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 財年第二季度財務業績電話會議。應思科的要求，今天的會議正在錄製中。如有異議，可斷開連接。

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

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

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 財年第二季度季度收益電話會議。我是投資者關係主管 Marilyn Mora，我們的董事長兼首席執行官 Chuck Robbins 也加入了我的行列；我很高興地歡迎我們的首席財務官 Scott Herren。

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

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

Throughout this conference call, we will be referencing both GAAP and non-GAAP financial results and we'll discuss product results in terms of revenue and geographic and customer results in terms of product orders, unless stated otherwise. All comparisons made throughout this call will be on a year-over-year basis.

在整個電話會議中，除非另有說明，否則我們將參考 GAAP 和非 GAAP 財務結果，並且我們將討論收入方面的產品結果以及產品訂單方面的地理和客戶結果。在本次電話會議中進行的所有比較都將按年進行。

The matters we will be discussing today include forward-looking statements, including the guidance we will be providing for the 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.

我們今天將討論的事項包括前瞻性陳述，包括我們將為 2021 財年第三季度提供的指導意見。它們受到我們在文件中詳細討論的風險和不確定性（包括 COVID-19）的影響向美國證券交易委員會提交，特別是關於 10-K 和 10-Q 表格的最新報告，這些報告確定了可能導致實際結果與前瞻性陳述中包含的結果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.

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

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

有了這個，我現在把它交給查克。

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，我希望你們所有人和你們的家人平安健康。今年充滿希望，因為疫苗為我們提供了治愈和康復的途徑。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.

在上個季度，我們的團隊取得了強勁的業績，收入處於我們指導範圍的頂部，非 GAAP 每股收益超出了我們預期的高端，這一切都得到了利潤率擴張和資產負債表進一步加強的支持。更重要的是，隨著復甦初具規模，所有客戶群的同比增長率均有所提高，我們看到了令人鼓舞的業務實力跡象。

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.

在整個大流行期間，我們的員工和合作夥伴在執行和創新方面做得非常出色，以幫助我們的客戶連接、保護和自動化，以加速他們在雲優先世界中的數字敏捷性。我們正在與他們合作解決對其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字和雲能力，同時保護他們免受不斷擴大的威脅環境。

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.

在我與客戶的多次對話中，很明顯，隨著他們的技術需求繼續快速發展，我們的技術將成為他們恢復和增長的強大引擎。

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.

基於我們廣泛的產品組合的優勢，我們專注於 6 個戰略支柱，這些支柱將提供具有前所未有的洞察力、自動化和可見性的高度安全的下一代架構。首先，我們正在構建具有內置簡單性、安全性、敏捷性和自動化的網絡解決方案，這些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程序體驗，提高雲原生應用程序和 DevOps 的速度、敏捷性和規模，從而提供最佳的最終用戶體驗。第三，隨著工作的未來是混合的，我們正在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，無論員工是在家裡還是在辦公室。

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，與我們的客戶和合作夥伴一起，我們正在通過改變連接方式並有效地滿足對低延遲和更高速度不斷增長的需求來構建未來的互聯網。第五，將安全和隱私放在首位，我們正在構建集成的高效端到端安全解決方案，這些解決方案可在本地或云端交付。最後，隨著應用程序和工作負載越來越接近用戶和設備，我們正在為分佈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運營商網絡。我相信，無論未來如何，這都是提供客戶所需的創新和集成網絡解決方案的正確戰略。

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.

現在轉向我們本季度的表現。在我們的商業、公共部門和服務提供商業務的訂單增長的帶動下，我們繼續看到逐步改善的跡象，這些業務合計佔產品訂單的近 3/4。企業市場仍然疲軟，原因是銷售週期延長以及大流行導致一些客戶的支出持續停頓。

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、數據中心交換、安全、無線和 WebEx 產品組合的實力。我們的業務向更多軟件和訂閱的轉型繼續取得巨大進展，我們實現了 36 億美元的軟件收入，其中 76% 的軟件收入以訂閱形式出售。

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第六個季度實現兩位數增長。我們繼續加快創新步伐，在投資於靈活的消費模式時提供獨特的解決方案和數字功能。我相信我們有能力在雲、400 gig、5G、安全、混合工作和下一代應用程序等領域抓住未來的長期機遇。

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 年的 IT 預算同比增長。思科仍然處於 CIO 最重要的前瞻性支出優先事項之列，包括網絡基礎設施、網絡安全軟件和雲計算遷移和雲基礎設施。我們也對大流行的不確定性及其對市場的影響保持警惕，目前還沒有完全過去。

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.

現在讓我談談基礎設施平台。要管理現代 IT 環境的高度分佈式和復雜性，我們的客戶必須從根本上改變其網絡的架構方式。為了幫助他們實現這一目標，我們正在構建一個統一的雲原生平台套件來提供安全的敏捷網絡。這方面的一個很好的例子是我們基於訂閱、基於意圖的網絡產品組合，這反映在我們的 Catalyst 9K 系列的勢頭上，該系列的收入又實現了四分之一的兩位數增長。

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序到基礎架構的全堆棧可觀察性，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。我們正在通過我們產品組合的關鍵要素（如 Intersight、ThousandEyes 和 AppDynamics）以及我們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.

作為傳輸網絡基礎設施領域的全球領導者，我們在幫助客戶構建面向未來的網絡方面發揮著重要作用。我們繼續大力投資以捕捉 5G、400-gig 和 WiFi 6 過渡，以實現開放式 RAN 和邊緣服務。這反映在我們的 SD-WAN 產品組合、路由、5G 移動核心平台、光學和自動化功能中。

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.

在我們的網絡規模業務中，我們連續第五個季度實現了非常快速的訂單增長，增至三位數。在過去 12 個月的基礎上，我們的訂單增長了 60% 以上，因為我們專注於提供基於 Cisco Silicon One 構建的路由、數據中心交換和光學平台，其效率高於市場上的其他芯片。

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.

雖然我們可以看到由於大型交易的時間安排，我們的業績每季度都有所不同，但我們對我們進一步鞏固地位的能力充滿信心。通過在 Silicon One 上構建網絡，我們的客戶還可以節省高達 30% 的網絡開關功率，從而顯著減少他們的環境足跡並顯著節省能源成本。

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領先的光學技術，以滿足帶寬要求和下一代網絡的經濟性，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絡規模空間中取勝的另一個原因。

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驅動、雲管理和作為服務交付。如果我們可以從雲中交付，我們會的。例如，我們正在考慮提供 SD-WAN 和雲安全即服務，同時創建其他新解決方案。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接入雲的能力。

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。得益於越來越多地採用我們的下一代基於雲的架構，我們實現了又一個強勁的季度收入增長，該架構可以實現從任何地方快速、安全地訪問應用程序和數據。隨著現代應用程序和更多分佈式工作環境的快速增長，我們的客戶正在採用新的安全架構，因為身份和數據隱私變得越來越重要。最近的 SolarWinds 漏洞僅凸顯了對高級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云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在整個組織的混合雲足跡中自動執行安全策略。這擴展到我們的安全訪問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 的一流雲交付堆棧。

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.

我們還提供基於我們的雲原生平台 Cisco SecureX 構建的領先的統一檢測和響應功能。自該平台於去年 6 月全面上市以來，已有超過 5,400 名客戶看到了該平台的優勢。我們仍然致力於提供簡單、集成和高效的端到端安全解決方案，這些解決方案在本地和雲端交付。

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，其中包括我們的協作產品組合。我們專注於構建解決方案，以支持敬業、高效的員工隊伍和具有安全協作、自動化和洞察力的智能工作場所。我們的目標是為我們的客戶提供最佳協作體驗，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 的強勁勢頭繼續保持，導致兩位數的收入增長。我為 WebEx 團隊所做的工作感到非常自豪，他們確保我們近 6 億的季度平均用戶能夠保持聯繫並提高工作效率。此外，我們每月為全球客戶接聽超過 60 億個電話。

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 多項新產品和功能創新，將安全和隱私集成在一起以提供包容性體驗。我們宣布的一些新的強大功能包括噪音消除、實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的 IMMobile 和 Slido，這進一步推進了我們構建 WebEx 應用程序套件的願景，因為我們將這些技術與我們的 WebEx 聯絡中心相結合，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.

總之，我們的戰略很明確，我們的業務依然強勁。我們正在快速執行和創新，並取得了可觀的成果，我們的第二季度收入處於高端，收益高於我們規定的指導。

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.

隨著我們進入逐步恢復階段，我們相信我們的客戶將繼續將思科作為他們的首選合作夥伴。我為我們的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.

雖然過去一年突出了我們社會中太多的不平等現象，但我們相信技術的力量可以推動更多的包容性和機會，從而為世界各地的人口和社區提供服務，這就是為什麼我們致力於為所有人創造一個包容的未來。

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.

憑藉我們持續嚴格的投資和創新方法，我們希望在大流行後處於更有利的地位，因為我們的客戶希望在其組織的核心部署他們的下一代網絡。我堅信思科有能力抓住未來的長期增長機會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，我將把它交給我們的新首席財務官斯科特，讓他了解一下我們的財務業績。如您所知，Scott 在軟件方面擁有豐富的經驗，並且在領導從永久許可到 SaaS 和定期訂閱的成功商業模式轉變方面有著良好的記錄。事實證明，Scott 是我們團隊的有力補充，我期待著在我們計劃思科持續轉型的下一階段時與他合作。斯科特，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。首先讓我說一下，在公司轉型的關鍵時刻加入思科團隊，我感到非常興奮。在談到我們本季度的表現之前，我想我會分享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方面取得的進展給我留下了深刻印象，實現了 3 年前製定的目標，即推動我們 50% 的收入來自軟件和服務。同樣清楚的是，領導團隊團結一致且專注，查克早些時候在電話會議中製定的戰略將推動我們在未來幾年的發展。以這個角色加入公司是一個激動人心的時刻。

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，它們包括以下內容：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最大化價值創造，以及審查有機和無機投資。我還致力於為您提供了解和正確評估我們業務長期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。我將從本季度的財務業績摘要開始，然後是第三季度的指導。我們第二季度的總體業績反映了在持續充滿挑戰的環境中執行情況非常好，利潤率強勁，非 GAAP 淨收入和每股收益增長。 120 億美元的總收入處於我們指導範圍的頂部，同比持平，因為我們看到幾個關鍵產品領域逐漸復蘇，並且我們 3 個地區中有 2 個地區的連續增長率有所提高。我們的非 GAAP 營業利潤率為 34.4%，上升 70 個基點。非 GAAP 淨收入為 34 億美元，增長 2%，非 GAAP 每股收益為 0.79 美元，高於我們指導範圍的上限，同比增長 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.

現在讓我提供一些關於我們第二季度收入的更多細節。產品總收入為 86 億美元，下降 1%。基礎設施平台下降了 3%。提醒一下，這是受 COVID 環境影響最大的產品領域。轉換收入總體持平。隨著 Nexus 9K 的強勁增長，我們看到了數據中心交換的穩步增長。我們還看到 Cat 9K 產品在園區交換中的持續強勁勢頭。

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.

由於服務提供商的疲軟，路由下降。在我們 WiFi 6 產品的持續增長和 Meraki 實力的推動下，無線業務實現了穩健增長。由於我們經歷了持續的市場收縮，數據中心收入下降主要是由服務器驅動的。申請總體持平。在我們持續的產品創新和遠程工作的重要性的推動下，我們繼續看到 WebEx 以兩位數的速度強勁增長。這被統一通信和 TP 端點的下降所抵消。

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增長，安全性增長了 10%。我們的雲安全產品組合表現良好，實現了兩位數的強勁增長，並且我們的 Duo 和 Umbrella 產品持續保持增長勢頭。受維護業務和解決方案支持增長的推動，服務收入增長了 2%。我們繼續轉變我們的業務，提供更多的軟件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 Chuck 之前提到的，軟件訂閱佔軟件總收入的 76%，同比增長 4 個百分點。第二季度末剩餘履約義務 (RPO) 為 282 億美元，增長 13%。產品的 RPO 增長了 17%，服務的 RPO 增長了 10%。 RPO 的持續增長證明了我們軟件和服務組合的實力，並且是我們看到正在發生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%.

二季度訂單方面，產品訂單總量增長1%，較一季度有明顯改善。從我們的地理位置來看，美洲下降了 1%，EMEA 上升了 7%，APJC 下降了 5%。新興市場總量下降了 14%，其中金磚國家和墨西哥下降了 11%。

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

在我們的客戶群中，公共部門增長 10%，服務提供商增長 5%，商業增長 1%，企業下降 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%，同比上升20個基點。產品毛利率的增長是由積極的產品組合推動的，包括一些軟件優勢和生產力的提高，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 的角度來看，第二季度淨收入為 25 億美元，每股收益為 0.60 美元。我們在第二季度末的現金、現金等價物和投資總額為 306 億美元，比上一季度增加了 6 億美元。正如預期的那樣，運營現金流為 30 億美元，下降 22%，這是由於本季度初應收賬款餘額、付款時間和重組付款較低。我們預計經營現金流量增長將在本財年正常化。

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.

從資本配置的角度來看，我們在本季度向股東返還了 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，同比增長 3%。這一股息增加反映了我們連續第十年增加股息，並加強了我們向股東返還資本的承諾，以及我們對持續現金流量的實力和穩定性的信心。

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.

我們繼續對我們的創新管道進行有機和無機投資。在第二季度，我們宣布了對我們之前同意收購 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，具體取決於成交條件，包括 Acacia 的股東批准。

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，我們還宣布了收購云通信、軟件和服務公司 IMMobile 的意向； Slido，一家基於 SaaS 的解決方案供應商，用於增強我們的 WebEx 平台和我們新的雲原生聯絡中心產品。這些投資符合我們的戰略，即通過有針對性的併購來補充我們的內部創新和研發，使我們能夠進一步加強和區分我們在重點增長領域的市場地位。

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，我們執行良好，利潤率強勁，非 GAAP 淨收入和每股收益增長強勁。我們看到了我們在創新方面的投資回報，並推動了向更多軟件和訂閱的持續轉變，從而實現了長期增長和股東價值。

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 財年第三季度的指導。本指南受 Marilyn 先前提到的前瞻性信息免責聲明的約束。 Q3 確實包括額外的一周，每 5 到 6 年發生一次。我們已將這額外的一周計入我們的收入和支出指南中。雖然很難預測額外一周的影響，但我們假設對總收入增長的同比影響約為 2% 至 3%，以及約 1.85 億美元的增量銷售成本和運營費用。

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.

第三季度的指導如下：我們預計收入同比增長 3.5% 至 5.5%。我們預計非 GAAP 毛利率將在 65% 至 66% 之間。非 GAAP 營業利潤率預計在 33% 至 34% 之間，非 GAAP 稅收撥備率預計為 19%。非 GAAP 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.

我現在將把它轉回瑪麗蓮，這樣我們就可以進入問答環節了。

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

謝謝，斯科特。米歇爾，讓我們繼續排隊進行問答。

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。也許首先對我來說，我只是想了解一下您認為組織在計劃重返工作崗位方面的哪些方面以及混合工作場所的情況。您認為何時會對該架構進行投資，而不是在員工返回辦公室時？

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。元，謝謝。我認為 - 我們一直在運營的前提是客戶可能會開始回到辦公室，我們一直在考慮夏季中後期。我想如果你今天早上在看新聞，你會聽到一些紐約公司說他們可能是 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，隨著公司希望為回歸做好準備，以我們為例，我們已經看到 WiFi 6 的大量使用，因為他們已經開始為回歸做好準備。我們相信，隨著人們回到辦公室並開始對這些無線網絡施加負載，這將需要交換基礎設施。

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.

我們還相信，未來的每次會議都將是混合會議，即使人們回到辦公室也是如此。你會有人在辦公室，你會有人在遠程。為了適應這一點，我們懷疑我們的大多數客戶將在他們擁有的每個會議室中放置視頻設備，這同樣也將適應混合工作模式，但也會推動帶寬需求，這可能會導致交換基礎設施。

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.

這就是我們看到它在未來幾個月內發揮作用的方式。我們希望通過我們在協作產品組合中圍繞工人安全和 WiFi 6 擴建提供的一些解決方案，我們將在客戶準備返回時繼續看到他們取得一些進展。

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?

看看你的指導，我想一些投資者會問一點，嘿，收入指導同比增長非常令人印象深刻，有點簡單，還有一個額外的一周。但每股收益與去年同期相比，那裡的槓桿作用不大。有額外費用嗎？我認為，減少旅行，為什麼不會有更多的流向每股收益的底線？

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。吉姆，謝謝你提出這個問題。我認為有幾件事你必須牢記。第三季度的額外一周不僅帶來了額外的收入，還帶來了額外的支出。我們在開場評論中談到了這一點，大約是 1.85 億美元——我們的預期是大約 1.85 億美元的額外支出。

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.

通過 - 當你比較去年的年度同比時，我們也有重置計劃。因此，正如您所預料的那樣，今年的佣金和獎金與去年不同。而外匯，美元的疲軟也對我們產生了影響。所以當你把它們加起來時，這就是 COGS 和 OpEx 線的下降。

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.

我們正在走上正軌，只是為了領先於您的下一個問題。我們正在通過重組討論節省 10 億美元的資金。這繼續順利。在這一點上，幾乎所有這些都已經過去了。但是有一些與去年同期相比的因素正在影響我們今年的支出率 - 對於即將到來的這個季度。

Ittai Kidron from Oppenheimer.

來自奧本海默的 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，祝你在新職位上好運。我想我有幾個問題。一是企業訂單下降9%。查克，你能給我們多一點顏色嗎？與其他人相比，這似乎有很大的滯後？您預計什麼時候會正常化和改善？

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?

然後也許是第二個問題，對你來說更像是一個更大的問題，查克。這顯然是非常艱難的一年。也許你可以給我們多一點——你在這裡對公司的更大的看法。與一年前進入大流行病之前的思科相比，思科現在和現在在運營、思考和前進的方式上有何不同？我正在嘗試了解所吸取的教訓以及它們是如何實施和影響公司的。我們應該如何以不同的方式看待你的未來？

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。一泰，謝謝。首先，我認為如果你看一下客戶群，我們會看到服務提供商、商業和公共部門都有所改善。我們看到企業有所改善，儘管同比仍然是負數。

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.

但我要告訴你的是，從垂直行業的角度來看，我們確實看到了未直接受到大流行影響的行業的積極行動。想想金融服務，想想製造業，想想技術服務。然後那些仍處於大流行之中的人繼續掙扎，酒店業、零售業、交通業、能源業。因此，我認為從這個角度來看，它讓我們有信心，當我們走出這件事時，那些因大流行而低迷的行業顯然會展望未來，也會復蘇。

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.

所以我們反思的另一件事是，當我們走出 2008 年的危機時，我們看到了商業領先，然後企業緊隨其後。這是一個非常好的跡象。從訂單的角度來看，上個季度美國商業業務增長了 6%，我認為這是一個不錯的反彈。顯然，全球這一比例為 1%。但看到積極的一面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，我認為我們已經談了很多關於為客戶提供消費靈活性的問題。在我之前的評論中，我實際上概述了我們都關注的 6 個戰略支柱。我想說的是，我們對我們在網絡規模空間取得的進展非常樂觀。我們繼續實現軟件收入，本季度為 36 億美元，其中 76% 來自軟件。而且我認為這只會增加。

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 6 大支柱，結合為我們的客戶提供更多的靈活性和消費選擇，以及繼續向軟件過渡以及繼續關注網絡規模和其他增長機會，是我們在未來 2 到 3 年內努力做的事情。

Paul Silverstein from Cowen and Company.

來自 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?

斯科特，你能告訴我們價格下降的速度是多少嗎？與此相關的是，關於公司在毛線和運營線的利潤率結構方面的彈性，甚至希望在可以推動該前沿的上行空間方面有更好的想法嗎？

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。定價組合確實符合我們在過去幾個季度所看到的情況。你會在下週看到這個，顯然，在 Q 中，但我會繼續給你數據點。第二季度為 1.6%，實際上比我們在第一季度看到的略好，實際上比我們在過去 4 個季度看到的略好。因此，第二季度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，毛利率會像往常一樣小幅反彈。我認為，我們對未來毛利率看法的部分因素是軟件和服務的更大組合的好處，因為我們現在所面臨的一些供應鏈問題在某種程度上抵消了我認為你沒有看到的問題僅來自我們，而是來自所有正在構建包含大量半導體的產品的人。

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.

所以我們正在做你希望我們在供應鏈方面做的事情。我們正在聯繫這方面的所有主要供應商。我們正在利用我們擁有的某種批量採購，將供應鏈進一步延伸，所有這些都是為了確保我們能夠保護客戶的貨物。因此，來自當前供應鏈的這些生產線有一點逆風 - 只是供應。

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.

斯科特，我相信供應鏈的評論是一個暫時性的問題，會過去的。如果我們看得更遠，假設一切都恢復正常，聽起來如果你把它排除在外，在某個時候應該會有一個積極的軌跡。

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.

我認為這是對的。我的意思是，我們已經討論了增加我們業務的百分比，並且您已經看到思科在增加來自軟件和服務的業務百分比方面做得非常好。顯然，這是以更高的利潤率實現的。

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.

斯科特，我有一個關於毛利率的問題要問你。我只是在檢查我的模型，我認為你本季度報告的 66.9% 實際上是我模型的歷史記錄。我認為它可以追溯到很久以前。所以祝賀你在這方面有了一個良好的開端。

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，我們應該如何考慮您想要加速並繼續向雲過渡的毛利率？當然，我們現在是否處於我們應該期望毛利率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望利潤率——結構性利潤率擴張伴隨著您的轉型？

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。同樣，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 年第二季度以來報告的最高毛利率。所以從這個角度來看你是對的。再一次，我只是 - 就長期而言，我預計未來幾個季度會有一些反彈，因為供應鏈擔心每個人都在半成品和輕微的基礎上製造產品逆風仍然來自記憶。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.

從長遠來看，隨著我們提高軟件和服務的組合，這應該會對毛利率產生積極影響。

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。你提到延長過渡期。您接下來要抓住什麼來發展產品組合，以增加您作為服務和基於雲的技術交付的份額？

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，是查克。我會拿那個。斯科特對他在很短的時間內創造了創紀錄的毛利率所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，確切地說，影響很大。所以我認為——當你看作為一種服務產品時，我們要做的是——我們正在獲取我們在核心企業產品組合中擁有的知識產權。我們提供了很多雲交付和雲管理的服務。想一想我們在多年來關於 Meraki 平台的整個討論中做了什麼，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 和雲安全等技術並將它們集成在一起並提供那些作為服務，坦率地說，是獨特的能力——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.

所以我認為這些是你會看到繼續前進的領域。除了 - 多年來我們已經虛擬化的任何東西，您現在可以將其作為服務提供，任何純軟件。因此，我們正在研究投資組合的各個方面。

Jeff KVaal from Wolfe Research.

來自 Wolfe Research 的 Jeff KVaal。

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。我想我希望能問兩個。首先，我想知道，您能否幫助我們更好地了解網絡規模進展中涉及的動態，您喜歡哪些產品線以及哪種類型的應用程序？那是 Silicon One 的故事嗎？其次，我只是想知道您是否可以幫助我們實現對公共部門優勢持久性的期望。

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。公共部門的持久性，我想對此有 2 條評論。顯然，美國和世界各地都在實施刺激措施，我認為這顯然會持續一段時間。這肯定有幫助。

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.

但我認為去年發生的另一件事是，各國已經意識到他們必須投資於基礎設施和數字基礎設施和技術，以便為未來的此類危機做好準備。因此，我認為儘管有刺激措施，但我認為我們在大流行後看到的支出將大於我們在大流行前看到的支出。事實上，鑑於過去幾年我們所看到的情況，其中一些國家已經得出結論，他們需要更多地依賴自己，而不是一些盟友。因此，他們正在從這個角度加強技術投資。所以我認為，一旦刺激措施結束，我仍然認為你會在未來幾年看到一個積極的部分。

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.

在網絡規模方面，我將花一點時間來解釋。事實上，我們今天提供的信息比我們已經提供的要多。在過去的幾年裡，你們中的許多人都聽我說這是一場馬拉松，我們有很多工作要做。在過去的 5 個季度中，我清楚地看到，我們的團隊在過去 5 年中所做的工作已經開始產生回報。因此，正如我在之前的評論中所說，本季度，我們的網絡規模產品組合實現了三位數的同比增長。前 4 個季度，我會告訴你增長率在 17% 到 74% 之間。因此，正如我們所討論的那樣，過去 5 個季度一直在上漲。

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，你問，我們正在出售我們於 2019 年 12 月宣布的 8000 系列。我們正在贏得 400 場演出的特許經營權。我們正在銷售一些矽。我們坦率地銷售我們的 Catalyst 9K。我們也正在出售其餘的投資組合。因此，相對於我們銷售的產品，它的基礎非常廣泛。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的角度來看它有多重要。我會告訴你，我們剛剛結束的上個季度，它占我們服務提供商部分的 25%。在過去的 4 個季度中，它平均佔 SP 細分市場的 21%。所以它已經到了有意義的地步。這就是為什麼我們今天決定提供更多信息的原因。

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.

同樣，這項業務，就像我們多年來討論的服務提供商業務一樣——將由大交易驅動、大客戶驅動，因此會有起伏不定的趨勢。但我認為，如果你在 4 個季度、6 個季度、8 個季度的過程中觀察它，它將會——它應該繼續是積極的。

Rod Hall from Goldman Sachs.

來自高盛的 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商訂單增長率為 5%。我認為上個季度出現了巨大的轉變。我想你只是給了我部分答案，查克。但是很好奇你是否可以用更多的顏色來挖掘它，是什麼驅動了它。只是有點出乎我的意料。

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，回到你，斯科特，關於外匯影響。你有什麼辦法可以為我們量化這些嗎？您能否幫助我們了解美元走勢如何影響收入同比增長以及利潤率？您可以幫助我們在那裡進行量化的任何事情。

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.

好吧，羅德，我要第一個。在 SP 領域，是的，如果你從訂單的角度來看我們在本季度看到的情況，我們看到有線電視正增長，約佔該領域的 15%。我們看到了網絡規模的三位數增長，佔該細分市場的 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出現下滑，大約佔業務的 60%。這主要是因為我們所處的 5G 階段。我們在全球擁有大約 35 個客戶，我們正在研究具有移動回程、編排和分組核心的 5G 解決方案。所以我們只是處於過渡的早期階段。而且我認為，正如我們在過去幾年中一直在說的那樣，當我們看到核心骨幹網建設時，SP 的特定子部分將開始為我們展示進步。好消息是我們正在看到正在構建回程的東西。我們看到了數據包核心決策的製定，這意味著核心網絡骨幹決策將被制定，而且我們正在 - 在網絡規模空間取得一些積極的成功將使我高度相信那些同樣的產品在服務提供商領域將是個好兆頭。

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部分。我們現在希望網絡規模取得成功，然後隨著 5G 建設的進行，這對我們來說可能是未來幾年的順風。

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，這是斯科特。關於外匯影響，如您所知，在大多數市場中，我們以美元定價。因此，外匯對收入的影響有限。但當然，隨著美元走軟，我們的員工遍布全球。顯然，您以當地貨幣支付給他們。因此，當您將其翻譯回去時，它已經 - 它在 OpEx 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，但只是為了讓你了解動態。這就是它的工作方式。它在第二季度給我們帶來了不利因素。

Tal Liani from Bank of America Securities.

美國銀行證券的 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，我將以一般方式提出要求。是什麼阻礙了 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？所以這很簡單。

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了解您的看法。當我們關注傳統交換機和路由器時，您能否討論一下您在接下來的 4 個季度或下一個日曆年看到的趨勢，變化在哪裡？意思是，與前 4 個季度相比，您看到哪些領域有所增加？

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，我要在開始之前要求對第二個問題進行澄清。那麼你是在談論企業領域嗎？或者你只是在談論從產品的角度來看，在接下來的幾個季度裡，我們對什麼感覺良好？

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

確切地。我試圖在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。所以關於 Acacia 的事情，我認為很清楚發生了什麼。我們沒有得到中國的批准。我們以為我們做到了。我們沒有及時得到它。所以我們重新談判價格，因為我們與他們的合同已經到期。坦率地說，他們在我們最初的交易和這筆交易之間的 18 個月內的表現非常驚人，所以價格不是不可能的。

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.

然後我們隨後獲得了中國的批准，我認為，斯科特，老實說，但我認為他們必須獲得股東批准和代理人。所以我們期望那應該發生。它會在第三季度發生，Tal。這樣中國的批准就完成了。沒有更多的批准可以得到。目前僅取決於股東投票。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，讓我簡單地瀏覽一下投資組合，然後我會告訴你我現在對所有事情的感受。所以我認為 - 如果你看看大規模基礎設施，服務提供商組合，無論你想怎麼稱呼它，8000 在哪里以及為 5G 和 400-gig 建造的其他一些東西規模數據中心，我認為投資組合的狀況非常好。我希望它能成為一個非常積極的貢獻者，不僅在明年，而且在接下來的 2 到 3 年。

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 - 上個季度我們看到對 WiFi 6 的需求顯著增長。只是為了給你一個我們沒有在任何地方透露的數據點，但我們有 - 我認為我們上個季度的 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 上施加大量負載時，就像 WiFi 6 將要容納的那樣，它將需要底層基礎設施升級來容納它。如果再加上這些，當這些客戶回到辦公室並將視頻放在每個會議室並繼續使用他們在大流行期間使用視頻的方式時，視頻負載可能會持續下去，我們認為那也將是一個驅動程序。所以我認為我們擁有 Catalyst 9K 產品組合，WiFi 6 產品組合，我們也感覺不錯。

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 技術繼續向前發展。我們在那裡看到了良好的增長。而且我認為，當我們將該技術作為與我們的雲安全集成的服務提供時，我認為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，團隊正在研究幾個非常不同的戰略軌道。我想說我們需要——我想說我們還需要 6 個月左右的時間來了解情況如何發展。但我對他們計劃做的事情感覺很好。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 平台帶來的成果上做得非常出色。

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.

同樣，您必須記住在應用程序空間中——可能有一種觀點，當它沒有按照您想像的方式運行時——您必須記住，所有手機也都包含在該空間中。因此，正如 Scott 所說，儘管 WebEx 增長了兩位數，但您也受到了其中的手機業務的拖累。但我認為 WebEx 的工作和創新的步伐、功能速度、他們正在關注的套件方面，我認為團隊做得非常好。而且我認為在明年，你會看到我們實際上 - 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棧可觀察性之類的東西，這有點新生。我們正在研究我們的邊緣服務戰略，這有點新生。但我覺得團隊——我認為投資組合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?

Chuck，只是想看看您是否可以在這裡更深入地了解安全領域的需求驅動因素，特別是您如何看待客戶對最近圍繞 SolarWinds 發生的事件的反應。如果我們期望這裡的安全領域會出現更多勢頭，那還會有更多勢頭嗎？特別是，我們應該期望需求更多的是硬件還是軟件？

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。我認為我們在該產品組合中看到的是我們在網絡防火牆和雲安全方面實際上有一個非常好的季度。因此，在整個投資組合中，這是一個很好的季度。而且我認為你會看到我們正處於早期階段，我認為，你會從 SolarWinds 擴建中看到任何積極影響，因為大多數客戶都在評估我在哪裡，我錯過了什麼，我需要什麼，是什麼讓我錯過了我錯過的。然後他們將從那裡搬走。所以我認為我們現在正處於其中，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.

但它一直是——從大流行的早期開始，當我們看到 VPN 技術被盡可能多地吸收，然後是網絡防火牆，然後將其與雲安全結合起來時，它只是——感覺客戶是消耗他們現在可以消耗的任何安全性，以試圖避免這種情況。所以我認為，這將繼續對我們有利。

Simon Leopold with Raymond James & Associates.

西蒙·利奧波德與雷蒙德·詹姆斯 & Associates。

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，然後再問一個主題性的。希望在簡單的一面，只是想知道供應鏈的限制，您獲得組件的能力，是否會在本季度損失您的任何收入，是否可以量化。

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，也許你可以幫助我了解你如何看待校園環境的發展。因為聽起來您強調了一些積極因素，重新開始工作，Cat 9K 週期中的長腿，WiFi 聽起來不錯，但我不得不想像也有一些抵消，也許沒有那麼多人回去工作，遺留產品翻滾。如果你能在校園里長期發生的事情上架起一座橋樑就好了。

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

好的。斯科特，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。我們並沒有真正看到對我們在第二季度推出產品的能力有任何影響。該團隊一直處於供應鏈場景的頂端，並且如您所知，整個季度都在不斷發展。當我們展望第三季度時，這已被納入我們的指南，無論是在我們對收入和毛利率的預期中。但它確實不是 - 至少在第二季度，它對我們來說並不是一個重大的逆風。

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 - 我認為肯定有一些未知數，而且它肯定很複雜，但我認為團隊在導航方面做得很好，並且它已內置在指南中。

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，我認為我所描述的實際上是我對大多數客戶的期望。我認為，西蒙，你問的問題是一個哲學討論，當客戶回來時，我們有很多討論，它會是什麼樣子？會有更多員工待在家裡嗎？這是否意味著他們要縮小他們的足跡？ COVID 是否與我們同在？人們現在是否相信他們想要——他們想要在辦公室裡保持一定的社交距離，即使是在 COVID 之後，直到我們真正擺脫它為止？這是否意味著您需要更多的足跡？共享空間的未來是什麼？員工進入並坐在前一天其他人佔用的共享空間中是否舒服，或者他們進來時是否想要自己的空間以便他們感到安全？

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.

我認為這些是我們不理解的事情。但如果我把它排除在外，我不認為 - 就個人而言，這是我自己的意見，基於客戶討論和其他一切。我不認為早期對大流行病的一些看法是，早期沒有人會回到辦公室，因為我們實際上在家裡很有生產力。我認為我們有點進入了人們實際上在精神上掙扎的階段。人們 - 這是 - 他們不喜歡它。我們的一位員工前幾天對我說，我不介意在家工作的選擇。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.

所以我真的相信這將是混合的，人們將在家工作。每個人都在這裡登陸，他們每週在家工作 3 天，然後每週在辦公室工作 2 天，反之亦然。問題是，基於員工對空間問題的擔憂、對未來流行病的擔憂或其他擔憂，這會給客戶帶來什麼樣的便利？那是我們還不知道的。

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.

但我確實相信，根據我們在 WiFi 6 中看到的情況，這告訴我客戶已經做好準備。他們現在正在升級無線基礎設施。在商業領域，我們已經看到了相當多的後續轉換。希望我們能在本季度之後的企業領域看到這一點。

Tim Long from Barclays.

巴克萊銀行的蒂姆·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。二，如果我也可以的話。首先，也許 Chuck，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許可證到期時會產生什麼影響。那是什麼樣的影響呢？我們在那兒是什麼樣的局？

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，關於雲業務。好奇你在那裡贏了誰。這是針對您的傳統競爭對手嗎？您是否開始從白盒中看到任何贏回，或者您只是在服務於限制白盒與雲客戶群的關係？

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.

蒂姆，謝謝。所以在 Cat 9K 上，我認為我會考慮它的方式是許可證 - 我認為你真的在問那件作品的更新方面，這在本財政年度並不重要。而且我想我之前在幾個電話中說過，這真的很好，今年的規模，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，所有這些都是因為它在 22 財年有意義.因此，團隊現在正在努力工作，試圖領先於此並為此做好準備。

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.

在雲方面，我要說的是，當我們在 2019 年 12 月宣布推出時，我們是互聯網發布的未來。我們談到我們會 - 我們會出售我們的客戶系統，集成系統。我們會賣給他們矽或者我們會賣給他們白盒，我的意思是，對不起，我們的軟件。我們現在實際上正在上演所有這 3 種情況。所以我們有客戶在我們的系統上標準化了 400 gig。我們有客戶正在測試我們的矽片，並將其實際放入白盒中，這是我們希望他們做的。

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件上運行我們的軟件堆棧。所以 - 以及我們正在與之競爭的人，他們對你來說是顯而易見的，除非我把他們叫出來。我認為這些是在該領域取得成功的傳統參與者。多年前我們就錯過了第一波浪潮這一事實談了很多，我們將努力工作，以便在 400 兆轉換發生時處於有利位置，並努力重新進入並贏回業務，我認為團隊已經開始這樣做了。所以我真的為他們所做的感到自豪。

Sami Badri from Crédit Suisse.

瑞士信貸銀行的 Sami Badri。

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.

我現在能聽到你了。我們以前聽不到你的聲音。

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。對於那個很抱歉。第一個問題是給 Chuck 的。我認為在這次電話會議中沒有提到的一件事是關於 5G 的任何事情。在電信 5G 週期的大約第 3 年，此時，很多人只是想了解對設備供應鏈的真正影響是什麼，以及這些電信提供商將如何使用來自不同供應商的設備。

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.

然後另一個問題是給斯科特的。您確實有一些併購已經在第三財季完成，並且預計其他交易將在第三財季完成。該指南是否包括收購收入或無機收入？如果你準備好給我們一個有機與無機的突破，那將是有幫助的。

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5G。我想你現在看到的是我們大多數致力於 5G 的客戶，他們一直在建設無線電網絡，他們一直在建設分組核心功能，他們一直在建設移動回程。在許多情況下，他們正在運行這些混合的 4G、5G 骨幹網，但在某些情況下，您喜歡已經構建的獨立 5G 網絡。

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?

在那種情況下，我們肯定會參與其中的數據包核心、移動回程和一些編排元素。我們相信，在接下來的幾年裡，隨著這些供應商開始構建獨立的 5G 骨幹網，並且在許多情況下提供企業服務，他們將在核心升級方面做出決策以支持帶寬以及將加載這些網絡的流量。我認為那是我們相信我們會看到這一點的時候——5G 擴建帶來的大部分好處。這就是我們現在所處的位置。根據這些網絡在這些網絡生命週期中所處的位置，我們在我們參與的領域取得了良好的成功。斯科特，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，我們確實在第二季度完成了幾筆收購，但它們都很小，具有戰略意義，但在增加第三季度指南方面沒有意義。我們有一些更有意義的，我們確實希望在本季度關閉。顯然，相思會很有意義。我們有 IMMobile，我們預計將在本季度關閉，這將對指南產生一定程度的影響。在這一點上，這些都沒有考慮在內。

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，當我們關閉它們時——在這一點上，它們何時關閉還不確定，這就是為什麼它們目前沒有被納入指南的原因。當這些關閉時，我們將讓您深入了解我們對他們的期望。

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，我要感謝大家今天花時間和我們在一起。再一次，希望每個人在我們努力工作時都能保持安全，我們都希望這是複甦的開始。而且我認為，從商業角度來看，我們仍然認為我們正處於復甦之中，這讓我們非常樂觀。

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.

我為我們的團隊所做的一切感到自豪。我為我們在這個複雜時期所建立的創新感到自豪。我們將在 3 月底推出 Cisco Live，屆時我們將宣布很多創新。基於這一點以及我們看到的一些表現以及我們業務的持續改善，我對我們度過這場大流行病的現狀仍然相當樂觀。因此，我們期待在下一次電話會議上與大家交談。瑪麗蓮，我會把它還給你。

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。思科的下一個季度收益電話會議將於 2021 年 5 月 19 日星期三下午 1:30 召開，這將反映我們 2021 財年第三季度的業績。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個投資者會議上展示和主持會議，包括明天的高盛技術和互聯網會議。

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，我想提醒聽眾，根據 FD 條例，思科的政策是不評論其本季度的財務指導，除非通過明確的公開披露來完成。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，可以撥打 1 (800) 391-9851。對於來自美國境外的參與者，請撥打 (203) 369-3268。今天的電話會議到此結束。此時您可以斷開連接。