思科 (CSCO) 2021 Q1 法說會逐字稿

Welcome to Cisco's First 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 財年第一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。

Thanks, Michelle. Welcome, everyone, to Cisco's First 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 Kelly Kramer, our CFO.

謝謝，米歇爾。歡迎大家參加思科 2021 財年第一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；和我們的首席財務官 Kelly Kramer。

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.

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。

As is customary, in Q1, we have made certain reclassifications to prior period amounts to conform to the current period's presentation. 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. Throughout this conference call, we will be referencing both GAAP and non-GAAP financial results and will 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.

按照慣例，在第一季度，我們對前期金額進行了某些重新分類，以符合本期的列報。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。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 second 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 report on Form 10-K, which identifies 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 財年第二季度提供的指導意見。它們受風險和不確定性的影響，包括我們在文件中詳細討論的 COVID-19向美國證券交易委員會提交，特別是關於 10-K 表格的最新報告，該報告確定了可能導致實際結果與前瞻性陳述中包含的結果大不相同的重要風險因素。

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

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

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

有了這個，我現在把它交給查克。

Thanks, Marilyn. First, I want to start off by saying I hope everyone is safe and healthy. I also want to thank our employees for their dedication to our customers and their relentless focus on innovation.

謝謝，瑪麗蓮。首先，我想首先說我希望每個人都安全健康。我還要感謝我們的員工，感謝他們對客戶的奉獻和對創新的不懈關注。

Cisco is off to a solid start in fiscal 2021, and I am proud of these results. Our teams are executing with excellence, and we continue to make steady progress on our shift to a software and subscription-driven model. We are encouraged by the signs of improvement in our business as we continue to navigate the pandemic and other macro uncertainties. Our focus is on winning with a differentiated innovation portfolio, long-term growth and being a trusted technology partner for our customers.

思科在 2021 財年開局良好，我為這些結果感到自豪。我們的團隊執行卓越，我們在向軟件和訂閱驅動模型的轉變中繼續取得穩步進展。隨著我們繼續應對大流行病和其他宏觀不確定性，我們的業務有所改善的跡象令我們感到鼓舞。我們的重點是通過差異化的創新組合、長期增長和成為客戶值得信賴的技術合作夥伴來取勝。

Over the last few quarters, we've successfully adjusted to new demands by making necessary changes in shifts within our business. We remain closely aligned with our customers to provide them with the mission-critical technology they need to stay resilient and move towards adopting new hybrid work models. In fact, we see many great opportunities ahead as every company and every industry is accelerating its digital-first strategy. Our customers are rethinking how they support and serve their customers and their employees. They need speed, agility and simplicity.

在過去的幾個季度裡，我們通過對業務的轉變進行必要的調整，成功地適應了新的需求。我們與客戶保持緊密聯繫，為他們提供保持彈性並轉向採用新的混合工作模式所需的關鍵任務技術。事實上，隨著每家公司和每個行業都在加速其數字優先戰略，我們看到了許多巨大的機遇。我們的客戶正在重新考慮他們如何支持和服務他們的客戶和員工。他們需要速度、敏捷性和簡單性。

Many customers have shared with me that they are compressing years of work into just a few months. This is why we are driving new innovation that helps our customers connect, secure and automate their environments at a faster pace than ever before. With the right technology and tools, we can be even more effective and productive, and that's what we intend to deliver for our customers. Going forward, we are focused on building innovation that helps our customers and Cisco thrive in a hybrid cloud world.

許多客戶與我分享他們正在將多年的工作壓縮到短短幾個月內。這就是為什麼我們正在推動新的創新，幫助我們的客戶以前所未有的速度連接、保護和自動化他們的環境。借助正確的技術和工具，我們可以變得更加有效和富有成效，而這正是我們打算為客戶提供的。展望未來，我們專注於構建創新，幫助我們的客戶和思科在混合雲世界中蓬勃發展。

As we think about the next few years, there are 6 key areas we are focused on. First is delivering optimized application experiences for our customers. The application is the lifeline for all organizations and is increasingly how end users access their products and consume their services. Second is continuing to deliver the secure networking capabilities that Cisco is trusted for as a service, offering even greater simplicity and automation. The third area is focused on helping communications providers succeed with significant architectural transitions like 400 gig and 5G. These will be done with a combination of our software assets, silicon and optics capabilities as well as complete integrated systems. We will deliver these technologies on-prem as well as from the cloud.

考慮到未來幾年，我們將重點關注 6 個關鍵領域。首先是為我們的客戶提供優化的應用程序體驗。應用程序是所有組織的生命線，並且越來越成為最終用戶訪問其產品和使用其服務的方式。其次是繼續提供思科值得信賴的安全網絡功能作為服務，提供更大的簡單性和自動化。第三個領域專注於幫助通信提供商成功實現 400 gig 和 5G 等重大架構轉型。這些將通過結合我們的軟件資產、矽和光學能力以及完整的集成系統來完成。我們將在本地和雲端提供這些技術。

Fourth is accelerating the future of work. As many enterprises look to adopt new hybrid work models with more remotely distributed workers than before, we are focused on helping them deliver consistent experiences, whether working remotely or in the office, from connectivity to collaboration to security. Fifth is supporting our customers with their mission of securing everything they do. We will continue to deliver the end-to-end intelligent security architecture designed to keep their data private and their people secure. And the final area is around developing edge technologies that allow application developers to run distributed applications while securely accessing and managing distributed data. We believe that these key areas will drive our growth and success over the coming years.

四是加速未來工作。由於許多企業希望採用新的混合工作模式，讓更多的遠程分佈式員工比以前更加分散，我們專注於幫助他們提供一致的體驗，無論是遠程工作還是在辦公室工作，從連接到協作再到安全。第五是支持我們的客戶履行保護他們所做的一切的使命。我們將繼續提供端到端的智能安全架構，旨在保護他們的數據隱私和人員安全。最後一個領域是圍繞開發邊緣技術，使應用程序開發人員能夠在安全訪問和管理分佈式數據的同時運行分佈式應用程序。我們相信，這些關鍵領域將推動我們在未來幾年的發展和成功。

Now let me share more on our Q1 results. As I mentioned earlier, we saw encouraging signs of improvement in certain areas of our business. Some large customers who are already in the midst of modernizing their infrastructure continue to do so, as we've seen with the ongoing success of the Catalyst 9000. Webex, our security solutions and business resiliency offers, also saw strong growth as our customers are trusting us with their most critical projects. We are succeeding in transforming our business model with 78% of our software revenue now sold as a subscription, and we saw double-digit growth in our deferred product revenue.

現在讓我分享更多關於我們第一季度的結果。正如我之前提到的，我們在業務的某些領域看到了令人鼓舞的改善跡象。正如我們在 Catalyst 9000 的持續成功中所看到的那樣，一些已經在對其基礎設施進行現代化改造的大客戶繼續這樣做。Webex，我們的安全解決方案和業務彈性產品，也看到了強勁的增長，因為我們的客戶是將他們最關鍵的項目委託給我們。我們正在成功地轉變我們的商業模式，我們 78% 的軟件收入現在以訂閱形式出售，而且我們的遞延產品收入實現了兩位數的增長。

As I mentioned on the last call, you will see us deliver more of our technology as a service to provide more choice and flexibility across our entire portfolio. Our new technology pipeline remains strong as we continue to accelerate our pace of innovation. At our recent Partner Summit, we introduced a number of new technology solutions that help our customers adapt, accelerate and simplify their operations through new agile automation platforms.

正如我在上次電話會議中提到的，您將看到我們將更多的技術作為服務提供，以在我們的整個產品組合中提供更多選擇和靈活性。隨著我們繼續加快創新步伐，我們的新技術管道仍然很強大。在我們最近的合作夥伴峰會上，我們推出了許多新技術解決方案，幫助我們的客戶通過新的敏捷自動化平台調整、加速和簡化他們的運營。

Relative to our infrastructure platforms, our Cat 9K family of switches and Meraki cloud-based platforms continued to perform well as our customers build highly secure, resilient and scalable networks as the foundation for their digital strategies. Our customers are also increasingly running applications across multiple cloud environments, and this requires next-generation architectures with automation, security and insights.

相對於我們的基礎設施平台，我們的 Cat 9K 系列交換機和 Meraki 基於雲的平台繼續表現良好，因為我們的客戶構建高度安全、有彈性和可擴展的網絡作為其數字戰略的基礎。我們的客戶也越來越多地在多個雲環境中運行應用程序，這需要具有自動化、安全性和洞察力的下一代架構。

We recently announced new cloud and SD-WAN platform innovations to help our customers connect, secure and automate across their hybrid environments with greater visibility into their applications. We are making great strides with our web-scale customers with our fourth consecutive quarter of strong double-digit growth. This reflects their belief in our strategy going forward and their ongoing commitment to invest with us to build out their future architectures.

我們最近宣布了新的雲和 SD-WAN 平台創新，以幫助我們的客戶在他們的混合環境中連接、保護和自動化，並更好地了解他們的應用程序。我們連續第四個季度實現強勁的兩位數增長，與我們的網絡規模客戶取得了長足進步。這反映了他們對我們未來戰略的信念，以及他們對與我們一起投資以構建他們未來架構的持續承諾。

We also continue to help our customers operate in a multi-cloud environment and optimize our overall cloud experience. In Q1, we extended these capabilities through Cisco's Cloud OnRamp solutions, which deeply integrate cloud services from AWS, Google and Microsoft to better enable end-to-end visibility and manageability of their distributed applications.

我們還將繼續幫助我們的客戶在多雲環境中運營並優化我們的整體雲體驗。在第一季度，我們通過思科的 Cloud OnRamp 解決方案擴展了這些功能，該解決方案深度集成了來自 AWS、谷歌和微軟的雲服務，以更好地實現分佈式應用程序的端到端可見性和可管理性。

In security, we delivered another solid quarter of growth driven by our broad cloud-native portfolio. SecureX, which offers a simplified security experience, saw strong adoption as it has been deployed across more than 4,000 organizations since it became globally available in June. As our customers' employees remain working from home, they are looking to bolster their existing security efforts with unified user and end point protection. We continue to benefit from the shift to cloud-based security capabilities and had robust growth in our secure remote worker offer that includes Duo, Umbrella and AnyConnect.

在安全方面，我們在廣泛的雲原生產品組合的推動下實現了又一個穩健的增長季度。 SecureX 提供簡化的安全體驗，自 6 月在全球推出以來，已在 4,000 多個組織中部署，因此得到了廣泛的採用。由於我們客戶的員工仍然在家工作，他們希望通過統一的用戶和端點保護來加強現有的安全工作。我們繼續受益於向基於雲的安全功能的轉變，並且我們的安全遠程工作者產品（包括 Duo、Umbrella 和 AnyConnect）實現了強勁增長。

Our customers are also looking for highly secure, high-speed, low-latency connectivity to the Internet. This is leading to the convergence of networking and security services in the cloud to securely connect any user or device to any application to provide the best experience. Our world-class security team recently delivered new innovations, including Extended Detection and Response, Zero Trust and Secure Access Services Edge. By combining our leading solutions, SD-WAN and Umbrella, with our new secure Internet gateway capabilities, our customers can deploy solutions to enable their users to simply and securely access cloud workloads and SaaS applications.

我們的客戶也在尋找高度安全、高速、低延遲的互聯網連接。這導致了雲中網絡和安全服務的融合，可以將任何用戶或設備安全地連接到任何應用程序，從而提供最佳體驗。我們世界一流的安全團隊最近推出了新的創新，包括擴展檢測和響應、零信任和安全訪問服務邊緣。通過將我們領先的解決方案 SD-WAN 和 Umbrella 與我們新的安全互聯網網關功能相結合，我們的客戶可以部署解決方案，使他們的用戶能夠簡單、安全地訪問云工作負載和 SaaS 應用程序。

Moving to our Collaboration portfolio. Business continuity and resiliency remain top of mind for our customers. Organizations are focused on creating flexible work environments to drive productivity while ensuring their employees remain safe. The future of work will be a hybrid model, with employees both in the office and at home, and we are leading in this area. Our Collaboration portfolio is empowering organizations and teams to be more productive and secure as they adapt to new business, health care and learning models. We are providing seamless collaboration with anyone anywhere while enabling consistent experiences for hybrid workplaces and continuing our leadership in security.

轉到我們的協作產品組合。業務連續性和彈性仍然是我們客戶的首要考慮因素。組織專注於創建靈活的工作環境以提高生產力，同時確保員工安全。未來的工作將是一種混合模式，員工既可以在辦公室也可以在家辦公，而我們在這一領域處於領先地位。我們的協作產品組合使組織和團隊能夠在適應新的業務、醫療保健和學習模式時提高工作效率和安全性。我們正在提供與任何地方的任何人的無縫協作，同時為混合工作場所提供一致的體驗並繼續我們在安全方面的領導地位。

Cisco Webex saw significant increased usage and solid adoption as customers look to us for a flexible work solution that also enables privacy and security. Whether at home or in the office, our customers need a solution that brings together meetings, calling, file sharing and messaging with a simple and highly secure user experience. Last month alone, Webex had nearly 600 million participants, almost double the number we had in March.

Cisco Webex 的使用率和採用率顯著提高，因為客戶希望我們提供靈活的工作解決方案，同時還能實現隱私和安全性。無論是在家裡還是在辦公室，我們的客戶都需要一種解決方案，將會議、通話、文件共享和消息傳遞與簡單且高度安全的用戶體驗結合在一起。僅上個月，Webex 就有近 6 億參與者，幾乎是 3 月份人數的兩倍。

We recently launched new return-to-office solutions that provide actionable workplace analytics with Webex Room Navigator and integrated collaboration device sensors that help ensure a safe working environment. We are also accelerating our innovation with new offerings such as Webex Legislate to keep critical functions of global governments running along with capabilities like breakout rooms, virtual huddle spaces and noise cancellation. We are reimagining every aspect of the Collaboration experience with built-in AI technology, security and integrated workflow applications to create a more intelligent work environment and to improve productivity.

我們最近推出了新的重返辦公室解決方案，通過 Webex Room Navigator 和集成協作設備傳感器提供可操作的工作場所分析，有助於確保安全的工作環境。我們還通過 Webex Legislate 等新產品加速我們的創新，以保持全球政府的關鍵職能與分組討論室、虛擬會議空間和噪音消除等功能一起運行。我們正在通過內置的 AI 技術、安全性和集成的工作流應用程序重新構想協作體驗的各個方面，以創建更智能的工作環境並提高生產力。

Lastly, AppDynamics. Our customers are moving to highly distributed cloud-native applications, which require greater observability in insights. By combining AppDynamics and ThousandEyes, our cloud-based networking and monitoring platform, we are delivering full-stack observability to help our customers better manage their applications and improve their digital experiences through end-to-end visibility, deep insights and automated action.

最後，AppDynamics。我們的客戶正在轉向高度分佈式的雲原生應用程序，這需要更高的洞察力可觀察性。通過結合 AppDynamics 和我們基於雲的網絡和監控平台 ThousandEyes，我們正在提供全棧可觀察性，以幫助我們的客戶更好地管理他們的應用程序，並通過端到端的可見性、深刻的洞察力和自動化行動改善他們的數字體驗。

Now I want to share more on our CFO transition. On our last call, I shared that our CFO, Kelly Kramer, had decided to retire from Cisco. Today, I'm excited that Scott Herren will be joining Cisco as our new Executive Vice President and Chief Financial Officer beginning December 18.

現在我想分享更多關於我們 CFO 過渡的信息。在我們上次通話中，我分享了我們的首席財務官 Kelly Kramer 決定從思科退休的消息。今天，我很高興 Scott Herren 將於 12 月 18 日加入思科，擔任我們的新執行副總裁兼首席財務官。

Most recently, Scott served as a CFO for Autodesk. He brings an incredible background in software and helped lead Autodesk's successful business model transformation from perpetual licenses to SaaS and subscription software. As we continue our strong progress on our business model shift and sell more of our solutions as a service, Scott's depth of expertise in this area will help us accelerate our transition. He also has strong experience operating in complex global business environments at scale and a track record of profitable business growth, focused team building and prudent financial controls. I have no doubt that he will contribute to and foster the culture we are also proud of here at Cisco.

最近，Scott 擔任 Autodesk 的首席財務官。他擁有令人難以置信的軟件背景，並幫助領導 Autodesk 成功地將商業模式從永久許可轉變為 SaaS 和訂閱軟件。隨著我們在業務模式轉變方面繼續取得重大進展，並將更多的解決方案作為服務銷售，Scott 在這一領域的專業知識深度將幫助我們加速轉型。他還擁有在復雜的全球商業環境中大規模運營的豐富經驗，以及盈利業務增長、專注的團隊建設和審慎的財務控制的記錄。我毫不懷疑他將為我們在思科引以為豪的文化做出貢獻並加以培育。

I want to thank Kelly once again for being such a great partner and for the role she has played in our transition. We will certainly miss her, but we're very excited to have Scott in his role and as part of our team.

我想再次感謝凱利成為如此出色的合作夥伴以及她在我們的過渡中發揮的作用。我們當然會想念她，但我們很高興斯科特能擔任他的職務並成為我們團隊的一員。

In summary, we are encouraged by the start to the year. I'm proud of our progress, both in our own transformation and in how we are empowering customers to accelerate their own digital strategies. We have a clear vision and strategy, and I feel very good about our portfolio and the innovation we are driving. Our customers want partners they can trust as well as choice and flexibility in how they purchase, consume and implement technology based on their own individual needs. These anchors of trust, innovation and choice are core to who we are in Cisco.

總而言之，我們對今年的開局感到鼓舞。我為我們的進步感到自豪，無論是在我們自身的轉型方面，還是在我們如何幫助客戶加速他們自己的數字戰略方面。我們有清晰的願景和戰略，我對我們的產品組合和我們正在推動的創新感到非常滿意。我們的客戶需要他們可以信任的合作夥伴，以及他們根據自己的個人需求購買、使用和實施技術的選擇和靈活性。這些信任、創新和選擇的支柱是我們在思科的核心。

As we focus on growing our business, we remain guided by our purpose to power an inclusive future for all. We know that pervasive access to technology and connectivity directly impacts economic growth and enables key core human needs like health care and education. We know that technology can help solve some of the world's biggest challenges, and we are more committed than ever to building an inclusive future in which everyone can thrive.

在我們專注於發展業務的同時，我們始終以我們的目標為指導，為所有人創造一個包容的未來。我們知道，技術和連通性的普及可直接影響經濟增長，並滿足醫療保健和教育等關鍵的核心人類需求。我們知道技術可以幫助解決世界上一些最大的挑戰，我們比以往任何時候都更加致力於建設一個人人都能茁壯成長的包容性未來。

I'll now turn it over to Kelly.

我現在把它交給凱利。

Thanks, Chuck. I also want to congratulate Scott on his new role. I've had the chance to spend some time with him, and I'm super excited. I think this is a very positive news for Cisco, and he will be a great addition to the team. Also, thanks to you, Chuck. It's been a great time working with you over the years.

謝謝，查克。我還要祝賀斯科特擔任新職務。我有機會和他一起度過一段時間，我非常興奮。我認為這對思科來說是一個非常積極的消息，他將成為團隊的重要補充。還有，謝謝你，查克。多年來與您共事非常愉快。

Now let me provide a summary of our financial results for the quarter, followed by guidance for Q2. Our overall Q1 must reflect good execution with strong margins in a challenging environment. Total revenue was $11.9 billion, down 9% year-over-year. Our non-GAAP operating margin rate was 32.7%, down 0.9 points. Non-GAAP net income was $3.2 billion, down 11%. And non-GAAP EPS was $0.76, down 10%.

現在讓我總結一下我們本季度的財務業績，然後是第二季度的指導。我們的整體第一季度必須反映出在充滿挑戰的環境中良好的執行力和強勁的利潤率。總收入為 119 億美元，同比下降 9%。我們的非美國通用會計準則營業利潤率為 32.7%，下降 0.9 個百分點。非 GAAP 淨收入為 32 億美元，下降 11%。非 GAAP 每股收益為 0.76 美元，下降 10%。

Let me provide more detail on our Q1 revenue. Total product revenue was down 13% to $8.6 billion. Infrastructure Platforms was down 16%. As a reminder, this is the product area most impacted by the COVID environment. We saw declines across switching, routing, data center and wireless driven primarily by the weakness we saw in the enterprise and commercial markets. We continue to see growth of the Cat 9K and the ramp of our Wi-Fi 6 products. Data center revenue declined driven by servers.

讓我提供有關我們第一季度收入的更多詳細信息。產品總收入下降 13% 至 86 億美元。基礎設施平台下降了 16%。提醒一下，這是受 COVID 環境影響最大的產品領域。我們看到交換、路由、數據中心和無線業務的下滑主要是由於我們在企業和商業市場中看到的疲軟。我們繼續看到 Cat 9K 的增長和我們 Wi-Fi 6 產品的增長。服務器帶動數據中心收入下降。

Applications was down 8%. We did continue to see strong growth in Webex with the importance of remote working. This was offset by declines in Unified Communications and TelePresence end points. Security was up 6%. Our Cloud Security portfolio performed well with strong double-digit growth and continued momentum with our Duo and Umbrella offerings. Service revenue was up 2% driven by growth in our maintenance business as well as support services. We continue to transform our business, delivering more software offerings and driving more subscriptions. Software subscriptions were 78% of total software revenue, up 7 points year-on-year.

申請下降了 8%。隨著遠程工作的重要性，我們確實繼續看到 Webex 的強勁增長。這被統一通信和網真端點的下降所抵消。安全性上漲了 6%。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。受維護業務和支持服務增長的推動，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。軟件訂閱佔軟件總收入的 78%，同比增長 7 個百分點。

Remaining Performance Obligations, or RPO, at the end of Q1 were $27.5 billion, up 10%. RPO for product was up 15%, and service was up 8%. The continued growth in RPO demonstrates the strength of our portfolio in software and services. In terms of orders in Q1, total products orders were down 5%. Looking at our geographies, the Americas was down 5% and EMEA was down 1% and APJC was down 14%. Total emerging markets were down 15%, with the BRICs plus Mexico down 19%. In our customer segments, Public Sector was up 5%, Enterprise was down 15%, Commercial was down 8% and Service Provider was down 5%.

第一季度末剩餘履約義務 (RPO) 為 275 億美元，增長 10%。產品的 RPO 增長了 15%，服務增長了 8%。 RPO 的持續增長證明了我們在軟件和服務方面的實力。在第一季度的訂單方面，產品訂單總量下降了 5%。從我們的地理位置來看，美洲下降了 5%，EMEA 下降了 1%，APJC 下降了 14%。新興市場總量下降了 15%，金磚四國加上墨西哥下降了 19%。在我們的客戶群中，公共部門增長 5%，企業下降 15%，商業下降 8%，服務提供商下降 5%。

From a non-GAAP profitability perspective, total Q1 gross margin was 65.8%, down 0.1 points; product gross margin was 65.3%, down 0.8 points; and service gross margin was 67.1%, up 1.7 points year-over-year. In terms of the bottom line from a GAAP perspective, Q1 net income was $2.2 billion, and EPS was $0.51. GAAP results include restructuring charges of $602 million related to the plan we announced in Q1. We ended Q1 with total cash, cash equivalents and investments of $30 billion. Operating cash flow was $4.1 billion, up 14%. From a capital allocation perspective, we returned $2.3 billion to shareholders during the quarter that was comprised of $0.8 billion of share repurchases and $1.5 billion for our quarterly dividend.

從非美國通用會計準則盈利能力來看，Q1總毛利率為65.8%，下降0.1個百分點；產品毛利率為65.3%，同比下降0.8個百分點；服務毛利率為67.1%，同比上升1.7個百分點。從 GAAP 的角度來看，第一季度淨收入為 22 億美元，每股收益為 0.51 美元。 GAAP 結果包括與我們在第一季度宣布的計劃相關的 6.02 億美元重組費用。第一季度末，我們的現金、現金等價物和投資總額為 300 億美元。經營現金流為 41 億美元，增長 14%。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 8 億美元的股票回購和 15 億美元的季度股息。

Let me reiterate our guidance for the second quarter of fiscal '21. This guidance is subject to the disclaimer regarding forward-looking information that Marilyn referred to earlier. We expect revenue to be in the range of flat to minus 2% year-over-year. We anticipate the non-GAAP gross margin rate to be in the range of 64% to 65%. The non-GAAP operating margin rate is expected to be in the range of 32% to 33%, and the non-GAAP tax provision rate is expected to be 19%. Non-GAAP earnings per share is expected to range from $0.74 to $0.76.

讓我重申我們對 21 財年第二季度的指導。本指南受 Marilyn 先前提到的前瞻性信息免責聲明的約束。我們預計收入將同比持平至負 2%。我們預計非美國通用會計準則毛利率將在 64% 至 65% 的範圍內。非 GAAP 營業利潤率預計在 32% 至 33% 之間，非 GAAP 稅收撥備率預計為 19%。非 GAAP 每股收益預計在 0.74 美元至 0.76 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, Kelly. (Operator Instructions) Michelle, I'll turn it over to you.

謝謝，凱利。 （操作員說明）米歇爾，我會把它交給你。

Ittai Kidron from Oppenheimer.

來自奧本海默的 Ittai Kidron。

Good to see some stability in the business. I guess just a couple of things for me. Chuck, when you look at the Enterprise, orders were quite significantly down. Should we gather from your tone that you think that reverses? Where is the bottom on order patterns and as you look to the rest of the fiscal year, i.e., the sequential improvement that you're looking for? And then, Kelly, just a clarification on RPO. Can you tell us if duration -- how duration is changing? It's hard to reconcile this if the duration is changing from quarter-to-quarter.

很高興看到業務穩定。我想對我來說只有幾件事。查克，當你看企業時，訂單大幅下降。我們是否應該從你的語氣中得知你認為情況相反？訂單模式的底部在哪裡，當您展望本財政年度的剩餘時間時，即您正在尋找的連續改進？然後，凱利，只是對 RPO 的澄清。你能告訴我們持續時間——持續時間是如何變化的嗎？如果持續時間每個季度都在變化，則很難調和這一點。

Ittai, thanks for the comments and the question. So on the enterprise side, I'm not too concerned about it, honestly. We did have some pretty significant compares from the year earlier, which contributed to that. But the thing that I would call out is we saw a pretty significant improvement in our commercial orders. I think that we're minus 23% last quarter in the midst of the whole SMB meltdown that we knew was going on, and it was minus 8% this quarter. And I'll tell you in the U.S., it was even a greater improvement from that. So that gives us a fair amount of optimism. I think the enterprise thing is going to be fine. There's -- again, we had some compare issues that I think just resulted in the math, but I don't see anything that concerns me there.

Ittai，感謝您的評論和提問。所以在企業方面，老實說，我不太關心它。我們確實與前一年進行了一些非常重要的比較，這促成了這一點。但我要指出的是，我們的商業訂單有了相當大的改善。我認為在我們知道正在發生的整個 SMB 崩潰中，上個季度我們的增長率為負 23%，而本季度為負 8%。我會告訴你，在美國，這是一個更大的進步。因此，這給了我們相當大的樂觀情緒。我認為企業的事情會好起來的。再次，我們有一些比較問題，我認為這些問題只是在數學上產生的，但我沒有看到任何讓我擔心的事情。

And on RPO, Ittai, the duration hasn't changed much since we started reporting this over a year ago. About half -- slightly more than half of the total balance will get recognized in the next 12 months, and the rest is longer term.

關於 RPO，Ittai，自從我們一年多前開始報告以來，持續時間並沒有太大變化。大約一半 - 略多於總餘額的一半將在未來 12 個月內得到確認，其餘的則更長期。

Very good. And it's been a pleasure, Kelly. Good luck going forward.

非常好。很高興，凱利。祝你好運。

Thank you, Ittai. Appreciate it.

謝謝你，一泰。欣賞它。

Paul Silverstein from Cowen and Company.

來自 Cowen and Company 的 Paul Silverstein。

First off, Kelly, I just wanted to thank you for your help over the years and wish you all good things going forward. In terms of questions, first off, Kelly, can you update us on what you're seeing in the pricing environment? And the bigger question is, Chuck, to the statement you just made in terms of improvement in Commercial as well as Enterprise, you've been talking for a while, obviously, about the benefit of remote work as well as the offset the challenge presented by, assuming we go back to the 21st century, there's going to be organizations that leave a certain percentage of their workforce at home. And with fewer or smaller offices, headquarters, branch remote, fewer workers in those offices, one would think that would be a challenge for switching and enterprise routing and wireless line access points. Any insight you can offer on that particular dynamic from a longer-term perspective?

首先，凱利，我只想感謝你多年來的幫助，並祝你一切順利。關於問題，首先，凱利，你能向我們介紹一下你在定價環境中看到的情況嗎？更大的問題是，查克，對於你剛才在商業和企業方面的改進所做的陳述，你顯然已經談論了一段時間，關於遠程工作的好處以及抵消所帶來的挑戰假設我們回到 21 世紀，將會有一些組織將一定比例的員工留在國內。隨著辦公室、總部、遠程分支機構越來越少或越來越小，這些辦公室的員工越來越少，人們會認為這對交換和企業路由以及無線線路接入點來說將是一項挑戰。從長期的角度來看，您可以就該特定動態提供任何見解嗎？

Yes. Let me take that first, and then Kelly can get to the pricing question. So Paul, I think if you look at commercial, a lot of that recovery was actually driven by collaboration and security on a global basis. And so we feel good about that. I think that we also talked about that Cat 9K continued to show strength with double-digit demand growth. And it -- and so what we think is going to happen is when customers go back, they are going to ensure that they have robust infrastructure. They're going to need to deal with social distancing issues. We think that in our Collab portfolio, you're going to see customers put high-definition video in every conference room. We have technology that we built in that I've actually seen working this week where we have sensors in the units that not only will you have high-definition video, but we have sensors in the units that actually monitor how many people are in a room, and you get warnings if you're exceeding whatever capacity the company has defined for that room. And so we think that the safety aspect of it will be helpful, too.

是的。讓我先談這個，然后凱利可以談談定價問題。所以保羅，我認為如果你看看商業，很多複蘇實際上是由全球協作和安全驅動的。所以我們對此感覺很好。我認為我們還談到了 Cat 9K 以兩位數的需求增長繼續展現實力。而且它 - 所以我們認為會發生的是當客戶返回時，他們將確保他們擁有強大的基礎設施。他們將需要處理社交距離問題。我們認為，在我們的 Collab 產品組合中，您會看到客戶將高清視頻放在每個會議室中。我們擁有內置的技術，我這週實際看到它在工作，我們在設備中安裝了傳感器，不僅可以提供高清視頻，而且我們在設備中安裝了傳感器，可以實際監控有多少人在房間，如果您超出公司為該房間定義的任何容量，您會收到警告。所以我們認為它的安全方面也會有所幫助。

So I think it's still TBD on what really happens in this space because I think 90 days to 120 days ago, there was this belief that we were going to shut down every headquarters and building in the world. And now I think people know that it's going to be a balance going back. So we've got the Cat 9K and Wi-Fi 6, which are the future modern platforms that companies have been moving to, that continue to show strength. And so while we have to wait and see, we're optimistic about it.

所以我認為這個領域真正發生的事情仍然是待定的，因為我認為 90 天到 120 天前，人們相信我們將關閉世界上的每個總部和建築物。現在我認為人們知道這將是一種平衡。所以我們有了 Cat 9K 和 Wi-Fi 6，它們是公司一直在轉向的未來現代平台，它們繼續顯示出實力。因此，雖然我們必須拭目以待，但我們對此持樂觀態度。

And Kelly, on pricing?

凱利，關於定價？

Yes, sure, on pricing. And thanks for the kind of words there, Paul. I appreciate it. On pricing, I'd say our Q1 pricing is in our normal range. From a product gross margin walk perspective, the rate impact, the numbers that we usually talk about, it was down 1.8 points, which as you know, is in our normal kind of operating range. And just as a reminder, we've annualized all of the price increases we did a year ago for the List 4 tariffs. So now this is kind of where we're stated. But I'm happy to see where we are this quarter on pricing and even sequentially from Q4, it's better. So we're stable.

是的，當然，關於定價。保羅，謝謝你說的那種話。我很感激。關於定價，我想說我們第一季度的定價在我們的正常範圍內。從產品毛利率的角度來看，利率影響，我們通常談論的數字，下降了 1.8 個百分點，如您所知，這在我們正常的經營範圍內。提醒一下，我們已經對一年前為清單 4 關稅所做的所有價格上漲進行了年度化。所以現在這就是我們所說的地方。但我很高興看到我們本季度在定價方面的進展情況，甚至從第四季度開始，情況會更好。所以我們很穩定。

Rod Hall, you may go ahead from Goldman Sachs.

Rod Hall，你可以從高盛開始。

I wanted to start off with the mismatch, I guess, of the order rate and the guide. Even at the top end of the guide, revenue is flat but your orders are down 5%. So I'm wondering if you guys could just kind of connect those 2 dots for us, help us understand why that is. And then I know, Chuck, you said you're not that concerned by the Enterprise orders. I mean they did deteriorate quite a bit. Could you go into a little bit more detail on that? What is it that, even though those have deteriorated, you think it's just a short-term effect? Or kind of what's going on within that Enterprise segment would be great.

我想從訂單率和指南的不匹配開始。即使在指南的頂端，收入也持平，但您的訂單下降了 5%。所以我想知道你們是否可以為我們把這兩個點聯繫起來，幫助我們理解為什麼會這樣。然後我知道，查克，你說過你並不關心企業訂單。我的意思是他們確實惡化了很多。你能詳細介紹一下嗎？是什麼，即使那些已經惡化，你認為這只是一個短期的影響？或者在那個企業部門內發生的事情會很棒。

So yes, I mean the orders versus revenue, I mean, it's really just timing of when things are and whatnot. I mean it's no different than I normally go through -- we know what's coming off the balance sheet with all the software, we know what's in our backlog. So it's really just the year-over-year compares, so I feel good about the guide and you're seeing that in there.

所以是的，我的意思是訂單與收入的關係，我的意思是，這實際上只是事情發生和發生的時間。我的意思是，這與我通常經歷的沒什麼不同——我們知道所有軟件的資產負債表上有什麼，我們知道我們的積壓工作中有什麼。所以這真的只是同比比較，所以我對指南感覺很好，你在裡面看到了。

Yes. On the enterprise front, I think the real thing that I would point out is there are just a couple of significant transactions. And we see -- in our pipeline, we see a robust pipeline right now. We see large transactions showing up again in the funnel, which is positive. And so if you look at across the core infrastructure, enterprises are going to upgrade their core infrastructure. They're going to build out a robust on-prem -- I mean on-prem, meaning hardware video units when they go back into the offices because everyone -- every meeting is going to have remote attendees, and you're going to have to have it in virtually every conference room. So that's positive. Everybody is moving to this WAN, rearchitecture with SD-WAN and cloud security. So I think it's -- the short answer, Rod, is that it's largely a couple of big deals a year ago. And we see the funnel strengthening, so it's -- that's what gives me the optimism looking forward.

是的。在企業方面，我認為我要指出的真實情況是只有幾筆重大交易。我們看到 - 在我們的管道中，我們現在看到了一個強大的管道。我們看到漏斗中再次出現大筆交易，這是積極的。因此，如果您縱觀核心基礎設施，企業將升級其核心基礎設施。他們將建立一個強大的內部部署——我的意思是內部部署，意思是當他們回到辦公室時的硬件視頻單元，因為每個人——每個會議都會有遠程與會者，你會幾乎每個會議室都必須有它。所以這是積極的。每個人都在轉向這個 WAN，使用 SD-WAN 和雲安全進行重新架構。所以我認為這是 - 簡短的回答，Rod，它主要是一年前的幾筆大交易。我們看到漏斗在加強，所以它——這讓我對未來充滿樂觀。

Okay. Good working with you, Kelly.

好的。很高興與你合作，凱利。

Thanks, Rod.

謝謝，羅德。

Meta Marshall from Morgan Stanley Investment Research.

摩根士丹利投資研究部的元馬歇爾。

Chuck, I just wanted to ask maybe how linearity was during the quarter, you were pretty downtrodden on the initial earnings call heading into fiscal Q1? Just when did you start to see that uptick? And then maybe just -- are customers needing to be back in the office in order to start thinking about orders? Or have they just accommodated and are starting to make orders while still remote?

查克，我只是想問問本季度的線性度如何，您對進入第一財季的初始收益電話會議感到非常沮喪？你是什麼時候開始看到這種上升趨勢的？然後也許只是 - 客戶是否需要回到辦公室才能開始考慮訂單？還是他們剛剛入住並開始在偏遠地區下訂單？

Yes. So I would say that when we did the last earnings call, we had seen actually good demand in couple of weeks of the quarter, but clearly, it was a couple of weeks. And so we -- it was not anything that would have given us a trend. But it started -- the quarter started and it stayed -- it was very linear. It was not -- we saw a decent performance from the beginning, and it stayed pretty, pretty consistent throughout. So that was a good sign for us. And the -- I'm sorry, what was the second question?

是的。所以我想說的是，當我們進行上一次財報電話會議時，我們在本季度的幾週內確實看到了良好的需求，但很明顯，那是幾週。所以我們 - 這不會給我們帶來趨勢。但它開始了——這個季度開始了，它一直保持著——它是非常線性的。事實並非如此——我們從一開始就看到了不錯的表現，而且自始至終都保持著相當一致的表現。所以這對我們來說是一個好兆頭。還有——對不起，第二個問題是什麼？

Just in terms of whether people were needing to physically be in the office in order to start thinking about orders.

就人們是否需要親自到辦公室才能開始考慮訂單而言。

No, you know what, I think has happened is, I think, customers have come to grips with the fact that this thing is going to be with us for some period of time. Obviously, we're optimistic, like everybody else, with some of the vaccines and some of the therapeutics, and that will ultimately help. We're balancing that, obviously, with the current peaks that we're seeing all around the world. But I think customers just basically said we're not sure when it's going to get better, but it's going to get better. And I can't sit around and do nothing.

不，你知道嗎，我認為已經發生的事情是，我認為客戶已經意識到這件事將與我們在一起一段時間。顯然，我們和其他人一樣對一些疫苗和一些療法持樂觀態度，這最終會有所幫助。顯然，我們正在平衡這一點與我們在世界各地看到的當前峰值。但我認為客戶基本上只是說我們不確定它什麼時候會變得更好，但它會變得更好。我不能坐在那裡什麼都不做。

So what I kind of was hopeful was going to happen, which I think we did see this, is that we had customers who are super focused on getting their employees working from home productively and getting their security set up. I think everyone raced to do that. And then I think they took a pause, which is what we felt in our last quarter in orders. And then I think they reprioritized what they were going to be spending money on, and I think we started seeing some of that come back. And then -- it's sort of exactly what I expected, but we needed to see it, and we'll see if it continues. But we're all dealing with the same macro environment everybody is relative to this virus, but that's sort of how it played out. Any comments, Kelly, on the linearity?

所以我希望發生的事情是，我認為我們確實看到了這一點，我們的客戶非常專注於讓他們的員工在家高效工作並建立他們的安全。我認為每個人都爭相這樣做。然後我認為他們暫停了，這就是我們在上個季度的訂單中感受到的。然後我認為他們重新確定了他們將要花錢的東西的優先順序，我想我們開始看到其中一些回來了。然後——這正是我所期望的，但我們需要看到它，我們會看看它是否會繼續下去。但我們都在處理與這種病毒有關的相同宏觀環境，但這就是它的結果。凱利，對線性度有什麼意見嗎？

No, very good minority.

不，非常好的少數民族。

Great. And nice working with you, Kelly.

偉大的。很高興和你一起工作，凱利。

Thanks.

謝謝。

Tim Long from Barclays.

巴克萊銀行的蒂姆·朗。

I'll offer good luck to you, Kelly, as well. Just wanted to ask on the cloud vertical. Chuck, you mentioned kind of fourth quarter that it was strong. Can you just talk a little bit about what the products you're seeing strength there and what kind of breadth across that customer base you're seeing that strength? And then just a quick follow-up, if you could, on the public sector being up, anything specific or more sustainable to that vertical being one of the better performers?

我也會祝你好運，凱利。就想問問上雲立。查克，你提到第四季度很強勁。你能談談你在那裡看到的產品有哪些優勢，以及你看到這種優勢的客戶群有多大？然後只是快速跟進，如果可以的話，關於公共部門正在崛起，有什麼具體的或更可持續的垂直領域是表現更好的人之一嗎？

Thanks, Tim. Yes, in the cloud vertical web-scale space, I think what I've said historically is that we've been rebuilding these relationships, and we began to see them buying our broader portfolio as a result of them believing in both the fact that we're going to be there with them and that we were investing in technology that was being built the way that they want to consume it and align to the architectures that they want to build. What I will tell you now is that last December, we had a launch where we talked about disaggregating our software, our hardware and that we would sell our silicon, our optics, we would sell our software stand-alone, we would sell integrated systems, whatever our customers wanted. And I can tell you that we have now won in the web-scale space across every one of those facets.

謝謝，蒂姆。是的，在雲垂直網絡規模空間中，我想我過去所說的是我們一直在重建這些關係，我們開始看到他們購買我們更廣泛的產品組合，因為他們相信這兩個事實我們將與他們同在，我們正在投資以他們想要使用它的方式構建的技術，並與他們想要構建的架構保持一致。我現在要告訴你的是，去年 12 月，我們舉行了一次發布會，我們討論了分解我們的軟件、我們的硬件，我們將出售我們的矽、我們的光學器件，我們將單獨出售我們的軟件，我們將出售集成系統，無論我們的客戶想要什麼。我可以告訴你，我們現在已經在所有這些方面的網絡規模空間中獲勝。

And so we've seen really good progress. And I would say now some of the new technologies that we built and had been testing and positioning are starting to show up very well in the account, so we're very pleased with it. On the -- and the pipeline looks very strong. So on the -- in fact, one other comment on that, in the U.S., we saw service provider flat and that -- and a lot of that was strength in the MSDC web-scale space. And in Europe, we saw high-teens growth, and we saw really good MSDC web-scale strength there as well.

所以我們看到了非常好的進展。我要說的是，現在我們構建並一直在測試和定位的一些新技術開始在帳戶中很好地顯示出來，因此我們對此感到非常滿意。在 - 和管道看起來非常強大。所以在 - 事實上，在美國，我們看到服務提供商持平 - 其中很多是 MSDC 網絡規模空間的實力。在歐洲，我們看到了十幾歲的增長，我們也看到了非常好的 MSDC 網絡規模實力。

On the public sector, that was reasonably consistent around the world. And a lot of it was -- there was a lot of stimulus that was put in the system by lots of governments around the world. Our federal spending in the U.S. was strong. We saw K-12 building out a lot of infrastructure for -- while students are out there. And E-Rate was strong, for sure, and we think that will stay strong. And then we saw some spending from the CARES Act in the local and municipal governments. But -- and the teams, we spent some time with the leader, particularly in the U.S. this week, and I think he remains fairly bullish.

在公共部門，這在世界範圍內是相當一致的。其中很多是 - 世界上許多政府都在系統中實施了很多刺激措施。我們在美國的聯邦支出強勁。我們看到 K-12 建立了大量的基礎設施——而學生們在那裡。 E-Rate 確實很強大，我們認為它會保持強勁。然後我們在地方和市政府中看到了 CARES 法案的一些支出。但是 - 以及團隊，我們花了一些時間與領導者在一起，特別是本週在美國，我認為他仍然相當樂觀。

Jim Suva from Citigroup Investment Research.

花旗集團投資研究部的 Jim Suva。

Kelly, you will truly be missed. Please keep in touch.

凱莉，你真的會被想念的。保持聯繫。

Will do.

會做。

For either Chuck or Kelly, can you help us reconcile or bridge the gap between Public Sector orders were up 5%, Enterprise was down 15%? Why would one be so much stronger than the other? So I looked back on the year-over-year comps. And last year, Enterprise orders were down 7%, and Public Sector was flattish. So you actually have comps that don't explain it either. So can you just explain, are there different purchasing decisions? Because everyone is being effective in the world by COVID, so if you can just help us kind of reconcile that a little bit, that would be great.

對於 Chuck 或 Kelly，您能否幫助我們調和或彌合公共部門訂單增長 5%、企業下降 15% 之間的差距？為什麼一個比另一個強這麼多？所以我回顧了年度比較。去年，企業訂單下降了 7%，公共部門持平。所以你實際上有也不能解釋它的伴奏。那麼你能解釋一下，是否有不同的購買決定？因為每個人都通過 COVID 在世界上發揮作用，所以如果你能幫助我們稍微調和一下，那就太好了。

Well, I think a lot of it is what I just described, right? Public sector around the world saw a lot of stimulus. And in the U.S., in particular, we saw strength, and we saw everything from Department of Defense spending to the local municipal spending. States were slightly weak, but the federal government was good. Local muni was good. E-Rate kicked in. The new E-Rate program kicked in, Jim, which contributes a lot when that gets going. And that's sort of early in its next wave. And so -- and then we just had the strength in Public Sector in Germany. And so I think it was just more consistency basically. And outside the U.S., obviously, some health care -- inside of the U.S., too, there's a lot of health care in there in Public Sector, particularly outside the U.S.

好吧，我想很多都是我剛才描述的，對吧？世界各地的公共部門都看到了很多刺激措施。特別是在美國，我們看到了力量，我們看到了從國防部支出到地方市政支出的方方面面。各州略顯疲軟，但聯邦政府表現良好。當地市政很好。 E-Rate 啟動了。新的 E-Rate 程序啟動了，Jim，它在啟動時做出了很大貢獻。那是下一波浪潮的早期。所以 - 然後我們剛剛在德國的公共部門擁有實力。所以我認為這基本上只是更加一致。很明顯，在美國以外，一些醫療保健——在美國國內，公共部門也有很多醫療保健，尤其是在美國以外的地方。

Thank you so much for the details and clarifications, Chuck. And bye-bye, Kelly.

查克，非常感謝您提供的詳細信息和說明。再見，凱利。

Sure, Jim.

當然，吉姆。

Thanks, Jim.

謝謝，吉姆。

Tal Liani from Bank of America.

美國銀行的 Tal Liani。

I'm trying to reconcile your comments to your numbers. Last quarter, you sounded pretty downbeat, highlighting some issues. This quarter, you sound a lot better. But on the -- and you talk about growth initiatives. On the other hand, I look at your numbers, Infrastructure Platforms are down 16% year-over-year, 15.9%, let's say 16%. And it's worse than all of your competitors. If I just look at switching and routing in Juniper and Arista on a global basis, without getting into details of the composition, you're down more than they are. And the question is, why is it down so much versus competition? Do you feel that there is also share issues, market share shift issues? Can you give us some context about areas where you feel that you're growing share, maintaining share in areas where you see some challenges?

我正在嘗試將您的評論與您的數字相協調。上個季度，你聽起來很悲觀，突出了一些問題。這個季度，你聽起來好多了。但是在 - 你談論增長計劃。另一方面，我看你的數字，基礎設施平台同比下降 16%，15.9%，比方說 16%。而且它比你所有的競爭對手都糟糕。如果我只是在全球範圍內查看 Juniper 和 Arista 中的交換和路由，而不深入了解組成的細節，那麼你比他們更失敗。問題是，為什麼它與競爭對手相比下降了這麼多？你覺得還有份額問題，市場份額轉移問題嗎？你能給我們一些關於你認為你正在增加份額的領域的背景，在你看到一些挑戰的領域保持份額嗎？

Yes, I'll give you my quick perspective, Tal, and Kelly can add to it. If you look at what really drove that, it was compute, and a lot of it is sort of the pricing that came through compute, which neither of those competitors you mentioned have. Also, just the exposure to data center and campus this past quarter, we talked about. The broader exposure we have, I think, would be the 2 things that I would call out. Kelly, do you have anything to add?

是的，我會給你我的快速觀點，Tal 和 Kelly 可以補充。如果你看看真正推動它的是什麼，那就是計算，其中很多是通過計算產生的定價，而你提到的那些競爭對手都沒有。此外，我們談到了上個季度對數據中心和校園的曝光。我認為，我們擁有的更廣泛的曝光率將是我要指出的兩件事。凱利，你有什麼要補充的嗎？

The only other thing I would call out is some of those companies that you mentioned have different compares than we do from a year ago as well. But Chuck hit it, right? I mean, again, data center, the compute business, has a big impact due to the DRAM pricing, everybody brought pricing down, I know that hurts. And then again, the campus stuff.

我唯一要指出的另一件事是，你提到的一些公司與我們一年前的比較也有所不同。但是張策打中了，對吧？我的意思是，數據中心，計算業務，由於 DRAM 定價產生了很大的影響，每個人都降低了價格，我知道這很痛苦。再一次，校園的東西。

We have Amit Daryanani from Evercore.

我們有來自 Evercore 的 Amit Daryanani。

I guess my question is really on the top line guide. And Chuck, as I think about the Jan quarter expectation of sales being flat year-over-year, I think, what we've seen in the last few quarters of down 10%, 11%, I think skeptics would say, well, the compares are easy which, mathematically, they are. But it would be helpful to understand what do you think are the top 2, 3 vectors that's driving this improved revenue trajectory in Jan? And to the extent you can touch on durability of these metrics as we go forward, that would be helpful.

我想我的問題確實在最重要的指南中。查克，當我想到 1 月季度銷售額與去年同期持平的預期時，我認為，我們在過去幾個季度看到的下降 10%、11%，我認為懷疑論者會說，好吧，比較很容易，從數學上講，它們很容易。但了解您認為推動 1 月份收入改善軌蹟的前 2、3 個向量是什麼會很有幫助？在我們前進的過程中，您可以觸及這些指標的持久性，這將很有幫助。

Kelly, do you want to comment?

凱利，你想發表評論嗎？

Yes, I'll start and you can add. I'd just say this. Again, back to the earlier point, we have been consistently shifting the revenue mix. So as you see every quarter, and you can see it in our RPO, we are getting more and more of our revenue coming off the balance sheet with the software mix. We have continued to make progress, as you can see, on the services side where services is still growing for us. And software and services together has become a much bigger part of our portfolio, so that benefits us on the revenue guide.

是的，我會開始，你可以添加。我只想說這個。再次回到之前的觀點，我們一直在不斷改變收入組合。因此，正如你在每個季度看到的那樣，你可以在我們的 RPO 中看到，我們越來越多的收入來自軟件組合的資產負債表。正如您所看到的，我們在服務方面繼續取得進展，我們的服務仍在增長。軟件和服務一起成為我們產品組合中更大的一部分，因此這對我們的收入指南有利。

In terms of strength that we see, yes, this Q1 revenue, though we beat what was still a tough Q1, we feel better about what we see in the orders profile. And again, the growth drivers are the same growth drivers that Chuck talked about. We see real momentum and collaboration on the Webex side. We see real momentum and security. And we're just -- I mean that's kind of what is driving it. I don't know, Chuck, if you want to add anything else.

就我們看到的實力而言，是的，這個第一季度的收入，雖然我們擊敗了仍然艱難的第一季度，但我們對我們在訂單概況中看到的感覺更好。再一次，增長動力與查克所說的增長動力相同。我們在 Webex 方面看到了真正的動力和協作。我們看到了真正的動力和安全。我們只是 - 我的意思是這就是推動它的原因。我不知道，查克，如果你想添加任何其他內容。

And I think also the web scale and the service provider 5G build-outs, we feel like those are going to continue. But I mean the short-term guide is a combination of what's coming off out of the RPO, what's in backlog, and then we obviously assess the forecast that the teams put forward and then we put the Kelly and Chuck factor on it. So it is -- and it is math to some extent, but I think that some of the things that we talked about earlier are the things that are giving us -- I mean it's hard to say super optimistic because the numbers still aren't where we want them to be. But relative to where we were 90 days ago and how we felt, or the uncertainty that we felt, we certainly feel like we have a little more visibility now.

而且我認為網絡規模和服務提供商 5G 擴建，我們覺得這些將繼續下去。但我的意思是，短期指南結合了 RPO 的結果、積壓的內容，然後我們顯然會評估團隊提出的預測，然後我們將 Kelly 和 Chuck 因素放在其中。確實如此——這在某種程度上是數學，但我認為我們之前談到的一些事情正在給我們——我的意思是很難說超級樂觀，因為數字仍然不是我們希望他們在哪裡。但相對於 90 天前我們的處境以及我們的感受，或者我們感受到的不確定性，我們當然覺得我們現在有了更多的知名度。

Perfect. Nice quarter, guys, and best of luck, Kelly.

完美的。不錯的季度，伙計們，祝你好運，凱利。

Thank you very much.

非常感謝。

Samik Chatterjee from JPMorgan.

摩根大通的 Samik Chatterjee。

Chuck, in your prepared remarks, you outlined kind of 6 focus areas that you align the business to, where you're seeing customer demand come back. If you can share how you're thinking about rate, kind of investing organically versus where you might kind of need M&A to fill in those priorities? And just I didn't hear in your prepared remarks anything in relation to plans about like having hardware as a service as some of your peers are trying. So like, what are your updated thoughts? What are you seeing in terms of customer demand for all those kind of models.

查克，在你準備好的發言中，你概述了你將業務調整到的 6 個重點領域，你看到客戶需求回來了。如果你能分享你是如何考慮利率的，那種有機投資與你可能需要併購來填補這些優先事項的地方？只是我沒有在您準備好的評論中聽到任何與您的一些同行正在嘗試的將硬件作為服務的計劃相關的內容。就像，你最新的想法是什麼？您對所有這些型號的客戶需求有何看法？

That's a great question. So I think on the organic versus inorganic, I should probably clarify that our strategy there hasn't changed. And I think my comments were either misstated or misconstrued the last time. Some folks thought that we were thinking about some significantly larger acquisition strategy. Our acquisition strategy hasn't changed, just to be clear. But we'll use a combination. I would say that, right now, we're probably at the peak of internal innovation that we -- that I've seen for a long time. But if you look at the platform play, the work that our service provider Mass-Scale Infrastructure Group is doing and some of the wins we're seeing there, the 5G backhaul and packet core wins that we're seeing, and the -- at least the architectural progress we're making whenever our service provider customers start building out their 5G core stand-alone infrastructure, we feel good about where we are. So it will be a combination of both. And -- but again, it hasn't changed.

這是一個很好的問題。所以我認為關於有機與無機，我可能應該澄清一下我們的戰略沒有改變。我認為上次我的評論要么被錯誤陳述，要么被誤解。有些人認為我們正在考慮一些更大的收購戰略。我們的收購策略沒有改變，只是為了清楚。但我們將使用組合。我想說的是，現在，我們可能正處於內部創新的頂峰——我已經看到了很長時間。但是如果你看看平台遊戲，我們的服務提供商 Mass-Scale Infrastructure Group 正在做的工作以及我們在那裡看到的一些勝利，我們看到的 5G 回程和數據包核心勝利，以及 -至少，每當我們的服務提供商客戶開始構建他們的 5G 核心獨立基礎設施時，我們正在取得的架構進展，我們對我們所處的位置感到滿意。所以這將是兩者的結合。而且 - 但同樣，它沒有改變。

As you think about as a service, I do want to delineate between this because there's this offer in the marketplace today from some of our competitors around consumption-based as a service, and that's largely around compute. And so you'll see us with a similar offer. But more of what I'm talking about is looking at what aspects of our intellectual property can we pull, can we integrate together and can we deliver as a cloud service. So I'm not necessarily talking about selling Ethernet switch ports one port at a time, right, we're really talking about delivering our core intellectual property. Example, take SD-WAN, cloud security, secure Internet gateway and deliver that capability for our customers as a service in the future, which is high value, very differentiated. Those are the kinds of things we're thinking -- that we're working through right now, and you'll see those kind of offers come out from us over the next 3, 6, 9, 12 months.

當你考慮作為一種服務時，我確實想在這兩者之間進行描述，因為今天市場上有我們的一些競爭對手提供的基於消費的即服務的報價，而這主要是圍繞計算。因此，您會看到我們提供類似的報價。但我所說的更多內容是研究我們可以提取我們知識產權的哪些方面，我們可以整合在一起，我們可以作為雲服務提供。所以我不一定是在談論一次一個端口地銷售以太網交換機端口，對吧，我們真的在談論交付我們的核心知識產權。例如，採用 SD-WAN、雲安全、安全的互聯網網關，並在未來將這種能力作為一項服務提供給我們的客戶，這是高價值、非常差異化的。這些是我們正在考慮的事情——我們現在正在努力，你會在接下來的 3、6、9、12 個月內看到我們提出的這些提議。

Aaron Rakers from Wells Fargo.

來自富國銀行的 Aaron Rakers。

Aaron, we can't hear you.

亞倫，我們聽不到你的聲音。

Sorry about that. I was on mute. Congrats on the quarter, and also good luck, Kelly. I guess my question is building on the last question. As we think about the CFO announcement tonight and we think about subscription now being 78% of the software revenue, how do we think about the progression of deepening subscription across the product portfolio? And how do we think about the renewal cycle of those subscriptions as we move forward?

對於那個很抱歉。我是靜音的。祝賀這個季度，也祝你好運，凱利。我想我的問題是建立在最後一個問題之上的。當我們考慮今晚的首席財務官公告時，我們考慮訂閱現在佔軟件收入的 78%，我們如何看待整個產品組合中深化訂閱的進展？在我們前進的過程中，我們如何考慮這些訂閱的續訂週期？

That's a good question. So I think you're going to see us continue to add more software assets, both organically and inorganically, as -- and most all of those solutions are sold as a service. So I think you'll see increases from that perspective. I think that you'll see -- on the renewal front, we have a focused effort right now. I think if you look at our core portfolio where we drove mandatory subscriptions, the first meaningful renewal cycle comes about a year from now -- or about next -- middle of next year, and our teams are working on that right now as we speak. We currently have renewal motions in place across Collab and across Security, et cetera. So I think what I would say is that we'll be looking at more and more of our technology being delivered from the cloud and as a service. So you'll see that contribute to it as well. And we're just going to continue to move forward. And I would say you're going to continue to see software and services tick up as a percentage of our overall business going forward.

這是個好問題。所以我認為你會看到我們繼續添加更多的軟件資產，無論是有機的還是無機的，因為 - 大多數這些解決方案都作為服務出售。所以我認為你會從這個角度看到增長。我想你會看到——在更新方面，我們現在有一個集中的努力。我認為，如果你看看我們推動強制訂閱的核心產品組合，第一個有意義的續訂週期大約在一年後——或者大約明年——明年年中，我們的團隊正在努力解決這個問題，就在我們說話的時候.我們目前在 Collab 和 Security 等方面製定了續約動議。所以我想我要說的是，我們將關注越來越多的技術從雲中交付並作為一種服務。所以你會看到這也有助於它。我們將繼續前進。而且我會說你將繼續看到軟件和服務在我們未來整體業務中所佔的百分比。

Simon Leopold from Raymond James & Associates.

來自 Raymond James & Associates 的 Simon Leopold。

Kelly, also I send my congratulations on wherever you go next, and thanks for the help. In terms of the question, I wanted to see if you could talk a little bit about the maturity of the campus refresh in terms of the opportunity in front of you for the Cat 9K as well as whether you're seeing a benefit from renewals on D&A subscriptions. I assume you're sort of coming up on that first round of 3-year subscriptions coming due. If you could elaborate on those 2.

凱利，我也祝賀你接下來要去哪裡，並感謝你的幫助。就這個問題而言，我想看看您是否可以就 Cat 9K 面前的機會以及您是否看到更新帶來的好處來談談校園更新的成熟度D&A 訂閱。我假設您即將到期的第一輪 3 年期訂閱。如果你能詳細說明那些2。

Yes. Thanks, Simon. I would say on the campus refresh. I mean when you look at the Wi-Fi 6, you look at the Cat 9K stuff, we're still early on, honestly. And there's -- we have a large installed base out there. And so that's a multiyear transition that we expect will go on for some period of time going forward. On the D&A renewal stuff, that's what I was talking about earlier, that it's really -- the first real wave of it hits sometime in '21 because, if you remember, we launched that in -- I think we announced that in the summer of 2017, Kelly, is that right?

是的。謝謝，西蒙。我會說在校園刷新。我的意思是當你看 Wi-Fi 6 時，你看 Cat 9K 的東西，老實說，我們還處於早期階段。還有——我們在那裡有一個龐大的安裝基礎。因此，這是一個多年的過渡期，我們預計未來會持續一段時間。關於 D&A 續約的事情，這就是我之前所說的，它真的是 - 它的第一波真正的浪潮在 21 世紀的某個時候出現，因為，如果你還記得的話，我們推出了它 - 我想我們在夏天宣布了這一點2017 年，凱利，對嗎？

Yes.

是的。

And so that was the beginning of fiscal '18.

這就是 18 財年的開始。

Yes.

是的。

And so when we get to the end of fiscal '21, and you had a lot of early adopters, and we didn't hit scale until sort of the middle of the next year, so you're really talking about getting into FY '22 when we'll start to see that come about.

所以當我們到 21 財年末時，你有很多早期採用者，我們直到明年年中才達到規模，所以你真的在談論進入 FY ' 22 當我們開始看到它發生時。

James Fish from Piper Sandler.

來自 Piper Sandler 的 James Fish。

And congrats again on the retirement, Kelly. We're starting to see signs of 5G core spending, and Chuck, you alluded to it here on the call, and also more about the desire for Open RAN. How can Cisco enable more of the Open RAN infrastructure? What are you guys hearing about timing for 5G core spending in terms of materiality now that the first mid-band spectrum auction is through and the second is coming up? And how are you feeling about the products set across infrastructure competitively for 5G.

再次祝賀退休，凱利。我們開始看到 5G 核心支出的跡象，查克，你在電話會議上提到了這一點，還有更多關於對 Open RAN 的渴望。思科如何支持更多的 Open RAN 基礎設施？既然第一次中頻帶頻譜拍賣已經結束，第二次即將到來，你們聽說過 5G 核心支出的時間安排嗎？您對 5G 跨基礎設施的產品集有何看法？

Well, Jim, I would say that the active O-RAN projects around the world, we are deeply in the middle of and have actually seen a lot of benefit from, one in Japan, and there's a couple of others going on in other places. And we're in the middle of the pack, the core side of it, we're in the middle of backhaul, we're in the middle of infrastructure to support it, we're in the middle of orchestration layers. And so our teams continue to work on building out our overall stack for how we'll play in that Open RAN space over time.

好吧，吉姆，我想說的是，世界各地活躍的 O-RAN 項目，我們深深地參與其中，實際上已經從中看到了很多好處，一個在日本，還有其他幾個在其他地方進行.我們處於包的中間，它的核心部分，我們處於回程的中間，我們處於支持它的基礎設施的中間，我們處於編排層的中間。因此，我們的團隊繼續致力於構建我們的整體堆棧，以便隨著時間的推移我們將如何在 Open RAN 空間中發揮作用。

As it relates to the 5G stuff, you're right, where we're seeing benefit today is we're winning a lot of backhaul opportunities, we're winning a lot of packet core. I think we had 7 more wins in between those 2 in the last quarter. And I would say the core stand-alone build-outs are going to largely be dependent upon the enterprise service delivery that we've talked about historically, and I still think that's probably -- I think we're starting to see some early stuff going on around the world. But I think in earnest, I would say that's going to be -- notwithstanding pandemic and everything else, it's probably going to be starting middle of next year, and it will take several years. But again, there's a lot of variables that can move that either way.

關於 5G 的東西，你是對的，我們今天看到的好處是我們贏得了很多回程機會，我們贏得了很多分組核心。我認為我們在上個季度的這兩場比賽中又贏了 7 場。我想說核心的獨立構建將在很大程度上取決於我們過去討論過的企業服務交付，我仍然認為這可能——我認為我們開始看到一些早期的東西在世界各地進行。但我認真地認為，我會說這將是——儘管有大流行和其他一切，它可能會在明年年中開始，這將需要幾年時間。但同樣，有很多變量可以向任何一種方向移動。

Sami Badri from Crédit Suisse.

瑞士信貸銀行的 Sami Badri。

I just wanted to touch up a little bit on the Public Sector order strength. Is this something that can consistently be growing from a product orders and strength perspective in at least the upcoming quarters? Or was it just strong this quarter because the government's fiscal year closed in the September quarter and, therefore, there was a big uptick offsetting some of the dynamics? And then just as a kind of a follow-up here, is there -- have you guys been able to go through the commercial and the federal segments and determine whether CARES funding or stimulus funding was able to fund some of the reversals and dynamics that you guys saw in the quarter and then that essentially led to a better guide than what consensus was modeling? That's -- if you can hit those 2 questions and that would be great.

我只是想稍微談談公共部門的秩序強度。至少在接下來的幾個季度中，從產品訂單和實力的角度來看，這是否可以持續增長？還是本季度表現強勁，因為政府的財政年度在 9 月季度結束，因此出現了大幅上漲，抵消了一些動態？然後就像這裡的一種後續行動一樣，你們是否能夠通過商業和聯邦部門並確定 CARES 資金或刺激資金是否能夠資助一些逆轉和動態你們在本季度看到了，然後這基本上導致了比建模共識更好的指南？那就是——如果你能回答這兩個問題，那就太好了。

Thanks, Sami. I'd say on Public Sector, we feel pretty good about it actually. And when we talk to our leaders around the world, that is one area that is pretty consistent, that most of them feel pretty good about and particularly in the U.S. where it's a big piece of the business regardless of administration, right? It's -- there's different priorities, but they're all dependent upon tech, and -- so that's good.

謝謝，薩米。我會說在公共部門，我們實際上感覺很好。當我們與世界各地的領導人交談時，這是一個非常一致的領域，他們中的大多數人都感覺很好，尤其是在美國，無論管理如何，它都是一項重要業務，對吧？這是 - 有不同的優先事項，但它們都取決於技術，而且 - 這很好。

On the Commercial and Federal segments, I think what I would say is that, I would say, in Commercial, I would assume that there was some aspect of that. But I think looking at the Collaboration and Security spending, I think just a lot of those midsized enterprises were really just putting themselves in a position to continue operating in this new world we're living in right now as much as anything. I'm not sure it's significant. I'll let Kelly comment and see if she thinks. But we did have -- the comment that I made earlier that our federal team did say that the stimulus was positive, E-Rate was positive, and then we saw some local muni buying that was -- they felt like was -- and the customers were telling them was connected to the CARES Act. And that's probably the extent of what I've heard on this.

在商業和聯邦領域，我想我會說的是，在商業領域，我會假設其中有某些方面。但我認為看看協作和安全支出，我認為很多中型企業真的只是讓自己能夠在我們現在生活的這個新世界中繼續運營。我不確定這是否重要。我會讓凱利發表評論，看看她是否認為。但我們確實有——我之前發表的評論說我們的聯邦團隊確實說刺激是積極的，E-Rate 是積極的，然後我們看到一些當地市政購買了——他們感覺是——而且客戶告訴他們與 CARES 法案有關。這可能就是我在這方面所聽到的程度。

Yes. And we heard we also heard that from the European team, so they got a lot of benefit from the stimulus. And again, when I look at the orders within Public Sector globally -- I mean again, a ton of it is in getting this -- it's in Security and Collaboration, so working from home, doing school from home. And like Chuck said, the K-12 education globally is very favorable.

是的。我們聽說我們也從歐洲團隊那裡聽說過，所以他們從刺激計劃中受益匪淺。再一次，當我查看全球公共部門的訂單時——我的意思是，其中很大一部分是為了獲得這個——它是在安全和協作方面，所以在家工作，在家上學。就像查克說的那樣，全球範圍內的 K-12 教育非常受歡迎。

Thanks, Sami. Chuck, I'll turn it over to you for some last comments.

謝謝，薩米。 Chuck，我會把它交給你，請你發表最後的評論。

Yes. I think first thing I'll say is that I'm really proud of our team and how hard they're working and how committed they are to our customers and making sure that we're taking care of them during these complex times. And obviously, we're trying to take care of our employees during these complex times. But I really want to just focus on thanking Kelly. It's been an incredible partnership. We've had a lot of fun. And I think that there's a lot of love in the investor community for you. We're going to miss you, but we are excited about Scott. But Kelly, thanks for everything you've done for us.

是的。我想我要說的第一件事是，我真的為我們的團隊感到自豪，他們的工作有多努力，他們對我們的客戶有多忠誠，並確保我們在這些複雜的時期照顧他們。顯然，在這些複雜時期，我們正在努力照顧我們的員工。但我真的只想專注於感謝凱利。這是一個令人難以置信的伙伴關係。我們玩得很開心。而且我認為投資者社區對你有很多愛。我們會想念你的，但我們為斯科特感到興奮。但是凱利，感謝你為我們所做的一切。

No, I appreciate it, Chuck. It's been great working with you. And again, I do appreciate everybody in the industry, and it's been great relationships. But Scott -- I think it's great that Scott is coming. He's going to be fantastic for the company. But thanks for everything, Chuck.

不，我很感激，查克。和你一起工作很愉快。再一次，我非常感謝這個行業的每一個人，這是很好的關係。但是斯科特——我認為斯科特的到來很棒。他將成為公司的佼佼者。但謝謝你所做的一切，查克。

And Kelly actually helped us make that choice. So you guys can feel good that -- she helped us vet the candidates and was very supportive on Scott's -- on the decision for Scott. So thank you all for joining us today, and we look forward to talking to you again next quarter.

凱利實際上幫助我們做出了選擇。所以你們可以感覺很好——她幫助我們審查了候選人並且非常支持斯科特的——關於斯科特的決定。感謝大家今天加入我們，我們期待下個季度再次與您交談。

Thanks, Chuck. Thanks, Kelly. So in closing, Cisco's next quarterly earnings conference call, which will reflect our fiscal 2021 second quarter results, will be on Tuesday, February 9, 2021, at 1:30 p.m. Pacific Time, 4:30 p.m. Eastern Time. 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.

謝謝，查克。謝謝，凱利。因此，最後，思科將於美國東部時間 2021 年 2 月 9 日星期二下午 1:30 舉行下一次季度收益電話會議，這將反映我們 2021 財年第二季度的業績。太平洋時間下午 4:30東部時間。再次，我想提醒聽眾，根據 FD 法規，思科的政策是不評論其本季度的財務指導，除非通過明確的公開披露來完成。

We now plan to close the call. But if you have any further questions, feel free, as always, to reach out to the Investor Relations team, and we thank you very much for joining the call.

我們現在計劃結束通話。但是，如果您有任何其他問題，請一如既往地隨時聯繫投資者關係團隊，我們非常感謝您加入電話會議。

And thank you for participating on today's conference call. If you would like to listen to the call in its entirety, you may call (800) 879-5193. For participants dialing from outside the U.S., please dial (203) 369-3562. 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，可以致電 (800) 879-5193。對於來自美國境外的參與者，請撥打 (203) 369-3562。今天的電話會議到此結束。此時您可以斷開連接。