Arista Networks Inc (ANET) 2021 Q3 法說會逐字稿

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

歡迎參加 2021 年第三季 Arista Networks 財務業績收益電話會議。 （操作員指示）提醒一下，本次會議正在錄音，電話會議結束後可從 Arista 網站的投資者關係部分重播。

Ms. Liz Stine, Arista's Director of Investor Relations. You may begin.

Arista 投資者關係總監 Liz Stine 女士。你可以開始了。

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

謝謝您，接線生。大家下午好，感謝大家的參與。今天與我一起參加電話會議的還有 Arista Networks 總裁兼執行長 Jayshree Ullal；以及 Arista 財務長 Ita Brennan。

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

今天下午，Arista Networks 發布了一份新聞稿，宣布了其截至 2021 年 9 月 30 日的第三財季業績。

During the course of this conference call, Arista Networks management will make forward-looking statements, including those relating to our financial outlook for the fourth quarter of the 2021 fiscal year, 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 on our business, product innovation, the imply of supply -- the impact of supply shortages and manufacturing constraints on our business, including lead times and inventory purchases, 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 管理層將做出前瞻性陳述，包括與 2021 財年第四季度的財務展望、2022 年及以後的長期財務展望、我們的總體目標市場和應對這些市場機會的戰略有關的陳述、COVID-19 對我們業務的潛在影響、產品創新、供應的含義——供應和不確定性的影響，特別是在我們最近的 10-Q 表和 10-K 表中，並且可能導致實際結果與這些聲明預期的結果有重大差異。

These forward-looking statements apply as of today, and you should not rely on them as representing our views in the future. We undertake no obligation to update these statements after this call. Also, please note that certain financial measures we use on this call are expressed on a non-GAAP basis and have been adjusted to exclude certain charges. We have provided reconciliations of these non-GAAP financial measures to GAAP financial measures in our earnings press release.

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

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

說完這些，我會把電話轉給 Jayshree。

Thank you, Liz, and welcome to your first earnings experience. Thank you, everyone, for joining us this afternoon for our third quarter 2021 earnings call. Today's call will be followed by our Virtual Analyst Day at 3:00 p.m. Pacific Standard Time. We delivered record revenues of $748.7 million for the quarter, with record non-GAAP earnings per share of $2.96. A-Care services and software renewals contributed approximately 21.5%.

謝謝你，Liz，歡迎來到你的第一次賺錢體驗。感謝大家今天下午參加我們的 2021 年第三季財報電話會議。今天的電話會議之後將是下午 3:00 的虛擬分析師日。太平洋標準時間。本季度，我們實現了創紀錄的 7.487 億美元營收，創紀錄的非 GAAP 每股收益達到 2.96 美元。 A-Care 服務和軟體更新貢獻了約 21.5%。

Our non-GAAP gross margins at 64.9% was influenced by enterprise and cloud titan momentum. We remain pleased with our healthy customer growth, including record million-dollar customers and new customer logos in our mainstream enterprise.

我們的非公認會計準則毛利率為 64.9%，受到企業和雲端運算巨頭發展動能的影響。我們對我們的客戶健康成長感到滿意，包括創紀錄的百萬美元客戶和主流企業中的新客戶識別。

In Q3 2021, cloud titans was once again our top vertical, with enterprise being a close second, followed by financials and specialty cloud providers tied at third and service providers at fourth place. All verticals contributed to Arista's diversity and growth. International contribution was strong at 25% with the Americas at 75% for the quarter.

在 2021 年第三季度，雲端巨頭再次成為我們的首要垂直產業，企業緊隨其後，位居第二，金融和專業雲端供應商並列第三，服務供應商位居第四。所有垂直行業都為 Arista 的多元化和發展做出了貢獻。本季國際貢獻率強勁，為 25%，其中美洲貢獻率高達 75%。

No earnings call these days is complete without supply chain commentary. We are clearly in the midst of an acute supply chain crisis with increased prices and long lead times. We are changing our Arista mindset from our historical build to forecast and orders to build to invest, doubling our purchase commitments in excess of $2 billion and planning for the next 1 to 2 years.

如今，沒有供應鏈評論，任何收益電話會議都是不完整的。顯然，我們正處於嚴重的供應鏈危機之中，價格上漲，交貨時間延長。我們正在改變 Arista 思維模式，從歷史建立到預測、從訂單建立到投資，將我們的採購承諾增加一倍，超過 20 億美元，並為未來 1 到 2 年制定規劃。

Lead times of many components have extended to 50 to 80 weeks with price hikes ranging from 15% to as high as 200% across our entire supply chain of copper, steel, substrate, printed circuit board, memory, silicon, ICs, connectors, freight and labor. Arista has been deliberate and thoughtful about price increases so far, as we shared with you but we have recently announced increased list prices effective November 4, 2021, averaging about an approximately 10% to offset the very high escalating costs.

許多零件的交貨時間已延長至 50 至 80 週，整個銅、鋼材、基板、印刷電路板、記憶體、矽、積體電路、連接器、運費和勞動力供應鏈中的價格上漲幅度從 15% 到 200% 不等。正如我們與您分享的那樣，到目前為止，Arista 一直在深思熟慮地提高價格，但我們最近宣布從 2021 年 11 月 4 日起提高標價，平均上漲約 10%，以抵消不斷上漲的成本。

Customer demand remains strong for Arista products as we're gaining market share in 100- 200- and 400-gig high-performance switching according to market analysts. We truly appreciate our customers and partners for their patience and understanding as we navigate these turbulent times throughout 2022 as well.

據市場分析師稱，由於我們在 100、200 和 400 千兆高效能交換領域的市場份額不斷增加，客戶對 Arista 產品的需求仍然強勁。我們非常感謝我們的客戶和合作夥伴在我們度過 2022 年的動盪時期時所表現出的耐心和理解。

Recently, we have witnessed the progress of our routing products with key customers and the acceptance of our routing edge use cases. Similar to cloud titan, carriers and large enterprise customers are deriving immense benefit from Arista's EOS and rich routing features. We deliver simplification and unified service delivery with the support of segment routing with traffic engineering and EVPN as well as rapid failover techniques. This provides that ideal alternative to today's complex legacy router deployments with much more improved total cost of ownership and CapEx benefits.

最近，我們見證了我們的路由產品與關鍵客戶的進展以及我們的路由邊緣用例的接受度。與雲端巨人類似，營運商和大型企業客戶從 Arista 的 EOS 和豐富的路由功能中獲得了巨大的利益。我們透過流量工程和 EVPN 的分段路由以及快速故障轉移技術的支持，提供簡化和統一的服務交付。這為當今複雜的傳統路由器部署提供了理想的替代方案，並且大大降低了整體擁有成本和資本支出效益。

Since its founding, Arista has pioneered the transformation from router to routing with our leaf/spine, R-Series platforms. Arista's third-generation R3 series based on EOS 4.26 delivers 3 new edge use cases this year. The first one is a multi-cloud edge that brings provisioning and programmatic traffic steering. The second is a metro edge for single protocol adoption across multiple edge VPN services into the metro ethernet fabric. And the final use case is a 5G RAN edge with the 5G edge disaggregating the radio area network with scale-out routing.

自成立以來，Arista 憑藉其葉子/主幹、R 系列平台率先實現了從路由器到路由的轉變。 Arista 基於 EOS 4.26 的第三代 R3 系列今年提供了 3 個新的邊緣用例。第一個是多雲邊緣，它帶來配置和程式化流量引導。第二個是城域邊緣，用於跨多個邊緣 VPN 服務採用單一協定進入城域乙太網路結構。最後一個用例是 5G RAN 邊緣，其中 5G 邊緣透過橫向擴展路由分解無線電區域網路。

Continuing our theme of big bet wins, I would like to highlight worldwide examples of our strength with specific customer names in routing and campus adjacencies. The first customer was CDLAN, an international service provider in Italy that adopted Arista for their routing transformation. Arista solution led them to take a fresh approach to routing for next-generation edge and backbone, reducing the complexity of protocols. This delivered L2 and L3 services with EVPN on a segment routed backbone, along with modern operations and superior services and experience.

繼續我們大賭注勝利的主題，我想透過路由和校園鄰接領域的具體客戶名稱來強調我們在全球範圍內的優勢。第一個客戶是義大利的國際服務供應商CDLAN，它採用Arista進行路由轉型。 Arista 解決方案引導他們採用新方法對下一代邊緣和主幹進行路由，從而降低協定的複雜性。這在分段路由主幹網路上透過 EVPN 提供了 L2 和 L3 服務，以及現代化的營運和卓越的服務和體驗。

The second customer was Connecticut Education Network, who standardized on Arista's R-Series with Arista EOS being instrumental in their transformation of the MPLS VPN edge providing 100-gig density in with rough scale, stability and manageability. The advantages and the relationship with CEN across service and engineering affirm their decision to choose us at Arista.

第二家客戶是康乃狄克教育網絡，該公司採用 Arista 的 R 系列作為標準化產品，並使用 Arista EOS 在其 MPLS VPN 邊緣轉型過程中發揮了重要作用，提供了 100G 密度、粗略的規模、穩定性和可管理性。在服務和工程方面的優勢以及與 CEN 的關係堅定了他們選擇 Arista 的決定。

Peering between ISPs using 100-gig and MPLS PEs to replace their large legacy routers. The third customer was Zenlayer, an international customer in Asia Pacific, who is delighted to partner with Arista and build their next-generation cloud edge and routed backbone for the infrastructure growth. Arista's rich routing stack brought programmatic traffic engineering at the core of the segment routing without sacrificing quality, performance and reliability.

ISP 之間使用 100 千兆和 MPLS PE 進行對等連接，以取代其大型傳統路由器。第三家客戶是亞太地區的國際客戶 Zenlayer，他們很高興與 Arista 合作，為基礎設施成長建構下一代雲端邊緣和路由主幹網路。 Arista 豐富的路由堆疊將程式化流量工程置於分段路由的核心，同時又不犧牲品質、效能和可靠性。

And finally, in the campus, we continue to make progress towards our goal of doubling to $200 million in the cognitive campus in 2021. An example of this is an international customer win in Australia, the Australian Securities Exchange, providing cognitive campus for its corporate sites in Sydney, Melbourne and Perth. The new campus network is based on Arista's wired platform the 720XP Series, and it's built on a multiyear relationship we have built between Arista and ASX utilizing EOS and CloudVision for real-time insights across all devices in trading and nontrading environments.

最後，在校園方面，我們繼續朝著 2021 年將認知校園投資翻一番達到 2 億美元的目標邁進。新的校園網路基於 Arista 的有線平台 720XP 系列，它建立在我們與 Arista 和 ASX 之間建立的多年合作關係之上，利用 EOS 和 CloudVision 可在交易和非交易環境中的所有設備上獲得即時洞察。

In summary, Arista's customers strongly endorse our client-to-cloud strategy to unify silo data sets consistently. We believe we are well positioned for the next phase of growth in data-driven cloud networking with proactive platforms, predictive operations and a prescriptive experience. We look forward to sharing more of this and our vision and our goals with you at our Analyst Day later this afternoon.

總之，Arista 的客戶強烈支持我們的客戶到雲端策略，以一致地統一孤島資料集。我們相信，憑藉主動平台、預測性操作和規範性經驗，我們已為資料驅動雲端網路的下一階段成長做好了準備。我們期待在今天下午晚些時候的分析師日上與您分享更多有關這一點以及我們的願景和目標。

I will pass it over now to Ita Brennan, our Chief Financial Officer, for financial specifics. Ita?

現在我將把財務細節交給我們的財務長 Ita Brennan。伊塔？

Thanks, Jayshree, and good afternoon. This analysis of our Q3 results and our guidance for Q4 of 2021 is based on non-GAAP and excludes all noncash stock-based compensation impacts, certain acquisition-related charges and other nonrecurring items. A full reconciliation of our selected GAAP to non-GAAP results is provided in our earnings release.

謝謝，Jayshree，下午好。我們對 2021 年第三季業績的分析和對第四季度的指引是基於非 GAAP，不包括所有非現金股票薪酬的影響、某些收購相關費用和其他非經常性項目。我們在收益報告中提供了所選的 GAAP 結果與非 GAAP 結果的完整對帳表。

Total revenues in Q3 were $748.7 million, up 23.7% year-over-year and above the upper end of our guidance of $725 million to $745 million.

第三季總營收為 7.487 億美元，年增 23.7%，高於我們預期的 7.25 億美元至 7.45 億美元的上限。

Shipments remained constrained in the period as we continued to carefully navigate industry-wide supply chain shortages and COVID-related disruptions. Services and subscription software contributed approximately 21.5% of revenue in the third quarter, down from 22.3% in Q2. International revenues for the quarter came in at $191 million or 25% of total revenue, down from 27% in the second quarter.

由於我們繼續小心應對全行業的供應鏈短缺和與新冠肺炎相關的中斷，本季的出貨量仍然受到限制。服務和訂閱軟體在第三季貢獻了約 21.5% 的收入，低於第二季的 22.3%。本季國際營收為 1.91 億美元，佔總營收的 25%，低於第二季的 27%。

The shift in geographical mix on a quarter-over-quarter basis reflect a continued healthy performance from our cloud titan and in-region businesses in EMEA with some volatility in our APAC business. Overall gross margin in Q3 was 64.9% at the upper end of our guidance range of approximately 63% to 65%. We continue to recognize some incremental supply chain costs in the period, and these were offset by a healthy mix of revenue from our enterprise customers in the quarter.

與上一季相比，地理分佈的變化反映了我們的雲端運算巨頭和歐洲、中東和非洲地區業務繼續保持良好的表現，而亞太地區業務則出現了一些波動。第三季的整體毛利率為 64.9%，處於我們預期範圍的上限（約 63% 至 65%）。我們繼續確認該期間的一些增量供應鏈成本，但這些成本被本季來自企業客戶的良好收入組合所抵銷。

Operating expenses for the quarter were $192.4 million or 25.7% of revenue, up from last quarter at $189.8 million. R&D spending came in at $125 million or 16.7% of revenue, up from last quarter at $119.6 million. This reflected increased headcount and employee-related costs and higher new product introduction spending in the period. Sales and marketing expense was $55.8 million or 7.4% of revenue, down from $57.9 million last quarter with lower demo and other variable expenses in the period. As a reminder, we continue to benefit from lower COVID-related travel and marketing expenses.

本季營業費用為 1.924 億美元，佔營收的 25.7%，高於上一季的 1.898 億美元。研發支出為 1.25 億美元，佔營收的 16.7%，高於上一季的 1.196 億美元。這反映了該期間員工人數和員工相關成本的增加以及新產品引進支出的增加。銷售和行銷費用為 5,580 萬美元，佔收入的 7.4%，低於上一季的 5,790 萬美元，因為當期的演示和其他變動費用較低。提醒一下，我們繼續受益於與 COVID 相關的差旅和行銷費用的降低。

Our G&A costs came in at $11.6 million or 1.5% of revenue, down slightly from last quarter, but in line with normal quarterly seasonality. Our operating income for the quarter was $293.7 million or 39.2% of revenue. Other income and expense for the quarter was a favorable $1.3 million, and our effective tax rate was approximately 19.7%.

我們的一般及行政費用為 1,160 萬美元，佔營收的 1.5%，較上一季略有下降，但與正常的季度季節性相符。本季我們的營業收入為 2.937 億美元，佔營收的 39.2%。本季的其他收入和支出為 130 萬美元，我們的有效稅率約為 19.7%。

This resulted in net income for the quarter of $236.9 million or 31.6% of revenue. Our diluted share number was 79.9 million shares, resulting in a diluted earnings per share number for the quarter of $2.96, up approximately 22.5% from the prior year.

這使得本季淨收入達到 2.369 億美元，佔營收的 31.6%。我們的稀釋股數為 7,990 萬股，導致本季每股稀釋收益為 2.96 美元，比上年增長約 22.5%。

Now turning to the balance sheet. Cash, cash equivalents and investments ended the quarter at approximately $3.4 billion. We repurchased $134 million of our common stock during the third quarter at an average price of $357 per share. As a recap, at the end of Q3 2021, we had repurchased $897 million or 3.9 million shares against our Board authorization to repurchase $1 billion worth of shares over 3 years beginning in April 2019.

現在轉向資產負債表。本季末，現金、現金等價物和投資約為 34 億美元。我們在第三季以平均每股 357 美元的價格回購了 1.34 億美元的普通股。回顧一下，截至 2021 年第三季末，我們已回購了價值 8.97 億美元或 390 萬股股票，而董事會授權從 2019 年 4 月開始的三年內回購價值 10 億美元的股票。

In October 2021, Arista's Board of Directors increased the authorization by adding an additional $1 billion to the repurchase amount. 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.

2021年10月，Arista董事會增加授權，將回購金額額外增加了10億美元。未來回購的實際時間和金額將取決於市場和業務狀況、業務需求、股票價格、收購機會和其他因素。

Now turning to the operating cash performance for the third quarter. We generated $273 million of cash from operations in the period, reflecting strong net income performance and continued investments in inventory and supply chain. DSOs came in at 49 days, up slightly from 47 in Q2, reflecting the linearity of billings in the period. Inventory turns were 1.7x, consistent with last quarter. Inventory increased to $575.7 million in the quarter, up from $543.2 million in the prior period as we continued to buffer certain components and products.

現在來談談第三季的經營現金表現。我們在此期間從經營活動中產生了 2.73 億美元的現金，反映了強勁的淨收入表現和對庫存和供應鏈的持續投資。 DSO 為 49 天，較第二季的 47 天略有增加，反映了該期間帳單的線性。庫存週轉率為 1.7 倍，與上一季一致。由於我們繼續緩衝某些組件和產品，本季庫存從上期的 5.432 億美元增加至 5.757 億美元。

Our purchase commitments number for the quarter increased to $2.1 billion, up from $1.1 billion in Q2. This reflects a combination of increased lead times for many components and improved demand visibility. We continue to prioritize newer early life cycle products for inclusion in this strategy to help mitigate the risk of obsolescence.

我們本季的採購承諾金額從第二季的 11 億美元增至 21 億美元。這反映出了許多零件交貨時間增加和需求可見度提高的共同作用。我們繼續優先考慮較新的早期生命週期產品，將其納入此策略，以幫助降低產品過時的風險。

Our total deferred revenue balance was $800 million, up from $746 million in Q2. 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 $113 million of the balance, up from $90 million last quarter represents product deferred revenue largely related to acceptance clauses for new products, most recently with our larger cloud titan customers.

我們的遞延收入總額餘額為 8 億美元，高於第二季的 7.46 億美元。遞延收入餘額大部分與服務有關，與服務合約的時間和期限直接相關，並且可能按季度變化。餘額中約有 1.13 億美元（高於上一季的 9,000 萬美元）代表產品遞延收入，主要與新產品的驗收條款有關，最近是與我們較大的雲端巨頭客戶有關。

As a reminder, we are currently in a period of significant new product introductions, combined with a 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. Accounts payable days were 47 days, down from 54 days in Q2, reflecting the timing of inventory receipts and payments.

提醒一下，我們目前正處於重大新產品推出的時期，同時新客戶獲取率良好，現有客戶的使用案例也不斷擴大。這些趨勢加上前期現場測試水準的降低，導致了客戶特定驗收條款的增加和產品遞延收入金額的增加。應付帳款天數為 47 天，低於第二季的 54 天，反映了庫存收款和付款的時間。

Capital expenditures for the quarter were $45.9 million, including approximately $40 million of CapEx related to the purchase of land to construct a new data center and hardware engineering building in Santa Clara. We'll provide more details on this project over coming quarters.

本季的資本支出為 4,590 萬美元，其中包括與在聖克拉拉購買土地建造新資料中心和硬體工程大樓有關的約 4,000 萬美元的資本支出。我們將在未來幾個季度提供有關該項目的更多詳細資訊。

Now turning to our guidance for the fourth quarter and beyond. As outlined in our guidance, we now expect to achieve year-over-year revenue growth for the full year 2021 of approximately 25%. This reflects continued healthy demand across all market sectors, tempered by the impact of the difficult supply environment. On the gross margin front, industry supply constraints and elevated logistics costs continue to pressure gross margins, with customer price increases as a potential offset. Based on our current outlook, we continue to reiterate our overall gross margin outlook of 63% to 65%, with customer mix remaining the key driver of volatility on a quarter-by-quarter basis.

現在來談談我們對第四季及以後的指導。正如我們的指引中所述，我們現在預計 2021 年全年營收將年增約 25%。這反映出所有市場領域的需求持續強勁，儘管受到困難的供應環境的影響。在毛利率方面，行業供應限制和物流成本上升繼續對毛利率造成壓力，而客戶價格上漲可能會起到抵消作用。根據我們目前的展望，我們繼續重申 63% 至 65% 的整體毛利率預期，客戶結構仍然是逐季度波動的主要驅動因素。

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. Finally, we also announced today that Arista's Board of Directors has approved a 4 for 1 stock split. Each Arista shareholder of record at the close of business on November 11, 2021, will receive 3 additional shares for every share held and trading will begin on a split-adjusted basis on November 18, 2021.

轉向支出和投資。我們將繼續致力於增加對研發的投資，以支持整個業務的創新，並致力於透過銷售和行銷來支持我們的市場擴張。最後，我們今天也宣布，Arista 董事會已批准 4 比 1 的股票分割。 2021 年 11 月 11 日營業結束時登記在冊的每位 Arista 股東將為每一股股票獲得 3 股額外股票，並且交易將於 2021 年 11 月 18 日按拆股調整後的基礎開始。

With all this as a backdrop, our guidance for the fourth 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 $775 million to $795 million, gross margins of 63% to 65%, operating margin of approximately 37%. Our effective tax rate is expected to be approximately 20.5% with diluted shares on a pre-split basis of approximately 80 million shares.

基於以上所有背景，我們對第四季度的預期（基於非公認會計準則的結果且不包括任何非現金股票薪酬影響和其他非經常性項目）如下：收入約為 7.75 億美元至 7.95 億美元，毛利率為 63% 至 65%，營業利潤率約為 37%。我們的有效稅率預計約為 20.5%，以拆股前計算的稀釋股份約為 8,000 萬股。

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

我現在將電話轉回給利茲。莉茲？

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

謝謝你，伊塔。我們現在進入 Arista 收益電話會議的問答部分。 (操作員指令) 操作員，把它拿走。

(Operator Instructions) Your first question comes from the line of Samik Chatterjee with JPMorgan.

（操作員指示）您的第一個問題來自摩根大通的 Samik Chatterjee。

Congrats on the strong results, really impressive. So let me keep it broad-based, Jayshree. I think you mentioned strong demand that you're seeing, and I think you highlighted cloud customers in the press release. But just generally, if you can talk to how broad-based is the demand that you're seeing across cloud, and then what is the kind of magnitude of demand that you're seeing from enterprise customers? And how do you think about sustainability of that level of demand, which you're seeing this year? How do we think about sustainability of that into next year?

恭喜您取得如此優異的成績，真的令人印象深刻。所以，讓我從廣泛角度來談談一下，Jayshree。我覺得您提到了您所看到的強勁需求，而且我覺得您在新聞稿中強調了雲端客戶。但一般來說，如果您可以談談您在雲端運算方面看到的需求有多廣泛，那麼您從企業客戶那裡看到的需求規模是怎樣的？您認為今年的需求水準能夠持續嗎？我們如何看待明年這趨勢的可持續性？

Well, thank you, Samik, for the good wishes. It's a proud moment and I really congratulate my entire leadership team and my employees for getting us here. I think demand is very strong, as I mentioned in my earlier script, across all 5 verticals across all 3 product lines and across all 3 sectors as well. So I would not -- I would tell you, we are growing in that what Ita highlighted as our 25% annual growth, every sector was growing.

好吧，謝謝你，薩米克，謝謝你的美好祝愿。這是一個值得驕傲的時刻，我真誠地祝賀我的整個領導團隊和員工帶領我們到達這裡。我認為需求非常強勁，正如我在之前的腳本中提到的那樣，涵蓋所有 5 個垂直領域、所有 3 條產品線以及所有 3 個部門。所以我不會——我會告訴你，我們正在成長，Ita 強調我們的年增長率為 25%，每個部門都在成長。

And so that's, in some ways, I feel bad that I even have to rank and rate them. But if you ask me to highlight some of the growth vectors, I would say, obviously, cloud titans are back. We had a rough fell. If you remember, 2 years ago, Halloween was not a treat. It was a trick. And it's just come back and it is a volatile sector, and it's positively volatile right now. So we're enjoying the growth of cloud titans.

所以，從某種程度上來說，我甚至因為必須對它們進行排名和評級而感到難過。但如果你讓我強調一些成長載體，我會說，顯然，雲端運算巨頭又回來了。我們遭遇了嚴重的挫折。如果你還記得的話，兩年前，萬聖節並不是一種享受。這是一個詭計。它剛回升，是一個不穩定的行業，而且現在不穩定。所以我們很享受雲端運算巨頭的成長。

We're also enjoying many pieces of our enterprise market growing. And there are really some verticals there that are doing very, very well, not just the financials, but different parts of the enterprise. I think it's fair to say Arista has arrived in the enterprise. We've been growing double digits for a couple of years, and we expect to continue to see double-digit growth in the enterprise sector. And this is by far our largest momentum of all the verticals, I would say.

我們也享受著企業市場許多部分的成長。而且那裡確實有一些垂直行業表現非常非常好，不僅僅是財務領域，還包括企業的不同部分。我認為可以公平地說 Arista 已經進入企業領域。我們的業務連續幾年保持兩位數的成長，我們預計企業部門將繼續保持兩位數的成長。我想說，這是迄今為止我們所有垂直領域中發展勢頭最大的領域。

But not -- as I mentioned, a lot of routing use cases, these routing use cases are not only in the cloud titans, but are obviously also in service providers and enterprises as well. So we're just enjoying a very diversified momentum of our business at the moment.

但並非如此——正如我所提到的，許多路由用例，這些路由用例不僅存在於雲端巨頭中，而且顯然也存在於服務供應商和企業中。因此，我們目前的業務發展勢頭非常多元化。

Your next question comes from the line of Fahad Najam with MKM Partners.

您的下一個問題來自 MKM Partners 的 Fahad Najam。

I wanted to ask you a question on the visibility. You mentioned that certain components have lead times have extended from 50 weeks to 80 weeks. I presume your customers in turn are giving you forward-looking guidance as well. So can you give us a sense on the visibility you're seeing? And help us quantify that in any way you can.

我想問您一個關於可見性的問題。您提到某些組件的交付週期已從 50 週延長至 80 週。我推測您的客戶反過來也會給您前瞻性的指導。那麼您能向我們介紹一下您所看到的可見性嗎？並盡你所能幫助我們量化這一點。

Sure. I'll say some few words, and Ita, if you could add to that. I think because of these kind of long lead times on our components, first thing Ita and the team are doing, Ita and I'm sure the entire team are planning ahead. And we're no more like we said, building to forecast orders but really building to a future demand. So visibility becomes very important in that case because it's no more 1 or 2 quarters. The cloud tightness visibility has improved a lot this year.

當然。我會說幾句話，Ita，如果你可以補充的話。我認為，由於我們的組件需要這麼長的準備時間，Ita 和團隊要做的第一件事就是，Ita 和我相信整個團隊都在提前規劃。正如我們所說的那樣，我們不再根據預測訂單進行建設，而是真正根據未來的需求進行建設。因此在這種情況下可見性變得非常重要因為它不再是 1 或 2 個季度。今年雲層密度和能見度有很大改善。

Typically, it used to be 1 to 2 quarters. Right now, it's more like a year or more. So this is the best visibility we've ever had with the cloud titan that's allowing us to build the inventory and to build a plan and to get ahead, if you will. In the enterprise as well, nobody's lead times are very good right now, and we're no different. Although we thought and we believe we have a head start by starting on this problem as early as last year. We have hundreds of suppliers, and we've had to increase our strategic interface with these suppliers to -- and make, again, bets on them long term.

通常，這個時間是 1 到 2 個季度。現在，好像已經過了一年或更長時間。因此，這是我們與雲端運算巨頭合作以來獲得的最佳可視性，它使我們能夠建立庫存、制定計劃並取得進展，如果你願意的話。在企業中也是如此，目前沒有人的交貨時間非常好，我們也不例外。儘管我們認為並且相信我們早在去年就已經開始著手解決這個問題，我們已經領先一步。我們有數百家供應商，我們必須增加與這些供應商的策略接口，並且再次對他們進行長期押注。

So visibility in the enterprise is also 6 months to a year, visibility in the cloud and specialty cloud providers is now exceeding a year. So in general, we're now able to make a plan to buy components well ahead of the purchase orders and forecast. Ita, do you want to add something more?

因此，企業的可見性也是 6 個月到一年的時間，而雲端和專業雲端供應商的可見性現在已經超過一年。因此總的來說，我們現在能夠在採購訂單和預測之前製定採購零件的計劃。 Ita，你還想補充些什麼嗎？

Yes. I mean I think the only thing I'd add, Fahad is it's hard to be too quantitative when you think about demand and bookings just because obviously, the lead times and the times frames are very different, right? So I think from -- just from a business perspective, we'll continue to focus on the revenue and the revenue metrics and then the bookings numbers will kind of ebb and flow. But obviously, right now, you are getting a lot of visibility to what's happening with customers just because we need that to be able to drive the types of purchase commitments et cetera we're driving.

是的。我的意思是，我認為我唯一要補充的是，法哈德，當你考慮需求和預訂時，很難過於量化，因為顯然交貨時間和時間框架非常不同，對吧？因此我認為從商業角度來看，我們將繼續專注於收入和收入指標，然後預訂數量將會有所起伏。但顯然，現在，您可以清楚地了解客戶的情況，因為我們需要這樣做才能推動我們正在推動的購買承諾類型等等。

Your next question comes from the line of Rod Hall with Goldman Sachs.

您的下一個問題來自高盛的羅德霍爾 (Rod Hall)。

Yes. And again, I'd like to echo the positive comments. These are phenomenal results in this environment. I guess my question is regarding the COGS and the cost of some of the products you're getting from Broadcom, other companies we've talked to during this earnings season has talked about really high expedite fees. And just wondering if you're seeing those? And how they're factoring into the forward cost in the business. Like are you able because of this visibility to set your prices at a level that compensate for it? Will we see higher COGS unwind, maybe the early part of next year. I'm just curious whether you're seeing those expedite fees and then how they might affect margins at some point?

是的。我想再次重申這些正面的評論。在這樣的環境下，這已經是驚人的成果了。我想我的問題是關於 COGS 和您從 Broadcom 獲得的一些產品的成本，我們在這個收益季節與之交談過的其他公司談到了非常高的加急費用。我只是想知道您是否看到了這些？以及他們如何將遠期成本計入業務中。例如，您是否能夠因為這種可見性而將價格設定在可以補償它的水平？我們是否會看到更高的 COGS 下降，也許是在明年年初。我只是好奇您是否看到這些加急費用，以及它們在某些時候會如何影響利潤率？

Rod, I think everybody is seeing -- I don't want to talk about a particular supplier, but we are seeing expedite fees and incremental costs kind of across the supply base, right? And you haven't seen those in the gross margins in the income statement to date just because the mix has been more enterprise heavy. And that's been kind of offsetting that, right? I think we are -- as Jayshree mentioned, we are in the process of instituting some price increases, et cetera, to help offset some of those costs. So that will help.

羅德，我想每個人都看到了——我不想談論某個特定的供應商，但我們看到了整個供應基地的加急費和增量成本，對嗎？到目前為止，您還沒有在損益表的毛利率中看到這些，只是因為企業業務組合更重。這在某種程度上抵消了這一點，對吧？我認為正如 Jayshree 所提到的，我們正在實施一些價格上調等措施，以幫助抵消部分成本。這將會有所幫助。

I think we're comfortable thinking about that 63% to 65% range is still being reasonable. But you will see some more volatility quarter-by-quarter just as the mix of the business. The customer mix is still going to be the biggest driver. The other costs we're managing with some of the price increases, et cetera. But when we have a heavier kind of cloud mix in a particular quarter, et cetera, we will see some lower gross margins than what we've seen over the last couple of quarters.

我認為我們可以放心地認為 63% 到 65% 的範圍仍然是合理的。但就像業務組合一樣，你會看到每季都會出現更多的波動。客戶結構仍將是最大的驅動因素。我們透過部分價格上漲等來應對其他成本。但是，當我們在某個季度中雲端運算業務佔比更大的時候，我們的毛利率就會比過去幾季低。

And thank you for the good wishes, Rod.

謝謝你的祝福，羅德。

Sure, Jayshree. No problem. Just a question. Our customer -- what about the cloud customers, are they willing to accept a little bit of price increase, knowing that things are getting more expensive. Just curious what the conversations are like there.

當然，Jayshree。沒問題。只是一個問題。我們的客戶－那麼雲端客戶呢，他們是否願意接受一點點價格上漲，因為他們知道東西會變得越來越貴。只是好奇那裡的對話是什麼樣的。

I would say all our customers are very understanding, but nobody is willingly accepting price increases, including the rich cloud titans.

我想說我們所有的客戶都非常理解，但沒有人願意接受價格上漲，包括富有的雲端運算巨頭。

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吉姆蘇瓦。

Truly spectacular. And I got to just ask about the build to forecast versus build to order. Kind of when did you implement that? And what was the reaction of some of your customers? Or is it more internal? And what I'm wondering is how much further you may be ahead of some of your competitors? It sounds like it's actually maybe something that you're looking for, for like the next couple of years if you have lead times going so long.

確實很壯觀。我只想問一下按預測生產和按訂單生產的情況。您什麼時候實現的？您的一些客戶有何反應？或者說它比較內在？我想知道的是，您比您的競爭對手領先多少？聽起來這實際上可能是您在接下來的幾年裡所尋找的東西，如果您的交貨時間這麼長的話。

Right. First of all, I just want to give a big shout out to Anshul, John McCool, Susan Hayes and the entire manufacturing team. If you -- let me just step back, Jim, and thank you for the kind wishes. The traditional model for everybody has been built to forecast, Lead times are based on supplier commits. There's some buffers, but most of it is just in time, right? And very rarely does anybody pay for expedites.

正確的。首先，我要向 Anshul、John McCool、Susan Hayes 和整個製造團隊致以崇高的敬意。如果你——讓我退一步，吉姆，謝謝你的美好祝愿。每個人的傳統模型都是為預測而建立的，交貨時間取決於供應商的承諾。有一些緩衝，但是大部分都是及時的，對嗎？而且很少人會為加急付費。

If you look at supply chain in 2022, first of all, expedites are a way of life. It doesn't matter which vendor it is. You have to plan not just weeks ahead, but months ahead. Often, you can get decommits from suppliers. There's shortages across the board. There's lots of orders with no buffers. Everybody is coming at them sometimes and we used to think the high-tech industry is special. But some of the components we're talking about, we compete with the automotive industry and the consumer industry, which makes it tougher.

如果你看看2022年的供應鏈，首先，加快是一種生活方式。無論是哪個供應商都沒關係。您的計劃不只是要提前幾週，還要提前幾個月。通常，你可以得到供應商的承諾。各方面都存在短缺。有大量訂單沒有緩衝。有時每個人都會向高科技產業邁進，我們過去認為高科技產業很特殊。但我們所談論的一些零件與汽車產業和消費產業競爭，這使得競爭變得更加艱難。

And it isn't surprising at all to see expedites involve not just CEOs, but heads of countries literally. That's how rough it is. So it's a very oversubscribed process. We thought we got a head start by starting when was it Ita, late last year when Anshul and the team put together a plan. So we've definitely had a head start. And if things have gotten better, we would be well ahead of everyone. But just things keep getting worse.

看到這些緊急行動不僅涉及首席執行官，而且涉及國家元首，這並不奇怪。它就是這麼粗糙。因此這是一個超額認購的過程。我們認為，當去年年底 Anshul 和團隊制定計劃時，我們就已經開始行動了。因此我們確實已經領先一步。如果情況變得更好，我們就會領先所有人。但情況卻變得越來越糟。

So now the head start is good, but we have to add to that head start and hence, the doubling of the inventory. And without naming any vendor, I'll just say we've increased the strategic nature of our relationship with not just 1 or 2 vendors, but 25% of our vendors. So this is a much larger relationship pool, and we're committing to them long term. They're committing to us, but both of us have to be patient and understanding of the short-term troubles we have.

因此，現在開局不錯，但我們必須擴大規模，從而使庫存翻倍。我不會透露任何供應商的名字，我只想說，我們加強了與不僅僅 1 或 2 家供應商的策略性合作關係，而是與 25％ 的供應商加強了策略性合作關係。因此，這是一個更大的關係池，我們將長期致力於此。他們對我們做出了承諾，但我們雙方都必須耐心並理解我們所遇到的短期困難。

And again, a really big congratulations to you and your entire entity.

再次向您和您的整個實體表示熱烈的祝賀。

Thank you. Big kudos to my team.

謝謝。向我的團隊致以崇高的敬意。

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

您的下一個問題來自 Cowen 公司的 Paul Silverstein。

Two earlier questions, if I may. Was there any 200-gig from Facebook and any 400-gig revenue from Microsoft in your third quarter? And do you expect in the fourth quarter? And Jayshree, would you care any comment on the outlook for next year? I know supply chain is challenging, but...

如果可以的話，我先問兩個問題。在第三季度，Facebook 有 200G 的收入，微軟有 400G 的收入嗎？您預計第四季會有這樣的情況嗎？ Jayshree，您對明年的前景有何評論？我知道供應鏈很有挑戰性，但...

Yes. I'm just checking to see, but there was 400-gig revenue overall. As I told you last time, we have increased our customer logos in the 400-gig category from 75 customers last year to the first half was 150, and we're trending to about 300 customers. So they're definitely 400-gig. I need to double check on whether there was any 200-gig. Let me beg off that question. Ita, do you have...

是的。我只是檢查一下，但總體收入有 400G。正如我上次告訴你的那樣，我們在 400Gig 類別中的客戶數量從去年的 75 個增加到了上半年的 150 個，並且我們的客戶數量正在增長到 300 個左右。所以它們肯定是400千兆的。我需要仔細檢查是否有 200-gig。讓我迴避這個問題。伊塔，你有…

Yes, I was just going to say, Paul, some of the commentary on the deferred is probably relevant here, too, where we talked about the deferred balance becoming more cloud titan heavy this quarter, whereas before, there had been more other verticals, et cetera, right? So I think that's -- so we may not have had revenue, but we probably had activity. We deferred the revenue.

是的，我只是想說，保羅，一些關於延期的評論可能也與此相關，我們談到本季度延期餘額變得更加雲端巨頭，而之前，有更多的其他垂直行業等等，對吧？所以我認為——我們可能沒有收入，但我們可能有活動。我們推遲了收入。

So we have some deferred, too.

因此我們也有一些延期。

So that's what I thought. But just to be specific Jayshree, the question specific to Facebook and Microsoft, I assume a lot of that revenue is being deferred or maybe it's not. But that's the specific question.

所以我就是這麼想的。但 Jayshree，具體來說，針對 Facebook 和微軟的問題，我認為很多收入都被推遲了，或者可能沒有。但這是一個具體問題。

Yes. I think we grew our deferred revenue when we mixed definitely towards cloud, and that includes new products, right? So that's kind of...

是的。我認為，當我們明確轉型為雲端運算時，我們的遞延收入就增加了，其中包括新產品，對嗎？所以這有點...

It's our 200-gig and 400-gig.

這是我們的 200-gig 和 400-gig。

All right. And would you care to give any comment about the outlook for next year?

好的。您願意對明年的前景發表什麼評論嗎？

We are going to at the Analyst Day. How about then?

我們將參加分析師日。那怎麼樣？

I can wait 30 minutes.

我可以等30分鐘。

All right. And suppose if you're in the East Coast, I apologize for keeping you up late, but we'll make it short and sweet. I think our Analyst Day will be 2 hours.

好的。如果你在東海岸，我很抱歉讓你熬夜，但我們會長話短說。我認為我們的分析師日將持續 2 小時。

Yes.

是的。

So you don't have to stay up too long.

所以你不必熬夜太久。

All right. I appreciate.

好的。我很感激。

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薩米·巴德里。

Jayshree, you've mentioned a couple of times talking about reference to enterprise wins and that really kind of dialing up as far as momentum. But if you were to bullet point the key reasons why you're winning, you continue to win with what it would sound like increasing momentum.

Jayshree，您曾多次提到企業勝利以及這方面的發展勢頭。但如果你列出你獲勝的關鍵原因，你就會繼續獲勝，而且勢頭會越來越強。

Can you just highlight them for us because most of the people on this call are used to hearing about very defendable sales channels and many other vendors with very comprehensive solutions. Can you walk us through the key sales pitch and just what is resonating with the enterprise customers?

您能否為我們重點介紹這些管道，因為參加電話會議的大多數人都習慣於聽到非常可靠的銷售管道和許多其他擁有非常全面解決方案的供應商。您能否向我們介紹關鍵的銷售宣傳以及企業客戶的共鳴？

Right. And again, I'll give some of this at the Analyst Day, but I'll give you an abbreviated version Sami. First of all, I think our relevance in the enterprise customer has increased from data center is really a much broader portfolio that's client to cloud, going all the way from campus, WiFi, (inaudible) design for the data center to routing and a very large dose now of software and services as well, everything from A-Care to CloudVision to cloud in the U.S. to total cloud software as well as our recent acquisition of Big Switch and Awake now contributing as well to segmentation, observability and security as well.

正確的。再次，我將在分析師日上提供其中的一些內容，但我會給你一個簡化版本，薩米。首先，我認為我們與企業客戶的相關性已經從資料中心擴大到更廣泛的產品組合，從客戶端到雲，從校園、WiFi、（聽不清楚）資料中心設計到路由，以及現在大量的軟體和服務，從 A-Care 到 CloudVision 到美國雲到全面的雲軟體，以及我們最近收購的 Big Switch 和 Awake，也為細分、可觀察性和安全性做出了貢獻。

So the completeness and the innovative nature of our portfolio itself. The second thing that's helped is our Power of One, if you will, one OS, one image, one cloud vision. Customers just love the -- not just the innovation, but the quality and support. I'm not having to buy silo boxes, but having an innovative and much better operator experience with a much lower TCO. And finally, at the enterprise customers is that we have now much as we talk about products, we have invested in customers. Our investment in sales led by Chris Schmidt and Ashwin Kohli and the entire team worldwide really began in 2017.

我們的投資組合本身就具有完整性和創新性。第二個有幫助的是我們的“Power of One”，如果你願意的話，可以理解為一個作業系統、一個圖像、一個雲願景。客戶喜歡的不僅是創新，還有品質和支援。我不需要購買筒倉箱，但卻能以更低的整體擁有成本獲得創新且更佳的操作員體驗。最後，對於企業客戶來說，我們現在談論的產品很多，我們對客戶也進行了投資。我們對銷售的投資由 Chris Schmidt 和 Ashwin Kohli 以及全球整個團隊領導，實際上始於 2017 年。

So this is our third or fourth year of enterprise investment. And I think we're now seeing the results of that. The first and second year, we were kind of getting in, and we're just coming into the campus. And now I think we're coming on to our own in a complete holistic fashion.

這是我們進行企業投資的第三年或第四年。我認為我們現在已經看到了其結果。第一年和第二年，我們剛進入校園。現在，我認為我們正在以一種完整的整體方式實現自己的目標。

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

您的下一個問題來自 William Blair 的 Jason Ader。

Yes. First, I want to say horrible numbers you guys need to do better. But my question is, can you quantify the backlog or book-to-bill or anything that might help us understand kind of how much of a gap there is between demand and supply. And is there any risk that customers are over ordering right now where you could see an air gap in demand maybe in some time in 2022.

是的。首先，我想說這些可怕的數字，你們需要做得更好。但我的問題是，您能否量化積壓訂單或訂單出貨比或任何可能幫助我們了解需求和供應之間存在多大差距的東西？目前客戶訂購過多是否有風險，到 2022 年的某個時候可能會出現需求缺口。

Yes, Jason, I know lots of folks have been talking about bookings and trying to put some boundary around that. I just think it's really hard from a timing perspective. When you have these lead times, of course, you're going to have accelerated bookings and larger bookings. And certainly, we have our fair share of that, right? There's no -- it's always difficult to talk about the business, I think, in that context. So we're more focused on what can we deploy and that's how we're running it internally as well, right?

是的，傑森，我知道很多人一直在談論預訂並試圖對此設定一些界限。我只是認為從時間角度來看這確實很難。當你擁有這些交貨時間時，你當然會加速預訂並獲得更大的預訂。當然，我們也享有應有的份額，對吧？沒有——我認為，在這種背景下談論生意總是很困難。因此，我們更加關注我們能夠部署什麼，這也是我們在內部運作的方式，對嗎？

What are the periods where these bookings will get deployed and building out deployment plans. And that's really what's going to matter. And I think when you think about the business that way, the pull-ins and push-outs of the actual bookings numbers and how much visibility you're getting, et cetera, becomes less important, right? So not kind of duck -- not ducking your question, we have obviously lots of demand. We've talked about the demand that we have, but these are extended lead times. So we're just focused on making sure we understand how it's going to get deployed.

這些預訂將在哪些時間段內部署以及製定部署計劃。這才是真正重要的。我認為，當您以這種方式考慮業務時，實際預訂數量的增加和減少以及您獲得的知名度等等就變得不那麼重要了，對嗎？所以不是迴避你的問題，我們顯然有很多需求。我們已經討論過我們的需求，但交貨時間延長了。因此，我們只是專注於確保我們了解它將如何部署。

Yes. And I want to echo what Ita just said. We're not going to get excited about backlog. We're a little bit excited about deploying our customers with real revenue. And some of the backlog may materialize and remember, they're cancelable orders, some of them may not. So it's best to be responsible as a company as we always have been and share with you that demand is certainly outstripping supply. No question about that. And we're going to work hard as hell on fulfilling the supply and improving the supply.

是的。我也想重複一下 Ita 剛才所說的話。我們不會因為積壓問題而感到興奮。我們對為客戶帶來實際收入感到有些興奮。有些積壓訂單可能會實現，請記住，它們是可取消的訂單，有些則可能不會。因此，我們最好像往常一樣，作為一家公司承擔起責任，並告訴大家，需求肯定超過了供應。毫無疑問。我們將竭盡全力滿足供應並改善供應。

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。

Great. I realize it's kind of difficult to quantify the supply chain impact currently. But if any way you help us with the gross margin impact? And should we see the gross margin step down in the guide is more supply chain related or more related to the mix of revenue types?

偉大的。我意識到目前量化供應鏈的影響有點困難。但是，您能以任何方式幫助我們降低毛利率嗎？我們是否應該看到指南中的毛利率下降更多地與供應鏈相關還是與收入類型的組合更相關？

Yes. I think the best way to think about it is that we've been operating at the upper end of that range for the last couple of quarters. That's definitely a customer mix effect, right? It's offsetting some of the cost impacts as well. And we've been deferring some of the -- as Paul was talking about, some of the larger customer revenue as well.

是的。我認為最好的思考方式是，過去幾季我們一直處於該範圍的上限。這肯定是客戶組合效應，對吧？它也抵消了部分成本影響。正如保羅所說，我們也推遲了一些較大的客戶收入。

So I think as you look forward kind of outside of these quarters, when the mix of the business comes back to something more balanced, I think you will see back towards the bottom end of that range from time to time. I think we believe we'll stay in the range over a long period of time, but there will be quarters where we could be pressuring the bottom end of that range and maybe even break the bottom end of that range.

因此，我認為，當你展望這些季度之外的情況時，當業務組合恢復到更平衡的水平時，我認為你會不時地看到回到該範圍的底端。我認為，我們相信我們會在很長一段時間內保持在這個範圍內，但有些季度我們可能會對該範圍的底端施加壓力，甚至可能突破該範圍的底端。

While for, say, for 4 quarters, I think we can still be okay. So there is definitely a customer element to this. There's a cost increase element to this, and we will benefit from some customer price increases here that will help offset some of that. But I think the days of living at the upper end of that range, I wouldn't assume that we can do that on an ongoing basis as you look forward.

而對於 4 個季度來說，我認為我們仍然可以沒問題。因此這其中肯定有客戶因素。這其中存在成本增加的因素，我們將從一些客戶價格上漲中受益，這將有助於抵消部分成本增加的影響。但我認為，生活在這個範圍的上限，我不會認為我們能夠長期做到這一點。

Got it. And not to trouble you in the -- like any forward guidance, but just for the price increases, obviously, you probably wouldn't see most of that impact in Q4, you would expect the price increases to impact more Q1 in 2022. Would you...

知道了。並不是要給您帶來麻煩——就像任何前瞻性指引一樣，但僅就價格上漲而言，顯然，您可能不會在第四季度看到大部分影響，您會預計價格上漲會在 2022 年第一季產生更多影響。

Yes, we do expect.

是的，我們確實期待。

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

您的下一個問題來自瑞銀的 David Vogt。

Great. This is a question for both, I guess, Jayshree and Ita. I just want to follow up on the cloud titan CapEx and the hyperscaler CapEx and the visibility. I think it's fairly well documented that the balance of this year into 2022, There's going to be significant data center expansion and availability expansion by the hyperscalers so that's clearly reflected in your confidence.

偉大的。我想，這是 Jayshree 和 Ita 兩人都要問的問題。我只是想跟進雲端運算巨頭的資本支出和超大規模企業的資本支出和可見性。我認為有相當充分的證據表明，從今年到 2022 年，超大規模企業將進行大規模的資料中心擴展和可用性擴展，這清楚地反映在您的信心上。

But you noted that you have a little bit more than a year visibility. I mean how should we think about 2023? I know we don't even have '22 guidance yet, but given the strength and the expansion and the availability and the data center trajectory, how do we think about that? And then just as a follow-up on pricing, when you think about the 10% price hike that you're going to implement in a couple of weeks, in your mind, is that sort of more than offsets the supply chain? Or is there a way to quantify how we're thinking about price versus the margin impact from the higher components? Does it reduce it by 50%? Is there some way to think about it that we can model out going forward?

但您指出，您的可見度還有一年多一點。我的意思是我們應該如何看待 2023 年？我知道我們甚至還沒有 22 年的指導，但考慮到實力、擴張、可用性和資料中心的發展軌跡，我們該如何看待這一點？然後作為定價的後續問題，當您想到幾週後將實施的 10% 價格上漲時，您認為這是否會對供應鏈產生更大的抵消作用？或者有沒有辦法量化我們對價格的思考以及較高組成部分對利潤的影響？它會減少 50% 嗎？我們是否可以考慮一下這個問題，並在未來對其進行建模？

Yes. No. I mean, we've tried to be very transparent with customers in terms of what we're seeing on the cost side and looking for them to help us kind of offset that. So we're definitely not looking to increase margin or make margin on that. We've been very open and transparent with what we are seeing on the cost side and looking for help to offset that. Jayshree, anything you want to add there?

是的。不。因此，我們絕對不想以此來增加利潤或賺取利潤。我們對成本方面的情況持非常公開和透明的態度，並尋求幫助來抵消這一成本。 Jayshree，您還有什麼要補充的嗎？

Yes. And to answer your question on 2023, I guess I would say stay tuned for the Analyst Day, we'll try and give you better visibility on 2022 and give you some visionary statements on 2023 and beyond.

是的。為了回答您關於 2023 年的問題，我想說請繼續關注分析師日，我們將嘗試為您提供有關 2022 年的更好了解，並為您提供一些有關 2023 年及以後的遠見卓識的聲明。

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

您的下一個問題來自 Evercore ISI 的 Amit Daryanani。

And I'll extend my congratulations as well to you. I guess when I look at your performance in '21 based on the midpoint of your guide for December, I think you would have clearly gained some sizable market share in the year. I'd love to understand, do you think the share gains are coming from white box vendors or coming more from sort of the traditional competition that you have?

我也要向你表示祝賀。我想，當我根據您 12 月指南的中點來查看您在 21 年的表現時，我認為您在今年顯然已經獲得了相當大的市場份額。我很想了解，您認為份額的成長是來自白盒供應商還是更多來自於您所面臨的傳統競爭？

And then maybe a second part to this, as you think about the next couple of years, could you see customers that use white box solutions today come to Arista? And if so, what do you think would motivate them to do so?

然後也許是第二部分，當您考慮未來幾年時，您是否會看到今天使用白盒解決方案的客戶來到 Arista？如果是的話，您認為是什麼促使他們這樣做？

Both very good questions and related to each other. I would say this year with all the supply chain issues, much more of our share gains is coming from enterprise and cloud titans. Just getting our fair share from our peers in the industry, not necessarily white box. If you fast forward to later years, I do think Arista will have an advantage, not just in product capability, but also in the ability to rapidly supply product probably better than some of the white boxes. And Anshul has often alluded to this. So the make versus buy decision for many of our cloud titans may shift in the direction of Arista rather than strictly white boxes.

這兩個問題都非常好，而且相互關聯。我想說，今年由於種種供應鏈問題，我們的份額成長大部分來自於企業和雲端運算巨頭。我們只是從業內同行那裡獲得公平的份額，不一定是白盒的。如果快進到以後的幾年，我確實認為 Arista 將會具有優勢，不僅在產品能力方面，而且在快速供應產品的能力方面可能比一些白盒子產品更好。安舒爾經常提到這一點。因此，我們的許多雲端運算巨頭在自主研發還是購買方面的決策可能會轉向 Arista，而不是嚴格的白盒產品。

We look forward to that. I'm not going to make any guesses on that, but I don't preclude that and Ita has Anshul when he's spoken in the past. So it certainly wasn't part of the market share gains and the growth this year, but it could be next year.

我們對此充滿期待。我不會對此做出任何猜測，但我並不排除這一點，而且 Ita 過去曾說過 Anshul 的名字。因此，它肯定不是今年市場份額成長的一部分，但可能是明年。

Your next question comes from the line of Pierre Ferragu with New Street.

您的下一個問題來自 New Street 的 Pierre Ferragu。

I am very intrigued by the 1-year visibility you have with your cloud clients. And on that front, I was wondering, first, Facebook, one of your important clients hiked up their CapEx for next year by like 60%, 65% or so last week.

我對您與雲端客戶的一年可見度非常感興趣。在這方面，我想知道，首先，你們的重要客戶之一 Facebook 上週將明年的資本支出提高了 60% 到 65% 左右。

And I was wondering, is that something that is I would say, aligned with the visibility you have or if it came as a surprise. And then along the same line, within that visibility, how do you see the spending of cloud titans changing in terms of how it is split between what's happening inside the data center, which is more on the switching side and what is more happening outside the data center in the DCI and more on the routing side.

我想知道，這是否與您所了解的情況相符，或者是否是一個意外。然後沿著同樣的思路，在這種可見性範圍內，您如何看待雲端運算巨頭的支出變化，即資料中心內部發生的事情（更多的是在交換方面）與資料中心外部的 DCI 發生的事情（更多的是在路由方面）之間的分配。

Yes. Thanks, Pierre. Both again, very good question. So I'll take the second one first. I think Arista's presence for most part until recently has been intra data center. But what has been phenomenal to watch my cloud titan team do, led by Anshul, Mark and others is the use cases have proliferated, not only outside the data center of a DCI, but routing AI use cases, top-of-rack use cases, special customized use cases. So both within the data center and outside Arista is getting its fair share of opportunity to respond. And we're doing a lot of proof of concepts and testing work with them.

是的。謝謝，皮埃爾。再次強調，這是非常好的問題。因此我先選擇第二個。我認為直到最近 Arista 的大部分業務都是在資料中心內部。但看到由 Anshul、Mark 和其他人領導的雲端巨頭團隊所取得的驚人成就，用例不斷激增，不僅在 DCI 資料中心之外，還包括路由 AI 用例、機架頂部用例和特殊客製化用例。因此，無論是在資料中心內部還是外部，Arista 都獲得了公平的回應機會。我們正在與他們進行大量概念驗證和測試工作。

Regarding the cloud titan CapEx spend, we're always surprised when the numbers actually come out because they're in billions. And of course, they're nowhere close to the percentage they spend with us necessarily. But our relationship with Facebook dates back now at least 4, 5 years.

關於雲端運算巨頭的資本支出，當實際數字出來時我們總是感到驚訝，因為它們高達數十億美元。當然，他們在我們這裡花費的金額比例並不一定接近。但我們與 Facebook 的關係至少可以追溯到 4、5 年前。

We have done joint development with them in the FBOSS and we've jointly developed products with them. We have shared with you in the past that we are developing our next generation of products with them with 200-gig. So we were pleasantly surprised, but we were not completely surprised.

我們與他們一起在FBOSS上進行了共同開發，並與他們共同開發了產品。我們過去曾與大家分享過，我們正在與他們一起開發下一代 200Gig 產品。因此我們感到驚喜，但並不完全意外。

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。

Congratulations as well from me. I think the one number that stands out the most to me is your $2.1 billion plus purchase commitments, and I think that's up over 4x relative to what it was exiting last year. I think going into kind of the June quarter, the expectations were that maybe some of these component constraints would start to ease as we move into the mid-part of 2022 and certainly into the second half?

我也對此表示祝賀。我認為最引人注目的數字是您的 21 億美元以上的購買承諾，我認為這比去年的購買承諾增長了 4 倍多。我認為，進入 6 月季度，人們預計，隨著進入 2022 年中期，當然是下半年，其中一些零件限制可能會開始緩解？

And just curious, your best assessment right now where you stand on some of those lead times starting to normalize or shorten back down? And do I think that you're going to carry kind of this higher degree of visibility well into 2023 at this point?

我很好奇，您現在最好的評估是，這些交貨時間是否開始正常化或縮短？我是否認為您現在能夠將這種更高的可見度保持到 2023 年？

And Presenters are -- is your line muted?

主持人--您的線路靜音了嗎？

Sorry about that. I don't know when that (inaudible). Where did I stop. Yes. So I think -- sorry, Aaron, can you help me with how much of that you got.

很抱歉。我不知道那是什麼時候（聽不清楚）。我在哪裡停下來了。是的。所以我想——抱歉，Aaron，你能幫我算一下你得到了多少嗎？

Actually, I didn't hear any of it. I apologize.

事實上，我什麼都沒聽到。我很抱歉。

Okay. All right. Okay. Let me start. Yes. So I think, look, we probably have 2 dynamics happening. We've seen a push out of lead times again with the products and the vendors that we were managing directly. And that's probably -- I think now our view is that's probably the end of 2022 before we start to see things get better there.

好的。好的。好的。讓我開始吧。是的。所以我認為，我們可能有兩種動態正在發生。我們發現我們直接管理的產品和供應商的交貨時間再次延長。這可能——我認為現在我們的觀點是，可能要到 2022 年底我們才會開始看到情況好轉。

In addition to that, we've also seen it kind of broaden out to other components, right? And we're now managing vendors directly that would have normally gone through the supply chain gone through the contract manufacturers, et cetera, and we're having to engage directly with those suppliers.

除此之外，我們還看到它擴展到其他組件，對嗎？我們現在直接管理通常需要透過供應鏈、合約製造商等管道的供應商，而且我們必須直接與這些供應商合作。

And then that's also driving some increase in those purchase commitments, and we're looking out longer with those suppliers as well. So it's a combination, I think, of both of those is taking that number increase. We are trying to focus on new products and products that have long life cycles. So that gives us a little bit more leeway there in terms of taking a longer view, and we'll continue to do that. But yes, I don't think we've kind of asked the point yet where things are improving.

這也推動了購買承諾的增加，我們也與這些供應商進行更長的合作。所以我認為，兩者的結合才使得這個數字增加。我們正努力專注於新產品和具有長生命週期的產品。因此，從長遠角度來看，這給了我們更多的迴旋餘地，我們將繼續這樣做。但是是的，我認為我們還沒有問到情況是否正在改善。

And Aaron, we see this as an important investment to the business. It is a decision that Ita, myself and Anshul have made very consciously to say we got to invest in the business, and we've got to invest in getting product to our customers. So we think this is an important part of our decision-making process because of the prolonged situation here with supply chain.

亞倫，我們認為這是對企業的重要投資。這是 Ita、我本人和 Anshul 非常慎重做出的決定，我們必須投資於業務，必須投資於將產品提供給我們的客戶。因此，我們認為這是我們決策過程的一個重要部分，因為這裡的供應鏈狀況長期存在問題。

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

您的下一個問題來自奧本海默的伊泰·基德倫 (Ittai Kidron)。

Congrats. Great quarter. I guess a couple of questions from me. First of all, with regards to the purchase commitments. Can you give us a little bit more color whether -- this is a response to competitors of yours doing the same with your suppliers? And does this lock in volume? Or does it also lock in price for the components that you're buying?

恭喜。非常棒的一個季度。我想我有幾個問題。首先，關於購買承諾。您能否向我們提供更多細節，這是否是對您的競爭對手對您的供應商採取相同做法的回應？這能鎖定音量嗎？或者它也鎖定了您所購買的組件的價格？

Yes. No, I think it's totally us working on our own strategy. And as Jayshree mentioned earlier, we started to do that right back at the beginning of last year even. So just a continuation of that. I think the biggest driver is obviously what's happening in the supply chain and understanding what's happening in the supply chain and just the breadth of suppliers that we need to kind of manage directly and start to deal with directly right now. I mean I think that's the biggest driver of the change as opposed to anything that anybody else is doing, et cetera. I'm sorry, what was the second part of your question, Ittai?

是的。不，我認為這完全是我們自己制定的策略。正如 Jayshree 之前提到的，我們甚至從去年年初就開始這樣做了。這只是那件事的延續。我認為最大的驅動因素顯然是供應鏈中發生的情況，了解供應鏈中發生的情況以及我們現在需要直接管理並開始直接處理的供應商範圍。我的意思是，我認為這是變革的最大驅動力，而不是其他人所做的任何事情等等。抱歉，Ittai，你的問題的第二部分是什麼？

Does it lock in just the volume? Or does it also lock in the prices for you going forward?

它只會鎖定音量嗎？或者它也為您鎖定了未來的價格？

Yes. I mean, when you make long-term commitments, there is kind of a pricing element to that, that you have a set price base. As things start to get better, we'll see how some of that plays out, right? But there obviously is a pricing in the market today, and that pricing is kind of what you're making these commitments at. And -- but as time -- as we've seen over time in the past, as things start to loosen up and some of that can change as well. But right now, it is a commitment to volume and price.

是的。我的意思是，當你做出長期承諾時，其中就包含一種定價要素，即你有一個固定的價格基礎。隨著情況開始好轉，我們會看到其中的一些結果如何，對嗎？但當今市場顯然存在定價，而該定價就是你做出這些承諾的價格。但隨著時間的推移，正如我們過去所看到的那樣，事情開始變得寬鬆，其中一些也會改變。但目前，這是對數量和價格的承諾。

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

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

As you probably remember, earlier in my career, I was told never to high-five management on a public call. I'll leave it at that. I've done the last. I wanted to see if maybe you could expand a little bit on the campus opportunity, which sounds like it's overshadowed by what's going on in data center. But just want to get a better sense of where you stand in that part of your business and the trajectory?

你可能還記得，在我職業生涯的早期，有人告訴我不要在公開電話會議上與管理層擊掌。我就不說了。我已經做完最後一件事了。我想看看您是否可以稍微擴展一下校園機會，這聽起來似乎被資料中心發生的事情所掩蓋了。但只是想更了解您在業務的這個部分中所處的位置和發展軌跡？

Thank you, Simon. We will take your virtual high-five. I think the campus business has been very relevant to a seat at the table in -- with enterprise customers. We're now starting to see enterprise wins and logos where we win the campus before we win a data center because many of these campuses don't have large data -- many of these enterprises don't have large data centers. So I think the conversation, the strategy, the ability to bring all of the silo data sets together, whether it's in your campus or data center or on the core or WAN or branch is very important, and customers are looking to us to build their modern and modernize their enterprise network.

謝謝你，西蒙。我們將接受您的虛擬擊掌。我認為校園業務與企業客戶的席次非常相關。我們現在開始看到企業的勝利和標誌，我們在贏得資料中心之前就贏得了校園，因為許多校園沒有大數據——許多企業沒有大型資料中心。因此，我認為對話、策略以及將所有孤立資料集整合在一起的能力（無論是在校園、資料中心、核心、廣域網路或分支機構）都非常重要，客戶希望我們建立現代化並實現其企業網路的現代化。

So from that standpoint, although the numbers are still small, and we're talking about doubling from 100 to 200. We think it will be extremely relevant strategically with our enterprise customers and to grow, obviously, in the next few years. There's also a component of channels where we're still pretty nascent. And most of our success and engagement to date is direct, albeit fulfilled by channels, but we hope that will change over time, and that will add further strength to our campus.

因此從這個角度來看，雖然數字仍然很小，但我們談論的是將數量從 100 增加一倍到 200。我們在通路方面的一些工作仍處於起步階段。到目前為止，我們的大部分成功和參與都是直接的，儘管是透過管道實現的，但我們希望這種情況會隨著時間的推移而改變，並為我們的校園增添進一步的力量。

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

您的下一個問題來自美國銀行的塔爾·利阿尼 (Tal Liani)。

I have 2 questions. One is just if you can give us an update on campus switching, where you are versus your targets? If you said it, I apologize, I just didn't hear it. And second, I just want to understand kind of about the accounting. Can you go over again the price increases? When are they kicking in? If they kicked in already?

我有兩個問題。一個問題是，您能否向我們介紹一下校園轉換的最新情況，以及目前的情況和目標是什麼？如果你這麼說，我很抱歉，我只是沒有聽到。其次，我只是想了解一些關於會計的知識。能再談一下價格上漲嗎？他們什麼時候開始行動？如果他們已經開始行動了？

And then what happens with your cost of goods sold since it's on FIFO. I'm assuming it's on FIFO like everyone else. Does it mean that right now, you're still recording cheaper components, so the margins are higher. I'm just trying -- or maybe I'm totally wrong, I just want to understand kind of the margin evolution as component pricing goes up and pricing increases kick in.

那麼，由於採用先進先出法，您的銷售成本會發生什麼情況呢？我假設它和其他人一樣都是 FIFO。這是否意味著現在您仍在錄製更便宜的組件，因此利潤率更高。我只是在嘗試——或者我可能完全錯了，我只是想了解隨著零件價格上漲和價格上漲，利潤率會如何變化。

Yes. I mean...

是的。我是說...

Go ahead.

前進。

It's some combination of all of those, Tal. There are some expedite costs, et cetera, that end up being period expenses that we've been recognizing. We recognized a chunk last quarter. We had some again in Q3. There are other costs like higher price -- higher pricing increases, et cetera, that will end up being inventoried and will flow with the inventory. And some of that obviously will burn through the inventory that we have in the supply chain, and then we'll start to see those costs.

這是所有這些的組合，塔爾。有一些加急費用等等，最終都會成為我們一直承認的期間費用。我們在上個季度就確認了這一點。我們在第三季又遇到了一些問題。還有其他成本，例如更高的價格——更高的價格上漲等等，這些成本最終都會被盤存，並隨著庫存而流動。其中一部分顯然會消耗我們供應鏈中的庫存，然後我們就會開始看到這些成本。

Those will line up better, hopefully, with some of the price increases that we are passing on to customers as well. I mean this is -- it's going to be complex. It won't necessarily be perfect, right? But as we look at the various different scenarios, there's a better chance of those lining up with the price increases. So that will help kind of offset some of that.

希望這些能夠與我們轉嫁給客戶的部分價格上漲更好地保持一致。我的意思是這會很複雜。它不一定是完美的，對吧？但當我們審視各種不同的情況時，我們發現，人們支持漲價的可能性更大。所以這將有助於抵消一些影響。

And finally, Tal, on the campus. We committed to double the $100 million achievement we had last year, this year, and we -- here we are sitting 2 months away from the end of the year. So we believe we will lose it and we will have to set a new goal for next year.

最後，塔爾 (Tal)，在校園裡。我們承諾今年將把去年 1 億美元的目標翻一番，現在距離年底還有兩個月的時間。因此我們相信我們會失敗，我們必須為明年設定一個新的目標。

Got it. And just going back to the margin. So I know you're probably going to discuss it tonight, but just in general, how do we think about gross margin going forward?

知道了。回到邊緣。所以我知道你今晚可能會討論這個問題，但總的來說，我們如何看待未來的毛利率？

Yes. I mean, it's definitely part of the discussion later.

是的。我的意思是，這肯定是稍後討論的一部分。

Right. And I think you already mentioned. What was mentioned already is we continue to believe with the price increase effective November 4, which will really be effective next year by the time customers realize it and see it that we will be able to offset the escalating costs and our gross margin will depend on mix. And as Ita has often said, if we are heavily mixed on the cloud titans, we could be on the low end of the 63% to 65% and pressured on gross margin there. If we're heavily mixed on the enterprise, we could be on the mid- to high end like we have been with the last couple of quarters.

正確的。我想您已經提到過了。前面已經提到，我們繼續相信，隨著 11 月 4 日生效的價格上漲，這一上漲將在明年真正生效，到時客戶會意識到並看到這一點，我們將能夠抵消不斷上漲的成本，而我們的毛利率將取決於產品組合。正如 Ita 經常說的那樣，如果我們對雲端運算巨頭的投入過多，我們的毛利率可能會處於 63% 到 65% 的低端，並面臨毛利率的壓力。如果我們在企業方面表現活躍，那麼我們可能會處於中高端，就像過去幾季一樣。

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

您的下一個問題來自克利夫蘭研究公司的 Ben Bollin。

Jayshree, I was hoping you could talk a little bit about how you view the current technology build-out, the new technology build-out for both enterprise and cloud as they start to transition into 200 and 400. How you see similar or different versus what you saw from 2016 to 2018 with more cloud titans building out 100. Any thoughts on duration, behavior? Any puts and takes would be interesting.

Jayshree，我希望你能談談你如何看待當前的技術建設，以及企業和雲端運算在開始向 200 和 400 過渡時的新技術建設。任何投入和產出都會很有趣。

Sure, Ben. I think the cloud titan behavior will be different than the enterprise behavior. On the cloud titan, you're going to see a much more rapid inflection to 200-gig and 400-gig, especially in the spine layers and the uplinks at the top of rack. And they've always been an early and fast adopter of speeds and technology, especially within a data center or even data center to data center. So we are expecting an inflection of 200- and 400-gig.

當然，本。我認為雲端運算巨頭的行為將不同於企業行為。在雲端巨人上，你將看到 200-gig 和 400-gig 的更快轉變，特別是在主幹層和機架頂部的上行鏈路中。他們一直是速度和技術的早期和快速採用者，特別是在資料中心內，甚至在資料中心到資料中心之間。因此，我們預計會出現 200G 和 400G 的成長。

That basically has started this year was very challenged with the ecosystem and availability of optics and even switches the last year. The year of inflection, in my view, is really late this year and goes well into 2022. On the enterprise too, we expect to have by the end of this year, 300 customers of 200 and 400-gig, primarily 400-gig, I would say. And as you know, our customer base is more than 7,000. So obviously, 100-gig and 400-gig will continue to coexist and live happily ever after together. But we will start to see the uptick and adoption of 400-gig in the high end and early adopters of enterprise as well, like we're starting to see this year.

從今年開始，光學、甚至交換器的生態系統和可用性就面臨巨大的挑戰。在我看來，轉折之年今年確實很晚，並將持續到 2022 年。如您所知，我們的客戶群已超過 7,000 名。因此顯然，100Gig 和 400Gig 將繼續共存並幸福地生活在一起。但我們將開始看到 400Gig 在高端和企業早期採用者的崛起和採用，就像我們今年開始看到的那樣。

So I think the next few years can be best characterized as inflection of new higher speeds like 200 and 400 and the continuation and adoption of 100-gig in the mainstream enterprise.

因此，我認為未來幾年最好的特徵是 200 和 400 等新的更高速度的轉折點以及主流企業中 100-Gig 的延續和採用。

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

您的下一個問題來自 JMP Securities 的 Erik Suppiger。

Yes. Congrats. And curious, how has the constraints affected the 400-gig market? It sounds like you've been doing well there, but has that been a factor? And does that make a difference from a market share perspective? Do you have any advantage or disadvantage in terms of access for your 400-gig components?

是的。恭喜。令人好奇的是，這些限制對 400GigE 市場有何影響？聽起來你在那裡做得很好，但這是一個因素嗎？從市場佔有率的角度來看這會有差別嗎？在 400Gig 組件的存取方面，您有什麼優勢或劣勢嗎？

Erik, I'd say we are as constrained on 400-gig components as we are 100-gig components. So it's been a factor for all speeds, which is constrained. What can I tell you? So -- but our market share continues to be strong in both. We're doing well in both. Our flagship platform, the 7800, which is especially 400-gig dependent is one of the most popular products. At the same time, our [shift to 80] and 100-gig versions of 75 and 7800 are very, very popular, too. So supply chain is bad for everything. It's not necessarily picking one speed over the other.

艾瑞克，我想說，我們對 400 千兆組件的限制與對 100 千兆組件的限制一樣多。所以它已經成為了所有速度的一個限制因素。我能告訴你什麼？所以——但我們的市佔率在這兩個領域都保持強勁。我們在這兩方面都做得很好。我們的旗艦平台 7800 尤其依賴 400G，是最受歡迎的產品之一。同時，我們的 75 和 7800 的 [shift 至 80] 和 100G 版本也非常受歡迎。因此，供應鏈對一切都不利。不一定要選擇一種速度而不是另一種速度。

Are the optics anything different?

光學方面有什麼不同嗎？

Optics is actually better than last year in terms of the ecosystem for 400-gig coming up, but not different other than that. It's actually improved for 400-gig.

就即將推出的 400Gig 生態系統而言，Optics 實際上比去年更好，但除此之外並沒有什麼不同。它實際上針對 400-Gig 進行了改進。

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

您的下一個問題來自傑富瑞（Jefferies）的喬治·諾特（George Notter）。

I guess I wanted to go back to your statement earlier, I'm paraphrasing, but I think you said you were running the business to demand rather than orders or something to that effect. Could you go back and kind of expand upon that? I'm just curious about what you meant on that. I assume you're trying to look through customer order books and try to see what they really need as opposed to excess ordering. Maybe you could just expand on that.

我想回到你之前的陳述，我只是轉述一下，但我認為你說過你是根據需求而不是訂單或類似的東西來經營業務的。能回去詳細闡述嗎？我只是好奇你那句話的意思。我假設您正在嘗試查看客戶訂單簿並嘗試了解他們真正需要什麼而不是過度訂購。也許你可以進一步闡述這一點。

It's actually the other way around, George. What we've said is all the just-in-time and build to forecast and being extremely disciplined about buying inventory only when the customer puts in an order has gone up the window a little bit. And because of these long lead times, we're having to plan to order well ahead of the customer orders or forecast. That's what we meant.

事實恰恰相反，喬治。我們所說的是，所有的準時生產和按預測生產，以及只有在客戶下訂單時才嚴格購買庫存，這些都已經有點過時了。而且由於交貨時間較長，我們必須提前計劃訂購，以趕上客戶訂單或預測。這就是我們的意思。

So it's build to purchase orders to our supply chain rather than build to customer purchase orders. If that makes sense. Since they're still constrained on long lead times. So we're making a bet that the supply chain constraints, which I hope will eventually improve, will favor those of us who make this kind of purchase commitments. So we're having to get in there early and fast even before the customer orders come in.

因此，它是根據我們供應鏈的採購訂單構建的，而不是根據客戶採購訂單建立的。如果這有意義的話。因為他們的交貨時間仍然受到限制。因此，我們打賭供應鏈限制將有利於我們這些做出此類購買承諾的人，我希望這種情況最終會得到改善。因此，我們必須在客戶訂單到達之前儘早到達那裡。

Out of curiosity, do you have any flexibility on those purchase commits? I mean are they cancelable on your side?

出於好奇，您對這些購買承諾有任何彈性嗎？我的意思是你們那邊可以取消嗎？

Most of the semiconductor components are noncancelable, but that's just the way the business is run. We've been careful to choose components that we don't need to cancel like picking new products, which -- and taking common componentry across them. So we believe there's limited risk in the investment we've made.

大多數半導體元件都是不可取消的，但這就是業務運作的方式。我們一直謹慎地選擇那些不需要取消的組件，例如挑選新產品，並在它們之間採用通用組件。因此我們相信我們所進行的投資風險有限。

Your final question comes from the line of Jon Lopez with The Vertical Group.

您的最後一個問題來自 The Vertical Group 的 Jon Lopez。

And I apologize because I'm going to stay on the same topic. But hopefully, it will be the last one we can cover the rest of the stuff on the Analyst Day. This has been alluded to a few times. If we look at your largest competitor, they've also like roughly doubled their purchase commitments fairly recently. You're now doing the same.

我很抱歉，因為我將繼續討論同一主題。但希望這是我們在分析師日上最後一次討論其餘內容。這一點已多次被提及。如果我們看看你最大的競爭對手，他們最近也大約將購買承諾增加了一倍。您現在正在做同樣的事情。

The dollars collectively are like many multiples larger than either of you have ever carried. I guess my question here is, to what extent do you think inventory is actually evolving into a competitive weapon as we think about '22 and '23? And maybe like to what extent does it introduce risk, like if you can't get supply as fast or in the same quantities that you're envisioning now, can that influence your revenue outlook in '22 or in '23?

這些錢加起來比你們任何一個人曾經擁有的錢都要多很多倍。我的問題是，當我們考慮 22 年和 23 年時，您認為庫存在多大程度上實際上會演變成一種競爭武器？也許它會在多大程度上帶來風險，例如如果你不能像現在設想的那樣快速獲得供應或獲得相同數量的供應，這會影響你在 2022 年或 2023 年的收入前景嗎？

Yes. No, I think there's no doubt that supply is shaping our revenue line right now, almost more so than demand, right? I think that is a factor, right? We are constrained. So supply is definitely a factor. I think -- in terms of looking at the purchase commitments, we're working very carefully with these suppliers. And again, we're expanding kind of the breadth of what we're doing and we are expanding kind of the lead times and the length of time that we're covering with those purchase commitments. And I think that's important. And again, we're doing it on new products, newer products that have significant lives ahead of them. So really, the risk we're taking somewhat is tying up some cash, et cetera.

是的。不，我認為毫無疑問，供應正在塑造我們的收入線，幾乎比需求更重要，對嗎？我認為這是一個因素，對嗎？我們受到限制。因此，供應肯定是一個因素。我認為——從購買承諾的角度來看，我們正在與這些供應商非常謹慎地合作。再次，我們正在擴大我們業務的範圍，延長交貨時間和我們購買承諾所涵蓋的時間長度。我認為這很重要。再次強調，我們正在對新產品進行這樣的改進，這些新產品將擁有重要的發展前景。所以實際上，我們所承擔的風險是佔用一些現金等等。

It's not because of the life cycle of the products and stuff, it's not really an obsolescence risk, right? But it could take some time to burn through that inventory if things change. But I think it's well -- it's a bet that's worth making. We're making it obviously in consultation and discussion with customers, et cetera. But it is kind of a longer lead time and then a broader set of suppliers than we'd normally carry. That's why you're seeing that big uptick is we're not only doing it for the owners that we used to buffer in the past directly, but we're also now doing it for components that would have come to us through the CMs in a normal supply environment.

這並不是因為產品和材料的生命週期，這實際上不是一個過時的風險，對嗎？但如果情況發生變化，消耗這些庫存可能需要一些時間。但我認為這是好的——這是一個值得的賭注。我們顯然是在與客戶協商和討論等等之後做出這項決定的。但與通常情況相比，這需要更長的交貨時間，而且供應商範圍也更廣泛。這就是為什麼您會看到大幅上漲，因為我們不僅為過去直接緩衝的所有者提供這項服務，而且現在還為在正常供應環境下透過 CM 提供給我們的元件提供這項服務。

This concludes the Arista Q3 2021 Earnings Call. We have posted a presentation, which provides additional information on our fiscal results, which you can access on the Investors section of our website. Thank you for joining us today.

Arista 2021 年第三季財報電話會議到此結束。我們發布了一份演示文稿，其中提供了有關我們的財務業績的更多信息，您可以在我們網站的“投資者”部分訪問。感謝您今天加入我們。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。