Arista Networks Inc (ANET) 2022 Q1 法說會逐字稿

Welcome to the First Quarter 2022 Arista Networks Financial Results Earnings Conference Call. (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. Ms. Liz Stine, Arista's Director of Investor Relations, you may begin.

歡迎參加 Arista Networks 2022 年第一季度財務業績收益電話會議。 （操作員說明）提醒一下，本次會議正在錄製中，並可在本次電話會議後從 Arista 網站的投資者關係部分重播。 Arista 投資者關係總監 Liz Stine 女士，您可以開始了。

Thank you, operator. Good afternoon, everyone, and thank you for joining us. With me on today's call are Jayshree Ullal, Arista Networks' President and Chief Executive Officer; and Ita Brennan, Arista's Chief Financial Officer.

謝謝你，接線員。大家下午好，感謝您加入我們。今天與我通話的還有 Arista Networks 總裁兼首席執行官 Jayshree Ullal；和 Arista 的首席財務官 Ita Brennan。

This afternoon, Arista Networks issued a press release announcing the results for its fiscal first quarter ending March 31, 2022. If you would like a copy of the release, you can access it online at our website.

今天下午，Arista Networks 發布了一份新聞稿，宣布了截至 2022 年 3 月 31 日的第一財季業績。如果您需要該新聞稿的副本，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 2022 fiscal year; longer-term financial outlook for 2022 and beyond; our total addressable market and strategy for addressing these market opportunities; the potential impact of COVID-19, supply chain constraints, component costs, manufacturing capacity, inventory purchases and inflationary pressures on our business, product innovation and the benefits of acquisitions, which are subject to the risks and uncertainties that we discuss in detail in our documentation 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. These forward-looking statements apply as of today, and you should not rely on them as representing our views in the future. We undertake no obligation to update these statements after this call.

在本次電話會議期間，Arista Networks 的管理層將做出前瞻性陳述，包括與我們 2022 財年第二季度財務展望相關的陳述； 2022 年及以後的長期財務展望；我們的總目標市場和應對這些市場機會的戰略； COVID-19、供應鏈限制、組件成本、製造能力、庫存採購和通脹壓力對我們的業務、產品創新和收購的好處的潛在影響，這些都受到我們在我們的詳細討論的風險和不確定性的影響向 SEC 提交的文件，特別是在我們最近的 10-Q 表格和 10-K 表格中，這可能導致實際結果與這些聲明的預期結果大不相同。這些前瞻性陳述自今天起適用，您不應依賴它們來代表我們未來的觀點。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. We have provided reconciliations of these non-GAAP financial measures to GAAP financial measures in our earnings press release.

此外，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，並且已經過調整以排除某些費用。我們在收益新聞稿中提供了這些非 GAAP 財務指標與 GAAP 財務指標的對賬。

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

有了這個，我會把電話轉給 Jayshree。

Thank you, Liz. Thank you, everyone, for joining us this afternoon for our first quarter 2022 earnings call. In addition to the pandemic, we are now facing the global uncertainty with the war in Ukraine and increasing inflation trends. On behalf of Arista, we express our deep concern over the tragedies in Ukraine and thank the Arista employees for their thoughtful donations to the Ukraine humanitarian causes matched by the Arista Foundation.

謝謝你，麗茲。謝謝大家今天下午參加我們的 2022 年第一季度財報電話會議。除了大流行之外，我們現在還面臨著烏克蘭戰爭和通脹趨勢上升的全球不確定性。我們代表 Arista 對烏克蘭的悲劇表示深切關注，並感謝 Arista 員工對 Arista 基金會匹配的烏克蘭人道主義事業的周到捐贈。

Back to Q1 2022. We delivered record revenues of $877.1 million for the quarter, with a non-GAAP earnings per share of $0.84. Services, software support renewals contributed approximately 19.2% of the revenue. Our non-GAAP gross margins of 63.9% was influenced by continuing supply chain constraints and elevated costs. Vendor decommits for certain components increased sharply in March 2022, with no clear relief in sight in the near term.

回到 2022 年第一季度。我們在本季度實現了創紀錄的 8.771 億美元收入，非公認會計準則每股收益為 0.84 美元。服務、軟件支持續訂貢獻了大約 19.2% 的收入。我們 63.9% 的非公認會計原則毛利率受到持續供應鏈限制和成本上升的影響。 2022 年 3 月，某些組件的供應商退役急劇增加，短期內看不到明顯的緩解。

In terms of Q1 2022 verticals, cloud titans was our strongest and largest vertical, followed by enterprise, cloud specialty providers and financials tied at third place, and service providers at fourth. Our geographical mix included strong performance in the Americas at 76%, with the international contribution at 24%.

就 2022 年第一季度的垂直行業而言，雲巨頭是我們最強大和最大的垂直行業，其次是企業、雲專業提供商和金融公司並列第三，服務提供商排名第四。我們的地域組合包括美洲的強勁表現，佔 76%，國際貢獻佔 24%。

According to market analysts, in calendar 2021, Arista gained market share in overall data center, high-performance switching, growing to approximately 19% market share. We are proud to maintain our #1 position in 100-, 200- and 400-gig switching and achieved this growth despite all the challenges of the supply chain. Arista has also been a pioneering leader in client to cloud networking. Our customer relevance is increasing with new logos in tech enterprises, health care, education and retail as well as the provider sector. Our million-dollar logos have doubled in the last 3 years in all categories. These categories include: greater than 1 million, greater than 5 million, greater than 10 million and greater than 25 million customers.

據市場分析師稱，在 2021 年，Arista 在整體數據中心、高性能交換方面的市場份額增長至約 19%。儘管供應鏈面臨所有挑戰，但我們很自豪能夠在 100、200 和 400 gig 轉換中保持我們的第一名並實現了這一增長。 Arista 還是客戶端到云網絡的先驅領導者。隨著科技企業、醫療保健、教育和零售以及供應商領域的新標識，我們的客戶相關性正在增加。在過去 3 年中，我們價值百萬美元的徽標在所有類別中都翻了一番。這些類別包括：超過 100 萬、超過 500 萬、超過 1000 萬和超過 2500 萬客戶。

What's clear as I personally engaged across the worldwide base of CIOs and CSOs is that the planning horizon for networking has really changed. Our visibility and demand has never been stronger. The nature of our discussions with our customers is also most strategic in nature. Let me try to illustrate with a few examples.

當我親自參與全球 CIO 和 CSO 的工作時，很清楚的是，網絡的規劃範圍確實發生了變化。我們的知名度和需求從未如此強烈。我們與客戶討論的性質也是最具戰略意義的。讓我試著用幾個例子來說明。

For example, on AI Spine, we're building upon our cloud heritage to expand scale for AI workloads that are both data and compute-intensive, thereby requiring 100-, 400- and 800-gig performance in the future with rich EOS software feature. In the cognitive campus, threat hunting is now becoming integral to the network instead of being an [accessory] and is changing the way cybersecurity and [virus] and threats can be detected and managed holistically. Network security is clearly migrating to secure Zero Trust networking based on AI and AVA sensors.

例如，在 AI Spine 上，我們正在利用我們的雲傳統來擴大數據和計算密集型 AI 工作負載的規模，因此未來需要 100、400 和 800 gig 的性能以及豐富的 EOS 軟件功能.在認知校園中，威脅搜尋現在正成為網絡不可或缺的一部分，而不是成為[附件]，並且正在改變網絡安全和[病毒]以及可以從整體上檢測和管理威脅的方式。網絡安全顯然正在遷移到基於 AI 和 AVA 傳感器的安全零信任網絡。

In larger enterprises, network as a sales service based on CloudVision is enabling our customers to manage their data sets across client-to-cloud domains with superior, unmatched automation and analytics. Our decade-long preferred partnership with cloud titans, especially Microsoft and Meta, has helped forge joint engineering products for hyper cloud scale all the way now to edge use cases. Clearly, Arista is in the midst of an exciting and growing total available market or TAM expansion to fulfill our customers' quest for proactive, predictive and prescriptive networking, all this with the right data-driven foundation and architecture. This Network Data Lake EOS stack that we launched last November, is resonating well, and it's validating our customer network design.

在大型企業中，基於 CloudVision 的網絡即銷售服務使我們的客戶能夠通過卓越的、無與倫比的自動化和分析跨客戶端到雲域管理他們的數據集。我們與雲巨頭，尤其是微軟和 Meta 長達十年的首選合作夥伴關係，幫助打造了從現在到邊緣用例的超雲規模的聯合工程產品。顯然，Arista 正處於一個令人興奮且不斷增長的總可用市場或 TAM 擴展之中，以滿足我們客戶對主動、預測和規範網絡的需求，所有這一切都具有正確的數據驅動基礎和架構。我們去年 11 月推出的這個 Network Data Lake EOS 堆棧產生了很好的共鳴，它正在驗證我們的客戶網絡設計。

In conclusion, I'm so proud of Arista's progress and traction and look forward to multiple years of double-digit growth.

總之，我為 Arista 的進步和牽引力感到非常自豪，並期待多年的兩位數增長。

And with that, I'd like to turn it over to Ita for Q1 2022 financial specifics.

有了這個，我想把它交給 Ita 來了解 2022 年第一季度的財務細節。

Thanks, Jayshree, and good afternoon. This analysis of our Q1 results and our guidance for Q2 '22 is based on non-GAAP and excludes all noncash stock-based compensation impacts, certain acquisition-related charges and other nonrecurring items. A full reconciliation of our selected GAAP to non-GAAP results is provided in our earnings release.

謝謝，Jayshree，下午好。我們對第一季度業績的分析和我們對 22 年第二季度的指導基於非公認會計原則，不包括所有基於非現金股票的薪酬影響、某些與收購相關的費用和其他非經常性項目。我們的收益發布中提供了我們選擇的 GAAP 與非 GAAP 結果的完全對賬。

Total revenues in Q1 were $877.1 million, up 31.4% year-over-year and well above the upper end of our guidance of $840 million to $860 million. Our enterprise business continued to contribute healthily to our overall revenue growth in the first quarter, combined with accelerated shipments to our cloud titan customers, some of which were deferred.

第一季度的總收入為 8.771 億美元，同比增長 31.4%，遠高於我們指引的 8.4 億美元至 8.6 億美元的上限。我們的企業業務在第一季度繼續為我們的整體收入增長做出健康貢獻，同時加快向我們的雲巨頭客戶發貨，其中一些被推遲。

Supply remained constrained in the quarter with supplier decommits resulting in higher broker purchases and expedite fees in the period. Services and subscription software contributed approximately 19.2% of revenue in the first quarter, down from 21% in Q4. International revenues for the quarter came in at $212.7 million or 24% of total revenue, down from an unusually high 29% in the fourth quarter of 2021. This decline in international mix primarily reflects some volatility with our global customers, including the deferral of some international cloud shipments in the period.

本季度供應仍然受到限制，供應商離職導致該期間經紀人採購量增加和加快費用。服務和訂閱軟件在第一季度貢獻了大約 19.2% 的收入，低於第四季度的 21%。本季度的國際收入為 2.127 億美元，佔總收入的 24%，低於 2021 年第四季度異常高的 29%。國際組合的下降主要反映了我們全球客戶的一些波動，包括一些延期期間國際雲出貨量。

Overall gross margin in Q1 was 63.9%, above the midpoint of our guidance range of approximately 63% to 64%. Operating expenses for the quarter were $225.3 million or 25.7% of revenue, up from last quarter at $206.2 million. R&D spending came in at $144.3 million or 16.5% of revenue, up from last quarter at $130.3 million. This primarily reflected increased headcount and higher new product introduction costs in the period.

第一季度的整體毛利率為 63.9%，高於我們約 63% 至 64% 的指導範圍的中點。本季度的運營費用為 2.253 億美元，佔收入的 25.7%，高於上一季度的 2.062 億美元。研發支出為 1.443 億美元，佔收入的 16.5%，高於上一季度的 1.303 億美元。這主要反映了期內員工人數增加和新產品引進成本增加。

Sales and marketing expense was $66.2 million or 7.5% of revenue compared to $61.2 million last quarter, with increased headcount and strong shipments driving higher variable compensation expenses for the period. As a reminder, we continue to benefit from lower COVID-related travel and marketing expenses.

銷售和營銷費用為 6620 萬美元，佔收入的 7.5%，而上一季度為 6120 萬美元，員工人數的增加和強勁的出貨量推動了該期間可變薪酬費用的增加。提醒一下，我們將繼續受益於較低的與 COVID 相關的差旅和營銷費用。

Our G&A costs came in at $14.8 million or 1.7% of revenue, consistent with last quarter. Our operating income for the quarter was $335.6 million or 38.3% of revenue. Other income and expense for the quarter was a favorable $3 million, and our effective tax rate was approximately 20.7%. This resulted in net income for the quarter of $268.7 million or 30.6% of revenue. Our diluted share number was 319.7 million shares, resulting in a diluted earnings per share number for the quarter of $0.84, up approximately 35% from the prior year.

我們的 G&A 成本為 1480 萬美元，佔收入的 1.7%，與上一季度一致。我們本季度的營業收入為 3.356 億美元，佔收入的 38.3%。本季度的其他收入和支出為 300 萬美元，我們的有效稅率約為 20.7%。這導致該季度的淨收入為 2.687 億美元，佔收入的 30.6%。我們稀釋後的股票數量為 3.197 億股，導致本季度的稀釋後每股收益為 0.84 美元，比去年同期增長約 35%。

Now turning to the balance sheet. Cash, cash equivalents and investments ended the quarter at approximately $3.4 billion. We repurchased $136.2 million of our common stock during the first quarter at an average price of $116 per share. As a reminder, we've now repurchased approximately $209 million or 1.8 million shares against our October 2021 $1 billion Board authorization. The actual timing and amount of future repurchases is dependent on market and business conditions, business requirements, stock price, acquisition opportunities and other factors.

現在轉向資產負債表。現金、現金等價物和投資在本季度末約為 34 億美元。我們在第一季度以每股 116 美元的平均價格回購了 1.362 億美元的普通股。提醒一下，我們現在已經根據我們 2021 年 10 月的 10 億美元董事會授權回購了大約 2.09 億美元或 180 萬股股票。未來回購的實際時間和金額取決於市場和業務狀況、業務需求、股票價格、收購機會和其他因素。

Now turning to operating cash performance for the first quarter. We generated $217.1 million of cash from operations in the quarter, reflecting strong earnings performance, combined with continued working capital investments. DSOs came in at 67 days, up from 58 days in Q4, reflecting the linearity of billings and growth in deferred revenue in the period. Inventory turns were consistent with last quarter at 1.7x. Inventory increased to $694.2 million in the quarter, up from $650.1 million in the prior period, primarily reflecting higher component inventory. Our purchase commitment number for the quarter was $4.3 billion, up from $2.8 billion in Q4. The significant increase in commitments largely represents orders for 2023 and beyond, reflecting overall strength and demand for those periods and our expectation that this long lead time supply environment continues. As a reminder, we continue to prioritize newer, early life-cycled products for inclusion of these strategies in order to help mitigate the risk of excess our obsolescence.

現在轉向第一季度的經營現金業績。我們在本季度從運營中產生了 2.171 億美元的現金，反映了強勁的盈利表現以及持續的營運資本投資。 DSO 為 67 天，高於第四季度的 58 天，反映了該期間賬單的線性和遞延收入的增長。庫存周轉率與上一季度一致，為 1.7 倍。本季度庫存從上一季度的 6.501 億美元增加到 6.942 億美元，主要反映了較高的組件庫存。我們本季度的採購承諾金額為 43 億美元，高於第四季度的 28 億美元。承諾的顯著增加主要代表了 2023 年及以後的訂單，反映了這些時期的整體實力和需求，以及我們對這種長交貨期供應環境的預期。提醒一下，我們將繼續優先考慮更新的、早期生命週期產品以納入這些策略，以幫助降低過度淘汰的風險。

Our total deferred revenue balance was $1.1 billion, up from $929 million in Q4. The majority of the deferred revenue balance is services-related and directly linked to the timing and term of service contracts, which can vary on a quarter-by-quarter basis. Approximately $327 million of this balance, up from $160 million last quarter, represents product deferred revenue, largely related to acceptance clauses for new products, most recently with our large cloud titan customers. As a reminder, we remain in a period of significant new product introductions combined with a healthy new customer acquisition rate and expanded use cases with existing customers. These trends have resulted in increased customer-specific acceptance clauses and higher product deferred revenue amounts.

我們的總遞延收入餘額為 11 億美元，高於第四季度的 9.29 億美元。大部分遞延收入餘額與服務相關，並與服務合同的時間和期限直接相關，可能會因季度而異。這筆餘額中約有 3.27 億美元，高於上一季度的 1.6 億美元，代表產品遞延收入，主要與新產品的接受條款有關，最近與我們的大型雲巨頭客戶有關。提醒一下，我們仍處於重要的新產品推出時期，加上健康的新客戶獲取率和現有客戶的擴展用例。這些趨勢導致客戶特定接受條款的增加和產品遞延收入金額的增加。

Accounts payable days were 58 days, down from 63 days in Q4, reflecting the timing of inventory receipts and payments. Capital expenditures for the quarter were $14.9 million.

應付賬款天數為 58 天，低於第四季度的 63 天，反映了庫存收支的時間安排。本季度的資本支出為 1490 萬美元。

Now turning to our outlook for the second quarter and beyond. Our Analyst Day outlook for 2022 calls for 30% year-over-year revenue growth, somewhat balanced across our market sectors and heavily constrained by the supply environment. As we progress through 2022, demand metrics remain strong across the business with particular strength from our cloud titan, other cloud and enterprise customers. While we've added manufacturing capacity and component supply in response to this demand, supplier decommits make forecasting accelerated shipment momentum difficult. These decommits also have a negative impact on gross margin as we must turn to other sources to try to backfill decommitted components in the quarter.

現在轉向我們對第二季度及以後的展望。我們對 2022 年分析師日的展望要求收入同比增長 30%，這在我們的市場部門之間有所平衡，並受到供應環境的嚴重限制。隨著我們邁向 2022 年，整個業務的需求指標仍然強勁，尤其是我們的雲巨頭、其他雲和企業客戶的實力。雖然我們已經增加了製造能力和組件供應來應對這種需求，但供應商的退出使得預測加速出貨勢頭變得困難。這些退役也對毛利率產生負面影響，因為我們必須轉向其他來源以嘗試在本季度回填退役的組件。

From a business model perspective, this means that in this supply-constrained environment, any accelerated growth, while accretive to the bottom line, may come with a lower gross margin percentage due to increased cloud mix and additional expedite fees.

從商業模式的角度來看，這意味著在這種供應受限的環境中，任何加速增長雖然會增加利潤，但由於雲組合的增加和額外的加急費用，毛利率可能會降低。

Turning specifically to Q2. We expect revenues of approximately $950 million to $1 billion, including approximately $50 million of cloud-related deferred revenue recognition from the balance sheet. On the gross margin front, an expected healthy cloud mix in the quarter, combined with 200 to 300 basis points of assumed expedite costs, would result in gross margins of approximately 60% to 62%.

具體轉向第二季度。我們預計收入約為 9.5 億美元至 10 億美元，其中包括資產負債表中約 5000 萬美元的與雲相關的遞延收入確認。在毛利率方面，本季度預期健康的雲組合，加上 200 至 300 個基點的假設加速成本，將導致毛利率約為 60% 至 62%。

As to spending and investments, we expect to continue to grow our investments in R&D and sales and marketing in line with our baseline investment plan. 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 $950 million to $1 billion, gross margin of approximately 60% to 62% and operating margins of approximately 37% to 38%. Our effective tax rate is expected to be approximately 21% with diluted shares on a post-split basis of approximately 320 million shares.

在支出和投資方面，我們預計將根據我們的基準投資計劃繼續增加對研發、銷售和營銷的投資。以所有這些為背景，我們對第二季度的指導（基於非公認會計準則結果，不包括任何基於非現金股票的薪酬影響和其他非經常性項目）如下：收入約為 9.5 億美元至 10 億美元，毛利率約為 60% 至 62%，營業利潤率約為 37% 至 38%。我們的有效稅率預計約為 21%，攤薄後的股份約為 3.2 億股。

I will now turn the call back to Liz. Liz?

我現在將電話轉回給 Liz。麗茲？

Thank you, Ita. We will now move to the Q&A portion of the Arista earnings call. (Operator Instructions) Thank you for your understanding. Operator, take it away.

謝謝你，伊塔。我們現在將轉到 Arista 收益電話會議的問答部分。 （操作說明）感謝您的理解。接線員，把它拿走。

(Operator Instructions) Your first question comes from the line of Sami Badri with Credit Suisse.

（操作員說明）您的第一個問題來自瑞士信貸的 Sami Badri。

I have one clarification and then one question. The first thing is, Ita, you talked about customer acceptance clauses. Can you just expand a little bit on that just because you do have some deferred revenue, and it sounds like there's a lot moving around. Could you just define or maybe just elaborate a little bit more on that for specifically midyear 2022? And then my actual question is when we -- when you talk to your actual suppliers, what do they actually tell you is the reason for the decommits? And when they do decommit, how many days before the actual planned delivery date are they decommitting by?

我有一個澄清，然後是一個問題。首先，Ita，您談到了客戶接受條款。您能否僅因為您確實有一些遞延收入而對此進行了擴展，並且聽起來有很多變化。您能否針對 2022 年年中具體定義或者詳細說明一下？然後我的實際問題是，當我們 - 當您與您的實際供應商交談時，他們實際上告訴您什麼是取消承諾的原因？當他們取消承諾時，他們將在實際計劃交付日期前幾天取消承諾？

I'll take the deferred revenue question first, right? I mean, obviously, in time periods where you have lots of new products and you're bringing new products to these larger customers, in particular, to completely new customers, they don't have the opportunity to test everything about the product in their environment. And we can't mimic those large-scale environments. So we have customer acceptances where we give them the time period to accept the products, so we can ship, bill and collect cash on those, but it's deferred from a revenue perspective because there are some criteria that we need to prove that we satisfy so that they can give us the acceptance.

我會先回答遞延收入的問題，對吧？我的意思是，很明顯，在你有很多新產品並且你將新產品帶給這些大客戶，特別是全新客戶的時期，他們沒有機會在他們的產品中測試關於產品的所有內容。環境。而且我們無法模仿那些大規模的環境。所以我們有客戶接受，我們給他們時間來接受產品，這樣我們就可以發貨、開票和收取現金，但從收入的角度來看，它被推遲了，因為我們需要證明我們滿足一些標準他們可以給我們接受。

And Sami, to answer your question, the decommits come literally the week we are expecting the components. So they surprise us, right, when they're looking to build them, which is why we struggled, frankly, in the back half of the quarter not getting the components we needed and just having a lot of our contract manufacturing capacity waiting on key components. And the only way to resolve that was to pay extra expedites by orders of magnitude to get them. Sometimes, we could get them, and sometimes we couldn't. So we believe this very constrained environment of components, combined with decommits, is going to continue in 2Q. And who knows about Q3? John McCool as our Head of Manufacturing and platforms, you have more to add to that?

薩米，為了回答你的問題，取消提交確實是在我們期待組件的那一周發生的。因此，當他們正在尋求建造它們時，他們讓我們感到驚訝，這就是為什麼坦率地說，這就是為什麼我們在本季度後半段苦苦掙扎，沒有得到我們需要的組件，只是讓我們的大量合同製造能力等待關鍵成分。解決這個問題的唯一方法是支付數量級的額外加急費用來獲得它們。有時，我們可以得到它們，有時我們不能。因此，我們相信這種非常受限的組件環境，再加上取消提交，將在第二季度繼續存在。誰知道第三季度？ John McCool 作為我們的製造和平台主管，您還有更多要補充的嗎？

Sure. Just the nature of the decommits, I think that we see very part specific reasons for each of those decommits. Some can be tester capacity, yield, logistics issues as the suppliers work through that. So I wouldn't say there's any generic means for those decommits. It really depends on what part and what supplier.

當然。只是取消提交的性質，我認為我們看到了每個取消提交的部分具體原因。有些可能是供應商解決這些問題時的測試能力、產量、物流問題。所以我不會說這些解除有任何通用的方法。這真的取決於什麼部分和什麼供應商。

Your next question comes from the line of Fahad Najam with Loop Capital.

您的下一個問題來自 Loop Capital 的 Fahad Najam。

Jayshree, last time, you said that you had the best visibility that you've ever seen. You pretty much said that you had visibility for the entire calendar '22. So I'm assuming you are already having conversations with your customers about the demand picture maybe setting the calendar for '23. So then a little bit of a color on the dynamics you are seeing with your customers regarding the -- maybe calendar '23? Maybe if you can quantify what do you mean by the best visibility that you have -- that you're having?

Jayshree，上次，你說你的能見度是你見過的最好的。您幾乎說您對 22 年的整個日曆都有可見性。所以我假設您已經與您的客戶就需求情況進行了對話，可能會將日曆設置為 23 年。那麼，您與您的客戶看到的關於 23 年日曆的動態有點顏色？也許如果你可以量化你所擁有的最佳可見性是什麼意思 - 你所擁有的？

Thank you, Fahad. Last quarter, our visibility was very strong for 2022. This quarter, our visibility continues to be very strong for 2023. But I would also add that, in particular, the cloud titans and some enterprises are starting to plan for 2023. They have to start thinking about it now that we're in Q2 here. So all this suggests that the demand is strong for this year. We expect demand to be strong at least for the first half of next year from a planning purposes. Things could always change, orders could always be moved around. But in all my career across Cisco and perhaps even others have never seen demand be so clearly purposed and strong. Anshul, do you want to add more to that?

謝謝你，法赫德。上個季度，我們對 2022 年的能見度非常高。本季度，我們對 2023 年的能見度仍然非常高。但我還要補充一點，尤其是雲巨頭和一些企業開始計劃 2023 年。他們必須現在我們在第二季度開始考慮它。因此，所有這些都表明今年的需求強勁。從規劃的角度來看，我們預計需求至少在明年上半年會很強勁。事情總是會發生變化，訂單總是會轉移。但在我在思科甚至其他人的整個職業生涯中，從未見過需求如此明確和強大。 Anshul，你想補充更多嗎？

Sure, Jayshree, I think customers are no longer struggling to understand that supply chain is constrained. They very well understand it. Many of these cloud companies build their own compute and storage as well. So they're planning along with their own teams for 2023 right now. And their businesses are good, which means the underlying demand is strong.

當然，Jayshree，我認為客戶不再難以理解供應鏈受到限制。他們非常了解它。其中許多雲公司也構建了自己的計算和存儲。因此，他們現在正在與自己的團隊一起計劃 2023 年。他們的業務很好，這意味著潛在的需求很強勁。

If I could follow up, one, on the deferred revenue from cloud, what is it more -- the 1 cloud titan customer, can you help us understand, is that a function of your cloud customers' ability to digest your supply into them? Anything you can help us understand on the dynamics and so we can model appropriately cloud titan revenue trends going forward?

如果我可以跟進，一個，關於來自云的遞延收入，還有什麼——第一個雲巨頭客戶，你能幫助我們理解，這是你的雲客戶消化你的供應的能力嗎？您有什麼可以幫助我們了解動態，以便我們可以對未來的雲巨頭收入趨勢進行適當建模的嗎？

Yes. No, I think it's across multiple customers. And again, it's very standard for us if you look back historically to have periods at the beginnings of product life cycles where we're shipping the product, they're deploying the product, but we're just waiting for that kind of acceptance so that we can actually take the revenue from a rev rec perspective, right? So it's not unusual for us to see this. You'll have seen that over time. What we said was we built deferred in Q1, and then we will draw down about $50 million in Q2, but we're still up roughly $110 million for the first half from a product deferred revenue perspective.

是的。不，我認為它涉及多個客戶。再說一次，如果你回顧歷史，這對我們來說是非常標準的我們實際上可以從 rev rec 的角度獲取收入，對吧？因此，我們看到這一點並不罕見。隨著時間的推移，你會看到這一點。我們說的是我們在第一季度建立了延期，然後我們將在第二季度提取大約 5000 萬美元，但從產品遞延收入的角度來看，我們上半年仍增加了大約 1.1 億美元。

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

您的下一個問題來自瑞銀集團的 David Vogt。

Just a quick question and then a follow-up. So maybe just on the vendor commits and what you're seeing from your CMs. Relative to 90 days ago, can you just kind of share with us a little bit more color in terms of what's been the impact? Is it the recent lockdowns that we've seen from supply chain partners in Asia or in other parts of the world? Or is it just simply a reduction in availability and mismatched components that would make a complete set effectively?

只是一個快速的問題，然後是跟進。所以也許只是關於供應商的承諾和你從你的 CM 那裡看到的東西。相對於 90 天前，您能否與我們分享更多顏色，以了解影響是什麼？是我們從亞洲或世界其他地區的供應鏈合作夥伴那裡看到的最近的封鎖嗎？或者僅僅是可用性的降低和不匹配的組件可以有效地組成一個完整的集合？

And then just quickly on a follow-up. You mentioned, Ita, I think you had mentioned 200 to 300 basis points of expedited costs in the gross margin. Does that include sort of the mix shift to a more hyperscaler mix as well in the guidance for Q2? Or does that -- or is that just a separate cost in terms of how your gross margins are going to play out for the rest of the year?

然後很快就跟進了。你提到了，Ita，我想你提到了毛利率中 200 到 300 個基點的加急成本。這是否包括在第二季度的指導中將混合轉變為更超大規模的混合？或者是這樣 - 或者這只是你的毛利率在今年剩餘時間裡將如何發揮的單獨成本？

Yes. I think the 200 to 300 basis points is really looking at kind of an estimate, if you like, of what we think those decommits could cost us. So that's separate to the customer mix, et cetera. It's really being driven more by kind of looking at kind of the decommits that we saw end of last quarter, beginning of this quarter, then what's the impact for that. So it's separate to the customer mix.

是的。我認為 200 到 300 個基點實際上是在對我們認為這些取消承諾可能使我們付出的代價進行估計，如果你願意的話。因此，這與客戶組合等是分開的。它實際上更多地是通過查看我們在上個季度末，本季度初看到的那種取消承諾，然後對此產生什麼影響。所以它與客戶組合是分開的。

Yes. So I would say on the supply chain piece, I think we've kind of seen a more pointed or focused issue really around semiconductors in general. That's still led by the supply-demand imbalance. And then in terms of particulars on decommits, I think, again, each part, each device has a separate story. We've seen some suppliers that are trying to increase test capacity, don't have test equipment. They're waiting for orders that are also constrained by semiconductors, some perturbation with the lockdowns in China for raw material and equipment. So it's across the board and very specific to each device.

是的。所以我想說的是，在供應鏈方面，我認為我們已經看到了一個更尖銳或更集中的問題，真正圍繞著半導體。這仍然是由供需失衡引起的。然後就退役的細節而言，我認為，每個部分，每個設備都有一個單獨的故事。我們看到一些供應商試圖提高測試能力，但沒有測試設備。他們正在等待同樣受到半導體限制的訂單，這對中國對原材料和設備的封鎖造成了一些干擾。所以它是全面的，並且對每個設備都非常具體。

And I think it's safe to -- just to clarify also that it's safe to also say it changed a lot since our last call. So we have a couple of vendors that are causing a lot of gaps for our decommits. We don't want to name them because I know they're working hard to improve their commitment to us, but 2 or 3 vendors have (inaudible).

而且我認為這是安全的——只是為了澄清一下，也可以說自我們上次通話以來它發生了很大變化。所以我們有幾個供應商給我們的取消承諾造成了很多空白。我們不想說出他們的名字，因為我知道他們正在努力提高對我們的承諾，但有 2 或 3 個供應商（聽不清）。

Was there any competitive issue in the decommits? Or that wasn't the issue, meaning that maybe there's some allocation issues between yourself and some of your competitors?

退役時是否存在任何競爭問題？或者這不是問題，這意味著你和你的一些競爭對手之間可能存在一些分配問題？

No, not that we know of.

不，不是我們所知道的。

(inaudible) in the cycle.

（聽不清）在循環中。

No, none that we're aware of.

不，我們不知道。

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

您的下一個問題來自高盛的 Rod Hall。

I guess I wanted to come back. First of all, thank you, Ita, for clarifying the deferred revenue release in the guide. That's a helpful number. I'm just trying to come back, I was looking at your deferred revenue in aggregate over time. And obviously, it's very inflated here. Curious what you think the time line for reducing that kind of back to some sort of a normal level is? I know it's very hard to predict, but just based on what you know today, is that likely to happen this year? Does it take 24 months? If you could gauge that for us. And then also, we don't really know what the backlog -- the order backlog looks like. I don't know if you could quantify that at all for us. So kind of a few different areas of questions there, I guess.

我想我想回來。首先，感謝 Ita 澄清指南中的遞延收入發布。這是一個有用的數字。我只是想回來，隨著時間的推移，我一直在查看您的遞延收入。顯然，這裡非常膨脹。好奇你認為將這種恢復到某種正常水平的時間線是什麼？我知道這很難預測，但根據你今天所知道的，今年可能會發生嗎？需要24個月嗎？如果你能為我們衡量一下。而且，我們並不真正知道積壓工作——訂單積壓工作是什麼樣的。我不知道你是否可以為我們量化。我猜有幾個不同領域的問題。

Yes. I think on the deferred revenue, like I said, I don't really like to forecast, but we will call out when we think we're drawing it down in the guidance. So that's the reference to the $50 million. I think at this point, I don't think we would draw down to achieve a 30% growth rate. Obviously, this is turning and turning all the time, right? But we think that balance doesn't come down year-over-year in our assumptions for the 30% growth rate.

是的。我認為關於遞延收入，就像我說的那樣，我真的不喜歡預測，但是當我們認為我們在指導中將其降低時，我們會提出來。這就是5000萬美元的參考。我認為在這一點上，我認為我們不會為了實現 30% 的增長率而縮減開支。顯然，這一直在轉轉，對吧？但我們認為，在我們對 30% 增長率的假設中，這種平衡並沒有同比下降。

I think on the order backlog, I'll let Jayshree comment as well. But for me, at this point, with the impact of time, et cetera, on the backlog, it's not a meaningful number for us to share. It's not a meaningful metric. Jayshree, I don't know if you have...

我想關於訂單積壓，我也會讓 Jayshree 發表評論。但對我來說，在這一點上，由於時間等因素對積壓工作的影響，我們無法分享這個有意義的數字。這不是一個有意義的指標。 Jayshree，我不知道你有沒有...

Yes. No Rod, we've stayed away from order strength and backlogs. We don't mean anything unless we can ship it. So we'll continue to keep telling you about our visibility and demand in a qualitative fashion. But in a quantitative fashion, the only number that matters is shipments.

是的。沒有羅德，我們已經遠離訂單強度和積壓。除非我們可以發貨，否則我們沒有任何意義。因此，我們將繼續以定性的方式向您介紹我們的知名度和需求。但以定量的方式，唯一重要的數字是出貨量。

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

您的下一個問題來自於 Evercore 的 Amit Daryanani。

I guess my question is really around, if I heard the purchase commitment number correctly, I think it was $4.3 billion. It was up a fair bit sequentially. And I'm sure the math is not linear on purchase commitments, but could you maybe just help me connect the dot between the $4.3 billion purchase commitment versus what, I think, you'll cost of goods sold is on $1.2 billion. Are you locking in supply on a multiyear basis? Or do you really see a sustainability of this current 30% growth to be a lot more durable versus perhaps what you talked about at the Analyst Day? Just help me put it in context. It seems like a sizable number over here versus the growth rate.

我想我的問題是真的，如果我沒聽錯購買承諾號碼，我認為是 43 億美元。它按順序上升了一點。我敢肯定，購買承諾的數學不是線性的，但你能不能幫我把 43 億美元的購買承諾與我認為你將銷售的商品成本為 12 億美元之間的點聯繫起來。您是否在多年的基礎上鎖定供應？或者你真的認為當前 30% 的增長的可持續性比你在分析師日所談論的要持久得多嗎？只是幫我把它放在上下文中。與增長率相比，這似乎是一個相當大的數字。

Yes, yes, yes. Amit, good observation. I think we jumped it from $2.8 billion to $4-plus billion. And you're absolutely right, this is a multiyear commitment now. This is not just for '22. It's also for '23. And perhaps it leads into '24 as well. Given the extended lead times that are only getting worse, and we wanted to make sure we secured our commitments. So we're placing a bet on long-term demand, on multiyear double-digit growth, and accordingly planning for it. And so you don't need to read any more or any less into it, except we're bullish about demand and we're planning for multiple years.

對對對。阿米特，很好的觀察。我認為我們將其從 28 億美元躍升至 4 多億美元。你是絕對正確的，這是一個多年的承諾。這不僅適用於'22。它也適用於'23。也許它也會進入 24 年。鑑於延長的交貨時間只會越來越糟，我們希望確保我們兌現了我們的承諾。因此，我們押注於長期需求、多年兩位數的增長，並相應地進行規劃。因此，您無需多讀或少讀，除非我們看好需求並且我們計劃多年。

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

您的下一個問題來自 Simon Leopold 和 Raymond James 的觀點。

I wanted to see if you could maybe describe what the timeline is like for your sales into a hyperscale data center. Basically, what I'm trying to get a sense of is, from the day they begin construction, how long does it take for them to make purchases from you in terms of initial deployment and then upgrades? So if you reflect back on your experience, how would you spread out the spending for given hyperscale data center over a period of a number of years? Hopefully, it makes...

我想看看你能否描述一下你的超大規模數據中心銷售的時間表。基本上，我想了解的是，從他們開始建設的那一天起，他們從初始部署到升級需要多長時間？因此，如果您回顧您的經歷，您將如何在幾年內分配給定超大規模數據中心的支出？希望它能讓...

Yes, it actually does make sense because I think there's a period of planning and build-out and what they want to do, then there's actually putting a design on what they're going to do. And then there's the deployment. Anshul, you are so smack in the middle of this. This is yours to answer.

是的，這確實是有道理的，因為我認為有一段時間的規劃和建設以及他們想要做什麼，然後實際上是對他們將要做什麼進行設計。然後是部署。安舒爾，你在這中間真是太棒了。這是你的答案。

Sure, absolutely, Jayshree. When we work with our cloud titans, they think of regions. And the build-out in different regions, different geos, is sometimes different. So you cannot actually just take a regional buildout and say this will always be the same. In many of the major regions, which are hundreds of megawatts or sometimes gigawatts, the DCI network needs to be built first before racks can be added. In some of the smaller or midsized regions, they can actually start with racks and DTI can grow over time as well. But net-net, these are generally about 2- to 3-year planning cycles for the customer. And as equipment or supply is showing up, last minute, they decide where they would deploy the network. So we don't really control the last part, but the planning is really 2 to 3 years.

當然，絕對，Jayshree。當我們與雲巨頭合作時，他們會想到區域。不同地區、不同地理位置的擴建有時是不同的。因此，您實際上不能只進行區域擴建並說這將始終相同。在許多數百兆瓦甚至千兆瓦的主要地區，需要先構建 DCI 網絡，然後才能添加機架。在一些中小型地區，它們實際上可以從機架開始，DTI 也可以隨著時間的推移而增長。但是net-net，這些對於客戶來說一般是2到3年左右的規劃週期。當設備或供應出現時，他們會在最後一刻決定在哪裡部署網絡。所以我們並沒有真正控制最後一部分，但規劃確實是2到3年。

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

您的下一個問題來自 Jason Ader 和 William Blair。

And I'm not going to ask a question about deferred revenue or supply. So you'll be happy to hear that. My question is on the enterprise side. You guys continue to do well there. Wondering if your ability to deliver supply faster than some of your competitors has made a difference. Maybe I don't know even know that's true, but if you can comment on that. And also whether subscription software mandates from some of your competitors is helping you win business? And any examples of that would be great.

我不會問關於遞延收入或供應的問題。所以你會很高興聽到這個。我的問題是在企業方面。你們繼續在那裡做得很好。想知道您比某些競爭對手更快地交付供應的能力是否有所作為。也許我什至不知道這是真的，但如果你能對此發表評論。此外，您的一些競爭對手的訂閱軟件授權是否有助於您贏得業務？任何這樣的例子都會很棒。

Yes. No. Thank you, Jason, for sparing us the repeat question. If you step back and look at our enterprise momentum, I'd say it's really picked up steam in the last 3 years. In some cases, I think we're now larger than stand-alone companies with our enterprise business who've been around 25 years.

是的。不。謝謝你，傑森，讓我們不再重複這個問題。如果你退後一步，看看我們的企業發展勢頭，我會說它在過去 3 年裡真的有起色。在某些情況下，我認為我們現在比擁有大約 25 年企業業務的獨立公司更大。

I think the reason enterprise business is growing so well is really 3 reasons, and probably very little to do with the fact that we can supply products sooner. They all would wish we could do it earlier. It has to do with an architectural approach that is different now, especially post-COVID, for our campus and data centers, where they want to build off 1 EOS, 1 cloud vision and 1 leaf-spine architecture. So they're really coming to us for a different design approach, whereas historically, it was rinse and repeat. So that makes a huge difference.

我認為企業業務增長如此之快的原因實際上是三個原因，而且可能與我們可以更快地供應產品這一事實關係不大。他們都希望我們能早點這樣做。它與現在不同的架構方法有關，尤其是在 COVID 之後，對於我們的校園和數據中心，他們希望在其中構建 1 個 EOS、1 個雲願景和 1 個葉脊架構。所以他們真的來找我們尋求不同的設計方法，而從歷史上看，它是沖洗和重複的。所以這有很大的不同。

The second is their experience with us, in the case of existing customers, where they've had such good quality, lower critical vulnerabilities and experience with us, that they really want to take that across the network, client to cloud in many more use cases.

第二個是他們與我們合作的經驗，對於現有客戶，他們擁有如此好的質量、較低的關鍵漏洞和與我們合作的經驗，他們真的想通過網絡、客戶端到雲進行更多用途案例。

And the third, I think, is what you alluded to. There is a lot of fatigue and frustration from our industry peers who've been going one way and only one way and seeing a better alternative, both from a technology and consumption point of view, where we're not forcing them down a subscription and we're giving them options. They can have it as a service or they could buy perpetually. It's the customers' choice. I think all of this has helped really cement our enterprise momentum, at least with the high-end enterprise adopters. We've got a long way to go in the mid-market. But certainly, I would say that's the case for the enterprise high-end customers.

第三個，我認為，就是你提到的。從技術和消費的角度來看，我們的行業同行一直在走一條路，而且只走一條路，並看到了更好的選擇，我們沒有強迫他們訂閱和我們正在給他們選擇。他們可以將其作為服務提供，也可以永久購買。這是客戶的選擇。我認為所有這些確實有助於鞏固我們的企業發展勢頭，至少對於高端企業採用者而言。我們在中端市場還有很長的路要走。但可以肯定的是，我會說企業高端客戶就是這種情況。

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

你的下一個問題來自奧本海默的 Ittai Kidron。

I guess a couple of 2 related questions. What's the value of purchase commitments in an age of decommits? And I guess I'm trying to think about pricing and the impact on the gross margin, Ita, going to -- or your guidance on gross margin. Why not move to a model -- just an operating model for the foreseeable future until things change, whereby certain parts of your pricing are just variable and you price things to the customer as you get price yourselves for? Or why not roll this over?

我猜有兩個相關的問題。在取消承諾的時代，購買承諾的價值是什麼？我想我正在嘗試考慮定價和對毛利率的影響，Ita，或者你對毛利率的指導。為什麼不轉向一種模式——在可預見的未來只是一種運營模式，直到事情發生變化，你的定價的某些部分只是可變的，你給客戶定價，因為你得到了自己的價格？或者為什麼不把這個翻過來？

And I know you can do increases every quarter, but just have like an empty box on an invoice that gets filled in as you purchase components? And I don't think clients would be overly surprised that something like this happens.

而且我知道您可以每季度增加一次，但就像發票上的一個空框一樣，在您購買組件時會被填寫？而且我認為客戶不會對發生這樣的事情感到過度驚訝。

Yes. We need to get (inaudible) into our procurement department.

是的。我們需要（聽不清）進入我們的採購部門。

I think my billings team might be a little confused.

我認為我的比林斯團隊可能有點困惑。

Good question, Ittai.

好問題，伊泰。

I'm going to start, yes. So I think on the pricing side of things, Ittai, we'll start to benefit from the last price increase really kind of in Q4, really December, maybe a little bit before that. But that's -- that price increase is rolling through.

我要開始了，是的。所以我認為在定價方面，Ittai，我們將開始從第四季度的最後一次價格上漲中受益，真的是 12 月，也許在那之前一點。但那是 - 價格上漲正在滾動。

Yes, price increases are hard, right? I mean, we'll look and consider when we see sustained costs where we need to pass them on, and we'll do that. But price increases are tough to do. They do kind of impact the customer. So we'll look and see if we need to do another one and how sustained some of these cost increases are and then we'll decide based on that. But we should start to see some benefit from the prior one having burned through the backlog, et cetera, in Q4.

是的，漲價很難，對吧？我的意思是，當我們看到需要將其轉嫁的持續成本時，我們會考慮並考慮，我們會這樣做。但是漲價是很難做到的。他們確實會影響客戶。因此，我們將看看是否需要再做一次，以及這些成本增加的持續性如何，然後我們將根據這一點做出決定。但是，我們應該開始看到前一個在第四季度完成積壓等工作帶來的一些好處。

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

您的下一個問題來自摩根士丹利的 Meta Marshall。

Sorry to bring it back to deferred revenue. But just a point of clarification, Ita. You had noted last quarter that the 30% kind of outlook for the year didn't include kind of recognition of any of that deferred revenue balance. But obviously, the deferred revenue balance kind of grew by quite a bit. And so I just want to clarify that the 30% is without kind of where we were at the beginning of the year on deferred revenue or even where we are now or will be at the end of kind of Q2?

很抱歉將其恢復為遞延收入。但只是澄清一點，Ita。你在上個季度已經註意到，今年 30% 的前景不包括對任何遞延收入餘額的確認。但顯然，遞延收入餘額增長了不少。所以我只是想澄清一下，這 30% 的遞延收入沒有我們在年初的情況，甚至沒有我們現在或將在第二季度末的情況？

Yes. I think, Meta, the commentary around not drawing it down is really an annual statement year-over-year, right? But what you saw us do for Q1 was obviously grow at $167 million. We'll draw down $50 million of that. But I think the best way to think about it as the first half, right, we'll be up $110 million from our product deferred revenue at the end of Q2 based on our guidance, right?

是的。我認為，Meta，關於不把它畫下來的評論真的是一個年復一年的年度聲明，對吧？但是你看到我們在第一季度所做的顯然是增長了 1.67 億美元。我們將提取其中的 5000 萬美元。但我認為將其視為上半年的最佳方式是，根據我們的指導，我們將在第二季度末從我們的產品遞延收入中增加 1.1 億美元，對吧？

So we're building it, and I don't think we draw it down versus the beginning of the year, at least, and we'll see what happens in the second half. It's very hard to forecast it precisely. But again, I think the 30% did not contemplate us picking anything out of the opening year deferred revenue balance (inaudible).

所以我們正在建設它，我認為至少與年初相比，我們不會把它拉下來，我們將看看下半年會發生什麼。很難準確預測。但同樣，我認為 30% 的人並沒有考慮我們從開年的遞延收入餘額中挑選任何東西（聽不清）。

Okay. Got it. And then maybe just a small follow-up. I mean, obviously, the inventory balance has grown by a fair amount. Just wanted to get a sense of, are there any concerns around obsolescence of any of that inventory? Or just as it takes longer to get all of the parts? Or is that not a confirm we should be mindful of?

好的。知道了。然後也許只是一個小的後續行動。我的意思是，很明顯，庫存餘額增長了很多。只是想了解一下，是否有任何關於庫存過時的擔憂？還是因為獲得所有零件需要更長的時間？或者這不是我們應該注意的確認？

Yes. I mean, I guess the inventory balance itself isn't up that much, right? It's up a little bit on the raw materials, but not a ton because obviously, we're shipping everything we have and that we can. I mean the purchase commitment balance is up a chunk, but I think again, that's time-bound more than anything else, right? I mean we're really looking through 2023 now and making commitments for that.

是的。我的意思是，我想庫存餘額本身並沒有那麼多，對吧？原材料上漲了一點，但不是很多，因為很明顯，我們正在運送我們擁有的一切並且我們可以運送。我的意思是購買承諾餘額增加了很多，但我再次想，這比其他任何事情都更有時間限制，對吧？我的意思是，我們現在真的在展望 2023 年並為此做出承諾。

And again, we're trying to pick the right products. Won't necessarily be perfect, but we're definitely taking a risk approach there, and we're doing it in conjunction with customers. So that's -- I think that's what we have to do right now.

再一次，我們正在努力挑選合適的產品。不一定是完美的，但我們肯定會採取冒險的方法，我們正在與客戶一起做。所以這就是——我認為這就是我們現在必須做的。

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

您的下一個問題來自 Paul Silverstein 與 Cowen 的對話。

At the risk of asking questions that you either cannot or will not answer, first off, I'm hoping, Jayshree, that you or Anshul or somebody could provide any incremental insight regarding the Microsoft-Nokia announcement.

冒著提出您無法或不會回答的問題的風險，首先，我希望 Jayshree，您或 Anshul 或其他人可以提供有關 Microsoft-Nokia 公告的任何增量見解。

And secondly, looking at the numbers, your first quarter results and second quarter guidance, that's almost 35% year-over-year growth. To do a 30% [outstanding] guidance for '22, that translates to about 26% growth for the second half of the year, and you're talking about the best demand environment you've ever seen. I appreciate we're only 1 quarter into the year, I get it.

其次，看看數字、第一季度業績和第二季度指引，同比增長近 35%。要為 22 年制定 30% [出色] 的指導，這意味著今年下半年的增長約為 26%，而且您正在談論您所見過的最佳需求環境。我很感激我們今年只有 1 個季度，我明白了。

But it sure sounds like you're, supply permitting, that you could do well north of 30%. I'm hoping to provide some insight on that. And is the growth just to (inaudible) back a little bit or (inaudible)

但聽起來你確實是，如果供應允許，你可以在 30% 以上的情況下做得很好。我希望對此提供一些見解。增長只是（聽不清）稍微向後退還是（聽不清）

So to help you answer the Microsoft partnership, you may have seen the quote in our earnings release. We consider Microsoft a very strategic and preferred partner. And so do they of us. The use cases are expanding. And of course, that, like I've always said, doesn't mean we get 100% of the use cases for the business.

因此，為了幫助您回答 Microsoft 合作夥伴關係，您可能已經在我們的收益發布中看到了這句話。我們認為 Microsoft 是一個非常具有戰略意義的首選合作夥伴。我們中的他們也是如此。用例正在擴大。當然，就像我一直說的那樣，這並不意味著我們獲得了 100% 的業務用例。

They've always had to do multi-vendor and open. And from time to time, they've chosen other partners for other use cases. So it doesn't change at all our status with them, but obviously means they're going to always be multi-vendor and open. Anshul, you want to add to that?

他們總是不得不做多供應商和開放。有時，他們會為其他用例選擇其他合作夥伴。所以這並沒有改變我們對他們的地位，但顯然意味著他們將永遠是多供應商和開放的。 Anshul，你想補充一下嗎？

Sure. Paul, our relationship with Microsoft is so long and so deep. We worked with them not just for our current product, but for several generations to come. And the discussions on paper span all the way up to 2025, 2027 architectures and what can be possible, what we build for them. So that leadership position we've had will continue.

當然。保羅，我們與微軟的關係如此深厚。我們與他們合作的不僅僅是我們當前的產品，而是未來幾代人。紙面上的討論一直延伸到 2025 年、2027 年的架構以及什麼是可能的，我們為它們構建什麼。因此，我們所擁有的領導地位將繼續下去。

As Jayshree mentioned, they can be multi-stores, but we believe we'll stay in a healthy position, and we're not going to get distracted by this announcement. Ita?

正如 Jayshree 所提到的，它們可以是多家商店，但我們相信我們會保持健康的狀態，而且我們不會因為這個公告而分心。伊塔？

Yes. And then, Paul, I guess, coming back to the growth, I mean, yes, you're right, it was close to 35% for the first half. I think we would have an outlook of 30% for the second half. So I'm not necessarily saying we're going to decelerate off of 30%, but it's all about supply, right?

是的。然後，保羅，我想，回到增長，我的意思是，是的，你是對的，上半年接近 35%。我認為我們對下半年的展望為 30%。所以我不一定說我們要減速 30%，但這都是關於供應的，對吧？

If we could solve for these handful of components that are kind of causing these decommits, yes, we could do some more, right? But for now, I think we just have to respect that, the uncertainty of that and be cautious.

如果我們能夠解決這些導致這些取消提交的少數組件，是的，我們可以做更多，對吧？但就目前而言，我認為我們只需要尊重它的不確定性並保持謹慎。

Can I just ask a quick clarification?

我可以問一個快速的澄清嗎？

Yes.

是的。

You've had a lot of folks on the call, it sounds like people think you're just pulling out a deferred to make these numbers. How much of this is just satisfying backlog? How much of it is also shared in? What's going on in terms of driving the demand?

你有很多人在打電話，聽起來人們認為你只是為了獲得這些數字而提出延期。其中有多少只是滿足積壓工作？其中有多少是共享的？在推動需求方面發生了什麼？

I don't think that (inaudible) deferred is actually up $110 million in our guidance for the first half, right? So I don't think anybody thinks we're using deferred to drive the numbers, right?

我不認為（聽不清）延期實際上在我們上半年的指導中增加了 1.1 億美元，對吧？所以我認為沒有人認為我們正在使用延遲來推動數字，對吧？

It's organic demand, absolutely. We have backlog. We don't talk about that. And we have an increase in deferred, all [3 or 2.] We just have to ship.

絕對是有機需求。我們有積壓。我們不談論那個。我們增加了延期，所有 [3 或 2]。我們只需要發貨。

Your next question comes from the line of Samik Chatterjee with JPMorgan.

您的下一個問題來自摩根大通的 Samik Chatterjee。

I guess if I can just ask you 2 quick ones on the enterprise vertical here. Jayshree, you mentioned the strong momentum you have with enterprise customers. I mean, one of the concerns we've been hearing from investors is about the current macro and how enterprises respond to that in terms of any weakness in the order trends. Maybe if you can clarify if you are seeing any of that in your discussions with these customers?

我想我能不能在這裡問你兩個關於企業垂直的快速問題。 Jayshree，您提到了企業客戶的強勁勢頭。我的意思是，我們從投資者那裡聽到的擔憂之一是關於當前的宏觀以及企業如何應對訂單趨勢的任何弱點。也許你能澄清一下你在與這些客戶的討論中是否看到了這些？

And also if you can give us an update on the campus revenue, which you were looking to double. Sounds from the momentum that you should be sort of on track to better relative to your expectations. But if you can just give us an update there?

另外，如果您可以向我們提供有關您希望將其翻倍的校園收入的最新信息。從勢頭來看，相對於您的期望，您應該在某種程度上走上正軌。但如果你能在那裡給我們一個更新？

Yes, Samik. We are seeing no change in the enterprise momentum. It's strong. We haven't seen any slowdown, maybe it will later on. You have the impact of inflation trends, who knows? But at the moment, things are looking very strong. Chris Schmidt, Ashwin and the whole team are just knocking at the door always for products. They're certainly creating the demand with their customers.

是的，薩米克。我們看到企業發展勢頭沒有變化。它很強大。我們還沒有看到任何放緩，也許以後會。你有通貨膨脹趨勢的影響，誰知道呢？但目前，情況看起來非常強勁。 Chris Schmidt、Ashwin 和整個團隊總是在敲門尋找產品。他們肯定會與客戶一起創造需求。

And as for the campus, a very similar story. Our goal is to double this year, and we've only had 1 quarter, but 1 quarter doesn't make a trend, but this 1 quarter alone is showing a trend in that direction. And as I think you asked me on Analyst Day, I shared with you that we will grow at least to 750 million by 2025. I think we can achieve that perhaps if we are in a less constrained environment, we could beat it, too.

至於校園，一個非常相似的故事。我們的目標是今年翻一番，我們只有 1 個季度，但 1 個季度沒有形成趨勢，但僅這 1 個季度就顯示出朝著這個方向的趨勢。正如我想你在分析師日問我的那樣，我與你分享了到 2025 年我們將至少增長到 7.5 億。我認為我們可以實現這一目標，也許如果我們處於一個限制較少的環境中，我們也可以擊敗它。

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

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

Pierre is in a noisy environment. So this is Antoine asking one on behalf of Pierre (inaudible). So could you please share your thoughts on NVIDIA's Spectrum 4? How you see this shift sitting in the competitive landscape? And how you see NVIDIA possibly becoming a competitor? And maybe when do you expect to have 51.2 terabits per second chips in your products?

皮埃爾處於嘈雜的環境中。所以這是安托萬代表皮埃爾問的（聽不清）。那麼您能否分享您對 NVIDIA Spectrum 4 的看法？您如何看待競爭格局中的這種轉變？您如何看待 NVIDIA 可能成為競爭對手？也許您預計您的產品中何時會擁有每秒 51.2 TB 的芯片？

Well, we've always viewed NVIDIA as a partner, especially for the DPUs and NIC so when they were Mellanox, and we continue to view that. There are times when companies choose a vertical stack. And I think NVIDIA's focus on Spectrum 4 is more as a vertical stack for their captive customer opportunities.

好吧，我們一直將 NVIDIA 視為合作夥伴，尤其是在 DPU 和 NIC 方面，所以當他們還是 Mellanox 時，我們繼續認為這一點。有時公司會選擇垂直堆棧。而且我認為 NVIDIA 對 Spectrum 4 的關注更多的是為其俘虜客戶機會的垂直堆棧。

As a horizontal best-of-breed, we don't see them as a competitor at all. And Arista is poised to be best of breed and continues to be the preferred choice with customers. Anshul, you want to add to the 51-terabit road map?

作為橫向最佳同類產品，我們根本不將它們視為競爭對手。 Arista 有望成為同類產品中的佼佼者，並將繼續成為客戶的首選。 Anshul，你想添加到 51 太比特的路線圖嗎？

So Pierre, let me just remind you that the 25.60 is just now ramping. So we're very happy with that. And core development projects we take on with our customers are well along as well. But 51 is really next gen. It's at least 2 years out, maybe more for many of the high-volume customers. And the announcement gain doesn't really matter, right? Just because someone announced doesn't mean others are not working on the chip either. We will be ready in time.

所以皮埃爾，讓我提醒你，25.60 剛剛開始上升。所以我們對此非常滿意。我們與客戶共同開展的核心開發項目也進展順利。但 51 確實是下一代。至少還有 2 年的時間，對於許多大批量客戶來說可能更久。公告收益並不重要，對吧？僅僅因為有人宣布並不意味著其他人也不在芯片上工作。我們會及時做好準備。

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

您的下一個問題來自富國銀行的 Aaron Rakers。

A lot of my questions have been asked and answered, but I wanted to go back to kind of some of the architectural stuff that you've talked about, Jayshree, in the past.

我的很多問題都被問到並得到了回答，但我想回到你過去談到的一些建築問題上，Jayshree。

AI Fabric, you continue to bring this up on conference calls these last couple of quarters. We're seeing obviously some big large deployments at one of your large cloud titan customers. I'm just curious if you can offer up any other thoughts around the size of this incremental opportunity, the trajectory of what you're seeing? If you're seeing it become more broader based? Just any context around that opportunity for Arista.

AI Fabric，你在最近幾個季度的電話會議上繼續提出這個問題。我們顯然在您的一個大型雲巨頭客戶中看到了一些大型部署。我只是好奇你是否可以就這個增量機會的規模提出任何其他想法，你所看到的軌跡？如果你看到它變得更廣泛？只是有關 Arista 機會的任何背景。

Yes. Aaron, I bring it up more because I think it's a strategic innovation much like Arista pioneered cloud networking with the leaf-spine architecture and when it came to the forefront with a front-end network that was based on that architecture. What we see here is that the back-end network is changing, and that this seems to primarily be interconnect, bus-based, InfiniBand-based and high-performance clusters, HPC as it's often called.

是的。 Aaron，我更多地提出它是因為我認為這是一項戰略創新，就像 Arista 開創了具有葉脊架構的云網絡，並且當它以基於該架構的前端網絡來到最前沿時。我們在這裡看到的是後端網絡正在發生變化，這似乎主要是互連、基於總線、基於 InfiniBand 和高性能集群，即通常所說的 HPC。

But the new AI workloads really are data and compute-intensive, and they can't be bus or IO-based alone or just focus on latency. They're pushing the envelope of Ethernet to really deal with the predictable latency, the ability to scale a whole network, et cetera. Very much in the first innings. So you're right to say it's starting with the early deployment of cloud customers, much like cloud itself started 5 years ago.

但新的 AI 工作負載確實是數據和計算密集型的，它們不能單獨基於總線或 IO，也不能只關注延遲。他們正在推動以太網的極限，以真正處理可預測的延遲、擴展整個網絡的能力等等。在第一局非常多。所以你說它從雲客戶的早期部署開始是對的，就像雲本身在 5 年前開始一樣。

But I think it's going to penetrate some of the specialty clouds and workloads and large enterprises as well. But this will emerge and take place over the next 3 to 5 years. It's not going to happen overnight.

但我認為它將滲透到一些專業雲和工作負載以及大型企業。但這將在未來 3 到 5 年內出現並發生。這不會在一夜之間發生。

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

您的下一個問題來自美國銀行的 Tal Liani。

I'm going to follow the tradition of one clarification and one question. The clarification. On one hand, you say supply chain is getting worse. On the other hand, you're getting -- you're giving a very strong guidance for next quarter. So how do you reconcile the fact that it's getting worse and the guidance is so strong?

我將遵循一個澄清和一個問題的傳統。澄清。一方面，你說供應鏈越來越差。另一方面，你得到 - 你為下個季度提供了非常強有力的指導。那麼，您如何調和情況變得更糟和指導如此強大的事實呢？

And the second question is one of the top questions I'm getting from investors is that we know that Microsoft and Facebook are strong. We know that they're investing a lot in their data centers right now. And the question is how much exposure, how much dependency you have on this perhaps concentration -- customer concentration, vertical concentration? Any data you can give on that front?

第二個問題是我從投資者那裡得到的最重要的問題之一，我們知道微軟和 Facebook 很強大。我們知道他們現在在數據中心上投入了大量資金。問題是有多少曝光度，你對這種可能的集中度有多少依賴——客戶集中度，垂直集中度？您可以在這方面提供任何數據嗎？

Right. So supply chain is getting worse because of the extended lead times, not just because of that because we were planning for that, but because of the sudden surprising decommit. So when they're trying to build a product and ship it out and suddenly we don't have these last 2 components, it just freezes the whole supply chain and our ability to commit to revenue. So as Ita said, what do you do at that point?

正確的。因此，由於交貨時間延長，供應鏈變得越來越糟糕，不僅因為我們為此做好了計劃，還因為突然出人意料的停產。因此，當他們試圖構建產品並將其運送出去時，突然我們沒有最後兩個組件，它只會凍結整個供應鍊和我們承諾收入的能力。所以正如伊塔所說，你在那個時候做什麼？

John and the team had to go scouring the face of the earth to get parts that would normally cost x that are now 100x in many cases. And that's a very stressful thing because sometimes you get them and sometimes we don't. So our ability in Q1 to ship more was very much there, but a constraint in Q1 to ship more was also problematic because we couldn't get the parts. And that is the story for Q2 and perhaps will go into Q3 as well.

John 和他的團隊不得不去地球表面搜尋，以獲取通常成本為 x 的零件，現在在許多情況下是 100 倍。這是一件非常有壓力的事情，因為有時你得到它們，有時我們沒有。因此，我們在第一季度出貨更多的能力就在那裡，但在第一季度出貨更多的限制也是有問題的，因為我們無法獲得零件。這就是第二季度的故事，也許也會進入第三季度。

Now how does that affect us? We may be executing better than others, but it's affecting us in that because of the elevated cost of these components and expedite, it's showing up as gross margin. So we have a gross margin pressure for the next couple of quarters, both due to the cloud mix, which was your second question, and the commitments from Microsoft and Meta and other cloud titans as well as these expedites that are adding double pressure on our gross margin.

現在這對我們有什麼影響？我們可能比其他人執行得更好，但它對我們的影響是因為這些組件的成本和速度提高，它顯示為毛利率。因此，我們在接下來的幾個季度面臨毛利率壓力，這既是由於雲組合（這是您的第二個問題），也是由於微軟和 Meta 以及其他雲巨頭的承諾以及這些加速對我們施加了雙重壓力毛利率。

So that's what we wanted to take away. We're going to execute as best as we can. Customers come first. We're going to do our best there, even if it means buying these components at very, very elevated costs.

所以這就是我們想要帶走的。我們將盡我們所能去執行。客戶至上。我們將在那裡盡最大努力，即使這意味著以非常非常高的成本購買這些組件。

Do you want to answer the cloud question and especially with Microsoft and Meta, Anshul?

您想回答云問題，尤其是與 Microsoft 和 Meta、Anshul 相關的問題嗎？

Sure. Well, these are 2 great customers to have, and we wouldn't have it any other way. We don't control the market, right? These are some of the largest cloud companies in the world, and we are the leader in cloud networking. So yes, we are exposed to them, but these investments are highly leveraged.

當然。好吧，這是 2 位偉大的客戶，我們不會有任何其他方式。我們不控制市場，對吧？這些是世界上一些最大的雲公司，我們是云網絡的領導者。所以是的，我們接觸到它們，但這些投資是高度槓桿化的。

Whether it's product development, whether it's developing the road map, whether it's getting economies of scale on our product line and manufacturing, there's several benefits we get, and the customers get those benefits as well. So as a result of that, we are happy that these customers are doing well and growing and just increasing the CapEx and we benefit from that as well.

無論是產品開發，還是製定路線圖，無論是在我們的產品線和製造方面獲得規模經濟，我們都會獲得一些好處，客戶也可以獲得這些好處。因此，我們很高興這些客戶表現良好並且不斷增長，並且只是增加了資本支出，我們也從中受益。

As Jayshree mentioned that -- either the last earnings call or earlier, both of them are expected to be 10% customers this year. And we are happy with that outcome.

正如 Jayshree 提到的那樣——無論是上次財報電話會議還是早些時候，他們都預計今年將成為 10% 的客戶。我們對這一結果感到滿意。

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

您的下一個問題來自花旗集團的 Jim Suva。

Congratulations, Jayshree, even to your teams and Anshul. I have one question, and that is about the lag time between your pricing actions and the orders. So Ita mentioned a few times about the December price increases.

祝賀你，Jayshree，甚至是你的團隊和 Anshul。我有一個問題，那就是你的定價行為和訂單之間的滯後時間。因此，伊塔多次提到 12 月份的價格上漲。

But I just wanted to see, wouldn't it be logical that all customers are putting in a lot more orders now to give you more visibility? Because selfishly and rightfully and smartfully and economically, it would be better pricing knowing that prices are going to go up in the future? Or Ita and Jayshree, you're saying that you've adjusted prices since that December price increase? I just wanted to get some color on the lag between your pricing orders.

但我只是想看看，所有客戶現在都下更多訂單以提高您的知名度，這不是合乎邏輯的嗎？因為自私、正當、聰明和經濟，知道未來價格會上漲會更好定價嗎？或者 Ita 和 Jayshree，你是說自 12 月價格上漲以來你已經調整了價格？我只是想了解一下您的定價訂單之間的滯後。

Yes, Jim, thank you for the congratulations and wishes. So we made a pricing increase that we spoke to you about in November. The effectiveness of the pricing is very difficult to control right away. So first of all, we give them some notice. So historically, we have. And so orders in flight don't get affected by the pricing. Orders and backlog also don't get affected by the pricing.

是的，吉姆，謝謝你的祝賀和祝福。因此，我們在 11 月與您討論過價格上漲。定價的有效性很難立即控制。所以首先，我們給他們一些通知。所以從歷史上看，我們有。因此，飛行中的訂單不會受到定價的影響。訂單和積壓也不會受到定價的影響。

So all said and done, even though we're getting new orders with the new pricing, everything that's shipping in Q1, Q2, Q3 and a good chunk of Q4 will have the old pricing. That's what we're trying to say. Orders we're getting now will reflect the new pricing, and that will come in late Q4 or 2023. We are contemplating a second price increase given the tremendous pressure we have on costs. And -- but again, once again, if we make it now, its effect is not going to be until second half 2023. Does that help you answer the question?

總而言之，即使我們以新定價獲得新訂單，第一季度、第二季度、第三季度和第四季度大部分時間發貨的所有商品都將採用舊定價。這就是我們想說的。我們現在收到的訂單將反映新的定價，這將在第四季度末或 2023 年到來。鑑於我們對成本的巨大壓力，我們正在考慮第二次提價。而且 - 但是，再一次，如果我們現在做到這一點，它的效果要到 2023 年下半年才會出現。這是否有助於你回答這個問題？

It does. And my point is, compared to November, things have really changed. It's been 6, 7 months since now. So I guess it sounds like you're kind of contemplating, but I just was wondering if it was more dynamic since last November with your pricing.

確實如此。我的觀點是，與 11 月相比，情況確實發生了變化。從現在到現在已經六七個月了。所以我想這聽起來像是你在考慮，但我只是想知道自去年 11 月以來你的定價是否更有活力。

Yes. No, we've been very thoughtful about not shaking up pricing over and over again. Some of our competitors have done it 5 times. We've pretty much only done it once, but we are contemplating a second one.

是的。不，我們一直在考慮不要一次又一次地調整價格。我們的一些競爭對手已經完成了 5 次。我們幾乎只做過一次，但我們正在考慮第二次。

Your next question comes from the line of Ben Bollin with Cleveland Research.

您的下一個問題來自 Cleveland Research 的 Ben Bollin。

Jayshree and Ita, I was hoping you could touch on your thoughts around the durability of the orders that you're seeing right now? Jayshree, you commented a little bit on hyperscale. But any thoughts around how far in advance you're seeing orders from cloud titan and enterprise customers?

Jayshree 和 Ita，我希望你能談談你對現在看到的訂單的持久性的看法？ Jayshree，您對超大規模發表了一些評論。但是，您有什麼想法可以提前多久看到來自云巨頭和企業客戶的訂單？

And then also, I'd be interested in your thoughts on the type of financial commitments you're seeing from the different verticals and how you're monitoring and managing with risk or perceived risk of excessive bookings or pull forward?

然後，我很想知道您對您從不同垂直領域看到的財務承諾類型的想法，以及您如何監控和管理風險或過度預訂或推進的感知風險？

Okay. So you're asking about durability of our orders and authenticity of our orders, if I understood it correctly, right?

好的。所以你問的是我們訂單的持久性和訂單的真實性，如果我理解正確的話，對吧？

That is correct.

那是對的。

First of all, because we don't -- we fulfill through channels, but so much of our orders are very intimate relationships with our customers, to answer your second question first. We really believe the orders are not double booked or double ordered, there may be some. But majority of our cloud orders, enterprise, cloud provider, service providers, these are relationships, dialogues, conversations we have regularly. So we have no reason to believe at this point that there's double booking going on of any kind. There could be a minor percentage, but nothing major.

首先，因為我們不——我們通過渠道履行，但我們的很多訂單與我們的客戶關係非常密切，首先回答您的第二個問題。我們真的相信訂單不是重複預訂或重複訂購的，可能會有一些。但我們的大多數雲訂單、企業、雲提供商、服務提供商，這些都是我們定期進行的關係、對話和對話。因此，我們目前沒有理由相信存在任何形式的雙重預訂。可能有一小部分，但沒有什麼大的。

In terms of durability, again, our customers are planning for a 1- to 2-year horizon. So I believe the durability of our orders in this 1- to 2-year horizon is strong. Of course, there's always a risk that the orders are cancelable and they may make changes. But for most part, they've stayed committed to us, and we have seen them be consistent in wanting to get our product and willing to wait for it. So durability and authenticity is good.

同樣，在耐用性方面，我們的客戶計劃使用 1 到 2 年。所以我相信我們的訂單在這 1 到 2 年的期限內的持久性很強。當然，總是存在訂單可取消並且可能進行更改的風險。但在大多數情況下，他們一直致力於我們，我們看到他們始終如一地想要獲得我們的產品並願意等待它。所以耐用性和真實性都很好。

Our next question comes from the line of Erik Suppiger with JMP Securities.

我們的下一個問題來自 JMP 證券公司的 Erik Suppiger。

One, just what are you telling your customers in terms of lead times for your longer lead time products? And how do -- what are your customers telling you in terms of how that compares to some of your competitors in terms of their lead times?

一，您在較長交貨時間產品的交貨時間方面告訴您的客戶什麼？以及如何 - 您的客戶在與您的一些競爭對手的交貨時間方面相比如何告訴您什麼？

And then Ita, could you just comment, the 200 to 300 basis point impact, presumably that's Q2 and Q3. Do you think that starts to dissipate after Q3?

然後 Ita，您能否評論一下 200 到 300 個基點的影響，大概是第二季度和第三季度。你認為這在第三季度之後開始消散嗎？

Yes. I mean, look, it's tough, right? I think we're probably with that at least Q2, Q3, and then we should start getting some relief from the pricing and other things in Q4. But I think I'd hold that through Q2 and Q3.

是的。我的意思是，看，這很難，對吧？我認為我們可能至少在第二季度，第三季度，然後我們應該開始從第四季度的定價和其他事情中得到一些緩解。但我想我會堅持到第二季度和第三季度。

Yes. And on lead times, it really varies by product and it varies by decommits right now. So we thought we were doing super well, and we were king of the jungle and top of the line if you asked us this last November. But I think things have degraded for all our peers and for us. So lead times are definitely measured in many weeks and many months.

是的。在交貨時間上，它確實因產品而異，並且因現在的退役而異。所以我們認為我們做得非常好，如果你在去年 11 月問我們這個問題，我們就是叢林之王和一流的。但我認為對於我們所有的同齡人和我們來說，情況都已經惡化了。因此，交貨時間肯定是以數周和數月來衡量的。

Do you strive to have shorter lead times than your competitors?

與競爭對手相比，您是否努力縮短交貨時間？

We strive to execute better, and I think we have done better than our competitors, and we hope we continue to do so. What we don't do is promise one lead time and then come up with another, at least not intentionally.

我們努力做得更好，我認為我們比競爭對手做得更好，我們希望我們繼續這樣做。我們不做的是承諾一個交貨時間，然後想出另一個，至少不是故意的。

Let me ask this, do your competitor -- do you have customers leaving your competitors for you noting that your lead times are shorter?

讓我問一下，您的競爭對手是否有客戶因為您的交貨時間較短而離開您的競爭對手？

They do try. I have had a number of enterprise customers come to us and say, "I got all of this I can give to you if you can ship now." But again, we're not able to ship now either. So much as they try, the best we can do is [face] some kind of use cases for them in different products. But it isn't the case of direct substitution. It's a case of switching from one vendor to another and still having a plan across a period of time.

他們確實嘗試。我有一些企業客戶來找我們說，“如果你現在可以發貨，我可以給你所有的東西。”但同樣，我們現在也無法發貨。儘管他們嘗試了很多，但我們能做的最好的事情就是[面對]他們在不同產品中的某種用例。但這不是直接替換的情況。這是從一個供應商切換到另一個供應商並且在一段時間內仍然有計劃的情況。

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

您的下一個問題來自 George Notter 與 Jefferies 的對話。

I guess I had another question on purchase commitments. The $4.3 billion is a big number, an impressive number. And certainly, in this environment, it's very understandable. I guess if I play the other side of this, how do you see the risk of getting caught with lots of high-cost componentry in the case where the supply chain ultimately corrects and prices normalize? Is that something you guys think about? Is it a risk in your mind? Or just simply worth it in terms of having more opportunity to gain share right now?

我想我對購買承諾還有另一個問題。 43 億美元是一個很大的數字，令人印象深刻。當然，在這種環境下，這是可以理解的。我想，如果我反其道而行之，在供應鏈最終糾正且價格正常化的情況下，您如何看待被大量高成本組件捕獲的風險？你們是不是這麼想的？你心裡有風險嗎？還是僅僅因為現在有更多機會獲得份額而值得？

I think it's simply worth it, George. I've seen a few of these in my career. And the first thing you do here is you really procure your newest products, your components that are least likely to get obsolete. And I think we've been very smart and sensible about it.

我認為這是值得的，喬治。在我的職業生涯中，我見過其中的一些。你在這裡做的第一件事就是真正採購最新的產品，最不可能過時的組件。我認為我們對此非常聰明和明智。

Second thing is don't confuse purchase commitments with purchase arrivals. They're not arrived yet. They're going to take multiple quarters or years to arrive. So think of this as a multiyear purchase commitment that could arrive in '22, '23 or, in some cases, '24.

第二件事是不要將採購承諾與採購到貨混為一談。他們還沒有到。他們將需要幾個季度或數年才能到達。因此，可以將此視為一項多年購買承諾，可能會在 22 年、23 年或在某些情況下於 24 年到來。

And the third thing is we look at this as a wise investment for a lot of common components that will be in our new products as well. So all in all, no regrets. There may be some perturbation on some components that arrive and don't arrive, but we feel good about this being one of our best investments for the short and long term.

第三件事是，我們認為這是對我們新產品中許多常見組件的明智投資。所以總而言之，不後悔。某些到達和未到達的組件可能會受到一些干擾，但我們對這是我們短期和長期的最佳投資之一感到滿意。

Got it. And is there any safety valve in hand for you guys in terms of the ability to push out those deliveries or cancel orders? How do you think about that?

知道了。就推遲交付或取消訂單的能力而言，你們手頭有什麼安全閥嗎？你怎麼看？

Regarding pushout, we'd rather they don't. We don't want that safety valve at the moment. So most of the orders in the semiconductor industry, if you have been working around them, are generally noncancelable, but they can be managed from a time basis point of view.

關於推出，我們寧願他們不這樣做。我們現在不想要那個安全閥。因此，半導體行業的大多數訂單，如果您一直在處理它們，通常是不可取消的，但可以從時間基點的角度對其進行管理。

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

您的下一個問題來自 James Fish 和 Piper Sandler 的台詞。

Thanks for squeezing me in here. Given most of my questions have been answered, most of mine are just follow-ups. I wanted to actually circle back to Suva's question on pricing, not so much on the magnitude of the price side, but what are you seeing with customers across the verticals of what you're implementing that can give confidence that you're not getting a pull-in of orders of potentially more pass-through being needed, as these are smart buyers that can see the supply chain is likely getting worse, if you're seeing it too. And then additionally, why not implement noncancelable terms like others in the space have?

謝謝你把我擠在這裡。鑑於我的大部分問題都已得到解答，我的大部分問題都只是後續問題。我實際上想回到蘇瓦關於定價的問題，而不是價格方面的問題，而是你在垂直領域的客戶中看到了什麼，你正在實施什麼可以讓你相信你沒有得到一個可能需要更多的訂單，因為這些是聰明的買家，他們可以看到供應鏈可能會變得更糟，如果你也看到的話。此外，為什麼不像該領域的其他人那樣實施不可取消的條款呢？

Yes. No, I think they are both good questions, James. I'll take the first one. Noncancelable orders are easier said than done because they're based on contractual terms. So where we can do it, we will look at that. But generally speaking, we have long-term contracts. And in terms of -- what was the other question?

是的。不，我認為它們都是很好的問題，詹姆斯。我會拿第一個。不可取消的訂單說起來容易做起來難，因為它們是基於合同條款的。所以我們能做到的地方，我們會看看。但一般來說，我們有長期合同。就 - 另一個問題是什麼？

Pricing.

價錢。

Right. Pricing and one, the impact of pricing? Or what was the question again?

正確的。定價 一、定價的影響？或者又是什麼問題？

Yes. It was more on not necessarily the actual pricing itself. We all kind of have heard it and know it, but it's more about what gives you confidence that we're not getting a pull-in of orders. How it presents you guys taking the second step up. I mean (inaudible)

是的。更多的是不一定是實際定價本身。我們都聽說過並且知道它，但更多的是讓您相信我們沒有收到訂單。它如何向你們展示第二步。我的意思是（聽不清）

I think, yes. James, I think the key word is not pull in, but better planning. So they are obviously looking at their purchases. When the lead times are 6 weeks, they could look at this year, this year and not worry about next year. So -- but now they're having to consider their budgets and their plans for not only this year, but next year. So I -- so definitely, I think you're seeing the demand of not just this year, but as Anshul often likes to say, this year has an extra quarter, maybe 2. So from that point of view, I think they are planning longer term.

我想是的。詹姆斯，我認為關鍵詞不是拉進來，而是更好的規劃。所以他們顯然在看他們的購買。當交貨時間為6週時，他們可以看看今年，今年而不擔心明年。所以——但現在他們不僅要考慮今年的預算和計劃，還要考慮明年的計劃。所以我——當然，我認為你不僅看到了今年的需求，而且正如 Anshul 經常喜歡說的那樣，今年有一個額外的季度，也許是 2 個。所以從這個角度來看，我認為他們是長期規劃。

Your next question comes from the line of Tom Blakey with KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Tom Blakey。

My question is about software. So everybody can hang up, and I'll just ask you guys this question. The Business -- this business line saw a slowing of growth to 15% growth from 30-plus percent last quarter, strong quarter. It could just be timing.

我的問題是關於軟件的。所以每個人都可以掛斷電話，我只想問你們這個問題。業務——該業務線的增長速度從上一季度的 30% 以上放緩至 15%，這是一個強勁的季度。可能只是時機。

But I'd love to just take the opportunity to dive a little bit deeper in terms of what percentage of this line, this important line in my mind, does subscription and ratable software represent services. Maybe just take the opportunity to dive a little bit deeper in terms of what the largest software solution -- what the percentage of software solutions are?

但我很想藉此機會更深入地了解這條線的百分比，在我看來，這條重要的線，訂閱和可評級的軟件代表服務。也許只是藉此機會深入探討一下最大的軟件解決方案——軟件解決方案的百分比是多少？

Tom, it's definitely work in progress. We could do better here. I would classify our software in sort of 3 buckets. The perpetual licenses that are very important that go with our products, and we continue to be strong there. These could be routing licenses, automation licenses, analytics, et cetera. Then as you call them, the subscription revenue. And as I've often alluded to, we don't just take our business and make it subscription. These are generally new businesses, like DANZ Monitoring Fabric, the Visibility, the AVA sensors for threat hunting, CloudVision for network-as-a-service.

湯姆，這絕對是在進行中。我們可以在這裡做得更好。我會將我們的軟件分為 3 類。與我們的產品配套的非常重要的永久許可證，我們在這方面繼續保持強大。這些可能是路由許可證、自動化許可證、分析等。然後，正如您所說的那樣，訂閱收入。正如我經常提到的那樣，我們不只是接受我們的業務並使其訂閱。這些通常是新業務，例如 DANZ Monitoring Fabric、Visibility、用於威脅追踪的 AVA 傳感器、用於網絡即服務的 CloudVision。

And they're doing well, but the revenue trails the bookings, as you know. They're multiyear subscriptions. And this is still small for us. And so these 2 buckets together can be viewed as something that's in the 10% range that we would like to double in the next few years, right?

如您所知，他們做得很好，但收入落後於預訂。它們是多年訂閱。這對我們來說仍然很小。因此，這兩個桶加在一起可以被視為我們希望在未來幾年內翻倍的 10% 範圍內的東西，對吧？

And then there's the services bucket. When you do really well on product, the service percentages that you saw this year -- this quarter can get smaller. Q4 tends to be our strongest services and renewals bucket, and that tends to be typically in the mid-teens to sometimes high teens.

然後是服務桶。當您在產品上做得非常好時，您今年看到的服務百分比 - 本季度可能會變小。第 4 季度往往是我們最強大的服務和續訂時段，通常在十幾歲到十幾歲之間。

So these 3 are really our recurring and software components, and they're very important, but they tend to dwarf when your product is terribly strong like it is this year.

所以這 3 個確實是我們經常出現的軟件組件，它們非常重要，但是當你的產品像今年這樣非常強大時，它們往往會相形見絀。

That's very helpful. And just one last quick one to squeeze in. The deferred revenue delays that Ita referred to, you commented about new products causing delays here. This has happened in the past, and this is a big uptick. Was there -- I thought I heard you say it was a new cloud customer. There's not many in cloud titans. Is that accurate? Did I hear that right?

這很有幫助。最後一個快速擠入。 Ita 提到的延遲收入延遲，您在這裡評論了導致延遲的新產品。過去發生過這種情況，這是一個很大的上升趨勢。在那裡——我想我聽到你說它是一個新的雲客戶。雲泰坦中沒有多少。那準確嗎？我沒聽錯嗎？

No. So not in the cloud. It's really the -- it's pretty much the existing customers, new use cases, new products. And then on the enterprise side, because there is some enterprise stuff in there, too, it's new customers where we're deploying for the first time.

不，所以不在雲端。這真的是——幾乎是現有客戶、新用例、新產品。然後在企業方面，因為那裡也有一些企業的東西，這是我們第一次部署的新客戶。

We have time for 1 last question.

我們有時間回答最後一個問題。

Your last question today comes from the line of Woo Jin Ho with Bloomberg Intelligence.

您今天的最後一個問題來自彭博情報的 Woo Jin Ho 一行。

Just a clarification on the second half outlook. Is that dependent on the supply chain getting a little bit better from where it is right now? Or does that assume that there's no changes to the decommit environment?

只是對下半年前景的澄清。這是否取決於供應鏈從現在開始變得更好一點？還是假設 decommit 環境沒有變化？

Yes. I mean I think, look, we're going to take this quarter by quarter here. I think our reference to the full year, et cetera, is assuming a continued constrained environment. I don't think we think the world changes that much, right? But we'll take it quarter-by-quarter.

是的。我的意思是，我認為，看，我們將在這裡一個季度一個季度地進行。我認為我們對全年等的提及是假設一個持續受限的環境。我不認為我們認為世界變化那麼大，對吧？但我們將按季度計算。

Thank you, again. This concludes the Arista Networks First Quarter 2022 Earnings Call. We have posted a presentation, which provides additional information on our results, which you can access on the Investors section of our website. Thank you for joining us today, and thank you for your interest in Arista.

再次感謝你。 Arista Networks 2022 年第一季度財報電話會議到此結束。我們發布了一份演示文稿，其中提供了有關我們業績的更多信息，您可以在我們網站的“投資者”部分訪問這些信息。感謝您今天加入我們，感謝您對 Arista 的興趣。

Thank you for joining, ladies and gentlemen. This concludes today's call. You may now disconnect.

感謝您的加入，女士們，先生們。今天的電話會議到此結束。您現在可以斷開連接。