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 Arista Networks 2022 年第二季度財務業績收益電話會議。 （操作員說明）提醒一下，本次會議正在錄製中，並可在本次電話會議後從 Arista 網站的投資者關係部分重播。 Arista 投資者關係總監 Liz Stine 女士，您可以開始了。

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.

謝謝你，接線員。大家下午好，感謝您加入我們。今天與我通話的還有 Arista Networks 總裁兼首席執行官 Jayshree Ullal；和 Arista 的首席財務官 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。如果您想要該新聞稿的副本，可以在我們的網站上在線訪問。

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 管理層將作出前瞻性陳述，包括與我們 2022 財年第三季度的財務展望、2022 年及以後的長期財務展望、我們的總目標市場和應對這些市場機會、供應鏈限制、零部件成本、製造能力、庫存採購和對我們業務的通脹壓力、COVID-19 的潛在影響、客戶組合、產品創新和收購的好處的戰略，這些都受制於我們在提交給 SEC 的文件中詳細討論的風險和不確定性，特別是在我們最近的 10-Q 表格和 10-K 表格中，這些風險和不確定性可能導致實際結果與這些聲明的預期結果大不相同。

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

此外，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，並且已經過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 財務指標的對賬。

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

有了這個，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，麗茲。謝謝大家今天下午參加我們的 2022 年第二季度財報電話會議。我們本季度的收入為 10.5 億美元，非公認會計準則每股收益為 1.08 美元。服務和支持續訂貢獻了大約 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 61.9% 的非公認會計原則毛利率受到供應鏈成本上升以及更高的雲巨頭組合的影響。我們確實預計這兩種趨勢將在整個 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 年第二季度的垂直行業而言，雲巨頭是我們最大的垂直行業，其次是企業、雲專業提供商和金融公司並列第三，服務提供商排名第四。國際貢獻為 20%，美洲為 80%，表現強勁，尤其是我們的大型雲客戶。

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 2 項小型收購，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.，這是一項為我們的商業分支產品提供邊緣威脅管理的安全資產，由前首席執行官 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.

在第二季度末，我們完成了對由前首席執行官 Kumar Srikantan 領導的 Pluribus Networks 的收購。 Pluribus 開創了一種新的統一云結構網絡，得到我們的合作夥伴的認可，愛立信用於電信和 5G 雲，NVIDIA 用於基於 DPU 的網絡。

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 2022 年第二季度的業績加強了 Arista 在雲巨頭、專業雲提供商和主流企業中的客戶相關性。正如我之前提到的，在過去 3 年中，我們價值百萬美元的徽標在所有類別中都翻了一番，超過 100 萬、超過 500 萬、超過 1000 萬和顯著超過 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?

我想邀請我們的首席運營官兼首席雲專家 Anshul Sadana 來闡明我們與每年至少貢獻數億美元的雲巨頭的戰略合作夥伴關係的性質。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，傑什裡。我們很自豪能成為云網絡的先驅和市場領導者，並為許多連接數百萬台服務器的雲提供商提供數據中心解決方案。同樣的平台、美國軟件和規模較小的網絡設計也幫助我們在所有其他垂直領域贏得勝利，為我們提供了一個有效的業務增長模式。

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.

正如我們在之前的電話會議中所披露的，微軟和 Meta 是非常特殊的客戶，預計各自占我們全年收入的 10% 以上。在 Microsoft，我們部署在其網絡的所有層，從軌道頂部的葉交換機到數據中心主乾和區域主幹，再到全球的 LAN 和雲邊緣層。我們合作創建了具有加密和長距離可插拔光學器件的 DCI 層，這現已成為行業的黃金標準。

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.

Microsoft 使用 SONiC 和 EOS 部署我們的產品，共同開發下一代網絡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 400 gig 產品已部署在生產中，我們繼續收到關於我們的質量和執行的非常積極的反饋，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，並且從早期就參與了他們的網絡設計。我們與他們共同開發了多代產品，包括具有無與倫比的功率效率和上市時間優勢的最新 25.6 太比特 7388 平台。

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.

我們已經在他們的彩色集群織物中部署了平行平原。我們還在幾個用例中進行了部署，包括 Meta 的骨幹層，其中不斷需要更高速的網絡。

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 2 大巨頭之外，我們還繼續與其他巨頭以及雲專業提供商合作，與大巨頭和用例非常相似，但規模較小。在下一代架構、平台或功能方面，我們繼續與客戶建立良好的工程合作夥伴關係。

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夥伴關係。構建自己的服務器的客戶直接了解這些挑戰。儘管有如此多的封鎖，Arista 製造團隊仍堅持不懈地尋找額外的供應，研究經紀市場中的組件，分析二級風險，以及我們通過採購承諾進行的前瞻性投資，深受客戶的讚賞。

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.

現在，我們不僅因為我們一流的產品而獲得認可，而且與其他替代品相比，我們還因為其卓越的供應鏈而獲得認可。雖然我們無法代表這些指導預測未來和支出模式，但我們的雲業務仍然健康。回到你身邊，傑什裡。

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，我們與雲客戶一起度過了迄今為止最好的一年。新品方面，Arista本季度推出了幾款。 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易所應用而設計。兩個 7130 型號集成了功能齊全的 L2/L3 交換與高性能超低延遲 L1 連接。

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 還推出了其第一個商業和分佈式企業邊緣產品組合，即 Cognitive Unified Edge，簡稱 CUE。 CUE 是我們 CloudVision 的擴展，可為商業和分佈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.

Arista 在 2022 年的客戶支持方面獲得了最高的淨推薦值 NPS，達到 80，轉化為 93% 的世界級評級。在這份第三方獨立報告中，客戶選擇 Arista 的主要原因是擁有一支具有強大專業知識、根本原因分析和較少漏洞的始終可用的團隊。

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年上半年贏得的一些企業客戶，給你一個想法。首先，認知 WiFi 的校園勝利是 RFP 決策的一個組成部分，改變了有線和無線傳輸到美國最大大學之一的學生宿舍的方式 Cognitive Unified Edge (CUE)，具有豐富的儀表板以提供質量體驗，客戶旅程，安全性影響了他們的決定，擊敗了我們根深蒂固的 WiFi 玩家。

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中，我們贏得了整體數據中心架構，包括帶有第 3 層和 EVPN 的主幹。 CloudVision 是使客戶能夠以卓越的自動化和可見性跨雲域管理所有數據集和更改控制的關鍵決策因素。

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 得分推動了下一個勝利，即提供供應鏈管理和製造的企業客戶。 Arista 豐富的可見性和遙測功能使他們對本地路由和公有云 Azure 的濃厚興趣成為可能。

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.

我們支持全球超過 1 億用戶的主要消息傳遞平台為 Arista 贏得了數百萬美元的戰略勝利，其中包括 BGP 對等和跨葉和主幹路由的組合。這一勝利的關鍵原因包括高端口密度、邊緣的深度數據包緩衝區以及路由和 EOS 可編程性以與其本土自動化集成。

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.

另一個國際勝利是在 IT 銀行外包領域的數據中心互連用例。 Arista 在遙測和第 0 天自動化以及保證能力方面的架構優勢再次成為可能。我們的經銷商在 Arista 中發揮了關鍵作用，客戶積極地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.

最後但並非最不重要的一點是，總部位於加利福尼亞灣區的全球專業雲提供商。 Arista 的旗艦數據中心與我們的 3 個主幹平台提供了嚴格的性能和豐富的 EOS 質量和功能，例如流量規範、流量類別過濾以及用於分析和緩解的合作。

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 還贏得了安全和可見性取證層，將 DMF、DANZ 監控結構和 NDR（網絡檢測和響應）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.

正如您所見，所有這些勝利的共同主題是 Arista 的實力和概念驗證實驗室、最佳實踐網絡設計和部署到 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 團隊感到非常自豪，因為我們已經從 Arista 發展成為 2008 年零收入的初創公司，到 2014 年 IPO 時的幾億美元，再到 2016 年的第一個 10 億美元，現在是我們在 2022 年第二季度的第一個 10 億美元的季度。

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.

這是一項巨大的壯舉，付出了巨大的努力。我的所有 Aristans 以及我們堅定不移的信任我們的客戶都非常信任、讚譽和感激，他們繼續推動我們建立更好的云網絡。 Arista 不僅是當今雲數據中心中的佼佼者，而且基於我們的網絡數據湖和 AVA 架構，真正集中了從客戶端到雲端的多模式數據。我們對主動、預測和規範的數據驅動網絡的追求不斷前進。

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

有了這個，我想把它交給 Ita 來了解財務細節。

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。我們的第二季度業績公告和我們對 22 年第三季度的指導基於非公認會計原則，不包括所有基於非現金股票的薪酬影響、某些與收購相關的費用和其他非經常性項目。我們的收益發布中提供了我們選擇的 GAAP 與非 GAAP 結果的完全對賬。

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.

第二季度的總收入為 10.52 億美元，同比增長 48.7%，遠高於我們 9.5 億美元至 10 億美元指導範圍的上限。總體而言，本季度的需求健康，所有業務領域都表現強勁。供應環境仍然充滿挑戰，供應商持續解除限制發貨，並需要更高成本的經紀人採購和加急費用。

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.

服務和訂閱軟件在第二季度貢獻了約 17.6% 的收入，低於第一季度的 19.2%。這在很大程度上反映了產品收入的加速增長，而服務和軟件則繼續以更加一致的方式增長。

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.

本季度的國際收入為 2.068 億美元，佔總收入的 20%，低於第一季度的 24%。這反映了這一時期美國收入的強勁勢頭，尤其是我們更大的雲巨頭客戶。第二季度的整體毛利率為 61.9%，處於我們 60% 至 62% 的指導範圍的上限，該期間的加急費略低於預期。如前所述，當前較低的毛利率範圍反映了健康的雲組合以及對更高水平的代理組件採購和加速費用的需求。

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.

該期間的運營費用與上一季度基本持平，為 2.261 億美元，佔收入的 21.5%。研發支出為 1.48 億美元，佔收入的 14.1%，高於上一季度的 1.443 億美元。這主要反映了期內員工成本的增加。

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.

銷售和營銷費用為 6310 萬美元，佔收入的 6%，而上一季度為 6620 萬美元，員工人數的增加被可變費用的減少所抵消。我們的 G&A 成本為 1500 萬美元，佔收入的 1.4%，與上一季度一致。

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.

我們本季度的營業收入為 4.255 億美元，占我們收入的 40.4%。本季度的其他收入和支出為有利的 460 萬美元，我們的有效稅率約為 20.9%。這導致該季度的淨收入為 3.427 億美元，佔收入的 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.

我們稀釋後的股票數量為 3.1658 億股，導致本季度的稀釋後每股收益為 1.08 美元，比去年同期增長約 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。現金、現金等價物和投資在本季度末約為 29 億美元。我們在第二季度以每股 101 美元的平均價格回購了 4.837 億美元的普通股。提醒一下，我們現在已經根據 2021 年 10 月的董事會授權回購了大約 6.93 億美元或 650 萬股股票。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、股價、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.

我們還在上半年完成了 2 次收購，總對價為 1.589 億美元，其中包括 400 萬美元的普通股和剩餘的現金。與這些收購相關的收入和費用包含在我們下面提供的展望中，預計短期內不會對我們的財務產生重大影響。

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.

現在轉向第二季度的經營現金業績。我們在本季度從運營中產生了 1.011 億美元的現金，反映了強勁的盈利表現，但在一定程度上被營運資本投資的增加所抵消。庫存和其他資產的增加主要是由於收到了未來發貨的組件，包括由於供應商停產而延遲發貨。一旦這些退役組件的整體供應狀況有所改善，這種趨勢應該會逆轉。

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，低於第一季度的 67 天，反映了該期間賬單的線性和遞延收入的下降。庫存周轉率為 1.9 倍，高於上一季度的 1.7 倍。本季度庫存增加了 8.528 億美元，高於上一季度的 6.942 億美元，這反映了較高的組件和外圍設備庫存以及與交換機相關的製成品的小幅增長。

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.

我們本季度的採購承諾金額為 45 億美元，高於第一季度的 43 億美元。這些多年採購承諾反映了需求的整體實力和當前較長的交貨時間供應環境。提醒一下，我們將繼續優先考慮更新的早期生命週期產品以納入這些策略，以幫助降低過度或過時的風險。

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.

我們的總遞延收入餘額為 10 億美元，低於第一季度的 11 億美元。大部分遞延收入餘額與服務相關，並與服務合同的時間和期限直接相關，可能會因季度而異。大約 2.28 億美元的餘額，低於上一季度的 3.27 億美元，代表產品遞延收入，主要與我們的大客戶對新產品的客戶特定接受條款有關。

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.

應付賬款天數為 63 天，高於第一季度的 58 天，反映了存貨收支的時間安排。本季度的資本支出為 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.

現在轉向我們對第三季度及以後的展望。我們對 2022 年分析師日的展望要求收入同比增長 30%，這在我們的市場部門之間有所平衡，並且受到供應的嚴重限制。回顧上半年，面對非常艱難的供應環境，我們實現了約40%的收入增長。

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%.

我們再次看到了具有較高組件成本的商業模式的彈性，再加上更重的雲組合，降低了毛利率，但允許擴大規模，營業利潤率擴大，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.

展望第三季度。儘管整個業務的需求指標保持強勁，但以可預測的方式擴大出貨量的嘗試在一定程度上受到了臨時供應商退出的阻礙。我們的第三季度展望假設船舶數量有所改善，但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繼續存在，需要一些經紀人購買和加快費用，再加上我們的雲巨頭客戶的健康收入貢獻。在支出和投資方面，我們預計將根據我們的基準投資計劃繼續增加對研發、銷售和營銷的投資。然而，我們意識到更廣泛的宏觀風險，我們將繼續仔細監控支出。

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，我們對第三季度的指導（基於非公認會計準則結果，不包括任何基於非現金股票的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%，攤薄後的股份約為 3.16 億股。

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

我現在將電話轉回給 Liz。麗茲？

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。我們現在將轉到 Arista 收益電話會議的問答部分。 （操作說明）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.

（操作員說明）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.

祝賀本季度。我只是-- Ita，我想看一下你提供的前景評論。感謝您提供 3Q 指南。我想我有點困惑，或者我只是錯過了它。你是——對全年的最新期望是什麼？因為在我們看來，很明顯，30% 的增長將意味著財政或第四季度出現某種形式的相當急劇的減速。所以只是好奇你是否能告訴我們你是如何考慮你在分析師日為隱含的第四季度指南制定的那 30% 的。

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。我的意思很明顯，我們很高興我們在這一年的原始指標上做得很好。我的意思是我們在前三個季度幾乎達到了 40%。我們沒有具體指導第四季度，只是考慮到供應等方面的一些不確定性。但我認為我們對我們現在所處的位置與最初的增長率相比感覺很好。

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，我們已經採取了很多措施，Anshul、Ita 和我自己，每次只有 1 個季度在供應鏈上獲得如此多的驚喜。超越我們自己是沒有意義的。但我們當然感覺很好，需求、我們的承諾和執行進展順利，遠遠超過我們在去年 11 月指導的 30% 的 30%，但一次一個季度仍然是我們的理念。

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

您的下一個問題來自瑞銀集團的 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鍊和供應商的退出。我知道上個季度有一些逆風，聽起來你本季度有更多。但我認為，您的一位競爭對手在保護組件方面確實很掙扎。顯然，他們支付了更高的加急費，收入增長強勁，但聽起來他們受到了更大的打擊。只是想了解一下您在該市場上看到的情況，無論是在代理市場上的組件還是加急運費。只是顏色多一點。你認為這將如何發揮今年的平衡？我知道你談到了一些有限的能見度。但是，隨著我們可能進入明年，我們是否會看到一些緩解，並且隨著我們進入 23 世紀，毛利率會變得更健康一些？

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，我認為，正如你從我們的戰略中知道的那樣，我們在供應採購承諾方面不遺餘力。他們只會越來越高。本季度，我們報告了 45 億美元。因此，Arista 不乏滿足我們需求的願望。顯然，我們正帶著強勁的需求、強大的積壓等等。

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.

但是，我們需要將所有組件組合在一起，組件問題仍然存在。第一季度的情況很糟糕。第二季度也好不到哪裡去，我們也沒有預見到太多——第三季度會有很大改善。所以也許在 2023 年，我們會得到一些緩解。但同樣，為了獲得解脫，我們必須讓所有組件都來。如果我們缺少一個組件，我們就無法構建一個系統。因此，我們的指南反映了這一點，我們在獲取組件方面的行為也反映了這一點。我們仍然沒有得到組件。許多組件的交貨時間為 70 週，因此，我們必須為此計劃多個季度和數年。

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.

只是快速跟進，Jayshree。所以 45 億美元的採購訂單承諾，我知道這是多年的，但你如何 - 也許你能幫助我們從產品收入的角度考慮從今年的餘額到 23 年及以後的情況如何？如果你能幫助我們把它框起來。

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，我們可能不會買這麼多。我們不知道。我們知道這是一項多年的承諾，當我們的供應商向我們交付承諾時，它就會出現。所以在大多數情況下，我們只是沒有得到足夠的供應，而且我們得到的只是我們要求的很小一部分。

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 Jim Suva。

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.

祝賀您的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 都提到需求已遠超 30%。但是您不會更新全年，而是一次更新 1 個季度。那講得通。

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你得到的積壓和可見性。我只假設積壓繼續增加。但我們最近看到了一些關於一些雲巨頭改變其交換機和網絡組件折舊計劃的消息。所以我想知道你是怎麼想的。鑑於供應鏈問題，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。謝謝你的美好祝愿。我完全同意你的看法。我為 Arista 團隊在本季度及以後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.

所以我記得有一次我們談到雲巨頭 LNG。是平的還是個位數？這是一個非常自豪的時刻，可以說 Anshul 和團隊一直在持續增長整個 5 個垂直領域，尤其是雲巨頭。因此，您看到的 30% 以上的所有增長和上行空間都是對我們雲客戶（尤其是雲巨頭）健康的直接貢獻。所以首先，我想說。

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，我們不報告訂單。我們不報告積壓。我們對此非常自律。除非我們可以執行，否則它們是毫無意義的數字。雲巨人的出現提高了我們的能見度。我要把它交給你。他們已經從 6 個月，Anshul，到大約一年。你對此感覺如何？

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，雲客戶和其他人一樣急於克服這些供應限制，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。正如我強調的那樣，他們不僅在產品上與我們合作，他們實際上更深入地了解限制是什麼，哪個組件短等等。

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.

所以能見度大約是一年。 52 周是我們目前與他們合作的時間。但在短期內，這種需求是健康的。我們無法真正預測除此之外會發生什麼。很多人都在試圖猜測——代表他們問我們。我覺得最好直接問這些大公司。但我們對他們的業務和擴建感覺良好。他們處於一個健康的循環中。眾所周知，他們正在對 DCI 層進行 400 gig 升級或投資，以及數據中心內的其他幾項更新。所以這一切進展順利。

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。我的意思是我認為，當您考慮會計及其運作方式時，我的意思是這通常遵循業務中已經發生的事情。所以我不認為從運營的角度來看有什麼新東西。這只是會計追趕該領域正在發生的事情。幾年前我們看到了類似的情況，它們也延長了折舊週期。但我們沒有看到業務運營有什麼不同。

Congratulations to you and your teams.

祝賀你和你的團隊。

Thank you.

謝謝你。

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?

我猜，Jayshree，當我們在上週左右經歷了這個財報季時，我們看到了一些關於企業垂直行業如何應對當前宏觀經濟的混合反饋。只是想知道你是否可以——我不是在要求來自企業垂直領域的訂單或積壓，而是你與企業客戶的對話進展如何？在他們進入明年的支出方面，您是否看到相同的意圖？和回應 - 我知道在上次財報電話會議上，你談到了價格上漲。那麼，垂直企業對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。好吧，肯定沒有人喜歡漲價。但我必須告訴你，我們與企業和雲客戶的客戶信譽和聯繫從未如此之高。我的意思是當你退後一步看這個時，在不到 5 年的時間裡，我們現在的規模超過了許多傳統的獨立企業客戶，對吧？

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，企業業務的增長速度超過了我們的許多競爭對手和同行。我感覺很好，我們與他們建立了牢固的關係。儘管談論經濟衰退，雖然 Arista 不是宏觀經濟衰退的領頭羊，但我肯定會將我們的季度和今年的大部分時間歸類為企業和雲執行中的微觀動力和小綠洲。

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

您的下一個問題來自 James Fish 和 Piper Sandler 的台詞。

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，因為它看起來確實是基於你的產品推遲了大約 1 億美元。和 Ita，我們談到了大約 5000 萬美元的季度提款。看起來你可以多發貨一點，加急費用下降了。

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?

您是否預計這種延期產品的逆轉會以這種速度繼續下去？因為我認為這是上個季度，我們談論的是 5000 萬美元的提款。有什麼方法可以幫助我們彌合積壓如何影響產品遞延收入，了解它仍然歸結為執行，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的積壓情況。對於他們所在的交貨時間等等，這是最糟糕的時間。這不是一個有用的指標。

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，我們確實在第二季度提取了 1 億美元。我們剛剛為您提供的第三季度指南假設沒有回撤，對吧？因此，為了清楚起見，沒有遞延收入下降的假設。所以我們在第三季度的出貨方面有所改善。所以我認為這是個好消息。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於 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，我發現本季度收入增長了 48%。我將我們的模型追溯到 2014 年，即 15 年的時間框架。而且我認為您只產生了接近 50% 的 3 個季度，這非常了不起，因為您最後一次上漲是在您還是一家年收入 6 億美元的公司時，更不用說您的收入了。現在重新生產。

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，當我們看到那個組合併考慮到最後一年時，我們聽你說你有一年的交貨時間，有什麼理由相信我們應該剪裁下來鑑於您在分析師日的評論，我們對 23 年的預期是否意味著該時間框架內的增長率約為 15%？或者我們是否應該在供應受限的環境中採用您今年產生的這些極其艱難的組合，並認為這些組合過於艱鉅而無法以這種速度增長？我知道你不喜歡出去，但你不得不考慮一下。

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。好吧，首先，感謝您在歷史上的討論。知道什麼時候——我們如何以 6 億美元增長，以及我們現在如何在接近 39 億美元的基礎上增長，或者到今年年底將如何增長，總是很好的。

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.

我認為思考這個問題的方式如下：我們致力於實現兩位數的增長，我們認為我們的龐大基數沒有理由說明我們明年仍然無法實現兩位數的增長。我們確實認為交貨時間可能會在 2023 年下半年有所改善。隨著交貨時間的改善，會有一些挑戰，對吧？挑戰將來自於失去我們的一些知名度和我們的需求。如果真的有經濟衰退，我們可能也會感覺到。但總而言之，我們仍然對 22% 感覺良好，我們對 23 年上半年感覺良好。我們將在下一個分析師日告訴您更多信息。

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

您的下一個問題來自 Jason Ader 和 William Blair。

Can you hear me?

你能聽到我嗎？

We can hear you now.

我們現在可以聽到你的聲音了。

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。當我們考慮您的企業 7 位數和 8 位數帳戶時，有沒有辦法說明您在這些帳戶中的滲透程度？因為我知道在某些情況下，他們可能有另一個主要供應商，他們可能會將您用於他們網絡的一部分或新的數據中心或其他東西。但是，了解您在一些您已經在一定程度上滲透的大型企業中擁有多少空間是有幫助的。但只是好奇你是怎麼想的。

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，這是一個很好的問題。我沒有給你一個準確的答案。但我認為我們具有良好滲透力的垂直領域之一是財務。我們從高頻交易開始。但即使在那裡，我想說我們還有很長的路要走，因為我們擁有數據中心的機會。我們有校園。

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%.

然後，如果你看看其他垂直領域，我們才剛剛開始，對吧？我們在這裡的旅程不到 5 年。所以——如你所知，企業有一條長尾巴，需要時間。所以我對企業的滲透不是很深。有巨大的 TAM 和巨大的上升空間。我們可能對數據中心的財務有更多的滲透，但仍然沒有接近 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——我的意思是這些客戶每年都在以不錯的速度增長？只是為了給我們一種在你獲得初始土地後的後續機會的感覺？

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，我們肯定會看到土地並擴張。它並不總是每年都會發生。這取決於他們的支出，但肯定會發生在幾個季度。或者有時，它會跳過一年並轉到下一年。

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

您的下一個問題來自 Cleveland Research 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，我有一個問題要問你，關於你對設備可用性如何影響這些大型雲巨頭的網絡冗餘的看法。這是如何演變的？他們如何迎頭趕上來解決他們所看到的一些短缺問題？

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。通常，這些客戶是具有葉脊設計的非常有彈性的架構。因此，如果絕對必要，他們可以進行短期權衡。他們試圖避免這些，因為很難回去改造一個網站。但是，如果您只是完全退出，那麼您最初會使用較輕的網絡，然後隨著時間的推移添加更多。但我不認為這種情況廣泛發生。我也看到了一些評論，但這是一個罕見的例外。大多數客戶正在以他們想要打開的規模部署站點。

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 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。所以你有這個漂亮的綠洲。你是從別人的綠洲取水嗎？我只是好奇你是否在使用 -- 能夠在這種環境中提供。儘管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些東西從其他競爭對手那裡獲得一點份額，尤其是在企業中。我有一個快速跟進你。

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。我現在感覺自己像駱駝。繼續你的類比，我認為這是多方面的努力。正如 Anshul 所暗示的，製造團隊和供應鏈剛剛完成了出色的工作。 Anshul、John McCool、Susan Hayes 的領導，他們不遺餘力。

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流，但我只能告訴你，我的團隊不斷推動自己做得更好，他們已經是 A 團隊了。非常感謝你的幫忙。

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 Chris Schmidt、Ashwin 和團隊正在做的事情時，我們現在有了更大的相關性和席位。這是我們幾年前才開始的投資，3 到 4 年前。我們覺得企業在邀請我們，就像我們要去他們那裡一樣。

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、我們的質量、我們的差異化、我們與 CloudVision 和 EOS 的軟件定義功能不言而喻。因此，它成為黃金標準的結合，不僅對雲巨頭，而且對企業、我們的製造執行以及我們建立的關係，儘管還很年輕，還不到 5 年，但我們已經有很長的時間了要走的路。

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，有很多關於藍寶石急流延遲的猜測，以及可能會對主要項目構建產生什麼影響，是否會在這些構建中產生一些波動或類似的東西。我只是好奇你是否可以給我們任何顏色，你的想法，它是否會影響事情。

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，我們上一次在 Facebook 上經歷過這種情況，你們中的許多人可能還記得，這對我們來說是一個更加噩夢般的場景。他們不僅——因為延遲，他們跳過了整個服務器週期，Arista 肯定感覺到，打噴嚏對我們來說變成了肺炎。

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，我認為有更多的競爭選擇。我們看到，尤其是由於供應鏈，客戶要么檢查資產，要么尋找替代方案。 Anshul，你看到了其中的一些。你可以透露一些信息。

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。大多數這些雲公司 - 盡快 - 我們沒有看到他們等待或產生任何奇怪的影響。他們將部署當前技術或替代技術，無論他們能立即獲得什麼。因此，實際上並沒有因為這些國家而放緩。

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。一個，只是 Ita，你會想像任何一種 - 我理解第三季度，你並不期望出現重大的遞延收入縮減。但是你全年是怎麼想的呢？

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?

然後是第二個問題，也許是在供應鏈上。我認為該領域的一些同行可能會在過去幾週甚至本季度的最後一個月內表示，情況可能會略有改善。您的指導意味著正在發生一些改進。因此，我只是想在本季度看到某種情況，是否存在我們應該注意的波動性，或者當您退出本季度時是否有任何跡象表明情況略有改善？

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。我認為推遲到第四季度很難預測，尤其是當我們對整個季度不太具體時。我認為這是一次四分之一，我們在第三季度看到了一些改進。您可以在底層船號中看到這一點。所以希望，這種情況會繼續下去。但我認為目前第四季度的延期還沒有什麼特別之處。

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.

然後就供應鏈本身而言，我們看到了邊際改善，但沒有什麼值得興奮的。我們需要的組件比我們得到的要多得多。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 Simon Leopold 和 Raymond James 的觀點。

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?

我想看看你是否對 Arista 的潛在影響有一些想法，因為許多雲巨頭都談到了招聘放緩。我想這不會對你產生立竿見影的影響，但只是想知道你是如何看待公眾評論的，以及考慮到他們正在僱傭更少的工程師、減慢他們的開支、考慮到他們的壓力的猜測。 '面對，如果有的話，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.

好吧，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。總的來說，這可能是雲巨頭和雲客戶第一次不得不這樣做。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。在短期內，招聘緩慢對 Arista 的資本支出支出沒有影響。

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

您的下一個問題來自 JMP 證券公司的 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。我認為上個季度，您曾說過您的需求和知名度是有史以來最高的。聽起來情況仍然如此。你能確認是不是這樣嗎？

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，雲巨頭和專業提供商顯然只是發布了一些非常強勁的需求。您能談談推動這一趨勢的任何廣泛趨勢嗎？有沒有焦點視頻？或者是——您認為是否有任何特定的廣泛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.

所以埃里克，只是為了快速回答你的問題，我認為可見性和需求與我們在第三季度所表達的一樣強烈。一樣的症狀，一樣的經歷。就雲而言，把它拿走，安舒爾。

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，當涉及到標準計算或存儲應用程序時，雲客戶在他們的正常用例中仍然非常強大。這些還是很強大的。 （聽不清）也做得很好。除了有一些（聽不清）之外，雲邊緣也做得很好。

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

您的下一個問題來自於 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 Amit 的 Lauren。因此，只需回到購買承諾並從連續上升的角度來考慮它們 - 速度比三月季度慢得多。那麼我們應該如何考慮你們在過去 90 天內看到的交貨時間呢？這會是一種改進還是交貨時間保持穩定？

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.

我認為，勞倫，我們上個季度看到的只是年初的情況，並為 2023 年設置了一些採購訂單。所以這只是一個步驟，比你通常預期的要多。所以我不會讀到任何其他內容。

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問 Anshul 是否願意坐在靠近麥克風的位置。

Okay. That's easy.

好的。這很容易。

Appreciate that.

感謝。

One question at a time.

一次一個問題。

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.

我真的很在乎你要說什麼，安舒爾。問題：如果我記得，你在 2021 年以 2 億美元的價格退出了企業，如果我記得這些數字，你的目標是 2022 年達到 4 億美元。我假設您正在跟踪第一個 - 我知道您不想指導，但我假設您正在跟踪從今年上半年開始的 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，每個人顯然都擔心宏觀環境會轉化為你和其他人的弱點。有沒有 - 聽起來不像，但有任何跡象表明您已經看到來自企業或云客戶的任何通信，無論在哪裡，即將出現宏觀疲軟？

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.

與此相關的是，對於大多數[雙方]來說，最大的機會在哪裡？是不是更相似？是您正在涉足的新產品領域嗎？任何想法將不勝感激。

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

好的。安舒爾，你在麥克風上。你想回答嗎？

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

保羅，就 - 你有多個問題。

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.

在宏觀上，看，現在沒有任何跡象。並不是說我們是領頭羊，但目前，我們對開支持謹慎態度。我們正在優先考慮我們的項目。但是沒有客戶來找我們明確說我們遇到了宏觀問題或經濟衰退問題，他們想取消項目。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。它們發生得猛烈而突然。但到目前為止，到目前為止，一切都很好。

Paul, on the -- go ahead.

保羅，繼續。

Go ahead on the enterprise.

繼續做企業。

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.

企業客戶都在告訴我們，事情是穩定的。他們都很謹慎或擔心別人在做什麼。但是我們還沒有看到客戶的任何放緩。

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

相對於那個 4 億美元的數字？你是怎麼追踪的？

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

是的。那就是——這就是我們曾經去過的地方——你的意思是在校園裡，對吧？那不是一個...

Yes. I apologize. Campus enterprise, exactly.

是的。我道歉。校園企業，確切地說。

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，我們仍有望以 4 億美元的價格結束這一年。我們對需求感覺良好。我們需要對貨物感覺更好。

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，你就能交付超過 4 億美元。唯一的問題是有能力。

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。就像我說的，我們對需求感覺良好。我現在對貨物的感覺不太好。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 Sami Badri。

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.

我的問題是關於知名度。因此，Jayshree 和 Anshul 就您從客戶那裡獲得的知名度進行了幾次對話。我認為在上個季度造成科技行業最大動蕩的是所有這些超大規模企業所說的話，台灣/中國供應鏈所說的話以及關於取消、放緩、加速等的報告。

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.

但是，如果我只是要求你們消除所有這些，那麼在一天結束時，您的主要客戶的知名度是否得到了擴展和提高？還是它基本上保持不變還是惡化了？只是想了解一下我們在頻譜上的位置。

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。它保持不變。而且我認為我們看到交貨時間下降的那一天，我們預計知名度也會下降，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新街的 Pierre Ferragu 一行。

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 [你計劃] 購買多少，或者在接下來的幾個季度你將獲得多少組件。也許我真的會轉向不同的東西。您在本季度宣布收購 2 個相當小的業務，Untangle 和 Pluribus。我想知道你能告訴我們這些收購有多麼重要，比如 - 也許就像這些團隊開發的人員或開發人員數量或數十萬行軟件的想法一樣。

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?

如果你能告訴我們這些收購背後的產品願景是什麼，你會添加什麼樣的功能？以及哪些市場——您希望使用這些技術解決哪些細分市場。最重要的是，您的集成策略是什麼？這就像您要添加到您的產品線中的其他產品一樣嗎？您將把它集成到核心 EOS 軟件或任何其他平台中的深度技術嗎？

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，感謝您提出令人耳目一新的新問題。我很感激。我們確實進行了 2 次小型收購。我認為，Ita 總共約有 150 名員工——除了我們正常的有機投資外，我們還將增加 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.

正如您可能知道的那樣，Arista 進行小規模收購併不少見，從 2018 年開始，收購 Metamarko 和 Mojo，然後是 Big Switch Networks，然後就醒了。我們傾向於收購技術和人才。但最重要的是，他們必須適應我們的文化，這樣我們才能讓他們成功。

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.

我們為我們迄今為止所做的所有 4 件事感到非常自豪，我們可以看到其業務、文化和產品整合的結果。所以 Untangle 和 Pluribus 沒有什麼不同。 Untangle 將解決商業和分佈式企業市場，為我們帶來非常低端的安全性和邊緣威脅管理，我們可以通過我們為中端市場和渠道市場提供的不安全的有線和無線引入。 Pluribus 是一個偉大的人才和技術收購，帶來了統一云結構的概念。

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 一直在構建大量形式的云網絡。但在 2 種情況下，看到將它們整合在一起的織物真的很令人興奮。一個是電信雲和 5G 案例。因此，我們非常高興能夠通過收購 Pluribus 與愛立信建立新的合作關係。

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.

而且在DPU案例中，數據處理單元，也有很多DPU公司。 NVIDIA 是市場領導者，我非常期待與 Jensen 及其團隊在這方面合作，並為 DPU 結構帶來更多功能、更豐富的功能和覆蓋。因此，它們既是人才收購又是技術收購，以進一步實現我們產品的更大系統範圍的目標。

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

您的下一個問題來自 George Notter 與 Jefferies 的對話。

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?

任何——我知道一個季度前，有一些關於提高定價的討論。只是想知道你們決定在那個領域做什麼。對大小有任何意義，對何時可能出現在模型中的時間有任何意義嗎？

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，我們確實進行了 2 次定價調整，其中一次是去年 11 月，我們最早看到效果的可能是在第四季度末。我們在 6 月的第二季度末進行了第二次定價調整，這可能只會在 2023 年影響我們。因此，我們預計大部分定價將有助於我們的毛利率並抵消我們在 2023 年的一些高成本。

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

知道了。 6月份的價格調整有多大意義嗎？

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%，具體取決於產品。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，第二次加薪只針對精選產品，而不是整個投資組合。

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

我們的成本很高。我們做出了一些價格決定。

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

您今天的最後一個問題來自美國銀行的 Tal Liani。

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。你能談談它對你未來收入的潛在意義嗎？你一開始說這是一個小商業案例，然後信息變了。您如何看待 400 gig 的部署？它有多重要？它在哪裡部署？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，400 gig 對我們來說非常具有戰略意義，還有 100 gig，在某些情況下，200 gig 也是如此。只是為了讓您快速回顧一下，我們從 200 年的約 70 個客戶和 2020 年的 400 個 gig 增長到 2021 年的 300 個。您可以期望我們在 2022 年增長到更多。雲客戶顯然是最快的 200 和400 gig，正如 Anshul 所證明的那樣。但我們也開始在企業中看到很多 100、400 演出組合。

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

收入方面，考慮到數量較少但價格較高，它的重要性有多大？

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。這仍處於早期階段。今年更強了。這是 400 場演出的第三年。我認為它們大多在 2021 年處於試驗階段。我們在 2022 年開始看到大量生產。我們將在 22 年末為您提供更多的年終數據（市場份額稍後會公佈）。

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 年第二季度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結果的更多信息，您可以在我們網站的“投資者”部分訪問這些信息。感謝您今天加入我們，感謝您對 Arista 的興趣。

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

感謝您的加入，女士們，先生們。今天的電話會議到此結束。您現在可以斷開連接。