“In both our Q2 and full year guidance, we're assuming a non-GAAP effective tax rate of approximately 19%.”

In context

“opportunities we see ahead, all underpinned by disciplined expense management. It's this powerful combination that continues to fuel our strong cash flow generation, as well as our ability to return significant value to shareholders. Turning to our financial guidance. For fiscal quarter Q2, our guidance is as follows: we expect revenue to be in the range of $13.75 billion to $13.95 billion; we anticipate non-GAAP gross margins to be in the range of 68% to 69%; non-GAAP operating margin is expected to be in the range of 33.5% to 34.5%; non-GAAP earnings per share is expected to range from $0.89 to $0.91. For fiscal year '25, our guidance is: we expect revenue to be in the range of $55.3 billion to $56.3 billion; non-GAAP earnings per share guidance is expected to range from $3.60 to $3.66. In both our Q2 and full year guidance, we're assuming a non-GAAP effective tax rate of approximately 19%. Sami, let's now move into the Q&A. Sami Badri: Thank you, Scott. Before we start the Q&A portion of the call, I would like to remind analysts to ask one question and a single follow-up question. Operator, can we move to the first question in the analyst queue? Operator: Thank you. Tal Liani, you may go ahead from Bank of America. Tal Liani: Hello. I'll ask both my questions together. What is -- so, cloud orders, cloud and service providers grew 22% ex-Splunk. Last quarter, it was only 2%. So, what is driving this massive growth in orders? And can you elaborate on the areas where you participate in cloud, more specifics of switching, routing, optical, et cetera, where you have strength and the extent, meaning is it all cloud providers, cloud titans, or are you focused -- like we have other”