Arista Networks Inc (ANET) 2019 Q4 法說會逐字稿

Welcome to the Fourth Quarter 2019 Arista Networks Financial Results Earnings Conference Call.

歡迎參加 Arista Networks 2019 年第四季財務業績電話會議。

(Operator Instructions) As a reminder, this conference is being recorded and will be available for replay from the Investor Relations section at the Arista website following this call.

（操作員說明）謹此提醒，本次會議正在錄製中，並可在本次電話會議後在 Arista 網站的投資者關係部分重播。

I will now turn the call over to Mr. Curtis Mckee, Director of Corporate and Investor Development.

我現在將把電話轉給企業和投資者發展總監 Curtis Mckee 先生。

Sir, you may begin.

先生，您可以開始了。

Thank you, operator.

謝謝你，接線生。

Good afternoon, everyone, and thank you for joining us.

大家下午好，感謝您加入我們。

With me on today's call are Jayshree Ullal, Arista Networks President and Chief Executive Officer; Ita Brennan, Arista's Chief Financial Officer.

參加今天電話會議的有 Arista Networks 總裁兼執行長 Jayshree Ullal；伊塔‧布倫南 (Ita Brennan)，Arista 財務長。

This afternoon, Arista Networks issued a press release announcing the results for its fiscal fourth quarter ending December 31, 2019.

今天下午，Arista Networks 發布新聞稿，宣布截至 2019 年 12 月 31 日的第四財季業績。

If you'd like a copy of this release, you can access it online on the company's website.

如果您想要此版本的副本，可以在該公司的網站上線上存取。

During the course of this conference call, Arista Networks' management will make forward-looking statements, including those relating to our financial outlook for the first quarter of the 2020 fiscal year, longer-term financial outlooks, industry innovation, our market opportunity, the benefits of recent acquisitions and the impact of litigation, which are subject to the risks and uncertainties that we discuss in detail in our documents filed with the SEC.

在本次電話會議期間，Arista Networks 管理層將做出前瞻性聲明，包括與我們 2020 財年第一季的財務前景、長期財務前景、行業創新、我們的市場機會、最近收購的好處以及訴訟的影響，這些都受到我們在向SEC 提交的文件中詳細討論的風險和不確定性的影響。

Specifically, in our most recent Form 10-Q and Form 10-K, and which could cause actual results to differ materially from those anticipated by these statements.

具體來說，在我們最新的 10-Q 表格和 10-K 表格中，這可能會導致實際結果與這些聲明中預期的結果有重大差異。

These forward-looking statements apply as of today, and you should not rely on them as representing our views in the future.

這些前瞻性陳述從今天起適用，您不應依賴它們來代表我們未來的觀點。

We undertake no obligation to update these statements after this call.

我們不承擔在本次電話會議後更新這些聲明的義務。

Also, please note that certain financial measures we use on this call are expressed on a non-GAAP basis and have been adjusted to exclude certain charges.

另請注意，我們在本次電話會議中使用的某些財務指標是在非公認會計原則的基礎上表示的，並已進行調整以排除某些費用。

We have provided reconciliations of these non-GAAP financial measures to GAAP financial measures in our earnings press release.

我們在收益新聞稿中提供了這些非公認會計原則財務指標與公認會計原則財務指標的調節表。

And with that, I'll turn it over to Jayshree.

有了這個，我會把它交給 Jayshree。

Thank you, Curtis, and welcome to your first Arista earnings call, and thank you, everyone, for joining us this afternoon for our fourth quarter 2019 earnings call.

謝謝 Curtis，歡迎參加您的第一次 Arista 財報電話會議，感謝大家今天下午參加我們的 2019 年第四季財報電話會議。

We delivered a non-GAAP revenue of $552.5 million, with a non-GAAP earnings per share of $2.29.

我們的非 GAAP 收入為 5.525 億美元，非 GAAP 每股收益為 2.29 美元。

Services contributed approximately 19% of the revenue consistent with the typically higher renewals at the year-end.

服務貢獻了約 19% 的收入，這與年底通常較高的續約量一致。

Our non-GAAP gross margins was 65.2%, influenced by a strong performance of the enterprise vertical and associated software-attached products.

我們的非 GAAP 毛利率為 65.2%，這得益於企業垂直產品和相關軟體附加產品的強勁表現。

Overall, our 2019 gross margin came in at 64.7%.

整體而言，我們 2019 年的毛利率為 64.7%。

We registered a record number of million dollar customers in Q4 as a direct result of our enterprise momentum.

我們在第四季度註冊的百萬美元客戶數量創歷史新高，這是我們企業發展動能的直接結果。

By the end of 2019, we have acquired over 6,300 customers cumulatively, with Microsoft at 23% of total revenue and Facebook at 16.6%.

截至2019年底，我們累計獲得客戶超過6,300家，其中微軟佔總營收的23%，Facebook佔16.6%。

In Q4 2019 and actually much throughout the year, cloud titans was the largest vertical.

在 2019 年第四季度，實際上在全年的大部分時間裡，雲端巨頭都是最大的垂直產業。

The enterprise segment is now consistently the second largest and strongest segment followed by the financials in third place, Tier 2 cloud specialty providers in fourth and service providers in fifth place.

企業部門目前一直是第二大和最強的部門，其次是金融部門，排名第三，二級雲端專業提供者排名第四，服務提供者排名第五。

Both service providers and Tier 2 cloud providers have been slow for us.

服務提供者和二級雲端提供者對我們來說進展緩慢。

Arista, as you know -- in terms of geography, 2019 international contribution was 24%, with the Americas at 76%.

Arista，如您所知，就地域而言，2019 年國際貢獻率為 24%，其中美洲為 76%。

In terms of new products in 2019, Arista, as you know, delivered a banner year of disruptive products, redefining networking with a highly differentiated software stack, management and flagship platforms.

就 2019 年的新產品而言，如您所知，Arista 交付了顛覆性產品的標誌性一年，透過高度差異化的軟體堆疊、管理和旗艦平台重新定義了網路。

The 7280 and 7500 series, especially have become the gold standard in 100-gigabit spine networking.

尤其是 7280 和 7500 系列已成為 100 Gb 主幹網路的黃金標準。

We also introduced substantial 400-gigabit innovations with 10 new platforms.

我們也推出了 10 個新平台的重大 400 Gb 創新技術。

We launched a new portfolio of cognitive campus edge products for wired, Power over Ethernet switches and wireless, including Wi-Fi 6. Our inherent software flexibility brings federated management and control planes across multiple merchant silicon data planes, and this is one of our key differentiators.

我們推出了新的認知園區邊緣產品組合，適用於有線、乙太網路供電交換器和無線，包括Wi-Fi 6。我們固有的軟體靈活性帶來了跨多個商業矽資料平面的共同管理和控制平面，這是我們的關鍵之一差異化因素。

We continued our systematic innovations in cloud EOS and CloudVision features.

我們持續在雲端EOS和CloudVision功能上進行系統創新。

In particular, we have doubled our CloudVision customers delivering real-time streaming telemetry availability, scale, automation with change control as well as third-party interoperability.

特別是，我們的 CloudVision 客戶數量增加了一倍，提供即時串流遙測可用性、規模、變更控制自動化以及第三方互通性。

We are pleased with the increased acceptance of total software bookings, both in subscription and perpetual licenses now approaching 5% of total revenue annually.

我們很高興看到軟體預訂總額的接受度不斷提高，無論是訂閱還是永久許可證，目前已接近每年總收入的 5%。

We began Q1 2020 with the close of our third acquisition, Big Switch Networks, an SDN pioneer founded almost a decade ago.

2020 年第一季度，我們完成了第三次收購 Big Switch Networks，這是一家近十年前成立的 SDN 先驅。

This is a strategic step for us in bringing a strong combination of engineering expertise, deeper entry into the network packet broker market and increased software multi-cloud visibility.

對我們來說，這是一個策略步驟，旨在將工程專業知識強強結合起來，更深入地進入網路資料包代理市場，並提高軟體多雲可見度。

As you know, we've always been focused on software-driven networking as a mission in Arista.

如您所知，我們始終將軟體驅動的網路作為 Arista 的使命。

With Big Switch, we are expanding that mission to a more deep analytics trend complementing our switch-based DANZ or data analyzer platforms with Big Switch's deeper monitoring fabric across public, private and hybrid clouds.

透過 Big Switch，我們將這項使命擴展到更深入的分析趨勢，透過 Big Switch 跨公有雲、私有雲和混合雲的更深層監控結構來補充我們基於交換器的 DANZ 或數據分析器平台。

Both companies also share a unique visionary status with data center networking in the Gartner Magic Quadrant.

兩家公司在 Gartner 魔力像限中的資料中心網路方面也享有獨特的遠見地位。

We welcome the BCN team -- BSN team into Arista family and really look forward to a strengthened partnership, not only with them but with Dell Technologies as well as the approximately 300 customers we're getting to know better.

我們歡迎 BCN 團隊 - BSN 團隊加入 Arista 家族，並真誠地期待加強合作夥伴關係，不僅與他們，而且與 Dell Technologies 以及我們逐漸了解的約 300 家客戶。

While the Big Switch acquisition is not material, we do expect this to contribute to our software strength and bookings, and our goal is to become accretive in calendar 2021.

雖然收購 Big Switch 並不重要，但我們確實預計這將有助於增強我們的軟體實力和預訂量，我們的目標是在 2021 年實現增值。

As we wrap 2019, I really do believe that Arista is in the clear forefront of making cloud area networking more and more mainstream.

在 2019 年即將結束之際，我確實相信 Arista 處於使雲端區域網路越來越主流的明顯前沿。

We see that networking and the future of it is not silos or boxes with multiple operating systems and spaghetti OS', but a new uniform, software-driven place in the cloud architecture.

我們看到網路及其未來不是具有多個作業系統和義大利麵條作業系統的孤島或盒子，而是雲端架構中新的統一的、軟體驅動的位置。

We are proud of our market leadership with the #1 spot in 100-gigabit Ethernet switching and ready for 400-gigabit migration ahead of us.

我們為自己的市場領導地位感到自豪，在 100 吉比特乙太網路交換領域排名第一，並為 400 吉比特遷移做好準備。

We are experiencing trials that are going well with several customers.

我們正在進行一些客戶的試驗，進展順利。

We are poised to achieve our first $100 million target for the first 4 quarters of campus revenue as well.

我們也準備好實現前 4 季校園收入第一個 1 億美元的目標。

Our go-to-market strength continues to be an important investment area for us, as we have doubled the sales and systems engineering capacity over the past 2 years.

我們的進入市場實力仍然是我們的重要投資領域，因為我們在過去兩年中將銷售和系統工程能力增加了一倍。

With the promotion of Chris Schmidt to Senior Vice President of Worldwide Sales; and Ashwin Kohli to Senior Vice President of Customer Engineering, reporting to Anshul Sadana, the transition to their new roles has been seamless following the departure of Manny Rivelo to a PE firm in conjunction with his executive advisory role to us.

Chris Schmidt 晉升為全球銷售資深副總裁；和 Ashwin Kohli 擔任客戶工程高級副總裁，並向 Anshul Sadana 匯報，在 Manny Rivelo 離職到一家私募股權公司並擔任我們的執行顧問後，他們向新角色的過渡是無縫的。

Both Chris and Ashwin have long tenure with us and epitomize the Arista ways.

Chris 和 Ashwin 都在我們公司工作了很長時間，是 Arista 方式的縮影。

As I've traveled the world, including hundreds of customers we touch, it is clear to me that we're winning strategic enterprise franchises across high-tech, media, banking, health care, insurance and retail sectors, to name a few.

當我走遍世界，接觸過數百名客戶時，我很清楚，我們正在贏得高科技、媒體、銀行、醫療保健、保險和零售等領域的策略企業特許經營權。

Larger enterprise are increasingly frustrated and anxiously seeking better quality and architectural leverage to cloud-based principles.

大型企業越來越沮喪並焦急地尋求更好的品質和架構來利用基於雲端的原則。

Our programmability with software and quality with the lowest critical vulnerabilities in the networking industry is a refreshing and welcome change to them.

我們的軟體可編程性和品質以及網路行業中最低的關鍵漏洞對他們來說是一個令人耳目一新且受歡迎的變化。

Arista is gaining strategic relevance, almost doubling our million dollar customers within the past 3 years.

Arista 正在獲得策略相關性，在過去 3 年內我們的百萬美元客戶數量幾乎翻了一番。

I expect this momentum to continue and happen across all the noncloud verticals.

我預計這種勢頭將持續下去，並發生在所有非雲垂直領域。

With that, I'll turn it over to Ita for more financial specifics.

這樣，我會將其轉交給 Ita 以了解更多財務細節。

Thanks, Jayshree, and good afternoon.

謝謝，Jayshree，下午好。

This analysis of our Q4 and full year 2019 results and our guidance for Q1 2020 are based on non-GAAP and excludes all noncash stock-based compensation impacts, certain acquisition-related charges and other nonrecurring items.

我們對 2019 年第四季和全年業績的分析以及對 2020 年第一季的指導基於非公認會計準則，不包括所有非現金股票薪酬影響、某些收購相關費用和其他非經常性項目。

A full reconciliation of our selected GAAP to non-GAAP results is provided in our earnings release.

我們的收益報告中提供了我們選擇的 GAAP 與非 GAAP 績效的全面對帳。

Total revenues in Q4 were $552.5 million, down 7% year-over-year and above the midpoint of our guidance of $540 million to $560 million.

第四季總營收為 5.525 億美元，年減 7%，高於我們 5.4 億美元至 5.6 億美元指引的中位數。

Service revenues represented approximately 19% of total revenue, up from 15.2% last quarter, reflecting typical fourth quarter service renewal seasonality in conjunction with the lower product revenue number.

服務收入約佔總收入的 19%，高於上季的 15.2%，反映了典型的第四季服務更新季節性以及較低的產品收入數字。

International revenues for the quarter came in at $137.7 million or 25% of total revenue, up from 19% in the third quarter.

該季度國際營收為 1.377 億美元，佔總營收的 25%，高於第三季的 19%。

Looking to the year, international revenues accounted for 24% of total revenue, down from 28% in the prior year.

展望今年，國際收入佔總收入的24%，低於上年的28%。

This shift in geographical mix for the year was largely driven by heavier U.S. deployments by our cloud titan customers.

今年地域結構的變化主要是因為我們的雲端巨頭客戶在美國的部署量增加所致。

Overall, gross margin in Q4 was 65.2%, above the upper end of our guidance range of 63% to 65% and up from 64.4% last quarter.

整體而言，第四季的毛利率為 65.2%，高於我們指導範圍 63% 至 65% 的上限，也高於上季的 64.4%。

This reflected a lighter cloud titan contribution in the period, combined with good performance from our enterprise and financial verticals.

這反映出雲端巨頭在此期間的貢獻較小，加上我們的企業和金融垂直領域的良好表現。

Operating expenses for the quarter were $154.3 million or 27.9% of revenue, down from last quarter at $163 million.

本季營運費用為 1.543 億美元，佔營收的 27.9%，低於上季的 1.63 億美元。

R&D spending came in at $96.2 million or 17.4% of revenue, down from $105.3 million last quarter.

研發支出為 9,620 萬美元，佔營收的 17.4%，低於上季的 1.053 億美元。

This decline largely reflected lower engineering and prototype costs in the period.

這一下降很大程度上反映了這段時期工程和原型成本的下降。

Sales and marketing expense was $46.4 million or 8.4% of revenue, with increased head count, somewhat offset by reductions in other sales costs.

銷售和行銷費用為 4,640 萬美元，佔收入的 8.4%，員工數量有所增加，但在一定程度上被其他銷售成本的減少所抵消。

Our G&A costs were consistent with last quarter at approximately $12 million or 2.1% of revenue.

我們的一般管理費用與上季持平，約 1,200 萬美元，佔營收的 2.1%。

Our operating income for the quarter was $205.8 million or 37.3% of revenue.

我們本季的營業收入為 2.058 億美元，佔營收的 37.3%。

Other income and expense for the quarter was a favorable $11.2 million, and our effective tax rate was approximately 15.5%.

本季的其他收入和支出為 1,120 萬美元，有效稅率約為 15.5%。

This lower tax rate reflected the release of some uncertain tax position-related reserves following final agreement with the relevant tax authorities.

較低的稅率反映了在與相關稅務機關達成最終協議後釋放了一些不確定的稅務狀況相關準備金。

Please note, however, that we do expect to see some upward pressure on the effective tax rate over time as various tax jurisdictions continue to modify their tax rules.

但請注意，隨著時間的推移，隨著各個稅務管轄區繼續修改其稅收規則，我們確實預計有效稅率將面臨一些上行壓力。

This resulted in net income for the quarter of $183.4 million or 33.2% of revenue.

這使得該季度的淨利潤達到 1.834 億美元，佔營收的 33.2%。

Our diluted share number for the quarter was 80.26 million shares, resulting in a diluted earnings per share number for the quarter of $2.29, up 1.8% from the prior year.

我們本季的稀釋後股票數量為 8,026 萬股，導致本季稀釋後每股收益為 2.29 美元，比上一年增長 1.8%。

Now turning to the balance sheet.

現在轉向資產負債表。

Cash, cash equivalents and investments ended the quarter at approximately $2.7 billion.

本季末現金、現金等價物和投資約 27 億美元。

We repurchased $51.5 million of our common stock during the quarter at a weighted average price of $189 per share.

本季我們以每股 189 美元的加權平均價格回購了 5,150 萬美元的普通股。

This brings our total repurchases for the year to $266 million over 3 quarters.

這使得我們今年三個季度的回購總額達到 2.66 億美元。

As a reminder, our Board of Directors has authorized a 3-year $1 billion stock repurchase program commencing in Q2 '19.

謹此提醒，我們的董事會已授權從 19 年第二季開始實施為期 3 年、價值 10 億美元的股票回購計畫。

The program allows us to repurchase shares of our common stock opportunistically and is funded from operating cash flows.

該計劃使我們能夠機會性地回購普通股，並由營運現金流提供資金。

We generated $327 million of cash from operations in the fourth quarter, affecting strong net income performance and a decrease in working capital requirements of approximately $115.4 million.

我們第四季的營運產生了 3.27 億美元的現金，影響了強勁的淨利潤表現，營運資本需求減少了約 1.154 億美元。

DSOs came in at 65 days, up from 63 days in Q3, reflecting the timing of billings in the period.

DSO 的周期為 65 天，高於第三季的 63 天，反映了該期間的計費時間。

Inventory turns were 2.9x, down from 3.1 last quarter.

庫存週轉率為 2.9 倍，低於上季的 3.1 倍。

Inventory increased to $244 million in the quarter, up from $240 million in the prior period.

本季庫存增加至 2.44 億美元，高於上一季的 2.4 億美元。

Our total deferred revenue balance was $575 million, up from $529 million in Q3.

我們的遞延收入餘額總額為 5.75 億美元，高於第三季的 5.29 億美元。

As a reminder, our deferred revenue balance is now almost exclusively services related with any significant product deferred revenue amounts having been recognized to the income statement in the first half of the year.

提醒一下，我們的遞延收入餘額現在幾乎完全是與上半年已在損益表中確認的任何重大產品遞延收入金額相關的服務。

As Jayshree mentioned, we had 2 greater than 10% customers in the year, Microsoft at 23% and Facebook at 16.6%.

正如 Jayshree 所提到的，我們今年有 2 個超過 10% 的客戶，微軟為 23%，Facebook 為 16.6%。

If you exclude the recognition of product deferred revenue referenced above, Facebook would have represented approximately 12% of revenue for the year.

若排除上述產品遞延收入的確認，Facebook 將佔當年收入的約 12%。

Accounts payable days were 44 days, up from 31 days in Q3, reflecting the timing of inventory receipts and payments.

應付帳款天數為 44 天，高於第三季的 31 天，反映了庫存收付的時間。

Capital expenditures for the quarter were $2.4 million.

該季度的資本支出為 240 萬美元。

Now turning to our outlook for the first quarter and beyond.

現在轉向我們對第一季及以後的展望。

While we're not in a position at this point to provide full year guidance, we wanted to reiterate the various puts and takes discussed on our last call.

雖然我們目前無法提供全年指導，但我們想重申上次電話會議中討論的各種看跌期權和看跌期權。

2019 has been a challenging year for our cloud business with significant volatility and an overall muted demand picture.

2019 年對我們的雲端業務來說是充滿挑戰的一年，波動劇烈，整體需求低迷。

As we look forward to 2020, we believe this trend continues with demand from this part of the business being flat to down on a year-over-year basis.

展望 2020 年，我們相信這一趨勢將持續下去，這部分業務的需求與去年同期持平甚至下降。

This trend, combined with tough year-over-year revenue comparisons due to the recognition of $118 million of product deferred revenue in the first half of 2019, will likely result in a meaningful decline in cloud revenue for 2020.

這一趨勢，加上由於 2019 年上半年確認了 1.18 億美元的產品遞延收入而導致的同比收入比較困難，可能會導致 2020 年雲端收入大幅下降。

Enterprise and financials are expected to grow healthily, but are not yet large enough to fully offset the expected revenue decline from cloud.

企業和金融業務預計將健康成長，但規模不足以完全抵消雲端帶來的預期收入下降。

Service provider and specialty cloud will likely remain sluggish for the year.

服務提供者和專業雲端今年可能仍將低迷。

On the gross margin front, we would reiterate our overall gross margin outlook of 63% to 65%, the customer mix being the key driver.

在毛利率方面，我們重申整體毛利率前景為 63% 至 65%，客戶組合是關鍵驅動因素。

Focusing specifically on Q1, we expect to trend lower in this range given a lighter revenue number and a typical first quarter weighting towards cloud.

特別關注第一季度，鑑於收入數字較輕以及第一季典型的雲端權重，我們預計該範圍內的趨勢會下降。

We'll continue to manage investments in the business carefully with targeted growth in sales and R&D head count, balancing the need to expand our market coverage with prudent financial management.

我們將繼續謹慎管理業務投資，以銷售和研發人員數量為目標成長，平衡擴大市場覆蓋範圍與審慎財務管理的需要。

We announced the acquisition of Big Switch Networks earlier today.

今天早些時候，我們宣布收購 Big Switch Networks。

This represents an immaterial transaction who brings us some additional software capabilities and a strong engineering talent pool.

這是一項無形的交易，它為我們帶來了一些額外的軟體功能和強大的工程人才庫。

From a financial perspective, this is an software subscription business with upfront license revenue recognition and a fair amount of services deferred revenue.

從財務角度來看，這是一項軟體訂閱業務，具有前期許可收入確認和相當數量的服務遞延收入。

We're beginning the business and accounting integration now, and the acquisition will be recorded in our financials for the first quarter.

我們現在開始進行業務和會計整合，此次收購將記錄在我們第一季的財務數據中。

We have included a small revenue contribution and 2 months of expenses for Big Switch in our guidance for the first quarter.

我們在第一季的指導中納入了 Big Switch 的小額收入貢獻和 2 個月的費用。

We will provide additional clarity on the go-forward income statement impacts once we've completed the purchase accounting analysis.

完成採購會計分析後，我們將進一步澄清對未來損益表的影響。

Finally, our guidance for Q1 does not reflect any impact from the ongoing coronavirus outbreak in China.

最後，我們對第一季的指導並未反映中國持續爆發的冠狀病毒的任何影響。

While we do not have a significant direct manufacturing footprint in China, there may be some indirect supply chain impacts.

雖然我們在中國沒有大量的直接製造足跡，但可能會產生一些間接的供應鏈影響。

We will look to monitor and attempt to mitigate these as the situation unfolds.

隨著情況的發展，我們將密切關注並嘗試緩解這些問題。

With all of this as a backdrop, our guidance for the first quarter, which is based on non-GAAP results and excludes any noncash stock-based compensation impacts and other nonrecurring items is as follows: revenues of approximately $522 million to $532 million, gross margin of approximately 63%, operating margins of approximately 34%.

以此為背景，我們對第一季的指導基於非 GAAP 業績，不包括任何非現金股票薪酬影響和其他非經常性項目，如下： 總收入約為 5.22 億至 5.32 億美元利潤率約為63% ，營業利益率約34%。

Our effective tax rate is expected to be approximately 21% with diluted shares of approximately 80.5 million shares.

我們的有效稅率預計約為 21%，稀釋後股份約為 8,050 萬股。

I will now turn the call back to Curtis.

我現在將把電話轉回給柯蒂斯。

Curtis?

柯蒂斯？

Thank you, Ita.

謝謝你，伊塔。

We are now going to move to the Q&A portion of the Arista earnings call.

我們現在將進入 Arista 財報電話會議的問答部分。

Due to time constraints, I'd like to request that everyone please limit themselves to a single question.

由於時間有限，我想請大家只回答一個問題。

Thank you for your understanding.

感謝您的體諒。

(Operator Instructions) Your first question comes from Pierre Ferragu with New Street Research.

（操作員說明）您的第一個問題來自 New Street Research 的 Pierre Ferragu。

I was wondering on like the outlook for your cloud titan clients, so we understand like flat to slightly down year-on-year, which means that we'll have a bit of recovery during the year, and I think it's surprising that it contrasts -- it's contrasting a lot with what we've heard from other suppliers on the compute side, on the memory side.

我想知道你們的雲端巨頭客戶的前景，所以我們理解同比持平甚至略有下降，這意味著我們將在今年有所復甦，我認為令人驚訝的是，它與去年同期相比——這與我們從其他供應商在計算方面、記憶體方面聽到的情況形成了鮮明對比。

We've heard much -- we've seen much better numbers in the second half of last year and much more positive comments about the first half of this year.

我們聽到了很多——我們在去年下半年看到了更好的數字，並且在今年上半年看到了更多積極的評論。

So you don't seem to be on a similar cycle, things seems to be coming back slower for you guys.

所以你們似乎不處於相似的周期，你們的事情似乎恢復得更慢。

And so any way you could help us understand that would be very helpful.

因此，無論您以何種方式幫助我們理解這一點，都會非常有幫助。

Yes.

是的。

Sure, Pierre.

當然，皮埃爾。

I will take part of the question, and Anshul can elaborate.

我將回答這個問題，安舒爾可以詳細說明。

The cloud CapEx spending has never correlated 1:1 with Arista's network numbers.

雲端資本支出從未與 Arista 的網路數量呈現 1:1 的相關性。

And the reason is many because as you know, it's a very small part of their total CapEx.

原因有很多，因為如您所知，這只是他們總資本支出的一小部分。

It's almost negligible, the network piece.

網路部分幾乎可以忽略不計。

And often, they make the compute and the storage decisions first and the network comes later.

通常，他們會先做出運算和儲存決策，然後才是網路。

So there's a lag.

所以有一個滯後。

So our visibility right now, as I've often told you, is 1 to 2 quarters.

因此，正如我經常告訴你們的那樣，我們現在的能見度是 1 到 2 個季度。

And we can't say much about the whole year, let alone Q2 or second half.

我們不能透露太多關於全年的信息，更不用說第二季或下半年了。

So while we are making predictions based on our 2019, both the absorption of deferred revenue and the current understanding of their plans, things might change.

因此，雖然我們根據 2019 年做出預測，但無論是遞延收入的吸收還是目前對其計劃的理解，情況都可能會改變。

We're reflecting what we know best as of now, especially when you look at our year-over-year comps for 2018 and '19.

我們正在反映我們目前最了解的情況，尤其是當您查看我們 2018 年和 19 年的同比比較時。

Anshul says I did good enough, so he has nothing more to add.

安舒爾說我做得夠好，所以他沒有什麼好補充的。

Your next question comes from Meta Marshall with Morgan Stanley.

您的下一個問題來自摩根士丹利的梅塔馬歇爾。

I just wanted to know if you could kind of give a little bit of an update on the campus business traction?

我只是想知道您是否可以提供一些有關校園業務吸引力的最新資訊？

And just whether you had seen any kind of pause in purchasing activity due to macro?

您是否發現由於宏觀經濟原因導致採購活動出現任何暫停？

Well, thank you, Meta, and thank you.

好吧，謝謝你，梅塔，謝謝你。

I think it's the first call for you with Arista.

我想這是你第一次與 Arista 通話。

So welcome.

非常歡迎。

So as you know, our campus business is in its very early stages.

如您所知，我們的校園業務仍處於早期階段。

We only started shipping in Q3 2019.

我們於 2019 年第三季才開始出貨。

We've had 2 full quarters now of campus.

我們校園現在已經有兩間完整的宿捨了。

And I'm very encouraged by the enthusiastic response from both our existing customers as well as new customer acquisition.

我們現有客戶以及新客戶的熱烈回應令我深受鼓舞。

As I look at our million dollar customers, that I was talking about and the record number we have achieved, many of them have also been campus.

當我看到我所說的百萬美元客戶以及我們所達到的創紀錄數量時，他們中的許多人也是校園客戶。

And so we -- I see that, at least from our little oasis or island, we're not really a macro bellwether.

因此，我認為，至少從我們的小綠洲或島嶼來看，我們並不是真正的宏觀領導者。

We're more of a technology bellwether and the technology both on our PoE and Wi-Fi has been very well accepted, along with clients and CloudVision.

我們更像是科技領頭羊，我們的 PoE 和 Wi-Fi 技術以及客戶和 CloudVision 都得到了很好的接受。

And Q4 was a very good indication of that.

第四季就很好地表明了這一點。

Your next question comes from Erik Suppiger with JMP Securities.

您的下一個問題來自 JMP 證券的 Erik Suppiger。

One, what are the priorities in terms of your integration with Big Switch?

一，您與 Big Switch 整合的優先事項是什麼？

What are you going to be doing?

你要做什麼？

Which products are you going to be focusing on?

您將重點關注哪些產品？

Then secondly, is there anything that we should be concerned about with China?

其次，我們對中國有什麼值得關注的嗎？

Did you see any evidence of impact from the virus issues going on there?

您是否看到那裡發生的病毒問題造成影響的任何證據？

So I'll take the first question, and Anshul, maybe you with your COO title, you know more about what's going on there.

所以我會回答第一個問題，Anshul，也許你擁有首席營運長的頭銜，你更了解那裡發生的事情。

So on the -- what's the priorities for the Big Switch?

那麼，Big Switch 的優先事項是什麼？

Well, as I said, first of all, we were incredibly impressed by the engineering team.

嗯，正如我所說，首先，我們對工程團隊印象深刻。

So we have selected the best of the best, and they are very much part of -- the acquisition has closed, and I want to give a big shout-out to Marc Taxay and Ita for the hard work that went into that.

因此，我們選擇了最好的人，他們是收購已經完成的重要組成部分，我想對 Marc Taxay 和 Ita 在此過程中所做的辛勤工作表示大力讚揚。

It's a 10-year old company, there's a lot of detail.

這是一家10年歷史的公司，有很多細節。

So the -- at the end of the close of the acquisition, we have absorbed approximately 75 employees, a large percentage of them in engineering.

因此，在收購結束時，我們吸收了約 75 名員工，其中很大一部分從事工程工作。

And there are 2 product lines that Big Switch carries, the BMS, which is the monitoring product, which as I explained, is a perfect complement to DANZ.

Big Switch 有 2 個產品線，BMS，即監控產品，正如我所解釋的，它是 DANZ 的完美補充。

DANZ is Arista's in-line integrated switching product, and BMS is just icing on the cake, it has deeper visibility, service nodes, recorder nodes and monitoring fabric, et cetera.

DANZ是Arista的內嵌整合交換產品，BMS只是錦上添花，它具有更深層的可視性、服務節點、記錄器節點和監控結構等。

And then BCF, which is meant for more of a converged fabric.

然後是 BCF，它更多的是用於融合結構。

And we fully expect that to be a very important piece, especially with our converged infrastructure partners like Dell Technologies.

我們完全希望這將是一個非常重要的部分，特別是對於像 Dell Technologies 這樣的融合基礎設施合作夥伴來說。

So both products will be fully supported and carried through, but with different channels.

所以這兩種產品都會得到全面支持和貫徹，但通路不同。

To your question on China and supply chain with respect to coronavirus, as Ita mentioned, we don't do any direct manufacturing in China.

關於你關於冠狀病毒的中國和供應鏈的問題，正如 Ita 所提到的，我們不在中國進行任何直接製造。

So it really comes down to second degree effects of our manufacturers, suppliers or their sub-supplies and the raw material coming from China.

因此，這實際上取決於我們的製造商、供應商或其子供應商以及來自中國的原材料的二級影響。

So far, we haven't seen any big impact because it's just been a few weeks after the -- really a few days after the end of the Chinese New Year.

到目前為止，我們還沒有看到任何重大影響，因為這只是農曆新年結束後幾週——實際上是農曆新年結束後幾天。

And our manufacturers are saying, maybe that's okay for the short term.

我們的製造商說，也許這在短期內沒問題。

However, if the situation continues for a long period, and there's very little supply able of raw materials and -- over an extended time, then it can have impact in the future.

然而，如果這種情況持續很長一段時間，並且原材料供應很少，並且在很長一段時間內，那麼它可能會對未來產生影響。

But it's too early to say anything right now.

但現在說什麼還為時過早。

And we expect more answers from the Chinese suppliers to the factories through the rest of the month and even in March.

我們預計在本月剩餘時間甚至三月份，中國供應商將向工廠提供更多答案。

So again, it is too early, but for now, we're okay.

再說一遍，現在還為時過早，但就目前而言，我們還好。

Your next question comes from Rod Hall with Goldman Sachs.

你的下一個問題來自高盛的羅德·霍爾。

And girls, I wanted to -- I guess, I wanted to -- or girls and guys is probably the right order for that actually.

女孩們，我想——我想，我想——或者女孩和男孩實際上可能是正確的順序。

I wanted to ask a couple of verticals question.

我想問幾個垂直問題。

So Ita you had commented that cloud, you expect a meaningful decline.

所以伊塔你曾經評論過雲，你預計會出現有意義的下降。

And I don't know if you could give us any more feeling for what you mean by that?

我不知道您能否給我們更多的感受？

We were thinking at kind of low double-digit sort of decline this year.

我們認為今年的下降幅度可能是兩位數的低水準。

But I don't know if that sounds like more than that.

但我不知道這聽起來是否不只如此。

And then the other -- on the positive side of this equation, the service provider commentary, you said sluggish, we were thinking that would be declining this year, but it almost -- just want to clarify, do you think that, that -- are you expecting a little bit of growth there or stabilization there, kind of flattish revenue there?

然後另一個 - 在這個等式的積極方面，服務提供者的評論，你說緩慢，我們認為今年會下降，但它幾乎 - 只是想澄清，你認為，那個 - - 您預計那裡會有一點增長或穩定，收入持平嗎？

And then a bigger picture question, Jayshree is, have you guys considered disclosing these verticals or some subset of them?

然後是一個更大的問題，Jayshree 是，你們是否考慮過揭露這些垂直行業或其中的某些子集？

Is that something we could maybe look forward to at some point in the future, at least on an annual basis, so we can all track kind of what's happening under the covers in the verticals?

我們是否可以在未來的某個時候期待這一點，至少每年一次，這樣我們就可以追蹤垂直領域幕後發生的事情？

Okay.

好的。

Rod, I'll try and answer all -- as many of your questions.

羅德，我會盡力回答您的所有問題。

The last one first.

第一個是最後一個。

So the answer is, we try to do our best by ranking them.

所以答案是，我們盡力對它們進行排名。

And I guess, you're looking for more granularity.

我想，您正在尋找更多的粒度。

So we'll definitely take it under advisement, like we do anything you suggest, and maybe that's a data point for Analyst Day.

因此，我們肯定會考慮它，就像我們做您建議的任何事情一樣，也許這就是分析師日的一個數據點。

And going back to your cloud decline and service provider, flat to down, I think, definitely means flat to double-digit down.

回到你的雲端衰退和服務供應商，我認為，持平到下降肯定意味著持平到兩位數的下降。

We don't exactly know how much now because we're in the first quarter.

我們現在還不知道具體有多少，因為我們正處於第一季。

I think Anshul and the team will get much more visibility in maybe Analyst Day or second half because that's when we really get a good sense.

我認為安舒爾和他的團隊可能會在分析師日或下半年獲得更多的關注，因為那時我們才能真正獲得良好的感覺。

But Q1 is such a seasonal quarter.

但第一季是一個季節性的季度。

We don't have enough data.

我們沒有足夠的數據。

It's more an extension of Q4.

它更像是第四季的延伸。

So ask us this question again in May or June.

因此，請在五月或六月再次向我們詢問這個問題。

And I think we'd have a lot more to say.

我想我們還有很多話要說。

Service providers, yes, I think when Ita actually explained the definition of sluggish to me, which is, it's not that bad.

服務提供者，是的，我認為當 Ita 實際上向我解釋了緩慢的定義時，也就是說，它並沒有那麼糟糕。

And I think the worst was last year.

我認為最糟糕的是去年。

So it's bottomed out and it can only get slightly better is our feeling, but we're not like holding our breath or anything, but we believe it can't get worse.

所以它已經觸底，我們的感覺只能稍微好一點，但我們不會屏住呼吸或其他什麼，但我們相信情況不會變得更糟。

But sluggish, would it be some range around 0 then Jayshree not like [declining further and that would be] a negative number.

但緩慢的是，它是否會在 0 附近的某個範圍內，然後 Jayshree 不會像[進一步下降，這將是]一個負數。

0 plus or minus, yes.

0加或減，是的。

Not minus.

不減。

Not minus.

不減。

Not declining further.

沒有進一步下降。

Rod, I think...

羅德，我想...

Yes.

是的。

Above 0.

0以上。

It's our hope, right?

這是我們的希望，對嗎？

I mean it did decline a fair amount in 2019.

我的意思是它在 2019 年確實下降了相當多的金額。

And we'd like to think that it starts to recover a little bit from there, but sluggish kind of implied slowly.

我們認為它會從那裡開始恢復一點，但緩慢地暗示著緩慢。

Okay.

好的。

But that's better than I thought.

但這比我想像的要好。

So I appreciate that.

所以我很欣賞這一點。

Your next question comes from John Marchetti with Stifel.

您的下一個問題來自 Stifel 的 John Marchetti。

Just Jayshree, I just -- as we're getting closer to this, reaching the end of this sort of first $100 million on the campus side, and you've added a couple of pieces there.

Jayshree，我只是——隨著我們越來越接近這個目標，校園方面的第一筆 1 億美元的資金即將結束，你已經在那裡添加了一些內容。

I'm just curious, as we look out the next couple of years, how maybe we should think about that business trending up towards a little bit more of a meaningful contribution to the overall growth rate?

我只是很好奇，當我們展望未來幾年時，我們應該如何看待該業務對整體成長率做出更有意義的貢獻的趨勢？

And then Ita just real quick on the tax rate.

然後Ita很快就調整了稅率。

I just wanted to make sure that I heard it correctly that at least starting in '20, we should expect this lower rate to continue and that it may tick back up over time, but that we're at least expecting that lower tax rate to continue over the near term?

我只是想確保我沒聽錯，至少從20 年開始，我們應該預期這種較低的稅率會持續下去，並且隨著時間的推移，它可能會回升，但我們至少預計較低的稅率會繼續下去。短期內繼續嗎？

Yes.

是的。

Let me take the tax one first, maybe.

也許讓我先報稅吧。

So the Q4 tax rate at the 15%, I mean, that's a once-off, right?

所以第四季的稅率為 15%，我的意思是，這是一次性的，對嗎？

It's some very specific reserves that were released in the period.

這是在此期間釋放的一些非常具體的儲備。

As we go forward, we've been thinking about the structural tax rate somewhere around 21%.

在我們前進的過程中，我們一直在考慮 21% 左右的結構性稅率。

That's what we guided for Q1.

這就是我們第一季的指引。

There's probably more upward pressure than downward pressure on that over time.

隨著時間的推移，上行壓力可能大於下行壓力。

So I think 21%, 21.5%, it's is in that range somewhere, but I think for now, you're in the 21% range for Q1.

所以我認為 21%、21.5% 就在這個範圍內，但我認為目前第一季處於 21% 的範圍內。

And then maybe you see a couple of basis -- tens of basis points kind of increase over time, but it's -- it will take time.

然後也許你會看到幾個基點——數十個基點隨著時間的推移而增加，但這需要時間。

That was more kind of a longer-term structure rate statement.

這更像是一份長期結構利率聲明。

The 21% plus or minus hasn't really changed in the current time frame.

21% 的正負值在目前時間範圍內並沒有真正改變。

And John to take your question on the campus, we think being a new kid in the block when there's been a fairly mature market and a $10 billion TAM largely Cisco and maybe HPE Aruba, just for us to enter in and be taken seriously is the first order of business.

約翰在校園裡回答你的問題，我們認為，當市場相當成熟、TAM 價值100 億美元（主要是思科，也許還有HPE Aruba）時，我們作為一個新來的人，只是讓我們進入並受到認真對待才是最重要的。第一件事。

And I have to say the enthusiasm for Arista, the software, the cognitive CloudVision has been very well received.

我必須說，人們對 Arista、軟體、認知 CloudVision 的熱情非常受歡迎。

So I think delivering the first 4 quarters of $100 million will really establish a baseline for more growth.

因此，我認為前 4 個季度實現 1 億美元的目標將真正為更多成長奠定基礎。

As I said at the last analyst meeting, I'd be very disappointed if we didn't have that more growth translate into doubling and doubling again.

正如我在上次分析師會議上所說，如果我們沒有將更多的成長轉化為翻倍和再次翻倍，我會非常失望。

So I'm -- my team would be looking to take that $100 million to $200 million and then to $400 million and then some.

所以我——我的團隊會尋求 1 億至 2 億美元，然後是 4 億美元，然後更多。

But more on Analyst Day maybe on exactly how we do that and the details.

但分析師日的更多內容可能是關於我們如何做到這一點以及細節。

Your next question comes from Jason Ader with William Blair.

您的下一個問題來自傑森·阿德爾和威廉·布萊爾。

Jayshree, you guys have prided yourself from day 1 on a single OS.

Jayshree，從第一天開始使用單一作業系統，你們就為自己感到自豪。

Now with Big Switch, you're going to have a second OS.

現在有了 Big Switch，您將擁有第二個作業系統。

So I'm just wondering how we should be thinking about the future of Big Switch's OS?

所以我只是想知道我們應該如何考慮 Big Switch 作業系統的未來？

Yes.

是的。

No, that's a really good question, yes.

不，這是一個非常好的問題，是的。

And we've actually done 3 acquisitions and had to deal with the OS twice before.

事實上，我們之前已經進行了 3 次收購，並且必須兩次處理作業系統。

So before I answer your Big Switch question, let's take the other 2. Metamako very FPGA-centric, it was really for the high-frequency trading market, low latency.

所以在我回答你的 Big Switch 問題之前，我們先來看看另一個 2. Metamako 非常以 FPGA 為中心，它確實是針對高頻交易市場的，低延遲。

The OS did not play a big role.

作業系統並沒有發揮很大的作用。

And when it does, it will be EOS, right?

當它發生時，那就是 EOS，對吧？

Mojo, really a radio management Wi-Fi, we immediately integrated into CloudVision, and again, the OS was less important than the CloudVision integration to bring wired and wireless together.

Mojo，實際上是一個無線電管理 Wi-Fi，我們立即整合到 CloudVision 中，同樣，作業系統並不比 CloudVision 整合更重要，因為它可以將有線和無線結合在一起。

Big Switch, we fully expect that same CloudVision integration with DANZ and BMS, the monitoring fabric.

Big Switch，我們完全期望 CloudVision 能夠與 DANZ 和 BMS（監控結構）整合。

So the OS will be somewhat transparent and unification of in-line DANZ and a monitoring fabric will be much more important.

因此，作業系統將在某種程度上透明，並且內聯 DANZ 和監控結構的統一將更加重要。

The Big Cloud Fabric is the unique product.

Big Cloud Fabric 是獨一無二的產品。

And we believe the go-to-market channel there is not necessarily a typical Arista customer who's looking for EOS and CloudVision, but a technology partner like Dell Technologies or Nutanix that wants to integrate this with their servers and storage.

我們相信，進入市場的管道不一定是尋求 EOS 和 CloudVision 的典型 Arista 客戶，而是像 Dell Technologies 或 Nutanix 這樣希望將其與其伺服器和儲存整合的技術合作夥伴。

So very much like SONiC or FBOSS, this is a converged infrastructure solution.

與 SONiC 或 FBOSS 非常相似，這是一個融合基礎設施解決方案。

So is it right to think about that serving a part of a market that you probably never would have served, and therefore, you can reconcile it with the overall strategy?

那麼，考慮服務您可能永遠不會服務的市場的一部分，因此您可以將其與整體策略相協調，這樣的想法是否正確？

That's correct.

這是正確的。

Again, it's early days, and we're still learning.

再說一次，現在還處於早期階段，我們仍在學習中。

And both Doug Murray and Kyle, the co-founder, are teaching us as we speak.

在我們講話時，聯合創始人道格·穆雷 (Doug Murray) 和凱爾 (Kyle) 都在教導我們。

But if we look at the over 300 customers, the overlap with our customers is only 1/3.

但如果我們看300多位客戶，與我們的客戶重疊的只有1/3。

So 60%, 65% of the customers are new to us.

所以60%、65%的客戶對我們來說都是新客戶。

Your next question comes from Brian Yun with Deutsche Bank.

您的下一個問題來自德意志銀行的 Brian Yun。

I wanted to ask about your 400-gig opportunity.

我想問一下你們 400 場的機會。

Can you talk about expected market share for 400 gigs maybe just at a high level, especially versus your peers?

您能否談談 400 場演出的預期市場份額可能只是處於較高水平，尤其是與您的同行相比？

I think it's fair to say that you're dominant in 100-gig at hyperscale clouds.

我認為可以公平地說，你們在 100G 超大規模雲端中佔據主導地位。

But is the expectation to win the majority of 400-gig deals?

但是否期望能贏得大部分 400 場演出的交易呢？

Or are you taking a more conservative view where your peers might see sizable wins as well?

或者您採取更保守的觀點，認為您的同行也可能會看到巨大的勝利？

Well, I think our peers should have seen sizable wins on 100-gig too, I don't know why they missed the boat.

好吧，我認為我們的同行也應該在 100 場演出中看到相當大的勝利，我不知道他們為什麼錯過了機會。

But it's very unnatural for an incumbent to lose a speed transition.

但現任者失去速度轉型是非常不自然的。

So the fact that Arista became #1 is just -- never been done in the networking industry before.

因此，Arista 成為第一的事實在網路產業中是前所未有的。

Now what we see with 400-gig overall time line is we have been consistent on that.

現在我們看到 400 場演出的整體時間表是一致的。

We are seeing early trials, we expect mainstream deployments this year, particularly in the second half, and obviously, the cloud will play a big role, but it'll also be some of the high-end enterprises and service providers as well.

我們正在看到早期的試驗，我們預計今年將成為主流部署，特別是在下半年，顯然，雲端將發揮重要作用，但也將是一些高端企業和服務提供者。

And so given the trials we're seeing, we don't expect material revenue of 400-gig until the second half of this year and really 2021.

因此，考慮到我們所看到的試驗，我們預計直到今年下半年乃至 2021 年才會實現 400 場的物質收入。

And the other thing I'd point out is nobody just builds 400-gig in isolation.

我要指出的另一件事是，沒有人會孤立地建造 400 場演出。

It always happens in conjunction and there are always mixing and matching 100-gig and 400-gig.

它總是同時發生，並且總是混合和匹配 100 演出和 400 演出。

So Anshul, do you want to add to that?

Anshul，你想補充一下嗎？

So Jayshree, 2 comments here.

Jayshree，這裡有 2 則評論。

Brian, I know everyone's focused on 400-gig.

Brian，我知道每個人都關注 400 場演出。

I do want to remind you and everyone else, 100-gig is actually growing in 2020.

我確實想提醒您和其他所有人，2020 年 100 場演出實際上正在增​​長。

It's not going to replace just yet.

它目前還不會被取代。

And there are many other equations coming soon as well, whether it's 8x50 going to 4x100 or 8x100 as well.

還有許多其他方程式即將推出，無論是 8x50 到 4x100 還是 8x100。

It's not just a single transition that our customers are planning or working with us on the multiple 3 years generational road map as has been discussed.

正如我們所討論的，我們的客戶正在規劃或與我們合作制定多個 3 年代路線圖，這不僅僅是一次過渡。

Lastly, there is some dependency on the DCI or backbone networks on availability of the other optic cloud scale and that's still expected to be second half, maybe even end of the year.

最後，DCI 或骨幹網路對其他光雲規模的可用性有一定依賴性，預計仍將在下半年甚至年底實現。

And hence, any material deployments in that space will be in 2021.

因此，該領域的任何材料部署都將在 2021 年進行。

And Anshul, just to reiterate your point, the TAM for 100-gig is $4.5 billion.

Anshul，重申您的觀點，100 場演出的 TAM 為 45 億美元。

I don't know the TAM for 400-gig will even hit a few hundred million this year.

不知道今年400場的TAM能達到幾億。

Pilot is not a TAM.

飛行員不是 TAM。

Yes.

是的。

Pilot is not a TAM, it's a pilot.

Pilot 不是 TAM，而是飛行員。

Okay.

好的。

Good one-liner.

很好的單線。

Our your next question comes from Ittai Kidron with Oppenheimer.

我們的下一個問題來自 Ittai Kidron 和 Oppenheimer。

Two questions for me.

有兩個問題問我。

I know Curtis tries to limit me to one, but I'll try to sneak one in.

我知道柯蒂斯試圖限制我只參加一項，但我會嘗試偷偷地加入一項。

Yes.

是的。

Regarding the acquisition of Big Switch, I do want to understand the relationship with Dell, and also if there's a revenue concentration for Big Switch?

關於收購Big Switch，我確實想了解一下與戴爾的關係，以及Big Switch的收入是否集中？

If I remember correctly, Microsoft is a big customer for them.

如果我沒記錯的話，微軟是他們的大客戶。

So if we could discuss that.

那我們是否可以討論一下這個問題。

And then on Dell, they also have other companies they work with in this space, Cumulus, if I remember correctly.

然後在戴爾，如果我沒記錯的話，他們在這個領域還有其他公司合作，Cumulus。

Help me understand how do you think the nature of that relationship is going to look like going forward?

幫助我了解您認為這種關係的性質未來會如何發展？

That's a good question.

這是個好問題。

First of all, we didn't see any significant revenue concentration and certainly not Microsoft, that could have been a past statistic, but not true now.

首先，我們沒有看到任何顯著的收入集中度，當然也不是微軟，這可能是過去的統計數據，但現在並非如此。

So there's obviously some big customers, and they have some top 10, but not specifically one that is a 10% concentration.

所以顯然有一些大客戶，他們有一些前 10 名，但不是特別集中在 10% 的客戶。

So coming back to your question on how do we see this, we do see the partnership with Dell getting stronger.

回到你關於我們如何看待這一問題的問題，我們確實看到與戴爾的合作關係正在變得更加牢固。

How Big Switch was selling was really software-only disaggregated from hardware and a lot of the hardware was Dell switches.

Big Switch 的銷售方式其實是從硬體分離出來的純軟體，而且許多硬體都是戴爾交換器。

We continue to plan to offer that model and strengthen our partnership with Dell and make that stronger.

我們繼續計劃提供該模型，並加強我們與戴爾的合作夥伴關係，並使之更加牢固。

So we are not changing the sales motion, and it complements what Arista is doing in the high-end enterprise and cloud titans very, very well.

因此，我們不會改變銷售動作，它非常非常好地補充了 Arista 在高端企業和雲端巨頭中所做的事情。

So no change.

所以沒有改變。

Your next question comes from Amit Daryanani with Evercore.

您的下一個問題來自 Evercore 的 Amit Daryanani。

This is Irvin dialing in for Amit.

我是歐文，正在撥打阿米特的電話。

I also had a question about your campus switching business, it continues to do very well for you.

我還有一個關於你們的校園交換業務的問題，它對你們來說仍然做得很好。

But can you perhaps help us understand what the margin profile for this business looks like versus your broader portfolio?

但您能否幫助我們了解該業務的利潤狀況與您更廣泛的投資組合相比如何？

Okay.

好的。

I would generally say the margin is about the same.

我通常會說保證金大致相同。

But if you say versus our router portfolio as opposed to versus our switching portfolio.

但如果您說與我們的路由器產品組合相比，而不是與我們的交換器產品組合相比。

The broader portfolio.

更廣泛的投資組合。

Sorry, not router, but just broader.

抱歉，不是路由器，而是更廣泛的路由器。

Okay.

好的。

The broader.

更廣泛。

Okay, yes.

好吧，是的。

Not the same.

不一樣。

More pricing pressure in the campus always because the market is defined that way, but the margins aren't significantly different.

園區內的定價壓力總是更大，因為市場是這樣定義的，但利潤率並沒有顯著差異。

Your next question comes from Ben Bollin with Cleveland Research.

您的下一個問題來自克利夫蘭研究中心的 Ben Bollin。

I wanted to go back to 400-gig.

我想回到 400 場演出。

I was hoping you could talk a little bit about how you think the builds for 400-gig differ from what you saw in 100?

我希望您能談談您認為 400 GB 的構建與您在 100 GB 中看到的構建有何不同？

And specifically, I'm interested in any thoughts you have on how your partners approach their own OS development efforts, any switch standardization efforts?

具體來說，我對您的合作夥伴如何進行自己的作業系統開發工作以及交換器標準化工作有何想法感興趣？

Just any high-level thoughts there?

只是有什麼高層次的想法嗎？

And then how do you think the margin opportunity for 400?

那麼您認為 400 的保證金機會如何？

How does that compare to what you saw with 100?

這與您看到的 100 相比如何？

Sure.

當然。

Ben, in terms of the 400-gig architecture and how our largest customers are leading the way there, the entire architecture needs to contemplate a server flow, let's say, at 100-gig being able to go through the network.

Ben，就 400-gig 架構以​​及我們最大的客戶如何引領這一趨勢而言，整個架構需要考慮伺服器流，比方說，在 100-gig 時能夠通過網路。

So you have to upgrade it end-to-end.

所以你必須端到端地升級它。

You cannot just upgrade in silos and be done with it.

您不能只是在孤島中升級並完成它。

So for large-scale architectures, upgrading the backbone and the DCI networks is almost a necessary step one before you can do 400-gig in the broader leaf spine design.

因此，對於大規模架構，升級主幹網路和 DCI 網路幾乎是必要的第一步，然後才能在更廣泛的葉主幹設計中實現 400 GB。

And that depend on ZR, other optics and so on, and -- but that's where the testing is going on already in the last trials that we are involved in today.

這取決於 ZR、其他光學器件等等，而且——但這就是我們今天參與的最後試驗中已經進行的測試。

For AI, which are closed clusters, 400-gig is already starting to see a little bit of deployment, but these are still very small scale, simply a 32x400 gig type of design in our mini-leaf spine.

對於封閉集群的人工智慧來說，400G 已經開始看到一些部署，但這些規模仍然很小，只是我們迷你葉脊椎中的 32x400G 設計類型。

And there, we are working with our customers very well.

在那裡，我們與客戶合作得很好。

With core development, it may not be just the OS.

隨著核心開發，可能不僅僅是作業系統。

That problem, I think we've already addressed with our best customers and partners, but it's actually core development with the NIC and the FPGA and the GPU and so on, that is also happening already.

我認為我們已經與我們最好的客戶和合作夥伴解決了這個問題，但實際上是 NIC、FPGA 和 GPU 等的核心開發，這也已經發生了。

Your next question comes from Sami Badri with Crédit Suisse.

您的下一個問題來自瑞士信貸銀行的薩米·巴德里（Sami Badri）。

I had a question for you regarding Big Switch, and just the operating margin drag that the Big Switch acquisition is going to create in 2020?

我有一個關於 Big Switch 的問題，以及 Big Switch 收購將在 2020 年造成的營運利潤率拖累？

And maybe I was hoping for some specifics on 2021 accretion that you mentioned.

也許我希望了解您提到的 2021 年成長的一些具體情況。

Is this a 1Q, 2Q 2021 accretion?

這是 2021 年第一季、第二季的成長嗎？

Or is this a back half of 2021 accretion that you are anticipating?

或者這是您所預期的 2021 年下半年的成長？

I'll answer the second question, and then Ita, if you could.

我會回答第二個問題，然後是 Ita，如果可以的話。

I wouldn't call it too much of a drag, but maybe.

我不會說它太拖累，但也許吧。

But in terms of when it will be accretive, the forecast we have challenged the team with is to be accretive by the end of 2021.

但就何時實現增值而言，我們向團隊提出的預測是在 2021 年底實現增值。

Obviously, I'd like to see it sooner.

顯然，我想早點看到它。

Yes.

是的。

I mean I think once we get out of Q1, Q1 was always going to be a quarter that was tight from a operating margin perspective just because where the revenue came in at and the mix of business that we have with cloud being heavier.

我的意思是，我認為一旦我們走出第一季度，從營業利潤率的角度來看，第一季總是會很緊張，因為收入來自哪裡，而且我們與雲端的業務組合更重。

So you are seeing a lower kind of operating margin in Q1.

因此，您會看到第一季的營業利潤率較低。

I think once we get out of Q1, we had talked on the last call about a 35% operating margin being kind of the target.

我認為，一旦我們走出第一季度，我們在最後一次電話會議上就談到了 35% 的營業利潤率的目標。

And I think we can absorb Big Switch within that, right?

我認為我們可以在其中吸收 Big Switch，對吧？

As we move through the year, and then we'll have more to say kind of on the top line on the next call once we sort out some of the purchase accounting and other stuff that we need to work through.

隨著這一年的過去，一旦我們理清了一些採購會計和其他需要解決的問題，我們就會在下一次電話會議上有更多要說的內容。

Got it.

知道了。

And just actually a clarification.

其實只是一個澄清。

Is the $100 million run rate for campus, does that include any Big Switch contribution?

校園的 1 億美元營運費用是否包含 Big Switch 的貢獻？

Or is that just the stuff ex Big Switch?

或者這只是 Big Switch 之前的東西？

No.

不。

Big switch was not there in December 2019, right?

2019 年 12 月還沒有 Big Switch，對嗎？

So I was talking about Q3 and Q4, we're well on our way to $100 million.

所以我說的是第三季和第四季度，我們正在朝著 1 億美元的方向前進。

And I just want to clarify, it's not run rate, it's revenue.

我只是想澄清一下，這不是運行率，而是收入。

So it's real revenue.

所以這是實際收入。

Your next question comes from Tejas Venkatesh from UBS.

您的下一個問題來自瑞銀 (UBS) 的 Tejas Venkatesh。

It looks like Microsoft was only down 5% in 2019, a bit better than what you were expecting.

看起來微軟在 2019 年只下跌了 5%，比你的預期好一些。

Given that in the past, you provided early color on what Microsoft could be as a percentage of revenue.

鑑於過去，您提供了有關微軟佔收入百分比的早期資訊。

I was hoping, Jayshree, you could do that for 2020.

我希望 Jayshree 你能在 2020 年做到這一點。

And then secondly...

然後第二...

Tejas, I'd be a fool...

泰哈斯，我會是個傻瓜…

Nice try.

不錯的嘗試。

Nice try, Tejas.

不錯的嘗試，Tejas。

But I'd be a fool to do that right now or wouldn't you say after the surprises we had last year.

但如果我現在就這樣做那就太愚蠢了，或者在我們去年的驚喜之後你會這麼說嗎？

I'm teasing you.

我在逗你。

Well, this one went better.

嗯，這個做得更好。

But the second thing I wanted to ask about was, is Tier 2 cloud now less than 10% of revenue?

但我想問的第二件事是，Tier 2 雲現在佔營收的比例是否低於 10%？

And is the visibility sort of improving, given that it was such a drag in 2019?

鑑於 2019 年的情況如此糟糕，可見度是否有所改善？

So that's a good question, Tejas.

這是一個很好的問題，Tejas。

None of our 5 verticals that I report are less than 10% revenue.

我報告的 5 個垂直行業中沒有一個收入低於 10%。

Your next question comes from Aaron Rakers with Wells Fargo.

您的下一個問題來自富國銀行的 Aaron Rakers。

I kind of want to build on that last kind of question is, as you look forward, I think last quarter, you alluded to that one of your large cloud titan customers were actually just flat out pausing with regard to their spending dynamic as it relates to maybe a server cycle, a variable kind of consideration.

我有點想以最後一類問題為基礎，正如您展望的那樣，我認為上個季度，您提到您的一個大型雲端巨頭客戶實際上只是完全暫停了他們的支出動態，因為它涉及也許是一個伺服器週期，一種可變的考慮因素。

As you think about your outlook today, how would you characterize if whether or not that's changed at all?

當您今天思考自己的觀點時，如果這種觀點改變，您會如何評價？

Has the slowdown become more pervasive across your cloud titan customers?

您的雲端巨頭客戶中的放緩現像是否變得更加普遍？

Just any kind of update on how you kind of roll up that cloud titan forecast this year relative to what you thought coming out of last quarter?

與您對上季度的預期相比，您如何匯總今年雲端巨頭的預測是否有任何更新？

Yes.

是的。

That's a good question, Aaron.

這是個好問題，亞倫。

So first of all, just to reiterate, all the surprises we received from that specific cloud titan remain and are being factored into the 2020 forecast.

首先，重申一下，我們從該特定雲端巨頭收到的所有驚喜仍然存在，並且正在納入 2020 年的預測中。

So those numbers will be lower this year, right?

那麼今年這些數字會更低，對吧？

As for the other cloud titans, each one is unique.

至於其他雲泰坦，每一個都是獨一無二的。

So it's not necessarily feeding into the others.

所以它不一定會影響其他人。

So that is specific to that one.

這是特定於那個的。

And each one has their architecture, their time lines, their migrations, their specific CapEx plans.

每個人都有自己的架構、時間表、遷移以及具體的資本支出計劃。

So I wouldn't roll one into the other.

所以我不會將其中一個捲入另一個。

Your next question comes from Paul Silverstein with Cowen.

您的下一個問題來自保羅·西爾弗斯坦和考恩。

Jayshree, I've got a similar question but from a different angle with respect to cloud.

Jayshree，我有一個類似的問題，但從不同的角度來看雲。

So if we went back several quarters ago, you spoke about the dramatic pause.

因此，如果我們回到幾個季度前，您談到了戲劇性的停頓。

And I think you also mentioned the fact that it wasn't just a question of when they would return but to what magnitude when they did.

我想你也提到了這樣一個事實：這不僅僅是他們何時回歸的問題，而是他們回歸時的規模大小的問題。

So the question I now have for you is, I assume, by definition, your visibility for Microsoft and Facebook is not what it was at its peak, far from it.

所以我現在要問你的問題是，我認為，根據定義，你對微軟和 Facebook 的知名度已經不再是巔峰時期了，遠非巔峰。

But what visibility -- how would you characterize that visibility today and looking downstream not just the next quarter or 2, but further out, do you have any visibility as to what those customers will look like a year from now, and not speaking about a quarterly period, but obviously, speaking from an annual standpoint, what the contributions will be.

但是，什麼是可見性——您如何描述今天的可見性，不僅關注下一個季度或下兩個季度的下游，而且更進一步，您是否了解這些客戶一年後會是什麼樣子，而不是談論季度期間，但顯然，從年度角度來看，捐款將是多少。

Paul, so if you go back consistently to our last 3 years, I think we've always said, we don't have more than a 1 to 2 quarter visibility on any of our cloud titans, and that hasn't changed.

保羅，所以如果你一直回顧過去三年，我想我們總是說，我們對任何雲端巨頭的可見度都不超過 1 到 2 個季度，這一點並沒有改變。

So I wouldn't be able to give you annual visibility of what their spend this year versus next year would be.

因此，我無法讓您了解他們今年與明年的支出情況。

I do think we get greater visibility in the second half of this year on how their next year will look like, but -- in terms of broad trends, but that answer hasn't changed despite the pause and puts and takes.

我確實認為，我們在今年下半年可以更清楚地了解他們明年的情況，但是，就大趨勢而言，儘管有停頓和調整，但這個答案並沒有改變。

If I can add to that, we don't have visibility into their surprises.

如果我可以補充一點的話，我們無法看到他們的驚喜。

Fair enough.

很公平。

Guys, on the enterprise, just very quickly, Jayshree, you kept referencing the million dollar plus deals.

夥計們，在企業方面，很快，Jayshree，您一直在提到價值百萬美元以上的交易。

You said it's almost doubled over the past 3 years.

你說過去三年幾乎翻了一番。

Can you tell us how many million-dollar deals you have in enterprise?

您能告訴我們您在企業中有多少百萬美元的交易嗎？

100, many hundreds.

一百個，甚至數百個。

Well, no, it can't be many hundreds because you'd be well beyond your $100 million target.

嗯，不，不可能有數百個，因為這樣就遠遠超出了 1 億美元的目標。

I'm talking about campus specifically.

我具體說的是校園。

Oh, you're only talking about campus.

哦，你說的只是校園。

Oh, I see.

我懂了。

I don't have that answer, but I was talking about overall enterprise, including campus.

我沒有這個答案，但我談論的是整個企業，包括校園。

Your next question comes from Jeff Kvaal with Nomura Instinet.

您的下一個問題來自 Nomura Instinet 的 Jeff Kvaal。

We have been hearing from some of the larger OEMs that the server chipset availability is a little tighter than they might have hoped.

我們從一些較大的 OEM 那裡得知，伺服器晶片組的可用性比他們希望的要緊一些。

I wouldn't have necessarily thought that there would be an implication for Arista a year ago.

一年前我不一定會想到這會對 Arista 產生影響。

But given sort of the tenor or the conversation we had last quarter, I'm wondering if that is something that we should be monitoring just in case some of your other web scale customers can't get all the servers they want or some of the Tier 2 players can't get the servers they want, and that may then impinge upon your switch sales to them.

但考慮到我們上個季度的基調或對話，我想知道我們是否應該監控這一點，以防萬一您的其他一些網絡規模客戶無法獲得他們想要的所有伺服器或某些伺服器2 級玩家無法獲得他們想要的伺服器，這可能會影響您對他們的交換器銷售。

So just, it doesn't really impact us as much on a short-term variation over there, especially the cloud companies, they decouple supply chain planning for these issues and have 1 or 2 months of gaps anyway.

所以，它對我們的短期變化影響不大，尤其是雲端公司，他們針對這些問題解耦了供應鏈規劃，無論如何都有 1 到 2 個月的間隙。

If it's a fluctuation of 1 or 2 months, it doesn't really impact us.

如果是1、2個月的波動，對我們影響不大。

Okay.

好的。

Then as a clarification, I think in the past, you've talked about the likelihood of coming back to year-over-year revenue growth in the fourth quarter of 2020.

然後澄清一下，我想您過去曾談到 2020 年第四季營收恢復年比成長的可能性。

Is that still sort of a reasonable place for us to stick a yard mark?

對我們來說，這仍然是一個合理的地方來標記碼嗎？

Yes.

是的。

Jeff, that's our hope.

傑夫，這就是我們的希望。

We hope for that.

我們希望如此。

Your next question comes from Alex Kurtz of KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Alex Kurtz。

I just want to clarify the comment about the sluggishness for cloud service provider and service provider.

我只是想澄清一下關於雲端服務提供者和服務提供者的低迷的評論。

That sluggish comment, Jayshree, that was for both verticals?

Jayshree，那個緩慢的評論是針對兩個垂直領域的嗎？

Yes.

是的。

Combined.

合併。

Yes.

是的。

Combined, yes.

綜合起來，是的。

Okay.

好的。

Combined.

合併。

Okay.

好的。

Jayshree, last quarter, you outlined changes in how you thought the cloud service provider segment was considering on-prem versus on-prem infrastructure spend and maybe some of them moving back to cloud.

Jayshree，上個季度，您概述了雲端服務供應商部門在考慮本地部署與本地基礎設施支出方面的變化，也許其中一些會重新轉向雲端。

Can you just give us an update on how you see that vertical?

您能否向我們介紹一下您對這一垂直領域的最新看法？

I know you outlined it here in the growth projection, but that was a change from prior views.

我知道您在成長預測中對此進行了概述，但這與之前的觀點有所不同。

So I was just wondering if there's any...

所以我只是想知道是否有任何...

That's correct.

這是正確的。

Update on that segment specifically?

具體更新該部分嗎？

Nothing's changed significantly.

一切都沒有發生重大變化。

Although some of the Tier 2 cloud providers have resumed some small spend and some of them are still valuating.

儘管一些二級雲端提供者已經恢復了一些小額支出，並且其中一些仍在評估中。

So...

所以...

All right.

好的。

Okay.

好的。

So no longer -- you don't see it as a near-term secular opportunity right now from what you can see.

因此，從你所看到的情況來看，你現在不認為這是一個近期的長期機會。

No.

不。

Not in the first half.

上半場沒有。

No.

不。

I think it's less of a -- not a drag.

我認為這不是一個拖累。

I mean it was...

我的意思是那是...

Not a drag, but not an amazing upside either.

不是一個拖累，但也不是一個驚人的好處。

Your next question comes from Tal Liani with Bank of America.

您的下一個問題來自美國銀行的塔爾·利亞尼。

I have 2 questions.

我有 2 個問題。

First, if I remove Facebook, which I have -- sorry, Amazon -- sorry, Microsoft, which I have perfect numbers.

首先，如果我刪除Facebook，我有——對不起，亞馬遜——對不起，微軟，我有完美的數字。

Which one?

哪一個？

I'm confused.

我很困惑。

Try it again.

再試一次。

Eventually, I'm going to get to the right answer.

最終，我會得到正確的答案。

Yes.

是的。

So if I remove Microsoft, which I have perfect numbers for both years, and then I assume Facebook at 9% last year because that's the highest number below 10% versus what's this year, the growth is only 6%.

因此，如果我去掉微軟（我在這兩年都有完美的數據），然後我假設Facebook 去年的增長率為9%，因為這是與今年相比低於10% 的最高數字，那麼增長率僅為6%。

If I assume for Facebook 5%, which again, it wasn't a 10% customer, so it has to be below that.

如果我假設 Facebook 是 5%，那麼它又不是 10% 的客戶，所以它必須低於這個數字。

So if I assume anything below, the growth is even lower than 6%.

因此，如果我假設以下任何情況，成長率甚至低於 6%。

So the question is, why aren't you growing faster with everyone else?

所以問題是，為什麼你沒有跟其他人一起成長得更快呢？

Forget Facebook and Microsoft, why don't we see faster growth like we used to do because we have always been doing this exercise without Microsoft, and the growth was always very strong.

忘記Facebook和微軟吧，為什麼我們沒有像以前那樣看到更快的成長，因為我們一直在沒有微軟的情況下進行這項工作，而且成長總是非常強勁。

And the second question, not related...

第二個問題，不相關......

Oh, hold on.

哦，等一下。

Can you -- Tal...

你能——塔爾…

Hold on, Tal.

堅持住，塔爾。

We're still processing your first question because we're still trying to understand how you computed this.

我們仍在處理您的第一個問題，因為我們仍在嘗試了解您是如何計算的。

Did you compute deferred revenue in your question?

您在問題中計算了遞延收入嗎？

No.

不。

I did not.

我沒有。

I just...

我只是...

I mean part of the issue...

我的意思是問題的一部分...

Okay.

好的。

Yes.

是的。

Part of the issue going from 2019 to 2020, is that you have this deferred revenue, $118 million, which is like 5% of revenue effectively, right, both, right, that you have to backfill effectively in '20, right?

從 2019 年到 2020 年的部分問題是，你有遞延收入，1.18 億美元，相當於有效收入的 5%，對，兩者都對，你必須在 20 年有效回填，對吧？

So that kind of -- that's a drag on the growth rate before you start, right?

所以，在開始之前，這會拖累成長率，對吧？

So you have to adjust for that.

所以你必須對此進行調整。

But even with that, what we're saying is that, that cloud vertical will be kind of flat to down from a demand perspective, right?

但即便如此，我們要說的是，從需求角度來看，雲端垂直領域將是持平到下降，對吧？

Yes.

是的。

But the deferred related to Microsoft or Facebook or the deferred related to everyone else?

但是，是與 Microsoft 或 Facebook 相關的延期，還是與其他所有人相關的延期？

If you trace back in time, it was non-Microsoft, and obviously, it's a large number.

如果你追溯過去，它不是微軟的，而且顯然，這是一個很大的數字。

So I think you can figure out that it's a Facebook impact, right?

所以我想你可以看出這是 Facebook 的影響，對嗎？

And we talked about that as a 16.6% with the deferred, probably 12% revenue without the deferred, right?

我們談到，有遞延的收入為 16.6%，沒有遞延的收入可能為 12%，對吧？

Your next question comes from Simon Leopold with Raymond James.

您的下一個問題來自西蒙·利奧波德和雷蒙德·詹姆斯。

I got confused not only from Tal's question there.

我不僅因為塔爾的問題而感到困惑。

Anyway, I wanted to ask you about the commentary several of the hyperscale providers made about extending the useful lives of their servers.

不管怎樣，我想問一些超大規模提供者關於延長伺服器使用壽命的評論。

Wondering how that translates into your business for intra-data center switching?

想知道這如何轉化為您的資料中心內交換業務？

And if this was an aspect that you were aware of when you had provided your forecast last quarter or whether the commentary we heard during this earnings season was also new to you.

如果這是您在上個季度提供預測時意識到的一個方面，或者我們在本財報季節聽到的評論對您來說是否也是新的。

No.

不。

Simon, when we did our earnings call last quarter, we very much stated what we had seen from at least one of the cloud titans where they were delaying the refresh, and now you've seen in market that some of the other cloud customers are doing this as well.

西蒙，上個季度我們召開財報電話會議時，我們非常明確地闡述了我們從至少一家雲端巨頭那裡看到的情況，他們推遲了更新，現在您在市場上看到，其他一些雲端客戶正在推遲更新。也這樣做。

But we're not seeing this with the other Arista customers so far, even in the cloud space.

但到目前為止，即使在雲端領域，我們還沒有在其他 Arista 客戶中看到這種情況。

So for us, it's limited to one customer.

所以對我們來說，它僅限於一位客戶。

We don't deal with the other larger company you're referring to as much, so we're not as exposed there.

我們不經常與您提到的其他大公司打交道，因此我們在那裡的暴露程度較小。

But it's not a market-wide trend.

但這並不是整個市場的趨勢。

It's very specific to their architecture, the next-generation thereon and the sort of type of offloads they're looking for to decide which generation to select.

它非常特定於他們的架構、下一代以及他們正在尋找的卸載類型，以決定選擇哪一代。

And is there a way or some math to figure out how to translate if, say, they extend the life by 1 year.

有沒有一種方法或一些數學方法可以計算出如果壽命延長一年，如何進行轉換。

So instead of 3-year replacement, they get a 4-year.

因此，他們獲得的不是 3 年更換，而是 4 年更換。

Is there some arithmetic or rule of thumb to help us think about how to quantify the impact for you?

是否有一些算術或經驗法則可以幫助我們思考如何量化對您的影響？

We don't have it.

我們沒有。

I'm quite sure someone on this call has a models around that.

我很確定這次通話中有人有相關的模型。

But no, that's not something we try to forecast.

但不，這不是我們試圖預測的事情。

Mostly a delay of a year in the spend.

主要是支出延遲了一年。

Your next question comes from Jim Suva with Citi Investment Research.

您的下一個問題來自花旗投資研究部的吉姆‧蘇瓦。

I sincerely just have 1 question because I'm just a very simple guy and not as smart as others.

我真誠地只有一個問題，因為我只是一個非常簡單的人，不像其他人那麼聰明。

But whether it be Jayshree or Ita or Curtis, a quarter or 2 ago, you had talked about a cloud titan skipping a refresh cycle or elongating their purchasing.

但無論是 Jayshree、Ita 還是 Curtis，一兩個季度前，您都曾談論過雲端巨頭跳過更新周期或延長採購時間。

Some of the commentary after that was, well, maybe they're using white box or maybe they found a better compute standard or a way to fit more through compression or duplexing or some other standard.

之後的一些評論是，好吧，也許他們正在使用白盒，或者他們可能找到了更好的計算標準，或者通過壓縮或雙工或其他標準來適應更多的方法。

Now that we've had several months behind us, can you give us any visibility of -- do you feel more confident that it truly is just a delay?

現在我們已經落後了幾個月了，您能否告訴我們——您是否更有信心這確實只是一個延遲？

Or are they looking at other solutions?

或者他們正在尋找其他解決方案？

Or just kind of revisit that topic?

還是只是重溫這個話題？

Yes.

是的。

So Jim, I think all the theories of those answers are not true.

所以吉姆，我認為這些答案的所有理論都不正確。

I think the customer has been pretty straightforward with us, that they have always been using Arista as well as some internal development, and we've been working with them on the internal development.

我認為客戶對我們的態度非常直接，他們一直在使用 Arista 以及一些內部開發，我們一直在與他們合作進行內部開發。

So we feel very comfortable that their forecast has changed, and they continue to be an important partner with us.

因此，我們對他們的預測發生了變化感到非常放心，他們仍然是我們的重要合作夥伴。

Your next question comes from Samik Chatterjee from JPMorgan

您的下一個問題來自摩根大通的 Samik Chatterjee

I just wanted to kind of -- given kind of your commentary on the slower spending you're seeing from your customers, you obviously have a Q1 seasonality that's weaker than what you've seen historically.

我只是想 - 鑑於您對客戶支出放緩的評論，您顯然第一季的季節性比您歷史上看到的要弱。

As we look through the rest of the year, is it kind of fair to assume, given the visibility you have right now, that the seasonality through the remainder of the year will be weaker than what we saw in kind of normal years like 2018, for example?

當我們展望今年剩餘時間時，考慮到目前的可見性，可以公平地假設今年剩餘時間的季節性將弱於我們在 2018 年等正常年份看到的情況，例如？

And are you still kind of comfortable reiterating the full year, I think, guide that you gave last time, which was for a modest decline in revenues?

我認為，您是否仍然願意重申您上次給出的全年指南，即收入略有下降？

Okay.

好的。

So Samik, I'm a little confused by your question.

Samik，你的問題讓我有點困惑。

We did not give -- are you talking about cloud customers or customers at large?

我們沒有提供—您是在談論雲端客戶還是廣大客戶？

What's your question?

你有什麼問題？

For cloud customers.

對於雲端客戶。

Cloud customers.

雲端客戶。

Cloud customers.

雲端客戶。

Okay, okay.

好吧好吧。

Now that makes sense.

現在這是有道理的。

Yes, yes.

是的是的。

So look, we feel the same way as we did last time, which is we had a lot of weakness in the spending, and it's reflected in our Q1.

所以看，我們的感覺和上次一樣，那就是我們在支出方面有很多弱點，這反映在我們的第一季。

I think we will know better about the rest of the year when we get to the second half more.

我想當我們進入下半年時，我們會對今年剩下的時間有更多的了解。

But as it stands, nothing's changed.

但就目前情況而言，一切都沒有改變。

The CapEx that they will spend Arista fields in a very strong position to compete, differentiate and get the business.

他們將在 Arista 領域投入資本支出，使其處於非常有利的競爭、差異化和獲得業務的地位。

So we're not losing market share.

所以我們並沒有失去市場佔有率。

We're winning the sockets but the rate of spend and adoption, we do believe will be a flat to down year this year.

我們正在贏得插座，但我們確實相信今年的支出和採用率將持平甚至下降。

Your next question comes from James Fish with Piper Sandler.

您的下一個問題來自詹姆斯·菲什和派珀·桑德勒。

Happy almost Valentine's Day.

快情人節快樂了。

Can you guys go over the linearity of the mix for customers over the course of the year and if it was back-half loaded at all?

你們能否回顧一下這一年中客戶組合的線性情況以及是否有後半負載？

And I just want to be clear, is cloud titan going to be flat to down double digits on top of the $118 million deferred headwind?

我只是想澄清一下，除了 1.18 億美元的遞延逆風之外，雲端巨頭的業績是否會持平甚至下降兩位數？

Or is the flat to down double digits, inclusive of the headwind?

還是持平至下降兩位數，包括逆風？

Right.

正確的。

So the meaningful revenue decline and the double-digit are all referencing revenue, right?

所以有意義的收入下降和兩位數都是指收入，對吧？

So saying basically the revenue numbers will decline meaningfully, right?

所以說基本上收入數字將會大幅下降，對吧？

That includes $118 million, right?

其中包括 1.18 億美元，對吧？

When we talked about demand, and we said, that we expect it to be flat to down, that's not referencing that double-digit number, right?

當我們談論需求時，我們說我們預計需求將持平或下降，這並不是指那個兩位數的數字，對吧？

That's a commentary that obviously will play out as we see where it goes, but it's not trying to say that it's a double-digit number.

當我們看到它的走向時，這個評論顯然會發揮作用，但它並不是試圖說這是一個兩位數的數字。

And then to answer your question on Q4 linearity.

然後回答您關於 Q4 線性度的問題。

I'm just looking at the chart Mark Foss is giving me.

我只是看馬克·福斯給我的圖表。

It was pretty linear across the 3 months.

這 3 個月內的情況非常線性。

We had a record million dollars of customers in Q4, and good spend across our top 50 customers.

第四季度，我們擁有創紀錄的百萬美元客戶，前 50 名客戶的支出也不錯。

So nothing unusual except more campus.

所以除了更多的校園之外沒有什麼不尋常的。

Your next question comes from Tim Long with Barclays.

您的下一個問題來自巴克萊銀行的蒂姆·朗。

Tim, are you there?

提姆，你在嗎？

Tim?

提姆？

Let's go to the next one.

我們來看下一篇。

Your next question comes from Ryan Koontz with Rosenblatt Securities.

您的下一個問題來自羅森布拉特證券公司的 Ryan Koontz。

I was hoping if you could speak to your outlook for international.

我希望您能談談您對國際化的看法。

Obviously, hyperscale has been a big piece of that, shipping to their international destinations.

顯然，超大規模是其中的重要組成部分，運送到他們的國際目的地。

But if you could speak to -- kind of is there any updates on strategy or channel development there that's going to supercharge that business for you?

但是，如果您可以談談 - 是否有任何有關策略或管道開發的更新可以為您的業務帶來巨大的成長？

Anshul and the team have invested pretty significantly in international, especially, of course, the developed countries in Europe and Asia Pac.

Anshul 和團隊在國際上進行了大量投資，當然尤其是歐洲和亞太地區的已開發國家。

We had a strong quarter.

我們度過了一個強勁的季度。

And we're starting to see some important customer wins in the enterprise and even some small service providers.

我們開始看到企業甚至一些小型服務提供者贏得了一些重要的客戶。

We -- obviously, a much more channel led in international.

顯然，我們有更多的國際管道。

That's always been the case.

情況一直如此。

So that's been a strong area of experience for us.

所以這對我們來說是一個豐富的經驗領域。

And I actually want to add to that.

我其實想補充一點。

I think that's a strong area of growth.

我認為這是一個強勁的成長領域。

Really, both in head count growth, we actually have a significant amount of heads added to international.

事實上，無論是在員工數量成長方面，我們實際上都有大量員工加入國際團隊。

And on the channel side, the channel development plan we have is a separate one for U.S., separate one for EMEA and APAC as well with a different ecosystem, different set of partners and so on, and that's coming along reasonably well.

在通路方面，我們的通路開發計畫針對美國是單獨的，針對歐洲、中東和非洲和亞太地區也是單獨的，並且具有不同的生態系統、不同的合作夥伴等等，而且進展相當順利。

As Jayshree mentioned, the international locations are mostly fulfilled by channel, but now we are working with them to make it channel led as well.

正如 Jayshree 所提到的，國際地點主要是透過管道來完成的，但現在我們正在與他們合作，使其也以管道為主導。

So if you remove clouds and so on, the rest of the organic international business is doing well.

因此，如果你消除雲層等因素，其餘的有機國際業務就會表現良好。

And one other -- just one quick add to what Anshul said.

還有另一件事——只是對安舒爾所說的內容進行快速補充。

Generally, our customer logos are higher internationally than in the U.S. lower purchase of sale.

一般來說，我們的客戶標識在國際上比在美國更高，購買銷售也更低。

But out of the 6,300 cumulative customers have come internationally.

但在累計 6,300 名客戶中，有來自國外的客戶。

Your next question comes from Tim Long with Barclays.

您的下一個問題來自巴克萊銀行的蒂姆·朗。

Okay.

好的。

Sorry about that.

對於那個很抱歉。

Yes, I just wanted to ask kind of 2 related questions.

是的，我只是想問兩個相關的問題。

First, could you talk a little bit -- there's been a lot of chatter about silicon diversification in the switching area.

首先，您能談談嗎？關於交換領域的矽多樣化有很多討論。

So could you give us your views, obviously, with a big customer making an announcement and starting to talk about some traction there.

那麼，您能否給我們您的看法，顯然，一位大客戶發布了公告並開始談論那裡的一些吸引力。

So what do you think the impact is there?

那您認為影響有哪些？

And related, what are you seeing just overall on white box these days?

相關的是，這些天您在白盒上總體上看到了什麼？

Are you seeing any change to who's using it or how they're using it?

您是否發現使用它的人或他們使用它的方式有任何變化？

Okay.

好的。

Look, as you know, Arista has always been a big component of merchant silicon and ASICs, notwithstanding this new announcement have been around 30 years.

如您所知，Arista 一直是商用晶片和 ASIC 的重要組成部分，儘管這項新公告已經發布了大約 30 年。

It's not -- ASICs by themselves are not new.

其實，ASIC 本身並不新鮮。

We do see 3 dimensions.

我們確實看到了3個維度。

First of all, is, from a best-of-breed silicon standpoint, we couldn't be more pleased with our -- the silicon we receive from Broadcom, both on the Trident and Tomahawk side, and Jericho, we have very high confidence.

首先，從最佳晶片的角度來看，我們對從博通收到的三叉戟和戰斧以及傑里科的晶片感到非常滿意，我們對此充滿信心。

It's a case where you can't just build one point product, you have to have a full road map, and we've always been ahead of vendor specific at ASICs, and we believe that will continue.

在這種情況下，你不能只建立一個單點產品，你必須有一個完整的路線圖，而且我們在 ASIC 方面一直領先於特定供應商，我們相信這種情況將會持續下去。

In terms of software, silicon by itself is not so interesting if you can't build a system.

就軟體而言，如果無法建置系統，矽本身就沒那麼有趣。

So obviously, EOS, we feel is the most competitive software differentiated across many merchant silicon devices.

顯然，我們認為 EOS 是在許多商業矽設備中最具競爭力的軟體。

I think it's -- we supported over 18 silicon families, maybe more than that.

我認為，我們支援超過 18 個晶片系列，甚至可能更多。

And so in general, we feel like that leaves only one other thing, which is Cisco selling chips.

所以總的來說，我們覺得只剩下一件事了，那就是思科銷售晶片。

And obviously, that's not our business.

顯然，這不是我們的事。

They're going to be competing with Intel and Broadcom on that one.

他們將在這一方面與英特爾和博通競爭。

Your last question comes from Tal Liani with Bank of America.

你的最後一個問題來自美國銀行的塔爾·利亞尼。

By the way, I just want to comment something.

順便說一句，我只是想發表一些評論。

We'll take it offline, but we shouldn't remove the deferred, and I can explain later why.

我們會將其離線，但我們不應該刪除延遲，稍後我會解釋原因。

The number is the number you could remove both sides.

該數字是您可以刪除兩側的數字。

But in any case, I wanted to ask about the gross margin.

但無論如何，我想問毛利率。

Why is it declining sequentially next quarter?

為什麼下個季度會出現季減？

I don't think anyone asked this question.

我想沒有人問過這個問題。

No.

不。

They didn't.

他們沒有。

Large customer mix, right?

客戶群很大，對嗎？

We were a heavy enterprise and financials in Q4, and we'll be -- we're heavier cloud mix in Q1.

我們在第四季是一家重度企業和金融公司，我們將在第一季更加重雲混合。

Q1 always has a heavier cloud mix because enterprise just takes time to ramp in the first quarter.

第一季總是有更重的雲端混合，因為企業在第一季需要時間來提升。

Okay.

好的。

Well, this concludes the Arista Q4 2019 earnings call.

好了，Arista 2019 年第四季財報電話會議到此結束。

Thank you for joining us today.

感謝您今天加入我們。

Please note that moving forward, our earnings calls will move to Tuesday, starting with the Q1 2020 call, which will take place on Tuesday, May 5. Lastly, we have posted a presentation, which provides additional information on our fiscal results, which you can access on our Investors section of our website.

請注意，今後，我們的財報電話會議將移至週二，從5 月5 日週二舉行的2020 年第一季度電話會議開始。最後，我們發布了一份演示文稿，其中提供了有關我們財務業績的更多信息，您可以參考可以訪問我們網站的投資者部分。

Thank you for joining.

感謝您的加入。

Ladies and gentlemen, this concludes today's call.

女士們、先生們，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。