Arista Networks Inc (ANET) 2023 Q1 法說會逐字稿

Welcome to the First Quarter 2023 Arista Networks Financial Results Earnings Conference Call.

歡迎參加 Arista Networks 2023 年第一季度財務業績收益電話會議。

(Operator Instructions)

（操作員說明）

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.

提醒一下，本次會議正在錄製中，電話會議後可從 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。你可以開始了。

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. This afternoon, Arista Networks issued a press release announcing the results for its fiscal first quarter ending March 31, 2023. If you would like a copy of the release, you can access it online at our website.

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。今天下午，Arista Networks 發布了一份新聞稿，宣布了截至 2023 年 3 月 31 日的第一財季業績。如果您想要一份新聞稿，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 second 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, including AI, customer demand trends, supply chain constraints, component costs, manufacturing output, inventory management and inflationary pressures on our business, lead times, product innovation, working capital optimization and the benefits of acquisitions, which are subject to the risks and uncertainties that we discussed in detail in our documents filed with the SEC, specifically in our most recent Form 10-Q and Form 10-K and which could cause actual results to differ materially from those anticipated by these statements.

在本次電話會議期間，Arista Networks 管理層將做出前瞻性陳述。包括與我們 2023 財年第二季度的財務展望、2023 年及以後的長期財務展望、我們的總體潛在市場和應對這些市場機會的戰略相關的那些，包括人工智能、客戶需求趨勢、供應鏈限制，組件成本、製造產出、庫存管理和我們業務的通脹壓力、交貨時間、產品創新、營運資本優化和收購的好處，這些都受到我們在提交給美國證券交易委員會的文件中詳細討論的風險和不確定性的影響，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。

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. 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.

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。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 happy Monday, everyone, and a happy month of May.

謝謝你，麗茲，祝大家週一快樂，五月快樂。

We delivered revenues of $1.35 billion for the quarter with a non-GAAP earnings per share of $1.43. Services and software support renewals contributed approximately 13.5% of the revenue. Our non-GAAP gross margins of 60.3% was influenced by supply chain overheads, and cloud tightening concentration. We expect our gross margins to improve every quarter throughout this year. International contribution registered at 17.5% with the Americas strong at 82.5% for the quarter. While we will shift to reporting our vertical segments on an annual basis, I would like to share some overall trends we've seen.

本季度我們實現了 13.5 億美元的收入，非 GAAP 每股收益為 1.43 美元。服務和軟件支持續訂貢獻了大約 13.5% 的收入。我們的 60.3% 的非 GAAP 毛利率受到供應鏈管理費用和雲收緊集中度的影響。我們預計我們的毛利率在今年每個季度都會有所提高。本季度國際貢獻率為 17.5%，美洲強勁，為 82.5%。雖然我們將轉向每年報告我們的垂直細分市場，但我想分享一些我們看到的總體趨勢。

We do expect Cloud Titans will moderate compared to our 2022 triple-digit growth, while enterprise is likely to be more steady state. It is evident that our lead times are improving, our visibility to customer forecast, therefore, are now beyond 6 months, or now below 6 months, I should say, and they're shrinking. Despite macro uncertainty, we endorsed consensus of 26% annual growth to approximately $5.5 billion revenue in 2023.

與我們 2022 年的三位數增長相比，我們確實預計 Cloud Titans 將會放緩，而企業可能會處於更穩定的狀態。很明顯，我們的交貨時間正在改善，因此，我們對客戶預測的可見性現在超過 6 個月，或者現在低於 6 個月，我應該說，而且它們正在縮小。儘管存在宏觀不確定性，但我們一致同意 2023 年收入年增長率為 26%，達到約 55 億美元。

On the product side, we made many exciting Q1 announcements. At OFC 2023, we introduced our vision for linear drive optics for intra and inter data center connectivity at 800 gig and beyond. This was a highlight for both Arista and the optical industry at large, delivering the promise of low power and improved price performance for demanding AI workloads. Speaking of AI, demand base to avoid idle state an expensive and large AI process at clusters requires that specialized AI network. Key characteristics include wire rate and loss less delivery of large and synchronized burst of data at 400- to 800-gig speeds. Today, the combination of RDMA mix, RDMA stands for remote direct memory access, and ROCE, which is our RDMA over converged Ethernet, along with the switches allows Ethernet to become that predictable transport network. Ethernet, of course, brings familiarity, great economics, massive installed base, standards with industry-wide interoperability and many merchant silicon options.

在產品方面，我們發布了許多激動人心的第一季度公告。在 OFC 2023 上，我們介紹了線性驅動光學器件的願景，用於 800 gig 及以上的數據中心內部和內部連接。這對 Arista 和整個光學行業來說都是一個亮點，為要求苛刻的 AI 工作負載提供了低功耗和更高性價比的承諾。說到 AI，避免空閒狀態的需求基礎是集群中昂貴且龐大的 AI 進程需要專門的 AI 網絡。主要特性包括線速和以 400 到 800 千兆的速度傳輸大量同步數據的無損傳輸。如今，RDMA 組合（RDMA 代表遠程直接內存訪問）和 ROCE（我們基於融合以太網的 RDMA）與交換機的結合使以太網成為可預測的傳輸網絡。當然，以太網帶來了熟悉度、巨大的經濟效益、龐大的安裝基礎、具有行業範圍互操作性的標準以及許多商用芯片選項。

This is supporting compute and data-intensive workloads based on generative AI inference and large language model training applications. Arista's cloud customers are resonating with our AI and switching strategy for platforms. Presently, we are in the midst of trials, leading to production deployments this year in 2023. We expect AI networking to become meaningful throughout the years and through the decade ahead. In Q1 2023, Arista also formalized our new entry into the wide area network with our WAN routing system. Our enterprise class wiring platform is based on carrier and cloud-neutral transit with CloudVision Pathfinder service. Not surprisingly, we support Arista's EOS operating system stack, delivering that operational model for Network as a Service and Wide Area as a Service.

這支持基於生成式 AI 推理和大型語言模型訓練應用程序的計算和數據密集型工作負載。 Arista 的雲客戶對我們的 AI 和平台切換策略產生共鳴。目前，我們正在進行試驗，預計將在今年 2023 年進行生產部署。我們預計 AI 網絡在未來幾年和未來十年都將變得有意義。在 2023 年第一季度，Arista 還通過我們的 WAN 路由系統正式進入廣域網。我們的企業級佈線平台基於具有 CloudVision Pathfinder 服務的運營商和雲中立傳輸。毫不奇怪，我們支持 Arista 的 EOS 操作系統堆棧，為網絡即服務和廣域即服務提供該運營模型。

We are targeting mission-critical enterprises where high volume and encrypted traffic matter in a modern WAN. Arista has partnered with Equinix to develop and deploy the WAN routing system and WAN routing will be included as part of our network adjacency category. In the non-cloud category, we have registered a solid number of million-dollar customers, which is a direct result of our momentum in the enterprise and campus throughout the past year. Let me illustrate with a few customer wins. The first use case is an international government grid. The customer's objective was to detect illegal activities such as money laundering, terrorism scans and other criminal behavior in real time by collecting and analyzing data. Arista's data-driven AI clusters optimizes network assurance for mission-critical AI and ML workloads using advanced features like microbursts and Fan In congestion management, ultra-deep packet buffer memory with latency analyzer, provides real-time telemetry, visibility, automation and dynamic controls for their AI and ML data centers, all based on open standard ethernet.

我們的目標是關鍵任務企業，在這些企業中，大容量和加密流量在現代 WAN 中很重要。 Arista 已與 Equinix 合作開發和部署 WAN 路由系統，WAN 路由將作為我們網絡鄰接類別的一部分包含在內。在非雲類別中，我們已經註冊了大量價值百萬美元的客戶，這是我們在過去一年中在企業和校園中的發展勢頭的直接結果。讓我用幾個贏得客戶的例子來說明。第一個用例是國際政府網格。客戶的目標是通過收集和分析數據實時檢測洗錢、恐怖主義掃描和其他犯罪行為等非法活動。 Arista 的數據驅動 AI 集群使用微突發和 Fan In 擁塞管理等高級功能優化關鍵任務 AI 和 ML 工作負載的網絡保證，超深數據包緩衝內存與延遲分析器，提供實時遙測、可見性、自動化和動態控制他們的 AI 和 ML 數據中心，全部基於開放標準以太網。

Our second win continues on the international team and highlights our ever-growing strength in the education vertical, where Arista's proposal for edge campus platforms ranging from power over Ethernet switches, wireless access points and automation was a decision factor. We leverage CloudVision Q cognitive unified edge, coupled with Arista validated designs as an automation framework across multiple distributed locations bringing unmatched flow visibility.

我們的第二個勝利繼續在國際團隊中進行，並凸顯了我們在教育垂直領域不斷增長的實力，Arista 對邊緣校園平台的提議，包括以太網交換機供電、無線接入點和自動化，是一個決定因素。我們利用 CloudVision Q 認知統一邊緣，結合 Arista 驗證設計作為跨多個分佈式位置的自動化框架，帶來無與倫比的流程可見性。

The next win is in the U.S. financial sector. This customer had grown organically and inorganically through acquisitions and was looking to modernize their entire infrastructure. Moving their data closer to the cloud to enable a hybrid cloud architecture. This design included multiple greenfield data centers hosted in Equinix requiring Active/Active 400-gigabit Ethernet spine securely encrypted data center interconnect and internet connectivity at each site. For a smooth upgrade in their campus environment without disruption to their end users, Arista's SSU, or smart systems upgrade feature played a prominent role. We also help them build a digital twin of their environment, modeling their designs for automation.

下一個勝利是在美國金融領域。該客戶通過收購實現有機和無機增長，並希望對其整個基礎設施進行現代化改造。將數據移至更靠近雲的位置以實現混合雲架構。該設計包括託管在 Equinix 中的多個新建數據中心，每個站點都需要 Active/Active 400-Gb 以太網主幹安全加密的數據中心互連和互聯網連接。為了在不影響最終用戶的情況下順利升級園區環境，Arista 的 SSU 或智能係統升級功能發揮了重要作用。我們還幫助他們構建環境的數字雙胞胎，為他們的設計建模以實現自動化。

The next customer highlights healthcare as a critical win for network monitoring and security analysis tools at their remote data center facilities. This holistic view of port mirroring session for traffic analysis from all the remote data centers with a superior approach. Arista centralized DMF, DANZ monitoring fabric, was better than disparate and expensive tools at each remote location. Our final customer win was looking for real-time in-house video streaming and editing capabilities. Video would be stored on their storage arrays, which could be connected at 100 gigabit ethernet and then accessed and rendered by the clients, be their PCs or MAX with 25-gigabit Ethernet.

下一位客戶強調醫療保健是其遠程數據中心設施中網絡監控和安全分析工具的關鍵勝利。這種端口鏡像會話的整體視圖可通過一種卓越的方法對來自所有遠程數據中心的流量進行分析。 Arista 集中式 DMF、DANZ 監控結構優於每個遠程位置的分散且昂貴的工具。我們最終贏得的客戶是尋求實時內部視頻流和編輯功能。視頻將存儲在他們的存儲陣列上，這些存儲陣列可以連接到 100 Gb 以太網，然後由客戶端訪問和呈現，可以是他們的 PC 或具有 25 Gb 以太網的 MAX。

Arista's core strength in the media vertical comes from its deep buffer virtual output queuing architecture with our R3 platforms. The simplicity, scalability and flexibility aligns -- shows this elegant design and highlights our strength in the media and entertainment vertical.

Arista 在媒體垂直領域的核心優勢來自於我們的 R3 平台的深度緩沖虛擬輸出隊列架構。簡單性、可擴展性和靈活性相得益彰——展示了這種優雅的設計並突出了我們在媒體和娛樂垂直領域的實力。

So as you can see, this is a recurring theme in all our customer wins, where Arista is deploying innovative solutions based on a consistent architecture, allowing each and every customer to modernize their network with the power of our platform.

正如您所看到的，這是我們贏得所有客戶的反復出現的主題，Arista 正在部署基於一致架構的創新解決方案，讓每一位客戶都能利用我們平台的力量實現網絡現代化。

And with that, I'd like to hand to Ita, our CFO, for financial metrics.

有了這個，我想把財務指標交給我們的首席財務官 Ita。

Thanks, Jayshree, and good afternoon.

謝謝，Jayshree，下午好。

We will now present our Q1 results and our guidance for Q2 '23 is based on non-GAAP, 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. Total revenues in Q1 were $1.351 billion, up 54% year-over-year and well above the upper end of our guidance, $1.275 billion to $1.325 billion. We continue to experience improvements in component supply in the quarter, supporting more consistent levels of manufacturing output and some improvements in lead time. Services and subscription software contributed approximately 13.5% of revenue for the first quarter, down to 15.8% in Q4. This largely reflected accelerated growth in product revenues, while services and software continue to grow on a more consistent basis.

我們現在將展示我們的第一季度業績，我們對 23 年第二季度的指導基於非公認會計原則，不包括所有非現金、基於股票的薪酬影響、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。第一季度的總收入為 13.51 億美元，同比增長 54%，遠高於我們指引的上限，即 12.75 億美元至 13.25 億美元。我們在本季度繼續體驗到組件供應的改善，支持更一致的製造產出水平和交貨時間的一些改善。服務和訂閱軟件在第一季度貢獻了大約 13.5% 的收入，在第四季度下降到 15.8%。這在很大程度上反映了產品收入的加速增長，而服務和軟件繼續在更穩定的基礎上增長。

International revenues for the quarter came in at $236 million or 17.5% of total revenue, down from 23.5% last quarter. This quarter-over-quarter reduction largely reflected an unusually high contribution from our EMEA and region customers in the fourth quarter. Overall, we continue to see outsized growth in the U.S., largely due to ongoing domestic strength from our Cloud Titans customers.

本季度國際收入為 2.36 億美元，佔總收入的 17.5%，低於上一季度的 23.5%。這一環比下降在很大程度上反映了我們 EMEA 和地區客戶在第四季度的異常高貢獻。總體而言，我們繼續看到美國的超額增長，這主要是由於我們的 Cloud Titans 客戶在國內的持續實力。

Overall gross margin in Q1 was 60.3% in line with our guidance of approximately 60%. We continue to recognize incremental supply chain costs in the period, combined with a healthy cloud mix. Operating expenses for the quarter were $257.5 million or 19.1% of revenue, up from last quarter at $235.3 million. R&D spending came in at $164.8 million or 12.2% of revenue, up from $153.2 million last quarter. This primarily reflected increased headcount and new product introduction costs in the period.

第一季度的整體毛利率為 60.3%，符合我們大約 60% 的指引。我們繼續認識到這一時期的增量供應鏈成本，以及健康的雲組合。本季度的運營費用為 2.575 億美元，佔收入的 19.1%，高於上一季度的 2.353 億美元。研發支出為 1.648 億美元，佔收入的 12.2%，高於上一季度的 1.532 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 expense was $75.9 million or 5.6% of revenue compared to $67.4 million last quarter, with increased headcount costs and higher variable compensation expenses. Our G&A cost came in at $16.8 million or 1.2% of revenue, consistent with last quarter. Our operating income for the quarter was $556.8 million or 41.2% of revenue. Other income and expense for the quarter was a favorable $17.7 million, and our effective tax rate was 21.2%. This resulted net income for the quarter of $452.5 million or 33.5% of revenue. Our diluted share number was 315.6 million shares, resulting in a diluted earnings per share number for the quarter of $1.43, up 70% from the prior year.

銷售和營銷費用為 7590 萬美元，佔收入的 5.6%，而上一季度為 6740 萬美元，員工成本和可變薪酬費用增加。我們的 G&A 成本為 1680 萬美元，佔收入的 1.2%，與上一季度一致。我們本季度的營業收入為 5.568 億美元，佔收入的 41.2%。本季度的其他收入和支出為 1770 萬美元，有效稅率為 21.2%。這導致本季度的淨收入為 4.525 億美元，佔收入的 33.5%。我們的稀釋股數為 3.156 億股，導致本季度的稀釋後每股收益為 1.43 美元，比去年同期增長 70%。

Now turning to the balance sheet. Cash, cash equivalents and investments ended the quarter at approximately $3.33 billion. In the quarter, we repurchased $82.3 million of our common stock at an average price of $111.9 per share. We've now repurchased $825.5 million worth or 7.8 million shares at an average price of $106 per share under our current $1 billion Board authorization. This leaves $174.5 million available to repurchase in future quarters. 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 33.3 億美元。本季度，我們以每股 111.9 美元的平均價格回購了 8230 萬美元的普通股。根據我們目前 10 億美元的董事會授權，我們現在已經以每股 106 美元的平均價格回購了價值 8.255 億美元或 780 萬股的股票。這使得未來幾個季度可回購 1.745 億美元。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 flow for the first quarter.

現在轉向第一季度的經營現金流。

We generated approximately $275 million of cash from operations in the period, reflecting strong earnings performance, partially offset by ongoing investments for working capital. DSOs came in at 57 days, down from 67 days in Q4 reflecting a strong collections quarter with good linearity of billings. Inventory turns were 1.3x, down from 1.6x last quarter. Inventory increased to $1.7 billion in the quarter, up from $1.3 billion in the prior period, reflecting the receipt of components from our purchase commitments and a slight increase in switch-related finished goods. Our purchase commitments at the end of the quarter were $2.9 billion, down from $3.7 billion at the end of Q4. We expect this number to continue to decline in future quarters as some component lead times improve, and we work to optimize our supply position.

在此期間，我們從運營中產生了大約 2.75 億美元的現金，反映出強勁的盈利表現，部分被持續的營運資金投資所抵消。 DSO 為 57 天，低於第四季度的 67 天，反映出強勁的收款季度和良好的賬單線性度。庫存周轉率為 1.3 倍，低於上一季度的 1.6 倍。本季度庫存從上一季度的 13 億美元增加到 17 億美元，反映出我們從採購承諾中收到了組件，並且與開關相關的成品略有增加。我們在本季度末的採購承諾為 29 億美元，低於第四季度末的 37 億美元。我們預計這個數字在未來幾個季度會繼續下降，因為一些組件的交貨時間會有所改善，並且我們會努力優化我們的供應狀況。

Our total deferred revenue balance was $1.092 billion, up from $1.04 billion in Q4. The majority of the deferred revenue balance was services related and directly linked to the timing and term of service contracts, which can vary on a quarter-by-quarter basis. Our product deferred revenue balance was flat to last quarter. Accounts payable days were 55 days, up from 43 days in Q4, reflecting the timing of inventory receipts and payments. Capital expenditures for the quarter were $5.6 million.

我們的遞延收入餘額總額為 10.92 億美元，高於第四季度的 10.4 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。我們的產品遞延收入餘額與上一季度持平。應付賬款天數為 55 天，高於第四季度的 43 天，反映了存貨收付的時間。本季度的資本支出為 560 萬美元。

Now turning to our outlook for the second quarter and beyond. As we move through 2023, we expect to resolve the final (inaudible) in the supply chain, allowing for more consistent manufacturing output and improving lead times to our customers. We do, however, expect these reduced lead times alter the results in reduced visibility with customers no longer needing to make purchase decisions so far in advance of deployment.

現在轉向我們對第二季度及以後的展望。到 2023 年，我們希望解決供應鏈中的最終（聽不清）問題，從而實現更一致的製造輸出並縮短為客戶提供的交貨時間。但是，我們確實希望這些縮短的交貨時間會改變可見性降低的結果，因為客戶不再需要在部署之前做出購買決定。

In addition, we expect some moderation in customer spending, especially with our Cloud Titans customers following a year of accelerated demand in 2022. All of that being said, we believe customer engagements and current deployment across the business support the current consensus revenue growth rate in 2023 of approximately 26%. In terms of the quarterly trends, you should expect moderating year-over-year growth as the year progresses, with more difficult prior year comps. On the gross margin front, beginning in Q2, we expect to see some steady improvement as we consume pure broker (inaudible) and have the opportunity to optimize manufacturing output while maintaining a healthy contribution from our cloud customers.

此外，我們預計客戶支出會有所放緩，尤其是在 2022 年需求加速一年之後，我們的 Cloud Titans 客戶。綜上所述，我們認為客戶參與度和當前在整個業務中的部署支持目前一致的收入增長率2023 年約佔 26%。就季度趨勢而言，您應該預計隨著時間的推移，同比增長會放緩，而前一年的比較會更加困難。在毛利率方面，從第二季度開始，我們預計會看到一些穩定的改善，因為我們消耗純經紀人（聽不清）並有機會優化製造產出，同時保持我們的雲客戶的健康貢獻。

Now turning to spending and investment. We continue to monitor the overall macro environment carefully. We'll prioritize our investments as we move through the year. This will include a focus on targeted hires in R&D and go to market as the team sees the opportunity to acquire talent. On the cash front, I will continue to focus on supply chain and working capital optimization. We should expect some continued growth in inventory on a quarter-by-quarter basis as we receive components from our purchase commitments. With all of this in the backdrop, our guidance for the second 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 $1.35 billion to $1.4 billion, gross margin of approximately 61%, operating margin at approximately 40%. Our effective tax rate is expected to be approximately 21.5%, with diluted shares of approximately 317 million shares.

現在轉向支出和投資。我們繼續密切關注整體宏觀環境。我們將在這一年中優先考慮我們的投資。這將包括專注於研發方面的有針對性的招聘，並在團隊看到獲得人才的機會時進入市場。在現金方面，我將繼續專注於供應鍊和營運資本優化。隨著我們從採購承諾中收到組件，我們應該預計庫存會逐季持續增長。在所有這些背景下，我們對第二季度的指導基於非 GAAP 業績，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 13.5 億美元至 14 億美元，總收入利潤率約為 61%，營業利潤率約為 40%。我們的實際稅率預計約為 21.5%，稀釋後的股份約為 3.17 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.

謝謝你，伊塔。我們現在將轉到 Arista 財報電話會議的問答部分。

(Operator Instructions)

（操作員說明）

Thank you for your understanding. Operator, take it away.

感謝您的理解。接線員，把它拿走。

(Operator Instructions)

（操作員說明）

Your first question comes from the line of Aaron Rakers with Wells Fargo.

你的第一個問題來自富國銀行的 Aaron Rakers。

I'm just curious kind of the commentary around the hyperscale cloud as component lead times shrink, how would you characterize, if at all, the visibility in that vertical? And specifically, how maybe that's evolved or changed relative to, let's say, the commentary or the thoughts a quarter ago?

我只是對隨著組件交付週期縮短而圍繞超大規模雲的評論感到好奇，如果有的話，您將如何描述該垂直領域的可見性？具體來說，相對於一個季度前的評論或想法，這可能是如何演變或改變的？

Yes, Aaron. I'll kick it off and maybe Anshul can help me. As you know, historically, visibility and the cloud sites, if you take out, if you subtract the last 2 years, which were largely supply chain related, was typically 2 quarters, right? And for a period of time last year and the year before, we were starting to get 4 quarters of visibility. As our lead times are improving, our visibility is also shrinking especially with that segment because they can make decisions closer to our lead times. So I would say our visibility has reduced from last year to this year by 2 quarters and in roughly 6 months.

是的，亞倫。我會開始的，也許 Anshul 可以幫助我。如你所知，從歷史上看，可見性和雲站點，如果你去掉，如果你減去過去 2 年，這主要與供應鏈相關，通常是 2 個季度，對嗎？在去年和前年的一段時間裡，我們開始獲得 4 個季度的知名度。隨著我們交貨時間的縮短，我們的知名度也在下降，尤其是對於該細分市場，因為他們可以在更接近我們交貨時間的情況下做出決策。所以我想說我們的能見度從去年到今年減少了 2 個季度，大約 6 個月。

Your next question comes from the line of Antoine Chkaiban with New Street Research.

您的下一個問題來自 Antoine Chkaiban 與 New Street Research 的合作。

So at the CMD, I think you provided an AI intensive network TAM of $2 billion, $3 billion in the next few years. And during last earnings, Broadcom said that our Ethernet switch ships deployed in AI was well over $200 million in '22 and the forecast that this could grow to well over $800 million in '23. So I imagine that, that would correspond to $4 billion, $5 billion in revenues. This is, therefore, already well above the time that you estimated, Am I missing anything? Or did the TAM expand considerably more than you were anticipating at the CMD?

所以在 CMD，我認為你提供了 20 億美元的 AI 密集型網絡 TAM，未來幾年將達到 30 億美元。在上次財報中，Broadcom 表示，我們部署在 AI 中的以太網交換機在 22 年的出貨量遠遠超過 2 億美元，並預測這可能會在 23 年增長到 8 億美元以上。所以我想，這相當於 40 億美元、50 億美元的收入。因此，這已經遠遠超過您估計的時間，我錯過了什麼嗎？或者 TAM 的擴展是否比您在 CMD 上預期的要多得多？

Sure. This is Anshul. As you know there's a lot of talk about AI, and it's a very exciting topic in many ways. First, you have to separate out numbers at Broadcom (inaudible) versus where our customers will deploy systems, right? There's an offset of when they ship chips versus when they can ship systems and often by quarter, sometimes it could be a longer the year, right, given the lead times that are going on in the market.

當然。這是安舒爾。如您所知，關於 AI 的討論很多，從很多方面來說，它都是一個非常令人興奮的話題。首先，您必須將 Broadcom（聽不清）的數字與我們的客戶部署系統的地方分開，對嗎？他們出貨芯片的時間與出貨系統的時間之間存在抵消，而且通常按季度計算，有時一年可能會更長，對吧，考慮到市場上的交貨時間。

Second, I think AI is still in infancy. I don't think we know really how big it will be. It's clearly on a very good trajectory. It will keep on growing. And there is a great opportunity for us for sure and we're doing very well with some of our top customers as Jayshree talked about in the primary script as well.

其次，我認為人工智能還處於起步階段。我不認為我們真的知道它會有多大。它顯然處於非常好的軌道上。它將繼續增長。這對我們來說肯定是一個很好的機會，正如 Jayshree 在主要腳本中談到的那樣，我們與一些頂級客戶做得很好。

Yes. And just to add to what Anshul said, our forecast of $2 billion to $3 billion is more in the 2025 arena. Market analysts are already showing larger numbers than that, 2025 to 2027 arena. I think market analysts are already projecting, it's double that. And certainly, Broadcom is enthusiastically looking at their chip deployment. But again, as Anshul alluded, by the time Broadcom has a chip, a chip gets built into the system by us and then the system gets deployed by our cloud customers, it can be 1 to 2 years.

是的。補充一下 Anshul 所說的，我們對 2025 年的預測是 20 億至 30 億美元。市場分析師已經顯示出比 2025 年到 2027 年更大的數字。我認為市場分析師已經在預測，這是兩倍。當然，Broadcom 正在熱情地關注他們的芯片部署。但同樣，正如 Anshul 所暗示的那樣，當 Broadcom 擁有芯片時，芯片被我們內置到系統中，然後系統被我們的雲客戶部署，這可能需要 1 到 2 年的時間。

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。

If you don't mind, can we just dive -- dig a bit deeper into the inventory number, I think getting a few questions on that. Obviously, a material step up in the inventory in the quarter particularly, as you mentioned, lead times for your products are now 6 months, do we sort of conclude that your lead times will take a step function down, if you have this much inventory at this point? And if your visibility into demand is starting to come in a bit, why sort of maybe help me think about why the inventory continues to sort of move up higher from here rather than sort of start to come down in line with your visibility into demand.

如果你不介意，我們可以深入了解一下庫存數量嗎，我想就此提出一些問題。顯然，特別是本季度的庫存大幅增加，正如您提到的，您的產品交貨時間現在為 6 個月，我們是否可以得出結論，如果您有這麼多庫存，您的交貨時間將逐步下降在此刻？而且，如果您對需求的可見性開始有所提高，那麼為什麼可以幫助我思考為什麼庫存從這裡繼續上升而不是開始隨著您對需求的可見性而下降。

Samik, this is Ita. When you think about the purchase commitments that we have and that we made some time ago, right, we're going to have to continue to work through those as we go through the rest of this year particularly on some key components there were long lead times. We had to place commitment for kind of this year, well, earlier last year. in order to secure those -- that supply. So those components will continue to come in inventory and obviously will go out of inventory as well as we build products, et cetera. So we have a healthy deployment pipeline in front of us on the system side, but we are still going to gather components based on when those purchase commitments were made and the timing of those purchase commitments.

Samik，這是 Ita。當您考慮我們擁有的和前段時間做出的採購承諾時，對的，我們將不得不在今年餘下的時間裡繼續完成這些承諾，特別是在一些關鍵部件上有很長的領先時間次。我們不得不在今年早些時候做出某種承諾，好吧，去年早些時候。為了確保那些——供應。因此，這些組件將繼續進入庫存，並且顯然會在我們製造產品時耗盡庫存，等等。因此，在系統方面，我們面前有一個健康的部署管道，但我們仍將根據做出購買承諾的時間和購買承諾的時間來收集組件。

So if you look at the total inventory plus purchase commitments, it came down in excess of $400 million this quarter. So we'll continue to kind of work that down over time. But you will see the shift from purchase commitments into inventory for us and then of signals, we'll sell that inventory.

因此，如果您查看總庫存加上採購承諾，本季度下降超過 4 億美元。因此，隨著時間的推移，我們將繼續努力。但是你會看到從購買承諾轉變為我們的庫存，然後是信號，我們將出售該庫存。

And Samik, just to add to, we're not managing the business at just-in-time inventory. As Ita said, we have 72-week lead time still on many of our components even with the supply chain improvements. So we have to plan ahead. And if we want to get products to our customers in 6 to 12 months, assume a position on the inventory and especially do so on common components where we feel confident that there is demand, and we will continue to fulfill that demand this year and next year.

而 Samik，只是補充一點，我們不是在及時庫存管理業務。正如 Ita 所說，即使供應鏈得到改善，我們的許多組件仍有 72 週的交貨時間。所以我們必須提前計劃。如果我們想在 6 到 12 個月內將產品交付給我們的客戶，請在庫存中佔據一席之地，尤其是在我們確信有需求的常見組件上這樣做，我們將在今年和明年繼續滿足該需求年。

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

你的下一個問題來自瑞銀集團的 David Vogt。

Great. I just want to follow up basically on the question on AI inventories and sort of revenue growth expectations for the second half. So if I'm hearing you correctly, it sounds like you think given tough comps and sort of spending patterns from the Titan Group is going to come down -- bring revenue growth down to about 15% in the second half on a year-over-year basis.

偉大的。我只想基本上跟進有關 AI 庫存的問題以及下半年的收入增長預期。因此，如果我沒聽錯的話，聽起來你認為泰坦集團的艱難補償和某種支出模式將會下降——下半年收入增長率將下降至 15% 左右-年的基礎。

And yet, as you just mentioned, inventory still need to come down. So how do we square that with sort of the optimism in the marketplace that looks like you took your TAM up from about $40 billion to about $50 billion for data center and campus in the deck. I'm just trying to square the deceleration that you're talking about versus sort of the expanded TAM that you're also kind of highlighting in the deck.

然而，正如您剛才提到的，庫存仍然需要下降。那麼，我們如何將其與市場上的樂觀情緒相結合，看起來您將 TAM 從大約 400 億美元增加到大約 500 億美元，用於數據中心和園區。我只是想將你正在談論的減速與你也在甲板上強調的那種擴展的 TAM 相比較。

David, I think, first of all, the TAM we took up was for 2027, not Q3, Q4 2023, just to be clear. And I think we continue to feel very optimistic about our long-term demand in enterprise, cloud and AI. So we shouldn't confuse the comps and difficulty of comparing Q3 2022 with Q3 2023 with our long-term demand and TAM, both are balance statements. But as you know, the cloud is a volatile market and the Titans will spend a lot one year and then spend a little less the other year as they're digesting it and deploying it. So if you look across multiple years, we're going to have the strong demand and do well.

戴維，我認為，首先，我們採用的 TAM 是針對 2027 年的，而不是 2023 年第三季度、第四季度，需要明確一點。而且我認為我們繼續對我們在企業、雲和人工智能方面的長期需求感到非常樂觀。因此，我們不應該將比較 2022 年第三季度和 2023 年第三季度的比較和難度與我們的長期需求和 TAM 混淆，兩者都是平衡表。但正如您所知，雲是一個不穩定的市場，泰坦們會在一年內花費很多，然後在另一年花費更少，因為他們正在消化和部署它。因此，如果您縱觀多年，我們將會有強勁的需求並且表現良好。

Yes. And David, this is very consistent with what we talked about last quarter, right? I mean we're -- because of the comps and the pattern on the comps, we're going to grow quarter-by-quarter, growing each quarter consecutively. But you will see that deceleration just because of how last year's kind of revenue trended as well, right? So if there's anything new year. In fact, we probably took up the overall number a little bit to get to 26%.

是的。大衛，這與我們上個季度談到的非常一致，對吧？我的意思是我們 - 由於 comps 和 comps 的模式，我們將逐季度增長，每個季度連續增長。但是你會看到這種減速只是因為去年的收入趨勢也是如此，對吧？所以如果有什麼新的一年。事實上，我們可能佔了總數的一點點，達到了 26%。

Right. We said 25% in November, and now we're saying 26%.

正確的。我們在 11 月說 25%，現在我們說 26%。

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。

Maybe just varying in kind of on the cloud titan vertical. You mentioned kind of reduced visibility, but just wanted to clarify, Had you seen any changes in orders or any push outs kind of within the quarter of orders or -- and within kind of your near-term guidance of orders that you thought were going to take place that are maybe getting pushed out?

也許只是在雲泰坦垂直方面有所不同。您提到了某種程度的可見性降低，但只是想澄清一下，您是否看到訂單的任何變化或訂單季度內的任何推出，或者 - 以及您認為會發生的訂單的近期指導範圍內發生可能被排擠的事情？

Yes, Meta, I'll let Anshul answer the question, but I would say it's sort of a give and a take. Some things are getting pushed out and some are getting pulled, the silver lining is clearly AI. That's not getting pushed out, but some of the deployments of cloud regions are getting pushed out. Anshul, you want to add to that?

是的，Meta，我會讓 Anshul 回答這個問題，但我會說這是一種讓步。有些東西被推出，有些東西被拉走，一線希望顯然是人工智能。這並沒有被推出，但云區域的一些部署正在被推出。 Anshul，你想補充嗎？

If I can add some more color to key areas that we've been tracking. I know we're only going to talk about AI. This AI market is backbone, which is what started the 400-gig cycle in the first place. Those deployments are progressing as expected as well. So that part is in steady state. And obviously, AI is growing compared to what we knew before.

如果我可以為我們一直在跟踪的關鍵區域添加更多顏色。我知道我們只會談論人工智能。這個 AI 市場是骨幹市場，這首先開啟了 400-gig 週期。這些部署也在按預期進行。所以那部分處於穩定狀態。顯然，與我們之前所知的相比，人工智能正在不斷發展。

Your next question comes from the line of Sebastien Naji with William Blair.

你的下一個問題來自塞巴斯蒂安納吉和威廉布萊爾的台詞。

Just given this discussion around generative AI, maybe can you frame for us the advantages of Ethernet for building out these AI network fabrics and any metrics you might have that highlight these advantages versus something like InfiniBand?

剛才圍繞生成人工智能的討論，也許你能為我們描述以太網在構建這些人工智能網絡結構方面的優勢，以及你可能擁有的任何指標，這些指標與 InfiniBand 之類的東西相比，突出了這些優勢？

Sure. I think I said this before, but I think the #1 advantage of Ethernet is the fact that you're building a standard space, multi-vendor, highly interoperable network, where everything from troubleshooting to familiarity when you're connecting to the GPU process is very well known. So from a best-in-grade horizontal approach, Ethernet can win every time and (inaudible) technology generally struggle. Having said that, the vertical approach that InfiniBand adopted for high-performance computing can be applied to GPU clusters as well. So I think it all depends on the customers' clusters and how large they are and the larger they become, the more it favors Ethernet.

當然。我想我之前說過，但我認為以太網的第一大優勢是你正在構建一個標準空間、多供應商、高度互操作的網絡，當你連接到 GPU 時，從故障排除到熟悉的一切都在這裡過程是眾所周知的。因此，從一流的橫向方法來看，以太網每次都能獲勝，而（聽不清）技術通常會陷入困境。話雖如此，InfiniBand 為高性能計算採用的垂直方法也可以應用於 GPU 集群。所以我認為這完全取決於客戶的集群以及它們有多大，它們變得越大，它就越有利於以太網。

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 non-cloud Titans, the other part. Last year, it grew about 14.5% and it was supposed to grow -- by your guidance, kind of supposed to grow much faster this year? What happened this quarter? And again, you don't provide exact numbers even qualitatively, what happens this quarter with non-cloud Titans, how is demand shaping up when it comes to orders, I'm trying to neutralize the supply chain issue.

我想問一下非雲泰坦，另一部分。去年，它增長了大約 14.5%，而且它應該會增長——根據你的指導，今年應該會增長得更快嗎？這個季度發生了什麼？再一次，你甚至沒有提供確切的數字，即使是定性的，本季度非雲泰坦發生了什麼，訂單方面的需求是如何形成的，我正試圖消除供應鏈問題。

Yes. No, good question. Enterprise demand is pretty strong and steady. In fact, I would go as far as saying the customer activity has been just as strong as last year. And some of these macro things we hear about, we are experiencing less of it perhaps because we are a small fish in big ocean, right? So that said, obviously, our revenue has a high component to sell tightened concentration in Q1. So the demand doesn't translate into direct revenue contribution in a specific quarter. But I think you will see a number far greater than the 15% through the year.

是的。不，好問題。企業需求相當強勁且穩定。事實上，我什至可以說客戶活動與去年一樣強勁。我們聽到的一些宏觀事物，我們經歷的較少，也許是因為我們是大海中的一條小魚，對吧？所以說，很明顯，我們的收入在第一季度有很高的銷售集中度。因此，需求不會轉化為特定季度的直接收入貢獻。但我認為你會看到一個數字遠遠大於全年的 15%。

Your next question comes from the line of Michael Ng with Goldman Sachs.

你的下一個問題來自高盛的 Michael Ng。

It was encouraging to hear about the endorsement of consensus at 26% year-over-year growth. I was just wondering if you could talk about what you're assuming as it relates to AI production deployments because you did talk about that trial that was underway. And any other areas of optionality that you would call out perhaps the DIY to branded switches within web scale Cloud Titans. Any updates there would be helpful.

聽到共識支持 26% 的同比增長令人鼓舞。我只是想知道您是否可以談談您假設的與 AI 生產部署相關的內容，因為您確實談到了正在進行的試驗。以及您可能會在網絡規模 Cloud Titans 中調用品牌開關的 DIY 的任何其他可選區域。那裡的任何更新都會有所幫助。

Sure, Michael. As we said, the 7800 is Arista's flagship AI platform. And we expect the better part of last year, maybe even the year before, Anshul, and you could correct me, doing a tremendous amount of simulation on how we work with GPU clusters and different types of stuff, network interface cards, the performance, the (inaudible) list, dealing the diversity traffic, the latency, the transaction. And we believe that this will be a critical year in seeing those trials come into production. So we do expect AI to be meaningful this year as opposed to not material the last couple of years. And we believe the 7800 will be the flagship product for that.

當然，邁克爾。正如我們所說，7800 是 Arista 的旗艦 AI 平台。我們預計去年的大部分時間，甚至可能是前年，Anshul，你可以糾正我，對我們如何使用 GPU 集群和不同類型的東西、網絡接口卡、性能進行大量模擬， （聽不清）列表，處理多樣性流量、延遲、事務。我們相信，今年將是見證這些試驗投入生產的關鍵一年。因此，我們確實希望 AI 在今年變得有意義，而不是在過去幾年中變得不重要。我們相信 7800 將成為這方面的旗艦產品。

And if I can just answer your other indirect question. Your question was how are we doing at these (inaudible) boxes.

如果我能回答你的另一個間接問題。你的問題是我們在這些（聽不清）盒子裡的表現如何。

We ship blue boxes.

我們運送藍色盒子。

We said this before. I think we are maintaining status quo. We're doing very well with our customers. They're not afraid, and we don't believe the market is shifting back to white box at all. In fact, the core development efforts are even more intense than before. But I think a lot of these things we've achieved status quo. I think that's where the market stays for now.

我們之前說過這個。我認為我們正在維持現狀。我們與客戶相處得很好。他們並不害怕，我們根本不相信市場正在轉向白盒。事實上，核心開發力度比以前還要大。但我認為很多這些事情我們已經實現了現狀。我認為這就是市場目前所處的位置。

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。

I've got a question here, I want to split into 2 pieces. The first one is as you're looking at market share in the AI arena, does the networking piece, gain share within the AI wallet budgets? And then second, I know that you've had a very significant share advantage in high speed. You've gained significant share from your competitors for every year that I can remember. And I guess the question is, will AI drive an acceleration in your share given your dominant experience so far in delivering it. So share within the CapEx wallet and then share within the AI market, too many questions.

我在這裡有一個問題，我想分成兩部分。第一個是當你關注人工智能領域的市場份額時，網絡部分是否在人工智能錢包預算中獲得份額？其次，我知道你們在高速領域擁有非常顯著的份額優勢。在我記憶中的每一年，你們都從競爭對手那裡獲得了很大的份額。我想問題是，鑑於您迄今為止在交付方面的主導經驗，人工智能是否會推動您的份額加速。所以在 CapEx 錢包內分享，然後在 AI 市場內分享，太多的問題。

Alex, let me go back to your high-speed acceleration question first, and then you talk about the market share in AI because we're still kind of grappling with what is the market for AI right now. In terms of high speed, I think we've now got some killer use cases for 400- and 800-gig with AI. So you will see our strength -- going from strength to strength with 100, 200 in some cases and now 400 and 800 with AI being backfill application driving our high-speed acceleration. We feel more confident in it now. Otherwise, you could argue what is the use case for 400- and 800-gig. So that makes us very positive.

亞歷克斯，讓我先回到你的高速加速問題，然後你談談人工智能的市場份額，因為我們現在仍在努力解決人工智能市場的問題。在高速方面，我認為我們現在已經有了一些 400 和 800 兆字節的 AI 殺手級用例。所以你會看到我們的實力——在某些情況下，100、200 的實力越來越強，現在是 400 和 800，人工智能是推動我們高速加速的回填應用程序。我們現在對此更有信心了。否則，您可能會爭論 400 和 800 千兆的用例是什麼。所以這讓我們非常積極。

Specific to AI wallet shift, quite honestly, the greatest component of AI today is the processers, that is 80%, maybe 90% of the spend and the applications, obviously, that go with that. So if they're vertically integrated, we may not see as much of it. But if customers choose the horizontal best of breed, absolutely get our share of wallet there.

具體到 AI 錢包轉移，老實說，當今 AI 最重要的組成部分是處理器，即 80%，也許 90% 的支出和應用程序，顯然，與之相關。因此，如果它們是垂直整合的，我們可能看不到太多。但是，如果客戶選擇最好的橫向產品，那絕對可以讓我們分得一杯羹。

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。

I guess I just want to go back to this reduced visibility that you're seeing with Cloud Titans. I guess, is it your sense that you just had extra long visibility at fourth quarter and now going back to 2 quarters, which is normal. Or do you think there's a risk that it actually ends up an outright pause at some point given these companies did have a really big spending cycle with you in the last 4 or 5 quarters already. So I'm just wondering, like is this a return to normalcy? Or do you think there's risk that we end up in a pause with 1 or both of them the way we've been in 2019.

我想我只是想回到您在 Cloud Titans 中看到的可見性降低。我想，您是否覺得您在第四季度的能見度超長，現在又回到了 2 個季度，這很正常。或者你是否認為，鑑於這些公司在過去 4 或 5 個季度中確實與你有一個非常大的支出週期，它實際上有可能在某個時候徹底暫停。所以我只是想知道，這是回歸常態嗎？或者您是否認為我們有可能像 2019 年那樣以 1 個或兩個暫停。

This is Anshul. Our customers have been waiting for 2.5 years for this moment. So they can return back to normalcy. Supply chain is recovering. These customers follow component lead times very closely as well to a great extent. We're coming back to where we used to be pre-COVID levels, nothing different. Nothing more than that.

這是安舒爾。這一刻，我們的客戶已經等了2.5年。這樣他們就可以恢復正常。供應鏈正在恢復。這些客戶在很大程度上也非常密切地關注組件的交貨時間。我們又回到了 COVID 之前的水平，沒有什麼不同。僅此而已。

Your next question comes from the line of Fahad Najam, an independent analyst.

你的下一個問題來自獨立分析師 Fahad Najam。

Jayshree, I wanted to ask you a question on Broadcom's recent introduction of the Jericho 3 AI chip, and it kind of reminds me of the time when they first introduced the Jericho 2 and 2C and you were the earliest adopters of that technology and that led to your significant gains in the leaf-spine architecture. So is the Jericho 3 a similar upgrade cycle? And should we think about the same advantages you guys are enjoying in this forthcoming cycle as you did in the previous cycle? Anything you can tell us in terms of the comparison.

Jayshree，我想問你一個關於 Broadcom 最近推出的 Jericho 3 AI 芯片的問題，這讓我想起了他們首次推出 Jericho 2 和 2C 的時間，而你是該技術的最早採用者，這導致您在葉脊架構中的顯著收穫。那麼傑里科3是不是也有類似的升級週期呢？我們是否應該考慮你們在即將到來的周期中享受的與上一個週期相同的優勢？關於比較，您可以告訴我們任何事情。

So a good way to look at this market and the introduction of J3, J3 AI, 400 gig is not going to end quickly and suddenly get replaced with Jericho 3, 400-gig will go on for some time, customers will take time to make changes. And so especially when they don't need more bandwidth just yet. At the same time, you'll see a quick adoption of 800-gig technology and the complementary chip that was also announced with Tomahawk 5. Between Tomahawk 5 and Jericho3 AI, the AI teams (inaudible) these are quickly as the market can get them out there.

所以看待這個市場的一個好方法，J3、J3 AI、400 演出不會很快結束，突然被 Jericho 3 取代，400 演出會持續一段時間，客戶需要時間來製作變化。尤其是當他們還不需要更多帶寬時。同時，您會看到 800-gig 技術和與 Tomahawk 5 一起發布的互補芯片的快速採用。在 Tomahawk 5 和 Jericho3 AI 之間，AI 團隊（聽不清）隨著市場的發展而迅速發展他們在那裡。

And you may have read some white papers that were also published along with the announcement, which showed that Jericho3 AI is scaled to very large clusters, we can scale to 4,000 GPUs quickly at 800-gig, and the cluster performs at 10% better throughput than InfiniBand. So that is why there's such needs for this technology out there, and everyone thanks us to get it. But just remember, the chips have just been announced. It takes time to get the chips, build systems, better customers, to work with the trials and then go to the volume production.

你可能已經閱讀了一些與公告一起發布的白皮書，其中顯示 Jericho3 AI 可以擴展到非常大的集群，我們可以在 800-gig 下快速擴展到 4,000 個 GPU，並且集群的吞吐量提高了 10%比 InfiniBand。所以這就是為什麼對這項技術有如此大的需求，每個人都感謝我們得到它。但請記住，這些芯片剛剛發布。獲取芯片、構建系統、更好的客戶、進行試驗然後進行量產都需要時間。

It's a very exciting multiyear journey, and we really value our partnership with Broadcom. But what you're seeing here is 100 gig for mainstream enterprises, 400 gig for the cloud and 800 gig and beyond for AI use cases.

這是一個非常激動人心的多年旅程，我們非常重視與 Broadcom 的合作夥伴關係。但是你在這裡看到的是主流企業 100 兆，雲 400 兆，人工智能用例 800 兆甚至更多。

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。

Just to go back to the macro discussion. I'm just wondering, were there any regions, customer verticals where you maybe saw some greater-than-usual slowness or lengthening sales cycles, particularly later in the quarter.

回到宏觀討論。我只是想知道，是否有任何地區、客戶垂直領域，您可能會看到一些比平常更緩慢或延長的銷售週期，尤其是在本季度晚些時候。

Yes, Matt, I'd say that usually, we see a very strong activity in the month of March. But in Q1, we did see some seasonality in certain regions, especially internationally. And I don't know how -- 1 quarter, doesn't have (inaudible), but we're definitely watching this.

是的，馬特，我通常會說，我們在 3 月份看到非常強勁的活動。但在第一季度，我們確實在某些地區看到了一些季節性，尤其是在國際上。而且我不知道 - 1 個季度，沒有（聽不清），但我們肯定在看這個。

Okay. And has that changed at all in early April?

好的。這在四月初有什麼改變嗎？

Too early to say. No. You mean has it changed in the sense it's improved in April. Is that your question?

說得太早了。不，你的意思是它在 4 月份有所改善的意義上發生了變化。那是你的問題嗎？

That's right.

這是正確的。

Yes, April is good so far.

是的，四月到目前為止還不錯。

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

你的下一個問題來自 Michael Genovese 與 Rosenblatt 的對話。

Just one question for me. So basically, when -- it's about timing on AI. And when do we think switching will inflect? And I guess maybe the actual question is, what's your outlook on 2024 cloud spending? I mean we've talked a lot about the next 6 months, but I went about 2024, how we be thinking about that right now?

只問我一個問題。所以基本上，什麼時候 - 這是關於人工智能的時間。我們認為轉換何時會發生變化？我想真正的問題可能是，您對 2024 年的雲支出有何看法？我的意思是我們已經就接下來的 6 個月談了很多，但我說的是 2024 年，我們現在如何考慮這個問題？

Next month (inaudible) 2024 spending because we don't know. We don't have the visibility.

下個月（聽不清）2024 年支出，因為我們不知道。我們沒有能見度。

A little early for that yet, Mike.

有點早了，邁克。

But what about on the timing of switches? I mean, as you go through all of these GPUs or processing units now, training, all of these things, what do you think the timing for switching deployments will inflect positively?

但是開關的時間呢？我的意思是，當你現在經歷所有這些 GPU 或處理單元、訓練、所有這些事情時，你認為切換部署的時機會產生什麼積極影響？

You're asking specifically AI or Cloud Titans spending?

您是在專門詢問 AI 還是 Cloud Titans 支出？

Well, specific -- I mean, AI is clearly happening now, but 80% to 90% of the spending is stuff that you don't do. When do you think that there will be a significant uptick in that percentage of switching deployments in AI cluster data centers?

嗯，具體——我的意思是，人工智能現在顯然正在發生，但 80% 到 90% 的支出是你不做的事情。您認為 AI 集群數據中心的交換部署百分比何時會顯著上升？

Okay. Well, as I said, I think last year was the year of trials. This year, we'll see some production and it will certainly accelerate in '24 and '25 specific to AI. But again, that's a small spend relative to our larger cloud spend, where we'd like to see more visibility on how the cloud regions are getting built out, et cetera.

好的。好吧，正如我所說，我認為去年是考驗之年。今年，我們將看到一些產品，並且肯定會在特定於 AI 的 24 世紀和 25 年加速。但同樣，相對於我們更大的雲支出，這是一個很小的支出，我們希望看到更多關於雲區域如何構建的可見性，等等。

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。

Nice quarter and (inaudible) as well, of course. Purchase commitment, I wanted to circle back there as well. it's moving down as you guys anticipated. But obviously, you guys are a much larger business than you were pre-pandemic. So I guess, how are you guys thinking about the level of normalcy of purchase commitments as we kind of work through this. And obviously, Ita, you talked about that we'll see sequential impacts to cash flow still on the inventory as we kind of convert that purchase commitment to inventory. Is that something that should reverse then in early 2024? And how should we kind of think about free cash flow conversions for this year then?

當然，不錯的季度和（聽不清）。購買承諾，我也想回到那裡。正如你們預期的那樣，它正在下降。但顯然，你們是一家比大流行前大得多的企業。所以我想，在我們解決這個問題的過程中，你們如何看待購買承諾的正常水平。顯然，Ita，你談到我們將看到對現金流的連續影響，因為我們將採購承諾轉換為庫存。那會在 2024 年初逆轉嗎？那麼我們應該如何考慮今年的自由現金流轉換呢？

Yes. Look, I think if I have my way, the purchase commitment number will come down significantly over the next, I don't know, 12 to 18 month end because we don't need it once we start to see some of these component lead times come in. So we need to -- obviously to manage that. Some have long lead times that we do want to receive, and you will see that grow in inventory, some, we'll look to reposition, if we can. But obviously, there's a keen focus on kind of managing that number now. But the net of it is, I think you grow inventory through the year, it will consume some cash, and then it will flip in 2024, where we'll actually start to kind of generate more cash as we start to bring that inventory number down.

是的。看，我想如果我有辦法，採購承諾數量將在接下來的 12 到 18 個月末顯著下降，因為一旦我們開始看到其中一些組件領先，我們就不需要它了時間來了。所以我們需要 - 顯然要管理它。有些有很長的交貨時間，我們確實希望收到，你會看到庫存增加，有些，如果可以的話，我們會考慮重新定位。但很明顯，現在人們非常關注管理這個數字。但總的來說，我認為你全年都在增加庫存，它會消耗一些現金，然後它會在 2024 年翻轉，我們實際上會開始產生更多的現金，因為我們開始帶來庫存數量向下。

Do we ever go back to kind of where we were before? I think probably not. I mean we probably will carry a little bit more inventory and more buffers, having just gone through what we went through the last couple of years, but it should certainly get -- come down from where it is today.

我們有沒有回到以前的狀態？我想可能不會。我的意思是，我們可能會攜帶更多的庫存和更多的緩衝，剛剛經歷了過去幾年的經歷，但它肯定會 - 從今天的水平下降。

And any thoughts on the free cash flow conversion for the year?

對今年的自由現金流轉換有什麼想法嗎？

Yes. I think for this year, inventory is a consumer of cash. So it's probably -- it's hard to know exactly what that looks like, but I think every quarter, we'll increment that inventory balance as we go through the year, that will concern some cash. But I mean the P&L is highly cash positive with the guidance that we've put out. So I think we'll still be generating a healthy amount of cash but we will build inventory balance.

是的。我認為今年，庫存是現金的消費者。所以它可能 - 很難確切地知道它是什麼樣子，但我認為每個季度，我們都會在一年中增加庫存餘額，這將涉及一些現金。但我的意思是，根據我們發布的指導，損益表的現金收益很高。所以我認為我們仍然會產生大量現金，但我們會建立庫存平衡。

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。

Ita, I wanted to dig into the comments on gross margin where you expect them to improve through the year? 2 questions there. Number one, what -- now the supply chain is getting better. What is it in the supply chain that's still expensive that's hurting you on the gross margin side? And how does that get mitigated? And second, the improvement that you anticipate, is that just a reflection of the mix, meaning cloud perhaps moderating to your point? Or is most of the improvement driven again by supply chain -- better pricing on the supply chain side.

Ita，我想深入了解毛利率的評論，你希望它們在今年有所改善嗎？那裡有2個問題。第一，什麼——現在供應鏈越來越好。在毛利率方面，供應鏈中仍然昂貴的是什麼傷害了你？以及如何減輕這種情況？其次，您預期的改進是否只是混合的反映，這意味著雲可能會緩和到您的觀點？或者大部分改進是由供應鏈再次驅動的——供應鏈方面更好的定價。

Yes. I mean I think in Q1, we were still consuming broker parts and other parts that we had purchased prior, right? Because I mean, obviously, you have to prepare for the quarter, that should get better in Q2 and then even more so as we go through the rest of the year, where we'll stop consuming those legacy, if you like, broker parts that you have in the pipeline. So that will definitely help.

是的。我的意思是，我認為在第一季度，我們仍在消耗我們之前購買的經紀人零件和其他零件，對嗎？因為我的意思是，很明顯，你必須為這個季度做準備，第二季度應該會變得更好，然後在我們今年剩下的時間裡會更好，如果你願意，我們將停止消耗那些遺留的，經紀人部分你有在管道中。所以這肯定會有幫助。

The other thing that's important is now that we don't have the soft start of the (inaudible) and stuff, we can focus on manufacturer, we can focus on driving manufacturing, driving efficiencies there, et cetera. So we should see some improvements come out of that as we go through the year. I'm not assuming a whole lot of a change in the mix of the business, maybe a little bit more, but not a lot, just because we have a deployment pipeline for cloud, right? That is the discussion that we're having about cloud is more when do they need to place the orders for the next deployment. Now that there isn't deployments in front of us right now, right? So I think that's an important distinction, right? So I think we are pretty happy with how the cloud business is kind of flat out through the rest of the year. And the question becomes when do they place new orders (inaudible) shorter lead times and when can we see what that closing orders will look like.

另一件重要的事情是現在我們沒有軟啟動（聽不清）之類的東西，我們可以專注於製造商，我們可以專注於推動製造，提高那裡的效率等等。因此，在我們度過這一年的過程中，我們應該會看到一些改進。我並沒有假設業務組合會發生很大變化，也許會多一點，但不會很多，只是因為我們有一個雲部署管道，對吧？那就是我們關於雲的討論更多的是他們什麼時候需要為下一次部署下訂單。現在我們面前沒有部署，對吧？所以我認為這是一個重要的區別，對吧？所以我認為我們對雲業務在今年餘下時間裡的表現非常滿意。問題是他們什麼時候下新訂單（聽不清）更短的交貨時間，我們什麼時候可以看到關閉訂單的樣子。

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

你的下一個問題來自 Ben Bollin 與 Cleveland Research 的合作。

Ita, I guess, more specific for you. Could you share any thoughts around OpEx with respect to R&D and sales and marketing? And how those have evolved through the year, given the visibility and supply and what you're seeing out there?

Ita，我想，更適合你。您能否分享關於研發、銷售和營銷方面的運營支出的任何想法？考慮到知名度和供應以及您在那裡看到的情況，這些在過去一年中是如何演變的？

Yes. I think we talked about a little bit in the script, but when we are continuing to hire, and we are continuing to make some investments, and we'll continue to do that, certainly within the envelope as we think about the business for the year today, we will continue to do that. It probably doesn't grow quite as fast as the top line, we'll see. But we are continuing to increment that quarter-over-quarter, and you'll see us continue to grow those investments. But again, it's headcount around R&D and go-to-market and really looking for good talent and places where we win an opportunity, right? But we will continue to invest, just given the envelope of business that we have (inaudible).

是的。我想我們在劇本中談了一點，但當我們繼續招聘，我們繼續進行一些投資時，我們將繼續這樣做，當然在我們考慮業務的範圍內今年的今天，我們將繼續這樣做。我們拭目以待，它的增長速度可能不如收入增長那麼快。但我們將繼續增加季度環比，你會看到我們繼續增加這些投資。但同樣，它是圍繞研發和上市的人員，真正在尋找優秀的人才和我們贏得機會的地方，對吧？但鑑於我們擁有的業務範圍（聽不清），我們將繼續投資。

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。

Can I ask a 2-parter on the adjacencies. First, just curious on the campus side. Obviously, you guys have been growing nicely there. How do you think that tends to be more macro sensitive? So how do you view being able to grow the same level in that sector when there becomes more natural headwinds like we're starting to see.

我可以問一個 2-parter 的鄰接關係嗎？首先，只是對校園方面的好奇。顯然，你們在那裡成長得很好。您如何看待這往往對宏觀更敏感？那麼，當我們開始看到越來越多的自然逆風時，您如何看待能夠在該領域實現相同水平的增長。

And then on the routing side, I'm curious now that you're out with the full platform. Jayshree, if you -- or Anshul, if you could just give us a little view of kind of what feedback has been and what you think kind of the revenue path would look like for increased routing business?

然後在路由方面，我很好奇你現在已經沒有完整的平台了。 Jayshree，如果你 - 或 Anshul，如果你能給我們一點關於什麼樣的反饋以及你認為增加路由業務的收入路徑的看法？

Tim, I think on the campus side, the TAM is somewhere between $10 billion and $15 billion. So I don't want to make macro an excuse because I think we have some fantastic demand because of our fantastic products. That said, obviously, the way we will see the campus demand manifest as we may see longer decision cycles as the macro continues. But the actual interest in our products is just very solid, very good because we're still operating -- we're still waiting for our first $1 billion here in the next few years. So I think it's looking good. On the (inaudible), Anshul, you want to add some comments. It's been a very exciting launch, a lot of demand, still to early, right?

蒂姆，我認為在校園方面，TAM 在 100 億美元到 150 億美元之間。所以我不想以宏觀為藉口，因為我認為由於我們出色的產品，我們有一些很棒的需求。也就是說，很明顯，隨著宏觀經濟的繼續，我們可能會看到更長的決策週期，因此我們將看到校園需求的方式。但對我們產品的實際興趣非常穩固，非常好，因為我們仍在運營——我們仍在等待未來幾年的第一個 10 億美元。所以我認為它看起來不錯。關於（聽不清）Anshul，你想添加一些評論。這是一次非常令人興奮的發布，需求量很大，但還為時過早，對吧？

There's a lot of disruption happening in the market, even at the edge, right? When you talk about campuses, when you go and talk about what's inside the building, but there's an edge that connects to the outside, too. So, we have taken a interest from our customers in this area. It is a bit too early. We just announced this offering. So too early to jump up and down and say it's lots of membership. We'll watch it how it grows. But having the integrated solution is important to go after the broader enterprise market.

市場上發生了很多破壞，即使是在邊緣，對嗎？當你談論校園時，當你去談論建築物內部的東西時，但也有一個連接到外部的邊緣。因此，我們已經引起了客戶對這一領域的興趣。現在有點太早了。我們剛剛宣布了這一產品。現在跳上跳下說它有很多會員還為時過早。我們會看著它如何成長。但擁有集成解決方案對於開拓更廣闊的企業市場非常重要。

Our existing customers -- they see the natural affinity to our CloudVision and EOS tax. So that would be the natural thought.

我們現有的客戶——他們看到了我們的 CloudVision 和 EOS 稅的天然親和力。所以這將是自然的想法。

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。

Can you speak at least qualitatively about how much backlog you're using up at this point? And how long do you expect to continue working down backlog orders on a quarterly basis?

你能至少定性地談談你現在用完了多少積壓工作嗎？您希望每季度繼續處理積壓訂單多長時間？

Yes. I'd love to talk about backlog, Erik. I don't think we're going to do that. Look, I think it all comes back to lead times, right? The lead times is the driver of all else, right? We (inaudible) customers had to place orders to those lead times. As we kind of improve customer (inaudible) to shorter lead time, that will slowly kind of navigate our way back to a more normal visibility window and lead time will be (inaudible). I think we're taking the first steps of that now, right? But that's going to take time to get there. But that's what will happen as lead times will naturally bring visibility back to something more normal. But that's going to take some time. We're in the very beginning of that.

是的。埃里克，我很想談談積壓。我認為我們不會那樣做。看，我認為這一切都回到了交貨期，對吧？交貨時間是其他一切的驅動力，對吧？我們（聽不清）客戶必須在這些交貨時間內下訂單。隨著我們將客戶（聽不清）改進到更短的交貨時間，這將慢慢地導航回到更正常的可見性窗口，並且交貨時間將（聽不清）。我認為我們現在正在邁出第一步，對吧？但這需要時間才能實現。但這就是會發生的事情，因為交貨時間自然會使能見度恢復到更正常的水平。但這需要一些時間。我們才剛剛開始。

Is that a multiyear process?

這是一個多年的過程嗎？

I don't know when we're back to normal. It will take time to get there.

我不知道我們什麼時候才能恢復正常。到達那裡需要時間。

Yes. We've pretty much said it will take us the back half of 2023. So I think normal is really next year.

是的。我們幾乎已經說過這將帶我們到 2023 年下半年。所以我認為明年真的很正常。

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

你的下一個問題來自 Simon Leopold 和 Raymond James 的台詞。

Just a quick one. If we could get a metric, the RPO value. And in terms of my question, it does seem as if you've had a number of announcements around some software capabilities around your campus and enterprise-focused products. And it feels like you've sort of built up a critical mass. I'm wondering how you look at that strategy in terms of its maturity and its readiness in terms of the software behind the campus portfolio, if there's anything still missing?

只是一個快速的。如果我們能得到一個指標，那就是 RPO 值。就我的問題而言，似乎你已經發布了一些關於校園和以企業為中心的產品的軟件功能的公告。感覺就像你已經建立了一個臨界質量。我想知道您如何看待該戰略的成熟度以及校園產品組合背後的軟件準備情況，是否還有任何遺漏？

Yes. Thanks, Simon. I think most of our software is not stand-alone software. It's bundled either in CloudVision or EOS. There's very few stand-alone pieces, of course, as the NDR and the DANZ monitoring fabric. Specific to the campus, I would say they tend to look at it more as a solution where they bring in wired, wireless, they want an automation framework with CloudVision. They want some security capabilities. In order to say, we announced some of the missing gaps we filled. Historically, we've partnered with other vendors for Network Access Control and Arista introduced its first one. I'll talk about it more next quarter. But I think some of the gaps we are now starting to fill ourselves. But in the campus, it always tends to be a combination of platforms and software never stand-alone software alone.

是的。謝謝，西蒙。我認為我們的大多數軟件都不是獨立軟件。它捆綁在 CloudVision 或 EOS 中。當然，很少有獨立的部分，如 NDR 和 DANZ 監控結構。具體到校園，我會說他們更傾向於將其視為引入有線、無線的解決方案，他們需要具有 CloudVision 的自動化框架。他們需要一些安全功能。為了說，我們宣布了我們填補的一些缺失的空白。從歷史上看，我們與其他供應商合作進行網絡訪問控制，而 Arista 推出了第一個。我將在下個季度更多地討論它。但我認為我們現在開始填補自己的一些空白。但在校園裡，它總是傾向於平台和軟件的組合，而不是單獨的獨立軟件。

Yes. The RSA announcement was actually sort of where my question was coming from. It felt like that was in my mind, maybe one of the final gaps, and that's what I'm really trying to understand here.

是的。 RSA 公告實際上是我的問題的來源。感覺就像是在我的腦海裡，也許是最後的差距之一，這就是我在這裡真正想要理解的。

Yes. I was going to save this for next quarter, but I'll just give you the condensed version is the Arista Guardian for Network Identity AGNI means fire in Indian language, Sanskrit. So we'll scrap some of the ice with that fire.

是的。我本來打算把它留到下個季度，但我只給你一個濃縮版是 Arista Guardian for Network Identity AGNI 在印度語梵語中的意思是火。所以我們會用那場大火刮掉一些冰。

Sounds good. And just the RPO value, do you have that handy?

聽起來不錯。還有 RPO 值，你手邊有嗎？

Yes. I think it's up about between $50 million to $60 million quarter-over-quarter. It did pick up a little bit on the software and services side, but not in that range. Still small numbers, a long way to go yes.

是的。我認為它比上一季度增加了大約 5000 萬到 6000 萬美元。它確實在軟件和服務方面有所提升，但不在那個範圍內。仍然是少數，還有很長的路要走。

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。

Two number questions. One is, could you just give us an idea on campus revenues in 1Q '23, and that's going to trend in 2023?

兩個數字問題。一是，您能否給我們介紹一下 23 年第一季度的校園收入，這將在 2023 年呈趨勢？

And then for Cloud Titans, is that expected to grow, grow double digits? Any kind of reference that you could make for what cloud titan is going to do for the balance of 2023.

然後對於 Cloud Titans，預計會增長，增長兩位數嗎？您可以為 Cloud Titan 將在 2023 年餘下的時間裡做些什麼提供任何類型的參考。

Yes. I don't think we're going to try to prevent the vertical split. I think what we said is we think our 2 biggest customers will be at least 10% customers for the year, but it's not all we've really said on that front.

是的。我認為我們不會試圖阻止垂直拆分。我認為我們所說的是我們認為我們的 2 個最大客戶今年將至少是 10% 的客戶，但這並不是我們在這方面真正所說的全部。

And we feel good about that here. They're good partners, and despite all the volatility, we'll have a good year with them.

我們在這裡感覺很好。他們是很好的合作夥伴，儘管存在各種波動，但我們將與他們共度美好的一年。

And on campus, I think I gave you a number for $750 million by 2025. I'll stick with that, and we'll give that to you towards the end of the year when we really achieve something.

在校園裡，我想我給了你一個數字，到 2025 年將達到 7.5 億美元。我會堅持下去，我們會在年底真正取得成果時把它給你。

Operator, we have time for one last question, please.

接線員，我們有時間問最後一個問題。

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

您今天的最後一個問題來自喬治·諾特 (George Notter) 與 Jefferies 的對話。

I guess just following on, on some of the questions about visibility and customers. Any evidence of customers building inventory of your products whether that's just stand-alone inventory or whether it's inventory that's maybe installed in the network, but not being fully utilized. I guess what I'm really asking is any thoughts about excess inventory rather than just kind of the normal buffers that are out there.

我想接下來是關於知名度和客戶的一些問題。客戶建立產品庫存的任何證據，無論是獨立庫存還是可能安裝在網絡中但未被充分利用的庫存。我想我真正想問的是關於庫存過剩的任何想法，而不僅僅是那裡的正常緩衝。

I think you asked the question well and you almost answered it. It's just normal buffers. There's nothing excess in inventory we're seeing. Nothing abnormal.

我認為你問得很好，你幾乎回答了。這只是普通的緩衝區。我們沒有看到庫存過剩。沒什麼不正常的。

(inaudible) that's so constrained. George. I mean.

（聽不清）這太受限制了。喬治。我是說。

(inaudible) should they have some. We'd like to know how they got it.

（聽不清）他們應該有一些。我們想知道他們是怎麼得到它的。

This concludes the Arista Networks First Quarter 2023 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 2023 年第一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。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.

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。