思科 (CSCO) 2025 Q3 法說會逐字稿

Welcome to Cisco's third 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. Now I would like to introduce Sami Badri, Head of Investor Relations. Sir, you may begin.

歡迎參加思科2025財年第三季財務業績電話會議。應思科的要求，今天的會議正在錄製中。如果有異議可以斷開連接。現在我想介紹投資者關係主管 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; Scott Herren, our CFO; and Mark Patterson, our Chief Strategy Officer. 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. Throughout today's call, we'll be referencing both GAAP and non-GAAP financial results.

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首席執行官查克·羅賓斯 (Chuck Robbins)；我們的首席財務官 Scott Herren；以及我們的首席戰略官馬克·帕特森 (Mark Patterson)。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。這次電話會議結束後，我們也將在網站上發布錄製的網路廣播和投影片。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 customer results in terms of product orders unless stated otherwise. All comparisons will be made on a year-over-year basis. Please note that our discussion today will include forward-looking statements, including our guidance for the fourth quarter and fiscal year 2025.

除非另有說明，我們將根據收入討論產品結果，根據產品訂單討論地理客戶結果。所有比較將以同比為基礎進行。請注意，我們今天的討論將包括前瞻性陳述，包括我們對第四季和 2025 財年的指導。

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

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述的風險和不確定性的影響，特別是我們最近的 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。關於指導，請參閱本次電話會議附帶的幻燈片和新聞稿以了解更多詳細資訊。

Cisco will not comment on its financial guidance during the quarter unless it is done through an explicit public disclosure. Now I'll turn it over to Chuck.

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。現在我將把話題交給查克。

Thanks, Jamie, and thank you all for joining us today. Q3 was another strong quarter for Cisco, with revenue, margins, and earnings per share all above the high end of our guidance ranges. We also generated solid growth in annualized recurring revenue, remaining performance obligations and subscription revenue, which all support our future performance.

謝謝，傑米，也謝謝大家今天加入我們。第三季對思科來說又是一個強勁的季度，其營收、利潤率和每股盈餘均高於我們預期範圍的高端。我們的年度經常性收入、剩餘履約義務和訂閱收入也實現了穩健成長，這些都為我們未來的業績提供了支持。

In addition, we received AI infrastructure orders from web-scale customers in excess of $600 million in Q3 and bringing our year-to-date total to well over $1 billion, surpassing our original fiscal year 25 AI order target a full quarter early. The performance of our core business continues to produce strong cash flows, underpinning our commitment to deliver consistent capital returns.

此外，我們在第三季度收到了來自網路規模客戶超過 6 億美元的 AI 基礎設施訂單，使我們年初至今的總額遠遠超過 10 億美元，提前整整一個季​​度超過了我們最初 25 財年的 AI 訂單目標。我們核心業務的表現持續產生強勁的現金流，鞏固了我們提供持續資本回報的承諾。

In Q3, we returned $3.1 billion in capital to our shareholders through share repurchases and dividends with a total of $9.6 billion in value returned year-to-date. Our overall strong performance was a result of accelerated product innovation and solid execution by our teams driving sustained demand for our technologies.

第三季度，我們透過股票回購和股利向股東返還了 31 億美元的資本，年初至今的返還價值總計 96 億美元。我們整體的強勁表現得益於我們團隊加速的產品創新和堅實的執行，從而推動了對我們技術的持續需求。

Total product orders grew 20% year-over-year or 9% on an organic basis, excluding Splunk. Despite the uncertain macro environment, this demonstrates the valuable outcomes we are delivering for customers in the era of AI. Looking at demand in more detail by customer market.

不包括 Splunk，總產品訂單年增 20%，有機成長 9%。儘管宏觀環境不確定，但這證明了我們在人工智慧時代為客戶提供的寶貴成果。更詳細地了解客戶市場的需求。

I'd also like to remind you that Q3 of fiscal year 24 included six weeks of spot contribution. Enterprise product orders were up 22% year-over-year in Q3, driven by double-digit growth in the Americas and APJC. Public sector orders were up 8% with growth in all geographies as governments around the world continue to trust Cisco as their end-to-end technology partner. Notably, US federal orders grew double digits in Q3, after a challenging first half.

我還想提醒您，24 財年第三季包括六週的現貨貢獻。第三季企業產品訂單年增 22%，這主要得益於美洲和亞太及日本地區兩位數的成長。由於世界各國政府繼續信任思科作為其端到端技術合作夥伴，公共部門訂單增加了 8%，所有地區都實現成長。值得注意的是，在經歷了充滿挑戰的上半年之後，美國聯邦訂單在第三季實現了兩季成長。

During the quarter, our AI-powered cloud managed Meraki for government networking solution also achieved FedRAMP authorization from the US government. Product orders from service provider and cloud customers continue to be strong, up 32% year-over-year, driven by triple-digit growth in web scale with three of the top six web scalers each growing orders in the triple digits.

本季度，我們基於人工智慧的雲端管理 Meraki 政府網路解決方案也獲得了美國政府的 FedRAMP 授權。來自服務供應商和雲端客戶的產品訂單持續保持強勁，年成長 32%，這得益於網路規模的三位數成長，前六大網路擴充商中有三家的訂單均實現了三位數成長。

Now some color on demand from a product perspective. Networking product orders grew double digits driven by web-scale infrastructure, enterprise routing, switching and our industrial IoT products.

現在從產品角度來看一些按需顏色。在網路規模基礎設施、企業路由、交換和工業物聯網產品的推動下，網路產品訂單實現了兩位數成長。

Campus switching orders grew high single digits in Q3 against a tougher prior year compare, demonstrating the continued demand for our campus portfolio to enterprise customers. We also saw triple-digit sequential growth in orders for our Wi-Fi 7 portfolio in Q3.

與去年同期相比，第三季校園轉換訂單成長了個位數，顯示企業客戶對我們的校園產品組合的需求持續存在。我們也看到第三季 Wi-Fi 7 產品組合的訂單實現了三位數的連續成長。

Year-to-date orders for our industrial Internet of Things portfolio comprised of ruggedized catalyst products grew 35% year-over-year. As strategic infrastructure and manufacturing begins to onshore to the United States, Cisco is well positioned to help connect and protect these capital-intensive investments at scale. Our data center switching orders were up double digits year-to-date compared with the same period last year.

我們的工業物聯網產品組合（包括加固催化劑產品）的年初至今訂單年增了 35%。隨著戰略基礎設施和製造業開始轉移到美國本土，思科已做好準備，協助大規模連接和保護這些資本密集投資。與去年同期相比，今年迄今為止，我們的資料中心轉換訂單成長了兩位數。

Cisco was recently ranked as a market leader in Gartner's Magic Quadrant for data center switching. This is a testament to our ability to address the full range of data center switching use cases and our vision to simplify operations while enhancing security, which is essential for critical application deployments.

思科最近在 Gartner 的資料中心交換魔力像限中被評為市場領導者。這證明了我們有能力解決所有資料中心交換用例，以及我們簡化操作同時增強安全性的願景，這對於關鍵應用程式部署至關重要。

As I mentioned earlier, the AI infrastructure orders we have received from web-scale customers were exceptionally strong in the quarter, exceeding $600 million in bringing our year-to-date total to well over our $1 billion target for fiscal year 25. As expected, the product mix of these orders was more than two thirds in systems with the remainder in optics, demonstrating the growing importance of our technology to web-scale customers for their AI training use cases. AI orders from enterprise customers continue to show momentum as this large nascent market opportunity starts to unlock.

正如我之前提到的，本季我們從網路規模客戶收到的人工智慧基礎設施訂單異常強勁，超過 6 億美元，使我們年初至今的總額遠遠超過了 25 財年 10 億美元的目標。如預期的那樣，這些訂單的產品組合中超過三分之二屬於系統，其餘屬於光學產品，這表明我們的技術對於網路規模客戶的 AI 訓練用例的重要性日益增加。隨著這一巨大的新興市場機會開始顯現，來自企業客戶的人工智慧訂單持續呈現成長動能。

Enterprises are seeking simple, seamless, scalable, and secure solutions for their AI deployments which we are ready to deliver through our expanding partnership with NVIDIA. During the quarter, we announced our intent to create a cross-portfolio unified architecture, where NVIDIA will enable Cisco Silicon One to become the only third-party silicon that is included as part of the NVIDIA Spectrum ex Ethernet networking reference architecture.

企業正在為其 AI 部署尋求簡單、無縫、可擴展且安全的解決方案，我們已準備好透過與 NVIDIA 不斷擴大的合作夥伴關係來提供這些解決方案。在本季度，我們宣布了創建跨產品組合統一架構的意圖，其中 NVIDIA 將使 Cisco Silicon One 成為 NVIDIA Spectrum ex 乙太網路參考架構中唯一的第三方矽片。

Cisco will also build interoperable systems combining NVIDIA Spectrum silicon with Cisco operating system software allowing customers to simultaneous standardize Cisco networking and NVIDIA technology in the data center, across front and back-end networks.

思科也將建構將 NVIDIA Spectrum 晶片與思科作業系統軟體結合的可互作業系統，使客戶能夠同時在資料中心、前端和後端網路中標準化思科網路和 NVIDIA 技術。

We also announced a Cisco secure AI factory with NVIDIA, which will embed security end-to-end. From the application to the workload to the infrastructure, using solutions like Cisco AI Defense and hybrid mesh firewall, enabling enterprise customers to build and secure data centers to develop and run AI workloads.

我們也宣布與 NVIDIA 合作成立思科安全 AI 工廠，該工廠將實現端到端的嵌入安全性。從應用程式到工作負載再到基礎設施，使用思科 AI Defense 和混合網狀防火牆等解決方案，使企業客戶能夠建置和保護資料中心以開發和運行 AI 工作負載。

Yesterday, we announced a new multiphase investment program in the Kingdom of Saudi Arabia. Saudi Arabia announced a new AI company, HUMAIN, and we will be a strategic technology partner contributing to their AI infrastructure build-outs.

昨天，我們宣布了沙烏地阿拉伯王國的一項新的多階段投資計畫。沙烏地阿拉伯宣布成立一家新的人工智慧公司 HUMAIN，我們將成為其戰略技術合作夥伴，為其人工智慧基礎設施建設做出貢獻。

This partnership aligns with Saudi Vision 2030, contributing to the Kingdom's transformation into a diversified digital economy and enhancing its global and regional competitiveness in the AI era. In addition, we have joined the AI infrastructure partnership alongside BlackRock Global Infrastructure Partners, MGX, Microsoft, NVIDIA, XAI and Energy Partners GE Renova and exterior energy as it seeks to invest in secure, efficient, and scalable infrastructure to support AI workloads. We also announced an expanded collaboration with G42, the UA based Global Technology Group to advance how secure AI infrastructure and innovation can be scaled across public and private sectors.

此次合作符合沙烏地阿拉伯“2030願景”，有助於沙烏地王國轉型為多元化數位經濟，並增強其在人工智慧時代的全球和區域競爭力。此外，我們還與貝萊德全球基礎設施合作夥伴、MGX、微軟、NVIDIA、XAI 和能源合作夥伴 GE Renova 以及外部能源一起加入了人工智慧基礎設施合作夥伴關係，尋求投資安全、高效和可擴展的基礎設施來支援人工智慧工作負載。我們也宣布擴大與 UA 的全球技術集團 G42 的合作，以推動安全的人工智慧基礎設施和創新在公共和私營部門的擴展。

These investments and partnerships highlight our market position as a global leader and preferred partner in AI networking solutions as well as our commitment to collaborating across the industry to create a strong global ecosystem for AI.

這些投資和合作凸顯了我們作為人工智慧網路解決方案全球領導者和首選合作夥伴的市場地位，以及我們致力於與整個產業合作，為人工智慧打造強大的全球生態系統的承諾。

Additionally, we expect the sovereign AI cloud opportunity to ramp in the near term and that Cisco will be a core system provider for these significant AI training and inference cluster build-outs. As we look at the opportunity that AI presents for Cisco, it is worth reiterating that we frame it in three distinct but connected pillars.

此外，我們預計主權人工智慧雲端機會將在短期內增加，並且思科將成為這些重要人工智慧訓練和推理集群建立的核心系統提供者。當我們審視人工智慧為思科帶來的機會時，值得重申的是，我們將其概括為三個不同但相互關聯的支柱。

First, AI training infrastructure for web-scale customers. combinations of our Cisco 8-K, Silicon 1 optics and optical systems are being deployed by five of the six largest web scalers.

首先，為網路規模客戶提供AI訓練基礎設施。六大網路擴充商中的五家正在部署我們的 Cisco 8-K、Silicon 1 光學元件和光學系統的組合。

Second, AI inference and enterprise clouds. Our generated innovation in hardware and software, coupled with our NVIDIA partnership is designed to simplify and derisk AI infrastructure deployment for the enterprise.

第二，AI推理和企業雲。我們在硬體和軟體方面的創新，加上我們與 NVIDIA 的合作，旨在簡化企業的 AI 基礎設施部署並降低風險。

And third, AI network connectivity. Customers are leveraging our technology platforms to help modernize, secure, and automate their network operations to prepare for pervasive deployment of AI agents and applications. With a genetic AI, the network is fundamentally constrained and will require ultrafast, low-latency, energy-efficient networks, which we can deliver.

第三，人工智慧網路連線。客戶正在利用我們的技術平台來幫助實現其網路營運的現代化、安全和自動化，為廣泛部署人工智慧代理和應用程式做好準備。有了基因人工智慧，網路就會受到根本的限制，需要超快、低延遲、節能的網絡，而我們可以提供這些。

Shifting to security. Orders grew in high double digits in Q3. Our security orders included a large multiyear deal with a major financial services company for Splunk's security and observability platforms, which was driven by our combined sales force. This was a win for Splunk from an industry competitor and is a strong proof point of our go-to-market synergy. This was also the largest deal ever for Splunk.

轉向安全。第三季訂單量實現了兩位數的高成長。我們的安全訂單包括與一家大型金融服務公司達成的一項為期多年的大型交易，該交易針對的是 Splunk 的安全和可觀察性平台，由我們的聯合銷售團隊推動。這是 Splunk 戰勝產業競爭對手的勝利，也是我們市場綜效的有力證明。這也是 Splunk 有史以來最大的一筆交易。

Our recently launched security products of Secure Access, XDR and Hypershield collectively added over 370 new customers in the quarter. The majority of our new Hypershield enterprise customers are bundling it with our new in 9300 Smart Switch because of our unique ability to embed security directly into the fabric of the network. Now I'd like to comment on some highlights from our accelerating innovation pipeline.

我們最近推出的安全產品 Secure Access、XDR 和 Hypershield 在本季共增加了 370 多家新客戶。由於我們具有將安全性直接嵌入網路結構的獨特能力，因此大多數新的 Hypershield 企業客戶都將其與我們的新 9300 智慧交換器捆綁在一起。現在我想評論一下我們加速創新管道的一些亮點。

Safety and security will be the defining challenge of Agentic-AI, and we recently introduced several innovations designed to help security professionals harness the power of AI while keeping security at the forefront. These include Cisco XDR correlating attack telemetry across network, endpoint, and cloud, using new AI-powered solutions to empower security teams to understand complex threats and seconds.

安全和保障將是 Agentic-AI 的決定性挑戰，我們最近推出了多項創新，旨在幫助安全專業人員利用人工智慧的力量，同時將安全放在首位。其中包括思科 XDR 跨網路、端點和雲端關聯攻擊遙測，使用新的人工智慧解決方案使安全團隊能夠了解複雜的威脅和秒數。

Agentic AI advancements for Cisco XDR and Splunk to simplify threat detection and response. A new partnership with ServiceNow, which will integrate their security operations capabilities with Cisco AI Defense and the launch of Foundation AI, a team of leading AI and security experts focused on developing cutting-edge technology to address the fundamental security issues of the AI era with novel open source tools, including the first reasoning model to enhance security applications.

Agentic AI 針對 Cisco XDR 和 Splunk 的改進可簡化威脅偵測和回應。與 ServiceNow 建立新的合作夥伴關係，將其安全營運能力與思科 AI Defense 結合，並推出 Foundation AI，這是一支由領先的人工智慧和安全專家組成的團隊，專注於開發尖端技術，利用新穎的開源工具解決人工智慧時代的基本安全問題，包括第一個增強安全應用的推理模型。

Just last week, we introduced Cisco's Quantum network in Santa Monica, a revolutionary prototype making real-world quantum networking applications possible in order to speed up the future of quantum computing. These applications will solve complex customer challenges and drive innovation across industries from supply chain optimization to accelerating drug discovery.

就在上週，我們在聖莫尼卡推出了思科的量子網絡，這是一個革命性的原型，它使現實世界的量子網路應用成為可能，從而加速量子運算的未來發展。這些應用程式將解決複雜的客戶挑戰，並推動從供應鏈優化到加速藥物發現等各個行業的創新。

In addition, we are using Gen AI and genetic systems across our customer experience organization to maximize customer value, deliver great experiences, boost productivity, and create capacity. Today, over 60% of support cases are touched by AI-driven automation, which is driving up the proportion of complex cases we can solve within one day.

此外，我們在整個客戶體驗組織中使用 Gen AI 和遺傳系統來最大化客戶價值、提供出色的體驗、提高生產力並創造產能。如今，超過 60% 的支援案例都由人工智慧驅動的自動化處理，這提高了我們一天內可以解決的複雜案例的比例。

In addition, low severity cases have reduced as more customers are using our AI support assistant. Also, our AI renewals agent has enabled us to increase the capacity of our renewal specialists. As you can see, we are driving an enormous amount of innovation, and I look forward to showcasing even more new customer-centric solutions at Cisco Live next month. Before I turn it over to Scott, I'd also like to share some important organizational announcements.

此外，隨著越來越多的客戶使用我們的人工智慧支援助手，低嚴重程度的案例有所減少。此外，我們的 AI 續約代理使我們能夠提高續約專家的能力。如您所見，我們正在推動大量創新，我期待下個月在 Cisco Live 上展示更多以客戶為中心的新解決方案。在將發言權交給史考特之前，我還想分享一些重要的組織公告。

After careful consideration, Scott has made the decision to retire at the end of fiscal year 2025. As many of you know, Scott joined us in 2020 during a period of great uncertainty around the world and he has been instrumental in driving our transition towards more software and recurring revenue. This has driven greater predictability for our business and increase shareholder value. And I want to thank Scott for all that he has done for Cisco. I am grateful for his partnership as we've managed through many unprecedented situations together.

經過深思熟慮，斯科特決定在2025財年末退休。眾所周知，史考特於 2020 年加入了我們，當時全球正處於極不確定的時期，他在推動我們向更多軟體和經常性收入轉型方面發揮了重要作用。這提高了我們業務的可預測性並增加了股東價值。我要感謝史考特為思科所做的一切。我很感激他的合作，我們一起度過了許多前所未有的情況。

I'm happy to share the beginning day one fiscal year 2026, Mark Patterson, our current Chief Strategy Officer, will serve as Sysco's new Chief Financial Officer. In Mark's nearly 25 years at Cisco, he's held leadership roles in finance, strategy, and operations. He also spent over a decade in sales, working in roles that span every customer segment and geography.

我很高興地宣布，從 2026 財年開始，我們現任首席策略長 Mark Patterson 將擔任 Sysco 的新任財務長。馬克在思科工作的近 25 年裡，曾擔任財務、策略和營運方面的領導職務。他也從事銷售工作十多年，擔任過涉及各個客戶群和地區的職務。

Most recently, leading our corporate strategy, development and incubation organization Mark's focus has been on connecting our longer-term strategy and investments with our immediate and urgent growth opportunities. The breadth of his experience, along with his deep knowledge of Cisco and our customers, partners and investor community uniquely position him to help accelerate Cisco's growth in this new role.

最近，馬克領導我們的企業策略、發展和孵化組織，重點是將我們的長期策略和投資與我們當前和緊迫的成長機會聯繫起來。他豐富的經驗以及對思科以及我們的客戶、合作夥伴和投資者社群的深入了解，使他能夠以獨特的方式幫助思科在這一新職位上加速發展。

I'm also excited to announce the promotion of Jeetu Patel to President and Chief Product Officer. Under G2's leadership over the past nine months, he has unified our product vision and strategy and vastly accelerated our innovation pipeline, focusing on delivering even greater value for our customers and our partners. We also announced the appointment of Kevin Will, Chief Product Officer of OpenAI to Cisco's Board of Directors yesterday. These announcements further our confidence in Cisco's long-term success and durability in the era of AI. To summarize the quarter, we are seeing clear demand for our technology across our customer markets.

我還很高興地宣布 Jeetu Patel 晉升為總裁兼首席產品長。在過去九個月的 G2 領導下，他統一了我們的產品願景和策略，大大加快了我們的創新管道，專注於為我們的客戶和合作夥伴提供更大的價值。我們昨天也宣布任命 OpenAI 首席產品長 Kevin Will 加入思科董事會。這些公告進一步增強了我們對思科在人工智慧時代的長期成功和持久性的信心。總結本季度，我們看到客戶市場對我們的技術有明顯的需求。

Our innovation pipeline continues to accelerate as we view security deep into our networking products, and our strong performance is fueling our capital allocation model, returning significant value to our shareholders. Now I'll turn it over to Scott for more detail on the quarter and our outlook.

隨著我們深入研究網路產品的安全性，我們的創新管道不斷加速，強勁的業績為我們的資本配置模式提供了動力，為股東帶來了巨大的價值。現在我將把話題交給史考特，讓他詳細介紹本季和我們的展望。

Thanks, Chuck. 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. For the quarter, total revenue was $14.1 billion, up 11% year-over-year. Non-GAAP net income was $3.8 billion and non-GAAP earnings per share was $0.96. Looking at our Q3 revenue in more detail.

謝謝，查克。我們本季業績表現強勁，營收和每股盈餘均高於預期範圍的上限，同時利潤率和經營現金流也十分穩健。本季總營收為 141 億美元，年增 11%。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 0.96 美元。更詳細地了解我們的第三季收入。

Total product revenue was $10.4 billion, up 15% and services revenue was $3.8 billion, up 3%. Networking was up 8%, with growth across most of the portfolio, led by double-digit growth in switching and enterprise routing, partially offset by a decline in servers. Security was up 54%, primarily driven by growth in our offerings from Splunk and Sassy. Collaboration was up 4%, driven by growth in Devices, WebEx suite and our CPaaS offerings and observability was up 24%. Looking at our recurring metrics.

總產品收入為 104 億美元，成長 15%，服務收入為 38 億美元，成長 3%。網路業務成長了 8%，大部分產品組合均實現成長，其中交換器和企業路由業務實現了兩位數成長，但伺服器業務的下滑部分抵消了這一成長。安全性提高了 54%，主要得益於 Splunk 和 Sassy 產品的成長。協作成長了 4%，這得益於設備、WebEx 套件和我們的 CPaaS 產品的成長，可觀察性成長了 24%。查看我們的重複指標。

Total ARR ended the quarter at $30.6 billion, an increase of 5% with product ARR growth of 8%. Total subscription revenue increased 15% to $7.9 billion and represents 56% of Cisco's total revenue. Total software revenue was up 25% at $5.6 billion, with software subscription revenue up 26%. Total RPO was $41.7 billion, up 7%. Product RPO grew 10% and total short-term RPO and was $21.1 billion, up 5%.

本季末，總 ARR 達到 306 億美元，成長 5%，其中產品 ARR 成長 8%。總訂閱營收成長 15%，達到 79 億美元，佔思科總營收的 56%。總軟體營收成長 25%，達到 56 億美元，其中軟體訂閱收入成長 26%。RPO總額為417億美元，成長7%。產品 RPO 成長了 10%，短期 RPO 總額達到 211 億美元，成長了 5%。

Q3 product orders were up 20% year-over-year, excluding Splunk, product orders were up 9% year-over-year. Looking at product orders across our geographic segments. Americas was up 27%, EMEA was up 4%, and APJC was up 21%.

Q3產品訂單年增20%，不包括Splunk，產品訂單較去年同期成長9%。查看我們各個地理區域的產品訂單。美洲地區上漲 27%，歐洲、中東和非洲地區上漲 4%，亞太及日本地區上漲 21%。

In our customer markets, service provider and cloud was up 32%, Enterprise was up 22% and public sector was up 8% Total non-GAAP gross margin came in at 68.6%, up 30 basis points year-over-year, coming in above the high end of our guidance range. Non-GAAP product gross margin was 67.6%, up 70 basis points driven by productivity improvements and Splunk, partially offset by pricing.

在我們的客戶市場中，服務供應商和雲端運算成長了 32%，企業成長了 22%，公共部門成長了 8%。非 GAAP 總毛利率達到 68.6%，年增 30 個基點，高於我們指導範圍的高端。非 GAAP 產品毛利率為 67.6%，受生產力提高和 Splunk 推動上漲 70 個基點，但部分被定價所抵銷。

Non-GAAP services gross margin was 71.3%, down 30 basis points. The impact of tariffs on our gross margin was favorable to what was estimated in the guidance we provided last quarter. We continue our focus on profitability and financial discipline with non-GAAP operating margin at 34.5%, above the high end of our guidance range.

非公認會計準則服務毛利率為71.3%，下降30個基點。關稅對我們毛利率的影響與我們上個季度提供的指引中的估計一致。我們繼續關注獲利能力和財務紀律，非公認會計準則營業利潤率為 34.5%，高於我們指導範圍的高端。

We recorded a non-GAAP tax rate of 17.5% for the quarter, which was favorable by 1.5-percentage-points compared to what was assumed in our guidance, primarily due to an increase in tax benefit from the foreign-derived intangible income deduction and onetime benefits. Shifting to the balance sheet.

本季我們記錄的非公認會計準則稅率為 17.5%，比我們的預期高出 1.5 個百分點，這主要是由於外國衍生無形收入扣除和一次性福利帶來的稅收優惠增加。轉向資產負債表。

We ended Q3 with total cash, cash equivalents and investments of $15.6 billion. Operating cash flow was $4.1 billion, up 2%, primarily driven by revenue and earnings growth. From a capital allocation perspective, we returned $3.1 billion to shareholders during the quarter comprised of $1.6 billion for our quarterly cash dividend and $1.5 billion of share repurchases with $15.4 billion remaining under our share repurchase program.

截至第三季末，我們的現金、現金等價物及投資總額為 156 億美元。經營現金流為 41 億美元，成長 2%，主要受收入和獲利成長的推動。從資本配置角度來看，本季我們向股東返還了 31 億美元，其中包括 16 億美元的季度現金股利和 15 億美元的股票回購，而我們的股票回購計畫剩餘 154 億美元。

We continue to invest organically and inorganically in our innovation pipeline. During Q3, we closed the acquisition of SnapAttack, which adds capability to Splunk and helping organizations power the security operations center of the future.

我們將繼續以有機和無機的方式投資於我們的創新管道。在第三季度，我們完成了對 SnapAttack 的收購，這增強了 Splunk 的功能並幫助組織為未來的安全營運中心提供支援。

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

總而言之，在訂單和利潤率強勁增長的推動下，我們又度過了一個穩健的季度，頂線和底線表現超出了我們的預期。我們將繼續專注於對整個業務的創新進行策略性投資，以最大限度地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。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豐厚價值的能力。

Turning to guidance. While we've seen some progress on tariffs, there continues to be uncertainty our guide assumes current tariffs and exemptions remain in place through the quarter. These include the following: China at 30%, partially offset by an exemption for semiconductors and certain electronic components.

轉向指導。雖然我們看到關稅方面取得了一些進展，但仍然存在不確定性，我們的指南假設當前的關稅和豁免將在本季度繼續有效。其中包括：中國為 30%，部分由半導體和某些電子元件的豁免所抵銷。

Mexico and Canada at 25% for the components and products that are not eligible for the current US MCA exemptions. Other countries at a base rate of 10% until the end of the 90-day pause on July 9 and then reverting to country-specific reciprocal tariffs partly offset by an exemption for semiconductors and certain electronic components.

對於不符合美國現行 MCA 豁免資格的零件和產品，墨西哥和加拿大的稅率為 25%。其他國家則以 10% 的基準稅率徵收，直至 7 月 9 日 90 天的暫停期結束，之後將恢復針對特定國家的互惠關稅，但部分關稅將由對半導體和某些電子元件的豁免來抵消。

And finally, a small impact from tariffs on steel and aluminum and retaliatory tariffs. We'll continue to leverage our world-class supply chain team to help mitigate the impact where appropriate through the flexibility and agility we have built into our operations over the last few years. The size and scale of our supply chain provides us some unique advantages as we support our customers globally.

最後，鋼鐵和鋁關稅以及報復性關稅的影響較小。我們將繼續利用我們世界一流的供應鏈團隊，透過過去幾年我們在營運中建立的靈活性和敏捷性，幫助在適當的情況下減輕影響。我們供應鏈的規模和範圍為我們在全球範圍內為客戶提供支援提供了一些獨特的優勢。

For fiscal Q4, our guidance is we expect revenue to be in the range of $14.5 billion to $14.7 billion, we anticipate non-GAAP gross margin to be in the range of 67.5% to 68.5%. Non-GAAP operating margin is expected to be in the range of 33.5% to 34.5%, and non-GAAP earnings per share is expected to range from $0.96 to $0.98, and we're assuming a non-GAAP effective tax rate of approximately 18%.

對於第四財季，我們預計營收將在 145 億美元至 147 億美元之間，非 GAAP 毛利率將在 67.5% 至 68.5% 之間。非公認會計準則營業利潤率預計在 33.5% 至 34.5% 之間，非公認會計準則每股收益預計在 0.96 美元至 0.98 美元之間，我們假設非公認會計準則有效稅率約為 18%。

For the full year fiscal '25, our guidance is -- we expect revenue to be in the range of $56.5 billion to $56.7 billion, and non-GAAP earnings per share is expected to range from $3.77 to $3.79. Sami let's now move into the Q&A.

對於 25 財年全年，我們的預期是——我們預計收入將在 565 億美元至 567 億美元之間，非 GAAP 每股收益預計在 3.77 美元至 3.79 美元之間。薩米，現在我們進入問答環節。

Thank you, Scott. 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. Operator, can we move to the first analyst in the queue.

謝謝你，斯科特。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。接線員，我們可以轉到佇列中的第一位分析師嗎？

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Great. And congrats on the quarter. Maybe the two questions for me. Just one, what are you seeing in terms of customer buying behavior right now, just given the uncertainty kind of with some of the tariffs that you laid out and just whether you kind of saw any pull forward potentially in April. And then just maybe as a second question, just any commentary around public sector and federal kind of around the same questions.

偉大的。恭喜本季取得佳績。也許對我來說這兩個問題都是這樣的。只有一個問題，考慮到您所列出的某些關稅的不確定性，您現在看到的客戶購買行為是什麼樣的，以及您是否看到 4 月份可能出現任何提前購買的情況。然後也許作為第二個問題，只是圍繞公共部門和聯邦類似的問題的任何評論。

Yes, Meta, thank you. I'm going to -- I'll give you some commentary, and then I'm going to ask Scott to give you some data points on this pull-ahead issue. But I'd say from a customer behavior perspective, first of all, we haven't seen any meaningful change in how and they're purchasing. And so we haven't seen any customers really fundamentally slowing down. They're still committed to the technology transition.

是的，Meta，謝謝你。我將——我將給你一些評論，然後我將請斯科特給你一些關於這個提前問題的數據點。但我想說，從客戶行為的角度來看，首先，我們還沒有看到他們的購買方式有任何有意義的改變。因此，我們尚未看到任何客戶真正從根本上放緩。他們仍然致力於技術轉型。

I think the AI transition is just so important they're going to continue to spend until they just absolutely have to stop. And I think that as of right now, they're still comfortable. As it relates to pull forwards, look, I think I'm sure there was an order here or there from a customer who decided to pull something forward because they were concerned about tariffs.

我認為人工智慧轉型非常重要，他們會繼續投入，直到絕對必須停止為止。我認為截至目前，他們仍然感到舒適。就其與提前下單有關而言，你看，我認為我確信這裡或那裡有來自客戶的訂單，他們決定提前下單，因為他們擔心關稅。

But we looked at a ton of data points to see if we saw any signs of broad-based pull ahead business, and we did not. And I'm going to ask Scott real quick to share some of those data points, and then I'll answer the public sector.

但我們查看了大量數據點，想看看是否能發現任何廣泛的領先業務跡象，但並沒有。我將快速請斯科特分享一些數據點，然後我會回答公共部門的問題。

Thanks, Chuck. And I should remind you, too, Meta, that we didn't motivate a lot of pull ahead by talking about price increases. If you remember, the way we talked about the impact of tariffs to us, we had a number of levers. We have a great world-class supply chain team. Once the tariff scenario stabilizes, there are steps that we can take to mitigate it, as you've seen us do with the China tariffs from the first Trump administration.

謝謝，查克。而且我也應該提醒你，Meta，我們並沒有透過談論漲價來激發很多進步。如果你還記得的話，我們在談論關稅對我們的影響時，提出了一些措施。我們擁有一支優秀的世界級的供應鏈團隊。一旦關稅情況穩定下來，我們就可以採取一些措施來緩解它，就像你們看到我們在川普第一屆政府時期對中國徵收關稅時所做的那樣。

And only after that, would we consider pricing. So we didn't build a strong motivation. But we looked at -- after speaking to our channel partners who also didn't see any buy ahead or delay behavior by the way, and our own sales team, we looked at channel inventory, which you would think would go up. It did not. It actually was down.

只有在此之後，我們才會考慮定價。所以我們沒有建立起強大的動力。但是，在與我們的通路合作夥伴和我們自己的銷售團隊交談後，我們查看了通路庫存，順便說一句，他們也沒有看到任何提前購買或延遲行為，您認為庫存會增加。但事實並非如此。它實際上已經倒下了。

We worked closely with the web scalers we understand not just what they have on order, but what they have on hand. Actually, web scaler inventory on hand went down during the quarter. We looked at Meraki activations. We know when a serial number x leaves the factory floor and when it gets activated when we had built up some inventory at our customers, you recall that period of time between shipment and activation extended. It's stayed right where it was, which is back in line with where it was pre pandemic. So there's no indication there.

我們與網路擴展器密切合作，我們不僅了解他們的訂單，還了解他們手頭上有什麼。實際上，本季現有的網路擴展器庫存有所下降。我們研究了 Meraki 活化。我們知道序號 x 何時離開工廠車間，何時在客戶處建立一些庫存時激活，您還記得發貨和激活之間的時間間隔延長了。它保持原來的狀態，與大流行之前的狀態一致。所以那裡沒有跡象。

Of course, we look at linearity and in particular, to see if we saw a spike in the third month, which, if you recall, the (technical difficulty) tariffs were announced on April 2. And so if there was some buy-ahead activity, we would have seen a heavier month. We did not see that. We saw the exact same linearity that we had seen historically there.

當然，我們會觀察線性，特別是看看我們是否在第三個月看到峰值，如果你還記得的話，（技術難度）關稅是在 4 月 2 日宣布的。因此，如果存在一些提前購買活動，我們將看到更繁忙的一個月。我們沒有看到這一點。我們看到了與歷史上所見完全相同的線性。

We look at our pipeline for pull-ahead or push outs, nothing out of the ordinary there. And I'd say the last metric is we look at when a customer orders today but request a future ship date. There's always a little bit of that that happens. But we look to see was there a pattern of a lot of orders that came in with a future ship date, and there was nothing out of the ordinary either. So we really don't see any signs of any notable pull ahead or for that matter, push out.

我們查看了管道是否有提前或推遲的情況，並沒有什麼異常。我想說的最後一個指標是，我們查看客戶今天下訂單但要求未來的發貨日期。總是會發生一些這樣的事。但我們觀察發現，大量訂單都帶有未來的出貨日期，這其中也沒有什麼異常。因此，我們確實沒有看到任何明顯領先或落後的跡象。

Sami, let me cover the public sector. So just -- I know we put this in the corresponding slides, I think, but Global Public Sector was up 8%. If you just look at the organic growth, it was up 3% globally. We saw -- in the US, we saw strength in federal ironically. So we saw a double-digit order growth in US Federal this quarter. And candidly, that was with our biggest deal slipping out.

薩米，讓我來報道公共部門。所以只是——我知道我們把它放在了相應的幻燈片中，但全球公共部門增長了 8%。如果只看有機成長，全球成長了 3%。我們看到──在美國，諷刺的是，我們看到了聯邦政府的力量。因此，我們看到本季美國聯邦的訂單實現了兩位數的成長。坦白說，這是我們最大的一筆交易失敗了。

So that was positive. I would say there still continues to be stress on the civilian side obviously, with agencies that have been shut down with employees who are worried about their jobs, there's a lot of just human capital concern on the civilian side, but it's also important to remember that that's about a quarter of our federal business, 75% of it is intelligence and Department of Defense. So overall, we were pleased with public sector during the quarter.

所以這是積極的。我想說，民事方面顯然仍然存在壓力，一些機構被關閉，員工擔心自己的工作，民事方面有很多人力資本方面的擔憂，但同樣重要的是要記住，這大約占我們聯邦業務的四分之一，其中 75% 是情報和國防部。總體而言，我們對本季的公共部門感到滿意。

Michelle, can we go to the next analyst.

米歇爾，我們可以找下一位分析師嗎？

Tal Liani, Bank of America.

塔爾·利亞尼（Tal Liani），美國銀行。

So this year, Meta is growing CapEx by 70%, and you see very strong growth across the board. And the question is I know you're only now ramping networking, but the question is whether 2025, you think is a peak year. CapEx will likely slow down materially slow down. What happens to Cisco in an environment where cloud CapEx is slowing down?

因此，今年 Meta 的資本支出成長了 70%，而且你會看到整體成長非常強勁。問題是，我知道您現在才開始加強網路建設，但問題是，您認為 2025 年是否是巔峰年。資本支出可能會大幅放緩。在雲端運算資本支出放緩的環境下，思科會發生什麼情況？

First of all, I don't know that I would suggest that the cloud CapEx, particularly on a global basis, as you see the announcements that were made in the Middle East this week, we're seeing sovereign cloud strategies being built around the world. So I think on a global basis, I don't think that will be the case.

首先，我不知道我是否會建議雲端運算資本支出，特別是在全球範圍內，正如您所看到的本週在中東發布的公告，我們看到世界各地正在建立主權雲端策略。因此我認為從全球角度來看，情況不會如此。

And talking to these customers, I don't anticipate that they have a huge demand for slowing down. I think that you may see a different balance between their investments on capital to serve enterprise customers leveraging these models through inference and other things. But I don't anticipate it's going to be that 2025 is going to be a peak year. I think this has many years to run.

與這些客戶交談後，我預計他們不會有太大的減速需求。我認為您可能會看到他們在資本投資與透過推理和其他方式利用這些模型為企業客戶提供服務之間的不同平衡。但我並不認為 2025 年會是巔峰之年。我認為這還需要很多年。

And Tal, just to remind you on the tail end of building out all the public cloud infrastructure for training, there's a significantly larger opportunity in enterprise AI, right, as they build out the capability to do inferencing inside their own data centers. So I think there's a -- in aggregate, the AI opportunity has several years to run at this point.

Tal，我只是想提醒你，在建立所有用於培訓的公有雲基礎設施的最後階段，企業 AI 中存在著更大的機會，因為他們在自己的資料中心內建立了推理能力。所以我認為，總的來說，人工智慧的機會目前還有幾年的時間。

Michelle, we can move to the next analyst.

米歇爾，我們可以請下一位分析師了。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

And congrats on the quarter and Scott on the future retirement. I guess I'll ask my kind of two quick questions in conjunction here. So I want to -- I think, Chuck, in the prepared comments, you referenced a large sovereign deployment opportunity that is coming here soon. I guess the first question on that is that is that currently in your order book, the $600 million you saw this last quarter? And if not, how do you think about the size of those opportunities?

恭喜本季取得的成績，並祝賀斯科特未來退休。我想我會在這裡結合自己的情況提出兩個簡單的問題。所以我想——查克，我想，在準備好的評論中，你提到了一個即將到來大型主權部署機會。我想第一個問題是，目前您的訂單中是否有上季的 6 億美元？如果不是，您認為這些機會有多大？

And then a quick follow-on is I think this last quarter, you launched or you started shipping your 51.2 (technical difficulty) I think it's the G200 silicon. Can you just give us an update on what you're seeing in the data center switching side and if that really becomes a catalyst year as we look out over the next couple of quarters?

然後快速跟進一下，我認為在上個季度，您推出或開始運送 51.2（技術難度）我認為是 G200 矽片。您能否向我們介紹一下您在資料中心交換方面看到的最新情況，以及這是否真的會成為我們展望未來幾季的催化劑年？

Yes. Thanks, Aaron. So I think you're referencing the HUMAIN announcement that we made yesterday or the Saudis made early this week, they announced the creation of this company. We've been working with them on this for months and the short answer is there's absolutely no orders in the $600 million from them. They are just getting started.

是的。謝謝，亞倫。所以我認為您指的是我們昨天發布的 HUMAIN 公告或沙烏地阿拉伯本週早些時候發布的公告，他們宣布成立這家公司。我們已經與他們就此合作了數月，簡而言之，他們根本沒有為這 6 億美元提供任何訂單。他們才剛開始。

We've got a team of people returning to the Middle East next week to spend more time with them. I think it's important to note on HUMAIN, the CEO there is an individual named Tareq Amin and just to you some background on Tareq he was the CTO at Reliance Jio when we built that network with them over the course of several years.

我們有一個團隊將於下週返回中東，與他們共度更多時光。我認為值得注意的是，HUMAIN 的執行長是 Tareq Amin，我向你介紹一下 Tareq 的背景，在我們與 Reliance Jio 合作建立網絡的幾年裡，他曾擔任該公司的首席技術官。

And then he was the CEO of Rakuten when we built with him the Open RAN mobile network in Japan. And so we've been engaged with Tareq since he actually moved into Saudi Arabia and he is a good friend, an old friend. We've been doing large-scale projects with them for a dozen years now.

後來，他擔任樂天首席執行官，我們與他一起在日本建立了 Open RAN 行動網路。自從塔里克搬到沙烏地阿拉伯以來，我們就一直與他保持聯繫，他是我們的好朋友，老朋友。我們已經與他們合作進行大型專案十幾年了。

So he knows us. We know him well, and we're looking forward to that opportunity. So I think that's not included in any of our forecasts from our sales teams or anything at this point. On the second point, the G200 chip, I would say it is at the heart of the any of these systems orders. So I made a comment that of the $600 million-plus, two thirds of it was systems, and those systems would be based on the G200, and I would tell you that right now, those customers are telling us that they -- if we could get more capacity out, they would buy more.

所以他認識我們。我們很了解他，也期待這個機會。所以我認為目前我們的銷售團隊的任何預測中都沒有包括這一點。關於第二點，G200 晶片，我想說它是任何這些系統訂單的核心。因此我評論說，在這 6 億多美元中，三分之二是系統，而這些系統將基於 G200，而且我現在要告訴你，那些客戶告訴我們，如果我們能夠提供更多的容量，他們就會購買更多。

So it's actually doing well right now. And we've got a number of other chips that are in various stages of the process for the next-generation platforms that we're also looking forward to.

所以它現在實際上表現良好。我們還有許多其他晶片處於下一代平台的不同研發階段，我們也對此充滿期待。

Michelle, we can move to the next analyst.

米歇爾，我們可以請下一位分析師了。

Samik Chatterjee, JPMorgan

摩根大通 Samik Chatterjee

This is Joseph Cardoso on for Samik Chatterjee. I also wanted to follow up on the Middle East announcements. Maybe a two-parter here is just, can you elaborate on how Cisco is looking to participate here, particularly as it relates to the portfolio? And I know it's early days, but any early insights that you can share into the timing and magnitude of these opportunities for the company as kind of investors are looking to embed it potentially into the model? And then I have a follow-up.

這是薩米查特吉 (Samik Chatterjee) 的約瑟夫卡多佐 (Joseph Cardoso我還想關注中東的公告。也許這裡只是兩個部分，您能否詳細說明思科希望如何參與其中，特別是與投資組合相關的部分？我知道現在還為時過早，但是作為投資者，您是否可以分享一些關於公司這些機會的時機和規模的早期見解，以將其嵌入到模型中？然後我有一個後續問題。

You want to go ahead and ask your follow-up, Joe, we'll just get them both.

如果你想繼續問你的後續問題，喬，我們會把他們都得到。

Yes, sure. And the follow-up is actually just more on the enterprise vertical, particularly campus. Obviously, orders are coming in good on the enterprise vertical. But just curious if you could what are you hearing from customers on this front and the momentum that you're seeing in kind of the order backlog order backlog here and how you're thinking about the opportunity around the recovery relative to when we last put 90 days ago.

是的，當然。後續行動實際上更集中在企業垂直領域，特別是校園領域。顯然，企業垂直領域的訂單情況良好。但我只是好奇您是否可以從客戶那裡聽到什麼關於這方面的情況，以及您看到的訂單積壓勢頭，以及相對於我們上次 90 天前相比，您如何看待復甦的機會。

Okay. So on the Middle East front, I will just tell you that Tareq made a comment to me that they're behind and they're going to catch up. So I think they're going to spend a lot of money, and I think they're going to spend it as quickly as they possibly can. It's hundreds of billions of dollars at the end of the day that they will be spending. If you go to the HUMAIN their website and scroll down, they list their initial strategic partners.

好的。因此，在中東方面，我只想告訴你，塔里克曾對我說，他們已經落後了，但他們將會迎頭趕上。所以我認為他們會花很多錢，而且我認為他們會盡快花掉這些錢。最終他們將花費數千億美元。如果您造訪 HUMAIN 網站並向下捲動，他們會列出他們最初的策略夥伴。

So you can see, but our discussions with them have been around the networking, compute, security, and observability. So that represents a pretty good opportunity for us. And I think there'll be as big as any of the major web scalers in the United States is how I would think about it.

所以你可以看到，我們與他們的討論主要圍繞在網路、計算、安全和可觀察性。這對我們來說是一個很好的機會。我認為它的規模將與美國任何一家大型網路擴展器一樣大。

On the enterprise campus front, yes, we saw strong orders in campus switching. We saw the triple-digit sequential growth in orders for Wi-Fi 7. We saw really strong growth in our enterprise routing portfolio this quarter.

在企業園區方面，是的，我們看到了校園轉換方面的強勁訂單。我們看到 Wi-Fi 7 的訂單量連續三位數成長。本季度，我們的企業路由產品組合實現了強勁成長。

So we still see customers investing heavily in modernizing their infrastructure. And the general belief and feedback that we're getting from these customers is as they get ready to roll out a genetic AI, in particular, the network is absolutely going to be key because of the real-time nature of this communication, and they all want to make sure that while they may not know exactly what those applications are going to look like right now.

因此，我們仍然看到客戶在基礎設施現代化方面投入大量資金。我們從這些客戶那裡得到的普遍看法和回饋是，當他們準備推出基因人工智慧時，網路絕對是關鍵，因為這種通訊具有即時性，他們都想確保這一點，儘管他們現在可能還不知道這些應用程式到底是什麼樣子。

They absolutely know they're going to need the most modern networks they can have. And I think that's what's driving it right now.

他們絕對知道他們將需要最現代化的網路。我認為這就是當前的推動因素。

Michelle, we can move to the next analyst.

米歇爾，我們可以請下一位分析師了。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

Congratulations, Scott, on the upcoming retirement. I really appreciate all your time and help throughout the years. As it relates to my two questions. First, I was just wondering if you could talk a little bit more about the networking orders strength in the quarter. How much of that was the broad recovery and things like campus how much did the product cycle of Wi-Fi 7 contribute?

祝賀斯科特即將退休。我非常感謝您多年來給我的時間和幫助。因為它與我的兩個問題有關。首先，我想知道您是否可以再多談談本季的網路訂單實力。其中有多少是廣泛的復甦以及校園等事物對 Wi-Fi 7 的產品週期的貢獻？

And could we expect that to continue over the next 12 to 18 months here or so. And then second, just a housekeeping question. I was wondering if you could just share the organic revenue growth rates for the company and the segment ex Splunk, if you have that off hand.

我們是否可以預期這種情況在未來 12 到 18 個月左右會持續下去？其次，這只是一個常規問題。我想知道您是否可以分享一下公司和 Splunk 以外的部門的有機收入成長率，如果您有的話。

Okay. I think on the networking order strength, I think it was across the board. As I was saying earlier, I think we saw it in the enterprise switching space, we saw it in -- we saw growth in data center switching. We saw it in we saw strong growth in enterprise routing.

好的。我認為就網路訂單強度而言，它是全面的。正如我之前所說的，我認為我們在企業交換領域看到了它，我們看到了它——我們看到了資料中心交換的成長。我們看到企業路由的強勁成長。

We saw that triple-digit sequential growth in Wi-Fi 7. I do think, to your point, it's a 12- to 18-month cycle. I think once the -- once customers begin this, I mean it's just -- it's a standard upgrade cycle that we see -- that we've seen historically. I think the way to think about it is we've talked about the fact that there's a window and there's sort of a time frame where we typically deliver refreshed products, whether it's the Wi-Fi portfolio or the campus switching portfolio.

我們看到 Wi-Fi 7 實現了三位數的連續成長。我確實認為，正如你所說，這是一個 12 到 18 個月的周期。我認為，一旦客戶開始這樣做，這只是我們所看到的標準升級週期，這是我們歷史上所見過的。我認為思考這個問題的方式是，我們已經討論過這樣一個事實，即我們通常會在某個時間窗口和時間範圍內提供更新的產品，無論是 Wi-Fi 產品組合還是校園交換產品組合。

And so when that begins as well, then that will also enhance that ongoing opportunity, I think, as we go to -- as we look to the future. So Scott, do you want to talk a little bit of organic rep?

因此，當這一切開始時，我認為，當我們展望未來時，這也將增強這一持續的機會。那麼史考特，你想談談有機代表嗎？

Yes. And Michael, thanks for the comments and for the question. First of all, I should say, Splunk is performing in line with or actually slightly ahead of our expectations on both revenue and profitability, consistent with what we told you last quarter. The integration has gone really well. The people side of integration is pretty much complete at this point across all functions.

是的。邁克爾，謝謝你的評論和提問。首先，我應該說，Splunk 的收入和盈利能力都符合甚至略高於我們的預期，這與我們上個季度告訴您的情況一致。整合進展非常順利。目前，所有職能部門的人員整合工作已基本完成。

The product integration continues to go along well. And this is the quarter that we actually lapped the acquisition during Q3. And so at this point, it's part of the run rate. I don't really plan on breaking out organic versus inorganic from this point forward. It gets harder and harder given the level of integration we've done across the board to split that out.

產品整合持續順利進行。這是我們實際上在第三季完成收購的季度。因此，從這一點來看，它是運行率的一部分。從現在起，我其實並不打算區分有機物和無機物。考慮到我們全面完成的整合水平，將其分離變得越來越困難。

So not really planning on giving that data point given that it's just part of our overall run rate at this point.

因此，我們實際上並不打算提供該數據點，因為這只是我們目前整體運行率的一部分。

Michelle, we can move to the next analyst.

米歇爾，我們可以請下一位分析師了。

Matthew Niknam, Deutsche Bank.

馬修‧尼克南，德意志銀行。

And Scott, thank you again for all your help over these last couple of years. My question is on web scale. So obviously, you continue to see very impressive growth here. Maybe, Chuck, if you can talk to what's driving some of the sustained success, the pace of transition away from InfiniBand towards Ethernet and maybe some of the bigger differentiators that are helping you win incremental share across these hyperscalers?

斯科特，再次感謝您過去幾年來的所有幫助。我的問題是關於網路規模的。因此，顯然，您會繼續看到這裡非常令人印象深刻的成長。查克，您能否談談是什麼推動了持續的成功，從 InfiniBand 向以太網的轉變速度，以及一些幫助您在這些超大規模企業中贏得增量份額的更大的差異化因素？

Yes. Thanks, Matthew. Look, I think it's been the intent of these customers from day one to move away from InfiniBand. And the gating factor was held soon did they feel good about the technology. And they feel very good about the technology and how it's enabling them to run these training models over native Ethernet or some enhanced Ethernet that we are delivering.

是的。謝謝，馬修。看，我認為從第一天起這些客戶就有意放棄 InfiniBand。而門控因素很快就被確定，他們對這項技術感覺良好。他們對這項技術感到非常滿意，並且知道這項技術如何使他們能夠在我們提供的本機乙太網路或某些增強型乙太網路上運行這些訓練模型。

I think that we've talked over the last few years about their desire to have silicon diversity, which we think was one of the key reasons that we got in originally. And now we're delivering high-quality products in the time frame they need the -- if you look at what they're looking for in these products from their partners, there's really sort of -- you have a system that has software and has silicon and then other components.

我認為我們在過去幾年中一直在談論他們對矽片多樣性的渴望，我們認為這是我們最初加入的關鍵原因之一。現在，我們正在按照他們需要的時間範圍提供高品質的產品——如果你看看他們對合作夥伴的產品有什麼要求，你會發現——你有一個包含軟體、矽片和其他組件的系統。

And the real high-value pieces of this are the operating system and the silicon. And as many of them are transitioning hard into running their own proprietary operating systems on these platforms, it's imperative that you have silicon if you want to be competitive long term in this space. And so we're very fortunate that we made the acquisition in 2016.

其中真正高價值的部分是作業系統和矽片。由於許多公司正在努力轉型，在這些平台上運行自己的專有作業系統，因此，如果想在這個領域保持長期競爭力，擁有矽片至關重要。因此，我們非常幸運能夠在 2016 年完成此次收購。

We have a great team that's been developing Silicon One. They're very close to these customers. They work with them every day. And I think the silicon is the key differentiator that's really -- I mean, we're delivering high-quality systems and everything else that they want the services, the experience, the supply chain, all those things that matter deeply.

我們擁有一支優秀的團隊，一直在開發 Silicon One。他們與這些客戶的關係非常密切。他們每天都和他們一起工作。我認為矽片是真正的關鍵區別因素——我的意思是，我們提供高品質的系統以及他們想要的一切，包括服務、體驗、供應鏈以及所有那些非常重要的東西。

But at the end of the day, if we didn't have the Silicon it would probably make it virtually impossible for us to be successful long term here.

但歸根結底，如果我們沒有矽，我們可能幾乎不可能在這裡取得長期成功。

We move to the next analyst.

我們轉到下一位分析師。

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

I guess I have two as well. Starting with your AI orders at $1 billion. It came in, I think, a quarter ahead of what you had expected and it looks like you're seeing some continued momentum as you go forward with sovereign and enterprise that you talked about. I'm just wondering, how should we think about the growth rates as we move forward on AI orders or AI revenues? It would be helpful to just kind of phase that out-- frame that out a little bit in terms of the forward growth rates.

我想我也有兩個。從 10 億美元 AI 訂單開始。我認為，它比您預期的提前了一個季度，而且看起來，隨著​​您談到的主權和企業業務的推進，您將看到一些持續的勢頭。我只是想知道，隨著人工智慧訂單或人工智慧收入的推進，我們應該如何看待成長率？在未來成長率方面，逐步淘汰此做法將會很有幫助。

And then if I could just follow up for Scott, your July quarter guide, cut, if I'm not mistaken, it implies revenues are up sequentially, but operating margins are down 50 basis points. Maybe just push out why the margins are coming down in July, while revenues are going up and best luck in your retirement as well.

然後，如果我可以跟進斯科特的提問，您的 7 月份季度指南削減了，如果我沒有記錯的話，這意味著收入環比增長，但營業利潤率下降了 50 個基點。也許只是推導出為什麼七月份利潤率會下降，而收入卻在上升，並且祝你退休後一切順利。

On the AI orders, how do you think about the growth? I would say just one thing to remember is that these are big customers that are -- and these orders are nonlinear in nature. So we'll see how it goes. But I mean last quarter, we did 350 or something like that. This quarter, we exceeded 600.

對於人工智慧訂單，您認為成長情況如何？我想說的一件事是要記住，這些都是大客戶——而且這些訂單本質上是非線性的。我們將拭目以待。但我的意思是上個季度我們做了 350 左右。本季度，我們超過了 600。

And as I said earlier, if we could actually -- if we could increase capacity, they would take more. So I think if we're able to execute and increase capacity, we should be able to continue to see this ramp as long as we're delivering and executing, which is one thing I've said all along is we have to execute because if we miss with these customers, then we sit on the sidelines for a while.

正如我之前所說，如果我們真的能夠——如果我們能夠增加容量，他們就會吸收更多。因此，我認為，如果我們能夠執行並提高產能，只要我們交付和執行，我們就應該能夠繼續看到這種成長，這是我一直說的一件事，我們必須執行，因為如果我們錯過了這些客戶，那麼我們就會暫時袖手旁觀。

So we -- the teams are working really hard and I think that's how I think about it. It's nonlinear orders. And as long -- if we can continue to increase the capacity, then we'll continue to see that business improve. Scott, do you want to talk about July?

所以我們——團隊正在非常努力地工作，我想這就是我的想法。這是非線性順序。只要我們能夠持續提高產能，我們就會繼續看到業務改善。史考特，你想談談七月嗎？

Sure. Yes. And you're doing the math right, Amit, first of all, thanks for what you said. You're doing the math right on margins. The biggest difference you can see it's actually in the gross margin line, and that falls through to the op margin line.

當然。是的。阿米特，你的計算是正確的，首先，謝謝你所說的。您對利潤的計算是正確的。您能看到的最大差異實際上是在毛利率線上，而這又歸結於營業利潤線上。

And that's really a full quarter and I laid out the assumptions for you in the opening commentary on tariffs. It's a full quarter of the tariffs being in effect, and we reflected the full cost without mitigation and that's the big driver that we see sequentially going from Q3 to Q4. Still feel good about putting up the midpoint of the guide at 11% EPS growth.

這實際上是一個完整的季度，我在關於關稅的開場評論中為您列出了這些假設。這是關稅生效的整整一個季​​度，我們反映了沒有減免措施的全部成本，這是我們看到的從第三季度到第四季度持續上漲的主要驅動因素。仍對每股收益成長 11% 的指導中點感到滿意。

Michelle, we can move to the next caller.

米歇爾，我們可以接聽下一位來電者了。

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

I'll ask both upfront. The first one is, Chuck, I think last quarter, you had sort of alluded to an upcoming campus refresh. And I would think Cisco's sort of do. What I'd like some help with is understanding the maybe historic perspective of when you've had these refreshes how to think about that? Because when I reflect on the last one, 2017, 2018, that occurred when you were shifting customers to subscription.

我會提前詢問兩者。第一個問題是，查克，我想上個季度你曾提到即將到來的校園更新。我認為思科確實這麼做了。我希望得到一些幫助，即從歷史角度理解當您進行這些更新時該如何思考？因為當我回顧上一年，也就是 2017 年、2018 年時，那一年你正在將客戶轉向訂閱。

So I feel like that's a tough metric to use to understand the potential. And then the follow-up may be a bit simpler, which is how do we think about the impact of tariffs, understanding they're changing every day. But given everything we know, after July 9, what would be the effect of tariffs based on the July 9 end of the pause?

所以我覺得這是一個很難用來了解潛力的指標。後續問題可能會簡單一些，那就是我們如何看待關稅的影響，了解關稅每天都在變化。但就我們所知，7 月 9 日之後，基於 7 月 9 日結束暫停而徵收的關稅會產生什麼影響？

Yes, Simon, I think you -- first of all, I think your point relative to the 2017 kickoff of the campus refresh is a very valid one. So it's hard to say. We've also seen some strength over the last 12 months in the enterprise campus business. So here's what I would tell you, though, as we look to really drive this over the next 12, 24 months, I think that what's most important to our customers right now is that we embed security deep into the network.

是的，西蒙，我認為你——首先，我認為你關於 2017 年啟動校園更新的觀點非常正確。所以很難說。過去 12 個月，我們也看到企業園區業務有所增強。所以我想告訴你的是，當我們著眼於未來 12 到 24 個月真正推動這一目標時，我認為目前對我們的客戶來說最重要的是將安全性深深嵌入到網路之中。

And so what you're going to see is you're going to see a focus on enabling agentic AI and enabling security and security services in the network so that our customers can do this in line, which is going to be necessary for us to solve the AI problem. I'll tell you, I had a discussion with a Cisco of a Fortune 100 company a couple of weeks ago, G2 and I were together.

因此，您將看到我們專注於啟用代理 AI 以及啟用網路中的安全性和安全性服務，以便我們的客戶可以在線上完成這些工作，這對於我們解決 AI 問題是必不可少的。我告訴你，幾週前我和一家財富 100 強公司的思科進行了討論，G2 和我在一起。

And we started talking about security and she stopped us and said, listen, if you can't paint a picture for me, define an architecture for me, multiyear architecture that has me removing every physical firewall for my infrastructure that I want to talk to you because if it's not embedded in the traffic flows, it's never going to happen. It's not going to work. And so what I would tell you on this is just envision that we're going to deploy security everywhere out through the network infrastructure. And that plus AI, I think, will give customers reasons to really look at these platforms.

當我們開始談論安全性時，她打斷了我們並說，聽著，如果你不能為我描繪一幅圖景，那就為我定義一個架構，多年的架構，讓我為我的基礎設施移除每一個物理防火牆，我想和你談談，因為如果它沒有嵌入到流量中，它就永遠不會發生。這不會起作用。因此，我想告訴你們的是，設想我們將透過網路基礎設施在各個地方部署安全措施。我認為，再加上人工智慧，客戶就會有理由真正關注這些平台。

Yes. And Simon, on your second question on the impact of tariffs after July 9. I mentioned in the opening commentary that we've built into our forecast that underpins the guide for Q4 an expectation that on July 9, those that exempt that pause ends and we go back to the reciprocal tariffs that were announced on April 2 with the two exemptions, the US MCA exemption still in place and the semiconductor and certain electronic component exemption still in place. So we've reflected that in the guide for Q4.

是的。西蒙，關於你的第二個問題，即 7 月 9 日之後關稅的影響。我在開篇評論中提到，我們在支撐第四季度指南的預測中已經考慮到了這樣的預期：7 月 9 日，那些豁免的暫停期將結束，我們將回到 4 月 2 日宣布的互惠關稅，其中包括兩項豁免，即美國 MCA 豁免仍然有效，以及半導體和某些電子元件豁免仍然有效。因此我們在第四季度的指南中反映了這一點。

I think it's a little bit hard right now to predict what is going to happen on July 9 and what agreements get put in place between now and then. But just wanted to protect the downside in the guide.

我認為現在很難預測 7 月 9 日會發生什麼以及從現在到那時會達成什麼協議。但只是想保護指南中的缺點。

Michelle, we can move to the next analyst.

米歇爾，我們可以請下一位分析師了。

James Fish, Piper Sandler.

詹姆斯·菲什、派珀·桑德勒。

Nice quarter. And Scott, congrats on your upcoming retirement here. And look, I don't want to rain on the freight here. But if I look at networking here, it returned to growth, but it was also against a very easy compare and even still down versus a couple of years ago. If AI really isn't substitutionary of existing non-AI networking real estate with some of these web scales and enterprise is growing the rates are calling out, why isn't this sort of growing faster than even the 8% on the comp here?

不錯的季度。斯科特，祝賀你即將退休。瞧，我不想讓雨淋到這裡的貨物。但如果我看一下這裡的網絡，它恢復了增長，但這也是一個非常容易比較的，甚至與幾年前相比仍然下降。如果人工智慧真的無法取代現有的非人工智慧網路房地產，而這些網路規模和企業的成長速度都在不斷提高，那麼為什麼這種成長速度甚至沒有超過同類產品的 8% 呢？

And then just following up on Simon's question before, as my follow-up. Can we just an update as to the exposure between data center versus campus within networking? And how we should think about the price per port kind of playing out here as we're seven, eight years now down the road?

然後，我只是繼續回答西蒙之前提出的問題，作為我的後續問題。我們能否更新一下網路中資料中心與校園之間的暴露？那麼，七、八年後，我們該如何看待每個港口的價格呢？

On the first one, I think the short answer is that most of this AI infrastructure has not begun to flow through revenue yet. Scott, I don't know if you want to.

關於第一個問題，我認為簡短的回答是，大部分人工智慧基礎設施尚未開始產生收入。史考特，我不知道你是否願意。

That's right. We said all along that we thought the -- when we put the $1 billion target out for the year, that was a sales target, not a revenue target, but we said we thought that would begin to convert to revenue in the second half of the year. And we saw that again, the first piece of that in Q3, and we expect to see a bit of it again in Q4.

這是正確的。我們一直說，我們認為——當我們提出 10 億美元的年度目標時，這是一個銷售目標，而不是收入目標，但我們說我們認為這將在今年下半年開始轉化為收入。我們在第三季再次看到了這種情況，我們預計在第四季還會再次看到這種情況。

And I think on the data center versus campus, clearly, the data center with a higher speed, you're going to see a higher per port cost, but you're going to see much higher volumes in the campus. So I think they sort of normalize each other out over time.

我認為，就資料中心與校園而言，顯然，速度更快的資料中心的每個連接埠成本更高，但校園的容量會大得多。所以我認為隨著時間的推移，他們會逐漸恢復正常。

Michelle, we can move to the next analyst.

米歇爾，我們可以請下一位分析師了。

David Vogt, UBS.

瑞銀的戴維·沃格特。

This is Andrew for David. I wanted to ask a question about the text of the $600 million of AI orders. You mentioned that they tend to be nonlinear and they're very large customers. I'm wondering if you're starting to see bigger orders is a large component of that $600 million and with the customers where you're having the most success? Or are you really seeing sort of a diffuse kind of large growing orders across a number of customers that you mentioned you had three going triple digits.

我是安德魯 (Andrew)，代表大衛 (David)。我想問一個有關 6 億美元 AI 命令文字的問題。您提到他們傾向於非線性，並且他們是非常大的客戶。我想知道您是否開始認為更大的訂單是這 6 億美元中很大一部分，並且您在哪些客戶那裡獲得了最大的成功？或者您是否真的看到許多客戶的訂單都出現了大幅增長，您提到有三個客戶的訂單量達到了三位數。

And the follow-up question I wanted to ask is just -- I'm not sure if I missed it, but could you give an estimate of roughly what you think the impact of tariffs are in your guidance for Q4 for gross margin?

我想問的後續問題是——我不確定我是否錯過了，但您能否大致估計關稅對第四季度毛利率的影響？

Yes, Andrew, I think you nailed it. You almost answered the question for us. I mean we have three of the six that grew triple digits. So I think it's fairly balanced. I would tell you that we when I would look at these customers, we're seeing acceleration across all of them.

是的，安德魯，我認為你說對了。您幾乎已經為我們解答了這個問題。我的意思是，六個中有三個實現了三位數的成長。所以我認為它是相當平衡的。我想告訴你，當我看到這些客戶時，我們看到他們所有人都在加速發展。

So it's all positive, but there are -- in this case, we had three that were just super high growers next quarter, maybe a different there. So we'll see, but it's pretty balanced.

所以這都是積極的，但是 - 在這種情況下，我們有三個在下個季度實現超高成長的公司，也許情況有所不同。所以我們會看到，但它是相當平衡的。

And then on your question on the tariff impact and the what I wanted to do is make sure you understood the assumptions that were built into it. So we walked through those China at 30%, Mexico and Canada, where it's not eligible for the USMCA exemption at 25%, 10% everywhere else until July 9 and then reverting back to the reciprocal tariffs and then a small impact on us for the tariffs on steel and alumina and retaliatory. That's all built into the guide. I haven't broken out and quantified the dollar value that goes with that and I'm a little reluctant to it because the puck keeps moving on this.

然後關於你提出的關稅影響的問題，我想做的是確保你理解其中所包含的假設。因此，我們討論了對中國徵收 30% 的關稅、對不符合 USMCA 豁免條件的墨西哥和加拿大徵收 25% 的關稅、對其他所有國家徵收 10% 的關稅，直到 7 月 9 日，然後恢復到互惠關稅，對鋼鐵和氧化鋁徵收的關稅對我們影響不大，並採取報復性措施。這些都已包含在指南中。我還沒有具體量化與之相關的美元價值，而且我有點不願意這樣做，因為這件事情的進展情況還在繼續。

What I wanted you to understand is that everything that we know today, the impact of those has been built into the guide for Q4.

我想讓你明白的是，我們今天所知道的一切，以及它們的影響都已經融入第四季度的指南中。

Michelle, we can move to the next analyst.

米歇爾，我們可以請下一位分析師了。

Karl Ackerman, BNP Paribas.

法國巴黎銀行的卡爾·阿克曼。

I have two, and I'll just ask them at the same time as well, please. So the extended partnership with NVIDIA is an endorsement of your Silicon One family and certainly underscores your opportunity as enterprises deploy AI compute. I was hoping you could quantify your AI orders for enterprise at our incremental to the $1 billion of AI order target you have for cloud. And then second, when might Silicon One offer co-packaged optics solutions as you seek to broaden your data center switch offering.

我有兩個，請同時問他們。因此，與 NVIDIA 的長期合作關係是對 Silicon One 家族的認可，並且無疑地強調了您在企業部署 AI 運算時的機會。我希望您能夠量化您的企業 AI 訂單，以達到您對雲端運算 10 億美元 AI 訂單目標的增量。其次，當您尋求擴大資料中心交換器產品範圍時，Silicon One 何時可以提供共同封裝的光學解決方案。

Yes. Thanks, Karl. I would say -- first of all, I'd say the NVIDIA partnership, we've had a couple of phases of the announcements and a lot of the solutions that we're going to deliver to the enterprise are still to be delivered. So most of them start rolling out like 60 days from now, and then they'll just -- they'll be flowing after that. So first thing I want to just clarify is we haven't seen a lot of upside yet in the enterprise from that.

是的。謝謝，卡爾。我想說——首先，我想說的是，我們與 NVIDIA 的合作已經進行了幾個階段的公告，我們將向企業提供的許多解決方案仍有待交付。因此，大多數產品將在 60 天後開始推出，然後它們就會開始流通。因此，我首先要澄清的是，我們還沒有看到企業從中獲益良多。

I would say the enterprise AI orders is a little more difficult for us to flag these, but we have been trying to do so, so that we have a baseline. And what I will tell you is that we're definitely seeing acceleration, it's in the hundreds of millions of dollars, not in the billions yet that we're seeing. But again, there's a lot of dependence on the sales force flagging these things properly when you get into that scale with the number of enterprise customers that we have.

我想說的是，企業 AI 訂單對我們來說標記這些訂單有點困難，但我們一直在嘗試這樣做，以便我們有一個基準。我要告訴你們的是，我們確實看到了加速的跡象，是數億美元，而不是我們現在看到的數十億美元。但是，當我們擁有如此多的企業客戶時，很大程度上依賴銷售人員正確地標記這些事情。

On the Silicon One CPO question, I think it's important to remember that we've demonstrated CPO in 2023. And at the time, there wasn't a significant amount of customer demand for it for lots of reasons. But we have a team of people that are working on it. We will embrace it. I think that it's going to be driven by customer desire and I think that's going to be driven by a combination of power benefit as well as speed requirements. And as soon as customers are asking for it, we'll be first in market ready to deliver it.

關於 Silicon One CPO 問題，我認為重要的是要記住我們已經在 2023 年展示了 CPO。當時，由於多種原因，客戶對它的需求並不大。但我們有一支團隊正在致力於此。我們將擁抱它。我認為這將由客戶需求驅動，我認為這將由動力優勢和速度要求的結合所驅動。只要客戶有需求，我們就會第一時間在市場上提供。

We can move to the next analyst.

我們可以轉到下一位分析師。

Atif Malik, Citi.

花旗銀行的阿蒂夫馬利克 (Atif Malik)。

It's Adrienne Colby for Atif. It's been a while since you talked about your AI pipeline versus your AI orders. So I was hoping you could update us on what that part of the funnel is looking like. And secondly, I was hoping with the departure of parcel you could update us on the search there for a new head of go-to-market.

我是阿德里安·科爾比 (Adrienne Colby)，她代表阿蒂夫 (Atif)。您已經有一段時間沒有談論過您的 AI 管道與 AI 訂單了。所以我希望您能向我們更新漏斗的這一部分的情況。其次，我希望隨著 Parcel 的離職，您能向我們通報尋找新市場主管的情況。

Yes. So we -- correct me if I'm wrong, Scott. We don't give out pipeline for AI at this point. So we did that a long time ago. And again, it was the $1 billion target in the pipeline stuff was really to give you all more confidence that we were serious in this space. And I think the results have now said that these customers are taking us seriously.

是的。所以——如果我錯了，請糾正我，史考特。目前我們還沒有提供人工智慧管道。所以我們很久以前就這樣做了。再次強調，我們設定的 10 億美元目標確實是為了讓大家更相信我們對這個領域是認真的。我認為現在的結果顯示這些客戶正在認真對待我們。

So we won't be doing all that on an ongoing basis. And then, yes, we named a new head of go-to-market, Oliver Tuszik, who was most recently running our Europe, Middle East, Africa region and before that was running our global partner organization. When before he came to Cisco, he was a CEO of a partner. So he has a really deep understanding of our go-to-market model and we announced him a week ago.

所以我們不會持續做這些事。然後，是的，我們任命了一位新的行銷主管 Oliver Tuszik，他最近負責我們的歐洲、中東、非洲地區，之前負責我們的全球合作夥伴組織。在加入思科之前，他是一家合作夥伴公司的執行長。因此，他對我們的行銷模式有著非常深入的理解，我們在一週前就宣布了他的加入。

Michelle, we can move to the next analyst.

米歇爾，我們可以請下一位分析師了。

Sebastien Naji, William Blair.

塞巴斯蒂安·納吉，威廉·布萊爾。

I wanted to ask about your networking business and in particular, your hyperscaler customers, and in particular, the usage of a white box given that Cisco can provide that broad range of offerings from the chip to white box to the full system. Can you maybe just comment on whether you see white box eating up a big part of the spending pie? And is it AI that's driving that share shift or something else that's happening?

我想詢問一下您的網路業務，特別是您的超大規模客戶，特別是白盒的使用情況，因為思科可以提供從晶片到白盒到完整系統的廣泛產品。您能否評論一下，您是否認為白盒佔據了很大一部分支出份額？是人工智慧推動了份額的轉變，還是其他因素在發生？

Well, what I would say is that I don't think we've seen a meaningful shift between what they buy from us versus when they buy white boxes. To your point, when they want to buy white boxes, we can work with them to actually integrate our silicon and actually manage the process for them and help deliver that product. But we see the predominance is still buying systems.

嗯，我想說的是，我認為我們並沒有看到他們從我們這裡購買的產品和他們從白盒子那裡購買的產品之間發生重大轉變。正如您所說，當他們想要購買白盒時，我們可以與他們合作，實際整合我們的矽片，為他們實際管理流程，並協助交付該產品。但我們發現，主要還是購買系統。

And I think it's just up to -- every hyperscaler has a different set of kind of issues that lead them to the answer. And in some cases, some of them have had an answer two years ago that now has changed, and they're doing it a different way. So I'm not sure there's a real clean answer across the customer base.

我認為這取決於——每個超大規模企業都有一系列不同的問題來找到答案。在某些情況下，有些人兩年前就有了答案，但現在答案已經改變，他們採用不同的方法。所以我不確定整個客戶群中是否存在一個真正明確的答案。

Yes. And just a quick reminder, Sebastian, we said this earlier, but of the more than $600 million in orders that we took during Q3. Two thirds of those were systems as opposed to optics and optical. So we're seeing the shift to systems that we had predicted in the Q2 call.

是的。賽巴斯蒂安，簡單提醒一下，我們之前說過，我們在第三季接到的訂單超過 6 億美元。其中三分之二是系統，而不是光學和光學。因此，我們看到了向我們在第二季電話會議上預測的系統的轉變。

Thank you, Sebastian. I'm now going to hand it over back to Chuck for some closing remarks.

謝謝你，賽巴斯蒂安。現在我將把發言權交還給查克，請他做最後的總結發言。

Yes. Let me just thank all of you again for joining and reiterate that how pleased I am with our progress and how proud I am of what our teams have done. I'd also like to once again thank Scott. He's been a great partner for me for the last five years helping drive the transition.

是的。讓我再次感謝大家的加入，並重申我對我們的進步感到非常高興，並為我們團隊所做的一切感到自豪。我還要再次感謝斯科特。過去五年來，他一直是我的優秀合作夥伴，幫助推動了這一轉變。

And as I said earlier, dealing with some pretty complex situations over the years. I'm excited to have Mark step into the role. Mark and I have worked closely together for 18 years. So we -- he has a great set of experiences here at Cisco and will bring a lot into the role.

正如我之前所說，多年來我一直在處理一些相當複雜的情況。我很高興馬克能夠擔任這個角色。我和馬克已經密切合作了18年。因此，他在思科擁有豐富的經驗，並將為這個職位帶來許多貢獻。

As we look ahead, I think the AI opportunity for us, we believe, is a strong one. We think we're well positioned. We believe that because we -- from a technology and a portfolio perspective, we play across the full stack. We have networking, we have security, we have Silicon, which I think are all very important.

展望未來，我認為，人工智慧為我們帶來了巨大的機會。我們認為我們處於有利地位。我們相信，因為我們——從技術和投資組合的角度來看，我們在整個堆疊中發揮作用。我們有網路、有安全、有矽，我認為這些都很重要。

We have secure AI solutions that we're delivering in the marketplace. We also have the partnerships and the investments. We have the NVIDIA partnership, which is delivering critical solutions for our customers. This week, we announced the HUMAIN partnership the AIP investments, the G42 partnership, and there are more to come.

我們擁有安全的人工智慧解決方案並已在市場上推出。我們也有合作夥伴關係和投資。我們與 NVIDIA 建立了合作夥伴關係，為我們的客戶提供關鍵的解決方案。本週，我們宣布了 HUMAIN 合作夥伴關係、AIP 投資、G42 合作夥伴關係，未來還會有更多合作。

And I think the other thing we have is we have global presence, we have customer trust, we have the ability to understand both the cloud customers as well as the enterprise customers and the public sector customers. So when it gets when these sovereign clouds are being discussed, we have a unique perspective across all of those segments. We understand what they need in long-term partnerships. We have a great team that are delivering right now, strong execution and great results. I'm really proud of what they've done.

我認為我們的另一個優勢是，我們擁有全球影響力，我們擁有客戶信任，我們有能力了解雲端客戶以及企業客戶和公共部門客戶。因此，當討論這些主權雲時，我們對所有這些部分都有獨特的視角。我們了解他們在長期合作中需要什麼。我們擁有一支優秀的團隊，他們現在表現出色，執行力強，成果顯著。我為他們所做的一切感到非常自豪。

So I look forward to talking to you soon. And Sami, I'll hand it back to you.

因此我期待很快與您交談。薩米，我會把它交還給你。

Thank you, Chuck. Cisco's next quarterly call, which will reflect our fourth quarter and fiscal year 2025 results will be on Wednesday, August 13, 2025, at 1:30 PM Pacific Time, 4:30 PM Eastern Time. This concludes today's call.

謝謝你，查克。思科的下一次季度電話會議將於 2025 年 8 月 13 日星期三太平洋時間下午 1:30、東部時間下午 4:30 舉行，屆時將反映我們第四季和 2025 財年的業績。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 1-800-876-5258. For participants dialing from outside the US, please dial 203-369-3998. This concludes today's call. You may disconnect at this time.

感謝您參加今天的電話會議。如果您想完整收聽電話會議，請撥打 1-800-876-5258。對於從美國境外撥打電話的參與者，請撥打 203-369-3998。今天的電話會議到此結束。您現在可以斷開連線。