思科 (CSCO) 2021 Q2 法說會逐字稿

Welcome to Cisco's Second 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 財年第二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 Second 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 I'm very pleased to welcome, Scott Herren, our CFO.

歡迎大家參加思科 2021 財年第二季財報電話會議。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)；我非常高興地歡迎我們的首席財務官斯科特·赫倫 (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.

在整個電話會議過程中，我們將參考 GAAP 和非 GAAP 財務結果，並將討論收入方面的產品結果以及產品訂單方面的地理和客戶結果，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。

The matters we will be discussing today include forward-looking statements, including the guidance we will be providing for the third 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 important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements.

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 財年第三季提供的指引。它們受 COVID-19 等風險和不確定性的影響，我們在向美國證券交易委員會提交的文件中詳細討論了這些風險和不確定性，特別是最新的 10-K 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大不相同的重要風險因素。

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

關於指導，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。

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

現在，我將把發言權交給查克。

Thanks, Marilyn. First of all, I hope that all of you and your families are safe and healthy. This year is full of promise as vaccines give us a path to healing and recovery. We are optimistic about the future and look forward to what lies ahead.

謝謝，瑪麗蓮。首先，我希望大家和家人平安健康。今年充滿希望，因為疫苗為我們提供了康復之路。我們對未來充滿樂觀，對未來充滿期待。

This past quarter, our team delivered strong performance with revenues coming in at the top of our guidance range and non-GAAP EPS landing above the high end of our expectations, all supported by margin expansion and a further strengthening of our balance sheet. More importantly, we are seeing encouraging signs of strength across our business as the recovery takes shape with all customer segments showing improvement in year-over-year growth rates.

上個季度，我們的團隊表現強勁，收入達到了我們預期範圍的最高水平，非公認會計準則每股收益也高於我們預期的高端，所有這些都得益於利潤率的擴大和資產負債表的進一步加強。更重要的是，隨著復甦的形成，我們看到整個業務呈現令人鼓舞的強勁跡象，所有客戶群的同比增長率均有所提高。

Our employees and partners have done a remarkable job executing and innovating throughout the pandemic to help our customers connect, secure and automate to accelerate their digital agility in a cloud-first world. We are partnering with them on core issues that are essential to their success: business resiliency, modernizing their IT environments and embracing secure hybrid work.

在整個疫情期間，我們的員工和合作夥伴在執行和創新方面做得非常出色，幫助我們的客戶實現連接、保護和自動化，從而在雲端優先的世界中加速他們的數位敏捷性。我們正在與他們合作解決對他們的成功至關重要的核心問題：業務彈性、現代化 IT 環境以及採用安全的混合工作。

Over the past year, our customers have relied on our innovation to accelerate their digital and cloud capabilities while protecting them from an expanding threat environment.

在過去的一年裡，我們的客戶依靠我們的創新來加速他們的數位和雲端能力，同時保護他們免受不斷擴大的威脅環境的影響。

In my numerous conversations with customers, it is clear that our technology will be a powerful engine for their recovery and growth as their technology needs continue to evolve at a rapid pace.

在我與客戶的多次交談中，很明顯，隨著客戶的技術需求不斷快速發展，我們的技術將成為他們復甦和成長的強大引擎。

Building on the strength of our broad portfolio, we are focused on 6 strategic pillars that will deliver highly secure next-generation architectures with unprecedented insights, automation and visibility. First, we're building networking solutions with built-in simplicity, security, agility and automation that can be consumed as a service. Second, we are optimizing our customers' application experiences, enabling greater speed, agility and scale of cloud-native applications and DevOps that deliver the best end-user experience. Third, with the future of work being hybrid, we're delivering highly secure access, a safer workplace and the best collaboration experiences no matter whether workers are at home or in an office.

憑藉我們廣泛的產品組合優勢，我們專注於六大戰略支柱，提供具有前所未有的洞察力、自動化和可視性的高度安全的下一代架構。首先，我們正在建立具有內建簡單性、安全性、靈活性和自動化的網路解決方案，可以作為服務使用。其次，我們正在優化客戶的應用體驗，提高雲端原生應用程式和 DevOps 的速度、靈活性和規模，以提供最佳的最終用戶體驗。第三，隨著未來工作方式的混合，無論員工是在家還是在辦公室，我們都將提供高度安全的訪問、更安全的工作場所和最佳的協作體驗。

Fourth, with our customers and partners, we are building the Internet for the future by transforming connectivity and efficiently meeting the ever-growing demand for low latency and higher speeds. Fifth, with security and privacy a top priority, we are building integrated high efficacy end-to-end security solutions that are delivered on-prem or in the cloud. Lastly, as apps and workloads move closer to users and devices, we are developing new edge capabilities for a distributed world while enhancing the developer experience and extending enterprise and carrier networks. I am confident that this is the right strategy to deliver the innovation and integrated network solutions that our customers need no matter what the future holds.

第四，我們與客戶和合作夥伴一起，透過改變連接方式並有效滿足對低延遲和更高速度不斷增長的需求，建立未來的互聯網。第五，我們將安全性和隱私放在首位，正在建構可在本地或雲端交付的整合高效端到端安全解決方案。最後，隨著應用程式和工作負載越來越靠近使用者和設備，我們正在為分散式世界開發新的邊緣功能，同時增強開發人員體驗並擴展企業和營運商網路。 我相信，無論未來如何，這都是為客戶提供所需的創新和整合網路解決方案的正確策略。

Now moving to our performance this quarter. We continue to see signs of gradual improvement, led by order growth in our commercial, public sector and service provider businesses, which together account for nearly 3/4 of product orders. The enterprise market remains soft, driven by some elongated sales cycles and a continued pause in spending among some customers brought on by the pandemic.

現在談談我們本季的表現。我們繼續看到逐步改善的跡象，這主要得益於商業、公共部門和服務提供者業務的訂單成長，這些業務合計佔產品訂單的近四分之三。企業市場依然疲軟，原因是銷售週期延長，以及疫情導致部分客戶支出持續暫停。

From a product revenue perspective, we saw strength in our Catalyst 9K, data center switching, security, wireless and WebEx portfolios. The transformation of our business to more software and subscriptions continues to show great progress as we achieved $3.6 billion in software revenue with 76% of our software revenues sold as a subscription.

從產品收入的角度來看，我們看到了 Catalyst 9K、資料中心交換、安全性、無線和 WebEx 產品組合的優勢。我們的業務向更多軟體和訂閱的轉型繼續取得巨大進展，我們的軟體收入達到 36 億美元，其中 76% 的軟體收入以訂閱方式出售。

We also saw our sixth consecutive quarter of double-digit growth in our deferred product revenue. We continue to accelerate our pace of innovation, delivering unique solutions and digital capabilities as we invest in flexible consumption models. I am confident in our ability to capture the long-term opportunities ahead in areas such as cloud, 400 gig, 5G, security, hybrid work and next-generation applications.

我們的遞延產品收入也連續六個季度實現兩位數成長。我們不斷加快創新步伐，在投資靈活消費模式的同時，提供獨特的解決方案和數位化能力。我相信我們有能力抓住雲端、400千兆、5G、安全、混合工作和下一代應用等領域的長期機會。

Looking ahead, we are cautiously optimistic as recent surveys of IT spending indicate year-over-year IT budget growth for calendar 2021. And Cisco remains well positioned among CIO's top forward-looking spending priorities, including network infrastructure, cybersecurity software as well as cloud migration and cloud infrastructure. We are also mindful and vigilant about the uncertainty of the pandemic and its influence in the market, which is not fully behind us yet.

展望未來，我們持謹慎樂觀的態度，因為最近的 IT 支出調查顯示，2021 年 IT 預算將年增。思科在 CIO 的首要前瞻性支出重點中仍然佔據有利地位，包括網路基礎設施、網路安全軟體以及雲端遷移和雲端基礎設施。 我們也對疫情的不確定性及其對市場的影響保持警惕，疫情尚未完全過去。

Now let me touch on infrastructure platforms. To manage the highly distributed and complex nature of modern IT environments, our customers must fundamentally change how their networks are architected. To help them achieve this, we are building a unified cloud-native platform suite to deliver secure agile networking. A good example of this is our subscription-based, intent-based networking portfolio and is reflected in the momentum of our Catalyst 9K family, which saw another quarter of double-digit revenue growth.

現在讓我來談談基礎設施平台。為了管理現代 IT 環境的高度分佈和複雜性，我們的客戶必須從根本上改變其網路架構方式。為了幫助他們實現這一目標，我們正在建立統一的雲端原生平台套件，以提供安全敏捷的網路。一個很好的例子就是我們基於訂閱、基於意圖的網路產品組合，這反映在我們的 Catalyst 9K 系列的發展勢頭上，該系列產品又實現了兩位數的收入成長。

We are also delivering full stack observability from the application to the infrastructure to give our customers greater insights for faster, better decision making. We are doing this through key elements of our portfolio like Intersight, ThousandEyes and AppDynamics as well as our leading security innovations.

我們還提供從應用程式到基礎設施的全端可觀察性，為我們的客戶提供更深入的洞察力，從而更快、更好地做出決策。我們透過 Intersight、ThousandEyes 和 AppDynamics 等產品組合的關鍵要素以及領先的安全創新來實現這一目標。

As a global leader in transport network infrastructure, we are playing an important role in helping customers build their networks for the future. We continue to invest heavily to capture 5G, 400-gig and WiFi 6 transitions to enable open RAN and Edge services. This is reflected in our SD-WAN portfolio, routing, 5G mobile core platforms, optics and automation capabilities.

作為傳輸網路基礎設施領域的全球領導者，我們在幫助客戶建立未來網路方面發揮著重要作用。我們將繼續大力投資，以抓住 5G、400-gig 和 WiFi 6 的轉型機遇，實現開放式 RAN 和 Edge 服務。這體現在我們的 SD-WAN 產品組合、路由、5G 行動核心平台、光學和自動化功能。

In our web scale business, we delivered our fifth consecutive quarter of very rapid order growth, increasing to triple digits. And on a trailing 12-month basis, our orders grew over 60% as we focus on delivering routing, data center switching and optical platforms built on Cisco Silicon One, which has a better efficiency over other silicon on the market.

在我們的網路規模業務中，我們連續第五個季度實現了非常快速的訂單成長，增幅達到三位數。在過去 12 個月中，我們的訂單成長了 60% 以上，因為我們專注於提供基於 Cisco Silicon One 建置的路由、資料中心交換和光學平台，該平台比市場上其他矽片具有更高的效率。

While we could see our performance vary quarter-to-quarter due to the timing of large deals, we are incredibly confident in our ability to further strengthen our position. By building a network on Silicon One, our customers can also save up to 30% of network switching power, resulting in a meaningful reduction in their environmental footprint as well as significant energy cost savings.

雖然由於大宗交易的時間安排，我們的業績可能每季都會有所不同，但我們對進一步鞏固自身地位的能力充滿信心。透過在 Silicon One 上建立網絡，我們的客戶還可以節省高達 30% 的網路交換功率，從而顯著減少對環境的影響並節省大量能源成本。

Our agreement to acquire Acacia will enable us to deliver leading-edge optical technology to meet both the bandwidth requirements and the economics of next-generation networks, which is critical to providing high-speed connectivity. This is just another reason why I'm so confident we will continue to win in the web scale space.

我們收購 Acacia 的協議將使我們能夠提供尖端的光學技術，以滿足下一代網路的頻寬要求和經濟性，這對於提供高速連接至關重要。這只是我如此有信心我們將繼續在網路規模領域獲勝的另一個原因。

As I've mentioned, we plan to transition the majority of our portfolio to be cloud-driven, cloud-managed and delivered as a service. If we can deliver from the cloud, we will. For example, we are looking at offering SD-WAN plus cloud security as a service, along with creating other new solutions. We will also provide simplified end-to-end networking with security, reliability, control and automation plus seamless on-ramp capabilities to the cloud that no one else can deliver.

正如我所提到的，我們計劃將我們的大部分產品組合轉變為雲端驅動、雲端管理和服務交付。如果我們能夠透過雲端交付，我們就會這麼做。例如，我們正在考慮提供 SD-WAN 加雲端安全性即服務，同時建立其他新的解決方案。我們還將提供簡化的端到端網絡，具有安全性、可靠性、控制和自動化，以及其他人無法提供的無縫雲端存取功能。

Moving to security. We delivered another strong quarter of revenue growth driven by increasing adoption of our next-generation cloud-based architectures, which can enable fast, secure access to applications and data from anywhere. With the rapid growth in modern applications and more distributed work environments, our customers are adopting new security architectures as identity and data privacy are increasingly critical. The recent SolarWinds breach only highlights the urgent need for advanced threat defense.

轉向安全。我們又實現了一個強勁的季度收入成長，這得益於我們下一代基於雲端的架構的日益普及，該架構可以從任何地方快速、安全地存取應用程式和資料。隨著現代應用程式和更分散的工作環境的快速成長，我們的客戶正在採用新的安全架構，因為身分和資料隱私變得越來越重要。最近的 SolarWinds 漏洞凸顯了對高階威脅防禦的迫切需求。

Our comprehensive security portfolio offers simplified protection for any workload on any cloud while minimizing the attack surface and automating security policies across an organization's hybrid cloud footprint. This extends to our secure access service edge framework and Zero Trust architecture where we have developed a best-in-class, cloud-delivered stack across Umbrella, secure Internet gateway, Meraki SD-WAN and Viptela.

我們全面的安全產品組合為任何雲端上的任何工作負載提供簡化的保護，同時最大限度地減少攻擊面並自動化整個組織混合雲覆蓋範圍內的安全性策略。這擴展到我們的安全存取服務邊緣框架和零信任架構，我們在其中開發了跨 Umbrella、安全互聯網網關、Meraki SD-WAN 和 Viptela 的頂級雲端交付堆疊。

We're also delivering leading unified detection and response capabilities built on Cisco SecureX, our cloud native platform. Over 5,400 customers are already seeing the benefits of this platform since it became generally available last June. We remain committed to delivering simple, integrated and highly effective end-to-end security solutions delivered on-prem and in the cloud.

我們也提供基於我們的雲端原生平台 Cisco SecureX 建置的領先的統一偵測和回應功能。自去年 6 月該平台全面上市以來，已有超過 5,400 名客戶感受到了該平台的優勢。我們始終致力於提供簡單、整合且高效的端到端安全解決方案（本地端和雲端）。

Turning to applications, which includes our collaboration portfolio. We are focused on building solutions that will enable an engaged, productive workforce and an intelligent workplace built with secure collaboration, automation and insights. Our aim is to deliver the best collaboration experience for our customers no matter where they are.

轉向應用程序，其中包括我們的合作組合。我們專注於建立解決方案，以打造一支敬業、高效的勞動力隊伍，並打造一個透過安全協作、自動化和洞察力構建的智慧工作場所。我們的目標是為客戶提供最佳的協作體驗，無論他們身在何處。

Our strong momentum with WebEx continued, resulting in double-digit revenue growth. I'm so proud of the work the WebEx team has done to ensure our nearly 600 million quarterly average users are able to stay connected and productive. In addition, we are connecting over 6 billion calls every month for our customers around the world.

我們與 WebEx 的強勁勢頭得以延續，帶來了兩位數的營收成長。我為 WebEx 團隊所做的工作感到非常自豪，他們確保了我們每季平均近 6 億用戶能夠保持聯繫並高效工作。 此外，我們每月為全球客戶接聽超過 60 億通電話。

We are bringing incredible innovation to the collaboration market at an unprecedented pace. Our goal is to deliver a 10x better experience than just in-person interactions. At our recent WebEx One event, we introduced more than 50 new product and feature innovations, integrating security and privacy to deliver inclusive experiences. Some of the new powerful capabilities we announced include noise cancellation, real-time language translation and our WebEx Desk Pro series platforms.

我們正以前所未有的速度為協作市場帶來令人難以置信的創新。我們的目標是提供比面對面互動好 10 倍的體驗。在我們最近的 WebEx One 活動中，我們推出了 50 多種新產品和功能創新，融合了安全性和隱私性，提供包容性的體驗。我們宣布的一些強大新功能包括噪音消除、即時語言翻譯和我們的 WebEx Desk Pro 系列平台。

Our recently announced intent to acquire cloud-based IMImobile and Slido furthers our vision of building a WebEx suite of applications as we combine these technologies with our WebEx contact center to improve customer interactions.

我們最近宣布有意收購基於雲端的 IMImobile 和 Slido，這進一步推進了我們建立 WebEx 應用程式套件的願景，因為我們將這些技術與我們的 WebEx 聯絡中心結合以改善客戶互動。

In summary, our strategy is clear and our business remains strong. We are executing and innovating with speed and delivered solid results with our Q2 revenue coming in at the high end and earnings coming in above our stated guidance.

總而言之，我們的策略清晰，業務依然強勁。我們正在快速執行和創新，並取得了穩健的業績，第二季的收入達到高端，收益高於我們的預期。

As we move into the gradual recovery phase, we believe our customers will continue to turn to Cisco as their partner of choice. I am so proud of what our teams have achieved. The incredible innovation and trusted partnerships we are building will serve us well in the years ahead.

隨著我們進入逐步復甦階段，我們相信我們的客戶將繼續選擇思科作為他們的首選合作夥伴。我對我們團隊所取得的成就感到非常自豪。我們正在建立的令人難以置信的創新和值得信賴的合作夥伴關係將在未來幾年為我們提供良好的服務。

While the past year has highlighted far too many inequities in our society, we believe in the power of technology to drive more inclusivity and opportunity to underserve populations and communities around the world, which is why we are committed to powering an inclusive future for all.

儘管過去的一年凸顯了我們社會中太多的不公平現象，但我們相信科技的力量能夠推動更多的包容性和機會，為世界各地的人口和社區提供服務，這就是我們致力於為所有人創造一個包容性未來的原因。

With our ongoing disciplined approach to investment and innovation, we expect to be in an even stronger position post-pandemic as our customers look to deploy their next-generation networks at the heart of their organizations. I firmly believe Cisco is well positioned to capture the long-term growth opportunities ahead and win for years to come.

憑藉我們持續嚴謹的投資和創新方法，我們預計在疫情過後，隨著我們的客戶尋求在其組織的核心部署下一代網絡，我們將處於更有利的地位。我堅信思科已做好準備，抓住未來的長期成長機遇，並在未來幾年取得成功。

I'll now turn it over to Scott, our new CFO, to walk through our financial results. As you know, Scott has strong experience in software and a proven track record of leading successful business model transitions from perpetual licenses to SaaS and recurring subscriptions. Scott is proving to be a powerful addition to our team, and I look forward to partnering with him as we plan the next phase of Cisco's continued transformation. Scott, over to you.

現在我將把時間交給我們的新任財務長 Scott，來介紹我們的財務表現。如您所知，斯科特在軟體領域擁有豐富的經驗，並且在領導從永久許可到 SaaS 和定期訂閱的商業模式成功轉型方面有著良好的記錄。事實證明，史考特是我們團隊的強大補充，我期待與他合作，共同規劃思科持續轉型的下一個階段。史考特，交給你了。

Thanks, Chuck. Let me start by saying how excited I am to join the Cisco team at such a pivotal time in the company's transformation. Before turning to our performance in the quarter, I thought I'd share my initial observations and key priorities. I'm impressed by the team here at Cisco and the progress the company has made on its transformation, achieving the goals laid out 3 years ago of driving 50% of our revenue from software and services. It's also clear that the leadership team is unified and focused and that the strategies Chuck laid out earlier in the call will drive our growth over the next several years. It's an exciting time to be joining the company in this role.

謝謝，查克。首先，我要說的是，能夠在公司轉型的關鍵時刻加入思科團隊，我感到非常興奮。在談到本季的表現之前，我想分享一下我的初步觀察和主要優先事項。思科的團隊以及公司在轉型過程中取得的進展給我留下了深刻的印象，實現了三年前製定的 50% 收入來自軟體和服務的目標。很明顯，領導團隊團結一致、目標明確，查克在電話會議早些時候提出的策略將推動我們未來幾年的成長。能夠以這個職位加入公司是一個令人興奮的時刻。

In terms of my key priorities, they include the following: 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. I'm also committed to providing you the insight and metrics needed to understand and properly value our business longer term.

就我的主要優先事項而言，包括以下內容：推動盈利增長、持續嚴格關注財務管理和運營效率、制定長期計劃以通過戰略轉型實現價值創造最大化以及審查有機和無機投資。我還致力於為您提供理解和正確評估我們長期業務所需的洞察力和指標。

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 Q3. Our overall Q2 results reflect very good execution with strong margins and growth in non-GAAP net income and earnings per share in a continuing challenging environment. Total revenue of $12.0 billion came in at the top of our guidance range, flat year-over-year as we see gradual recovery in several key product areas and sequential growth rate improvement in 2 out of 3 of our geographies. Our non-GAAP operating margin was 34.4%, up 70 basis points. Non-GAAP net income was $3.4 billion, up 2% and non-GAAP earnings per share was $0.79, coming in above the high end of our guidance range and up 3% year-over-year.

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，然後再介紹第三季的業績指引。我們第二季的整體業績反映出非常好的執行力，在持續充滿挑戰的環境中，利潤率強勁，非公認會計準則淨收入和每股盈餘均有所增長。總收入 120 億美元，處於我們預期範圍的最高水平，與去年同期持平，因為我們看到幾個關鍵產品領域正在逐步復甦，並且我們三個地區中的兩個地區的增長率連續提高。 我們的非公認會計準則營業利益率為 34.4%，上漲 70 個基點。非公認會計準則淨收入為 34 億美元，成長 2%，非公認會計準則每股收益為 0.79 美元，高於我們的預期範圍高端，較去年同期成長 3%。

Now let me provide some more detail on our Q2 revenue. Total product revenue was $8.6 billion, down 1%. Infrastructure platforms was down 3%. As a reminder, this is the product area most impacted by the COVID environment. Switching revenue was flat overall. We saw solid growth in data center switching with strong growth of the Nexus 9K. We also saw continued strong momentum of the Cat 9K products within campus switching.

現在讓我提供有關我們第二季度收入的更多細節。總產品收入為 86 億美元，下降 1%。基礎設施平台下跌了3%。提醒一下，這是受 COVID 環境影響最大的產品領域。轉換收入整體持平。我們看到資料中心交換業務穩步成長，其中 Nexus 9K 成長強勁。我們也看到 Cat 9K 產品在校園交換領域持續保持強勁發展勢頭。

Routing declined driven by weakness in service provider. Wireless had solid growth driven by the continued ramp of our WiFi 6 products and strength in Meraki. Data center revenue declined driven primarily by servers as we experienced continued market contraction. Applications was flat overall. We continue to see strong double-digit growth in WebEx driven by our continuing product innovations and the criticality of remote working. This was offset by declines in unified communications and TP endpoints.

由於服務提供者的疲軟，路由業務出現下滑。由於 WiFi 6 產品的持續成長和 Meraki 的強勁實力，無線業務實現了穩健成長。由於市場持續萎縮，資料中心收入下降主要是由於伺服器的緣故。申請總體持平。在我們持續的產品創新和遠距工作的重要性的推動下，WebEx 繼續保持強勁的兩位數成長。但統一通訊和 TP 端點的下降抵消了這一影響。

Security was up 10% with growth across the portfolio. Our cloud security portfolio performed well with strong double-digit growth and continued momentum of our Duo and Umbrella offerings. Service revenue was up 2%, driven by growth in our maintenance business as well as solution support. And we continue to transform our business, delivering more software offerings and driving more subscriptions.

隨著整個投資組合的成長，安全性上漲了 10%。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 Umbrella 產品繼續保持強勁成長勢頭。服務收入成長了 2%，這得益於維護業務和解決方案支援的成長。我們將繼續轉變業務，提供更多的軟體產品並推動更多的訂閱。

Software subscriptions were 76% of total software revenue, up 4 points year-over-year, as Chuck mentioned earlier. Remaining performance obligations, or RPO, at the end of Q2 were $28.2 billion, up 13%. RPO for product was up 17% and for service was up 10%. The continued growth in RPO demonstrates the strength of our portfolio of software and services and is another indicator of the broad recovery we see happening.

正如查克之前提到的，軟體訂閱佔軟體總收入的 76%，較去年同期成長 4 個百分點。第二季末的剩餘履約義務（RPO）為 282 億美元，成長 13%。產品的RPO成長了17％，服務的RPO成長了10％。 RPO 的持續成長證明了我們軟體和服務組合的實力，也是我們看到的廣泛復甦的另一個指標。

In terms of orders in Q2, total product orders were up 1%, a significant improvement from Q1. Looking at our geographies, the Americas was down 1%, EMEA was up 7% and APJC was down 5%. Total emerging markets were down 14%, with the BRICS plus Mexico down 11%.

從第二季訂單情況來看，總產品訂單量成長1%，較第一季有明顯改善。 從地理分佈來看，美洲地區下降了 1%，歐洲、中東和非洲地區成長了 7%，亞太及日本地區則下降了 5%。新興市場整體下跌 14%，其中金磚國家加墨西哥下跌 11%。

In our customer segments, public sector was up 10%, service provider was up 5% and commercial was up 1%, enterprise down 9%.

在我們的客戶領域，公共部門成長了 10%，服務提供者成長了 5%，商業成長了 1%，企業下降了 9%。

Non-GAAP total gross margin was 66.9%, up 50 basis points; product gross margins were 66.6%, up 70 basis points; and service gross margin was 67.9%, up 20 basis points year-over-year. The growth in product gross margin was driven by positive product mix, including some software benefit and productivity improvements, partially offset by pricing.

非美國通用會計準則總毛利率為66.9%，上升50個基點；產品毛利率為66.6%，上升70個基點；服務毛利率為67.9%，較去年同期上升20個基點。產品毛利率的成長是由積極的產品組合推動的，包括一些軟體優勢和生產力改進，但部分被定價所抵消。

In terms of the bottom line from a GAAP perspective, Q2 net income was $2.5 billion and earnings per share was $0.60. We ended Q2 with total cash, cash equivalents and investments of $30.6 billion, up $600 million sequentially. Operating cash flow was $3 billion, down 22%, as expected, driven by a lower beginning receivables balance for the quarter, timing of payments and the restructuring payments. We expect operating cash flow growth to normalize over the course of the fiscal year.

從 GAAP 角度來看，第二季淨收入為 25 億美元，每股收益為 0.60 美元。截至第二季末，我們的現金、現金等價物和投資總額為 306 億美元，比上一季增加 6 億美元。營運現金流為 30 億美元，下降 22%，符合預期，原因是本季初應收帳款餘額較低、付款時間和重組付款。 我們預計本財年內經營現金流成長將恢復正常。

From a capital allocation perspective, we returned $2.3 billion to shareholders during the quarter that was comprised of $1.5 billion for our quarterly dividend and $800 million of share repurchases. Year-to-date, we've returned $4.6 billion to shareholders, which represents 69% of our free cash flow.

從資本配置角度來看，本季我們向股東返還了 23 億美元，其中包括 15 億美元的季度股息和 8 億美元的股票回購。年初至今，我們已向股東返還 46 億美元，占我們自由現金流的 69%。

And today, we announced a $0.01 increase to the quarterly dividend to $0.37 per share, up 3% year-over-year. This dividend increase reflects the tenth consecutive year of increasing our dividend and reinforces our commitment to returning capital to our shareholders and our confidence in the strength and stability of our ongoing cash flows.

今天，我們宣布將季度股息增加 0.01 美元至每股 0.37 美元，年增 3%。此次股息成長是我們連續第十年增加股息，也加強了我們向股東返還資本的承諾以及對持續現金流的強勁和穩定性的信心。

We continue to invest organically and inorganically in our innovation pipeline. During Q2, we announced an amendment to the definitive merger agreement under which we previously agreed to acquire Acacia Communications. We expect to complete the Acacia acquisition in our fiscal Q3, subject to closing conditions, including Acacia's stockholder approval.

我們將繼續以有機和無機的方式投資於我們的創新管道。在第二季度，我們宣布了對先前同意收購 Acacia Communications 的最終合併協議的修訂。我們預計將在第三財季完成對 Acacia 的收購，但需滿足成交條件，包括 Acacia 股東的批准。

In addition, we announced our intent to acquire IMImobile, the cloud communications, software and services company; and Slido, a provider of SaaS-based solutions to enhance our WebEx platform and our new cloud-native contact center offerings. 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 focused growth areas.

此外，我們也宣布了收購雲端通訊、軟體和服務公司 IMImobile 的意向；以及基於 SaaS 的解決方案供應商 Slido，旨在增強我們的 WebEx 平台和我們新的雲端原生聯絡中心產品。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重點成長領域的市場地位。

To summarize, we executed well with strong margins and growth in non-GAAP net income and earnings per share growth. We're seeing returns on the investments we're making in innovation and driving the continued shift to more software and subscriptions, delivering long-term growth and shareholder value.

總而言之，我們的業績表現良好，利潤率強勁，非公認會計準則淨收入和每股盈餘均有所成長。我們正在看到我們在創新方面所做的投資的回報，並推動繼續向更多軟體和訂閱轉變，從而實現長期成長和股東價值。

Now let me reiterate our guidance for the third quarter of fiscal '21. This guidance is subject to the disclaimer regarding forward-looking information that Marilyn referred to earlier. Q3 does include an extra week, which occurs every 5 to 6 years. We've factored this extra week into our guidance for both revenue and expenses. Although it's difficult to forecast the impact of the extra week, we have assumed roughly 2% to 3% year-over-year impact on total revenue growth, along with approximately $185 million of incremental cost of sales and operating expenses.

現在，讓我重申我們對 21 財年第三季的指導。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。 Q3 確實包含一個額外的星期，每 5 到 6 年發生一次。我們已將這額外一週的時間計入收入和支出預測中。雖然很難預測額外一週的影響，但我們估計這將對總收入成長產生約 2% 至 3% 的同比影響，同時還將增加約 1.85 億美元的銷售成本和營運費用。

The guidance for Q3 is as follows: We expect revenue to be in the range of 3.5% to 5.5% growth year-over-year. We anticipate the non-GAAP gross margin to be in the range of 65% to 66%. The non-GAAP operating margin is expected to be in the range of 33% to 34% and the non-GAAP tax provision rate is expected to be 19%. Non-GAAP earnings per share is expected to range from $0.80 to $0.82.

第三季的預期如下：我們預計營收將年增 3.5% 至 5.5%。我們預計非公認會計準則毛利率將在 65% 至 66% 之間。非公認會計準則營業利潤率預計在 33% 至 34% 之間，非公認會計準則稅務準備率預計為 19%。非公認會計準則每股收益預計在 0.80 美元至 0.82 美元之間。

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

現在我將話題交還給瑪麗蓮，以便我們進入問答環節。

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

謝謝，斯科特。米歇爾，我們繼續排隊問答。

Our first question comes from Meta Marshall from Morgan Stanley.

我們的第一個問題來自摩根士丹利的 Meta Marshall。

Great. Maybe to start off for me, I just wanted to get a sense of where you feel like organizations are in planning for a return to work and what the hybrid workplace looks like. And when do you think that investment will take place in that architecture versus kind of when employees return to the office?

偉大的。首先，我只是想了解您認為各組織在計劃復工方面處於什麼階段，以及混合工作場所是什麼樣的。您認為，相對於員工返回辦公室的時間，該架構的投資將在何時進行？

Yes. Meta, thank you. I think that the -- what we have been operating under is a premise that customers will probably begin to come back to the offices and we have been thinking sort of mid to late summer. I think if you're watching the news this morning, you heard some of the New York companies say that they may be September.

是的。 Meta，謝謝你。我認為——我們一直以來的營運前提是客戶可能會開始回到辦公室，我們一直在考慮在夏季中後期。我想，如果你今天早上看新聞，你會聽到一些紐約公司說他們可能會在 9 月。

But I would suspect that as companies look to prepare their offices for the return, in our case, we've seen significant uptake in WiFi 6, as an example, as they've begun to get ready for that return. We believe that, that will require switching infrastructure as people come back to the office and begin to put load on those wireless networks.

但我懷疑，隨著公司開始為復工做好準備，就我們的情況而言，我們已經看到 WiFi 6 的顯著增長，因為他們已經開始為復工做好準備。我們相信，當人們回到辦公室並開始對無線網路施加負載時，這將需要切換基礎設施。

We also believe that every meeting in the future is going to be a hybrid meeting, even when people are back in the office. You'll have people in the office and you'll have people remote. And in order to accommodate that, we suspect most of our customers will be putting video units in every conference room they have, which, again, will also accommodate the hybrid work model but will also drive bandwidth requirements, which could lead to switching infrastructure.

我們也相信，未來的每次會議都將是混合會議，即使人們回到辦公室。辦公室裡會有員工，遠距也會有員工。為了適應這種情況，我們懷疑我們的大多數客戶都會在他們的每個會議室中放置視訊設備，這也將適應混合工作模式，但也會帶來頻寬需求，從而可能導致交換基礎設施。

So that's the way we see it playing out over the next few months. And we would expect that with some of the solutions we have around worker safety in the collaboration portfolio and the WiFi 6 build-outs that we'll continue to see some progress from our customers as they prepare to return.

這就是我們對未來幾個月情勢的預測。我們期望，憑藉我們在協作產品組合和 WiFi 6 建置中圍繞工人安全提供的一些解決方案，我們將在客戶準備回歸時繼續看到一些進展。

Jim Suva from Citigroup Investment Research.

花旗集團投資研究部的 Jim Suva。

Looking at your guidance, I think some investors are asking a little bit about, hey, the revenue guidance is up year-over-year quite impressively, off a little bit of easy comps and also an extra week. But the EPS year-over-year, there's not much leverage there. Are there additional costs? I think with less travel, why wouldn't there be more flow-through to the bottom line of earnings per share?

查看您的指導，我認為一些投資者會問一些問題，嘿，收入指導同比增長相當可觀，這得益於一些簡單的比較以及額外一周的時間。但與去年同期相比，每股盈餘並沒有太大的槓桿作用。有額外費用嗎？我認為，如果旅行減少，為什麼每股盈餘的底線就不會增加呢？

Yes. Thanks, Jim, for the question. And I think there's a couple of things you have to bear in mind. Not only does the extra week in Q3 bring along with it additional revenue, it brings along additional spend as well. And we touched on this in the opening commentary, it's about $185 million -- our expectation is about $185 million of additional spend.

是的。謝謝吉姆提出這個問題。我認為你必須記住幾件事。第三季的額外一週不僅帶來了額外的收入，還帶來了額外的支出。我們在開場評論中提到了這一點，大約是 1.85 億美元——我們預計額外支出約為 1.85 億美元。

Coming through -- when you compare year-on-year coming through from last year, we also have comp plans reset. So as you'd expect, commissions and bonuses are on a different track this year than they were last year. And FX, the weakness of the dollar is having an effect on us as well. And so when you add those up, that's what drops through to the COGS and the OpEx line.

回顧過去—當您與去年同期進行比較時，我們也會重置補償計劃。因此，正如您所預料的，今年的佣金和獎金與去年有所不同。就外匯而言，美元的疲軟也對我們產生了影響。 因此，當您將這些加起來時，這就是 COGS 和 OpEx 線的結果。

We are on track just to get ahead of maybe what your next question would have been. We're on track with the $1 billion of savings that we talked about through the restructuring. That continues to go well. Almost all of that is behind us at this point. But there's some year-on-year things that are factoring into our spend rate for this year -- for this coming quarter.

我們正在按計劃進行，只是為了提前回答您接下來的問題。我們正在按計劃實現透過重組節省 10 億美元的目標。一切進展順利。至此，幾乎所有這些都已成為過去。但有一些同比因素正在影響我們今年以及下一季的支出率。

Ittai Kidron from Oppenheimer.

奧本海默的 Ittai Kidron。

Good luck, Scott, in your new role. I guess I have a couple of questions. First, on the decline 9% in orders on enterprise. Chuck, can you give us a little bit more color? It seems like a significant lag relative to the others? When do you expect that to normalize and improve?

斯科特，祝你在新崗位上一切順利。我想我有幾個問題。一是企業訂單下降9%。查克，你能給我們多講講嗎？與其他相比，這似乎有明顯的滯後？您預計什麼時候這種情況會正常化並且改善？

And then perhaps a second question, more of a bigger picture one for you, Chuck. It's been clearly a very difficult year all around. Maybe you can give us a little bit more -- the bigger picture perspective that you have here about the company. In what ways Cisco here and now different in the way it operates and thinks and moves going forward versus the Cisco of a year ago just before heading into the pandemic? I'm trying to understand kind of the lessons learned and how they're implemented and impacting the company. And how should we think about you differently going forward?

然後也許還有第二個問題，對你來說，這是一個更宏觀的問題，查克。顯然，這是非常艱難的一年。也許您可以向我們提供更多資訊——您對公司的更宏觀的看法。與一年前疫情爆發前的思科相比，思科目前的營運方式、思考方式和未來措施有哪些不同？我試圖了解所學到的經驗教訓以及它們如何實施並影響公司。我們該如何以不同的方式看待您？

Yes. Ittai, thank you. And look, first of all, I think that if you look at the customer segments, we saw improvement across service provider, commercial and public sector. And we saw improvement in enterprise, although it's still negative year-over-year.

是的。伊泰，謝謝你。首先，我認為如果你看一下客戶群體，我們會看到服務提供者、商業和公共部門都有所改善。我們看到企業狀況有所改善，儘管與去年同期相比仍為負值。

But what I would tell you is from a vertical industry perspective, we did see positive movement from industries that are not directly impacted by the pandemic. Think financial services, think manufacturing, think technical services. And then those that are still in the midst of the pandemic continue to struggle, hospitality, retail, transportation, energy. And so I think from that perspective, it gives us confidence that as we come out of this thing that those industries that are being depressed by the pandemic will obviously look to the future and will recover as well.

但我想告訴你的是，從垂直行業的角度來看，我們確實看到了未受疫情直接影響的行業的積極進展。想想金融服務、想想製造業、想想科技服務。而那些仍處於疫情之中的行業則繼續苦苦掙扎，包括旅館業、零售業、交通運輸業和能源業。因此，我認為從這個角度來看，這給了我們有信心，當我們走出困境時，那些受到疫情影響的行業顯然會展望未來，並最終復甦。

So the other thing that we've reflected on is that when we came out of the 2008 crisis, we saw commercial lead and then enterprise followed. And it's just been a really good sign. The U.S. commercial business this past quarter grew 6% from an orders perspective, which I think is a nice bounce. And obviously, it was 1% globally. But seeing that go positive gives us also confidence in the future of the enterprise following.

因此，我們反思的另一件事是，當我們走出 2008 年危機時，我們看到商業領先，然後企業緊隨其後。這確實是一個好兆頭。從訂單角度來看，上個季度美國商業業務成長了 6%，我認為這是一個不錯的反彈。顯然，全球範圍內這一比例為 1%。但看到這種正面趨勢也讓我們對後續企業的未來充滿信心。

As it relates to the bigger picture, I think we've talked a lot about giving our customers consumption flexibility. Earlier in my comments, I actually outlined 6 of the strategic pillars that we're all focused on. I'd say that we are super optimistic about the progress we've made in the web scale space. We continue to deliver on our software revenues, which were $3.6 billion this quarter, and again, 76% of it coming from software. And I think that will only increase.

就大局而言，我認為我們已經討論了很多關於給予客戶消費彈性的問題。在我之前的評論中，我實際上概述了我們都關注的 6 個策略支柱。我想說，我們對在網路規模領域的進展非常樂觀。我們的軟體收入持續保持成長，本季為 36 億美元，其中 76% 來自軟體。我認為這個數字只會增加。

So I think that those 6 pillars, combined with more flexibility and consumption options for our customers and continued transition to software and a continued focus on web scale and other growth opportunities is what we're trying to do over the next 2 to 3 years.

因此，我認為，這六大支柱，加上為客戶提供更多的靈活性和消費選擇、持續向軟體轉型以及持續關注網路規模和其他成長機會，是我們在未來 2 到 3 年內努力的目標。

Paul Silverstein from Cowen and Company.

Cowen and Company 的 Paul Silverstein。

Scott, can you tell us what the rate of price degradation was? And in connection with that, any thoughts in terms of the margin structure of the company at both the gross and operating line as to both resiliency and even hopefully better as to upside in where you can drive that front?

史考特，你能告訴我們價格下降的速度是多少嗎？與此相關，您對公司毛利和營業利潤結構的彈性有何看法，甚至希望在哪些方面有更好的上升空間？

Yes. Thanks, Paul. The pricing mix was really in line with what we've seen over the last several quarters. And you'll see this next week, obviously, in the Q, but I'll go ahead and give you the data point. It was 1.6% for the second quarter, slightly better actually than what we had seen in Q1 and actually modestly better than what we've seen over the trailing 4 quarters. So pricing mix was as expected during the second quarter.

是的。謝謝，保羅。定價組合與我們過去幾季所見的情況一致。顯然，您會在下週的 Q 中看到這一點，但我會繼續為您提供數據點。第二季的成長率為 1.6%，實際上比第一季的成長率略好，實際上也比過去 4 個季度的成長率略好。因此第二季的定價組合符合預期。

I think as you look longer term, gross margin is going to bounce around a little as it always does. I think part of what is factoring into our view of gross margin ahead is the benefit of a greater mix of software and services in there being somewhat offset by some of the supply chain concerns that we have right now that I think you've seen not just from us, but from everyone who's building products that contain a significant amount of semiconductor.

我認為，從長遠來看，毛利率將會像往常一樣略有波動。我認為，影響我們對未來毛利率看法的部分因素是，軟體和服務的更大組合帶來的好處，在一定程度上被我們目前的一些供應鏈問題所抵消，我想您不僅從我們身上看到了這一點，而且從所有生產含有大量半導體的產品的人身上也看到了這一點。

So we're doing what you'd expect us to do on the supply chain front. We are contacting all of our key suppliers on that front. We're leveraging kind of the volume purchase that we have, extending that supply chain further out, all with a goal of ensuring we can protect customer shipments. So there's a little bit of a headwind coming in those lines from the -- just the supply -- the current supply chain.

因此，我們在供應鏈方面所做的正是您所期望的。我們正在就此與所有主要供應商聯繫。我們正在利用現有的大量採購，進一步延伸供應鏈，所有這些都是為了確保我們能夠保護客戶的貨物。因此，從供應方面來看，目前的供應鏈確實存在一些阻力。

Scott, I trust that the supply chain commentary, that's a transitory issue that's going to pass. If we look beyond, assuming all goes back to normal, it sounds like if you net that out, there should be a positive trajectory at some point.

史考特，我相信供應鏈評論是一個暫時的問題，很快就會過去。如果我們放眼未來，假設一切都恢復正常，聽起來如果你把這一切都除去，在某個時候應該會出現一個積極的軌跡。

I think that's right. I mean we've talked about growing the percent of our business, and you've seen Cisco do a really nice job of growing the percent of the business coming from software and services. And obviously, that comes through at a higher margin.

我認為那是對的。我的意思是，我們已經討論過增加我們的業務百分比，而且你已經看到思科在增加來自軟體和服務的業務百分比方面做得非常出色。顯然，這會帶來更高的利潤。

Pierre Ferragu from New Street Research.

來自 New Street Research 的 Pierre Ferragu。

Scott, I have a question for you on your gross margin. I was just checking my model and I think the 66.9% you reported this quarter is actually a record for as far back as my model goes. I think it goes back quite far. So congratulations for like a great start on that front.

史考特，我想問你一個關於你的毛利率的問題。我剛剛檢查了我的模型，我認為您本季報告的 66.9% 實際上是我的模型迄今為止的最高紀錄。我認為它可以追溯到很久以前。因此，恭喜您在這方面取得了良好的開端。

And my question is actually, how should we think about gross margin in this transition you want to accelerate and continue towards the cloud? Are we now in a phase where we should expect gross margins to head up over time with ups and downs, of course? But should we expect like margin -- structural margin expansion going along with your transformation?

我的問題實際上是，在您希望加速並繼續向雲端運算轉型的過程中，我們應該如何考慮毛利率？我們現在是否處於一個可以預期毛利率會隨著時間的推移而上升和下降的階段？但是，我們是否應該期待利潤率—結構性利潤率的擴大會隨著您的轉型而進行？

Yes. Again, Pierre, your model must go back to our fiscal 2006 because this was the highest gross margin we reported since the second quarter of 2006. So you're right from that standpoint. And again, I would just -- in terms of where this goes longer term, I expect there to be a little bouncing around over the next couple of quarters given some of the supply chain concerns that everyone that's building product based on semis and a slight headwind still from memory. But I think everyone in the market is going to see that same set of trends.

是的。再說一次，皮埃爾，你的模型必須追溯到我們的 2006 財年，因為這是我們自 2006 年第二季以來報告的最高毛利率。所以從這個角度來看你是對的。再說一次，就長期發展而言，我預計未來幾季會出現一些波動，因為每個基於半導體製造產品的人都對供應鏈感到擔憂，而且記憶中仍然有輕微的逆風。但我認為市場上的每個人都會看到同樣的趨勢。

Longer term, again, as we drive up the mix of software and services, that should have a positive impact on gross margins.

從長期來看，隨著我們推動軟體和服務的組合，這應該會對毛利率產生正面的影響。

Great. And maybe if I have a quick follow-up on the same theme. You mentioned extending the transition. What's up next for grab for you to evolve in the product portfolio to increase the share of technology that you deliver as a service and cloud-based?

偉大的。也許如果我對同一主題進行快速跟進。您提到延長過渡期。您下一步要如何改進產品組合，以增加您作為服務和基於雲端的技術所佔的份額？

Pierre, it's Chuck. I'll take that one. And Scott is pretty proud of the immediate impact he had by delivering the record gross margins being here a very short time.

皮埃爾，我是查克。我要那個。斯科特在很短的時間內就創造了創紀錄的毛利率，他對自己產生的直接影響感到非常自豪。

I'm very impressed.

我印象非常深刻。

Yes, exactly, high impact. So I think on the -- as you look at the as a service offerings, what we're going to do is take -- we're taking intellectual property we have in our core enterprise portfolio. We're delivering a lot of that as both cloud-delivered as well as cloud-managed. Think about what we've done with the whole discussion we've had over the years about the Meraki platform and how we bring those capabilities to the rest of the portfolio, taking technologies like SD-WAN and cloud security and integrating those together and delivering those as a service, which, frankly, are uniquely capability -- that's a unique capability that we have.

是的，確實影響很大。因此，我認為——當您查看即服務產品時，我們要做的就是——我們將利用我們核心企業組合中的智慧財產權。我們透過雲端交付和雲端管理的方式提供了很多這樣的服務。想想我們多年來對 Meraki 平台的整個討論，以及我們如何將這些功能帶到產品組合的其餘部分，採用 SD-WAN 和雲端安全等技術並將它們整合在一起並將它們作為服務提供，坦白說，這是我們擁有的獨特能力。

And so I think those are areas where you'll see that continue to move forward. In addition to -- anything that we've sort of virtualized over the years, you can now deliver that as a service, anything that's pure software. So we're looking at every aspect of the portfolio.

所以我認為這些領域你會看到它們繼續向前發展。除此之外——我們多年來虛擬化的任何事物，現在都可以將其作為服務提供，任何純軟體都可以。所以我們正在審視投資組合的各個面向。

Jeff KVaal from Wolfe Research.

沃爾夫研究中心的傑夫·科瓦爾。

Yes. I'm hoping to ask two, I guess. First is, I'm wondering, could you help us understand better the dynamics involved in the web scale progress, which product lines and what type of applications are you into? Is that a Silicon One story? And then secondly, I was just wondering if you could help us with the expectation for the durability of the public sector strengths.

是的。我想，我希望問兩個。首先，我想知道，您能否幫助我們更了解網路規模化發展所涉及的動態，您涉及哪些產品線以及哪些類型的應用？這是 Silicon One 的故事嗎？其次，我想知道您是否可以幫助我們對公共部門實力的持久性做出預期。

Yes. Thanks, Jeff. So let me start with the second one. The durability of the public sector, I think 2 comments on this one. Clearly, there's stimulus that's flowing both in the U.S. and around the world, and I think that will continue for some period of time, obviously. And that's certainly helping.

是的。謝謝，傑夫。那麼讓我從第二個開始。關於公共部門的耐久性，我認為對此有兩則評論。顯然，美國和世界各地都在推行刺激政策，我認為這種政策顯然會持續一段時間。這確實有幫助。

But the other thing that I think has occurred over the last year is that countries have realized that they have to invest in infrastructure and digital infrastructure and technology to be prepared for these sorts of crises in the future. So I think that notwithstanding stimulus, I think the spending we see post-pandemic will be greater than what we saw pre-pandemic. And in fact, some of these countries have come to the conclusion that they need to take more dependency on themselves and less on some of their allies given sort of what we've seen over the last few years. And so they're beefing up their technology investments from that perspective. So I think net, once the stimulus goes out, I still think you see a positive segment for a few years to come.

但我認為過去一年發生的另一件事是，各國已經意識到，他們必須投資基礎設施、數位基礎設施和技術，為未來應對此類危機做好準備。因此，我認為，儘管採取了刺激措施，但疫情後的支出仍將比疫情前更大。事實上，根據過去幾年的情況，一些國家已經得出結論，他們需要更多地依賴自己，減少對盟友的依賴。因此，他們從這個角度加強了技術投資。因此我認為，一旦刺激措施出台，我仍然認為未來幾年會出現積極的成長。

On the web scale front, I'll just take a minute to explain. We actually gave more information today than we've given. And over the last few years, many of you have heard me say that this was a marathon, and we had a lot of work to do. And what has become clear to me over the last 5 quarters is that the work that our teams have put in over the last 5 years has begun to pay off. And so this quarter, we saw triple-digit growth year-over-year in our web scale portfolio, as I said in the earlier comments. The prior 4 quarters, I will tell you that the growth rates range from 17% to 74%. So it's been up for the last 5 quarters, as we've talked about.

在網路規模方面，我只需花一點時間來解釋一下。事實上，我們今天提供的資訊比以前更多。在過去的幾年裡，你們很多人都聽我說過，這是一場馬拉松，我們有很多工作要做。過去 5 個季度以來，我清楚地認識到，我們的團隊在過去 5 年裡所做的努力已經開始獲得回報。因此，正如我之前所說，本季我們的網路規模產品組合年增了三位數。前四個季度，我會告訴你成長率從 17% 到 74% 不等。正如我們所說的，過去 5 個季度它一直處於上升狀態。

From a portfolio perspective, you asked, we're selling the 8000 series, which we announced in December of 2019. We're winning 400-gig franchises. We are selling some silicon. We're selling our Catalyst 9K candidly. We're selling the rest of the portfolio as well. And so it's been pretty broad-based relative to what we are selling them. But we feel good about the investments we've made, the hard work we've put in.

從投資組合的角度來看，如您所問，我們正在銷售 2019 年 12 月發布的 8000 系列。我們正在贏得 400 千兆的特許經營權。我們正在出售一些矽。我們正在坦誠銷售我們的 Catalyst 9K。我們也在出售剩餘的投資組合。因此，相對於我們向他們銷售的產品而言，其範圍相當廣泛。但我們對自己所做的投資和付出的辛勤工作感到滿意。

And the last thing I'll tell you is that -- the other question you're probably going to ask is how material it is from a size perspective. And I'll tell you that last quarter that we just finished, it was 25% of our service provider segment. And over the last 4 quarters, it's averaged 21% of that SP segment. So it's gotten to a point where it's meaningful. So that's why we decided to give additional information today.

我要告訴你的最後一件事是——你可能會問的另一個問題是，從尺寸角度來看它有多重要。我可以告訴你們，我們剛結束的上個季度，它占我們服務提供者部門的 25%。在過去 4 個季度中，它平均佔據 SP 細分市場的 21%。所以它已經達到了有意義的程度。這就是我們今天決定提供更多資訊的原因。

Again, this business, much like the service provider business that we've talked about over the years will have -- will be big deal-driven, big customer-driven, so will have a tendency to be lumpy. But I think if you look at it over the course of 4 quarters, 6 quarters, 8 quarters, it's going to be -- it should continue to be positive.

再說一次，這項業務，就像我們多年來談論的服務提供者業務一樣，將由大交易驅動，由大客戶驅動，因此傾向於不穩定。但我認為，如果你從 4 個季度、6 個季度、8 個季度的角度來看，它將會——它應該會繼續保持積極態勢。

Rod Hall from Goldman Sachs.

高盛的羅德霍爾 (Rod Hall)。

Yes. I had 2 as well. One would be, I guess, one of the most surprising numbers in here is the service provider order growth rate of 5%. I think huge turnaround from last quarter. And I think you just gave me part of the answer to that, Chuck. But just curious if you could dig into that in a little bit more color, what drove that. Just a little bit unexpected for me.

是的。我也有 2 個。我想，這裡最令人驚訝的數字之一是服務提供者訂單成長率為 5%。我認為與上個季度相比，情況有了巨大的轉變。我想你剛才已經給了我部分答案，查克。但我只是好奇，如果你能更深入地探究一下，是什麼導致了這一點。對我來說只是有點意外。

And then the second thing I wanted to ask, back to you, Scott, on the FX impact. Is there any way you could quantify those for us? Can you help us understand how the dollar move has affected, for instance, revenue growth year-over-year and maybe margins as well? Just anything you can help us with on quantification there.

然後我想問的第二件事是關於外匯影響的問題，斯科特。您能為我們量化這些數字嗎？您能否幫助我們了解美元走勢如何影響營收年增率以及利潤率？只要你能在量化方面幫助我們就行了。

All right, Rod, I'll take the first one. On the SP space, so yes, if you look at what we saw in the quarter from an order perspective, we saw positive growth in cable, which represents about 15% of the segment. We saw triple-digit growth in web scale, which has represented 25% of the segment.

好的，羅德，我選第一個。在 SP 領域，是的，如果從訂單角度來看我們本季的情況，我們發現有線電視呈現正成長，約佔該領域的 15%。我們看到網路規模實現了三位數的成長，佔據了該細分市場的25%。

And then our telco business was down, and that's roughly 60% of the business. And primarily, that is because of where we are in the stages with 5G. We have roughly 35 customers around the world that we're working on 5G solutions with mobile backhaul, with orchestration, with packet core. And so we're just early in that transition. And I think that particular sub-segment of SP will begin to show progress for us as we see the core backbone build-out, as we've been saying over the last few years. And the good news is we're seeing the backhaul stuff being built. We're seeing the packet core decisions get made, which means that the core network backbone decisions will be made and the fact that we are being -- having some positive success in the web scale space would give me a high degree of confidence that those same products will bode well in the service provider space.

然後我們的電信業務就下滑了，約佔業務的 60%。這主要是因為我們正處於 5G 發展階段。我們在全球約有 35 位客戶，我們正在開發具有行動回程、編排和分組核心的 5G 解決方案。所以我們才處於這個轉變的早期階段。我認為，隨著核心骨幹網的建設，SP 的這個特定子領域將開始取得進展，正如我們過去幾年所說的那樣。好消息是，我們看到回程線路正在建設中。我們看到分組核心決策已經做出，這意味著核心網路主幹網路決策也已經做出，而且我們在網路規模領域取得了一些積極的成功，這讓我非常有信心，這些相同的產品將在服務提供者領域取得良好的發展。

So I think this has been a tough segment for us for many, many years. And we're hopeful right now with the web scale success and then with the 5G build-outs underway that this could be a tailwind over the next few years for us.

所以我認為這對我們來說多年來一直是一個艱難的階段。我們現在充滿希望，隨著網路規模的成功以及 5G 建設的進行，這將成為我們未來幾年的順風。

And Rod, this is Scott. On the FX impact, as you know, in most markets, we price in USD. So there's a limited impact from FX on the top line. But of course, with the weaker dollar, we have employees worldwide. And obviously, you pay them in local currency. And so when you translate that back, it has -- it creates a bit of a headwind for us on the OpEx side. I'm hesitant to give you an exact figure on that, but just so you can understand the dynamics. That's the way it works. And it has created a headwind for us during the second quarter.

羅德，這是史考特。關於外匯影響，如您所知，在大多數市場，我們以美元定價。因此，外匯對營收的影響有限。但當然，由於美元疲軟，我們的員工遍布全球。顯然，您以當地貨幣支付。所以當你把它翻譯回來時，它 - 它在運營支出方面給我們帶來了一些阻力。我不太願意給你一個確切的數字，但這樣你就能了解其中的動態。這就是它的工作原理。這給我們第二季度帶來了阻力。

Tal Liani from Bank of America Securities.

美國銀行證券公司的 Tal Liani。

I have 2 questions. One is just clarification from my understanding, and I'll ask it in a general way. What's holding up the closure of Acacia and what will change now versus the delays we have seen so far? So that's the easy one.

我有兩個問題。一個只是根據我的理解進行澄清，我會以一般的方式詢問。是什麼原因阻礙了 Acacia 的關閉？與我們目前看到的延遲相比，現在會發生什麼變化？所以這是簡單的。

The second question is, I want to understand your outlook on a product basis rather than vertical. When we focus on legacy switches and routers, can you discuss the trends that you're seeing for the next 4 quarters or the next kind of calendar year, where is the change? Meaning, what are the areas where you see increase versus the previous 4 quarters?

第二個問題是，我想從產品角度而不是垂直角度來了解您的觀點。當我們關注傳統交換器和路由器時，您能否討論您所看到的未來​​ 4 個季度或下一個日曆年的趨勢，變化在哪裡？意思是，與前 4 個季度相比，您認為哪些領域有所成長？

So Tal, I'm going to ask for clarification on the second one before I start. So are you talking about in the enterprise space? Or are you just talking about what do we feel good about from a product perspective over the next few quarters in general?

所以 Tal，在開始之前，我要先澄清一下第二個問題。那麼您談論的是企業領域嗎？或者您只是在談論從產品角度來看我們對未來幾季總體上感覺良好的事情是什麼？

Exactly. I'm trying to understand it at the product level rather than the vertical level.

確切地。我試著從產品層面而不是垂直層面來理解它。

Yes, got you. Okay. So on the Acacia thing, I think it's quite clear what occurred. We didn't have China approval. We thought we did. We didn't have it in time. So we renegotiated the price because our contract with them had expired. And candidly, the performance they put up in the 18 months between our original deal and this deal was pretty astounding, so the price was not out of the question.

是的，明白了。好的。因此，關於 Acacia 的事情，我認為發生的事情已經很清楚了。我們沒有得到中國的批准。我們以為我們做到了。我們沒有及時收到它。因此我們重新協商了價格，因為我們與他們的合約已經到期。坦白說，從我們最初的交易到本次交易的 18 個月內，他們的表現相當驚人，所以這個價格也不是不可能。

And then we subsequently got Chinese approval, and I think, Scott, keep me honest, but I think they have to get shareholder approval and the proxies out. So we expect that, that should happen. It will happen during Q3, Tal. So China approval is done. There's no more approvals to get. It's just up to the shareholder vote at this point. So we think that is in pretty good shape.

隨後我們得到了中國的批准，斯科特，請讓我說實話，但我認為他們必須獲得股東的批准和代理權。所以我們期望那會發生。這將在第三季發生，Tal。因此中國已經批准。無需再獲得任何批准。目前只取決於股東投票。所以我們認為情況非常好。

On the second front, let me just run through the portfolio, and I'll tell you sort of how I feel about everything right now. So I think the -- if you look at the mass scale infrastructure, the service provider portfolio, whatever you want to call it, where the 8000 is and some of the other stuff that's being built for 5G and for 400-gig in the mass scale data centers, I think that portfolio is in really good shape. And I would expect it to be a very positive contributor, not only over the next year, but over the next 2 to 3 years.

在第二個方面，讓我先簡單介紹一下投資組合，然後告訴你們我現在對一切的感受。所以我認為——如果你看一下大規模基礎設施、服務提供者組合（無論你想怎麼稱呼它），其中有 8000 以及為 5G 和大規模資料中心的 400-gig 構建的一些其他東西，我認為該組合狀況非常好。我希望它不僅在明年，而且在未來兩到三年內都會發揮非常積極的貢獻作用。

I think that there's -- if I look at the campus switching infrastructure, I think with customers beginning to come back, they are going to look at upgrading. We've seen -- we saw significant growth last quarter in demand for WiFi 6. Just to give you a data point that we don't disclose anywhere, but we had -- I think our orders for WiFi grew 20% last quarter.

我認為——如果我看一下校園交換基礎設施，我認為隨著客戶開始回歸，他們會考慮升級。我們已經看到——上個季度對 WiFi 6 的需求顯著增長。只是給你一個我們沒有在任何地方透露的數據點，但我們有——我認為上個季度我們的 WiFi 訂單增長了 20%。

And what typically happens is that when you effectively put a lot of load on WiFi, like WiFi 6 is going to accommodate, it's going to require an underlying infrastructure upgrade to accommodate it. And when you add to that, the video load that will likely go on to these customers as they come back to the office and put video in every conference room and continue to use video the way they've used it during the pandemic, we think that will also be a driver. So I think we have the Catalyst 9K portfolio, the WiFi 6 portfolio, we feel good about as well.

通常發生的情況是，當你有效地在 WiFi 上放置大量負載時，就像 WiFi 6 可以容納的那樣，它將需要底層基礎設施升級才能容納它。除此之外，當這些客戶回到辦公室並在每個會議室安裝視訊並繼續以疫情期間的方式使用視訊時，他們可能會承擔視訊負載，我們認為這也將成為一種驅動因素​​。所以我認為我們有 Catalyst 9K 產品組合、WiFi 6 產品組合，我們也對此感到滿意。

The SD-WAN technology continues to move forward. We're seeing good growth there. And I think as we deliver that technology as a service integrated with our cloud security, I think that's going to be a differentiator for us.

SD-WAN技術不斷向前發展。我們看到那裡出現了良好的增長。我認為，當我們將該技術作為與我們的雲端安全相結合的服務提供時，這將成為我們的差異化因素。

Within the security portfolio, the teams are working on a couple of very differentiated tracks on strategy. I'd say that we need -- I'd say we need another 6 months or so to see how that evolves. But I feel good about what they plan to do. Our current portfolio is performing well, and they just need to execute. So we have to see that. I think the teams have done an amazing job on what they've brought forward with the WebEx platform.

在安全組合中，各團隊正在研究幾個截然不同的戰略軌道。我想說我們需要——我想說我們需要再過 6 個月左右的時間來觀察事態如何發展。但我對他們的計劃感到滿意。我們目前的投資組合表現良好，他們只需要執行。所以我們必須看到這一點。我認為這些團隊在 WebEx 平台上所做的工作非常出色。

Again, you have to remember in the applications space when -- there's probably a view on that, that when it's not performing the way you would think -- you got to remember, all the phones are included in that space, too. So while WebEx was up double digits, as Scott said, you've also got the drag of the handset business that's in there as well. But I think the WebEx work and the pace of innovation, the feature velocity, the suite aspect that they're looking at, I think the teams are doing a really good job. And I think over the next year, you'll see us actually -- that portfolio will continue to improve, and I think we have a chance to take share back.

再次，你必須記住，在應用程式領域，當 - 可能存在這樣一種觀點，即當它的表現不如你想像的那樣時 - 你必須記住，所有手機也都包含在該領域中。因此，正如斯科特所說，儘管 WebEx 實現了兩位數的成長，但手機業務也受到了拖累。但我認為 WebEx 的工作和創新速度、功能速度以及他們所關注的套件方面，我認為團隊做得非常好。我認為在接下來的一年裡，您會看到我們實際上——該投資組合將繼續改善，我認為我們有機會奪回份額。

What did I miss? And then we're working on things like full stack observability, which are somewhat nascent. We're working on our edge service strategy, which is somewhat nascent. But I feel like the team -- I think the portfolio is in probably as good a shape as it's been in a while, and we just have to execute.

我錯過了什麼？然後我們正在研究諸如全端可觀察性之類的東西，這些東西還處於萌芽階段。我們正在製定邊緣服務戰略，該戰略還處於起步階段。但我覺得團隊——我認為投資組合的狀況可能和一段時間以來一樣好，我們只需要執行。

Samik Chatterjee from JPMorgan.

摩根大通的 Samik Chatterjee。

Chuck, just wanted to see if you can dig a bit deeper into the demand drivers for the security segment here, particularly, how have you seen customers respond to the recent events around SolarWinds. And if we would have expected a bit more momentum on the security segment here, is that more to come? Particularly, is it more going to be hardware or software that we should expect the demand from?

查克，我只是想看看你是否可以更深入地探討一下安全領域的需求驅動因素，特別是你看到客戶對最近圍繞 SolarWinds 發生的事件有何反應。如果我們預期安全領域會有更多的發展勢頭，那麼未來還會有更多發展嗎？具體來說，我們應該更預期硬體還是軟體的需求？

Yes. I think that what we see across that portfolio is we had a really good quarter actually in network firewall and cloud security. So it was a good quarter across the board, across the portfolio. And I think what you'll see is that we're in the early phases, I think, of any positive impact that you would see from the SolarWinds build-out because most of the customers are going in to assess like where am I, what have I missed, what do I need, what caused me to miss what I missed. And then they're going to move from there. So I think we're sort of in the midst of that right now with a lot of our customers doing those kinds of assessments.

是的。我認為，從整個產品組合來看，我們在網路防火牆和雲端安全方面確實有一個非常好的季度。因此，對於整個投資組合而言，這是一個表現良好的季度。我認為您會看到我們正處於 SolarWinds 建設的早期階段，因為大多數客戶都會評估我在哪裡、我錯過了什麼、我需要什麼、是什麼導致我錯過了什麼。然後他們就會從那裡出發。所以我認為我們現在正處於這種情況，我們的許多客戶都在進行此類評估。

But it's been -- from the early parts of the pandemic, when we saw VPN technology being absorbed as much as we could possibly build and then the network firewall and then combine that with the cloud security, it just -- it feels like customers are consuming whatever security they can consume right now to try to avoid those sorts of situations. So I would think that, that will continue to be positive for us.

但從疫情初期開始，我們就看到 VPN 技術被盡可能多地吸收，然後是網路防火牆，再將其與雲端安全相結合，感覺客戶正在消耗他們現在可以使用的任何安全措施，以試圖避免此類情況。所以我認為這對我們來說將繼續是正面的影響。

Simon Leopold with Raymond James & Associates.

雷蒙德詹姆斯公司 (Raymond James & Associates) 的西蒙利奧波德 (Simon Leopold)。

I wanted to ask first an easy one and then more of a thematic one. On the easy side, hopefully, is just wondering if the supply chain constraints, your ability to get components, if that cost you any revenue in the quarter, if you could quantify that.

我想先問一個簡單的問題，然後再問一個主題性的問題。簡單的說，希望您只是想知道供應鏈限制、您獲取零件的能力，這是否會在本季度造成任何收入損失，您是否可以量化這一點。

And then in terms of the broader trend, maybe you could help me understand how you see the campus environment developing. Because it sounds like you've highlighted a number of positives, getting back to work, long legs in the Cat 9K cycle, WiFi sounds good, but I have to imagine there are some offsets as well, maybe not as many people go back to work, legacy products rolling over. Just if you could build a bridge on what's going on in campus over the longer term.

然後就更廣泛的趨勢而言，也許您可以幫助我了解您如何看待校園環境的發展。因為聽起來你已經強調了許多積極的方面，例如重返工作崗位、Cat 9K 週期的長腿、WiFi 聽起來不錯，但我不得不想像也有一些抵消因素，也許沒有那麼多人重返工作崗位，遺留產品會繼續存在。如果你能為校園裡長期發生的事情建立一座橋樑。

All right. Scott, you want to take supply chain?

好的。史考特，你想接管供應鏈嗎？

Yes. We didn't really see any impact on our ability to get product out the door during the second quarter. The team has stayed on top of the supply chain scenario, and it's been evolving, as you know, throughout the quarter. As we look ahead at Q3, that is something that is factored into our guide, both in the -- our expectations on the top line and on the gross margin line. But it really hasn't been a -- in the second quarter at least, it hasn't been a significant headwind for us.

是的。我們確實沒有看到第二季對我們推出產品的能力有任何影響。團隊一直密切關注供應鏈情況，如您所知，整個季度供應鏈情況都在不斷發展。當我們展望第三季時，這已納入我們的預期之中，包括我們對營業收入和毛利率的預期。但實際上，至少在第二季度，這對我們來說並不是一個重大的阻力。

Yes. I think that our teams are doing a good job on that, on trying to buy ahead, trying to build inventory. Our -- and I think that there's certainly some unknowns and it's certainly complex, but I think the teams have done a pretty good job navigating it and it is built into the guide.

是的。我認為我們的團隊在這方面做得很好，試圖提前購買，試圖建立庫存。我們的——我認為肯定存在一些未知數，而且肯定很複雜，但我認為團隊已經很好地解決了這個問題，並且它已經融入指南中。

On the campus front, I think what I described is actually what I would expect for most customers. I think, Simon, the question you ask is a philosophical discussion that we have a lot in that when customers go back, what is it going to look like? Are more employees going to stay at home? Does that mean they're going to shrink their footprint? Does COVID stay with us? Do people now believe that they want to be -- they want to maintain somewhat of a social distance in the office even post-COVID until we really get well beyond it? And does that mean you need more footprint? What's the future of shared space? Are employees comfortable coming in and sitting in a shared space that someone else occupied the day before or do they want their own space when they come in so that they feel safe in it?

在校園方面，我認為我所描述的其實是我對大多數顧客的期望。西蒙，我認為你問的這個問題是一個哲學討論，我們對此進行了很多討論，當顧客回來時，情況會是什麼樣子？會有更多員工待在家嗎？這是否意味著他們將縮小自己的足跡？ COVID 還會伴隨我們嗎？現在人們是否相信，即使在疫情結束後，他們也希望在辦公室保持一定的社交距離，直到我們真正擺脫這種距離？這是否意味著您需要更多的空間？共享空間的未來是怎麼樣的？員工們願意進來坐在前一天被別人佔用的共享空間裡，或者他們進來時是否想要自己的空間以便感到安全？

And I think those are the kinds of things that we don't understand. But if I net it out, I don't think -- personally, this is my own opinion, based on customer discussions and everything else. I don't think that some of the earlier beliefs in the pandemic where the early days is like no one's going to go back to the office because we're actually productive at home. I think we sort of moved into that phase where people actually struggle mentally. People are -- it's -- they're not enjoying it. One of our employees said to me the other day, I don't mind the option of working from home. I don't like being forced to work from home.

我認為這些都是我們不理解的事情。但如果我把它算出來，我不認為——就我個人而言，這是我自己的觀點，基於客戶討論和其他一切。我不認為疫情初期人們的一些看法是錯誤的，他們認為沒有人會回到辦公室，因為我們實際上在家裡工作很有效率。我認為我們已經進入了人們實際上在精神上掙扎的階段。人們 — — 他們並不享受它。前幾天，我們的一位員工對我說，我不介意在家工作。我不喜歡被迫在家工作。

And so I really believe it's going to be hybrid where people are going to work from home. And everybody is sort of landing here where they work from home 3 days a week and then work from the office 2 days a week or vice versa. The question is, what accommodations does that lead to for customers based on employees' concern over space issues, concern over future pandemics or other concern? That's what we just don't know yet.

因此，我真的相信這將是一個混合模式，人們可以在家工作。每個人每週在家工作三天，然後在辦公室工作兩天，或者反之亦然。問題是，基於員工對空間問題、對未來疫情或其他問題的擔憂，這會為顧客帶來什麼樣的便利？這是我們目前還不知道的。

But I do believe, based on what we've seen with WiFi 6, that tells me customers are getting ready. And they're upgrading the wireless infrastructure now. And in the commercial space, we've seen a fair amount of the follow-on with the switching. And hopefully, we'll see that in the enterprise space beyond this quarter.

但根據我們對 WiFi 6 的了解，我確實相信客戶已經準備好了。他們現在正在升級無線基礎設施。在商業領域，我們已經看到相當多的後續轉換。希望我們能在本季之後在企業領域看到這一點。

Tim Long from Barclays.

巴克萊銀行的提姆朗。

Yes. Two, if I could as well. First, maybe Chuck, on the Cat 9k, still doing very well. Just curious what you think the impacts will be when some of the kind of earlier adopters licenses are coming due. So kind of what impact is that? Kind of what inning are we in there?

是的。兩個，如果可以的話。首先，也許查克在 Cat 9k 上仍然表現得很好。只是好奇您認為當某些早期採用者的許可證到期時會產生什麼影響。那麼這會產生什麼樣的影響呢？我們處於哪種情況？

And then second, on the cloud business. Curious kind of who you're winning against there. Is this against your traditional competitors? Are you starting to see any wins back from white box or are you just serving to maybe limit where white box can go with that cloud customer base?

其次，關於雲端業務。有點好奇你贏了誰。這是針對你們的傳統競爭對手嗎？您是否開始看到白盒技術帶來的任何好處，或者您只是在限制白盒技術在雲端客戶群中的應用範圍？

Tim, thanks. So on the Cat 9K, I think the way I would think about it is that the license -- I think you're really asking about the renewal side of that piece, which in this fiscal year is not significantly material. And I think I've said on a couple of calls before, it's really good, the size of it this year because it gives us a chance to test our processes and our renewal value proposition, all that stuff because it's meaningful in fiscal '22. So teams are working hard right now to try to get ahead of that and be ready for it.

提姆，謝謝。因此，關於 Cat 9K，我認為我會這樣考慮：許可證——我認為您真正詢問的是該部分的續訂方面，而這在本財政年度並不重要。我想我之前在幾次電話會議上說過，今年的規模真的很好，因為它讓我們有機會測試我們的流程和我們的更新價值主張，所有這些東西，因為它在 22 財年很有意義。因此，各支球隊現在都在努力爭取領先並做好準備。

On the cloud front, what I would say is that we are -- when we announced in December of 2019, we had a launch -- the future of the Internet launch. We talked about that we would be -- we would sell our customers systems, integrated systems. We would sell them silicon or we would sell them white boxes, I mean, I'm sorry, our software. And we have all 3 of those scenarios actually playing out right now. So we have customers who have standardized on our systems for 400 gig. We have customers who are testing our silicon and actually putting it in white boxes, which is what we would expect them to do.

在雲端運算方面，我想說的是，當我們在 2019 年 12 月宣布推出雲端運算時，我們就推出了網路的未來。我們談到我們將向客戶銷售系統、整合系統。我們會向他們出售矽片或白盒，對不起，我的意思是我們的軟體。而這三種情況現在其實都在上演。因此，我們有一些客戶已經將我們的系統標準化為 400 千兆。我們的客戶正在測試我們的矽片並將其放入白盒中，這正是我們期望他們做的。

We have some customers running our software stack on their hardware. And so -- and the people we're competing with, they would be quite evident to you, short of me calling them out. I think these are the traditional players that have been successful in that space. And we talked a lot back years ago about the fact that we missed the first wave, and we were going to work hard to be in a position when the 400-gig transition occurred and try to work our way back in and earn that business back, and I think the teams have begun to do that. So I'm really proud of what they've done.

我們有一些客戶在他們的硬體上運行我們的軟體堆疊。所以——我們的競爭對手是誰，你們都會很清楚，除非我把他們叫出來。我認為這些都是在該領域取得成功的傳統參與者。幾年前，我們就多次談到我們錯過了第一波浪潮，我們打算努力工作，以便在 400gig 轉型發生時能夠佔據一席之地，並努力重新贏得那項業務，我認為團隊已經開始這樣做了。所以我對他們所做的一切感到非常自豪。

Sami Badri from Crédit Suisse.

來自瑞士信貸銀行的薩米·巴德里。

Sami, are you on mute?

薩米，你靜音了嗎？

I don't think so.

我不這麼認為。

I can hear you now. We can't hear you before.

我現在能聽到你的聲音了。我們之前聽不到你的聲音。

Okay, perfect. Sorry about that. First question is for Chuck. One thing that I think has not come up in this call is anything regarding 5G really. And for about year 3 in the telecommunications 5G cycle and at this point, a lot of people are just trying to understand what's really the effect to the equipment supply chain and how these telecommunication providers are going to consume equipment from those different vendors.

好的，完美。很抱歉。第一個問題是問查克的。我認為這次電話會議中沒有真正討論到有關 5G 的任何話題。在電信 5G 週期的第三年左右，許多人只是想了解這對設備供應鏈的真正影響，以及這些電信業者將如何使用不同供應商的設備。

And then the other question is for Scott. You do have some M&A that has already closed in fiscal 3Q, and there are projections for other closures of deals in fiscal 3Q. Does any of the guide include acquired or inorganic revenues? And if you're prepared to give us a breakout of organic versus inorganic, that would be helpful.

另一個問題是問斯科特的。確實有一些併購交易已經在第三財季完成，並且預計第三財季還會有其他交易完成。該指南是否包括已獲得的收入或無機收入？如果您願意為我們提供有機與無機的對比分析，那將會很有幫助。

Let me take the 5G. I think what you're seeing right now is most of our customers that are working on 5G, they've been building out the radio networks, they've been building out packet core capabilities, they've been building out mobile backhaul. And in many cases, they're running these hybrid 4G, 5G backbones, with some exceptions where you have like a stand-alone 5G network that's been built.

讓我拿下5G。我想您現在看到的是，我們的大多數客戶都在致力於 5G，他們一直在建立無線電網絡，一直在建立分組核心能力，一直在建立行動回程。在許多情況下，他們運行的是混合 4G、5G 主幹網，但也有一些例外，例如已經建成的獨立 5G 網路。

And in that case, what we participate in, in there, the packet core, for sure, mobile backhaul and some elements of orchestration. And what we believe is that over the next couple of years as these providers begin to build out a stand-alone 5G backbones and, in many cases, to serve up enterprise services, that they will be making decisions on core upgrades to support the bandwidth and the traffic that's going to load those networks. And I think that's when we believe we will see this -- most of the benefit from the 5G build-out. So that's kind of where we are right now. And we're having good success in the areas that we participate based on where they are in the life cycle of these networks. Scott, do you want to touch on the M&A question?

在這種情況下，我們參與其中的是分組核心，當然還有行動回程和一些編排元素。我們相信，在未來幾年內，隨著這些供應商開始建立獨立的 5G 主幹網，並且在許多情況下提供企業服務，他們將決定核心升級以支援頻寬和載入這些網路的流量。我認為，到那時我們將看到 5G 建設帶來的大部分好處。這就是我們現在的狀況。根據這些網路生命週期中所處的位置，我們在所參與的領域中取得了良好的成功。史考特，你想談談併購問題嗎？

Sure. Sami, we did have a couple of acquisitions that closed during the second quarter, but they were both quite small, strategically important, but not meaningful in terms of adding to the Q3 guide. We've got some more meaningful ones that we do expect to close during the quarter. Obviously, Acacia would be meaningful. We've got IMImobile, which we expect to close during the quarter, which will have some level of impact on the guide. Neither of those are factored in at this point.

當然。薩米，我們在第二季確實完成了幾項收購，但這些收購規模都很小，具有重要的策略意義，但對於補充第三季的業績指引意義不大。我們還有一些更有意義的項目，預計將在本季完成。顯然，Acacia 是有意義的。我們有 IMImobile，預計它將在本季度關閉，這將對指南產生一定程度的影響。目前，這兩個因素都還沒有被考慮進去。

So as we get those closed -- and at this point, it's not exactly certain when they'll close, which is why they're not currently factored into the guide. As those close, we'll give you some insight into what our expectations are for them.

因此，當我們關閉這些時——目前還不確定它們何時會關閉，這就是為什麼它們目前沒有被納入指南中。隨著這些結束，我們將向您介紹我們對他們的期望。

All right. Just to wrap up, I want to thank everybody for spending time with us today. And again, just hope that everybody stays safe as we work through what we're all hopeful is the beginning of the recovery. And I think that from a business perspective, we continue to feel like that is definitely the case that we are in the midst of a recovery, which gives us a lot of optimism.

好的。最後，我要感謝大家今天抽出時間與我們在一起。再次，我只希望每個人都能平安，我們都希望這是復甦的開始。我認為，從商業角度來看，我們仍然覺得我們確實正處於復甦之中，這給了我們很大的樂觀。

I'm proud of what our teams have done. I'm proud of the innovation that we have built during this complicated time. We have Cisco Live coming up at the end of March, where there'll be a lot of innovation that we'll be announcing. And based on that and some of the performance that we see and the continued improvement in our business, I remain fairly optimistic about where we are right now as we come through this pandemic. So we look forward to talking to all of you on the next call. And Marilyn, I'll turn it back over to you.

我為我們團隊所取得的成就感到自豪。我為我們在這個複雜時期所取得的創新感到自豪。我們將於三月底舉辦 Cisco Live 活動，屆時我們將宣布許多創新成果。基於這一點以及我們看到的一些表現和業務的持續改善，我對我們目前度過這場疫情的狀況仍然相當樂觀。因此，我們期待在下次通話中與大家交談。瑪麗蓮，我把它交還給你。

Thanks, Chuck. Cisco's next quarterly earnings conference call, which will reflect our fiscal 2021 third quarter results will be on Wednesday, May 19, 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 investor conferences over the next few weeks, including the Goldman Sachs technology and internet conference tomorrow.

謝謝，查克。思科的下一次季度財報電話會議將於 2021 年 5 月 19 日星期三下午 1:30 舉行，該會議將反映我們 2021 財年第三季的業績。太平洋時間下午 4:30東部時間。提醒一下，我們將在未來幾週內出席並主持幾場投資者會議，包括明天的高盛技術和網路會議。

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, feel free to contact the Investor Relations day -- Investor Relations team. Have a great day.

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，請隨時聯繫投資者關係日—投資者關係團隊。祝你有美好的一天。

Thank you for participating in today's conference call. If you would like to listen to the call in its entirety, you may call 1 (800) 391-9851. For participants dialing from outside the U.S., please dial (203) 369-3268. 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，請撥打1 (800) 391-9851。對於從美國境外撥打電話的參與者，請撥打 (203) 369-3268。今天的電話會議到此結束。您現在可以斷開連線。