Arista Networks Inc (ANET) 2025 Q2 法說會逐字稿

Welcome to the second quarter 2025 Arista Networks financial results earnings conference call. (Operator Instructions)

歡迎參加 2025 年第二季 Arista Networks 財務業績收益電話會議。（操作員指示）

As a reminder, this conference is being recorded and will be available for replay from the Investor Relations section on the Arista website following this call. Mr. Rudolph Araujo, Arista's Head of Investor Advocacy, 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。您可以由 Arista 投資者宣傳部主管 Rudolph Araujo 先生開始。

Thank you, Regina. Good afternoon, everyone, and thank you for joining us. With me on today's call are 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 June 30, 2025. If you want a copy of this release, you can access it online at our website.

今天下午，Arista Networks發布新聞稿，公佈了截至2025年6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 third quarter of the 2025 fiscal year, longer-term business model and financial outlook for the 2025 and beyond, our 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 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 管理階層將做出前瞻性陳述，包括與 2025 財年第三季的財務展望、2025年及以後的長期業務模式和財務展望、我們的總體目標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、庫存管理和業務的通脹壓力、交貨時間、產品創新、營運資本優化以及收購的好處，這些都受到我們在提交給 SEC 的不確定性文件中在表中，並可能導致實際結果與這些陳述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. This analysis of our Q2 results and our guidance for Q3 2025 is based on non-GAAP and excludes all noncash stock-based compensation impacts, certain acquisition required charges and other nonrecurring items. A full reconciliation of our selected GAAP to non-GAAP results is provided in our earnings release. With that, I will turn the call over to Jayshree.

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。我們對第二季業績的分析以及對 2025 年第三季的指引是基於非公認會計準則 (non-GAAP) 的，並且不包括所有非現金股票薪酬的影響、某些收購所需的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。說完這些，我會把電話轉給 Jayshree。

Thank you, Rudy, and thank you everyone for joining us this afternoon for our second quarter 2025 earnings call. Arista is experiencing momentum in our business, as demonstrated in our record Q2 2025 results. We achieved $2.2 billion this quarter, surpassing our plan by $100 million. Software and service renewals contributed approximately 16.3% of revenue.

謝謝你，魯迪，也謝謝大家今天下午參加我們的 2025 年第二季財報電話會議。Arista 的業務發展勢頭強勁，這從我們 2025 年第二季創紀錄的業績中可以看出。本季我們的銷售額達到了 22 億美元，超出計畫 1 億美元。軟體和服務續約貢獻了約16.3%的收入。

Our non-GAAP gross margins of 65.6% was influenced by efficient supply chain and inventory benefit, with a non-material tariff impact in the quarter. International contributions for the quarter registered strongly at 21.8%, with the Americas at 78.2%.

我們的非公認會計準則毛利率為 65.6%，這得益於高效的供應鏈和庫存效益，以及本季非實質關稅的影響。本季國際貢獻率強勁，達 21.8%，其中美洲貢獻率達 78.2%。

Reviewing our mid-year inflection point, our conviction with AI and cloud titans and enterprise customers has only strengthened. We began the year with a pragmatic guide of 17%, or $8.2 billion annual revenue, but as the year has progressed, we recognize the potential to build a truly transformational networking company, addressing a massive total available market. This feels to us like a unique, once-in-a-lifetime opportunity.

回顧我們年中的轉捩點，我們對人工智慧和雲端運算巨頭以及企業客戶的信心只會增強。我們以 17% 的務實指導價（即 82 億美元的年收入）開始今年的計劃，但隨著時間的推移，我們認識到建立一家真正具有變革性的網絡公司的潛力，可以滿足龐大的總體可用市場需求。對我們來說，這是一個千載難逢的獨特機會。

We therefore raise our 2025 annual growth to 25%, now targeting $8.75 billion in revenue, which is an incremental $550 million more due to our increased momentum that we are experiencing across AI, cloud, and enterprise sectors.

因此，我們將 2025 年的年增長率提高到 25%，目前的目標是收入達到 87.5 億美元，由於我們在人工智慧、雲端和企業領域的發展勢頭強勁，這一數字將增加 5.5 億美元。

It is important to appreciae that Arista’s AI Center strategy is complementing our data center focus to drive some of this increase. AI Centers consist of both scale-out front end and scale-up, scale-out combination for backend networks.

值得注意的是，Arista 的 AI 中心策略正在補充我們的資料中心重點，以推動這一成長。AI 中心由橫向擴展的前端和縱向擴展、橫向擴展的後端網路組合組成。

Scale-up backend networks consist of high bandwidth, low latency interconnects that tightly link multiple accelerators within a single rack as a unified compute system with workload parallelism. Today this is predominantly constructed with NVLink as a compute-attached I/O, but we do expect a move to open standards such as Ethernet or UALink in the next few years.

擴展後端網路由高頻寬、低延遲互連組成，將單一機架內的多個加速器緊密連接為具有工作負載並行性的統一運算系統。目前，它主要採用 NVLink 作為運算附加 I/O，但我們預計未來幾年將轉向乙太網路或 UALink 等開放標準。

Scale-out backend network is dedicated spines, interconnecting XPUs across racks, engineered for high bandwidth and minimal latency, thereby resulting in efficient parallel processing of massive training models. Here, InfiniBand is rapidly migrating to Ethernet based on the Ultra Ethernet Consortium specification released in June of 2025.

橫向擴展後端網路是專用主幹網，跨機架互連 XPU，旨在實現高頻寬和最小延遲，從而實現大規模訓練模型的高效並行處理。這裡，InfiniBand 正在根據 2025 年 6 月發布的超級乙太網路聯盟規範快速遷移到乙太網路。

Scale-out front end connects the back end clusters to external clouds, compute resources, storage, wide area networks, and data center interconnect to handle data ingestion, orchestration for AI, and cloud traffic in a leaf-spine network topology. Arista’s flagship, Etherlink and EOS are key hallmarks of scale-out networking with a wide breadth and depth of network protocol support.

橫向擴展前端將後端叢集連接到外部雲端、運算資源、儲存、廣域網路和資料中心互連，以處理葉脊網路拓撲中的資料提取、AI 編排和雲端流量。Arista 的旗艦產品 Etherlink 和 EOS 是橫向擴展網路的主要標誌，具有廣泛而深入的網路協定支援。

Introduced in 2024, Arista’s Etherlink portfolio is now 20-plus products with the most comprehensive and complete solution in the industry, especially for scale-out back end and scale-out front end networking. It highlights our accelerated networking approach, bringing a single point of network control and visibility differentiation and improved GPU utilization.

Arista 的 Etherlink 產品組合於 2024 年推出，目前已擁有 20 多種產品，擁有業界最全面、最完整的解決方案，尤其適用於橫向擴展後端和橫向擴展前端網路。它突出了我們的加速網路方法，帶來了單點網路控制和可見性差異化以及提高了 GPU 利用率。

Poor networks and bottlenecks lead to idle cycles on GPUs, wasting both capital GPU costs and operational expenses such as power and cooling. With 30% to 50% processing time spent in exchanging data over networks and GPU, the economic impact of building an efficient GPU cluster with good networking improves utilization, and this is super paramount.

網路不良和瓶頸會導致 GPU 處於空閒狀態，浪費 GPU 資本成本和電力、冷卻等營運費用。由於 30% 到 50% 的處理時間都花在透過網路和 GPU 交換資料上，因此建立一個具有良好網路的高效 GPU 叢集的經濟影響在於提高利用率，這是至關重要的。

Our stated goal of $750 million backend AI networking is well on track and gaining from nearly 0 revenue three years ago in 2022 to production deployments this year in 2025. As a reminder to you all, the backend AI is all incremental revenue and incremental market share to Arista.

我們提出的 7.5 億美元後端 AI 網路目標正在順利進行，並將從三年前 2022 年的近 0 收入成長到今年 2025 年的生產部署。提醒大家，後端 AI 對 Arista 來說都是增量收入和增量市場份額。

As large language models continue to expand into distributed training and inference use cases, we expect to see the back end and the front end converge and coalesce more together. This will make it increasingly difficult to parse the back end and the front end precisely in the future, but we do expect aggregate AI networking revenue to be ahead of the $1.5 billion in 2025 and growing in many years to come. We will elaborate more on this at Analyst Day in September, including our AI strategy and forecast.

隨著大型語言模型不斷擴展到分散式訓練和推理用例，我們期望看到後端和前端更加融合和結合在一起。這將使未來準確解析後端和前端變得越來越困難，但我們確實預計到 2025 年，人工智慧網路總收入將超過 15 億美元，並在未來許多年內持續成長。我們將在 9 月的分析師日上對此進行更詳細的闡述，包括我們的 AI 策略和預測。

What is crystal clear to us and our customers is that Arista continues to be the premier and preferred AI networking platform of choice for all flavors of AI accelerators. While the majority today is NVIDIA GPUs, we're entering early pilots connecting with alternate AI accelerators, including startup XPUs, the AMD MI series, and in AI and Titan customers who are building their own XPUs.

對於我們和我們的客戶來說，非常清楚的是，Arista 仍然是所有類型 AI 加速器的首選 AI 網路平台。雖然目前大多數都是 NVIDIA GPU，但我們正在進入連接替代 AI 加速器的早期試點，包括新創的 XPU、AMD MI 系列以及正在建立自己的 XPU 的 AI 和 Titan 客戶。

As we continue to progress with our top 4 AI Titan customers, AI is also spreading its wings into the enterprise and neo-cloud sectors, and we are winning approximately 25 to 30 customers to date. The rise in agentic AI ensures any-to-any conversations with bi-directional bandwidth utilization. Such AI agents are pushing the envelope of LAN and WAN traffic patterns in the enterprise.

隨著我們與前四大 AI Titan 客戶不斷取得進展，AI 也正在向企業和新雲端領域擴展，迄今為止我們已贏得約 25 至 30 個客戶。代理人工智慧的興起確保了任意對話的雙向頻寬利用。此類人工智慧代理正在突破企業中 LAN 和 WAN 流量模式的極限。

So speaking of WAN, we are very pleased to announce the purchase of SD-WAN leader VeloCloud to offer modern branches in the agentic AI era. VeloCloud’s secure AI-optimized WAN portfolio offers seamless application-aware solutions to connect customer branch sites, complementing Arista’s leading spines in the data center and campus.

說到 WAN，我們非常高興地宣布收購 SD-WAN 領導者 VeloCloud，為代理 AI 時代提供現代化的分公司。VeloCloud 的安全 AI 優化 WAN 產品組合提供無縫的應用感知解決方案來連接客戶分支站點，補充了 Arista 在資料中心和園區的領先主幹網路。

In a classic leaf-spine atomic identifier, we are enabling multipathing, encryption, inbound network telemetry, segmentation, application identification, and traffic engineering across distributed enterprise sites. We are so excited to fill this missing void in our distributed enterprise puzzle to bring that holistic branch solution. This also increases our foothold with managed service providers, MSPs, as an important route to market for our distributed campus and branch offerings.

在經典的葉脊原子識別碼中，我們支援跨分散式企業站點的多路徑、加密、入站網路遙測、分段、應用程式識別和流量工程。我們非常高興能夠填補分散式企業難題中的這一空白，並帶來整體分支解決方案。這也增強了我們與託管服務供應商 (MSP) 的立足點，使其成為我們分散式校園和分公司產品進入市場的重要途徑。

We also intend to work closely with best-of-breed security partners to enable SASE overlays. Please do note that Velo is not material in 2025, and we have some work to do to restore annual revenue back to pre-Broadcom levels.

我們還打算與一流的安全合作夥伴密切合作，以實現 SASE 覆蓋。請注意，Velo 在 2025 年並不重要，我們還需要做一些工作才能將年收入恢復到收購 Broadcom 之前的水平。

Last quarter, I shared the development and internal promotions of several tenured executives at Arista to bolster our leadership. They displayed that strong cultural synergy and a mission to ignite innovation and delight our customers.

上個季度，我分享了 Arista 幾位終身主管的發展和內部晉升情況，以增強我們的領導力。他們展現了強大的文化協同作用以及激發創新、取悅客戶的使命。

As we enter the next phase of Arista 2.0, growing from $5.8 billion in 2023 to a forecasted $10 billion revenue in 2026, we rely on this trifecta foundation of great customers, innovative products, and great next-gen leaders to achieve this.

隨著我們進入 Arista 2.0 的下一階段，從 2023 年的 58 億美元增長到 2026 年預計的 100 億美元收入，我們依靠優質客戶、創新產品和優秀的下一代領導者這一三重基礎來實現這一目標。

I am so thrilled to welcome Todd Nightingale as Arista's President and Chief Operating Officer. Todd brings that incredible passion for networking with his over two decades of technical leadership in Meraki, Cisco, and most recently, CEO of Fastly. In just a month, he is epitomizing the Arista way, and I'm really looking forward to his impactful contributions to boost Arista's overall campus and enterprise operations. Todd, welcome to your first earnings call. How does it feel to be here?

我非常高興地歡迎 Todd Nightingale 擔任 Arista 總裁兼營運長。Todd 在 Meraki、思科擔任技術領導超過二十年，最近還擔任 Fastly 的首席執行官，他對網路有著極大的熱情。在短短一個月內，他已經成為 Arista 之道的典範，我非常期待他能做出有影響力的貢獻，以促進 Arista 的整體校園和企業運作。托德，歡迎參加你的第一次財報電話會議。來到這裡感覺怎麼樣？

It's amazing. It's only been a month, but I can't tell you how impressed I am with the passion and focus of the team, the trust that Arista customers have in the technology, and the enormous opportunity we have ahead of us in data center, AI, and in the campus.

太神奇了。雖然才過了一個月，但我無法形容團隊的熱情和專注、Arista 客戶對技術的信任以及我們在資料中心、人工智慧和校園領域面臨的巨大機會給我留下了多麼深刻的印象。

I'll be primarily focused on our enterprise customer engagement, bringing new customers to Arista and operational excellence across the organization. Personally, I'm so incredibly excited to be back in networking, and I'm truly, truly honored to be here. Thank you so much, Jayshree.

我將主要專注於我們的企業客戶參與，為 Arista 帶來新客戶並實現整個組織的卓越營運。就我個人而言，我非常高興能夠重返網路界，我真的非常榮幸能夠來到這裡。非常感謝，Jayshree。

Thank you, Todd. It's going to be a fun journey here with us, it's really an unprecedented time in networking where Arista is so uniquely positioned to enable the modern network transformation. And with that, my dear friend Chantelle, over to you, our CFO for the financial specifics.

謝謝你，托德。與我們一起，這將是一次有趣的旅程，這確實是網路領域前所未有的時代，Arista 擁有獨特的優勢，可以實現現代網路轉型。現在，我親愛的朋友 Chantelle，交給我們財務長來負責財務細節。

Thank you, Jayshree. With that as the backdrop of our strong business outlook, let me now take us through the metrics that underscore our momentum. Total revenues in Q2 were $2.2 billion, up 30.4% year over year, above our guidance of $2.1 billion. This was supported by strong growth across all of our product sectors.

謝謝你，Jayshree。在我們強勁的業務前景的背景下，現在讓我向我們介紹一下體現我們發展勢頭的指標。第二季總營收為 22 億美元，年增 30.4%，高於我們預期的 21 億美元。這得益於我們所有產品領域的強勁成長。

International revenues for the quarter came in at $481 million, or 21.8% of total revenue, up from 20.3% in the prior quarter. This quarter-over-quarter increase was driven by a relatively stronger performance in our EMEA region. The overall gross margin in Q2 is 65.6%, above our guidance of 63%, up from 64.1% last quarter, and up from 65.4% in the prior year quarter. This quarter-over-quarter gross margin improvement was primarily driven by improved inventory management and related excess and obsolescence reserves.

本季國際營收為 4.81 億美元，佔總營收的 21.8%，高於上一季的 20.3%。這一季度環比成長得益於我們歐洲、中東和非洲地區相對強勁的表現。第二季的整體毛利率為 65.6%，高於我們的預期 63%，高於上一季的 64.1%，也高於去年同期的 65.4%。毛利率環比成長主要得益於庫存管理的改善以及相關的過剩和過時儲備。

Operating expenses for the quarter were $370.6 million, or 16.8% of revenue, up from last quarter at $327.4 million. R&D spending came in at $243.3 million, or 11% of revenue, up from $209.4 million in the last quarter. This primarily reflected higher new product introduction costs in the period.

本季營運費用為 3.706 億美元，佔營收的 16.8%，高於上季的 3.274 億美元。研發支出為 2.433 億美元，佔營收的 11%，高於上一季的 2.094 億美元。這主要反映了該期間新產品推出成本的增加。

Sales and marketing expense was $105.3 million, or 4.8% of revenue, compared to $94.3 million last quarter, inclusive of a continued focus on our partner programs. Our G&A cost came in at $22 million, or 1% of revenue, down from last quarter at $23.7 million. Our operating income for the quarter was $1.08 billion, crossing $1 billion for the first time in Arista's history, landing at 48.8% of revenue.

銷售和行銷費用為 1.053 億美元，佔收入的 4.8%，而上一季為 9,430 萬美元，其中包括繼續關注我們的合作夥伴計畫。我們的一般及行政費用為 2,200 萬美元，佔營收的 1%，低於上一季的 2,370 萬美元。本季我們的營業收入為 10.8 億美元，這是 Arista 史上首次突破 10 億美元，佔營收的 48.8%。

Other income and expenses for the quarter was a favorable $88.6 million, and our effective tax rate was 20.7%. This resulted in net income for the quarter of $923.5 million, or 41.9% of revenue. Our diluted share number was 1.271 billion shares, resulting in a diluted earnings per share number for the quarter of $0.73, up 37.7% from the prior year.

本季其他收入和支出為 8,860 萬美元，有效稅率為 20.7%。這使得本季淨收入達到 9.235 億美元，佔營收的 41.9%。我們的稀釋股數為 12.71 億股，導致本季每股稀釋收益為 0.73 美元，比上年增長 37.7%。

Now onto the balance sheet. Cash equivalents and investments ended the quarter at $8.8 billion. In the quarter, we repurchased $196 million of our common stock at an average price of $80.70 per share. Of the $1.5 billion repurchase program approved in May 2025, $1.4 billion remains available for 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.

現在來看資產負債表。本季末現金等價物及投資為 88 億美元。本季度，我們以每股 80.70 美元的平均價格回購了 1.96 億美元的普通股。在 2025 年 5 月批准的 15 億美元回購計畫中，仍有 14 億美元可在未來幾季回購。未來回購的實際時間和金額將取決於市場和商業狀況、股票價格和其他因素。

Now, turning to operating cash performance for the second quarter, we generated approximately $1.2 billion in cash from operations in the period, the highest in Arista's history, reflecting a strong business model performance. DSOs came in at 67 days, up from 64 days in Q1, driven by billing linearity. Inventory turns were 1.4 times, flat to last quarter. Inventory increased to $2.1 billion in the quarter, up from $2 billion in the prior period, reflecting an increase in our finished goods inventory, which is an outcome of our global tariff and supply chain management.

現在，談到第二季的營運現金表現，我們在該期間從營運中產生了約 12 億美元的現金，這是 Arista 歷史上的最高水平，反映了強勁的商業模式表現。由於計費線性，DSO 為 67 天，高於第一季的 64 天。庫存週轉率為1.4次，與上一季持平。本季庫存從上一季的 20 億美元增加到 21 億美元，反映了我們的成品庫存的增加，這是我們全球關稅和供應鏈管理的結果。

Our purchase commitments and inventory at the end of the quarter totaled $5.7 billion, up from $5.5 billion at the end of Q1. We expect this number to stabilize as supplier lead times improve, but we will continue to have some variability in future quarters as a reflection of demand for our new product introductions.

我們本季末的採購承諾和庫存總額為 57 億美元，高於第一季末的 55 億美元。我們預計，隨著供應商交貨時間的縮短，這一數字將會穩定下來，但未來幾季我們仍將出現一些波動，以反映對我們新產品推出的需求。

Our total deferred revenue balance was $4.1 billion, up from $3.1 billion in Q1. The majority of the deferred revenue balance is services-related and directly linked to the timing and terms of service contracts, which can vary on a quarter-by-quarter basis.

我們的遞延收入總額餘額為 41 億美元，高於第一季的 31 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條款直接相關，這些時間和條款可能會按季度變化。

Our product deferred revenue increased approximately $687 million versus last quarter. We remain in a period of ramping our new products, winning new customers, and expanding new use cases, including AI. These trends have resulted in increased customer-specific acceptance clauses and an increase in the volatility of our product deferred revenue balances.

我們的產品遞延收入較上一季增加了約 6.87 億美元。我們仍處於推出新產品、贏得新客戶和擴展新用例（包括人工智慧）的時期。這些趨勢導致客戶特定的接受條款增加，並增加了我們產品遞延收入餘額的波動性。

As mentioned in prior quarters, the deferred balance can move significantly on a quarterly basis independent of underlying business drivers. Accounts payable days was 65 days, up from 49 days in Q1, reflecting the timing of inventory receipts and payments. Capital expenditures for the quarter were $24 million. In October 2024, 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 2025 for this project.

正如前幾季所提到的，遞延餘額可能會根據季度發生顯著變化，而與底層業務驅動因素無關。應付帳款天數為 65 天，高於第一季的 49 天，反映了庫存收款和付款的時間。本季資本支出為 2400 萬美元。2024 年 10 月，我們開始在聖克拉拉建造擴建設施的初步建設工作，預計 2025 財年該項目的資本支出約為 1 億美元。

Now, turning to guidance. Building on this strong Q2 first-half performance, we expect continued momentum in the quarters ahead. Let's first start with our outlook for fiscal year 2025. As Jayshree mentioned, revenue growth is now estimated to be approximately 25%, or $8.75 billion. This is fueled by demand across AI, cloud, and enterprise sectors and demonstrates that Arista's focus on pure-play networking is meeting the innovation needs of the market.

現在，轉向指導。基於第二季上半年的強勁表現，我們預計未來幾季將持續保持強勁勢頭。讓我們先從 2025 財年的展望開始。正如 Jayshree 所提到的，目前預計營收成長約 25%，即 87.5 億美元。這是由人工智慧、雲端和企業領域的需求推動的，表明 Arista 對純網路的關注正在滿足市場的創新需求。

One item to note, of this revenue guide raise, we are now increasing our campus revenue target to be between $750 million to $800 million, inclusive of the minimal amount expected from the VeloCloud acquisition in FY25. We are excited to welcome VeloCloud to our team. And as stated earlier, we are working through integrating and enhancing the business model to better serve our customers.

需要注意的是，在此次收入指南上調中，我們目前將校園收入目標提高至 7.5 億美元至 8 億美元之間，其中包括 25 財年收購 VeloCloud 預計獲得的最低金額。我們很高興歡迎 VeloCloud 加入我們的團隊。正如之前所說，我們正在透過整合和加強業務模式來更好地服務我們的客戶。

For gross margin, a range is expected to be approximately 63% to 64%, inclusive of possible non-tariff scenarios, and benefiting from improved inventory management. For operating margin, the outlook is approximately 48%, a testament to the ability of Arista to scale efficiently and effectively.

就毛利率而言，預計範圍約為 63% 至 64%，包括可能的非關稅情景，並受益於庫存管理的改善。對於營業利潤率，預期約為 48%，這證明了 Arista 高效且有效地擴展的能力。

Given the strength of our business and visibility into customer demand, here is our guidance for the Q3 quarter: revenue of approximately $2.25 billion, continuing to serve our customers and win new logos across AI, data, WAN, and campus centers. Gross margin of approximately 64%, inclusive of possible non-tariff scenarios, operating margin of approximately 47%, and an effective tax rate expected to be approximately 21.5% with approximately 1.275 billion diluted shares.

鑑於我們業務的實力和對客戶需求的可見性，以下是我們對第三季度的指導：收入約為 22.5 億美元，繼續為我們的客戶提供服務並在 AI、數據、WAN 和校園中心贏得新標誌。毛利率約 64%，包括可能的非關稅情景，營業利潤率約為 47%，預計有效稅率約為 21.5%，稀釋股份約為 12.75 億股。

In closing, this is a great time to be an innovative networking leader. We are halfway through the year with solid momentum and are clear on our execution priorities. This makes us confident and excited in our ability to finish the year strongly. In closing, I would also like to wish Todd a very warm welcome to the Arista team. I will now turn the call back to Rudy for Q&A.

最後，現在是成為創新網路領導者的絕佳時機。今年已過一半，我們勢頭強勁，並且明確了我們的執行重點。這讓我們對能夠強勢結束今年的比賽充滿信心和興奮。最後，我也要熱烈歡迎 Todd 加入 Arista 團隊。現在我將把電話轉回給 Rudy 進行問答。

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

謝謝你，Chantelle。我們現在進入 Arista 收益電話會議的問答部分。為了讓更多人參與，我請求大家只問一個問題。感謝您的體諒。里賈娜，請把它拿走。

(Operator Instructions) George Notter, Wolfe Research

（操作員指令）George Notter，Wolfe Research

Appreciate it. I guess, I wanted to -- the results are terrific, certainly, but I wanted to ask about the competitive environment. I know many investors in recent weeks and months have been looking at some of the growth at Celestica and certainly NVIDIA's networking business and kind of projecting some of that strength on as being negative for Arista.

非常感謝。我想，我想——結果當然很棒，但我想問競爭環境。我知道最近幾週和幾個月來許多投資者一直在關注 Celestica 和 NVIDIA 的網路業務的成長，並將這些成長優勢預測為對 Arista 不利。

I guess I was just curious about your perspective on that. How you see the competitive environment? How you see your differentiation? Anything you can say there would be great.

我想我只是好奇你對此的看法。您如何看待競爭環境？您如何看待自己的差異化？無論你說什麼都會很棒。

Sure, George, and welcome to Wolfe. Thank you for the wishes. Look, we've always lived in a very competitive industry, whether it was -- it is, I shouldn't say it was Cisco or specific networking vendors. And we acknowledge the NVIDIA's participation both with InfiniBand and bundling with the GPUs. We've always acknowledged the coexistence with white box.

當然，喬治，歡迎來到沃爾夫。謝謝你們的祝福。你看，我們一直生活在一個競爭非常激烈的行業，無論是——我不應該說是思科還是特定的網路供應商。我們承認 NVIDIA 參與了 InfiniBand 以及與 GPU 的捆綁。我們一直承認與白盒的共存。

So from our perspective, the competitive landscape has not changed. It's more of the same. But I recognize that the chatter was louder. And we understand that given the volatility of some of our customers, some years and some quarters are better. So I think some of the chatter was louder because our Meta share wasn't growing the same way as it did year-over-year in the prior years.

因此從我們的角度來看，競爭格局並沒有改變。情況大致相同。但我意識到談話聲更大了。我們明白，考慮到我們一些客戶的波動性，有些年份和某些季度的情況會更好。因此，我認為一些討論之所以更加激烈，是因為我們的 Meta 份額並沒有像前幾年那樣實現逐年增長。

But from our perspective, our innovation and differentiation has never been stronger at a platform performance level, at a feature level. And I want to add a third one, which is at a customer intimacy level. They are so appreciative of the support, the quality, and the way we approach how to solve their problems. So no change in our environment on innovation. There's plenty of chatter outside. I appreciate that. I understand that, and I hope we have proved the naysayer is wrong.

但從我們的角度來看，我們在平台性能層面和功能層面的創新和差異從未如此強大。我想補充第三個，即客戶親密度層面。他們非常感謝我們的支持、品質以及解決他們問題的方法。因此我們的創新環境並沒有改變。外面有很多閒聊聲。我很感激。我理解這一點，我希望我們已經證明反對者是錯的。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

I guess just on some of the strength that you're seeing in terms of cloud. I know it's getting increasingly hard to kind of differentiate front-end and back-end. But do you attribute some of the upside that you're seeing this year towards starting to see front-end upgrades maybe quicker than expected? Or is this just kind of back-end demand being stronger than expected?

我想這只是您在雲端方面看到的一些優勢。我知道區分前端和後端變得越來越困難。但是，您是否將今年看到的一些好處歸因於前端升級可能比預期更快？或者這只是後端需求比預期更強？

Thanks, Meta. No, if you recall two, three years ago, maybe it's hard to remember all of that, I was actually very worried that the cloud spending had a little bit frozen. And all of the excitement and enthusiasm was going towards GPU and how big is your GPU cluster, that kind of thing.

謝謝，Meta。不，如果你回想兩三年前，也許很難記住所有這些，我實際上非常擔心雲端運算支出已經有點凍結。所有的興奮和熱情都集中在 GPU 上，以及你的 GPU 叢集有多大，諸如此類的事情。

We now see it coming back and the pendulum swinging into a more balanced deployment of both cloud and AI. And I think as a result of all these AI deployments, as I've often said, the traffic patterns of cloud and AI are very different. The diversity of the flows, the distribution of the flows, the fidelity of the flows, the duration, the size and intensity.

現在我們看到它正在回歸，並且鐘擺正在擺向雲端運算和人工智慧更加平衡的部署。我認為，由於所有這些人工智慧部署，正如我經常說的那樣，雲端和人工智慧的流量模式非常不同。流動的多樣性、流動的分佈、流動的保真度、持續時間、規模和強度。

So all of that AI traffic and deployments we have done and others have done is now putting pressure on the front-end cloud as well. So that's why it's going to get -- we wanted to measure ourselves as purely on the native GPU connections. But going forward, we see a much more distributed topology of cloud and AI sort of combining together.

因此，我們和其他人所做的所有 AI 流量和部署現在也給前端雲端帶來了壓力。所以這就是為什麼我們要——純粹根據本機 GPU 連接來衡量自己。但展望未來，我們將看到雲端和人工智慧以更分散的拓撲結構結合在一起。

And it's not like HPC clusters where they'll build one and tear it down. When they build an AI cluster, it's very expensive. It's like diamonds. And they want to take advantage of that and bring it forward to other cloud resources as well.

它不像 HPC 叢集那樣可以先建一個，然後再拆掉。當他們建立一個人工智慧叢集時，成本非常高。就像鑽石一樣。他們希望利用這一點並將其推廣到其他雲端資源。

So to the point -- the question you were asking, our increased $550 million had a little bit of Velo, not material, as Chantelle reminds me, but a lot of cloud and AI as well as enterprise campus.

所以回到重點——你問的問題是，我們增加的 5.5 億美元中有一點 Velo，不是物質方面的，正如 Chantelle 提醒我的那樣，但有很多雲端和 AI 以及企業園區。

Ryan Koontz, Needham & Company.

瑞安·孔茨 (Ryan Koontz)，Needham & Company。

I want to ask maybe a question for Todd, Jayshree. Just about the fit for Velo with your traditional go-to-market motion, which has been heavily direct and you expect Velo to really beef up your channel efforts and working with these MSPs. Can you expand that a little bit?

我想問 Todd、Jayshree 一個問題。Velo 與您傳統的行銷策略非常契合，這種策略非常直接，您希望 Velo 能夠真正加強您的管道努力並與這些 MSP 合作。能稍微詳細解釋一下嗎？

Yeah. I think it's incredibly complementary on two fronts. One is it fills an enormous hole in the enterprise campus portfolio for the distributed branch. And being able to bring Velo technology through our traditional Arista channel gives us an opportunity to cross-sell SD-WAN into so many existing campus accounts with the existing Arista go-to-market, which is amazing.

是的。我認為從兩個方面來說，這是非常互補的。一是它填補了企業園區分佈式分公司產品組合中的巨大空白。並且能夠透過我們傳統的 Arista 管道引入 Velo 技術，使我們有機會利用現有的 Arista 行銷將 SD-WAN 交叉銷售到眾多現有的校園帳戶中，這真是太棒了。

But Velo has a really strong MSP motion. We're pushing really hard right now in really embracing that not just to continue the Velo's success, but to now bring all of Arista's portfolio through that same channel through those same partners and really embrace that MSP motion and use the Velo intellectual property in their business operation in order to learn from that and bring that MSP motion to all of Arista's portfolio.

但 Velo 的 MSP 運動確實很強大。我們現在正竭盡全力擁抱這一點，不僅是為了延續 Velo 的成功，而且現在要通過相同的合作夥伴，將 Arista 的所有產品組合帶入相同的渠道，真正擁抱 MSP 動議，並在其業務運營中使用 Velo 知識產權，以便從中學習，並將 MSP 動議帶到 Arista 的所有產品組合中。

Well said, Todd. Sometimes with the engine and sometimes with the caboose. In the case of the MSP, we're definitely going to leverage the strength of Velo.

說得好，托德。有時用火車頭，有時用守車。在 MSP 的情況下，我們肯定會利用 Velo 的優勢。

Antoine Chkaiban, New Street Research.

Antoine Chkaiban，New Street Research。

Can you please remind us what's required for scale-up technologies and how that differs from scale-outs? Are traffic patterns more predictable, easier to manage? And how do you see the competitive dynamic evolving? Does this create more differentiation for Arista or more room for white box compared to scale-out?

您能否提醒我們擴大規模技術需要什麼以及它與擴大規模有何不同？交通模式是否更可預測、更易於管理？您如何看待競爭態勢的演變？與橫向擴展相比，這是否會為 Arista 創造更多差異化或為白盒帶來更多空間？

Yeah. So first of all, I would say that scale-up is a new and unique requirement. And it particularly is going to come in as people start building more and more AI racks, right? So when you're building an AI rack and you want to boost the ratings and performance of an individual rack or cluster and your XPU ratings gets bigger and bigger, you often need a very simple interconnect, right?

是的。首先，我想說擴大規模是一個新的、獨特的要求。隨著人們開始建造越來越多的 AI 機架，它將會特別流行，對嗎？因此，當您建立 AI 機架並希望提高單一機架或叢集的額定值和效能，並且您的 XPU 額定值越來越大時，您通常需要一個非常簡單的互連，對嗎？

This interconnect in the past has been PCIe Express, CXL. And now you're seeing a lot of NVIDIA NVLink where you can really collapse your system board and XPU socket into an I/O. It's almost not a network, it's an I/O. It's a back-end to a back-end, if I can call it that, right?

過去這種互連是 PCIe Express、CXL。現在，您會看到很多 NVIDIA NVLink，您可以將系統板和 XPU 插槽真正折疊成 I/O。它幾乎不是一個網絡，而是一個 I/O。這是一個後端到後端，如果我可以這麼稱呼它的話，對嗎？

And so scale-up networks will be an incremental new market as Arista pursues it. Today, majority of that market lies inside a compute network structure and isn't something Arista is participating in. But we are very encouraged by the standards for Scale-Up Ethernet that Broadcom has initiated and we're big fans of. We think that Ethernet as a transport protocol is going to favor Arista and Broadcom very much. And any little bit of incremental share we get there will be better than the zero we have right now.

因此，隨著 Arista 的進軍，擴大規模網路將成為一個新的增量市場。如今，該市場的大部分位於運算網路結構內，而 Arista 並未參與其中。但是，我們對 Broadcom 發起的 Scale-Up 乙太網路標準感到非常鼓舞，我們是其忠實粉絲。我們認為乙太網路作為傳輸協定將對 Arista 和 Broadcom 非常有利。我們獲得的任何一點增量份額都會比我們現在的零份額要好。

We also think UALink is another spec that's coming out, and that may run as an overlay on top of an Ethernet underlay. There needs to be some firm standards there because today, scale-up is frankly all proprietary NVLink. And we're encouraged by -- just like we worked hard to found the Ultra Ethernet Consortium as a member for some of the back-end Ethernet and the migration from InfiniBand to Ethernet is literally happening in three to five years. We expect the same phenomenon on scale-up.

我們也認為 UALink 是另一個即將推出的規範，它可能會作為乙太網路底層之上的覆蓋層運作。那裡需要一些堅定的標準，因為今天，擴展坦率地說都是專有的 NVLink。我們感到鼓舞——就像我們努力創建超級乙太網路聯盟並成為一些後端乙太網路的成員一樣，從 InfiniBand 到乙太網路的遷移實際上將在三到五年內發生。我們預計在擴大規模時也會出現同樣的現象。

Amit Daryanani, Evercore.

阿米特·達亞納尼 (Amit Daryanani)，Evercore。

Congrats on a nice set of numbers here. Jayshree, as I think about the 25% guide that you folks are talking about for the full year, which is really impressive. Can you just talk about what are you seeing specifically that's enabling you to raise your guide from 17% to 25%? Just what markets or what vectors are you seeing that make you feel better about it? And then do you see the potential for this higher growth to be more durable as Arista realizes this once-in-a-lifetime opportunity as you talked about in your call?

恭喜您取得了一組不錯的成績。Jayshree，我想到你們談論的全年 25% 的指導，這確實令人印象深刻。您能否具體談談您看到了什麼，使得您將指導值從 17% 提高到 25%？您看到的哪些市場或哪些載體讓您感覺更好？那麼，正如您在電話中提到的那樣，隨著 Arista 意識到這個千載難逢的機會，您是否認為這種更高成長的潛力會更加持久？

Okay. Well, thank you for the wishes, Amit. As you know, it's not easy to execute on large numbers. So durable board gets harder and harder as the numbers get bigger and bigger. But we've always believed in a CAGR of mid-teens. We've always believed in double digits. So we hope we will continue to grow for many years to come in those kind of numbers.

好的。好吧，謝謝你的祝福，阿米特。正如您所知，執行大數字並不容易。因此隨著數字越來越大，耐用的板子變得越來越難。但我們始終相信複合年增長率將達到十幾歲。我們始終相信兩位數。因此，我們希望在未來的許多年裡我們能夠繼續保持這樣的成長。

Coming back to your question, I think when we guided the year pragmatically back in February, what Chantelle and I saw was a lot of activity, but not a lot of confirmation. Sitting here in August now, that activity has translated in all three sectors into a lot of confirmation. Enterprise campus, I couldn't be more bullish. We had a record quarter in terms of demand. Obviously, we had to ship, but it's the strongest we felt.

回到你的問題，我認為當我們在二月務實地指導今年的工作時，Chantelle 和我看到的是很多活動，但沒有很多確認。現在已經是八月了，這三個領域的活動都得到了大量的證實。對於企業園區，我非常樂觀。就需求而言，我們本季創下了紀錄。顯然，我們必須發貨，但這是我們感受到的最強烈的壓力。

And as Todd might appreciate, since he created a lot of Meraki, as you look at the campus, this is going to be very strategic, very large and very important because it's a large TAM of $25 billion to $30 billion. So getting new logos, getting our value and our differentiation, especially in the post-pandemic era, understood in terms of wired, wireless, IoT, segmentation security, Zero Trust, zero-touch provisioning was critical. We saw that shift happen in the first half of this year.

正如托德可能意識到的那樣，由於他創建了 Meraki 的大部分內容，所以從園區來看，這將具有非常大的戰略意義、非常大、非常重要，因為它的 TAM 規模很大，達到 250 億美元到 300 億美元。因此，獲得新的標誌、獲得我們的價值和差異化，尤其是在後疫情時代，從有線、無線、物聯網、分段安全、零信任、零接觸配置等方面理解至關重要。我們在今年上半年看到了這種轉變。

On AI, I don't need to tell you that despite losing one of our key anchor customers, the fifth customer was a sovereign AI customer that's pretty much out of these numbers. We were still able to, we believe, achieve $750 million in back-end targets revenue and exceed $1.5 billion for the year. Exact numbers, we'll know when we finally ship. We can't give you those specifics now.

關於人工智慧，我不需要告訴你，儘管我們失去了一個關鍵的主力客戶，但第五個客戶是一個主權人工智慧客戶，其數量幾乎超出了這些數字。我們相信，我們仍然能夠實現 7.5 億美元的後端目標收入，並且全年收入將超過 15 億美元。確切的數字，我們最終發貨時就會知道。我們現在無法向您提供這些具體資訊。

But despite losing one customer, we're having a lot of activity in the four big ones. And it's pleasantly a surprise to us to see the advent of enterprise and even some new clouds. The numbers are small. It's not as big as the large titans, but it's all adding up.

儘管失去了一個客戶，但我們在四大客戶中仍然進行了大量活動。我們驚喜地看到企業甚至一些新雲的出現。數量很少。它雖然不如大型巨人那麼大，但都是累積起來的。

And then the third thing, as I was telling Meta was the cloud itself. When you start putting that kind of pressure on performance and bandwidth and capacity on the back end of the network, eventually, you've got to go refresh the front-end cloud. So we're seeing many more migrations from 100 to 400 gig and even 800, and that's helping. So all three are contributing to this new growth we are projecting for the year.

然後第三件事，正如我告訴 Meta 的那樣，就是雲本身。當你開始對網路後端的效能、頻寬和容量施加這種壓力時，最終你必須刷新前端雲端。因此，我們看到越來越多的資料從 100 千兆遷移到 400 千兆甚至 800 千兆，這很有幫助。因此，這三者都為我們今年預測的新成長做出了貢獻。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

I just have one and one follow-up. I guess for Chantelle. I'm just wondering if you could just comment a little bit more on the deferred revenue or the billings growth. What was the primary driver there? And I was wondering if that was a contributor to the magnitude of the guidance increase that we saw.

我只有一個和一個後續行動。我想是為 Chantelle 準備的。我只是想知道您是否可以對遞延收入或帳單成長發表更多評論。那裡的主要驅動因素是什麼？我想知道這是否是導致我們所看到的指導增加幅度的一個因素。

And then second, Jayshree, you mentioned the path towards $10 billion in 2026. Quite a ways out, but maybe you can just speak to some of the things that you're seeing. I know you talked a lot through it, but the confidence in that number and things that could break in the right way that could result in that number even being better.

其次，Jayshree，您提到了 2026 年實現 100 億美元目標的路徑。雖然還有很長的路要走，但也許您可以談談您所看到的一些事情。我知道你已經談論了很多，但是對這個數字的信心以及以正確的方式打破的事情可能會使這個數字變得更好。

Yeah. I think for the first one, thank you for your question, it's in sense of from the deferred balance between products and services, this is indicative of new product, new use case, AI, as I mentioned in my remarks. And it's across those categories.

是的。我認為對於第一個問題，感謝您的提問，從產品和服務之間的延遲平衡意義上來說，這表明了新產品、新用例、人工智慧，正如我在評論中提到的那樣。它跨越了這些類別。

And as far as this year, the deferred is going to be this year, next year because it's 12, 18, 24 months. Some of the use cases that we have in there, to your point. So it's always helpful to have the deferred revenue balance growing.

就今年而言，延期將是今年、明年，因為是 12、18、24 個月。正如您所說，我們有一些用例。因此，遞延收入餘額的成長總是有幫助的。

It does move and does move with volatility given some of the sizes of some of these new use cases and new product introductions. So more to come, but we don't guide it. So I would say that those are the factors that go into it for your question. And then Jayshree, did you want to mention?

考慮到一些新用例和新產品推出的規模，它確實會發生變化，並且會波動。未來還會有更多，但我們不會對其進行指導。所以我想說這些就是你提出的問題所涉及的因素。然後 Jayshree，想提一下嗎？

Yes. Thank you, Michael. A couple of things. Even on '25, I think the parallel for me to, because I'm such a historian and I have so many years behind me, if you look at the cloud, we had a lot of deferred. And on one hand, I can tell you guys, don't pay attention it. It will eventually come out and something will come in.

是的。謝謝你，麥可。有幾件事。即使在 25 年，我認為對我來說也是相似的，因為我是歷史學家，我已經有很多年的歷史了，如果你看一下雲，我們有很多推遲的事情。一方面，我可以告訴你們，不要理會它。它最終會出現，並且會有一些東西會出現。

But it is a very high level of experimentation with new GPUs, traffic patterns, the number of GPUs and location of the GPUs, the distribution of GPUs, the traffic patterns, there's a lot more work going on there. And customers are experimenting. Customers are seeing GPUs every 18 months.

但這是對新 GPU、流量模式、GPU 數量和 GPU 位置、GPU 分佈、流量模式的非常高水準的實驗，還有很多工作要做。客戶們也正在進行嘗試。客戶每 18 個月就會看到一次 GPU。

We have to adapt to that. We have to look at performance. We have to look at high availability. We have to look at automation visibility. So it's a nontrivial amount of complex work.

我們必須適應這一點。我們必須關注績效。我們必須考慮高可用性。我們必須考慮自動化可見性。所以這是一項相當複雜的工作。

And by the way, often these are not brand new. It's part of a brownfield where we're trying to do all this. The car is running at 100 miles an hour, and we're trying to add AI to it kind of problem. So don't underestimate that this deferred that's been going on since last year will continue this year and perhaps next as well. And the length of deferred is taking longer.

順便說一句，這些東西通常都不是全新的。它是棕地的一部分，我們正試圖在那裡完成所有這些工作。汽車以每小時 100 英里的速度行駛，我們正嘗試將人工智慧添加到該問題中。因此，不要低估這種自去年以來一直存在的延期現象今年將會持續，甚至明年也可能會繼續。而且延期的時間也越來越長。

So on one hand, I'll say, don't pay too much attention to it. Sometimes it will come out, sometimes it will go in. On the other hand, this is definitely more because of AI than anything else. In terms of 2026, I think it's only fair we save Analyst Day for that. We did announce that.

所以一方面，我想說，不要太在意它。有時候它會出來，有時候它會進去。另一方面，這肯定更多是因為人工智慧而不是其他因素。就 2026 年而言，我認為將分析師日保留為此才是公平的。我們確實宣布了這一點。

But look, I would be remiss if I didn't tell you, I'm very proud of the team. And we're looking to achieve $10 billion in revenue in 2026, two years ahead of schedule. I promised you guys that back in the last Analyst Day in 2028. So there you go. That's the headline.

但是，如果我不告訴你，那我就太失職了，我為這個團隊感到非常自豪。我們的目標是到 2026 年實現 100 億美元的收入，比計畫提早兩年。我在 2028 年的上一次分析師日上就向你們承諾過這一點。就這樣吧。這就是標題。

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

I know you don't like to give us specifics on customer contributions. I guess what I'm really trying to see if you could help us is understanding how that might be shifting given that it does seem like there should be some broadening with the Neoclouds, the sovereigns and enterprise. But at the same time, some of your biggest customers are growing their spending significantly. So any clues or hints or quantification you can offer to help us better appreciate what your concentration and largest customer mix looks like and is trending towards?

我知道您不喜歡向我們提供有關客戶貢獻的具體資訊。我想我真正想看看您是否能幫助我們了解這種情況可能會如何轉變，因為看起來 Neoclouds、主權國家和企業確實應該有所擴大。但與此同時，一些最大的客戶正在大幅增加支出。那麼，您能提供任何線索、提示或量化資訊來幫助我們更了解您的集中度和最大客戶組合是什麼樣的以及趨勢如何？

Yeah. I'll try my best. But the minute we call them a Titan, which we now have included some customers in the Titan that previously weren't and we've moved people -- customers out of the Titans into the specialty providers, you know they have a big spend. So you should not be surprised to see at least 10% concentration from our two favorite customers. And we will get greater contribution from our other customers, even if they are not 10% because of the AI investments.

是的。我會盡力的。但是，當我們稱他們為 Titan 時，我們已經將一些以前不屬於 Titan 的客戶納入其中，並且我們將客戶從 Titan 轉移到專業供應商，你知道他們花費巨大。因此，當您看到我們最喜歡的兩位客戶的注意力至少達到 10% 時，您不應該感到驚訝。而且，由於人工智慧投資，我們將從其他客戶那裡獲得更大的貢獻，即使他們的貢獻沒有達到 10%。

So our AI titans, if you will, and our cloud titans are going to make a meaningful read high contribution to the year. That's one-half of us. That's one-half of the coin. The other half is why we're so excited to have Todd. Don't underestimate the power of all these customers coming together as an aggregate adding to a very high number. So it's not your one Titan. As a collection, they're a Titan, but each one of them by themselves are a meaningful contributor.

因此，如果您願意的話，我們的人工智慧巨頭和雲端運算巨頭將在今年做出有意義的貢獻。那是我們的一半。這是硬幣的一半。另一半就是為什麼我們對托德的到來如此興奮。不要低估所有這些客戶聚集在一起所形成的巨大力量。所以它不是你的唯一的泰坦。作為一個整體，他們是巨人，但他們每個人本身都是有意義的貢獻者。

So what Todd's team, along with Chris Schmidt, Chris Belmer, Ashwin are doing is just fantastic. So we're really going to have a balanced approach of two very meaningful businesses contributing together. But definitely, AI is going to create that large investments, large CapEx that you guys have all seen from our customers is going to translate into some investments into us, too. We're equally excited about the enterprise.

因此，托德的團隊以及克里斯·施密特、克里斯·貝爾默、阿什溫所做的一切都非常出色。因此，我們將採取一種平衡的方式，讓兩家非常有意義的企業共同做出貢獻。但毫無疑問，人工智慧將帶來巨大的投資，你們從我們的客戶那裡看到的巨大的資本支出也將轉化為對我們的一些投資。我們對這個企業同樣感到興奮。

Tal Liani, Bank of America.

塔爾·利亞尼（Tal Liani），美國銀行。

I want to talk about the sustainability of growth. Tomahawk 6 was delayed. And the question is whether there is any correlation between the delays in Tomahawk 6 and your growth? Are customers buying more now than before, maybe they waited for it?

我想談談成長的可持續性。戰斧6號發射任務延後。問題是《戰斧 6》的延期和你們的成長之間是否有關聯？現在顧客購買的商品比以前多嗎，也許他們在等待？

And then also another -- like a follow-up on the sustainability of growth is also sustainability of margins. At 49% -- almost 49% operating margin, when do you start to upset your customers, your big customers because they have an alternative to buy white boxes and it's cheaper. Do you have that much of a differentiation that justifies paying a lot more for a product versus white boxes, assuming that on white boxes, the manufacturer doesn't make 49% margin?

然後還有另一個——就像對成長可持續性的後續關注也是利潤的可持續性。當營業利潤率達到 49%（幾乎 49%）時，你什麼時候會開始讓你的客戶，你的大客戶感到不滿，因為他們可以選擇購買白盒產品，而且它更便宜。假設白盒產品的製造商沒有獲得 49% 的利潤，那麼，與白盒產品相比，您是否有那麼大的差異化來證明為產品支付更高的價格是合理的？

Okay, Tal. That's a loaded question on sustainability. So have we had sustainability over the last 15 years? Have we had white box over the last 15 years? I mean, I'm asking these questions rhetorically. I'm not expecting you to answer them.

好的，塔爾。這是一個關於永續性的引導性問題。那麼，過去 15 年我們實現了永續發展嗎？過去 15 年我們有白盒產品嗎？我的意思是，我是以反問的方式提出這些問題。我並不指望你回答這些問題。

But look, it's going to be competitive, and there's a set of throwaway white boxes that are -- that some sort of ODM manufacturers will build where they don't need all the value. And particularly in the leaf situation, we can see that. If you don't need features, you don't need value, then you probably won't pay the premium price.

但你看，這將是競爭激烈的，而且有一套一次性白盒產品——一些 ODM 製造商會在他們不需要所有價值的地方生產這些產品。特別是在葉子的情況下，我們可以看到這一點。如果您不需要功能，不需要價值，那麼您可能不會支付高價。

But I also want to add that 49% operating margin is not a function of just our value, it's a function of our efficiency. This company knows how to do more with less. We don't just throw thousands of marketing people, salespeople or engineers on one problem. We architect it correctly, and we've always been efficient. And I challenge you to find somebody -- some other company that does it more efficiently.

但我還想補充一點，49% 的營業利潤率不僅是我們價值的函數，也是我們效率的函數。這家公司知道如何用更少的資源做更多的事情。我們不會為了解決一個問題而派遣數千名行銷人員、銷售人員或工程師。我們的設計正確，並且始終有效率。我向你挑戰，請你找其他能做更有效率的公司。

So that's not a white box problem. That's an efficiency. And our customers appreciate that we don't have layers and hierarchies and big company corporate stuff, and we do this efficiently.

所以這不是一個白盒問題。這就是效率。我們的客戶很欣賞我們沒有層級、階級制度和大公司的規矩，而且我們做得很有效率。

So they're kind of two different things. No doubt, we will coexist with white box. No doubt a set of customers will appreciate our support, our quality, our innovation and would be willing to pay the premium because as I've often said to you, too, as well, Tal, you can trade CapEx for OpEx and vice versa. You can buy a cheap box and then you can support it yourself and you're going to need hundreds of engineers to do that. That's one model.

所以它們是兩種不同的東西。毫無疑問，我們將與白盒子共存。毫無疑問，一群客戶會欣賞我們的支援、我們的品質、我們的創新，並願意支付溢價，因為正如我經常對你所說的那樣，Tal，你可以用資本支出換取營運支出，反之亦然。您可以購買一個便宜的盒子，然後自己支援它，而您將需要數百名工程師來做到這一點。這是一個模型。

And the other is Arista, where we'll put in the buffers, the congestion control, the value, the EOS and hopefully, you will need less support staff to do that. You did ask me about Tomahawk 6. I mean, Broadcom has been a fantastic partner. I don't think they're late on it. This is very complex silicon. Tomahawk 6 is in our labs. Stay tuned for new product next year.

另一個是 Arista，我們將在其中添加緩衝區、擁塞控制、值、EOS，希望您不需要太多支援人員就能做到這一點。您確實問過我有關戰斧 6 的問題。我的意思是，博通一直是一位出色的合作夥伴。我認為他們並沒有遲到。這是一種非常複雜的矽。Tomahawk 6 在我們的實驗室裡。請繼續關註明年的新產品。

James Fish, Piper Sandler.

詹姆斯·菲什、派珀·桑德勒。

Great quarter. Jayshree, for you. We've talked a little bit in the past about blue box and white box. I guess what are you seeing on sort of the blue box side versus full system with some of your main customers? And Todd, you can't escape me here.

很棒的一個季度。Jayshree，為你。我們過去曾討論過藍盒和白盒。我想問一下，對於您的一些主要客戶來說，您在藍盒子方面和完整系統方面看到了什麼？托德，你在這裡是逃不出我的手掌心的。

The VeloCloud side of things. Obviously, that space has evolved where it's gone into the SASE mode. Jayshree, you even said like, hey, we're going to partner with our security partners for a full SASE. But do you need to think about that more directly just because it is becoming a world where customers are looking for a full SASE offering from one throat to choke as they say? I guess how are you thinking about a broader SASE offering as opposed to just having the SD-WAN part?

VeloCloud 方面的情況。顯然，該空間已經發展到進入 SASE 模式。Jayshree，你甚至說過，嘿，我們將與我們的安全合作夥伴合作，打造完整的 SASE。但是，你是否需要更直接地考慮這一點，因為這個世界正在變成一個客戶正在尋找一個完整的 SASE 產品的世界，正如他們所說？我想問一下，您是如何考慮提供更廣泛的 SASE 產品而不是僅僅提供 SD-WAN 部分？

Do you want to take the first one first while I figure out his first question -- the second one?

你想先回答第一個問題，我來解答他的第一個問題──第二個問題嗎？

We are looking very carefully at how we support customers from a fully integrated SASE SD-WAN solution. It's a secure WAN that matters. And delivering that solution with great assurance is something that certainly is top of mind for us. But I think we have a real opportunity to do that with partners -- partnership.

我們正在仔細研究如何透過完全整合的 SASE SD-WAN 解決方案為客戶提供支援。重要的是安全的廣域網路。而以極大的信心提供該解決方案無疑是我們最關心的事情。但我認為我們有一個真正的機會與合作夥伴一起實現這一目標——建立夥伴關係。

There are so many amazing cloud security vendors out there right now, and we have so many customers that work with the Velo solution along with those partners. That's, I think, the way we're going to be leaning in moving forward, but certainly, we'll be talking more about that at Investor Day later this year.

目前有許多出色的雲端安全供應商，我們有許多客戶與這些合作夥伴一起使用 Velo 解決方案。我認為，這就是我們前進的方向，當然，我們將在今年稍後的投資者日上更多地討論這個問題。

Yeah. Just to add to what Todd said, James. We see the bifurcation of SD-WAN sort of there's a fork in the road in two ways. One is where there's a security angle on it. And if it's just simple security, encryption, segmentation, a firewall, we can do that.

是的。詹姆斯，我只是想補充一下托德所說的話。我們看到 SD-WAN 的分叉就像是兩個岔路。一方面是出於安全考量。如果只是簡單的安全、加密、分段、防火牆，我們就可以做到。

But if it's really the cloud security like Zscaler or Palo Alto do, we will absolutely work with best-of-breed partners and not pretend to be something we're not. So our branch infrastructure to support security is very much an Arista priority. Our branch infrastructure, as Todd said, to become a SASE, a secure WAN is an overlay on top of that, that we work with our partners.

但如果真的是像 Zscaler 或 Palo Alto 那樣的雲端安全，我們絕對會與最優秀的合作夥伴合作，而不是假裝成我們不是的東西。因此，支援我們分公司的基礎設施安全是 Arista 的首要任務。正如 Todd 所說，我們的分公司基礎設施將成為 SASE，安全的 WAN 是覆蓋在其上的，我們與合作夥伴一起合作。

But we really see, like I said, that fork in the road where SD-WAN isn't just a SASE solution, it's also a branch solution. When you have all these campuses with large headquarters and then your home is a branch, your retail is a branch, your library is a branch, you need a mini solution of our campus. And this is where I think VeloCloud will really shine with Arista products with our wired, wireless.

但正如我所說，我們確實看到，SD-WAN 不僅僅是 SASE 解決方案，它也是分支解決方案。當您擁有所有這些擁有大型總部的校園，而您的家庭是一個分支機構，您的零售店是一個分支機構，您的圖書館是一個分支機構時，您需要一個校園的迷你解決方案。我認為 VeloCloud 將透過我們的有線和無線技術與 Arista 產品一起大放異彩。

And bringing all of that CloudVision and VeloCloud orchestrator together for a seamless provision is a big goal of us, all the way from the multi-domain CloudVision to the cognitive unified edge and experience down to the branch. So we're excited about that fork in the road and one we'll partner and then one we'll build more integration ourselves.

將所有這些 CloudVision 和 VeloCloud 編排器整合在一起以實現無縫配置是我們的一個重要目標，從多領域 CloudVision 到認知統一邊緣和體驗直到分支機構。因此，我們對這條岔路感到很興奮，首先我們將與合作夥伴合作，然後我們自己將建立更多的整合。

Blue box, very much an important part of our strategy, still in strategy form. We expect to see that evolve in the next few years. We haven't had to build that muscle yet because we're still in crazy AI mode. But we absolutely will complement and coexist with the white box to offer Arista blue box.

藍盒子是我們策略中非常重要的一部分，目前仍處於策略形式。我們預計未來幾年內這一情況將會改變。我們還沒有建立起這種力量，因為我們仍然處於瘋狂的人工智慧模式。但我們絕對會與白盒相輔相成、共存，提供 Arista 藍盒。

And what do I mean by that? Means a very battle-tested, highly well-designed hardware, the way Andy Bechtolsheim and his team know how to do can be delivered as an upgrade or as a better hardened white box. And we fully plan to do that. And in fact, do that with bundled software today.

我這樣說是什麼意思呢？意味著經過實戰檢驗、設計精良的硬件，Andy Bechtolsheim 和他的團隊知道如何以升級版或更好的強化白盒形式交付。我們完全有計劃這麼做。事實上，今天就可以使用捆綁軟體來實現這一點。

Samik Chatterjee with JPMorgan

摩根大通的 Samik Chatterjee

Yeah, hi, thanks for taking my question. Jayshree, strong set of results here, and congratulations on the strong outlook as well. If I go back to your comments about the ability to meet the $750 million AI back-end number even as the fifth customer is absent now, is that largely stemming from bigger cluster size deployments from your existing Tier 1 customers? Or is something else moving around in terms of timing of those deployments relative to expectations? And just as a follow-up, I think the fourth customer you had earlier referenced was much slower in terms of activity. So can you just give us an update on that front?

是的，你好，謝謝你回答我的問題。Jayshree，這裡取得了不錯的成績，也恭喜你擁有良好的前景。如果我回顧一下您關於即使現在沒有第五個客戶也能滿足 7.5 億美元 AI 後端需求的評論，這是否主要源於您現有的一級客戶部署了更大的集群規模？或者這些部署的時間安排相對於預期而言還有其他變化嗎？作為後續問題，我認為您之前提到的第四位客戶的活動速度要慢得多。那可以向我們介紹一下這方面的最新進展嗎？

That's a good question, Samik. Thank you for the wishes as well. So I think two of our customers have already approached or going to fast -- quickly approach 100,000 GPUs. But I don't think it's any more about just how big we used to talk about 1 million GPUs and all that.

這是個好問題，薩米克。也謝謝大家的祝福。所以我認為我們的兩個客戶已經接近或即將快速接近 100,000 個 GPU。但我認為這不再只是關於我們過去談論的 100 萬個 GPU 有多大的問題。

Increasingly, what we are seeing is more and more distributed GPU clusters for training and inference. And so two customers have reached that goal. The third one might reach that goal. The fourth one that I said we just begin with is probably too early to reach that 100,000. That's probably a goal for next year. So that's the composition. Two are strong, one is medium and the other still does.

我們越來越多地看到用於訓練和推理的分散式 GPU 叢集。至此，兩位顧客已經實現了這個目標。第三個可能會達到這個目標。我說過，我們剛開始的第四個可能還太早，無法達到 100,000 這個數字。這可能是明年的目標。這就是組成。其中兩個很強，一個中等，另一個還算強。

But to make that number or actually to exceed that number, you may have noticed that I pointed out that we now have in an aggregate, I think last time we said 15 and now we're saying 25 to 30 enterprise and Neocloud customers. So they're not big individually, but together, they add up to contribute as well for the loss of the fifth customer and the slowness of the fourth. So we believe with the increase in $550 million that AI will be a contributor to that and exactly how it will shape up will depend on what we ship out, but feeling really good.

但為了達到這個數字或實際上超過這個數字，你可能已經注意到，我指出我們現在的總數是，我想上次我們說的是 15 個，而現在我們說的是 25 到 30 個企業和 Neocloud 客戶。因此，這些因素單獨來看並不大，但加在一起，也導致了第五位客戶的流失和第四位客戶的緩慢。因此，我們相信，隨著 5.5 億美元的增加，人工智慧將對此做出貢獻，具體如何發展將取決於我們發貨的產品，但感覺真的很好。

And I won't measure it anymore just on number of GPUs. I think there's a lot more to do with locality, distribution, radix and also choice of multi-tenants, optimizations, collective libraries, level of resilience, et cetera. So we're seeing a lot more complexity run into this than straight number of GPUs.

我不會再僅根據 GPU 數量來衡量了。我認為還有很多與局部性、分佈、基數以及多租戶選擇、最佳化、集體庫、彈性水平等有關的事情。因此，我們發現這其中遇到的複雜性比單純的 GPU 數量大得多。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Yeah, thanks for taking the question. Also congrats on the quarter. This probably builds on a few of the earlier questions. But Jayshree, I'm curious as we think about the sovereign AI opportunity, whether or not that's factoring at all into kind of what you're seeing currently? I know you alluded to a fifth customer, which was a sovereign falling out.

是的，感謝您提出這個問題。也恭喜本季。這可能建立在之前幾個問題的基礎上。但 Jayshree，我很好奇，當我們考慮主權人工智慧機會時，這是否是你目前所看到的情況的一個因素？我知道您提到了第五位顧客，這是一場主權糾紛。

But I'm curious how you think about that opportunity set, what you're seeing as far as customer engagements. And if we should kind of think about that as becoming a more material incremental driver as we look through 2026 and beyond.

但我很好奇您如何看待這些機會，以及您對客戶參與度有何看法。如果我們將其視為 2026 年及以後更實質的增量驅動力。

Yeah. No, Aaron, that's a good point. We've once bitten twice shy. So since our fifth customer was a sovereign AI and it didn't work out, we're certainly not factoring it into our numbers this year. But we haven't lost faith our hope that that could be an important segment for us in the next several years.

是的。不，亞倫，你的觀點很好。我們曾經被蛇咬過，但十年怕井繩。因此，由於我們的第五個客戶是主權人工智慧，而且沒有成功，我們當然不會將其計入今年的數據中。但我們並沒有失去信心，我們相信這將成為未來幾年我們的重要領域。

I think there's going to be a lot of expanded build-outs. In fact, one of the Neoclouds is a sovereign AI, which is a non-NVIDIA cluster that they're working with right now that may factor in 2026. But having said that, it's still early days, and we are cautiously optimistic.

我認為將會有大量的擴建。事實上，Neoclouds 之一是自主 AI，這是他們目前正在合作的非 NVIDIA 集群，可能會在 2026 年發揮作用。但話雖如此，現在還為時過早，我們仍持謹慎樂觀的態度。

Atif Malik, Citi.

花旗銀行的阿蒂夫馬利克 (Atif Malik)。

Hi, thank you for taking my question. Jayshree, you talked about Scale-Up Ethernet to be incremental to your TAM. Curious if you have any sense how big this TAM is in three years.

你好，謝謝你回答我的問題。Jayshree，您談到了 Scale-Up 乙太網路將增加您的 TAM。好奇您是否知道三年後這個 TAM 會有多大。

Atif, I don't know yet. In terms of port density, in terms of units, if I look at the ratio within a rack versus outside in units, it's quite high, 8:1, 10:1. But in terms of dollars, I don't think it's nearly as much because the level of functionality required is much simpler. So how about we beg that question out for September when we'll know more?

阿蒂夫，我還不知道。就連接埠密度和單位而言，如果我查看機架內與外部單位的比例，則相當高，為 8:1、10:1。但就金錢而言，我認為花費不會那麼多，因為所需的功能等級要簡單得多。那麼，我們等到九月了解更多資訊後，再來解答這個問題怎麼樣？

Karl Ackerman, BNP Paribas.

法國巴黎銀行的卡爾‧阿克曼。

Jayshree, you noted you are seeing good activity with the top four hyperscalers. While you indicated that your back-end revenue this year will be primarily driven by two of them, would you expect that all four cloud providers would adopt Arista switches for back-end deployments in 2026?

Jayshree，您注意到前四大超大規模企業的活動很活躍。雖然您表示今年的後端收入將主要由其中兩家公司推動，但您是否預計所有四家雲端供應商都會在 2026 年採用 Arista 交換器進行後端部署？

And I guess where are you seeing the most opportunities with these Neocloud providers because that certainly could be a big opportunity as we see in time?

我想您認為這些 Neocloud 提供者的最大機會在哪裡，因為隨著時間的推移，這肯定會是一個巨大的機會？

So Karl, the short answer would be yes. We've got some work to do, but the answer is absolutely. All four of them -- two of them already have large and the other two will be deployed in the back end. It will also fuel the front end.

所以卡爾，簡短的回答是肯定的。我們還有一些工作要做，但答案是肯定的。所有四個——其中兩個已經很大，另外兩個將部署在後端。它還將為前端提供燃料。

And in terms of Neoclouds, almost always, the Neocloud is a combination of back and front. It's never one or just the other, but definitely, the Neoclouds also have a back-end component.

就 Neoclouds 而言，幾乎總是，Neocloud 是後端和前端的結合。它絕不是其中之一，但毫無疑問，Neoclouds 也有一個後端組件。

We have one last question.

我們還有最後一個問題。

David Vogt with UBS

瑞銀集團的戴維‧沃格特

Jayshree, I just wanted to maybe pick your brain a little bit. You mentioned scale-up. But can we talk about the competitive or maybe the technical opportunities with scale-out with Jericho 4 that was announced today or yesterday and how you're thinking about kind of what that means for your technology position with regards to sort of distributed AI going forward? I know scale-up is an incremental opportunity, but maybe just kind of share your thoughts on where you stand scale-out.

Jayshree，我只是想稍微了解一下你的想法。您提到了擴大規模。但是，我們可以談談今天或昨天發布的 Jericho 4 的橫向擴展帶來的競爭或技術機會嗎？您認為這對您在未來分散式 AI 領域的技術地位意味著什麼？我知道擴大規模是一個漸進的機會，但也許您只是想分享您對擴大規模的看法。

Dave, this is a really good thoughtful question because this is our bread and butter. Arista is the premier scale-out spine platform. The 7800 spine, our AI spine is a really flagship franchise platform. It takes advantage of all of the virtual output queuing, the congestion control, the peripheral queuing, the buffering, et cetera, in a way that nobody else in the industry has been able to demonstrate. And by the way, besides being a great AI spine, it's also a great routing platform for the WAN.

戴夫，這是一個非常值得深思的問題，因為這是我們的生計。Arista 是首屈一指的橫向擴展骨幹平台。7800 脊柱，我們的 AI 脊柱是一個真正的旗艦特許經營平台。它利用了所有虛擬輸出排隊、擁塞控制、外圍排隊、緩衝等功能，這是業內其他任何人都無法實現的。順便說一句，它除了是人工智慧的強大支柱之外，也是一個出色的 WAN 路由平台。

So this product is sort of the anchor for a lot of things we do at scale-out, both on the back end and front end, and has been our workhorse for some time. And it's only been -- much of what we've done so far is 400 gig with Jericho 4. Congratulations, Broadcom. We're looking forward to the 800 gig and then beyond for others as well.

因此，該產品是我們在後端和前端擴展方面所做的許多事情的支柱，並且已經成為我們的主力產品一段時間了。而且到目前為止，我們用 Jericho 4 完成的大部分工作都是 400 千兆。恭喜你，博通。我們也期待其他人能有 800 場演出甚至更多。

So thank you for reminding us that we're continuing to push the envelope of innovation. And we fully expect the series that we started with R1, R2, R3 to evolve to R4, all in the context of a very consistent software and platform architecture.

所以感謝您提醒我們，我們將繼續推動創新的極限。我們完全相信，從 R1、R2、R3 開始的系列將會發展到 R4，所有這些都是在非常一致的軟體和平台架構的背景下進行的。

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

Arista Networks 2025 年第二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。