思科 (CSCO) 2023 Q1 法說會逐字稿

Welcome to Cisco's First Quarter Fiscal Year 2023 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 2023 財年第一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 First Quarter Fiscal Year 2023 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. 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.

歡迎大家參加思科 2023 財年第一季季度財報電話會議。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。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。

As is customary in Q1, we have made certain reclassifications to prior period amounts to conform to the current period's presentation. Income statements, full GAAP to non-GAAP reconciliation information, balance sheets, cash flow statements and other financial information can also be found in the Financial Information section of our Investor Relations website. Throughout this conference call, we will be referencing both GAAP and non-GAAP financial results, and 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.

按照第一季的慣例，我們對前期金額進行了某些重新分類，以符合本期的呈現方式。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。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 second quarter and full year of fiscal 2023. They are subject to the risks and uncertainties that we discuss in detail in our documents filed with the SEC, specifically the most recent report on Form 10-K, 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 2023 財年第二季和全年提供的指引。它們受我們在提交給美國證券交易委員會的文件中詳細討論的風險和不確定性的影響，特別是最新的 10-K 表格報告，其中確定了可能導致實際結果與前瞻性陳述中的結果存在重大差異的重要風險因素。

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。

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

現在，我將把發言權交給查克。

Thank you, Marilyn, and thank you all for joining us today. We are off to a good start in fiscal 2023, delivering strong results, exceeding the top end of our guidance range for both revenue and non-GAAP EPS. We delivered the largest quarterly revenue in our history, driven by excellent execution and the actions our team took to remediate our supply challenges. Given these results, along with the strength of our orders, our visibility and easing supply constraints, we are raising our full year outlook, which Scott will cover later.

謝謝你，瑪麗蓮，也謝謝大家今天加入我們。我們在 2023 財年取得了良好的開端，取得了強勁的業績，收入和非 GAAP EPS 均超出了我們的指導範圍上限。我們實現了歷史上最高的季度收入，這得益於出色的執行力以及我們的團隊為解決供應挑戰而採取的行動。鑑於這些結果，加上我們訂單的強勁、我們的知名度和緩解的供應限制，我們提高了全年預期，斯科特將在稍後介紹。

While we are proactively managing through an evolving and complex market environment, we remain intensely focused on executing on our strategy, including our transition to more software and subscription-based recurring revenue. We achieved software revenue growth of 5% year-over-year and software subscription revenue grew 11%. The easing of supply constraints and our ability to deliver hardware is now releasing software subscriptions that were sitting in backlog connecting to unshipped hardware.

雖然我們正在積極應對不斷變化和複雜的市場環境，但我們仍然高度專注於執行我們的策略，包括向更多軟體和基於訂閱的經常性收入的過渡。我們的軟體營收年增5%，軟體訂閱收入成長11%。供應限制的緩解和我們交付硬體的能力現在正在釋放與未發貨硬體相關的積壓的軟體訂閱。

Our success is also reflected in our ARR, which exceeded $23 billion, increasing 7%, with product ARR growing 12%. We also ended the quarter with RPO of nearly $31 billion, up 3% year-over-year with product RPO up 5%. Over $16 billion of the RPO will be recognized as revenue over the next 12 months, with a backlog that remains elevated at near-record levels. These metrics give us increased visibility and predictability and provide additional confidence in our ability to perform through the current market cycle. It also underscores our unique position, helping customers become more agile and resilient as they continue to navigate a complex set of challenges.

我們的成功也體現在我們的 ARR 上，超過 230 億美元，成長 7%，其中產品 ARR 成長 12%。本季結束時，我們的 RPO 達到近 310 億美元，年成長 3%，產品 RPO 成長 5%。未來 12 個月內，超過 160 億美元的 RPO 將確認為收入，而積壓訂單仍將維持在接近歷史最高水準。這些指標提高了我們的可見性和可預測性，並增強了我們對在當前市場週期中表現的能力的信心。這也凸顯了我們的獨特地位，幫助客戶在應對一系列複雜挑戰時變得更加敏捷和有彈性。

As I've done in the past, I'd like to provide an update on supply chain before discussing our Q1 results. Like you've heard from others in the industry, we are encouraged by what we are seeing with modest improvement in certain component availability as shortages continue to ease from last quarter. The redesign of many of our products has also helped bring supply stability and more resiliency. Over the last few quarters, you've heard me talk about the actions we've taken to navigate supply constraints. These actions are paying off and are contributing to our results. We now have greater visibility in the ramp of our customer product deliveries, which in turn gives us greater confidence in our fiscal 2023 outlook.

正如我過去所做的那樣，在討論我們的第一季業績之前，我想提供有關供應鏈的最新情況。正如您從業內其他人那裡聽到的那樣，隨著上個季度的短缺持續緩解，某些零件的供應情況略有改善，這令我們感到鼓舞。我們許多產品的重新設計也有助於帶來供應穩定性和更強的彈性。在過去的幾個季度裡，你們已經聽過我談論我們為解決供應限制問題所採取的行動。這些行動正在產生成效並有助於我們取得成果。現在，我們對客戶產品交付的成長有了更大的了解，這反過來又讓我們對 2023 財年的前景更有信心。

Now moving to performance highlights in the quarter. We delivered revenues of $13.6 billion, up 6%, and non-GAAP EPS came in at $0.86, our second highest quarterly non-GAAP EPS in the history of the company. We also generated $4 billion in operating cash flow and returned over $2 billion to our shareholders. These metrics show we remain committed to operating discipline and our balanced capital allocation priorities. We are continuing to invest in our long-term growth opportunities, while also returning capital to shareholders.

現在來看看本季的業績亮點。我們實現了 136 億美元的營收，成長 6%，非公認會計準則每股收益達到 0.86 美元，這是公司歷史上第二高的季度非公認會計準則每股收益。我們也產生了 40 億美元的經營現金流，並向股東返還了超過 20 億美元。這些指標顯示我們仍然致力於經營紀律和平衡的資本配置優先事項。我們將繼續投資我們的長期成長機會，同時也向股東返還資本。

In terms of our product orders in the quarter, it's important to note that the year-over-year comparison is against an unusually strong period of 34% growth in Q1 of fiscal year '22. From a geographic perspective, we saw some emerging cautiousness in Europe. This is driven by a dramatic increase in energy costs and market volatility, which is leading customers to assess their overall spend. However, this also presents an opportunity for us as our technologies like IoT, Silicon One and Power over Ethernet drive a significant reduction in power consumption.

就本季的產品訂單而言，值得注意的是，與去年同期相比，2022 財年第一季的增幅異常強勁，達到 34%。從地理角度來看，我們看到歐洲正在出現一些謹慎情緒。這是由於能源成本急劇上升和市場波動所致，導致客戶對其整體支出進行評估。然而，這也為我們提供了一個機會，因為我們的物聯網、Silicon One 和乙太網路供電等技術可以顯著降低功耗。

To provide a normalized perspective, our Q4 to Q1 sequential growth was just slightly below the normal range over the last 6 years. It's also important to note that this was the second highest Q1 orders in the history of the company. We have strong product revenue momentum in key parts of our business, including secure Agile Networks, security and optimized application experiences. We also saw record performance from a number of products, including the Catalyst 9000 family, Cisco 8000, Wireless, Meraki, ThousandEyes and Duo. Networking is becoming increasingly critical to every organization, led by digital transformation, hybrid cloud, AI and ML workloads. This is driving demand for our technologies.

為了提供正常化的視角，我們第四季至第一季的連續成長略低於過去 6 年的正常範圍。值得注意的是，這是該公司史上第二高的Q1訂單。我們在業務的關鍵部分擁有強勁的產品收入勢頭，包括安全的敏捷網路、安全性和優化的應用體驗。我們也看到許多產品的性能創下了紀錄，包括 Catalyst 9000 系列、Cisco 8000、Wireless、Meraki、ThousandEyes 和 Duo。在數位轉型、混合雲、人工智慧和機器學習工作負載的推動下，網路對每個組織來說變得越來越重要。這推動了對我們技術的需求。

As we've discussed, there are also tailwinds to our business such as Hybrid Work, 400 Gig and Beyond, 5G, WiFi 6 Security and Full Stack Observability. We believe these broader technology transitions will require every customer to rearchitect their network infrastructure, and in turn, fuel long-term growth across our portfolio.

正如我們所討論的，我們的業務也面臨著一些順風因素，例如混合工作、400 Gig 及更高版本、5G、WiFi 6 安全性和全端可觀察性。我們相信，這些更廣泛的技術轉型將要求每位客戶重新建構他們的網路基礎設施，進而推動我們整個產品組合的長期成長。

As I speak with customers, they tell me that while they are closely watching the economy, they remain focused on making the right investments across their business to increase their agility and drive greater innovation and productivity. In our web-scale business, demand remains solid, driven by their growing investments with Cisco to build out AI fabric and massively scalable cloud networks. Once again, we saw strong momentum with our Silicon One-based Cisco 8000 routers, we are experiencing robust demand for our 400-gig products and now have nearly 1,200 customers.

當我與客戶交談時，他們告訴我，雖然他們密切關注經濟形勢，但他們仍然專注於在整個業務中進行正確的投資，以提高靈活性並推動更大的創新和生產力。在我們的網路規模業務中，需求依然強勁，這得益於他們與思科不斷增加的投資，以建構人工智慧結構和大規模可擴展的雲端網路。我們再次看到基於 Silicon One 的思科 8000 路由器的強勁發展勢頭，我們的 400 千兆產品需求旺盛，目前擁有近 1,200 個客戶。

On a trailing 12-month basis, web-scale orders were up double digits or greater for the eighth consecutive quarter. Network capacity demand continues to increase, driven by 5G, IoT, pervasive video and other technology trends I've mentioned earlier. With our commitment to powering next-generation networks, while also driving sustainability, we launched new 800 gig switching platforms built on our Silicon One G100 chip to help meet customers' demand for more programmability bandwidth and energy efficiency.

在過去 12 個月中，網路訂單連續第八個季度實現兩位數或更多的成長。在 5G、物聯網、普及影片以及我之前提到的其他技術趨勢的推動下，網路容量需求持續增加。我們致力於為下一代網路提供動力，同時推動永續發展，我們推出了基於 Silicon One G100 晶片構建的全新 800 GB 交換平台，以幫助滿足客戶對更多可編程頻寬和能源效率的需求。

Let me now touch on our innovation, as I'm incredibly proud of how our teams have come together to deliver market-leading solutions for our customers. Security and Hybrid Work are now more critical than ever. We continue to extend our capabilities to enable customers to work more securely anywhere while reducing cost and complexity. In security, we introduced new data loss prevention, firewall and Zero Trust capabilities across our portfolio. And in collaboration, we announced more than 40 new innovations to power hybrid work and deliver exceptional customer experiences.

現在讓我談談我們的創新，因為我對我們的團隊如何齊心協力為客戶提供市場領先的解決方案感到無比自豪。安全性和混合工作現在比以往任何時候都更重要。我們不斷擴展我們的能力，使客戶能夠在任何地方更安全地工作，同時降低成本和複雜性。在安全性方面，我們在整個產品組合中引入了新的資料遺失預防、防火牆和零信任功能。在合作中，我們宣布了 40 多項新創新，以支援混合工作並提供卓越的客戶體驗。

We're also committed to giving our customers more choice. An example of this is our partnership with Microsoft to bring Microsoft teams to Cisco meeting room devices. By doing this, we are driving interoperability and demonstrating our openness to meet our customers' need and provide greater flexibility.

我們也致力於為客戶提供更多選擇。例如，我們與微軟合作，將微軟團隊引進思科會議室設備。透過這樣做，我們正在推動互通性並展示我們的開放性，以滿足客戶的需求並提供更大的靈活性。

To wrap up, we delivered another strong quarter of revenue and non-GAAP earnings growth. The strength of orders, increased visibility and easing supply situation provides us with enhanced visibility and predictability which underpins the confidence we have in our business and our increased outlook for the year. Our performance this quarter is a testament to our innovation and execution to support our customers during these complex times. Additionally, it reinforces Cisco's strength, durability and discipline in how we manage the business while investing to capture the multiyear growth opportunities ahead.

總而言之，我們又一個季度實現了強勁的收入和非公認會計準則獲利成長。訂單的強勁、可見度的提高和供應狀況的緩解為我們提供了增強的可見度和可預測性，這鞏固了我們對業務的信心和對今年前景的樂觀。本季的業績證明了我們在這段複雜時期為客戶提供支援的創新和執行力。此外，它還增強了思科在業務管理方面的實力、耐久性和紀律性，同時我們也將進行投資以抓住未來多年的成長機會。

Our portfolio is in great shape and our business model is resilient, with 43% of our revenue now recurring, which is very important as we navigate the current macro environment. The hard work and dedicated commitment of our leadership team and employees over the last few years to transform our business model is reflected in the performance we delivered this quarter. Combined with the strength of our balance sheet and our position in the market, we have an excellent foundation for delivering long-term results.

我們的投資組合狀況良好，我們的商業模式具有彈性，目前我們的收入中有 43% 是經常性的，這對於我們應對當前的宏觀環境非常重要。我們領導團隊和員工在過去幾年中為轉變業務模式所付出的辛勤工作和奉獻精神體現在本季度的業績中。結合我們強勁的資產負債表和市場地位，我們為實現長期業績奠定了良好的基礎。

I will now turn it over to Scott.

現在我將把發言權交給史考特。

Thanks, Chuck. We started the fiscal year with a strong Q1, reflecting solid execution and disciplined management. We had record total revenue of $13.6 billion, exceeding the high end of our guidance range, driven by product shipment levels above our expectations and continued improvements in component supply.

謝謝，查克。我們以強勁的第一季業績開啟了本財年，體現了穩健的執行力和嚴謹的管理。我們的總收入創歷史新高，達到 136 億美元，超過了我們預期範圍的高端，這得益於產品出貨量超出預期以及零件供應持續改善。

Non-GAAP operating margin was 31.8%, down 150 basis points, in line with our guidance range, primarily driven by higher component costs, as well as logistics costs related to supply constraints. Non-GAAP net income was $3.5 billion, up 2%, and non-GAAP EPS was $0.86, up 5%, exceeding the high end of our guidance range.

非公認會計準則營業利潤率為 31.8%，下降 150 個基點，符合我們的指導範圍，主要原因是零件成本上升，以及與供應限制相關的物流成本上升。非公認會計準則淨收入為 35 億美元，成長 2%，非公認會計準則每股收益為 0.86 美元，成長 5%，超過了我們預期範圍的高端。

Looking at our Q1 revenue in more detail. Total product revenue was $10.2 billion, up 8%, and service revenue was flat at $3.4 billion. Within product revenue, Secure Agile Networks performed well, up 12%. Switching revenue grew with double-digit growth in campus switching, driven by growth in our Catalyst 9000 and Meraki offerings. While data center switching modestly declined, we saw solid growth in our Nexus 9000 offering.

更詳細地了解我們的第一季收入。總產品營收為 102 億美元，成長 8%，服務收入持平於 34 億美元。在產品收入方面，Secure Agile Networks 表現良好，成長了 12%。受 Catalyst 9000 和 Meraki 產品成長的推動，校園交換業務實現了兩位數成長，交換收入也隨之成長。雖然資料中心交換略有下降，但我們的 Nexus 9000 產品實現了穩健成長。

Enterprise routing declined primarily from the product transition to our Catalyst 8000 series routers along with constrained supply. Wireless had very strong double-digit growth driven primarily by our WiFi 6 products and Meraki wireless offerings.

企業路由的下降主要由於產品向 Catalyst 8000 系列路由器的轉變以及供應受限所致。無線業務實現了非常強勁的兩位數成長，這主要得益於我們的 WiFi 6 產品和 Meraki 無線產品。

Internet for the future was down 5%, driven by declines in cable, optical and edge. We saw growth in our Cisco 8000 offering and strong double-digit growth in web-scale. Collaboration was down 2%, driven by a decline in meetings, partially offset by growth in calling. End-to-end security was up 9%, driven by unified threat management and Zero Trust offerings. Our Zero Trust portfolio continues to perform well, driven by strong performance in our Duo offering.

受有線、光纖和邊緣運算的下滑影響，未來網路價格下跌 5%。我們看到思科 8000 產品的成長以及網路規模強勁的兩位數成長。協作下降了 2%，原因是會議減少，但通話成長部分抵消了這種影響。在統一威脅管理和零信任產品的推動下，端到端安全性提高了 9%。由於 Duo 產品的強勁表現，我們的零信任產品組合持續表現良好。

Optimized application experiences was up 7%, driven by double-digit growth in our SaaS-based offering, ThousandEyes.

優化的應用體驗成長了 7%，這得益於我們基於 SaaS 的產品 ThousandEyes 的兩位數成長。

We continue to make progress on our transformation metrics as we shift our business to more software and subscriptions. We saw strong performance in our ARR of $23.2 billion, which increased 7% with product ARR growth of 12%. Total software revenue was $3.9 billion, an increase of 5%, with software subscription revenue up 11%. 85% of the software revenue was subscription based, which is up 5 percentage points year-over-year. We continue to have over $2 billion of software orders in our product backlog.

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。我們的 ARR 表現強勁，達到 232 億美元，成長 7%，產品 ARR 成長 12%。總軟體營收為 39 億美元，成長 5%，其中軟體訂閱收入成長 11%。 85%的軟體收入來自訂閱，較去年同期成長5個百分點。我們的產品積壓中仍有超過 20 億美元的軟體訂單。

Total subscription revenue was $5.9 billion, an increase of 6%. Total subscription revenue represented 43% of Cisco's total revenue. And RPO was up -- was $30.9 billion, up 3%. Product RPO increased 5% and service RPO increased 1%. Total short-term RPO grew to $16.4 billion.

總訂閱收入為 59 億美元，成長 6%。總訂閱收入佔思科總營收的43%。 RPO 上漲至 309 億美元，成長 3%。產品 RPO 增加了 5%，服務 RPO 增加了 1%。短期RPO總額成長至164億美元。

In terms of orders in Q1, we had the second highest Q1 orders in our history. Although product orders were down 14% for the quarter, it's important to keep in mind that compare against 34% growth from a year ago. We continue to have low cancellation rates, which remain below pre-pandemic levels.

就第一季的訂單而言，我們取得了史上第二高的第一季訂單。儘管本季產品訂單下降了 14%，但值得注意的是，與去年同期 34% 的成長相比，這一數字有所下降。我們的取消率仍然很低，低於疫情前的水平。

Looking at our geographic segments year-on-year. The Americas was down 10%, EMEA was down 23% and APJC down 10%. In our customer markets, service provider was down 23%, commercial was down 14%, Enterprise was down 13% and public sector was down 7%. Total non-GAAP gross margin came in within our guidance range at 63%, down 150 basis points year-over-year.

逐年查看我們的地理分佈。美洲地區下降 10%，歐洲、中東和非洲地區下降 23%，亞太及日本地區下降 10%。在我們的客戶市場中，服務提供者下降了 23%，商業下降了 14%，企業下降了 13%，公共部門下降了 7%。非公認會計準則總毛利率在我們的指導範圍內，為 63%，年減 150 個基點。

Product gross margin was 61%, down 280 basis points, and service gross margin was 68.8%, up 230 basis points. In our product gross margin, the decrease was primarily driven by both component costs, as well as higher freight and logistics costs related to supply constraints. This was partially offset by strong positive pricing impact as a result of the actions we took in the prior year, as well as some benefit from product mix.

產品毛利率為61%，下降280個基點，服務毛利率為68.8%，上升230個基點。我們產品毛利率的下降主要是由於零件成本以及供應限制導致的運費和物流成本上漲。這在一定程度上被我們去年採取的行動帶來的強勁的積極定價影響以及產品組合帶來的一些好處所抵消。

Backlog levels for both our hardware and software continue to far exceed historical levels. As we navigate a complex supply environment, we were able to increase our shipments this quarter, resulting in about a 10% decrease in total backlog sequentially, which remains at the second highest level we've seen.

我們的硬體和軟體的積壓水平繼續遠遠超過歷史水平。由於我們應對了複雜的供應環境，我們本季的出貨量有所增加，導致總積壓訂單量較上季下降約 10%，但仍處於我們所見過的第二高水準。

Just a reminder, backlog is not included as part of our $30.9 billion in remaining performance obligations. Combined, our significant backlog and RPO continued to provide great visibility to our top line.

需要提醒的是，積壓訂單不包括在我們 309 億美元的剩餘履約義務中。綜合起來，我們大量的積壓訂單和 RPO 繼續為我們的營收提供了極大的可見性。

Shifting to the balance sheet. We ended Q1 with total cash, cash equivalents and investments of $19.8 billion. Operating cash flow for the quarter was $4 billion, up 16% year-over-year.

轉向資產負債表。我們第一季的現金、現金等價物和投資總額為 198 億美元。本季經營現金流為40億美元，較去年成長16%。

In capital allocation, we returned $2.1 billion to shareholders during the quarter that was comprised of $1.6 billion for our quarterly cash dividend and approximately $500 million of share repurchases. All of this is in line with our long-term objective of returning a minimum of 50% of free cash flow annually to our shareholders. We also ended the quarter with $14.7 billion in stock repurchase authorization.

在資本配置方面，我們在本季向股東返還了 21 億美元，其中包括 16 億美元的季度現金股利和約 5 億美元的股票回購。所有這些都符合我們的長期目標，即每年向股東返還至少 50% 的自由現金流。本季末我們也獲得了 147 億美元的股票回購授權。

To summarize, we executed well in Q1 in a highly complex environment, delivering better-than-expected top line growth and non-GAAP profitability. We continue to make progress on our business model shift to more recurring revenue while making strategic investments in innovation to capitalize on our significant growth opportunities.

總而言之，我們在第一季在高度複雜的環境中表現良好，實現了優於預期的營收成長和非公認會計準則獲利能力。我們繼續在業務模式轉向更多經常性收入方面取得進展，同時對創新進行策略性投資，以利用我們巨大的成長機會。

Consistent with that objective, we announced some restructuring actions focused on prioritizing our investments across our highest growth opportunities and rightsizing our real estate footprint to help maximize long-term value for our shareholders.

與該目標一致，我們宣布了一些重組措施，重點是優先投資於我們成長最快的機會，並調整我們的房地產佈局，以幫助最大限度地提高股東的長期價值。

Turning to our financial guidance for Q2. We expect revenue growth to be in the range of 4.5% to 6.5%. We anticipate non-GAAP gross margins to be in the range of 63% to 64%. Our non-GAAP operating margin is expected to be in the range of 31.5% to 32.5%. And non-GAAP earnings per share is expected to range from $0.84 to $0.86.

談到我們對第二季的財務指引。我們預計收入成長率將在 4.5% 至 6.5% 之間。我們預計非公認會計準則毛利率將在 63% 至 64% 之間。我們的非公認會計準則營業利潤率預計在 31.5% 至 32.5% 之間。非公認會計準則每股收益預計在 0.84 美元至 0.86 美元之間。

For fiscal year '23, our guidance is, we are raising our expectations for revenue growth to be in the range of 4.5% to 6.5% year-on-year. This is up from the prior range of 4% to 6% growth. Non-GAAP earnings per share guidance is expected to range from $3.51 to $3.58, also up 4.5% to 6.5% year-on-year.

對於 23 財年，我們的指導是，我們將營收成長預期提高到年增 4.5% 至 6.5% 之間。這高於之前的 4% 至 6% 的成長率。非公認會計準則每股收益預計在 3.51 美元至 3.58 美元之間，年增 4.5% 至 6.5%。

In both our Q2 and full year guidance, we're assuming a non-GAAP effective tax rate of 19%. Our Q2 guidance reflects the increased visibility we have from our significant backlog and the RPO we have built up with our business model transformation, as well as the easing of supply constraints. The full year guidance rolls forward our Q1 overperformance with a prudent view of the remainder of the year.

在我們的第二季和全年指引中，我們都假設非 GAAP 有效稅率為 19%。我們對第二季的預期反映了我們透過業務模式轉型建立的大量積壓訂單和 RPO 所帶來的可見性的提高，以及供應限制的緩解。全年指引延續了我們第一季的超額表現，並對今年剩餘時間持審慎態度。

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

現在我將主題交還給瑪麗蓮，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。

Meta Marshall from Morgan Stanley.

摩根士丹利的 Meta Marshall。

Congrats on the quarter. Chuck, I was just wondering if you could dive a little bit into -- more into kind of the commentary that you gave about Europe? And just also kind of what you're seeing in terms of level of activity or level of approvals needed within the U.S., that would be helpful.

恭喜本季取得佳績。查克，我只是想知道您是否可以更深入地談談您對歐洲的評論？而且，從您所看到的美國境內所需的活動水平或批准水平來看，這也會有所幫助。

Thanks, Meta. Yes, we saw -- I think Europe is obviously being impacted by the energy cost. And I think that's just forcing companies to take a look at their P&L as you would have to and where they spend their dollars. And we continue to see it not be quite as cold there. We had conversations with some of our team members this week, which is a positive sign. But the other thing that I called out that I think is an important one is that customers are trying to solve this energy cost issue in a very aggressive way. And we have several technology areas that can help them do that, including our Silicon One technology, which powers their networks at much lower power consumption. You've got IoT where we can connect these energy systems and make them more efficient as well as Power-over-Ethernet, which actually just reduces the power footprint for our customers. So it does also create some opportunity.

謝謝，Meta。是的，我們看到——我認為歐洲顯然受到了能源成本的影響。我認為這只是迫使公司像你一樣查看他們的損益表以及他們的錢花在哪裡了。我們繼續看到那裡的氣溫不再那麼冷。本週我們與一些團隊成員進行了交談，這是一個積極的信號。但我要指出的另一件我認為很重要的事情是，客戶正在嘗試以非常積極的方式解決這個能源成本問題。我們有幾個技術領域可以幫助他們做到這一點，包括我們的 Silicon One 技術，它可以以更低的功耗為他們的網路供電。我們可以透過物聯網連接這些能源系統，提高其效率，還可以透過乙太網路供電，這實際上減少了​​客戶的電力消耗。所以它也確實創造了一些機會。

I'd say if I go to Asia real quick, you've got -- Asia was actually pretty resilient. They're clearly aware of the economic situation that's going on, but we had 5 regions last quarter that were positive after big positives a year ago, including India, which grew significantly after significant growth the prior year. So that was a good sign. So Asia is pretty resilient, it feels like right now.

我想說，如果我很快就去亞洲，你會發現——亞洲其實相當有彈性。他們清楚地意識到了正在發生的經濟形勢，但上個季度我們有 5 個地區繼去年大幅增長後又出現了積極變化，其中包括印度，該地區繼前一年大幅增長後又出現了顯著增長。所以這是一個好兆頭。所以，就目前而言，亞洲的復原力相當強。

And then in the Americas, I'd say it's a little mixed. We have some customers who are powering forward and other customers who are taking a little cautious outlook. We think by December, we'll have better visibility to the 2023 budgets, which will be helpful. And to your question about more signatures, we have seen our customers have implemented greater signature requirements. But by and large, the deals that we have going are getting signed, they're just taking a little bit longer than we expect.

而在美洲，我想說情況有點複雜。我們有一些客戶正在大力推進，而有些客戶則持謹慎態度。我們認為到 12 月，我們將對 2023 年的預算有更好的了解，這將會有所幫助。關於您關於更多簽名的問題，我們已經看到我們的客戶實施了更高的簽名要求。但總的來說，我們正在簽署的協議只是比我們預期的時間長一點。

Tal Liani from Bank of America.

美國銀行的 Tal Liani。

Great quarter, and I see that the numbers are going up, but the question is how much of it is backlog flush and how much of it is the environment? Meaning, I look at your product growth -- product orders, it's down 14%. Last quarter, it's down 6%. And the question is how is the environment itself? Is the environment weakening from an orders bookings, backlog? Is the environment weakening and what we're seeing is acceleration because of supply constraints that are easing? Or is the environment holding up? And maybe you can refer to some kind of some of your big product categories to see how the trends are.

這是一個很棒的季度，我看到數字在上升，但問題是其中有多少是由積壓訂單造成的，又有多少是環境造成的？意思是，我看一下你們的產品成長情況——產品訂單，它下降了 14%。上個季度，這一數字下降了 6%。問題是環境本身如何？訂單量、積壓量是否導致環境惡化？環境是否正在減弱，而我們看到的是由於供應限制正在緩解而加速？還是環境能夠支撐？也許您可以參考一些大產品類別來了解趨勢。

Yes. Thanks, Tal. So this is a question we expected. So I'm going to give you a little more detail than I probably normally would. First off, the 2 quarters we just finished in the next quarter, we have massive year-over-year comparisons from prior year. So as we discussed last time, we think it's more important to look at sequential growth as an indicator. And as I said, we were slightly below our historic quarter-to-quarter range, roughly 1%. So it wasn't significant, not completely out of line. Certainly a little lighter than we would expect normally, but not significant.

是的。謝謝，塔爾。所以這是我們預料到的問題。因此我將向您提供比平常更詳細的資訊。首先，我們剛結束的下個季度的兩個季度與去年同期相比有了很大的成長。因此，正如我們上次討論的那樣，我們認為將連續成長作為指標更為重要。正如我所說，我們的季度環比增長略低於歷史水平，約為 1%。所以這並不重要，也沒有完全出格。確實比我們通常預期的要輕一點，但並不明顯。

Enterprise and commercial on a global basis were both within the normal sequential range. Public sector was slightly out of range and service providers is just lumpy. So the sequential reflection on service provider is not really valid. So demand was not -- it didn't fall off a cliff by any stretch. In fact, U.S. enterprise after a -- upper 20s growth in the prior year, they actually posted low single-digit positive growth again. So that was a positive sign. Our order linearity within the quarter was in line. And remember, it was our second largest Q1 orders ever. So only -- the only quarter that was bigger was the quarter a year ago. So that's positive.

全球範圍內的企業和商業均處於正常的連續範圍內。公共部門略微超出範圍，服務提供者表現不穩定。因此，對服務提供者的順序反思實際上並不有效。因此，需求並沒有——無論如何都沒有急劇下降。事實上，美國企業在前一年實現了 20% 以上的成長後，實際上又實現了低個位數的正成長。所以這是一個正面的訊號。我們本季內的訂單線性是一致的。請記住，這是我們有史以來第二大第一季訂單。因此，唯一一個比去年同期更大的季度是去年同期。這是積極的。

Now what you're trying to get at, and I think everybody is trying to get at is, is this year being driven by backlog? And then as we go beyond that, everything falls apart. So let me give you some data points on this. Even if our orders are down 10% this year, which is not our forecast, we will still -- we project today that we will end the fiscal year with 2x to 3x our historic year-end normal backlog. That normal backlog is typically $4 billion to $5 billion. So I'm giving you actual numbers here. And then when you couple that with 43% of our revenue now coming from recurring, which is reflected in our RPO, that's what gives us a high degree of confidence and a high degree of visibility in the near term. So hopefully, that helps you as I answer your question, Tal.

現在您想要知道的是，我想每個人都想要知道的是，今年是否是由積壓訂單驅動的？當我們超越這一點時，一切都會崩潰。因此，讓我給你一些有關此問題的數據點。即使今年我們的訂單下降了 10%（這不在我們的預測範圍內），我們今天仍然預計，本財年結束時我們的訂單量將是歷史年末正常積壓量的 2 倍到 3 倍。正常的積壓訂單通常為 40 億至 50 億美元。所以我在這裡給你實際的數字。然後，當你將其與我們現在 43% 的收入來自經常性收入（這反映在我們的 RPO 中）結合起來時，這使我們在短期內具有高度的信心和高度的可見性。所以希望我回答你的問題能對你有幫助，塔爾。

David Vogt from UBS.

瑞銀的 David Vogt。

Chuck, maybe just as a point of clarification, you talked about the sequential decline. It was a little bit worse than seasonal. But you took down backlog by about 10%, looks like quarter-over-quarter. Can you just kind of help square those numbers because that sounds -- if I just say that you did about 13.1% last year in the fourth quarter, you'd be a little bit below (technical difficulty).

查克，也許只是為了澄清一下，你談到了連續的下降。這比季節性的情況稍微糟糕一點。但你們將積壓訂單減少了約 10%，看起來與上一季相比有所下降。您能否幫忙算一下這些數字，因為這聽起來——如果我說您去年第四季的成長率約為 13.1%，那會略低於這個數字（技術難度）。

David, I think we may have lost you.

大衛，我想我們可能失去了你。

Hope it wasn't. David, you're there?

但願不是這樣。大衛，你在那裡嗎？

Can you guys hear me?

你們聽得到我說話嗎？

Now we can.

現在我們可以了。

We lost you there. You got cut got off in the middle of your sentence.

我們在那裡失去了你。你的話在半途就被打斷了。

Just can you help square the backlog versus the sequential commentary? If I look at your quarter-over-quarter backlog commentary, that was slightly below seasonal, but it sounds like you took down backlog by about 10%. So it seems like there's about $600 million or $700 million of revenue that we're going to kind of triangulate on. So if you can kind of talk just walk through that, that would be helpful.

您能幫助平衡積壓與連續的評論嗎？如果我看一下您季度環比積壓訂單的評論，那麼略低於季節性，但聽起來您將積壓訂單減少了約 10%。因此看起來我們需要對大約 6 億美元或 7 億美元的收入進行三角測量。因此，如果您能簡單談談這一點，那將會很有幫助。

Sure. Yes. The backlog came down about 10%, leaving us with an ending backlog at the end of Q1. That was the second highest in our history and higher than what we had seen at the end of Q3. So we took a spike up, a little more than 10% in Q4 and came back down in Q1. What Chuck was talking about on the sequential is really about the overall product bookings that came in versus where we're standing in backlog. So the flow through of orders come in, drop in the backlog, that backlog then converts into revenue. The way you got to think about it is less about does the change in backlog convert to revenue growth and more of does the change in backlog convert to build.

當然。是的。積壓訂單減少了約 10%，導致我們在第一季末留下了結案積壓訂單。這是我們歷史上第二高的水平，並且高於我們在第三季末所看到的水平。因此，我們在第四季度出現了一個飆升，略高於 10%，然後在第一季又回落了。查克在連續性上談論的實際上是有關總體產品預訂量與我們所處的積壓情況。因此，訂單流入，積壓訂單減少，然後將積壓訂單轉換為收入。你要思考的不是積壓訂單的變化是否轉化為收入成長，而是積壓訂單的變化是否轉化為建設。

And remember, bookings contribute to both backlog and RPO.

請記住，預訂量會影響積壓訂單和 RPO。

Got it. And maybe just one final thing on profitability. When software comes out of backlog, I would imagine that would have been a tailwind for gross margins in the quarter. Can you kind of quantify what that might have been in the quarter, given obviously, there's some supply chain pressure and logistics pressures on margin?

知道了。關於獲利能力，也許還有最後一件事。當軟體擺脫積壓狀態時，我想這將成為本季毛利率的順風。鑑於利潤率明顯面臨一些供應鏈壓力和物流壓力，您能否量化本季可能出現的情況？

Yes, you said it right. Longer term, the software component continuing to grow and us being able to ship that out of backlog will be a tailwind to margins. Right now, what we're shipping out of backlog is still a lot of aged product. We made great progress, by the way, on our aged backlog during the quarter, but a lot of what we're shipping out still is orders that were received prior to the price increases. So you see 2 things happening at once. You see the higher cost and the revenue is tied to pre-price increase sales at the same -- which obviously is a headwind to margins. At the same time, we see more software being shipped out which is a tailwind. Then that is it continues to be a pretty significant headwind, 61% product gross margin in the quarter, in line with what we had seen in Q4.

是的，你說得對。從長遠來看，軟體組件將繼續增長，並且我們能夠將其從積壓訂單中發貨出去，這將對利潤率產生推動作用。目前，我們從積壓訂單中運送的仍是大量老舊產品。順便說一句，本季度我們在處理積壓訂單方面取得了很大進展，但我們發出的許多貨物仍然是價格上漲之前收到的訂單。所以你會看到兩件事同時發生。您會看到，成本增加，而收入卻與提價前的銷售額掛鉤——這顯然對利潤率構成了阻力。同時，我們看到越來越多的軟體被推出，這是一個順風。那麼，這仍然是一個相當大的阻力，本季產品毛利率為 61%，與我們在第四季看到的情況一致。

The good news is we made good progress on shipping out a lot of that aged backlog. There's still a little bit more to get out in Q2. And so I expect by the end of the year, margins to expand from where they are now, product margins to expand 50 to 75 basis points.

好消息是我們在運出大量積壓貨物方面取得了良好的進展。第二季還有一些事情要做。因此我預計到今年年底，利潤率將比現在擴大，產品利潤率將擴大 50 至 75 個基點。

Ittai Kidron from Oppenheimer.

奧本海默的 Ittai Kidron。

Nice results. Chuck, I want to go back to your answer to Tal's question. It's very clear that with orders down and your ability to fulfill now much more enhanced that the backlog over the next few quarters will just continue to decline. So help us get our hands around what would be a level of decline that would make you worry versus a level of decline that you'd think as a normal pace in going back to historical normal levels. What would be the line in the sand would you say where you would say more than this, we probably have an issue, but if it's around X, then it's perfectly normal and reasonable that, that will happen over the next 12, 18 months?

效果不錯。查克，我想回到你對塔爾問題的回答。很明顯，隨著訂單的減少和履行能力的增強，未來幾季的積壓訂單將繼續下降。因此，請幫助我們了解一下，什麼樣的下降水平會讓您感到擔憂，而什麼樣的下降水平會讓您認為是恢復到歷史正常水平的正常速度。您認為底線在哪裡？您認為除了這個以外，我們可能遇到了問題，但如果問題在 X 左右，那麼在接下來的 12 到 18 個月內發生這種情況是完全正常且合理的？

Yes, Ittai. We've actually modeled out various bookings scenarios for the year, and it would have to be significantly worse than what I told you for it to be concerning. Scott, do you have any other comments?

是的，伊泰。我們實際上已經模擬了今年的各種預訂情景，而且實際情況必須比我告訴你的要糟糕得多才會令人擔憂。斯科特，您還有其他評論嗎？

No. I think what you're trying to get at is when do we get back to more seasonal patterns, right? Obviously, seasonality went out the window, both going into the pandemic and then coming out of it with those 3 consecutive quarters of north, of 30% growth. We are beginning to see signs of season out, normal seasonality returning. It's going to be a little complex to see, though, because as supply constraints loosen up. We'll be able to reduce lead times. We've already done that for a handful of product lines. And as we do that, of course, now have an effect on just the current period bookings. So it's going to be a little bit difficult for you to spot those trends over the next as lead times normalize.

不。我想你想知道的是什麼時候我們才能恢復到更具季節性的模式，對嗎？顯然，季節性因素已經不復存在，無論是進入疫情，還是走出疫情，北方地區連續三個季度都實現了 30% 的成長。我們開始看到季節結束、正常季節回歸的跡象。不過，由於供應限制放鬆，情況將會變得有點複雜。我們將能夠縮短交貨時間。我們已經對一些產品線實現了這個目標。當然，我們這樣做只會對目前期間的預訂產生影響。因此，隨著交貨時間的正常化，您將很難在接下來的時間內發現這些趨勢。

Tim Long from Barclays.

巴克萊銀行的提姆朗。

Two quick ones, if I could. Maybe, Chuck, on the cloud vertical, could you talk a little bit -- still talking double-digit orders there. Could you kind of just parse out the deceleration in terms of maybe just normalization of extra quarters of ordering versus potential for -- there's been a lot of talk of normalization of spend by the cloud players next year. If you could kind of parse those 2 out.

如果可以的話，我快速問兩個問題。查克，也許您能談談雲垂直領域嗎？那裡仍然有兩位數的訂單。您能否從額外幾季的訂單正常化與潛在訂單量正常化的角度來分析一下這種減速現象？關於明年雲端運算廠商的支出正常化有很多討論。如果你能分析出這兩個問題的話。

And then on the software side, just curious if you can update us. It sounds like a lot of hardware converted, which helped. Could you talk a little bit about kind of 9K renewals and maybe any of the other stand-alone software offerings that you think could also help that growth number in the next few quarters?

然後關於軟體方面，我只是好奇您是否可以向我們更新。聽起來好像很多硬體都轉換了，這很有幫助。您能否談談 9K 續訂的情況，以及您認為可以在未來幾季幫助實現成長的其他獨立軟體產品？

Yes. 2 good questions, Tim. So on the cloud vertical, I think you're calling out the right thing that the normalization of the orders is going to probably occur over the next few quarters. In fact, I wouldn't be surprised to see our trailing fourth quarter rates over the next couple of quarters, maybe even dip negative because of such so much ordering ahead that we've seen. But we continue to see real strong demand in general from them. We've done a great deal of long-term planning with them. We have some number of orders that aren't even in book. They don't even show up in bookings yet because they're out past our bookings lead time window. So that's positive.

是的。這兩個問題問得好，提姆。因此，在雲端垂直領域，我認為你說得對，訂單的正常化可能會在未來幾季內發生。事實上，我不會感到驚訝，因為我們已經看到瞭如此多的提前訂單，所以未來幾季我們的第四季利率可能會下降，甚至可能下降為負值。但我們仍然看到他們總體上確實有著強勁的需求。我們與他們一起做了大量長期規劃。我們有一些訂單甚至還沒有登記。他們甚至還沒有出現在預訂中，因為他們已經超出了我們的預訂提前期窗口。這是積極的。

So we continue to see success there. We continue to win franchises, and we feel good about where we are there.

因此我們繼續看到那裡的成功。我們繼續贏得特許經營權，我們對目前的狀況感到滿意。

On the software side, what I would say is that the 9k renewals are improving. They're still not material right now. I think next year, we'll see that occur. What we did announce is the -- this past year is that we are going to manage all of the Catalyst portfolio under the Meraki dashboard, the Meraki platform, and that will be delivered to our customers who have the D&A license and the premium license. So we think that in itself, we've already started -- we've already launched the monitoring capability there and the management. We think we'll even include -- we'll even improve our renewals beyond that. But as we said, we had a record quarter for Cat 9K. So we're real happy with how it's performing. Scott?

在軟體方面，我想說的是 9k 更新正在改善。它們現在還不是實質的。我認為明年我們就會看到這種情況發生。我們確實宣布過——去年我們將在 Meraki 儀表板、Meraki 平台下管理所有 Catalyst 產品組合，並將其交付給擁有 D&A 許可證和高級許可證的客戶。因此我們認為，就其本身而言，我們已經開始了——我們已經在那裡啟動了監控能力和管理。我們認為我們甚至會包括——我們甚至會改進我們的更新。但正如我們所說，Cat 9K 本季創下了紀錄。所以我們對它的表現非常滿意。史考特？

Yes. What I'd add to that, Tim, is if you're looking at software growth, bear in mind, the software subscription growth, the subscription subset of our total software grew 11%. And it's now 85% of the total. Obviously, with the total only growing 5%, there was a continued decline in perpetual as part of the software license. It's now -- or software revenue. It's now 15% of our total. So I think we're getting to a point where the subscription base is getting significantly larger than what's in perpetual, and that headwind on perpetual will be less of an impact on us going forward.

是的。提姆，我想補充一點，如果你關注軟體成長，請記住，軟體訂閱的成長，我們整個軟體的訂閱子集成長了 11%。目前已佔總量的85%。顯然，由於總量僅增加了 5%，軟體許可證中的永久許可證數量持續下降。現在——或者軟體收入。現在它占我們總數的15%。因此，我認為我們正處於這樣一個階段：訂閱基礎將大大超過永久訂閱基礎，而永久訂閱面臨的不利因素對我們未來的影響將較小。

Paul Silverstein with Cowen & Company.

Cowen & Company 的 Paul Silverstein。

I appreciate you taking the question. At the risk of asking something you can't or will not respond, Scott. I was hoping to ask go back to the margin question. Two related questions. One, well, just for clarification, the 50 to 75 basis point product margin improvement, I assume that's off of the current quarter. Is that the reference point?

感謝您回答這個問題。斯科特，你可能會問一些你不能或不會回答的問題。我希望回到保證金問題。兩個相關問題。首先，為了澄清起見，產品利潤率提高 50 至 75 個基點，我認為這是從本季開始的。那是參考點嗎？

Yes, 50 to 75 off the current quarter. That's right, by the time we get to Q4.

是的，本季折扣 50% 到 75%。沒錯，當我們進入第四季時。

Right. And now for the subsequent question, longer term, and I recognize there's a lot of moving pieces, and it's a tough environment to predict. But longer term, can you get back to or even exceed, be almost 67% growth and 34% operating margin from early '21? Those were -- your gross margin was a 15-year high, your operating margin, you would have to go back to '97, I think the last time you put up that type of number. obviously, you're far off those numbers as has everybody else from what they were doing 1.5 years ago, pre-pandemic. But where do you think you could get back to long term?

正確的。現在來談談後續問題，從長期來看，我意識到有很多變化的因素，而且這是一個很難預測的環境。但從長遠來看，您能否恢復甚至超過 21 年初的近 67% 的成長率和 34% 的營業利潤率？那些是——你的毛利率是 15 年來的最高水平，你的營業利潤率，你必須回到 97 年，我想那是你上次公佈這種數字的時候。顯然，你和其他人一樣，與一年半前（疫情之前）的情況相比，這些數字相差甚遠。但您認為長期來看您可以回到哪裡呢？

And related to that, what are your expectations, your plans are growing OpEx? I assume you want to drive some degree of leverage in definitive gross margin. Any thoughts you can share? The OpEx growth this quarter, I think, it was 4% or 5%. It strikes me as a little bit high. But any thoughts in terms of what your thoughts are going forward?

與此相關，您的期望是什麼？您的計劃是增加營運支出嗎？我認為您想在最終毛利率方面發揮一定程度的槓桿作用。有什麼想法可以分享嗎？我認為本季的營運支出成長率為 4% 或 5%。我覺得它有點高。但是您對未來有什麼想法嗎？

Sure. Let me take the gross margin piece of that first. There's a couple of moving parts, as you know, Paul, inside the gross margins. One is the backlog, some of which is still sitting at pre-price increase levels. We'll get that shipped out as we work our way through that part of the backlog. Obviously, that will be a tailwind. The increasing component of software built into our revenues will be a tailwind. Will it get back to 65%? I think there's -- for that to happen, we'll have to see either further cost reductions on the input side between freight and logistics, which we are beginning to see. While they're up year-on-year, sequentially, we're beginning to see some signs of easing in freight and logistics costs as well, but we'll have to see that. And we'll have to see a further reduction in component costs and/or a price increase.

當然。讓我先討論一下毛利率部分。保羅，你知道，毛利率中有幾個變動因素。一是訂單積壓，部分訂單仍處於漲價前的水平。我們將在處理完積壓的那部分貨物後將其發貨。顯然，這將是一個順風。我們的收入中軟體成分的不斷增加將帶來順風。它會回到65％嗎？我認為——要實現這一點，我們必須看到貨運和物流投入的成本進一步降低，而我們已經開始看到這一點。雖然運費和物流成本同比上漲，但與上一季相比，我們也開始看到一些下降的跡象，但我們必須看到這一點。我們還必須看到零件成本進一步降低和/或價格上漲。

So I think it's -- without giving you a quantified number, I think there's a number of moving parts inside there. More tailwinds as we look ahead than there are headwinds on that.

所以我認為——雖然沒有給出一個量化的數字，但我認為這裡面有很多活動部件。展望未來，順風多於逆風。

On the OpEx side, the part of what you see in this quarter, of course, is that the normalization of our bonus plans. Last year, bonus plan obviously didn't pay out so well. As we go into this year and you normalize that, that's part of the OpEx growth. We did have a slightly bigger than normal annual merit increase cycle. That's driving some of the OpEx growth as well. I think our focus longer term is -- which you've heard me say, it's balanced profitable growth, right? If you look at our guide for the year, 4.5% to 6.5% growth in the top line, 4.5% to 6.5% on the bottom line. Long term, we talked about 5% to 7% top line, 5% to 7% bottom line. I think that's really the way you need to think about it.

在營運支出方面，您在本季度看到的部分當然是我們的獎金計劃的正常化。去年，獎金計畫顯然沒有帶來很好的效果。隨著我們進入今年並將其正常化，這是營運支出成長的一部分。我們的年度績效加薪週期確實比正常水準略長。這也推動了部分營運支出的成長。我認為我們長期的關注點是——正如你聽我所說，是平衡的獲利成長，對嗎？如果你看我們今年的指南，你會發現營業收入成長 4.5% 至 6.5%，利潤成長 4.5% 至 6.5%。從長期來看，我們談論的是 5% 到 7% 的營收成長，5% 到 7% 的利潤成長。我認為你確實需要這樣思考。

George Notter with Jefferies.

傑富瑞 (Jefferies) 的喬治諾特 (George Notter)。

I wanted to ask about the impact of foreign exchange. Obviously, U.S. dollar at 20-year highs. Maybe you can talk about how you're approaching that conversation with customers internationally, are you seeing any diminishment of demand? What's the picture?

我想問外匯的影響。顯然，美元處於20年來的高點。也許您可以談談您如何與國際客戶進行對話，您是否發現需求減少？這是啥圖片？

Yes, I'll start with the numbers on that, George. And I'm sure you know this. We sell about 90% of our revenue denominated in USD. So there's not a big translation impact to us for the strength of the dollar. It's not insignificant, but it gets offset by the benefit we get on the OpEx line. So FX to us from a translation standpoint really hasn't had a material impact.

是的，喬治，我就從數字開始吧。我相信您知道這一點。我們的銷售收入中約有 90% 是以美元計價的。因此，美元走強不會為我們帶來太大的影響。這並不是微不足道的，但它被我們在營運支出線上獲得的收益所抵消。因此，從翻譯的角度來看，FX 對我們來說並沒有產生實質的影響。

As we look at the -- now you're selling in USD with an elevated exchange rate to the dollar, there's no question that is having a bit of an impact. Certainly, one of the things contributing to what Chuck talked about earlier that we're seeing in Europe, not only are they battling high inflation in their own markets, but that increased cost in local currency to transact has been a bit of a headwind. But we've dealt with this. We've sold in USD through the entire history of the company. Not expecting it to be something that has a lasting impact on us.

我們看到——現在你以美元出售，美元匯率上升，毫無疑問這會產生一定的影響。當然，正如查克之前所說，我們在歐洲看到的現象的原因之一是，他們不僅在自己的市場中應對高通膨，而且當地貨幣交易成本的增加也帶來了一些阻力。但我們已經處理了這個問題。在公司的整個歷史中，我們一直以美元進行銷售。沒想到它會對我們產生持久的影響。

Amit Daryanani from Evercore.

Evercore 的 Amit Daryanani。

I guess, maybe the first one, I was hoping you could touch on the service provider market. I think you said orders were down 23%. That seems a bit more severe than the rest of the portfolio. What's happening there in any newly service provider versus web scale would be helpful.

我想，也許是第一個，我希望你能談談服務提供者市場。我想您說過訂單下降了 23%。這似乎比投資組合中的其他部分更為嚴重。任何新服務提供者與網路規模所發生的情況都會有所幫助。

I couldn't understand the question.

我不明白這個問題。

Can you repeat the question?

你能重複一下這個問題嗎？

Yes. Sorry. So I was hoping you could talk a bit about the service provider order decline of 23% seems a bit more severe than the rest of the business. And then anything over there between web-scale and kind of the traditional service providers would be helpful.

是的。對不起。所以我希望您能談談服務提供者訂單下降 23% 的情況，這似乎比其他業務更嚴重一些。那麼，網路規模和傳統服務提供者之間的任何東西都會有所幫助。

Yes. Amit, thank you for that. And I think the reality around that one is simply if you go back a year ago, that segment grew 65%. I think that's the fundamental issue. I don't think there's anything else going on.

是的。阿米特，謝謝你。我認為，事實是，如果回顧一年前，這個部分增加了 65%。我認為這是根本問題。我認為沒有其他事情發生。

Got it. And I guess maybe if I could just ask you just about the full year guidance. Maybe you folks have lined it, right? And you just did 6% growth against a very difficult compare, and I guess the way to your guide, but you aren't really assuming much of an acceleration for the rest of the year despite compares to getting easier.

知道了。我想也許我可以問您有關全年指導的問題。也許你們已經排好隊了，對吧？在非常困難的比較中，您剛剛實現了 6% 的增長，我想這也是您的指導方針，但儘管與此相比變得更容易，但您並沒有真正假設今年剩餘時間會出現太大的加速。

So I guess, Chuck, it's not just being conservative or are you seeing signs in your backlog or your orders that give you a pause on that business. If you could easily compares, I would imagine growth rate accelerate a bit for the year.

所以我想，查克，這不僅僅是保守，或者你是否看到了積壓訂單或訂單中讓你暫停這項業務的跡象。如果您可以輕鬆比較，我會想像今年的成長率會加快一點。

No, there's nothing that's giving us pause in that. I mean we guided up the full year in revenue from what had been a guide of 4% to 6% growth of 4.5% to 6.5%. That effectively rolls forward the outperformance that we had in Q1 into the full year. There's no change in the way we're looking at the second half of the year, either plus or minus. But it's a prudent view of what we expect in the next 3 quarters.

不，沒有什麼能讓我們停下來。我的意思是，我們將全年收入預期從先前的 4% 至 6% 增長上調至 4.5% 至 6.5%。這實際上將我們在第一季的優異表現延續到了全年。我們對下半年的看法沒有任何變化，無論是正面還是負面。但這是我們對未來三個季度的預期的謹慎看法。

Simon Leopold with Raymond James.

西蒙·利奧波德和雷蒙德·詹姆斯。

I wanted to see if there was some way you could characterize your own lead time. So if you had customers placing orders today from Meraki products or campus switches or data center gear, what are the lead times for getting the product for your customers? And how does that compare to the prior quarter and prior year?

我想看看您是否有某種方式可以描述您自己的交貨時間。那麼，如果今天有客戶訂購 Meraki 產品或校園交換器或資料中心設備，您為客戶獲取產品的交貨時間是多久？與上一季和去年相比如何？

Yes, I'll make some comments, and then Scott, if you want to add some color, feel free. The range on the products is very wide right now. We still have a couple of product areas that we have component issues that we're doing some work, and I think we've got probably one more quarter before we start improving those. We've got other products like we have certain firewalls that are down to 3-week lead times. We have some of the products we've redesigned that I've talked about before. It went from 40 weeks to 12 weeks and will continue to improve. I think we made improvements in roughly half of the portfolio. Half of the product families improved last quarter, and we would expect to continue that progress as we move forward.

是的，我會發表一些評論，然後斯科特，如果你想添加一些內容，請隨意。目前產品的範圍非常廣泛。我們仍有幾個產品領域有組件問題，我們正在做一些工作，我認為我們可能還需要一個季度的時間才能開始改進這些問題。我們還有其他產品，例如某些防火牆，交貨時間只需 3 週。我們有一些重新設計的產品，我之前已經談過。從 40 週縮短至 12 週，並將繼續改善。我認為我們對大約一半的投資組合做出了改進。上個季度，一半的產品系列都得到了改進，我們希望在未來繼續取得進展。

And just as a quick follow-up. As you're showing improvement, do you see that affecting your ability to maintain or take market share where perhaps you were more vulnerable when the lead times were more extended?

這只是一次快速的跟進。隨著你們的進步，你們是否認為這會影響你們維持或佔領市場份額的能力？當交貨時間延長時，你們可能更容易受到攻擊？

Yes. I think the whole market share discussion is reflected in our backlog. I mean, that's the issue. And as we ship it, you will see us -- I think you'll see us over the next 12 months gain market share as we have an outsized backlog that we'll be delivering. So I would expect that to have a positive impact.

是的。我認為整個市場份額的討論都反映在我們的積壓訂單中。我的意思是，這就是問題所在。當我們發貨時，您會看到我們——我認為您會看到我們在未來 12 個月內獲得市場份額，因為我們有大量積壓訂單需要交付。因此我希望這會產生正面的影響。

James Fish with Piper Sandler.

詹姆斯·菲什和派珀·桑德勒。

On the restructuring plan, I know these things are never easy, but -- and we had picked up that the collaboration side we're seeing some layoffs, but what product areas are being most hit? How should we think about the reduction of headcount here overall? What's the strategy to change the direction of some of these growth businesses around that have been kind of struggling to growth? And by that, I really mean the collaboration side. And how much are you guys factoring this kind of impact into the top line here on guide?

關於重組計劃，我知道這些事情從來都不容易，但是——我們已經注意到協作方面出現了一些裁員，但哪些產品領域受到的打擊最大？我們該如何看待這裡的裁員整體狀況？有什麼策略可以改變那些一直在努力成長的成長型企業的方向？我實際上指的是合作方面。你們在指南中將這種影響考慮了多少？

Yes. So we're actually speaking to our employees tomorrow about this. So I'd be reluctant to go into a lot of detail here until we're able to talk to them. I would say that what we're doing is rightsizing certain businesses. We're really focused on resources moving into like in the enterprise networking space, accelerating our platform strategy. We will be making significant investments in security and beefing up our team there and the capacity to continue to innovate there. Those are important areas.

是的。所以我們明天會和我們的員工討論這個問題。因此，在我們能夠與他們交談之前，我不願意在這裡談論太多細節。我想說，我們正在做的是調整某些業務的規模。我們真正專注於將資源轉移到企業網路領域，加速我們的平台策略。我們將在安全方面進行大量投資，加強我們在那裡的團隊和繼續創新的能力。這些都是重要領域。

And so if you would understand, I'd prefer to wait and talk to our employees tomorrow about it. But you can just assume that we're going to -- we're not actually -- there's nothing that's a lower priority, but we are rightsizing certain businesses. And since you asked about collab, I'll tell you a little bit about what -- we see incredible strength right now in our Calling business, our Cloud Calling business. We see great strength in our Cloud Contact Center business. And the compares on the meeting side are going to start to make that -- give us the ability for that to be a much more favorable component. So we're -- I actually am optimistic over the next 12 months about our collaboration portfolio. The team has done an amazing job. I truly believe that they built the best platform in the business.

所以如果你能理解的話，我寧願等到明天再和我們的員工談論此事。但你可以假設我們將會——我們實際上並沒有——沒有什麼是較低優先級的，但我們正在調整某些業務的規模。既然您問到合作，我會稍微告訴您一下——我們現在看到了我們的呼叫業務、我們的雲端呼叫業務的驚人實力。我們看到雲端聯絡中心業務的巨大優勢。會議方面的比較將開始使這一點成為我們更有利的組成部分。因此，我對未來 12 個月的合作組合持樂觀態度。團隊做出了令人驚嘆的工作。我堅信他們建構了業界最好的平台。

And when you look at our devices and the interoperability that the team has been driving with the Microsoft interoperability, that is a huge, huge thing when you -- from a customer perspective for us to give them that flexibility. So I think they've done a good job, and I feel pretty good about that business as we go forward. We just need to rightsize some of the OpEx.

當您查看我們的裝置以及團隊一直在推動的與 Microsoft 互通性的互通性時，您會發現，從客戶的角度來看，這是一件非常非常重要的事情，我們可以為他們提供這種靈活性。所以我認為他們做得很好，我對這項業務的未來發展感到非常滿意。我們只需要調整部分營運支出。

And James, to be clear, don't think of this as an headcount action that is motivated by cost savings. This really is a rebalancing. As we look across the board, there are areas that we would like to invest in more, Chuck just talked about them. Security, our move to platforms and more cloud-delivered products. But we're also going to maintain our financial discipline as we do that. And so this is about just rebalancing across the board. In a perfect world, you'd have 100% skill match, and you can take the people in the areas or the skills in certain areas and just move them to where we need to invest. And unfortunately, that it's not a perfect world.

詹姆斯，需要明確的是，不要認為這是以節省成本為目的的裁員行動。這確實是一種重新平衡。綜觀全局，我們發現有些領域我們願意投入更多資金，查克剛才也談到了這些領域。安全性、我們向平台的轉變以及更多雲端交付產品。但我們在這樣做的同時，也會保持財務紀律。所以這只是關於全面重新平衡。在完美的世界中，您將擁有 100% 的技能匹配，並且您可以將某個領域的人才或特定領域的技能調動到我們需要投資的地方。不幸的是，這不是一個完美的世界。

But we do have a -- if you look at the number of jobs that we have opened in the areas that we're trying to invest, it is just slightly lower than the number of people that we believe will be impacted. We're going to be working really hard to help match our employees to those roles to the extent there's a skill match. So we're going to work really hard at that.

但我們確實有——如果你看看我們在試圖投資的地區所開設的就業數量，你會發現它略低於我們認為會受到影響的人數。我們將竭盡全力幫助我們的員工在技能匹配的範圍內找到合適的職位。所以我們會為此付出巨大的努力。

If I could just follow up quickly on that. I appreciate the color there, guys, and understand the sensitivity you guys want to have. In terms of that $600 million hit though, Scott, should we expect that to actually be the net savings as a result? Or is that going to -- the net saving is actually going to be lower because you're kind of repositioning some folks?

如果我可以快速跟進一下的話。夥計們，我很欣賞那裡的色彩，並且了解你們想要擁有的敏感度。不過，史考特，就那 6 億美元的損失而言，我們是否應該預期這實際上就是淨節省呢？或者說——由於你對一些人進行了重新定位，淨儲蓄實際上會更低？

Yes. It's really not motivated by cost savings. So the net -- by the time we get to the end of the year, our expectation is we have about the same headcount that we had at the beginning of the year. But there's 2 pieces to this. One is what we've been speaking about just now about the headcount impact. There's a second piece of this, that's really about rightsizing our real estate portfolio. And we've got a long tail of small offices distributed around the world that are significantly underutilized, and in fact, unused in some cases.

是的。這確實不是為了節省成本。因此，到今年年底，我們預計員工總數將與年初大致相同。但這有兩個面向。一是我們剛才談到的員工人數影響。這其中還有第二部分，這實際上與調整我們的房地產投資組合有關。我們在世界各地分佈著大量小型辦公室，這些辦公室的使用率很低，事實上，在某些情況下根本沒有使用。

So the second piece of that charge, there will be 2 elements to it. One that's people related, the second piece will be about rightsizing our real estate portfolio. That will generate some savings, not much in fiscal '23, but longer term, that will generate some savings.

因此，該指控的第二部分將包含兩個要素。第一個部分與人有關，第二個部分將涉及調整我們的房地產投資組合。這將產生一些節省，雖然在 23 財年不會很多，但從長遠來看，這將產生一些節省。

Samik Chatterjee with JPMorgan.

摩根大通的 Samik Chatterjee。

Congrats on the strong print. I guess, I just had one. I think if I can go back to the -- Chuck, your comments about seeing hesitation from EMEA customers, a bit more given the macro backdrop there? And you spoke about the opportunities that you see at the same time. Maybe if you can ask you when you start seeing the hesitation from the customers there? How are you seeing them prioritize across your portfolio? Like when it comes to data center versus campus versus security as they're reevaluating their spend or hesitating investments, like how are they prioritizing within your portfolio and we see areas are getting impacted by that?

恭喜您獲得出色的印刷效果。我想，我剛剛吃了一個。我想如果我可以回到——查克，你對看到 EMEA 客戶猶豫的評論，是否更多地考慮到那裡的宏觀背景？您同時也談到了您所看到的機會。也許您可以問一下，當您開始看到那裡的顧客猶豫時？您如何看待它們在您的投資組合中的優先順序？例如，當談到資料中心、校園和安全時，他們正在重新評估支出或猶豫投資，他們如何在投資組合中確定優先順序，我們看到哪些領域受到了影響？

Yes, Samik, it's a good question. And I would say -- the first thing I would say is that Gartner recently came out with a survey of executives in our customer base, and they've -- almost half of them said that their technology investments will be the last thing they cut. So that's just a backdrop for, I think, how important customers view their technology investments these days.

是的，薩米克，這是個好問題。我想說的是——首先我想說的是，Gartner 最近對我們客戶群中的高管進行了一項調查，他們中幾乎有一半的人表示，技術投資將是他們最後削減的項目。所以我認為這只是一個背景，顯示如今客戶非常重視他們的技術投資。

When we look at where customers are investing, many of them are investing to -- they're moving forward with their hybrid work investments, right, and creating the infrastructure that they need to deal with this new world. We see customers continuing. We saw a recent survey that talked about customers who are balancing their private cloud and public cloud workloads. And so the whole rearchitecture of the infrastructure to deal with these new traffic patterns is another area. I mentioned in Europe with the power, with the energy costs. There's a lot of focus.

當我們觀察客戶的投資領域時，我們發現許多客戶正在進行投資——他們正在推動混合工作投資，並創建應對這個新世界所需的基礎設施。我們看到顧客繼續前進。我們看到最近的一項調查，其中討論了平衡私有雲和公有雲工作負載的客戶。因此，重新建構整個基礎設施以應對這些新的交通模式是另一個領域。我提到了歐洲的電力和能源成本。有很多焦點。

IoT has just been accelerating over the last 2 to 3 years, and we saw another -- I think we had a record bookings quarter in Q1. I believe, it was really strong, where customers are really looking to connect these systems to actually optimize their power consumption and their efficiency. And again, we see a lot of customers who are moving, who are doing greenfield real estate projects that are really focused on reducing -- going to low voltage architectures, which leads them to power-over-Ethernet, which leads them to rebuilding their infrastructure.

物聯網在過去 2 到 3 年內一直在加速發展，我們看到了另一個——我認為我們在第一季創下了預訂量記錄。我相信，它非常強大，客戶確實希望連接這些系統以真正優化他們的電力消耗和效率。再次，我們看到很多客戶正在搬遷，他們正在進行綠地房地產項目，這些項目真正專注於減少 - 轉向低壓架構，這導致他們採用以太網供電，從而導致他們重建基礎設施。

And then you've got cybersecurity and you've got full stack observability. We continue to see 5G build-outs there. Just lots of -- there's a lot of positive tailwinds, notwithstanding the short-term dynamic environment that we're in.

然後你就擁有了網路安全和全端可觀察性。我們繼續看到那裡的 5G 建設。儘管我們處於短期動態環境，但仍有許多積極的順風。

I think we have time for one more question.

我想我們還有時間再回答一個問題。

Sami Badri with Credit Suisse.

瑞士信貸的薩米‧巴德里 (Sami Badri)。

Chuck, I wanted to go back to a comment you made regarding market share and some of that sitting in the backlog. Now if we assumed that there was nothing in the backlog and all the numbers that you generated were publicly reported through your financial statements, would that show that Cisco actually maintained or increased or even lost market share?

查克，我想回到你關於市場份額以及一些積壓問題的評論。現在，如果我們假設積壓訂單中沒有任何內容，並且您產生的所有數字都透過財務報表公開報告，那麼這是否表明思科實際上保持或增加了甚至失去了市場份額？

You mean if all our backlog was actually shipped and reported?

您的意思是我們的所有積壓訂單是否都已實際發貨並報告？

Correct.

正確的。

Yes. I think that will be true. I mean, look, we operate in lots of different markets. So is it true 100% of the markets, that would be difficult for me to say. But I believe that as we ship out the -- particularly our Secure Agile networks, our enterprise and networking products, that's certainly going to help. As we catch up on our data center infrastructure, I think that's going to help.

是的。我認為這是真的。我的意思是，我們在許多不同的市場開展業務。那麼這是否是 100% 的市場都是如此呢？我很難說。但我相信，隨著我們推出——特別是我們的安全敏捷網路、我們的企業和網路產品，這肯定會有所幫助。隨著我們趕上資料中心基礎設施的步伐，我認為這將會有所幫助。

There's also just reporting dynamics that occur. Some of our competitors report certain routing products into data center switching, and we've reported into routing, which makes it difficult to ascertain. So it's an imperfect science on top of that. But I do believe that as we -- as our backlog unwinds and gets back to normal levels over the next 18, 24 months, then I think that you'll see -- I think you will see that dynamic.

還存在剛剛發生的報告動態。我們的一些競爭對手將某些路由產品報告到資料中心交換中，而我們也報告到路由中，這使得確定起來很困難。所以從根本上來說，它是一門不完美的科學。但我確實相信，隨著我們的積壓工作在未來 18 到 24 個月內逐漸減少並恢復到正常水平，我想你會看到——我想你會看到這種動態。

Got it. Just to be clear, that is Cisco gain share? I don't know, just to make sure I heard you correctly.

知道了。只是想明確一點，這就是思科獲得的份額嗎？我不知道，只是為了確保我聽清楚了你的意思。

I think that's right. In certain key areas. I mean, not perhaps across every one, I'd have to go do the analysis. But in some of the key ones that I know all of you are worried about, the answer is yes.

我認為那是對的。在一些關鍵領域。我的意思是，也許不需要對每一個都進行分析。但對於一些我知道大家都擔心的關鍵問題，答案是肯定的。

In the bigger markets.

在更大的市場中。

In the bigger markets.

在更大的市場中。

Got it. And then one question just for Scott. So Scott, maybe you could tell us where in fiscal 1Q of '23, did shipments begin to start accelerating just because we want to kind of understand the trend here going from now through fiscal 4Q and putting into that product gross margin comment into perspective. What I'm really trying to understand is as shipments start to accelerate, how much will software attach to those shipments just so I can understand the glide path here, what happens in some of the other segments outside of just secure network, Agile Networks, et cetera, right? I'm just trying to get this kind of like this pull dynamic that may occur from the other segments related to shipments going out the door?

知道了。然後我只想問斯科特一個問題。所以史考特，也許你可以告訴我們在 2023 財年第一季度，出貨量是否開始加速，因為我們想了解從現在到第四財季的趨勢，並將產品毛利率評論納入視野。我真正想了解的是，隨著出貨量開始加速，軟體將在多大程度上附加到這些出貨量上，以便我能夠了解這裡的下滑路徑，除了安全網路、敏捷網路等之外的其他一些領域會發生什麼，對嗎？我只是想了解這種可能從與出門發貨相關的其他環節發生的拉動動態？

Got it. Yes, we -- so we talked about the overall backlog reduction at about 10% from Q4 to where we ended Q1. That -- a subset of that, of course, is software. That same percent held pretty much true in software. Software continues to be well over $2 billion of our overall product backlog. But it's about -- it's actually about the same reduction sequentially as we saw in overall backlog. So right around the 10% rate.

知道了。是的，我們談到了從第四季到第一季末的整體積壓訂單減少了約 10%。當然，其中的一個子集就是軟體。同樣的百分比在軟體中也基本成立。在我們的整體產品積壓中，軟體的佔比仍然遠遠超過 20 億美元。但實際上，與我們在整體積壓訂單中看到的連續減少量大致相同。所以利率就在 10% 左右。

I think as you look ahead and try to model out the 50 to 75 bps of improvement that I talked about, I think it's going to be probably a little bit heavier in the second half of the year than it will be in the second quarter. You saw the guide for the second quarter.

我認為，當你展望未來並嘗試模擬我所說的 50 到 75 個基點的改善時，我認為下半年的改善可能會比第二季度更加顯著。您看到的是第二季的指南。

I'll turn it over to Chuck for some closing remarks.

我將把發言權交給查克，請他做最後的總結發言。

Thanks, Marilyn, and thank you all for joining us today. I just want to reiterate it, we feel like we had a very strong quarter. Large quarterly revenue in history. As I said earlier, the orders, the visibility, the easing and supply chain gives us the confidence to raise a year, obviously. We're very focused. We're managing the business for growth. We are going to go through this process of reinvesting into strategic areas. And the people impact is difficult. And I just want our employees who are listening in today to know that this afternoon, and tomorrow, we'll be communicating about how we're going to go about this. It's always a difficult decision, but we have a lot of opportunity.

謝謝，瑪麗蓮，也謝謝大家今天加入我們。我只是想重申一下，我們感覺本季的業績非常強勁。史上最大的季度營收。正如我之前所說，訂單、可見性、寬鬆和供應鏈顯然給了我們一年增長的信心。我們非常專注。我們正在管理業務以實現成長。我們將經歷對戰略領域進行再投資的過程。而對人們的影響也是巨大的。我只是想讓今天收聽節目的員工知道，今天下午和明天，我們將就如何處理此事進行溝通。這始終是一個艱難的決定，但我們有很多機會。

I'm very optimistic about the future. I'm proud of the teams and what they have accomplished and really excited about the visibility and the confidence that we have in the near term. So thanks for joining us, and we look forward to next time.

我對未來非常樂觀。我為這些團隊以及他們所取得的成就感到自豪，並對我們近期所擁有的知名度和信心感到非常興奮。感謝您的加入，我們期待下次再見。

Thanks, Chuck. Cisco's next quarterly earnings conference call, which will reflect our fiscal year 2023 second quarter results will be on Wednesday, February 15, 2023, at 1:30 p.m. Pacific Time, 4:30 p.m. Eastern Time.

謝謝，查克。思科的下一次季度財報電話會議將於 2023 年 2 月 15 日星期三下午 1:30 舉行，該會議將反映我們 2023 財年第二季的業績。太平洋時間下午 4:30東部時間。

This concludes today's call. If you have any further questions, feel free to contact the Cisco Investor Relations group. We thank you very much for joining today's call.

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 (800) 835-5808. For participants dialing from outside the U.S., please dial (203) 369-3353. 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（800）835-5808。對於從美國境外撥打電話的參與者，請撥打 (203) 369-3353。今天的電話會議到此結束。您現在可以斷開連線。