Arista Networks Inc (ANET) 2021 Q4 法說會逐字稿

Welcome to the Fourth Quarter 2021 Arista Networks Financial Results Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded and will be available for replay from the Investor Relations section of the Arista website following this call.

歡迎參加 Arista Networks 2021 年第四季度財務業績收益電話會議。 （操作員說明）作為提醒，本次電話會議正在錄音中，可在本次電話會議後從 Arista 網站的投資者關係部分重播。

Mr. Venk Nathamuni, Arista's Head of Corporate and Finance and Investor Relations, you may begin.

Arista 公司和財務及投資者關係主管 Venk Nathamuni 先生，您可以開始了。

Thank you, operator. Good afternoon, everyone, and thank you for joining us. With me on today's call are Jayshree Ullal, Arista Networks' President and Chief Executive Officer; and Ita Brennan, Arista's Chief Financial Officer.

謝謝你，接線員。大家下午好，感謝您加入我們。今天與我通話的還有 Arista Networks 總裁兼首席執行官 Jayshree Ullal；和 Arista 的首席財務官 Ita Brennan。

This afternoon, Arista Networks issued a press release announcing the results of its fiscal fourth quarter ending December 30, 2021. If you would like a copy of the press release, you can access it online at our website.

今天下午，Arista Networks 發布了一份新聞稿，宣布了截至 2021 年 12 月 30 日的第四財季業績。如果您想要一份新聞稿的副本，可以在我們的網站上在線訪問。

During the course of this conference call, Arista Networks' management will make forward-looking statements, including those relating to our financial outlook for the first quarter of fiscal year 2022; the longer-term financial outlook for 2022 and beyond; our total addressable market and strategy for addressing these market opportunities; the potential impact of COVID-19, supply chain constraints, manufacturing capacity and inventory purchases on our business; product innovation; and finally, the benefits of acquisitions.

在本次電話會議期間，Arista Networks 的管理層將發表前瞻性陳述，包括與我們 2022 財年第一季度財務展望相關的陳述； 2022 年及以後的長期財務前景；我們的總目標市場和應對這些市場機會的戰略； COVID-19、供應鏈限制、製造能力和庫存採購對我們業務的潛在影響；產品創新；最後，收購的好處。

These statements are subject to risks and uncertainties that we discuss in detail in our SEC filings, specifically in our most recent Form 10-Q and Form 10-K, which could cause actual results to differ materially from those anticipated by these statements. These forward-looking statements apply as of today and should not be relied on as representing our views in the future. And we undertake no obligation to update these statements after this call.

這些陳述受到我們在 SEC 文件中詳細討論的風險和不確定性的影響，特別是在我們最近的 10-Q 表格和 10-K 表格中，這可能導致實際結果與這些陳述的預期存在重大差異。這些前瞻性陳述自今天起適用，不應被視為代表我們未來的觀點。我們不承擔在本次電話會議後更新這些聲明的義務。

Also, please note that certain financial measures we use on this call are expressed on a non-GAAP basis and have been adjusted to exclude certain charges. We have provided reconciliations of these non-GAAP financial measures to GAAP financial measures in our earnings press release.

此外，請注意，我們在本次電話會議中使用的某些財務指標是在非公認會計原則的基礎上表示的，並且已經過調整以排除某些費用。我們在收益新聞稿中提供了這些非 GAAP 財務指標與 GAAP 財務指標的對賬。

With that, let me now turn the call over to Jayshree.

有了這個，現在讓我把電話轉給 Jayshree。

Thank you, Venk, and welcome to your first earnings call at Arista. We're excited to have you onboard as our Executive Head of Corporate Development, IR and Finance. Thank you, everyone, for joining us this afternoon for our fourth quarter 2021 earnings call.

謝謝你，Venk，歡迎參加 Arista 的第一次收益電話會議。我們很高興您能擔任我們的企業發展、投資者關係和財務執行主管。感謝大家今天下午參加我們的 2021 年第四季度財報電話會議。

If there's one thing the pandemic has taught us, it is that it comes with variant surprises. With vaccines and booster choices, we simply hope that all of you and your families are safe during the latest spread of the Omicron variant. I am proud of our employees for adapting and thank our partners and customers for placing their trust in us during these ever-changing times.

如果說大流行教會了我們一件事，那就是它帶來了各種各樣的驚喜。有了疫苗和加強疫苗的選擇，我們只是希望你們所有人和你們的家人在 Omicron 變種的最新傳播期間都是安全的。我為我們的員工適應並感謝我們的合作夥伴和客戶在這個瞬息萬變的時代對我們的信任感到自豪。

Back to Q4 2021. We delivered revenues of $824.5 million for the quarter, with the non-GAAP earnings per share of $0.82. Services and software support renewals contributed approximately 21% of the revenue. Our non-GAAP gross margins of 64.3% was influenced by increasing supply chain costs. We've registered a record number of million-dollar customers as a direct result of our momentum in the enterprise and campus traction that we have experienced throughout the year. We have now surpassed in excess of 8,000 cumulative customers.

回到 2021 年第四季度。我們本季度的收入為 8.245 億美元，非公認會計準則每股收益為 0.82 美元。服務和軟件支持續訂貢獻了大約 21% 的收入。我們 64.3% 的非公認會計原則毛利率受到供應鏈成本增加的影響。我們註冊了創紀錄數量的百萬美元客戶，這是我們全年經歷的企業和校園牽引力的直接結果。我們現在已經超過了 8,000 多個累積客戶。

In terms of Q4 2021 verticals, cloud titans was our largest vertical, followed by the enterprise, followed by the specialty cloud providers at third place, financials at fourth place and service providers at fifth place. All the verticals grew well at double-digit percentages in 2021. In terms of Q4 geographical mix, international contributions were strong at 29%, with the Americas at 71% for the quarter.

就 2021 年第四季度的垂直行業而言，雲巨頭是我們最大的垂直行業，其次是企業，其次是專業雲提供商第三位、金融第四位和服務提供商第五位。 2021 年，所有垂直行業都以兩位數的百分比增長。就第四季度的地域組合而言，國際貢獻強勁，達到 29%，本季度美洲佔 71%。

Shifting to annual sector revenue for the year in 2021, cloud titans registered approximately 30% of the revenue, enterprise and financials came in at approximately 40% and the providers at approximately 30%. Microsoft was the only greater-than-10% customer at a 15% contribution. We do expect Meta, formerly Facebook, to become our second 10% revenue customer in 2022 as we improve lead times.

轉向 2021 年的年度部門收入，雲巨頭註冊了大約 30% 的收入，企業和財務收入約佔 40%，提供商約佔 30%。微軟是唯一一個貢獻率超過 10% 的客戶，貢獻率為 15%。隨著我們改進交貨時間，我們確實預計 Meta（前身為 Facebook）將在 2022 年成為我們第二個 10% 的收入客戶。

I would now like to invite Anshul Sadana, our Chief Operating Officer, to shed more light on our cloud titan execution.

我現在想邀請我們的首席運營官 Anshul Sadana 來詳細了解我們的雲巨頭執行情況。

Thank you, Jayshree. Our cloud business continues to be strong. In 2021, we successfully transitioned from prototype to trials, to production on our latest products for 100, 200 and 400 gig.

謝謝你，傑什裡。我們的雲業務繼續強勁。 2021 年，我們成功地從原型過渡到試驗，再到生產 100、200 和 400 gig 的最新產品。

The Arista 7800 is now deployed at scale for data center spine, PCI and regional spines and AI spine clusters. The Arista 7388, which we co-developed with Meta and announced at OCP November last year, is also now running successfully in production data centers. We not only continue to do well in existing use cases, but are also winning in new areas like WAN and cloud edge.

Arista 7800 現在已大規模部署用於數據中心主幹、PCI 和區域主幹以及 AI 主幹集群。我們與 Meta 共同開發並於去年 11 月在 OCP 上宣布的 Arista 7388 現在也已在生產數據中心成功運行。我們不僅在現有用例中繼續表現出色，而且還在 WAN 和雲邊緣等新領域取得成功。

Feedback from our largest customers is consistent. Arista products are easier to work with and have far fewer issues than competition. While there is often speculation about share shifts in some of our use cases, demand for our products from these cloud titans remains healthy. To quote one of our largest customers directly, Arista continues to maintain and even grow its leadership position in these high-volume leaf/spine deployments.

我們最大客戶的反饋是一致的。 Arista 產品比競爭對手更容易使用，並且問題更少。雖然經常有人猜測我們的一些用例中的份額轉移，但這些雲巨頭對我們產品的需求仍然健康。為了直接引用我們最大的客戶之一，Arista 繼續保持甚至發展其在這些大容量葉/脊部署中的領導地位。

Back to you, Jayshree.

回到你身邊，傑什裡。

Thank you, Anshul. We look forward to our continued partnership with the cloud titans, something you and the entire engineering team has been nurturing for over a decade.

謝謝你，安舒爾。我們期待與雲巨頭繼續合作，這是您和整個工程團隊十多年來一直在培育的東西。

In terms of annual 2021 product lines, our core cloud and data center products, built upon our highly differentiated Arista EOS stack, is successfully deployed across 10, 25, 40, 100, 200 and 400-gig speeds. This drove approximately 64% of our revenue with strong cloud and enterprise spending cycles. We believe we will continue to be the #1 in market share for both 100-gig and 400-gig ports according to industry analysts.

就 2021 年度產品線而言，我們的核心雲和數據中心產品基於我們高度差異化的 Arista EOS 堆棧，已成功部署在 10、25、40、100、200 和 400 千兆位速度。通過強勁的雲計算和企業支出週期，這推動了我們大約 64% 的收入。根據行業分析師的說法，我們相信我們將繼續成為 100-gig 和 400-gig 端口的市場份額第一。

Our second market is network adjacencies, comprised of routing replacing routers and the cognitive campus workspaces. We doubled our campus revenue at approximately $200 million in 2021 and aiming to double again to $400 million in 2022. Our investments in the cognitive campus switching spines and wireless generated significant customer wins versus incumbents.

我們的第二個市場是網絡鄰接，包括路由替換路由器和認知園區工作空間。到 2021 年，我們的園區收入翻了一番，達到約 2 億美元，併計劃在 2022 年再次翻一番，達到 4 億美元。我們在認知園區交換骨乾和無線方面的投資與現有企業相比，產生了顯著的客戶勝利。

We successfully deployed in many routing edge and peering use cases, winning Tier 1 and Tier 2, Tier 3 service provider projects for routing. Our investments in the simplification of the routing stack and the edge is yielding traction. Just in 2021 alone, we introduced 6 EOS software releases across 37 platforms. We delivered over 1,500 features in routing over the past 2 years. The total campus and routing adjacencies together contribute approximately 14% of revenue as a compelling alternative to legacy networks.

我們成功部署在許多路由邊緣和對等互連用例中，贏得了第 1 層和第 2 層、第 3 層路由服務提供商項目。我們在簡化路由堆棧和邊緣方面的投資正在產生吸引力。僅在 2021 年，我們就在 37 個平台上推出了 6 個 EOS 軟件版本。在過去的 2 年中，我們在路由方面提供了 1,500 多項功能。作為傳統網絡的引人注目的替代方案，整個園區和路由鄰接共貢獻了大約 14% 的收入。

Our third category is network software and services based on subscription models such as Arista A-Care, CloudVision; DANZ Monitoring Fabric, or DMS, observability; and the advanced network detection and response, NDR, with AVA sensors for security.

我們的第三類是基於 Arista A-Care、CloudVision 等訂閱模式的網絡軟件和服務； DANZ 監控結構或 DMS，可觀察性；以及先進的網絡檢測和響應 NDR，帶有用於安全的 AVA 傳感器。

Arista's subscription-based network services and software contributed approximately 22% of total product revenue. We are proud that CloudVision has now exceeded over 1,300 cumulative customers as a highly differentiated integral element for our customers' network agility and operations.

Arista 基於訂閱的網絡服務和軟件貢獻了大約 22% 的產品總收入。 CloudVision 現已累積超過 1,300 家客戶，我們對此感到自豪，這是我們客戶網絡敏捷性和運營的高度差異化的組成部分。

To recap our discussion at November 2021 Analyst Day, the networking industry is right for this digital transformation to data-driven networking. Arista is well positioned as a leader in this client to cloud networking. A key part of the strategy is to bring these cloud-first principles to every aspect of the data network. Software functions such as routing, security and observability are inherently embedded into the Arista EOS. Our EOS has evolved to a third-generation software stack with both state and store-driven NetDL functions.

回顧我們在 2021 年 11 月分析師日的討論，網絡行業適合這種向數據驅動網絡的數字化轉型。 Arista 在該客戶云網絡方面處於領先地位。該戰略的一個關鍵部分是將這些雲優先原則帶到數據網絡的各個方面。路由、安全性和可觀察性等軟件功能固有地嵌入到 Arista EOS 中。我們的 EOS 已經發展到具有狀態和存儲驅動的 NetDL 功能的第三代軟件堆棧。

NetDL, our Network Data Lake architecture that we launched in November 2021, is resonating well with customers. We are building upon our cloud network heritage to bring proactive platforms, predictive operations and a prescriptive experience to unify data sets from multiple sources.

NetDL 是我們於 2021 年 11 月推出的網絡數據湖架構，它與客戶產生了良好的共鳴。我們正在構建我們的云網絡傳統，以帶來主動平台、預測性操作和規範性體驗，以統一來自多個來源的數據集。

We are consistently harnessing the powerful combination of NetDL and AVA, our Autonomous Virtual Assist, to gather, store and process multiple modalities of network-generated data and network-related data. AVA uses a supervised AI/ML algorithm and natural language processing to help network operators with root cause analysis and threat hunting.

我們一直在利用 NetDL 和 AVA（我們的自主虛擬助手）的強大組合來收集、存儲和處理網絡生成數據和網絡相關數據的多種模式。 AVA 使用受監督的 AI/ML 算法和自然語言處理來幫助網絡運營商進行根本原因分析和威脅搜尋。

Looking ahead into 2022. As I engage with worldwide customers, I'm observing fatigue and frustration with our peers' discontinuity in products and low support and quality. In contrast, Arista's pursuit of world-class data-driven networking is unwavering. It cannot be achieved by us alone. We're joining forces with industry leaders to collaborate with Microsoft, VMware, Red Hat, Equinix, Palo Alto Networks, ServiceNow, Slack, Splunk, Zscaler and Zoom to name a few, that together build our collaborative ecosystem.

展望 2022 年。當我與全球客戶打交道時，我發現同行的產品不連續、支持和質量低下，我感到疲倦和沮喪。相比之下，Arista 對世界級數據驅動網絡的追求堅定不移。單靠我們是無法實現的。我們正與行業領導者聯手，與 Microsoft、VMware、Red Hat、Equinix、Palo Alto Networks、ServiceNow、Slack、Splunk、Zscaler 和 Zoom 等合作，共同構建我們的協作生態系統。

In summary, I'm so proud of our team's execution across multiple dimensions in 2021. With a record-setting year at $2.94 billion, 27% annual growth and a cash flow for the first time exceeding $1 billion, this was indeed an exciting and memorable year for Arista. It marked the return of the cloud titans growth, coupled with diversified momentum across our product lines and customer sectors. Arista's profile and affinity with customers has heightened to earn a strategic seat at that table.

總而言之，我為我們團隊在 2021 年多維度的執行感到非常自豪。創紀錄的一年達到 29.4 億美元，年增長率達到 27%，現金流首次超過 10 億美元，這確實是一個令人興奮和Arista 難忘的一年。它標誌著雲巨頭增長的回歸，以及我們產品線和客戶領域的多元化勢頭。 Arista 的形象和與客戶的親和力已經提高，從而贏得了該表的戰略席位。

And so despite the supply chain obstacles that we now expect to continue into 2023, we have emerged stronger. We reiterate our 30% annual growth outlook mentioned at November's Analyst Day as we now aim for $3.85 billion in 2022 and multiple years of growth ahead.

因此，儘管我們現在預計供應鏈障礙將持續到 2023 年，但我們已經變得更加強大。我們重申我們在 11 月分析師日提到的 30% 的年增長前景，因為我們現在的目標是在 2022 年實現 38.5 億美元以及未來多年的增長。

Now I'll turn it over to Ita, our CFO, for financial specifics.

現在我將把它交給我們的首席財務官 Ita，以了解財務細節。

Thanks, Jayshree, and good afternoon. This analysis of our Q2 and full year 2021 results and our guidance for Q1 2022 is based on non-GAAP and excludes all noncash stock-based compensation impacts, certain acquisition-related charges and other nonrecurring items. In addition, all share-related numbers are provided on a post-split basis to reflect the 4-for-1 stock split completed in November 2021. A full reconciliation of our selected GAAP to non-GAAP results is provided in our earnings release.

謝謝，Jayshree，下午好。對我們第二季度和 2021 年全年業績的分析以及我們對 2022 年第一季度的指導基於非公認會計原則，不包括所有基於非現金股票的薪酬影響、某些與收購相關的費用和其他非經常性項目。此外，所有與股票相關的數字均在拆分後提供，以反映 2021 年 11 月完成的 4 比 1 股票拆分。我們的收益發布中提供了我們選擇的 GAAP 與非 GAAP 結果的完全對賬。

Total revenues in Q4 were $824.5 million, up 27.1% year-over-year and well above the upper end of our guidance of $775 million to $795 million. We continue to see strong demand across all our market sectors, with particular strength from our cloud titan customers as we ramp our new products. Shipments remained constrained in the quarter as we continued to carefully navigate industry-wide supply shortages and COVID-related disruptions.

第四季度的總收入為 8.245 億美元，同比增長 27.1%，遠高於我們指導的 7.75 億美元至 7.95 億美元的上限。我們繼續看到我們所有市場領域的強勁需求，隨著我們推出新產品，我們的雲巨頭客戶尤其強勁。由於我們繼續謹慎應對全行業的供應短缺和與 COVID 相關的中斷，本季度的出貨量仍然受到限制。

Services and subscription software contributed approximately 21.2% of revenue in the fourth quarter, roughly in line with Q3. International revenues for the quarter came in at $242.1 million or 29% of total revenue, up from 25% in the third quarter. This completes a year of strong international performance, with international revenues for the year growing 46% on a year-over-year basis. This reflects healthy performance with our in-region customers, combined with solid contributions from our larger cloud titan customers.

服務和訂閱軟件在第四季度貢獻了約 21.2% 的收入，與第三季度大致持平。本季度的國際收入為 2.421 億美元，佔總收入的 29%，高於第三季度的 25%。這完成了國際表現強勁的一年，國際收入同比增長 46%。這反映了我們區域內客戶的健康表現，以及我們更大的雲巨頭客戶的堅實貢獻。

Overall gross margin in Q4 was 64.3%, just above the midpoint of our guidance range of approximately 63% to 65%. We continued to recognize incremental supply chain costs in the period and began to see an increase in cloud titan revenue mix in the quarter.

第四季度的整體毛利率為 64.3%，略高於我們指導範圍約 63% 至 65% 的中點。我們繼續確認該期間增加的供應鏈成本，並開始看到本季度雲巨頭收入組合的增加。

Operating expenses for the quarter were $206.2 million or 25% of revenue, up from last quarter at $192.4 million. R&D spending came in at $130.3 million or 15.8% of revenue, up from last quarter at $125 million. This primarily reflected increased headcount and employee-related costs in the period.

本季度的運營費用為 2.062 億美元，佔收入的 25%，高於上一季度的 1.924 億美元。研發支出為 1.303 億美元，佔收入的 15.8%，高於上一季度的 1.25 億美元。這主要反映了該期間員工人數和員工相關成本的增加。

Sales and marketing expense was $61.2 million or 7.4% of revenue compared to $55.8 million last quarter, with increased headcount and higher variable compensation expenses. As a reminder, we continue to benefit from lower COVID-related travel and marketing expenses. Our G&A costs came in at $14.7 million or 1.8% of revenue.

銷售和營銷費用為 6120 萬美元，佔收入的 7.4%，而上一季度為 5580 萬美元，員工人數增加，可變薪酬費用增加。提醒一下，我們將繼續受益於較低的與 COVID 相關的差旅和營銷費用。我們的 G&A 成本為 1470 萬美元，佔收入的 1.8%。

Our operating income for the quarter was $324.2 million or 39.3% of revenue. Other income and expense for the quarter was a favorable $1.5 million, and our effective tax rate was approximately 19.4%. This resulted in net income for the quarter of $262.4 million or 31.8% of revenue. Our diluted share number was 319.75 million shares, resulting in a diluted earnings per share number for the quarter of $0.82, up approximately 32.3% from the prior year.

我們本季度的營業收入為 3.242 億美元，佔收入的 39.3%。本季度的其他收入和支出為 150 萬美元，我們的有效稅率約為 19.4%。這導致該季度的淨收入為 2.624 億美元，佔收入的 31.8%。我們的稀釋後股票數量為 3.1975 億股，導致本季度的稀釋後每股收益為 0.82 美元，比去年同期增長約 32.3%。

Now turning to the balance sheet. Cash, cash equivalents and investments ended the quarter at approximately $3.4 billion. We repurchased $176 million of our common stock during the fourth quarter at an average price of $113 per share. As a recap, this completes the April 2019 $1 billion repurchase authorization, having repurchased a total of 16.7 million shares at approximately $60 per share.

現在轉向資產負債表。現金、現金等價物和投資在本季度末約為 34 億美元。我們在第四季度以每股 113 美元的平均價格回購了 1.76 億美元的普通股。作為回顧，這完成了 2019 年 4 月 10 億美元的回購授權，以每股約 60 美元的價格回購了總計 1670 萬股股票。

In addition, we initiated repurchases against the October 2021 $1 billion Board authorization, purchasing $72.9 million or 590,000 shares in the quarter at an average price of $124 per share. The actual timing and amount of future repurchases will be dependent on market and business conditions, business requirements, stock price, acquisition opportunities and other factors.

此外，我們根據 2021 年 10 月的 10 億美元董事會授權發起了回購，在本季度以每股 124 美元的平均價格購買了 7290 萬美元或 590,000 股股票。未來回購的實際時間和金額將取決於市場和業務狀況、業務需求、股價、收購機會和其他因素。

Now turning to operating cash performance for the fourth quarter. We generated $225 million of cash from operations in the period, completing our first year with cash generation in excess of $1 billion. This reflects the strong earnings and cash flow potential of our business model even in a period of increasing investments in inventory and supply chain.

現在轉向第四季度的經營現金業績。在此期間，我們從運營中產生了 2.25 億美元的現金，第一年的現金產生量超過 10 億美元。這反映了我們業務模式的強勁收益和現金流潛力，即使在庫存和供應鏈投資增加的時期也是如此。

DSOs came in at 58 days, up from 49 days in Q3, reflecting the linearity of billings and deferred revenue growth in the period. Inventory turns were consistent with last quarter at 1.7x. Inventory increased to $650.1 million in the quarter, up from $575.7 million in the prior period, reflecting increased component buffers and some added inventory costs.

DSO 為 58 天，高於第三季度的 49 天，反映了該期間賬單的線性和遞延收入增長。庫存周轉率與上一季度一致，為 1.7 倍。本季度庫存從上一季度的 5.757 億美元增至 6.501 億美元，反映了組件緩衝增加和一些增加的庫存成本。

Our purchase commitments for the quarter were $2.8 billion, up from $2.1 billion in Q3. This is in response to increased lead times now extending into 2023 and continued strength in demand. As a reminder, we continue to prioritize newer, early life cycle products were included in these strategies in order to help mitigate the risk of excess or obsolescence.

我們本季度的採購承諾為 28 億美元，高於第三季度的 21 億美元。這是為了應對現在延長到 2023 年的交貨時間增加和需求持續強勁。提醒一下，我們繼續在這些策略中優先考慮更新的早期生命週期產品，以幫助降低過度或過時的風險。

Our total deferred revenue balance was $929 million, up from $800 million in Q3. The majority of the deferred revenue balance is services related and directly linked to the timing and term of service contracts, which can vary on a quarter-by-quarter basis. Approximately $160 million of the balance, up from $113 million last quarter, represents product deferred revenue, largely related to acceptance clauses for new products, most recently with our larger cloud titan customers.

我們的總遞延收入餘額為 9.29 億美元，高於第三季度的 8 億美元。大部分遞延收入餘額與服務相關，並與服務合同的時間和期限直接相關，可能會因季度而異。大約 1.6 億美元的餘額，高於上一季度的 1.13 億美元，代表產品遞延收入，主要與新產品的接受條款有關，最近與我們更大的雲巨頭客戶有關。

As a reminder, we remain in a period of significant new product introductions, combined with healthy new customer acquisition rate and expanded use cases with existing customers. These trends, in conjunction with reduced levels of upfront in-person testing, have resulted in increased customer-specific acceptance clauses and higher product deferred revenue amounts.

提醒一下，我們仍處於重要的新產品推出時期，加上健康的新客戶獲取率和現有客戶的擴展用例。這些趨勢，再加上前期現場測試水平的降低，導致客戶特定的接受條款增加，產品遞延收入金額增加。

Accounts payable days were 63 days, up from 47 days in Q3, reflecting the timing of inventory receipts and payments. Capital expenditures for the quarter were $8.5 million.

應付賬款天數為 63 天，高於第三季度的 47 天，反映了庫存收支的時間安排。本季度的資本支出為 850 萬美元。

Now turning to our outlook for the first quarter and beyond. As outlined at our Analyst Day, we expect to achieve year-over-year revenue growth for 2022 of approximately 30%. This reflects continued healthy demand across all our market sectors, tempered by the impact of a difficult supply environment. On the gross margin front, we see continued industry-wide supply constraints and elevated logistics costs, with some offset from customer price increases.

現在轉向我們對第一季度及以後的展望。正如我們的分析師日所述，我們預計 2022 年的收入同比增長約為 30%。這反映了我們所有市場領域的持續健康需求，但受到供應環境困難的影響。在毛利率方面，我們看到全行業持續的供應限制和物流成本上升，部分抵消了客戶價格上漲。

While we expect gross margins for the first quarter to be in the range of 63% to 64%, we would highlight the potential negative impact of customer mix in future quarters. If we are successful in improving supply, enabling our cloud titan contribution to accelerate, it would likely result in gross margins below the typical guidance range.

雖然我們預計第一季度的毛利率將在 63% 至 64% 之間，但我們將強調未來幾個季度客戶組合的潛在負面影響。如果我們成功地改善供應，使我們的雲巨頭貢獻加速，它可能會導致毛利率低於典型的指導範圍。

Now turning to spending and investments. We remain committed to growing our investments in R&D to support innovation across the business and sales and marketing to support our go-to-market expansion. With all of this as a backdrop, our guidance for the first quarter, which is based on non-GAAP results and excludes any noncash stock-based compensation impacts and other nonrecurring items, is as follows: revenues of approximately $840 million to $860 million, gross margin of 63% to 64% and operating margin at approximately 38%. Our effective tax rate is expected to be 21%, with diluted shares on a post-split basis of approximately 320 million shares.

現在轉向支出和投資。我們仍然致力於增加對研發的投資，以支持整個業務以及銷售和營銷的創新，以支持我們的市場擴張。以所有這些為背景，我們對第一季度的指導（基於非公認會計準則結果，不包括任何基於非現金股票的薪酬影響和其他非經常性項目）如下：收入約為 8.4 億美元至 8.6 億美元，毛利率為 63% 至 64%，營業利潤率約為 38%。我們的有效稅率預計為 21%，拆分後的稀釋股份約為 3.2 億股。

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

我現在將電話轉回文克。文克？

Thank you, Ita. We're now going to move to the Q&A portion of the Arista earnings call. (Operator Instructions) Operator, please take it away.

謝謝你，伊塔。我們現在將轉到 Arista 收益電話會議的問答部分。 （操作員說明）操作員，請把它拿走。

(Operator Instructions) Your first question comes from the line of Rod Hall with Goldman Sachs.

（操作員說明）您的第一個問題來自高盛集團的 Rod Hall。

So my one question would be regarding the enterprise momentum, given the disclosure on the split. Enterprise growth in '21 is over 40%. And I wonder if you could dig a little bit into the verticals where you're succeeding there and talk a little bit about sustainability of that momentum? And it's extremely strong momentum? By the way, congratulations over $1 billion of revenue there -- well over $1 billion. So just wondering if you can give us more color on what's going on in enterprise, how that looks for '22?

因此，鑑於拆分的披露，我的一個問題是關於企業發展勢頭。 21 年的企業增長超過 40%。我想知道你是否可以深入了解一下你在那裡取得成功的垂直領域，並談談這種勢頭的可持續性？而且是極強的氣勢？順便說一句，祝賀那裡的收入超過 10 億美元——遠遠超過 10 億美元。所以只是想知道您是否可以為我們提供更多關於企業正在發生的事情的信息，22 年的情況如何？

Thank you, Rod. So yes, the contribution has definitely been a pleasure to watch. And the traction by the enterprise also includes the financials. So we've had some very good traction with financials, which has been a long-time customer for us, but we very much landed and expanded in the financials. So that would be a moment of pride for us.

謝謝你，羅德。所以，是的，這個貢獻絕對是令人高興的。企業的牽引力還包括財務。因此，我們對金融業務產生了很好的吸引力，這對我們來說是一個長期的客戶，但我們在金融業務方面取得了很大進展。所以這對我們來說將是一個自豪的時刻。

But we are going across many cylinders on the enterprise. We're seeing a lot of activity in the health care, in the media and entertainment, across international geographies. And of course, the campus traction is also included in the enterprise. So a lot of diversity in our enterprise momentum, and it's one we're proud of and expect to have continuing this year as well.

但是我們在企業中遇到了許多問題。我們在國際各地的醫療保健、媒體和娛樂領域看到了很多活動。當然，校園牽引力也包含在企業中。因此，我們的企業動力有很多多樣性，這是我們引以為豪的，並希望今年也能繼續下去。

And Jayshree, could you just maybe give us anything on campus, like how is that going? I know there's been a lot of demand generally for campus WiFi, but I don't know how you're feeling there at the moment.

Jayshree，你能不能給我們校園裡的任何東西，比如情況如何？我知道總體上對校園 WiFi 有很多需求，但我不知道你現在感覺如何。

Yes. So I think in general, as we have shared with you, we are doing extremely well with our own Arista U.S. customer base who is very familiar with us. And therefore, we are seeing a lot of million-dollar customers just embracing Arista EOS in the campus. So that would be a point of real success.

是的。因此，我認為總的來說，正如我們與您分享的那樣，我們在非常熟悉我們自己的 Arista 美國客戶群方面做得非常好。因此，我們看到很多價值百萬美元的客戶只是在園區內擁抱 Arista EOS。所以這將是一個真正的成功點。

The second thing I'd say we're seeing is we're not just seeing WiFi, but we're really seeing the unification of wired and wireless across the edge, and that's been a very interesting momentum as well in the campus. So a lot more work ahead of us. As you'll all often point out, these numbers are still small, but we're looking to make them larger.

我想說的第二件事是，我們不僅看到了 WiFi，而且真正看到了邊緣有線和無線的統一，這在校園中也是一個非常有趣的勢頭。所以還有很多工作擺在我們面前。正如大家經常指出的那樣，這些數字仍然很小，但我們希望讓它們更大。

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

您的下一個問題來自摩根大通的 Samik Chatterjee。

Congrats on the results as well. Jayshree, you mentioned in your prepared remarks about improving lead times with, I think, Meta in particular, but maybe if you can just dig into that a bit more, how is visibility today in terms of proving lead times as we go through the year? Where do you see the supply chain standing today? Is it better or worse than maybe a quarter ago? And any sort of details on where you're seeing the more shortages?

也祝賀結果。 Jayshree，你在準備好的評論中提到了改善交貨時間，我認為，尤其是 Meta，但也許如果你能再深入一點，今天在我們一年中證明交貨時間方面的可見性如何?您如何看待今天的供應鏈？它比四分之一前更好還是更糟？以及有關您在哪裡看到更多短缺的任何詳細信息？

Thank you, Samik. Well, first of all, I want to say thank you, customers, for giving us more visibility on your forecast. That has helped a lot. And usually, with our cloud titans, we only got 1 or 2 quarters. Now, we're literally getting a year, which helps. It helps us plan. It helps us project. It helps us do a whole lot of things. And Anshul and the team have done a phenomenal job there.

謝謝你，薩米克。好吧，首先，我要感謝您，客戶，讓我們對您的預測有更多的了解。這有很大幫助。通常，對於我們的雲巨人，我們只有 1 或 2 個季度。現在，我們真的得到了一年，這很有幫助。它幫助我們計劃。它幫助我們進行項目。它幫助我們做很多事情。 Anshul 和他的團隊在那裡做得非常出色。

That being said, I do want to say that supply chain, we felt, improved in November when we met with you all at the Analyst Day, but declined in January when we started seeing some decommits from some of our component vendors. So I would describe our supply chain shortages as 2 steps forward and 1 step backward. We don't like the 1 step backward, but between the Omicron virus, the labor shortages, the logistics and the component shortages, we're certainly experiencing another wave of uncertainty in Q1 over here.

話雖如此，我確實想說，當我們在分析師日與大家會面時，我們感到供應鏈在 11 月有所改善，但在 1 月開始看到我們的一些組件供應商退出時，供應鏈有所下降。因此，我將我們的供應鏈短缺描述為前進 2 步和後退 1 步。我們不喜歡後退一步，但在 Omicron 病毒、勞動力短缺、物流和組件短缺之間，我們肯定會在第一季度經歷另一波不確定性。

So we do have elevated lead times. So some of our components, as I've shared with you, they're anywhere from 50 to 70 weeks. It's no fun. But therefore, I think our commitment for the year will be back-end-loaded. We'll keep improving every quarter, but Q1 isn't the great indicator of supply chain improving.

所以我們確實有延長的交貨時間。因此，正如我與您分享的那樣，我們的一些組件需要 50 到 70 週。這不好玩。但因此，我認為我們對這一年的承諾將被後端加載。我們每個季度都會不斷改進，但第一季度並不是供應鏈改進的重要指標。

Your next question comes from the line of Jason Ader with William Blair.

您的下一個問題來自 Jason Ader 和 William Blair。

Thanks for the disclosure on the breakdown of campus and routing and the software. I guess my question is what was the growth in 2021 for those 2 particular product segments: campus and routing, which was 14% of revenue, I think you said, and then the software, which was 22%. What was the year-over-year growth rates for those 2?

感謝您披露校園和路由的故障以及軟件。我想我的問題是這兩個特定產品領域在 2021 年的增長是多少：園區和路由，佔收入的 14%，我想你說過，然後是軟件，佔 22%。這兩個的同比增長率是多少？

Gosh, maybe Ita, you can help me. I know the campus is excellent. It was double, right? So it was -- I don't have the numbers for me on software and routing off-hand. Maybe we'd...

天哪，也許伊塔，你可以幫幫我。我知道校園很棒。是雙倍的，對吧？所以它是 - 我沒有關於軟件和路由的數字。也許我們會...

The software piece was probably growing pretty much in line with the business, right, because the percentage of revenue is pretty constant. The routing piece itself, I don't have that to hand.

軟件部分的增長可能與業務幾乎一致，對，因為收入的百分比相當穩定。路由部分本身，我手頭沒有。

Okay. All right. So yes, if you can locate the kind of campus and routing for 2020 at some point, that would be helpful. I can follow up offline, but...

好的。好的。所以，是的，如果你能在某個時候找到 2020 年的那種校園和路線，那將會很有幫助。我可以離線跟進，但是...

Yes.

是的。

That has doubled. So we know that 100%.

那已經翻了一番。所以我們知道 100%。

Right. But routing, I was curious about -- you combine those 2, right, as 14%?

對。但是路由，我很好奇——你把這兩個結合起來，對吧，14%？

Yes. As a contributor, we did, yes. We'll get back to you.

是的。作為貢獻者，我們做到了，是的。我們將盡快給您回复。

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

您的下一個問題來自 Simon Leopold 和 Raymond James 的觀點。

I wanted to see if maybe you could discuss a little bit of the moving parts in your cost of goods sold? And what I'm thinking about specifically is whether your component suppliers, particularly semiconductors, have retroactively raised prices on you or if we're going to see higher input costs maybe 6 months from now as goods you've ordered last year start coming in at higher prices. If you could help us unpack how to think about those drivers.

我想看看您是否可以討論一下您的銷售成本中的一些活動部分？我特別想的是，你們的零部件供應商，尤其是半導體供應商，是否追溯性地提高了你們的價格，或者我們是否會在 6 個月後看到更高的投入成本，因為你們去年訂購的商品開始到貨了以更高的價格。如果你能幫助我們解開如何考慮這些驅動程序。

Yes. I mean we've definitely seen increases in prices, and we've talked about that, right? We had some orders that were repriced. So there has been some repricing of backlog, right? Given the extended lead times, that's just the reality as people try to fulfill against that open backlog to those suppliers. We're seeing that they need to make increases there. So we've definitely seen some of that. So I thing it's a combination of both.

是的。我的意思是我們肯定看到了價格上漲，我們已經討論過了，對吧？我們有一些重新定價的訂單。所以對積壓有一些重新定價，對吧？鑑於交貨時間延長，當人們試圖完成對這些供應商的開放積壓時，這就是現實。我們看到他們需要在那裡增加。所以我們肯定已經看到了其中的一些。所以我認為這是兩者的結合。

You're seeing ongoing kind of disruptions and increases as you go forward, but also some repricing of our backlogs to these suppliers, right? Do we know kind of where this is going to go next? I think we're watching that very carefully to see if there are further increases. We've obviously passed on some of those increases to our customers with the price increases that we've made. We've been transparent about what we're seeing on the cost side. And we'll continue to do that. We'll continue to monitor with suppliers and with customers and take what actions we need to take as we go forward.

隨著您的前進，您會看到持續的中斷和增加，而且我們對這些供應商的積壓訂單也進行了一些重新定價，對嗎？我們知道接下來會去哪裡嗎？我認為我們正在非常仔細地觀察是否有進一步的增長。我們顯然已經通過我們所做的價格上漲將其中一些漲幅轉嫁給了我們的客戶。我們一直對我們在成本方面看到的情況保持透明。我們將繼續這樣做。我們將繼續與供應商和客戶一起監控，並在我們前進的過程中採取我們需要採取的行動。

But just to be more specific, do you expect gross margin would be weaker in the second half of your calendar year or similar to the first half?

但更具體地說，您預計您的日曆年下半年的毛利率會變弱還是與上半年相似？

Yes. I mean I think what -- I'll go back to kind of our normal commentary around gross margin. I think what we've said is, as we fulfill backlog that was kind of at older pricing, we'll see some pressure there. Then we'll start to benefit from some customer price increases that we put into place, but that's not going to happen for some time because we had quite a large backlog and long lead times. At the same time, we will see some mix shift between the different pieces of the business.

是的。我的意思是我認為 - 我將回到我們關於毛利率的正常評論。我認為我們所說的是，隨著我們以較舊的價格完成積壓，我們會在那裡看到一些壓力。然後我們將開始從我們實施的一些客戶價格上漲中受益，但這在一段時間內不會發生，因為我們有大量的積壓和較長的交貨時間。同時，我們將看到不同業務部分之間的一些混合變化。

So I think we can maintain some similar gross margins across the various pieces of the business. But then as the customer makes shifts, that will have a bigger impact. That's why we would caution, as we're able to improve supply and grow that cloud titan piece of the business, again, it will have a negative impacting gross margin in outer quarters potentially, right? So I think it's a like-for-like kind of sector-to-sector. I think we can do a good job of kind of managing that. But then as we mix between the different pieces, again, that's going to have an impact.

所以我認為我們可以在業務的各個部分保持一些相似的毛利率。但是隨著客戶的轉變，這將產生更大的影響。這就是為什麼我們要警告的原因，因為我們能夠改善供應並發展該業務的雲巨頭，再次，它可能會對外部季度的毛利率產生負面影響，對吧？所以我認為這是一種類似的部門對部門。我認為我們可以很好地管理它。但是當我們在不同的部分之間混合時，再次，這將產生影響。

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

您的下一個問題來自於 Evercore 的 Amit Daryanani。

Congratulations on the good print here. I was hoping you could just talk about the recent 7800R3 offering, I think that's what was called, the AI spine offering. It was around the same time that Facebook launched the Super AI cluster, but I'd love to understand what is the solution all about? Are you just -- is this just a next-gen product to what you already have in place? Or is it for new workloads, new applications that's potentially expanding your time? And if it is, I'd love to know what are these workloads and how much would your time expand by with this offering?

恭喜這裡的好印刷品。我希望你能談談最近的 7800R3 產品，我認為這就是所謂的 AI 脊柱產品。大約在同一時間 Facebook 推出了 Super AI 集群，但我很想了解解決方案是什麼？你只是——這只是你現有產品的下一代產品嗎？還是針對可能會延長您時間的新工作負載、新應用程序？如果是的話，我很想知道這些工作負載是什麼，以及使用此產品可以延長多少時間？

Always a good question, Amit. Thank you. I'll kick it off, and then Anshul will go into more detail. So first of all, we have been very strong in the cloud network, which we've largely called a front-end network, the leaf/spine architecture, and we've been pioneers and thought leaders there. The back-end network, which is largely based on a lot of compute-intensive and now AI-intensive workloads, also require the same focus on building a very purpose-built network, especially when you have a lot of small packets and large elephant flows, you're dealing with a tremendous amount of metaverse applications and traffic.

總是一個好問題，阿米特。謝謝你。我將開始，然後 Anshul 將詳細介紹。因此，首先，我們在云網絡方面非常強大，我們在很大程度上將其稱為前端網絡、葉/脊架構，我們一直是那裡的先驅和思想領袖。後端網絡主要基於大量計算密集型和現在的 AI 密集型工作負載，也需要同樣關注構建非常專用的網絡，尤其是當您有大量小數據包和大型大象時流，您正在處理大量的元節應用程序和流量。

So this is a new area that historically, as Facebook indicated, been implemented with InfiniBand. But the 7500 -- 7800R3 has a unique opportunity to place its mark as the Ethernet fabric for these AI workloads with the right dynamic load balancing, with the efficient packet spring, with the congestion control and QoS, I'll turn it over to the master of the 7800. Anshul, you want to say more?

因此，正如 Facebook 所指出的，這是一個歷史上使用 InfiniBand 實施的新領域。但是 7500 -- 7800R3 有一個獨特的機會將其標記為這些 AI 工作負載的以太網結構，具有正確的動態負載平衡、高效的數據包彈簧、擁塞控制和 QoS，我將把它交給7800的高手。安舒爾，你還想說什麼？

So just a little bit more. Jayshree did great job describing the...

所以再多一點。 Jayshree 很好地描述了...

Well, thank you.

嗯，謝謝。

Amit, Ethernet classically has had hotspots when you try to saturate it with all these types of flows and heavyweight traffic. But the 7800 can provide lossless networking across all of these nodes, GPUs, CPUs, data sets being sliced around and chop it around, which is what creates the opportunity for us, especially with the 7800. And the product is doing fairly well in the new AI/ML spine use cases.

阿米特，當您嘗試用所有這些類型的流量和重量級流量使其飽和時，以太網通常會出現熱點。但是 7800 可以在所有這些節點、GPU、CPU、數據集之間提供無損網絡，這些數據集被切分並切碎，這為我們創造了機會，尤其是 7800。而且該產品在新的 AI/ML 脊柱用例。

And I would say, to answer your question, we are in the beginning of a new -- brand new cycle and a new TAM because historically, Arista is new to this. And historically, it's traditionally been InfiniBand.

我想說，為了回答你的問題，我們正處於一個新的——全新的周期和一個新的 TAM 的開始，因為從歷史上看，Arista 是新的。從歷史上看，它傳統上是 InfiniBand。

Perfect. I'll wait to the next analyst and you expand your time now.

完美的。我會等下一位分析師，你現在就延長你的時間。

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

您的下一個問題來自美國銀行的 Tal Liani。

Hopefully, you can hear me okay. I spoke with Juniper about their solution for data centers and campus, and they're seeing good growth in orders. And you are having, of course, great results. The question I have here is between the underlying growth of the market and share gains from Cisco, where is the answer to why suddenly this market is growing so much?

希望你能聽到我的聲音。我與瞻博網絡討論了他們的數據中心和園區解決方案，他們看到訂單增長良好。當然，你正在取得很好的成果。我在這裡的問題是市場的潛在增長與思科的份額收益之間，為什麼這個市場突然增長如此之快的答案在哪裡？

Meaning are we seeing, finally, Cisco starting to lose share more substantially than before and this is why you're growing so much? Or is it -- the answer is more about acceleration of growth in the market itself? And if that's the case, how do you look at it higher level, meaning what's the driver?

意思是，我們終於看到思科開始比以前更大幅度地失去份額，這就是為什麼你們增長如此之快？或者是——答案更多是關於市場本身的加速增長？如果是這樣的話，你如何看待它更高的層次，這意味著什麼是驅動程序？

Wow, Tal, you're making us really think about the answer. I tend to think of it as Arista's execution and our relevance to our customers has gotten higher and higher. Maybe that means the competition is getting weaker. But more than that, in the past, if you just look back 3 years ago, we were a data center company. If you look today, I think we have many, many more relevant components for the enterprise customer, whether it's campus, routing, data center interconnect, the data center itself, observability, monitoring, threat hunting, CloudVision and the entire operation analytics and agility.

哇，塔爾，你讓我們真正思考答案。我傾向於將其視為 Arista 的執行力，我們與客戶的相關性越來越高。也許這意味著競爭越來越弱。但更重要的是，在過去，如果你回顧 3 年前，我們還是一家數據中心公司。如果你今天看，我認為我們為企業客戶提供了很多很多相關的組件，無論是園區、路由、數據中心互連、數據中心本身、可觀察性、監控、威脅追踪、CloudVision 以及整個運營分析和敏捷性.

So we have a better seat at the table for this modern set of workloads, where some of them are in the cloud and some of them are in the premise. And Arista is being sought out as not only the thought leader, but the adviser on how do they make this happen. So I think that has really changed because of our product portfolio and because of the customer needing an alternative. As I said in my opening remarks, due to COVID, I think they've also had a better planning horizon. They're increasingly more fatigued and frustrated with the existing players and they want an alternative. So I think the timing and our relevance has both now improved in the last couple of years.

因此，對於這組現代工作負載，我們有一個更好的席位，其中一些在雲中，一些在前提中。 Arista 不僅被視為思想領袖，而且被視為他們如何實現這一目標的顧問。因此，我認為由於我們的產品組合以及客戶需要替代品，這種情況確實發生了變化。正如我在開場白中所說，由於 COVID，我認為他們也有更好的規劃視野。他們對現有球員越來越感到疲倦和沮喪，他們想要一個替代方案。因此，我認為在過去幾年中，時機和我們的相關性現在都得到了改善。

Got it. And Jayshree, do you think that market share shifts are explaining more now than before or no? Or it's the same? It's more about the growth in the underlying market and your ability to deliver the right products to the right customers, but less about share shifts?

知道了。 Jayshree，你認為現在市場份額的變化比以前解釋得更多還是沒有？還是一樣？更多的是關於基礎市場的增長以及您向正確的客戶提供正確產品的能力，而不是關於份額轉移？

Well, I think we are definitely gaining in our market share in the 100 gig and 400 gig and data center switching. The other market share shifts are still small because we're still a small player. Now we have to work to get bigger. So I wouldn't call them shifts, let's say, increased relevance on our side, but still small numbers.

好吧，我認為我們在 100 gig 和 400 gig 以及數據中心交換方面的市場份額肯定會增加。其他市場份額的變化仍然很小，因為我們仍然是一個小玩家。現在我們必須努力變得更大。因此，我不會稱它們為轉變，比方說，增加了我們這邊的相關性，但數量仍然很少。

I mean, I think, Tal, we're certainly seeing, I would say, good new logo closure rates, et cetera, in that part of the business. I think that's -- it's hard to comment on share, but I think that there's definitely traction there. You see it in our numbers, obviously.

我的意思是，我認為，Tal，我們肯定會看到，我會說，在這部分業務中，新徽標的關閉率很高，等等。我認為那是 - 很難評論分享，但我認為那里肯定有牽引力。很明顯，你在我們的數字中看到了這一點。

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

您的下一個問題來自摩根士丹利的 Meta Marshall。

Maybe building on that question from Tal. I guess just from your enterprise customers, just curious as to whether organizations being basically forced into giving more visibility has made them more likely to be comfortable with architecture changes or really take a higher level kind of look at what they really want to be doing with their data center architectures that maybe they weren't comfortable with in kind of a normal course supply chain environment where they were just able to get product within a quarter? Just wondering if this is triggering kind of higher-level discussions with customers?

也許建立在塔爾的那個問題上。我猜只是來自您的企業客戶，只是好奇組織基本上被迫提供更多可見性是否使他們更有可能對架構更改感到滿意，或者真的對他們真正想做的事情採取更高層次的看法他們的數據中心架構可能讓他們在一種正常的課程供應鏈環境中感到不舒服，他們只能在一個季度內獲得產品？只是想知道這是否會引發與客戶的更高層次的討論？

Yes, Meta, I think you're exactly right. I think that planning horizon is a lot better. In the past, they were firefighting in the office. And today, when you have lead times that are so extended, they've got a chance to think about alternatives. Also the CIO is extremely pressured to think about the cloud and what workloads they put on the cloud and what they put on the premise. So I think the overall enterprise architecture and redesign is well underway, and Arista is a benefactor of that.

是的，Meta，我認為你完全正確。我認為規劃視野要好得多。過去，他們在辦公室裡救火。而今天，當您的交貨時間如此延長時，他們就有機會考慮替代方案。此外，CIO 在考慮雲計算以及他們在雲中放置了哪些工作負載以及他們在前提下放置了什麼方面面臨著巨大的壓力。所以我認為整體企業架構和重新設計正在進行中，而 Arista 是其中的一個恩人。

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

您的下一個問題來自 Paul Silverstein 與 Cowen 的對話。

Jayshree, if we could look further out, one concern that quite a number of investors have is the runway for both Microsoft and Facebook on the respective partner getting 200-gig builds. And I recognize the world is probably not nearly as binary as many of us in the investment community think. But any insight you could share on the runway for those builds around what's next, assuming that at some point, they hit peak levels, flatten out and eventually roll over?

Jayshree，如果我們能看得更遠一點，相當多的投資者擔心的一個問題是微軟和 Facebook 各自的合作夥伴獲得 200 gig 構建的跑道。而且我認識到這個世界可能並不像我們投資界的許多人想像的那樣二元化。但是你可以在跑道上分享關於下一步的構建的任何見解，假設在某個時候，它們達到峰值水平，變平並最終翻車？

Well, look, we're used to volatility from our core titan customers. We experienced the highs of 2018 and then the lows of 2019 and '20. So we're in a period where the cloud titans are clearly investing from a CapEx. And increasingly, we are more directly correlated to their network CapEx. Anshul, do you want to shed more light on that?

好吧，看，我們已經習慣了核心泰坦客戶的波動。我們經歷了 2018 年的高點，然後是 2019 年和 20 年的低點。因此，我們正處於一個雲巨頭顯然從資本支出中投資的時期。而且，我們與他們的網絡資本支出越來越直接相關。 Anshul，你想更清楚地說明這一點嗎？

Absolutely, Jayshree. I think the cloud titans have a way strong business model, which is resulting in the investments they're making. So there's real strength there, number one. Number two, all of these customers are planning fairly well. So we appreciate the visibility. And it's very clear, they're not trying to stock these products in their warehouse. They absolutely need them to go live into their network. So the build-outs are very real. Paul, if we had visibility for 2 or 3 years, we would be delighted, but we should be happy we have visibility for 1 year. So let's not go beyond that. But for the near term, we believe the demand is strong.

當然，傑什裡。我認為雲巨頭擁有強大的商業模式，這導致了他們正在進行的投資。所以那裡有真正的力量，第一。第二，所有這些客戶都計劃得很好。所以我們很欣賞能見度。很明顯，他們並沒有試圖在倉庫中儲存這些產品。他們絕對需要他們進入他們的網絡。因此，擴建是非常真實的。保羅，如果我們有 2 或 3 年的知名度，我們會很高興，但我們應該很高興我們有 1 年的知名度。因此，我們不要超越這一點。但就近期而言，我們認為需求強勁。

All right. And you...

好的。你呢...

What our thinking, Paul, is what we're seeing consistently across all our cloud titan customers and, in fact, some of the specialty cloud customers is their -- all their upgrades are in full swing, right? They're all investing. Additionally, we are putting more megawatt data center capacity annually every year. And so we think this is a multiyear upgrade. But we obviously can't see much beyond 2022 right now, but we'll let you know as we do.

Paul，我們的想法是我們在所有云巨頭客戶中一直看到的，事實上，一些專業雲客戶是他們的——他們所有的升級都在如火如荼地進行，對嗎？他們都在投資。此外，我們每年都在增加兆瓦級數據中心容量。所以我們認為這是一個多年的升級。但我們現在顯然看不到 2022 年以後的情況，但我們會在做的時候讓你知道。

But Jayshree, I know you've made the point in the past about AI build-outs involving far greater infrastructure consuming far greater bandwidth. And I assume, Meta, while it gets all the focus understandably from all of us, it's not the only and it won't be the last such build-out. But if I could get a clarification from Ita on something she said earlier.

但是Jayshree，我知道你過去曾指出過人工智能建設涉及更大的基礎設施消耗更大的帶寬。我認為，Meta，雖然它得到了我們所有人的所有關注，但它不是唯一的，也不會是最後一個這樣的擴展。但是，如果我能從 Ita 那裡得到她之前所說的話的澄清。

Ita, when cloud dominated your revenue earlier after you went public back in '14, you were doing 64% to 65-plus percent gross margin back then. I understand things change over time. But with cloud likely to increase as a percentage of revenue over the course of next year and you're cautioning about the impact that customer mix impacting gross margin, why would it be different than what we saw back when? What's changed?

Ita，當你在 14 年上市後，雲計算主導了你的收入時，你當時的毛利率為 64% 到 65% 以上。我明白事情會隨著時間而改變。但是，由於雲計算在明年的收入中佔收入的百分比可能會增加，並且您正在警告客戶組合對毛利率的影響，為什麼它會與我們之前看到的不同呢？有什麼改變？

Yes. So I think there's a couple of things in there, right? I think if you go back to what we said at Analyst Day, which was, look, we could grow 30% with reasonable growth rates across the business and be in that kind of 63% to 65% range, right? And I think that's still the case. I think that the script guidance is more a thing. If we're able to accelerate beyond that and we really accelerate on the cloud piece of the business, that's when we'll see it kind of threaten the bottom end of that range and maybe even -- and go below that.

是的。所以我認為裡面有幾件事，對吧？我想如果你回到我們在分析師日所說的話，看，我們可以在整個業務中以合理的增長率增長 30%，並且在 63% 到 65% 的範圍內，對嗎？我認為情況仍然如此。我認為腳本指導更重要。如果我們能夠加速超越這一點，並且我們真的在業務的雲計算部分加速，那麼我們就會看到它會威脅到該範圍的底部，甚至可能 - 並低於該範圍。

It's a different environment in terms of just the cost structure and some of the cost inputs that we're dealing with, et cetera. I think it's -- you have to take -- you have to think about the different cost increases, logistics costs, et cetera, that we're dealing with them. And the flexibility just isn't there in the same way as it was back then.

就成本結構和我們正在處理的一些成本投入等而言，這是一個不同的環境。我認為這是 - 你必須考慮 - 你必須考慮我們正在處理的不同的成本增加、物流成本等等。而且靈活性與當時不同。

I mean we've done a really good job, I think, and the team has done a really good job of optimizing gross margin over time. right? But now your degrees of freedom are less, right? So I think it's a tighter cost structure to deal with, and then it's a growing cloud presence. And again, we're just saying, okay, in that scenario, you could see some pressure on the bottom end of that range.

我的意思是，我認為我們做得非常好，並且團隊在隨著時間的推移優化毛利率方面做得非常好。對？但是現在你的自由度更少了，對吧？所以我認為這是一個更嚴格的成本結構來處理，然後它是一個不斷增長的雲存在。再說一次，我們只是說，好吧，在那種情況下，你可能會在該範圍的底部看到一些壓力。

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

您的下一個問題來自瑞士信貸的 Sami Badri。

First question is maybe you could just frame for us how many uncaptured revenue opportunities have been created in 2022 as a function of some of the supply chain disruptions and disconnects?

第一個問題是，也許您可以為我們描述一下，由於某些供應鏈中斷和脫節，2022 年創造了多少未捕獲的收入機會？

And just a quick follow-up after that is we kind of see the Microsoft and Meta buildup of 10%-plus customers, but are there any third or fourth potential customers that are ramping up their network in a way that they could become 10% plus over the next 2 to 3 years that you guys are seeing? And we don't need to know who. We just need to know if it's in the cards?

之後的快速跟進是我們看到微軟和 Meta 增加了 10% 以上的客戶，但是是否有第三或第四個潛在客戶正在以可能成為 10% 的方式擴大他們的網絡再加上你們看到的未來 2 到 3 年？我們不需要知道是誰。我們只需要知道它是否在卡片中？

Yes. Your second question is a little easier to answer. At the moment, there's a lot of activity with all the cloud titans, but no one substantially big like Microsoft is today and Meta will be. Maybe we can find another mCloud titan customer to find that.

是的。你的第二個問題更容易回答。目前，所有云巨頭都有很多活動，但沒有像今天微軟這樣的大公司，而 Meta 將是。也許我們可以找到另一個 mCloud Titan 客戶來找到它。

As to your question on how many opportunities? I mean, it's almost a theoretical question, Sami, because we go into this, engaging with all our customers and some happen right away. In fact, I heard today of a customer that we engaged with 5 years ago that we just won. So some happen in 5 weeks and some happen in 5 years. So we really don't have an exact precise answer on that ratio. But we just hope it keeps increasing because we've got plenty of time and TAM to serve it.

至於你的問題是有多少機會？我的意思是，這幾乎是一個理論上的問題，薩米，因為我們進入這個領域，與我們所有的客戶接觸，有些是馬上發生的。事實上，我今天聽說我們在 5 年前接觸過的一位客戶，我們剛剛贏了。所以有些會在 5 週內發生，有些會在 5 年內發生。所以我們真的沒有關於這個比率的準確答案。但我們只是希望它不斷增加，因為我們有足夠的時間和 TAM 來服務它。

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

您的下一個問題來自花旗集團的 Jim Suva。

And Jayshree and Ita, if you take a step back, say, 3 months ago when we had our last call compared to now, can you let us know what end markets or verticals really impressed you both not only in the results, but maybe the bookings? You mentioned you're getting a lot more visibility now. I'm just kind of wondering about your end markets. What's really impressed you and surprised to the upside the most versus 3 months ago?

Jayshree 和 Ita，如果你退後一步，比如 3 個月前與現在相比，我們最後一次通話時，你能告訴我們哪些終端市場或垂直市場給你們留下了深刻的印象，不僅在結果上，而且在預訂？你提到你現在獲得了更多的知名度。我只是想知道你們的終端市場。與 3 個月前相比，最讓您印象深刻和驚喜的是什麼？

Thanks, Jim. I would say I'm pleasantly surprised with the entire year, not necessarily Q3 to Q4. I think the level of activity on enterprise has been something we're very proud of. At the same time, our preferred partnership status with both cloud titans and some of the specialty cloud providers is we just -- the team is just executing very, very well. And if anything, while Arista doesn't tend to boast about backlog and orders and order strength, I am most proud of the execution that despite all of those happy capabilities, executing that and translating into revenue is a pleasant surprise from Q3 to Q4.

謝謝，吉姆。我想說我對全年感到驚喜，不一定是第三季度到第四季度。我認為企業活動的水平是我們非常自豪的事情。同時，我們與雲巨頭和一些專業雲提供商的首選合作夥伴關係狀態是我們只是 - 團隊剛剛執行得非常非常好。如果有的話，雖然 Arista 不傾向於吹噓積壓和訂單以及訂單實力，但我最自豪的是執行，儘管有所有這些令人愉快的能力，但從第三季度到第四季度，執行並轉化為收入是一個令人驚喜的驚喜。

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

您的下一個問題來自富國銀行的 Aaron Rakers。

Congrats on the quarter. I'm going to build off that last comment, Jayshree, on kind of the backlog. And as you guys contemplated the 30% growth guidance for the full year, you've got both backlog build up and you've got also -- either you've got some deferred revenue build that you've seen over the last couple of quarters.

祝賀本季度。我將在最後一條評論的基礎上，Jayshree，關於積壓工作。當你們考慮全年 30% 的增長指導時，你們既有積壓的，也有——或者你們在過去幾年中看到了一些遞延的收入增長宿舍。

That 30% revenue growth guidance that you've laid out, do you assume that you carry a similar amount of backlog coming out of the calendar year as well as deferred revenue and products? Or do you expect that 30% to be somewhat driven by fulfilling against that backlog that you've seen?

您制定的 30% 的收入增長指導，您是否假設您在日曆年中進行類似數量的積壓以及遞延收入和產品？或者您是否期望這 30% 會在某種程度上受到完成您所看到的積壓工作的推動？

Yes. I don't know that we're going to get into the whole backlog bookings conversation. I mean it's just so hard for it to be meaningful right now, given the lead times and what's been happening with lead times, et cetera. I think on the deferred revenue, I would say, look, it's not our intention right now that, that deferred balance would feed the 30%. We'll see how that goes as we go through the quarter, but we're not assuming right now that, that's coming off the balance sheet.

是的。我不知道我們會進入整個積壓預訂對話。我的意思是，考慮到交付週期以及交付週期發生的情況等等，它現在很難變得有意義。我認為關於遞延收入，我會說，看，我們現在不打算讓遞延餘額滿足 30% 的需求。我們將在整個季度中看到情況如何，但我們現在不假設這會從資產負債表中消失。

Yes, I think it's fairer. I think the broader thing to take away is demand is strong. Execution could be stronger if we had supply chain resolution.

是的，我認為這更公平。我認為更廣泛的需要是需求強勁。如果我們有供應鏈解決方案，執行力可能會更強。

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

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

Great. It's a pleasure to get one in. I'm hoping you could talk to us about the broad problem that I think confronts all of the analysts who follow this category, which is that if you look at the orders at Extreme, Cisco, Juniper and your 25%-plus growth in '21 and 30% growth in '22 forecasted. It's clearly a substantially higher rate of growth than at any time that this industry has produced since even probably the tech bubble. And so there's got to be a resolution to this environment, which is a return towards normalized growth, which I think if you exclude the titans, it's probably in the 0% to 5% vicinity.

偉大的。很高興能加入。我希望你能和我們談談我認為所有關注這一類別的分析師都面臨的廣泛問題，那就是如果你看看 Extreme、Cisco、Juniper 和預計 21 年將增長 25% 以上，22 年將增長 30%。顯然，這比該行業自科技泡沫以來所產生的任何時候都要高得多。所以必須對這種環境有一個解決方案，這是回歸正常增長，我認為如果你排除巨頭，它可能在 0% 到 5% 附近。

And if you include the titans, it's probably no more than 5% to 10% vicinity and -- which is what gave you rise to guidance of 10% to 15% with some share gains. How do we resolve this environment that we're in now with backlogs 30% to 50% at a number of companies? Does it all roll over into down orders at some point? Obviously, you don't have that backlog problem. But could you help us understand how to resolve 30% to 50% type quarter growth in an industry that's 0% to 5%?

如果你包括巨頭，它可能不超過 5% 到 10% 附近，並且 - 這就是讓你獲得 10% 到 15% 的指導並獲得一些份額收益的原因。我們如何解決我們現在在許多公司積壓 30% 到 50% 的環境？是否會在某個時候全部轉為降價訂單？顯然，您沒有積壓問題。但是您能否幫助我們了解如何在一個 0% 到 5% 的行業中解決 30% 到 50% 類型的季度增長？

Yes. I'll try to answer. I think it's a very thoughtful question, Alex, that will this period of extreme growth continue forever? And the answer is no. Nothing continues forever. Every party has a beginning and an end. However, for Arista, there's tremendous opportunity.

是的。我會試著回答。我認為這是一個非常深思熟慮的問題，亞歷克斯，這個極端增長的時期會永遠持續下去嗎？答案是否定的。沒有什麼會永遠持續下去。每個派對都有開始和結束。然而，對於 Arista 來說，這是一個巨大的機會。

I just want to clarify that independent of the cloud titan CapEx spend, I believe we can enjoy a double-digit growth for quite some time to come in the non-cloud titan space. So I just want to make sure you understand that independent of this extreme enthusiasm and excitement era we're in, Arista has a foundation to keep growing double digits for multiple years to come.

我只是想澄清一下，獨立於雲巨頭資本支出支出，我相信我們可以在相當長的一段時間內享受非雲巨頭領域的兩位數增長。所以我只是想確保你明白，獨立於我們所處的這個極端熱情和興奮的時代，Arista 有一個基礎，可以在未來幾年保持兩位數的增長。

Now I do think we're in a -- because of lead times and the frenzy and people are booking and planning and visibility is greater for us, and I think this will continue not only in 2021 and 2022, but it'll continue into 2023. We'll probably, and this is just a pure speculation on my part, settle into a more normal growth thereafter. But even so, we don't wish for that growth to be in single digits. We'll be working hard for that to be much faster.

現在我確實認為我們正處於 - 因為交貨時間和狂熱，人們正在預訂和計劃，我們的知名度更高，我認為這不僅會在 2021 年和 2022 年繼續，而且會持續到2023 年。我們可能會，這只是我的純粹猜測，此後會進入更正常的增長。但即便如此，我們也不希望這種增長達到個位數。我們將努力讓它更快。

If I could just follow up on it. So do you think that as this occurs, the orders that some of the other companies that have run these large backlogs start to roll over to reconcile? I mean this is way above normal.

如果我能跟進它。那麼，您是否認為當這種情況發生時，其他一些已經運行這些大量積壓的公司的訂單開始滾動以協調？我的意思是這遠遠高於正常水平。

But Alex, it's a compression of time as well, right? Instead of having visibility to a quarter, you've got visibility to a period that's much, much longer, right? That's why you have to stay focused on deployments and how is all of this going to get deployed. It's not all going to get deployed at the same rate that it's booking. That's for sure. right? So I think you have to think about -- that's why we keep trying to focus on deployments with customers and when will stuff actually get deployed. Because the bookings number is more a factor of time and the planning horizon than it is anything else, right?

但是亞歷克斯，這也是時間的壓縮，對吧？不是對四分之一的可見性，而是對一個更長、更長的時期的可見性，對嗎？這就是為什麼您必須專注於部署以及如何部署所有這些。並不是所有的部署都以與預訂相同的速度部署。這是肯定的。對？所以我認為你必須考慮——這就是為什麼我們一直試圖關注與客戶的部署以及什麼時候真正部署的東西。因為預訂數量更多地是時間和計劃範圍的一個因素，而不是其他因素，對吧？

Yes. It's a really good point.

是的。這是一個很好的觀點。

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

您的下一個問題來自 JMP 證券公司的 Erik Suppiger。

Two questions. One, in the campus business, can you comment a little bit about how much new logo business you're seeing? Is that doing what you want? Or how do you feel that's progressing? And then secondly, I think the Microsoft business was 21% in '21. And I think you said it came down to 15%. The question is, is the overall titan business holding up? Is that the incremental downshift there being spread out across other titans? Or is that being carried more by the enterprise business that you're making up for that?

兩個問題。一，在校園業務中，您能稍微評論一下您所看到的新標識業務有多少嗎？這是在做你想做的事嗎？或者你覺得進展如何？其次，我認為微軟的業務在 21 年是 21%。我想你說它下降到了 15%。問題是，整個泰坦業務是否保持穩定？那是其他巨頭之間的漸進式降檔嗎？還是您正在彌補的企業業務更多地承擔了這一點？

Erik, Anshul is going to answer the second question while I look over the campus data.

Erik，Anshul 將在我查看校園數據時回答第二個問題。

Okay.

好的。

So as we mentioned right at the start of the year, we expected many of these new products, new technologies to be deployed second half of the year and especially the 7800, the 7388 was launched in November of last year. So they were somewhat back-end-loaded. Other than that, demand has been healthy and strong. So there's a little bit of timing gaps there more related supply of new products and technology. But there's nothing else to worry about within the cloud business. We believe they will be a strong contributor going forward.

因此，正如我們在年初提到的那樣，我們預計其中許多新產品、新技術將在下半年部署，尤其是 7800，7388 於去年 11 月推出。所以他們有點後端加載。除此之外，需求一直健康而強勁。因此，在更多相關的新產品和技術供應方面存在一些時間差距。但是在雲業務中沒有什麼可擔心的。我們相信他們將成為未來的強大貢獻者。

And to answer your campus question -- to answer the Campus question, I don't have exact numbers, but a good rule of thumb for you to think of is about half our customers came from existing and half came from new prospects. And we're getting many, many new logos, obviously, that we're just starting with. So some of them start small and they'll get even bigger this year.

回答你的校園問題——回答校園問題，我沒有確切的數字，但你可以想到的一個好的經驗法則是，我們的客戶大約一半來自現有客戶，一半來自新潛在客戶。我們得到了很多很多新的標誌，很明顯，我們才剛剛開始。所以他們中的一些人從小做起，今年他們會變得更大。

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

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

Happy Valentine's Day to the entire team here.

在這裡祝整個團隊情人節快樂。

Thank you, Jim. Same to you.

謝謝你，吉姆。你也一樣。

I'm convinced you guys like spending Q4 earnings with us on Valentine's Day to avoid your spouses a bit. Anyway, going back to Alex's question, given your comments around increased visibility for '22 and actually, Jayshree, you pointed out 2023 possibly. Can you guys help us kind of quantify how much of the business you actually have visibility into today? And is it really just the titans? And how are you thinking about that kind of potential net pull-in effect of demand and orders in the second half of the year or 2023 into what we're seeing today?

我相信你們喜歡在情人節和我們一起度過第四季度的收入，以避開你們的配偶。無論如何，回到亞歷克斯的問題，鑑於您對提高 22 年知名度的評論，實際上，Jayshree，您可能指出了 2023 年。你們能幫我們量化一下你們今天實際了解的業務有多少嗎？它真的只是泰坦嗎？您如何看待下半年或 2023 年需求和訂單的這種潛在淨拉動效應到我們今天看到的情況？

Well, let me just separate the question you're asking, James. The titans, we historically had 1 or 2 quarters. And now we're saying we have at least a year. That's a huge factor in our planning. It's also the volume of purchase we have to make, the projects, et cetera. On the enterprise, we've always enjoyed longer-term visibility. It's always been 6 to 12 months. So I would say, in general, 1 year is our visibility right now on projects. Not too much longer than that and not too much less than that. It's just enjoying the benefit of greater visibility on the titans is what's really changed.

好吧，讓我把你問的問題分開，詹姆斯。泰坦，我們歷史上只有 1 或 2 個季度。現在我們說我們至少有一年的時間。這是我們計劃中的一個重要因素。這也是我們必須進行的採購量、項目等等。在企業方面，我們一直享有長期的知名度。一直是6到12個月。所以我想說，總的來說，1 年是我們現在在項目上的知名度。不會比那長太多，也不會比那短太多。真正改變的是，它只是享受在泰坦上更大的知名度所帶來的好處。

And on the potential for net pull-in of demand from 2023 into 2022?

以及從 2023 年到 2022 年需求淨拉動的潛力？

It kind of comes back to the deployments, James, where it's -- they're not telling us they're going to deploy it all tomorrow. They're laying out kind of project plans and deployment plans over time, right? So it's not so much that these orders are pull-ins. It's more we're working with them to figure out when stuff needs and can be deployed, right? And that's going to be a solution of their orders, honestly, but also the supply and when stuff can be deployed, right?

這有點回到部署，詹姆斯，它在哪裡 - 他們沒有告訴我們他們明天要部署它。隨著時間的推移，他們正在製定項目計劃和部署計劃，對嗎？因此，這些訂單並不是拉入式的。我們更多的是與他們合作以確定何時需要並且可以部署東西，對嗎？老實說，這將是他們訂單的解決方案，而且供應和何時可以部署東西，對嗎？

Let's take a campus example. Invariably, it's a new building they're putting in or a new project they have. The project is most likely to be second half 2022 or early 2023, but they're planning now. So that happens all the time. That's not new.

讓我們以校園為例。總是，這是他們正在建造的新建築或他們擁有的新項目。該項目最有可能在 2022 年下半年或 2023 年初進行，但他們現在正在計劃中。所以這一直在發生。這並不新鮮。

That's not pull-ins, per se, from a revenue and a business perspective, right? They're just giving visibility.

從收入和業務的角度來看，這本身並不是拉扯，對吧？他們只是提供可見性。

Okay. I would -- one thing I would want to reiterate is the planning horizon and their planning time and their think time on this has gotten a lot larger because of the lead time issue. They never used to worry about it. They were doing just-in-time planning, and now they have to do 1 year planning.

好的。我想 - 我想重申的一件事是計劃範圍和他們的計劃時間以及他們在這方面的思考時間由於提前期問題而變得更大。他們從不擔心它。他們在做即時計劃，現在他們必須做 1 年的計劃。

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

您的下一個問題來自 Cleveland Research 的 Ben Bollin。

Ita, I had a question for you. I was hoping you could talk a little bit more about the $2.8 billion in your noncancelable purchase commitments. Could you share any details on how you see that? How the timing of that comes in over time from a component perspective? How you think it might influence the risk of decommits? And could you comment at all about what you think spiked the decommits in January?

伊塔，我有一個問題要問你。我希望你能多談談你不可取消的購買承諾中的 28 億美元。您能否分享您如何看待這一點的任何細節？從組件的角度來看，時間是如何隨著時間的推移而出現的？你認為它會如何影響退役的風險？你能評論一下你認為在一月份解除承諾的原因嗎？

Yes. I mean the $2.8 billion is big piece of that, that's kind of -- some of the key components that we've always buffered and we've extended kind of the period of time that we're buffering for. So the -- some of the chips and other things that are new chips for new products, relatively low, excess obsolete risk and difficult to secure, and we are making kind of investments there to do that. So there's -- at least 50% or more is tied up in that, right? And that -- those will come in and we'll hold them and we'll use them when we need to use them.

是的。我的意思是 28 億美元是其中很大一部分，這是我們一直緩衝的一些關鍵組成部分，我們已經延長了緩衝的時間段。所以 - 一些芯片和其他東西是新產品的新芯片，相對較低，過時的風險和難以保護，我們正在那裡進行投資來做到這一點。所以有 - 至少有 50% 或更多是與此相關的，對吧？而且——那些會進來，我們會持有它們，我們會在需要使用它們時使用它們。

The rest is a class of other components because what we've seen is it's not just about the key components anymore, right? We have to get ourselves involved in other components, broader set of components across the supply chain because you need 100% of the BoM in order to be able to ship, right? And that's kind of -- you see decommits. The decommits are not we would have considered key components before. They're just smaller components embedded in the BoMs. So we're taking a broader view of that, and that's why you've seen that step up happen again this quarter.

剩下的是一類其他組件，因為我們已經看到它不再只是關鍵組件了，對吧？我們必須讓自己參與其他組件，整個供應鏈中更廣泛的組件集，因為您需要 100% 的 BoM 才能發貨，對嗎？這就是——你會看到decommits。取消提交不是我們之前考慮過的關鍵組件。它們只是嵌入在 BoM 中的較小組件。所以我們對此有更廣泛的看法，這就是為什麼你看到本季度再次出現這種情況。

In terms of when it gets received, I mean, the chips and stuff will come in -- I mean that -- they will come in and we'll hold them. So you'll see a fair amount of that turn in 2022 because of that, just because it's the components and we're going to hold.

就何時收到而言，我的意思是，籌碼和其他東西會進來——我的意思是——他們會進來，我們會保留它們。因此，您將在 2022 年看到相當多的轉變，因為它是組件，我們將持有。

I just want to add, Ben, that what Anshul, John McCool, Susan Hayes, the entire team has done is they've historically had to focus on 5 or 10 strategic vendors. I think that number has gone up 10x to 50 to 70. So the relationships we now have to maintain, keep and understand and appropriately design our products and wait for their timing has gone up by 7 to 10x. And therefore, we have to make more purchase commitments and plan for them for a longer duration of time.

我只想補充一點，Ben，Anshul、John McCool、Susan Hayes 整個團隊所做的是他們在歷史上不得不專注於 5 或 10 個戰略供應商。我認為這個數字已經上升了 10 倍，達到 50 到 70 倍。因此，我們現在必須維持、保持和理解並適當設計我們的產品並等待它們的時機已經上升 7 到 10 倍的關係。因此，我們必須做出更多的採購承諾，並為它們制定更長時間的計劃。

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

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

I appreciate it. I just want to keep going on the question of purchase commitments. We ran a little exercise where we looked at the combo of your inventory and your purchase commitments. And we tried to compare those to our estimate for your next 12-month hardware cost of goods sold. And granted this is from Q3 ending and the numbers are much higher at Q4 and -- but we came up with like 281% of your next 12-month hardware cost of goods sold estimated.

我很感激。我只想繼續討論購買承諾的問題。我們進行了一個小練習，我們查看了您的庫存和您的購買承諾的組合。我們試圖將這些與我們對您未來 12 個月硬件銷售成本的估計進行比較。並且假設這是從第三季度末開始的，並且第四季度的數字要高得多，但是我們得出了您估計的下一個 12 個月硬件銷售成本的 281%。

And so, I guess, the question in this is you guys seem to be so far out in terms of magnitude relative to all the other companies in the space in terms of how far ahead you're getting on inventory and purchase commits. Like is this -- are we just grossly underestimating how much business you guys are looking at in the next 12 months? Or are you anticipating some real adverse changes in the supply chain? Like what's your perspective on that?

所以，我想，這裡的問題是，就庫存和採購承諾的領先程度而言，相對於該領域的所有其他公司而言，你們似乎遙遙無期。就像這樣——我們是不是嚴重低估了你們在未來 12 個月內關注的業務量？或者您是否預計供應鏈中會出現一些真正的不利變化？比如你對此有什麼看法？

Yes. George, I think it comes back to thinking about the components again and where the kind of -- where the value of the BoM is and the commitments we're willing to make around some of those key components, right? So they're not necessarily going to be consumed in this coming year, but we are willing to kind of take control of those components by making those commitments. And again, it's early life products, the early life silicon, and we believe that, that's a relatively safe bet and it's the cost of capital really that we're tying up. So I think that's what you're seeing. It's not that everything that we've got purchase commitments out for now will be consumed, shipped and revenued in 2022.

是的。喬治，我認為這又回到了考慮組件的問題上，以及 BoM 的價值在哪里以及我們願意圍繞其中一些關鍵組件做出的承諾，對嗎？因此，它們不一定會在來年被消耗，但我們願意通過做出這些承諾來控制這些組件。再說一次，它是生命早期的產品，生命早期的矽，我們相信，這是一個相對安全的賭注，而且我們真正要捆綁的是資本成本。所以我認為這就是你所看到的。並不是說我們目前已做出購買承諾的所有東西都將在 2022 年被消費、發貨和獲得收入。

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

您今天的最後一個問題來自瑞銀集團的 David Vogt。

Notwithstanding some recent operational issues at Meta, just want to kind of get your thoughts on how sort of double-digit data center expansion, both at Microsoft and Facebook, this year plays into your sort of revenue visibility in the balance of this year and then how that plays into 2023. Obviously, there are some delays in terms of qualification and when revenue would be in the books in 2022 from last year. But just trying to get a sense for how we should think about that in '22 and '23, given their aggressive pace of investment?

儘管 Meta 最近出現了一些運營問題，但只是想了解一下你對微軟和 Facebook 兩位數數據中心擴張的看法，今年對你的收入可見性有何影響？這將如何影響到 2023 年。顯然，在資格方面存在一些延遲，以及與去年相比，2022 年的收入何時出現在賬簿上。但是，鑑於他們激進的投資步伐，只是想了解我們在 22 年和 23 年應該如何考慮這一點？

Sure. David, Jayshree and Ita mentioned we took a lot of time at the Analyst Day and today to go over 30% growth plans. And both of these customers are very significant parts of our business. One is already greater than a 10% customer. The other one will likely get there soon. So we have taken their strength into our models and into our guidance already. We believe their demand is healthy.

當然。 David、Jayshree 和 Ita 提到我們在分析師日和今天花了很多時間來製定超過 30% 的增長計劃。這兩個客戶都是我們業務的重要組成部分。一個已經超過 10% 的客戶。另一個可能很快就會到達那裡。因此，我們已經將他們的力量融入我們的模型和指導中。我們相信他們的需求是健康的。

As you've mentioned, they are investing very well across the entire world and new build-outs and data centers with new technology. And we are clearly the preferred partner they've had and they continue to have in networking. So we'll benefit with that as well. So to some extent, this makes up for the lack of growth in 2019 or 2020, now with this new cycle, and really enjoy the growth with them.

正如您所提到的，他們在整個世界以及採用新技術的新建築和數據中心進行了很好的投資。我們顯然是他們擁有的首選合作夥伴，並且他們繼續擁有網絡。所以我們也會從中受益。所以在某種程度上，這彌補了2019年或者2020年增長的不足，現在有了這個新的周期，和他們一起真正享受增長。

Just as a quick follow-up. What percentage of that do you think spills into 2023 if, let's say, Microsoft is delayed in terms of or back-end-weighted in terms of building out 400 gig in their data centers this year?

就像快速跟進一樣。如果微軟今年在其數據中心建設 400 個演出的時間延遲或後端加權，你認為其中的百分比會溢出到 2023 年嗎？

Probably hard to model all the volatility we have with supply. I think right now, demand is strong. So it's really tied to supply of products. And these customers have enough other ways they can figure how to deploy technology if they give them enough heads up. So that's lesser of a concern right now.

可能很難對供應的所有波動進行建模。我認為現在，需求很強勁。所以它實際上與產品供應有關。如果他們給他們足夠的提示，這些客戶有足夠的其他方法可以弄清楚如何部署技術。所以現在這個問題不大。

Thanks, Anshul, and thanks, David. This concludes Arista Networks Fourth Quarter 2021 Earnings Call. We have posted a supplemental presentation, which provides additional information on our results, and you can access that on the Investors section of our website. Again, thank you all for joining us today, and thank you for your interest in Arista.

謝謝，安舒爾，謝謝，大衛。 Arista Networks 2021 年第四季度財報電話會議到此結束。我們發布了一份補充演示文稿，其中提供了有關我們結果的更多信息，您可以在我們網站的“投資者”部分訪問該信息。再次感謝大家今天加入我們，並感謝您對 Arista 的興趣。

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

感謝您的加入，女士們，先生們。今天的電話會議到此結束。您現在可以斷開連接。