“I think we’re several quarters away from really having anything to speak about relative to the size of that business, but we’re working hard on being able to deliver that.”

In context

“Thanks. I’m assuming as you’re having conversations with customers, they are looking for more flexible subscription methods and part of your subscription transition has kind of been evolving kind of the ELA model or kind of the subscription model you guys have had. And I just wanted to get a sense of where you think you are on some of the kind of subscriptionization of some of your products and whether you are seeing a big impact to that right now and then just maybe just some commentary about how you see the M&A environment currently? Thanks. Chuck Robbins: Meta, thank you. So we are probably, I’d say, still in the early innings of transitioning the traditional portfolio to subscription models. The team is working hard on that right now. And we will just continue to keep you updated. But I think we’re several quarters away from really having anything to speak about relative to the size of that business, but we’re working hard on being able to deliver that. And the key is to give customers flexibility. That’s what – over the last 7 years or so, we have disaggregated hardware and software and silicon. We virtualized software to run on x86 appliances. So we want to give our customers whatever kinds of flexibility that they would like. So that’s the first part. On the M&A side, I would say our strategy, as you would expect, has not changed. I think the market dynamics have changed, and I think that the longer valuations remain somewhat muted from their peaks. I think some of the companies are probably coming to more of a real position on what – how long these valuations may exist and were prior valuations even realistic in the first place. So we continue to stay aware of what’s going on. We continue to scan the marketplace, but our strategy rem”