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Cisco programs (CSCO) Q3 2021 salary call Transcript | 500-210 test Questions and Cheatsheet

© provided with the aid of The Motley idiot Cisco techniques (CSCO) Q3 2021 revenue name Transcript

Cisco programs (NASDAQ: CSCO)

Q3 2021 salary name

may additionally 19, 2021, four:30 p.m. ET

Contents:

organized Remarks

Questions and answers

name contributors

organized Remarks:

Operator

Welcome to Cisco's third-quarter fiscal-yr 2021 fiscal consequences convention call. at the request of Cisco, contemporary convention is being recorded. when you've got any objections, you can also disconnect. Now, i would like to introduce Marilyn Mora, head of investor relations.

Ma'am, you may also start.

Marilyn Mora -- Head of Investor members of the family

Welcome, everyone, to Cisco's third-quarter fiscal 2021 quarterly revenue convention name. here is Marilyn Mora, head of investor members of the family, and that i'm joined by Chuck Robbins, our chairman and CEO; and Scott Herren, our CFO. by now, be sure you have viewed our earnings press liberate. A corresponding webcast with slides, together with supplemental suggestions, might be made attainable on our site in the Investor relations area following the call.

earnings statements, full GAAP to non-GAAP reconciliation assistance, stability sheets, money movement statements, and different monetary information can also be present in the fiscal suggestions section of our Investor family members site. right through this conference name, we might be referencing both GAAP and non-GAAP monetary results, and we'll talk about product consequences in terms of profits and geographic and consumer results when it comes to product orders unless cited otherwise. All comparisons made all over this call should be on a 12 months-over-year groundwork. The matters we will be discussing nowadays encompass forward-searching statements, together with the advice we may be proposing for the fourth quarter of fiscal 2021.

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this article is a transcript of this conference call produced for The Motley fool. while we strive for our silly premier, there may be blunders, omissions, or inaccuracies in this transcript. as with every our articles, The Motley idiot does not expect any accountability for your use of this content, and we strongly motivate you to do your own analysis, together with taking note of the call yourself and reading the enterprise's SEC filings. Please see our terms and stipulations for extra particulars, together with our necessary Capitalized Disclaimers of legal responsibility.

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they are area to the hazards and uncertainties, together with COVID-19 that we talk about in element in our documents filed with the SEC, specifically probably the most accurate stories on varieties 10-k and 10-Q, which identify the vital risk components that might cause real results to differ materially from these contained within the forward-searching statements. With admire to tips, please also see the slides and press release that accompany this call for further particulars. Cisco will now not comment on its financial suggestions all through the quarter unless it is accomplished through an specific public disclosure. i'll now turn it over to Chuck.

Chuck Robbins -- Chairman and Chief govt Officer

Thanks, Marilyn. first rate afternoon, and thanks for becoming a member of today. i'm hoping every person is staying in shape and secure as we birth to look the merits of vaccine deployments and the carrying on with improvement in financial undertaking. I want to start with the aid of acknowledging our employees, purchasers, and companions in India, who're experiencing a devastating surge of COVID circumstances.

Cisco is proposing critical substances during this difficult time, and our concepts continue to be with all of you. while many people are seeing splendid growth in our healing efforts, we have to stay vigilant and adaptable as we manage the continuing pandemic world wide. Turning to the quarter. We had miraculous momentum in Q3, which offers me a fine sense of optimism going ahead.

We back to growth with earnings up 7%, pushed through an enhancing macro environment, the strongest product portfolio in our background, and first rate execution with the aid of our teams. We noticed broad-based demand throughout the enterprise, led with the aid of our greatest growth opportunities: hybrid work, digital transformation, cloud, and persisted strong uptake of our subscription-primarily based choices. We're additionally seeing early momentum in the ramping of key technology cycles which are lengthy-term increase drivers for our enterprise, akin to 5G, four hundred-gig, and part. The subsequent phase of the healing and the way forward for work can be heavily reliant on our technology.

Cisco's conclusion-to-conclusion portfolio will serve because the basis for next-generation infrastructure options, as well as cloud-enabled start models and innovation, permitting our purchasers to flow with even more suitable pace and agility. this will require a significant investment cycle and reinforces the strength of our method whereas driving better probability to create a world that is extra connected, inclusive, and secure. We continue to be focused on accelerating innovation whereas simplifying the adoption of our choices with networkwide automation, analytics, and flexible as a provider consumption models, all aimed toward improving our customers' network efficiency capabilities and security, which we trust will drive huge lengthy-time period alternatives for us. Our Q3 performance most effective reinforces my self belief about the future.

These results reflect a return to a robust spending environment and an economic recuperation that has won momentum pushed by vaccine rollouts and the easing of restrictions. as the economy has improved, clients have extended their funding throughout our portfolio to put together for the upturn and return to workplace. In Q3, we saw 10% boom in product orders, the maximum growth expense in view that Q1 of fiscal 2012, reflecting robust growth across all of our consumer segments and geographies. From a product income standpoint, we noticed 6% increase, led by using energy throughout our portfolio, together with campus switching, routing, wireless, security, collaboration, and web scale, in addition to from our acquisition of Acacia, which closed throughout Q3.

We continue to aggressively shift our enterprise to greater routine salary streams, which we expect to develop over time as we expand our offerings. In Q3, we accomplished $3.eight billion in software profits, with 81% of our application income offered as a subscription, up from seventy six% ultimate quarter. We also noticed a different quarter of double-digit increase in our deferred earnings and remaining efficiency obligations. during the last six years, we now have made colossal development and now have one of the largest application organizations within the business with an annual run fee well over $14 billion.

Let me now touch on infrastructure systems. We saw strong demand throughout the majority of our portfolio, led by means of our subsequent-era business networking and service provider options as groups speed up the modernization of their infrastructure. This modern infrastructure can provide greater performance and faster access to records while offering the premier person journey in an more and more distributed atmosphere. purchasers are turning to us to aid them create the trusted place of work of the longer term with WiFi access points, video endpoints, cameras, and IoT sensors, feeding statistics into DNA core and DNA areas.

we're enabling operations groups to remotely monitor workplace conditions for a safe return to workplace. we're additionally working to provide visibility past company networks, which is more and more vital as our valued clientele speed up their adoption of SaaS and cloud solutions for hybrid work. At Cisco reside, we launched the business's first enterprisewide full-stack observability offering by using integrating ThousandEyes cloud intelligence with our catalyst switching portfolio and AppDynamics. This offers IT with visibility and actionable insights across both exterior and interior networks to deliver a seamless digital journey for users.

And with users more disbursed than ever, it is essential that they have the most useful and secure connection to the cloud. Our deep partnerships with Google, Amazon, and Microsoft permit native connectivity from our SD-WAN material to every of these cloud choices. With our expertise, purchasers can cut back deployment times and attach department places of work to cloud workloads in minutes. In our net scale business, we delivered our sixth consecutive quarter of strong order increase, which extended over 25% in the quarter and over 50% on a trailing 12-month basis.

Our web scale shoppers are starting their four hundred-gig upgrade cycles and aggressively pursuing lengthy-haul build-outs, while our service valued clientele are exploring new architectures to recognise the entire capabilities of 5G. we're building the cyber web for the long run with the aid of developing leap forward innovation with our routing, optical, and automation applied sciences to deliver huge economic advantages. currently, we launched a new routed optical networking answer, integrating our scalable, high-efficiency routers and Acacia's pluggable optics, which presents colossal charge mark downs. final week, we introduced our intent to acquire Sedona programs to prolong our crosswork automation platform to build on these capabilities.

We additionally accelerated our Silicon One platform from a routing-concentrated solution to at least one which addresses the net scale switching market, providing 10 networking chips ranging from three.2 to 25.6 terabits per 2d, making it the optimum efficiency, programmable routing, and switching silicon available on the market. We be aware of our valued clientele increasingly want to consume Cisco's expertise in new, greater flexible approaches. At Cisco reside, we launched our new as a provider portfolio, Cisco Plus, and our first offer, Cisco Plus hybrid cloud, combining our records core compute, networking, and storage portfolio. Cisco Plus comprises our plans to deliver networking as a service, for you to unify networking, safety, and observability throughout access, WAN, and cloud domains to deliver an unparalleled experience for our valued clientele.

Turning to protection. We had a checklist quarter, surpassing $875 million in earnings, up 13% as we elevated our reach with customers worldwide. Our security strategy is focused on supplying an easy and comfy event. we now have an unequalled ability to deliver conclusion-to-conclusion security capabilities across users, gadgets, applications, and facts on any network or any cloud.

here's the important thing reason why our customers believe us to support them proactively offer protection to in opposition t and remediate threats. truly, main clients in each business, including a hundred% of the Fortune one hundred are using Cisco security options. These shoppers are increasingly deploying our zero-believe and relaxed entry carrier aspect or SASE architectures, together with automation, authentication, and analytics capabilities. With present day dispensed body of workers, businesses must rapidly deploy highly comfortable depended on entry to important applications all over with out compromising efficiency.

purchasers like Ford are the use of our cloud-delivered safety platform umbrella as they relaxed over a hundred,000 of their remote crew members. And this quarter, Lyft became to Cisco to make stronger their security protection for all of their clients accessing their purposes. by way of deploying our duo portfolio, Lyft changed into capable of supply robust access controls as they deliver protection to their clients' delicate very own and fiscal information while decreasing their complete can charge of ownership by greater than 50%. With practically $6 billion in annual R&D, the funding that Cisco is making in each safety and the community continues to steer the momentum across our portfolio, with 23 consecutive quarters of double-digit umbrella cloud security boom, pretty much 7,000 customers the usage of our cloud-native SecureX platform, and powerful platform increase with protection business agreements.

We continue to expand our leadership with new improvements, together with passwordless authentication, information loss prevention, observability, cloud-based mostly malware detection, and enhancements to SecureX. We're also complementing our organic innovation with property that enable superior safety efficacy. Our intent to purchase Kenna security will collect their possibility-based vulnerability management platform with SecureX's probability management capabilities to prioritize and greater conveniently manipulate normal chance. lastly, let me contact on applications.

Our collaboration enterprise continues to operate smartly. We had a listing quarter in Webex as we execute towards our strategy to vigor the future of hybrid work. Over the remaining six months, we have now brought more than four hundred new facets and gadgets to our Webex portfolio. we are enabling seamless experiences through our desk digicam and desk hub solutions while extending the Webex suite of instruments, together with digital signage, touchless calls, room potential alerts, and environmental sensors to aid enable a safe return to the office.

smartly-being is excellent of mind for so many presently as we face a new way of working. this is why we launched people Insights to help americans computer screen and manipulate their well-being. These new points, instruments, and capabilities, mixed with cloud calling and cloud contact middle, provide our customers with essentially the most complete and inclusive hybrid work platform. closing week, we introduced our intent to acquire Socio Labs.

through integrating Slido and Socio Labs into our Webex platform, we will also be capable of supply essentially the most finished internal and external experience management answer available on the market. In abstract, we had a very good quarter. i'm so happy with the continued success of the business transformation our teams are using. As i mentioned past, we are experiencing the strongest demand in essentially a decade.

we're additionally seeing equivalent part scarcity supply concerns as our peers. The good information, and this is mirrored in our tips, is that we are assured we can work via this as we've already put in region revised arrangements with several of our key suppliers. We accept as true with these movements will allow us to optimize our entry to vital accessories, together with semiconductors, and deal with our valued clientele by pleasant their demand as promptly as viable. Our approach and dedication to leading with trust, innovation, and selection, along with our continued focal point and self-discipline are positioning us well for increase and profitability.

As we speed up the pace of innovation for our shoppers and partners, it be important that we continue to support our people, our communities, and our planet. i'm very proud that Cisco become these days named the No. 1 most fulfilling location to Work in the united states via Fortune and top notch region to Work. here's an important honor for us because it recognizes the brilliant work of our people and the power of the tradition we've created.

And ultimately, when it comes to moves we are taking to protect the planet, closing month, the Cisco basis announced $100 million over 10 years to fund nonprofit can provide and impact investing in climate options. we have already executed one hundred% renewable power in the U.S. and in lots of nations across Europe, and here's an extra powerful step ahead. whether it's our deep center of attention on offering the gold standard effects for our customers, companions, and employees, or our dedication to creating a change in communities internationally, Cisco is still committed to our aim, to vigour an inclusive future for all.

i am quite confident about what's forward and confident in our group's capability to bring. i'll now turn it over to Scott.

Scott Herren -- Chief fiscal Officer

Thanks, Chuck. final quarter, I identified 4 key priorities that we're the use of to define our financial approach: riding ecocnomic growth; a persevered disciplined focus on economic management and working efficiency; surroundings a protracted-term plan to maximise price creation through strategic transformation; and inspecting investments, each organic and inorganic. We made growth on all these fronts in Q3 and are continuing to construct our monetary method in line with these core pillars, providing a strong foundation for stronger fiscal efficiency, as well as long-time period price creation for our shareholders. Now, let's turn to our effects.

i may start with a summary of our monetary outcomes for the quarter, adopted by the counsel for q4. As Chuck said, Q3 turned into a powerful quarter across the business. We done smartly with amazing product orders and strong boom in income, internet profits, and profits per share. complete revenue elevated to $12.8 billion, up 7% yr on 12 months, exceeding the high end of our information range for the quarter.

We noticed extensive energy in all product areas and geographies. We also saw persisted healing in our enterprise and constructing momentum with sequential profits boom of 7%. Our non-GAAP working margin changed into 33.6%. Non-GAAP net profits become $3.5 billion, up four%; and non-GAAP earnings per share become $0.83, up 5% yr on 12 months, coming in above the high conclusion of our EPS counsel latitude.

Now, let me supply extra element on our Q3 profits. complete product profits become $9.1 billion, up 6%. carrier profits was $3.7 billion, up eight%. Infrastructure systems has rebounded nicely, with revenues up 6%.

inside that, switching profits improved typical with increase in campus, driven by means of potent double-digit growth of our Catalyst 9000 products. Routing had mighty double-digit boom, driven by strength in the provider issuer market. instant had potent boom driven by way of the persisted ramp of our WiFi 6 products and electricity in Meraki. statistics core revenue declined, pushed basically by means of servers as we skilled persisted market contraction.

purposes had been up 5%. We continue to look double-digit growth in Webex, pushed by our product innovations and the value we convey to remote working. We noticed boom in unified communications, IoT software, and AppDynamics, offset by using a decline in telepresence endpoints. safety turned into up 13% with growth across the entire portfolio.

Our cloud safety portfolio performed smartly with potent double-digit increase and continued momentum of our Duo and umbrella choices. And we proceed to radically change our business, providing greater software offerings and driving growth in subscriptions and ordinary salary. utility income became $3.eight billion and subscriptions have been 81% of total software earnings, up 7 elements 12 months on yr. As we proceed to raise our utility subscriptions, we're riding greater levels of recurring revenues.

in fact, nearly all of our total profits increase within the quarter got here from recurring profits streams. additionally, the strength of our portfolio and transition to more utility and features is driving growth in remaining efficiency responsibilities or RPO. on the conclusion of Q3, RPOs were $28.1 billion, up 10%. RPO for product was up 15% and for service was up 7%.

There changed into a 90-groundwork-element effective affect on income increase in the quarter involving the acquisitions of Acacia and IMImobile, which each closed right through the quarter. As a reminder, these acquisitions had been no longer factored into our Q3 earnings book. We had amazing order momentum in Q3 with total product orders up 10%. taking a look at our geographies, the Americas had been up 6%, EMEA become up 10%, and APJC turned into up 31%.

total emerging markets had been up 13%, with the BRICS plus Mexico up 31%. In our consumer segments, service company changed into up 17%, business turned into up sixteen%, public sector changed into up eleven%. business turned into flat, which is a significant development from closing quarter. Non-GAAP complete gross margin got here in at the high end of our assistance range at 66%, down 60 basis aspects 12 months over 12 months.

Product gross margin was sixty four.9%, down 90 groundwork aspects. and service gross margin became sixty eight.7%, down 20 basis elements. The decrease in product gross margin became mostly pushed by way of ongoing expenses involving the provide chain challenges, offset by way of tremendous product combine, which contains some application benefit. rate erosion was distinctly reasonable and based on our ancient latitude.

On the provide chain entrance, we continue to manipulate during the constraints seeing industrywide and continue to incur extra fees. we are partnering with our key suppliers, leveraging our quantity purchasing and lengthening supply commitments as we handle the provide chain challenges, which we expect will continue. The quarter did encompass an additional week, as we discussed on our last name. according to our assistance for the quarter, the advantage to complete revenue became approximately three aspects of increase.

total have an effect on on our cost of sales and operating prices turned into approximately $150 million. working cash flow become $three.9 billion, down eight%, driven by way of the timing of payments and restructuring fees. We expect working money circulate to normalize for the total fiscal yr. We ended Q3 with total cash, money equivalents, and investments of $23.6 billion, down $7 billion sequentially, pushed by using $5.5 billion in funds for acquisitions, as well as $3 billion in repayments of our lengthy-time period debt.

From a capital allocation standpoint, we returned $2.1 billion to shareholders all over the quarter that was made from $1.6 billion for our quarterly dividend and $510 million of share repurchases. yr thus far, we returned $6.7 billion to shareholders, which represents sixty four% of our free cash move, and we now have $eight.7 billion in capability final beneath our present share repurchase program authorization. We proceed to invest organically and inorganically in our innovation pipeline. during Q3, we closed three acquisitions: Acacia Communications, IMImobile, and Dashbase.

Subsequent to the end of the quarter, we additionally successfully closed on our acquisition of Slido on may also 4. These investments are according to our method of complementing our inner innovation and R&D with centered M&A to enable us to further support and differentiate our market place in our increase areas. To summarize, we had a fine Q3. We finished neatly with strong correct-line increase and profitability.

We're seeing returns on the investments we're making in innovation and riding the endured shift to extra application and subscriptions, supplying boom, and using shareholder price. Now, let's turn to our tips for the fourth quarter of fiscal '21. This guidance is area to the disclaimer concerning ahead-looking counsel that Marilyn spoke of past. Our fiscal suggestions for this fall is as follows: we predict earnings boom to be in the latitude of 6% to 8% yr on yr, reflecting, again, the effective demand we're seeing.

We count on the non-GAAP gross margin to be within the range of 64% to 65%, reflecting the continuing boost in supply chain expenses we're incurring as we offer protection to shipments to our purchasers; our non-GAAP working margin is expected to be in the range of 32% to 33%, and the non-GAAP tax rate is expected to be 19%; non-GAAP revenue per share is anticipated to latitude from $0.eighty one to $0.eighty three. looking ahead, we're excited to announce we are able to host a virtual Cisco economic Analyst Day on Wednesday, September 15, 2021. we will submit experience details within the coming weeks and appear ahead to sharing more with you at the moment. i could now turn it lower back to Marilyn if you want to flow into the Q&A.

Marilyn Mora -- Head of Investor family members

Thanks, Scott. Michelle, let's go ahead and start the Q&A.

Questions & answers:

Operator

thank you. Rod hall from Goldman Sachs. You may additionally go forward.

Rod hall -- Goldman Sachs -- Analyst

Yeah, guys, thanks for the question. i wished to start off, I bet, with the margin information. it truly is the component most individuals are asking me about. and that i heard -- Scott, I heard you speakme about the influence from expanded fees.

I bet, probably might you deliver us some greater colour on how sustainable these affects are and also handle the opex line. It feels like those fees are inflated, too, I count on for one of the vital equal factors. however just the sustainability of those cost pressures and these styles of margins you are guiding for as we seem ahead. Thanks.

Scott Herren -- Chief fiscal Officer

Yeah. Thanks, Rod. beginning with the gross margin, the impact you might be seeing within the this fall ebook on gross margin is definitely driven by way of provide chain. It has a couple of aspects to it.

One is unit costs. so that we have now got, and basically it was introduced these days from Gartner, we have now got the No. 1 deliver chain group on the planet two years in a row. That group has carried out a great job getting ahead of the considerations that all and sundry in the business is seeing.

So with that, although, now we have locked in both deliver and pricing with one of the most key part providers that we have acquired going forward. it is what you see constructed into the margin e-book. and that i feel the deliver chain considerations will stay with us at least via -- from what i can see, at the least in the course of the conclusion of this calendar 12 months. On the opex side, it's a little bit different.

for those who look at the -- we're correct heading in the right direction. Let me simply start via asserting -- before you ask, we're appropriate on the right track with the savings associated with the restructuring that we announced prior this 12 months -- previous this fiscal year. We stated at the time, we would reinvest some of that into the growth of the company overall, and that is the reason what you see happening. So should you appear on the yr-on-yr growth in opex, or not it's driven via the integration of the acquisitions that closed throughout the quarter.

a bit little bit of a headwind from FX because the dollar has weakened after which the larger commissions given the mighty power of the accurate line, commissions are up and reset of the variable comp plans. but that's what's driving it. and i think the sustainability to get to your aspect, as I are expecting to peer some of those deliver chain issues linger with us through the conclusion of the calendar year, first half of our fiscal yr.

Chuck Robbins -- Chairman and Chief executive Officer

Yeah. good day, Rod, here is Chuck. I simply are looking to add some colour to that. so as we started to know that we were going to have the incremental cost, we needed to make some choices.

and that i think, undoubtedly, we do agree with these are brief. we will need to see how lengthy they remaining. however in keeping with that and according to the undeniable fact that we're seeing such momentum in the enterprise at this time, we determined to continue to invest within the company to force the boom that we're feeling right now. And when you see the balance of the increase throughout all the corporations, as you see the regional balance, it changed into balanced across the expertise areas, it was balanced across segments.

and then you consider about that in the context of some of those real essential developments that are occurring that have been on the entrance end of like the four hundred-gig transition, like the success we're having in internet scale, the provider company 5G construct-out, the hybrid work and return to workplace. We observed WiFi 6, leading to campus switching, which we're seeing play out now. And the safety enterprise had a listing quarter at a time the place most every client is suggesting that they will be spending more over the subsequent 365 days in cybersecurity. So we felt adore it turned into prudent to proceed to invest to satisfy the demand and cope with one of the short-term pain and then we think we'll get to the other side of it.

Rod hall -- Goldman Sachs -- Analyst

splendid. adequate. Thanks plenty. recognize it.

Scott Herren -- Chief financial Officer

Thanks, Rod.

Marilyn Mora -- Head of Investor family members

Thanks, Rod. next query, please?

Operator

Samik Chatterjee from J.P. Morgan. You may additionally go forward.

Samik Chatterjee -- J.P. Morgan -- Analyst

hi. Thanks for taking my query. Chuck, I bet just a little following up on Rod's query here. I think the macro expectation right here is that we are going to be going through a length of larger inflation, and you're since a bit of in the deliver chain however additionally in different elements as smartly.

are you able to simply aid us feel via what are the stages that the enterprise has as you navigate via that? And notably, how are you attempting to steadiness that against the careers that a few of your purchasers can be pulling forward orders or pulling ahead of demand just to comfortable product from you?

Chuck Robbins -- Chairman and Chief government Officer

Yeah. a few brilliant questions. no 1, what we do recognize is that if we come to the conclusion that any of these can charge raises or these -- this inflation, as you outlined it, are going to be greater sustained then we will examine strategic rate raises the place we must. And that work is already beneath manner.

there may be already some choices that we have made. So we are able to do that. or not it's a stunning dynamic circumstance, as you comprehend. and then on the pull forward, here's a query that we now have been requested.

And whereas or not it's inconceivable to definitely quantify what that might be, it's going to be relatively glaring that if a consumer has extended lead instances, they may be likely going to location order prior to when they'd. That simply makes feel. however we also have proxies that we might be attempting to find to really replicate that being an incredible challenge like order cancellations in the event that they're putting these orders in multiple -- in opposition t diverse channels and then canceling once they get it out of 1 channel. We do not see that.

you could see greater of that pull ahead from the commercial enterprise. and obviously, business and small company, you likely wouldn't see as much, and those have been relatively giant growth engines for us this past quarter. So we don't see any obvious pink flags, although we'd actually agree that there's doubtless some level of early ordering going on.

Samik Chatterjee -- J.P. Morgan -- Analyst

adequate. thank you.

Marilyn Mora -- Head of Investor relations

Thanks, Chuck. subsequent query?

Operator

Meta Marshall from Morgan Stanley. You can also go forward.

Meta Marshall -- Morgan Stanley -- Analyst

brilliant. Thanks. admire the question. the place do you consider customers are on return-to-work planning? Are your better purchasers probably further along than smaller customers or vice versa? and then simply what are you seeing from one of the vital spending from the impacted industries from closing 12 months? Thanks.

Chuck Robbins -- Chairman and Chief government Officer

incredible query. So first off, I consider it's the inverse. I think we're seeing the small organizations and the business valued clientele relocating a bit quicker. although we noticed commercial enterprise pickup in Asia and in Europe, and we have now achieved a deep evaluation with our group.

The U.S. better, and we'd predict next quarter after which next fiscal yr for U.S. business to in reality increase vastly from the place we're nowadays. and i think on the industry entrance, we had been doing the overview in the U.S., and we've actually viewed double-digit increase in hospitality, in healthcare, in retail, and we've even seen the cruise traces making gigantic purchases as they prepare to head lower back out.

So we feel that that is basically a sign that we're on the street to recovery. and that i would say that the other component i might spotlight is, as our consumers think about hybrid work and they consider concerning the return to office, now we have talked in regards to the occurrence of WiFi 6. We saw persevered power in WiFi. And we talked about once that begins to turn up, that we trust there would be a campus switching Improve follow.

And the Cat 9000 has had 4 quarters of increasing increase in double digits the remaining few quarters from a demand point of view. So we have now viewed that turn up as smartly. So I believe that -- standard, I think it's going on as we thought it could and even perhaps at an accelerated tempo.

Meta Marshall -- Morgan Stanley -- Analyst

extremely good. thanks.

Marilyn Mora -- Head of Investor family members

Thanks, Meta. subsequent question, please?

Operator

Tal Liani from financial institution of the us. You may additionally go ahead.

Tal Liani -- bank of the usa Merrill Lynch -- Analyst

hello, guys. I even have two questions, linked and not connected. First query is the pricing ambiance. We see price increases throughout the board.

We see component shortages. Does it have an effect on pricing of your products? And is there any plan or have you ever already adjusted fees for that? it truly is #1. The 2nd one. i'm attempting to consider the yr-over-yr tendencies within the context of convenient comps versus real boom.

and that i understand it's difficult to claim. it be hard to quantify, however are you able to as a minimum qualitatively talk concerning the fact of, in the event you develop 7% and we deduct the acquisition have an impact on, and many others. what is the affect of the atmosphere definitely enhancing to your feedback versus just effortless comps as a result of remaining year became so vulnerable because of COVID? Thanks.

Chuck Robbins -- Chairman and Chief executive Officer

Yeah, Tal, it really is outstanding. i could comment on the primary one -- i may comment on both of them, and then Scott can add on to it. So on the pricing front, as I stated a couple of minutes ago, I think we now have made some choices on definite products that we could be making expense increases on, and we're looking surgically at the rest of the portfolio based on the place we have costs that we accept as true with are going to be sustained. but we're erring difficult presently on looking after our valued clientele and trying to optimize our capability to deliver to them right now because we feel that improves our relationships and it improves our place over the future with these purchasers.

So that's what we're doing. On the year-over-yr developments, I believe that -- what i might point to is the precise issue that I feel is substantive is the demand aspect of what we have now considered because, you are appropriate, you could do some math that gets at the profits in Q3. however I suppose that in keeping with what we see and the demand that we see, we do consider here is definitely a -- it be a positively evolving marketplace for us. and i feel the work we have now finished over the remaining yr, we pivoted our method a yr ago in accordance with what we thought would turn up post-pandemic.

The teams had been executing really challenging, and it's outstanding to peer the shoppers embracing the solutions that we're providing accessible. So we believe like or not it's sustainable. And Scott?

Scott Herren -- Chief monetary Officer

Yeah. I believe, Tal, if you happen to seem to be at the 12 months on year, I consider the context you should put around it's the enhancing fashion that now we have seen, right? And we've got seen four to five now consecutive quarters of quarter-on-quarter development and in reality, the improvements throughout the board. it be in each and every geo and it's in every product line. So we're seeing continued growth, and that definitely bodes neatly for looking at this fall and into the long run.

I feel the other component that we now have talked in regards to the amazing demand that we've had, and also you see the revenue that we printed in Q3, what you failed to see is we also have developed up a fit backlog at this element. And so I think that coming into q4, no longer most effective do we have a very high percentage of recurring income as -- that we comprehend will come into the revenue circulation throughout q4. we now have obtained a large backlog at this factor of orders to fulfill, and we know exactly what's within the pipeline. So really consider decent concerning the sequential vogue that we're seeing throughout the company.

Chuck Robbins -- Chairman and Chief government Officer

Video: Cisco down after posting quarterly income (Yahoo! Finance)

Yeah. I feel, Tal, it be a really good element that Scott makes. I suggest, there is a profits headwind that we're facing in keeping with the supply chain. So despite the fact that what's occurring within the provide chain, our salary book would had been larger, which could have doubtless flowed via to enhancing EPS as neatly.

So it's a complicated component that we're navigating via at the moment. but i could let you know, although that, it's the surest I felt about the enterprise and our momentum and where we are in fairly a while.

Tal Liani -- bank of the united states Merrill Lynch -- Analyst

first-rate. thank you.

Marilyn Mora -- Head of Investor family members

next question, please.

Operator

Ittai Kidron from Oppenheimer. You might also go forward, sir.

Ittai Kidron -- Oppenheimer & Co. -- Analyst

Thanks. a couple of questions for me. Chuck, I do wish to follow up once more on the demand side. i am attempting to gauge how tons of what you might be seeing presently is issues that were delayed all through COVID which are being fulfilled now versus acceleration of future plans into now.

i'm simply attempting to consider of sort of what is a normalized demand trial for you as soon as the noise of COVID for worse ultimate yr or for improved. And right now, form of goes away, maybe that you would be able to help us feel about that. after which for Scott. On the increase information for subsequent quarter, can you name out primarily the have an impact on of the acquisitions? what's the growth assistance with out Acacia, IMI, Dashbase, and Slido that you simply closed on?

Chuck Robbins -- Chairman and Chief executive Officer

Yeah, Ittai, thanks. So i'll are attempting to do what you -- i may are trying to reply what you requested, however I think it be a tough one to in reality be definitive about. but I feel there is a few features occurring. I certainly agree with there are initiatives that purchasers placed on grasp that they are now accelerating now that they have improved visibility into what the return feels like.

I really feel that is occurring. also, I suppose your second factor is happening. I consider that there -- each consumer is asking at modernizing their infrastructure as a result of nobody wants to be caught flat-footed by the subsequent disaster. and everybody has realized the vigour of know-how during this time body.

And so I feel there may be an element of elevated investments that we are going to see throughout all of the expertise areas, as well as, most likely, cybersecurity, and so on. however the different thing I consider it truly is truly essential is that we've got been investing for a long time in opposition t a lot of these large market transitions which are beginning to come to lifestyles. I mean, you bear in mind, Ittai, we did not play in the internet-scale space 5 years ago. We failed to play.

And now, we're seeing -- that changed into nearly a quarter of our provider company enterprise once more this quarter and continues to be growing to be robustly. I suggest, it grew over 25% this quarter against a quarter a 12 months ago that changed into in excess of 70% increase. So it be nevertheless accelerating. after which you received 5G it truly is starting to play out the style we -- as now we have all been looking ahead to it to play out.

you will have received this return to workplace and hybrid work with WiFi 6 and the campus upgrades that we now have spoke of, and also you've received this cybersecurity difficulty that is just exacerbated through everything we see in the press by way of the entire carrying on with attacks and at a time where we had list salary. So I consider all of these issues are playing into it, and that is the reason what leads us to believe pretty decent about where we are right now.

Scott Herren -- Chief economic Officer

And, Ittai, for your second question about the have an effect on of acquisitions. We noted in the opening commentary that for Q3, it became about 90 basis facets of increase, and that became now not a part of our Q3 ebook. They every closed all over the quarter. So once we seem to be forward at this autumn of the salary increase that we've got laid out there, about 1.5 facets is driven by way of the acquisitions, normally driven by Acacia.

Chuck Robbins -- Chairman and Chief executive Officer

Two different things, Ittai, on that selected question that i wanted to factor out in case you do not intellect. the first is we see a revenue headwind from the provide chain issue in q4. As I referred to earlier, if we failed to have the provide chain challenges, we'd had been guiding larger on earnings, which is mirrored what Scott outlined in regards to the backlog coming into the quarter. The 2d thing is this company transformation that we have been engaged on for the closing 5 or 6 years.

If we go returned to the first quarter, i used to be CEO after which we seem to be on the quarter that we're stepping into. The ordinary income that we're pulling off the balance sheet that we have visibility to today that could be part of this autumn income is up 64% all through that point frame. So we now have a lot more visibility, and it simply says that the entire motive for why we have now been using this enterprise model transformation, which is a huge advanced exchange to get to. however that has helped us in a big method, in enabling us to basically bring the revenue we're talking about next quarter.

So the advantages that we accept as true with were there for the enterprise mannequin, I suppose this is doubtless the quarter the place we're feeling the high-quality impact of that more than some other quarter.

Ittai Kidron -- Oppenheimer & Co. -- Analyst

that is fantastic. Thanks. respect it.

Chuck Robbins -- Chairman and Chief executive Officer

Thanks, Ittai.

Marilyn Mora -- Head of Investor relations

Thanks, Ittai. subsequent query, please.

Operator

Simon Leopold from Raymond James. You may additionally go ahead.

Simon Leopold -- Raymond James -- Analyst

thanks. I respect it.

Marilyn Mora -- Head of Investor family members

Simon, feels like we lost you.

Chuck Robbins -- Chairman and Chief government Officer

We lost you, Simon.

Marilyn Mora -- Head of Investor members of the family

Are you there, Simon?

Operator

we are going to go to the next question. [Operator instructions] Amit Daryanani from Evercore. You can also go forward.

Amit Daryanani -- Evercore ISI -- Analyst

ultimate. Thanks for taking my query. I actually have a question and a observe-up. I guess simply when I suppose about your e-book and the gross margin drop of one hundred fifty basis facets, i am curious, would you attribute the whole drop to the provide chain considerations? Or is there the rest at play as neatly? that's one.

after which the second question become basically hoping you could unpack the service provider boom that variety of accelerated a fair quantity. And in case you simply talk about the tendencies you're seeing in the average provider company versus the web scale enterprise and where that acceleration is coming from could be positive. thanks.

Chuck Robbins -- Chairman and Chief executive Officer

Scott, you are looking to take gross margin?

Scott Herren -- Chief economic Officer

Yeah, i will be able to. it's pushed through deliver chain, and it comes in a few flavors. Having achieved the work that we have now carried out to protect cargo to our customers, there are unit cost increases, unit can charge raises on certain accessories it is constructed into it. there's also extended expedite costs, again, to ensure that we get the add-ons in and we will get the product again out the door and a slight enhance in freight.

So it truly is all tied to deliver chain.

Chuck Robbins -- Chairman and Chief govt Officer

after which, Amit, on the service company growth, i'm glad you asked the query as a result of I should have pointed it out. We noticed double-digit growth across all of the subsegments of provider suppliers. So cable, service, in addition to net scale. So it become very balanced across the three, and or not it's not one segment carrying it, which is why another excuse that we're positive.

The demand facet we saw turned into so consistent throughout all our purchasers and so constant across geographies and so constant across the product portfolio. but within the SP house, it became double-digit throughout all of those segments.

Marilyn Mora -- Head of Investor members of the family

subsequent query, please.

Operator

Simon Leopold from Raymond James. You may go ahead.

Simon Leopold -- Raymond James -- Analyst

Sorry about that. can you hear me now?

Chuck Robbins -- Chairman and Chief govt Officer

we can.

Scott Herren -- Chief economic Officer

sure, we are able to.

Simon Leopold -- Raymond James -- Analyst

My AirPods decided they desired to stop working. Sorry about that. So i was seeking to see if might be you may assist bridge the gross margin headwinds when it comes to the deliver chain in that we comprehend there are dissimilar aspects. or not it's not simply the chip shortages, but things like airfreight and then having to add might be further hours and paying overtime when things come later as a result of the shortages.

So if there was a way to probably bridge the components that would help us be aware how the healing might present itself. Thanks.

Scott Herren -- Chief financial Officer

Yeah. Simon, when your AirPods went out, Amit was on the same wavelength as you and asked the exact equal query. So i may provide the equal reply. It basically is variety of two or three facets which are using all of it related to deliver chain.

Unit costs are up, and that's in keeping with the work that our provide chain group has finished to be sure that we are able to get supply in in order that such that we will deliver for our valued clientele the gear that they need to get from us. They've all received large transformation below way as smartly within their retail outlets to aid the brand new hybrid work ambiance. And so we're working as difficult as we are able to to be certain we can deliver a product to them. So unit prices are just a little larger, and that's the reason semis, it truly is reminiscence and or not it's certain other smaller commodities throughout the board.

The second is freight charges are higher. And as freight charges go up. definitely, that hits gross margin and at last, expedite costs as we're getting product within the door. So it's all tied to quite a lot of facets of provide chain.

Marilyn Mora -- Head of Investor members of the family

Thanks, Simon.

Simon Leopold -- Raymond James -- Analyst

admire it. Sorry, you had to repeat your self.

Chuck Robbins -- Chairman and Chief executive Officer

No difficulty. it is adequate. it's all right.

Marilyn Mora -- Head of Investor family members

All right. Michelle, queue us up with the next query.

Operator

thanks. Pierre Ferragu from New street analysis. You may additionally go forward.

Pierre Ferragu -- New street analysis -- Analyst

hiya, guys, thank you for taking my query. I have two and a short comply with-up after that if i could. the first one is that if I study your application earnings sequentially, it went from $3.6 billion to $three.eight billion. So it is branded numbers.

however suggests you have like a sort of mid-single-digit sequential increase in application, which is very, very advantageous, very unique. Is that the variety of appropriate run expense stage of increase we should still are expecting for your utility company? after which, Scott, just to verify, considering that circulate in mix in salary combine and product portfolios in a condition in which the supply chain were no longer disruptive, we may have expected some tiny sequential development in gross margins, appropriate?

Scott Herren -- Chief financial Officer

Yeah, it truly is correct. mix is actually -- as we continue so as to add more habitual earnings, primarily round software, as you mentioned, however additionally our tech aid functions, these are better gross margins. those long term might be a tailwind to our gross margins. The deliver chain concerns, without doubt, greater than offset that.

when it comes to your query on application growth, the numbers that you're using are a little bit rounded, but you might be on the right thread. We're seeing fine growth in application. And in fact, we outlined that eighty one% now of it really is pushed with the aid of subscription and recurring earnings. So 7-factor improvement within the amount of that utility revenue that's habitual.

that's splendid news long run, as you recognize, with ordinary income, exceptionally when it's ratable, you see less of the influence upfront. So there's just a little of a bow wave. and also you see it within the growth of our RPOs and the growth of our deferred profits on products. So each and every of those are growing to be.

it truly is additionally an indication of the boom inside our utility product set. I imply, we're now -- for those who just do the short math, correct? We're now probably the most biggest utility businesses on the earth, appropriate, north of $14 billion in utility profits. and i don't feel any person thinks of Cisco in these terms.

Pierre Ferragu -- New highway research -- Analyst

Thanks. And a quick observe-up for you, Chuck, if i may. you've got an intriguing sentence, first sentence, on your press unlock. you might be speakme about the next uptake of your subscription-based providing.

So may you provide us a way of -- it just about sounds like you believe you're like on an inflection aspect or on the turning factor on that entrance. Are you expanding your portfolio when it comes to utility like subscription-based mostly offering in the mean time? Or are you anticipating the update of these items to reaccelerate on the returned of the pandemic? What did you suggest precisely?

Chuck Robbins -- Chairman and Chief govt Officer

Yeah. So, Pierre, I feel there is a few issues happening. #1, we now have considered simply over the closing few years, persisted acceleration in our software business. each acquisition we do, that's the company model.

So from that viewpoint, it is available in. From an biological standpoint, we're building greater software property. We're offering more application options. and then we're actually searching now.

We announced Cisco Plus and Cisco are living, which is how can we convey just about the rest that we build as a service should still our customers need to consume it that way. So we're just embarking on that, which is an additional big part of our portfolio, that allows you to create greater habitual salary for the future. So that is what i am speaking about.

Pierre Ferragu -- New street research -- Analyst

adequate. That makes experience. thank you very plenty.

Marilyn Mora -- Head of Investor relations

Thanks, Pierre. subsequent question?

Operator

Paul Silverstein from Cowen. You may also go forward.

Paul Silverstein -- Cowen and enterprise -- Analyst

appreciate you taking the questions. Two quick questions. One, Chuck, I suppose it's been a long time on account that you all have disclosed what the size of your quite a lot of client segments. And given the impact of what i might predict may be the have an impact on of U.S.

federal stimulus, what's going on in provider fiber commercial enterprise to different tendencies. can you update us on how big those sectors are, including U.S. federal? and then the other query can be your features business. You had a very good quarter.

It was extraordinarily mighty, up 8%. Is there a one-off in that? Or is that indicative up from what it will had been low single-digit increase, it was a very famous quantity. Any insight that you would be able to share on what we may still are expecting going forward and what's riding it?

Chuck Robbins -- Chairman and Chief govt Officer

Yeah. Paul, I should not have the percentage of -- we haven't given that guidance out on the percent of segments for ages. i'd say if we may couch that unless possibly September once we do our analyst assembly except you have some --

Scott Herren -- Chief fiscal Officer

No, the only issue i would add is in case you evaluate us to some of our friends, where we get away enterprise versus industrial, many of them combine those two collectively.

Chuck Robbins -- Chairman and Chief executive Officer

Most of them do.

Scott Herren -- Chief fiscal Officer

Yeah. So simply bear that in intellect as you are making an attempt to compare us across the board.

Paul Silverstein -- Cowen and enterprise -- Analyst

And, Scott, i am aware, but when i could, I mean, undoubtedly, with the magnitude of the U.S. federal stimulus it's already been handed in the a variety of additional programs that we proposed. no longer only would that affect your public sector, nevertheless it's also going to impact business not only for you, however for lots of folks. it might be extremely good in case you up-to-date us at some aspect with these numbers.

Scott Herren -- Chief financial Officer

Yeah, that makes experience. I obtained it.

Chuck Robbins -- Chairman and Chief executive Officer

And what became the 2nd question, Paul?

Marilyn Mora -- Head of Investor family members

services boom.

Chuck Robbins -- Chairman and Chief government Officer

Oh, the functions growth.

Paul Silverstein -- Cowen and enterprise -- Analyst

The features growth. What's riding it? Is it anomaly? Is it the new norm?

Chuck Robbins -- Chairman and Chief government Officer

yes. typical, without doubt, quite glad with the growth on our services enterprise. there's in Q3, although, remember, there became an extra week. And due to the fact lots of capabilities, lots of this is ratable, that further week turns into a further week of revenue all the way through the quarter.

So there's a one-off anomaly that's riding that outsized increase in Q3.

Scott Herren -- Chief fiscal Officer

Yeah. and then once you normalize that out, remember to suppose about the identical commonplace fees you've been seeing.

Paul Silverstein -- Cowen and enterprise -- Analyst

All appropriate. I admire it. thank you.

Chuck Robbins -- Chairman and Chief executive Officer

Thanks.

Marilyn Mora -- Head of Investor family members

next question, please.

Operator

thank you. Tim lengthy from Barclays. You might also go ahead.

Tim long -- Barclays -- Analyst

thank you. Two questions for me, too, each on gross margins. really, i'm simply kidding. First one right here.

are you able to speak a bit bit about sort of your visibility to some of your peer organizations and others within the trade given what's long gone on with lead instances? You most likely have a salary and a value have an impact on right here. however what has that achieved to kind of how far out that you may see and plan and kind of the total backlog versus e-book and ship for the business for the following couple of quarters? and then second, in case you might simply contact on the cloud vertical. It sounded love it turned into fairly amazing once more. may you simply supply us a little color of type of what's riding that? I suppose there had been some campus electricity with these clients.

but are you able to discuss with us a little bit concerning the breadth of product it is riding that? Is it loads of 8-ok? Are you starting to see software and silicon beginning to make a contribution a bit bit? So any colour there would be outstanding. Thanks.

Chuck Robbins -- Chairman and Chief executive Officer

Yeah, Tim, thanks. i'll make one brief touch upon the visibility aspect, and i'll let Scott remark and then i'll take the cloud one. i'd say that the thing that i will be able to inform you is that after we're within the core of Q3, i will be able to tell you that our supply chain group became a little, I wager, worried about what they might see for the next two months at that time. And when we began building the ebook and dealing through what we notion they might bring and build in this fall, that they had a reasonable diploma of self belief.

So what that says to me is that they're getting superior visibility. And so I think or not it's just going to enrich from right here. So it truly is form of what now we have been doing with the last couple of months. Scott, do you wish to add anything else?

Scott Herren -- Chief fiscal Officer

Yeah. From a mentioned income standpoint, which I think is likely at the least part of your question, Tim, we now have acquired decent visibility at this element. Given the measurement of our backlog that we roll into this autumn with, as well as the volume of earnings that is now habitual so that it will come off the balance sheet. so you add those two collectively after which look on the -- we now have an outstanding think, without doubt, for what's within the pipeline at this aspect, too.

we've relatively first rate visibility at this element.

Chuck Robbins -- Chairman and Chief government Officer

sure. after which on the cloud vertical, i'd say that some of the purchasers we have had a very effective form of commercial enterprise networking portfolio relationship with. however past that, all of it is in reality being driven through infrastructure going into their cloud assets. And so we now have sold gigantic quantities of 8-Ks into that infrastructure.

however we've bought silicon stand-on my own as smartly. we have our software working on certainly one of their pieces of hardware. And in some case, we have their software operating on our switching hardware. And we're engaged on white field ODM with a few them relative to our silicon.

So we now have all of the diversifications that we announced in December of 2019, we're actively concerned in presently. And the first rate news is there may be lots of programs want as neatly.

Tim long -- Barclays -- Analyst

ok. thanks.

Chuck Robbins -- Chairman and Chief govt Officer

simply as an add-on to that, last time, we said four hundred-gig, and there all the time appears to be a question about four hundred-gig. And our consumer count on 400-gig went up with the aid of 50% throughout the quarter. So we did see a continued uptake on that technology. and that's tremendous early, as you be aware of.

Tim lengthy -- Barclays -- Analyst

great. thank you.

Marilyn Mora -- Head of Investor members of the family

next question, please.

Operator

Jim Suva from Citigroup funding research. You may also go ahead.

Jim Suva -- Citigroup investment research -- Analyst

thank you so a lot for all the details and clarification. I simply had one question. can you supply us some commentary on like your hyperscale traction? It looks provider providers bouncing again relatively mighty. And for a long time, it gave the impression of the hyperscale wasn't somewhat as powerful as you had hoped and you're inserting extra efforts into it.

And it appears like now your commentary is somewhat a bit extra effective. Is that some new product wins, some share positive factors, pertinence, and traction of it? but any commentary on that might be significantly favored. thank you.

Chuck Robbins -- Chairman and Chief executive Officer

Yeah, Jim. So we've had six consecutive quarters of very effective double-digit growth, ranging from mid-teenagers to triple digits. and that is the reason in the web scale vertical. And it be been a mix -- it actually has been share positive aspects because we didn't have any presence before.

so as I've joked on calls earlier than, or not it's some of the few markets the place we even have the opportunity to head benefit share. And so this is been fine. we've got worked difficult on these relationships. And in order that has expanded.

We had a two-day consumer briefing with one among them two weeks in the past. And that specific briefing changed into all about our enterprise portfolio. So we're seeing both sides, but we're in fact seeing the success that I just outlined with Tim's query across the cloud vertical within the cloud infrastructure.

Jim Suva -- Citigroup investment research -- Analyst

thank you so plenty.

Marilyn Mora -- Head of Investor family members

Thanks, Jim. And we now have time for another question.

Operator

thanks. Jeff Kvaal from Wolfe analysis. You may additionally go forward, sir.

Jeff Kvaal -- Wolfe research -- Analyst

thanks. It became properly referred to. My query is definitely on the margin facet. It sounds as notwithstanding you are becoming more desirable visibility on the element availability.

So I bet i ponder, may still we expect that the margin headwind would abate throughout the year? and then as a part of that, has anything else changed when it comes to what you expect to occur to the margin constitution over time as we get previous these constraints? thanks.

Chuck Robbins -- Chairman and Chief govt Officer

Yeah. Jeff, as we referred to previous, I feel some of the provide chain considerations we have -- that we're seeing, actually from a supply standpoint, are going to be with us in the course of the end of the calendar 12 months. however there may be no question, we have now also obtained some decent tailwinds in the gross margin line. should you suppose of the amount of -- the faster boom price of capabilities and the ratability of that, which contributes significantly now to the income line.

it really is at a more robust margin than our utility enterprise, which, 12 months on yr, grew at 13% and is now on a run price of about $14 billion per year application enterprise, that absolutely comes at a stronger margin, too. So whereas we do have supply chain headwinds, we've got additionally got some excellent tailwinds which are coming in.

Jeff Kvaal -- Wolfe research -- Analyst

ok. and then the thought is that once we get previous these relatively ephemeral within the grand scheme of issues, provide challenges, then we should still are expecting the gross margins to replicate the mix shift to application and flow higher.

Chuck Robbins -- Chairman and Chief executive Officer

it truly is the right technique to feel about it.

Jeff Kvaal -- Wolfe analysis -- Analyst

sure. good enough. wonderful. after which i am sorry, did you provide us a bunch on how a whole lot you might have shipped had you not had deliver chain constraints?

Chuck Robbins -- Chairman and Chief executive Officer

Yeah. We referred to that in the last day or so, and it be really tricky to get a host. i would say it'd have been a degree or two. I imply, mainly in the e-book entrance, I believe that is a reasonable component to believe about it.

I mean, our guys were stressed. And in this autumn, they've little or no -- they're committed to what they suppose they can construct, but it's tough presently. so you can obviously extrapolate with the increase fee we noticed on the product facet after which with the corresponding e book that we're -- our backlog is actually expanding. So if we had the skill to ship, we'd, but we simply won't have it.

adequate. All appropriate. Let me just wrap up by way of, first and premiere, thanking all of you for spending time with us nowadays. And regardless of the predominant dialogue element right here, which has been around gross margins relative to the supply chain, i hope our self assurance got here across and that we suppose definitely respectable concerning the portfolio.

We believe truly first rate concerning the reopening. We suppose respectable about our groups. i'm actually pleased with what they've accomplished. appear, i'm truly glad that our shoppers are settling on to spend their dollars with us as they come returned.

I suppose this is a pretty good statement of self assurance. and that i believe that it additionally proves that we are going to be critical to the rebound and the recovery and the return to workplace. So thanks for being with us, and we seem ahead to spending time with you all. and i'm going to kick it lower back to Marilyn.

Marilyn Mora -- Head of Investor members of the family

Thanks, Chuck. Cisco's next quarterly salary convention name, to be able to replicate our fiscal 2021 fourth-quarter and annual results should be on Wednesday, August 18, 2021, at 1:30 p.m. Pacific Time, 4:30 p.m. japanese Time.

As a reminder, we could be presenting and hosting conferences at a number of conferences over the next few weeks. Please visit the Cisco Investor relations site for the latest adventure time table and entry counsel. once more, i would like to remind the viewers that in easy of legislation FD, Cisco's policy isn't to touch upon its financial assistance all through the quarter unless it's executed via an specific public disclosure. We now plan to shut the name.

if you have any extra questions, please suppose free to contact the Cisco Investor relations team, and we thanks very a great deal for joining the call these days.

Operator

thank you for collaborating on modern-day conference name. if you'd like to listen to the call in its entirety, you may additionally name 866-461-2738. For participants dialing from outside the U.S., please dial 203-369-1354. [Operator signoff]

period: 60 minutes

call contributors:

Marilyn Mora -- Head of Investor members of the family

Chuck Robbins -- Chairman and Chief government Officer

Scott Herren -- Chief financial Officer

Rod corridor -- Goldman Sachs -- Analyst

Samik Chatterjee -- J.P. Morgan -- Analyst

Meta Marshall -- Morgan Stanley -- Analyst

Tal Liani -- financial institution of the united states Merrill Lynch -- Analyst

Ittai Kidron -- Oppenheimer & Co. -- Analyst

Simon Leopold -- Raymond James -- Analyst

Amit Daryanani -- Evercore ISI -- Analyst

Pierre Ferragu -- New highway research -- Analyst

Paul Silverstein -- Cowen and company -- Analyst

Tim long -- Barclays -- Analyst

Jim Suva -- Citigroup funding research -- Analyst

Jeff Kvaal -- Wolfe analysis -- Analyst

extra CSCO analysis

All earnings call transcripts

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