思科 (CSCO) 2027 Q1 法說會逐字稿

Welcome to Cisco's first-quarter fiscal year 2027 financial results conference call.

歡迎參加思科（Cisco）2027 會計年度第一季財報電話會議。

At the request of Cisco, today's conference is being recorded. If you have any objections, you may disconnect.

應思科要求，今天的會議將被錄音。如您有任何異議，您可以中斷連線。

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

現在，我想介紹投資人關係主管 Sami Badri。先生，您可以開始了。

Good afternoon, everyone. This is Sami Badri, Cisco's Head of Investor Relations. And I'm joined by Chuck Robbins, our Chair and CEO; and Mark Patterson, our CFO.

各位下午好。我是 Sami Badri，思科投資人關係主管。與我一同出席的還有我們的董事長兼執行長 Chuck Robbins，以及財務長 Mark Patterson。

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

思科的盈餘新聞稿與補充資訊（包括 GAAP 與非 GAAP 的調節表）可在我們的投資人關係網站上取得。

Today's call is also being live-streamed on YouTube, LinkedIn, and X. Following this call, we'll also make the recorded webcast and slides available on the website.

今天的電話會議也將在 YouTube、LinkedIn 與 X 上進行直播。

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

在今天的會議中，我們將同時引用 GAAP 與非 GAAP 的財務結果。除非另有說明，我們將以營收來討論產品（Product）結果，並以產品訂單（Product orders）來討論地區與客戶結果。除非另有說明，所有比較皆以年對年為基礎。

Please note that our discussion today will include forward-looking statements, including our guidance for the second quarter and fiscal year 2027. These statements are subject to risks and uncertainties detailed in our SEC filings -- particularly, our most recent 10-K report -- which identify important risk factors that could cause actual results to differ materially from those contained in our forward-looking statements.

請注意，我們今天的討論將包含前瞻性陳述，包括我們對第二季及 2027 會計年度的指引。這些陳述受我們向美國證券交易委員會（SEC）提交之文件中所詳述的風險與不確定性影響——特別是我們最新的 10-K 報告——其中列示了重要風險因素，可能導致實際結果與前瞻性陳述所述內容出現重大差異。

With respect to guidance, please also see the slides and press release that accompany this call for further details. Cisco will not comment on its financial guidance during the quarter, unless it is done through an explicit public disclosure.

關於指引，亦請參閱隨本次電話會議提供的投影片與新聞稿以取得更多細節。除非透過明確的公開揭露，思科在季度期間不會就其財務指引發表評論。

Now, I'll turn it over to Chuck.

現在，我把時間交給 Chuck。

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

謝謝你，Sami。也感謝各位今天加入我們。

I'm pleased to report that Cisco delivered an impressive start to fiscal '27. We're executing against our strategy and seeing growing demand, as customers invest in the infrastructure they need for the AI or SI era.

我很高興報告，思科在 2027 會計年度開局表現亮眼。我們正按策略執行，並看到需求成長，因為客戶正在投資他們在 AI 或 SI 時代所需的基礎設施。

What gives me the greatest confidence is not just the results we're seeing today but, also, the opportunities we see ahead.

讓我最有信心的不僅是我們今天看到的成果，還有我們在前方看到的機會。

In Q1, we delivered record quarterly revenue of $18.5 billion, up 24% year over year; and record non-GAAP earnings per share of $1.40, up 40% year over year. These are our strongest top- and bottom -line growth rates in over 15 years.

在第一季，我們創下單季營收新高 185 億美元，年增 24%；並創下非 GAAP 每股盈餘新高 1.40 美元，年增 40%。這是我們超過 15 年來最強勁的營收與獲利成長率。

We are demonstrating strong operating leverage and enhanced earnings power, with earnings growing faster than revenue. As a result of this strong performance, we are significantly increasing our fiscal year '27 guidance, which Mark will cover shortly.

我們展現出強勁的營運槓桿與更高的獲利能力，盈餘成長速度快於營收。基於這項強勁表現，我們將大幅上調 2027 會計年度指引，Mark 稍後會說明。

Our profitable growth generates robust cash flows and fuels consistent capital returns to our shareholders. In Q1, we returned $3.7 billion in value through dividends and share repurchases, representing 95% of free cash flow.

我們的獲利成長帶來強勁的現金流，並支持我們持續回饋股東。在第一季，我們透過股利與股票回購回饋 37 億美元，約占自由現金流的 95%。

Our strong start to fiscal year '27 demonstrates the criticality of Networking and Security, together, as agentic AI accelerates.

我們在 2027 會計年度的強勁開局，顯示在代理式 AI（agentic AI）加速發展之際，網路與資安結合的重要性。

As customers look to manage increasing traffic, costs, and threats, they are turning to Cisco for our Networking expertise, Security, and Observability solutions, and Services. They trust us to help scale, secure, and optimize their environments for the agentic AI era ahead.

隨著客戶希望管理日益增加的流量、成本與威脅，他們轉向思科，仰賴我們的網路專業能力、資安與可觀測性（Observability）解決方案，以及服務。他們信任我們協助在即將到來的代理式 AI 時代擴展、保護並最佳化其環境。

The depth and breadth of our portfolio enables us to support our customers, however they choose to deploy AI, whether in the public cloud, through neoclouds or sovereign clouds, on-premise, or at the edge.

我們產品組合的深度與廣度，使我們能支援客戶以任何方式部署 AI——無論是在公有雲、透過新型雲（neocloud）或主權雲（sovereign cloud）、在地端（on-premise），或在邊緣端（edge）。

We believe we are still early in the Networking super cycle, driven by AI deployments, with enterprise adoption just beginning.

我們相信，由 AI 部署所驅動的網路超級循環仍處於早期階段，而企業端的採用才剛開始。

In Q1, we saw strong demand, with total Product orders growing 21% year over year, on top of 13% growth a year ago. We saw strong demand, excluding hyperscalers, with Product orders up 14% year over year, on top of 9% growth a year ago.

在第一季，我們看到強勁需求，產品訂單總額年增 21%，是在去年年增 13% 的基礎上再成長。若排除超大規模客戶（hyperscalers），產品訂單年增 14%，同樣是在去年年增 9% 的基礎上再成長。

We also saw double-digit growth across all geographies and customer markets.

我們也看到所有地區與客戶市場皆呈現雙位數成長。

Enterprise Product orders in Q1 were up 15% year over year, on top of 4% growth a year ago, with double-digit growth across all geographies and in Networking and Security.

第一季企業客戶的產品訂單年增 15%，是在去年年增 4% 的基礎上再成長，且所有地區以及網路與資安皆呈現雙位數成長。

Public-sector orders were up 13% year over year, on top of 12% growth a year ago. We saw double-digit public-sector growth in the Americas and APJC, as well as in Networking, Security, and Collaboration.

公部門訂單年增 13%，是在去年年增 12% 的基礎上再成長。我們在美洲與亞太、日本及大中華區（APJC）的公部門皆見到雙位數成長，且在網路、資安與協作（Collaboration）亦同樣呈現雙位數成長。

Product orders from Service provider and cloud customers continue to be broad-based, growing 47% year over year. This is on top of 44% growth a year ago, with triple-digit growth in APJC and double-digit growth in the Americas and EMEA.

服務供應商與雲端客戶的產品訂單持續呈現廣泛成長，年增 47%。這是在去年年增 44% 的基礎上再成長，其中 APJC 為三位數成長，美洲與歐洲、中東及非洲（EMEA）為雙位數成長。

We continue to see healthy demand from telcos, with orders up approximately 20% year over year in Q1, on top of 24% growth a year ago.

我們持續看到電信業者（telcos）需求健康，第一季訂單約年增 20%，是在去年年增 24% 的基礎上。

Turning to demand across our Product categories, Networking Product orders grew 28% in Q1, delivering our ninth consecutive quarter of double-digit growth. In fact, we saw double-digit growth across every Product family: Service-provider routing, compute, enterprise routing, wireless, data-center switching, and campus switching.

接著看我們各產品類別的需求，第一季網路產品訂單成長 28%，達成連續第九季雙位數成長。事實上，我們在每個產品家族都看到雙位數成長：服務供應商路由、運算、企業路由、無線、資料中心交換，以及園區交換。

These broad-based results support our view that we are in the early stages of a multi-year, multi-billion dollar Networking super cycle, as I referenced earlier. And we are executing with focus and urgency to capture this incremental opportunity.

這些廣泛的成果支持我們先前提到的觀點：我們正處於一個為期多年、規模達數十億美元的網路超級循環早期階段。我們正以專注與緊迫感執行，以掌握這項增量機會。

Overall, our hyperscaler business continues to show strong momentum, with AI-infrastructure revenue projected to grow to $9 billion in fiscal year '27, more than double fiscal year '26 levels.

整體而言，我們的超大規模客戶業務持續展現強勁動能，AI 基礎設施營收預計在 2027 會計年度成長至 90 億美元，較 2026 會計年度水準增加逾一倍。

Hyperscalers are now deploying our scale-across Networking architecture in Production environments, as they extend coordinated AI workloads across data centers.

超大規模客戶目前正將我們的 scale-across 網路架構部署於生產環境（Production environments），以便將協同的 AI 工作負載延伸至多個資料中心。

This architecture combines our Silicon One P200 Deep Buffers systems, market-leading Acacia Coherent Optics, and open-line systems, with multi-rail optical systems coming soon.

此架構結合了我們的 Silicon One P200 Deep Buffers 系統、業界領先的 Acacia 相干光學（Coherent Optics）與開放式線路系統（open-line systems），並將很快推出多軌（multi-rail）光學系統。

Together, these Products provide a single, unified compute fabric with deep programmability and embedded Security.

這些產品共同提供單一、統一的運算網狀架構（compute fabric），具備深度可程式化能力與內建資安。

In Q1, we secured three new AI design wins. Two were for our p200-powered systems in data-center interconnect and scale-across use cases. The third was for 1.6 terabits Optics for a scale-out use case.

在第一季，我們取得三項新的 AI 設計導入（design wins）。其中兩項是針對我們以 P200 驅動的系統，用於資料中心互連（data-center interconnect）與 scale-across 的使用情境。第三項則是針對 scale-out 使用情境的 1.6 太比特（terabits）光學產品。

In addition to hyperscaler demand, we saw accelerated growth in AI-infrastructure orders from neocloud, sovereign, and enterprise customers in Q1, with Nexus data-center switches tagged for AI deployments up 47% year over year.

除了超大規模客戶需求外，我們在第一季也看到來自新型雲（neocloud）、主權（sovereign）與企業客戶的 AI 基礎設施訂單加速成長，其中標記用於 AI 部署的 Nexus 資料中心交換器年增 47%。

During the quarter, we announced a new partnership with Supermicro, which expands our secure AI factory with NVIDIA.

本季期間，我們宣布與 Supermicro 建立新的合作夥伴關係，擴大我們與 NVIDIA 的安全 AI 工廠（secure AI factory）。

By integrating Supermicro's high-density liquid and air-cooled compute into an NVIDIA-cloud, partner-compliant, full-stack architecture, we're delivering more efficient end-to-end infrastructure for massive AI workloads.

透過將 Supermicro 的高密度液冷與氣冷運算整合至符合 NVIDIA 雲端合作夥伴規範（partner-compliant）的全堆疊架構中，我們正為大規模 AI 工作負載提供更高效率的端到端基礎設施。

As agentic AI expands, Security threats are becoming more complex. And conversations around sovereignty are intensifying. Our focus is delivering trusted sovereign solutions to help customers scale their data-center build-outs with confidence.

隨著代理式 AI 擴展，安全威脅正變得更加複雜。而圍繞主權的討論也在升溫。我們的重點是提供可信賴的主權解決方案，協助客戶有信心地擴大其資料中心建置規模。

During the quarter, together with AMD and HUMAIN, we announced that AMD GPU-based AI infrastructure built on Silicon One-based systems is now in Production in Saudi Arabia. This enables HUMAIN to offer GPU-as-a-Service across training and inference use cases.

在本季度，我們與 AMD 及 HUMAIN 共同宣布，基於 AMD GPU 的 AI 基礎設施、建置於採用 Silicon One 的系統之上，現已在沙烏地阿拉伯投入量產（Production）。這使 HUMAIN 能夠在訓練與推論等使用情境中提供 GPU-as-a-Service。

To meet our customers' evolving needs, we also introduced our sovereign critical-infrastructure portfolio in Europe a year ago. This portfolio spans Networking, Security, compute, Collaboration, and Observability; and can be configured for on-premise, air-gapped environments.

為滿足客戶不斷演進的需求，我們也在一年前於歐洲推出主權關鍵基礎設施產品組合。此產品組合涵蓋網路、資安、運算、協作與可觀測性；並可針對地端、實體隔離（air-gapped）環境進行配置。

In Q1, we expanded to Canada, with additional countries to follow, giving government agencies and critical-infrastructure providers more control, choice, Security, and resilience.

在第一季，我們擴展至加拿大，後續還將涵蓋更多國家，讓政府機關與關鍵基礎設施供應商擁有更多控制權、選擇、安全性與韌性。

Customers are also focused on modernizing their workplaces for humans and agents. We continue to see robust demand for our Campus Networking solutions in Q1, with 14% year-over-year growth in Product orders.

客戶也聚焦於為人類與代理（agents）現代化其工作場所。我們在第一季持續看到對校園網路（Campus Networking）解決方案的強勁需求，產品訂單年增 14%。

Our next-generation portfolio continues to ramp faster than prior Product launches. And we believe we are still very early in this refresh cycle.

我們的下一代產品組合持續以快於以往產品上市的速度放量。我們相信這一輪更新週期仍處於非常早期的階段。

Orders for our industrial IoT portfolio grew approximately 50% year over year in Q1 and have now grown at double-digit rates for 10 consecutive quarters.

第一季我們的工業物聯網（IoT）產品組合訂單年增約 50%，且已連續 10 個季度維持雙位數成長。

Now, shifting to Security, orders, excluding Splunk, were up in the mid-teens. Within our Security platform, orders for Firewalls grew over 30% for the third consecutive quarter.

接著談資安，若排除 Splunk，訂單成長約在十幾個百分點的中段。在我們的資安平台中，防火牆訂單已連續第三個季度成長超過 30%。

Cisco AI Defense is helping customers guard against unmanaged AI use across the enterprise and is protecting more than 2 trillion tokens per month.

Cisco AI Defense 正協助客戶防範企業內未受管理的 AI 使用，並且每月保護超過 2 兆個 token。

Our work with Workday Agent Passport, ServiceNow, and DefenseClaw with NVIDIA OpenShell demonstrates how we're expanding our ecosystem and building trust into the use of agents in daily operations.

我們與 Workday Agent Passport、ServiceNow，以及搭配 NVIDIA OpenShell 的 DefenseClaw 的合作，展現我們如何擴大生態系，並在日常營運中使用代理時建立信任。

Earlier this week, we announced that we are integrating Anthropic's Claude Mythos cybersecurity model into Cisco AI Defense for adaptive AI red-teaming. This provides automated, continuous testing across enterprise systems, empowering defenders to stress test AI systems with frontier adversary reasoning.

本週稍早，我們宣布將 Anthropic 的 Claude Mythos 資安模型整合至 Cisco AI Defense，用於自適應 AI 紅隊演練（red-teaming）。這可在企業系統中提供自動化、持續性的測試，讓防禦方能以前沿對手的推理能力來壓力測試 AI 系統。

Turning to Splunk, the platform is helping solve some of the most pressing challenges organizations face in the AI era. A Splunk study found that urgency to deploy agents is outpacing enterprises' ability to monitor and secure them.

轉向 Splunk，該平台正協助解決組織在 AI 時代面臨的一些最迫切挑戰。Splunk 的一項研究發現，部署代理的急迫性正超過企業監控與保護它們的能力。

With Splunk, we deliver a common-data platform that enables customers to monitor and enforce guardrails on agent behavior, while also helping them understand and manage tokenomics. This gives them greater confidence and predictability, as they look to optimize both the business value and the cost of AI.

透過 Splunk，我們提供一個共通資料平台，使客戶能監控並對代理行為施加護欄（guardrails），同時也協助他們理解並管理 token 經濟（tokenomics）。這讓他們在同時最佳化 AI 的商業價值與成本時，擁有更高的信心與可預測性。

In Collaboration, with a leading hyperscaler, Splunk is exploring how AI agents can help Security teams investigate threats and coordinate responses more efficiently, while keeping analysts in control.

在協作領域，Splunk 與一家領先的超大規模雲端業者（hyperscaler）正探索 AI 代理如何協助資安團隊更有效率地調查威脅並協調回應，同時讓分析師保持掌控。

This builds on our strategy to strengthen Security operations, as threats grow more complex. We'll have more to share later this month.

這建立在我們強化資安營運的策略之上，因為威脅正變得更加複雜。我們將在本月稍晚分享更多內容。

Now, on to our innovation, we are focused on four often overlapping objectives:

接下來談我們的創新，我們聚焦於四個經常彼此重疊的目標：

Number 1, simplifying network operations. Number 2, scaling infrastructure for agentic AI. Number 3, reimagining Security and trust for agentic AI. And, 4, delivering intelligent workplace experiences.

第一，簡化網路營運。第二，為代理式 AI 擴展基礎設施。第三，為代理式 AI 重新構想資安與信任。第四，提供智慧化的工作場所體驗。

Last quarter, we highlighted Cisco Cloud Control as a breakthrough in simplifying operations. Since launch, more than 6,000 customers have signed up and can increase Productivity by accessing multiple Cisco and partner Products through a single user interface.

上個季度，我們強調 Cisco Cloud Control 是簡化營運的一項突破。自推出以來，已有超過 6,000 名客戶註冊，並可透過單一使用者介面存取多項 Cisco 與合作夥伴產品，以提升生產力。

We are building integrations within the platform, including AI Canvas, Cisco IQ, and the recently launched Cisco Model Foundry.

我們正在平台內建置整合功能，包括 AI Canvas、Cisco IQ，以及近期推出的 Cisco Model Foundry。

Cisco IQ now has more than 17,000 customers, nearly doubling quarter over quarter; and visibility into 23 million devices, accelerating vulnerability tracking from days to minutes.

Cisco IQ 現已有超過 17,000 名客戶，季度環比幾乎翻倍；並可視化 2,300 萬台裝置，將弱點追蹤從以天計縮短至以分鐘計。

To scale infrastructure and improve the efficiency of AI factories, we recently announced plans with NVIDIA to develop the Ultra-Dense Small Form Factor Pluggable, or USFP, optical module.

為擴展基礎設施並提升 AI 工廠效率，我們近期宣布與 NVIDIA 合作開發超高密度小型可插拔（Ultra-Dense Small Form Factor Pluggable，USFP）光學模組的計畫。

We expect USFP to deliver 4x the bandwidth density and 1.3 times the power efficiency of current models. We also plan to create an open-industry USFP specification to drive adoption.

我們預期 USFP 可提供現有型號 4 倍的頻寬密度，以及 1.3 倍的功耗效率。我們也計畫制定開放的產業 USFP 規格以推動採用。

Our advances in Security and trust are ongoing, as we continue to introduce resilient and quantum-safe innovations.

我們在資安與信任方面的進展仍在持續，並持續推出具韌性且具量子安全（quantum-safe）的創新。

We've expanded support for Live Protect across more of our Campus Networking portfolio, extended quantum readiness to Wi-Fi 7 access points, and plan to provide quantum-safe communications across most of our core portfolio by the end of this calendar year.

我們已將 Live Protect 的支援擴展至更多校園網路產品組合，將量子就緒（quantum readiness）延伸至 Wi‑Fi 7 存取點，並計畫在本曆年年底前，於我們多數核心產品組合中提供量子安全通訊。

We continue to develop intelligent-workplace experiences, recently launching Claude Managed Agents and Dialog, an agentic harness, in Webex.

我們持續打造智慧工作場所體驗，近期在 Webex 中推出 Claude Managed Agents 與 Dialog（代理式工具框架）。

Our teams continue to drive this work forward through their innovation, Productivity, and commitment to leveraging AI tools.

我們的團隊透過創新、生產力，以及致力於運用 AI 工具，持續推動這項工作向前。

At the start of fiscal '27, we provided an AI agent for every employee. We expect to continue accelerating AI adoption, helping our employees execute at speed.

在 27 財年開始時，我們為每位員工提供了一個 AI 代理。我們預期將持續加速 AI 採用，協助員工以更快速度執行。

Now, I'll turn it over to Mark for more detail on the quarter and our outlook.

接下來我把時間交給 Mark，請他更詳細說明本季度表現與我們的展望。

Thanks, Chuck.

謝謝你，Chuck。

I'm proud to report that we delivered another record quarter, exceeding the high end of our guidance across revenue, operating margin, and EPS, while also delivering strong operating cash flow.

我很自豪地報告，我們再度交出創紀錄的一季，在營收、營業利益率與每股盈餘（EPS）方面皆超越指引區間上緣，同時也帶來強勁的營運現金流。

For the quarter, total revenue of $18.5 billion was an all-time high, up 24% year on year. Non-GAAP operating margin rose to 37.8% and non-GAAP earnings per share was $1.40, up 40% year over year, demonstrating continued operating leverage.

本季度總營收 185 億美元創歷史新高，年增 24%。非 GAAP 營業利益率提升至 37.8%，非 GAAP 每股盈餘為 1.40 美元，年增 40%，展現持續的營運槓桿。

Total Product revenue was $14.7 billion, up 32% year over year. And Services revenue was $3.9 billion, up 1% year over year.

產品總營收為 147 億美元，年增 32%。服務營收為 39 億美元，年增 1%。

Product revenue growth was led by Networking, accelerating to 43% year-over-year growth; and with broad strength across the portfolio, led by triple-digit growth in AI infrastructure and double-digit growth in data-center switching and Campus Networking.

產品營收成長由網路業務帶動，年增率加速至 43%；且產品組合整體表現強勁，其中 AI 基礎設施呈現三位數成長，資料中心交換器與校園網路則為雙位數成長。

Security delivered a strong quarter, up 7%, reflecting growth in Splunk, Network Security, and SASE. Collaboration was up 8%, with double-digit growth in devices and growth in contact center.

資安交出強勁的一季，成長 7%，反映 Splunk、網路安全與 SASE 的成長。協作業務成長 8%，裝置呈現雙位數成長，聯絡中心亦有成長。

Turning to our recurring metrics, total RPO was $46.2 billion, up 8%, with Product RPO up 7%. Total [ARR] ended the quarter at $32.7 billion, an increase of 4%, with Product ARR also up 4%.

接著看我們的經常性指標，總 RPO 為 462 億美元，年增 8%，其中產品 RPO 年增 7%。總 [ARR] 於季末為 327 億美元，增加 4%，其中產品 ARR 亦增加 4%。

Total subscription revenue represented 44% of Cisco's total revenue. Total software revenue was $6.1 billion, up 8%.

訂閱營收占 Cisco 總營收的 44%。軟體總營收為 61 億美元，年增 8%。

Q1 Product orders were up 21% year over year, with broad-based strength across geographies, technologies, and customer markets. All geographies saw double-digit growth, with the Americas up 18%, EMEA up 12%, and APJC up 57%.

第一季產品訂單年增 21%，在各地區、各項技術與各類客戶市場皆呈現廣泛的強勁表現。所有地區皆達雙位數成長，美洲成長 18%，EMEA 成長 12%，APJC 成長 57%。

Across customer markets, growth was led by Service provider and cloud, up 47%. We also saw strength in enterprise and public sector, which were up 15% and 13%, respectively.

在各個客戶市場中，成長主要由服務供應商與雲端帶動，成長47%。我們也看到企業與公部門表現強勁，分別成長15%與13%。

Total non-GAAP gross margin came in at 65.6%, slightly above the midpoint of our guide; and down 250 basis points year over year, as hardware-revenue growth significantly outpaced software and Services revenue growth.

整體非GAAP毛利率為65.6%，略高於我們指引區間的中點；且年對年下降250個基點，原因是硬體營收成長顯著快於軟體與服務營收成長。

Non-GAAP Product gross margin was 63.7%, down 350 basis points, primarily driven by higher hardware mix and elevated memory costs, partially offset by Productivity improvements and price increases. Non-GAAP Services gross margin was 72.9%, up 220 basis points.

非GAAP產品毛利率為63.7%，下降350個基點，主要受較高的硬體占比與記憶體成本上升所驅動，部分被生產力提升與漲價所抵銷。非GAAP服務毛利率為72.9%，上升220個基點。

As hardware continues to increase as a percentage of our overall revenue mix and with hyperscaler revenue expected to more than double year over year in FY27, we are driving record scale and profitability in our business.

隨著硬體在我們整體營收組合中的占比持續提高，且預期FY27超大規模客戶（hyperscaler）營收將年對年成長逾一倍，我們正推動業務達到創紀錄的規模與獲利能力。

In FY27, we expect AI-hyperscale revenue to represent 12% of total revenue, up from 6% in FY26.

在FY27，我們預期AI超大規模營收將占總營收的12%，高於FY26的6%。

At the same time, total headcount has declined by a low-single-digit percentage, driving an expected revenue per employee increase of approximately 19%, based on our updated FY27 guidance.

同時，總員工人數已下降低個位數百分比；根據我們更新後的FY27指引，預期每位員工營收將增加約19%。

The acceleration of these outsized growth opportunities, balanced with financial discipline, enables us to increase our operating margin from 34.8% in FY26 to an expected 36% in FY27.

這些超常規成長機會的加速，並與財務紀律取得平衡，使我們得以將營業利益率自FY26的34.8%提高至FY27預期的36%。

Our non-GAAP tax rate was 18.5% for the quarter.

本季我們的非GAAP稅率為18.5%。

Shifting to the balance sheet, we ended Q1 with total cash, cash equivalents, and investments of $15.8 billion. Operating cash flow was $4.4 billion, up 36%, driven by strong revenue growth and net income.

轉到資產負債表，我們在第一季末的現金、約當現金與投資總額為158億美元。營運現金流為44億美元，成長36%，主要由強勁的營收成長與淨利所帶動。

From a capital-allocation perspective, we returned $3.7 billion to our shareholders during the quarter, comprised of $1.7 billion for our quarterly cash dividend and $2 billion through share repurchases. There is $6.1 billion remaining under our share-repurchase program.

從資本配置角度來看，我們本季向股東回饋37億美元，其中17億美元為季度現金股利，20億美元透過庫藏股回購。在我們的股票回購計畫下，尚餘61億美元額度。

We remain focused on making strategic investments in organic innovation to capitalize on the significant growth opportunities we see ahead, as well as complementary M&A opportunities.

我們仍專注於在有機創新上進行策略性投資，以把握我們所看到的重大成長機會，同時也尋求互補性的併購（M&A）機會。

In Q1, we closed the acquisition of WideField Security to accelerate our Splunk Agentic SOC and help stop identity threats at machine speed.

在第一季，我們完成對WideField Security的收購，以加速我們的Splunk Agentic SOC，並協助以機器速度阻止身分威脅。

These investments continue to be underpinned by our commitment to disciplined spend management. It is this powerful combination that continues to strengthen the robust earnings power of our business, support strong cash flow, and enable us to return significant value to our shareholders.

這些投資持續以我們對嚴謹支出管理的承諾為基礎。正是這種強而有力的組合，持續強化我們業務穩健的獲利能力、支撐強勁現金流，並使我們能夠向股東回饋可觀價值。

In summary, we achieved record performance for the quarter, with top- and bottom-line results that exceeded our expectations. This performance reflects our accelerated pace of innovation across our portfolio, strong order momentum, and disciplined expense management.

總結來說，我們本季達成創紀錄的表現，營收與獲利（上、下線）結果均超出我們的預期。這項表現反映出我們在整體產品組合上的創新加速、強勁的訂單動能，以及嚴謹的費用管理。

Looking ahead, you can expect us to remain focused on delivering durable growth and maintaining financial discipline, while driving operating leverage and continued capital returns.

展望未來，各位可以預期我們將持續專注於提供可持續的成長並維持財務紀律，同時推動營運槓桿與持續的資本回饋。

Turning to guidance, for fiscal Q2, our guidance is as follows:

接著談指引，針對第二財季（fiscal Q2），我們的指引如下：

We expect revenue to be in the range of $18 billion to $18.2 billion.

我們預期營收將介於180億至182億美元。

We anticipate non-GAAP gross margin to be in the range of 65% to 66%. Non-GAAP operating margin is expected to be in the range of 36% to 37%.

我們預期非GAAP毛利率將介於65%至66%。非GAAP營業利益率預期介於36%至37%。

Non-GAAP earnings per share is expected to range from $1.34 to $1.36. We are assuming a non-GAAP effective tax rate of approximately 18.5%.

非GAAP每股盈餘預期介於1.34至1.36美元。我們假設非GAAP有效稅率約為18.5%。

Our raised guidance for fiscal year '27 is as follows:

我們上調後的FY27全年指引如下：

We expect revenue to be in the range of $74.8 billion to $75.8 billion. Non-GAAP earnings per share is expected to range from $5.47 to $5.53.

我們預期營收將介於748億至758億美元。非GAAP每股盈餘預期介於5.47至5.53美元。

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

Sami，現在我們進入問答環節。

Thank you, Mark. (Event Instructions)

謝謝你，Mark。（活動說明）

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

接線員，我們可以請隊列中的第一位分析師提問嗎？

Thank you, sir.

謝謝您，先生。

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

Yeah. Thanks a lot. Good afternoon, everyone. And congrats on some really impressive numbers.

是的，非常感謝。各位下午好。也恭喜你們交出一些非常亮眼的數字。

Maybe, to start with, you folks are raising your fiscal '27 AI-revenue target to $9 billion from -- I think it was -- $7.5 billion last quarter. Could you spend a little bit of time on what's changed in the 90 days? Is it just larger deployments of existing customers or you have better visibility with TSMC in terms of allocation?

也許先從這裡開始：你們把FY27的AI營收目標從——我記得——上季的75億美元上調到90億美元。能否花一點時間談談這90天內有哪些變化？這只是既有客戶部署規模變大，還是你們在台積電（TSMC）的產能分配方面有更好的能見度？

Love to understand, like, what's getting better. If there's any skew on Silicon One versus Optics, that'd be helpful.

很想了解到底哪些方面在改善。如果能說明Silicon One相對於光學（Optics）的占比是否有偏向，也會很有幫助。

And then, my follow-up, really -- Mark, on your side, the back-half guide implies revenues will actually accelerate really well to, like, $19.3 billion run rate versus the $18.1 billion in Q2. I think EPS uptake in the back half is a bit more muted at $1.38.

接著我的追問——主要是給Mark：你們下半年指引暗示營收將加速得相當不錯，年化大約到193億美元的水準，相較第二季的181億美元。

Could you just talk about the puts-and-takes in the back half that is happening under the revenue line? That would be really helpful.

你能否談談下半年在營收線之下的各項增減因素（puts-and-takes）？這會非常有幫助。

Thanks. And congrats, again.

謝謝。再次恭喜。

Hey, Amit. This is Chuck. I will take the first one. Thank you. And thank you for the kind words. Teams are doing a fantastic job.

嗨，Amit。我是Chuck。第一題我來回答。謝謝你。也謝謝你的好評。團隊做得非常出色。

I think, on the $9 billion, I think it is, being 90 days in, having a little more clarity. We had solid order growth in Q1. And we are just further along in the year.

我想關於90億美元的部分，主要是因為在過了90天之後，我們有了更清楚的掌握。我們在第一季有穩健的訂單成長，而且我們在年度進程上也更往前推進了。

And so I think it is nothing more than just continued strength in the flow from those customers and 90 days more visibility that gave us the confidence to raise it from $7.5 billion to $9 billion.

因此我認為，這不外乎是來自這些客戶的需求流持續強勁，加上多了90天的能見度，讓我們有信心把目標從75億美元上調到90億美元。

Mark, on the second one?

Mark，第二題你來回答？

Yeah. Sure, Amit. Just to give you a little bit of color:

好的，當然，Amit。我補充一些背景說明：

Obviously, second half, we do have a tougher comparison and a little bit less visibility than we would have in Q2, anyway. But, overall, I think if you just take a step back, FY26 was a record year for us on both the revenue side, as well as EPS, and growing the top line 12% and the bottom line 14%.

很明顯地，下半年我們面臨較高的比較基期，而且相較於第二季，我們的能見度也會稍微低一些。但整體而言，如果你退一步看，FY26對我們來說在營收與EPS兩方面都是創紀錄的一年，營收年增12%，EPS年增14%。

And, both of those, with our updated guide, you are seeing significant acceleration so the top line moving from 12% all the way up to 19% and the bottom line moving from 14% growth to 27% growth so really strong operating leverage and really good acceleration, off of what was a record year, last year.

而且，依照我們更新後的指引，你會看到顯著的加速：營收成長率從12%一路提高到19%，獲利端則從14%的成長提高到27%的成長，代表非常強的營運槓桿與非常好的加速表現——而這是在去年已經是創紀錄的一年之後所達成的。

Thanks.

謝謝。

Thank you, Amit. Michelle, can we move to the next analyst in queue?

謝謝你，Amit。Michelle，我們可以請隊列中的下一位分析師提問嗎？

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

Yeah. Hey, guys. Thanks. It's a pleasure to be speaking with you. And some nice results here.

是的。嗨，各位。謝謝。很高興能和你們通話。而且這次的結果很不錯。

Chuck, could you talk about your exposure to the neocloud space and whether that's in the AI revenues you're guiding to? And there's some folks that think that that could decelerate, as they try to see what their funding situation is like throughout the year -- and wondering what your exposure is there.

Chuck，你能談談你們在 neocloud 領域的曝險程度，以及這是否包含在你們所指引的 AI 營收之中嗎？另外，有些人認為，隨著他們在全年持續觀察自身的融資狀況，這部分可能會放緩——想請問你們在這方面的曝險有多大。

Andm then, just, overall, with regard to the campus cycle, my follow-up is with regard to where are we in it. Why would it decelerate from here, in terms of the campus upgrades, given all the Security concerns that are out there?

然後，整體來看，關於校園（campus）週期，我的追問是我們目前處於哪個階段。考量到外界有這麼多安全方面的疑慮，為什麼校園升級在此之後還會放緩呢？

Just a little more color around where we are in that cycle. That would be great. And, thanks, again, guys.

希望能多給一些我們在該週期中所處位置的細節。那就太好了。也再次謝謝各位。

Thank you, Ben.

謝謝你，Ben。

So I would say, I would characterize our neocloud exposure to being relatively immaterial. We certainly have business with them but we've been very conservative, relative the to credit situations.

我會說，我們的 neocloud 曝險相對不具重大性。我們當然有和他們做生意，但相較於其信用狀況，我們一直非常保守。

And, to answer the second part of that question, the neoclouds, we do not include in our AI revenue. That's simply the hyperscalers.

至於你問題的第二部分，neocloud 的部分我們不納入我們的 AI 營收。AI 營收僅包含 hyperscalers（超大規模雲端業者）。

Secondly, on the campus cycle, I think you're right. We saw very strong results across the Enterprise Networking portfolio this quarter. I think, double digits across all of Networking -- all the Networking categories.

第二，關於校園週期，我認為你說得對。本季我們在企業網路（Enterprise Networking）產品組合上看到非常強勁的表現。我想整個 Networking——所有 Networking 類別——都是雙位數成長。

In the campus-switching side, I believe that we're -- in the quarter, we saw -- of the switching we'd sold, only 9% was really coming from the new portfolio. And so, again, we see this being very early.

在校園交換（campus-switching）方面，我相信——本季我們看到——我們所售出的交換器中，只有 9% 真正來自新產品組合。因此，我們仍認為這還非常早期。

And I think your assumption, relative to the impact of Mythos and some of the upgrade stuff, are quite accurate.

我認為你對 Mythos 影響以及一些升級相關事項的假設相當準確。

We don't anticipate any meaningful change and, likely, just more customers looking at modernization for bandwidth reasons, relative to their roll-out of agentic, as well as, just, Security issues and modernization, relative to the post-Mythos era.

我們不預期會有任何重大的變化，而且很可能會有更多客戶因為頻寬需求而著眼於現代化，這與他們推動 agentic（代理式）部署有關；同時也因為安全議題，以及在後 Mythos 時代所需的現代化。

Thank you, Ben. Michelle, could we move to the next analyst in queue?

謝謝你，Ben。Michelle，我們可以請隊列中的下一位分析師提問嗎？

Tal Liani, Bank of America.

Tal Liani，美國銀行（Bank of America）。

Hi, guys. Hope you can hear me. I have two questions.

嗨，各位。希望你們聽得到我。我有兩個問題。

First, Chuck, you said in the prepared remarks that this is a multi-year -- we are at the beginning of a multi-year cycle. And the question is: What gives you the confidence to say?

第一個，Chuck，你在事先準備的發言中提到，這是一個多年期——我們正處於一個多年期週期的起點。問題是：是什麼讓你有信心這麼說？

And the alternative would be: This is just a cycle; we are at the peak of a cycle; et cetera. I am just giving the alternative view. So what gives you the confidence to think that this is a multi-year cycle and this is not just peak cycle of spending by hyperscalers?

另一種看法可能是：這只是一般週期；我們正處於週期高峰；等等。我只是提出另一種觀點。所以，是什麼讓你有信心認為這是多年期週期，而不只是 hyperscalers 支出週期的高峰？

And the second question that is -- we speak a lot about campus. But can you talk about the readiness or the deployment of Enterprise Networks for AI? Meaning, are you seeing enterprises preparing for AI, updating networks? Or what are your expectations on that front?

第二個問題是——我們談了很多 campus。但你能談談企業網路（Enterprise Networks）對 AI 的就緒程度或部署情況嗎？也就是說，你是否看到企業正在為 AI 做準備、更新網路？或者你對這方面的預期是什麼？

Thanks.

謝謝。

Thank you, Tal.

謝謝你，Tal。

So we do think it is a multi-year cycle. And we think that it is obviously billions of dollars. And let me give you five drivers that I think are the key to why I have a high degree of confidence around the sustainability of this growt:

我們確實認為這是一個多年期週期。而且我們認為這顯然是數十億美元規模。我給你五個我認為是關鍵的驅動因素，說明為什麼我對這項成長的可持續性有高度信心：

First is the hyperscale success. We have had 18 AI design wins in the last five quarters. And, obviously, we raised the AI guide to $9 billion, more than double what it was last year. So that is the first that we expect to continue.

第一是 hyperscale 的成功。在過去五個季度，我們拿下了 18 個 AI 設計導入（design wins）。而且很明顯地，我們把 AI 指引上調到 90 億美元，較去年增加一倍以上。所以這是第一個我們預期會持續的因素。

The second is the Campus Network refresh and modernization. We have seen double-digit order growth, multiple quarters. We are still in the very early stages, less than 10% on the transition. So that is the second big driver.

第二是校園網路的汰換更新與現代化。我們已經連續多個季度看到訂單雙位數成長。我們仍處於非常早期的階段，轉換率不到 10%。所以這是第二個主要驅動因素。

The third and still connected to that but more broad is the post-Mythos opportunity. We're beginning to hear customers that are attributing orders to early Mythos implications. We heard it in Europe, as an example, with Service providers, relative to the managed Services CPE that they're needing to upgrade for their customers.

第三個仍與此相關但範圍更廣的是後 Mythos 的機會。我們開始聽到客戶將訂單歸因於 Mythos 早期影響。例如，我們在歐洲就聽到服務供應商提到，因應其為客戶提供的託管服務 CPE，需要進行升級。

And, while customers want to move fast, they want to do this right. So they're taking the appropriate time to plan, to design the right architecture, because they know, if they're going to go through doing this, that they got to get the architecture exactly right. So that's the third.

而且，雖然客戶想要快速推進，但他們也希望把事情做對。因此他們會花適當的時間來規劃、設計正確的架構，因為他們知道，既然要投入做這件事，就必須把架構做得完全正確。所以這是第三點。

The fourth is sovereign infrastructure. We all know that countries around the world, beginning in Europe, are looking for infrastructure that they feel like they have operational control over.

第四是主權基礎設施（sovereign infrastructure）。我們都知道，全球各國——從歐洲開始——正在尋找他們覺得自己能夠掌握營運控制權的基礎設施。

And we are fortunate that we're one of the few companies that has maintained a robust on-premise portfolio so we're able to deliver.

我們很幸運，因為我們是少數仍維持強健地端（on-premise）產品組合的公司之一，因此能夠交付。

We announced, a year ago, sovereign critical infrastructure for Europe. We expanded and launched it for Canada. I recently pre-announced it in India. And we'll continue to roll it out around the world, in addition to the work we're doing with the sovereign cloud providers, like HUMAIN, G42, and other sovereign nations.

我們在一年前宣布了面向歐洲的主權關鍵基礎設施。我們也擴大並在加拿大推出。我最近也在印度做了預先宣布。此外，除了我們與 HUMAIN、G42 等主權雲供應商以及其他主權國家的合作之外，我們也會持續在全球推廣。

The fifth and final one is this acceleration we're seeing of the hybrid data-center architecture with our enterprise customers. So our enterprise customers will be running AI applications in the cloud but they are also investing heavily in private data centers.

第五也是最後一點，是我們在企業客戶端看到混合式資料中心架構加速採用。因此，我們的企業客戶會在雲端運行 AI 應用，但同時也在私有資料中心上大幅投資。

They want to run open-weight and open-source models in their own data center. They want to train on their own data in their own data centers.

他們希望在自己的資料中心運行開放權重（open-weight）與開源（open-source）模型。他們希望用自己的資料、在自己的資料中心進行訓練。

And that's why we've seen, 9 out of the last 11 quarters, double-digit order growth in our enterprise Data Center Networking business.

這也是為什麼在過去 11 個季度中有 9 個季度，我們的企業資料中心網路（enterprise Data Center Networking）業務訂單呈現雙位數成長。

So we feel like each of these areas -- all five of these -- each are multi-year, multi-billion. And they all feel like they're in relatively early stages. So that's what gives us the confidence on the sustainability.

因此我們認為，這些領域——這五項——每一項都是多年期、數十億美元規模。而且它們看起來都仍處於相對早期的階段。這就是我們對可持續性的信心來源。

And I think, on the readiness of the enterprise for AI, I think it's a lot of what I just described, as well as a real focus on agentic Security, agentic identity, agentic Observability, as well as, just, the new Security architecture that's needed for the AI era.

至於企業對 AI 的就緒程度，我認為很大一部分就是我剛才描述的內容；同時也非常聚焦於 agentic Security（代理式安全）、agentic identity（代理式身分）、agentic Observability（代理式可觀測性），以及 AI 時代所需的新安全架構。

And so I was at one of the major banks in New York, just a few hours ago, before earnings and we had a long discussion about this very topic. And I think that's generally what we see going on.

所以就在幾個小時前、在財報公布前，我人在紐約一家大型銀行，針對這個議題進行了很長的討論。我認為這大致上就是我們目前看到的情況。

Thank you, Tal. Michelle, can we move to the next analyst in queue?

謝謝你，Tal。Michelle，我們可以請隊列中的下一位分析師提問嗎？

Meta Marshall, Morgan Stanley.

Morgan Stanley 的 Meta Marshall。

Great. Thanks. Just a couple of questions.

太好了。謝謝。我有幾個問題。

Just, in terms of the strength in the Asia-Pac orders this quarter, I assume most of that is due to the sovereign clouds but just wanted to get any further detail there.

首先，就本季亞太地區訂單的強勁表現而言，我猜大部分是來自主權雲（sovereign cloud），但想請你們再提供一些細節。

And then, just on the Security business and what you are seeing there in terms of the Splunk business -- I know we have had some license-to-subscription transitions. If you could just give an update, as to where we are there and the impact of that to the Security growth.

另外，關於資安業務，以及你們在 Splunk 業務方面看到的情況——我知道我們做過一些從授權轉訂閱（license-to-subscription）的轉換。能否請你們更新一下目前進度，以及這對資安成長的影響？

Thanks.

謝謝。

Thanks, Meta.

謝謝你，Meta。

I would say, APJC did show incredible growth and it was very balanced. If you look across the segments, we had enterprise in excess of 30%; public sector in excess of 70%; Service provider and cloud in triple digits.

我會說，APJC 的確呈現驚人的成長，而且相當均衡。如果你看各個區隔，企業端超過 30%；公部門超過 70%；服務供應商與雲端則是三位數成長。

So it was all theaters, all architectures, all segments. And, again, I think, to your point, it was sovereign demand, public-sector demand, telco investment, and great performance in the Campus Networking side.

所以是所有區域、所有架構、所有區隔都在成長。而且再次呼應你的觀點，這來自主權需求、公部門需求、電信業投資，以及校園網路（Campus Networking）端的優異表現。

And we see them also focused on the LDOS or the Last Day of Support opportunity and some of the post-Mythos-refresh early activity.

我們也看到他們聚焦在 LDOS（最後支援日，Last Day of Support）的機會，以及一些 Mythos 更新後的早期活動。

As it relates to -- what was the second question, again?

至於——第二個問題是什麼來著？

Security.

資安。

Oh. Yeah. Security. Sorry. I will let Mark talk a little bit about the Splunk numbers. But we actually saw some really good signs this quarter on the Security front.

喔，對。資安。抱歉。我先請 Mark 談一下 Splunk 的數字。但我們本季在資安方面其實看到一些非常好的跡象。

So the first is that our core Cisco Security, ex-Splunk, order growth was 15%, which is the best it has been in, probably, three years.

第一，我們核心 Cisco Security（不含 Splunk）的訂單成長是 15%，這大概是近三年來最好的表現。

We saw -- the Firewall business, which is something the teams worked hard on refreshing and really becoming competitive again. We saw the third consecutive quarter in excess of 30% growth.

我們看到——防火牆業務，團隊在產品更新上投入很多心力，並且真正恢復競爭力。我們看到連續第三季成長超過 30%。

And then, our Zero Trust Secure Access portfolio -- this is a Product that did not exist three years ago -- we now have 5,400 customers. We added almost 800 more customers in Q1. And that is a technology that is zero trust. And there is also an element of it that is AI Defense-related.

再來，我們的零信任安全存取（Zero Trust Secure Access）產品組合——這是三年前還不存在的產品——現在已有 5,400 家客戶。我們在第一季新增了將近 800 家客戶。這是一項零信任技術。其中也包含與 AI Defense 相關的元素。

At the AI Defense layer, we are now protecting 2 trillion tokens per month. And we are approaching 500 customers that have AI Defense. And so we are seeing good activity there.

在 AI Defense 層面，我們目前每月保護 2 兆（trillion）個 token。而採用 AI Defense 的客戶數正接近 500 家。因此我們看到那邊有不錯的動能。

We are using Splunk as a platform for AI Security. And we are also seeing customers really buy into the Security and Networking coming together on monitoring workloads, east-west traffic segmentation, with technologies like Hypershield and Live Protect.

我們正把 Splunk 作為 AI 資安的平台。同時也看到客戶確實買單「資安與網路整合」的方向，用於監控工作負載、東西向流量分段（east-west traffic segmentation），並搭配 Hypershield 與 Live Protect 等技術。

And so we see a lot of good, positive momentum in Security front.

因此我們在資安方面看到很多良好且正向的動能。

Mark, do you want to talk about Splunk and, just, the data there?

Mark，你要不要談談 Splunk，以及相關數據？

Yeah. And just to add one data point to the Asia-Pac question that you had: We saw really good strength in several countries, actually, within Asia. Japan, really strong. China, Singapore, Korea, and then, Australia is part of that, as well, and they had a really good quarter, too. So it was really good breadth in terms of the overall growth.

好。再補充一個你剛才亞太問題的數據點：我們在亞洲的幾個國家看到非常強勁的表現。日本非常強。中國、新加坡、韓國，另外澳洲也包含在內，他們本季表現也非常好。所以整體成長的廣度非常不錯。

And then, on the Security front, I think, as we exited last year and we gave you the outlook for this year, we said that Q1 -- to really expect low-single-digit revenue growth; and that Splunk would turn positive and begin to improve, as we move through the year; as well as the overall Security number -- to really improve, as we went through the year.

至於資安方面，我想在去年結束、我們給出今年展望時，我們說過第一季——預期營收成長會是低個位數；而 Splunk 會轉正並在今年逐步改善；整體資安數字也會在今年逐季改善。

So I would say, with the 7% that we posted in Q1, I think we are at or really a little bit above the expectations that we set out for the year. And we feel good about turning the corner on both of those and starting to see improved growth, as we move through the year.

所以我會說，以我們第一季公布的 7% 來看，我認為我們達到、甚至略高於我們對今年所設定的預期。我們對於兩者都已經開始轉折、並在今年逐步看到更好的成長感到樂觀。

Thank you, Meta. Michelle, can we move to the next analyst in queue?

謝謝你，Meta。Michelle，我們可以請隊列中的下一位分析師提問嗎？

Joseph Cardoso, JP Morgan.

JP Morgan 的 Joseph Cardoso。

Hey. Good afternoon, gentlemen. And thanks for the questions here.

嗨，各位下午好。也謝謝讓我提問。

For the first one, wanted to just get a temperature check on the supply side of things. I think, over the last couple of quarters, you sounded pretty confident around your ability to secure what you need and then, some, probably.

第一個問題，我想了解一下供應端的溫度。我想過去幾季你們聽起來對於取得所需供應、甚至更多，都相當有信心。

Was just curious, with a couple more months of visibility under the belt, any change on that front, particularly around things around silicon and memory; and whether you are seeing anything tightening?

只是好奇，在多了幾個月的能見度之後，這方面有沒有任何變化，特別是矽晶片和記憶體等項目；你們是否看到任何供應趨緊？

And then, as the second question -- and, maybe, this is piggybacking off of Amit's earlier question -- gross margins are holding up much better than envisioned, even relative to -- or looking at the 2Q guide there. I was hoping you can, maybe, help bridge between pricing, cost, and mix behind that.

第二個問題——也許是延伸 Amit 先前的問題——毛利率的表現比原先想像好很多，即使相較於第二季指引也是如此。希望你們能協助拆解一下背後的因素：定價、成本與產品組合（mix）各自的影響。

And then, as we think about the larger AI target for the year, any way to think about gross-margin progression through fiscal '27 and how we should be thinking about the exit run rate and the puts-and-takes?

另外，當我們思考今年更大的 AI 目標時，有沒有方式可以看毛利率在 2027 會計年度之前的走勢？以及我們該如何看待期末（exit）run rate 與各項拉動與抵銷因素（puts-and-takes）？

Thank you.

謝謝。

Yeah. Let me take the first one. And then, I may get you to just repeat the second one real quick.

好，我先回答第一個。然後我可能要請你把第二個問題很快再重複一次。

I got it for you.

我可以幫你整理。

The first one, just around supply, we feel really good. The team's done a great job in really leveraging our financial strength and looking all up and down the supply chain, whether it's silicon, it's [PCBs], it's power supplies, it's memory, and Optics, as well; and really engaging where we need to in terms of long-term strategic-supply agreements.

第一個，關於供應鏈，我們感覺非常好。團隊做得很棒，充分運用我們的財務實力，並且沿著供應鏈上下游全面檢視，不論是矽晶片、[PCB]（印刷電路板）、電源供應器、記憶體，以及光學元件（Optics）；並在需要的地方積極洽談長期策略性供應協議。

You saw a new multi-year memory agreement that we entered into this quarter. So big increase, obviously, in our advanced purchase commitments, as a result.

你們也看到我們本季簽了一份新的多年期記憶體協議。因此我們的預付款承諾（advanced purchase commitments）顯然大幅增加。

We're seeing not a lot of issues, at all, really, in terms of supply. The biggest one there is probably Optics. And I think that we see that improving here over the next quarter.

就供應而言，我們幾乎沒有看到什麼問題。其中最大的可能是光學元件（Optics）。我認為接下來一季會看到改善。

But, overall, feel really good about the supply that we have and the ability to meet not only the raised guide for the year but I think that, if demand turns out to be stronger, we can probably meet that, as well.

但整體而言，我們對目前的供應狀況以及滿足需求的能力感到非常有信心，不僅能達成今年上調後的指引；我想如果需求結果更強，我們大概也能滿足。

And the second one -- I'm sorry?

那第二個——不好意思？

He was asking -- he said, gross margins are holding up better than, perhaps, were expected. What are the contributors to staying where (multiple speakers) --?

他在問——他說，毛利率的表現比或許原先預期的還要好。有哪些因素讓它能維持在目前的水準（多位講者）——？

Yeah. I think -- so we still have the same headwinds in terms of component prices. And mix is the big thing in terms of hardware growth, just in general, really outpacing the software growth that you're seeing.

是的。我想——所以我們在零組件價格方面仍然面臨相同的逆風。而產品組合（mix）是硬體成長的關鍵因素；整體而言，硬體成長確實大幅超過你們看到的軟體成長。

I think that, for the year, most of the expectations were for a gross-margin number at just under -- just shy of the 65%. And we're comfortable with that for the full year.

我認為就全年而言，多數預期的毛利率數字會略低於——接近但略低於65%。而我們對全年維持在那個水準感到有信心。

Thank you, Joe. Michelle, can we move to the next analyst? Thank you.

謝謝你，Joe。Michelle，我們可以請下一位分析師嗎？謝謝。

Simon Leopold, Raymond James.

Raymond James 的 Simon Leopold。

Thank you very much for taking the questions.

非常感謝讓我提問。

First one I wanted to ask was: You guys have shown some real progress with the AI-backend success. Within the systems value, can you give us a rough idea of the mix between top of rack, switching in the spine versus the routing used for scale-across? Rough order of magnitude split is all I'm looking for.

第一個我想問的是：你們在 AI 後端（AI-backend）的成功方面展現了相當明顯的進展。在系統價值（systems value）裡，能否大致說明一下機櫃頂端（top of rack）、脊骨層（spine）的交換器（switching），以及用於橫向擴展（scale-across）的路由（routing）之間的組合占比？我只想要一個大概的量級拆分。

And then, as the follow-up, I'm just wondering if you could update us on how much of your growth has come from price changes versus unit growth. I know it's not precise but, also, rough idea of that would be appreciated.

接著追問一下，我想請你們更新：你們的成長有多少來自價格變動、又有多少來自出貨量（unit）成長。我知道這不精準，但也希望能給個大概的概念。

Thank you.

謝謝。

Yeah. I will take the first one. And then, Mark, you can take the second one.

好的。我先回答第一個。然後第二個，Mark 你可以回答。

I do not have the break-down, exactly, between those technologies. I think the way I would think about it is, in the last five quarters, we have had 18 design wins and we have had them across scale-out architectures, both systems and then, scale across in systems, as well as Optics.

我手上沒有那些技術之間非常精確的拆分數字。我會這樣看：在過去五個季度，我們拿下了18個設計導入（design wins），涵蓋了 scale-out 架構（包含系統），以及系統中的 scale-across，還有光學（Optics）。

We talked about, in the prepared remarks, two wins with the P200 for scale across and then, a 1.6-terabit scale-out Optics win.

我們在事先準備的講稿中提到：P200 在 scale-across 有兩個案子（wins），以及一個 1.6Tbps 的 scale-out 光學（Optics）案子。

And so we are actually active in all the places that you mentioned. We just have not given those numbers at that level of detail.

所以你提到的那些環節我們其實都有在參與。只是我們還沒有在那麼細的層級提供數字。

so, Mark, you want to talk about gross margin?

那 Mark，你要談一下毛利率嗎？

Yeah. And, maybe, just to reiterate: We have talked about, just, the split between Optics and systems being roughly 50/50. That will vary on any given quarter but that continues to be what we are seeing.

好的。而且也許再重申一下：我們談過光學（Optics）與系統（systems）的拆分大約是 50/50。每一季會有波動，但我們目前看到的仍然是這樣的情況。

In terms of the price versus unit -- and Simon, appreciate that you mentioned it -- it is certainly an imperfect science. But I think that the estimate that we gave you a quarter ago was that we expected revenue to be impacted about 5 points for the full year. I think that is probably a pretty good estimate, still, for the year.

至於價格相對於出貨量——Simon，也謝謝你先提到——這確實不是一門精準的科學。但我認為我們在一季前給你的估計是：預期全年營收大約會受到 5 個百分點的影響。我想這對今年來說，仍然是相當不錯的估計。

Thank you, Simon. Michelle, can we move to the next analyst? Thank you.

謝謝你，Simon。Michelle，我們可以請下一位分析師嗎？謝謝。

David Vogt, UBS.

UBS 的 David Vogt。

Great. Thanks, guys, for taking my questions.

很好。謝謝各位讓我提問。

Maybe, Chuck, the first question: I know you do not want to be on this AI order treadmill but just by doing some really quick math, it looks like we had a little bit of a sequential down-tick in AI orders taken from hyperscalers in the quarter.

也許，Chuck，第一個問題：我知道你不想陷入 AI 訂單的跑步機式追蹤，但我快速算了一下，看起來本季來自超大規模客戶（hyperscalers）的 AI 訂單承接量（orders taken）較前一季略有下滑。

I know the industry is somewhat lumpy and not linear. Can you maybe talk to how you are seeing that develop, as the year progresses; and characterize, like, the depth of your conversations?

我知道這個產業有些起伏，不是線性的。你能否談談你們如何看待它在今年接下來的發展；以及描述一下你們對話的深度？

Because I think, later in the deck, you talked about potential wins for not only P200 but G200, G300, and other programs. So just love to get your thoughts on how those conversations are progressing.

因為我想在簡報後面，你們談到不只是 P200，還有 G200、G300 以及其他專案的潛在得標（wins）。所以很想聽聽你對這些對話進展的看法。

And I'll give Mark my follow-up quickly. Mark, maybe, just to follow up on Simon’s question, I'll just take your AI revenue guide. It looks like the incremental growth coming from AI revenue today is about 2 points faster than we thought 90 days ago. And pricing is relatively the same.

我也很快給 Mark 一個追問。Mark，延續 Simon 的問題，我就用你們的 AI 營收指引來看。看起來目前 AI 營收帶來的增量成長，比 90 天前我們預期的快了大約 2 個百分點。而定價大致相同。

Is it the assumption that campus is that incremental driver that rounds out the upside to the outlook versus 90 days ago? Is that the right way to think about the moving parts in the revenue guide?

是否假設校園網路（campus）是那個增量驅動因素，用來補足相較 90 天前展望上修的部分？用這樣的方式理解營收指引中的各個變動因素，是否正確？

Thank you.

謝謝。

Yeah. David, on the AI-order front, I would say, on a year-over-year basis, we saw really nice growth. And I think, if you look back at last year, I don't remember the exact number but it was $1 billion and some change in year 1, in first quarter; and then, we ended up at $9.3 billion, as it escalated during the year.

好的，David，就 AI 訂單這一塊來說，我會說以年對年來看，我們看到相當不錯的成長。而且我想如果你回頭看去年，我不記得確切數字，但第一年、第一季大概是 10 億美元出頭；然後隨著一年中逐步加速，最後達到 93 億美元。

So, while I don't expect there is normal linearity in this business at all, I think you are right, it is going to be lumpy and there is going to be some quarters that are going to be big, others that are going to be smaller.

所以，雖然我完全不認為這個業務會有正常的線性成長，但我想你說得對，它會是起伏不定的；有些季度會很大，其他季度會比較小。

And that is why we made the decision just to go to the revenue side so that it is just cleaner and we do not get into these gyrations about how many orders did you take in week seven of Q1.

這也是為什麼我們決定改用營收端來呈現，這樣更乾淨，也不會陷入像是「你們在第一季第七週接了多少訂單」這種大幅波動的討論。

Some color around the different technologies: Obviously, the P200 is being very successful. We have had lots of wins with the G200 in the scale-out space, as we talked about.

關於不同技術的一些補充：很明顯，P200 非常成功。我們在 scale-out 領域也拿下了很多 G200 的案子（wins），如同我們提到的。

I will say that we have begun to ship the G300 now and it is now in labs, which is a really good sign for us. And we feel really good about that.

我也要說，我們現在已經開始出貨 G300，而且它已經進入實驗室（labs），這對我們來說是非常好的訊號。我們對此感到非常樂觀。

And, obviously, we continue to have more wins in the optic space. The design win we had this quarter at the 1.6-terabit optic was a client-side win. And it was our first client-side Optics win at this particular hyperscaler. So we feel good about the continued progress that we make in that space.

此外，我們在光學（optic）領域顯然也持續拿到更多案子。我們本季拿下的 1.6Tbps 光學設計導入，是一個客戶端（client-side）的案子。而且這是我們在這家特定超大規模客戶的第一個客戶端光學（Optics）設計導入。所以我們對在該領域持續取得的進展感到很不錯。

Yeah. David, just coming back to you on the numbers, so we have taken our guide up to 19% on the top line. About 8 points of that growth is attributable to hyperscale and 11 points would be attributable to our ex-hyperscale or more our core business.

好的，David，再回到數字部分：我們把營收指引上調到年增 19%。其中大約 8 個百分點的成長可歸因於 hyperscale，另外 11 個百分點可歸因於我們的非 hyperscale（ex-hyperscale）或更偏核心的業務。

So, if you break down the overall guide, we raised by $2.5 billion. $1.5 billion of that was hyperscale and $1 billion was our core ex-hyperscale business.

所以，如果你拆解整體指引，我們上調了 25 億美元。其中 15 億美元來自 hyperscale，10 億美元來自我們的核心、非 hyperscale（ex-hyperscale）業務。

And, in terms of what is driving it, you mentioned campus but it is much broader than that. It is not just campus.

至於是什麼在驅動，你提到 campus，但範圍比那更廣。不只是 campus。

I think, if you look at, really, all of the Product families within Networking, for example, every one of them grew double digits this past quarter. So we also saw double-digit growth across every region and double-digit growth across every market -- customer market -- as well.

我認為，如果你去看網路（Networking）之內的所有產品家族，舉例來說，上個季度每一個都實現了兩位數成長。因此，我們也看到每個地區、每個市場——客戶市場——同樣都呈現兩位數成長。

So it is broad-based. And the core continues to do quite well.

所以這是全面性的成長。而核心業務也持續表現得相當不錯。

Thank you, David. Michelle, can we move to the next analyst? Thank you.

謝謝你，David。Michelle，我們可以請下一位分析師提問嗎？謝謝。

Karl Ackerman, BNP Paribas.

BNP Paribas 的 Karl Ackerman。

Hi. This is Sam Feldman, on for Karl Ackerman. Thanks for taking my question.

嗨，我是 Sam Feldman，代替 Karl Ackerman。謝謝讓我提問。

So we believe that Silicon One is primarily integrated into your AI Products, while enterprise Products rely on external silicon.

我們認為 Silicon One 主要整合在你們的 AI 產品中，而企業產品則依賴外部晶片。

First, has there been any change in thinking to the fiscal '29 integration timeline?

第一，對於 2029 財年的整合時程，想法是否有任何改變？

And then, second, what does the $9 billion of AI sales imply, with respect to your mix of internal silicon?

第二，90 億美元的 AI 銷售額，對你們內部晶片占比的產品組合意味著什麼？

Okay. Let me answer the first one. And I am not sure I know the answer to the second one.

好的。我先回答第一個。第二個我不確定我是否知道答案。

Yeah. So, on the first one, we do have, now, Silicon One that has begun to be implemented in portions of our Enterprise Networking portfolio. And the fiscal year '29 target of having all of it converted is still on track. So we feel good about where we are headed with that.

是的。就第一個而言，我們現在的 Silicon One 已經開始在我們企業網路（Enterprise Networking）產品組合的部分領域導入。而在 2029 財年把全部轉換完成的目標仍在軌道上。所以我們對目前的進展方向感到很有信心。

On the second question, you asked the split between Silicon One revenue and non-Silicon One revenue. Obviously, in the hyperscaler space and the $9 billion, that is -- other than Optics, it is 100% Silicon One-based platforms.

至於第二個問題，你問的是 Silicon One 收入與非 Silicon One 收入的拆分。很明顯地，在超大規模客戶（hyperscaler）領域以及那 90 億美元之中——除了光學（Optics）之外——是 100% 以 Silicon One 為基礎的平台。

Thank you, Sam. Michelle, can we move to the next analyst in queue?

謝謝你，Sam。Michelle，我們可以請隊列中的下一位分析師提問嗎？

Gianni Conti, Deutsche Bank.

德意志銀行（Deutsche Bank）的 Gianni Conti。

Yeah. Thank you for giving me some time to ask some questions. Congrats on the quarter.

是的，謝謝給我一些時間提幾個問題。恭喜這一季的表現。

Perhaps, one on P200 in scale-across. You won three P200 scale-across design wins with separate hyperscalers. My question is: What's the catalyst for Silicon One winning those sockets? And how big could scale-across become, as the model gets larger?

也許先問一個關於 P200 的 scale-across。你們在 P200 scale-across 上，分別拿下三家不同超大規模客戶的設計導入（design win）。我的問題是：促使 Silicon One 贏得這些插槽（sockets）的催化因素是什麼？而隨著模型變得更大，scale-across 可能會成長到多大？

Thank you, Gianni.

謝謝你，Gianni。

I think that it's about performance, it's about power consumption. And I think that's it. It's really about performance and power.

我認為關鍵在於效能，也在於功耗。我想就是這些。本質上就是效能與功耗。

And, also, there's just this whole focus on diversity of silicon inside this space. And, I'd say, if you want to talk about the size of this market, we did a study and we think that the bandwidth requirements are going to increase 14x in this space so the TAM is quite large and continues to grow.

另外，這個領域也非常重視晶片多元化（diversity of silicon）。至於市場規模，我們做過一項研究，認為在這個領域的頻寬需求將增加 14 倍，因此 TAM（總可服務市場）相當龐大，且仍在持續成長。

So we see this as a great opportunity. And we're really optimistic and pleased with the number of wins that we're getting with the P200.

所以我們把這視為一個很好的機會。而且我們對 P200 拿下的勝出數量感到非常樂觀，也很滿意。

Yeah. And the other thing I'd just add is, I think, as you look at our offering, it's probably the most complete offering in the industry with silicon, the Acacia Optics, optical, multi-rail to come in calendar '27.

是的。我另外補充一點：我認為從我們的產品供應來看，這可能是業界最完整的方案，包含晶片、Acacia 光學（Optics）、光學，以及預計在 2027 年曆年推出的 multi-rail。

So I think we really measure up quite well here.

所以我認為我們在這方面的競爭力相當不錯。

Thank you, Gianni. Michelle, can we move to the next analyst in queue?

謝謝你，Gianni。Michelle，我們可以請隊列中的下一位分析師提問嗎？

Atif Malik, Citi.

花旗（Citi）的 Atif Malik。

Hi. It is Adrienne Colby for Atif Malik. Thank you for the question.

嗨，我是 Adrienne Colby，代替 Atif Malik。謝謝讓我提問。

I wanted to ask about the Optics side of the business. I know, in the past, you have talked about Acacia at about a $1 billion or a little bit above that order run rate. I did not know if you could talk to -- if that is expanding.

我想問光學（Optics）業務方面。我知道過去你們談到 Acacia 的訂單年化（run rate）大約在 10 億美元或略高。我想了解——這個規模是否正在擴大？

And then, hoping to get a little bit of an update on the timing of Cisco's newer multi-rail line system and, also, timing around the USFP Product.

另外，也希望你們更新一下 Cisco 較新的 multi-rail 線性系統（line system）的時程，以及 USFP 產品的時程。

Thank you.

謝謝。

Yeah. So thanks, Adrienne, for the question.

好的。謝謝你，Adrienne，這個問題。

I think, on the Optics side, yeah, we see this as a really sizable opportunity for us -- and seeing a ton of growth there.

我認為在光學這一塊，是的，我們把它視為對我們而言非常可觀的機會——而且我們看到那裡有大量成長。

We actually had a $1 billion quarter, just last quarter, on the Optics side. So it is growing substantially. Q1 was a record Q1 for us, as well, and really see the demand increasing there, as we move forward.

其實就在上一季，我們光學業務單季就達到 10 億美元。所以它正在大幅成長。第一季（Q1）對我們來說也是創紀錄的 Q1，而且展望未來，我們確實看到那裡的需求正在增加。

And the USFP platform is still a couple years out, probably, a few years out.

而 USFP 平台大概還要再等幾年，可能還要好幾年。

And the multi-rail system, as I think Mark mentioned earlier, is the first few months of calendar '27.

至於 multi-rail 系統，如同我想 Mark 先前提到的，會是在 2027 年曆年的前幾個月。

Thank you, Adrienne. Michelle, can we move to the next analyst in queue?

謝謝你，Adrienne。Michelle，我們可以請隊列中的下一位分析師提問嗎？

Ben Bollin, Cleveland Research.

Cleveland Research 的 Ben Bollin。

Thanks. Good afternoon, everyone. I appreciate you taking the question.

謝謝。各位下午好。感謝讓我提問。

Could you talk about what we should expect from Services? It has come off its lows but really not intensifying or accelerating. Any thoughts on when and how that gets better?

你能談談我們對服務（Services）應該有什麼期待嗎？它已經從低點回升，但看起來並沒有變得更強或加速。你們認為何時、以及如何會改善？

And then, as a follow-up -- a little bit of a bigger-picture question -- it does seem like there is some high-level thoughts that raw-material capacity, as they are happening in the picks and shovels or material side of things -- but, maybe, the volume of data-center shells that come online into 2027 -- well, 2028 and beyond -- maybe there are more questions there.

接著作為追問——比較偏宏觀的問題——似乎有一些高層次的看法認為，原物料產能正在發生在「賣鏟子與鎬子」（picks and shovels）或材料端；但也許到 2027 年——嗯，2028 年及以後——上線的資料中心機殼（data-center shells）數量，可能會有更多疑問。

Curious how you think about the potential imbalance where, maybe, we are in an oversupply situation, from a raw-material perspective, and do not have anywhere to put that stuff in 2028 and beyond.

我想了解你們如何看待可能出現的不平衡：也許從原物料角度看會進入供給過剩，但在 2028 年及以後卻沒有地方把那些東西部署出去。

Thanks.

謝謝。

Yeah. I'll take the first one, Ben. Thanks for the question.

好的，Ben，我先回答第一個。謝謝你的問題。

So, on the Services piece, we've seen a significant up-tick in hardware revenue. Hardware revenue actually grew over 50% for Q1.

在服務這一塊，我們看到硬體營收顯著上升。第一季（Q1）硬體營收實際上成長超過 50%。

And the thing with Services is it is ratable. And our hyperscalers don't attach a lot of Services, as well.

而服務的特性是按期認列（ratable）。另外，我們的超大規模客戶也不太會搭售很多服務（attach a lot of Services）。

But what you are going to see is that business is going to continue to improve. We broke into the positive territory this quarter. I would look for that to have some continued improvement, as we move through the year.

但你會看到的是，這項業務會持續改善。我們這一季已經回到正成長區間。我預期隨著今年推進，會看到持續的改善。

And on the demand side, from a data-center perspective, especially as we get out to '28 and beyond, I actually don't foresee -- I think the geopolitical side of it's going to get worked out.

至於需求端，從資料中心的角度來看，特別是到 2028 年及以後，我其實不預見——我認為地緣政治那一塊會被解決。

And I think that, given the demand that we see today, these data centers are going to get built. And so we don't feel like there's much risk on the resources side and anything that would surprise us, relative to the data-center build-out over the next two years.

我認為，鑑於我們今天看到的需求，這些資料中心將會被建置。因此，就資源面而言，我們不覺得有太大風險；相較於未來兩年資料中心擴建的情況，也沒有什麼會讓我們感到意外的因素。

Thank you, Ben. Michelle, can we move to the final analyst question?

謝謝你，Ben。Michelle，我們可以進入最後一位分析師的提問嗎？

Michael Ng, Goldman Sachs.

高盛（Goldman Sachs）的 Michael Ng。

Hi. Good afternoon. Thanks for the question.

嗨，下午好。謝謝讓我提問。

First, for Mark, I was just wondering if you could just provide a little bit more color around the margin outlook for the second quarter and for the full year. I think it was better than expectations, despite the growing hardware and hyperscale mix. So what's been coming in better?

首先，想請教 Mark，我想知道你是否能再多補充一些關於第二季以及全年毛利率展望的細節。我認為在硬體與超大規模（hyperscale）占比提高的情況下，表現仍優於預期。所以，究竟是哪些方面優於預期？

And then, Chuck, just as a follow-up, I was just wondering if you were seeing any early signs of demand shifting outside of the United States for data-center AI Networking, just given the results of the midterms and the risk of capacity becoming harder to originate in the US.

接著，Chuck，作為追問，我想了解你是否看到資料中心 AI 網路（Networking）的需求，因期中選舉結果以及美國境內產能更難取得的風險，而開始出現往美國以外地區轉移的早期跡象？

Thank you.

謝謝。

Hey, Michael. so I'll take the first one.

嗨，Michael。我先回答第一個問題。

Yeah. I think that the two big factors, obviously, impacting gross margin are the component-costs increases that we've been seeing. There's a lot of efforts to combat that, including some of the price increases that you've seen but, also, these long-term agreements that we're entering into to get supply and, in some cases, prices, as well.

是的。我認為影響毛利率的兩大因素，顯然是我們一直看到的零組件成本上升。我們也做了很多努力來因應，包括你們看到的一些漲價；此外，我們也在簽訂這些長期協議，以取得供應，在某些情況下也能鎖定價格。

And then, there's the mix. But offsetting that is really a number of productivity improvements that we've had around memory, as well as just the scale and efficiency that we're able to drive at this much higher revenue level than we've seen in the past.

再來是產品組合（mix）。但用來抵銷的，主要是我們在記憶體方面的一些生產力提升，以及在營收規模遠高於過去的水準下，我們能夠推動的規模效益與效率。

I actually think that gross margins are pretty much right on target. We were just slightly above the midpoint of our guide for Q1. And I think that most have expectations of a full-year gross margin of just shy of 65%. And I think that's a reasonable expectation. I think that we should eb right on there.

我其實認為毛利率大致上完全符合目標。我們第一季的毛利率僅略高於指引中位數。而我想多數人對全年毛利率的預期是略低於 65%。我認為這是合理的預期。我想我們應該會非常接近那個水準。

Yeah. And then, Michael, on the data-center question that you have, we have not seen a shift of demand that we expected in the United States to go outside the country, as of yet. And I candidly don't expect that to be the case.

是的。Michael，關於你提到的資料中心問題，截至目前我們尚未看到原本預期在美國的需求轉移到海外的情況。坦白說，我也不預期會發生那樣的情況。

I think you've got a combination of, you still have plenty of states that have not declared moratoriums. Obviously, you got to have the energy right in those states.

我認為有幾個因素：你仍然有很多州尚未宣布暫停令（moratoriums）。當然，你必須確保那些州的能源條件到位。

But we've also seen some of the -- at least, one of the governors has come out and said that they're open to data-center bills. They just need to be done in the right way, with concern and commitments to the community, concerns and commitment to maintaining energy costs, and things of that nature.

但我們也看到一些——至少有一位州長出面表示，他們對資料中心相關法案持開放態度。只是需要以正確的方式推動，並且要顧及並承諾對社區的影響、顧及並承諾維持能源成本等這類事項。

And I think this is too important to our country and it's too important to the industry.

我認為這對我們國家非常重要，對整個產業也非常重要。

It'll get resolved. And I think that the last thing we want is for data centers to end up being built outside the United States. And I think that's how this will end up.

這件事會被解決。而且我認為我們最不希望看到的是資料中心最後在美國以外的地方建置。我想最終結果也會是如此。

But, obviously, there's a lot of political dynamics in it right now.

但顯然，目前其中牽涉到很多政治層面的動態。

But thank you for the question.

不過謝謝你的提問。

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

謝謝你，Mike。我接下來把時間交給 Chuck 做結語。

I just want to thank everyone for joining us today. And I want to reinforce just how confident I am in Cisco's future and, candidly, the sustainability of the performance that we've seen.

我想感謝各位今天加入我們。我也想再次強調，我對 Cisco 的未來，以及坦白說，我們所展現績效的可持續性，都非常有信心。

We are executing really well against our strategy. The teams are doing a great job. We're delivering strong results. And we are seeing the investments that we have made over the past several years -- in some cases, a decade -- they are translating into real momentum.

我們正非常有效地執行我們的策略。團隊做得非常出色。我們交出強勁的成果。而且我們在過去幾年——有些甚至長達十年——所做的投資，正在轉化為實質的動能。

The other thing I'd point out is that this business is more efficient and has greater scale than anything I've seen.

另外我想指出的是，這個業務的效率更高、規模也更大，超過我所見過的任何情況。

If you just look at our revenue, based on the guide we put up today, and you go back two years, we're going to generate $19 billion in incremental revenue. And we are going to do that with less headcount than we had at the beginning, two years ago.

如果你只看我們的營收，依照我們今天給出的指引，並回推兩年前，我們將新增 190 億美元的增量營收。而且我們將在員工人數少於兩年前起點的情況下做到這一點。

And so the efficiency that we are seeing is just unprecedented. And the teams are doing an incredible job of scaling the business and also driving productivity.

因此，我們所看到的效率提升是前所未有的。團隊在擴大業務規模以及推動生產力方面，都做得非常出色。

I also gain a lot of confidence from what I am hearing from our customers and our partners. We are truly in the very early stages of a multi-year Networking super cycle. And we are confident in our ability to continue capturing the opportunity that it represents for Cisco.

我也從客戶與合作夥伴那裡聽到的回饋中，獲得很大的信心。我們確實正處於一個為期多年的網路（Networking）超級循環的非常早期階段。而我們對持續把握這個機會、並為 Cisco 擷取其所代表的成長空間，充滿信心。

I believe we have the right strategy, we have the innovation, the right team. And we are focused on translating that into sustained profitable growth.

我相信我們有正確的策略、有創新能力、有合適的團隊。而且我們專注於把這些轉化為可持續的獲利成長。

I want to thank our teams for their continued execution and thank our customers, partners, and shareholders for their trust.

我要感謝我們的團隊持續落實執行，也感謝我們的客戶、合作夥伴與股東對我們的信任。

Sami, I'll turn it back over to you.

Sami，我把時間交回給你。

Thank you, Chuck.

謝謝你，Chuck。

Cisco's next quarterly call, which will outline our second-quarter fiscal year '27 results, will be on Wednesday, February 10, 2027, at 1:30 PM Pacific Time, 4:30 PM Eastern Time.

Cisco 下一次季度電話會議（將說明我們 2027 會計年度第二季的業績）將於 2027 年 2 月 10 日（星期三）舉行，時間為太平洋時間下午 1:30、東部時間下午 4:30。

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

今天的電話會議到此結束。如有任何進一步問題，歡迎聯絡 Cisco 投資人關係部門。非常感謝各位今天參與本次電話會議。

Thank you for participating on today's conference call.

感謝各位參與今天的電話會議。

If you would like to listen to the call in its entirety, you may call 800-839-2232. For participants dialing from outside the US, please dial 203-369-3662.

若您想收聽本次電話會議的完整內容，可撥打 800-839-2232。美國境外的與會者，請撥打 203-369-3662。

This concludes today's call. You may disconnect at this time.

今天的電話會議到此結束。您現在可以掛線。