思科 (CSCO) 管理层出席美国银行美林 2019年 全球技术大会 (成绩单)

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Cisco Systems, Inc. (NASDAQ:CSCO) Bank of America Merrill Lynch 2019 Global Technology Conference June 4, 2019 2:45 PM ET

思科系统公司(纳斯达克股票代码:[CSCO])美国银行美林2019年全球技术大会2019年6月4日美国东部时间下午2:45

公司参与者

Jonathan Davidson - Senior Vice President and General Manager, Service Provider Business

  • Jonathan Davidson - 服务提供商业务高级副总裁兼总经理

电话会议参与者

Tal Liani - Bank of America Merrill Lynch

  • Tal Liani - 美国银行美林

Tal Liani

Okay. If you don't mind, just to sit down, so we can start. We -- the next -- you got a glimpse of our discussion in the previous session if you attended the 5G session. Jonathan Davidson is Head of Service Provider Business, and he is going to introduce himself in a few seconds.
We want to talk about what Cisco is doing with service providers, the growing parts, the challenging parts, the product portfolio. Before we start, I want to first thank you all of you at the end of the [IR] [ph] season, all the votes are in. Hopefully, I want to thank you for your continued support. We have a terrific team, research team that has been around for many, many years. I'm just closing 21 years at Bank of America. Justin and Kash and Vivek and Wamsi are all superstars and we want to sincerely thank you for your continued support on all the activities around our research.
We published heavily on 5G. We published heavily on Huawei and what's going to happen to – if trade war continues and even various views, different views within Bank of America, how the whole trade war between U.S. and China moves on from here. But there is one thing that I think is the consensus now among the economists and strategists, is that the U.S. and global trade may slowdown. And this morning you saw that our economist published a view that the interest rate is going to actually be cut for the next 3 times, 25 basis points for the next 3 times, because in order to encourage some activity in the U.S.
So, with that, in the backdrop, this is kind of the backdrop for our discussion, global trade, economic slowdown in the U.S., as well as globally and then Cisco's portfolio, the most important part is here to speak about Cisco, that's kind of the basis for our discussion today. And Jonathan some of the people here heard your views on the market in the previous session, but some of them did not attend the previous session. So I would like you to reintroduce yourself to the group, if you don’t mind, and speak about your areas of responsibilities and then we’ll take it from there.

好的。如果你不介意,只是坐下来,所以我们可以开始。我们 - 下一个 - 如果您参加了5G会议,您可以在上一次会议中看到我们的讨论。 Jonathan Davidson是服务提供商业务负责人,他将在几秒钟内自我介绍。

我们想谈谈思科正在与服务提供商,不断增长的部件,具有挑战性的部件,产品组合做些什么。在我们开始之前,我想首先在[IR] [ph]赛季结束时感谢你们所有人,所有选票都在。希望,我要感谢你们的继续支持。我们有一个很棒的团队,研究团队已经存在很多年了。我刚刚在美国银行关闭了21年。 Justin和Kash以及Vivek和Wamsi都是超级明星,我们真诚地感谢您对我们研究的所有活动的持续支持。

我们在5G上大量发布。我们发表了大量关于华为的报道,如果贸易战继续下去,甚至各种观点,美国银行内部的不同观点,中美之间的整个贸易战如何从这里发展,那将会发生什么。但我认为现在经济学家和战略家之间的共识有一点是美国和全球贸易可能会放缓。今天早上你看到我们的经济学家发表了一个观点,即接下来的3次利率将实际降低,接下来的3次降息25个基点,因为为了鼓励美国的一些活动。

因此,在此背景下,这是我们讨论,全球贸易,美国经济放缓,以及全球和思科投资组合的背景,最重要的部分是谈论思科,那是一种我们今天讨论的基础。 Jonathan这里的一些人在上一届会议上听取了你对市场的看法,但其中一些人没有参加上一届会议。因此,如果您不介意,我希望您重新介绍自己,并谈谈您的责任范围,然后我们将从那里开始。

乔纳森戴维森

All right. Sounds perfect. Thanks, Tal. It’s great to be here with you. So, hello, everybody, we appreciate being the show part of the lunch.

行。 听起来很完美。 谢谢,塔尔。 很高兴和你在一起。 所以,大家好,我们很高兴成为午餐的节目部分。

Tal Liani

Yes. I am hungry. Yeah.

是。 我饿了。是啊。

乔纳森戴维森

So a few things, one, so I lead the Service Provider Business at Cisco. That’s inclusive f 5G technology, areas of mobility, optical, cable, automation and routing. And of course, I need to let you know, since there are new people in the room to share our Safe Harbor statement. I'll be making some potentially future looking statements, if you want to know details about that, please go to our cisco.com website and you can read the full details there.

所以有一些事情,一个,所以我领导思科的服务提供商业务。 这是包容性的5G技术,移动性,光学,电缆,自动化和路由领域。 当然,我需要通知你,因为会议室里有新人分享我们的安全港声明。 我将制作一些可能具有未来前景的声明,如果您想了解相关细节,请访问我们的cisco.com网站,您可以在那里阅读完整的详细信息。

Tal Liani

Great. So just so you know today's my birthday.

非常好。 所以你知道今天是我的生日。

乔纳森戴维森

Oh! Happy Birthday.

哦! 生日快乐。

Tal Liani

And you are the, [Marlene] [ph] said, I have a gift for you, this is it.

而且你是,[马琳] [ph]说,我有礼物给你,就是这样。

乔纳森戴维森

It's me? I’m -- this is the worst birthday present you have ever had.

是我? 我 - 这是你有过的最糟糕的生日礼物。

Tal Liani

But – wow.

但是 - 哇。

乔纳森戴维森

We got to get you something better.

我们得到了更好的东西。

Tal Liani

Yes.

是。

乔纳森戴维森

We'll work on that at the break.

我们将在休息时继续努力。

Tal Liani

I’ll take this for now.

我现在就拿这个。

问答环节

So I want to start with just an overview. Cisco’s Service Provider Business, can you frame us first of all the size of it within Cisco. What are the big components and then we'll go and kind of drill down to speak about the trends within each component of your Service Provider Business?

所以我想从概述开始。 思科的服务提供商业务,您能否在思科内首先构建它的大小。 什么是大组件,然后我们会去深入了解服务提供商业务的每个组成部分的趋势?

乔纳森戴维森

Sure. So high level, yeah, Service Provider at the company, it consists of, I think, of it as three distinct parts. So the first part is the -- what I would call the critical infrastructure elements that I'm responsible for building, that they then take those products and software, and then they build their networks and they sell their network as services. That’s kind of step one -- part one.
Part two is what we sell to them as enterprises. So Service Providers, they are just really, really large enterprise accounts from the IT side and the majority of them have separate IT organizations from their network operations. So one part is their business. So I mostly work with them and the other part is their IT, like, how you support, like, WiFi and those types of things and so we sell to them.
And there's a third component of that as well, which is what we do through the service provider as a channel to our enterprise and small and medium business customers, and that can be for security services, for the connectivity services, for collaboration services, like, Webex or from our acquisition of BroadSoft for even calling services. And so those are kind of the three distinct buckets of how we look at the business. So my specific part, the kind of bucket one, we don’t break that part out.

当然。如此高水平,是的,公司的服务提供商,我认为它由三个不同的部分组成。所以第一部分是 - 我称之为我负责构建的关键基础设施元素,然后他们接受这些产品和软件,然后他们构建他们的网络并且他们作为服务销售他们的网络。这是第一步 - 第一步。

第二部分是我们作为企业销售给他们的东西。所以服务提供商,他们只是来自IT方面的非常大的企业帐户,而且他们中的大多数都有独立的IT组织来自他们的网络运营。所以一部分是他们的事业。所以我主要与他们合作,另一部分是他们的IT,比如,你如何支持,比如,WiFi和那些类型的东西,所以我们卖给他们。

而且还有第三个组成部分,这是我们通过服务提供商作为我们的企业和中小型企业客户的渠道所做的事情,可以用于安全服务,连接服务,协作服务,如,Webex或我们收购BroadSoft甚至呼叫服务。因此,这些是我们如何看待业务的三个不同的桶。所以我的具体部分,那种斗,我们不打破那部分。

Tal Liani

Yeah.

是啊。

乔纳森戴维森

Except when we talk kind of to people who drive market share, we -- and we kind of club one and two together along with some other things, and we talk about what we sell to the service providers because that's a complete view of everything that we are selling to them but not through them.

除非我们与那些推动市场份额的人交谈,我们 - 我们和其他一些俱乐部一起和第二俱乐部一起讨论我们向服务提供商销售的产品,因为这是对所有产品的全面看法。 我们卖给他们但不是通过他们卖。

Tal Liani

Service providers made explicit comments regardless of the economic activity level, et cetera. They made explicit comments they want to reduce spending. How can you grow within an environment where the spender is telling you I want to reduce my spending?

无论经济活动水平如何,服务提供商都会做出明确的评论。 他们明确表达了他们希望减少支出的意见。 如何在消费者告诉你我希望减少开支的环境中成长?

乔纳森戴维森

Yeah. They've been telling me that for a really long time.

是啊。 他们一直在告诉我很长一段时间。

Tal Liani

Yes.

是。

乔纳森戴维森

So, I think, it's important to note that globally CapEx trends over the past several years have been flattish to depending on who you talk to some analysts say slightly down, some say slightly up, but flattish kind of covers the picture.
But underneath that there's a lot of change happening underneath the global TAM number where there certainly have been vast areas of rapid growth predominately around web-scale. I should comment that we put the web players into the Service Provider category.

所以,我认为,重要的是要注意到过去几年全球资本支出的趋势一直平平,取决于你与一些分析师说话的人略微下调,有些人说略微上涨,但是这种情况有些平淡无奇。

但在此之下,在全球TAM数量下面发生了很多变化,其中肯定存在大量快速增长的领域,主要是围绕网络规模。 我应该评论我们将网络播放器放入服务提供商类别。

Tal Liani

Yeah.

是啊。

乔纳森戴维森

And then other places have been pulling back in other categories predominately around things like business services or legacy TDM services and things of that nature where they've been spending significantly less than they have in the past.
And to your point, if you look over the past five years and you take the top web-scale customers, and you take the top global service providers, the amount of not just spend as a proportion has gone up dramatically on the web-scale side, but also the actual EBITDA has surpassed on the web-scale side versus where the top, if you compare kind of the top five with top five. The actual revenue EBITDA has gone past with those and that's the fundamental problem is the majority of the global service providers excluding web-scales. Their revenues have been stagnating. And so that's one thing we feel like we are in a position to be able to help them with their topline growth as well…

其他地方一直在回归其他类别,主要围绕商业服务或传统TDM服务以及那些他们花费比过去少得多的性质的东西。

而且就你的观点而言,如果你回顾一下过去五年并且你采取了顶级网络规模的客户,并且你接受了顶级的全球服务提供商,那么不仅仅是花费的比例在网络规模上大幅增加了 如果你将前五名中的前五名与前五名进行比较,那么实际的EBITDA在网络规模方面已经超过了顶级。 实际收入EBITDA已经过去了,而根本问题是大多数全球服务提供商(不包括网络规模)。 他们的收入一直停滞不前。 所以我们觉得我们有能力帮助他们实现他们的收入增长......

Tal Liani

Yeah.

是啊。

乔纳森戴维森

…which is then beneficial for us.

......这对我们有益。

Tal Liani

But when I look at the Service Provider Business overall, it's composed of service providers, web-scale and/or cloud and cable. You have excellent position in service provider, excellent position in cable. On the cloud part, there are parts that are weaker. What is your strategy and this is -- you just said it, this is the growing part of the Service Provider Business, if I can call it, if I can look at it this way. What Cisco -- what can you do in order to expedite the growth, improve the growth on the cloud side of the equation?

但是当我整体看服务提供商业务时,它由服务提供商,网络规模和/或云和电缆组成。 您在服务提供商中处于优势地位,在电缆方面处于优势地位 在云部分,有些部分较弱。 您的策略是什么 - 这就是 - 您刚才说过,如果我可以调用它,这是服务提供商业务中不断增长的部分,如果我能以这种方式看待它。 思科 - 你能做些什么来加速增长,改善云计算方面的增长?

乔纳森戴维森

Yeah. I think, it's not what could we do, but what – how we have been doing, it's not as though we're starting now. So it's important to call out first of all that, when we refer to web-scale companies, there is kind of the upper echelon of…

是啊。 我想,这不是我们能做什么,而是我们一直在做什么,并不像我们现在开始做的那样。 因此,首先要提到的是,当我们提到网络规模的公司时,有一种上层的......

Tal Liani

Yeah.

是啊。

乔纳森戴维森

…the top five or seven and then there's just a really long tail. And in general, if you carve out the IaaS providers, you've got one that's leading away with the majority of the market share and then you need the next four to get to that market share growth and then you need the next 20 to get to the two through five, right? So there is a very large and then it falls off rapidly and then there's a long tail.
And so it's important to kind of the way that we view it is in the top, what you call the top five or the top seven, depending on where you decide to draw the line, each of those individually we view as markets in and of themselves. And so you have to make sure that you are understanding their business that they are in. You’re understanding in detail the transitions that they're going through the timeframes. And then you have to build your technology roadmaps and your technology plans in order to meet those requirements.
And so, I think, we've been very public about missing kind of wave one of the build out, starting 10 years ago. But we also have, I would say, restructured how we are addressing this as a market segment in and of to itself, not only from the sales perspective, from a customer experience, CX perspective, but also from a development perspective so that we can fundamentally address their quality requirements, their agility requirements and I'm wanting features in the right timeframe as well. So I think we’re well-positioned from that perspective.
The other thing I would add, which I think is really important is you can't just wave your hands and say, oh, it's web-scale, like, it’s a one use case. Depending upon the web-scale provider, there is anywhere between seven and 15 different use cases that they have.
And so you actually have to go and target each one of those respective use cases, make sure you have the right products, the right quality, the right feature sets, the right agility to be able to meet their timeframes when they expect to make a transition. And they make their product transitions more rapidly generally than others, because they've got scale and they just continue to build out so rapidly.

...前五或者七,然后只有一个很长的尾巴。总的来说,如果你开辟了IaaS提供商,那么你就拥有了大部分市场份额的领先者,然后你需要接下来的四个才能达到市场份额增长,然后你需要接下来的20个才能获得到了二到五,对吗?所以有一个非常大,然后迅速下降然后有一个长尾巴。

因此,重要的是我们认为它位于顶部的方式,您称之为前五位或前七位,取决于您决定绘制线的位置,我们将其视为市场中的每一个。他们自己。因此,您必须确保您了解他们所处的业务。您将详细了解他们在时间范围内所经历的转变。然后,您必须构建技术路线图和技术计划,以满足这些要求。

所以,我认为,从十年前开始,我们已经非常公开了关于缺少一种建造的浪潮。但是,我会说,我们还重新构建了我们如何将这个作为一个细分市场来解决,不仅从销售的角度,从客户体验,CX的角度,而且从发展的角度来看,我们可以从根本上解决了他们的质量要求,敏捷性要求,以及我在合适的时间范围内想要的功能。所以我认为从这个角度来看,我们处于有利地位。

我要添加的另一件事,我认为非常重要的是你不能只是挥挥手说,哦,它是网络规模,就像,它是一个用例。根据网络规模的提供商,他们拥有7到15种不同的用例。

因此,您实际上必须针对每个相应的用例进行定位,确保您拥有正确的产品,正确的质量,正确的功能集,以及能够在他们期望制作时满足其时间范围的正确灵活性过渡。而且他们的产品转换速度比其他产品更快,因为他们已经拥有规模,他们只是继续如此迅速地建立起来。

Tal Liani

Yeah. So I want to start going from kind of the high level down to various products, because there are interesting questions to ask about products. And roughly big numbers half of your Service Provider revenue is routing. The routing is -- has been -- the market itself has been under secular decline for seven years or under decline for seven years.
We just heard from Juniper this morning they told us as it pertains to service provider routing, two things happen, number one pricing is going down 20% to 25% a year, number two, we don't expect it to grow, we think this market is going to decline forever.
What’s your view on routing? What do you think could drive a recovery for you in routing? It's a big part of your service provider revenues? What can you do in order -- even if routing is going down, what can you do in order to build upon it and have other parts of the business growing based on your routing position?

是啊。 所以我想开始从各种高级产品到各种产品,因为有一些有趣的问题需要询问产品。 大约有一半的服务提供商收入来自路由。 路线是 - 已经 - 市场本身已连续七年长期下跌或七年下跌。

我们刚刚从Juniper听到他们告诉我们这与服务提供商路由有关,有两件事情发生,第一号定价每年下降20%到25%,第二,我们认为它不会增长,我们认为 这个市场将永远下降。

您对路由的看法是什么? 您认为如何在路由中为您带来恢复? 这是服务提供商收入的重要组成部分? 您可以按顺序做什么 - 即使路由正在下降,您可以做些什么来构建它并根据您的路由位置让业务的其他部分增长?

乔纳森戴维森

So I think we have – if I’ll start with it, I think, we've got the best product portfolio across the board, but really in routing in probably 10 years, in my opinion. And that's showing up from a market share perspective as well we've been gaining share for the last three quarters on a year-over-year perspective. And even in Q1 of this year we saw we were able to grow over two points of share year-over-year. I think we're at the highest core routing market share in four years or five years.
So you got to have the right levels of investment. This certainly is a market where if you -- I'll give you what I tell my new interns that are coming in. If you want to be an SP if you believe that you always want to be on the cutting edge of technology, so it's akin to getting on a treadmill, pushing it to the steepest possibly it can go to and then pushing it to as fast as you feel comfortable with and then don't ever get off, right? That's the service provider market, because you’re constantly are on this innovation cycle.
Because they have a problem, which is a good problem, their bandwidth demands continue to grow, because it's actually your fault here in the room and whoever might be listening on a webcast, but this insatiable appetite for cat videos and everything else you do on the internet is driving these bandwidth requirements to force them to continue to build out their infrastructure and that's a good problem to have.
And so that’s kind of number one. And then if you want I can talk about kind of what we believe our thesis for, there is five architectural shifts that are happening in the service provider market today. And we are working with our customers to actually help accelerate those shifts because it's in their best interest to make those happen.
And as they accelerate those architectural transitions market share that was previously unavailable to us becomes available to us inside of the TAM that currently exists and there will be market share shifts and there'll be TAM shift from one TAM to another as well, which we think is beneficial to whoever is the strongest player in that space at that time.

所以我认为我们已经 - 如果我从头开始,我认为,我们已经拥有全面最好的产品组合,但在我看来,大概在10年的路由中。从市场份额的角度来看,我们已经在过去三个季度中获得了与去年同期相比的份额。即使在今年第一季度,我们也看到我们的年增长率超过两个百分点。我认为我们在四年或五年内处于最高核心路由市场份额。

所以你必须有适当的投资水平。这肯定是一个市场,如果你 - 我会告诉你我告诉我的新实习生。如果你想成为一个SP,如果你相信你总是想要在技术的最前沿,那么它类似于踏上跑步机,将它推到最陡峭的地方,然后它可以去,然后将它推到你觉得舒服的速度,然后不要下车,对吗?这就是服务提供商市场,因为你经常处于这个创新周期。

因为他们有一个问题,这是一个很好的问题,他们的带宽需求继续增长,因为它实际上是你在房间里的错,谁可能正在收听网络广播,但这对猫视频和你做的其他一切的永不满足的胃口互联网正在推动这些带宽需求,迫使他们继续构建他们的基础设施,这是一个很好的问题。

所以这是第一位的。如果你想要我可以谈论我们认为我们的论文的那种,那么今天服务提供商市场正在发生五种架构转变。我们正在与客户合作,实际上帮助加快这些转变,因为实现这些转变符合他们的最佳利益。

随着他们加速这些架构转型,我们以前无法获得的市场份额在我们目前存在的TAM中可用,并且市场份额会发生变化,TAM也会从一个TAM转移到另一个TAM,我们认为对那个时代最强大的球员来说是有益的。

Tal Liani

The problem of routing was -- and you mentioned core routing, but the problem of routing so far was that the innovation of you and Juniper and Huawei, the innovation far exceeded or exceeded the rate of growth of demand, meaning the annual improvement of your product was faster, grew faster than the annual growth of traffic, and as a result, there is constant pressure on pricing. Do you think that routing, again being so -- such a big part of your revenues, do you think that routing could change, for example, SD-WAN or 5G or any other initiative that could change the growth trajectory of routing or maybe content -- adding content to routing in a way that could change the growth trajectory. I'm trying to understand why would routing market grow and I'm not talking about Cisco’s market share, I am talking about the routing market, why would routing market grow in the next five years if it declined in the next – in the previous five years?

路由问题是 - 你提到了核心路由,但到目前为止路由问题是你和瞻博网络和华为的创新,创新远远超过或超过了需求增长率,这意味着你的年度改进 产品速度更快,增长速度快于年增长率,因此定价压力不断增大。 您是否认为路由也是如此 - 您的收入的一大部分 - 您认为路由可能会发生变化,例如SD-WAN或5G或任何其他可能改变路由增长轨迹或可能内容的计划 - 以可能改变增长轨迹的方式向路由添加内容。 我试图理解为什么路由市场会增长而我不是在谈论思科的市场份额,我在谈论路由市场,为什么路由市场会在未来五年内增长,如果它在下一个市场下降 - 在之前的 5年?

乔纳森戴维森

Yeah. So it's good point. Let me explain a couple things, so one of the first, and probably, the most important architectural transition that’s happening, is the fact that our service provider customers used to build bespoke networks for every service type. So they -- if you wanted to offer services -- data services over mobile network, you build the mobile backhaul network. If you wanted to offer residential services on DSL or PON, you build a residential backhaul network. If you wanted to go and offer Business VPN Services over TDM, you bought that network or you build that network. If you want to do Ethernet, you bought -- you built out a Business Services Ethernet Network.

是啊。 所以这是好事。 让我解释几件事情,因此我们的服务提供商客户过去常常为每种服务类型构建定制网络,这是最早发生的,也可能是最重要的架构转换之一。 所以他们 - 如果你想通过移动网络提供服务 - 数据服务,你就构建了移动回程网络。 如果您想在DSL或PON上提供住宅服务,您可以建立住宅回程网络。 如果您想通过TDM提供商业VPN服务,您就购买了该网络,或者您构建了该网络。 如果你想做以太网,你买了 - 你建立了一个商业服务以太网网络。

Tal Liani

Yeah.

是啊。

乔纳森戴维森

So all of these bespoke networks that are being built for the last 20 plus years and if you include TDM well beyond that, in our opinion all of those networks are going to collapse over the next three years, five years, seven years onto a common IP over Ethernet infrastructure. So all that data that was previously in all these separate networks now gets into one.
Now it means that the buying decision and the win or the loss now becomes more critical. It's similar to the web-scale customers. If you win one or two or three web-scale customer, you're looking pretty good, it doesn't matter if you win number 80 through number 100 web-scale provider. It's good. I don't want to diminish them, right? They are important customers. But they don't add up to the one, two or three. And so we believe that that architectural shift is very important, the first one I just mentioned.
There is a sub-element to that which comes back directly to the experience that we all have and we see, if you watch the global news, front page news about network outages. Back when I started at Cisco in 1995, we would dream of the day when IP was critical infrastructure. We're well past that point now. IP networks are critical infrastructure and if you don't believe that when one of those goes down notice how that you can't book flight on an airline or you can't trade stock or just fundamental businesses fall to the ground.
And that's a good thing, but it also provides the burden of the fact that we are deploying and helping to build critical infrastructure, which means that we need to start building in a different way. And the way that we've been building it for the past two decades is not the same where that infrastructure will get built for the next two decades.
And so, this is something I've been a proponent of for quite some time that we're seeing a market start to move in that direction where you can utilize the infrastructure to actually insure that the availability of the services that traverse that network are much, much higher and can come to that level of criticality that it deserves.
And so I think when you start to combine kind of part one to part two. My belief is that, we’ll do well overall. It's very difficult to explain or to talk about the overall market, because I don't control the investment that others are going to make in the space. But I believe from our perspective those two transitions are going to be beneficial too…

因此,所有这些定制网络都是在过去20多年内建立起来的,如果你将TDM包括在内,我们认为所有这些网络将在未来三年,五年,七年内逐渐崩溃。 IP over Ethernet基础设施。因此,以前在所有这些独立网络中的所有数据现在都变为一个。

现在这意味着购买决策以及赢或亏现在变得更加关键。它类似于网络规模的客户。如果你赢了一两个或三个网络规模的客户,你看起来相当不错,如果你通过100号网络规模的提供商赢得80号并不重要。很好。我不想减少它们,对吧?他们是重要的客户。但他们并没有加起来一,二或三。所以我们相信这种架构转变非常重要,这是我刚才提到的第一个。

有一个子元素可以直接回到我们所拥有的体验中,如果您观看全球新闻,可以看到有关网络中断的头版新闻。当我在1995年开始在思科工作时,我们会想到IP是关键基础设施的那一天。我们现在已经过了这一点。 IP网络是关键的基础设施,如果你不相信当其中一个人注意到你不能预订航空公司的航班,或者你无法交易股票或只是基本业务落实到位。

这是一件好事,但它也提供了我们正在部署和帮助构建关键基础架构这一事实的负担,这意味着我们需要以不同的方式开始构建。我们过去二十年来一直在建设它的方式与未来二十年建设基础设施的方式不同。

所以,这是我一直支持的一段时间,我们看到市场开始向这个方向发展,你可以利用基础设施来实际确保通过该网络的服务的可用性更高,更高,可以达到应有的关键程度。

因此,当你开始将第一部分与第二部分结合起来时,我认为。我的信念是,我们整体上会做得很好。很难解释或谈论整体市场,因为我无法控制其他人在该领域的投资。但我相信从我们的角度来看,这两个转变也将是有益的......

Tal Liani

Yeah.

是啊。

乔纳森戴维森

…the number one player in the space.

......这个领域的头号球员。

Tal Liani

Is NFV good or bad for Cisco? On one hand it migrate the services to a software layer and typically price per unit if I can call it this way had been – the impact on revenues is deflationary when you move to softer domain.

只是想知道关于大型原始设备制造商有点退缩的评论,你能谈谈独立方面的库存水平吗? 而且我知道我们距离第四季度末只有一个月了,但第三季度出现的任何迹象已经逆转,或者这种趋势会持续到第四季度? 然后我就此提出了一个后续问题。...

乔纳森戴维森

Yeah.

是啊。

Tal Liani

On the other hand it's a new revenue source for Cisco. How do you view with NFV? What is the cannibalistic aspect of it versus the opportunity that you see in the market?

另一方面,它是思科的新收入来源。 你如何看待NFV? 与你在市场上看到的机会相比,它的同类相食是什么?

乔纳森戴维森

So I think it's important to call out, so NFV is Network Functions Virtualization and it's important to have a little bit of a history lesson. So if you go back to the 90s -- late 90s they were awesome, if you missed them that's too bad, but they were awesome.
And what will happen is being at Cisco in the late 90s, every time there was a new network service or a new network function, we would put that network function in the router. If you want to deep packet inspection, we put it in the router. If you wanted to do subscriber management for cable or for DSL or PON, we put it in the router, like, that was our voice-over-IP, we put it in the router, like everything went into the router, that was our thesis for how to solve every problem and it was good, it was very good for us.
When you think about Network Functions Virtualization, we're not talking about routing and switching. We're talking about all the things that we put in the router or the switch that didn't really belong there in the first place. And so what we're doing is we're taking those functions that didn't belong there, subscriber management, deep packet inspection, voice-over-IP. And we're putting them where they belong, which a few years ago was in a VM and in the future it's in cloud native, micro services based architectures. Because you need to be able to scale those things out and a router with all the restrictions that a router has is not a great place for that, you don't have unlimited scale out capabilities from an x86 perspective in a router, it is a system.
However, routers are great at routing. They're the most cost effective way of moving traffic around your network, same with switches, same with optical equipment. Those will always exist. I always hate to say always, but as far as I can say, those things will always exist.
And what we're seeing is now that you are moving those network functions elsewhere that means that you need to have compute, storage, datacenter switches, you need to have a whole set of orchestration software, people call it MANO, there's lots of different names for it. But you have that software as well and our customers are coming to us and asking for our systems and building out those regional data centers, those centralized data centers and now those far edge data centers as well.
And so, I don't see this is bad for me from a routing perspective, because the services have been migrating to the right place for like seven years, eight years now. This is not a like a new thing kind of the last holdout is subscriber management. Our mobile subscriber management was never in a router, because we bought it out – we have – we bought another company and so it wasn't having a router.
However, our BNG software for DSL and PON and our cable software that's going to go cloud native, but the benefit of that is, we are now on our software model. I use -- we use to sell them a router with that software, so you had router economics applied to software.
Now we’re going to have software economics applied to software, and so I can go through subscription or through term based licenses and quick recurring revenue offer streams based upon this being a pure software business. And in fact we’re structurally lined that way as well inside of my engineering team. I know that's a really long answer to your question but…

所以我认为召唤是很重要的,所以NFV是网络功能虚拟化,重要的是要有一点历史课。因此,如果你回到90年代 - 90年代末他们很棒,如果你错过了那些太糟糕了,但他们很棒。

会发生什么事情是在90年代后期的思科,每次有新的网络服务或新的网络功能,我们都会把这个网络功能放在路由器中。如果你想深度包检测,我们把它放在路由器中。如果你想为有线电视或DSL或PON进行用户管理,我们把它放在路由器上,就像我们的IP语音一样,我们把它放在路由器里,就像一切都进入路由器,那是我们的关于如何解决每一个问题的论文很好,对我们来说非常好。

当您考虑网络功能虚拟化时,我们不是在讨论路由和交换。我们谈论的是我们放在路由器或开关中的所有东西,它们首先并不真正属于那里。所以我们正在做的是我们正在采取那些不属于那里的功能,用户管理,深度数据包检测,IP语音。我们将它们放在它们所属的位置,几年前它们位于VM中,未来它位于基于云原生的微服务架构中。因为你需要能够扩展这些东西,并且具有路由器所具有的所有限制的路由器不是一个好地方,你在路由器中没有从x86角度看的无限扩展功能,它是一个系统。

但是,路由器非常适合路由。它们是在网络中传输流量的最具成本效益的方式,与交换机相同,与光学设备相同。那些将永远存在。我总是讨厌说,但据我所知,这些事情将永远存在。

我们现在看到的是,您正在将这些网络功能转移到其他地方,这意味着您需要拥有计算,存储,数据中心交换机,您需要拥有一整套编排软件,人们称之为MANO,有很多不同的它的名字。但是你也有这个软件,我们的客户也来找我们,要求我们的系统,建立那些区域数据中心,那些集中式数据中心,以及现在那些远端数据中心。

因此,从路由角度来看,我并不认为这对我有害,因为服务已经迁移到正确的地方七年,八年了。这不是一个新的东西,最后一个坚持是用户管理。我们的移动用户管理从来没有在路由器中,因为我们买了它 - 我们有 - 我们买了另一家公司,所以它没有路由器。

然而,我们的用于DSL和PON的BNG软件以及我们将成为云原生的有线软件,但其好处是,我们现在使用的是我们的软件模型。我使用 - 我们用它来销售带有该软件的路由器,因此您将路由器经济学应用于软件。

现在我们将软件经济学应用于软件,因此我可以通过订阅或通过基于期限的许可证和基于此纯软件业务的快速经常性收入提供流程。事实上,我们的工程团队内部结构也是如此。我知道这对你的问题来说是一个很长的答案,但......

Tal Liani

Right.

对。

乔纳森戴维森

…there is a lot of context around that.

......周围有很多背景。

Tal Liani

Yeah.

是啊。

乔纳森戴维森

And I think people misunderstand thinking that NFV means routers are going away.

我认为人们误解了NFV意味着路由器正在消失。

Tal Liani

Yeah.

是啊。

乔纳森戴维森

I wanted to make sure people didn't take that away.

我想确保人们不会把它带走。

Tal Liani

Right. What I got from all of this is, this is an opportunity for you, let me summarize it in three words?

对。 我从这一切中得到的是,这对你来说是个机会,让我用三个字来概括它?

乔纳森戴维森

I could have just said that.

我本来可以这么说的。

Tal Liani

Yes.

是。

乔纳森戴维森

Another thing.

另一件事。

Tal Liani

Another initiative that we see that is related to your business is SD-WAN and is SD-WAN by the way is part of your kingdom or that's part of the enterprise IP?

我们认为与您的业务有关的另一项举措是SD-WAN,顺便提一下SD-WAN是您的王国的一部分还是企业IP的一部分?

乔纳森戴维森

I don't refer to as a kingdom. But so, SD-WAN sits with our enterprise teams. So my peer…

我不是指王国。 但是,SD-WAN与我们的企业团队坐在一起。 所以我的同行......

Tal Liani

Yeah.

是啊。

乔纳森戴维森

… Scott Harrell, he has all of the campus, all of the wireless LAN, all the branch routing, inclusive of…

...... Scott Harrell,他拥有所有的校园,所有的无线局域网,所有的分支路由,包括......

Tal Liani

Yeah.

是啊。

乔纳森戴维森

… our SD-WAN solutions, and obviously, we partner very closely with each other.

......我们的SD-WAN解决方案,显然,我们彼此密切合作。

Tal Liani

Yeah.

是啊。

乔纳森戴维森

And I give all of his stuff a ride across the service provider infrastructure.

我将所有的东西都放在服务提供商的基础设施上。

Tal Liani

Got it.

得到它了。

乔纳森戴维森

But we tag team to go and talk to the service provider both in the business, decision makers at the service providers who built products that…

但是我们标记团队去商业中的服务提供商,与服务提供商的决策者建立产品......

Tal Liani

Yeah.

是啊。

乔纳森戴维森

…enterprise see and also the infrastructure people.

...企业看到的还有基础设施人员。

Tal Liani

And I know SD-WAN is very successful for Cisco in general the question is, is it cannibalistic to your branch routers business.

而且我知道SD-WAN在思科方面非常成功,问题是,它对您的分支路由器业务来说是不相干的。

乔纳森戴维森

Yeah.

是啊。

Tal Liani

…is it replacing because at the end of the day, you are providing a service over the internet infrastructure instead of providing it over a private network of routers. So I don't understand and again that it's not just might how couldn’t it be cannibalistic to sell the routers?

......它正在取代,因为在一天结束时,您通过互联网基础设施提供服务,而不是通过专用的路由器网络提供服务。 所以我不明白并且不仅仅是因为卖掉路由器怎么可能不是自相残杀?

乔纳森戴维森

Well, I think, so I am going to include three things into the SD-WAN bucket.

好吧,我想,所以我将把三件事纳入SD-WAN桶。

Tal Liani

Yeah.

是啊。

乔纳森戴维森

For the purposes of this conversation, I'm going to include Meraki in the SD-WAN bucket and then what we call vManage which was the former Viptela acquisition. And then also our traditional branch routers…

出于本次对话的目的,我将把Meraki包含在SD-WAN桶中,然后我们称之为vManage,这是前收购的Viptela。 还有我们传统的分支路由器......

Tal Liani

Yeah.

是啊。

乔纳森戴维森

… which also are with software additions are now can be plugged directly into the SD-WAN framework as well. And so you go into the way back machine a few years ago and SD-WAN was initially thought of as a way to save money by moving – instead of you moving across an MPLS network, I can move it across the internet. All this is a way of killing MPLS.
But the truth is, is that there's a set of traffic and it's not about MPLS and it's not about the internet. It's about there's a set of traffic that doesn't need an SLA and then there's a set of traffic that needs a service level agreement like I need the traffic to show up at a certain time. So if I'm calling you and I am -- we're talking on the phone the SLA matters, because I'm going to notice if the -- if we have a weird connection like so SLAs matter.
If I have a machine talking to a machine and I don't really care when they talk to each other then SLA may not matter. So if I can go and swipe a credit card whether that transaction took 50 milliseconds or whether it took 20 seconds, yeah, maybe 20 seconds you care, but 5 seconds you probably don’t care.
So when machines are talking to machines latency and those kind of things matter less. So what we have heard from our customers is that, it’s the same thing. There is a set of traffic that SLAs don't matter, but I really need that SLA for a set of my traffic as well and this is one of the reasons why one of our biggest challenge for SD-WAN is the service provider.
Because if they have the ability to offer an SLA based infrastructure for the SD-WAN, so what started off as arbitrage and pricing has now moved to I love SD-WAN because I have simplicity, because I have granular control over my applications and which ones use the non-SLA path and which ones use the SLA path and that's really what's resonating with these global CIOs.
And so, certainly, we see that as we provide more of the value chain we're not just selling a router and then seven years later we sell another router, right? This is an ongoing service that they're now buying from us. And so we get to move a portion of this into that kind of subscription based model, which we think in the long-term is beneficial for us.

...现在也可以直接插入SD-WAN框架中。所以你几年前就开始回到机器上了,SD-WAN最初被认为是通过移动来节省资金的一种方式 - 而不是你在MPLS网络中移动,我可以在互联网上移动它。这一切都是杀死MPLS的一种方式。

但事实是,是否存在一组流量,而不是MPLS,而不是互联网。这是一组不需要SLA的流量,然后是一组需要服务级别协议的流量,就像我需要在特定时间显示流量一样。所以,如果我正在打电话给你,我就是 - 我们正在通过电话谈论SLA很重要,因为我会注意到 - 如果我们有一个奇怪的连接,那么SLA很重要。

如果我有一台机器与机器通话而我彼此交谈时我并不在意,那么SLA可能无关紧要。因此,如果我可以去刷信用卡,无论该交易花费50毫秒还是花费20秒,是的,也许20秒你关心,但5秒你可能不在乎。

因此,当机器与机器延迟交谈时,这类事情就更少了。所以我们从客户那里听到的是,它是一样的。有一组流量,SLA无关紧要,但我真的需要SLA来获取一组流量,这也是我们对SD-WAN最大的挑战之一就是服务提供商的原因之一。

因为如果他们有能力为SD-WAN提供基于SLA的基础设施,那么从套利和定价开始的东西现在已经转移到我喜欢SD-WAN因为我有简单性,因为我对我的应用程序有精细控制权其中一个使用非SLA路径,哪些路径使用SLA路径,这真正与这些全球CIO产生共鸣。

所以,当然,我们看到,当我们提供更多的价值链时,我们不只是销售路由器,然后七年后我们又卖掉了另一台路由器,对吧?这是他们正在向我们购买的持续服务。因此我们将其中的一部分转移到这种基于订阅的模型中,我们认为从长远来看这对我们是有益的。

Tal Liani

So that's the perfect segue to my next question that I wanted to ask you, within your domain what are -- where are the areas -- what are the areas where you can move some business to a subscription based business and I’ll give as an example the switching area with the catalyst 9K they were able to move certain part…

所以这是我想要问你的下一个问题的完美转换,在你的域名内是什么 - 区域在哪里 - 你可以将一些业务转移到基于订阅的业务的区域是什么,我将给予 例如,催化剂9K的转换区域能够移动某些部分......

乔纳森戴维森

Yeah.

是啊。

Tal Liani

…of revenues to a recurring revenue model?

...对经常性收入模式的收入?

乔纳森戴维森

So I think let’s start -- that's kind of goes into the intent based networking conversation, which actually our data center team started off with ACI. And that continues to have phenomenal traction in the marketplace and you think if it is in the data center you care about applications, and application performance and understanding what's application from an -- with – from an application perspective that in conjunction with application dynamics of understanding those two things together is a phenomenal solution.
In enterprise you talked about what's happening there with the NAC. And then the service provider space there's really a couple of things happened there. One is, again, it's back to intent based networking approach, so automation or the differences is that, in the service provider base we have scale, tremendous scale, I have customers with hundreds of thousands of like one customer, hundreds of thousands of my routers.
So think about how do you manage that entity, if I say, hey, can you just upgrade your devices like upgrading 20 a night is not going to cut it, but you have to upgrade tens of thousands of devices every night without any of you noticing right? That's pretty difficult to do.
So we had scale but we also have this complexity of being in a multi-vendor environment in the service provider space for the most part. We have to be able to manage multiple vendors in a loosely coupled fashion. Because service providers also have software development teams and they might have built their own internal tools we feel integrate with those as well. But that -- those automation software is -- has the ability to have recurring revenue and I was very careful not to say subscription...

所以我认为让我们开始 - 这是基于意图的网络对话,实际上我们的数据中心团队开始使用ACI。这仍然在市场中具有非凡的吸引力,您认为如果它在数据中心,您关心应用程序,应用程序性能,并从应用程序的角度理解应用程序的应用程序,并结合应用程序动态理解这两件事是一个非凡的解决方案。

在企业中,你谈到了NAC正在发生的事情。然后服务提供商空间真的发生了一些事情。一个是,它再次回归基于意图的网络方法,所以自动化或差异在于,在服务提供商的基础上我们有规模,规模巨大,我的客户有数十万像一个客户,成千上万的我路由器。

所以想想你如何管理那个实体,如果我说,嘿,你能升级你的设备就像升级20晚一样不会削减它,但你必须每晚升级成千上万的设备,而你没有任何人注意到了吗?这很难做到。

所以我们有规模,但我们也有这种复杂性,大多数情况下都处于服务提供商空间的多供应商环境中。我们必须能够以松散耦合的方式管理多个供应商。因为服务提供商也有软件开发团队,他们可能已经构建了自己的内部工具,我们也感觉与它们集成。但那 - 那些自动化软件 - 有能力获得经常性收入,我非常小心不说订阅......

Tal Liani

Yeah.

是啊。

乔纳森戴维森

…but recurring revenue, which means either it's subscription or it's a term based license.

...但是经常性收入,这意味着要么是订阅,要么是基于期限的许可。

Tal Liani

Yeah.

是啊。

乔纳森戴维森

And at the end of the term they're going to buy it again and it's about how they need to procure it so they can capitalize their, whatever it is, whether they are buying. That's number one.
The second part is how a portion of my portfolio is moving to subscriber management services and so I would put cable, mobility and BNG software into that bucket as well. And that is going to be a multiyear transition as well, but that is also an opportunity for subscription based offers or for what I would need to notice term based licenses.

在期限结束时,他们将再次购买它,这是关于他们如何购买它以便他们可以利用他们的资本,无论他们是否购买。 这是第一名。

第二部分是我的投资组合的一部分如何转向用户管理服务,因此我也将有线,移动和BNG软件放入该存储桶中。 这也将是一个多年的过渡,但这也是基于订阅的优惠或我需要注意基于期限的许可的机会。

Tal Liani

Got it. I have two questions that I want to cover. The first one is the smaller one, if you can discuss the trend, we speak a lot about cloud, we speak a lot about service providers. I think we're very educated about what's happening there. One area we always understand less is the cable environment, cable providers. Are they going to spend more money less money, what are the things that are concerned about, how do you participate in their build out, how do you view this segment as a source of growth?

得到它了。 我想要涵盖两个问题。 第一个是较小的一个,如果你可以讨论这个趋势,我们会谈论很多关于云的问题,我们会谈论服务提供商。 我想我们对那里发生的事情非常了解。 我们总能理解的一个领域是电缆环境,有线电视提供商。 他们是否会花更多的钱,更少的钱,关注的是什么,你如何参与他们的建设,你如何看待这一部分作为增长的来源?

乔纳森戴维森

Yeah. Well, I think, everybody saw in Q1 the cable market overall was challenged and I think anybody who sells significantly into the cable space saw those challenges. Some of the cable providers MSOs have come out and been explicit about what they're saying.

是啊。 嗯,我想,在第一季度,每个人都看到有线电视市场整体受到挑战,我认为任何大量销售电缆领域的人都会看到这些挑战。 一些有线电视提供商的MSO已经出来并明确表达了他们的意见。

Tal Liani

Yeah.

是啊。

乔纳森戴维森

But I think there is some fundamental changes that are happening in the marketplace globally around. And I'll say, I'll go back 10 years in cable and then move forward. But what we've seen in Europe, as well as in Asia a lot of that market has been moving more, more towards PON, which is kind of moves them away from cable or the cable provider starts to become more of a PON provider. So the actual access technology is changing. The challenge is that often times, I mean, that’s going back into people's homes and it's expensive, if you have a high cost of labor. So that’s kind of yeah fundamental change number one.
Fundamental change number two and I kind of mention this that first architectural transition of everything moving to IP over Ethernet and different cable providers calls us different things some of them calling it fiber deep, some of them calling it DAA, the fundamental technology is remote file, remote MAC file.
So taking that complex analog stuff and instead of having it and kind of the edge of your network you're pushing it way out to where it's basically sitting on your block or within a couple of blocks from where from where your house might be, that's a pretty fundamental shift and what it does is it helps them to lower their costs from analog based equipment to digital IP over Ethernet equipment.
Now we sell both. We sell the analog equipment and we sell the digital equipment as well the routers and switches and the optical equipment. So that net-net is a positive thing for us because we have a much higher share and routing than we do in the analog stuff.

但我认为全球市场正在发生一些根本性的变化。而且我会说,我将在有线电视领域退出10年,然后继续前进。但是我们在欧洲以及亚洲看到的很多市场已经向PON转移,更多的是PON,这有点使他们远离有线电视或有线电视提供商开始变得更像PON供应商。因此实际的访问技术正在发生变化。挑战在于,通常情况下,我的意思是,如果你的劳动力成本很高,它会重新回到人们的家中而且价格昂贵。所以,这是一个根本性的变化。

基本改变第二,我提到这一点,第一次移植到以太网IP和不同有线电视提供商的一切架构转换称我们不同的东西,其中一些称之为光纤,其中一些称之为DAA,基本技术是远程文件,远程MAC文件。

因此,采取那些复杂的模拟东西,而不是拥有它和你的网络的边缘,你正在推动它走出它基本上坐在你的街区或几个街区,从你的房子可能在哪里,这是一个非常重要的转变,它的作用是帮助他们降低从基于模拟的设备到数字IP以太网设备的成本。

现在我们卖两个。我们销售模拟设备,我们销售数字设备以及路由器和交换机以及光学设备。所以net-net对我们来说是一件好事,因为我们拥有比模拟产品更高的份额和路由。

Tal Liani

Yeah.

是啊。

乔纳森戴维森

So we believe that as those markets transition there is another opportunity for us to gain share. The last big thing that I think is important for everyone to know is the cable industry has been, I would say very collegial and nature towards each other, in general they've got properties that do not overlap. So it's not like, here, I could have Verizon, I could have AT&T, I could have T-Mobile and Sprint, and I could pick up the phone and I could make a call, sitting in this room on any of those providers.
However, at your house or wherever you live you generally have one cable option and that's your only cable option, because there's a few over builders, but most of them don't over build, so they are collegial in network and nature and they try to have a common consistency about architectures. And they have something called CableLabs which for the last 20 plus years has driven that architecture, which actually the cable companies fund. So you should know that. For the first time in 20 plus years there's actually disagreement on the future architecture for cable.
And so the industry will sort it out, but currently as things stand right now, the largest cable operators do not agree on what the next architecture is. Now they're going to have to agree over the next one year, two years, three years or four years, because otherwise there is enough TAM for vendors to invest all of those options.

所以我们相信,随着这些市场的转型,我们有另一个机会获得份额。我认为最重要的事情是每个人都知道的重要事项是有线电视行业一直以来,我会说彼此非常合作和性质,一般来说它们都有不重叠的属性。所以这不是,在这里,我可以拥有Verizon,我可以拥有AT&T,我可以拥有T-Mobile和Sprint,我可以拿起电话,我可以打电话,坐在这个房间里任何一个提供商。

但是,在你家或你居住的地方你通常都有一个电缆选项,这是你唯一的电缆选项,因为有一些过度的建设者,但大多数没有过度建设,所以他们在网络和自然方面是合议的,他们尝试对架构有一个共同的一致性。他们有一些名为CableLabs的东西,在过去的20多年里,它已经推动了这种架构,实际上是有线电视公司的资金。所以你应该知道。这是20多年来的第一次,对于未来的有线电视架构实际上存在分歧。

因此,业界将对此进行梳理,但目前看来,最大的有线电视运营商并不同意下一个架构是什么。现在他们将不得不在接下来的一年,两年,三年或四年内达成一致,因为否则有足够的TAM供供应商投资所有这些选项。

Tal Liani

Right.

对。

乔纳森戴维森

And they understand that, but they haven’t agreed yet, so that's another thing that everybody should know as well is the downside of that is that could slowdown potential re-architecture of the infrastructure waiting to see what the architectural win is going to be.

他们明白这一点,但他们还没有达成一致意见,所以每个人都应该知道的另一件事情是它的缺点是可能会减缓基础设施的潜在重新架构,等待架构获胜将会是什么样的。

Tal Liani

Got it. Last segment I want to discuss is security and how it relates to your business. Is this a big driver for your side, are service providers be customers of security gear or not then educate us about the importance of security to your segment?

得到它了。 我想讨论的最后一个部分是安全性以及它与您的业务的关系。 这对您来说是一个重要的推动因素,服务提供商是否是安全设备的客户,那么教育我们关于安全性对您的细分市场的重要性?

乔纳森戴维森

So I think there's really two parts to that and so this is why I often refer to what we do is building critical infrastructure, because it is both for businesses, obviously, we sell to federal and state governments around the globe as well and that's kind of the height of critical infrastructure.
But at the end of the day what you really want to know is can this infrastructure be trusted. Is the hardware that we ship to you the hardware that we deploy, is the software that we post in our website, the software that you deployed and how can we help you validate those facts. And so being able to understand the trust level of your critical infrastructure is important.
To the point now where I'm having very large fortune 50 type customers asking for me to enable the service providers to tell them if the networks that they're using our trusted, right? And so we're starting to see governments get involved and start to define trust criteria around what that needs to look like and obviously they're doing this in an open manner and we're trying to help them understand what this trust mean.
So that's kind of on the, how do you protect the – your own house and then once you have your own house protected then you could start offering services to enterprises to be able to help them protect their infrastructure as well.
And the service providers actually sit in a phenomenal way. If you think about malware that can go come in from this part of the network, traverse the service provider network and then land on your laptop. Well, there was an opportunity to stop that when it came in to the network, but often times we stop it when it gets right to your laptop or right before it gets to your laptop.
And so we've seen and certain instances where some service providers are moving more towards having a clean infrastructure. They are not going to stop everything but is there a new bar that can be set for what's a basic service level.
And so those are interesting conversations that that are happening. Obviously, majority -- many of our sources make a lot of money selling the ability to stop the malware for you and stop your malware stop. And then there's not I'm picking up malware there is more to it than that and if they were to provide blanket services would everyone here pay a bit more to have a secure infrastructure. And you have to pay less than if 20% of the people opt in for it. Like if we all opt in and we all pay a little bit more then you'll be more secure than if only 20% of its opt in…

所以我认为这有两个部分,所以这就是为什么我经常提到我们所做的是建立关键基础设施,因为它既适用于企业,显然,我们也向全球的联邦和州政府出售,而且那种关键基础设施的高度。

但在一天结束时,您真正想知道的是这个基础设施是否可以信任。我们向您发送的硬件是我们部署的硬件,是我们在网站上发布的软件,您部署的软件以及我们如何帮助您验证这些事实。因此,能够理解关键基础架构的信任级别非常重要。

到目前为止,我有非常大的财富50型客户要求我让服务提供商告诉他们他们使用我们信任的网络是否正确,对吧?因此,我们开始看到政府参与并开始围绕需要的内容定义信任标准,显然他们是以开放的方式做到这一点,我们正在努力帮助他们了解这种信任意味着什么。

那就是,你如何保护自己的房子,然后一旦你拥有自己的房子,那么你就可以开始为企业提供服务,以帮助他们保护自己的基础设施。

服务提供商实际上是以非凡的方式坐着。如果您考虑可以从网络的这一部分进入的恶意软件,请遍历服务提供商网络,然后降落到您的笔记本电脑上。好吧,当它进入网络时有机会阻止它,但通常我们在它到达你的笔记本电脑之前或者在它到达你的笔记本电脑之前停止它。

因此,我们已经看到并且某些服务提供商正在更加倾向于拥有清洁的基础架构。他们不会阻止一切,但是有一个新的栏可以设置为什么是基本的服务水平。

所以那些正在发生的有趣的对话。显然,大多数人 - 我们的许多消息来源都会出售大量资金来销售阻止恶意软件并阻止恶意软件停止的能力。然后就是我没有拿起恶意软件,除此之外还有更多的恶意软件,如果他们要提供全面服务,那么每个人都需要多付钱才能拥有安全的基础设施。而且你必须支付的费用低于20%的人选择加入。就像我们都选择加入并且我们都付出更多一点然后你会比只有20%的选择更加安全......

Tal Liani

Yeah

是啊

乔纳森戴维森

Right.

对。

Tal Liani

Got it. So when I look here I'll share with you our challenge always with Cisco. The stock is getting too high multiples, you’re at the high end of the historical range from a P perspective from the stock. At the same time, the performance of the company and that's the reason why the stock is behaving so well, the performance of the company is great. But it's great only on the enterprise side, meaning your space will still challenge in the last few quarters. So in order for the stock to be even more expensive you need to perform better. So the question I have now is, give us a sense of timing of improvement, a sense of your optimism level with, when you outlined here over the last hour, you outlined great initiatives for better growth rate.

得到它了。 因此,当我看到这里时,我将与思科分享我们的挑战。 股票的倍数太高,从股票的P角度来看,你处于历史范围的高端。 与此同时,公司的业绩以及股票表现良好的原因,公司的业绩也很好。 但它只在企业方面很好,这意味着你的空间在过去几个季度仍将面临挑战。 因此,为了使库存更加昂贵,您需要更好地执行。 所以我现在的问题是,让我们了解一下改进的时机感,一种你的乐观程度感,当你在过去一小时内概述时,你概述了提高增长率的重大举措。

乔纳森戴维森

Yeah.

是啊。

Tal Liani

On the other hand the last few quarters were not that great, so connect us the dots, right? Or for us the dots?

另一方面,最后几个季度并不那么好,所以把点连接起来,对吗? 或者对我们说点?

乔纳森戴维森

So there is certainly a thought, like, you turned to Kelly for a second there. So the truth is, there are things that we can control and there is things that we can't -- that we can't control. What we control is making sure that we're listening to our customers. We can make sure that we're on the cutting edge of innovation that we’re solving our customers greatest needs. I can’t control the macro-economy. I can't control what other geopolitical forces might be happening.

所以当然有一种想法,比如你在那里转向凯利一秒钟。 事实上,有些东西是我们可以控制的,有些东西是我们无法控制的 - 我们无法控制。 我们控制的是确保我们倾听客户的意见。 我们可以确保我们处于创新的前沿,我们正在解决客户的最大需求。 我无法控制宏观经济。 我无法控制其他可能发生的地缘政治力量。

Tal Liani

Yeah.

是啊。

乔纳森戴维森

But whenever buying decisions are being made I want the preference to be Cisco. And I think as long as we stay on our innovation portfolio track. I think as long as we stay humble and we continue to listen to our customers which I don't see any change in that happening that whenever these architectural shifts kick into gear whenever globally we’re all on 5G phones right.

但是,无论何时做出购买决定,我都希望优先考虑思科。 我认为只要我们继续保持创新投资组合的轨道。 我认为,只要我们保持谦虚,我们就会继续聆听我们的客户,我认为这种情况没有任何变化,每当这些架构变化在全球范围内开始时,我们都会使用5G手机。

Tal Liani

6G.

6G。

乔纳森戴维森

I am not going to touch 6G that we will continue to be the premier deliver of critical infrastructure for the planet and I think that we’re on our way to do that.

我不打算接触6G,我们将继续成为地球上关键基础设施的首要交付方式,我认为我们正在努力实现这一目标。

Tal Liani

Great. Okay. We have question for maybe – time for maybe one question because I took up most of the time any question in the audience – from the audience? No. Great. We covered it all. Great. Thank you very much.

非常好。 好的。 我们可能有一个问题 - 可能是一个问题的时间,因为我大部分时间都在观众中接受任何问题 - 来自观众? 没有。很棒。 我们涵盖了这一切。 大。 非常感谢你。

乔纳森戴维森

Thank you very much. I appreciate it.

非常感谢你。 我很感激。

Tal Liani

Thank you.

谢谢。

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