投資，為經濟改善和重返辦公室做好準備。第三季度，我們的產品訂單成長了 10%，這是自 2012 財年第一季以來的最高成長率，反映出我們所有客戶群和地區的強勁成長。

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.

從產品收入角度來看，我們實現了 6% 的成長，這得益於我們整個產品組合的強勁成長，包括校園交換、路由、無線、安全、協作和網路規模，以及我們在第三季完成的對 Acacia 的收購。

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.

我們將繼續積極地將業務轉向更具經常性的收入來源，隨著我們擴大產品範圍，我們預計這些收入來源將隨著時間的推移而成長。第三季度，我們的軟體收入達到 38 億美元，其中 81% 的軟體收入以訂閱方式出售，高於上一季的 76%。我們的遞延收入和剩餘履約義務又實現了兩位數的一個季度的成長。在過去的 6 年裡，我們取得了重大進展，目前已成為業內最大的軟體業務之一，年營業額超過 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.

現在讓我來談談基礎設施平台。隨著企業加速其基礎設施的現代化，我們發現我們的大部分產品組合都有強勁的需求，其中以我們的下一代企業網路和服務供應商解決方案為首。這種現代化的基礎設施可提供更高的效能和更快的資料存取速度，同時在日益分散的環境中提供最佳的使用者體驗。

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.

客戶正在向我們尋求協助，希望我們能夠利用 WiFi 接入點、視訊端點、攝影機和物聯網感測器，將數據輸入 DNA 中心和 DNA 空間，打造未來值得信賴的工作場所。我們正在幫助營運團隊遠端監控工作場所狀況，以確保安全返回辦公室。我們也致力於提供超越企業網路的可視性，隨著我們的客戶加速採用 SaaS 和雲端解決方案進行混合工作，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 上，我們透過將 ThousandEyes 雲端智慧與我們的催化劑交換產品組合和 AppDynamics 相結合，推出了業界首個企業範圍的全端可觀察性產品。這為 IT 提供了跨外部和內部網路的可見性和可操作的見解，從而為用戶提供無縫的數位體驗。隨著用戶分佈越來越廣，擁有最高效、最安全的雲端連線至關重要。

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Google、亞馬遜和微軟的深度合作使我們的 SD-WAN 結構能夠與這些雲端產品實現原生連接。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公司連接到雲端工作負載。

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.

在我們的網路規模業務中，我們連續第六個季度實現了強勁的訂單成長，本季成長超過 25%，過去 12 個月成長超過 50%。我們的網路規模客戶正在開始他們的 400 千兆升級週期，並積極進行長途建設，而我們的營運商客戶正在探索新的架構，以充分發揮 5G 的潛力。

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.

我們正在透過路由、光學和自動化技術的突破性創新來建立未來的互聯網，以帶來顯著的經濟效益。最近，我們推出了新的路由光網路解決方案，整合了我們的可擴展、高效能路由器和 Acacia 的可插拔光學元件，可大幅節省成本。上週，我們宣布了收購 Sedona Systems 的意圖，以擴展我們的跨工作自動化平台來建立這些功能。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路規模交換市場的解決方案，提供 10 個網路晶片，速度從每秒 3.2 到 25.6 兆位元不等，使其成為市場上性能最高、可編程的路由和交換晶片。

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 上，我們推出了新的即服務產品組合 Cisco Plus 和我們的首個產品 Cisco Plus 混合雲，結合了我們的資料中心運算、網路和儲存產品組合。 Cisco Plus 包括我們提供網路即服務的計劃，該計劃將統一跨接入、廣域網路和雲端域的網路、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。隨著我們擴大了與全球客戶的聯繫，我們本季的營收創下了紀錄，超過 8.75 億美元，成長了 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，能夠為任何網路或任何雲端上的使用者、裝置、應用程式和資料提供端到端的安全功能。這就是為什麼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，各行各業的領先客戶，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存取服務邊緣或 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%.

面對當今分散式勞動力，公司必須在不影響效能的情況下，快速部署對各地關鍵應用程式的高度安全可信任存取。福特等客戶正在使用我們的雲端交付安全平台保護傘，以保護其超過 10 萬名遠端團隊成員的安全。本季度，Lyft 向思科尋求協助，以加強所有存取其應用程式的使用者的安全保護。透過部署我們的 Duo 產品組合，Lyft 能夠提供強大的存取控制，保護用戶敏感的個人和財務信息，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.

思科每年投入近 60 億美元進行研發，在安全和網路方面的投資繼續引領我們整個產品組合的發展勢頭，連續 23 個季度實現兩位數的傘狀雲安全增長，近 7,000 個客戶使用我們的雲原生 SecureX 平台，並通過安全企業協議實現了強勁的平台增長。

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.

我們繼續透過新的創新擴大我們的領導地位，包括無密碼身份驗證、資料遺失預防、可觀察性、基於雲端的惡意軟體檢測和 SecureX 的增強功能。我們也透過能夠提高安全效力的資產來補充我們的有機創新。我們收購 Kenna Security 的目的是將其基於風險的漏洞管理平台與 SecureX 的威脅管理功能結合起來，以確定優先順序並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，讓我談談應用程式。我們的合作業務持續表現良好。我們按照戰略要求為混合工作的未來提供動力，Webex 本季創下了紀錄。在過去的 6 個月中，我們為 Webex 產品組合添加了 400 多個新功能和裝置。我們透過桌面攝影機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，包括數位看板、非接觸式通話、房間容量警報和環境感測器，以幫助安全返回辦公室。

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.

當我們面臨新的工作方式時，幸福感是現在很多人最關心的問題。這就是我們推出 People Insights 來幫助人們監控和管理他們的健康的原因。這些新功能、新設備和新能力，結合雲端呼叫和雲端聯絡中心，為我們的客戶提供了最全面、最包容的混合工作平台。

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。透過將 Slido 和 Socio Labs 整合到我們的 Webex 平台，我們也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.

總而言之，我們度過了一個非常好的季度。我為我們團隊推動的業務轉型不斷取得成功感到非常自豪。正如我之前提到的，我們正在經歷近十年來最強勁的需求。我們也看到了與同行類似的零件供應短缺問題。好消息是，這反映在我們的指導中，我們有信心解決這個問題，因為我們已經與幾家主要供應商制定了修改後的安排。我們相信，這些措施將使我們能夠優化對包括半導體在內的關鍵部件的獲取，並儘快滿足客戶的需求。

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.

我們的策略和承諾以信任、創新和選擇為主導，加上我們持續的專注和紀律，為我們的成長和獲利奠定了良好的基礎。在我們為客戶和合作夥伴加快創新步伐的同時，繼續支持我們的員工、我們的社區和我們的地球至關重要。

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《財星》雜誌和《最佳工作場所》雜誌評為全美最佳工作場所第一名。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所創造的文化的力量。

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，就我們為保護地球所採取的行動而言。上個月，思科基金會宣佈在未來 10 年內投入 1 億美元，用於資助非營利撥款和影響氣候解決方案的投資。我們在美國和歐洲許多國家實現了 100% 再生能源，這是向前邁出的另一個大步。

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.

無論我們專注於為客戶、合作夥伴和員工提供最佳成果，還是致力於為世界各地的社區做出貢獻，思科始終致力於我們的目標，為所有人創造一個包容的未來。我對未來充滿樂觀，對我們團隊的完成能力充滿信心。

I'll now turn it over to Scott.

現在我將把發言權交給史考特。

Thanks, Chuck. 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，我確定了我們用來製定財務策略的四個關鍵優先事項：推動獲利成長；繼續嚴格關注財務管理和營運效率；制定長期計劃，透過策略轉型實現價值創造最大化；並審查有機和無機投資。我們在第三季度在所有這些方面都取得了進展，並將繼續以這些核心支柱為基礎構建我們的財務方法，為提高財務業績以及為股東創造長期價值奠定堅實的基礎。

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.

現在讓我們來看看我們的結果。我會先總結本季的財務業績，然後再介紹第四季的業績指引。正如查克所說，第三季是整個業務表現強勁的一個季度。我們表現良好，產品訂單強勁，收入、淨收入和每股盈餘穩定成長。總收入增至 128 億美元，年增 7%，超過了我們本季預期範圍的高端。我們看到所有產品領域和地區都表現出廣泛的優勢。我們的業務也持續復甦，發展勢頭強勁，營收連續成長 7%。我們的非公認會計準則營業利益率為 33.6%。非公認會計準則淨收入為35億美元，成長4%；非公認會計準則每股收益為 0.83 美元，較去年同期成長 5%，高於我們的每股盈餘預期範圍的高端。

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收入的更多詳細資訊。總產品收入為 91 億美元，成長 6%。服務收入為37億美元，成長8%。基礎設施平台表現良好，收入成長了 6%。其中，由於 Catalyst 9000 產品強勁的兩位數成長，隨著校園的成長，轉換收入總體上有所增加。受服務供應商市場強勁推動，路由業務實現了強勁的兩位數成長。由於 WiFi 6 產品的持續成長和 Meraki 的強勁表​​現，無線業務實現了強勁成長。

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.

資料中心收入下降，主要原因是伺服器市場持續萎縮。申請人數增加了5%。我們繼續看到 Webex 實現兩位數成長，這得益於我們的產品創新和為遠距工作帶來的價值。我們看到統一通訊、物聯網軟體和 AppDynamics 的成長，但被遠端呈現端點的下降所抵消。隨著整個投資組合的成長，安全性上漲了 13%。我們的雲端安全產品組合表現良好，實現了強勁的兩位數成長，並且 Duo 和繖形產品繼續保持強勁成長勢頭。我們將繼續轉變業務，提供更多的軟體產品，推動訂閱量和經常性收入的成長。

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%.

軟體營收為38億美元，訂閱收入佔軟體總收入的81%，較去年同期成長7個百分點。隨著我們軟體訂閱量的不斷增加，我們的經常性收入也隨之增加。事實上，本季我們總營收的成長大部分來自經常性收入流。此外，我們產品組合的強勁成長以及向更多軟體和服務的轉型正在推動剩餘履約義務或 RPO 的成長。第三季末，RPO 為 281 億美元，成長 10%。產品的 RPO 上漲了 15%，服務的 RPO 上漲了 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%.

對 Acacia 和 IMImobile 的收購對本季營收成長產生了 90 個基點的正面影響，這兩家公司均在本季完成收購。提醒一下，這些收購併未計入我們的第三季營收指南。第三季我們的訂單勢頭強勁，產品訂單總量成長了 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.

從地理來看，美洲地區上漲了 6%，歐洲、中東和非洲地區上漲了 10%，亞太及日本地區則上漲了 31%。新興市場整體上漲 13%，其中金磚國家加墨西哥上漲 31%。在我們的客戶領域，服務提供者成長了 17%，商業成長了 16%，公共部門成長了 11%。企業表現持平，與上一季相比有顯著改善。非公認會計準則總毛利率達到我們預期範圍的高端，為 66%，年減 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於與供應鏈挑戰相關的持續成本，但包括一些軟體優勢在內的積極產品組合抵消了這種影響。價格下跌相對溫和，與我們的歷史範圍一致。在供應鏈方面，我們繼續克服整個行業的限制並繼續承擔額外成本。我們正在與主要供應商合作，利用我們的批量採購和延長供應承諾來應對供應鏈挑戰，我們預計這種挑戰將會持續下去。

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上討論的那樣，本季確實增加了一周。與我們對本季的指導一致，總收入的收益約為 3 個百分點的成長。對我們的銷售成本和營運費用的總影響約為 1.5 億美元。營運現金流為 39 億美元，下降 8%，主要原因是付款時間和重組成本。我們預計整個財年的營運現金流將恢復正常。

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.

截至第三季度，我們的現金、現金等價物和投資總額為 236 億美元，比上一季減少 70 億美元，主要原因是收購支出 55 億美元以及長期債務償還 30 億美元。從資本配置角度來看，本季我們向股東返還了 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畫授權，我們還有 87 億美元的剩餘容量。

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.

我們將繼續以有機和無機的方式投資於我們的創新管道。在第三季度，我們完成了三項收購，分別是 Acacia Communications、IMImobile 和 Dashbase。本季結束後，我們也於 5 月 4 日成功完成了對 Slido 的收購。這些投資符合我們的策略，即透過有針對性的併購來補充我們的內部創新和研發，從而使我們能夠進一步加強和區分我們在成長領域的市場地位。

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，我們度過了一個非常棒的第三季。我們表現良好，營收成長和獲利能力強勁。我們看到了在創新方面所做投資的回報，並推動了向更多軟體和訂閱的持續轉變，從而實現了成長並提高了股東價值。

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.

現在讓我們來看看 21 財年第四季的指導。本指南受瑪麗蓮先前提到的關於前瞻性資訊的免責聲明約束。我們對第四季度的財務指引如下：我們預計收入成長率將在 6% 至 8% 之間，這再次反映了我們所看到的強勁需求；我們預計非公認會計準則毛利率將在 64% 至 65% 之間，這再次反映了我們所看到的強勁需求；我們預計非公認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產生的供應鏈成本的持續增加；我們的非會計準則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財務分析師日。我們將在未來幾週內發布活動詳情，並期待屆時與您分享更多資訊。

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

現在我將話題交還給瑪麗蓮，以便我們進入問答環節。

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

謝謝，斯科特。米歇爾，我們開始問答。

Rod Hall from Goldman Sachs.

高盛的羅德霍爾 (Rod Hall)。

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.

我想先從保證金指導開始。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，也許您能給我們更多地說明這些影響的可持續性，並解決營運支出問題。看起來這些成本也被誇大了，我猜也是因為同樣的原因。但正如我們所期待的，這些成本壓力和利潤率的可持續性。

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毛利率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，我們擁有了——事實上，Gartner 今天宣布——連續兩年成為全球第一的供應鏈團隊。該團隊在解決業內每個人都面臨的問題方面做得非常出色。因此，我們已經與一些關鍵零件供應商鎖定了供應和價格。這就是您在邊距指南中看到的內建內容。我認為供應鏈問題至少會困擾我們到今年年底——就我所見。

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.

在營運支出方面，情況略有不同。當你看到——我們正走在正確的軌道上。在您提問之前，我首先要說的是，我們正在按照今年早些時候（本財年早些時候）宣布的重組相關的節省計劃進行。我們當時說過，我們會將其中一部分資金重新投資於整體業務的成長，而這正是您所看到的。因此，當您查看營運支出的年成長率時，您會發現這是由本季完成的收購整合所推動的。由於美元走弱，外匯市場出現了一些阻力，而鑑於營業收入的強勁增長，佣金也隨之增加，浮動薪酬計劃也隨之重置。但這正是推動它的原因。我認為永續性就是你所說的，因為我預期其中一些供應鏈問題將持續到今年年底，也就是財政年度的上半年。

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。我只是想給它添加一些色彩。因此，當我們開始意識到我們將會產生增量成本時，我們必須做出一些決定。我認為，顯然我們確實相信這些都是暫時的。我們必須看看它們能持續多久。但基於這一點，也基於我們目前看到的業務發展勢頭，我們決定繼續投資該業務，以推動我們目前感受到的成長。當你看到所有業務的成長平衡時，就像你看到的區域平衡一樣，它在各個技術領域都是平衡的，在各個部門也是平衡的。

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，您可以結合正在發生的一些真正重大趨勢來思考這個問題，這些趨勢處於 400 千兆轉型的前端，例如我們在網路規模方面取得的成功、服務提供者 5G 建設、混合工作和重返辦公室。我們討論了 WiFi 6，這將帶來校園轉換，我們現在正在看到它的進展。本季度，安全業務創下了歷史新高，幾乎每位客戶都表示，他們將在未來 12 個月內在網路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明智之舉，然後我們認為我們會走出困境。

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，我想這在某種程度上是對羅德問題的後續回答。我認為這裡的宏觀預期是我們將經歷一段通膨較高的時期，您會在供應鏈和其他方面看到這一點。您能否幫助我們思考一下，在您瀏覽這些資訊時，公司有哪些程度？特別是，您如何平衡這種情況與某些客戶可能為了從您那裡獲得產品而提前下單或提前需求的情況？

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。有幾個很好的問題。第一，我們確實知道，如果我們得出結論，這些成本增加或通貨膨脹（正如您所說）將會更加持續，那麼我們將在必要時考慮策略性漲價。這項工作已在進行中。我們已經做了一些決定。所以我們會這麼做。如你所知，這是一個相當動態的情況。然後，在前進的過程中，這是我們被問到的問題。雖然不可能真正量化這種影響，但很明顯，如果客戶的交貨時間延長，他們可能會比原定時間更早下訂單。這很有道理。

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，我們也有代理商可以真正反映出這是一個重大問題，例如，如果他們在多個管道下達這些訂單，然後在從一個管道獲得訂單時取消訂單。我們沒有看到這一點。你會看到企業進一步向前邁進。顯然，商業和小型企業可能不會看到那麼多，但它們是我們上個季度相當重要的成長引擎。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.

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?

您認為客戶對於復工計畫的進度如何？您的大客戶是否可能比小客戶走得更遠，反之亦然？那麼，您從去年受影響行業的一些支出情況來看有何變化？

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。首先，我認為這是相反的。我認為我們看到小型企業和商業客戶的行動速度正在加快一些。儘管我們看到亞洲和歐洲的企業正在回暖，我們的團隊也進行了深入的分析。美國的情況有所改善，我們預計下個季度和下一個財年美國企業的情況將比現在有顯著改善。

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.

我認為在行業方面，我們正在美國進行審查，我們實際上看到酒店業、醫療保健業、零售業都實現了兩位數的增長，我們甚至看到郵輪公司在準備重返郵輪業時進行了大規模的採購。所以我們認為，這絕對表明我們正在走向復甦。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 的普及。我們看到 WiFi 的持續強勁發展。我們說過，一旦這種情況開始發生，我們相信校園轉換升級將會隨之而來。從需求角度來看，Cat 9000 在過去幾季中已經連續四個季度實現了兩位數的成長。我們也看到過這種情況發生。所以我認為——總的來說，我認為它正在按照我們想像的那樣發生，甚至可能以更快的速度發生。

Tal Liani from Bank of America.

美國銀行的 Tal Liani。

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.

我有兩個問題，一個相關，一個不相關。第一個問題是定價環境。我們看到價格全面上漲。我們發現零件短缺。這會影響你們產品的定價嗎？有什麼計劃嗎？或是已經調整價格了嗎？這是第一點。

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。我試圖在簡單的可比較數據與實際成長的背景下了解同比趨勢。我知道這很難說，但是——很難量化，但你能否至少定性地談談當你增長 7% 並且我們扣除收購影響等事實。您的評論中提到，環境真正改善的影響與去年因新冠疫情導致經濟表現疲軟而導致的輕鬆比較相比有何不同？

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，太棒了。我會對第一個發表評論——我會對它們兩個發表評論，然後斯科特可以對其進行補充。因此，在定價方面，正如我幾分鐘前所說的那樣，我認為我們已經對某些將要提高價格的產品做出了一些決定，並且我們正在根據我們認為可以維持的成本，對其餘產品組合進行仔細審查。但我們現在正努力照顧我們的客戶，並試圖優化我們現在向他們提供服務的能力，因為我們認為這可以改善我們與這些客戶的關係，並提高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?

就同​​比趨勢而言，我想指出的是，我認為實質的因素是我們所看到的需求面。而且——因為你是對的，你可以做一些計算來得到第三季的收入。但我認為，根據我們所看到的情況和需求，我們確實相信這對我們來說肯定是一個積極發展的市場。我認為，根據我們去年所做的工作，我們一年前根據疫情後可能出現的情況的預測調整了我們的策略。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。還有史考特？

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。塔爾，我認為，當你查看同比數據時，你需要了解的背景就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 個季度的環比改善，而且確實是全面改善。它存在於每個地區，也存在於每條產品線中。因此，我們看到了持續的改善，這顯然預示著第四季度及未來的良好發展。

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，而且你看到了我們在第三季度實現的收入，但你沒有看到的是，我們此時也積累了健康的積壓訂單。因此，我認為進入第四季度，我們不僅有很高的經常性收入比例——而且我們知道這些收入將在第四季度進入收入流。目前，我們有大量積壓訂單需要完成，而且我們清楚地知道有哪些訂單正在處理中。因此，我們對整個業務中看到的連續趨勢感到非常滿意。

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。我認為塔爾和斯科特提出的觀點非常好。我的意思是，我們面臨供應鏈的收入阻力。因此，無論供應鏈中發生什麼情況，我們的收入預期都會更高，這也可能促進每股收益的提高。所以我們現在正在處理一件複雜的事情。但我要告訴你，儘管如此，這仍然是我長期以來對業務、發展動能和現狀最好的感覺。

Ittai Kidron from Oppenheimer.

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。查克，我確實想再次跟進需求方面的問題。我試圖衡量您現在看到的有多少是在 COVID 期間被推遲的事情，現在正在實現，有多少是未來計劃的加速。我只是想知道，一旦去年 COVID 的影響變得更糟或變得更好，對您來說，正常化的需求模式是什麼。現在，這種情況已經消失了，也許您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?

接下來是斯科特。關於下個季度的成長預期，您能否具體說明收購的影響？如果沒有 Acacia、IMI、Dashbase 和剛關閉的 Slido，成長預期是多少？

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。所以我會盡力去做你想做的事——我會盡力回答你的問題，但我認為很難真正確定這個問題。但我認為有幾個方面的情況正在發生。我確信，客戶會加速推進一些被擱置的項目，因為他們現在對回報情況有了更好的了解。我確實認為這正在發生。此外，我認為你的第二點正在發生。我認為，每個客戶都在考慮實現其基礎設施的現代化，因為沒有人希望在下一次危機中措手不及。在此期間，每個人都意識到了科技的力量。因此，我認為我們將看到所有技術領域以及網路安全等領域的投資增加。

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.

但我認為另一件非常重要的事情是，我們長期以來一直在投資，以應對許多開始出現的重大市場轉型。我的意思是，你記得嗎，Ittai，我們五年前還沒有涉足網路規模領域。我們沒玩。現在我們看到——這幾乎佔據了我們本季服務提供者業務的四分之一，並且仍在強勁成長。我的意思是，本季的成長超過了 25%，而去年同期的成長超過了 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.

然後你就得到了 5G，它開始按照我們一直在等待的方式發揮作用。您已經重返辦公室並開始使用 WiFi 6 進行混合工作，並且我們已經談到了校園升級，但您仍然擔心網路安全問題，而我們在媒體上看到的所有持續攻擊以及在我們收入創紀錄的時候，這種擔憂只會加劇這種擔憂。所以，我認為所有這些因素都在發揮作用，這也是我們對目前所處狀況感到滿意的原因。

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.

Ittai，關於您提出的第二個問題，關於收購的影響。我們在開篇評論中說過，第三季的成長約為 90 個基點，但這不在我們的第三季指南之內。這些——它們都在本季度關閉了。因此，當我們展望第四季的營收成長時，大約有 1.5 個百分點是由收購推動的，其中大部分是由 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.

伊泰，如果您不介意的話，關於這個特定問題，我還想指出另外兩件事。首先，我們看到第四季的供應鏈問題為收入帶來了阻力。正如我之前所說，如果我們沒有面臨供應鏈挑戰，我們的收入就會更高，這也反映了史考特提到的本季積壓訂單的情況。

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.

第二件事是我們過去五、六年來一直致力於的業務轉型。如果我們回顧第一季度，當時我是首席執行官，然後我們看看我們即將進入的季度。我們從資產負債表上看到的經常性收入將成為第四季度收入的一部分，在此期間該收入增長了 64%。因此，我們有了更多的可見性，這也解釋了我們推動這項商業模式轉型的整個理由，這是一個需要實現的巨大而複雜的變革。但這對我們幫助很大，讓我們能夠真正實現我們所說的下個季度的收入。因此，我們相信這種商業模式存在益處，我認為本季可能是我們比其他任何季度都更能感受到其正面影響的一個季度。

Simon Leopold from Raymond James.

雷蒙德詹姆斯公司的西蒙利奧波德。

(technical difficulty)

（技術難度）

Thank you. I appreciate it.

謝謝。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。你在那兒嗎，西蒙？

Amit Daryanani from Evercore.

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.

我有一個問題和一個後續問題。我想，當我想到您的指南和 150 個基點的毛利率下降時，我很好奇，您是否會將整個下降歸咎於供應鏈問題？或者還有其他因素在起作用？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者成長加速的相當大一部分。如果您只是談論傳統服務提供者與網路規模業務所看到的趨勢以及這種加速的來源，那將會很有幫助。

Scott, you want to take gross margin?

史考特，你想取得毛利率嗎？

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。它是由供應鏈驅動的，並且有幾種形式。在完成我們為保護向客戶發貨所做的工作後，某些內建組件的單價和單位成本都有所增加。再次強調，為了確保我們能夠收到零件並且能夠將產品運出，加急費也有所增加，但運費略有增加。所以這確實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，關於服務提供者的成長，我很高興你問了這個問題，因為我應該指出這一點。我們看到服務提供者的所有子領域都實現了兩位數的成長。因此，電纜、營運商以及網路規模都是如此。因此，這三個部分之間的平衡性非常好，並不是單一部分單獨承擔，這也是我們感到樂觀的另一個原因。我們看到的需求方在所有客戶中都是如此一致，在各個地區都是如此一致，在產品組合中也是如此一致。但在 SP 領域，所有這些領域的成長率都達到了兩位數。

Simon Leopold from Raymond James.

雷蒙德詹姆斯公司的西蒙利奧波德。

Sorry about that. Can you hear me now?

很抱歉。現在你能聽到我說話嗎？

We can.

我們可以。

Yes, we can.

是的，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.

很抱歉。因此，我想看看您是否可以幫助彌合供應鏈方面的毛利率阻力，因為我們知道這涉及多個方面。這不僅是晶片短缺的問題，還包括空運等問題，以及由於短缺而不得不增加工時並支付加班費的問題。因此，如果有某種方法可以彌合各個組成部分之間的差距，這將有助於我們了解復甦將如何體現。

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 出問題時，阿米特和你感同身受，問了同樣的問題。所以我會給出同樣的答案。事實上，有 2 到 3 個面向推動著與供應鏈相關的一切。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的設備。他們的店鋪內部都正在進行重大轉型，以支持新的混合工作環境。因此，我們正在盡最大努力確保能夠向他們提供產品。因此單位成本略高，這是半導體、記憶體以及某些其他較小的商品。

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.

二是運費成本較高。而且隨著運費成本的上漲。顯然，這會影響毛利率，並且最終會在我們將產品送達時增加緊急費用。所以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?

夥計們，如果可以的話，我有 2 個，之後會有一個快速的跟進。首先，如果我連續查看您的軟體收入，它從 36 億美元成長到了 38 億美元。這就是品牌號碼。但它顯示軟體產業出現了中等個位數的連續成長，這是非常非常積極、非常令人興奮的。這就是我們應該為您的軟體業務所期望的正確的成長運作率水準嗎？

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，我只是想確認一下，考慮到在供應鏈沒有中斷的情況下收入組合和產品組合的變化，我們可以預期毛利率會有一些小的連續改善，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，沒錯。混合肯定是，因為我們繼續增加更多的經常性收入，特別是在軟體方面，正如您所指出的，還有我們的技術支援服務。這些都是更高的毛利率。從長遠來看，這些將對我們的毛利率產生推動作用。顯然，供應鏈問題抵消了這種影響。

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.

關於軟體成長的問題，您使用的數字有點四捨五入，但您的想法是正確的。我們看到軟體領域正在出現良好的成長。事實上，我們提到，其中 81% 是由訂閱和經常性收入所推動的。因此，經常性軟體收入金額提高了 7 個百分點。從長遠來看，這是個好消息，正如你所知，有了經常性收入，特別是當它是可評估的，你會看到前期的影響較小。因此，有一點船首波。您可以從我們的 RPO 成長和產品遞延收入的成長中看到這一點。所以它們每一個都在成長。這也是我們的軟體產品系列成長的標誌。我的意思是我們現在——當你做快速計算時，對嗎？我們現在是世界上最大的軟體公司之一，軟體收入超過 140 億美元。我認為沒有人會從這些角度來看思科。

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，查克，我想快速跟進你的情況。您的新聞稿中的第一句話就很有趣。您正在談論基於訂閱的服務的下一次推廣。那麼，您能否給我們一種感覺——這聽起來幾乎就像您感覺自己處於轉折點或轉折點。您目前是否正在擴展軟體方面的產品組合，例如基於訂閱的產品？或者您預期這些產品的更新會在疫情的影響下重新加速？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，我認為有幾件事正在發生。首先，我們看到過去幾年軟體業務持續加速發展。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，它出現了。從有機角度來看，我們正在建立更多的軟體資產。我們正在提供更多的軟體解決方案。然後我們現在就開始觀察。我們宣布了 Cisco Plus 和 Cisco Live，這意味著我們如何以服務的形式提供我們建造的幾乎任何東西，以備客戶需要。因此，我們剛開始著手這項業務，這是我們投資組合的另一個重要部分，它將為未來創造更多的經常性收入。這就是我所說的內容。

Paul Silverstein from Cowen.

來自 Cowen 的 Paul Silverstein。

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?

兩個簡單的問題。首先，查克，我想你們已經很久沒有透露過各個客戶群的規模了。考慮到我預期美國聯邦刺激方案的影響，服務光纖企業將會出現哪些不同的趨勢。您能否向我們介紹一下這些部門（包括美國聯邦部門）的規模？

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?

另一個問題是您的服務業務。您度過了一個美好的季度。表現極為強勁，上漲了 8%。這是──這是一次性的事嗎？或者說，這是否預示著從原本較低的個位數成長，到現在非常突出的數字。您能分享一下我們對未來的期望以及推動其發展的因素嗎？

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，我不知道百分比——我們有一段時間沒有公佈細分百分比的資訊了。我想說，如果我們可以把這個問題推遲到九月我們召開分析師會議的時候，除非你有一些——斯科特，我不知道你是否有…

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，我唯一想補充的是，當你將我們與我們的一些同行進行比較時，我們會將企業與商業區分開來，而他們中的許多人將這兩者結合在一起。

Most of them do.

大多數人都是這樣的。

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

是的。是的。因此，當您嘗試對我們進行全面比較時，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.

史考特，關於工作，但如果可以的話。我的意思是，顯然，隨著美國聯邦刺激計劃的規模不斷擴大，我們提出的各種附加計劃也已經通過，人們對此的想法也隨之增加。這不僅會影響您的公共部門，而且還會影響企業，不僅會影響您，還會影響很多人。如果您能及時向我們更新這些數字，那就太好了。

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

是的，這很有道理。我得到了它。保羅，第二個問題是什麼？

Services growth.

服務業成長。

Oh, the services growth.

哦，服務業的成長。

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

服務業成長。是什麼在推動它？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。總體而言，我們顯然對服務業務的進展感到非常滿意。不過，請記住，第三季有額外的一周。而且由於許多服務都是可評估的，所以額外的一周就變成了季度內額外一周的收入。因此，有一次性異常現象，推動了第三季的超額成長。

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

是的。然後，一旦你將其正常化，你就應該考慮你所看到的相同的正常費率。

Tim Long from Barclays.

巴克萊銀行的提姆朗。

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。事實上，我只是在開玩笑。第一個在這裡。您能否談談您對一些同行公司和業內其他公司的知名度，考慮到交貨時間的情況，您顯然會對收入和成本產生影響。但是，這對您未來幾季的業務的預見和規劃以及整個積壓訂單與預訂和出貨情況有何影響？

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，如果您能談談雲垂直問題。聽起來它又變得很強大了。您能否稍微向我們解釋一下造成這現象的原因？我認為這些顧客具有一定的校園實力。但您能否向我們簡單介紹一下推動這項進程的產品廣度？ 8-K 很多嗎？您是否開始看到軟體和矽片開始做出一點貢獻？所以任何顏色都很棒。

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，提姆，謝謝。我將對可見性問題做一個簡短的評論，然後讓斯科特發表評論，然後我將討論雲端運算問題。我想說的是，當我們處於第三季中期時，我可以告訴你，我們的供應鏈團隊有點擔心他們當時對接下來兩個月的情況會有什麼看法。當我們開始製定指南並研究他們認為他們可以在第四季度交付和建立的內容時，他們有相當的信心。所以對我來說這意味著他們的知名度正在提高。所以我認為情況會從現在開始好轉。這就是我們過去幾個月一直在做的事情。

Scott, do you want to add anything?

史考特，你還有什麼要補充嗎？

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。從報告收入的角度來看，我認為這至少是你問題的一部分，提姆，我們現在有很好的可見度。考慮到我們進入第四季度的積壓訂單規模以及將從資產負債表中扣除的經常性收入金額。所以你把這兩者加在一起，然後看看——顯然，我們對目前管道中的情況也有很好的感覺。目前我們的能見度相當高。

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。然後在雲端垂直領域，我想說我們與其中一位客戶建立了非常牢固的企業網路組合關係。但除此之外，所有這一切實際上都是由進入其雲端資產的基礎設施所驅動的。我們也確實如此——我們已經向該基礎設施銷售了大量 8-K。但我們確實也銷售獨立矽片。我們的軟體在他們的一個硬體上運行。在某些情況下，我們在我們的交換硬體上運行他們的軟體。我們正在與一些與我們的矽片相關的公司合作開發白盒 ODM。因此，我們在 2019 年 12 月宣布了所有變體，現在我們正在積極參與其中。好消息是，人們對系統的需求也很大。

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.

只是作為它的附加部分。上次我們討論了 400-gig，似乎總是存在一個關於 400-gig 的問題。本季度，我們的 400Gig 客戶數量增加了 50%。因此我們確實看到了此項技術的持續普及。正如你所知，現在還為時過早。

Jim Suva from Citigroup Investment Research.

花旗集團投資研究部的 Jim Suva。

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。您能否就您的超大規模牽引力給我們一些評論？看來服務提供者的反彈相當強勁。有一段時間，超大規模似乎並不像您所希望的那樣強大，因此您在這方面投入了更多精力。現在看來您的評論更加正面了。是某些新產品會獲勝，某些市佔率會成長，具有針對性和吸引力？但任何對此的評論都將不勝感激。

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，我們已經連續六個季度實現了非常強勁的兩位數成長，成長率從十五六位數到三位數不等。這就是網路規模垂直領域。這是一種綜合效應——由於我們之前沒有任何業務，所以肯定是份額增加了。正如我之前在電話中開玩笑說的那樣，這是我們真正有機會獲得份額的少數市場之一。所以這是積極的。我們為這些關係付出了極大的努力。因此，這一範圍已經擴大。兩週前，我們與其中一家公司舉行了為期兩天的客戶簡報。那次特別簡報主要討論我們的企業組合。所以我們看到了雙方的情況，但我們肯定看到了我剛才提到的蒂姆在雲端基礎設施中有關雲端垂直方面提出的問題的成功。

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

謝謝，吉姆。我們還有時間再回答一個問題。

Jeff Kvaal from Wolfe Research.

沃爾夫研究中心的傑夫·卡瓦爾。

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?

我的問題其實是關於邊際方面的。聽起來您對組件可用性有了更好的了解。所以我想知道，我們是否應該預期利潤逆風會在全年減弱？那麼作為其中的一部分，當我們擺脫這些限制時，您預計利潤結構將隨時間發生什麼變化嗎？

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，我認為我們所看到的一些供應鏈問題，當然從供應的角度來看，將持續到今年年底。但毫無疑問，我們在毛利率方面也獲得了一些好的動力。當你考慮到數量時——服務的更快成長率和可評級性，這對收入線的貢獻很大。這比我們的軟體業務的利潤率要高，我們的軟體業務年增了 13%，現在每年的營運收入約為 140 億美元，軟體業務的利潤率顯然也更高。因此，雖然我們確實面臨供應鏈阻力，但我們也迎來了一些好的順風。

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，一旦我們克服了這些在宏觀上相當短暫的供應挑戰，那麼我們應該預期毛利率將反映出向軟體的組合轉變並走高。

That's the right way to think about it.

這才是正確的思考方式。

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。出色的。然後很抱歉，如果沒有供應鏈限制，您是否能告訴我們您可能發貨的數量？

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，我們在過去一天左右討論過這個問題，但很難得出一個數字。我想說這會是一兩分。我的意思是，特別是在指南方面，我認為這是一件合理的事情。這是一個——我的意思是，我們的隊員們壓力很大。而在第四季度，他們幾乎沒有任何進展——他們致力於他們認為可以實現的目標，但現在情況很艱難。

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，你顯然可以根據我們在產品方面看到的成長率以及相應的指南來推斷我們的積壓訂單肯定在增加。因此，如果我們有能力運輸，我們就會運輸，但我們沒有。

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。最後，首先我要感謝大家今天抽出時間與我們一起參加會議。儘管這裡討論的重點是相對於供應鏈的毛利率，但我希望我們的信心能夠傳達出來，並且我們對產品組合感到非常滿意。我們對重新開業感到非常高興。我們對我們的團隊感覺良好。我對他們所取得的成就感到非常自豪。

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.

瞧，我真的很高興我們的顧客回來後選擇在我們這裡消費。我認為這是極佳的信心表現。我認為這也證明我們對經濟反彈、復甦和重返辦公室至關重要。感謝您的參與，我們期待與大家共度時光。我要把它踢回給瑪麗蓮。

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。思科的下一次季度財報電話會議將於 2021 年 8 月 18 日星期三下午 1:30 舉行，屆時將反映我們 2021 財年第四季和年度業績。太平洋時間下午 4:30東部時間。提醒一下，我們將在接下來的幾週內在幾場會議上發言並主持會議。請造訪思科投資者關係網站，以了解最新的活動安排和訪問資訊。

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.

再次，我想提醒觀眾，根據公平披露規則，思科的政策是不對其本季度的財務指導發表評論，除非透過明確的公開披露進行評論。我們現在計劃結束通話。如果您有任何其他問題，請隨時聯繫思科投資者關係團隊，非常感謝您今天參加電話會議。

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會議，可以撥打 (866) 461-2738。對於從美國境外撥打電話的參與者，請撥打 (203) 369-1354。今天的電話會議到此結束。您現在可以斷開連線。