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 2022 年第一季 Arista Networks 財務業績收益電話會議。 （操作員指示）提醒一下，本次會議正在錄音，電話會議結束後可從 Arista 網站的投資者關係部分重播。您可以請 Arista 投資者關係總監 Liz Stine 女士開始發言了。

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.

謝謝您，接線生。大家下午好，感謝大家的參與。今天與我一起參加電話會議的還有 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, 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，宣布了其截至 2022 年 3 月 31 日的第一個財季業績。

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 管理層將發表前瞻性聲明，包括與 2022 財年第二季財務展望有關的聲明； 2022 年及以後的長期財務前景；我們整體的目標市場以及因應這些市場機會的策略； COVID-19、供應鏈限制、零件成本、製造能力、庫存採購和通膨壓力對我們的業務、產品創新和收購收益的潛在影響，這些影響受我們在提交給美國證券交易委員會的文件中詳細討論的風險和不確定性的影響，特別是在我們最近的 10-Q 表和 10-K 表中，並且可能導致實際結果與這些聲明的重大差異。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.

另請注意，我們在本次電話會議中使用的某些財務指標是以非 GAAP 為基礎表示的，並且已進行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 財務指標的對帳表。

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

說完這些，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，莉茲。感謝大家今天下午參加我們的 2022 年第一季財報電話會議。除了疫情之外，我們現在還面臨烏克蘭戰爭和通膨趨勢上升等全球不確定性。我們代表 Arista 對烏克蘭發生的悲劇表示深切關注，並感謝 Arista 員工和 Arista 基金會向烏克蘭人道主義事業提供的周到捐贈。

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。服務、軟體支援續約貢獻了約19.2%的收入。我們的非公認會計準則毛利率為 63.9%，受到持續的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訂量急劇增加，而且短期內看不到明顯緩解的跡象。

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 年第一季的垂直產業而言，雲端巨頭是我們最強大、最大的垂直產業，其次是企業、雲端專業供應商和金融，並列第三，服務供應商位居第四。在我們的地理分佈中，美洲表現強勁，佔 76%，國際貢獻率為 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 在整體資料中心、高效能交換器領域的市場份額有所增長，增長至約 19%。我們很自豪能夠在 100G、200G 和 400G 交換領域保持第一的位置，並且在供應鏈面臨諸多挑戰的情況下實現了這一增長。 Arista 也是客戶端到雲端網路領域的先驅領導者。隨著科技企業、醫療保健、教育、零售以及服務提供者領域新標誌的出現，我們與客戶的相關性正在不斷提高。在過去 3 年裡，我們所有類別的百萬美元標誌數量都翻了一番。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.

當我親自與世界各地的 CIO 和 CSO 接觸時，可以清楚地發現網路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策略性的。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，我們基於我們的雲端傳統來擴展資料和運算密集型 AI 工作負載的規模，從而未來需要 100、400 和 800G 的效能以及豐富的 EOS 軟體功能。在認知校園中，威脅搜尋現在已成為網路不可或缺的一部分，而不再是一種附屬品，並且正在改變網路安全和病毒及威脅的整體偵測和管理方式。網路安全顯然正在轉向基於人工智慧和 AVA 感測器的安全零信任網路。

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.

在較大的企業中，基於 CloudVision 的網路即銷售服務使我們的客戶能夠以卓越的、無與倫比的自動化和分析功能管理跨客戶端到雲端域的資料集。我們與雲端運算巨頭（尤其是微軟和 Meta）建立了長達十年的優先合作夥伴關係，這有助於打造用於超大規模雲端直至邊緣用例的聯合工程產品。顯然，Arista 正處於令人興奮且不斷增長的總可用市場或 TAM 擴展之中，以滿足客戶對主動、預測和規範網路的追求，所有這些都基於正確的資料驅動基礎和架構。我們去年 11 月推出的網路資料湖 EOS 堆疊得到了良好的反響，並且驗證了我們的客戶網路設計。

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 的進步和發展感到自豪，並期待未來幾年能將兩位數的成長。

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

接下來我想將 2022 年第一季的財務細節轉交給 Ita。

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。我們對第一季業績的分析以及對 22 年第二季的指引均基於非公認會計準則，且不包括所有非現金股票薪酬的影響、某些收購相關費用和其他非經常性項目。我們在收益報告中提供了所選的 GAAP 結果與非 GAAP 結果的完整對帳表。

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.

第一季總營收為 8.771 億美元，年增 31.4%，遠高於我們預期的 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繼續為整體收入成長做出健康貢獻，同時加速了對雲端巨頭客戶的出貨量（其中一些出貨量被推遲）。

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.

由於供應商取消承諾，本季供應仍受限，導致經紀人購買量和緊急費用增加。服務和訂閱軟體在第一季貢獻了約 19.2% 的收入，低於第四季的 21%。本季國際營收為 2.127 億美元，佔總營收的 24%，低於 2021 年第四季異常高的 29%。

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.

第一季的整體毛利率為 63.9%，高於我們預期範圍的中點（約 63% 至 64%）。本季營業費用為 2.253 億美元，佔營收的 25.7%，高於上一季的 2.062 億美元。研發支出為 1.443 億美元，佔營收的 16.5%，高於上一季的 1.303 億美元。這主要反映了本期間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.

銷售和行銷費用為 6,620 萬美元，佔收入的 7.5%，而上季度為 6,120 萬美元，員工人數增加和出貨量強勁導致本期間可變薪酬費用增加。提醒一下，我們繼續受益於與 COVID 相關的差旅和行銷費用的降低。

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 1,480 萬美元，佔營收的 1.7%，與上一季持平。本季我們的營業收入為 3.356 億美元，佔營收的 38.3%。本季的其他收入和支出為 300 萬美元，我們的有效稅率約為 20.7%。這使得本季淨收入達到 2.687 億美元，佔營收的 30.6%。我們的稀釋股數為 3.197 億股，導致本季每股稀釋收益為 0.84 美元，比上年增長約 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。本季末，現金、現金等價物和投資約為 34 億美元。我們在第一季以平均每股 116 美元的價格回購了 1.362 億美元的普通股。提醒一下，我們現在已回購了價值約 2.09 億美元或 180 萬股股票，而董事會已於 2021 年 10 月授權回購 10 億美元。未來回購的實際時間和金額取決於市場和業務狀況、業務要求、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.

現在來談談第一季的經營現金表現。本季度，我們營運產生的現金為 2.171 億美元，反映出強勁的獲利表現，以及持續的營運資本投資。 DSO 為 67 天，高於第四季度的 58 天，反映了該期間帳單的線性和遞延收入的增長。庫存週轉率與上一季一致，為 1.7 倍。本季庫存從上期的 6.501 億美元增加至 6.942 億美元，主要反映了零件庫存的增加。我們本季的採購承諾金額為 43 億美元，高於第四季的 28 億美元。承諾訂單的大幅增加主要代表了 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持續的預期。提醒一下，我們繼續優先考慮較新的、早期生命週期的產品以納入這些策略，以幫助減輕過度淘汰的風險。

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.

我們的遞延收入總額餘額為 11 億美元，高於第四季的 9.29 億美元。遞延收入餘額大部分與服務相關，與服務合約的時間和期限直接相關，並且可能按季度變化。其中約 3.27 億美元（高於上季的 1.6 億美元）代表產品遞延收入，主要與新產品的驗收條款有關，最近主要與我們的大型雲端運算巨頭客戶有關。提醒一下，我們仍處於重大新產品推出的時期，同時新客戶獲取率保持健康，現有客戶的使用案例也不斷擴大。這些趨勢已導致客戶特定驗收條款的增加和產品遞延收入金額的提高。

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.

應付帳款天數為 58 天，低於第四季的 63 天，反映了庫存收款和付款的時間。本季資本支出為 1,490 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.

現在來談談我們對第二季及以後的展望。我們對 2022 年分析師日的預測是，營收將年增 30%，各市場部門之間將略有平衡，但受到供應環境的嚴重限制。隨著我們進入 2022 年，整個業務的需求指標依然強勁，尤其是來自我們的雲端運算巨頭、其他雲端和企業客戶的強勁需求。雖然我們為了滿足這項需求增加了製造能力和零件供應，但供應商的退出使得預測加速出貨動能變得困難。這些取消承諾也會對毛利率產生負面影響，因為我們必須求助於其他來源來嘗試填補本季取消承諾的組件。

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，任何加速成長雖然可以增加利潤，但由於雲端組合增加和額外的加急費用，毛利率百分比可能會降低。

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%.

具體談談 Q2。我們預計收入約為 9.5 億至 10 億美元，其中包括資產負債表中確認的約 5,000 萬美元的雲端相關遞延收入。在毛利率方面，預計本季雲端運算產品組合健康，加上假設的加急成本200至300個基點，將使毛利率達到約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.

至於支出和投資，我們預計將按照我們的基本投資計畫繼續增加對研發和銷售及行銷的投資。綜合上述因素，我們對第二季的預期（基於非公認會計準則結果且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：營收約為 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%，以拆股後稀釋股份計算，約為 3.2 億股。

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

我現在將把電話轉回給利茲。莉茲？

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。我們現在進入 Arista 收益電話會議的問答部分。 （操作員指示）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.

（操作員指示）您的第一個問題來自瑞士信貸的薩米·巴德里。

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?

我要澄清一件事，然後再提出一個問題。首先，Ita，您談到了客戶接受條款。您能否就此稍微展開一下，因為您確實有一些遞延收入，而且聽起來有很多事情在變動。您能否針對 2022 年中期的具體情況進行定義或詳細說明？然後我真正的問題是，當我們 - 當您與實際供應商交談時，他們實際上告訴您取消承諾的原因是什麼？當他們確實取消承諾時，他們是在實際計劃交貨日期前多少天取消的？

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.

我先回答遞延收入的問題，對嗎？我的意思是，顯然，在您推出大量新產品並將新產品帶給這些大客戶（尤其是全新客戶）的時期，他們沒有機會在他們的環境中測試有關產品的所有資訊。我們無法模擬那些大規模的環境。因此，我們有客戶驗收，我們給他們一段時間來接受產品，這樣我們就可以發貨、開具賬單並收取現金，但從收入角度來看這是推遲的，因為我們需要證明我們滿足一些標準，這樣他們才能給我們驗收。

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，回答你的問題，承諾取消的時間恰好是我們期待零件到貨的那一周。所以當他們想要建造它們時，他們讓我們感到驚訝，對吧，這就是為什麼我們在本季度後半段苦苦掙扎，沒有得到我們所需的組件，而我們的許多合約製造能力都在等待關鍵組件。解決這個問題的唯一方法就是支付額外費用來獲得它們。有時我們能得到它們，有時卻不能。因此，我們認為，這種零件非常受限的環境，加上取消承諾的情況，將在第二季持續下去。誰知道 Q3 的情況？ John McCool 身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。從退出的性質來看，我認為，我們看到了每次退出的具體原因。有些可能是測試儀容量、產量、物流問題，因為供應商正在努力解決這些問題。因此，我不認為有任何通用的手段可以解決這些問題。這實際上取決於哪個零件和哪個供應商。

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，上次你說你擁有你所見過的最好的能見度。您幾乎說您可以看到整個 22 年曆。因此，我假設您已經與客戶討論了需求情況，也許正在設定 23 年的日曆。那麼，您能否稍微介紹一下您從客戶那裡看到的關於——也許是 23 年日曆的動態？也許如果您可以量化，那麼您所擁有的最佳可視性是什麼意思？

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，法哈德。上個季度，我們對 2022 年的預見性非常強。所有這些都表明今年的需求強勁。從規劃角度來看，我們預計至少明年上半年需求將會強勁。事情總是會發生變化，訂單也總是會調整。但在我整個思科職涯中，甚至在其他人看來，從未見過需求如此明確且強烈。 Anshul，你還想補充更多嗎？

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，我認為客戶不再費力去理解供應鏈所受到的限制。他們非常了解這一點。許多雲端運算公司也建構了自己的運算和儲存。所以他們現在正在和自己的團隊一起為2023年制定計畫。而且他們的生意很好，這意味著潛在需求強勁。

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?

如果我可以跟進的話，第一，關於雲端運算的遞延收入，更重要的是——第一大雲端運算巨頭客戶，您能否幫助我們理解，這是取決於您的雲端客戶消化您向他們提供的供應的能力嗎？您能否幫助我們了解相關動態，以便我們能夠適當地模擬未來的雲端巨頭收入趨勢？

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。而且，如果回顧歷史，就會發現在產品生命週期的開始階段，我們會運送產品，他們會部署產品，但我們只是在等待這種接受，這樣我們才能從收入的角度真正獲得收入，對嗎？所以我們看到這種情況並不罕見。隨著時間的推移，您將會看到這一點。我們說過，我們在第一季建立了遞延收入，然後在第二季將減少約 5,000 萬美元，但從產品遞延收入的角度來看，上半年我們仍增加了約 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?

這只是一個簡單的問題，然後是一個後續問題。因此也許只是關於供應商的承諾以及您從 CM 那裡看到的內容。相對於 90 天前，您能否與我們分享更多有關其影響的詳細資訊？我們是否看到亞洲或世界其他地區的供應鏈夥伴最近實施了封鎖？或者僅僅是由於可用性的降低和不匹配的組件而無法有效地組成整套設備？

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?

然後快速進行後續跟進。您提到，Ita，我認為您提到了毛利率中的 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向更超大規模的組合？或者說——或者這只是一項與今年剩餘時間的毛利率表現有關的單獨成本？

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，如果你願意的話，200 到 300 個基點實際上是一種估計，即我們認為這些取消承諾可能會給我們帶來什麼損失。所以這與客戶組合等等是分開的。這實際上更多地取決於我們對上個季度末和本季初的取消承諾的觀察，以及這會產生什麼影響。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。因此我想說，就供應鏈部分而言，我認為我們已經看到了圍繞半導體總體的更尖銳或更集中的問題。這仍然是由供需失衡所造成的。然後，就解除提交的細節而言，我認為，每個部分、每個裝置都有一個單獨的故事。我們看到一些供應商正在嘗試提高測試能力，但卻沒有測試設備。他們正在等待同樣受到半導體限制的訂單，而中國對原料和設備的封鎖也帶來了一些幹擾。所以它是全面的並且針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).

我認為可以肯定地說——只是澄清一下，自上次通話以來，情況已經發生了很大變化。因此，我們有幾個供應商給我們的承諾造成了許多差距。我們不想透露他們​​的名字，因為我知道他們正在努力提高對我們的承諾，但有兩三家供應商（聽不清楚）。

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?

退出承諾中是否存在任何競爭問題？或者這不是問題，這意味著您和您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，據我們所知沒有。

(inaudible) in the cycle.

（聽不清楚）處於循環之中。

No, none that we're aware of.

不，據我們所知沒有。

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羅德霍爾 (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釋放。這是一個有用的數字。我只是想回過頭來，我正在查看您一段時間內的遞延收入總額。顯然，這裡的通貨膨脹率很高。好奇您認為將這種現象降低到某種正常水平的時間表是怎樣的嗎？我知道這很難預測，但僅根據您今天所了解的情況，今年有可能發生這種情況嗎？需要24個月嗎？如果您能為我們衡量一下的話。而且，我們確實不知道積壓訂單的情況。我不知道您是否可以為我們量化這一點。所以我想，這裡面存在著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，我不太喜歡預測，但當我們認為我們在指導中減少遞延收入時，我們會提出警告。這就是 5000 萬美元的意思。我認為就目前情況而言，我們不會放慢腳步來實現 30% 的成長率。顯然，這是一直在轉啊轉啊，對吧？但我們認為，按照我們 30% 的成長率假設，餘額不會比去年同期下降。

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...

我認為關於訂單積壓，我也會讓 Jayshree 發表評論。但對我來說，目前，考慮到時間等因素對積壓訂單的影響，這個數字對我們來說沒有太大意義。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。不，羅德，我們已經遠離了訂單強度和積壓。如果我們無法發貨，那我們就沒有任何意義。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。但從數量上看，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 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.

我想我的問題確實是這樣的，如果我沒聽錯的話，購買承諾的數字是 43 億美元。與上一季相比，其漲幅有所擴大。我相信購買承諾的數學運算並不是線性的，但您能否幫我將 43 億美元的購買承諾與我認為的 12 億美元的銷售成本聯繫起來？您是否會在多年期基礎上鎖定供應？或者您真的認為目前 30% 的成長可持續性比您在分析師日上談論的要持久得多？只需幫助我將其放在上下文中即可。與成長率相比，這個數字似乎相當可觀。

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.

是的，是的，是的。阿米特，觀察得很好。我認為我們的數字從 28 億美元躍升至 40 億多美元。你說得完全正確，這是一個多年的承諾。這不僅適用於’22年。它也適用於'23。或許這也會導致‘24’。鑑於延長的交貨時間只會越來越糟，我們希望確保我們能夠履行承諾。因此，我們押注長期需求和多年兩位數的成長，並為此進行規劃。所以，你不需要對此進行過多或過少的解讀，只需知道我們對需求持樂觀態度，並且正在為未來多年做規劃。

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

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

I wanted to 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...

我想看看您是否可以描述一下您們向超大規模資料中心銷售的時間表。基本上，我想知道的是，從他們開始建造的那一天起，他們需要多長時間才能從您那裡購買初始部署和升級產品？那麼，如果回顧您的經歷，您會如何在幾年的時間內分攤給定超大規模資料中心的支出？希望它能...

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，這確實有道理，因為我認為他們有一個規劃和建設時期，知道他們想做什麼，然後實際上設計他們要做的事情。然後是部署。安舒爾，你真是處在這樣的境地。這個問題需要你來回答。

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，絕對是如此，Jayshree。當我們與雲端運算巨頭合作時，他們會考慮區域。不同地區、不同地理位置的建設有時會有所不同。因此，你不能只考慮區域建設並說這將永遠保持不變。在許多主要地區，電力容量達數百兆瓦，有時甚至達吉瓦，需要先建造DCI網絡，然後才能增加機架。在一些較小或中型地區，他們實際上可以從機架開始，並且 DTI 也可以隨著時間的推移而成長。但總體而言，這些對客戶來說通常約為2至3年的規劃週期。當設備或供應品在最後一刻到達時，他們會決定在哪裡部署網路。因此，我們實際上無法控制最後一部分，但規劃實際上是 2 到 3 年的時間。

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

您的下一個問題來自 William Blair 的 Jason Ader。

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.

我不會問有關遞延收入或供應的問題。所以你聽到這一定會很高興。我的問題是關於企業方面的。你們在那裡繼續做得很好。想知道您比某些競爭對手更快提供供貨的能力是否發揮了作用。我可能甚至不知道這是否屬實，但如果你能對此發表評論的話。此外，您的一些競爭對手的訂閱軟體要求是否有助於您贏得業務？任何這樣的例子都是很好的。

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，讓我們免於重複這個問題。如果你回顧我們的企業發展勢頭，我會說它在過去 3 年確實加速發展。在某些情況下，我認為我們現在比擁有 25 年歷史的企業業務的獨立公司規模更大。

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.

我認為企業業務成長如此之好的原因實際上有 3 個，而可能與我們能夠更快地提供產品關係不大。他們都希望我們能早點做到這一點。這與現在不同的架構方法有關，特別是在 COVID 之後，對於我們的校園和資料中心來說，他們希望建立 1 個 EOS、1 個雲願景和 1 個葉脊架構。所以他們來找我們其實是為了尋求不同的設計方法，而從歷史上看，這只是重複而已。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的合作經驗，就現有客戶而言，他們與我們合作獲得瞭如此優質的服務、更低的嚴重漏洞和更好的體驗，以至於他們真的希望在更多用例中將其擴展到整個網路、客戶端和雲端。

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.

第三點，我認為就是您所提到的。我們行業的同行們都感到很疲憊和沮喪，他們一直在走一條路，而且只走一條路，但他們看到了一條更好的選擇，無論是從技術還是消費的角度來看，我們都不會強迫他們降低訂閱價格，而是為他們提供選擇。他們可以將其作為一項服務，也可以永久購買。這是顧客的選擇。我認為所有這些都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來說是如此。我們在中端市場還有很長的路要走。但可以肯定的是，對於企業高端客戶來說情況確實如此。

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

您的下一個問題來自奧本海默的伊泰·基德倫 (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?

我猜有幾個相關的問題。在這個拒絕承諾的時代，購買承諾的價值是什麼？我想我正在考慮定價和對毛利率的影響，Ita，或您對毛利率的指導。為什麼不轉向一種模式——在可預見的未來，只是一種營運模式，直到情況發生變化，即您的定價的某些部分只是可變的，並且您向客戶定價，就像您自己獲得價格一樣？或者為什麼不把它推翻？

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.

我知道您可以每個季度都增加費用，但是就像購買組件時在發票上填寫一個空框一樣？我認為客戶不會對這樣的事情發生感到過於驚訝。

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

是的。我們需要（聽不清楚）進入我們的採購部門。

I think my billings team might be a little confused.

我想我的計費團隊可能會有點困惑。

Good question, Ittai.

問得好，Ittai。

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.

是的，我要開始了。因此，我認為就定價方面而言，Ittai，我們將開始受益於第四季度，也就是 12 月份，甚至可能更早一點的上一次價格上漲。但那是——價格上漲正在進行中。

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，當我們看到持續的成本時，我們會研究並考慮是否需要將其轉嫁，然後我們就會這樣做。但漲價卻很難。它們確實對顧客產生了一定影響。因此，我們將研究是否需要再做一次，以及這些成本增加的持續時間有多長，然後我們將在此基礎上做出決定。但我們應該開始看到，前一個季度已經消化了積壓訂單等，這帶來了一些好處。

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?

很抱歉將其重新計入遞延收入。但需要澄清一點，Ita。您在上個季度已經注意到，今年 30% 的預期並不包括對任何遞延收入餘額的確認。但顯然，遞延收入餘額增加了不少。因此，我只想澄清一下，30% 不包括我們年初的遞延收入，甚至不包括我們現在或第二季末的遞延收入嗎？

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，關於不減少支出的評論實際上是逐年進行的年度聲明，對嗎？但您看到我們第一季的表現顯然成長了 1.67 億美元。我們將從中提取 5,000 萬美元。但我認為最好的思考方式是將其視為上半年，根據我們的預期，到第二季末，我們的產品遞延收入將增加 1.1 億美元，對嗎？

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).

因此，我們正在建造它，而且我認為，至少與年初相比，我們的規模不會減少，我們將看看下半年會發生什麼。很難準確預測。但是，我認為 30% 並沒有考慮到我們從首年遞延收入餘額中挑選任何東西（聽不清楚）。

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。然後可能只是一個小小的後續行動。我的意思是，顯然庫存餘額已經增加了相當多。只是想了解一下，是否存在關於這些庫存過時的擔憂？還是只是因為取得所有零件需要更長的時間？還是這不是我們應該留意的確認？

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，我猜庫存餘額本身並沒有增加那麼多，對吧？原材料價格略有上漲，但不是很多，因為很明顯，我們正在運送我們擁有的一切以及我們能夠運送的一切。我的意思是購買承諾餘額增加了不少，但我再次認為，這比其他任何事情都更受時間限制，對嗎？我的意思是我們現在正在認真展望 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.

我們再次努力挑選正確的產品。雖然不一定完美，但我們肯定會採取冒險的方式，而且我們會與客戶一起進行。所以——我認為這就是我們現在必須要做的事。

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

您的下一個問題來自 Cowen 公司的 Paul Silverstein。

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.

冒著問出無法或不願回答的問題的風險，首先，我希望，Jayshree，你或 Anshul 或其他人能夠就微軟 - 諾基亞公告提供任何漸進的見解。

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，從數字來看，第一季的業績和第二季的指引顯示，年增近 35%。對 22 年做出 30% 的 [優秀] 預測，意味著下半年成長約 26%，這是您所見過的最佳需求環境。我知道今年才剛過去一個季度，我明白這一點。

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)

但這聽起來確實像是，如果供應允許，你的表現可以超過 30%。我希望能對此提供一些見解。成長是否會（聽不清楚）稍微回落一點，還是（聽不清楚）

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，為了幫助您回答有關微軟的合作關係的問題，您可能已經在我們的收益報告中看到了這一引述。我們認為微軟是我們極具戰略意義和優先考慮的合作夥伴。我們也一樣。用例正在不斷擴大。當然，就像我一直說的，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?

他們一直都必須實行多供應商和開放政策。有時，他們會針對其他用例選擇其他合作夥伴。所以這根本不會改變我們與他們的地位，但顯然意味著他們將永遠是多供應商且開放的。 Anshul，你想補充一點嗎？

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，我們與微軟的關係源遠流長，深厚無比。我們與他們的合作不僅是為了我們現有的產品，也是為了未來的幾代產品。紙上的討論一直延伸到 2025 年、2027 年的架構，以及它們可能實現什麼以及我們為它們建造了什麼。因此我們的領導地位將會繼續維持下去。

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 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地位，我們不會因這項聲明而分心。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，回到成長問題上，我的意思是，是的，你是對的，上半年的成長接近 35％。我認為我們對下半年的預期是 30%。所以我並不是說我們要減速 30%，但這完全取決於供應，對嗎？

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.

如果我們可以解決導致這些撤銷的少數元件，是的，我們可以做更多，對嗎？但就目前而言，我認為我們必須尊重這一點，尊重它的不確定性，並保持謹慎。

Can I just ask a quick clarification?

我可以快速澄清一下嗎？

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?

有很多人參加了你的電話會議，聽起來他們以為你只是拖延時間來實現這些數字。其中有多少只是為了滿足積壓訂單？其中有多少是共享的？在推動需求方面發生了什麼事情？

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（聽不清楚）遞延金額實際上在我們上半年的預期中增加了 1.1 億美元，對嗎？所以我不認為有人會認為我們正在使用延期來推動數字，對嗎？

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.

這絕對是有機需求。我們有積壓工作。我們不談論這個。而且我們的延期交貨數量有所增加，全部是 [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?

我想我可以在這裡問您兩個關於企業垂直領域的快速問題。 Jayshree，您提到了您在企業客戶方面所展現的強勁勢頭。我的意思是，我們從投資者那裡聽到的擔憂之一是有關當前的宏觀經濟以及企業如何應對訂單趨勢的疲軟。也許您可以澄清一下，在與這些客戶的討論中您是否看到了上述情況？

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，您能否向我們更新校園收入的情況，您曾希望將校園收入翻倍。從勢頭來看，你應該會走上比預期更好的軌道。但您能提供我們最新消息嗎？

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。我們沒有看到企業發展動能有任何變化。它很強大。我們還沒有看到任何放緩，也許以後會出現。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 和整個團隊一直在努力尋找產品。他們確實在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，也有同樣的故事。我們的目標是今年翻一番，現在只過了 1 個季度，但 1 個季度並不能形成趨勢，而光是這 1 個季度就顯示出了朝這個方向發展的趨勢。正如您在分析師日上問過我的那樣，我告訴過您，到 2025 年，我們的用戶數量將至少增長到 7.5 億。

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?

皮埃爾處在一個吵雜的環境。這是安托萬 (Antoine) 代表皮埃爾 (Pierre) 提出的問題（聽不清楚）。那麼可以分享一下您對 NVIDIA Spectrum 4 的看法嗎？您如何看待競爭格局中的這種轉變？您認為 NVIDIA 有可能成為您的競爭對手嗎？您預計什麼時候您的產品中會配備 51.2 兆位元每秒的晶片？

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.

嗯，我們一直將 NVIDIA 視為合作夥伴，尤其是對於 DPU 和 NIC，當他們是 Mellanox 時，我們會繼續這樣看待它。有時公司會選擇垂直堆疊。我認為 NVIDIA 對 Spectrum 4 的關注更多是作為其專屬客戶機會的垂直堆疊。

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?

作為水準上的最佳產品，我們根本不視他們為競爭對手。 Arista 預計將成為同類產品中的佼佼者並繼續成為客戶的首選。 Anshul，你想加入 51 太比特路線圖嗎？

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，讓我提醒你一下，25.60 現在才剛開始上升。我們對此感到非常高興。我們與客戶共同承擔的核心開發專案也進展順利。但 51 確實是下一代。對於許多大批量客戶來說，這至少需要兩年時間，甚至可能更長。而公告收益其實並不重要，對嗎？僅僅因為有人宣布了並不意味著其他人沒有研究該晶片。我們將及時做好準備。

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.

我的許多問題都已經被問過和回答過了，但我想回顧一下您過去談到的一些建築方面的問題，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，您在最近幾季的電話會議上不斷提起這個問題。我們顯然看到您的一個大型雲端運算巨頭客戶進行了一些大規模的部署。我只是好奇，您是否可以就這個增量機會的規模以及您所看到的軌跡提出任何其他想法？您是否發現它變得更加廣泛？只是關於 Arista 的這個機會的任何背景。

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，我之所以更多地提起這一點，是因為我認為這是一項戰略創新，就像 Arista 率先採用葉脊架構的雲網絡，並憑藉基於該架構的前端網絡走在最前沿一樣。我們在這裡看到的是後端網路正在發生變化，而且這似乎主要是互連、基於總線、基於 InfiniBand 和高效能集群，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 工作負載確實是資料和運算密集型的，它們不能僅基於總線或 IO，或只是專注於延遲。他們正在突破乙太網路的極限，以真正解決可預測的延遲、擴展整個網路的能力等等。在第一局中，情況非常如此。所以你說得對，它是從雲端客戶的早期部署開始的，就像雲端本身 5 年前開始的那樣。

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.

但我認為它也會滲透到一些專業雲端和工作負載以及大型企業。但這現象將在未來3至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塔爾·利阿尼 (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，你說供應鏈越來越糟。另一方面，你對下個季度給出了非常有力的指導。那麼，你如何調和情況日益惡化和指導力度如此強有力這兩個事實呢？

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?

第二個問題是投資人最常問的問題之一，我們知道微軟和 Facebook 很強大。我們知道他們現在正在對資料中心進行大量投資。問題在於，您對這種可能的集中度（客戶集中度、垂直集中度）的依賴程度有多大？您能提供這方面的任何數據嗎？

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，由於交貨時間的延長，供應鏈變得越來越糟，這不僅是因為我們為此做好了計劃，還因為突然令人意外的取消承諾。因此，當他們嘗試製造產品並將其運出時，我們突然沒有了最後兩個組件，這就會凍結整個供應鏈和我們承諾收入的能力。那麼正如 Ita 所說，那時你會做什麼？

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.

約翰和他的團隊必須走遍全世界去尋找那些通常要花費 x 倍價格但現在在許多情況下要花費 100 倍價格的零件。這是一件非常令人有壓力的事情，因為有時你能得到它們，有時我們不會得到。因此，我們在第一季的出貨量能力非常強，但由於我們無法取得零件，因此在第一季出貨量方面的限制也存在問題。這就是第二季的情況，或許也會延續到第三季。

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.

那麼這對我們有什麼影響？我們的執行力可能比其他人更好，但由於這些組件和加急的成本增加，它對我們的影響表現為毛利率。因此，未來幾季我們面臨毛利率壓力，這既是由於雲端組合（這是您的第二個問題），也是由於微軟、Meta 和其他雲端巨頭的承諾以及這些加速措施，這些都給我們的毛利率帶來了雙重壓力。

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.

這就是我們想要帶走的。我們將盡最大努力執行。顧客至上。我們將竭盡全力，即使這意味著要以非常高的成本購買這些零件。

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

Anshul，你想回答有關雲端的問題嗎，尤其是微軟和 Meta 的問題？

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。嗯，這是兩個很棒的客戶，我們不會用其他任何方式來對待他們。我們不控制市場，對嗎？這些是世界上最大的雲端運算公司之一，我們是雲端網路領域的領導者。是的，我們確實接觸過這些投資，但這些投資的槓桿率很高。

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、制定路線圖或是在我們的產品線和製造上實現規模經濟，我們都可以獲得多種好處，客戶也可以獲得這些好處。因此，我們很高興看到這些客戶經營良好、不斷發展，並且增加了資本支出，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 所提到的——無論是上次財報電話會議還是更早的時候，他們兩家預計今年都將成為 10% 的客戶。我們對這個結果很滿意。

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吉姆蘇瓦。

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.

恭喜 Jayshree，甚至恭喜你的團隊和 Anshul。我有一個問題，就是關於你們的定價行動和訂單之間的延遲時間。因此 Ita 多次提到了 12 月的價格上漲。

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，現在所有客戶都下更多訂單以增加你們的知名度，這難道不合邏輯嗎？因為從自私、正義、聰明和經濟的角度來說，在知道未來價格會上漲的情況下定價會更好嗎？或者 Ita 和 Jayshree，你們是說自 12 月價格上漲以來你們已經調整了價格？我只是想了解一下你的定價訂單之間的滯後情況。

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，我們提高了價格，並在 11 月與您進行了溝通。定價的有效性很難立即控制。因此，首先，我們會提前通知他們。從歷史上看，我們確實如此。因此正在進行的訂單不會受到定價的影響。訂單和積壓訂單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，儘管我們以新的定價獲得了新訂單，但第一季、第二季、第三季以及第四季大部分出貨的所有產品仍將採用舊定價。這就是我們想要表達的。我們現在收到的訂單將反映新的定價，這將在第四季末或 2023 年實現。而且—但再說一次，如果我們現在這樣做，其效果要到 2023 年下半年才會顯現。

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.

是的。我的觀點是，與十一月相比，情況確實發生了變化。到現在已經6、7個月了。所以我猜這聽起來好像你正在考慮，但我只是想知道自去年 11 月以來你的定價是否更具活力。

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，我們一直非常謹慎，不會一次又一次地調整價格。我們的一些競爭對手已經這樣做了五次。我們基本上只做過一次，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克利夫蘭研究公司的 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，我希望你們能談談對目前看到的訂單持久性的看法？ Jayshree，你對超大規模做了一些評論。但是，您認為雲端運算巨頭和企業客戶的訂單提前多久到來呢？

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?

另外，我對您對不同垂直領域的財務承諾類型的看法以及您如何監控和管理風險或感知的過度預訂或提前風險感興趣？

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，如果我理解正確的話，您問的是我們的訂單的持久性和真實性，對嗎？

That is correct.

正確。

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，因為我們不透過管道履行訂單，但我們的許多訂單都與客戶保持著非常密切的關係，首先回答您的第二個問題。我們確實相信訂單不是重複預訂或重複訂購的，可能會有一些。但我們的大多數雲端訂單、企業、雲端供應商、服務供應商，這些都是我們經常進行的關係、對話和交談。因此我們目前沒有理由相信有任何形式的重複預訂。可能存在較小比例，但不嚴重。

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.

就耐用性而言，我們的客戶再次規劃了 1 至 2 年的使用期限。因此我相信我們這到兩年內訂單的持久性是很強的。當然，訂單總是存在被取消的風險，他們也可能會做出更改。但大多數情況下，他們仍然對我們忠誠，我們看到他們始終希望獲得我們的產品並願意等待。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 Securities 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?

第一，對於交貨週期較長的產品，您會告訴客戶什麼交貨週期資訊呢？那麼您的客戶告訴您，與您的一些競爭對手相比，他們的交貨時間如何？

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，大概是第二季和第三季。您認為這種情況在第三季之後會開始消散嗎？

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？我認為我們至少在第二季、第三季可能會遇到這種情況，然後我們應該會在第四季開始從定價和其他方面得到一些緩解。但我認為我會在第二季和第三季堅持這一點。

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。至於交貨時間，它確實因產品而異，也因目前的承諾而異。因此我們認為我們做得非常好，如果你在去年 11 月問我們的話，我們是叢林之王和頂尖人物。但我認為，對於我們所有同齡人來說，情況都惡化了。所以交貨時間肯定是以週或月來衡量的。

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

您是否力求比競爭對手縮短交貨時間？

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.

我們努力執行得更好，我認為我們已經做得比我們的競爭對手更好，我們希望繼續這樣做。我們不會承諾一個交貨時間，然後再提出另一個，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更短而放棄您的競爭對手而選擇您？

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.

他們確實嘗試過。很多企業客戶來找我，說：“如果您現在能發貨的話，我可以把這些都給您。”但我們現在也無法出貨。儘管他們盡力了，我們所能做的最好的就是在不同的產品中為他們提供某種用例。但這並不是直接替代的情況。這是一個從一個供應商轉換到另一個供應商但在一段時間內仍有一個計劃的情況。

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

您的下一個問題來自傑富瑞（Jefferies）的喬治·諾特（George Notter）。

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?

我想我還有另一個關於購買承諾的問題。 43億美元是一個很大的數字，一個令人印象深刻的數字。當然，在這種環境下，這是可以理解的。我想，如果我從另一個角度考慮這個問題，那麼在供應鏈最終得到糾正、價格恢復正常的情況下，您如何看待陷入大量高成本組件的風險？你們有想過這樣的事嗎？您認為這是一種風險嗎？或者只是因為現在有更多的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曾經見過一些這樣的情況。您在這裡要做的第一件事就是採購最新的產品，也就是最不可能過時的零件。我認為我們在這個問題上非常聰明且明智。

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.

第二件事是不要混淆購買承諾和購買到達。他們還沒到。它們可能需要數個季度甚至數年的時間才能到達。因此，可以將其視為一項多年期購買承諾，可能在 2022 年、2023 年或在某些情況下在 2024 年實現。

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，我們認為這是一項明智的投資，因為我們的新產品中也會使用許多通用零件。總而言之，沒有遺憾。一些到達和未到達的組件可能會產生一些幹擾，但我們認為這是我們短期和長期最好的投資之一。

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。那麼，你們在延後交貨或取消訂單方面是否有安全措施呢？您對此有何看法？

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.

至於延期，我們寧願他們不要這樣做。我們目前不需要那個安全閥。因此，如果你一直在處理半導體產業的大多數訂單，你會發現它們通常都是不可取消的，但可以從時間基礎的角度進行管理。

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

您的下一個問題來自派珀·桑德勒 (Piper Sandler) 的詹姆斯·菲什 (James Fish)。

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?

謝謝你擠我來這裡。鑑於我的大部分問題都已得到解答，因此我的大部分問題只是後續問題。我實際上想回到蘇瓦關於定價的問題，並不是關於價格方面的問題，而是您在實施的各個垂直領域看到的客戶情況如何，可以讓您確信您沒有收到可能需要更多轉嫁的訂單，因為這些聰明的買家可以看到供應鏈可能會變得更糟，如果您也看到了這一點。另外，為什麼不像該領域的其他人一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，我認為這兩個都是很好的問題，詹姆斯。我要第一個。不可取消的訂單說起來容易做起來難，因為它們是基於合約條款。因此，我們會研究在哪些地方可以做到這一點。但一般來說，我們都有長期合約。就——另一個問題是什麼？

Pricing.

定價。

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

正確的。定價以及一、定價的影響？或者這個問題又是什麼？

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。這不一定與實際定價本身有關。我們都聽說過這個並且知道這個，但這更能讓你相信我們沒有收到訂單。它如何向你們展示邁出第二步。我的意思是（聽不清楚）

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.

我認為是的。詹姆斯，我認為關鍵字不是拉攏，而是更好的規劃。所以他們顯然正在關注自己的購買行為。當交貨時間為 6 週時，他們可以關註今年，而不必擔心明年。所以——但現在他們不僅要考慮今年的預算和計劃，還要考慮明年的預算和計劃。所以我 — — 所以可以肯定的是，我認為你看到的不僅僅是今年的需求，而且正如安舒爾經常說的那樣，今年有一個額外的季度，也許是兩個。

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.

我的問題是關於軟體的。所以大家可以掛斷電話，我只想問你們這個問題。業務－該業務線的成長從上個季度的 30% 以上放緩至 15%，表現強勁。這可能只是時機問題。

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探討一下這條線中，這條在我看來很重要的線，訂閱和可評級軟體代表服務的百分比是多少。也許只是藉此機會更深入地了解最大的軟體解決方案——軟體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，這項工作肯定正在進行中。我們可以做得更好。我會把我們的軟體分成三類。與我們的產品相符的永久許可證非常重要，我們在這方面將繼續保持強勁勢頭。這些可以是路由許可證、自動化許可證、分析等等。正如你所說，這就是訂閱收入。正如我經常提到的，我們的業務並不僅限於訂閱。這些通常是新業務，例如 DANZ 監控結構、Visibility、用於威脅搜尋的 AVA 感測器、用於網路即服務的 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?

他們做得很好，但正如你所知，收入落後於預訂量。它們是多年期訂閱。這對我們來說仍然很小。因此，這兩個數字加在一起可以看作是 10% 左右的數值，我們希望在未來幾年內將其翻一番，對嗎？

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。當你的產品真的很出色時，你今年——本季看到的服務百分比可能會變得更小。第四季往往是我們最強勁的服務和續約業務，而且通常成長率在 15% 到 16% 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.

因此，這 3 個實際上是我們重複出現的軟體元件，它們非常重要，但是當您的產品像今年一樣非常強大時，它們往往會變得微不足道。

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?

這非常有幫助。最後再快速問一句。這種情況在過去也發生過，而且這是一個很大的上升趨勢。在那裡——我以為我聽到你說這是一個新的雲端客戶。雲巨人並不多。這樣準確嗎？我沒聽錯吧？

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。這實際上就是——它基本上是現有客戶、新用例和新產品。然後在企業方面，因為其中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.

我們還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.

今天的最後一個問題來自彭博產業研究的 Woo Jin Ho。

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是否比現在有所改善？或是否假設解除提交的環境沒有發生任何變化？

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，看，我們將按季度進行這項工作。我認為，我們對全年等的參考都是假設環境持續受限。我認為我們不認為世界會發生那麼大的變化，對嗎？但我們將按季度進行。

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.

再次感謝您。 Arista Networks 2022 年第一季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。感謝您今天加入我們，也感謝您對 Arista 的關注。

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

謝謝各位的參與，女士們、先生們。今天的電話會議到此結束。您現在可以斷開連線。