Arista Networks Inc (ANET) 2020 Q1 法說會逐字稿

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

歡迎參加 Arista Networks 2020 年第一季財務業績電話會議。

(Operator Instructions) As a reminder, this conference is being recorded and will be available for 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. 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 first quarter ending March 31, 2020.

今天下午，Arista Networks 發布新聞稿，宣布截至 2020 年 3 月 31 日的第一個財季業績。

If you would like a copy of the release, you can access it online 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 second quarter of the 2020 fiscal year, longer-term financial outlooks, the potential impact of COVID-19 on our business, industry innovation, our market opportunity, the benefits of recent acquisitions and the impact of litigation, 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 財年第二季度的財務前景、長期財務前景、COVID-19 對我們的潛在影響有關的聲明。業務、行業創新、我們的市場機會、最近收購的好處以及訴訟的影響，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，特別是在我們最新的10-Q 表格中和表格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, Curtis.

謝謝你，柯蒂斯。

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

感謝大家今天下午參加我們 2020 年第一季的財報電話會議。

First, I would like to address the coronavirus global pandemic, the world's largest in 100 years.

首先，我想談談冠狀病毒全球大流行，這是 100 年來世界上最嚴重的一次。

Clearly, this is unlike recessionary events, including the dotcom crash of 2001 or the financial recession of 2008, both of which were sector-specific.

顯然，這與經濟衰退事件不同，包括 2001 年的網路泡沫崩潰或 2008 年的金融衰退，這兩個事件都是針對特定行業的。

At Arista, we are focused on the welfare of our employees, supporting our customers and helping the local community.

在 Arista，我們關注員工的福利、支持客戶並幫助當地社區。

We recognize our role and responsibility in supporting global communications and cloud infrastructure during these mission-critical times.

我們認識到我們在這些關鍵任務時期支援全球通訊和雲端基礎設施的作用和責任。

We're adjusting to the new norm of real-time audio and video communication.

我們正在適應即時音訊和視訊通訊的新規範。

Our support case load has doubled during the initial weeks, but has now stabilized as we help our customers in their time of need.

我們的支援案例量在最初幾週內增加了一倍，但現在已經穩定下來，因為我們在客戶需要時提供協助。

Getting back to Q1 specifics.

回到第一季的具體情況。

We delivered revenues of $523 million for the quarter, with a non-GAAP earnings per share of $2.02.

我們本季的營收為 5.23 億美元，非 GAAP 每股收益為 2.02 美元。

Service contributed approximately 21% of revenue, up from 19% last quarter.

服務貢獻了約 21% 的收入，高於上季的 19%。

Our non-GAAP gross margins were 65.6%, influenced by a healthy software and services mix.

受健康的軟體和服務組合的影響，我們的非 GAAP 毛利率為 65.6%。

We've registered solid number of million-dollar customers as a direct result of our enterprise traction.

作為我們企業牽引力的直接結果，我們已經註冊了數量可觀的百萬美元客戶。

In Q1 2020, cloud titans was our largest vertical.

2020 年第一季度，雲端巨頭是我們最大的垂直領域。

The enterprise is now consistently the second largest, followed by the Tier 2 specialty cloud providers and financials tied for third place and the service provider at fourth place.

企業目前一直位居第二，其次是並列第三的二級專業雲端供應商和金融供應商，以及排名第四的服務供應商。

Due to popular requests from our analyst friends, we are now providing more color into our annual trends across 3 main sectors: cloud titans, approximately 40% of our mix; enterprise, including financial services, approximately 35% of our mix; and providers, which includes both service provider and cloud specialty provider, approximately 25% of our mix.

由於分析師朋友們的普遍要求，我們現在為 3 個主要領域的年度趨勢提供更多色彩：雲端巨頭，約占我們組合的 40%；企業，包括金融服務，約占我們組合的 35%；和供應商，其中包括服務提供者和雲端專業供應商，約占我們組合的 25%。

In terms of geographies, Q1 2020 mix had international contribution at 23%, with the Americas at 77%.

就地理而言，2020 年第一季的組合中國際貢獻率為 23%，其中美洲為 77%。

In terms of mergers and acquisitions, we closed the acquisition of Big Switch networks in February 2020.

在併購方面，我們在2020年2月完成了對Big Switch網路的收購。

We are experiencing early traction and complementarity with Arista's Data ANalyZer, DANZ, offering and entering into the network packet broker space.

我們正在經歷與 Arista 的 Data ANalyZer、DANZ 的早期吸引力和互補性，提供並進入網路封包代理領域。

We are expanding in the campus our cloud networking principles, introducing exciting cognitive WiFi suite of features with the support of Google Hangouts, Microsoft Teams and Zoom as well as open config-based automation model.

我們正在校園中擴展我們的雲端網路原則，在 Google Hangouts、Microsoft Teams 和 Zoom 以及基於開放配置的自動化模型的支援下引入令人興奮的認知 WiFi 功能套件。

Arista's cognitive campus portfolio was launched last summer to address the explosion of clients, users and IoT devices with software-driven automation.

Arista 的認知園區產品組合於去年夏天推出，旨在透過軟體驅動的自動化解決客戶、使用者和物聯網設備激增的問題。

We are well on our way to meeting our first year's $100 million target ending Q2 2020.

我們正在順利實現第一年 1 億美元的目標（截至 2020 年第二季）。

While we are pleased with this traction, we must all exercise patience as we cultivate this part of our business.

雖然我們對這種勢頭感到滿意，但在培育這部分業務時，我們都必須保持耐心。

It took us more than 7 years to build our cloud business to $500 million, and we believe that our enterprise prospects will take time, especially in this COVID-19 era.

我們花了 7 年多的時間將我們的雲端業務打造到 5 億美元，我們相信我們的企業前景需要時間，特別是在這個 COVID-19 時代。

We are only just beginning our first year of a 5- to 7-year journey to disrupt 30 years of legacy and status quo.

我們才剛開始我們為期 5 至 7 年的旅程的第一年，以顛覆 30 年的傳統和現狀。

COVID-19 has required us to respond rapidly to changing events.

COVID-19 要求我們對不斷變化的事件做出快速反應。

In accordance with the country-specific shelters and orders, we have closed all our offices to assure employee healthy -- health and safety.

根據特定國家/地區的避難所和命令，我們關閉了所有辦公室，以確保員工的健康和安全。

We are consequently experiencing supply chain constraints, and we are managing our global capacity with our contract manufacturers in San Jose, Mexico, Malaysia and coping with some inventory and component shortages.

因此，我們遇到了供應鏈限制，我們正在與墨西哥聖荷西、馬來西亞的合約製造商一起管理我們的全球產能，並應對一些庫存和零件短缺的問題。

Lead times vary and have doubled recently for some of our popular products.

我們的一些熱門產品的交貨時間各不相同，並且最近增加了一倍。

Arista is working in lockstep with our customers in supporting their business continuity and planning throughout 2020.

Arista 正在與我們的客戶緊密合作，以支持他們在 2020 年的業務連續性和規劃。

Our visibility, especially into second half 2020, is pretty low.

我們的能見度，尤其是 2020 年下半年，非常低。

The number of confirmed COVID-19 cases has increased sharply in April.

4 月確診的 COVID-19 病例數急劇增加。

Until the economic environment permits us to resume more normal routine, we have limited visibility to demand.

在經濟環境允許我們恢復正常生活之前，我們對需求的了解有限。

It is clear that we live in uncertain times, and therefore, with what we know at this time, it is prudent to assume our annual 2020 revenue may decline versus our 2019.

顯然，我們生活在一個不確定的時代，因此，根據目前的情況，我們可以謹慎地假設我們 2020 年的收入可能會比 2019 年有所下降。

We expect to manage our overall business this year at Arista's 2018 levels, and we'll continue to monitor this closely.

我們預計今年的整體業務將達到 Arista 2018 年的水平，我們將繼續密切關注這一情況。

Arista, together with the entire business sector and global supply chain, is coping with multiple unknowns in the midst of a global pandemic.

Arista 與整個業務部門和全球供應鏈一起，正在應對全球大流行中的多重未知因素。

We expect to see some short-term strength in cloud titan, offset by prolonged sales cycles with new prospects in the campus and enterprise sector.

我們預計雲端巨頭將出現一些短期強勢，但被校園和企業領域新前景的銷售週期延長所抵消。

We remain confident that the combination of our product superiority, commitment to quality with the lowest critical vulnerabilities and the highest Net Promoter Score of 76 is very compelling in the network industry and of great value to our customers.

我們仍然相信，我們的產品優勢、對品質的承諾、最低關鍵漏洞和最高 76 分的淨推薦值的結合在網路產業中非常引人注目，並且對我們的客戶具有巨大價值。

Our recent market share gains, customer intimacy and operating leverage will navigate us through these unforeseen circumstances.

我們最近的市佔率成長、客戶親密度和營運槓桿將引導我們度過這些不可預見的情況。

We expect to emerge stronger than many of our industry peers as we migrate to modern networking.

當我們遷移到現代網路時，我們期望比許多行業同行更強大。

Before I turn it over to Ita for financial specifics, on behalf of Arista, I truly wish all of our listeners, employees and their families, customers and well-wishers be safe and healthy.

在我將其轉交給 Ita 詢問財務細節之前，我代表 Arista 衷心祝福我們所有的聽眾、員工及其家人、客戶和祝福者安全健康。

Ita?

伊塔？

Thanks, Jayshree, and good afternoon.

謝謝，Jayshree，下午好。

This analysis of our Q1 results and our guidance for Q2 '20 is based on non-GAAP and excludes all noncash, stock-based compensation impacts, certain acquisition-related charges and other nonrecurring items.

對我們第一季業績的分析以及我們對 20 年第二季的指導是基於非公認會計準則，不包括所有非現金、基於股票的薪酬影響、某些收購相關費用和其他非經常性項目。

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

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

Total revenues in Q1 were $523 million, down 12% year-over-year and just above the lower end of our guidance of $522 million to $532 million.

第一季總營收為 5.23 億美元，年減 12%，略高於我們指引值 5.22 億美元至 5.32 億美元的下限。

As discussed previously, this decline on a year-over-year basis was in part related to the recognition of approximately $83 million of deferred revenue in the first quarter of 2019.

如前所述，年減的部分原因是 2019 年第一季確認了約 8,300 萬美元的遞延收入。

In addition, while demand in Q1 2020 was reasonably healthy, we did experience some COVID-19-related components supply and manufacturing challenges, which resulted in extended lead times and somewhat constrained shipments for the quarter.

此外，雖然2020 年第一季的需求相當健康，但我們確實遇到了一些與COVID-19 相關的零件供應和製造挑戰，這導致交貨時間延長，並在一定程度上限制了本季度的出貨量。

Service revenues represented approximately 21% of total revenue, up from 19% last quarter, reflecting strong service renewal activity in the period, coupled with a lower product revenue number.

服務收入約佔總收入的 21%，高於上季的 19%，反映出該期間強勁的服務更新活動以及較低的產品收入數字。

International revenues for the quarter came in at $122.4 million or 23.5% of total revenue, down from 25% in Q4.

該季度的國際營收為 1.224 億美元，佔總營收的 23.5%，低於第四季的 25%。

Shifts in geographical mix on a quarter-over-quarter and year-over-year basis were largely driven by the level of revenue and the location of deployments by our cloud titan customers.

季度環比和同比的地理組合變化主要是由我們的雲端巨頭客戶的收入水平和部署位置所驅動的。

Overall gross margin in Q1 was 65.6%, well above our guidance of approximately 63% and up from 65.2% last quarter.

第一季的整體毛利率為 65.6%，遠高於我們約 63% 的指導，高於上季的 65.2%。

As expected, we saw strength in our cloud business in the period with the related lower gross margin impact more than offset by some onetime constrained supply-related sales of previously reserved inventory, and a healthy mix of software and services mix.

正如預期的那樣，我們看到了雲端業務在此期間的強勁表現，相關毛利率下降的影響被一些曾經受限的先前保留庫存的供應相關銷售以及健康的軟體和服務組合所抵消。

Operating expenses for the quarter were $149.3 million or 28.5% of revenue, down from last quarter to $154.3 million.

本季營運費用為 1.493 億美元，佔營收的 28.5%，較上季下降至 1.543 億美元。

R&D spending came in at $91 million or 17.4% of revenue, down from $96.2 million last quarter.

研發支出為 9,100 萬美元，佔營收的 17.4%，低於上季的 9,620 萬美元。

This decline largely reflected lower engineering and prototype costs in the period.

這一下降很大程度上反映了這段時期工程和原型成本的下降。

Sales and marketing expenses was consistent with last quarter at approximately $46 million or 8.8% of revenue, with increased headcount costs, somewhat offset by lower marketing and travel-related spending.

銷售和行銷費用與上季持平，約為 4,600 萬美元，佔收入的 8.8%，但人員成本有所增加，但行銷和旅遊相關支出的減少在一定程度上抵消了這一影響。

Our G&A costs were flat to last quarter at approximately $12 million or 2.3% of revenue.

我們的一般管理費用與上季持平，約 1,200 萬美元，佔營收的 2.3%。

Our operating income for the quarter was $194 million or 37.1% of revenue.

我們本季的營業收入為 1.94 億美元，佔營收的 37.1%。

Other income expense for the quarter was a favorable $12.2 million, and our effective tax rate was approximately 21.6%.

本季的其他收入支出為 1,220 萬美元，有效稅率約為 21.6%。

This result (inaudible) net income for the quarter of $161.7 million or 30.9% of revenue.

結果（聽不清楚）本季淨利為 1.617 億美元，佔營收的 30.9%。

Our diluted share number was 79.94 million shares, resulting in a diluted earnings per share number for the quarter of $2.02, down 12.6% from the prior year.

我們的稀釋後股票數量為 7,994 萬股，導致本季稀釋後每股收益為 2.02 美元，比前一年下降 12.6%。

We completed the purchase accounting for Big Switch acquisition in the period, with immaterial amounts of revenue and expense included in our non-GAAP results in the first quarter.

我們在此期間完成了 Big Switch 收購的採購會計，第一季的非 GAAP 業績中包含了大量收入和費用。

For those of you focused in our GAAP results, we recorded $11.9 million of acquisition-related expenses in the period, which we consider to be onetime in nature and which, together with $4.9 million of amortization of acquired intangibles, have been excluded from our non-GAAP results.

對於那些關注我們GAAP 業績的人來說，我們在此期間記錄了1,190 萬美元的收購相關費用，我們認為這些費用本質上是一次性的，加上收購無形資產的490 萬美元攤銷，已被排除在我們的非-公認會計準則結果。

A full reconciliation of our GAAP to non-GAAP results has been provided in our earnings release.

我們的收益報告中提供了 GAAP 與非 GAAP 業績的全面對帳。

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 $2.6 billion.

本季末現金、現金等價物及投資約 26 億美元。

We repurchased $228 million of our common stock during the quarter at a weighted average price of $189 per share.

本季我們以每股 189 美元的加權平均價格回購了價值 2.28 億美元的普通股。

This brings our total repurchases to date to $494 million or 2.4 million shares over a 4-quarter period.

這使得我們四個季度的回購總額達到 4.94 億美元，即 240 萬股。

As a reminder, our Board of Directors has authorized a 3-year $1 billion stock repurchase program commencing in Q2 '19.

謹此提醒，我們的董事會已授權從 19 年第二季開始實施為期 3 年、價值 10 億美元的股票回購計畫。

The program allows us to repurchase shares of our common stock opportunistically and is funded from operating cash flows.

該計劃使我們能夠機會性地回購普通股，並由營運現金流提供資金。

Generated $195 million of cash from operations in the first quarter, reflecting solid net income performance and a slight increase in working capital requirements.

第一季營運產生 1.95 億美元現金，反映出穩健的淨利潤表現和營運資金需求略有增加。

DSOs came in at 61 days, down from 65 days in Q4, reflecting the timing of billings in the period.

DSO 的周期為 61 天，低於第四季度的 65 天，反映了該期間的計費時間。

Inventory turns were 2.5x, down from 2.9 last quarter.

庫存週轉率為 2.5 倍，低於上季的 2.9 倍。

Inventory increased to $262 million in the quarter, up from $244 million in the prior period.

本季庫存增加至 2.62 億美元，高於上一季的 2.44 億美元。

Our total deferred revenue balance was $597 million, up from $575 million in Q4.

我們的遞延收入餘額總額為 5.97 億美元，高於第四季的 5.75 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。

Accounts payable days were 43 days, down from 44 days in Q4, reflecting the timing of inventory receipts and payments.

應付帳款天數為 43 天，低於第四季的 44 天，反映了庫存收付的時間。

Capital expenditure for the quarter was $3.1 million.

該季度的資本支出為 310 萬美元。

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

現在轉向我們對第二季及以後的展望。

As Jayshree mentioned, we continue to closely monitor the impact of COVID-19 around the world.

正如 Jayshree 所提到的，我們將繼續密切關注 COVID-19 在世界各地的影響。

We, our customers and our supply chain partners continue to operate under various local restrictions, and it is unclear when and how these restrictions will be lifted.

我們、我們的客戶和供應鏈合作夥伴繼續在各種當地限制下運營，目前尚不清楚這些限制何時以及如何取消。

While we're not in a position to predict these outcomes and provide longer-term guidance, we did want to provide some color on how we are managing and framing the business in the interim.

雖然我們無法預測這些結果並提供長期指導，但我們確實希望提供一些關於我們在此期間如何管理和建立業務的資訊。

While we expect demand from our cloud businesses to remain stable, we believe a number of other verticals could see some pause or slowing of IT spending, pending clarity on the economic outlook.

雖然我們預期雲端業務的需求將保持穩定，但我們認為，在經濟前景明朗之前，許多其他垂直行業的 IT 支出可能會暫停或放緩。

Given this uncertainty, we believe it's prudent to manage (inaudible) investments carefully and in a range closer to 2018 levels.

鑑於這種不確定性，我們認為謹慎管理（聽不清楚）投資並在接近 2018 年水準的範圍內是謹慎的做法。

We are prioritizing key projects and customer engagements while benefiting from a natural reduction in travel, marketing and other variable expenses.

我們正在優先考慮關鍵項目和客戶參與，同時受益於旅行、行銷和其他可變費用的自然減少。

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

在毛利率方面，我們重申我們的整體毛利率前景為 63% 至 65%，客戶組合是關鍵驅動因素。

Now for a couple of additional housekeeping items.

現在介紹一些額外的家務用品。

We have continued to see some upward pressure on the effective tax rate and have increased the forecasted rate to 21.8%.

我們繼續看到有效稅率存在上行壓力，並將預測稅率提高至 21.8%。

In addition, we expect the current lower interest rate environment to negatively impact our other income amounts in the future.

此外，我們預計當前較低的利率環境將對我們未來的其他收入產生負面影響。

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

最後，我們對第二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 second quarter, which is based on non-GAAP results and excludes any noncash stock-based compensation impacts and other nonrecurring items, is as follows: revenues of approximately $520 million to $540 million, gross margin of 63% to 65%, operating margins of approximately 35%.

以此為背景，我們對第二季度的指導（基於非公認會計準則業績，不包括任何非現金股票薪酬影響和其他非經常性項目）如下：收入約為 5.2 億至 5.4 億美元，毛利率為63%至65%，營業利益率約35%。

Our effective tax rate is expected to be approximately 21.8%, with diluted shares of approximately 79.7 million shares.

我們的有效稅率預計約為21.8%，稀釋後股份約為7,970萬股。

I will now turn the call back to Curtis.

我現在將把電話轉回給柯蒂斯。

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, please take it away.

接線員，請把它拿走。

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

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

Jayshree mentioned the short-term benefit you're expecting from some of the cloud companies.

Jayshree 提到了您期望從一些雲端公司獲得的短期利益。

So maybe if you can elaborate on that a bit.

也許您可以詳細說明一下。

How much of this is from the cloud titans?

其中有多少來自雲端巨頭？

What are you seeing from the specialty cloud providers?

您從專業雲端提供者看到了什麼？

Are you expecting similar upside there?

您是否期待類似的上漲空間？

And why isn't there more confidence in the sustainability of this kind of upside as we look a bit more longer term?

當我們把目光放得更長遠時，為什麼人們對這種上行趨勢的可持續性缺乏更多信心呢？

Sure.

當然。

Thanks, Samik.

謝謝，薩米克。

Well, as you know, Arista's cloud titan performance is consistent with the cloud CapEx reporting.

嗯，如您所知，Arista 的雲端巨頭效能與雲端資本支出報告一致。

In other words, some are experiencing strong spend, some are declining and others are cautious.

換句話說，有些人的支出強勁，有些人的支出正在下降，而有些人則持謹慎態度。

So given all the pluses and minuses, I think it's safe to say that for the year, we expect a flattish cloud titan trend.

因此，考慮到所有的優點和缺點，我認為可以肯定地說，今年我們預計雲端巨頭的趨勢將趨於平坦。

And this is actually an improvement because we've been saying flat to down.

這實際上是一種進步，因為我們一直在說持平到下降。

So of course, we'll monitor this closely.

當然，我們會密切關注這一情況。

As you know, we never have long-term visibility on cloud titans.

如您所知，我們從來沒有對雲端巨頭有長期的了解。

It's quarter-by-quarter.

這是一個季度一個季度的。

So we'll inspect more closely, especially for the second half.

所以我們會更仔細檢查，特別是下半年。

Now in terms of the cloud specialty providers, they were actually stronger trend for us in Q1.

現在就雲端專業供應商而言，他們實際上在第一季對我們來說是更強勁的趨勢。

It's pretty cyclical in nature.

它本質上是非常週期性的。

It depends on different Tier 2 cloud providers.

這取決於不同的二級雲端提供者。

Each one has a unique architecture.

每一個都有獨特的架構。

We had a somewhat weak specialty cloud providers in 2019, but they've started off well for us in Q1 and Q2.

2019 年，我們的專業雲端供應商有些薄弱，但他們在第一季和第二季為我們帶來了良好的開局。

And over time, it will be a matter of economics and what makes most business sense for them.

隨著時間的推移，這將成為一個經濟問題，以及什麼對他們來說最有商業意義。

I believe some of them will succeed in specialized use cases.

我相信其中一些將在專門的用例中取得成功。

But once again, we're going to keep a watch and monitor this closely in the second half.

但我們將再次在下半年密切關注這一情況。

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。

Jayshree, I was hoping you could talk a little bit about the enterprise vertical and maybe on 2 different vectors, if you can just kind of give us a little color on what you're seeing on large enterprises.

Jayshree，我希望您能談談企業垂直領域，也許可以討論兩個不同的方向，如果您能給我們一些關於您在大型企業中看到的情況的信息的話。

And then as it relates to -- you talked about a longer process for the campus move.

然後，您談到了校園搬遷的一個較長的過程。

Could you just talk a little bit about the moving parts near term given that, obviously, a lot of people are working from home, so it's difficult to sell on-prem equipment.

您能否簡單談談近期的移動部件，因為顯然很多人都在家工作，因此很難銷售本地設備。

So if you can just give us a little more color there.

所以如果你能給我們多一點色彩的話。

Yes.

是的。

Sure, Tim.

當然，提姆。

So to answer your broad question on enterprise sector, I think Arista's brand is very well recognized for data center.

因此，為了回答您關於企業部門的廣泛問題，我認為 Arista 的品牌在資料中心方面非常受認可。

And with our 6,000-plus customers, we've got very good recognition there from a differentiated product, and we've already been very engaged with them.

我們的差異化產品獲得了超過 6,000 名客戶的高度認可，並且我們已經與他們進行了密切接觸。

So customers we've been engaged with -- in fact, we had most recently in February, just a little before all the doors got shut down on us, we were engaged with over 100, 150 enterprise customers.

因此，我們一直在與客戶打交道——事實上，我們最近一次是在 2 月份，就在所有大門都對我們關閉之前不久，我們與超過 100、150 家企業客戶進行了接觸。

And we had a global advisory and Arista innovate.

我們有全球諮詢和 Arista 創新。

So our intimacy with enterprise customers is very high, and we continue to do well with them with both existing and new projects.

因此，我們與企業客戶的親密程度非常高，無論是現有項目還是新項目，我們都繼續與他們合作良好。

I think where we will be challenged in the enterprise and also in the campus is new prospects.

我認為我們在企業和校園中將面臨的挑戰是新的前景。

We're not going to get enough FaceTime with them.

我們不會與他們進行足夠多的 FaceTime 通話。

We're doing a lot of virtual webinars, virtual events, virtual EBCs.

我們正在舉辦許多虛擬網路研討會、虛擬活動、虛擬 EBC。

It's a virtual world we're suddenly living in.

我們突然生活在一個虛擬世界。

But the level of contact for both product capability, conversation, relationship, partnership and, in fact, even testing for both new prospects and enterprise and campus will be challenging.

但產品功能、對話、關係、合作關係的接觸程度，事實上，甚至對新潛在客戶、企業和校園的測試都將具有挑戰性。

And nobody is in the building to upgrade their campus either.

大樓裡也沒有人升級他們的校園。

So the COVID-19 will definitely delay our enterprise cycles for new prospects, but should be okay for new projects with familiar customers.

因此，COVID-19 肯定會延遲我們新潛在客戶的企業週期，但對於熟悉客戶的新專案來說應該沒問題。

Your next question comes from Alex Kurtz with KeyBanc Capital Markets.

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

Yes.

是的。

And glad everyone is safe and healthy over at Arista.

很高興 Arista 的每個人都安全健康。

I just wanted to follow up, Jayshree, on your commentary from the beginning of the call.

Jayshree，我只是想從通話一開始就您的評論進行跟進。

You said you're planning to run the business versus 2018 levels.

您說過您計劃按照 2018 年的水平來運營業務。

I assume that's an OpEx comment?

我認為這是 OpEx 評論？

Or is it an OpEx comment that also maybe relates to where you think revenue could kind of pencil out at the end of the year?

或者這是否是營運支出評論，也可能與您認為年底收入可能會下降的情況有關？

Yes.

是的。

No, Alex, first of all, I think we have -- we understand the first half better than the second half.

不，亞歷克斯，首先，我認為我們對上半場的理解比下半場更好。

So please take this with a grain of unknown and uncertainty in everything.

因此，請對一切都抱有一絲未知和不確定性。

And I know CEOs are supposed to know everything, but I can honestly tell you, we don't know much about the second half.

我知道執行長應該知道一切，但我可​​以誠實地告訴你，我們對下半年知之甚少。

So what we're doing is controlling what we can control.

所以我們所做的就是控制我們能控制的事情。

And what Ita and I can control is the business and the expense more than the top line for the year.

而伊塔和我能控制的是超出當年營收的業務和費用。

And Ita, you want to add more to that?

Ita，你想補充更多嗎？

Yes.

是的。

I mean, I think, Alex, it's a focus on just OpEx and investment levels until we understand better kind of what the rest of the year -- how the rest of the year plays out, right?

我的意思是，我認為，亞歷克斯，重點是營運支出和投資水平，直到我們更好地了解今年剩餘時間的情況——今年剩餘時間的表現如何，對嗎？

And so you should expect to see us kind of cut back on some of the variable expenses, et cetera, and come back to spending that looks similar to where we were for 2018.

因此，您應該期望看到我們削減一些可變支出等，並恢復到與 2018 年類似的支出水準。

And then as things unfold, we can change that, right?

然後隨著事情的發展，我們可以改變它，對吧？

But for now, that's the focus.

但目前，這才是重點。

And Ita and I want to reiterate something.

伊塔和我想重申一件事。

We will absolutely continue pedal to the metal, invest in key R&D and customer support.

我們絕對會繼續全力以赴，投資關鍵研發和客戶支援。

We will reduce marketing travel, obviously, since we can't travel and perhaps some IT spending.

顯然，我們將減少行銷旅行，因為我們無法旅行，也許還有一些 IT 支出。

And so we work on what we can control and manage the business.

因此，我們致力於控制和管理業務。

And if it improves, we'll certainly recalibrate and invest more.

如果情況有所改善，我們肯定會重新調整並進行更多投資。

I appreciate that.

我很感激。

And Ita, just on the 40% comment on cloud titan mix year-to-date, obviously, it would be helpful to have the year-over-year comp if you're willing to give that.

Ita，就今年迄今為止對雲泰坦組合的 40% 評論而言，顯然，如果您願意的話，獲得逐年比較會很有幫助。

Yes.

是的。

I think in the investor deck, we've put some trends around what the split has been and how it's looked, and we put a range in there for kind of how it played out during the year, right, during the past year, right?

我認為在投資者甲板上，我們已經圍繞分拆的內容和外觀提出了一些趨勢，並且我們在那裡設置了一個範圍，以了解它在一年中的表現，對，在過去的一年中，對？

So the investor deck is looking at a trend over the prior year, and then Jayshree's commentary is more short term.

因此，投資者關注的是去年的趨勢，而 Jayshree 的評論則更加短期。

So I think that gives you a range to work with.

所以我認為這給了你一個工作的範圍。

And we put a special slide for you guys, Slide 15, I think it is, Curtis, right?

我們為你們準備了一張特別的幻燈片，幻燈片 15，我想是的，柯蒂斯，對吧？

Right.

正確的。

Right.

正確的。

So that's in your honor.

這是您的榮幸。

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。

Just really 2 quick ones, I promise, are going to be very quick.

我保證，只有兩個很快的，會非常快。

Number one, is it correct that cloud outperformed in Q1 versus expectations and enterprise underperformed?

第一，雲端運算在第一季的表現優於預期，而企業表現不佳，這是否正確？

And then secondly, Jayshree, can you comment on your campus time line of the $100 million?

其次，Jayshree，您能評論一下您的 1 億美元校園時間表嗎？

Is that pushed out now?

現在已經被推出了嗎？

Okay, Jason.

好吧，傑森。

I think both cloud and enterprise performed as we expected in Q1.

我認為雲端運算和企業在第一季的表現都符合我們的預期。

We -- if there was a theme in Q1, which becomes a stronger theme in Q2, I would say supply constraints in supply chain.

我們——如果第一季有一個主題，在第二季度成為一個更強烈的主題，我會說供應鏈中的供應限制。

Our verticals were pretty normal, as expected.

正如預期的那樣，我們的垂直方向非常正常。

In terms of campus time lines, we are on target.

就校園時間而言，我們已經達到目標。

We are committed to $100 million revenue in the first 4 quarters that ends Q2 2020.

我們承諾在 2020 年第二季結束的前 4 季實現 1 億美元的營收。

No change there.

那裡沒有變化。

But we do expect that the acceleration, I would have personally liked to see beyond that, in the second and third year, we now have to wait and see due to COVID.

但我們確實預計，我個人希望看到第二年和第三年的加速，但由於新冠疫情，我們現在必須觀望。

Your next question comes from Ittai Kidron with Oppenheimer.

您的下一個問題來自 Ittai Kidron 和奧本海默。

Congrats.

恭喜。

And I must say you're very brave to offer a second quarter guidance.

我必須說，您非常勇敢地提供第二季的指導。

So I hope it works out.

所以我希望一切順利。

Let me see.

讓我看看。

A couple of questions for me.

有幾個問題問我。

First of all, on the supply chain, can you tell us how much revenues spilled over from 1Q into 2Q because of that so we can understand the true run rate of your business?

首先，在供應鏈方面，您能告訴我們有多少收入因此從第一季溢出到第二季度，以便我們了解您業務的真實運作率嗎？

In 2Q -- and again, going back to Alex's question on the 20 -- 2018 investment levels.

在第二季度，再次回到 Alex 關於 20 年投資水準的問題。

Ita, just to fine-tune this, does that mean total OpEx 2020 equals total OpEx in '18?

Ita，只是為了對此進行微調，這是否意味著 2020 年的總營運支出等於 18 年的總營運支出？

Or is this a run rate comment?

還是這是運行率評論？

I just want to make sure I appropriately capture that modeling-wise.

我只是想確保我在建模方面正確地捕捉到了這一點。

Yes.

是的。

I mean, I think as we sit here today, we would say we're managing it to an overall plus or minus 2018 total OpEx number, right?

我的意思是，我認為當我們今天坐在這裡時，我們會說我們正在將 2018 年營運支出總額控制在正負值，對吧？

And again, obviously, as we know more, Ittai, as we go through the year, we'll continue to address that further.

顯然，隨著我們了解更多，Ittai，隨著這一年的過去，我們將繼續進一步解決這個問題。

But for now, that's how we're seeing it.

但就目前而言，這就是我們的看法。

And as far as the pushout?

至於推出呢？

Yes.

是的。

So to answer that question, Ittai, we did our best in Q1, but we got supply-constrained in March.

因此，為了回答這個問題，Ittai，我們在第一季盡力了，但在 3 月供應受到限制。

I think we will be really supply-constrained in Q2.

我認為第二季度我們的供應將真正受到限制。

So I do think Q2 is a case of less about demand and more about supply constraints.

因此，我確實認為第二季的情況是需求較少，而供應限制較多。

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 sort of visit the question or comment you made regarding the COVID crisis, making it more challenging to sell new products.

我想了解您對新冠危機提出的問題或評論，這使得銷售新產品變得更具挑戰性。

I guess what I'm looking for is a better understanding of how much of your business comes from new customers/new products.

我想我正在尋找的是更好地了解您的業務有多少來自新客戶/新產品。

And I certainly appreciate you've got 400-gig products in the pipeline, campus in the pipeline, but I guess what I'm struggling with is the sense that a lot of the campus was targeting existing customers.

我當然很感激你們正在準備 400 台產品，正在準備園區，但我想我正在努力解決的是許多園區都針對現有客戶的感覺。

So just trying to understand that comment and how to quantify how that fits into the overall guidance.

因此，我只是想了解該評論以及如何量化它如何適合整體指導。

Yes.

是的。

Thanks, Simon.

謝謝，西蒙。

First of all, it's important to understand that our $100 million campus target is $100 million.

首先，重要的是要了解我們的 1 億美元校園目標是 1 億美元。

It's small compared to our overall business.

與我們的整體業務相比，它很小。

We do believe that we can naturally go into our existing customers who already know EOS and CloudVision.

我們確實相信，我們可以自然地進入已經了解 EOS 和 CloudVision 的現有客戶。

But as I said last year, we were pleasantly surprised by the new prospects and interest in campus.

但正如我去年所說，我們對校園的新前景和興趣感到驚訝。

So in a non-COVID environment, I would have expected 60% existing customers and 40% new prospects.

因此，在非新冠疫情環境下，我預計 60% 的現有客戶和 40% 的新潛在客戶。

In the current environment, I think we're going to go back to a comfort level where our familiar customers are more likely to spend with us, and our new prospects will take time.

在當前環境下，我認為我們將回到舒適的水平，熟悉的客戶更有可能與我們一起消費，而我們的新客戶需要時間。

So it'll probably be 70%, maybe even higher, on familiar and existing customers in 2020, which was not the trend we were on Q4 last year.

因此，到 2020 年，熟悉的現有客戶的比例可能會達到 70%，甚至更高，這不是我們去年第四季的趨勢。

And the implications for 400-gig, has that split out as well?

對 400 場演出的影響是否也已分開？

No.

不。

Okay.

好的。

So I was answering your campus question.

所以我正在回答你的校園問題。

What was your question on 400-gig again?

您對 400-gig 的問題又是什麼？

Well, I guess, broadly speaking, I think of new, including campus and 400 gig.

嗯，我想，從廣義上講，我想到的是新的，包括校園和 400 場演出。

So I just want to get a sense of how you see the timing of the 400-gig market, if that has split out versus your prior expectation.

所以我只是想了解您如何看待 400 場市場的時機，是否與您之前的預期不同。

And if so, when?

如果是的話，什麼時候？

Okay.

好的。

So first of all, 400-gig, we believe, is truly for our high-end enterprises, semi providers cloud, and very, very high-end enterprise, quite the opposite of campus.

因此，首先，我們認為，400 千兆位元真正適合我們的高階企業、半供應商雲端以及非常非常高階的企業，與園區完全相反。

And as we said before, we expect early 400-gig trials will be in the late 2020 time frame.

正如我們之前所說，我們預計早期 400 場試驗將在 2020 年末進行。

And actually, material production, general availability due to low cost, lack of cost-effective 400-gig optics and even some of the COVID issues will be in 2021.

事實上，材料生產、由於低成本導致的普遍可用性、缺乏具有成本效益的 400 千兆位元光學元件，甚至一些新冠肺炎問題都將在 2021 年實現。

Nothing has really changed that, but we continue to see that.

沒有什麼真正改變這一點，但我們繼續看到這一點。

Now we did have some exciting product announcements.

現在我們確實發布了一些令人興奮的產品。

In 400-gig, we introduced the Arista OSFP line card, which is really a low power, high -- a highly compact, pluggable OSFP form factor for simplifying DWDM for distances up to 120 kilometers.

在 400 Gig 中，我們推出了 Arista OSFP 線路卡，它是一款真正的低功耗、高緊湊型、可插拔 OSFP 外形規格，可簡化 DWDM，傳輸距離可達 120 公里。

We also demonstrated interoperability with Ciena with their most dense and spectrally efficient 400-gig and Arista Switch.

我們也展示了與 Ciena 及其最密集和頻譜效率最高的 400-gig 和 Arista 交換器的互通性。

So our 400-gig trials definitely are continuing with existing customers and cloud titans.

因此，我們肯定會在現有客戶和雲端巨頭中繼續進行 400 場試驗。

But as we've always said, we expect -- just to put this in context for you, in Q4, the number of 400-gig ports according to market researchers is 5,000 ports.

但正如我們一直所說的，我們預計 - 只是為了讓您了解這一點，根據市場研究人員的說法，在第四季度，400 個千兆端口的數量為 5,000 個端口。

However, the 100-gig ports was several millions.

然而，100G 連接埠是數百萬個。

So there's 1,000x magnitude difference between the two, and I don't think that's going to change in the near term.

所以兩者之間有 1,000 倍的星等差異，而且我認為這種情況在短期內不會改變。

Your next question comes from Jeff Kvaal with Nomura Instinet.

您的下一個問題來自 Nomura Instinet 的 Jeff Kvaal。

Yes.

是的。

I was wondering if you could help us understand the nature of the demand change over the course of the quarter and into April, just so that we get a little better sense of how you were thinking about the second quarter developing.

我想知道您是否可以幫助我們了解本季和四月的需求變化的性質，以便我們更了解您對第二季發展的看法。

Is it going to end strongly?

會強勢結束嗎？

Or is it improving through the quarter?

或整季有所改善？

That type of thing.

那種事。

Okay.

好的。

So I think we have yet to experience the full impact of COVID-19.

因此，我認為我們尚未體驗到 COVID-19 的全面影響。

I think we'll see much more of that in the second half.

我認為下半年我們會看到更多這樣的事。

So if I look at Q1, we experienced it at the tail end, mostly in terms of our supply chain.

因此，如果我看看第一季度，我們在尾部經歷了它，主要是在我們的供應鏈方面。

And if I look at Q2, we'll still be very supply chain-constrained.

如果我看看第二季度，我們仍然會受到供應鏈的嚴重限制。

So I think we understand Q1 and Q2 better, and both of them were -- Q1, as you know, is seasonally a slow quarter for us.

所以我認為我們更好地理解第一季和第二季度，正如你所知，第一季對我們來說是一個季節性緩慢的季度。

It really picks up steam in March, and we couldn't pick up enough steam because we couldn't ship enough.

三月的情況確實有所好轉，但我們無法獲得足夠的動力，因為我們無法運送足夠的貨物。

And that theme is going to continue into Q2.

這個主題將持續到第二季​​。

So Q2 is all about shipments.

所以第二季的重點是出貨量。

We do see, as we said, good strength in the cloud titans, and we see reasonable demand in Q2, but I think our real worry is second half.

正如我們所說，我們確實看到了雲端巨頭的良好實力，並且我們看到第二季的合理需求，但我認為我們真正擔心的是下半年。

Okay.

好的。

Are you able to share with us kind of a loose dollar range for how much the supply constraints you think are affecting you in either the first or the second quarter?

您能否與我們分享您認為第一季或第二季供應限制對您的影響有多大？

Well, I think the first quarter is done, but you can tell, we projected lower than consensus.

嗯，我認為第一季已經完成，但你可以看出，我們的預測低於共識。

You can count all of that and more as supply chain-related.

您可以將所有這些以及更多內容視為與供應鏈相關。

Yes.

是的。

I mean I think, Jeff, if you look at where we came out for the first quarter on revenue versus our guidance, that would give you some idea of what -- of the magnitude of that, right?

我的意思是，我認為，傑夫，如果你看看我們第一季的收入與我們的指導相比，這會讓你對它的規模有所了解，對嗎？

I'm not going to try to do that from Q2 at this stage.

現階段我不會嘗試從第二季開始這樣做。

Yes.

是的。

Question comes from Aaron Rakers with Wells Fargo.

問題來自富國銀行的 Aaron Rakers。

Kind of a different way of maybe asking the same question again.

可能會以不同的方式再次問同樣的問題。

But I'm curious of how you think about the demand profile from the cloud guys.

但我很好奇您如何看待雲端運算人員的需求概況。

We're seeing industry reports talking about pretty healthy server demand at several of these public cloud vendors.

我們看到產業報告談到其中幾家公有雲供應商的伺服器需求相當健康。

We've seen the numbers from Microsoft and others.

我們已經看到了微軟和其他公司的數據。

And what kind of the lag effect you see between server footprint deployments or expansion versus actually pulling more network bandwidth means and, obviously, a benefit for Arista?

您在伺服器佔用空間部署或擴展與實際拉動更多網路頻寬之間看到的滯後效應意味著什麼，顯然這對 Arista 有利？

First of all, we do see cloud titan use case demand in basically 3 areas: either our customers are adding additional core or spine capability; or they're expanding racks to increase their server density; or, in some cases, we're also seeing some geo expansion for their international needs, although some of them have been ordered from the United States, increasing our U.S. titan contribution.

首先，我們確實在 3 個領域看到了雲端巨頭的用例需求：我們的客戶正在添加額外的核心或主幹功能；或者他們正在擴展機架以增加伺服器密度；或者，在某些情況下，我們也看到他們的國際需求進行了一些地理擴張，儘管其中一些是從美國訂購的，從而增加了我們對美國的巨大貢獻。

So I think the use cases for us is very, very clear.

所以我認為我們的用例非常非常明確。

What we also see is that because we have long lead times that Anshul and the team are working very closely on really understanding and sharpening their forecast and timing and working with us on scenarios and contingencies.

我們也看到，由於我們的交付時間很長，Anshul 和團隊正在密切合作，真正理解和完善他們的預測和時間安排，並與我們就情景和突發事件進行合作。

So I think when they are starting to look at their 2020 deployments, they're not just looking at Q1, Q2, they try to give us visibility for the second half as well.

因此，我認為當他們開始審視 2020 年的部署時，他們不僅僅關注第一季、第二季度，他們還試圖讓我們了解下半年的情況。

And so while we have not factored any of that into our Q1 or Q2 forecast, we are seeing them doing some very prudent planning and -- for business continuity in their 2020 time frame.

因此，雖然我們沒有將這些因素納入第一季或第二季的預測中，但我們看到他們正在做一些非常謹慎的規劃，以確保 2020 年時間範圍內的業務連續性。

Anshul...

安舒爾...

And if I heard you -- I'm sorry.

如果我聽到你的話——我很抱歉。

Sorry.

對不起。

Go ahead.

前進。

Anshul, would you like to add some more to that?

Anshul，您想補充一些嗎？

Absolutely.

絕對地。

I know there's been a lot of commentary about other components that go into the cloud where there's compute, other pieces and so on.

我知道有很多關於進入雲端的其他組件的評論，其中包括計算、其他部分等等。

And it's hard to correlate one-for-one, especially in this time frame.

而且很難一對一地關聯起來，尤其是在這個時間範圍內。

Because some of the spike in those other components is coming because of shortages in previous quarters, if you remember that.

如果你還記得的話，因為其他組件的一些飆升是由於前幾個季度的短缺而出現的。

As a result of that, there might be some volatility, and you'll some spike-up on compute and so on.

因此，可能會出現一些波動，並且計算量會增加等等。

Networking has been stable.

網路一直穩定。

As Jayshree mentioned, we saw constraints towards the end of Q1 here, but prior to that, things were stable.

正如 Jayshree 所提到的，我們在第一季末看到了限制，但在此之前，情況是穩定的。

So they were not short on networking gear and so on.

所以他們不缺網路設備等。

I do want to add one last comment on the traffic needs, and there's a lot of commentary on the street on how traffic is growing and spiking up and work from home and so on.

我確實想對交通需求添加最後一條評論，街上有很多關於交通如何增長和飆升以及在家工作等的評論。

We have to keep those trends in mind relative to the overall cloud capacity.

我們必須牢記這些相對於整體雲端容量的趨勢。

And yes, working from home means you may need videoconferencing or phone calls or edge connectivity.

是的，在家工作意味著您可能需要視訊會議、電話或邊緣連線。

But that's a very small fraction of the overall cloud spend in the broader markets.

但這僅佔更廣泛市場的整體雲端支出的一小部分。

So yes, sometimes traffic quadrupled or grew 7x in certain regions, but that's less than a 1% impact to the overall spend.

所以，是的，有時某些地區的流量會翻兩番或增加 7 倍，但這對整體支出的影響不到 1%。

So I would say there's some hyper on that rather than material impact to us.

所以我想說這對我們有一些超預期的影響，而不是實質的影響。

But as everyone mentioned, things in the cloud are stable, and now we'll focus on second half with them.

但正如大家所提到的，雲端中的東西是穩定的，現在我們將重點放在它們的下半年。

And that's a great answer.

這是一個很好的答案。

Stable, meaning you expect the full year to be stable for cloud versus previously saying it would be meaningfully down?

穩定，這意味著您預計全年雲端運算將保持穩定，而不是之前所說的大幅下降？

As was mentioned, yes.

正如前面提到的，是的。

Like we said, Aaron, we said we expect the cloud to be flat year over -- flattish year-over-year.

就像我們說的，亞倫，我們說過我們預計雲端運算將同比持平——同比持平。

Yes.

是的。

And just to clarify before we get all wrapped on the revenue deferred thing again, when we're talking about these commentaries around the business and the trends of the business, and then, obviously, we still have to deal with the deferred after that, right?

在我們再次討論收入遞延問題之前澄清一下，當我們談論有關業務和業務趨勢的這些評論時，然後，顯然，我們仍然必須處理此後的遞延問題，正確的？

But it is an improvement from -- we had talked about the business being flat to down, and now we're saying we think it's stable in that context.

但這是一個進步——我們曾討論過業務持平到下降，現在我們說我們認為在這種情況下業務是穩定的。

And then the deferred is additive to that afterwards, right?

然後延期是之後的附加，對嗎？

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。

If I could ask about the service provider segment.

我可以詢問一下服務提供者細分市場的情況嗎？

It's been somewhat of a laggard.

已經有點落後了。

And are there any kind of new strategies or products that you guys are rolling out?

你們正在推出什麼新策略或產品嗎？

Or is there a different sales motion that you think is going to invigorate that segment?

或者您認為是否有不同的銷售措施可以振興該細分市場？

Yes.

是的。

No, thank you for that.

不，謝謝你。

We have been marching towards more and more product capability.

我們一直在朝著越來越多的產品能力邁進。

In fact, we just introduced EOS software release, 4.20.4, very targeted towards cloud-grade routing and service provider peering use cases with a single EVPN control plane and segment routing and MPLS on the data plane, just a chalk full of features, BGP, flow aware transport label, MPLS, segment routing, traffic engineering.

事實上，我們剛剛推出了 EOS 軟體版本 4.20.4，非常針對雲端級路由和服務供應商對等用例，在資料平面上使用單一 EVPN 控制平面和分段路由和 MPLS，只是一個充滿功能的粉筆， BGP、串流感知傳輸標籤、MPLS、分段路由、流量工程。

What I can tell you is we're getting richer and richer in our product capability.

我可以告訴你的是，我們的產品能力正在變得越來越豐富。

But what I can also tell you is service providers take time to operationalize these things in their network.

但我還可以告訴您的是，服務提供者需要時間在其網路中實施這些東西。

We are doing okay in our already existing service provider customers, and we are starting to win some small Tier 2 and Tier 3 ones, small ones, but too early to call and too early to say much more about it.

我們在現有的服務提供者客戶中做得很好，我們開始贏得一些小型的 2 級和 3 級客戶，但現在打電話還為時過早，談論更多還為時過早。

Your next question comes from Erik Suppiger with JMP.

您的下一個問題來自 JMP 的 Erik Suppiger。

Can you just discuss how the large enterprise accounts are getting impacted by COVID-19?

您能否討論一下大型企業帳戶如何受到 COVID-19 的影響？

Is it a sales execution issue where calling on the customer is the challenge?

這是一個銷售執行問題，拜訪客戶是一個挑戰嗎？

Or is it actually a personnel issue where they've got people staying at home and not in the data centers deploying servers and switches?

或者這實際上是一個人員問題，他們讓人們留在家裡而不是在資料中心部署伺服器和交換器？

Or where is the disruption most impacting?

或是哪裡的破壞影響最大？

So Erik, I would classify it in 2 ways.

埃里克，我會用兩種方式對其進行分類。

I think the large enterprises that are already intimate with Arista and need to make incremental enhancements, we're okay.

我認為那些已經與Arista很親密並且需要進行增量增強的大型企業，我們沒問題。

They're familiar with us.

他們對我們很熟悉。

They know how to work with us.

他們知道如何與我們合作。

We're supporting them.

我們支持他們。

They are -- our systems engineering team, led by Ashwin, our sales team led by Chris Schmidt have tremendous amount of engagement with our existing customers, right?

他們是——我們的系統工程團隊，由 Ashwin 領導，我們的銷售團隊由 Chris Schmidt 領導，與我們現有的客戶有大量的接觸，對吧？

So I don't see a dramatic change yet in sales engagement or product differentiation.

因此，我認為銷售參與度或產品差異化還沒有巨大變化。

Where I do see difficulty is prospects.

我確實看到了困難，但也看到了前景。

So we're having a tremendous amount -- we have been having a tremendous amount of new customer logos.

因此，我們擁有大量的新客戶徽標。

And our new customer logos continue to be healthy and we gather steam, especially internationally, where we have 60% of our new customer logos come in.

我們的新客戶商標繼續健康發展，我們的勢頭不斷增強，尤其是在國際上，我們有 60% 的新客戶徽標出現在其中。

However, to convert them, especially into large deals and large enterprises, requires large proof of concept, number of network design clinics and, obviously, we're slowed down due to the lack of face-to-face.

然而，要將它們轉化為大型交易和大型企業，需要大量的概念驗證、大量的網路設計診所，而且顯然，由於缺乏面對面的交流，我們的速度放慢了。

So we're spending more time with them training, educating than we are able to do in deployment, whereas with our own existing familiar enterprise customers, we can march forward with more progress.

因此，我們花在培訓和教育上的時間比我們在部署中所能做的要多，而與我們現有的熟悉的企業客戶一起，我們可以取得更多進展。

Your next question comes from Meta Marshall with Morgan Stanley.

您的下一個問題來自摩根士丹利的梅塔馬歇爾。

Great.

偉大的。

Maybe just one for me.

也許對我來說只是一件。

You noted kind of strong behavior out of some of the Tier 2 clouds.

您注意到一些 2 級雲的強烈行為。

But has there been any change in thought?

但思想有變化嗎？

Or is it just too early as the Tier 2s go forward whether they will continue to kind of build their own data centers or leverage the public cloud more?

或者，對於二級供應商來說，他們是否會繼續建立自己的資料中心或更多地利用公有雲，是否還為時過早？

And do you expect kind of this to have any change to that behavior?

您預期這種行為會對這種行為產生任何改變嗎？

Meta, that's a good question.

梅塔，這是個好問題。

And I said before, it depends on the Tier 2. We know some of the larger Tier 2s have paused, and it's not that they're going to the public cloud, but they're just pausing their spending.

我之前說過，這取決於 Tier 2。我們知道一些較大的 Tier 2 已經暫停，並不是說他們要轉向公有雲，而是他們只是暫停了支出。

Others are expanding their data centers, and some of the smaller ones are continuing for their specialized applications.

其他人正在擴展他們的資料中心，一些較小的資料中心正在繼續其專業應用程式。

So it's my belief that they will continue to succeed in their special use cases and complement the public cloud, but it will be cyclical.

因此，我相信它們將繼續在其特殊用例中取得成功並補充公有雲，但這將是週期性的。

They didn't do much of it last year, and I think some of them are coming back this year.

去年他們沒有做太多事情，我認為今年他們中的一些人會回來。

And what we are seeing is the specialty clouds are realizing that some of the workloads, they can control better, and some belong in the public cloud.

我們看到的是，專業雲端正在意識到，他們可以更好地控制某些工作負載，而某些工作負載則屬於公有雲。

So I don't -- I think they'll continue to have a place.

所以我不——我認為他們將繼續佔有一席之地。

And in fact, a good example of that was content delivery network guide.

事實上，內容交付網路指南就是一個很好的例子。

We saw improved traction with the CDN customers, and there's some real-time streaming and content delivery, particularly with work from home.

我們看到 CDN 客戶的吸引力有所提高，並且有一些即時串流媒體和內容交付，尤其是在家工作時。

With the millions of users and the aggregates of 4K and 8K flows, you can see why they would make some important investments there.

憑藉數百萬用戶以及 4K 和 8K 流量的總量，您可以明白為什麼他們會在那裡進行一些重要投資。

Your next question comes from Pierre Ferragu with New Street.

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

One more on cloud.

雲上再發一張。

So on this perspective that you'll have flat revenues between this year and last year, I was wondering how your mix is going to -- you see your mix evolving.

因此，從今年和去年之間收入持平的角度來看，我想知道您的組合將如何 - 您將看到您的組合不斷發展。

And a couple of things I have in mind is what you sell at the lower end of the [hierarchy in access], server access at the lease level versus things you sell higher in -- for DCI, for the universal spine.

我想到的幾件事是你在[訪問層次結構]的低端銷售的東西，租賃級別的伺服器訪問與你在較高端銷售的東西——對於DCI，對於通用主幹。

And also -- or maybe another way to look at the split would be Tomahawk-based products versus Jericho-based product.

而且，或者也許另一種看待分裂的方式是基於戰斧的產品與基於傑里科的產品。

Do you see a significant evolution in that mix between this year and last year?

您認為今年和去年之間的這種組合發生了重大變化嗎？

Thank you, Pierre.

謝謝你，皮埃爾。

I would say a short answer is no.

我想說，簡短的回答是否定的。

We've always had a very nice mix of value products with the Tomahawk and Trident family connecting to servers -- sorry, the volume product.

我們一直擁有非常好的價值產品組合，其中包括連接到伺服器的戰斧和三叉戟系列——抱歉，是批量產品。

And then the value products with the Jericho family with the 7280 and 7500 flagship.

然後是 Jericho 系列的價值產品，包括 7280 和 7500 旗艦產品。

So depending on the use cases, customers opt for both.

因此，根據用例，客戶會選擇兩者。

They're both very, very popular products, and both are currently -- challenge the lead times as well.

它們都是非常非常受歡迎的產品，而且目前都對交貨時間提出了挑戰。

It's not so much that we're seeing a change in product mix.

我們看到的並不是產品組合的改變。

I would say the biggest change we're seeing is people are doubling down on 100-gig, and 400-gig is getting pushed out next year in the cloud.

我想說的是，我們看到的最大變化是人們在 100g 上加倍投入，而 400g 明年將在雲端推出。

That's probably the big shift.

這可能就是最大的轉變。

Your next question comes from John Marchetti with Stifel.

您的下一個問題來自 Stifel 的 John Marchetti。

Jayshree, I'm curious with the supply constraints that are going on right now, if it impacts any one of the verticals a little bit more than any of the others or it's broad enough that it's kind of having an even impact across the group.

Jayshree，我對目前正在發生的供應限制感到好奇，它對任何垂直行業的影響是否比其他任何垂直行業都大一點，或者它是否足夠廣泛，以至於對整個集團產生均勻的影響。

And then, Ita, just sort of as a follow-up to that.

然後，Ita，這只是後續行動。

You sold a bit out of inventory, I'm guessing, because you couldn't bring some other stuff in.

我猜你賣掉了一些庫存，因為你無法帶入其他東西。

Is that something that likely occurs again here in the second quarter?

這種情況有可能在第二季再次發生嗎？

Yes.

是的。

Maybe let me take that first.

也許讓我先考慮一下。

I mean, that's kind of -- that's a onetime thing where when things are constrained, it's a good opportunity to go look at what you have in inventory and sell some stuff that maybe we haven't thought we would.

我的意思是，這是一個一次性的事情，當事情受到限制時，這是一個很好的機會去看看你的庫存有什麼，並出售一些我們可能沒有想到的東西。

But I think we're through most of that now.

但我認為我們現在已經完成了大部分工作。

So that's why I think the guide for gross margin comes back to the typical 63% to 65%, and then it will just be driven more by customer mix than anything else.

這就是為什麼我認為毛利率會回到典型的 63% 到 65%，然後它將更多地受到客戶組合的驅動。

Right.

正確的。

Yes.

是的。

And John, to answer your question on our extended lead times, I'm not sure we saw a trend on verticals.

約翰，為了回答你關於我們延長交貨時間的問題，我不確定我們是否看到了垂直行業的趨勢。

What we did see is that our key customers worked very closely with Anshul and Chris and Ashwin to really sharpen their forecast and timing and work closely with us on their network designs and what product is available, what's not, when can we ship what to them.

我們確實看到，我們的主要客戶與Anshul、Chris 和Ashwin 密切合作，真正提高了他們的預測和時間安排，並在他們的網路設計以及哪些產品可用、哪些產品不可用、我們何時可以向他們發貨等方面與我們密切合作。

And this is -- I hope these are famous last words, but I hope we can -- John McCool and Christoph and the team are really working hard to overcome this.

這就是——我希望這些是著名的遺言，但我希望我們可以——約翰·麥庫爾和克里斯托夫以及他的團隊正在努力克服這個問題。

And should we improve this in Q3, I think we will have a chance to fulfill a lot of our key customers' needs and factor that into their 2020 deployment considerations.

如果我們在第三季改進這一點，我認為我們將有機會滿足許多關鍵客戶的需求，並將其納入他們 2020 年的部署考慮因素中。

But I didn't see anything by vertical.

但我沒有看到任何垂直方向的東西。

I saw it more by top customers.

我在頂級客戶中看到的更多。

Question comes from Sami Badri with Crédit Suisse.

問題來自瑞士信貸銀行的薩米‧巴德里 (Sami Badri)。

I was a little bit curious if you could give us a little bit more of maybe an idea on dynamics or just maybe some observations you've had in 1Q 2020, what's going on in Europe.

我有點好奇你能否給我們更多關於動態的想法，或者只是你在 2020 年第一季的一些觀察，歐洲正在發生什麼。

And are you competing against different companies?

您是否與不同的公司競爭？

Or are they offering different types of products, at least in the European region, versus what Arista has to offer?

或者他們是否提供不同類型的產品（至少在歐洲地區）與 Arista 提供的產品不同？

And I know you've made comments that a lot of your customers in the U.S. want to take you on, also in Europe.

我知道您曾說過，您的許多美國客戶以及歐洲客戶都希望與您競爭。

But have you seen dynamics change either pre- or post COVID or at least anything going on in 2020 that you could shed light on as an observation?

但是，您是否看到過新冠疫情前後的動態變化，或者至少是 2020 年發生的任何您可以透過觀察來​​闡明的情況？

No, I think for Arista, because our presence internationally is somewhat new, we are feeling stronger in terms of our investment in sales in different countries.

不，我認為對於 Arista 來說，因為我們在國際上的存在有些新，所以我們在不同國家的銷售投資方面感覺更強大。

So country by country, we feel better about Europe now than we did, say, even a year or 2 ago.

因此，從各國來看，我們現在對歐洲的感覺比一、兩年前更好。

What I think is the difference between Europe and the United States is they don't have the equivalent of cloud titans, and we haven't won major service provider titans.

我認為歐洲和美國之間的區別在於他們沒有雲端巨頭，而且我們還沒有贏得主要服務供應商巨頭。

So we tend to have smaller wins but many customers.

因此，我們的勝利往往較小，但客戶較多。

And I think that -- but country by country, the level of engagement, in fact, my -- our entire executive team was at a Europe customer session last -- was it last November?

我認為 - 但各個國家/地區的參與程度，事實上，我的 - 我們整個執行團隊上次參加了歐洲客戶會議 - 是去年 11 月嗎？

We were all there.

我們都在那裡。

It seems like forever, but it wasn't that long ago.

似乎是永遠，但那不是很久以前的事。

And the level of intimacy that the team has developed with our customers, especially in the developed countries, Germany, U.K., France, Middle East, even Israel, has been very strong.

團隊與我們的客戶，特別是在德國、英國、法國、中東，甚至以色列等已開發國家的客戶，建立了非常密切的關係。

So I think the European customer base is embracing Arista for its differentiation and value add, but we just don't have the size of customers we do in the U.S.

因此，我認為歐洲客戶群正在接受 Arista，因為它的差異化和附加價值，但我們只是沒有美國那樣的客戶規模。

Got it.

知道了。

And just maybe competitors, are competitors a little bit different in Europe?

也許是競爭對手，歐洲的競爭對手是否有點不同？

Or are you seeing similar competitors in both regions?

或者您在這兩個地區都看到類似的競爭對手嗎？

Similar, similar.

類似，類似。

We don't see the difference, at least not in Europe.

我們沒有看到差異，至少在歐洲沒有。

In Asia, we tend to see some, but not in Europe.

在亞洲，我們往往會看到一些，但在歐洲則不然。

Question coming from Amit Daryanani with Evercore.

來自 Evercore 的 Amit Daryanani 提出的問題。

I guess, (inaudible) could you perhaps elaborate on what specific...

我想，（聽不清楚）你能否詳細說明一下具體的......

Amit, we can't hear you.

阿米特，我們聽不到你的聲音。

You're choppy.

你很不穩定。

We lost you.

我們失去了你。

(technical difficulty)

（技術難度）

(inaudible) on what specific supply chain issues or bottlenecks that you were dealing with?

（聽不清楚）您正在處理哪些特定的供應鏈問題或瓶頸？

And if you did not have these supply chain issues in theory, what would the June quarter guide have looked like?

如果理論上沒有這些供應鏈問題，六月季度指南會是什麼樣子？

Would it be towards the high end or something different?

它會走向高端還是有所不同？

Well, it's difficult to speculate since we have supply chain issues, but -- and the reality is different than the theory.

嗯，很難推測，因為我們有供應鏈問題，但是──現實與理論不同。

Yes.

是的。

I think, obviously, there are constraints, right?

我認為，顯然存在限制，對吧？

But I don't know that we can size those at this point, right?

但我不知道我們現在可以調整它們的大小，對吧？

There's a lot of movement pieces.

有很多運動片段。

It doesn't matter.

沒關係。

It really doesn't matter because we have constraints.

這真的不重要，因為我們有限制。

I guess, I was more trying to think, could this help you and maybe size how much it would help you in the back half of the year when the supply chain bottlenecks alleviate and lead times normalize.

我想，我更想思考的是，這對您有幫助嗎？也許是在下半年，當供應鏈瓶頸緩解、交貨時間正常化時，它會對您有多大幫助。

But maybe another way, I guess, maybe if you could help us.

但我想也許還有另一種方式，也許你能幫助我們。

Is there a gross margin impact you're dealing with because of the supply chain constraints, is there a way to quantify that in the first half of the year?

由於供應鏈的限制，您正在處理的毛利率是否受到影響？有沒有辦法在上半年量化這項影響？

I mean, we saw a little bit of incremental spending in Q1, but it was very small.

我的意思是，我們在第一季看到了一些增量支出，但數量非常小。

We will see some in Q2, but again, I think it's manageable at this stage, right?

我們將在第二季度看到一些，但同樣，我認為現階段這是可以管理的，對嗎？

Again, I'd go back to the 63% to 65%, and we'll be -- the midpoint of that range is a good place to start, and then we'll see how we go.

再說一次，我會回到 63% 到 65%，我們會——這個範圍的中點是一個很好的起點，然後我們會看看情況如何。

So there is some incremental costs because you're prioritizing supply over some other things.

因此，存在一些增量成本，因為您將供應優先於其他一些事情。

But at least in the first half, we don't see something that's really significant.

但至少在上半場，我們沒有看到真正重要的東西。

Your next question comes from Alex Henderson with Needham.

您的下一個問題來自 Alex Henderson 和 Needham。

Jayshree, I was hoping you could give us some insight into the way enterprise executives are thinking about conditions, what they're thinking about in terms of how they're approaching spending.

Jayshree，我希望您能讓我們深入了解企業主管思考條件的方式，以及他們在如何處理支出方面的想法。

You made a comment that I think is probably accurate, which is you're more concerned about COVID in the back half.

你發表了一個評論，我認為可能是準確的，就是你更關心後半段的新冠疫情。

And I assume that's not supply chain-related, it's more demand-related.

我認為這與供應鏈無關，更多的是與需求相關。

I would assume that you've done a lot of calls with top executives at firms.

我想您已經與公司的高階主管打過很多電話。

What are they saying to you about the business in process, the programs that are already in place are getting completed, but maybe the pipeline is falling off as you exit the second quarter and that their expectations for spending in the back half may be, hard to put it any other way, sharply constrained?

他們對正在進行的業務有何看法，已經到位的計劃正在完成，但隨著第二季度的結束，管道可能正在下降，他們對下半年支出的預期可能會很困難換句話說，受到嚴格限制？

Right.

正確的。

So Alex, that's a good question.

亞歷克斯，這是個好問題。

I think our enterprise decision-makers and key executives are struggling with this once-in-100-year phenomena, just the way we are, right?

我認為我們的企業決策者和關鍵管理人員正在為這種百年一遇的現象而苦苦掙扎，就像我們一樣，對吧？

They all do have 2020 plans and deadlines, and they would very much like to work with Arista and overcome the supply constraints to meet them.

他們都有 2020 年的計劃和截止日期，並且非常願意與 Arista 合作並克服供應限制來滿足這些計劃和期限。

And I believe they will.

我相信他們會的。

I believe they'll also take -- many of them will also take not just a 2020 horizon but a multiyear horizon and start thinking about how to plan for projects in this virtual world.

我相信他們中的許多人不僅會著眼於 2020 年，還會著眼於多年，並開始思考如何在這個虛擬世界中規劃專案。

So we do see some systematic, prudent planning.

所以我們確實看到了一些系統性的、審慎的規劃。

And while we don't have visibility to that demand, we don't think demand will be challenged significantly if they plan prudently.

雖然我們無法了解這項需求，但我們認為，如果他們謹慎規劃，需求不會受到重大挑戰。

Where we think demand will be challenged, like I said before, is new projects, people unfamiliar with Arista, people who have to do a lot more testing with Arista, people who love Arista but haven't had a chance yet to get their hands on it.

正如我之前所說，我們認為需求將受到挑戰的是新專案、不熟悉 Arista 的人、必須對 Arista 進行更多測試的人、喜歡 Arista 但尚未有機會上手的人在上面。

So that class of enterprise customers may be more comfortable with doing nothing or being as is.

因此，這類企業客戶可能更願意什麼都不做或維持現狀。

But certainly, the 6,000-plus customers we engage with really, really want to work with us, and we'll continue to plan their projects this year or next year.

但可以肯定的是，我們接觸的 6,000 多家客戶確實非常希望與我們合作，我們將繼續在今年或明年規劃他們的專案。

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。

Can you hear me okay, Jayshree?

你聽得到我說話嗎，Jayshree？

Yes, I can, Paul.

是的，我可以，保羅。

So as much as I'd like to ask you yet again how much of the weakness is supply chain versus demand, I will actually ask a different question, which is, interestingly, it hasn't come up, maybe not surprisingly this quarter, but I've got to ask, in terms of the classic question of the risk displacement with the cloud titans that the investment community has worried about for quite some time, and again, I recognize it's not perhaps the issue of the day, given the background, given the current macroeconomic environment.

因此，儘管我想再次問您供應鏈與需求的弱點有多大，但我實際上會問一個不同的問題，有趣的是，這個問題還沒有出現，也許本季度並不奇怪，但我不得不問，關於投資界長期以來一直擔心的雲端巨頭風險轉移的經典問題，我再次認識到這可能不是當今的問題，因為背景，考慮到當前的宏觀經濟環境。

But any change in you're thinking about the way you're positioned with this, with Microsoft, in particular, with cloud titans in general relative to that ongoing concern?

但是，相對於這種持續的擔憂，您對自己的定位方式有什麼變化，特別是與微軟，特別是與雲端巨頭的關係？

Okay.

好的。

I'll try and answer the question.

我會嘗試回答這個問題。

You're sounding very muffled, Paul.

你聽起來很悶悶不樂，保羅。

Maybe you're wearing a mask.

也許你戴著面具。

But if I understood the question, what does the competitive landscape look like with cloud titans, and I would just sort of generically say that our fundamental thesis is unchanged.

但如果我理解這個問題，雲端巨頭的競爭格局是什麼樣的，我會籠統地說我們的基本論點沒有改變。

We're not seeing major competitive issues or architectural shifts.

我們沒有看到重大的競爭問題或架構變化。

In fact, if you look at the recently released market data from both Dell'Oro and Crehan, it validates our #1 spot in 100-gig.

事實上，如果您查看 Dell'Oro 和 Crehan 最近發布的市場數據，您會發現我們在 100 場演出中排名第一。

And for the third consecutive year, we are doing that, we are the #1 market share in 100-gig.

我們連續第三年做到了這一點，我們在 100 場演出中的市佔率排名第一。

And we continue to increase market share into the high teens for high-performance data center switching.

我們繼續將高效能資料中心交換的市場份額提高到十幾歲。

So we are pleased with our progress year after year, including 2019.

因此，我們對年復一年的進步感到滿意，包括 2019 年。

Anshul, I'd like to call you to see if there's any specific call pricing issues you want to highlight.

Anshul，我想給您打電話，看看是否有任何您想要強調的特定通話定價問題。

No, Jayshree.

不，傑什裡。

And as we've said before, Paul, the level of sort of joint development we continue to do with these customers, including Microsoft, is still pretty intense.

正如我們之前所說，保羅，我們繼續與包括微軟在內的這些客戶進行的共同開發的水平仍然相當強烈。

So we're not overly worried.

所以我們並不過度擔心。

Yes, these are competitive environments.

是的，這些都是競爭環境。

That will continue to be so.

情況仍將如此。

But there's no major shift that we're expecting.

但我們預計不會出現重大轉變。

Actually, this is -- Paul, this is a good time for me to highlight some -- the work Anshul has been doing.

事實上，保羅，現在是我強調安舒爾一直在做的工作的好時機。

As you know, we have a rich, long history in open networking.

如您所知，我們在開放網路方面擁有豐富而悠久的歷史。

And today, Arista just introduced a Switch Abstraction Interface, working -- so that we can work with our best-of-breed platforms and an abstraction layer for cloud titans and -- who can now use SONiC on top of our Arista SAI.

今天，Arista 剛剛推出了一個交換機抽象接口，這樣我們就可以與我們最好的平台和雲端巨頭的抽象層一起工作，並且現在可以在我們的 Arista SAI 之上使用 SONiC。

And this is another example of the close collaboration Anshul was mentioning.

這是安舒爾提到的密切合作的另一個例子。

And Jayshree, if I could just follow up.

還有 Jayshree，請讓我跟進。

I appreciate the market share comments, but obviously, market share is [exactly looking] phenomenon.

我很欣賞市場佔有率的評論，但顯然，市場佔有率是[完全看起來]的現象。

And so with respect to forward-looking and the risk of displacement, you all haven't seen or heard anything from those cloud titans that would cause you incremental concern relative to where you've been historically?

因此，就前瞻性和轉移風險而言，你們都沒有看到或聽到那些雲端巨頭的任何消息，這些消息會讓你們相對於歷史上的情況更加擔憂？

Yes.

是的。

On one hand, we are always paranoid on concerns.

一方面，我們總是對擔憂抱持偏執。

That's our nature, and we should be that way, and we want to continue to deliver the best of the best.

這是我們的本性，我們也應該如此，我們希望繼續提供最好的產品。

On the other hand, we have no particular concern or no change in concern or no radical shift in the competitive landscape.

另一方面，我們沒有特別擔心，或擔心沒有改變，也沒有競爭格局發生根本性變化。

Your next question comes from Ben Bollin with Cleveland Research.

您的下一個問題來自克利夫蘭研究中心的 Ben Bollin。

I was hoping you could step back a little bit and tell us your thoughts, bigger picture, about broader hyperscale investment.

我希望您能退後一步，告訴我們您對更廣泛的超大規模投資的想法和更大的前景。

I'm not looking for guidance.

我不是尋求指導。

I'm just interested how you think about these customers longer term.

我只是感興趣您如何看待這些客戶的長期發展。

The framing for that, near term, we're seeing these kind of material demand drivers, migration to SaaS, adoption of cloud, need for elastic capacity additions.

從短期來看，我們看到了這些物質需求驅動因素、向 SaaS 的遷移、雲端的採用、對彈性容量增加的需求。

And in the interim, not seeing a big change in those growth rates, the demand drivers themselves.

在此期間，需求驅動因素本身並沒有看到成長率有重大變化。

So I'm interested how you think about it longer term.

所以我很感興趣你如何看待它的長期發展。

What are the material drivers that kind of accelerate growth rates?

加速成長率的物質驅動因素是什麼？

Any specific factors that you think could be meaningful for an acceleration in the broader investment?

您認為有哪些具體因素可能對加速更廣泛的投資有意義？

Thank you, Ben.

謝謝你，本。

Well, look, I think the greatest acceleration for Arista came when the cloud titans made a huge migration to a leaf/spine architecture and especially standardized on Arista's EOS for 100-gigabit universal spine.

好吧，我認為，當雲端巨頭向葉/主幹架構進行大規模遷移，特別是在 Arista 的 EOS 上進行標準化以實現 100 Gb 通用主幹時，Arista 獲得了最大的加速。

So -- and then on top of that acceleration, a number of titans co-developed with us, a joint development focus that allowed them to scale this to distributed data centers all over the region and all over the cloud.

因此，除了這種加速之外，許多巨頭與我們共同開發了一個聯合開發重點，使他們能夠將其擴展到整個地區和整個雲端的分散式資料中心。

So I think the next acceleration comes from more use cases with 400-gig and 100-gig in tandem with the possibility of expanding their data centers and their server density and their storage capability.

因此，我認為下一個加速來自更多 400 G 和 100 G G 的用例，以及擴展其資料中心、伺服器密度和儲存能力的可能性。

And I don't think that's necessarily this year, but it could be in the next 3 years.

我認為這不一定是今年，但可能是未來三年。

So it would have to be a repeat of how we succeeded in 100-gig at 400-gig levels.

因此，這必須重複我們在 100 場演出到 400 場演出的水平上取得的成功。

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

Anshul，您還想增加更多內容嗎？

Yes.

是的。

Ben, the way to look at the cloud and the cloud titans is they started with data centers with compute and storage and then moved down to different types of apps and are continuing that journey.

Ben，看待雲端和雲端巨頭的方式是，他們從具有運算和儲存的資料中心開始，然後轉移到不同類型的應用程序，並繼續這趟旅程。

And the next phase of investment in this space, in our view, there will be more at the edge.

我們認為，這一領域下一階段的投資將會有更多的邊緣投資。

By edge, I don't mean directly just edge computing, but think of it as an Equinix type of meet-me place.

我所說的邊緣並不是直接指邊緣運算，而是將其視為 Equinix 類型的會面場所。

So the cloud companies, I think, will continue to invest in that area.

因此，我認為雲端公司將繼續在該領域進行投資。

And then connect that back into the tenant space in their large data centers.

然後將其連接回大型資料中心的租戶空間。

And these networks of different kinds are being built or will continue to be built in the next few years with different types of overlays and encryption and mapping from 1 tenant space to the other and so on.

這些不同類型的網路正在構建或將在未來幾年內繼續構建，具有不同類型的覆蓋、加密以及從一個租戶空間到另一個租戶空間的映射等。

I think that's very significant because in the longer picture, if you look at it 5, 10 years from now, we will look back and say, "Wow, this is how the cloud companies restitched the Internet." And I think those are some of the most strategic projects in the next few years.

我認為這非常重要，因為從長遠來看，如果你從現在起 5 到 10 年後回顧，我們會說：“哇，這就是雲公司重新整合互聯網的方式。”我認為這些是未來幾年最具戰略意義的項目。

Thanks, Anshul.

謝謝，安舒爾。

That's great.

那太棒了。

The DCI and routing use cases cannot be underestimated, and they truly redefine the Internet.

DCI 和路由用例不可低估，它們真正重新定義了互聯網。

Our next question comes from Woo Jin Ho with Bloomberg.

我們的下一個問題來自彭博社的吳鎮浩。

Longer-term question as it relates to the enterprise.

與企業相關的長期問題。

Has the nature of your conversations with your close enterprise customers changed at all?

您與親密企業客戶的對話性質是否改變了？

This may be a little bit premature.

這可能有點為時過早。

And the reason why I ask is, given that we're at a stay at home, 0-touch environment, one would have to think that the network automation thesis should start playing out a little bit faster given that no one can get to their networks anymore.

我問的原因是，考慮到我們處於待在家裡、零接觸的環境中，人們不得不認為網路自動化論文應該開始更快地展開，因為沒有人能夠接觸到他們的資訊。網路不再。

How does that fit into customer conversations today?

這如何適應當今的客戶對話？

Do you think that will evolve?

你認為這會發展嗎？

And especially given that you do have Big Switch that provides that enterprise -- hyperscale cloud-like environment to the enterprise, that might be a positive to you guys in the long term.

特別是考慮到您確實擁有為企業提供超大規模雲端環境的 Big Switch，從長遠來看，這可能對您來說是積極的。

Yes.

是的。

No.

不。

Woo Jin, you really bring up a good point here.

宇進，你在這裡提出了一個很好的觀點。

We tend to talk about data center and campus and all of these different use cases, but our customers are thinking more and more operationally.

我們傾向於談論資料中心和園區以及所有這些不同的用例，但我們的客戶越來越多地思考可操作性。

It's great to have a box, but how to ignite that box with the right operational capabilities is very, very important.

擁有一個盒子固然很棒，但如何用正確的操作能力來點燃這個盒子是非常非常重要的。

And so when you look at it, you're absolutely right, day 0, day 1, day 2, 0-touch automation, 1 click for the campus, data center, huge topic.

所以當你看到它時，你絕對是對的，第 0 天，第 1 天，第 2 天，0 接觸自動化，校園、資料中心的 1 個點擊，巨大的主題。

The other one, and this is why we bought Big Switch, is not only are we igniting real-time streaming telemetry and cloud vision, but we're really extending that into the observability and network packet broker space.

另一個，這就是我們購買 Big Switch 的原因，不僅是我們點燃了即時串流遙測和雲端視覺，而且我們真的將其擴展到可觀察性和網路封包代理領域。

And they're very pleased with the sort of sum of Data ANalyZer, CloudVision and now Big Fish to extend our DANZ monitoring fabric.

他們對 Data ANalyZer、CloudVision 和現在的 Big Fish 相結合來擴展我們的 DANZ 監控結構感到非常滿意。

So that trio or combination is going to be very important for deeper telemetry.

因此，這三個或組合對於更深入的遙測來說非常重要。

So our enterprise conversations are going beyond best-of-breed platforms to much more operational automation, analytics, availability and, in the future, security and segmentation as well.

因此，我們的企業對話正在超越同類最佳平台，轉向更多的營運自動化、分析、可用性，以及未來的安全性和細分。

So just a follow-on on that.

所以只是後續。

Are these conversations that you've been having that's been ongoing for quite some time now?

你們之間的這些對話是否已經持續了很久了？

Or does the -- I guess, the pandemic crisis accelerate that and potentially force customers to make a left turn in their purchasing decisions or their architectural decisions, causing purchasing delays?

或者，我猜，大流行危機是否會加速這種情況，並可能迫使客戶在購買決策或架構決策中做出左轉，從而導致購買延遲？

Yes.

是的。

I think it's too early to say it because of the pandemic.

我認為現在說這個還為時過早，因為疫情。

They were going on anyway, but I think the importance of them becomes greater if the pandemic continues longer.

無論如何，它們仍在繼續，但我認為，如果疫情持續更長時間，它們的重要性就會變得更大。

Right now, I think we're getting more hammered on supply chain, but if we overcome that, I think we'll get much more on automation and analytics.

目前，我認為我們在供應鏈上受到的打擊越來越大，但如果我們克服這一點，我認為我們將在自動化和分析方面獲得更多成果。

From Ittai Kidron with Oppenheimer.

來自 Ittai Kidron 和奧本海默。

Again, just a couple.

再說一次，只是幾個。

One for you, Jayshree, and one for you, Ita.

一份給你，Jayshree，一份給你，Ita。

Jayshree, do you get a sense of if there was any business activity in the quarter that was just a pull-in from second half plans into the first half given the effects of work from home that some customers are so pressured that they had to respond to quickly and did it by pulling in budgets?

Jayshree，您是否知道本季度是否有任何業務活動只是從下半年計劃拉入上半年，因為在家工作的影響導致一些客戶壓力很大，以至於他們不得不做出回應快速通過拉動預算來做到這一點？

And for you, Ita, on the 2018 OpEx comment, I understand T&E, you're clearly saving a lot of money there.

對你來說，Ita，關於 2018 年 OpEx 的評論，我理解 T&E，你顯然在那裡節省了很多錢。

But are there headcount reductions planned as well or this is just less marketing, less travel, you're not flying business anymore?

但是否也有裁員計劃，或者這只是減少行銷、減少旅行，您不再搭乘商務航班了？

How do I think about that?

我對此有何看法？

Yes.

是的。

I mean, I'll take that one first, maybe just -- yes.

我的意思是，我會先拿那個，也許只是──是的。

No.

不。

I think we are preserving kind of employee talent.

我認為我們正在保留員工的才能。

That's probably our most important resource, and we're definitely focused on doing that.

這可能是我們最重要的資源，我們肯定會專注於這樣做。

And really, we're looking at other areas, other more variable expenses, onetime-type expenses that we can manage, hopefully, in a near-term window and preserve kind of employees and the talent base.

事實上，我們正​​在考慮其他領域、其他更多可變費用、一次性費用，希望我們能夠在短期內管理這些費用，並保留員工和人才基礎。

And the short answer, Ittai, to your question is we did not experience pull-ins in Q1.

Ittai，對於你的問題，簡短的回答是我們在第一季沒有經歷過拉動。

Okay.

好的。

This concludes the Arista Q1 2020 Earnings Call.

Arista 2020 年第一季財報電話會議到此結束。

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

我們發布了一份演示文稿，其中提供了有關我們財務業績的更多信息，您可以在我們網站的投資者部分訪問該演示文稿。

Thank you for joining us today, and please be safe, everybody.

感謝您今天加入我們，請大家注意安全。

Ladies and gentlemen, this concludes today's call.

女士們、先生們，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。