Arista Networks Inc (ANET) 2020 Q3 法說會逐字稿

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

歡迎參加 Arista Networks 2020 年第三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透過 Arista 網站的投資者關係部分重播。

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

我現在將把電話轉給企業和投資者發展總監 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 for its fiscal third quarter ending September 30, 2020.

今天下午，Arista Networks 發布新聞稿，宣布截至 2020 年 9 月 30 日的第三財季業績。

If you would 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，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 fourth quarter of the 2020 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, 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 2020 財年第四季的財務前景、2021 年及以後的長期財務前景、我們的總目標市場和應對這些市場機會的策略、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，這些都受到我們在向SEC 提交的文件中詳細討論的風險和不確定性的影響，特別是在我們最新在的表格10-Q 和表格10-K 中，這可能會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, Curtis.

謝謝你，柯蒂斯。

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

感謝大家今天下午參加我們的 2020 年第三季財報電話會議。

To start with, we all hope that you and your families are safe during the global pandemic.

首先，我們都希望您和您的家人在全球大流行期間安全。

At Arista, we recognize our role and responsibility in supporting global communications and cloud infrastructure during these challenging times.

在 Arista，我們認識到我們在這個充滿挑戰的時期支持全球通訊和雲端基礎設施的角色和責任。

We are working closely with our employees, supply chain contract manufacturers, customers and Arista Foundation to assist in business continuity initiatives and people's lives.

我們與員工、供應鏈合約製造商、客戶和 Arista 基金會密切合作，為業務連續性計劃和人們的生活提供幫助。

Back to Q3 2020.

回到 2020 年第三季。

We delivered $605.4 million for the quarter, with a non-GAAP earnings per share of $2.42.

我們本季交付了 6.054 億美元，非 GAAP 每股收益為 2.42 美元。

[New product] services and software and support renewals contributed approximately 21% of revenue.

[新產品]服務和軟體以及支援續約貢獻了約21%的收入。

Our non-GAAP gross margins were 64.6%, influenced by software and services mix and a higher Asia Pacific contribution.

受軟體和服務組合以及亞太地區較高貢獻的影響，我們的非 GAAP 毛利率為 64.6%。

We registered a record number of new customer logos this quarter and $1 million customers, a direct result of our momentum in the enterprise vertical and campus traction this quarter.

本季我們註冊了創紀錄數量的新客戶商標和 100 萬美元的客戶，這是本季我們在企業垂直領域和校園吸引力方面勢頭的直接結果。

In Q3 2020, cloud titans was our largest vertical.

2020 年第三季度，雲端巨頭是我們最大的垂直產業。

The enterprise is once again consistently our second largest performer, followed by Tier 2 cloud service providers and financials tied for third place and service providers in fourth place.

企業再次成為我們第二大表現者，其次是二級雲端服務供應商和金融公司並列第三，服務供應商排名第四。

With respect to sector trends, cloud titans are now approximately 37%; enterprise and financials also are approximately 37%; and providers, which is our cloud service providers combination, is approximately at 26%.

從產業趨勢來看，雲巨頭目前佔比約37%；企業和金融業也約為 37%；和提供者（我們的雲端服務提供者組合）約為 26%。

What is clear is Arista's cloud principles now apply to all sectors, and we are diversifying well across customers and verticals.

顯而易見的是，Arista 的雲端原則現在適用於所有行業，我們在客戶和垂直領域實現了良好的多元化。

In terms of geography mix, international contribution was 25%, with the Americas at 75%.

就地理組合而言，國際貢獻率為 25%，其中美洲為 75%。

The European business recovered from Q2, and the Asia business has had a particularly strong quarter.

歐洲業務從第二季開始復甦，亞洲業務的季度表現尤其強勁。

In the absence of a physical Analyst Day this year, we would like to shed some light on our strategy for addressing our $30-plus billion TAM.

由於今年沒有實體分析師日，我們希望闡明我們解決 30 多億美元 TAM 問題的策略。

The past decade can be best characterized by Arista's momentum in cloud networking.

過去十年最能體現 Arista 在雲端網路領域的發展動能。

But in the past 4 quarters, we have experienced a triad storm of cloud titan volatility, COVID pandemic and deferred revenue-related comps.

但在過去的 4 個季度中，我們經歷了雲端巨頭波動、新冠疫情和遞延收入相關補償的三重風暴。

Despite this tough reset year, we believe Arista will emerge stronger, not only returning to double-digit growth in 2021, but also aiming for consistent growth in the years beyond.

儘管經歷了艱難的重置年，我們相信 Arista 將會變得更加強大，不僅在 2021 年恢復兩位數成長，而且目標是在未來幾年實現持續成長。

We expect our multiyear growth cycle from 3 major product line contributors: one, our core cloud and data center products, our largest business, building upon our flagship Arista EOS, with the hallmarks of leaf spine topology across our 5 major verticals.

我們預計我們的多年成長週期來自3 個主要產品線貢獻者：一是我們的核心雲和資料中心產品，我們最大的業務，建立在我們的旗艦Arista EOS 之上，在我們的5 個主要垂直領域具有葉脊拓樸的標誌。

Two, our second market is the network adjacencies, with routing replacing routers and our recent entry into the Cognitive Campus workspaces.

第二，我們的第二個市場是網路鄰接，路由取代了路由器，我們最近進入了認知校園工作區。

The routing market consists of core spine, edge and peering use cases for Tier 1, 2, 3 service, cloud and enterprises.

路由市場包括適用於第 1、2、3 層服務、雲端和企業的核心主幹、邊緣和對等用例。

The campus brings a cognitive unified edge for wired and WiFi endpoints as well as new IoT devices in a 2-tier leaf spine or spline network.

該園區為有線和 WiFi 端點以及 2 層葉脊或樣條網路中的新物聯網設備帶來了認知統一邊緣。

We do expect to disrupt the campus and router incumbency of the last few decades in the next few years.

我們確實希望在未來幾年內顛覆過去幾十年的園區和路由器現況。

Our third category is network software and services based on software subscription models, such as Arista A-Care, CloudVision, CloudEOS router for multi-cloud, big switch monitoring and our latest entry into advanced network detection and response with the acquisition of Awake Security.

我們的第三類是基於軟體訂閱模式的網路軟體和服務，例如 Arista A-Care、CloudVision、用於多雲的 CloudEOS 路由器、大型交換器監控以及我們透過收購 Awake Security 最新進入的高級網路偵測和回應領域。

Elaborating on our focus on subscription-based software, this product line is typically multiyear contracts.

詳細說明我們對基於訂閱的軟體的關注，該產品線通常是多年期合約。

Customers are driving mandates for network automation, monitoring, visibility across their data sets.

客戶正在推動對其資料集的網路自動化、監控和可見性的要求。

We believe the recent acquisition of Awake Security is a strategic contributor that transforms the silo aspect of security into a seamless, secure network.

我們相信最近對 Awake Security 的收購是一個戰略貢獻者，它將安全的孤島方面轉變為無縫、安全的網路。

The moment the cloud blurs the perimeter and the increased use of IoT and shadow IT means that our CIOs and CFOs need a network [ground of fruits].

當雲模糊了邊界以及物聯網和影子 IT 的使用增加意味著我們的 CIO 和 CFO 需要一個網路 [果園]。

Simply storing the raw data or alerts isn't comprehensible data.

僅僅儲存原始資料或警報並不是可理解的資料。

A new AI-driven, data-driven, state-driven software stack like Arista provides is foundational.

像 Arista 提供的新的人工智慧驅動、數據驅動、狀態驅動的軟體堆疊是基礎。

In our opinion, the security industry is going through a metamorphosis from point security to proactive, predictive, secure networking.

我們認為，安全產業正在經歷從點安全到主動、預測、安全網路的轉變。

CloudVision, combined with Arista's 2020 acquisitions of Big Switch Networks for observability and Awake Security for autonomous threat hunting are very natural software additions to this category.

CloudVision 與 Arista 2020 年收購的 Big Switch Networks（用於可觀察性）和 Awake Security（用於自主威脅追蹤）相結合，是這一類別中非常自然的軟體補充。

The Cognitive Campus is a priority for Arista's adjacent product line.

認知園區是 Arista 鄰近產品線的優先事項。

We are witnessing a massive transition in the COVID era to work from home where the boundary between the office, the home, the teleworker transit and the user is blurring into elastic and flexible workspaces.

我們正在見證新冠疫情時代向在家工作的巨大轉變，辦公室、家庭、遠距辦公人員和使用者之間的界線正在變得模糊，變成了彈性和靈活的工作空間。

Arista's recent introduction of the Cognitive Campus is a state- and data-driven model coupled with a unified dashboard for wired and wireless edge for next-generation zero-touch campus deployments.

Arista 最近推出的認知園區是一個狀態和資料驅動的模型，與用於下一代零接觸園區部署的有線和無線邊緣的統一儀表板相結合。

This combined with the Awake network detection and response security, feeds into our campus visibility flow tracker for both IoT and OT applications.

這與 Awake 網路偵測和回應安全相結合，為我們的 IoT 和 OT 應用的校園可見性流量追蹤器提供資訊。

We do expect our campus portfolio to double by the end of 2021 as we invest in both engineering and go-to-market model.

隨著我們對工程和上市模式的投資，我們預計到 2021 年底我們的園區投資組合將增加一倍。

A fitting example is today's announcement of our flagship 750 Series campus chassis, delivering a combination of industry-leading chassis, density, performance for high-definition video, fail over resilience for rolling upgrades, cognitive PoE and secure encryption.

一個恰當的例子是我們今天發布的旗艦 750 系列園區機箱，它結合了業界領先的機箱、密度、高清視訊性能、滾動升級的故障轉移彈性、認知 PoE 和安全加密。

I would like to invite Andy Bechtolsheim, our Founder and Chief Development Officer, to highlight our launch today.

我想邀請我們的創辦人兼首席開發長 Andy Bechtolsheim 來重點介紹我們今天的發布。

Andy?

安迪？

Yes.

是的。

We like markets that are ripe for real innovation, and the campus networking market is a prime example of that.

我們喜歡真正創新成熟的市場，校園網路市場就是一個典型的例子。

With the launch of our 750 series modular chassis, we are introducing a next-generation platform, which delivers more performance, more security, more visibility and more power capabilities than any other product in its class.

隨著 750 系列模組化機殼的推出，我們正在推出下一代平台，與同類產品相比，該平台可提供更高的性能、更高的安全性、更高的可視性和更強的功能。

The 750 has 400 gigabits per second uplift throughput, which is 5x the performance of our nearest competitor.

750 的提升吞吐量為每秒 400 吉比特，是我們最接近的競爭對手效能的 5 倍。

This level of performance is key to support WiFi 6, where each access point has up to 5 gigabit throughput.

這種效能等級是支援 WiFi 6 的關鍵，其中每個接入點具有高達 5 GB 的吞吐量。

With a single 750 chassis, we can support a full complement of 384 WiFi 6 access points.

透過單一 750 機箱，我們可以支援全套 384 個 WiFi 6 接入點。

In addition, the 750 offers MACsec encryption on every port, which supports secure communication from the WiFi through the entire campus network.

此外，750 在每個連接埠上都提供 MACsec 加密，支援透過整個校園網路從 WiFi 進行安全通訊。

The 750 also breaks new ground in density, being 3U more compact than our closest competitor.

750 在密度方面也取得了新突破，比最接近的競爭對手緊湊了 3U。

Combined with the legendary reliability of Arista's EOS offering system, the 750 offers unmatched performance, security, availability, visibility and power handling.

與 Arista EOS 產品系統傳奇般的可靠性相結合，750 提供無與倫比的性能、安全性、可用性、可見性和功率處理能力。

Thanks, Andy.

謝謝，安迪。

That was great.

那很棒。

I'm excited.

我很興奮。

I could use one at home.

我可以在家用一個。

Next-generation routing is another key adjacent market for us, whereby we're bringing the union of 2 box-level approaches, layer 2 switches and layer 3 routers, together for rich protocol support, resiliency, scale and programmability.

下一代路由是我們的另一個關鍵相鄰市場，我們將 2 種盒級方法、第 2 層交換器和第 3 層路由器結合在一起，以提供豐富的協定支援、彈性、規模和可程式性。

This has been a 4- to 5-year endeavor for us to bring disruptive economics via advanced merchant silicon and Arista's modern software stack EOS.

我們花了 4 到 5 年的時間努力透過先進的商業晶片和 Arista 的現代軟體堆疊 EOS 帶來顛覆性的經濟。

It's time to see the fruits of this labor.

是時候看看這項勞動的成果了。

Arista customers now see us as a compelling and cloud and carrier-grade routing alternative to expensive legacy routers.

Arista 客戶現在將我們視為昂貴的傳統路由器的引人注目的雲端和營運商級路由替代方案。

We're extending beyond classical leaf spine intra DC use cases to multi terabit routing offering lower power and higher density interconnect, accelerating WAN and inter-DC routing use cases.

我們正在將傳統的葉脊 DC 內用例擴展到多太比特路由，提供更低功耗和更高密度的互連，從而加速 WAN 和 DC 間路由用例。

Our investments in the simplification of Arista's routing stack with standards-based EVP and BTP and segment routing are yielding early traction.

我們透過基於標準的 EVP 和 BTP 以及分段路由對 Arista 路由堆疊的簡化進行的投資正在產生早期吸引力。

We have won a few important Tier 2, Tier 3 service provider customers for many of these use cases, including Spine interconnect, multi-access edge, layer 2, layer 3 VPNs and peering use cases.

我們為其中許多用例贏得了一些重要的第 2 層、第 3 層服務提供者客戶，包括主幹互連、多存取邊緣、第 2 層、第 3 層 VPN 和對等互連用例。

Our core universal cloud network design for data center continues to expand with Arista as the pioneer.

我們針對資料中心的核心通用雲端網路設計以 Arista 為先鋒，不斷擴展。

We have been the market leader, driving to the #1 position in the 100 gigabit ethernet switching market and early leadership in 400-gig with flexible software partnerships for SONiC open [cloud network] and FBOSS with our cloud titan customers.

我們一直是市場領導者，透過與我們的雲端巨頭客戶建立SONiC 開放[雲端網路] 和FBOSS 靈活的軟體合作夥伴關係，在100 GB 乙太網路交換市場中佔據第一的位置，並在400 GB 領域取得早期領先地位。

We have been pushing the envelope of storage, compute and AI clusters at cloud scale.

我們一直在推動雲端規模儲存、運算和人工智慧叢集的發展。

This quarter, we delivered our vision managed in a time series state-driven database as a network-wide service hosted in the cloud.

本季度，我們交付了在時間序列狀態驅動資料庫中管理的願景，作為雲端中託管的網路範圍服務。

Clearly, we're enabling cloud principles across the entire enterprise, with 5 As of agility, availability, automation, analytics and an AI- and API-driven network.

顯然，我們正在整個企業中實現雲端原則，包括敏捷性、可用性、自動化、分析以及 AI 和 API 驅動的網路 5 個要素。

Anshul Sadana, our Chief Operating Officer, will add some more color on our cloud customer traction.

我們的營運長 Anshul Sadana 將為我們的雲端客戶吸引力增添更多色彩。

Anshul?

安舒爾？

Thank you, Jayshree.

謝謝你，傑什裡。

Arista has been a leader in cloud networking based on our nimble execution, product quality and ability to co-develop with our customers.

Arista 憑藉我們靈活的執行力、產品品質以及與客戶共同開發的能力，成為雲端網路的領導者。

Cloud companies are highly impressed with the work we've done over the last decade and are engaging us more than ever to discuss their architectures for the future.

雲端公司對我們過去十年所做的工作印象深刻，並且比以往任何時候都更願意與我們討論他們的未來架構。

The advent of 30-gig 30s and related silicon is driving a product transition.

30g 30s 和相關晶片的出現正在推動產品轉型。

We are winning new RFPs for next-gen products, both 100-gig and 400-gig.

我們正在贏得下一代產品（100g 和 400g）的新 RFP。

We have expanded our footprint from data center leaf spine and DCI to now encompass WAN and edge use cases traditionally supported by legacy routers.

我們已將業務範圍從資料中心葉主幹和 DCI 擴展到現在涵蓋傳統上由傳統路由器支援的 WAN 和邊緣用例。

While there is a lot of talk about white boxes and 400-gig, our customers have maintained status quo.

儘管人們對白盒和 400 千兆位元的討論很多，但我們的客戶仍維持現狀。

We are not seeing a change in position from this status quo.

我們沒有看到現狀有所改變。

Customers who use white boxes are continuing to use white boxes, whereas customers who use Arista switches are continuing to use our products today and for their future designs.

使用白盒的客戶將繼續使用白盒，而使用 Arista 交換器的客戶將繼續使用我們的產品現在及其未來的設計。

If anything, some use cases currently covered by internally developed white boxes may transition to our feature-rich products in a few years.

如果有的話，目前由內部開發的白盒覆蓋的一些用例可能會在幾年內過渡到我們功能豐富的產品。

Cloud companies operate at a massive scale, and they are continuing to grow.

雲端公司規模龐大，而且還在持續成長。

This scale makes them lean more on us for technology and support.

這種規模使他們更加依賴我們的技術和支援。

Our cloud customers see immense value in working with us, and we have high customer satisfaction here.

我們的雲端客戶看到與我們合作的巨大價值，並且我們在這裡擁有很高的客戶滿意度。

Our portfolio is highly competitive, and we are being told that we are ahead of competition.

我們的產品組合極具競爭力，而且我們被告知我們在競爭中處於領先地位。

Hence, it is unlikely that we will see significant share shift.

因此，我們不太可能看到重大的份額轉移。

Savvy cloud titans are not influenced by pretty marketing slides.

精明的雲端巨頭不會受到漂亮的行銷幻燈片的影響。

Our R3 Series products have now been qualified by all our major cloud customers for several 100-gig and 400-gig use cases.

我們的 R3 系列產品現已獲得我們所有主要雲端客戶的認可，適用於多個 100 GB 和 400 GB 使用案例。

We will keep marching on.

我們將繼續前進。

Back to you, Jayshree.

回到你身邊，傑什裡。

Thanks, Anshul, and we will be marching on.

謝謝，安舒爾，我們將繼續前進。

Well said on the cloud titans success.

雲泰坦的成功說得好。

So in summary, Arista's vision now transcends LAN, WAN, cloud networking, with clear diversification across customers, products and verticals.

總而言之，Arista 的願景現在超越了 LAN、WAN、雲端網絡，在客戶、產品和垂直領域中具有明顯的多元化。

It's rooted in a more software data-driven network built across customer data sets and managed by CloudVision.

它植根於一個更軟體資料驅動的網絡，該網絡跨客戶資料集建立並由 CloudVision 管理。

We have built a transformative architecture harnessing the new trends in IT computing, unified edge, archiving data across the network.

我們建構了一個變革性架構，利用 IT 運算、統一邊緣、跨網路歸檔資料的新趨勢。

Our customers resonate with this vision, and I couldn't be more upbeat on our strategy, our innovation, our quality, our support, and our customer migration from legacy silo places in the network to cognitive clients to cloud networking, which we call places in the cloud.

我們的客戶對這個願景產生了共鳴，我對我們的策略、我們的創新、我們的品質、我們的支援以及我們的客戶從網路中的傳統孤島位置遷移到認知客戶端再遷移到雲端網絡（我們稱之為位置）感到非常樂觀在雲中。

We have now deployed a cumulative of 40 million ports over the past 12 years.

在過去的12年裡，我們已經累計部署了4000萬個連接埠。

With that, I will turn it over to Ita, our Chief Financial Officer, for more financial specifics.

接下來，我會將其轉交給我們的財務長 Ita，以了解更多財務細節。

Ita?

伊塔？

Thanks, Jayshree, and good afternoon.

謝謝，Jayshree，下午好。

This announcement of our Q3 results and our guidance for Q4 2020 is based on non-GAAP and excludes all noncash stock-based compensation impacts, certain acquisition-related charges and other nonrecurring items.

我們發布的第三季業績和 2020 年第四季的指引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。

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 Q3 were $605.4 million, down 7.5% year-over-year, well above the upper end of our guidance of $570 million to $590 million and up 12% from the prior quarter.

第三季總營收為 6.054 億美元，年減 7.5%，遠高於我們指引的 5.7 億美元至 5.9 億美元的上限，比上一季成長 12%。

While we saw some improvements on the supply chain front, shipments remained somewhat constrained, with some expected continuation of extended lead times into Q4.

雖然我們看到供應鏈方面有所改善，但出貨量仍受到一定程度的限制，預計第四季交貨時間將繼續延長。

Service and software support revenues represented approximately 21% of total revenue, down slightly from 22% last quarter.

服務和軟體支援收入約佔總收入的 21%，略低於上季的 22%。

International revenues for the quarter came in at $152.7 million or 25.2% of total revenue, up from 19.4% in the second quarter.

該季度國際營收為 1.527 億美元，佔總營收的 25.2%，高於第二季的 19.4%。

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

雖然地理組合環比和同比的變化主要是由於我們的雲端巨頭客戶的部署位置造成的，但我們確實看到我們的區域內業務也出現了一些漸進式的改善。

Overall gross margin in Q3 was 64.6%, above the midpoint of our guidance of approximately 63% to 65% and consistent with last quarter.

第三季的整體毛利率為 64.6%，高於我們指引值約 63% 至 65% 的中位數，與上季一致。

We continue to recognize incremental COVID-related costs in the period, including elevated freight and component costs.

我們繼續認識到在此期間與新冠疫情相關的增量成本，包括運費和零件成本的上漲。

Operating expenses for the quarter were $159.4 million or 26.3% of revenue, up from last quarter at $144.1 million.

本季營運費用為 1.594 億美元，佔營收的 26.3%，高於上季的 1.441 億美元。

We began to increase operating expense investments during the third 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，我們在第三季開始增加營運費用投資。

R&D spending came in at $106.1 million or 17.5% of revenue, up from $91.6 million last quarter.

研發支出為 1.061 億美元，佔營收的 17.5%，高於上季的 9,160 萬美元。

This reflected increased employee costs and increased new product introductions related to spending in the period.

這反映了員工成本的增加以及與該期間支出相關的新產品推出的增加。

Sales and marketing expenses were $43.1 million or 7.1% of revenue, up from $41.9 million last quarter, with increased variable compensation and other personnel costs.

銷售和行銷費用為 4,310 萬美元，佔收入的 7.1%，高於上季度的 4,190 萬美元，可變薪酬和其他人員成本增加。

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 $10.2 million or 1.7% of revenue, down slightly from last quarter at approximately $10.6 million.

我們的一般管理費用為 1,020 萬美元，佔營收的 1.7%，比上季約 1,060 萬美元略有下降。

Our operating income for the quarter was $231.5 million or 38.2% of our revenue.

本季我們的營業收入為 2.315 億美元，佔營收的 38.2%。

Other income and expense for the quarter was a favorable $13.2 million, and our effective tax rate was approximately 21.6%.

本季的其他收入和支出為 1,320 萬美元，有效稅率約為 21.6%。

This resulted in net income for the quarter of $192 million or 31.7% of revenue.

這使得該季度的淨利潤達到 1.92 億美元，佔營收的 31.7%。

Our diluted share number was 79.3 million shares, resulting in diluted earnings per share for the quarter of $2.42, down 10% 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 2.42 美元，比前一年下降 10%。

Please note that included in other income and expense for the quarter was a onetime gain on the sale of investments of $9.4 million.

請注意，本季的其他收入和支出包括出售投資的一次性收益 940 萬美元。

In addition, given current low interest rate environment, all other things being equal, we would expect other income of approximately $3 million per quarter throughout the coming year.

此外，考慮到目前的低利率環境，在其他條件相同的情況下，我們預計來年每季的其他收入約為 300 萬美元。

The acquisition of Awake Security closed on October 7, and we are now focused on integration and purchase accounting.

對 Awake Security 的收購已於 10 月 7 日完成，我們現在專注於整合和採購會計。

The acquisition will not have a material impact on the financials for the fourth quarter.

此次收購不會對第四季的財務狀況產生重大影響。

Now turning to the balance sheet.

現在轉向資產負債表。

Cash, cash equivalents and investments ended the quarter at approximately $2.85 billion.

本季末現金、現金等價物和投資約 28.5 億美元。

We repurchased $167.3 million of our common stock during the third quarter at an average price of $208 per share.

第三季度，我們以每股 208 美元的平均價格回購了價值 1.673 億美元的普通股。

As a reminder, we have now 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.

謹此提醒，根據董事會授權，我們已回購 6.61 億美元（即 320 萬股股票），即從 19 年第二季開始的三年內回購價值 10 億美元的股票。

In terms of capital allocation, please expect us to continue to execute opportunistically against the remaining authorization.

在資本配置方面，預計我們將在剩餘授權的基礎上繼續擇機執行。

We generated $215.1 million of cash from operations in the third quarter, reflecting solid net income performance and a consistent level of overall working capital investment.

第三季我們從營運中產生了 2.151 億美元的現金，反映出穩健的淨利表現和穩定的整體營運資本投資水準。

We expect to continue to strategically increase inventory levels through the end of the year as we improve lead times and attempt to buffer against any future COVID-related supply chain disruptions.

我們預計到今年年底將繼續策略性地提高庫存水平，同時縮短交貨時間，並嘗試緩衝未來與新冠疫情相關的供應鏈中斷。

DSOs came in at 46 days, down from 65 days in Q2, reflecting linearity of billings in the period.

DSO 的周期為 46 天，低於第二季的 65 天，反映了該期間帳單的線性。

Inventory turns were 2x, down from 2.3 last quarter.

庫存週轉率為 2 倍，低於上季的 2.3 倍。

Inventory increased to $438 million in the quarter, up from $327 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 3.27 億美元增至 4.38 億美元。

Our total deferred revenue balance was $562 million, down from $577 million in Q2.

我們的遞延收入餘額總額為 5.62 億美元，低於第二季的 5.77 億美元。

As a reminder, our deferred revenue balance is now almost exclusively services-related.

提醒一下，我們的遞延收入餘額現在幾乎完全與服務有關。

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

我們收入的服務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 70 days, up from 59 days in Q2, reflecting the timing of inventory receipts and payments.

應付帳款天數為 70 天，高於第二季的 59 天，反映了庫存收付的時間。

Capital expenditures for the quarter were $2.5 million.

該季度的資本支出為 250 萬美元。

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

現在轉向我們對第四季及以後的展望。

While we remain cautious around the impact of COVID-19 on the economy and our business, we have seen some incremental improvement in underlying business trends.

儘管我們對 COVID-19 對經濟和我們業務的影響保持謹慎態度，但我們已經看到基本業務趨勢出現了一些逐步改善。

Activity in our enterprise and provider sectors has remained healthy, with increased win rates across, for us, a relatively underpenetrated part of the market.

我們的企業和提供者領域的活動保持健康，對我們來說，市場滲透率相對較低的部分的勝率有所提高。

In addition, we have continued to solidly and consistently execute against the needs of our cloud titan customers.

此外，我們持續堅定、一致地滿足雲端巨頭客戶的需求。

We believe a combination of these trends, combined with favorable year-over-year comparatives, supports the current consensus growth rate of 13% to 14% for fiscal 2021.

我們相信，這些趨勢的結合，再加上良好的同比比較，支持目前一致認為的 2021 財年增長率為 13% 至 14%。

On the gross margin front, we will continue to reiterate our overall gross margin outlook of 53% to 55%, with customer mix remaining the key driver.

在毛利率方面，我們將繼續重申 53% 至 55% 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 investment.

轉向支出和投資。

While we will continue to carefully manage spending, we are committed to making go-forward, results-based investments in the business.

在我們將繼續謹慎管理支出的同時，我們致力於對業務進行前瞻性、基於結果的投資。

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園區的發展，以及研發投資以支持整個業務的創新。

While it won't happen overnight, especially in an environment of resumed top line growth, we would take this opportunity to remind you of our long-term operating margin target of plus or minus 35%.

雖然這不會一蹴而就，特別是在收入恢復成長的環境下，但我們想藉此機會提醒您，我們的長期營業利潤率目標為正負 35%。

Finally, our outlook discussion above and our guidance for Q4 reflects our current understanding of COVID-19 and its impact to our business and supply chain.

最後，我們上面的展望討論和第四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, inherently uncertain, and we will need to continue to monitor and attempt to mitigate new challenges as the situation unfolds.

然而，這本質上是不確定的，隨著局勢的發展，我們需要繼續監控並嘗試減輕新的挑戰。

With all of this as a backdrop, our guidance for the fourth quarter, which is based on non-GAAP results and excludes any noncash stock-based compensation impacts and other nonrecurring items is as follows: revenues of approximately $615 million to $635 million, gross margin of approximately 63% to 65%, operating margin of approximately 37%.

以此為背景，我們對第四季度的指導基於非 GAAP 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： 總收入約為 6.15 億至 6.35 億美元利潤率約63%至65%，營業利益率約37%。

Our effective tax rate is expected to be approximately 21.9%, diluted shares of approximately 79 million shares.

我們的有效稅率預計約為21.9%，稀釋後股份約為7,900萬股。

I will now turn the call back to Curtis.

我現在將把電話轉回給柯蒂斯。

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。

Operator, you may go ahead.

接線員，您可以繼續。

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

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

I'll just keep it simple.

我就簡單說一下吧。

Jayshree, I think everyone on the call would recognize that you sound a lot more confident about returning to double-digit growth than you did 90 days ago.

Jayshree，我想參加電話會議的每個人都會認識到，與 90 天前相比，您對恢復兩位數增長更有信心。

So I'm wondering what's driving that.

所以我想知道是什麼推動了這一點。

Is it some of the 400-gig wins coming in as you expected?

400 場演出的勝利是否如您所預期的那樣？

Or is it the underlying customer spending starting to improve, that's driving that increased confidence relative to what we heard a quarter ago?

還是潛在的客戶支出開始改善，這推動了相對於我們一個季度前聽到的信心的增強？

Yes.

是的。

No, thank you, Samik.

不，謝謝你，薩米克。

I think when you look at the foundation and fundamentals of Arista, they didn't change, right?

我認為當您查看 Arista 的基礎和基礎時，它們並沒有改變，對吧？

We've always had superior products and very strong customer traction.

我們一直擁有卓越的產品和強大的客戶吸引力。

And -- but I think we got, our customers and Arista got used to the uncertainty of COVID, and COVID became a new norm, and people have to start planning their spend.

而且 - 但我認為我們的客戶和 Arista 已經習慣了新冠病毒的不確定性，新冠病毒成為一種新常態，人們必須開始計劃他們的支出。

So we saw a very balanced and customer traction across all our verticals and all our sectors in Q3.

因此，我們在第三季看到了所有垂直行業和所有部門的非常平衡的客戶吸引力。

Whereas I wouldn't say the same for Q2 and Q1, where we were still figuring things out.

但我不會對第二季和第一季說同樣的話，因為我們仍在解決問題。

So I think the combination of an unchanged strategy, a highly differentiated product, and we're just winning in every sector.

因此，我認為不變的策略與高度差異化的產品相結合，我們在每個領域都取得了勝利。

And there's no silver bullet, but humming on all 4 cylinders gives us a newfound confidence.

雖然沒有靈丹妙藥，但所有 4 個氣缸的嗡嗡聲給我們帶來了新的信心。

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

您的下一個問題來自瑞銀集團 (UBS) 的大衛沃格特 (David Vogt)。

Good quarter.

好季度。

Great guidance.

很好的指導。

Maybe just a big picture industry question, if you guys could entertain me.

也許只是一個大行業的問題，如果你們能招待我的話。

Can you share your thoughts on the proposed Marvell - Inphi transaction that was announced last week, and maybe what it might mean for the industry holistically as we kind of move forward into 2021?

您能否分享一下您對上周宣布的 Marvell 與 Inphi 擬議交易的看法，以及隨著我們進入 2021 年，這對整個行業可能意味著什麼？

That would be great.

那太好了。

I'll try.

我會盡力。

I mean, I came from the semiconductor world 2 decades ago.

我的意思是，我二十年前來自半導體世界。

But as you know, there's been a lot of semi consolidation: Nvidia-Arm, Maxim analog digital and now Marvell Inphi.

但如您所知，已經出現了很多半整合：Nvidia-Arm、Maxim 類比數位以及現在的 Marvell Inphi。

I think the way to look at this is semiconductor companies are all -- the large ones are trying to get larger, and the smaller ones are producing some real innovative technology but need scale.

我認為看待這個問題的方式是半導體公司都是——大公司正在努力變得更大，而小公司正在生產一些真正的創新技術，但需要規模化。

We are very impressed with Inphi.

Inphi給我們留下了深刻的印象。

They've been an important partner for us, and they have both very best-of-breed technology in the 30s and optic side.

他們一直是我們的重要合作夥伴，他們都擁有 30 年代最先進的技術和光學技術。

And it's something that Marvell lacks.

而這正是 Marvell 所缺乏的。

So hopefully, some of the strength they bring, especially to the cloud, will help Marvell.

因此，希望他們帶來的一些優勢（尤其是在雲端方面）能對 Marvell 有所幫助。

Your next question comes from the line of Sami Badri from 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)。

I just wanted to just check on a comment made by Anshul earlier in the transcript regarding white boxes.

我只是想檢查一下 Anshul 早些時候在文字記錄中關於白盒的評論。

And you made the comment that some customers may deploy white boxes today and then eventually swap that out for a feature-rich Arista product in the future.

您評論說，一些客戶今天可能會部署白盒，然後最終在未來將其更換為功能豐富的 Arista 產品。

Now is there maybe a rationale behind why they would want to deploy data centers filled with white box infrastructure or white box equipment and then eventually swap it out?

現在，他們為什麼想要部署充滿白盒基礎設施或白盒設備的資料中心，然後最終將其更換，這背後是否有一個合理的理由？

Can you just explain to us the transition that would take place in design or just in the thought process for why they would do that after they've gone down the white box route?

您能否向我們解釋一下設計中或思考過程中將發生的轉變，以及為什麼他們在走上白盒路線後會這樣做？

Sure.

當然。

Sami, the world has talked about white boxes by just from one dimension for many, many years, but remember, our customers do that analysis in both directions, not just one.

薩米，多年來，世界一直在從一個維度談論白盒，但請記住，我們的客戶在兩個方向上進行分析，而不僅僅是一個方向。

And as their scale grows and their needs grow, the network is getting more complicated.

隨著規模的擴大和需求的成長，網路變得越來越複雜。

And in certain situations when they reach a point where they need even more functionality than is easy to build internally and they want to stay competitive in the market and not miss on timing, they do start looking out as well.

在某些情況下，當他們需要的功能比內部構建的功能更多時，他們希望在市場上保持競爭力並且不錯過時機，他們也會開始尋找。

But as I mentioned, these are future trends that take a couple of years at least to happen.

但正如我所提到的，這些都是未來的趨勢，至少需要幾年時間才能實現。

But these are certainly [included in] discussions and issues going on in our space today.

但這些肯定[包含在]我們今天空間中正在進行的討論和問題中。

Your next question comes from the line of Alex Kurtz from KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Alex Kurtz。

Glad to hear everyone's doing well and safe at Arista.

很高興聽到 Arista 的每個人都過得很好而且很安全。

And congrats on the quarter, Jayshree.

恭喜本季取得成功，Jayshree。

Just on your comments about software and maintenance becoming roughly 20% of the business.

就您關於軟體和維護約佔業務的 20% 的評論而言。

Can this growth in your portfolio of software products, whether designed internally or acquired, to maybe accelerate that software renewal base to where maybe in a couple of years, we're looking at 30%, 40% of the business, if you can go back to these big cloud titans and kind of demonstrate the value of these bigger software portfolios that you didn't have a couple of years ago and really expand that base of software?

您的軟體產品組合的成長（無論是內部設計的還是收購的）能否加速軟體更新基​​礎，達到可能在幾年內達到的水平，我們正在考慮 30%、40% 的業務，如果您可以的話回到這些大型雲端巨頭，展示您幾年前還沒有的這些更大的軟體組合的價值，並真正擴展該軟體基礎？

Thanks, Alex.

謝謝，亞歷克斯。

Good question.

好問題。

I think very observant of you to note that when we say it's 20% of our business, it's not just services.

我認為您非常敏銳地註意到，當我們說它占我們業務的 20% 時，它不僅僅是服務。

It's software renewals and subscriptions.

這是軟體更新和訂閱。

So it's already starting to have a contribution.

所以它已經開始做出貢獻了。

Can it be greater, greater than 20, 25?

可以大於20、25嗎？

Yes, it would be harder to be 30 and 40, especially with the cloud titans because cloud titans tend to think they can and they have the resources to build many of these tools themselves.

是的，30 歲和 40 歲會更難，尤其是對於雲端巨頭來說，因為雲端巨頭往往認為他們可以，而且他們有資源自己建立許多這些工具。

So I would say all the other 4 verticals are more likely to embrace our software subscription, while the cloud titans may take it in bits and pieces.

所以我想說，所有其他 4 個垂直行業更有可能接受我們的軟體訂閱，而雲端巨頭可能會零碎地接受它。

They would take it in components but not in entirety.

他們會把它分成幾個部分，但不是全部。

But I certainly think this segment where we can have subscription multiyear contracts is an important part of our triad stool of core networking, adjacent networking and network as a service capability.

但我當然認為，我們可以簽訂多年訂閱合約的這一領域是我們核心網路、相鄰網路和網路即服務能力三位一體的重要組成部分。

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

您的下一個問題來自美國銀行的塔爾·利亞尼 (Tal Liani)。

I have a question on the trends in the quarter.

我對本季的趨勢有疑問。

Product growth, so overall revenues are down 7.5%, but it's not even between products and services.

產品成長，因此整體收入下降了 7.5%，但產品和服務之間的下降幅度也不一樣。

Product growth is down about 13.5% year-over-year and services are up 26%.

產品成長較去年同期下降約 13.5%，服務成長 26%。

So I'm trying to understand both sides.

所以我試著去理解雙方。

I'm trying to understand the strong growth in services versus the steeper decline in products?

我想了解服務的強勁成長與產品的急劇下降？

Yes.

是的。

So first, remember, again, services includes many of our software subscriptions and multiyear contracts.

因此，首先，請再次記住，服務包括我們的許多軟體訂閱和多年合約。

So it's not just services.

所以這不僅僅是服務。

So -- but -- whereas product is very clearly perpetual product, right?

所以——但是——而產品顯然是永久產品，對嗎？

So look, I think the comps with deferred revenue never helped us from last year to this year.

所以看，我認為從去年到今年，有遞延收入的比較對我們沒有任何幫助。

And -- but I wouldn't read too much into the trend, except to say we're getting stickier with services and software, and we can only do better with product.

而且——但我不會過度解讀這一趨勢，只是說我們對服務和軟體的黏性越來越強，而且我們只能在產品方面做得更好。

Yes.

是的。

I mean, I think, Tal, the services should continue to grow and continue to be a more meaningful piece of the business and layer the software on top of that.

我的意思是，我認為，塔爾，服務應該繼續成長，並繼續成為業務中更有意義的一部分，並在此之上添加軟體。

And then product is recovering, but it is recovering.

然後產品正在恢復，但它正在恢復。

You can see that in the Q4 guide and into our commentary for next year as well.

您可以在第四季度指南和我們明年的評論中看到這一點。

So I think they're just different drivers at this particular point in time, but they should both start to grow as we go forward.

所以我認為他們在這個特定的時間點只是不同的驅動因素，但隨著我們的前進，他們都應該開始成長。

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

您的下一個問題來自 MKM Partners 的 Fahad Najam。

A couple of things.

有幾件事。

If I look at your working capital, it seems like your inventories have gone up significantly, while your accounts payable are also [awful].

如果我看看你們的營運資金，你們的庫存似乎大幅增加，而你們的應付帳款也[糟糕]。

But can you just help us understand what's happening, why the inventories are up so much?

但您能否幫助我們了解正在發生的事情以及為什麼庫存增加這麼多？

Are you expecting a significant forthcoming demand ramp in the next couple of quarters?

您是否預計未來幾季需求將大幅成長？

Yes.

是的。

No, I think, Fahad, what we're really doing is we're buffering against some of the uncertainties around COVID.

不，我認為，法赫德，我們真正要做的是緩衝新冠疫情帶來的一些不確定性。

And if you look at the Q when we file it, you'll see that a good portion of that increase is still raw materials and components.

如果您查看我們提交的 Q，您會發現增長的很大一部分仍然是原材料和零件。

There was some uptick in the finished goods right at the end of the quarter for particular products, but we still have more work to do around expanding that to other products.

特定產品的成品在本季末有所上升，但我們仍有更多工作要做，將其擴展到其他產品。

But our goal is to have sufficient buffers that if we do get some more shocks from COVID that we're able to react and that we're in a better position to react than we were maybe on the first wave.

但我們的目標是擁有足夠的緩衝，以便如果我們確實受到新冠疫情帶來的更多衝擊，我們能夠做出反應，並且比第一波浪潮時我們能夠更好地做出反應。

So it really is just a focus around making sure we've got more optionality and flexibility.

因此，這實際上只是確保我們擁有更多的選擇性和靈活性。

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

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

Jayshree, I think you kind of covered this during the call, but I'm going to ask you if you could -- in your outlook for next year, the double-digit growth in your endorsement of the 13% to 14% consensus number, to get there, I think I heard you say you expect your campus portfolio to double by the end of 2021.

Jayshree，我認為您在電話會議中談到了這一點，但我想問您是否可以——在您對明年的展望中，您對 13% 至 14% 共識數字的支持率實現兩位數增長，為了實現這一目標，我想我聽到您說您預計到2021 年底您的校園作品集將增加一倍。

Are you saying you expect campus revenue to double?

您是說您預計校園收入將翻倍嗎？

And can I ask you to go through what your expectations are for the cloud, for enterprise and financials and for your service providers to get to that double-digit growth?

我能否請您詳細介紹一下您對雲端、企業和財務以及服務供應商實現兩位數成長的期望？

Paul, thank you.

保羅，謝謝你。

Yes.

是的。

So as you know, we said last quarter that we have achieved -- this is our first year at campus.

如你所知，我們上個季度說過我們已經取得了成就——這是我們在校園的第一年。

There are still young kids here, and we've achieved our first 100 million.

這裡還有小孩子，我們已經實現了第一個一億。

And if you may recall, we said it would take us 4 to 6 quarters to double.

如果你還記得的話，我們說過需要 4 到 6 個季度才能翻倍。

I don't yet know if it will be 4 or 6, but we are feeling pretty good, particularly with our product announcement today and the campus traction we're getting, that we didn't feel last quarter.

我還不知道是 4 還是 6，但我們感覺非常好，特別是今天發布的產品以及我們獲得的校園吸引力，這是上個季度我們沒有感覺到的。

So yes, the goal is to definitely double that $100 million to $200 million by the end of 2021 in revenue, and let's hope we can do better.

所以，是的，我們的目標肯定是到 2021 年底將收入翻一番，從 1 億美元到 2 億美元，希望我們能做得更好。

In terms of segments, I think it's too early to call a breakdown, but we're very comfortable with the annual consensus for 2021.

就細分市場而言，我認為現在進行細分還為時過早，但我們對 2021 年的年度共識感到非常滿意。

Ita, do you want to answer that?

伊塔，你想回答這個問題嗎？

Yes.

是的。

No, I think, Paul, we're not going to try to do it by vertical at this point, right?

不，我想，保羅，我們現在不會嘗試垂直進行，對嗎？

We feel like there is -- between the campus stuff that you talked about between the growth and services, cloud has resumed growth, and then the rest of the business has also been performing well.

我們覺得，在您談到的成長和服務之間的園區事物之間，雲端已經恢復成長，然後其他業務也表現良好。

I think between all of those drivers, you have multiple different ways to get there, and we'll see exactly how it plays out.

我認為在所有這些驅動因素之間，你有多種不同的方式可以到達那裡，我們將確切地看到它是如何發揮作用的。

And I think we're not going to try to [pick] which verticals we're going to do what at this point.

我認為我們現在不會嘗試[選擇]我們要在哪些垂直領域做什麼。

Can I ask you this, I trust that to get there, cloud has to be healthy by definition.

我可以問你這個問題嗎？

No, I think -- I hope you noticed our upbeat tone, especially Anshul's, we started the year saying it will be flat to down, and then we said it will be flattish.

不，我想——我希望你注意到我們樂觀的語氣，尤其是安舒爾的語氣，我們年初說經濟將持平到下降，然後我們又說將持平。

And at this point, I think we're feeling like cloud can be a growth -- cloud titans can also grow next year.

在這一點上，我認為我們感覺雲端可以成為一種成長——雲端巨頭明年也可以成長。

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

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

I was wondering if you 2 wouldn't mind giving us a little bit of some of the thought process behind the guidance.

我想知道你們 2 是否不介意向我們介紹一下指南背後的一些思考過程。

I guess, one part is you had -- there's another partner in the supply chain at one of your customers that cast a pall over 2020.

我想，一方面是您的一位客戶的供應鏈中的另一個合作夥伴為 2020 年蒙上了一層陰影。

And I'm wondering if that particular issue in semi was resolved.

我想知道半成品中的特定問題是否已解決。

And then the other question is, could you help us a little bit with the assumption of 400 and when that starts to layer in to the 2020 -- 2021 outlook.

另一個問題是，您能否幫助我們了解 400 的假設以及該假設何時開始融入 2020 年至 2021 年的前景。

Yes.

是的。

No, I think -- so the -- again, the rationale for the guidance, I think if you look at the various pieces, pretty much what we talked about with Paul a few minutes ago, right?

不，我認為 - 所以 - 再次，指導的基本原理，我想如果你看一下各個部分，幾乎就是我們幾分鐘前與保羅討論的內容，對吧？

I mean there are multiple different pieces of the business, and we've seen positive trends across those sectors, right?

我的意思是，該業務有多個不同的部分，我們已經看到這些部門的積極趨勢，對吧？

Not all of those reflected in revenue today.

並非所有這些都反映在今天的收入中。

But in the enterprise vertical being good, solid wins that will drive some revenue traction into 2021.

但在企業垂直領域，良好的、堅實的勝利將在 2021 年推動一些收入成長。

And then for cloud, I think we feel like we've got -- we're in the window of starting to understand their plans for next year and feeling more confident around those drivers as well.

然後對於雲端運算，我認為我們已經開始了解他們明年的計劃，並對這些驅動因素感到更有信心。

And then obviously, the rest of the business continues to grow, looking at service software, et cetera, the more ratable piece of the business.

顯然，其餘業務持續成長，包括服務軟體等，即業務中更有價值的部分。

So I think those are the building blocks, and we like to put those building blocks together in multiple different ways and feel good about the guidance, and that's kind of where we came out for next year.

所以我認為這些是構建模組，我們喜歡以多種不同的方式將這些構建模組組合在一起，並對指導感到滿意，這就是我們明年的目標。

Yes.

是的。

Jeff, I think Ita said it best.

傑夫，我認為伊塔說得最好。

We expect cloud titan trends to improve in 2021, based on both the CapEx projections, which for us isn't a huge indicator because we're a small number.

根據資本支出預測，我們預期雲端巨頭趨勢將在 2021 年有所改善，這對我們來說並不是一個巨大的指標，因為我們人數很少。

But bulk of these deployments will be 25-gig, 100-gig and even some 400-gig.

但這些部署中的大部分將是 25 GB、100 GB，甚至一些 400 GB。

I think the white box and the overall competitive landscape, much as everyone [sees] it, is unchanged.

我認為，正如每個人所看到的那樣，白盒和整體競爭格局並沒有改變。

And we're seeing a status quo and look forward to share gains in new roles in campus, data center, routing and cloud.

我們看到了現狀，並期待在園區、資料中心、路由和雲端中的新角色中分享收益。

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

您的下一個問題來自 Jefferies 的 George Notter。

Very interested to hear the commentary about routing and all the different use cases you're pursuing in that space.

非常有興趣聽到有關路由的評論以及您在該領域追求的所有不同用例。

Maybe you can kind of talk about your definition of success in routing?

也許您可以談談您對路由成功的定義？

And also, could you give us a sense for where you are now in routing applications, percentage of sales or amount of revenue you're driving there?

另外，您能否讓我們了解您目前在路由應用程式中的位置、銷售額百分比或您所帶來的收入金額？

And then maybe looking forward, what use cases are you in today?

然後也許展望一下，您今天的用例是什麼？

And what use cases will you be in going forward?

未來您將採用哪些用例？

Yes.

是的。

Sure, George.

當然，喬治。

It's difficult to break it down, as I've always told you, because routing and switching often go together.

正如我一直告訴你的那樣，很難將其分解，因為路由和交換通常是一起出現的。

But what we saw as a trend is we've always sort of aimed for the big elephants or the Tier 1 service providers, and those take time.

但我們看到的趨勢是，我們總是瞄準大型大像或一級服務提供者，而這需要時間。

But we started winning, particularly this year, we turned the corner on winning a lot of Tier 2 and Tier 3 providers, not only in the U.S., but internationally.

但我們開始獲勝，特別是今年，我們贏得了許多二級和三級提供者的青睞，不僅在美國，而且在國際上。

And these use cases tended to be telco cloud.

這些用例往往是電信雲端。

Some of them were just very happy with their multi-vendor combination of vxlan, VPN, BGP staff from us.

他們中的一些人對我們提供的 vxlan、VPN、BGP 員工的多供應商組合非常滿意。

Some of them are peering use cases.

其中一些是對等用例。

So these are all classical routing use cases with better disruptive economics, programmability, resilience and routing features that they have come to know and love from others, but that they could get better from us.

因此，這些都是經典的路由用例，具有更好的顛覆性經濟性、可編程性、彈性和路由功能，他們從其他人那裡了解並喜歡這些功能，但他們可以從我們這裡得到更好的服務。

So -- and then also, we're doing very, very well in the cloud customer base as well.

因此，我們在雲端客戶群方面也做得非常非常好。

We have been for some time.

我們已經有一段時間了。

So the combination of all this to say that routing is not just with the service providers, it is now permeating all our 5 verticals.

因此，所有這些綜合起來表明，路由不僅僅存在於服務提供者中，它現在正在滲透到我們所有的 5 個垂直領域。

Got it.

知道了。

And is there one product delivery or feature delivery that has allowed you to turn the corner in the service provider space?

是否有一種產品交付或功能交付可以讓您在服務提供者領域扭轉局面？

Or anything you can attribute that to?

或者你可以將其歸因於什麼？

If you know the service providers as well as you do, it's never one feature.

如果您像您一樣了解服務提供者，那麼它永遠不是一項功能。

It's a long list of them.

這是一長串的名單。

So we've been working it for 4 to 5 years, and I think the culmination of it has led to more success.

所以我們已經為此努力了四、五年，我認為它的頂峰帶來了更多的成功。

But there's always one more feature to do, George, as you know.

但喬治，如您所知，總還有一項功能需要完成。

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

您的下一個問題來自高盛的 Rod Hall。

Yes.

是的。

Thanks for the question.

謝謝你的提問。

I wanted to just ask a kind of a housekeeping question and then the main one.

我只想問一些內務問題，然後是主要問題。

The housekeeping is, do you guys think deferred revenue will become an issue in '21 because of 400-gig rollout?

內務管理是，你們認為遞延收入會因為 400 場演出的推出而成為 21 年的一個問題嗎？

Do you think we'll see product deferred revenue building up again?

您認為我們會看到產品遞延收入再次增加嗎？

And then I also wanted to go back to enterprise.

然後我也想回到企業。

It seems like a time when enterprises, if anything, would be slowed spending that you guys have really accelerated at least sequential growth there.

現在看來，企業的支出（如果有的話）會放緩，而你們確實至少加速了那裡的連續成長。

And there's a lot of absolute additional revenue in Q3.

第三季有大量絕對額外收入。

So just curious, do you think you're pulling any revenue forward on enterprise?

所以只是好奇，你認為你會增加企業的收入嗎？

Or what -- how does that look like it continues the next few quarters for you?

或者什麼——你認為這種情況在接下來的幾季會持續下去嗎？

Ita, you want to answer it?

伊塔，你想回答嗎？

Yes.

是的。

I think on the deferred, it's always difficult to forecast when we'll have customer requirements, et cetera, for acceptance.

我認為在延期方面，總是很難預測我們何時會收到客戶的要求等等。

I mean, it tends to be largely for some very differentiated or different product set, particularly under the current accounting.

我的意思是，它往往主要針對一些非常差異化或不同的產品集，特別是在當前會計下。

So we'll see.

所以我們拭目以待。

It's hard to predict that there would be some of that or not at this point, right?

目前很難預測是否會有這樣的情況，對吧？

But it's definitely -- it's more difficult to get to a deferred bar.

但可以肯定的是——進入延期酒吧更加困難。

It would have to be a very differentiated product going forward.

未來它必須是一個非常差異化的產品。

But Rod, I'll just say it feels good to be back after a tough few quarters.

但是羅德，我只想說，在經歷了艱難的幾個季度之後回歸感覺很好。

The enterprises love our product, and they want to buy more.

企業喜歡我們的產品，想要購買更多。

And if anything, I would say, opposite of pull in, we're still slightly supply constrained -- constrained versus demand and are experiencing some shortages that will hopefully improve by the end of the year.

如果有什麼不同的話，我想說的是，與拉動相反，我們的供應仍然受到輕微限制——與需求相比，供應受到限制，並且正在經歷一些短缺，這些短缺有望在今年年底得到改善。

So no pull-in for sure.

所以肯定沒有拉入。

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

您的下一個問題來自花旗集團的 Jim Suva。

And really heartfelt congratulations to you and your team for very strong results and outlook during COVID.

衷心祝賀您和您的團隊在新冠疫情期間取得了非常出色的業績和前景。

My question is regarding the outlook for 2021, when you mentioned consensus up 13% to 14%, you're comfortable with that.

我的問題是關於 2021 年的前景，當你提到共識成長 13% 到 14% 時，你對此感到滿意。

Does that bake into the most recent CapEx outlooks that we were provided last week?

這是否反映在我們上週提供的最新資本支出前景？

It's notable that like Facebook gave an outlook of up -- materially up [in percent].

值得注意的是，像 Facebook 一樣，其前景展望為「大幅上漲」（百分比）。

And I know that you're wrapping up and getting ready for earnings and things, but I believe their CapEx is supposed to be 30% to 40%.

我知道你正在為利潤和其他事情做好準備，但我相信他們的資本支出應該是 30% 到 40%。

But would that be additive?

但這會是累加嗎？

Yes, Jim, no, I mean, this is our current view as of today of what we think we feel comfortable with for 2021, and then we'll see.

是的，吉姆，不，我的意思是，這是我們目前對 2021 年的看法，我們認為我們對 2021 年感到滿意，然後我們就會看到。

There's always going to be puts and takes and the CapEx to networking correlation has its challenges, right?

總是會有一些調整和調整，而網路相關性的資本支出也面臨挑戰，對嗎？

So we'll see where it goes from there.

所以我們會看看它會從那裡走向何方。

That's what we see as of today.

這就是我們今天所看到的。

Jim, thank you for the question.

吉姆，謝謝你的提問。

As you know, the CapEx includes building leases, capital.

如您所知，資本支出包括建築租賃、資本。

So the networking component is very, very small.

所以網路組件非常非常小。

Ita and I were talking earlier, as I was with Anshul, too, it's generally less than or around 5%.

Ita 和我之前談過，就像我和 Anshul 談過的那樣，通常低於或約為 5%。

So it's hard to make any specific decisions based on CapEx.

因此很難根據資本支出做出任何具體決策。

But as an overall trend, we are pleased that the CapEx is going up next year, but then we'll keep watching this quarter-by-quarter, because it tends to be lumpy and volatile.

但作為整體趨勢，我們很高興明年資本支出會上升，但我們將繼續逐季度關注，因為它往往是不穩定且不穩定的。

And congratulations again to you and your team.

再次恭喜您和您的團隊。

Thank you, Jim.

謝謝你，吉姆。

Thanks, Jim.

謝謝，吉姆。

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

你的下一個問題來自 Piper Sandler 的 James Fish。

Congrats on the quarter, ladies.

女士們，恭喜這個季度。

Ita, you went over the negatives of the higher freight cost but also the positives of lower travel.

Ita，您回顧了貨運成本較高的負面影響，也討論了旅行減少的正面影響。

To your best understanding, what was the net impact of COVID-19 on OpEx this last quarter?

據您了解，上個季度 COVID-19 對營運支出的淨影響是什麼？

And then DSOs would imply a more front-end-loaded quarter, that either insinuates a slowdown in September or was it just lack of needing to push more business that we have a strong backlog heading into Q4?

然後，DSO 將意味著一個前端負載更大的季度，這要么暗示 9 月份經濟放緩，要么只是缺乏推動更多業務的需要，導致我們在第四季度有大量積壓訂單？

Yes.

是的。

No.

不。

I mean, the DSO is actually the biggest driver this quarter was just we exited with a high balance at the end of last quarter, right?

我的意思是，DSO 實際上是本季最大的推動因素，只是我們在上個季度末以高餘額退出，對嗎？

We were very back-end-loaded last quarter, and then you can collect against that, and that drives some good traction through the quarter.

上個季度我們的後端負載非常大，然後你就可以收集到這一點，這在整個季度帶來了一些良好的牽引力。

So I think we were -- Jayshree mentioned, we still have some supply constraints we were still receiving in inventory, and you saw that in the accounts payable as well, right?

所以我認為我們 - Jayshree 提到，我們的庫存仍然存在一些供應限制，您在應付帳款中也看到了這一點，對吧？

So we were still a little bit back-end-loaded through the quarter, but we had a good balance to collect against coming into the quarter.

因此，整個季度我們仍然有一些後端負載，但我們在進入本季時有一個很好的平衡。

I don't know that I'm going to try to size exactly what the COVID impact is.

我不知道我是否會嘗試準確評估新冠疫情的影響。

There is a little bit in gross margin, and you've seen that in the product margins.

毛利率有一點，你已經在產品利潤中看到了。

And there's travel, some marketing expenses, et cetera, probably a couple of million or so that comes out of the sales and marketing line because of it as well.

還有差旅費、一些行銷費用等等，銷售和行銷部門也可能因此產生數百萬左右的費用。

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

您的下一個問題來自威廉布萊爾 (William Blair) 的傑森阿德 (Jason Ader)。

On the campus side, just wondering what types of customers are actually buying this stuff and then the stuff working from home.

在校園方面，只是想知道什麼類型的客戶實際上購買了這些東西，然後購買了在家工作的東西。

It's just -- it surprised me that you're winning a lot of new [volume] there.

只是——令我驚訝的是，你在那裡贏得了許多新的[卷]。

So that's kind of the first part of the question.

這就是問題的第一部分。

Second part of the question is the 750 series product, is this a big hole in your portfolio?

問題的第二部分是750系列產品，這是您產品組合中的一個大漏洞嗎？

And do you think that it could actually accelerate some of your traction in the campus market?

您認為這實際上可以加速您在校園市場的吸引力嗎？

First of all, you'll be pleasantly surprised as I am that even though people are not coming back to smart buildings or their headquarters, it's really vertical-dependent, as you know.

首先，您會像我一樣感到驚喜，即使人們不會回到智慧建築或其總部，但如您所知，它確實是垂直依賴的。

Some of the logistics and health care and some of the business-critical ones do need to go back and do need connectivity and performance, in a far more distributed elastic fashion.

一些物流和醫療保健以及一些關鍵業務確實需要返回，並且確實需要以更分散的彈性方式實現連接和效能。

So I think campus is back, just not the way we thought it would be.

所以我認為校園又回來了，只是不是我們想像的那樣。

The emphasis on unified wire, wireless rather than specific smart buildings is the change we're seeing.

我們看到的變化是強調統一有線、無線而不是特定的智慧建築。

And it also gives them -- what we noticed is it's also giving them a chance to plan better because if everybody's in the building you can't plan, but now you can do a lot more proof-of-concept testing.

我們注意到，這也給了他們一個更好計劃的機會，因為如果每個人都在大樓裡，你就無法計劃，但現在你可以進行更多的概念驗證測試。

Yes, I'm very excited with the 750.

是的，我對 750 感到非常興奮。

There's a whole billions of installed base of some of my old products called the Catalyst that are ripe and old in age.

我的一些舊產品（稱為 Catalyst）已經有數十億的安裝基礎，這些產品已經成熟且年代久遠。

And Anshul, you want to comment on the beauty of that?

Anshul，你想評論一下它的美麗嗎？

Absolutely.

絕對地。

Jason, we're very excited with what they're doing, but a lot of this is driven by feedback from customers.

傑森，我們對他們所做的事情感到非常興奮，但這很大程度上是由客戶的回饋所推動的。

There's immense interest in the 750 series, and that's broadening our portfolio.

人們對 750 系列表現出極大的興趣，這正在擴大我們的產品組合。

When you look at the Fortune 1000 type of enterprises, they absolutely need high density and high performance even in campus.

當你看看財富 1000 強類型的企業時，即使在園區內，他們也絕對需要高密度和高性能。

And yes, there are certain companies thinking that since the employees are not in the office, let's not upgrade or refresh, but there are also certain companies thinking that there aren't enough employees in the office, so let's go ahead and refresh.

是的，有些公司認為既然員工不在辦公室，我們就不要升級或刷新，但也有某些公司認為辦公室沒有足夠的員工，所以我們繼續刷新吧。

And that's really what's driving a lot of the change in the enterprise as well.

這確實也是推動企業變革的原因。

But the feature set, consistent POS, CloudVision, automation, a lot of the visibility and the benefits to give to people is important to them.

但功能集、一致的 POS、CloudVision、自動化、大量可見性以及為人們帶來的好處對他們來說很重要。

If your videoconference has jiggered, you don't want to be debugging in the middle of the day, you need the glitch to resolve by itself and move on, and those are the capabilities we deliver with our products.

如果您的視訊會議出現抖動，您不想在中午進行調試，您需要故障自行解決並繼續，而這些就是我們透過我們的產品提供的功能。

Which is the catalyst comparable from Cisco?

哪款催化劑可以與思科相提並論？

With the [75 750G]?

與[75 750G]？

I think there's a couple of them.

我認為有幾個。

There's the 4000 series and the 6500 series.

有4000系列和6500系列。

And the CAS 9400.

還有 CAS 9400。

And their current -- the presently shipping one is the 9400, but the older ones are the 4K and the 6500.

他們目前的產品是 9400，但較舊的產品是 4K 和 6500。

Your next question comes from the line of Ryan Koontz from Rosenblatt Securities.

您的下一個問題來自羅森布拉特證券公司的 Ryan Koontz。

I wonder if we could circle back to the campus opportunity again and look at the competitive front there.

我想知道我們是否可以再次回到校園機會，看看那裡的競爭前景。

Obviously, you guys have great technology.

顯然，你們的技術很棒。

And how do you feel you're progressing in terms of building out your channels and displacing the big incumbent there in terms of kind of influence over these larger enterprise Global 2000 type customers?

您認為您在建立自己的管道以及在對全球 2000 強企業客戶的影響力方面取代現有的大型企業方面取得了哪些進展？

Thanks, Ryan.

謝謝，瑞安。

I think we have to understand that we are in our second year of campus.

我認為我們必須明白，我們已經進入校園的第二年了。

And if you look at our competitors, they're in their 10th or 15th or 20th year.

如果你看看我們的競爭對手，你會發現他們已經進入第 10 年、第 15 年或第 20 年了。

They're very mature.

他們非常成熟。

So definitely, we've got work to do on go-to-market models.

因此，毫無疑問，我們在上市模型方面還有很多工作要做。

So our upfront first area of focus there is our existing customers.

因此，我們首先關注的重點領域是我們的現有客戶。

When we have over 6,500 of them, some [percentage] of them love our EOS and CloudVision and want to use us.

當我們擁有超過 6,500 名用戶時，其中一些 [百分比] 喜歡我們的 EOS 和 CloudVision，並希望使用我們。

The second is we are making more progress on the channel side.

第二個是我們在通路方面取得了更多進展。

We're not signing up everybody, but we certainly see a strong international focus on channels.

我們不會與所有人簽約，但我們確實看到國際上對管道的強烈關注。

And I think that will be something we will continue to invest in.

我認為這將是我們將繼續投資的領域。

And the third is, for the last 2, 3 years, we have been investing in the enterprise go-to-market led by Chris Schmidt and Ashwin Kohli under [Ashwin].

第三，在過去的兩三年裡，我們一直在[Ashwin] 領導下的克里斯·施密特(Chris Schmidt) 和阿什溫·科利(Ashwin Kohli) 的領導下，對企業進入市場進行投資。

So we're starting to see the fruits of our labor and just enterprise traction, whether it's in the data center or campus.

因此，我們開始看到我們的勞動成果和企業牽引力，無論是在資料中心還是園區。

And it's taken us the better part of 2 to 3 years to achieve that.

我們花了兩到三年的時間才實現這一目標。

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

您的下一個問題來自奧本海默的 Ittai Kidron。

A couple for me.

給我一對。

Maybe just kind of to drill down some of the questions were asked.

也許只是為了深入了解所提出的一些問題。

First, on the cloud, clearly, you're more bullish here.

首先，在雲端運算方面，顯然，您更看好這一點。

So it's great to hear.

所以很高興聽到這個消息。

Can you clarify whether this includes Facebook sort of refresh?

您能澄清一下這是否包括 Facebook 的刷新嗎？

Is that finally back on track?

終於回到正軌了嗎？

And you've got a piece of that?

你有其中的一部分嗎？

And then piggyback on the question that Jason had on the campus in new 750, congrats on that.

然後再附上 Jason 在新 750 校園裡提出的問題，恭喜你。

Cisco just refreshed 9400.

思科剛剛更新了9400。

I guess when I look at your solution right now online, it looks like you have a couple of cool features there, always on POE, but a supervisor, data plane separation.

我想當我現在在網路上查看你們的解決方案時，看起來你們有一些很酷的功能，總是在 POE 上，但有一個主管、資料平面分離。

But it was my impression that this whole chassis campus category is on a massive decline.

但我的印像是，整個校園機箱類別正在大幅下降。

Customers moving into fixed architectures, not modular at all.

客戶轉向固定架構，根本不是模組化的。

So help me understand how much really is the opportunity here?

那麼請幫我了解這裡的機會到底有多少？

And when you talk about your confidence in doubling the campus business through next year, is this going to be a material contributor to that?

當您談到明年校園業務翻倍的信心時，這是否會對此做出實質貢獻？

Or this is really for thereafter?

還是這真的是為了以後？

Oh, boy, how many questions were those?

哦，天哪，那一共有多少個問題？

Three within one.

三內一內。

Lovely, but Ittai we will keep our answers shorter than your questions.

很可愛，但是 Ittai 我們的答案會比您的問題更短。

How about that?

那個怎麼樣？

Anshul, do you want to take the cloud one or --

安舒爾，你想帶雲一還是——

Absolutely.

絕對地。

I wouldn't say that the Facebook server refresh is in our guidance model, but all of our [cloud agents] network plans for the next year are in our models.

我不會說 Facebook 伺服器更新在我們的指導模型中，但我們明年所有的[雲端代理]網路計劃都在我們的模型中。

Let's decouple that a little bit, and we have the data we have today from our customers for using that.

讓我們稍微解耦一下，我們今天從客戶那裡獲得了使用這些數據的數據。

So we're confident that there is growth coming back next year on that side.

因此，我們有信心明年這方面會出現成長。

Right.

正確的。

And on the 750, having -- both Anshul and I have been involved a lot in chassis in our prior lives.

在 750 上，Anshul 和我在前世都參與過許多底盤方面的工作。

I think if there's anything that will be under constraint, it's the stackables.

我認為如果有東西會受到限制的話，那就是可堆疊的東西。

Customers are moving to more and more distributed 1 RU.

客戶正在轉向越來越多的分散式 1 RU。

And one of the things that probably got a little unnoticed in our announcement today is our 2 RU 96 port, which obviates the need for any stackable.

在我們今天的公告中可能被忽視的一件事是我們的 2 RU 96 端口，它消除了任何可堆疊的需求。

And then for the really high-density distributed buildings, which have large employees, large headquarters, you do need a 750.

然後，對於真正高密度的分散式建築（擁有大量員工、大型總部），您確實需要 750。

You need the investment protection of 100-gig uplinks.

您需要 100G 上行鏈路的投資保障。

You need the density and footprint and power.

您需要密度、佔地面積和功率。

You need the operational power management.

您需要操作電源管理。

You need the security.

你需要安全感。

You need the always on failover time for rolling upgrades.

您需要始終在線的故障轉移時間來進行滾動升級。

So -- and I think what's happened, at least in our minds, is the CHAP-ing has gone from being a physical cable plant discussion, to much more of an automation, visibility, security discussion.

所以，我認為至少在我們看來，CHAP-ing 已經從物理電纜廠的討論轉變為自動化、可見性和安全性的討論。

You need all the properties that you had in the data center.

您需要在資料中心中擁有的所有屬性。

So that market is coming to us.

所以這個市場正在向我們走來。

So we feel good that there's -- it's a new product.

所以我們感覺很好，這是一個新產品。

It will take time to qualify, but it is a contributor to our number in 2021.

獲得資格需要時間，但它對我們 2021 年的數字做出了貢獻。

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

您的下一個問題來自摩根士丹利的 Meta Marshall。

Maybe wanted to touch on just kind of what sort of traction you're seeing with existing customers from your Big Switch and Awake Security acquisitions and just whether that could be -- I understand it's not material to Q4, but a more material contributor to 2021.

也許想談談您從 Big Switch 和 Awake Security 收購中看到的現有客戶的吸引力，以及這是否可能 - 我知道這對第四季度並不重要，但對 2021 年有更重要的貢獻。

Yes.

是的。

Thanks, Meta.

謝謝，梅塔。

I definitely think it's a strategic contributor to 2021 in bookings.

我絕對認為這是 2021 年預訂量的策略貢獻者。

As you know, the revenue may follow as multiyear contracts in software, network software and subscription models.

如您所知，收入可能會以軟體、網路軟體和訂閱模式的多年合約形式產生。

So how material will it be in 2021?

那麼2021年它的重要性如何呢？

Probably small.

可能很小。

But both those are very strategic to influencing our customers' decisions on the data center and campus.

但這兩者對於影響客戶在資料中心和園區的決策都非常具有戰略意義。

And in general, helping with their operational -- their architectural experience and their operational experience, it's a huge differentiator.

總的來說，幫助他們的營運——他們的架構經驗和營運經驗，這是一個巨大的差異化因素。

So observability, monitoring, in-line data analysis capability and then the autonomous threat hunting, it's so important now because the firewall or the perimeter for the firewall is just collapsed.

因此，可觀察性、監控、線上資料分析能力以及自主威脅搜尋現在非常重要，因為防火牆或防火牆的邊界剛剛崩潰。

So the ability to do that is we just closed a Big -- the Awake acquisition in October.

因此，我們有能力做到這一點，我們剛剛在 10 月完成了對 Awake 的收購。

So it's too early to tell.

所以現在說還太早。

But the one thing we can tell is everyone's interested in it.

但我們可以知道的一件事是每個人都對此感興趣。

Anshul, you want to add to that?

安舒爾，你想補充嗎？

Jayshree, you're absolutely right, with IoT and sensors in campuses and work environments, the monitoring is going to be very, very different.

Jayshree，你說得完全正確，隨著校園和工作環境中的物聯網和感測器的出現，監控將會非常非常不同。

And there's an unmet need in this space today, and I think Awake [is the way] with the AI technology [on there] as well as Big Switch in the market side.

今天這個領域有一個未滿足的需求，我認為 Awake [就是出路]，人工智慧技術[在那裡]以及市場方面的 Big Switch。

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

你的下一個問題來自富國銀行的 Aaron Rakers。

Yes.

是的。

I want to go back to one of Ittai's questions.

我想回到一泰的一個問題。

And I can appreciate that you're not factoring in kind of Facebook and server refresh cycle in the context of your guidance.

我可以理解，您在指導中沒有考慮 Facebook 和伺服器刷新週期。

But if you go back in time, how do you think about the context of server cycles and how that pulls through your business just to give a historical backdrop?

但如果你回到過去，你如何看待伺服器週期的背景，以及它如何影響你的業務，只是為了提供歷史背景？

Because as we look into '21, you've got, obviously, a big refresh for Intel.

因為當我們展望 21 世紀時，顯然英特爾將進行重大更新。

You've got [A&B pushed into server CPU] cycle.

你已經得到了[A&B 被推入伺服器CPU]週期。

I'm just curious to how you think about that pull-through effect on Arista's business?

我只是好奇您如何看待這種對 Arista 業務的拉動效應？

Aaron, I don't think it's changed much.

亞倫，我認為情況沒有太大改變。

First, what happens is you've got to get the buildings and the power and the cooling in, then you've got to get the servers.

首先，你必須獲得建築物、電力和冷卻系統，然後你必須獲得伺服器。

And there's typically a 1- to 2-quarter lag on the network.

網路通常存在 1 到 2 個季度的延遲。

And so clearly, the server cycle comes ahead of us, which is why we felt the pain we did last year.

很明顯，伺服器週期就在我們前面，這就是為什麼我們感到去年的痛苦。

Hopefully, we'll feel the gain of it next year.

希望明年我們能感受到它的收穫。

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

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

Jayshree, you mentioned in your opening remarks that outside of your core switching market, you had growth opportunities in routing, campus and software and services.

Jayshree，您在開場白中提到，除了核心交換市場之外，您在路由、園區以及軟體和服務方面也有成長機會。

And I was wondering over like a 3, maybe to 5-year time horizon, how much of your growth do you think is going to come from these additional segments versus how much is still going to come from switching, your core switching market?

我想知道，在 3 年、也許到 5 年的時間範圍內，您認為您的成長有多少將來自這些額外的細分市場，而還有多少成長將來自核心轉換市場？

Well, Ita is telling me not to answer this question.

好吧，伊塔告訴我不要回答這個問題。

[I see that cue as today]

[我今天看到了這個提示]

From a vision perspective, we think those 2 segments, the new markets where we're underpenetrated, we're in the early innings in both network adjacencies and software and services, will grow faster than our core market.

從願景的角度來看，我們認為這兩個細分市場，即我們尚未滲透的新市場，我們在網路鄰接以及軟體和服務方面都處於早期階段，將比我們的核心市場成長得更快。

How about I leave it at that?

我就這樣留著怎麼樣？

Is that a good enough answer?

這是一個夠好的答案嗎？

That's good enough answer.

這已經是個夠好的答案了。

I'll have to live with it.

我必須忍受它。

Your next question comes from the line of Tim Long from Barclays.

你的下一個問題來自巴克萊銀行的提姆朗。

Can we just hit on the telco vertical?

我們可以進軍電信垂直領域嗎？

It seems like it's still towards the bottom of the pecking order, at least in your results.

看起來它仍然處於排序的底部，至少在你的結果中是如此。

So what's going on there?

那麼那裡發生了什麼事？

When do you think you'll get that going?

你認為你什麼時候能做到這一點？

Is it just increasing the routing use cases and further penetrating on that regard or maybe the addition of more security features, which often do well in the telco networks?

是否只是增加路由用例並進一步滲透這方面，或者可能添加更多安全功能（這些功能通常在電信網路中表現良好）？

Thank you, Tim.

謝謝你，提姆。

Look, I think unlike the cloud, where they will adopt our routing features even if we're missing 1 or 2 and then operationalize it, you know very well, service providers want every bell and whistle.

聽著，我認為與雲端不同的是，即使我們缺少 1 或 2 個路由功能，他們也會採用我們的路由功能，然後對其進行操作，您很清楚，服務提供者需要所有附加功能。

And as I said in my opening remarks, it's taking us the better part of 4, 5 years.

正如我在開場白中所說，這花了我們四、五年的時間。

We're making very good traction in Tiers 2 and 3. Tier 1 is still taking time.

我們在第 2 層和第 3 層取得了非常好的進展。

But in this year, we have won some early design wins in Tier 1 as well.

但今年，我們也在一級贏得了一些早期設計勝利。

But the numbers are small.

但數量很少。

So I think in order to make them big, they need to spend more from us.

所以我認為為了讓他們做大，他們需要從我們身上花更多的錢。

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

您的下一個問題來自 Evercore 的 Amit Daryanani。

Perfect.

完美的。

I guess, maybe if I just go back to this double-digit sales growth expectation for calendar '21.

我想，也許如果我回到 21 日曆年兩位數的銷售成長預期。

Just wanted to understand, is that an organic statement?

只是想了解，這是一個有機的陳述嗎？

Is that a total revenue growth statement?

這是總收入成長表嗎？

How do we think about that?

我們對此有何看法？

And then broadly, when I hear you talk about calendar '21, it sounds like the growth vectors are getting much more diversified than they historically have been.

總的來說，當我聽到你談論日曆'21時，聽起來成長向量比歷史上更加多樣化。

And I'm wondering how does that play out into your operating expenses and perhaps the need to expand your infrastructure further in calendar '21?

我想知道這對您的營運支出有何影響，或許還需要在 21 日曆年進一步擴展您的基礎設施？

So just -- Amit, just to take the question upfront, it is absolutely based on products as we have now organically.

所以，阿米特，先回答這個問題，它絕對是基於我們現在有機的產品。

We're not factoring in any future products or M&A in that discussion.

我們在討論中沒有考慮任何未來的產品或併購。

And maybe, Ita, you want to talk about the...

也許，伊塔，你想談談…

Yes, I mean, investment model.

是的，我的意思是，投資模式。

Yes.

是的。

I think on the investment side, with the top line returning to growth, that gives us a lot of room to make those investments.

我認為在投資方面，隨著收入恢復成長，這為我們提供了很大的投資空間。

And maybe a little bit more than that, we'll see, right?

也許不只一點，我們拭目以待，對吧？

But we certainly have the growth on the top line to do that.

但我們確實有收入成長來做到這一點。

My script did remind everybody that our target model is 35% operating margin.

我的腳本確實提醒大家，我們的目標模式是 35% 的營業利益率。

And we're reserving the right to do that, should we find the right investments to make.

如果我們找到合適的投資，我們將保留這樣做的權利。

And we'll be very metric-driven around that as we go forward.

在我們前進的過程中，我們將圍繞這一點非常以指標為導向。

But that's kind of the target model longer term.

但這是長期目標模型。

In the meantime, we'll have the benefit of top line growth to help with the investments in the near term.

同時，我們將受益於營收成長，以幫助近期的投資。

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

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

I wanted to take your sense on a scenario.

我想了解你對一個場景的感受。

If we assume an existing Arista customer wants to upgrade a data center to 200-gig, not 400 but 200-gig, what does that mean for Arista?

如果我們假設現有的 Arista 客戶想要將資料中心升級到 200 GB，而不是 400 GB，而是 200 GB，這對 Arista 意味著什麼？

Is this a line card change or a swap of chassis?

這是線路卡更換還是機箱交換？

And if it is a swap of chassis, you risk losing share in that kind of upgrade scenario for one of your customers?

如果是更換機箱，您是否會冒著失去某個客戶在這種升級場景中的份額的風險？

So Simon, while we haven't talked about 200-gig broadly, there are certain customers looking at these types of technologies.

Simon，雖然我們沒有廣泛討論 200 場，但有些客戶正在關注這些類型的技術。

And since we're staying with the 4 lean architecture at [4550].

由於我們仍然使用 [4550] 的 4 精實架構。

The good news is all of the products we mentioned, the R3 series, some in the 7060 series, some in the 7300 series, all of them support not just 400-gig, but also 200 gig.

好消息是我們提到的所有產品，R3系列，有的7060系列，有的7300系列，所有這些產品不僅支援400G，還支援200G。

So we are aware of the need in certain cases of 200-gig now very, very well poised to actually grow or benefit from that as well.

因此，我們意識到在某些情況下需要 200 場演出，現在已經做好了實際成長或從中受益的準備。

Your next question comes from the line of Woo Jin Ho from Bloomberg Intelligence.

您的下一個問題來自 Bloomberg Intelligence 的 Woo Jin Ho。

Oh, great, thank you for squeezing me in.

噢，太好了，謝謝你拉我進來。

So an intermediate-term technology question here.

這是一個中期技術問題。

So the [chip] question has been asked.

所以提出了[晶片]問題。

So NVIDIA and Marvell have been talking a lot about DPUs in the data center.

因此，NVIDIA 和 Marvell 一直在談論資料中心中的 DPU。

It sounds as if [in can is] starting to get a little bit more complex with the architectures at least.

聽起來好像 [in can] 開始變得至少在架構上變得更複雜。

Does DPUs present a core growth opportunity for you in the cloud that we may not have considered in the past?

DPU 是否為您在雲端提供了我們過去可能沒有考慮到的核心成長機會？

This is a bit too early to say whether DPUs will come disrupt or is it a lot of marketing in terms of offload engines.

現在判斷 DPU 是否會帶來顛覆，或者是否會在卸載引擎方面進行大量行銷，還為時過早。

Remember, offload engines, especially on servers, have been around for many, many years.

請記住，卸載引擎，尤其是伺服器上的卸載引擎，已經存在很多很多年了。

And these might have special instruction sets for the new types of offloads the world is looking at.

這些可能有針對世界正在關注的新型卸載的特殊指令集。

But so far, we don't see any major impact to networking like us, maybe even a benefit because that drives the change in architecture and actually helps us compared from the incumbency.

但到目前為止，我們還沒有看到像我們這樣的網路受到任何重大影響，甚至可能帶來好處，因為這推動了架構的變化，並且與現有的網路相比，實際上對我們有所幫助。

Yes.

是的。

I think they generally have been co-processors.

我認為它們通常是協處理器。

They don't take away the need for a CPU.

它們並沒有消除對 CPU 的需求。

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

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

I just had one clarification for Ita on the deferred side.

我剛剛對 Ita 的延期事宜進行了澄清。

The deferred has gone marginally lower sequentially each of the last 2 quarters.

過去兩季的遞延費用連續略有下降。

And I just want to make sure I understand.

我只是想確保我理解。

Are there puts and takes in that?

其中有賣出和賣出嗎？

Is that now more, say, dependent on larger renewals that happen periodically through the course of the year?

比如說，現在是否更依賴一年中定期發生的更大規模的更新？

So if you can just talk a second about that?

那麼您能談談這個嗎？

And also, is there anything in that trending that we should think about as we think about services revenue in 2021?

此外，在考慮 2021 年的服務收入時，我們應該考慮這一趨勢中的哪些內容？

Yes.

是的。

No, that's exactly what it is, right?

不，事實就是這樣，對吧？

I mean, it's almost all services now, and it's really going to move around more by the term and the timing of just those renewals, right?

我的意思是，現在幾乎所有服務都包含在內，而且根據這些續訂的期限和時間安排，它確實會發生更多變化，對吧？

Whether I renew 1 year, or 3 years, it doesn't really make any difference in the business, but it will show up in that deferred revenue line item, right?

無論我續約 1 年還是 3 年，對業務來說並沒有什麼區別，但它會顯示在遞延收入行項目中，對吧？

The revenue will still be pretty consistent, right, because you're recognizing it over time.

收入仍然會相當穩定，對吧，因為隨著時間的推移你會認識到這一點。

But the deferred line will move around, right?

但延期的線路會移動，對嗎？

So if we have a big renewal on a multiyear contract, that number is going to go up.

因此，如果我們續簽一份多年期合同，這個數字將會上升。

If we renew just 1 year and come back to do the next later, it won't increase or it might decline slightly because we're recognizing some of that revenue.

如果我們只續約一年，然後再續約下一年，它就不會增加，或者可能會略有下降，因為我們正在確認其中的一些收入。

So it's going to move around a bit, but it's not a business driver, right?

所以它會發生一些變化，但它不是業務驅動力，對嗎？

It's just more how are we negotiating and closing out [the term].

更重要的是我們如何談判和結束[這個術語]。

This concludes the Arista Q3 2020 Earnings Call.

Arista 2020 年第三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該演示文稿。

Thank you for joining us today.

感謝您今天加入我們。

And everybody, please be safe.

還有大家，請注意安全。

Thank you for joining, ladies and gentlemen.

女士們、先生們，感謝您的加入。

That 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。