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 2023 年第一季 Arista Networks 財務業績收益電話會議。

(Operator Instructions)

（操作員指令）

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，電話會議結束後可從 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.

謝謝您，接線生。大家下午好，感謝大家的參與。

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.

今天與我一起參加電話會議的還有 Arista Networks 總裁兼執行長 Jayshree Ullal；以及 Arista 財務長 Ita Brennan。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。

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 管理層將發表前瞻性陳述。包括與我們對 2023 財年第二季度的財務展望、2023 年及以後的長期財務展望、我們的總體目標市場以及應對這些市場機遇的戰略有關的事項，包括人工智能、客戶需求趨勢、供應鏈約束、零部件成本、製造業產出、庫存管理和通脹壓力對我們行業的影響特別是在我們最近的 10-Q 表和 10-K 表中，這些風險和不確定性可能導致實際結果與這些聲明預期的結果有重大差異。

These forward-looking statements apply as of today, and you should not rely on them as representing our views in the future. We undertake no obligation to update these statements after this call. 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.

這些前瞻性陳述自今天起適用，您不應依賴它們來代表我們未來的觀點。我們不承擔本次電話會議後更新這些聲明的義務。另請注意，我們在本次電話會議中使用的某些財務指標是以非 GAAP 為基礎表示的，並且已進行調整以排除某些費用。我們在收益新聞稿中提供了這些非 GAAP 財務指標與 GAAP 財務指標的對帳表。

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

說完這些，我會把電話轉給 Jayshree。

Thank you, Liz, and happy Monday, everyone, and a happy month of May.

謝謝你，利茲，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，我們的營收為 13.5 億美元，非 GAAP 每股收益為 1.43 美元。服務和軟體支援續約貢獻了約13.5%的收入。我們的非公認會計準則毛利率為 60.3%，受到供應鏈開銷和雲端運算集中度的影響。我們預計今年每季的毛利率都會提高。本季國際貢獻率為 17.5%，其中美洲地區貢獻率強勁，高達 82.5%。雖然我們將轉為按年報告我們的垂直細分市場，但我想分享我們看到的一些整體趨勢。

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.

我們確實預計，與 2022 年的三位數成長相比，Cloud Titans 的成長將會放緩，而企業可能會更加穩定。顯然，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已經超過 6 個月，或者現在應該說低於 6 個月，並且還在縮短。儘管存在宏觀不確定性，但我們仍一致認為，到 2023 年，營收將以年增長率 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，我們發布了許多令人興奮的第一季公告。在 OFC 2023 上，我們介紹了用於 800G 及以上資料中心內部和資料中心間連接的線性驅動光學元件的願景。這對 Arista 和整個光學行業來說都是一個亮點，它兌現了要求苛刻的 AI 工作負載的低功耗和更高性價比的承諾。說到人工智慧，需求基礎為了避免空閒狀態，叢集中昂貴而龐大的人工智慧流程需要專門的人工智慧網路。主要特性包括以 400 到 800 千兆的速度進行線速和無損傳輸大量同步資料突發。如今，RDMA 混合（RDMA 代表遠端直接記憶體存取）和 ROCE（即我們的融合乙太網路上的 RDMA）與交換器的結合使得乙太網路成為可預測的傳輸網路。當然，乙太網路具有熟悉度、巨大的經濟性、龐大的安裝基礎、具有行業範圍內互通性的標準以及許多商用矽片選項。

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.

這支援基於生成式 AI 推理和大型語言模型訓練應用的計算和資料密集型工作負載。 Arista 的雲端客戶對我們的 AI 和平台轉換策略產生了共鳴。目前，我們正處於試驗階段，並將於 2023 年投入生產部署。 2023 年第一季度，Arista 也透過我們的 WAN 路由系統正式進入廣域網路領域。我們的企業級佈線平台基於營運商和雲端中立傳輸，並採用 CloudVision Pathfinder 服務。毫不奇怪，我們支援 Arista 的 EOS 作業系統堆疊，為網路即服務和廣域即服務提供此營運模型。

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.

我們的目標客戶是現代廣域網路中大容量和加密流量至關重要的關鍵任務企業。 Arista 已與 Equinix 合作開發和部署 WAN 路由系統，並且 WAN 路由將作為我們網路鄰接類別的一部分。在非雲端類別中，我們已經註冊了大量百萬美元客戶，這是我們過去一年在企業和校園領域發展勢頭的直接結果。讓我透過幾個客戶的成功例子來說明。第一個用例是國際政府電網。客戶的目標是透過收集和分析數據來即時檢測洗錢、恐怖主義掃描和其他犯罪行為等非法活動。 Arista 的資料驅動 AI 叢集使用微突發和 Fan In 擁塞管理、具有延遲分析器的超深資料包緩衝記憶體等進階功能優化了任務關鍵型 AI 和 ML 工作負載的網路保障，並為其 AI 和 ML 資料中心提供即時遙測、可視性、自動化和動態控制，所有這些都基於開放標準乙太網路。

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.

我們的第二次勝利延續到了國際團隊，凸顯了我們在教育垂直領域不斷增長的實力，其中 Arista 提出的包括以太網供電交換機、無線接入點和自動化在內的邊緣校園平台提案是一個決定性因素。我們利用 CloudVision Q 認知統一邊緣，結合 Arista 驗證的設計作為跨多個分散式位置的自動化框架，帶來無與倫比的流量可見度。

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.

下一個勝利是美國金融領域。該客戶透過收購實現了有機和無機成長，並希望對其整個基礎設施進行現代化改造。將他們的資料移近雲端以實現混合雲架構。該設計包括託管在 Equinix 的多個綠地資料中心，需要在每個站點採用 Active/Active 400 千兆乙太網路主幹安全加密的資料中心互連和網際網路連線。為了在不影響最終用戶的情況下順利升級校園環境，Arista 的 SSU 或智慧系統升級功能發揮了重要作用。我們也幫助他們建立其環境的數位孿生，為自動化設計建模。

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端資料中心設施的網路監控和安全分析工具的關鍵勝利。這種連接埠鏡像會話的整體視圖可以採用卓越的方法從所有遠端資料中心進行流量分析。 Arista 集中式 DMF、DANZ 監控結構比每個遠端位置分散且昂貴的工具更好。我們最終贏得的客戶是尋求即時內部視訊串流和編輯功能。視訊將儲存在他們的儲存陣列上，這些陣列可以透過 100 千兆乙太網路連接，然後由客戶端（他們的 PC 或具有 25 千兆乙太網路的 MAX）存取和呈現。

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其具有 R3 平台的深度緩衝虛擬輸出排隊架構。簡單性、可擴展性和靈活性相結合——展示了這種優雅的設計並凸顯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，這是我們所有客戶成功案例中反覆出現的主題，Arista 正在基於一致的架構部署創新解決方案，讓每個客戶都能利用我們平台的強大功能實現其網路的現代化。

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

接下來，我想將財務指標交給我們的財務長 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.

我們現在將公佈第一季的業績，我們對 23 年第二季的指引基於非 GAAP，不包括所有非現金、股票薪酬的影響、某些收購相關費用和其他非經常性項目。我們在收益報告中提供了所選的 GAAP 結果與非 GAAP 結果的完整對帳表。第一季總營收為 13.51 億美元，年增 54%，遠高於我們預期的上限 12.75 億美元至 13.25 億美元。本季度，我們繼續經歷零件供應的改善，支持了更穩定的製造業產出水準和交貨時間的改善。服務和訂閱軟體貢獻了第一季約13.5%的收入，第四季下降至15.8%。這在很大程度上反映了產品收入的加速成長，而服務和軟體繼續以更穩定的方式成長。

International revenues for the quarter came in at $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.

本季國際營收為 2.36 億美元，佔總營收的 17.5%，低於上一季的 23.5%。這一季度環比下降主要反映了第四季度我們歐洲、中東和非洲地區客戶異常高的貢獻。總體而言，我們繼續看到美國市場的超額成長，這主要得益於我們的 Cloud Titans 客戶持續的國內實力。

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.

第一季的整體毛利率為 60.3%，符合我們約 60% 的預期。我們繼續認識到該期間增量的供應鏈成本，以及健康的雲端組合。本季營業費用為 2.575 億美元，佔營收的 19.1%，高於上一季的 2.353 億美元。研發支出為 1.648 億美元，佔營收的 12.2%，高於上一季的 1.532 億美元。這主要反映了本期間員工人數的增加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.

銷售和行銷費用為 7,590 萬美元，佔收入的 5.6%，而上一季的 6,740 萬美元則為 6,740 萬美元，員工成本和可變薪酬費用增加。我們的 G&A 成本為 1,680 萬美元，佔營收的 1.2%，與上一季持平。本季我們的營業收入為 5.568 億美元，佔營收的 41.2%。本季的其他收入和支出為 1,770 萬美元，我們的有效稅率為 21.2%。這使得本季淨收入達到 4.525 億美元，佔營收的 33.5%。我們的稀釋股數為 3.156 億股，導致本季每股稀釋收益為 1.43 美元，比上年增長 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。本季末，現金、現金等價物和投資約為 33.3 億美元。本季度，我們以平均每股 111.9 美元的價格回購了 8,230 萬美元的普通股。根據我們目前的 10 億美元董事會授權，我們現在已經回購了價值 8.255 億美元的股票，即 780 萬股，平均價格為每股 106 美元。這樣剩下 1.745 億美元可供未來幾季回購。未來回購的實際時間和金額將取決於市場和業務狀況、股價和其他因素。

Now turning to operating cash flow for the first quarter.

現在來談談第一季的經營現金流。

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.

我們在此期間從經營活動中產生了約 2.75 億美元的現金，反映出強勁的獲利表現，但部分被持續的營運資本投資所抵銷。 DSO 為 57 天，低於第四季的 67 天，反映出本季收款強勁，帳單線性良好。庫存週轉率為 1.3 倍，低於上一季的 1.6 倍。本季庫存從上期的 13 億美元增加至 17 億美元，反映了我們收到的採購承諾中的零件以及開關相關成品的略微增加。我們在本季末的採購承諾為 29 億美元，低於第四季末的 37 億美元。我們預計，隨著一些零件交貨時間的改善以及我們努力優化供應狀況，未來幾季這一數字將繼續下降。

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.

我們的遞延收入總額餘額為 10.92 億美元，高於第四季的 10.4 億美元。遞延收入餘額大部分與服務有關，與服務合約的時間和期限直接相關，而服務合約的時間和期限可能會按季度變化。我們的產品遞延收入餘額與上一季持平。應付帳款天數為 55 天，高於第四季的 43 天，反映了庫存收款和付款的時間。本季的資本支出為 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.

現在來談談我們對第二季及以後的展望。隨著我們進入 2023 年，我們預計將解決供應鏈中的最後一個問題（聽不清楚），從而實現更一致的製造產出並縮短向客戶交付產品的時間。然而，我們確實預計，這些縮短的交貨時間會改變可見度降低的結果，因為客戶不再需要在部署之前做出購買決策。

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，我們預計客戶支出將放緩，尤其是我們的 Cloud Titans 客戶在 2022 年經歷了一年的加速需求之後。就季度趨勢而言，隨著時間的推移，您應該預期同比成長會有所緩和，而與去年同期相比則會更加困難。在毛利率方面，從第二季開始，我們預計會看到一些穩定改善，因為我們消耗純經紀人（聽不清楚）並有機會優化製造產出，同時保持來自雲端客戶的健康貢獻。

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.

現在來談談支出和投資。我們將繼續密切關注整體宏觀環境。我們將在今年內確定投資優先順序。這將包括重點關注研發領域的目標招聘，並在團隊看到獲取人才的機會時進入市場。在現金方面，我將繼續專注於供應鏈和營運資本優化。隨著我們收到採購承諾的零件，我們應該預期庫存將逐季度持續成長。綜合上述因素，我們對第二季的預期（基於非公認會計準則結果且不包括任何非現金股票薪酬影響和其他非經常性項目）如下：收入約為 13.5 億美元至 14 億美元，毛利率約為 61%，營業利潤率約為 40%。我們的有效稅率預計約為21.5%，稀釋股份約為3.17億股。

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

我現在將電話轉回給利茲。莉茲？

Thank you, Ita. We will now move to the Q&A portion of the Arista earnings call.

謝謝你，伊塔。我們現在進入 Arista 收益電話會議的問答部分。

(Operator Instructions)

（操作員指令）

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

感謝您的體諒。接線員，把它拿走。

(Operator Instructions)

（操作員指令）

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

您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?

我只是好奇，隨著組件交付週期的縮短，對超大規模雲的評論，您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，它可能發生怎樣的發展或變化？

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。如您所知，從歷史上看，如果去掉可見性和雲端站點，減去過去兩年（主要與供應鏈相關），通常是兩個季度，對嗎？在去年和前年的一段時間裡，我們開始獲得 4 個季度的可見度。隨著我們的交貨時間不斷縮短，我們的可見度也不斷降低，尤其是在該細分市場，因為他們可以更接近我們的交貨時間做出決策。所以我想說，從去年到今年，我們的知名度已經降低了兩個季度，大約降低了六個月。

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

您的下一個問題來自 New Street Research 的 Antoine Chkaiban。

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?

因此，我認為在 CMD，您提供了未來幾年內 20 億美元、30 億美元的 AI 密集型網路 TAM。在上一季的收益報告中，博通表示，我們在人工智慧領域部署的乙太網路交換器出貨量在 2022 年已超過 2 億美元，預計在 2023 年這一數字可能會成長到 8 億美元以上。因此我想這相當於 40 億美元、50 億美元的收入。因此，這已經遠遠超出了您估計的時間，我遺漏了什麼嗎？或者 TAM 的擴張是否遠遠超出了您在 CMD 時的預期？

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。如你所知，人們對於人工智慧有很多討論，從很多方面來說，它都是一個非常令人興奮的話題。首先，你必須將 Broadcom 的數字（聽不清楚）與我們的客戶將部署系統的位置分開，對嗎？他們運送晶片的時間與他們運送系統的時間之間存在偏差，通常是按季度，有時可能是一年內更長，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.

第二，我認為人工智慧還處於起步階段。我認為我們確實不知道它會有多大。顯然，它正處於非常好的軌道上。它還將繼續增長。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的合作非常順利。

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。對安舒爾所說的內容進行補充，我們預測的 20 億至 30 億美元更多的是針對 2025 年而言的。市場分析師已經給出了更大的數字，即 2025 年至 2027 年的區間。我認為市場分析師已經預測到這個數字是其兩倍。毫無疑問，博通正在熱情關注他們的晶片部署。但是，正如安舒爾所暗示的那樣，從博通擁有晶片開始，到我們將晶片內建到系統中，再到我們的雲端客戶部署該系統，這可能需要 1 到 2 年的時間。

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

您的下一個問題來自摩根大通的 Samik Chatterjee。

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.

如果您不介意的話，我們可以深入研究一下庫存數量嗎，我想就此提出幾個問題。顯然，本季庫存大幅增加，特別是正如您所提到的，您產品的交貨時間現在為 6 個月，我們是否可以得出結論，如果您現在有這麼多庫存，您的交貨時間將會逐步減少？如果您對需求的可見性開始有所提高，那麼也許可以幫助我思考為什麼庫存從現在開始繼續上升，而不是根據您對需求的可見度開始下降。

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。當你考慮到我們已經做出的以及前段時間所做的採購承諾時，對的，我們將不得不在今年剩餘時間內繼續履行這些承諾，特別是在一些關鍵部件上，交貨時間很長。我們必須對今年，或者說去年早些時候做出承諾。以確保這些供應。因此，這些零件將繼續進入庫存，而且顯然也會隨著我們生產產品等而售罄。因此，我們在系統方面擁有健康的部署管道，但我們仍將根據購買承諾的做出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購買承諾，您會發現本季的庫存已超過 4 億美元。因此，我們會隨著時間的推移繼續努力解決這個問題。但你會看到我們從購買承諾轉變為庫存，然後是訊號，我們會出售這些庫存。

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.

薩米克，補充一下，我們並不是按照準時制庫存來管理業務的。正如 Ita 所說，即使供應鏈有所改善，我們的許多零件的交付週期仍需要 72 週。因此我們必須提前做好計劃。如果我們希望在 6 到 12 個月內將產品送到客戶手中，那麼我們需要對庫存進行安排，尤其是對我們認為有需求的通用零件，我們將在今年和明年繼續滿足這些需求。

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

您的下一個問題來自瑞銀的 David Vogt。

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。我只是想跟進有關人工智慧庫存以及下半年收入成長預期的問題。所以，如果我沒聽錯的話，聽起來您認為考慮到嚴峻的競爭情況以及泰坦集團的支出模式將會下降——下半年的收入增幅將同比下降至 15% 左右。

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，我們如何將這一點與市場上的樂觀情緒相協調呢？我只是想將你談論的減速與你在簡報中強調的擴大的 TAM 進行對比。

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.

大衛，我認為，首先，我們採用的 TAM 是針對 2027 年，而不是 2023 年第三季或第四季度，只是為了清楚起見。我認為，我們對企業、雲端和人工智慧的長期需求仍然非常樂觀。因此，我們不應將 2022 年第三季與 2023 年第三季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。但如你所知，雲端運算是一個波動的市場，巨頭們今年會花很多錢，而明年在消化和部署雲端運算的過程中，花費就會少一些。因此，如果回顧多年，我們將擁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，這與我們上個季度討論的內容非常一致，對嗎？我的意思是，由於可比較數據和可比較模式，我們將逐季成長，每季都持續成長。但是您會看到這種減速只是因為去年的收入趨勢也是如此，對嗎？所以如果有什麼新年的事情的話。事實上，我們可能將總數稍微增加了一點，達到 26%。

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

正確的。我們 11 月時說的是 25%，現在說的是 26%。

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

您的下一個問題來自摩根士丹利的 Meta Marshall。

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?

也許只是在雲巨人的垂直方向上有所不同。您提到了可見度的降低，但我只是想澄清一下，您是否看到訂單有任何變化，或者在本季度訂單中出現任何推遲，或者在您近期的訂單指導中，您認為會發生但可能被推遲的訂單？

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，但我想說這是一種給予和接受。有些東西被淘汰，有些東西被淘汰，而人工智慧顯然是其中的一線希望。這並沒有被推遲，但是一些雲端區域的部署正在被推遲。 Anshul，你想補充一點嗎？

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追蹤的關鍵區域添加更多顏色。我知道我們只討論人工智慧。這個人工智慧市場是骨幹市場，也是 400Gig 週期的啟動點。這些部署也正在如預期進展。因此該部分處於穩定狀態。顯然，與我們之前所知的相比，人工智慧正在不斷發展。

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

您的下一個問題來自威廉布萊爾的塞巴斯蒂安納吉。

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?

鑑於剛才圍繞著生成式人工智慧的討論，您能否為我們概括一下乙太網路在建構這些人工智慧網路結構方面的優勢，以及與 InfiniBand 等相比，您可以提出的任何能夠凸顯這些優勢的指標？

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。我想我以前說過，但我認為以太網的最大優勢在於你正在構建一個標準空間、多供應商、高度可互操作的網絡，其中從故障排除到連接到 GPU 過程的熟悉程度一切都非常熟悉。因此，從最佳的橫向方法來看，乙太網路每次都能獲勝，而（聽不清楚）技術通常都會陷入困境。話雖如此，InfiniBand 為高效能運算採用的垂直方法也可以應用於 GPU 叢集。所以我認為這完全取決於客戶的集群以及集群的規模，集群越大，越有利於乙太網路。

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

您的下一個問題來自美國銀行的塔爾·利阿尼 (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.

我想問非雲泰坦的另一部分。去年，它增長了約 14.5%，按照您的指導，今年的成長速度應該會更快嗎？本季發生了什麼事？再說一次，你沒有提供確切的數字，即使是定性的，本季度非雲端巨頭的表現如何，訂單需求情況如何，我正在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，這是好問題。企業需求相當強勁且穩定。事實上，我可以說客戶活動與去年一樣強勁。而我們聽過的一些宏觀事物，我們經歷的卻很少，也許是因為我們只是大海中的一條小魚，對嗎？所以說，顯然我們的收入有很大一部分來自於第一季銷售集中度的收緊。因此，需求並不會轉化為特定季度的直接收入貢獻。但我認為，全年你將看到一個遠高於 15% 的數字。

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

您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.

聽到大家一致認同年增 26% 是令人鼓舞的。我只是想知道您是否可以談談您對 AI 生產部署的假設，因為您確實談到了正在進行的試驗。以及您想提及的任何其他可選領域，也許是在網路規模 Cloud Titans 中對品牌交換器進行 DIY。任何更新都會有幫助。

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。我們預計去年大部分時間，甚至可能是前年，Anshul，你可以糾正我，會做大量的模擬，了解我們如何使用 GPU 集群和不同類型的東西、網絡接口卡、性能、（聽不清楚）列表，處理多樣性流量、延遲和交易。我們相信，今年將是這些試驗投入生產的關鍵一年。因此，我們確實預期人工智慧今年將具有重要意義，而不是像過去幾年那樣沒有意義。我們相信 7800 將成為該領域的旗艦產品。

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

如果我可以回答您的另一個間接問題。您的問題是我們在這些（聽不清楚）盒子裡做得怎麼樣。

We ship blue boxes.

我們運送藍色的箱子。

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.

我們之前說過這一點。我認為我們正在維持現狀。我們與客戶的合作非常愉快。他們不害怕，我們也不相信市場會重新轉向白盒產品。事實上，核心開發力道比以前更大。但我認為，很多事情我們已經實現了現狀。我認為目前市場就處於這個狀態。

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

您的下一個問題來自 Needham 的 Alex Henderson。

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.

我這裡有一個問題，我想分成兩個部分。第一個問題是，當您關注人工智慧領域的市場份額時，網路部分是否在人工智慧錢包預算中佔據了份額？其次，我知道你們在高速領域擁有非常顯著的份額優勢。我記得，每年你們都從競爭對手手中奪取了相當大的市場份額。我想問題是，鑑於你們迄今為止在人工智慧方面的主導經驗，人工智慧是否會加速你們的份額？因此，在 CapEx 錢包內分享，然後在 AI 市場內分享，問題太多了。

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，然後談談人工智慧的市場份額，因為我們仍然在努力解決目前人工智慧的市場問題。在高速方面，我認為我們現在已經獲得了一些具有 AI 的 400 千兆和 800 千兆的殺手級用例。所以，你會看到我們的實力——我們的實力不斷增強，在某些情況下是 100、200，現在則是 400 和 800，而人工智慧是推動我們高速加速的後備應用。我們現在對此更有信心了。否則，您可以爭論 400 和 800 Gig 的用例是什麼。這讓我們感到非常積極。

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.

具體到人工智慧錢包的轉變，坦白說，當今人工智慧最大的組成部分是處理器，即 80% 甚至 90% 的支出，以及與之相關的應用程式。因此，如果它們進行垂直整合，我們可能就看不到那麼多。但如果客戶選擇水平方向的最佳產品，我們絕對能得到我們的份額。

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

您的下一個問題來自 Evercore 的 Amit Daryanani。

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 中看到的這種能見度降低的情況。我想，您是否覺得在第四季度的可見性特別長，現在又回到了前兩個季度，這很正常。或者您是否認為，考慮到這些公司在過去 4 或 5 個季度中確實已經經歷了一次非常大的支出週期，那麼，在某個時候，實際上是否存在徹底暫停的風險？所以我只是想知道，這是否意味著恢復正常？或者您認為，我們可能會像 2019 年一樣，在其中一個或兩個方面暫停？

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。為了這一刻，我們的客戶已經等了兩年半。這樣他們就能恢復正常了。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零件的交貨時間。我們正在回到新冠疫情之前的水平，沒有什麼不同。僅此而已。

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

您的下一個問題來自獨立分析師法哈德·納賈姆（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，我想問您一個關於博通最近推出的 Jericho 3 AI 晶片的問題，它讓我想起了他們首次推出 Jericho 2 和 2C 的時候，你們是最早採用該技術的人，這使你們在葉脊架構方面取得了重大進展。那麼 Jericho 3 是否也有類似的升級週期？我們是否應該考慮一下你們在即將到來的這個週期中享受到與上一個週期相同的優勢？您可以告訴我們有關比較的任何資訊嗎？

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.

因此，觀察這個市場的一個好方法是，J3、J3 AI、400Gig 的推出不會很快結束並突然被 Jericho 3 取代，400Gig 會持續一段時間，客戶需要時間來做出改變。尤其是當他們暫時不需要更多頻寬的時候。同時，您會看到 800-gig 技術和與 Tomahawk 5 一起發布的補充晶片的快速採用。

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.

您可能已經閱讀了與公告一起發布的一些白皮書，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，並且該集群的吞吐量比 InfiniBand 高出 10％。這就是為什麼對這項技術有如此大的需求，每個人都感謝我們獲得這項技術。但請記住，這些晶片剛剛發布。取得晶片、建置系統、獲得更好的客戶、進行試驗，然後進行大量生產都需要時間。

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.

這是一段非常令人興奮的多年旅程，我們非常重視與博通的合作關係。但您在這裡看到的是主流企業使用 100G，雲端使用 400G，AI 用例使用 800G 及以上。

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

您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，是否有某些地區、客戶垂直領域出現了比平常更嚴重的放緩或銷售週期延長的情況，尤其是在本季度後期。

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，我想說的是，通常我們在三月會看到非常強大的活動。但在第一季度，我們確實看到某些地區，尤其是國際地區存在一些季節性現象。我不知道——第一季沒有（聽不清楚），但我們肯定在關注這一點。

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

好的。那麼四月初情況有沒有什麼改變呢？

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

現在說還太早。不。這是你的問題嗎？

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.

您的下一個問題來自 Rosenblatt 的 Michael Genovese。

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?

我只想問一個問題。所以從根本上來說，這關乎人工智慧的時機。那麼我們認為轉換何時會發生轉變？我想也許真正的問題是，您對 2024 年雲端運算支出的展望如何？我的意思是我們已經談了很多關於未來 6 個月的事情，但我談到了 2024 年，我們現在該如何考慮這個問題？

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

下個月（聽不清楚）2024 年的支出，因為我們不知道。我們的能見度不高。

A little early for that yet, Mike.

現在說這個還為時過早，麥克。

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?

但是開關的時間又如何呢？我的意思是，當您現在經歷所有這些 GPU 或處理單元、訓練以及所有這些東西時，您認為切換部署的時機會會產生什麼積極影響？

You're asking specifically AI or Cloud Titans spending?

你具體問的是 AI 或 Cloud Titans 的支出嗎？

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，具體來說——我的意思是，人工智慧現在顯然正在發生，但 80% 到 90% 的支出是你不會做的事情。您認為何時人工智慧集群資料中心的切換部署比例會顯著上升？

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。嗯，正如我所說，我認為去年是考驗之年。今年，我們將看到一些成果，在 24 年和 25 年，人工智慧領域的發展肯定會加速。但同樣，與我們更大的雲端運算支出相比，這只是一筆小支出，我們希望更清楚地了解雲端區域的建構方式等。

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

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

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，這是一個不錯的季度，而且（聽不清楚）也很好。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，你們的企業規模比疫情前大得多。所以我想，當我們解決這個問題時，你們是如何看待購買承諾的正常程度的。顯然，伊塔，您剛才說過，當我們將購買承諾轉換為庫存時，我們仍會看到庫存對現金流的連續影響。那麼這是否應該在 2024 年初扭轉呢？那我們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，我認為如果我有辦法的話，購買承諾數量將在接下來的 12 到 18 個月內大幅下降，因為一旦我們開始看到其中一些組件的交付週期開始，我們就不再需要它了。有些產品的交貨時間很長，我們確實想收到，你會看到庫存增加，有些產品，如果可以的話，我們會考慮重新定位。但顯然，現在人們非常關注如何管理這個數字。但最終結果是，我認為如果你在一年內增加庫存，它會消耗一些現金，然後在 2024 年它會翻轉，當我們開始降低庫存數量時，我們實際上會開始產生更多的現金。

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.

我們還會回到以前的狀態嗎？我認為可能不是。我的意思是，我們可能會攜帶更多的庫存和緩衝，就像過去幾年所經歷的那樣，但它肯定會從現在的水平下降。

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。我認為就今年而言，庫存是現金的消費者。所以很可能——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，損益表的現金收益非常正面。因此我認為我們仍將產生大量現金，但我們將建立庫存平衡。

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

您的下一個問題來自奧本海默的伊泰·基德倫 (Ittai Kidron)。

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，我想深入了解有關毛利率的評論，您預計毛利率在今年會有所提高嗎？那裡有 2 個問題。第一，現在的供應鏈正在變得更好。供應鏈中哪些成本仍然較高，損害了您的毛利率？那麼如何緩解這一問題呢？其次，您預期的改進是否只是混合的反映，這意味著雲端可能會緩和您的觀點？或者大部分的改進再次受到供應鏈的推動——供應鏈方面更好定價。

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，我們仍在消費經紀人零件和我們之前購買的其他零件，對嗎？因為我的意思是，顯然，你必須為本季度做好準備，這應該會在第二季度變得更好，然後在我們度過今年剩餘時間時會變得更加好，我們將停止消耗那些遺留的，如果你願意的話，你已經在管道中的經紀部件。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（聽不清楚）的軟啟動，我們可以專注於製造商，我們可以專注於推動製造業，提高效率等等。因此，隨著時間的推移，我們應該會看到一些改進。我並不認為業務組合會發生很大的變化，也許會多一點，但不會太多，只是因為我們有一個雲端部署管道，對嗎？我們關於雲端的討論更多的是他們何時需要為下一次部署下訂單。現在我們面前沒有部署，對嗎？所以我認為這是一個重要的區別，對嗎？因此我認為，我們對今年剩餘時間內雲端業務的平穩發展感到非常滿意。問題是他們什麼時候下新訂單（聽不清楚）交貨時間更短，我們什麼時候才能看到成交訂單的樣子。

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

您的下一個問題來自克利夫蘭研究公司的 Ben Bollin。

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?

我想，Ita 對你來說更具體一點。您能否分享研發、銷售和行銷方面營運支出的想法？考慮到可見度和供應量以及您所看到的情況，這些因素在一年內是如何演變的？

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。我想我們在劇本中討論過一點，但是當我們繼續招聘，繼續進行一些投資時，我們會繼續這樣做，當然，當我們考慮今年的業務時，我們會在框架內繼續這樣做。它的成長速度或許不如營收成長那麼快，我們拭目以待。但我們仍將逐季增加這一數字，您會看到我們將繼續增加這些投資。但同樣，這是圍繞著研發和上市的員工人數，真正尋找的是優秀人才和我們贏得機會的地方，對嗎？但考慮到我們現有的業務範圍（聽不清楚），我們將繼續投資。

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

您的下一個問題來自巴克萊銀行的蒂姆·朗。

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.

我可以問兩個關於鄰接的問題嗎？首先，只是對校園方面感到好奇。顯然，你們在那裡發展得很好。您如何看待這趨向於更宏觀敏感？那麼，當我們開始看到更多自然阻力出現時，您如何看待該領域能夠保持相同的成長水平。

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，我現在很好奇您是否已經推出了完整的平台。 Jayshree，或 Anshul，您能否向我們簡單介紹一下目前的回饋，以及您認為增加路由業務的收入路徑是什麼樣的？

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?

提姆，我認為在校園方面，TAM 在 100 億美元到 150 億美元之間。因此我不想以宏觀作為藉口，因為我認為我們的出色產品帶來了巨大的需求。話雖如此，顯然，隨著宏觀經濟的持續發展，我們將看到校園需求的體現，因為我們可能會看到更長的決策週期。但對我們產品的實際興趣非常濃厚，非常好，因為我們仍在運作——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（聽不清楚），Anshul，您想添加一些評論。這是一次非常令人興奮的發布，需求量很大，但現在還為時過早，對嗎？

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.

市場上發生了很多混亂，甚至在邊緣領域也是如此，對嗎？當你談論校園時，當你去談論建築物內部的東西時，但也有一個與外部相連的邊緣。因此，我們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消息。現在就說會員數量很多還為時過早。我們將觀察它如何成長。但擁有整合的解決方案對於開拓更廣泛的企業市場至關重要。

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 稅的自然親和力。因此這是很自然的想法。

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

您的下一個問題來自 JMP Securities 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?

您能否至少定性地談談目前您使用了多少積壓工作？您預計按季度處理積壓訂單需要多長時間？

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。我很樂意談論積壓問題，艾瑞克。我認為我們不會這麼做。看，我認為這一切都歸結於交貨時間，對嗎？交貨時間是一切的驅動因素，對嗎？我們（聽不清楚）客戶必須在這些交貨時間內下訂單。隨著我們逐漸改善客戶（聽不清楚）以縮短交貨時間，這將慢慢地引導我們回到更正常的可見性窗口，交貨時間將是（聽不清楚）。我想我們現在正踏出第一步，對嗎？但要達到這個目標還需要一些時間。但這就是將要發生的事情，因為交貨時間自然會讓可見性恢復到更正常的狀態。但這需要一些時間。我們才剛開始這一過程。

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。到達那裡需要一些時間。

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。我們基本上已經說過這​​將需要到 2023 年下半年。

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

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

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?

只需快速操作即可。如果我們可以得到一個指標，那就是 RPO 值。就我的問題而言，看起來你們已經發布了一些有關校園和企業級產品的軟體功能的公告。感覺你已經達到臨界質量了。我想知道您如何看待該策略的成熟度以及校園組合背後的軟體方面的準備情況，是否還缺少什麼？

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。我覺得我們的軟體大部分都不是獨立軟體。它與 CloudVision 或 EOS 捆綁在一起。當然，獨立的部分非常少，例如 NDR 和 DANZ 監控結構。具體到校園，我想說他們傾向於將其視為引入有線和無線的解決方案，他們想要一個帶有 CloudVision 的自動化框架。他們想要一些安全功能。為了說，我們宣布了一些我們填補的缺失空白。從歷史上看，我們曾與其他供應商合作提供網路存取控制，而 Arista 推出了其第一個網路存取控制。我將在下個季度進一步談論這個問題。但我認為我們現在開始自己填補一些空白。但在校園裡，它總是傾向於平台和軟體的結合，而不是單獨的獨立軟體。

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。我的問題其實源自於 RSA 公告。感覺這就是我腦海中的想法，也許是最後一個差距，而這正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，但我只會給你濃縮版，即 Arista Guardian for Network Identity AGNI 在印度語言梵語中是火的意思。所以我們會用火來化解一些冰。

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

聽起來不錯。那麼，您手邊有 RPO 值嗎？

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。我認為該數字比上一季增加了約 5,000 萬至 6,000 萬美元。軟體和服務方面確實有所增長，但沒有達到那個範圍。數字仍然很少，是的，還有很長的路要走。

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

您的下一個問題來自瑞士信貸的薩米·巴德里。

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，您能否向我們介紹 2023 年第一季的校園收入以及 2023 年的趨勢？

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.

那麼對於 Cloud Titans 來說，預計會成長嗎，成長兩位數嗎？您能否就 Cloud Titan 在 2023 年的剩餘時間裡將要做什麼提供一些參考？

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分裂。我認為我們所說的是，我們認為我們最大的兩個客戶今年將佔至少 10% 的客戶，但這並不是我們在這方面所說的全部。

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

我們對此感到非常高興。他們是我們很好的合作夥伴，儘管有種種波動，我們與他們合作將會度過美好的一年。

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，我想我給了你們一個數字，到 2025 年將達到 7.5 億美元。 我會堅持這個數字，當我們真正取得一些成就時，我們會在今年年底把這個數字交給你們。

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

接線員，我們還有時間回答最後一個問題。

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

今天的最後一個問題來自傑富瑞（Jefferies）的喬治·諾特（George Notter）。

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.

我想繼續討論關於可見性和客戶的一些問題。有任何證據表明客戶建立了您的產品庫存，無論是獨立庫存還是可能安裝在網路中但未充分利用的庫存。我想我真正想問的是關於庫存過剩的想法，而不僅僅是現有的正常緩衝。

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.

我覺得你問題問得很好，幾乎回答了。這只是普通的緩衝區。我們沒有看到任何過剩的庫存。沒有異常。

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

（聽不清楚）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.

（聽不清楚）他們應該有一些嗎？我們想知道他們是如何得到它的。

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 年第一季財報電話會議到此結束。我們發布了一份演示文稿，其中提供了有關我們業績的更多信息，您可以在我們網站的「投資者」部分訪問。感謝您今天加入我們，也感謝您對 Arista 的關注。

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

感謝您的加入。女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。