思科 (CSCO) 2024 Q4 法說會逐字稿

Welcome to Cisco's fourth-quarter and fiscal year 2024 financial results conference call. At the request of Cisco, today's conference is being recorded. If you have any objections, you may disconnect. Now I would like to introduce Sami Badri, Head of Investor Relations. Sir, you may begin.

歡迎參加思科第四季和 2024 財年財務業績電話會議。應思科的要求，今天的會議正在錄製。如果您有任何異議，您可以斷開連接。現在我想介紹一下投資人關係主管薩米‧巴德里(Sami Badri)。先生，您可以開始了。

This is Sami Badri, Cisco's Head of Investor Relations, and I'm joined by Chuck Robbins, Chair and CEO; and Scott Herren, our CFO.

我是思科投資者關係主管薩米‧巴德里 (Sami Badri)，與我一起的還有董事長兼執行長查克‧羅賓斯 (Chuck Robbins)。和我們的財務長 Scott Herren。

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

現在您應該已經看到我們的收益新聞稿了。電話會議後，我們網站上的投資者關係部分將提供相應的帶有幻燈片的網路廣播，包括補充資訊。損益表、完整的 GAAP 與非 GAAP 調節資訊、資產負債表、現金流量表和其他財務資訊也可以在我們投資者關係網站的財務資訊部分找到。

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

在整個電話會議中，除非另有說明，我們將參考 GAAP 和非 GAAP 財務業績，並將討論收入和地理方面的產品結果以及產品訂單方面的客戶結果。本次電話會議中進行的所有比較都將逐年進行。

The matters we will be discussing today include forward-looking statements, including the guidance we'll be providing for the first-quarter and full-year fiscal 2025. 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 Forms 10-K and 10-Q, which identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements.

我們今天將討論的事項包括前瞻性陳述，包括我們將為 2025 財年第一季和全年提供的指導。特別是關於10-K 和10-Q 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有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，請另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資訊。除非透過明確的公開揭露方式，否則思科不會對其本季的財務指引發表評論。

I will now turn it over to Chuck.

我現在把它交給查克。

Thanks, Sami, and thank you all for joining us today. We had a strong close to fiscal '24, delivering $13.6 billion in revenue for the fourth quarter, coming in above the high end of our guidance range and $53.8 billion in revenue for the year coupled with growth in annualized recurring revenue, remaining performance obligations, and subscription revenue. We also generated excellent margins boosted by Splunk. Our gross margin of 67.5% was the highest for Cisco in 20 years.

謝謝薩米，也謝謝大家今天加入我們。我們在 24 財年末表現強勁，第四季度收入為 136 億美元，高於我們指導範圍的上限，全年收入為 538 億美元，加上年化經常性收入、剩餘履約義務的增長，和訂閱收入。 Splunk 也提高了我們的利潤率。我們的毛利率為 67.5%，是思科 20 年來的最高水準。

We saw steady demand as we closed the year with total product order growth of 14% and growth of 6% excluding Splunk, indicating that the period of inventory digestion by our customers is now largely behind us as we expected. We've also been investing to accelerate critical innovation in key areas with Hypershield and HyperFabric for AI being two outstanding examples. With Splunk now part of Cisco, we believe we have an unmatched capability to unlock the full power of the network with market-leading security and observability solutions to deliver even greater value for our customers.

年底，我們看到需求穩定，總產品訂單成長了 14%，不包括 Splunk 的成長為 6%，這表明我們的客戶消化庫存的時期現在基本上已經過去了，正如我們預期的那樣。我們也一直在投資加速關鍵領域的關鍵創新，Hypershield 和 HyperFabric for AI 就是兩個傑出的例子。隨著 Splunk 現已成為思科的一部分，我們相信我們擁有無與倫比的能力，可以透過市場領先的安全性和可觀測性解決方案釋放網路的全部功能，為我們的客戶提供更大的價值。

We have hit the ground running since we've brought the Splunk and Cisco teams together, integrating powerful new customer solutions and beginning to realize early synergies. We know that our biggest competitive differentiator is the power of our full portfolio. This is why earlier today, we announced that we'll be bringing our networking, security, and collaboration teams together as one organization with Jeetu Patel stepping into an expanded role as Chief Product Officer to lead this group effective immediately.

自從 Splunk 和 Cisco 團隊合併以來，我們已經開始運作，整合了強大的新客戶解決方案並開始實現早期協同效應。我們知道，我們最大的競爭優勢是我們完整產品組合的力量。這就是為什麼今天早些時候，我們宣布將把我們的網路、安全和協作團隊整合為組織，Jeetu Patel 將擔任首席產品官，並立即領導團隊。

As we complete the full integration of Splunk into Cisco, the Splunk product line will also integrate into this new organization at the right time, bringing our entire product portfolio together as one team. With this new organization, our products will come together in a more integrated way than ever before, positioning us to deliver incredibly powerful outcomes for our customers.

隨著我們完成 Splunk 與 Cisco 的全面整合，Splunk 產品線也將在適當的時候整合到這個新組織中，將我們的整個產品組合整合為一個團隊。透過這個新的組織，我們的產品將以比以往更加整合的方式組合在一起，使我們能夠為客戶提供令人難以置信的強大成果。

Looking ahead, we remain laser-focused on growth and consistent execution as we invest to win in AI, cloud, and cybersecurity. To focus on these key priority areas, today, we announced a restructuring plan to allow us to both invest in key growth opportunities as well as drive more efficiency in our business. Now let me share some details on our fourth quarter.

展望未來，我們將繼續專注於成長和持續執行，並透過投資贏得人工智慧、雲端和網路安全領域的勝利。為了專注於這些關鍵優先領域，今天，我們宣布了一項重組計劃，使我們能夠投資關鍵成長機會並提高業務效率。現在讓我分享一些關於第四季的細節。

We delivered solid performance in Q4 with revenue coming above the high end of our guidance range. Strong operating leverage across our business once again drove non-GAAP margins above the high end of our expectations, resulting in earnings per share also coming in above the high end of our guidance range. We continue to focus on growth in our recurring revenue streams. Annualized recurring revenue, remaining performance obligations, and subscription revenue all showed solid growth, and subscriptions made up 56% of our revenue in the quarter.

我們在第四季度取得了穩健的業績，收入高於我們的指導範圍的高端。我們業務的強勁營運槓桿再次推動非公認會計準則利潤率高於我們預期的上限，導致每股收益也高於我們指導範圍的上限。我們持續關注經常性收入流的成長。年化經常性收入、剩餘履約義務和訂閱收入均顯示出穩健成長，訂閱佔本季營收的 56%。

We also continued to deliver on our commitment to consistent capital returns. In Q4, we returned $3.6 billion in value to our shareholders through share repurchases and cash dividends, bringing the total to $12.1 billion in value returned in fiscal '24 or 119% of free cash flow.

我們也繼續履行對持續資本回報的承諾。第四季度，我們透過股票回購和現金股利向股東返還了 36 億美元的價值，使 24 財年返還的價值總額達到 121 億美元，即自由現金流的 119%。

In terms of customer demand, as I mentioned earlier, we saw steady demand in Q4. This resulted in double-digit product order growth across all geographies and strength in all customer markets despite persistent macro uncertainty. Public sector demand was particularly strong worldwide, driven by a federal spending in the US and strength in APJC.

在客戶需求方面，正如我之前提到的，我們在第四季度看到了穩定的需求。儘管宏觀不確定性持續存在，但所有地區的產品訂單均實現了兩位數的成長，所有客戶市場均表現強勁。在美國聯邦支出和 APJC 實力的推動下，全球公共部門的需求尤其強勁。

Enterprise demand returned to strength in the quarter with solid performance in the Americas and EMEA and even stronger results in APJC. We signed several $100 million-plus transactions in the quarter with global enterprises who are leveraging the breadth of our technology platforms to modernize and automate their network operations and deploy next-generation machine learning and AI applications.

本季企業需求恢復強勁，美洲和歐洲、中東和非洲地區表現強勁，亞太和日本地區的業績更為強勁。本季度，我們與全球企業簽署了數筆價值超過 1 億美元的交易，這些企業正在利用我們廣泛的技術平台實現網路營運現代化和自動化，並部署下一代機器學習和人工智慧應用程式。

I'd like to highlight one of the largest deals we've signed in the quarter with a leading global logistics company to advance their efforts in creating the world's most flexible, efficient, and intelligent logistics network. Cisco's technology platforms across switching, routing, security, and observability will enable our customer to automate network operations with cutting-edge innovations like AI-powered robotics and unmatched supply chain visibility.

我想強調我們在本季度與一家全球領先的物流公司簽署的最大交易之一，以推動他們創建世界上最靈活、高效和智能的物流網絡的努力。思科涵蓋交換、路由、安全性和可觀察性的技術平台將使我們的客戶能夠透過人工智慧驅動的機器人技術和無與倫比的供應鏈可視性等尖端創新實現網路營運自動化。

We also signed our first cross-portfolio agreement that includes Splunk with a major automotive company in this quarter. AI is transforming every aspect of our customers' IT environments. They need to modernize their infrastructure, harness the full power of AI and data, and improve their cybersecurity posture all while building agility and resiliency across their entire digital footprint. Our customers continue to put their trust in Cisco, and we are very well positioned to be their strategic partner for this era.

我們還在本季與一家大型汽車公司簽署了第一份跨投資組合協議，其中包括 Splunk。人工智慧正在改變客戶 IT 環境的各個方面。他們需要實現基礎設施現代化，充分利用人工智慧和數據的力量，並改善網路安全態勢，同時在整個數位足跡中建立敏捷性和彈性。我們的客戶繼續信任思科，我們完全有能力成為他們在這個時代的策略夥伴。

In service provider, while our telco and cable customer demand remained muted overall amid continued industry-wide pressure, we saw strength in EMEA driven by investment in AI operations and autonomous networks by service providers to help them monetize their B2B offerings. We are also encouraged to see signs of stabilization and improved performance in web scale in terms of pipeline and demand with double-digit order growth.

在服務提供者方面，雖然我們的電信和有線電視客戶需求在整個行業持續面臨壓力的情況下總體上仍然疲弱，但我們看到了歐洲、中東和非洲地區的實力，這得益於服務提供商對人工智慧運作和自主網路的投資，以幫助他們透過B2B 產品貨幣化。我們也很高興看到網路規模在管道和需求方面出現穩定和效能改善的跡象，訂單成長達到兩位數。

To provide some incremental color, let me share some data on demand through the lens of our products. Excluding Splunk, security product orders grew double digits. Collaboration product orders grew double digits. In our networking portfolio, data center switching also saw a double-digit product order growth. And enterprise routing, campus switching, and wireless orders were also strong with wireless orders greater than 1 million, up more than 20% year over year as customers look to enhance their office environments.

為了提供一些增量色彩，讓我透過我們產品的鏡頭按需分享一些數據。不包括 Splunk，安全產品訂單增加了兩位數。合作產品訂單成長兩位數。在我們的網路產品組合中，資料中心交換產品訂單也實現了兩位數的成長。企業路由、園區交換和無線訂單也表現強勁，無線訂單超過 100 萬份，較去年同期成長超過 20%，因為客戶希望改善辦公環境。

Across the breadth of our portfolio and global customer base, our product order results demonstrate strengthening demand as our customers focused on their next top-priority technology investments. While customers continue to ruthlessly prioritize their investments, our product order results demonstrate that our customers continue to look to Cisco as they focus on their most important technology initiatives.

在我們的產品組合和全球客戶群中，我們的產品訂單結果表明，隨著我們的客戶專注於下一個最優先的技術投資，需求不斷增強。雖然客戶繼續無情地確定他們的投資優先順序，但我們的產品訂單結果表明，我們的客戶在專注於最重要的技術計劃時繼續關注思科。

Now turning to look at our product categories in more detail. We saw revenue growth in security and double-digit growth in observability year over year, excluding Splunk, as customers look to enhance their digital resilience with Cisco's technologies. We've had extremely positive feedback from customers with early access to Hypershield, the first truly distributed AI-native cybersecurity solution built into the fabric of the network. Hypershield furthers our vision for the Cisco Security Cloud, which is expected to deliver the industry's most comprehensive, unified platform with end-to-end solutions, making it easier for our customers to protect against evolving threats, and we look forward to making it available this fall.

現在轉向更詳細地了解我們的產品類別。我們看到安全性方面的營收年增，可觀測性方面的營收年增兩位數（不包括 Splunk），因為客戶希望透過思科的技術來增強其數位彈性。我們從提前訪問 Hypershield 的客戶那裡得到了非常積極的回饋，Hypershield 是第一個內建於網路結構中的真正分散式人工智慧原生網路安全解決方案。 Hypershield 進一步推進了我們對思科安全雲端的願景，該雲端預計將提供業界最全面、統一的平台以及端到端解決方案，使我們的客戶能夠更輕鬆地防範不斷變化的威脅，我們期待著推出它今年秋天。

Our new security solutions, XDR and Secure Access, are continuing to gain strong traction. We added over 230 new XDR customers in Q4. Early in the quarter, we announced the integration of Cisco XDR with Splunk Enterprise Security, and at the Black Hat cybersecurity conference earlier this month, we announced the availability of Talos Incident Response for Splunk customers, enabling access to the full suite of proactive and emergency services to help prepare for, respond to, and recover from a breach.

我們的新安全解決方案 XDR 和 Secure Access 正在繼續獲得強大的吸引力。我們在第四季新增了 230 多個 XDR 客戶。本季度初，我們宣布將 Cisco XDR 與 Splunk Enterprise Security 集成，並在本月早些時候的 Black Hat 網路安全會議上宣佈為 Splunk 客戶提供 Talos 事件響應，使他們能夠訪問全套主動和緊急事件響應幫助準備、回應違規並從違規中恢復的服務。

We also continue to capitalize on the multibillion-dollar AI infrastructure opportunity. We have now crossed $1 billion in AI orders with web-scale customers to date, with three of the top-four hyperscalers deploying our Ethernet AI fabric, leveraging Cisco-validated designs for AI infrastructure. We expect an additional $1 billion of AI product orders in fiscal year '25.

我們也持續利用價值數十億美元的人工智慧基礎設施機會。迄今為止，我們與網路規模客戶的人工智慧訂單已超過 10 億美元，四大超大規模企業中的三家部署了我們的乙太網路人工智慧結構，利用了經過思科驗證的人工智慧基礎設施設計。我們預計 25 財年人工智慧產品訂單將增加 10 億美元。

As I shared at our Investor Day in June, this momentum is being fueled by multiple use cases in production with the hyperscalers, several of which are in AI. In addition, we have multiple design wins with roughly two-third of these in AI.

正如我在 6 月的投資者日分享的那樣，這種勢頭是由超大規模生產中的多個用例推動的，其中一些用例是人工智慧領域的。此外，我們還獲得了許多設計勝利，其中大約三分之二是人工智慧領域的設計。

Over and above the web scale AI opportunity, we believe we are well positioned to be the key beneficiary of AI application proliferation in the enterprise. Our HyperFabric AI cluster solution created with NVIDIA helps our enterprise customers build infrastructure to run generative AI models and inference applications. The on-premise solution will guide users from design to validate a deployment, to monitoring and assurance when it becomes available later this fiscal year.

除了網路規模的人工智慧機會之外，我們相信我們有能力成為企業人工智慧應用擴散的主要受益者。我們與 NVIDIA 共同創建的 HyperFabric AI 叢集解決方案可協助我們的企業客戶建立基礎架構來運行生成式 AI 模型和推理應用程式。此本地解決方案將指導用戶從設計到驗證部署，再到在本財年稍後推出時進行監控和保證。

We are also enhancing our own productivity by using AI in our services and customer experience organization. We have a robust AI and automation framework that touches at least 50% of our service requests. In addition, we are incorporating AI assistants into our products so that our customers and partners have efficient options to access support.

我們也透過在我們的服務和客戶體驗組織中使用人工智慧來提高我們自己的生產力。我們擁有強大的人工智慧和自動化框架，可滿足至少 50% 的服務請求。此外，我們還將人工智慧助理融入我們的產品中，以便我們的客戶和合作夥伴能夠有有效的選擇來獲得支援。

Before I hand it over to Scott, I want to take a moment to thank our teams for all their hard work to close out the year and their relentless focus on our customers. In closing, while we're pleased with our performance in a dynamic environment, we know we have to drive strong execution to be successful in the growing markets we serve. We believe this will result in strong growth and profitability as we enter fiscal 2025.

在將其交給斯科特之前，我想花點時間感謝我們的團隊為結束這一年所做的辛勤工作以及對客戶的不懈關注。最後，雖然我們對我們在動態環境中的表現感到滿意，但我們知道我們必須推動強有力的執行力才能在我們服務的不斷增長的市場中取得成功。我們相信，隨著我們進入 2025 財年，這將帶來強勁的成長和獲利能力。

I'll now turn it over to Scott to provide more detail on the quarter and our outlook.

現在我將把它交給斯科特，以提供有關本季和我們的前景的更多詳細資訊。

Thanks, Chuck. I'll start with a summary of our financial results for the quarter, then cover the full fiscal year, followed by our guidance. Our Q4 results reflect solid execution with strong margins and strengthened orders as customer buying patterns begin to return to normal.

謝謝，查克。我將從本季的財務表現摘要開始，然後介紹整個財年，最後是我們的指導。我們第四季的業績反映出，隨著客戶購買模式開始恢復正常，我們的執行力強勁，利潤豐厚，訂單也有所增加。

For the quarter, total revenue was above the high end of our guidance range at $13.6 billion, down 10% year over year comparing against our strongest quarter ever in the fourth quarter of fiscal '23.

本季總營收高於我們指引範圍的上限 136 億美元，與 23 財年第四季有史以來最強勁的季度相比，年減 10%。

Splunk contributed approximately $960 million in revenue for the quarter, in line with our expectations. Non-GAAP net income was $3.5 billion. Non-GAAP earnings per share was above the high end of our guidance range at $0.87. The interest impact from financing the Splunk acquisition more than offset the positive operating impact of Splunk. The net effect was a negative impact of $0.04 on non-GAAP earnings per share for the quarter.

Splunk 本季貢獻了約 9.6 億美元的收入，符合我們的預期。非 GAAP 淨利為 35 億美元。非 GAAP 每股收益高於我們指導範圍的上限 0.87 美元。 Splunk 收購融資產生的利息影響遠遠抵消了 Splunk 的正面營運影響。淨效應是對本季非 GAAP 每股盈餘產生 0.04 美元的負面影響。

Looking at our Q4 revenue in more detail, total product revenue was $9.9 billion, down 15% as we moved through the final quarter of customer inventory issues. And services revenue was $3.8 billion, up 6%. Networking, our largest product category, was down 28% when compared to our Q4 '23 networking revenues, which benefited from near-record shipments of excess backlog.

更詳細地觀察我們第四季的收入，產品總收入為 99 億美元，隨著我們度過最後一季的客戶庫存問題，下降了 15%。服務收入為 38 億美元，成長 6%。網路是我們最大的產品類別，與我們 23 年第 4 季的網路收入相比下降了 28%，這得益於接近創紀錄的超額​​積壓出貨量。

Security was up 81%, including the benefit from Splunk. Excluding Splunk, security grew 6%, driven by competitive wins and growth in SASE and double-digit growth in network security.

安全性提高了 81%，其中包括 Splunk 帶來的好處。不包括 Splunk 在內，安全性成長了 6%，這主要得益於 SASE 的競爭勝利和成長以及網路安全性兩位數的成長。

Collaboration was flat, driven by growth in our cloud calling and CPaaS offerings, offset by declines in meetings and devices. Observability was up 41%, driven by growth in our observability suite, our Splunk observability offering, and ThousandEyes network services. Excluding Splunk, observability grew 12% for the quarter.

由於我們的雲端通話和 CPaaS 產品的成長，協作表現平淡，但被會議和設備的下降所抵消。由於我們的可觀察性套件、Splunk 可觀察性產品和ThousandEyes 網路服務的增長，可觀察性增加了 41%。不包括 Splunk，該季度的可觀察性增加了 12%。

Looking at our recurring metrics, ARR ended the quarter at $29.6 billion, which increased 22% due to continued strong performance and contribution from Splunk. These factors also drove our product ARR growth of 43%. Without Splunk, ARR was $25.3 billion, up 4%, and product ARR was up 9%. Total subscription revenue increased 17% to $7.7 billion, which now represents 56% of Cisco's total revenue. Without Splunk, total subscription revenue was up 2%, representing 53% of Cisco's total revenue.

從我們的經常性指標來看，本季末 ARR 達到 296 億美元，由於 Splunk 持續強勁的業績和貢獻，成長了 22%。這些因素也推動我們的產品 ARR 成長 43%。如果沒有 Splunk，ARR 為 253 億美元，成長 4%，產品 ARR 成長 9%。訂閱總收入成長了 17%，達到 77 億美元，目前佔思科總營收的 56%。如果沒有 Splunk，總訂閱營收成長了 2%，佔思科總營收的 53%。

Total software revenue was up 15% at $5.3 billion with software subscription revenue up 25%. 92% of our total software revenue was subscription-based. Without Splunk, software revenue was down 5% due to declines in perpetual license software as we move to more subscription-based software arrangements. Software subscription revenue was up 2%.

軟體總收入成長 15%，達到 53 億美元，其中軟體訂閱收入成長 25%。我們軟體總收入的 92% 來自訂閱。如果沒有 Splunk，隨著我們轉向更多基於訂閱的軟體安排，永久授權軟體的數量減少，軟體收入下降了 5%。軟體訂閱收入成長了 2%。

Total RPO was $41.0 billion, up 18%, due to both strong organic performance and the addition of Splunk. Product RPO grew 27%. Total short-term RPO was up 17%. Without Splunk, RPO was $37.5 billion, up 8% with product RPO also grew at 8%. As Chuck said, Q4 product orders were up 14% year over year. Excluding Splunk, product orders were up 6% year over year, indicating the period of inventory digestion by our customers is now largely behind us.

由於強勁的有機業績和 Splunk 的加入，RPO 總額達到 410 億美元，成長 18%。產品 RPO 成長 27%。短期 RPO 總額上升了 17%。如果沒有 Splunk，RPO 為 375 億美元，成長 8%，產品 RPO 也成長 8%。正如 Chuck 所說，第四季產品訂單年增 14%。不包括Splunk，產品訂單年增6%，顯示客戶消化庫存的時期已經基本過去。

Looking at our product orders across our geographic segments year over year, Americas was up 15%; EMEA was up 12%; and APJC was up 16%. In our customer markets, public sector was up 20%, enterprise was up 13% and service provider and cloud was up 5%.

從我們各個地區的產品訂單來看，美洲地區年增了 15%；歐洲、中東和非洲地區成長 12%； APJC 上漲 ​​16%。在我們的客戶市場中，公共部門成長了 20%，企業成長了 13%，服務供應商和雲端成長了 5%。

Total non-GAAP gross margin came in at 67.9%, up 200 basis points year over year and exceeding the high end of our guidance range. Product gross margin was 67.0%, up 150 basis points, largely driven by Splunk and favorable product mix, offset by price. Services gross margin was 70.3%, up 280 basis points. Non-GAAP operating margin came in at the high end of our guidance range at 32.5%.

非 GAAP 總毛利率為 67.9%，年增 200 個基點，超過我們指導範圍的上限。產品毛利率為 67.0%，成長 150 個基點，主要受到 Splunk 和有利的產品組合的推動，但被價格所抵銷。服務毛利率為70.3%，上升280個基點。非 GAAP 營業利潤率為 32.5%，處於我們指導範圍的高端。

Shifting to the balance sheet, we ended Q4 with total cash, cash equivalents, and investments of $17.9 billion. Operating cash flow was $3.7 billion. Consistent with our capital allocation strategy, we returned $3.6 billion to shareholders comprised of $1.6 billion for our quarterly cash dividend and $2.0 billion of share repurchases. We took advantage of the market conditions to increase our share repurchases during the quarter.

轉向資產負債表，第四季末我們的現金、現金等價物和投資總額為 179 億美元。營運現金流為 37 億美元。根據我們的資本配置策略，我們向股東返還了 36 億美元，其中 16 億美元用於季度現金股息，20 億美元用於股票回購。我們利用市場狀況在本季增加了股票回購。

Turning to the full fiscal year, we delivered strong margins and increased our operating leverage. Revenue at $53.8 billion made fiscal '24 Cisco's second-strongest year on record as compared to the all-time high revenues of $57 billion in fiscal '23, which benefited from significant shipments of heightened backlog. Splunk contributed approximately $1.4 billion in revenue after the close of the acquisition in March of this year.

就整個財年而言，我們實現了強勁的利潤率並提高了營運槓桿。思科 24 財年的營收為 538 億美元，是有史以來第二強勁的一年，而 23 財年的營收達到史上最高的 570 億美元，這得益於大量積壓訂單的出貨量。今年 3 月收購結束後，Splunk 貢獻了約 14 億美元的營收。

Non-GAAP earnings per share was $3.73, exceeding the high end of our guidance range, down 4% year over year. Splunk was $0.04 dilutive to full-year earnings, including the impact of financing costs.

非 GAAP 每股收益為 3.73 美元，超出我們指導範圍的上限，年減 4%。 Splunk 稀釋了全年收益 0.04 美元，其中包括融資成本的影響。

In terms of our recurring metrics, total software revenue for the full year was up 9% at $18.4 billion with the product portion also up 9%. Software subscription revenue was up 15%. 89% of total software revenue was subscription-based. Without Splunk, total software revenue was up 1%. Total subscription revenue was $27.4 billion, an increase of 11%. Without Splunk, total subscription revenue was up 6%.

就我們的經常性指標而言，全年軟體總收入成長了 9%，達到 184 億美元，其中產品部分也成長了 9%。軟體訂閱收入成長了 15%。軟體總收入的 89% 來自訂閱。沒有 Splunk，軟體總收入成長了 1%。總訂閱收入為 274 億美元，成長 11%。如果沒有 Splunk，總訂閱收入成長了 6%。

As Chuck mentioned, total non-GAAP gross margin was 67.5%, up 300 basis points and the highest in 20 years. On the bottom line, non-GAAP net income was $15.2 billion. Operating cash flow was $10.9 billion. As a reminder, cash flow was impacted by the timing of large tax payments in fiscal '24 compared to fiscal '23.

正如 Chuck 所提到的，非 GAAP 總毛利率為 67.5%，成長了 300 個基點，為 20 年來的最高水準。淨利方面，非 GAAP 淨利為 152 億美元。營運現金流為 109 億美元。需要提醒的是，與 23 財年相比，24 財年的現金流量受到大額納稅時間的影響。

In the year, we returned $12.1 billion in value to shareholders through cash dividends and share repurchases. Those comprised of $6.4 billion in quarterly cash dividends and $5.8 billion of share repurchases. We increased our dividend for the 13th consecutive year in fiscal '24, reinforcing our confidence in the strength and stability of our ongoing cash flows.

這一年，我們透過現金股利和股票回購向股東返還了 121 億美元的價值。其中包括 64 億美元的季度現金股利和 58 億美元的股票回購。我們在 24 財年連續第 13 年增加了股息，增強了我們對持續現金流的實力和穩定性的信心。

To summarize, we executed well in Q4 and the fiscal year. We exited the year with order levels improving as customers largely completed the implementation of record Cisco product shipments. Further, as Chuck mentioned, we are realigning our expenses to better capture the opportunities ahead. As part of our announced restructuring plan, we expect to impact approximately 7% of our global workforce with total estimated pre-tax charges of up to $1 billion.

總而言之，我們在第四季和本財年表現良好。隨著客戶基本上完成了創紀錄的思科產品出貨量的實施，我們的訂單水準在這一年有所改善。此外，正如查克所提到的，我們正在重新調整開支，以更好地抓住未來的機會。作為我們宣布的重組計畫的一部分，我們預計將影響全球約 7% 的員工，預計稅前費用總額高達 10 億美元。

Turning to our financial guidance. For fiscal Q1, our guidance is as follows. We expect revenue to be in the range of $13.65 billion to $13.85 billion. We anticipate the non-GAAP gross margin to be in the range of 67% to 68%. Non-GAAP operating margin is expected to be in the range of 32% to 33%. Non-GAAP earnings per share is expected to range from $0.86 to $0.88. And in Q1, we're assuming a non-GAAP effective tax rate of approximately 19%.

轉向我們的財務指引。對於第一財季，我們的指導如下。我們預計營收將在 136.5 億美元至 138.5 億美元之間。我們預計非 GAAP 毛利率將在 67% 至 68% 之間。非 GAAP 營運利潤率預計在 32% 至 33% 之間。非 GAAP 每股盈餘預計為 0.86 美元至 0.88 美元。在第一季度，我們假設非 GAAP 有效稅率約為 19%。

For fiscal year '25, our guidance is as follows. We expect revenue to be in the range of $55 billion to $56.2 billion. Non-GAAP earnings per share is expected to range from $3.52 to $3.58, and we're assuming a non-GAAP effective tax rate of approximately 19%.

對於 25 財年，我們的指導如下。我們預計營收將在 550 億美元至 562 億美元之間。非 GAAP 每股盈餘預計為 3.52 美元至 3.58 美元，我們假設非 GAAP 有效稅率約為 19%。

Sami, let's now move into the Q&A.

薩米，我們現在進入問答環節。

Thank you, Scott. (Operator instructions).

謝謝你，斯科特。 （操作員說明）。

Meta Marshall, Morgan Stanley.

梅塔‧馬歇爾，摩根士丹利。

Great. Thanks so much. Chuck, I just wanted to maybe start with you in terms of what you're seeing in terms of budget prioritization from customers. Clearly, they're coming out of a digestion period. But just any sense of how they're balancing different enterprise or initiatives, particularly trying to balance AI initiatives.

偉大的。非常感謝。查克，我只是想從您所看到的客戶預算優先順序開始。顯然，他們正走出消化期。但他們如何平衡不同的企業或計劃，特別是試圖平衡人工智慧計劃的任何感覺。

And then maybe second, just for Scott, is the full risk embedded in the fiscal '25 guidance? Just any clarification. Thanks.

其次，對 Scott 來說，25 財年指導是否包含了全部風險？只是任何澄清。謝謝。

Thanks, Meta. Yes, I would say if you look across the portfolio, just if I go around the world a little bit on the demand side, from a geographic perspective, it was very balanced. Americas and Europe up 6%, Asia up 8%. All these numbers are excluding Splunk, and I'm going to talk about real quickly. The segments -- enterprise was plus 3%, cloud and SP was plus 2%, and then public sector was plus 15%. And so we saw a pretty balanced strength there.

謝謝，梅塔。是的，我想說，如果你縱觀整個投資組合，只要我在需求上稍微走遍世界，從地理角度來看，它是非常平衡的。美洲和歐洲成長 6%，亞洲成長 8%。所有這些數字均不包括 Splunk，我將很快討論這一點。這些細分市場－企業加 3%，雲端和 SP 加 2%，公部門加 15%。所以我們在那裡看到了相當平衡的力量。

But across the technology portfolio, it was incredibly balanced. So we saw double-digit growth, as we said, in security; double-digit growth in collaboration. And then in the networking space, I think it's important to point out the switching business and the -- the enterprise switching and the enterprise routing businesses were both up high single digits, and the wireless business was up double digits.

但在整個技術組合中，它是令人難以置信的平衡。正如我們所說，我們在安全方面看到了兩位數的成長；合作實現兩位數成長。然後在網路領域，我認為重要的是要指出交換業務和企業交換和企業路由業務均實現了高個位數成長，無線業務實現了兩位數成長。

And again, I think Scott had in his remarks that the number of $1 million transactions in wireless alone was up 20% year over year. So we saw super balanced demand across the portfolio. The one thing I would say that we heard for the first time this quarter that we haven't heard before is that customers -- enterprise customers are now actually upgrading their infrastructure in preparation for AI. And in some cases, they're taking some of the dollars that they've set aside for AI to actually spend it on modernizing their infrastructure in order to get ready for that.

我認為斯科特在他的演講中再次提到，僅無線領域的 100 萬美元交易數量就比去年同期增長了 20%。因此，我們看到整個投資組合的需求非常平衡。我想說的是，我們本季第一次聽到的、以前從未聽說過的一件事是，客戶——企業客戶現在實際上正在升級他們的基礎設施，為人工智慧做好準備。在某些情況下，他們會拿出一些為人工智慧預留的資金，用於對其基礎設施進行現代化改造，以便為此做好準備。

And you saw that with some of the examples we gave in these platform sales. The large logistics company that we have that actually bought the cross-portfolio solution, the whole platform -- Cisco platforms, and they're looking to enable AI-powered robotics, AI-powered supply chain visibility, et cetera. So we think we're beginning to see customers actually prepare for AI applications. Even though in many cases, they may not know the full range of what they will be deploying, but they know they need to be ready. So that's kind of what we saw.

您可以從我們在這些平台銷售中給出的一些範例中看到這一點。我們擁有的大型物流公司實際上購買了跨產品組合解決方案、整個平台——思科平台，他們希望實現人工智慧驅動的機器人、人工智慧驅動的供應鏈視覺性等。因此，我們認為我們已經開始看到客戶真正為人工智慧應用做好準備。儘管在許多情況下，他們可能不知道他們將部署的全部內容，但他們知道他們需要做好準備。這就是我們所看到的。

And Meta, I want to make sure I got your second question right. Did you say it's the full risk embedded in fiscal '25?

Meta，我想確保我正確回答了你的第二個問題。您是否說這是 25 財年所包含的全部風險？

Just the layoffs that were announced. Just whether that is fully embedded -- the savings from the 7% cut are embedded in the fiscal '25 guidance.

剛剛宣布的裁員。只是這是否完全嵌入——削減 7% 帶來的節省已嵌入到 25 財年指導中。

Yeah, it is. And it's a good place to kind of explain in a little bit more detail what that actually is about. It's not about cost savings. So the answer is yes, it's embedded in the guide. But it's much more about finding efficiencies across the company so that we can pivot more resources, much like we did last year, into the fastest growth areas within the company, which are pivoting more into AI, pivoting more into cloud, and pivoting more into cybersecurity. So think of it more as reallocating versus it being in pursuit of cost savings. But yes, it's all built into the guidance.

是的，確實如此。這是一個很好的地方，可以更詳細地解釋這實際上是什麼。這與節省成本無關。所以答案是肯定的，它是嵌入在指南中。但更重要的是要提高整個公司的效率，以便我們能夠將更多資源投入到公司內成長最快的領域，就像我們去年所做的那樣，這些領域正在更多地轉向人工智慧、更多地轉向雲端、更多地轉向人工智慧。因此，更多地將其視為重新分配，而不是追求成本節約。但是，是的，這一切都已納入指南中。

Yeah, I would just add on that we actually are shifting hundreds of millions of dollars into AI, into AI networking for cloud, into AI infrastructure, silicon and cyber. So it's a meaningful shift. But we feel like the market is moving so quickly, we have to do that.

是的，我想補充一點，我們實際上正在將數億美元投入人工智慧、人工智慧雲端網路、人工智慧基礎設施、晶片和網路。所以這是一個有意義的轉變。但我們覺得市場變化如此之快，我們必須這麼做。

Tal Liani, B.A. Securities.

塔爾·利亞尼，學士證券。

Hi, guys. The last question a little bit stole my thunder but I want to ask it anyway. On one hand, there is always a correlation between business cycles and restructuring. And here, you see a company that is improving on all fronts with orders growing and still you're announcing a major 7% restructuring.

嗨，大家好。最後一個問題有點搶了我的風頭，但我還是想問。一方面，經濟週期與重組之間始終存在相關性。在這裡，您看到一家公司在各個方面都在進步，訂單不斷增長，但您仍然宣布進行 7% 的重大重組。

Is there anything in the environment that makes you more cautious? Is there anything that drives the timing of this restructuring ahead of what is expected to be a good year? So I'm wondering what can we learn from your view on the environment given the timing of restructuring?

環境中有什麼東西讓你變得更謹慎嗎？在預計的豐年到來之前，是否有任何因素推動了這次重組的時機？所以我想知道，考慮到重組的時機，我們可以從您對環境的看法中學到什麼？

(multiple speakers) I'll just ask my second question together. It's a quick one. On security, great performance, finally improving. Was there any implication of what we've seen with CrowdStrike? Have you seen any change in purchasing behavior or any different dynamics among customers because of what happened with CrowdStrike?

（多位發言者）我就一起問第二個問題。這是一個很快的。在安全性方面，性能出色，終於有所改進。我們在 CrowdStrike 中看到的情況是否有任何暗示？您是否發現由於 CrowdStrike 發生的情況而導致客戶的購買行為發生任何變化或出現任何不同的動態？

Thanks, Tal. Let me just make a comment on the restructuring, then Scott, you can talk a little bit about it and then I'll take the security question back.

謝謝，塔爾。讓我對重組發表評論，然後斯科特，你可以談談它，然後我會收回安全問題。

So on the restructuring, the answer to that is no, there's nothing else out there. We had tremendous demand across the portfolio. It was very broad-based, and it was very consistent. It really is about ensuring in the rapidly moving markets that we serve that we're able to shift resources into the most important areas. So that's really it. Scott, anything to add?

因此，關於重組，答案是否定的，沒有其他方法。我們對整個產品組合有龐大的需求。它的基礎非常廣泛，而且非常一致。這實際上是為了確保在我們所服務的快速變化的市場中，我們能夠將資源轉移到最重要的領域。就是這樣。史考特，有什麼要補充的嗎？

Tal, this is just a continuation of what you've seen us do. We talked at Investor Day about having already pivoted on the R&D front a little more than 50% of our R&D spend into those three areas -- into AI, cloud, and cybersecurity. Obviously, networking continues to be incredibly important to us, and we'll continue to support that space as well. But it's looking for efficiencies as we look across the company really in every way so that we can take those resources and allocate them into the fastest-growing spaces.

塔爾，這只是您所看到的我們所做的事情的延續。我們在投資者日上談到，我們已經將研發支出的 50% 以上轉向了這三個領域——人工智慧、雲端和網路安全。顯然，網路對我們仍然非常重要，我們也將繼續支持該領域。但當我們真正從各個方面審視整個公司時，它正在尋求效率，以便我們可以利用這些資源並將它們分配到成長最快的領域。

I think it's -- think of it as more of just the financial discipline that you've always seen from us. You just look at the year we just closed. Obviously, it was a challenging year on the top line for revenue, and yet we reported the highest operating margin in the history of the company. So this is just more of the financial discipline that I think you've known us for.

我認為這更像是你一直在我們身上看到的財務紀律。你只要看看我們剛關閉的那一年。顯然，對於收入來說，這是充滿挑戰的一年，但我們報告了公司歷史上最高的營業利潤率。所以這只是我認為您已經了解我們的更多財務紀律。

And then on the security question, yeah, Tal, if you think back to -- go back about a year, what I had said, I felt like what happened is that we would start seeing an improvement in the second half of fiscal '24. We were high single digits in Q3. We were double digits in Q4, and I said we should see the real momentum kick in, in '25. And I think that's what we're -- we're feeling the beginning of that.

然後關於安全問題，是的，塔爾，如果你回想一下——大約一年前，我說過的話，我覺得發生的事情是我們將開始看到 24 財年下半年的改善。我們在第三季取得了高個位數的成績。我們在第四季度取得了兩位數的成績，我說我們應該在 25 年看到真正的勢頭開始顯現。我認為這就是我們的情況——我們正在感受到這一點的開始。

As it relates specifically to CrowdStrike, it's hard for me to say. I will tell you that we added 230 more XDR customers. We're pushing 600 customers on that platform, which is a -- it's a pretty significant decision when customers make that decision, so that's encouraging. And candidly, the Secure Access product that is the cloud-edge security solution is actually ramping even faster than XDR did.

由於它與 CrowdStrike 特別相關，所以我很難說。我會告訴您，我們又增加了 230 個 XDR 客戶。我們正在該平台上推動 600 名客戶，這是一個非常重要的決定，當客戶做出這個決定時，這是令人鼓舞的。坦白說，作為雲端邊緣安全解決方案的 Secure Access 產品的發展速度實際上比 XDR 還要快。

So the teams have done a great job with this innovation. We have 2,200 customers now that are using our AI assistant in security, and so that's very encouraging as well. So we're really optimistic about what the teams have been doing in this space.

因此，團隊在這項創新方面做得非常好。現在我們有 2,200 名客戶在安全領域使用我們的 AI 助手，這也是非常令人鼓舞的。因此，我們對團隊在這個領域所做的事情非常樂觀。

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

Hi, thanks for taking my question. And before I ask the question, congratulations to Jeetu on the expanded role as well. Maybe just starting off with the AI orders. Chuck, I think you mentioned you already cumulatively crossed $1 billion and are on track for the $1 billion next year. Maybe if you can give us some sense on what's the current sort of run rate that you're hitting relative to the $1 billion target you have for next year? And as you sort of get more visibility in terms of some of these deployments, how are you thinking about the order or signing of the orders translating into revenue? And I have a follow-up. Thank you.

您好，感謝您提出我的問題。在我提問之前，我也祝賀 Jeetu 的角色得到擴展。也許只是從人工智慧命令開始。 Chuck，我想你提到你已經累計突破 10 億美元，明年有望突破 10 億美元。也許您可以告訴我們，相對於明年 10 億美元的目標，目前您所達到的運行率是多少？當您對其中一些部署有了更多了解時，您如何看待訂單或訂單簽署轉化為收入？我有一個後續行動。謝謝。

Samik, could you ask the follow-up now, please?

Samik，現在可以詢問後續狀況嗎？

Okay. On the follow-up, I was just really going to more ask about what's embedded in terms of the guide relative to the Splunk growth versus the core business. And if we are sort of calculating it right, it looks like Splunk's growth was about 5% in the quarter. It looks a bit more subdued than the double-digit growth I think everyone was expecting. So any guide -- any sort of thoughts on why it was a bit more subdued if I'm doing the math right? And how to think about sort of what's embedded in the guide for fiscal '25? Thank you.

好的。在後續行動中，我真的想更多地詢問相對於 Splunk 成長與核心業務的指南中嵌入的內容。如果我們計算正確的話，Splunk 本季的成長率約為 5%。它看起來比我認為每個人預期的兩位數增長要低迷一些。那麼，如果我計算正確的話，有什麼指南可以解釋為什麼它會更加柔和嗎？如何思考 25 財年指南中所包含的內容？謝謝。

Yeah. So on the AI orders, we did talk about the fact that we crossed $1 billion to date in the web-scale space, which is solid. And at the Investor Day, we talked about the number of design wins we've had, which are wins where we have received the go-ahead from these customers that they are going to go with us, assuming we execute and deliver on the design as they have expected.

是的。因此，在人工智慧訂單方面，我們確實談到了迄今為止我們在網路規模領域突破 10 億美元的事實，這是可靠的。在投資者日，我們討論了我們獲得的設計勝利的數量，這些勝利是我們從這些客戶那裡得到的許可，假設我們執行並交付設計，他們將與我們合作正如他們所預料的那樣。

And so we're only 2.5 weeks into the year, so it's hard to say right now how those are going to flow throughout the balance of the year. But I will say that one of the absolute largest players in this space actually told us last week that they are releasing orders in one of those design wins, so one of those design wins will start to generate orders in the near future. So I think things are playing out as we expected. And candidly, it's just up to us to execute and deliver on what they've asked us to deliver.

距離今年只剩下 2.5 週了，所以現在很難說這些將如何貫穿今年剩餘時間。但我要說的是，這個領域絕對最大的參與者之一實際上上週告訴我們，他們正在發布其中一項設計勝利的訂單，因此其中一項設計勝利將在不久的將來開始產生訂單。所以我認為事情正在按照我們的預期進行。坦白說，我們有責任執行並交付他們要求我們交付的東西。

Yeah. And Samik on Splunk, as we said in the opening commentary, it's progressing right in line with our expectations. The focus of that transaction was much more about driving revenue; of course, it's a long sales cycle. We've already seen, as Chuck mentioned, double-digit number of deals that have closed with our two sales forces selling together. So the momentum in the field is good.

是的。 Samik 在 Splunk 上的表現，正如我們在開場評論中所說，它的進展完全符合我們的預期。該交易的重點更多是為了增加收入；當然，這是一個很長的銷售週期。正如查克所提到的，我們已經看到，我們的兩個銷售團隊一起銷售完成了兩位數的交易。因此，該領域的勢頭良好。

Splunk -- the better metric for Splunk, we talked about revenue because that obviously shows up in the P&L -- the better metric for them is ARR. And their ARR is continuing to grow in double digits, which is right where it was the last time they reported as a public company. So still continuing to see good momentum and beginning to see the green shoots of the sales forces really selling together.

Splunk——Splunk 的更好指標，我們討論了收入，因為這顯然會出現在損益表中——對他們來說更好的指標是 ARR。他們的 ARR 繼續以兩位數增長，這正是他們上次作為上市公司報告時的水平。因此，仍然繼續看到良好的勢頭，並開始看到銷售人員真正一起銷售的萌芽。

We've also done a fair number of product integrations. And I think Chuck talked about several of those in his piece of the script. And so what's going to happen over time is it's going to be harder and harder to say what is with these integrated product sets. What is Splunk revenue and what is Cisco revenue?

我們也完成了大量的產品整合。我認為查克在他的劇本中談到了其中的幾個。因此，隨著時間的推移，將越來越難說出這些整合產品集的用途。什麼是 Splunk 收入以及什麼是 Cisco 收入？

I will tell you, we've built in the full impact of where we expect the combined company to be. But I think defining longer term, how much of that is allocated to historical Splunk and how much of that is allocated to historical Cisco is going to get tougher and tougher. So what I'd tell you is it's built -- it's performing well. We're already seeing good signs of the sales forces selling together, and it's built into the guide.

我會告訴你，我們已經充分發揮了我們對合併後公司的期望。但我認為，從長遠來看，定義其中有多少分配給歷史悠久的 Splunk 以及有多少分配給歷史悠久的思科將變得越來越困難。所以我要告訴你的是它已經建成了——它的性能很好。我們已經看到銷售人員一起銷售的良好跡象，並將其納入指南中。

I think that's really important, Scott, because we said that Splunk typically has a six- to nine-month sales cycle. And we closed, I think, over 10 of these cross-sell deals that were worked between the Cisco sales force and the Splunk sales force last quarter, which was promising.

我認為這非常重要，Scott，因為我們說過 Splunk 通常有六到九個月的銷售週期。我認為，上個季度我們完成了 10 多項交叉銷售交易，這些交易是在思科銷售團隊和 Splunk 銷售團隊之間進行的，這是有希望的。

And we also, as I said in my comments, we did the first cross-portfolio agreement that would have traditionally been a Cisco offer to one of our largest customers in the US, and we actually transacted it with Splunk included in that. So we're beginning to see what we would have expected at this point and maybe even a little ahead of what I would have expected at this point.

正如我在評論中所說，我們還簽訂了第一份跨投資組合協議，該協議傳統上是思科向我們在美國最大的客戶之一提出的要約，實際上我們在交易時就將Splunk 納入其中。因此，我們開始看到我們此時的預期，甚至可能比我此時的預期稍早。

George Notter, Jefferies.

喬治諾特，傑弗里斯。

I wanted to ask about putting the organization together, networking security, collaboration. Can you talk a bit about what's driving that integration? I assume you're going to talk about the need for products to be integrated, especially as we leverage AI, leverage big data sets. But can you walk through kind of the precise motivations driving it?

我想問有關組織整合、網路安全、協作的問題。您能談談推動這種整合的因素嗎？我假設你會談論產品整合的需求，特別是當我們利用人工智慧、利用大數據集時。但是您能詳細說明一下驅動它的確切動機嗎？

Yeah. George, thank you. You nailed it actually. You could answer for me. I think the -- if you look at what our biggest competitive differentiation is in the marketplace, it's really when we do deep cross integration across the portfolio, and we're delivering on a platform strategy for our customers. And I felt like with the pace at which the AI revolution is moving and what our enterprise customers need from us, and candidly, as security and networking continue to become more tightly intertwined, I just felt like it was important for us to have a single leader.

是的。喬治，謝謝你。你確實做到了。你可以替我回答。我認為，如果你看看我們在市場上最大的競爭優勢是什麼，你會發現，這實際上是我們在整個產品組合中進行深度交叉集成，並且我們正在為客戶提供平台策略。我覺得隨著人工智慧革命的發展速度以及我們的企業客戶對我們的需求，坦白說，隨著安全和網路繼續變得更加緊密地交織在一起，我只是覺得對我們來說擁有一個單一的解決方案非常重要領導者。

And if you look at what Jeetu has accomplished in his four years here, when he took on the collaboration business originally, I think everybody remembers what the portfolio was like then versus what it's doing now with double-digit growth this quarter. And obviously, in the security portfolio, he's done exactly as we had expected.

如果你看看Jeetu 在這裡的四年裡所取得的成就，當他最初接手協作業務時，我想每個人都記得當時的投資組合是什麼樣的，以及現在在本季度實現兩位數增長的情況。顯然，在安全投資組合中，他的表現完全符合我們的預期。

And I think we have a great networking team. And I think his focus on execution, innovation, and sense of urgency, I think, is going to be really welcome there. And so we look forward to seeing what the team's accomplished and the innovation that they'll deliver in the future.

我認為我們擁有一支出色的網路團隊。我認為他對執行、創新和緊迫感的關注在那裡會非常受歡迎。因此，我們期待看到團隊所取得的成就以及他們未來將提供的創新。

Amit Daryanani, Evercore ISI.

阿米特·達裡亞納尼 (Amit Daryanani)，Evercore ISI。

Good afternoon. Thanks for taking my question. I guess maybe to start with, Chuck, your commentary around customer demand patterns getting back to normal, the orders and positive growth, all sounds really good. Maybe you could just contrast that and help us frame that versus your guidance for overall revenue being up 3%, inclusive of Splunk. There's obviously the sphere that Cisco's losing shares at.

午安.感謝您提出我的問題。我想也許首先，查克，你對客戶需求模式恢復正常、訂單和積極增長的評論，聽起來真的很好。也許您可以將其與您的整體收入增長 3%（包括 Splunk 在內）的指導進行對比，並幫助我們制定框架。顯然，思科在這個領域正在失去份額。

Maybe you can just talk about how to think about your revenue growth, what headwinds do you have for maybe backlog normalization that should be factored into the 3%, 3.5% revenue guide? That would be really helpful to sort of understand.

也許您可以談談如何考慮您的收入成長，您對於積壓正常化有哪些阻力，應該將其納入 3%、3.5% 的收入指南中？這對於理解確實很有幫助。

And then perhaps this is a follow-up, Scott. Can you just quantify what sort of cost savings are you expecting from this reduction program? I realize none of this will flow to the bottom line. It sounds like you want to invest it back in the business. But just to frame it up, what sort of savings on a growth level maybe you expect from these cost reduction initiatives? Thank you.

也許這是一個後續行動，斯科特。您能否量化一下您期望透過該削減計劃節省多少成本？我意識到這一切都不會影響最終結果。聽起來您想將其重新投資到業務中。但簡單來說，您期望從這些成本削減措施中節省什麼樣的成長水準？謝謝。

Yeah. Amit, on the first one, we've talked about this in the past. The headwind that we have for fiscal '25, we talked about this back on the Q3 call and again at our Investor Day. We still have a tough compare in Q1. As you know, Q1 of fiscal '24, the year that just ended, we had significant amount of product shipments from excess backlog. Round numbers, $4 billion of shipment included in those Q1 numbers. And obviously, you can only ship that backlog once. So we don't get to ship that again in Q1 of this year.

是的。阿米特，關於第一個問題，我們過去已經討論過這個問題。我們在 25 財年遇到的逆風，我們在第三季電話會議和投資者日上再次討論過這一點。我們在第一季仍然有一個艱難的比較。如您所知，在剛結束的 24 財年第一季度，我們因積壓過多而發貨了大量產品。整數，第一季的出貨量包括 40 億美元。顯然，您只能運送一次積壓的訂單。因此，我們不會在今年第一季再次發貨。

That not only creates a dislocation in what the growth rates are for Q1, but it impacts the entire year as well. So one of the things that we talked about on the last call was if you looked at our growth rate of the core business and said, ex-backlog and ex-Splunk, you can do the pencil math and see what is that growth rate. And it's in that same range that we gave you for the long-term growth rate. So that's what's kind of underneath the positive news that we're seeing around demand returning to normal patterns but then the headwind that creates to revenue growth for the year and the guide.

這不僅造成第一季成長率的混亂，而且還會影響全年。因此，我們在上次電話會議上討論的一件事是，如果您查看我們核心業務的增長率，並說，除積壓訂單和除Splunk 之外，您可以用鉛筆算一下，看看增長率是多少。我們為您提供的長期成長率也處於同一範圍內。這就是我們看到的需求恢復正常模式的積極消息背後的原因，但隨後又為今年的收入成長和指南帶來了阻力。

On the cost reductions from the actions that we're taking, it really is a case -- much like it was last year -- of us finding those efficiencies across the company and really reallocating. So think of it as much more of a reallocation process than it is a cost savings process.

關於我們正在採取的行動降低成本的問題，這確實是一個例子——就像去年一樣——我們在整個公司找到了這些效率並真正進行了重新分配。因此，與其說它是一個成本節約過程，不如說它是一個重新分配過程。

This is the same financial discipline you've seen from us for the last couple of years. And as I said in answering the question earlier, the kind of the hallmark of that is when you look at a year, this was a tough year in terms of revenue production. And with the discipline that we have, we still delivered the highest operating margin we have in the company -- in the history of the company.

這與您在過去幾年中從我們身上看到的財務紀律是一樣的。正如我之前在回答問題時所說，其標誌是，當你回顧一年時，就收入生產而言，這是艱難的一年。憑藉我們的紀律，我們仍然實現了公司歷史上最高的營業利潤率。

So think of it that way. We need to pivot more resources into the fastest-growth areas of our business, and we're doing it by finding efficiencies and then reallocating those costs.

所以這樣想吧。我們需要將更多資源投入到業務成長最快的領域，為此我們要提高效率，然後重新分配這些成本。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

Great. Thank you for taking the question. I'm interested in maybe unpacking a little bit of the $1 billion of incremental AI orders you talked about for fiscal '25. And what I'm sort of trying to understand is, are you looking at this as sort of more of the same, meaning very similar in the customer mix and product mix of the first $1 billion? Or are we expecting the beginning of maybe enterprise adoption for inferencing? Or what's the nature of that incremental $1 billion?

偉大的。感謝您提出問題。我可能有興趣拆開您談到的 25 財年 10 億美元增量人工智慧訂單中的一小部分。我想了解的是，您是否認為這在某種程度上是相同的，即前 10 億美元的客戶組合和產品組合非常相似？或者我們期待企業開始採用推理？或者說這 10 億美元增量的本質是什麼？

And then my follow-up is quick and probably one that might be a little bit trickier to answer, but what are you budgeting for fiscal '25 OpEx? I think we're all trying to get to that one way or another. Thank you.

然後我的後續行動很快，而且可能回答起來有點棘手，但是您為 25 財年的營運支出製定了哪些預算？我想我們都在努力以某種方式實現這一目標。謝謝。

Thanks, Simon. So I'll take the AI one. I would say that it doesn't have a meaningful amount of enterprise built into it. We are beginning to see the enterprise pipeline build a bit, but it's mostly, predominantly the same thing that we've talked about in the past, which is a web-scale infrastructure space. So if the enterprise picks up materially somewhere along the way, then that number could be higher.

謝謝，西蒙。所以我會選擇AI。我想說的是，它並沒有內建大量的企業。我們開始看到企業管道有所建設，但這基本上與我們過去討論過的事情相同，即網路規模的基礎設施空間。因此，如果企業在過程中的某個地方取得實質進展，那麼這個數字可能會更高。

The other thing I'd point out is I also believe over time, it's going to be -- it's going to get more and more difficult to really identify orders that are AI-related because as I said earlier, we're beginning to see enterprises now that are updating their infrastructure as a result of AI. So does that count as an AI order or not? But anyway, we're going to stay pretty pure to how we measure them so far as we continue to update you on these numbers. But I think that's how it's going to play out over the course of the year.

我要指出的另一件事是，我也相信隨著時間的推移，真正識別與人工智慧相關的訂單將會變得越來越困難，因為正如我之前所說，我們開始看到現在，企業正在透過人工智慧更新其基礎設施。那麼這算不算人工智慧指令呢？但無論如何，只要我們繼續向您更新這些數字，我們將保持非常純粹的衡量方式。但我認為這就是今年的情況。

And Simon, on your second question, obviously, for the full year, we don't guide at that level. We guide -- we've given you revenue. We've given you what to expect on EPS. But for Q1, we also gave you the ranges for gross margin and op margin. And there's -- and below the op margin line and OI&E, we've talked about the interest impact of the money that we spent to acquire Splunk. And I think you understand what that looks like.

西蒙，關於你的第二個問題，顯然，對於全年，我們不會在這個水平上進行指導。我們為您提供指導—我們為您帶來了收入。我們已經向您介紹了每股盈餘的預期內容。但對於第一季度，我們也為您提供了毛利率和營業利潤率的範圍。在營運利潤線和 OI&E 之下，我們討論了收購 Splunk 所花費的資金對利息的影響。我想你明白那是什麼樣子的。

So what I'd give you as an additional modeling point is when you look through the year, we talked about the Q1 guide being gross margin in the 67% to 68% range and op margins being in the 32% to 33% range. It stays pretty well in that range for the full year as well.

因此，我想為您提供的額外建模點是，當您回顧這一年時，我們談到第一季的毛利率在67% 至68% 範圍內，營運利潤率在32% 至33% 範圍內。全年也保持在這個範圍內。

Matt Niknam, Deutsche Bank.

馬特·尼克南，德意志銀行。

Hey, guys. Thanks so much for taking the question. On the point around the platform approach, maybe Chuck, if you can speak to where the platform approach is resonating more across your different customer sets -- within enterprise, SP, and public sector. And how much of these purchasing decisions -- primarily around buying networking and security adjacent to one another, how much of this has actually being done in unison today? And where do you think that goes over time? Thank you.

嘿，夥計們。非常感謝您提出問題。關於平台方法的問題，也許是 Chuck，如果您能談談平台方法在企業、SP 和公共部門等不同客戶群中更能產生共鳴的地方。這些購買決策中有多少——主要是圍繞著購買彼此相鄰的網路和安全性，有多少實際上是在今天一致完成的？您認為隨著時間的推移，情況會如何？謝謝。

Thanks, Matthew. I think that -- look, these are happening primarily in the large enterprise and the large public sector customers. That's where we see it. And in the quarter, we had large enterprise and large public sector customers that actually executed on these nine-figure deals. So it's happening across a broad array of customers in different industries.

謝謝，馬修。我認為——看，這些主要發生在大型企業和大型公共部門客戶中。這就是我們所看到的。在本季度，我們有大型企業和大型公共部門客戶實際執行了這些九位數的交易。因此，這種情況正在不同行業的廣泛客戶中發生。

And I would say that when it comes to security and networking, you're seeing it, particularly in the -- at the cloud edge. As you know, when you see SD-WAN and the cloud security coming together. But we're also beginning to see it, and we're going to actually drive it in the data center with Hypershield, where you have security embedded deeply in the network. And I think that one of the key benefits of the organizational change that we've made is that you're going to see more and more innovation that is going to actually come from us where security and the network are more tightly connected in the future.

我想說，當談到安全性和網路時，你會看到它，特別是在雲端邊緣。如您所知，當您看到 SD-WAN 和雲端安全結合在一起時。但我們也開始看到它，我們將透過 Hypershield 在資料中心實際驅動它，在那裡你可以將安全性深深嵌入網路中。我認為我們所做的組織變革的主要好處之一是，您將看到越來越多的創新實際上將來自我們，未來安全和網路將更加緊密地聯繫在一起。

And Matt, what I'd add to the second part of your question -- how much of the large deals and where does that go? Just a quick data point for you. We talked about product order growth ex-Splunk being at 6%. If you netted out these large -- we call them whole portfolio agreements -- if you netted those out of both years, actually, the product order bookings growth goes up modestly. Think of it as being in the same range.

馬特，我想在你的問題的第二部分補充一下——有多少大宗交易以及這些交易去了哪裡？只是為您提供一個快速數據點。我們談到不包括 Splunk 的產品訂單成長率為 6%。如果你把這些大的——我們稱之為整體投資組合協議——如果你在這兩年裡把這些都淨掉的話，實際上，產品訂單預訂的增長會適度上升。將其視為在同一範圍內。

So while it was a good quarter for that, it always is in Q4, it's not the outsized driver of our growth. We're seeing growth really across the board.

因此，雖然這是一個不錯的季度，但總是在第四季度，它並不是我們成長的巨大推動力。我們看到了真正全面的成長。

Ittai Kidron, Oppenheimer.

伊泰·基德倫，奧本海默。

Thanks, guys. A couple of questions for me. First, Chuck, in your prepared remarks, in the slides, for example, of $100 million platform deals -- multiple platforms, I guess, within each single customer. Maybe can you talk about where is -- all of these customers were naturally big Cisco customers before these renewals and deals. So I guess the question is, where is the incremental value?

謝謝，夥計們。有幾個問題問我。首先，查克，在你準備好的發言中，在幻燈片中，例如，價值 1 億美元的平台交易——我想，每個客戶都有多個平台。也許你能談談在哪裡——在這些續約和交易之前，所有這些客戶自然都是思科的大客戶。那我想問題是，增量價值在哪裡？

In what product areas do you see yourself really gaining more from a footprint when you're coming with these platform deals? And the second question relates to the cloud order growth. Only two points, if I'm getting that right, not all that impressive this quarter. Maybe you can unpack that a little bit more. Thank you.

當您參與這些平台交易時，您認為自己在哪些產品領域中真正獲得了更多收益？第二個問題與雲端訂單成長有關。如果我沒記錯的話，只有兩分，本季的表現就沒那麼令人印象深刻。也許你可以進一步解開它。謝謝。

Yeah. Thanks, Ittai. You're right. Most of these large platform deals are existing customers for sure. In some cases, these are the first -- it's the first time we've done one. And in some cases, it's a renewal of one we did three, five years ago. So it varies.

是的。謝謝，伊泰。你說得對。這些大型平台交易中的大多數肯定都是現有客戶。在某些情況下，這些是第一次——這是我們第一次這樣做。在某些情況下，這是我們三、五年前所做的更新。所以它有所不同。

And I would say in all the customers, I'd say the big thing that's probably an expansion for us now is the real recognition that the security portfolio is much more robust. And the innovation that's been driven in that platform, I think, is one of the advantages that the customers are really seeing through these platform deals that we're seeing.

我想說的是，對於所有客戶來說，我想說，現在對我們來說可能擴展的最重要的事情是真正認識到安全產品組合更加強大。我認為，該平台推動的創新是客戶透過我們所看到的這些平台交易真正看到的優勢之一。

But also again, I think when you get into the use cases, it's really important to understand that some of them are actually doing these now in preparation for these AI workloads like the AI-powered robotics example that we gave earlier. On the cloud order growth, that 2% was a combination of service provider -- traditional service provider and cloud, the hyperscalers. And so if you look at the hyperscalers, we saw very significant growth in the second half of the year and in Q4.

但同樣，我認為當您進入用例時，了解其中一些實際上正在為這些人工智慧工作負載（例如我們之前給出的人工智慧驅動的機器人範例）做這些工作非常重要。在雲端訂單成長方面，這 2% 是服務提供者（傳統服務提供者）和雲端（超大規模提供者）的組合。因此，如果你看看超大規模企業，我們會在今年下半年和第四季看到非常顯著的成長。

We said double digits; I would just say it was meaningful, and it was really refreshing to see. And as Scott said earlier, we feel like this digestion period is behind us now as we had hoped and thought it would be by the end of Q4. And so we hope to see normal buying behavior in the hyperscalers over the coming quarters.

我們說的是兩位數；我只想說這很有意義，而且令人耳目一新。正如斯科特之前所說，我們覺得這個消化期現在已經過去了，正如我們所希望並認為的那樣，這將在第四季末結束。因此，我們希望在未來幾季看到超大規模企業的正常購買行為。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Hey, guys. Thanks for the questions here. You guys are reducing 7% of the workforce. But based on your comments, Scott, it sounds as though that is kind of the gross number. So is there a way to think about sort of that net number by year-end and how many employees are actually affected?

嘿，夥計們。感謝您在這裡提出的問題。你們正在減少 7% 的勞動力。但根據你的評論，斯科特，聽起來這只是總數。那麼有沒有辦法考慮到年底的淨數字以及有多少員工實際受到影響？

And as a follow-up, obviously, Gary has been now in his role for a bit longer and you guys are starting a new fiscal year here. So how are you guys thinking about changes to the sales efforts or compensation structures with this kind of ongoing restructuring, and meanwhile, it kind of pushed more towards a platform sale? Thanks, guys.

顯然，作為後續行動，加里現在擔任他的職位的時間更長了，你們將在這裡開始新的財政年度。那麼，你們如何看待透過這種正在進行的重組來改變銷售工作或薪酬結構，同時，它更推動了平台銷售？謝謝，夥計們。

Yeah, Jim, I'll start. Again, think of that as the reduction that we're doing as much more of a reallocation versus a headcount savings. In some cases, the efficiencies that we're going to get will be from -- by moving into lower-cost locations.

是的，吉姆，我要開始了。再次，將其視為我們正在做的減少，更多的是重新分配而不是人員節省。在某些情況下，我們將透過遷入成本較低的地點來提高效率。

So it's not as easy to do the math to say like -- hey, if you were 90,000 heads before and 7%, I expect you to be at whatever the math works out to. Some of that is not going to be just a one-for-one headcount change. It's going to be savings that come by putting more work into lower-cost locations. So it's -- I don't think the math is going to help you as you try to build out your model.

因此，做數學計算並不那麼容易，例如——嘿，如果你之前有 90,000 次正面朝上，機率為 7%，我希望你能達到數學結果。其中一些不會只是一對一的人員變動。透過將更多的工作投入成本較低的地點，可以節省開支。所以，當你嘗試建立模型時，我認為數學不會對你有幫助。

Yeah. I think from Gary's perspective -- he's not on the call with us today, but I think he's focused on -- we're putting in cross-sell incentives for Splunk on the Cisco sales force. We're going to incent the security sellers inside Cisco. We're looking at the Splunk sales force over time being able to sell the security portfolio from Cisco.

是的。我認為從 Gary 的角度來看——他今天沒有參加我們的電話會議，但我認為他的重點是——我們正在為 Cisco 銷售人員提供 Splunk 的交叉銷售激勵措施。我們將激勵思科內部的安全銷售商。我們希望 Splunk 銷售人員能夠隨著時間的推移銷售思科的安全產品組合。

But he's focused on simplicity. He's focused on more frontline quota-carrying reps. He's focused on investing in more capacity in the enterprise space where these platform deals are more prevalent, more systems engineering, and a real doubling down on the focus on core networking and infrastructure. So I think you're going to see a real renewed effort to get the teams focused not only on some of the software assets and security but really doubling down on core networking.

但他注重簡單性。他專注於更多一線配額代表。他專注於在這些平台交易更為普遍的企業領域投資更多容量、更多系統工程，並真正加倍關注核心網路和基礎設施。因此，我認為您將看到真正的新努力，讓團隊不僅專注於某些軟體資產和安全性，而且真正加倍關注核心網路。

Ben Reitzes, Melius Research.

本‧雷茨 (Ben Reitzes)，Melius 研究中心。

Hey, guys, thanks for the question. I wanted to ask you, Chuck, a little bit more about the getting ready for AI, the uptick in orders where you see folks getting ready. Did you mean like some of the wireless orders where they're anticipating using apps, or did you mean that they're anticipating doing training on top of some LLMs? I just wanted a little more -- if you had any insight as to what they're really using it for, and which area of your portfolio that you're really seeing it in and if you're getting a sense like for what they're really prepping for.

嘿，夥計們，謝謝你的提問。查克，我想問你更多關於人工智慧的準備情況，以及你看到人們做好準備的訂單的增加。您的意思是像一些無線訂單一樣，他們期望使用應用程序，或者您的意思是他們期望在一些法學碩士的基礎上進行培訓？我只是想要更多一點 - 如果你對他們真正使用它的目的有任何見解，以及你真正在你的投資組合的哪個領域看到它，以及你是否對他們有什麼感覺真的在做準備。

And then my follow-up is just with regard to NVIDIA. So a follow-up there is -- with regard to your orders, it sounds like enterprise is small with regard to the AI orders. But wondering if you're seeing any interest in the NVIDIA partnership yet. Thanks.

然後我的後續是關於 NVIDIA 的。因此，關於您的訂單，聽起來企業在人工智慧訂單方面規模很小。但想知道您是否對 NVIDIA 合作夥伴關係感興趣。謝謝。

Thanks, Ben. So on the enterprise AI, what I would say is some customers like these platform deals that we talked about. They're buying the entire portfolio to refresh their infrastructure to actually -- because they have applications that they've already identified like the ones we were referencing earlier. In other cases, they are updating their data center infrastructure and their core network infrastructure to be ready for smaller training models on their own private data and/or inference. It just varies across the board.

謝謝，本。因此，在企業人工智慧方面，我想說的是，有些客戶喜歡我們談到的這些平台交易。他們購買整個產品組合是為了更新他們的基礎設施，因為他們擁有已經確定的應用程序，就像我們之前引用的應用程式一樣。在其他情況下，他們正在更新其資料中心基礎設施和核心網路基礎設施，以便為自己的私人資料和/或推理的較小訓練模型做好準備。它只是全面不同。

And I think to be honest with you, a lot of customers would tell you that we're not really sure exactly what the applications are going to look like. But I know one thing for sure is that I need to have a modern and up-to-date infrastructure to be prepared for that. So I'm just going to go in and see where do I need to make those investments. In some cases, I may need to update my switching infrastructure. In some cases, it may be new wireless. We saw data center switching in double digits as well. So I think it was fairly broad-based.

老實說，我認為很多客戶會告訴您，我們不太確定應用程式到底是什麼樣子。但我確定的一件事是，我需要擁有現代化且最新的基礎設施來為此做好準備。所以我要進去看看我需要在哪裡進行這些投資。在某些情況下，我可能需要更新我的交換基礎架構。在某些情況下，它可能是新的無線。我們也看到資料中心的切換速度達到了兩位數。所以我認為它的基礎相當廣泛。

And then I'd say on the NVIDIA partnership, it's too early. We're not even in early field trials yet with that solution. So I don't think there's a lot to share yet.

然後我想說，關於 NVIDIA 的合作關係，現在還為時過早。我們甚至還沒有對該解決方案進行早期現場試驗。所以我認為還沒有太多可以分享的。

Aaron Rakers, Wells Fargo,

亞倫雷克斯，富國銀行，

Yeah. Thanks for taking the question. Sticking on the AI theme, as we think about this $1 billion of orders, I think last quarter, you talked about line of sight into the $1 billion going into fiscal '25. I was curious if you can unpack that a little bit in terms of are these back-end network deployment, competing against Arista, internal switching offerings from the cloud guys? And is it switching? Is it Silicon One, full switch? Is there any kind of granularity you can give within that $1 billion orders?

是的。感謝您提出問題。堅持人工智慧主題，當我們考慮這 10 億美元的訂單時，我想上個季度，您談到了進入 25 財年的 10 億美元的視線。我很好奇您是否可以從這些後端網路部署與 Arista 競爭、來自雲端人員的內部交換產品方面來解開這一點？它正在切換嗎？是 Silicon One 全開關嗎？對於這 10 億美元的訂單，您可以給出任何粒度嗎？

And then I'll spin my second question. As we think about the [full] contribution in the fiscal '25, if we annualize the fourth quarter contribution, to me, it's going to lead me to think that core Cisco is kind of flattish kind of embedded in your guidance for the full year. Is that fair? And if so, how are you thinking about the networking growth for the full-year guide? Thank you

然後我會回答第二個問題。當我們考慮 25 財年的[全部]貢獻時，如果我們將第四季度的貢獻年化，對我來說，這將使我認為核心思科是一種扁平化的嵌入在全年指導中的方式。這樣公平嗎？如果是這樣，您如何看待全年指南的網路成長？謝謝

Yeah. So on the $1 billion, I would say it is primarily back end, and it is a combination of both Ethernet and optics. We have a very robust optics business, and it is competing with the players that you would suspect that we would compete with. In some cases, it's a system from us. In some cases, perhaps it's a white box solution.

是的。因此，對於 10 億美元，我想說它主要是後端，它是乙太網路和光學的組合。我們擁有非常強大的光學業務，它正在與您懷疑我們會與之競爭的玩家競爭。在某些情況下，這是我們的系統。在某些情況下，也許這是一個白盒解決方案。

But one of the big advantages we have is that we can actually sell them silicon. We can sell them -- we can help them build white boxes or we can sell them integrated systems, and it's a combination of all those things as well as optics.

但我們擁有的一大優勢是我們實際上可以向他們出售矽。我們可以出售它們——我們可以幫助他們建造白盒，或者我們可以向他們出售整合系統，它是所有這些東西以及光學元件的組合。

And then on the second one, you want to take --

然後在第二個方面，你想要──

Yeah, well, Aaron -- and this is back to what I was touching on earlier. If you remember, Q1 of fiscal '24, the compare point for our current quarter, also had a pretty significant amount of excess backlog clearance in it. We talked about it at Investor Day that it was in the $3.5 billion to $4 billion range of clearance that happened in Q1 a year ago.

是的，好吧，亞倫——這又回到了我之前談到的內容。如果你還記得，24 財年第一季（我們當季的比較點）也有相當大量的超額積壓訂單清理。我們在投資者日上談到，一年前第一季的清算規模為 35 億至 40 億美元。

Obviously, that won't repeat in Q1 of this year. So while we're seeing a nice normalization of demand across the board, we've got that year-on-year headwind compare of not being able to have the significant backlog clearance again in Q1 of this year. Add that to your math, and you'll get a different outcome on what's happening in the quarter.

顯然，今年第一季這種情況不會重演。因此，雖然我們看到需求全面正常化，但與去年同期相比，我們遇到了今年第一季無法再次清除大量積壓訂單的不利情況。將其添加到您的數學中，您將得到本季度發生的情況的不同結果。

Atif Malik, Citi.

阿蒂夫·馬利克，花旗銀行。

Hi. It's Adrienne Colby for Atif. With regards to the inventory levels normalizing and a bit to the prior question, how should we think about the quarterly trends in the business? Are we sort of back to a scenario with regular sort of prior seasonal dynamics? Or as the business mix has evolved, are things changing? And also, as we think about fiscal year '25, how should we think about the January dynamic with Splunk? It looks like historically, that was a pretty strong quarter for Splunk.

你好。我是 Atif 的艾德麗安·科爾比。關於庫存水準正常化以及先前的問題，我們應該如何看待業務的季度趨勢？我們是否又回到了具有常規季節性動態的情景？或者隨著業務組合的發展，情況是否會改變？而且，當我們考慮 25 財年時，我們應該如何考慮 Splunk 1 月的動態？從歷史上看，這對 Splunk 來說是一個相當強勁的季度。

I'll answer the first and then Scott, you can take the second. We believe that we are finally back to normal ordering patterns. And we were talking about it as we were getting ready for this call, and it's literally been four years that we've been going through this and between COVID and then the supply chain shock and then having to deal with this digestion challenge at the end. So we're quite happy to be here, but we feel like we are back to normal ordering patterns. So it should be like it was prior to the pandemic. Scott?

我會回答第一個，然後史考特，你可以回答第二個。我們相信我們終於回到了正常的訂購模式。我們在為這次電話會議做準備時就討論了這個問題，從新冠疫情到供應鏈衝擊，再到最後不得不應對這一消化挑戰，我們已經經歷了四年的時間。所以我們很高興來到這裡，但我們感覺我們又回到了正常的訂購模式。所以應該要像大流行之前。史考特？

Yeah. And on the January dynamic on Splunk, like most enterprise software companies, not only do they get back-end loaded into what was previously their fourth quarter, the January quarter that you talked about, but they also get very back-end loaded within that quarter to the very end of it, right? And you see that with almost all enterprise software companies.

是的。在Splunk 的1 月份動態中，像大多數企業軟體公司一樣，他們不僅在之前的第四季度（即您談到的1 月份季度）中獲得後端加載，而且在該季度內也獲得了非常高的後端加載。幾乎所有的企業軟體公司都看到了這一點。

The one [bit] of normalization that we've had to do as we brought Splunk in -- our fiscal quarters don't actually end on the last day of the month; they end on the last Saturday of the month of that quarter. So there's typically a tail of two or three days that would be the normal end of the Splunk quarter that doesn't fall into the end of our quarter.

當我們引入 Splunk 時，我們必須做的一個標準化工作是——我們的財政季度實際上並沒有在每月的最後一天結束；它們於該季度該月的最後一個星期六結束。因此，Splunk 季度的正常結束時間通常有兩到三天，但不屬於我們的季度末。

So it will be a muted impact on our second -- that January quarter is our second quarter. It will have a muted impact because we'll lose two or three days, which are two or three big days out of our Q2. Some of that will bleed over into Q3 for us.

因此，這對我們的第二季度影響不大——一月份的季度是我們的第二季。這將產生輕微的影響，因為我們將損失兩到三天，這是第二季的兩到三天。其中一些將滲透到我們的第三季。

Karl Ackerman, BNP parabolic

卡爾·阿克曼，BNP 拋物線

Yeah. Thank you. You indicated that inventory digestion for hyperscale and enterprise networking is largely behind you. Though, Scott, I think you noted in your -- in general, that price was somewhat of a headwind to product revenue in the quarter. Could you speak to the rate of change in the improving order visibility since the beginning of this year? In other words, has visibility improved from three months to, say, six to nine months?

是的。謝謝。您表示，超大規模和企業網路的庫存消化已基本完成。不過，斯科特，我認為您在您的報告中指出，總體而言，該價格對本季的產品收入構成了一定的不利影響。您能否談談自今年年初以來訂單可見度改善的變化率？換句話說，能見度是否從三個月提高到六到九個月？

And then second, do you anticipate the pricing environment stabilizing or improving from here as you look to your fiscal '25 revenue outlook? Thank you.

其次，當您展望 25 財年的營收前景時，您預期定價環境會穩定或改善嗎？謝謝。

I would say on the ability to look out and see the demand side, notwithstanding some unforeseen shock, I think the teams are back to their normal visibility. I think that -- I'm trying to even remember what it was. It's been so long ago since we had it. But I think the -- they clearly have much greater visibility over the next 90-day period. We've seen that the last couple of quarters and obviously, with this final Q4 where we think that the issue is behind us, I think going forward, you'll see it. And I think we'll continue to see greater visibility into the outer quarters relative to where we were over the last couple of years.

我想說的是，儘管存在一些不可預見的衝擊，但就觀察和了解需求方的能力而言，我認為團隊已經恢復了正常的能見度。我想——我甚至正在努力記住那是什麼。我們擁有它已經是很久以前的事了。但我認為，他們在接下來的 90 天內顯然擁有更大的知名度。我們已經看到了過去幾個季度的情況，顯然，在第四季度的最後一個季度，我們認為這個問題已經過去了，我認為展望未來，你會看到它。我認為，與過去幾年相比，我們將繼續看到外部區域的可見度更高。

Yeah. And on price stability, Karl, if you go -- you got to go back a ways, as Chuck just said, but if you go back to where we were before, the supply chain issues and then, of course, the price increases that we had to put in place because of our cost went up significantly. And then it took a while, as you remember, for those price increases to turn into orders -- those orders to work through the backlog and get shipped out.

是的。關於價格穩定，卡爾，如果你走，你必須走回頭路，正如查克剛才所說，但如果你回到我們之前的位置，供應鏈就會出現問題，然後，當然，價格會上漲由於成本大幅上升，我們必須落實到位。然後，正如您所記得的，這些價格上漲需要一段時間才能轉化為訂單 - 這些訂單才能處理積壓並發貨。

We've now sort of lapped the point where we've gotten the price stability. So expect to see price impact back where it's always been historically. It's typically -- every deal we do is a competitive deal, all right? And so there's always some price competition around that, but expect it to be in the range that it was historically somewhere in that anywhere from 0.5% to 1.5% per quarter.

我們現在已經達到了價格穩定的地步。因此，預計價格影響將回到歷史水準。通常，我們所做的每筆交易都是有競爭力的交易，好嗎？因此，圍繞這一點總是存在一些價格競爭，但預計它將在歷史上每季 0.5% 到 1.5% 的範圍內。

Thank you, Karl. And I want to hand it over back to Chuck for some closing remarks.

謝謝你，卡爾。我想把它交還給查克，讓他做一些結束語。

Thanks. I want to thank all of you for joining us again today. We appreciate you being with us. I want to thank our teams, our customers, and our partners for helping us with a strong finish to the challenging year.

謝謝。我要感謝大家今天再次加入我們。我們感謝您與我們同在。我要感謝我們的團隊、客戶和合作夥伴幫助我們在充滿挑戰的一年中取得圓滿成功。

As we stated, we think the inventory digestion is complete, and we're now returning to a more normalized demand environment. I'm encouraged by the broad-based demand that we saw in the quarter across the --and the continued progress we're making with our customers around AI and particularly cybersecurity as well as core networking and beginning to see that it is actually getting a lift from AI in the enterprise space.

正如我們所說，我們認為庫存消化已經完成，我們現在正在恢復到更正常化的需求環境。我對本季看到的廣泛需求感到鼓舞，以及我們與客戶在人工智慧、特別是網路安全以及核心網路方面不斷取得的進展，並開始看到它實際上正在取得進展。 。

We're very pleased with the progress we've made with Splunk with the early traction in some of the wins. You can count on us for continued financial discipline, as you always have seen. And you can always also count on us to continue to invest in the future as we're doing in AI infrastructure, networking, silicon and cyber to drive future growth and future profitability. So thank you for being with us, and we look forward to seeing you all soon.

我們對 Splunk 所取得的進展以及在一些勝利中取得的早期成果感到非常滿意。正如您一直看到的那樣，您可以信賴我們持續的財務紀律。您始終可以信賴我們將繼續投資未來，就像我們在人工智慧基礎設施、網路、晶片和網路領域所做的那樣，以推動未來的成長和未來的獲利能力。感謝您與我們在一起，我們期待很快見到您。

Thank you all for joining us. Cisco's next quarterly call, which will reflect our fiscal year 2025 first-quarter results will be on Wednesday, November 13, 2024, at 1:30 PM. Pacific Time; 4:30 PM Eastern Time. I will hand it over to Michelle.

感謝大家加入我們。思科將於 2024 年 11 月 13 日星期三下午 1:30 召開下一次季度電話會議，該電話會議將反映我們 2025 財年第一季的業績。太平洋時間；東部時間下午 4:30。我會把它交給米歇爾。

Thank you for participating on today's conference call. (Operator Instructions) This concludes today's this call. You may disconnect at this time.

感謝您參加今天的電話會議。 （操作員說明）今天的電話會議到此結束。此時您可以斷開連線。