思科 (CSCO) 2022 Q2 法說會逐字稿

Welcome to Cisco's Second Quarter Fiscal Year 2022 Financial Results Conference Call. At the request of Cisco, today's conference is being recorded. If you have any objections, you may disconnect.

歡迎參加思科 2022 財年第二季度財務業績電話會議。應思科的要求，今天的會議正在錄製中。如果您有任何異議，您可以斷開連接。

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

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

Welcome, everyone, to Cisco's Second Quarter Fiscal 2022 Quarterly Earnings Conference Call. This is Marilyn Mora, Head of Investor Relations, and I'm joined by Chuck Robbins, our Chair and CEO; and Scott Herren, our CFO.

歡迎大家參加思科 2022 財年第二季度季度收益電話會議。我是投資者關係主管 Marilyn Mora，我們的主席兼首席執行官 Chuck Robbins 也加入了我的行列；和我們的首席財務官 Scott Herren。

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

到目前為止，您應該已經看到了我們的收益新聞稿。電話會議後，將在我們網站的投資者關係部分提供相應的帶有幻燈片的網絡廣播，包括補充信息。損益表、完整的 GAAP 到非 GAAP 對賬信息、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 made on a year-over-year basis.

在本次電話會議中，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。在整個電話會議中進行的所有比較都將按年進行。

The matters we will be discussing today include forward-looking statements, including the guidance we will be providing for the third quarter and full year of fiscal 2022. They are subject to the risks and uncertainties, including COVID-19, that we discuss in detail in our documents filed with the SEC, specifically the most recent reports on Forms 10-K and 10-Q, which identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements.

我們今天將討論的事項包括前瞻性陳述，包括我們將為 2022 財年第三季度和全年提供的指導。它們受到我們詳細討論的風險和不確定性的影響，包括 COVID-19在我們提交給美國證券交易委員會的文件中，特別是最近的 10-K 和 10-Q 表格報告中，這些報告確定了可能導致實際結果與前瞻性陳述中包含的結果大不相同的重要風險因素。

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

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

I will now turn it over to Chuck.

我現在把它交給查克。

Thanks, Marilyn. I hope you all are remaining safe and healthy. After the solid results we delivered last year, 2022 is proving to be an even stronger year, fueled by exceptional demand for our solutions and the continued success of our transformation.

謝謝，瑪麗蓮。我希望你們都保持安全和健康。在我們去年取得了可觀的成果之後，由於對我們的解決方案的特殊需求和我們轉型的持續成功，2022 年被證明是更加強勁的一年。

In Q2, I'm thrilled to say that we delivered another great quarter with double-digit ARR growth and robust product orders, which fueled an all-time high backlog and a strong pipeline. These results underscore the increasing relevance and criticality of Cisco's innovation in the era of digital transformation and cloud and reinforces my confidence in our ability to deliver growth.

在第二季度，我很高興地說，我們又交付了一個出色的季度，實現了兩位數的 ARR 增長和強勁的產品訂單，這推動了歷史最高的積壓和強大的管道。這些結果突顯了思科創新在數字化轉型和雲時代的重要性和重要性，並增強了我對我們實現增長的能力的信心。

We are focused on staying ahead of our customers' most pressing needs as they navigate a dynamic world. Our customers are moving faster than ever, driven by the move to hybrid work and hybrid cloud. This requires modernized infrastructure, new security architectures and accelerated digital transformation. The breadth of our innovative solutions and services at a global scale, combined with our increasing ability to deliver more flexible consumption offerings, is driving even deeper partnerships with our customers across our entire portfolio.

我們專注於領先於客戶在動態世界中的最緊迫需求。在轉向混合工作和混合雲的推動下，我們的客戶比以往任何時候都更快。這需要現代化的基礎設施、新的安全架構和加速的數字化轉型。我們在全球範圍內的創新解決方案和服務的廣度，加上我們提供更靈活的消費產品的能力不斷增強，正在推動我們與整個產品組合中的客戶建立更深層次的合作夥伴關係。

Now I'd like to spend a few minutes covering our results in more detail and what we are seeing in the market. We delivered solid top line growth combined with margins and earnings that exceeded the high ends of our guidance despite operating in a supply-constrained and inflationary environment. The robust demand we saw in Q1 continued into Q2, with product order growth of 33%, our third consecutive quarter of order growth of 30% or higher, with momentum once again across all geographic regions and customer markets.

現在我想花幾分鐘更詳細地介紹我們的結果以及我們在市場上看到的情況。儘管在供應受限和通貨膨脹的環境中運營，但我們實現了穩健的收入增長以及利潤率和收益，超出了我們指導的高端。我們在第一季度看到的強勁需求持續到第二季度，產品訂單增長 33%，我們連續第三個季度訂單增長 30% 或更高，在所有地理區域和客戶市場再次呈現增長勢頭。

For example, in our enterprise business, we delivered 37% order growth, the highest in over 12 years, as large customers prioritize investments to modernize their networks and enable new digital capabilities and resiliency. As more and more becomes digitized, we expect our momentum to continue.

例如，在我們的企業業務中，我們實現了 37% 的訂單增長，這是 12 年來的最高水平，因為大客戶優先考慮投資以使其網絡現代化並實現新的數字功能和彈性。隨著越來越多的數字化，我們預計我們的勢頭將繼續下去。

We believe the need for highly secure, seamless connectivity, hybrid cloud and hybrid work solutions, along with edge computing, will drive growth for Cisco. The opportunity ahead of us is clear, as demonstrated by our growing pipeline and record backlog, which more than doubled from a year ago and will convert into revenue in the coming quarters.

我們相信，對高度安全、無縫連接、混合雲和混合工作解決方案以及邊緣計算的需求將推動思科的增長。正如我們不斷增長的管道和創紀錄的積壓所證明的那樣，我們面前的機會是顯而易見的，這比一年前增加了一倍多，並將在未來幾個季度轉化為收入。

In our web scale business, we delivered another incredible quarter. Our order growth was up more than 70% year-over-year, which is over 100% growth on a trailing 4-quarter basis. We continued to see exceptional performance driven by the rapid pace of adoption of our 400-gig solutions and our routed optical networking portfolio, which grew over 50%, fueled by the Cisco 8000 product line, Acacia and Silicon One.

在我們的網絡規模業務中，我們又交付了一個令人難以置信的季度。我們的訂單增長同比增長超過 70%，在過去 4 個季度的基礎上增長超過 100%。在思科 8000 產品線、Acacia 和 Silicon One 的推動下，我們繼續看到我們的 400 千兆位解決方案和路由光網絡產品組合的快速採用推動了卓越的性能，該產品組合增長了 50% 以上。

We're also seeing tremendous traction with ZR optics as part of the routed optical network strategy. Our Optical Systems and Acacia businesses both saw significant double-digit growth, driven by our web scale customers.

作為路由光網絡戰略的一部分，我們也看到了 ZR 光學器件的巨大吸引力。在我們的網絡規模客戶的推動下，我們的光學系統和 Acacia 業務均實現了兩位數的顯著增長。

The innovations we've invested in over the last several years have positioned us well as the largest players in this space adopt next-generation technologies. Our customers are making strategic decisions on their future road map and recognize Cisco's unparalleled portfolio as critical to their strategies. We believe they are still in the early phases of their next-generation platform buying decisions and expect our momentum to continue.

我們在過去幾年投資的創新使我們成為該領域最大的參與者採用下一代技術。我們的客戶正在就他們的未來路線圖做出戰略決策，並認識到思科無與倫比的產品組合對他們的戰略至關重要。我們相信他們仍處於下一代平台購買決策的早期階段，並希望我們的勢頭能夠持續下去。

From a product revenue perspective, we delivered another strong and balanced quarter with 9% growth, with broad-based demand across the majority of our product portfolio. This was led by increased customer spending to modernize their networks, securely connect their hybrid workforce and build out their 5G networks, all with a strong uptake of our subscription offerings.

從產品收入的角度來看，我們實現了另一個強勁且平衡的季度，增長 9%，我們的大部分產品組合都有廣泛的需求。這是由於客戶在網絡現代化、安全連接混合勞動力和構建 5G 網絡方面的支出增加，所有這些都得益於我們的訂閱產品的大力採用。

We continue to prioritize investments that will drive our long-term performance and capitalize on the mega-trends in the large growing markets, including cloud, full stack observability, 5G, 400-gig, WiFi 6 and security. Our expertise in these areas, along with the deep integration of hardware, software and silicon across our portfolio, differentiates us and sets us up to win.

我們將繼續優先考慮能夠推動我們長期業績的投資，並利用大型增長市場的大趨勢，包括雲、全棧可觀測性、5G、400-gig、WiFi 6 和安全性。我們在這些領域的專業知識，以及我們產品組合中硬件、軟件和芯片的深度集成，使我們與眾不同，並為我們贏得勝利奠定了基礎。

Our team continues to innovate at a speed and scale like never before. To help our customers build and deliver the best hybrid work experience, we recently introduced new breakthrough networking innovations, including Catalyst 9000X switches built on Silicon One, the industry's first high-end WiFi 6E access points and an as-a-service private 5G offering for the enterprise, enabling communication service providers to deliver cloud-based services to their customers.

我們的團隊繼續以前所未有的速度和規模進行創新。為了幫助我們的客戶構建和提供最佳的混合工作體驗，我們最近推出了新的突破性網絡創新，包括基於 Silicon One 的 Catalyst 9000X 交換機、業界首個高端 WiFi 6E 接入點和即服務的私有 5G 產品對於企業而言，使通信服務提供商能夠為其客戶提供基於雲的服務。

We are committed to also lead in a more sustainable way. An example of this is our Silicon One Catalyst 9000X switches I just mentioned, which are approximately 40% more power efficient compared to prior versions. Building technologies in this way is key towards our goal to reduce our Scope 3 emissions to net 0 by 2040.

我們致力於以更可持續的方式進行領導。我剛才提到的 Silicon One Catalyst 9000X 交換機就是一個例子，與之前的版本相比，它的能效提高了大約 40%。以這種方式構建技術是我們實現到 2040 年將範圍 3 排放量減少到淨 0 的目標的關鍵。

I'm also proud of the progress of our business transformation to more software and subscription-based recurring revenue as we transition more of our business to the cloud. Annualized recurring revenue, or ARR, of $21.9 billion was up 11%, with product ARR increasing by 20%.

隨著我們將更多業務轉移到雲端，我也為我們向更多軟件和基於訂閱的經常性收入的業務轉型所取得的進展感到自豪。年化經常性收入 (ARR) 為 219 億美元，增長 11%，產品 ARR 增長 20%。

Product remaining performance obligations, or RPO, which is largely software revenue that is committed but not yet recognized, was up 16%. We remain one of the largest software companies in the world. In Q2, our software revenue grew by 6% to $3.8 billion. Total subscription revenue accelerated to $5.5 billion, up 7% year-over-year.

產品剩餘履約義務或 RPO（主要是已承諾但尚未確認的軟件收入）增長了 16%。我們仍然是世界上最大的軟件公司之一。在第二季度，我們的軟件收入增長了 6%，達到 38 億美元。訂閱總收入加速至 55 億美元，同比增長 7%。

It's important to note that both of these metrics continue to be negatively impacted by subscription, software and service that is attached to hardware where the shipments are delayed due to the component situation. The strength in our software, RPO and ARR clearly demonstrate the value we are creating through our transformation and provides us a greater degree of visibility and predictability into our future growth.

需要注意的是，這兩個指標都繼續受到訂閱、軟件和附加到硬件的服務的負面影響，由於組件情況，這些硬件的發貨延遲。我們的軟件、RPO 和 ARR 的優勢清楚地展示了我們通過轉型創造的價值，並為我們提供了對未來增長的更大程度的可見性和可預測性。

From a macro perspective, the component shortage continues to remain challenging. Our incredibly strong demand continues to outpace supply, expanding our backlog of products, software and services. Our supply chain team continues to take aggressive action through strong inventory positions, deepening supplier relationships, qualifying alternative components and increased use of expedited freight.

從宏觀角度來看，零部件短缺仍然具有挑戰性。我們令人難以置信的強勁需求繼續超過供應，擴大了我們積壓的產品、軟件和服務。我們的供應鏈團隊繼續通過強大的庫存狀況、深化供應商關係、合格的替代組件和增加使用加急貨運採取積極行動。

There are still significant constraints with semiconductors, preventing us from completing manufacturing of some of our products, and that remains a headwind to revenue growth despite very strong demand. In addition, the constrained environment continues to drive up supply chain costs, which we have successfully passed through to help offset these increases.

半導體仍然存在重大限制，使我們無法完成部分產品的製造，儘管需求非常強勁，但這仍然是收入增長的逆風。此外，受限制的環境繼續推高供應鏈成本，我們已成功通過這些成本來幫助抵消這些增長。

In summary, we continue to work through the impact of the pandemic and component shortages, and we've never felt better about the company, our position and our outlook for growth. Our Q2 results reflect healthy momentum, a clear vision and outstanding execution by our teams. Our innovation engine and pipeline have never been stronger. And we are rapidly transforming our business by accelerating our transition to more software and subscription offerings.

總而言之，我們繼續努力應對大流行和零部件短缺的影響，我們對公司、我們的地位和我們的增長前景感到前所未有的好。我們的第二季度業績反映了我們團隊的健康勢頭、清晰的願景和出色的執行力。我們的創新引擎和管道從未如此強大。我們正在通過加快向更多軟件和訂閱產品的過渡來迅速轉變我們的業務。

I'm so proud of our teams and what they've accomplished during these very dynamic times. We are bringing industry-leading innovation to market and further enhancing our differentiated position across the portfolio by delivering flexible consumption models for our customers. I remain confident and optimistic about our future. Cisco is at the epicenter of massive shifts toward hybrid cloud, hybrid work and digital transformation, which we believe creates momentum for our business and positions us well to capture the significant opportunities ahead.

我為我們的團隊以及他們在這個充滿活力的時期所取得的成就感到非常自豪。我們正在將行業領先的創新推向市場，並通過為客戶提供靈活的消費模式，進一步提升我們在產品組合中的差異化地位。我對我們的未來充滿信心和樂觀。思科處於向混合雲、混合工作和數字化轉型的大規模轉變的中心，我們相信這為我們的業務創造了動力，並使我們能夠很好地抓住未來的重大機遇。

I'll now turn it over to Scott.

我現在把它交給斯科特。

Thanks, Chuck. Q2 was a strong quarter across the business. We executed well, delivering our third consecutive quarter of more than 30% product order growth, driven by strength across our portfolio, including continued robust demand for our products and services, along with disciplined spend and supply chain management.

謝謝，查克。第二季度是整個業務的強勁季度。我們執行良好，連續第三個季度實現了超過 30% 的產品訂單增長，這得益於我們投資組合的實力，包括對我們的產品和服務的持續強勁需求，以及嚴格的支出和供應鏈管理。

Total revenue increased by $760 million to $12.7 billion, up 6% year-over-year, in line with our guidance range for the quarter. We saw strength in a number of product areas and across all of our geographies. Our business performed well in this highly dynamic and supply-constrained environment, which, as Chuck said, continues to hinder our ability to convert the significant demand we have into revenue.

總收入增加 7.6 億美元至 127 億美元，同比增長 6%，符合我們本季度的指導範圍。我們在多個產品領域和所有地區都看到了實力。我們的業務在這種高度動態和供應受限的環境中表現良好，正如查克所說，這繼續阻礙我們將大量需求轉化為收入的能力。

Overall profitability in Q2 was strong with non-GAAP operating margin of 34.3%, non-GAAP net income of $3.5 billion and non-GAAP earnings per share of $0.84, with non-GAAP earnings per share coming in above the high end of our guidance range.

第二季度的整體盈利能力強勁，非美國通用會計準則營業利潤率為 34.3%，非美國通用會計準則淨利潤為 35 億美元，非美國通用會計準則每股收益為 0.84 美元，非美國通用會計準則每股收益高於我們指導的高端範圍。

Looking at our Q2 revenue in more detail. Total product revenue was $9.4 billion, up 9%. Service revenue was $3.4 billion, down 1%, driven by delays in hardware support contracts related to the supply constraints.

更詳細地查看我們的第二季度收入。產品總收入為 94 億美元，增長 9%。服務收入為 34 億美元，下降 1%，原因是與供應限制相關的硬件支持合同延遲。

Within product revenue, Secure, Agile Networks performed well, with revenues up 7%. Switching had solid growth, driven by a double-digit increase in data center switching, driven by our Nexus 9000 products. Campus switching had solid growth, led by our Catalyst 9000 and Meraki switching offerings. Wireless had very strong double-digit increase, driven by our WiFi 6 products and our Meraki wireless offerings. We also saw double-digit growth in compute revenue, driven by servers.

在產品收入方面，Secure、Agile Networks 表現良好，收入增長 7%。在我們的 Nexus 9000 產品的推動下，數據中心交換的兩位數增長推動了交換的穩健增長。在我們的 Catalyst 9000 和 Meraki 交換產品的帶動下，園區交換實現了穩健增長。在我們的 WiFi 6 產品和 Meraki 無線產品的推動下，無線實現了非常強勁的兩位數增長。在服務器的推動下，我們還看到了計算收入的兩位數增長。

Enterprise routing declined, primarily driven by access, slightly offset by strength in SD-WAN. Hybrid work, which is where we report just our collaboration portfolio, was down 9%, driven by declines in our collaboration devices and meetings offerings, partially offset by the continued ramp of our Communication-Platform-as-a-Service. Beginning next quarter, the name of this category will change from hybrid work to collaboration. There will not be any changes to the components within this category.

企業路由下降，主要是由訪問驅動，略微被 SD-WAN 的實力所抵消。混合工作（我們僅報告我們的協作產品組合）下降了 9%，這是由於我們的協作設備和會議產品的下降，部分被我們的通信平台即服務的持續增長所抵消。從下個季度開始，該類別的名稱將從混合工作變為協作。此類別中的組件不會有任何更改。

End-to-end security grew 7%, with broad strength across most of the portfolio. Our Zero Trust portfolio performed well, with double-digit growth driven by strong performance in our Duo offerings. Our subscription portfolio continued to perform well, driven by cloud security and Zero Trust.

端到端安全性增長了 7%，在大多數投資組合中表現出廣泛的優勢。我們的零信任投資組合表現良好，在 Duo 產品的強勁表現推動下實現了兩位數的增長。在雲安全和零信任的推動下，我們的訂閱產品組合繼續表現良好。

Internet for the Future was up 42%, driven in large part by the strength of our web scale customers. We saw broad strength in the portfolio with growth in edge, driven by double-digit growth from our ASR 9000 offerings and core with strength in Cisco 8000 and optical. We also saw continued strong contribution from Acacia, our optical networking offerings.

Internet for the Future 增長了 42%，這在很大程度上是由於我們的網絡規模客戶的實力。在我們的 ASR 9000 產品和具有 Cisco 8000 和光纖實力的核心產品實現兩位數增長的推動下，我們看到了產品組合的廣泛優勢和邊緣增長。我們還看到我們的光網絡產品 Acacia 的持續強勁貢獻。

Optimized application experiences was up 12%, driven by double-digit growth in both ThousandEyes and Intersight. SaaS revenue for AppDynamics grew mid-single digits with the continued shift to its cloud-delivered platform.

受 ThousandEyes 和 Intersight 兩位數增長的推動，優化應用體驗增長了 12%。隨著繼續轉向其云交付平台，AppDynamics 的 SaaS 收入增長了中個位數。

We continue to make progress on our transformation metrics as we shift our business to more software and subscriptions. Software revenue was $3.8 billion, an increase of 6%, with the product portion up 9%. 80% of software revenue was subscription-based, which is up 4 percentage points year-over-year. Total subscription revenue was $5.5 billion, an increase of 7%. Total subscription revenue represented 44% of Cisco's total revenue.

隨著我們將業務轉向更多的軟件和訂閱，我們繼續在轉型指標上取得進展。軟件收入為 38 億美元，增長 6%，其中產品部分增長 9%。 80% 的軟件收入是基於訂閱的，同比增長 4 個百分點。訂閱總收入為 55 億美元，增長 7%。訂閱總收入佔思科總收入的 44%。

Annualized recurring revenue, or ARR, was $21.9 billion, an increase of 11%, with strong product ARR growth of 20%. And remaining performance obligations, or RPO, was $30.5 billion, up 8%. Product RPO increased 16%. Service RPO increased 3%. And the total short-term RPO grew 8% to $16.3 billion. As a reminder, the short-term portion will convert to revenue over the next 12 months.

年化經常性收入或 ARR 為 219 億美元，增長 11%，其中產品 ARR 增長強勁，達到 20%。剩餘履約義務或 RPO 為 305 億美元，增長 8%。產品 RPO 增加了 16%。服務 RPO 增加了 3%。短期 RPO 總額增長 8% 至 163 億美元。提醒一下，短期部分將在未來 12 個月內轉化為收入。

Relative to acquisitions, there was an approximate 200 basis point year-over-year positive impact on Q2 revenue growth and no material impact on our non-GAAP EPS, which is in line with our expectations. We continued to have exceptionally strong order momentum in Q2. Total product orders grew 33%, with strength across the business.

相對於收購，對第二季度收入增長的同比積極影響約為 200 個基點，對我們的非公認會計原則每股收益沒有重大影響，這符合我們的預期。我們在第二季度繼續保持異常強勁的訂單勢頭。產品訂單總額增長 33%，整個業務都表現強勁。

Looking at our geographic segments. The Americas was up 36%. And EMEA and APJC were both up 30%. Total emerging markets were up 39%, with the BRICS plus Mexico up 48%. In our customer markets, service provider was up 42%, enterprise was up 37%, commercial was up 34% and public sector was up 20%. As you can see, it was broad strength across our geographies and customer markets.

查看我們的地理區域。美洲上漲了 36%。 EMEA 和 APJC 均上漲了 30%。新興市場總數增長了 39%，其中金磚國家和墨西哥增長了 48%。在我們的客戶市場中，服務提供商增長了 42%，企業增長了 37%，商業增長了 34%，公共部門增長了 20%。如您所見，這是我們的地域和客戶市場的廣泛優勢。

From a non-GAAP perspective, total gross margin came in at 65.5%, down 140 basis points year-over-year; product gross margin was 64.3%, down 230 basis points; and service gross margin was 68.8%, up 90 basis points. The decrease in product gross margin was primarily driven by ongoing higher component costs related to supply constraints as well as higher freight and logistics costs.

從非美國通用會計準則的角度來看，總毛利率為 65.5%，同比下降 140 個基點；產品毛利率為64.3%，下降230個基點；服務毛利率為68.8%，上升90個基點。產品毛利率的下降主要是由於與供應限制相關的持續較高的組件成本以及較高的貨運和物流成本所致。

As we've been discussing for several quarters, we continue to manage through the supply constraints seen industry-wide by us and our peers due to component shortages, which have resulted in extended lead times and higher supply costs. The situation remains challenging. We continue to partner closely with our key suppliers, leveraging our volume purchasing and extended supply commitments as we address the supply challenges and cost impacts, which we expect will continue into the second half of our fiscal 2022.

正如我們幾個季度以來一直在討論的那樣，我們將繼續管理我們和同行由於組件短缺而在整個行業內看到的供應限制，這導致交貨時間延長和供應成本增加。情況仍然充滿挑戰。我們繼續與我們的主要供應商密切合作，利用我們的批量採購和延長供應承諾，以應對供應挑戰和成本影響，我們預計這將持續到 2022 財年下半年。

As I mentioned, the component supply constraints also slow the conversion of our strong demand into revenue. This has resulted in a substantial increase and continued build in our backlog levels well beyond our normal historical levels.

正如我所提到的，組件供應限制也減緩了我們將強勁需求轉化為收入的速度。這導致我們的積壓水平大幅增加，並繼續建立，遠遠超過我們正常的歷史水平。

Additionally, the ongoing supply constraints have not only impacted our ability to ship hardware but also impacts our delivery of software, such as subscriptions that customers order with the hardware. That undelivered software is also included in backlog until the hardware ships, which is when we begin to recognize the revenue. Of course, this impacts our software revenue growth and other related metrics.

此外，持續的供應限制不僅影響了我們運送硬件的能力，還影響了我們的軟件交付，例如客戶使用硬件訂購的訂閱。在硬件發貨之前，未交付的軟件也包含在積壓中，也就是我們開始確認收入的時候。當然，這會影響我們的軟件收入增長和其他相關指標。

To give you a sense of scale of our backlog, our Q2 ending product backlog was more than $14 billion, an increase of more than 150% year-on-year. Within that amount, software backlog almost doubled to more than $2 billion, keeping in mind that backlog is not included as part of our $38.5 billion in remaining performance obligations.

為了讓您了解我們積壓的規模，我們第二季度的期末產品積壓超過 140 億美元，同比增長超過 150%。在這一數額內，軟件積壓幾乎翻了一番，超過 20 億美元，請記住，積壓不包括在我們 385 億美元的剩餘履約義務中。

We ended Q2 with total cash, cash equivalents and investments of $21.1 billion. Operating cash flow for the quarter was $2.5 billion, down 17% year-over-year, primarily driven by advance payments to secure future supply. These advance payments had a negative 17% year-over-year impact on operating cash flow. Additionally, we made a tax payment of approximately $100 million this quarter, which had been deferred as a result of the CARES Act. This payment had an additional negative 4% year-over-year impact on our operating cash flow.

我們在第二季度結束時的現金、現金等價物和投資總額為 211 億美元。本季度的經營現金流為 25 億美元，同比下降 17%，主要受預付款推動，以確保未來供應。這些預付款對經營現金流產生了同比 17% 的負面影響。此外，本季度我們繳納了大約 1 億美元的稅款，由於 CARES 法案，該稅款已被推遲繳納。這筆付款對我們的經營現金流產生了額外的負 4% 同比影響。

In terms of capital allocation, we returned $6.4 billion to shareholders during the quarter. It was comprised of $4.8 billion of share repurchases and $1.5 billion for our quarterly cash dividend. Given the confidence we have in our business today and into the future, our Board has authorized an additional $15 billion for share repurchases, bringing the total to approximately $18 billion. We're also raising our dividend by $0.01 to $0.38 per quarter, which represents our 12th increase.

在資本配置方面，我們在本季度向股東返還了 64 億美元。其中包括 48 億美元的股票回購和 15 億美元的季度現金股息。鑑於我們對今天和未來的業務充滿信心，我們的董事會已授權額外 150 億美元用於股票回購，使總額達到約 180 億美元。我們還將每季度的股息提高 0.01 美元至 0.38 美元，這是我們的第 12 次增長。

Combination of our dividend increase, additional share repurchase authorization and higher share repurchases during the quarter demonstrates our commitment to returning excess capital to our shareholders and our confidence in the stability of our ongoing cash flows.

本季度我們的股息增加、額外的股票回購授權和更高的股票回購表明我們致力於將多餘的資本返還給股東，以及我們對持續現金流穩定的信心。

We continue to invest organically and inorganically in our innovation pipeline. We closed the acquisition of replex in Q2 and Opsani in early Q3 to enhance our full stack observability offerings. These investments are consistent with our strategy of complementing our internal innovation and R&D with targeted M&A to allow us to further strengthen and differentiate our market position in our key growth areas.

我們繼續對我們的創新管道進行有機和無機投資。我們在第二季度完成了對 replex 的收購，在第三季度初完成了對 Opsani 的收購，以增強我們的全棧可觀察性產品。這些投資符合我們通過有針對性的併購來補充我們的內部創新和研發的戰略，使我們能夠進一步加強和區分我們在關鍵增長領域的市場地位。

To summarize, we had another good quarter with robust product demand and solid execution in a complex supply-constrained environment. We continue to make progress on our business model shift and are making the investments in innovation to capitalize on our significant growth opportunities and expanding addressable markets. We're seeing progress as we drive the continued shift to more software and subscription revenue, delivering growth and driving shareholder value.

總而言之，在復雜的供應受限環境中，我們又經歷了一個良好的季度，產品需求強勁，執行力強。我們繼續在業務模式轉變方面取得進展，並正在對創新進行投資，以利用我們的重大增長機會和擴大潛在市場。隨著我們推動繼續轉向更多的軟件和訂閱收入，實現增長並推動股東價值，我們看到了進展。

Now let me provide our financial guidance for Q3. As a reminder, the third quarter of last year included an extra week, which was a benefit to total revenue of approximately 3 points of growth. The total impact on our cost of sales and operating expenses was approximately $150 million, and this translated into a $0.04 benefit to earnings per share in our Q3 of last year.

現在讓我提供我們對第三季度的財務指導。提醒一下，去年第三季度增加了一周，這使總收入增長了大約 3 個百分點。對我們的銷售成本和運營費用的總影響約為 1.5 億美元，這轉化為我們去年第三季度每股收益的 0.04 美元。

For next quarter, we expect revenue growth to be in the range of 3% to 5%. We anticipate non-GAAP gross margins to be in the range of 63.5% to 64.5%, reflecting the continuing increase in supply chain costs we're incurring as we protect shipments to our customers. Our non-GAAP operating margin is expected to be in the range of 32.5% to 33.5%. Non-GAAP earnings per share is expected to range from $0.85 to $0.87.

對於下一季度，我們預計收入增長將在 3% 至 5% 之間。我們預計非 GAAP 毛利率將在 63.5% 至 64.5% 之間，這反映了我們在保護向客戶發貨時所產生的供應鏈成本的持續增加。我們的非公認會計原則營業利潤率預計在 32.5% 至 33.5% 之間。非公認會計準則每股收益預計在 0.85 美元至 0.87 美元之間。

For the full year of fiscal '22, we are tightening the range as follows. We expect revenue growth to be in the range of 5.5% to 6.5% year-on-year. Non-GAAP earnings per share is increasing to $3.41 to $3.46, up 5.9% to 7.5% year-on-year. In both our Q3 and full year guidance, we're assuming a non-GAAP effective tax rate of 19%.

對於 22 財年的全年，我們將範圍收緊如下。我們預計收入同比增長將在 5.5% 至 6.5% 之間。 Non-GAAP 每股收益增至 3.41 美元至 3.46 美元，同比增長 5.9% 至 7.5%。在我們的第三季度和全年指導中，我們假設非 GAAP 有效稅率為 19%。

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

我現在把它轉回給瑪麗蓮，這樣我們就可以進入問答環節了。

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

謝謝，斯科特。米歇爾，讓我們繼續排隊問答吧。

Ittai Kidron from Oppenheimer.

來自奧本海默的Ittai Kidron。

Guys, nice to see the good results. I want to dig into the supply chain a little bit. Chuck and Scott, maybe you can talk about, just kind of quarter-over-quarter, have things gotten a little bit worse, a little bit better? And is there any timetable in mind where you think we could see a material improvement?

伙計們，很高興看到好的結果。我想深入研究一下供應鏈。查克和斯科特，也許你可以談談，只是季度比季度，事情變得更糟一點，好一點嗎？有沒有你認為我們可以看到實質性改進的時間表？

And maybe on the back of that, Scott, when we see this improvement, should we just expect like a period of, I don't know, 2, 3 quarters where you really have outsized growth as you fulfill this unusual backlog? I'm just trying to understand the scenario here of how all of this gets unwounded.

也許在此之後，斯科特，當我們看到這種改善時，我們是否應該期待一段時間，我不知道，在完成這個不尋常的積壓工作時，你真的有超大增長的 2、3 個季度？我只是想了解這一切是如何不受傷害的。

Yes, Ittai, thanks for the question. I'll start and then Scott can jump in. I would say during the quarter, supply chain didn't get materially worse and didn't really get materially better. It was pretty consistent. There were gives and takes throughout the quarter, but I think at a macro level, that's where I'd characterize it.

是的，Ittai，謝謝你的提問。我會開始，然後斯科特可以加入。我想說，在本季度，供應鏈並沒有變得更糟，也沒有真正變得更好。這是相當一致的。整個季度都有給予和接受，但我認為在宏觀層面上，這就是我要描述的地方。

There were a little bit towards the end of some Omicron effect with people being sick and not being able to show up in factories and some of the logistics issues that are well-documented. But in general, that's what we saw. We don't have -- I wouldn't say we have a great time line for you as to when things begin to improve. All we know now is we expect this to be with us through the second half of our year. Scott, would you add?

隨著人們生病並且無法出現在工廠中以及一些有據可查的物流問題，一些 Omicron 效應即將結束。但總的來說，這就是我們所看到的。我們沒有——我不會說我們有一個很好的時間表來告訴你事情什麼時候開始好轉。我們現在所知道的是，我們希望這將伴隨我們到今年下半年。斯科特，你會補充嗎？

Yes. No, I think that's right. That's in sync with our expectations. And Ittai, to your question on how does this unwind, it's -- I don't believe it unwinds in a lumpy fashion. I think the -- it'll unwind as supply and demand get more in balance. And I think that will just happen gradually over the course of the next few quarters. So I'm not expecting a significant bump in any given quarter. I think the supply frees up -- with $14 billion of backlog, we've got plenty of demand to go off and fulfill. It's really a question of when does that supply free up. And as it does free up, I think it will happen gradually over time.

是的。不，我認為這是對的。這與我們的預期一致。 Ittai，對於你關於如何展開的問題，它是 - 我不相信它會以一種混亂的方式展開。我認為 - 隨著供需更加平衡，它會放鬆。我認為這將在接下來的幾個季度中逐漸發生。因此，我預計任何給定季度都不會出現顯著增長。我認為供應已經釋放——積壓了 140 億美元，我們有足夠的需求去滿足。這真的是一個供應何時釋放的問題。隨著它確實釋放出來，我認為它會隨著時間的推移逐漸發生。

Got it. Maybe, Scott, just to clarify this last point, is there any way for you to know how much of this backlog is double ordering? I don't know what it means from a customer standpoint that you have all this backlog. Are customers really waiting for a long time to product? And what is the risk you have some kind of double order elements in these figures?

知道了。也許，Scott，為了澄清最後一點，你有沒有辦法知道這個積壓中有多少是雙重訂購？我不知道從客戶的角度來看，你有所有這些積壓是什麼意思。客戶真的要等很久才出產品嗎？在這些數字中存在某種雙階元素的風險是什麼？

Ittai, that's something that we've been alert to and watching for since we began building the backlog after 3 consecutive quarters of demand growth in the 30% range and revenue growth only in the 6% to 8% range. We've been building substantial backlog, and so we've been looking to that.

Ittai，這是我們在連續 3 個季度的需求增長在 30% 範圍內且收入增長僅在 6% 到 8% 範圍內之後開始積壓以來一直保持警惕和關注的事情。我們一直在積壓大量積壓，所以我們一直在尋找。

I think it's clear that customers are responding to our lead times, and our lead times have extended as the lead times for the components have extended. So there's I'd say, some extension in there. But I think what we're seeing is real demand. I think it's a combination of pent-up demand from products that didn't get done during the pandemic. I think it's the leading edge of several of these trends that we've talked about that we're investing into.

我認為很明顯，客戶正在響應我們的交貨時間，並且隨著組件交貨時間的延長，我們的交貨時間也延長了。所以我想說，那裡有一些擴展。但我認為我們看到的是真正的需求。我認為這是大流行期間未完成的產品需求被壓抑的組合。我認為這是我們已經討論過的其中幾個趨勢的前沿，我們正在投資。

And when we look at things like if there was double ordering, you probably wouldn't see that as much in the commercial and small customers, and we're still seeing strong growth in that segment. You probably also would see the pipeline build begin to slow down, and we're not seeing that either. Our pipeline is quite robust at this point. So we're looking for proxies to try to understand that better. We're not seeing anything at this point that would indicate there's double ordering in there.

當我們考慮是否有雙重訂購時，您可能不會在商業和小客戶中看到那麼多，而且我們仍然看到該細分市場的強勁增長。您可能還會看到管道構建開始放緩，而我們也沒有看到。在這一點上，我們的管道非常強大。所以我們正在尋找代理來更好地理解這一點。在這一點上，我們沒有看到任何表明那裡有雙重訂購的東西。

Paul Silverstein from Cowen.

來自考恩的保羅·西爾弗斯坦。

I guess, is there anything wrong with the following logic with respect to your elevated costs? At some point, logistics freight costs are going to return to normal, if not, entirely back to where they were 1 year, 1.5 years ago largely. And as far as the stickier component in semiconductor costs, to the extent they don't revert, your price increases eventually over the next 3 to 4 quarters as you burn off backlog that they will offset, if not in full and large measure, those elevated costs. Before I ask the follow-up, is that -- is there anything wrong with that logic?

我想，關於您的高成本，以下邏輯有什麼問題嗎？在某個時候，物流運費將恢復正常，如果不是，完全恢復到 1 年、1.5 年前的水平。就半導體成本中的粘性較高的部分而言，在它們不恢復的情況下，隨著你燒掉積壓的訂單，你的價格最終會在接下來的 3 到 4 個季度上漲，如果不是在很大程度上，它們將抵消那些成本升高。在我問後續問題之前，那個邏輯有什麼問題嗎？

I think, Paul, there's nothing wrong with the logic. I think the expectations that I would give you are the same that I gave you last quarter. As I think about gross margin through the end of this fiscal year, I think it stays in the range we're in, in the 64% to 65% range through the end of the year.

我認為，保羅，邏輯沒有錯。我認為我給你的期望與我上個季度給你的期望是一樣的。當我考慮到本財年末的毛利率時，我認為它保持在我們所處的範圍內，到今年年底在 64% 到 65% 的範圍內。

Beyond that, as you said, and I hope you're right that logistics costs begin to return to something that's more normal, obviously, the price increases that we put in place -- we've talked about this previously. We're not seeing much benefit from that today because the price increase goes in, there's offsets between the time we started and it gets out to the field.

除此之外，正如你所說，我希望你是對的，物流成本開始恢復到更正常的水平，顯然，我們實施的價格上漲——我們之前已經討論過這個問題。今天我們並沒有看到太多的好處，因為價格上漲，在我們開始和它進入現場之間存在抵消。

The field then has to take those prices, sell it to customers. Those orders have to come in into the backlog and then get fulfilled out of the backlog before we finally get the revenue credit for those price increases. And I think that we're beginning this -- we will begin to see benefit from those price increases toward the end of this quarter and more into Q4. But my expectation on gross margins at this point is that they stay in the range that we're in right now in the 64% to 65% range through the end of the year.

然後，該領域必須採用這些價格，將其出售給客戶。這些訂單必須進入積壓訂單，然後在我們最終獲得這些價格上漲的收入信用之前從積壓訂單中完成。而且我認為我們正在開始這個 - 我們將開始看到本季度末以及第四季度的價格上漲帶來的好處。但我目前對毛利率的預期是，到今年年底，毛利率將保持在我們目前的 64% 至 65% 範圍內。

Got it. Chuck, on the revenue side, this is the best demand environment across enterprise, carrier and web scale I've seen in 26 years covering this segment. And you'd have to go back to the late '90s. And of course, that proved to be a bubble. We see the growth of your peers, Arista, Juniper, Extreme, F5, et cetera, how much of what's going on is pure market growth? How much of this is improved execution on the part of Cisco?

知道了。 Chuck，在收入方面，這是我 26 年來在該領域看到的跨企業、運營商和網絡規模的最佳需求環境。你必須回到 90 年代後期。當然，這被證明是一個泡沫。我們看到了您的同行 Arista、Juniper、Extreme、F5 等的增長，其中有多少是純粹的市場增長？其中有多少是思科提高了執行力？

That's a really good question. And I would say that it is definitely a combination of both. The markets are certainly robust, as you called out, with seeing some of our peers who are having solid results as well. But then when you look at -- when I look at the order growth rates in certain segments of our business, certain technology areas, I can tell you we're gaining share. I mean web scale, obviously, we're executing incredibly well because we didn't exist there just a couple of years ago.

這是一個非常好的問題。我會說這絕對是兩者的結合。正如您所說，市場肯定是強勁的，我們的一些同行也取得了可觀的成果。但是當你看到 - 當我看到我們業務的某些部分，某些技術領域的訂單增長率時，我可以告訴你我們正在獲得份額。我的意思是網絡規模，顯然，我們執行得非常好，因為我們幾年前還不存在。

And in some of our technology areas like WiFi, I mean, the growth rates on the order side, even campus switching, the gross -- on the order side, I think that -- I think there's a lot of really good execution. I think our portfolio is in great shape. And you have to remember, we're on the front end of these multiyear trends that are really in our favor, whether it's 5G, whether it's 400 gig, WiFi 6, hybrid cloud, hybrid work, edge compute. I mean these are all technology areas and transitions that are positive for us. So those are somewhat market-related, but I think our portfolio is well positioned for those transitions.

在我們的一些技術領域，比如 WiFi，我的意思是，訂單方面的增長率，甚至校園交換，總額 - 在訂單方面，我認為 - 我認為有很多非常好的執行。我認為我們的投資組合狀況良好。你必須記住，我們處於這些真正有利於我們的多年趨勢的前端，無論是 5G、400 gig、WiFi 6、混合雲、混合工作、邊緣計算。我的意思是，這些都是對我們有利的技術領域和轉型。所以這些在某種程度上與市場相關，但我認為我們的投資組合已經為這些轉變做好了準備。

Samik Badri (sic) [Sami Badri] from Crédit Suisse.

來自瑞士信貸的 Samik Badri (原文如此) [Sami Badri]。

So I've got 2 hard questions for you guys. I'll keep the second one short, but here's the first one. So I want to congratulate you guys on the 30%-plus product order growth. And I think what a lot of us really want to know is what is the right normalized growth rate? Or when do you see the normalized growth rate finally starting to flow through your numbers? And we look at the 30% and think this is a thematic trend. But at some point, it needs to come back down a little bit. When do you see the normalization of that product order growth to actually happen? So that's the first question.

所以我有兩個難題要問你們。我將保持第二個簡短，但這是第一個。所以我要祝賀你們產品訂單增長了 30% 以上。而且我認為我們很多人真正想知道的是正確的標準化增長率是多少？或者你什麼時候看到標準化增長率最終開始在你的數字中流動？我們觀察 30% 並認為這是一個主題趨勢。但在某些時候，它需要回落一點。您何時看到產品訂單增長的正常化實際發生？所以這是第一個問題。

And the second question is a $20 billion question. Are you guys buying Splunk? And if not, what have been the internal considerations for not doing the deal?

第二個問題是一個 200 億美元的問題。你們買Splunk嗎？如果不是，不做這筆交易的內部考慮是什麼？

So let me answer, I guess, both of them. So the -- on the first one, I think that next quarter, Q3, the compares definitely get tougher from a year ago, particularly because we had an extra week of orders as well. And then in Q4, obviously, that was the first quarter that we experienced a 30% plus quarter from last fiscal year. So certainly, those will be good quarters for us to sort of see a litmus test on your question. Until then, I'm not sure I have a direct answer for you, but certainly, the math will get tougher here in the next couple of quarters.

所以讓我回答，我猜，他們兩個。所以 - 在第一個季度，我認為下個季度，第三季度，與一年前相比肯定會變得更加艱難，特別是因為我們還有一周的額外訂單。然後在第四季度，顯然，這是我們經歷了比上一財年增長 30% 以上的第一季度。因此，當然，這些將是我們對您的問題進行試金石測試的好地方。在那之前，我不確定我是否有直接的答案，但可以肯定的是，在接下來的幾個季度中，數學會變得更加困難。

On your second question, first of all, we don't comment on rumors and speculations or stories. What I will tell you is that we are constantly evaluating potential opportunities. Scott and I were talking. And we think for every deal we do, we probably look at 10 to 15 companies. We base our decisions on, first and foremost, strategic fit; secondly, cultural fit; and equally as important, the financial and the valuation fit.

關於你的第二個問題，首先，我們不對謠言和猜測或故事發表評論。我要告訴你的是，我們一直在評估潛在的機會。斯科特和我在說話。我們認為，對於我們所做的每一筆交易，我們可能會關注 10 到 15 家公司。我們的決策首先基於戰略契合；第二，文化契合；同樣重要的是，財務和估值的契合度。

And we are always disciplined, and we continue to focus on both inorganic and organic opportunities. But I will tell you that you should expect us to continue to be very, very disciplined as we go forward as well.

我們始終遵守紀律，我們將繼續關注無機和有機機會。但我會告訴你，你應該期望我們在前進的過程中繼續非常、非常自律。

Rod Hall from Goldman Sachs.

高盛的羅德霍爾。

I wanted to come back to gross margins for the quarter. You guys substantially beat the top end of your guidance range. And I wanted to see if you could just comment on what were the positive surprises within that gross margin line?

我想回到本季度的毛利率。你們大大超過了指導範圍的上限。我想看看你是否可以評論一下毛利率線內的積極驚喜是什麼？

And then my second question, maybe kind of a non-sequitur, but I was really surprised, Chuck, on the public sector orders. Those were really strong. And I wonder if you could maybe dig into that a little bit and comment on some of the dynamics there in the public sector?

然後我的第二個問題，也許有點不合邏輯，但我真的很驚訝，查克，關於公共部門的命令。那些真的很強大。我想知道您是否可以深入研究一下並評論公共部門的一些動態？

I'll take the first one. On the gross margin, Rod, it really came down to product mix that we had the components for that we could build and ship out during Q2. As I said earlier, our expectations on gross margin for the year are unchanged. And we had favorable product mix in Q2 that drove us above, as I'm sure you're aware, above the high end of our guidance range. I think it's a bit of a headwind for us as we look at gross margins in Q3, but it equals out for the year. And so our expectations for the full year on gross margin are unchanged.

我會拿第一個。在毛利率方面，Rod，真正歸結為產品組合，我們擁有可以在第二季度製造和發貨的組件。正如我之前所說，我們對今年毛利率的預期沒有變化。正如我相信你知道的那樣，我們在第二季度擁有有利的產品組合，使我們高於我們指導範圍的高端。當我們查看第三季度的毛利率時，我認為這對我們來說有點不利，但它等於今年。因此，我們對全年毛利率的預期保持不變。

Scott, can you comment on specifically what types of products mixed in positively there? Just give us a little more color.

斯科特，你能具體評論一下那裡積極混合的產品類型嗎？給我們多一點顏色。

It's always a mix. When you go across product lines and across customer size, both of those things have an effect. Rather than kind of go through and parse product-by-product, it's -- we had a quarter where the supply we had just allowed us to ship higher-margin product. And again, given the visibility we have with sitting on $14 billion of backlog, we have pretty good visibility into what we need to build and a pretty good feel for what that's going to look like in the quarters ahead. So I feel confident that we're going to stay in this range through the end of the year.

它總是混合的。當您跨越產品線和客戶規模時，這兩件事都會產生影響。而不是逐個產品地分析和解析，而是——我們有一個季度的供應，我們剛剛允許我們運送利潤率更高的產品。再一次，考慮到我們擁有 140 億美元的積壓訂單的可見性，我們對我們需要構建的東西有很好的可見性，並且對未來幾個季度的情況有很好的感覺。所以我有信心我們將在今年年底前保持在這個範圍內。

And on the public sector question, I think it's a good catch on your part because a lot of people look at the 20% and see it as being below the other customer markets in -- and would look at that negatively. But the reality is, it's been the most consistent for the last couple of years. And we saw broad-based strength.

關於公共部門的問題，我認為這對你來說是一個很好的問題，因為很多人認為這 20% 低於其他客戶市場——並且會對此持負面看法。但現實是，這是過去幾年中最穩定的。我們看到了廣泛的實力。

And whether it was in our government business, which has been -- I think we've had, so I'm looking at some data here, 6 consecutive quarters of positive growth in 3 out of the last 4, strong double-digit growth. You look at education, we've had 5 straight quarters or 6 straight quarters there as well. And it's been particularly strong in the last 5 quarters. And so it was very broad-based across the public sector.

無論是在我們的政府業務中，這一直是 - 我認為我們已經有了，所以我在這裡查看一些數據，過去 4 個季度中有 3 個連續 6 個季度實現正增長，強勁的兩位數增長.你看看教育，我們已經有 5 個連續的季度或 6 個連續的季度。在過去的 5 個季度中表現尤為強勁。因此，它在公共部門的基礎非常廣泛。

Tim Long from Barclays.

來自巴克萊的蒂姆·朗。

Yes, I just wanted to ask on the software side. Decent year-over-year growth in the quarter. I understand it's still being hampered a little bit. But maybe just talk a little bit, Chuck, about when you think we'll start to see that accelerate a little bit more than the overall revenues? Is it Cat9K? Is it some other products moving to more software as a recovery in some of the other businesses?

是的，我只是想問一下軟件方面的問題。本季度同比增長可觀。我知道它仍然受到一點阻礙。但也許只是談談，查克，關於你認為我們什麼時候會開始看到它比整體收入增長一點點？是 Cat9K 嗎？是不是一些其他產品轉向更多軟件作為其他一些業務的複蘇？

And then the follow-up is on the cloud business. You talked about the strong orders again. Could you just give us a little color on kind of what's driving that? And then more than just product basis, are you seeing competitive wins, new use cases, new customers? What's really driving that 70% year-over-year and 100% over the last 4 quarters?

然後是雲業務。你又談到了強令。你能給我們一點關於是什麼驅動的顏色嗎？然後不僅僅是產品基礎，您是否看到了競爭優勢、新用例、新客戶？是什麼真正推動了過去 4 個季度同比 70% 和 100% 的增長？

I'm pulling out some data here. So Tim, on the first one, on the software front, I think you have a really good question. I think Scott called out in his section that our product software revenue growth was 9%. The thing -- you've got to get behind that to understand what's going on. And our old perpetual software, which we've been in transition from 2 subscriptions, perpetual was down 12% and subscription was up 17%.

我在這裡提取一些數據。所以蒂姆，關於第一個，在軟件方面，我認為你有一個非常好的問題。我認為 Scott 在他的部分中提到我們的產品軟件收入增長了 9%。事情 - 你必須支持它才能了解正在發生的事情。而我們的舊永久軟件，我們已經從 2 個訂閱過渡，永久下降了 12%，訂閱增加了 17%。

So the transition is actually happening the way we expect it. That's the reason you're seeing some of the -- because the subscription stuff, obviously, is recognized over time, and you're taking a 12% hit on a onetime piece of software from the way we used to sell it. So you've got that dynamic that just has to continue to play out.

因此，過渡實際上正在按照我們預期的方式發生。這就是您看到其中一些內容的原因——因為訂閱內容顯然會隨著時間的推移而得到認可，並且您對一次性軟件的銷售方式與我們過去銷售它的方式相比受到了 12% 的打擊。因此，您擁有必須繼續發揮作用的動力。

You have the renewals that you mentioned starting to come through on some of the DNA stuff in earnest in '23 and then '24, '25 beginning to ramp. But -- and then you've got over $2 billion of software sitting in backlog that is not an RPO yet because it's connected to a piece of hardware that hasn't shipped. And we recognize a bit of that upfront and then the rest over time. So we've got all of those variables in play right now.

你提到的續約在 23 年和 24 年、25 年開始認真對待一些 DNA 材料。但是——然後你有超過 20 億美元的軟件積壓，這還不是 RPO，因為它連接到一塊尚未發貨的硬件。我們預先認識到了一點，然後隨著時間的推移剩下的。所以我們現在已經掌握了所有這些變量。

All that being said, I think you should expect -- when we get to a normalized world, I would expect that once we get this supply chain in the backlog clear, in a normal world, I would expect you would see software growth -- revenue growth growing faster. But right now, with our backlog so big, that may not happen for several quarters.

話雖如此，我認為您應該期待--當我們進入一個正常化的世界時，我希望一旦我們清楚積壓的供應鏈，在正常的世界中，我希望您會看到軟件增長--收入增長較快。但現在，由於我們的積壓如此之大，這可能不會在幾個季度內發生。

Yes. That $2 billion of software, it's a little bit more than $2 billion sitting in our backlog right now, that's almost double where it was just a year ago, right? So there's always some that will sit in backlog, but it's almost double. And of course, most of that software is recognized ratably. So the ramp, once we can get it cleared out of the backlog and shipped, we're still going to have a ratable ramp on that, so.

是的。價值 20 億美元的軟件，比我們現在積壓的 20 億美元多一點，幾乎是一年前的兩倍，對吧？所以總有一些會積壓，但幾乎是兩倍。當然，大多數軟件都得到了認可。所以坡道，一旦我們可以將它從積壓中清除並發貨，我們仍然會有一個可評估的坡道，所以。

Longer term, if you remember what we said in September, we said the recurring revenue parts of our product business we expected to grow at a compound annual growth rate of 15% to 17%, that's what we just put up, all right? The product subscription piece in our software business grew 17% in the quarter. So I think we're right on track in that space.

從長遠來看，如果您還記得我們在 9 月份所說的話，我們說過我們產品業務的經常性收入部分我們預計將以 15% 到 17% 的複合年增長率增長，這就是我們剛剛提出的，好嗎？我們軟件業務的產品訂閱部分在本季度增長了 17%。所以我認為我們在這個領域是正確的。

I'm trying to find a breakdown of the different franchises in web scale. Where was that? Do you remember?

我試圖找到網絡規模的不同特許經營權的細分。那是在哪裡？你還記得嗎？

Yes, let me get it for you.

是的，讓我給你拿。

Okay. On the cloud side, I think I'd just -- no, I don't have it in front of me. On the cloud side, here's what I would tell you is that we are winning -- continuing to win new use cases around with our integrated systems, the Silicon One systems as well as we have won use cases where they're simply buying our hardware, meaning a switch that they're running their operating system on. We have certain customers that are running multiple consumption models where one may be buying silicon and they also buy the hardware switch, one may be buying an integrated system and silicon.

好的。在雲端，我想我只是——不，我面前沒有它。在雲端，我要告訴你的是，我們正在獲勝——繼續通過我們的集成系統、Silicon One 系統贏得新的用例，以及我們贏得了他們只是購買我們的硬件的用例，表示他們運行操作系統的開關。我們有某些客戶正在運行多種消費模型，其中一個可能購買芯片，他們也購買硬件交換機，一個可能購買集成系統和芯片。

And so it's a variation of all of those, and we are winning new competitive use cases, and -- I don't think -- that's not what I was looking for. Okay. So it's a -- sorry, I was just -- Marilyn was trying to find it. But I was going to tell you number of customers and what -- which -- how many franchises we won inside each, but I don't have them in front of me right now, and we'll try to get that. But in general, we are definitely winning new use cases.

所以這是所有這些的變體，我們正在贏得新的競爭用例，而且——我不認為——這不是我想要的。好的。所以這是一個——抱歉，我只是——瑪麗蓮試圖找到它。但我要告訴你客戶的數量以及我們在每個內部贏得了多少特許經營權，但我現在沒有他們在我面前，我們會努力做到這一點。但總的來說，我們肯定會贏得新的用例。

David Vogt from UBS.

瑞銀的大衛·沃格特。

I just want to go back to capital allocation for a second. Over the last 5 years, you've been pretty consistent in deploying free cash flow to dividends, buybacks, although that materially accelerated in the quarter, and acquisitions. Can you kind of expand on your philosophy over the next several years with respect to potential uses going forward, given the recent increase in the buyback today?

我只想回到資本配置一秒鐘。在過去的 5 年中，您一直在將自由現金流部署到股息、回購，儘管這在本季度和收購中大幅加速。鑑於最近回購的增加，您能否在未來幾年就未來的潛在用途擴展您的理念？

And has your position around leverage and the use of leverage changed? And ultimately, what amount of cash flow would you be comfortable with on the balance sheet to run the business, given the order strength that you're seeing, the working capital needs and supply chain uncertainty?

您對槓桿的立場和槓桿的使用是否發生了變化？最終，考慮到您所看到的訂單強度、營運資金需求和供應鏈的不確定性，您對資產負債表上的現金流量有多少來經營業務感到滿意？

There's a lot in there, David. What I'd start by saying is the buyback that you saw, the additional buyback that you saw in Q2 and the add to our outstanding authorization to take it up to just short of $18 billion and the $0.01 increase in dividend, those are all signs of the confidence we have in our business and the growth we see ahead. So 2018, we have returned -- as you alluded to, we've returned $76 billion in capital to shareholders just since 2018.

裡面有很多東西，大衛。我首先要說的是你看到的回購，你在第二季度看到的額外回購，以及我們未完成的授權將其增加到接近 180 億美元和股息增加 0.01 美元，這些都是跡象我們對業務的信心和我們看到的未來增長。所以 2018 年，我們回來了——正如你所提到的，自 2018 年以來，我們已經向股東返還了 760 億美元的資本。

There's no change in our overall cap allocation policy to answer that question for you. It starts with, first and foremost, supporting the growth of the business through both organic and inorganic means. Obviously, we'll support the dividend. We'll, at a minimum, offset the dilution of our equity plans and, beyond that, return excess cash to shareholders, as you just saw us just do. There's no change in our overall policy.

我們的總體上限分配政策沒有變化來為您回答這個問題。首先，它首先通過有機和無機手段支持業務增長。顯然，我們將支持股息。我們將至少抵消我們股權計劃的稀釋，除此之外，正如您剛剛看到我們所做的那樣，將多餘的現金返還給股東。我們的整體政策沒有變化。

In terms of working capital, we've got, I would wager to say, the strongest balance sheet in the industry. Certainly amongst our peers, we've got the strongest balance sheet out there. So it's not -- I don't feel like we're constrained at all by the amount of cash we have to keep on the balance sheet to support operations.

在營運資金方面，我敢打賭，我們擁有業內最強勁的資產負債表。當然，在我們的同行中，我們擁有最強大的資產負債表。所以它不是 - 我覺得我們根本不受我們必須保留在資產負債表上以支持運營的現金數量的限制。

Maybe just as a quick follow-up to that, along the same lines. Obviously, you talked about culture, tech fit and, ultimately, making it work financially if there is an M&A opportunity on the horizon. I think historically, you haven't really used your balance sheet as aggressively using leverage to do a transaction. I mean does that fit with how you're thinking about the business going forward? Is that a consideration? Or should we expect to be in sort of the same ranges from a leverage perspective, whether it's measured on gross or net debt perspective or cash perspective in your case?

也許只是按照同樣的思路快速跟進。顯然，您談到了文化、技術契合度，以及最終在出現併購機會時使其在財務上發揮作用。我認為從歷史上看，你並沒有真正使用你的資產負債表來積極地利用槓桿進行交易。我的意思是這符合你對未來業務的看法嗎？這是一個考慮嗎？或者我們是否應該期望從槓桿的角度來看處於相同的範圍內，無論是在您的案例中以總債務或淨債務角度還是現金角度來衡量？

Yes, I don't actually think of it in those terms as it relates to M&A. It's more back to what Chuck said earlier, it's -- is it a strategic fit, is it a cultural fit, does the valuation make sense. Those are the kind of considerations that come into play as we're thinking about M&A versus what's the strength of the balance sheet. Again, I would stack our balance sheet up against anyone.

是的，我實際上並不認為它與併購有關。這更像是查克之前所說的，它是——它是否符合戰略，是否符合文化，估值是否有意義。當我們在考慮併購與資產負債表的實力時，這些因素就會發揮作用。同樣，我會將我們的資產負債表與任何人進行對比。

I want to jump back in real quick and answer -- give Tim the double click that I was looking for on the use cases. So we have 5 players who use -- or customers who use Silicon One and Cisco 8000 systems. We have 2 that use Silicon One with the 8000 series routers with their own operating systems. We have 2 that use Silicon One embedded in their own white-box hardware. And we have 3 that use at least 2 of the flexible consumption modes simultaneously. So that's the data that I was trying to get to, Tim.

我想快速返回並回答——雙擊我在用例上尋找的蒂姆。因此，我們有 5 家使用——或使用 Silicon One 和 Cisco 8000 系統的客戶。我們有 2 個將 Silicon One 與 8000 系列路由器一起使用，這些路由器具有自己的操作系統。我們有 2 個使用嵌入到他們自己的白盒硬件中的 Silicon One。我們有 3 個同時使用至少 2 個靈活的消費模式。這就是我試圖獲取的數據，蒂姆。

Meta Marshall from Morgan Stanley.

來自摩根士丹利的 Meta Marshall。

Great. Maybe just a question on passing through pricing to customers. Just what those conversations are like maybe by category of customer? And just whether you're seeing larger orders in the attempt to kind of offset some of those pricing increases?

偉大的。也許只是一個關於將定價傳遞給客戶的問題。這些對話可能是按客戶類別劃分的？只是你是否看到更大的訂單試圖抵消一些價格上漲？

And then maybe a second question for you, Chuck. Just as you're starting to see customers move towards more architecture modernization versus just kind of catch-up spend and maybe more specifically by enterprises, are there -- what are some of the strongest themes that you're seeing in terms of that modernization?

查克，也許還有第二個問題。正如您開始看到客戶轉向更多的架構現代化而不是追趕性支出，也許更具體地說是企業的支出，是否存在 - 您在現代化方面看到的一些最強烈的主題是什麼?

Yes. Thanks, Meta. So I think that clearly, we have customers who are definitely trying to buy ahead of price increases. And the conversations are -- they've gone from, I'd say, being generally understanding to being a little more frustrated, primarily because of the length of time it's taking to get the product. And so they're running out of patience as we all are, but everybody generally understands because candidly, most of our customers are probably doing the same thing to their customers in whatever business they're in, in general, given the inflationary pressure that we see everywhere. So that's the first one.

是的。謝謝，梅塔。所以我認為很明顯，我們有客戶肯定會在價格上漲之前購買。談話是——我想說，他們已經從普遍理解變成了更加沮喪，主要是因為獲得產品需要很長時間。所以他們和我們一樣已經沒有耐心了，但每個人都普遍理解，因為坦率地說，考慮到通貨膨脹壓力，我們的大多數客戶可能在他們從事的任何業務中對他們的客戶做同樣的事情。我們隨處可見。所以這是第一個。

Then the second one on the architectural transformations that we see out there, there's a massive one that is really being driven by hybrid work. So re-architecting your entire network infrastructure to deal with distributed applications, distributed users, distributed data, a new security architecture to accommodate it. That's one. Obviously, within that is hybrid cloud, where you have applications running in multiple cloud providers as well as in private data centers.

然後是我們看到的架構轉型的第二個，有一個真正由混合工作驅動的大規模轉型。因此，重新構建您的整個網絡基礎架構以處理分佈式應用程序、分佈式用戶、分佈式數據，一個新的安全架構來適應它。那是一個。顯然，其中是混合雲，您的應用程序在多個雲提供商以及私有數據中心中運行。

I mean the demand we saw for our data center switching portfolio was extremely strong in addition to UCS, which tells me that customers are still investing in private data centers as well. So that creates traffic patterns that are not aligned with the architectures that our customers built over the last 15 years. So that's the first one.

我的意思是，除了 UCS 之外，我們看到的對數據中心交換產品組合的需求非常強勁，這告訴我客戶仍在投資私有數據中心。因此，這會創建與我們的客戶在過去 15 年中構建的架構不一致的流量模式。所以這是第一個。

And then there are these transitions that I talked about earlier. You've got customers upgrading to 400 gig. We're almost at 700 customers now who have 400-gig ports. We've now taken orders for 737,000 ports. We had 200,000-plus ports booked in the quarter, which is almost 1,500% growth. So we -- 400 gig has certainly taken off. The WiFi 6 transition has been pretty significant. And those are just some of the things we see. And then in the service provider space, you see 400 gig, you see 5G transition, and you see them building out enterprise services based on 5G. So those are some of the major transitions that we see.

然後是我之前談到的這些轉變。您已經讓客戶升級到 400 gig。我們現在有將近 700 個客戶，他們擁有 400 個千兆端口。我們現在已經接受了 737,000 個端口的訂單。我們在本季度預訂了 200,000 多個港口，幾乎增長了 1,500%。所以我們 -- 400 gig 肯定已經起飛了。 WiFi 6 的過渡非常重要。這些只是我們看到的一些東西。然後在服務提供商領域，你會看到 400 gig，你會看到 5G 過渡，你會看到他們基於 5G 構建企業服務。這些是我們看到的一些主要轉變。

James Suva from Citigroup, you may go ahead.

花旗集團的詹姆斯蘇瓦，你可以繼續。

Scott, you had mentioned margins, and I think you had mentioned at this levels through the rest of the year. I did want to -- I just want to qualify, was that for the calendar year or fiscal year? And a little bit of color because my understanding is as you put through product price increases, customers who may have already booked things prior to those increases will still get the product, but you're still paying higher shipping costs and potentially component costs. So I wonder if in the second half of calendar year 2023, if actually margins could expand or maybe they just offset each other?

斯科特，你提到了利潤率，我想你在今年剩下的時間裡都提到了這個水平。我確實想要——我只是想獲得資格，是日曆年還是財政年度？還有一點顏色，因為我的理解是，當您進行產品價格上漲時，可能在價格上漲之前已經預訂的客戶仍將獲得產品，但您仍需支付更高的運輸成本和潛在的組件成本。所以我想知道在 2023 日曆年的下半年，利潤率是否真的會擴大，或者它們只是相互抵消？

Yes. I think you're thinking about it the right way, Jim. It's not a -- most -- a lot of what we have in the backlog are products that were ordered pre the price increase, certainly the latest round of price increases. Logistics costs are still with us. But as I said earlier, I think that if you remember, we've had a couple of rounds of price increases. And I think we'd begin to see the benefit of that first one toward the end of Q3 and expect to see it again in Q4.

是的。我認為你的想法是對的，吉姆。這不是 - 大多數 - 我們在積壓中的很多產品都是在價格上漲之前訂購的產品，當然是最新一輪的價格上漲。物流成本仍在我們身上。但正如我之前所說，我認為如果你還記得的話，我們已經進行了幾輪價格上漲。而且我認為我們將在第三季度末開始看到第一個的好處，並期望在第四季度再次看到它。

With the level of visibility we have, both $16 billion of short-term RPO, $30 billion of total RPO, and add to that, $14 billion of backlog, we have better visibility than we've ever had as I look ahead. So feel good that the gross margins will stay in that 64% to 65% range through the second half. And that is of the fiscal year is what I'm talking about, the second half of our fiscal year.

憑藉我們擁有的可見性水平，包括 160 億美元的短期 RPO、300 億美元的總 RPO，再加上 140 億美元的積壓，我們的可見性比我展望未來時的任何時候都要好。所以感覺很好，到下半年毛利率將保持在 64% 到 65% 的範圍內。這就是我所說的財政年度，即我們財政年度的下半年。

Tal Liani from Bank of America.

美國銀行的塔爾·利亞尼。

I have questions on 2 of your segments. The first one is on security. Your trends are kind of not correlated with the industry trends. First, the previous 2 quarters, you slowed down materially, but now you're accelerating again, and there was acceleration over the last 2 quarters. Can you explain why you're seeing these trends? Why we see acceleration as much? And why we saw deceleration before?

我對你的兩個部分有疑問。第一個是關於安全的。您的趨勢與行業趨勢有點不相關。首先，前兩個季度，你的速度大幅放緩，但現在你再次加速，過去兩個季度出現加速。你能解釋一下為什麼你會看到這些趨勢嗎？為什麼我們看到加速度一樣多？為什麼我們之前看到減速？

And second is the service revenues. This is the fourth quarter of deceleration. We got to negative territories for growth now. Can you speak -- can you also explain services? And how should we model it going forward?

其次是服務收入。這是減速的第四季度。我們現在進入了負增長區域。你能說話嗎——你能解釋一下服務嗎？我們應該如何對其進行建模？

Yes, Tal, thanks for the question. I'll take security, and I'll let Scott talk about services because I know he did some work on that. On the security front, I would say that we have strength in several areas of that portfolio, particularly a lot of the SaaS elements that we have in the portfolio. We do have some supply chain issues that are continuing with the firewalls. But again, the SaaS and software components grew at a healthy rate.

是的，塔爾，謝謝你的提問。我會採取安全措施，我會讓 Scott 談論服務，因為我知道他在這方面做了一些工作。在安全方面，我想說我們在該產品組合的幾個領域都有實力，尤其是我們在產品組合中擁有的許多 SaaS 元素。我們確實有一些供應鏈問題仍在防火牆中繼續存在。但同樣，SaaS 和軟件組件以健康的速度增長。

The teams are working on a next-generation strategy right now. And I feel confident that over the next 12 to 18 months, you should continue to see improvement in that business. But we also need to get supply chain issues dealt with on the firewall front. Scott, do you want to talk about services?

這些團隊目前正在製定下一代戰略。我相信在接下來的 12 到 18 個月內，您應該會繼續看到該業務的改善。但我們還需要在防火牆前處理供應鏈問題。斯科特，你想談談服務嗎？

Yes, Tal, on the services piece, what you have to bear in mind is 2 things. Most of that's ratable. And most of that is the support services we sell attached to hardware. And so there's always a lag, right? When you build up a big ratable revenue base -- it takes time to build it up. So it takes it a while to ramp up to speed, but it also takes time for it to come back down.

是的，Tal，在服務方面，您必須記住兩件事。其中大部分是可評價的。其中大部分是我們銷售的硬件支持服務。所以總會有延遲，對吧？當你建立一個龐大的可評估收入基礎時——建立它需要時間。因此，加快速度需要一段時間，但恢復速度也需要時間。

And if you look at our product revenue rates go back 12, 18 months during the midst of the pandemic, of course, our product growth rates were quite low. And the echo effect of that is, we sold fewer services contracts, and we're selling less revenue. It takes time for that to show up in the revenue stream because so much of that is ratable and it builds up in deferred revenue and bleeds out over time.

如果你看看我們的產品收入率可以追溯到大流行期間的 12、18 個月，當然，我們的產品增長率非常低。其迴聲效應是，我們銷售的服務合同減少了，我們銷售的收入也減少了。這需要時間才能出現在收入流中，因為其中大部分是可評估的，並且會在遞延收入中積累並隨著時間的流逝而流失。

So what we're dealing with now is just the tail of the services that would have been attached to the hardware at a time when hardware sales, if you go back 12 to 18 months ago, were fairly low. The flip side is, look at the growth of our RPO at $30.5 billion, growing 8%. Obviously, the ratable services fit inside there. And the short term at $16.3 billion, growing 8% gives you a sense of what the path ahead looks like. That's both services and software, but it gives you a sense of what the path ahead looks like.

所以我們現在處理的只是硬件銷售的尾部，如果你回到 12 到 18 個月前，硬件銷售相當低。另一方面，看看我們的 RPO 增長了 305 億美元，增長了 8%。顯然，可評級的服務適合在那裡。在 163 億美元的短期內，增長 8% 讓您對未來的道路有所了解。這既是服務又是軟件，但它讓您了解未來的道路是什麼樣子。

Amit Daryanani from Evercore.

來自 Evercore 的 Amit Daryanani。

Yes. I guess the first one I have is really on the campus side, on the campus solutions side. And I'm not in a sense of how do you think that segment or product portfolio stacks up as we go through the rest of the year and we get back to some form of hybrid work?

是的。我想我的第一個確實是在校園方面，在校園解決方案方面。而且我不知道您認為隨著我們在今年剩下的時間裡，我們又回到某種形式的混合工作中，該細分市場或產品組合如何疊加？

And also on campus, I think, a lot of your peers, if not, every one of your peers, has talked about picking up market share. You have the dominant position there. So I'd love to understand what you see in the marketplace and your ability to defend share, given everyone is talking about it?

而且在校園裡，我認為，你的很多同行，如果不是，你的每一位同行，都在談論提高市場份額。你在那裡佔據主導地位。所以我很想了解您在市場上看到的情況以及您捍衛份額的能力，因為每個人都在談論它？

Yes. Amit, I could not understand the first part of your question. Would you like to repeat that one?

是的。阿米特，我無法理解你問題的第一部分。你想重複那個嗎？

Yes. Chuck, I was just trying to understand, on the campus side, how do you think that segment stacks up for the year as we go back into some form of hybrid work? And then competitively, a lot of your peers have talked about picking up share. So how do you see that market share dynamic play out?

是的。查克，我只是想了解，在校園方面，當我們回到某種形式的混合工作時，你認為這一年的情況如何？然後在競爭中，你的很多同行都在談論增加份額。那麼，您如何看待市場份額的動態變化？

Got it. Okay. So what we believe we're seeing is this pure modernization that's occurring. We see densification of WiFi networks in particular. So we're seeing more and more access points per workspace than what was pre-COVID to just ensure reliability, which then falls through to requiring a more robust switching infrastructure to support it. We believe customers are preparing for putting more and more video units into conference rooms, which will be hardwired, which drives more switch ports.

知道了。好的。所以我們相信我們看到的是正在發生的這種純粹的現代化。我們尤其看到了 WiFi 網絡的密集化。因此，與 COVID 之前相比，我們看到每個工作區的接入點越來越多，以確保可靠性，然後需要更強大的交換基礎設施來支持它。我們相信客戶正在準備將越來越多的視頻設備放入會議室，這些設備將採用硬接線，從而驅動更多的交換機端口。

We have more security cameras at our IP base that are going in. IoT is beginning to expand, connecting, building automation systems. And all of those things just require an incredibly robust and resilient campus network. So we think that's what's going on.

我們的 IP 基地有更多的安全攝像頭正在進入。物聯網開始擴展、連接、樓宇自動化系統。而所有這些都只需要一個非常強大和有彈性的校園網絡。所以我們認為這就是正在發生的事情。

And on the second question, market share is a funny thing, and it's certainly -- it's obviously based on revenue. And I can tell you that based on the growth rates from an orders perspective and how much of that is sitting in our backlog, I'm not concerned. We -- I cannot imagine that the market is growing faster than the order growth that we've seen over the last 3 quarters. It just (inaudible) revenue.

關於第二個問題，市場份額是一件有趣的事情，而且肯定是——它顯然是基於收入的。而且我可以告訴你，基於從訂單角度來看的增長率以及我們的積壓訂單中有多少，我並不擔心。我們——我無法想像市場的增長速度超過了我們在過去三個季度看到的訂單增長速度。它只是（聽不清）收入。

Fair enough. Chuck, if I could just ask you a quick one. What scenario would it take for Cisco to start doing buyback above just offsetting dilution? And maybe the inverse of this cap allocation question, how much cash is too much on your book that you may have to do more aggressive buybacks?

很公平。查克，如果我可以問你一個快速的。思科需要在什麼情況下開始回購而不是抵消稀釋？也許這個上限分配問題的反面，你的賬面上有多少現金太多，你可能不得不進行更積極的回購？

Yes. Amit, I mean, you saw we went pretty aggressive into the buyback during Q2 at $4.8 billion in the quarter. That's obviously well beyond what's required just to offset dilution. And I think historically, if you look back, you'll see we've been pretty aggressive on share buybacks over the last several years with the dividend and share buybacks returning $76 billion since 2018. So I don't think there's a change in stance or a change in demeanor as we look at that. We're constantly evaluating where we are from a cash standpoint, what our needs are.

是的。阿米特，我的意思是，你看到我們在第二季度以 48 億美元的價格進行了非常積極的回購。這顯然遠遠超出了抵消稀釋的要求。而且我認為從歷史上看，如果你回顧過去，你會發現我們在過去幾年中非常積極地進行股票回購，自 2018 年以來股息和股票回購回報了 760 億美元。所以我不認為有變化當我們看到這一點時，立場或舉止的變化。我們不斷從現金的角度評估我們所處的位置，我們的需求是什麼。

I told you the priority of our cap allocation policy has not changed. Of course, the growth of the business organically, inorganically first; the dividend, anti-dilution; and beyond that, we'll return cash to shareholders. So I think that's the way you need to think about it going forward. There's no real change in policy, but you saw us get pretty aggressive in the first half of Q2.

我告訴過你，我們的上限分配政策的優先級沒有改變。當然，業務的增長首先是有機的，無機的；分紅，反稀釋；除此之外，我們將向股東返還現金。所以我認為這就是你需要考慮的方式。政策沒有真正的變化，但你看到我們在第二季度的上半年變得非常激進。

Samik Chatterjee from JPMorgan.

摩根大通的 Samik Chatterjee。

I had 2 quick ones. Chuck, you talked about the strength that you're seeing with web scale customers within the service provider customer segment. Maybe if you can give us some details about what you're seeing from telcos and cable and the strength as well as what visibility they are providing you at this point?

我有2個快速的。 Chuck，您談到了您在服務提供商客戶群中看到的網絡規模客戶的實力。也許您可以向我們詳細介紹一下您從電信公司和有線電視公司看到的情況以及它們在這一點上為您提供的實力和可見度？

And then for my follow-up, I just wanted to go back to orders again. And your enterprise orders did accelerate from 30% to, I think, 37% from first quarter to second. Is there a composition of early orders that's driving that acceleration? Or are you seeing an underlying acceleration? Can you just kind of help us think through that?

然後對於我的後續行動，我只想再次回到訂單中。從第一季度到第二季度，您的企業訂單確實從 30% 加速到了我認為的 37%。是否存在推動這種加速的早期訂單組合？或者您是否看到了潛在的加速？你能幫我們考慮一下嗎？

Yes, Samik. So on the service provider space, I'd say, just to give you a general sense -- I gave you the web scale numbers at over 70%. I'd say -- and the overall service provider segment was 42%. And cable is roughly flattish, give or take a point or 2. And the telco space was incredibly strong, incredibly strong for us. So both the web scale and the telco space were the key contributors to that 42% growth. And then on the second question, what was the second question?

是的，薩米克。所以在服務提供商領域，我想說，只是為了給你一個一般的感覺——我給你的網絡規模數字超過 70%。我想說 - 整體服務提供商部分是 42%。電纜大致持平，給或取一或兩分。電信空間非常強大，對我們來說非常強大。因此，網絡規模和電信領域都是 42% 增長的主要貢獻者。然後關於第二個問題，第二個問題是什麼？

Enterprise growth.

企業成長。

Enterprise growth. Thank you. Yes, when you look at it across -- I mean when you look at it across the geographies or you look at it across -- generally across our product portfolio or even across verticals, it was just super consistent. I mean it was -- every customer seems to be moving right now. And so I don't think -- there's not one specific thing to call out. It was pretty broad-based.

企業成長。謝謝你。是的，當您跨地域看待它時——我的意思是當你跨地域看待它時，或者跨地域看待它時——通常跨越我們的產品組合，甚至跨越垂直領域，它只是超級一致。我的意思是——每個客戶現在似乎都在搬家。所以我不認為 - 沒有一件具體的事情需要指出。它的基礎非常廣泛。

And I think that was our last question for the call. And Chuck, do you want to close with some closing remarks?

我認為這是我們在電話會議上提出的最後一個問題。 Chuck，你想用一些結束語來結束嗎？

Yes, I do, Marilyn. Thank you. First of all, I'm proud of what we were able to accomplish in Q2 despite the ongoing component demands or component dynamics, the product order growth, the revenue, the EPS, the ARR growth, the RPO growth, the balanced growth across the world. Really pleased with our continued success in web scale and just happy that our customers are choosing our technology as they continue down this digital transformation path.

是的，我願意，瑪麗蓮。謝謝你。首先，儘管組件需求或組件動態、產品訂單增長、收入、每股收益、ARR 增長、RPO 增長、整個市場的平衡增長，我仍然為我們在第二季度能夠取得的成就感到自豪世界。我們對我們在網絡規模上的持續成功感到非常高興，並且很高興我們的客戶在繼續沿著這條數字化轉型道路前進時選擇了我們的技術。

I think it speaks to the relevance and criticality of what we're building and what our teams have built. And I want to just take a minute to thank all the Cisco employees because it's been an incredibly difficult couple of years. I think the team has showed a great deal of resiliency, delivered breakthrough innovation and really doing everything we can to take care of our customers. So thanks for spending time with us today, and we'll talk to you next time.

我認為這說明了我們正在構建的內容以及我們的團隊所構建的內容的相關性和重要性。我想花一點時間感謝所有思科員工，因為這幾年非常艱難。我認為該團隊表現出極大的彈性，提供了突破性的創新，並真正盡我們所能來照顧我們的客戶。因此，感謝您今天與我們共度時光，我們下次再與您交談。

Great. Thanks, Chuck. Cisco, the next quarterly earnings conference call, which will reflect our fiscal 2022 third quarter results will be on Wednesday, May 18, 2022, at 1:30 p.m. Pacific Time, 4:30 p.m. Eastern Time. This now concludes today's call. If you have any further questions, feel free to reach out to the Cisco Investor Relations group. And we thank you very much for joining today's call.

偉大的。謝謝，查克。思科將於 2022 年 5 月 18 日星期三下午 1:30 召開下一次季度財報電話會議，該電話會議將反映我們 2022 財年第三季度的業績。太平洋時間，下午 4:30東部時間。今天的電話會議到此結束。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 (888) 568-0332. For participants dialing from outside the U.S., please dial (203) 369-3905. 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，您可以致電 (888) 568-0332。對於從美國境外撥號的參與者，請撥打 (203) 369-3905。今天的電話會議到此結束。此時您可以斷開連接。