Extreme Networks Inc (EXTR) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Extreme Networks First Quarter Fiscal Year 2024 Financial Results Conference Call. (Operator Instructions) After the speaker's presentation, there will be a question-and-answer session. (Operator Instructions). Please be advised that today's conference is being recorded.

美好的一天，感謝您的耐心等待，歡迎參加極進網絡 2024 財年第一季財務業績電話會議。 （操作員說明） 演講者演講結束後，將進行問答環節。 （操作員說明）。請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Stan Kovler, Vice President of Corporate Strategy and Investor Relations. Please go ahead.

現在我想將會議交給今天的發言人、企業策略和投資者關係副總裁 Stan Kovler。請繼續。

Thank you Abigail. Good morning, everyone, and welcome to Extreme Networks First Quarter 2021 Earnings Conference Call. I'm Stan Kovler, Vice President of Corporate Strategy and Investor Relations. With me today are stream's President and CEO; and Ed Meyercord; and CFO, Kevin Rhodes. We just distributed a press release and filed an 8-K detailing Extreme Networks' financial results for the quarter. For your convenience, a copy of the press release, which includes our GAAP to non-GAAP reconciliations and is available on the Investor Relations section of our website at extremenetworks.com along with our earnings presentation.

謝謝阿比蓋爾。大家早安，歡迎參加極進網路 2021 年第一季財報電話會議。我是 Stan Kovler，公司策略與投資者關係副總裁。今天和我在一起的是 Stream 的總裁兼執行長；和艾德·邁耶科德；和財務長凱文·羅德斯。我們剛剛發布了新聞稿並提交了 8-K，詳細介紹了極進網路本季的財務表現。為了您的方便，請在我們網站Extremenetworks.com 的投資者關係部分獲取新聞稿的副本，其中包括我們的 GAAP 與非 GAAP 調節表以及我們的收益演示。

Today's call and our discussion may include forward-looking statements based on our current expectations about Extreme's future business, financial and operational results, growth expectations and strategies. All financial disclosures on this call will be made on a non-GAAP basis, unless stated otherwise. We caution you not to put undue reliance on these forward-looking statements as they involve risks and uncertainties that can cause actual results to differ materially from those anticipated by these statements.

今天的電話會議和我們的討論可能包括基於我們目前對 Extreme 未來業務、財務和營運業績、成長預期和策略的預期的前瞻性陳述。除非另有說明，本次電話會議的所有財務揭露都將按照非公認會計原則進行。我們提醒您不要過度依賴這些前瞻性陳述，因為它們涉及風險和不確定性，可能導致實際結果與這些陳述預期的結果有重大差異。

These risks are described in our risk factors in the 10-K report for the period ending June 30, 2023, filed with the SEC, and any forward-looking statements made on this call reflect our analysis as of today, and we have no plans or duty to update them, except as required by law. Following our prepared remarks, we will take questions.

這些風險在我們向SEC 提交的截至2023 年6 月30 日期間的10-K 報告中的風險因素中進行了描述，本次電話會議中所做的任何前瞻性陳述均反映了我們截至今天的分析，我們沒有計劃或有義務更新它們，法律要求的除外。在我們準備好的發言之後，我們將回答問題。

And now I will take the -- I will turn the call over to Extreme's President and CEO, Ed Meyercord.

現在我將把電話轉給Extreme 的總裁兼執行長Ed Meyercord。

Thanks, Stan, and thank you all for joining us this morning. Extreme delivered another strong quarter with revenue growth of 19% and EPS growth of 75%. We continue to move upmarket and the dollar value of deals over $1 million continued to grow quarter-over-quarter. Cloud adoption remained strong on 30% year-over-year ARR growth to $141 million and SaaS deferred revenue grew 38% year-over-year.

謝謝斯坦，也謝謝大家今天早上加入我們。 Extreme 再次表現強勁，營收成長 19%，每股盈餘成長 75%。我們繼續向高端市場進軍，超過 100 萬美元的交易的美元價值繼續逐季度增長。雲端採用率依然強勁，ARR 年增 30%，達到 1.41 億美元，SaaS 遞延營收年增 38%。

Customer retention metrics remain high, a testament to our customers' loyalty and preference for our industry-leading solutions. We outpaced overall market growth in the quarter and expect continued share gains in fiscal '24 in our core business. Our new go-to-market initiatives outperformed in the quarter as well. This includes expansion across APAC certifications and regulated industries like state and federal government, the addition of seven new managed service providers and a new disruptive white space opportunity to sell the enterprise through large service providers with a private subscription offer.

客戶保留率指標仍然很高，這證明了客戶對我們行業領先解決方案的忠誠度和偏好。本季我們的成長速度超過了整體市場，預計我們的核心業務在 24 財年的份額將繼續成長。我們新的市場推廣計劃在本季也表現出色。這包括跨亞太地區認證以及州和聯邦政府等受監管行業的擴展，增加七個新的託管服務提供商，以及透過大型服務提供商提供私人訂閱服務來銷售企業的新的顛覆性空白機會。

In addition, we have a plan to license all network devices connected to our revolving Extreme Cloud platform -- this will deliver even greater simplicity, value and flexibility beyond the cloud management capabilities we offer today and create more stickiness for our SaaS business.

此外，我們還計劃對連接到我們的旋轉Extreme Cloud 平台的所有網路設備進行授權——這將提供超越我們目前提供的雲端管理功能的更大的簡單性、價值和靈活性，並為我們的SaaS業務創造更多的黏性。

Our strategic initiatives around differentiated zero trust posture, expanded machine learning and AI capabilities are expected to drive expansion, ARR growth and average revenue per user. At the end of fiscal Q1, we felt the impact of the macro environment trends in our industry and lowered our outlook for near-term top line growth.

我們圍繞差異化零信任態勢、擴展機器學習和人工智慧功能的策略性舉措預計將推動擴張、ARR 成長和每位用戶平均收入。在第一財季末，我們感受到了宏觀環境趨勢對產業的影響，並降低了近期對營收成長的預期。

The higher interest rate environment and economic challenges in some of our larger markets like Germany, license sales cycles have pushed out a larger amount of end-of-quarter orders in Q1 than we would normally expect. Our channel partners are digesting a large volume of backlog release and focusing on network deployment, slowing down their current ordering. And as a result, we don't expect run rate business to ramp as quickly as anticipated.

德國等一些較大市場的較高利率環境和經濟挑戰、許可證銷售週期導致第一季的季末訂單數量超出了我們通常的預期。我們的通路合作夥伴正在消化大量的積壓訂單釋放並專注於網路部署，減緩了他們目前的訂購速度。因此，我們預期業務運作率不會像預期的那樣快速成長。

In light of what we would call an air pocket of demand and decision-making, leading to our revised growth outlook for the year, we took immediate action to realign resources to drive higher productivity and profitability. As a result, we continue to expect high teens operating margin in fiscal '24. That will allow us to grow our EPS by over 25% during the year. Our funnel of opportunities continues to grow up double digits on a year-over-year basis as our underlying business and competitive position remains strong.

鑑於我們所說的需求和決策的空洞，導致我們修改了今年的成長前景，我們立即採取行動重新調整資源，以提高生產力和獲利能力。因此，我們繼續預計 24 財年的營運利潤率將達到十幾歲。這將使我們今年的每股盈餘成長超過 25%。由於我們的基礎業務和競爭地位依然強勁，我們的機會管道繼續以兩位數的速度同比增長。

Over the long term, we expect to return to a mid-teens top line growth outlook and a mid-20s operating margin. And here's why.

從長遠來看，我們預計收入成長前景將恢復到 10 多歲左右，營業利潤率將恢復到 20 多歲左右。原因如下。

Customers tell us their tire of complexity, and flexibility and the high costs associated with the old networking models from the larger networking companies. They choose extreme because we set the bar for modern networking with a combination of innovative and flexible technology, licensing and deployment simplicity and a focus on driving impactful business outcomes. Customers view their network as a strategic asset to enhance operations, power and scale new services and reduce business risk, especially cybersecurity risk.

客戶告訴我們，他們厭倦了大型網路公司的舊網路模型的複雜性、靈活性和高成本。他們選擇極端是因為我們結合了創新和靈活的技術、授權和部署的簡單性以及專注於推動有影響力的業務成果，為現代網路樹立了標竿。客戶將其網路視為增強營運、支援和擴展新服務以及降低業務風險（尤其是網路安全風險）的策略資產。

Our customers choose Extreme for 3 primary reasons.

我們的客戶選擇 Extreme 有 3 個主要原因。

First is operational simplicity. That is driving IT productivity, network availability, ease of use, improving both time to value and total cost of ownership of their network investment. We're the only networking provider that can deploy campus networking fabrics from our cloud -- this makes moves, adds and changes to networks, simple and seamless allows customers to segment networks and provides unmatched security and resiliency.

首先是操作簡單性。這正在推動 IT 生產力、網路可用性和易用性，縮短網路投資的價值實現時間和整體擁有成本。我們是唯一一家可以從我們的雲端部署園區網路結構的網路供應商——這使得網路的移動、添加和更改變得簡單、無縫，允許客戶對網路進行分段，並提供無與倫比的安全性和彈性。

While fabrics are common and data center environments, we're the only competitor who can bring these services to the dynamic campus environment orchestrated through our cloud. We create one network, one cloud for customers to remove the complexity of managing their entire network infrastructure.

雖然結構是常見的資料中心環境，但我們是唯一能夠將這些服務引入透過我們的雲端精心策劃的動態園區環境的競爭對手。我們為客戶創建一個網路、一個雲，以消除管理整個網路基礎架構的複雜性。

Second, we offer unmatched flexibility. We offer cloud choice, public, private, hybrid and edge cloud deployments that can be managed through a single interface. Our universal switches offer OS choice and deployment options. We have the industry's simplest licensing, unlike competitors, we don't require our customers to hire full-time employees just to manage licenses. And finally, we're the only networking vendor that can manage a mixed environment without requiring them to rip and replace all their infrastructure at once as they modernize.

其次，我們提供無與倫比的靈活性。我們提供可透過單一介面進行管理的雲端選擇、公有雲、私有雲、混合雲和邊緣雲部署。我們的通用交換器提供作業系統選擇和部署選項。我們擁有業界最簡單的許可，與競爭對手不同，我們不要求客戶僅僅為了管理許可而僱用全職員工。最後，我們是唯一一家能夠管理混合環境的網路供應商，而無需他們在現代化過程中立即拆除和更換所有基礎設施。

Third, our cloud solutions offer actionable business insights, security scale and innovative technologies such as AI ops and automation. Our AI ops solution now cover over 200,000 devices and are gaining traction with large customers as they look for new ways to leverage the network to drive better business outcomes. With our digital tool technology, customers can stage and test their network deployment in a digital environment, shaving months of actual physical deployment and troubleshooting times.

第三，我們的雲端解決方案提供可操作的業務洞察、安全規模以及人工智慧操作和自動化等創新技術。我們的 AI 營運解決方案現在已覆蓋超過 20 萬台設備，並受到大客戶的青睞，因為他們正在尋求利用網路的新方法來推動更好的業務成果。借助我們的數位工具技術，客戶可以在數位環境中暫存和測試其網路部署，從而縮短數月的實際實體部署和故障排除時間。

Our AIOps solutions proactively identify network issues, reduce loss alarms and allow IT teams to be proactive instead of reactive. Here are a few examples. We helped San Diego Community College connects 80,000 students across multiple campuses with our fabric technology. No other vendor in our industry has the expertise or ability to create a single secure hypersegmented campus network that enables zero-touch provisioning of new locations or moves ads and changes to network elements within a matter of minutes.

我們的 AIOps 解決方案可主動識別網路問題，減少遺失警報，並讓 IT 團隊能夠積極主動而不是被動回應。這裡有一些例子。我們幫助聖地牙哥社區學院利用我們的布料技術將多個校區的 80,000 名學生聯繫起來。我們行業中沒有其他供應商擁有創建單一安全超分段園區網路的專業知識或能力，該網路可以在幾分鐘內實現新位置的零接觸配置或將廣告和更改移動到網路元素。

With one network running on one cloud, they decreased OpEx by 50%. Again, none of our competitors can do this. The Dubai World Trade Center, recently hosted Gitex, the world's largest technology trade show, which was powered by Extreme's wireless fabric and cloud solutions. The venue supported more than 180,000 attendees and 6,000 exhibitors at this massive event. They use Extreme Fabric to quickly, simply and securely segment 3,300 individual networks in a matter of days with an IT staff of 2 people, conference attendee so as impossible.

透過在一個雲端上運行一個網絡，他們將營運支出降低了 50%。同樣，我們的競爭對手都無法做到這一點。杜拜世界貿易中心最近舉辦了全球最大的技術貿易展 Gitex，該展會由 Extreme 的無線結構和雲端解決方案提供支援。該場館為這項大型活動提供了超過 18 萬名與會者和 6,000 家參展商的支援。他們使用 Extreme Fabric 在幾天之內快速、簡單、安全地對 3,300 個單獨的網路進行分段，只需要 2 名 IT 員工和與會者，這幾乎是不可能的。

To accomplish this with our competitor solution, it would take weeks with a much larger IT team and introduces significant margin of error due to their complexity. A global leading fast food chain has selected Extreme Cloud SD-WAN to ensure consistent performance and improved guest experiences at its 1,500 locations across the U.K. With Extreme, this industry leader has greater visibility across its network, and we'll be able to simplify network management at all locations, increase overall network security and optimize operations by improving performance for critical applications. These large accounts become important references and brand builders of Extreme.

要使用我們競爭對手的解決方案來實現這一目標，需要規模大得多的 IT 團隊花費數週的時間，並且由於其複雜性而引入顯著的誤差範圍。一家全球領先的快餐連鎖店選擇了Extreme Cloud SD-WAN，以確保其位於英國的1,500 個地點保持一致的性能並改善客戶體驗。借助Extreme，該行業領導者可以在其網路中獲得更高的可視性，並且我們將能夠簡化網路管理所有地點，提高整體網路安全性，並透過提高關鍵應用程式的效能來優化營運。這些大客戶成為Extreme的重要參考和品牌建立者。

Our increasing pool of large, high-profile customers and our technology differentiation is why we continue to see the value of deals over $1 million grow each quarter. In Q1, we have more than 30 deals over $1 million. We continue to have a healthy customer order backlog with clear visibility to order with specific customer request dates through the balance of our fiscal year.

我們不斷增加的大型、知名客戶群和我們的技術差異化是我們每個季度超過 100 萬美元的交易價值持續增長的原因。第一季度，我們有超過 30 筆超過 100 萬美元的交易。我們繼續擁有健康的客戶訂單積壓，在整個財政年度的剩餘時間內，可以清楚地了解特定客戶請求日期的訂單。

This quarter, our product lead times normalize, allowing us to continue working down backlog from product and strengths. We continue to expect our backlog to sell in a range of $75 million to $100 million by the end of Q4 fiscal '24.

本季度，我們的產品交付時間正常化，使我們能夠繼續減少產品積壓和優勢。我們仍然預計，到 2024 財年第四季末，我們的積壓訂單銷售額將在 7,500 萬至 1 億美元之間。

Next week at our Investor Day, we'll dive into specifics as to why our technology differentiation brings on MAX simplicity, flexibility and insights that are driving more and more of these high-profile customer wins. And the wins are elevating our brand and driving share gains, both in the channel as well as enterprise customers.

下週的投資者日，我們將深入探討為什麼我們的技術差異化能夠帶來最大的簡單性、靈活性和洞察力，從而推動越來越多的知名客戶贏得勝利。這些勝利正在提升我們的品牌並推動通路和企業客戶的份額成長。

We'll also share why we're so excited about new commercial opportunities with our recently launched modern managed services platform, a private subscription offer for very large service providers, our highly targeted certification and security, compliance opportunity and the elevation of our entire portfolio to subscription licensing. All these factors will provide accelerants to the share gains we're driving in our core business.

我們還將分享為什麼我們對最近推出的現代託管服務平台的新商業機會如此興奮，為大型服務提供商提供私人訂閱服務，我們高度針對性的認證和安全性，合規機會以及我們整個產品組合的提升訂閱許可。所有這些因素都將促進我們在核心業務中推動的份額成長。

And with that, I'd like to turn the call over to Kevin.

說到這裡，我想把電話轉給凱文。

Thanks, Ed. I'm encouraged not only by our performance in the first quarter, but also our ability to be decisive and take prudent action as we experience shifts and market demand. Let me talk about our first quarter results, and then I'll move to the outlook.

謝謝，艾德。我不僅對我們第一季的表現感到鼓舞，而且對我們在經歷轉變和市場需求時果斷並採取審慎行動的能力感到鼓舞。讓我談談我們第一季的業績，然後我將轉向展望。

In the first quarter, we again demonstrated strong financial and operational performance. We also show that we remain committed to continuing that level of performance in the future. Let me get into the numbers. First quarter revenue of $353.1 million grew 19% year-over-year, exceeding the high end of our expectations entering the quarter.

第一季度，我們再次展現了強勁的財務和營運表現。我們也表明，我們仍然致力於在未來繼續維持這種績效水準。讓我來談談數字。第一季營收為 3.531 億美元，年成長 19%，超出了我們進入本季的預期上限。

Product revenue of $253.5 million grew 23% year-over-year, reflecting continued improvement in our supply chain environment. We achieved strong double-digit year-over-year growth in campus switching, which grew sequentially as well.

產品收入為 2.535 億美元，年增 23%，反映出我們供應鏈環境的持續改善。我們在校園切換方面實現了強勁的兩位數同比增長，並且也連續增長。

SaaS ARR grew 30% year-over-year to $141 million, up from $109 million in the year ago quarter. Driven by the strength of our renewals, subscription deferred revenue was up 38% year-over-year to $236 million. Total subscription and support revenue was $99.7 million, up 9% year-over-year. This growth was largely driven by the strength of cloud subscription revenue, up 32% year-over-year.

SaaS ARR 年成長 30%，達到 1.41 億美元，高於去年同期的 1.09 億美元。在續訂力度的推動下，訂閱遞延營收年增 38%，達到 2.36 億美元。訂閱和支援總收入為 9,970 萬美元，年增 9%。這一成長主要得益於雲端訂閱收入的強勁成長，較去年同期成長 32%。

Recurring revenue continues to be a positive story at Extreme. Total recurring revenue of $95 million grew 11% year-over-year, accounting for 27% of overall revenue. Additionally, as we ship products from backlog, it will be a tailwind for our SaaS growth. Based on our current outlook, we expect recurring revenue to be approximately 30% of our revenue for fiscal 2024.

Extreme 的經常性收入仍然是一個正面的故事。經常性總收入為 9,500 萬美元，年增 11%，佔總收入的 27%。此外，隨著我們從積壓訂單中發貨，這將成為我們 SaaS 成長的順風車。根據我們目前的展望，我們預計 2024 財年經常性收入將占我們營收的 30% 左右。

The growth of cloud subscriptions and support drove the total deferred revenue to $525 million, up 24% year-over-year. Our gross margin increased once again, achieving 61.1% as compared to 60.2% in the fourth quarter and 57.6% in the year ago quarter. That's up 90 basis points sequentially and up 350 basis points year-over-year.

雲端訂閱和支援的成長推動遞延收入總額達到 5.25 億美元，年增 24%。我們的毛利率再次上升，達到 61.1%，而第四季為 60.2%，去年同期為 57.6%。環比上漲 90 個基點，較去年同期上漲 350 個基點。

We attribute our gross margin improvements to the excellent work by our supply chain team, lower overall distribution costs and a greater mix of high-margin subscription revenue. Our first quarter operating expenses were $153 million, up from $135 million in the year ago quarter and down from $156 million in the fourth quarter.

我們將毛利率的提高歸功於供應鏈團隊的出色工作、整體分銷成本的降低以及高利潤訂閱收入的更大組合。我們第一季的營運支出為 1.53 億美元，高於去年同期的 1.35 億美元，低於第四季的 1.56 億美元。

The year-over-year increase reflects increased R&D investment and sales and marketing expenses to support our higher revenue growth plans. Our strong revenue growth, gross margin expansion and operating expense management contributed to another increase in our operating margin, now at 17.7%, up from 12.1% in the year ago quarter and up from 17.4% in the prior quarter.

同比成長反映出研發投資以及銷售和行銷費用的增加，以支持我們更高的收入成長計畫。我們強勁的營收成長、毛利率擴張和營運費用管理促使我們的營運利潤率再次上升，目前為 17.7%，高於去年同期的 12.1% 和上一季的 17.4%。

To that end, first quarter earnings per share was $0.35, above the high end of our guidance range entering the quarter. We finished the first quarter with cash and cash equivalents of $224 million and net cash of $27 million after repurchasing another $25 million worth of shares.

為此，第一季每股收益為 0.35 美元，高於我們進入本季的指導範圍的上限。第一季結束時，我們的現金和現金等價物為 2.24 億美元，在回購了價值 2,500 萬美元的股票後，淨現金為 2,700 萬美元。

We've repurchased $125 million of our shares over the last 4 quarters and are executing on our commitment to offset dilution from stock awards. We expect our share count to remain relatively flat for the rest of this year. The $71 million that we generated in free cash flow represents a 20% free cash flow margin above the high end of our long-term model. And we also generated $68 million of adjusted EBITDA.

我們在過去 4 個季度回購了 1.25 億美元的股票，並正在履行我們抵消股票獎勵稀釋的承諾。我們預計今年剩餘時間我們的股票數量將保持相對穩定。我們產生的 7,100 萬美元自由現金流比我們長期模型的上限高出 20%。我們還產生了 6800 萬美元的調整後 EBITDA。

Now turning to guidance. We remain optimistic about the enterprise networking spending environment and our ability to take share. However, looking ahead at the balance of fiscal 2024, we are taking a more cautious tone and lighten the current spending environment.

現在轉向指導。我們對企業網路支出環境和我們搶佔市場份額的能力保持樂觀。然而，展望2024財年的平衡，我們將採取更謹慎的基調，並放鬆當前的支出環境。

Based on changing customer buying patterns and macroeconomic conditions, we are tempering our revenue outlook for this quarter and the balance of the year. We do believe that this is an air pocket as opposed to a more systemic issue within our target markets.

根據不斷變化的客戶購買模式和宏觀經濟狀況，我們正在調整本季和今年剩餘時間的收入前景。我們確實認為，這是一個氣泡，而不是我們目標市場中更具系統性的問題。

For the second quarter, we expect revenue to be in a range of $312 million to $327 million; gross margin to be in a range of 60.2% to 62.2%, operating margin to be in a range of 15.4% to 17.3% and and earnings to be in a range of $0.26 to $0.31 per diluted share on a share count of $14 million -- 134 million shares.

我們預計第二季營收將在 3.12 億美元至 3.27 億美元之間；毛利率在 60.2% 至 62.2% 範圍內，營業利潤率在 15.4% 至 17.3% 範圍內，稀釋後每股收益在 0.26 至 0.31 美元之間（每股計數為 1,400 萬美元） - 1.34億股。

Despite expected near-term market conditions and lower revenue expectations for the full year fiscal '24, we expect mid- to high single digits of revenue growth, which we believe is above industry growth estimates and implies our share gains will continue.

儘管預計近期市場狀況和 24 財年全年營收預期較低，但我們預期營收成長將達到中高個位數，我們認為這高於產業成長預期，並意味著我們的份額將繼續成長。

We have also taken recent actions to ensure we align our cost structure with the current level of revenue growth that we expect to achieve. As a result, we believe we are well positioned to deliver strong profitability and improved operating margins during the year, and we expect to generate EPS growth of approximately 25% in fiscal 2024.

我們最近也採取了行動，確保我們的成本結構與我們預期實現的當前收入成長水準保持一致。因此，我們相信我們有能力在今年實現強勁的盈利能力並提高營業利潤率，預計 2024 財年每股收益將增長約 25%。

We -- as Ed noted, we remain committed to long-term double-digit growth, and I see tremendous opportunity for Extreme to grow our business, accelerate our recurring revenue contribution from subscription and support and improve our margins and cash flow. I look forward to laying out some of our long-term plans--our new long-term plans at our Investor Day next week.

正如艾德所指出的，我們仍然致力於長期兩位數的成長，我看到Extreme有巨大的機會來發展我們的業務，加速我們來自訂閱和支持的經常性收入貢獻，並提高我們的利潤和現金流。我期待在下週的投資者日上列出我們的一些長期計劃——我們新的長期計劃。

And with that, I'll now turn the call back to the operator to begin the Q&A session.

現在，我將把電話轉回接線生以開始問答環節。

At this time, we'll conduct the question-and-answer session. (Operator Instructions). One moment for our first question. Our first question comes from David Vogt with UBS.

這時，我們將進行問答環節。 （操作員說明）。請稍等一下我們的第一個問題。我們的第一個問題來自瑞銀集團的大衛‧沃格特。

This is actually Andrew on for David. I wanted to ask you, one of the big sort of issues looking at this industry for some time now has been the elevated backlog, certainly, you've had it as well.

這其實是安德魯對大衛的回應。我想問你，一段時間以來這個行業面臨的最大問題之一就是積壓的增加，當然，你也遇到過這個問題。

So what I'm wondering is, maybe you can help us understand a little bit better how much of the sort of mixed signals that the backlog has been sending to the entire industry is driving your slower outlook versus entirely macro? Can you sort of pull that apart for us and help us understand it?

所以我想知道的是，也許你可以幫助我們更好地理解積壓的訂單向整個行業發出的混合信號在多大程度上導致了你的前景比整個宏觀的放緩？你能幫我們把它拆開並幫助我們理解嗎？

Yes. Andrew, I'll jump in. And then -- and Kevin, you can -- you can follow up, Andrew, I think when we think about the backlog and you think about what's happened over the course of the last several quarters, there's -- and it's not just extreme, it's the whole industry.

是的。安德魯，我會插話。然後 - 凱文，你可以 - 你可以跟進，安德魯，我想當我們考慮積壓的情況並考慮過去幾個季度發生的事情時，有——這不僅僅是極端的情況，整個產業都是如此。

There's been a very high level of backlog release into the channel. And so in terms of how it's affecting current demand, you might say digestion, but effectively, we put a lot of product into the channel. And so our channel partners are receiving a lot of product and they're moving forward, deploying and a very busy deploying networks.

該通路的積壓訂單釋放量非常高。因此，就其如何影響當前需求而言，您可能會說消化，但實際上，我們將大量產品放入了渠道中。因此，我們的通路合作夥伴正在收到大量產品，他們正在向前推進、部署，並且非常忙碌地部署網路。

And with that focus on receiving an unusually high amount of product and networking gear, they're really active in deployment mode right now. And I would say there's -- and with others, they paused some of their purchasing and some of the drawdown from the channel.

由於專注於接收異常大量的產品和網路設備，他們現在在部署模式中非常活躍。我想說的是——和其他人一樣，他們暫停了部分採購和部分從管道的提款。

So I think that's how that's affecting--that's how you should think about this affecting the demand -- the current demand equation. As we said, we're calling it an air pocket, this will pass. As they deploy their networks, they're going to get back to kind of normal course ordering that will be consistent with kind of normal course demand for networking in the industry.

所以我認為這就是影響需求的方式——這就是你應該如何考慮影響需求的方式——當前的需求方程式。正如我們所說，我們稱之為氣穴，這會過去的。當他們部署網路時，他們將恢復正常的課程順序，這將與行業中網路的正常課程需求保持一致。

Kevin, do you want to add anything to that?

凱文，你想補充什麼嗎？

I think you hit it. I think you hit all the points.

我認為你擊中了它。我認為你已經抓住了所有要點。

And then just my follow-up on that is just, obviously, you've got backlog working down, you expect it now to normalize in Q4. You've got some very difficult comps in the back half. What is it that gives you the confidence that you're going to see a revenue reacceleration in the back half to hit your fiscal '24 revenue targets?

然後我的後續行動是，顯然，積壓工作已經減少，您預計它現在會在第四季度正常化。後半段你會遇到一些非常困難的比賽。是什麼讓您有信心在下半年看到收入重新加速，以實現 24 財年的收入目標？

Well, Andrew, it's really about what we see in our funnel. We have a very clear picture of opportunities and all those opportunities have kind of a time line next to them. And it's the quality and the quantity and volume of our funnel that gives us the confidence to make the call.

嗯，安德魯，這實際上與我們在漏斗中看到的內容有關。我們對機會有非常清晰的認識，所有這些機會旁邊都有一個時間表。正是我們漏斗的品質、數量和數量讓我們有信心做出決定。

As we turn into Q2, Kevin mentioned that our teams became more cautious with their call some of the bookings that we would normally see at the end of the quarter didn't happen. And with the slowdown of sales cycle, people became a lot more cautious about the call here. A lot of those opportunities landed in the second half of the year. These are high-quality opportunities. And so I would say that that's what's driving the confidence interval.

當我們進入第二季度時，凱文提到我們的團隊變得更加謹慎，他們打電話給我們通常在季度末看到的一些預訂並沒有發生。隨著銷售週期的放緩，人們對這裡的電話變得更加謹慎。其中很多機會都是在下半年出現的。這些都是高品質的機會。所以我想說這就是推動信賴區間的因素。

Kevin, I'll give you a shot to jump in as well.

凱文，我也給你一個機會加入。

Yes. I mean as we think about the quarterly revenue throughout the rest of the year and our guidance for the full year, I mean, obviously, Q4 is the toughest comp that we have with the $365 million last year. But we're not calling for accelerating growth over top of that. We think that we're going to hit about mid-teens for the full year compared to the full year 2023...

是的。我的意思是，當我們考慮今年剩餘時間的季度收入以及我們對全年的指導時，我的意思是，顯然，第四季度是我們去年 3.65 億美元的最艱難的收入。但我們並不要求在此之上加速成長。我們認為，與 2023 年全年相比，全年銷量將達到 15 左右左右…

Our next question comes from Alex Henderson with Needham.

我們的下一個問題來自 Alex Henderson 和 Needham。

Great. Just a quick clarification on the guide. So if I were to look at the guide for the upcoming quarter, I assume that the vast majority of the swing is in product sales and the strength of software growth plus the normal services growth off of lagging product sales would suggest that overall services quarter-to-quarter and for the year, we continue to gradually increase over the course of the next 3, 4 quarters. Is that a fair assessment that...

偉大的。只是對指南進行快速說明。因此，如果我查看下個季度的指南，我認為絕大多數波動是在產品銷售和軟體成長的力量加上滯後產品銷售的正常服務成長將表明整體服務季度 -就季度和全年而言，我們將在接下來的3、4 個季度中繼續逐步增加。這是一個公平的評估嗎...

Right now, it's all on product sales. For the most part, I mean, that's the -- I mean, obviously, the attach rate, right, with subscription and support, it's associated with products. So you'll see a little bit of moderation in the revenue there for subscription and support as it relates to product being lower.

現在，一切都靠產品銷售。在大多數情況下，我的意思是，我的意思是，顯然，附加率，對，訂閱和支持，它與產品相關。因此，您會看到訂閱和支援的收入略有下降，因為這與產品較低有關。

But with the majority of the reduction in anticipation of revenue for the full year would be on the product side. And that's just literally the digestion issue, the macroeconomic, people are just taking longer to make decisions and decision cycles are lengthening. And we feel like we're in this air pocket where we think we will come out of it. The question is the absorption period, if you will, within the market and when some macro market come back. I think we're seeing this with many companies across the sector.

但預計全年收入的大部分減少將來自產品方面。這只是字面上的消化問題，宏觀經濟，人們只是需要更長的時間來做決策，而且決策週期正在延長。我們感覺自己正處於這個氣穴中，我們認為我們會擺脫它。如果你願意的話，問題是市場內的吸收期以及某些宏觀市場何時回歸。我認為我們在整個行業的許多公司中都看到了這一點。

So just to be clear, the growth in services is generally driven off the last 2 years' worth of product sales, therefore, it should continue to increase quarter-to-quarter over the course of the 24 period, even if it's at a very flattish kind of trajectory. So it's almost all in product sales.

因此，需要明確的是，服務的成長通常是由過去 2 年的產品銷售額推動的，因此，在 24 年間，服務的成長應該會繼續逐季度成長，即使它的成長率非常高。平坦的軌跡。所以幾乎全部都在產品銷售上。

That would be our expectation.

這將是我們的期望。

Okay. So if that's the case, in order to hit your guidance as given it sounds like your product sales literally have to be down in the December quarter and essentially flat for the full year, excluding the just printed quarter. Is that also an accurate read?

好的。因此，如果是這樣的話，為了達到您給出的指導，聽起來您的產品銷售額必須在 12 月份季度下降，並且全年基本持平（不包括剛剛印刷的季度）。這也是準確的讀法嗎？

And if that's the case, what is the mechanics underneath the surface between the inventory drawdown at your channel versus the sell-through. So what is the rate of sell-through look like if you were to look at it from the customer perspective as opposed to the 2-tier channel distribution perspective.

如果是這樣的話，您的通路庫存減少與銷售之間的表面機制是什麼？那麼，如果您從客戶的角度而不是二級通路分銷的角度來看待，那麼銷售率會是什麼樣的呢？

I mean, first of all, fourth quarter is a long way away right now. We look at just the pipeline, the -- we've got a combination of backlog that is expected for customer request dates in the fourth quarter. So we have that information. We've got the overall pipeline, and we know some of that pipeline relates to existing customers, some of it's new logos, we assessed that pipeline.

我的意思是，首先，距離第四季還有很長的路要走。我們只關注管道，我們已經得到了預計第四季度客戶請求日期的積壓訂單組合。所以我們有這些資訊。我們已經有了整體管道，我們知道其中一些管道與現有客戶相關，其中一些是新徽標，我們評估了該管道。

Naturally, between Q2 and Q3, we'll build more pipeline for Q4. And so I would say we throw that all through the machine, and we look at what we think we're going to achieve for the year, and it's up, but it's up on a full year basis, that mid- that single-to-high -- mid- to high single digits for the full year as it relates to Q4. Yes, we've got a tough comp there, as I mentioned, that could be flattish in the fourth quarter, but for the full year is still up.

當然，在第二季和第三季之間，我們將為第四季度建立更多管道。因此，我想說，我們將其全部投入到整個機器中，我們看看我們認為今年將實現的目標，它已經上升，但它是在全年的基礎上上升的，即中單到-高— —與第四季相關的全年中高個位數。是的，正如我所提到的，我們的業績比較艱難，第四季可能會持平，但全年業績仍然會上漲。

The question really was, what's the difference between sell-through to customers? And i.e., what is the underlying customer growth rate in terms of buying product from your channel as opposed to the work down of inventory in your 2-tier distribution channel. So if you were to look underneath the surface here, yes, there's flat product sales, but that is reflective of underlying sell-through of what percentage of your revenues coming out of the 2-tier distribution. So how much of this is the channel distribution inventory destocking? And how much of this is a weakness in underlying demand.

真正的問題是，向客戶銷售之間有什麼區別？即，從您的通路購買產品相對於您的兩級分銷管道的庫存減少而言，潛在的客戶成長率是多少。因此，如果您要深入了解這裡的情況，是的，產品銷量持平，但這反映了來自兩層分銷的收入百分比的基本銷售情況。那麼這其中有多少是通路分銷庫存去庫存呢？其中有多少是潛在需求的弱點。

I mean it's hard to tease that and pull that apart, naturally A. We don't have perfect visibility into all of that. I would say that our 2-tier reseller and distribution program, like it's relatively healthy is what I would say. Like they've got healthy now fully normalized inventory levels that they have. We don't have too much necessarily in the distribution level. And we've got our own healthy amount that we have on our own in warehouse. -- we're looking at as more end customer demand challenges right now, this air pocket is more of an end customer demand. I mean you've got 2 wars going on right now, et cetera, et cetera. So we're just seeing Europe being this more sluggish, I would say, area of any -- we commented particularly in Germany, that's the area that's really, I'll call it, causing the slowdown is mostly in the European area. We're doing well in APAC. The U.S. still continues to be strong. But if there's any area it's that...

我的意思是，很難梳理這一點並將其分開，當然，A。我們對所有這些都沒有完美的可見性。我想說的是，我們的二級經銷商和分銷計劃相對健康。就像他們現在的庫存水準已經完全正常化一樣健康。我們在分配層面上不一定有太多。我們在倉庫裡有自己的健康數量。 - 我們現在正在考慮更多的最終客戶需求挑戰，這個氣穴更多的是最終客戶的需求。我的意思是現在有兩場戰爭正在進行，等等，等等。因此，我想說，我們只是看到歐洲在任何地區都變得更加遲緩——我們特別評論了德國，我稱之為真正的地區，導致經濟放緩的主要是在歐洲地區。我們在亞太地區做得很好。美國依然保持強勢。但如果說有什麼地方的話那就是…

Our next question comes from Eric Martinuzzi with Lake Street Capital Markets.

我們的下一個問題來自 Lake Street Capital Markets 的 Eric Martinuzzi。

So to just a clarification first on the guide for FY '24, that mid- to high single digits, are we talking 4% to 9%.

因此，首先要澄清 24 財年的指南，即中高個位數，我們所說的是 4% 到 9%。

I guess you would, yes.

我想你會的，是的。

Okay. And then the -- I guess, the change in demand environment, it seems like up until about maybe 6 weeks ago, we were still pretty confidently talking about a mid-teens growth rate, not only for FY '24, but for FY '25. Was there any particular event or to that you guys can point back to as the market shifting kind of all at once?

好的。然後 — 我想，需求環境的變化，似乎直到大約六週前，我們仍然非常自信地談論十幾歲左右的增長率，不僅是 24 財年，而且是 20 財年。25.隨著市場的突然轉變，有沒有什麼特別的事件或你們可以指出的？

Yes, Ed, do you want to cover that?

是的，艾德，你想報道這個嗎？

Yes. Eric, it really happens. If you look at business -- the way our business flows from an ordering standpoint, and it's the entire industry, there's a buildup towards the end of the quarter where most of the orders come in, in the last month of the quarter.

是的。埃里克，這真的發生了。如果你看一下業務——從訂購的角度來看我們的業務流動方式，這是整個行業，在季度末，大部分訂單都會在該季度的最後一個月到來。

And literally, I would say, the last 2 weeks of the quarter when we have a huge pipeline of deals and committed deals, our sellers and then the alarm started coming back that, hey, this is going to push they decided the decision by -- and it's really across geographies across industries, across verticals where there was this wave of messaging coming from our field that deals were going to slip and push at an unusually high level. And that -- it caught us off guard because we -- no one really saw that coming. We've heard about it, but that happened. And so there was -- it started slipping at the end of the quarter.

從字面上看，我想說的是，本季度的最後兩週，當我們有大量交易和承諾交易時，我們的賣家開始警覺起來，嘿，這將推動他們做出決定 - - 這確實是跨地域、跨行業、跨垂直領域，來自我們領域的一波資訊表明交易將下滑並推向異常高的水平。這讓我們措手不及，因為我們——沒有人真正預見到這一點。我們聽說過這件事，但確實發生了。因此，它在季度末開始下滑。

And then as we look forward, our teams just got a lot more cautious with their call given the environment. And what we're hearing is that there's more scrutiny over budgets, more people are getting involved in the purchasing process. The projects are still good.

然後，當我們展望未來時，考慮到環境，我們的團隊對他們的決定變得更加謹慎。我們聽到的是，對預算的審查更加嚴格，越來越多的人參與採購過程。項目還是不錯的。

The projects are still going to happen. Maybe there's a prioritization issue that takes place. But you're seeing more purchasing, more financial types, a lot of different players come into the decision-making process. They just slowed things down. And we are not -- we were in a situation where we lost business. We were in a situation where our opportunities just moved out to the right. And that happened literally the last 2 weeks of the quarter.

這些項目仍然會發生。也許發生了優先事項問題。但你會看到更多的採購、更多的金融類型，許多不同的參與者進入決策過程。他們只是放慢了速度。但我們並沒有——我們處於失去業務的境地。我們所處的情況是我們的機會向右移動。這實際上發生在本季度的最後兩週。

A lot of those orders don't really affect the quarter because now we're getting close to a point where what we book in the quarter is what we ship. And at the end of the quarter, when orders come in, you don't turn around, that would be kind of more normal backlog with what happens at the end of the quarter, the orders come in and they turn into your revenue and your shipments for the next quarter.

其中許多訂單並沒有真正影響本季度，因為現在我們已經接近本季預訂的就是我們出貨的地步。在季度末，當訂單進來時，你不會轉身，這將是一種更正常的積壓，在季度末發生的情況下，訂單進來，它們變成你的收入和你的收入。下個季度的出貨量。

And so it was that softness at the very end of the quarter that caused us to look at Q2 to be more cautious and conservative. And our field teams on the heels of what happened at the end of the quarter felt they should be more cautious with their calls. So that's really -- it's kind of the combination of those 2 things that happened.

因此，正是本季末的疲軟狀態導致我們對第二季更加謹慎和保守。在本季末發生的事情發生後，我們的現場團隊認為他們應該更加謹慎地做出決定。所以這確實是發生的兩件事的結合。

And Ed, I would even comment that beyond September 30, like even to October, we were still seeing some of the same buying pattern issues in the last 30 days that caused us to also assess what our Q2 revenue would look like leading up to today.

Ed，我甚至會評論說，在 9 月 30 日之後，甚至到 10 月，我們在過去 30 天內仍然看到一些相同的購買模式問題，這導致我們還評估了截至今天的第二季度收入情況。

Our next question comes from Timothy Horan with Oppenheimer.

我們的下一個問題來自蒂莫西·霍蘭和奧本海默。

Ed, when you studied past periods of slowdown maybe talking to the channel, I mean, in this last 6 months, 18 months from these networks just run hotter for a little bit longer.

Ed，當你研究過去的經濟放緩時期時，也許會與頻道交談，我的意思是，在過去 6 個月、18 個月中，這些網絡的運行時間會更長一些。

And I know you've been asked a few times, but can you just maybe give us a rough guestimate of what percentage of the lower guide comes from just working down the inventory at the channel versus end-user demand just kind of hearing mixed signals. I know it's very hard to quantify, but just a little bit more color...

我知道你已經被問過幾次了，但你能否給我們一個粗略的估計，即較低的指導中有多少百分比來自於渠道庫存的減少，而最終用戶的需求只是聽到了混合信號。我知道這很難量化，但只要多一點顏色...

Yes, it is hard to quantify, Tim, and thanks for the question. I'll give you an example. Some of our largest partners and I'll use -- I'll pick on EMEA and I'll pick on Germany specifically, they're having a fantastic year.

是的，這很難量化，提姆，謝謝你的提問。我給你舉個例子。我將選擇我們的一些最大的合作夥伴——我將選擇歐洲、中東和非洲地區，特別是德國，他們度過了美好的一年。

They've gotten all of this product that's been released from backlog, and they are solely -- they're focused and super active in deploying networks for their customers on our behalf. They are fully consumed. And you see their business is way off year-over-year with us. These are an example of a strategic partner with really healthy business and amazing customers.

他們已經獲得了所有已從積壓中發布的產品，並且他們非常專注並非常積極地代表我們為客戶部署網路。他們已經完全消耗了。你會發現他們與我們的業務逐年下滑。這些都是擁有真正健康業務和出色客戶的策略合作夥伴的例子。

However, their focus right now is on deploying all that equipment. And so their business is off. They fully expect business to return. And so that's why as we look at with our outlook, we know it's coming back. It's just there's a near term -- and we're calling it an air pocket for the channel to deploy. If I had to put it -- if I had to just make up a number and place a guess on how much I would allocate to the slowdown in decision-making, more people coming into the decision-making process, budgetary constraints, pushing versus channel digestion.

然而，他們現在的重點是部署所有這些設備。所以他們的生意就結束了。他們完全期望業務能夠恢復。這就是為什麼當我們審視我們的前景時，我們知道它正在回歸。只是有一個近期的期限──我們稱之為通道部署的氣穴。如果我必須說的話——如果我必須編一個數字並猜測我會分配多少資金用於決策放緩、更多人進入決策過程、預算限制、推動與渠道消化。

Kevin, you can jump in. But if I could give it a finger like, I'd probably say half and half.

凱文，你可以插話。但如果我可以用手指來表達的話，我可能會說一半一半。

I was thinking 60 macro 40 digestion but...

我以為 60 宏 40 消化但...

Yes. And Tim, the other piece is there historically has been a run rate business. And that run rate business is not insignificant. And we knew that run rate is starting to come back, which is encouraging to us. Our anticipation is that there would be a step function and run rate throughout the course of this fiscal year. And I think it's -- that run rate is happening more slowly. We think that's also a byproduct of what's going on in the channel.

是的。提姆，另一塊是歷史上一直存在的運行率業務。而且運作率業務並非微不足道。我們知道運行率開始回升，這對我們來說是令人鼓舞的。我們的預期是，整個財政年度將出現階梯函數和運行率。我認為運行速度正在變慢。我們認為這也是通路中發生的事情的副產品。

Yes. That's great color. So I mean, basically our distribution is full out at this point, they can't handle any more capacity is maybe half...

是的。那顏色真棒。所以我的意思是，基本上我們的發行版此時已經滿了，他們無法處理更多的容量，可能只有一半...

There's the distribution side, okay, in distribution inventory. And then there our channel partners themselves and they're busy and they're saying, okay, distributors don't ship me that product yet because I need to finish this project and then I'll take delivery for the next project.

好吧，在分銷庫存中，有分銷方面。然後我們的通路夥伴本身很忙，他們說，好吧，分銷商還沒有向我運送該產品，因為我需要完成這個項目，然後我將為下一個項目提貨。

So -- and that flows down distributor buying as well because they're waiting for what we call POS, but they're waiting for our channel partners to draw down on their inventory. So it's kind of -- it's just gotten backed up a little bit, which is why we're calling it digestion, but it will pass. It will pass. And I think we've been here before. We've seen this happen before. It's a quarter 2 quarter phenomenon, but it will pass. We factored all this into our revised outlook for the year and for the quarter.

因此，這也會導致分銷商的購買量下降，因為他們正在等待我們所說的 POS，但他們也在等待我們的通路合作夥伴消耗他們的庫存。所以這有點——它只是得到了一點支持，這就是為什麼我們稱之為消化，但它會過去。會過去的。我想我們以前來過這裡。我們以前見過這種情況發生。這是一個季度二季度的現象，但它會過去的。我們將所有這些因素納入了修訂後的今年和季度展望中。

Our next question comes from Dave Kang with B. Riley.

我們的下一個問題來自 Dave Kang 和 B. Riley。

I may have missed it, but were product orders up or down? Or any color on that...

我可能錯過了，但是產品訂單是增加還是減少了？或任何顏色...

So Dave, we haven't really quoted any dollar amount for orders from one quarter to another. We have tended to say that orders had been up sequentially or down sequentially, et cetera. In our second quarter, we had a softer quarter because of what we just discussed about the pushing out of some of those orders.

戴夫，我們並沒有真正報價從一個季度到另一個季度的訂單的任何美元金額。我們傾向於說訂單已連續上升或連續下降，等等。在第二季度，由於我們剛剛討論了取消其中一些訂單的問題，我們的季度表現較為疲軟。

And as you think about it, a first quarter order that pushes out, you're obviously not shipping it and it may get done in Q2. So I would say, yes, we had a softer orders quarter in Q1 than we expected. And that's reflective in our Q2 guidance.

正如你所想，第一季的訂單推出後，你顯然不會出貨，它可能會在第二季完成。所以我想說，是的，我們第一季的訂單比我們預期的要少。這反映在我們第二季度的指導中。

And do you expect similar trends in fiscal second quarter? Or do you think they're going to rebound?

您預計第二財季會出現類似的趨勢嗎？或者你認為他們會反彈嗎？

We were -- we -- right now, I would say our visibility into the second quarter is stronger than it was in the first quarter from an orders perspective. But we're not done with the quarter yet. And so I don't know whether at the end of the year, we'll have the same phenomenon that we had in September with orders pushing again. So that's the challenge, if you will, that we have right now from a visibility perspective, the macroeconomic is are these sales cycles going to continue to elongate are things going to continue to push where you can't ship it in the quarter. That's the phenomenon...

我們現在，我想說，從訂單的角度來看，我們對第二季的能見度比第一季要強。但我們這個季度的工作還沒結束。所以我不知道到今年年底，我們是否會出現與 9 月相同的現象，訂單再次增加。所以，如果你願意的話，從可見性的角度來看，這就是我們現在面臨的挑戰，宏觀經濟是這些銷售週期是否會繼續延長，事情是否會繼續推動你在本季度無法發貨的地方。就是這個現象...

Yes, Kevin, I'll jump in and say that from a revenue perspective, the impact on revenue, we feel like we hit bottom in the December quarter with product orders being up -- being up slightly. But Again, a lot of those orders now in our environment will spill into the March quarter. Orders that come in at the end of the quarter usually don't get shipped and wind up shipping in the following quarter. So Yes. Does that answer your question, Dave?

是的，凱文，我要插話說，從收入的角度來看，對收入的影響，我們感覺我們在 12 月季度觸底，產品訂單有所增加——略有增加。但同樣，我們環境中現在的許多訂單將蔓延到三月季度。季度末收到的訂單通常不會發貨，並在下一個季度結束發貨。所以是的。這能回答你的問題嗎，戴夫？

Yes, yes. And my follow-up is regarding your competitors, previously, you said you don't typically run into Juniper and Arista Kinneper and Arista seems like their enterprise business has been growing nicely in recent quarters. Are you seeing the more your end markets?

是的是的。我的後續行動是關於您的競爭對手，之前您說過您通常不會遇到 Juniper 和 Arista Kinneper，而 Arista 似乎他們的企業業務在最近幾季成長良好。您是否看到了更多的終端市場？

We see -- we never see Arista. Their enterprise market is very different than our enterprise market. I think that's an extension, maybe the large financials and some of the other larger an extension of their cloud data center business with larger customers.

我們看到——我們從未見過阿里斯塔。他們的企業市場與我們的企業市場有很大不同。我認為這是一個延伸，也許是大型金融公司和其他一些較大的公司與更大客戶的雲端資料中心業務的延伸。

But in our market, it would be very unusual for us to see Arista. As it relates to Juniper, we see them more frequently and Juniper is investing in the enterprise market, I think, more heavily in the verticals where we play. I think if you read the tea leaves on what Juniper said, I think they're calling the same high single-digit growth from a demand perspective that we are in the near term. From a revenue perspective, they're still unloading a lot of backlog.

但在我們的市場上，我們很難看到 Arista。由於與瞻博網路相關，我們更頻繁地看到它們，而且我認為瞻博網路正在對企業市場進行更多投資，在我們所從事的垂直領域進行更多投資。我想，如果你閱讀了瞻博網路所說的話，我認為他們從需求角度來看，我們在短期內將實現同樣高的個位數成長。從收入的角度來看，他們仍在卸載大量積壓訂單。

Our next question comes from Christian Schwab with Craig-Hallum.

我們的下一個問題來自克里斯蒂安·施瓦布和克雷格·哈勒姆。

Great. So is it safe to assume that backlog is probably almost back to a somewhat normalized level since the conversation is returning to kind of precoded conversation talking about a funnel and a pipeline versus previous conversations on the backlog driving material growth for a material period of time. Is that fair?

偉大的。因此，可以安全地假設積壓可能幾乎回到某種程度的正常化水平，因為對話正在返回到談論漏斗和管道的預編碼對話，而不是之前關於積壓在一段時間內推動材料增長的對話。這樣公平嗎？

Christian, I think it's fair to say that the -- our backlog as it relates to distribution has normalized, but we still have a fair amount of customer backlog that's out there -- and I can give an example of like Kroger. We had a very large win with Kroger. They're deploying all their stores. They don't necessarily want all the equipment upfront at once. They want to time that with their deployment.

克里斯蒂安，我認為可以公平地說，我們與分銷相關的積壓已經正常化，但我們仍然有相當數量的客戶積壓，我可以舉一個像克羅格這樣的例子。我們與克羅格取得了巨大的勝利。他們正在部署所有商店。他們不一定希望立即獲得所有設備。他們希望在部署時安排好時間。

So we have customer request dates, very specific customer request dates. That is one of -- one example of many. And what we've said and what continues to be the case is that we see the normalization of our backlog at the end of fiscal -- Q4 of this fiscal year.

所以我們有客戶請求日期，非常具體的客戶請求日期。這是眾多例子之一。我們已經說過，現在的情況是，我們看到我們的積壓工作在本財年第四季結束時正常化。

That's right. And just a follow-up on that, the pushouts that you were talking about at quarter end. Is that direct customer pushouts? Or is that -- was that unanticipated distribution channel pushouts?

這是正確的。這只是您在季度末談論的淘汰賽的後續行動。這是直接客戶推出嗎？還是——這是意料之外的通路推出？

Those... Those are customers...

那些……那些是顧客……

That's right. Okay. Great. And then my last question, return to 15% top line growth in '25 with 30% of your revenue recurring. It seems like a really strong growth rate for products. So I'm trying to figure out or back into what you guys' growth assumptions for industry growth is versus market share gains to attain that growth objective...

這是正確的。好的。偉大的。然後我的最後一個問題是，在 25 年恢復 15% 的營收成長，其中 30% 的收入是經常性的。產品的成長率似乎非常強勁。因此，我試圖弄清楚或回顧你們對產業成長的成長假設與實現該成長目標的市佔率成長之間的關係...

Well, a couple of things. I mean, one, we'll go through the long-range model next Tuesday, right, at our investor conference. So we can talk a little bit more about 25 that. Right now, we're not guiding for 25%. I think the biggest point is that recurring revenue will continue to grow.

嗯，有幾件事。我的意思是，第一，我們將在下週二的投資者會議上討論長期模型。所以我們可以多談 25。目前，我們的指導不是 25%。我認為最重要的一點是經常性收入將繼續成長。

You're seeing subscriptions grow 30% right now. And so we think that's the gift that keeps on giving over the next several years. We think this is an air pocket, as we mentioned earlier. And so we think that there will be demand coming back towards the end of this year into 2025. so that should normalize. And we still have a good -- like we talked about pipeline.

現在您看到訂閱量增加了 30%。因此，我們認為這是未來幾年繼續給予的禮物。正如我們之前提到的，我們認為這是一個氣穴。因此，我們認為需求將在今年年底至 2025 年恢復。因此，這種情況應該會正常化。我們仍然有一個很好的——就像我們談到的管道一樣。

And we have a building pipeline. And so that gives us confidence as well that this is a macroeconomic issue for a period of time and hopefully will abate here within this year and then 25% should be a normal -- more spend normalized spending year. At least that's the visibility we have right now into 2025.

我們有一條建設管道。因此，這也讓我們相信，這是一段時間內的宏觀經濟問題，希望在今年內得到緩解，然後 25% 應該是正常的——更多的支出正常化支出年。至少這是我們目前對 2025 年的能見度。

And Christian, I'd point out we -- a lot of our confidence comes from funnel, and we mentioned that we have double-digit funnel growth in terms of the year-over-year opportunities. And so a lot of the opportunities that are getting pushed out will come to fruition in addition to new demand.

克里斯蒂安，我想指出，我們的許多信心都來自漏斗，我們提到我們在漏斗中的機會比去年同期增長了兩位數。因此，除了新的需求之外，許多被淘汰的機會也將實現。

So there's a combination of our core business where we're taking share if Cisco is a market proxy in terms of what they're calling, it's kind of low single digit. When we take share, the function is how much share -- a point of market share is over 20% growth for Extreme because of our relative size. And that's in the core business.

因此，我們的核心業務是一個組合，如果思科是他們所說的市場代理，那麼我們將獲得份額，這是一個較低的個位數。當我們獲取份額時，函數是多少份額——由於我們的相對規模，Extreme 的市佔率成長超過 20%。這就是核心業務。

And I also mentioned we have invested and we've just rolled out, and we're in the early stage of ramping a managed services platform. There's a lot of interest in MSP. We're seeing a lot more people turn to MSP. We talked about some of our other strategic investments in terms of global security compliance certifications that apply in the U.S. market as well as targeted opportunities abroad.

我還提到我們已經投資並且剛剛推出，我們正處於提升託管服務平台的早期階段。人們對 MSP 很感興趣。我們看到越來越多的人轉向 MSP。我們討論了我們在適用於美國市場的全球安全合規認證以及海外目標機會方面的其他一些策略投資。

And we have some other interesting opportunities that are really white spaces for us where we have in play. So as we look at the components of core market, taking share and then we look at new white space investments where we haven't played before, and they are more commercial models.

我們還有一些其他有趣的機會，這些機會對我們來說確實是空白。因此，當我們關注核心市場的組成部分、獲取份額時，我們會關注我們以前從未參與過的新的空白投資，它們是更多的商業模式。

They don't require heavy investment, but it's more about relationship and go-to-market. And these are new for us, and they're just at the early stages of ramp. So those growth rates will be much higher than the market. And to Kevin's point, I would encourage participation next week at our investor conference because we're going to get into it in a lot of detail.

他們不需要大量投資，但更多的是關係和進入市場。這些對我們來說是新的，而且還處於起步階段。因此這些成長率將遠高於市場。對於凱文的觀點，我鼓勵大家參加下週的投資人會議，因為我們將詳細討論它。

And the last point I would make is that that subscription line is growing at 30%.

我要說的最後一點是訂閱線正在以 30% 的速度成長。

Right. No, I understood that math. I just wanted the market share game math, which I think you directionally understand what you're saying.

正確的。不，我理解數學。我只是想要市場份額遊戲數學，我認為你可以直接理解你在說什麼。

One moment for our next question -- our next question comes from Greg Mason with Westpark Capital.

我們的下一個問題請稍等一下——我們的下一個問題來自 Westpark Capital 的 Greg Mason。

Looking at your geographic distribution... Can you hear me?

查看您的地理分佈...您能聽到我說話嗎？

Yes, we can. We got you.

我們可以。我們抓到你了。

Okay. Looking at your global geographic distribution, I think EMEA was about 40% last quarter. I didn't see what it was this slide. I haven't had a chance to see it yet.

好的。從全球地理分佈來看，上季 EMEA 約為 40%。我沒看到這張投影片是什麼。我還沒有機會看到它。

But going forward, given that EMEA has been a soft area for you for understandable reasons, do you foresee just shifting your sales and marketing focus more back home to the domestic market and maybe the to Asia Pac markets to kind of offset to kind of channel your resources where the opportunities are still strong from a macro standpoint?

但展望未來，考慮到歐洲、中東和非洲地區出於可以理解的原因對您來說一直是一個軟區，您是否預見到將您的銷售和行銷重點更多地轉移回國內市場，也許轉移到亞太市場，以抵銷某種管道的影響從宏觀角度來看，你的資源在哪裡，機會仍然很強？

Yes, Greg, EMEA is still hovering around 40%. I think it was 41%-ish. We talked about realigning resources and the answer is yes. We're actively managing unfortunately, because of our size and because of the way we manage the business, we move very quickly.

是的，Greg，歐洲、中東和非洲地區仍然徘徊在 40% 左右。我認為是 41% 左右。我們談到了重新調整資源，答案是肯定的。不幸的是，我們正在積極管理，由於我們的規模和我們管理業務的方式，我們行動得非常快。

And yes, we're realigning resources to drive our investment behind success where we see the growth markets within a very short time when we realized what was going on here with near-term demand, we made some quick decisions as we pointed out. And a lot of those decisions were around go-to-market. And we commented on investment in Asia Pacific.

是的，我們正在重新調整資源，以推動我們的投資取得成功，當我們意識到近期需求的情況時，我們會在很短的時間內看到成長的市場，正如我們所指出的，我們做出了一些快速決定。其中很多決策都是圍繞著上市而言的。我們也評論了亞太地區的投資。

There's a lot of year-over-year growth in Asia Pacific for us will be higher a whole mean overall. And -- we're looking at targeted investments, for example, in federal, where we have significant opportunities and in other pockets. But your point is spot on.

對我們來說，亞太地區的年成長率很大，整體平均值會更高。而且 - 我們正在考慮有針對性的投資，例如在聯邦，我們在聯邦和其他領域有重大機會。但你的觀點是正確的。

Yes, we're looking at realigning resources where we can drive growth in the business. And we also look at the productivity of our resources that are in the field. And if sales are off, then we have to realign those resources to make sure we're driving productivity.

是的，我們正在考慮重新調整資源，以推動業務成長。我們也關注現場資源的生產力。如果銷售量下降，那麼我們就必須重新調整這些資源，以確保我們提高生產力。

Got you. And my follow-on is, Ed, you very briefly mentioned what I thought was a very interesting opportunity that you are currently in, I guess, discussions with some carriers about offering an enterprise solution through wireless carriers. Could you give a little more color on that?

明白你了。我的後續內容是，艾德，您非常簡短地提到了我認為是一個非常有趣的機會，我想您目前正在與一些運營商討論透過無線運營商提供企業解決方案。你能對此多加一些色彩嗎？

Yes. I think we'll talk more in detail next week at our investor conference. But the bottom line is that we have some strong relationships with some very large service providers who are just satisfied with current networking relationships. And there's been a kind of I'd say, mutual outreach.

是的。我想我們將在下週的投資者會議上更詳細地討論。但最重要的是，我們與一些非常大的服務提供者建立了牢固的關係，他們對當前的網路關係感到滿意。我想說的是，有一種相互連結。

We see some creative ways to work with them to help them drive the profitability of their business. There's a lot of interest in this. It's still early innings, but the volumes and potential size of the opportunities are quite large.

我們看到了一些與他們合作的創意方法，幫助他們提高業務獲利能力。人們對此很感興趣。現在還處於早期階段，但機會的數量和潛在規模相當大。

And -- so yes, there's an opportunity for us to work with them in a way where they can enhance and drive profitability and kind of reinvigorate some of their enterprise sales by replacing, I'd say, some of maybe the older larger networking vendors with Extreme. And we've got a customized solution that we're working on, and we'll share more details at Investor Day.

而且 - 所以，是的，我們有機會與他們合作，讓他們能夠提高和推動盈利能力，並通過替換一些可能較老的大型網絡供應商來重振他們的一些企業銷售。與極端。我們正在開發一個客製化的解決方案，我們將在投資者日分享更多細節。

For our next question. (Operator Instructions). Our next question comes from Mike Genovese with Rosenblatt Securities.

對於我們的下一個問題。 （操作員說明）。我們的下一個問題來自羅森布拉特證券公司的 Mike Genovese。

A lot of my questions have been asked already. questions about your sort of new go-to-market initiatives and confidence that orders will come back. So I'll just want to kind of summarize those comments for us again.

我的很多問題已經被問到了。關於您的新上市計劃的問題以及對訂單將回來的信心。所以我想再次為我們總結一下這些評論。

And then my second question, which I'll ask now is just if you could talk about margins. Despite the revenue cut, you're still looking for pretty good EPS growth. So just sort of go through those dynamics of what we should expect for margins a little bit more, please?

然後我現在要問的第二個問題是您是否可以談論利潤率。儘管收入減少，但您仍在尋求相當好的每股收益成長。那麼，請稍微回顧一下我們對利潤率的預期應該會更高一些的動態，好嗎？

Sure. So there's what we're doing that, Mike, is what we're doing in the core business to take share. In my comments, I made a point of commenting on what matters the most in the market overall right now and networks are inherently complex.

當然。麥克，我們正在做的事情就是我們在核心業務中所做的事情，以獲取市場份額。在我的評論中，我重點評論了目前整個市場上最重要的事情，而網路本質上是複雜的。

And in the enterprise space, people are trying to come to grips with how we simplify, how do we simplify the environment and how do we make sure that we have flexibility going forward, and we don't have a vendor lock situation where we get kind of stuck in a certain technology. And do we have modern networking tools.

在企業領域，人們正在努力解決我們如何簡化、如何簡化環境以及如何確保我們具有未來的靈活性，並且我們不存在供應商鎖定的情況。有點陷入某種技術。我們有現代的網路工具嗎？

And today, Extreme is by far the simplest in terms of our solutions the most flexibility, and we have the most modern tools in terms of modern networking tools. So we become a very attractive alternative. So our share gain profile and when we're winning the kind of accounts that we're winning with the kind of names that we're winning for references, that bodes very well for us. And our customer names support our brand and support us in building our brand in the marketplace. So that's just core market, market share gains. You'll hear more about that, but we have a ton of these larger opportunities behind us, and it's kind of success begets success.

如今，就我們的解決方案而言，Extreme 是迄今為止最簡單、最靈活的，就現代網路工具而言，我們擁有最現代的工具。所以我們成為一個非常有吸引力的選擇。因此，我們的份額增益概況，以及當我們贏得我們以我們贏得的參考名稱贏得的那種帳戶時，這對我們來說是個好兆頭。我們的客戶名稱支持我們的品牌並支持我們在市場上建立我們的品牌。所以這只是核心市場，市場佔有率的成長。您會聽到更多相關訊息，但我們身後有大量更大的機會，而且成功會帶來成功。

In terms of the new market opportunities, a lot of enterprise customers don't want to be in the networking business. And so they want service provider or managed service providers, which are a lot of people in our channel to provide a managed service. The problem with managed services is that the platforms are really complicated and difficult to manage, and a managed service provider has to have so many interfaces into so many different clouds and into so many different portals and the billing is complicated, et cetera.

就新的市場機會而言，許多企業客戶並不想涉足網路業務。因此，他們需要服務提供者或託管服務提供者，我們管道中的許多人都提供託管服務。託管服務的問題在於，平台非常複雜且難以管理，託管服務提供商必須擁有如此多的接口，連接到如此多的不同雲和如此多的不同門戶，並且計費也很複雜，等等。

So we set out over a year ago to build a managed service platform, a modern managed service platform based on simplicity. And we are -- we've come up with what is a very exciting platform that greatly simplifies the ability to provide a managed service from a networking perspective and all the elements that we're providing. And so there's been a huge amount of excitement around it. It does take a while to stand up. We started off with a goal of 5 service providers. We mentioned now we're at 7. We think that's going to scale up quite a bit. And we're going to make it much easier for a managed service provider to deliver a networking experience far easier.

因此，我們一年多前就開始建立一個託管服務平台，一個基於簡單性的現代託管服務平台。我們——我們已經提出了一個非常令人興奮的平台，它極大地簡化了從網路角度提供託管服務的能力以及我們提供的所有元素。因此，人們對此感到非常興奮。確實需要一段時間才能站起來。我們一開始的目標是擁有 5 個服務提供者。我們提到現在我們已經達到了 7 個。我們認為這個規模將會擴大很多。我們將使託管服務提供者更容易提供網路體驗。

And then with the simplicity of licensing, et cetera, the whole package will make it easier. So we're optimistic there. It doesn't really affect fiscal '24 much, but it will start to play a role in fiscal '25. We talked about the private subscription offer. So some very large service providers to support them in their enterprise business. Very early innings here.

然後，由於許可等的簡單性，整個軟體包將使事情變得更容易。所以我們對此持樂觀態度。它對 24 財年的影響並不大，但將在 25 財年開始發揮作用。我們討論了私人訂閱優惠。所以一些非常大的服務提供者來支持他們的企業業務。這裡的比賽很早。

We have a couple of large players we're talking to one specifically. It has a massive backlog and pipeline of opportunities. So we're excited about that. We are investing in Fedsure. It's an area that we had underinvested in previously. We have new resources that we've hired that have uncovered some very targeted specific opportunities that we're pursuing, that open up much higher than normal industry growth opportunities there.

我們正在專門與幾位大玩家進行交談。它有大量的積壓和機會管道。所以我們對此感到興奮。我們正在投資 Fedsure。這是我們之前投資不足的一個領域。我們僱用了新的資源，這些資源發現了我們正在追求的一些非常有針對性的特定機會，這些機會比正常的行業成長機會要高得多。

We also mentioned Asia Pacific, where we have been rebuilding that team. We have very strong leadership there, and we see big opportunities in verticals like hospitality. And we've had a massive -- the largest deal ever that we've won in Asia Pacific, a $10 million deal in Indonesia, we can build on that success. We're having a lot of success right now in Japan, in Korea, where we've been historically strong.

我們也提到了亞太地區，我們一直在該地區重建團隊。我們在那裡擁有非常強大的領導力，我們看到了酒店​​業等垂直行業的巨大機會。我們已經達成了一項規模巨大的交易——這是我們在亞太地區贏得的最大一筆交易，在印尼達成了價值 1000 萬美元的交易，我們可以在此成功的基礎上再接再厲。我們現在在日本和韓國取得了巨大的成功，我們在這兩個國家的歷史上一直很強大。

We have some really large opportunities with some of the large players there. So those are the areas in terms of managed service, this global security and certification the private offer as well as Asia Pacific investments. The last thing that we're doing is we're about 66% of our networking gear is licensed and runs in cloud, and we have a plan to make that 100%.

我們與那裡的一些大公司有一些非常大的機會。這些是託管服務、全球安全和認證、私募以及亞太投資等領域。我們要做的最後一件事是，我們大約 66% 的網路設備已獲得許可並在雲端運行，我們計劃實現 100%。

So we see accelerated growth in subscription as we build out our Extreme Cloud, not just the cloud management platform or a management tool, but an Extreme cloud platform as a service orchestrator, and we'll talk about that at Investor Day as well...

因此，隨著我們建立 Extreme Cloud，我們看到訂閱量加速成長，不僅僅是雲端管理平台或管理工具，而是作為服務編排器的 Extreme 雲端平台，我們也將在投資者日討論這一點。 。

Great. That was a lot of color. And then just on the margins, talk more about how the bottom line here grows a lot faster than the top...

偉大的。那是很多顏色。然後就在邊緣，更多地討論這裡的底線如何比頂線增長得快得多......

You want me to cover that one.

你想讓我報道那個。

Go for it.

大膽試試吧。

I think, Mike -- so our kind of rooted in our planning process, right? When we develop our annual planning process, we look at discretionary spend and what that is and they are fixed spend.

我想，麥克——所以我們的植根於我們的規劃過程，對吧？當我們制定年度計畫流程時，我們會考慮可自由支配支出及其內容，它們是固定支出。

And we understand that levers we need to pull, if we need to pull back, we can pull back on hiring. We can pull back on discretionary spend and the like if we see the business environment changing. We were able to act quickly, which was great for us in the quarter to this kind of evolving market environment. So that's still enabling us to have a good second quarter from an EPS perspective and obviously helps us for the rest of the year as well.

我們知道，我們需要拉動槓桿，如果我們需要拉動，我們就可以拉動招募。如果我們看到商業環境發生變化，我們可以減少可自由支配支出等。我們能夠迅速採取行動，這對於本季這種不斷變化的市場環境非常有利。因此，從每股收益的角度來看，這仍然使我們能夠在第二季度取得良好的業績，並且顯然對我們今年剩餘的時間也有幫助。

So I would say we feel confident in our ability to achieve that 25% growth in EPS this year. There's not many companies out there where you can say, hey, even if your top line is is single to high teens revenue growth, you're still delivering 25% profitability, and we've been delivering high levels of growth and profitability for quite some time for several years.

因此，我想說，我們對今年每股收益 25% 的成長充滿信心。沒有多少公司可以讓你說，嘿，即使你的營收成長是單一到十幾歲的收入成長，你仍然可以實現25% 的盈利能力，而且我們已經在相當長的一段時間裡實現了高水平的成長和獲利能力。幾年的一段時間。

And so we think that, that is an important element for shareholders to look at and realize that this company is going to get through this air pocket still deliver good, strong profitable growth this year. And then next year, we'll turn back into a more mid-teens growth company and deliver that margin as well. So that's the goal.

因此，我們認為，這是股東關注並意識到該公司將度過這個困境的重要因素，今年仍將實現良好、強勁的獲利成長。明年，我們將重新成為一家十幾歲左右的成長型公司，並實現同樣的利潤。這就是目標。

Can I just have one quick follow-up there. Could you just talk a little bit sort of gross margin versus operating margin. The comments seem to me focus more on the operating expenses -- is the gross margin to come as well?

我可以在那裡快速跟進嗎？能簡單談談毛利率與營業利益率嗎？在我看來，這些評論似乎更關注營運費用——毛利率也會隨之而來嗎？

Yes. I mean we're going to continue to look at ways of how we can continue to expand our gross margin for sure, Mike. I think we originally said that we are expecting it to be somewhere in the 62% range for the full year. We're not backing off that.

是的。我的意思是，麥克，我們將繼續尋找繼續擴大毛利率的方法。我想我們最初說過我們預計全年的成長率將在 62% 的範圍內。我們不會退縮。

We think that we will continue to see improvement throughout the year. I don't know if it's going to be 90 basis points sequentially every single quarter, but we are expecting that we can continue to improve our gross margins throughout the year. That's going to help...

我們認為，今年我們將繼續看到進步。我不知道是否會每季連續成長 90 個基點，但我們預計全年毛利率能夠繼續提高。這會有幫助...

Yes. And Mike, what's implied in a 62% gross margin is obviously, we end the year over that and more of a 63% range. So it relates to gross margins, we continue to see gross margins stepping here as we come out of supply chain and as we see some of the mix dynamics as it relates to subscription, etcetera.

是的。麥克，62% 的毛利率顯然意味著，我們年底的毛利率將超過這個水平，甚至更接近 63% 的範圍。因此，它與毛利率有關，當我們脫離供應鏈時，我們繼續看到毛利率出現在這裡，並且我們看到一些與訂閱等相關的混合動態。

That concludes the question-and-answer session. At this time, I would like to turn it back to Ed Meyercord for closing remarks.

問答環節到此結束。現在，我想把它轉回艾德·邁爾科德（Ed Meyercord）做總結發言。

Okay. Well, first of all, thanks, everybody, for participating on the call. We appreciate your interest in Extreme. I want to shout out. We get a lot of employees and customers and partners that joined as well. So I want to thank our employees for all the hard work and customers and partners for the business relationship and the commitment to Extreme.

好的。首先，感謝大家參加這次電話會議。我們感謝您對 Extreme 的興趣。我想大聲喊出來。我們也有很多員工、客戶和合作夥伴加入。因此，我要感謝我們的員工的辛勤工作，感謝客戶和合作夥伴的業務關係以及對 Extreme 的承諾。

As far as everyone is concerned here, we invite everyone to tune in to Investor Day. I we have a lot of opportunities, and we're going to go into a lot of detail around the core market, the growth opportunities as well as kind of help what this looks like from a financial perspective. So we invite everyone to participate there. And we hope to see you there. I'll reiterate, we see this as a short-term phenomenon, and we remain committed long term to delivering on double-digit growth in the top line. And obviously, what that means with operating leverage to the bottom line. Thanks, everybody, and have a great day.

就大家關心的問題而言，我們邀請大家收看投資者日。我們有很多機會，我們將圍繞核心市場、成長機會以及從財務角度提供的幫助進行詳細介紹。所以我們邀請大家參加。我們希望在那裡見到您。我重申，我們認為這是一種短期現象，我們仍然致力於長期實現營收兩位數的成長。顯然，這對於盈利來說意味著什麼。謝謝大家，祝你有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。