思科 (CSCO) 2020 Q4 法說會逐字稿

Welcome to Cisco's Fourth Quarter and Fiscal Year 2020 Financial Results Conference Call.

歡迎參加思科 2020 財年第四季度和財務業績電話會議。

At the request of Cisco Systems, today's conference is being recorded.

應 Cisco Systems 的要求，今天的會議正在錄製中。

If you have any objections, you may disconnect.

如有異議，可斷開連接。

Now I would like to introduce Marilyn Mora, Head of Investor Relations.

現在我想介紹一下投資者關係主管 Marilyn Mora。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thanks, Sue.

謝謝，蘇。

Welcome, everyone, to Cisco's Fourth Quarter Fiscal '20 Quarterly Earnings Conference Call.

歡迎大家參加思科 20 財年第四季度季度收益電話會議。

This is Marilyn Mora, Head of Investor Relations, and I'm joined by Chuck Robbins, our Chairman and CEO; and Kelly Kramer, our CFO.

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.

到目前為止，您應該已經看到了我們的收益新聞稿。

A corresponding webcast with slides, including supplemental information, will be made available on our website in the Investor Relations section following the call.

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。

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.

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.

在整個電話會議中，我們將參考 GAAP 和非 GAAP 財務結果，除非另有說明，否則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。

All comparisons made throughout this call will be made on a year-over-year basis.

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 first quarter of fiscal 2021.

我們今天將討論的事項包括前瞻性陳述，包括我們將為 2021 財年第一季度提供的指導。

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.

它們受到風險和不確定性的影響，包括 COVID-19，我們在提交給 SEC 的文件中詳細討論了這些風險和不確定性，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的重要風險因素實際結果與前瞻性陳述中包含的結果存在重大差異。

With respect to guidance, please also see the slides and press release that accompany this call for further details.

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。

Cisco will not comment on its financial guidance during the quarter unless it is done through an explicit public disclosure.

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。

In Q2 fiscal 2019, we completed the sale of our SPVSS business.

在 2019 財年第二季度，我們完成了 SPVSS 業務的出售。

As such, all of the financial information we will be discussing is normalized to exclude the SPVSS business from our historical results.

因此，我們將討論的所有財務信息都經過標準化處理，從我們的歷史業績中排除了 SPVSS 業務。

I will now turn it over to Chuck.

我現在將把它交給查克。

Thank you, Marilyn.

謝謝你，瑪麗蓮。

We hope all of you and your families are staying safe and healthy.

我們希望你們所有人和你們的家人都保持安全和健康。

Our thoughts remain with everyone who has been affected by the pandemic, and we are grateful to those who remain on the front lines, working to help those impacted during these challenging times.

我們的心與所有受到大流行影響的人同在，我們感謝那些留在前線的人，他們在這個充滿挑戰的時期努力幫助那些受到影響的人。

As we've been preparing for this call, it's offered me some time to reflect on what we've achieved since I stepped into this role 5 years ago.

我們一直在為這次電話會議做準備，它給了我一些時間來反思自 5 年前我擔任這個角色以來我們所取得的成就。

Through the hard work of everyone at Cisco, we have undergone a significant transformation in the midst of some of the most complex times in our history.

通過思科每個人的辛勤工作，我們在我們歷史上一些最複雜的時期經歷了重大轉變。

I am so proud of what our teams have accomplished.

我為我們的團隊所取得的成就感到非常自豪。

They have demonstrated resiliency, determination and compassion as we delivered on our financial commitments, brought market-leading innovation to our customers, transitioned our business model and driven a culture that has truly shined over the past 6 months.

在我們履行財務承諾、為客戶帶來市場領先的創新、轉變我們的業務模式並推動在過去 6 個月中真正閃耀的文化時，他們表現出了韌性、決心和同情心。

The Cisco of today is more agile, innovative and focused.

今天的思科更加敏捷、創新和專注。

Through both organic and inorganic innovation, we delivered incredible new technology with new, more flexible consumption offers for our customers with more software and subscriptions.

通過有機和無機創新，我們為擁有更多軟件和訂閱的客戶提供了令人難以置信的新技術，以及更靈活的新消費產品。

At our financial analyst conference in 2017, we laid out key metrics for our transformation.

在 2017 年的金融分析師會議上，我們制定了轉型的關鍵指標。

We set a goal of 30% of our revenue to come from software.

我們設定了 30% 的收入來自軟件的目標。

And while we achieved 29% in fiscal year '20, we did achieve 31% in Q4.

雖然我們在 20 財年實現了 29%，但我們在第四季度確實實現了 31%。

We also delivered 51% of our revenue from software and services in FY '20, exceeding our target of 50%.

我們還在 20 財年交付了 51% 的軟件和服務收入，超過了我們 50% 的目標。

Lastly, we now have 78% of our software revenue sold as subscription, beating our target of 66%.

最後，我們現在有 78% 的軟件收入以訂閱形式出售，超過了我們 66% 的目標。

With our customers as our guide, we have successfully executed against our strategy to help them transform and modernize their organizations.

我們以客戶為嚮導，成功執行了我們的戰略，幫助他們實現組織轉型和現代化。

We launched our intent-based networking architecture using automation and machine learning to help our customers drive simplicity and cost-effective management of their networks.

我們推出了使用自動化和機器學習的基於意圖的網絡架構，以幫助我們的客戶推動其網絡管理的簡單性和成本效益。

As customers move more workloads to the cloud, we're offering fast, highly secure access to applications hosted anywhere, in the private data center, public cloud or a SaaS platform, with our cloud security integrated with our SD-WAN solution.

隨著客戶將更多的工作負載轉移到雲端，我們提供對託管在任何地方的應用程序的快速、高度安全的訪問，無論是在私有數據中心、公共雲還是 SaaS 平台，我們的雲安全與我們的 SD-WAN 解決方案相集成。

We introduced new capabilities across software, silicon and optics to help bring to life the Internet for the future.

我們在軟件、芯片和光學領域引入了新功能，以幫助實現未來的互聯網。

The innovation we've driven in our Security portfolio has helped us become the top enterprise security company in the world.

我們在安全產品組合中推動的創新幫助我們成為世界頂級企業安全公司。

With Webex, we have the most trusted secure platform for remote collaboration for the enterprise.

借助 Webex，我們擁有最值得信賴的企業遠程協作安全平台。

And we're also delivering real-time insights for customers in their multi-cloud environments to optimize user experience with our insights and observability assets like AppDynamics.

我們還為客戶在其多雲環境中提供實時見解，以利用我們的見解和 AppDynamics 等可觀察性資產優化用戶體驗。

Over the past few years, this transition has resulted in improvements in our financial performance, including expanding margins and demonstrating continued financial discipline.

在過去幾年中，這種轉變導致我們的財務業績有所改善，包括擴大利潤率和展示持續的財務紀律。

Once again, I want to thank our teams for what we've achieved.

我要再次感謝我們的團隊取得的成就。

If the past year has taught us anything, it's the need to always be nimble.

如果說過去一年教會了我們什麼的話，那就是始終保持敏捷的必要性。

I believe that the changes we've made to our business now put us in a position of strength as we focus on our future.

我相信，我們現在對業務所做的改變使我們在關注未來時處於優勢地位。

We're a company that embraces change, and we've shown our ability to thrive in any environment.

我們是一家擁抱變化的公司，我們已經展示了我們在任何環境中都能蓬勃發展的能力。

The past 6 months have unquestionably reshaped our world.

毫無疑問，過去 6 個月重塑了我們的世界。

Industries, governments and work have changed dramatically, and many of these changes will become permanent.

行業、政府和工作發生了翻天覆地的變化，其中許多變化將成為永久性的。

At Cisco, we are committed to helping our customers truly digitize their organizations for the future regardless of the challenges or fundamental shifts that we may face.

在思科，我們致力於幫助我們的客戶在未來真正數字化他們的組織，無論我們可能面臨挑戰或根本性轉變。

Like many other organizations, we've also had the opportunity to reexamine our business and our portfolio for this new world.

與許多其他組織一樣，我們也有機會針對這個新世界重新審視我們的業務和產品組合。

As I said last quarter, we were going to take time to better understand the short- and long-term implications of COVID-19, and we now believe we have a better view.

正如我上個季度所說，我們將花時間更好地了解 COVID-19 的短期和長期影響，我們現在相信我們有更好的看法。

Based on the many conversations we've had with our customers around the world, we believe we have perspective into how they will adapt their technology strategies for the future to ensure greater resiliency, agility and innovation.

根據我們與世界各地客戶進行的多次對話，我們相信我們已經了解他們將如何調整他們未來的技術戰略，以確保更大的彈性、敏捷性和創新。

We know how to adapt our business and strategy to align with where our customers are headed.

我們知道如何調整我們的業務和戰略以適應客戶的發展方向。

The changes we are making to our business reflect how we are leveraging our existing strengths, investing for growth and unlocking new opportunities.

我們對業務所做的改變反映了我們如何利用現有優勢、投資增長和釋放新機遇。

We will also be very disciplined on our cost structure, as we always have been.

我們也將一如既往地嚴格控制我們的成本結構。

Over the next few quarters, we will be taking out over $1 billion on an annualized basis to reduce our cost structure.

在接下來的幾個季度裡，我們將每年拿出超過 10 億美元來降低我們的成本結構。

At the same time, we're going to rebalance our R&D investments to focus on key areas that will position us well for the future.

與此同時，我們將重新平衡我們的研發投資，以專注於為我們的未來做好準備的關鍵領域。

More specifically, we will accelerate the transition of the majority of our portfolio to be delivered as a service.

更具體地說，我們將加速將我們的大部分產品組合轉變為服務交付。

We will also accelerate our investments in the following areas: cloud security, cloud collaboration; key enhancements for education, health care and other industries; increased automation in the enterprise; the future of work; and application insights and analytics.

我們還將加快在以下領域的投資：雲安全、雲協作；教育、醫療保健和其他行業的重點改進；提高企業的自動化程度；工作的未來；以及應用洞察和分析。

At the same time, we will continue our focus in the following areas, many of which have been accelerated by the pandemic: multi-cloud investment, 5G and WiFi 6, 400 gig, optical networking, next-generation silicon, AI and more.

同時，我們將繼續關注以下領域，其中許多領域因疫情而加速：多雲投資、5G 和 WiFi 6、400 gig、光網絡、下一代矽、人工智能等。

These investments will help define the next phase of our transformation and allow us to bring the best, most relevant innovation to our customers in simpler, more easily consumable ways.

這些投資將有助於定義我們轉型的下一階段，並使我們能夠以更簡單、更易於使用的方式為我們的客戶帶來最好、最相關的創新。

I am confident that, once again, we have the right strategy that will deliver what our customers need from us, and we will emerge from this challenging time as a stronger company than before.

我相信，我們再次擁有正確的戰略，可以滿足客戶對我們的需求，我們將在這個充滿挑戰的時期脫穎而出，成為比以往更強大的公司。

Now let me discuss our performance in the quarter.

現在讓我談談我們在本季度的表現。

While our results reflect the ongoing challenges in the current environment, we executed well.

雖然我們的結果反映了當前環境中持續存在的挑戰，但我們執行得很好。

As you would expect, the pandemic has had the most impact on our enterprise and commercial orders driven by an overall slowdown in spending.

正如您所預料的那樣，由於支出整體放緩，疫情對我們的企業和商業訂單影響最大。

We are seeing customers continue to delay their purchasing decisions in certain areas while increasing spend in others until they have greater visibility and clarity on the timing and shape of the global economic recovery.

我們看到客戶繼續推遲他們在某些領域的購買決定，同時增加在其他領域的支出，直到他們對全球經濟復甦的時間和形式有更大的可見性和清晰度。

Despite this challenging economic environment, the pandemic has also triggered a massive and rapid shift to remote operations and automation to maximize personal safety.

儘管經濟環境充滿挑戰，但大流行病還引發了向遠程操作和自動化的大規模快速轉變，以最大限度地提高人身安全。

With this, many customers are increasingly reliant on our broad portfolio of technologies, resulting in another quarter of strong demand for our Catalyst 9000, Security, Webex and other SaaS-based solutions.

因此，許多客戶越來越依賴我們廣泛的技術組合，導致另外四分之一對我們的 Catalyst 9000、Security、Webex 和其他基於 SaaS 的解決方案的強勁需求。

Throughout fiscal year 2020, we demonstrated operational resilience based on our strong customer relationships, a solid financial foundation, differentiated innovation and a compelling strategic transformation built on the strength of our key technology platforms.

在整個 2020 財年，我們基於強大的客戶關係、穩固的財務基礎、差異化創新以及基於關鍵技術平台優勢的引人注目的戰略轉型展示了運營彈性。

Now I'll cover a few highlights from the quarter.

現在我將介紹本季度的一些亮點。

In June, we introduced an expanded business resiliency portfolio, offering health care and education solutions with simpler consumption models and services to accelerate adoption.

6 月，我們推出了擴展的業務彈性產品組合，提供具有更簡單消費模式和服務的醫療保健和教育解決方案，以加速採用。

We will continue to expand this portfolio to cover areas such as social distancing in the workplace, effective virtual employee engagement at scale and pop-up connected clinics.

我們將繼續擴展該產品組合，以涵蓋工作場所的社交距離、大規模有效的虛擬員工參與以及彈出式連接診所等領域。

Within our Infrastructure Platforms business, we continue to see a strong ramp of our Catalyst 9K portfolio as many customers take advantage of their employees working from home to refresh their aging infrastructure, enabling them to simplify, secure and automate the management of their networks.

在我們的基礎設施平台業務中，我們繼續看到 Catalyst 9K 產品組合的強勁增長，因為許多客戶利用他們的員工在家工作來更新他們老化的基礎設施，使他們能夠簡化、保護和自動化他們的網絡管理。

Our acquisition of ThousandEyes will complement these capabilities by adding deeper and broader visibility and analytics across networks and applications, enabling us to deliver the best possible experiences for our customers.

我們對 ThousandEyes 的收購將通過增加跨網絡和應用程序的更深入和更廣泛的可見性和分析來補充這些功能，使我們能夠為我們的客戶提供最佳體驗。

By integrating their SaaS-based offering with our AppDynamics application intelligence portfolio and SD-WAN technology, we can provide unparalleled intelligence and insights at cloud scale, driving improved customer experience as well as reliability of their applications.

通過將他們基於 SaaS 的產品與我們的 AppDynamics 應用程序智能產品組合和 SD-WAN 技術集成，我們可以提供無與倫比的雲規模智能和洞察力，推動改善客戶體驗及其應用程序的可靠性。

Security continues to be a top priority for our customers, particularly in this distributed digital world.

安全仍然是我們客戶的首要任務，尤其是在這個分佈式數字世界中。

Our ability to connect and protect our customers working from anywhere on any device is accelerating the adoption of our comprehensive Security portfolio, resulting in double-digit revenue growth this quarter.

我們通過任何設備隨時隨地連接和保護客戶的能力正在加速我們全面的安全產品組合的採用，從而使本季度的收入實現兩位數增長。

As more data goes to the cloud and users become more distributed, we had good momentum in our cloud security solutions, protecting workloads, applications and data.

隨著越來越多的數據進入雲端，用戶變得更加分散，我們的雲安全解決方案發展勢頭良好，可以保護工作負載、應用程序和數據。

We also continue to expand our capabilities to enable simplification and automation of our customer security infrastructure.

我們還繼續擴展我們的能力，以簡化和自動化我們的客戶安全基礎設施。

A good example of this is our SecureX platform, which is designed to unify visibility, enable automation and deliver a consistent experience.

我們的 SecureX 平台就是一個很好的例子，該平台旨在統一可見性、實現自動化並提供一致的體驗。

Since our launch 6 weeks ago, we have over 2,100 active daily customers, 2/3 of which have 2 or more products active.

自 6 週前推出以來，我們每天有超過 2,100 名活躍客戶，其中 2/3 擁有 2 種或更多產品。

We're also delivering secure remote worker solutions that span our endpoint security portfolio combined with the power of our Zero Trust architecture with Duo, AnyConnect, Umbrella and AMP for Endpoints.

我們還提供安全的遠程工作者解決方案，這些解決方案涵蓋了我們的端點安全產品組合，並結合了我們的零信任架構的強大功能，包括 Duo、AnyConnect、Umbrella 和 AMP for Endpoints。

Applications have become a lifeline for so many organizations, and this has only increased over the past few months.

應用程序已成為許多組織的生命線，而且這種情況在過去幾個月中只增不減。

As organizations define what their future looks like, our collaboration technology will play a key role in evolving how they work, transact and connect.

隨著組織定義他們的未來，我們的協作技術將在改進他們的工作、交易和聯繫方式方面發揮關鍵作用。

Webex had strong performance this quarter with double-digit growth as businesses, governments, educators and frontline workers everywhere have embraced remote work.

由於各地的企業、政府、教育工作者和一線工作人員都接受了遠程工作，Webex 本季度表現強勁，實現了兩位數的增長。

We expect this momentum to continue as we have begun to see the conversion of free trials into paid subscriptions.

我們預計這種勢頭會持續下去，因為我們已經開始看到免費試用轉變為付費訂閱。

AppDynamics also achieved another solid quarter.

AppDynamics 也取得了另一個穩定的季度。

These monitoring tools offer our customers great value by providing real-time insights from a single pane of glass to optimize user experience in their multi-cloud environments.

這些監控工具通過從單一管理平台提供實時洞察力來優化多雲環境中的用戶體驗，從而為我們的客戶帶來巨大價值。

As we think about all that we've achieved over the past 5 years, I want to take a moment to acknowledge Kelly Kramer, our Chief Financial Officer, who has been an incredible partner to me.

當我們回想過去 5 年所取得的成就時，我想花點時間感謝我們的首席財務官 Kelly Kramer，她是我不可或缺的合作夥伴。

She has played a key role in reshaping Cisco into the company we are today.

她在將思科重塑為今天的公司方面發揮了關鍵作用。

I want to let you all know that Kelly has made the decision to retire from Cisco.

我想讓大家知道，凱利已經決定從思科退休。

Over her 8-plus years here, Kelly has led the effort to improve our financial performance, focused on investor confidence and help position Cisco for success.

在她在這裡的 8 年多時間裡，Kelly 一直致力於改善我們的財務業績，專注於投資者信心並幫助 Cisco 取得成功。

Kelly and I have been focused on simple, clear communication, absolute transparency, delivering on our commitments and always aligning Cisco for future growth.

凱利和我一直專注於簡單、清晰的溝通、絕對透明、兌現我們的承諾並始終與思科保持一致以實現未來增長。

Kelly has graciously agreed to stay on as CFO until we have her successor on board and will advise us with the succession process.

凱利已欣然同意繼續擔任首席財務官，直到我們有她的繼任者，並將就繼任程序向我們提供建議。

I can assure you that with Kelly staying on during the search and with our world-class finance team, we will have a seamless transition.

我可以向您保證，在 Kelly 的陪同下，在我們世界一流的財務團隊的幫助下，我們將實現無縫過渡。

Kelly, thank you so much for your partnership and your friendship.

凱利，非常感謝你的合作和友誼。

You will truly be missed.

您將真正被懷念。

Now before I turn it over to Kelly, I want to reiterate my confidence for what the future holds.

在我把它交給凱利之前，我想重申我對未來的信心。

Over the past 5 years, we have not shied away from making bold moves to position us for long-term growth, and now is no different.

在過去的 5 年裡，我們從不迴避採取大膽舉措以實現長期增長，現在也不例外。

We are committed to running a strong business as well as leveraging technology for good to solve the world's biggest challenges and create new opportunities for the future.

我們致力於經營強大的企業，並利用技術來解決世界上最大的挑戰，並為未來創造新的機遇。

As we've demonstrated, we have helped our customers build resiliency in difficult environments through industry disruptions and in times of rapid growth.

正如我們所展示的那樣，我們已經幫助我們的客戶在行業中斷和快速增長時期的困難環境中建立彈性。

We will also continue to use our position to make our communities and world a better place.

我們還將繼續利用我們的地位使我們的社區和世界變得更美好。

Whether it's tackling the global health pandemic or social injustice and intolerance, we are committed to our purpose of powering an inclusive future for all.

無論是應對全球健康大流行還是社會不公正和不容忍，我們都致力於實現我們的目標，即為所有人創造一個包容的未來。

As we start a new fiscal year, I believe we have incredible opportunities in front of us.

在我們開始新的財政年度時，我相信我們面前有難以置信的機會。

We will navigate the pandemic in the most effective way possible while not damaging the long-term prospects for Cisco.

我們將以最有效的方式應對這一流行病，同時不損害思科的長期前景。

We remain strongly aligned to our customers' priorities and deeply committed to delivering long-term growth.

我們始終與客戶的優先事項保持一致，並堅定地致力於實現長期增長。

Now I'll turn it over to Kelly.

現在我將把它交給凱利。

Thanks, Chuck.

謝謝，查克。

It really has been great, and I want to thank you, the leadership team and really all of Cisco.

這真的很棒，我要感謝你們、領導團隊和整個思科。

I also want to thank my finance team who does an amazing job.

我還要感謝我的財務團隊，他們的工作非常出色。

I'll certainly miss Cisco, but I'm looking forward to what's next.

我當然會想念思科，但我很期待接下來會發生什麼。

I'll start with a summary of our financial results for the quarter, then cover the full year, followed by guidance for Q1.

我將從本季度的財務業績摘要開始，然後涵蓋全年，然後是第一季度的指導。

Our overall Q4 results reflect good execution with strong margins in a very challenging environment.

我們第四季度的總體業績反映了在極具挑戰性的環境中良好的執行力和強勁的利潤率。

Total revenue was $12.2 billion, down 9%.

總收入為 122 億美元，下降 9%。

Our non-GAAP operating margin rate was 33%, up 0.4 points.

我們的非美國通用會計準則營業利潤率為 33%，上升 0.4 個百分點。

Non-GAAP net income was $3.4 billion, down 5% year-over-year.

非美國通用會計準則淨收入為 34 億美元，同比下降 5%。

And non-GAAP EPS was $0.80, down 4%.

非 GAAP 每股收益為 0.80 美元，下降 4%。

Let me provide some more detail on our Q4 revenue.

讓我提供更多關於我們第四季度收入的細節。

Total product revenue was down 13% to $8.8 billion.

產品總收入下降 13% 至 88 億美元。

Infrastructure Platforms was down 16%.

基礎設施平台下降了 16%。

This is the product area most impacted by the COVID environment.

這是受 COVID 環境影響最大的產品領域。

We saw declines across switching, routing, data center and wireless driven primarily by the weakness we saw in the commercial and enterprise markets.

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商業和企業市場中看到的疲軟。

We did see pockets of strength with the continued growth of Cat 9K, which was up double digits, and the ramp of our WiFi 6 products.

我們確實看到了 Cat 9K 的持續增長（兩位數增長）和我們的 WiFi 6 產品的增長。

Data center was particularly weak with the decline of the market and DRAM price declines.

隨著市場的下滑和DRAM價格的下跌，數據中心尤其疲軟。

Applications was down 9%.

申請下降了 9%。

On the positive side, we saw a strong double-digit growth in Webex with the importance of remote working.

從積極的方面來看，由於遠程工作的重要性，我們看到 Webex 實現了兩位數的強勁增長。

We also saw solid growth in AppDynamics and IoT software.

我們還看到了 AppDynamics 和物聯網軟件的穩健增長。

This was offset by declines in Unified Communication and TP endpoints.

這被統一通信和 TP 端點的下降所抵消。

Security was up 10% with strong performance in network security, identity and access, advanced threat and unified threat management.

安全性增長了 10%，在網絡安全、身份和訪問、高級威脅和統一威脅管理方面表現強勁。

Our cloud security portfolio performed well, with strong double-digit growth and continued momentum with our Duo and Umbrella offerings.

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。

Service revenue was flat for the quarter, but we had growth in our maintenance business as well as software and support services.

本季度服務收入持平，但我們的維護業務以及軟件和支持服務有所增長。

This was offset by our advisory services, which was impacted by the COVID environment.

這被我們的諮詢服務所抵消，後者受到 COVID 環境的影響。

We continue to transform our business, delivering more software offerings and driving more subscriptions.

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 78% of total software revenue, up 8 points year-over-year.

軟件訂閱佔軟件總收入的 78%，同比增長 8 個百分點。

Remaining performance obligations, or RPO, at the end of Q4 were $28.4 billion, up 12%.

第四季度末剩餘履約義務 (RPO) 為 284 億美元，增長 12%。

RPO for product was up 17%, and service was up 9%.

產品的 RPO 增長了 17%，服務增長了 9%。

The continued growth in RPO demonstrates the strength of our portfolio of software and services.

RPO 的持續增長證明了我們軟件和服務組合的實力。

In terms of orders in Q4, total product orders were down 10%.

在第四季度的訂單方面，產品訂單總量下降了 10%。

Looking at our geographies, the Americas was down 11%.

從我們的地理位置來看，美洲下降了 11%。

EMEA was down 6%, and APJC was down 13%.

EMEA 下降了 6%，APJC 下降了 13%。

Total emerging markets were down 19%, with the BRICS plus Mexico down 26%.

新興市場總量下降了 19%，其中金磚國家和墨西哥下降了 26%。

In our customer segments, public sector was down 1%, while enterprise was down 7%.

在我們的客戶群中，公共部門下降了 1%，而企業下降了 7%。

Commercial was down 23%, and service provider was down 5%.

商業下降了 23%，服務提供商下降了 5%。

From a non-GAAP profitability perspective, total Q4 gross margin was 65%, down 0.5 points.

從非 GAAP 盈利能力的角度來看，第四季度總毛利率為 65%，下降 0.5 個百分點。

Product gross margin was 63.2%, down 1.5 points.

產品毛利率為63.2%，下降1.5個百分點。

And service gross margin was 69.8%, up 1.9 points year-over-year.

服務毛利率為69.8%，同比上升1.9個百分點。

Our Q4 GAAP tax rate was 16.7%, which reflects the true-ups to the annual tax rate.

我們第四季度的公認會計原則稅率為 16.7%，這反映了年度稅率的調整。

In terms of the bottom line, from a GAAP perspective, Q4 net income was $2.6 billion, and EPS was $0.62.

底線方面，從 GAAP 角度來看，Q4 淨收入為 26 億美元，EPS 為 0.62 美元。

We ended Q4 with total cash, cash equivalents and investments of $29.4 billion.

第四季度末，我們的現金、現金等價物和投資總額為 294 億美元。

Operating cash flow was $3.8 billion, down 4% year-over-year.

經營現金流為 38 億美元，同比下降 4%。

From a capital allocation perspective, we returned $1.5 billion to shareholders for our quarterly dividend.

從資本配置的角度來看，我們向股東返還了 15 億美元的季度股息。

We continue to invest organically and inorganically in our innovation pipeline.

我們繼續對我們的創新管道進行有機和無機投資。

Just last week, we closed our acquisition of ThousandEyes.

就在上週，我們完成了對 ThousandEyes 的收購。

This move is consistent with our strategy of increasing investment in innovation and R&D for our growth areas.

此舉符合我們增加對增長領域創新和研發投資的戰略。

I'll now cover the full fiscal year results.

我現在將介紹整個財政年度的結果。

We delivered strong margins and grew EPS in a very challenging environment.

在極具挑戰性的環境中，我們實現了可觀的利潤率並增加了每股收益。

Revenue was $49.3 billion, down 5%.

收入為 493 億美元，下降 5%。

Total non-GAAP gross margin was 66%, up 1.4 points.

非美國通用會計準則總毛利率為 66%，上升 1.4 個百分點。

And our non-GAAP operating margin rate was 33.8%, up 1.5 points.

我們的非美國通用會計準則營業利潤率為 33.8%，上升 1.5 個百分點。

From a bottom line perspective, non-GAAP net income was $13.7 billion, down 1%.

從底線來看，非美國通用會計準則淨收入為 137 億美元，下降 1%。

And non-GAAP EPS was $3.21, up 4%.

非 GAAP 每股收益為 3.21 美元，增長 4%。

GAAP net income was $11.2 billion, and GAAP EPS was $2.64.

GAAP 淨收入為 112 億美元，GAAP 每股收益為 2.64 美元。

We delivered operating cash flow of $15.4 billion, down 3%.

我們交付了 154 億美元的運營現金流，下降了 3%。

Normalized for the cash received in Q1 fiscal '19 related to the legal settlement with Arista, operating cash flow was flat for fiscal '20.

對於與 Arista 的法律和解相關的 19 財年第一季度收到的現金，20 財年的運營現金流持平。

From a capital allocation perspective, we returned $8.6 billion to shareholders over the fiscal year, which represents 59% of our free cash flow.

從資本配置的角度來看，我們在本財年向股東返還了 86 億美元，占我們自由現金流的 59%。

That was comprised of $2.6 billion of share repurchases and $6 billion for our quarterly dividend.

其中包括 26 億美元的股票回購和 60 億美元的季度股息。

To summarize, we executed well in Q4 and the fiscal year with strong margins in a very challenging environment.

總而言之，在極具挑戰性的環境中，我們在第四季度和本財年表現良好，利潤率很高。

We're seeing the returns on the investments we're making in innovation and driving the shift to more software and subscriptions, delivering long-term growth and shareholder value.

我們正在看到我們在創新和推動向更多軟件和訂閱的轉變方面所做投資的回報，從而實現長期增長和股東價值。

Let me reiterate our guidance for the first quarter of fiscal '21.

讓我重申我們對 21 財年第一季度的指導。

This guidance is subject to the disclaimer regarding forward-looking information that Marilyn referred to earlier.

本指南受 Marilyn 先前提到的前瞻性信息免責聲明的約束。

We expect revenue to decline in the range of minus 9% to minus 11% year-over-year.

我們預計收入將同比下降 -9% 至 -11%。

We anticipate the non-GAAP gross margin rate to be in the range of 64% to 65%.

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。

The non-GAAP operating margin rate is expected to be in the range of 30% to 31%, and the non-GAAP tax provision rate is expected to be 19%.

非 GAAP 營業利潤率預計在 30% 至 31% 之間，非 GAAP 稅收撥備率預計為 19%。

Non-GAAP earnings per share is expected to range from $0.69 to $0.71.

非 GAAP 每股收益預計在 0.69 美元至 0.71 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.

謝謝，凱利。

Sue, we'll now open up the queue for questions.

蘇，我們現在開始提問。

(Operator Instructions)

（操作員說明）

Sue, I'll turn it over to you.

蘇，我會把它交給你。

The first question is from Sami Badri with Credit Suisse.

第一個問題來自瑞士信貸的 Sami Badri。

My first question is for the team here.

我的第一個問題是這裡的團隊。

And just wanted to know that now that you've achieved the 50% of revenue coming from software and services, and that was the guidepost given at the 2017 Analyst Day, do you guys have a new target in mind and new range?

只是想知道現在你們已經實現了 50% 的收入來自軟件和服務，這是 2017 年分析師日給出的指南，你們有沒有新的目標和新的範圍？

I know you guys introduced some new products and new services and some new investment areas.

我知道你們介紹了一些新產品和新服務以及一些新的投資領域。

I'm just hoping to understand it seems you get maybe a new road map or a new target that we should hold you guys or measure you against.

我只是希望了解您似乎得到了一個新的路線圖或一個新的目標，我們應該讓你們保持或衡量你們。

Yes.

是的。

Sami, thanks for the question.

薩米，謝謝你的提問。

And it's been a pretty successful 3 years as we've been making this transition, and we obviously still have ways to go, to your question, relative to a new target.

過去 3 年，我們一直在進行這種轉變，這非常成功，對於您的問題，相對於新目標，我們顯然還有很長的路要走。

We were talking about this in the last week or so.

我們在上週左右討論過這個問題。

And we feel like we just need to get through this pandemic cycle that we have, and then we'll set some new targets, and we'll communicate them to you at that time.

我們覺得我們只需要度過目前的大流行週期，然後我們將設定一些新目標，屆時我們會與您溝通。

So we don't have one yet.

所以我們還沒有。

The next question is from Meta Marshall with Morgan Stanley Investment Research.

下一個問題來自摩根士丹利投資研究部的 Meta Marshall。

Great.

偉大的。

Chuck, you referred to kind of changes you're going to make to the portfolio based on conversations you were having with customers.

查克，你提到了你將根據與客戶的對話對投資組合進行的某種改變。

Do you -- where do you feel like they are in terms of knowing what their kind of network architectures are looking like when they come back or just how their budgets are looking for the remainder of the year?

你 - 你覺得他們在哪裡知道當他們回來時他們的網絡架構是什麼樣子或者他們的預算如何尋找今年剩餘時間？

Yes.

是的。

Thanks, Meta.

謝謝，梅塔。

I think that when we think about the network architectures, I think one thing we know is that the -- our customers are living in this multi-cloud environment.

我認為，當我們考慮網絡架構時，我認為我們知道的一件事是——我們的客戶生活在這個多雲環境中。

And as they went into this work-from-home environment, as I said on our last call, those who had technical debt and those who had not really invested in modernizing their infrastructure, they know they will need to do that, and they'll do it at different paces based on their financial abilities.

當他們進入這種在家工作的環境時，正如我在上次電話會議上所說，那些有技術債務的人和那些沒有真正投資於基礎設施現代化的人，他們知道他們需要這樣做，而且他們”將根據他們的財務能力以不同的速度進行。

I'd say that it's clear that many of our customers do want to consume the technology as a service.

我要說的是，很明顯我們的許多客戶確實希望將技術作為一種服務來消費。

So we're currently looking at the entire portfolio to see what -- how deeply we can get into the portfolio relative to delivering as a service.

因此，我們目前正在查看整個產品組合，看看我們可以深入了解與作為服務交付相關的產品組合。

And I think we'll have a lot of that in the marketplace by the end of the calendar year.

而且我認為到日曆年年底我們將在市場上有很多這樣的東西。

We will also be working with our customers on their network architectures, which are certainly going to be prevalent on -- or dependent upon cloud security, on SD-WAN and the integration of those.

我們還將與我們的客戶合作開發他們的網絡架構，這些架構肯定會流行或依賴於雲安全、SD-WAN 以及它們的集成。

So we're going to accelerate that as well as helping them navigate this multi-cloud world because I do think that we have seen some customers accelerate that shift as well.

因此，我們將加速這一轉變，並幫助他們駕馭這個多雲世界，因為我確實認為我們已經看到一些客戶也在加速這種轉變。

So the network architectures that we built 15 years ago, as I've talked about, just aren't relevant today because the traffic flows are completely different.

因此，正如我所說，我們 15 年前構建的網絡架構在今天已經不適用了，因為流量完全不同。

And so we'll continue to work with customers, and I think it will be at a different pace just based on how they all come out and how they manage the pandemic.

因此，我們將繼續與客戶合作，我認為這將以不同的速度進行，這取決於他們的表現以及他們如何應對這一流行病。

The next question is from Ittai Kidron with Oppenheimer & Co.

下一個問題來自 Oppenheimer & Co. 的 Ittai Kidron。

Chuck, when you talk about the portfolio and the changes you need to make over there and the acceleration of R&D in some areas, can you talk about more specifically what areas you feel you need the most adjustment in?

查克，當你談到投資組合和你需要在那裡做出的改變以及在某些領域的研發加速時，你能更具體地談談你覺得你最需要調整的領域嗎？

And also, it feels like the pace of technology evolution, it clearly is -- just keeps accelerating.

而且，感覺就像技術發展的步伐，很明顯 - 一直在加速。

There's so much of it you can do internally.

您可以在內部做很多事情。

And you've been very acquisitive in the past, but I can't help but feel like you need to move much faster and much more aggressive on M&A.

你過去一直很貪婪，但我不禁覺得你需要在併購方面採取更快、更積極的行動。

And I know you've been very disciplined from a price standpoint.

而且我知道從價格的角度來看你一直非常自律。

And clearly, a market like we have today is not necessarily conducive to that.

顯然，像我們今天這樣的市場不一定有利於這一點。

But just given the fact that we're moving much, much faster, are you more open to get a bit more aggressive here on the M&A front to fill in gaps?

但考慮到我們的發展速度要快得多，你是否更願意在併購方面採取更積極的態度來填補空白？

Because it sounds like -- it feels like the longer you wait on this, the gaps will keep getting bigger, not smaller.

因為聽起來——感覺你等待的時間越長，差距就會越來越大，而不是越來越小。

Yes.

是的。

Ittai, it's a great question.

Ittai，這是一個很好的問題。

And your first question around the areas that we feel like we need to invest, I think this pandemic is basically just -- it's just giving us the air cover to accelerate the transition of R&D expense into cloud security, cloud collab away from the on-prem aspects of the portfolio.

你的第一個問題是關於我們認為需要投資的領域，我認為這種流行病基本上只是——它只是給我們提供空中掩護，以加速研發費用向雲安全、雲協作的轉變——投資組合的前期方面。

Clearly, we've got a lot of technology that we're working on today to help our customers over the next 3, 4, 5 years in this multi-cloud world that they're going to live in.

顯然，我們今天正在研究很多技術，以幫助我們的客戶在未來 3、4、5 年內生活在這個多雲世界中。

And you'll see more of that come out over the next couple of years.

在接下來的幾年裡，你會看到更多這樣的東西出現。

But on the M&A question, I think that there's clearly a recognition that the valuations of the assets that are attractive have achieved different levels.

但在併購問題上，我認為人們清楚地認識到，具有吸引力的資產的估值已經達到了不同的水平。

And so I think that we'll continue to be disciplined, but I would say that we're open to looking at the current world and the reality that we live in.

所以我認為我們會繼續遵守紀律，但我會說我們願意看待當前的世界和我們生活的現實。

So I think we're open to any and all ideas, and we continue to work through different options, and we have a list of potential targets that we maintain on a pretty regular basis.

所以我認為我們對任何和所有的想法都持開放態度，我們將繼續通過不同的選擇進行工作，並且我們有一份我們定期維護的潛在目標清單。

And so I think the real difference is -- there has to be a recognition that the valuations have changed, but we'll try to be disciplined and do the right thing at the right time.

所以我認為真正的區別是——必須認識到估值已經改變，但我們會努力遵守紀律，在正確的時間做正確的事。

The next question is from Jim Suva with Citigroup Investment Research.

下一個問題來自花旗集團投資研究部的 Jim Suva。

Kelly, you'll be significantly missed, so thank you for the duration.

凱莉，我們會非常想念你，所以感謝你的這段時間。

But looking forward, if my model is right, and maybe it's wrong, it seems like year-over-year revenue comparisons get materially easily -- easier, maybe to the tune of 400 basis points year-over-year for the quarter outlook.

但展望未來，如果我的模型是正確的，也許它是錯誤的，那麼與去年同期相比的收入比較似乎變得非常容易 - 更容易，可能達到季度展望的 400 個基點。

And like with Huawei being pushed out and Cisco being preferred in many countries, even beyond the United States as well as an incumbency factor coming out of coronavirus, help me bridge your kind of year-over-year revenue growth.

就像華為被淘汰，思科在許多國家（甚至在美國以外）受到青睞，以及冠狀病毒帶來的在職因素，幫助我實現收入同比增長。

And maybe it's still yet to come about why things aren't more positive because the comps are easier.

也許還沒有弄清楚為什麼事情沒有變得更積極，因為比賽更容易了。

Huawei is less preferred than Cisco.

華為不如思科受歡迎。

Cisco has an incumbency factor, and we're coming out of coronavirus.

思科有在職因素，我們正從冠狀病毒中走出來。

Well, I'll comment subjectively, and then I'll let Kelly talk a little bit about the numbers.

好吧，我會主觀地評論，然後我會讓凱利談談這些數字。

I wouldn't say that we're coming out of the coronavirus right now.

我不會說我們現在正在擺脫冠狀病毒。

I think that it feels to me very much like it felt 90 days ago.

我認為這對我來說非常像 90 天前的感覺。

And clearly, the -- in the U.S., we have not seen -- we've seen some areas that have gotten better and, obviously, some that have not.

很明顯，在美國，我們還沒有看到 - 我們已經看到一些地區變得更好，顯然，有些地區沒有。

But I'd say in general, it feels pretty much the same as it did 90 days ago to us relative to that.

但我想說的是，總的來說，相對於我們而言，這與 90 天前的感覺幾乎相同。

I think that some of the things you're talking about around service providers around the world and the possibility where we would be getting opportunities that we wouldn't have had before, I think some of those are still to be seen.

我認為你正在談論的一些事情圍繞著世界各地的服務提供商，以及我們獲得以前沒有的機會的可能性，我認為其中一些還有待觀察。

But we would share that optimism, and we'll have to wait and see how that plays out.

但我們會分享這種樂觀情緒，我們將不得不等待，看看結果如何。

Kelly, do you want to talk about the...

凱利，你想談談...

Yes.

是的。

And then from our compares, I mean, Q1 of '20, so my guide for this next quarter, in Q1 of '21, that's our toughest compare to the -- obviously, we had -- Q3 and Q4 were very, very tough for us in '20 because of COVID.

然後從我們的比較來看，我的意思是，20 年第一季度，所以我對下一季度的指導，在 21 年第一季度，這是我們最艱難的比較——顯然，我們有——第三季度和第四季度非常非常艱難因為 COVID，我們在 20 年。

So comparing to Q1 of '20 right now, we still have some tougher compares.

因此，與現在的 20 年第一季度相比，我們還有一些更嚴格的比較。

But they do get easier as the year goes on, assuming that the pandemic ends.

但假設大流行結束，隨著時間的推移，它們確實會變得更容易。

But as you know, Jim, we forecast based on what we see, based on the order rates, and we feel this is a pretty accurate guide.

但正如你所知，吉姆，我們根據我們所看到的，根據訂單率進行預測，我們認為這是一個非常準確的指南。

Kelly, thank you so much for your service.

凱利，非常感謝你的服務。

Thanks, Jim.

謝謝，吉姆。

I appreciate it.

我很感激。

The next question is from Paul Silverstein with Cowen.

下一個問題來自 Paul Silverstein 和 Cowen。

Maybe sort of a question, 2 clarifications.

也許有點問題，2個澄清。

Chuck, your response to Jim's question, when you talk about feeling pretty much the same as 90 days ago in the U.S., you're referring to both enterprise and commercial, your small, medium customers as well as your large customers across the board?

查克，你對吉姆問題的回答，當你談到與 90 天前在美國幾乎一樣的感覺時，你指的是企業和商業，你的中小型客戶以及你的大型客戶嗎？

And then with respect to the $1 billion that you referenced in terms of coming out of costs, will that all be out of OpEx?

然後關於您在成本支出方面提到的 10 億美元，是否全部來自 OpEx？

And I appreciate there's probably some sensitivity if it involves headcount reduction, as I suspect it does.

我很欣賞如果涉及裁員可能會有一些敏感性，正如我懷疑的那樣。

But Kelly, I'm hoping you could give us a sense for the timing in that reduction and the nature of the reductions.

但是凱利，我希望你能讓我們了解減少的時間和減少的性質。

Is that all in OpEx?

這一切都在 OpEx 中嗎？

Or is some of it out of cost of goods sold?

或者其中一部分是出於銷售商品的成本？

Yes.

是的。

Paul, let me just tell you a little bit.

保羅，讓我告訴你一點。

I'll give you a little sort of customer segment and around-the-world view of what it's felt like in the last 90 days or so.

我會給你一些客戶群和世界各地的看法，了解過去 90 天左右的感受。

So maybe that will help add a little color.

所以也許這會有助於增加一點顏色。

In the U.S., in particular, I'd say the -- we saw some strength in the very high end of enterprise.

特別是在美國，我要說的是——我們在非常高端的企業中看到了一些力量。

And then sort of as you go down in the marketplace, we just -- the weakness got a little bit worse as you just sort went straight down, as you would expect with small business, medium business and even smaller-size enterprises that were -- didn't perform as well as the very largest of enterprises.

然後，當你在市場上走下坡路時，我們只是 - 當你直接向下排序時，弱點變得更糟了，正如你對小型企業、中型企業甚至小型企業所期望的那樣 - - 表現不如最大的企業。

But we did see strength in the very large enterprise in the U.S.

但我們確實看到了美國超大型企業的實力。

We also saw some strength in federal in the U.S. clearly.

我們還清楚地看到了美國聯邦的一些力量。

And that was actually really promising because they had a very strong quarter a year ago.

這實際上非常有希望，因為他們在一年前有一個非常強勁的季度。

So they executed really well.

所以他們執行得非常好。

Service provider around the world.

服務提供商遍布全球。

If you look at Asia and Europe, our service provider business was positive in both of those regions.

如果你看看亞洲和歐洲，我們的服務提供商業務在這兩個地區都是積極的。

And it was just slightly negative in the U.S. It was primarily Canada and Mexico in the Americas that drove the negative here.

在美國，它只是略有負面影響。主要是美洲的加拿大和墨西哥推動了這裡的負面影響。

So overall, that was a bright spot, particularly outside the United States.

總的來說，這是一個亮點，尤其是在美國以外的地區。

We did see countries -- a few countries that actually began to show some positives.

我們確實看到了一些國家——一些國家實際上開始表現出一些積極的一面。

And I'm trying to think through like can we build a model that says Asia went in first, and so they're going to come out first.

我正在努力思考，我們能否建立一個模型，讓亞洲先進入，然後他們會先出來。

And we did see Japan had a good quarter for us on the demand side.

我們確實看到日本在需求方面對我們來說有一個很好的季度。

Korea had a good quarter for us on the demand side, and we're seeing some positives.

韓國在需求方面對我們來說有一個很好的季度，我們看到了一些積極因素。

Germany had a good quarter for us.

德國對我們來說有一個很好的季度。

And I'd say if we think about how our European team feels right now, they actually feel reasonably okay.

我想說的是，如果我們考慮一下我們的歐洲團隊現在的感受，他們實際上感覺還不錯。

Not great, great, but better than they did 90 days ago.

不是很好，很好，但比 90 天前要好。

The Americas is still sort of the wildcard, I'd say, that we see right now.

我想說，美洲仍然是我們現在看到的通配符。

So hopefully, that gives you a little more color around what we're seeing up and down the stack.

所以希望這能讓你對我們在堆棧上下看到的內容有更多的了解。

And then, Kelly, do you want to...

然後，凱利，你想...

Yes.

是的。

Sure.

當然。

Where you'll see the cost coming out, I'd say, the majority is in OpEx.

你會在哪裡看到成本，我想說，大部分在運營支出中。

I'd say maybe an 80-20 split.

我會說可能是 80-20 分裂。

We'll certainly have some in COGS, too, on that side, on the services side, but mostly in OpEx.

在服務方面，我們當然也會在 COGS 中有一些，但主要是在 OpEx 中。

And in terms of timing, we should see a lot of this -- most of this, the bulk of this coming out at the end of Q1 and a little bleeding over into Q2, depending on the country it's in.

就時間而言，我們應該會看到很多這樣的東西——其中大部分，大部分在第一季度末出現，並在第二季度出現一些滲漏，具體取決於它所在的國家/地區。

Kelly, you'll be missed.

凱莉，你會被想念的。

Thank you, Paul.

謝謝你，保羅。

Appreciate it.

欣賞它。

The next question is from Rod Hall with Goldman Sachs.

下一個問題來自高盛的 Rod Hall。

I guess I wanted to go back to the linearity of this order trajectory, Chuck and Kelly, on particularly enterprise.

我想我想回到這個訂單軌蹟的線性，查克和凱利，特別是企業。

I guess if we go back to 2009, we're starting to see commercial order volumes deteriorating into the range we saw back then in that recession.

我想如果我們回到 2009 年，我們會開始看到商業訂單量惡化到我們當時在經濟衰退時看到的範圍。

We haven't really seen enterprise do that.

我們還沒有真正看到企業這樣做。

And I wonder whether you think that, that is where we're kind of headed here.

我想知道你是否認為，這就是我們要去的地方。

It just feels like this is not turning out to be a V-shape recovery.

只是感覺這不是V型複蘇。

It's more like a -- we're headed into a real recession, prolonged recession.

這更像是——我們正在走向一場真正的衰退，一場長期的衰退。

So I'm just curious kind of what you think about the trajectory of those volumes, what they look like at the end of the quarter versus the beginning of the quarter.

所以我很好奇你對這些數量的軌蹟有什麼看法，它們在本季度末與本季度初的情況。

Well, I would say that -- I'll make a couple of comments, and I'll kick it to Kelly to give you a little bit more color.

好吧，我會這麼說——我會發表一些評論，然後我會把它踢給凱利，給你更多的顏色。

I think that as Kelly and I looked at where we expected demand to be from the beginning of the quarter to the end of the quarter, we were pretty much in line.

我認為，當凱利和我查看我們預計從本季度初到本季度末的需求時，我們幾乎是一致的。

In fact, it was a slight, slight, slight bit better than we had anticipated at the beginning of the quarter.

事實上，這比我們在本季度初的預期要好一點點。

But I would not get too excited about it being slightly better, as you can tell from the guide.

但我不會因為它稍微好一點而感到太興奮，正如你從指南中看到的那樣。

But -- and then I think linearity was generally in line, but it was probably a little more back-end loaded than we've seen.

但是 - 然後我認為線性度通常是一致的，但它可能比我們看到的更多的後端負載。

And we had a lot of big enterprise activity towards the end of the quarter.

在本季度末，我們有很多大型企業活動。

So Kelly, anything to add?

凱利，有什麼要補充的嗎？

Yes.

是的。

The only thing I'll add, and Chuck kind of touched on this -- I mean, again, it is the biggest, biggest premier enterprise accounts, they are still investing significantly and we -- they had very good order rates.

我要補充的唯一一件事，查克有點談到了這一點——我的意思是，再一次，這是最大的、最大的首要企業客戶，他們仍在大量投資，而我們——他們的訂單率非常好。

But it does -- as you go down the tiers in enterprise, it did slow down and just -- and commercial is not surprising.

但它確實如此——當你在企業中往下走時，它確實放慢了速度——而且商業化並不奇怪。

You saw what the commercial numbers are.

你看到了商業數字是什麼。

So I do think it is related to their waiting to see what comes out of the pandemic, and they're pausing their spends.

所以我確實認為這與他們等待看到大流行的結果有關，並且他們正在暫停支出。

But I think this is why seeing the big, big accounts still investing in their digital transformation, I think, gives us confidence that once we do get through this, we feel good about how we'll come out of it.

但我認為這就是為什麼看到大客戶仍在投資於他們的數字化轉型，我認為，這讓我們有信心，一旦我們完成了這一點，我們就會對如何擺脫它感到滿意。

Okay.

好的。

Can I have a follow-up?

我可以跟進嗎？

Sure.

當然。

Go ahead.

前進。

Go ahead, Rod.

去吧，羅德。

Yes.

是的。

I just wondered if you guys could talk a little bit about the -- kind of what sort of color you're hearing from the enterprise customers.

我只是想知道你們是否可以談談——你們從企業客戶那裡聽到的是什麼樣的顏色。

Do you think that they've -- because they're investing so aggressively in work from home, are they pulling demand forward out of the back end of the year?

您是否認為他們 - 因為他們在家工作方面如此積極地投資，他們是否將需求從年底拉出？

Like are their budgets changing?

比如他們的預算在變化嗎？

Are they just kind of robbing from the back end-of-the-year budgets and moving it toward the front end of the year to compensate for work from home and all that stuff that's going on?

他們是否只是從年底的預算中搶劫並將其移至年初以補償在家工作以及所有正在發生的事情？

I don't think that -- I haven't heard anything about anybody pulling anything forward.

我不認為——我沒有聽說任何人在推動任何事情向前發展。

I think that the larger the companies are, the more confident they have in their ability to come out at some point.

我認為公司越大，他們對自己在某個時候出來的能力就越有信心。

And they're going to continue to invest to position themselves when they come out.

他們將繼續投資以在他們出來時定位自己。

And clearly, there are some large enterprises that are not investing, given -- depending on which industries they're in.

顯然，有一些大型企業沒有進行投資，這取決於它們所處的行業。

But I don't -- I think it was just -- I think it's just normal investment cycles that certain large companies have just decided they're going to continue to pursue.

但我不——我認為這只是——我認為這只是某些大公司剛剛決定繼續追求的正常投資週期。

And I do think Kelly made a good point.

我確實認為凱利提出了一個很好的觀點。

As we've given like the number of software license agreements that we did, I mean, it says that the portfolio that we have and the strategy we have, I think, whether it's helping them with application visibility as they move more to the cloud, it's going to be more -- it's going to resonate even more.

正如我們已經給出的軟件許可協議的數量一樣，我的意思是，它說明了我們擁有的產品組合和我們擁有的戰略，我認為，這是否有助於他們在更多地遷移到雲中時提高應用程序可見性，它會更多 - 它會產生更多共鳴。

When you think about the security strategy we have, going to the cloud, it's going to be more required in the future.

當您考慮我們擁有的安全策略時，轉向雲端，未來會更加需要它。

We look at this infrastructure transformation, as they deal with this multi-cloud world and these new traffic flows, I think that's going to be super relevant.

我們著眼於這種基礎設施轉型，因為他們處理這個多雲世界和這些新的流量，我認為這將是非常相關的。

And then obviously, the employee and customer experience that they have, which are all areas that we're investing in, I think when we come out of this, those will be even more in demand than they were when we went into it.

然後很明顯，他們擁有的員工和客戶體驗，這些都是我們正在投資的領域，我認為當我們走出這一步時，這些需求將比我們進入時更多。

We just got to get to the other side of it, and then I feel pretty good.

我們只需要到達它的另一邊，然後我感覺很好。

Next question is from Simon Leopold with Raymond James.

下一個問題來自 Simon Leopold 和 Raymond James。

Great.

偉大的。

Kelly, we will miss you.

凱利，我們會想念你的。

So -- and you're too young to retire.

所以——而且你還太年輕，不能退休。

Thanks, Simon.

謝謝，西蒙。

I wanted to follow up, Chuck, on the Cat 9K because you did mention the strength there.

Chuck，我想跟進 Cat 9K，因為你確實提到了那裡的力量。

And I guess I'm trying to discern sort of the macro versus the product cycle issues.

而且我想我正在嘗試區分宏觀與產品週期問題。

And my understanding is that the portfolio has been releasing platforms that are more suited for smaller enterprises just at the time when those are the weakest customers.

我的理解是，該產品組合一直在發布更適合小型企業的平台，而這些平台恰好是最弱的客戶。

So if you could help us maybe understand the overall contributions of this product and where you are in the product cycle and maybe even explain what's macro-related versus normal cycle-related.

因此，如果您能幫助我們了解該產品的總體貢獻以及您在產品週期中所處的位置，甚至可以解釋什麼是宏觀相關與正常週期相關。

Yes.

是的。

Simon, I'll let Kelly talk about the numbers in a minute, but I'm going to share with you my instinct on this because I thought about the same thing.

西蒙，我會讓凱利在一分鐘內談論這些數字，但我會與你分享我對此的直覺，因為我也想過同樣的事情。

Because the one thing that we know is that the campus business that we have, their -- people aren't in their campus offices.

因為我們知道的一件事是我們擁有的校園業務，他們的員工不在他們的校園辦公室裡。

So the whole notion of refresh and upgrades clearly are not top of mind for every customer the way they might have been 9 months ago.

因此，整個更新和升級的概念顯然不再像 9 個月前那樣成為每個客戶的首要考慮因素。

However, what I think is that the 9K is for those customers who are either in the process of a real commitment to modernizing their infrastructure and they're continuing to do that or they've made a decision and they have the financial wherewithal right now to actually embark on that, and the 9K is what they are using to do that in their campus environments.

但是，我認為 9K 適用於那些正在真正致力於對其基礎設施進行現代化改造的客戶，他們正在繼續這樣做，或者他們已經做出決定並且他們現在有足夠的資金真正開始做這件事，而 9K 就是他們在校園環境中用來做這件事的東西。

And some of them are using this opportunity, with no one in their campus environments, to upgrade.

他們中的一些人正在利用這個機會，在他們的校園環境中沒有人的情況下進行升級。

Clearly, that's not every customer.

顯然，這不是每個客戶。

But I think what it says is those customers who are still on our older platforms, which we didn't see the growth on, it's sort of the story we talked about.

但我認為它說的是那些仍在我們舊平台上的客戶，我們沒有看到增長，這是我們談論的故事。

They haven't committed to refresh.

他們沒有承諾刷新。

They haven't committed to that modernization piece, and so they're not -- that part is not accelerating, but the 9K has continued to accelerate.

他們沒有致力於那個現代化的部分，所以他們沒有——那個部分沒有加速，但 9K 一直在加速。

So it's been a positive story for us.

所以這對我們來說是一個積極的故事。

Kelly, do you want to answer the...

凱利，你想回答...

No.

不。

I think you said it well.

我覺得你說的很好。

And I think, Simon, your point is well.

我認為，西蒙，你的觀點是正確的。

I mean so the products you referenced, the Cat 9200, which was launched for the lower end -- the mid- to lower end, is in that commercial segment, to your point.

我的意思是你提到的產品，Cat 9200，它是為低端 - 中低端推出的，就你的觀點而言，它屬於那個商業領域。

But when I look at it individually, that product is still -- revenue is growing like amazing double digits.

但當我單獨看它時，該產品仍然——收入以驚人的兩位數增長。

And so that just shows that we're still very early in the transition.

因此，這表明我們仍處於過渡的早期階段。

What -- when the customers are buying, they are buying the new portfolio hand over fist.

什麼 - 當客戶購買時，他們正在購買新的投資組合。

And it's just the COVID impact of the overall -- and again, the legacy products falling off is really what's driving, but that's why we have faith and feel good about the portfolio when we come out of the environment.

這只是 COVID 對整體的影響——再一次，遺留產品的減少才是真正的推動力，但這就是為什麼當我們走出環境時，我們對投資組合充滿信心並感覺良好。

Yes.

是的。

Simon, I think 2 just comments on top of that.

西蒙，我認為 2 只是對此發表評論。

Number one is we're still very early in this whole process.

第一，我們在整個過程中還處於早期階段。

And then the 9200, I think it's important to note, it is a small business product, but it's also an access layer product in enterprises.

然後是9200，我認為需要注意的是，它是一款小型企業產品，但它也是企業中的接入層產品。

It goes into branches.

它進入分支機構。

It goes into, in some cases, wiring closets, et cetera.

在某些情況下，它會進入配線間等。

So we will still see some continued demand for that.

所以我們仍然會看到一些持續的需求。

The next question is from James Fish with Piper Sandler.

下一個問題來自 James Fish 和 Piper Sandler。

Congrats on the retirement there, Kelly.

恭喜你在那裡退休，凱利。

Thanks, James.

謝謝，詹姆斯。

For me, I kind of want to bridge a few of the questions that have been asked together.

對我來說，我有點想把一些被問到的問題聯繫起來。

But Chuck, you talked about accelerating the transition towards SaaS.

但是查克，你談到了加速向 SaaS 的過渡。

Can you guys give us an update as to where that SaaS revenue is, not the term license contribution, and where you guys think it could accelerate given the investments?

你們能否向我們介紹一下 SaaS 收入的最新情況，而不是許可證貢獻這個術語，以及你們認為它可以在哪些方面加速投資？

And then utilizing Ittai's question from before, do you need to acquire to help accelerate it?

然後利用Ittai之前的問題，你需要收購來幫助加速嗎？

Well, I'll let Kelly answer the numbers question.

好吧，我會讓凱利回答數字問題。

We gave you the total software number.

我們給了你軟件總數。

We gave you the percent that's coming from subscriptions and SaaS, but I think you're asking specifically about SaaS.

我們為您提供了來自訂閱和 SaaS 的百分比，但我認為您是在專門詢問 SaaS。

So -- and look, I think that we've made a lot of progress.

所以 - 看，我認為我們已經取得了很大進展。

If you do the math on where the software in our portfolio was 5 years ago and what percentage of it was coming from subscription and SaaS, we've certainly increased it significantly over the last 4 or 5 years without any major, major revenue-driving acquisitions.

如果你計算一下 5 年前我們產品組合中軟件的位置以及其中有多少百分比來自訂閱和 SaaS，我們肯定在過去 4 或 5 年內顯著增加了它，而沒有任何主要的收入驅動收購。

So that would certainly help.

所以這肯定會有所幫助。

And we continue -- as I said earlier, continue to look at alternatives in that space.

我們繼續 - 正如我之前所說，繼續研究該領域的替代方案。

And you should assume that we will continue to look at them, but we'll also be disciplined.

你應該假設我們會繼續關注他們，但我們也會受到紀律處分。

So we'll -- Kelly, do you want to touch on the SaaS number or...

所以我們將 - 凱利，你想談談 SaaS 號碼還是......

Yes.

是的。

I mean we don't disclose the total SaaS number.

我的意思是我們不會透露 SaaS 的總數。

I mean, again, it's made up of our Webex business, a lot of our portfolio, Duo, Umbrella, in Security.

我的意思是，它由我們的 Webex 業務組成，我們的很多產品組合，Duo，Umbrella，在安全方面。

And again, acquisition, Meraki is a hybrid, where we ship an appliance, but then it has the SaaS management.

再一次，收購，Meraki 是一個混合體，我們運送一個設備，但它有 SaaS 管理。

And things like ThousandEyes that we're adding to our networking portfolio and AppDynamics, I mean, that's just going to continue to accelerate.

還有像我們正在添加到我們的網絡產品組合中的 ThousandEyes 和 AppDynamics 之類的東西，我的意思是，它只會繼續加速。

So I think you're going to see it twofold, right?

所以我認為你會看到它的雙重性，對吧？

You're going to continue to see us to be -- those are the type of assets that we have been acquiring, and we'll continue to acquire.

你將繼續看到我們——這些是我們一直在收購的資產類型，我們將繼續收購。

And you're seeing internally, this is also how we are developing product to try to accelerate that.

你在內部看到，這也是我們開發產品以試圖加速這一過程的方式。

But the growth in the SaaS portfolio has been really good for us.

但 SaaS 產品組合的增長對我們來說確實有好處。

Understood.

明白了。

Appreciate the color.

欣賞顏色。

And congrats again, Kelly.

再次恭喜，凱利。

Thanks, James.

謝謝，詹姆斯。

The next question is from Jeff Kvaal with Wolfe Research.

下一個問題來自 Wolfe Research 的 Jeff Kvaal。

My congratulations again, Kelly.

再次祝賀你，凱利。

We look forward to seeing you in a new role at some point down the road.

我們期待著在未來的某個時刻見到您擔任新角色。

I have a question and a clarification.

我有一個問題和一個澄清。

I think the question, Chuck, last quarter, you spent a little bit of time talking with us about traction on the web scale side of things.

我認為這個問題，查克，上個季度，你花了一點時間與我們談論事物在網絡規模方面的牽引力。

I'm wondering if that traction has seen some follow-through, if you could update us on that.

我想知道這種牽引力是否有後續行動，如果你能告訴我們最新情況。

And then secondly, for Kelly, when you suggest that the OpEx will come lower by $800 million, is that a gross number?

其次，對於凱利來說，當你建議運營支出將減少 8 億美元時，這是一個總數嗎？

Or is that a net number, i.e.

或者是一個淨值，即

you'll take it out by $800 million but bring some back in some of the growth areas in this business?

您會減少 8 億美元，但會在該業務的某些增長領域帶回一些資金？

Yes.

是的。

Jeff, thanks for asking the question.

傑夫，謝謝你提出這個問題。

I would have been in trouble if I've gotten off this call and not talk about the web scale.

如果我掛掉這個電話而不談論網絡規模，我就會有麻煩了。

So we saw another positive quarter.

所以我們看到了另一個積極的季度。

So that's one of the areas that was really positive for us.

所以這是對我們真正有利的領域之一。

It was a third quarter in a row where we've had double-digit growth with the web scale players.

這是連續第三個季度，我們的網絡規模播放器實現了兩位數的增長。

And again, as I said last quarter, it's -- we have had some traction with the 8K, some traction with our silicon, but nothing that's meaningfully moving the numbers yet.

再一次，正如我在上個季度所說的那樣——我們對 8K 有一定的吸引力，對我們的芯片有一定的吸引力，但還沒有什麼能有意義地改變數字。

So it really is just the rest of the portfolio.

所以它真的只是投資組合的其餘部分。

But as I said, I think it speaks to the long-term effort that we've put in over the last few years of rebuilding these relationships.

但正如我所說，我認為這說明了我們在過去幾年中為重建這些關係所做的長期努力。

And I think it speaks to their belief in our strategy going forward.

我認為這說明了他們對我們未來戰略的信念。

And we feel good about where we are.

我們對自己所處的位置感覺良好。

And we believe over the next 1 to 2 years that they'll begin to be meaningful contributors.

我們相信在接下來的 1 到 2 年內，他們將開始成為有意義的貢獻者。

And we're excited about what we -- what the teams have done.

我們對我們——團隊所做的一切感到興奮。

And on the cost out.

並在成本上。

So it's -- again, we are taking out gross over $1 billion.

所以它 - 再一次，我們的總收入超過 10 億美元。

So that is gross.

所以這很噁心。

But like anything, Jeff, there's puts and takes as we go forward.

但就像任何事情一樣，傑夫，在我們前進的過程中，有進有出。

So whether it's things like the dollars, weaker FX, it's going to be a bit of a headwind this year.

因此，無論是美元、疲軟的外匯，今年都會有點不利。

We reset the bonus, all that kind of stuff, that will be puts and takes.

我們重置獎金，所有這些東西，將被投入和投入。

But that's -- it's a real cost out that we're taking out as we go through into our planning.

但那是——我們在進行計劃時要付出的實際成本。

Our last question is from George Notter with Jefferies.

我們的最後一個問題來自 Jefferies 的 George Notter。

I guess I wanted to kind of go back to the discussion of moving more of the business to a as-a-service model.

我想我想回到關於將更多業務轉移到即服務模型的討論。

And could you just put a little bit more meat on the bone in terms of what areas are you specifically thinking about as new candidates to kind of move that direction?

就您作為新候選人具體考慮哪些領域以推動該方向發展而言，您能否在骨頭上多加一點肉？

And how do you incentivize customers in those areas also?

您如何激勵這些領域的客戶？

I'm just trying to think about the mechanics of how this works.

我只是想想想這是如何運作的機制。

And then congrats to Kelly also.

然後也祝賀凱利。

Literally, we're looking at everything.

從字面上看，我們正在查看所有內容。

I mean we're trying to -- we're looking at everything from our compute portfolio to -- clearly, our software assets are already in the midst of that transition, and many of them are already being sold that way.

我的意思是我們正在努力 - 我們正在研究從我們的計算產品組合到 - 顯然，我們的軟件資產已經處於轉型之中，其中許多已經以這種方式出售。

And we're even looking at how we deliver our traditional networking hardware as a service over time.

我們甚至正在研究如何隨著時間的推移將傳統網絡硬件作為服務提供。

So it is literally across the portfolio.

所以它實際上是整個投資組合。

And then we see an acceleration of some of the work that's already been underway.

然後我們看到一些已經在進行的工作正在加速。

Obviously, the Collaboration portfolio has been transitioning to as a service for quite a while.

顯然，協作產品組合已經過渡到作為服務很長一段時間了。

We even launched last -- I don't know, 2, 3 quarters ago, we launched our hardware as a service and the Collaboration portfolio as a pilot.

我們甚至最後推出了——我不知道，2、3 個季度前，我們推出了我們的硬件即服務和協作產品組合作為試點。

And we've been working hard on all the operational capabilities and the systems work that needs to be done to do that.

我們一直在努力研究所有的運營能力和為此需要完成的系統工作。

So it literally is across the entire portfolio.

所以它實際上是在整個投資組合中。

And we'll give you an update on the next call, for sure.

我們肯定會在下一次電話會議上為您提供最新消息。

Right.

正確的。

I believe that was our last question.

我相信這是我們的最後一個問題。

Thanks, George.

謝謝，喬治。

I'll turn it back to you, Chuck.

我會把它還給你，查克。

All right.

好的。

I just want to recap and just thank, first of all, Kelly, for everything and the friendship and all the great work that you've done and reiterate that she's going to stay with us until we actually identify her successor.

我只想回顧一下，首先要感謝凱利，感謝你所做的一切、友誼和所做的所有出色工作，並重申她將留在我們身邊，直到我們真正確定她的繼任者。

And she'll help advise us through that process.

她會在整個過程中幫助我們提供建議。

So we're excited about her sticking around and helping us do that.

所以我們很高興她能留下來幫助我們做到這一點。

I want to thank the team for executing through a really challenging time.

我要感謝團隊在非常具有挑戰性的時期執行。

And I really want to reiterate that I think the strategy that we had going in, I believe when we come out of the pandemic, will be more relevant to our customers than it was 6, 9 months ago.

我真的想重申，我認為我們所採用的戰略，我相信當我們走出大流行病時，將比 6、9 個月前更適合我們的客戶。

So I'm optimistic about the future.

所以我對未來很樂觀。

And we're going to continue to execute through this.

我們將繼續執行此操作。

And thank you all for joining us today.

感謝大家今天加入我們。

Great.

偉大的。

Thank you, Chuck.

謝謝你，查克。

Cisco's next quarterly earnings conference call, which will reflect our fiscal 2021 first quarter results will be on Thursday, November 12, 2020, at 1:30 p.m.

思科下一次季度收益電話會議將於 2020 年 11 月 12 日星期四下午 1:30 召開，這將反映我們 2021 財年第一季度的業績。

Pacific Time, 4:30 p.m.

太平洋時間下午 4:30

Eastern Time.

東部時間。

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's done through an explicit public disclosure.

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 to contact the Cisco Investor Relations group.

我們現在計劃結束電話會議，但如果您有任何其他問題，請隨時聯繫思科投資者關係小組。

And we thank you very much for joining today's call.

我們非常感謝您參加今天的電話會議。

Thank you for participating on today's conference call.

感謝您參加今天的電話會議。

If you would like to listen to the call in its entirety, you may call (866) 429-0574.

如果您想完整收聽電話，可以致電 (866) 429-0574。

For participants dialing from outside of the U.S., please dial (203) 369-0916.

對於來自美國境外的參與者，請撥打 (203) 369-0916。

This concludes today's call.

今天的電話會議到此結束。

You may disconnect at this time.

此時您可以斷開連接。