Arista Networks Inc (ANET) 2022 Q2 法說會逐字稿

Welcome to the Second Quarter 2022 Arista Networks Financial Results Earnings Conference Call. (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. Ms. Liz Stine, Arista's Director of Investor Relations, you may begin.

歡迎參加 2022 年第二季 Arista Networks 財務績效收益電話會議。 （操作員指示）提醒一下，本次會議正在錄音，電話會議結束後可從 Arista 網站的投資者關係部分重播。您可以請 Arista 投資者關係總監 Liz Stine 女士開始發言了。

Thank you, operator. Good afternoon, everyone, and thank you for joining us. With me on today's call are Jayshree Ullal, Arista Networks' President and Chief Executive Officer; and Ita Brennan, Arista's Chief Financial Officer.

謝謝您，接線生。大家下午好，感謝大家的參與。今天與我一起參加電話會議的還有 Arista Networks 總裁兼執行長 Jayshree Ullal；以及 Arista 財務長 Ita Brennan。

This afternoon, Arista Networks issued a press release announcing the results for its fiscal second quarter ending June 30, 2022. If you would like a copy of the release, you can access it online at our website.

今天下午，Arista Networks 發布了一份新聞稿，宣布了截至 2022 年 6 月 30 日的第二財季業績。

During the course of this conference call, Arista Networks management will make forward-looking statements, including those relating to our financial outlook for the third quarter of the 2022 fiscal year, longer-term financial outlook for 2022 and beyond, our total addressable market and strategy for addressing these market opportunities, supply chain constraints, component costs, manufacturing capacity, inventory purchases and inflationary pressures on our business, the potential impact of COVID-19, customer mix, product innovation and the benefits of acquisitions, which are subject to the risks and uncertainties that we discuss in detail in our documents filed with the SEC, 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.

在本次電話會議期間，Arista Networks 管理層將做出前瞻性陳述，包括與 2022 財年第三季度的財務展望、2022 年及以後的長期財務展望、我們的總體目標市場和應對這些市場機會的戰略、供應鏈限制、組件成本、製造能力、庫存採購和通脹壓力對我們行業的影響不確定性的影響，特別是在我們最近的 10-Q 表和 10-K 表中，並且可能導致實際結果與這些陳述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. We undertake no obligation to update these statements after this call.

這些前瞻性陳述自今天起適用，您不應依賴它們來代表我們未來的觀點。我們不承擔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. We have provided reconciliations of these non-GAAP financial measures to GAAP financial measures in our earnings press release.

另請注意，我們在本次電話會議中使用的某些財務指標是以非 GAAP 為基礎表示的，並且已進行調整以排除某些費用。我們在收益新聞稿中提供了這些非 GAAP 財務指標與 GAAP 財務指標的對帳表。

With that, I will turn the call over to Jayshree.

說完這些，我會把電話轉給 Jayshree。

Thank you, Liz. Thank you, everyone, for joining us this afternoon for our second quarter 2022 earnings call. We delivered revenues of $1.05 billion for the quarter with a non-GAAP earnings per share of $1.08. Service and support renewals contributed approximately 17.6% of the revenue.

謝謝你，莉茲。感謝大家今天下午參加我們的 2022 年第二季財報電話會議。本季度，我們的營收為 10.5 億美元，非 GAAP 每股收益為 1.08 美元。服務和支援續約貢獻了約17.6%的收入。

Our non-GAAP gross margins of 61.9% was influenced by escalating costs due to supply chain as well as a higher cloud titan mix. We do expect both these trends to continue throughout 2022.

我們的非公認會計準則毛利率為 61.9%，受到供應鏈成本上升以及雲端運算巨頭價格上漲的影響。我們確實預計這兩種趨勢將在 2022 年持續下去。

In terms of Q2 2022 verticals, cloud titans was our largest vertical, followed by the enterprise, cloud specialty providers and financials tied for third position, with the service providers in fourth place. International contribution was 20% with the Americas at 80%, and strong performance particularly with our large cloud customers.

就 2022 年第二季的垂直產業而言，雲端巨頭是我們最大的垂直產業，其次是企業，雲端專業提供者和金融並列第三，服務供應商則位居第四。國際貢獻率為 20%，其中美洲貢獻率為 80%，且表現十分出色，尤其是我們的大型雲端客戶。

In the first half of 2022, we completed 2 small acquisitions to bolster our investments in security and switching fabrics. We acquired Untangle, Inc. a security asset for edge threat management for our commercial branch offerings, led by former CEO, Scott Devens.

2022 年上半年，我們完成了兩次小型收購，以加強我們在安全和交換結構方面的投資。我們收購了 Untangle, Inc.，這是為我們的商業分支產品提供邊緣威脅管理的安全資產，由前執行長 Scott Devens 領導。

In late Q2, we closed the acquisition of Pluribus Networks, led by former CEO, Kumar Srikantan. Pluribus pioneered a new class of unified cloud fabric networking endorsed by our partners, Ericsson for telco and 5G cloud, and NVIDIA for DPU-based networking.

在第二季末，我們完成了對 Pluribus Networks 的收購，由前執行長 Kumar Srikantan 主導。 Pluribus 率先推出了一種新型統一雲結構網絡，得到了我們合作夥伴的認可，愛立信負責電信和 5G 雲，NVIDIA 負責基於 DPU 的網路。

Our Q2 2022 results reinforce Arista's customer relevance in cloud titan, specialty cloud providers and mainstream enterprises. As I mentioned previously, our million-dollar logos have doubled in the last 3 years in all categories, greater than 1 million, greater than 5 million, greater than 10 million and significantly greater than 25 million customers.

我們的 2022 年第二季業績鞏固了 Arista 在雲端巨頭、專業雲端供應商和主流企業中的客戶相關性。正如我之前提到的，我們百萬美元標誌的數量在過去 3 年中在所有類別中都翻了一番，超過 100 萬、超過 500 萬、超過 1000 萬並且遠遠超過 2500 萬客戶。

I would like to invite Anshul Sadana, our Chief Operating Officer and Chief Cloud Expert, to shed some light on the nature of our strategic partnerships with cloud titan that contribute at least hundreds of millions annually. Anshul?

我想邀請我們的營運長兼首席雲端運算專家 Anshul Sadana 來介紹我們與雲端運算巨頭的策略合作夥伴關係的性質，該合作夥伴關係每年至少貢獻數億美元。安舒爾？

Thank you, Jayshree. We are proud to be a pioneer and market leader in cloud networking and have provided data center solutions to many cloud providers connecting millions of servers. The same platforms, U.S. software and network designs at a lower scale have also helped us win in all our other verticals, giving us an efficient model to grow our business.

謝謝你，Jayshree。我們很自豪能夠成為雲端網路領域的先驅和市場領導者，並為許多雲端供應商提供連接數百萬台伺服器的資料中心解決方案。同樣的平台、美國軟體和較小規模的網路設計也幫助我們在所有其他垂直領域取得勝利，為我們提供了成長業務的有效模式。

As we disclosed in previous calls, Microsoft and Meta are very special customers and expected to each be over 10% of our revenue for the full year. At Microsoft, we are deployed in all layers of their network, from the leaf switches at the top of track to data center spine and regional spine to LAN and cloud edge layers across the globe. We have partnered together to create the DCI layer with encryption and long-reach pluggable optics, which has now become a gold standard in the industry.

正如我們在先前的電話會議中所揭露的那樣，微軟和 Meta 是我們非常特殊的客戶，預計他們各自將占我們全年收入的 10% 以上。在微軟，我們部署在其網路的所有層，從軌道頂端的葉交換機到資料中心主幹網和區域主幹網，再到全球的 LAN 和雲端邊緣層。我們合作創建了具有加密和長距離可插拔光學元件的 DCI 層，現在這已成為業界的黃金標準。

Microsoft deploys our products, both with SONiC and EOS, and the engineering partnership to codevelop the next-gen network is stronger than ever. Our newer 400-gig products are deployed in production, and we continue to receive very positive feedback about our quality and execution and continue to be the preferred supplier for Azure.

微軟與 SONiC 和 EOS 一起部署了我們的產品，共同開發下一代網路的工程合作夥伴關係比以往任何時候都更加強大。我們較新的 400Gig 產品已投入生產，我們繼續收到有關我們的品質和執行的非常積極的回饋，並繼續成為 Azure 的首選供應商。

We have also had a strong partnership with Meta and have been involved with their network design since the early days. We have codeveloped multiple generations of products with them, including the latest 25.6-terabit 7388 platform with unmatched power efficiency and time-to-market advantages.

我們還與 Meta 建立了牢固的合作夥伴關係，並從早期就參與了他們的網路設計。我們與他們共同開發了多代產品，包括最新的25.6太比特7388平台，具有無與倫比的功率效率和上市時間優勢。

We have deployed in their colorful cluster fabrics with parallel plains. We've also deployed in several use cases, including Meta's backbone layers, where there is a constant need for higher-speed networks.

我們已在其多彩的集群織物中部署了平行的平原。我們還在多個用例中進行了部署，包括 Meta 的骨幹層，這些用例對更高速的網路有著持續的需求。

In addition to our top 2 titans, we are continuing to do well with the other titans as well, as well as cloud specialty providers, very similar partnerships to the big titans and use cases but at a smaller scale. We continue to have a great engineering partnership with customers when it comes to next-gen architectures, platforms or features.

除了我們的前兩大巨頭之外，我們還繼續與其他巨頭以及雲端專業供應商保持良好的合作關係，這些巨頭的合作夥伴關係和用例與巨頭非常相似，只是規模較小。在下一代架構、平台或功能方面，我們持續與客戶保持良好的工程合作關係。

Over the last 2 years, we have also had a very strong partnership on supply chain. Customers who build their own servers know these challenges firsthand. The relentless work by the Arista manufacturing team to find additional supply despite so many lockdowns, looking at components in the broker market, analyzing second-order risk, and our forward-looking investments through purchase commitments are deeply appreciated by our customers.

在過去的兩年裡，我們在供應鏈方面也建立了非常強大的合作關係。建立自己的伺服器的客戶對這些挑戰有著第一手的了解。儘管遭遇了多次封鎖，Arista 製造團隊仍不懈努力地尋找額外供應，關注經紀商市場中的零件，分析二階風險，並透過採購承諾進行前瞻性投資，這些都得到了客戶的高度讚賞。

We are now recognized not only for our best-in-class products, but also for a superior supply chain compared to other alternatives. While we cannot predict the future and spend patterns on behalf of these guidance, our cloud business continues to be healthy. Back to you, Jayshree.

我們現在不僅因一流的產品而獲得認可，而且因與其他替代品相比更優越的供應鏈而獲得認可。雖然我們無法根據這些指導預測未來和支出模式，但我們的雲端業務仍然保持健康。回到你身邊，Jayshree。

Thank you, Anshul. You can see that we are having one of our best years to date with our cloud customers. In terms of new products, Arista has introduced several this quarter. The 7130 Series is a powerful combination of low latency and a programmable EOS functionality designed for demanding high-frequency trading and exchange applications. Two 7130 models integrate fully featured L2/L3 switching with high-performance ultra-low latency L1 connectivity.

謝謝你，安舒爾。您可以看到，這是我們與雲端客戶合作迄今最好的一年。在新產品方面，Arista 本季推出了多款新產品。 7130 系列是低延遲和可編程 EOS 功能的強大組合，專為要求苛刻的高頻交易和交換應用而設計。兩款 7130 型號整合了功能齊全的 L2/L3 交換和高效能超低延遲 L1 連線。

Arista also launched its first commercial and distributed enterprise edge portfolio, the Cognitive Unified Edge, or CUE for short. CUE is an extension of our CloudVision to offer Edge-as-a-Service for commercial and distributed enterprises.

Arista 也推出了首個商業和分散式企業邊緣產品組合，即 Cognitive Unified Edge，簡稱 CUE。 CUE 是我們 CloudVision 的擴展，為商業和分散式企業提供邊緣即服務。

Arista earned its highest Net Promoter Score, NPS, of 80 in 2022 for customer support, translating to a world-class rating of 93%. Having an always available team with strong expertise, root cause analysis and fewer vulnerabilities were cited as the primary reason for customers choosing Arista in this third-party independent report.

2022 年，Arista 在客戶支援方面獲得了最高的淨推薦值 (NPS) 80，相當於 93% 的世界一流評級。這份第三方獨立報告指出，擁有一支隨時待命、具備豐富專業知識的團隊、根本原因分析能力和更少的漏洞是客戶選擇 Arista 的主要原因。

Let me illustrate a few enterprise customer wins in the first half of 2022 to give you an idea. Firstly, a campus win for cognitive WiFi was an integral part of an RFP decision, changing the way wired and wireless is delivered to student dormitories in one of the largest universities in the U.S. Cognitive Unified Edge, or CUE, with rich dashboards for quality experience, client journey, security influenced their decision, beating our well-entrenched WiFi players.

讓我舉例說明 2022 年上半年一些企業客戶的成功案例，以便讓您了解。首先，認知 WiFi 在校園中的勝利是 RFP 決策的重要組成部分，它改變了美國最大的大學之一向學生宿舍提供有線和無線網絡的方式。

In a large international bank, we won the overall data center architecture, including spine with Layer 3 and EVPN. CloudVision was a key decision factor in enabling the customer to manage all their data sets and change control across cloud domains with superior automation and visibility.

在一家大型國際銀行，我們贏得了整體資料中心架構，包括具有第 3 層和 EVPN 的主幹網路。 CloudVision 是一個關鍵的決策因素，它使客戶能夠以卓越的自動化和視覺性管理所有資料集並跨雲端域更改控制。

Our professional services and leading NPS score drove the next win, an enterprise customer providing supply chain management and manufacturing. Their heavy interest in routing on the premise and Azure for the public cloud was made possible with Arista's rich visibility and telemetry.

我們的專業服務和領先的 NPS 得分推動了我們的下一個勝利，即為一家提供供應鏈管理和製造的企業客戶提供服務。他們對本地路由和 Azure 公有雲的濃厚興趣得益於 Arista 豐富的可視性和遙測技術。

Our major messaging platform supporting over 100 million users internationally was a strategic multimillion dollar win for Arista, including a combination of BGP peering and routing across the leaf and spine. Key reasons for this win included high port density, deep packet buffers for the edge as well as routing and EOS programmability to integrate with their homegrown automation.

我們的主要訊息傳遞平台支援著全球超過 1 億用戶，這對 Arista 來說是一項價值數百萬美元的策略性勝利，其中包括跨葉子和主幹的 BGP 對等和路由的組合。獲勝的主要原因包括高端口密度、邊緣的深度資料包緩衝區以及路由和 EOS 可編程性，以便與其自主研發的自動化系統整合。

Another international win was in the IT banking outsourcing sector with a data center interconnect use case. It was once again possible with Arista's architectural advantages for telemetry and day 0 automation as well as assurance capabilities. Our reseller played a key role with Arista, where we were positively viewed as a single team by the customer.

另一項國際勝利是IT銀行外包領域的資料中心互連用例。憑藉 Arista 在遙測和第 0 天自動化以及保證功能方面的架構優勢，這再次成為可能。我們的經銷商在 Arista 中扮演關鍵角色，客戶將我們視為一個團隊。

Last but by no means least, with a global specialty cloud provider headquartered here in the Bay Area, California. Arista's flagship data center with our 3 spine platforms delivered tight performance and rich EOS quality and features such as flow spec, traffic class filtering and partnering for analysis and mitigation.

最後但同樣重要的一點是，我們擁有一家總部位於加州灣區的全球專業雲端供應商。 Arista 的旗艦資料中心配備我們的 3 個主幹平台，提供嚴格的性能和豐富的 EOS 品質以及流量規範、流量類別過濾和合作等功能，用於分析和緩解。

With the collapse of the perimeter, Arista also won the security and visibility forensics layer, combining DMF, DANZ Monitoring Fabric, and NDR, network detection and response, into a holistic platform.

隨著邊界的崩潰，Arista 還贏得了安全性和可視性取證層，將 DMF、DANZ 監控結構和 NDR、網路偵測和回應結合到一個整體平台中。

As you can see, a common theme across all these wins is Arista's strength and proof-of-concept lab, best practice network design and deployment to the CloudVision and EOS being compelling differentiators.

如您所見，所有這些勝利的共同主題是 Arista 的實力和概念驗證實驗室、最佳實踐網路設計和部署到 CloudVision 和 EOS 是引人注目的差異化因素。

In summary, I'm so proud of the Arista team as we have evolved from Arista as a start-up at 0 revenue way back in 2008 to a few hundred million dollars at IPO in 2014 to our first $1 billion a year in 2016, and now our first $1 billion quarter in Q2 2022.

總而言之，我為 Arista 團隊感到驕傲，因為我們已經從 2008 年收入為 0 的初創公司發展到 2014 年 IPO 時的幾億美元，再到 2016 年首次實現 10 億美元的年收入，現在又在 2022 年第二季度實現了第一個 10 億美元的季度收入。

This has been a huge feat, a lot of hard work. And much credit and kudos and gratitude goes out to all my Aristans as well as our unwavering customers who have believed in us, continue to push us to build better cloud networking. Arista is not only the best of breed in cloud data centers today, but really centering multimodal data all the way from the client to the cloud based on our network data lake and AVA architecture. Our quest for proactive, predictive and prescriptive data-driven networking marches on.

這是一個巨大的壯舉，需要付出很多艱苦的努力。我向所有 Aristans 以及我們堅定不移的客戶表示感謝，他們一直相信我們，並繼續推動我們建立更好的雲端網路。 Arista 不僅是當今雲端資料中心領域的佼佼者，而且基於我們的網路資料湖和 AVA 架構，真正實現了從客戶端到雲端的多模式資料集中化。我們對主動性、預測性和規範性的資料驅動網路的追求仍在繼續。

And with that, I'd like to turn it over to Ita for financial specifics.

現在，我想將財務細節問題交給 Ita。

Thanks, Jayshree, and good afternoon. This announcement of our Q2 results and our guidance for Q3 '22 is based on non-GAAP and excludes all noncash stock-based compensation impacts, certain acquisition-related charges and other nonrecurring items. A full reconciliation of our selected GAAP to non-GAAP results is provided in our earnings release.

謝謝，Jayshree，下午好。我們第二季業績公告和 22 年第三季指引是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。我們在收益報告中提供了所選的 GAAP 結果與非 GAAP 結果的完整對帳表。

Total revenues in Q2 were $1.052 billion, up 48.7% year-over-year and well above the upper end of our guidance range of $950 million to $1 billion. Overall, demand in the quarter was healthy with strength across all areas of the business. The supply environment remains challenging with ongoing supplier decommits constraining shipments and requiring higher cost broker purchases and expedite fees.

第二季總營收為 10.52 億美元，年增 48.7%，遠高於我們預期的 9.5 億美元至 10 億美元的上限。整體而言，本季需求健康，各業務領域均表現強勁。供應環境仍充滿挑戰，供應商不斷取消承諾，限制出貨量，並要求提高經紀人採購成本和加急費用。

Services and subscription software contributed approximately 17.6% of revenue in the second quarter, down from 19.2% in Q1. This largely reflected accelerated growth in product revenues, while services and software continue to grow on a more consistent basis.

服務和訂閱軟體在第二季度貢獻了約 17.6% 的收入，低於第一季的 19.2%。這在很大程度上反映了產品收入的加速成長，而服務和軟體繼續以更穩定的方式成長。

International revenues for the quarter came in at $206.8 million or 20% of total revenue, down from 24% in the first quarter. This reflected strength in U.S. revenues in the period, particularly with our larger cloud titan customers. Overall gross margins in Q2 were 61.9% at the upper end of our guidance range of 60% to 62% with somewhat lower-than-expected expedite fees in the period. As previously discussed, the current lower gross margin ranges reflect a healthy cloud mix and the need for higher levels of broker component sourcing and expedite fees.

本季國際營收為 2.068 億美元，佔總營收的 20%，低於第一季的 24%。這反映了該時期美國收入的強勁成長，尤其是來自我們較大的雲端運算巨頭客戶的收入。第二季的整體毛利率為 61.9%，處於我們 60% 至 62% 的預期範圍的上限，同時本季的加急費用略低於預期。如前所述，目前較低的毛利率範圍反映了健康的雲端組合以及對更高水準的經紀組件採購和加急費用的需求。

Operating expenses for the period were mostly flat to last quarter at $226.1 million or 21.5% of revenue. R&D spending came in at $148 million or 14.1% of revenue, up from last quarter at $144.3 million. This primarily reflected increased headcount costs in the period.

本期間營業費用與上一季基本持平，為 2.261 億美元，佔營收的 21.5%。研發支出為 1.48 億美元，佔營收的 14.1%，高於上一季的 1.443 億美元。這主要反映了該期間員工成本的增加。

Sales and marketing expense were $63.1 million or 6% of revenue compared to $66.2 million last quarter, with increased headcount offset by lower variable expenses. Our G&A costs came in at $15 million or 1.4% of revenue, consistent with last quarter.

銷售和行銷費用為 6,310 萬美元，佔收入的 6%，而上一季為 6,620 萬美元，員工人數增加被變動費用的降低所抵消。我們的一般及行政費用為 1,500 萬美元，佔營收的 1.4%，與上一季持平。

Our operating income for the quarter was $425.5 million or 40.4% of our revenue. Other income and expense for the quarter was a favorable $4.6 million, and our effective tax rate was approximately 20.9%. This resulted in net income for the quarter of $342.7 million or 32.6% of revenue.

本季我們的營業收入為 4.255 億美元，占我們營收的 40.4%。本季的其他收入和支出為 460 萬美元，我們的有效稅率約為 20.9%。這使得本季淨收入達到 3.427 億美元，佔營收的 32.6%。

Our diluted share number was 316.58 million shares, resulting in a diluted earnings per share number for the quarter of $1.08, up approximately 59% from the prior year.

我們的稀釋股數為 3.1658 億股，導致本季每股稀釋收益為 1.08 美元，比上年增長約 59%。

Now turning to the balance sheet. Cash, cash equivalents and investments ended the quarter at approximately $2.9 billion. We repurchased $483.7 million of our common stock during the second quarter at an average price of $101 per share. As a reminder, we've now repurchased approximately $693 million or 6.5 million shares against our October 2021 billion-dollar Board authorization. The actual timing and amount of future repurchases will be dependent on market and business conditions, business requirements, stock price, acquisition opportunities and other factors.

現在轉向資產負債表。本季末，現金、現金等價物和投資約 29 億美元。我們在第二季以平均每股 101 美元的價格回購了 4.837 億美元的普通股。提醒一下，我們現在已回購了價值約 6.93 億美元或 650 萬股股票，這已超出董事會 2021 年 10 月的 10 億美元授權。未來回購的實際時間和金額將取決於市場和業務狀況、業務需求、股票價格、收購機會和其他因素。

We also completed 2 acquisitions in the first half with a total consideration of $158.9 million, including $4 million in common stock and the remainder in cash. The revenue and expenses associated with these acquisitions are included in our outlook provided below and are not expected to have a material impact on our financials in the near term.

我們也在上半年完成了兩項收購，總對價為 1.589 億美元，其中包括 400 萬美元的普通股，其餘則以現金支付。與這些收購相關的收入和費用包含在下面提供的展望中，預計短期內不會對我們的財務狀況產生重大影響。

Now turning to operating cash performance for the second quarter. We generated $101.1 million of cash from operations in the quarter, reflecting strong earnings performance, somewhat offset by increased working capital investments. Increases in inventory and other assets are mainly driven by a receipt of components for future shipments, including shipments delayed due to supplier decommits. This trend should reverse once overall supply conditions for these decommitted components improve.

現在來談談第二季的經營現金表現。本季度，我們產生了 1.011 億美元的經營現金，反映出強勁的獲利表現，但營運資本投資的增加在一定程度上抵消了這一影響。庫存和其他資產的增加主要是由於收到未來裝運的零件，包括由於供應商取消承諾而延遲的裝運。一旦這些退役零件的整體供應狀況改善，這種趨勢就會逆轉。

DSOs came in at 51 days, down from 67 days in Q1, reflecting the linearity of billings and a decline in deferred revenue in the period. Inventory turns were 1.9x, up from 1.7x in the prior quarter. Inventory increased $852.8 million in the quarter, up from $694.2 million in the prior period, reflecting higher component and peripherals inventory and a small increase in switch-related finished goods.

DSO 為 51 天，低於第一季的 67 天，反映了帳單的線性和該期間遞延收入的下降。庫存週轉率為 1.9 倍，高於上一季的 1.7 倍。本季庫存增加了 8.528 億美元，高於上期的 6.942 億美元，反映了零件和周邊設備庫存的增加以及交換器相關成品的小幅增加。

Our purchase commitment number for the quarter was $4.5 billion, up from $4.3 billion in Q1. These multiyear purchase commitments reflect overall strength in demand and the current long lead time supply environment. As a reminder, we continue to prioritize newer early life cycle products for inclusion in these strategies in order to help mitigate the risk of excess or obsolescence.

我們本季的採購承諾金額為 45 億美元，高於第一季的 43 億美元。這些多年的購買承諾反映了整體需求實力和當前較長的交貨期供應環境。提醒一下，我們繼續優先考慮較新的早期生命週期產品以納入這些策略，以幫助減輕過剩或過時的風險。

Our total deferred revenue balance was $1 billion, down from $1.1 billion in Q1. The majority of the deferred revenue balance is services related and directly linked to the timing and term of service contracts, which may vary on a quarter-by-quarter basis. Approximately $228 million of the balance, down from $327 million last quarter, represents product deferred revenue largely related to customer-specific acceptance clauses for new products with our larger customers.

我們的遞延收入總額餘額為 10 億美元，低於第一季的 11 億美元。遞延收入餘額大部分與服務有關，與服務合約的時間和期限直接相關，可能按季度變化。餘額中約有 2.28 億美元（低於上一季的 3.27 億美元）代表產品遞延收入，主要與我們較大客戶針對新產品的客戶特定驗收條款有關。

Accounts payable days were 63 days, up from 58 days in Q1, reflecting the timing of inventory receipts and payments. Capital expenditures for the quarter were $8.9 million.

應付帳款天數為 63 天，高於第一季的 58 天，反映了庫存收款和付款的時間。本季的資本支出為 890 萬美元。

Now turning to our outlook for the third quarter and beyond. Our Analyst Day outlook for 2022 call for 30% year-over-year revenue growth, somewhat balanced across our market sectors and heavily constrained by supply. Reflecting on the first half of the year, we achieved revenue growth of approximately 40% in the face of a very difficult supply environment.

現在來談談我們對第三季及以後的展望。我們對 2022 年分析師日的預測是，營收將年增 30%，各個市場部門之間將略有平衡，但受到供應的嚴重限制。回顧上半年，在非常困難的供應環境下，我們實現了約40%的營收成長。

We had, again, saw the resilience of the business model with higher component costs, combined with a heavier cloud mix, lowering gross margin but allowing for increased scale, operating margin expansion and year-over-year earnings per share growth of approximately 48%.

我們再次看到了商業模式的彈性，零件成本上升，加上雲端運算業務佔比增加，雖然降低了毛利率，但實現了規模擴大、營業利潤率提高，每股收益同比增長約 48%。

Looking to the third quarter. While demand metrics have remained strong across the business, attempts to predictably scale shipments have been somewhat hindered by ad hoc supplier decommits. Our Q3 outlook assumes some improvement in ship volume but reflects a balanced view of the remaining supply chain uncertainties.

展望第三季。雖然整個行業的需求指標一直保持強勁，但由於臨時供應商取消承諾，可預測地擴大出貨量的嘗試受到了一定程度的阻礙。我們對第三季的展望假設船舶數量會有所改善，但也反映了對剩餘供應鏈不確定性的平衡看法。

We expect gross margin pressure to continue with some need for broker purchases and expedite fees, combined with a healthy revenue contribution from our cloud titan customers. As to spending and investments, we expect to continue to grow our investments in R&D and sales and marketing, in line with our baseline investment plan. However, we are cognizant of the broader macro risks, and we'll continue to monitor spending carefully.

我們預計毛利率壓力將持續存在，因為需要一些經紀人購買和加急費用，再加上我們的雲端巨頭客戶的健康收入貢獻。至於支出和投資，我們預計將繼續增加對研發和銷售及行銷的投資，符合我們的基本投資計畫。然而，我們意識到更廣泛的宏觀風險，我們將繼續密切監控支出。

So all of this as a backdrop, our guidance for the third 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 $1.025 billion to $1.075 billion, gross margin of approximately 60% to 62%, operating margin of approximately 39%. Our effective tax rate is expected to be approximately 21% and diluted shares on a post-split basis of approximately 316 million shares.

因此，在所有這些背景下，我們對第三季度的預期（基於非 GAAP 結果且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：收入約為 10.25 億美元至 10.75 億美元，毛利率約為 60% 至 62%，營業利潤率約為 39%。我們的有效稅率預計約為 21%，拆分後攤薄股份約為 3.16 億股。

I will now turn the call back to Liz. Liz?

我現在將把電話轉回給利茲。莉茲？

Thank you, Ita. We will now move to the Q&A portion of the Arista earnings call. (Operator Instructions) Thank you for your understanding. Operator, take it away.

謝謝你，伊塔。我們現在進入 Arista 收益電話會議的問答部分。 （操作員指示）感謝您的理解。接線員，把它拿走。

(Operator Instructions) Your first question comes from the line of Aaron Rakers with Wells Fargo.

（操作員指示）您的第一個問題來自富國銀行的 Aaron Rakers。

Congratulations on the quarter. I just -- Ita, I'd like to go through the outlook commentary that you provided. Appreciating that you gave the 3Q guide. I guess I was a little bit confused or maybe I just missed it. Are you -- what is the updated kind of expectation for the full year? Because as we look at it, obviously, 30% growth would imply some form of pretty sharp deceleration in the fiscal -- or in the calendar fourth quarter. So just curious if you could update us how you're thinking about that 30% that you laid out at the Analyst Day, obviously, for the implied 4Q guide.

恭喜本季取得佳績。我只是——伊塔，我想看你提供的展望評論。感謝您提供 3Q 指南。我想我有點困惑或者可能只是錯過了。您對於全年的最新預期是什麼？因為從我們的角度來看，顯然 30% 的成長率意味著財政季度或日曆第四季出現某種形式的相當急劇的減速。所以我很好奇，您是否可以告訴我們，您對分析師日上提出的 30% 的看法，顯然，這是隱含的第四季度指南。

Yes. I mean obviously, we're pretty happy that we've done very well against that original metric for the year. I mean we're pretty much at 40% for the first 3 quarters. We're not guiding the fourth quarter specifically, just given some of the uncertainty around supply, et cetera. But I think we feel pretty good about where we sit now versus that original growth rate.

是的。我的意思是，顯然，我們很高興我們今年的成績相對於最初的指標來說非常好。我的意思是，前三個季度我們的成長率幾乎達到了 40%。我們沒有具體預測第四季的情況，只是考慮到供應等方面的一些不確定性。但我認為，相對於最初的成長率，我們對目前的狀況感到相當滿意。

Aaron, this is Jayshree. There's a lot that we have taken as a team, Anshul, Ita and myself, is 1 quarter at a time when we get so many surprises on supply chain. There's no point getting ahead of ourselves. But we certainly feel good that the demand and our commitment and execution has gone well, well, well north of the 30% we guided in 30% -- in November last year, but 1 quarter at a time is still our philosophy.

亞倫，這是傑什裡。作為一個團隊，我們、Anshul、Ita 和我，已經做了很多事情，每個季度我們都會遇到很多關於供應鏈的意外。超越自己是沒有意義的。但我們確實感到高興的是，需求、承諾和執行情況都很好，遠遠超過了我們去年 11 月預期的 30%——但一次一個季度地實現這一目標仍然是我們的理念。

Your next question comes from the line of David Vogt with UBS.

您的下一個問題來自瑞銀的 David Vogt。

So maybe just want to follow up on supply chain and vendor decommits. I know there were some headwinds last quarter, and it sounds like you have more this quarter. But one of your competitors really struggled, I think, securing components. Obviously, they paid higher expedited fees and revenue growth was strong, but it sounds like that they took a bigger hit. Just wanted to kind of get a sense for what you're seeing in that market, whether it's in the broker market for the components or the expedited freight fees. Just a little bit more color. And how do you think that plays out the balance of the year? I know you talked about having some limited visibility. But is there an expectation that as we maybe move into next year, we could see some relief, and that gross margins could get a little bit healthier as we move into '23?

所以也許只是想跟進供應鏈和供應商的承諾。我知道上個季度出現了一些阻力，而且聽起來本季阻力會更大。但我認為，你們的其中一個競爭對手在確保零件供應方面確實遇到了困難。顯然，他們支付了更高的加急費用，而且收入成長強勁，但聽起來他們受到的打擊更大。只是想了解您在該市場看到的情況，無論是零件經紀市場還是加急運費。只是顏色稍微多一點。您認為這會對今年的平衡產生什麼影響？我知道您談到了可見性有限的問題。但是，我們是否預期，隨著進入明年，我們會看到一些緩解，並且隨著進入23年，毛利率可能會變得更健康一些？

Yes. So David, I think, as you know from our strategy, we have left no stone unturned in supply purchase commitments. They just keep going higher and higher. This quarter, we reported $4.5 billion. So there's no lack of desire in Arista's part to fulfill the demand we have. We are clearly going in with strong demand, strong backlog, et cetera.

是的。所以大衛，我想，正如你從我們的策略中知道的那樣，我們在供應採購承諾方面不遺餘力。他們只是不斷地往上爬。本季度，我們報告的收入為 45 億美元。因此，Arista 並不缺乏滿足我們需求的慾望。顯然，我們正面臨強勁的需求、龐大的積壓訂單等等。

However, we need all the components to come together, and the component problem continues. It has been bad in Q1. It's no better in Q2, and we're not foreseeing it much -- with much improvement in Q3. So perhaps in 2023, we'll get some relief. But again, to get relief, we have to have all the components come. If we're missing one component, we can't build a system. So our guide reflects that and our behavior in how we acquire components is reflecting that. We're still not getting the components. Many of the components have 70-week lead times, and therefore, we have to plan multiple quarters and years for that.

然而，我們需要將所有組件組合在一起，而組件問題仍然存在。第一季的情況很糟糕。第二季的情況也沒有好轉，我們預期第三季的情況也不會有太大改善。因此也許到 2023 年，我們會得到一些緩解。但是，為了得到救濟，我們必須擁有所有的組件。如果缺少一個組件，我們就無法建立一個系統。所以我們的指南反映了這一點，我們獲取組件的行為也反映了這一點。我們仍未收到零件。許多組件的交付週期為 70 週，因此我們必須為此進行多個季度和數年的規劃。

Just a quick follow-up, Jayshree. So the $4.5 billion of purchase order commitments, I know it's multiple years, but how do you -- maybe can you help us think about how that sort of falls through the balance of this year into '23 and beyond from a product revenue perspective? If you could help us kind of frame that.

只是一個快速的跟進，Jayshree。所以，45 億美元的採購訂單承諾，我知道這需要好幾年的時間，但是從產品收入的角度來說，您能幫我們思考一下，從今年到 23 年及以後，這筆訂單會如何平衡呢？如果您能幫助我們建立這一點。

Yes. If we could do that, we probably wouldn't buy so much. We don't know. We know it's a multiyear commitment, and it comes when our suppliers deliver it to us. So in most cases, we're just not getting enough supply, and we're getting very small percentages of what we ask.

是的。如果我們能做到這一點，我們可能就不會買那麼多了。我們不知道。我們知道這是一項多年的承諾，當我們的供應商將其交付給我們時，它就會實現。因此在大多數情況下，我們的供應都不夠，我們得到的供應量只占我們要求的一小部分。

Your next question comes from the line of Jim Suva with Citigroup.

您的下一個問題來自花旗集團的吉姆蘇瓦。

Congratulations to your entire team for such great work in a very challenging supply chain environment. I wanted to focus my question on the demand side. It sounds like Ita and Jayshree both mentioned that the demand has gone well north of 30%. But you're not updating the full year and taking it 1 quarter at a time. That makes sense.

恭喜你們整個團隊在極具挑戰性的供應鏈環境中做出如此出色的工作。我想把我的問題集中在需求方面。聽起來 Ita 和 Jayshree 都提到需求已經遠超過 30%。但是您不是在更新全年數據，而是每次更新一個季度的數據。這很有道理。

But the question I have is more about kind of the backlog and visibility that you're getting. I only assume backlog continued to increase. But we recently saw some news of some of the cloud titans changing their depreciation schedules for the switch and network components. So I'm wondering how you think about that. And are you getting more visibility than, say, even 6 months ago given the supply chain issues?

但我的問題更多的是關於您所獲得的積壓和可見性。我只是假設積壓訂單將繼續增加。但最近我們看到一些雲端運算巨頭改變其交換器和網路組件折舊計劃的消息。所以我想知道您對此有何看法。考慮到供應鏈問題，您是否比 6 個月前獲得了更多的知名度？

Sure, Jim. Thank you for the good wishes. And I couldn't agree with you more. I'm very proud of the Arista team for this major milestone this quarter and beyond.

當然，吉姆。謝謝您的祝福。我非常同意你的觀點。我為 Arista 團隊在本季及以後取得的這一重要里程碑感到非常自豪。

So I remember a time when we talked about cloud titans LNG. Would it be flat or single digits? It's a very proud moment to say Anshul and the team have been consistently growing the entire 5 verticals but especially the cloud titans significantly. So all the growth and upside you're seeing north of 30% is a direct contribution to the healthiness of our cloud customers, especially the cloud titans. So first, I want to say that.

我記得有一次我們談論過雲巨人液化天然氣 (LNG)。它會是平的還是個位數？我很自豪地說，Anshul 和他的團隊一直在穩步發展整個 5 個垂直領域，特別是雲端運算領域。因此，您所看到的超過 30% 的成長和上升空間直接促進了我們的雲端客戶，尤其是雲端巨頭的健康發展。首先我想說的是。

Secondly, we don't report orders. We don't report backlog. We're very disciplined about that. They kind of are meaningless numbers unless we can execute. Our visibility has improved with the cloud titans. I'm going to turn it over to you. They've gone from 6 months, Anshul, to about a year. How are you feeling about that?

其次，我們不申報訂單。我們不報告積壓。我們對此非常自律。除非我們能夠執行，否則它們都是毫無意義的數字。隨著雲層的出現，我們的能見度也提高了。我要把它交給你。安舒爾，時間已經從六個月延長到了一年左右。你對此有何感想？

Right. Well, the cloud customers are as anxious as everyone else to get through these supply constraints so that they can come back to normal planning. But for the time being, they understand the issues. And as I highlighted, they not only partner with us on product, they actually go deeper in understanding what the constraints are, which component is short and so on.

正確的。嗯，雲端客戶與其他人一樣急於突破這些供應限制，以便他們能夠恢復正常計劃。但就目前而言，他們了解這些問題。正如我所強調的那樣，他們不僅在產品上與我們合作，而且他們實際上更深入地了解了限制因素是什麼、哪個組件缺少什麼等等。

So the visibility is roughly a year. 52 weeks is our current lead time with them. But in the near term, that demand is healthy. We can't really predict what happens beyond that. A lot of people are trying to guess -- are asking us on their behalf. I think it's best to ask these big companies directly. But we feel good about their business and the build-outs. They're in a healthy cycle. As you all know, they're doing the 400-gig upgrade or investment in the DCI layers and several other refreshes inside the data center as well. So all that is coming along well.

因此可見性大約為一年。我們目前的交付週期是 52 週。但從短期來看，這種需求是健康的。我們確實無法預測此後會發生什麼。許多人都在試圖猜測——並代表他們向我們詢問。我認為最好直接問這些大公司。但我們對他們的業務和建設感到滿意。它們處於健康的循環中。眾所周知，他們正在對 DCI 層進行 400G 升級或投資，並且還在資料中心內部進行其他幾項更新。一切進展順利。

And then just back to the depreciation question, Jim. I mean I think when you think about accounting and how that works, I mean that usually follows what's already been happening kind of in the business. So I don't think there's anything new there from an operations perspective. It's just the accounting kind of catching up to what's happening in the field. And we saw something similar a couple of years ago, where they also kind of elongated the depreciation cycle. But we didn't see anything different in the operations of the business.

然後回到折舊問題，吉姆。我的意思是，當你考慮會計及其運作方式時，它通常會遵循業務中已經發生的事情。因此我認為從營運角度來看並沒有什麼新鮮事。這只是一種會計方式，用來了解現場發生的情況。幾年前我們也看過類似的情況，它們也延長了折舊週期。但我們並未看到業務運營有任何不同。

Congratulations to you and your teams.

恭喜您和您的團隊。

Thank you.

謝謝。

Your next question comes from the line of Samik Chatterjee with JPMorgan.

您的下一個問題來自摩根大通的 Samik Chatterjee。

I guess, Jayshree, as we've gone through this earnings season the last week or so, we've seen some mixed feedback on how the enterprise vertical is responding to the current macro. Just wondering if you can sort of -- I'm not asking for orders or backlog from the enterprise vertical, but how are your conversations with enterprise customers progressing? Do you see the same intent in terms of spending from them going into the next year? And the response to -- I know on the last earnings call, you talked about price increases. So how has the response been to those price increases in the enterprise vertical?

我想，Jayshree，隨著我們在過去一周左右經歷這個收益季，我們看到了一些關於企業垂直行業如何響應當前宏觀經濟的混合反饋。只是想知道您是否可以——我不是在詢問企業垂直領域的訂單或積壓訂單，但您與企業客戶的對話進展如何？您是否認為他們明年的支出意圖是一樣的？關於這一點，我知道，在上次財報電話會議上，您談到了價格上漲。那麼企業垂直市場對這些價格上漲的反應如何？

Thank you, Samik. Well, nobody likes price increases, for sure. But I have to tell you, the customer credibility and connection we have has never been higher with both enterprise and cloud customers. I mean when you step back and look at this, in less than 5 years, we are now larger than many legacy stand-alone enterprise customers, right?

謝謝你，薩米克。嗯，肯定沒有人喜歡價格上漲。但我必須告訴你，無論是企業客戶還是雲端客戶，我們與客戶之間的信譽和聯繫從未如此高。我的意思是，當你回顧並回顧這一點時，在不到 5 年的時間裡，我們的規模就已經比許多傳統的獨立企業客戶更大了，對嗎？

So enterprise business has been growing faster than many of our competitors and peers. I feel good that we have a strong relationship with them. And despite all the talk of recession, while Arista is not a bellwether for a macro recession, I would certainly classify our quarter and much of this year as micro momentum and a little oasis both for enterprise and cloud in our execution.

因此，企業業務的成長速度比我們的許多競爭對手和同行都要快。我很高興我們與他們保持著牢固的關係。儘管人們都在談論經濟衰退，但 Arista 並不是宏觀經濟衰退的風向標，我肯定會將我們這個季度以及今年的大部分時間歸類為微觀動力，以及企業和雲端運算執行中的一片綠洲。

Your next question comes from the line of James Fish with Piper Sandler.

您的下一個問題來自派珀·桑德勒 (Piper Sandler) 的詹姆斯·菲什 (James Fish)。

I want to go back on the supply chain because it does seem based on your product deferred coming down by about $100 million. And Ita, we talked about roughly $50 million drawdown a quarter. It seemed like you were able to ship a little bit more and the expedited fees came down.

我想回到供應鏈上，因為根據您的產品延期付款情況來看，這似乎下降了約 1 億美元。伊塔，我們談到了每季約 5000 萬美元的虧損。看起來你們可以多運送一點貨物，而且加急費用也下降了。

Are you expecting this reversal of product deferred to continue somewhat at this rate? Because I think it was last quarter, we were talking about $50 million drawdown. And is there any way to help us bridge how backlog can feed into product deferred revenue, understanding it does still come down to execution, Jayshree?

您是否預期產品延期的逆轉將以這樣的速度持續下去？因為我認為上個季度我們正在談論 5000 萬美元的虧損。有什麼方法可以幫助我們理解積壓訂單如何轉化為產品遞延收入，同時又能理解這仍然取決於執行，Jayshree？

Yes. Jim, I don't think we're going to kind of discuss kind of the backlog of the bookings. This is kind of the worst possible time to do that with lead times where they are and et cetera. It's just not a helpful metric.

是的。吉姆，我認為我們不會討論預訂積壓的問題。考慮到交貨時間等等，現在可能是做這件事最糟糕的時候了。這只是一個沒什麼用的指標。

Coming back to the deferred revenue, we did draw down $100 million in Q2. And the guide that we just gave you for Q3 assumes no drawdown, right? So just to be clear, there's no assumption of deferred revenue drawdown. So we are improving on the shipment side in Q3. So I think that's good news. We're pleased to see that. I think that's probably the best way to think about it.

回到遞延收入，我們在第二季確實減少了 1 億美元。我們剛剛為您提供的第三季指南假設沒有下降，對嗎？因此需要明確的是，不存在遞延收入減少的假設。因此，我們第三季的出貨量有所改善。所以我認為這是好消息。我們很高興看到這一點。我認為這可能是最好的思考方式。

Your next question comes from the line of Alex Henderson with Needham & Company.

您的下一個問題來自 Needham & Company 的 Alex Henderson。

Great. First off, I found in quarter 48% revenue growth. I looked at our model back to 2014, '15 time frame. And I think you've only generated 3 quarters that are in that vicinity of 50%, which is pretty amazing since one of the last times you were up there was back when you were a $600 million annual company, much less the revenues you're producing now.

偉大的。首先，我發現本季營收成長了 48%。我回顧了我們的模型在 2014 年和 2015 年的時間框架內的情況。我認為你們只有 3 個季度的營收達到了 50% 左右，這相當令人驚訝，因為你們上一次達到這個水平時，年營收已經達到 6 億美元，更不用說現在的收入了。

So I guess my question is, as we look at that comp and think about the out year, and we listened to you say that you've got a year's worth of lead time, is there any reason to believe that we should be tailoring down our expectations for '23 given your commentary at your Analyst Day would imply around a 15% growth rate in that time frame? Or should we be taking these extremely tough comps that you're generating this year against a supply-constrained environment and look at those as too daunting to grow at that rate against? And I know you don't like to go out, but you're kind of forced to think about it.

所以我想我的問題是，當我們查看該比較並思考未來一年時，我們聽您說您有一年的交貨時間，是否有理由相信我們應該下調對'23年的預期，因為您在分析師日的評論暗示該時間範圍內的增長率約為 15％？或者，我們是否應該將您今年在供應受限的環境下產生的這些極其艱難的比較結果視為過於艱鉅而無法以這樣的速度增長？我知道你不喜歡出去，但你還是得考慮這個問題。

You know us well, Alex. You know us well. Well, first of all, thank you for the discussion down history lane. It's always good to know when -- how we grew at $600 million and how we're growing now off a base that's almost $3.9 billion or whatever it will be by the end of the year.

你很了解我們，亞歷克斯。你很了解我們。嗯，首先，感謝您對歷史的討論。知道什麼時候我們能以 6 億美元的速度成長，以及我們現在如何在近 39 億美元的基礎上繼續成長，或者到今年年底會達到什麼水平，這總是一件好事。

I think the way to think of this is the following: We committed to double-digit growth, and we see no reason of our large base that we still couldn't grow double digits next year. We do think that the lead times will improve maybe in the back half of 2023. And as lead times improve, there will be some challenges, right? The challenges will come in terms of losing some of our visibility and as well as our demand. And then if there really is a recession, we'll probably feel it too. But all said and done, we're still feeling good about 22%, and we're feeling good about the first half of '23. And we'll tell you more at the next Analyst Day.

我認為可以這樣想：我們致力於實現兩位數的成長，而且我們認為沒有理由因為我們的基數很大而無法在明年實現兩位數的成長。我們確實認為交貨時間可能會在 2023 年下半年有所改善。我們面臨的挑戰是失去一些知名度以及需求。如果真的出現經濟衰退，我們可能也會感受到。但總而言之，我們仍然對 22% 感到滿意，並且對 23 年上半年感到滿意。我們將在下次分析師日告訴您更多。

Your next question comes from the line of Jason Ader with William Blair.

您的下一個問題來自 William Blair 的 Jason Ader。

Can you hear me?

你聽得到我嗎？

We can hear you now.

我們現在能聽到你的聲音了。

Okay. Sorry. When we think about your enterprise 7- and 8-figure accounts, is there any way to tell how penetrated you are in those accounts? Because I know in some cases, they may have another primary supplier, and they're using you for maybe part of their network or new data center or something. But just it would be helpful to know how much headroom you have in some of those large enterprises where you've already penetrated to some extent. But just curious about how you think about that.

好的。對不起。當我們考慮您企業的 7 位數和 8 位數帳戶時，有什麼方法可以判斷您對這些帳戶的滲透程度？因為我知道在某些情況下，他們可能有另一個主要供應商，他們可能會將你用於其部分網路或新資料中心等。但了解您在已經在一定程度上滲透的某些大型企業中還有多少發展空間是有幫助的。但我只是好奇你是如何看待這個問題的。

Jason, that's an excellent question. I don't have a precise answer for you. But I think one of the verticals we have good penetration is the financials. We started out in the high-frequency trading. But even there, I'd say we have a long way to go because we've got the data center opportunity. We've got the campus.

傑森，這個問題問得非常好。我無法給你確切的答案。但我認為我們滲透率較高的垂直產業之一是金融業。我們從高頻交易開始。但即使如此，我想我們還有很長的路要走，因為我們有資料中心的機會。我們到了校園。

And then if you look at the other verticals, we're only starting, right? Less than 5 years in our journey here. So -- and as you know, enterprises have a long tail and take time. So I don't feel very penetrated in the enterprise. There's huge TAM and huge upside. And we're probably a little more penetrated in the financials of the data center but still nothing close to 50%.

如果你看一下其他垂直行業，我們才剛開始，對嗎？我們來這裡已經不到五年了。所以 — — 如你所知，企業具有長尾效應並且需要時間。所以我感覺自己在企業中的滲透力不是很強。其潛在潛在價值 (TAM) 和上升空間巨大。我們可能對資料中心的財務狀況有更深的了解，但仍遠遠沒有達到 50%。

And are you seeing those orders grow every year -- I mean those accounts grow every year at a nice pace? Just to give us a sense of kind of the follow-on opportunity after you get that initial land?

您是否看到這些訂單每年都在增長 - 我的意思是這些帳戶每年都在以良好的速度增長？只是為了讓我們了解一下獲得最初的土地之後的後續機會嗎？

Yes. No, we definitely see land and expand. It doesn't always happen exactly every year. It depends on their spend, but it certainly happens over several quarters. Or sometimes, it skips a year and goes to the next year.

是的。不，我們確實看到了土地並進行了擴張。它並不總是每年都會發生。這取決於他們的支出，但肯定會在幾個季度內發生。或者有時，它會跳過一年，直接進入下一年。

Your next question comes from the line of Ben Bollin with Cleveland Research.

您的下一個問題來自克利夫蘭研究公司的 Ben Bollin。

Anshul, I had a question for you about your thoughts on how equipment availability is influencing the network redundancy in these large cloud titans. How is that evolving? And how are they playing catch-up to address some of the shortages they're seeing?

Anshul，我想問您一個問題，關於您對設備可用性如何影響這些大型雲端巨頭的網路冗餘的看法。其進展如何？他們如何應對所遇到的一些短缺問題？

Okay. That's a good question. Generally, these customers are very resilient architectures with the leaf spine designs. So they could do short-term trade-offs if they absolutely had to. They try to avoid these because it's very hard to go back and retrofit a site. But if you are just completely out, then you'd go with a lighter network initially, and then you add more over time. But I don't think that's happening broadly. I saw some comments floating out as well, but that's a rare exception. Most customers are deploying the site at the scale they want to open.

好的。這是個好問題。一般來說，這些客戶都是採用葉脊設計的非常有彈性的架構。因此，如果絕對必要的話，他們可以做出短期權衡。他們試圖避免這些問題，因為回去改造一個網站非常困難。但如果您完全退出，那麼您最初會採用較輕的網絡，然後隨著時間的推移添加更多的網絡。但我不認為這種情況正在廣泛發生。我也看到了一些評論，但那是罕見的例外。大多數的客戶都是按照自己想要開放的規模來部署網站。

Your next question comes from the line of Rod Hall with Goldman Sachs.

您的下一個問題來自高盛的羅德霍爾 (Rod Hall)。

Yes. I guess I'll use the oasis analogy again, Jayshree. So you have this nice oasis. Are you taking water from somebody else's oasis? I'm just curious whether you are using -- able to supply in this environment. Even though I know it's tough for you, it seems like you've done better than others. And I'm wondering, do you feel like that's something you've been able to use to gain a little bit of share maybe from some other competitors, particularly in enterprise. And I have a quick follow-up for you.

是的。我想我會再次使用綠洲類比，Jayshree。所以你就有了這個美麗的綠洲。你是否從別人的綠洲取水？我只是好奇您是否正在使用——能夠在這種環境下供應。雖然我知道這對你來說很難，但看起來你比其他人做得更好。我想知道，您是否覺得您可以利用這一點從其他競爭對手那裡獲得一些市場份額，特別是在企業領域。我還有一個快速的跟進問題需要回答。

Thanks, Rod. I now feel like a camel. To continue your analogy, I think it's multiple efforts. As Anshul alluded to, the manufacturing team and the supply chain has just done an outstanding job. The leadership of Anshul, John McCool, Susan Hayes, they have left no stone unturned.

謝謝，羅德。我現在感覺自己就像一頭駱駝。繼續你的類比，我認為這是多方面的努力。正如安舒爾所提到的，製造團隊和供應鏈做得非常出色。在安舒爾 (Anshul)、約翰·麥庫爾 (John McCool)、蘇珊·海斯 (Susan Hayes) 等領導的帶領下，他們竭盡全力。

I can't speak to my peers in the industry, but I can just tell you that my team pushes themselves to keep doing better and they are an A team already. So thank you for that.

我無法與業內同行交談，但我可以告訴你，我的團隊不斷努力做得更好，他們已經是一支 A 團隊了。非常感謝你。

But coming back to also the relationship we have with our enterprise. When I look at what Chris Schmidt, Ashwin and the team are doing, we now have a far bigger relevance and seat at the table. It's an investment we only started a few years ago, 3 to 4 years ago. And we feel like the enterprises are inviting us as much as we are going to them.

但回到我們與企業的關係。當我看到克里斯·施密特、阿什溫和團隊所做的事情時，我們發現我們現在有更大的意義和地位。這是我們幾年前（三、四年前）才開始的投資。我們感覺企業在邀請我們，就像我們去拜訪他們一樣。

And our product, our quality, our differentiation, our software-defined capabilities with CloudVision and EOS speak for themselves. So it's a combination of becoming the gold standard even for not only cloud titans, but the enterprise, our manufacturing execution and then also the relationships we've built, albeit young, where it's less than 5 years old, we've got a long ways to go.

我們的產品、我們的品質、我們的差異化、我們透過 CloudVision 和 EOS 實現的軟體定義功能不言而喻。因此，這不僅是雲端運算巨頭的黃金標準，也是企業、製造執行以及我們建立的關係的黃金標準，儘管它還很年輕，不到 5 年，但我們還有很長的路要走。

Okay. And then I also wanted to ask, there's been a lot of speculation about the delay in Sapphire Rapids and maybe what effect that would have on major project builds, whether it might create some volatility in those builds or something like that. I'm just curious if you could give us any color on that, what you think about, does it affect things at all.

好的。然後我還想問一下，關於 Sapphire Rapids 的延遲有很多猜測，這可能會對主要項目建設產生什麼影響，是否會對這些建設造成一些波動或類似的事情。我只是好奇您是否可以給我們一些關於這一點的詳細信息，您認為這是否會對事情產生影響。

Yes. No, the last time we experienced this with Facebook, many of you may remember, it was a little more nightmarish scenario for us. They not only -- because of delays, they skipped an entire server cycle, and Arista certainly felt it, that sneeze turned into pneumonia for us.

是的。不，很多人可能還記得，上次我們在 Facebook 上遇到這種情況時，對我們來說那簡直是一場噩夢。他們不僅——由於延遲，他們跳過了整個伺服器週期，而且 Arista 當然感覺到了，對於我們來說，那個打噴嚏變成了肺炎。

But this time around, I think there are many more competitive options. And what we see, especially due to supply chain, is either the customer will inspect the assets or look for an alternative. Anshul, you're seeing some of this. You can shed some light.

但這一次，我認為有更多有競爭力的選擇。我們看到，特別是由於供應鏈，客戶要么檢查資產，要么尋找替代方案。安舒爾，你看到了其中一些。你可以闡明一些道理。

Sure. Most of these cloud companies -- as quickly as possible -- we're not seeing them wait or have any odd one effect. They will deploy either current technology or alternate technology, whatever they can get their hands on immediately. So there's really no slowdown because of the -- countries.

當然。大多數雲端運算公司都盡可能快速地採取行動，我們沒有看到他們等待或產生任何奇怪的影響。他們將部署現有技術或替代技術，只要他們能夠立即獲得它們。因此，實際上並沒有因為國家原因而出現經濟放緩。

Your next question comes from the line of Meta Marshall with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Meta Marshall。

A couple of questions for me. One, just Ita, would you imagine kind of any of kind of -- I understand for Q3, you're not expecting a major deferred revenue drawdown. But just how you're thinking about it throughout the year?

我有幾個問題。首先，Ita，您是否可以想像到——據我了解，對於第三季度，您預計遞延收入不會大幅減少。但您這一年到底是怎麼想的呢？

And then second question, just maybe on supply chain. I think some peers kind of within the space have maybe said within the last couple of weeks or maybe even the last month of the quarter, conditions may be improved slightly. Your guidance would imply that there is kind of some improvement happening. So I just wanted to see kind of during the quarter, is there any volatility that we should be mindful of or any kind of signs as you exited the quarter that conditions are just improving slightly?

第二個問題可能與供應鏈有關。我認為該領域的一些同行可能已經表示，在過去幾週，甚至本季的最後一個月，情況可能會略有改善。您的指導意味著正在發生某種改善。因此，我只是想看看，在本季度中，是否存在我們應該注意的波動，或者在本季度結束時是否有任何跡象表明情況正在略有改善？

Yes. I think on the deferred, it's tough to kind of forecast it out into Q4, especially when we're not kind of being very specific on the overall quarter. I think it's a quarter at a time, we have seen some improvements in Q3. You can see that in the kind of underlying ship numbers. So hopefully, that continues. But I don't think there's anything particular around deferred for Q4 at this point.

是的。我認為，就延期而言，很難預測第四季度的情況，尤其是當我們對整個季度的情況不是很具體的時候。我認為，隨著時間推移，我們在第三季看到了一些改善。您可以從底層船舶編號中看到這一點。希望這種情況能夠持續下去。但我認為目前第四季還沒有任何特別的延期事宜。

And then in terms of the supply chain itself, we're seeing marginal improvements but nothing to get terribly excited about. We need a whole lot more components than we're getting. So not yet, Meta.

就供應鏈本身而言，我們看到了一些邊際改善，但並沒有什麼值得興奮的。我們需要的組件數量遠遠多於目前得到的數量。所以還沒有，Meta。

Your next question comes from the line of Simon Leopold with Raymond James.

您的下一個問題來自雷蒙德詹姆斯 (Raymond James) 的西蒙利奧波德 (Simon Leopold)。

I wanted to see if you had some thoughts as to the potential implications for Arista given a number of the cloud titans have talked about slowed hiring. I imagine it wouldn't have an immediate effect on you, but just wondering how you're thinking about the public comments as well as the speculation given those comments that they're hiring fewer engineers, slowing up their expenses, given the stresses they're facing, what, if anything, does that mean to Arista?

鑑於許多雲端運算巨頭都談到放緩招募速度，我想看看您是否對這對 Arista 的潛在影響有一些看法。我想這不會對您產生直接影響，但我只是想問一下，您如何看待公眾的評論以及根據這些評論得出的猜測：他們僱用更少的工程師，減少開支，考慮到他們面臨的壓力，這對 Arista 意味著什麼？

Well, Simon, I think every company needs to exercise some amount of discipline on expense management. And it's probably one of the first times that the cloud titans and the cloud customers, in general, have had to. But however, we feel good about the CapEx. We feel Arista is a small, small percentage of their CapEx. And the slow hiring has no impact on the CapEx spend at this time in the near term for Arista.

嗯，西蒙，我認為每家公司都需要在費用管理方面實行一定程度的紀律。這可能是雲端運算巨頭和雲端運算客戶第一次不得不這麼做。但是，我們對資本支出感到滿意。我們認為 Arista 只佔其資本支出的一小部分。而且，招募速度緩慢目前不會對 Arista 的資本支出產生影響。

Your next question comes from the line of Erik Suppiger with JMP Securities.

您的下一個問題來自 JMP Securities 的 Erik Suppiger。

Just one point of clarification. I think last quarter, you had said that your demand and visibility was the highest ever. It sounds as though that's certainly still the case. Can you confirm if that is?

只需澄清一點。我想上個季度您曾說過，您的需求和知名度是有史以來最高的。聽起來好像情況仍然如此。你能確認嗎？

And then secondly, the cloud titans and the specialty providers are clearly just posting some very robust demand. Can you talk to any broad trends that are driving this? Is there maybe focus video? Or is it -- are there any particular broad trends that you think are driving demand across the group?

其次，雲端運算巨頭和專業提供者顯然正在發布一些非常強勁的需求。您能談談推動這現象的整體趨勢嗎？可能有焦點影片嗎？或者—您認為是否存在什麼特定的大趨勢正在推動整個集團的需求？

So Erik, just to quickly answer your question, I think the visibility and demand is as strong as we expressed in Q3. The same symptoms, same experience. And in terms of cloud, take it away, Anshul.

所以 Erik，我只想快速回答你的問題，我認為可見性和需求就像我們在第三季表達的那樣強勁。相同的症狀，相同的經驗。就雲而言，Anshul，把它拿走吧。

Erik, the cloud customers are still going very strong at their normal use cases when it comes to a standard compute or storage applications. Those are still very strong. (inaudible) are doing well, too. And the cloud edge is also doing very well apart from having some of (inaudible).

Erik，當談到標準運算或儲存應用時，雲端客戶在正常使用案例中仍然表現強勁。它們仍然非常強大。 （聽不清楚）也做得很好。除了一些（聽不清楚）之外，雲邊緣的表現也很好。

Your next question comes from the line of Amit Daryanani with Evercore.

您的下一個問題來自 Evercore 的 Amit Daryanani。

This is Lauren on for Amit. So just going back to the purchase commitments and thinking about them in terms of the sequential uptick being much -- at a much slower pace than the March quarter. So how should we think about it in terms of lead times that you guys saw over the last 90 days? Would this be kind of an improvement or are lead times holding steady?

這是勞倫 (Lauren) 代替阿米特 (Amit) 表演的。因此，回到購買承諾的問題，並從連續成長的角度來思考，其成長速度比 3 月季度要慢得多。那麼，我們應該如何根據過去 90 天的交貨時間來考慮這個問題？這算是一種進步嗎？

I think, Lauren, what we saw last quarter was just kind of the beginning of the year and setting up some purchase orders for 2023. So it was just more of a step function than you'd expect to see normally. So I wouldn't read anything else into that.

勞倫，我認為我們在上個季度看到的情況只是年初並為 2023 年設定了一些採購訂單。所以我不會對此做任何進一步的解讀。

Your next question comes from the line of Paul Silverstein with Cowen & Company.

您的下一個問題來自 Cowen & Company 的 Paul Silverstein。

I have multiple questions, but the good news is my first one is asking Anshul if he'd be kind enough to sit closer to the mic.

我有多個問題，但好消息是，我的第一個問題是詢問安舒爾是否願意坐得離麥克風近一點。

Okay. That's easy.

好的。這很容易。

Appreciate that.

非常感謝。

One question at a time.

每次問一個問題。

I actually care what you have to say, Anshul. The question: If I recall, you exited 2021 with enterprise at $200 million, and you're targeting $400 million for 2022, if I remember the numbers. I assume you're tracking ahead of that through the first -- I know you don't want to guide, but I assume you're tracking ahead of that $400 million annualized run rate for the year from the first half of the year. That's one question.

我實際上關心你說的話，安舒爾。問題是：如果我沒記錯的話，您在 2021 年結束時的企業收入為 2 億美元，而您計劃在 2022 年達到 4 億美元，如果我沒記錯的話。我認為您將在第一季提前實現這一目標——我知道您不想給出指引，但我認為您將從今年上半年開始提前實現 4 億美元的年化運行率。這是一個問題。

The other question is, everyone is obviously concerned with macro environment translating to weakness for you and everybody else. Are there any -- it doesn't sound like it, but are there any signs that you've seen any communications from enterprise or cloud customers, wherever, of impending macro weakness?

另一個問題是，顯然每個人都擔心宏觀環境會導致你和其他所有人的弱點。有沒有——聽起來不像，但是有沒有任何跡象表明，您看到任何來自企業或雲端客戶的通信，表明宏觀經濟即將疲軟？

And related to that, where is the greatest opportunity for most [sides] from here? Is it more of the same? Is it the new product areas that you're edging out into? Any thoughts would be appreciated.

與此相關，對於大多數球隊來說，最大的機會在哪裡？還有更多相同的嗎？這是你們正在進軍的新產品領域嗎？任何想法都將受到讚賞。

Okay. Anshul, you're on the mic. you want to answer?

好的。安舒爾，你正在講話。你想回答嗎？

Paul, in terms of -- you had multiple questions.

保羅，就──你有一個多個問題。

On macro, look, there are no signs right now. Not that we are a bellwether, but at the moment, we're being prudent about expenses. We're prioritizing our projects. But no customer has come to us and said specifically that we got a macro issue or a recession issue and they want to cancel projects. That may change when recessions come. I've been through a few of them. They happen fiercely and suddenly. But as of now, so far, so good.

從宏觀角度來看，現在還沒有任何跡象。我們並不是一個領頭羊，但目前我們在開支方面非常謹慎。我們正在對我們的項目進行優先排序。但沒有客戶來找我們，具體說我們遇到了宏觀問題或經濟衰退問題，他們想取消專案。當經濟衰退來臨時，這種情況可能會改變。我經歷過其中的一些。它們發生得非常突然且猛烈。但截至目前，一切都很好。

Paul, on the -- go ahead.

保羅，請說。

Go ahead on the enterprise.

繼續推動企業發展。

The enterprise customers are all telling us that things are steady. They all are cautious or worried what others are doing. But we are not seeing any slowdown from customers yet.

企業客戶都告訴我們情況很穩定。他們都很謹慎或擔心別人的舉動。但我們尚未看到客戶有任何放緩跡象。

And relative to that $400 million number? How you're tracking?

相對於 4 億美元這個數字呢？你怎麼追蹤的？

Yes. So that's -- this is where we were a little -- you mean on the campus, right? That's not a...

是的。那麼 — — 這就是我們所在的地方 — — 你的意思是在校園裡，對嗎？那不是...

Yes. I apologize. Campus enterprise, exactly.

是的。我很抱歉。確實如此。

Yes. Okay. So we're still on track to close the year at $400 million. We feel good about the demand. We need to feel better about the shipments.

是的。好的。因此，我們仍有望實現 4 億美元的年度收入。我們對這項需求感到滿意。我們需要對這些貨物感到更加放心。

Jayshree, I trust demand -- so if you have the shipments, you'd be able to deliver greater than $400 million. The only issue is having the capacity.

Jayshree，我相信需求——所以如果你有貨物，你將能夠交付超過 4 億美元。唯一的問題是能力。

Yes. Like I said, we feel good about the demand. I don't feel as good right now about the shipments. I need more component -- yes.

是的。正如我所說的，我們對需求感到滿意。我現在對這些貨物的感覺不太好。我需要更多組件——是的。

Your next question comes from the line of Sami Badri with Credit Suisse.

您的下一個問題來自瑞士信貸的薩米·巴德里。

My question is on visibility. So we've had this conversation a couple of times, Jayshree and Anshul, about just the visibility that you're getting from your customers. And I think what created the most amount of turbulence in the tech sector in this last quarter was what all these hyperscalers were saying, what the Taiwanese/Chinese supply chains were saying and reporting regarding cancellations, slowdowns, accelerations, et cetera.

我的問題是關於可見性。因此，Jayshree 和 Anshul，我們已進行過幾次這樣的對話，討論的只是您從客戶那裡獲得的可見性。我認為，上個季度為科技業帶來最大動蕩的因素是所有這些超大規模企業的言論，以及台灣/中國供應鏈關於取消、放緩、加速等消息的報道。

But if I just ask you guys to eliminate all that, at the end of the day, has your visibility been extended and improved with your key customers? Or has it essentially remained the same or has it worsened? Just to kind of get an idea on where we are on the spectrum.

但如果我要求你們消除所有這些，到最後，你們在關鍵客戶中的知名度是否得到了擴大和提升？還是基本上保持不變或有所惡化？只是想了解我們處於哪個範圍。

I like multiple choice questions. It remained the same. And I think the day we see lead times decline, we expect visibility to decline as well, but we don't see that for a while.

我喜歡多項選擇題。一切依舊。我認為，當交貨時間減少時，我們預計可見度也會下降，但我們暫時不會看到這種情況。

Your next question comes from the line of Pierre Ferragu with New Street.

您的下一個問題來自 New Street 的 Pierre Ferragu。

I'm dying to ask you about how much [you plan] to buy in 2023 or how much components you're going to get in the next few quarters. Maybe I'll actually move to something different. You've announced this quarter the acquisition of 2 rather small operations, Untangle and Pluribus. And I was wondering what you could tell us about how significant these acquisitions are in terms of like the -- maybe like an idea of the number of people or developers or the hundreds of thousands of lines of software that these teams have developed.

我很想問你，2023 年你打算買多少東西，或是未來幾季你會買多少零件。也許我實際上會轉向其他的事情。本季你們宣布收購兩家規模較小的公司，Untangle 和 Pluribus。我想知道您能否告訴我們這些收購的重要性，例如人數或開發人員的數量，或這些團隊開發的數十萬行軟體的數量。

And if you could tell us about what's like the product vision behind these acquisitions, what kind of features are you adding? And which markets -- which of your segments you want to address with these technologies. And most importantly, what's your integration strategy? Is that like additional products you're going to add to your line? Is it deep technology you're going to integrate into your core EOS software or any other platform?

您能否告訴我們這些收購背後的產品願景是什麼？以及您希望利用這些技術針對哪些市場—哪些細分市場。最重要的是，您的整合策略是什麼？這是否是您要新增到產品線中的附加產品？您要將深度技術整合到您的核心 EOS 軟體或任何其他平台中嗎？

Yes. Well, Pierre, first of all, thank you for the refreshing new question. I appreciate it. We did make 2 small acquisitions. I think, Ita, in total about 150 employees aggregate of -- we will increase our headcount in addition to our normal organic investments by another 150.

是的。好吧，皮埃爾，首先，感謝您提出這個令人耳目一新的新問題。我很感激。我們確實進行了兩次小規模收購。我認為，Ita，總共大約有 150 名員工——除了正常的有機投資之外，我們還將再增加 150 名員工。

And as you probably know, it's not uncommon for Arista to make small acquisitions, starting back in the 2018 with Metamarko and Mojo and then Big Switch Networks and awake. We have tended to make acquisitions for technology and talent. But most of all, they got to fit our culture so that we can make them successful.

您可能知道，Arista 進行小規模收購並不罕見，最早是在 2018 年收購 Metamarko 和 Mojo，然後是 Big Switch Networks 和 Awake。我們傾向於透過收購來獲得技術和人才。但最重要的是，他們必須適應我們的文化，這樣我們才能幫助他們成功。

And we're very proud of the fact that all the 4 we've done to date, we can see the business and cultural and product integration results of that. So Untangle and Pluribus are no different. Untangle will be tackling the commercial and distributed enterprise market, bringing us very low-end security and edge threat management that we can bring in with our unsecure our wired and wireless for the mid-market and the channel market. Pluribus is a great acquisition of talent and technology to bring this concept of a unified cloud fabric.

我們非常自豪，因為迄今為止我們所做的所有 4 項工作都看到了業務、文化和產品整合的成果。所以 Untangle 和 Pluribus 也沒什麼不同。 Untangle 將針對商業和分散式企業市場，為我們提供非常低端的安全和邊緣威脅管理，我們可以將這些技術和不安全的有線和無線網路引入中端市場和通路市場。 Pluribus 是一次偉大的人才和技術收購，旨在帶來統一雲端結構的概念。

As you know, Arista has been building lots and lots of forms of cloud networking. But in 2 instances, it would be really exciting to see a fabric integrating them. One is in the telco cloud and 5G case. So we're really excited to forge a new relationship with Ericsson through our Pluribus acquisition.

如您所知，Arista 一直在建立多種形式的雲端網路。但在兩個例子中，看到一種將它們整合在一起的結構確實令人興奮。一個是電信雲端和5G的案例。因此，我們非常高興透過收購 Pluribus 與愛立信建立新的關係。

And also in the DPU case, the data processing unit, there are a lot of DPU companies. NVIDIA is the market leader, and I'm really looking forward to working with Jensen and the team on that and bringing more capability, rich capabilities and overlays into the DPU fabric. So they're both talent and technology acquisitions to further a larger system-wide goal on our products.

在 DPU 案例中，即資料處理單元，有許多 DPU 公司。 NVIDIA 是市場領導者，我非常期待與 Jensen 和團隊合作，為 DPU 結構帶來更多功能、豐富的功能和覆蓋範圍。因此，它們都是人才和技術的收購，旨在進一步實現我們產品的更大的系統範圍目標。

Your next question comes from the line of George Notter with Jefferies.

您的下一個問題來自傑富瑞（Jefferies）的喬治·諾特（George Notter）。

Any -- I know a quarter ago, there was some talk about raising pricing. Just wondering what you guys decided to do in that area. Any sense for magnitude, any sense for timing in terms of when that might show up in the model?

我知道一個季度前曾有關於提高價格的討論。只是想知道你們決定在該地區做什麼。對於其在模型中何時會出現，有沒有大小的認知？

Thank you, George. Yes, we did make 2 pricing adjustments, one last November that probably the earliest we'll see effect of is in late Q4. And we have made a second pricing adjustment in late Q2 in June that again will probably only affect us in 2023. So we expect most of this pricing to help our gross margins and neutralize some of the high costs we've had in 2023.

謝謝你，喬治。是的，我們確實做了兩次價格調整，一次是在去年 11 月，最快可能在第四季末才能看到效果。我們已在 6 月第二季末進行了第二次價格調整，這可能只會在 2023 年對我們產生影響。

Got it. Any sense of magnitude on the June price adjustment?

知道了。六月價格調整的幅度有什麼感受？

There were different products. We did not do -- the magnitude range from 5% to 10%, depending on product. I should say, 0% to 10%, shouldn't I?

有不同的產品。我們沒有這樣做——幅度範圍從 5% 到 10%，取決於產品。我應該說，0％到10％，不是嗎？

George, the second raise was only on selective products, not across the portfolio.

喬治，第二次升息僅針對部分產品，而不是整個投資組合。

We had the high cost. We took some price decision.

我們的代價是高昂的。我們做了一些價格決定。

Your final question today comes from the line of Tal Liani with Bank of America.

今天的最後一個問題來自美國銀行的塔爾·利阿尼。

Anshul, 400-gig, we didn't talk about it for a long time. Can you talk about the significance of it to potential significance of it to your revenues going forward? You used to say at the beginning that it's a small business case, then the message changed. How do you see 400 gig deployed? How significant it is? And where is it being deployed? What kind of market verticals?

Anshul，400-gig，我們很久沒有談論它了。您能談談它對您未來收入的意義和潛在意義嗎？你一開始會說這是一個小型商業案例，後來資訊改變了。您如何看待 400G 的部署？這有多重要？它被部署在哪裡？什麼樣的垂直市場？

Absolutely, 400 gig is very strategic to us, along with 100 gig and in some cases, 200 gig as well. Just to give you a quick review backward, we grew from about 70 customers in 200 and 400 gig in 2020 to 300 in 2021. And you can expect us to grow to more in 2022. The cloud customers are obviously the fastest adopters of 200 and 400 gig, as Anshul would attest. But we're starting to see a lot of 100, 400-gig combinations in the enterprise as well.

當然，400Gig 對我們來說非常具有策略意義，100Gig 也是如此，在某些情況下，200Gig 也是如此。簡單回顧一下，2020 年我們的 200 和 400G 客戶數量從 70 個增長到 2021 年的 300 個。你可以期待我們在 2022 年增長更多。但我們也開始在企業中看到大量 100、400 千兆的組合。

Revenue-wise, how significant it is given it's smaller numbers but higher price?

從收入角度來看，鑑於其數量較少但價格較高，其重要性有多大？

Yes. It's still early stages for that. It's stronger this year. This is the third year of 400-gig. I think they were mostly in trials in 2021. We started seeing production in 2022 in a significant way. We'll give you more year-end -- as the market share later -- numbers come out at the end of '22.

是的。目前還處於早期階段。今年更加強勁。這是 400Gig 的第三年。我認為它們大多在 2021 年進行試驗。我們將為您提供更多年終數據——隨著市場份額的提高——22 年底數據將會公佈。

This concludes the Arista Networks Second Quarter 2022 Earnings Call. We have posted a presentation which provides additional information on our results, which you can access on the Investors section of our website. Thank you for joining us today, and thank you for your interest in Arista.

Arista Networks 2022 年第二季財報電話會議到此結束。我們發布了一份演示文稿，其中提供了有關我們業績的更多信息，您可以在我們網站的「投資者」部分訪問。感謝您今天加入我們，也感謝您對 Arista 的關注。

Thank you for joining, ladies and gentlemen. This concludes today's call. You may now disconnect.

謝謝各位的參與，女士們、先生們。今天的電話會議到此結束。您現在可以斷開連線。