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。如果有異議可以斷開連接。

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

現在我想介紹投資者關係主管瑪麗蓮莫拉 (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 財年第二季財報電話會議。我是投資者關係主管瑪麗蓮莫拉 (Marilyn Mora)，與我一起的還有我們的董事長兼首席執行官查克羅賓斯 (Chuck Robbins)；以及我們的財務長 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.

現在，您應該已經看到我們的收益新聞稿了。電話會議結束後，我們將在網站的「投資者關係」部分提供相應的網路廣播和幻燈片，其中包括補充資訊。損益表、完整的 GAAP 與非 GAAP 調節資訊、資產負債表、現金流量表和其他財務資訊也可以在我們的投資者關係網站的財務資訊部分找到。

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.

在整個電話會議過程中，我們將參考 GAAP 和非 GAAP 財務結果，並且我們將從收入方面討論產品結果，從產品訂單方面討論地理和客戶結果，除非另有說明。本次電話會議中的所有比較都將以同比為基礎進行。

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.

我們今天將要討論的事項包括前瞻性陳述，包括我們將為 2022 財年第三季和全年提供的指引。它們受 COVID-19 等風險和不確定性的影響，我們在向美國證券交易委員會提交的文件中詳細討論了這些風險和不確定性，特別是最新的 10-K 和 10-Q 表格報告，這些報告確定了可能導致實際結果與前瞻性陳述中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附帶的幻燈片和新聞稿以了解更多詳細資訊。除非透過明確的公開揭露，否則思科不會對本季的財務指引發表評論。

I will now turn it over to Chuck.

現在我將把發言權交給查克。

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。我希望你們都平安健康。繼去年取得堅實成果之後，2022 年將被證明是更加強勁的一年，這得益於市場對我們解決方案的巨大需求以及我們轉型的持續成功。

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，我們又取得了一個出色的季度，ARR 實現了兩位數的成長，產品訂單強勁，這推動了歷史最高的積壓訂單和強大的管道。這些結果強調了思科創新在數位轉型和雲端時代日益增長的相關性和關鍵性，並增強了我對我們實現成長的能力的信心。

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.

我們致力於在客戶不斷變化的世界中始終滿足他們最迫切的需求。在轉向混合工作和混合雲的推動下，我們的客戶的行動速度比以往任何時候都快。這需要現代化的基礎設施、新的安全架構和加速的數位轉型。我們在全球範圍內提供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業績以及我們在市場上看到的情況。儘管在供應受限和通膨的環境下運營，我們仍實現了穩健的營收成長，利潤率和收益均超出了預期的上限。我們在第一季看到的強勁需求延續到了第二季度，產品訂單成長了 33%，這是我們連續第三個季度的訂單成長率達到或超過 30%，並且所有地理區域和客戶市場再次展現出強勁勢頭。

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，我們的訂單增長了 37%，這是 12 年來的最高水平，因為大客戶優先投資於網路現代化以及實現新的數位功能和彈性。隨著數位化程度不斷提高，我們預計這一勢頭將會持續下去。

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、混合雲端和混合工作解決方案以及邊緣運算的需求將推動思科的成長。我們面前的機會是顯而易見的，正如我們不斷增長的產品線和創紀錄的積壓訂單所證明的那樣，這些積壓訂單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.

在我們的網路規模業務中，我們又取得了一個令人難以置信的季度。我們的訂單量年增超過 70%，過去 4 個季度的成長率超過 100%。我們繼續看到卓越的業績，這得益於我們的 400 千兆解決方案和路由光纖網路產品組合的快速採用，在思科 8000 產品線、Acacia 和 Silicon One 的推動下，我們的產品組合增長了 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.

作為路由光網路策略的一部分，我們也看到 ZR 光學技術具有巨大的吸引力。在我們的網路規模客戶的推動下，我們的光學系統和 Acacia 業務均實現了顯著的兩位數成長。

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.

隨著該領域最大的參與者採用下一代技術，我們在過去幾年中投資的創新使我們處於有利地位。我們的客戶正在對其未來路線圖做出策略決策，並認識到思科無與倫比的產品組合對其策略至關重要。我們相信他們仍處於下一代平台購買決策的早期階段，並預計我們的勢頭將繼續下去。

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.

從產品營收角度來看，我們又一個季度表現強勁、均衡，成長 9%，大部分產品組合的需求廣泛。這是由於客戶增加了支出，以實現網絡現代化、安全地連接混合勞動力並建立 5G 網絡，而所有這些都得益於我們訂閱服務的強勁增長。

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，並利用大型成長市場的大趨勢，包括雲端、全端可觀察性、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體、軟體和矽片的深度集成，使我們脫穎而出並贏得勝利。

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建立和提供最佳的混合工作體驗，我們最近推出了突破性的網路創新，包括基於 Silicon One 構建的 Catalyst 9000X 交換器、業界首款高端 WiFi 6E 接入點以及面向企業的即服務私有 5G 產品，使通訊服務提供商能夠為其客戶提供基於雲端的服務。

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.

我們也致力於以更永續的方式引領。一個例子就是我剛才提到的 Silicon One Catalyst 9000X 交換機，與之前的版本相比，它的能源效率提高了約 40%。以這種方式建構技術對於我們實現到 2040 年將範圍 3 排放量減少到零的目標至關重要。

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，我也為我們的業務轉型向更多軟體和基於訂閱的經常性收入的進展感到自豪。年度經常性收入（ARR）為 219 億美元，成長 11%，其中產品 ARR 成長 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（RPO）（主要是已承諾但尚未確認的軟體收入）增加了 16%。我們仍然是世界上最大的軟體公司之一。第二季度，我們的軟體收入成長了 6%，達到 38 億美元。總訂閱收入加速至 55 億美元，較去年同期成長 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.

值得注意的是，這兩個指標繼續受到訂閱、軟體和硬體附帶服務的負面影響，因為組件狀況會導致出貨延遲。我們的軟體、RPO 和 ARR 的優勢清楚地證明了我們透過轉型所創造的價值，並為我們未來的成長提供了更高程度的可見度和可預測性。

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，零件短缺問題依然嚴峻。我們極為強勁的需求持續超過供應，擴大了我們的產品、軟體和服務積壓量。我們的供應鏈團隊繼續透過強大的庫存地位、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.

半導體領域仍然存在重大限制因素，阻礙我們完成部分產品的製造，儘管需求非常強勁，但這仍然是收入成長的阻力。此外，受限的環境繼續推高供應鏈成本，我們已成功轉嫁這些成本，以幫助抵消這些成本的成長。

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，我們將繼續努力克服疫情和零件短缺的影響，我們對公司、我們的地位和成長前景感到前所未有的滿意。我們第二季的業績反映了我們團隊的健康動能、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。我們正在透過加速向更多軟體和訂閱產品的轉型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，並透過為客戶提供靈活的消費模式進一步增強我們在整個產品組合中的差異化地位。我對我們的未來仍然充滿信心和樂觀。思科正處於混合雲、混合工作和數位轉型大規模轉變的中心，我們相信這將為我們的業務創造動力，並使我們能夠抓住未來的重大機會。

I'll now turn it over to Scott.

現在我將把發言權交給史考特。

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。第二季是整個業務表現強勁的一個季度。我們表現良好，連續第三個季度實現產品訂單增長 30% 以上，這得益於我們整個產品組合的強勁增長，包括對我們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.

總營收增加 7.6 億美元，達到 127 億美元，年增 6%，符合我們對本季的預期範圍。我們在多個產品領域和所有地區都看到了優勢。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，但正如查克所說，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.

第二季的整體獲利能力強勁，非公認會計準則營業利潤率為 34.3%，非公認會計準則淨收入為 35 億美元，非公認會計準則每股收益為 0.84 美元，非公認會計準則每股收益高於我們的指導範圍高端。

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.

更詳細地了解我們第二季的收入。總產品收入為 94 億美元，成長 9%。服務收入為 34 億美元，下降 1%，原因是供應限制導致硬體支援合約延遲。

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，安全、敏捷網路表現良好，收入成長了 7%。在我們的 Nexus 9000 產品的推動下，資料中心交換業務實現了兩位數的成長，推動了交換業務的穩健成長。校園交換業務穩定成長，主要由我們的 Catalyst 9000 和 Meraki 交換產品帶動。在我們的 WiFi 6 產品和 Meraki 無線產品的推動下，無線業務實現了非常強勁的兩位數成長。在伺服器的推動下，我們的計算收入也實現了兩位數的成長。

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.

企業路由的下降主要是由於接入所致，但 SD-WAN 的強勁表​​現略微抵消了這種影響。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下降所致，但被我們的通訊平台即服務的持續成長部分抵消。從下個季度開始，此類別的名稱將從混合工作更改為協作。此類別內的元件不會發生任何變更。

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.

端到端安全性成長了 7%，大部分投資組合都表現強勁。我們的零信任產品組合表現良好，在 Duo 產品強勁表現的推動下實現了兩位數的成長。在雲端安全和零信任的推動下，我們的訂閱組合繼續表現良好。

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.

未來網路成長了 42%，這在很大程度上得益於我們網路規模客戶的強勁成長。我們看到產品組合具有廣泛的優勢，邊緣產品的成長得益於我們的 ASR 9000 產品實現的兩位數成長，而核心產品則得益於 Cisco 8000 和光纖的優勢。我們也看到光網路產品 Acacia 持續做出強勁貢獻。

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.

優化的應用程式體驗成長了 12%，這得益於 ThousandEyes 和 Intersight 的兩位數成長。隨著繼續向雲端交付平台轉變，AppDynamics 的 SaaS 收入成長了中等個位數。

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軟體和訂閱，我們在轉型指標方面繼續取得進展。軟體營收為 38 億美元，成長 6%，其中產品部分成長 9%。 80%的軟體收入來自訂閱，較去年同期成長4個百分點。總訂閱收入為 55 億美元，成長 7%。總訂閱收入佔思科總營收的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.

年度經常性收入（ARR）為 219 億美元，成長 11%，其中產品 ARR 成長強勁，達到 20%。剩餘履約義務（RPO）為 305 億美元，成長 8%。產品RPO增加了16%。服務RPO增加了3％。短期RPO總額成長8%，達163億美元。提醒一下，短期部分將在未來 12 個月內轉換為收入。

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，這對第二季營收成長產生了約 200 個基點的年比正面影響，並且對我們的非 GAAP EPS 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。產品訂單總量成長 33%，顯示整個業務表現強勁。

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。美洲地區上漲了36%。 EMEA 和 APJC 地區均上漲了 30%。新興市場整體上漲 39%，其中金磚國家加墨西哥上漲 48%。在我們的客戶市場中，服務提供者成長了 42%，企業成長了 37%，商業成長了 34%，公共部門成長了 20%。如您所見，它在我們的各個地區和客戶市場都表現出廣泛優勢。

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 (Non-GAAP) 來看，總毛利率為 65.5%，較去年同期下降 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。產品毛利率下降主要是由於供應限制導致的零件成本持續上漲以及運費和物流成本上漲。

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，我們將繼續努力應對我們和我們的同行所面臨的整個行業供應限制問題，這是由於零件短缺造成的，從而導致交貨時間延長和供應成本上升。形勢依然嚴峻。我們繼續與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來應對供應挑戰和成本影響，我們預計這些挑戰和影響將持續到 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，零件供應限制也減緩了我們強勁需求轉化為收入的速度。這導致我們的積壓訂單量大幅增加並持續成長，遠遠超出了正常的歷史水準。

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體的能力，也影響了我們的軟體交付，例如客戶隨硬體訂購的訂閱。未交付的軟體也包含在積壓訂單中，直到硬體出貨，我們才開始確認收入。當然，這會影響我們的軟體收入成長和其他相關指標。

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.

為了讓您了解我們的積壓訂單規模，我們第二季末的產品積壓訂單超過 140 億美元，較去年同期成長超過 150%。在這筆金額中，軟體積壓訂單幾乎翻了一番，達到 20 多億美元，請記住，積壓訂單不包括在我們 385 億美元剩餘履約義務的一部分。

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.

截至第二季末，我們的現金、現金等價物及投資總額為 211 億美元。本季營運現金流為 25 億美元，年減 17%，主要由於預付款以確保未來供應。這些預付款對經營現金流產生了年比負面 17% 的影響。此外，本季我們繳納了約 1 億美元的稅款，由於《關懷法案》的規定，這筆稅款已被推遲。這筆款項對我們的經營現金流產生了額外的4%的年比負面影響。

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，我們本季向股東返還了 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利。鑑於我們對當前和未來業務的信心，董事會已批准額外投資 150 億美元用於股票回購，使總額達到約 180 億美元。我們還將每季股息提高 0.01 美元至 0.38 美元，這是我們第 12 次增加股息。

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.

本季我們的股利增加、額外的股票回購授權和更高的股票回購相結合，顯示了我們致力於向股東返還過剩資本的承諾以及對持續現金流穩定性的信心。

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.

我們將繼續以有機和無機的方式投資於我們的創新管道。我們在第二季完成了對 replex 的收購，並於第三季初完成了對 Opsani 的收購，以增強我們的全端可觀察性產品。這些投資符合我們的策略，即透過有針對性的併購來補充我們的內部創新和研發，從而使我們能夠進一步加強和區分我們在關鍵成長領域的市場地位。

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，在複雜的供應受限環境下，我們又度過了一個良好的季度，產品需求強勁，執行穩健。我們繼續在商業模式轉變方面取得進展，並在創新方面進行投資，以利用我們巨大的成長機會和不斷擴大的潛在市場。隨著我們不斷向更多軟體和訂閱收入轉變，實現成長並推動股東價值，我們正在看到進步。

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.

現在讓我提供我們第三季的財務指導。提醒一下，去年第三季增加了一周，這對總收入產生了約 3 個百分點的成長益處。這對我們的銷售成本和營運費用的總影響約為 1.5 億美元，這意味著我們去年第三季每股收益為 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.

對於下個季度，我們預計營收成長將在 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產生的供應鏈成本的持續增加。我們的非公認會計準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 財年全年，我們將收緊以下範圍。我們預計收入成長率將在5.5%至6.5%之間。非公認會計準則每股收益增至 3.41 美元至 3.46 美元，年增 5.9% 至 7.5%。在我們的第三季和全年指引中，我們都假設非 GAAP 有效稅率為 19%。

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

現在我將話題轉回瑪麗蓮，以便我們進入問答環節。

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

謝謝，斯科特。米歇爾，我們繼續排隊問答。

Ittai Kidron from Oppenheimer.

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?

夥計們，很高興看到這樣的好結果。我想稍微深入了解供應鏈。查克和斯科特，也許你們可以談談，相對於上一季度，情況是變得更糟了一點，還是變得更好了一點？您認為我們能否看到實質的改善？是否有時間表？

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.

史考特，也許在此基礎上，當我們看到這種改善時，我們是否應該期待一段時期，我不知道，2、3 個季度的時間，在你們完成這些不尋常的積壓工作時，你們真的會有超額增長？我只是想了解這裡的情形，看看這一切是如何解決的。

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。我先開始，然後斯科特可以加入。我想說，在本季度，供應鏈並沒有實質惡化，也沒有實質地好轉。這是相當一致的。整個季度都有所收穫，但我認為從宏觀層面來看，這就是我對它的特徵。

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?

奧米克龍 (Omicron) 效應即將結束，人們因此生病，無法到工廠上班，還有一些有據可查的物流問題。但總的來說，這就是我們所看到的。我們沒有——我不會說我們為你制定了關於事情何時開始好轉的時間表。我們現在知道的是，我們預計這種情況將伴隨我們整個下半年。史考特，你能補充一下嗎？

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，我認為是這樣。這與我們的預期一致。伊泰，對於你關於這種情況如何解決的問題，我認為——我不會以一種不連貫的方式解決這種情況。我認為，隨著供需變得更加平衡，這種情況將會緩解。我認為這將在接下來的幾個季度內逐步實現。所以我並不期望任何一個季度都會出現顯著的成長。我認為供應已經釋放——由於有 140 億美元的積壓訂單，我們有足夠的需求去滿足。真正的問題是什麼時候供應才能釋放出來。隨著它的真正釋放，我認為這將隨著時間的推移而逐漸發生。

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，斯科特，只是為了澄清最後一點，你有什麼辦法知道積壓訂單中有多少是重複訂購的？我不知道從客戶的角度來看，這麼多積壓訂單意味著什麼。客戶真的要等很久才能得到產品嗎？這些圖中存在某種雙階元素的風險有多大？

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 個季度需求增長 30% 左右而收入增長僅在 6% 至 8% 左右之後開始建立積壓訂單以來一直保持警惕和關注的事情。我們已經累積了大量的積壓訂單，因此我們一直在關注這一點。

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.

我認為很明顯客戶對我們的交貨時間做出了反應，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，這其中有一些延伸。但我認為我們看到的是真正的需求。我認為這是由於疫情期間未完成的產品的被壓抑的需求所造成的。我認為我們正在投資的是我們所討論的幾種趨勢的前沿。

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.

當我們考慮是否有重複訂購的情況時，您可能不會在商業和小型客戶中看到那麼多這種情況，而且我們仍然看到該領域的強勁增長。您可能還會看到管道建設開始放緩，但我們也沒有看到這種情況。目前我們的管道非常健全。因此，我們正在尋找代理來嘗試更好地理解這一點。目前我們還沒有看到任何跡象表明其中存在重複排序。

Paul Silverstein from Cowen.

來自 Cowen 的 Paul Silverstein。

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，就你的成本上漲而言，以下邏輯有什麼問題嗎？在某個時候，物流運費成本將會恢復正常，如果不是，那麼基本上會完全回到一年前、一年半前的水平。至於半導體成本中較為棘手的部分，如果它們不恢復，那麼隨著積壓訂單的消耗，價格最終會在未來 3 到 4 個季度內上漲，即使不能完全和大量地抵消這些上漲的成本。在我問後續問題之前，這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.

保羅，我認為這個邏輯沒有錯。我認為我對你們的期望與上個季度的期望相同。當我考慮本財年末的毛利率時，我認為它將保持在目前的範圍內，即截至本財年末的 64% 至 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，正如您所說，我希望您是對的，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——我們之前已經談過這個問題。如今我們並沒有看到太多好處，因為價格上漲了，從我們開始到產品投入使用之間存在著抵銷。

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，然後從積壓訂單中完成，然後我們才能最終獲得這些價格上漲的收入。我認為我們正在開始這一進程——我們將在本季末以及第四季開始看到價格上漲的好處。但我目前對毛利率的預期是，到今年年底，毛利率將維持在目前的 64% 至 65% 的範圍內。

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。查克，從收入方面來看，這是我 26 年來報道該領域以來見過的跨企業、運營商和網路規模的最佳需求環境。你必須回到 90 年代末。當然，事實證明這只是一個泡沫。我們看到了您的同行，Arista、Juniper、Extreme、F5 等的成長，其中有多少是純粹的市場成長？這其中有多少是思科執行力的提升？

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.

這真是一個好問題。我想說，這絕對是兩者的結合。正如您所說，市場確實強勁，我們的一些同行也取得了穩健的業績。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成長率時，我可以告訴你，我們的份額正在增加。我的意思是網路規模，顯然，我們的執行非常好，因為幾年前我們還沒有這個規模。

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，例如 WiFi，我的意思是，訂單方面的成長率，甚至是校園交換、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，我們正處於這些對我們有利的多年趨勢的前沿，無論是 5G、400G、WiFi 6、混合雲、混合工作還是邊緣運算。我的意思是這些都是對我們有利的技術領域和轉變。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為這些轉變做好了準備。

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

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

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.

所以我有兩個難題想問你們。我會簡短地講第二個，但這是第一個。所以我要祝賀你們的產品訂單增加了 30% 以上。我認為我們很多人真正想知道的是正確的正常成長率是多少？或者您何時會看到標準化成長率最終開始體現在您的數字中？我們觀察了這 30% 並認為這是主題趨勢。但到了某個時候，它需要回落一點。您認為產品訂單成長何時才能真正正常化？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?

第二個問題是一個價值 200 億美元的問題。你們要買 Splunk 嗎？如果沒有，那麼沒有達成這筆交易的內部考量是什麼？

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.

所以我想回答這兩個問題。因此，首先，我認為下個季度，即第三季度，與去年同期相比，情況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，顯然這是我們第一次經歷比上一財年增長 30% 以上的季度。因此，這當然是一個很好的季度，讓我們可以對您的問題進行某種程度的檢驗。在此之前，我不確定我是否可以給你一個直接的答案，但可以肯定的是，在接下來的幾個季度裡，這個問題會變得更加棘手。

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、猜測或報導發表評論。我要告訴你的是，我們正在不斷評估潛在的機會。史考特和我正在交談。我們認為，對於每一筆交易，我們大概都會考慮 10 到 15 家公司。我們做出決策的首要依據是策略契合度；第二，文化契合度；同樣重要的是財務和估值的契合。

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.

我們始終嚴守紀律，持續關注無機和有機機會。但我要告訴你們，你們應該期待我們在前進的過程中繼續保持非常非常的自律。

Rod Hall from Goldman Sachs.

高盛的羅德霍爾 (Rod Hall)。

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?

我想回顧一下本季的毛利率。你們的業績大大超出了指導範圍的上限。我想知道您是否可以評論一下毛利率方面有哪些正面的驚喜？

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?

然後是我的第二個問題，可能有點不合邏輯，但查克，我對公共部門的訂單感到非常驚訝。這些確實很強大。我想知道您是否可以深入探討這個問題，並對公共部門的一些動態進行評論？

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.

我要第一個。羅德，就毛利率而言，這實際上取決於產品組合，我們擁有可在第二季度生產和發貨的零件。正如我之前所說，我們對今年毛利率的預期保持不變。我相信您已經意識到，我們第二季的產品組合非常有利，這推動我們的業績超出了預期範圍的高端。我認為，當我們考慮第三季的毛利率時，這對我們來說有點不利，但對於全年而言，情況是一樣的。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，你能具體評論那裡混合了哪些類型的產品嗎？只需給我們多一點色彩即可。

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.

總是混合在一起的。當你跨越產品線和客戶規模時，這兩件事都會產生影響。我們不需要逐一分析每個產品，而是可以利用某個季度的供應量來運送利潤較高的產品。再次，鑑於我們擁有 140 億美元積壓訂單的可見性，我們對需要建造的內容有相當好的可見性，並且對未來幾季的情況有相當好的預感。因此，我相信到今年年底，我們的業績將保持在這個範圍內。

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.

關於公部門的問題，我認為您的判斷很正確，因為很多人認為這 20% 低於其他客戶市場，並會對此持消極態度。但事實是，過去幾年來，這種情況一直最穩定。我們看到了廣泛的力量。

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，我認為我們已經擁有，所以我在這裡查看一些數據，在過去 4 個季度中有 3 個季度連續 6 個季度實現正增長，強勁的兩位數增長。看看教育，我們已經連續 5 個季度或 6 個季度取得了這樣的成績。過去五個季度的表現尤其強勁。因此，它在整個公共部門中具有非常廣泛的基礎。

Tim Long from Barclays.

巴克萊銀行的提姆朗。

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，我只是想問軟體方面的問題。本季同比增長良好。我知道它仍然受到一些阻礙。但是查克，您能否稍微談談，您認為什麼時候我們才能開始看到這一增長速度比整體收入更快一些？是 Cat9K 嗎？隨著其他一些業務的復甦，其他一些產品是否也轉向更多軟體？

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?

接下來是雲端業務。您再次談到了強有力的訂單。您能否稍微向我們解釋一下造成這現象的原因？那麼，除了產品基礎之外，您是否看到了競爭優勢、新用例、新客戶？是什麼真正推動了同比增長 70% 以及過去 4 個季度增長 100% 呢？

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。所以提姆，關於第一個問題，關於軟體方面，我認為你提出了一個非常好的問題。我認為斯科特在他的部分中提到我們的產品軟體收入成長了 9%。事情是這樣的——你必須深入了解才能明白到底發生了什麼事。我們的舊永久軟體已從 2 個訂閱過渡到永久軟體，其中永久軟體下降了 12%，而訂閱軟體則上升了 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，轉變實際上正在按照我們預期的方式發生。這就是您看到一些問題的原因——因為訂閱服務顯然是隨著時間的推移而得到認可的，而且與我們以前銷售的方式相比，一次性軟體的售價會下降 12%。因此，你必須讓這種動態繼續發揮作用。

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.

您提到的一些更新在 2023 年開始認真實施，在 2024 年、2025 年開始加速。但是 — — 然後，您有超過 20 億美元的軟體積壓在訂單中，但尚未成為 RPO，因為它與尚未發貨的硬體相連。我們先認識到其中的一些，然後隨著時間的推移認識到其餘部分。所以我們現在要考慮所有這些變數。

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，我認為你應該期待——當我們進入一個正常化的世界時，我預計，一旦我們清理了積壓的供應鏈，在一個正常的世界中，我預計你會看到軟體成長——收入成長更快。但目前，由於我們的積壓訂單量很大，這可能需要幾個季度才能實現。

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。那價值 20 億美元的軟體，現在積壓在我們訂單中的金額略高於 20 億美元，幾乎是一年前的兩倍，對嗎？因此總是會有一些積壓，但數量幾乎是原來的兩倍。當然，大多數軟體都得到了廣泛的認可。因此，一旦我們能夠將坡道從積壓中清除並發貨，我們仍然會在其上設置一個可評估的坡道，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 9 月說過的話，我們預計產品業務的經常性收入部分將以 15% 至 17% 的複合年增長率增長，這就是我們剛才所說的，好嗎？本季度，我們軟體業務中的產品訂閱部分成長了 17%。所以我認為我們在這個領域正走在正確的軌道上。

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

我正在嘗試找出網路規模上不同特許經營權的細分情況。那是在哪裡？你是否記得？

Yes, let me get it for you.

是的，讓我幫您拿來。

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，它還沒有出現在我面前。在雲端，我想告訴你們的是，我們正在獲勝——透過我們的整合系統、Silicon One 系統繼續贏得新的用例，以及我們已經贏得的用例，他們只是購買我們的硬件，這意味著他們在運行他們的作業系統的交換器上。我們的某些客戶正在運行多種消費模式，其中一個客戶可能購買矽片，也購買硬體交換機，另一個客戶可能購買整合系統和矽片。

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.

所以它是所有這些的變體，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——瑪麗蓮正在試圖找到它。但我本來想告訴你們客戶數量，以及我們在每個品牌中贏得了多少個特許經營權，但我現在還沒有這些數據，我們會盡力獲取這些資訊。但總的來說，我們肯定贏得了新的用例。

David Vogt from UBS.

瑞銀的 David Vogt。

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?

我只是想稍微回顧一下資本配置問題。在過去的五年裡，你們一直相當一致地將自由現金流用於股息、回購（儘管本季這一速度大幅加快）和收購。鑑於最近回購量的增加，您能否就未來幾年的潛在用途詳細闡述您的理念？

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?

您對槓桿和槓桿使用的立場有改變嗎？最後，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，您認為資產負債表上有多少現金流量可以支撐業務營運？

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。首先我想說的是，您看到的回購、您在第二季度看到的額外回購以及我們未償還授權的增加（使其達到近 180 億美元）和 0.01 美元的股息增加，這些都是我們對業務充滿信心以及我們看到未來增長的跡象。因此，正如您所提到的，2018 年我們已向股東返還了 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.

我們的整體上限分配政策沒有變化，無法為您回答這個問題。首先，透過有機和無機手段支持業務成長。顯然，我們會支持分紅。我們至少會抵消股權計畫的稀釋，除此之外，還會將多餘的現金回饋給股東，就像您剛才看到我們所做的那樣。我們的總體政策沒有改變。

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.

就營運資金而言，我敢說，我們擁有業界最強勁的資產負債表。毫無疑問，在同業中，我們擁有最強勁的資產負債表。所以，我並不覺得我們受到必須在資產負債表上保留以支持營運的現金數量的任何限制。

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?

也許只是對此進行快速跟進，沿著同樣的思路。顯然，您談到了文化、技術契合度，以及如果出現併購機會，最終如何實現財務效益。我認為從歷史上看，你並沒有真正利用資產負債表來積極地利用槓桿進行交易。我的意思是這是否符合您對未來業務的想法？這是一個考慮嗎？或者從槓桿率的角度來看，我們是否應該預期處於相同的範圍內，無論是根據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，我實際上並不認為這與併購有關。這更像是回到查克之前所說的，這是否具有策略契合度，是否具有文化契合度，估值是否合理。當我們考慮併購與資產負債表的實力時，這些都是需要考慮的因素。再次強調，我會將我們的資產負債表與任何人進行比較。

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.

我想快速跳回去回答——給蒂姆雙擊我正在尋找的用例。因此，我們有 5 個使用 Silicon One 和 Cisco 8000 系統的參與者或客戶。我們有 2 個使用 Silicon One 和 8000 系列路由器並配備自己的作業系統。我們有 2 個使用嵌入在他們自己的白盒硬體中的 Silicon One。我們有 3 種同時使用至少 2 種彈性消費模式。這就是我想要取得的數據，提姆。

Meta Marshall from Morgan Stanley.

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轉嫁給客戶的問題。這些對話可能是依照客戶類別來劃分的嗎？您是否看到訂單量增加，試圖抵銷部分價格上漲？

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，也許我還想問你第二個問題。正如您開始看到客戶（更具體地說是企業）轉向更多的架構現代化而不是僅僅追趕性支出一樣，那麼——就這種現代化而言，您所看到的一些最強大的主題是什麼？

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，Meta。因此我認為，很明顯，我們的客戶肯定想在價格上漲之前購買。而對話是——我想說，他們已經從普遍理解變成了有點沮喪，主要是因為獲得產品需要很長時間。因此，他們和我們一樣失去了耐心，但大家普遍都理解，因為坦白說，考慮到我們隨處可見的通膨壓力，我們的大多數客戶可能都會對他們的客戶做同樣的事情，無論他們從事什麼行業。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.

第二個關於我們所看到的架構轉變，一個巨大的轉變其實是由混合工作所驅動的。因此，重新建構整個網路基礎設施來處理分散式應用程式、分散式用戶、分散式數據，並建立一個新的安全架構來適應它。那是一個。顯然，其中包括混合雲，其中您的應用程式可以在多個雲端提供者以及私有資料中心運行。

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，我們對資料中心交換產品組合的需求也非常強勁，這告訴我客戶仍在投資私人資料中心。因此，這會產生與我們的客戶在過去 15 年中建立的架構不一致的流量模式。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.

然後就是我之前談到的這些轉變。您的客戶已升級至 400 千兆。我們現在有近 700 個擁有 400 千兆埠的客戶。我們目前已接到 737,000 個連接埠的訂單。本季度我們預訂了超過 200,000 個端口，增長了近 1,500%。因此，400 千兆肯定已經起飛。 WiFi 6 的轉變非常重要。這些只是我們看到的一些事情。然後在服務提供者領域，你會看到 400 千兆，你會看到 5G 轉型，你會看到他們基於 5G 建立企業服務。這些就是我們看到的一些重大轉變。

James Suva from Citigroup, you may go ahead.

花旗集團的 James Suva，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?

史考特，你提到了利潤率，我想你也提到了今年剩餘時間的利潤率將保持在這個水平。我確實想——我只是想知道資格，那是針對日曆年度還是財政年度？因為我的理解是，當你提高產品價格時，那些在價格上漲之前已經預訂了產品的客戶仍然會得到產品，但你仍然需要支付更高的運費和潛在的零件成本。所以我想知道在 2023 年下半年，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。我認為你的想法是正確的，吉姆。我們積壓的大部分產品都是在漲價前訂購的，當然也是在最新一輪漲價之前訂購的。物流成本仍然存在。但正如我之前所說，我想如果你還記得的話，我們已經進行了幾輪價格上漲。我認為我們將在第三季末開始看到第一個好處，並有望在第四季再次看到它。

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.

憑藉我們所擁有的可見度水平，包括 160 億美元的短期 RPO、300 億美元的總 RPO，再加上 140 億美元的積壓訂單，展望未來，我們的可見度比以往任何時候都要好。因此，預計下半年毛利率將保持在 64% 至 65% 的範圍內，這令人感到樂觀。這就是我所說的財政年度，也就是我們財政年度的下半年。

Tal Liani from Bank of America.

美國銀行的 Tal Liani。

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?

我對您的兩個片段有疑問。第一個是關於安全。您的趨勢與行業趨勢不太相關。首先，前兩個季度，經濟成長速度明顯放緩，但現在又開始加速，過去兩個季度也出現了加速。你能解釋為什麼會出現這些趨勢嗎？為什麼我們看到如此大的加速度？為什麼我們之前看過減速？

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?

第二是服務收入。這是第四個減​​速季度。我們目前處於成長負值區域。你能說話嗎－你能解釋一下服務嗎？我們未來該如何塑造它？

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。我會負責安全問題，並讓斯科特談論服務問題，因為我知道他在這方面做了一些工作。在安全性方面，我想說我們在這個投資組合的多個領域都具有優勢，特別是我們投資組合中的許多 SaaS 元素。我們的供應鏈確實存在一些問題，這些問題仍然存在於防火牆中。但 SaaS 和軟體組件仍然以健康的速度成長。

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策略。我相信，在未來 12 到 18 個月內，您將繼續看到該業務的改善。但我們還需要在防火牆方面解決供應鏈問題。史考特，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，塔爾，關於服務部分，你必須記住兩件事。其中大部分都是可評估的。其中大部分是我們銷售的與硬體相關的支援服務。所以總是存在著滯後，對嗎？當你建立一個龐大的按比例分配的收入基礎時－這需要時間來建立。因此，需要一段時間才能加速，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.

如果你看看我們過去 12 到 18 個月疫情期間的產品收入率，你會發現，我們的產品成長率當然相當低。其伴隨效應是，我們銷售的服務合約減少了，收入也減少了。這些收入需要時間才能體現在收入流中，因為其中很大一部分是應稅收入，並且會累積成遞延收入，並隨著時間的推移而逐漸減少。

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.

因此，我們現在處理的只是與硬體相關的服務的尾部，而回顧 12 到 18 個月前，當時硬體銷售量相當低。另一方面，我們的 RPO 成長了 305 億美元，成長了 8%。顯然，可評估服務適合於此。短期內，163 億美元的銷售額、8% 的成長速度可以讓您大致了解未來的道路是什麼樣的。這既是服務也是軟體，但它可以讓您了解未來的道路是什麼樣的。

Amit Daryanani from Evercore.

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。我想我第一個想到的其實是校園方面，校園解決方案方面。我不知道，當我們度過今年剩餘時間並恢復某種形式的混合工作時，您認為該細分市場或產品組合將如何發展？

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?

而且我想，在校園裡，你們的許多同學，如果不是的話，你們的每一位同學，都在談論如何擴大市場份額。你們在那裡佔據主導地位。因此，鑑於每個人都在談論市場，我很想了解您對市場的看法以及您捍衛市場份額的能力？

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

是的。阿米特，我無法理解你的問題的第一部分。你想重複一遍嗎？

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，我只是想了解一下，在校園方面，當我們重新回到某種形式的混合工作時，您認為這一部分今年會如何發展？從競爭角度來看，很多同業都在談論如何搶佔市場份額。那麼您如何看待市場佔有率的動態發展？

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。因此，我們相信，我們所看到的是正在發生的純粹的現代化。我們尤其看到了 WiFi 網路的密集化。因此，我們看到每個工作空間的存取點比 COVID 之前越來越多，只是為了確保可靠性，而這又需要更強大的交換基礎設施來支援它。我們相信客戶正準備將越來越多的視訊設備放入會議室，這些設備將採用硬連線，從而驅動更多的交換器連接埠。

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 基地正在安裝更多的安全攝影機。物聯網正在開始擴展、連接和建立自動化系統。而所有這些都需要一個極其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，市場佔有率是一個有趣的問題，它顯然是基於收入的。我可以告訴你，根據訂單的成長率以及其中有多少積壓訂單，我並不擔心。我們－我無法想像市場成長速度會比過去三個季度的訂單成長速度更快。這只是（聽不清楚）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，我可以快速問你一個問題嗎？思科將在什麼樣的情況下開始進行回購，而不僅僅是抵消稀釋？也許這個資本分配問題的反面是，你的帳面上有多少現金太多，以至於你可能需要進行更積極的回購？

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，您看到我們在第二季度非常積極地進行回購，本季的回購金額達到了 48 億美元。這顯然遠遠超出了抵消稀釋所需的範圍。我認為，從歷史上看，如果你回顧一下，你會發現過去幾年我們在股票回購方面一直非常積極，自 2018 年以來，股息和股票回購已帶來 760 億美元的回報。所以，我認為從我們的角度來看，立場或態度並沒有改變。我們不斷從現金角度評估我們的現狀以及我們的需求。

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順序沒有改變。當然，業務的成長首先是有機的，其次是無機的；股息、反稀釋；除此之外，我們還將向股東返還現金。所以我認為這就是你未來需要思考的方式。政策上沒有真正的變化，但你看到我們在第二季上半場變得相當積極。

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?

我吃了兩個快的。查克，您談到了服務供應商客戶群中網路規模客戶的優勢。也許您能向我們提供一些有關電信公司和有線電視的詳細信息，以及它們目前為您提供的實力和可見性？

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，為了跟進，我只是想再次回到訂單。從第一季到第二季度，你們的企業訂單確實增加了 30%，我認為是 37%。是否有早期訂單的組成推動了這種加速？還是你看到了潛在的加速？您能幫我們思考一下這個問題嗎？

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。因此，在服務提供者領域，我想說，只是為了給你一個總體概念——我給你的網路規模數字超過 70%。我想說——整體服務提供者部分佔 42%。有線電視業務基本持平，上下浮動 1 到 2 個百分點。而電信業務對我們來說非常強勁，非常強勁。因此，網路規模和電信領域都是 42% 成長的主要貢獻者。那麼第二個問題，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。是的，當你從各個地域或各個產品組合甚至各個垂直行業來看時，你會發現它非常一致。我的意思是──現在每個顧客似乎都在動。因此我認為，沒有什麼具體的事情需要特別指出。它的基礎相當廣泛。

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

我認為這是我們電話會議的最後一個問題。查克，你想最後說幾句話嗎？

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，我同意，瑪麗蓮。謝謝。首先，儘管組件需求或組件動態持續變化，產品訂單成長、收入、每股盈餘、ARR 成長、RPO 成長、全球均衡成長，我為我們在第二季的成就感到自豪。我們對網路規模的持續成功感到非常高興，並且很高興我們的客戶在繼續走這條數位轉型之路時選擇我們的技術。

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建立的內容以及我們的團隊已經建立的內容的相關性和關鍵性。我想花一點時間感謝所有思科員工，因為過去的幾年非常艱難。我認為團隊展現了極大的韌性，實現了突破性的創新，並盡一切努力照顧我們的客戶。感謝您今天抽出時間與我們交談，我們下次再聊。

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，下一次季度財報電話會議將於 2022 年 5 月 18 日星期三下午 1:30 舉行，該會議將反映我們 2022 財年第三季的業績。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，請隨時聯絡思科投資者關係小組。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會議，可以撥打 (888) 568-0332。對於從美國境外撥打電話的參與者，請撥打 (203) 369-3905。今天的電話會議到此結束。您現在可以斷開連線。