Arista Networks Inc (ANET) 2020 Q4 法說會逐字稿

Welcome to the Fourth Quarter 2020 Arista Networks Financial Results Earnings Conference Call.

歡迎參加 Arista Networks 2020 年第四季財務業績電話會議。

(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重播。

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

我現在將把電話轉給產品和投資者宣傳總監 Charles Yager 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 for its fiscal fourth quarter ending December 31, 2020.

今天下午，Arista Networks 發布新聞稿，宣布截至 2020 年 12 月 31 日的第四財季業績。

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

如果您想要該版本的副本，可以在我們的網站上線上存取。

During the course of this conference call, Arista Networks management will make forward-looking statements, including those relating to our financial outlook for the first quarter of the 2021 fiscal year, longer-term financial outlooks, our total addressable market and strategy for addressing these market opportunities, the potential impact of COVID-19 on our business, our product innovation and the benefits of recent acquisitions, which are subject to the risks and uncertainties that we discuss in detail in our documents filed with the SEC, specifically in our most recent Form 10-Q and Form 10-K, and which could cause actual results to differ materially from those anticipated by these statements.

在本次電話會議期間，Arista Networks 管理層將做出前瞻性聲明，包括與我們 2021 財年第一季的財務前景、長期財務前景、我們的總體目標市場以及解決這些問題的戰略相關的聲明市場機會、COVID-19 對我們業務的潛在影響、我們的產品創新以及最近收購的好處，這些都受到我們向SEC 提交的文件中詳細討論的風險和不確定性的影響，特別是我們最近的表10 -Q 和表10-K，這可能導致實際結果與這些聲明中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.

這些前瞻性陳述從今天起適用，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 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, Charles.

謝謝你，查爾斯。

Thank you, everyone, for joining us this afternoon for our fourth quarter 2020 earnings call.

感謝大家今天下午參加我們 2020 年第四季財報的電話會議。

If there's one thing the pandemic has taught us, it's the importance of adapting in real time.

如果說這場大流行教會了我們一件事，那就是即時適應的重要性。

In 2020, our world changed quickly and rapidly.

2020年，我們的世界發生了日新月異的變化。

As a cohesive leadership team, we had to prepare for a lot of unknowns and uncertainties, where our offices were closed, our contract manufacturers were shutting down and supply chain constraints resulted in longer lead times.

作為一個有凝聚力的領導團隊，我們必須為許多未知和不確定因素做好準備，例如我們的辦公室關閉、合約製造商關閉、供應鏈限制導致交貨時間延長。

2020 created new norms as we found many virtual ways of communicating with our customers, including access to our products for their business continuity.

2020 年創造了新的規範，因為我們發現了許多與客戶溝通的虛擬方式，包括存取我們的產品以實現業務連續性。

With vaccines emerging, we certainly hope that all of you and your families are safe and healthy during these unprecedented times.

隨著疫苗的出現，我們當然希望您和您的家人在這個前所未有的時期安全健康。

I am so proud of our employees and how we've handled this and thank our partners and customers as well for placing their trust in us.

我為我們的員工以及我們處理此事的方式感到非常自豪，並感謝我們的合作夥伴和客戶對我們的信任。

Back to some Q4 2020 specifics.

回到 2020 年第四季的一些細節。

We delivered revenues of $648.5 million for the quarter, with a non-GAAP earnings per share of $2.49.

我們本季的營收為 6.485 億美元，非 GAAP 每股收益為 2.49 美元。

A-Care services and software and support renewals contributed approximately 20% of our revenue.

A-Care 服務以及軟體和支援續約貢獻了我們收入的約 20%。

Our non-GAAP gross margins, at 65%, was influenced by software and services mix and a higher enterprise contribution for the quarter and the year.

我們的非 GAAP 毛利率為 65%，受到軟體和服務組合以及本季和本年度更高的企業貢獻的影響。

We've registered a record number of new customer logos and million dollar customers, a direct result of our momentum in the enterprise vertical and campus this quarter.

我們註冊了創紀錄數量的新客戶商標和百萬美元客戶，這是我們本季在企業垂直領域和園區發展勢頭的直接結果。

We now have surpassed 7,200 cumulative customers over the past decade.

過去十年中，我們的累計客戶數量已超過 7,200 家。

In Q4 2020, cloud titans was our largest vertical.

2020 年第四季度，雲端巨頭是我們最大的垂直領域。

Enterprise was second, followed by financials in third place, and the providers, both service provider and cloud specialty providers tied for fourth place.

企業排名第二，金融緊隨其後，排名第三，提供者（服務提供者和雲端專業提供者）並列第四。

In terms of sector trends, we see cloud titans at approximately 36%; enterprises, including financials, at approximately 36%; and providers at approximately 28%, consistent with the sector ranges we have provided.

就產業趨勢而言，我們認為雲端巨頭的佔比約為 36%；企業，包括金融業，約佔36%；供應商的比例約為 28%，與我們提供的行業範圍一致。

Microsoft was the only greater than 10% customer concentration at 21.5% for the year 2020.

微軟是唯一一家客戶集中度超過 10% 的公司，2020 年的客戶集中度為 21.5%。

In terms of geographical mix, international contribution was slightly higher at 26%, with the Americas at 74% for Q4 2020.

就地理結構而言，2020 年第四季國際貢獻略高，為 26%，其中美洲為 74%。

Despite a turbulent 2020, especially with cloud titans, we believe Arista is going to emerge stronger with more diversified products and customers.

儘管 2020 年動盪不安，尤其是雲端巨頭，但我們相信 Arista 將憑藉更多元化的產品和客戶變得更強大。

We reiterate our multiyear growth path based on 3 major product line evolutions: one, our core cloud and data center products built on a highly differentiated Arista EOS, leaf/spine architecture, and our cloud-first principle based on the 5 As.

我們重申基於 3 個主要產品線演進的多年成長路徑：一是我們的核心雲端和資料中心產品基於高度差異化的 Arista EOS、葉/主幹架構，以及基於 5 As 的雲端優先原則。

We expect this to contribute approximately 60% to 65% range in the future.

我們預計這將在未來貢獻約 60% 至 65% 的範圍。

Our second market is the network adjacencies, with routing replacing routers and our entry into the cognitive campus workspaces.

我們的第二個市場是網路鄰接，路由取代了路由器，我們進入了認知校園工作空間。

We expect these 2 adjacencies together to contribute approximately in the range of 10% to 15%, as a compelling alternative to incumbent legacy networks.

我們預計這 2 個鄰接網路共同貢獻約 10% 到 15%，作為現有傳統網路的有力替代方案。

Our third category is network software and services based on subscription models, such as Arista A-Care, CloudVision, multi-cloud EOS router, Big Switch DANZ monitoring fabric, or DMS, and advanced network detection and response with the recent Awake Security acquisition.

我們的第三類是基於訂閱模型的網路軟體和服務，例如 Arista A-Care、CloudVision、多雲 EOS 路由器、Big Switch DANZ 監控結構或 DMS，以及最近收購的 Awake Security 的高級網路偵測和回應。

We predict that these subscription-based network services and software will contribute approximately in the 25% range.

我們預計這些基於訂閱的網路服務和軟體將貢獻約 25% 的範圍。

Please note that perpetual software licenses are not included here and are generally counted in our core or adjacent product lines.

請注意，此處不包括永久軟體許可證，並且通常計入我們的核心或相鄰產品線。

As we look ahead, analyst research has shown that customers believe that COVID-19 has actually increased the value and relevance of the network in the post-pandemic era.

展望未來，分析師研究表明，客戶認為 COVID-19 實際上增加了後大流行時代網路的價值和相關性。

And in our opinion, we concur.

我們認為，我們同意。

The networking industry is undergoing a metamorphosis from point silos or places in the network to a seamless cognitive cloud network that is data-driven.

網路產業正在經歷從網路中的點孤島或位置向數據驅動的無縫認知雲端網路的轉變。

Arista's helping customers with their digital transformation to this data-centric, cloud-first paradigm.

Arista 正在幫助客戶實現向這種以數據為中心、雲端優先範式的數位轉型。

As we experience the explosion of users, devices, IoT, OT, more video, more mobility of workloads and workflows, the boundary between all the locations, whether it's your office, cloud, home, teleworker or transit end user is really blurring into elastic workspaces.

隨著我們經歷用戶、設備、物聯網、OT、更多視訊、工作負載和工作流程的更多移動性的爆炸性增長，所有位置之間的邊界，無論是辦公室、雲端、家庭、遠端工作人員還是交通最終用戶，都變得非常模糊，變得有彈性。工作區。

We believe Arista is well positioned to address the data-driven networks for this client-to-cloud workspaces.

我們相信 Arista 能夠很好地解決此客戶端到雲端工作空間的資料驅動網路問題。

We are powering some of the world's largest data centers and cloud providers as a trusted partner.

作為值得信賴的合作夥伴，我們正在為一些全球最大的資料中心和雲端供應商提供支援。

And this expertise that we have gained has helped us modernize networking to a software-driven cognitive experience.

我們所獲得的專業知識幫助我們將網路現代化為軟體驅動的認知體驗。

A good example of this is Arista's Q4 2020 introduction of DMF, or DANZ monitoring fabric, for contextual observability based on our Big Switch acquisition that we did earlier in 2020.

一個很好的例子是 Arista 在 2020 年第四季度推出了 DMF（即 DANZ 監控結構），用於基於我們 2020 年初收購的 Big Switch 實現上下文可觀察性。

Our Zero Trust Vision that we launched this month also cements the relevance of a differentiated network protection and security.

我們本月推出的零信任願景也鞏固了差異化網路保護和安全的相關性。

Our holistic Zero Trust network requires the union of network segmentation, situational awareness and visibility and network detection and response security.

我們的整體零信任網路需要將網路分段、態勢感知和可見性以及網路偵測和回應安全結合起來。

A key part of our strategy is to bring these cloud-first principles to every aspect of our cloud network.

我們策略的關鍵部分是將這些雲端優先原則引入我們雲端網路的各個方面。

So we bring it to routing, observability and security functions, and it must be inherently designed as a part of the Arista state and AI-driven network architecture and foundation.

因此，我們將其引入路由、可觀察性和安全功能，並且它本質上必須被設計為 Arista 狀態和 AI 驅動的網路架構和基礎的一部分。

So with this, I'd like to invite Ken Duda, our Founder and Chief Technology Officer and Senior Vice President of Software Engineering, to share some of our latest innovations on security.

因此，我想邀請我們的創辦人兼首席技術長兼軟體工程資深副總裁 Ken Duda 來分享我們在安全方面的一些最新創新。

Ken?

肯？

Thanks, Jayshree.

謝謝，傑什裡。

A Zero Trust framework for security is top of mind at Arista.

零信任安全框架是 Arista 的首要考量。

For so many years, networking vendors have focused, first and foremost, on providing connectivity; that is making sure everything can talk to everything else.

多年來，網路供應商首先關注的是提供連接；這就是確保一切都可以與其他一切對話。

This was fine in the 1980s, but it makes no sense today where security is a greater concern than ever for many of our customers; more important than connectivity itself.

這在 20 世紀 80 年代還不錯，但在今天，安全性對我們的許多客戶來說比以往任何時候都更加重要，這就毫無意義了；比連結本身更重要。

Arista is addressing the needs of security-conscious operators by integrating security directly into our network devices so that the network is secure from day 1 without bolt-on security products.

Arista 正在透過將安全性直接整合到我們的網路設備中來滿足具有安全意識的營運商的需求，以便網路從第一天起就安全，無需附加安全產品。

You've already heard about the Awake acquisition and progress in AI-driven network detection and response.

您已經聽說過 Awake 的收購以及人工智慧驅動的網路偵測和回應的進展。

I'd like to go a little deeper on this call into another innovative Arista security feature called Macro Segmentation Service Groups, or MSSG.

我想在這通電話中更深入地探討另一個創新的 Arista 安全功能，稱為巨集分段服務組 (MSSG)。

With MSSG, the operator assigns endpoints to segments.

透過 MSSG，營運商將端點分配給段。

Based on the type of device that's connecting, the user of that device and/or the applications they are using.

基於所連接的裝置類型、該裝置的使用者和/或他們正在使用的應用程式。

The operator then specifies a segmentation policy, specifying which pairs of segments are permitted to communicate.

然後，操作員指定分段策略，指定允許哪些分段對進行通訊。

For example, the policy might permit corporate engineering laptops to connect to manufacturing applications, but not to the finance applications and not even to one another.

例如，該政策可能允許企業工程筆記型電腦連接到製造應用程序，但不允許連接到財務應用程序，甚至不允許相互連接。

MSSG enforces that policy uniformly, whether wired or wireless, whether on the campus or in the data center, on-premises or working remotely.

MSSG 統一執行該策略，無論是有線還是無線、無論是在校園還是在資料中心、在本地還是遠端工作。

The operator can change the policy, including reassigning an endpoint to a different segment, without requiring any other changes to the network.

營運商可以更改策略，包括將端點重新指派到不同的網段，而無需對網路進行任何其他變更。

In particular, the policy is completely independent of network address assignment, which can be quite important.

特別是，該策略完全獨立於網路位址分配，這可能非常重要。

For example, if a user device behaves suspiciously, it can be reassigned to an untrusted segment without triggering any network change events on the device so that the compromised device can be quarantined and investigated without tipping off the adversary that they have been detected.

例如，如果使用者設備行為可疑，則可以將其重新分配到不受信任的網段，而不會觸發設備上的任何網路變更事件，以便可以隔離和調查受感染的設備，而不會告知對手它們已被檢測到。

Arista's MSSG works with 100% standards-based packets without adding any proprietary headers, trailers, encapsulations, et cetera, and is thus, easy to deploy incrementally into existing networks.

Arista 的 MSSG 可處理 100% 基於標準的資料包，無需添加任何專有標頭、尾部、封裝等，因此易於增量部署到現有網路中。

Finally, enforcement is implemented entirely in hardware for high performance without relying on expensive switch TCAMs for classification, which has led to scale problems in competing solutions.

最後，強制執行完全在硬體中實現，以實現高效能，而不依賴昂貴的交換器 TCAM 進行分類，這導致了競爭解決方案中的規模問題。

Our view is that MSSG is an example of a larger trend in networking, where Moore's Law is enabling a larger and larger feature set to be integrated into mainstream switching and routing devices.

我們的觀點是，MSSG 是網路領域更大趨勢的一個例子，摩爾定律使得越來越多的功能集能夠整合到主流交換和路由設備中。

This integration is essential to move beyond security as an afterthought and provide solutions that are secure off the shelf.

這種整合對於超越安全問題並提供現成的安全解決方案至關重要。

And I'm delighted in the role Arista is able to play in helping customers address the challenges of building and operating a modern network, not just from a performance and scale perspective, but including so many other aspects such as visibility, manageability, monitoring, provisioning, process automation and, of course security.

我很高興 Arista 能夠在幫助客戶應對建立和營運現代網路的挑戰方面發揮作用，不僅從效能和規模的角度來看，還包括可見性、可管理性、監控等許多其他方面，供應、流程自動化，當然還有安全性。

Thanks.

謝謝。

Back to you, Jayshree.

回到你身邊，傑什裡。

Thank you, Ken.

謝謝你，肯。

Clearly, customers are fatigued with the proprietary and silo networking you just mentioned.

顯然，客戶對您剛才提到的專有網路和筒倉網路感到厭倦。

And just as we all modernize the cloud network, security must turn from a noun to an adjective to build secure networks.

正如我們都對雲端網路進行現代化改造一樣，安全性也必須從名詞轉變為形容詞，以建立安全的網路。

Ken, your world-class engineering team has mastered the art of quality and software architecture with best-in-class agility and programmability; credit to you for founding and building this innovation and greatness in Arista, and I can't wait to see more of it.

Ken，您的世界一流的工程團隊掌握了品質和軟體架構的藝術，具有一流的敏捷性和可編程性；感謝您在 Arista 中創立和構建了這種創新和偉大，我迫不及待地想看到更多。

In addition to our campus workspaces progress that I spoke about last time, next-generation routing is another key adjacent market.

除了我上次談到的校園工作空間的進展之外，下一代路由是另一個關鍵的相鄰市場。

Our investments in simplification of Arista's routing stack has been going on for many years with standards-based EVPN, VXLAN, BGP and segment routing, and these are yielding good traction in cloud, service provider and enterprise customer wins.

我們多年來一直在簡化 Arista 路由堆疊方面進行投資，包括基於標準的 EVPN、VXLAN、BGP 和分段路由，這些在雲端、服務供應商和企業客戶方面產生了良好的吸引力。

To give you context on this, just in 2020 alone, we introduced 6 EOS software releases across 40 platforms and delivered over 800 features in routing.

為了給您相關背景信息，僅在 2020 年，我們就在 40 個平台上推出了 6 個 EOS 軟體版本，並提供了 800 多項路由功能。

The result of these investments we have made in our routing, innovation and footprint have brought us over 200 customers in 2020.

我們在路線、創新和足跡方面進行的投資在 2020 年為我們帶來了 200 多家客戶。

In summary, Arista demonstrates a stark contrast to the current fatigue of silos and different operating systems for WAN, campus, cloud, data center, each one generating its own disparate data silos.

總之，Arista 與目前 WAN、園區、雲端、資料中心的孤島和不同作業系統的疲勞形成鮮明對比，每個作業系統都會產生自己不同的資料孤島。

We are building upon our cloud networking heritage to unify data sets consistently and harnessing and archiving data across one software stack, EOS, and one CloudVision.

我們正在利用我們的雲端網路傳統來統一資料集，並跨一個軟體堆疊、EOS 和一個 CloudVision 來利用和歸檔資料。

The networking industry is truly ripe for this transition and change to data-driven networking.

網路產業向數據驅動網路的轉變和變革確實已經成熟。

Simply put, a good enough, mediocre network is no longer good enough and acceptable.

簡而言之，一個夠好的、平庸的網路已經不再夠好、不能被接受。

And this is why we believe that we're poised for a multiyear inflection ahead.

這就是為什麼我們相信我們已經準備好迎接未來多年的轉折點。

With that, I'd like to turn it over to Ita for the financial specifics.

有了這個，我想將其轉交給 Ita 以了解財務細節。

Ita?

伊塔？

Thanks, Jayshree, and good afternoon.

謝謝，Jayshree，下午好。

This analysis of our Q4 and full year 2020 results and our guidance for Q1 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 2020 年第四季和全年業績以及 2021 年第一季業績的分析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 Q4 were $648.5 million, up 17.4% year-over-year and well above the upper end of our guidance of $615 million to $635 million.

第四季總營收為 6.485 億美元，年增 17.4%，遠高於我們 6.15 億至 6.35 億美元指引上限。

While we continue to strive for improvements on the supply chain front, shipments remained somewhat constrained in the quarter, with some COVID second and third wave-related disruptions.

儘管我們繼續努力改善供應鏈，但本季的出貨量仍然受到一定程度的限制，並出現了一些與新冠疫情第二波和第三波相關的中斷。

Service and software support renewals represented approximately 20% of total revenue, down slightly from 21% last quarter.

服務和軟體支援續約約佔總收入的 20%，略低於上季的 21%。

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

該季度國際營收為 1.657 億美元，佔總營收的 26%，高於第三季的 25%。

While the shift in geographical mix on a quarter-over-quarter and year-over-year basis is largely due to the location of deployments by our third -- by our cloud titan customers, we did see some incremental improvement in our in-region businesses this quarter.

雖然地理組合環比和同比的變化很大程度上是由於我們的第三個雲端巨頭客戶的部署位置造成的，但我們確實看到了區域內的一些漸進式改進本季度的業務。

Overall gross margins in Q4 were a healthy 65%, at the upper end of our guidance of approximately 63% to 65%, reflecting a heavier mix of shipments to our enterprise and financials customers in the period.

第四季的整體毛利率為 65%，處於健康水平，處於我們指導價值約 63% 至 65% 的上限，反映出該期間向企業和金融客戶的出貨量增加。

Operating expenses for the quarter were $178.1 million or 27.5% of revenue, up from last quarter at $159.4 million.

本季營運費用為 1.781 億美元，佔營收的 27.5%，高於上季的 1.594 億美元。

We continued to increase operating expense investments during the quarter as our top line performance for the year continued to improve.

隨著我們今年的營收業績持續改善，我們在本季持續增加營運費用投資。

R&D spending came in at $110.2 million or 17% of revenue, up from $106.1 million last quarter.

研發支出為 1.102 億美元，佔營收的 17%，高於上季的 1.061 億美元。

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

這反映了員工成本的增加，但在一定程度上被同期新產品推出支出的減少所抵銷。

Sales and marketing expense was $54.9 million or 8.5% of revenue, up from $43.1 million last quarter, with increased variable compensation and other headcount-related charges.

銷售和行銷費用為 5,490 萬美元，佔收入的 8.5%，高於上季度的 4,310 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 $13 million or 2% of revenue, up from last quarter at approximately $10.2 million, reflecting normal fourth quarter compliance-related activities.

我們的一般管理費用為 1,300 萬美元，佔收入的 2%，高於上季度的約 1,020 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 $243.5 million or 37.6% of revenue.

我們本季的營業收入為 2.435 億美元，佔營收的 37.6%。

Other income and expense for the quarter was a favorable $1.4 million, and our effective tax rate was approximately 19.3%.

本季的其他收入和支出為 140 萬美元，有效稅率約為 19.3%。

Other income and expense included $2.5 million of interest income, offset by some unfavorable FX amounts.

其他收入和支出包括 250 萬美元的利息收入，被一些不利的外匯金額所抵銷。

The favorable tax rate included the release of some tax reserves for which the statute of limitations expired in the period.

優惠稅率包括釋放部分期間已過時效的稅收儲備。

This was a onetime effect, and the rate will likely return to our more structural rate of 21.9% in future periods.

這是一次性效應，未來一段時間內該利率可能會恢復到更具結構性的 21.9%。

Overall, this resulted in net income for the quarter of $197.7 million or 30.5% of revenue.

總體而言，本季淨利潤為 1.977 億美元，佔營收的 30.5%。

Our diluted share number was 79.3 million shares, resulting in a diluted earnings per share number for the quarter of $2.49, up approximately 9% from the prior year.

我們的稀釋後股票數量為 7,930 萬股，導致本季稀釋後每股收益為 2.49 美元，比前一年增長約 9%。

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 $2.87 billion.

年底現金、現金等價物和投資約 28.7 億美元。

To recap on our uses of cash for the year, we generated $735 million of cash from operations and returned approximately $395 million or 54% of this to shareholders in the form of share repurchases.

回顧我們今年的現金使用情況，我們從營運中產生了 7.35 億美元的現金，並以股票回購的形式向股東返還了約 3.95 億美元，即其中的 54%。

In addition, we used approximately $227 million or 31% to fund cash consideration for 2 acquisitions which closed during the year, retaining the balance of approximately $113 million in the business.

此外，我們使用約 2.27 億美元（即 31%）為年內完成的兩項收購提供現金對價，從而保留了約 1.13 億美元的業務餘額。

To date, we have repurchased $661 million or 3.2 million shares against our Board authorization to repurchase $1 billion worth of shares over 3 years, commencing in Q2 '19.

迄今為止，我們已根據董事會授權從 19 年第二季開始在三年內回購價值 10 億美元的股票，回購了 6.61 億美元或 320 萬股股票。

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 the operational cash performance for the fourth quarter.

轉向第四季的營運現金表現。

We generated $186.9 million of cash from operations in the period, reflecting solid net income performance and continued investments in working capital.

在此期間，我們從營運中產生了 1.869 億美元的現金，反映出穩健的淨利潤表現和對營運資本的持續投資。

DSOs came in at 55 days, up from 46 days in Q3, reflecting the linearity of billings in the period.

DSO 的周期為 55 天，高於第三季的 46 天，反映了該期間帳單的線性。

Inventory turns were 1.8x, down from 2x last quarter.

庫存週轉率為 1.8 倍，低於上季的 2 倍。

Inventory increased to $480 million in the quarter, up from $438 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，本季庫存從上一季的 4.38 億美元增至 4.8 億美元。

Our total deferred revenue balance was $651 million, up from $562 million in Q3.

我們的遞延收入餘額總額為 6.51 億美元，高於第三季的 5.62 億美元。

This increase largely reflected typical fourth quarter service renewal activity and a small amount of deferred product revenue related to new product deployments.

這一成長主要反映了典型的第四季度服務更新活動以及與新產品部署相關的少量遞延產品收入。

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

服務遞延收入水準與服務續約的時間和期限直接相關，每季可能會有所不同。

Accounts payable days were 54 days, down from 70 days in Q3, reflecting the timing of inventory receipts and payments.

應付帳款天數為 54 天，低於第三季的 70 天，反映了庫存收付的時間。

Capital expenditures for the quarter were $3.2 million.

該季度的資本支出為 320 萬美元。

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

現在轉向我們對第一季及以後的展望。

We saw good diversification of the business in fiscal 2020, with expected declines in cloud titan revenue, somewhat offset by growth in our other market sectors.

我們看到 2020 財年業務實現了良好的多元化，預計雲端巨頭收入將下降，但在一定程度上被我們其他市場領域的成長所抵消。

Looking to 2021, we expect continued growth with our enterprise and provider customers, combined with a solid cloud titan contribution.

展望 2021 年，我們預計我們的企業和供應商客戶將持續成長，同時雲端巨頭也將做出堅實的貢獻。

From a product perspective, we expect strength in adjacencies and software and services continue to make these areas a more meaningful contributor to the business over time.

從產品的角度來看，我們預計隨著時間的推移，鄰接以及軟體和服務的實力將繼續使這些領域對業務做出更有意義的貢獻。

We believe a combination of these trends, combined with favorable year-over-year comparatives allowed for a top line growth rate for the year which is in line with annual consensus growth rates of 14% to 15%.

我們相信，這些趨勢的結合，加上有利的同比比較，使得今年的營收成長率與 14% 至 15% 的年度共識成長率一致。

You should also note that our second half 2020 top line recovery will likely result in some deceleration in quarterly year-over-year growth rates as we move through 2021.

您還應該注意到，隨著 2021 年的到來，我們 2020 年下半年營收的復甦可能會導致季度同比增長率放緩。

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 making go-forward results-based investments in the business.

我們仍然致力於在業務中進行基於結果的前瞻性投資。

This includes continued go-to-market expansion to support enterprise and campus growth and investments in R&D to support innovation across the business.

這包括持續的市場擴張以支持企業和校園的發展，以及研發投資以支持整個業務的創新。

Finally, our outlook discussion above and our guidance for Q1 reflects our current understanding of COVID-19 and its impact on our business and supply chain.

最後，我們上面的展望討論和我們對第一季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 new 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新的挑戰。

With all of this as a backdrop, our guidance for the first quarter, which is based on non-GAAP results and excludes any noncash stock-based compensation impacts and other nonrecurring items, is as follows: revenues of approximately $630 million to $650 million, gross margin of 63% to 65%, operating margin of approximately 37%.

以此為背景，我們對第一季的指導（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 6.3 億至 6.5 億美元，毛利率為63%至65%，營業利益率約37%。

Effective tax rate is expected to be approximately 21.9% with diluted shares of approximately 80 million shares.

預計有效稅率約21.9%，稀釋後股份約8,000萬股。

I will now turn the call back to Charles.

我現在將把電話轉回給查爾斯。

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。

Operator, take it away.

接線員，把它拿走。

(Operator Instructions)

（操作員說明）

Your first question comes from Meta Marshall with Morgan Stanley.

你的第一個問題來自摩根士丹利的梅塔馬歇爾。

Great.

偉大的。

Maybe just a comment around -- you just announced the kind of macro segmentation, kind of security portfolio.

也許只是一個評論——你剛剛宣布了某種宏觀細分、某種安全投資組合。

Just as you're broadening out the campus portfolio, just other security features and functionalities that you think you will need or other partnerships that you think you'll need to expand upon to just kind of address that customer base that maybe the needs are different than the data center needs?

就像您正在擴大園區產品組合一樣，您認為需要的其他安全特性和功能，或者您認為需要擴展的其他合作夥伴關係，只是為了滿足可能需求不同的客戶群超過資料中心的需求？

Thanks, Meta.

謝謝，梅塔。

As you know, we've had a very robust set of partnerships, so we will be working on securing the network.

如您所知，我們擁有非常強大的合作夥伴關係，因此我們將致力於保護網路安全。

But protecting the network is only one aspect of the data center or campus.

但保護網路只是資料中心或園區的一方面。

You have to make sure you work with different types of firewall vendors.

您必須確保與不同類型的防火牆供應商合作。

You have to protect the cloud and the multi-cloud zones, you have to protect the devices and the identity.

您必須保護雲端和多雲區域，必須保護裝置和身分。

So macro segmentation has multiple fronts.

所以宏觀細分有多個戰線。

We enforce a lot of roles to our partnerships with firewall vendors, in particular Palo Alto networks, as well as others.

我們在與防火牆供應商（特別是帕洛阿爾托網路）以及其他供應商的合作夥伴關係中發揮了很多作用。

We enforce rules on the host with our partnership with VMware, especially.

我們尤其透過與 VMware 的合作來在主機上執行規則。

And then more recently, we've also done with our macro segmentation that Ken talked about, more and more identity mapping and enforcement with our partners like Forescout as well as Aruba, ClearPass and Okta.

最近，我們也與 Forescout、Aruba、ClearPass 和 Okta 等合作夥伴一起完成了 Ken 談到的宏觀細分、越來越多的身份映射和實施。

So the first thing I want to say is security is too important for just Arista to do.

所以我想說的第一件事是安全性對 Arista 來說太重要了。

We'll be securing and protecting the network and working with these partners.

我們將保護網路並與這些合作夥伴合作。

Looking ahead, we see other forms of security, too.

展望未來，我們也會看到其他形式的安全。

And I'd love for Ken or Anshul to comment.

我希望 Ken 或 Anshul 發表評論。

Because whether it is securing the network through segmentation and the many forms we talked about, but also more and more in the data center encryption capabilities and privacy, whether it's network-wide or hop-to-hop, and in the campus, bringing security all the way down to our wireless.

因為無論是透過分段以及我們談到的多種形式來保護網絡，而且還越來越多地在資料中心的加密能力和隱私方面，無論是全網還是逐跳，以及在校園中，帶來安全一直到我們的無線網路。

So Ken or Anshul, do you want to say something more about that?

那麼 Ken 或 Anshul，您想對此多說些什麼嗎？

Sure, Jayshree.

當然，傑什裡。

Helping our enterprise customers connect to the cloud is extremely important.

幫助我們的企業客戶連接到雲端非常重要。

And as we know, there's no one single way to connect your enterprise apps to these cloud apps.

據我們所知，沒有單一的方法可以將您的企業應用程式連接到這些雲端應用程式。

There are 1,000 different ways, whether it's express route, direct connect, different hops, meet me in the middle, different service providers.

有1000種不同的方式，無論是快速路線、直連、不同的跳躍、在中間遇見我、不同的服務提供者。

And we're quite focused on enabling more and more functionality there with different forms of tunneling, taking our baseline EVPN approach for enterprises and marrying it to what happens on the cloud side, different types of encryption channels and so on.

我們非常專注於透過不同形式的隧道實現越來越多的功能，採用我們為企業提供的基準 EVPN 方法，並將其與雲端發生的情況、不同類型的加密通道等結合起來。

Ken, anything you want to add?

肯，你還有什麼要補充的嗎？

Yes.

是的。

I just wanted to add that we -- our segmentation is simply the newest announcement that we've made in this area, but we have a robust portfolio of security features already, including hardware support for MACsec and IPsec to secure individual links, including multistage ACLs for advanced packet classification and several other features, wireless intrusion prevention.

我只是想補充一點，我們的分段只是我們在該領域做出的最新公告，但我們已經擁有強大的安全功能組合，包括對 MACsec 和 IPsec 的硬體支持，以保護各個鏈接，包括多級鏈接用於進階資料包分類和其他一些功能、無線入侵防禦的ACL。

So I think that customers are already able to build a fully secured network on Arista's solutions.

因此，我認為客戶已經能夠在 Arista 的解決方案上建立完全安全的網路。

That said, we'll, of course, be looking to partner in the future with anyone who can help us build a more secure solution.

也就是說，我們當然會在未來尋求與任何能夠幫助我們建立更安全的解決方案的人合作。

Your next question comes from Ryan Koontz with Rosenblatt Securities.

您的下一個問題來自羅森布拉特證券公司的 Ryan Koontz。

I wanted to ask you about the semi supply chain.

我想問你有關半供應鏈的問題。

You talked about building inventory in the quarter on key parts.

您談到了本季關鍵零件的庫存建設。

Can you give us a little more color on what's going on there?

你能給我們更多關於那裡發生的事情的資訊嗎？

We do hear about production capacity issues, and obviously, lead times are starting to stretch out.

我們確實聽說了產能問題，而且顯然，交貨時間開始延長。

You feel -- you give us some comfort -- you feel comfortable with your commitments from your suppliers and what you're seeing out there?

您覺得——您給了我們一些安慰——您對供應商的承諾以及您所看到的情況感到滿意嗎？

I appreciate it.

我很感激。

Sure.

當然。

Ryan, as we said, we have been constrained much of 2020, starting with March.

Ryan，正如我們所說，從 3 月開始，2020 年的大部分時間我們都受到了限制。

So this has been a real issue for the entire supply chain.

因此，這對整個供應鏈來說是一個真正的問題。

We have products with extremely large lead times that we plan ahead for and I would be remiss if I didn't say, while we have some great partners, that the semiconductor supply chain is still constrained.

我們有提前規劃的產品，其交貨時間非常長，如果我沒有說，雖然我們有一些優秀的合作夥伴，但半導體供應鏈仍然受到限制，那我就是失職了。

Ita and her team as well as Anshul and the team have taken some very important steps to build out our inventory for some of these long lead time components, but we could use a lot more parts than we still have.

Ita 和她的團隊以及 Anshul 和團隊已經採取了一些非常重要的步驟來為其中一些交貨時間較長的組件建立庫存，但我們可以使用比現有更多的零件。

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。

Jayshree, can you talk about what's driving your momentum in the enterprise?

Jayshree，您能談談是什麼推動了您在企業中的發展勢頭嗎？

Would you say it's more the product portfolio that's expanded?

您是否認為更多的是產品組合的擴展？

Or is it just the build-out of your sales and distribution infrastructure?

或者這只是您的銷售和分銷基礎設施的擴建？

Or maybe it's both?

或者也許兩者兼而有之？

Yes.

是的。

I think the simple answer, Jason, is it is both.

傑森，我認為簡單的答案是兩者兼具。

We've been making multiyear investments on both the product side, first of all, both in the data center but also going beyond the data center to different roles and use cases.

我們多年來一直在產品方面進行投資，首先是在資料中心，但也超越了資料中心的不同角色和用例。

And Anshul and Chris Schmidt and Ashwin and the team have been building out our capacity, both in the U.S. and internationally.

安舒爾、克里斯·施密特、阿什溫和團隊一直在美國和國際上增強我們的能力。

But I would say the third thing that's also clicking is our best-of-breed product capability.

但我想說的第三件事也是令人印象深刻的是我們同類最佳的產品能力。

It's one thing to invest in it, but customers are really resonating with a single.

投資是一回事，但客戶真正產生共鳴是一回事。

OS CloudVision being a huge differentiator; we just crossed over 1,000 CloudVision customers since we started shipping this product a few years ago.

CloudVision 作業系統是一個巨大的差異化因素；自從幾年前開始推出產品以來，我們剛剛跨越了 1,000 多個 CloudVision 客戶。

So I think the ability to not just build a great network, but to operate it, and for them to experience that quality of experience has made it much more complete.

因此，我認為不僅能夠建立一個偉大的網絡，而且能夠運作它，並讓他們體驗到這種體驗質量，這使得它更加完整。

So I would say, great products, great go-to-market and then a high-quality operation and experience.

所以我想說，偉大的產品，偉大的上市，然後是高品質的營運和體驗。

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。

Yes.

是的。

Thanks for the question.

謝謝你的提問。

I just wanted to ask about the verticals.

我只是想問一下垂直領域的問題。

With regards to providers, you guys beat that pretty solidly against our expectations, so maybe a little bit more color there.

至於供應商，你們的表現遠遠超出了我們的預期，所以可能會有更多的色彩。

And then cloud was a little bit weak.

然後雲有點弱。

And I'm just curious if you guys are still thinking you can grow cloud this year?

我只是好奇你們是否還認為今年可以發展雲？

And is it a single-digit growth rate, et cetera?

成長率是個位數嗎？等等？

Maybe you don't want to talk about that.

也許你不想談論這個。

But just curious what your thoughts are on cloud growth this year.

但只是好奇您對今年雲端成長的看法。

Right, Rod.

對吧，羅德。

Well, as you know, cloud has been tough for us and pretty volatile.

嗯，如您所知，雲端對我們來說一直很艱難，而且非常不穩定。

The visibility on cloud titans was very difficult last year.

去年，雲泰坦的能見度非​​常低。

On the other hand, as we've been telling you, we're starting to make good penetration in both Tier 2, Tier 3 service providers as well as our Tier 2 cloud providers.

另一方面，正如我們一直告訴您的那樣，我們開始在二級、三級服務提供者以及二級雲端提供者中取得良好的滲透。

So that has come up nicely to make up for some of the volatility in our titans.

因此，這很好地彌補了我們巨頭的一些波動性。

In terms of answering your question, one of the things we felt in Q4 we did achieve was we were firing on all 5 verticals and on all 3 sectors.

就回答你的問題而言，我們在第四季度確實實現的目標之一是我們在所有 5 個垂直領域和所有 3 個領域進行了射擊。

But because we had so much volatility in titans, overall in the year, we were down.

但由於泰坦的波動性太大，全年整體而言，我們的業績下滑。

And Anshul, you may want to add to that is that, in our view, there is no reflection on the strength and an intimacy of our preferred partnership with our cloud titans.

Anshul，您可能想補充一點，在我們看來，這並沒有反映出我們與雲端巨頭首選合作關係的強度和親密程度。

But we did have some delays in their qualification of 400-gig.

但他們的 400 場演出資格確實有一些延遲。

And in spite of all the new products we had, decisions took longer to happen.

儘管我們擁有所有新產品，但做出決定需要更長的時間。

Anshul, do you want to comment on that?

安舒爾，你想對此發表評論嗎？

Sure.

當然。

[Jason], our work with the cloud titans, collaboration, co-development, partnership is coming along fairly well, both for 400-gig as well as 200-gig.

[Jason]，我們與雲端巨頭的合作、共同開發、夥伴關係進展得相當順利，無論是 400 場還是 200 場。

We believe we will start to see these ramping second half of the year and we believe we will do well with the cloud.

我們相信我們將在今年下半年開始看到這些成長，我們相信我們將在雲端方面做得很好。

The cloud titan numbers for us are already large, so obviously you'll never have seen growth rates, but we believe our business will remain solid with them.

我們的雲端巨頭數量已經很大，所以顯然你永遠不會看到成長率，但我們相信我們的業務將保持穩定。

I was going to say on providers.

我本來想說的是供應商。

I don't know if you had any comment on that, but --?

我不知道你對此有何評論，但是——？

Providers are doing well for us.

提供者為我們做得很好。

They tend to be seasonal.

它們往往是季節性的。

It depends on when a provider is investing.

這取決於提供者何時進行投資。

So I think our specialty providers, some of them are coming back very strong, and they had less investments the prior year.

所以我認為我們的專業供應商，其中一些正在強勢回歸，而且他們前一年的投資較少。

And some of them are also recognizing that they need to be a specialty cloud, just as the name suggests, and not rely on the public cloud.

他們中的一些人也認識到，正如其名稱所示，他們需要成為專業雲，而不是依賴公有雲。

So it's a segment we are feeling more optimistic about.

所以這是我們感到更樂觀的部分。

Your next question comes from Amit Daryanani with Evercore.

您的下一個問題來自 Evercore 的 Amit Daryanani。

First of all, congrats on a really good quarter given all the craziness the year has had.

首先，恭喜您度過了一個非常好的季度，考慮到這一年所經歷的一切瘋狂。

I guess my question really is, as I think about the calendar '21 guide, March, I think, will be up 22%, 23% year-over-year.

我想我的問題實際上是，正如我對 21 年日曆指南的看法，我認為 3 月將年增 22%、23%。

And I think the full year guide is implied to be around 14%.

我認為全年指引值預計約為 14%。

Beyond the compares, could you just maybe talk about why do you think growth will decelerate as we go through the year, especially given the comments I think Anshul made about 400-gig ramping up in the back half?

除了比較之外，您能否談談為什麼您認為今年的成長會放緩，尤其是考慮到 Anshul 在下半年增加了 400 場演出的評論？

Yes.

是的。

Amit, I think it's really all about kind of if you look at the trend from last year, I mean, it was really a year of 2 halves, right?

阿米特，我認為如果你看看去年的趨勢，我的意思是，這確實是一個分為兩半的一年，對嗎？

You had some very constrained lower numbers in the first half.

上半場你的數據非常有限。

And then, obviously, we started to recover and exit the year with a very respectable revenue top line number.

然後，顯然，我們開始復甦並以非常可觀的收入數字結束這一年。

So a lot of it has to do with the comps.

所以很多事情都跟比較有關。

I think you have to think about it more this year, just in terms of progress as we move through the year than necessarily trying to target a particular year-over-year growth rate just because of how the volatility that we saw in 2020.

我認為今年你必須更多地考慮這一點，只是考慮到我們在這一年中取得的進展，而不是僅僅因為我們在 2020 年看到的波動而試圖設定特定的同比增長率。

And Amit, just to add to that, yes, we are confident of our position with cloud titans.

阿米特，補充一點，是的，我們對我們在雲端巨頭中的地位充滿信心。

But as you know, our near-term visibility is always better than our long term.

但如您所知，我們的近期能見度總是優於長期能見度。

So we'll know better as we go quarter-by-quarter.

因此，隨著每個季度的進展，我們會更加了解。

And I'm looking forward, Anshul, to you raising the forecast.

安舒爾，我期待您提高預測。

Amit, don't ask those questions again (laughter).

阿米特，不要再問這些問題了（笑聲）。

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。

I guess, first, perhaps for Jayshree or Anshul.

我想，首先，也許是為了 Jayshree 或 Anshul。

Could you help us understand where you stand in the value proposition with WiFi and SD-WAN?

您能否幫助我們了解您在 WiFi 和 SD-WAN 價值主張中的立場？

And I bring that up because a lot of your peers in the market will make much of what they are up to in both of those particular categories.

我之所以提出這一點，是因為市場上的許多同行都會充分利用他們在這兩個特定類別中所做的事情。

And then, I guess, secondarily, Ita, for you, could you perhaps frame for us a bit about the magnitude of the revenue left on the table in the fourth quarter?

然後，我想，其次，伊塔，您能否為我們介紹一下第四季度剩餘收入的規模？

And to what extent that's a factor in your first quarter guidance as well?

這在多大程度上也是您第一季指導的因素？

Okay, Jeff, we'll try to address your 2-part question.

好的，傑夫，我們將嘗試解決您的兩部分問題。

We'll do our best.

我們會盡力而為。

So specific to WiFi, we view this as a very important component of our overall cognitive workspaces portfolio, but we are not competing directly with Cisco or Aruba or anybody else on the controller-based, traditional WiFi architecture.

具體到 WiFi，我們將其視為我們整體認知工作空間組合的一個非常重要的組成部分，但我們不會在基於控制器的傳統 WiFi 架構上與思科、Aruba 或任何其他人直接競爭。

So our approach to WiFi has been very much like our approach to optics.

因此，我們的 WiFi 方法與我們的光學方法非常相似。

We're not an optical vendor, but we view WiFi and optics as an accessory to provide that cognitive inference, AI-driven architecture so that you can seamlessly connect across wired and WiFi.

我們不是光學供應商，但我們將 WiFi 和光學視為提供認知推理、人工智慧驅動架構的配件，以便您可以跨有線和 WiFi 無縫連接。

So CloudVision supports wired and WiFi.

所以CloudVision支援有線和WiFi。

We have a unified edge that supports wired and WiFi.

我們擁有支援有線和 WiFi 的統一邊緣。

Our WiFi will lead to migration as customers may need into LTE or 4G or 5G.

我們的 WiFi 將根據客戶可能需要遷移到 LTE、4G 或 5G。

So to us, WiFi is almost a technology and a feature, not a market segment.

所以對我們來說，WiFi幾乎是一項技術和一項功能，而不是一個細分市場。

But it's critical to bringing our wired, wireless, unified leaf/spine architecture that we extended from the data center into the campus.

但將我們從資料中心擴展到園區的有線、無線、統一葉/主幹架構至關重要。

So I think our competitors are looking at it more traditionally, and we're looking at modern workspaces.

所以我認為我們的競爭對手正在以更傳統的方式看待它，而我們正在尋找現代的工作空間。

As for SD-WAN, we've been very clear that we are not in that market space.

至於SD-WAN，我們非常清楚我們不屬於這個市場空間。

We look at some of the SD-WAN attributes as features and an extension of our WAN routing.

我們將某些 SD-WAN 屬性視為 WAN 路由的功能和擴充。

So -- but other than that, we're not in that low end market where we're supplying branch offices to SMBs like VeloCloud or Meraki might.

因此，但除此之外，我們並不處於低端市場，我們可能會向 VeloCloud 或 Meraki 等中小型企業提供分店。

Your next question comes from Sami Badri with Crédit Suisse.

您的下一個問題來自瑞士信貸銀行的薩米·巴德里（Sami Badri）。

My question has more to do with quantification of the campus switching or enterprise opportunity.

我的問題更與校園轉換或企業機會的量化有關。

Would you be able to give us kind of a quantified number or revenue run rate that you guys came in at as of 4Q 2020?

您能給我們提供截至 2020 年第四季的量化數字或收入運行率嗎？

And Jayshree, I think before, you have guided us to where you want to be at some point from a run rate basis.

Jayshree，我認為之前，您已經從運行率的基礎上引導我們到達您想要達到的目標。

Has that time line accelerated?

時間軸是否加速了？

Or has it contracted?

還是已經收縮了？

Sami, I think we told you we wanted to achieve at least $100 million in 2020, and we certainly achieved that.

Sami，我想我們告訴您我們希望在 2020 年實現至少 1 億美元的目標，我們確實實現了這一目標。

In fact, we exceeded it.

事實上，我們已經超越了它。

And our goal is to double that in this year, and we'll give you more quantification as the year progresses.

我們的目標是今年將其增加一倍，隨著時間的推移，我們將為您提供更多的量化數據。

So we're on track.

所以我們步入正軌。

We're executing well.

我們執行得很好。

I won't say it's changed dramatically.

我不會說它發生了巨大的變化。

Obviously, COVID has slowed down some of the large campus decision-making, but I think it's going to get better.

顯然，新冠疫情減緩了一些大型校園決策的速度，但我認為情況會變得更好。

Your next question comes from Paul Silverstein with Cowen.

您的下一個問題來自保羅·西爾弗斯坦和考恩。

Just a clarification and question.

只是一個澄清和問題。

The clarification, Ita, I take it is basic math that Facebook for the full year was less than $230 million; maybe meaningfully less, but it certainly wasn't more.

澄清一下，Ita，我認為這是基本數學，Facebook 全年收入不到 2.3 億美元；也許有意義地減少了，但肯定也沒有增加。

If I did the math correctly, that would be down over 40%.

如果我計算正確的話，會下降 40% 以上。

I'm just wondering, hoping you could confirm that, if not tell us what it was.

我只是想知道，希望你能證實這一點，如果不告訴我們那是什麼。

And then the question would be for Jayshree and the rest of the team.

接下來的問題將是針對 Jayshree 和團隊其他成員的。

Jayshree, when you talk about your entrée into these various ancillary markets, whether fabric monitoring, automation, et cetera.

Jayshree，當您談到您進入這些不同的輔助市場時，無論是織物監控、自動化等等。

I think you gave us the breakdown, which I appreciate, in terms of the contribution of revenue.

我認為您向我們提供了收入貢獻方面的詳細信息，我對此表示讚賞。

But any thoughts on what type of growth?

但對於什麼類型的成長有什麼想法嗎？

I suspect some news like fabric monitoring are coming off essentially from ground zero.

我懷疑像織物監測這樣的新聞基本上是從零開始的。

You've just did the Big Switch acquisition, albeit I think you had a presence with monitoring for a while now.

您剛剛完成了 Big Switch 的收購，儘管我認為您從事監控業務已經有一段時間了。

But any sense you can give us for what type of growth you're looking at outside of data center switching with as much granularity as you can stomach?

但是，您能告訴我們您在資料中心交換之外以您能接受的粒度進行哪種類型的增長嗎？

Yes, Paul, just to close off on the Facebook.

是的，保羅，只是為了關閉 Facebook。

I mean, they were 16.6% of revenue last year.

我的意思是，它們佔去年收入的 16.6%。

And obviously, they're down below 10% this year.

顯然，今年這一數字已降至 10% 以下。

So I think that gives you something to work with, right?

所以我認為這給了你一些可以合作的東西，對嗎？

And Paul, as you know, they're 2 types of software.

保羅，如你所知，它們是兩種類型的軟體。

There's the perpetual licenses, where we do do some monitoring with what we call DANZ, Data AnalyZer, that's built-in with our switches and routers.

有永久許可證，我們可以使用我們所說的 DANZ、Data AnalyZer 進行一些監控，它內建在我們的交換器和路由器中。

And then there's the subscriptions.

然後是訂閱。

So unlike many of our peers, we're not just converting perpetual into subscription.

因此，與我們的許多同行不同，我們不僅僅是將永久轉換為訂閱。

Our subscription-based software is really new markets, new markets like our Big Switch, DANZ monitoring fabric, CloudVision, obviously multi-cloud U.S. router.

我們基於訂閱的軟體確實是新市場，像我們的 Big Switch、DANZ 監控結構、CloudVision、顯然是多雲美國路由器這樣的新市場。

And then we're very, very excited about the recent acquisition of Awake Security.

我們對最近收購 Awake Security 感到非常非常興奮。

So the revenue will trail the subscriptions but -- and they're obviously starting off with small numbers, so it would be remiss if we didn't grow double digits on those small numbers.

因此，收入將落後於訂閱量，但是——而且他們顯然是從很小的數字開始的，所以如果我們沒有在這些小數字上實現兩位數的增長，那將是失職。

We expect to grow much faster than our 14% to 15% annual growth that Ita described.

我們預計成長速度將遠高於 Ita 描述的 14% 至 15% 的年增長率。

And we'll leave it at that when we show our execution.

當我們展示我們的執行力時，我們將保留這一點。

Any thoughts for what that could be in dollar contribution?

對於美元貢獻可能有什麼想法嗎？

Well, what I did say is between A-Care services, software renewals and all of these softwares, we expect it to be in the 25% range looking ahead.

嗯，我所說的是 A-Care 服務、軟體更新和所有這些軟體，我們預計未來它會在 25% 的範圍內。

And again, I think it's important to think of that as trends, not exact revenue, because revenue lags the bookings.

再說一遍，我認為重要的是要將其視為趨勢，而不是確切的收入，因為收入落後於預訂。

Your next question comes from James Fish with Piper Sandler.

您的下一個問題來自詹姆斯·菲什和派珀·桑德勒。

Congrats on the quarter.

恭喜本季。

Just actually wanted to go off of Rod's question before.

之前其實只是想迴避羅德的問題。

Appreciate the year-end disclosure, but I'm curious if you could actually talk about what did happen with your second largest historical customer on why it was cut by somewhere around 50%.

感謝年終披露，但我很好奇你是否能真正談論一下你的第二大歷史客戶發生了什麼，以及為什麼它被削減了 50% 左右。

Even backing out the deferred haircut, it's still a pretty massive cut.

即使取消推遲的髮型，這仍然是一個相當大的削減。

And related to this, it would imply that, given the cloud vertical exposure that you had an uptick up, which I'm guessing was for Q4, not just the entire year, but that another large hyperscaler actually had some strength underneath.

與此相關的是，這意味著，考慮到雲端垂直曝光度有所上升，我猜這是第四季度的情況，而不僅僅是全年，而且另一家大型超大規模企業實際上擁有一定的實力。

So just kind of curious if you can walk us through the cloud titans vertical more specifically.

因此，我很好奇您是否可以更具體地帶領我們了解雲端巨頭的垂直領域。

Sure, James.

當然，詹姆斯。

First of all, our cloud titan verticals consists of only the major cloud-scale customers, right?

首先，我們的雲端巨頭垂直市場僅由主要的雲端規模客戶組成，對嗎？

And we list them, but they are your usual suspects that you know.

我們列出了它們，但它們是您所知道的常見嫌疑犯。

So we do have other cloud titan customers besides Microsoft and Facebook, to clarify your question.

因此，除了微軟和 Facebook 之外，我們還有其他雲端巨頭客戶，可以澄清你的問題。

Facebook, we've discussed a lot in the past.

Facebook，我們過去討論過很多。

As you know, they had a change in their product line where they skipped a service cycle.

如您所知，他們對產品線進行了更改，跳過了服務週期。

And we saw the loss of that, especially in second -- late 2019 and also much of 2020.

我們看到了這種損失，尤其是在第二年——2019 年末以及 2020 年的大部分時間。

So we're looking forward to it coming back.

所以我們期待它的回歸。

Anshul, do you want to add anything more to that on --?

Anshul，您還想補充什麼嗎—？

Jayshree, that's it.

傑什裡，就是這樣。

We've been fairly transparent with what happened there on the CT cycle, changing their plans for deployments and so on.

我們對反恐週期中發生的事情相當透明，改變了他們的部署計畫等等。

And I think actually everything worked out, as we had stated almost 4 quarters ago.

我認為實際上一切都很順利，正如我們在四個季度前所說的那樣。

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。

Great quarter.

很棒的季度。

So just maybe a quick follow-up on the supply disruptions.

因此，也許只是對供應中斷進行快速跟進。

Can you provide more detail around sort of the nature of the disruption you experienced?

您能否提供有關您所經歷的中斷的性質的更多詳細資訊？

And what I mean by that is, can you comment on sort of the magnitude of the impact in the quarter?

我的意思是，您能否評論一下本季影響的程度？

What it might look like in the first quarter, maybe the sector where you're seeing more of an exposure and maybe timing around your ability to recover those lost sales?

第一季可能會是什麼樣子，也許您看到更多的風險敞口，也許您有能力恢復銷售損失的時機？

Yes.

是的。

I mean I think, look, it's more of an extended lead time environment than it is anything else, right?

我的意思是，我認為，看，這更像是一個延長交貨時間的環境，而不是其他任何東西，對嗎？

And we're working very closely with customers to make sure that we're not losing business, right, that we're actually planning carefully with them and prioritizing what's most important to them, right?

我們正在與客戶密切合作，以確保我們不會失去業務，對吧，我們實際上正在與他們仔細規劃並優先考慮對他們來說最重要的事情，對吧？

But I think we had hoped, if we talked this time last quarter, we had hoped to see more of a recovery in the fourth quarter than we did just because we saw more COVID-related disruptions around -- we lost some manufacturing capacity on and off because of COVID activities in different locations.

但我認為，如果我們在上個季度的這個時候進行討論，我們曾希望在第四季度看到比我們所做的更多的復甦，因為我們看到了更多與新冠病毒相關的干擾——我們失去了一些製造能力，由於不同地點的新冠疫情活動而關閉。

The supply chain, some of the suppliers into that supply chain, saw that as well, right?

供應鏈，該供應鏈中的一些供應商也看到了這一點，對嗎？

So it's just -- I don't know that it's that's different to where we have been.

所以這只是——我不知道這與我們之前的情況有何不同。

And as we head into Q1, I think we're in a similar position.

當我們進入第一季時，我認為我們處於類似的境地。

So there's no great disruption to the numbers, I think, coming out of changes in that environment.

因此，我認為，這種環境的變化不會對數字造成太大影響。

We just didn't make maybe as much progress as we would have liked, right?

我們只是沒有取得我們希望的那麼多進展，對嗎？

So we're continuing to just stay close to customers and prioritize, but we're also trying to make sure we don't lose business as part of that.

因此，我們將繼續與客戶保持密切聯繫並確定優先順序，但我們也努力確保我們不會因此而失去業務。

And I just want to acknowledge that the manufacturing team, led by John McCool, is doing a really good job with Anshul's leadership.

我只想承認，由 John McCool 領導的製造團隊在 Anshul 的領導下做得非常好。

We're doing the best we can, but we haven't recovered.

我們已經盡力了，但還沒恢復過來。

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。

Great.

偉大的。

I guess, Jayshree, you guys have strong results in enterprise, and that's good to see.

我想，Jayshree，你們在企業方面取得了出色的成果，這是很高興看到的。

But you did mention campus sales cycles are probably still a bit long.

但您確實提到校園銷售週期可能仍然有點長。

But when we focus on the overall data center part of enterprise, I just wanted to check, like how are you -- what are you seeing in terms of drivers of growth there?

但是，當我們關注企業的整體資料中心部分時，我只是想檢查一下，例如您如何看待那裡的成長驅動因素？

Is it more of a land and expand with the existing customers?

它是否更像是一塊土地並與現有客戶一起擴展？

Or are you -- what momentum are you seeing in relation to new logos on the core data center part of the enterprise customer base there?

或者您認為企業客戶群的核心資料中心部分的新標誌有什麼動力？

Yes.

是的。

Actually, Samik, that's a really good question.

事實上，Samik，這是一個非常好的問題。

Many enterprise customers are looking at us as the thought leader on how they should proceed with their workloads in the cloud.

許多企業客戶將我們視為他們應如何在雲端處理工作負載的思想領袖。

So I think by virtue of being consultative with them, what we're finding is some workloads move to the cloud, but many of them end up creating more data center capability that they need for some of their premise workloads.

因此，我認為，透過與他們協商，我們發現一些工作負載轉移到了雲端中，但他們中的許多人最終創建了他們的一些前提工作負載所需的更多資料中心功能。

So this enterprise number that we are sharing absolutely includes more than campus.

所以我們分享的這個企業號絕對不只包括校園。

It includes existing customers, land and expand as well as new logos.

它包括現有客戶、土地和擴張以及新徽標。

We had one of our best ever quarters on not only new customer logos but million dollar customers.

我們經歷了有史以來最好的季度之一，不僅在新客戶識別方面，而且在百萬美元客戶方面。

So you can imagine that wasn't just campus, and so there was a lot of data center in there.

所以你可以想像這不只是校園，那裡還有很多資料中心。

Your next question comes from Fahad Najam with MKM Partners.

您的下一個問題來自 MKM Partners 的 Fahad Najam。

I had a big picture question on architectures.

我有一個關於架構的大問題。

We often hear from the cloud hyperscale operators talking about 800-gig and using silicon photonics to expand the search Redis in order to reduce the number of layers in their data centers' network.

我們經常聽到雲端超大規模營運商談論 800 GB 並使用矽光子學來擴展搜尋 Redis，以減少資料中心網路的層數。

How should we think about that impacting your revenue outlook from your hyperscale customers?

我們該如何看待這對超大規模客戶的收入前景的影響？

Should they achieve expanding the Redis architecture that they're talking about today?

他們是否應該擴展他們今天討論的 Redis 架構？

Yes.

是的。

Just before I hand it to Anshul, he's perfect to answer this, we believe Arista is #1 today in both 100-gig and 400-gig, including 200, right?

就在我將其交給 Anshul 之前，他非常適合回答這個問題，我們相信 Arista 今天在 100 場和 400 場（包括 200 場）方面均排名第一，對吧？

And the 100-gig market is easily 40x bigger than the 400-gig.

100G 市場輕鬆比 400G 市場大 40 倍。

And anybody planning 800-gig is typically doing so in a much longer term, especially for optics, right?

任何計劃 800 場演出的人通常都會從長遠來看這樣做，特別是對於光學器件，對嗎？

So in general, if you just step back and look at 400-gig, the quals have shifted out by a year, and we expect production mainly in the second half.

因此，總的來說，如果你退後一步看看 400 場演出，你會發現品質已經推遲了一年，我們預計生產主要在下半年。

So we're still in a world of 100, 200 and 400-gig, I believe, this year.

所以我相信今年我們仍然處於 100、200 和 400 場演出的世界。

But Anshul, do you have some more color?

但是安舒爾，你還有更多顏色嗎？

Absolutely.

絕對地。

Fahad, your question is right on point, but it is a sort of a futuristic discussion because this is not something that's going to happen in the next 1 or 2 years.

Fahad，你的問題是正確的，但這是一種未來主義的討論，因為這不會在未來一兩年內發生。

Customers always like to collapse layers in the network because that is significant saving on cost and power.

客戶總是喜歡折疊網路中的層，因為這可以顯著節省成本和電力。

At the same time, their business teams would like larger clusters, which results in adding layers.

同時，他們的業務團隊希望擁有更大的集群，這會導致層數的增加。

And as a result of that, you have a balance there.

因此，你就達到了平衡。

Then as you may know, our largest switch can support 230 terabits of throughput in a single switch.

如您所知，我們最大的交換器可以在單一交換器中支援 230 太比特的吞吐量。

And for some of these large cloud titans, that's still not big enough.

對於其中一些大型雲端巨頭來說，這仍然不夠大。

They would like bigger to save one more layer of the network.

他們希望更大以節省網路的一層。

So we're constantly engaged in these discussions.

所以我們一直在參與這些討論。

As we move from 50-gig SerDes, which is where we are today, in a 400-gig world, to 100-gig SerDes, some of these architectural points will come up.

當我們從 50-g SerDes（也就是我們今天所處的 400-g 世界）轉向 100-g SerDes 時，其中一些架構點將會出現。

But I think, by the end this really hits, it may be when 224-gigs SerDes come out, That's at least 6 years out, maybe 5, but it's really hard to predict that.

但我認為，到最後這一切真正到來時，可能是 224-gigs SerDes 出現的時候，那至少需要 6 年，也許 5 年，但這真的很難預測。

And that's when I think you'll see some of these changes.

我想那時你會看到其中一些變化。

That's very visionary.

這是非常有遠見的。

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。

I wanted to see if you could touch on the routing use cases.

我想看看您是否可以談談路由用例。

You mentioned in the prepared remarks the expansion of feature sets.

您在準備好的評論中提到了功能集的擴充。

And I appreciate that there's a bit of a spectrum between switching and routing.

我很欣賞交換和路由之間存在著一定的範圍。

But if you can give us a little bit more color in terms of the revenue that this is contributing as well as your outlook for the growth in these, maybe wide area network and routing functional cases within your data center deployments?

但是，如果您能給我們更多關於這所貢獻的收入以及您對這些成長的展望，也許是資料中心部署中的廣域網路和路由功能案例？

Sure.

當然。

Simon, I think, as you know, this is a very important part of our adjacency.

西蒙，我認為，正如你所知，這是我們毗鄰關係的一個非常重要的部分。

And I would sort of describe our success in routing in 3 areas.

我想從三個方面描述我們在路由方面的成功。

There are very specific use cases in service providers.

服務提供者有非常具體的用例。

We were doing very well, especially with routing and residential edge and bringing that edge capability for mobile edge or EVP and edge, et cetera.

我們做得非常好，特別是在路由和住宅邊緣以及為移動邊緣或 EVP 和邊緣等帶來邊緣功能。

Then there's a second, which is an extension of our data center where we go into peering points, and these could be cloud providers, but they could also be enterprises in conjunction with service providers.

然後是第二個，它是我們資料中心的擴展，我們在那裡進入對等點，這些點可以是雲端供應商，但它們也可以是與服務提供者結合的企業。

And then there's a third, which is building the telco cloud itself, where many people are looking -- many customers are looking to build the same cloud-like principles inside their service provider network.

然後還有第三個，它正在建立電信雲端本身，許多人都在關注這一點 - 許多客戶都希望在其服務提供者網路內建立相同的類似雲端的原則。

Anshul, do you want to add something more to that?

Anshul，您還想增加更多內容嗎？

Jayshree has pretty much said it.

Jayshree 已經說了很多了。

Everything outside the data centers, the cloud connecting to the backbone, backbone to the Internet, the Internet connecting to peering points, and then to the service providers and their customers.

資料中心以外的一切，雲端連接到主幹網，主幹網路連接到互聯網，互聯網連接到對等點，然後連接到服務提供者及其客戶。

I think we're actually doing fairly well, marching along that journey.

我認為我們實際上做得相當好，沿著這條路前進。

There's a lot that has been done.

已經做了很多事情。

There's still a lot more to be done, but I think we'll do very well keep growing in that space.

還有很多工作要做，但我認為我們會在這個領域繼續成長，做得很好。

Any quantification you can offer?

您可以提供任何量化嗎？

As we said in the opening remarks, our goal is, together with campus, for this adjacent sector to be 10% to 15% of our business, looking forward.

正如我們在開場白中所說，我們的目標是與校園一起，讓這個相鄰部門占到我們業務的 10% 到 15%，並展望未來。

And also remember, we struggle a little bit with how to count routing.

也要記住，我們在如何計算路由上遇到了一些困難。

So we try to be very disciplined about counting routing only when there's routing.

因此，我們嘗試非常嚴格地僅在存在路由時才對路由進行計數。

So if it's combined with switching, it still goes into core.

所以如果它與交換結合起來，它仍然進入核心。

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.

恭喜本季。

I apologize to go back to this, but in the context of kind of your guidance and the discussion around your second largest customer, I'm just curious how you've thought about the move to this next-generation server cycle with Ice Lake and AMD's Milan.

我很抱歉回到這個主題，但是在您的指導和圍繞您的第二大客戶的討論的背景下，我只是好奇您如何考慮向 Ice Lake 和下一代伺服器週期的轉變AMD的米蘭。

And also in the context of that second largest customer giving a CapEx guide that looks like it's up about 40% year-over-year.

而第二大客戶提供的資本支出指南看起來比去年同期成長了約 40%。

How did you factor that into your outlook commentary for the full year?

您如何將這一點納入全年展望評論中？

Or is that something that you consider, hey, let's see if this CapEx guide comes to fruition and I'd rather take a conservative view on how that filters into the Arista business?

或者這是您考慮的事情，嘿，讓我們看看這個資本支出指南是否能夠實現，我寧願對它如何滲透到 Arista 業務採取保守的看法？

Just curious how you thought about that?

只是好奇你怎麼想的？

Aaron, I think that's an excellent question.

亞倫，我認為這是一個很好的問題。

Given we got burned the last time on some of the forecasts, and -- we do think that we are going to take a much more pragmatic view.

鑑於我們上次對一些預測感到失望，而且——我們確實認為我們將採取更務實的觀點。

And our view is really that it's a multiyear spend, not just in 2021.

我們的觀點是，這確實是一項多年支出，而不僅僅是 2021 年的支出。

So there's clearly going to be some good CapEx improvement from 2020 to 2021 specifically, but we're not counting at all for this year.

因此，從 2020 年到 2021 年，資本支出顯然會出現一些良好的改善，但我們今年根本沒有考慮這一點。

Just to be clear, remind me again of how your business trails kind of server cycle again?

需要澄清的是，再次提醒我您的業務如何再次追蹤伺服器週期？

Yes.

是的。

That's a good question.

這是個好問題。

Anshul, why don't you describe that?

安舒爾，為什麼不描述一下呢？

Aaron, what I would say here is, do not try to correlate us short term to any cloud titan spend because they can spend their CapEx in many different ways.

亞倫，我在這裡想說的是，不要試圖將我們的短期支出與任何雲端巨頭的支出聯繫起來，因為他們可以透過多種不同的方式支出資本支出。

And it's only correlated to our business in the long term, never the short term.

它只與我們的業務長期相關，與短期無關。

And typically, there's a lag of a few quarters, right?

通常，會有幾個季度的滯後，對嗎？

So the CapEx can be building, cooling, air conditioning, server, storage before we think of the network.

因此，在我們想到網路之前，資本支出可以是建築、冷卻、空調、伺服器、儲存。

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。

Yes, just one if I could.

是的，如果可以的話，就一個。

Could you talk a little bit about when we're starting to think about these adjacencies and the service and software lines, how are you thinking about getting to those -- growth out of those areas and those splits of the business that you talked about as far as kind of cross-selling the core portfolio and the existing customers.

您能否談談我們何時開始考慮這些鄰接關係以及服務和軟體產品線，您如何考慮實現這些領域的成長以及您所說的業務分割就交叉銷售核心產品組合和現有客戶而言。

I would assume switch to routing is pretty synergistic, but could you talk a little bit about how much you're expecting to cross-sell into new campus customers, new software customers, or what might be some new growth areas outside of where the core products are really strong?

我認為切換到路由具有很強的協同作用，但是您能否談談您期望向新園區客戶、新軟體客戶進行多少交叉銷售，或者核心業務之外的一些新增長領域？產品真的很強嗎？

Yes.

是的。

No, Tim, that's a really good question.

不，提姆，這是一個非常好的問題。

I think we will rely very much on our sales force and our strength with our existing customers to achieve adjacency in campus.

我認為我們將非常依賴我們的銷售團隊以及我們與現有客戶的實力來實現校園內的毗鄰。

And the same is true for routing as well.

路由也是如此。

It's a very natural way to go because it's a directed sale for large big bets and segments of customers.

這是一種非常自然的方式，因為它是針對大額賭注和客戶群的定向銷售。

However, we will complement that.

不過，我們會對此進行補充。

So while in adjacencies we'll rely on our 7,000 or more customers, in the case of campus, we're spending a lot of time and energy on how to augment that with channels and partner distribution.

因此，雖然在鄰近地區，我們將依賴 7,000 名或更多客戶，但就園區而言，我們花費了大量時間和精力來研究如何透過通路和合作夥伴分銷來增強這一點。

And in the case of software and subscription services, it's not always connected.

就軟體和訂閱服務而言，它並不總是連接的。

So Anshul and the team are putting a fair amount of effort on not really just hiring salespeople, but creating systems engineering expertise.

因此，Anshul 和團隊投入了大量精力，不僅在招募銷售人員，而且在培養系統工程專業知識上。

So building that expertise for DMS, building that for Awake is an important aspect because often, they may be the same customer, but they may be a different decision maker.

因此，為 DMS 和 Awake 建立專業知識是一個重要方面，因為通常他們可能是同一客戶，但他們可能是不同的決策者。

So that go-to-market is a little more nuanced for the software and subscription, but somewhat similar for the adjacency.

因此，軟體和訂閱的上市有點微妙，但鄰接的情況有些相似。

Your next question comes from Alex Henderson with Needham.

您的下一個問題來自 Alex Henderson 和 Needham。

I was hoping you could talk a little bit about the emergence of code as infrastructure, the CICD pipelining of micro services, edge compute and how that's going to change traffic patterns and purchasing of your products over time, and particularly around the implication of the service mesh at the edge.

我希望您能談談程式碼作為基礎設施的出現、微服務的 CICD 管道、邊緣運算，以及隨著時間的推移，這將如何改變流量模式和產品購買，特別是圍繞服務的含義邊緣處有網格。

I would think that your -- you've been talking about points in the cloud and places in the cloud for a really long time.

我認為您已經談論雲中的點和雲中的位置很長時間了。

And this architectural change effectively makes individuals and applications simply points in the cloud if we play out that strategy.

如果我們實施該策略，這種架構變更將有效地使個人和應用程式簡單地指向雲端。

And therefore, data and [IT] protection becomes critical.

因此，資料和 [IT] 保護變得至關重要。

So how are you thinking about those aspects of the emergence and adoption of Kubernetes, microservices, CICD pipelining and the like impacting your business?

那麼，您如何看待 Kubernetes、微服務、CICD 管道等的出現和採用對您的業務的影響？

I don't know if Ken is still on the line to address this in more detail.

我不知道 Ken 是否還在線上更詳細地解決這個問題。

But I think, in general, we believe a data-driven network coming to the edge, whether the sources are multi-cloud, wireless, 4G, 5G, WAN, Kubernetes, et cetera, is very relevant to the way we develop our software.

但我認為，總的來說，我們相信數據驅動的網路即將走向邊緣，無論來源是多雲、無線、4G、5G、WAN、Kubernetes 等，都與我們開發軟體的方式非常相關。

Ken, you want to add a little more?

肯，你想補充一點嗎？

Yes.

是的。

Sure.

當然。

No, I think that we're very well aware of those directions, and we're maximizing our relevance there in a couple of ways.

不，我認為我們非常了解這些方向，我們正在以多種方式最大限度地發揮我們的相關性。

The first is, what's required for that whole computing model for scaling out your application horizontally across Kubernetes is a uniform physical networking fabric.

首先，為了跨 Kubernetes 水平擴展應用程序，整個計算模型需要一個統一的實體網路結構。

You need low latency from physical edge to physical edge, regardless of where the Kubernetes questers are deployed.

無論 Kubernetes 查詢器部署在何處，您都需要從實體邊緣到實體邊緣的低延遲。

And you need to be able to deploy them in a lot of different places, like you mentioned with edge compute.

您需要能夠將它們部署在許多不同的地方，就像您在邊緣運算中提到的那樣。

Also some enterprises need to be on-premises for various reasons but want the same application architecture that they use in the cloud as well.

此外，有些企業出於各種原因需要在本地部署，但也希望在雲端中使用相同的應用程式架構。

And so there's a need to have this same sort of repeatable rollout process of the underlying infrastructure for those Kubernetes-based environments, whether it's on-prem, edge compute or in the cloud.

因此，對於那些基於 Kubernetes 的環境，無論是在本地、邊緣運算或雲端中，都需要對底層基礎架構進行相同類型的可重複部署程序。

And that's what we've achieved with CloudVision studios.

這就是我們透過 CloudVision 工作室所取得的成就。

So I don't know if we've talked about this much in the context of the earnings call, but CloudVision studios enables us to enable our customers to create automation frameworks so they can easily spin up new fabric deployments, new pods and absolutely with supporting Kubernetes in mind.

因此，我不知道我們是否在財報電話會議中討論了這麼多，但 CloudVision 工作室使我們能夠讓我們的客戶創建自動化框架，以便他們可以輕鬆啟動新的結構部署、新的 Pod，並且絕對可以使用牢記支持Kubernetes。

And this is probably a great topic for Analyst Day, Alex, but stay tuned for more here.

亞歷克斯，這可能是分析師日的一個很好的話題，但請繼續關注這裡的更多內容。

Your next question comes from Jon Lopez with Vertical Group.

您的下一個問題來自 Vertical Group 的 Jon Lopez。

Ita, I was wondering if you could just talk a second about deferred.

Ita，我想知道你是否可以談談延期。

The short term in deferred was like really, really strong, best in multiple years.

延期的短期非常非常強勁，是多年來最好的。

And I'm wondering what was in that, whether Awake had any influence on that?

我想知道那裡面是什麼，Awake 是否對此有任何影響？

And then I think within that, you talked about perhaps some product deferred in there.

然後我想，在這之中，您可能談到了其中推遲的一些產品。

And I was just wondering if you could talk to us about maybe when that layers in, so we don't get tripped up, which happened a couple of years back.

我只是想知道你是否可以和我們談談也許什麼時候加入，這樣我們就不會被絆倒，這發生在幾年前。

So sorry for that, but can you just maybe discuss all those things quickly?

對此深感抱歉，但是您能快速討論一下所有這些事情嗎？

I mean the driver in the uptick in Q4 was really around services and services renewals, right?

我的意思是，第四季度成長的驅動因素實際上是服務和服務續訂，對嗎？

I mean Q4 is a big -- typically a fairly large renewal quarter, and we had some larger customers renew, prior period renewals of services.

我的意思是，第四季度是一個很大的——通常是一個相當大的續訂季度，我們有一些較大的客戶續訂了前期的服務續約。

That's by far the biggest driver.

這是迄今為止最大的驅動力。

There's a little bit of product, but it is small.

產品有一點點，但是很小。

Just pure new customer, new product stuff, but that's a much, much smaller part of it, right?

只是純粹的新客戶、新產品，但這只是其中非常非常小的一部分，對嗎？

It's really more about services and the services.

這實際上更多的是關於服務和服務。

And Awake is too small and too early to call that number.

Awake 的規模太小，而且撥打這個號碼還太早。

Your next question comes from George Notter with Jefferies.

你的下一個問題來自傑弗里斯的喬治·諾特。

(technical difficulty) on for George.

（技術難度）對喬治來說。

Just wanted to get your thoughts on how you see customers deploying 400-gig.

只是想了解您對客戶部署 400 千兆位元的看法。

And do you think there's an opportunity to upgrade some of the 100-gig installed base to 400-gig in the early stages?

您認為早期階段是否有機會將部分 100 GB 的安裝基礎升級到 400 GB？

Or will much of the initial 400-gig ramp be coming from net new port growth?

或者最初的 400 吉比特增長中的大部分將來自新港口的淨增長？

Well, I think, George, I've always said this, there's a strong correlation, especially with our cloud customers on 100- and 400-gig being tied.

嗯，我想，喬治，我總是這麼說，兩者之間存在著強烈的相關性，尤其是我們的 100 和 400 千兆雲端客戶是緊密相連的。

As you move to a 400-gig spine, you still need a lot of 100-gig tributaries.

當您遷移到 400g 主幹時，您仍然需要大量 100g 支路。

And in the past, that -- besides COVID, we haven't had effective available optics.

在過去，除了新冠病毒之外，我們還沒有有效的可用光學元件。

I think all of that is shifted 400-gig by a year, but this is a year we really feel 400-gig will be deployed, especially in the second half.

我認為所有這些都將每年增加 400 台，但今年我們確實認為將部署 400 台，特別是在下半年。

Just to give this in context, while we have over 7,000 customers, we have about 75 customers already deploying 400-gig in some fashion.

只是為了說明這一點，雖然我們有 7,000 多個客戶，但我們有大約 75 個客戶已經以某種方式部署了 400 千兆位元。

So it's about 1% or less than 1% of our aggregate base.

所以它大約占我們總基數的 1% 或不到 1%。

And so 100-gig will continue to be relevant as we augment with 400-gig, both in our high-end cloud and enterprise and service providers.

因此，隨著我們在高端雲端以及企業和服務供應商中增加 400 Gb，100 Gb 將繼續發揮重要作用。

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。

Could you address a little bit more about the recurring software and service revenue opportunity?

您能否多談談經常性軟體和服務收入機會？

Specifically, I'd be interested in what types of customers and verticals do you see as really driving that transition?

具體來說，我想知道您認為哪些類型的客戶和垂直產業真正推動了這種轉變？

Do you have opportunities to gain traction there with your hyperscale accounts?

您是否有機會透過您的超大規模帳戶獲得吸引力？

And then Ita, any high-level thoughts on contract terms, average length or invoice methodology would be helpful.

然後，Ita，任何有關合約條款、平均長度或發票方法的高層想法都會有所幫助。

Sure, Ben.

當然，本。

I think the biggest and most attractive verticals for the software subscription would be enterprises and financials.

我認為軟體訂閱最大、最有吸引力的垂直領域是企業和金融領域。

Love to get it into others as well, but these would be the 2 big areas of target.

也喜歡將其傳播給其他人，但這將是兩大目標領域。

And there's clearly a lot of verticals in there, sub verticals, and we're already seeing a lot of interest in the financial markets for that software subscription, and I expect we'll see many more.

顯然，那裡有很多垂直行業、子垂直行業，我們已經看到金融市場對該軟體訂閱產生了很大的興趣，我預計我們會看到更多。

Yes.

是的。

And a lot of this it builds upfront, and it's a 2- to 3-year type kind of term -- contract term, if you like.

其中許多都是預先建立的，並且是一個 2 到 3 年的期限——合約期限，如果你願意的話。

And usually, we're collecting kind of -- we're billing and collecting cash upfront so far.

通常，我們會收取某種形式的費用 - 到目前為止，我們會預先開立帳單並收取現金。

I mean, that may change over time, depending on the size of the customer but so far that's kind of been the model.

我的意思是，這可能會隨著時間的推移而改變，這取決於客戶的規模，但到目前為止這就是模型。

Your last question comes from Jim Suva with Citigroup Research.

你的最後一個問題來自花旗集團研究部的吉姆‧蘇瓦。

My sincere congratulations on good results and outlook.

我對良好的成績和前景表示誠摯的祝賀。

In your prepared remarks, I think I heard some numbers thrown out like 36%, 36%, 28%.

在你準備好的發言中，我想我聽到了一些數字，像是 36%、36%、28%。

And I think that was for the vertical mixes.

我認為那是針對垂直混音的。

Was that more for the year out or long, long, long-term?

這是全年的情況還是長期、長期、長期的情況？

And the reason I'm asking the question is, with your guidance of, I think you said, up 12% for next year, and it's off easy comp.

我問這個問題的原因是，在你的指導下，我想你說過，明年將成長 12%，而且這不是簡單的比較。

I'm just trying to figure out which of those 3 markets are seeing the most strength.

我只是想弄清楚這三個市場中哪一個市場最強。

Because if I look at those percents, it almost seems like it's a lot coming from service providers, but maybe I'm bridging that incorrectly.

因為如果我看一下這些百分比，我會發現其中很大一部分來自服務提供者，但也許我錯誤地彌補了這一點。

Yes.

是的。

Jim, thank you for the good wishes.

吉姆，謝謝你的美好祝福。

So the trends are not exact revenue for Q4, but it is our best indicator of how we think the year ahead will roll out.

因此，這些趨勢並不是第四季度的確切收入，但它是我們認為未來一年將如何推出的最佳指標。

So we'll keep updating it every quarter to give you an idea of not how it's rolling out, but how it's actually turning out.

因此，我們將每個季度不斷更新它，讓您了解它的實際情況，而不是它的推出情況。

So there's 3 sectors in that, right?

那麼其中有 3 個部分，對嗎？

The first sector is cloud titans because it's big enough, you just have to look at that number, individual of others.

第一個部門是雲端巨頭，因為它夠大，你只需要看看這個數字，無論是其他部門還是其他部門。

The second is enterprise and financials together, which is the other 36; and the third is specialty cloud and service providers together.

第二個是企業和金融一起，這是另外36個；第三是專業雲端和服務提供者的結合。

So if you look at Q4, we believe all of the 3 sectors contributed strongly to the number.

因此，如果你看看第四季度，我們相信所有 3 個行業都對這一數字做出了巨大貢獻。

And if you look ahead, obviously, as Anshul has pointed out, the cloud titans are vital to our growth, but they're operating off a large base.

如果你展望未來，顯然，正如安舒爾所指出的那樣，雲端巨頭對我們的成長至關重要，但他們的營運基礎很大。

So we should be able to grow faster in the other sectors and still carry a large number in cloud titans.

因此，我們應該能夠在其他領域更快成長，並且仍然擁有大量雲端巨頭。

Thanks, Jim.

謝謝，吉姆。

This concludes the Arista Q4 2020 Earnings Call.

Arista 2020 年第四季財報電話會議到此結束。

We have posted a presentation which provides additional information, 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.

感謝您今天加入我們。

Thank you for joining, ladies and gentlemen.

女士們、先生們，感謝您的加入。

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。