Arista Networks Inc (ANET) 2021 Q1 法說會逐字稿

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

歡迎參加 Arista Networks 2021 年第一季財務業績電話會議。

(Operator Instructions) As a reminder, this conference is being recorded and will be available for a replay from the Investor Relations section at the Arista website following this call.

（操作員說明）謹此提醒，本次會議正在錄製中，並可在本次電話會議後在 Arista 網站的投資者關係部分進行重播。

I will now turn the call over to Mr. Curtis McKee, AVP, Corporate and Investor Development.

我現在將把電話轉給企業和投資者發展部助理副總裁 Curtis McKee 先生。

Sir, you may begin.

先生，您可以開始了。

Thank you, operator.

謝謝你，接線生。

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

大家下午好，感謝您加入我們。

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

參加今天電話會議的有 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 of the fiscal first quarter ending March 31, 2021.

今天下午，Arista Networks 發布新聞稿，宣布截至 2021 年 3 月 31 日的第一個財季業績。

If you would like a copy of the release, you can access it online on our website.

如果您想要該版本的副本，您可以在我們的網站上在線訪問。

During the course of this conference call, Arista Networks' management will make forward-looking statements, including those relating to our financial outlook for the second quarter of the 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 and product innovation.

在本次電話會議期間，Arista Networks 管理層將做出前瞻性聲明，包括與我們 2021 財年第二季度的財務前景、2021 年及以後的長期財務前景、我們的總目標市場相關的聲明以及應對這些市場機會的策略、COVID-19 對我們業務和產品創新的潛在影響。

And the benefits of recent acquisitions, which are subject to the risks and uncertainties that we will discuss in detail on 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.

以及最近收購的好處，這些風險和不確定性受到我們將在向 SEC 提交的文件中詳細討論的影響，特別是在我們最新的 10-Q 表格和 10-K 表格中，這可能會導致實際結果與這些陳述的預期有重大差異。

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

截至今天的這些前瞻性陳述 - 這些前瞻性陳述截至今天適用，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.

我們不承擔在本次電話會議後更新這些聲明的義務。

Also, please note that certain financial measures we use on this call are expressed on a non-GAAP basis and have been adjusted to exclude certain charges.

另請注意，我們在本次電話會議中使用的某些財務指標是在非公認會計原則的基礎上表示的，並已進行調整以排除某些費用。

We have provided reconciliations for 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公認會計原則財務指標與公認會計原則財務指標的調節表。

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

這樣，我會將電話轉給 Jayshree。

Thank you, Curtis.

謝謝你，柯蒂斯。

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

感謝大家今天下午參加我們 2021 年第一季的財報電話會議。

I hope you're all being safe and vaccinated in these pandemic times.

我希望你們在這個大流行時期都安全並接種疫苗。

At Arista, we're especially deeply concerned by the heightened COVID crisis in India.

在 Arista，我們對印度日益嚴重的新冠危機深感擔憂。

We're taking steps to assist our local teams as best we can and know.

我們正在採取措施，盡我們所能並了解地協助我們的當地團隊。

Back to Q1 2021 specifics.

回到 2021 年第一季的具體情況。

We delivered revenues of $667.6 million for the quarter, with a non-GAAP earnings per share of $2.50.

本季我們的營收為 6.676 億美元，非 GAAP 每股收益為 2.50 美元。

A-Care services, EOS renewals and subscription software contributed approximately 21.4% of the revenue.

A-Care 服務、EOS 續約和訂閱軟體貢獻了約 21.4% 的收入。

Our non-GAAP gross margins at 64.7% was influenced by software and services mix as well as higher enterprise and cloud tightened contributions for the quarter.

我們的非 GAAP 毛利率為 64.7%，這是受到軟體和服務組合以及本季更高的企業和雲端貢獻收緊的影響。

We continue to experience good customer traction and growth with new customer logos and increasing million-dollar customers in the enterprises.

隨著新的客戶標誌和企業中百萬美元客戶的增加，我們繼續體驗到良好的客戶吸引力和成長。

In the quarter, Cloud Titans was our largest vertical, enterprise was a close second, followed by financials and specialty cloud providers tied at third place and service providers at fourth place.

在本季度，雲泰坦是我們最大的垂直產業，企業緊隨其後，緊隨其後的是金融和專業雲端供應商並列第三，服務供應商排名第四。

International contribution is 25%, and the Americas were at 75% in the quarter.

本季國際貢獻率為 25%，美洲地區為 75%。

In terms of sector and product trends, we will report the specifics annually.

在行業和產品趨勢方面，我們每年都會報告具體情況。

They are consistent with the ranges we have already provided in our Investor Relations deck.

它們與我們已經在投資者關係平台中提供的範圍一致。

To reiterate, our Cloud Titans are in the 35% to 39% range, the enterprises are in the 35% to 39% range also, and the providers in the 25% to 30% range.

重申一下，我們的雲端巨頭在 35% 到 39% 的範圍內，企業也在 35% 到 39% 的範圍內，供應商也在 25% 到 30% 的範圍內。

Our product line forecast annually is expected to be 60% to 65% for core data center, 10% to 15% for adjacent campus and routing and 20% to 25% for software and services.

我們每年的產品線預測預計核心資料中心將佔60%至65%，鄰近園區及路由佔10%至15%，軟體及服務佔20%至25%。

In light of the industry-wide chip and supply chain shortages, I'd like to shed more light on this topic, especially as it pertains to Arista.

鑑於全產業的晶片和供應鏈短缺，我想進一步闡述這個主題，尤其是與 Arista 相關的議題。

First and foremost, we are pleased with the healthy demand we are experiencing, and Arista is resonating well with customers and prospects as they are driving our multiyear growth projections.

首先也是最重要的是，我們對我們所經歷的健康需求感到滿意，而 Arista 與客戶和潛在客戶產生了良好的共鳴，因為他們正在推動我們的多年成長預測。

We share a preferred status with many of our top 100 and more customers and work intimately with them.

我們與許多排名前 100 名及更多的客戶享有優先地位，並與他們密切合作。

However, the supply chain has never been so constrained in Arista history.

然而，在 Arista 歷史上，供應鏈從未如此受限。

To put this in perspective, we now have to plan for many components with 52-week lead times.

為了正確看待這一點，我們現在必須為許多組件的交付週期為 52 週進行規劃。

COVID has resulted in substrate and wafer shortages and reduced assembly capacity.

新冠疫情導致基板和晶圓短缺以及組裝產能下降。

Our contract manufacturers have experienced significant volatility due to country-specific COVID orders.

由於特定國家/地區的新冠訂單，我們的合約製造商經歷了巨大的波動。

Naturally, we're working more closely with our strategic suppliers to improve planning and delivery.

當然，我們正在與策略供應商更密切地合作，以改善規劃和交付。

Customer demand and visibility, though, has improved in the past few months.

不過，過去幾個月客戶需求和知名度有所改善。

We are working with our customers to understand the timing of their deployment needs.

我們正在與客戶合作，以了解他們的部署需求的時間表。

We do not believe at this time that our customers are pre-ordering.

目前我們不相信我們的客戶正在預訂。

However, we do think they're exercising prudent planning for second half of 2021 and even into 2022.

然而，我們確實認為他們正在為 2021 年下半年甚至 2022 年進行謹慎的規劃。

With this as a backdrop, we believe supply chain will remain a pain point for the balance of this year as a result of all these shortages.

在此背景下，我們認為，由於所有這些短缺，供應鏈仍將是今年的一個痛點。

Therefore, Arista is taking decisive steps to invest in increased inventory and manufacturing capacity.

因此，Arista 正在採取果斷措施，投資增加庫存和製造能力。

I now announce why customers, especially risk-averse enterprises, choose Arista.

我現在宣布為什麼客戶，尤其是規避風險的企業選擇Arista。

Arista's recent enterprise momentum spans many vertical markets and includes a suite of data center, campus, routing and software products.

Arista 最近的企業勢頭跨越了許多垂直市場，包括一套資料中心、園區、路由和軟體產品。

Our customers are aligned with our software-driven, data-centric approach to building their cloud architecture, their cloud operations and their cloud experience.

我們的客戶採用我們以軟體驅動、以資料為中心的方法來建構他們的雲端架構、雲端營運和雲端體驗。

A key part of our enterprise traction is addressing the CIO's pain points to build a cloud-first and a data-driven network, spanning client to cloud networking.

我們企業吸引力的關鍵部分是解決 CIO 的痛點，建立雲端優先和資料驅動的網絡，涵蓋客戶端到雲端網路。

Historically, disparate functions and data sets into routers, security, switches and network management functions can now be integrated by Arista into a seamless network architecture with programmability, state and AI-driven characteristics.

從歷史上看，Arista 現在可以將路由器、安全性、交換器和網路管理功能中的不同功能和資料集整合到具有可程式化、狀態和 AI 驅動特性的無縫網路架構中。

Let me try to illustrate a few enterprise examples to highlight this.

讓我試著舉幾個企業例子來強調這一點。

A recent data center customer win was in the hospitality sector.

最近贏得的資料中心客戶來自酒店業。

They chose us because of our single EOS software image across multiple leased and spine platforms.

他們選擇我們是因為我們跨多個租賃和主幹平台的單一 EOS 軟體映像。

Using CloudVision for automation, for 0 touch provisioning, easy upgrades, telemetry and compliance was only feasible because of Arista.

使用 CloudVision 實現自動化、零接觸配置、輕鬆升級、遙測和合規性只有 Arista 才可行。

Arista's deep buffer spine switches also enhanced their availability.

Arista 的深度緩衝主幹交換器也增強了其可用性。

A second example is in the international retail customer for data center and routing applications.

第二個例子是國際零售客戶的資料中心和路由應用程式。

A million-dollar customer.

一個百萬美元的客戶。

This was based on EVPN and VXLAN modern deep fine design and once again leveraged CloudVision and EOS for improved automation, programmability and change control.

這是基於 EVPN 和 VXLAN 現代深度精細設計，並再次利用 CloudVision 和 EOS 來改善自動化、可程式性和變更控制。

NetOps and DevOps automation with Ansible integration was another key deliverable for their distribution center.

與 Ansible 整合的 NetOps 和 DevOps 自動化是其配送中心的另一個關鍵交付成果。

Our third enterprise win was in campus in Europe.

我們的第三個企業勝利是在歐洲的校園。

The 720XP is differentiated as a POE platform with multi-gig capability across campus workspaces for both chassis and 1RU form factors.

720XP 是一款與眾不同的 POE 平台，具有跨園區工作空間的多千兆位元功能，適用於機殼和 1RU 外形尺寸。

The 7050CX spine and spline brought lower power, low footprint and high-density as an alternative to the chassis.

7050CX 脊椎和花鍵作為機殼的替代品，具有更低的功耗、更小的佔地面積和更高的密度。

The campus customer also implemented unified wired and Wi-Fi cognitive capabilities, and this played a key role.

園區客戶也實現了統一的有線和Wi-Fi認知能力，這發揮了關鍵作用。

Migrating from manual operations, once again, CloudVision with streaming telemetry was a key factor.

從手動操作遷移到雲端，具有串流遙測功能的 CloudVision 再次成為關鍵因素。

In all these 3 examples, there were some common themes.

在所有這 3 個範例中，都有一些共同的主題。

The customer was very fatigued with legacy issues and embraced our U.S. software and our CloudVision as key differentiators and advantages.

客戶對遺留問題感到非常厭倦，並接受我們的美國軟體和 CloudVision 作為關鍵的差異化優勢和優勢。

They also have much confidence in Arista's support, quality and continued innovation.

他們對 Arista 的支持、品質和持續創新也充滿信心。

They embrace our strategy and built upon our differentiated state-driven and programmable software foundation to deliver our cognitive 5As of agility, availability, analytics automation and AI and API-driven architecture.

他們擁護我們的策略，並建立在我們差異化的狀態驅動和可編程軟體基礎之上，以提供我們的敏捷性、可用性、分析自動化以及人工智慧和 API 驅動架構的認知 5A。

Switching to our popular Cloud Titans, we are pleased to also state that we now see increased visibility across 10-gig -- sorry, 100-gig, 200-gig and 400-gig demand from our Cloud Titan customers.

轉向我們廣受歡迎的 Cloud Titan，我們也很高興地指出，我們現在看到 Cloud Titan 客戶對 10-gig（抱歉，100-gig、200-gig 和 400-gig）需求的可見度有所提高。

While this business can be volatile, we have enjoyed a preferred partnership status with many of them deploying us in diverse use cases and deployments, consistent with the overall CapEx reported recently.

雖然這項業務可能不穩定，但我們享有優先合作夥伴地位，其中許多人在不同的用例和部署中部署了我們，這與最近報告的整體資本支出一致。

I'd like to invite Anshul, our Chief Operating Officer, to elaborate more on this.

我想邀請我們的營運長 Anshul 詳細闡述這一點。

Anshul?

安舒爾？

Thank you, Jayshree.

謝謝你，傑什裡。

We are driving next-generation cloud networking architectures for compute, storage, AI, data center interconnect and WAN.

我們正在推動運算、儲存、人工智慧、資料中心互連和廣域網路的下一代雲端網路架構。

These designs continue to improve resiliency, scale and operational efficiencies for our customers.

這些設計不斷為我們的客戶提高彈性、規模和營運效率。

The much talked about 400-gig upgrade cycle, or as we have been saying the next-gen 100, 200 and 400-gig upgrade cycle, is expected to start second half of this year.

備受關注的 400G 升級週期，或正如我們一直所說的下一代 100、200 和 400G 升級週期，預計將於今年下半年開始。

Availability of ZR optics, MACsec encryption and software features to monitor these optical links is also well aligned in this time frame.

ZR 光學元件、MACsec 加密和監控這些光學鏈路的軟體功能的可用性也在這個時間範圍內得到了很好的配合。

While our customers have always wanted multi-vendor environments, we remain their preferred partner and continue to get our fair share.

雖然我們的客戶一直想要多供應商環境，但我們仍然是他們的首選合作夥伴，並繼續獲得我們的公平份額。

Demand for our products in the Cloud Titan segment is healthier than what we expected a quarter ago.

Cloud Titan 領域對我們產品的需求比我們一個季度前的預期要健康。

Back to you, Jayshree.

回到你身邊，傑什裡。

Thank you, Anshul.

謝謝你，安舒爾。

Well said.

說得好。

And so for all the reasons Anshul just mentioned, we are more constructive on the Cloud Titan demand in the second half of 2021, although shipments may trail due to our increased lead times.

因此，出於 Anshul 剛才提到的所有原因，我們對 2021 年下半年的 Cloud Titan 需求更具建設性，儘管由於我們的交貨時間增加，發貨量可能會有所下降。

So in summary, our client to cloud networking strategy unifies silo data sets consistently.

總而言之，我們的客戶端到雲端網路策略一致地統一了孤島資料集。

We are at the cusp of our network transformation, resulting in growth and diversification across both market sectors and product lines in the future.

我們正處於網路轉型的風口浪尖，未來市場領域和產品線將實現成長和多元化。

I will now pass it over to our CFO, Ita Brennan, for more financial specifics.

我現在將其轉交給我們的財務長伊塔·布倫南 (Ita Brennan)，以了解更多財務細節。

Ita?

伊塔？

Thanks, Jayshree, and good afternoon.

謝謝，Jayshree，下午好。

This analysis of our Q1 results and our guidance for Q2 2021 is based on non-GAAP and excludes all noncash stock-based compensation impacts, certain acquisition-related charges and other nonrecurring items.

我們對第一季業績和 2021 年第二季指引的分析是基於非公認會計準則，不包括所有非現金股票薪酬影響、某些收購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.

我們的收益報告中提供了我們選擇的 GAAP 與非 GAAP 績效的全面對帳。

Total revenues in Q1 were $667.6 million, up 27.6% year-over-year and well above the upper end of our guidance of $630 million to $650 million.

第一季總營收為 6.676 億美元，年增 27.6%，遠高於我們 6.3 億至 6.5 億美元指引上限。

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

由於我們繼續謹慎應對全行業供應鏈限制和與新冠病毒相關的中斷，在此期間，出貨量仍受到一定程度的限制。

Services and subscription software contributed approximately 21.4% of revenue in the first quarter.

服務和訂閱軟體貢獻了第一季營收的約21.4%。

International revenues for the quarter came in at $165.7 million or 25% of total revenue, down slightly from 26% in the fourth quarter.

該季度國際營收為 1.657 億美元，佔總營收的 25%，略低於第四季的 26%。

This shift in geographical mix was largely due to the location of deployments by our larger Cloud Titan and specialty cloud customers.

這種地理組合的變化很大程度上是由於我們較大的 Cloud Titan 和專業雲端客戶的部署位置。

Overall gross margin in Q1 was 64.7%, above the midpoint of our guidance of approximately 63% to 65%, reflecting a balanced customer mix for the quarter.

第一季的整體毛利率為 64.7%，高於我們指引值約 63% 至 65% 的中位數，反映出本季客戶結構的平衡。

Operating expenses for the quarter were $180.9 million or 27.1% of revenue, up from last quarter at $178.1 million.

本季營運費用為 1.809 億美元，佔營收的 27.1%，高於上季的 1.781 億美元。

R&D spending came in at $110 million or 16.5% of revenue, consistent with last quarter at $110.2 million.

研發支出為 1.1 億美元，佔營收的 16.5%，與上季的 1.102 億美元一致。

This reflected increased employee-related costs, offset by lower new product introduction spending in the period.

這反映了員工相關成本的增加，但被同期新產品推出支出的減少所抵銷。

Sales and marketing expense was $59.5 million or 8.9% of revenue, up from $54.9 million last quarter, with increased variable compensation and other headcount-related charges.

銷售和行銷費用為 5,950 萬美元，佔收入的 8.9%，高於上季度的 5,490 萬美元，可變薪酬和其他與員工人數相關的費用有所增加。

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

提醒一下，我們繼續受益於與新冠病毒相關的差旅和行銷費用的降低。

Our G&A costs came in at $11.4 million or 1.7% of revenue, down from last quarter at approximately $13 million, reflecting normal fourth quarter compliance-related activities.

我們的一般管理費用為 1,140 萬美元，佔收入的 1.7%，低於上季度的約 1,300 萬美元，反映了第四季度正常的合規相關活動。

Our operating income for the quarter was $251.3 million or 37.6% of revenue.

我們本季的營業收入為 2.513 億美元，佔營收的 37.6%。

Other income and expense for the quarter was a favorable $1.6 million.

該季度的其他收入和支出為 160 萬美元。

And our effective tax rate was approximately 21.4%.

我們的有效稅率約為 21.4%。

Other income and expense included $2 million of interest income, offset by some unfavorable FX amounts.

其他收入和支出包括 200 萬美元的利息收入，被一些不利的外匯金額所抵銷。

This resulted in net income for the quarter of $198.8 million or 29.8% of revenue.

這使得該季度的淨利潤達到 1.988 億美元，佔營收的 29.8%。

Our diluted share number was 79.6 million shares, resulting in a diluted earnings per share number for the quarter of $2.50, up approximately 23.8% from the prior year.

我們的稀釋後股票數量為 7,960 萬股，導致本季稀釋後每股收益為 2.50 美元，比前一年增長約 23.8%。

Now turning to the balance sheet.

現在轉向資產負債表。

Cash, cash equivalents and investments ended the year at approximately $3 billion.

年底現金、現金等價物和投資約 30 億美元。

We repurchased $101 million of our common stock during the first quarter at an average price of $276 per share.

我們在第一季以每股 276 美元的平均價格回購了價值 1.01 億美元的普通股。

As a reminder, we've 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.

提醒一下，我們現在已經回購了 7.63 億美元，即 360 萬股股票，而董事會授權從 19 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.

我們將繼續伺機執行剩餘的任務。

Turning to operational cash performance for the first quarter.

轉向第一季的營運現金表現。

We generated $254.7 million of cash from operations in the period, reflecting solid net income performance and continued investments in inventory and supply chain.

在此期間，我們從營運中產生了 2.547 億美元的現金，反映出穩健的淨利潤表現以及對庫存和供應鏈的持續投資。

DSOs came in at 51 days, down from 55 days in Q4, reflecting the linearity of billings in the period.

DSO 的使用時間為 51 天，低於第四季度的 55 天，反映了該期間帳單的線性。

Inventory turns were 1.8x, consistent with last quarter.

庫存週轉率為 1.8 倍，與上季一致。

Inventory increased to $483.2 million in the quarter, up from $480 million in the prior period as we continue to buffer certain components and products.

由於我們繼續緩衝某些組件和產品，本季庫存增加至 4.832 億美元，高於上一季的 4.8 億美元。

Our total deferred revenue balance was $720 million, up from $651 million in Q4, approximately $40 million of this increase related to product deferred revenue with acceptance causes for new products across various customers and sectors.

我們的遞延收入餘額總額為 7.2 億美元，高於第四季的 6.51 億美元，其中約 4,000 萬美元的成長與產品遞延收入有關，以及各個客戶和產業對新產品的接受原因。

The remainder of the increase in deferred revenue related to service renewal activity and is directly linked to the timing and term of service renewals, which can vary on a quarter-by-quarter basis.

遞延收入成長的其餘部分與服務續約活動相關，並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因季度而異。

Looking forward, 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.

展望未來，我們預計 2021 年將是推出重要新產品的一年，同時新客戶獲取率良好，現有客戶的用例也將擴大。

These trends, in conjunction with reduced levels upfront in-person testing, may result in increased customer-specific acceptance clauses and increased volatility and our product deferred revenue amounts.

這些趨勢，加上預先親自測試水準的降低，可能會導致特定於客戶的接受條款的增加以及波動性和我們產品遞延收入金額的增加。

Accounts payable days were 52 days, down from 54 days in Q4, reflecting the timing of inventory receipts and payments.

應付帳款天數為 52 天，低於第四季的 54 天，反映了庫存收付的時間。

Capital expenditures for the quarter were $5.1 million.

該季度的資本支出為 510 萬美元。

Now turning to our outlook for the second quarter and beyond.

現在轉向我們對第二季及以後的展望。

We saw healthy demand across all of our market segments in the first quarter.

第一季我們所有細分市場都看到了健康的需求。

These demand trends, combined with favorable year-over-year comparatives, continue to support an improving top line growth rate for the year.

這些需求趨勢，加上良好的年比比較，繼續支持今年的收入成長率提高。

That said, we still expect some deceleration in quarterly year-over-year growth rates as we move through the year, given the top line recovery experienced in the second half of 2020.

儘管如此，鑑於 2020 年下半年的營收復甦，我們仍預期季度年增率將在今年有所放緩。

On the gross margin front, we will continue to reiterate our overall gross margin outlook of 63% to 65%, with customer mix remaining the key driver.

在毛利率方面，我們將繼續重申 63% 至 65% 的整體毛利率前景，客戶組合仍然是關鍵驅動因素。

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.

我們仍然致力於增加研發投資，以支持整個業務以及銷售和行銷的創新，以支持我們的市場擴張。

Finally, our outlook discussed above and our guidance for Q2 reflects our current understanding of COVID-19 and its impact on our business and supply chain.

最後，我們上面討論的前景和第二季度的指導反映了我們目前對 COVID-19 及其對我們業務和供應鏈的影響的理解。

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

然而，這是一種本質上不確定的情況，隨著情況的發展，我們需要繼續監測並嘗試減輕任何挑戰。

With all of this as a backdrop, our guidance for the second 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 $675 million to $695 million, gross margin of 63% to 65% and operating margin of approximately 37%.

以此為背景，我們對第二季度的指導（基於非公認會計準則業績，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 6.75 億至 6.95 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 21.9%, with diluted shares of approximately 79.7 million.

我們的有效稅率預計約為21.9%，稀釋後股份約為7,970萬股。

I'll now turn the call over to Curtis.

我現在將把電話轉給柯蒂斯。

Curtis?

柯蒂斯？

Thank you, Ita.

謝謝你，伊塔。

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

我們現在將進入 Arista 財報電話會議的問答部分。

(Operator Instructions) Thank you for your understanding.

（操作說明）感謝您的體諒。

And operator, please take it away.

運營商，請把它拿走。

(Operator Instructions) Your first question comes from Sami Badri with Crédit Suisse.

（操作員說明）您的第一個問題來自瑞士信貸銀行的 Sami Badri。

Congratulations on such a solid quarter and guidepost.

恭喜您擁有如此堅實的季度和路標。

So I wanted to just go back to something Anshul said regarding expectations for hyperscale and call times better today than it was just 3 months ago.

因此，我想回到 Anshul 所說的關於超大規模和呼叫時間的預期，今天比 3 個月前更好。

Anshul and maybe Jayshree, could you guys just walk us through kind of what you saw from your customers as far as planning and build-out plans to what helped you reach that conclusion?

Anshul，也許還有 Jayshree，您能否向我們介紹一下您從客戶那裡看到的規劃和構建計劃，以幫助您得出這一結論？

And was it broad-based across all major customers or maybe 2 or 3 big stand out or how much they want to bring off-line?

它是在所有主要客戶中廣泛存在的，還是有 2 或 3 個大客戶脫穎而出，或者他們想要離線多少？

Sure, Sami.

當然，薩米。

For quite some time, there's been this talk about the 400-gig upgrade cycle, and we've been saying for almost 2 years that it will take some time.

相當長一段時間以來，人們一直在談論 400G 升級週期，近兩年來我們一直在說這需要一些時間。

And while we always knew it would be coming, now we can see customers doing their pilot runs and so on and getting ready for second half.

雖然我們一直都知道它會到來，但現在我們可以看到客戶正在進行試點運行等，並為下半年做好準備。

So that's really what gives us the confidence.

這確實給了我們信心。

It's not much more than that.

僅此而已。

As Jayshree mentioned, there's plenty of issues on the supply chain side and so on that all customers have to work through as well.

正如 Jayshree 所提到的，供應鏈方面存在著許多問題，所有客戶也都必須解決這些問題。

So it's really more in the planning stages right now, but we certainly are feeling better than before.

所以現在確實更多地處於規劃階段，但我們的感覺肯定比以前更好。

And I just want to add, Sami, that Anshul and his team make sure that our status with the Cloud Titans is not just a regular vendor.

薩米，我只想補充一點，安舒爾和他的團隊確保我們在雲端泰坦中的地位不僅僅是普通供應商。

So the emphasis on a preferred partnership and the intimacy on their deployments, their needs, the priority, the products, the use cases, the different permutations and combinations, has allowed us to go from strength to strength, if you will.

因此，對首選合作夥伴關係的強調以及對他們的部署、需求、優先順序、產品、用例、不同排列和組合的密切關注，使我們能夠不斷壯大，如果你願意的話。

Your next question comes from Jason Ader with William Blair.

您的下一個問題來自傑森·阿德爾和威廉·布萊爾。

First of all, I want to tell you, Jayshree, the supply chain team deserves a raise.

首先，我想告訴你，Jayshree，供應鏈團隊值得加薪。

I'll take that under advice and then I get the lead times down.

我會聽取建議，然後縮短交貨時間。

Thank you.

謝謝。

But my question, I guess, is on the enterprise side of the business.

但我想我的問題是在企業方面。

And as you've ramped up your enterprise efforts over the last few years, what are some learnings that you've come away with?

隨著您在過去幾年中加大企業努力，您學到了什麼？

And where do you feel like you can do better, maybe in a particular vertical customer segment or geography?

您覺得您可以在哪些方面做得更好，也許是在特定的垂直客戶群或地區？

I think the learnings are 2 or 3 items.

我認為學習的內容有 2 或 3 項。

The first thing I would say is it just takes longer.

我要說的第一件事是，這需要更長的時間。

It's not instant gratification like we've often had with our cloud providers or even early enterprise decision-makers.

這並不像我們經常與雲端供應商甚至早期企業決策者那樣獲得即時滿足。

So investments, we made 2 years ago, are the fruit to the labor is what we're seeing now.

因此，我們兩年前進行的投資是我們現在所看到的勞動成果。

So that's one point.

這是一點。

The second thing is our product line is more diverse.

第二件事是我們的產品線更加多樣化。

Before we were only selling data center.

之前我們只銷售資料中心。

And the expansion from client to cloud, including our software products, our Big Switch DMF, our Awake Security, our routing, our campus most importantly, CloudVision, which is the epicenter of all their manual to automation migration, I think, has been a huge advantage because we've really modernized the network.

從客戶端到雲端的擴展，包括我們的軟體產品、我們的Big Switch DMF、我們的Awake Security、我們的路由、我們的園區（最重要的是CloudVision），我認為它是他們所有手動到自動化遷移的中心，一直是巨大的優勢，因為我們真正實現了網路現代化。

Until then, they were measured -- really, the migration was impossible because it was all in silos, different operating systems.

直到那時，它們才被測量——實際上，遷移是不可能的，因為它全部位於孤島、不同的作業系統中。

So another big learning is the product line diversity, combined with the relationship we have formed over the last couple of years, I think, has been key.

因此，另一個重要的學習是產品線的多樣性，再加上我們在過去幾年中形成的關係，我認為這是關鍵。

And in an odd sort of way, my third point would be COVID itself.

以一種奇怪的方式，我的第三點是新冠病毒本身。

COVID has been an equalizer for Arista with dominant enterprise competitors.

COVID 一直是 Arista 與主要企業競爭對手的平衡器。

So it has given our customers a chance to plan and think about alternatives.

因此，它為我們的客戶提供了計劃和思考替代方案的機會。

And I think we've had some advantage and disadvantage with that.

我認為我們在這方面有一些優勢和劣勢。

The advantages they're more willing to work with at Arista.

他們更願意在 Arista 工作的優勢。

The disadvantages, they can't physically come and see us and do physical talks, so we've had to move more virtually.

缺點是，他們無法親自來見我們並進行面對面的交談，所以我們不得不更加虛擬地移動。

Your next question comes from Paul Silverstein with Cowen and Company.

您的下一個問題來自 Cowen and Company 的 Paul Silverstein。

Jayshree, I want to congratulate you personally on your new grandchild.

Jayshree，我想親自祝賀您迎接了新孫子。

Thank you.

謝謝。

Thank you so much.

太感謝了。

He's about to hit...

他正要打...

Wishing you all much happens.

祝你們一切順利。

Thank you.

謝謝。

With respect to the business, can you give some more insight on the different customer markets?

在業務方面，您能否對不同的客戶市場有更多的了解？

And going back to your cloud comments, was that still most -- I assume Microsoft and Facebook are still dominant.

回到你對雲端的評論，我認為微軟和 Facebook 仍然佔據主導地位。

But any insight you can share in terms of how much of the strength you're looking at?

但是您可以分享一下您所關注的力量有多大嗎？

Or how much of an improvement is specific to those 2?

或者這兩方面具體有多少改進？

And how much of that improvement within Cloud Titans is also some of the other folks?

《雲泰坦》中的改進有多少也是其他人帶來的？

And also with respect to your other customer segments, what are you seeing?

對於您的其他客戶群，您看到了什麼？

Right.

正確的。

Okay.

好的。

Anshul help me out here.

安舒爾幫我一下。

Well, first of all, our Cloud Titan customer base is a very small sample size of 5 to 7 customers, right?

嗯，首先，我們的 Cloud Titan 客戶群樣本量非常小，只有 5 到 7 個客戶，對吧？

So the 2 you mentioned, Microsoft and Facebook, continue to be very relevant, very important.

所以你提到的兩個，微軟和 Facebook，還是非常相關、非常重要。

If we don't do well with them, the others can't quite make up the difference.

如果我們對他們做得不好，其他人就無法彌補這一差距。

So you need to know that the intimacy with them, the strategic nature of our joint partnership is very important, and they definitely contributed in Q1.

所以你需要知道，與他們的親密關係，我們聯合夥伴關係的戰略性質非常重要，他們在第一季肯定做出了貢獻。

Having said that, Anshul and the team have been working with other Cloud Titans, they are getting healthier.

話雖如此，安舒爾和團隊一直在與其他雲泰坦合作，他們的健康狀況正在變得越來越好。

And in Q1 and throughout 2021, we will feel their contributions and design wins, specifically 1 or 2 of them.

在第一季和整個 2021 年，我們將感受到他們的貢獻和設計勝利，特別是其中的一兩個。

Anshul, you want to say anything more?

安舒爾，你還想說什麼嗎？

Absolutely, Jayshree.

絕對是，傑什裡。

As we mentioned in this call as well as previous ones, we're winning at multiple layers of the network, inside the data center as well as outside the data center, especially WAN and related areas for these customers as well.

正如我們在本次電話會議以及先前的電話會議中所提到的，我們在網路的多個層面、資料中心內部和資料中心外部獲勝，尤其是這些客戶的 WAN 和相關領域。

So that's giving us an opportunity to expand and grow beyond where we were.

因此，這為我們提供了擴展和成長的機會。

But having said that, in short, specific numbers, I think everyone should note that there are always uncertainties when multiple factors are related with upgrade cycles, including some we don't control at all, like the availability of optics.

但話雖如此，簡而言之，具體數字，我認為每個人都應該注意到，當多個因素與升級週期相關時，總是存在不確定性，包括一些我們根本無法控制的因素，例如光學器件的可用性。

And all of you remember what happened in the 100-gig cycle.

你們所有人都還記得 100 場演出週期中發生的事情。

So the comments are really that we are feeling better that all of the elements are adding up nicely to start the upgrade cycle in the second half.

因此，評論確實表明我們感覺好多了，所有元素都很好地加在一起，可以在下半年開始升級週期。

Your next question comes from Jim Suva with Citi.

您的下一個問題來自花旗銀行的吉姆·蘇瓦。

Also a big congratulations to you and everyone there at Arista.

也衷心祝賀您和 Arista 的每個人。

Thank you.

謝謝。

You beat materially.

你在物質上擊敗了。

I mean, very, very materially on your sales.

我的意思是，對你的銷售非常非常重要。

And a lot of other companies are citing component shortages.

許多其他公司都以零件短缺為由。

So you got the components, which is great.

這樣你就得到了組件，這太棒了。

From an end market perspective or your verticals, what were the biggest -- was it cloud service provider enterprise that really drove even above your expectations, the stronger sales as well as the outlook?

從終端市場或您的垂直行業的角度來看，最大的是什麼——是真正超越您預期的雲端服務供應商企業、更強勁的銷售和前景嗎？

Jim, thank you.

吉姆，謝謝你。

And I really want to give kudos to Anshul, Chris Schmidt, Ashwin and the entire sales team for beating materially.

我真的很想對 Anshul、Chris Schmidt、Ashwin 和整個銷售團隊的物質打擊表示讚揚。

We can only beat materially if we drive sales materially.

只有實質地推動銷售，我們才能取得實質的勝利。

And then, of course, we have to ship.

然後，當然，我們必須發貨。

One of the things you might have heard from Ita's statements is all our 5 verticals performed very, very well in Q1.

您可能從 Ita 的聲明中聽到的一件事是，我們所有 5 個垂直領域在第一季的表現都非常非常好。

So they were all up.

所以他們都起來了。

If I had to highlight which ones were up more, I would go by the ratings.

如果我必須強調哪些上升更多，我會根據收視率來選擇。

I would say both Cloud Titans and Enterprise definitely made the contribution and made their mark.

我想說，Cloud Titans 和 Enterprise 無疑都做出了貢獻並留下了自己的印記。

And especially combined with the new logo acquisitions and increase in million-dollar customers, I think those 2 stood out, but all 5 were very good.

特別是結合新商標的收購和百萬美元客戶的增加，我認為這 2 家脫穎而出，但所有 5 家都非常好。

Your next question comes from Fahad Najam with MKM Partners.

您的下一個問題來自 MKM Partners 的 Fahad Najam。

In terms of any impact on the quarter from component shortages?

零件短缺對本季有何影響？

Or were you able to ship 200% of your demand?

或者您能夠滿足 200% 的需求嗎？

That's a question mark and I have a follow-up.

這是一個問號，我有一個後續行動。

Yes.

是的。

I think, there's no doubt that we're facing extended lead times, right?

我認為，毫無疑問我們面臨著更長的交貨時間，對吧？

So clearly, customers would like to have stuff sooner, and we would like to give it to them sooner, but we are facing extended lead times.

很明顯，客戶希望早點收到東西，我們也想早點給他們，但我們面臨著交貨時間延長的問題。

So I think it's hard to quantify that, which I know everybody would like us to do.

所以我認為很難量化這一點，我知道每個人都希望我們這樣做。

But I mean, we are definitely operating under a constrained kind of supply environment with longer lead times.

但我的意思是，我們肯定是在供應受限、交貨時間較長的環境下運作的。

All right.

好的。

So my question on your improved visibility in Cloud Titans.

我的問題是關於你們在《雲泰坦》中提高可見度的問題。

If I'm not mistaking, your largest Cloud Titan customer, Microsoft is talking about building 50 to 100 data centers each year for the foreseeable future.

如果我沒記錯的話，您最大的 Cloud Titan 客戶 Microsoft 正在談論在可預見的未來每年建立 50 到 100 個資料中心。

They're entering into 10 new countries this year alone.

光是今年，他們就進入了 10 個新國家。

So why is this kind of like slight positive tone?

那麼為什麼會是這種略帶正面的語氣呢？

Why not a significant outlook from your Cloud Titan customer segment overall, given the substantial infrastructure build-out that they are talking about?

考慮到您的 Cloud Titan 客戶群正在談論大量的基礎設施建設，為什麼他們不對整體前景進行重大展望？

I would be expecting you guys to be seeing those orders or those trends, slightly given the long lead times being shared with you.

我希望你們能夠看到這些訂單或趨勢，並稍微考慮一下與你們分享的較長的交貨時間。

So is there improved visibility?

那麼能見度有提升嗎？

Can you quantify it?

你能量化一下嗎？

How much of an improvement ability you're seeing?

您看到的能力提高了多少？

Yes.

是的。

So, Fahad, I'll take the question.

那麼，法赫德，我來回答這個問題。

Normally, we get 1 to 2 quarter visibility.

通常，我們可以獲得 1 到 2 個季度的可見度。

This time, you're absolutely right, we now have visibility throughout 2021, and perhaps some of that will even extend into 2022, right, Anshul?

這次，您完全正確，我們現在可以預見整個 2021 年，也許其中一些甚至會延續到 2022 年，對吧，Anshul？

So -- and it's exactly for the reason you say that we now have a longer-term visibility that they have shared with us on their future plans.

所以——這正是你所說的原因，我們現在有了他們與我們分享的關於他們未來計劃的長期可見性。

Now having said that, as you know, we're not going to take that to the bank.

話雖如此，如您所知，我們不會將其帶到銀行。

There's still an awful lot of execution on their part and our part to turn that visibility into actual results.

他們和我們仍然需要大量執行才能將這種可見性轉化為實際結果。

They've got to build the data centers.

他們必須建造資料中心。

They've got to acquire the compute, the storage, the power, the cooling, you name it, and we got to also execute.

他們必須獲得運算、儲存、電力、冷卻，凡是你能想到的，我們也必須執行。

So while you're definitely detecting an optimistic tone and a more upbeat view, you never know, things may change.

因此，雖然你肯定會發現一種樂觀的基調和更樂觀的觀點，但你永遠不知道，事情可能會改變。

But definitely, we feel like we have a better eye into more than the typical 1 to 2 quarters.

但毫無疑問，我們覺得我們比典型的 1 到 2 個季度有更好的眼光。

Your next question comes from David Vogt with UBS.

您的下一個問題來自瑞銀集團的大衛‧沃格特。

And I just had a question about the supply chain and inventory.

我只是有一個關於供應鏈和庫存的問題。

And maybe we can dig in a little bit deeper.

也許我們可以更深入地挖掘。

So obviously, if you look at your inventory position, it's basically flat sequentially.

顯然，如果你看看你的庫存狀況，你會發現它基本上是連續持平的。

How can we interpret that in terms of your commentary that you're spending capital to improve manufacturing, increase inventory when we should be expecting a fairly meaningful rent in the second half of the year from some of the Cloud Titans?

根據您的評論，我們如何解釋您正在花費資金來改善製造、增加庫存，而我們應該期待一些雲泰坦在下半年獲得相當有意義的租金？

And does your inventory position sort of -- without getting into the guidance, give us a sense of where you think 3Q might be at this point?

在不涉及指導的情況下，您的庫存狀況是否能讓我們了解您認為第三季目前可能處於什麼位置？

Yes.

是的。

So I think if you look at the inventory balance, kind of, let's say, start at the beginning of the year and look at it kind of the beginning of last year, all the way through Q1 of this year, I mean, it has been growing each quarter.

所以我認為，如果你看看庫存餘額，比如說，從今年年初開始，從去年年初開始，一直到今年第一季度，我的意思是，它已經每個季度都在增長。

And if you look at the mix of that, as you'd expect, the growth has been more in the components and the raw materials side.

如果你看看這些因素的組合，正如你所期望的那樣，成長更多地集中在零件和原材料方面。

And then we've been using the finished goods pretty much as fast as we can, right?

然後我們就盡可能快地使用成品，對嗎？

The other place that you'll see when we file the Q, you'll see purchase commitments are up to, like, $750 million at the end of Q1 which is as high as it's been significantly higher than what it's been historically.

當我們提交 Q 時，您會看到的另一個地方是，您會看到第一季末的購買承諾高達 7.5 億美元，這一數字明顯高於歷史水平。

And that's us putting funding commitments on the table with various suppliers across the supply chain to make sure that supply comes in.

這就是我們向供應鏈上的各個供應商提出資金承諾，以確保供應。

So we are kind of pushing on all fronts and being aggressive.

因此，我們在各個方面都在推動並積極進取。

These are new products.

這些是新產品。

So they have a lower risk profile, we're never saying no risk, but they have a lower risk profile.

所以他們的風險狀況較低，我們從來沒有說過沒有風險，但他們的風險狀況較低。

So we are being aggressive in terms of funding inventory and supply chain.

因此，我們在為庫存和供應鏈提供資金方面非常積極。

And I don't have the Q in front of me.

而且我面前沒有Q。

Can you tell us what the purchase commitment growth rate would be sort of on a year-over-year basis before the Q was filed?

您能否告訴我們在提交問題之前購買承諾的同比增長率是多少？

What was it last year at this point?

去年這個時候是什麼狀況？

Do you have that data handy?

您手邊有這些數據嗎？

Significantly lower.

明顯降低。

Yes.

是的。

So I think if you take a look at -- I mean, we're going to file it later today, so you'll see it.

所以我想如果你看一下——我的意思是，我們將在今天晚些時候將其歸檔，這樣你就會看到它。

But we're -- it's significantly higher.

但我們——它明顯更高。

We haven't been in that realm historically.

歷史上我們還沒有進入過這個領域。

Your next question comes from Simon Leopold with Raymond James.

您的下一個問題來自西蒙·利奧波德和雷蒙德·詹姆斯。

Great.

偉大的。

Last quarter, you were kind enough to indicate that you were comfortable with the consensus view that 2021 could grow 15%.

上個季度，您友善地表示，您對 2021 年經濟成長 15% 的共識感到滿意。

That seems like a pretty low bar.

這似乎是一個相當低的門檻。

And I'm not ignoring the comment you offered about deceleration in the back half of the year.

我不會忽視你對下半年經濟減速的評論。

But I would like to get an update because you certainly sound more upbeat.

但我想得到最新消息，因為你聽起來確實更樂觀了。

We've had 2 quarters in terms of March and the June guide of high 20% growth.

3 月和 6 月的指導值已經有 2 個季度實現了 20% 的高成長。

What are you thinking for the full year at this point?

此時此刻，您對全年有何想法？

So Simon, I'll let Ita answer the question, but we're definitely thinking it will be higher than 15%.

Simon，我會讓 Ita 回答這個問題，但我們肯定認為它會高於 15%。

Right, right.

是的是的。

I mean, I think, Simon, without trying to guide the year every quarter, which is not kind of our normal practice, I mean, obviously, we've given you some upside in Q1.

我的意思是，我認為，西蒙，沒有試圖每個季度指導全年，這不是我們的正常做法，我的意思是，顯然，我們在第一季度給了你一些好處。

There's upside in the guide.

該指南有其優點。

I think we can -- we continue to see some growth there.

我認為我們可以——我們繼續看到那裡的一些增長。

But don't forget the comparatives from -- if you look on a year-over-year basis.

但如果你逐年比較的話，不要忘記比較。

So I think you need to think about it more quarterly and sequentially in the quarters than trying to do it kind of year-over-year from here on out because there was a significant step-up in revenue between Q2 '20 and Q3 '20.

因此，我認為您需要在每個季度按季度和按順序考慮這個問題，而不是從現在開始嘗試逐年這樣做，因為 20 年第二季度和 20 年第三季度之間收入顯著增加。

So just keep that in mind.

所以請記住這一點。

But I think, obviously, we're -- we've shown you some improvements.

但我認為，顯然，我們已經向您展示了一些改進。

I think we're feeling better, but it's still an incremental quarterly growth rate is, I think, it's the right way to think about.

我認為我們感覺好多了，但我認為，季度成長率仍然是增量，這是正確的思考方式。

Great.

偉大的。

Just to clarify, other than the supply chain, are there other obstacles we should be considering when we think about seasonal patterns, sequential patterns?

只是想澄清一下，除了供應鏈之外，當我們考慮季節性模式、順序模式時，我們還應該考慮其他障礙嗎？

No.

不。

I mean, I think supply chain is probably the biggest constraint, right?

我的意思是，我認為供應鏈可能是最大的限制，對吧？

Yes.

是的。

I think we've indicated that demand was healthy.

我認為我們已經表明需求是健康的。

So if we could fulfill more of it, we'd be feeling a lot better.

因此，如果我們能夠實現更多目標，我們就會感覺好很多。

Your next question comes from Rod Hall with Goldman Sachs.

你的下一個問題來自高盛的羅德·霍爾。

I wanted to come back to the Cloud Titans and just kind of the trajectory there in the quarter.

我想回到雲泰坦隊，看看本季的發展軌跡。

We had detected significantly improved kind of orders that tend to project what your revenues are going to look like in March.

我們發現訂單類型顯著改善，這些訂單往往可以預測您 3 月的收入狀況。

So January and February were sort of okay, but then March perked up quite a bit.

所以一月和二月還不錯，但三月活躍了許多。

So I'm curious what your linearity was in terms of orders for Cloud Titans?

所以我很好奇你的《雲泰坦》訂單的線性是多少？

And is that one of the things that gives you so much more confidence as you look into the back end of the year?

當你展望今年年底時，這是否是讓你更有信心的事情之一？

Rob, so normally, we would have experienced seasonality of Q1, right?

Rob，通常情況下，我們會經歷第一季的季節性，對嗎？

But this Q1, we didn't have the seasonality, nor did we have this linearity issue.

但在第一季度，我們沒有季節性，也沒有線性問題。

So we were pretty consistent in Cloud Titans, so for that matter, our entire customer base, all verticals were linear January, February and March.

因此，我們在 Cloud Titans 中的表現非常一致，因此，我們的整個客戶群、所有垂直領域在一月、二月和三月都是線性的。

So we felt pretty good, right?

所以我們感覺很好，對吧？

Maybe this is a post-COVID situation.

也許這就是後疫情時代的情況。

But because there were no weather storms or impact of Chinese New Year or any of the normal things we have, we didn't have the normal seasonal issues in January and February.

但由於沒有風暴天氣或農曆新年的影響或任何正常的事情，我們在一月和二月沒有遇到正常的季節性問題。

And then Rod...

然後羅德...

And is that go for all the -- does that go for all the verticals?

這是否適用於所有垂直領域？

Yes.

是的。

Okay.

好的。

Yes, please, Anshul, sorry.

是的，安舒爾，對不起。

Well, Rod, as you know, the Cloud Titans are lumpy by nature.

好吧，羅德，正如你所知，雲泰坦本質上是凹凸不平的。

So trying to measure them on a month-by-month basis just won't work.

因此，試圖逐月衡量它們是行不通的。

It really comes down to timing of when they want to deploy and so on.

這實際上取決於他們想要部署的時間等等。

At this point, as Jayshree mentioned, it's much more tied to supply of products and the way we ship them.

在這一點上，正如 Jayshree 所提到的，它與產品的供應和我們的運輸方式更加相關。

So I don't know what you were measuring, but that's really not how we saw it.

所以我不知道你在測量什麼，但這確實不是我們的看法。

Your next question comes from Samik Chatterjee with JPMorgan.

您的下一個問題來自摩根大通的 Samik Chatterjee。

Jayshree, I just wanted to go back to the breadth of the portfolio that you talked about, particularly with Enterprise customers.

Jayshree，我只是想回顧一下您談論的產品組合的廣度，特別是針對企業客戶。

I know you've expanded the portfolio and generally, you, like, added campus, et cetera.

我知道你已經擴大了投資組合，一般來說，你增加了校園等等。

You've launched CloudVision into that market.

您已將 CloudVision 推向該市場。

I think the broader impression still remains that some of the other companies are, like, position themselves for the next-generation enterprise network like SD-WAN.

我認為更廣泛的印象仍然是其他一些公司正在為 SD-WAN 等下一代企業網路定位。

There are some private companies talking about multi-cloud networking.

有一些私人公司正在談論多雲網路。

So just wanted to get your thoughts on where you are in terms of thinking about Arista's breadth today in terms of the portfolio and potential expansion there?

所以只是想了解一下您對 Arista 目前在產品組合和潛在擴張方面的廣度的看法？

How much of that is organic?

其中有多少是有機的？

Or how much do you see you need to kind of continue to expand through M&A?

或者您認為需要多少程度才能透過併購繼續擴張？

Right.

正確的。

That's a good question, Samik.

這是個好問題，薩米克。

Obviously, from Arista's perspective, we've gone from best-of-breed data center to a more complete enterprise portfolio, but that doesn't mean we play in every market segment or every space.

顯然，從 Arista 的角度來看，我們已經從同類最佳的資料中心轉向更完整的企業產品組合，但這並不意味著我們涉足每個細分市場或每個領域。

Our focus has largely been on SD-LAN, more than SD-WAN for campus and data center to our, I would say, more of the medium to high end enterprise, right?

我們的重點主要集中在 SD-LAN 上，而不是針對園區和資料中心的 SD-WAN，我想說的是，更多的是中高階企業，對嗎？

So where we're not building products today is more for the SMB.

因此，我們今天不建造更多面向中小型企業的產品。

I would say that's, first of all, an area we haven't focused on.

我想說，首先，這是我們沒有關注的領域。

So if you think of our focus, we have DCI.

所以如果你想到我們的重點，我們有 DCI。

We have multi-cloud.

我們有多雲。

And I would even say we have WAN routing, which could be a form of regional SD-WAN, and we'll continue to build on that.

我甚至會說我們有 WAN 路由，這可能是區域 SD-WAN 的一種形式，我們將繼續在此基礎上發展。

But in terms of SD-WAN, for the branch and SAFI and SMB market, we'll continue to partner with best-of-breed, whether it's VMware or Palo Alto and you name it.

但就 SD-WAN 而言，對於分公司以及 SAFI 和 SMB 市場，我們將繼續與最佳合作夥伴合作，無論是 VMware 還是 Palo Alto 等等。

So we feel good that we have a very good rich portfolio for the high end of the enterprise.

因此，我們為高端企業擁有非常豐富的產品組合感到高興。

And we'll complement that with the SMB portfolios of other companies.

我們將透過其他公司的中小企業產品組合來補充這一點。

Your next question comes from Amit Daryanani with Evercore.

您的下一個問題來自 Evercore 的 Amit Daryanani。

Congratulations on a really good quarter.

恭喜您度過了一個非常好的季度。

I guess the question really is, when I look at your recent performance, it looks like you're sustaining really good top line growth.

我想真正的問題是，當我看看你們最近的表現時，看起來你們正在維持非常好的營收成長。

But you do with better diversity versus just being Cloud Titan or switching driven as it was in the past.

但與過去那樣，您可以實現更好的多樣性，而不僅僅是雲泰坦或切換驅動。

So I guess my question is really on 2 dynamics: a, inherently, is selling software and security and routing a more complicated operation than selling switching?

所以我想我的問題實際上是關於兩個動態：a，本質上，銷售軟體和安全性以及路由是比銷售交換更複雜的操作嗎？

And do you need to alter anything internally on go-to-market or something to keep sustaining this product diversity?

您是否需要在上市時進行內部更改或進行某些更改以保持產品多樣性？

And then secondly, as you start selling more to enterprises and service providers, what do you think is the biggest challenge you have to overcome to get success in that space?

其次，當您開始向企業和服務提供者銷售更多產品時，您認為在該領域取得成功必須克服的最大挑戰是什麼？

All right.

好的。

You got your 2 questions in.

你提出了 2 個問題。

Thank you, Amit.

謝謝你，阿米特。

So yes, I would say, once you -- switching was hard too when we first got started because we were a new vendor.

所以，是的，我想說，當我們剛開始時，切換也很困難，因為我們是新供應商。

But now that we have entered switching with good market share, our approach to selling software and routing is to enhance our switching platforms.

但現在我們已經進入交換市場並擁有良好的市場份額，我們銷售軟體和路由的方法是增強我們的交換平台。

So it's not inherently harder, but it does take a different systems engineering and technical expertise.

因此，它本質上並不困難，但它確實需要不同的系統工程和技術專業知識。

So what we find ourselves doing and Ashwin and Anshul's organization is augmenting our switching expertise with more software and routing.

因此，我們發現自己以及 Ashwin 和 Anshul 的組織所做的就是透過更多軟體和路由來增強我們的交換專業知識。

And we have specialists for the Big Switch DANZ Monitoring Fabric.

我們擁有 Big Switch DANZ 監控結構的專家。

We've specialists for the Awake, network detection and response.

我們擁有喚醒、網路偵測和回應的專家。

We've specialists for routing.

我們有路由專家。

So naturally, we need to build upon that switching foundation and add these layers of cake or icing, if you will.

因此，很自然地，我們需要在該切換基礎上進行構建，並添加這些蛋糕層或糖霜層（如果您願意的話）。

In terms of enterprise and service provider challenges, no doubt there's many.

就企業和服務提供者而言，毫無疑問地存在著許多挑戰。

We're the new kid in the block.

我們是這個街區的新來的孩子。

And we are still best-of-breed there, and we're dealing with the incumbency of vendors who've been there easily 10 to 20 to 30 years longer.

我們仍然是那裡最好的供應商，而且我們正在處理那些已經在那裡工作了 10 到 20 到 30 年的供應商。

So I would say our biggest challenge is breaking old habits.

所以我想說我們最大的挑戰是打破舊習慣。

And I don't think we have any challenge showing our technical prowess.

我認為我們在展示我們的技術實力方面沒有任何挑戰。

But being also the opportunity to get there and overcoming the incumbency continues to be an important challenge.

但成為實現這一目標的機會並克服現任者仍然是一個重要的挑戰。

Your next question comes from Jeff Kvaal with Wolfe Research.

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

Yes.

是的。

On a perhaps more prosaic nature, Ita, for you.

或許更平淡的本質，Ita，適合你。

It seems though there are a couple of cross currents going on in the margin structure in that the enterprise mix, the -- call it, tight mix may be changing a little bit, components are tight and OpEx are -- OpEx may come back a little bit with travel.

看起來，雖然利潤結構中存在一些交叉流，但企業組合，即所謂的緊密組合可能會發生一些變化，組件緊張而營運支出可能會回來一點點旅行。

So I'm wondering if you could sort of parse out for us how you are balancing those?

所以我想知道你是否可以為我們解析一下你是如何平衡這些的？

And what we might expect to the extent you can share over the course of the year?

您在這一年可以分享什麼？

Yes.

是的。

No, I mean, I think we're executing pretty well to kind of the midpoint of that 63% to 65% a little bit better, right?

不，我的意思是，我認為我們的執行情況相當不錯，達到了 63% 到 65% 的中點，稍微好一點，對吧？

There are lots of moving pieces, obviously.

顯然，有很多移動的部分。

There's no doubt we're still carrying some burden from whether it's COVID or supply constraints in the inventory numbers and then in the P&L as we sell those inventories, right?

毫無疑問，我們仍然承受著一些負擔，無論是新冠疫情還是庫存數量的供應限制，以及我們出售這些庫存時的損益表，對嗎？

So there is some burden there for sure.

所以肯定有一些負擔。

It's somewhat offset by the fact that we have the benefit on the OpEx side of lower travel, lower payments, marketing expenses, et cetera.

這在一定程度上被我們在營運支出方面的優勢（較低的差旅費、較低的支付費用、行銷費用等）所抵消。

So I think we'll see both of those play out over time.

所以我認為隨著時間的推移，我們會看到這兩者都發揮作用。

And hopefully, they're kind of -- they're somewhat offsetting, right?

希望它們能在某種程度上抵消，對吧？

So I think that's how to think about it in the short term.

所以我認為這就是短期內的思考方式。

I think the 63% to 65% is still a good range for gross margins, and we'll operate somewhere in the middle of that hopefully as we go forward.

我認為 63% 到 65% 的毛利率仍然是一個不錯的範圍，隨著我們的發展，我們希望在中間的某個位置運作。

And operating margins, Ita?

還有營業利益率，Ita？

We've talked about the plus or minus 37%.

我們已經討論過正負 37%。

So I think that's still good, right?

所以我覺得這樣還是不錯的，對吧？

We're still used to that.

我們還是習慣了。

And I think, again, there's moving pieces, but I think we feel good about staying in that range.

我再次認為，有一些變化，但我認為我們對保持在這個範圍內感覺良好。

Your next question comes from Ittai Kidron with Oppenheimer.

您的下一個問題來自 Ittai Kidron 和奧本海默。

And very nice quarter, ladies.

女士們，這個季度非常好。

Congrats.

恭喜。

Thank you, Kidron.

謝謝你，汲淪。

Yes.

是的。

I have a couple of questions.

我有一些問題。

First of all, I wanted to make sure you can clarify the improved visibility on the cloud side?

首先，我想確保您能澄清一下雲端可見性的改進？

And what I mean by that is whether this improved visibility is just a reflection of the new projects, the design wins that you've talked about that require a little bit more forward planning?

我的意思是，這種可見性的提高是否只是新項目的反映，您所說的設計勝利是否需要更多的前瞻性規劃？

Or a reflection of the supply chain issues?

還是供應鏈問題的展現？

Meaning once those are resolved, you should expect visibility to shorten back down again?

這意味著一旦這些問題得到解決，您應該預期能見度會再次縮短？

And then on the deeper side of it, going back to the question on SD-WAN before.

然後再深入一點，回到之前關於SD-WAN的問題。

Jayshree, it seems like you talked a lot about automation and AI and monitoring and things like that.

Jayshree，您似乎談論了很多關於自動化、人工智慧和監控之類的事情。

But security and networking are slowly blending on the edges as well.

但安全和網路也正在慢慢融合。

And you haven't talked really much, if at all, about your plan and how you're going to attack the security landscape and SD-WAN, which is a clear networking side.

而且您還沒有談論太多（如果有的話）您的計劃以及您將如何攻擊安全環境和 SD-WAN（這是一個明確的網路方面）。

You seem to be leaving that to security vendors, which is a little bit of -- I don't understand why you do that?

您似乎將其留給安全供應商，這有點 - 我不明白您為什麼這樣做？

Why would you do that?

為什麼要這麼做？

So maybe you can kind of give us a little bit of your thoughts on the security market, how relevant do you think that would be for the future of the company longer term, perhaps not shorter term?

那麼也許您可以向我們介紹一下您對安全市場的一些想法，您認為這對於公司長期（也許不是短期）的未來有多大相關性？

And is partnership the best way to play there?

合作是最好的方式嗎？

Is there no play that you can have in this market?

這個市場就沒有可玩的地方了嗎？

Ittai, which question do you want me to answer?

一泰，你想讓我回答哪個問題？

1 or 2?

1還是2？

All of them.

他們全部。

All of them.

他們全部。

We'll need -- you'll need an hour for that one.

我們需要──你需要一個小時。

We'll do more in the call back.

我們將在回電中做更多事情。

But to answer your specific question on Cloud Titans, definitely, Anshul and the team are very involved with the projects.

但要回答你關於《雲泰坦》的具體問題，安舒爾和團隊肯定非常參與這些計畫。

And yes, those tend to be 1 to 2 quarters.

是的，這些往往是一到兩個季度。

But because of their long-term planning and our supply chain constraints, both go hand-in-hand.

但由於他們的長期規劃和我們的供應鏈限制，兩者是並行的。

They're making some CapEx decisions, and we have some supply constraints.

他們正在做出一些資本支出決策，而我們有一些供應限制。

We are getting beyond that 2-quarter visibility to at least a year's visibility.

我們正在超越兩個季度的可見度，達到至少一年的可見度。

So I think you're absolutely right in saying it's going beyond the project 1 to 2 quarters to 1 year because of supply constraints and because of their long-term decision.

因此，我認為您所說的完全正確，因為供應限制和他們的長期決策，專案超出了 1 到 2 個季度到 1 年的時間。

On security, we -- I'll give you the short answer and there's a longer discussion.

關於安全性，我們——我會給你一個簡短的答案，並且有一個更長的討論。

We will continue to partner with best-of-breed security vendors, number one.

我們將繼續與一流的第一安全供應商合作。

Our approach to zero trust networking will really be holistic and network centric.

我們的零信任網路方法將真正是全面的、以網路為中心的。

And there's really 3 parts to it.

它實際上分為 3 個部分。

One is how do we provide the right network segmentation.

一是我們如何提供正確的網路分段。

We introduced the macro segmentation, how do we provide the right encryption capabilities at the DCI layer.

我們介紹了宏分段，我們如何在DCI層提供正確的加密能力。

This has been a huge differentiator for us and our data center products.

這對我們和我們的資料中心產品來說是一個巨大的差異化因素。

So how do we do the wireless intrusion protection, all of those are network-related security.

那我們要如何做好無線入侵防護，這些都是與網路相關的安全。

The second area I would largely call visibility of situational analysis.

第二個領域我主要稱之為態勢分析的可見性。

The combination of both the Awake products as well as the real-time telemetry and streaming and Big Switch DANZ Monitoring Fabric really allows us to attack security from a visibility perspective.

Awake 產品以及即時遙測和串流媒體以及 Big Switch DANZ 監控結構的結合確實使我們能夠從可見性角度攻擊安全性。

And the third is the proactive acquisition of Awake itself.

第三是主動收購Awake本身。

We didn't acquire Awake just to be a point security product, we really acquired it, and Anshul and Rahul are working on this, to make it a more seamless network and proactive network detection and response capability that's AI driven.

我們收購 Awake 不僅僅是為了成為一個單點安全產品，我們真正收購了它，Anshul 和 Rahul 正在致力於此，以使其成為一個更加無縫的網絡以及人工智能驅動的主動網絡檢測和響應能力。

So stay tuned, you'll hear more from us on that, but all of this basically is our Zero Trust networking strategy, different from our partnerships with firewall vendors or cloud security vendors.

因此，請繼續關注，您會從我們那裡聽到更多相關信息，但所有這些基本上都是我們的零信任網絡策略，不同於我們與防火牆供應商或雲端安全供應商的合作夥伴關係。

Your next question comes from Meta Marshall with Morgan Stanley.

您的下一個問題來自摩根士丹利的梅塔馬歇爾。

Got it.

知道了。

And maybe circling back on the Awake Security.

也許又回到了「清醒的安全」。

I guess, just -- I wanted to ask how is the integrations of the acquisitions, whether it'd be Big Switch or Awake going?

我想，只是 - 我想問一下收購的整合情況如何，是 Big Switch 還是 Awake？

And just where are you seeing kind of customer interest in some of the products that they had or integration within your portfolio?

您在哪裡看到客戶對他們擁有的某些產品或整合到您的產品組合中的某些產品感興趣？

And just how should we think about that kind of over the next year?

我們該如何考慮明年的這種情況？

Meta, I think both Big Switch and Awake are very strategic acquisitions for us.

Meta，我認為 Big Switch 和 Awake 對我們來說都是非常具有戰略意義的收購。

And like all strategic acquisitions, they take time.

與所有策略性收購一樣，它們需要時間。

Our goal -- and let me start with Big Switch first.

我們的目標——首先讓我從 Big Switch 開始。

We were already building data analyzer or DANZ, as we call it, into our switching fabric.

我們已經將資料分析器或我們所說的 DANZ 建構到我們的交換結構中。

And with the Big Switch acquisition, we are now able to integrate more monitoring fabric capabilities, correlation, visualization, et cetera, on our switches.

透過收購 Big Switch，我們現在能夠在交換器上整合更多的監控結構功能、關聯性、視覺化等。

We just introduced that recently, and you'll be seeing variance of that on different platforms, including the 7050 and 7280 towards the end of this year.

我們最近剛剛介紹了這一點，您將在不同平台上看到這一點的差異，包括今年年底的 7050 和 7280。

So the Big Switch integration is very strategic, not only because of the monitoring capabilities, but because of the switch integration.

因此，Big Switch 整合非常具有戰略意義，不僅因為監控功能，還因為交換器整合。

On the Awake side, I'm going to have Anshul talk more about it, but the team has done a fantastic job, first of all, of really focusing in, not just on the CSO, but on the CIO.

在 Awake 方面，我將讓 Anshul 詳細討論這一點，但團隊做得非常出色，首先，他們不僅真正關注 CSO，還關注 CIO。

You really have to target both decision-makers.

你確實必須針對兩個決策者。

Anshul, do you want to say more about that?

Anshul，你想多說一點嗎？

Sure.

當然。

Absolutely.

絕對地。

With all acquisitions, you have to figure out how to integrate them based on the teams, the product, go-to-market and then the integration.

對於所有收購，你必須弄清楚如何根據團隊、產品、上市以及整合來整合它們。

And we have done fairly quick integration with Awake.

我們已經相當快地完成了與 Awake 的整合。

There's more to do.

還有更多事情要做。

But at least on the sales go-to-market side and so on, as Jayshree mentioned, there was the sales teams are now able to take this to the customer and take it to the networking team to give them more visibility and sometimes in collaboration with security sell the product.

但至少在銷售進入市場等方面，正如 Jayshree 所提到的，銷售團隊現在能夠將其帶給客戶，並將其帶給網路團隊，以便為他們提供更多的可見性，有時甚至可以進行協作有保障地銷售產品。

So it's coming along well.

所以進展順利。

Obviously, we acquired Awake as a very small company.

顯然，我們收購的 Awake 是一家非常小的公司。

There's more investments, more growth to come.

未來會有更多投資、更多成長。

But it's coming along well and faster than what we typically would have done in other situations.

但它比我們在其他情況下通常會做的事情進展得更好、更快。

Your next question comes from Pierre Ferragu with New Street.

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

I have a bit of a -- maybe a nitty-gritty question, but I hear you talk about your supply constraints.

我有一個——也許是一個實質問題，但我聽到你談論你的供應限制。

And at the same time, you beat your guide and you guide above expectations.

同時，你擊敗了你的導遊，並且你的導遊超出了預期。

So if you have supply constraints that get you to beat expectations every quarter, I'd really love to have you being constrained for as long as possible.

因此，如果你的供應限制讓你每季都超出預期，我真的很想讓你盡可能長時間地受到限制。

You mean it's a nice problem to have if we have demand.

你的意思是，如果我們有需求，這是一個很好的問題。

Yes, exactly.

對，就是這樣。

I wouldn't call that like a supply constraint, I would call that like a demand program.

我不會將其稱為供應限制，而是將其稱為需求計劃。

You have too much demand, maybe.

也許是你的要求太多了。

But anyway, my question is actually that how much visibility do you have to kind of keep operating the way you're operating this quarter and you're planning to operate next quarter fine?

但無論如何，我的問題實際上是，您需要多少可見度才能繼續按照本季度的運作方式運營，並且您計劃在下個季度保持良好運營？

And when do you really get into trouble, if more capacity is not coming online at your suppliers?

如果您的供應商沒有提供更多產能，您什麼時候才會真正遇到麻煩？

Basically, that's probably what I'm trying to figure out.

基本上，這可能是我想要弄清楚的。

Yes, Pierre, it's a good question, and I would have to give you a more thoughtful answer over time.

是的，皮埃爾，這是一個很好的問題，隨著時間的推移，我必須給你一個更深思熟慮的答案。

I guess if we were the only vendor with supply constraint issues, we would be in more trouble quickly because they'd have alternatives.

我想如果我們是唯一有供應限制問題的供應商，我們很快就會遇到更多麻煩，因為他們有替代方案。

But because this is an industry-wide shortage, I think we're all in deep trouble, including our customers who are trying to do the planning.

但由於這是全行業的短缺，我認為我們都陷入了深深的麻煩，包括我們正在嘗試規劃的客戶。

So I would tell you we're on an equal footing, and we're all in bad shape.

所以我想告訴你，我們處於平等的地位，但我們的狀況都很糟糕。

On the supply constraints side, but not every one of us is in good shape on the demand side.

在供應方面受到限制，但並不是每個人在需求方面都處於良好狀態。

So we feel good about that.

所以我們對此感覺良好。

Your next question comes from 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 as well.

也恭喜本季。

Thank you.

謝謝。

I want to go back -- yes.

我想回去——是的。

I want to go back to the deferred revenue discussion.

我想回到遞延收入的討論。

You mentioned in your prepared remarks, you've got $40 million of product deferred that that's now built.

您在準備好的演講中提到，您已經推遲了目前已生產的 4000 萬美元產品。

I think it's been quite some time since we've seen any kind of product deferred kind of build into that deferred revenue bucket.

我認為我們已經有一段時間沒有看到任何類型的產品被納入遞延收入桶中了。

So how do you think about that in the context of guidance?

那麼您在指導的背景下如何看待這一點？

Are you expecting that to come into the revenue number this next quarter, over the next couple of quarters?

您是否預計這一數字將計入下個季度、未來幾季的收入數據？

And then any comments on performance obligations that are outside of the deferred?

那麼對於延期履行義務以外的任何評論？

What does that -- how did that kind of expand?

那是什麼——它是如何擴展的？

Yes.

是的。

So I think on the deferred, it's always hard to forecast that kind of multiple quarters out.

因此，我認為就延期而言，總是很難預測多個季度的情況。

But I will say that we don't expect to kind of -- that to come down in the second quarter.

但我想說的是，我們預計第二季不會出現這種情況。

That's not an assumption for the Q2 guide, right?

這不是第二季指南的假設，對嗎？

But I'm not necessarily in a position to start trying to guide that as multiple quarters out yet, but I think we do not expect it to come down.

但我不一定能夠開始嘗試在多個季度中進行指導，但我認為我們預計它不會下降。

It's a mix of customers across various sectors.

它是各行業的客戶的混合體。

But I think it's likely that will at least have -- at least that level of deferred going forward.

但我認為很可能至少會有──至少是那種程度的延後。

On the RPOs, I mean, we did some work in the Q, which you'll see later around the RPO disclosure and kind of consolidated a little bit so that you can see the pieces.

關於 RPO，我的意思是，我們在 Q 中做了一些工作，稍後您將看到有關 RPO 披露的內容，並進行了一些整合，以便您可以看到各個部分。

A lot of the movement is in deferred revenue between the product and the services.

大部分變動是產品和服務之間的遞延收入。

The other items didn't move that much kind of quarter-over-quarter.

其他項目的季度則是環比變化不大。

But again, you'll see that and we kind of consolidated some of those disclosures into a single footnote so that you can see it all together.

但同樣，您會看到這一點，我們將其中一些披露合併到一個腳註中，以便您可以一起看到所有內容。

So hopefully, that's easier to kind of -- to process.

所以希望這更容易處理。

But the non-balance sheet, if you like, RPO amounts are around the services, services kind of unbilled amounts, right, as opposed to kind of build product or anything like that, which is in the deferred revenue.

但非資產負債表上，如果你願意的話，RPO 金額是圍繞服務、服務類型的未開票金額，對的，而不是建立產品或類似的東西，這是在遞延收入中。

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

您的下一個問題來自美國銀行的塔爾·利亞尼。

I wanted to congratulate you about the quarter, but I'm not going to be unique.

我想就這個季度向你們表示祝賀，但我不會是獨一無二的。

And I wanted to congratulate you about your grandchild.

我想祝賀你有了孫子。

I'm not going to be unique either.

我也不會是獨一無二的。

So let's keep with the second one, way more important.

所以讓我們繼續討論第二個，它更重要。

Thank you.

謝謝。

Thank you.

謝謝。

I want to ask about data -- enterprise data centers.

我想問一下數據——企業資料中心。

One of the companies said that enterprises sweat their assets during 2020.

其中一家公司表示，2020年企業都在揮汗如雨。

And now they see the renewed momentum because there is kind of snapback in spending in data centers.

現在他們看到了新的勢頭，因為資料中心的支出出現了某種程度的回升。

And I'm wondering if you had the same kind of experience where corporates underspent last year and now they just have to spend.

我想知道你是否有過同樣的經歷，即去年企業支出不足，而現在他們必須花錢。

They just have to modernize and at capacity, et cetera, et cetera, or that other drivers drive data center, enterprise data centers?

他們只需要現代化並滿載運轉，等等，或是其他驅動因素驅動資料中心、企業資料中心？

Tal, as you know, enterprise data centers are much more of a long-term decision.

Tal，如您所知，企業資料中心更多的是一個長期決策。

So I'm not sure they were so tied to last year or COVID.

所以我不確定它們與去年或新冠疫情有如此密切的關係。

But they generally sweat their assets for 3 to 5 years, and then they're looking for consolidation, and they're looking for upgrades to 100-gig, or 400-gig.

但他們通常會花 3 到 5 年的時間使用資產，然後尋求整合，並尋求升級到 100 吉或 400 吉。

And if anything, I would say it was less tied to 1 year.

如果說有什麼不同的話，我想說的是它與一年的關係不大。

It was more tied to needing a cloud-first strategy and figuring out which of their workloads go to the cloud and which one they invest in their premise.

更重要的是需要雲端優先策略，並弄清楚哪些工作負載會轉移到雲端上，哪些工作負載會投資在自己的前提下。

And so I would say it's more tied to that than anything specific to last year.

所以我想說，這比去年的任何具體事情都更緊密地聯繫在一起。

So bringing cloud principles into their data centers is probably the #1 motivator.

因此，將雲原則引入資料中心可能是第一大動機。

Your next question comes from Ben Bollin with Cleveland Research.

您的下一個問題來自克利夫蘭研究中心的 Ben Bollin。

I think I wanted to piggyback the prior question a little bit.

我想我想稍微回顧一下之前的問題。

Jayshree, you talked about COVID resulting in more planning from customers.

Jayshree，您談到了新冠疫情導致客戶做出更多規劃。

Could you talk or share any thoughts about how that planning and return to work maybe influencing the trajectory of your new customer wins?

您能否談談或分享關於計劃和重返工作可能如何影響新客戶獲勝軌蹟的任何想法？

And then interested in how you feel you're executing on the overall campus initiative?

然後您對整個校園計劃的執行情況感興趣嗎？

Yes.

是的。

No, it's a good question.

不，這是一個好問題。

I was surprised campus hadn't come up so far.

我很驚訝校園到目前為止還沒有出現。

So so I think what happened last year in COVID is everybody just froze, and there was a period of time, nobody even knew how to deal with making decisions, right?

所以我認為去年新冠疫情期間每個人都愣住了，有一段時間，甚至沒有人知道如何做出決定，對嗎？

Towards the second half of the year, we started seeing them engage in decision-making and this year, many of them, especially from a campus perspective, are looking at it much more as hybrid workspaces.

到今年下半年，我們開始看到他們參與決策，今年，他們中的許多人，特別是從校園的角度來看，更多地將其視為混合工作空間。

Arista is doing the same.

阿里斯塔也在做同樣的事情。

We don't see a full return to work of all our employees until it's safe to do so.

在安全之前，我們不會看到所有員工都全面重返工作崗位。

But when it is safe to do so, we don't see a 100% return either.

但在安全的情況下，我們也看不到 100% 的回報。

Some of them will work here, especially Anshul's and John McCool's team that's very hardware intensive.

他們中的一些人將在這裡工作，尤其是 Anshul 和 John McCool 的團隊，他們的硬體非常密集。

But for example, Ken Duda's software team is very happy working in the different geographical locations remotely and may or may not come into work every day of the week.

但例如，Ken Duda 的軟體團隊非常樂意在不同的地理位置遠端工作，並且可能會也可能不會每週每天都工作。

So we see the campus changing for a variety of reasons.

因此，我們看到校園因各種原因而改變。

It's moving from very distinct headquarters and regions and branches to a more fluid elastic set of workspaces, where you have to provide wired, Wi-Fi and equal access to multiple geographies.

它正在從截然不同的總部、地區和分支機構轉向更加流動、有彈性的工作空間，您必須在其中提供有線、Wi-Fi 以及對多個地理位置的平等存取。

Whether you're at home or whether you're at work or whether you're in transit, you still have to do work.

無論您在家、在工作或途中，您仍然必須工作。

And that is influencing our campus decisions.

這正在影響我們的校園決策。

Our enterprises are clearly very constructive on coming back to headquarters, but they're also very constructive on offering ubiquitous campus connectivity to their remote employees as well.

我們的企業顯然對返回總部非常有建設性，但他們在為遠端員工提供無處不在的校園連接方面也非常有建設性。

As an example, in the retail space, even though we're not an SD-WAN, we are seeing a lot of activity and distribution centers, which are more regional and connected to these retail spaces.

舉個例子，在零售領域，即使我們不是 SD-WAN，我們也看到很多活動和配送中心，它們更具區域性並與這些零售空間相連。

So Arista is doing well in the campus.

所以Arista在校園裡表現得很好。

We're obviously operating of small numbers.

顯然我們的經營規模很小。

And most of our well is in the high-end enterprises.

而我們的井大部分是在高端企業。

So that's where I think we're having success, and we're marching to our targets.

所以我認為這就是我們取得成功的地方，我們正在朝著我們的目標邁進。

Where we are not doing well or maybe not have been focused, is, as I said, the SMB, which is more a distributed enterprise, a more channel driven enterprise, we've got a lot of work to do there, and that hasn't been our area of focus, frankly.

正如我所說，我們做得不好或可能沒有重點關注的是中小企業，它更像是一個分散式企業，一個更具管道驅動的企業，我們在那裡有很多工作要做，而這還沒有完成。坦白說，這不是我們關注的領域。

So doing well in our target campus and not doing much at all in our non-targets is what I'd say.

因此，我想說的是，在我們的目標校園中做得很好，而在我們的非目標校園中則沒有做太多事情。

Your next question comes from Tim Long with Barclays.

您的下一個問題來自巴克萊銀行的蒂姆·朗。

Maybe Jayshree, can you just update a little bit on what you're seeing from the white box community?

也許 Jayshree，您能更新一下您從白盒社區看到的情況嗎？

Maybe a 2-parter.

也許是2人制。

Are you seeing any move with new customers, whether it's Tier 2 cloud or SaaS companies trying to do a little bit more white boxing on the switching side?

您是否看到了新客戶的任何舉動，無論是二級雲端還是 SaaS 公司試圖在交換方面進行更多的白盒操作？

And then second, are you seeing any of the opposite trends where the traditional white box type of customers maybe are going a little bit more branded for certain portions of their networks?

其次，您是否看到任何相反的趨勢，即傳統白盒類型的客戶可能會在其網路的某些部分變得更加品牌化？

I know Anshul had some pretty strong views on white box.

我知道 Anshul 對白盒子有一些非常強烈的看法。

Do you want to take that question?

你想回答這個問題嗎？

Sure.

當然。

Tim, there are 2 parts.

提姆，有兩個部分。

One, in terms of Tier 2 cloud or SaaS companies.

第一，就二級雲端或 SaaS 公司而言。

And, we haven't really seen any change in the white box scenarios in that part of the market.

而且，我們還沒有真正看到這部分市場的白盒場景有任何變化。

So it's really status quo.

所以這確實是現狀。

The white boxes are largely limited to the very large Cloud Titans in the United States or some in Asia, and it really hasn't changed beyond that.

白盒子主要限於美國或亞洲的一些大型雲泰坦，除此之外，它確實沒有改變。

You may want to go back to all of the supply chain discussions we had.

您可能會想回到我們進行的所有供應鏈討論。

And just as an FYI, it applies equally to the white boxes as well.

僅供參考，它也同樣適用於白盒。

And in fact, many of the cloud companies are struggling through that because not every ODM and (inaudible) is going to carry so much inventory and have large commitments.

事實上，許多雲端公司都在努力解決這個問題，因為並非每個 ODM（聽不清楚）都會持有如此多的庫存並做出大量承諾。

So there's actually some shifting there.

所以其實存在一些轉變。

But leaving that aside, on our previous discussion on some of the larger cloud companies looking at going branded, we are doing well in our engineering projects in those opportunities.

但拋開這一點，在我們之前關於一些考慮品牌化的大型雲端公司的討論中，我們在這些機會的工程項目中做得很好。

But as I've mentioned before, these things take a couple of years to materialize.

但正如我之前提到的，這些事情需要幾年時間才能實現。

So please be patient.

所以請耐心等待。

We feel very good about our execution and about the opportunity.

我們對我們的執行力和機會感到非常滿意。

But you have -- give it time, let it bake in the labs, let it go to success and pilots.

但你有——給它時間，讓它在實驗室裡烘烤，讓它走向成功和試點。

And when it's ready and getting deployed, we will happily share the news with you as well.

當它準備就緒並部署時，我們也很樂意與您分享這個訊息。

So no change in white box?

那麼白盒沒有變化嗎？

No change, status quo.

沒有變化，維持現狀。

Your next question comes from George Kurosawa with KeyBanc.

您的下一個問題來自 KeyBanc 的 George Kurosawa。

I'm dialing in for Steve.

我正在撥通史蒂夫的電話。

I just want to touch on the 400-g opportunity.

我只想談談 400 克的機會。

What are your expectations in timing differences?

您對時間差異有何期望？

I know you talked about the second half of this year or 2022.

我知道你談到了今年下半年或 2022 年。

Do you expect that timing to differ between your major verticals?

您預計您的主要垂直領域的時間安排會有所不同嗎？

Yes.

是的。

No, it's -- I think the early adoption of 400-gig will definitely be in our cloud titans and our specialty cloud providers and some of our high end enterprises.

不，我認為 400G 的早期採用肯定會在我們的雲端巨頭、我們的專業雲端供應商以及我們的一些高端企業中出現。

But I would say the first place you'd see them is the cloud titans.

但我想說，你首先看到它們的地方是雲泰坦。

And just a quick follow-up, your expectations on maybe like a lag for the adoption of enterprise?

快速跟進一下，您對企業採用的期望可能會出現滯後？

Do you think it will be either 2022 and beyond?

您認為會是 2022 年及以後嗎？

Yes.

是的。

I think the enterprises will take longer.

我認為企業需要更長的時間。

Many of the enterprises are still adopting 100-gig.

許多企業仍在採用 100G。

So I think you'll see a combination of 100 and 400-gig start in 2022, but it could go well into 2023, '24 and '25 as well.

因此，我認為從 2022 年開始，您將看到 100 場和 400 場演出的組合，但也可能持續到 2023 年、24 年和 25 年。

Your next question comes from Erik Suppiger with JMP Securities.

您的下一個問題來自 JMP 證券的 Erik Suppiger。

First off, Jayshree, you said you are on target for your -- you're on track to hit targets for campus.

首先，Jayshree，你說過你已經達到校園目標了。

Can you remind us, does that mean that you're on track for $200 million in 2021?

您能否提醒我們，這是否意味著您預計在 2021 年實現 2 億美元的收入？

Yes.

是的。

And then secondly, on that is -- okay.

其次，那就是——好吧。

Yes, sir, the answer is yes.

是的，先生，答案是肯定的。

Very good.

非常好。

And then on the 400-gig, can you remind us, are you still anticipating that you'll be the market share leader in 400-gig as that starts to ramp-up?

然後在 400 千兆位元方面，您能否提醒我們，隨著 400 兆位元市場的開始成長，您是否仍預計自己將成為 400 兆位元市場份額的領先者？

Or can you talk a little bit about some of the competitive dynamics, if anything, has changed on that front?

或者您能否談談這方面的一些競爭動態（如果有的話）發生了變化？

Sure.

當然。

Erik, this is Anshul.

艾瑞克，這是安舒爾。

From a competitive standpoint, not much has changed, and our execution is still very, very good.

從競爭的角度來看，沒有太大變化，我們的執行力仍然非常非常好。

Customers are very happy, and the feedback for our products is good.

客戶非常高興，對我們產品的回饋也很好。

Look, market share is the result of customers buying our products, not our forecast.

你看，市佔率是客戶購買我們產品的結果，而不是我們的預測。

So let the results speak for themselves.

因此，讓結果來說明一切。

We feel good about our position.

我們對自己的處境感覺良好。

Your next question comes from Jon Lopez with Vertical Group.

您的下一個問題來自 Vertical Group 的 Jon Lopez。

I had 2 sort of not particularly interesting follow-ups to some of these topics.

對於其中一些主題，我有兩種不太有趣的後續行動。

The first one, Ita, just your service revenue has like very, very rarely declined quarter-to-quarter.

第一個，Ita，您的服務收入很少出現季度環比下降。

It did so very marginally this quarter.

本季的表現微乎其微。

Why is that?

這是為什麼？

And is there anything to extrapolate from that activity?

從該活動可以推斷出什麼嗎？

Yes.

是的。

No, I wouldn't try to draw any conclusions from that.

不，我不會試圖從中得出任何結論。

It's really just timing of when you close renewal contracts and whether you bill in the quarter and then there's some catch-up or not, right?

這實際上只是你關閉續約合約的時間以及你是否在本季度開出帳單，然後是否有一些補足，對吧？

It doesn't change the fundamentals at all, right?

它根本不會改變基本面，對嗎？

So I wouldn't -- and typically, Q4 is strong, Q1 can be a little lighter.

所以我不會——通常情況下，Q4 比較強，Q1 可能會弱一些。

I wouldn't try to read anything more than that into that.

我不會嘗試去讀更多的內容。

It's not a fundamental.

這不是一個根本。

Okay.

好的。

No, that's perfect.

不，那是完美的。

I got you.

我接到你了。

And sorry, just the second real quick one.

抱歉，這只是第二個真正的快速的。

Just coming back to the -- I guess the thing I want to explore is this concept of seasonality.

回到——我想我想探索的是季節性的概念。

So forgetting the year-on-year for a second, and admitting, it's like kind of a wild data series.

因此，暫時忘記同比情況，並承認，這就像一個瘋狂的數據系列。

But you're generally between Q3 and Q4 up, like, call it, high single digits, low double digits sequentially.

但你通常在第三季和第四季之間，就像，依序稱呼它，高個位數，低兩位數。

Is what you're saying, either that perhaps some of that activity has been pushed earlier into the year?

您的意思是，也許其中一些活動已被推遲到今年早些時候？

Or are you not suggesting that and you're just more focused on the year-on-year trends given the comps?

或者您並沒有建議這一點，而您只是更關注考慮到比較情況下的同比趨勢？

Yes.

是的。

No, I think I said that we did not experience the Q1 seasonality.

不，我想我是說我們沒有經歷第一季的季節性。

That's all I said given the pandemic.

考慮到疫情，我就說了這麼多。

But other than that, I think the rest of the year, will be based on demand, and we're feeling good about the demand.

但除此之外，我認為今年剩餘時間將根據需求而定，我們對需求感覺良好。

Yes.

是的。

I think my only comment, John, was around -- you're growing off of 523% in Q1.

約翰，我想我唯一的評論是——你的成長率比第一季的 523% 還要高。

And then you grew Q2 to Q3, you added like $60 million last year in revenue quarter-over-quarter.

然後第二季度成長到第三季度，去年的營收季增了 6,000 萬美元。

So obviously, the comps get much harder in Q3 and Q4.

很明顯，第三季和第四季的比賽變得更加困難。

That's the only reference.

這是唯一的參考。

So the year-over-year growth rate is going to come down just naturally because of that.

因此，同比成長率自然會下降。

I think if you look at the quarter-over-quarter growth rate, that's an easier thing to kind of map out, right, if you're looking at it from a model perspective.

我認為，如果你從模型的角度來看季度環比增長率，那就更容易繪製出來，對吧。

Your last question comes from George Notter with Jefferies.

你的最後一個問題來自傑弗里斯的喬治·諾特。

This is Kyle on for George.

這是喬治的凱爾。

I'm sitting in here.

我坐在這兒。

My main questions were on campus and 400-gig so to avoid beating those at death.

我的主要問題是關於校園和 400 場演出，以避免在死亡中擊敗那些人。

I'll ask you a simple one.

我就問你一個簡單的問題。

Do you have any expectation currently on when travel expenses would pick back up again?

您目前對旅行費用何時會再次回升有什麼預期嗎？

I know you said that they're currently out of the model, but are you -- do you have any plans on when they may turn back again?

我知道你說過他們目前已經退出模型，但是你對他們何時再次回歸有什麼計劃嗎？

Or is it kind of a wait and see still?

還是仍處於觀望狀態？

And how should we contemplate that in the forward OpEx expectations?

我們應該如何在未來的營運支出預期中考慮這一點？

Yes.

是的。

I mean, it wasn't huge.

我的意思是，它並不大。

I mean our kind of sales and marketing expenses around that are not huge to begin with, but I think it doesn't start to come back to later in the year.

我的意思是，我們的銷售和行銷費用一開始並不大，但我認為今年稍後不會開始回升。

We'll update as we go.

我們會隨時更新。

There's just a lot of moving pieces around that right now.

現在有很多移動的部分。

Okay.

好的。

So this concludes the Arista Q1 2021 earnings call.

Arista 2021 年第一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這些信息。

Thank you for joining us today, and everyone, please continue to be safe.

感謝您今天加入我們，請大家繼續保持安全。

Thank you for joining.

感謝您的加入。

Ladies and gentlemen, this concludes today's call.

女士們、先生們，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。