Arista Networks Inc (ANET) 2022 Q4 法說會逐字稿

Welcome to the Fourth 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.

歡迎來到 Arista Networks 2022 年第四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，可在本次電話會議後從 Arista 網站的“投資者關係”部分重播。

Ms. Liz Stine, Arista's Director of Investor Relations, you may begin.

Arista 的投資者關係總監 Liz Stine 女士，您可以開始了。

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

謝謝你，運營商。大家下午好，感謝您加入我們。

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

和我一起參加今天電話會議的有 Arista Networks 總裁兼首席執行官 Jayshree Ullal； Arista 的首席財務官 Ita Brennan。

This afternoon, Arista Networks issued a press release announcing the results for its fiscal fourth quarter ending December 31, 2022. If you would like a copy of this release, you can access it online at our website.

今天下午，Arista Networks 發布了一份新聞稿，宣布了其截至 2022 年 12 月 31 日的第四財季業績。如果您需要此新聞稿的副本，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 first quarter of the 2023 fiscal year, longer-term financial outlook for 2023 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, extended lead times, 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. 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.

在本次電話會議期間，Arista Networks 管理層將做出前瞻性陳述，包括與我們 2023 財年第一季度的財務展望、2023 年及以後的長期財務展望、我們的總目標市場和解決這些市場機會、供應鏈限制、組件成本、製造能力、庫存採購和我們業務的通脹壓力、延長交貨時間、產品創新和收購的好處的戰略，這些都受到我們討論的風險和不確定性的影響在我們向美國證券交易委員會提交的文件中有詳細說明，特別是在我們最近的 10-Q 表格和 10-K 表格中，這可能導致實際結果與這些聲明預期的結果大不相同。這些前瞻性陳述適用於今天，您不應依賴它們代表我們未來的觀點。我們沒有義務在本次電話會議後更新這些聲明。

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.

另外，請注意，我們在本次電話會議上使用的某些財務指標是在非 GAAP 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 財務措施與 GAAP 財務措施的對賬。

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. And I'm glad we avoided Valentine's Day this time. Thank you, everyone, for joining us this afternoon on our fourth quarter 2022 earnings call.

謝謝你，麗茲。我很高興這次我們避開了情人節。感謝大家今天下午參加我們的 2022 年第四季度財報電話會議。

2022 has certainly been a record year for Arista. You might recall, in November 2021 Analyst Day, we had given you a guidance of 30% growth and instead have achieved well beyond that at 48% growth for the year, driving to an annual revenue of $4.38 billion with a non-GAAP earnings per share of $4.58, translating to an EPS growth of 58% for 2022. Indeed, a memorable year.

2022 年對於 Arista 來說無疑是創紀錄的一年。您可能還記得，在 2021 年 11 月的分析師日，我們為您提供了 30% 的增長指導，但今年的增長率遠遠超過了 48%，年收入達到 43.8 億美元，非 GAAP 每股收益份額為 4.58 美元，轉化為 2022 年每股收益增長 58%。的確，這是值得紀念的一年。

Let's get back to some Q4 2022 specifics. We delivered $1.276 billion for the quarter with a non-GAAP earnings per share of $1.41. Services and software support renewals contributed approximately 15.8% of the revenue. Our non-GAAP gross margin was 61%, influenced by our supply chain overhead and cloud tightening concentration. International contribution registered at 23.5% with the Americas at 76.5% in 2022. This was one of our strongest-performing international quarters in recent history.

讓我們回到 2022 年第四季度的一些細節。本季度我們交付了 12.76 億美元，非 GAAP 每股收益為 1.41 美元。服務和軟件支持續訂貢獻了大約 15.8% 的收入。我們的非 GAAP 毛利率為 61%，受我們的供應鏈管理費用和雲收緊集中度的影響。到 2022 年，國際貢獻率為 23.5%，美洲為 76.5%。這是我們近期歷史上表現最強勁的國際區之一。

In terms of Q4 2022 verticals, Cloud Titans was our largest and first, followed by enterprise, and then specialty cloud providers at third place, financials at fourth and service providers at fifth place. In 2023, we will report the 3 segment sectors instead of the verticals.

就 2022 年第四季度的垂直行業而言，Cloud Titans 是我們最大的，也是第一位的，其次是企業，然後是第三名的專業雲提供商，第四名的金融和第五名的服務提供商。 2023 年，我們將報告 3 個細分行業，而不是垂直行業。

Shifting to the segment sector revenue for 2022. Cloud Titans contributed significantly at approximately 46%, resulting in a triple-digit growth annually. Enterprise and financials together was strong at approximately 32%, while the providers were at approximately 22%. Both Meta and Microsoft are now far greater than 10% customers at 25.5% and 16% contribution, respectively. Clearly, we continue to enjoy a strong and strategic partnership with M and M.

轉向 2022 年的細分市場收入。Cloud Titans 做出了顯著貢獻，約為 46%，每年實現三位數增長。企業和金融加在一起表現強勁，約為 32%，而供應商約為 22%。 Meta 和 Microsoft 現在都遠遠超過 10% 的客戶，貢獻率分別為 25.5% 和 16%。顯然，我們繼續與 M 和 M 保持牢固的戰略合作夥伴關係。

With that, I'd like to now invite Anshul Sadana, our Chief Operating Officer, to shed more light on our cloud tightening performance.

有了這個，我現在想邀請我們的首席運營官 Anshul Sadana 來進一步說明我們的雲緊縮性能。

Thank you, Jayshree.

謝謝你，傑什裡。

Our partnership with Microsoft and Meta grew even stronger last year. Both of these titans are in the midst of deploying our next-gen 100-, 200- and 400-gig products at several key tails of their networks. The cloud is reshaping the Internet with their massive footprint, global backbone and edge partnerships. We are proud to have our products designed into pretty much all of these use cases.

去年，我們與 Microsoft 和 Meta 的合作夥伴關係變得更加牢固。這兩家巨頭都在其網絡的幾個關鍵尾部部署我們的下一代 100、200 和 400 千兆產品。雲正在以其龐大的足跡、全球骨幹網和邊緣合作夥伴關係重塑互聯網。我們很自豪能夠將我們的產品設計到幾乎所有這些用例中。

In addition, our business with the other titans continued to grow as well. We had additional design wins in backbone, WAN and edge folds. This past year, we ramped our 7800 R3 series, high-density, 400-gig, near-lossless spine. We also introduced several new products based on Tomahawk 4 and our team buffer Virtual Output Queue systems based on Jericho2 to 7280 and the 7800 R3 modular systems.

此外，我們與其他巨頭的業務也在持續增長。我們在骨幹網、廣域網和邊緣折疊方面獲得了額外的設計勝利。去年，我們升級了 7800 R3 系列、高密度、400 千兆、近乎無損的脊柱。我們還推出了幾款基於 Tomahawk 4 的新產品，以及我們基於 Jericho2 到 7280 和 7800 R3 模塊化系統的緩沖虛擬輸出隊列系統。

While we will continue to add 100- and 400-gig products to our portfolio, we also launched our first 1 RAC unit 25-terabit product with 800-gig ports that can be broken out as 2 x 400 gig. These products have good use cases in high-speed applications, such as artificial intelligence.

在我們將繼續向我們的產品組合中添加 100 和 400 兆產品的同時，我們還推出了我們的第一個 1 RAC 單元 25 太比特產品，該產品具有 800 兆端口，可以分解為 2 x 400 兆。這些產品在人工智能等高速應用中有很好的用例。

EOS, our high-quality resilient network data lake-based operating system, has also matured and now supports cloud scale with multiple copies of the Internet routing table. We codevelop with our cloud customers who greatly appreciate Arista engineering expertise. This past year, we furthered our partnership with Microsoft with SONiC support on many of our high-volume switches. Our work with them on automation and monitoring our scale is very well received for Azure and Bing deployments.

我們基於高質量彈性網絡數據湖的操作系統 EOS 也已經成熟，現在支持具有多個 Internet 路由表副本的雲規模。我們與非常欣賞 Arista 工程專業知識的雲客戶共同開發。在過去的一年裡，我們進一步加強了與微軟的合作夥伴關係，為我們的許多大容量交換機提供 SONiC 支持。我們與他們在自動化和監控規模方面的合作在 Azure 和 Bing 部署中廣受好評。

At Meta, we have our codeveloped platforms, such as the Tomahawk 7368 and 7388, which helped them improve throughput and data center power efficiencies. FBOSS and EOS are deployed with very high reliability and the cluster fabrics using these products. Our deployments in their backbone and in generative AI and recommendation engines with the 7800 Series are now smoothly deployed in production.

在 Meta，我們擁有共同開發的平台，例如 Tomahawk 7368 和 7388，這幫助他們提高了吞吐量和數據中心的能效。 FBOSS 和 EOS 以非常高的可靠性部署，集群結構使用這些產品。我們在他們的主乾和生成 AI 中的部署以及 7800 系列的推薦引擎現在已順利部署到生產中。

We don't control macro. We don't control our customers' CapEx plans. But when they do spend, we are there with them to make these next-generation cloud network successful. AI is a good example where we are continuing to grow into next-generation architectures with our cloud customers. The use cases we are involved in are generally core to their business and not an optional spend. Our cloud journey has come a long way over the last decade. This is still a very exciting market segment given the pace of innovation and our partnerships here.

我們不控制宏觀。我們不控制客戶的資本支出計劃。但當他們真正花錢時，我們會與他們一起使這些下一代云網絡取得成功。人工智能是一個很好的例子，我們將繼續與我們的雲客戶一起成長為下一代架構。我們參與的用例通常是他們業務的核心，而不是可選的支出。在過去十年中，我們的雲之旅取得了長足的進步。鑑於創新的步伐和我們在這裡的合作夥伴關係，這仍然是一個非常令人興奮的細分市場。

Back to you, Jayshree.

回到你身邊，Jayshree。

Thank you, Anshul.

謝謝你，安舒爾。

Wow, 2022 was indeed a phenomenal year with the Cloud Titans, and these partnerships have been nurtured for well over a decade with expanded use cases such as these AI workloads. We remain confident of our meaningful share with both Microsoft and Meta, and we expect both of them to once again contribute greater than 10% of our total revenue in 2023.

哇，2022 年對於 Cloud Titans 來說確實是非凡的一年，這些合作夥伴關係已經培育了十多年，擴展了這些 AI 工作負載等用例。我們對我們與 Microsoft 和 Meta 的重要份額充滿信心，我們預計這兩家公司將在 2023 年再次貢獻我們總收入的 10% 以上。

In the non-cloud category, we have registered a solid number of million-dollar customers as a direct result of our momentum in the enterprise and campus throughout the year. We have now surpassed 9,000 cumulative customers.

在非雲類別中，由於我們全年在企業和校園中的發展勢頭，我們已經註冊了大量價值百萬美元的客戶。我們現在已經超過 9,000 個累計客戶。

In terms of 2022 product lines, we have 3 categories: one, our core cloud and data center products built upon a highly differentiated Arista EOS staff that is successfully deployed across 10-, 25-, 100-, 200- and 400-gig speeds. This drove approximately 68% of our revenue with strong cloud and enterprise spending cycles. We believe that we will continue to gain market share in the high-performance switching and have already grown from the teens to the 20s.

就 2022 產品線而言，我們分為 3 類：第一，我們的核心雲和數據中心產品建立在高度差異化的 Arista EOS 員工之上，成功部署在 10、25、100、200 和 400 千兆速度上.這通過強勁的雲和企業支出週期推動了我們約 68% 的收入。我們相信我們將繼續在高性能開關中獲得市場份額，並且已經從十幾歲成長為二十多歲。

In the 100- and 400-gig category, we have now earned the #1 position according to industry analysts. We have also doubled our 400-gig customers from 300 in 2021 to over 600 in 2022.

根據行業分析師的說法，在 100 和 400 兆類別中，我們現在已經贏得了第一名的位置。我們還將我們的 400 位客戶從 2021 年的 300 位增加到 2022 年的 600 位，翻了一番。

Our second market is network adjacencies comprised of routing, replacing routers and our Cognitive Campus. We doubled our Campus orders to exceed $400 million in 2022, but we did fall short of our revenue due to extreme supply chain shortages. We maintain our Campus momentum and are aiming for $750 million in revenue by 2025.

我們的第二個市場是網絡鄰接，包括路由、替換路由器和我們的認知園區。到 2022 年，我們的 Campus 訂單翻了一番，超過 4 億美元，但由於供應鏈極度短缺，我們確實沒有達到收入。我們保持校園發展勢頭，目標是到 2025 年實現 7.5 億美元的收入。

Our investments in Cognitive Campus spines, clients, wired and wireless have generated significant customer interest and demand based on CloudVision and CloudVision Q. Considering this is only our third full year of shipping versus incumbents who've been in the market for 15 to 30 years, we are very proud of our execution. Our vision for a Cognitive Campus with Network as a Service and Edge as a Service based on NetDL is resonating extremely well and being embraced by our campus customers.

我們對基於 CloudVision 和 CloudVision Q 的 Cognitive Campus 主幹、客戶端、有線和無線網絡的投資產生了顯著的客戶興趣和需求。考慮到這只是我們第三個完整的出貨年，而在位者已經進入市場 15 到 30 年，我們為我們的執行感到非常自豪。我們對基於 NetDL 的網絡即服務和邊緣即服務的認知校園的願景引起了極大的共鳴，並被我們的校園客戶所接受。

We have also successfully deployed in many routing edge and clearing use cases, such as securing data in transit with TunnelSec encryption, precision and performance for mobile networks, cloud exchanges and Metro Ethernet. Enterprise customers can now deploy EOS with a single EVPN protocol, whether it's for data center, data center interconnect or WAN, delivering multiple profiles.

我們還成功地部署在許多路由邊緣和清算用例中，例如通過 TunnelSec 加密保護傳輸中的數據、移動網絡的精度和性能、雲交換和城域以太網。企業客戶現在可以使用單一 EVPN 協議部署 EOS，無論是用於數據中心、數據中心互連還是 WAN，提供多個配置文件。

Just in 2022 alone, we introduced 6 EOS software releases, 600 new features across 50 new platforms. Stay tuned for more in 2023 as we will be introducing new WAN transit functionality.

僅在 2022 年，我們就推出了 6 個 EOS 軟件版本，涵蓋 50 個新平台的 600 項新功能。請繼續關注 2023 年的更多信息，因為我們將引入新的 WAN 傳輸功能。

The Campus and routing adjacencies together contribute approximately 14% of revenue.

校園和路由鄰接合計貢獻了大約 14% 的收入。

Our third category is network software and services based on subscription models, such as Arista A-Care, CloudVision, DMF observability, advanced NDR with AVA sensors for security. Arista's subscription-based network services and software contributed approximately 18% of our total product line. We are proud to note that CloudVision exceeded 2,000 cumulative customers, up from 1,500 the prior year and is really a compelling data-driven platform delivering network agility, continuous integration and operational excellence.

我們的第三類是基於訂閱模型的網絡軟件和服務，例如 Arista A-Care、CloudVision、DMF 可觀察性、帶有用於安全性的 AVA 傳感器的高級 NDR。 Arista 基於訂閱的網絡服務和軟件約占我們總產品線的 18%。我們很自豪地註意到，CloudVision 的累計客戶已超過 2,000 家，高於去年的 1,500 家，它確實是一個引人注目的數據驅動平台，可提供網絡敏捷性、持續集成和卓越運營。

Arista non-cloud wins continue as well. While Arista's 2022 headline has been the massive contribution from our cloud customers, we are pleased with the momentum of our enterprise and provider customers as well. Arista continues to diversify its business globally with multiple use cases. Helping our prospects and customers realize these operational benefits with modern software and automation has been a recurring theme. And so let me shed a few examples that we have earned a seat at the table at.

Arista 非雲業務也繼續取得成功。雖然 Arista 的 2022 年頭條新聞是我們的雲客戶做出的巨大貢獻，但我們也對我們的企業和提供商客戶的發展勢頭感到滿意。 Arista 繼續通過多個用例在全球範圍內實現業務多元化。通過現代軟件和自動化幫助我們的潛在客戶和客戶實現這些運營優勢一直是一個反復出現的主題。因此，讓我舉幾個例子，我們已經在談判桌上贏得了一席之地。

Our first example highlights the universal cloud network wins in the travel industry. Like many conversations, the customers' initial ask was to gain more visibility into their infrastructure. We presented our DMF, DANZ Monitoring Fabric solution, but it quickly transitioned to a general data center for all of Arista's platform offerings. The customer chose our Layer 3 leaf/spine EVPN design, it's for their critical VDI environment. The customer also leveraged CloudVision for their day 0, day 1, day 2 operations using our chassis spine, R3 leaf and out-of-band management to reduce their operational risk.

我們的第一個例子突出了通用云網絡在旅遊行業的勝利。與許多對話一樣，客戶最初的要求是獲得對其基礎架構的更多可見性。我們展示了我們的 DMF、DANZ Monitoring Fabric 解決方案，但它很快轉變為 Arista 所有平台產品的通用數據中心。客戶選擇了我們的第 3 層葉/主幹 EVPN 設計，這是針對他們的關鍵 VDI 環境。客戶還利用我們的機箱主幹、R3 葉和帶外管理在第 0 天、第 1 天、第 2 天的運營中利用 CloudVision 來降低運營風險。

Our second win highlights the financial customers' choice to proceed with Arista's best-in-class Cognitive Campus with wired and wireless solutions. As with every Campus opportunity, it was competitive. CloudVision once again was a key differentiator for us as we quickly became their trusted adviser. Our virtual training environment, such as Arista's Cloud Test, gave architects the relevant hands-on experience. Our low CBE count and commitment to single EOS with high quality was unmatched by our peers.

我們的第二個勝利凸顯了金融客戶選擇繼續使用 Arista 具有有線和無線解決方案的一流認知園區。與 Campus 的每個機會一樣，它具有競爭力。 CloudVision 再次成為我們的關鍵差異化因素，因為我們很快成為他們值得信賴的顧問。我們的虛擬培訓環境，例如 Arista 的雲測試，為架構師提供了相關的實踐經驗。我們的低 CBE 數量和對高質量單一 EOS 的承諾是我們的同行所無法比擬的。

Arista continues to make inroads on regional Tier 2 and Tier 3 service providers. Regional service providers are in the middle of expanding and looking for reliable compressed routing footprint. This third win highlights the evolution of our EOS driving stack, where customers are now deploying EVPN services on top of their MPLS segment core network. Arista's high-density 100-gig MPLS routing, together with long-range optics and a fully automated deployment using CloudVision and 0-touch provisioning, delivered that cloud-like operating model.

Arista 繼續進軍區域 2 級和 3 級服務提供商。區域服務提供商正在擴展和尋找可靠的壓縮路由足跡。第三次獲勝凸顯了我們 EOS 驅動堆棧的發展，客戶現在正在其 MPLS 段核心網絡之上部署 EVPN 服務。 Arista 的高密度 100-gig MPLS 路由，連同遠程光學器件和使用 CloudVision 和零接觸配置的全自動部署，提供了類似雲的操作模型。

Our next win is an international one in the education sector for high-performance computing. HPC demands low latency, deep buffers and real-time visibility. This customer chose Arista for providing a highly elastic, BX land-based leaf/spine pod with best-in-class performance. Consistent technology between our spine and edge leaf, anchored by our flagship 7800 chassis and combined with CloudVision-based real-time telemetry, compliance and automation, really created a lasting impression.

我們的下一個勝利是高性能計算教育領域的國際勝利。 HPC 需要低延遲、深度緩衝區和實時可見性。該客戶選擇 Arista 是為了提供具有一流性能的高彈性 BX 陸基葉/脊 pod。我們的主乾和邊緣葉子之間採用一致的技術，以我們的旗艦 7800 機箱為基礎，並結合基於 CloudVision 的實時遙測、合規性和自動化，真正給人留下了深刻的印象。

Our final win for this quarter's announcements is an exciting international one in the government sector, where Arista's 400-gig Ethernet was selected instead of InfiniBand for big data Hadoop cluster deployments. In this case, the customer chose us for 100-, 400-gig solution with built-in encryption capabilities. The customer saw clear differentiation in our automated operations, (inaudible) upgrade and full real-time telemetry, ensuring comprehensive visibility of workloads in the fabric.

本季度公告的最後一項勝利是政府部門令人興奮的國際勝利，其中選擇 Arista 的 400-gig 以太網而不是 InfiniBand 用於大數據 Hadoop 集群部署。在這種情況下，客戶選擇我們提供具有內置加密功能的 100、400 gig 解決方案。客戶在我們的自動化操作、（聽不清）升級和完全實時遙測中看到了明顯的差異，確保了結構中工作負載的全面可見性。

As we enter 2023, Arista is well positioned as a game changer in data-driven client to cloud networking. A key part of this transformation is to make our cloud source principles and bring that to every aspect of the data network. Software functions such as routing for WAN, Zero Touch security and observability are moving into the Arista U.S. stack. We are building upon our cloud network heritage to bring proactive platforms, predictive operations and a complete prescriptive experience, unifying data sets from multiple sources.

當我們進入 2023 年時，Arista 將成為數據驅動客戶端到云網絡的遊戲規則改變者。這種轉變的一個關鍵部分是製定我們的雲源原則並將其帶到數據網絡的各個方面。 WAN 路由、零接觸安全性和可觀察性等軟件功能正在轉移到 Arista U.S. 堆棧中。我們正在構建我們的云網絡傳統，以帶來主動平台、預測操作和完整的規範體驗，統一來自多個來源的數據集。

Our NetDL architecture and AVA, or autonomous virtual assist, using AI and ML and natural language processing techniques is a very compelling combination. Together, this architecture can gather, store and process multiple modalities of network data. And this way, network operators can reconcile all their different silos.

我們的 NetDL 架構和 AVA，或自主虛擬助手，使用 AI 和 ML 以及自然語言處理技術是一個非常引人注目的組合。該架構可以一起收集、存儲和處理多種網絡數據模式。通過這種方式，網絡運營商可以協調所有不同的孤島。

2023 is the start of Arista's 2.0 journey. Arista 2.0 is our migration from best-of-breed products to best-of-breed platforms as we address our expanded TAM of $50 billion ahead. We are uniquely qualified to bring modern software principles to build that world-class data center and data-driven networking. It is based on that foundational focus on quality, availability, AI-driven deployments with top-notch support. And as we undertake this 2.0 journey, we are excited to work with a collaborative ecosystem of our partners and customers worldwide to realize this vision.

2023 年是 Arista 2.0 旅程的開始。 Arista 2.0 是我們從同類最佳產品到同類最佳平台的遷移，因為我們要解決未來 500 億美元的擴展 TAM。我們具有獨特的資格，可以將現代軟件原則用於構建世界一流的數據中心和數據驅動網絡。它基於對質量、可用性、人工智能驅動部署和一流支持的基本關注。在我們踏上 2.0 之旅時，我們很高興能與全球合作夥伴和客戶組成的協作生態系統合作，以實現這一願景。

In summary, I'm so proud of our team's execution across multiple dimensions despite one of the worst supply chain backdrops ever witnessed. A special thank you to our customers for their patience and support to us last year and to all the Aristans for their hard work and Herculean efforts.

總而言之，我為我們團隊在多個方面的執行感到自豪，儘管這是有史以來最糟糕的供應鏈背景之一。特別感謝我們的客戶去年對我們的耐心和支持，並感謝所有 Aristans 的辛勤工作和巨大的努力。

Our tireless mission taught us valuable lessons, and we expect to emerge stronger. We reiterate our 25% annual growth outlook that we mentioned at the November 2022 Analyst Day as we now aim for $5.47 billion in 2023 in terms of revenue.

我們孜孜不倦的使命教會了我們寶貴的經驗教訓，我們希望變得更強大。我們重申我們在 2022 年 11 月分析師日提到的 25% 的年度增長前景，因為我們現在的目標是在 2023 年實現 54.7 億美元的收入。

Now I will turn it over to Ita for financial specifics.

現在我將把它交給 Ita 了解財務細節。

Thanks, Jayshree, and good afternoon.

謝謝，Jayshree，下午好。

This analysis of our Q4 and full year 2022 results and our guidance for Q1 2023 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.

我們對 2022 年第四季度和全年業績的分析以及我們對 2023 年第一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 結果的完整調節。

Total revenues in Q4 were $1.276 billion, up 54.7% year-over-year and well above the upper end of our guidance of $1.175 billion to $1.2 billion. While we experienced some improvement in overall component supply in the quarter, shipments remained somewhat constrained with lingering shortages on a handful of parts. Services and subscription software contributed approximately 15.8% of revenue in the fourth quarter, down from 16.3% in Q3. This has largely reflected growth in product revenue, while services and software continue to grow on a more consistent basis.

第四季度的總收入為 12.76 億美元，同比增長 54.7%，遠高於我們 11.75 億美元至 12 億美元的指導上限。雖然本季度整體零部件供應有所改善，但由於少數零部件持續短缺，出貨量仍然受到一定程度的限制。服務和訂閱軟件在第四季度貢獻了約 15.8% 的收入，低於第三季度的 16.3%。這在很大程度上反映了產品收入的增長，而服務和軟件繼續在更穩定的基礎上增長。

International revenues for the quarter came in at $300 million or 23.7% of total revenue, up from 17% in the third quarter. This quarter-over-quarter increase largely reflected improved contributions from our EMEA and region customers in the quarter. Overall, however, 2022 was the year of outsized growth in the U.S., up 61% year-over-year, largely due to domestic strength from our Cloud Titan customers.

本季度國際收入為 3 億美元，佔總收入的 23.7%，高於第三季度的 17%。這一環比增長在很大程度上反映了我們 EMEA 和地區客戶在本季度的貢獻有所增加。但總體而言，2022 年是美國實現超額增長的一年，同比增長 61%，這主要歸功於我們的 Cloud Titan 客戶在國內的實力。

Overall gross margin in Q4 was 61%, at the midpoint of our guidance range of approximately 60% to 62%. We continue to recognize incremental supply chain costs in the period combined with a healthy cloud mix. Operating expenses for the quarter were $235.3 million or 18.4% of revenue, up from last quarter at $227.7 million. R&D spending came in at $153.2 million or 12% of revenue, up from $150.1 million last quarter. This primarily reflected increased head count and new product introduction costs in the period.

第四季度的總體毛利率為 61%，處於我們指導範圍約 60% 至 62% 的中點。我們繼續認識到在此期間增加的供應鏈成本以及健康的雲組合。本季度的運營費用為 2.353 億美元，佔收入的 18.4%，高於上一季度的 2.277 億美元。研發支出為 1.532 億美元，佔收入的 12%，高於上一季度的 1.501 億美元。這主要反映了該期間員工人數和新產品引進成本的增加。

Sales and marketing expenses were $67.4 million or 5.3% of revenue compared to $62.8 million last quarter with increased head count and higher variable compensation expenses. Our G&A costs came in at $14.6 million or 1.1% of revenue, consistent with last quarter. Our operating income for the quarter was $543.2 million or 42.6% of revenue. Other income and expense for the quarter was a favorable $13.6 million, and our effective tax rate was 20%. This resulted in net income for the quarter of $445.1 million or 34.9% of revenue.

銷售和營銷費用為 6740 萬美元，佔收入的 5.3%，而上一季度為 6280 萬美元，員工人數增加，可變薪酬費用增加。我們的 G&A 成本為 1460 萬美元，佔收入的 1.1%，與上一季度一致。我們本季度的營業收入為 5.432 億美元，佔收入的 42.6%。本季度的其他收入和支出為 1360 萬美元，有效稅率為 20%。這導致本季度的淨收入為 4.451 億美元，佔收入的 34.9%。

Our diluted share number was 315.2 million shares, resulting in a diluted earnings per share number for the quarter of $1.41, up 72% from the prior year.

我們的稀釋股數為 3.152 億股，導致本季度的稀釋後每股收益為 1.41 美元，比去年同期增長 72%。

Now turning to the balance sheet. Cash, cash equivalents and investments ended the quarter at approximately $3.024 billion. In the quarter, we repurchased $2.8 million of our common stock. As a reminder, for the year, we have repurchased $670 million or 6.5 million shares at an average price of $104 per share. This leaves us with $257 million available for repurchase under our existing $1 billion board authorization. The actual timing and amount of future repurchases will be dependent on market and business conditions, stock price and other factors.

現在轉向資產負債表。本季度末現金、現金等價物和投資約為 30.24 億美元。本季度，我們回購了 280 萬美元的普通股。提醒一下，今年我們以每股 104 美元的平均價格回購了 6.7 億美元或 650 萬股股票。根據我們現有的 10 億美元董事會授權，這使我們有 2.57 億美元可用於回購。未來回購的實際時間和金額將取決於市場和業務狀況、股票價格和其他因素。

Now turning to operating cash performance for the fourth quarter. We generated approximately $40 million of cash from operations in the period, reflecting strong earnings performance, mostly offset by a significant increase in working capital. We experienced growth in inventory with the receipt of components for future shipments, including shipments delayed due to supplier decommits. We also experienced growth in accounts receivable and DSOs in the quarter with a significant ramp in service renewals and product shipments towards the end of the quarter.

現在轉向第四季度的經營現金業績。在此期間，我們從運營中產生了大約 4000 萬美元的現金，反映出強勁的盈利表現，其中大部分被營運資金的大幅增加所抵消。我們在收到未來裝運的組件時經歷了庫存增長，包括由於供應商退役而延遲的裝運。本季度我們還經歷了應收賬款和 DSO 的增長，服務更新和產品出貨量在本季度末顯著增加。

DSOs came in at 67 days, up from 51 days in Q3, reflecting the linearity of billings and growth and service renewals in the period. Inventory turns were 1.6x, down from 1.7x last quarter. Inventory increased to $1.3 billion in the quarter, up from $1.1 billion in the prior period, reflecting higher key component of peripherals inventory and an increase in switch-related finishes.

DSO 為 67 天，高於第三季度的 51 天，反映了該期間賬單和增長以及服務續訂的線性。庫存周轉率為 1.6 倍，低於上一季度的 1.7 倍。本季度的庫存從上一季度的 11 億美元增加到 13 億美元，反映出外圍設備庫存的關鍵組件增加以及與開關相關的成品增加。

Our purchase commitments at the end of the quarter were $3.7 billion, down from $4.3 billion at the end of Q3. We expect this number to continue to decline in future quarters as component lead times improve and we work to optimize our supply position. As a reminder, we have focused this extended purchase commitment strategy on early life cycle products to help mitigate the risk of excess or obsolescence.

我們在本季度末的採購承諾為 37 億美元，低於第三季度末的 43 億美元。隨著組件交貨時間的改善以及我們努力優化供應狀況，我們預計這一數字在未來幾個季度將繼續下降。提醒一下，我們將這種延長購買承諾策略的重點放在早期生命週期產品上，以幫助降低過剩或過時的風險。

Our total deferred revenue balance was $1.041 billion, up from $941 million in Q3. The majority of the deferred revenue balance is services-related and directly linked to the timing and term of service contracts, which can vary on a quarter-by-quarter basis. Approximately $125 million, down from $165 million last quarter, represents product deferred revenue, largely related to acceptance deposits for new products, most recently with our large Cloud Titan customers. For clarification, this represents a reduction in products related to deferred revenue for the year of approximately $40 million.

我們的遞延收入餘額總額為 10.41 億美元，高於第三季度的 9.41 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，這可能會逐季變化。大約 1.25 億美元，低於上一季度的 1.65 億美元，代表產品遞延收入，主要與新產品的承兌金有關，最近與我們的大型 Cloud Titan 客戶有關。為澄清起見，這表示與本年度遞延收入相關的產品減少了約 4000 萬美元。

Account payable days were 43 days, down from 56 days in Q3, reflecting the timing of inventory receipts and payments. Capital expenditures in the quarter were $10.5 million.

應付賬款天數為 43 天，低於第三季度的 56 天，反映了存貨收付的時間。本季度的資本支出為 1050 萬美元。

Now turning to our outlook for the first quarter and beyond. 2022 was a year of outstanding revenue and earnings growth driven by an acceleration in demand from our Cloud Titan customers, coupled with healthy contributions across the other areas of the business. Supply remains constrained throughout the year and somewhat limited our ability to ramp product shipments in response to this demand.

現在轉向我們對第一季度及以後的展望。 2022 年是我們的 Cloud Titan 客戶需求加速增長以及其他業務領域的健康貢獻所推動的收入和收益顯著增長的一年。全年供應仍然受到限制，並在一定程度上限制了我們根據這種需求提高產品出貨量的能力。

As we head into 2023, we look forward to resolving the final kinks on the supply side and reducing lead times for our customers. As outlined at our Analyst Day, we expect to achieve year-over-year revenue growth for 2023 of approximately 25%. This reflects continued healthy demand across all our market sectors but recognizing that as lead times improve, we should expect to see some reduction in visibility.

在我們邁入 2023 年之際，我們期待解決供應方面的最後難題，並為我們的客戶縮短交貨時間。正如我們在分析師日概述的那樣，我們預計 2023 年收入同比增長約 25%。這反映了我們所有市場領域的持續健康需求，但認識到隨著交貨時間的延長，我們應該會看到可見度有所下降。

In terms of quarterly trends, you should expect accelerated year-over-year growth in Q1, moderating as the year progressing versus more difficult year-over-year comps. On the gross margin front, we expect to continue consuming broker parts and other inflated cost items in the first quarter. And this, combined with the continuing healthy cloud contribution, will pressure gross margins. Beyond that, we should see some steady improvement as we move through the year with fewer broker parts and the opportunity to optimize the manufacturing run.

就季度趨勢而言，您應該期望第一季度同比增長加速，隨著時間的推移與更困難的同比增長相比有所放緩。在毛利率方面，我們預計第一季度將繼續消耗經紀人零件和其他膨脹的成本項目。而這一點，再加上持續健康的雲貢獻，將對毛利率構成壓力。除此之外，我們應該會看到一些穩定的改善，因為我們在這一年中減少了代理零件，並有機會優化製造運行。

Now turning to spending and investments. We remain cognizant of the overall macro environment, and we'll be prudent to making investments as we move through the year. You should, however, expect us to make targeted hires in R&D and go-to-market as the team sees the opportunity to secure talent.

現在轉向支出和投資。我們仍然了解整體宏觀環境，我們將在今年進行謹慎的投資。但是，您應該期望我們在研發和上市方面進行有針對性的招聘，因為團隊看到了獲得人才的機會。

On the cash front, FY 2022 was a year where much of the $1.4 billion net income generated by the business was consumed by incremental working capital needs an additional cash tax payments under Section 174, which defers the deductibility of R&D spending.

在現金方面，2022 財年企業產生的 14 億美元淨收入中的大部分被增量營運資金消耗，需要根據第 174 條額外支付現金稅，這推遲了研發支出的扣除。

As we head into 2023, we should expect to focus on supply chain and working capital optimization while recognizing the need for balance in areas of higher supply risk or where our lead times remain extended.

隨著我們進入 2023 年，我們應該期望將重點放在供應鍊和營運資本優化上，同時認識到需要在供應風險較高的領域或我們的交貨時間仍然延長的領域進行平衡。

Interest income should continue to increase as we move through the year with $20 million in Q1, growing towards a quarterly contribution of $40 million exiting the year.

隨著我們今年第一季度的利息收入為 2000 萬美元，利息收入應該會繼續增加，並朝著今年結束時的 4000 萬美元的季度貢獻增長。

With all of this as a backdrop, our guidance for the first quarter, which is based on non-GAAP results and excludes any noncash stock-based compensation impacts and other nonrecurring items is as follows: Revenues approximately $1.275 billion to $1.325 billion, gross margin of approximately 60%, operating margin at approximately 40%. Our effective tax rate is expected to be 21.5% with diluted shares on a post-split basis of approximately 316 million shares.

以所有這些為背景，我們對第一季度的指導基於非公認會計原則結果，不包括任何基於股票的非現金薪酬影響和其他非經常性項目如下：收入約為 12.75 億美元至 13.25 億美元，毛利率約 60%，營業利潤率約 40%。我們的實際稅率預計為 21.5%，稀釋後的股份約為 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 財報電話會議的問答部分。 （操作員說明）感謝您的理解。接線員，把它拿走。

(Operator Instructions) Your first question comes from the line of Jason Ader with William Blair.

（操作員說明）你的第一個問題來自 Jason Ader 和 William Blair 的台詞。

I just wanted to ask, I guess, Ita, for you on the order trend. We all know that the revenue is incredibly strong right now because of all the lead time supply chain issues, but maybe some visibility on how orders are trending versus revenue.

我只是想問一下，Ita，關於訂單趨勢的問題。我們都知道，由於所有提前期供應鏈問題，目前的收入非常強勁，但也許可以看到訂單趨勢與收入的關係。

Yes. Jason, as you know, we don't really talk about orders and backlog. I think we did talk about kind of healthy demand across the various pieces of the business. And obviously, we're reaffirming the guidance for 2023. So there is good support for that.

是的。傑森，如你所知，我們並沒有真正談論訂單和積壓。我認為我們確實討論了業務各個部分的健康需求。很明顯，我們重申了 2023 年的指導方針。所以對此有很好的支持。

Jayshree, I don't know if you want to add anything to that.

Jayshree，我不知道你是否想添加任何內容。

No. I think you said it well. Order trends in 2022 were good. We'll wait, watch and see if the macro has broader effects in '23, but our guide and our tone effects that we are pretty positive at the moment.

不，我認為你說得很好。 2022 年的訂單趨勢良好。我們將等待、觀察並查看宏觀是否在 23 年產生更廣泛的影響，但我們的指南和基調影響我們目前非常積極。

So no impact from macro of significance thus far on orders?

那麼到目前為止，宏觀對訂單沒有影響嗎？

When we have something to state, we will, Jason. So far, we don't.

當我們有什麼要說的時候，我們會的，傑森。到目前為止，我們沒有。

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

你的下一個問題來自 Evercore 的 Amit Daryanani。

Congrats on the quarter. I guess, when I think about this 25% growth in calendar '23, how do you think it stacks up across the 3 verticals for you folks? That would be really helpful in the sense kind of where do you see the strongest versus weaker growth.

祝賀這個季度。我想，當我想到 23 年日曆中這 25% 的增長時，您如何看待它在 3 個垂直領域對你們的影響？從某種意義上說，這將非常有幫助，您可以在哪裡看到最強勁和最疲軟的增長。

And then on the Cloud Titan side, as you think about growth in '23 and maybe even beyond, do you think that's really a function of what their CapEx plans look like on the networking side? Or do you think there's a bigger narrative around the share gain potential against white box solutions, especially as workloads get more complicated, that could help you as well?

然後在 Cloud Titan 方面，當你考慮 23 年甚至以後的增長時，你認為這真的是他們在網絡方面的資本支出計劃的功能嗎？或者您是否認為圍繞白盒解決方案的份額增益潛力有更大的敘述，特別是隨著工作負載變得更加複雜，這也可以幫助您？

Okay. Well, I'll take the first one, and I'm sure Anshul will have a few words on the second. How does this break down? If you look at -- let me go back to 2021. We had a very nice even split, and Cloud Titan was actually kind of on the low side. It was 30%, if I remember right, 30-30-40. And if you look at 2022, Cloud Titan was outsized when the 30% went to 46%.

好的。好吧，我先說第一個，我相信 Anshul 會就第二個說幾句話。這是如何分解的？如果你看一下——讓我回到 2021 年。我們有一個非常好的平分，而 Cloud Titan 實際上有點偏低。如果我沒記錯的話，是 30%，30-30-40。如果你看看 2022 年，當 30% 上升到 46% 時，Cloud Titan 變得過大了。

If I had to guess, I would say we'd be between those 2 numbers. I still think we'll have a very healthy Cloud Titan mix. But enterprise momentum continues to be strong, and you'll see a contribution from that as well as the Tier 2 specialty cloud providers and service providers as well. So I think it will -- my guess is it will look somewhere between '21 and '22 in terms of split. We'll see as the quarter progress.

如果我不得不猜測，我會說我們會介於這兩個數字之間。我仍然認為我們會有一個非常健康的 Cloud Titan 組合。但企業發展勢頭依然強勁，您會看到來自企業以及第 2 層專業雲提供商和服務提供商的貢獻。所以我認為它會——我猜它會在 21 年和 22 年之間出現分裂。我們將看到本季度的進展。

In terms of the CapEx and the impact of that on Cloud Titans, look, we don't exactly and equivalently track to CapEx, but eventually, CapEx is an indicator of future -- of our future Cloud Titan progress. I don't believe at this point that our progress is coming from white box or specific things like commodity, things like that. It's really coming from, as Anshul pointed out, a very strategic seat at the table on new use cases like AI workloads, which has a multiplicative factor on our bandwidth.

就資本支出及其對 Cloud Titans 的影響而言，看，我們並沒有完全等同地跟踪資本支出，但最終，資本支出是未來——我們未來 Cloud Titan 進步的指標。在這一點上，我不相信我們的進步來自白盒或商品等特定事物。正如 Anshul 指出的那樣，它確實來自於在 AI 工作負載等新用例的談判桌上的一個非常具有戰略意義的席位，這對我們的帶寬有一個乘數因素。

So I believe we'll have a real seat at the table, especially with Microsoft and Meta. And we'll continue to see what the use cases are then and there that we can imagine beyond '23. But we've been working on this for 10 years, and I think it will continue to be strong.

所以我相信我們會在談判桌上佔有一席之地，尤其是與 Microsoft 和 Meta 的合作。我們將繼續了解當時和那裡的用例，我們可以想像 23 年後的情況。但我們已經為此努力了 10 年，我認為它會繼續保持強勁勢頭。

Our next question comes from the line of Paul Silverstein with Cowen.

我們的下一個問題來自 Paul Silverstein 和 Cowen 的對話。

I hope you'll tell us a clarification. I just want to make sure you said Microsoft was 16 and Meta was 25 or do I have that backwards?

我希望你能告訴我們一個澄清。我只是想確定你說微軟是 16 歲而 Meta 是 25 歲，還是我說的倒過來了？

Yes. 25.5 on Meta and Microsoft, 16.

是的。 25.5 在 Meta 和 Microsoft 上，16。

Okay. Now for the question. What portion of your Cloud Titan revenue in general and how much of growth in Microsoft and Meta was -- if you know it, what's your sense for how much of that was AI-driven? Any visibility as to the growth in AI and its impact on demand for your switches and various use cases over the course of the next few years with your Cloud Titan customers in general, including Microsoft and Meta?

好的。現在的問題。一般而言，您的 Cloud Titan 收入的哪一部分以及 Microsoft 和 Meta 的增長有多少——如果您知道的話，您對其中有多少是由 AI 驅動的感覺如何？在未來幾年，您的 Cloud Titan 客戶（包括 Microsoft 和 Meta）對 AI 的增長及其對您的交換機和各種用例需求的影響有何看法？

Yes. We see AI as a very, very important use case and workload for all our Cloud Titan customers. Clearly, it's in the first innings. We're just beginning. So very much like cloud networking 10 years ago, we see AI as an additional use case. It is a very, very small portion of our use cases so far. So a lot of upside ahead.

是的。對於我們所有的 Cloud Titan 客戶，我們將 AI 視為一個非常非常重要的用例和工作負載。很明顯，這是在第一局。我們才剛剛開始。就像 10 年前的云網絡一樣，我們將 AI 視為一個額外的用例。到目前為止，這只是我們用例中非常非常小的一部分。所以還有很多上升空間。

Is it possible to quantify, Jayshree?

有可能量化嗎，Jayshree？

Too early to quantify. It's not material.

量化還為時過早。這不是物質的。

Your next question will come from the line of Aaron Rakers with Wells Fargo.

您的下一個問題將來自 Aaron Rakers 與 Wells Fargo 的合作。

Congrats on the quarter as well. I guess, maybe this is for Anshul, building on the last 2 questions. Is that -- as you look at kind of adding up the Meta and Microsoft contribution and you compare that to 46% total Cloud Titans, your other Cloud Titan contribution is still pretty small. So Anshul, when you're engaging with other cloud opportunities, maybe you can unpack that a little bit. What's opening up the opportunities for you? Is it AI or is it something else that you're starting to see? And how do we start to think about that as an incremental growth driver?

也祝賀本季度。我想，也許這是針對 Anshul 的，基於最後兩個問題。是嗎——當你把 Meta 和微軟的貢獻加起來，並將其與 Cloud Titans 的 46% 進行比較時，你的其他 Cloud Titan 貢獻仍然很小。所以 Anshul，當你參與其他雲機會時，也許你可以把它拆開一點。是什麼為你打開了機會？它是人工智能還是您開始看到的其他東西？我們如何開始將其視為增量增長動力？

Sure, Aaron. First of all, we are proud of our achievement for the first 2 M and M with the contributions there. On the other titans, we have been engaged fairly well with them. That business is also growing, but it pales in comparison to Microsoft and Meta, but it is not insignificant compared to other opportunities in the market. And we continue to chase those. Those partnerships are very, very strong as well.

當然，亞倫。首先，我們為前 2 M 和 M 的貢獻感到自豪。在其他泰坦上，我們與他們的接觸相當好。該業務也在增長，但與微軟和 Meta 相比顯得相形見絀，但與市場上的其他機會相比也並非微不足道。我們繼續追逐那些。這些夥伴關係也非常非常強大。

At some point in the future, if the opportunities materialize, any of these customers decide to go big in the market and buy switches from the industry like us, I think we'll perform very well. We start to wait out and get to that opportunity. It's not clear at say yet. Whether it's happening in a year or 2 or 3, I don't know. When it happens, we'll be there. And we will do well in where we are today with them, which is essentially routing use cases or DCI use cases or WAN or edge. And we touched on this topic before, too. But if there were a shift buying more from the outside, I think we'll be ready.

在未來的某個時候，如果機會成為現實，這些客戶中的任何一個決定在市場上做大並像我們一樣從這個行業購買交換機，我認為我們會表現得很好。我們開始等待並抓住那個機會。目前還不清楚。它是在一年內發生，還是在 2 年或 3 年內發生，我不知道。當它發生時，我們會在那裡。我們將在今天與他們在一起的地方做得很好，這本質上是路由用例或 DCI 用例或 WAN 或邊緣。我們之前也談到過這個話題。但如果從外部購買更多產品，我認為我們會做好準備。

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

你的下一個問題來自花旗集團的 Jim Suva。

Jayshree, and Ita and everyone, congratulations on great results. My question is, I think it was Ita made the comment of expect a deceleration in revenues as we progress throughout the same -- throughout the year just to get to the 25% revenue growth. I want to make sure I heard that right because that would then also mean that even with very, very stiff difficult year-over-year comps for revenues, you wouldn't expect them to go negative at all.

Jayshree、Ita 和大家，祝賀你們取得了很好的成績。我的問題是，我認為是 Ita 發表了預期收入減速的評論，因為我們在整個過程中都取得了進展 - 全年只是為了達到 25% 的收入增長。我想確保我聽到的是正確的，因為這也意味著即使收入的同比收入非常非常困難，你也不會期望它們會變成負數。

And I guess when we look at that deceleration, it kind of seems like a steep decline to get to an average of 25%. So can you help me with my math there or the missing pieces? Or is it some conservatism? Or I'm just kind of wondering, but it definitely doesn't seem like negative growth is in the works.

我想當我們看到這種減速時，它似乎急劇下降到平均 25%。那麼你能幫我解決我的數學問題或遺漏的部分嗎？或者是某種保守主義？或者我只是有點想知道，但看起來絕對不會出現負增長。

Yes. No. No, we didn't talk about negative growth. If you look at the trend last year, you'll see it really accelerated post Q1, right? So that's why you're seeing a much stronger growth rate year-over-year with our Q1 guide, then you will maybe through the year. So I think after Q1, it's better to start to look at it as a quarter-by-quarter -- on a quarter-by-quarter basis and kind of earlier revenues quarter-by-quarter.

是的。不，不，我們沒有談論負增長。如果你看一下去年的趨勢，你會發現它在第一季度後真的加速了，對吧？所以這就是為什麼你會看到我們的第一季度指南的同比增長率要高得多，然後你可能會通過這一年。所以我認為在第一季度之後，最好開始將其視為一個季度 - 一個季度一個季度的基礎上，以及一種早期的季度收入。

There's certainly no kind of negative growth in that. I think you'll get a better answer if you kind of just grow kind of quarter-over-quarter from there on out. Q1 was a much lower revenue number last year back on the trend.

這當然不會出現負增長。我認為，如果你從那裡開始按季度增長，你會得到更好的答案。去年第一季度的收入數字低於趨勢。

Congratulations, and Happy Valentine's to all of you.

祝賀你們，並祝大家情人節快樂。

Thank you, Jim. This is all about comps, isn't it?

謝謝你，吉姆。這都是關於補償的，不是嗎？

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

你的下一個問題來自摩根大通的 Samik Chatterjee。

Congrats on the results as well. I guess, I had a quick one, which is...

也祝賀結果。我想，我有一個快速的，這是......

Can you speak louder?

你能說大聲點嗎？

Yes. Hopefully, you can hear me now. Is this better? Can you hear me now?

是的。希望你現在能聽到我的聲音。這是否更好？你能聽到我嗎？

Yes, much better. Thank you.

是的，好多了。謝謝。

Yes. So I was just going to ask you on your large cloud customer, Meta, and their recent announcement around architecture changes related to data centers and trying to run AI workloads and non-AI workloads together on the same data centers and some of those related announcements if you've been able to dissect that and sort of have any thoughts about how that might impact their spending in relation to switching and routing equipment, particularly as it relates to your portfolio.

是的。所以我只是想問你關於你的大雲客戶 Meta，以及他們最近關於與數據中心相關的架構變化的公告，並試圖在同一個數據中心上同時運行人工智能工作負載和非人工智能工作負載，以及一些相關公告如果你已經能夠剖析它並且對這可能如何影響他們在交換和路由設備方面的支出有任何想法，特別是因為它與你的投資組合有關。

Yes. So Samik, I'll say some few words and obviously, Anshul can get into detail. We don't foresee any major architectural changes in the build-out of the AI clusters. Clearly, we continue to work with them on the front end of the network. And on the back end, these have been based on the flagship 7800 spine, the AI spine, where you can have a distributed AIG for it can be going straight into the spine.

是的。 Samik，我會說幾句話，顯然，Anshul 可以詳細說明。我們預計 AI 集群的構建不會有任何重大的架構變化。顯然，我們將繼續在網絡前端與他們合作。在後端，這些都是基於旗艦 7800 spine，AI spine，在那裡你可以有一個分佈式 AIG，因為它可以直接進入 spine。

And when you have the hundreds and thousands of GPUs, you need a lossless fabric that has all of the congestion control and bandwidth management required. So in the short term, no major change in architecture. In the long term, as these customers look for efficiency, we look for these AI fabrics to get larger or more distributed, but there will naturally be an evolution as the market grows. But no dramatic shift or change, just more of the same.

當您擁有成百上千個 GPU 時，您需要一種無損結構，它具有所需的所有擁塞控制和帶寬管理。所以在短期內，架構不會有大的變化。從長遠來看，隨著這些客戶尋求效率，我們希望這些 AI 結構變得更大或分佈更廣，但隨著市場的增長自然會發生演變。但沒有戲劇性的轉變或變化，只是更多的相同。

Anshul?

安舒爾？

Samik, just keep in mind, Meta slowed down spending a few years ago, right? So there's some catching up to do to sort of the spend that got missed out. So you have to sort of go back what's an average it out to understand the trend. And second, Jayshree mentioned from what we know so far, we don't believe there's any change in the networking spend. The CapEx optimization they are discussing are either tied to how the buildings are built, facilities or letting go of nights to our projects.

Samik，請記住，Meta 幾年前放慢了支出，對嗎？因此，有一些工作要做，以彌補錯過的支出。因此，您必須返回平均數才能了解趨勢。其次，Jayshree 提到，據我們目前所知，我們認為網絡支出沒有任何變化。他們正在討論的資本支出優化要么與建築物的建造方式、設施有關，要么與我們的項目放棄夜晚有關。

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

你的下一個問題來自美國銀行的 Tal Liani。

I want to ask about the other part that no one is asking about, the non-Cloud Titans. So if I back out Cloud Titans, non-cloud grew 14.6%. And the question is, first of all, on last year, did you allocate components to Cloud Titans? And was this area more pressured than Cloud Titans when it comes to allocation? So if that's the case -- or what is the answer about what happens this year, this coming year or this year on the non-Cloud Titan portion? What drives it to accelerate from the 14.5% growth of last year?

我想問的是沒有人問的另一部分，非雲泰坦。因此，如果我退出 Cloud Titans，則非雲增長了 14.6%。問題是，首先，去年，您是否為 Cloud Titans 分配了組件？而在分配方面，這個區域是否比Cloud Titans壓力更大？那麼，如果是這樣的話——或者關於今年、明年或今年在非 Cloud Titan 部分發生的事情的答案是什麼？是什麼推動它從去年 14.5% 的增長中加速？

Got it, Tal. So first of all, absolutely not. We don't do any allocation. It's very much a first in, first out algorithm. And many of the Cloud Titans clearly were the first in, so therefore, they're the first out.

知道了，塔爾。所以首先，絕對不是。我們不做任何分配。這是一個先進先出的算法。許多 Cloud Titans 顯然是第一個進來的，因此，他們是第一個出去的。

Our enterprise customers and the momentum as the demand is very high, and we fully expect that they will get their turn in this year, in 2023. But given how constrained we were in supply, this is the way it worked out in terms of revenue.

我們的企業客戶和需求的勢頭非常高，我們完全預計他們將在今年 2023 年輪到他們。但考慮到我們的供應有多麼受限，這就是它在收入方面的計算方式.

Is there -- what are the underlying driver for growth acceleration, the driver -- outside of components, better component supplies, what are the underlying growth drivers for 2023 versus 2022?

是否有 - 增長加速的潛在驅動因素是什麼，驅動因素 - 在組件之外，更好的組件供應，2023 年與 2022 年的潛在增長驅動因素是什麼？

I think they're very similar. You heard me talk about some of the enterprise momentum. Our customers are really looking for consolidation of their data centers in terms of a better automation, better telemetry, better consolidation of their operational advantages in the data center.

我認為它們非常相似。你聽我講過一些企業動力。我們的客戶真正希望在更好的自動化、更好的遙測、更好地整合數據中心的運營優勢方面整合他們的數據中心。

Campus is a huge use case. Routing and bringing all of the routing features that we've been working on for over 5 years to bear has been a third one. Observability and securities, another use case. Our telemetry with CloudVision. So very similar themes to 2022 that we're seeing in '23.

校園是一個巨大的用例。路由和我們已經工作了 5 年多的所有路由功能已經成為第三個功能。可觀察性和安全性，另一個用例。我們使用 CloudVision 進行的遙測。我們在 23 年看到的與 2022 年的主題非常相似。

Your next question comes from the line of Fahad Najam with Loop Capital.

你的下一個問題來自 Fahad Najam 與 Loop Capital 的合作。

I had a couple of clarifications. The cognitive adjacencies that were, I think, 14% of revenue, is it fair to assume it's fairly split evenly between CapEx switching and routing?

我有幾個澄清。我認為，認知鄰接佔收入的 14%，假設它在資本支出交換和路由之間公平分配是否公平？

Sorry, Fahad, can you repeat the question?

抱歉，Fahad，你能重複這個問題嗎？

The cognitive adjacency revenue that you gave, I think it was 14% of revenue, if I'm not mistaken. And I'm just wondering, is the split even between Campus and routing?

如果我沒記錯的話，你提供的認知鄰接收入，我認為是收入的 14%。我只是想知道，Campus 和路由之間是否存在分歧？

Approximately, both of them were large contributors. So I don't have the exact percentages, but we think Campus over time will become larger. But at the moment, I would say it's 6 or 1.5 a dozen of the other.

大約，他們兩個都是大貢獻者。所以我沒有確切的百分比，但我們認為 Campus 隨著時間的推移會變得更大。但目前，我會說是 6 或 1.5 一打。

Got it. For my question, how should we be thinking about -- with AI and machine learning becoming more pervasive and Cloud Titan architectures and this prospective displacement of InfiniBand with Ethernet, how should we be thinking about the TAM opportunity? Because how big is this InfiniBand replacement opportunity, so to speak?

知道了。對於我的問題，我們應該如何思考——隨著 AI 和機器學習變得越來越普遍，Cloud Titan 架構以及 InfiniBand 與以太網的這種潛在替代，我們應該如何思考 TAM 機會？因為這個 InfiniBand 替代機會有多大，可以這麼說？

Yes. No, I think the InfiniBand TAM today has a very HPC $1 billion to $1.5 billion TAM. And it didn't address AI workloads. I think the advent of this new application is going to open up the whole AI, networking and fabric TAM to much greater than InfiniBand. So not only do we have an opportunity to replace InfiniBand, but we have a greenfield opportunity for new AI fabrics and clusters. So it's both, not just a legacy InfiniBand opportunity.

是的。不，我認為今天的 InfiniBand TAM 擁有 10 億到 15 億美元的 HPC TAM。而且它沒有解決 AI 工作負載。我認為這個新應用程序的出現將使整個 AI、網絡和結構 TAM 的開放程度遠遠超過 InfiniBand。因此，我們不僅有機會取代 InfiniBand，而且還有新的 AI 結構和集群的綠地機會。所以這兩者兼而有之，而不僅僅是傳統的 InfiniBand 機會。

So roughly how big do you think the opportunity is?

那麼您認為這個機會大概有多大？

I don't think -- there have been some market studies on this. Some people say $2 billion a year, some people say $4 billion, some say it's going to $8 billion. So I think it's still too early to call. It depends on how quickly the adoption of AI fabric happens in all of our large customers.

我不認為 - 對此有一些市場研究。有人說每年 20 億美元，有人說 40 億美元，有人說會達到 80 億美元。所以我認為現在打電話還為時過早。這取決於我們所有大客戶採用 AI 結構的速度有多快。

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

我們的下一個問題來自 Pierre Ferragu 與 New Street Research 的合作。

I wanted to catch up on what you said, Jayshree, about like routing -- edge routing and gearing. And this opportunity still comes back as an interesting and intriguing area. And so my question would be, anything you can give us in terms of sizing, how significant it is today? And then beyond that, could you give us a sense of how you understand like the long-term market dynamics in there?

Jayshree，我想听聽你所說的關於路由——邊緣路由和傳動裝置的內容。而這個機會仍然作為一個有趣和耐人尋味的領域回來了。所以我的問題是，你能提供給我們的任何尺寸，它在今天有多重要？除此之外，你能否告訴我們你是如何理解那裡的長期市場動態的？

So it's a market where all the legacy routing players are very strong, have like a very strong existing ecosystem. And I'm still not exactly clear on what market dynamics create the opportunity for Arista and how we should think about it in the long run. Like is there an opportunity to replace incumbents in peering -- in large peering markets? And if that's the case, how does that work? Is that like operators buying from you? Is that coming from other types of clients, like cloud players? So what -- how does the opportunity shape up over time?

所以這是一個所有傳統路由玩家都非常強大的市場，擁有非常強大的現有生態系統。而且我仍然不太清楚什麼市場動態為 Arista 創造了機會，以及從長遠來看我們應該如何考慮它。比如在大型對等市場中是否有機會取代對等現有企業？如果是這樣的話，它是如何工作的？這就像運營商向你購買？那是來自其他類型的客戶，比如雲播放器嗎？那麼，隨著時間的推移，機會是如何形成的呢？

Yes. Anshul, I'd love your perspective on it. Let me kick it off. We think the router market is much bigger than the routing market. The router market is the more legacy market that's being served by a number of traditional industry experts for 20 years and mostly servicing the service provider market. And that's a very traditional market that Arista has been participating some in, but we don't expect to be a major player in traditional service providers.

是的。 Anshul，我喜歡你對此的看法。讓我開始吧。我們認為路由器市場比路由市場大得多。路由器市場是許多傳統行業專家服務了 20 年的更傳統的市場，主要服務於服務提供商市場。這是 Arista 一直參與的一個非常傳統的市場，但我們不希望成為傳統服務提供商的主要參與者。

However, we've added so much routing features. Routing is now part of our switching system. It's sometimes hard to separate it. It's the same hardware, different software. If you just look at the last year, we've added Ethernet OEM capability, VPLS, timing with SMPTE, EVPN, MPLS Gateway, multi-cap VPN, edge services, routing scale, you heard Anshul talk about, that can go over 4 million routes.

但是，我們添加了很多路由功能。路由現在是我們交換系統的一部分。有時很難將其分開。是一樣的硬件，不一樣的軟件。如果你只看去年，我們增加了以太網 OEM 功能、VPLS、SMPTE 定時、EVPN、MPLS 網關、多帽 VPN、邊緣服務、路由規模，你聽 Anshul 談論過，可以超過 4萬條航線。

So our portfolio is really transitioning to supporting 400-gig deployments, and routing in the cloud scale is something we are very successful in. So on one hand, we're not super successful in the traditional service providers. On the other hand, we are hugely successful in the cloud. And then in between, we are finding ourselves moderately successful in a lot of the enterprise and specialty cloud providers.

因此，我們的產品組合真正過渡到支持 400-gig 部署，雲規模的路由是我們非常成功的領域。因此，一方面，我們在傳統服務提供商中並不是非常成功。另一方面，我們在雲中取得了巨大的成功。然後在這兩者之間，我們發現自己在許多企業和專業雲提供商中取得了一定的成功。

Anshul, you want to add a few words?

安舒爾，你想補充幾句嗎？

Sure. Pierre another angle here, if you look at how we started to enter this market through some of the CDN companies like Netflix and Spotify, these companies have an SDN approach to edge. It's a scale-out architecture. You can take a simple router from Arista and scale it out, and the automation and the SDK we provide allows our customers to do that, which is why we do very well in these use cases versus the legacy full-feature traditional router. And our cloud customers, the titan, the Tier 2 cloud, the providers, all like these architectures.

當然。 Pierre 從另一個角度來看，如果你看看我們是如何開始通過一些 CDN 公司進入這個市場的，比如 Netflix 和 Spotify，這些公司有一種 SDN 方法來實現邊緣。這是一個橫向擴展架構。您可以從 Arista 獲取一個簡單的路由器並將其擴展，我們提供的自動化和 SDK 允許我們的客戶這樣做，這就是為什麼我們在這些用例中比傳統的全功能傳統路由器做得更好。我們的雲客戶、巨頭、二級雲、供應商都喜歡這些架構。

Your next question comes from the line of Michael Genovese with Rosenblatt Securities.

你的下一個問題來自 Michael Genovese 和 Rosenblatt Securities 的專線。

I guess just sort of theoretically in an AI data center, I mean let's just -- current way of doing chat versus an AI chat, can you give us some sense of the switching intensity increase in the new use case with AI? Is there a multiplier to put on the switching or the networking to think about the higher amount of content and spend for AIs?

我想只是理論上在 AI 數據中心，我的意思是讓我們 - 當前的聊天方式與 AI 聊天，你能給我們一些關於 AI 新用例中切換強度增加的感覺嗎？是否有乘數可以用於切換或網絡以考慮更多內容並為 AI 花費？

Sure. Michael, I'll take this one. It's way hard to generalize. It must have a single number, but AI equals so much more. But I'll give you an example of something that Andy talked about at the last Analyst Day. And if you look at the recent pattern, which Meta published some papers about some of the time, the GPOs were sitting idle because they were waiting for the networking to come back.

當然。邁克爾，我要這個。很難一概而論。它必須有一個單一的數字，但 AI 等於更多。但我會給你一個安迪在上次分析師日談到的事情的例子。如果你看看最近的模式，Meta 在某些時候發表了一些論文，GPO 閒置著，因為他們在等待網絡恢復。

So networking becomes the bottleneck in these cases. If you can add more bandwidth, then you essentially become nonblocking. You can your job run faster and you can use your GPUs in a much more efficient manner. So at a rough order of magnitude, these GPU clusters need about 3x more bandwidth than a traditional compute network today. But again, that's a generalization, doesn't apply to every use case. But if you need a single number, that's the one I would use.

因此，在這些情況下，網絡成為瓶頸。如果你可以增加更多的帶寬，那麼你基本上就變成了非阻塞的。您可以讓您的作業運行得更快，並且可以更高效地使用 GPU。因此，在粗略的數量級上，這些 GPU 集群需要的帶寬大約是當今傳統計算網絡的 3 倍。但同樣，這是一種概括，並不適用於所有用例。但是，如果您需要一個號碼，那是我會使用的號碼。

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

你的下一個問題來自 Meta Marshall 與摩根士丹利的合作。

I just wanted to get a sense of -- on supply chain, what you're seeing there in terms of did it loosen faster than you were expecting in Q4 and that was part of the upside or just how you're looking at conditions kind of improving throughout the year and maybe just that kind of release to gross margins as we think about throughout the year and kind of the overhead of the inventory currently.

我只是想了解一下——在供應鏈上，你在第四季度看到的放鬆速度是否比你預期的要快，這是上行的一部分，或者你是如何看待這種情況的全年都在改善，也許就像我們全年考慮的那樣釋放毛利率，以及目前的庫存管理費用。

Thanks, Meta. I'll comment on it and Anshul, you can have a few words too. Look, supply chain hasn't eased up enough for us. Maybe we have more demand than others, and that's why we're feeling it more. But having said that, our Q4 numbers would have been even better if supply chain had eased.

謝謝，梅塔。我會對此發表評論，Anshul，你也可以說幾句。看，供應鏈對我們來說還不夠輕鬆。也許我們比其他人有更多的需求，這就是我們感受到更多的原因。但話雖如此，如果供應鏈得到緩解，我們的第四季度數據會更好。

And our Q1 gross margin is a reflection that supply chain is still an overhead on our cost, right? We expect Q1 to be the absolute worst. We're going to improve thereafter every other quarter. So supply chain is going to be using in the back half of '23. And as you know, at the Analyst Day, we gave a guide of -- Ita, we said 61 to 63 for the year?

我們第一季度的毛利率反映了供應鏈仍然是我們成本的間接費用，對吧？我們預計第一季度絕對是最糟糕的。此後，我們將每隔一個季度進行一次改進。因此，供應鏈將在 23 世紀後半段使用。如您所知，在分析師日，我們給出了一個指南——Ita，我們說今年是 61 到 63？

Yes.

是的。

So we fully intend to improve our gross margins every quarter thereafter after potentially hitting a low in Q1, which is an indication of supply chain improving. But at the same time, remember, another huge factor in our contribution to gross margins is the healthy Cloud Titan mix. We'd like to keep it healthy and ease supply chain, and that will give us some improvements.

因此，我們完全打算在第一季度可能觸及低點後每個季度提高我們的毛利率，這表明供應鏈正在改善。但與此同時，請記住，我們對毛利率貢獻的另一個重要因素是健康的 Cloud Titan 組合。我們希望保持健康並簡化供應鏈，這會給我們帶來一些改進。

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

你的下一個問題來自 Alex Henderson 與 Needham 的對話。

Congrats on super quarter. I wanted to push a little bit more on the supply chain issue that -- just talking about. I get the point that the gross margins are the worst in the first quarter, but when do you think the balance between availability and your backlog starts to come into balance so that you can actually ship what orders come in and the duration on your backlog, which I know you don't talk about, but conceptually starts to come in line so that we're back to a fairly normal book and ship environment?

祝賀超級季度。我想在供應鏈問題上多做一點——只是在談論。我知道第一季度的毛利率是最差的，但是您認為可用性和積壓訂單之間的平衡何時開始平衡，以便您可以實際運送收到的訂單和積壓訂單的持續時間，我知道你沒有談論，但在概念上開始一致，以便我們回到一個相當正常的書籍和船舶環境？

Paul (sic) [Alex], I'll let Ita answer this, but I wouldn't call our current environment approaching normality for some time. So we hope it will be second half that the supply and the demand catch up. But I hope it catches up because we improve our supply, not that demand goes down. So we wanted to also improve for the right reasons.

Paul (sic) [Alex]，我會讓 Ita 回答這個問題，但我不會稱我們當前的環境在一段時間內接近常態。因此，我們希望下半年供應和需求能夠趕上。但我希望它能趕上來，因為我們改善了供應，而不是需求下降。所以我們也想出於正確的原因進行改進。

Alex, I think the goal, obviously, is to improve -- have supply improve and then improve manufacturing and improve efficiencies, and we'll be working on that as we go through the year. I don't know what the final normal will be. We'll have to see.

亞歷克斯，我認為目標顯然是改善——改善供應，然後改善製造並提高效率，我們將在這一年中努力實現這一目標。我不知道最後的正常會是什麼。我們得拭目以待。

I think just given everything that we've been through from a supply chain perspective, it's probably -- maybe there's a little bit more lead time visibility that will end up in the system at the end, but we'll have to see.

我認為，從供應鏈的角度來看，考慮到我們所經歷的一切，它可能——也許最終會在系統中出現更多的提前期可見性，但我們必須拭目以待。

I think what we can safely say is we are getting comfortable that lead times will improve throughout the year. Will we get to normal lead times? I think that will still take time because we've got to work through our demand.

我認為我們可以肯定地說，我們對全年的交貨時間將有所改善感到滿意。我們會達到正常的交貨時間嗎？我認為這仍然需要時間，因為我們必須滿足我們的需求。

If I could just one clarification. Did you say you had a decommitted in the fourth quarter? I thought I heard that in the presentation.

如果我可以澄清一下。你說你在第四季度退役了嗎？我想我在演講中聽到了。

No. Decommits on the supply side. I mean. We've had a thousand starts on the supply side, for sure, if that's the question.

否。在供應方退役。我是說。當然，如果這是問題的話，我們在供應方面已經啟動了一千次。

Nothing (inaudible). It had to do with our supply constraints. Component vendors are constantly decommitting.

沒有（聽不清）。這與我們的供應限制有關。組件供應商不斷退役。

Your next question comes from the line of Matt Niknam with Deutsche Bank.

你的下一個問題來自德意志銀行的 Matt Niknam。

I just want to follow up on the question on macro that was asked earlier. Are there any regions, verticals where you've seen any maybe greater-than-usual slowness in ordering because of macro? And then maybe if I can sneak one in for Ita. On the free cash flow trajectory, broadly speaking, just curious if there's any broad color you can provide around working capital and primarily asking around inventory and whether that's still a drag? Or whether you expect to maybe convert some more of that to cash this year?

我只想跟進之前提出的有關宏的問題。是否有任何區域、垂直領域您看到過由於宏觀因素導致的訂購速度可能比平常更慢？然後也許我可以為 Ita 偷偷帶一個。從廣義上講，在自由現金流軌跡上，只是好奇您是否可以提供任何關於營運資金的廣泛顏色，主要是詢問庫存，這是否仍然是一個拖累？或者您是否希望今年將更多的資金轉換為現金？

Yes. I mean, I'll take the cash piece of it first. Yes, I'm not sure that we start to see it kind of come down just yet. I think probably, at least for the first half, we'll probably still be building inventory. I mean we do have some kind of key components that are still long lead time. And we wanted to build buffers. So we'll continue to do that.

是的。我的意思是，我先拿現金。是的，我不確定我們是否開始看到它有所下降。我認為至少在上半年，我們可能仍在增加庫存。我的意思是我們確實有一些關鍵組件仍然需要很長時間。我們想建立緩衝區。所以我們會繼續這樣做。

And then hopefully, in the second half, it's probably at least kind of flattened out. But again, we'll update that as we go quarter-by-quarter. But I think there's definitely a piece that's still going to be a long lead time that will kind of hold inventory a little bit higher than what we might like for the time being.

然後希望，在下半場，它可能至少有點趨於平緩。但同樣，我們將逐季度更新。但我認為肯定有一件產品的交貨時間仍然很長，它的庫存量會比我們目前可能想要的要高一點。

And your question on macro, like I said before, we'll call it when we see it. We're not seeing anything major and significant yet. And customers are watching, we are watching, and no major trend I can point to.

還有你關於宏觀的問題，就像我之前說的，我們會在看到它時稱之為。我們還沒有看到任何重大和重要的事情。客戶在看，我們在看，我無法指出任何主要趨勢。

Your next question comes from the line of Tim Long with Barclays.

你的下一個問題來自巴克萊銀行的 Tim Long。

Just kind of a 2-parter on the campus business. First, I think you guys have talked about doing a little bit better in the wireless LAN area. So curious if you think that having a better wired and wireless portfolio kind of accelerates the share gains potential in that area. So was that something that was maybe holding back some wins that could help in the future?

只是校園業務中的 2 個合作夥伴。首先，我認為你們已經討論過在無線局域網領域做得更好。如果您認為擁有更好的有線和無線產品組合會加速該領域的份額增長潛力，那麼很好奇。那麼，這是否可能阻礙了一些可能在未來有所幫助的勝利？

And then secondly, I think at the Analyst Day, you talked a little bit about SD-WAN. I'm just curious if you can give us an update on when you might start to see another leg to the campus strategy in what's a pretty high-growth vertical.

其次，我認為在分析師日，您談到了一些關於 SD-WAN 的問題。我只是想知道您是否可以向我們提供最新信息，說明您什麼時候可以開始看到校園戰略的另一條腿，這是一個相當高增長的垂直領域。

Sure. So Tim, on the wired and wireless, we are obviously much stronger on wired because there's a very natural affinity to the Arista EOS Act. So -- and we also have a full portfolio, 1RU, 2RU, all the way to a chassis with built-in encryption. No other company, maybe except one, has that. So we're very competitive there.

當然。所以蒂姆，在有線和無線方面，我們在有線方面顯然要強大得多，因為與 Arista EOS 法案有著非常自然的聯繫。所以——我們還有完整的產品組合，1RU、2RU，一直到內置加密的機箱。沒有其他公司，也許除了一個，有。所以我們在那裡非常有競爭力。

On the wireless, we're sort of the new kid on the block. We've -- as I said, if you just look at our campus entry, we're a new kid on the block. This is our third year. So we, I think, are going from being a toddler to an adult now here very soon.

在無線方面，我們有點像街區的新手。我們 - 正如我所說，如果你只看我們的校園入口，我們就是這個街區的新人。這是我們的第三年。所以我認為，我們很快就會從蹣跚學步的孩子變成現在的成年人。

So we believe we have a strong portfolio also differentiated by CloudVision for both wired/wireless coming into the same spine architecture that we articulate and designed for the data center. So we feel very, very good about our portfolio being strong.

因此，我們相信我們擁有強大的產品組合，也因 CloudVision 而異，有線/無線進入我們為數據中心闡明和設計的相同主乾架構。所以我們對我們強大的投資組合感覺非常非常好。

I think more of our efforts will go into go-to-market and reaching these customers because much of what we've done to date is, if you will, low-hanging fruit with our familiar customers and our existing base.

我認為我們更多的努力將投入到上市和接觸這些客戶上，因為我們迄今為止所做的大部分工作，如果你願意的話，是與我們熟悉的客戶和我們現有的基礎一起實現的。

Your next question comes from the line of Ittai Kidron with Oppenheimer.

你的下一個問題來自 Ittai Kidron 與 Oppenheimer 的合作。

Nice finish for the year, ladies. A couple of questions for me. First of all, for you, Ita, on the cash. I just want to piggyback on some of the previous question on the account receivables. Clearly, they've ballooned here on the year. Are the cash payment terms of the cloud guys any different than a normal enterprise? And what percent of this account receivables do you think you can recoup in the year?

女士們，今年的收尾不錯。問我幾個問題。首先，對於你，Ita，現金。我只想藉用之前關於應收賬款的一些問題。很明顯，他們今年在這裡膨脹了。雲計算人員的現金支付條款與普通企業有什麼不同嗎？你認為你一年可以收回這筆應收賬款的百分之幾？

And then for you, Jayshree, on campus, clearly, supply chain is a little bit of a hurdle there. Cisco has taken action to redesign some of its solutions to products and components that are much more readily available. Is that not a path for you? And if it is, what can you do on that front to alleviate the supply and more easily address demand?

然後對你來說，Jayshree，在校園裡，供應鏈顯然是一個障礙。 Cisco 已採取行動重新設計其部分解決方案，使其適用於更容易獲得的產品和組件。這不適合你嗎？如果是，您可以在這方面做些什麼來緩解供應並更輕鬆地解決需求？

Ittai, Maybe I'll take the cash one first. I mean a lot of the DSO growth is really around those service renewals that we saw at the back end of that quarter. If you think about those and how they fold, they generate almost no revenue. But obviously, they're in AR, they're multiyear so it causes the AR to spike. We'll collect kind of a lot of that in Q1. Good healthy AM or balance target, I think, into Q1. So there's no change in aging or anything else. It's really just the timing of those service renewals and the fact that they end up in AR at the end of the quarter.

Ittai，也許我會先拿現金。我的意思是，很多 DSO 的增長實際上是圍繞著我們在那個季度末看到的那些服務更新。如果您考慮這些以及它們如何折疊，它們幾乎不會產生任何收入。但很明顯，他們在 AR 中，他們是多年的，所以它導致 AR 飆升。我們將在第一季度收集很多這樣的東西。良好的健康 AM 或平衡目標，我認為，進入第一季度。所以老化或其他任何事情都沒有變化。這實際上只是這些服務續訂的時間以及它們在本季度末以 AR 結束的事實。

Yes. So Ittai, thank you for wishes, by the way. And Happy Valentine's Day. We listened to you and made sure the earnings call was not on Valentine's Day. To your question, absolutely, we have our choice of vendors and redesigns. Redesigns take time, and qualifying them with our customer takes even longer.

是的。所以 Ittai，順便說一句，謝謝你的祝福。和情人節快樂。我們聽取了您的意見，並確保財報電話會議不是在情人節召開的。對於您的問題，我們絕對可以選擇供應商和重新設計。重新設計需要時間，而與我們的客戶一起進行資格認證需要更長的時間。

So we've chosen multi-pronged approach, where we do have redesigns that we can invoke, but we are also improving our relationship and partnership with our supply chain vendors. Anshul, your team has been working on that. I think your vendor list has gone from tens to hundreds, if I remember right.

因此，我們選擇了多管齊下的方法，我們確實進行了可以調用的重新設計，但我們也在改善與供應鏈供應商的關係和夥伴關係。 Anshul，你的團隊一直在努力。如果我沒記錯的話，我認為您的供應商名單已經從幾十個增加到數百個。

That's right, Jayshree. This is the first time we are close to almost 100 suppliers where we talk to them directly. Even if we don't buy the components from them, we control the relationship and the technology and the road map.

沒錯，傑什裡。這是我們第一次接近近 100 家供應商，直接與他們交談。即使我們不從他們那裡購買組件，我們也可以控制關係、技術和路線圖。

So to ask your question in the campus specifically, both with redesigns and with our supplier partnerships, we fully expect to come back and not fall short of our numbers in '23.

因此，特別是在校園中提出您的問題，無論是重新設計還是我們的供應商合作夥伴關係，我們都完全希望回來並且不會低於我們在 23 年的數字。

Our next question will come from the line of Ben Bollin with Cleveland Research.

我們的下一個問題將來自 Ben Bollin 與 Cleveland Research 的合作。

I also wanted to piggyback a little bit on campus. Jayshree, could you talk a little bit about how customers are responding as they're facing the increase in lead times or the lead times overall? It's better market share opportunity. Any risk that that shares perishable? Do they choose to opt to renew with who they have? And then you talked a little bit about go-to-market on campus. What are you doing differently? Or what are your thoughts on where that goes from here?

我也想在校園裡搭便車。 Jayshree，你能談談客戶在面對交貨時間或整體交貨時間增加時的反應嗎？這是更好的市場份額機會。共享易腐爛的風險？他們會選擇與現有的人續約嗎？然後你談到了一些關於校園上市的事情。你在做什麼不同？或者您對接下來的發展方向有何看法？

Yes. No, those are very good question, Ben. I would say, currently, we are gaining share because others are messing up. Whether it's changing to a software model or not able to supply, Arista has been the benefactor of that. They're still small numbers, obviously. But it's difficult to imagine that we are at risk of losing share when we have such small share. Our goal is to grow share at the moment.

是的。不，這些都是很好的問題，本。我會說，目前，我們正在獲得份額，因為其他人正在搞砸。無論是轉為軟件模式還是無法提供，Arista 都是其中的恩人。顯然，他們仍然是少數。但很難想像，當我們擁有如此小的份額時，我們會面臨失去份額的風險。目前我們的目標是擴大份額。

What was your second question or the second part of that question?

您的第二個問題或該問題的第二部分是什麼？

Go-to-market strategy.

上市策略。

Oh, what is the go-to-market. Well, in the near term, our go-to-market has very much been to target our 9,000 cumulative customers. But we are building a mid-market strategy. We are going to work closely with channel partners. Those things take time. So I would say our initial go-to-market is our enterprise customers. And over time, we will have a more mid-market strategy.

哦，什麼是上市。好吧，在短期內，我們的上市目標主要是針對我們的 9,000 名累計客戶。但我們正在製定中端市場戰略。我們將與渠道合作夥伴密切合作。那些事情需要時間。所以我想說我們最初進入市場的是我們的企業客戶。隨著時間的推移，我們將擁有更多的中端市場戰略。

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

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

Happy Valentine's Day, ladies. Great quarter. Just going back to your commentary on cloud titans being kind of between '21 and '22 levels just given the overall growth, it does suggest a bit of an acceleration for everybody else. I guess, what's driving that confidence? Is it just mainly what's in backlog? Is it additional hyperscaler wins, including with AI or enterprise share gains or something else?

情人節快樂，女士們。偉大的季度。回到你對雲泰坦的評論，考慮到整體增長，它的水平介於 21 年和 22 年之間，這確實表明其他所有人都有一點加速。我想，是什麼推動了這種信心？它主要是積壓的嗎？是額外的超大規模獲勝，包括人工智能或企業份額收益或其他？

And then, Ita, just for you as a follow-up on the cash flow, is there a way to think about kind of a normalized cash flow level or where you expect inventory turns to get to by the end of the year?

然後，Ita，作為現金流的後續行動，有沒有辦法考慮某種正常化的現金流水平，或者您預計庫存周轉率到年底會達到什麼水平？

Yes. Maybe I'll take that one first, Jim. I'm not quite ready yet to call kind of a turns number for the end of the year. I think inventory dollars probably grow, certainly through the first half. And then hopefully, we can flatten out from there.

是的。也許我會先拿那個，吉姆。我還沒有準備好為年底打電話。我認為存貨美元可能會增長，當然是在上半年。然後希望我們可以從那裡變平。

We will look for optimization, but there is still a fair amount of kind of long lead time items that we need to kind of carry and buffer. So I'll come back to you as we kind of go through the year. But I think certainly for the first half, you should be looking for inventory to probably continue to grow on an absolute dollar basis.

我們將尋求優化，但仍然有相當數量的長交貨期項目需要攜帶和緩衝。所以我會在我們度過這一年時回到你身邊。但我認為，對於上半年，你肯定應該尋找庫存，以絕對美元為基礎可能繼續增長。

Thank you, James, for the wishes. I think in one word, I would say momentum. Our enterprise customers are really looking for an alternative to what they've got. There's a lot of fatigue in the system. And what's driving my optimism, whether it is backlog from prior demand or present demand, is they're really hungry, and Arista presents that alternative.

詹姆斯，謝謝你的祝福。我想一言以蔽之，我會說勢頭。我們的企業客戶確實在尋找替代他們現有產品的方法。系統中有很多疲勞。是什麼讓我感到樂觀，無論是先前需求還是當前需求的積壓，是他們真的很餓，而 Arista 提出了這種選擇。

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

我們的下一個問題來自瑞銀集團的 David Vogt。

I just want to pivot back to Meta for a second. And so in addition to the new architecture that they've been talking about, and I think Anshul addressed it, the company also talked about potentially using more colocation and maybe other public company assets to kind of meet its capital intensity needs going forward. Would just love to kind of get your thoughts on how that impacts your spending going -- they're spending on Arista gear going forward.

我只想暫時回到 Meta。因此，除了他們一直在談論的新架構之外，我認為 Anshul 已經解決了這個問題，該公司還談到了可能使用更多的主機託管和其他上市公司資產來滿足其未來的資本密集度需求。只是想了解一下這對您的支出有何影響——他們在 Arista 設備上的支出正在向前發展。

And then just going also on the titans' mix percentages, if the rest of the business is growing at the rates that we think it's going to grow in 2023 to end up somewhere between the '21 and '22 level, does that suggest that the titans' business in total grows kind of in the low teens in '23 off of triple-digit growth in '22?

然後再看看巨頭的混合百分比，如果其他業務的增長速度達到我們認為的 2023 年增長速度，最終會介於 21 年和 22 年之間，這是否表明泰坦的業務在 22 年的三位數增長基礎上，在 23 年的總體增長幅度為十幾歲？

Just to answer that one, it is definitely not going to be triple digit in '23. We can say that with certainty. That was a beautiful year and one for the history books.

只是回答那個問題，它在 23 年絕對不會是三位數。我們可以肯定地說。那是美好的一年，也是載入史冊的一年。

Anshul, you want to take the rest?

安舒爾，你要休息嗎？

Sure. On the Meta question, David, (inaudible) and so on, I think the high-level message to us is similar around their business efficiently as efficiently as possible and optimize. So projects are nice to have. Obviously, those are getting cut back. And as you mentioned, in base like COLORZ and so on, you don't need a very large architecture to start with. If you only have a 3-megawatt side, as an example, you have a smaller cluster size.

當然。關於 Meta 問題，David，（聽不清）等等，我認為高層向我們傳達的信息與圍繞他們的業務盡可能高效地高效和優化是相似的。所以項目很好。顯然，這些正在被削減。正如您提到的，在 COLORZ 等基礎上，您不需要非常大的架構來開始。例如，如果您只有一個 3 兆瓦的一側，則您的集群規模較小。

But our products already fit very well in all of these use cases. So we don't believe there's any significant impact to networking from what we can tell today in the near term. But we don't have visibility. That's many, many years out today. But the message we've been given is basically no big impact to networking as far as we are concerned.

但我們的產品已經非常適合所有這些用例。因此，從我們今天所知道的情況來看，我們認為短期內不會對網絡產生任何重大影響。但是我們沒有可見性。今天已經很多很多年了。但就我們而言，我們得到的信息基本上對網絡沒有太大影響。

Our next question comes from the line of Tom Blakey with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Tom Blakey。

I have a question back on the F&E line financials and enterprise, the drivers that I think maybe Tal was getting at many questions ago. But I was wondering how much like rip-and-replace type of wins are kind of like starting to rear into here this -- implied, in my mind anyway, an acceleration in the growth in the F&E line. And specifically, the new cloud test product that you launched at the end of last year, if that's kind of more of a 2023 driver and again, that kind of rip-and-replace type of wins, which is a large opportunity. Enterprise is more of a '23 driver or if it's more '24?

我有一個關於 F&E 線財務和企業的問題，我認為 Tal 可能在很多問題之前就已經提出了這些驅動因素。但我想知道有多少像推倒重來的勝利有點像開始回到這裡——無論如何，在我看來，這暗示著 F&E 系列的增長加速。具體來說，你去年年底推出的新雲測試產品，如果它更像是一個 2023 年的驅動程序，那麼那種推倒重來的勝利，這是一個巨大的機會。 Enterprise 更像是 23 歲的司機，還是更像是 24 歲的司機？

And then maybe just quick for Ita. As enterprise mix is up, just remind us what the gross margin and operating margin impact should be for mixing more towards enterprise? That would be helpful.

然後可能對 Ita 來說只是快點。隨著企業組合的進行，請提醒我們毛利率和營業利潤率的影響應該是什麼，以便更多地向企業混合？那會很有幫助。

Yes. Maybe I'll take that one quickly first. I mean, I think the gross margin, we've kind of talked about it, improving as we go through the year, and kind of the mix is obviously part of that. Operating margin is pretty neutral actually between cloud versus the rest. So I don't know that there's any big driver there.

是的。也許我會先拿那個。我的意思是，我認為毛利率，我們已經討論過了，隨著這一年的發展，毛利率有所提高，而這種組合顯然是其中的一部分。實際上，雲計算與其他業務之間的營業利潤率相當中性。所以我不知道那裡有什麼大的驅動力。

No. We have much lower sales and marketing on the cloud, more technically driven. So it's not the same. Going back to your rip and replace for financial, I think F&E means financials and enterprise, just to clarify.

不，我們在雲上的銷售和營銷要少得多，更多的是技術驅動。所以這是不一樣的。回到你的 rip and replace for financial，我認為 F&E 意味著金融和企業，只是為了澄清一下。

Yes. Exactly. I'm just talking specifically about the new cloud test product where you can emulate an existing network and then just kind of plug and play the Arista product over an existing install.

是的。確切地。我只是專門談論新的雲測試產品，您可以在其中模擬現有網絡，然後在現有安裝上即插即用 Arista 產品。

Okay. So one of the common spreads we're seeing in enterprise and financials is that they want -- that nobody is getting more staff to do their job. So they want more tools to automate and bring their SecOps, DevOps, NetOps, all of their operations together. And this is where the Arista introduction of our continuous integration, continuous design and continuous test has really been strategic because not only do you have to give them a tool for automation, but you also have to work with them and train and teach them how to deploy it.

好的。因此，我們在企業和金融領域看到的一種常見利差是他們想要的——沒有人讓更多的員工來完成他們的工作。因此，他們需要更多工具來自動化並將他們的 SecOps、DevOps、NetOps 和所有操作整合在一起。這就是 Arista 對我們的持續集成、持續設計和持續測試的介紹真正具有戰略意義的地方，因為您不僅必須為他們提供自動化工具，而且還必須與他們合作並培訓和教他們如何部署它。

So these end up not necessarily being rip and replace, but sort of a gradual evolution where they'll identify the first use case of first data center that they'll do this on, and then it will expand -- land and expand to more use cases. So most enterprises are not a rip and replace, but it's a use case that we begin with and then gradually evolve to go into a rip and replace as their depreciation gets completed on the existing legacy year. So it's a multiyear type of deployment, and it usually begins with a couple of use cases.

因此，這些最終不一定會被推倒重來，而是逐漸演變，他們將確定他們將在其上執行此操作的第一個數據中心的第一個用例，然後它將擴展——登陸並擴展到更多用例。因此，大多數企業都不是淘汰和替換，但這是一個我們開始的用例，然後隨著他們在現有遺留年份完成折舊而逐漸演變為淘汰和替換。所以這是一種多年部署類型，通常從幾個用例開始。

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。

Happy Valentine's. On the Meta front, I'm just curious, they talked about adopting more of a modular kind of scalable architecture. I'm wondering if that changes any of the buying behavior or the purchasing patterns. Does that smooth out some of the purchasing from the likes of a Meta?

情人節快樂。在 Meta 方面，我很好奇，他們談到採用更多模塊化的可擴展架構。我想知道這是否會改變任何購買行為或購買模式。這是否會消除一些從 Meta 之類的購買？

And then secondly, Ita, on the balance sheet with your purchase commitments, do you have control over how much inventory you take on? Or as the inventory becomes available, do you get -- do you take it in, in which case might we see your inventory balloon if more of the inventory becomes available?

其次，Ita，在帶有採購承諾的資產負債表上，您是否可以控制庫存量？或者當庫存可用時，你是否得到 - 你是否接受它，在這種情況下，如果有更多庫存可用，我們可能會看到你的庫存氣球嗎？

Yes. No, I think -- I don't like balloon as a word. I mean there are certain suppliers where lead times are (technical difficulty) want to grow that inventory. So we'll continue to do that. I think on the purchase commitment, we talked about this a little bit at the Analyst Day as well. I mean as lead times start to move around, obviously, we'll work with the contract (technical difficulty) those take. That's why, I mean, over time, that number should come down as managing to lead time with the contract manufacturers.

是的。不，我想——我不喜歡氣球這個詞。我的意思是有些供應商的交貨時間（技術困難）想要增加庫存。所以我們會繼續這樣做。我認為關於購買承諾，我們在分析師日也談到了這一點。我的意思是，隨著交貨時間開始變化，很明顯，我們將按照合同（技術難度）進行工作。這就是為什麼，我的意思是，隨著時間的推移，這個數字應該會隨著合同製造商的交貨時間而下降。

And on the Meta question, the Meta architecture already is quite modular with (technical difficulty) we talked about design for development than (inaudible) terabits 7388. It can go up to 256-way ECMP, 256 net bus. The cluster sizes are smaller, they don't need 256. Maybe they can start with 16 or 32. So we only built into the model today. I don't believe it has any impact on us. Same thing on the 7800 AI spine, they can add a number of line cards based on the number of GPUs or RAC that they're connected to. So we are very, very efficient already and this very well in port.

在 Meta 問題上，Meta 架構已經非常模塊化（技術難度）我們談到了開發設計而不是（聽不清）太比特 7388。它可以達到 256 路 ECMP，256 網絡總線。集群規模較小，不需要 256。也許他們可以從 16 或 32 開始。所以我們今天才構建到模型中。我不認為這對我們有任何影響。在 7800 AI spine 上也是如此，他們可以根據連接到的 GPU 或 RAC 的數量添加一些線卡。所以我們已經非常非常有效率，而且在端口上也非常好。

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

你的下一個問題來自瑞士信貸的 Sami Badri。

Just set me in 2 quick ones. First one is for Ita. Can we just talk about the benefits of pricing from some of the price increases that you guys have put through to the portfolio and the effect it had on gross margins?

只需讓我快速完成 2 個。第一個是 Ita。我們能否談談你們對投資組合進行的一些價格上漲帶來的定價優勢，以及它對毛利率的影響？

And then the second question is for Jayshree. Jayshree, you've given us kind of a ballpark visibility, I guess, some kind of quantification in the number of months that you see visibility with some of your biggest customers. Could you give us an update on that same type of visibility?

然後第二個問題是 Jayshree。 Jayshree，你給了我們一個大概的可見度，我想，在你看到一些最大客戶的可見度的月數中進行某種量化。您能否向我們提供有關相同類型可見性的最新信息？

Yes. I think on the pricing piece of it, I mean, for sure, we're getting some benefit from the pricing. But as time goes on, it starts in -- the dynamic environment, it starts to be harder to track that kind of when it gets lost in the overall growth in the business. But we did check, and there's definitely some uptick for pricing there. It's just not something that we're kind of tracking on an ongoing basis.

是的。我認為在定價方面，我的意思是，當然，我們從定價中獲得了一些好處。但隨著時間的推移，它開始於 - 動態環境，當它迷失在業務的整體增長中時，開始變得更難追踪。但我們確實檢查過，那裡的定價肯定有一些上漲。這不是我們持續跟踪的事情。

And in terms of visibility, Sami, in the past, we've seen as much as a year's visibility. If I were to guess, I think as the lead times improve, that visibility will reduce. Maybe it's down to 3 quarters now. And the visibility was very much tied to planning cycles. And when the planning cycles were longer than a year because our lead times were longer than a year, then that -- then we got greater visibility.

就知名度而言，薩米，在過去，我們已經看到了一年的知名度。如果我猜的話，我認為隨著交貨時間的延長，可見度會降低。也許現在下降到 3 個季度。可見性與規劃週期密切相關。當計劃週期超過一年，因為我們的交貨時間超過一年，那麼 - 然後我們獲得了更大的知名度。

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

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

I'm curious about why you guys think you should take share from InfiniBand going forward in AI and HPC environments? I'm just curious about what the logic is there.

我很好奇為什麼你們認為你們應該在 AI 和 HPC 環境中分享 InfiniBand 的份額？我只是好奇那裡的邏輯是什麼。

Yes. There's 2 big reasons. I think in the past, Ethernet was always (inaudible) in terms of performance and bandwidth to InfiniBand. Today, as we start talking about 400, 800, 1.2 terabits, the options on Ethernet are much greater and very cost-effective than anybody (inaudible) .

是的。有兩個重要原因。我認為在過去，以太網在性能和帶寬方面總是（聽不清）與 InfiniBand 相比。今天，當我們開始談論 400、800、1.2 太比特時，以太網上的選項比任何人都多得多，而且非常划算（聽不清）。

The other is, I think, historically, in (inaudible) has been more for high-performance compute use cases. We are very bullish on the AI workloads and its impact on Ethernet, where we don't believe InfiniBand has any particular advantage and, in fact, Ethernet does.

另一個是，我認為，從歷史上看，in（聽不清）更多地用於高性能計算用例。我們非常看好 AI 工作負載及其對以太網的影響，我們認為 InfiniBand 在這方面沒有任何特別的優勢，事實上，以太網有。

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

你的最後一個問題來自 Simon Leopold 和 Raymond James 的台詞。

I wanted to maybe dig a little bit into the Campus business, particularly whether or not that unit has been more constrained, and therefore, in a recovery bounces back. And ultimately, wondering if really an increase in Campus in the mix -- I know you gave us a $750 million target by '25. Wondering if that's considered a headwind to gross margin or whether it's more about the market verticals that affects your margins.

我可能想深入了解 Campus 業務，特別是該部門是否受到更多限制，因此是否會在復蘇中反彈。最後，想知道是否真的增加了 Campus 的組合——我知道你給了我們一個到 25 年達到 7.5 億美元的目標。想知道這是否被認為是毛利率的不利因素，或者它是否更多地與影響您的利潤率的垂直市場有關。

Yes. No headwind to gross margin. Our Campus business has good gross margins. I just -- as we said, on the product side, I feel very good that the Campus can execute. On the go-to-market side, we have more work. So I'm giving ourself some optionality that if we do the work really well, we could exceed the $750 million. And if we can't, then that will be the more likely number.

是的。毛利率沒有逆風。我們的校園業務具有良好的毛利率。我只是 - 正如我們所說，在產品方面，我覺得 Campus 可以執行非常好。在上市方面，我們還有更多工作要做。所以我給自己一些選擇權，如果我們把工作做得很好，我們可能會超過 7.5 億美元。如果我們做不到，那將是更有可能的數字。

Great. Thanks, Simon. This concludes the Arista Networks Fourth 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.

偉大的。謝謝，西蒙。 Arista Networks 2022 年第四季度收益電話會議到此結束。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。

Thank you for joining us today, and thank you for your interest in Arista.

感謝您今天加入我們，感謝您對 Arista 的關注。

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

女士們先生們，感謝你們的加入。今天的電話會議到此結束。您現在可以斷開連接。