Arista Networks Inc (ANET) 2021 Q2 法說會逐字稿

Welcome to the Second Quarter 2021 Arista Networks Financial Results Earnings Conference Call.

歡迎參加 2021 年第二季 Arista Networks 財務業績收益電話會議。

(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.

（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。

I will now turn the call over to Mr. Charles Yager, Director of Product and Investor Advocacy.

現在我將把電話轉給產品和投資者宣傳總監查爾斯·亞格先生。

Sir, you may begin.

先生，您可以開始啦。

Thank you, operator.

謝謝您，接線生。

Good afternoon, everyone, and thank you for joining us.

大家下午好，感謝大家的參與。

With me on today's call are Jayshree Ullal, Arista Networks' President and Chief Executive Officer; and Ita Brennan, Arista's Chief Financial Officer.

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 second quarter ending June 30, 2021.

今天下午，Arista Networks發布新聞稿，宣布了截至2021年6月30日的第二財季業績。

If you'd like a copy of the release, you can access it online at our website.

如果您想要一份該新聞稿的副本，您可以在我們的網站上在線訪問。

During the course of this conference call, Arista Networks management will make forward-looking statements, including those relating to our financial outlook for the third quarter of the 2021 fiscal year, longer-term financial outlooks for 2021 and beyond, our total addressable market and strategy for addressing these market opportunities, the potential impact of COVID-19 on our business, product innovation and the benefits of acquisition, 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 財年第三季度的財務展望、2021 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、COVID-19 對我們的業務、產品創新和收購的好處的潛在影響有關的陳述，這些陳述是對 SEC 10-Q K 表中，並且可能導致實際結果與這些陳述預期的結果有重大差異。

These forward-looking statements apply as of today, and you should not rely on them as representing our views in the future.

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。

We undertake no obligation to update these statements after this call.

我們不承擔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.

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。

We have provided reconciliations of these non-GAAP financial measures to GAAP financial measures in our earnings press release.

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, Charles.

謝謝你，查爾斯。

Thank you, everyone, for joining us this afternoon for our second quarter 2021 earnings call.

感謝大家今天下午參加我們的 2021 年第二季財報電話會議。

I hope you're all being safe and vaccinated in these post pandemic times, especially with the resurgence of the Delta variant.

我希望大家在後疫情時代都能安全接種疫苗，尤其是在德爾塔變種病毒再次出現的情況下。

I would also like to take this opportunity to warmly welcome Liz Stine, our new Director of Investor Relations Advocacy, working closely with Charles.

我還想藉此機會熱烈歡迎我們新任投資者關係宣傳總監 Liz Stine 與查爾斯密切合作。

Liz is a long-time Aristan with deep networking expertise and most recently ran our South Central region as the Systems Engineering Manager.

Liz 是一位長期在 Aristan 任職的人士，擁有深厚的網路專業知識，最近擔任我們的中南部地區系統工程經理。

Welcome, Liz.

歡迎光臨，利茲。

Back to Q2 2021 specifics.

回到 2021 年第二季的具體情況。

We delivered revenues of $707.3 million for the quarter with a record non-GAAP earnings per share of $2.72.

本季度，我們的營收為 7.073 億美元，非公認會計準則每股收益創歷史新高，達到 2.72 美元。

A-Care services and software renewals contributed approximately 22% of revenue.

A-Care 服務和軟體更新貢獻了約 22% 的收入。

Our non-GAAP gross margin of 65.2% was influenced by enterprise momentum and software and services contribution.

我們的非公認會計準則毛利率為 65.2%，受到企業發展動能和軟體及服務的貢獻的影響。

We are pleased with the healthy customer traction, including new customer logos and record million-dollar customers in the mainstream enterprise.

我們對健康的客戶吸引力感到高興，包括新客戶標誌和主流企業中創紀錄的百萬美元客戶。

In Q2 2021, while cloud titans were our largest vertical, the enterprise was a close second, followed by financials and specialty cloud providers tied at third place and service provider at fourth place.

2021 年第二季度，雖然雲端巨頭是我們最大的垂直產業，但企業緊追在後位居第二，其次是金融和專業雲端供應商並列第三，服務供應商則位居第四。

International contribution was strong at 27% and with the Americas at 73% for the quarter.

本季國際貢獻率強勁，為 27%，其中美洲貢獻率達 73%。

We surpassed the cumulative of 50 million cloud networking port shipments this quarter, and we consider this to be a key golden milestone.

本季度，我們的雲端網路連接埠出貨量累積突破5000萬，我們認為這是一個重要的黃金里程碑。

In light of the industry-wide supply chain shortages and escalating cost of components, rate and expedite logistics, I would like to invite John McCool, our Senior Vice President and Chief Platform Officer, to shed some more light on our manufacturing execution.

鑑於整個產業供應鏈短缺以及零件成本不斷上漲、物流速度加快等問題，我想邀請我們的高級副總裁兼首席平台長 John McCool 進一步介紹我們的製造執行情況。

Welcome, John.

歡迎光臨，約翰。

Thanks, Jayshree.

謝謝，Jayshree。

The continued industry-wide impact of COVID on global supply chain output, combined with increase in demand for electronics across all segments, is expected to remain for the foreseeable future.

預計新冠疫情對全球供應鏈產出將持續產生全產業影響，加上各領域對電子產品的需求增加，這種影響預計在可預見的未來仍將持續。

Component lead times are the highest we've seen and have roughly doubled from pre-pandemic norms.

零件交付週期是我們所見過的最長的，比疫情前的標準增加了一倍左右。

Most notable are semiconductor lead times, which have extended in the range of 40 to 60 weeks.

最值得注意的是半導體交貨週期已延長至 40 至 60 週。

Factories are operating near full capacity, limiting flexibility for changes in demand.

工廠幾乎滿載運轉，限制了對需求變化的彈性。

Therefore, we expect extended lead times and escalating product costs due to expedites and elevated component increases in 2021 and 2022.

因此，我們預計，由於 2021 年和 2022 年加急和零件數量增加，交貨時間將延長，產品成本也將上升。

To mitigate these headwinds, we've taken a number of steps in Arista manufacturing.

為了緩解這些不利因素，我們在 Arista 製造方面採取了許多措施。

First, we improve manufacturing procedures to maximize capacity and material utilization.

首先，我們改善製造流程，以最大限度提高產能和材料利用率。

We are increasing our purchase commitments for 2022 forecast to adjust for increased component lead times.

我們正在增加 2022 年預測的購買承諾，以適應增加的零件交貨時間。

We placed additional emphasis on inventory for our new products to offset supply constraints.

我們更重視新產品的庫存，以抵銷供應限制。

Finally, we are working closely with our strategic suppliers to plan for capacity expansion programs.

最後，我們正與策略供應商密切合作，規劃產能擴張計畫。

Clearly, we are redoubling our efforts and execution in this challenging macro environment and look forward to supply chain improvements in the second half of 2022 and beyond.

顯然，我們正在這個充滿挑戰的宏觀環境中加倍努力和執行，並期待 2022 年下半年及以後供應鏈的改善。

Back to you, Jayshree.

回到你身邊，Jayshree。

Thanks, John.

謝謝，約翰。

We really appreciate the diligence and disciplined work that you and the entire manufacturing team have stepped up to.

我們非常感謝您和整個製造團隊的勤奮和嚴謹的工作。

We welcome Susan Hays, your newest Vice President of Manufacturing, as a strong addition.

我們歡迎蘇珊海斯 (Susan Hays) 加入你們，她是你們最新的製造副總裁，我們的加入對我們而言非常重要。

We also thank our customers for their patience and understanding during our lead time constraints and will strive to keep doing better as we recover in second half 2022.

我們也感謝客戶在我們交貨時間緊迫期間的耐心和理解，並將努力在 2022 年下半年復甦時繼續做得更好。

Our enterprise customer momentum has never been stronger.

我們的企業客戶發展勢頭從未如此強勁。

Continuing on our theme of enterprise wins, I would like to share with you 3 examples of strength and success.

繼續我們企業成功的主題，我想與大家分享三個力量和成功的例子。

The first win was in the retail sector for both data center and campus.

第一個勝利是在資料中心和校園的零售領域。

We began with the data center win with Arista's hallmark EOS for DANZ or data analysis switching and routing.

我們首先在資料中心獲得了 Arista 標誌性的 EOS（用於 DANZ 或資料分析交換和路由）的勝利。

We expanded in 2021 with Cognitive Campus for both power over Ethernet wired switches and our wireless providing a natural expansion into these use cases.

我們於 2021 年擴展了認知園區，為乙太網路有線交換器和無線網路供電，從而自然地擴展了這些用例。

Retail markets cannot tolerate downtimes with the magnitude of IoT proliferation they have.

隨著物聯網的普及，零售市場無法容忍停機時間。

Arista was able to perform real-time upgrades without downtimes across 100-plus stores and warehouses.

Arista 能夠在 100 多家商店和倉庫中不停機地進行即時升級。

In the absence of retail remote staff in hand, we drove automation across all these stores with open APIs and CloudVision.

在沒有零售遠距員工的情況下，我們透過開放 API 和 CloudVision 實現了所有這些商店的自動化。

Our second win was a major U.S financials for both data center and routing.

我們的第二個勝利是美國資料中心和路由領域的重大財務勝利。

Arista continues to expand its enterprise routing use cases, not just supporting with data center with Arista EOS features, but also a more software-led simplified automated deployment of core routing in the spine using standard phase routing protocols with VXLAN, EVPN, and Multicast.

Arista 繼續擴展其企業路由用例，不僅支援具有 Arista EOS 功能的資料中心，而且還使用具有 VXLAN、EVPN 和多播的標準階段路由協定在主幹網路中實現更軟體主導的核心路由的簡化自動部署。

Our customer was able to rapidly migrate from legacy to Arista within a few months, enabling billions of transactions.

我們的客戶能夠在幾個月內從舊系統快速遷移到 Arista，從而實現數十億筆交易。

An international media and entertainment campus win included a customer who wanted an extension of their data center in the campus with simple operating system, easy to scale, common spine deployment using CloudVision.

一家國際媒體和娛樂園區的獲勝者包括一位客戶，該客戶希望在園區內擴展他們的資料中心，使用 CloudVision 進行簡單的作業系統、易於擴展和通用主幹部署。

This customer took a build-as-you-go approach for flexibility and visibility.

該客戶採取了隨用隨建的方法，以實現靈活性和可見性。

This also included device access for back-to-work applications with our cognitive WiFi.

這也包括使用我們的認知 WiFi 來存取重返工作應用程式的裝置。

In all of these 3 examples, enterprise customers [were looking] for an alternative, and Arista was chosen as the disruptor with superior product capability and a cohesive client-to-cloud strategy to unify silo data sets consistently.

在這 3 個例子中，企業客戶都在尋找替代方案，而 Arista 被選為顛覆者，它具有卓越的產品能力和有凝聚力的客戶到雲端策略，可以一致地統一孤島資料集。

Arista's innovation, combined with high quality and support, is becoming the gold standard for customers to build cognitive cloud networking.

Arista 的創新與高品質和支援相結合，正在成為客戶建立認知雲網路的黃金標準。

According to industry experts, Arista continues to gain switching market share across large enterprises and providers.

據業內專家稱，Arista 繼續在大型企業和供應商的交換市場上贏得份額。

We are proud to be the #1 market leader in 100-gigabit Ethernet ports for the fifth consecutive year.

我們很榮幸連續第五年成為 100 千兆乙太網路連接埠市場的領導者。

We see 2021 as the first year of inflection for higher speeds ranging from 100 to 200 to 400 gigabit after 18 months of trials.

我們認為，經過 18 個月的試驗，2021 年將是網路速度從 100 千兆位元到 200 千兆位元再到 400 千兆位元的轉折點的第一年。

We have now shipped more than 2.5 million ports of high-performance ports in the first half of 2021, according to analysts, placing us also at #1 leadership in the combined 100-gig, 200-gig and 400-gigabit Ethernet high-performance cloud switching.

據分析師稱，我們在 2021 年上半年已出貨了超過 250 萬個高效能端口，這使我們在 100 千兆、200 千兆和 400 千兆乙太網路高效能雲端交換領域也處於領先地位。

In summary, Arista is well positioned for the next phase of our growth in cloud and data-driven networking.

總而言之，Arista 已為雲端和資料驅動網路下一階段的成長做好了準備。

We do this with proactive platforms, predictive operations and a prescriptive experience.

我們透過主動平台、預測性操作和規範性經驗來實現這一點。

And we believe we are poised to achieve increasing market share with greater business diversification.

我們相信，透過進一步實現業務多元化，我們將能夠提高市場份額。

And while the path forward is paved with supply chain obstacles, volatile customer demand and your normal typical competitive tactics, I believe Arista, which means, "To be Great" in Greek, will live up to its name and with our A game, our A customers and our teams.

儘管前進的道路充滿了供應鏈障礙、不穩定的客戶需求和常見的典型競爭策略，但我相信 Arista（在希臘語中意為「變得偉大」）將不負其名，憑藉我們的 A 級服務、我們的 A 級客戶和我們的團隊。

With this, I'll pass it over to Ita, our Chief Financial Officer, for financial specifics.

接下來，我將把財務細節轉交給我們的財務長 Ita。

Thanks, Jayshree, and good afternoon.

謝謝，Jayshree，下午好。

This analysis of our Q2 results and our guidance for Q3 is based on non-GAAP and excludes our noncash stock-based compensation impacts, certain acquisition-related charges and other nonrecurring items.

我們對第二季業績的分析和對第三季的預期是基於非公認會計準則的，不包括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。

A full reconciliation of our selected GAAP to non-GAAP results is provided in our earnings release.

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 Q2 were $707.3 million, up 30.8% year-over-year and well above the upper end of our guidance of $675 million to $695 million.

第二季總營收為 7.073 億美元，年增 30.8%，遠高於我們預期的 6.75 億美元至 6.95 億美元的上限。

Shipments remained somewhat constrained in the period as we continue to carefully navigate industry-wide supply chain shortages and COVID-related disruptions.

由於我們繼續謹慎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一定限制。

Services and subscription software contributed approximately 22.3% of revenue in the second quarter, up from 21.4% in Q1.

服務和訂閱軟體在第二季度貢獻了約 22.3% 的收入，高於第一季的 21.4%。

International revenues for the quarter came in at $193.2 million or 27% of revenue, up from 25% in the first quarter.

本季國際營收為 1.932 億美元，佔營收的 27%，高於第一季的 25%。

This shift in geographical mix on a quarter-over-quarter basis reflected strong international deployments by our cloud titan and specialty cloud customers, combined with healthy performance from our in-region businesses.

與上一季相比，地理分佈結構的這種變化反映了我們的雲端巨頭和專業雲端客戶強大的國際部署，以及我們區域內業務的健康表現。

Overall gross margin in Q2 was 65.2%, above the upper end of our guidance range of approximately 63% to 65%.

第二季的整體毛利率為 65.2%，高於我們預期的 63% 至 65% 左右的上限。

While we recognize some incremental supply chain costs in the period, these were more than offset by a healthy mix of enterprise and software revenues for the quarter.

雖然我們認識到該期間供應鏈成本有所增加，但這些成本被本季企業和軟體收入的良好組合所抵消。

Operating expenses for the quarter were $189.8 million or 26.8% of revenue, up from last quarter at $180.9 million.

本季營業費用為 1.898 億美元，佔營收的 26.8%，高於上一季的 1.809 億美元。

R&D spending came in at $119.6 million or 16.9% of revenue, up from last quarter at $110 million.

研發支出為 1.196 億美元，佔營收的 16.9%，高於上一季的 1.1 億美元。

This reflected increased employee-related costs and higher new product introduction spending in the period.

這反映了該期間與員工相關的成本增加以及新產品引進支出增加。

Sales and marketing expense was $67.9 million or 8.2% of revenue, down from $59.5 million last quarter with lower demo related expenses in the period.

銷售和行銷費用為 6,790 萬美元，佔收入的 8.2%，低於上一季的 5,950 萬美元，因為本期間的演示相關費用較低。

As a reminder, we continue to benefit from lower COVID-related travel and marketing expenses.

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 $12.3 million or 1.7% of revenue, consistent with last quarter.

我們的 G&A 成本為 1,230 萬美元，佔營收的 1.7%，與上一季持平。

Our operating income for the quarter was $271.7 million or 38.4% of revenue.

本季我們的營業收入為 2.717 億美元，佔營收的 38.4%。

Other income and expense for the quarter was a favorable $1.7 million.

本季的其他收入和支出為 170 萬美元。

And our effective tax rate was approximately 20.7%, reflecting an improved geographical mix.

我們的有效稅率約為 20.7%，反映出地理結構改善。

Other income and expenses for the quarter included approximately $2 million of interest income, offset by some unfavorable FX amounts.

本季的其他收入和支出包括約 200 萬美元的利息收入，但被一些不利的外匯金額所抵銷。

This resulted in net income for the quarter of $216.8 million or 30.6% of revenue.

這使得本季淨收入達到 2.168 億美元，佔營收的 30.6%。

Our diluted share number was 79.71 million shares, resulting in a diluted earnings per share number for the quarter of $2.72, up approximately 29% from the prior year.

我們的稀釋股數為 7,971 萬股，導致本季每股稀釋收益為 2.72 美元，比上年增長約 29%。

Now turning to the balance sheet.

現在轉向資產負債表。

Cash, cash equivalents and investments ended the quarter at approximately $3.3 billion.

本季末，現金、現金等價物和投資約為 33 億美元。

We did not repurchase shares of our common stock during the second quarter.

我們在第二季沒有回購普通股。

As a recap, we have now repurchased [$763 million] or 3.6 million shares against our Board authorization to repurchase $1 billion worth of shares over 3 years, commencing in Q2 '19.

總結一下，我們現在已經回購了 [7.63 億美元] 或 360 萬股股票，而董事會授權從 2019 年第二季開始，在三年內回購價值 10 億美元的股票。

We will continue to execute opportunistically against the remaining mandate.

我們將繼續抓住機會，履行剩餘的職責。

Turning to operational cash performance for the second quarter.

談談第二季的營運現金表現。

We generated $263 million of cash from operations in the period, reflecting solid net income performance and continued investments of inventory and supply chain.

我們在此期間的經營活動產生了 2.63 億美元的現金，反映了穩健的淨收入表現和對庫存和供應鏈的持續投資。

DSOs came in at 47 days, down from 51 days in Q1, reflecting the linearity of billings in the period.

DSO 為 47 天，低於第一季的 51 天，反映了該期間帳單的線性。

Inventory turns were 1.7x, down slightly from last quarter at 1.8.

庫存週轉率為 1.7 倍，較上一季的 1.8 倍略有下降。

Inventory increased to $543.2 million in the quarter, up from $483.2 million in the prior period as we continue to buffer certain components of products.

由於我們繼續緩衝某些產品組件，本季庫存從上期的 4.832 億美元增加至 5.432 億美元。

Our total deferred revenue balance was $746 million, up from $720 million in Q1.

我們的遞延收入總額餘額為 7.46 億美元，高於第一季的 7.2 億美元。

The majority of the deferred revenue balance is services related and is directly linked to the timing and term of service renewals, which can vary on a quarter-by-quarter basis.

遞延收入餘額大部分與服務有關，與服務續約的時間和期限直接相關，而服務續約的時間和期限可能會按季度變化。

Approximately $90 million of the balance, up from $70 million last quarter, represents product deferred revenue, largely related to acceptance clauses for new products across various customers and sectors.

餘額中約有 9,000 萬美元（高於上一季的 7,000 萬美元）代表產品遞延收入，主要與各個客戶和部門對新產品的接受條款有關。

As a reminder, we expect 2021 to be a year of significant new product introductions, combined with a healthy new customer acquisition rate and expanded use cases with existing customers.

提醒一下，我們預計 2021 年將是重大新產品推出的一年，同時新客戶獲取率也將保持健康，現有客戶的使用案例也將擴大。

These trends, in conjunction with reduced levels of upfront [in-process] testing, may result in increased customer-specific acceptance clauses and increased volatility in our product deferred revenue amount.

這些趨勢，加上前期[在製品]測試水準的降低，可能會導致客戶特定驗收條款的增加和我們產品遞延收入金額的波動性增加。

Accounts payable days were 53.7 days, up from 52.3 days in Q1, reflecting the timing of inventory receipt payments.

應付帳款天數為 53.7 天，高於第一季的 52.3 天，反映了庫存收貨付款的時間。

Capital expenditures for the quarter were $4.5 million.

本季的資本支出為 450 萬美元。

Now turning to the outlook for the third quarter and beyond.

現在來談談第三季及以後的展望。

We reported strong year-over-year revenue growth of approximately 29% for the first half of 2021, reflecting healthy demand across all our market sectors, combined with favorable comparisons from the first half of 2020.

我們報告稱，2021 年上半年營收年增約 29%，這反映了我們所有市場領域的需求旺盛，且與 2020 年上半年相比也有所好轉。

While we expect continued strength in demand as we move through the second half, we will likely see some deceleration in year-over-year revenue growth given the top line recovery experienced in the back half of 2020.

儘管我們預計下半年需求將繼續保持強勁，但考慮到 2020 年下半年營收復甦，我們的年收入成長可能會有所放緩。

Turning to gross margin.

轉向毛利率。

Industry supply constraints continue to pressure component costs.

行業供應限制繼續對零件成本造成壓力。

Some of these incremental costs will initially be recorded as inventory and only be recognized in the income statement when the products are sold in future periods.

其中一些增量成本最初將記錄為庫存，並且只有在未來期間產品售出時才在損益表中確認。

With this as context, we will continue to reiterate our gross margin outlook of 63% to 65%, with customer mix remaining the key driver of volatility on a quarter-by-quarter basis.

在此背景下，我們將繼續重申 63% 至 65% 的毛利率預期，而客戶結構仍是逐季波動的主要驅動因素。

Turning to spending and investments.

轉向支出和投資。

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.

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。

With regard to cash flow, we expect to fund approximately $40 million of CapEx in the third quarter for the purchase of land to build a data center and engineering location in Santa Clara.

關於現金流，我們預計第三季將投入約 4,000 萬美元的資本支出，用於購買土地在聖克拉拉建立資料中心和工程基地。

We'll provide more details on this project over the coming quarters.

我們將在未來幾個季度提供有關該項目的更多詳細資訊。

Finally, our outlook discussed above and our guidance for Q3 reflects our current understanding of COVID-19 and its impact to our business and supply chain.

最後，我們上面討論的展望和對第三季度的指引反映了我們目前對 COVID-19 及其對我們的業務和供應鏈的影響的理解。

This remains an inherently uncertain situation, and we will need to continue to monitor and attempt to mitigate new challenges as the situation unfolds.

這仍然是一個不確定的情況，我們需要繼續監測情況的發展，並嘗試減輕新的挑戰。

With all of this as a backdrop, our guidance for the third quarter, which is based on non-GAAP results and excludes any noncash stock-based compensation impacts and other nonrecurring items, is as follows.

基於以上所有因素，我們對第三季的指引如下，該指引基於非公認會計準則結果，不包括任何非現金股票薪酬影響和其他非經常性項目。

Revenues of approximately $725 million to $745 million; gross margin of 63% to 65%; operating margin of approximately 37%.

營收約 7.25 億美元至 7.45 億美元；毛利率為63%至65%；營業利益率約37%。

Our effective tax rate is expected to be approximately 21.5% with diluted shares of approximately 80 million shares.

我們的有效稅率預計約為 21.5%，稀釋股份約為 8,000 萬股。

I will now turn the call back to Charles.

我現在將電話轉回查爾斯。

Charles?

查爾斯？

Thank you, Ita.

謝謝你，伊塔。

We are now going to move to the Q&A portion of the Arista earnings call.

我們現在進入 Arista 收益電話會議的問答部分。

(Operator Instructions) Thank you for your understanding.

（操作員指示）感謝您的理解。

Operator, take it away.

接線員，把它拿走。

(Operator Instructions) Your first question comes from the line of Meta Marshall with Morgan Stanley.

（操作員指示）您的第一個問題來自摩根士丹利的 Meta Marshall。

Great.

偉大的。

I'm guessing, you'll get quite a few questions on this today.

我猜，今天你會問很多關於這個問題的問題。

But just if you could give a sense of if the supply chain constraints are -- worsen any portion of the portfolio?

但您是否可以說明一下，供應鏈限制是否會使投資組合的任何部分惡化？

And then maybe as it relates to that, where the inventory is.

然後也許與此相關，庫存在哪裡。

I guess, just trying to get a sense of is it on kind of the high-speed products or more of the campus service provider portfolio.

我想，只是想了解一下它是屬於高速產品還是屬於校園服務提供者產品組合。

Thanks, Meta.

謝謝，Meta。

I think just about every component is affected in our supply chain, I'll let John or Ita comment.

我認為我們供應鏈中的幾乎每個組件都會受到影響，我會讓約翰或伊塔發表評論。

But we're affected on chips, memory, copper, passive components, freight, logistics, expedite fees.

但我們受到晶片、記憶體、銅、被動元件、運費、物流、加急費用的影響。

I don't know if I can pinpoint.

我不知道我是否能準確指出。

So it affects all our products.

所以它影響到我們所有的產品。

And the lead times vary, as you heard, they've all doubled.

而且交貨時間各不相同，正如你所聽到的，它們都翻了一番。

So we've been experiencing anywhere from 20 weeks to 60 weeks or 40 weeks to 60 weeks like you said, John, right?

所以，就像你說的，我們經歷了從 20 週到 60 週或從 40 週到 60 週的時間，約翰，對嗎？

So depending on the past, we are experiencing component levels of increase across the board, campus, routing, switching, data center, you name it.

因此，根據過去的情況，我們正在經歷全方位的元件水平提升，包括園區、路由、交換、資料中心等等。

And they're at the component level.

它們處於組件層級。

Now we're going to try and absorb as much of it and offset as much of it as we can and not pass it on to our customers if we can help it, except in modest levels.

現在，我們將盡力吸收和抵消盡可能多的影響，並且盡可能不將其轉嫁給我們的客戶，除非是適度的轉嫁。

But I don't think it's anything more than across the board.

但我並不認為這比全面的，還有什麼其他的。

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。

A competitor just recently noted, as you guys are talking about that they're seeing some orders placed a little bit earlier, suggesting that there's been a little bit of a pull forward given sort of the industry constraints.

正如你們所說，一位競爭對手最近指出，他們發現一些訂單下得稍微早了一點，這表明考慮到行業限制，訂單已經有所提前。

Can you guys just kind of explain a little bit how you're thinking about visibility relative to your order book and backlog, given the strength this quarter and sort of the supply constraints.

考慮到本季的強勁表現和供應限制，你們能否稍微解釋一下，你們如何考慮訂單和積壓訂單的可見性？

Does this lead to better visibility, obviously, over the next, let's call it, 2 to 3 months?

這是否會在接下來的 2 到 3 個月內帶來更好的可見度？

And what does that mean for the fourth quarter without getting into specific guidance.

如果不提供具體指引，這對第四季意味著什麼？

Sure, David.

當然，大衛。

Well, as you know, we've always had limited visibility, but the last few quarters have noted that our visibility has gone up due to our lead times.

嗯，如你所知，我們的可見性一直有限，但最近幾個季度我們已經注意到，由於交貨時間的延長，我們的可見度有所提高。

So I think there's a direct proportion to long lead times, long -- slightly longer visibility.

所以我認為這與較長的交貨時間和較長的可見性成正比。

So particularly with the cloud titans that Anshul works closely with.

特別是與 Anshul 密切合作的雲端運算巨頭。

We have been able to get visibility beyond the 1 to 2 quarters that we normally get.

我們已經能夠獲得超出通常 1 到 2 個季度的可見性。

And we do have visibility into 2022.

我們確實可以預見 2022 年。

And I think it's directly tied to them planning better and realizing that the longer lead times, they need to know what they're going to do in 2022 for us to supply product.

我認為這與他們更好的規劃直接相關，並且意識到交貨時間越長，他們就越需要知道 2022 年要做什麼才能為我們供應產品。

Anshul, you want to add some more to that?

Anshul，你還想補充一些嗎？

Yes, I would say we're not seeing order pull-ins or if customers are doing it, they won't tell us.

是的，我想說的是，我們沒有看到訂單增加，或者即使客戶增加，他們也不會告訴我們。

It's much more the nonbinding demand signals we get is where the discussions happen with customers.

我們獲得的非約束性需求訊號較多是與客戶進行的討論。

That's how we get our visibility from them.

這就是我們如何從他們那裡獲得知名度。

It's just prudent planning, David, from a customer.

大衛，這只是一位顧客的審慎計畫。

Your next question comes from Amit Daryanani with Evercore ISI.

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

I guess the question is really around the 400-gig opportunity.

我想問題其實在於 400Gig 的機會。

And I think in the last couple of years, you've spent a lot of time explaining your folks how your software stack is really differentiated against white box risk.

我認為在過去的幾年裡，您花了很多時間向人們解釋您的軟體堆疊如何真正區別於白盒風險。

I would love to get your perspective as the underlying technology gets more complicated, with 400 gig or 800 gig, what's the potential for cloud titans that have historically relied more on white box to start talking to Arista.

我很想聽聽您的看法，隨著底層技術變得越來越複雜，有了 400G 或 800G，那些歷史上更依賴白盒的雲端運算巨頭開始與 Arista 對話的潛力有多大。

And I would love to know, if you're seeing a shift in customers that have skewed more white box and always build their own product now looking to perhaps buy.

我很想知道，您是否發現客戶群發生了轉變，他們不再偏向白盒產品，而是總是自己製造產品，而現在可能開始考慮購買。

Amit, the companies that build around white boxes are fairly sophisticated, so they're not short out on talent.

阿米特，圍繞白盒進行建設的公司相當成熟，因此他們並不缺乏人才。

If they are committed to our mission, they will go ahead with it.

如果他們致力於我們的使命，他們就會繼續前進。

So I don't believe if any changes happen in the industry, it'll be is simply because the next gen is harder to build.

因此，我相信，如果這個產業發生任何變化，那也只是因為下一代產品更難打造。

But it's much more about the collaboration we have with them and the co-development partnerships we have here -- And we've talked about it in the past, so nothing has changed on that front.

但這更多的是我們與他們的合作以及我們在這裡的共同開發夥伴關係——我們過去已經談論過這個問題，所以在這方面沒有任何改變。

We are moving along on our vision in a few situations where customers consider from buying from the outside, and that will take a few years to actually materialize.

在一些客戶考慮從外部購買的情況下，我們正在推進我們的願景，而這實際上需要幾年的時間才能實現。

No big change here expected.

預計這裡不會發生太大的變化。

Amit, I think the way to think of this is, if you want commodity 100-gig without our software stack and you just want to buy basic vanilla stuff, we will continue.

阿米特，我認為可以這樣想，如果你想要不帶我們的軟體堆疊的商品 100G，而只想購買基本的原始產品，我們將繼續。

But if we really appreciate our collaboration, our engineering, our innovation and our software stack, then that's when Arista gets chosen.

但如果我們真的重視我們的合作、我們的工程、我們的創新和我們的軟體堆疊，那麼我們就會選擇 Arista。

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 on the quarter.

恭喜本季取得佳績。

I wanted to actually ask about the progression of the subscription business within the model.

我實際上想詢問該模型中訂閱業務的進展。

As we look at the services line, is there any way or how we investors should start to think about that as being an increasingly visible growth driver for the company?

當我們審視服務線時，我們投資者是否有辦法或如何開始將其​​視為公司日益明顯的成長動力？

Thanks, Aaron.

謝謝，亞倫。

Thank you for the wishes.

謝謝你們的祝福。

We wish we could ship more.

我們希望能夠運送更多貨物。

I think the real issue to think of subscription is a long-term indicator of not necessarily just revenue, but the stickiness of our business, right?

我認為考慮訂閱的真正問題是一個長期指標，不一定只是收入，而且是我們業務的黏性，對嗎？

When you look at CloudVision, cloud U.S,.

當您查看 CloudVision（美國雲端）時。

what we're doing with network detection and response with AI-driven security or (inaudible) big it acquisition with dense monitoring fabric.

我們利用人工智慧驅動的安全性進行網路偵測和回應，或利用密集監控結構進行（聽不清楚）大規模 IT 擷取。

These are all, if you will, layered icing on the cake.

如果你願意的話，這些都是錦上添花。

And the icing contributes good margin and obviously has a long-term 1-year, 2-year or 3-year subscription.

而且糖霜貢獻了良好的利潤，並且顯然有長期的1年，2年或3年的訂閱。

So the revenue shows up a little bit later, but their bookings are very strong, as you can imagine, from that.

因此，收入出現得稍晚一些，但你可以想像，他們的預訂量非常強勁。

So we will continue to see strong software service renewals as well from our A-Care.

因此，我們將繼續看到 A-Care 強勁的軟體服務更新。

And so the 2 together, we believe we've always said will be a 20% to 25% contributor to the business.

因此，我們相信，我們一直說這兩者結合起來將為業務貢獻 20% 到 25%。

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。

Jayshree, you did comment starting off that you're seeing strong demand from enterprise customers.

Jayshree，你一開始就評論說你看到企業客戶的需求強勁。

Wondering if you can just talk about what you're seeing from the other customer verticals like is demand accelerating.

想知道您是否可以談談您從其他客戶垂直領域看到的情況，例如需求是否正在加速。

Similarly, for example, the cloud titans as well as some of the telcos.

同樣地，例如雲端運算巨頭以及一些電信公司。

And keeping that backdrop in mind does look like the third quarter guidance is more like a 4% increase when traditionally, we've seen like a high single digit.

考慮到這一背景，第三季的預期增幅似乎更像是 4%，而傳統上我們通常看到的是高個位數的增幅。

So should I just infer that all supply kind of driven in terms of the moderation relative to historical trends?

那麼我是否應該推斷，所有的供應都是由相對於歷史趨勢的緩和所驅動的？

Well, first of all, thank you, historically -- historical beside, I think all our 5 verticals are doing well.

嗯，首先謝謝你，從歷史上看——除了歷史之外，我認為我們所有的五個垂直領域都做得很好。

In that, I would highlight cloud titans and enterprise as stronger.

其中，我想強調的是雲端運算巨頭和企業更強大。

But that doesn't take away from the contribution and success we're having with specialty cloud, financials or the service providers.

但這並不會削弱我們在專業雲端、金融或服務供應商方面所做出的貢獻和成功。

I guess it's a case of rising tides raise everything.

我想，這是水漲船高的例子。

So all of them are contributing well.

所以他們都做出了很大的貢獻。

Relative to our Q3, demand is strong.

相對於我們的第三季度，需求強勁。

I wish we could ship more.

我希望我們能夠運送更多。

But I wouldn't compare it necessarily to our last Q3 in the post pandemic area.

但我不一定將其與疫情后地區的上一季第三季進行比較。

I would just say on the basis of large numbers, we're doing well.

我只想說，從大量數據來看，我們做得很好。

Yes.

是的。

I think if you look at last year, I mean, given the year that it was, we saw a very significant uptick in Q3.

我認為，如果你看看去年，考慮到那一年，我們看到第三季出現了非常顯著的成長。

It was up 12% or something quarter-over-quarter.

與上一季相比，成長了 12% 左右。

That was just more of an assemblance of what was happening with COVID at a time.

這只是當時 COVID 疫情發生情況的總結。

Right.

正確的。

And previous years weren't like that.

而前幾年的情況並非如此。

I think the Q3 guidance 21% at the midpoint year-over-year, that's a good place to start, right.

我認為第三季的預期年增 21%，這是一個很好的起點，對吧。

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。

In terms of the pricing environment, can you comment on -- are you planning on charging on any of the incremental costs that you're experiencing.

在定價環境方面，您能否評論一下——您是否計劃對您遇到的任何增量成本收取費用？

Can you also talk about the dynamics you're seeing in the market in terms of pricing or your competitors increasing their pricing as well, or are they using it as an opportunity to kind of absorb the cost and maybe kind of aggressively price.

您能否談談您在市場定價方面看到的動態，或者您的競爭對手是否也提高了價格，或者他們是否利用這個機會來吸收成本，甚至可能積極提高價格。

So maybe a comment there.

因此也許可以在那裡發表評論。

We appreciate it.

我們對此表示感謝。

Fahad, I'm not in a position to talk about competitors.

法哈德，我沒有資格談論競爭對手。

Maybe they'll share that with you.

也許他們會與你分享。

They certainly don't with us.

他們當然不會跟我們一樣。

But I will say that we're going to try our best to absorb the cost.

但我要說的是，我們將盡力承擔成本。

On selective models, we will have to -- where the increases are significant, increase prices slightly.

對於部分車型，如果漲幅較大，我們將不得不小幅上調價格。

But we don't expect the impact on that, on our backlog, our existing inventory.

但我們預計這不會對我們的積壓訂單和現有庫存產生影響。

So the real impact of any changes we make will impact our gross margin or our price changes next year.

因此，我們做出的任何改變的實際影響都會影響我們的毛利率或明年的價格變化。

Your next question comes from the line of Jeff Kvaal with Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Jeff Kvaal。

Yes.

是的。

I am wondering you started to talk a little bit about deceleration in the back half of the year, which makes complete sense.

我想知道您是否開始談論下半年的減速，這完全是有道理的。

I'm wondering if there are any the onetime tailwinds that you are expecting this year that we should be considering when we start to think about the shape of 2022.

我想知道，當我們開始考慮 2022 年的情況時，您是否預計今年會出現一些一次性的順風？

Obviously, you all don't want to talk too much about it, but anything that we should be considering as we have to think about it?

顯然，你們都不想談論太多，但是我們在考慮這個問題時應該考慮什麼嗎？

Yes.

是的。

I mean I think it's a little early to start getting too specific about 2022.

我的意思是，我認為現在開始對 2022 年做出過於具體的預測還為時過早。

This year did have an unusual sell-through just because of the pandemic and how 2020 played out, right?

由於疫情以及 2020 年的情況，今年的銷售情況確實不尋常，對嗎？

We're putting up some very good numbers now this year, that's obviously setting a good base for us to grow up next year.

我們今年取得了一些非常好的成績，這顯然為我們明年的成長奠定了良好的基礎。

So I bear that in mind.

所以我記住了這一點。

But the business is solid.

但生意很穩固。

It's strong demand, I think we're executing well, and it's broader, right?

需求很強勁，我認為我們執行得很好，而且範圍更廣，對嗎？

It's across the verticals.

它跨越了垂直面。

So we'll probably take a shot at giving you some [book-ins] and next quarter for 2022, but it's just a little too early yet.

因此，我們可能會嘗試為您提供一些 2022 年下個季度的 [預訂量]，但現在還為時過早。

Thanks, Jeff.

謝謝，傑夫。

A nice job, Anshul, Chris and the whole team for creating demand.

幹得好，Anshul、Chris 和整個團隊創造了需求。

Sure.

當然。

Thanks, Jayshree.

謝謝，Jayshree。

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。

Clarification question.

澄清問題。

Jayshree, did that here you -- and you did say that you're expecting 20% growth now for top line for the year?

Jayshree，您說過嗎—您確實說過預計今年的營業收入成長率為 20%？

No.

不。

You did not hear her say that.

你沒有聽到她說那句話。

Jayshree would never say those things, Paul.

保羅，傑什裡絕對不會說這些話。

But Ita, what did you think?

但是伊塔，你怎麼想的？

About the midpoint of the guidance for Q3 year-over-year growth.

大約處於第三季同比成長預期的中點。

Let me ask the question, last quarter, I think you responded -- in response to a question, you said for this year, you're definitely expecting 15% growth for the year in the Q&A.

讓我問一下，上個季度，我認為您在問答環節中回答過一個問題，您說過，對於今年，您肯定預計增長率為 15%。

Any thoughts for what you're expecting now for the year?

您對今年有什麼期望嗎？

And can you also comment on how much the supply chain is costing you in revenue and in margin structure?

您能否評論供應鏈給您的收入和利潤結構造成了多大的影響？

Yes.

是的。

I mean I think for the year now, when you layer in Q3 and you think about Q4, you can probably get to a reasonable view for the year, right?

我的意思是，我認為就今年而言，當您考慮第三季並考慮第四季度時，您可能會對今年有一個合理的看法，對嗎？

I don't know that we want to put a specific number, but you can get there, right?

我不知道我們是否想給出一個具體的數字，但你可以得到那裡，對嗎？

Once we give you the Q3 number, it becomes a lot easier.

一旦我們給你第三季的數字，一切都會變得容易得多。

In terms of how much -- clearly, lead times are very extended, right?

就數量而言——顯然，交貨時間非常長，對嗎？

It's always hard to kind of compare that to some kind of normal world.

總是很難將其與某種正常世界進行比較。

We could obviously do more revenue if lead times weren't that extended.

如果交貨時間沒有那麼長的話，我們顯然可以獲得更多收入。

How much it's really hard to put a number, and I don't think we're going to try to put a number on that.

這個數字確實很難用數字來表示，而且我認為我們也不會試圖對此進行量化。

All right.

好的。

Given that response, can I ask you within cloud titan since historically, you've been highly concentrated in Microsoft and Facebook, but of more recent vintage, you could be having some more success with some of the other folks, like them Google in particular.

鑑於這個回答，我可以問一下您在雲端巨頭內部的情況嗎？

Any insight you could share with us?

有什麼見解可以跟我們分享嗎？

I think, Paul, you summarized it very well.

我認為，保羅，你總結得非常好。

Anshul and the team are doing a great job in both diversification across all our sectors.

Anshul 和他的團隊在我們所有部門的多元化方面都做得非常出色。

And while Microsoft and Facebook are very strategic, very important customers, we have other cloud titan customers also.

雖然微軟和 Facebook 是我們非常具有戰略意義、非常重要的客戶，但我們還有其他雲端運算巨頭客戶。

Next question please.

請回答下一個問題。

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

您的下一個問題來自瑞士信貸的薩米·巴德里。

A little -- just a clarification on just Ita's comments there regarding the second half deceleration now.

稍微澄清一下 Ita 關於下半年經濟減速的評論。

Ita, I was hoping you could give us some sequential guidance.

Ita，我希望你能給我們一些連續的指導。

Is there any potential that sequential growth could be negative in 3Q and 4Q?

第三季和第四季的環比成長有可能出現負成長嗎？

And if I just extrapolate out and I forecast a little bit out from where we are today and even though the above, we're getting into the low 20% range.

如果我只是進行推斷，並且根據我們現在的情況進行一點預測，儘管如上所述，我們也進入了 20% 的低位範圍。

I just want to clarify that there would be any sequential decline in 2021.

我只是想澄清一下，2021 年是否會出現連續下降。

Yes.

是的。

So I mean we've given you Q3, right, at the midpoint, and there's clearly growth there quarter-over-quarter.

所以我的意思是，我們已經給出了第三季度的中間值，並且季度環比明顯有所增長。

Again, we're not trying to guide Q4, but Q4 is usually a good, strong quarter.

再說一遍，我們並不是想預測第四季的表現，但第四季通常是一個很好、強勁的季度。

So I'll leave you to draw your own conclusions from that, but I think we've pretty much laid it out for the year.

因此，我就讓你們自己去下結論吧，不過我想，我們已經為今年做好了準備。

Sami, I think the message we'd really like to convey is demand is strong.

薩米，我認為我們真正想傳達的訊息是需求強勁。

We're doing well.

我們做得很好。

We need to execute on our shipments.

我們需要執行我們的發貨任務。

And we can only approach this -- our shipments 1 quarter at a time because our supply chain is so constrained.

而且由於我們的供應鏈非常受限，我們只能一次出貨一個季度。

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)。

I guess I wanted to ask you about the gross margin guidance.

我想問您有關毛利率指引的問題。

When we were talking to Cisco on a similar note, they had said that the supplies impact on their gross margins was bottoming or on their margins was bottoming in their guide.

當我們與思科談論類似問題時，他們表示，供應對其毛利率的影響已觸底，或其利潤率已在其指導範圍內觸底。

And I'm curious whether this guide for September, from your point of view is kind of at the bottom?

我很好奇，從您的角度來看，九月份的指南是否處於最低谷？

In other words, gross margins at least go sideways from there?

換句話說，毛利率至少會從那時起橫向波動？

Or do you think it's sort of an unknown at this point and things can could continue to worsen.

或者您認為目前這是一個未知數，情況可能會繼續惡化。

So that's my first question, and then I have a follow-up.

這是我的第一個問題，然後我還有一個後續問題。

Yes.

是的。

I think, Rod, on the supply chain stuff, I mean, we did have some significant supply chain impact even in Q2, right?

羅德，我認為，就供應鏈而言，我的意思是，即使在第二季度，我們確實受到了一些重大的供應鏈影響，對嗎？

It just was more than offset by the customer mix, right?

這只是被客戶組合所抵銷了，對嗎？

So I think as we look forward, I mean we are paying more for certain components, et cetera, than normal, and that cost will get recognized whenever we ship those components and the products that are in those components are incorporated into.

因此，我認為，展望未來，我們為某些組件等支付的費用將比平時更多，並且無論何時我們運送這些組件以及將這些組件包含的產品納入其中，該成本都會得到確認。

So we will see some drag on gross margin probably for some time, just given the inventory and purchase commitment levels that we have.

因此，考慮到我們現有的庫存和採購承諾水平，我們可能會在一段時間內看到毛利率受到一定程度的拖累。

We are -- the mix is healthier, the enterprise mix is helping to offset that.

我們 - 這種組合更加健康，企業組合有助於抵消這種影響。

But customer mix is still by far the biggest driver.

但客戶結構仍然是迄今為止最大的驅動因素。

So if we have a quarter where it's a heavy cloud mix, you are going to see pressure on that gross margin number for the quarter.

因此，如果我們某個季度的雲端運算業務佔比很大，你會看到該季度的毛利率面臨壓力。

But I think over time, we feel like we can stay in that 63% to 65% range.

但我認為隨著時間的推移，我們覺得我們可以保持在 63% 到 65% 的範圍內。

I think that would go safe kind of place to be.

我認為那是一個安全的地方。

But I guess what I'm thinking is you're already kind of signaling some pressure in 64% in the next quarter because that's down over 1% from this quarter.

但我想我已經想到了下個季度 64% 的一些壓力，因為這比本季下降了 1% 以上。

And I'm wondering, do you -- so when you say that, do you think it's probable that you have materially lower margin than 64%?

我想知道，當您這麼說的時候，您是否認為您的利潤率可能遠低於 64%？

Or do you think when you say drag, do you mean 64% just is a possibility for longer?

或者您認為當您說阻力時，您的意思是 64% 只是一種持續更長時間的可能性？

Yes.

是的。

No, again, I think the biggest driver will be the customer mix.

不，我再說一遍，認為最大的驅動因素是客戶組合。

So in a quarter where the heavy customer mix, yes, you could be back at 64%, you could even be below that, right?

因此，在客戶結構較重的季度中，您的比率可能會回到 64%，甚至可能低於這個數字，對嗎？

But again, it will be because of a particular mix of a particular quarter, right?

但同樣，這將是因為特定季度的特定組合，對嗎？

So I think the range is still very valid.

所以我認為這個範圍仍然非常有效。

The 65% plus that we saw this quarter is a really good, solid enterprise mix that's helping to offset some stuff.

本季度我們看到的 65% 以上的成長確實是一個良好且穩健的企業組合，有助於抵消一些影響。

So you will see -- I mean, gross margin is going to move around a bit over time, but I think we're still very comfortable in that range.

所以你會看到 - 我的意思是，毛利率會隨著時間的推移而有所波動，但我認為我們仍然對這個範圍感到非常滿意。

As Ita said, Rod, a lot of our inventory costs will be realized later in this year and next year.

正如伊塔所說，羅德，我們的許多庫存成本將在今年晚些時候和明年實現。

So the gross margin will actually be more pressured when those higher costs are realized.

因此，當這些更高的成本實現時，毛利率實際上會面臨更大的壓力。

And so then, if we have a really good enterprise mix, we could be on the better side of 63% to 65%.

因此，如果我們擁有真正良好的企業組合，我們的比率可以達到 63% 到 65% 左右。

If we have a high cloud mix, then I don't rule out the possibility of being on the lower side of 63% to 65%, right?

如果雲量較高，那麼我不排除 63% 到 65% 以下的可能性，對嗎？

Recognizing that the costs have really going to enter it.

認識到成本確實要進入其中。

Nobody is predicting the semiconductor supply cost of shortages are going away in 2022.

沒有人預測半導體供應成本短缺問題會在 2022 年消失。

No, definitely not.

不，絕對不是。

And then that leads me to the enterprise trajectory, like enterprise spending indicators are very strong here as we look into the second half.

然後這讓我想到了企業軌跡，例如當我們展望下半年時，企業支出指標非常強勁。

Just curious what your thoughts on the enterprise pipeline are?

只是好奇您對企業管道有何看法？

I mean, does that look equally strong in your pipeline?

我的意思是，這在你的管道中看起來是否同樣強大？

Or how does that look to you?

或者您覺得這看起來怎麼樣？

Yes.

是的。

Rod, I think you've run out of questions, but the short answer is yes.

羅德，我想你已經沒有問題了，但簡短的回答是肯定的。

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

下一個問題來自 William Blair 的 Jason Ader。

My question is for Jayshree.

我的問題是針對 Jayshree 的。

How do you see supply chain situation compare to prior periods in your career where you've seen supply constraints?

與您職涯中遇到的供應限制時期相比，您認為供應鏈現況如何？

Well, I'm glad you're asking the oldest person here, close to the owners.

嗯，我很高興你問的是這裡最年長、與主人關係密切的人。

In my career of several decades, I've never seen a it be this bad, never.

在我幾十年的職業生涯中，我從來沒有見過這麼糟糕的情況，從來沒有。

This is the worst I've seen it.

這是我見過的最糟糕的一次。

And there's been some pretty big ups and downs.

其中也經歷了一些相當大的起伏。

So -- and more than the worst I've ever seen it, I think it's also going to be prolonged.

所以 — — 而且比我所見過的最糟糕的情況更糟的是，我認為這一情況還會持續很長時間。

I guess we were all hopeful we would all recover from the COVID pandemic, but everything from copper shortages to wafer starts, assembly to manpower, people, logistics, freight, just about every aspect of it is challenged too.

我想我們都希望我們都能從新冠疫情中恢復過來，但從銅短缺到晶圓投產、組裝到人力、人員、物流、貨運，幾乎每個方面都面臨挑戰。

So Anshul, do you want to add anything more to that as a younger person, yes?

那麼 Anshul，身為年輕人，您還想補充什麼嗎？

Well, as you said, things are very, very constrained.

嗯，正如你所說，事情受到非常非常的限制。

But I think what's happened is the world supply chain never planned for this bigger mismatch in supply and demand.

但我認為，現在的情況是，世界供應鏈從未為這種更大的供需不匹配做好準備。

And as a result, when you run into a crunch, people try to book ahead and plan to rebuild buffers and so on.

因此，當遇到困難時，人們會嘗試提前預訂，並計劃重建緩衝等等。

But this is not an industry where you can react in 1 quarter.

但這不是一個你可以在一個季度內做出反應的行業。

This will last a long time the semiconductor industry is projecting maybe recovery in 2023, but who knows what our global demand will be at that time.

這將持續很長時間，半導體產業預計可能在 2023 年復甦，但誰知道那時我們的全球需求會是多少。

So we are in it and prepared for a longer run here.

所以我們已經做好了在這裡長期堅持的準備。

And is it inevitable that at some point, we're going to see like a demand air pocket, Jayshree, just because everyone will have orders that they needed ahead of time, and we'll hit some type of air pocket?

Jayshree，在某個時候，我們是否不可避免地會看到類似需求空穴的情況，只是因為每個人都會提前收到他們需要的訂單，然後我們就會遇到某種空穴？

I don't know the answer to that, Jason.

我不知道這個問題的答案，傑森。

But I think given the business diversification we have, the planning of 1 type of customer will not affect the planning of others.

但我認為，考慮到我們的業務多元化，一種類型客戶的規劃不會影響其他類型的客戶的規劃。

So I'm hoping that some of them are planning for 2022 and some are planning for ahead in 2023.

所以我希望他們中的一些人正在為 2022 年做計劃，有些人正在為 2023 年做計劃。

And so the air pockets will balance off, if you will.

如果你願意的話，氣穴就會達到平衡。

Yes.

是的。

And the visibility, Jason, I think, to what the demand is for and when it will get deployed, at least with the larger customers is pretty good.

傑森，我認為，對於需求是什麼以及何時部署，至少對於較大的客戶來說，透明度是相當好的。

So that helps, right?

這有幫助，對吧？

It's not they're not -- you're deploying over time, still, right?

並不是他們沒有——你們仍在隨著時間推移進行部署，對嗎？

That's right.

這是正確的。

It's very much, as Ita said a land-and-expand situation.

正如 Ita 所說，這非常像一種登陸並擴張的情況。

You don't just land and then buy nothing for a long time.

您不可能剛落地，然後很久什麼都不買。

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

您的下一個問題來自花旗投資的吉姆蘇瓦。

And I only have one question, and that's related to your strength in revenues that you've just seen and kind of the outlook, that strength?

我只有一個問題，這與您剛才看到的收入實力以及前景有關，這種實力？

Is it being driven across all your end markets?

它是否正在涵蓋你們所有的終端市場？

Or are there kind of 1 or 2 that you really want to call out to us as if you were to look back, say, 6 or 9 months ago, you would not have guessed it would have been so strong because you really have posted really impressive results and a great outlook.

或者您真的想向我們指出 1 或 2 點，就好像您回顧 6 個月或 9 個月前，您不會想到它會如此強大，因為您確實發布了令人印象深刻的業績和美好的前景。

Thank you, Jim.

謝謝你，吉姆。

And again, a lot of credit goes to Anshul and his team.

再次，Anshul 和他的團隊功不可沒。

So actually, I would love for you to answer this question, but let me just preface it by saying all 5 verticals are very strong.

所以實際上，我很想讓你回答這個問題，但首先我要說的是，所有 5 個垂直行業都非常強大。

They're all growing double digits.

它們都以兩位數的速度成長。

And in fact, I feel bad rating any of them as second or third or fourth or fifth place.

事實上，我對將他們中的任何一個人評為第二名、第三名、第四名或第五名感到很遺憾。

But if you ask me what I'm most positively surprised by, you might remember a year ago, Jim, we were less bullish on the cloud titans.

但如果你問我最讓我感到驚訝的是什麼，吉姆，你可能還記得，一年前，我們對雲端運算巨頭並不那麼看好。

We thought they would even be flat to down.

我們認為它們甚至會持平甚至下降。

So Anshul, do you want to add to that?

那麼 Anshul，你想補充一下嗎？

Sure.

當然。

Well, what a difference a year makes, [like you have] despite the COVID impact.

嗯，儘管受到新冠疫情的影響，但一年的變化真是太大了。

But the cloud titans are on a strong upgrade cycles at 400 gig and planning their transitions.

但雲端運算巨頭正處於 400G 的強勁升級週期並計劃轉型。

And not just 400, but a mix of 100 to 200, 400.

而且不只是 400，而是 100 到 200、400 的混合。

And the customers themselves are surprised that the end demand is so strong for their businesses.

客戶自己也對他們的業務的最終需求如此強勁感到驚訝。

So that's been a good upside for us.

這對我們來說是一個很好的好處。

And same is for enterprise.

對於企業也是如此。

We've talked about enterprise for quite some time.

我們已經談論企業很久了。

But we're quite happy with the adoption by our customers, both in our prime areas in the market are also expanding into campus into monitoring into security.

但我們對於客戶的採用感到非常高興，我們在市場的主要領域也擴展到校園、監控和安全領域。

And we have a long way to go.

我們還有很長的路要走。

It's a very large TAM, and we're just getting started there.

它的 TAM 非常大，而我們才剛起步。

So that keeps us very positive on growth in that area too.

因此，我們對該領域的發展也非常樂觀。

Congratulations.

恭喜。

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)。

At the beginning of July, the U.S. government announced the cancellation of the JEDI project with a plan to put it out for rebid.

7月初，美國政府宣布取消JEDI項目，並計劃重新進行招標。

I'm just wondering how you would factor that into your own forecasting?

我只是想知道您會如何將其納入您自己的預測中？

And modeling given that you sell into one of the essentially participants in that project.

並且假設您將產品銷售給該項目的一個重要參與者。

Does this change your thoughts on this year and longer term?

這會改變您對今年及長遠的想法嗎？

What do you do in terms of a project when it comes to forecasting your overall business?

當預測您的整體業務時，您針對專案做了什麼？

Thanks, Simon.

謝謝，西蒙。

I don't think we really factored it in very much except making sure we had all the certifications.

我認為，除了確保我們擁有所有認證之外，我們並沒有考慮太多因素。

You want to add to that, Anshul?

你想補充一點嗎，安舒爾？

Simon, this is a contract over 10 years.

西蒙，這是一份為期十年的合約。

So it's not as if we saw any significant change in the last year related to that.

因此，我們在去年並沒有看到與此相關的任何重大變化。

In addition, the contract the JEDI program might take on, but there's so many other programs the government is doing with various cloud companies.

此外，JEDI 計劃可能會承擔合同，但政府也正在與各種雲端運算公司進行許多其他計劃。

So it just gets mixed into the noise.

所以它就混入噪音中了。

We don't really see.

我們確實沒看到。

We never saw a big upside, I don't think there's any big downside either.

我們從未看到過巨大的好處，我也不認為有任何大的壞處。

How big is government typically for you?

您認為政府通常有多大？

No.

不。

But then this case, this wasn't going through us, right?

但這個案子不是由我們來處理的，對吧？

This was going through 1 of our cloud customers, which is why we don't see a direct impact...

這是我們的一位雲端客戶遇到的情況，這就是為什麼我們沒有看到直接影響...

It's not really government.

這其實不是政府。

It's cloud titan.

這是雲巨人。

Yes.

是的。

No.

不。

I guess in general because government sounds like a good vertical, I don't know that you've talked about it in the past.

我想總的來說因為政府聽起來是一個很好的垂直領域，我不知道你過去是否談論過它。

I know we haven't.

我知道我們還沒有。

We could do a lot better.

我們可以做得更好。

Government is not big for us, but it's mixed into our enterprise momentum it has improved year-over-year.

政府對我們來說並不重要，但它融入了我們的企業發展勢頭，並且逐年改善。

But in terms of any kind of contribution, a large concentration, we have a long ways to go.

但就任何形式的貢獻、大規模集中度而言，我們還有很長的路要走。

Nice question.

好問題。

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'm trying to ask a question without asking it directly.

我嘗試以不直接詢問的方式提出問題。

So the trick is looking for a big win with 1 of the cloud titans.

因此，訣竅是尋求利用其中一台雲巨人來獲得大勝利。

And the question I have is, what's your outlook for cloud titan?

我的問題是，您對 Cloud Titan 有何展望？

Are there big kind of wins or big announcements in the pipelines that you're looking for?

您是否期待出現重大勝利或重大公告？

Is there anything you can share with us about the puts and takes?

能和我們分享一下關於投入和產出方面的什麼資訊嗎？

What could happen with cloud titans over the next few quarters?

未來幾季雲端運算巨頭將會發生什麼事？

Sure.

當然。

Tal, I thought you say you're very happy with the results so far, and there's no more upside expected.

塔爾，我以為你說過你對目前的結果非常滿意，並且不期望有更多的上升空間。

Look, we're doing well with our customers.

你看，我們和顧客的合作很好。

Execution has been good.

執行效果良好。

You know it is a competitive market.

你知道這是一個競爭激烈的市場。

And despite that, we continue to do very well with both our hardware design, our supplier products and especially our EOS software.

儘管如此，我們的硬體設計、供應商產品以及 EOS 軟體仍然表現優異。

There's no big change.

沒什麼大的變化。

I mentioned this last year as well.

我去年也提到這一點。

We are maintaining status quo in terms of customers.

我們在客戶方面維持現狀。

If the customers grow, we grow with them.

如果客戶成長，我們也會跟著成長。

We obviously don't control that aspect and can't forecast on their behalf.

我們顯然無法控制這個方面，也無法取代他們來預測。

But otherwise, it's more of moving on the next-gen architecture with these entities.

但除此之外，這些實體更多的是朝著下一代架構邁進。

And while you think of them as cloud titan, internally, we think of each one as a market, right, that's that big and there's so much complexity.

雖然你認為它們是雲端巨頭，但在內部，我們將每一個都視為一個市場，這個市場就這麼大，而且非常複雜。

But there's no big announcement we're making or about to make or help.

但我們不會發布、不會準備發布任何重大公告或提供任何協助。

There's so many key milestones that need to be achieved before that can be done on anything that's dramatic or a big shift.

在完成任何重大的事情或轉變之前，還有很多關鍵的里程碑需要實現。

Can you -- if I can squeeze in another one, if not, it's okay.

你能嗎——如果我能再擠進一個，如果不行，也沒關係。

Can you talk about the contribution of cloud titans to this quarter and also last quarter results.

您能談談雲端巨頭對本季以及上季業績的貢獻嗎？

I'm trying to understand how important is it, in relative terms, how important is it to the overall growth?

我想了解它有多重要，相對而言，它對整體成長有多重要？

It's -- so we decided to go annually rather than quarterly, Tal, but it's staying within the annual targets we gave.

所以我們決定按年而不是按季度進行，Tal，但這仍遵守我們給出的年度目標。

I believe we said it was 34% to 39%.

我記得我們說的是34%到39%。

We bracketed it.

我們將其括起來。

So that's the contribution from cloud titan, 34% to 39%.

這就是 Cloud Titan 的貢獻，即 34% 到 39%。

What about the growth?

那麼成長情況如何？

How much of the growth is it?

成長幅度有多大？

Is it proportionately much higher than the 35% to 39% of the growth?

從比例來看，是不是比35%到39%的增幅高很多呢？

No.

不。

We don't comment on it.

我們對此不予置評。

It's really hard to look at it on a quarter-by-quarter basis.

要按照季度來觀察這個問題確實很困難。

The cloud and cloud contribution to growth is always going to be important.

雲端和雲端對成長的貢獻始終很重要。

-- enterprise is becoming more important, right?

——企業變得越來越重要，對嗎？

But I don't think we want to try and do it on a quarter by quarter.

但我認為我們不想嘗試逐季地進行這項工作。

Yes, I think it will make more sense annually, Tal, because we're so constrained by shipments.

是的，塔爾，我認為每年都這樣做更有意義，因為我們的出貨量受到很大限制。

So it would be a false signal, if we said it was high, low or medium.

因此，如果我們說它是高、低或中，那將是錯誤訊號。

So I think on an annual basis, it's a much better number.

因此我認為從年度來看，這是一個更好的數字。

And the growth will be good.

而且成長也會很好。

It will definitely be double digits.

肯定會是兩位數。

Still the #1 vertical.

仍為垂直第一。

And no, it's important for sure, anybody who thinks that it's not an important part of the mix.

不，它肯定很重要，但有人認為它不是混合物的重要組成部分。

Thank you, Tal.

謝謝你，塔爾。

I think we're ready for the next question.

我想我們已經準備好回答下一個問題了。

Your next question comes from the line of John Marchetti with Stifel.

您的下一個問題來自 Stifel 的 John Marchetti。

I was wondering if you could just spend a minute or 2 just talking about what you're seeing specifically in that 400 gig market.

我想知道您是否可以花一兩分鐘時間談談您在 400G 市場中看到的具體情況。

Now obviously, we go back to the early part of the year, and it seems like we were pumping the brakes a little bit on expectations.

現在顯然，我們回到今年年初，似乎我們對預期有些踩了煞車。

That seemed to change a little bit last quarter, you seemed a little bit more bullish there.

上個季度的情況似乎有所改變，你似乎更加樂觀。

Just curious if you could spend a little bit of time, and I'm assuming that is still primarily cloud titan market, but just anything you're seeing there would be helpful.

只是好奇您是否可以花一點時間，我認為這仍然主要是雲端巨頭市場，但您在那裡看到的任何東西都會有所幫助。

Well, it's actually more than cloud titans.

嗯，它實際上不僅僅是雲巨人。

I think Arista has been trialing 200 and 400 gigs in 2019, if I remember, when Andy was here and we talked about the whole portfolio of products.

如果我沒記錯的話，當安迪在這裡討論整個產品組合時，Arista 已經在 2019 年試用了 200 和 400Gig。

So this combination of 10 -- not 10 -- 100, 200, 400, we expect to see a significant increase.

因此，對於這個 10（不是 10），100、200、400 的組合，我們預期會看到顯著的成長。

So just to give you some context here, we had about 75 customers last year, and we expect that to triple to quadruple this year in customers.

這裡僅向您提供一些背景信息，去年我們大約有 75 個客戶，我們預計今年的客戶數量將增加兩到四倍。

So it's way more than the cloud titans.

所以它比雲端巨頭強大得多。

And your next question comes from the line of Ben Bollin with Cleveland Research Company.

您的下一個問題來自克利夫蘭研究公司的本·博林。

Jayshree, you talked a little bit about getting some additional visibility from hyperscale partners versus history even into next year.

Jayshree，您談到了從超大規模合作夥伴那裡獲得一些與歷史相比甚至到明年的額外可見性。

With that perspective, could you talk about how you see the evolution of 200 and 400 as they roll that out, how that develops and maybe how you think it compares with what you saw with 100 in terms of, I don't know, pace or speed of adoption?

從這個角度來看，您能否談談您如何看待 200 和 400 在推出時的發展，它如何發展，以及您認為它與 100 相比，在採用速度或速度方面有何不同？

Yes.

是的。

No, that's a really good question.

不，這是一個非常好的問題。

I think that 100 gig pace and adoption was remarkably fast.

我認為 100Gig 的速度和採用速度非常快。

It was probably over an 18-month period Anshul, correct me if I'm wrong, around 2016 to '18, something like that, right?

這可能跨越了 18 個月的時間，Anshul，如果我錯了請糾正我，大約是 2016 年到 2018 年，類似這樣的時間，對嗎？

The 200, 400 gig has been more gradual.

200、400 千兆的進程更加平穩。

And in very many use cases, it's coupled with 100 gig.

在許多用例中，它與 100Gig 結合。

So that's what's so hard for us to separate out.

所以這就是我們難以區分的原因。

And we, I think, are finally at this inflection point or pivot point where we expect to see more 200-gig and 400-gig shipments in our cloud titan customer base in the second half of this year.

我認為，我們終於到達了這個轉折點或關鍵點，預計今年下半年我們的雲端巨頭客戶群將看到更多的 200G 和 400G 出貨量。

And I think this will continue and will be vibrant for at least the years to come, maybe longer.

我認為這種趨勢至少在未來幾年甚至更長時間內仍將持續下去，並且充滿活力。

Do you want to -- is there a long tail to that Anshul, you want to answer?

你想——Anshul，你想回答這個問題嗎？

Ben, I think it's important to note that when the world went to 100 gig in 2016, 2017, 100 gig was very much compatible that was compatible with 40 gigs.

本，我認為值得注意的是，當世界在 2016 年、2017 年達到 100GB 時，100GB 與 40GB 非常相容。

It cost the same as 40 gig and it was the same power consumption at 40 gig.

它的成本與 40Gig 相同，且功耗也與 40Gig 相同。

So that's a no-brainer to upgrade.

因此升級是明智之舉。

No-brainer, yes.

是的，毫無疑問。

Upgrade.

升級。

200 and 400 gig are not the same.

200G 和 400G 不一樣。

The companies are going there are the ones absolutely need it.

去那裡的公司都是絕對需要它的公司。

And there were other technologies involved like the ZR optics needed for data center interconnection (inaudible) which were constrained last year and earlier this year as well.

還涉及其他技術，例如資料中心互連所需的 ZR 光學技術（聽不清楚），該技術在去年和今年稍早也受到限制。

So which is why this adoption curve is very different, and it's not at every layer of the network.

這就是為什麼這個採用曲線非常不同，而且它並不存在於網路的每一層。

And I would not model that on the 2016, 2017 cycle.

我不會以 2016 年、2017 年的週期為模型。

These are different upgrade, cycles which is why you have to come back to what Jayshree was saying the combined 100, 200, 400.

這些是不同的升級、週期，這就是為什麼你必須回到 Jayshree 所說的組合 100、200、400。

They're winning around a lot in 100 gigs using new next-gen products as well, and that is very much material and matters.

他們還利用新一代產品在 100 場演出中贏得了許多勝利，這是非常重要且有意義的。

One addition I'd like to make on the noncloud titan side, Ben, I know you're more focused on that, is many times they make sure they buy a product that's 200, 400 or even 800 gig capable, but they'll deploy only 100 gig, right?

Ben，我想在非雲端巨頭方面補充一點，我知道您更專注於這一點，很多時候他們會確保購買具有 200、400 甚至 800 GB 容量的產品，但他們只會部署 100 GB，對嗎？

So what's clearly happening now is customers are getting ready for the higher speeds independent on how they deploy them in timing.

因此，現在顯然發生的情況是，客戶正在為更高的速度做好準備，而不管他們如何及時部署。

Next question comes from the line of Jon Lopez with Vertical Group.

下一個問題來自 Vertical Group 的 Jon Lopez。

Ita, I believe you said in calendar Q1, you grew -- [cloud deferred] by about $40 million or so sequentially.

Ita，我相信你說過，在日曆的第一季度，你的收入 [雲端延期] 比上一季度增長了大約 4000 萬美元左右。

And I thought I heard you say it's another $20 million or so this quarter.

我以為我聽到你說本季還會有 2000 萬美元左右。

I guess -- the 2 questions I had there.

我想——這是我的兩個問題。

One, do you ascribe any of that to component constraints?

首先，您是否將其中任何一個歸因於組件限制？

Or is that all product feature sets?

或者說這些就是所有產品的功能集嗎？

And then secondly, do you expect that to flow into the income statement in the second half of this year?

其次，您預計這會在今年下半年流入損益表嗎？

Or is that stuff you'll carry with you into 2022?

或者這些都是你會帶著進入 2022 年的東西？

Yes.

是的。

So it's not really related to the supply side stuff.

所以這實際上與供應方面的事情無關。

It's more about new customers and new use cases, new products, right?

這更多的是關於新客戶、新用例、新產品，對嗎？

That's what drives that number.

這就是推動這數字的因素。

I mean it is kind of even in Q2, if you look at it, some of that stuff was recognized and then we added other new stuff.

我的意思是，即使在第二季度，如果你看一下，你會發現其中一些東西已經被認可，然後我們添加了其他新的東西。

So there is kind of some churn underneath of that balance, right?

那麼，這種平衡之下存在著某種變動，對嗎？

But I don't expect us to take any revenue -- net revenue, if you like, out of that bucket in Q3.

但我並不期望我們在第三季從該預算中獲得任何收入——如果你願意的話，可以稱之為淨收入。

We'll see what happens in Q4, that's a bit further out.

我們將拭目以待第四季會發生什麼，這還需要一段時間。

But I think given the comments in the script around how that balance builds, I think we've got lots of new stuff happening.

但我認為，考慮到劇本中關於如何建立這種平衡的評論，我想我們會有很多新的事情發生。

So I think it's probably unlikely that we will be depleting that balance this year.

因此我認為我們今年不太可能耗盡這筆餘額。

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

您的下一個問題來自尼德漢姆的亞歷山大·亨德森 (Alexander Henderson)。

I was hoping you could talk a little bit about the environment in terms of pricing we've heard from some players in the market that Cisco is talking about 5% to 10% price increases on a variety of products, including switching and routing related products and passing through more price increases than what you alluded to.

我希望您能談談定價環境，我們從一些市場參與者那裡聽說，思科正在談論將多種產品的價格上漲 5％ 到 10％，包括交換和路由相關產品，而且價格上漲幅度比您提到的還要大。

You obviously suggested that you are going to be relatively careful with that and not push through a lot of pricing on your customers.

您顯然表示，您會對此相對小心，不會向客戶強加過多的價格。

So is there a delta developing there?

那麼那裡正在形成三角洲嗎？

And within that context, could you talk a little bit about the strategic approach of Cisco trying to bundle together the Arista -- excuse me, the Acacia products and whether that architectural change to a switch-routed optical platform is something that you concur with or which you think is a fool's errand.

在此背景下，您能否談談思科試圖將 Arista（對不起，是 Acacia 產品）捆綁在一起的戰略方針，以及您是否同意將這種架構轉變為交換路由光學平台，或者您認為這只是愚蠢的行為。

Well, that was a loaded question.

嗯，這是一個引導性問題。

So I'm going to break it into 2. Anshul, think about the Acacia one while I discuss the delta and pricing.

所以我要把它分成兩部分。

It's difficult for us to parse our competitors pricing.

我們很難分析競爭對手的定價。

But I can tell you, philosophically, we got backlog, we've got products in flight and we've got customers who are making their budget plan.

但我可以告訴你，從哲學上講，我們有積壓訂單，有在運產品，還有正在製定預算計畫的客戶。

So we're going to try as much as we can in the short term to absorb the cost.

因此我們將在短期內盡力吸收成本。

That said, we will have some slight price increases probably in the range of 5% on selective models that will affect our customer base in the tail end of this year and next year.

儘管如此，我們會對部分型號的價格進行小幅上調，大概在 5% 左右，這將在今年年底和明年影響我們的客戶群。

And it will still affect our gross margins if the mix changes dramatically to cloud titans as Ita has alluded to.

而且，如果如 Ita 所暗示的那樣，業務組合急劇轉變為雲端巨頭，這仍將影響我們的毛利率。

So all this to say, Alex, we're going to be very thoughtful because it's pain for us, and we're going to try and mitigate the pain for customers and only apply it where there's a real shortage and a real significant cost increase.

所以，亞歷克斯，我們會非常深思熟慮，因為這對我們來說很痛苦，我們會盡力減輕客戶的痛苦，並且只在真正出現短缺和成本真正大幅增加的情況下才使用它。

And Anshul, you want to take the Acacia question.

安舒爾，您想回答有關 Acacia 的問題。

Alex, the way our customers buy ZR optics, and as you know, we've been involving these architectures since the 2016, 2017 timeframe for 100 gig, 100-kilometer optics.

亞歷克斯，我們的客戶購買 ZR 光學元件的方式，如您所知，我們自 2016 年、2017 年以來一直在涉及 100 千兆、100 公里光學的這些架構。

The cloud companies especially learned this in the '90s and early 2000s.

雲端運算公司在 20 世紀 90 年代和 21 世紀初尤其了解了這一點。

They do not like bundled solutions.

他們不喜歡捆綁的解決方案。

They like to disaggregate, they disaggregate every layer, not just by boxes.

他們喜歡分解，他們將每一層分解，而不僅僅是透過盒子。

And the optics and the switches are not allowed to be built in a bundled manner.

並且不允許以捆綁的方式建構光學器件和開關。

They will run in separate RFP for each one.

他們將針對每個專案運行單獨的 RFP。

[Here we come] -- we have to be independently competitive by these players to win, which is why this is not a concern.

[我們來了]——我們必須依靠這些球員的獨立競爭力才能獲勝，這就是為什麼這不是一個問題。

And as we mentioned, optics have large spans and other companies can participate.

正如我們所提到的，光學跨度很大，其他公司可以參與其中。

We don't have to -- we have our work cut out.

我們沒必要這麼做——我們已經做好工作了。

And we try to qualify as many optics vendors.

我們會盡力讓盡可能多的光學供應商獲得資格。

So at any given time, you have a team on so that's qualifying a number of vendors, right?

所以在任何給定時間，您都有一個團隊來對一些供應商進行資格審查，對嗎？

If there's a ZR optic tower out there, we've qualified it.

如果那裡有 ZR 光學塔，我們就對其進行了鑑定。

Yes.

是的。

At no risk.

沒有風險。

There's a lead time on your qualification too, I understand.

我知道，獲得資格也需要一段時間。

(inaudible).

（聽不清楚）。

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

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

And Jayshree, I was going to comment before that age is just a sign of wisdom.

Jayshree，我之前就想評論說年齡只是智慧的標誌。

So I wouldn't say old, but just wise.

因此我不會說我老，而是我很睿智。

And with that being said let's (inaudible)...

話雖如此，讓我們（聽不清楚）...

Thank you, James.

謝謝你，詹姆斯。

I'll just let you and Anshul have that debate who's wisest though offline.

我只是讓你和安舒爾在線下辯論誰是最聰明的。

[She'll win that one.]

[她會贏的。

Good one.

很好。

And so you guys are starting to see some 5G core spending or at least the industry has picked up and we even saw AT&T and Microsoft kind of announce something on that decor.

因此，你們開始看到一些 5G 核心支出，或者至少該行業已經開始復甦，我們甚至看到 AT&T 和微軟在該裝飾上宣布了一些消息。

Carrier grew pretty nicely.

Carrier 成長得相當不錯。

It looks like if you use the midpoint of those ranges you gave.

看起來就像您使用您給出的那些範圍的中點。

Does your relationship with Microsoft help extend your reach in the Carrier environment as they look to take some of their core to the cloud?

當微軟希望將他們的部分核心業務遷移到雲端時，你們與微軟的關係是否有助於擴大你們在營運商環境中的影響力？

Or will it be more of a fulfillment via support for Azure is the way to think about it?

或者說，透過支援 Azure 來實現這一點是否更可行？

Yes.

是的。

No, I think in the short term, it's very much a relationship tied to Azure.

不，我認為從短期來看，這很大程度上是一種與 Azure 緊密相關的關係。

But there's nothing that precludes particularly with their investments in 5G and some of the recent acquisitions we made.

但沒有什麼可以阻止他們在 5G 方面的投資以及我們最近的一些收購。

As you know, service providers are a long-term test of our patience.

正如你們所知，服務提供者是對我們耐心的長期考驗。

But when you win them, you win them well.

但當你贏得他們時，你贏得很漂亮。

So we are seeing our own personal wins, independent on Microsoft, very much tied to upgrades to 5G, where we are the back -- the core routing and platform and spine.

因此，我們看到了自己的勝利，獨立於微軟，與 5G 升級密切相關，我們是 5G 的後盾——核心路由、平台和支柱。

But specific to Microsoft, I think it will take time.

但具體到微軟來說，我認為這還需要時間。

It will probably emerge in the next several years.

它很可能會在未來幾年內出現。

Today, it's primarily Azure.

今天，主要是 Azure。

Okay.

好的。

We have time for one more question.

我們還有時間再回答一個問題。

Last but not least.

最後但並非最不重要的。

This question comes from the line of Kyle McNealy with Jefferies.

這個問題來自 Jefferies 的 Kyle McNealy。

This is Kyle on for George Notter.

這是凱爾 (Kyle) 代替喬治諾特 (George Notter) 表演的。

Curious if there's any change in the mix of customers or ports using cloud EOS versus the traditional standard EOS, bundled with a hardware sale.

好奇使用雲端 EOS 與捆綁硬體銷售的傳統標準 EOS 的客戶或連接埠組合是否有任何變化。

Maybe still quite small, but any quantifiable color you can provide around what the mix might currently be?

可能仍然很小，但您能提供任何可量化的顏色來說明目前的混合物情況嗎？

And could that help your gross margin at all or may be a little less sensitive to the supply chain issues that you're seeing in some areas?

這是否有助於提高您的毛利率，或者對您在某些地區看到的供應鏈問題可能不那麼敏感？

Thanks, Kyle.

謝謝，凱爾。

No cloud EOS is an example of a very strategic software platform, but it's very, very tiny in ports.

無雲 EOS 是一個非常具有戰略意義的軟體平台的例子，但它的連接埠非常非常少。

And it has more to do with our multi-cloud hybrid network strategy, where almost every one of these enterprise customers also has some premise strategies.

這與我們的多雲混合網路策略有更大的關係，幾乎每個企業客戶也有一些前提策略。

So I would say the strong influence of millions of ports are still on the mainstream platforms.

所以我想說百萬埠的強大影響力仍然在主流平台上。

And cloud EOS is on top of that to connect into multicloud.

並且雲端 EOS 可以在此基礎上連接到多雲。

This concludes the Arista Q2 2021 earnings call.

Arista 2021 年第二季財報電話會議到此結束。

We have posted a presentation which provides additional information on our fiscal results, which you can access on the Investors section of our website.

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。

Thank you for joining us today.

感謝您今天加入我們。

Thank you for joining, ladies and gentlemen.

謝謝各位的參與，女士們，先生們。

This concludes today's call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。