思科 (CSCO) 2020 Q3 法說會逐字稿

Welcome to Cisco's Third Quarter Fiscal Year 2020 Financial Results Conference Call. At the request of Cisco, today's conference is being recorded. If you have any objections, you may disconnect. Now I would like to introduce Marilyn Mora, Head of Investor Relations. Ma'am, you may begin.

歡迎參加思科 2020 財年第三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。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 Third Quarter Fiscal 2020 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 2020 財年第三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. Income statements, full GAAP to non-GAAP reconciliation information, balance sheet, cash flow statements and other financial information can also be found in the Financial Information section of our Investor Relations website.

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

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

在整個電話會議中，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。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 fourth quarter of fiscal 2020. They are subject to the risks and uncertainties, including those related to COVID-19, that we discuss in detail in our documents filed with the SEC, specifically the most recent reports on Forms 10-K and Q, which identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements.

我們今天將討論的事項包括前瞻性陳述，包括我們將為 2020 財年第四季度提供的指導意見。它們受到我們詳細討論的風險和不確定性的影響，包括與 COVID-19 相關的風險和不確定性在我們向美國證券交易委員會提交的文件中，特別是關於 10-K 和 Q 表格的最新報告中，這些文件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 this quarter -- or 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或本季度對其財務指導發表評論。

Chuck, I'll now turn it over to you.

Chuck，我現在把它交給你。

Thanks, Marilyn. Before we get started, I want to express my gratitude and appreciation for all the frontline workers, who are fighting this pandemic every day to keep so many safe. I also want to express my sympathies for those who have lost their lives and the families that have endured the deepest pains from the impact of this tragic situation we are in today. This truly is unlike anything any of us have ever experienced.

謝謝，瑪麗蓮。在我們開始之前，我想對所有每天都在與這一流行病作鬥爭以確保這麼多人安全的前線工作人員表示感謝和讚賞。我還想對那些因我們今天所處悲慘局勢的影響而失去生命的人和遭受最深痛苦的家庭表示同情。這確實不同於我們任何人曾經經歷過的任何事情。

As you can imagine, we have been focused on helping our employees, customers, partners and communities. We currently have 95% of our global workforce working from home, which was a seamless transition for us as we already had a flexible work policy. And we build the technologies that allow organizations to stay connected, secure and productive. For those 5% who must be in the office to do their roles, we are clearly focused on their health and safety and are taking all of the necessary precautions.

可以想像，我們一直專注於幫助我們的員工、客戶、合作夥伴和社區。我們目前有 95% 的全球員工在家工作，這對我們來說是一個無縫的過渡，因為我們已經有了靈活的工作政策。我們構建的技術使組織能夠保持連接、安全和高效。對於那些必須在辦公室履行職責的 5%，我們明確關注他們的健康和安全，並正在採取所有必要的預防措施。

During the crisis, many of our customers and partners have been under enormous pressure as they face cash flow challenges. This is why we introduced a variety of free offers and trials for our Webex and security technologies as they dramatically shifted entire workforces to be remote. In addition, we announced $2.5 billion in financing with a new Business Resiliency Program through Cisco Capital to offer financial flexibility and support their business continuity. This will help customers and partners access the technology they need now, invest for recovery and defer most of the payments until early 2021.

在危機期間，我們的許多客戶和合作夥伴在面臨現金流挑戰時承受著巨大的壓力。這就是為什麼我們為我們的 Webex 和安全技術推出了各種免費優惠和試用，因為它們極大地將整個員工隊伍轉移到遠程。此外，我們還宣布通過 Cisco Capital 通過一項新的業務彈性計劃提供 25 億美元的融資，以提供財務靈活性並支持他們的業務連續性。這將幫助客戶和合作夥伴獲得他們現在需要的技術，投資恢復並將大部分付款推遲到 2021 年初。

This pandemic is highlighting so many inequities that already existed and is exacerbating these problems. I'm proud to say that Cisco has committed nearly $300 million to date to support both global and local pandemic response efforts, including providing technology and financial support for nonprofits, first responders and governments. We are also donating personal protective equipment to hospital workers, including N95 masks and face shields 3D-printed by Cisco volunteers around the world. I'm so proud of our teams who have been relentlessly focused on these efforts and continuing to identify how we can be innovative to help those most in need.

這種流行病突顯出如此多已經存在的不平等現象，並加劇了這些問題。我很自豪地說，思科迄今已承諾投入近 3 億美元來支持全球和當地的大流行病應對工作，包括為非營利組織、急救人員和政府提供技術和財務支持。我們還向醫院工作人員捐贈個人防護設備，包括由世界各地的思科志願者 3D 打印的 N95 口罩和麵罩。我為我們的團隊感到非常自豪，他們一直不懈地專注於這些努力，並繼續確定我們如何通過創新來幫助那些最需要幫助的人。

I'd particularly like to call out our IT, Webex, Security and supply chain teams, along with our partners and suppliers, who have been working around the clock to ensure we are doing all that we can to keep organizations around the world up and running and giving back to our communities. Thank you.

我特別想呼籲我們的 IT、Webex、安全和供應鏈團隊，以及我們的合作夥伴和供應商，他們一直在夜以繼日地工作，以確保我們盡我們所能來保持世界各地的組織正常運轉和跑步並回饋我們的社區。謝謝。

Now turning to our third quarter performance. Despite the challenging environment we are all operating in, we delivered a solid quarter and financial performance in the midst of the greatest financial crisis of our lifetime. While we are not immune to the impacts of the global pandemic, we believe our underlying business fundamentals and financial position remains strong.

現在轉向我們第三季度的表現。儘管我們都在充滿挑戰的環境中運營，但在我們一生中最嚴重的金融危機中，我們實現了穩健的季度和財務業績。儘管我們無法免受全球大流行的影響，但我們相信我們的基本業務基本面和財務狀況依然強勁。

As we look at the quarter, it very much reflected the journey of the pandemic. In March, we were performing ahead of our expectations as companies focused on building resiliency in their IT environments. Then in April, we began to see a slowdown across the business as countries across the world were locked down.

當我們看這個季度時，它在很大程度上反映了大流行的過程。 3 月，我們的表現超出了我們的預期，因為公司專注於在其 IT 環境中構建彈性。然後在 4 月，我們開始看到整個業務放緩，因為世界各國都被封鎖了。

While parts of our portfolio have been more impacted than others, we believe our leadership from a product, innovation and operational perspective remains solid. While there's so much uncertainty now, we believe our role has never been more important. And our responsibility has never been greater as much of the world is running on Cisco's technology from networking to collaboration to security to stay connected, secure and productive.

雖然我們投資組合的某些部分受到的影響比其他部分更大，但我們相信我們在產品、創新和運營方面的領導地位仍然穩固。儘管現在存在如此多的不確定性，但我們相信我們的角色從未如此重要。我們的責任從未如此重大，因為從網絡到協作再到安全，世界上大部分地區都在使用思科的技術來保持連接、安全和高效。

Organizations more than ever must focus on resiliency and agility, and those who had invested in digital capabilities were able to make this shift more seamlessly. While we cannot predict when it's going to happen, one thing we believe is that the demand for our products and services will be strong when we emerge from this situation.

組織比以往任何時候都必須更加關注彈性和敏捷性，而那些投資於數字功能的組織能夠更加無縫地實現這一轉變。雖然我們無法預測它何時會發生，但我們相信，當我們擺脫這種情況時，對我們產品和服務的需求將會強勁。

We believe the transition in our own business model through our shift to more software- and subscription-based offerings is paying off. We saw continued strong adoption of our SaaS-based offerings and now have 74% of our software that is subscription versus 65% a year ago.

我們相信，通過轉向更多基於軟件和訂閱的產品，我們自己的商業模式正在取得成效。我們看到我們基於 SaaS 的產品繼續得到廣泛採用，現在我們有 74% 的軟件是訂閱的，而一年前這一比例為 65%。

We also believe we remain well positioned over the long term to serve our customers and create differentiated value aligned to cloud, 5G, WiFi 6 and 400 gig. Our business model, diversified portfolio and ability to continue to invest in key growth priorities gives us a strong foundation to build even stronger customer relationships. As we prepare for the future, we will closely partner with our customers to modernize their infrastructure, secure their remote workforce and their data through our innovative solutions that will serve as the foundation for their digital organizations.

我們還相信，從長遠來看，我們仍然處於有利地位，可以為我們的客戶提供服務，並創造與雲、5G、WiFi 6 和 400 gig 保持一致的差異化價值。我們的商業模式、多元化的投資組合以及繼續投資於關鍵增長重點的能力為我們建立更牢固的客戶關係奠定了堅實的基礎。在我們為未來做準備時，我們將與客戶密切合作，通過我們的創新解決方案實現他們的基礎設施現代化，保護他們的遠程員工和數據，這些解決方案將成為他們數字組織的基礎。

Next, I'll turn to the performance of our business segments, starting with Infrastructure Platforms. With the world going online practically overnight, the demand on networks has never been greater with users looking for secure connectivity, reliable performance and consistent experiences. This has led to our customers evaluating how to expand their capacity quickly, how best to protect their teams and how to keep their data secure while keeping their business productive.

接下來，我將從基礎設施平台開始介紹我們業務部門的表現。隨著世界幾乎在一夜之間上網，用戶對網絡的需求從未如此強烈，因為他們尋求安全的連接、可靠的性能和一致的體驗。這導致我們的客戶評估如何快速擴展他們的容量，如何最好地保護他們的團隊以及如何在保持業務生產力的同時保證他們的數據安全。

It is also requiring enterprise IT to rapidly set up, deploy and provision mobile offices or mobile health care clinics. What I've seen IT teams do around the world and what they've made possible is simply astonishing.

它還要求企業 IT 快速建立、部署和供應移動辦公室或移動醫療診所。我所看到的 IT 團隊在世界各地所做的事情以及他們使之成為可能的事情簡直令人震驚。

Our strategy and value proposition are clear. We are powering the world's ability to stay connected, productive and secure while automating many of these capabilities. Our intent-based networking architecture was built for environments like this. For industries like health care, public services, financial services and service providers especially, having network infrastructure tightly integrated with security is mission-critical.

我們的戰略和價值主張很明確。我們正在推動世界保持聯繫、高效和安全的能力，同時實現其中許多功能的自動化。我們基於意圖的網絡架構專為此類環境而構建。對於醫療保健、公共服務、金融服務和服務提供商等行業，尤其是將網絡基礎設施與安全性緊密集成是關鍵任務。

In Q3, we offered new cloud-based COVID-19 bundles for teleworker, mobile health care and pop-up branch use cases through our partners and service providers. As customers modernize their network infrastructure, we saw continued strong customer adoption of our subscription-based Catalyst 9000 as customers look to quickly scale remote access capabilities to keep their employees safe and their businesses running.

在第三季度，我們通過我們的合作夥伴和服務提供商為遠程工作人員、移動醫療保健和彈出式分支機構用例提供了新的基於雲的 COVID-19 捆綁包。隨著客戶對其網絡基礎設施進行現代化改造，我們看到客戶對我們基於訂閱的 Catalyst 9000 的採用持續強勁，因為客戶希望快速擴展遠程訪問功能以確保員工安全和業務運行。

We continue to execute on our secure cloud scale SD-WAN strategy by investing in innovation and partnerships to help enterprises accelerate their multi-cloud strategies. As an example, we are now integrating with our Umbrella secure Internet gateway to give our customers flexibility to use best-of-breed cloud security with our industry-leading SD-WAN solution.

我們繼續通過投資創新和合作夥伴關係來執行我們的安全雲規模 SD-WAN 戰略，以幫助企業加速其多雲戰略。例如，我們現在正在與我們的 Umbrella 安全互聯網網關集成，讓我們的客戶可以靈活地使用我們行業領先的 SD-WAN 解決方案中同類最佳的雲安全。

Our partnerships across web scale providers like AWS, Azure and our most recent announcement with Google Cloud allow us to offer a truly multi-cloud network fabric. As bandwidth and SaaS application demand increases, we are enabling our customers to securely connect branches and interconnect to different cloud providers to enable consistent application performance and user experience.

我們與 AWS、Azure 等網絡規模提供商的合作夥伴關係以及我們最近與 Google Cloud 的合作使我們能夠提供真正的多云網絡結構。隨著帶寬和 SaaS 應用程序需求的增加，我們使我們的客戶能夠安全地連接分支機構並互連到不同的雲提供商，以實現一致的應用程序性能和用戶體驗。

Moving on to Security, which is always at the heart of everything we do. In Q3, we saw solid growth, reflecting increased demand for our robust solutions to secure the rapid growth in remote workers and their devices. Being the largest enterprise security company in the world, we are uniquely positioned to safeguard our customers wherever they work. We have the most comprehensive and integrated end-to-end portfolio in the industry across the network, cloud, applications and end points.

轉向安全，這始終是我們所做一切的核心。在第三季度，我們看到了穩健的增長，反映出對我們強大的解決方案的需求增加，以確保遠程工作者及其設備的快速增長。作為世界上最大的企業安全公司，我們具有獨特的優勢來保護我們的客戶，無論他們在哪里工作。我們擁有業內最全面和集成的端到端產品組合，涵蓋網絡、雲、應用程序和端點。

As I mentioned earlier, we provided extended free licenses for key security technologies that are designed to protect remote workers, including Cisco Umbrella, Zero Trust Security from Duo, industry-leading secure network access from Cisco AnyConnect and end point protection from our AMP technology. We're also supporting our customers on their multi-cloud journey by enabling them to secure direct Internet access, cloud application usage and roaming users. We are only 2 quarters into our secure Internet gateway transition, and we are already seeing strong adoption from existing and new customers.

正如我之前提到的，我們為旨在保護遠程工作者的關鍵安全技術提供了擴展的免費許可證，包括 Cisco Umbrella、Duo 的零信任安全、Cisco AnyConnect 的行業領先的安全網絡訪問以及我們的 AMP 技術的端點保護。我們還支持我們的客戶進行多雲之旅，使他們能夠保護直接互聯網訪問、雲應用程序使用和漫遊用戶。我們的安全 Internet 網關過渡僅進行了 2 個季度，我們已經看到現有客戶和新客戶的大力採用。

Building on the investments we made in innovation, partnerships and acquisitions, we also introduced SecureX. This is the industry's broadest cloud-based security platform, connecting the breadth of our portfolio and our customer security infrastructure by providing unified visibility, automation and simplified security across applications, network end points and the cloud.

基於我們在創新、合作夥伴關係和收購方面的投資，我們還推出了 SecureX。這是業界最廣泛的基於雲的安全平台，通過跨應用程序、網絡端點和雲提供統一的可見性、自動化和簡化的安全性，連接我們廣泛的產品組合和我們的客戶安全基礎設施。

Turning to Applications. Teleworking and collaboration tools have become a lifeline for businesses and their people to stay connected and productive with security and privacy being more critical than ever. Our portfolio is at the center of our customer strategy for empowering teams and increasing productivity as 95% of the Fortune 500 use our collaboration portfolio today.

轉向應用程序。遠程辦公和協作工具已成為企業及其員工保持聯繫和提高工作效率的生命線，而安全和隱私比以往任何時候都更加重要。我們的產品組合是我們增強團隊能力和提高生產力的客戶戰略的核心，因為如今 95% 的財富 500 強企業都在使用我們的協作產品組合。

We take a security-first approach to remote working and provide highly secure cloud-based collaboration solutions with integrated end-to-end encryption while protecting our customers' privacy. Throughout the quarter, we invested in scaling our platform at an unparalleled speed to deliver a highly secure, consistent experience and ensuring business continuity for our customers. We are now running our Webex platform at 3x the capacity we were running at in February to manage the dramatic increase in usage growth. We had well over 500 million meeting participants, generating 25 billion meeting minutes in April, more than triple the volume in February.

我們對遠程工作採取安全第一的方法，並提供高度安全的基於雲的協作解決方案，集成端到端加密，同時保護我們客戶的隱私。在整個季度中，我們投資以前所未有的速度擴展我們的平台，以提供高度安全、一致的體驗並確保我們客戶的業務連續性。我們現在以 2 月份運行容量的 3 倍運行 Webex 平台，以應對使用量的急劇增長。我們有超過 5 億的會議參與者，4 月份產生了 250 億分鐘的會議記錄，是 2 月份的三倍多。

We also added many new prospects through free WebEx trials that we anticipate converting to revenue in the future. With applications at the core of every business and the surge in demand for monitoring tools that provide real-time business insights and optimize user experiences in multi-cloud environments, AppDynamics continues to perform well, particularly in this environment.

我們還通過免費的 WebEx 試用增加了許多新的潛在客戶，我們預計這些新客戶將在未來轉化為收入。隨著應用程序成為每項業務的核心，以及對可在多雲環境中提供實時業務洞察力和優化用戶體驗的監控工具的需求激增，AppDynamics 繼續表現良好，尤其是在這種環境中。

As I wrap up, I just want to reiterate how grateful I am to have our teams, our resources and our operational resiliency during this time. I also want to commend the heroic efforts of IT organizations and teams around the world, who have had to digitize their operations and support remote workforces at an unprecedented speed and scale.

在我總結時，我只想重申，在這段時間裡，我對擁有我們的團隊、我們的資源和我們的運營彈性感到非常感激。我還想讚揚世界各地 IT 組織和團隊的英勇努力，他們不得不以前所未有的速度和規模實現運營數字化並支持遠程工作人員。

This crisis has highlighted the importance of having highly resilient, globally scalable infrastructure technologies to keep the world running, and this is what we build. We are providing innovative solutions that help our customers support business continuity, drive productivity and ensure a highly secure work environment. We believe we will emerge from this crisis stronger than before. With our accelerated innovation cycle, refreshed portfolio and significant progress on our shift to more software and subscriptions, we are in a better position today than in past times of uncertainty.

這場危機凸顯了擁有高度彈性、全球可擴展的基礎設施技術以保持世界運轉的重要性，而這正是我們所構建的。我們正在提供創新的解決方案，幫助我們的客戶支持業務連續性、提高生產力並確保高度安全的工作環境。我們相信，我們將比以往更強大地擺脫這場危機。憑藉我們加速的創新周期、更新的產品組合以及我們在向更多軟件和訂閱的轉變方面取得的重大進展，與過去充滿不確定性的時期相比，我們今天處於更好的位置。

Our confidence is further supported by our strong balance sheet to invest for the future and our proven ability to execute no matter the environment. I also believe our incredible culture has been amplified during this time. And I'm so proud of what our teams have achieved. I am confident Cisco is resilient, and we are built to last regardless of what the future brings.

我們強大的資產負債表進一步支持了我們的信心，可以為未來進行投資，而且無論環境如何，我們都具備可靠的執行能力。我也相信我們令人難以置信的文化在這段時間裡得到了放大。我為我們的團隊所取得的成就感到自豪。我相信思科具有彈性，無論未來如何，我們都會經久不衰。

Kelly, I'll now turn it over to you.

凱利，我現在把它交給你。

Thanks, Chuck. I'll start with a summary of our financial results for the quarter followed by guidance for Q4.

謝謝，查克。我將從本季度的財務業績摘要開始，然後是第四季度的指導。

Our overall Q3 results reflect good execution with strong margins and non-GAAP EPS growth in a very challenging environment. COVID-19 did have an impact on our financial results and business operations this quarter, especially in our supply chain, where we saw manufacturing challenges and component constraints.

我們第三季度的整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以及非 GAAP 每股收益增長。 COVID-19 確實對我們本季度的財務業績和業務運營產生了影響，尤其是在我們的供應鏈中，我們看到了製造挑戰和組件限制。

Total revenue was $12 billion, down 8%. Our non-GAAP operating margin rate was 34.9%, up 2.7 points. Non-GAAP net income was $3.4 billion, down 2% year-over-year. And non-GAAP EPS was $0.79, up 1%.

總收入為 120 億美元，下降 8%。我們的非美國通用會計準則營業利潤率為 34.9%，上升 2.7 個百分點。非 GAAP 淨收入為 34 億美元，同比下降 2%。非 GAAP 每股收益為 0.79 美元，增長 1%。

Let me provide some more detail on our Q3 revenue. Total product revenue was down 12% to $8.6 billion. Infrastructure Platforms was down 15%. This is the area that was most impacted by the supply chain challenges. Switching revenue declined in both campus and in data center. We did see strong growth with the continued ramp of the Cat 9K. Routing declined in both service provider and in enterprise. Data center revenue declined driven by continued market contraction impacting both our servers and HyperFlex offerings. Wireless declined overall, but we did see strength in the ramp of our WiFi 6 products and solid growth in Meraki.

讓我提供有關我們第三季度收入的更多詳細信息。產品總收入下降 12% 至 86 億美元。基礎設施平台下降了 15%。這是受供應鏈挑戰影響最大的領域。園區和數據中心的交換收入均有所下降。隨著 Cat 9K 的持續增長，我們確實看到了強勁的增長。路由在服務提供商和企業中均有所下降。由於市場持續收縮影響了我們的服務器和 HyperFlex 產品，數據中心收入下降。無線業務整體下滑，但我們確實看到了 WiFi 6 產品的增長勢頭和 Meraki 的穩健增長。

Applications was down 5% driven by a decline in Unified Communication and TP end points. We did see growth in conferencing as we saw strong uptake with the COVID-19 environment. We also saw strong double-digit growth in AppDynamics and IoT software.

由於統一通信和 TP 端點的下降，應用程序下降了 5%。我們確實看到了會議的增長，因為我們看到了 COVID-19 環境的強勁增長。我們還看到 AppDynamics 和物聯網軟件實現了兩位數的強勁增長。

Security was up 6% with strong performance in unified threat management, identity and access and advanced threat. Our cloud security portfolio performed well with strong double-digit growth and continued momentum with our Duo and Umbrella offerings.

安全性增長了 6%，在統一威脅管理、身份和訪問以及高級威脅方面表現強勁。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 up 5% driven by software and solution support. We continue to transform our business, delivering more software offerings and driving more subscriptions. Software subscriptions were 74% of total software revenue, up 9 points year-over-year.

在軟件和解決方案支持的推動下，服務收入增長了 5%。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 74%，同比增長 9 個百分點。

In terms of orders in Q3, total product orders were down 5%. During the quarter, there was a slowdown in April as we saw the impact of the COVID-19 environment continue.

在第三季度的訂單方面，產品訂單總量下降了 5%。在本季度，由於我們看到 COVID-19 環境的影響仍在繼續，4 月份出現了放緩。

Looking at our geographies. The Americas was flat, EMEA was down 4%, and APJC was down 22%. Total emerging markets were down 21%, with the BRICS plus Mexico down 29%.

看看我們的地理位置。美洲持平，EMEA 下降 4%，APJC 下降 22%。新興市場總量下降了 21%，其中金磚國家和墨西哥下降了 29%。

In our customer segments, public sector was up 1%, while enterprise was down 4%. Commercial was down 11%, and service provider was down 3%.

在我們的客戶群中，公共部門增長了 1%，而企業下降了 4%。商業下降了 11%，服務提供商下降了 3%。

Remaining performance obligations, or RPO, at the end of Q3 were $25.5 billion, up 11%. The portion related to product was up 25%.

第三季度末剩餘履約義務 (RPO) 為 255 億美元，增長 11%。與產品相關的部分增長了 25%。

From a non-GAAP profitability perspective, total Q3 gross margin was 66.6%, up 2 points. Product gross margin was 65.8%, up 2.1 points. And service gross margin was 68.9%, up 1.6 points year-over-year. The increase in product gross margin was driven by productivity with continued memory cost savings and positive mix, partially offset by pricing.

從非 GAAP 盈利能力角度來看，Q3 總毛利率為 66.6%，上升 2 個百分點。產品毛利率為65.8%，上升2.1個百分點。服務毛利率為68.9%，同比上升1.6個百分點。產品毛利率的增長是由生產力、持續的內存成本節省和積極的組合推動的，部分被定價所抵消。

In terms of the bottom line from a GAAP perspective, Q3 net income was $2.8 billion, and EPS was $0.65. We ended Q3 with a total cash, cash equivalents and investments of $28.6 billion. Operating cash flow was $4.2 billion, down 2% year-over-year.

從 GAAP 的角度來看，第三季度淨收入為 28 億美元，每股收益為 0.65 美元。第三季度末，我們的現金、現金等價物和投資總額為 286 億美元。經營現金流為 42 億美元，同比下降 2%。

We have a very strong balance sheet, healthy free cash flow generation and the ability to quickly access capital markets. This is a competitive advantage in a challenging environment. Our commitment to our capital allocation program remains unchanged, and we intend to continue to deliver long-term value to our shareholders through the return of a minimum of 50% of our free cash flow annually. In Q3, we returned $2.5 billion to shareholders during the quarter that was comprised of $1 billion of share repurchases and $1.5 billion for a quarterly dividend.

我們擁有非常強大的資產負債表、健康的自由現金流生成以及快速進入資本市場的能力。這是在充滿挑戰的環境中的競爭優勢。我們對資本配置計劃的承諾保持不變，我們打算通過每年至少返還 50% 的自由現金流，繼續為股東創造長期價值。在第三季度，我們在本季度向股東返還了 25 億美元，其中包括 10 億美元的股票回購和 15 億美元的季度股息。

To summarize, we executed well with strong margins and non-GAAP EPS growth in a very challenging environment. 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.

總而言之，我們在極具挑戰性的環境中以強勁的利潤率和非 GAAP 每股收益增長表現良好。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 fourth quarter of fiscal '20. This guidance includes the type of forward-looking information that Marilyn referred to earlier. We expect revenue to decline in the range of minus 8.5% to minus 11.5% 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 31.5% to 32.5%. The non-GAAP tax provision rate is expected to be 20%. Non-GAAP earnings per share is expected in the range from $0.72 to $0.74.

讓我重申我們對 20 財年第四季度的指導。本指南包括 Marilyn 之前提到的前瞻性信息類型。我們預計收入將同比下降-8.5%至-11.5%。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 31.5% 至 32.5% 之間。非 GAAP 稅收撥備率預計為 20%。非 GAAP 每股收益預計在 0.72 美元至 0.74 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. Michelle, let's go ahead and plan to open up the line for questions. (Operator Instructions) Michelle?

謝謝，凱利。米歇爾，讓我們繼續計劃打開問題熱線。 （操作員說明）米歇爾？

Our first question comes from Paul Silverstein with Cowen and Company.

我們的第一個問題來自 Cowen and Company 的 Paul Silverstein。

I'm torn whether to ask you about the infrastructure decline. So let me focus on that. Chuck and Kelly, maybe you could comment on pricing as a courtesy and the other aspects of the fine gross margin performance. But if I could ask you on the infrastructure side, the thought arises given that so many organizations shifted to work from home that's likely to persist to some degree. What's your outlook in terms of the benefits from the work from home in terms of the need for your solution for robust connectivity? But also the potential negative aspect, fewer employees within the 4 walls of the enterprise, how does that impact campus switching and wireless LAN? If you could, any insight would be appreciated.

我猶豫要不要問你關於基礎設施衰退的問題。所以讓我專注於此。查克和凱利，也許你可以禮貌地評論定價以及良好毛利率表現的其他方面。但是，如果我可以在基礎設施方面問你，考慮到如此多的組織轉移到可能會在某種程度上持續存在的在家工作，就會出現這種想法。就您對強大連接解決方案的需求而言，您對在家工作的好處有何看法？但也有潛在的負面影響，即企業四壁內的員工減少，這對園區交換和無線局域網有何影響？如果可以的話，任何見解將不勝感激。

Yes. Paul, thanks for your question. And you're spot on in how you should think about it. Look, from -- when we look at our customers working from home, there's clearly collaboration capabilities that I discussed around Webex. There's clearly more security that needs to be deployed.

是的。保羅，謝謝你的問題。而且您很清楚應該如何考慮它。看，當我們觀察在家工作的客戶時，我清楚地看到了我圍繞 Webex 討論的協作功能。顯然需要部署更多的安全措施。

And then the question about when they return to the office and how much -- how many people return to the office and what does that mean to the infrastructure supporting their campus environments is certainly one that we're going to be watching. I will tell you that I have had a lot of customers who are not at the center of this crisis who realized during this pandemic that they have a fair amount of technical debt, and they have a lot of aged equipment. And so we don't know what the time frame is, but many of them have said, "This is going -- this is a wake-up call, and this is going to actually give us air cover to talk to our senior leadership team about upgrading and building out a more robust, modernized infrastructure."

然後是關於他們何時返回辦公室以及有多少人返回辦公室以及這對支持其校園環境的基礎設施意味著什麼的問題，這當然是我們要關注的問題。我會告訴你，我有很多不在這場危機中心的客戶在這次大流行期間意識到他們有相當多的技術債務，而且他們有很多陳舊的設備。所以我們不知道時間框架是什麼，但他們中的許多人都說，“這將是——這是一個警鐘，這實際上會給我們空中掩護，讓我們可以與我們的高級領導層交談關於升級和構建更強大、更現代化的基礎設施的團隊。”

So again, different customers will be able to do that at different paces based on how they're impacted, what their capital situation is. But that's how we think about it going forward, and let's see how it plays out. Kelly, you want to talk at all about pricing?

因此，不同的客戶將能夠根據他們受到的影響、他們的資本狀況，以不同的速度來做到這一點。但這就是我們對未來的看法，讓我們看看結果如何。凱利，你想談談定價嗎？

Yes. So yes, Paul, on pricing, we, again, continue to have strong margins this quarter. But I will say some of the dynamics, we did benefit still this quarter because we had built up some inventory on memory at the lower prices. So we benefited greatly from that, which you'll see in the [VCP].

是的。所以是的，保羅，在定價方面，我們本季度再次繼續保持強勁的利潤率。但我會說一些動態，我們在本季度仍然受益，因為我們以較低的價格建立了一些內存庫存。因此，我們從中受益匪淺，您將在 [VCP] 中看到這一點。

But pricing did get a little bit worse. So pricing, to your question, Paul, from a gross margin rate on product year-over-year, it drove minus 1.9 points on pricing, which is slightly worse than it was year-over-year last quarter and certainly for the quarters ahead, the ones even before that even so. But overall, very, very strong productivity again driven by memory and cost savings as well as positive software mix.

但定價確實變得更糟了。因此，對於你的問題，保羅，從產品的毛利率來看，定價推動了負 1.9 個百分點的定價，這比上個季度的同比略差，未來幾個季度也是如此，甚至在那之前的那些。但總的來說，非常非常強大的生產力再次受到內存和成本節約以及積極的軟件組合的推動。

And Kelly, you may want to talk about the correlation between the Infrastructure Platform's revenue number and the supply chain.

凱利，你可能想談談基礎設施平台的收入數字與供應鏈之間的相關性。

Yes. I mean like I said in the prepared remarks, basically, the majority, if not all, of our supply chain challenges that we had with both components and the factories being impacted was on the Infrastructure Platform side. So that certainly drove a very large chunk of that revenue.

是的。我的意思是，就像我在準備好的發言中所說的那樣，基本上，我們在組件和受到影響的工廠方面遇到的大部分（如果不是全部的話）供應鏈挑戰都在基礎設施平台方面。因此，這無疑推動了很大一部分收入。

Great. I appreciate that. Chuck, can you compare this to 10 years ago, to the financial crisis and 20 years ago to the bubble?

偉大的。我很感激。查克，你能把這與 10 年前的金融危機和 20 年前的泡沫進行比較嗎？

Well, I don't think you can compare it to the bubble because we were at the epicenter of that one, so that one felt a lot different. And this one, we are sort of -- we're secondary collateral damage, I would say.

好吧，我認為你不能將它與泡沫相提並論，因為我們處於泡沫的震中，所以感覺很不一樣。而這一次，我們有點——我們是次要的附帶損害，我會說。

But I think the difference here is the broad-based challenges that this thing has presented to customers around the world. And -- but we all know that the response from the Fed, the response from Congress on stimulus and the commitment to the economic acceleration or the attempt to slow the economic deceleration is certainly at a level we've never seen before.

但我認為這裡的不同之處在於，這件事給世界各地的客戶帶來了廣泛的挑戰。而且——但我們都知道，美聯儲的反應、國會對刺激措施的反應以及對經濟加速的承諾或減緩經濟減速的努力肯定達到了我們以前從未見過的水平。

So I think that like everybody else, depending on the availability of testing, the availability of therapeutics and clearly at some point when we get a vaccine, I do believe that the one difference that I see in this one is that this came upon us so quickly and so consistently around the world that I do think customers are now stepping back and asking themselves, "What do I need to do to harden my infrastructure and to better prepare my business for the next time something like this happens?"

所以我認為，和其他人一樣，取決於測試的可用性、治療的可用性，以及在我們獲得疫苗的某個時間點，我確實相信我在這一次中看到的一個不同之處在於，這發生在我們身上，所以在世界範圍內快速且始終如一地進行，以至於我認為客戶現在正在退後一步並問自己：“我需要做些什麼來加強我的基礎設施並為下次發生這種情況更好地準備我的業務？”

Ittai Kidron from Oppenheimer & Co.

來自 Oppenheimer & Co. 的 Ittai Kidron

I guess I had a question about applications. Just given the push with Webex and AppDynamics, I was a little bit surprised it was down on a year-over-year basis. I guess, Chuck, can you give me a little bit more transparency here and give us kind of a better understanding of the relative revenue levels of Webex and AppDynamics versus the unified IP? It's clearly declining and then overshadowing those businesses. I'm trying to understand, how close are we to a bottom in the declining businesses where the growth in the growth businesses can finally be transparent on an overall product category?

我想我對申請有疑問。鑑於 Webex 和 AppDynamics 的推動，我有點驚訝它同比下降。我想，查克，你能否在這裡給我多一點透明度，讓我們更好地了解 Webex 和 AppDynamics 與統一 IP 的相對收入水平？它顯然在下降，然後蓋過了這些企業。我試圖了解，我們離衰退業務的底部還有多遠，增長業務的增長最終可以在整個產品類別中透明化？

Yes. I think, Ittai, let me give you some color, and then Kelly can give you some metrics. But I think if you look over the last couple of years at the Applications business and Collaboration, I think they've performed reasonably well.

是的。我想，Ittai，讓我給你一些顏色，然後 Kelly 可以給你一些指標。但我認為，如果你回顧過去幾年的應用程序業務和協作，我認為它們的表現相當不錯。

As you think about what happened with Webex this time, what I will tell you is that our #1 priority was to get customers up and running. And so we have -- we really have 3 categories of opportunity from customers that, as I said in my prepared remarks, that we believe we'll convert to revenue in the future.

當您考慮這次 Webex 發生的事情時，我要告訴您的是，我們的第一要務是讓客戶啟動並運行。因此，正如我在準備好的發言中所說，我們確實有來自客戶的 3 類機會，我們相信我們會在未來轉化為收入。

So we have enterprise customers, many of whom already had licenses who need more licenses, and they've exceeded their usage. And we'll go back and we'll work with them to clean that up in the future. But again, our priority was getting them up and running and just allowing them to be productive.

所以我們有企業客戶，其中許多人已經擁有需要更多許可證的許可證，而且他們已經超出了他們的使用量。我們會回去，我們將與他們合作，在未來清理它。但同樣，我們的首要任務是讓它們啟動並運行，並讓它們發揮生產力。

The second is we had a number of new customers, enterprise customers, commercial customers who took advantage of Webex and deployed it for the first time in the 90-day free trial programs that we put out.

第二個是我們有許多新客戶、企業客戶、商業客戶利用 Webex 並在我們推出的 90 天免費試用計劃中首次部署它。

And then there was a third category, which are more of the individual free accounts that customers would sign up for online. I would say the first 2 categories represent the majority of what we believe to be the revenue opportunity going forward. But that's something we'll see in the future and wasn't really reflected in the quarter that we just announced. So Kelly, you want to make any comments?

然後是第三類，更多的是客戶在線註冊的個人免費帳戶。我想說前兩類代表了我們認為未來收入機會的大部分。但這是我們將來會看到的事情，並沒有真正反映在我們剛剛宣布的季度中。凱利，你想發表任何評論嗎？

Yes. I mean the thing I'll say in terms of just helping you think through the size, the relative size of these pieces of applications, monitoring and analytics, the AppD business is, as I said, growing double digit, super strong, very good but still fairly small in terms of the percentage of the overall applications. And then the same thing for the IoT software. So it comes down to collab, traditional collab.

是的。我的意思是，我要說的只是幫助您思考這些應用程序、監控和分析的規模、相對規模，正如我所說，AppD 業務正在以兩位數增長，非常強大，非常好但就整體申請的百分比而言仍然相當小。然後是物聯網軟件。所以它歸結為協作，傳統的協作。

And then when I break that down, the biggest chunk of total collab is Unified Communications. And that is where we are seeing the pressure, which we have been seeing, right, in the end points. So that's going to be with us for a while as that goes. We're clearly trying to transition there with some of the things that the teams are building there. But the -- that's a big portion that will continue down for a while, I would guess.

然後，當我將其分解時，總協作的最大部分是統一通信。這就是我們看到壓力的地方，我們一直在終點看到壓力。所以這將伴隨我們一段時間。我們顯然正在嘗試通過團隊在那裡構建的一些東西來過渡到那裡。但是——我猜這很大一部分會持續一段時間。

But again, conferencing is strong. And like Chuck said, the revenue -- this is the revenue we're talking about. When we look at the demand and when I look at the uptake, the significant uptake we had, the offers we had during this last quarter, just using our normal, what we expect to convert from free to paid is going to be a nice tailwind for us over the next few quarters here.

但同樣，會議功能強大。就像查克說的那樣，收入——這就是我們正在談論的收入。當我們查看需求時，當我查看吸收率時，我們的顯著吸收率，我們在上個季度提供的優惠，僅使用我們的正常情況，我們期望從免費轉換為付費將是一個很好的順風在接下來的幾個季度裡對我們來說。

Got it. And when you say end point, just to clarify, mostly IP, is that the right way to think about this?

知道了。當你說終點時，只是為了澄清，主要是知識產權，這是思考這個問題的正確方法嗎？

Yes, that's the right way to think about the biggest driver.

是的，這是思考最大驅動因素的正確方法。

Rod Hall from Goldman Sachs.

來自高盛的 Rod Hall。

I guess I've got 2. One is regarding the order volumes. I wondered if you guys could juxtapose the fact that the U.S. is kind of surprisingly flat after being down 8% last quarter. And then also the commercial order acceleration on the downside. Could you guys dig into the regional effects? Is that mostly APAC that's driving that? Or is -- was it also weak in the U.S.? And then the second question I had is on the $2.5 billion financing plan that you guys announced. I don't know, Kelly, could you give us some idea of how that affects cash flow? Like is it affecting cash flow in this quarter? And then how should we expect it to unwind in the cash flow over the next few quarters?

我想我有兩個。一個是關於訂單量。我想知道你們是否可以將美國在上個季度下跌 8% 後出人意料地持平這一事實並列考慮。然後還有商業訂單加速下行。你們能深入研究區域效應嗎？主要是亞太地區在推動嗎？或者是 - 它在美國也很弱嗎？然後我的第二個問題是關於你們宣布的 25 億美元融資計劃。我不知道，凱利，你能告訴我們這對現金流有何影響嗎？比如它會影響本季度的現金流嗎？那麼我們應該如何期望它在未來幾個季度的現金流中放鬆呢？

So Kelly, why don't I give a little color on the Americas and commercial, and then you can give some metrics and talk about the financial -- the programs. So Rod, on the Americas, we had a -- it was certainly stronger than what we saw in Asia and Europe. And frankly, if you just look at the timing of the pandemic, you can see Asia got hit early. So we saw the more consistent decline in the business.

所以凱利，為什麼我不給美洲和商業一些顏色，然後你可以給出一些指標並談論財務 - 程序。所以羅德，在美洲，我們有一個——它肯定比我們在亞洲和歐洲看到的要強大。坦率地說，如果只看大流行的時間，就會發現亞洲很早就受到了衝擊。因此，我們看到業務持續下滑。

What we did see in the Americas and in the U.S. is we saw, obviously, strength in Webex and Security as more -- as the customers executed on their business continuity. We also saw strength in service provider as they build out capacity. So we saw strength in cable. We saw strength in the web scale business.

我們在美洲和美國看到的是，顯然，隨著客戶執行其業務連續性，我們看到了 Webex 和安全方面的優勢。我們還看到了服務提供商在增強能力方面的優勢。所以我們看到了電纜的力量。我們看到了網絡規模業務的實力。

And just to comment on the web scale space, which we haven't talked about in a while, we've been talking for years about how that was a marathon and that we have been investing both in our innovation as well as in the relationships with those customers. And we have had the second quarter in a row of robust growth in that part of the marketplace, which, frankly, is the beginnings of us seeing the results from the years of hard work and reestablishing ourselves there. So I'm really proud of what the teams have done. So that's been a bright spot in the last 2 quarters.

只是評論我們有一段時間沒有談論的網絡規模空間，我們多年來一直在談論那是一場馬拉松，我們一直在投資於我們的創新和關係與那些客戶。我們在這部分市場連續第二個季度實現強勁增長，坦率地說，這是我們看到多年辛勤工作的成果並在那裡重建自己的開始。所以我真的為團隊所做的感到自豪。所以這是過去兩個季度的一個亮點。

On commercial, if you think about it, commercial are midsized enterprises, small, medium businesses. And they have been disproportionately impacted by this pandemic. So it's not a surprise that, that business is going to be hit a little bit hard here harder than others. And Kelly, do you have any color to add on that and then talk about the financial planning program?

在商業方面，如果你想一想，商業就是中型企業、小型、中型企業。他們受到這種流行病的影響尤為嚴重。因此，與其他企業相比，該業務在這裡受到的打擊會更大一點也就不足為奇了。凱利，你有什麼要補充的，然後談談財務規劃計劃嗎？

Yes. So yes, and also just to add to the U.S., just to add, switching was also up and strong in the America -- in the U.S. -- Americas as well.

是的。所以是的，也只是為了增加美國，只是為了補充，在美國 - 在美國 - 美洲也是如此。

On commercial, it's a similar story. All of the geos were down, but it was down the least in the Americas followed by EMEA. And the biggest chunk by far, it was down in APJC. So it's directly related to the kind of the geographical look when you look at overall how the orders went.

在商業上，這是一個類似的故事。所有的地理區域都在下降，但美洲下降最少，其次是歐洲、中東和非洲。到目前為止最大的一塊是在 APJC。因此，當您查看訂單的總體情況時，它與地理外觀的類型直接相關。

In terms of the capital -- Business Resiliency Program, we really just launched that at the end of April, so like the week or 2 before the quarter ended. So nothing impacted that in the quarter. So in Q4, there will be, I'd say, a small amount. We have a pipeline that we're going through. The early signs of the pipes that we're looking at, there's a big intake -- interest for smaller commercial customers, who haven't really done financing like a lot of health care systems, small health care systems, a lot of small colleges. But -- so there's a pipeline there. So we'll start to see that convert in Q4.

就資本而言——業務彈性計劃，我們實際上是在 4 月底啟動的，就像本季度結束前的一周或兩週。因此，本季度沒有任何影響。所以在第四季度，我會說，會有少量。我們有一個我們正在經歷的管道。我們正在觀察管道的早期跡象，有大量的攝入量——小型商業客戶的興趣，他們還沒有像許多醫療保健系統、小型醫療保健系統、許多小型大學那樣真正完成融資.但是 - 所以那裡有一條管道。所以我們將在第四季度開始看到這種轉變。

From a cash flow perspective, I don't expect a huge impact. There'll be some impact in Q4 and slightly more in Q1, but then they get back onto normal payments in the January month. So we'll be watching that. And hopefully, it's helpful to those customers that haven't leveraged it in the past. But no impact this quarter, and it will be a small impact, I think, in Q4.

從現金流的角度來看，我預計不會產生巨大影響。第 4 季度會有一些影響，第 1 季度會略有影響，但隨後他們會在 1 月份恢復正常付款。所以我們會關注的。希望它對那些過去沒有利用過它的客戶有所幫助。但本季度沒有影響，我認為在第四季度影響很小。

Sami Badri from Crédit Suisse.

瑞士信貸銀行的 Sami Badri。

I know you stated that routing was both down for SP and enterprise, but you also mentioned solid progress with web scale customers for 2 consecutive quarters. And given some of the big shifts you have made to work from home and also given the fact that you launched some new products in just December of 2019, how have the products like the Series 8000 performed during this entire shift? Are you seeing things accelerate or adoption of product accelerate? Or has adoption been a bit slower than your expectations? And maybe just a general update on the product.

我知道你說過 SP 和企業的路由都下降了，但你也提到了連續兩個季度在網絡規模客戶方面取得的穩步進展。考慮到您已經做出一些在家工作的重大轉變，並且考慮到您僅在 2019 年 12 月就推出了一些新產品，8000 系列等產品在整個轉變期間的表現如何？您是否看到事情加速或產品採用加速？還是採用速度比您的預期慢了一點？也許只是產品的一般更新。

Yes. Thanks. I guess the good news is that the success we've seen in the web scale space in the last 2 quarters hasn't even seen the impact of the 8000 yet. So it's in trials and lots of customers still -- they have very extended evaluation periods before they deploy it. But I will tell you, it's doing incredibly well in those trials. We're very optimistic about what the teams have built. We feel good about it.

是的。謝謝。我想好消息是我們在過去兩個季度在網絡規模空間中看到的成功甚至還沒有看到 8000 的影響。所以它還在試驗中，很多客戶仍在——他們在部署它之前有很長的評估期。但我會告訴你，它在這些試驗中表現得非常好。我們對團隊所構建的內容非常樂觀。我們對此感覺很好。

Our service provider business was up mid-single digits in orders in the Americas in Q3, which indicates, obviously, the capacity build-outs that some of them we're seeing as well as that web scale business. So we'll see how it goes, but right now, we're very optimistic and feel good about where we are with that platform. And there are more versions of that platform coming. So we've just announced the first couple of members of the family.

我們的服務提供商業務在第三季度的美洲訂單中增長了中等個位數，這顯然表明我們看到的其中一些業務以及網絡規模業務的能力建設。因此，我們將拭目以待，但現在，我們非常樂觀，並且對我們在該平台上所處的位置感到滿意。該平台的更多版本即將推出。所以我們剛剛宣布了第一對家庭成員。

Samik Chatterjee from JPMorgan.

摩根大通的 Samik Chatterjee。

This is Joe Cardoso on for Samik Chatterjee. I just wanted to get your thoughts around some of your key initiatives given the macro backdrop. Specifically, as you look at cloud, WiFi 6 or 400 gig, are you seeing any acceleration of demand or vice versa push out there versus your expectations 90 days ago given the change in environment?

這是 Samik Chatterjee 的 Joe Cardoso。在宏觀背景下，我只想了解您對一些關鍵舉措的看法。具體來說，當您查看雲、WiFi 6 或 400 gig 時，考慮到環境的變化，與 90 天前您的預期相比，您是否看到需求加速或反之亦然？

So I think what we see happening with 5G is a little bit mixed, but generally, there is a tendency for our customers to want to sort of put their foot on the accelerator. I think you heard some of our customers that are looking for permits and with regional governments around the United States and other places that they're not sure they're going to be able to get that done during this pandemic. You got other customers who are saying that they actually are not having a problem. But it's a -- so we think generally, there's going to be an acceleration, particularly as our service provider customers also realize that some element of this work-from-home scenario will not go away.

所以我認為我們看到的 5G 發生的事情有點複雜，但總的來說，我們的客戶有一種傾向，希望將他們的腳踩在加速器上。我想你聽說我們的一些客戶正在尋找許可證，並且與美國和其他地方的地方政府一起，他們不確定他們是否能夠在這種大流行期間完成這項工作。你有其他客戶說他們實際上沒有問題。但這是一個 - 所以我們認為一般來說，將會加速，特別是因為我們的服務提供商客戶也意識到這種在家工作場景的某些元素不會消失。

And so we're going to be continuing in the future to work in these very hybrid worlds, where we're going to have even a much broader distribution of where our -- their users will be working from. And I think that that's the reason that they want to continue to accelerate the deployments and the strategies around 5G.

因此，我們將在未來繼續在這些非常混合的世界中工作，在那裡我們將擁有更廣泛的分佈——我們的用戶將在其中工作。我認為這就是他們希望繼續加速圍繞 5G 的部署和戰略的原因。

I'd say in WiFi 6, I don't see any big significant shift, I'd say, on the cloud. I've had mixed feedback from customers. I think that in general, it's probably a tailwind to cloud. But there are some customers that believe they have a cloud strategy, and this doesn't -- they don't understand why this would change and how they go about it.

我想說在 WiFi 6 中，我沒有看到任何重大的轉變，我想說，在雲上。我從客戶那裡得到了不同的反饋。我認為總的來說，這可能是雲的順風。但有些客戶認為他們有云戰略，而事實並非如此——他們不明白為什麼會發生變化以及他們如何去做。

So -- but it will -- as it relates to our strategy, we are going to continue to accelerate those technologies that help our customers use the cloud more effectively. We are going to -- as our customers -- some of our customers are going to need OpEx offers in the future given CapEx restraints. So we're working on a balance of our portfolio to be delivered in both OpEx and CapEx models to give customers the flexibility that they need. And we're definitely going to continue to accelerate the development and work around our Security portfolio as it relates to remote work and cloud connectivity because we think that's only going to accelerate as well.

所以——但它會——因為它與我們的戰略相關，我們將繼續加速那些幫助我們的客戶更有效地使用雲的技術。我們將——作為我們的客戶——鑑於資本支出的限制，我們的一些客戶未來將需要運營支出優惠。因此，我們正在努力平衡我們的產品組合，以 OpEx 和 CapEx 模型交付，為客戶提供他們需要的靈活性。我們肯定會繼續加速開發並解決我們的安全產品組合，因為它與遠程工作和雲連接有關，因為我們認為這只會加速。

Meta Marshall from Morgan Stanley.

來自摩根士丹利的元馬歇爾。

Great. Understanding the end of March and beginning of April were largely work from home or business continuity focus with customers, but as we get into kind of this new normal, do you feel like customers have had an initial sense of what revised budget look like -- budget outlooks are looking like for 2020? Or are customers still relatively uncertain that you're talking to?

偉大的。據了解，3 月底和 4 月初主要是在家工作或與客戶一起關注業務連續性，但隨著我們進入這種新常態，您是否覺得客戶對修訂後的預算有初步的了解—— 2020 年的預算前景如何？或者客戶是否仍然相對不確定您正在與之交談？

That's a very good question. I think that -- look, I think we went through a surge for a few weeks where customers were solely focused on business continuity and getting themselves prepared for this work-from-home environment. And then I think they took a breath for a couple of weeks, and then they stepped back.

這是一個很好的問題。我認為 - 看，我認為我們經歷了幾週的激增，客戶只關注業務連續性並為這種在家工作的環境做好準備。然後我認為他們喘息了幾週，然後他們退縮了。

And I could even see it in how we worked as a company. We were solely focused on the immediate virus response, getting our teams up and running, getting our customers up and running, making sure we had investments in the community and all those things. And then frankly, we took a breather. And now even my calendar and the things that we're focused on are much more sort of traditional business issues and how we move forward.

我什至可以從我們公司的工作方式中看到這一點。我們只專注於即時病毒響應，讓我們的團隊啟動和運行，讓我們的客戶啟動和運行，確保我們對社區和所有這些事情進行投資。然後坦率地說，我們喘了口氣。現在，甚至我的日曆和我們關注的事情都更多地是傳統業務問題以及我們如何前進。

And I think our customers are in the same mode. I think, again, they dealt with business continuity. They took a few weeks to figure out, okay, based on this, what -- how do I reprioritize the projects that I have -- that I had planned for the rest of the year. And I think every customer is at a different phase right now on how they're deploying it. And it's going to be very industry-specific as to who moves forward.

我認為我們的客戶處於相同的模式。我認為，他們再次處理業務連續性。他們花了幾週的時間來弄清楚，好吧，基於此，我如何重新確定我擁有的項目的優先級——我為今年剩餘時間計劃的是什麼。而且我認為每個客戶現在都處於不同的部署階段。對於誰向前邁進，這將是非常特定於行業的。

I'll give you a few examples. Obviously, we're working very closely with higher education because you see in the news the discussion around whether students will be on campus in the fall. As one of the heads of one of the biggest systems in the United States told me, they used anything and everything they could to get students online back in March. And now they need to go step back and actually build the real, robust, long-term architecture that they need. And we're working with them to do that.

我會給你幾個例子。顯然，我們正在與高等教育部門密切合作，因為你在新聞中看到了關於學生是否會在秋季進入校園的討論。正如美國最大系統之一的負責人之一告訴我的那樣，他們在 3 月份使用了一切可能的方法讓學生上網。現在他們需要退後一步，實際構建他們需要的真實、穩健、長期的架構。我們正在與他們合作來做到這一點。

I think health care is one that they're going to make investments. I think telehealth is here, finally. And I think that's going to change forever. And I think that those -- that industry will continue to work and build out a more robust architecture to support telehealth as opposed to what we put together as quickly as we could with them over the last few months.

我認為醫療保健是他們將要投資的領域。我認為遠程醫療終於來了。我認為這將永遠改變。我認為那些 - 那個行業將繼續努力並建立一個更強大的架構來支持遠程醫療，而不是我們在過去幾個月裡盡可能快地與他們放在一起的架構。

You got the hospitality, the leisure, the travel that are going to struggle, which is one of the big reasons we wanted to make sure we got our financing program out there, candidly, is if they need to make investments during this time, we want to help them do that. Not only is it the right thing to do, but they remember afterwards that we were partners to them during their tough time. And I think you see financial services moving ahead. So it's going to vary greatly by industry, but I think we're going to have better visibility in the next 60 days or so.

你得到了熱情好客、休閒、旅行，這是我們想要確保我們的融資計劃在那裡的重要原因之一，坦率地說，如果他們需要在這段時間進行投資，我們想幫助他們做到這一點。這不僅是正確的做法，而且他們事後還記得我們在他們艱難時期是他們的合作夥伴。我認為你看到金融服務向前發展。所以它會因行業而異，但我認為我們將在未來 60 天左右獲得更好的知名度。

Tal Liani from Bank of America.

美國銀行的 Tal Liani。

Services was the -- one of the only areas that grew both sequentially and year-over-year. And the question is why don't we see the impact of -- first of all, what are the drivers for that? And why don't we see the impact of COVID-19? We're hearing from others that customers are less willing because of the uncertainty to sign on contracts that are longer than 1 year. So they see the parallel decline in services. I just -- I would like to get an update on this space. And how long does it take it to follow the trends in Infrastructure Platforms and the other products?

服務是 - 唯一連續和同比增長的領域之一。問題是為什麼我們看不到影響——首先，驅動因素是什麼？為什麼我們看不到 COVID-19 的影響？我們從其他人那裡聽說，由於不確定簽訂 1 年以上的合同，客戶不太願意。所以他們看到了服務的平行下降。我只是——我想了解一下這個空間的最新情況。跟隨基礎設施平台和其他產品的趨勢需要多長時間？

Tal, that's a good question. So I would say, yes, we had another strong quarter in Q3. And again, it has been driven by like their solution support and their software support. That continues to be a big driver of it.

塔爾，這是個好問題。所以我會說，是的，我們在第三季度有另一個強勁的季度。同樣，它是由他們的解決方案支持和軟件支持驅動的。這仍然是它的一個重要驅動力。

But your point of what you're hearing from other companies is absolutely true on what's happening to us. I would say that I expect pressure. In my guide for Q4, I have some pressure to services there. And where we're seeing it is on things that are like in our advanced services, our proactive services, consulting kind of things, those things that are either discretionary or you only make progress when you're actually in the enterprises. Those are seeing pressure that I think we'll see translate like hitting milestones or doing projects.

但是你從其他公司聽到的關於我們正在發生的事情的觀點是絕對正確的。我會說我期待壓力。在我的第四季度指南中，我對那裡的服務有一些壓力。我們看到的是我們的高級服務、主動服務、諮詢之類的東西，這些東西要么是可自由支配的，要么只有當你真正進入企業時才能取得進步。那些看到的壓力，我認為我們會看到轉化為達到里程碑或做項目。

And then in terms of the maintenance, there is a lag usually on infrastructure maintenance. When the orders drag, it's usually a lag for a while. So we'll start to feel maybe a little bit of that in the upcoming quarters. But overall, that's a very solid business. And we've gone through cycles like this before, and we always come out pretty strong on that. But I think your point is a fair point.

然後在維護方面，基礎設施維護通常存在滯後。當訂單拖後腿時，通常會滯後一段時間。因此，在接下來的幾個季度中，我們可能會開始感受到一點點。但總的來說，這是一項非常穩固的業務。我們以前經歷過這樣的周期，而且我們總是表現得非常堅強。但我認為你的觀點是公平的。

Next question comes from Amit Daryanani from Evercore.

下一個問題來自 Evercore 的 Amit Daryanani。

I guess a fairly common question I get on you guys is how does Cisco stack up this time versus the past recessions like '08 and '09, for example. So it would be really helpful to maybe get your perspective on how do you think Cisco handles and performs through this cycle versus past one and really to get to the bottom on how Cisco is different and perhaps better positioned to manage this correction versus the past one would be helpful.

我想我問你們的一個相當普遍的問題是，思科這次與過去的經濟衰退（例如 08 年和 09 年）相比如何。因此，了解您認為思科如何處理和執行這個週期與過去一個週期的觀點，並真正深入了解思科有何不同，或許更好地定位於管理這一修正與過去一個週期，這將非常有幫助會有幫助的。

I think that we're better positioned for sure, and you would expect me to say that. But I do believe it. I think that we've spent the last few years driving a significant refresh across our enterprise portfolio, across our service provider offerings, our 5G packet core capabilities. Our security portfolio is robust.

我認為我們肯定處於更好的位置，你會希望我這麼說。但我確實相信。我認為過去幾年我們一直在推動我們的企業產品組合、我們的服務提供商產品、我們的 5G 數據包核心功能的重大更新。我們的安全產品組合非常強大。

We spent the last 2 years rebuilding and modernizing the Webex architecture as well as unifying the user interface. We've now gone through 2 months of building out capacity on a global basis. Webex was the largest platform in the world in February, and now it's 3x what it was then. So we built that out.

在過去的 2 年裡，我們重建並實現了 Webex 架構的現代化，並統一了用戶界面。我們現在已經經歷了 2 個月的全球能力建設。 Webex 在 2 月份是世界上最大的平台，現在是當時的 3 倍。所以我們把它建成了。

And I think that if you look at the software content in our product portfolio and the percentage of our revenue that, that represents and the percentage of that is coming from subscriptions and SaaS versus where we were in 2008, I think all of those things just position us more effectively than perhaps we would have been back then. So I feel good about where we are. And I think that our balance sheet is strong.

而且我認為，如果你看看我們產品組合中的軟件內容以及我們收入的百分比，那代表以及來自訂閱和 SaaS 的百分比與我們在 2008 年的水平相比，我認為所有這些事情都只是比我們當時可能更有效地定位我們。所以我對我們所處的位置感覺很好。我認為我們的資產負債表很強勁。

Obviously, our ability to navigate this financially is strong. So I feel good. And I wasn't running the company in 2008, clearly, but I was here. And it just feels like we're fortunate that we've spent the last few years doing complete refreshes on almost all of our technology. So we have very relevant new offers for our customers right now.

顯然，我們在財務上的駕馭能力很強。所以我感覺很好。很明顯，我在 2008 年並沒有經營這家公司，但我在這裡。感覺我們很幸運，過去幾年我們對幾乎所有技術進行了全面更新。因此，我們現在為客戶提供非常相關的新優惠。

Jim Suva from Citigroup Investment.

花旗集團投資部的 Jim Suva。

Can you talk a little bit about enterprise, the orders, the trends, maybe the monthly cadence? And importantly, the color or commentary you have as enterprises are working from home with their employees, keeping their networks up and running, potentially delaying things, how does it kind of look as you go forward? Because it seems like a typical request for proposals might be a little bit different discussions now. And what I mean is, say, for example, does this help the incumbency of Cisco a little more to give you more visibility to, hey, Chuck, when things return back to normal in 3 years, 6 months or at some point, hey, do we have a buildup of more visibility than we -- what we currently have? If you could just help us with the enterprise, some commentary, that would be great.

你能談談企業、訂單、趨勢，也許是每月的節奏嗎？重要的是，當企業與員工在家工作時，你所擁有的顏色或評論，保持他們的網絡正常運行，可能會延遲事情，在你前進的過程中，它看起來如何？因為看起來典型的提案請求現在可能會有些不同的討論。我的意思是，舉例來說，這是否有助於 Cisco 的在任，讓你更多地了解，嘿，查克，當事情在 3 年、6 個月或某個時候恢復正常時，嘿，我們是否擁有比我們目前更多的知名度？如果你能幫助我們做企業，發表一些評論，那就太好了。

Yes. Thanks, Jim. I will tell you this. The number of e-mails that I've gotten from my peers from virtually every industry about what our teams did to help them, many of them saying, "We had to get 150,000 people up and running remotely over VPN, and you guys helped us do that overnight. And for that, we're gracious." Or around Webex and how they couldn't be running their business right now if it wasn't for Webex.

是的。謝謝，吉姆。我會告訴你這個。我從幾乎所有行業的同行那裡收到了關於我們的團隊為幫助他們所做的工作的電子郵件數量，其中許多人說，“我們必須讓 150,000 人通過 VPN 遠程啟動和運行，你們幫助了我們會在一夜之間做到這一點。為此，我們很仁慈。”或者圍繞 Webex，以及如果沒有 Webex，他們現在如何無法開展業務。

And I mean -- so we hosted an advisory board call with about 50 of our strategic customers around the world last week or the week before. I can't remember exactly when it was at this point. And they spent like the majority of the first 1/3 of the call just going through stories of gratitude around what our teams have done. And I tell you that because I think what's happened is, to your point, Jim, I think there is a tendency during these times, you want to work with companies that you believe are strong or solid and are great partners and are going to do whatever it takes to make you successful during these times. And I think that's what our customers believe we do.

我的意思是 - 所以我們上週或前一周與全球約 50 家戰略客戶舉行了一次諮詢委員會電話會議。我不記得具體是什麼時候了。在電話會議的前 1/3 時間裡，他們的大部分時間都花在了講述關於我們團隊所做工作的感恩故事上。我告訴你，因為我認為發生的事情，就你的觀點而言，吉姆，我認為在這段時間裡有一種趨勢，你想與你認為強大或穩固的公司合作，它們是很好的合作夥伴，並且會做在這段時間裡，不惜一切代價讓你成功。我認為這就是我們的客戶相信我們所做的。

I think, again, as I said earlier, you're going to have some customers right now that are going to look at their infrastructure, the CEOs are looking at it and saying, "I will never be this unprepared for something like this again." And if there's a wave 2 coming in the fall, many of them may say, "We need to work on a lot of this right now." I don't know that yet, but we think there could be.

我認為，正如我之前所說，你現在會有一些客戶正在查看他們的基礎架構，首席執行官們正在查看並說，“我再也不會對這樣的事情毫無準備了”如果秋季出現第 2 波，他們中的許多人可能會說，“我們現在需要做很多工作。”我還不知道，但我們認為可能會有。

I talked earlier about what we see in certain industries, where there'll be investments like higher ed. Right now, frankly, there's K-12 contingency plans being made even though I know most K-12 institutions would much rather be teaching those kids in schools for obvious reasons, but it's also not a definite that they'll be going back into the classroom of the fall. So that's happening.

我之前談到了我們在某些行業看到的情況，那裡會有像高等教育這樣的投資。坦率地說，現在正在製定 K-12 應急計劃，儘管我知道大多數 K-12 機構出於顯而易見的原因更願意在學校教這些孩子，但也不確定他們是否會回到學校秋天的教室。所以這正在發生。

The pharmaceuticals and the drug manufacturers are working to beef up their infrastructure for all the research, building up their cyber infrastructure for obvious reasons. So there's a lot of things that are going really well. But then again, you have industries that are at the heart of this crisis, who I wouldn't expect to make significant investments until we get to the other side.

製藥公司和藥品製造商正在努力加強他們所有研究的基礎設施，出於顯而易見的原因建立他們的網絡基礎設施。所以有很多事情進展順利。但話又說回來，你有處於這場危機核心的行業，在我們到達另一端之前，我不希望這些行業進行重大投資。

Pierre Ferragu from New Street Research.

來自 New Street Research 的 Pierre Ferragu。

Chuck, I'd like to come back to your -- just the very last comment you made. You said some industries are getting hit very hard now, and it's going to be tough for them to make investments before we get on the other side of the crisis. And so what I'm trying to figure out is how much of the economy is already in a situation of feeling the pain, cutting IT budget and how much of the economy is not there yet and actually at risk of getting into that stage, maybe in 3 months or even in 6 months from now because as you say, the enterprises are like maintaining continuity, are actually more into a mode of making the right spending to keep the business running. But maybe in 3 to 6 months, they're going to actually start getting the more of macro pains, the recessionary environment hurting their business as well. And so my question is really how much are we into that already. What percentage of the economy has been hurt? And what percentage could be hurt further down the line?

查克，我想回到你的——只是你最後發表的評論。你說有些行業現在受到的打擊非常嚴重，在我們渡過危機之前，他們很難進行投資。所以我想弄清楚的是，有多少經濟體已經處於感受到痛苦、削減 IT 預算的境地，有多少經濟體還沒有，實際上有進入那個階段的風險，也許從現在開始的 3 個月甚至 6 個月內，因為正如您所說，企業就像保持連續性一樣，實際上更像是一種進行正確支出以保持業務運行的模式。但也許在 3 到 6 個月後，他們實際上將開始遭受更多的宏觀痛苦，經濟衰退的環境也會損害他們的業務。所以我的問題是我們已經投入了多少。多大比例的經濟受到傷害？有多少百分比會進一步受到傷害？

Yes, Pierre, that's a very good question. I'm going to give you just my pure instinct on this. I think that any customer who potentially could be at risk in 3 to 6 months is already pausing. I don't think that anybody is going to be aggressive right now because any of us can see if we have liquidity issues, we have solvency issues, we have anything that is 3 to 6 months away, my peers, we're all planning -- we're working on that right now. No one's waiting. So I think most of the impact that you'll see in the next 6 or 9 months, I think, those customers who were impacted, let me say it that way, they know they're impacted.

是的，皮埃爾，這是一個很好的問題。我要告訴你的只是我對此的純粹直覺。我認為任何可能在 3 到 6 個月內面臨風險的客戶都已經暫停了。我不認為任何人現在會變得激進，因為我們任何人都可以看到我們是否有流動性問題，我們有償付能力問題，我們有任何 3 到 6 個月後的問題，我的同行，我們都在計劃- 我們現在正在努力。沒有人在等。所以我認為你會在接下來的 6 或 9 個月內看到的大部分影響，我認為，那些受到影響的客戶，讓我這樣說，他們知道他們受到了影響。

I will tell you from our perspective, if you map the industries that we believe will continue to invest against our customer base, there's a good correlation that a lot of the industries that we believe will invest are already a large percentage of our customer makeup. So whether you look at public sector, service providers, financial services, higher education. I mean these are all big pieces of business for us, and we think that all those and others will also continue to invest. So it's mixed.

我會從我們的角度告訴你，如果你將我們認為將繼續投資的行業與我們的客戶群進行對比，那麼我們認為將投資的許多行業已經占我們客戶構成的很大一部分，這之間存在很好的相關性。因此，無論您關注公共部門、服務提供商、金融服務還是高等教育。我的意思是這些對我們來說都是大生意，我們認為所有這些和其他人也會繼續投資。所以它是混合的。

But to answer your specific question, I think anyone who's going to be in trouble 3 to 6 months from now is already pausing and has already been impacted.

但要回答你的具體問題，我認為任何在 3 到 6 個月後會遇到麻煩的人都已經暫停並且已經受到影響。

Tim Long from Barclays.

巴克萊銀行的蒂姆·朗。

Chuck, I wanted to ask about competition, kind of a twofold question here. Number one, if you think about some of the pieces of your business where some competitors have been trying to take share of enterprise, networking comes to mind where several companies are focused on gaining share there. What do you think this major pandemic disruption does to other's ability to maybe disrupt the high market share that you have? And then conversely, if you think about some of the markets where Cisco has a real opportunity to gain share, it sounds like cloud would be one of those, and you guys are doing well. But do you think there's any of the markets where you're poised to take some share that are impacted either positively or negatively?

查克，我想問一下競爭，這是一個雙重問題。第一，如果您考慮一些競爭對手一直試圖在企業中佔有份額的業務的某些部分，就會想到網絡，其中有幾家公司專注於在那裡獲得份額。您認為這種重大的流行病破壞對其他人可能破壞您擁有的高市場份額的能力有何影響？然後相反，如果你考慮思科有真正機會獲得份額的一些市場，聽起來雲就是其中之一，你們做得很好。但是你認為有任何你準備佔據一些份額的市場受到積極或消極的影響嗎？

Yes. That's a great question. I think you've even heard from some of our competitors on their earnings calls where they had planned on entering markets, and they've acknowledged that it's going to be more difficult to do that during this time in areas where we have good market share.

是的。這是一個很好的問題。我想你甚至在他們計劃進入市場的財報電話會議上聽說過我們的一些競爭對手，他們已經承認，在我們擁有良好市場份額的領域，在這段時間裡要做到這一點會更加困難.

And again, I'll remind you that in those areas like in the Campus, we have probably the most robust portfolio we've had in a decade. So we're very -- in very good shape with the portfolio. And I think, again, customers, they are -- in times like these, they want to go with people they trust and know. And I think that will work in our favor.

再一次，我會提醒你，在像校園這樣的領域，我們可能擁有十年來最強大的產品組合。所以我們非常 - 在投資組合中處於非常好的狀態。而且我認為，再次，客戶，他們是 - 在這樣的時代，他們想和他們信任和認識的人一起去。我認為這對我們有利。

But on the -- in the areas, to your point, where we can take share, I think certainly, the web scale play that we've been running for the last 4, 4.5 years, I think, is one area over the next year. I think in the service provider space with the 8000s and recapturing some routing share because of those portfolios. And both of those sets of customers, they will continue doing the evaluations and the new deployments because they have to, because they have just requirements that are increasing on a daily basis.

但是，就你的觀點而言，在我們可以分享的領域，我認為我們在過去 4、4.5 年中一直在運行的網絡規模遊戲是下一個領域年。我認為在 8000s 的服務提供商領域，由於這些產品組合，重新奪回了一些路由份額。這兩組客戶，他們將繼續進行評估和新部署，因為他們必須這樣做，因為他們的需求每天都在增加。

And I think that in the carrier space with 5G and the access networks, the backhaul networks, the core networks with the 8000 and some of our other technology we've come out with, I think we can take share there as well. So I feel good about where we are, and the things that we are in control of right now, I think we're in a pretty good position.

我認為，在 5G 和接入網絡、回程網絡、8000 核心網絡以及我們推出的其他一些技術的運營商領域，我認為我們也可以在那里分享。所以我對我們所處的位置以及我們現在控制的事情感覺很好，我認為我們處於一個非常好的位置。

All right. Thanks, Tim, and that was the last question of our call.

好的。謝謝，蒂姆，這是我們通話的最後一個問題。

Yes. So let me just close quickly by, first of all, thanking all of you for being with us and just telling you all that we hope that you're safe and your family is safe and you continue to be safe. I also want to just reiterate our gratitude for the frontline workers. And these are the health care workers, the first responders, some of our colleagues locally who are in the homeless camps, helping try to stem the tide of this pandemic flowing through those kinds of environments, those people who live paycheck to paycheck, who are struggling right now. Our thoughts and prayers are with everybody, and our gratitude is especially with those who are on the frontlines.

是的。因此，讓我快速結束，首先，感謝你們所有人與我們在一起，並告訴你們所有人，我們希望你們安全，你們的家人安全，你們繼續安全。我還想重申我們對前線工作人員的感謝。這些是醫護人員、急救人員、我們在無家可歸者營地的一些當地同事，他們幫助試圖阻止這種流行病在這些環境中蔓延，那些靠薪水過活的人，他們現在正在掙扎。我們的思念和祈禱與每個人同在，我們的感激之情尤其與前線人員同在。

We look forward to getting to the other side of this, and we look forward to doing our part in helping our customers and helping society actually thrive as much as possible during this very difficult time. So thanks for being with us today on our call.

我們期待著走到另一邊，我們期待著在這個非常困難的時期儘自己的一份力量幫助我們的客戶並幫助社會真正繁榮發展。因此，感謝您今天與我們一起參加我們的電話會議。

Thanks, Chuck. Cisco's next quarterly earnings call, which will reflect our Q4 2020 and annual results, will be on Wednesday, August 12 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。思科的下一個季度財報電話會議將於美國東部時間 8 月 12 日星期三下午 1:30 召開，這將反映我們 2020 年第四季度和年度業績。太平洋時間下午 4:30東部時間。再次，我想提醒聽眾，根據 FD 條例，思科的政策是不評論其本季度的財務指導，除非通過明確的公開披露來完成。

We now plan to close the call. If you have any further questions, feel free to contact the Cisco Investor Relations group. And we thank you very much for joining today's call.

我們現在計劃結束通話。如果您有任何其他問題，請隨時聯繫思科投資者關係小組。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. If you would like to listen to the call in its entirety, you may call 800-391-9847. And for participants dialing from outside the U.S., please dial 402-220-3093. 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，可以撥打 800-391-9847。對於來自美國境外的參與者，請撥打 402-220-3093。今天的電話會議到此結束。此時您可以斷開連接。