Arista Networks Inc (ANET) 2025 Q1 法說會逐字稿

Welcome to the first quarter of 2025 Arista Networks financial results earnings conference call. (Operator Instructions) this conference is being recorded and will be available for replay from the investor relations section on the Arista website.

歡迎參加 Arista Networks 2025 年第一季財務業績收益電話會議。 （操作員指示）本次會議正在錄製，可從 Arista 網站的投資者關係部分重播。

Following this call. Mr. Rudolph Araujo, Arista's Head of Investor Advocacy.

接聽此電話。Arista 投資者權益宣傳主管 Rudolph Araujo 先生。

Thank you, Regina. Good afternoon, everyone, and thank you for joining us. With me in today's call, Jayshree Ullal, Arista Networks Chairperson and Chief Executive Officer, and Chantelle Breithaupt, Arista's Chief Financial Officer.

謝謝你，里賈娜。大家下午好，感謝大家的參與。和我一起參加今天電話會議的還有 Arista Networks 董事長兼執行長 Jayshree Ullal 和 Arista 財務長 Chantelle Breithaupt。

This afternoon, Arista Networks issued a press release announcing the results for its fiscal first quarter ending March 30, 2025. If you want a copy of this release, you can access it online on our website.

今天下午，Arista Networks發布新聞稿，公佈了截至2025年3月30日的第一財季業績。如果您想要此新聞稿的副本，您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 2025 fiscal year, longer term business model and financial outlook for the 2025 and beyond, a total addressable market and strategy for addressing these market opportunities, including AI, customer demand trends, tariffs and trade restrictions, 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 discuss in detail in our documents filed with the SEC, specifically in our most recent From 10-Q and From 10-K.

在本次電話會議期間，Arista Networks 管理階層將做出前瞻性陳述，包括與 2025 財年第二季的財務展望、2025年及以後的長期業務模式和財務展望、總體可尋址市場以及應對這些市場機會的戰略有關的陳述，包括人工智能、客戶需求趨勢、關稅和貿易限制、供應鏈限制、零部件成本、製造產出、庫存管理以及我​​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 SEC 的文件中的影響10-K 報告中。

And which could cause actual results to defer materially from those anticipated by these statements. These forward-looking statements apply as of today, and you should not rely on them as representing our views in the future. We undertake no obligation to update these statements after this call.

這可能導致實際結果與這些聲明所預期的結果有重大差異。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。

This analysis of our Q1 results and our guidance for Q2 2025 is based on non-GAAP and excludes all non-cash stock-based compensation impacts, certain acquisition required charges, and other non-recurring items. A full reconciliation of our selected GAAP to non-GAAP results is provided in our earnings release. With that, I would tell them to call over to Jayshree.

我們對 2025 年第一季業績和第二季指引的分析是基於非公認會計準則，不包括所有非現金股票薪酬影響、某些收購所需費用和其他非經常性項目。我們的收益報告中提供了我們選擇的 GAAP 與非 GAAP 結果的完整對帳。這樣，我就會告訴他們打電話給 Jayshree 。

Thank you, Rudy, and thanks everyone for joining us this afternoon for our first quarter, 2025 earnings call. I'm sorry, I have a bit of a cold, so if I sound nasal, please excuse me.

謝謝你，魯迪，也謝謝大家今天下午參加我們的 2025 年第一季財報電話會議。對不起，我有點感冒，所以如果我說話帶有鼻音，請原諒我。

Wow, what a year it's already been with all the seesawing of tariffs. We had a good start in Q1 2025 with the momentum of generative AI, data center, cloud, and campus enterprises, where we achieved our first $2 billion quarter, doubling just 11 quarters after our first billion-dollar quarter. Software and service renewals contributed approximately 17.1% of revenue.

哇，關稅已經來回搖擺了一年，真是令人難忘。借助生成式人工智慧、資料中心、雲端和校園企業的發展勢頭，我們在 2025 年第一季取得了良好的開端，實現了第一個 20 億美元的季度收入，在第一個 10 億美元的季度之後僅 11 個季度就翻了一番。軟體和服務續約貢獻了約17.1%的收入。

Our non-GAAP gross margin of 64.1% was influenced by efficient supply chain without tariffs, yes, I might add, and a nice mix of enterprise and plant customers in the quarter. International contribution for the quarter registered at 20%, with the Americas super strong at 80%.

是的，我可以補充一點，我們的非公認會計準則毛利率為 64.1%，這得益於無關稅的高效供應鏈以及本季度企業和工廠客戶的良好組合。本季國際貢獻率為 20%，其中美洲地區貢獻率特別高，達 80%。

Clearly, Arista is redefining the future of data-driven networking, working intimately with our top customers as we march on in the evolution of data centers, campus centers, branch centers, and AI centers. Our cloud and AI momentum continues as we remain confident of our $750 million front end AI goal in 2025.

顯然，Arista 正在重新定義資料驅動網路的未來，在資料中心、校園中心、分支中心和人工智慧中心的演進過程中與我們的頂級客戶密切合作。我們的雲端運算和人工智慧發展勢頭持續強勁，我們對於 2025 年 7.5 億美元的前端人工智慧目標充滿信心。

We are progressing well in all four customers and continue to add smaller ones as well. At the GTC event in March of 2025, we heard all about Nvidia's planned GPU roadmap every 12 to 18 months, and Arista intends to be the premier and preferred scale out network for all of those GPUs and AI accelerators.

我們在與四家客戶的合作中都取得了良好的進展，並且還在繼續增加一些小客戶。在 2025 年 3 月的 GTC 活動上，我們每 12 到 18 個月就會聽到有關 Nvidia 計劃的 GPU 路線圖的所有信息，而 Arista 打算成為所有這些 GPU 和 AI 加速器的首要和首選的橫向擴展網絡。

Traditional GPUs have a collective communication libraries, or CCL as they're known, that try to discover the underlying network topology using localization techniques. With this accelerated compute approach, the discrepancies between the discovered topology and the one that actually happens can impact AI job completion times.

傳統 GPU 具有集體通訊庫（或稱 CCL），其嘗試使用定位技術發現底層網路拓撲。透過這種加速計算方法，發現的拓撲與實際發生的拓撲之間的差異可能會影響 AI 作業的完成時間。

Arista's Etherlink portfolio highlights the accelerated networking approach, bringing that single point of network control and visibility as a differentiation. This makes it extremely crisp to identify and localize performance issues, especially as the size of the AI cluster grows to 50,000 and 100,000 XPUs with the Arista AI spine and lease neck of designs.

Arista 的 Etherlink 產品組合突顯了加速網路方法，帶來了單點網路控制和可見度作為差異化。這使得識別和定位性能問題變得極其清晰，特別是當 AI 集群的規模隨著 Arista AI 主幹和設計的租賃頸部增長到 50,000 和 100,000 個 XPU 時。

Moving to campus and branch center trends in today's AI wave, customers can no longer tolerate land and [ham silos]. The concept of what comprises a user or a device or a site fundamentally changes the building of a branch or campus in 2025. A genetic AI makes us question the very definition of what we might even consider a user.

在當今人工智慧浪潮中，向校園和分支中心轉移的趨勢，客戶再也無法忍受土地和[火腿筒倉]。使用者、設備或站點的概念將從根本上改變 2025 年分支機構或園區的建設。基因人工智慧讓我們開始質疑使用者的定義。

Future campus and branch centers could be centralized or distributed, or they could be dispersed across laptops, smartphones, a house, an airplane, or any other location on the move. Data and applications can be located anywhere and add more dimensions whether it's a data center or a public cloud or a campus.

未來的校園和分支中心可以是集中式的，也可以是分散式的，或者可以分散在筆記型電腦、智慧型手機、房屋、飛機或任何其他移動的地方。資料和應用程式可以位於任何地方，並增加更多維度，無論是資料中心、公有雲還是校園。

Therefore, Arista's cognitive campus portfolio features an advanced fine with power over Ethernet wired lease capabilities, along with a wide range of cost effective wireless six or seven indoor and outdoor access points for the newer IoT and agentic applications.

因此，Arista 的認知校園產品組合具有先進的精細功能，具有以太網供電有線租賃功能，以及適用於較新的物聯網和代理應用的各種經濟高效的無線六或七個室內和室外接入點。

Our enterprise momentum continues. These initiatives are contributing greatly to customer momentum and so let me highlight a few customers win we have achieved. Our first customer win is in the federal sector, which is new to Arista, where Arista secured a strategic net new campus switching deployment with a major civilian agency displacing a long-standing incumbent.

我們的企業發展動能仍在持續。這些措施極大地促進了客戶的發展，因此，讓我重點介紹一下我們所取得的一些客戶勝利。我們贏得的第一個客戶是聯邦部門，這對 Arista 來說是新客戶，Arista 與一家大型民間機構達成了戰略性淨新園區交換部署，取代了一家長期在職的機構。

Arista delivered the digital transformation for their return to return to office policy with resilient campus designs featuring Wi-Fi readiness and deep integration of cloud vision for real-time telemetry, automation, and compliance. This mission critical high performance deployment positions us for a broader entry in the federal market.

Arista 透過彈性園區設計實現了其重返辦公室政策的數位轉型，該設計具有 Wi-Fi 就緒性和雲視覺的深度集成，可實現即時遙測、自動化和合規性。這項關鍵任務高效能部署使我們有機會更廣泛地進入聯邦市場。

Our next win comes from a high-tech sector where Arista expanded its partnership with one of our business development partners following years of engagement. The customer made a strategic decision to transition key parts of its data center and campus networks to [ISA], marking our first wins with them in both areas.

我們的下一個勝利來自高科技領域，經過多年的合作，Arista 擴大了與我們的一位業務發展夥伴的合作關係。客戶做出了一項策略決策，將其資料中心和校園網路的關鍵部分轉換到 [ISA]，這標誌著我們在這兩個領域首次與他們合作取得成功。

Arista's consistent architecture across platforms based on a single and superior extensible operating system was a key differentiator. The rollout stands key platforms all managed through cloud vision for automation, compliance, and visibility. With successful Wi-Fi evaluations underway, Arista is poised to complete and deliver client to cloud experience.

Arista 基於單一且卓越的可擴展作業系統的跨平台一致架構是其關鍵的區別因素。此次推出的關鍵平台均透過雲端視覺進行管理，以實現自動化、合規性和可見性。隨著 Wi-Fi 評估的成功進行，Arista 已準備好完成並向客戶提供雲端體驗。

And our final win comes from a web 3.0 infrastructure space where Arista was selected to support the build out of a decentralized global backbone for distributed systems and blockchain networks. As the project shifted from metro expansion to upgrading core network capacity, Arista 7280R3 routing a scale paired with our 7,130 series for ultra-low latency edge formed the new 100 gigabit [VA] spine.

我們的最終勝利來自於 Web 3.0 基礎設施領域，其中 Arista 被選中來支援建構分散式系統和區塊鏈網路的去中心化全球主幹網路。隨著專案從城域網路擴容轉向核心網路容量升級，Arista 7280R3 路由與我們的 7,130 系列配對以實現超低延遲邊緣，形成了新的 100 千兆 [VA] 主幹網路。

With edge processing, this delivers advanced security, programmable traffic filtering all at scale. It marks a strategic pivot towards high performance and reliable routing where legacy routers fall short. You can see that all these three wins across three sectors underscore Arista's growing momentum as customers modernize their networks in response to legacy complexity, vendor consolidation, and mission critical demands.

透過邊緣處理，可以實現進階安全性和大規模可編程流量過濾。它標誌著傳統路由器在高效能和可靠路由方面所存在的不足之處的策略轉變。您可以看到，這三個領域的三次勝利都凸顯了 Arista 的成長勢頭，因為客戶正在為應對遺留複雜性、供應商整合和關鍵任務需求而對其網路進行現代化改造。

As I wrap up, I want to share our conscious focus in cultivating our next generation of leaders. We have been fortunate and blessed to have a cohesive team for the past 15 years, but sometimes we must accept changes. Financial success gives people choices to our, especially our Arista Executives.

最後，我想分享我們在培養下一代領導者方面的有意識的重點。在過去 15 年裡，我們很幸運擁有一支有凝聚力的團隊，但有時我們必須接受改變。財務上的成功為我們的人們，特別是我們的 Arista 高管提供了選擇。

Some may retire, while others may elect to pursue new ventures. In the next phase of Arista 2.0 leadership, it's important to know that some things remain unchanged and steadfast. Our engineering brains and bend strength, for example, with Andy, Ken, Hugh, as well as new Vice President of Software, Siva Narayanan and new Vice President of Hardware Engineering, Alex Rose, continue to be stronger than ever.

有些人可能會退休，而其他人可能會選擇尋求新的事業。在 Arista 2.0 領導的下一階段，重要的是要知道有些事情是保持不變和堅定的。例如，我們的工程人才和彎曲實力，包括安迪、肯、休以及新任軟體副總裁西瓦·納拉亞南和新任硬體工程副總裁亞歷克斯·羅斯，都比以往更加強大。

You know or its reputation for a plus engineering team, and this is a renowned hallmark in the valley. With the summer leave of absence of John McCool, Mike Kauspedas has been appointed as our new VP of manufacturing.

您知道，它以優秀的工程團隊而聞名，這是矽谷的著名標誌。由於 John McCool 正在休假，Mike Kauspedas 被任命為我們新的製造副總裁。

Mike has been with us over 12 years and is doing just a fantastic job navigating the supply chain and uncertainties of tariffs. On the enterprise sales side are dynamic duo, Chief Customer Officer, Ashwin and Chief Sales Officer, Chris are driving success globally, expanding campus, data center, and AI footprints with increasing market share.

麥克已經與我們共事超過 12 年，在處理供應鏈和關稅不確定性方面做得非常出色。在企業銷售方面，首席客戶長 Ashwin 和首席銷售長 Chris 這對活力二人組正在推動全球成功，擴大園區、資料中心和人工智慧足跡，並增加市場份額。

Chris and Ashwin have brought changes in the sales and SC leadership team internationally both in Asia and in Europe. For the America sales, we have promoted a 16-year Arista veteran, Chris Belmer, to senior Vice President. Chris embodies the combination of customer empathy, product expertise, and always doing the right thing.

Chris 和 Ashwin 對亞洲和歐洲的國際銷售和 SC 領導團隊進行了變革。對於美國銷售，我們已將擁有 16 年 Arista 經驗的 Chris Belmer 提升為高級副總裁。克里斯 (Chris) 體現了客戶同理心、產品專業知識以及始終做正確的事情的結合。

You can see common traits across all these executives with incredible and tenured talent, strong cultural synergies, and a mission to delight customers. We are executing very well, and we aim for $10 billion revenue and beyond sooner than we previously expected.

您可以看到這些高階主管都具有共同的特質：擁有令人難以置信的長期才能、強大的文化協同效應以及讓客戶滿意的使命。我們的執行情況非常好，我們的目標是比之前預期的更快實現 100 億美元的收入。

Speaking of Aristo 2.0 executives, over to you our CFO, Chantelle, who epitomizes our core values at Arista and recently expanded her responsibilities to include legal, IT, and CISO functions.

說到 Aristo 2.0 高階主管，請聽聽我們的財務長 Chantelle 的發言，她是 Arista 核心價值的體現，最近她的職責範圍擴大到法律、IT 和 CISO 職能。

Thank you, Jayshree. I am excited to extend my scope to cover these key functions. With that, there are a few organizational announcements to make regarding these teams. Our newly named leaders include Sandra Hung, promoted to be our VP of information technology, Jason Bevis, promoted to be our cybersecurity leader in CISO, and Sean Christofferson, who tomorrow becomes our general counsel, replacing Marc Taxay, who has decided after many dedicated and successful years at Arista to try a new adventure. Congratulations to all of you.

謝謝你，Jayshree。我很高興能夠擴大我的視野來涵蓋這些關鍵功能。除此之外，還有一些關於這些球隊的組織公告需要發布。我們新任命的領導人包括晉升為資訊科技副總裁的桑德拉·洪 (Sandra Hung)、晉升為 CISO 網路安全負責人的傑森·貝維斯 (Jason Bevis) 和明天將成為我們總法律顧問的肖恩·克里斯托弗森 (Sean Christofferson)，接替馬克·塔克賽 (Marc Taxay)，後者在 Arista 工作多年並取得成功後，決定嘗試新的冒險。祝賀你們所有人。

By promoting proven leaders from within, we are reinforcing our culture of excellence and positioning ourselves for continued success. With that organizational momentum, let's review our financial results. Total revenues in Q1 were $2.005 billion up 27.6% year-over-year, and above the upper end of our guidance of $1.93 million to $1.97 billion. This year-over-year growth was led by strength in the cloud titan vertical and non-cloud performing better than expected.

透過從內部提拔經驗豐富的領導者，我們正在加強我們的卓越文化，並為持續的成功做好準備。借助這一組織勢頭，讓我們回顧一下我們的財務表現。第一季總營收為 20.05 億美元，年增 27.6%，高於我們預期的 193 萬美元至 19.7 億美元的上限。這一同比成長主要得益於雲端運算巨頭垂直領域的強勁表現以及非雲端運算領域表現優於預期。

International revenues for the quarter came in at $406 million or 20.3% of total revenue, up from 16% in the last quarter. This quarter over quarter increase reflects normal quarterly volatility and includes the impact of an unusually high contribution from America's customers in the prior quarter.

本季國際營收為 4.06 億美元，佔總營收的 20.3%，高於上一季的 16%。本季環比成長反映了正常的季度波動，並包括上一季美國客戶異常高貢獻的影響。

Gross margin in Q1 was 64.1% above our guidance of approximately 63%. This is down slightly from 64.2% both last quarter and Q1 FY24. The Q1 result above our guidance was driven by a stronger than expected mix of non-cloud revenue and includes the minimal impact from the absorption of applicable tariffs.

第一季的毛利率為 64.1%，高於我們預期的約 63%。這一數字較上一季和 2024 財年第一季的 64.2% 略有下降。第一季業績高於我們的預期，這得益於非雲端收入組合強於預期，並且包括適用關稅吸收的微小影響。

Operating expenses for the quarter were $327.4 million or 16.3% of revenue, down slightly from last quarter at $332.4 million. R&D spending came in at $209.4 million or 10.4% of revenue, down from $226.1 million last quarter. This reflects a low double digit year-over-year headcount increase offset by lower new product introduction costs in the period due to timing of prototypes and other costs associated with our next generation products.

本季營運費用為 3.274 億美元，佔營收的 16.3%，較上一季的 3.324 億美元略有下降。研發支出為 2.094 億美元，佔營收的 10.4%，低於上一季的 2.261 億美元。這反映了員工人數同比低兩位數的成長，但由於原型時間和與我們的下一代產品相關的其他成本，期內新產品推出成本較低，從而抵消了這一增長。

Sales and marketing expense was $94.3 million or 4.7% of revenue, compared to $86.3 million last quarter with a mid-single digit growth in headcount versus last year. Our G&A cost came in at $23.7 million or 1.2% of revenue, up from 1% of revenue in the prior quarter. Income from operations for the quarter was $957.4 million or 47.8% of revenue.

銷售和行銷費用為 9,430 萬美元，佔收入的 4.7%，而上一季為 8,630 萬美元，員工人數與去年相比實現了中等個位數成長。我們的一般及行政費用為 2,370 萬美元，佔營收的 1.2%，高於上一季的 1%。本季營業收入為 9.574 億美元，佔營收的 47.8%。

Other income for the quarter was $90.7 million and our effective tax rate was 21.2%. This resulted in net income for the quarter of $826.2 million or 41.2% of revenue. Our diluted share number was $1.279 billion shares, resulting in diluted earnings per share for the quarter of $0.65, up 30% from the prior year. Note that this reflects our four to one stock split in December 2024.

本季其他收入為 9,070 萬美元，有效稅率為 21.2%。這使得本季淨收入達到 8.262 億美元，佔營收的 41.2%。我們的稀釋股數為 12.79 億美元，導致本季每股稀釋收益為 0.65 美元，比上年增長 30%。請注意，這反映了我們 2024 年 12 月四比一的股票分割。

Now turning to the balance sheet. Cash equivalents and investments ended the quarter at approximately $8.15 billion. During the quarter, we repurchased $787.1 million of our common stock, our largest repurchase quarterly or annually in Arista's history. In April, we repurchased an additional $100 million for a total of $887.1 million at an average price of $88.97 per share.

現在轉向資產負債表。本季末現金等價物和投資約為 81.5 億美元。本季度，我們回購了價值 7.871 億美元的普通股，這是 Arista 史上最大的季度或年度回購。4 月份，我們又回購了 1 億美元，總計 8.871 億美元，平均價格為每股 88.97 美元。

Today, we have repurchased $13.3 million shares at an average price of $87.55 with $34 million remaining in the existing $1.2 billion Board authorization. In May 2025, our board of directors authorized a new $1.5 billion stock repurchase program, which commences after we have completed repurchases under our existing $1.2 billion authorization.

今天，我們以平均 87.55 美元的價格回購了價值 1,330 萬美元的股票，而董事會現有的 12 億美元授權中還剩餘 3,400 萬美元。2025 年 5 月，我們的董事會批准了一項新的 15 億美元股票回購計劃，該計劃將在我們完成現有 12 億美元授權下的回購後開始實施。

The actual timing and amount of future repurchases will be dependent on market and business conditions, stock price, and other factors. Now turning to operating cash performance for the first quarter, we generated approximately $641.7 million of cash from operations in the period, reflecting a growth of 24.9% compared to Q1 fiscal year '24.

未來回購的實際時間和金額將取決於市場和商業狀況、股票價格和其他因素。現在來看看第一季的經營現金表現，我們在本季從經營中產生了約 6.417 億美元的現金，與 24 財年第一季相比成長了 24.9%。

DSOs came in at 64 days, up from 54 days in Q4, driven by billing linearity. Inventory returns were 1.4% flat to last quarter. Inventory increased to approximately $2 billion in the quarter, up from $1.8 billion in the prior period, reflecting an increase in finished goods. This is an intentional action regarding both tariffs and in the support of ramping new products.

由於計費線性，DSO 為 64 天，高於第四季的 54 天。庫存回報率與上一季持平，為 1.4%。本季庫存從上一季的 18 億美元增加至約 20 億美元，反映出成品的增加。這是針對關稅和支持新產品開發的有意為之的舉措。

Our purchase commitments at the end of the quarter were $3.5 billion up from $3.1 billion at the end of Q4. This was driven by a continued investment in chips, as well as an increase in buffers due to the tariff uncertainty. From a cash flow perspective, we will continue to optimize our working capital investments with some expected variability in inventory due to the timing of receipts on purchase commitments.

我們在本季末的採購承諾為 35 億美元，高於第四季末的 31 億美元。這是由於對晶片的持續投資以及關稅不確定性導致的緩衝增加所致。從現金流的角度來看，我們將繼續優化我們的營運資本投資，由於採購承諾的收據時間，庫存預計會出現一些變化。

Our total deferred revenue balance was $3.1 billion up from $2.8 billion in Q4 fiscal year '24. The majority of the deferred revenue balance is services related and directly linked to the timing and term of service contracts, which can vary on a quarter-by-quarter basis.

我們的遞延收入總額餘額為 31 億美元，高於 24 財年第四季的 28 億美元。遞延收入餘額大部分與服務有關，並與服務合約的時間和期限直接相關，這些時間和期限可能會按季度變化。

Our product deferred revenue balance increased by approximately $219 million versus last quarter. We remain in a period of ramping our new products, winning new customers, and expanding new use cases. These trends have resulted in increased customers specific acceptance clauses and an increase in the volatility of our product deferred revenue balances.

我們的產品遞延收入餘額較上一季增加了約 2.19 億美元。我們仍處於推出新產品、贏得新客戶和擴展新用例的時期。這些趨勢導致客戶特定接受條款增加，並導致我們產品遞延收入餘額的波動性增加。

As mentioned in prior quarters, the deferred balance can move significantly on a quarterly basis, independent of underlying business drivers. This may be further amplified in 2025 due to the uncertainty around tariffs throughout the fiscal year and the resulting buying patterns of our customers.

正如前幾季所提到的，遞延餘額可能每季都會發生顯著變化，與潛在的業務驅動因素無關。由於整個財政年度關稅的不確定性以及由此產生的客戶購買模式，這種趨勢在 2025 年可能會進一步加劇。

Accounts payable days were 49 days down from 51 days in Q4, reflecting the timing of inventory receipts and payments. Capital expenditures for the quarter were $32 million. In October, we began our initial construction work to build expanded facilities in Santa Clara, and we expect to incur approximately $100 million in CapEx during fiscal year '25 for this project.

應付帳款天數從第四季的 51 天減少到 49 天，反映了庫存收款和付款的時間。本季資本支出為 3,200 萬美元。十月份，我們開始了在聖克拉拉擴建設施的初步建設工作，我們預計在 25 財年為該項目投入約 1 億美元的資本支出。

Now turning to our outlook. Given the nature of the current macroeconomic environment, we will start with the second quarter and then move to fiscal year '25. As is demonstrated by our Q1 results, we have seen good momentum at the beginning of fiscal year '25.

現在轉向我們的展望。鑑於當前宏觀經濟環境的性質，我們將從第二季開始，然後進入25財年。正如我們的第一季業績所表明的那樣，我們在 25 財年初看到了良好的發展勢頭。

As Jayshree highlighted, there are opportunities across all three customer sectors, inclusive of Gen AI, data center, cloud, and campus enterprises that combined with favourable mix has allowed for better than expected margin outcomes. Building on this momentum, our guidance for the second quarter is as follows.

正如 Jayshree 所強調的，所有三個客戶領域都存在機遇，包括人工智慧、資料中心、雲端和校園企業，這些機會加上有利的組合，帶來了好於預期的利潤結果。基於這一勢頭，我們對第二季的預期如下。

Revenues of approximately $2.1 billion. This reflects stronger seasonality in Q2 than prior year trends and anticipated outcome of the tariff uncertainty. Gross margin of approximately 63%, including the absorption of known tariffs for the Q2 period, and operating margin at approximately 46%.

收入約21億美元。這反映出第二季的季節性比去年同期趨勢更強，並且預期關稅不確定性的結果。毛利率約 63%，包括第二季已知關稅的吸收，營業利潤率約為 46%。

Our effective tax rate is expected to be approximately 21.5%, with approximately $1.272 billion diluted shares. Now turning to the full fiscal year 25, despite the macro uncertainty, we remain confident in the demand from our cloud, enterprise, and providers' customers.

我們的有效稅率預計約為 21.5%，稀釋股份約為 12.72 億美元。現在展望整個 25 財年，儘管存在宏觀不確定性，但我們仍然對雲端、企業和供應商客戶的需求充滿信心。

As in the case of many other companies, the second half holds significant ambiguity related to the tariff scenarios. Given these unknowns, our guidance for FY '25 currently remains unchanged despite the strong results and guidance we are reporting today.

與許多其他公司的情況一樣，下半年的關稅情境也存在著很大的模糊性。鑑於這些未知因素，儘管我們今天報告了強勁的業績和指引，但我們對 25 財年的指引目前仍保持不變。

We believe we can deliver results in the gross margin range of 60% to 62%, even as we anticipate non possible pair of scenarios within Q3 and Q4. This is possible through a mix of supply chain optimization, tar-absorption, and potential price increases if required.

即使我們預計第三季和第四季不會出現兩種情況，我們相信我們仍能實現 60% 至 62% 的毛利率。這可以透過供應鏈優化、焦油吸收以及必要時的潛在價格上漲來實現。

As we move through the quarters, we will continue to revisit the annual guide, hopefully in an environment unconstrained by tariff uncertainty. Energized by the current momentum, we continue to focus on operational discipline and innovation, ensuring we deliver strong outcomes for customers and shareholders.

隨著各季度的推進，我們將繼續重新審視年度指南，希望在一個不受關稅不確定性影響的環境中。在當前勢頭的推動下，我們繼續專注於營運紀律和創新，確保為客戶和股東帶來強勁的成果。

Now back over to you, Rudy for Q&A.

現在回到 Rudy 的問答環節。

Thanks, Chantelle. Just a quick clarification before we go into Q&A, Jayashree meant we were recreating our back end goal of $7,15 million, not front-end AI.

謝謝，Chantelle。在進入問答環節之前，我們先簡單澄清一下，Jayashree 的意思是，我們正在重新實現 715 萬美元的後端目標，而不是前端 AI。

With that, we will now move to the Q&A portion of the Arista earnings call to allow for greater participation, I'd like to request that everyone please limit themselves to a single question.

有了這些，我們現在將進入 Arista 收益電話會議的問答部分，以便讓更多的人參與，我想請求大家將自己限制在一個問題上。

Thank you for your understanding. Regina, please take it away.

感謝您的體諒。里賈娜，請把它拿走。

(Operator Instructions)

（操作員指示）

David Vogt, UBS.

瑞銀的戴維·沃格特。

Alright, thanks guys for taking my question. So maybe Jayshree and Chantelle, can you maybe just dive a little bit deeper on how you're thinking about the impact of tariffs? Obviously, product deferred revenue is up sequentially. We recognize that it's uncertain going to the second half of the year.

好的，謝謝大家回答我的問題。那麼 Jayshree 和 Chantelle，你們能否更深入地談談你們對關稅影響的看法？顯然，產品遞延收入是環比上升的。我們承認下半年的情況存在不確定性。

So maybe from a top line perspective, how are you thinking about what your customers are telling you? What can you share with us and just give us a sense for, how you thought about it relative to where tariffs are today versus what maybe is proposed by the administration? So, I assume that it's kind of the status quo of where we are today is kind of underpinning your outlook, but any clarity would be helpful.

那麼從頂線角度來看，您如何看待客戶告訴您的內容？您能與我們分享什麼？讓我們了解一下，您如何看待目前的關稅與政府可能提出的關稅之間的差異？因此，我認為我們今天的現狀在某種程度上支撐著你的觀點，但任何澄清都會有所幫助。

Sure, David, I'll start and maybe Chantelle can clarify. When we when we began this adventure on terrorists, we were actually trying to get out of Mexico as fast as we could because the expectation was Mexico would have a tariff in Q1.

當然，David，我先開始，也許 Chantelle 可以澄清一下。當我們開始對恐怖分子採取這項行動時，我們實際上正試圖盡快撤出墨西哥，因為預計墨西哥將在第一季徵收關稅。

As the news came about, we literally find ourselves in the middle of an ocean trying to figure out which country to go to. Because the tariffs, as the reciprocal tariffs are much higher in some of the Asia countries. So we're grateful for the measured approach that we do not have to deal mostly with any of these tariffs till July 9th.

當這個消息傳出時，我們發現自己彷彿置身於大海中央，不知道該去哪個國家。因為關稅，即一些亞洲國家的互惠關稅要高得多。因此，我們很感激政府採取的審慎態度，讓我們在 7 月 9 日之前基本上不需要處理任何關稅問題。

We are absorbing whatever tariffs we do have to deal with from China and other things, but should that change, we expect it to have some effect that Chantelle alluded to in our gross margins that we have taken into consideration for the year and some we will absorb and some we may potentially have to pass to our customers, but we don't know what we don't know, so we can just go at this one quarter at a time.

我們正在吸收來自中國和其他國家的所有關稅，但如果這種情況發生變化，我們預計它將對我們今年已考慮的毛利率產生一些影響，有些影響我們將吸收，有些則可能必須轉嫁給我們的客戶，但我們不知道我們不知道什麼，所以我們只能一個季度一個季度地處理這個問題。

Yeah, I think the only thing I would add, so I think in regard to the top line, Jayshree. Completely, we saw the momentum in Q1. You saw our guide in Q2, which is, I think, linearity wise, a stronger Q2 than usual, we're holding the year. That's not because of our demand outlook, it's because of the fact we just want to have any surprises after the pause.

是的，我想我唯一要補充的是，關於頂線，Jayshree。總體而言，我們在第一季看到了這一勢頭。您看到了我們第二季的指南，我認為，從線性角度來看，第二季比平常更強勁，我們正在保持這一年。這並不是因為我們的需求前景，而是因為我們只是想在暫停之後出現一些驚喜。

So that's why we'll take it quarter by quarter on the tariff side in regard to gross margin, if you were to take those commentaries, that puts the range of gross of tariff impact to be 1 point to 1.5 points at the top layer with no mitigation.

因此，這就是為什麼我們會逐季度查看關稅方面毛利率的情況，如果你採納這些評論，那麼關稅總影響範圍將在頂層達到 1 點到 1.5 點，且沒有任何緩解措施。

So that kind of bookends the impact we expect worst case scenario without any mitigation to [Jayshree point]. There may be a point where we have to have the price increases, but we're looking to mitigate through absorption, and tariff and supply chain. Fungibility and so from that perspective, we tried to book and the impact we see momentum on the top line, and we'll update quarter by quarter.

因此，這種影響是我們預期的最壞情況，沒有任何緩解措施[Jayshree 點]。可能到了一定時候，我們必須提高價格，但我們希望透過吸收、關稅和供應鏈來緩解影響。可替代性，因此從這個角度來看，我們試圖記錄我們看到的對頂線的影響，並且我們將逐季度更新。

Great, thanks Jayshree. Thanks, Chantelle.

太好了，謝謝 Jayshree。謝謝，Chantelle。

Amit Daryanani, Evercore.

阿米特·達亞納尼 (Amit Daryanani)，Evercore。

Thanks for taking my question. Jayshree, I think it's been a fair amount of noise and speculation in record on the four or five backing AI customers that you have and sort of the different things they are exploring. Just from your perspective, can you talk about how are these customers and aggregate progressing for the back ramps and is that one to one ratio for the front end and back end still impacting your perspective?

感謝您回答我的問題。Jayshree，我認為關於你們擁有的四、五個 AI 支援客戶以及他們正在探索的不同事物，已經有相當多的傳聞和猜測。僅從您的角度來看，您能否談談這些客戶和後端坡道的整體進展如何，以及前端和後端的一對一比例是否仍然影響您的觀點？

Yeah, so first let me start with the four customers. All of them are progressing well. One of them is still new to us. They've been in InfiniBand for a long time, so they'll be small. I would say two of them are heading towards 50,000 GPU deployments by the end of the year. Maybe they'll be at 100, but I can be most certainly sure of 50k heading to 100K.

是的，首先讓我從四位顧客開始。一切進展順利。其中一個對我們來說還是新的。他們已經在 InfiniBand 中存在很長時間了，所以他們的規模很小。我想說其中兩家公司將在年底前實現 50,000 個 GPU 部署。也許他們會達到 100，但我可以肯定 50k 會達到 100k。

And then the other one's also in production, so I had talked about all four going into production, three are already in production. The fourth one is well underway. So I think our back end number of $750 million, I'm feeling good, I'm feeling confident and If you knew more or less about terrorists, maybe I'd feel more confident.

另一部也在製作中，所以我之前說過全部四部都會投入製作，其中三部已經投入製作。第四個正在順利進行中。所以我認為我們的後端數字是 7.5 億美元，我感覺很好，我很有信心，如果你對恐怖分子有更多或更少的了解，也許我會更有信心。

Right on the front end ratios, yeah, we said it's generally one to one, it's getting harder and harder to measure front end and back end. Maybe we look at this whole AI cluster differently next year, but I think one to one is still a good ratio. It varies. Some of them just build a cluster and don't worry about the front end, and others worry about it entirely holistically, but it does vary, but I think the one to one is still a good ratio.

就前端比率而言，是的，我們說它通常是一對一的，測量前端和後端變得越來越困難。也許明年我們會以不同的方式看待整個人工智慧集群，但我認為一對一仍然是一個很好的比例。它因人而異。他們中的一些人只是建立一個集群而不擔心前端，而其他人則完全擔心它，但它確實有所不同，但我認為一對一仍然是一個很好的比例。

Thank you.

謝謝。

Atif Malik, Citi.

花旗銀行的阿蒂夫馬利克 (Atif Malik)。

Hi, thank you for taking my question. .

你好，謝謝你回答我的問題。。

Chantelle, you talked about 2Q being seasonally stronger. Can you give us a bit more color? Are you seeing any full forwards, because of the concern on tariffs?

Chantelle，您談到第二季的季節性表現更為強勁。您能給我們多講一點嗎？由於對關稅的擔憂，您是否看到了任何全面進展？

Yeah, I think that I wouldn't call it significant or material, but enough in the sense that we want to be pretty clear on that top end guide. So yes, some, but I wouldn't say significant.

是的，我認為我不會稱其為重要或實質性，但從某種意義上來說，它已經足夠了，因為我們希望對高端指南有相當清晰的認識。是的，有一些，但我不會說很重要。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Yeah, thanks for taking the question and congrats on the results.

是的，感謝您提出這個問題，並對結果表示祝賀。

The product deferred revenue balance, from $990 million up to like $1.2 billion, I can appreciate the timing of that and kind of given the tariff backdrops, somewhat difficult, but I'm curious of how we should think about that from a forward perspective and in particular?

產品遞延收入餘額從 9.9 億美元增加到 12 億美元，我可以理解這個時機，而且考慮到關稅背景，這有點困難，但我很好奇我們應該如何從未來的角度來考慮這個問題，特別是？

Is it tied to kind of the distributed Etherlink platforms or the 51.2T silicon? Are we still kind of early innings and seeing those, actually materialized from a production deployment perspective and that might be tied to that that product deferred or any kind of color around that would be great?

它是否與分散式 Etherlink 平台或 51.2T 矽片相關？我們是否仍處於早期階段，並從生產部署的角度看到這些實際上已經實現，並且可能與產品延期或任何相關的顏色有關，這會很棒嗎？

Right, Aaron, if you remember, we had a similar phenomenon way back in 2016 when we had 100 gig deployments in the cloud and maybe testing everybody's memory, but I think there's a similar phenomenon going on here with all our Etherlink platforms. You mentioned the distributed Etherlink, but it also includes the 7,800 spines.

是的，Aaron，如果你還記得的話，早在 2016 年我們就出現過類似的現象，當時我們在雲端部署了 100G，可能測試了每個人的記憶，但我認為我們所有的 Etherlink 平台都出現了類似的現象。您提到了分散式 Etherlink，但它還包括 7,800 個主幹。

And the Etherlink 51T stand-alone switches, we're experiencing a lot of interest in these products, but everybody's new to AI. They've never really put together an design, for four rail or eight rail or how does it connect into the GPUs and what is the nick attachment, what is the accessories in terms of cables, optics that connect, so this movement from trials to production causes us to bring a whole ecosystem together for the first time.

我們對 Etherlink 51T 獨立交換器非常感興趣，但大家對 AI 還很陌生。他們從來沒有真正地整合過設計，四軌或八軌，或者它如何連接到 GPU，什麼是尼克附件，什麼是電纜、連接的光學器件方面的配件，所以從試驗到生產的轉變使我們第一次將整個生態系統整合在一起。

So you can see that's why it's impacting our deferred rev revenue some and this kind of time frame can easily be 12 to 18 months. In the cloud days, it used to be more like 6 months because it wasn't as new.

所以你可以看到這就是為什麼它會對我們的遞延收入產生一定影響，而且這種時間範圍很容易達到 12 到 18 個月。在雲端運算時代，這個時間通常更像是 6 個月，因為它並不是那麼新。

Thank you.

謝謝。

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

Hey guys, thank you so much for the question. I wanted to just on the second half; in order to be in 15% range or 15 to 17, you have to kind of get into the single digits there. So just wondering, with the cloud providers that you serve, I, and, when they get the stuff from Nvidia, it's not, I thought it was non-canceable, etc. And there's pretty good visibility on what they're going to do?

嘿夥計們，非常感謝你們的提問。我只想在下半場；為了達到 15% 的範圍或 15 到 17，你必須達到個位數。所以我只是想知道，對於您所服務的雲端供應商，當他們從 Nvidia 獲得東西時，它不是，我認為這是不可取消的，等等。並且對於他們將要做什麼有很好的透明度嗎？

With either XPUs and GPUs, because this stuff has kind of a long lead time and the orders are already made. So I'm just a little confused as to why you really don't know, so much about the second half, at least on the top line, given, these orders are non-canceable for so many of the hyper scales that you deal with?

無論是 XPU 還是 GPU，因為這些東西的準備時間都比較長，而且訂單已經完成了。所以我只是有點困惑，為什麼你真的不知道那麼多關於後半部分的事情，至少在第一行，考慮到這些訂單對於你處理的許多超級規模來說都是不可取消的？

Yeah, I think thank you for the question. I'll start in the movie Jayshree might have commentary. I think it's more from the perspective of not having to update the guide for every permutation and combination. I think we prefer to update the guide once we have an answer on the pause then. So, it's not that we don't have a view. It's more we just want to update the guide once with all the known variables changed with some significance you want.

是的，我想謝謝你的提問。我將從 Jayshree 可能有評論的電影開始。我認為這更多的是從不必為每個排列組合更新指南的角度來看的。我認為，一旦我們對暫停有了答案，我們就會更願意更新指南。所以，並不是說我們沒有觀點。更重要的是，我們只想更新一次指南，將所有已知變數按照您想要的意義進行更改。

No, listen, I think you were right to be confused. We're also confused about the terrorists. There were no terrorists. We'd be even more optimistic about the second half. So, we're being careful, measured, because we don't know what the terrorists would do.

不，聽著，我認為你的困惑是正確的。我們對恐怖分子也感到困惑。沒有恐怖分子。我們對下半年更加樂觀。因此，我們非常小心、謹慎，因為我們不知道恐怖分子會做什麼。

We don't know if the country will go into a recession, but specifically a comment on visibility and enthusiasm and momentum, I think you've heard it from us. We're seeing it on the cloud. We're seeing it on AI, we're seeing it on campus enterprises. So, if there were no other variables, we'd be even more bullish.

我們不知道國家是否會陷入衰退，但具體到可見性、熱情和勢頭的評論，我想你已經從我們這裡聽到了。我們在雲端看到了它。我們在人工智慧上看到了它，在校園企業上也看到了它。因此，如果沒有其他變量，我們會更加樂觀。

Okay, thank you, Jayshree.

好的，謝謝你，Jayshree。

Sure, Ben.

當然，本。

Samik Chatterjee, JP Morgan.

摩根大通的 Samik Chatterjee。

Hi, thanks for taking my question. Just maybe if I can go back to the, Tier 4 Tier 1 that you're working with, on the AI back end and the progress that you updated on that front, are these customers now giving you more visibility just given the tariff landscape and that you would need to sort of build inventory for some of the finished goods and, can you just update us how they're handling the situation on that front.

你好，謝謝你回答我的問題。也許我可以回到您正在合作的 Tier 4 Tier 1 上，在 AI 後端以及您在這方面更新的進展上，考慮到關稅形勢，這些客戶現在是否為您提供了更多的可見性，並且您需要為一些成品建立庫存，您能否向我們更新他們如何處理這方面的情況。

And particularly then as you think about, I think the investor focuses a lot about sort of 2026 and potential sort of changes in the CapEx landscape from these customers at that point. Are you getting any forward visibility from them, any sort of early signs for 2026 from these customers?

特別是當你想到的時候，我認為投資者非常關注 2026 年以及那時這些客戶的資本支出格局的潛在變化。您是否從他們那裡獲得了任何前瞻性的見解，從這些客戶那裡獲得了任何有關 2026 年的早期跡象？

Right, Samik, so we definitely have all the visibility in the world for this year and we're feeling good. We're getting unofficial visibility because they all know our lead times are tied to some fairly long lead times from our partners and suppliers. So I would say 2026 is looking good and based on our execution of 2025 and plans we're putting together, we should have a great year in 2026 as well for questions specifically.

是的，薩米克，所以今年我們絕對擁有全世界的知名度，我們感覺很好。我們獲得了非官方的關注，因為他們都知道我們的交貨時間與我們的合作夥伴和供應商的一些相當長的交貨時間有關。所以我想說 2026 年看起來不錯，根據我們 2025 年的執行情況和我們正在製定的計劃，對於具體問題而言，2026 年也應該是一個偉大的一年。

Karl Ackerman with BNP Paribas.

法國巴黎銀行的卡爾‧阿克曼 (Karl Ackerman)。

Yes, thank you, Jayshree.

是的，謝謝你，Jayshree。

How do you see the general cadence of [Pipperscalars] deploying 800 gig switch ports this year? I asked because I believe your Etherlink family of switches became generally available in late 2024, and I'm wondering if these switches relate to your growth of deferred revenue in the last couple of quarters?

您如何看待 [Pipperscalars] 今年部署 800 GB 交換器連接埠的整體節奏？我之所以問這個問題，是因為我相信你們的 Etherlink 系列交換器將於 2024 年底全面上市，我想知道這些交換機是否與你們過去幾個季度遞延收入的增長有關？

Yeah, that's a good question. You may remember, Karl, that I alluded to this earlier in 2024, that the majority of our AI trials were on 400 gigs at that time. So, you're right to observe that with our Etherlink portfolio really getting introduced in the second half of '24, that a lot of our 800-gig activity has picked up. In 2025, some of which will be reflected in shipments, and some of it which will be part of our deferred.

是的，這是個好問題。卡爾，你可能還記得，我早在 2024 年就提到過這一點，當時我們的大多數 AI 試驗都在 400 台設備上進行。因此，您觀察到的是正確的，隨著我們的 Etherlink 產品組合在 24 年下半年真正推出，我們的許多 800Gig 活動都有所增加。到2025年，其中一部分將反映在出貨量中，一部分將成為我們遞延的一部分。

So it's a good observation and an accurate one that this is the year of 800, like last year was the year of 400.

因此，這是一個很好的觀察，也是一個準確的觀察，今年是 800 年，就像去年是 400 年一樣。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

Hi, good afternoon.

嗨，下午好。

Thank you for the question. Jayshree, I was wondering if you could just expand upon your comments about, your confidence in achieving the $10 billion, midterm revenue target a little bit sooner than, previously expected, and how do you kind of balance that, longer term or midterm optimism with some of the choppiness that we see now?

謝謝你的提問。Jayshree，我想知道您是否可以詳細闡述您的評論，您對提前實現 100 億美元的中期收入目標的信心，比之前預期的要早一點，您如何平衡長期或中期樂觀情緒與我們現在看到的一些波動？

Michael, I knew somebody would ask that question. I'm surprised it took so long.

邁克爾，我知道有人會問這個問題。我很驚訝花了這麼長時間。

So if those of you who remember the Annual day in November 2023, I had said it took nine years to get our first $5 billion, and I thought. Seem to want to go away, which is really looking for the update on white box. I know you've talked about this quite a bit in the past. It seems as if it's maybe come back and if you could help us understand how you split your business with white box, competitors and how you see that shifting, if at all.

因此，如果你們當中的一些人還記得 2023 年 11 月的年度紀念日，我曾說過，我們花了九年時間才獲得第一個 50 億美元，我認為。似乎想要消失，這確實是在尋找白盒子上的更新。我知道您過去已經多次談論過這個問題。看起來好像它可能會回歸，如果你能幫助我們了解你如何將你的業務與白盒、競爭對手分開，以及你如何看待這種轉變，如果有的話。

Sure, first, I want to say, which I've always said, that White Box is not new. It's been with us since the beginning of time. In fact, when Arista got started, a couple of our customers had already implemented internally various implementations of Whitebox. So, there is a class of customers who will make the investments in engineering and operations to build their own network and manage it, and it's a very different business model. It operates typically at 10% gross margins.

當然，首先我想說，我一直都這麼說，White Box 並不是什麼新鮮事。自古以來它就一直伴隨著我們。事實上，當 Arista 起步時，我們的一些客戶已經在內部實施了各種 Whitebox 實現。因此，有一類客戶將在工程和營運方面進行投資，以建立自己的網路並進行管理，這是一種非常不同的商業模式。其毛利率通常為 10%。

I don't think you want a rea to go there, and its very hardware centric and doesn't require the rich software foundation and investments that we've made. So first, let's start by saying we will always and we'll continue to coexist with white box.

我認為你不想去那裡，它非常以硬體為中心，不需要我們已經建立的豐富的軟體基礎和投資。首先，我們要說的是，我們將永遠並將繼續與白盒共存。

There are times that you've noticed this too that because Arista builds some very superior hardware, that even if they don't use our EOS, they like to have a blue box, as I often call it, the Arista hardware that's engineered much better than any others with a more open OS like SONIC [or] [EFTPOS], or at least the attributes of running both EOS and an open source networking system.

有時您也會注意到這一點，因為 Arista 構建了一些非常優質的硬件，所以即使他們不使用我們的 EOS，他們也喜歡使用藍盒子（我經常這樣稱呼它），Arista 硬體的設計比其他任何硬體都要好得多，它具有更開放的操作系統，如 SONIC [或] [EFTPOS]，或者至少具有運行 EOS 和開源網絡系統的屬性。

So I think. We view this as a natural part of selection in a customer base where if it's a simple use case they're going to use something cost effective, but if it's a really complex use case like the AI spine or roles that require and demand more mission critical features, Arista always plays a far bigger role than premium, highly scalable, highly valued.

我也這麼認為。我們認為這是客戶群選擇的自然組成部分，如果是簡單的用例，他們會使用具有成本效益的產品，但如果是真正複雜的用例，如 AI 主幹或需要更多關鍵任務功能的角色，Arista 總是扮演著比高端、高度可擴展、高價值更重要的角色。

Software and hardware combinations than we do in a standalone white box. So, we'll remain coexisting peacefully and we're not in any way threatened by it. In fact, I would say we work with our customers to make sure that they're building permutations and combinations of a white box that we can work with that and build the right complement to that with our Etherlink portfolio.

軟體和硬體的組合比我們在獨立的白盒中所做的要多。因此，我們將繼續和平共處，並且不會受到任何威脅。事實上，我想說，我們與客戶合作，確保他們建立一個白盒的排列組合，我們可以利用它，並透過我們的 Etherlink 產品組合建立正確的補充。

Antoine Chkaiban, New Street Research.

Antoine Chkaiban，New Street Research。

Hi, good afternoon.

嗨，下午好。

Thank you for asking me a question. I'd love to get your latest views around co-packaged optics, and Vi introduced its first CPO switches, GTC for scale out, and I was wondering whether that had any impact on your views regarding CPO adoption in backend AI networks in coming years?

謝謝你向我提問。我很想了解您對共封裝光學元件的最新看法，Vi 推出了其首款 CPO 交換器 GTC，用於橫向擴展，我想知道這是否會對您對未來幾年後端 AI 網路中 CPO 採用的看法產生影響？

No, it's had no impact, it's very early days, I think you've seen, Arista doesn't build optics, but Arista enables optics, and we've always been at the forefront, especially with anti-bactyinene. And his team of talented tech individuals that you know whether it is pluggable optics with LPO or how we define the OSFP connector for MSA for 100 gig, 400 gig, it's something we take seriously and our views on CPOs.

不，它沒有產生任何影響，現在還處於早期階段，我想你已經看到了，Arista 不製造光學器件，但 Arista 支援光學器件，而且我們一直處於領先地位，特別是在抗細菌烯方面。他的團隊由才華橫溢的技術人員組成，您知道無論是帶有 LPO 的可插拔光學器件，還是我們如何定義 100 千兆、400 千兆 MSA 的 OSFP 連接器，這都是我們認真對待的事情，也是我們對 CPO 的看法。

It's not a new idea. It's been demonstrated in prototypes for, I don't know, 10 to 20 years. The fundamental lack of adoption to date on CPO, it's relatively high failure rates and it's mostly been in the labs. So, what are some of the advantages of CPU?

這不是一個新想法。它已經在原型中進行了演示，我不知道，10 到 20 年了。到目前為止，CPO 基本上還沒有被廣泛採用，它的失敗率相對較高，而且大部分都只在實驗室中進行。那麼，CPU有哪些優點呢？

Well, it has a linear interface. It has lower power than DSP for long haul optics. It has a higher channel count, and I think If pluggable optics can achieve some of that in the best of both worlds, then you can overcome that with pluggable optics or even co-packaged copper.

嗯，它有一個線性介面。對於長距離光纖來說，它的功率比 DSP 低。它具有更高的通道數，我認為如果可插拔光學元件可以在兩全其美的情況下實現其中的一些功能，那麼您可以使用可插拔光學元件甚至共封裝銅來克服這一問題。

So Arista has no religion. We'll do co-packaged copper, we'll do co-packaged optics, we'll do pluggable optics, but it's too early to call this a real production ready product. It's still in very early experiments and trials.

所以阿里斯塔沒有宗教信仰。我們將生產共同封裝的銅線、共同封裝的光學元件、可插拔光學元件，但現在稱其為真正的可投入生產的產品還為時過早。它仍處於早期實驗和試驗階段。

Great. Thank you, Jayshree.

偉大的。謝謝你，Jayshree。

Meta Marshall with Morgan Stanley.

摩根士丹利的 Meta Marshall。

Great, thanks. I wanted to kind of ask about you reiterated the $750 million back end target, but you've kind of had this $1.5 billion kind of AI target for 2025 and just wondering, is achievability of that more dependent on kind of the tariffs given kind of some of the front end spend, or just how are you thinking about that $1.5 billion number?

太好了，謝謝。我想問一下，您重申了 7.5 億美元的後端目標，但您已經為 2025 年設定了 15 億美元的人工智慧目標，我只是想知道，考慮到部分前端支出，這一目標的實現是否更多地取決於關稅，或者您如何看待 15 億美元這個數字？

Sure, I think we're aiming for the 750 because it's more measurable. The 1.5 is a nice goal, but sometimes we can't tell whether it's AI traffic or cloud tar traffic, sorry, I got tariff on my brain.

當然，我認為我們的目標是 750，因為它更容易衡量。1.5 是一個不錯的目標，但有時我們無法分辨它是 AI 流量還是雲焦油流量，抱歉，我的腦子裡有關稅。

Regarding tariffs, I don't think it'll have a material difference on the $750 million number or the $1.5 billion. We got the demand, so unless we have some real trouble shipping it or customers change their mind, I think we're good with both those targets for the year.

關於關稅，我認為 7.5 億美元和 15 億美元不會有實質差異。我們得到了需求，所以除非我們在運輸方面遇到真正的麻煩或客戶改變主意，否則我認為我們今年的這兩個目標都能實現。

Great, thank you.

太好了，謝謝。

Matt Niknam, Deutsche Bank.

德意志銀行的馬特‧尼克納姆 (Matt Niknam)。

Hey, thanks so much for taking the question. Can you talk a little bit about what you're seeing on the macro front and I guess more specifically how that's affecting spending plans and sales cycles across the different customer sets, whether it's cloud now, Titans, Enterprise, or even Tier 2 cloud and some of the service providers customers?

嘿，非常感謝您回答這個問題。您能否談談您在宏觀方面看到的情況，更具體地說，這是如何影響不同客戶群的支出計劃和銷售週期的，無論是現在的雲、Titans、企業，還是二級雲和一些服務提供商客戶？

Sure, and Chantelle, you may also have a view on this. I love to hear that. I've never been a good soothsayer or forecaster of macro trends going back to my years at Cisco and now recessions don't give you a warning, they just happen.

當然，Chantelle，你可能對此也有看法。我很高興聽到這個。自從我在思科工作以來，我從來都不是一個好的宏觀趨勢預言家或預測者，而現在經濟衰退不會給你警告，它們就是發生了。

And at the moment we do not see any warning of a recession. In fact, we're seeing the opposite. We're seeing a lot of demand, whether it's people pulling it in for tariffs or just the general excitement of Arista's products.

目前我們還沒有看到任何經濟衰退的警告。事實上，我們看到的卻恰恰相反。我們看到了許多需求，無論是人們為了關稅而購買，還是人們對 Arista 產品的普遍興趣。

So if unless things dramatically change with terrorists which force a recession, Arista is really experiencing good momentum and therefore it's very difficult for me to predict a recession. Unless something outside from a macro happens.

因此，除非恐怖分子襲擊導致經濟衰退，否則情況將發生巨大變化，Arista 確實正經歷著良好的發展勢頭，因此我很難預測經濟衰退。除非發生巨集之外的事情。

Yeah, and I would add to that, if you think about the providers, enterprise, campus specifically, I'm very pleased with our campus, Q1 outlook that we have results that we had.

是的，我想補充一點，如果你具體考慮供應商、企業和校園，我對我們的校園、第一季的前景感到非常滿意，我們取得了成果。

The campus has shown some strong momentum, longer sales cycles, but continued strong momentum. Enterprise, we continue to win new logos and have great land and expand conversations with our enterprise customers. The providers, the neo clouds, our demonstrated interest and lots of great conversations there. So I think across the spectrum we haven't seen anything that indicates a recessionary kind of tangent in the conversations.

該校園表現出強勁的發展勢頭，銷售週期更長，但仍保持強勁勢頭。企業方面，我們繼續贏得新標識，擁有大量土地，並擴大與企業客戶的對話。提供者、Neo 雲端、我們表現出的興趣以及在那裡進行的許多精彩對話。因此，我認為，從總體上看，我們還沒有看到任何跡象表明對話中存在經濟衰退的跡象。

I read, we read the doom and gloom in the news, but we're not feeling it here.

我讀過，我們在新聞中讀到厄運和悲觀的報道，但我們在這裡卻沒有感受到。

Tal Liani, Bank of America.

塔爾·利亞尼（Tal Liani），美國銀行。

Hi guys.

嗨，大家好。

If you go back a few years, we've seen your customers being nimble and buying ahead of development, for example, you remember when Microsoft responded to the litigation you had with Cisco and bought kind of 6 quarters worth of equipment in four quarters.

如果回顧幾年前，我們會看到你們的客戶非常靈活，在開發之前就開始購買，例如，你們還記得微軟回應你們與思科的訴訟時，在四個季度內購買了相當於六個季度的設備。

I remember it happened and the question is whether the entire market behaves this way now, meaning we know tariffs are coming later in the year, whether this ranks you're seeing is the result of early purchases of customers ahead of tariffs in order to save some dollars.

我記得發生過這樣的事情，問題是整個市場現在是否都是這樣運作的，這意味著我們知道關稅將在今年晚些時候出台，您看到的這種排名是否是客戶在關稅之前提前購買以節省一些錢的結果。

So the question is twofold. Number one, if it happens, will you ever know about it? Meaning, do you have enough visibility over the deployment schedules to know that they're buying ahead of the demand? And number two is just the answer of what do you think about kind of the question and whether there is you know early ordering of equipment things.

所以這個問題是雙重的。第一，如果發生了，你會知道嗎？意思是，您是否對部署計劃有足夠的了解，以知道他們是否在需求之前購買？第二個問題是，您對這個問題有何看法，以及您是否知道提前訂購設備。

Yeah, no, these are very thoughtful questions and Thank you for reminding us. Back then we were like, $300 million to $500 million a quarter business. We're a lot bigger now. And even if our customers try to pull it in and get it all by July, we would be unable to supply it.

是的，不，這些都是非常深思熟慮的問題，謝謝您提醒我們。當時我們的業務每季的營業額是 3 億到 5 億美元。我們現在規模大了很多。即使我們的客戶試圖在 7 月之前將所有貨物全部運來，我們也無法供應。

So that would be the first thing. So, I'm not seeing the pull-ins that are that really material in any fashion. I am seeing a few customers trying to save $1 here or a buck there to try and ship it before the tariff date, but nothing material regarding pull-ins for four to six quarters again, our best visibility is, near term, and if we saw that kind of behavior, we would see a lot of inventory sitting in our customers, which we don't. In fact, they're scolding us to ship faster and ship more.

這是第一件事。所以，我沒有看到任何真正具有實質吸引力的東西。我看到一些客戶試圖在這裡或那裡節省 1 美元以嘗試在關稅日期之前發貨，但在四到六個季度內沒有任何實質性的拉貨情況，我們最好的可見性是短期內，如果我們看到這種行為，我們會看到大量庫存積壓在客戶手中，而我們沒有。事實上，他們在責罵我們要出貨更快、出貨更多。

Got it. Thank you.

知道了。謝謝。

Sebastian Naji from William Blair.

威廉布萊爾的塞巴斯蒂安納吉。

Yeah.

是的。

Thank you for taking the question. I mean, I think there's a lot of focus on AI demand, but some of the cloud titans have also been reporting, really robust growth in the non-AI parts of their cloud businesses. So could you maybe comment on what you're seeing on more of that traditional cloud titan demand and whether that's trending ahead of expectations for the year?

感謝您回答這個問題。我的意思是，我認為人們非常關注人工智慧的需求，但一些雲端運算巨頭也報告稱，他們的雲端運算業務中非人工智慧部分的成長確實非常強勁。那麼，您能否評論一下您對傳統雲端巨頭的需求有何看法，以及這種需求是否超出了今年的預期？

That's a really good question to Sebastian. See, I don't know if you remember again two years ago, I was very nervous because the entire cloud titans pivoted to AI and slowed down their cloud. Now we see a more balanced stand.

這對塞巴斯蒂安來說是一個很好的問題。瞧，我不知道您是否還記得兩年前，我非常緊張，因為整個雲端運算巨頭都轉向了人工智慧並減慢了他們的雲端運算速度。現在我們看到了更平衡的立場。

And while we can't measure how much of this cloud and how much of it is AI, if they're kind of cobbled together, we are seeing, less of a pivot, more of a surgical focus on AI, and then a continued upgrade of the cloud networks as well. So compared to 23, I would say the environment is much more balanced between AI and cloud.

雖然我們無法衡量雲端和人工智慧的比例，但如果它們拼湊在一起，我們會發現，雲端網路的重點不再是核心，而是對人工智慧的精準關注，然後雲端網路也在持續升級。因此，與 23 相比，我認為 AI 和雲端之間的環境更加平衡。

James Fish with Piper Sandler.

詹姆斯·菲什和派珀·桑德勒。

Hey, thanks for the question here. Really a follow up on [Samik]'s, one before, what functionality about the blue box actually makes it defensible versus what hyper scalers can kind of self-lo and then Chantelle on the inventory side, I know you always tell us to look at inventory and purchase commitments, but how are you feeling about where we should expect inventory turns sort of throughout the year and long term just given the latest wrinkle here on the supply chain?

嘿，謝謝你在這裡提問。這真的是對 [Samik] 之前的一個問題的跟進，藍盒子的哪些功能實際上使其能夠抵禦超大規模企業可以自我管理的攻擊？然後是庫存方面的 Chantelle，我知道您總是告訴我們要查看庫存和購買承諾，但是考慮到供應鏈中最近出現的問題，您對我們應該如何預期全年和長期的庫存週轉率有什麼看法？

Sure, you want to go first?

當然，你想先走嗎？

Yeah, let me give you a few attributes of what I call the blue box, and I'm not saying others don't have it, but, Arista has built this as a mission, although we're known for our software, we're just as well known for our hardware when you look at everything from a From factor of a one RU that we built to a chassis, we've got a tremendous focus on signal integrity, for example, all the way from layer one. Multi-layer PCB boards are focused on quality, a focus on driving distances, a focus on integrating optics for longer distances, a focus on driving [maxec], etc.

是的，讓我給你介紹一下我稱之為藍盒子的幾個屬性，我並不是說其他人沒有它，但是，Arista 已經將其作為一項使命來構建，雖然我們以軟體而聞名，但當你從我們構建的一個 RU 因素到底盤的所有東西來看時，我們的硬體也同樣出名，例如，從第一層開始，我們一直非常關注信號完整性。多層PCB板注重品質、注重驅動距離、注重整合光學元件以實現更長距離、注重驅動[maxec]等。

So that's a big focus. The second is hardware diagnostics. Internal to the company we call it a resistor booth. We've got a dedicated team focused on not just the hardware. But the firmware to make it all possible in terms of troubleshooting because when these boards get super complex, you don't even know where the failure is and you're running at high speed 200 gig 30s, so things are very complex.

所以這是一個重點。第二個是硬體診斷。在公司內部，我們稱之為電阻室。我們有一個專門的團隊，不僅僅關注硬體。但是韌體使得故障排除成為可能，因為當這些電路板變得非常複雜時，您甚至不知道故障在哪裡，而且您以 200 千兆 30 秒的高速運行，所以事情非常複雜。

So the ability to pinpoint and troubleshoot is a big part of what we do. And then there's additional focus on the mechanical, the power supplies, the cooling, all that, all of which translate to better power characteristics along with our partners and ship vendors. There's a maniacal focus on not just high performance but low power. So, some of the best attributes come from.

因此，找出和排除故障的能力是我們工作的重要組成部分。然後，我們還會額外關注機械、電源、冷卻等，所有這些都與我們的合作夥伴和船舶供應商一起轉化為更好的動力特性。人們不僅熱衷於高效能，還熱衷於低功耗。因此，一些最好的屬性來自於此。

Our blue boxes not only for 48 ports, but all the way up to 576 ports on an AI spine or double that if you're looking for dual capabilities. So well-designed high-quality hardware is a thing of beauty, but also a thing of complexity that not everyone can do.

我們的藍色盒子不僅適用於 48 個端口，而且在 AI 主幹上最多可支援 576 個端口，如果您需要雙重功能，則可以將其翻倍。因此，精心設計的高品質硬體是一件美麗的事情，但也是一件複雜的事情，並不是每個人都能做到。

Yeah, and I think regards to the inventory turns, I think I'm pleased in the progress we've made. We've kind of gone from the range of 1 turn to 1.4 turns this quarter, even with some of the buffer we've put in for the tariff uncertainty. I think generally your question is forward-looking what turns we are looking for.

是的，關於庫存週轉率，我對我們的進展感到滿意。本季度，我們的稅率範圍已從 1 倍上升到 1.4 倍，儘管我們為應對關稅不確定性設定了一些緩衝。我認為你的問題總體上是前瞻性的，我們正在尋找什麼樣的轉變。

We're always looking to make improvements. The only wrinkle we have is this length of duration on the tariff cycle, so. We work every month, Mike Kapi and I and his team to look at the inventory returns and forecasting. We aim to go higher. The only thing I would say is the caveat is what we need to do in the second half, depending on the tariff scenarios.

我們一直在尋求進步。我們唯一的問題是關稅週期的持續時間。我們每個月都會工作，Mike Kapi 和我以及他的團隊會查看庫存回報和預測。我們的目標是更高。我唯一要說的是，我們需要在下半年做什麼，這取決於關稅情景。

Ben Bollin, Cleveland Research.

克利夫蘭研究公司的本‧博林 (Ben Bollin)

Yeah, good afternoon, everyone. Thank you for taking the question.

是的，大家下午好。感謝您回答這個問題。

There were some comments you made, Chanel in the prepared remarks regarding variability and customer acceptance of the product deferred, especially around tariffs.

香奈兒，您在準備好的評論中提出了一些關於產品變化和客戶接受度的評論，特別是有關關稅的問題。

Could you share a little more detail? What does that look like? Does this relate to the absolute size of their deployments, and uncertainty in the bomb, just any other considerations we should be aware of?

能分享更多細節嗎？那是什麼樣子的？這是否與他們部署的絕對規模以及炸彈的不確定性有關，或者還有其他我們應該注意的考慮因素？

Yeah, no, it's a great question because I added that last comment this go around in the sense of the new unknown of the tariff uncertainty, and there I was just mentioning or, trying to give transparency that there may be quarters as we progress through these tariff scenarios where our customers decide to pull in and

是的，不，這是一個很好的問題，因為我在最後一條評論中提到了關稅不確定性的新未知數，我剛才提到，或者試圖保持透明度，隨著我們在這些關稅方案中取得進展，我們的客戶可能會決定加入並

We can accommodate and if it's a new use case or new acceptance clause that would, impact the deferred revenue. So it's just another item to consider and we'll continue to discuss, but that's the general, just in the sense of adding uncertainty around that.

我們可以適應，如果這是一個新的用例或新的接受條款，則會影響遞延收入。所以這只是另一個需要考慮的問題，我們會繼續討論，但這只是一般情況，只是增加了不確定性。

Yeah, to add to that then.

是的，那就補充一下吧。

Obviously tariffs are an unknown, but I want to go back to that white box, blue box question. We had a customer, again, not material, who said, I can't get these boxes. I can't make them run. I cannot get an AI network. And one of my most technical sales leaders said, hey, we got a chance to build an AI cluster here for a few 100 GPUs.

顯然，關稅是一個未知數，但我想回到那個白框、藍框問題。我們遇到了一位客戶，同樣，不是實質的客戶，他說，我拿不到這些盒子。我不能讓他們跑。我無法取得 AI 網路。我的一位技術最精湛的銷售主管說，嘿，我們有機會在這裡為幾百個 GPU 建立一個 AI 叢集。

So we jumped on it. Obviously that customer is small and had been largely using white boxes and is now about to install an AI leaf and an AI spine, and we had to get it to him before the tariff deadline. So, it's an example of not material but how quickly these decisions get made when you have the right product, right performance, right quality, right mission critical nature, and you can deal with that traffic pattern better than anyone else can.

所以我們立即採取行動。顯然，該客戶規模較小，一直以來主要使用白盒，現在正準備安裝 AI 葉子板和 AI 主幹，我們必須在關稅截止日期之前將其交給他。因此，這不是物質方面的例子，而是當你擁有正確的產品、正確的性能、正確的品質、正確的任務關鍵性，並且你可以比其他人更好地處理這種流量模式時，這些決策的製定速度有多快。

It happens. It's not big because we got so much commitment in a given quarter from a customer, but when it is, it's we act with a great deal of nimbleness and agility to do that.

它發生了。這並不是因為我們在特定季度從客戶那裡獲得了太多承諾而取得瞭如此大的成就，但當它成為現實時，我們會採取極大的靈活性和敏捷性來做到這一點。

Regina, we have time for one last question.

里賈娜，我們還有時間回答最後一個問題。

Ryan Coons with Needham and Company.

Ryan Coons 與 Needham and Company 合作。

Great, thanks. Thanks for keeping me in. I want to ask about the kind of emerging neo-AI opportunities out there. I think there's a general perception that most of them are buying, Nvidia to find clusters and networking.

太好了，謝謝。謝謝你收留我。我想問一下目前新興的新人工智慧機會有哪些。我認為人們普遍認為，他們中的大多數人購買 Nvidia 是為了尋找集群和網路。

So I wonder if you could comment on those trends, their interests in moving past InfiniBand, and also other opportunities developing with some of these folks to kind of multi-source their AI connectivity to different providers?

所以我想知道您是否可以評論一下這些趨勢、他們對超越 InfiniBand 的興趣，以及與這些人一起開發的其他機會，以便將他們的 AI 連接到不同的提供者？

That's a good question, Ryan. So, in fact, we're seeing more adventurous spirit in the [neoco] customers because, they want to try alternatives. So, some of them are absolutely trying other AI accelerators like Lisa and ID and my friends there.

這是個好問題，瑞安。因此，事實上，我們看到 [neoco] 客戶具有更多的冒險精神，因為他們想要嘗試其他選擇。因此，他們中的一些人絕對會嘗試其他人工智慧加速器，例如 Lisa、ID 和我的朋友。

Some of them are absolutely looking at Ethernet, not InfiniBand, as a scalar, and that momentum has really shifted in the last year. With the ultra-Ethernet, consortium and the spec coming out in May, I just want to give a shout out to that team and what Lee Holberg has done.

他們中的一些人絕對將乙太網路（而不是 InfiniBand）視為標量，而這種勢頭在去年確實發生了轉變。隨著超以太網、聯盟和規範於 5 月推出，我只想向該團隊和 Lee Holberg 所做的一切表示感謝。

So I think Ethernets are given, but there's an awful lot of legacy of InfiniBand that will obviously sort itself out. And a new class of AI accelerators we're seeing, more niche players, more internal developments from the cloud titans, all of which is mandating more Ethernet. So, I think between your two questions I would say the progress from Infinera to Ethernet is faster. The progress from, the renown, the ones they know and the high-performance GPUs from Nvidia versus the other is still taking time.

所以我認為乙太網路是既定的，但 InfiniBand 還有很多遺留問題顯然需要自行解決。我們看到了一種新型的人工智慧加速器，更多的利基參與者，更多的來自雲端運算巨頭的內部發展，所有這些都要求更多的乙太網路。因此，我認為從你的兩個問題來看，我會說從 Infinera 到乙太網路的進展更快。Nvidia 的進步、聲譽、知名度以及與其他公司的高效能 GPU 相比仍需要時間。

Thank you.

謝謝。

This concludes Arista Network's first quarter 2025 earnings call. We have posted a presentation that provides additional information on our results, which you can access on the investor section of our website. Thank you for joining us today and for your interest in Arista.

Arista Network 2025 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，提供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該演示文稿。感謝您今天加入我們並關注 Arista。

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

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