瞻博網絡 (JNPR) 2023 Q3 法說會逐字稿

Greetings. Welcome to Juniper Networks Q3 2023 Financial Results Conference Call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加瞻博網路 2023 年第三季財務業績電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Jess Lubert, Head of Investor Relations at Juniper. You may begin.

我現在將會議轉交給東道主、瞻博網路投資者關係主管 Jess Lubert。你可以開始了。

Thank you, operator. Good afternoon and welcome to our third quarter 2023 conference call. Joining me today are Rami Rahim, Chief Executive Officer; and Ken Miller, Chief Financial Officer.

謝謝你，接線生。下午好，歡迎參加我們的 2023 年第三季電話會議。今天加入我的是執行長拉米·拉希姆 (Rami Rahim)；和財務長肯·米勒。

Today's call contains certain forward-looking statements based on our current expectations. These statements are subject to risks and uncertainties, and actual results might differ materially. These risks are discussed in our most recent 10-Q, the press release furnished with our 8-K filed today, the CFO commentary posted on the Investor Relations portion of our website today and in our other SEC filings. Our forward-looking statements speak only as of today, and Juniper undertakes no obligation to update any forward-looking statements.

今天的電話會議包含基於我們目前預期的某些前瞻性陳述。這些陳述存在風險和不確定性，實際結果可能存在重大差異。這些風險在我們最近的 10-Q、今天提交的 8-K 隨附的新聞稿、今天發佈在我們網站投資者關係部分的首席財務官評論以及我們向 SEC 提交的其他文件中進行了討論。我們的前瞻性聲明僅代表今天的情況，瞻博網路不承擔更新任何前瞻性聲明的義務。

Our discussion today will include non-GAAP financial results. Reconciliation information can be found on the Investor Relations section of our website under Financial Reports. Commentary on why we consider non-GAAP information a useful view of the company's financial results is included in today's press release. Following our prepared remarks, we will take questions. (Operator Instructions).

我們今天的討論將包括非公認會計準則財務表現。調節資訊可以在我們網站的投資者關係部分的財務報告下找到。今天的新聞稿中包含了為什麼我們認為非公認會計原則資訊是公司財務表現有用觀點的評論。在我們準備好的發言之後，我們將回答問題。 （操作員說明）。

With that, I will now hand the call over to Rami.

現在，我將把電話轉交給拉米。

Good afternoon, everyone, and thank you for joining us on today's call to discuss our Q3 2023 results. We delivered better-than-expected results during the third quarter with total revenue of $1.398 billion, exceeding the midpoint of our guidance. Profitability was also strong in Q3 as our non-GAAP gross and operating margins both exceeded expectations, resulting in non-GAAP earnings per share of $0.60, which was above the high end of our quarterly guidance range.

大家下午好，感謝您參加今天的電話會議，討論我們 2023 年第三季的業績。我們第三季的業績好於預期，總收入為 13.98 億美元，超過了我們指導的中位數。第三季的獲利能力也很強勁，因為我們的非 GAAP 毛利率和營業利潤率均超出預期，導致非 GAAP 每股收益為 0.60 美元，高於我們季度指導範圍的上限。

Our teams continue to execute well against the backdrop of a challenging macro environment. We remain confident in our positioning from a technology perspective and our ability to win across industry verticals as customers increasingly look to leverage AIOps and software automation tools to improve network operations and reduce overhead costs, what we call Experience-First Networking. We believe our attention to providing customers with the best user experience, along with our continued go-to-market focus, will position us to deliver healthy long-term growth and improved profitability.

在充滿挑戰的宏觀環境下，我們的團隊繼續表現出色。隨著客戶越來越希望利用 AIOps 和軟體自動化工具來改善網路營運並降低間接成本，即我們所說的體驗優先網絡，我們對技術角度的定位以及在垂直行業中獲勝的能力充滿信心。我們相信，我們對為客戶提供最佳用戶體驗的關注，以及我們對進入市場的持續關注，將使我們能夠實現健康的長期成長並提高獲利能力。

Total product orders came in largely as expected during Q3, and the rate of year-over-year order decline improved as compared to the prior few quarters. Our Enterprise business remained healthy as orders experienced high single-digit sequential growth and exceeded our expectations. Enterprise strength helped offset order weakness with our Cloud and Service Provider customers, where we continue to see accounts digesting prior purchases before placing new orders.

第三季產品訂單總量基本上符合預期，訂單年減幅度較前幾季有所改善。我們的企業業務保持健康，訂單經歷了高個位數環比增長並超越了我們的預期。企業實力幫助抵消了我們的雲端和服務供應商客戶的訂單疲軟，我們繼續看到客戶在下新訂單之前消化先前的購買。

I'm extremely encouraged by the momentum we're seeing in our Enterprise business, which once again delivered record revenue results and accounted for more than 50% of total revenue for the first time in Juniper's history. Total Enterprise revenue grew by nearly 40% year-over-year in the Q3 time frame and represented our largest and fastest-growing vertical for our fourth consecutive quarter.

我對企業業務的發展勢頭感到非常鼓舞，該業務再次創造了創紀錄的收入業績，並在瞻博網路歷史上首次佔總收入的 50% 以上。第三季企業總營收年增近 40%，連續第四個季度代表了我們規模最大、成長最快的垂直領域。

Importantly, new logos saw another quarter of healthy double-digit growth, and we continue to see strong mid-market success as enterprise deal registration through the channel grew by more than 20% year-over-year and commercial orders grew by nearly 20% year-over-year. We believe continued growth in new logos and mid-market strength speaks to the differentiation of our products and our ability to capture share.

重要的是，新標誌又一個季度實現了兩位數的健康成長，我們繼續看到中端市場的強勁成功，透過該通路的企業交易註冊量年增超過 20%，商業訂單成長近 20%一年又一年。我們相信，新標誌和中端市場實力的持續成長證明了我們產品的差異化和我們佔領市場份額的能力。

Our campus and branch business had another record quarter in Q3 with our AI-Driven Enterprise revenue growing more than 40% year-over-year. Revenue from the Mystified segment of our business, which consists of products driven by Mist AI, also had a record quarter, growing by nearly 100% year-over-year in the Q3 time frame. Our Mystified orders also achieved a notable milestone in Q3, surpassing $1 billion run rate on an annualized basis less than 4 years after crossing the $100 million run rate milestone in Q4 2019.

我們的園區和分公司業務在第三季再創新高，人工智慧驅動的企業營收年增超過 40%。我們業務的 Mystified 部分（由 Mist AI 驅動的產品組成）的收入也創下了季度紀錄，在第三季度同比增長近 100%。我們的神秘訂單在第三季也實現了一個顯著的里程碑，在 2019 年第四季突破 1 億美元運行率里程碑後不到 4 年，年化運行率就超過了 10 億美元。

Customers and the industry are recognizing Juniper's clear and defensible leadership when it comes to AI-driven operations delivered via a modern microservices cloud and the meaningful benefit these solutions can provide in terms of reducing network trouble tickets, automating manual tasks, speeding time to deployment and reducing mean time to repair as compared to competitive platform.

在透過現代微服務雲提供人工智慧驅動的營運方面，客戶和業界正在認識到瞻博網路明確且可靠的領導地位，以及這些解決方案在減少網路故障單、自動化手動任務、加快部署時間和與競爭平台相比，減少了平均修復時間。

We see these benefits resulting in share gain opportunities as customers transition from legacy on-prem solutions managed by people to next-gen solutions managed using AI and the cloud. We believe this architectural transition remains in the early innings and will represent attractive growth opportunities for years to come.

我們看到，隨著客戶從由人員管理的傳統本地解決方案過渡到使用人工智慧和雲端管理的下一代解決方案，這些優勢將帶來分享機會。我們相信這種架構轉型仍處於早期階段，並將在未來幾年帶來有吸引力的成長機會。

In Q3, we secured a win with a global pharmaceutical leader, the world's largest health care provider added to its Juniper Mist rollout, and 2 very large retailers extended their Juniper Mist network to include our full stack across WiFi, wired and SD-WAN. One of these retailers is approaching 10,000 locations.

在第三季度，我們贏得了全球製藥領導者的勝利，全球最大的醫療保健提供商增加了其瞻博網絡Mist 的推出，兩家超大型零售商擴展了他們的瞻博網絡Mist 網絡，以包括我們跨WiFi、有線和SD-WAN 的完整堆疊。其中一家零售商的網點已接近 10,000 個。

Initial demand for our cloud-based network access control product was also strong, securing more than 50 customer wins in a little more than a quarter of availability with customers highlighting dramatic reductions in rollout time from days to minutes and simplified operations as being key differentiators.

對我們基於雲端的網路存取控制產品的最初需求也很強勁，在略高於四分之一的可用性中贏得了50 多個客戶，客戶強調推出時間從幾天到幾分鐘大幅縮短，並且簡化的操作是關鍵的差異化因素。

Mystified's strength was broad-based across the portfolio with record Wireless, Wired and SD-WAN revenue in the quarter as well as record full-stack wins, where customers purchased several of these campus and branch products together. We view momentum with these full-stack wins as a positive forward indicator given our belief that for every dollar of wireless, there is $2 to $3 of wired switching and additional SD-WAN and NAC opportunity.

Mystified 的優勢在整個產品組合中具有廣泛的基礎，本季的無線、有線和SD-WAN 收入創歷史新高，並且在全棧方面取得了創紀錄的勝利，客戶同時購買了其中多個園區和分支機構產品。我們將這些全端勝利的勢頭視為積極的前瞻性指標，因為我們相信每美元的無線服務都會帶來 2 至 3 美元的有線交換以及額外的 SD-WAN 和 NAC 機會。

Our Enterprise data center business also performed well in Q3 with Apstra continuing to see strong momentum in the market. Apstra new logos grew by more than 80% year-over-year in Q3, and the pipeline of opportunities remain solid. Hardware pull-through for every dollar of Apstra software has been meaningful and growing, which we view as a positive forward indicator for our data center prospects.

我們的企業資料中心業務在第三季也表現良好，Apstra 繼續看到市場的強勁勢頭。 Apstra 新商標在第三季年增超過 80%，且機會通路依然穩固。 Apstra 軟體的每一美元的硬體牽引力都是有意義的並且不斷增長，我們認為這是我們資料中心前景的一個積極的前瞻性指標。

Key data center wins in the quarter for Apstra and our QFX switch offerings included large government agencies, international Tier 1 service providers and one of the largest global appliance manufacturers. The performance of our Enterprise business shows our diversification strategy is working. And given our level of portfolio differentiation balanced against our relatively modest share in the large markets where we compete, I expect us to grow our Enterprise revenue and orders in 2023 and 2024 even in a more challenged macro environment.

Apstra 和我們的 QFX 交換器產品在本季贏得的關鍵資料中心包括大型政府機構、國際一級服務供應商和全球最大的設備製造商之一。我們企業業務的表現顯示我們的多元化策略正在發揮作用。考慮到我們的產品組合差異化程度與我們在競爭的大型市場中相對較小的份額相平衡，我預計即使在更具挑戰性的宏觀環境下，我們也能在2023 年和2024 年實現企業收入和訂單的成長。

As highlighted over the last few quarters, we continue to see accounts across each of our customer verticals more closely scrutinizing budget and project deployment time line due to the macro uncertainties that are happening around the world. This has been particularly true in the Cloud vertical, where many of our customers are still in the process of digesting prior purchases.

正如過去幾季所強調的那樣，由於世界各地發生的宏觀不確定性，我們繼續看到每個客戶垂直領域的客戶都在更仔細地審查預算和專案部署時間軸。在雲端垂直領域尤其如此，我們的許多客戶仍在消化先前的購買過程。

While these dynamics are likely to pressure our Cloud segment for at least the next few quarters, we remain optimistic regarding our longer-term prospects in the Cloud. Our optimism is driven by our strong wide-area footprint, the rapid traffic growth that continues in many of these customers' environments and the opportunity to capitalize on the adoption of large language model and the build-out of AI clusters, where we are seeing strong customer engagement that is driving optimism regarding our opportunity to benefit as the industry increasingly considers Ethernet as the right choice for a wide array of AIML use cases, including front-end, back-end, inference and storage networks.

雖然這些動態可能至少在未來幾季給我們的雲端部門帶來壓力，但我們對雲端領域的長期前景仍然樂觀。我們的樂觀情緒來自於我們強大的廣域覆蓋範圍、許多客戶環境中持續的快速流量增長以及利用大型語言模型的採用和人工智能集群構建的機會，我們看到隨著業界越來越多地認為乙太網路是各種AIML 使用案例（包括前端、後端、推理和儲存網路）的正確選擇，強大的客戶參與度使我們對受益機會感到樂觀。

As I mentioned last quarter, we expect AI adoption to drive a meaningful uptick in traffic growth that is likely to benefit our Cloud wide-area footprint over time. We also remain optimistic regarding our AI data center switching opportunity where we are already seeing success with Cloud Major and Enterprise accounts due to the performance and power efficiency of our custom silicon, the congestion management capabilities embedded within our Junos operating system and our support for technologies such as RDMA networking.

正如我上季度提到的，我們預計人工智慧的採用將推動流量成長顯著上升，隨著時間的推移，這可能有利於我們的雲端廣域足跡。我們也對 AI 資料中心切換機會保持樂觀，由於我們的客製化晶片的性能和能源效率、Junos 作業系統中嵌入的擁塞管理功能以及我們對技術的支持，我們已經在雲端專業和企業帳戶方面取得了成功例如RDMA 網路。

Additionally, by incorporating Apstra in our AIML design, Juniper differentiated in its ability to deliver the turnkey deployment and reliable operations of AIML clusters, which is critical to achieving the performance goals required by AIML team. Our service provider business softened in Q3 and was impacted by some of the macro uncertainties that are happening around the world. These dynamics are causing many carriers to more closely scrutinize budgets and, in some case, to run their networks harder than planned. We found this to be particularly true amongst our Tier 2 and Tier 3 customers as well as certain large international accounts, while activity with the U.S. Tier 1 operators has largely tracked according to plan.

此外，透過將 Apstra 納入我們的 AIML 設計中，瞻博網路在提供 AIML 叢集交鑰匙部署和可靠操作的能力方面脫穎而出，這對於實現 AIML 團隊所需的效能目標至關重要。我們的服務提供者業務在第三季疲軟，並受到世界各地發生的一些宏觀不確定性的影響。這些動態導致許多營運商更加嚴格地審查預算，並且在某些情況下，比計劃更難地運營其網路。我們發現，在我們的 2 級和 3 級客戶以及某些大型國際客戶中尤其如此，而與美國 1 級營運商的活動基本上按照計劃進行。

Despite these macro headwinds, we remain encouraged by the momentum we're seeing in our Cloud Metro portfolio where our new ACX7000 platform had a record revenue quarter and saw solid year-over-year growth from an orders perspective. These products secured 6 new footprint wins in the Q3 time frame, including a win with an international Tier 1 account. We expect this business to build through the remainder of the year and become more material to revenue in the 2024 time frame and beyond.

儘管存在這些宏觀阻力，我們仍然對 Cloud Metro 產品組合中看到的勢頭感到鼓舞，其中我們的新 ACX7000 平台創下了創紀錄的季度收入，並且從訂單角度來看，實現了穩健的同比增長。這些產品在第三季度取得了 6 個新的足跡勝利，其中包括一個國際一級帳戶的勝利。我們預計該業務將在今年剩餘時間內持續發展，並在 2024 年及以後對收入產生更重要的影響。

I'd like to highlight that our services team continued to execute extremely well and delivered another quarter of record revenue and margins during the Q3 time frame. Services account for more than 35% of our total revenue and we believe represents an underappreciated aspect of the business that is not only recurring and likely to grow in the years to come, but also presents opportunities for margin expansion as the team continues to identify and capture efficiencies.

我想強調的是，我們的服務團隊繼續表現出色，並在第三季期間再創季度創紀錄的收入和利潤。服務占我們總收入的35% 以上，我們認為，這是業務中一個未被充分重視的方面，它不僅會經常出現，並且在未來幾年可能會成長，而且隨著團隊不斷識別和發展，也提供了利潤擴張的機會。捕捉效率。

In summary, while the macro environment remains uncertain and is impacting our near-term outlook, I remain confident with our strategy and optimistic regarding our long-term growth prospects. My enthusiasm is fueled by our continued Enterprise momentum and the attractive longer-term opportunities we continue to see in the Cloud as well as Service Provider metro opportunity.

總之，雖然宏觀環境仍然不確定並影響我們的近期前景，但我對我們的策略仍然充滿信心，並對我們的長期成長前景持樂觀態度。我們持續的企業勢頭以及我們在雲端和服務提供者城域機會中繼續看到的有吸引力的長期機會激發了我的熱情。

I'd also like to emphasize that we remain committed to delivering improved profitability and still expect to deliver greater than 100 basis points of non-GAAP operating margin improvement in 2023. We also expect further improvement in 2024. While we view revenue growth as the primary lever to achieving improved profitability and reducing costs is never easy, we recently announced an action to protect profitability while preserving investments in strategic areas of the company.

我還想強調，我們仍然致力於提高盈利能力，並仍預計 2023 年非 GAAP 營業利潤率將提高 100 個基點以上。我們還預計 2024 年將進一步改善。雖然我們將收入增長視為提高盈利能力和降低成本的主要槓桿從來都不是一件容易的事，我們最近宣布了一項保護獲利能力的行動，同時保留對公司策略領域的投資。

I will now turn the call over to Ken, who will discuss our quarterly financial results and outlook in more detail.

我現在將把電話轉給肯，他將更詳細地討論我們的季度財務表現和前景。

Thank you, Rami, and good afternoon, everyone. I will start by discussing our third quarter results then provide some color on our outlook. We ended the third quarter of 2023 with $1.398 billion in revenue, which was over $10 million above the midpoint of our guidance. We delivered non-GAAP diluted earnings per share of $0.60, which was $0.01 above the high end of our guidance range, driven by better-than-expected revenue results and improved gross and operating margins.

謝謝拉米，大家下午好。我將首先討論我們第三季的業績，然後對我們的前景進行一些闡述。截至 2023 年第三季度，我們的營收為 13.98 億美元，比我們的指導中位數高出 1,000 萬美元以上。得益於好於預期的收入業績以及毛利率和營業利潤率的提高，我們實現了非 GAAP 攤薄每股收益 0.60 美元，比我們指導範圍的上限高出 0.01 美元。

Total product orders came in largely as expected, and the rate of year-over-year decline improved as compared to the prior few quarters. Enterprise demand continues to be strong and exceeded our expectations, resulting in orders that grew in the high single digits on a sequential basis but were approximately flat year-over-year. Cloud and Service Provider demand remained pressured due to digestion of previously placed orders and an unfavorable macroeconomic environment.

產品訂單總額基本上符合預期，較前幾季有所改善。企業需求持續強勁並超越我們的預期，導致訂單環比以高個位數成長，但比去年同期基本持平。由於先前訂單的消化和不利的宏觀經濟環境，雲端和服務提供者的需求仍然受到壓力。

From a customer solution perspective, on a year-over-year basis, AI-Driven Enterprise led the way with record revenue and growth of 43%. Automated WAN solutions revenue declined 18%, and Cloud-Ready Data Center revenue declined 26%.

從客戶解決方案的角度來看，與去年同期相比，AI 驅動型企業以創紀錄的收入和 43% 的成長率處於領先地位。自動化廣域網路解決方案收入下降 18%，雲端就緒資料中心收入下降 26%。

Looking at our revenue by vertical. On a year-over-year basis, Enterprise increased 37%, Service Provider declined 20%, and Cloud decreased 28%. Total software and related services revenue was $313 million, which was an increase of 27% year-over-year. ARR was $357 million and grew 37% year-over-year. Deferred revenue from our SaaS business grew more than 50% year-over-year. We remain confident in our software transformation and ARR growth.

按垂直方向查看我們的收入。與去年同期相比，企業成長了 37%，服務供應商下降了 20%，雲端下降了 28%。軟體及相關服務總收入為3.13億美元，較去年同期成長27%。 ARR 為 3.57 億美元，年增 37%。我們的 SaaS 業務遞延營收年增超過 50%。我們對軟體轉型和 ARR 成長仍然充滿信心。

Total Security revenue was $160 million, up 14% year-over-year. Our Services business remained strong in Q3, posting record revenue and profitability. Service revenue was $500 million and grew 12% year-over-year and 7% sequentially. Non-GAAP Service gross margin of 72.8% improved 4.8 points versus a year ago and 3.1 points sequentially. We see the potential for continued Services revenue growth and improvements in profitability.

Total Security 營收為 1.6 億美元，年增 14%。我們的服務業務在第三季保持強勁，收入和獲利能力創歷史新高。服務收入為 5 億美元，年增 12%，季增 7%。非 GAAP 服務毛利率為 72.8%，較上年同期提高 4.8 個百分點，較上一季提高 3.1 個百分點。我們看到服務收入持續成長和獲利能力改善的潛力。

In reviewing our top 10 customers for the quarter, 5 were Cloud, 3 were Enterprise and 2 were Service Providers. Our top 10 customers accounted for 29% of total revenue as compared to 34% in the third quarter of 2022. Non-GAAP gross margin was 59.5%, which was at the high end of our guidance range. This was primarily driven by the improved Service margin, favorable software revenue mix and lower logistics costs, which was partially offset by higher inventory-related expenses.

在回顧本季的十大客戶時，5 個是雲端客戶，3 個是企業客戶，2 個是服務提供者。我們的十大客戶佔總收入的 29%，而 2022 年第三季為 34%。非 GAAP 毛利率為 59.5%，位於我們指引範圍的高端。這主要是由於服務利潤率的提高、有利的軟體收入組合和較低的物流成本推動的，但庫存相關費用的增加部分抵消了這一影響。

Non-GAAP operating expenses increased 4% year-over-year primarily due to head count-related costs but were down 1% sequentially. Non-GAAP operating margin was 17.5% for the quarter, which was above our expectations, primarily driven by better-than-expected gross margin. Cash flows from operations were $329 million.

非 GAAP 營運費用年增 4%，主要是因為人員數量相關成本，但較上季下降 1%。本季非 GAAP 營業利潤率為 17.5%，高於我們的預期，主要是由於毛利率優於預期。營運現金流為 3.29 億美元。

We paid $70 million in dividends, reflecting a quarterly dividend of $0.22 per share. We also repurchased $125 million worth of shares in the quarter. We exited the third quarter of 2023 with total cash, cash equivalents and investments increasing to $1.4 billion. Lastly, we incurred an aggregate amount of $62.5 million in restructuring charges in the third quarter of 2023 in connection with the plans to reallocate resources to efficiently support our strategic priorities while delivering against our profitability goals.

我們支付了 7000 萬美元的股息，相當於每股 0.22 美元的季度股息。本季我們也回購了價值 1.25 億美元的股票。 2023 年第三季結束時，我們的現金、現金等價物和投資總額增加至 14 億美元。最後，我們在 2023 年第三季產生了總計 6,250 萬美元的重組費用，這些費用與重新分配資源的計劃有關，以有效支持我們的戰略重點，同時實現我們的盈利目標。

As disclosed in 8-K filed earlier this month, we announced a plan to reduce worldwide head count by approximately 440 employees, resulting in the majority of this restructuring charge. Please reference our SEC filings for more information. Overall, we delivered solid results in the third quarter, and I'm pleased with our team's dedication and commitment.

正如本月稍早提交的 8-K 中所披露的那樣，我們宣布了一項在全球範圍內減少約 440 名員工的計劃，從而承擔了此次重組費用的大部分。請參閱我們向 SEC 提交的文件以了解更多資訊。總的來說，我們在第三季取得了紮實的成果，我對我們團隊的奉獻和承諾感到滿意。

Now I would like to provide some color on our guidance, which you could find details in the CFO commentary available on our Investor Relations website. The macroeconomic environment is expected to remain challenged, which has been factored into our outlook.

現在我想對我們的指導提供一些說明，您可以在我們的投資者關係網站上的財務長評論中找到詳細資訊。預計宏觀經濟環境仍將面臨挑戰，這已納入我們的展望。

For the fourth quarter of 2023, we expect to see sequential growth in bookings and expect the rate of year-over-year order declines to further moderate. We continue to see healthy Enterprise momentum and expect orders to grow both in the fourth quarter and on a full year basis. However, we expect demand from Cloud and Service Provider customers to remain constrained as they continue to digest previously placed orders.

對於 2023 年第四季度，我們預計預訂量將環比增長，並預計訂單將同比下降速度將進一步放緩。我們繼續看到企業的健康發展勢頭，並預計第四季度和全年的訂單都會成長。然而，我們預計雲端和服務提供者客戶的需求仍將受到限制，因為他們繼續消化先前下的訂單。

Non-GAAP gross margin is expected to modestly increase in the fourth quarter of 2023 to approximately 60% due to expected lower supply chain costs. We will continue to manage non-GAAP operating expenses prudently and expect a sequential decline of approximately $10 million.

由於供應鏈成本預計較低，預計 2023 年第四季非 GAAP 毛利率將小幅增長至 60% 左右。我們將繼續審慎管理非 GAAP 營運費用，預計環比下降約 1,000 萬美元。

With our fourth quarter guidance, total 2023 revenue is expected to grow approximately 5% to 6% on a full year basis, and non-GAAP operating margin will expand by more than 100 basis points. Additionally, non-GAAP earnings per share are expected to grow double digits in 2023, meeting our previously stated guidance for revenue and profitability.

根據我們第四季的指引，預計 2023 年全年總營收將成長約 5% 至 6%，非 GAAP 營業利潤率將擴大 100 個基點以上。此外，預計 2023 年非 GAAP 每股盈餘將達到兩位數成長，滿足我們先前規定的營收和獲利能力指引。

While the current global macroeconomic environment poses some uncertainty, we would like to provide some initial color regarding our current outlook for 2024. Bookings across all verticals are expected to grow next year on a full year basis. We expect our Enterprise revenue to grow. However, total revenue results will depend on the rate and pace of recovery in our Cloud and Service Provider verticals, which remain uncertain at this time.

雖然當前的全球宏觀經濟環境帶來了一些不確定性，但我們希望對當前 2024 年的前景提供一些初步的看法。預計明年全年所有垂直行業的預訂量都會增長。我們預計我們的企業收入將會成長。然而，總收入結果將取決於我們的雲端和服務供應商垂直領域的復甦速度和步伐，目前仍不確定。

Based on our current order expectations and backlog levels, we expect a return to more traditional seasonal revenue patterns beginning in the first quarter of 2024. As a reminder, prior to the industry-wide supply chain shortage, we historically experienced double-digit sequential revenue declines in the first quarter followed by sequential revenue growth throughout the remainder of the year.

根據我們目前的訂單預期和積壓水平，我們預計從2024 年第一季開始將恢復到更傳統的季節性收入模式。提醒一下，在全行業供應鏈短缺之前，我們歷來經歷兩位數的連續營收第一季營收下降，隨後全年剩餘時間收入連續成長。

We expect non-GAAP gross margin to expand in 2024. We will continue to manage non-GAAP operating expenses prudently and expect non-GAAP operating margin expansion in 2024. However, our ability to achieve this objective will be partially dependent on revenue results. Our long-term financial objectives have not changed. We plan to deliver sustainable revenue growth, improved operating margin and earnings expansion over time. Finally, I'm pleased to announce we have declared a quarterly cash dividend of $0.22 per share to be paid this quarter to stockholders of record.

我們預計非 GAAP 毛利率將在 2024 年擴大。我們將繼續審慎管理非 GAAP 營運費用，並預計 2024 年非 GAAP 營運利潤率將擴大。然而，我們實現這一目標的能力將部分取決於收入結果。我們的長期財務目標並沒有改變。我們計劃隨著時間的推移實現可持續的收入成長、提高營業利潤率和獲利擴張。最後，我很高興地宣布，我們已宣布本季向記錄在案的股東支付每股 0.22 美元的季度現金股息。

In closing, I'd like to thank the Juniper team for their continued dedication and commitment to Juniper's success, especially in this dynamic environment.

最後，我要感謝瞻博網路團隊的持續奉獻和對瞻博網路成功的承諾，尤其是在這個充滿活力的環境中。

Now I'd like to open the call for questions.

現在我想開始提問。

(Operator Instructions) The first question today is coming from Amit Daryanani from Evercore.

（操作員說明）今天的第一個問題來自 Evercore 的 Amit Daryanani。

Good job on the margins over here, fairly impressive. My question is really around the decrease you're seeing on the Cloud and Service Provider market in aggregate. I'm really curious if you've seen any change in tone over the last 90 days because a lot of the stuff you saw that you talked about last quite as well. And maybe across both the segments, is your sense that the weakness is coming more from customers having to digest the product they already have? Or is it more because they're pushing out new deployments? I'm curious how this starts across the segments. And then maybe related to this mega segment, from a historical perspective, how long do you think is correction typically last and perhaps that answers a little easy on Service Provider versus Cloud but (inaudible) what the historical perspective looks.

這裡的邊緣工作做得很好，相當令人印象深刻。我的問題實際上是關於雲端和服務提供者市場整體下降的情況。我真的很好奇你在過去 90 天裡是否看到語氣有任何變化，因為你看到的很多東西你上次也談到過。也許在這兩個細分市場中，您是否認為弱點更來自於客戶必須消化他們已有的產品？或者更多的是因為他們正在推出新的部署？我很好奇這是如何跨各個細分市場開始的。然後，也許與這個巨大的細分市場相關，從歷史的角度來看，您認為修正通常會持續多長時間，也許這對服務提供者與雲端的答案有點簡單，但（聽不清楚）歷史角度看起來是什麼樣的。

Amit, this is Rami. I'll start. For some reason, you're really choppy. So I hope the issue is not on our end. I think I got most of what you asked really around the demand environment that we're seeing for Cloud and SP, and I think you're looking for some commentary around sort of the duration of that -- the challenges that we're seeing in that segment.

阿米特，這是拉米。我開始吧。出於某種原因，你真的很不穩定。所以我希望問題不是出在我們這邊。我想我已經得到了您關於雲端和 SP 的需求環境的大部分詢問，並且我認為您正在尋找有關該持續時間的一些評論 - 我們所看到的挑戰在那​​個部分。

I'd say, first, not much has changed from the last quarter in terms of what we're seeing in SP and Cloud. Service Provider is probably incrementally more challenging as I mentioned in my prepared remarks, not so much because of Tier 1 service providers in the U.S., more about Tier 2, Tier 3 and international.

我想說，首先，就我們在 SP 和雲端中看到的情況而言，與上季度相比並沒有太大變化。正如我在準備好的發言中提到的，服務提供者可能越來越具有挑戰性，這並不是因為美國的一級服務提供者，更多的是因為二級、三級和國際服務提供者。

Cloud is challenging as we expected. I don't think it's gotten worse or better, really. And we've always expected that the digestion period that is being faced in the Cloud and, to some extent, in the Service Provider vertical as well, is going to last for several quarters.

正如我們預期的那樣，雲端充滿挑戰。我不認為情況變得更糟或更好，真的。我們一直預計雲端運算以及在某種程度上服務提供者垂直領域面臨的消化期將持續數季。

Having said that, I don't think it's all negative. I mean in the Service Provider space, for example, there are plenty of opportunities out there that we're competing for, especially in the Metro, where we're seeing really great early momentum. And I expect that that's going to more meaningfully contribute to our top line next year.

話雖如此，我並不認為這都是負面的。我的意思是，例如，在服務提供者領域，我們正在爭奪很多機會，特別是在地鐵領域，我們看到了非常好的早期勢頭。我預計這將為我們明年的營收做出更有意義的貢獻。

In the Cloud provider space, there are projects that are ongoing. We're competing for new projects for certain. The AI cluster opportunity is going to emerge, as I think, a wonderful opportunity for us to go and to pursue. I just think it's going to be a few more quarters of digestion before those opportunities start to play out and we begin to benefit from them.

在雲端提供者領域，有一些項目正在進行中。我們肯定正在爭奪新項目。我認為，人工智慧集群的機會即將出現，這對我們來說是一個值得追求的絕佳機會。我只是認為，在這些機會開始顯現、我們開始從中受益之前，還需要幾個季度的消化時間。

The next question is coming from Michael Ng from Goldman Sachs.

下一個問題來自高盛的 Michael Ng。

I just have two. First, I was just wondering if you can talk a little bit more around the strength in Hardware Maintenance and Professional Services. Very good quarter-on-quarter growth. Was there something that may have helped on the maintenance side, whether it's the incremental challenges in SP that you talked about that may have led to more maintenance?

我只有兩個。首先，我想知道您是否可以多談談硬體維護和專業服務的實力。季度環比成長非常好。是否有什麼東西可能對維護方面有所幫助，是否是您談到的 SP 中的增量挑戰可能導致更多的維護？

And then the second, I was just wondering if you could talk a little bit more about product orders. It's encouraging to hear that it was in line with expectations and the year-over-year decline improved. But how much did product orders actually decline in the quarter?

第二，我只是想知道你是否可以多談談產品訂單。令人鼓舞的是，這符合預期，且較去年同期下降幅度有所改善。但本季產品訂單實際上下降了多少？

Yes. So I'll take those questions. So on the Services side, very proud of the team. And we've seen some record services result both on the revenue side, up 12% year-on-year, as well as on the margin side. So really phenomenal results there.

是的。所以我會回答這些問題。因此，在服務方面，我們為團隊感到非常自豪。我們看到一些服務在收入方面和利潤方面都取得了創紀錄的成績，年增 12%。所以那裡的結果確實非常驚人。

The services business does include predominantly our Maintenance Professional Services business, but it does include a growing portion of our SaaS software, which has been growing faster than the overall services results. So the SaaS business is absolutely helping services overall.

服務業務確實主要包括我們的維護專業服務業務，但它確實包括我們的 SaaS 軟體的不斷增長的部分，其成長速度快於整體服務結果。因此，SaaS 業務絕對有助於整體服務。

But as you look at just the Maintenance business, which is what you talked about and the growth there, really, there's a lagging indicator of what we've seen in the past couple of years on the product side. So the product growth over the last couple of years has really given us the opportunity to expand our installed base and to attach more service contracts, and we're realizing the benefit of that now. So that's been great.

但當你只看維護業務時，這就是你所談論的以及那裡的成長，實際上，我們在過去幾年在產品方面看到了一個滯後指標。因此，過去幾年的產品成長確實給了我們擴大安裝基礎並附加更多服務合約的機會，我們現在正在意識到這樣做的好處。所以這很棒。

On the product booking side and the order side, it did come in as we expected. Enterprise was maybe a little more favorable than we originally anticipated at the start of the quarter. Service Provider was a little bit weaker than we anticipated, but in aggregate, it was as expected. And as we predicted, we are starting to lessen that year-over-year decline that we've had in the last couple of quarters, and I expect us to further lessen that decline here in the fourth quarter.

在產品預訂端和訂單端，確實如我們預期的那樣進來了。 Enterprise 的表現可能比我們本季初最初預期的要好一些。服務提供者的表現比我們預期的要弱一些，但總體而言，符合預期。正如我們預測的那樣，我們開始減少過去幾個季度的同比下降，我預計我們將在第四季度進一步減少這種下降。

The next question is coming from Samik Chatterjee from JPMorgan.

下一個問題來自摩根大通的 Samik Chatterjee。

I guess if I start on the margin front, you're guiding to operating margin expansion, although with the sort of caveat about what that revenue outlook looks like. I do see you sort of expanding gross margins next year. So can you just outline what are sort of the sort of puts and takes here? What is the amount of revenue decline you can absorb even with gross margin expansion and still sort of deliver operating margin expansion as you look to next year?

我想，如果我從利潤率開始，你會引導營業利潤率擴張，儘管對收入前景有某種警告。我確實看到你們明年的毛利率會有所擴大。那麼您能否概述一下這裡的看跌期權和看跌期權是什麼？即使毛利率擴大，您可以吸收多少收入下降，並且預計明年仍能實現營業利潤率的成長？

And just a quick clarification on Michael's question here. So you said orders have tracked in the quarter largely in line, but you seem to be moderating your 4Q order trajectory of saying now it's maybe a more modest decline where earlier you were saying it's an increase as of the last quarter or so. There seems to have been an incremental change there even though it tracked in line in the quarter. Can you just clarify what led to that change?

在此對邁克爾的問題進行快速澄清。因此，您說本季的訂單基本上保持一致，但您似乎正在調整第四季度的訂單軌跡，說現在可能是一個更溫和的下降，而之前您說的是截至上個季度左右的增長。儘管與本季度的情況一致，但那裡似乎出現了增量變化。您能澄清一下是什麼導致了這個改變嗎？

Absolutely. So this is Ken. On the margin expansion for next year, which we are anticipating, we are going to -- we are expecting a gross margin improvement next year. We also -- we will be -- continue to be prudent on cost controls. So with the gross margin expansion as well as the prudence on cost controls, we do believe we will expand operating margin.

絕對地。這就是肯。關於明年的利潤率擴張，我們預計明年的毛利率會有所改善。我們也將——我們將——繼續在成本控制方面保持謹慎。因此，隨著毛利率的擴張以及對成本控制的謹慎，我們確實相信我們將擴大營業利潤率。

That really would apply to revenue at, say, modest decline levels. If revenue declines were to get larger than that, it would be more challenging. But we would stay laser-focused on protecting profitability. And if necessary, we would consider taking further costs out of the business to protect our margins.

這確實適用於收入小幅下降的情況。如果收入下降幅度超過這個數字，那就更具挑戰性了。但我們將繼續專注於保護獲利能力。如果有必要，我們會考慮進一步削減業務成本以保護我們的利潤。

On the Q4 order perspective, you're right, in prior quarters, we did mention we thought we will return to year-on-year growth potentially as soon as Q4. We still might return to year-on-year growth in Q4. Quite confident that the year-on-year decline, if there is one, will be significantly lessened from the last couple of quarters. But we may return to year-on-year growth in Q4, but it's not factored into my current base case. I do expect us to return to full year growth or year-over-year growth in 2024, early in 2024. And on a full year basis, in 2024, I would expect all verticals to have full year growth.

從第四季度訂單的角度來看，你是對的，在之前的幾個季度中，我們確實提到我們認為我們可能會在第四季度盡快恢復同比增長。第四季我們仍有可能恢復年成​​長。我們非常有信心，年減（如果有的話）將比過去幾季顯著縮小。但我們可能會在第四季度恢復年成長，但這並未納入我目前的基本假設中。我確實預計我們將在 2024 年、2024 年初恢復全年增長或同比增長。在 2024 年全年的基礎上，我預計所有垂直行業都將實現全年增長。

The next question is coming from Alex Henderson from Needham.

下一個問題來自尼達姆的 Alex Henderson。

I was hoping you could give us some sense of when you think some things are going to normalize. And most specifically, the -- when -- at what juncture do you think your backlog is fully normalized? And at what juncture do you think your excess inventory will normalize? I assume that's with a lag to the backlog. And do you think that there's any risk within that inventory as we're going through these delays and changing environment? Is there anything in your inventory that you think might be an obsolescence problem?

我希望你能給我們一些關於什麼時候你認為某些事情會正常化的感覺。最具體地說，您認為您的積壓工作何時完全正常化？您認為庫存過剩什麼時候會恢復正常？我認為這是積壓的滯後。您認為當我們經歷這些延誤和不斷變化的環境時，該庫存是否有任何風險？您的庫存中是否有任何您認為可能有過時問題的商品？

Good questions. On the backlog front, backlog has come down faster or normalized faster than we expected this year largely because the supply chain has actually improved much quicker than we expected from a lead time perspective. So we have seen backlog come down. I expect it to continue to come down in the fourth quarter as well.

好問題。在積壓方面，今年積壓的下降或正常化速度比我們預期的要快，這主要是因為從交貨時間的角度來看，供應鏈的改善實際上比我們預期的要快得多。所以我們看到積壓的情況減少。我預計第四季它也會繼續下降。

I still believe we will remain -- we'll exit the year at an elevated backlog position. But at this point, I do not believe it will be 2x the elevated position that we've been talking about in prior periods. So I think it will be elevated but not quite 2x. I do expect backlog to fully normalize probably by the middle of next year. I would say probably the first half to the middle of next year, backlog should be kind of fully normalized.

我仍然相信我們將繼續保持 - 我們將以較高的積壓狀況結束今年。但在這一點上，我不認為它會是我們之前討論過的提升位置的兩倍。所以我認為它會提高但不會達到兩倍。我確實預計積壓可能會在明年年中完全正常化。我想說，可能從上半年到明年年中，積壓應該要完全正常化。

Inventory has been growing throughout the last couple of years. I would expect this to plateau and start to come down at some point in 2024. It is going to take longer, to your point, the inventory kind of normalization, if you will, it's going to take a few years, in my opinion. And I don't think we'll ever get down to previous normals, right? I think we've learned some lessons with the recent supply chain situation. I think we'll continue to carry inventory at higher levels than we historically did, but there is still a fairly sizable room for it to reduce over the next few years.

過去幾年庫存一直在成長。我預計這種情況會趨於穩定，並在2024 年的某個時候開始下降。就你的觀點而言，庫存的正常化需要更長的時間，如果你願意的話，我認為這將需要幾年的時間。我認為我們永遠不會回到以前的常態，對吧？我認為我們從最近的供應鏈情勢中吸取了一些教訓。我認為我們的庫存水準將繼續高於歷史水平，但未來幾年仍有相當大的減少空間。

And on the cost of that inventory, there are costs. I mean I mentioned in the gross margin guidance, we had a very strong gross margin quarter really highlighted by software, services. And we are seeing some of the earlier transitory costs, i.e. logistics and expedite fees, come down. But some of the goodness in gross margin was offset by an increase in inventory-carrying charges. That would include excess and obsolescence reserves as well as just carrying charges.

庫存成本是有成本的。我的意思是我在毛利率指導中提到，我們有一個非常強勁的毛利率季度，真正突出的是軟體和服務。我們看到一些早期的臨時成本，即物流和加急費用有所下降。但毛利率的部分優勢被庫存費用的增加所抵銷。這將包括超額和過時儲備以及持有費用。

So we are paying for those now. That's factored in, obviously, to our results and to our near-term and longer-term guidance. I do think there's opportunity for those to reduce over time as inventory starts to normalize.

所以我們現在正在為此付費。顯然，這已考慮到我們的業績以及我們的近期和長期指導。我確實認為，隨著庫存開始正常化，這些數量有機會隨著時間的推移而減少。

The next question is coming from Simon Leopold from Raymond James.

下一個問題來自雷蒙德·詹姆斯的西蒙·利奧波德。

First, just a quick clarification, if I may. In your prepared remarks, you talked about a return to normal seasonality in 2024, and you also made a reference to Q1 being down double digits in the past. Are we to take it that you expect Q1 '24 to be down by a double-digit rate? That's a clarification, simple.

首先，請容許我快速澄清一下。在您準備好的演講中，您談到了 2024 年恢復正常季節性，並且您還提到過去第一季出現兩位數下降。我們是否可以認為您預計 24 年第一季的成長率將下降兩位數？這是一個澄清，簡單。

In terms of the broader question, however, I see a number of the third-party market research firms expect the campus environment, both wireless LAN and campus switching, will decline in 2024. And you've been experiencing some good growth here. I assume it's decelerating, but you sound very confident that you'll still grow. Could you help us unpack what separates your view from the market research firms?

然而，就更廣泛的問題而言，我看到許多第三方市場研究公司預計園區環境（無線 LAN 和園區交換）將在 2024 年下降。而您在這裡已經經歷了一些良好的增長。我認為它正在減速，但你聽起來非常有信心你仍然會成長。您能幫我們解釋一下您的觀點與市場研究公司的不同之處嗎？

Thanks for the question, Simon. I'll start with your second question first, and I'll then hand it over to Ken. So first, you're right, I am confident in our campus and branch business. We have grown over the last few years even in the face of pretty significant headwinds. At a time when, for example, in the middle of COVID where some of our peers were seeing some declines, we consistently saw growth in our campus and branch business.

謝謝你的提問，西蒙。我先從你的第二個問題開始，然後我會把它交給肯。首先，你是對的，我對我們校園和分行的業務充滿信心。即使面對相當大的逆風，我們在過去幾年中也取得了成長。例如，在新冠疫情期間，我們的一些同業出現了一些下滑，但我們的園區和分公司業務卻持續成長。

I think the solutions that we're offering that include AIOps that simplify and reduce the cost of operations actually truly resonate with customers that are looking for executing on digital transformation projects in a situation where their budgets are challenged, right? We're basically enabling them to transform their business with less total cost of ownership. That's part of the value proposition of our solutions that's really resonating.

我認為我們提供的解決方案（包括簡化和降低營運成本的 AIOp）實際上真正引起了那些在預算受到挑戰的情況下尋求執行數位轉型專案的客戶的共鳴，對吧？我們基本上是幫助他們以更低的總擁有成本實現業務轉型。這是我們真正引起共鳴的解決方案價值主張的一部分。

In addition to that, the campus and branch market all up if you include Wired, Wireless and WAN is a $25 billion market opportunity, give or take, of which we're a small player and plenty of room for us to grow, even in the face of a total addressable market that's not growing all that much or even not even growing at all. So for all of these reasons, I'm super optimistic about our Enterprise business and especially our campus and branch business looking forward.

除此之外，如果將有線、無線和廣域網包括在內，園區和分支機構市場將是一個價值250 億美元的市場機會，無論給予還是接受，我們只是其中的一個小參與者，並且有足夠的發展空間，即使在整個潛在市場的成長幅度不大，甚至根本沒有成長。因此，基於所有這些原因，我對我們的企業業務，尤其是我們的校園和分支機構業務的前景非常樂觀。

Yes. And on your clarification question, the short answer is yes, I would expect a sequential decline from Q4 to Q1 in that double-digit realm based on kind of previous traditional patterns.

是的。關於你的澄清問題，簡短的回答是肯定的，我預計根據以前的傳統模式，從第四季度到第一季的兩位數領域將出現連續下降。

The next question is coming from David Vogt from UBS.

下一個問題來自瑞銀集團的大衛‧沃格特。

I'm going to kind of bundle a couple of things here, all related, if you may -- if you let me. So I'm trying to understand sort of the seasonal patterns of the business that you referenced going into Q1 and then sequentially getting stronger because the business is a little bit different today than it was pre-COVID, right? Mist is much stronger, and I would imagine the severity of the decline in Cloud is much deeper than you would have anticipated.

如果可以的話，我將在這裡捆綁一些相關的東西，如果你允許的話。因此，我試圖了解您提到的進入第一季的業務季節性模式，然後依次變得更強，因為今天的業務與新冠疫情之前有點不同，對吧？霧氣強得多，我想雲的下降的嚴重程度比你想像的要深得多。

So, I guess, the first question is, does the normal seasonal patterns hold? Or is there some sort of variability around the normal seasonal patterns in the years prior to COVID? And then in conjunction with that, I think you said backlog should get normalized by the end of the second quarter. Does that mean you're expecting roughly $300 million, $400 million, maybe $500 million of revenue from backlog in the first half of 2024 to show up as revenue? And then I have a follow-up.

所以，我想，第一個問題是，正常的季節性模式是否成立？或者新冠疫情爆發前幾年的正常季節性模式是否有某種變化？與此結合，我認為您說積壓工作應該在第二季末之前恢復正常。這是否意味著您預計 2024 年上半年積壓訂單的收入將達到約 3 億美元、4 億美元、甚至 5 億美元？然後我有一個後續行動。

Yes. So I'll address the seasonal pattern one. We do expect the double-digit decline Q4 to Q1 as we mentioned. And then from there, we expect sequential growth throughout the rest of the quarter.

是的。所以我將討論季節性模式一。正如我們所提到的，我們確實預計第四季到第一季將出現兩位數的下降。然後，我們預計本季剩餘時間將持續成長。

I would say we've talked a lot about revenue next year was uncertain predominantly because it's just unclear about the pace and timing -- the size and timing of the recovery within Cloud and SP. So that implies to me that we expect it to recover at some point next year but just not exactly sure when. And when that does, that should accelerate revenue.

我想說的是，我們已經談論了很多關於明年收入的不確定性，主要是因為目前還不清楚雲和 SP 內復甦的速度和時間——規模和時間。因此，這對我來說意味著我們預計它會在明年的某個時候恢復，但不確定具體時間。當這種情況發生時，收入將會加速成長。

So I would expect revenue to be maybe a bit more back-end loaded, probably closest traditional patterns this last year, 2023 or this year. 2023 was not kind of a sequential growth quarter. It was kind of a flattish quarter from a quarter-to-quarter perspective throughout the year. Next year, I think we'll start down and it will build back up as the year progresses.

因此，我預計收入可能會更多地由後端加載，可能最接近去年、2023 年或今年的傳統模式。 2023 年並不是一個連續成長的季度。從全年各季度的角度來看，這是一個平淡的季度。明年，我認為我們會開始減少，並隨著時間的推移而恢復。

And then on the backlog because it sounds like it's going to be normal after the end of the second quarter. So that sounds like it would be a pretty healthy tailwind despite sort of the commentary for sequential pressure in the first quarter. So I just wanted to clarify that.

然後是積壓，因為聽起來第二季結束後就會恢復正常。因此，儘管有一些關於第一季連續壓力的評論，但這聽起來將是一個相當健康的順風。所以我只是想澄清這一點。

Yes. So backlog continues to be a bit of a tailwind in each of our quarters, but it's lessening quarter after quarter as it starts to normalize. So not giving any specific guidance other than I do expect it to remain elevated as we exit the year but not to the degree that we previously thought. We were thinking it was going to be 2x previous kind of historical levels. We now think it will be less than that but still be above historical levels.

是的。因此，積壓訂單在我們每季仍然是一個推動因素，但隨著它開始正常化，它正在逐季減少。因此，除了我預計在今年結束時它會保持在較高水平之外，沒有給出任何具體指導，但不會達到我們之前認為的程度。我們認為這將是先前歷史水平的兩倍。我們現在認為這一數字將低於該數字，但仍高於歷史水準。

The next question is coming from George Notter from Jefferies.

下一個問題來自傑富瑞集團的喬治諾特。

I guess, I wanted to dig in on gross margin a bit more. Could you walk us through some of the puts and takes on gross margin? I guess, I'm thinking more about some of the impacts on the supply chain crunch. It sounds like -- I imagine there's certainly high-cost componentry that's running through the gross margin line right now. Also, it sounds like there's some breakdown associated with excess and obsolete inventory here as well. I guess, can you give us a sense for how big those components are in terms of their impact on gross margin?

我想，我想進一步了解毛利率。您能否向我們介紹毛利率的一些看跌期權和看跌期權？我想，我更多地考慮了供應鏈緊縮的一些影響。聽起來——我想現在肯定有高成本的零件正在突破毛利率線。此外，聽起來這裡也存在一些與過剩和過時庫存相關的故障。我想，您能否讓我們了解一下這些組件對毛利率的影響有多大？

Yes. So I mean we are seeing -- we're definitely seeing some improvements in what we used to refer to as the transitory costs, right? These were predominantly logistics costs and expedite fees or purchase price variance fees, where we're paying more just to get a hold of the product that was scarce, hard to get. We clearly are not paying any more of those fees as we are able to get products pretty much on time with standard lead times at this point. The supply chain has completely normalized from a lead time perspective.

是的。所以我的意思是，我們確實看到了我們過去所說的暫時成本方面的一些改進，對嗎？這些主要是物流成本和加急費或購買價格差異費，我們支付更多只是為了獲得稀缺、難以獲得的產品。我們顯然不會再支付任何這些費用，因為目前我們能夠在標準交貨時間內幾乎按時獲得產品。從交貨時間的角度來看，供應鏈已經完全正常化。

But we do still have some inventory that we bought at prior higher prices, as you mentioned, and that's going to bleed through over the next few quarters. But each quarter, we're getting more and more of that benefit or less and less of those additional fees on the expedite side.

但正如您所提到的，我們仍然有一些以之前較高價格購買的庫存，這些庫存將在接下來的幾個季度中耗盡。但每個季度，我們都會獲得越來越多的好處，或是越來越少的加速方面的額外費用。

Logistics has effectively recovered completely, right, where the logistics cost that we were paying -- the elevated logistics costs have completely normalized. And that's obviously benefiting our current gross margin results and our expectations going forward.

物流已經有效地完全恢復了，對吧，我們支付的物流成本——物流成本的上升已經完全正常化了。這顯然有利於我們目前的毛利率結果和我們未來的預期。

The one area that has gone negative, if you will, or have gotten worse over the last 12 months are those inventory carrying fees that I mentioned. And that's really just a factor of the balance sheet and inventory that we're carrying. So I would expect those costs to remain for the next few quarters higher-than-normal levels as inventory remains higher-than-normal levels, but I do see a path to recovery on those as well. All this is factored into our guidance, obviously, for Q4 as well as our expectation that next year, we expect to grow gross margin.

如果你願意的話，在過去 12 個月裡出現負數或變得更糟的一個領域就是我提到的庫存持有費用。這其實只是我們所持有的資產負債表和庫存的一個因素。因此，我預計這些成本在未來幾季仍將高於正常水平，因為庫存仍高於正常水平，但我也確實看到了這些成本的復甦之路。顯然，所有這些都已納入我們第四季的指導以及我們對明年毛利率的預期。

Got it. Okay. That helps. And then also back to the Services gross margin strength this quarter, I guess, I'm just curious for more detail on what drove that strength. It sounds like it was probably the SaaS business. But that Services gross margin really did step function up in Q3. I guess I'm wondering exactly if that was the driver or there's other things at work there.

知道了。好的。這有幫助。然後回到本季服務毛利率的強勁勢頭，我想，我只是想了解更多關於推動這一強勁勢頭的細節。聽起來這可能是 SaaS 業務。但服務毛利率在第三季確實有所上升。我想我確切地想知道那是司機還是還有其他東西在那裡工作。

Yes. The revenue -- SaaS was definitely a part of it and has been a continual part of it for the last few years as SaaS is becoming a bigger part of our overall business. We disclosed on the call, our ARR business at $357 million at an all-time high and growing quite nicely. So that is becoming a bigger factor of overall services.

是的。收入——SaaS 絕對是其中的一部分，並且在過去幾年中一直是其中的持續部分，因為 SaaS 正在成為我們整體業務的更大組成部分。我們在電話會議上透露，我們的 ARR 業務達到 3.57 億美元，創歷史新高，成長相當不錯。因此，這正在成為整體服務的一個更重要的因素。

However, I don't want to discount the Maintenance business, which also grew nicely in the quarter and the efficiencies we're getting within our services organization. So really, this is a situation of revenue growth and cost of revenue decline, and that's resulting in the margin expansion that you're seeing.

然而，我不想低估維護業務，本季也成長良好，以及我們在服務組織內獲得的效率。事實上，這是一種收入成長和收入成本下降的情況，這導致了你所看到的利潤率擴張。

Got it. Just one last one. Is it fair to say there's no onetime items driving that gross margin this quarter that's really the baseline that you should continue to kind of move off of going forward? Is that fair to say?

知道了。只剩下最後一張了可以公平地說，本季度沒有任何一次性項目推動毛利率，這確實是您應該繼續前進的基線嗎？這麼說公平嗎？

I think it's fair to say that directionally, we should be moving up as we move forward. Any given quarter, you might see some small anomalies, but I do feel good about the ability to continue to grow gross margin in a more of an aggregate time period basis.

我認為可以公平地說，從方向上來說，我們應該在前進的過程中不斷前進。在任何特定季度，您都可能會看到一些小異常情況，但我確實對在總體時間段內繼續提高毛利率的能力感到滿意。

The next question is coming from James Fish from Piper Sandler.

下一個問題來自 Piper Sandler 的 James Fish。

Kind of working back on Simon's question before on Mist. It's been a huge behemoth. We constantly hear the need to upgrade wireless LAN due to specifically going back to work, actually, and all of us having Zoom and Teams meetings still actually in the office with those that are not in the office. Those apps obviously are showing bandwidth improvements. And we've been seeing the strength in wireless LAN for a while now.

有點像是回到西蒙之前在《迷霧》中提出的問題。這是一個巨大的龐然大物。我們經常聽到需要升級無線 LAN，因為實際上要回去工作，而且我們所有人實際上仍在辦公室與不在辦公室的人進行 Zoom 和 Teams 會議。這些應用程式顯然顯示出頻寬的改進。我們已經看到無線 LAN 的優點已經有一段時間了。

And really the core of this, Rami, is how much more is left in this business from a -- let's separate the market perspective, as Simon pointed out, like the decline potentially for next year versus the outright share gains. What do you see left in the pipeline and opportunity?

拉米，真正的核心是，正如西蒙指出的那樣，讓我們從市場角度來看，這項業務還剩下多少，例如明年的潛在下降與直接的份額增長。您認為還有哪些管道和機會？

And Ken, just for you, I mean, just round out this discussion, prior to the supply chain glut and as you guys matured, it looked like you averaged about 12% to 14% declines in Q1. And Q1s have been about 22% to 23% of your year. That kind of backs me into about a 2% decline for next year. And I know you're not going to let that number necessarily, but you're talking about orders growing, as you said. So I guess, what kind of order magnitude are you looking for, for growth? And are you thinking of it as low single-digit decline for next year is the way we should be modeling?

Ken，我的意思是，在供應鏈過剩之前，隨著你們的成熟，你們在第一季的平均下降幅度約為 12％ 至 14％。第一季約佔全年的 22% 到 23%。這讓我預期明年的股價會下跌 2% 左右。我知道您不一定會同意這個數字，但正如您所說，您正在談論訂單增長。所以我想，您正在尋找什麼樣的數量級成長？您是否認為明年的低個位數下降是我們應該建模的方式？

Okay. Let me start with your first question. And Ken, I'll let you talk a little bit more about the commentary for next year. So I'll address the Mist question from both the standpoint of market dynamics and then what's happening with our business more specifically.

好的。讓我從你的第一個問題開始。肯，我會讓你多談談明年的評論。因此，我將從市場動態以及我們業務的具體情況的角度來解決 Mist 問題。

From a market dynamic standpoint, I think it's really important to understand that the -- if you look at the campus and branch market all up, that's sort of a slow, maybe flattish-type market opportunity. Within the campus and branch market, there's actually a segment really Cloud-managed. These are basically enterprise solutions where the control and the management of that solution is really done through the Cloud. And that part of the market is actually growing at a healthy clip, and I expect that it will continue to grow through next year as well. And that is the opportunity that we are entirely focused on, at least when it comes to campus and branch.

從市場動態的角度來看，我認為了解這一點非常重要——如果你全面觀察校園和分公司市場，你會發現這是一個緩慢的、可能是平坦的市場機會。在校園和分支機構市場中，實際上有一個部分是真正由雲端管理的。這些基本上是企業解決方案，其中該解決方案的控制和管理實際上是透過雲端完成的。這部分市場實際上正在以健康的速度成長，我預計它也將在明年繼續成長。這就是我們完全關注的機會，至少在校園和分支機構方面是如此。

Now every single one of our access point is connected to the cloud, managed through the cloud with an AIOps engine Marvis in the cloud. And all of the growth that we're seeing now in the wired switching as well as in the WAN is happening through the cloud. And even the security capabilities, such as network access control that we've introduced, is a cloud-based solution as well.

現在，我們的每個存取點都連接到雲，並透過雲端中的 AIOps 引擎 Marvis 進行管理。我們現在看到的有線交換和廣域網路的所有成長都是透過雲端實現的。甚至我們引入的網路存取控制等安全功能也是基於雲端的解決方案。

So I think it's a little bit -- it's wrong to look at the growth of just the campus and branch market all up. It's actually more useful to look at it from the standpoint of that cloud-connected portion of the market that's actually growing at a much faster clip.

所以我認為，只看校園和分公司市場的成長是錯誤的。實際上，從市場中雲端連接部分的角度來看待它更有用，因為該部分實際上正在以更快的速度成長。

Then in terms of the solution itself, really, when it comes to harnessing the power of AIOps, and I know it's a bit of a used and abused words out there. I mean the proof is in the pudding. Our customers today are seeing real benefits. Reduction in number of tickets by 90-plus percent; reduction in total -- the time frame it takes to deploy a new solution from what used to be a year to a matter of weeks, if not maybe a month or so. The root cause analysis that used to take days with all of the frustration. People are trying to use the network to do whatever they want to do has been reduced to essentially no time at all because most of the time, we're proactively identifying issues and fixing them.

然後就解決方案本身而言，實際上，當談到利用 AIOps 的力量時，我知道這個詞有點被使用和濫用。我的意思是，證據就在布丁裡。今天，我們的客戶看到了真正的好處。門票數量減少 90% 以上；整體縮短－部署新解決方案所需的時間從過去的一年縮短到幾週，甚至一個月左右。過去，根本原因分析需要花費數天的時間，充滿挫折感。人們嘗試使用網路做任何他們想做的事情已經減少到基本上不需要時間，因為大多數時候，我們正在主動識別問題並解決它們。

You mentioned Zoom. We have already integrated Zoom visibility into our Mist solutions so that when there is, in fact, some sort of a video issue, we can, if not proactively, instantly provide the IT staff visibility into whether the issue is more in the application side, the wireless side, the wired side, the cloud, et cetera. And that's the capability that our IT customers are really, really happy to see.

你提到了變焦。我們已經將Zoom 可見度整合到我們的Mist 解決方案中，這樣當事實上存在某種視訊問題時，我們可以（如果不是主動）立即向IT 人員提供可見性，以了解問題是否更多地出現在應用程式方面，無線端、有線端、雲端等等。這就是我們的 IT 客戶非常非常高興看到的功能。

So I know I'm maybe beating a little bit of a dead horse here. I'm very optimistic about the competitiveness of our solution in the market, whether it be a challenged market or not.

所以我知道我可能在這裡打敗了一些死馬。我對我們的解決方案在市場上的競爭力非常樂觀，無論市場是否充滿挑戰。

And when it comes to 2024 revenue growth, it's a little too early to provide guidance for 2024, particularly with some of the weakness we're seeing with the Cloud and Service Provider customers. But let me walk you through some of the puts and takes.

當談到 2024 年收入成長時，現在為 2024 年提供指導還為時過早，特別是考慮到我們在雲端和服務提供者客戶方面看到的一些弱點。但讓我引導您完成一些操作。

I mean, clearly, the backlog drawdown that we're going through in 2023 is going to provide a pretty significant headwind to revenue in 2024. Orders are going to need to accelerate just to offset some of that backlog-related headwind that we're experiencing from a revenue perspective in 2023.

我的意思是，顯然，我們在 2023 年經歷的積壓訂單減少將為 2024 年的收入帶來相當大的阻力。訂單將需要加速，以抵消我們正在經歷的一些與積壓相關的阻力。從2023年的收入角度來看。

With that said, I do expect orders to accelerate in 2024. I expect full year growth across all of our verticals. I also expect Enterprise revenue to grow in 2024 on a full year basis. So really it comes down to Cloud and SP and the timing and pace of that recovery. And that's a little bit too early to call at this point. So we're not giving specific guidance on 2024 other than based on the backlog expectations and our order expectations in Q1, we do expect to see a return to more traditional patterns.

話雖如此，我確實預計 2024 年訂單將會加速。我預計我們所有垂直領域的全年都會成長。我還預計 2024 年 Enterprise 收入將實現全年成長。因此，這實際上取決於雲和 SP 以及復甦的時機和速度。現在斷言還為時過早。因此，除了基於積壓預期和第一季的訂單預期之外，我們不會對 2024 年給出具體指導，我們確實希望看到更傳統的模式回歸。

The next question is coming from Karl Ackerman from BNP Paribas.

下一個問題來自法國巴黎銀行的卡爾‧阿克曼。

I have 2 questions. Rami, perhaps a question for you to start. So the upside in the quarter appears to be on the Services side, while product growth is going the other way. I understand there is a mix dynamic at play on services give the growth that the company is seeing in Enterprise. But where do you think we are in the cycle for Service Provider and Cloud spending on product hardware?

我有 2 個問題。拉米，也許你要先問一個問題。因此，本季的成長似乎出現在服務方面，而產品成長則相反。據我所知，服務的混合動態正在發揮作用，從而促進了公司在企業業務中的成長。但您認為我們處於服務供應商和雲端產品硬體支出週期的哪個階段？

Yes. So Cloud and SP, as I mentioned, they're definitely going through a period of digestion after they -- for the last couple of years, have bought a lot of equipment. I mean, if you recall, in the Cloud Provider segment for us or a vertical for us, there were a few quarters where their order growth was in the 100% year-over-year sort of range. So the fact that they're going to take some time to go and to consume that inventory to deploy it is as expected. And this is also happening within the SP space as well.

是的。因此，正如我所提到的，Cloud 和 SP 在過去幾年購買了大量設備之後，肯定會經歷消化期。我的意思是，如果您還記得的話，在我們的雲端供應商細分市場或我們的垂直領域，有幾個季度他們的訂單成長處於 100% 的同比範圍內。因此，他們將需要一些時間來消耗該庫存來部署它，這一事實正如預期的那樣。這也發生在 SP 領域。

The other thing that I can say is, if you look at these businesses over the years, there have been ebbs and flows. They have always been lumpy. And I do not believe that there's anything structural that is happening right now in either the SP space or the Cloud space that would suggest that this is the new normal. I expect that they will both bounce back. And as Ken mentioned, orders in both of these verticals will recover next year.

我可以說的另一件事是，如果你看看這些年來這些企業，你會發現有起有落。它們一直都是凹凸不平的。我不認為 SP 空間或雲端空間中正在發生的任何結構性事件表明這是新常態。我預計他們都會反彈。正如肯所提到的，這兩個垂直領域的訂單明年都將恢復。

In terms of the timing, the time frame, it's difficult to say. All I can tell you at this point is that it's going to take a few more quarters of digestion before we start to see a meaningful recovery, meaningful rebound, but I'm optimistic it's going to come.

就時間安排而言，很難說。目前我能告訴你的是，在我們開始看到有意義的復甦、有意義的反彈之前，還需要幾個季度的消化時間，但我對它的到來持樂觀態度。

And maybe the last thing I would say is the following. It's the very fact that these verticals, Cloud and Service Providers, have traditionally been lumpy that we, several years ago, decided very strategically, very deliberately to pursue the Enterprise and to diversify our business into the Enterprise. And it is, in fact, now the Enterprise, which, for the first time in our history, represents over 50% of our revenue this past quarter is giving us the resilience that we need to weather challenges in SP and Cloud.

也許我要說的最後一件事如下。事實上，這些垂直產業、雲端和服務供應商傳統上一直是不穩定的，因此我們幾年前非常策略性地、非常謹慎地決定追求企業並將我們的業務多元化到企業領域。事實上，現在是企業業務，在我們歷史上第一次占我們上個季度收入的 50% 以上，為我們提供了應對 SP 和雲端挑戰所需的彈性。

Those challenges are going to go away. It's not going to be the new normal, as I mentioned. And eventually, we'll have the benefit of a rebounding SP and Cloud business in addition to an Enterprise business that I believe will continue to perform well without all of the typical gyrations of the business that we have endured in SP and Cloud historically.

這些挑戰將會消失。正如我所提到的，這不會成為新常態。最終，除了企業業務之外，我們還將受益於 SP 和雲端業務的反彈，我相信企業業務將繼續表現良好，而不會出現我們歷史上在 SP 和雲端中經歷的所有典型業務波動。

And the next question is coming from Atif Malik from Citi.

下一個問題來自花旗銀行的 Atif Malik。

I have 2. The first one is for Rami. Rami in your prepared remarks, you sounded quite constructive on the Ethernet adoption for AI clusters. You talked about front-end, back-end, inference, storage. Can you talk about the timing of the Ethernet adoption? Is this something like 2025 event? Or are you seeing real pilot or volume rollout?

我有 2 個。第一個是給 Rami 的。 Rami 在您準備好的發言中，您對人工智慧叢集採用乙太網路的觀點聽起來很有建設性。你談到了前端、後端、推理、儲存。您能談談乙太網路採用的時間嗎？這是 2025 年的活動嗎？或者您看到真正的試點或批量推出？

Yes. So I'm actually quite bullish about the AI cluster opportunity. As I mentioned in the last call, I think we all have to acknowledge that today, the technology of choice for connectivity between GPUs in either inference or learning clusters is InfiniBand. It's not Ethernet. However, the momentum behind Ethernet in the industry is very strong. And so I believe it is a matter of time before Ethernet reigns as the [fabric] technology of choice in AI clusters. And I do believe this will present opportunities for us.

是的。所以我其實非常看好人工智慧集群的機會。正如我在上次電話會議中提到的，我認為我們都必須承認，如今，推理或學習集群中 GPU 之間連接的首選技術是 InfiniBand。這不是乙太網路。然而，乙太網路在業界的發展勢頭非常強勁。因此，我相信乙太網路成為人工智慧叢集中首選的[結構]技術只是時間問題。我確實相信這將為我們提供機會。

In terms of timing, I think next year, 2024, maybe closer to the second half of the year and in particular, what we're seeing, especially among the Cloud Majors customers for us, there are a lot of projects. There are a lot of opportunities out there where we are being asked. There have been some good technical dialogues about how we move Ethernet to become sort of that cluster technology of choice for either learning or inference for their solutions.

就時間安排而言，我認為明年，2024 年，可能接近下半年，特別是我們所看到的，特別是在我們的雲端專業客戶中，有很多項目。我們被要求提供很多機會。關於我們如何使乙太網路成為學習或推理其解決方案的首選群集技術，已經有一些很好的技術對話。

And in fact, even large enterprises, we're seeing that more and more large enterprises, financial services, insurance companies, even health care, they're pursuing these private clusters. All up, I'm optimistic about the opportunity. I like how we stack up from a technology standpoint with the combination of our customer and merchant silicon; our Junos operating system feature that we developed specifically for the Ethernet cluster solution; and Apstra, which provides the automation and the visibility into it's Ethernet AI cluster solution, that gives me good optimism for capturing our fair share, if not more, in this market opportunity.

事實上，即使是大型企業，我們也看到越來越多的大型企業、金融服務、保險公司，甚至醫療保健，他們正在追求這些私人群聚。總而言之，我對這個機會感到樂觀。我喜歡我們從技術角度來看如何將客戶和商家晶片結合；我們專為乙太網路叢集解決方案開發的 Junos 作業系統功能； Apstra 提供了乙太網路人工智慧叢集解決方案的自動化和可見性，這讓我對在這個市場機會中獲得公平份額（如果不是更多的話）感到非常樂觀。

Great. And then, Ken, when you guys talk about your Enterprise revenues to grow next year, is that growth mostly attributable to the market share? Or are you seeing the overall market also grow for Enterprise?

偉大的。然後，肯，當你們談論明年企業收入成長時，這種成長主要歸因於市場份額嗎？還是您看到企業的整體市場也在成長？

Yes. So I expect our Enterprise revenue -- I expect our Enterprise business to grow faster than market. So I do think we will take market share. The market, as many are predicting, is expected to slow down pretty significantly next year as compared to this year, but we expect to be able to grow -- even if the market is slightly down, we would expect to grow our Enterprise business. So we are absolutely expecting market share ticking.

是的。因此，我預計我們的企業收入 - 我預計我們的企業業務成長速度將快於市場。所以我確實認為我們會佔據市場。正如許多人預測的那樣，與今年相比，明年的市場預計將大幅放緩，但我們預計能夠成長——即使市場略有下降，我們也期望能夠成長我們的企業業務。因此，我們絕對期待市場佔有率的成長。

The next question is coming from Meta Marshall from Morgan Stanley.

下一個問題來自摩根士丹利的梅塔·馬歇爾。

Maybe first question, I know on the Enterprise side, you guys are not as tied to macro just given kind of the share gain position you're in. But just wanted to get a sense of any commentary around time from initial WiFi sales to kind of the upsell of additional campus switching or additional SD-WAN, just whether you're seeing an elongation of that in a more challenged macro or if it's actually shorter just given the compelling ROI.

也許是第一個問題，我知道在企業方面，你們並不像宏觀經濟那樣依賴你們所處的份額增益位置。但只是想了解從最初的 WiFi 銷售到某種程度的任何評論。額外的園區交換或額外的SD-WAN 的追加銷售，無論您是在更具挑戰性的宏觀環境中看到這種情況的延長，還是考慮到令人信服的投資回報率實際上會更短。

And then maybe just as a second question, just the visibility. As we've kind of extended this inventory digestion period on Cloud and Service Provider, just the visibility that you have within those customers of just how much inventory they have. What is kind of the ongoing dialogue to get a sense of just when you guys could have a little bit more sense of visibility there?

然後也許只是第二個問題，只是可見性。由於我們延長了雲端和服務提供者的庫存消化期，因此您可以在這些客戶中了解他們擁有多少庫存。當你們可以在那裡有更多的可見度時，正在進行的對話是什麼樣的？

Thanks for the questions, Meta. So let me start with the first one on macro, and I think specifically the timing between sort of initial sale of a Mist solution to subsequent use cases. It honestly is all over the map. We have seen accounts that have traditionally been WiFi customers have loved the technology, the ease of operations and years later, have come back to us saying, hey, we'd like to introduce wired, WAN, et cetera.

謝謝你的提問，梅塔。因此，讓我從宏觀的第一個開始，我特別認為 Mist 解決方案的初始銷售與後續用例之間的時間表。老實說，它遍佈地圖上。我們發現，傳統上的 WiFi 客戶都很喜歡這項技術和操作的簡單性，幾年後，他們又來找我們說，嘿，我們想引進有線、WAN 等。

But in many cases, we're actually selling the full technology stack day 1. In fact, we are deliberately tracking sales of full-stack solutions, and we hit a record -- another record in Q3, where a full-stack solution would be some combination of use cases; wired and wireless, wired and WAN, wireless and WAN, et cetera. And we're continuously adding more and more of these capabilities, an example of which would be the NAC, network access control, where in the Q3 time frame alone, we added around 15 new customers and it's starting to grow quite rapidly. We're incenting our sellers to cross-sell. We're enabling them to cross-sell. It's definitely part of our sales motion.

但在很多情況下，我們實際上在第一天就銷售了完整的技術堆疊。事實上，我們正​​在刻意追蹤全堆疊解決方案的銷售，並且我們創下了記錄- 第三季度的另一項記錄，其中全堆疊解決方案將是用例的某種組合；有線和無線、有線和 WAN、無線和 WAN 等等。我們正在不斷添加越來越多的這些功能，其中一個例子就是 NAC、網路存取控制，僅在第三季的時間範圍內，我們就增加了大約 15 個新客戶，並且它開始快速成長。我們鼓勵賣家進行交叉銷售。我們使他們能夠交叉銷售。這絕對是我們銷售活動的一部分。

On the visibility, I guess, it really goes back to the question I just answered recently. It's difficult to know exactly how much inventory levels our customers have, but we do know that, at least for the next few quarters in both SP and Cloud, their focus is going to be on deploying what they have bought -- first receiving what they have bought, deploying it, getting it up and running before they start to feel the need to make meaningful orders again. It's just going to be measured in a few quarters.

關於可見性，我想，這實際上又回到了我最近剛剛回答的問題。很難確切地知道我們的客戶擁有多少庫存水平，但我們確實知道，至少在接下來的幾個季度，無論是SP 還是雲，他們的重點將是部署他們購買的產品——首先接收他們想要的產品。在他們開始覺得有必要再次發出有意義的訂單之前，已經購買、部署、啟動並運行它。這將在幾個季度後進行測量。

And the next question is coming from Tal Liani from Bank of America.

下一個問題來自美國銀行的塔爾·利亞尼。

Two questions. Number one is the Cloud decline -- Cloud vertical declined 28% this year -- this quarter. Can you tell us what's the basis for the decline? Is it the absorption of historical orders? Or is it delays of projects? Or what's kind of the basis? That's number one.

兩個問題。第一個是雲端運算的下降——今年本季雲端運算垂直下降了 28%。您能告訴我們下降的依據是什麼嗎？是對歷史秩序的吸收嗎？還是專案延期？或者有什麼依據？這是第一名。

And number two, the Enterprise vertical, this is the fourth quarter of very, very strong growth, 37%. And if I look back, it's 4 quarters that you doubled the growth from the previous 4 quarters. And the question is the same, more or less, here. What is driving it? And then once we get to next quarter and the following 4 quarters, the comps are very tough. What do you think is going to happen to the growth rate? And again, I'm asking qualitatively just to understand what's driving it.

第二，企業垂直領域，第四季成長非常非常強勁，成長了 37%。如果我回顧一下，這四個季度的成長率是前四個季度的兩倍。這裡的問題或多或少是相同的。是什麼在驅動它？一旦我們進入下個季度和接下來的 4 個季度，比賽就會非常艱難。您認為成長率會發生什麼變化？再說一遍，我提出定性問題只是為了了解推動其發展的因素。

Okay. Thanks for the questions, Tal. Let's start with Cloud Providers. The biggest thing driving the decline today is the fact that lead times have gone from what was over a year to normal, just a few weeks. And so the need for them to purchase in sort of like way upfront from when their needs are is just not there anymore. And therefore, they've just reduced the orders that they're placing. So that is the #1 thing that's affecting our business. It's not the only thing.

好的。謝謝你的提問，塔爾。讓我們從雲端提供者開始。今天導致下降的最大因素是交貨時間已經從一年多縮短到正常的幾週。因此，他們不再需要在有需求時就以類似的方式預先購買。因此，他們剛剛減少了下的訂單。所以這是影響我們業務的第一件事。這不是唯一的事情。

There are definitely -- there have definitely been some project pushouts. I think macro has affected their own businesses and the need for equipment. So that would be the second thing. And I think the other thing is they have shifted some of their priorities to, for example, AI, GPUs, which, as you know, are extremely expensive. So those are the main reasons.

肯定有——肯定有一些項目被推遲。我認為宏觀影響了他們自己的業務和設備的需求。所以這是第二件事。我認為另一件事是他們已經將一些優先事項轉移到人工智慧、GPU 等領域，正如你所知，這些領域非常昂貴。這些是主要原因。

I again feel the need to reiterate: I'm optimistic long term. I do believe that nothing has changed structurally, and I believe that I would not bet against the businesses of Cloud Providers. And therefore, it remains an incredibly important and strategic part of our business. It's just going to be a matter of time before we start to see the rebound in the recovery there.

我再次覺得有必要重申：我對長期持樂觀態度。我確實相信結構上沒有任何變化，我相信我不會做空雲提供者的業務。因此，它仍然是我們業務中極其重要的策略部分。我們開始看到那裡的復甦反彈只是時間問題。

In Enterprise, yes, we have seen and I believe we'll continue to see strength. I've talked at length about Mist. So I'd be remiss not to mention also what's happening in our data center business. We had record Apstra revenue. Each Apstra sale, which is our automation solution for the data center, intent-based automation solution, is pulling meaningful hardware at this point in time. Apstra new logos have grown by 80% on a year-over-year basis, and the pipeline remains incredibly solid.

是的，在 Enterprise 中，我們已經看到並且我相信我們將繼續看到力量。我已經詳細談論了迷霧。因此，如果我不提及我們的資料中心業務中正在發生的事情，那就太失職了。我們的 Apstra 收入創歷史新高。每一次 Apstra 銷售，即我們針對資料中心的自動化解決方案、基於意圖的自動化解決方案，都在此時拉動有意義的硬體。 Apstra 新標誌年增了 80%，而且頻道仍然非常穩固。

Next year, the compares become more difficult in the Enterprise, no doubt. And this backlog draw in 2023 that Ken and I have both mentioned does affect Enterprise as well. It's just that in the Enterprise space, orders continue to be very robust, and we expect order growth next year. So the path to revenue growth next year is much clearer. But obviously, yes, it becomes more difficult from a year-over-year standpoint. So you should just factor that into your model.

毫無疑問，明年企業中的比較將變得更加困難。 Ken 和我都提到的 2023 年積壓訂​​單確實也會影響 Enterprise。只是在企業領域，訂單仍然非常強勁，我們預計明年的訂單將會成長。因此，明年營收成長的路徑更加清晰。但顯然，從逐年的角度來看，這變得更加困難。所以你應該將其納入你的模型中。

Thank you. That was all the questions we had today, and that does conclude today's conference. You may disconnect your lines at this time, and have a wonderful day. Thank you for your participation.

謝謝。這就是我們今天提出的所有問題，今天的會議也到此結束。此時您可以斷開線路，度過美好的一天。感謝您的參與。