思科 (CSCO) 2025 Q1 法說會逐字稿

Welcome to Cisco's first quarter fiscal year 2025 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 2025 財年第一季財務業績電話會議。應思科的要求，今天的會議正在錄製。如果您有任何異議，您可以斷開連接。

Now I would like to introduce Sami Badri, Head of Investor Relations. Sir, you may begin.

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。

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

大家下午好。我是思科投資者關係主管薩米‧巴德里 (Sami Badri)，還有我們的董事長兼執行長 Chuck Robbins。和我們的財務長 Scott Herren。

Cisco's earnings press release and supplemental information, including GAAP to non-GAAP reconciliations are available on our Investor Relations website. Following this call, we will also make the recorded webcast and slides available on the website.

思科的收益新聞稿和補充資訊（包括 GAAP 與非 GAAP 調節表）可在我們的投資者關係網站上取得。在此次電話會議之後，我們還將在網站上提供錄製的網路廣播和幻燈片。

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

在今天的電話會議中，我們將參考 GAAP 和非 GAAP 財務業績。除非另有說明，我們將根據收入和地理來討論產品結果，並根據產品訂單來討論客戶結果。所有比較都將逐年進行。

Please note that our discussions today will include forward-looking statements, including our guidance for the second quarter and fiscal year 2025. These statements are subject to risks and uncertainties detailed in our SEC filings particularly our most recent 10-K report, which identifies important risk factors that could cause actual results to differ materially from those contained in our forward-looking statements.

請注意，我們今天的討論將包括前瞻性陳述，包括我們對第二季和2025 財年的指導。 -K 報告，該報告確定了重要的可能導致實際結果與我們的前瞻性陳述中包含的結果存在重大差異的風險因素。

With respect to guidance, please also see the slides and press release that accompany this call further 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。

Now I'll turn it over to Chuck.

現在我把它交給查克。

Thanks, Sami, and thank you all for joining us today. Cisco delivered a strong start to fiscal '25, delivering $13.8 billion in revenue for the first quarter, coming in at the high end of our guidance range. This was supported by solid growth in annualized recurring revenue, remaining performance obligations and subscription revenue, which now accounts for 57% of our total revenue.

謝謝薩米，也謝謝大家今天加入我們。思科在 25 財年取得了良好的開局，第一季實現了 138 億美元的收入，處於我們指導範圍的高端。這得益於年化經常性收入、剩餘履約義務和訂閱收入的穩健成長，這些收入目前占我們總收入的 57%。

The strength of our recurring revenue streams is helping to fuel our profitability. Non-GAAP EPS of $0.91 exceeded the high end of our guidance range, driven by the highest non-GAAP gross margin we have seen in more than 20 years, which was further enhanced by Splunk.

我們的經常性收入流的實力有助於提高我們的獲利能力。非 GAAP 每股收益為 0.91 美元，超出了我們指導範圍的上限，這得益於我們 20 多年來所見的最高非 GAAP 毛利率，而 Splunk 進一步提高了這一水平。

The combination of Cisco and Splunk and our team's great execution are both driving our strong operating leverage. The strength of our operating performance and free cash flow in Q1 fueled a return of $3.6 billion in value to our shareholders through share repurchases and cash dividends, delivering on our commitment to consistent capital returns.

Cisco 和 Splunk 的結合以及我們團隊的出色執行力都推動了我們強大的營運槓桿。第一季我們強勁的經營業績和自由現金流透過股票回購和現金股利為股東帶來了 36 億美元的價值回報，兌現了我們對持續資本回報的承諾。

Building on the growing demand we saw at the end of fiscal year '24, product orders grew 20% year over year in Q1 and were up 9% organically. This is an acceleration of the 14% product order growth we saw just three months ago and is a clear sign of normalizing demand for Cisco's innovation.

基於我們在 24 財年末看到的不斷增長的需求，第一季的產品訂單年增 20%，有機成長 9%。這比我們三個月前看到的 14% 產品訂單成長有所加速，也是思科創新需求正常化的明顯跡象。

Now let me share some details on our first quarter, starting with the demand environment. Enterprise product orders were up 33%, driven by a particularly strong performance in the Americas and EMEA across a broad range of customers. We saw continued strong momentum in service provider and cloud with product orders up 28%, driven by triple-digit growth in web scale.

現在讓我分享第一季的一些細節，從需求環境開始。在美洲和歐洲、中東和非洲廣大客戶表現特別強勁的推動下，企業產品訂單成長了 33%。在網路規模三位數成長的推動下，我們看到服務供應商和雲端領域持續強勁的勢頭，產品訂單成長了 28%。

In Q1, our web scale customers placed AI infrastructure orders in excess of $300 million. Our AI pipeline continues to be strong. We have earned more design wins and remain confident that we will exceed our target of $1 billion of AI orders this fiscal year from web-scale customers.

第一季度，我們的網路規模客戶下達的人工智慧基礎設施訂單超過 3 億美元。我們的人工智慧管道仍然強勁。我們贏得了更多的設計勝利，並對本財年網路規模客戶的人工智慧訂單超過 10 億美元的目標充滿信心。

After a very strong Q4 last quarter, public sector orders were up 2% year over year in Q1. Federal spending in the US was lower year over year due to continuing resolutions discussions, the impact of the Fiscal Responsibility Act and the diversion of funds within US Federal.

繼上季第四季表現強勁後，第一季公共部門訂單年增 2%。由於持續的決議討論、《財政責任法案》的影響以及美國聯邦內部資金的轉移，美國聯邦支出較去年同期下降。

It's important to note that we believe the deals we are working on with US federal customers are simply delayed, not lost. In both EMEA and APJC year-over-year public sector order growth was strong.

值得注意的是，我們認為我們正在與美國聯邦客戶進行的交易只是被推遲，而不是丟失。在歐洲、中東和非洲和亞太地區，公共部門訂單較去年同期成長強勁。

Now let me share some data on demand through the lens of our products to provide some incremental color. Our networking portfolio saw double-digit product order growth overall driven by switching, wireless and Internet infrastructure.

現在讓我透過我們產品的鏡頭按需分享一些數據，以提供一些增量色彩。在交換、無線和互聯網基礎設施的推動下，我們的網路產品組合總體上實現了兩位數的產品訂單成長。

Looking at data center switching in particular, we have seen three consecutive quarters of double-digit order growth and an acceleration from Q4 into Q1. This shows our competitive strength in this key market and the power of our Nexus brand and the build-out of private cloud infrastructure by our customers. We expect this momentum to continue as customers are showing significant interest in our 400 gig and 800 gig switches based on Silicon One.

尤其是資料中心切換，我們看到訂單連續三個季度實現兩位數成長，並且從第四季到第一季加速成長。這顯示了我們在這個關鍵市場的競爭優勢、Nexus 品牌的力量以及客戶建立的私有雲基礎設施的力量。我們預計這一勢頭將持續下去，因為客戶對我們基於 Silicon One 的 400 gig 和 800 gig 交換器表現出濃厚的興趣。

Security orders more than doubled year-over-year, driven by the advanced threat intelligence capabilities of Splunk. Excluding Splunk, growth in security product orders was driven by our renewed security strategy and new product pipeline, which continues to be well received by customers and analysts. We continue to see momentum around our new security products like XDR, Secure Access, and Multicloud Defense with now over 1,000 customers deploying these products thus far.

在 Splunk 先進的威脅情報功能的推動下，安全訂單比去年同期增加了一倍多。除 Splunk 外，安全產品訂單的成長是由我們更新的安全策略和新產品系列推動的，這些新產品繼續受到客戶和分析師的好評。我們繼續看到 XDR、安全存取和多雲防禦等新安全產品的發展勢頭，迄今為止已有 1,000 多個客戶部署了這些產品。

In Q1, we had a marquee win for over 75,000 cloud security seats with a multinational IT services and consultancy company. The customer largely replaced an SSE competitor with our solution and moved from planning to implementation in 120 days, highlighting how fast our teams can implement our solutions at scale.

第一季度，我們與跨國 IT 服務和顧問公司贏得了超過 75,000 個雲端安全席位。該客戶使用我們的解決方案基本上取代了 SSE 競爭對手，並在 120 天內從規劃到實施，這凸顯了我們的團隊大規模實施我們的解決方案的速度。

We also booked our first seven-figure Hypershield deal in Q1. Collaboration product orders grew double digits again driven by demand for devices and our Cloud Webex suite. Finally, in observability, orders were up high single digits driven by our Network Assurance Solution, ThousandEyes, and Splunk Observability.

我們還在第一季預訂了第一筆七位數的 Hypershield 交易。在裝置和我們的 Cloud Webex 套件需求的推動下，協作產品訂單再次實現兩位數成長。最後，在可觀測性方面，在我們的網路保障解決方案、ThousandEyes 和 Splunk Observability 的推動下，訂單成長了高個位數。

I'd also like to highlight some of the progress we've made integrating Splunk. We now have a dozen updated data integrations between Cisco and Splunk across our security and networking portfolio, including Secure Firewall, Catalyst Center, SD-WAN and ICE.

我還想強調一下我們在整合 Splunk 方面取得的一些進展。現在，在我們的安全性和網路產品組合中，思科和 Splunk 之間有十幾個更新的資料集成，包括安全防火牆、Catalyst Center、SD-WAN 和 ICE。

We continue our joint selling motions between Cisco and Splunk, including secure -- Cisco secure network analytics and XDR alongside Splunk's SIM offering enhanced capabilities to the security operations center. We also continue to build our market-leading observability solutions to accelerate full stack observability for the enterprise.

我們繼續思科和 Splunk 之間的聯合銷售動議，包括安全性——思科安全網路分析和 XDR 以及 Splunk 的 SIM，為安全營運中心提供增強的功能。我們也持續建構市場領先的可觀測性解決方案，以加速企業的全端可觀測性。

Overall, our Q1 results highlight continued strong demand for Cisco Technologies driven by the need for modern resilient networks as AI begins to scale. Findings from our new global AI partner study show that IT partners around the world are anticipating a transformative wave of AI technology demand driven by infrastructure, cybersecurity and customer experience, which they expect to fuel the majority of their revenue over the next four to five years.

總體而言，我們第一季的業績凸顯了隨著人工智慧開始規模化，對現代彈性網路的需求推動了對思科技術的持續強勁需求。我們新的全球人工智慧合作夥伴研究結果表明，世界各地的IT 合作夥伴預計基礎設施、網路安全和客戶體驗將推動人工智慧技術需求的變革浪潮，他們預計這將在未來四到五年內推動其大部分收入。

With the breadth of our portfolio, we are uniquely positioned to capitalize on this AI technology demand as customers are investing in their critical infrastructure to prepare for AI. In fact, there are three distinct but connected pillars to the AI networking opportunity for Cisco, which we have outlined on a slide as part of our quarterly materials.

憑藉我們廣泛的產品組合，我們處於獨特的地位，可以利用這種人工智慧技術需求，因為客戶正在投資其關鍵基礎設施，為人工智慧做好準備。事實上，思科的人工智慧網路機會有三個不同但相互關聯的支柱，我們在幻燈片中概述了這三個支柱，作為我們季度材料的一部分。

First, AI training infrastructure for web-scale customers. AI networks demand scalable, programmable low-power switches with advanced load balancing and observability. These characteristics in our products are driving hyperscalers to deploy the Cisco 8000 with Cisco's Silicon One G200 for maximum power efficiency in their back-end AI training networks. As further proof, we also won a new super spine AI networking use case with one of our web scale customers this quarter.

首先，網路規模客戶的人工智慧培訓基礎設施。人工智慧網路需要具有先進負載平衡和可觀察性的可擴展、可程式低功耗交換器。我們產品中的這些特性正在推動超大規模企業將 Cisco 8000 與 Cisco Silicon One G200 一起部署，以在其後端 AI 訓練網路中實現最高能效。作為進一步的證明，本季度我們還與我們的一個網路規模客戶贏得了一個新的超級脊椎人工智慧網路用例。

Second, AI network connectivity. This quarter, we booked further platform sales with global enterprise customers, who are leveraging our technology platforms to modernize and automate their network operations to prepare for large-scale connectivity to AI applications. Our technology platforms across switching, routing, security and observability, will help enable our customers by leveraging cutting-edge innovations like AI-powered robotics and unmatched supply chain visibility.

第二，AI網路連線。本季度，我們向全球企業客戶預訂了進一步的平台銷售，他們正在利用我們的技術平台實現網路營運現代化和自動化，為大規模連接人工智慧應用程式做好準備。我們涵蓋交換、路由、安全性和可觀察性的技術平台將透過利用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來幫助我們的客戶。

Third, AI network inference and enterprise clouds. Most of the CIOs and technology leaders we talk to say that their organizations are planning full GenAI adoption within the next two years. Yet only 13% of organizations say their infrastructure is ready for AI today according to the Cisco AI Readiness Index.

第三，AI網路推理和企業雲。我們採訪過的大多數資訊長和技術領導者都表示，他們的組織計劃在未來兩年內全面採用 GenAI。然而，根據思科人工智慧就緒指數，目前只有 13% 的組織表示他們的基礎架構已為人工智慧做好準備。

To help our customers prepare, we have announced two new additions to our data center infrastructure portfolio, a new NVIDIA-based AI server and AI pods, including NVIDIA's AI enterprise cloud native software platform and managed through Cisco Intersight to simplify and derisk AI infrastructure deployment. Our new AI server is expected to begin shipping next month, and our AI pods are orderable this month.

為了幫助客戶做好準備，我們宣布了資料中心基礎設施產品組合中的兩項新增功能，即基於NVIDIA 的全新AI 伺服器和AI Pod，其中包括NVIDIA 的AI 企業雲端原生軟體平台，並透過Cisco Intersight進行管理，以簡化AI 基礎設施部署並降低風險。我們的新 AI 伺服器預計將於下個月開始出貨，我們的 AI pod 將於本月開始訂購。

In addition, Hyperfabric, our fabric as a service solution, which is expected to be available in early calendar 2025, and further simplifies infrastructure deployment and management while providing real-time visibility into network performance. With these solutions, we are bringing the power of open hyperscale AI networking to the enterprise. We also continue to fuse AI capabilities into our products.

此外，我們的結構即服務解決方案 Hyperfabric 預計將於 2025 年初推出，它將進一步簡化基礎設施部署和管理，同時提供網路效能的即時可見性。透過這些解決方案，我們將開放式超大規模人工智慧網路的力量帶給企業。我們也持續將人工智慧功能融入我們的產品中。

Hypershield, our first truly distributed AI native cybersecurity solution built into the fabric of the network shows how we are delivering secure networking, making it easier for our customers to protect against evolving threats. Splunk's asset and risk intelligence solution is another example of how we are providing insights to help customers understand their security maturity and demonstrate compliance with evolving regulations.

Hypershield 是我們第一個內建於網路結構中的真正分散式 AI 原生網路安全解決方案，展示了我們如何提供安全網絡，讓我們的客戶更輕鬆地抵禦不斷變化的威脅。 Splunk 的資產和風險智慧解決方案是我們如何提供見解以幫助客戶了解其安全成熟度並證明其符合不斷變化的法規的另一個範例。

In our collaboration portfolio, we recently introduced the Webex AI agent Studio and Cisco AI assistant features for Webex Contact Center. These solutions use advanced conversational intelligence and automation to improve overall customer satisfaction. We have seen strong initial interest from customers and will continue to strengthen our collaboration products, increasing AI capabilities.

在我們的協作產品組合中，我們最近為 Webex Contact Center 引進了 Webex AI Agent Studio 和 Cisco AI Assistant 功能。這些解決方案使用先進的對話智慧和自動化來提高整體客戶滿意度。我們已經看到客戶最初的濃厚興趣，並將繼續加強我們的協作產品，提高人工智慧能力。

We're also enhancing our own productivity by using AI in our services and customer experience organization. Over 60% of our technical assistance center support cases are now touched by AI-enabled automation backed by our expertise for faster resolutions, which is leading to higher customer satisfaction scores. In addition, our internal AI assistant for TAC works alongside our engineers to improve quality and speed time to resolution while allowing our people to work on more complex and creative problem solving.

我們也透過在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。我們超過 60% 的技術援助中心支援案例現在都採用了人工智慧自動化技術，並以我們的專業知識為後盾，可以更快地解決問題，從而提高客戶滿意度。此外，我們的 TAC 內部人工智慧助理與我們的工程師一起提高品質並加快解決時間，同時讓我們的員工能夠解決更複雜和更具創造性的問題。

To summarize, as we look at what's occurring with AI, there are three key things happening. First, there is significant investment in back-end AI networks with hyperscalers focused on training. Second, as enterprises look to adopt and deploy AI, they need to modernize and secure their infrastructure to prepare for pervasive deployment of AI applications.

總而言之，當我們審視人工智慧正在發生的事情時，發生了三件關鍵的事情。首先，對後端人工智慧網路進行了大量投資，超大規模企業專注於培訓。其次，當企業希望採用和部署人工智慧時，他們需要對其基礎設施進行現代化和安全保護，為人工智慧應用程式的普遍部署做好準備。

Finally, the combination of mature back-end models with enterprise AI application deployment will lead to increased capacity requirements on both private and public front-end cloud networks. Cisco is already playing a major role across all three of these significant opportunities and are uniquely positioned to win with the breadth of our product portfolio and our trusted customer relationships.

最後，成熟的後端模式與企業AI應用部署的結合將導致私有和公有前端雲端網路的容量需求增加。思科已經在這三個重大機會中發揮了重要作用，並憑藉我們廣泛的產品組合和值得信賴的客戶關係贏得了獨特的優勢。

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

我現在將其轉交給斯科特，以提供有關本季度和我們的前景的更多詳細資訊。

Thanks, Chuck. We executed well in Q1 with strong order momentum, margins, and operating cash flow. For the quarter, total revenue was at the high end of our guidance range at $13.8 billion, down 6% year over year. As a reminder, Q1 of fiscal '24 was the last quarter of significantly elevated backlog shipments. Non-GAAP net income was $3.7 billion and non-GAAP earnings per share were above the high end of our guidance range at $0.91.

謝謝，查克。我們在第一季表現良好，訂單動力、利潤率和營運現金流強勁。本季總營收為 138 億美元，處於我們指引範圍的高端，年減 6%。提醒一下，24 財年第一季是積壓出貨量顯著增加的最後一季。非 GAAP 淨利潤為 37 億美元，非 GAAP 每股收益高於我們指引範圍的上限 0.91 美元。

Looking at our Q1 revenue in more detail. Total product revenue was $10.1 billion, down 9% and service revenue was $3.7 billion, up 6%. Networking was down 23%, primarily driven by the elevated level of shipment we saw a year ago. As Chuck said, we saw strong order growth across our networking products as customers have worked down inventory and deployed the networking products we shipped them last year.

更詳細地了解我們第一季的收入。產品總收入為 101 億美元，下降 9%，服務收入為 37 億美元，成長 6%。網路業務下降了 23%，主要是由於一年前出貨量的增加。正如查克所說，隨著客戶減少庫存並部署我們去年發貨的網路產品，我們的網路產品訂單增長強勁。

Security was up 100%, primarily driven by growth in our threat intelligence, detection and response offerings, which includes the offerings from Splunk, network security and SASE, excluding Splunk, security grew 2%, and our security portfolio was particularly impacted by the delays in spending in US Fed.

安全性成長了100%，主要是由我們的威脅情報、偵測和回應產品的成長所推動的，其中包括Splunk、網路安全和SASE 的產品，不包括Splunk，安全性成長了2%，我們的安全產品組合尤其受到延遲的影響聯準會的支出。

Collaboration was down 3%, driven by declines in our on-prem Webex suite and collaboration devices, partially offset by growth in our contact center and CPaaS offerings. Observability was up 36%, driven primarily by Observability Suite and growth in network assurance offerings. Excluding Splunk, observability grew 1% for the quarter.

由於我們的本地 Webex 套件和協作設備的減少，協作量下降了 3%，但部分被我們的聯絡中心和 CPaaS 產品的成長所抵消。 Observability 成長了 36%，這主要是由 Observability Suite 和網路保障產品的成長所推動的。不包括 Splunk，該季度的可觀察性增加了 1%。

Looking at our recurring metrics. ARR ended the quarter at $29.9 billion, which increased 22% with product ARR growth of 42%. Total subscription revenue increased 21% to $7.8 billion, representing 57% of Cisco's total revenue. Total software revenue was up 24% at $5.5 billion, with software subscription revenue up 35%. Total RPO was $40 billion, up 15% year over year. Product RPO grew 24% and total short-term RPO was up 15% to $20.3 billion. Q1 product orders were up 20% year-over-year. Excluding Splunk, product orders were up 9% year over year.

查看我們的重複指標。本季末 ARR 達到 299 億美元，成長 22%，其中產品 ARR 成長 42%。訂閱總收入成長了 21%，達到 78 億美元，佔思科總營收的 57%。軟體總收入成長 24%，達到 55 億美元，其中軟體訂閱收入成長 35%。 RPO 總額為 400 億美元，較去年同期成長 15%。產品 RPO 成長 24%，短期 RPO 總額成長 15%，達到 203 億美元。第一季產品訂單較去年同期成長20%。不包括 Splunk，產品訂單年增 9%。

Looking at our product orders across our geographic segments. The Americas was up 17%, EMEA was up 26% and APJC was up 25%. In our customer markets, enterprise is up 33%, service provider and cloud was up 28% and public sector was up 2%.

查看我們跨地理區域的產品訂單。美洲成長了 17%，EMEA 成長了 26%，APJC 成長了 25%。在我們的客戶市場中，企業成長了 33%，服務供應商和雲端成長了 28%，公共部門成長了 2%。

Total non-GAAP gross margin came in at 69.3%, up 220 basis points year over year and exceeding the high end of our guidance range and reaching the highest level in more than 20 years. Product gross margin was 68.9%, up 240 basis points, driven by Splunk, favorable product mix, productivity improvements, and the one-time benefit of duty drawback, partially offset by price.

非 GAAP 總毛利率為 69.3%，年增 220 個基點，超過我們指導範圍的上限，達到 20 多年來的最高水準。產品毛利率為 68.9%，成長 240 個基點，主要受到 Splunk、有利的產品組合、生產力提高以及一次性退稅收益的推動，但部分被價格抵消。

Services gross margin was 70.3%, up 130 basis points. We continued our focus on profitability and financial discipline with non-GAAP operating margin above the high end of our guidance range at 34.1%. On the bottom line, Q1 non-GAAP net income was $3.7 billion and earnings per share were $0.91.

服務毛利率為70.3%，上升130個基點。我們繼續關注獲利能力和財務紀律，非 GAAP 營業利潤率高於我們指導範圍的上限 34.1%。第一季非 GAAP 淨利為 37 億美元，每股收益為 0.91 美元。

Shifting to the balance sheet. We ended Q1 with total cash, cash equivalents and investments of $18.7 billion. Operating cash flow was $3.7 billion, up 54%. From a capital allocation perspective, we returned $3.6 billion to shareholders during the quarter comprised of $1.6 billion for our quarterly cash dividend and $2 billion of share repurchases. We continue to invest organically and inorganically in our innovation pipeline.

轉向資產負債表。第一季結束時，我們的現金、現金等價物和投資總額為 187 億美元。營運現金流為 37 億美元，成長 54%。從資本配置的角度來看，我們在本季向股東返還了 36 億美元，其中包括 16 億美元的季度現金股利和 20 億美元的股票回購。我們繼續對我們的創新管道進行有機和無機投資。

During Q1, we closed two software acquisitions, deep factor to accelerate innovation in the Cisco Security Cloud and augment our secure access offerings and robust intelligence, which brings enhanced protection for AI models throughout their life cycle from development to production.

在第一季度，我們完成了兩項軟體收購，這是加速思科安全雲創新並增強我們的安全存取產品和強大智慧的深層因素，這為人工智慧模型從開發到生產的整個生命週期提供了增強的保護。

Additionally, we announced our intent to acquire deeper insights AI to expand our customer experience teams technology footprint and engineering talent, accelerating innovation and momentum of Cisco's CX AI capabilities and services. These investments are highly complementary to our internal R&D in line with our strategy to strengthen our position in security and AI with targeted strategic M&A.

此外，我們也宣布打算獲得更深入的人工智慧見解，以擴大我們的客戶體驗團隊的技術足跡和工程人才，加速思科 CX AI 功能和服務的創新和勢頭。這些投資與我們的內部研發高度互補，符合我們透過有針對性的策略併購來加強我們在安全和人工智慧領域地位的策略。

To summarize, we started the fiscal year with a solid quarter, highlighted by strong order growth, margins and non-GAAP EPS. We remain focused on making strategic investments and accelerating innovation across our business to best capitalize on the significant growth opportunities we see ahead, all underpinned by disciplined expense management. It's this powerful combination that continues to fuel our strong cash flow generation as well as our ability to return significant value to shareholders.

總而言之，我們以強勁的季度業績開始了本財年，突出表現是強勁的訂單增長、利潤率和非公認會計準則每股收益。我們仍然專注於進行策略性投資並加速整個業務的創新，以最好地利用我們未來看到的重大成長機會，所有這些都以嚴格的費用管理為基礎。正是這種強大的組合繼續推動我們強勁的現金流產生以及我們為股東回報巨大價值的能力。

Turning to our financial guidance. For fiscal quarter Q2, our guidance is as follows. We expect revenue to be in the range of $13.75 billion to $13.95 billion. We anticipate non-GAAP gross margins to be in the range of 68% to 69%. Non-GAAP operating margin is expected to be in the range of 33.5% to 34.5%. Non-GAAP earnings per share is expected to range from $0.89 to $0.91.

轉向我們的財務指引。對於第二財季，我們的指導如下。我們預計營收將在 137.5 億美元至 139.5 億美元之間。我們預計非 GAAP 毛利率將在 68% 至 69% 之間。非 GAAP 營運利潤率預計在 33.5% 至 34.5% 之間。非 GAAP 每股盈餘預計為 0.89 美元至 0.91 美元。

For fiscal year '25, our guidance is, we expect revenue to be in the range of $55.3 billion to $56.3 billion. Non-GAAP earnings per share guidance is expected to range from $3.60 and to $3.66. In both our Q2 and full-year guidance, we're assuming a non-GAAP effective tax rate of approximately 19%.

對於 25 財年，我們的指導是，我們預計收入將在 553 億美元至 563 億美元之間。非 GAAP 每股盈餘指引預計為 3.60 美元至 3.66 美元。在我們的第二季和全年指引中，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. (Event Instructions) Operator, can we move to the first question in the analyst queue?

謝謝你，斯科特。 （活動說明）操作員，我們可以轉到分析師佇列中的第一個問題嗎？

Tal Liani, Bank of America.

塔爾·利亞尼，美國銀行。

I'll ask both my questions together. So cloud orders, cloud and service providers grew 22% ex-Splunk, last quarter, it was only 2%. So what is driving this massive growth in orders? And can you elaborate on the areas where you participate in cloud more specifics of switching, routing, optical, et cetera, where you have strength and the extent, meaning is it all cloud providers, cloud titans? Or are you focused like we have other vendors?

我會一起問我的兩個問題。因此，雲端訂單、雲端和服務供應商（不包括 Splunk）成長了 22%，而上季僅為 2%。那麼是什麼推動了訂單的大幅成長呢？您能否詳細說明您參與雲端運算的領域，例如交換、路由、光纖等，您在哪些方面有實力和程度，這意味著都是雲端供應商、雲端巨頭嗎？或者您像我們其他供應商一樣專注？

Are you focused on certain cloud providers and not others? And my follow-up question is on margins. Very strong gross margin, very strong operating margin this quarter. Talk about the drivers and sustainability of these margins.

您是否專注於某些雲端提供者而不是其他雲端提供者？我的後續問題是關於邊緣的。本季毛利率非常高，營業利潤率也非常高。討論這些利潤的驅動因素和可持續性。

Okay. Thank you, Tal. Thanks for being with us, and thanks for the question. So I'll take the first one, which is service provider and specifically cloud orders. So if we step back and look at our service provider business, we were pleased, I think, first and foremost, starting with cable, it continues to be under pressure, but it's also the smallest portion of the business and is less impactful as it gets smaller.

好的。謝謝你，塔爾。感謝您接受我們的採訪，也感謝您提出問題。所以我會選擇第一個，就是服務供應商，特別是雲端訂單。因此，如果我們退後一步，看看我們的服務提供者業務，我們很高興，我認為，首先也是最重要的是，從有線電視開始，它繼續面臨壓力，但它也是業務中最小的部分，影響較小，因為它變小。

On the telco side, we actually saw some probably low single-digit growth in telco, which was positive to see. We saw some real -- some activity occurring in both Europe and in APJC, which was encouraging as well. And then we move to cloud or the web scale customers, that's where we had order growth in excess of 100%. And what I would tell you is that four of the six largest players were all each in excess of 100%. So it was not a concentration in one customer.

在電信方面，我們實際上看到電信公司出現了一些可能較低的個位數成長，這是正面的。我們看到歐洲和 APJC 發生了一些真實的活動，這也令人鼓舞。然後我們轉向雲端或網路規模客戶，在那裡我們的訂單成長超過 100%。我要告訴你的是，六家最大的參與者中有四家都超過了 100%。因此，這並不是集中在一個客戶身上。

It was actually four different customers, all above triple-digit growth for us. When we look at areas where we participate, you mentioned routing, switching, optical, et cetera, and we participate in all of those. I did call out that we took orders for AI and web scale in excess of $300 million, putting us well on track for the $1 billion and to exceed the $1 billion for the year.

實際上是四個不同的客戶，對我們來說都超過了三位數的成長。當我們審視我們參與的領域時，您提到了路由、交換、光纖等，我們參與了所有這些領域。我確實指出，我們接到的人工智慧和網路規模訂單超過 3 億美元，這使我們有望實現 10 億美元，並在今年超過 10 億美元。

We participate -- I'll start with we participate when we talk about AI, it's primarily -- it's systems underpinning GPUs and back-end networks. I talked about a super spine win, which would be systems that are actually interconnecting clusters in the back end.

我們參與——當我們談論人工智慧時，我將從我們參與開始，它主要是——它是支撐 GPU 和後端網路的系統。我談到了超級脊椎勝利，這將是實際上在後端互連集群的系統。

And then we also provide both systems and optics that are providing that same connectivity as well as the connectivity required from the back end to the front end. So we have a number of design wins in this space.

然後，我們還提供系統和光學元件，以提供相同的連接以及從後端到前端所需的連接。因此，我們在這個領域取得了許多設計成果。

We feel good about the progress we're making. And I would just say that this is one of the big benefits of our strategy, which is to basically sell to our customers in the way that they would like to consume the technology, whether it's by our silicon, by our systems, and I think having our own silicon is proving to be a real competitive advantage for us. So we're pleased with that.

我們對所取得的進展感到滿意。我只想說，這是我們策略的一大好處，即基本上以客戶希望使用技術的方式向他們銷售技術，無論是透過我們的晶片，還是透過我們的系統，我認為事實證明，擁有自己的晶片對我們來說是真正的競爭優勢。所以我們對此感到滿意。

At the same time, I would say that the AI infrastructure represented just less than half of the total business we took from the web scale customers. So we still saw strength in the traditional cloud side as well, and we're pleased with the performance that we showed there.

同時，我想說，人工智慧基礎設施只占我們從網路規模客戶獲得的總業務的不到一半。因此，我們仍然看到了傳統雲端方面的優勢，並且我們對在那裡展示的效能感到滿意。

Scott, do you want to take the margin call?

史考特，你想接受追加保證金通知嗎？

Yes. Tal, the margins were very strong. Of course, we had non-GAAP total gross margins of 69.3%, as Chuck said earlier, the highest that we've had in 20 years. The product non-GAAP gross margin of 68.9%, up 240 basis points. There's a handful of things driving that.

是的。塔爾，利潤率非常高。當然，正如 Chuck 早些時候所說，我們的非 GAAP 總毛利率為 69.3%，是 20 年來的最高水準。該產品非美國通用會計準則毛利率為68.9%，較去年同期成長240個基點。有一些因素推動了這一點。

Obviously, the year-on-year increase includes the addition of Splunk, which is favorable at the gross margin line, of course, we had other favorable product mix built into that. A nice job continues to be done by the team on what I'll call productivity enhancements. So continuing to drive cost out of the cost of goods sold line. supply chain team has done a really nice job on that front. That is sustainable.

顯然，同比增長包括Splunk的加入，這在毛利率線上是有利的，當然，我們也內建了其他有利的產品組合。團隊在我所說的生產力增強方面繼續做得很好。因此，繼續將成本排除在已售商品成本之外。供應鏈團隊在這方面做得非常好。這是可持續的。

We did have a one-time benefit in Q1 in the cost of goods sold line. for a project that's been on flight for several years around duty drawback. So these are components that we imported that incurred a tariff. They were built into final product and then subsequently exported. When that happens, of course, you get the ability to get a return on that.

我們在第一季的銷售成本中確實獲得了一次性收益。對於一個圍繞關稅退稅已經進行了數年的項目。這些是我們進口的產生關稅的組件。它們被製成最終產品，然後出口。當然，當這種情況發生時，您就有能力獲得回報。

We've been working to get a return of the tariff that you paid at the point of import. We've been working on this project for some time. During the quarter, those filings were accepted. And so we got a one-time benefit that's fairly substantial in Q1. Having said that, on the back of the great work the team has done, as I look at the next three quarters of the year, and you see this in our Q2 guide.

我們一直在努力退還您在進口時支付的關稅。我們已經在這個專案上工作了一段時間。在本季度，這些申請被接受。因此，我們在第一季獲得了相當可觀的一次性收益。話雖如此，在團隊所做的出色工作的基礎上，當我展望今年接下來的三個季度時，您可以在我們的第二季度指南中看到這一點。

I would expect to see gross margins continue to settle into this range of 68% to 69% for the full year. And that, of course, will be a tailwind to op margin as well.

我預計全年毛利率將繼續穩定在 68% 至 69% 的範圍內。當然，這也將成為營運利潤率的推動力。

Matt Niknam, Deutsche Bank.

馬特·尼克南，德意志銀行。

So my question is mainly around macro. Just wondering, maybe, Chuck, if you can speak to how the macro backdrops evolved over the last three months? And then maybe to double-click on that as a quick follow-up.

所以我的問題主要是圍繞著宏觀。只是想知道，也許，查克，你是否能談談過去三個月宏觀背景是如何演變的？然後也許可以雙擊它作為快速跟進。

As it relates to the election, just wondering if there's any hesitation, any impact in terms of buying behavior across different verticals, given some of the uncertainty around US elections intra-quarter?

由於它與選舉有關，只是想知道考慮到美國季度內選舉的一些不確定性，不同垂直領域的購買行為是否有任何猶豫或影響？

Thanks, Matt. So on the macro front, I think first and foremost, I would say that Scott mentioned the US Federal challenges, and that will tie into your second question. So I'll cover a little bit of that there.

謝謝，馬特。因此，在宏觀方面，我認為首先也是最重要的是，我想說斯科特提到了美國聯邦的挑戰，這將與你的第二個問題聯繫起來。所以我將在那裡介紹一些內容。

I think the US federal business was impacted by the continuing resolution pressure and then also the fiscal responsibility Act, which expires at the end of this calendar year. both of those put pressure on federal. I think we've heard that from some of our peers in their earnings announcements. If you normalize out or if you actually look at our product orders without Splunk, so the organic product order growth and you just removed the US Federal year over year.

我認為美國聯邦業務受到持續的解決壓力以及今年年底到期的財政責任法案的影響。這兩者都給聯邦政府帶來了壓力。我想我們已經從一些同行的收益公告中聽到了這一點。如果您正常化，或者如果您實際上在沒有 Splunk 的情況下查看我們的產品訂單，那麼有機產品訂單增長，並且您剛剛逐年刪除了美國聯邦訂單。

The rest of the world was up in the mid- to high-teens. So what that tells you is that we saw very balanced strength around the world. Geographically, we saw good strength in Europe, good strength in Asia. Without US Fed, we saw good strength in the United States.

世界其他地區的房價都在十幾歲左右。所以這告訴你的是，我們看到世界各地的實力非常平衡。從地理位置來看，我們在歐洲看到了良好的實力，在亞洲也看到了良好的實力。沒有美聯儲，我們看到了美國的強勁實力。

We saw really strong recovery in enterprise. We're pleased with that. I discussed already the service provider performance that we had during the quarter. And so I think the only real vertical I would call out is the US Federal issue that I just explained. I don't think there's anything else that we've seen relative to the elections at this point.

我們看到企業的強勁復甦。我們對此感到滿意。我已經討論了我們在本季的服務提供者績效。因此，我認為我要指出的唯一真正的垂直問題是我剛才解釋的美國聯邦問題。我認為目前我們還沒有看到任何與選舉相關的事情。

No. And the thing to think about, Matt, about the delays that we're seeing in US Fed is there are delays. This is not deals that were lost through that. It's pressure that's being put on by the funding of continuing resolution in the Fiscal Responsibility Act.

不。這並不是因此而失去的交易。這是財政責任法案中持續解決方案的資金所帶來的壓力。

So we do see some of those coming back as we get past the continuing resolutions. It looks like the Republicans will carry both houses of Congress and the White House. And so I would expect to get a budget in place relatively.

因此，當我們通過持續的決議時，我們確實看到其中一些重新出現。看起來共和黨將贏得國會兩院和白宮。所以我希望能夠得到相對到位的預算。

So I do think we'll see -- those aren't lost transactions. And just to emphasize the point that Chuck just said, total product order growth Organically and excluding the impact of US Fed is up mid- to high-teens. So I think in line with what you would have expected.

所以我認為我們會看到——那些不是丟失的交易。只是為了強調查克剛才所說的一點，產品訂單總量有機增長並且排除美聯儲的影響，增長在中位數到高位數。所以我認為符合你的期望。

Was strength everywhere else. Yes.

其他地方都是力量。是的。

Michael Ng, Goldman Sachs.

邁克爾吳，高盛。

I wanted to ask about security. It was encouraging to hear about the first seven-figure Hypershield deal in the quarter. Could you just talk a little bit more about that, the nature of that deal I think it was only recently made available, so it feels like it's early days, but maybe you can talk about the reception to that?

我想問一下安全問題。聽到本季第一筆七位數的 Hypershield 交易令人鼓舞。您能否再多談談該交易的性質，我認為它是最近才達成的，所以感覺還為時過早，但也許您可以談談對此的反應？

And then secondly, I think you had mentioned security orders had doubled year-over-year, including Splunk. Could you just give us the organic number as well? And if you could speak qualitatively to the trends, that would be helpful.

其次，我想您已經提到安全訂單比去年同期增加了一倍，其中包括 Splunk。您能否也給我們有機編號？如果你能定性地談論趨勢，那將會很有幫助。

Yes. Thanks, Michael. So on your first question around Hypershield, this was a very large financial institution that was part of the early adopter planning, and that's what we're seeing. This is a very high-impact solution that actually is very effective in some of the most, I'd say, advanced data centers in the world. So we see very large customers that have been deploying it.

是的。謝謝，麥可。因此，關於您關於 Hypershield 的第一個問題，這是一個非常大的金融機構，是早期採用者計劃的一部分，這就是我們所看到的。這是一個影響非常大的解決方案，實際上在世界上一些最先進的資料中心中非常有效。所以我們看到非常大的客戶已經在部署它。

So we're going to see, I think, a little a gradual uptick in customers adopting it. And we have a bit of a white glove program right now that we're using to help these customers get up and running. So we're really pleased to see that because when a large bank makes a commitment like that, that tells you the technology is real. And in many cases, they will lead the rest of the enterprise and actually deploying these new security technologies. So that's a good sign.

因此，我認為，我們將看到採用它的客戶逐漸增加。我們現在有一些白手套計劃來幫助這些客戶啟動和運行。所以我們真的很高興看到這一點，因為當一家大銀行做出這樣的承諾時，就告訴你這項技術是真的。在許多情況下，他們將領導企業的其他部門並實際部署這些新的安全技術。所以這是一個好兆頭。

On the security orders, we had a bit of the same issue that we had with US Federal on the overall product order growth. US Federal contains our largest customer in the world and probably our largest security customer in the world.

在安全訂單方面，我們在整體產品訂單成長方面遇到了與美國聯邦公司相同的問題。美國聯邦擁有我們在世界上最大的客戶，也可能是我們在世界上最大的安全客戶。

And so our security orders were up in the mid -- low to mid-single digits. -- without Splunk, the organic ones. And then -- but without US Federal, it tracked with the product data we gave you a few minutes ago. So organic security orders if you normalize out the federal year-over-year impact with the continuing resolution and the federal -- the Fiscal Responsibility Act, they were up in the mid- to high-teens as well.

因此，我們的安全訂單處於中間位置—低至中個位數。 -- 沒有 Splunk，有機的。然後 - 但沒有美國聯邦，它追蹤了我們幾分鐘前給您的產品數據。因此，如果你透過持續的決議和聯邦財政責任法案將聯邦逐年影響正常化，那麼有機安全令的影響也會達到中雙位數。

We crossed 1,000 customers that have deployed these new technologies that we rolled out over the last 12 to 15 months. So we're pleased with the adoption that continues to occur there. And I think if you listen to the analyst or follow the industry, I think there's a broad-based belief that our innovation pipeline and the technologies that we've been bringing to bear are going to be highly impacted for our customers, and I would say there's more to come. So stay tuned.

我們訪問了 1,000 家客戶，他們部署了我們在過去 12 到 15 個月內推出的新技術。因此，我們對那裡繼續發生的採用感到高興。我認為，如果你聽取分析師的意見或關注整個行業，我認為人們普遍相信我們的創新管道和我們一直在採用的技術將對我們的客戶產生重大影響，我會說還有更多的事情要做。所以請繼續關注。

David Vogt, UBS.

大衛‧沃格特，瑞銀集團。

First, if I may. You mentioned, I think, Chuck, you mentioned half of your web-scale orders were AI with the other half sort of more traditional front end. Is that sort of what drove the enterprise order growth? Or was there some campus recovery in that number from a product perspective?

首先，如果可以的話。你提到，我想，查克，你提到你的網路規模訂單的一半是人工智慧，另一半是更傳統的前端。這就是推動企業訂單成長的原因嗎？或者從產品的角度來看，這個數字是否有校園恢復？

And then I'll just give you the second one for Scott. On gross margin, appreciate the color on sort of some of the impacts in the quarter. But from a Splunk perspective, was there anything else in the numbers like we're trying to think through kind of the contribution from Splunk subscription versus term licenses? And how should we think about that as we move through the balance of fiscal '25.

然後我會給你第二個關於斯科特的資訊。在毛利率方面，請注意本季某些影響的顏色。但從 Splunk 的角度來看，這些數字中是否還有其他內容，例如我們試圖思考 Splunk 訂閱與定期授權的貢獻？當我們經歷 25 財年的平衡時，我們應該如何思考這一點。

So thanks, David. If I interpret your first question right, I think what you're asking is, was the non-AI portion of the cloud spend responsible for the enterprise growth that we saw. And so I'm going to try to answer this.

謝謝，大衛。如果我正確地解釋你的第一個問題，我認為你要問的是，雲端支出中的非人工智慧部分是否對我們所看到的企業成長負責。所以我將嘗試回答這個問題。

So when we talk about the enterprise segment, we don't include any technology sold to the web scale customers regardless of what it is. So the enterprise segment is simply enterprise customers buying whatever they buy from us. So that growth that we saw in enterprise was purely them.

因此，當我們談論企業細分市場時，我們不包括任何出售給網路規模客戶的技術，無論它是什麼。因此，企業細分市場就是企業客戶向我們購買的任何產品。所以我們在企業中看到的成長純粹是他們。

And I would also say that the majority of all of the web scale purchases from us were in the Internet infrastructure space. There was a smattering on the non-AI side that would be attributed to sort of classic enterprise technologies, but it was very small in the context of what they procure from us. Most of it was Internet infrastructure systems, optical routing, switching, et cetera.

我還要說的是，我們的所有網路規模採購中的大部分都在互聯網基礎設施領域。非人工智慧方面有一小部分可歸因於某種經典的企業技術，但就他們從我們那裡採購的技術而言，這一比例非常小。其中大部分是網際網路基礎設施系統、光路由、交換等。

Scott, the second one?

史考特，第二個嗎？

Yes. On the gross margin, this is what I was touching on earlier, David. We did have favorable product mix in there and Splunk was a part of that, that drove the margins there was a onetime benefit in Q1 that I just touched on around duty drawback. So project we've had in place for some time, getting a refund of basically import duty that we had paid tariffs that we had paid on components that we imported built into products and then turned around and exported, and you're allowed to get those back.

是的。關於毛利率，這就是我之前談到的，大衛。我們確實擁有有利的產品組合，而 Splunk 是其中的一部分，它推動了利潤率，在第一季有一個一次性的好處，我剛剛談到了關稅退稅。因此，我們已經實施了一段時間的項目，獲得基本上進口關稅的退款，我們已經支付了我們為進口內置到產品中的組件支付的關稅，然後轉身並出口，並且您可以獲得那些回來的。

It's taken a while to get all that paperwork pulled together, documented and then get it approved and actually get the refund. That happened in Q1. So we had a onetime benefit that's a catch up from a couple of years of those that's not repeatable throughout the rest of the year. there's a small tale of that, a little bit in Q2 and a little bit more in Q3 and Q4.

我們需要一段時間才能將所有文件整理好、記錄下來，然後獲得批准並實際獲得退款。這發生在第一季。因此，我們獲得了一次性的福利，這是幾年來的福利，而這些福利在一年中的剩餘時間裡是不可重複的。有一個小故事，在第二季有一點，在第三季和第四季有更多。

The team has also done a really nice job continuing to drive cost out across the Board. That's another thing that's driving our view now of gross margins kind of maintaining in the 68% to 69% range through the end of the year. So think of Splunk being a benefit, that's not new news. I think what drove the outperformance in the quarter was much more about the onetime impact of the duty drawback project.

該團隊在繼續全面降低成本方面也做得非常出色。這也是我們目前認為毛利率到年底將維持在 68% 至 69% 範圍的另一個因素。因此，認為 Splunk 是一種優勢，這並不是什麼新鮮事。我認為推動本季表現出色的因素更多是關稅退稅項目的一次性影響。

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

If I can ask both my questions at the same time. Chuck, you mentioned in your prepared remarks, the data center switching portfolio had the third consecutive quarter of strong order growth.

如果我能同時問我的兩個問題就好了。 Chuck，您在準備好的發言中提到，資料中心交換產品組合連續第三個季度實現強勁訂單成長。

Just wondering how you're interpreting that in terms of enterprises are already starting to get ready for their AI deployments? Or do you still believe that's largely in front of you? Just what is that sort of order momentum indicating to you?

只是想知道您如何解釋企業已經開始為人工智慧部署做好準備？或者你仍然相信這很大程度上就在你面前嗎？這種訂單動能對您來說意味著什麼？

And then the second one, just on AI autos, you're sounding sort of better in relation to exceeding the $1 billion target. But is there necessarily a implication there in terms of revenue realization in the year? Is revenue realization maybe even a bit higher than you've thought initially in terms of timing?

然後是第二個，就人工智慧汽車而言，在超過 10 億美元的目標方面，你聽起來有點更好。但這是否一定會對當年的收入實現產生影響？就時間而言，收入實現是否可能比您最初想像的要高一些？

Thank you. So on the data center switching side, I think what it shows is that, clearly, our customers continue to be balanced between which workloads they move to public cloud in which they move -- they build into the private infrastructure. We do see customers that are generally modernizing their infrastructure.

謝謝。因此，在資料中心交換方面，我認為這顯然表明，我們的客戶在將哪些工作負載遷移到公有雲（將其建置到私有基礎架構中）之間繼續保持平衡。我們確實看到客戶普遍正在對其基礎設施進行現代化改造。

We talked about this last quarter. We see enterprise customers who are even when they're unsure about what AI applications they may deploy 6, 9, 12 months from now, they do know that they need modern infrastructure to be prepared to do so, and we're seeing them forward invest to get ready for it. But this has been the same pattern we've seen for a few quarters now.

我們在上個季度討論過這個問題。我們看到企業客戶即使不確定 6、9、12 個月後可能部署哪些人工智慧應用程序，他們也知道他們需要現代基礎設施來為此做好準備，而且我們正在看到他們向前邁進並為此做好準備。但這與我們幾個季度以來看到的模式相同。

And so I think it's, to some extent, in preparation for it, but the last part of your first question, I would say that the majority of this build-out is still way ahead of us on the enterprise side.

所以我認為，在某種程度上，這是在為此做準備，但第一個問題的最後一部分，我想說的是，在企業方面，大部分的建設仍然遠遠領先於我們。

On the second question relative to AI orders and the fact that I think we're on track to exceed the $1 billion. The one comment I'd make on the orders, and I'll let Scott speak to the revenue implications. I think that these customers, it's a very dynamic market and they have a lot of rapidly changing requirements.

關於與人工智慧訂單有關的第二個問題，我認為我們預計將超過 10 億美元。我對訂單的唯一評論是，我將讓斯科特談談對收入的影響。我認為這些客戶是一個非常活躍的市場，他們有很多快速變化的需求。

And so as we see these opportunities arise and we get designed in, so when we get the design wins as we talk about. Then ultimately, they become bookings, and then ultimately, they become revenue.

因此，當我們看到這些機會出現並進行設計時，正如我們所說，當我們獲得設計勝利時。最終，它們變成了預訂，最後，它們變成了收入。

In many cases, a design win means that they have confidence that we can actually design a piece of silicon that they're looking for. We put it into a system, we deliver the system. And so the timing varies depending on what we want from them. And so that's why you're going to see the stuff show up in our guidance, and you're going to see it show up as we continue to execute, and you've heard me talk about the need to continue to execute on several calls in a row in this space, but I feel really good about the job the team is doing right now.

在許多情況下，設計獲勝意味著他們有信心我們實際上可以設計出他們正在尋找的一塊矽片。我們將其放入系統中，我們交付該系統。因此，時間安排取決於我們想要從他們那裡得到什麼。這就是為什麼你會看到這些內容出現在我們的指南中，並且隨著我們繼續執行，你會看到它出現，並且你已經聽到我談論需要繼續執行幾個在這個領域連續打電話，但我對團隊現在所做的工作感覺非常好。

So that will lead to the answer to the revenue question. Scott, do you --?

這樣就可以找到收入問題的答案。史考特，你——嗎？

Yes. And on the revenue question, as Chuck said, this is a bit dynamic in terms of shipments. Obviously, we don't get revenue until we ship the product out the door and there's a number of factors that goes into that some -- most of which are not within our control, we do see though this driving revenue, consistent with what we've said in the past, Samik, driving revenue for us more in the second half of the year. The majority of the revenue that we get from that will be in the second half.

是的。關於收入問題，正如查克所說，就出貨量而言，這有點動態。顯然，直到我們將產品運出大門之前，我們才能獲得收入，其中有很多因素 - 其中大部分不在我們的控制範圍內，但我們確實看到這會推動收入，與我們的預測一致Samik 過去曾說過，下半年會為我們帶來更多收入。我們從中獲得的大部分收入將來自下半年。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

Great. First one is, I'd love to get maybe an update or double-click on the partnership you announced with NVIDIA very early in like to sort of get a sense of how that's progressing in terms of traction and where that fits into the pipeline. I did catch that. You mentioned you've got an AI server. Just sort of wondering if that's an outcome of that alignment.

偉大的。第一個是，我很想獲得更新或雙擊您很早就宣布的與 NVIDIA 的合作夥伴關係，以了解其在牽引力方面的進展情況以及它在管道中的位置。我確實明白了。你提到你有一個人工智慧伺服器。只是想知道這是否是這種調整的結果。

And my follow-up is pretty straightforward you've earlier talked about the Splunk opportunities of new potential customers being introduced to Splunk. If you could update us progress there and sort of your line of sight to closing some of those deals.

我的後續行動非常簡單，您之前談到了將新潛在客戶引入 Splunk 的 Splunk 機會。您能否向我們介紹那裡的進展以及您對完成其中一些交易的看法。

Yes. Thanks, Simon. So on the NVIDIA partnership, I think we're still really early on bringing these solutions to market. So if you think back a couple of quarters back, we announced Hyperfabric, which is a fabric as a service solution to bring sort of that public cloud simplicity to AI workloads in the enterprise, and that will be shipping in the first portion of calendar 2025. But we did announce this quarter to new platforms.

是的。謝謝，西蒙。因此，就與 NVIDIA 的合作關係而言，我認為我們將這些解決方案推向市場仍處於早期階段。因此，如果您回想幾個季度前，我們發布了Hyperfabric，這是一種結構即服務解決方案，可為企業中的AI 工作負載帶來某種公有雲的簡單性，並將於2025 年上半年推出但我們確實在本季度宣布了新平台。

We announced our AI compute platform that is -- the first phase of that is based on NVIDIA GPUs, and we announced AI pods, which are also based on NVIDIA GPUs. Over time, you'll see us support other GPUs as the market demands, but that partnership is still going fine. It's still early. And I think 2025 is when we'll start to see enterprise real deployment of some of these technologies.

我們宣布了我們的 AI 運算平台，第一階段基於 NVIDIA GPU，我們也宣布了同樣基於 NVIDIA GPU 的 AI pod。隨著時間的推移，您會看到我們根據市場需求支援其他 GPU，但這種合作關係仍然進展順利。現在還早。我認為 2025 年我們將開始看到企業真正部署其中一些技術。

On the second one, the Splunk customers update, I would say we continue to see good progress. If you really think about where we are with Splunk, I think we closed the acquisition in March. We're in November. So that's about eight months. And if you ask Gary, he would tell you their average sales cycle is nine months.

關於第二個問題，即 Splunk 客戶更新，我想說我們繼續看到良好的進展。如果您認真考慮我們與 Splunk 的關係，我認為我們在 3 月完成了收購。我們是十一月。所以大約是八個月。如果你問加里，他會告訴你他們的平均銷售週期是九個月。

So we haven't we haven't even gotten and we didn't start this initiative until probably into the second quarter that they were part of us. So I think it's still super early. What I would tell you is that we've the criteria that we use to identify these customers was based on certain attributes of the customer that would lead them to be a viable Splunk candidate.

所以我們還沒有，我們甚至還沒有得到，我們直到可能進入第二季度他們才開始這項計劃，他們已經成為我們的一部分。所以我認為現在還為時過早。我要告訴您的是，我們用於識別這些客戶的標準是基於客戶的某些屬性，這些屬性將使他們成為可行的 Splunk 候選人。

And we've added about 1,500 more customers to that list. But the other thing that I think is really a positive sign is we have hundreds of Cisco partners now that have been trained on Splunk that are building out Splunk practices, and in some cases, have actually gone out and made strategic acquisitions of Splunk Partners to accelerate and bring them into their business.

我們已將大約 1,500 名客戶添加到該清單中。但我認為真正積極的另一件事是，我們現在有數百個思科合作夥伴接受過 Splunk 培訓，正在建立 Splunk 實踐，在某些情況下，實際上已經對 Splunk 合作夥伴進行了策略性收購，加速並將他們帶入他們的業務。

So on that front, we're super positive about how that's progressing as well.

因此，在這方面，我們對進展也非常樂觀。

Yes. The only thing I'd add to that is from a just overall perspective on Splunk integration, it's progressing in line with our expectations on the top line and in the ARR in particular, and actually ahead of our expectations on profitability at this point. So Splunk overall is tracking quite well for us.

是的。我唯一要補充的是，從 Splunk 整合的整體角度來看，它的進展符合我們對營收、特別是 ARR 的預期，而且實際上超出了我們目前對獲利能力的預期。因此，Splunk 總體上對我們來說進展順利。

James Fish with Piper Sandler.

詹姆斯·菲什和派珀·桑德勒。

Scott, for you, just circling back on RPO. What was RPO and products RPO growth at Splunk and then, Chuck, for you, how are you guys thinking about not just enterprise refresh potential, but also the campus refresh opportunity with WiFi 7 availability that you guys, I think, even announced this week. And will that WiFi 7 encourage any campus switch refresh as well. Go ahead.

Scott，對您來說，只是回到 RPO。 Splunk 的 RPO 和產品 RPO 成長是什麼？ WiFi 7 是否也會鼓勵任何校園交換器更新？前進。

Yes, Jim, on the RPO, we don't actually -- we're not going to continue to break out with and without Splunk, and that's partly because of what I just said. This integration is going well. We've launched several products now that are joint products of both Cisco and Splunk.

是的，Jim，關於 RPO，我們實際上不會——無論有沒有 Splunk，我們都不會繼續突破，部分原因是我剛才所說的。這種整合進展順利。我們現在推出了幾款產品，它們是Cisco 和Splunk 的聯合產品。

From an organizational standpoint, we've brought in all of the G&A functions and are quickly adopting or integrating across the product lines. So it's getting harder and harder to say what's Splunk and what's not Splunk. That line is just getting blurry and blurry each quarter.

從組織的角度來看，我們引入了所有 G&A 職能，並正在跨產品線快速採用或整合。因此，要區分什麼是 Splunk、什麼不是 Splunk 變得越來越困難。每季這條界線都變得越來越模糊。

So I don't plan on breaking that out. I would tell you, of course, without Splunk it still is a positive growth rate that's in sync with where we've been historically. But I really want to get a way of trying to draw that line for you.

所以我不打算打破這個局面。當然，我會告訴您，即使沒有 Splunk，它仍然是一個正增長率，與我們的歷史水平保持同步。但我真的想找到一種方法來為你劃清界線。

Yes. Jim, on the campus refresh, I think, look, our overall enterprise networking business was very strong during the quarter. So we are continuing to see that refresh. You mentioned WiFi that we did announce the high-end versions during the quarter. This is a big -- it's a big first step for us because it's one of the first platforms that we've had that you can deploy and run under an on-prem management system or a cloud management system with the same license and use the same hardware.

是的。吉姆，關於校園刷新，我認為，看，本季我們的整體企業網路業務非常強勁。因此，我們將繼續看到這種刷新。您提到我們確實在本季發布了高階版本的 WiFi。這對我們來說是一個重大的第一步，因為它是我們擁有的第一個平台，您可以在具有相同許可證的本地管理系統或雲端管理系統下部署和運行，並使用相同的硬體。

So that's been something we've been working on for a while. It's hardware portability between both on-prem and cloud, but we see customers continue because if you think about the AI deployment and you think about starting first in the back end of AI, which we've seen. And then as you see these pervasive deployment of AI applications in the enterprise, that's going to have dual impact.

所以這是我們一段時間以來一直在努力的事情。這是本地和雲端之間的硬體可移植性，但我們看到客戶仍在繼續，因為如果您考慮人工智慧部署，並且您會考慮首先從人工智慧後端開始，我們已經看到了這一點。然後，當您看到人工智慧應用程式在企業中的普遍部署時，這將產生雙重影響。

Number one, if it's going to create that front-end network pool that we talk about because the enterprises are going to be connecting back to the cloud to take advantage of their models. And then it's also going to continue to pull the refresh in the enterprise side because they're going to need their networks modernized to be able to run edge-based versions of AI, et cetera. So we think the refresh opportunity is real for some period of time and in large part, will be driven by this AI wave.

第一，如果要創建我們談論的前端網路池，因為企業將連接回雲端以利用他們的模型。然後，它也將繼續在企業方面進行更新，因為他們需要對其網路進行現代化改造，以便能夠運行基於邊緣的人工智慧版本等。因此，我們認為刷新機會在一段時間內是真實存在的，並且在很大程度上將由人工智慧浪潮驅動。

Meta Marshall, Morgan Stanley.

梅塔‧馬歇爾，摩根士丹利。

Great. Maybe circling back to Michael's question where you answered that kind of organic security growth would have been in kind of the mid- to high-teens if you stripped out of US Federal -- just wanted to get a sense of what was driving some of that strength. Is that data center modernization or just what products are kind of driving some of that upside?

偉大的。也許回到邁克爾的問題，你在其中回答說，如果你脫離美國聯邦，這種有機安全增長將處於中高水平——只是想了解是什麼推動了其中的一些發展力量。是資料中心現代化還是哪些產品推動了這種成長？

And then just second question, just on data center modernization as a tailwind, just where are you kind of seeing kind of prioritization, the most kind of within the data center? Is it kind of around security or updating and switching. Just kind of any commentary around kind of categories you're seeing that data center modernization take place in.

然後是第二個問題，就資料中心現代化作為順風而言，您在哪裡看到資料中心內最重要的優先順序？是圍繞安全性還是更新和切換。只是關於您所看到的資料中心現代化發生的類別的任何評論。

Thanks, Meta. I think when you look at the security performance, if you just put U.S. Fed to the side, I think you're -- we're seeing the impact of these new products between XDR, Secure Access, Multicloud Defense, we've seen over 1,000 customers now deploy those new technologies that we didn't have in our portfolio 18 months ago.

謝謝，梅塔。我認為，當你考慮安全性能時，如果你把美聯儲放在一邊，我認為你會看到這些新產品在 XDR、安全訪問、多雲防禦之間的影響，我們已經看到了現在，超過1,000 家客戶正在部署18 個月前我們的產品組合中還沒有的新技術。

We see HyperShield with very positive early feedback. And that's not a big contributor to the order side yet, but I think it will be, and it creates a mine share pull from our customers because it's so innovative sometimes it leads them to look at the rest of the portfolio again.

我們看到 HyperShield 獲得了非常正面的早期回饋。這還不是訂單方面的一個大貢獻者，但我認為它將是，並且它從我們的客戶中創造了礦山份額拉動，因為它是如此創新，有時會導致他們再次考慮投資組合的其餘部分。

We also have completed a refresh of the low-end firewall in the most recent quarter. We've had -- the high end was refreshed in 2024. In the early part, the mid-range was refreshed in the latter part of '24. So I mean there's a lot that has been going on that I think is contributing to that energy in security. But in general, I think the market, the analysts the customers all believe that where we are today versus where we were three, four years ago and security is just fundamentally different.

我們也在最近一個季度完成了低端防火牆的更新。我們已經——高端在2024年被刷新。所以我的意思是，我認為正在發生的很多事情都為安全領域的能量做出了貢獻。但總的來說，我認為市場、分析師和客戶都認為，我們今天的處境與三、四年前的處境和安全性有著根本的不同。

On the data center side, the data center modernization that I've been talking about was largely around switching infrastructure. But I think the Hypershield momentum that we're feeling, at least from a mind share perspective with customers would suggest that security is a massive opportunity in that space. As we've talked about, if you start with a fundamental assumption that the bad actors are in your infrastructure, then the thing you need to do is stop the east-west traffic in the data center, and that's one of the key roles at Hypershield plays.

在資料中心方面，我一直在談論的資料中心現代化主要圍繞著交換基礎設施。但我認為，我們感受到的 Hypershield 勢頭，至少從與客戶的思想共享角度來看，表明安全性是該領域的巨大機會。正如我們所討論的，如果您從一個基本假設開始，即不良行為者位於您的基礎設施中，那麼您需要做的就是停止資料中心的東西向流量，這是資料中心的關鍵角色之一。盾牌播放。

So I think that's a big focus area for our customers as well. But most of what we've seen happening when we talk about data center modernization and the momentum that we've seen there has fundamentally been around switching.

所以我認為這也是我們客戶關注的重點領域。但是，當我們談論資料中心現代化時，我們所看到的大部分情況以及我們所看到的勢頭從根本上來說都是圍繞著轉換的。

Ben Reitzes, Melius Research.

本‧雷茨 (Ben Reitzes)，Melius 研究中心。

It's great to be chatting with you. Chuck, I asked this last quarter, and I was wondering if you had any update. I understand that customers are getting ready for AI and feel they need to have the latest and greatest year for it.

很高興和你聊天。查克，我上個季度問過這個問題，我想知道你是否有任何更新。我了解客戶正在為人工智慧做好準備，並認為他們需要擁有最新、最好的一年。

Are you getting a sense of what they're engaging you for? Do they feel like there's going to be more inferencing? Is there specific applications that they're citing? I think investors would love to know what you potentially are hitching a ride to there on that comment.

您是否了解他們吸引您的目的？他們是否覺得會有更多的推理？他們引用了具體的應用程式嗎？我認為投資者很想知道您可能會透過該評論搭上什麼順風車。

And then I had a follow-up question for you and Scott is just these performances where the orders move around Splunk, given the excess backlog can be a little confusing for investors. But you said one thing at your Analyst Day, where you're going to grow 4% to 6%. And I know that's next year and beyond.

然後我有一個後續問題要問你，Scott 就是這些訂單在 Splunk 中移動的表現，因為過多的積壓可能會讓投資者感到有點困惑。但你在分析師日說過一件事，你的表現將成長 4% 到 6%。我知道那是明年及以後的事。

But is there anything happening near term that makes you feel better about that long-term target where you're a mid-single-digit grower? Anything that happened that making you feel better or worse regarding it, that would be great to hear.

但是，近期發生的事情是否會讓您對中位數成長的長期目標感覺更好？任何讓你感覺好一點或壞一點的事情都會很高興聽到。

Ben, thanks. So on the first question relative to AI in the enterprise in particular, I think we're all seeing customers focus on customer experience. That's one of the big early applications that virtually every enterprise that we engage with is looking at, including Cisco and everybody else. So everybody is focused on that.

本，謝謝。因此，關於第一個問題，特別是與企業中的人工智慧相關的問題，我認為我們都看到客戶專注於客戶體驗。這是早期的大型應用程式之一，幾乎所有與我們合作的企業都在關注這一應用程序，包括思科和其他所有人。所以大家都把注意力集中在這一點上。

Then the second, I think, is largely they are building different applications that are contributing to automation and efficiency, like we've talked about with robotics or supply chain management. We also see a lot of AI activity around deeper engagement with the customer. So customer experience on the support side, but then upselling, cross-selling customers.

我認為第二個主要是他們正在建立有助於自動化和效率的不同應用程序，就像我們談論的機器人或供應鏈管理一樣。我們也看到許多圍繞著與客戶進行更深入互動的人工智慧活動。因此，客戶體驗是在支援方面，然後是向上銷售、交叉銷售客戶。

We see a lot of focus on that on understanding purchasing trends. And in those cases, what we see customers doing and this is leading to my belief about what's happening in the AI shift right now is customers are needing to leverage the value provided by the foundational models, but they also need to be able to train their custom data and then the inferencing applications are actually making calls into both of those data sets, obviously. And we think that's going to lead to the front-end network build-out that we've talked about a lot in addition to the back end.

我們看到很多人都把注意力集中在了解購買趨勢上。在這些情況下，我們看到客戶正在做的事情，這讓我相信現在人工智慧轉變中正在發生的事情是客戶需要利用基礎模型提供的價值，但他們也需要能夠訓練他們的人工智慧模型顯然，自訂資料然後推理應用程式實際上正在調用這兩個資料集。我們認為這將導致前端網路的建設，除了後端之外，我們已經討論了很多。

It also is leading some customers to build out some of this data center modernization in their private clouds, and it's leading them to think about modernizing their overall infrastructure for edge-based versions of that over time. So that's generally what we're seeing.

它還引導一些客戶在其私有雲中建立一些資料中心現代化，並引導他們考慮隨著時間的推移對其整體基礎設施進行現代化，以實現基於邊緣的版本。這通常就是我們所看到的。

I'll make a quick comment on the second one and then I'll hand it to Scott. I would say that as we continue to see more and more success, and more progress relative to the web scale customers and their acceptance of the AI solutions that we're delivering and our team is delivering and us achieving the numbers that we put out there. And exceeding those numbers, then that contributes to my confidence in the next few years. Scott?

我將對第二個進行快速評論，然後將其交給斯科特。我想說的是，隨著我們繼續看到越來越多的成功，以及相對於網路規模客戶的更多進步，以及他們對我們正在提供的人工智慧解決方案和我們的團隊正在提供的人工智慧解決方案的接受度，以及我們實現了我們在那裡發布的數字。超過這些數字，就會增強我對未來幾年的信心。史考特？

No, I think you said it right, Chuck. The way I think about that is it is hard right now, Ben, to compare the year-on-year product order growth rates because of what happened last year with all the inventory digestion that needed to go on.

不，我認為你說得對，查克。我的想法是，本，現在很難比較產品訂單的同比增長率，因為去年發生的事情與需要繼續進行的所有庫存消化。

So one thing you can do right now is start to look at what the sequential -- the ex-Splunk sequential product order growth rates look like and get a better sense of the demand that we're seeing coming back into that marketplace. And as we lap these more normal, demand is normalizing as we lap these more normal demand quarters you'll begin to see something that fits into the pattern that is going to be easier to discern what's happening overall from a demand standpoint.

因此，您現在可以做的一件事就是開始查看順序 - 前 Splunk 順序產品訂單增長率是什麼樣的，並更好地了解我們看到回到該市場的需求。當我們經歷這些更正常的需求季度時，需求正在正常化，當我們經歷這些更正常的需求季度時，您將開始看到一些符合該模式的東西，這些東西將更容易從需求的角度辨別總體發生的情況。

I would say the investments that we're making in AI, the investments that we're making across the networking portfolio with some of the platform work that we're doing in WiFi 7 that we just launched yesterday is a combined platform product, same product that could be run with either platform in the back end to control it.

我想說的是，我們在人工智慧方面所做的投資，我們在網路產品組合中所做的投資，以及我們在昨天剛推出的WiFi 7 中所做的一些平台工作，都是一個組合平台產品，同樣產品可以在後端的任一平台上運行以對其進行控制。

Those investments are paying off. And so I feel good about what we put out. Obviously, when we put those numbers out. We wanted to be a little bit conservative with them to ensure that as we got to '26 and '27, we not only hit those, but had a chance to overachieve on that. And right now, I'd say the investments that we're making in that space to drive growth are paying off.

這些投資正在得到回報。所以我對我們推出的產品感覺很好。顯然，當我們把這些數字公佈出來時。我們希望對他們保持一點保守，以確保當我們進入 26 和 27 時，我們不僅能夠實現這些目標，而且有機會在這方面取得超額成績。現在，我想說，我們在該領域為推動成長而進行的投資正在獲得回報。

Amit Daryanani, Evercore.

阿米特·達裡亞納尼（Amit Daryanani），Evercore。

I guess I'll ask a question and follow-up at the same time. Scott, net booking revenues were down 23% this quarter. Just talk about how did that stack up against your expectations? And now that backlog is normalized, should the expectation to grow sequentially for the rest of 2025 and we really help us understand how that grew for the rest of the year? And then over the next three years, are you more excited about hyperscale or Hypershield, one of the big opportunity to ease?

我想我會同時提出問題和跟進。 Scott 表示，本季淨預訂收入下降了 23%。請談談這與您的預期有何不同？既然積壓已經正常化，那麼我們是否應該期望在 2025 年剩餘時間裡繼續增長，並且我們真的可以幫助我們了解今年剩餘時間內的增長情況？然後在接下來的三年裡，您對超大規模還是超盾更感興趣，這是緩解壓力的重大機會之一？

Yes. I got to say, Amit, I'll start on the first one, there was some background noise as you were asking the question, I'm not sure I got the entire question, but it started with networking revenue being down 23%. Of course, remember that's comparing to Q1 and '24, where we had a very substantial shipment of excess backlog basically backlog that had built up during the supply constraints that we cleared very quickly.

是的。我必須說，阿米特，我將從第一個開始，當你問這個問題時，有一些背景噪音，我不確定我是否得到了整個問題，但它是從網路收入下降 23% 開始的。當然，請記住，這是與第一季和 24 年相比，我們有大量的超額積壓訂單，基本上是在供應限制期間累積的積壓訂單，我們很快就清除了。

Q1 of '24 was the third of three consecutive quarters with very heavy backlog shipment into it. If you net that out, I think we did some of that math for you on the last call gives you a better sense of what's happening in network demand. It's trending in line with our expectations. I'd say AI has been a bright spot for us. The bookings that we're seeing inside AI haven't yet turned into revenue, but we certainly are seeing good momentum from that standpoint.

24 年第一季是連續三個季度中的第三個季度，積壓出貨量非常大。如果您明白這一點，我認為我們在上次通話中為您做了一些數學計算，可以讓您更好地了解網路需求中發生的情況。它的趨勢符合我們的預期。我想說人工智慧對我們來說是一個亮點。我們在人工智慧領域看到的預訂尚未轉化為收入，但從這個角度來看，我們確實看到了良好的勢頭。

DC switching, as Chuck just pointed out, has continued to be strong for us. So feeling good overall relative to our expectations about what we're seeing in networking. And if I missed the second part of your question, we'll circle back to you afterwards and get to us.

正如查克剛才指出的那樣，直流開關對我們來說仍然很強大。因此，相對於我們對網路中所看到的內容的期望，整體感覺良好。如果我錯過了你問題的第二部分，我們稍後再聯絡你並聯絡我們。

Yes. And then your second question relative to -- am I more excited? I think you said about Hypershield or Hyperfabric. I know there are both hyper words. So those are probably the two you mentioned.

是的。然後你的第二個問題是──我更興奮嗎？我想你提到了 Hypershield 或 Hyperfabric。我知道這兩個字都有超級字。所以這些可能就是你提到的兩個。

I am equally excited, I think from a security perspective and a strategic security perspective, our large enterprise customers are incredibly optimistic about what Hypershield meets for them. But from an AI application deployment perspective, customers are very excited about what Hyperfabric will mean to them. So if you think about two of the most important objectives our customers have, which is East West data center security.

我同樣感到興奮，我認為從安全角度和策略安全角度來看，我們的大型企業客戶對 Hypershield 為他們帶來的滿足感到非常樂觀。但從人工智慧應用部署的角度來看，客戶對 Hyperfabric 對他們意味著什麼感到非常興奮。因此，如果您考慮我們客戶的兩個最重要的目標，那就是東西方資料中心的安全性。

And secondly, how do I simplify the deployment of AI applications. These are two very core technologies to both those things that we think will be important to our customers for the next few years.

其次，如何簡化人工智慧應用的部署。這是兩項非常核心的技術，我們認為這兩項技術在未來幾年對我們的客戶來說將非常重要。

George Notter, Jefferies.

喬治諾特，傑弗里斯。

I just wanted to get some more detail on the gross margin improvement. Any chance you can break out that duty drawdown impact in the quarter? I'd be curious as to what that is.

我只是想了解更多有關毛利率改善的細節。您是否有機會在本季分解關稅削減的影響？我很好奇那是什麼。

And then, obviously, you also saw quite a sequential improvement in gross margin. Obviously, Splunk was in, obviously, the quarter and last quarter as well.

然後，顯然，您也看到了毛利率的連續改善。顯然，Splunk 顯然也在本季和上季。

So I think product mix is probably a pretty big factor here. I'm wondering if there was a big difference in terms of the mix of UCS servers or other product lines that kind of drove the day there. Any details would be great.

所以我認為產品組合可能是個很重要的因素。我想知道在 UCS 伺服器或其他產品線的組合方面是否存在很大的差異，從而推動了這一天的發展。任何細節都會很棒。

Sure. And I talked about gross margin improvement during Q1, in particular, having a onetime benefit from the duty drawback. It's a couple of years of duty that we've been working through this process of not just getting the filings together but getting it all approved and getting the cash back. I would say that was a substantial contributor to the benefit we saw in Q1, somewhere between probably 0.5 point and 1 point of improvement just driven by that. There will be a tail of those now that we've got that process in place.

當然。我談到了第一季毛利率的改善，特別是從關稅退稅中獲得一次性好處。我們花了幾年的時間來完成這個過程，不僅是整理文件，而且是全部獲得批准並拿回現金。我想說，這對我們在第一季看到的效益做出了重大貢獻，由此帶來的改進可能在 0.5 點到 1 點之間。既然我們已經完成了該流程，那麼將會有一個尾部。

It will be significantly less as we look at Q2, Q3 and Q4. On the product mix front, we definitely got a benefit from Splunk coming in, not surprisingly. As you know, they had gross margins -- product gross margins in the 80% range. That's been a tailwind to us overall. There's also favorable product mix across some other product lines inside there and that will continue.

當我們觀察第二季、第三季和第四季時，這個數字將會顯著減少。在產品組合方面，我們確實從 Splunk 的加入中受益，這並不奇怪。如您所知，他們的毛利率——產品毛利率在 80% 左右。這對我們整體來說是一個順風車。其他一些產品線也有良好的產品組合，而且這種情況將會持續下去。

The team has also done a really nice job driving cost out, as I said earlier, I give credit to our supply chain and our product teams on continuing to drive costs out of that cost infrastructure. So full year, I see those gross margins settling into the range that we guided in Q2 into that 68% to 69% range.

正如我之前所說，該團隊在降低成本方面也做得非常好，我對我們的供應鏈和產品團隊繼續降低成本基礎設施的成本表示讚賞。全年來看，我認為這些毛利率將穩定在我們第二季指引的 68% 至 69% 範圍內。

I would point out that pricing is back to the normalized trend that we had seen pre-pandemic, which is somewhere between 1 point and 2 points of headwind exactly as we saw kind of pre-pandemic. So no change from a pricing standpoint.

我想指出的是，定價回到了我們在大流行前看到的正常化趨勢，即 1 到 2 點的逆風，就像我們在大流行前看到的那樣。所以從定價的角度來看沒有改變。

Aaron Rakers, Wells Fargo.

亞倫·雷克斯，富國銀行。

I'll keep two right together here. So on this AI opportunity and as we kind of focus on the backlog converting into revenue, I'm curious of how you see the AI back end possibly leading into front-end opportunities? Have you seen that at all with any of these hyperscale customers? Any kind of color on that front would be great.

我會把兩個都留在這裡。因此，在這個人工智慧機會上，當我們專注於將積壓訂單轉化為收入時，我很好奇您如何看待人工智慧後端可能帶來前端機會？您在這些超大規模客戶身上看到過這種情況嗎？前面的任何顏色都會很棒。

And then kind of sticking to the AI networking theme. I'm curious as we move forward, how you would characterize the competitive positioning of NVIDIA in the Ethernet back-end network side.

然後有點堅持人工智慧網路主題。我很好奇，隨著我們的發展，您將如何描述 NVIDIA 在乙太網路後端網路方面的競爭定位。

Thanks, Aaron. So on the back end to front-end topic, which has been pretty popular lately, the way I think about it is that there's meaningful investment today going into the back-end training models as we all know. And then I think the enterprise is actually looking at two different things that are going on there.

謝謝，亞倫。因此，關於最近非常流行的從後端到前端的話題，我的想法是，眾所周知，今天對後端訓練模型進行了有意義的投資。然後我認為企業實際上正在關注那裡正在發生的兩件不同的事情。

Number one, they're updating their infrastructure to prepare for AI and then they're preparing for pervasive deployment of AI applications. And I think that -- what that will do in my opinion, is that will then subsequently drive a lot of the front-end capacity need because those customers will be leveraging both the back end and the front end capacity of the cloud infrastructure to actually deliver their own AI apps.

第一，他們正在更新基礎設施，為人工智慧做好準備，然後為人工智慧應用程式的普遍部署做好準備。我認為，在我看來，這將隨後推動大量前端容量需求，因為這些客戶將利用雲端基礎設施的後端和前端容量來實際交付他們自己的人工智慧應用程式。

And so I think we're continuing to see investment in the front end. Customers continue to make those decisions where they want to run workloads in the cloud. They haven't stopped moving workloads to the cloud. So we still see that happening. But I do think the enterprise AI pervasive deployment will be the most meaningful driver of the increased capacity demand on the front-end networks.

因此，我認為我們將繼續看到對前端的投資。客戶繼續做出他們想要在雲端運行工作負載的決定。他們並沒有停止將工作負載轉移到雲端。所以我們仍然看到這種情況發生。但我確實認為企業人工智慧的普遍部署將是前端網路容量需求增加的最有意義的驅動力。

When you look at the competitive positioning of NVIDIA, I think, look, we live in a world where we have great customers, great partners that we also compete with. There are several examples that are out there. In video, we have partnered with meaningfully. I talked about it earlier with the products that we've built that includes their technology, not only GPUs, but in some cases, they're software layer. But obviously, with Spectrum-X, there are areas where we're going to compete.

當你觀察 NVIDIA 的競爭定位時，我想，看，我們生活在一個擁有優秀客戶和優秀合作夥伴的世界，我們也與他們競爭。有幾個例子。在影片方面，我們進行了有意義的合作。我之前談到過我們建立的產品，其中包括他們的技術，不僅是 GPU，而且在某些情況下，它們是軟體層。但顯然，對於 Spectrum-X，我們將在某些領域中競爭。

And I think that, look, we got 40 years of building highly featured Ethernet and a lot of experience with our customers using it. We're seeing the success in the back-end networks. I think the other thing that many of our largest customers also want is vendor diversity. And so I think all of those things combined with our own silicon in our ability to bring our own intellectual property up and down the entire stack puts us in a pretty good position competitively.

我認為，看，我們在建立高效能乙太網路方面擁有 40 年的經驗，並且在客戶使用它方面擁有豐富的經驗。我們看到了後端網路的成功。我認為我們許多最大的客戶還想要的另一件事是供應商多樣性。因此，我認為所有這些東西與我們自己的晶片相結合，使我們能夠在整個堆疊上上下移動我們自己的智慧財產權，使我們在競爭中處於非常有利的位置。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

I have two as well, if I may. Scott, I want to focus first on the general quarter outlook, which implies that OpEx is down about $90 million. I think most of the roughly 10% workforce realignment this calendar year has been completed. And so I was hoping you could address which areas of your business do you believe you need to accelerate investment to drive growth into '25 and '26 versus having some excess cost savings passed on to profitability? And I have a follow-up.

如果可以的話，我也有兩個。 Scott，我想首先關注整體季度前景，這意味著營運支出下降了約 9000 萬美元。我認為今年大約 10% 的勞動力調整大部分已經完成。因此，我希望您能解決您認為需要加快投資以推動 25 和 26 年成長的業務領域，而不是透過節省一些超額成本來實現盈利？我有一個後續行動。

Do you want to go ahead and ask a follow-up now, Karl?

卡爾，你現在想繼續詢問嗎？

Sure. Yes. In terms of follow-up, just you spoke about for cloud hyperscalers growing orders triple digits, which is quite amazing and great. But I guess, are these product orders all for top of rack switches or is the growth in AI networking hardware primarily driven by one hyperscaler today which is now to be across silicon and switches?

當然。是的。就後續而言，剛才您談到雲端超大規模企業的訂單成長了三位數，這是非常驚人且偉大的。但我猜想，這些產品訂單都是用於架頂式交換機，還是人工智慧網路硬體的成長主要由當今的一家超大規模企業推動，而該企業現在已跨越晶片和交換機？

Yes, I'll start with the OpEx and then Chuck, let you talk about the cloud partners that are growing triple digits. On the OpEx, there is growth, of course, you got to remember Q2 of this year will compare to Q2 of last year when we did not have Splunk as part of the company.

是的，我將從營運支出開始，然後 Chuck，讓您談談正在以三位數成長的雲端合作夥伴。當然，在營運支出方面，有成長，你必須記住，今年第二季將與去年第二季相比，當時我們沒有 Splunk 作為公司的一部分。

We closed Splunk in the middle of our Q3. So a lot of what you see driving the year-on-year growth rate in OpEx is simply the addition of Splunk. We talked about when we did the restructuring that it was not necessarily about driving cost savings.

我們在第三季中期關閉了 Splunk。因此，您所看到的推動營運支出年增率的許多因素就是 Splunk 的加入。我們在進行重組時談到，這並不一定是為了節省成本。

There are some cost savings coming out of it, but that was not the motivating factor. It was more about finding efficiencies across the company and turning around and reinvesting those in the fastest growing parts of our business, namely AI and security, and you see some of the great results coming out of that. So think about those as the two areas we're investing, but the year-on-year growth rate and OpEx being driven mostly by the addition of Splunk.

由此可以節省一些成本，但這並不是激勵因素。更多的是要提高整個公司的效率，扭轉局面，並將其重新投資於我們業務成長最快的部分，即人工智慧和安全，你會看到由此產生的一些偉大成果。因此，請將這些視為我們正在投資的兩個領域，但同比成長率和營運支出主要是由 Splunk 的加入所推動的。

And then on your second question, Karl, I think we are pleased that four out of the six largest we're all in excess of 100% growth year over year. And I would say that it was not just one customer on the AI infrastructure front. It was pretty balanced across all of them. So we'll continue to keep plugging away, but it was pretty balanced and we're pretty happy with the distributed nature of the business in that segment.

關於你的第二個問題，卡爾，我認為我們很高興六家最大的公司中有四家的年成長率都超過了 100%。我想說，這不僅僅是人工智慧基礎設施的一個客戶。所有這些都相當平衡。因此，我們將繼續努力，但它非常平衡，我們對該細分市場業務的分散性質非常滿意。

All right. I'm going to hand it over to Chuck for some closing remarks.

好的。我將把它交給查克做一些結束語。

Yes. I just want to thank everybody again for joining us, and I want to particularly thank the Cisco teams for the innovation that our teams are delivering as well as the strong execution that we've seen in the first quarter of this year really got us off to a strong start. I think that as we talk about this whole AI transformation that's happening.

是的。我只想再次感謝大家加入我們，我要特別感謝思科團隊提供的創新以及我們在今年第一季看到的強大執行力，這確實讓我們受益匪淺一個良好的開端。我認為當我們談論正在發生的整個人工智慧變革時。

I think, again, there are three big areas that we're focused on. Number one is the infrastructure required in the back end of networks to help our customers continue to build these training models. I think the second is we look at the enterprise space. And again, we see upgrades and refresh opportunities for customers who are preparing for AI and then we see the ability to work with them and their data centers with this simplistic deployment of AI applications that we're going to enable.

我再次認為，我們專注於三大領域。第一是網路後端所需的基礎設施，以幫助我們的客戶繼續建立這些培訓模型。我認為第二個是我們關注企業空間。再次，我們看到了為人工智慧做準備的客戶的升級和更新機會，然後我們看到了透過我們將啟用的人工智慧應用程式的簡單部署與他們及其資料中心合作的能力。

And then the final area is continuing to work with the cloud providers and the enterprise customers on private data center and the front-end requirements that we see happening in the cloud side to support this AI transition as well. We think that the breadth of our portfolio gives us a great opportunity.

最後一個領域是繼續與雲端供應商和企業客戶在私有資料中心以及我們看到的雲端側發生的前端需求方面合作，以支援這種人工智慧轉型。我們認為我們的產品組合的廣度為我們提供了絕佳的機會。

We also think that our continued momentum in security, notwithstanding what happened in US Federal this quarter gives us a high degree of confidence, and we look forward to talking to all of you again next quarter. Thank you.

我們也認為，儘管美國聯邦本季發生了什麼事，但我們在安全方面的持續勢頭給了我們高度的信心，我們期待著下個季度再次與大家交談。謝謝。

Cisco's next quarterly call, which will reflect our fiscal year 2025 second-quarter results, will be on Wednesday, February 12, 2025 at 1:30 PM Pacific Time, 4:30 PM Eastern Time.

思科將於太平洋時間 2025 年 2 月 12 日星期三下午 1:30、東部時間下午 4:30 舉行下一次季度電話會議，該電話會議將反映我們 2025 財年第二季度的業績。

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

今天的電話會議到此結束。如果您還有任何其他問題，請隨時聯繫思科投資者關係部門，我們非常感謝您今天參加電話會議。

Thank you for participating on today's conference call. If you would like to listen to the call in its entirety, you may call (866) 360-7722. For participants dialing from outside the US, please dial (203) 369-0174. This concludes today's call. You may disconnect at this time.

感謝您參加今天的電話會議。如果您想收聽完整的通話內容，可以致電 (866) 360-7722。對於從美國境外撥打的參與者，請撥打 (203) 369-0174。今天的電話會議到此結束。此時您可以斷開連線。