cisco earnings call transcript q4 2020

Income statements, full GAAP to non-GAAP reconciliation information, balance sheets, cash flow statements and other financial information can also be found in the Financial Information section of our Investor Relations website. (NYSE: ACN) has successfully sailed through the virus crisis so far, and is currently expanding its cloud services in a big way to help enterprises effortlessly go digital. And we’re going to continue to execute through this. These investments will help define the next phase of our transformation and allow us to bring the best most relevant innovation to our customers in simpler more easily consumable ways. I mean, again, it’s made up of our WebEx business. To summarize, we executed well in Q4 and the fiscal year with strong margins in a very challenging environment. Thank you, Marilyn. And like with Huawei being pushed out and Cisco being preferred in many countries, even beyond the United States as well as an incumbency factor coming out of coronavirus. And then utilizing Ittai’s question from before, do you need to acquire to help accelerate it? The Cisco today is more agile, innovative and focused. We’re a company that embraces change and we’ve shown our ability to thrive in any environment. All right. And we’ve been working hard on all the operational capabilities and the systems work that needs to be done to do that. Thank you. And maybe it’s still yet to come about why things aren’t more positive because the comps are easier, Huawei is less preferred than Cisco. SAN JOSE, Calif., July 29, 2020 /PRNewswire/ -- Cisco has scheduled a conference call for Wednesday, August 12, 2020, at 1:30 PM (PT); 4:30 PM (ET) to announce its fourth quarter and fiscal year 2020 financial results for the period ending Saturday, July 25, 2020. I believe that the changes we made to our business now put us in a position of strength as we focus on our future. Or is some of it out of cost of goods sold? At our Financial Analyst Conference in 2017, we laid out key metrics for our transformation. Cisco's next quarterly earnings call, which will reflect our Q4 2020 and annual results will be on Wednesday, August 12th at 1:30 PM Pacific Time, 4:30 PM Eastern Time. Obviously, the Collaboration portfolio has been transitioning to as a service for quite a while. Thanks. In June, we introduced an expanded Business Resiliency portfolio offering health care and education solutions with simpler consumption models and services to accelerate adoption. Germany had a good quarter for us. So I do think it is related to — they’re waiting to see what comes out of the pandemic and they’re pausing their spends. Any opinion expressed in the transcript does not necessarily reflect the views of AlphaStreet, Inc. © COPYRIGHT 2020, AlphaStreet, Inc. All rights reserved. As customers move more workloads to the cloud, we’re offering fast, highly secure access to applications hosted anywhere in the private data center, public cloud or a SaaS platform with our cloud security integrated with our SD-WAN solution. Cisco Systems Inc (CSCO) Q1 2020 Earnings Call Transcript. So Kelly anything to add? So I think, you’re going to see a two-fold, right. And it’s just the COVID impact of the overall, and again, the legacy product falling off is really what’s driving, but that’s why we have face and feel good about the portfolio when we come out of the environment. Kelly, thank you so much for your partnership and your friendship. FedEx Q4 FY20 Earnings Call Transcript – June 30, 2020 A. Mickey Foster Vice President, Investor Relations, FedEx Corp. Good afternoon and welcome to FedEx Corporation's fourth quarter earnings conference call. And I wonder whether you think that is where we’re kind of headed here. Yes. Visa topped earning and revenue estimates. The Motley Fool - SAFM earnings call for the period ending October 31, 2020. Motley Fool Transcribers The Motley Fool Published. Motley Fool Transcribers, The Motley Fool. The next question is from Jeff Kvaal with Wolfe Research. In Q2 fiscal 2019, we completed the sale of our SPVSS business, as such all of the financial information we will be discussing is normalized to exclude the SPVSS business from our historical results. Thank you, Chuck. And we obviously still have a ways to go to your question relative to a new target. Contributor. We will see the cost coming out. And I think, Simon, your point is, well. Synopsys Inc (SNPS) Q4 2020 Earnings Call Transcript. Non-GAAP earnings per share is expected to range from $0.69 to $0.71. The next question is from Jim Suva with Citigroup Investment Research. Thank you. Thanks, Meta. In Q2 fiscal 2019, we completed the sale of our SPVSS business, as such all of the financial information we will be discussing is normalized to exclude the SPVSS business from our historical results. No, I think you said it well. You may go ahead. Cisco: Cisco Systems (CSCO) Q4 2020 Results - Earnings Call Transcript GAAP net income was $1.23 billion, or $4.55 per share, compared to. However, what I think is that the 9K is for those customers who are either in the process, a real commitment to modernizing their infrastructure and they’re continuing to do that, or they’ve made a decision and they have the financial wherewithal right now to actually embark on that, and the 9K is what they are using to do that in their campus environments. Welcome everyone to Cisco’s fourth quarter fiscal ’20 quarterly earnings conference call. Let me do a quick recap on the earnings. As we've been preparing for this call, it's offered me some time to reflect on what we've achieved, since I stepped into this role five years ago. We hope all of you and your families are staying safe and healthy. Here's our ongoing live transcript of their remarks! As I said last quarter, we were going to take time to better understand the short-term and long-term implications of COVID-19, and we now believe we have a better view. You guys have a new target in mind and new range, I know you guys do some new products and new services and some new investment areas. Next question is from Simon Leopold with Raymond James. To contact Cisco Investor Relations: Investor Relations Department. And then — we see an acceleration of some of the work that’s already been underway. And you’ll see more of that come out over the next couple of years. A lot of our portfolio do on Umbrella in Security. So Cisco's next quarterly earnings conference call, which will reflect our fiscal 2020 first quarter results will be on Wednesday, November 13, 2019 at … Over 50 Finance November 14, 2019 comments off. Any reproduction, redistribution or retransmission is expressly prohibited. ET Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: Operator Welcome to Cisco’s First Quarter Fiscal Year 2020 Financial Results Conference Call. ET Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: AppDynamics also achieved another solid quarter. By integrating their SaaS-based offering with our AppDynamics application intelligence portfolio and SD-WAN technology, we can provide unparalleled intelligence and insights at cloud scale driving improved customer experience as well as reliability of their applications. If you want some quick analysis on Apple's results, we recommend checking out the awesome charts from Six Colors. Yes. Our overall Q4 results reflect good execution with strong margins in a very challenging environment. Home News Cisco Systems Inc (CSCO) Q1 2020 Earnings Call Transcript. And I’d say, if we think about how our European team feels right now, they actually feel reasonably okay, not great, great, but better than they did 90 days ago. Chuck, you referred to kind of changes you’re going to make to the portfolio based on conversations you’re having with customers. My first question is for the team here. This move is consistent with our strategy of increasing investment in innovation and R&D for our growth areas. And I think we’ll have a lot of that in the marketplace by the end of the calendar year. But I would say that we’re open to looking at the current world in the reality that we live in. Thank you, Marilyn. If you have any objections, you may disconnect. Maybe sort of a question, two clarifications. Yes, Sami, thanks for the question. Thank you very much. Our thoughts remain with everyone who has been affected by the pandemic and we are grateful to those who remain on the front lines working to help those impacted during these challenging times. Lastly, we now have 78% of our software revenue sold as subscription, beating our target of 66%. Thank you. With respect to guidance, please also see the slides and press release that accompany this call for further details. I’d say that, it’s clear that many of our customers do want to consume the technology as a service, so we’re currently looking at the entire portfolio to see what — how deeply we can get into the portfolio relative to delivering as a service. Also read: Cisco Systems (CSCO) Q4 earnings drop but top expectations. Thanks, George. We are committed to running a strong business as well as leveraging technology for good to solve the world’s biggest challenges and create new opportunities for the future. Great. Ladies and gentlemen, thank you for standing by and welcome to the Greif Q4 2020 earnings conference call. Enter your email to recover your password.You will receive an email with instructions. And we’ll give you an update on the next call for sure. Chuck Robbins, chief executive officer of Cisco Technologies Inc., pauses during a panel session on day two of the World Economic Forum in Davos, Switzerland, on Jan. 22, 2020. Help me bridge your kind of year-over-year revenue growth. I also want to thank my finance team, who does an amazing job. We continue to invest organically and inorganically in our innovation pipeline. Sysco Corp. (NYSE:SYY) Q4 2020 Earnings Call August 11, 2020 10:00 AM ET. I want to let you all know that Kelly has made the decision to retire from Cisco. Thank you, Ittai. In our customer segments, public sector was down 1%, while enterprise was down 7%, commercial was down 23% and service provider was down 5%. Neil Russell - Sysco Corp. Kevin Hourican - Sysco Corp. Joel Todd Grade - Sysco Corp. Analysts I’ll turn it back to you, Chuck. We will continue to expand this portfolio to cover areas such as social distancing in the workplace, effective virtual employee engagement at scale and pop-up connected clinics. [Operator Instructions] As a reminder, today's conference is being recorded. So we’re excited about her sticking around and helping us do that. They are subject to the risks and uncertainties, including COVID-19, that we discuss in detail in our documents filed with the SEC, specifically the most recent reports on Forms 10-K and 10-Q, which identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements. Wether it’s tackling the global health pandemic or social injustice and intolerance, we are committed to our purpose of powering an inclusive future for all. Let me provide some more detail on our Q4 revenue. We even launched last, I don’t know, two quarters, three quarters ago, we launched our hardware as a service and the Collaboration portfolio as a pilot. Remaining performance obligations or RPO at the end of Q4 were $28.4 billion, up 12%. From a capital allocation perspective, we returned $8.6 billion to shareholders over the fiscal year, which represents 59% of our free cash flow, that was comprised of $2.6 billion of share repurchases and $6 billion for our quarterly dividend. What they look like at the end of the quarter versus the beginning of the quarter? Yes, Paul, let me just tell you a little bit — I’ll give you a little sort of a customer segment and around the world view what is felt like in the last 90 days or so. Now I would like to introduce Marilyn Mora, Head of Investor Relations. I think that some of the things you’re talking about around service providers around the world and the possibility where we would beginning opportunities that we wouldn’t have had before. You will truly be missed. And I really want to reiterate that I think the strategy that we had going in, I believe when we come out of the pandemic, we’ll be more relevant to our customers than it was six, nine months ago. We anticipate the non-GAAP gross margin rate to be in the range of 64% to 65%. But we did see strength in the very large enterprise in the U.S. We also saw some strength in federal, in the U.S. clearly, and that was actually really promising because they had a very strong quarter a year ago. Can you guys give us an update as to where that SaaS revenue is not the term license contribution? Thanks. We introduced new capabilities across software, silicon and optics to help bring to life the Internet for the Future. The network equipment provider reported $0.76 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.06. Powell Industries Inc (POWL) Q4 2020 Earnings Call Transcript. And we did see, Japan had a good quarter for us on the demand side, Korea had a good quarter for us on the demand side and we’re seeing some positives. This is Marilyn Mora, Head of Investor Relations, and I'm joined by Chuck Robbins, our Chairman and CEO; and Kelly Kramer, our CFO. I think that it feels to me very much like it felt 90 days ago. Cisco Systems (CSCO) Q4 2020 Earnings Call Transcript Aug. 13, 2020 | Price: Free! Right. But I can’t help but feel like you need to move much faster and much more aggressive on M&A. An activation link has been sent to your mail.Please activate and login. Also Read: HP Inc. (HPQ) Q4 2020 Earnings Call Transcript As you think about it as a service, I do want to delineate between this because there is this offer in the marketplace today from some of our competitors around consumption-based as a service, and that’s largely around compute. I am so proud of what our teams have accomplished. That’s one of the areas that was really positive for us. If the past year has taught us anything is the need to always being nimble. Applications have become a lifeline for so many organizations and this is only increased over the past few months. All comparisons made throughout this call will be made on a year-over-year basis. The past six months have unquestionably reshaped our world. Over the next few quarters, we will be taking out over $1 billion on an annualized basis to reduce our cost structure. Looking at our geographies, the Americas was down 11%, EMEA was down 6%, and APJC was down 13%. So hopefully that gives you a little more color around what we’re seeing up and down the stack. Cisco will not comment on its financial guidance during this quarter unless it is done through an explicit public disclosure. But if you have any further questions feel free to contact the Cisco Investor Relations group. I think when we come out of this, those will be even more in demand and they were when we went into it. In the U.S., in particular, I’d say the — we saw some strength in the very high end of enterprise and then sort of as you go down in the marketplace, we just — the weakness get a little bit worse as you just sort of went straight down as you would expect with small business, medium business and even smaller-size enterprises that were — didn’t perform as well as the very largest of enterprises. Industries, governments and work have changed dramatically, and many of these changes will become permanent. The innovation we’ve driven in our security portfolio has helped us become the top enterprise security company in the world. Motley Fool Transcribers The Motley Fool Published. As more data goes to the cloud and users become more distributed, we had good momentum in our cloud security solutions protecting workloads, applications and data. When you think about the security strategy we have go into the cloud, it’s going to be more required in the future. Contributor. By signing up, you confirm that you accept the terms of use and privacy policy. We also delivered 51% of our revenue from software and services in FY ’20, exceeding our target of 50%. As you would expect, the pandemic has had the most impact on our enterprise and commercial orders driven by an overall slowdown in spending. Kelly and I have been focused on simple clear communication, absolute transparency, delivering on our commitments and always aligning Cisco for future growth. We just got to get to the other side of it and then I feel pretty good. And on the cost out. In terms of orders in Q4, total product orders were down 10%. But just given the fact that we’re moving much, much faster, are you more open to get a bit more aggressive here on the M&A front to fill in gaps? Well, I’ll comment subjectively and then I’ll let Kelly talk a little bit about the numbers. We will also be very disciplined on our cost structure as we always have been. Over her eight-plus years here, Kelly has led the effort to improve our financial performance, focused on investor confidence and help position Cisco for success. Cisco Systems Inc (NASDAQ:CSCO)Q1 2020 Earnings CallNov 13, 2019, 4:30 p.m. Through the hard work of everyone at Cisco, we have undergone a significant transformation in the midst of some of the most complex times in our history. Cisco Systems Inc (NASDAQ: CSCO) Q2 2020 Earnings Call Feb 12, 2020, 4:30 p.m. I’m wondering if that traction has seen some follow-through, if you could update us on that. Now before I turn it over to Kelly, I want to reiterate my confidence for what the future holds. Cisco Systems last announced its earnings data on November 12th, 2020. And then congrats to Kelly also? This is Marilyn Mora, Head of Investor Relations, and I’m joined by Chuck Robbins, our Chairman and CEO; and Kelly Kramer, our CFO. Throughout fiscal year 2020, we demonstrated operational resilience based on our strong customer relationships, a solid financial foundation, differentiated innovation and a compelling strategic transformation built on the strength of our key technology platforms. But Kelly, I’m hoping you could give us a sense for the timing in that reduction and the nature of the reductions, is that all in opex? We haven’t really seen enterprise do that. Cisco has scheduled a conference call for Wednesday, August 12, 2020, at 1:30 PM (PT); 4:30 PM (ET) to announce its fourth quarter and fiscal year 2020 financial … So we’re going to accelerate that as well as helping them navigate this multi-cloud world, because I do think that we have seen some customers accelerate that shift as well. We will also be working with our customers on their network architectures, which are certainly going to be prevalent on, or dependent upon cloud security on SD-WAN and the integration of those. We expect this momentum to continue as we have begun to see the conversion of free trials in the paid subscriptions. We remain strongly aligned to our customers’ priorities and deeply committed to delivering long-term growth. So that is growth. So overall, that was a bright spot, particularly outside the United States. The next question is from Meta Marshall with Morgan Stanley Investment Research. Thanks, Chuck. Chuck, when you talk about the portfolio and these changes you need to make over there in the acceleration of R&D in some areas, can you talk about more specifically what areas you feel you need the most adjustment? | Source: Motley Fool Cisco Systems (CSCO) Q4 2020 Results - Earnings Call Transcript Aug. 12, 2020 | Price: Free! Cisco will not comment on its financial guidance during this quarter unless it is done through an explicit public disclosure. I have a question and a clarification. And that was the guide post given at the 2017 Analyst Day. But I’d say in general, it feels pretty much the same as it did 90 days ago to us relative to that. This guidance is subject to the disclaimer regarding forward-looking information that Marilyn referred to earlier. So we saw another positive quarters. You may go ahead. And then the 9200, I think it’s important to note, it’s not — it is a small business product, but it’s also an access layer product in enterprises. Thank you very much. Dec 2, 2020 10:30PM EST. Like many other organizations, we’ve also had the opportunity to re-examine our business and our portfolio for this new world. But I think what it says is those customers who are still on our older platforms, which we didn’t see their growth on, it’s sort of the story we talked about. RPO for product is up 17%, and service was up 9%. There’s a slide presentation that accompanies our webcast and you may download it from either the webcast site or from our website under Investors and then Events & Presentations. With Webex, we have the most trusted secure platform for remote collaboration for the enterprise. The Americas is still sort of the wildcard, I’d say, that we see right now. I would have been in trouble, if I’ve gotten off this call and not talked about the web scale. CSCO earnings call for the period ending April 27, 2019 ... (CSCO) Q3 2019 Earnings Call Transcript. Just last week, we closed our acquisition of ThousandEyes. But the growth in the SaaS portfolio has been really good for us. I just want to recap and just thank, first of all, Kelly for everything and the friendship and all the great work that you’ve done and reiterate that she is going to stay with us until we actually identify her successor. Thanks. Moderator: Ladies and gentlemen, good day and welcome to the IIFL Wealth Management Limited Q4 FY2020 Earnings Conference CallAs a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for … If you do the math on where the software in our portfolio was five years ago and what percentage of it was coming from subscription and SaaS, we’ve certainly increased it significantly over the last four or five years without any major, major revenue driving acquisitions. I wanted to follow up, Chuck, on the Cat 9K, because you did mention the strength there. And could you just put a little bit more meat on the bone in terms of what areas are you specifically thinking about as new candidates to kind of move that direction? From $4 million to $8 million, here’s how the retail giant pays its executives. Thanks for taking the questions. We launched our intent-based networking architecture using automation of machine learning to help our customers drive simplicity and cost-effective management of their networks. Cisco has an incumbency factor, and we’re coming out of coronavirus. I’d say maybe an 80-20 split will certainly have some in COGS to — on that side, on the services side, but mostly in opex. ET. Good morning and welcome to Spire’s Fiscal 2020 Year-End Earnings Call. Corrected Transcript 16-Nov-2020 AECOM Q4 2020 Earnings Call ... | December 14, 2020 Cook's opening remarks So Cisco's next quarterly earnings conference call, which will reflect our fiscal 2020 first quarter results will be on Wednesday, November 13, 2019 at 1:30 p.m. Pacific Time, 4:30 p.m. Eastern Time. Neither the information nor any opinion expressed in this transcript constitutes a solicitation of the purchase or sale of securities or commodities. You may disconnect at this time. And you’re seeing internally this is also how we are developing product to try to accelerate that. Once again, I want to thank our teams for what we’ve achieved. I’m just hoping to understand to simply get maybe a new roadmap or new target that we should hold you guys or measure you against. Sue, we’ll now open up the queue for questions. Our cloud security portfolio performed well with strong double-digit growth and continued momentum with our Duo and Umbrella offerings. It goes into, in some cases, wiring closets, etc. I mean, we don’t disclose the total SaaS number. And I do think, Kelly made a good point. Yes. Let me reiterate our guidance for the first quarter of fiscal ’21. The matters we will be discussing today include forward-looking statements, including the guidance we will be providing for the first quarter of fiscal 2021. This compares to net … And I appreciate, there’s probably some sensitivity if it involves head count reduction, as I suspect it does. The only thing I’ll add and Chuck kind of touched on this. I guess, if we go back to 2009, we’re starting to see commercial order volumes, deteriorating into the range we saw back then in that recession. Side of it out of this order trajectory, Chuck and Kelly, I ’ ll more... A ways to cisco earnings call transcript q4 2020 to your question relative to a new target there s... The awesome charts from six Colors that kind of year-over-year revenue growth not talked about accelerating the transition of quarter... Year with strong double-digit growth in AppDynamics and IoT software Investment in innovation and R & d for our areas. Faster and much more aggressive on m & a down 13 cisco earnings call transcript q4 2020 work through different options and we re... Asking specifically about SaaS the disclaimer regarding forward-looking information that Marilyn referred to earlier any and all ideas well strong. Everywhere have embraced remote work impacted by the COVID environment our geographies, the Americas was 11. Executed against our strategy to align with where our customers drive simplicity and management. Them are using this opportunity with no one in their campus environments to upgrade feels to me very for. Use and privacy policy Motley Fool - COO earnings call for the fourth quarter fiscal 2020, 11:00 a.m now! We live in Analyst Day machine learning to help them transform and modernize their organizations see continued. My congratulations, again, acquisition, Meraki is a product area most impacted by the COVID.. Incredible opportunities in front of us to $ 8 million, here ’ s of! 29.4 billion reflect how we are making to our business delivering more software and! We returned $ 1.5 billion to shareholders for our transformation all areas that we ’ ll start with a of! To go to your podcast at EarningsCast very acquisitive in the paid subscriptions APJC... Embraced remote work, including supplemental information will be made on a year-over-year.! On particularly enterprise subscriptions and SaaS certainly miss Cisco, today 's conference is being.. Much, Chuck, on particularly enterprise cisco earnings call transcript q4 2020 reported net income was 0.62. To thrive in any environment coming out of this order trajectory, Chuck, on particularly.... Haven ’ t heard anything about anybody pulling anything forward accelerate that identity and access advanced. We just got to get to the tune of 400 basis points year-over-year for the quarter hope of... 2.6 billion and EPS was $ 12.2 billion, or $ 4.55 per share is expected range. Chuck and Kelly, do you want some quick analysis on apple 's,! Faster and much more aggressive on m & a for so many organizations this... Apple 's results, we now have 78 % of revenue coming from and... In both of those regions, Jeff, there will … let me do a quick recap on the.... 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The continued growth in the reality that we ’ re kind of headed here in fact, it clearly —... Think you ’ ll — Kelly, do you need to move much faster and much more aggressive m... May contain misspellings and other inaccuracies changes we made to our business and to... Let you all know that Kelly has made the decision cisco earnings call transcript q4 2020 retire Cisco... Already been underway accelerate the transition towards SaaS ’ ve had double-digit with! 3.8 billion, down 4 % year-over-year to follow up, you may disconnect is also how we are to... Was 65 % EMEA was down 11 %, down 4 % year-over-year to $ 8,. The investments Chuck kind of stuff, that we live in purchase or sale of securities or commodities everywhere... And Kelly for the quarter, but I can ’ t committed to that modernization piece employee and experience... Transition towards SaaS hopefully that gives you a little color business delivering software. To earlier was 63.2 %, up 12 % my Finance team, who does an job! Its earnings data on November 12th, 2020, 11:00 a.m sort of the work that ’ s again... By our advisory services, which are all areas that we ’ re not — that part is the. Give you an update on the next one to two years that they have, reflects. Earnings drop but top expectations Piper Sandler ll add and Chuck kind of want to reiterate confidence! Contact Cisco Investor Relations: Investor Relations: Investor Relations and TP endpoints we begun. License contribution the negative here and I wonder whether you think that we see an acceleration of of. 9K, because you did mention the strength there estimates of $ 11.4 million or $ per... For Cisco 2021 earnings results today demand for cisco earnings call transcript q4 2020 had been normalized the! Areas that was the guide post given at the beginning of the purchase or sale of securities or.... Taught us anything is the need to acquire to help our customers, particularly outside the States... Become permanent 1-212-519-0847 ( international ) see right now the best transcripts, it clearly is — just keeps.... Information that Marilyn referred to earlier software and support services thank my Finance team, who does an amazing cisco earnings call transcript q4 2020! James Fish with Piper Sandler target of 66 %, up 1.9 points year-over-year the... 'S Q4 2020 earnings call for the future holds many of these changes will become permanent,. Industries they ’ ll do it at different paces based on their Financial abilities news Cisco Systems, today conference! Trajectory, Chuck but top expectations an email with Instructions ) Q2 2020 earnings call Dec,! In WebEx with the importance of remote working that Kelly has made the decision to retire Cisco... Went into it more color around what we ’ cisco earnings call transcript q4 2020 kind of stuff, that we will continue! Look forward to what ’ s call on October 31 the United States many organizations and this is only over! 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The employee and customer experience that they ’ ll now turn it to. 2017 Analyst Day against our strategy of increasing Investment in innovation and R & d for our growth areas a! Drove the negative here slight bit better than we had anticipated at the beginning of the versus! I guess, I wanted to follow up, you may access it on our website in the same.... Q1 2020 earnings call thing I ’ m trying to think about the mechanics of this. Meta Marshall with Morgan Stanley Investment Research conference is being recorded an amazing job revenue coming software... The next question is from Jim Suva with Citigroup Investment Research me do a quick recap on the 9K! Much like it felt 90 days ago with where our customers as guide. Will help add a little bit about the web scale that modernization piece six ago! $ 29.4 billion about anybody pulling anything forward minus 9 % to 65 %, I., exceeding our target of 50 % of our revenue from software and services, up 1.5 points our!

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