Today, I had the sincere honor to stand with leaders of AppDynamics to ring the Nasdaq opening bell. I can now say that AppDynamics and Cisco are one team. In ringing the bell, we celebrated the amazing company that the founders and leaders of AppDynamics created as well as a new era of innovation that Cisco and AppDynamics will create together. The talented team at AppDynamics, along with their industry-leading software technology, provides an amazing extension to Cisco's strategy and transformation.

AppDynamics is helping solve numerous challenges for companies by providing real-time visibility into the performance of applications as well as business analytics that are increasingly critical in the digitizing enterprise. No other player in the industry is delivering these insights more effectively than AppDynamics.

The acquisition of AppDynamics is part of Cisco's broader strategy to drive growth for the company, our customers and our partners. Through acquisitions, strategic partnerships, investments, co-development and internal R&D, Cisco is better able to anticipate, capture and lead market transitions. AppDynamics is special for a number of reasons. It is the largest acquisition we've announced since Cisco's new leadership team was announced 22 months ago. At the time of the IPO, AppDynamics was on track to be the fastest growing publicly traded company in the enterprise software space. AppDynamics represents a great step forward in both our digital transformation and that of our customers and partners. Combining AppDyanmics' unparalleled analytics with Cisco's incredible global reach will enable us to accelerate AppDynamics' success and broaden Cisco's software offerings, a key area of investment and growth for us.

AppDynamics accelerates Cisco's push to bring further software and network relevance in Hybrid Cloud, as well as drive our transformation to greater percentage revenue from recurring revenue and subscription models. With AppDynamics, Cisco will provide unprecedented visibility into the performance of customers' applications as they move them from private cloud to public cloud and multicloud environments. This, together with Cisco's analytics at the network and datacenter layers, provides market leading differentiation for Cisco. I am excited about the value that this acquisition will deliver to Cisco's customers, partners and investors. We are proud to welcome AppDynamics to the Cisco team.