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 財年第一季度財務業績電話會議。應思科的要求，今天的會議正在錄製中。如有異議，可斷開連接。

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

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

Welcome, everyone, to Cisco's 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 財年第一季度季度收益電話會議。我是投資者關係主管 Marilyn Mora，我們的主席兼首席執行官 Chuck Robbins 也加入了我的行列；和我們的首席財務官 Scott Herren。到目前為止，您應該已經看到了我們的收益新聞稿。電話會議後，將在我們網站的“投資者關係”部分提供相應的帶幻燈片的網絡廣播，包括補充信息。

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.

按照第一季度的慣例，我們對前期金額進行了某些重新分類，以符合本期的列報。損益表、完整的 GAAP 與非 GAAP 調節信息、資產負債表、現金流量表和其他財務信息也可以在我們的投資者關係網站的“財務信息”部分找到。在整個電話會議中，我們將參考 GAAP 和非 GAAP 財務結果，除非另有說明，否則我們將討論收入方面的產品結果以及產品訂單方面的地理和客戶結果。在本次電話會議中進行的所有比較都將按年進行。

The matters we will be discussing today include forward-looking statements, including the guidance we will be providing for the 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.

我們今天將討論的事項包括前瞻性陳述，包括我們將為 2023 財年第二季度和全年提供的指導。它們受到我們在提交給SEC，特別是關於 10-K 表格的最新報告，其中確定了可能導致實際結果與前瞻性陳述中包含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.

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

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

有了這個，我現在把它交給查克。

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，感謝大家今天加入我們。我們在 2023 財年開局良好，取得了強勁的業績，超過了我們對收入和非 GAAP 每股收益的指導範圍的上限。在出色的執行力和我們的團隊為解決供應挑戰而採取的行動的推動下，我們實現了歷史上最大的季度收入。鑑於這些結果，以及我們的訂單量、可見度和供應限制的緩解，我們提高了全年展望，Scott 稍後將對此進行介紹。

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.

雖然我們在不斷變化和復雜的市場環境中積極管理，但我們仍然非常專注於執行我們的戰略，包括我們向更多軟件和基於訂閱的經常性收入的過渡。我們的軟件收入同比增長 5%，軟件訂閱收入增長 11%。供應限制的放鬆和我們交付硬件的能力現在正在釋放積壓的連接到未發貨硬件的軟件訂閱。

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.

我們的成功也反映在我們的 ARR 上，超過 230 億美元，增長 7%，其中產品 ARR 增長 12%。我們還以近 310 億美元的 RPO 結束了本季度，同比增長 3%，其中產品 RPO 增長了 5%。超過 160 億美元的 RPO 將在未來 12 個月內確認為收入，積壓訂單仍將保持在接近歷史最高水平。這些指標提高了我們的知名度和可預測性，並使我們對我們在當前市場週期中的表現能力更有信心。它還強調了我們的獨特地位，幫助客戶在繼續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，我想在討論我們第一季度的結果之前提供供應鏈的最新情況。就像您從業內其他人那裡聽到的那樣，我們對某些組件可用性的適度改善感到鼓舞，因為短缺從上個季度開始繼續緩解。我們許多產品的重新設計也有助於實現供應穩定性和更高的彈性。在過去的幾個季度中，您已經聽到我談論我們為應對供應限制所採取的行動。這些行動正在取得成效，並為我們的成果做出了貢獻。現在，我們對客戶產品交付量的增長有了更大的了解，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.

現在轉向本季度的業績亮點。我們實現了 136 億美元的收入，增長 6%，非 GAAP 每股收益為 0.86 美元，是公司歷史上第二高的季度非 GAAP 每股收益。我們還產生了 40 億美元的運營現金流，並向股東返還了超過 20 億美元。這些指標表明我們仍然致力於遵守經營紀律和平衡的資本分配優先事項。我們將繼續投資於我們的長期增長機會，同時也將資本返還給股東。

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.

就我們本季度的產品訂單而言，重要的是要注意與去年同期相比，22 財年第一季度異常強勁的 34% 增長期。從地域的角度來看，我們看到歐洲出現了一些謹慎的情緒。這是由能源成本和市場波動的急劇增加推動的，這導致客戶評估他們的總體支出。然而，這也為我們提供了機會，因為我們的物聯網、Silicon One 和以太網供電等技術可顯著降低功耗。

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.

為了提供一個正常化的視角，我們第四季度到第一季度的連續增長略低於過去 6 年的正常範圍。同樣重要的是要注意，這是公司歷史上第二高的第一季度訂單。我們在業務的關鍵部分擁有強勁的產品收入勢頭，包括安全的敏捷網絡、安全性和優化的應用程序體驗。我們還看到了一些產品的創紀錄性能，包括 Catalyst 9000 系列、Cisco 8000、Wireless、Meraki、ThousandEyes 和 Duo。在數字化轉型、混合雲、AI 和 ML 工作負載的引領下，網絡對每個組織都變得越來越重要。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，我們的業務也有順風，例如混合工作、400 Gig 及以上、5G、WiFi 6 安全和全棧可觀察性。我們相信，這些更廣泛的技術轉型將要求每個客戶重新構建他們的網絡基礎設施，進而推動我們產品組合的長期增長。

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，雖然他們正在密切關注經濟，但他們仍然專注於在整個業務中進行正確的投資，以提高他們的敏捷性並推動更大的創新和生產力。在我們的網絡規模業務中，需求依然強勁，這得益於他們與思科不斷增加的投資，以構建 AI 結構和可大規模擴展的云網絡。我們再次看到我們基於 Silicon One 的 Cisco 8000 路由器的強勁勢頭，我們正經歷著對我們 400-gig 產品的強勁需求，現在有近 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.

在連續 12 個月的基礎上，網絡規模訂單連續第八個季度增長兩位數或更高。在 5G、物聯網、普及視頻和我之前提到的其他技術趨勢的推動下，網絡容量需求持續增長。我們致力於為下一代網絡提供動力，同時推動可持續發展，我們推出了基於我們的 Silicon One G100 芯片構建的全新 800 gig 交換平台，以幫助滿足客戶對更高可編程帶寬和能效的需求。

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，因為我為我們的團隊如何齊心協力為我們的客戶提供市場領先的解決方案而感到無比自豪。安全和混合工作現在比以往任何時候都更加重要。我們繼續擴展我們的能力，使客戶能夠在任何地方更安全地工作，同時降低成本和復雜性。在安全方面，我們在我們的產品組合中引入了新的數據丟失防護、防火牆和零信任功能。通過合作，我們宣布了 40 多項新創新，以支持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.

我們還致力於為客戶提供更多選擇。這方面的一個例子是我們與微軟合作，將微軟團隊帶到思科會議室設備上。通過這樣做，我們正在推動互操作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，我們實現了又一個強勁的季度收入和非 GAAP 收益增長。訂單的強勁、能見度的提高和供應形勢的緩和為我們提供了更高的能見度和可預測性，這鞏固了我們對業務的信心和我們對今年增長的展望。我們本季度的表現證明了我們在這些複雜時期為客戶提供支持的創新和執行力。此外，它還加強了思科在管理業務方面的實力、持久性和紀律性，同時投資以抓住未來多年的增長機會。

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，我們現在有 43% 的收入是經常性的，這在我們駕馭當前的宏觀環境時非常重要。我們的領導團隊和員工在過去幾年中為轉變我們的業務模式所做的辛勤工作和奉獻精神反映在我們本季度的業績中。結合我們資產負債表的實力和我們在市場上的地位，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.

我現在將把它交給斯科特。

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度開始了本財年，這反映了紮實的執行力和紀律嚴明的管理。我們的總收入達到創紀錄的 136 億美元，超過了我們指導範圍的上限，這得益於產品出貨量超出我們的預期以及組件供應的持續改善。

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 GAAP 營業利潤率為 31.8%，下降 150 個基點，符合我們的指導範圍，這主要是由於組件成本上升以及與供應限制相關的物流成本所致。非 GAAP 淨收入為 35 億美元，增長 2%，非 GAAP 每股收益為 0.86 美元，增長 5%，超出了我們指導範圍的上限。

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.

更詳細地查看我們的第一季度收入。產品總收入為 102 億美元，增長 8%，服務收入持平，為 34 億美元。在產品收入中，Secure Agile Networks 表現出色，增長了 12%。在我們的 Catalyst 9000 和 Meraki 產品增長的推動下，交換收入隨著園區交換的兩位數增長而增長。雖然數據中心交換略有下降，但我們看到 Nexus 9000 產品穩步增長。

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.

企業路由下降的主要原因是產品過渡到我們的 Catalyst 8000 系列路由器以及供應受限。無線業務實現了非常強勁的兩位數增長，主要受我們的 WiFi 6 產品和 Meraki 無線產品的推動。

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、光纖和邊緣業務下滑的推動，未來互聯網業務下降了 5%。我們看到了 Cisco 8000 產品的增長和網絡規模兩位數的強勁增長。協作下降了 2%，原因是會議減少，部分被通話增長所抵消。在統一威脅管理和零信任產品的推動下，端到端安全性增長了 9%。在我們 Duo 產品的強勁表現的推動下，我們的零信任投資組合繼續表現良好。

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

受我們基於 SaaS 的產品 ThousandEyes 兩位數增長的推動，優化的應用程序體驗增長了 7%。

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件和訂閱，我們繼續在轉型指標方面取得進展。我們的 ARR 表現強勁，達到 232 億美元，產品 ARR 增長 7%，產品 ARR 增長 12%。軟件總收入為 39 億美元，增長 5%，其中軟件訂閱收入增長 11%。 85% 的軟件收入是基於訂閱的，同比增長 5 個百分點。我們的產品積壓訂單中繼續有超過 20 億美元的軟件訂單。

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，增長 6%。訂閱總收入佔思科總收入的 43%。 RPO 上升了——為 309 億美元，增長了 3%。產品 RPO 增加 5%，服務 RPO 增加 1%。短期 RPO 總額增長至 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.

就第一季度的訂單而言，我們獲得了歷史上第二高的第一季度訂單。儘管本季度產品訂單下降了 14%，但請務必記住，與一年前的 34% 的增長率相比，這一點很重要。我們的取消率仍然很低，仍低於大流行前的水平。

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區域。美洲下降了 10%，EMEA 下降了 23%，APJC 下降了 10%。在我們的客戶市場中，服務提供商下降了 23%，商業下降了 14%，企業下降了 13%，公共部門下降了 7%。非 GAAP 總毛利率在我們的指導範圍內，為 63%，同比下降 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。在我們的產品毛利率中，下降的主要原因是組件成本，以及與供應限制相關的較高運費和物流成本。由於我們在上一年採取的行動以及產品組合帶來的一些好處，這部分抵消了強勁的積極定價影響。

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.

我們的硬件和軟件的積壓水平繼續遠遠超過歷史水平。在我們應對複雜的供應環境時，我們能夠在本季度增加出貨量，從而使積壓總量環比減少約 10%，仍處於我們所見的第二高水平。

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.

提醒一下，積壓不包括在我們 309 億美元的剩餘履約義務中。結合起來，我們大量的積壓工作和 RPO 繼續為我們的收入提供了很好的可見性。

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。第一季度末，我們的現金、現金等價物和投資總額為 198 億美元。本季度的經營現金流為 40 億美元，同比增長 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，本季度我們向股東返還了 21 億美元，其中包括 16 億美元的季度現金股息和約 5 億美元的股票回購。所有這一切都符合我們的長期目標，即每年至少向股東返還 50% 的自由現金流。我們還以 147 億美元的股票回購授權結束了本季度。

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，我們在高度複雜的環境中在第一季度表現良好，實現了好於預期的收入增長和非 GAAP 盈利能力。我們繼續在向更多經常性收入轉變的業務模式方面取得進展，同時對創新進行戰略投資以利用我們重要的增長機會。

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.

與這一目標一致，我們宣布了一些重組行動，重點是將我們的投資優先放在我們最高的增長機會上，並合理調整我們的房地產足跡，以幫助我們的股東實現長期價值最大化。

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.

轉向我們對第二季度的財務指導。我們預計收入增長將在 4.5% 至 6.5% 之間。我們預計非 GAAP 毛利率將在 63% 至 64% 之間。我們的非美國通用會計準則營業利潤率預計在 31.5% 至 32.5% 之間。非 GAAP 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，我們的指導意見是，我們將收入增長預期提高到 4.5% 至 6.5% 之間。這高於之前 4% 至 6% 的增長率。非 GAAP 每股收益指引預計在 3.51 美元至 3.58 美元之間，同比增長 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.

在我們的第二季度和全年指導中，我們假設非 GAAP 有效稅率為 19%。我們的第二季度指南反映了我們從大量積壓和我們通過業務模型轉型建立的 RPO 以及供應限制的緩解中獲得的可見性提高。全年指導將我們第一季度的超額表現向前推進，並對今年剩餘時間持謹慎態度。

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

我現在將把它轉回瑪麗蓮，這樣我們就可以進入問答環節了。

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

謝謝，斯科特。米歇爾，讓我們繼續排隊進行問答。

Meta Marshall from Morgan Stanley.

來自摩根士丹利的元馬歇爾。

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.

祝賀這個季度。查克，我只是想知道你是否可以深入了解一下——更多地了解你對歐洲的評論？就美國境內所需的活動水平或批准水平而言，你所看到的也是一種幫助。

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，梅塔。是的，我們看到了——我認為歐洲顯然受到能源成本的影響。而且我認為這只是迫使公司像你必須的那樣查看他們的損益表以及他們花錢的地方。我們繼續看到那裡沒有那麼冷。本週我們與我們的一些團隊成員進行了交談，這是一個積極的跡象。但我提出的另一件事我認為很重要，那就是客戶正試圖以一種非常積極的方式解決能源成本問題。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，它以低得多的功耗為他們的網絡提供動力。你有物聯網，我們可以在其中連接這些能源系統並提高它們的效率以及以太網供電，這實際上只是為我們的客戶減少了電力足跡。所以它確實也創造了一些機會。

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，如果我真的很快去亞洲，你會發現——亞洲實際上非常有彈性。他們清楚地意識到正在發生的經濟形勢，但上個季度我們有 5 個地區在一年前取得重大利好後表現良好，其中包括印度，該地區在前一年取得顯著增長後顯著增長。所以這是一個好兆頭。所以亞洲很有彈性，感覺就像現在一樣。

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.

然後在美洲，我會說它有點複雜。我們有一些客戶正在向前推進，而其他客戶則持謹慎態度。我們認為到 12 月，我們將更好地了解 2023 年預算，這將有所幫助。對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，我們正在進行的交易正在簽署，只是比我們預期的要長一點。

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.

偉大的季度，我看到數字在上升，但問題是其中有多少是積壓沖洗，有多少是環境？意思是，我看看你們的產品增長——產品訂單，下降了 14%。上個季度，它下降了 6%。問題是環境本身如何？環境是否因訂單預訂、積壓而減弱？由於供應限制正在放鬆，環境是否正在減弱，我們看到的是加速？還是環境有問題？也許你可以參考一些你的大產品類別，看看趨勢如何。

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。所以這是我們意料之中的問題。因此，我將向您提供比通常情況下更多的細節。首先，我們在下個季度剛剛結束的兩個季度，我們與去年進行了大量的同比比較。因此，正如我們上次討論的那樣，我們認為將連續增長視為一個指標更為重要。正如我所說，我們略低於歷史季度區間，大約 1%。所以這並不重要，也不是完全不合時宜。當然比我們通常預期的要輕一點，但並不重要。

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都在正常的順序範圍內。公共部門略微超出範圍，服務提供商只是參差不齊。因此，對服務提供者的順序反射並不是真正有效的。所以需求不是——它並沒有從懸崖上掉下來。事實上，美國企業在前一年實現了 20 多倍的增長之後，實際上再次實現了低個位數的正增長。所以這是一個積極的跡象。我們在本季度內的訂單線性符合要求。請記住，這是我們有史以來第二大第一季度訂單。所以只有 - 唯一一個更大的季度是一年前的那個季度。所以這是積極的。

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.

現在你想知道的是，我認為每個人都想知道的是，今年是否受到積壓的推動？然後當我們超越它時，一切都會分崩離析。所以讓我給你一些數據點。即使我們今年的訂單下降 10%（這不是我們的預測），我們仍然 - 我們今天預計，我們將在本財年結束時以歷史性年終正常積壓量的 2 到 3 倍結束。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數字。然後，當您將其與我們現在 43% 的收入相結合時，這反映在我們的 RPO 中，這使我們在短期內具有高度的信心和高度的知名度。所以希望這能在我回答你的問題時對你有所幫助，Tal。

David Vogt from UBS.

來自瑞銀的大衛沃格特。

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點，你談到了連續下降。這比季節性差一點。但是你減少了大約 10% 的積壓，看起來是環比的。你能不能幫忙計算一下這些數字的平方，因為這聽起來——如果我只是說去年第四季度你做了大約 13.1%，你會稍微低一點（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?

希望不是。大衛，你在嗎？

Can you guys hear me?

你們能聽到我說話嗎？

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。你在句子中間被打斷了。

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.

你能幫助解決積壓與順序評論的問題嗎？如果我看一下您的季度積壓評論，這略低於季節性，但聽起來您的積壓減少了大約 10%。因此，我們似乎要對大約 6 億美元或 7 億美元的收入進行三角測量。因此，如果您可以通過這種方式來談談，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。積壓下降了約 10%，使我們在第一季度末的積壓結束。這是我們歷史上第二高的水平，高於我們在第三季度末看到的水平。所以我們在第四季度飆升了 10% 多一點，然後在第一季度回落。 Chuck 在順序上談論的實際上是關於整體產品預訂與我們積壓的位置。因此，訂單流進來，積壓訂單減少，然後積壓訂單轉化為收入。您必須考慮的方式不是積壓的變化會轉化為收入增長，而是更多的是積壓的變化會轉化為構建。

And remember, bookings contribute to both backlog and RPO.

請記住，預訂會影響積壓和 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。也許只是關於盈利能力的最後一件事。當軟件出現積壓時，我想這將是本季度毛利率的順風。您能否量化一下本季度的情況，顯然，供應鏈壓力和物流壓力對利潤率有影響？

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，你說的對。從長遠來看，軟件組件繼續增長，我們能夠將其從積壓中運出，這將是利潤率的順風。現在，我們從積壓中運出的仍然是很多陳舊的產品。順便說一下，我們在本季度的積壓訂單方面取得了很大進展，但我們發貨的很多產品仍然是在價格上漲之前收到的訂單。所以你看到兩件事同時發生。你會看到更高的成本和收入同時與提價前的銷售掛鉤——這顯然是對利潤率的不利影響。與此同時，我們看到更多的軟件被運出，這是一個順風。然後這仍然是一個相當大的逆風，本季度產品毛利率為 61%，與我們在第四季度看到的情況一致。

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.

好消息是我們在運送大量陳舊積壓訂單方面取得了良好進展。第二季度還有更多的東西要出去。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.

來自奧本海默的 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?

不錯的結果。 Chuck，我想回到你對 Tal 問題的回答。很明顯，隨著訂單的減少和您現在履行能力的增強，未來幾個季度的積壓訂單將繼續下降。因此，請幫助我們了解讓您擔心的下降水平與您認為回到歷史正常水平的正常速度的下降水平。你會說什麼是沙子線，你會說比這更多的地方，我們可能有一個問題，但如果它在 X 附近，那麼這將在接下來的 12、18 個月內發生是完全正常和合理的？

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，一泰。實際上，我們已經為這一年的各種預訂場景建模，它必須比我告訴你的要糟糕得多，才會令人擔憂。斯科特，你還有其他意見嗎？

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，我想你想知道的是我們什麼時候會回到更具季節性的模式，對吧？顯然，季節性已經消失了，既進入了大流行，又隨著北方連續三個季度的增長 30% 而從大流行中走出來。我們開始看到季節結束的跡象，正常的季節性回歸。不過，這會有點複雜，因為隨著供應限制的放鬆。我們將能夠縮短交貨時間。我們已經為少數產品線做到了這一點。當我們這樣做時，當然，現在只對當前期間的預訂產生影響。因此，隨著交貨時間正常化，您接下來很難發現這些趨勢。

Tim Long from Barclays.

巴克萊銀行的蒂姆·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.

兩個快速的，如果可以的話。也許，查克，在雲垂直方向上，你能不能談談——仍然在那裡談論兩位數的訂單。你能不能從額外訂購季度的正常化與潛力的角度來分析減速——有很多關於明年雲玩家支出正常化的討論。如果你能把這兩個解析出來。

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?

然後在軟件方面，只是好奇您是否可以更新我們。聽起來很多硬件都已轉換，這很有幫助。您能否談談 9K 續訂以及您認為也可以在接下來的幾個季度中幫助實現這一增長的任何其他獨立軟件產品？

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。提姆，2 個好問題。因此，在雲垂直領域，我認為你說的是正確的事情，即訂單的正常化可能會在接下來的幾個季度內發生。事實上，如果我們看到未來幾個季度的第四季度利率落後，甚至可能下降到負值，我不會感到驚訝，因為我們已經看到瞭如此多的提前訂購。但我們繼續看到他們總體上真正強勁的需求。我們和他們一起做了很多長期規劃。我們有一些訂單甚至沒有記錄在案。他們甚至還沒有出現在預訂中，因為他們已經超過了我們的預訂提前期窗口。所以這是積極的。

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

所以我們繼續在那裡看到成功。我們繼續贏得特許經營權，我們對我們所處的位置感到滿意。

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?

在軟件方面，我要說的是 9k 續訂正在改進。它們現在仍然不重要。我想明年，我們會看到這種情況發生。我們確實宣布的是——在過去的一年裡，我們將在 Meraki 儀表板、Meraki 平台下管理所有 Catalyst 產品組合，並將交付給擁有 D&A 許可證和高級許可證的客戶。所以我們認為，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功能和管理。我們認為我們甚至會包括——我們甚至會改進我們的續約。但正如我們所說，Cat 9K 創下了創紀錄的季度業績。所以我們對它的表現非常滿意。斯科特？

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。蒂姆，我要補充的是，如果您關注軟件增長，請記住，軟件訂閱增長，我們總軟件的訂閱子集增長了 11%。現在佔總數的 85%。顯然，在總數僅增長 5% 的情況下，永久作為軟件許可的一部分持續下降。現在 - 或軟件收入。現在占我們總數的 15%。所以我認為我們已經到了這樣一個地步，訂閱基礎比永久的要大得多，而且永久的逆風對我們前進的影響較小。

Paul Silverstein with Cowen & Company.

Paul Silverstein 與 Cowen & Company。

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?

感謝您提出這個問題。冒著問一些你不能或不會回應的風險，斯科特。我希望回到保證金問題。兩個相關的問題。一，嗯，只是為了澄清，50 到 75 個基點的產品利潤率提高，我認為這是在當前季度之外的。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，本季度減少了 50 到 75。沒錯，當我們進入第四季度時。

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。現在對於下一個問題，從長遠來看，我認識到有很多變化，而且這是一個很難預測的環境。但從長遠來看，你能回到甚至超過 21 年初的近 67% 的增長率和 34% 的營業利潤率嗎？那些是 - 你的毛利率是 15 年來的最高點，你的營業利潤率，你必須回到 97 年，我想你最後一次提出那種類型的數字。顯然，與 1.5 年前大流行前的其他人所做的相比，這些數字與其他人相去甚遠。但是你認為你可以從哪裡回到長期呢？

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?

與此相關的是，您的期望是什麼，您的計劃是增加 OpEx？我假設您想在一定程度上提高最終毛利率。你有什麼想法可以分享嗎？我認為本季度的運營支出增長率為 4% 或 5%。我覺得有點高。但是關於你的想法是什麼，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。讓我先看一下毛利率。保羅，如你所知，毛利率內有幾個變動的部分。一是積壓，其中一些仍處於提價前的水平。當我們處理積壓的那部分工作時，我們會把它運出去。顯然，這將是順風。我們收入中內置的軟件組件的增加將是一個順風。它會回到65%嗎？我認為——要做到這一點，我們必須看到貨運和物流之間輸入端的成本進一步降低，我們已經開始看到這一點。雖然它們按順序同比增長，但我們也開始看到貨運和物流成本有所下降的跡象，但我們必須看到這一點。我們將不得不看到組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.

所以我認為它是 - 沒有給你一個量化的數字，我認為裡面有很多活動部件。當我們展望未來時，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.

在運營支出方面，您在本季度看到的部分當然是我們獎金計劃的正常化。去年，獎金計劃顯然沒有支付那麼好。當我們進入今年並且您將其標準化時，這是 OpEx 增長的一部分。我們確實有一個比正常年度績效增長周期略大的周期。這也推動了一些運營支出的增長。我認為我們的長期重點是——你聽我說過，這是平衡的盈利增長，對吧？如果你看一下我們今年的指南，收入增長 4.5% 到 6.5%，收入增長 4.5% 到 6.5%。從長遠來看，我們談到了 5% 到 7% 的頂線，5% 到 7% 的底線。我認為這確實是您需要考慮的方式。

George Notter with Jefferies.

George Notter 與 Jefferies。

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?

我想問一下外彙的影響。顯然，美元處於20年高位。也許你可以談談你是如何與國際客戶進行對話的，你是否看到需求減少了？圖片是什麼？

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，我將從數字開始。我相信你知道這一點。我們出售約 90% 的收入以美元計價。因此，美元走強對我們沒有太大的影響。這不是微不足道的，但它被我們在 OpEx 線上獲得的好處所抵消。因此，從翻譯的角度來看，FX 對我們來說確實沒有產生實質性影響。

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.

正如我們所看到的——現在你以美元兌美元的高匯率出售美元，毫無疑問，這會產生一些影響。當然，我們在歐洲看到的促成查克早些時候談到的事情的其中一個因素，不僅是他們在自己的市場上與高通脹作鬥爭，而且當地貨幣交易成本的增加有點不利。但我們已經處理了這個問題。在公司的整個歷史中，我們都以美元進行銷售。沒想到它會對我們產生持久的影響。

Amit Daryanani from Evercore.

來自 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，我希望你能接觸到服務提供商市場。我想你說訂單下降了 23%。這似乎比投資組合的其他部分更嚴重。任何新的服務提供商與網絡規模相比，那裡發生的事情都會有所幫助。

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。所以我希望你能談談服務提供商訂單下降 23% 似乎比其他業務更嚴重。然後，介於網絡規模和傳統服務提供商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，如果你回到一年前，那部分的實際情況很簡單，該部分增長了 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。我想也許我可以問你關於全年指導的問題。也許你們已經排好了，對吧？你只是在一個非常困難的比較中實現了 6% 的增長，我想你的指南是這樣的，但你並沒有真正假設今年剩餘時間會有很大的加速，儘管與變得更容易相比。

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，還是你在積壓或訂單中看到讓你暫停這項業務的跡象。如果您可以輕鬆比較，我想今年的增長率會有所加快。

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，我們將全年的收入從 4% 到 6% 的指導增長了 4.5% 到 6.5%。這有效地將我們在第一季度的出色表現推向了全年。我們看待下半年的方式沒有變化，無論是正負。但這是對我們對未來 3 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?

我想看看是否有某種方法可以描述您自己的交貨時間。因此，如果您今天有客戶從 Meraki 產品或園區交換機或數據中心設備下訂單，那麼為您的客戶獲取產品的交貨時間是多少？與上一季度和上一年相比如何？

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，如果你想添加一些顏色，請隨意。目前產品範圍非常廣泛。我們仍然有幾個產品領域存在我們正在做一些工作的組件問題，我認為在我們開始改進這些領域之前我們可能還有四分之一的時間。我們還有其他產品，例如某些防火牆，交貨時間縮短至 3 週。我們有一些我之前談到過的重新設計的產品。它從 40 周到 12 週，並將繼續改進。我認為我們對大約一半的產品組合進行了改進。上個季度有一半的產品系列有所改進，我們希望在前進的過程中繼續取得進步。

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?

就像快速跟進一樣。當您表現出改進時，您是否看到這會影響您維持或占據市場份額的能力，而當交貨時間延長時您可能更容易受到影響？

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討論都反映在我們的積壓工作中。我的意思是，這就是問題所在。當我們發貨時，您會看到我們——我認為您會在接下來的 12 個月內看到我們獲得市場份額，因為我們將交付大量積壓訂單。所以我希望這會產生積極的影響。

James Fish with Piper Sandler.

詹姆斯·菲什與派珀·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?

在重組計劃中，我知道這些事情絕非易事，但是——我們已經意識到協作方面我們看到了一些裁員，但哪些產品領域受到的打擊最大？我們應該如何考慮整體裁員？改變其中一些一直在努力實現增長的增長業務的方向的策略是什麼？就此而言，我的意思是協作方面。你們有多少將這種影響納入指南的頂線？

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。所以我們明天實際上是在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，我不願意在這裡詳細介紹。我會說我們正在做的是調整某些業務的規模。我們真正專注於資源進入企業網絡空間，加速我們的平台戰略。我們將在安全方面進行大量投資，並加強我們在那裡的團隊以及在那裡繼續創新的能力。這些都是重要的領域。

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，我寧願等到明天再和我們的員工談談。但你可以假設我們將 - 我們實際上不是 - 沒有什麼是較低優先級的，但我們正在對某些業務進行合理調整。既然你問了合作，我會告訴你一些關於什麼——我們現在在我們的呼叫業務、我們的雲呼叫業務中看到了令人難以置信的力量。我們看到了我們的雲聯絡中心業務的巨大優勢。會議方面的比較將開始做到這一點——讓我們有能力讓它成為一個更有利的組成部分。所以我們 - 我實際上對未來 12 個月的合作組合持樂觀態度。該團隊做得非常出色。我真的相信他們建立了業內最好的平台。

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.

當您查看我們的設備以及團隊一直在推動的 Microsoft 互操作性的互操作性時，當您 - 從客戶的角度來看，我們為他們提供這種靈活性時，這是一件非常非常重要的事情。所以我認為他們做得很好，在我們前進的過程中，我對這項業務感覺很好。我們只需要調整一些 OpEx。

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.

需要明確的是，詹姆斯不要將此視為以節省成本為動機的裁員行動。這確實是一種再平衡。當我們縱觀全局時，我們希望在某些領域進行更多投資，Chuck 剛剛談到了這些領域。安全性、我們轉向平台和更多雲交付產品。但我們也將在這樣做時保持我們的財務紀律。因此，這只是全面重新平衡。在一個完美的世界裡，你會有 100% 的技能匹配，你可以把這個領域的人或某些領域的技能轉移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——如果你看看我們在我們試圖投資的領域開設的工作崗位數量，它只略低於我們認為會受到影響的人數。我們將非常努力地幫助我們的員工在技能匹配的範圍內匹配這些角色。因此，我們將為此非常努力。

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?

如果我能快速跟進那件事就好了。伙計們，我很欣賞那裡的顏色，並且理解你們想要擁有的敏感性。不過，就 6 億美元的損失而言，Scott，我們是否應該期望這實際上是最終的淨節省？或者這會 - 淨儲蓄實際上會降低，因為你有點重新定位一些人？

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。它確實不是出於節省成本的動機。因此，淨值 - 到年底時，我們的預期是我們的員工人數與年初大致相同。但是這個有 2 個部分。一個是我們剛才一直在談論的關於員工人數的影響。還有第二部分，這實際上是關於調整我們的房地產投資組合。我們在世界各地分佈著一長串小型辦公室，這些辦公室未得到充分利用，事實上，在某些情況下未被使用。

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，該費用的第二部分將包含 2 個元素。一個是與人相關的，第二個是關於調整我們的房地產投資組合的。這將產生一些儲蓄，在 23 財年不會很多，但從長遠來看，將產生一些儲蓄。

Samik Chatterjee with JPMorgan.

Samik Chatterjee 與摩根大通。

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?

恭喜打印效果好。我想，我只有一個。我想如果我能回到——查克，你關於看到歐洲、中東和非洲客戶猶豫的評論，考慮到那裡的宏觀背景會更多一些嗎？你談到了你同時看到的機會。也許你可以問問你什麼時候開始看到那裡的顧客猶豫不決？您如何看待它們在您的投資組合中的優先級？就像當談到數據中心、校園和安全時，他們正在重新評估他們的支出或猶豫投資，比如他們如何在你的投資組合中確定優先級，我們看到領域正在受到影響？

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，Samik，這是個好問題。我要說的是 - 我要說的第一件事是 Gartner 最近對我們客戶群中的高管進行了調查，他們 - 幾乎一半的人表示他們的技術投資將是他們削減的最後一件事.因此，我認為這只是一個背景，說明客戶如今對技術投資的看法有多重要。

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.

當我們查看客戶投資的地方時，他們中的許多人都在投資——他們正在推進他們的混合工作投資，正確的，並創建他們應對這個新世界所需的基礎設施。我們看到客戶繼續。我們看到最近的一項調查談到了正在平衡私有云和公共雲工作負載的客戶。因此，為應對這些新的交通模式而對基礎設施進行整體重構是另一個領域。我在歐洲提到了電力，能源成本。有很多重點。

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 年裡一直在加速發展，我們看到了另一個——我認為我們在第一季度的預訂季度創下了紀錄。我相信，它真的很強大，客戶真的希望連接這些系統以實際優化他們的功耗和效率。再一次，我們看到很多客戶正在搬家，他們正在做真正專注於減少的綠地房地產項目 - 轉向低壓架構，這導致他們轉向以太網供電，這導致他們重建他們的基礎設施。

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.

然後你就擁有了網絡安全和全棧可觀察性。我們繼續在那裡看到 5G 擴建。只是很多 - 儘管我們處於短期動態環境中，但有很多積極的順風。

I think we have time for one more question.

我想我們還有時間再問一個問題。

Sami Badri with Credit Suisse.

瑞士信貸的 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，我想回到你對市場份額和積壓的一些市場份額的評論。現在，如果我們假設積壓訂單中沒有任何內容，並且您生成的所有數字都通過財務報表公開報告，這是否表明思科實際上保持或增加甚至失去了市場份額？

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

你的意思是我們所有的積壓訂單是否真的已經發貨並報告了？

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，看，我們在許多不同的市場開展業務。 100% 的市場是真的嗎，這對我來說很難說。但我相信，當我們推出——特別是我們的安全敏捷網絡、我們的企業和網絡產品時，這肯定會有所幫助。當我們趕上我們的數據中心基礎設施時，我認為這會有所幫助。

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.

還有隻是報告發生的動態。我們的一些競爭對手將某些路由產品報告到數據中心交換中，而我們已經報告到路由中，這使得很難確定。因此，除此之外，這是一門不完美的科學。但我確實相信，隨著我們——隨著我們的積壓工作在接下來的 18、24 個月內逐漸減少並恢復到正常水平，我認為你會看到——我認為你會看到這種動態。

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。需要明確的是，思科獲得了份額？我不知道，只是為了確保我沒聽錯。

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.

我認為這是對的。在某些關鍵領域。我的意思是，也許不是每個人，我都必須去做分析。但在我知道你們所有人都擔心的一些關鍵問題上，答案是肯定的。

In the bigger markets.

在更大的市場。

In the bigger markets.

在更大的市場。

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。然後是 Scott 的一個問題。所以斯科特，也許你可以告訴我們，在 23 年第一季度的哪裡，出貨量開始加速，只是因為我們想了解從現在到第四季度的趨勢，並將該產品的毛利率評論考慮在內。我真正想了解的是，隨著出貨量開始加速，軟件將附加到這些出貨量上，以便我可以了解這裡的下滑路徑，安全網絡之外的其他一些部分發生了什麼，敏捷網絡，等等，對吧？我只是想得到這種可能從與出貨門相關的其他部分發生的這種拉動力？

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 - 所以我們談到了從第四季度到第一季度末的總體積壓減少了約 10%。那 - 當然，其中的一個子集是軟件。同樣的百分比在軟件中也非常適用。軟件在我們整個產品積壓中的價值繼續遠遠超過 20 億美元。但它是關於 - 它實際上與我們在整體積壓中看到的順序相同。所以就在 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談到的 50 到 75 個基點的改進時，我認為今年下半年它可能會比第二季度重一點。你看到了第二季度的指南。

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

我將把它交給 Chuck 做一些結束語。

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，感謝大家今天加入我們。我只想重申一下，我們覺得我們有一個非常強勁的季度。歷史上最大的季度收入。正如我之前所說，訂單、能見度、寬鬆政策和供應鏈使我們有信心提高一年。我們非常專注。我們正在管理業務以實現增長。我們將經歷對戰略領域進行再投資的過程。人民的影響是困難的。我只想讓今天收聽的員工知道，今天下午和明天，我們將就如何解決這個問題進行溝通。這總是一個艱難的決定，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。我為團隊和他們所取得的成就感到自豪，並對我們在短期內的知名度和信心感到非常興奮。感謝您加入我們，我們期待下次。

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。思科的下一個季度收益電話會議將於 2023 年 2 月 15 日星期三下午 1:30 召開，這將反映我們 2023 財年第二季度的業績。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，請隨時聯繫思科投資者關係小組。我們非常感謝您參加今天的電話會議。

Thank you for participating on today's conference call. If you would like to listen to the call in its entirety, you may call (800) 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，可以致電 (800) 835-5808。對於來自美國境外的參與者，請撥打 (203) 369-3353。今天的電話會議到此結束。此時您可以斷開連接。