思科 (CSCO) 2025 Q2 法說會逐字稿

Welcome to Cisco's second quarter fiscal year 2025 financial results conference call.

歡迎參加思科2025財年第二季財務業績電話會議。

At the request of Cisco, today's conference is being recorded.

應思科的要求，今天的會議正在錄製。

If you have any objections, you may disconnect.

如果有異議，可以斷開連接。

Now I would like to introduce Sami Badri, Head of Investor Relations.

現在我想介紹投資者關係主管 Sami Badri。

Sir, you may begin.

先生，您可以開始啦。

Good afternoon, everyone.

大家下午好。

This is Sami Badri, Cisco's Head of Investor Relations, joined by Chuck Robbins, our 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)，與我們一起的還有我們的董事長兼執行長查克‧羅賓斯 (Chuck Robbins)；以及我們的財務長 Scott Herren。

Cisco's earnings press release and supplemental information, including GAAP to non-GAAP reconciliations, are available on our Investor Relations website.

思科的收益新聞稿和補充資料（包括 GAAP 與非 GAAP 的對帳）可在我們的投資者關係網站上找到。

Following this call, we will also make the recorded webcast and slides available on the website.

本次電話會議結束後，我們也會在網站上發布錄製的網路直播和投影片。

Throughout today's call, we'll be referencing both GAAP and non-GAAP financial results.

在今天的電話會議中，我們將參考 GAAP 和非 GAAP 財務結果。

We will discuss product results in terms of revenue and geographic and customer results in terms of product orders, unless stated otherwise.

除非另有說明，我們將從收入的角度討論產品結果，並從產品訂單的角度討論地理和客戶結果。

All comparisons will be made on a year-on-year basis.

所有的比較都將以同比為基礎進行。

Please note that our discussion today will include forward-looking statements, including our guidance for the third quarter and fiscal year 2025.

請注意，我們今天的討論將包括前瞻性陳述，包括我們對 2025 年第三季和財年的指引。

These statements are subject to risks and uncertainties detailed in our SEC filings, particularly our most recent 10-K and 10-Q reports, which identify important risk factors that could cause actual results to differ materially from those contained in our forward-looking statements.

這些聲明受到我們向美國證券交易委員會提交的文件中詳細說明的風險和不確定性的影響，尤其是我們最近的 10-K 和 10-Q 報告，這些報告確定了可能導致實際結果與我們的前瞻性聲明中的結果存在重大差異的重要風險因素。

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

關於指導，也請參閱本次電話會議附帶的幻燈片和新聞稿以了解更多詳細資訊。

Cisco will not comment on its financial guidance during the quarter unless it is done through an explicit public disclosure.

除非透過明確的公開揭露，否則思科不會對本季的財務指引發表評論。

Now I'll turn it over to Chuck.

現在我將把話題交給查克。

Thanks, Sami, and thank you all for joining us today.

謝謝，薩米，謝謝大家今天加入我們。

We saw strong results in Q2 with revenue, margins and earnings per share all coming in at or above the high end of our guidance ranges.

我們第二季的業績表現強勁，營收、利潤率和每股盈餘均達到或超過了我們預期範圍的高端。

Our positive top line performance was supported by strong demand for our technology, generating double-digit growth in annualized recurring revenue, remaining performance obligations, and subscription revenue, which accounted for 56% of our total revenue in the quarter.

我們積極的營收表現得益於對我們技術的強勁需求，使年化經常性收入、剩餘履約義務和訂閱收入均實現了兩位數增長，佔本季度總收入的 56%。

Importantly, our AI infrastructure orders with webscalers in Q2 surpassed $350 million, bringing our year-to-date total to approximately $700 million, and we are on track to exceed $1 billion of AI infrastructure orders in fiscal year '25.

重要的是，我們第二季度與網路擴展商的 AI 基礎設施訂單超過了 3.5 億美元，使我們年初至今的總額達到約 7 億美元，並且我們預計在 25 財年超過 10 億美元的 AI 基礎設施訂單。

In Q2, we returned $2.8 billion in value to our shareholders, totaling $6.4 billion year-to-date.

第二季度，我們向股東返還了 28 億美元，年初至今總計 64 億美元。

Today, we also announced an increase to Cisco's dividend, and our Board authorized an additional $15 billion in share repurchases, all demonstrating our commitment to returning value to shareholders through consistent capital returns.

今天，我們也宣布增加思科的股息，董事會批准額外回購 150 億美元的股票，這一切都表明我們致力於透過持續的資本回報為股東帶來價值。

Now, I'll provide some insight into the positive demand environment we saw during the quarter.

現在，我將對我們在本季度看到的積極需求環境提供一些見解。

New product orders grew 29%, up 11% organically when excluding Splunk, marking our fourth consecutive quarter of accelerating order growth.

新產品訂單成長 29%，不包括 Splunk 則有機成長 11%，這是我們連續第四個季度實現訂單加速成長。

This is a testament to the power of our portfolio and the value we bring to our customers.

這證明了我們產品組合的實力以及我們為客戶帶來的價值。

Enterprise product orders were up 27% with double-digit growth across all geographic segments.

企業產品訂單成長 27%，所有地區均達到兩位數成長。

We continue to see very strong momentum in service provider and cloud, with product orders up 75% driven by triple-digit growth in webscale.

我們繼續看到服務供應商和雲端運算領域的強勁發展勢頭，在網路規模三位數成長的推動下，產品訂單成長了 75%。

Three of the top six webscalers each grew orders in the triple digits, and two of the six each grew more than 50%.

在排名前六的網路擴充器中，有三家的訂單量均實現了三位數的成長，有兩家的訂單量成長超過 50%。

This shows our increasing relevance to this high-growth customer market as they scale their infrastructure for AI.

這表明，隨著這個高成長客戶市場不斷擴展其人工智慧基礎設施，我們與其之間的相關性日益增強。

Within SP and cloud, orders from telco customers grew more than 20%, with continued demand indicated as they reinvest in their core networks to be ready for AI connectivity.

在 SP 和雲端領域，來自電信客戶的訂單成長了 20% 以上，隨著他們對核心網路進行再投資以準備實現 AI 連接，需求持續成長。

Public sector orders were up 13% with growth in all geographies as governments around the world turn to Cisco as their trusted end-to-end partner particularly as they develop and deploy sovereign AI clouds to digitally transform government services.

由於世界各國政府都選擇思科作為其值得信賴的端到端合作夥伴，特別是在開發和部署主權 AI 雲端以實現政府服務的數位轉型時，公共部門訂單增長了 13%，所有地區均實現增長。

Now some color on demand from a product perspective.

現在從產品角度來看一些顏色需求。

Networking product orders grew double digits driven by switching, enterprise routing, webscale infrastructure and industrial networking applications in our IoT products.

在我們的物聯網產品中的交換、企業路由、網路規模基礎設施和工業網路應用的推動下，網路產品訂單實現了兩位數成長。

Campus switching orders were up double digits, and we expect our campus switching portfolio as well as our WiFi 7 access points to gain traction with increasing return-to-office policies.

校園交換訂單增加了兩位數，我們預計，隨著返工政策的不斷增加，我們的校園交換產品組合以及 WiFi 7 接入點將獲得發展動力。

We also continue to see robust order growth for data center switching, this being our fourth consecutive quarter of double-digit growth.

我們也繼續看到資料中心交換訂單的強勁成長，這是我們連續第四個季度實現兩位數的成長。

We expect this to continue as our 800-gig Nexus switches based on our 51.2 terabit Silicon One chip become available in April for AI cloud buildouts.

我們預計這種情況將會持續下去，因為我們基於 51.2 太比特 Silicon One 晶片的 800gig Nexus 交換器將於 4 月上市，用於 AI 雲端建置。

We're also starting to see growth in AI orders from enterprise customers as this large market opportunity starts to open up and enterprises seek seamless installation and security partners for production environments that leverage their proprietary data.

隨著這一巨大的市場機會開始顯現，以及企業為利用其專有數據的生產環境尋求無縫安裝和安全合作夥伴，我們也開始看到來自企業客戶的人工智慧訂單成長。

In Q2, we signed several AI system deals where customers bought our integrated systems, including Nexus, UCS, and additional solutions to power the AI applications they are deploying today.

在第二季度，我們簽署了幾項 AI 系統協議，客戶購買了我們的整合系統，包括 Nexus、UCS 和其他解決方案，為他們目前正在部署的 AI 應用程式提供支援。

Additionally, our recently launched Cisco AI POD product, consisting of Cisco hardware and software, is beginning to gain early traction, making it easier for partners to sell and customers to deploy AI infrastructure.

此外，我們最近推出的由思科硬體和軟體組成的思科 AI POD 產品開始獲得早期關注，使合作夥伴更容易銷售、客戶更容易部署 AI 基礎架構。

I also want to call out the strong performance of our Industrial Internet of Things product solutions comprised of our ruggedized Catalyst products, which we sell to industrial and manufacturing customers.

我還想強調一下我們的工業物聯網產品解決方案的強勁性能，該解決方案由我們銷售給工業和製造業客戶的加固型 Catalyst 產品組成。

In the first half of fiscal year '25, orders grew more than 40%.

25財年上半年，訂單成長超過40%。

And in Q2, we saw growth of more than 50%, signaling an acceleration as customers prepare for the deployment of AI-powered robotics and industrial security.

在第二季度，我們的成長率超過了 50%，這表明隨著客戶為部署人工智慧機器人和工業安全做好準備，成長率正在加速。

As the United States takes steps to onshore strategic infrastructure such as semiconductor fabrication plants, manufacturing and scaled AI power sources, we have the market-leading secure networking portfolio to help connect and protect these capital-intensive investments at scale.

隨著美國採取措施建造半導體製造廠、製造業和規模化人工智慧電源等本土戰略基礎設施，我們擁有市場領先的安全網路產品組合，可協助大規模連接和保護這些資本密集型投資。

Our security orders more than doubled again this quarter driven by the advanced data management, analytics and threat detection capabilities of Splunk and by demand for key products like our refreshed firewall.

本季度，我們的安全訂單再次成長了一倍以上，這得益於 Splunk 先進的資料管理、分析和威脅偵測功能，以及對我們更新的防火牆等關鍵產品的需求。

In just 12 months, both Cisco Secure Access and XDR have gained more than 1,000 customers combined and approximately 1 million enterprise users each.

在短短的 12 個月內，Cisco Secure Access 和 XDR 總共獲得了 1,000 多個客戶，並且各自擁有約 100 萬企業用戶。

Even before it's in full production, Hypershield is also seeing solid momentum.

甚至在全面投入生產之前，Hypershield 也展現了強勁的發展勢頭。

In Q2, we booked major platform deals with 2 Fortune 100 enterprise customers who are leveraging Hypershield to deploy security into the network in a fundamentally new way.

在第二季度，我們與 2 家財富 100 強企業客戶達成了主要平台交易，他們正在利用 Hypershield 以全新的方式在網路中部署安全性。

A third platform deal involving multiple Cisco products and services was spearheaded by Splunk, which shows the success of our joint and cross-selling motions.

第三個涉及多種思科產品和服務的平台交易由 Splunk 牽頭，這表明我們的聯合和交叉銷售舉措取得了成功。

Since Splunk became a part of Cisco almost 11 months ago, we continue to integrate our businesses and fuel synergies without disrupting momentum.

自從 Splunk 在近 11 個月前成為思科的一部分以來，我們一直在不斷整合我們的業務並促進協同效應，同時又不破壞發展勢頭。

During the quarter, we also integrated Talos into Splunk's newly released Enterprise Security 8.0 solution and AppDynamics into Splunk's on-prem Log Observer.

在本季度，我們還將 Talos 整合到 Splunk 最新發布的 Enterprise Security 8.0 解決方案中，並將 AppDynamics 整合到 Splunk 的內部部署日誌觀察器中。

I'd also like to highlight some key innovation we launched in the quarter.

我還想強調一下我們在本季推出的一些關鍵創新。

Continuing on the Splunk side, we rolled out Splunk on Azure, Splunk Federated Analytics and AI Assistant for Splunk Observability.

繼續在 Splunk 方面，我們推出了 Azure 上的 Splunk、Splunk Federated Analytics 和 Splunk Observability 的 AI Assistant。

In a major launch last month, we unveiled AI Defense, our latest security breakthrough, purpose-built for enterprises to develop, deploy, and secure AI applications with confidence.

在上個月的一次重大發表會上，我們推出了最新的安全突破 AI Defense，專為企業自信地開發、部署和保護 AI 應用程式而打造。

AI Defense leverages our unmatched network visibility to safeguard against the misuse of AI tools, data leakage and increasingly sophisticated threats.

AI Defense 利用我們無與倫比的網路視覺性來防止 AI 工具的濫用、資料外洩和日益複雜的威脅。

By delivering security at the network level in a way only Cisco can, we are offering enterprises consistent and reliable protection for their AI applications.

透過以只有思科才能做到的方式在網路層面提供安全性，我們為企業的 AI 應用程式提供一致且可靠的保護。

The response to AI Defense has been phenomenal from our early-access customers, with general availability in March.

我們的早期客戶對「AI Defense」的反應非常熱烈，該產品已於 3 月全面上市。

The launch of AI Defense coincided with our AI Summit where we brought together several technology luminaries, AI pioneers, and leaders from close to half of the Fortune 100 to discuss the opportunities and challenges of AI and explore crucial topics such as policy and ethics, advancements in silicon and breakthroughs in data science, with well over 60,000 online registrants.

AI Defense 的啟動恰逢我們的 AI 高峰會，在峰會上，我們匯集了多位科技巨頭、AI 先驅以及近一半財富 100 強企業的領導者，共同探討 AI 帶來的機遇和挑戰，並探討政策和道德、矽片的進步和數據科學的突破等關鍵主題，在線註冊人數超過 60,000 人。

AI security is top of mind for our customers especially in light of the emergence of new AI models.

人工智慧安全是我們客戶最關心的問題，尤其是在新人工智慧模型出現的情況下。

These have reinforced that the battle for AI leadership will be on a global playing field with competition fueling innovation, speed to adoption and scale, all of which further accelerate the demand for and adoption of AI network infrastructure, data capacity investments and best-in-class AI security.

這些都進一步表明，人工智慧領導地位的競爭將在全球展開，競爭將推動創新、採用速度和規模，所有這些都將進一步加速對人工智慧網路基礎設施、數據容量投資和一流人工智慧安全的需求和採用。

And all are tailwinds for Cisco.

這一切對思科來說都是順風。

At Cisco Live EMEA this week, we launched our first data center smart switch with embedded programmable DPUs built on Silicon One. The smart switch combines both networking and data processing in a single high-capacity, multifunctional device to simplify data centers, and make them more efficient to meet the performance demands of AI.

本週，在 Cisco Live EMEA 大會上，我們推出了首款基於 Silicon One 構建的具有嵌入式可編程 DPU 的資料中心智慧交換器。智慧交換器將網路和資料處理結合在一個高容量、多功能設備中，以簡化資料中心，並使其更有效率地滿足人工智慧的效能需求。

We also introduced Agile Services Networking, a new Silicon One-based architecture, which incorporates optics, assurance and automation for service providers as they evolve their infrastructure to offer new services and deliver enhanced connectivity to their end customers.

我們還推出了敏捷服務網絡，這是一種基於 Silicon One 的新型架構，它結合了光學、保證和自動化，幫助服務提供者不斷發展其基礎設施以提供新服務並為最終客戶提供增強的連接。

Overall, Cisco's innovation engine has never been more powerful.

整體而言，思科的創新引擎從未如此強大。

In line with that, it is worth reiterating that we frame the Cisco AI opportunity in three distinct but connected pillars.

與此相符的是，值得重申的是，我們將思科 AI 機會分為三個不同但相互關聯的支柱。

First, AI training infrastructure for webscale customers.

首先，為網路規模客戶提供AI訓練基礎設施。

Combinations of our Cisco 8000, Silicon One, optics and optical systems are being deployed by five of the largest webscalers in their back-end training networks.

五大網路擴充商正在其後端訓練網路中部署我們的 Cisco 8000、Silicon One、光學和光學系統的組合。

Second, AI inference and enterprise clouds.

第二，AI推理和企業雲。

Our Nexus switches, NVIDIA-based AI servers, AI PODs, and Hyperfabric, and AI Defense software are designed to simplify and derisk AI infrastructure deployment and bring the power of open hyperscale AI networking to the enterprise.

我們的 Nexus 交換器、基於 NVIDIA 的 AI 伺服器、AI POD、Hyperfabric 和 AI Defense 軟體旨在簡化和降低 AI 基礎設施部署風險，並為企業帶來開放式超大規模 AI 網路的強大功能。

And third, AI network connectivity.

第三，人工智慧網路連線。

Customers are leveraging our technology platforms across switching, routing, security, and observability to modernize, secure and automate their network operations to prepare for pervasive deployment of AI applications.

客戶正在利用我們的交換、路由、安全和可觀察性技術平台來實現其網路營運的現代化、安全性和自動化，為廣泛部署人工智慧應用做好準備。

This, combined with mature back-end models, will lead to increased capacity requirements from both private and public front-end cloud networks.

結合成熟的後端模型，這將導致私有和公有前端雲端網路的容量需求增加。

We also continue to fuse AI into many of our products with AI assistance in production across our security and collaboration platforms and developing agentic capabilities across the portfolio.

我們也繼續將人工智慧整合到我們的許多產品中，在我們的安全和協作平台上提供人工智慧輔助生產，並在整個產品組合中開發代理能力。

In addition, we are using advanced AI across customer experience to maximize customer value and boost productivity.

此外，我們在客戶體驗中使用先進的人工智慧來最大化客戶價值並提高生產力。

In Q2, we launched the Renewals Agent, an agentic AI-driven solution co-developed with Mistral that streamlines renewal proposals.

在第二季度，我們推出了 Renewals Agent，這是與 Mistral 共同開發的代理 AI 驅動解決方案，可簡化續約提案。

We launched a new assistant to help customers digitize and derisk network change management, and we added predictive analysis as well as proactive technical support to our network security products to greatly reduce time to resolution.

我們推出了新的助手，幫助客戶實現網路變更管理數位化和降低風險，並為我們的網路安全產品添加了預測分析和主動技術支持，以大大縮短解決問題的時間。

These are important milestones as we build towards agentic AI-led customer experience.

這些都是我們建構以代理 AI 為主導的客戶體驗的重要里程碑。

Before I close, I want to touch on an announcement we made earlier today.

在結束之前，我想談談我們今天早些時候宣布的一個消息。

Gary Steele, our President of Go-to-Market and former CEO of Splunk, will be departing Cisco at the end of the quarter for an external CEO opportunity.

我們的行銷總裁兼 Splunk 前執行長 Gary Steele 將在本季末離開思科，尋求外部執行長職位。

Gary's leadership has been instrumental in ensuring a successful integration of Splunk into Cisco.

加里 (Gary) 的領導對於確保 Splunk 成功融入思科起到了重要作用。

As we've said, the Splunk integration has gone extremely well with revenue in line with our expectations and profitability well ahead of expectations.

正如我們所說，Splunk 整合進展非常順利，收入符合我們的預期，獲利能力遠遠超出預期。

So Gary has really done a terrific job.

所以，加里確實做得非常好。

In addition, during his time as our President of go-to-market, he also helped evolve our sales and go-to-market motions to drive growth and align with the needs of our customers and partners today and for the future.

此外，在他擔任我們的行銷總裁期間，他還幫助我們改進銷售和行銷策略，以推動成長並滿足當前和未來客戶和合作夥伴的需求。

I want to thank Gary for his partnership, leadership and unwavering commitment since we announced our intent to acquire Splunk 18 months ago.

我要感謝 Gary 自我們 18 個月前宣布收購 Splunk 的意向以來的合作、領導和堅定不移的承諾。

As a result of this, we are immediately launching an internal and external search for a new go-to-market leader, and Gary will stay with Cisco through the end of Q3 to ensure a smooth transition.

因此，我們立即啟動內部和外部尋找新的市場領導者的搜索，Gary 將在思科任職至第三季末，以確保順利過渡。

Now let me summarize the quarter.

現在讓我總結一下本季。

There is clear demand for Cisco's technologies, which has accelerated as evidenced by our strong results.

市場對思科技術的需求明顯，我們強勁的業績證明了這項需求已經加速成長。

Our pipeline of product innovation is accelerating as we build security deep into our networking products.

隨著我們深入網路產品中建立安全性，我們的產品創新管道正在加速發展。

The strength of our performance enabled our capital allocation model to return significant value to our shareholders.

強勁的業績使我們的資本配置模型能夠為股東帶來豐厚的價值。

Lastly, we believe our strong execution and momentum position us well as we enter the second half of fiscal year '25.

最後，我們相信，在進入25財年下半年時，強大的執行力和強勁的勢頭將使我們處於有利地位。

Scott, over to you for more detail on the quarter and our outlook.

斯科特，請您提供有關本季和我們展望的更多詳細資訊。

Thanks, Chuck.

謝謝，查克。

We delivered a strong quarter, with revenue and earnings per share above the high end of our guidance ranges, coupled with solid margins and operating cash flow.

我們本季業績表現強勁，營收和每股盈餘均高於我們預期範圍的高位，同時利潤率和經營現金流穩健。

For the quarter, total revenue was $14 billion, up 9% year-over-year.

本季總營收為 140 億美元，年增 9%。

Non-GAAP net income was $3.8 billion and non-GAAP earnings per share was $0.94.

非公認會計準則淨收入為 38 億美元，非公認會計準則每股收益為 0.94 美元。

Looking at our Q2 revenue in more detail.

更詳細地了解我們第二季的收入。

Total product revenue was $10.2 billion, up 11% and service revenue was $3.8 billion, up 6%.

總產品收入為 102 億美元，成長 11%，服務收入為 38 億美元，成長 6%。

Networking was down 3%, with growth in wireless and switching offset by a decline in servers.

網路業務下降了 3%，其中無線和交換業務的成長被伺服器業務的下滑所抵消。

It's important to note that our Q2 '24 included the last portion of elevated backlog shipments.

值得注意的是，我們的 24 年第二季包括了最後一部分高額積壓出貨量。

Security was up 117% primarily driven by growth in our offerings from Splunk, SASE, and network security.

安全性上升了 117%，這主要得益於 Splunk、SASE 和網路安全產品的成長。

Excluding Splunk, security grew 4%.

不包括 Splunk，安全性成長了 4%。

Collaboration was up 1% driven by growth in contact center, CPaaS offerings, and collaboration devices, partially offset by a decline in our on-prem Webex suite offerings.

協作成長了 1%，這得益於聯絡中心、CPaaS 產品和協作設備的成長，但部分抵消了我們的內部 Webex 套件產品的下滑。

And observability was up 47%.

可觀測性提高了47%。

Excluding Splunk, observability grew 3% for the quarter.

除 Splunk 外，本季可觀察性增加了 3%。

Looking at our recurring metrics.

查看我們的重複指標。

Total ARR ended the quarter at $30.1 billion, an increase of 22% with product ARR growth of 41%.

本季末，總 ARR 為 301 億美元，成長 22%，產品 ARR 成長 41%。

Total subscription revenue increased 23% to $7.9 billion and now represents 56% of Cisco's total revenue.

總訂閱營收成長 23%，達到 79 億美元，目前佔思科總營收的 56%。

Total software revenue was up 33% at $5.5 billion, with software subscription revenue up 39%.

總軟體營收成長 33%，達到 55 億美元，其中軟體訂閱收入成長 39%。

And total RPO was $41.3 billion, up 16%, product RPO grew 25%, and total short-term RPO was up 17% to $21 billion. Q2

總 RPO 為 413 億美元，成長 16%，產品 RPO 成長 25%，短期 RPO 總額成長 17%，達到 210 億美元。第二季

product orders were up 29% year-over-year.

產品訂單較去年同期成長29%。

Excluding Splunk, organic product orders were up 11% year-over-year.

不包括 Splunk，有機產品訂單年增 11%。

Looking at our product orders across our geographic segments.

查看我們各個地理區域的產品訂單。

Americas was up 30%, EMEA was up 24%, and APJC was up 35%.

美洲地區上漲 30%，歐洲、中東和非洲地區上漲 24%，亞太及日本地區上漲 35%。

In our customer markets, service provider and cloud was up 75%, enterprise was up 27%, and public sector was up 13%.

在我們的客戶市場中，服務供應商和雲端運算成長了 75%，企業成長了 27%，公共部門成長了 13%。

Total non-GAAP gross margin came in at 68.7%, up 200 basis points year-over-year, coming in line with our guidance range.

非公認會計準則總毛利率為 68.7%，較去年同期成長 200 個基點，符合我們的預期範圍。

Product gross margin was 67.7%, up 250 basis points, driven by Splunk and productivity improvements, partially offset by pricing.

產品毛利率為 67.7%，上漲 250 個基點，這得益於 Splunk 和生產率的提高，但部分被定價所抵消。

Services gross margin was 71.6%, up 110 basis points.

服務毛利率為71.6%，上漲110個基點。

We continued our focus on profitability and financial discipline with non-GAAP operating margin above the high end of our guidance range at 34.7%.

我們持續關注獲利能力和財務紀律，非公認會計準則營業利潤率高於我們預期範圍的高端 34.7%。

Shifting to the balance sheet.

轉向資產負債表。

We ended Q2 with total cash, cash equivalents and investments of $16.9 billion.

截至第二季末，我們的現金、現金等價物及投資總額為 169 億美元。

Operating cash flow was $2.2 billion, up 177% primarily driven by higher tax payments in the prior year.

營運現金流為 22 億美元，成長 177%，主要由於上一年稅收增加。

From a cap allocation perspective, we returned $2.8 billion to shareholders during the quarter, comprised of $1.6 billion for our quarterly cash dividend and $1.2 billion of share repurchases.

從上限分配角度來看，本季我們向股東返還了 28 億美元，其中包括 16 億美元的季度現金股利和 12 億美元的股票回購。

Given the confidence we have in our business today and into the future, our Board has authorized an additional $15 billion for share repurchases, bringing the total outstanding authorization to approximately $17 billion.

鑑於我們對目前和未來的業務充滿信心，董事會已批准額外 150 億美元用於股票回購，使總未償還授權金額達到約 170 億美元。

We're also raising our dividend by $0.01 to $0.41 per quarter, which represents our 14th consecutive annual increase.

我們還將每季的股息提高 0.01 美元至 0.41 美元，這是我們連續第 14 年增加股息。

We continue to invest organically and inorganically in our innovation pipeline.

我們將繼續以有機和無機方式投資我們的創新管道。

During Q2, we closed the acquisition of Deeper Insights to expand our customer experience teams, technology footprint and engineering talent, accelerating innovation and momentum of Cisco's CX AI capabilities and services.

在第二季度，我們完成了對 Deeper Insights 的收購，以擴大我們的客戶體驗團隊、技術足跡和工程人才，並加速思科 CX AI 功能和服務的創新和發展勢頭。

This investment is highly complementary to our internal R&D and aligns with our strategy to strengthen our AI position with targeted strategic M&A.

這項投資與我們的內部研發高度補充，並符合我們透過有針對性的策略併購加強人工智慧地位的策略。

To summarize, we had a great quarter, with top and bottom line performance exceeding our expectations, driven by strong order growth and margins.

總而言之，我們度過了一個出色的季度，在訂單和利潤率強勁增長的推動下，頂線和底線表現超出了我們的預期。

We remain focused on making strategic investments in innovation across our business to best capitalize on the significant growth opportunities we see ahead, all underpinned by disciplined spend management.

我們將繼續專注於對整個業務的創新進行策略性投資，以充分利用我們看到的未來​​重大成長機會，所有這些都以嚴格的支出管理為基礎。

It's this powerful combination that continues to fuel our strong cash flow generation as well as our ability to return significant value to our shareholders.

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帶來可觀價值的能力。

Before we move to the outlook, I want to provide some high-level context related to the recently proposed US tariffs.

在我們討論展望之前，我想提供一些與最近提出的美國關稅相關的高層背景資訊。

In our guidance, we have accounted for the added cost driven by the increased tariffs on China and the proposed tariffs on Mexico and Canada.

在我們的指導中，我們已經考慮了對中國徵收關稅以及對墨西哥和加拿大徵收關稅的提議所帶來的額外成本。

This is a dynamic environment but one that we have spent a significant amount of time planning for, leveraging the strength of our best-in-class global supply chain team as well as the flexibility and agility we have built into our operations over the last few years.

這是一個充滿活力的環境，但我們花了大量時間進行規劃，利用我們一流的全球供應鏈團隊的優勢以及我們在過去幾年中在營運中建立的靈活性和敏捷性。

We are prepared to take actions to mitigate the impact as and when tariffs go into effect.

我們準備在關稅生效後採取行動減輕影響。

Turning to our financial guidance.

談到我們的財務指導。

For fiscal Q3, our guidance is as follows.

對於財政第三季度，我們的指導如下。

We expect revenue to be in the range of $13.9 billion to $14.1 billion.

我們預計營收在 139 億美元至 141 億美元之間。

We anticipate non-GAAP gross margin to be in the range of 67% to 68%.

我們預計非公認會計準則毛利率在 67% 至 68% 之間。

Non-GAAP operating margin is expected to be in the range of 33% to 34%.

非公認會計準則營業利潤率預計在 33% 至 34% 之間。

And non-GAAP earnings per share is expected to range from $0.90 to $0.92. For fiscal year '25, our guidance is, we expect revenue to be in the range of $56 billion to $56.5 billion.

非公認會計準則每股收益預計在 0.90 美元至 0.92 美元之間。對於 25 財年，我們預計營收將在 560 億美元至 565 億美元之間。

Non-GAAP earnings per share is expected to range from $3.68 to $3.74. We're assuming a non-GAAP effective tax rate of approximately 19%.

預計非公認會計準則每股收益在 3.68 美元至 3.74 美元之間。我們假設非公認會計準則有效稅率約為 19%。

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

薩米，現在我們進入問答環節。

Thank you, Scott.

謝謝你，斯科特。

Before we start the Q&A portion of the call, I'd like to remind analysts to ask one question and a single follow-up question.

在我們開始電話會議的問答部分之前，我想提醒分析師提出一個問題和後續問題。

Michelle, can we move to the first analyst in the queue?

米歇爾，我們可以轉到隊列中的第一位分析師嗎？

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

I know this might be a difficult one to answer, and I appreciate the comment on tariffs, but maybe the bigger issue around the federal government is all the noise around the DOGE.

我知道這可能是一個很難回答的問題，我很欣賞有關關稅的評論，但也許聯邦政府周圍的更大問題是圍繞 DOGE 的所有噪音。

And so I'd love if you could drill down on your federal exposure and the scenarios you're envisioning if there are major layoffs from the US government employment.

因此，如果您能深入了解聯邦政府的風險敞口，以及如果美國政府大規模裁員，您所設想的情形，我將非常高興。

And then I've got a quick follow-up.

然後我會快速跟進。

Okay.

好的。

Thanks, Simon, for the question.

謝謝西蒙提出這個問題。

Look, we have obviously been following this very significantly.

你看，我們顯然一直在密切關注這一點。

And I think it's important to understand that this effort is really about driving efficiency and productivity in government, which in many cases is actually delivered via the use of technology.

我認為，重要的是要理解，這種努力的真正目的是提高政府效率和生產力，而這在許多情況下實際上是透過使用技術來實現的。

So we think that there could be some positives for us.

因此我們認為這可能對我們來說有一些積極的意義。

It's important to know that the federal -- US federal business is less than 10% of our total business, first of all.

首先，我們要知道，美國聯邦業務占我們總業務的不到 10%。

And the other thing to keep in mind is that 75% of our US federal business comes from the DoD, and most of this activity is actually occurring on the civilian side of the business.

另外要記住的是，75％的美國聯邦業務來自國防部，而大部分活動實際上發生在民用業務方面。

So we had a -- we still had a reasonable quarter, I'd say, when the executive orders came out.

因此，當行政命令出台時，我想說，我們仍然度過了一個合理的季度。

Initially, we saw a flurry of confusion, I would say.

我想說，最初我們看到的是一片混亂。

And then we've seen a lot of large deals that we've been working on sort of get back on track and everything seems to be progressing as we expected.

然後我們看到很多我們一直在努力的大型交易都回到了正軌，一切似乎都按我們預期的方式進展。

As you look out to Q3 and Q4, we're not modeling in any materially higher performance or any material lower performance in federal than what we saw last quarter.

展望第三季和第四季度，我們發現聯邦政府的業績表現並未比上一季有顯著提高，也沒有顯著降低。

Just follow-up, please.

請繼續跟進。

Yeah.

是的。

So there's been increasing noise around the technology known as co-packaged optics.

因此，圍繞共封裝光學技術的關注度越來越高。

And given Cisco's, let's say, ingredients having optics, vertical integration, switching, routing, just wondering how you're thinking about that in your longer-term strategy.

假設思科的產品包括光學、垂直整合、交換、路由等，我想知道您在長期策略中是如何考慮這些的。

I think, Simon, the way we think about it is the way we go to market with the webscalers today is that we sell them systems with integrated optics, we sell them stand-alone optics, optical systems or silicon.

西蒙，我認為，我們今天與網路擴展器一起進入市場的方式是，我們向他們出售集成光學器件的系統，我們向他們出售獨立光學器件、光學系統或矽片。

So however the market evolves, we'll continue to evolve our offerings and evolve our portfolio to just meet them where they are and how they want to procure our products.

因此，無論市場如何發展，我們都會繼續改進我們的產品和組合，以滿足他們的需求和他們希望購買我們產品的方式。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Chuck, maybe if I could ask to start just what you are seeing from customers on propensity to spend.

查克，也許我可以問一下你從顧客的消費傾向方面看到了什麼。

Clearly, a very good quarter, but just as we've entered into the year and more resolution on administration but maybe less resolution on directionality, just what you're hearing from customers.

顯然，這是一個非常好的季度，但正如我們進入新的一年一樣，我們在管理方面的決議更多，但在方向上的決議可能較少，這正是您從客戶那裡聽到的。

And then second, just on -- clearly, you're seeing a lot of strength on the data center side and spoke to seeing some of that on the campus side.

其次，顯然，您看到資料中心方面表現出很大的優勢，也看到校園方面也表現出一些優勢。

But just how are you seeing kind of strength broaden out to the campus portfolio?

但您是如何看待校園投資組合實力的拓展呢？

Yes.

是的。

I think if you look -- thanks, Meta.

我想如果你看一下--謝謝，Meta。

I think if you look across the board, we had relatively strong demand across geographies, across the portfolio and, with the exception of the US federal discussion that we had earlier, largely across segments as well.

我認為，如果從整體來看，我們在各個地區、各個投資組合中都有相對強勁的需求，而且，除了我們之前討論的美國聯邦政府之外，各個部門的需求也基本上是相當強勁的。

We saw public sector strength outside the US in both Europe, it was up high single digits, I think, and Asia, we saw good performance as well.

我們看到，美國以外的公共部門在歐洲表現強勁，我認為成長了個位數，而在亞洲，我們也看到了良好的表現。

So we saw it there.

我們在那裡看到了它。

We've seen it in the campus.

我們在校園裡見過它。

We talked about double-digit demand for campus switching, saw similar in enterprise routing, saw good demand for wireless and then the fourth consecutive quarter of double-digit demand growth in our Nexus portfolio, our data center switching, which predominantly goes into private cloud infrastructure into the enterprise.

我們討論了校園交換的兩位數需求，看到企業路由的類似需求，看到無線的良好需求，然後我們的 Nexus 產品組合（我們的資料中心交換）連續第四個季度實現兩位數需求增長，主要用於企業的私有雲基礎設施。

And then obviously, the web-scale performance that we saw with five out of the -- or, I'm sorry, three out of the six growing over 100% year-over-year, two of the six growing over 50% year-over-year, so it was very balanced.

然後顯然，我們看到的網路規模表現是，其中五家——或者，抱歉，六家中有三家同比增長超過 100％，六家中有兩家同比增長超過 50％，所以它非常平衡。

And so far, I think that despite the geopolitical risk, despite the uncertainty that's going on in the US and in the marketplace around the world, I think the one thing our customers understand is that their need to continue spending on technology is just there.

到目前為止，我認為，儘管存在地緣政治風險，儘管美國和全球市場存在不確定性，但我認為我們的客戶明白的一件事是，他們需要繼續在技術上投入資金。

And there's so much change going on right now from a technology perspective that there's both excitement about the opportunity.

從技術角度來看，目前正在發生如此多的變化，人們對這項機會感到興奮。

And candidly, there's a little bit of fear of slowing down too much and letting your competition get too much ahead of you.

坦白說，你會有點擔心自己放慢腳步，讓競爭對手領先你太多。

So we saw solid demand.

因此我們看到了強勁的需求。

Thank you, And I just want to remind analysts to ask one question and a follow-up question at the same time.

謝謝，我只想提醒分析師同時提出一個問題和一個後續問題。

Michelle, we can move to the next analyst.

米歇爾，我們可以換下一位分析師了。

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

Congrats on the quarter.

恭喜本季取得佳績。

It's good to see you guys with the momentum.

很高興看到你們有這樣的勢頭。

Chuck, we've got a lot of questions very recently about a new switch that you just put out, the 9300 Nexus.

查克，最近我們收到了很多關於你剛推出的新交換器 9300 Nexus 的問題。

And this programmable switch market looks like there's a lot of strong prospects there.

這個可程式交換器市場看起來有很多美好的前景。

So just wondering if you could talk a little bit more about that product and maybe why you went with AMD for the product and what that means for your -- versus your NVIDIA products.

所以我只是想問問您是否可以再多談談該產品，以及為什麼您選擇與 AMD 合作生產該產品，以及這對您的產品而言意味著什麼——而不是與您的 NVIDIA 產品合作。

And my follow-up just is with regard to the overall comment of just overall demand just sounds so much better than a few quarters ago.

我的後續問題是，關於整體需求的整體評論聽起來比幾季前好得多。

I just wanted some -- the view that, do you still think people are getting ready for AI?

我只是想要一些觀點，你是否仍然認為人們已經為人工智慧做好了準備？

Or -- yes, I don't know if I heard that from you this time that you think -- you were thinking in the last two quarters, people were getting ready for AI and it picked up.

或者 — — 是的，我不知道這次我是否從您那裡聽說過，您認為 — — 您認為在過去兩個季度裡，人們已經為人工智能做好了準備，而且它正在興起。

And this just sounded like a little more firm, but I was just wondering for a little more color on that.

這聽起來似乎更加堅定了，但我只是想對此有更多的了解。

Hopefully, that didn't run on too long, Sami, but I'll pass it back to you.

希望這不會持續太長時間，薩米，但我會將其交還給你。

Thanks, Ben.

謝謝，本。

No, I got on both.

不，我兩者都坐。

Look, first and foremost, I want to just thank the team in our product organization because the innovation that they've been delivering over the last 12 to 18 months has been at a pace that we haven't seen in a very long time.

首先，我要感謝我們產品組織的團隊，因為他們在過去 12 到 18 個月中不斷進行的創新速度是我們很久以來從未見過的。

We've seen a lot on the collab space in the security space, a lot in the silicon space and then in the web scale infrastructure.

我們在安全領域的合作空間、矽片領域以及網路規模基礎設施領域都看到了很多。

And now I think what you referenced this switch with the DPU in it is a great example of the innovation that we are going to drive in our core networking portfolio.

現在我認為您所提到的具有 DPU 的交換器正是我們在核心網路產品組合中推動的創新的一個很好的例子。

And so it's -- I can't speak to exactly why the team chose the AMD, DPU other than I'm sure they did an analysis and thought it was the best solution for us.

所以——我無法確切地說出為什麼團隊選擇 AMD、DPU，但我確信他們做了分析並認為這是對我們來說最好的解決方案。

But this is a real -- it's a breakthrough product because it allows us to Candidly, we can take security out of these appliances that they come in and put it where it belongs, which is everywhere.

但這是真實的——它是一款突破性的產品，因為它讓我們能夠坦率地將安全性從這些設備中分離出來，並將其放置在它應該在的地方，也就是任何地方。

Security needs to be deployed everywhere, and this really allows us to integrate security deeply into the network and at the speed of the network.

安全需要部署在任何地方，這才真正使我們能夠將安全深度融入網路並以網路的速度進行整合。

So what this allows us to do is -- you can run network services or security services on these DPUs in the network at the speed of the ASICs as opposed to moving this traffic to a central place where you're going to be limited by the processing power of a single box.

因此，這使我們能夠做到的是 - 您可以以 ASIC 的速度在網路中的這些 DPU 上運行網路服務或安全服務，而不是將這些流量移動到中心位置，在中心位置您將受到單個盒子的處理能力的限制。

And so the first use case, as you are aware, is Hypershield, which we announced, and we had a couple of big Fortune wins in the prior quarter, even as we're just building out the final capabilities on Hypershield.

如您所知，第一個用例是我們宣布的 Hypershield，並且我們在上一季度獲得了幾項重大財富大獎，儘管我們才剛開始建立 Hypershield 的最終功能。

So that's going to be the first deployment.

這將是第一次部署。

If you think about the use case, you could put one of these switches sitting at between zones in a data center, and running all the traffic through it at line speed and doing security inspection via Hypershield to protect different zones from East West threats.

如果您考慮用例，您可以將其中一個交換器放置在資料中心的區域之間，並以線路速度通過它運行所有流量，並透過 Hypershield 進行安全檢查，以保護不同區域免受東西方威脅。

So it's -- we think it's got a lot of potential, and this is just the first service or first use case that the teams have come up with.

所以，我們認為它具有很大的潛力，這只是團隊提出的第一個服務或第一個用例。

On your second question, we absolutely believe that a lot of this demand is being driven by customers preparing for AI.

關於您的第二個問題，我們絕對相信，很大一部分的需求是由為人工智慧做準備的客戶所推動。

We even think a lot of the telco demand that we see is -- or the telcos building out their networks to be prepared to deliver AI as a service or AI-driven services.

我們甚至認為，我們看到的許多電信需求是——或者電信公司正在建立他們的網絡，以準備提供人工智慧即服務或人工智慧驅動的服務。

And so while I didn't call it out, it's one of the pillars that we talk about relative to our role in AI, and we do think there's an acceleration of companies that are just trying to get prepared for what they're going to need.

雖然我沒有特別提到這一點，但這是我們在談論的有關我們在人工智慧領域的角色的支柱之一，我們確實認為，越來越多的公司正在加速為他們所需要的東西做好準備。

It's clear that a genetic AI work streams are going to put more capacity onto the network.

顯然，基因人工智慧工作流程將為網路帶來更大的容量。

Matthew Niknam, Deutsche Bank.

德意志銀行的馬修‧尼克納姆（Matthew Niknam）。

Just maybe to dovetail on the prior question.

或許與前面的問題相吻合。

You talked -- talk about enterprises investing a little bit more in AI.

您談到了企業在人工智慧方面加大投資。

I'm just wondering, as they've come into the new calendar what you're seeing in hearing specifically from enterprise customers on the AI front?

我只是想知道，當他們進入新的日曆時，您在聽到企業客戶在人工智慧方面的具體回饋時看到了什麼？

And how meaningful it is for your business today?

這對您今天的業務有多大意義？

And then just as a follow-up, maybe for Scott.

然後只是作為後續行動，也許對斯科特來說。

You did about 68.7% on a gross margin front this past quarter.

上個季度，您的毛利率約為 68.7%。

I think the guide implies a step down to between 67% to 68%.

我認為該指南暗示將比例降至 67% 至 68% 之間。

I'm wondering maybe what informs that view?

我想知道是什麼促使我抱持這種觀點的？

So I would say what we're seeing on the enterprise side relative to AI is it's still -- customers are still in the very early days, and they all realize they need to figure out exactly what their use cases are.

因此我想說，我們在企業方面看到的與人工智慧相關的情況是——客戶仍處於早期階段，他們都意識到他們需要弄清楚他們的用例到底是什麼。

We're starting to see some spending, though, on specific AI-driven infrastructure.

不過，我們開始看到在特定的人工智慧驅動基礎設施上的一些支出。

And we think as we get AI PODs out there, we got Hyperfabric coming, we got AI Defense coming, we have Hypershield in the market, and we got this new DPU switch, they are all going to be a part of the infrastructure to support these AI applications.

我們認為，隨著 AI POD 的推出、Hyperfabric 的推出、AI Defense 的推出、Hypershield 的上市以及新型 DPU 交換器的推出，它們都將成為支援這些 AI 應用的基礎設施的一部分。

So we're beginning to see it happen, but I think it's also really important to understand that as the enterprises leverage their private data, their proprietary data, and they'll do some training on that, and then they'll run inference obviously against that, we believe that opportunity is an order of magnitude higher than what we've seen in training to date.

所以我們開始看到它的發生，但我認為同樣重要的是要了解，當企業利用他們​​的私人數據，他們的專有數據時，他們會對這些數據進行一些訓練，然後他們會根據這些數據進行推理，我們相信這個機會比我們迄今為止在訓練中看到的要高一個數量級。

We'll -- we're going to continue to innovate and build capabilities to put ourselves in a better position to be a real beneficiary as this continues to accelerate.

隨著這一進程的不斷加速，我們將繼續創新和建立能力，使自己處於更有利的位置，成為真正的受益者。

But as of today, we feel like we're in pretty good shape.

但截至今天，我們感覺我們的狀況非常好。

And Matthew, on your question on gross margin, the guide at 68% -- 67% to 68% for Q3, and by the way, I think it settles in in that range for the full year, what's built into that and driving the step down from where we were in Q2 is we have -- and this was noted in the -- in my commentary upfront, we have built in the cost of the proposed tariffs that we've seen so far.

馬修，關於你提到的毛利率問題，第三季度的毛利率預期為 68% - 67% 至 68%，順便說一句，我認為全年毛利率將穩定在這個範圍內，造成這一結果的原因是我們已將目前看到的擬議關稅成本考慮在內，而這一因素也推動了毛利率較第二季度有所下降。

So the additional 10% in China, the 25% on Canada and Mexico, Canada has no -- has a negligible impact on us.

因此，中國額外的 10%，加拿大和墨西哥的 25%，加拿大對我們的影響可以忽略不計。

And the steel and aluminum, we've quantified those out, again, assuming the March 1 date.

對於鋼鐵和鋁，我們已經對其進行了量化，同樣假設日期為 3 月 1 日。

I think it's such a fluid environment right now.

我認為現在的環境非常不穩定。

It's very difficult to say what's actually going to happen.

很難說究竟會發生什麼事。

But I wanted to protect the guide and ensure that we've built in the 25% that's been proposed.

但我想保護指南並確保我們已經實現了所提議的 25％。

I will tell you, we've got a supply chain team that over the last several years has built a lot of muscle around the tariff that we had in China and how do we work our way around that.

我會告訴你，我們有一個供應鏈團隊，在過去幾年中，我們已經圍繞中國關稅問題建立了強大的力量，並且知道如何解決這個問題。

And from the time that was first imposed to where we are now, our mitigation activities have reduced our exposure there by about 80%.

從第一次實施到現在，我們的緩解活動已使我們在那裡的暴露減少了約 80%。

So we've game-planned out several scenarios and steps we could take.

因此，我們制定了可採取的幾種方案和步驟。

Depending on what actually goes into effect, we'll start to take those steps to mitigate the impact of the tariffs.

根據實際生效的情況，我們將開始採取措施來減輕關稅的影響。

But what I built into the cost of goods sold, that's where the tariffs will hit, is the full effect of 25% in Mexico, Canada and additional 10% in China with no mitigation at this point -- with no mitigation built in at this time.

但我已將關稅將影響的商品銷售成本考慮進去，對墨西哥和加拿大而言，關稅將全面生效，達到 25%，對中國而言，關稅還將額外增加 10%，目前還沒有任何緩解措施——目前還沒有緩解措施。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

I guess maybe I'll follow up on that tariff question to start off.

我想也許我應該先跟進一下關稅問題。

You do mention you're embedding in the cost of the tariffs, but I think we're getting a lot of questions also in terms of how to think about demand.

你確實提到了將其嵌入關稅成本中，但我認為我們在如何考慮需求方面也遇到很多問題。

So Chuck or Scott, I mean any thoughts in terms of how you've seen enterprises -- enterprise customers respond on a demand basis to previous tariffs?

那麼查克或史考特，我的意思是，您對企業——企業客戶根據需求對先前的關稅做出的反應有何看法？

And how does that inform your view in terms of what to expect for demand?

那麼，這對您預期需求有何影響呢？

And sort of are you seeing any pull forward from customers to avoid some of these tariffs in the first place?

您是否看到一些客戶積極採取措施以避免繳納部分關稅？

And for my follow-up, I think it's more about the hyperscaler and the AI momentum you're seeing there.

就我的後續問題而言，我認為這更多的是關於超大規模和您所看到的 AI 勢頭。

You're seeing strong momentum in orders, but what is -- maybe if you can give us some insights on deployments, we can see the strong CapEx numbers or guidance from them, but is there any acceleration or sort of more on track in terms of deployment pace relative to what you expected?

您看到訂單勢頭強勁，但是，如果您能為我們提供一些有關部署的見解，我們可以從中看到強勁的資本支出數字或指導，但就部署速度而言，相對於您的預期，是否有任何加速或更多的進展？

Yes, Samik.

是的，薩米克。

On the first question, we're not seeing any evidence of customer pulling demand ahead.

關於第一個問題，我們沒有看到任何證據表明客戶拉動需求。

I think it's the tariff environment is very fluid right now.

我認為目前的關稅環境非常不穩定。

It's a very dynamic environment.

這是一個非常有活力的環境。

While everyone is taking note, I think until we know what's actually going to go into effect, it will be very difficult for our customers to decide what to do.

雖然大家都在關注，但我認為，在我們知道實際生效的內容之前，我們的客戶將很難決定該怎麼做。

I think the other thing that as we look at the steps we would take to mitigate the impact of demand, there are a number of steps we can take to offset the cost.

我認為另一件事是，當我們考慮採取哪些措施來減輕需求的影響時，我們可以採取一些措施來抵消成本。

We obviously would have price as a lever, but there's a number of considerations that we have to go through before we got there.

我們顯然會用價格作為槓桿，但在實現這一目標之前我們還需要考慮許多因素。

Right now, I don't envision that.

現在，我還沒有想到這一點。

What we would look to do first is make some of the changes we need to make inside the supply chain to mitigate the impact of whatever tariff regime gets put into place, so not seeing any evidence of any pull ahead in demand.

我們首先要做的是在供應鏈內部做出一些必要的改變，以減輕關稅制度實施的影響，這樣就不會看到任何需求提前的跡象。

Yes.

是的。

And Samik, I think on the question relative to the webscale demand versus their deployments, I think that their -- I think the bottom line is that I've sat with all these customers, and they've looked at me and said, if you can build more, we will buy more.

薩米克，我認為在關於網路規模需求與部署的問題上，我認為他們的——我認為底線是我與所有這些客戶坐在一起，他們看著我說，如果你能建造更多，我們就會購買更多。

So I think that a couple of them had initial targets for how many units they wanted in 2025, and that number has already gone up by 50%.

因此，我認為他們中的一些人對 2025 年想要的單位數量已經有了初步目標，而這個數字已經增加了 50%。

So I think the deployments are moving very rapidly and on track, and we continue to respond to all of their demand.

因此，我認為部署工作進展非常迅速且按計劃進行，我們將繼續回應他們的所有需求。

And frankly, the changes that they make as their strategy evolves on it is very dynamic.

坦白說，隨著他們的策略發展，他們所做的改變是非常動態的。

It's a very dynamic market.

這是一個非常活躍的市場。

Tal Liani, BofA Securities.

塔爾·利阿尼（Tal Liani），美國銀行證券公司。

Great quarter, but I have a question about maybe the weaker parts.

非常棒的一個季度，但我對可能較弱的部分存有疑問。

If my math is right, and I'm not sure it's right, so I need clarification, Splunk was down 11% this quarter year-over-year.

如果我的計算正確的話，我不確定它是否正確，所以我需要澄清，Splunk 本季同比下降了 11%。

Maybe my numbers are totally wrong, so if you can clarify what's happening with Splunk and give us an update on the trends.

也許我的數字完全錯誤，所以如果你能澄清 Splunk 發生的情況並向我們提供有關趨勢的更新。

And the second question is security and observability.

第二個問題是安全性和可觀察性。

It's supposed to accelerate -- it accelerated last quarter.

它應該會加速——上個季度它已經加速了。

Can you talk about the trends this quarter and kind of the good parts and the bad parts of the growth?

您能談談本季的趨勢以及成長的優點和缺點嗎？

Okay.

好的。

I'll take the first one, and then, Chuck, we can tag-team on the second if you want.

我選擇第一個，然後，查克，如果你願意的話，我們可以組隊選擇第二個。

On the -- I'm not sure what math you're doing, Tal.

關於——我不確定你在做什麼數學題，塔爾。

I think one thing that is not visible to you with the math that you've got in front of you is the end of Splunk's quarter, their fiscal -- by the way, this would have been -- the end of January was the end of their prior Q4.

我認為，根據您面前的數學計算，您無法看到的一件事是 Splunk 的季度末，他們的財政年度——順便說一下，這應該是—— 1 月底是他們之前第四季度的結束。

So as with every enterprise software company, of course, Q4 is the biggest quarter of the year.

因此，與所有企業軟體公司一樣，第四季當然是一年中最重要的季度。

And in fact, it gets back-end loaded so that their -- the week 13 of that Q4 is the biggest week of the quarter.

事實上，它會在後端加載，因此第四季的第 13 週是該季度最重要的一周。

The way the calendar fell this year, our fiscal quarter ended on January '25.

根據今年日曆的安排，我們的財政季度於 1 月 25 日結束。

So that last week of January that was historically Splunk's Q4 actually is not captured in our Q2 results, it will flow into our Q3 results.

因此，歷史上 1 月的最後一周是 Splunk 的第四季業績，但實際上並未計入我們的第二季業績中，而是將計入我們的第三季業績中。

That may be what's throwing you off on the math.

這可能是讓你在數學上感到困惑的原因。

Splunk is still growing double digits.

Splunk 仍保持兩位數的成長。

It's growing right in line with our expectations, modestly ahead of our expectations on the top line and is profitable well ahead of when we expected it to be profitable.

它的成長完全符合我們的預期，營收略高於我們的預期，獲利能力也遠遠超出了我們的預期。

So Splunk's performing quite nicely for us.

所以 Splunk 對我們來說表現相當不錯。

Yes.

是的。

On the security front, what I would say, Tal, is that look, we had always said we expected to see the acceleration in the second half of this year.

在安全方面，塔爾，我想說的是，我們一直說，我們預計今年下半年會加速。

We saw the last four quarters of growth from a demand perspective in organic security, which is a good sign.

從有機安全的需求角度來看，我們看到過去四個季度呈現成長趨勢，這是一個好兆頭。

And what we've launched is all this new innovation that just takes time to ramp, but I can give you a couple of data points.

我們所推出的所有這些新創新只是需要時間來推動，但我可以給你幾個數據點。

If you just look at two of the products, Cisco Secure Access and XDR, between those two, we now have those deployed at over 1,000 customers, and each of them are actually supporting over 1 million enterprise users each.

如果只看其中兩種產品，思科安全存取和 XDR，我們現在已在超過 1,000 個客戶中部署了它們，並且每個產品實際上都支援超過 100 萬個企業用戶。

So we're seeing the success.

所以我們看到了成功。

They just need time to ramp.

他們只是需要時間來提升。

We've also launched Hypershield.

我們也推出了 Hypershield。

I said earlier, we won 2 Fortune 100 enterprise customers this past quarter, and there's a great deal of excitement.

我之前說過，我們上個季度贏得了 2 家財富 100 強企業客戶，這讓我們非常興奮。

If you look at AI Defense with the AI Summit that we did recently, there's -- I think there's about 20-some-odd customers who are interested in going to proof of concept with us right now on it.

如果你看看我們最近在人工智慧高峰會上舉辦的人工智慧防禦會議，你會發現——我認為大約有 20 多位客戶有興趣與我們一起進行概念驗證。

We had almost half the Fortune 100 there for that event.

幾乎有一半的《財星》100 強企業都出席了那次活動。

So I feel good about where we are.

所以我對我們的現狀感到很滿意。

It will turn into greater demand as we just continue to scale these products.

隨著我們繼續擴大這些產品的規模，它的需求將會更大。

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

This is Michael Fisher on for Amit.

這是邁克爾費雪 (Michael Fisher)，代替阿米特 (Amit)。

Just a quick question on the $700 million AI orders so far this year.

我只是就今年迄今為止 7 億美元的 AI 訂單提出了一個簡單的問題。

Are these mainly switching and optical wins?

這些主要是交換和光學方面的勝利嗎？

Or are you seeing wins in some other products?

或者您看到其他一些產品的成功？

And then just curious if you're expecting any of these -- you've seen some very strong AI orders.

然後我很好奇您是否期待其中任何一個——您已經看到了一些非常強大的 AI 訂單。

Are we expecting it to start converting into revenue this fiscal year?

我們是否預計它將在本財年開始轉化為收入？

Or is that more of a fiscal '26 thing?

還是這更多的是 26 年財政事務？

Thanks, Amit.

謝謝，阿米特。

I'll take the first one, and Scott, you can take the revenue.

我拿第一個，史考特，你拿收入。

On the $700 million in AI orders, it's a combination of systems, silicon, optics and optical systems.

在價值 7 億美元的人工智慧訂單中，它是系統、矽、光學和光學系統的結合。

And I think if you break it down, it's about half is in silicon and systems, and -- but it's -- it continues to accelerate.

我認為，如果你把它分解開來，你會發現大約有一半是在矽和系統中，而且 - - 它在繼續加速。

And I'd say the teams have done a great job on the silicon front.

我想說的是，這些團隊在矽片方面做得非常出色。

We've invested heavily in more resources there.

我們在那裡投入了更多資源。

The team is running parallel development efforts for multiple chips that are staggered in their time frames.

該團隊正在對多個在時間框架上交錯的晶片進行並行開發。

They've worked hard.

他們已經很努力了。

They were increasing the yield, which is a positive thing.

他們正在提高產量，這是一件好事。

And so we feel good about it, but it's a combination of all those things that we're selling to the customers.

因此我們對此感到很高興，但這是我們向客戶銷售的所有產品的綜合體。

Scott, on the revenue side?

史考特，就收入方面來說呢？

Yes.

是的。

Amit, it's no different than what we've said all along about when we expect this to turn into revenue.

阿米特，這與我們一直所說的預計何時轉化為收入沒有什麼不同。

We knew the orders would come in well ahead of the actual ship dates.

我們知道訂單將會在實際出貨日期之前到達。

We do expect to see this revenue begin to ramp in the second half of the year, and that's consistent with what we've said from the start.

我們確實預計這筆收入將在今年下半年開始增加，這與我們一開始所說的一致。

Jim Fish, Piper Sandler.

吉姆·菲什，派珀·桑德勒。

Working off a few things you guys just have talked about here, can you just first give us an update as to the actual penetration of the 6,500 large customers you guys expected between Cisco and Splunk to jointly go after and any further bundling plans you have but -- beyond what you just announced?

根據你們剛才談到的一些事情，你能否先向我們介紹一下思科和 Splunk 預計共同爭取的 6,500 個大客戶的實際滲透率，以及除了剛才宣布的內容之外，你們還有什麼進一步的捆綁計劃嗎？

And then secondly, to the last question, what are you guys seeing from where you're winning within the data center between the Silicon One approach versus sort of the systems approach with your AI wins?

其次，對於最後一個問題，你們認為在資料中心中，Silicon One 方法與 AI 系統方法相比，你們的優勢是什麼？

Would love additional color there.

希望那裡能有更多顏色。

Thanks, Jim.

謝謝，吉姆。

So on the Splunk side, I would say it's still early.

因此就 Splunk 方面而言，我認為現在還為時過早。

These are still long sales cycles.

這些仍然是較長的銷售週期。

And we're continuing to make progress.

我們正在繼續取得進展。

We are having wins.

我們正在取得勝利。

I mean they're clearly out there.

我的意思是他們顯然就在那裡。

We also have seen the benefit of the portfolio coming together with large customers doing our broad-based, what we call WPAs and that are inclusive of Splunk now, the old Cisco WPA that are inclusive of Splunk.

我們也看到了產品組合的好處，即與大客戶一起進行廣泛的產品組合，我們稱之為 WPA，現在包括 Splunk，舊的 Cisco WPA 也包括 Splunk。

And we talked about the Splunk team had a deal that they were leading that actually expanded the Cisco footprint.

我們談到了 Splunk 團隊所領導的一項交易，這實際上擴大了思科的影響力。

So we are beginning to see that, and we'll continue to see it as we go forward.

所以我們開始看到這一點，並且我們將在前進的過程中繼續看到這一點。

I think you'll see, as we get into the next couple of quarters, you're going to see more and more cross-selling sales incentives that the teams are putting in place that I think we'll continue to accelerate that.

我想你會看到，隨著我們進入接下來的幾個季度，你會看到團隊正在實施越來越多的交叉銷售激勵措施，我認為我們將繼續加速這一進程。

And on the second question, I think it was about how they're looking at systems versus Silicon One

關於第二個問題，我認為這是關於他們如何看待系統與 Silicon One

--

--

Yes, versus silicon.

是的，與矽相比。

Yes.

是的。

I think that by and large, it's systems.

我認為從大體上來說，這是一個系統。

Actual just raw silicon sales are still very small as a percentage of the total business.

實際的原始矽銷售額佔總業務的比例仍然很小。

So the general method of consumption is just to buy the systems.

所以一般的消費方式就是購買系統。

David Vogt, UBS.

瑞銀的戴維沃格特（David Vogt）。

So I'll give you both obviously at the same time.

所以我顯然會同時給你們兩個。

So I'm just trying to square, Chuck, your comments about the strength that you're seeing across the business because it looks like ex Splunk enterprise orders maybe decelerated a little bit sequentially and the strength in -- I guess it looks like the Americas was mostly SP and cloud.

因此，查克，我只是想回應你關於整個業務實力的評論，因為看起來 Splunk 企業訂單可能比上一季度有所減速，而且實力在——我猜看起來美洲主要是 SP 和雲端運算。

And then the second question I have is maybe longer term, there's been a high number or a large number of project announcements over the last couple of weeks with some pretty big announcements from maybe the white-box ODM space with some big wins as well.

然後我的第二個問題是，也許從長期來看，過去幾週已經發布了大量項目公告，其中有些是來自白盒 ODM 領域的相當重要的公告，也取得了一些重大勝利。

So maybe anything you can touch on from a competitive perspective on how you're thinking about maybe these bigger projects that have been announced, maybe the risks out there from some of these other alternatives like DeepSeek and then some of these wins that have been announced by some of the ODM market and how you're thinking about the landscape.

因此，您可以從競爭的角度談談您如何看待這些已經宣布的大型項目，DeepSeek 等其他替代方案帶來的風險，以及一些 ODM 市場宣布的一些勝利，以及您如何看待整個格局。

Yes.

是的。

Okay.

好的。

So first of all, on the enterprise, we've had 4 quarters of continued recovery.

首先，就企業而言，我們已經經歷了四個季度的持續復甦。

It was a little slower growth year-over-year than it was in Q1, but it's important to understand, I think Q2 over Q1 was up 29%.

與第一季相比，同比增長略有放緩，但重要的是要了解，我認為第二季度較第一季增長了 29%。

We literally took over $1 billion more in orders in Q2 than Q1.

我們第二季的訂單量確實比第一季多了 10 億美元。

So I don't think there's anything to be overly concerned about right there.

因此我認為目前沒有什麼需要過度擔心的。

And we saw real good strength in Asia in double digits, and I think Europe was close to double digits.

我們看到亞洲的實力確實達到了兩位數，我認為歐洲的實力也接近兩位數。

And US enterprise just had a bunch of big deals in Q1 that I think just kind of slowed them down a little bit for Q2.

美國企業在第一季剛完成一系列大交易，我認為這在某種程度上減緩了第二季的業務發展。

On these other deals, I mean if you look at technology like DeepSeek, we think as -- not DeepSeek in particular, but we think as we see more of this democratization of the access that it's going to just facilitate a faster advancement of AI applications in the enterprise, first of all.

關於這些其他交易，我的意思是，如果你看看像 DeepSeek 這樣的技術，我們認為——不是特別指 DeepSeek，但我們認為，隨著我們看到這種訪問的民主化程度越來越高，它將首先促進企業中人工智慧應用的更快發展。

Secondly, I think we ran our AI Defense model.

其次，我認為我們運行了我們的 AI 防禦模型。

I think we did 50 prompts, and the team -- this was in 48 hours of this thing being out, and I think they proved every time that they could jailbreak this thing pretty easily.

我想我們做了 50 個提示，而團隊 — — 這是在這個東西推出後的 48 小時內完成的，我認為他們每次都證明他們可以很容易地越獄這個東西。

So I think we got to be careful as well.

所以我認為我們也必須小心。

And the final thing I'd say on a lot of these unique deals out there, these bigger deals, I think we'll -- we're having success in the webscale space.

最後我想說的是，關於很多這些獨特的交易，這些更大的交易，我認為我們會在網路規模領域取得成功。

And I think if we're being chosen in that space, I think we'll have a real good opportunity to play in these other emerging opportunities as they come about as well.

而且我認為，如果我們在該領域被選中，我們將有一個很好的機會參與其他新興機會的出現。

Antoine Chkaiban, New Street Research.

Antoine Chkaiban，New Street Research。

So I'd like to follow up on the question regarding traction from enterprise customers in AI.

因此，我想繼續回答有關人工智慧企業客戶吸引力的問題。

Could you provide some additional color on where you are seeing Ethernet gain momentum the enterprise segment, what kind of cluster size, what use cases, which verticals?

您能否進一步說明乙太網路在企業領域獲得發展動能的情況、叢集規模如何、有哪些用例、哪些垂直領域？

And then as a follow-up, I'd love to hear your perspective on what you're hearing from these customers in terms of data center space and, in particular, access to power as potentially being a bottleneck to roll out infrastructure this year.

然後作為後續問題，我很想聽聽您對這些客戶在資料中心空間方面的看法，特別是電力接入可能是今年推出基礎設施的瓶頸。

Thanks, Antoine.

謝謝，安托萬。

Yes, I don't think that -- we're not thinking about it from massive clusters that the enterprises are going to build.

是的，我不這麼認為——我們並沒有從企業將要建構的大規模集群來考慮這個問題。

They're certainly building clusters to do training on their own models or they're renting space from one of the major GPU providers to actually do their training and then pulling that back.

他們確實在建立叢集來對自己的模型進行訓練，或者從主要的 GPU 提供者之一租用空間來實際進行訓練，然後再將其拉回來。

And the infrastructure we're talking about is really to support the inferencing side of it.

我們所談論的基礎設施實際上是為了支持推理方面。

And I think by and large, to be candid, the customers who have bought like NVIDIA GPUs so far have just bought the whole stack from them.

我認為，總的來說，坦白說，到目前為止，購買 NVIDIA GPU 的客戶都是從他們那裡購買了整套產品。

And so we think that will be an emerging opportunity in the future.

因此我們認為這將是未來的一個新興機會。

It's not really Ethernet under GPUs in the enterprise today, hasn't been a major opportunity to date.

目前，企業中的 GPU 下實際上並沒有以太網，迄今為止還沒有帶來重大機會。

Now we believe with the NVIDIA partnership, the Hyperfabric stack, the AI PODs, the things that we're building, we think that as we integrate that stack together and they have these reference architectures to build that we think that that will lead to our networking equipment being combined with NVIDIA GPUs, and that's how we'll accomplish that in the future.

現在，我們相信，透過與 NVIDIA 的合作，Hyperfabric 堆疊、AI POD 以及我們正在建構的東西，我們認為，當我們將這些堆疊整合在一起，並且他們擁有這些參考架構來建構時，我們認為這將導致我們的網路設備與 NVIDIA GPU 相結合，這就是我們未來實現這一目標的方式。

And candidly, I don't think -- there hasn't been a lot of concern over the power issue in the enterprise like it has been in the webscale space.

坦白說，我認為，企業對電力問題的關注度並不像網路規模領域那麼高。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Congrats on the quarter.

恭喜本季取得佳績。

I'll stick with the AI theme first, and then I'll throw out my quick follow-up.

我會先堅持 AI 主題，然後再提出我的快速後續行動。

On the AI side, I think in the prepared comments, you had mentioned that your 51.2T silicon will come out, I think it was April time frame.

在人工智慧方面，我認為在準備好的評論中，您曾提到您的 51.2T 矽片將會問世，我認為時間是在四月。

As you think about that 50% of your business on the AI orders being tied to switch and Silicon One silicon, how -- would you say that is the point of inflection, like the majority of your AI wins are tied to that 51.2T silicon?

當您想到 AI 訂單中的 50% 業務與交換器和 Silicon One 矽片相關時，您會說這是轉折點嗎，就像您的大多數 AI 勝利都與 51.2T 矽片相關？

Or just kind of trying to understand kind of the opening up of this monetization opportunity.

或只是想了解這種貨幣化機會的開放程度。

And then as a follow-up, I'm just curious like on the campus side, just help us appreciate maybe the WiFi 7 upgrade cycle that you're starting to see or how you're thinking about that.

然後作為後續問題，我只是很好奇，例如在校園方面，只是幫助我們了解您開始看到的 WiFi 7 升級週期或您對此的看法。

Yes.

是的。

I think on -- the comments we made on the 51.2 really was more of an enterprise comment in the Nexus portfolio, but it is Silicon One-based.

我認為——我們對 51.2 所發表的評論實際上更像是對 Nexus 產品組合中的企業評論，但它是基於 Silicon One 的。

And so those chips will be used in the 8000s as an example.

因此這些晶片將作為 8000 年代的範例使用。

But this is a -- if you get back to the silicon discussion that we had earlier, that team is designing multiple silicon architectures based on the use cases on the customer.

但這是——如果你回顧我們之前的矽片討論，你會發現該團隊正在根據客戶的使用案例設計多種矽片架構。

Do they need deep buffers?

他們需要深度緩衝區嗎？

Do they not need deep buffers?

他們不需要深度緩衝區嗎？

I mean it's really -- is it a low-latency application?

我的意思是它真的是一個低延遲應用程式嗎？

I mean these -- all of these things come into play as they develop different pieces of silicon for that marketplace.

我的意思是，當他們為該市場開發不同的矽片時，所有這些因素都會發揮作用。

So we'll continue to develop and 51.2 is -- and then beyond, and they're already working on just subsequent chips that will continue to crank up the speeds in these data centers.

因此，我們將繼續開發 51.2 以及更高版本，他們已經在研發後續晶片，以繼續提高這些資料中心的速度。

On the campus side, I think that we're continuing to see the campus switching infrastructure, as I talked about earlier.

在校園方面，我認為我們將繼續看到校園交換基礎設施，正如我之前談到的。

And it's early days on the WiFi 7.

WiFi 7 還處於早期階段。

I'd say customers are getting ready to begin deploying.

我想說客戶已經準備好開始部署了。

I think we're going to move into that over the next two to three quarters where we'll see a full transition both in the traditional on-prem access points and then also in the cloud managed.

我認為我們將在接下來的兩到三個季度內進入這一階段，屆時我們將看到傳統的內部接入點和雲端管理的全面轉變。

Karl Ackerman, BNP Paribas.

法國巴黎銀行的卡爾‧阿克曼（Karl Ackerman）。

Within enterprise networking, I think a couple of quarters ago, customer lead times bottom out at just a few weeks.

在企業網路領域，我認為幾個季度前，客戶交貨時間已降至最低，僅為幾週。

Is the greater visibility and support of your April quarter outlook from enterprises and even telco operators coming from just a return to normal order patterns?

您四月份季度的前景得到了企業乃至電信運營商的更大關注和支持，這是否僅僅因為訂單模式恢復正常？

Or are lead times extending out beyond a quarter across those customers as you begin to introduce AI PODs and Hypershield and perhaps some on-prem service offerings in addition to that?

或者，當您開始推出 AI POD 和 Hypershield 以及除此之外的一些內部部署服務產品時，這些客戶的交貨時間是否會延長超過一個季度？

It's just normalization of ordering.

這只是排序的正常化。

We haven't had any lead time pressure at all.

我們沒有遇到任何交貨時間壓力。

Yeah, we're not seeing -- what's behind that question, Karl, is the demand that we're seeing today a function of extended lead times like we saw a couple of years ago?

是的，我們沒有看到──卡爾，這個問題背後的原因是什麼，我們今天看到的需求是否是像幾年前一樣延長交貨時間的函數？

That's not the case.

事實並非如此。

Our lead times are not extending.

我們的交貨時間不會延長。

Atif Malik, Citi.

花旗銀行的阿蒂夫馬利克 (Atif Malik) 說：

It's Adrienne Colby for Atif.

她是 Atif 的 Adrienne Colby。

Earlier this week, you announced some offerings geared towards traditional service providers.

本週早些時候，您宣布了一些面向傳統服務提供者的產品。

I was just wondering if you could help us size this customer segment for Cisco and understand where these customers are in terms of their embrace of AI?

我只是想知道您是否可以幫助我們為思科確定這個客戶群的規模，並了解這些客戶對人工智慧的接受程度？

What are some of the key issues that Cisco is just helping them address?

思科正在幫助他們解決哪些關鍵問題？

Scott, do you want to comment on the size of the telco segment for us?

史考特，你想為我們評論一下電信業的規模嗎？

Yes.

是的。

Overall, telco had a good quarter in the last quarter.

整體而言，電信公司上季的業績表現良好。

That's actually a continuation of what we saw in Q1.

這實際上是我們第一季所見情況的延續。

And what we hear from telco, particularly in international, is they are in anticipation of demand on their networks driven by AI, doing the same thing that we hear enterprise is doing.

我們從電信公司，特別是國際電信公司聽說，他們預計人工智慧將推動其網路需求，他們正在做與我們聽說的企業正在做的事情相同的事情。

They know there's increased load coming.

他們知道負載會增加。

In many cases, they've sweated those assets some time because of the state of the financials in that industry, and they're coming back to the table to build out their networks in anticipation of the increased demand.

在許多情況下，由於該行業的財務狀況，他們已經為這些資產付出了一段時間的努力，並且為了滿足日益增長的需求，他們重新回到談判桌上，建立自己的人脈。

I think we'll continue to see that for some period of time, telco by its nature and the size of the telco customers that we have can be a little bit -- episodic a little bit big deals in one quarter and not in the next.

我認為，在一段時間內，我們將繼續看到，電信公司的性質以及我們擁有的電信客戶規模可能會有點——偶爾在某個季度會出現一些大交易，而在下一個季度則不會。

So it's not something that I would expect to see on a steady state, but we're seeing good demand right now as they see the same thing, the same a trend that enterprises see there's network load coming, we need to be ready for it.

因此，這不是我期望在穩定狀態下看到的現象，但我們現在看到了良好的需求，因為他們看到了同樣的事情，同樣的趨勢是企業看到了網路負載的到來，我們需要為此做好準備。

Yes, I think that's right.

是的，我認為是這樣。

And I think the other thing that we see, some of the European operators are looking at delivering AI-as-a-Service.

我認為我們看到的另一件事是，一些歐洲營運商正在考慮提供人工智慧即服務。

We see a lot of them planning for AI edge applications that are sitting at the edge of their networks that they're managing for customers, et cetera.

我們看到許多公司都在規劃位於他們為客戶管理的網路邊緣的人工智慧邊緣應用程式等等。

So they are preparing for sure.

所以他們肯定在做準備。

Thank you, Adrian.

謝謝你，阿德里安。

And I want to hand it over to Chuck for some closing remarks.

現在我想把時間交給查克來做結束語。

Well, I just want to thank everybody for joining us today, and I want to thank our teams.

好吧，我只想感謝今天加入我們的大家，也感謝我們的團隊。

I'm really proud of these results, and the teams have been doing a really great job both on the innovation front and engaging with our customers.

我對這些成果感到非常自豪，我們的團隊在創新方面和與客戶互動方面都做得非常出色。

We clearly live in a very dynamic world.

顯然，我們生活在一個非常動態的世界。

And as Scott said earlier, as the impact of these potential tariffs become more clear, our teams will take the appropriate steps to mitigate where we can.

正如史考特之前所說，隨著這些潛在關稅的影響變得更加清晰，我們的團隊將採取適當措施，盡可能減輕影響。

I do feel good about our momentum.

我對我們的發展勢頭確實感到很滿意。

Again, the product innovation and this -- particularly the innovation in our core, the portfolio and how it's translating through to customer value, clearly, the AI tailwind as well as the integration that has occurred so far relative to Splunk and just the team's pure out-execution, I'm confident in the steps we've been taking.

再次，產品創新，特別是我們核心的創新、產品組合以及它如何轉化為客戶價值，顯然，人工智慧的順風以及迄今為止與 Splunk 相關的集成，以及團隊的純粹執行，我對我們所採取的步驟充滿信心。

I think it will lead to durability of the performance, and we want to just continue to deliver for our customers, deliver the right technology, the right value and be a trusted partner for them.

我認為這將帶來性能的持久性，我們只想繼續為客戶提供服務，提供正確的技術、正確的價值，成為他們值得信賴的合作夥伴。

So thank you for being with us, and we look forward to talking to you soon.

感謝您的參與，我們期待很快與您交談。

Cisco's next quarterly call, which will reflect our fiscal year 2025 third quarter results, will be on Wednesday, May 14, 2025, at 1:30 PM Pacific Time, 4:30 PM Eastern Time.

思科的下一次季度電話會議將於 2025 年 5 月 14 日星期三太平洋時間下午 1:30、東部時間下午 4:30 舉行，該會議將反映我們 2025 財年第三季的業績。

This concludes today's call.

今天的電話會議到此結束。

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.

如果您還有任何其他問題，請隨時聯繫思科投資者關係部，非常感謝您今天的電話會議。

Thank you for participating on today's conference call.

感謝您參加今天的電話會議。

If you would like to listen to the call in its entirety, you may call 1-(800) 395-6236.

如果您想完整收聽電話會議，請撥打1-(800) 395-6236。

For participants dialing from outside the US please dial (203) 369-3270.

對於從美國境外撥打電話的參與者，請撥打 (203) 369-3270。

This concludes today's call.

今天的電話會議到此結束。

You may disconnect at this time.f a replay becomes available.

如果有重播可用，您現在可以斷開連線。